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****** WEDNESDAY,AUGUST 19,2020~VOL. CCLXXVI NO.42 WSJ.com HHHH $4.00

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What’s Biden Wins Party’sNomination News Formal stepatvirtual Democratic convention caps along career and Business&Finance comeback in primaries

he S&P 500 closed at BY JOSHUA JAMERSON Tarecord3389.78, cap- AND CHAD DAY ping arebound fueled by government stimulus and Democratsformally made investor optimism about JoeBiden their presidential the world’sability to man- nominee, apolitical achieve- agethe pandemic. A1, B11 ment he has sought formore than threedecades,capping a  Amazon is expanding its come-from-behind primaryvic- physical offices in six U.S. cit- tory that he secured with a ies and adding corporatejobs broad coalition of his party’s in those areas,indicating the voters. companyismaking long-term Shortly after10p.m. Eastern plans around officework. A1 time Tuesday, Mr.Biden re-  Trump voiced support ceived the support of enough forOracle to buy the U.S. delegates to clinch the nomina-

operations of TikTok,add- MMITTEE tion during aroll-call vote on ing afresh wrinkle to the CO the second night of the party’s bidding forthe Chinese- virtual national convention. He owned video-sharing app. B1 will facePresident Trump in NVENTION

CO the November election.  Walmart’ssales surged Mr.Biden made an appear- as it continued to use its

TIONAL ancefromhis home stateof scale,e-commerce supply NA Delaware with his wife, Dr.Jill chain and grocerybusiness IC

AT Biden, andtheir grandchildren to attract shoppers. B1 afterhesecured the nomina-  Boeing plans morejob cuts tion. “It means the world to me DEMOCR in response to a pandemic- Former Vice President Joe Biden and his wife, Jill, on Tuesday after he was officially designated the Democratic presidential nominee. and my family,” he said. driven drop in jetliner demand Dr.Biden said in the night’s that it expects to continue final speech that profound mo- for at least three years. B1 mentsofgrief in her husband’s life—a 1972car accident that  NBCUniversal said Vice PostmasterGeneral Suspends Cuts killed his firstwifeand a Chairman Ron Meyer is daughter and the 2015 death of leaving the company after his son Beau from cancer—had he disclosed having a con- WASHINGTON—Postmaster the agencywon’t changeretail Mr.DeJoy,aRepublican announcement suspending the made him an empathetic leader sensual affair and paying GeneralLouis DeJoy said the hoursatpost offices across Party fundraiser and logistics changes,but called him a fittolead the nation through a the woman asettlement. B1 U.S. Postal Serviceissuspend- the countryorclose anymail- executive, took the role of “good man.” pandemic that has claimed the  States areseeking around ingoperational changes,such sorting facilities. postmaster general in June. “This pause only haltsa lives of morethan 171,000 $26.4 billion from major as removal of mail processing “To avoid even the appear- He has implemented changes, limited number of the Post- Americans. pharmaceutical industry equipment and collection boxes, anceofany impact on election such as controlling overtime master’s changes,does not re- “Howdoyou makeabroken players to help payfor dam- mail, Iamsuspending these and reducing extratrips, versedamagealready done, family whole? Thesame way agefromthe opioid crisis. A6 By Natalie Andrews, initiatives until afterthe elec- which some postal union rep- and alone is not enough to en- youmakeanation whole. With tion is concluded,” he said. resentatives and customers sure voters will not be disen- loveand understanding—and  FedEx is adding extra Alexa Corse Theabout-facecomes as said caused delays. franchised by the President with small actsofkindness. fees on shipments during and Paul Ziobro Mr.DeJoy is due to testifybe- Mr.DeJoy didn’t specify this fall,” House Speaker With bravery. With unwavering the holidays, joining UPS until afterthe November elec- fore Congress this week, with whether the Postal Service NancyPelosi (D., Calif.) said of faith,” Dr.Biden said. and the Postal Service in tion, as the agencytries to re- Democratsset to accuse him would reverseany changes Mr.DeJoy’s announcement. Mr.Biden, 77 yearsold, implementing surcharges. B3 assurethe U.S. electoratethat it of working with President that have already been made. Republicans have largely de- PleaseturntopageA4  ViacomCBS is in talks to canhandle the anticipated Trump to sabotagethe out- APostal Servicespokesman fended Mr.DeJoy.While ac- sell CNET to Red Ventures, surge in mail-in voting. come of the election in which declined to comment beyond knowledging the problems  Panel faults 2016 Trump as the media giant looks to Calling the timely delivery mail-invoting is expected to Mr. DeJoy’s statement. facedbythe Postal Service, campaign’s Russia ties...... A3 shed noncore assets and of thenation’s election mail a increase sharply because of Mr.Trump said Tuesdayhe they have said those issues  Pool of swing voters shrinks focus on video streaming. B3 “sacred duty,” Mr. DeJoy said the coronavirus pandemic. wasn’t involved in Mr.DeJoy’s PleaseturntopageA5 but persists...... A4 World-Wide AmazonOrdersUp S&P 500 Jumps to a New High,  Democratsformally made Biden their presi- dential nominee,apoliti- calachievement he has More OfficeSpace, Erasing Pandemic-Tied Losses sought formorethan three decades,capping acome- Performancesince indexes’ BY MICHAEL WURSTHORN week foranalystsand investors from-behind primaryvic- Defying Tech Trend record closes on Feb. 19 who had watched the S&P 500 tory that he secured with TheS&P 500 closed at its crossthe milestone several abroad coalition of his 20% Nasdaq highest level ever Tuesday, cap- times in intradaytrading only party’s voters. A1, A4 Composite ping arebound fueled by gov- to pull back. Bear  Thepostmaster general BY SEBASTIAN HERRERA arelooking forwardtoreturn- market ernmentstimulus and investor Shares of everything from ing to the office.” 10 optimism about the world’s big technologycompanies to said the USPS is suspending Amazon.comInc.isexpand- Amazon’smovetoexpand ability to managethe coronavi- beaten-down energy stocks have operational changes until af- ing itsphysical offices in six itsfootprint in various cities ruspandemic. rebounded sharply from their terthe election, as the agency U.S. cities and adding thou- and set expectations for a re- 0 Thebenchmark U.S. stock in- troughs.Amazon.comInc. tries to reassurethe electorate that it canhandle an expected sands of corporatejobs in turn to the officecontrasts dexrose 0.2% to close at shares have extended their those areas, an indication the with othermajor technology 3389.78, surpassing itsprior re- gains forthe year to nearly 80%, surge in mail-in voting. A1 –10 tech giant is making long-term companies that have imple- cord of 3386.15 from Feb. 19 while Halliburton Co.has more  MembersofTrump’s 2016 plans around officework even mented remotework and pre- S&P500 and erasing aplungeduring than tripled from itsMarch low campaign represented ama- as other companies embrace dicted it will last long after Februaryand March that ended and cut its2020 losses to 33%. –20 +0.1% jor counterintelligencerisk to lasting remote employment. the coronavirus pandemic. 3389.78 thelongest-running bull market Clorox Co.has been among the the U.S. due to their contacts “The ability to connect with Facebook Inc.said in Mayit ever.The S&P 500 is nowup winnersofthe pandemic,climb- First record with Kremlin-connected in- people,the ability forteams to would shifttoward asubstan- –30 of current 4.9% this year. ing 49% this year. dividuals, abipartisan Sen- work together in an ad hoc tially remoteworkforce over bull market Thewhole chapter,from Thestock market’sturn- ateinquiryconcluded. A3 fashion—you candoitvirtu- the next decade,and Twitter peak to peak,spanned 126 trad- around reflectsinvestors’ bets PleaseturntopageA2  Putin warned topEuro- ally,but it isn’t as spontane- Inc.has told employees they –40 ing days and marks the index’s pean leadersagainst interfer- ous,” said Ardine Williams, canwork from home indefi- fastest-ever recovery from a vicepresident of workforce nitely.Facebook CEO Mark March Aug. bear market.The record also  James Mackintosh: Market is ing in the political crisis en- development at Amazon. “We PleaseturntopageA6 Source:FactSet ended anticipation over the last exuberant, but no bubble...B11 gulfing Russia ally Belarus. A8  An international tribunal convicted aHezbollah mem- THE COVID STORM ber of terrorism and homi- CruelSummer cide in the assassination of Lebanon’sHariri in 2005. A7 Leaves Interns ThreeLostWeeks Salesforce.  China is conducting a purge of its powerful do- On Their Own #1 CRM. mestic-security apparatus iii Stalled Virus Testing that has already taken down dozens of officials. A8 Some learned Ranked #1 for CRM Applications basedon  Mali’spresident an- IDC 2019H1 Revenue Market ShareWorldwide. nounced his resignation af- to work from Pathogen spread unchecked in February 17.3% terbeing detained by sol- diersinanapparent coup. A9 childhood bedrooms while problems plagued U.S. federal test forit  Israel and Sudan said they are working on a deal BY KATHRYN DILL Alex Azar’s face reddened him the agency hadn’t yet when he heard the news: The found a fix to the problem in to formalize relations. A7 Nokia Corporation intern only federally authorized the CDC-designed test.  Trumppardoned Susan Shivam Dayama and several tests to detect whether This was a serious compli- B. Anthonyonthe 100th an- fellowinterns were heading to Americans were infected cation. Some public-health niversaryofthe ratification asocially distanced lunch in with the new coronavirus authorities feared the virus of the 19th Amendment. A5 their company’sempty court- might be spreading in the 5.5% yard when astrangething hap- By Stephanie Armour, U.S. Mr. Azar asked if the 5.3% 3.5% CONTENTS Personal Journal A11-12 pened: They bumped into an- Brianna Abbott, CDC could go faster. Arts in Review.... A13 Property Report... B6 3.5% Business News...... B3 Sports...... A14 othergroup of interns having Thomas M. Burton “You’ve got to do this,” he Crossword...... A14 Technology...... B4 lunch theretoo. and Betsy McKay told the CDC official, said HeardonStreet.. B12 U.S. News...... A2-6 “That wasthe firsttime we the attendee. 2015 2016 2017 2018 2019H1 Markets...... B11 Weather...... A14 sawother interns,” said Mr. were flawed, and officials It took 21 days fortesting Source: IDC, Worldwide Semiannual Opinion...... A15-17 World News...... A7-9 Dayama, 19,who worked on 5G couldn’t identify what was to take off—from Feb. 8when SoftwareTracker,October 2019. projectsthis summer.“They causing the problem. stateand city public-health > looked at us andwaved.” The Health and Human labs detected aproblem, until What mightbethe strangest Services secretary listened Feb. 29,when federal officials summer internship season ever on a speaker phone with ad- offered abroad solution. salesforce.com/number1CRM is winding up forteenagers visers on Feb. 18, according The lost days stemmed in CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, andcollegestudentsaround to an attendee, as a senior part from missteps by U.S. MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2019salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of salesforce. All Rights Reserved the country. Manyspent their Centers for Disease Control health leaders. They dis- com, inc.,asare other namesand marks. PleaseturntopageA6 and Prevention official told PleaseturntopageA10 P2JW232000-0-A00200-1------XA

A2 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. U.S. NEWS CommunityLenders Draw NewInterest

BY AMARA OMEOKWE HOPE, based in Jackson, Google joined with the Op- Miss.,runs two CDFIs,acredit portunity FinanceNetwork,a The coronavirus pandemic unionand nonprofit loan fund, membership group forCDFIs, and the heightened attention that focus on communities of to launch a$125 million fund on race have thrownnew light color in the deep South. At the forthe industry. Goldman, Bank on alongstanding source of end of June,itreceived a$10 of America, MorganStanley, economic inequality:Black million investment from Netflix Citigroup Inc.and Wells Fargo communities have lessaccess in the form of atwo-year certif- &Co.,all of which had existing to credit than whiteones. icateofdeposit. HOPE says it relationships with CDFIs,have To addressthat gap, Wash- will supportroughly 2,500 en- in recent months announced in-

ingtonand Wall Street are trepreneurs, home buyersand vestmentsranging from $5 mil- NIC TO

turning to asmall network of lion to $750 million. & lendersset up precisely to ad- Thereare about 1,100 CDFIs TEA

dressthat disparity.Commu- CDFIs are meant to nationwide.Under aprogram SH nity development financial in- created in 1994, the Treasury

stitutions,orCDFIs,are redress racial Department’sCDFI Fund certi- CALABA community-based banks,credit disparities in fies CDFIs and provides them Sunyatta Amen, right, in one of her Washington, D.C., tea and wellness stores. unions and investment funds with grants, low-cost credit and that lend to home buyers, small banking. operational support. businesses to weather thepan- nessstores. Shefound her main It waspainlessand Ireally sa- businesses and othersinrural, Fourteen percent of Black demic.Several commercial bank,Wells Fargo, wasinitially lutethem. I’m proud that Black- impoverished and minority adults didn’t have abank ac- lendersissuing the loans ini- accepting only statementsof owned bank came through for communities. count in 2019,according to the tially prioritized customers interest, not applications.PPP us,” Ms.Amen said. Earlier this year,Congress consumersofcolor. Federal Reserve, versus 6% of with existing relationships. exhausted itsfirst round of Wells Fargolater gotback to and the Trump administration Therehas been morediscus- adultsoverall. Just 23% of CDFIs aremeant to redress funding on April 16,aday after Ms.Amen, informing her that earmarked billions of dollars for sion of CDFIs and economic op- Black-owned small businesses such disparities.For example, Wells Fargoinvited Ms.Amen the Small BusinessAdministra- CDFIs to issue Paycheck Protec- portunity forpeople of color in with employees used bank theOpportunity FinanceNet- to apply,which she did. tion wouldn’t guarantee the tion Program loans to small thepast four months than the funding in the past five years, work,based on a2018 survey, Ms.Amen said she followed firstPPP loan she applied for businesses.Meanwhile,CDFIs previous40years, said HOPE’s half the level of white-owned estimates 58% of the clients afamily friend’srecommenda- because she had already pro- have received multimillion-dol- chief executive, Bill Bynum: “It’s firms,aFed report showed. served by itsroughly 300 mem- tion to look intoOptus Bank,a ceeded with Optus. lar investmentsfromtraditional been adramatic turn.” Theat- This helps explain why bersare people of color,85% are Black-owned CDFI in Columbia, “Wewish we could have lenderssuch as Goldman Sachs tention Netflix’sdeposit Black-owned firms likely had low-income and 48% arewomen. S.C. AfterCongressreplenished helped everysingle small busi- Group Inc.and Bank of Amer- drew “was morevaluable than relatively limited access to the When PPP opened in early PPP,Ms. Amen applied to Op- nessseeking aPPP loan, and ica Corp., and newcorporate the deposit itself,” he added, federal $670billion Paycheck April, Sunyatta Amen, who is tus,which processed her we devoted thousands of em- supporterssuch as Netflix Inc. helping draw millions of dollars Protection Program, which of- Black,sought aloan forher $52,000 PPP loan within days. ployees to this effort,” aWells and Google Inc. moreincommitments. feredforgivable loans to small Washington, D.C.,tea and well- “With Optus,itwas awesome. Fargospokesman said.

3500 U.S. WATCH Feb. 19 record Bear market CALIFORNIA cial presidential Twitteraccount Golden State Killer Mondayafternoon thathehad S&P500 TUESDAY “Justapproved(and fast)the 3389.78 Victims Testify FULL Emergency Declaration for the GreatState of Iowa.Theygot Record close Victim after victim lined up on hit hardbyrecordsetting winds.” 3000 +4.9%YTD Tuesdaytodescribe Joseph AFederal Emergency Manage- DeAngelo as a“sick monster,” mentAgency spokesman said in “horrible man” and “subhuman” an email thatMr. Trump had ap- who stole their innocenceand provedthe public assistancepor- changed their lives during amore tion of the governor’s requestto- than decadelong reign of rape taling about $45 million covering and murder thatearned him the 16 counties. He didn’t, however, 2500 nickname Golden StateKiller. approve the individual assistance Tuesday was the first of four requestfor 27 counties thatin- days of hearings in Sacramento cludes $82.7 million forhomes WHO declares The Fed Data showpayrolls Newdatashow S&P500 finishes County Superior Court before he destroyed or with major damage the coronavirus signals it will droppedbyarecord 2.5million jobs were the second quarter outbreak an do whatever 20.5 million workers, addedinMay,the most up 20%, its biggest is formally sentenced to life in and $3.77 billion foragriculture international –34% it cantohelp pushing the unem- on record,suggesting gain sincethe last prison on Friday. damage to farm land, grain bins public-health from Feb. 19 the economy. ploymentrateto the start of an three months Mr.DeAngelo,74years old, is a and buildings and $100 million emergency. record close nearly 15%. economic recovery. of 1998. former policeofficer who eluded forprivateutilities repair. 2000 capturefor four decades. In June, —Associated Press he pleaded guiltyto13murders Jan. Feb. March April MayJune July Aug. and 13 rape-relatedcharges be- CALIFORNIA tween 1975 and 1986. Alltold, he S&P500,percentagechangethisyear, by sector Daily number of S&P500 stocks hitting 52-week highs admittedharming 87 victims at 53 Heat Wave Still As of the index’s2020low on March 23 As of Tuesday 125 stocks Bear market separatecrime scenes spanning 11 Stresses Power Grid California counties in aplea deal –60% –40 –20 0 20 thatspares him the death penalty. California’s power grid opera- Technology —Associated Press tors were keeping an eye on the 100 Consumer discretionary thermometer Tuesday after IOWA avoiding highly anticipated roll- Communications ing blackouts a day earlier as a Trump Signs Portion continuing heat wave stresses Health care 75 the electrical system. S&P500 Of Disaster Request The California Independent Consumer staples PresidentTrump said he had System Operator had warned Materials 50 signed an emergency declaration Monday that as many as 3.3 forIowatohelp supply federal million homes and businesses Industrials moneytohelp the staterecover would be affected by an evening Real estate from an unusual wind storm that emergency order that would 25 Utilities struck aweek ago,but federal have required utilities to stage emergency managementofficials rotating, two-hour outages. But Financials laterconfirmed he had signed the order never was issued and Energy 0 only aportion of the request. the warning was canceled. Jan. Aug. Mr.Trump claimed on his offi- —Associated Press Source:FactSet

vened to shoreupthe economy. recordsthis year,including Thestock market’sbulls CORRECTIONS  AMPLIFICATIONS S&P Sets Institutional money managers Tuesday’s, while surging 25%. have chosen to look past agrim who vow never to bet against TheDow Jones Industrial Aver- economic reality,hitching their the Federal Reservecontinued age, on the other hand, has yet wagons to the prospect of ros- TheToronto-based WE The yield on the 10-year Record and buying stocks afterthe central to recoup itspandemic-fueled ier times.The economysuf- Charity paid roughly 500,000 Treasurynoteclosed on Aug.6 bank slashedinterest ratesto losses.The blue-chip indexis feredits biggest contraction on Canadian dollars(US$380,000) at 0.535%. AMarketsarticle on near zero and moved to stabilize down 6% from itsFebruary record in the second quarter, to the mother and brother of Aug.7incorrectly said 0.538%. ErasesLoss credit markets. And zero-com- high and 2.7% in 2020. and corporateprofits have Canadian Prime Minister Jus- mission trading apps lured day Mark Stoeckle,chief execu- plunged. Theunemployment tin Trudeau to attend the or- RonHollander wasincor- tradersintothe market at the tive of Adams Funds,said the rate hovered just above10% ganization’seventsand cover rectly identified as Ed Hol- ContinuedfromPageOne fastest pacesincethe heydayof run-up in shares of Amazon last month. eligible expenses.Insome edi- lander in aphotocaption with on apickup next year in corpo- the dot-com investing era. and Microsoft, two of his big- Some of those indicators tions Tuesday, a World News an Aug.7Mansion article rate earningsand economic ac- TheFed’sintervention, in the gest holdings, has been instru- have begun to improve, sup- article about FinanceMinister about model trains. tivity.But manyare struggling process, pushed bond yields to- mental in helping his fund out- portingthe argument that the Bill Morneau’sresignation in- to reconcile the gains with the ward their lowest levels ever. perform the S&P 500.However, economy’srecoverywill be V- correctly said C$600,000. Noticetoreaders continuing health crisis that Leftwith few other attractive shaped. Earnings, forone,are Wall Street Journal staff has killed morethan 171,000 options forreturns in this envi- expected to contract at more TheJapanese cargoship membersare working remotely people in the U.S.,sent unem- ronment, manyinvestorssaid Many struggleto modest levels forthe rest of the that caused an oil spill off the during the pandemic.For the ployment to the highest level they sawlittle choicebut to con- year beforebeginning to climb coast of Mauritius is abulk car- foreseeable future, please send sincethe Great Depression, and tinue betting on stocks or risk reconcile thegains in the firstquarter of 2021. rier.AnAug.11World News ar- reader comments only by spoiled the longest-ever eco- missing out on the rally. withthe pandemic Still, the S&P 500’smarch ticle andheadline about the ves- email or phone,using the con- nomicexpansion. Those dynamics have helped back to itshigh has leftthe sel incorrectly called it atanker. tactsbelow, not via U.S. Mail. “There’safeeling of eupho- push the S&P 500 up 52% from and adeep recession. stock market priced forperfec- ria in the marketplacethat itsnadir in March, led by sharp tion and dangerously exposed to Readers can alert The Wall Street Journal to any errors in news articles by you’regoing to makemoney,” gains among the market’sbig- another drubbing,some ana- emailing [email protected] or by calling 888-410-2667. said Steven Wagner,chief exec- gest companies.The technology lystssaid. Theindextrades at utiveofOmnia Family Wealth, giantsthat makeupanoutsize he started in Maytaking some 22.6 times projected earnings of his interactions with inves- shareofthe indexhavebene- of the profitstobuy shares of over thenext12months,ac- THE WALL STREET JOURNAL tors in recent weeks.“But fitedfromlockdown measures beaten-upstocks,such as ca- cording to FactSet. Thelast (USPS 664-880) (Eastern Edition ISSN 0099-9660) they’realso bewildered by the that have accelerated the adop- sino operator LasVegas Sands time stocks traded at that level (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) disconnect [with the economy] tion of networking,communi- Corp.“Those areGod’schosen wasin2000,beforethe burst- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. and what they see in their busi- cations and online shopping. stocks,” Mr.Stoeckle said of the ing of the dot-com bubble.Most Periodicals postage paid at New York, N.Y., and other mailing offices. nesses,their lives and what Apple Inc.has risen 57% so big tech companies. of the big tech stocks arepartic- Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. stock prices aredoing.” far this year and is nearing a$2 TheS&P 500 representsa ularly pricey,trading at 26 All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of Setting anew milestone in trillion market value,while Mi- smaller shareofthe broader times forward-looking earnings. which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of 2020 onceseemed improbable crosoftCorp.has jumped by economythan it did in years “Valuations areextremely the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. to manyinvestors. TheS&P 500 morethan athird. Together past. Beaten-down airline,cruise high,” said Mr.Wagner,who Letters to the Editor: Fax: 212-416-2891; email: [email protected] dropped 34% from itsFebruary with Amazon, Google parent Al- and energy stocks,manyof has been hedging investors’ Need assistance with your subscription? high to itsMarch lowasthe phabet Inc.and Facebook Inc., which arestill down by more stockexposures with foreign By web: customercenter.wsj.com; By email: [email protected] pandemic broughteconomies the companies makeupabout than 50% this year,exert a equities,gold and bonds in By phone: 1-800-JOURNAL (1-800-568-7625) around theworld to astand- 25%ofthe S&P 500.That gives smaller pull on the indexthan some cases.“We don’t believe Reprints &licensing: still. Thesubsequent rebound them considerable influence they oncedid. What’smore, the it’srealistic to expect this econ- By email: [email protected]; By phone: 1-800-843-0008 hasbeen nearly as swift. over the direction of the market. stock market doesn’t reflect omytobeatlevelsitwas at in WSJback issues and framed pages: wsjshop.com Investorsofall stripes have Those stocks areevenmore large pieces of the business February.” Our newspapers are100% sourcedfromsustainably certified mills. flooded intothe stock market influential in the Nasdaq Com- world, such as the manysmall —Sam Goldfarb GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS sincethe government inter- posite Index, which has set 34 businesses that areclosing. contributed to this article. P2JW232000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, August 19, 2020 | A3 U.S. NEWS Panel Faults Russia Ties of ’16Trump Run

BY DUSTIN VOLZ leak Democratic emails as part AND WARREN P. STROBEL of itsbroader effort to deni- grateHillaryClinton’scandi- WASHINGTON—Members dacy and support Mr.Trump’s of the 2016 Trump campaign campaign. It cites “two pieces represented a major counter- of information” that raise such intelligencerisk to the U.S. apossibility,but the details are due to their frequent contacts redacted. Thereisalso some with individuals with close evidencetosuggest Mr.Kilim- ties to the Russian govern- nikwas tied to the hack-and- ment, a bipartisan Senate in- leak operation, although that vestigation has concluded. assessment is based on what TheSenateIntelligence the report calls “a body of frag-

Committeereleased the fifth mentaryinformation.” ON/REUTERS

and final volume of itsRussia Mr.Manafort wassentenced CKS JA

investigation report Tuesday. to morethan seven yearsin S CA

Thepartially redacted docu- prison due to taxand bank LU ment is nearly 1,000 pages and fraud as part of aprosecution Paul Manafort, onetime Trump campaign chairman at his arraignment. He wassenttoprison fortax and bank fraud, but laterreleased. largely supports the key find- that spun off from the Mueller ingsonRussian election inter- probe.Hewas released from a sia’shelp four yearsago and with Democrats, said the re- nied he was a Russian intelli- WikiLeaks and with members ferencemade by former special federal prison because of coro- wascounting on it again. “They port didn’t determine whether gence officer and said he had of hisCampaign about Stone’s counsel Robert Mueller.His navirus concerns in May. A areworking towardsthe same therewas collusion between never hadany ties to anyin- access to WikiLeaks on multiple probe confirmed that Moscow lawyer forMr. Manafort said goals again this year,and the Trump campaign and Rus- telligenceservice. He told The occasions,” the report said. meddled in the 2016 election documentsthat Mr.Mueller’s Trump refuses to reject their sia, aterm he said has become Wall Street Journal that “the One such conversation but didn’t establish conspiracy prosecutorshad requested be assistance,” Mr.Bates said. politically charged. allegations outlined in the re- likely took placeonOct. 6, or coordination between Mos- placed under seal “completely Democratsonthe committee However, Mr.King,anintel- port with regard to me are 2016,the daybefore cow and membersofPresident refute the panel’sreport’scon- said in an appendix that the ligencecommitteemember, based on purefantasy and WikiLeaks released emails and Trump’scampaign. jecture” about Mr.Kilimnik. Senatereport didn’t draw wrong interpretation of other documentshacked from Asubstantial portion of the Theattorney,KevinDowning, “overarching conclusions” events.” Mrs. Clinton’scampaign chair, report focuses on the connec- said he expected the docu- aboutthe investigation. In- AreportsaysRussia Among other findings, the John Podesta, it said. Mr. tions of onetime Trump cam- mentstobemade public soon. stead, they said that it showed committeewrote that Russia Trump said in writtenanswers paignchairman Paul Manafort Mr.Trump has repeatedly evidenceofthe Trump cam- took advantageof took advantageofTrump tran- to Mr.Mueller that he recalled with Konstantin Kilimnik, who dismissed the Mueller investi- paign’scontactswith Russia theTrump transition sition-team members’ inexpe- no such conversations. is officially described forthe gation into Russian meddling but that they faced limitson rienceingovernment and Mr.Stone told the Journal in firsttime as aRussian intelli- as a hoax. In a statement, the the scope of the investigation. team’sinexperience. their opposition to Obama ad- atextmessagethe report was genceofficer,and Russia- president’sre-election cam- Forexample,the committee ministration policies,aswell “deeply flawedand riddled with aligned oligarchs in Ukraine. paign said the report showed cited substantial “WhiteHouse as Mr.Trump’sdesireto inaccuracies.” In November, he Mr.Manafort’shigh-level cam- therewas no collusion be- intervention [that] significantly strengthen ties with Moscow, wasconvicted of making false paign access and willingnessto tween the Russian government hampered and prolonged” the said in an interviewthat there “topursue unofficial channels statements,witnesstampering shareinformation with Mr.Kil- and the 2016 campaign, aview probe.Inparticular,the panel were clear examples of “coor- through which Russia could and trying to impede acongres- imnik and others“represented Sen. Marco Rubio (R., Fla.), said it encountered unexpected dination and cooperation” be- conduct diplomacy.” sional investigation intoRus- agrave counterintelligence the acting chairman of the in- claims of executiveprivilege tween the two.One egregious Thereport also said Mr. sian election interference. Last threat,” the report concluded. telligence panel, also echoed. that hadnobasis in lawre- example,hesaid, wasMr. Trump kept tabs on WikiLeaks’ month, the president commuted Thereport also states that Andrew Bates, aspokesman garding the presidential transi- Manafort’s providing Mr. Kil- effort through his close associ- Mr.Stone’sprison sentence. Mr.Manafort might have been forDemocratic presidential can- tion team’scommunications. imnik internal polling data ateRoger Stone. “The Commit- —Aruna Viswanatha, Shelby connected to the Russian intel- didateJoe Biden’scampaign, Sen. Angus King,aMaine from the Trump campaign. teeassesses that Trump did, in Holiday and Alan Cullison ligenceoperation to hack and said Mr.Trump welcomed Rus- independentwho caucuses Mr.Kilimnik on Tuesdayde- fact, speak with Stone about contributed to this article. College Move-In Gets Complicated Police Budget Cuts BY LINDSAY HUTH Thousands of first-yearcollege students typically flock from states now In Austin Draw Scorn AND MELISSA KORN considered high-risk forCovid-19 to schools in lower-risk states. Thousands of studentsfrom Out-of-statefreshmen at postsecondary institutions,fall 2018 states nowconsidered hot zones Of TexasGovernor forCovid-19 areembarking on a Total freshmen from out of state* 25,000 great migration to collegecam- Alaska Freshmen from states faring 10,000 Maine BY ELIZABETH FINDELL with a history of mismanage- puses elsewhere—including in worse, by new Covid-19 cases ment. Public safety makes up states wherethe pandemic is per capita, Aug. 2-16 2,500 Texas Gov.GregAbbott 70%ofthe city’s general fund. largely undercontrol. Vt.N.H. Mass. threatened to permanently MayorSteve Adler,aDemo- Education Department data freeze the property taxesof crat, said around $20 million showthat in fall 2018,the lat- anycity that defunds itspolice would addresshomelessness, est year available,asmanyas Wash. Idaho Mont. N.D.WMinn. is. Mich. N.Y. Conn. R.I. department, specifically calling expand emergencymedical 77,000 first-year studentsleft out the city of Austin forrecent services and add mental- states wherethe virus is now reductions to itspolicebudget. health firstresponders. He moreprevalent to go to college Ore. Utah Wyo. S.D. Iowa Ill. Ind. Ohio Pa. N.J. NewYork, “Any city that defunds po- said it would makethe city in states nowatlower-risk. Pennsylvania, lice departments will have its safer. “We shouldn’t be look- Colorado and NewYork,Pennsylvania, Colo- property taxrevenue frozenat ing to our police to be social Calif. Nev. Colo. Neb. Mo. Ky. W.Va. Va. Md. Del. Massachusetts each rado and Massachusetts are attract more than the current level,” said Mr.Ab- workers,” Mr.Adler said. “Po- the low-risk states whose 10,000 freshmen from bott, a Republican. “They will liceshould be allowedtofocus schools draw the most fresh- Ariz. N.M. Kan. Ark. Tenn. N.C. S.C. D.C. worse-faring states. never be allowedtoincrease on crime.” men from states nowconsid- property taxrevenue again.” Mr.Abbottcalled the move ered high-risk,orhavere- The governor didn’t say what dangerous.Hereferenced are- ported morethan 100 new Okla. La. Miss. Ala. Ga. would qualify as defunding. cent Wall Street Journal anal- cases per 100,000 people Mr.Abbottsaid Tuesday ysis of a homicide rise in ma- within the past two weeks. that he would support abill to jor U.S. cities this year.The Though hundreds of schools Hawaii Texas Fla. makethat happen when the reviewfound that of the 15 have opted forremoteorhy- Texas Legislaturebegins its largest cities,Austin had the brid instruction rather than in- biennial session next year. highest percentageincrease in person classes this year,stu- *Includes students who areenrolled in online programs at schools based in particular states Themovecomes amid murders since last year. Note:New cases per capita arebetween 0and 500 per 100,000,brokendownbyincrements of 100.States‘faring worse’ than aparticular stateare dentsare still flocking to dorms those whose case totals areinhigher groups than the destination state. widespread protestsagainst “When crime is on the rise, and off-campus apartments. Source:Education Department(students); Johns Hopkins University(cases) police brutality in the U.S., the last thing we should do is Therecent rise in cases with activistscalling forre- defund lawenforcement,” he around the countryhas pushed MASSACHUSETTS ductions in policebudgets, said. some schools to rethink how More Universities these temporary restrictions is Boston University,North- and an increase in crime in But the Journal’sreview and when studentscome back, to contain the spread of the vi- eastern University and Harvard some of the nation’s cities. also found that Austin had the especially as states in the Opt to Go Online rus so thatwecan get back to University enrolled the most In Texas,the issue is the second-lowest number of mur- Northeast maintain tight quar- in-person instruction.” first-year studentsfromhigher- latestinalong-waged war dersofthe cities evaluated antine ordersfor newarrivals. If the outbreak isn’t con- risk states in the fall of 2018. over local control between Re- and the lowest murder rate of Last week,the University of The University of Notre tained within the next two All three arebringing at least a publican leadersofthe state major Texas cities.Austin has Connecticut said it wouldn’t al- Dame and Michigan State Uni- weeks, the school will have to portion of their student bodies and the Democratic leadersof had 23 murderssofar this lowout-of-statestudents versity on Tuesday both an- send students home to learn back to campus this fall. its largest cities such as Aus- year,compared with 37 in Fort whose classes areall online to nounced moves designed to remotely, similar to the cam- Some schools in Massachu- tin, which tend to be morepo- Worth, 71 in San Antonio, 117 liveincampus housing. slow the spread of the corona- pus closure that happened in setts had to changetheir plans litically liberal. in Dallas and 178 in Houston. “Weare aiming at preserv- virus on their campuses. the spring, he added. afterstate officials announced TheAustin City Council last Mr.Abbott’sofficedeclined ing the extraordinaryprogress NotreDame is canceling in- Michigan StateUniversity that, as of Aug.1,anyone enter- week approved abudget for to clarifywhat would constitute Connecticut has made in ar- person classes and moving them PresidentSamuel L. Stanley ing the statefromany of more the fiscal year beginning Oct. 1 defunding in the coming legisla- resting the spread of the vi- online foratleasttwo weeksaf- asked students who were plan- than 40 other states would be that cut $21 million from the tion, whether it would apply to rus,” UConn President Thomas terseeing asurge in coronavirus ning to move into dormitories to required to quarantine for14 $434.5million 2020 police anydollar reduction in apolice C. Katsouleas wroteinanote cases. On Monday, one week af- stay home. He wrotethat“it days or produceanegativetest budget,a4.8%reduction. It budget or aproportion, or to to students. terclasses began, 80 students has become evidenttomethat, result. Those who don’t comply also moved $80 million in ser- services shiftedtoother depart- Here’salook at howthe testedpositiveout of 418, or despiteour bestefforts and could be fined $500 aday. vices to other city depart- ments. “Defunding means de- massmoveofyoung adultsfrom 19% of students tested. strong planning, it is unlikely we Thegovernor’s newguid- mentsfromthe policedepart- funding,” spokesman John Witt- high-infection states to lower- The rash of cases has been can preventwidespread trans- ance pushed Tufts University ment, including internal man said. “The legislaturewill infection states is playing out: linked to at least two off-cam- mission of COVID-19 between to bring some undergraduates affairs, some administrative draftabill on this and it will go NEW YORK pus parties, and the majority students if our undergraduates to campus sooner and delay functions and aforensics lab through the legislativeprocess.” By rawnumbers, NewYork of students testing positive are return to campus.” the arrival of others, while also

University,Cornell University senior undergraduates, mostly Also on Tuesday, Ithaca Col- beefing up testing plans in the S andthe U.S. MilitaryAcademy male, a school spokesman said. lege reversed course and de- early days of school. Nearly at West Point enrolled the most “The virus is aformidable cided nottobring students half of Tuftsundergraduates PRES first-year studentsin2018 from foe. Forthe pastweek, it has back to campus. And Carnegie come from outside the region, TED

states wherethe virus is more been winning,” said Notre Mellon Universityannounced it and they will begin moving into OCIA SS

prevalent now, with at least Dame’spresident, the Rev.John will start undergraduate classes campus housing on Aug.27; /A

100 newcases per 100,000 peo- Jenkins, during apublic address remotely forthe firstweek. manygraduateprograms will AM ple in the past two weeks. on Tuesday. “The objectiveof —Douglas Belkin be conducted remotely. GR Cornell said latelast month “Weapplaud his changebe- AR-TELE

that it couldn’t guarantee quar- cause youwant to reducerisks, ST

antine housing forall the stu- and limited housing options. two free meals aday to those and that is amechanism to do H dentswho would need to stay On Tuesday, Ithacasaid it in isolation. Studentsfromout- so,” Tufts President Anthony RT WO

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York expanded itstravel-advi- tion through the fall and not Connecticut have to be tested travel restrictions. FO Y/

sory list to 31 states and two welcome all studentsback to within 24 hoursofarrival and Tufts studentscoming from CO

territories.And nearby Ithaca campus,after all. then again seven to 10 days outside the region will need to MC A Collegesuggested that students NYU opened itsresidence later.Studentsfromcloser to have three negativeCovid-19 AND

from those states participate halls early,onTuesday, to ac- campus will start moving at testsbeforetheir quarantines AM just in remoteinstruction for commodatestudentswho need the end of the month and need end—a higher bar than the Texas Gov. Greg Abbott on Tuesday outlined a legislative proposal to the fall, given the complication to quarantine,and will deliver to be tested beforearrival. staterequires. discourage municipalities from cutting spending on police. P2JW232000-6-A00400-17FFFF5178F

A4 | We dnesday, August 19, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. THE DEMOCRATIC CONVENTION Pool of Swing Voters Shrinksbut Persists

BY RANDY YEIP Percentage of voters who reportedvoting Presidential vote margins among keyswing groups,inpercentagepoints foradifferent party forpresident than the previous election Whites under 35 Women 50 and older With the firstpresidential 25% 30 20 +10 DEM. REP. +10 20 30 30 20 +10 DEM. REP. +10 20 30 debatemorethan amonth 1996 1996 away,the two parties’ virtual conventions will provide Presi- 2000 2000 20 dent Trump and former Vice 2004 2004 President JoeBiden their big- 2008 2008 gest audiences yet—and a Latest chancefor each to makeacase WSJ/NBC 2012 Latest 2012 15 News poll WSJ/NBC to voters who might still be on 2016 News poll 2016 the fence. 2020 2020 But as the U.S. has grownin- Avg. of pastthree elections wonby: creasingly polarized,isthere 10 Outparty Whitecollege graduates Whitewomen such athing as a“swing voter” Incumbentparty anylonger? Yes, although they 30 20 +10 DEM. REP. +10 20 30 30 20 +10 DEM. REP. +10 20 30 1996 1996 areararer breed than they 5 used to be.From1948to1992, 2000 2000 an averageofnearly 18% of vot- ersreported casting aballot for 2004 2004 different parties in successive 0 2008 2008 races, according to postelection 1948 ’60 ’80 2000 ’20 2012 2012 surveysconducted by the Note:Nodatafor 1984. 2016 2016 American National Election Sources: American National Election Studies (1948–2016); WSJ/NBC News telephone poll of 900 Studies.Sincethen, the average registeredvoters conducted Aug. 9–12;margin of error: +/–3.27 pct. pts. 2020 2020 has fallen below10%. That makes forafairly small the three states that proved de- that group,with Mr.Biden slight edgein2016,while the leaned Democratic in presiden- turned out at high rates. They pool of persuadable voters and cisive in 2016—Michigan, Penn- leadingamong these voters ANES survey gavehis Demo- tial elections,but those age50 have trended Republican in explains whyboth parties have sylvania and Wisconsin—Mr. 44% to 37%. cratic opponent HillaryClinton and older have been more presidential races, with Mr. focused on driving turnout Trump wonbyacombined Turnoutamong young vot- asmall advantage.) evenly dividedinrecent years. Trump winning among white among their bases in recent 77,744, just over one-half of 1% ersisgenerally morevolatile But the latest WSJ/NBC Likecollegegraduates,this is women by alargermargin than campaigns.But current polls of thetrio’s aggregatevoteto- than other groups,with Repub- News poll shows asignificant one of the most reliable groups anyRepublican sinceGeorge W. indicate Mr.Biden, the pre- tal.) Here’salook at some voter licans oftendoing betteramong swing toward Mr.Biden among of voters,with turnout well Bush in 2004. But current poll- sumptiveDemocratic nominee, groups that have swung be- the group in lower-turnout whitecollegegrads,with the abovethe overall rate.And the ing indicates they arenow has an opportunity to convert tween the two parties in recent years. At the same time,youn- former vicepresident leading latest WSJ/NBC News poll more evenly divided, with Mr. some key voting blocs that sup- elections. gerwhitevoters’ influencehas Mr.Trump 58% to 35%. shows these voters swinging Bidenleading by 2points. ported the Republican Mr. been declining as the nation Whitecollegegraduates are significantly toward Mr.Biden. If that edgeholds,itwould Trump in 2016. Whites under 35 becomes moreracially diverse. among the highest-turnout vot- Women 50 and older have be thefirst time aDemocrat A newWSJ/NBC News poll Young voters aregenerally inggroups,sotheir preferences been asteadily growing share prevailed among whitewomen of registered voters found 10% seen as aDemocratic strength, Whitecollege graduates cancarryconsiderable weight. of the electorate, part of the sinceBill Clinton wasre-elected saying they currently support but that obscures some differ- One of the lessons from 2016 And while their shareofthe politically influential baby in 1996. the candidateofthe party ences within the demographic. wasthe political divide be- electorateisgrowing, they are boomer generation. Their num- As thecountryhas diversi- whose presidential nominee Specifically,whitevotersunder tween collegegraduates and still outnumbered by whitevot- berswithin the electoratein fied, whitewomen nationally they opposed in 2016—a cohort age35havebeen fluid in their thosewithout afour-year de- erswithout acollegedegree, swing states generally match have represented ashrinking that consistsoverwhelmingly of presidential preferences since gree.Mr. Trump owesmuch of particularly in battleground thoseofthe countryoverall, shareofthe electorate. But Trump voters who saythey 1992. Nationally,Mr. Trump his win to hugemargins among states.The margins between making this voting bloc one to their numbershaveheld steady nowback Mr.Biden. won44% of whitevotersunder whites without acollegede- these two groups will be akey watch. in Rust Belt swing states like That 10%might seem small, 35,nearly identical to his 46% gree,while collegegraduates factor in determining the out- Michigan, Pennsylvania and but in aclose contest, persuad- of the popular vote overall. The overall swung Democratic. come in this year’s contest. Whitewomen Wisconsin. If Mr.Trump’ssup- ing even just asliver of voters latest WSJ/NBC News poll, Whitecollegegraduates were Women overall continue to port among whitewomen in in key swing groups could make however, signals adropinsup- moreevenly divided. (Exit polls Women 50 and older be amajority of voters,and thosestatesslips,itcould tip the differenceinNovember.(In port forthe president within showedMr. Trump with a Women generally have whitewomen in particular have theelection to Mr.Biden. (3) MMITTEE CO NVENTION CO TIONAL NA IC AT DEMOCR Delegates from New Mexico took part in the roll call of states on Tuesday night as the Democratic Party made Joe Biden its presidential nominee. In a video message, former President Bill Clinton praised Mr. Biden as a ‘down-to-earth, get-the-job-done guy.’ Former Secretary of State Colin Powell, who served in Republican President George W, Bush’s administration, also endorsed Mr. Biden’s bid for the White House, “Our party is united in offer- teachers, essential workersand character and criticizing Mr. Viewership Democrats ing youaverydifferent choice: What’s on Tap small-businessowners. Trump’srecordonthe virus, ago-to-work president,” former “I doubt we’ll ever go back foreign policyand health care. President Bill Clinton said. “A For Wednesday to the same exact conventions Former SecretaryofState Is Down 28% Nominate down-to-earth, get-the-job- we had in the past. It’satem- John Kerry, the Democratic done guy. Aman with amis- platefor the future,” Mr.Biden presidential nominee in 2004, For Virtual sion: to take responsibility,not Sen. Kamala Harris told delegates from Florida in and former SecretaryofState Gathering Biden shiftthe blame; concentrate, of California will formally an appearanceearlier Tuesday. Colin Powell, aRepublican who not distract; unite, not divide. accept the vice-presidential When delegates from Ala- backed Democratsinrecent Our choiceisJoe Biden.” nomination. Speeches will bama cast their nominating years, said in separateremarks BY BENJAMIN MULLIN ContinuedfromPageOne During around-robin video be geared toward plans votes, Rep.Terri Sewell invoked that Mr.Biden would be abet- reached this moment aftera presentation, agroup of newly to improve the nation. the memoryofthe lateJohn terleader on the world stage. Some 18.7 million people large field of candidates spent elected Democratsand younger Main speakers include: Lewis, the civil-rightstitan and “With JoeBiden in the White tunedintowatch thefirst much of 2019 debating the partyfigures contrasted Mr.Bi- congressman who died in July, House, youwill never doubt night of the Democratic Na- party’s ideological vision. den’sdemeanor while in office u Sen. Elizabeth Warren to advocatefor renewing the that he will stand with our tional Convention, according Theformer vicepresident, with Mr.Trump’s. “Faced with a of Massachusetts Voting RightsAct. friends and stand up to our ad- to Nielsen, afirst-of-its-kind who ranasone of the more president of cowardice, JoeBi- u House Speaker Nancy MayorMuriel Bowser of versaries—never the other way eventasthe coronavirus pan- moderatecandidates,put to- den is aman of proven courage,” Pelosi of California Washington, D.C.,called for around,” Mr.Powell said. demic made it largely virtual. gether acoalition of Black,sub- said StaceyAbrams,the Demo- u Former first lady, Senator statehood. Sen. Bob Casey of Thefour-dayevent comes as Theconvention’sopening urban and older voters to be- cratic nominee forGeorgia gov- and Secretary of State Pennsylvania, who likeMr. Bi- Mr.Biden holds asignificant night Monday, which featured come the nominee.Sen. Bernie ernor in 2018.“He will restore Hillary Clinton den grew up in Scranton, spoke lead in most polls and has cut speeches from former first SandersofVermont, his lon- our moral compassbyconfront- u Wisconsin Gov. Tony Evers of the former vicepresident’s intoMr. Trump’syearslong lady Michelle Obama, Gov. gest-lasting rival and aleader ing our challenges,not by hiding u New Mexico Gov. upbringing there. head start in fundraising. Gretchen Whitmer of Michi- of the party’s progressivewing, from them or undermining our Michelle Lujan Grisham Mr.Sandersreceived some Democratsfocused on unity ganand Sens.Amy Klobuchar dropped out of the race just as elections to keep his job.” u Former Rep. Gabrielle delegates during the roll call in during the firstnight of their of Minnesotaand Bernie the coronavirus pandemic took TimMurtaugh, aspokesman Giffords of Arizona recognition of the voteshere- convention,presenting Mr.Bi- SandersofVermont, drew hold and afterMr. Biden sur- forthe Trump campaign, re- u Sen. Harris, ceived during the primaries. den—whowas vicepresident 28% fewerviewers than the passed Mr.Sanders’searly del- uppedthe Republican argument vice-presidential nominee Though other candidates col- under President Obama from firstnight of the Democratic egatelead. that Mr.Biden has driftedleft, u Former President Obama lected some delegates,only 2009 to 2017—as someone who convention in 2016,according TheDemocratsused the first saying hisbig night means that Messrs. Biden and Sandersmet could heal anation.Former to Nielsen. hour of the event to again de- “his supervisorsfromthe radical the threshold to present their firstlady Michelle Obama said Four yearsago, about 26 liverarebukeofMr. Trump’s leftare nowformally in charge.” namesfor the nomination at MondayofMr. Trump,“He sim- million people watched speak- leadership in the WhiteHouse, Mr.Trump is putting on his speech on the WhiteHouse the convention. ply cannot be who we need him ersgathered in Philadelphia, highlighting agroup of their ownshowthis week,traveling grounds. Mr.Sandersreached adeal to be forus. It is what it is.” including Mrs. Obama, laud rising stars. to Wisconsin on Mondaytoem- Theroll call undertaken by with the Biden campaign in Mr.Trump,who is due to be the presumptiveparty nomi- Party luminaries who spoke phasizeMr. Biden’sabsence, as both parties everyfour yearsis which he would keep collecting renominated next week,criti- nee,former SecretaryofState Tuesdayhammered home the well as to Minnesota. On Tues- usually ahighly choreographed delegates in the primaries in cized Mrs. Obama’sconvention HillaryClinton. argument that Mr.Trump,a day, he appeared in Iowa and eventheld in asportsarena order to givehim morepower speech on Tuesday, calling it MSNBC delivered the most Republican, has failed to lead Arizona, and he is scheduled to with thousands of people at theconvention to do things “verydivisive.” viewers on cable,with about the U.S. on the world stageand appear near Mr.Biden’schild- cheering.This year,that ritual likeadvocatefor changes to Thepresident said: “Frankly, 5.1million from 10 p.m. to through the pandemic. hood hometown of Scranton, wasmoresubdued as it kicked party rules and shape the plat- Iwouldn’t even be hereifit 11:15 p.m. ET,according to Democratsmoved away from Pa., on Thursday. His conven- off lessthan an hour intothe form. On Monday, he encour- weren’t forBarack Obama…be- Nielsen figuresprovided by their planned Milwaukee gath- tion next week will also be Democrats’ virtual convention. aged his supporterstoback Mr. cause they did abad job,Biden thenetworks.CNN delivered ering afterthe pandemic set in largely virtual, andMr. Trump Theroll call featuredamix Biden in November. and Obama.” about 4.8million viewers and and urgeddelegates to stay has said he plans to accept his of pretaped and livesegments, Democratsspent the bulk of —Catherine Lucey FoxNewsdelivered about 2.1 home. ownnomination in alive featuring electedofficials, the evening touting Mr.Biden’s contributed to this article. million. P2JW232000-5-A00500-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, August 19, 2020 | A5 U.S. NEWS Trump IssuesPardon To SusanB.Anthony

BY JANET ADAMY women, and she didn’t put her AND GORDON LUBOLD name on the list, so she was never pardoned,” Mr.Trump President Trump pardoned said during aWhiteHouse Susan B. Anthony, who fought eventcommemorating the 19th forawoman’sright to vote,on Amendment, which secured the 100th anniversaryofthe rati- women’sright to vote. fication of the 19th Amendment. Near the start of the women’s Mr.Trump on Tuesday suffragemovement, Anthony granted afull and completepar- and other leaderswereupset don forAnthony, aformer that the14th and 15th amend- teacher who spent five decades mentsratified afterthe Civil GES leading the women’ssuffrage Wargavevoting rightstoBlack IMA movement.Two weeks aftershe men but overlooked women. She GETTY

cast her ballot in the 1872pres- and Elizabeth Cady Stanton II/ idential election in her home- formed the National Woman

town of Rochester,N.Y., she was SuffrageAssociation in 1869 to MMERS arrested and later convicted of win asimilar amendment for SO

voting illegally.She wassen- U.S. women. JOHN tenced to payafine of $100 and Anthonyand other leaders Unemployed people entered the Kentucky Career Center in Frankfort in June for help with their jobless-benefit claims. court costs. later adopted what became “She wasnever par- knownasthe newdeparture doned…and youknowthat she strategy, which interpreted the Some States Get Federal Approval gotapardon foralot of other 14th Amendment as granting all native-born Americans citizen-

S ship and thus the right to vote. Other women acrossthe country

NGRES To Provide Extra Jobless Benefits also tested that notion, including CO MaryAnn Shadd Cary, an Afri- OF

Y can-American.She tried to regis- BY SARAH CHANEY terview on Tuesday on CNBC. and that takestime to do It is unclear whether that addi- AR tertovoteinWashington, D.C., Under Mr.Trump’sorder, right,” said Bill McCamley, tional $50 would count toward in 1871, ayear beforeAnthony Several states have received states can also use their own secretaryofNew Mexico’sun- the $100 threshold, Mr.McCa-

VICE/LIBR cast her ballot. federal approval to disburse funds to provide an additional employment agency. mley said. “These sortsof

SER Anthonydescribed the ver- an extra$300 aweek in unem- $100 aweek foratotal supple- Theadditional payments questions on howtoimplement S dict as “the greatest judicial ployment benefits, though mental payment of $400, will be retroactivetothe week these newprograms really

NEW outragehistoryhas ever re- some said it would take a few though it is unclear whether ended Aug.1,regardlessof showhow complicated the sys-

BAIN corded,” according to adocu- weeks beforethey could de- anystateswill do so since when states are able to begin temis,” he said. Susan B. Anthony was convicted ment in theNational Archives. liver the money to workers. manyfacecash crunches.Gov- sending out the payments. About 6% of unemploy- in 1873 of voting illegally. Shenever paid thefine. Arizona, Iowa,Louisiana, ernorsinstatessuch as New To meet the newfederal ment-insuranceclaimantsin NewMexico, Colorado,Mis- York and New Jersey have in- guidelines fordistributing the Colorado receivelessthan souri and Utah were the first dicated they areunlikely to extra$300 benefit, stateunem- $100 aweek and the statewill states to receive approval for fund the extra$100.Labor of- ployment agencies must deter- need to ensurethose individu- Incumbent Loses Primary Federal EmergencyManage- ficials in Utah and NewMexico mine whether aperson lost als don’t receivethe additional ment Agencyfunds to send said they wouldn’t payfor the work because of the pandemic. benefit, said Cher Haavind, BY KRISTINA PETERSON gressional District, according out the enhanced unemploy- additional $100. Some but not all unemploy- deputy executivedirector of to the Associated Press. ment benefits,according to Among the states that have ment-insurancerecipientshave Colorado’s labor department. WASHINGTON—GOP Rep. “I’dliketothank the voters statementsonFEMA’s website received federal approval to already provided such informa- “That is just one of the RossSpano of Florida lost his forgiving me the honor and this weekend and astatement send out the extra$300,some tion to statelabor departments. manyprogramming require- re-election bid Tuesdaynight, privilegeofserving them in from Labor Secretary Eugene said they were unsurewhen Statesmust also determine mentswehavebeforeus,” Ms. the eighth House lawmaker to Congressfor the last two Scalia on Tuesday. President they would be able to start de- whether an unemployment Haavind said. She didn’t know be defeated in a primary dur- years,” Mr. Spano said. Trump signed an executiveor- livering the money. claimant meetsMr. Trump’s when Colorado would start ing this election cycle. TheJusticeDepartment has der this month calling for the Officials in Utah and New requirement that only recipi- sending out the extra aid be- ScottFranklin, the Lakeland been investigating loans the federal agency to provide the Mexico said it would take a entsofatleast $100 in regular cause it was unclear whether city commissioner and afor- freshman lawmaker made to additional $300 a week. few weeks before they would weekly unemployment bene- the statewould provide an ex- mer Navy aviator,defeated Mr. his campaign. Mr.Spano re- States can choose whether be ready to start issuing the fits receivethe $300 federal tra $300 or $400. Spano,who wasunder investi- ceived loans worth $180,000 to participate and must apply $300 benefits, and the Labor benefit. State unemployment-insur- gation by the Justice Depart- in 2018 from two supporters, to FEMA by Sept. 10 if they Department estimates it will Such eligibility determina- ance agencies are responsible ment forpossible campaign-fi- then personally lent nearly want the money. take states an averageofthree tions canbecomplex. Forex- forsetting up the newpro- nance violations. With 99% of $170,000 to his campaign dur- “I would expect that most weeks to send out the money. ample,New Mexicoallows un- gram at atime when manyare precinctsreporting,Mr. Frank- ing the same period. of the states qualify…so Ihope “We’re basically building a employment-benefitsrecipients still paying out unemployment lin had 51.3% of the vote,com- Under federal election law, we see the majority of the brand newsystemwith new with dependentstoreceiveup claims at historically high lev- pared with 48.7%for Mr. supporters could donate only states,” TreasurySecretary rules and newreporting re- to an extra$50 on topoftheir els and addressing widespread Spano in Florida’s15th Con- $2,700toacampaign in 2018. Steven Mnuchinsaid in an in- quirementswith anew agency weekly unemployment benefit. fraud. Post Office Postpones

Cutbacks CK TO

ContinuedfromPageOne have existed foryearsand ac- SHUTTERS A/

cusedDemocratsofmanufac- EP turing acrisis. S/ Some effortstoreducecosts

predated Mr.DeJoy’s arrival to REYNOLD the agencyinJune and were

recommended by the agency’s MICHAEL inspector general. The postmaster general didn’t say whether the USPS would reverse ThePostal Service, which any changes already made. A Washington, D.C., mail carrier Tuesday. forthe quarter ended June 30 had a net loss of $2.2 billion, of election mail in partnership House committeedetermined hasmoved to decommission with electoral officials to conduct ashowtrial.” some sorting machines and it throughout the country.” Democratshaveaccused has removed blue collection Mark Dimondstein, president President Trump of using the boxes in some states, actions of the American Postal Workers Postal Servicetoattempt to it said were part of the normal Union, welcomed Mr.DeJoy’s undercut voters,citing the re- course of business. announcement but said their cent operational changes at Democratsand some postal fight wasfar from over and the agencyand his opposition union representatives have ex- emphasized the need forCon- to universal mail-in voting. pressed concern that those gresstoapprovemoremoney Mr.Trump has said he be- moves would reduce capacity forthe Postal Service. lieves universal mail-in voting forhandling election ballots. “These rollbacks would not benefitsDemocratsand would ManyDemocratshavecalled have happened without public be vulnerable to fraud and er- for the resignation of Mr. De- outcryand civic action,” Mr.Di- rors.While the Republican pres- Joy. mondstein said. “The public ident has said he opposes pro- Mr.DeJoy said use of over- would not have been aware of actively mailing ballotstoevery time has been and will be ap- these regressivepolicies if voter, he said he is OK with vot- proved as needed. Awidely cir- postal workersaround the ersrequesting aby-mail ballot culated document last month— countryhad not sounded the ahead of the election, which he Americana Charm which the Postal Servicelater alarm.” calls absentee voting.The terms attributed to amidlevel man- “absentee voting” and “vote-by- Norman Rockwell ager andsaid wasn’t official mail” aresometimes used inter- policy—stated that overtime Mr. Trump has said changeably. would be eliminated. Researchers have found no Celebrated illustrator. Endearing subject. Rare “The Postal Serviceisready he believes universal evidence of widespread fraud earlycover. Awelderatworkisthe subject todaytohandle whatever vol- mail­in voting linked to mailed ballots, al- of this original oilbythe great American ume of election mail it re- though therehavebeen iso- illustratorNormanRockwell.The composition ceives this fall,” Mr.DeJoy benefits Democrats. lated cases,and states employ wasfeaturedonthe April1921coverofPopular said. The agency will also ex- safeguards. ScienceMonthly;itisone of just twocovers that pand itstask forceonelection Studies aren’t definitiveon mail and have additional re- whether voting by mail gives Rockwell everpainted forthe publication. The sourcesonstandby starting Mr.DeJoy,who wasse- one party an advantage. painting tellsacharmingRockwellian storyof Oct. 1 to deal with demand. lected by the bipartisan-by- Thesurge in voting by mail agentleman repairinghis teapot,capturing the RonaldStroman, the former statutePostal Serviceboardof isn’t without challenges amid essenceofthe American spirit.Signed(lower deputy postmaster general governors, who were all ap- the pandemic.Some states and 1 1 left). Paintedin1921. Canvas:14/2”h x11/4”w; from 2011 who stepped down pointed by Mr.Trump,will ap- counties have limited staffing 1 7 earlier this year,said Tuesday pear beforeRepublican-led and technology to deal with a Frame:27/4”h x23/8”w. #31-1589 that Mr.DeJoy’s statement SenateHomeland Security and sharp increase in mailed bal- suspending the changes Governmental AffairsCommit- lots, which caused longer “raises morequestions than teeonFridayand beforethe counting periods during recent answers” and that it isn’t clear House Oversight Committee, primaries in NewYork and what changes have already which is controlled by Demo- elsewhere. taken place. “Vote early,” Mr. crats, on Monday. ThePostal Service, which Stroman said. “Regardlessof “The Postal Servicehas had processes more than 472 mil- anychanges or lack of significant financial problems lion pieces of mail aday on changes.” foryears,” said Sen. Ron John- average, has said it has the ca- 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com But Jack Potter,former son (R., Wis.), the chairman of pacity and financial resources postmaster general from 2001 the Senate’spanel on homeland to handle all election mail, Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. to 2010,said, “I applaud the security.“Thepostmaster gen- which it estimates will account Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. steps being takenbythe Post- eral should have an opportu- forlessthan 2% of all mail master General todaytoas- nity to describe those realities volume from mid-September surethe timely securedelivery beforegoing beforeahostile until Election Day. P2JW232000-0-A00600-1------XA

A6 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. U.S. NEWS New Virus Cases Fall, but Schools Face Outbreaks

BY JENNIFER CALFAS At the stateand local levels, AND ALLISON PRANG some areas areshowing prog- ress in bringing the virus un- Some hopeful signs were der control, while others suf- beginning to emerge as the fer fresh setbacks. U.S. loggedthe lowest daily TheUniversity of Notre number of newcoronavirus Dame moved in-person classes cases in nearly eight weeks online foratleast two weeks andhospitalizations showed afterseeing an increase in cor- sustained declines. onavirus cases.The South But fresh outbreaks at a Bend, Ind., collegereported an

S number of schools and univer- additional 80 positivecases of sities acrossthe country the coronavirus of 418 tested PRES showedthat containing the vi- Monday, the highest number of TED rus remains a challenge. cases the school has reported CIA

SO TheU.S.reported 35,112 and testscompleted by the AS newcoronavirus cases Mon- school in asingle daybyfar. O/ day, the fewest sinceJune 24, Therash of cases has been when it logged34,935,accord- linked to at leasttwo off-cam- MINCHILL ing to datacompiled by Johns pus parties,and the majority

JOHN Hopkins University. of studentstesting positiveare Eddie Davis stands beside the gravestone of his son Jeremy, who died from the abuse of opioids, in Coalton, Ohio. Nearly 22 million people senior undergraduates,mostly have been infected world-wide, male,said school spokesman according to Johns Hopkins Paul Browne. data, and 774,769havedied. In Michigan State University States Press Opioid Litigation the U.S.,some 5.46 million President Samuel Stanley Jr. have contracted Covid-19 and said Tuesdaythat the school 171,344 have died. would have all fall semester BY SARA RANDAZZO forallegedly failing to flag sus- under way forayear but quest said. Theask includes a Thedropincases corre- classesonline,citing safety picious ordersthat were di- stalled during the onset of the collective$21.14billion from sponds with adecline in re- concerns forstudentsand staff. Statesare asking foraround verted forimproper uses.The pandemic.The delayofamajor McKesson, AmerisourceBergen ported infections in some Schools in 71 Mississippi $26.4 billion from major phar- companies have denied the al- trial slated to take placein and Cardinal, and $5.28 billion states that earlier this summer counties have reported coro- maceutical industryplayers to legations in the lawsuits, March in NewYork eliminated from Johnson &Johnson, one were major hot spots. Arizona, navirus cases, with 245 cases help payfor damagewrought though some have reached set- what wasexpected to be a of the people said. Themajority forexample,onMondayre- among teachersand 199 by theopioid crisis,people fa- tlementswith the JusticeDe- pressurepoint on settlement of the money would be slated ported fewerthan 500 daily among students, State Health miliar with the mattersaid, the partment in recent decades talks. forabating the crisis,with cases forthe firsttime since Officer Thomas Dobbs said latest demand in yearslong liti- over faulty order-monitoring Anew round of trial dates, $2.42 billion going to fees and June 1. Florida had 2,678 during apress conference gation seeking to hold compa- programs. expenses,the person said. cases,its lowest new-case Monday. Now, 589 teachers nies accountable forwide- One case so far has gone to Johnson &Johnson reiter- count sinceJune 17.Texas had and 2,035 students are under spread drug addiction. trial, resulting in a $465 million Over 3,000 states, ated aprior statement that the 5,716 newcases,its lowest quarantine, Dr. Dobbs said. Thecurrent talks involve verdict against Johnson & companyisworking toward a number in about a week. Despite the rocky start for McKesson Corp., Johnson in Oklahoma. Others local governments resolution that will “provide In all three states,the in-person instruction in some AmerisourceBergen Corp.and have resulted in smaller settle- and Native American certainty forinvolved parties seven-dayaverage of new partsofthe country, NewYork Cardinal Health Inc., which ments, but the majority of the and critical assistancefor fami- cases has been lessthan the City Mayor Bill de Blasio said collectively distributethe ma- cases areunresolved. Theliti- tribes have sued. lies and communities in need.” 14-day average for the past the city is in abetterposition jority of pharmaceutical drugs gation droveone company, Cardinal, AmerisourceBer- week,according to aWall than manyothers. Schools in the country, as well as OxyContin maker Purdue genand McKesson declined to Street Journal analysis of data thereare slated to reopen in Johnson &Johnson,which Pharma LP, intobankruptcy, comment. from Johns Hopkins.The lon- September. makes some opioid painkillers, and shareholdershavelooked includingones in October in At least 400,000 people have ger-term averages help smooth On Tuesday, TreasurySecre- the people said. forthe remaining defendantsto Ohio andWest Virginia, are died in the U.S. from overdoses out reporting anomalies. tary Steven Mnuchinsaid talks Morethan 3,000 states,local reach deals to captheir liabil- onceagain ramping up asense of legal and illegal opioids since Hospitalizations nationally remain stalled between Republi- governmentsand NativeAmer- ity. of urgencytoresolvethe cases, 1999,according to federal data. have also dropped to their cans and Democratsoveran- ican tribes have sued compa- Meanwhile,manycommuni- those involved in thetalks say. Thelawsuitsare seeking to re- lowest level sinceJuly 9, ac- otherround of stimulus fund- nies up and down the pharma- ties continue to grapple with Around adozenattorneys coup costsborne by communi- cording to datafromthe Covid ing. Several states received ceutical supply chain,blaming opioid overdoses and have general, including those from ties such as burdens on emer- Tracking Project,which shows federal approval to disburse an them forcontributing to an in- faced challenges during the Florida,Delaware and North gencyservices,medical care 43,485 people hospitalized as extra$300 aweek in unemploy- flux of opioids intotheir com- coronavirus pandemic to treat Carolina, made their latest set- and foster services for children of Monday. Amid the summer ment benefits, though some munities. those who areaddicted. tlement demand on aMonday born to addicted parents. surge of infections,that figure said it would take afew weeks The distributorsinparticu- Settlement discussions with call with the drug companies, —Jared S. Hopkins had climbed as high as 59,716 beforethey could deliver the larhavecome under scrutiny the four companies have been the people familiar with the re- contributed to this article. on July 24. money to workers.

management’sviewofthe manyworkersleave as compa- Amazon value of officework.Although nies embraceremotework, the Seattle-based companywas and survey datahaveindicated early in sending employees many employees prefer at least Plans More home when the pandemic hit, some type of remoteoption. it expectsmuch of itsstaff to Ms.Williams said it re- return to itsoffices eventually, mains challenging to forecast Offices Ms.Williams said. the next year and howemploy- Thejobs at the hubs will in- ees will return to office

clude engineering and prod- CK spaces,but Amazon plans to

ContinuedfromPageOne uct-management roles as well TO offer itsstaff flexibility.Cur- Zuckerbergsaid that the com- as othersacrossvarious de- rently, the company is allow- pany’sstrategyhad to do with partments, including Amazon ingstaff who canwork from SHUTTERS

attracting the best talent and WebServices,the Alexa vir- A/ home to do so until Jan. 8. that the company’sproductiv- tual-assistant team, advertis- Amazon, the nation’ssec- ity even as itsworkerswere ing and Amazon Fresh. All the ond-largest privateemployer LANE/EP home gave him confidence in positions being added arenew, behind Walmart Inc., has spent TIN

the remote model. Ms. Williams said. JUS billions to respond to the pan- Amazon is among anumber Theplans include 2,000 Amazon is planning to expand its office presence in cities like New York, above, despite the pandemic. demic and has largely bounced of companies that have come newjobs at the historic build- back from early struggles. to see thingsdifferently.While ing in Manhattanthat once sizeand the roughly 150 the mattersaid. That office is quarters in the city crumbled As companies acrossindus- manycorporateexecutives housed the Lord &Taylor flag- squarefeet per person that scheduled to open in 2023. following backlash from some tries have slashed jobs, Ama- were pleasantly surprised with ship department store. Ama- tech companies oftenuse.Itis Amazon’s plans, especially local, stateand congressional zonhas growninsizeand how quickly their workforces zonpurchased the FifthAve- also located near other Ama- in NewYork,showthat big officials and activistsoverthe power. It employs more than adapted to unprecedented cir- nue building from work- zoncorporateoffices.The tech companies aren’t done plans,which included about $3 602,000 people in the U.S., cumstances, many have come sharing companyWeWork,a companyhas morethan 5,000 settling in major cities with billion in taxincentives. morethan 100,000 of them in to see some of the downsides subsidiaryofWeCo.,for more employees in the city. relatively expensiveoffices, Urban locations remain core corporatepositions,according of remotework,including than $1 billion, people familiar Amazon said the expan- even with the turmoil caused to Amazon’s company struc- to the company. Itsworld- challenges with training new with the matter said. sions in six cities aren’t de- by the pandemic. tureand provide needed talent wide employment, including workers, barrierstocollabora- Amazon, which has long rived from or linked to anyfi- Facebook recently agreed to pools it expectswill remain seasonal workers, totals more tion and lengthier timelines gravitated to NewYork City nancial incentives from local lease the entire730,000-square- robust, Ms.Williams said. She than one million. for some projects. because of itsrelatively high or stategovernments. The foot officespaceatthe historic expectsprofessionals to con- Thecompanyreported are- Amazon’splan to add 3,500 shareoftech workers, had companyisreceiving some James A. Farley Building in tinue to gravitatetourban cord $88.9 billion in sales for corporatejobs and 900,000 been looking foralarge space building incentives transferred MidtownManhattan. Amazon’s working environments. the quarter that ended June squarefeet of officespace to expand its footprint in the with the WeWork deal forthe expansion in NewYork comes Thepandemic has reshaped 30.Amazon hired about acrosshubs in NewYork,Phoe- city. The Lord & Taylor build- Lord &Taylor building that morethan ayear afterits corporateworking structures. 175,000 warehouse workersin nix,San Diego, Denver, Detroit ing likely can hold more than will reduce costs to refurbish closelywatched plans to estab- MajormarketslikeSan Fran- recent months, most of whom and Dallas is atestament to 4,000 employees,based on its the space, people familiar with lish one part of asecond head- ciscoand NewYork have seen it said it would keep.

daywith six other interns,de- year while othersscrambled to free to ask employees about an industrial engineering in- novation in North Billerica, A Lonely liberately scatteredaround a convert them to remotework. the minutiae of their jobs. ternship at food and beverage Mass.,for one week in March conferenceroom that canac- Thousands of interns at com- “It’sbeen areally great look manufacturer TreeHouse Foods when the companymoved to commodate40people. panies likeGoogle,Amazon at asmall company,” she said. Inc., in Tonawanda, NewYork, remotework. Summer for Some days he and aco- and Capital One will finish the “I don’t think Iwould have in February, but the pandemic “I felt alittle devastated,” worker put on masks and summer and add the experi- learned as much without the forced manyemployees to said Ms.Chava,a19-year-old hopped in aNokia van, hand ence to their resumes having in-personinternship.” work remotely formuch of junior at Worcester Polytechnic The Interns sanitizing frequently as they neverset foot in an office. Archetype founder and chief March and April. Institute. “I thought my intern- drovearound performing 5G When Annika Bohmann, who executiveJeff Thomas said a That proved complicated for ship experiencewould be af- signal-strength tests. One eve- studies financeatTexas A&M, Ms.Roscoe,who would nor- fected in amajor way.” ContinuedfromPageOne ning he found the hallways learned in Maythat she’d mally visit the company’s She waspleasantly sur- entireinternships working re- dark.Noone had triggeredthe landed arole with Houston- ‘That wasthe first cookie manufacturing plant, prised; her bossworked closely motely from childhood bed- motion sensorsinhours. based wealth advisoryArche- observing and asking questions with her,calling three or four rooms.Others, likeMr. As Covid-19 pummeled the type Wealth PartnersLLC,she time we sawother about processes likedough times aday.Her parentsknew Dayama, showedupatmostly economythis spring, college wasshocked to find she’dbe interns. They looked mixing,using her findingsto that when she wasinher room deserted officecampuses.For students acrossthe U.S. found going intothe office. createtraining documents. taking calls she wasnot to be some it meant rare facetime their summer internship plans She donned amask each at us and waved.’ While working remotely,her disturbed. She and some others with the only other people in question,orcancelled en- morning to report to alargely supervisor,who wasallowed were eventually permittedto around—the CEOs. tirely.Manyhad offersre- deserted Houston officetower intothe plant, recorded cycles return to the office. “Wegot alot moreone-on- scinded and hustled to find al- whereshe spent the daydoing of work over Zoom, narrating She said she found at the of- one time and alot morecollab- ternativeoptions. businessdevelopment research smallhead count allowedhim as batches of dough and frost- fice she could completetasks orativework done,” said Chris Asurvey of morethan 400 from the desk of an employee to givestaff,including interns, ing were mixed. Ms.Roscoe that would have takenher Rydberg, aNokia intern enter- employers by the National As- working from home.Arotating the freedom to decide whether watched from home,asking morethan aweek working re- ing his junior year at the Uni- sociation of Colleges and Em- group of about five people they wanted to come intothe questions over chat. motely in aday or two. versity of Illinois Urbana- ployers found that by the end were in the officeeach day, in- office. Being in the officelet Ms.Roscoe said she wasre- “There’sjust something to Champaign. “It wasjust done of April, 22%ofemployers had cluding the CEO and COO. interns work closely with staff, lieved when she wasable to re- seeing people facetoface,” she in adifferent way.” revokedofferstosummer in- Ms.Bohmann, 20,says the he said, at atime when the turn to in-person work at the said. “You have emails,you Mr.Rydberg, who is 20, terns; 46% had made their in- officeatmospherewas lively. companyisgrappling with how factoryfull time in mid-June. have Slack,calls—you have to crossed an immense,largely- ternship programs virtual. She worked directly with the to translateabusinessbuilt on Manjusha Chava had been really wait forthe other person empty parking lot at Nokia’s Manycompanies truncated COOeach day, the CEO would client relationships forged in working at her electrical engi- to be available.But when Naperville,Ill. campus each theirinternship programs or sometimes tapinterns to help person to Zoom. neering internship at industrial you’reinthe office, they’re morning wherehespent the delayedthem until later in the him with projects, and she felt Jamie Roscoe,22, started automation company, Alert In- right there.” P2JW232000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, August 19, 2020 | A7 WORLD NEWS Hezbollah Member Guiltyin2005Killing

International court says and Hezbollah, Lebanon’smost have been involved. powerful political faction, may “I find it inconceivable.It’s it sees no evidence have had motives to eliminate appalling what I’m hearing, group ordered slaying Mr.Hariri and some of his po- that they sat down over acof- litical allies,but that “there fee and decided on their own of ex-Lebanese premier was no evidence that Hezbol- to assassinateHariri,” Bahaa lah leadership had anyin- Hariri said. BY JARED MALSIN volvementinMr. Hariri’sas- ArepresentativeofHezbol- sassination and thereisno lah’smedia unit didn’t respond BEIRUT—Aninternational direct evidenceofSyrian in- to arequest to comment. Hez- tribunal convicted amember of volvement in it.” bollah has previouslydenied Hezbollah of terrorism and ho- The suicide truck bombing allegations of itsinvolvement micide over the assassination in February2005 killed Mr. in the Hariri assassination. of Lebanon’sformer Prime Hariri and 21 othersand in- Theverdict comes at a par- Minister RafikHariri in 2005 jured226 people,leaving a ticularly vulnerable time for but acquittedthree othersand crater near Beirut’swater- Lebanon, as Hezbollah and found no evidencethat the mi- front. Theexplosion sparked other politicians facepublic litia and political group’slead- massproteststhat caused outrage over the Aug.4explo- ership wasinvolved in the plot. Syria to withdraw itsforces S sion that killed at least 178

Tuesday’sverdict comes from Lebanon, scaling back PRES people,injured 6,000 and cut a

two weeks afterthe deadly Damascus’smilitaryand politi- TED path of destruction through

Beirut explosion and could calinfluencetherenearly 30 CIA the center of the capital. heighten tensions in Lebanon. yearsafter an invasion during SO Fewexpect the verdict to AS Formany, it raises painful Lebanon’s civil war. significantly alter the political memories of an attack that Though it didn’t accuse Hez- landscape.Most arefocused PUTTEN/

deeply divided the country bollah’stop leadership directly, N on moreimmediatechallenges

across political and sectarian the tribunal pointed to other VA including rebuilding from the lines. At the time,Mr. Hariri signsofthe group’sinvolve- blast amid the worsteconomic wasLebanon’smost promi- ment in the attack.Prosecutors URENS crisis in decades and a corona- LA nent Sunni politician, while accused Mr.Ayyash of organiz- Saad Hariri said in The Hague thatheaccepted the verdict in the killing of his father,Rafik Hariri. virus outbreak. Hezbollah is an Iran- and ingthe operation and also said The panel of Lebanese and Syria-allied Shiite group. he wasincontact with another ityofgroups or nations,but had strong ties to the U.S., “I thinktoday, everyone’s international judges in the Thetribunal convicted Hezbollah commander,Mustafa rather assigned to tryindivid- France and Saudi Arabia. expectations were much Special Tribunal for Lebanon Salim Jamil Ayyash, aLeba- Badreddine,whom the tribunal ual cases likethe one that Saad Hariri, the slain higher than what came out, gathered in abeige-walled nese man, of conspiracyto accused of masterminding the concluded on Tuesday. leader’s son and himself afor- but I think the tribunal came courtroom outside TheHague, commit terrorism, committing bomb plot. Mr.Badreddine At the time of his assassi- mer prime minister,said the out with averdict that was the Netherlands, on Tuesday. an act of terrorism, and homi- died in 2016 afterbeing de- nation, Mr.Hariri had recently verdict “clearly demonstrated satisfying.Weaccept it,” he “The attack wasanact of cide,among other crimes.The ployedtothe warinSyria. resigned as prime minister the political background” of said outside the courthouse in terrorism that wasdesigned to judges said there was insuffi- Set up by the United Na- and was preparing for parlia- the assassination, noting his The Hague, the Netherlands. spread fear among the popula- cient evidencetoconvict three tions, the tribunal wasn’t ex- mentaryelections.Arival of father’s participation in a po- Another of Mr.Hariri’s tion,” said presiding judgeDa- others. All four were tried in pected to blame Hezbollah as Hezbollah who wasseen as an litical meeting that demanded sons,Bahaa, reacted skepti- vid Re, as the panel read out absentia. awhole sinceitwasn’t tasked opponent of Syrian influence an end to Syrian militaryin- cally to the notion that the the findings in the more than Thetribunal said that Syria with establishing the culpabil- in Lebanon, Mr.Hariri also volvement in Lebanon. group’sleadership might not 2,600-page judgment. Sudan, Israel Hold TalksAimed at Formalizing Relations

BY FELICIA SCHWARTZ ically refused formal diplo- remove Sudan from Washing- Foreign Ministryofficial told is necessarytoturn vision into with Israel, it would be the matic ties with Israel while its ton’s list of state sponsors of SkyNewsArabia that his gov- reality.” fourth Arab country to do so, TEL AVIV—Israel and Sudan conflict with the Palestinians terror,according to officials in ernment was“looking forward Israeli officials have pre- following Egypt in 1979,Jor- said they areworking on an has remained unresolved. neighboring Uganda, which to concluding apeaceagree- dicted adeal with Sudan could dan in 1994, and the U.A.E.’s agreement to formalizerela- Avariety of factors, from hosted ameeting of Israel and ment with Israel,” suggesting come by the end of the year.It announcement last week. tions,inthe latest sign of security to commercial, have Sudan’sleadersinFebruary. that the nations were close to could include overflight rights U.S. and Israeli officials warmer ties between Arab na- brought the sides closer in a Afterthat meeting,officials announcing formal ties. forcommercial planes from Is- have said they expect the tions and a former enemy. reorientation of the Middle said that they agreed to coop- “Israel, Sudan and the en- rael and deeper commercial U.A.E.-Israel deal will be fol- While Israel already has East. Shared enmity with eratetomovetoward normal- tireregion will benefit from ties. lowedbyseveral others in the diplomaticrelations with Iran—and a burgeoning com- ization, but the Emirati an- the peace agreement and will Thedeal would be asetback coming weeks and months,in- Egypt and Jordan, the U.A.E. mercial relationship—have un- nouncement appeared to be able—together—to build a forthe Palestinians,who have cluding Bahrain, Morocco and last week became the first derpinned the Israeli and Emi- bolster the process. betterfuturefor all peoples of counted on Arab nations to Oman. Gulf Arab statetoannounce it rati rapprochement. Sudanese officials didn’t re- the region,” Israeli Prime Min- pressIsrael forconcessions in —Nicholas Bariyo will forge a formal bond with Khartoum is hoping ties spond to arequest to comment. ister Benjamin Netanyahu said exchange for normalization. in Kampala Israel.Arabstateshavehistor- with U.S. ally Israel could help On Tuesday, aSudanese Tuesday. “Wewill do whatever If Sudan normalizes ties contributed to this article.

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A8 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. WORLD NEWS China Purges Security Apparatus Trudeau Deputy Xi’s anticorruption efforts illustrate Is Named domestic pressures as relations with U.S. fray Finance BY CHUN HAN WONG Minister Asenior ally of Chinese leader Xi Jinping called fora BY KIM MACKRAEL Mao-style purge of China’sdo- mestic-security apparatus in OTTAWA—Canadian Prime July,saying it wastime to Minister Justin Trudeau named “turn the blade inwardsand his deputy,Chrystia Freeland, scrape the poison off the bone.” as thecountry’snew finance Thecleansing began swiftly. minister and announced he Within the firstweek afterthe would suspend Parliament until call to action, Communist Party Sept. 23 as he attemptstoturn enforcers had launched investi- the pageonconflict-of-interest gations intoatleast 21 police allegations that have weighed and judicial officials,according heavily on his support. to amedia tally cited by the Mr.Trudeau said the suspen- party’s toplaw-enforcement sion would allowhis govern- commission. Dozens morehave ment to return next month with sincebeen takendown, includ- anew plan foraddressing the ing the policechief of Shanghai, pandemic andeconomic recov- the most senior target thus far, ery. That plan,which Mr. and cadres who have won Trudeau hinted would include awardsfor good performance. aggressive spending measures, Theinvestigations mark the Bailiffs confront Chinese lawyer Xu Xin, right, who was representing a defendant in an organized crime trial in the city of Baotou. would be subject to an immedi- firsttime Mr.Xihas unleashed atevote, giving the opposition asweeping and systematic Xi more leverageasheposi- malfeasancethat sparked afu- come at apretrial meeting.The When one of the defense parties—whichhold amajority cleanup of the powerful domes- tions himself to secureathird ror in legal circles. local prosecutors’ officesaid lawyers, Xu Xin,decided to of seatsinthe legislature—a tic-security apparatus.His push term as Communist Party Thecase centersonWang they used the meeting to reach withdraw from the case out of chancetodefeat the Liberal gov- to forgepolice, prosecutorsand leader in 2022, said Wu Qiang, Yongming,a56-year-old mon- consensus on howtohandle frustration, bailiffs rushed for- ernment and triggeranelection. judges who are“absolutely aChinese politics researcher eylender and Baotou native, some aspectsofthe case. ward to trytostophim from “Weneed to reset the ap- loyal, absolutely pureand abso- and former lecturer at Bei- who local policeallegewas the Thedefense lawyersac- discussing themovewith his proach of this government for lutely reliable”—as officials jing’sTsinghua University.“Xi leader of acrime ring involved cused policeofaccepting fab- client. Aphotograph of the a recovery,” Mr. Trudeau said running the campaign have de- is especially reliant on this co- in loan-sharking,extortion and ricated evidence from one of scene,showing agroup of bai- during a news conference. He manded—pointstothornycon- ercivestate apparatus,yet also blackmail. He,his wifeand Mr.Wang’sdebtorsand liffsconfronting Mr.Xu, went said that would involve“big, cerns Mr.Xifaces at home even distrustfulofit,” Mr.Wusaid. other alleged accomplices were wrongfully denying bail to the viralonChinese social media. important decisions,and we as he seeks to slowadownward Chen Yixin, the Xi ally moneylender. Thelaw-enforce- “IfIkeep working on this need to present that to Parlia- spiral in ties with the U.S. tapped to runthe rectification ment commission in the region case, I might die from anger,” ment and gain the confidence Political observerssay the drive, signaled as much. An- Dozens of officials of Inner Mongolia, whereBao- Mr.Xurecalled in asocial-me- of Parliament to moveforward campaign shows the pervasive- nouncing thecampaign at a touislocated, referred queries dia post recounting the inci- on this ambitious plan.” nessofcorruption in the crim- July 8meeting,hecompared it have been taken to the central commission in dent.Mr. Xu,who later suc- Ms.Freeland’sappointment inal-justicesystem, despitea to the 1942-45Yan’an Rectifica- down in a Mao­style Beijing, which didn’t respond ceeded in withdrawing, Tuesday comes after the out- nearly eight-year effort by Mr. tion Movement—a purge that to requeststocomment. declined to comment. going financeminister,Bill Xi to root out graftand build consolidated Mao Zedong’s con- campaign. During aJuly 11 hearing, In lateJuly,Inner Mongo- Morneau,announced his resig- sustainable one-party rule. trol over the party. the defense accused one of the lia’stop court ordered the trial nation Monday. Mr.Xihas targeted senior TheCommunist Party’s prosecutors, Li Shuyao, of so- moved to anew city,while the Ms.Freeland, aformer fi- law-enforcement officials in the Central Political and LegalAf- liciting and accepting 300,000 prosecutors’ officelamented nancial journalist and close past. In launching awider ef- fairsCommission, which over- firstarrested in April 2019. yuan ($43,300) in bribes from errorsinthe handling of the Trudeau ally,was Canada’slead fort, some analystssay,Mr. Xi sees lawenforcement, didn’t Thecouple’sdaughter,Wang Mr. Wang’s children in return case “severely damagedpublic representativeduring the rene- seems eager to tighten his grip respond to queries. Ran, said in social-media posts for helping the moneylender. trust in the justice system.” gotiation of the North Ameri- on agencies vital to maintaining An example of the graft and aphone interviewthat her They sought to play an audio Ms.Wang,the accused’s canFreeTrade Agreement and social stability and upholding that has afflicted China’scrim- father wasframed by alocal recording that they said would daughter,said the rectification became deputy prime minister hisauthority as he confrontsa inal-justicesystemrecently policeofficer who wasrunning provetheir allegation, and de- campaign mayhaveprompted afterthe Liberal government’s pandemic-ravaged economyand surfaced publicly in the north- his ownmoneylending business. manded that the prosecutor be authorities to take her com- re-election last year. tensions with the U.S.that ern industrial city of Baotou, Defense lawyersinvolved in recused from the trial. The plaints more seriously. “I saw She wasresponsible forin- could kick up social ferment. whereanorganized-crime trial Mr.Wang’scase accused Baotou court overruled them, though a ray of hope,” she said. tergovernmental affairs, arole Firmer control over China’s has been doggedbyallega- police, prosecutorsand judicial the evidencewas later sent to —Qianwei Zhang that sawher in near-constant security forces also gives Mr. tions of policeabuse and other officials of prejudging the out- disciplinary inspectors. contributed to this article. communication with the lead- ersofsome of Canada’sbig- gest provinces.SinceMarch she has led acabinet commit- Putin Warns EU Not to Interfere in Belarus teetasked with responding to the newcoronavirus pandemic. She is the firstwoman to be BY ANN M. SIMMONS Russia wouldn’t tolerate out- appointedfinanceminister at side pressureonBelarus’s the federal level in Canada. MOSCOW—Russian Presi- leadership. “I think the appointment of dent Vladimir Putin warned top Ms.Merkel told reporters Chrystia Freeland shows once European leadersagainst inter- that she “made it clear once again howshe has been this fering in the political crisis en- again that freedom of expres- kind of superminister within gulfing Russia’slongtime ally, sion andthe right to demon- the Trudeau cabinet,” said Dan- Belarus, as protestsagainst its stratemust be guaranteed, iel Béland, apolitical-science leader continued to swell. that prisonersmust be re- professoratMcGill University Mr.Putin spokewith French leased and that theremust be in Montreal. “When thereisa President Emmanuel Macron anational dialogue to settle problem, basically,Trudeau and German Chancellor Angela things peacefully in Belarus.” calls Chrystia Freeland.” Merkel in separatecalls Tues- TheFrench presidential pal- Mr.Trudeau’sLiberal gov- day, aday beforeanemer- acesaid Mr.Macron told Mr. ernment has faced criticism in gencyEuropean Union summit Putin the EU is determined to recent weeks forhanding alu- wasscheduled to discussthe playaconstructiverole along- crativecontract to runastu- bloc’s response to events un- side the people of Belarus in dent-volunteer program to a folding in Belarus. ending the violence and find- charity with ties to Mr. Demonstrations against ing a political solution. Trudeau and Mr.Morneau. The President Alexander Lukash- Mr.Putin also spokewith contract with Toronto-based enkohave unfolded over 10 suc- JOURNAL EU Council President Charles WE Charity waslater canceled.

cessivedays sinceheclaimed REET Michel,who will be hosting Mr.Morneau disclosed last 80% of the vote in an Aug.9 ST Wednesday’s summit, and ex- month that his family had ac- LL

election widely derided as a WA pressed Moscow’s concern cepted more than 40,000 Ca- sham. Opponentssaid the vote about howexternalpressure nadian dollars(US$29,400) in THE

wasneither fair nor free,with R could destabilizethe situation hospitality and accommoda- some candidates detained in the FO in Belarus, the Kremlin said. tion from WE Charity.Helater

run-up to the ballot and others WICKI Among other things, EU repaid the money.

forced to flee beforepolling day. NO leadersare expected to discuss The organization also paid President Trump said the imposing sanctions on Belaru- Mr.Trudeau’smother and

U.S. would be speaking with JEDRZEJ sian leadersand officials who brother hundreds of thousands Russian officials about the sit- Protesters in Minsk rallied for Sergei Tikhanovsky, the jailed husband of the main opposition leader. oversawthe election and the of dollars in fees and eligible uation in Belarus,and made a brutal response to the initial expenses in prior yearstopar- distinction between peaceful thevote, saying she waswor- have quit and called on those to interfere from the outside in protests,which led to thou- ticipateinits events.Mr. protests in the countryand ried forthe safety of her two remaining to stay at theirposts. the internal affairsofthe re- sands of people being detained. Trudeau and Mr.Morneau are othersinthe U.S. that he sees children. She nowsays she According to the Kremlin’s public,leading to afurther es- Mr.Lukashenko, who has led under investigation by Can- as being driven by anarchists. stands ready to take over the account of Mr.Putin’sconver- calation of the crisis.” Belarus for26years, has blamed ada’sethics watchdog fora Themain opposition candi- leadership of the country. Be- sation with Ms.Merkel, “the Similarly,the Kremlin’s the violenceonforeign provoca- possible breach of conflict-of- date, Svetlana Tikhanovskaya, larus’sInterior Ministrysaid Russian side emphasized the readout of Mr.Putin’scall with teursand people under the in- interest rules in connection leftfor Lithuania the dayafter Tuesdaythat some policeunits unacceptability of anyattempts Mr.Macron emphasized that fluenceofalcohol or drugs. with the WE Charity contract. Trump Administration Shifts Path on Russia Arms-Control Treaty

BY MICHAEL R. GORDON gether,” Marshall Billingslea, that afollow-up arms-control “Because the prospect of a framework with Russia wasthe arms control regime dating the chief U.S. arms-control ne- treaty also include China, as follow-on arms-control agree- immediateobjective. He added back to the Soviet-U.S.pacts WASHINGTON—After gotiator,told reportersafter well as tough verification mea- ment which captures all U.S. that the U.S. would seek to ex- of the Cold War. months of insisting that China two days of talks with his Rus- sures.China has steadfastly re- and Russian nuclear weapons pand it intoatreaty that in- Russia has long sought the join nuclear arms-control talks sian counterpart in Vienna. fused to join, arguing that its is so important, it should not cluded China “indue course.” extension of New Start, but it with the U.S. and Russia, the “We laid down what we need nuclear arsenal is much smaller be held hostagetothe very TheTrump administration’s isn’t clear if Moscow will meet Trump administration sig- to see from the Russian Feder- than those of the U.S. and Rus- small chance of getting China terms foranew framework the American demands and naled it will seek to negotiate ation,and it is nowaquestion sia. American officials have ar- involved in the agreement as agreement areambitious.They forgothose of itsown, includ- aseparateframework agree- of whether they areready to gued that Beijing’snuclear well,” aformer senior U.S. de- include aRussian commitment ing itslongstanding insistence ment with Moscow and move walk down that path with us.” forces arelikely to at leastdou- fense official said. to afollow-on treaty that that U.S. missile defenses be to bring Beijing on boardlater. Echoing recent comments ble over the next decade. Foreshadowing the shift in would coverall nuclear war- limited. Theadministration’snew by nationalsecurity adviser In June,the U.S. invited approach, Mr.Trump sug- heads,including those on Rus- “Russia stands foranexten- negotiating strategycould RobertO’Brien,Mr. Billingslea China to a three-way meeting gested on July 29 that the U.S. sia’s short-range nuclear sys- sion of the Start Treaty,but is open the door foranelection- said that such an outcome with theRussians in Vienna. would be open to a two-stage tems,aswell as tough not ready to payany pricefor year arms control understand- might be possible if the two When the Chinese declined to process, beginning with talks verification measures. that,” SergeiRyabkov,the ing with Moscow—and possi- leaderssettled on apolitically attend, Mr.Billingslea tweeted with Moscow nowand looping If Moscow is prepared to chief Russian negotiator and a bly ameeting between binding agreement that af- a photo showing empty seats China into a three-way treaty agree to such steps,Mr. deputy foreign minister,said President Trump and Russian firmed the main elements the with Chinese flags. down the road. “We’re in for- Billingslea said he would rec- in a tweet after the talks. President Vladimir Putin as Trump administration believes Theuncertain prospectsfor mal negotiations with Russia ommend that Mr.Trump con- PresumptiveDemocratic well as the temporaryexten- should be featuredinafuture China’sinvolvement have led on arms control,” Mr.Trump sider extending the NewStart candidateJoe Biden has called sion of the soon-to-expireNew nuclear weapons treaty. some former U.S. officials to said. “We would want to talk accord.That accord,which the NewStart treaty “anan- Start nuclear-weapons treaty. With NewStart set to lapse urge the Trump administration to China eventually.” covers long-rangenuclear chor of strategic stability” and “The two presidents, I pre- in February, Mr.Trump has in- to negotiatewith Russia even if Mr.Billingslea reaffirmed on arms,isone of the last re- has said he would pursue its sume,would liketoget to- sisted foramorethan ayear Beijing stays on the sidelines. Tuesdaythat hammering out a maining building blocks of the extension if elected president. P2JW232000-5-A00900-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, August 19, 2020 | A9 WORLD WATCH WORLD NEWS

NORTH KOREA forother members of his family who were missing. Morethan 40 Leadership Meets people were injured by the quake Amid Multiple Crises in Masbate province, according to disasterresponse officials. North Korea will open a high- The 6.6 magnitude quake hit profile political conference on about 3 miles from Cataingan at Wednesday to discuss unspeci- a depth of about 13 miles, the fied “crucial” issues as it strug- Philippine Institute of Volcanol- gles to keep afloat a sanctions- ogy and Seismology said. ravaged economy hit further by The Philippines lies along the its antivirus efforts and devas- Pacific “Ring of Fire,” an arc of tating flooding. faults around the Pacific Ocean The ruling Workers’ Partyelite where most of the world’s will determine amatterof“cru- earthquakes occur. cial significanceindeveloping the —Associated Press Korean revolution” and increasing the party’s“fighting efficiency” MAURITIUS

during Wednesday’splenary GES

meeting of its CentralCommittee, Ship’s Captain IMA the North’sofficial Korean Central Arrested in Oil Spill News Agency said Tuesday. It GETTY didn’tprovide further details. Authorities in Mauritius ar- SE/ During the last plenary meet- rested the captain of the Japa- ing of the party’s Central Com- nese ship that ran aground on a ANCE-PRES

mittee in December, North Ko- coral reef and spilled 1,000 tons FR rean leader Kim Jong Un of oil on the Indian Ocean is- ENCE

expressed deep frustration over land’s protected coastline. AG

diplomacy with the Trump ad- Sunil Kumar Nandeshwar, TE/

ministration and vowed to bol- captain of the MV Wakashio NA ster his nuclear deterrent. and who is from India, was KO —Associated Press charged with “endangering safe MALIK navigation” and is in custody Opposition supporters greeted Malian soldiers in Bamako’sIndependenceSquareonTuesdayinthe midstofanapparentcoup attempt. PHILIPPINES pending a bail hearing next week, Police inspector Sivo Strong Earthquake Coothen said Tuesday. The ship’s Kills 1, Injures 40 first officer was also charged Mali SoldiersMount Coup Bid and is being held, he said. Astrong earthquakejolted the The Wakasio ranaground a centralPhilippines on Tuesday, kill- coralreef on July 25 and after BY JOE PARKINSON nearby garrison town of Kati. of thousands flooding the cap- unconstitutional changes of ing at leastone person, injuring being pounded by heavy waves Mr.Keitawas escorted from ital in recent months to call government whether in the dozens, and damaging houses, forseveral days the vessel JOHANNESBURG—Rene- his residence to the Kati base forhis ouster.Heremains streets or by security forces,” twobuildings used forcoronavirus cracked and started leaking oil on gade soldiersinMali detained in ablack sport-utility vehicle, strongly backed by Western tweeted J. PeterPham, the quarantine, bridges and aport. Aug. 6. The ship spilled more President Ibrahim Boubacar surrounded by cheering oppo- leaders, including the U.S. and State Department’sspecial en- Athree-story house collapsed than 1,000 tons of its cargo of Keita, Prime Minister Boubou nents, a Western official said. France, the former colonial voy for the Sahel region. in the coastal town of Cataingan 4,000 tons of fuel into the Ma- Cisse and dozens of other se- EarlierTuesday, the govern- powerinthe West African TheAfrican Union con- as the ground shook. Aretired hebourgLagoon, one of the is- nior officials in what appeared ment said it was seeking dia- country. demned the arrests. West Afri- policeofficer pinned in the debris land’smostpristine coastal areas. to be acoup attempt after logue with the roguesoldiers. Fresh instability in Mali is canleadersalso called on the died, and rescuers were looking —Associated Press months of civilian demonstra- “We are expecting to soon the latest potent symbol of the militarytoreturn to their posi- tions calling forthe govern- see atelevised addressbysol- deteriorating security situation tions,with the 15-nation West ment’s resignation. diers declaring a transitional acrossmuch of the Sahel, the African regional bloc Ecowas Hourslater,the president government,” said Bocar Cisse, arid geographical band that urging the roguesoldiersto announced his resignation on aBamakoresident unrelated stretches acrossAfricajust stand down “without delay.” national broadcaster ORTM. “I to the prime minister who said south of the Sahara. Over the Bamakowas plunged into GES wish no blood to be shed to the normally crowded streets past year,jihadist violencehas confusion from early Tuesday, IMA keep me in power,” Mr. Keita outside his home were de- mushroomed. Almost 1,000 with heavily armed soldiers

GETTY said, according to the Associ- serted. “A putsch is always a separateattacks were recorded erecting roadblocks acrossthe

SE/ ated Press. “I have decided to bad thing but alot of people in Mali, Niger and Burkina capital and rumorsofsenior step down from office.” have been waiting forchange.” Faso,according to datafrom officials being placed under ar- He also said that his gov- News of the detentions the Armed Conflict Location & rest. Stores and offices closed

ANCE-PRES ernment and the National As- comes after months of swell- EventDataProject and assem- and civil servants returned FR sembly would be dissolved. ing protestsagainst Mr.Keita, bled by the Pentagon’sAfrica from government offices. Malian opposition leaders whom opponentsaccuse of Center forStrategic Studies. Amid reportsofgovernment GENCE

/A and Western officials in the corruption, bad economic France’sForeign Minis- arrests, ahundreds-strong

CER capital, Bamako, confirmed the management and mishandling terJean-YvesLeDrian con- group of opposition supporters

LLE heads of government were ar- afast-spreading Islamist in- demned themutiny“in the had gathered around Bamako’s VA rested at Mr.Keita’sofficial surgency. His domestic popu- strongest possible terms.” The independencemonument, with VEE

JA residence almost 12 hours af- larity has tumbled sincehe U.S. said it wasopposed to any some brandishing signs that Rescuers looked for survivors Tuesday after an earthquake struck ter reports emerged of a mu- rode to powerfollowing amil- changeofgovernment in read “Adieu, IBK”—the presi- the central Philippine province of Masbate. At least one person died. tiny at amilitarybase in the itarycoup in 2012, with tens Mali. “The US is opposed to all dent’s initials.

August MONTHLYGUIDE

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A10 | We dnesday, August 19, 2020 **** THE WALL STREET JOURNAL. FROM PAGE ONE

Delay's Impact Lost Weeks Federal health agencies failed to fix aflawedCovid-19 test forthree critical weekswhile Stalled the pathogen spread. Testing U.S. casesofCovid-19 100 thousand cases

ContinuedfromPageOne missed other solutions that Feb. 8 Feb. 29 could have led to national 11 cases 24 cases testing,underestimated the risk of the virus spreading and were overly confident they 0 could fixthe problem, accord- Jan. Feb. March ing to interviews with people familiar with the testing crisis, Note:Confirmed cases as of Aug. 6 Sources: Johns Hopkins Center forSystems previouslyundisclosed emails Scienceand Engineering; public records and other correspondence re- viewedbyThe Wall Street call. Dr.Stenzel concluded the Journal. Therewerealready test’sdesign wasprobably ade- more than 50 mostly hidden quatebut something had gone

infections aday in the U.S. by GES wrong in the manufactureof

mid-February, suggesting that IMA itsearly version, FDAofficials community transmission prob- said.Hedidn’t determine ex-

ably began in January, accord- GETTY actly what had gone wrong, ing to estimates from North- M/ they said. RU

eastern University. CO Alater test made by com- During the 21-daydelay, the mercial lab companyLabora- viruscontinued to moveunde- MUEL tory Corp.ofAmericaused the SA tected, on the way to making CDC Director Robert Redfield speaksonFeb. 7, with members of PresidentTrump’scoronavirus task force. same CDC design and didn’t the U.S. the world leader in have the same accuracyprob- coronavirus cases.Morethan academic labs would take too The CDC Virus Test,StepbyStep By Feb. 16,the FDAlearned lems,the FDAofficials said. 5.4million Americans have long,said FDAofficials familiar that 26 public-health labs out LabCorp developed itstest been infected and morethan with the discussions.Behind The CDC coronavirus test uses a of 100 had found problems, with published information 171,000 have died as of Tues- the scenes,they began putting technique calledrt-PCR, which searches a said FDAofficials. about the CDC’sdesign and day, datacompiled by Johns commercial and hospital labs in patientsample forpiecesofthe Mr.Azarwanted afast solu- adapted it to work with differ- Hopkins University show. touch with Biodefense and VIRUS RNA Sars-Cov-2genetic code and amplifies any tion, said people familiar with ent chemicals and on high- Thedelayset back testing,a Emerging Infections Research matching fragments it finds. the discussions.Inthe Feb. 18 throughput instruments, said critical tool to control the Resources Repository, agov- meetingwith Mr.Azaratthe Pattie Kushner,LabCorp’schief spread of avirus.The lack of ernment contractor that could The processalso triggersand amplifies a HHS conferenceroom, Daniel communications officer. adequatetesting meant public- help them build testing kits, fluorescentsignal, which getspicked up Jernigan,who heads the CDC’s TheCDC said in an article in health officials couldn’t iden- the FDAofficials said. by the testing equipment. influenzadivision, told Mr. the journal Emerging Infectious tifyand isolateinfected indi- It wasn’t until lateFebruary Azar the CDC didn’t knowwhat Diseases that itstest per- viduals and track down people that the commercial labs The initial test had three parts.The first wascausing the problem in the formed adequately in itsown they exposed to the virus. started to maketheir owntests. two, N1 and N2,aimedtoidentifyparts of thirdsequence, said the at- labs in Januaryand February “Oncewereally started to Some federal officials believed the genome specific to Sars-Cov-2. tendee at the meeting,which on nearly 3,000 specimens. have morewidespread disease, it wasimportant forthe CDC to included officials from the Na- Alarmabout the virus and we quickly gotbehind,” said develop itstest first, which was The thirdpart,N3, wasmore tional Institutes of Health,the testing woes hit acrescendo in Marcus Plescia,chief medical the standardprocess. general—aiming to pick up asection of FDAand other agencyleaders lateFebruary. Mr.Becker and officerofthe Association of Mr.Azarinastatement said the viral genome thatexistedin listening by phone. GraceKubin—a lab director at State and Territorial Health Of- he “encouraged FDAtoreach Sars-Cov-2aswell as in other human Mr.Azarasked, “Well, how the Texas Department of State ficials, anonprofit organization outtoindustryfromthe earli- and batcoronaviruses.This more important is it?” and Dr.Jerni- Health Services andthen-presi- representing public-health de- est days of the response.” Mr. universalindicator wasaddedincasethe ganresponded that the se- dent of the public-lab associa- partments. Azar,who declined to comment virus mutated. quencewas essential, the at- tion—wroteFDA Commissioner It still isn’t clear what further,said in an April inter- tendee said. That’swhen Mr. Stephen Hahn aFeb.24letter caused the initial problem, view with the Journal that the Before running the test on patient Azar asked if theCDC could pleading with the commis- which involved just onecompo- CDC typically develops tests samples,laboratoryscientists run the movemorequickly. sioner to let public-health labs nent of the test. Areport by fornovel pathogens because testsonbothapositivecontrol and a Dr.Jernigan didn’t respond bypassthe authorization pro- the HHS Officeofthe General commercial testing cantake negativecontrol, such as sterile water, to to requestsfor comment. cess and design and implement Counsel identified contamina- months to develop. POSITIVE NEGATIVE ensurethatthe test worksproperly, TheCDC’sDr. Redfield told their owntests. tion as thelikely cause.But a An FDAspokeswoman said along with other validation steps. Mr.Azarthe agencywas work- Aturning point came Feb. federal official said difficulties the agencyreached out to labs ing on afix,said people famil- 25,when NancyMessonnier, the CDC encountered remaking early to build up arobust test- iar with the discussions.Over the CDC’stop respiratory-dis- the component suggest the ing system. The differentcombinations of sample the following days,Dr. Redfield easesofficial, said in apress problem might have been due Complicating matters for types and test components aredropped assured him they could remake call that community spread instead to adesign flaw. commercial and hospital labs,a into small, circular wells or tubes thatare the faulty thirdcomponent, wasaquestion of when, not if, No one suggestsAmerica public-health emergencyMr. loadedintothe testing machine. they said. and that disruption to everyday could have avoided the pan- Azar declared Jan. 31 created a Mr.Azarinitially didn’t lifecould be severe. Thestock demic. But the 21-daydelay newregulatoryhurdle: They Anearbycomputer screendisplays the think ashort testing delay market cratered. Afurious wasabiggererror than the would soon have to seek emer- data, showing amoving line thattracks would be aproblem because he PresidentTrump called Mr. glitch in the CDC test it- gency-use authorization from the leveloflightemerging from the tests believed the risk of spread was Azar and considered having Dr. self,said Ashish Jha,faculty di- theFDA,apotentially time- overtime.The stronger the glow, the low, but he wasfrustrated and Messonnier fired, said people rector of the HarvardGlobal consuming process, beforetheir higher up the line goes,the moreviral urgedafix,people familiar familiar with thediscussion. Health Institute, and aquicker testscould be used. In anone- genome is replicating. with the discussions said. Mr.Trump announced Vice fixcould also have led to more- mergency, hospital and aca- Dr.Redfield kept changing President MikePencewould as- Source:Centers forDisease Controland Prevention limited lockdowns,which demic labs aretypically allowed the timeline of when the test sume primarycontrol of the “could have been moreeffec- to design and implement their could be fixed, people familiar task force. TheWhiteHouse tive and betterreceived and ownin-house testswithout ter-theme birthdayparty when racy,said agencyofficials. with the discussions said, declined to comment. tolerated by the public.” much regulatoryoversight. The alab supervisor texted,alert- Takenbysurprise,the CDC pushing it later and later. On Feb. 26—18 days after Officials at the HHS,which FDAspokeswoman said that, in ing her about aproblem. set out to remakethe third On Feb. 19,knowing that the problem firstemerged—the includes the Food and Drug Ad- manycases,the FDAcan do Labspecialistshad put the component, aprocess that some labs had also had prob- FDAgavethe go-ahead forthe ministration and CDC,disagree this reviewinaslittle as aday. test through astandardvalida- would take aweek or more. The lems with thefirst component abbreviatedtest—dropping the that testing delays worsened All this meant everything tion process, including running agencywas confident it could of the test, the CDC told public- thirdcomponent—afterdeter- the pandemic.“While develop- wasriding on the CDC going it on confirmed positivevirus fixthe test, which worked in its health labs it would replaceall mining it could work. ing this firsttest is paramount intoFebruary. Theagencycre- samples and on a“negative ownlabs.OnFeb.11, the public- the test chemicals and send out TheHHS initiated aconfer- to anypandemic response,the ated itstest in just over aweek. control” sample,such as sterile lab association told itsmem- newkits, according to awritten ence call with some members CDC and our public-health labs water, to ensureitwas work- bersthe CDC wasremanufac- summaryofacall between the of the task forceand Brian Har- were not intended to bear the ing. But in the thirdcompo- turing thethirdcomponent to CDC and public-health labs. rison, Mr.Azar’schief of staff, weight or capacity of nation- Signs of trouble nent, the negativecontrol was ship out as areplacement. TheCDC nowsaid it couldn’t said aperson familiar with the wide testing on this scale,” said TheCDC test, which the FDA somehowturning up positive. Mr.Azarinaspeech that saywhen the newkitswould discussion. Mr.Harrison urged HHS spokesman Michael authorized Feb. 4, shipped by Dr.Vettersoon heardgrum- daypraised the tests, saying, be ready.Bythen, lab special- them to getthe remade CDC Caputo. “This administration Feb. 6to33statesand 70 labs blingsfromother public-health “these test kitsare nowavail- istsatthe agencyhad tried at testsout quickly,the person built acomprehensivediagnos- in 66 countries,according to an labs showing they weren’t least two ways to manufacture said. Thepublic-health labs tic testing system from HHS report. alone.That “gaveusalittle bit anew thirdcomponent, ac- still would have to submit for scratch,” he said, and “nowhas Thetest consisted of three of comfort,” she said. “But then The21­daydelayset cording to afederal official. But and getFDA emergency-use au- the world’smost robust public- components, each of which de- we were leftwith this horrible they couldn’t getittowork. thorization fornew testsof privatetesting system and is tected adifferent string of the feeling of ‘what do we do?’ ” back testing,a That suggested that contamina- their owncreation.But they better prepared to respond to virus’sgenetic code.The first ScottBecker,chief executive critical tool to control tion might not be the problem. could do so in asingle applica- futureglobal health threats.” two partsidentified sequences of the Association of Public Inside the agency’slabs,the tion. Public-health labs wanting TheHHS said Mr.Azarwanted unique to the newcoronavirus. Health Laboratories,anon- thespreadofavirus. mood shiftedfromconfidence to use the CDC kit could elimi- the testing delaytobefixed Thethirdcomponent looked profit that representsstate and to feeling under pressure. natethe thirdcomponent and immediately.The CDC didn’t forachunk of genetic material local governmental health labs, getstarted immediately. respond to requestsfor an in- present in awider swath of on Sundaymorning,Feb.9,saw “Fromthe beginning of the terviewwith itsdirector,Rob- coronaviruses,acatchallin his phone light up with emails able fororder by U.S. stateand Undetected spread Covid-19 response,Secretary ert Redfield. case the virus mutated. from labdirectorssaying the local public-health laboratories, Meanwhile,the virus was Azar andBrian Harrison in- It wasn’t until Feb. 26 that State and local public-health testsweren’t working right. Defense Department laborato- spreading.Two people died at sisted that accuratetesting be the FDAconveyedasolution to officials were eager to getthe “This really can’t be happen- ries,and select international home on Feb. 6and Feb. 17 in widely proliferated as quickly public-health labs: They could kits, and some pulled scientists ing,” Mr.Becker said he laboratories.” SantaClaraCounty,Calif.In as possible,” an HHS spokes- runthe testswithout relying on in to work over the weekend of thought. “Our only tool was CDC officials told public- April, autopsies determined woman said on Mr.Harrison’s the faulty component. Three Saturday, Feb. 8, to speed the testing.And otherwise we are health lab representatives that they were Covid-19 positive. behalf. days later,the FDAopened the validation process. flying blind.” the newcomponent would be Neither had anytravelhistory. On Feb. 27,the CDC’scon- doorsfor hundreds of hospital That day, Minnesotainfec- TheFDA learned Feb. 10 available the following week, About amillion people gath- tractor produced the two-com- labs to begin testswithout tious-disease lab manager Sara that 10% of the public-health according to aFeb.12written ered in NewOrleans forMardi ponent test and shipped it to waiting forregulatoryapproval. Vetter wasmaking decorations labs found problems with the summaryofacall between Gras,which fell on Feb. 25.At- seven public-health labs for forher daughter’s HarryPot- thirdtest component’saccu- those parties. tendees infected thereseeded validation, to makesureit cases in other states,CDC re- worked. Onceitdid, testswent Early confidence portsinApril and Mayfound. out to 40 morepublic-health Mr.Azarassumed the role Givencontinued problems labs on Feb. 28. overseeing the U.S. response with the thirdcomponent, offi- On Feb. 29,FDA officials let afterthe CDC alerted him to cials worked on other options. hundreds of academic hospital the coronavirus threat on Jan. CDC scientistsscrambled to an- labs know they could use their 3. Early on, said people familiar alyze test datausing just the owntests and said the agency with internal discussions,he firsttwo components. would givethem retroactive appeared confident he could TimothyStenzel, the FDA proof of accuracy. Within two handle the situation. official in charge of lab diag- weeks,Roche Molecular Sys- TheHHS could have used a nostics,flewtothe CDC’sRe- tems Inc.had the firstautho- German-designed test pro- spiratoryVirus Diagnostic Lab rizedcommercial coronavirus moted by the World Health Or- in Atlanta, wherethe test was test. Companies including ganization and reliably used by developed, on Feb. 22. Thermo Fisher Scientific Inc., manycountries.Instead, Mr. What he sawtherewas Hologic Inc.and LabCorp Azar in Januarysupported the alarming,his bossJeffrey quickly followedsuit. S creation of aCDC test he envi- Shuren, the FDA’smedical-de- Testing exploded, with labs sioned as the nation’sgold PRES vice center director,said in a able to test morethan 100,000

standard, the people said. The TED later HHS conferencecall re- people aday by the end of CDC normally develops the CIA counted by asenior adminis- March, according to the Covid SO

firsttest fornew pathogens AS tration official. In the call, Dr. Tracking Project. So did the

causing outbreaks and distrib- TIN/ Shuren described the lab as number of infections detected.

utes it to public-health labs. MAR “filthy”—meaning it had the With the virus out of con-

Some FDAofficials in Janu- YN potential to contaminate—the trol, the punishing nationwide

aryworried that relying exclu- UEL official said. FDAspokeswoman lockdown wasabout to begin. sively on public-health labs be- CQ Stephanie Caccomo declined to —Rebecca Ballhaus JA fore engaging commercial and HHS Secretary Alex Azar, here on Feb. 7, assumed the role overseeing the U.S. response in January. comment on the conference contributed to this article. P2JW232000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, August 19, 2020 | A10A GREATER NEW YORK StateFailed Nursing Homes, ReportFinds

BY JOSEPH DE AVILA that therewould be sufficient ageemergencies at the start of necticut, representing about available knowledgeatthe control and understanding personal protection equip- the pandemic,the report said. three-quartersofall Covid-19 time from national and state how the virus spreads. Connecticut health officials ment, such as masks and Connecticut Gov.Ned Lamont deaths in the state. Connecti- epidemiologistsand public- “Weare closely reviewing failed to develop aplan to pro- gowns,available and that only ordered the third-party review cut’sdeath rate forlong-term- health experts, the report said. the interim findingsand rec- tect nursing homes in the noninfected staff would work in June to examine howthe But the statealso wasslow ommendations and will con- earlydays of the pandemic in health-care facilities. statedid and what improve- to implement some infection- tinue to work in partnership and were also hampered by an Health officials relied on a mentscould be made.Hede- Connecticut health control changes,the report with Connecticut stategovern- outdated outbreak-monitoring monitoring system in which fended the state’sresponse and found. Connecticut ordered all ment as we preparefor the system, according to an inde- outbreak reportsfromnursing said the limited scientific officials focused on personnel to wear masks in next resurgenceofthe virus,” pendent, state-funded report. homes were faxed in and knowledgeabout Covid-19 dur- hospitals, not long­ health-care facilities on April said astatement from Con- TheConnecticut Depart- didn’t createanelectronic sys- ing the firstmonths of the pan- 4, oneday afterfederal offi- necticut Association of Health ment of Public Health pro- temthat reported daily until demic made it challenging to term­care facilities. cials encouraged the general CareFacilities/Connecticut duced an emergency-response early May, the report found. contain the spread of the virus. public to wear masks. Neigh- Center forAssisted Living and plan focused exclusively on Sixout of nine positions in “Despite these limitations, boring NewYork ordered a LeadingAge Connecticut, which hospitals that didn’t meaning- the OfficeofPublic Health Pre- Connecticutmade some very masking order forhealth-care represent nursing homes. fully addresslong-term-care parednessand Response were critical decisions in our re- care residentswas the highest in facilities on March 13. Mathematica made several facilities,according to an in- vacant in early Januaryand sponse to Covid-19 that saved the Northeast, at 91 deaths per Acting Department of Pub- recommendations,including terim report released Tuesday were filled by July,indicating lives and improved public 100,000 people,the report said. lic Health Commissioner Dei- regular testing of staff at nurs- by MathematicaPolicyRe- that the Department of Public health,” Mr. Lamont said. In the early days of the dre Gifford said the state has ing homes,and continuing to search, aresearch firm. That Health didn’t have sufficient Morethan 3,000 long-term- pandemic,health officials made progressinterms of help procureand distribute plan also incorrectly assumed capacity to monitor and man- care residentshavedied in Con- made decisions based on the testing, inspections, infection personal protection equipment. A New Back-to-School Routine: Coronavirus Testing NYC Bus Drivers Are Set to Resume Collecting Fares

BY PAUL BERGER polycarbonateorvinyl sliders being installed on all of the TheMetropolitan Transpor- authority’s nearly 6,000 buses. tation Authority said Tuesday Riderswill be required to that it would return to front- stand farther away from the door boarding and begin col- driver than before the pan- lecting fares on buses in New demic. Theauthority also is York City on Aug. 31. upgrading air filters on buses The MTA switched to rear- and increasing the frequency door boarding on most of its of filter replacement. busesinMarch to reducein- TheMTA’s chief safety offi- teractions between passengers cer, Patrick Warren, said au- and bus driversasasafety thority policeand fare-en- measureduring the pandemic. forcement officerswill ride Workersinthe authority’s buses in the coming weeks re- subway and bus divisions ac- minding people to wear masks counted formost of the 131 and to pay their fare. transit workerswho have died At some point soon, he during the Covid-19 crisis. said, officers will resume en- Because of the switch to forcing farepayment. The rear-door boarding,the MTA Transport Workers Union Lo- has been unable to collect cal 100, which represents bus

/REUTERS fares on most of itsbuses for workers, has informed its

GAR five months.Sarah Feinberg, membersnot to enforce mask

SE the interim head of the author- complianceorfarepayment

MIKE ity’s subway and bus divisions, after more than 100 verbal or BY THE BOOK: A health-care worker directed a student to the end of the line at a Covid-19 testing site for students, faculty and staff said the agencybelieves it lost physical attacks on driversre- at New York University’s Manhattan campus. Fall undergraduate classes begin Sept. 2, with a mix of in-person and remote learning. $159 million in uncollected bus lated to social distancing and fares during that time. mask compliancebetween Theresumption of farecol- April and the end of June. lectionwill help the MTAplug J.P. Patafio, aunion vice alarge budget shortfall.But it president who representsbus Bronx HasHighest AntibodyRates won’t come close to the esti- driversinBrooklyn, said mem- mated $200 million aweek bersare anxious about return- that the authority says it is los- ing to front-door boarding be- BY KATIE HONAN Breaking It Down ing because of aslump in fares, cause of afear of infection from AND COULTER JONES tolls and dedicated taxreve- people being nearby or touch- Percentage who tested nues caused by the pandemic. ing the farebox. positivefor antibodies in NYC TheBronx has the highest Bus ridership has recovered “Rear-door entryisn’t per- percentageofpeople testing By Borough morequickly than subway rid- fect but it certainly makes the positivefor newcoronavirus an- Bronx 33.1% ership,though mass-transit operator feel much moresafe tibodies out of all of NewYork Brooklyn 27.9 ridership in general is still low. performing their job,” he said. City’s five boroughs,according Manhattan 19.0 Last week,average weekday Nine driversinBrooklyn have to city datareleased Tuesday. bus ridership wasabout 1.2 died so far during the pan- Queens 28.2 Thedatashowedthat a millionpassengers, or about demic,hesaid. thirdofthose tested in the Staten Island 20.1 42%belownormal. Average Craig Cipriano,who man- Bronxwerepositivefor the By Sex weekdaysubway ridership dur- ages the MTA’sbus operations, antibodies whileQueens has Male 27.7% ing the same period wasabout said the agencyhas seen no the second-highest percentage Female 25.1 1.3million riders, or about 76% evidenceofaconnection be- S rate at 28.2%. Brooklyn’s rate By Age belownormal levels. tween bus operators’ duties PRES is 27.9%, while StatenIsland 0-17 32.6% Transit officials on Tuesday and coronavirus infection and Manhattanhaverates of emphasized safety measures rates. The authority has a ro- ZUMA 18-44 25.1 20.1% and 19%, respectively. that arebeing put in place bust safety strategyfor the The percentage of positive PEZ/ 45-64 28.2 when front-door boarding re- pandemic, he said, and it will LO antibodies correlates with the 65-74 23.8 turns.Driverswill be sepa- closely monitor infection rates

neighborhoods hit hardest by NALD 75+ 21.0 ratedfromridersbyaprotec- among driversduring the the virus, the data show. RO tivevinyl curtain or coming months. G. Source: New York City Department of Health Corona, Queens,where446 People are urged to distance in Pelham Bay Park in the Bronx. and Mental Hygiene people have died from Covid-19, is the NewYork City neighbor- surgesinthe virus,the city 1,130 people tested, 692 were 25.1%having the antibodies, hood with the highest rate of has driven down infection positive for the antibodies, data shows. people testing positivefor the rates to low levels. Currently, which is a61.2% rate.The Dr. Chokhsi said in a state- antibodies at 51.6%, the data the city’s rate of newinfec- most recent data, from the ment Tuesdaythat it is still showed. In Borough Park,a tions hoversaround 1.56%, ac- week of Aug. 8, had a 20.7% unknown howlong and how Brooklyn neighborhood where cording to officials. positiveantibody rate on the effective antibody protection the virus also took aheavy toll, The data released Tuesday 82,964 people tested, accord- can be for each person. 46.8%ofpeople have tested included abreakdown of posi- ing to Health Department data. Comptroller ScottStringer positivefor the antibodies. tiveantibody ratesbybor- Since April, 1,843,146 peo- has been asking forthis data

NewYork City wasonce ough, ZIP Code,age and sex. ple have been tested for anti- sinceMay,saying it gives abet- S one of the hardest-hit regions The city was the first munici- bodies, according to the data. terunderstanding of Covid-19’s PRES in the U.S. by virus.Morethan pality in the countrytorelease Children up to 17 years old effect on neighborhoods.The 23,600 people have died of the such data, according to Dave hadthe highest positiveper- virus has disproportionately af- TED CIA

virus sinceMarch, including Chokshi, the city’s newly ap- centagerateofantibodies at fected Black and Latino resi- SO 4,624people who weren’t pointed health commissioner. nearly 33%, the datashow, but dents, as well as people in AS O/ tested but showed symptoms Theantibody datahas been this group had the lowest lower-income areas.“This data consistent with coronavirus, calculated weekly since April number of people tested. will be critical in unpacking according to city health data. 11, which wasjust afterthe Morethan 738,000 New health outcomes and develop- MINCHILL

In recent months, as other peak of the virus in the city. Yorkersbetween 18 and 44 ing strategies to meet those JOHN partsofthe countryhaveseen In that firstweek,ofthe yearsold were tested, with specific challenges,” he said. The MTA switched to rear-door boarding on most buses in March. Cuomo Writes Book About How He Handled the Pandemic

BY JIMMY VIELKIND cialsashepushed to increase said the deal waspart of an cluded that the virus spread in “Peopleare mourning the doesn’t discussits financial testing and hospital capacity, unjustified and prematurevic- nursing homes primarily be- lossofloved ones,yet he’s arrangements with authors. NewYork Gov.Andrew while stopping and restarting tory lap by Mr. Cuomo. cause of staff infections. putting out abook declaring Mr.Cuomo,athird-term Cuomo has writtenabook NewYork’seconomy, the pub- Mondaynight, the governor In an excerpt provided by himself a bold, great leader,” governor, released amemoir abouthow he managed the lisher said. spoke about New York’s coro- thepublisher,the governor Mr. Langworthy said Tuesday titled “All ThingsPossible: state’sresponse to the novel Thegovernor also will nar- navirus response in a speech wrotethat he struggled with on aBinghamton radio station. Setbacks and Success in Poli- coronavirus,said itspublisher rate an audio version of the to the Democratic National the fear associated with VOCAL-NY,anadvocacy tics and Life” during his 2014 Tuesday. book,Random House Group Committee’s nominating con- Covid-19 as much as the un- group which calls forhomeless re-election campaign. The book, titled “American said. vention.Hesaid the virus was derlying outbreak. services and changes in crimi- Thegovernor waspaid Crisis: Leadership Lessons Critics on the political left ametaphor:Itattacked abody “I would not allow the fear nal-justicepolicy, said it is ap- $783,000 forthe book by Har- from the Covid-19 Pandemic,” and right questioned the tim- politic that wasweakened by a to control me,” Mr.Cuomo palling that Mr.Cuomo would perCollins—which, likeThe is settobereleased Oct. 13, ing of Mr. Cuomo’s book. The “dysfunctional and incompe- wrote. “The fear kept my makemoney while holding Wall Street Journal, is owned according to publisher Crown, rate of infection forcoronavi- tent” federal government. adrenaline high and that wasa back stategrantsfor social by News Corp. an imprint of the Random rusinNew York remains lower President Trump and his positive. But Iwould not let services. Thepublisher ordered an House Group. than other states,but more campaign responded on Twit- the fear be anegative, and I Thegovernor’s representa- initialprinting of 200,000 It will offer a“frank ac- than 25,000 people in the Em- terbysaying Mr.Cuomo’s de- would not spread it. Fear is a tives didn’t respond to an copies of Mr.Cuomo’s memoir counting and assessment” of pireState have died from cision to allowcoronavirus pa- virus also.” email asking about the finan- and canceled plans forapa- the Democratic governor’s in- Covid-19—morethan in any tientsback intonursing homes NYGOP Chairman Nick cial terms of the book.ARan- perback release. According to teractions with federal, state other part of the country. accelerated the virus’sspread. Langworthysaid Mr.Cuomo is dom House Group spokes- NPD BookScan, just 3,700cop- andlocal public-health offi- State Republicanleaders An administration report con- capitalizing on the pandemic. woman said the company ies of the memoir were sold. P2JW232000-2-A010B0-1------NS

A10B | We dnesday, August 19, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK METROMONEY | By Anne Kadet WATCH

LifeUnpluggedCan Be aHappyPlace NEW YORK Cuba Gooding Jr. For better grid. “I want it simple. I Accused of Rape or worse, don’t want the hassles,” the we’ll likely 64-year-old says. Actor Cuba Gooding Jr. is ac- look back on Her secret weapon? Her cused of raping a woman twice 2020 as the son. “He be ordering my in a Manhattan hotel room in year that ev- food, my groceries, my 2013, according to a lawsuit that erything—doctor visits, yoga clothes,” she says. “If I want escalates the severity of the class, weddings, work meet- anything, my son gets it for claims against him. ings—went online. Most of me.” The suit, filed publicly Tues- us are spending more time Then there’s Gino Fava, day in Manhattan federal court, parked in front of a screen who has several children and alleges that the Oscar-winning than ever before. But there a secretary to go online and “Jerry Maguire” actor attacked are exceptions. Through the find him a good deal on den- the woman, identified in court pandemic, some inspiring tal insurance, among other papers as “Jane Doe,” after she New York City residents are things. This enviable man met him at a Greenwich Village still managing to enjoy real doesn’t even own a cell- VIP lounge. life almost entirely in real phone. “The last thing I want Attorney Mark Heller, who

life. JOURNAL is that thing buzzing in my represents the 52-year-old actor, “If you’re living in the vir- pants,” he says. said the “alleged event never REET

tual world all the time, you ST Mr. Fava, who is 75 years took place.”

miss the real world,” says LL old, handles his commercial- Mr. Gooding has pleaded not Evelyn Jacobs, a 68-year-old WA trash-hauling business, real- guilty to six misdemeanor

retired rehabilitation coun- THE estate investments and so- charges of forcible touching and R

selor assistant who doesn’t FO cial life on a landline. His sexual abuse. own a computer. one digital concession: An —Associated Press

When the lockdown CLARKE iPad to view business docu- started in March, the Brook- G ments that would take too NEW JERSEY lyn resident vowed to con- GRE long to deliver between tinue her normal routine. Manhattan and his Montauk Cinemas to Remain But rather than replicate all thing!” will go online for tasks such cumstance rather than home on Long Island. Other- Closed, Judge Rules her group activities online, She’s enjoying this oppor- as buying plane tickets, she choice. The city reports that wise his life is screen free: she decided to continue off- tunity for introspection. “I prefers people or books for 29% of households lack a no TV, no movies, no com- Movie theaters in New Jersey line, even though it meant feel I appreciate myself sourcing information. broadband connection and puter, no smartphone. will remain closed, a federal going it alone. more,” she says. “When I “You get a different grasp 18% of its residents have no He’s never been on Zoom. judge ruled on Tuesday. Ms. Jacobs is a big fan of spend time with myself, I of the whole,” Ms. Mitchell at-home or mobile connec- “I would prefer to meet The decision upholds Gov. the tuition-free continuing find I’m a smart woman. I’m says. “I think on the internet tion at all. These people are you somewhere, sit down Phil Murphy’s executive order education classes through more creative than I thought there’s never any whole. more likely to be people of and have a cup of coffee,” he that kept theaters shut even as the My Turn program at I was, and I enjoy it.” There’s just holes. Or a black color, impoverished, less ed- says. other public places have been al- Brooklyn’s Kingsborough New York City’s hard-core hole. You’re never done. It’s ucated, outside the work- Mr. Fava swims, plays ten- lowed to reopen. Several na- Community College, for ex- off-liners are easy to spot, never finished and that’s dis- force or elderly, according to nis and reads three print tional movie theater chains chal- ample, But rather than con- appearing in broad daylight turbing.” a 2019 report from City newspapers every day. He lenged the order in court in July. tinuing her studies on Zoom, engaging in laudable activi- Comptroller Scott Stringer. spends his evenings sitting —Associated Press where “everyone is talking at ties such as people watching It’s a real problem. During on his deck playing country- once,” she devised her own or just staring into space. ‘If you’re living in the pandemic, with public li- music CDs. at-home study course, read- braries and senior centers I asked what he does CORRECTIONS  ing history books and taking found Lee Breuer, 83, on the virtual world all closed, people lacking inter- while enjoying the tunes. notes. I a Brooklyn park bench the time, you miss net access are having a “I’m drinking!” he said. AMPLIFICATIONS And while she could con- last week reading an ac- tough time filing for unem- “I’m having a beer or a nice tinue her group exercise tual print newspaper. The di- the real world.’ ployment or completing cen- bottle of red wine.” classes on her smartphone, rector and writer never goes sus forms, for example. Mr.Favabelieves he has Phil Lavoie is the chief op- she instead created her own online. “They’re trying to been happier and less erating officer of the Gotham home weightlifting regimen monetize reality,” he says of any living offline stressed through the pan- Organization, the owner of and is taking long walks. the virtual world. I asked what they do with find a willing accom- demic than his friends with Gotham West Market food His wife, Maude Mitchell, all the time they’re not M hall. An article Tuesdayabout “I look at all the sur- plice to do their dig- their endlessly pinging roundings and trees and a 59-year-old actress and spending on YouTube and ital dirty work, however. smartphones and news up- food halls incorrectly identi- flowers like Ralph Waldo dramaturge, says she goes to Twitter. “Getting more Janice Bovell, a child-care dates.“I’m not addicted to fied him as the chief operating Emerson,” she says. “Some the bank in person, gets her sleep,” Mr. Breuer said. worker from Barbados whom the next email or call or officer of the Gotham West trees around here have huge news from the radio and ap- “It’s true,” said Ms. Mitch- I found people watching in whatever it is that’sgoing Market. trunks. You can’t wrap your plies for health insurance ell. “Being outside. Talking. Brooklyn under a streetside on,” he says.“Ijust feel like arms around them, but if through an actual human be- Making love!” patio umbrella waiting for a lifehappens on my schedule.” Readers can alert The Wall Street Journal to any errors in news articles you do, there’s still so much ing at the Actors Fund office. To be sure, some New Macy’s to open, says she en- by emailing [email protected] or of a tree there. It’s a living While she occasionally Yorkers are offline by cir- joys the ease of life off the [email protected] by calling 888-410-2667.

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FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

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A summer tradition is tion, adessert challengeand slideshows.They began Sunday reconfigured with with agroup prayer and wrapped smaller gatherings Family up with dinner,all online. “It didn’t feel weirdorstrange or meetings online to me,” said Ms.Perry, a46-year- Reunions old professional housesitterfrom BY RAY A. SMITH Dover,Del. “It felt really good to see people and interact with his summer,Krystal Regroup them.” Thevirtual workaround Brownhad planned to wasn’t ahit with everyone.“My attend two reunions and oldest aunt is in her 90s,she was catchupwith dozens of During on the call with her daughter,” Trelatives from acrossthe Ms.Perrysaid. “She wasn’t super U.S. Both gatherings interested in [doing it this way] were called off. Covid but she wasthere.” “I waslike, ‘Dang,Idon’t getto Calen Bacy’sfamily has orga- see my family,’ ” said Ms.Brown, a nized reunions foratleast three 31-year-old customer-servicerepre- decades,usually in acity in Texas. sentativefromApex, N.C.“Iwas This year,they considered going heartbroken because family is really online but decided against it, for important to me.” One cousin has died from coronavirus.The gather- ingsbring together four generations ‘I was heartbroken of her family; one reunion has been rescheduled fornextyear. because family is really Thepandemic that has dis- important to me.’ rupted lifearound the world has also hit the family reunion. These gatherings, oftenheld in the sum- mer,requiremonths of planning. fear that older relatives might FormanyBlack families,they are feel leftout. “I personally think particularly resonant.The Smith- that that would be adisaster be- sonian National Museum of Afri- cause they barely knowhow to canAmerican Historyand Culture use their phones,” said Ms.Bacy, dates the tradition of family re- a25-year-old actressand digital unions back to Emancipation, advertising manager from Corpus when former slaveswould place Christi, Texas. “Information Wanted” ads in Thecancellation wasablow. “I Black newspaperstofind relatives always look forwardtoour family separated by slavery. reunions because we’resoclose,” “Sometimes we honor our an- said Ms.Bacy’scousin, Chelby cestorsatour reunions,” Ms. Hargrove, who is 28.“Social me- Brownsaid. dia helps,ofcourse,but that’s Restrictions on travel and the never going to replacethem.” sizeofgatherings have made in- Ms.Bacyissad, too. Every person reunions achallengefor other year,her family has held a families acrossthe U.S. In are- reunion in July that typically lasts cent survey of 1,000 adultsby from Thursdaynight through Sun- market-research consulting firm day. Four generations gather for Longwoods International, between bingoand raffle drawings, afish 48% and 53% said they had can- fryand kickball, badminton, domi- celed travel plans in the final two noes or chess, Ms.Bacysaid. They weeks of March and each week in barbecue,competeinthree-legged April. Between the weeks of May  Stephanie Perry races, dancetoold-school R&B and July 29,the number hovered and her mother in and viewfamily slideshows.Ev- between 37% and 49%, but Dover, Del. Their eryone wearsthe same specially trended down in recent weeks as family reunion ordered T-shirts, sometimes with morepeople said they were figur- moved online this afamily tree printed on the back. ing out howtotravelsafely. summer. On Sunday, they have breakfast Morethan routine family get- and take group photos before togethers, reunions oftenare mul-  Shannon heading home. tiday, multigenerational events, Jepson’s relatives Several committees plan the re- held at hotels,resorts, parks,es- took a group union, said Evbu Osawaru,a40- tatesorbeach houses.“They cre- portrait at their year-old cousin who helps orga- ateasense of connections to the 2016 reunion. nizethe weekend. Ms.Osawaru past but also connections with said she hopes the family will be people,ininteractions that don’t  The Jackson able to reuniteatThanksgiving. typically happen in everyday life,” family held their Forone family that had been said RichardSlatcher,apsychol- reunion over Zoom trying to hold areunion since ogyprofessor at the University of and made T-shirts 2011, “this pandemic opened up a Georgia. “When youtakethat for the gathering. major opportunity forustomake away,you really arelosing impor- that happen,” said Marla D. Jack- tant possibilities forconnection.” son, of Houston. Early in July,she Baby boomersspurred re- came up with the idea of avirtual unions’ popularity because they gathering.Later that month, she were one of the firstgenerations united 50 to 60 relatives spanning in the U.S. to moveaway from four generations foraweekend- home forwork,prompting fami- long reunion on Zoom. lies to plan eventswhereevery- Ms.Jackson designed and or- one could gather,said LarryBa- dered T-shirtsfor everyone and sirico, professor emeritus of shipped them to each household. (2) sociologyatElon University in “Even my daughter’s dog had a ON

CKS North Carolina. Interest in family shirt on,” she said.

JA reunions grew in the past decade Thegatheringwas amazing, as genealogyresearch and DNA said Ms.Jackson’s40-year-old

MARLA testing through sites likeAnces- nephew, Brian Jackson II. Mr.

ON; try.comtook off. Jackson, who works in human re-

JEPS In February, Shannon Jepson’s sourcesinVirginia Beach, Va., grandmother grew concerned said, “I gottosee alot of people about Covid-19 and called off the that sawmethat Ididn’t know.

SHANNON 107-person family reunion she had My Auntie Sharon said she hasn’t organized forthis summer on a seen me sinceIwas,like, 3 cruise.The family typically re- ing about their cancellation policy tional gathering,which usually Five generations of Stephanie yearsold.” JOURNAL; unites everyyear on the Oregon for2021, in case traveling isn’t draws40to50relatives forseveral Perry’sfamily gathered over Ms.Jackson’s32-year-old niece,

REET coast foralaid-back week where safethen. days of socializing and activities. Zoom one recent weekend to re- CharMayne Jackson, helped plan lo- ST four generations boogie boardin “I almost died,” Ms.Jepson When the 41-year-old insurance createthe in-person annual re- gistics and activities: aget-to-know- LL

WA the water, playboardgames and said. “It’sjust kind of stressful executivereminded people to union they have had in different yousession and family game night, enjoyhot rolls baked by Ms.Jep- that we could be that long in this keep 6feet apart, “everybody was cities foratleast 20 years. Just followedbykaraokeonSaturday THE

R son’sgrandmother. situation.” like‘Well, whatever,’ ” he said. “I as in real life, they began with a night and aclosing ceremonyon FO

O Thecruise has been postponed Last month, Adam Frugoli and think the best we came up with is Fridaynight welcoming social and Sundaythat included prayer,remi-

YM to next year,said Ms.Jepson, a his family cobbled together aso- hand sanitizer.” Thereunion was an activity.This year it was“sip niscing,recognition of accomplish- 22-year-old medical actuaryfrom cially distanced reunion with 25 somewhat disappointing “because and paint,” with adownloadable mentsand speeches on the impor- PHOB

P: Tacoma, Wash. But recently she relatives at alakeinIdaho Falls, it wasn’t what we normally do,” coloring page. Over the next two tanceoffamily. TO overheardher mother on the Idaho.They organized the one-day he said. “I think people were left days,they took part virtually in a Some day, the Jacksons hope to OM

FR phone with the cruise line inquir- event afterscrapping their tradi- feeling alittle bit empty.” fashion show, aburgercompeti- hold an in-person reunion.

Dear Fed Up, Now for part two: Be thankful! BONDS I agree, lots of people are falling This keeps you from spiraling into short of their best behavior at the negativity. You can be grateful moment. Some days it feels like ev- you’re not a jerk. And you can be eryone’s gone nuts. It helps to re- thankful that successfully handling HOW TO HANDLE A JERK member that people are stressed the encounter—without acting nas- and more than a little freaked out. tily yourself—makes you stronger. Errands—and everything else—feel Dealing with someone who is acting Dear Bonds, more dangerous, and folks are in a poorly in a positive way gives you a How do you deal with a hurry to get back to their own bub- chance to affirm your values, to jerk? It seems like there are bles, where life feels safer. Of model good behavior for everyone so many out there right course, some people are just plain else, and to protect the world from now—male and female— rude, no matter what’s going on. getting uglier. Irecently wroteabout bullies; I know it’s not easy to stay posi- whether it’s at the grocery these arepeople who use their tive when someone’s being nasty. I store or online or just walk- strength or powertointimidate or suggest coming up with a mantra ing around the neighbor- harm someone theysee as vulnera- that you can pull up quickly in the hood. Everyone seems irri- ble.Abully could certainly be de- moment. Mantras create new neu- tated and out for scribed as ajerk.But notall jerksare ral pathways in your brain and con- bullies.Some jerksare justobnox- tremely unlikely to change someone sociopath, he or she probably feels dition you to be calmer and happier. themselves. Today I went to ious,self-absorbedorinconsiderate. else’s bad behavior.And the more some sense of shame when left They remind you who you want to Home Depot to buy some Dealing with an everyday jerk is a youcall thatperson out,the more alone acting like an idiot. be. And they can be just one word: weedkiller and some guy bla- two-part process. Part one: Do not likely he or she is going to get defen- (A caveat: This advice is meant “Peace.” Or a short phrase: “Never tantly cut in line and then engage.Oncethe jerkinesscomes siveand double down on it. for quick encounters with strangers. be dragged down” or “this too shall out—in your example,when the guy Keep calm and remain polite. Re- If you feel unsafe, or if you are un- pass. (The one I use for jerks is GES had the nerve to start berat- began berating youfor pointing out move yourself physically if possible. der regular attack from someone “Just breathe.”) IMA ing me for calling him out. his error—separateyourself from the Take some comfort in the fact that you know, you need to call an au- Feel better? Now go forth and be

GETTY I’ve had it! —Fed Up encounter. Remember:You’re ex- unless the person is a straight-up thority, such as the police.) strong. —Elizabeth Bernstein P2JW232000-0-A01200-1------NS

A12 | We dnesday, August 19, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

to take ownership of their tasks. FAMILY “Nagging and reminding isn’t & TECH Kids’ Chores AreaBore? something I do anymore. They JULIE have the reminders set up and if it JARGON fails, they have a problem to solve,” she said. New Apps CanMotivate Her 12-year-old son didn’t get eminding kids to make the recycling out to the curb in their beds, unload the time recently and realized that he dishwasher and feed the Parents unloading nagging to smart-appliance apps, virtual assistants was actually setting his reminder cat is getting too early. When Alexa Rreally old as told him to take out the the months of recycling at 6 p.m., he quarantine drag on. was often eating dinner If only there was a way or doing other things to outsource all that and he would forget. nagging… Now that he has reset Instead of telling your the reminder for 9 p.m., kids to unload the dish- he remembers to take it washer for the millionth out right before he time, why not program heads to bed. virtual assistants to do Google’s“assignable it for you, without any reminders” function on twinge of exasperation? devices that runGoogle And if you have high- Assistant—such as cer- end smart appliances, tain Android phones they can notify the kids and tablets, Google when the dishes are smart speakers, Nest clean. Hubs and more—works BSH Home Appli- similarly,giving parents ances, maker of appli- the ability to set ances from brands in- task notifications. cluding Bosch and Google recently Thermador, recently be- added new features gan integrating its smart to Google Assistant, appliances with S’more- including the ability sUp, a family-manage- to broadcast a re- ment app that can notify minder to a specific the kids when the dishes room or device. are ready to be unloaded Another feature, or the laundry is dry. “family bell,” allows You can even assign the parentstocreate kids to make you coffee. custom announce- Some of BSH’s luxury ments on smart dis- coffee makers can notify plays and speakers, the app when the drip accompanied by a tray needs emptying or chime,when it’s the bean container time to begin anew needs refilling. The ap- task,such as un- pliances can also com- loading the dish- municate with Amazon and stands for “if this then that”) so on the app to see their chores. their kids. washer or logging Google’s virtual assistants. she would hear an announcement Families that have had a consis- “Taking a little time  Parents can assign, in foravirtual If you don’t have fancy appli- when the dog had been fed. tent chore routine, starting when to set up reminders track and reward class. ances, that’s OK—there are other “Kids are notorious for saying, children were younger, have had helps save a ton of time weekly chores—such The larger ques- ways to unload the mental burden ‘Yeah, I did that.’ It gives me peace better success with it, said Priya later,” said Melissa Grif- as unloading dishes— tion is, are all of of being your kids’ constant re- of mind to know there’s data to Rajendran, the other co-founder. fin, a Texas mom who through a chore chart these electronic minder. back it up,” said Ms. Lewis. “After S’moresUp allows kids to earn runs a popular Facebook on Amazon’s Alexa chore charts and When Tiffany Lewis, a mother virtual s’mores for doing chores. page where she offers skill blueprints. digital reminders a of three in Leland, N.C., pulls into When the kids have enough saved parenting tips. crutch? Do they her driveway with groceries, she ‘They can’t back­talk up, they can cash them in for re- Ms. Griffin became an Alexa work to prevent kids from becom- opens her phone’s Alexa app and wards chosen by the family. evangelist after she received an ing self-reliant? commands the virtual assistant to Alexa,’ said Tiffany Most features of the app, such Echo smart speaker as a house- Advocatesofvirtual helpers announce that she is back and Lewis. ‘When she says as chore assignments (including warming gift two years ago. Now saythey simply take the placeof needs help carrying in the food. those dishwasher alerts) are free. she has Alexa-enabled devices parental reminders, helping chil- Echo Dots in the kids’ bedrooms something, that’s it.’ But parents who pay $4.99 a throughout her house and relies dren to learn, through the devel- and the Facebook Portal in the month get access to extra features on the assistant for everything opment of routines,what to do on kitchen trumpet her command. such as the ability to create penal- from making grocery lists to re- their own. “They can’t back-talk Alexa,” ties for tardiness. There are no ads minding her kids to take their “It helps create positive rein- she said. “When she says some- about a month, he got to a point in the app, which currently has medicine. forcement around habit-building thing, that’s it.” where he would just do it before 150,000 registered families. Most Alexa reminders can be for kids and helps them manage She also has Alexa announce Alexa told him to, so we were able Ms. Rajendran said they are in set with your voice. “I’ll say, ‘Al- their own time versus the parents when it’s time to help set the table to taper off the reminders, which talks with other appliance makers exa, set a reminder to take out the having to manage their time,” said ON

AZ for dinner and for the kids to is something I did not expect.” about syncing the app with more trash,’ and Alexa will ask how of- Amazon Kids and Family spokes-

AM bring her their laundry. Still, the apps and assistants are smart appliances. ten,” she said. woman Dawn Brun. For a while she was using Alexa one more thing to manage. Is it Several parentstold me that Parents can also assign, track Ms. Lewis said relying on a vir- GES; to remind her 9-year-old son to easier to just yell out reminders choreapps aregreat except when and reward weekly chores through tual assistant is as much about IMA feed the dog every morning. To than to program software to do it? their kids have lost phone privi- a chore chart on Alexa’s skill saving her own sanity as it is

GETTY make sure he actually did it, she Reeves Xavier, co-founder of leges or when they’retrying to blueprints. about teaching her kids responsi- : installed a motion sensor in the S’moresUp, said some app users keep kids off their devices.That’s Ms. Griffin has her three chil- bility. “It makes me feel like I’m an LEFT dog’s food bin that she connected with teens have complained about whymanyparentspreferusing dren create many of their own re- adult and I have life figured out,” OM

FR to Alexa through IFTTT (which having to remind their kids to go virtual assistantstoverbally prod minders because she wants them she said.

MY RIDE |A.J.BAIME leg started to regain function, but  Recent graduate Irwin Gill, with not my right. I would sit in my his 2005 BMW 530i, designed and friends’ cars and work the clutch built a special hand-control system. ACar Fan pedal for 30 minutes with my left leg, to strengthen it. Finally I de- ing point. Then, during winter break Designs aNew cided to buy a car. a couple months after I bought the WaytoDrive My requirements were specific: BMW, I spent a week in the For- I’m 6-foot-3 and my spine is fused mula SAE lab building it. The build Stick Shift with metal, so I needed a roomy car required a tremendous amount of to be comfortable. I needed the in- practical problem-solving I wouldn’t terior to be big enough to hold my have been able to handle if not for Irwin Gill, 23, a recent graduate of wheelchair. I wanted a four-door se- my experience with Formula SAE. California State University at Fuller- dan with a manual transmission The system now works so that I ton living in Long Beach, Calif., on and rear-wheel drive, and I didn’t can use my palm and thumb with his 2005 BMW 530i with hand con- want to spend more than $4,000. I the hand-control system in place of trols, as told to A.J. Baime. found a 2005 BMW 5 Series in Oc- my heel and toe on the pedals. I tober 2018 that was perfect. I could have used it to drive nearly 30,000 In November 2017, I had a motorcy- use my left foot on the clutch, and miles and I have had two track cle accident and sustained a spinal- use the QuicStick hand control to days, at Willow Springs Interna- cord injury that affected my legs. I work the gas and brake. tional Raceway and Chuckwalla Val- was discharged from rehab in Janu- Formetherewas one problem. ley Raceway. I have had zero issues. ary 2018, and a month later, I When Iusedtodriveamanual, I I also designed the system so that bought a hand-control system by a would do something calledheel-and- my father can drive the BMW nor- JOURNAL company called QuicStick so I could toedownshifting. Let’ssay you’re in mally if he wants to.

REET operate a car with an automatic gear and you’re downshifting while Now that I have graduated, I ST transmission. I had to go to the braking. Youhave your leftfooton mon way of driving, especially for how to take classroom learning and have a job offer, but due to the pan- LL DMV and take a test to make sure I the clutch, and with your rightfoot, competitivedrivers. apply it to building components demic, it got pushed back a few WA could operate the car safely. you’ve gotyour toeonthe brake As a mechanical-engineering stu- that function in the real world. I months. So in the meantime I am THE

R I am a car enthusiast and one of while youuse your heel to blip the dent, I was a part of Cal State Ful- spent a month thinking about how designing and building a bicycle FO the things I missed was driving a gas formoresmooth shifting (some lerton’s Formula SAE club. We con- to build a hand-control system that that has special wheels to enable LES manual-transmission car (which has driversposition their heel and toe ceived and built our own car and would enable me to heel-and-toe me to ride it with one leg. And CO three pedals—clutch, brake, throt- the oppositeway). Modern cars do competed against other schools in shift without the use of my right whenever I want to get in my BMW

TNEY tle), because I no longer had the this automatically but heel-and-toe tests of engineering. This program foot, using the QuicStick hand con- and drive, I can. Like me, the car UR

CO use of my legs. With time, my left downshifting wasfor decades acom- gave me hands-on experience on trol system I already had as a start- keeps on going. P2JW232000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, August 19, 2020 | A13 ARTS IN REVIEW

‘Imploding the Mirage’ by the Killers is out Friday

the winds of changeare blowing wild and free” goes the appropriately epic chorus,aphrase that sounds built from an algo- rithm. But then lateinthe song,former Fleetwood Mac guitarist Lindsey Buckingham deliversan expressivesolo,momen- tarily elevating the song from ridiculous to sublime. Theedgebetween those qualities is wherethe Kill- ersliketobe, and they pe- riodically find their way to it throughout the record. Another example,“Blow- back,” has both abizarre lead-in to the chorus (“When she’sbreathingin the blowback /There’s nothing youcan offer she ain’t already tried”)and a lovely,thick arrangement with slide guitar and adra- matic swell of synthesizers. Responsible forsome of those keyboards is Adam Granduciel, the frontman and sole constant member of the WaronDrugs. Still, the wordsare sometimes hardtostop thinking about. “Firein Bone” startswith arub- berypost-punk bassline BEE and builds to aquintessen-

OLIVIA tial head-scratcher by Mr. Flowers.Tohear “When I MUSIC REVIEW |MARK RICHARDSON came back empty-handed /You were waiting in the road /And you fell on my neck /And youtook me ABig Act’sLyrical Limbo back home” is to visualizeasche- matic line drawing showing the fall in question and realizeitmakes no sense.Evenso, it’saprettygood The Killers return with a musically creative record that stumbles due to clumsy songwriting tune about the powerofbelief when the world is trying to grind he Killersformed in Las actly,their music is trying to com- Father John Misty and Weyes youdown. Vegasin2001, and the municate. Mr.Flowers,who writes Blood. Joining Mr. Rado in produc- In the album’slast few songs band, likeits hometown, most of the lyrics,has become no- tion and songwriting on much of the lyrics take on aslightly differ- is not known forsubtlety. torious forphrases so garbled they the record is Shawn Everett (Ala- ent cast and suddenly seem like TAt the time of the Killers’ defyyou to sing along with them. bama Shakes, Kacey Musgraves), they could be about either aro- first(and still biggest) hit, Themost famous of these comes who previously worked with the mantic partner or spiritual salva- 2003’s“Mr.Brightside,” they were from the 2008 single “Human,” Killers in a more limited capacity. tion. “My God” is an explosive framed as garage rock revivalist with itssingalong chorus koan The band recorded the album song about surrendering to a alongside bands likethe Strokes, “Are we human? Or arewe without their founding guitarist higher power, while “When the the WhiteStripes and Interpol. But dancer?” To his credit, Mr.Flow- Dave Keuning, who is still a mem- Dreams Run Dry” builds from an unlikethose bands,the music of the ershas always seemed aware of ber of the group but is taking a hi- echoing drum beat and adark and Killersnever came with asheen of his penchant forclumsy images atus to focus on solo projects. In liquid synth to atowering edifice indie cool. Ledbyfrontman Bran- and oddball syntax.It’sasifhe’s his absence, strummed acoustic of Queen-likepageantry. Each of don Flowers,they pursued lofty trying to convey themoment when guitars, synthesizers and backing these is undercut by cringe-wor- mainstream ambitions from the be- you’reinthe throes of an epiph- vocals sit higher in the mix. thylines (“I’m passing judgment ginning: They wanted to be abig any, when your thoughtscome out Theresult is an album where in the fast lane”)but there’sno band playing big arenas and con- jumbled, the transmission jammed on a musical level, with creative small, surprising touches canadd a denying their musical force. Such veying big emotions.Despiteun- because of all the excitement. arrangements and skillfully de- lot, imbuing apotentially ungainly amix of competing attributes— even albums,they’veoften done so. “Imploding the Mirage” (Island), ployed guests, which makes the number with grace. On “Caution,” a silly but touching,both pompous Because the Killershavebeen so the sixth album by the Killers, out cornball asides easier to stomach. song about seizing the moment in- and populist—is what the Killers singleminded in their pursuit of Friday, is brimming with such The Killers worked closely with stead of being afraid, Mr.Flowers areall about, and “Imploding the themes most associated with an- lines. After you hear the record a singer, songwriter, producer and begins with his voiceheavily pro- Mirage” gets the balanceright themic rock—love, hope,dreams, few times, you might even listen multi-instrumentalist Jonathan cessed; then, as uptempo drums most of the time. escape—it’seasy to getswept for them specifically while prepar- Rado, who is a member of the kick in, he finds clarity and tells along by their enthusiasm without ing to groan. But it’s also one of retro indie rock band Foxygen and the storyofagirl trying to break Mr. Richardson is the Journal’s thinking toohardabout what, ex- the band’s most consistent records has worked with artists including out of adead-end town. “Tonight rock and pop music critic.

TELEVISION REVIEW |JOHN ANDERSON present in everything that humans Thejokes aren’t pro-Latino or anti- the deliverysystem. When Ms.Bril- find funny. Theelement of surprise. anything else.Oncethe regular co- lon lamentsthat parentscan no lon- Thejuxtaposition of the familiar medians take the stage, the content germakedeath threatsagainst their Serious Laughs in and unfamiliar.“Tragedy plus time.” becomes kids,family,sex and aging. misbehaving children (“I brought Kids,family,sex and aging.Exclu- And in the case of newcomer Pedro youintothis world and Iwill take sionaryhumor,the targeting of Salinas,algebra. It adds up to hilar- youout…”)everything from her ShortSegments jokes at certain people at the ex- ity. posturetoher sardonic twinkle pense of others, doesn’t inspireuni- Among the thingsaviewermight makes it all OK.When the unassum- versal mirth, and that’swherethe notice, because the featuredcome- ing Jesus Trejo (no relation to hile the number of com- might turn out to be,you knowit’s showseems to be headed at first. dians areother than household Danny) talks about the trouble he Wedy specials on premium going to be over soon. Theflip side, There’sanintroduction featuring names,isthat the most successful has raising his parents—notably his cable right nowisenough of course,isleaving your audience actorDannyTrejo and the show’s standups among them arriveon pot-smoking mother—the deadpan to makeyou laugh, the product it- wanting more. Which almost all of host, Anjelah Johnson, who do a stagewith fully formed personae. manner with which he reverses par- self might not. And the setup has them do. self-effacing bit about the historyof It’sarule of the comedy game: Han- ent-child dynamics makes the mate- become formulaic: Thecomedian in There’snot abad performance Latino comedy.Then Ms.Johnson nah Gadsby and John Mulaney,to rial itself even funnier.Ms. Lynch, question is introduced prepping for on the special, although what “bad” takesthe stagelikethe NFL cheer- citejust two recently successfulco- perhaps the most fully realized the big moment, walking to the the- means in comedy is ahighly subjec- leader she oncewas,with aroutine medians (as well as polar-opposite comic entity on stagethe night of ater,fretting in the green room, tivething.Clinically speaking,there emphasizing the evening’spro-La- personalities), arecharacters. Their the filming,isnever in ahurry(de- emerging on stageand being arecertain ingredientsthat seem tino message. But it’smisleading: charactersare an essential part of spitethe ticking clock), and always greeted by an absolutely in control of her jokes— rapturous crowd that is then which, one has to admit, shown laughing uproariously canbeslightly appalling, at even the lamest jokes.Es- though the deliveryis pecially afterthe lamest charming.Likewise,Ms. jokes.Editing is amagical Marvez,whose viewon thing. men and their “superpow- Thestand-up special as a ers”—not caring,not lis- phenomenon is probably tening—is represented providing lifesupport forthe with calibrated exaspera- entireart form, but it’salot tion. And will amuse male to ask of acomedian—espe- fans as much as the cially ayoung one—todoan women. entirehour’s worth of first- Comedy is always wel- rate material. Which is one come,until it wearsout its way in which HBO’s“HA Fes- welcome.“HA Festival,” tival: TheArt of Comedy” being as brisk as it is, distinguishes itself from the never runs arisk of crash- rest of itsilk.Filmed in Feb- ing intoboredom, cer- ruaryonthe final night of tainly,orevenlosing its the liveSan Antonio festival, way.Thereisasmall taped the hourlong special is in- tributeabout midway tended to showcase rising through the special in Latino comedians,and ends which EvaLongoria intro- up,perhaps inadvertently, duces atributetoLupe championing women come- Ontiveros,who died in dians specifically—Gina Bril- 2012 and played, according lon, Carmen Lynch and Mo- to Ms.Longoria, morethan nique Marvez arethe most 150 maid roles.The re- accomplished on the bill. All, corded comic bit starring however, areseemingly un- Ms.Ontiveros is about as der the guntomaketheir close as “The Art of Com- mark and vacate the stage; a edy” gets to taking ethnic couple seem to be checking umbragewith the enter- the warning light to see how tainment industry, but it’s much time they have.The also toofunnytomiss. departures mayevenseem a

bit abrupt. But it’sacomfort HA Festival: The Artof X

to the audience: No matter Comedy MA A scene from HBO’s ‘HA Festival: The Art of Comedy’; the hourlong special is intended to showcase rising Latino comedians howbad aperformance Thursday, HBO Max HBO P2JW232000-0-A01400-1------XA

A14 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. SPORTS AProtocol Violation Divides aTeam

Cleveland banished Zach Plesac and Mike Clevinger after they broke MLB’s health rules by going out after a game

BY JARED DIAMOND From a strictly baseball per- spective, it’s impossible to argue hen Cleveland In- the Indians are a better team with- dians pitchers out Clevinger, and it’s almost un- Zach Plesac and fathomable the Indians would’ve Mike Clevinger ever considered optioning him un- W der normal circumstances. He sneaked out of the team’s hotel in Chicago in viola- owns a 2.97 ERA since 2017, sec- tion of baseball’s health protocols ond-best among all American earlier this month, they risked ex- League pitchers with at least 75 posing their co-workers to the cor- starts over that span. onavirus. In response, the Indians With Plesac, the Indians were sent them home for a few days to considering optioning him before quarantine. all of this. Despite his 1.29 ERA in But more than a week later, Ple- three outings, Plesac is the Indi- sac and Clevinger are still facing ans’ fifth starter, and thanks to a serious consequences for their trio of off days, they were consid- mistake—and it could wind up ering using a four-man staff for a costing them a lot of money. couple of weeks. Cleveland’s start- Plesac and Clevinger’s decision ers entered Tuesday with a MLB- to go out after a game on Aug. 8 best 2.58 ERA. One of their other has created an extraordinary rift pitchers, Carlos Carrasco, under- in the Indians’ clubhouse. Other went treatment for leukemia last players have accused them of be- year. trayal, ultimately resulting in the “It’s not about that one person,” Indians jettisoning 40% of their Indians shortstop Francisco Lindor vaunted starting rotation from the said. “It’s about everybody around major-league roster. you: the family members, the It’s a glimpse at the kind of so- coaching staff, Carrasco, all the cial disaster that could be lurking players on other teams that are in any workplace when employees high-risk.” aren’t truthful with each other Indians players were angry not about their behavior during the just with what Clevinger and Ple- pandemic. sac did, but how they responded In this case, Plesac made mat- to it. MLB’s compliance monitors ters worse by posting an Insta- Adecision by MikeClevinger,above, caught Plesac breaking the rules gram video late last week in which and Zach Plesac, right, to go out after after his start on Aug. 8, prompt- he acknowledged that he went out agame createdarift in the clubhouse. ing the Indians to send him home to dinner with a group and then in a car service. visited a friend’s place. He said The decision to banish Plesac When the Indians reconvened that he was “disgusted [with] the and Clevinger, neither of whom the next day, Clevinger didn’t ad- way the media has handled this has tested positive for the virus, mit that he was with Plesac, and whole situation surrounding our could come with enormous reper- they didn’t find out until after he team” and defended his actions. cussions that extend far beyond flew with the team back to Cleve- The next day, he and Clevinger the Indians’ championship aspira- land. Clevinger released a state- learned that their teammates tions. It could potentially take mil- ment last week, “There is no ex- didn’t see it that way. The Indians lions of dollars out of their bank cuse for my actions, and I can only gave them the opportunity to ex- accounts over the course of their take responsibility and learn from plain what happened, summoning careers. my mistakes.” them to Detroit to speak to the en- MLB’s collective bargaining Meanwhile, five days after his tire traveling party in a meeting agreement stipulates that players transgression, Plesac uploaded his on Friday that would settle their can be stashed in the minors for since-deleted Instagram video. immediate fates. The purpose, a up to 19 days during a season Cleveland manager Terry Francona person familiar with the matter without losing service time—an in- described the post as “disappoint- said, was to provide an open fo- tegral part of the sport’s economic ing.” Plesac had previously said in rum for Plesac and Clevinger to re- structure that dictates when play- a statement, “I realize I made a gain their teammates’ trust before ers reach salary arbitration and poor choice to leave the hotel.” determining whether to return free agency. If the Indians keep Baseball always knew protocol them to the squad. Clevinger down for 20 days, he Plesac, 25, could face repercus- tentious labor issue in recent violations would be a part of the The conversation apparently would finish the season exactly sions as well. If he stayed with the years, with the union accusing 2020 season. didn’t go well. A one day short of Indians this season and next, he teams of keeping players in the By not playing in a self-con- consensus formed reaching four full would have a chance of being eligi- minors just long enough to delay tained bubble, like several other S among the other years of service. ble for salary arbitration sooner, their free agency by a year at the North American professional players that Plesac It’s a glimpse at the The fallout from dramatically increasing his short- expense of trying to compete. sports, players going out on the PRES and Clevinger that would be dra- term earnings. As a young player The collective bargaining agree- road was all but inevitable. The TED

kind of social CIA

hadn’t healed the matic. Players be- who made his debut in the majors ment grants management broad Miami Marlins and St. Louis Cardi- SO

schism that they disaster that could come free agents af- just last year, he also faces a rights regarding how to run base- nals have already endured signifi- AS

caused to their sat- be lurking in any ter six years of $2,200 pay cut for every day he’s ball operations. Slugger Kris Bry- cant outbreaks that threw their HUH/ isfaction, the per- service, so that ex- away from the Indians this season. ant lost a service-time manipula- schedules into turmoil. Y. workplace. M

son said. Later that tra day would make Unless another player goes on tion grievance against the Chicago But the situation with the Indi- NA day, the Indians the difference be- the injured list to open a spot, Cubs earlier this year. ans demonstrates that contracting sent Plesac and tween Clevinger hit- Clevinger and Plesac must remain “This isn’t punitive in any way,” the coronavirus isn’t the only pos- GES; Clevinger to their ting the open mar- at the alternate site at least Indians president of baseball oper- sible penalty for getting caught. IMA

alternate site, the 2020 equivalent ket after 2022 versus 2023, when through this weekend. If the Indi- ations Chris Antonetti said of Clevinger and Plesac have learned ETTY of demoting them to the minors. he’d be approaching his 33rd ans don’t promote them back to Clevinger and Plesac on Friday. that firsthand. /G “They hurt us bad,” Indians birthday. When Clevinger becomes Cleveland shortly after that, the “Given what’s transpired and how “Those grown-ass men can sit pitcher Adam Plutko said last available is significant in terms of Major League Baseball Players As- people are feeling, we thought, at here and tell you guys what hap- MILLER ON week. “They lied to us. They sat the length and value of his future sociation could pursue a grievance, least for the time being, this is the pened and tell you guys what JAS

here in front of [the media] and contract, because teams rarely arguing that the team manipulated best thing for us to do to put our they’re going to do to fix it,” P: publicly said things that they sign pitchers for big money into their service time in bad faith. team in the best position to suc- Plutko said. “I don’t need to do TO OM

didn’t follow through on.” their late 30s. This has been an increasingly con- ceed.” that for them.” FR

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THE WALL STREET JOURNAL. **** We dnesday, August 19, 2020 | A15 OPINION Obama’s Mail-In Campfire Tale BOOKSHELF | By Barton Swaim

In anywar fice to sabotagethe election, postmarked ballotsintothe circumstances beyond his Social Justice the propa- and ended with seniorsnot processknowing they will be control. ganda battle getting their Social Security rejected so youcan accuse Republicans areall about canattimes checks and veterans their your opponent of disenfran- winning too. And they have be hardtolifesaving medications. chising voters?Why not tar- lawyers. Let’sfaceit, ballot Goes to School relatetode- All this is completely made getyour best districtswith confusion is an insurancepol- BUSINESS velopments up,aswell as ironically de- extraeffortstolureunquali- icyboth parties candeploy WORLD on the tached from the fact that the fied or questionable ballots afterElection Day. Muddying The Cult of Smart ground. This 32% collapse in first-class that perhapscan be mined the waters,ofcourse,isthe By Holman W. is true of mail volume happened on Mr. later to reverseanarrow repeated disenfranchisement By Fredrik deBoer Jenkins, Jr. the Postal Obama’swatch.He’sasguilty loss? of minority voters in badly (All Points, 276 pages, $28.99) Serviceskir- as anyone of not forcing the President Obama’sads administered elections in ju- mish that has emergedinthe post officetoadapt to a against MittRomney would risdictions ruled by Demo- t the heart of America’s system of public education is 2020 presidential election. changing market. have been castigated by the crats. This is aseparateprob- A apieceofhumbug.Itgoes something likethis: Every Donald Trump, as he does, An enduring puzzle is why media as demagogic and dis- lem of Democratstaking child has an equal capacity to excelinschool, and said something dumb,con- I’m supposed to be especially honest if Mr.Obama hadn’t black voters forgranted, now scholastic effort is the chief means by which ayoung person flating unrelated things. Of outraged aboutMr. Trump’s been aDemocrat. He played being addressed in many mayachieveafulfilling and prosperous life. Fredrik deBoer, postal bailout legislation in shamelessbirtherism. Is it be- blue-run cities by street dem- aprolific commentator and education policyexpert, has Congress,hesaid he didn’t cause an outsider wascompet- onstrations against long- written“TheCult of Smart: HowOur Broken Education supportthe bill because he ing with insidersattheir own The ex-president’s standing inequities. System Perpetuates Social Injustice” mainly to expose this doesn’t likethe idea of uni- game of nonstop mendacity Murphy’slaw also plays a doctrine as the well-meaning but destructivefiction it is. versal mail-in voting.It’snot and disingenuousness? hooey distracts from role.Our electorateischarac- That some children lack the intellectual aptitude to unusual forpoliticians to use Backtothe subject: There’s the growing role of terized as “polarized,” but a achieve anything but modest academic success ought to be symbolic occasions to make little evidenceofmail-in or better description might be obvious to anymoderately observant person. That is not rhetorical points, but the absentee-ballotfraud, goes a election lawyers. divided down the middle.Mr. to saythat academically deficient kids arestupid or lazy. truth remains: the Postal Ser- standardmedia talking point. Trump would not be presi- Abrief look at the list of gargantuan stupidities promoted by viceisadequately funded for This is likesaying bank rob- dent without millions of pre-eminent intellectuals over the past 300 yearsissufficient thenext77days.Any voting- beries areraresolet’smove down Russian meddling when Obama voters.This canlead to invalidateany correlation between academic aptitude and related mail will be asmall the money from the vault and he thought HillaryClinton to outcomes so narrow that either wisdom or decency. Theuneducated shopkeeper,ifI fraction of normal mail vol- pile it up in the middle of the wasgoing to win, then did all they occasionally makea maybang the populist drum foramoment, frequently has far ume.Apotential disaster lobby.Elections,infact, are he could to launch the Rus- spectacle of our inability to moretocontributetohuman arises not because of any un- high on the list of thingsthat sia-collusion fraud on his way count voteswith precision. flourishing than anyIvy- usual deficiencyatthe post people liketosteal and will out the door. What’sastrategic voterto educated mandarin. But, office but because of unreal- steal if opportunities are Don’t forget the divorce do (one who votesnot neces- alas,the dominant outlook istic ballot deadline and vali- available. scandals he ginned up against sarily forthe candidateshe in American public education dation standards imposed In the U.S.,election steal- two more-prominent Senate likes best)? In recent years, is militantly egalitarian and recklessly by the states. ingand rigging noware ac- contenders, one from each she might have votedfor the thus unable to permit any But Barack Obama is not tivities dominated by law- party, in his initial Senate expected loser’s party to keep suggestion of intrinsic onetobedeterred by mere yers.The parties have their race.Heisnot the angel his the expected winner in check difference. Even to suggest the factual considerations from favoriteballot rules depend- packaging pretends. (gridlock). This year,she possibility that some kids are seizing on Mr.Trump’sdumb ing on partisan advantage, Nor should it escape notice might vote forthe candidate naturally betterinschool than remark.And he does have a but, if truth be told, metasta- that leading the Democratic who seems most likely to othersisenough to invite knack forcalling the tune and sizing ballot ambiguities also charge in numerous voting- win. Why? To provide abig nervous warningsagainst knowing that the self-lackey- gives them away to fight related lawsuitsalready filed enough margin to stop the bigotryand eugenicism. ing in the media will fall in over outcomes afterthe vote around the countryislawyer election lawyersfromcreat- Of course,some differences line. has been cast. Theveryna- MarcElias,last seen oversee- ingchaos and spinning tales in scholastic achievement are In his podcast riff,hetureofcheating maybeing creation of the Steele to delegitimizethe victor as attributable to socioeconomic started off with Mr.Trump changing.Why not dump a dossier and then lying about HillaryClinton and Demo- circumstances,but not to the trying to “starve” the post of- bunch of illegibly signed, un- it untilforcedtofessupby cratsdid after2016. degree most education professionals suppose.“Studentsin abject poverty sometimes escape to lives of tremendous intellectual achievement,” Mr.deBoer notes,“and the children of affluenceare sometimes dumb as rocks.” Putting Aside Politics on the Post Office If youare persuaded by his argument and youare agood American liberal, youare in trouble.Twenty-first-century President facing tough re-elections made was that it could function Although the Postal Service liberalism, mistaking intellectual capacity for intrinsic Trump’s an- their objections to the changes without direct federal appro- has slowly whittled down its moral worth, cannot abide the supposition that some tipathytothe known. priations.With the advent of offices and workforce during studentsare naturally brighter than others. Conservatives U.S. Postal Thepresident has been ex- email and increased competi- the past two decades,revenue- arequiteathome with this view, just as they areaccustomed Serviceisplicit about his reasons fornot tion from privatecarrierssuch generating services have de- to the bogus accusations of racism that usually come with it. nothing new. acting to solvethese prob- as FedEx and UPS, this goal clined much more rapidly. But Mr.deBoer is neither aliberal nor aconservativenor a POLITICS But the ser- lems. Mr. Trump said last has become much harder to Since2000,the overall volume libertarian. He is aMarxist. He isn’t aMarxist in the way & IDEAS vicehad been week that if he doesn’t ap- achieve, in part because legal of mail handled annually has academic literarycritics call themselves Marxists—they making proveemergencyfunding for restrictions and expectations fallen by 31.4%, from 207.9 bil- believeinsome form of historical materialism but aren’t By William changes under the USPS,states“can’t have preclude manymeasures that lion pieces to 142.6billion in interested in an actual revolution. When Mr. deBoer writes A. Galston the leadership universal mail-in voting.” He might improvethe business 2019.First-classmail, aprofit- “I am aMarxist,” he means it. He uses the term “communist” of Postmaster believes that if postal opera- proposition. able service, has declined by favorably and unironically,and the latterpart of the book General Louis DeJoy,aTrump tions areslowed, the volume 33.6%inthe past decade. attemptstoenvision “exactly what asocialist society would campaign contributor.Inre- of mail-in ballots—which he Packagedeliveryhas increased look like” (such a state of affairs having yet to come about cent months,overtime was sees as asource of electoral The USPS needs cash substantially but has not filled in the 137 yearssinceMarx’sdeath). slashed, and employees were fraud—will be reduced. Repub- the gap. Readersofthis newspaper,who mostly have afavorable directed to leave mail behind licans aremuch moreinclined now—but also reforms Reforming theUSPS raises viewofcapitalism and regard Marxism as an unqualified if it wasprocessed toolate. to vote in person than Demo- such as dropping difficult social questions,too. failure, maybetempted to stop reading here. But Mr. Citizens noticed that the mail crats, who aremoreworried Morethan 23% of itsemploy- deBoer’s book deserves attention forthe way in which the wasmoving moreslowly and aboutpotential exposureto Saturday mail. ees areblack,compared with author honestly faces one of modern liberalism’sgreat lessreliably,and elected rep- Covid-19 if they stand in line 13% forthe overall U.S. work- inanitiesand addresses it using only the tenetsofthe resentatives reported receiv- to cast their ballots. force. While veterans makeup political left. It is an extraordinaryeffort. Iwill tryto ingmorecomplaints. Only ahandful of states It is very difficult forthe 6% of the workforce,the summarizehis thinking in acouple of sentences.Sincemany This wasplaying with fire, vote exclusively by mail, and Postal Servicetoconsolidate Postal Serviceemploys more students, owing to both socioeconomic factorsand reasons so much so that on Tuesday feware proposing to join offices,cut staff,eliminate than 100,000 of them, about of intrinsic ability,simply can’t excelinthe scholastic rat afternoon, Mr.DeJoy felt com- them. But some 40% or 50% of marginal services such as Sat- 16%ofits employees. race and “knowledgeeconomy” that liberal capitalism has pelled to announcehewas Americans have said in polls urdaydelivery, and compete TheUSPS has warned that suspending these changes.Af- that they’d prefer to vote by moreeffectively.New require- withoutaninfusion of funds terall, the public consistently mail this year; only about 24% mentsfromCongress, such as from Congress, normal opera- Modern liberalism, mistaking intellectual ranks the USPS at the topof votedbymail or absentee in the prefunding of retiree tions might be curtailed as capacityfor intrinsic worth, can’t abide theidea federal agencies,with 91% reg- 2016.Moreballotswill reach health benefits, have made a earlyasthis fall. With mass istering approval in arecent voters toolatetobereturned badsituation worse. unemployment and alooming that some studentsare brighter than others. survey by thePew Research on time.Four yearsago, about TheUSPS has not turned a presidential election, it is hard Center.Large majorities sup- 1% of mail-in ballotswerere- net profit since2006.Between to believethat Congressand port government subsidies to jected forthis and other rea- 2007 and March 31 of this thepresident would let this created, the meritocratic aspiration itself must be abolished shoreitup. Post offices are sons.This year,the sharecould year,the servicehas incurred happen. and replaced with radical redistributionism. And sincekids lifelines formanysmall towns be high enough to makeadif- cumulativelosses of $83.1 bil- Still, additional funds will from underprivileged backgrounds stand an extremely poor and ruralareas,whereletter ferenceincontested states. lion,only some of which is at- only transfuse blood intoa chance of achieving better economic circumstances, carriersare cherished mem- Although the postmaster tributable to expenses within desperatepatient, andincre- society’s duty is not to figure out waystoboost their bers of the community.Every general’stiming wasterrible, the control of management. It mental measures will merely chances in acapitalist system—that’sthe dream of member of Congresshas an in- he has apoint. When Congress owes morethan $11 billion to postpone the inevitable.Like “education reformers,” to use Mr.deBoer’s derisiveterm— terest in maintaining the removed the Post OfficeDe- the U.S. Treasuryand $59 bil- so many of our institutions, but to demolish the entiremeritocratic system and give USPS,with millions of Ameri- partment from the cabinet half lion in mandatorybut unpaid the USPS needs structural re- those kids equal economic circumstances to begin with. cans depending on the prompt acenturyago and made it an contributions to employee form, the options arewell un- Mr.deBoer defends public schools and education-related delivery of medicines and independent entity within the pension and retiree health derstood, and the obstacle is welfareprograms on moral rather than utilitarian grounds. checks.Republican senators executivebranch, the hope funds, as PewResearch notes. politicalwill. Idon’t think Ihaveeverread ascholar of the leftconcede, as Mr.deBoer does readily and to his credit, that after- school and pre-K programs do virtually nothing to improve educational outcomes. But he believes these programs A Good Year for Stakeholder Capitalism ought to be dramatically expanded on the grounds that it is society’s duty to affordequal justicetoall. By Joshua Bolten terwages and benefits, and the other side, the statement capitalism has also had ama- Theauthor bearsaspecial hatred forcharter schools, supportfor struggling com- attractedsharp criticism from lignant influenceonour poli- but his attacks do him no credit. The point of charter t’sbeen ayear since181 munities.They called forin- defendersof“shareholder pri- tics—undermining public con- schools is not, as he tendentiously has it, to “force tradi- I CEOs of America’slargest creasesinthe federal mini- macy,” who arguethat corpo- fidenceinthe free-market tional public schools to compete” and so to bring about companies overturned a mumwageand paid family rations areill-equipped to system and fueling support “school closures and teacher firings”; it is to give some 22-year-old policy statement medical leave. solvesocial problems and for politicians who oppose it. public schools maximum flexibility and so to distinguish the that defined acorporation’s Respondingtothe pan- shouldn’t try. If workersare told that their administrative and instructional practices that work from principal purpose as maximiz- demic,companies delivered We agree that business interestsare irrelevant and those that don’t. But since charters are premised on the ing shareholder return. In its bonusesand raises to front- shouldn’t usurp government’s they’reemployedsolely to idea that some schools perform their function better than place, BusinessRoundtable line workers. Several retooled proper role.Companies can, boost short-term share others, Mr. deBoer feels he must discredit them. It’s too adoptedanew Statement on operations to fill medical-sup- however, do their part by in- prices,why would they sup- bad. Inotethat Thomas Sowell’s“Charter Schools and the Purpose of a Corporation ply shortages.Manyare giving vesting in their employees, port capitalism? Their Enemies,” published in June, spends an entire chapter declaring that companies generously to support their customers, suppliersand com- Business Roundtable CEOs acknowledging the myriad differences among students in should not only servetheir communities.Othersare at munities.Far from undermin- reject this quick-hit, short- academic capabilities. You would think from Mr. deBoer’s shareholders but also deliver ing shareholdersorcapital- term capitalism. They agree account that only he has the courage to say such a thing. value to their customers, in- ism, the manyactions major with manyofthe nation’s Mr.deBoer claims repeatedly,for example,that charter vest in employees, deal fairly Business Roundtable corporations aretaking to largest investorsthat the schools achievebetterrankingsbysystematically expelling with suppliers, and support CEOs are living up to support all stakeholderswill health of both companies and studentsfor disciplinaryreasons and neglecting to replace the communities in which paydividends,especially as capitalism depends on invest- them. Oh, please.For expulsions to work as aployfor they operate. their commitments. the American economybattles ments in all stakeholders. boosting rankings, charter administratorswould need to TheCEOs who signed the to grow again. Even beforethe pandemic knowahead of time which studentswill perform badly on newstatement believeitbet- One group of critics areun- and economic downturn, too standardized tests, when of course they knownosuch thing terreflectstheir conviction the forefront of efforts to de- likely to be comforted: inves- manyAmericans were strug- (see Mr.deBoer’s comment about some children of affluence that businesses can’t flourish velop avaccine.CEOs have tors whose businessmodel glingwith financial insecu- being dumb as rocks). And the numbersdon’t add up: To over thelong term or appro- also pressedpolicymakersto depends on quick spikes in rity.Now millions of them, achievehigher rankingsbygetting rid of students, charters priately reward their share- assist individuals and small sharevalue.These short-term alongwith businesses of all would have to expel vastly morestudentsthan they do. holderswithout investing in businesses hit by the crisis.In shareholdersare amalignant sizes,are fighting to stay Mr.deBoer rightly criticizes an education system that thestakeholderswho make recent weeks,CEOs have made influenceonAmerican busi- afloat. Thework of leading condemns the academically indifferent to second-ratestatus. success possible. newcommitmentstopromote ness—for example,bypres- enterprises that benefit all Youwonder,though, what the world would look likeafter the Companies have held to racial equality and diversity in suring companies to forego in- stakeholders—and therefore sort of revolution he proposes: arevolutioninwhich the their commitments. Even be- their own companies. vestmentsinplants, prosper over the long term— educated—it’salways the educated who carryout revolutions— fore Covid-19 hit, many These actions should reas- equipment, research and is ever moreimportant. assume the powertoremakesociety.Ipreferthe Cult of Smart, Roundtable companies were surethose who were skeptical workforce to meet quarterly forall itsproblems,tothe Dictatorship of the Proletariat. making substantial invest- about the seriousnessofthe financial targets. Mr. Bolten is president and mentsinworker training,bet- Roundtable’scommitment. On Short-term-shareholder CEO of Business Roundtable. Mr. Swaim is an editorial-page writer for the Journal. P2JW232000-0-A01600-1------XA

A16 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Obama-Biden Economy Redux Are Externalities Enough to Mandate Masks?

he Democratic convention case against and length of what he calls the “redistribution In “Individual ChoiceIsaBad Fit ersand subsidizing victims is the President Trump boils down to Covid recession.” forCovid Safety” (op-ed, Aug.13), blackboardsolution. But Mr.Blinder T andcharacter,and the polls suggest it’s Anotherlesson is howquickly the Obama Alan S. Blinder has the storyonly half fails to mention that manyeconomists right. Thereare externalities that areskeptical of giving politicians the working.But the biggerissue Democratspivoted from re- Thepolicymix that led could be mitigated if all citizens wore powertoimpose that solution because next year will be reviving the covery to social revolution, masks.But persuasion would be much politicians faceincentives that make economyfromthe shutdown to slowgrowthand rising and howdestructivethat moreeffectivethan command and their solutions likely to come with recession, and on that score pivot was. With the Afford- control. Consider that Mothers large costsoftheir own. Those costs the Democratsare mostly inequalityisback. able CareAct, Mr.Obama and Against Drunk Driving did moretore- mayevenoutweigh the externality. quiet. Perhaps that’sbecause Speaker NancyPelosi reorga- ducealcohol-induced carnagethan all So it is with Mr.Blinder’s mask JoeBiden is promising to re- nized one-sixth of the econ- the traffic ticketseverwritten. mandate. Themarginal gains in mask peat the same policymix that produced the slow- omy. Thelaw’s combination of taxhikes,regu- Let’snot pretend that enforcement usagemay be lessthan the costsof est recovery in modern times during the Obama latorydiktats and the uncertainty attendant will be effective. Howisthe drug war moreinteractions between citizens years. Therecordisworth examining. on “passing the lawtolearn what’sinit”hob- going these days?And who,exactly, and police. We should choose to wear pays attention to the 55-mile-per-hour masks,but we shouldn’t believethat iii bled the recovery. speed-limit signs? Moreover,enforce- mandates will work as the blackboard Mr.Biden’scheerleadersdeclarethe Obama Now Mr. Biden is promising to repeat this, ment is oftenarbitraryand politically models promise.They maybecome Administration a smashing economic success. but on a grander scale in health care and his selective. What else explains why another way forlaw enforcement to They sayheinherited the deepest recession version of aGreen NewDeal. Theeconomic massprotestsand even riotswereal- harassthe relatively powerless. since the Great Depression, and handed Presi- manifestohis policyteam co-authored with lowedwhile church services were for- PROF. STEVEN HORWITZ dent Trump the longest expansion on record. staffersfromthe Bernie Sanderscampaign bidden on public-health grounds? Why Ball State University Mr.Obama did getsome thingsright. He toler- promises to install 500 million solar panels in is it that liquor stores and lottery Muncie, Ind. ated the shale energy revolution that emerged five years, eliminatecarbon emissions from sales were deemed “essential services” on his watch, albeit on private land. Only late powerplants, and replaceevery school bus with but churches weren’t? Mr.Blinder is one of manypeople in his term did he trytostrangle it with pipeline agreen model. Thedocument doesn’t explicitly JOE BENNING who work indoorsinstructing us to bans and regulation. Despiteconflicting in- ban fossil-fuel production but it promises new Reston, Va. wear masks.Try telling that to some- stinctsontrade policy, he also pushed forprog- rules that will raise costs and curtail it. one working in 100-degree weather. By Mr.Blinder’s reasoning,any JIM SMEDRA ress on major multilateral trade deals with Eu- Notethat one political consequenceofthese number of liberties could be curtailed Grand Prairie, Texas rope and around the Pacific. policyfailures wastolean moreheavily on mon- in the name of eliminating externali- But the overall economic numberstell aneg- etarypolicytosalvagearecoveryfromMr. ties.One could makethe case that Mr.Blinder concedes that requiring ative story. Annual economic growth, adjusted Obama’sbad instincts, and the Federal Reserve smoking and vaping should be illegal. social distancing and masking re- forinflation, averaged 2.3% afterthe recession created distortions to do so. Alcohol, motorcycles and softdrinks strictsindividual liberty,but counters, ended in June 2009 acrossMr. Obama’stwo By refusing to normalizemonetarypolicyaf- wouldn’t be far behind—remember, “So do redlightsand speed limits.” terms. Despite the length of the post-2009 ex- terthe financial panic ended, the Ben Bernanke- the government pays much of the But therearen’t redlightsonevery pansion, it was shallow. Janet Yellen Fedinflated asset bubbles on stock country’shealth-carecosts. While corner and the speed limitsare vari- Sluggish growth went hand-in-hand with the exchanges, in corporate debt markets, urban mask wearing is beneficial in certain able.Iliveinacommunity of 387 peo- worstlabor recovery in generations.The unem- property markets, and other partsofthe world. settings, we need to be thoughtful ple.Wehavethree stop lightsinthe howweget there. “It would be good if whole county.What were yousaying ployment rate peaked at 10% in October 2009 and These booms mainly benefited asset ownersat people did it” can’t be asufficient rea- about that enforcedmandate? didn’t reach the pre-recession level of 4.4% until the expense of wage earnersand entrepreneurs. son to forceeveryone to do it. KEVIN FRY March 2017. That painfully slowhealing over- The result was a damaging form of inequality, R. MARK SAROYAN, M.D. Ewing, Neb. states the improvement sincesomanyAmericans newinAmerica, that rewarded asset ownership Palos Verdes, Calif. dropped out of the workforce. or political connections instead of innovation If afactoryupriver from me is The labor participation rate—roughly, the and hard work. Kudos to Mr.Blinder fortaking on spewing toxic wasteand impacting percentage of working-age adults working or Even with the Fed’s exertions, the economy the anti-maskers. Unfortunately,our the quality of my drinking water, actively seeking work—fell to 62.8%when Presi- slowed in 2015 and nearly fell into recession. cultureofruggedindividualism and theremay not be much Ican do about dent Obama left office in January 2017 from a Growth in the last six quarters of the Obama itsrelated thinking,“me and mine” it. Ineed the government to address pre-recession 66.2% in January2008 at the on- Presidencyaveragedlessthan 1.9%. This helped and “survival of the fittest,” as op- that problem. But if Iwalk to ashop set of the recession. The participation rate for Donald Trump make the case that the Obama posed to “weand ours” and “survival and someone inside isn’t wearing a of us all together,” has contributed to mask,Iamfreetowalk away.Once men of prime working age (25-54) never rose expansion had left behind working people. the U.S. position of world leadership enough people walk away,that shop much above88% throughout Mr.Obama’sten- iii in cases and fatalities. owner will be moved to requiremasks ure, by far its lowest rate since records began TheBiden economic plan is best under- FRANK G. SPLITT forall who enter.Inthis case,individ- in 1948. stoodasObamanomics pulled leftbyBernie Mount Prospect, Ill. ual choiceand personal freedom are Mr. Obama’s contribution was to make the Sanders. He’draise taxesby$3trillion by his the best way to achieveCovid safety. Main Street recovery more difficult with mis- count—about $4 trillion by independent calcu- Pollution is the classic example of a JUSTIN SHORT takesthe Biden Democratsseem set on repeat- lations.His spending plans runtoatleast $7.4 negativeexternality,and taxing pollut- Dallas ing.Chief among these wasthe $800 billion trillion, conservatively estimated. His labor “stimulus” spending bill in 2009 that wassup- proposals arethe most pro-union sincethe posed to galvanizearapid recovery.But the 1935 Wagner Act. Regulations on health care, Lack of Progressivism Is Not Arab Free ThinkersNeedn’t shovel-ready projects weren’t ready. Most of energy,transportation, technologyand fi- themoney wasspent on income and social- nancewill multiply,often with apriority of re- Holding the DemocratsBack Flee to Have Great Influence worker transfer payments that did nothing to ducing racial inequities rather than increasing “Building an identity-politics coali- Daniel Pipes argues that apostate change incentives to work and invest. opportunity. tion isn’t the same thing as embrac- Muslims living abroad send shock Thepaymentsalso penalized work in the The U.S. economy will have a growth spurt ing progressivepolicies,” writes Ted wavestothe Islamic world where name of supporting laid-off workers. One signa- in 2021 as the pandemic ends no matter who Rall (“Kamala Harris Won’t Satisfy custom and persecution have pro- turepolicywas asignificant extension of unem- wins the election. But over time these destruc- Progressives,” op-ed, Aug.12). “Less tected religion from criticism ployment benefits, to 99 weeks,that paid peo- tivepolicies will inevitably lead to slower than 80% of Sandersprimaryvoters (“When Muslims Leavethe Faith,” ple not to work long afterthe recession ended. growth. TheFed will be called to do even more, votedfor Mrs. Clinton, and 12% sup- Houses of Worship,Aug.7). His as- Sound familiar? Measures ranging from ex- perhaps including bond purchases of private ported Mr.Trump.” sumption that expatriation is key to panded eligibility for food stamps to means- companies and modern monetarytheory’sdebt Progressives such as Mr.Rall successfulcriticism is false.Afew blame insufficient progressivism for examples of Arab free thinkerswill tested subsidies for mortgage borrowing pun- monetization. Asset holders will benefit more election losses as night follows day. have to suffice: ished people who worked more. than wage earners. But substantial party defections be- TheEgyptian Taha Husayn Casey Mulligan of the University of Chicago This may not matter in the election, since tween the primaryand the general (1889-1973), the “dean of Arab let- added up the various benefitsand estimated Democratsand Donald Trump both want to election aren’t unusual. A2008 You- ters,” argued that the Quran’sstory the marginal taxratecreated by thephase-out makethis areferendum on Donald Trump.But Gov survey found 25% of respon- of Abraham and Ishmael doesn’t es- of benefitsasworkersearned morerose to voters should be under no illusions about what dentswho supported HillaryClinton tablish their historicity,and that the 48% from 40% beforethe recession. Mr.Mulli- they’re buying in the Biden agenda, and under in primaries went on to vote for building of the Kaaba mayhavebeen ganargues these labor-market distortions no fog of amnesia concerning what happened John McCain. amythtoprovide Islam amonotheis- bear most of theresponsibility forthe depth the last time. Thefabled 12% of Sandersvoters tic pedigree; the Syrian Ali Ahmad who went forDonald Trump were Said, known as Adunis,the Arab older and whiter than the average world’smost prominent living poet, Sandersvoter.Amere18% identified describes himself as an atheist, re- John Kasich vs. Bernie Sanders as liberals,and only about 25% voted jecting God as absoluteand separate foraDemocratic candidatefor Con- from the cosmos; the Egyptian Nawal nhour intothe firstnight of the Demo- amples of howJoe will moveusforward,” Mr. gress. Nearly half disagreed that al-Saadawi wroteaplayinwhich God cratic National Convention, former Ohio Sanderssaid. “Joe supportsraising the mini- whitepeople enjoyadvantagesin resigns,denouncing the misogyny A Governor John Kasich gavethe ex- mum wage to $15 an hour.” He’ll “fund univer- American society. and other evils that he has promoted. pected argument. “I’m a life- sal pre-K for3-and 4-year- Hard-line leftism didn’t make Responses to such critics have var- long Republican,” he said. The Republican case for olds.” He’ll “fight the threat Sandersvotersofthese folks.Isee ied, including acclaim, hostility,toler- “But these arenot normal Biden is apparently to of climatechangebytransi- no reason to believeitwould have ance, heated but peaceful debate, times.” He praised JoeBiden’s tioning us to 100% clean elec- drawnthem to Mrs. Clinton or to a censorship,trials and persecutions, “experience, and his wisdom, ignore his platform. tricity over the next 15 moreleft-wing vicepresidential pick assassinations and even death sen- and his decency.” years.” He’ll “lowerthe eligi- this year. tences.Such thinkershaveneverthe- MICHAEL SMITH less received considerable attention Then Mr. Kasich said this: bility ageofMedicarefrom Georgetown, Ky. and have been broadly influential. “I’m sure there are Republicans and indepen- 65 down to 60.” Mr.Pipes mentions aletterfroman dents who couldn’t imagine crossing over to More than a few Republicans think Donald anonymous Pakistani to the London support a Democrat. They fear Joe may turn Trump’scharacter and temperament areso School’sOut—and It’s Truly Observer praising Salman Rushdie sharp leftand leave them behind. Idon’t believe flawed that he can’t be trusted again with the A Blessing for the Introverts forpublishing “The Satanic Verses” that. Because I know the measure of the man: Presidency. Fair enough: Character matters.But and ending the isolation of ex-Mus- reasonable,faithful, respectful. And youknow, please don’t pretend that aBiden victory, with We have heardsomuch about lims.IsMr. Pipes ignorant of the no one pushes Joe around.” aDemocratic House and likely Senate, will pro- how“Lockdowns and School Shut- work of Syrian philosopher Sadiq This wascontradicted 25 minutes later, duceacentrist revelation of bipartisan comity. downs MayMakeYoungstersSicker” Jalal al-Azm (1934-2016) whose cele- when Bernie Sandersarrived to declareideo- Bernie Sanders probably has more insight on (Allysia Finley,op-ed, Aug.12): But bration of “The Satanic Verses” pre- howabout us introverts? Do we get cipitated awidespread debatein logical victory. “Let me offer youjust afew ex- that one than Mr. Kasich. avoiceinthe discussion? If the pub- Syria? lic schools had been shut down fora EM. PROF. RALPH M. COURY season when Iwas in junior high FairfieldUniversity Lend Freely at a Subsidized Rate (7th, 8th and 9th grades back then), New Haven, Conn. Iwould have thought I’ddied and alter Bagehot’s famous dictum that borrower can. The MTA is a political power- gone to heaven. central bankersshould lend freely at house backed by NewYork Senator Chuck Iwould have kept up with my “pa- Pepper ... W apenalty rate in acrisis is as quaint Schumer, the Minority Leader who could be in per packet”—or online assignments, And Salt today as the Victorian age in the majority next year. today—and had moreenergy forthe which he lived. Nowthe policy The Fed lends New Thenewsunderscores how subjectsIloved, such as math and THE WALL STREET JOURNAL is to lend freely at asubsi- much the Fed has leapt over history. Iwas no recluse; Iwould Yo rk’s MTA $451 million have missed my extracurricular ac- dized rate,especially to politi- guardrails in the pandemic— tivities.But overall Iwould have cally preferred borrowers. at a market discount. to the extent that it is acting thrived away from the cliques and That wasthe case Tuesday almost as an alternativefiscal social pressures that some adults when the Federal Reserve agency. If the MTAcan’t get seem to think aresovital to adoles- bought $451 millionofnotes sold by New more cash from the Treasury, and it’s already cent psychological development. Am York’sMetropolitan Transportation Authority. received $3.9 billion, the Fedwill offer conces- Ithe only one? TheFed bought the paper afterthe MTA, sionary terms. JOAN BROWN which is losing even moremoney than usual Thecentral bank is also taking on riskier St. Louis during the pandemic,turned down bids from debt than it did during the 2008 financial panic. privatebanks. This is the Fed’s second loan to a state or mu- Lettersintended forpublication should Bloomberg reports that the Fed charged a nicipal entity afterIllinois said it would borrow be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, true interest cost of 1.92%, “resulting in savings some $1.2 billion afterdiscovering it would or emailed to [email protected]. Please of over 85 basis points compared to the public have to pay a penalty rate in the private debt includeyour cityand state. All letters market levels,” according to an emailed state- markets. Given the fiscal condition of these bor- aresubject to editing,and unpublished “Our analysis says stocks are ment from MTAspokesperson Tim Minton. rowers, the Fed should be charging at least a letters canbeneither acknowledged nor pricey now, but my crystal ball returned. That’sanicerateifyou canget it, and not every market rate. But this is politics. says, ‘So what?’” P2JW232000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, August 19, 2020 | A17 OPINION The White House Prepared for a Pandemic

By Joel M. Zinberg forthe past 70 years. Theprocess is newvirus on Jan. 11, multiple vac- And Tomas J. Philipson tooslowtoproduceanew vaccine cines are in advanced clinical trials. foranovel, unexpected virus and im- Moderna shipped itsfirst batch of ew York Gov.Andrew pairsthe vaccines’ efficacyagainst shotstothe National Institutes of Cuomo launched the the flu. Public-private partnerships Health forPhase Itrials in arecord Democrats’ broadside created under a 2006 statute led to 44 days and recently started a N againstthe Trump ad- the development of newer, faster Phase III trial, the last step before ministration’sCovid-19 manufacturing techniques.But these approval. response. “Our current federal gov- vaccines aremoreexpensiveand ha- Thegovernment is also funding ernment is dysfunctional and incom- ven’t been widely adopted. drugstotreat Covid-19,including

petent,” he told virtual convention- Themain issue is that vaccine de- S $618 million to Regeneron Pharma- eers Mondayinarecorded speech. velopersaren’t rewarded forinnova- ceuticals to develop an antibody PRES “Itcouldn’t fight off the virus.In tion. Their research-and-develop- drug and supply 70,000 to 300,000 fact, it didn’t even see it coming.” ment and investment costsfor TED doses. Late-stage studies of Regen- CIA

In reality,the administration was improved vaccines arerecovered SO eron’sdrugtotreat infected patients well aware of the threat of apan- only through sales that occur in the AS and protect uninfected people are demicbeforethe novel coronavirus unlikely eventthat apandemic oc- under way,and it could be available emerged. We helped develop aSep- curs—there have only been four flu by late summer. tember 2019 WhiteHouse report, pandemics the past 100 years—even LENNIHAN/ CEA knewthat while pandemics

though vaccine innovation provides MARK arerareand unpredictable,sooner or benefits from risk-reduction before Gov. Andrew Cuomo at a June 15 press conference in Tarrytown, N.Y. later we would facethe need for A September 2019 report any pandemic. Vaccines have insur- rapid vaccine production with pro- laid the groundwork for ance value today that provides pro- privatepartnerships.” Novarex, partners Pfizer and BioN- found impact on the nation’shealth, tection against possible futuredam- Thereport and the order focused Tech, and partnersSanofiand Glaxo- economy and national security. The Operation Warp Speed. age, regardlessofwhether a on improving vaccine production for SmithKline.Contractshavealso been cost of Covid-19 from reduced eco- pandemic occurs. That meansthe so- influenza; anovel virus is asurprise signed to step up manufacturing of nomic activity and lives lost is esti- cial return from innovativevaccines by definition. Yetwhen Covid-19 ap- vaccine vials and syringes. mated at $15 billion aday.Even “Managing the Impact of Pandemic is greater than their private return peared afew months later,the ad- Through Operation Warp Speed, though the pandemic came quicker InfluenzaThrough Vaccine Innova- to developers. ministration expeditiously applied thegovernment assumes the eco- than anyone imagined, the country tion,” whichprompted immediate To overcome the problem of un- the report’s lessons on the value of nomic risk of establishing mass-pro- and the administration were pre- presidential action that has acceler- der-investment in rapidly produced public-privatepartnerships to speed duction capabilities while vaccines pared to apply the CEA report’s les- ated thedevelopment of aCovid vaccines,weproposed public invest- vaccine innovation and production. arestill in development, rather than sons. New vaccines are being devel- vaccine. ment in public-privateresearch-and- On March 30, less than three weeks waiting until afterapproval to scale oped at previouslyunimaginable Thereport wasproduced by the development partnerships to pro- afterthe World Health Organization up production. This will encourage speed. Council of Economic Advisersatthe mote vaccine innovation (“push” declared apandemic,the federal companies to invest in development behest of the National Security incentives) and preferential govern- government began investing with and facilitatefaster distribution of Dr.Zinberg is asenior fellow at Council’s biodefense team. It detailed ment purchase of vaccines produced privatevaccine developers. Opera- an eventual vaccine.The govern- the Competitive Enterprise Institute the large health and economic losses domestically from those partner- tion Warp Speed provided hundreds ment hasalready committedmore and an associate clinical professor of that could happen from flupandemic ships (“pull” incentives). On Sept. 19, of millions of dollarstoJohnson & than $8 billion to acceleratevaccine surgery at the Mount Sinai Icahn in the U.S. Thereport discussed how afew days afterthe CEA issued its Johnson, Moderna, and apartner- development and securedoses for School of Medicine in New York. He thelack of privatemarket incentives report, the president signed Execu- ship between AstraZenecaand the early distribution. served as senior economist and gen- had led to underinvestment in devel- tiveOrder 13887,which created sev- University of Oxfordtodevelop vac- Theresultsofthis public-private eral counsel at the CEA, 2017-19. Mr. oping and using innovativetechnolo- eral initiatives to modernizeflu-vac- cines and provide 100 million doses collaboration have been impressive. Philipson is aprofessor of public pol- gies that canquickly producevac- cine production, including evalua- by January 2021 of each one that is Vaccines fornew viruses normally icy at the University of Chicago. He cines for a new virus. tion of “incentives forthe develop- approved, which the government will take yearsand billions of dollarsto served as amember of the CEA, Influenzavaccines have primarily ment and production of vaccines by distributefreeofcharge.Similar ar- develop.Seven months afterChina 2017-20, and its acting chairman, been manufactured in chicken eggs privatemanufacturersand public- rangementsweremade later with shared the genetic sequenceofthe 2019-20. Will the Real Kamala Harris Please Stand Up?

We knowthat Ka- which is pronounced in manylow-in- attacked police, looted businesses, public safety in America,” she said. haps it is.But some Democratsmight mala Harris is slated come minority communities,by destroyedpublic property and over- “Wehaveconfused the idea that to also be wondering whythat lead isn’t to speak Wednesday threatening to prosecutethe parents takensections of major cities.Violent achievesafety,you put morecops on even larger given the tanked econ- night at the Demo- of studentswho regularly skipped crime,including shootingsand homi- the street, instead of understanding omy, the bungled Covid response and cratic National Con- school. “I would not be standing here cides,istrending upwardinbig cities [that] to achievesafeand healthy an incumbent with ajob-approval vention. What we were it not forthe education Ire- nationwide.You might think alaw- communities,you put moreresources rating in the low40s.Americans are UPWARD don’t knowiswhich ceived,” she said. “And Ibelievea and-order liberal on the ticket would intothe public education system of facing double-digit unemployment MOBILITY Kamala Harris will child going without an education is be exactly what Democratsneed to thosecommunities ...”Gee,Sen. rates, evictions,bankruptcies and un- showup. tantamount to acrime.” steal an issue from President Trump Harris.That sounds alot like“put certainty about sending children back By Jason L. JoeBiden chose In a2013 address, Ms.Harris ex- moneyintoeducation, not prisons,” to school, yetMr. Trump remains Riley the California sena- pressed a“fundamental problem” and it doesn’t addressthe reason within striking distance. WasMs. torashis running with her “progressive-thinking” and Onceatough-on-crime people have three padlocks on their Harris worth the risk? matebecause he wasunder pressure “liberal-minded” brethren who insist front door. Democratsdeservecredit forplay- to add diversity to the ticket. He that we should “build moreschools, prosecutor,she nowcan’t Because of Mr.Biden’sadvanced ing it smart so far.They not only doesn’t need Ms. Harris to win lessjails” and “put money intoedu- answerasimple question age, thereisheightened interest in avoided the civil warthat upended blacks,women or her reliably blue cation, not prisons.” She agreed with Ms.Harris and her ownpolicyprefer- the Republican Party in 2016 but are home state. He needs her to help him that notion “conceptually” but said about defunding thepolice. ences.But if the former vicepresident nominating the last person Mr. getprogressiveactivistsoff his back. that “you have not addressed the rea- falls short on Election Day, it will be Trump wanted to runagainst in the In that regard,she wasasmart son Ihavethree padlocks on my front his fault and not his running mate’s, fall. His preferencewould have been choice. In other regards, we’ll have to door.Sopart of the discussion about and help put them over the topinNo- even if shemakes thingsalittle to offer voters astark choicebetween wait and see. reform of criminal-justicepolicyhas vember.Alas,the old Kamala Harris harder forhim. Ms.Harris’sardent himself and adie-hardleftist like Ms.Harris’spolitical pedigree isn’t to be an acknowledgment that crime has gone missing,and youcould eas- support forajob-killing Green New Bernie SandersorElizabeth Warren. especially long,but it is complicated. does occur. And especially when it is ily mistakeher replacement forone Deal,and her wishy-washinesson Instead, the president is facing alik- Before joining the Senate, she served violent crime and serious crime, of those progressives she once Medicarefor All and eliminating pri- able and reputationallymoderate as SanFrancisco’sdistrict attorney thereshould be abroad consensus mocked as out of touch. vate health insurance, will hardly help party elder.Isthe reputation still and California’sattorney general. To that thereshould be serious and se- In aJune appearanceon“The Mr.Biden with the union households warranted? Not really.Likehis party, her credit, as aprosecutor she wasn’t vere and swift consequence to View,” Ms.Harris wasasked about and independent voters he’stargeting Mr.Biden has adopted more-progres- averse to saying thingsthat left-wing crime.” defunding the policeand didn’t ex- in Rust Belt swing states. sivepositions in the Trump era. But Democratsmight not want to hear.In Todaythe U.S. is experiencing actly distanceherself from the idea. Mr.Biden apparently believes his as Mark Twain supposedly oncere- a2010 speech, forexample,she de- demonstrations on ascale not seen in “I thinkabig part of this conversa- lead in thepolls is sufficient to in- marked, aman with areputation as fended her decision to tackle truancy, generations.Violent protestershave tion is about reimagining howwedo dulgethe party’s leftflank,and per- an early riser cansleep until noon. If Yo u Like Lockdowns, Yo u’ll Love the Carbon-Free Future

By Paul Tice the U.S. economybeginning in mid- nomic reality is probably not lost on miners, Americans should have adif- On the back of four bailout pack- March temporarily choked off de- the cooped-up general public. ferent perspectiveonthe enlightened ages in 2020,the federal deficit has he climate-changemovement is mand forcrude oil and refined prod- •Urban Americans now know how natureofelected officials and may exploded, and the U.S. has added T taking advantageofthe ucts, driving oil prices negativefor coal miners feel. SinceCovid hit, 56 think twiceabout supporting arbi- nearly $3 trillion to the national debt Covid-19 pandemic,equating it the firsttime ever in April. In recent million Americans have filed forun- traryshutdowns of politically incor- withoutexpanding the country’spro- with the “existential crisis” of man- weeks,production declines have employment benefits—with roughly rect businesses. ductivecapacity.That didn’t stop made global warming.While praising slowedasconsumption patterns have 16% of the U.S. labor forcestill unem- House Democratsfrompassing a$1.5 the current displayofunilateral gov- started to return to normal with the ployedatthe end of July—as aggres- trillion green infrastructurestimulus ernment action as amodel forad- lifting of quarantines. sive, sometimes overreaching shel- Giving up fossil fuels bill in early July,which has thus far dressing climatechange, manyenvi- If oil use were declining with sup- ter-in-placeordersforcedbusinesses been rightly ignoredbythe Senate ronmentalistsand liberal politicians ply rather than demand, the situation to close,sometimes forgood. Coal would mean severe limits andWhiteHouse. have also called forasurge in gov- would be similar.Fracking ban advo- minershavefaced massunemploy- on mobility and economic As we learned with the 2009 ernment spending on renewable en- catesand pipeline protesterswho ment foradecade because of end- American Recoveryand Reinvest- ergy projects. The2020 Democratic want to shut down U.S. production market demand destruction caused activity—permanently. ment Act, which included morethan Party platform champions “decarbon- permanently have gotten aglimpse of by government decrees. $90 billion forclean energy pro- ization” as the best way to “build the end result of their stated goal: Butwhereas the unemployment grams,extending low-cost loans and back better” from the coronavirus. dead cities andtowncenters, empty and related social pathologies (in- • There’s no money left to subsidize investment and production taxcred- Greenactivistsand their Demo- highwaysand shopping malls,and cludingopioid addiction, overdoses green energy. Thepandemic has ex- itstosolar and wind projectsdoes craticstandard-bearersshould be abandonedairportsand stadiums. and suicides) caused by anticoal cli- posed the precarious financial position little to stimulatethe economy. In- more focused on the potential that Without fossil fuels,Americans materegulations have been confined of almost everypart of the U.S. econ- stead, it distortsinvestment flows the coronavirus crisis could under- would facelimited mobility and eco- to Central Appalachia and other rural omy. Beforethe crisis,most American and erodes already weak public fi- mine support fortheir cause.Here nomic activity would be diminished, areas,the current pandemic-related households lived from paycheck to nances. arethe climatelessons from the pan- with higher unemployment and pe- unemployment spikeismainly an ur- paycheck,with little savingsfor an • Thecoronavirus crisis exposes demic: rennial supply chain disruptions ban phenomenon, which makes it emergency. We nowknowthat the the frivolous nature of climate alarm- • This is what aworld without fos- sincehydrocarbons areused to make harder to ignore. Having walked a same is true of most U.S. businesses ism. When viewedagainst the actual sil fuels looks like. Thelockdown of and transport most goods.This eco- mile in thesteel-toed bootsofcoal and almost everylevel of government. lossofhuman lifeand livelihoods be- ing caused by the coronavirus,theo- retical concerns about the abstract concept of carbon pollution and aver- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: ‘Divisive’ agetemperaturereadingsin2100 Rupert Murdoch Robert Thomson seem trivial. Thepandemic also high- Executive Chairman, News Corp Chief Executive Officer, News Corp Maggie Haberman and Katie Rog- Mr.Trump said. “What took so long?” lightsthe failingsofgovernment in Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher ers reporting for the New York Times, Mr.Trump teased the pardon as both real-time crisis management Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Aug. 18: he traveled on Air ForceOne on Mon- and policymaking. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; day, telling reportershewas going to Government-backed global-warm- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; President Trump on Tuesdaysaid erase the conviction of someone ing alarmistshavespent three de- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; that he would pardon Susan B. An- “very, very important.” cades warning everyone about im- Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer thony, the women’ssuffragist who Ms.Anthonywas tried forillegally pendingplanetarydoom over the Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: wasarrested aftervoting illegally in voting,and protested the fine that next century. While they have been AnthonyGalloway, Video &Audio; Brent Jones, Kenneth Breen, Commercial; 1872 and chargeda$100 fine,ashe shewas charged. obsessing about 100 yearsinthe fu- Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; tried to appeal to female voters on “She wasguilty forvoting,” Mr. ture, ahuman scourge from 100 years Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; the100th anniversaryofthe 19th Trump said, “and we’regoing to be agosneaked up on the world in less MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Amendment giving them the right to signing afull and completepardon.” than three months. Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; vote. Unlikeother pardons that the As the countrystartstodig out GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; Thepardon appeared to be an ef- president has given, Ms.Anthonyis from theworst recession sincethe Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page fort to distract from the Democratic not someone whose work Mr.Trump 1930s, nowwould be agood time to Jonathan Wright, International National Convention and narrow the has spoken of either in his campaign rethink our priorities. WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; historically large gender gapthat has or during his presidency. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head him trailing Joseph R. Biden Jr.in She is also an increasingly divisive Mr. Tice works in investment man-

EDITORIAL AND CORPORATEHEADQUARTERS: the WhiteHouse race. figure,adopted by anti-abortion agement and is an adjunct professor 1211 Avenue of the Americas, New York, N.Y., 10036 “She wasnever pardoned. Did you forces and criticized forrelegating of finance at New York University’s Telephone 1-800-DOWJONES knowthat? She wasnever pardoned,” Blacksuffragiststothe sidelines. SternSchool of Business. P2JW232000-0-A01800-1------XA

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S&P 3389.78 À 0.23% S&P FIN g 0.67% S&P IT À 0.39% DJ TRANS g 0.80% WSJ $ IDX g 0.48% LIBOR 3M 0.253 NIKKEI (Midday) 23101.76 À 0.22% See more at WSJ.com/Markets Online Sales Rush, Stimulus Boost Walmart

BY SARAH NASSAUER year ago, boosted by people nels operating foratleast 12 grew 10% and Wall Street was more meals at home, and our stimulus payments waned. ordering groceriesonline to months,rose 9.3% in the quar- expecting growth of 5.9% for business has benefited from U.S. traffic fell 14%inthe Walmart Inc.’squarterly pick up in storeparking lots. terended July 31. It marks the the July quarter, according to that trend.” quarter,but the average salessurgedasthe retail be- Walmart expanded the avail- second consecutivequarter of estimates compiled by FactSet. Mr.McMillon said sales amount spent per transaction hemoth continued to use its ability of delivery and pickup strong growth and evidence “Our customerswere were hampered by out-of- jumped 27%. “Customerscon- scale,e-commerce supply time slotsabout 30% since that the world’slargest re- spending so much more time stock items,and therecontin- tinued to consolidatestore chain and grocerybusinessto Februaryinresponse to the tailer is grabbing market share at home that we experienced ues to be elevated demand for shopping trips,” spending attract shoppers buying food health crisis,said Walmart in some categories as many strong sales in categories like cleaning supplies and paper moreper trip,the company andhousehold goods during Chief Financial Officer Brett retailersclose stores or de- TVs, computing and connected goods. At times, he said, Wal- said, “and shiftedmorepur- the coronavirus pandemic. Biggs on an earningsconfer- clarebankruptcy amid corona- home,” CEO Doug McMillon mart sawcustomersreturn to PleaseturntopageB2 Thecompany’se-commerce ence call. virus struggles. said on the call. With many stockpiling such items in virus businessnearly doubled, with Comparable U.S. sales, In the April quarter,Wal- restaurantsfacing restrictions, hot spots. He said sales gains  Heard on the Street: Beating revenue jumping 97% from a those at stores or digital chan- mart’s comparable U.S. sales “families continue to prepare slowedinJuly as government back-to-school blues ...... B12 Boeing to Pandemic Displaced Sales at U.S. Businessesinthe Second Quarter Trump The country’slargestcompanies areset to reporttheir biggest Amazon.com S 40% quarterly revenue decline in morethan adecade. GAINER Tractor Supply Further Still, some companies sawsharp gains as Home Depot Backs Norwegian Cruise Line as the crisis reshapedspending patterns. LasVegas Sands By YanWu Wynn Resorts Domino's Pizza Oracle on CutJobs RoyalCaribbean Change from ayear ago in second quarter revenue DECLI BY DOUG CAMERON for S&P 500 companies, by sector Carnival NER S eBay TikTok Boeing Co.plans morejob Energy –50% cutsinresponse to apandemic- 100% Expedia driven drop in jetliner demand Marathon Oil 50 BY AARON TILLEY Hilton it expectstocontinue forat Chevron 0 AND GEORGIA WELLS -5 least three years. 0 -1 Theaerospacegiant told its 00 Marriott President Trump voiced employees in amemo lateMon- –100 support on Tuesdayfor Oracle daythat it is adding asecond Ralph Lauren Corp.tobuy the U.S. opera- round of buyout offers, amove The S&P500’sconsumer discretionary sector tions of TikTok,adding awrin- that would further reduceits General Motors includes some of the companies showing the kle to the bidding forthe Chi- workforce by an unspecified biggestyear-over-year changes in revenue as the nese-owned video-sharing app. number beyond the cut of 19,000 coronavirus pandemic shook up spending habits. Oracle is a new entrant in already announced in July. Among the gainersare companies thatbenefited thetalks forTikTok,whose Thecompanyhas increased Industrials Ingersoll-Rand from people spending moretime living and owner, ByteDance Ltd., faces thetargetset in April of cut- working at home;meanwhile,companies afall deadline from the Trump Ford ting overall staff numbersby Delta Air Lines UPS feeling morepain include those connected to administration to divest itself around 10%, according to the traveland tourism or depend on customers of itsU.S.operations. memo to staff from Chief Exec- being awayfromhome. Oracle, a giant in business utiveDavid Calhoun. software,has had preliminary Further details areexpected discussions about teaming on Aug.24, with the takeup of Darden with some of ByteDance’sex- the buyout offer by staff reduc- Under Armour isting minority investorsto ing the number of compulsory buy TikTok’s U.S. operations job cutsrequired. Starbucks but it isn’t clear howadvanced Boeing and rival Airbus SE Nike Kohl’s the talks are, said people fa- areboth wrestling with the fu- miliar with thematter. turesizeand shape of the jet- Communication Services Utilities Financials Information Microsoft Corp.said this linerindustryafter asummer Technology month that it wasinnegotia- Take TwoInteractive recovery in air travel faltered tions with ByteDance, and that as coronavirus cases flared up LiveNations Goldman Sachs it was coordinating with the NextEraEnergy again. Disney PayPal White House. Twitter Inc. is RisingCovid-19 cases and also exploring abid. newtravelrestrictions have un- TheFinancial Times earlier done much of the nascent re- reported Oracle’sinvolvement. covery in airline traffic,espe- Oracle has closer ties to the cially in the U.S.,even as Comcast WhiteHouse than most other carrierscut fares and rolled out parties involved in thebid- enhanced safety measures. ding. Larry Ellison, the com- Boeing said in July that it is pany’s co-founder, chairman also weighing further changes and largest shareholder, this to itsmanufacturing footprint, Real Estate Consumer Staples Health Care Materials PleaseturntopageB2 including the possible closure Conagra Bristol- of one of the two assembly Digital Realty Clorox Myers HostHotels Coca-Cola Zimmer Biomet sites forits 787Dreamliner. General Mills Squibb Morethan 6,000 workers Influential have already leftthe company, mostly at itscommercial air- Walmart plane operation in the Seattle Executive area and unitsproviding air- lines with services such as partsand maintenance. Note:The data contains the quarterly results from the 461companies of the S&P 500 indexthathavereported by Aug. 18. “I truly wish the current Source:FactSet Erik Brynildsen/THE WALL STREET JOURNAL ExitsNBC market demand could support the sizeofour workforce,” said Mr.Calhoun in the memo. BY JOE FLINT Boeing has cut production of AND R.T. WATSON the 787and larger777 jet, and Oil Firms Fret Over Finding Yo ung Workers is making only ahandful of its NBCUniversal said Vice 737MAX aircraftasitawaits Chairman Ron Meyer, atower- regulatoryapproval forthat BY REBECCA ELLIOTT ing firm AccenturePLC,said the end of June, according to Even before the pandemic, ingHollywood figure,stepped plane to resume flying follow- he oftenasks energy CEOs Accenture. manyinvestorsand banks that down afterfailing to properly ing two fatal accidents. Twoyearsout of college, what keeps them up at night. At its low in April, global financed the American shale disclose that he hadpaid aset- Leah Sanderswas making as Afew yearsago, manycited oil demand was down more boom had grownwearyofthe tlement to awoman with whom much as $19,000 amonth ser- the race to secure drilling lo- than 20% from ayear earlier, companies’ inability to consis- he had aconsensual affair sev- vicing oil wells in Kuwait. Af- cations.Now,asexecutives according to the International tently turn aprofit. Compa- eral yearsago. INSIDE ter getting laid off in May by staredownatransition from Energy Agency. Demand has nies,including BP and Royal In astatement, NBCUniversal oil-field services giant Schlum- fossil fuels to renewable en- been climbing but isn’t ex- Dutch Shell PLC,are feeling Chief ExecutiveJeff Shell said bergerLtd., she’sback with ergy,it’s“HowdoIfind new pected to pass2019 levels un- pressure to pivot away from Mr.Meyer “acted in amanner her parentsinTennessee, talent that I need to reinvent til 2023, said analytics firm oil and gas and invest morein whichwebelieveisnot consis- earning $15 an hour helping myself?” Mr. Ashraf said. IHS Markit. Even by the end of low-carbon energy sources. tent with our companypolicies AP out at her father’s construc- America’s oil-and-gas in- the decade demand is expected And the public,especially or values.” He said Mr.Meyer tion business. She recently be- dustry has cut about 105,000 to be 3.5million to 4million younger people,increasingly disclosed the situation last ganconsidering switching ca- positions, or roughly 20% of barrels aday lowerthan previ- sees the industryinanegative week. LENNIHAN/ reersand going to lawschool. itsjobs,fromMarch 1through ously forecast, IHS said. PleaseturntopageB4 Mr.Meyer,who has worked

MARK “I don’t think it’sgoing to at NBCUniversal for25years, recoverasfast as Ihoped it said in astatement that he had BUSINESS would,” said Ms. Sanders, 24. abrief affair with awoman ViacomCBSisintalks “Do youwant to wait and go yearsago and that she made to sell tech site back to something that you falseaccusations against him. spent two yearstraining in? He paid her asettlement under CNET forabout Or do youwant to start over?” threat, he said. $500 million. B3 Theeconomic crisis caused “I made this disclosure be- by the pandemic,combined cause other parties learned of with agrowing distastefor the the settlement and have contin- oil businessamong potential uously attempted to extort me young employees,iscreating a intopaying them money or else growing problem forthe in- they intended to falsely impli- dustry. cate NBCUniversal, which had JOURNAL Energy giantsincluding nothingtodowith this matter, Chevron Corp.and BP PLC are REET and to publish false allegations ST

trying to avoid creating agen- LL about me,” Mr.Meyer

erational gapintheir staffs—a WA said. NBCUniversal is aunit of

problem they’ve faced in pre- THE Comcast Corp. PROPERTY REPORT viousdownturns—that could R Charlotte Kirk,anactress, is FO EmpireState Building makeitmoredifficult to the woman with whom Mr. reflectsthe problems tackle industry-changing com- ALES Meyerhad the relationship petition from renewable en- MOR eight yearsago, when he was NewYork City ergy and electric vehicles. around 67 yearsold and she is experiencing. B6

Muqsit Ashraf,who leads ANDREA wasabout 20,according to peo- the energy practiceatconsult- Leah Sanders, laid off from a job servicing oil wells, is considering switching careers. PleaseturntopageB4 P2JW232000-4-B00200-17FFFF5178F

B2 | We dnesday, August 19, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Facebook...... A1,A2,B3 Netflix...... A2 Strong Home Depot Results Show Adobe...... B11 Fannie Mae...... B11 O FedEx...... B3 Advance Auto Parts Oracle...... B1 B5,B11 Freddie Mac...... B11 Impact From Pandemic Measures P Airbus...... B1 G Alphabet...... A2,B11 Purdue Pharma...... A6 General Atlantic...... B2 BY MATT GROSSMAN sional contractors, although R Amazon.com General Motors...... B12 both categories increased, Ted A1,B2,B3,B6 Goldman Sachs...... A2 Red Ventures...... B3 Home Depot Inc. on Tues- Decker, the company’s execu- AmerisourceBergen....A6 dayposted itsstrongest quar- tivevicepresident former- H Revlon...... B5 Apple...... A2,B6 terly sales growth in nearly 20 chandise, told analysts. S B Halliburton...... A1 yearsasthe country’sbiggest Expensivepurchases such Home Depot...... B2,B11 Sequoia Capital...... B2 home-improvement retailer as riding lawn mowers and pa- Bank of America...... A2 benefited from surging inter- S tio furniture drove growth in J Shanghai Electric Group Best Buy...... B6 B12 est in household projects dur- NEW big-ticket transactions,but J.C. Penney...... B6 G Boeing...... B1 Simon Property GroupB6 ing the Covid-19 pandemic. that waspartially offset by Johnson & Johnson....A6 Revenue forthe Atlanta- weaker sales of items requir- Brigade Capital T OMBER Management...... B5 basedcompanyrose 23% to LO ingintensiveindoor installa- L /B Tesla...... B12

$38.05billion in the May-to- ON tion work,such as countertops ByteDance...... B1 Laboratory of America Teva Pharmaceutical..B2 July period, up from $30.84 MO and kitchens. C Holdings...... A10 ThermoFisher...... A10 billion during the year-earlier AH Comparable sales growth Las Vegas Sands...... A2 EN

period. Analystssurveyed by JE remained strong in the first Cardinal Health...... A6 Twitter...... B1 LG Chem...... B12 Carnival...... B5 FactSet had anticipated reve- Manyconsumers shifted from vacations to home improvement. two weeks of August, afterthe Lowe's...... B2 U nue of $34.53 billion. quarter ended, Home Depot Chegg...... B12 LVMH Moet Hennessy United Parcel Service.B3 The coronavirus pandemic Home Depot’sU.S.comparable Shareand indexperformance, executives said. Citigroup...... A2,B5 Louis Vuitton...... B6 and government stimulus store sales,change from year-to-date Mr. Menear added that the Clorox...... A1 V M - N checks have helped drivetraf- previous year pandemic made it difficult to Comcast...... B1 ViacomCBS...... B3 fictohome-improvement re- Home Depot forecast how long heightened McKesson...... A6 25% s25% 30% Dongfang Electric.....B12 W tailerssuch as Home Depot. As demand would persist. “It’sre- Microsoft...... A2,B1,B4 Americans spent moretime at ally so uncertain,” he said. E - F Walmart...... B1,B11,B12 Ming Yang Smart home during thepublic-health 20 “Wedon’t knowthe answerto Empire State Realty Energy Group...... B12 We...... A6 crisis,manyturned their at- 20 that, which is whywecan’t re- Trust...... B6 Morgan Stanley...... A2 Wells Fargo ...... A2 tention to domestic projects, ally extrapolatecurrent per- shifting money they would 10 formancetofutureperfor- have otherwise spent on vaca- 15 S&P500 mance.” tions,gym memberships and 0 Home Depot’searningsin INDEX TO PEOPLE other activities that have been the quarter were $4.33 billion, postponed to prevent the vi- 10 or $4.02 ashare, up from A G R rus’s spread. –10 $3.48billion, or $3.17ashare, Adams, Susie...... B4 Goldfarb, Alexander....B6 Rajendran, Priya...... A12 “The home has never been in 2019’ssecond quarter.Ana- Renschler, Chris...... B4 5 B H moreimportant to the cus- –20 lystsanticipated earningsof Rosner, Emmanuel....B12 tomer,” Home Depot Chairman $3.64 a share. Barra, Mary...... B12 Hirst, Tomas...... B11 Rothschild, Michelle...B6 Brun, Dawn...... A12 and Chief ExecutiveCraig Me- In thequarter,Home Depot Hodges, Craig...... B11 S C near said on aphone call with 0 –30 spent $480 million on addi- I Sampson, David...... B6 Calhoun, David...... B1 analystsonTuesday. “We’re FY2016 ’17’18 ’19 ’20 JFMAMJ JA tional employee benefitsbe- Ingstad, Cheryl...... B4 Shapiro, Scott...... B6 Catz, Safra...... B2 all spending lotsoftime there. cause of the pandemic,includ- M Shell, Jeff...... B1 Note:Fiscal years end in late Jan. or early Feb. Celino, Jason...... B12 Simon, David...... B6 We’reseeing thingsthat need Sources: the company(sales); FactSet (performance) ing bonuses forhourly D Macknin, David...... B6 Smead, Bill...... B6 to be done or things that you workersinstoresand distribu- Das, Ankhi...... B3 Menatian, Michael....B11 T want to be done.” 25% year over year. The com- sales per square foot of retail tion centers. Sincethe pan- E - F Menear, Craig...... B2 Tharoor, Shashi...... B3 Home Depot’s comparable- panynotched double-digit per- space. demic began, the companyhas Musk, Elon...... B12 Egelanian, Nick...... B6 Tisdahl, Bradley...... B6 storesales in the U.S.—mea- centageincreases in the num- Sales to do-it-yourself con- spent $1.3billion on enhanced Ellison, Larry...... B1 P W suring sales at stores opened ber of customer transactions, sumersgrewfaster in the payand benefits, Home Depot Furner, John...... B12 Polland, Sam...... B11 Wagner, Steven...... A2 morethan ayear—grew by the averageticket sizeand quarter than those to profes- said. Teva’s U.S. Unit Accused of Using Donations to Aid Drug Business

BY MICAH MAIDENBERG Between 2006 and at least Massachusetts. suit alleges. Using the founda- the drug,” the suit says. nesssaid. 2015,Teva’sU.S.unit and one of TheTevabusinesses used tions in such amanner violated Teva said it would defend it- American depositaryre- Federal prosecutorsaccused itssubsidiaries paid two foun- the foundations as conduits, afederal anti-kickback statute, self against the suit. “This case ceiptsfor Israel-based Teva Teva Pharmaceutical Indus- dations morethan $300 million prosecutorsallege, intending the complaint says.“Teva in- brought by the Department of Pharmaceutical Industries fell tries Ltd.’s U.S. businessofvio- forMedicarecopays forpatients forthe funds it provided to tended the paymentstoensure Justiceregarding these charita- 9.6% in NewYork. lating an anti-kickback lawby using the company’sCopaxone covercopays as it raised the that Copaxone patientsnever ble contributions only seeks to TheJusticeDepartment has using charitable donations to en- drug to treat multiple sclerosis, cost of the drug from about faced the steep prices that Teva further restrict patients’ access investigated morethan adozen sureits sales while shielding according to acivil suit the Jus- $17,000 ayear to morethan chargedfor itsdrug, thus in- to important medicines and drugmakersfor their donations Medicare patientsfromrising ticeDepartment filed Tuesday $73,000 ayear from latein ducing the patients, including health care,” aspokeswoman to foundations that help with costsofamultiple sclerosis drug. in the U.S. District Court for 2006 until five yearsago, the Medicarepatients,topurchase forthe drugmaker’s U.S. busi- drug copays.

Also on Tuesday, Home De- Walmart’squarterly compa- other large retailershavebeen Walmart pot Inc.said comparable sales rable U.S. sales,change from a coronavirus winners. They have rose arecord25% in the quar- year ago significant online businesses or terended Aug.2,asmorepeo- s9.3% have largely stayed open, have Sales Soar plespend moretime at home, 10% been deemed essential retailers sprucing up the house with re- by local governmentsand sell Build abalanced modeling and decorating proj- goods that align with shifting In Crisis ects. Comparable sales growth 8 buying habits.Shoppersare portfolio with remained strong in the first spending moreoncooking at two weeks of August, afterthe home,fixing up homes and ContinuedfrompageB1 quarter ended, Home Depot ex- 6 family entertainment, while Fractional Shares chases to e-commerce.” ecutives said. spending lessonrestaurants, Walmart said sales were “When customershavemore travel and office-ready fashion. boosted by government stimu- money in their pocket, there’s 4 Target Corp.and home im- lus spending,which liftedde- some benefit to that. So we provement retailer Lowe’s Cos. mand forgeneral merchandise don’t kid ourselves to think that report resultsWednesday. such as electronics,patiofurni- that didn’t have some kind of 2 As retailersapproach the Invest in stocksyou want ture, sporting goods and even impact,” Home Depot CEO holidayseason, the economic apparel, acategorywith weak Craig Menear said when asked outlook is unclear.Supplemen- regardless of the share price sales at the start of the pan- aboutthe impact of stimulus 0 talunemployment benefits demic.Asthe government spending.Mr. Menear added FY2016 ’17 ’18 ’19 ’20 ’21 ended last month fortens of funds tapered off,sales started that the pandemic made it diffi- millions of Americans and are Note:Fiscal years end in Jan./Feb. IBKR offers Fractional Shares on to return to morenormal levels cult to forecast howlong Source:the company set to restart at reduced levels. in July,the companysaid. heightened demand would per- In the most recent quarter, more US Stocks, ETFs and ADRs Overall, Walmart reported sist. Manyalready-weakened in partsofthe country. “wesaw stronger-than-ex- than any other broker1 itsglobal revenue rose 5.6% to retailershavebuckled under “Consumer behavior has pected sales due in large part to $137.7 billion, with gains in thepressureofthe pandemic. been profoundly altered given stock-up buying and stimulus most of the countries whereit Several department stores and safety and spending concerns, spending,” said Mr.Biggs, Wal- operates.The companyspent specialty retailershavefiled for and we don’t expect this to mart’sCFO.“But the duration PICK $1.5 billion on Covid-related bankruptcy protection with changeinthe near term,” she andextentoffuturegovern- PICK YOYOURUR YOUR $$A AMOUNTMOUNT global expenses,mostly on plans to close manystores, in- said. ment stimulus remains uncer- STOCK workers, but still increased cluding Lord &Taylor,J.C.Pen- Theretailer plans to add tain.” profits. Operating profitsrose ney Co.and Stage Stores Inc. moreathletic and casual Early in thepandemic Wal- 8.5% to $6.1 billion. Last week,off-pricechain Stein clothes such as the Lands’ End mart struggled to keep shelves Share Price2 Share % Net income increased to Mart Inc. filed forchapter 11 and Toms Shoes brands,aswell stocked as shopperspanic $6.48billion from $3.61billion with plans to close most of its as boost itshome offeringsto bought toilet paper,cleaning $ $ 81 % ayear ago. Thelatestperiod in- roughly 280 stores. betteralign with what shoppers supplies and food. Inventory NFLX 25 493. 5.06 cluded alarge investment gain. Kohl’sCorp.reported that want to buy.Ms. Gasssaid store strain has stabilized somewhat, Excluding gains and one-time totalrevenue fell 23% to $3.4 closingsbycompetitorsare but Walmart is still facing TSLA $25 $1,371.58 1.82% charges, Walmart said it had billion forthe quarter ended presenting Kohl’swith an op- higher than normal out-of-stock adjusted earningsof$1.56 cents Aug. 1. Kohl’sCEO Michelle portunity to pick up newcus- product rates, it said Tuesday. $ $ 70 % ashare. On that basis,analysts Gass said sales rebounded in tomers. — Suzanne Kapner and GOOG 25 1,495. 1.67 were expecting $1.25 ashare, June,but tapered off again in Along with Amazon.comInc., Matt Grossman according to FactSet. July as thecoronavirus surged Walmart, Home Depot and contributed to this article. AMZN $25 $3,057.34 0.82%

TheTrump administration Oracle also doesn’t have Mi- anyTikTok buyer must makea $100 Stock Portfolio Oracle has said TikTok represents a crosoft’sdeep pockets. The substantial payment to the threat to national security be- Redmond,Wash., companyhas U.S. government as part of the cause it is owned by aChinese morethan $136 billion in cash. transaction. Backed on company. Oracle,based in Redwood “I guessMicrosoftwantsit ByteDancehas disputed U.S. City,Calif., ended the last fis- and so does Oracle,” he said. claims that it would sharein- calyear with around $37 bil- “And probably so do other TikTok formation on American users lion in cash and equivalents. people.But they have to make Start Investing Today! with the Chinese government. TikTok has been looking for surethe United Statesiswell Oracle,inmanyrespects, apotential acquirer who could compensated. Because we’re ContinuedfrompageB1 would be a more unexpected bring the engineering exper- the ones making it possible.So year threw afundraiser at his buyer than Microsoft for the tise needed to keep the service our Treasuryhas to be very housefor the president. youthful video-sharing app. up and running aftersplitting well compensated.” ibkr.com/fractional Oracle Chief ExecutiveSafra Like Microsoft, the database from ByteDance, said someone “You have to put money Catzalso worked on the exec- companyisprincipally focused familiar with the deal. intothe Treasury,” he said. utivecommitteefor the Trump on corporate customers and Oracle has been expanding Mr.Trump’scommentsfol- Available for transition team in 2016. has invested heavily in ex- itscloud-computing business low a series of executive or- Individuals and Advisors3 Asked TuesdayifOracle panding its cloud-computing and could shift TikTok’s U.S. ders from the president that would be agood buyer for business. serviceontoits ownservers. seta45-daydeadline foran Member -NYSE, FINRA, SIPC –Any trading symbols displayed are for illustrative purposes only TikTok,President Trump said: But Microsofthas some Oracle is working with Se- American companytopur- and are not intended to portray recommendations. [1] Source -Investopedia.com. Fractional “Well Ithink Oracle is agreat consumer-facing products, quoia Capital and General At- chase TikTok’sU.S.operations Trading Availability by Broker,asofJune 9, 2020.Competitor offers subject to change without notice.Services vary by firm. For complete information, see ibkr.com/info.[2] Share prices as of companyand Ithink it’s such as itsXboxvideogame lantic LLC, investors that al- as well as a 90-day deadline 07/06/2020 [3] Restrictions apply. Nothing contained herein should be construed as investment owner is atremendous guy, a business and Bing search en- ready have stakes in forthe transaction to be com- advice,either on behalf of aparticular security or an overall investment strategy.Neither Nasdaq nor any of its affiliates makes any recommendation to buy or sell any security or any tremendous person. Ithink gine,that Oracle lacks.Micro- ByteDance, some of the people plete. representation about the financial condition of any company.Investors should undertaketheir that Oracle would be certainly soft has said it waslooking to said. —Catherine Lucey own due diligence and carefully evaluate companies before investing. ©2020.Nasdaq, Inc. All Rights Reserved. nasdaq.com ADVICE FROM ASECURITIES PROFESSIONAL IS STRONGLY somebody that could handle agree to adeal by mid-Sep- Mr.Trump on Tuesdayalso and Miriam Gottfried ADVISED. 07-IB20-1336 it.” tember. reiterated his condition that contributed to this article. P2JW232000-0-B00300-1------XA

THE WALL STREET JOURNAL. We dnesday, August 19, 2020 | B3 BUSINESS NEWS ViacomCBS in Talks to Sell Off CNET

RedVentures, owner media giant looks to shed non- is selling some partsofthe CBS revised itsthree-year cost earlier,and 26.5 million other sites in 2016 foranun- core assetsand focus on video combined companytoshoreup synergytargetupto$800 mil- monthly domestic activeusers disclosedamount. of Reviews.com, said streaming. itsbalancesheet and use the lion from $750 million. of PlutoTV, itsadvertising- CNET, which wasfounded in to be discussing price Thepricebeing discussed additional cash on itsvideo- ViacomCBS is working on its supported streaming service, 1992 and formerly published a forCNETisabout $500 million, streaming efforts. so-called super service,anom- up 61% from ayear ago. print magazine,was acquired of $500 million forsite some of the people said. The In addition to CNET, Via- nibus streaming product that Red Ventures,based in Fort by CBS in 2008 for$1.8billion deal isn’t final and talks could comCBS is looking to sell Si- will include movies from sev- Mill, S.C.,owns aportfolio of and folded intoCBS Interac- BY BENJAMIN MULLIN break down, the people said. mon &Schuster,seeking at eral of thecompany’sTVnet- digital-media businesses and tive, the digital unit that gave AND SAHIL PATEL Red Ventures—which oper- least $1.2 billion forthe book- works and the Paramount generates revenue by selling birth to the CBS All Access ates consumer websites such publishing company. Viacom- movie studio.The serviceis adsand connecting readersto streaming service, which has ViacomCBS Inc. is in talks as Bankrateand Reviews.com— CBSalso said it plans to sell also expected to include live productsowned by itsmarket- become the basis forViacom- to sell technologynewsand re- and ViacomCBS declined to “Black Rock,” CBS’shistoric news and sportsprogramming. ing partners. It agreed to buy CBS’scoming “super service.” views siteCNETtodigital-me- comment. MidtownManhattanheadquar- ViacomCBS said earlier this Bankrate,apersonal-finance CBS Interactivealso operates dia holding company RedVen- ViacomCBS,formed last ters,expected by some analysts month that it had 16.2 million site, in 2017for $1.24billion. It the websites formanyofthe tures LLC,according to people year through the mergerofsis- to fetchatleast $800 million. domestic paid streaming sub- also operates Reviews.com, division’sconsumer-facing familiar with the matter, as the tercompanies Viacom and CBS, Earlier this month, Viacom- scribers,up72% from ayear which it acquired along with brands. FedExAdds HolidaySurcharges, Starting Oct. 5

BY PAUL ZIOBRO

FedEx Corp.isadding extra fees on shipments during the holidays, joining United Par- celService Inc.and the U.S. Postal Serviceinimplementing surchargestooffset costsand control shipping volumes dur- ing what is expected to be a busy online shopping season. FedEx says the surcharges aredesigned to primarily hit largercustomers. They include fees of as much as $2 on all packages shipped in the week afterThanksgiving forFedEx’s lower-priced SmartPost ser- vice, which is overwhelmingly used by large retailers. FedEx will also charge as much as $5 a package on its premium Ex- pressservicefor large ship- S perswhose volume far exceeds PRES normal levels. ZUMA Thecompanysays the fees, which areboth higher and broader than previous years, MANTEL/ areneeded to help maintain serviceduring itsbusiest time of the year.The changes were MARSHALL

noted on FedEx’s website. JOHN “Weare entering this holi- The shipper is putting fees of up to $2 on large packages, or those requiring additional handling, to offset costs. It joins UPS and the Postal Serviceinadding surcharges. daypeak season with ex- tremely high demand forca- with shoppersexpected to lengeretailerswho have re- apply to residential ship- CyberWeek,typically one of ties with Amazon.com Inc. pacity while also experiencing avoid crowded stores over lied on e-commerce to sustain ments. the busiest shipping weeks as last year. increased operating costs fearsofthe coronavirus.That sales this year.They canei- FedEx’sfees start as early it follows Black Friday sales. Anotherset of surcharges acrossour network,” the com- will push moreofthe holiday ther charge consumershigher as Oct. 5and runthrough mid- While SmartPost has histor- applies to customerswho ship panysaid. “Weanticipateres- shopping online.The carriers fees forshipping,raise prices January. Theearlier fees are ically used the post office for out morethan 35,000 pack- idential volume to continue to are aiming to prevent their or eat the costs. Retailers on large packages and those deliveries to homes, FedEx is ages aweek.The fees range surge intothe newyear.” networks from being over- mayalso rely more on their that requireadditional han- increasingly keeping those from $1 to $5 apackage, based Both UPS and the Postal whelmed,while also capitaliz- stores to getonline ordersto dling. packages in itsground net- on howhigh the customer’s Servicehave disclosed their ing on newfound pricing shoppers, by encouraging ThesurchargesonSmart- work. weekly shipping volume is, ownpriceincreases forthe powerinthe market. pickup of orders or having Post will run$1onall those The company is looking to compared with beforethe pan- peak shipping season, which Higher prices from all them shipped to the stores, shipmentsstarting Nov.2,and have morepackages on resi- demic caused arise in ship- is forecast to be challenging, three companies will chal- sincethe surchargesprimarily rise to $2 apackageduring dentialroutes aftercutting ping levels. Facebook Under Scrutiny Firm’s Tech Found to Speed MRIs

BY STEVEN ROSENBUSH that manypatients areuncom- muscle and ligaments, said Dr. By LawmakersinIndia fortable sitting still in the ma- Recht. ResearchersatFacebook chines for20minutes or an Thereare other effortsto Inc. and NYU Langone Health hour,according to Michael Re- combine AI and imaging,often said Tuesday that a two-year cht, professor and chair of the to diagnose diseases such as On Claims of Political Bias experiment demonstrates how radiology department at NYU cancer or Covid-19. This com- artificial intelligence can pro- Langone Health and aco-au- binationofAIand MRI tech- duceafourfold increase in the thor of the research. nology is different, because BY NEWLEY PURNELL Chadha said. Thecommittee hadwrittentoParliament’s speed of magnetic resonance “Our goal is afive-minute theAIisused to help con- AND RAJESH ROY wasestablished earlier this information-technologycom- imaging. MRI. This has the potential to struct an imagewith lessdata, year following some of the mittee asking it to take steps The results of the joint ef- be a new paradigm,” he said. and not to diagnose amedical Indian lawmakerswant to worstcommunal violence in such as summoning Face- fort, which originated at Face- “Wereally want to improve condition, he said. question Facebook Inc.about decades in India’scapital city book’s topglobal executives, book,showthat accurateMRIs patient care.” Theresultsofthe experi- extremist postsonits platform. of NewDelhi. holding hearingsand ordering canbeproduced morequickly UnlikeX-rays and CT scans, ment have been published on- Opposition membersofPar- “Wewill summon all rele- “aninternational human- as AI functions with lessdata, MRIs,acritical tool in diagno- line for subscribers of the liament areacting following vant executives of Facebook, rightsaudit leading to repara- researchers said. sis, don’t emit body penetrat- American Journal of Roentgen- an article FridayinThe Wall be it in Indiaorglobal,” Mr. tions forvictims” of hate Theuse of MRIs is limited ing radiation and can capture ology, apeer-reviewedjournal Street Journal that detailed Chadha told TheWall Street speech. by cost, as well as the fact images of soft tissue such as of radiology. what current and former Face- Journal on Tuesday. TheWall Street Journal re- book employees said wasa Following the article’spub- ported that Facebook staff pattern of favoritism toward lication, Congressparty chargedwith policing the ADVERTISEMENT the ruling BharatiyaJanata leader Rahul Gandhi said on platform fordangerous con- Party and Hindu hard-liners. Twitter that the ruling BJP tent concluded that BJP poli- Showroom Shashi Tharoor,amember and aseparateHindu nation- tician T. Raja Singh had vio- To advertise: 800-366-3975orWSJ.com/classifieds of the opposition Congress alist group control Facebook lated the company’shate- party who heads Parliament’s and itsWhatsApp messaging speech rules and should be information-technologycom- serviceinIndia. permanently banned from its mittee, wroteonTwitterSun- platforms globally,according PORSCHE daythat the committeewould to current and former em- seek input from Facebook on ployees. “safeguarding citizens’ rights” But Facebook’stop public- and preventing misuse of so- policyexecutiveinIndia,

cial-media platforms.Itwants S Ankhi Das, opposed applying

to ask the companyabout re- PRES the rules to Mr.Singh and at portsoffavoritism and what least three other Hindu na- UMA

it plans to do about hate /Z tionalist individuals and TO speech, he wrote. groups flaggedinternally for USS In alettertoFacebook Chief promoting or participating in SU USSC0P(TD'T0RY ?&$ \Y3 *6+$74*6+$7 )EY] =Z W8 'GI[SNU"UFF ExecutiveMark Zuckerberg /NURPHO violence, the current and for- SU USS#C2 "35:38 #C D86/YP4*6+$7 NF1W8[SNU"UFF

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eral SecretaryK.C.Venugopal TNA Ms.Das didn’t respond to a SU USS'+PPYP+

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B4 | We dnesday, August 19, 2020 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Executive Microsoft, U.S. Partner on AI Tools Leaves BY JARED COUNCIL soft’sfederal government unit. “People aren’t good at syn- NBC TheEnergy Department thesizingthat information re- and Microsoft Corp.onTues- ally quickly,” she said. daylaunched apartnership to Ms.Adams said the group ContinuedfrompageB1 develop artificial-intelligence will tapMicrosoft’sAzure ple familiar with the matter. Ms. tools aimed at helping first-re- cloud to storevarious datael- Kirk declined to comment on sponders better react to fast- ements, such as images of past Mr.Meyer or theallegations. changing natural events, such wildfires and howthey have Ms.Kirk’srelationship with as floods and wildfires. progressed. Mr.Meyer wasreported earlier “Thereare just so many Theplatform also comes by Hollywood trade publications technologies wherewecan with pretrained AI models for Variety and the Hollywood Re- solvesome of the toughest tasks such as object detection. porter. problems,inamoment where Energy Department and Mi- In 2019,KevinTsujihara, the we’rehaving an explosion of crosoftengineerswill also use chiefexecutiveofAT&TInc.’s wildfires and floods and some the platform to customizenew Warner Bros.movie and televi- really major natural disasters,” AI models. sion studio,resigned afterhe said Cheryl Ingstad,director S First responders, including

acknowledged having had an in- of theEnergy Department’s PRES those fighting fires, oftenlack

appropriaterelationship with Artificial Intelligenceand UMA real-time information, said

Ms.Kirk in 2013. TechnologyOffice. “And we /Z Chris Renschler, an associate

When Mr.Tsujiharastepped think we can bring AI to bear OCK professor of geographywho down, Ms.Kirk said she was here and help save lives.” studies disaster management saddened by it and that their re- The First Five Consortium, SPURL at the University at Buffalo,

lationship wasconsensual. She anod to the importanceofthe LESLIE N.Y. He said having systems said shetried unsuccessfully to first five minutes in respond- Iowa is reeling from a slew of devastating windstorms. One destroyed a farm in that state. that can provide real-time in- stop the Hollywood Reporter ing to anaturaldisaster,aims formation or even cansimu- from disclosing the affair,which to build between 10 and 30 ing public- and private-sector ready fortesting this fall. Over and a similar tool for floods. latereal scenarios,can makea led to his resignation. different AI-poweredsystems. entities, are expected to par- the longer term, officials envi- AI plays arole in each by difference. Although Mr.Meyer’s associ- TheEnergy Department will ticipate. sion arangeofAIsystems analyzing massive and dispa- “With simulation, if youcan ation with Ms.Kirk predated spearheadthe development Theannouncement comes that canhelp save lives,prop- rate data sets—such as blaze makemorerealistic scenarios, her high-profile role in Mr.Tsu- and testing efforts. as California confronts an- erty and resources. temperatures or wind direc- youcan plan betterfor the ex- jihara’sresignation, he did not Microsoftwill provide tech- other summer of raging wild- The group already has two tion—in real time,which can tremes,” he said. “It’snot only tell his employeratthat time nological resources, including fires,while Iowa reels from systems that areinthe early help firstrespondersbetteral- being able to better respond, about either the relationship or itsAzurecloud forAImodel devastating windstorms. stages: one formapping and locateresourcesorinform the butalso having realistic sce- the settlement with her,accord- training and inference. Theconsortium is expected predicting fire lines,orthe public,said Susie Adams,chief narios out therethat we can ing to adescription of the Other organizations,includ- to have itsfirst prototype bounds of an active wildfire, technologyofficer in Micro- prepare and train for.” events in NBCUniversal’sstate- ment about his departure. Mr.Meyer,75yearsold, has America's oil-and-gas industryhas cut about 20% of its jobs sincethe pandemic.Younger people have become lessinterested been one of the most influential Oil Firms in entering the field, which makes hiring moredifficult when businessreturns. figuresinHollywood formore Number of U.S. university students enrolled than four decades.Helefttalent U.S. employees* in petroleum-engineering programs firm William Morris Agencyin Fret Over 1975and co-founded the now 350t. housand Support activities 12,000. immensely powerful Creative foroil and gas ArtistsAgencywith Michael Young Staff RECESSION RECESSION Ovitz and other colleagues. 300 10,000 As an agent, Mr.Meyer was credited with guiding the ca- ContinuedfrompageB1 Senior 250 reersofHollywood legends like light. Acareer in oil and gas 8,000 Junior TomCruise,Sylvester Stallone wasunappealing to 44% of 20- Sophomore andMeryl Streep.Considered to 35-year-olds,according to a 200 congenial and diplomatic,he 2017survey by Ernst &Young Freshman 6,000 wasoften viewedasthe polar LLP.Anevengreater portion oppositetothe Mr.Ovitz.To- of 16-to19-year-olds,nearly 150 gether,they pioneered new two-thirds,held that senti- waysofdoing businessinHolly- ment. Oil and gas 4,000 100 wood and helped giveartists, The attitude, among other extraction producersand directorsmore things, makes hiring moredif- 2,000 sayoverwhat movie and TV ficult and expensive. Petro- 50 programming getmade. leum engineering wasthe After along career as asuper highest-paid undergraduate agent,Mr. Meyer took ajob at field of study in the U.S.,with 0 0 theUniversal studio in 1995. amedian salaryof$140,000 a 1980 '902000 '10'20 1972 '80'90 2000 '10'20 During his tenureasstudio year foremployees aged 25-59, *Seasonally adjusted. Employmentdatafor support activities notavailable before1990.June and July 2020 figures arepreliminary. chief—long by Hollywood stan- according to a2018 George- Sources: Labor Dept. (employees); LloydHeinze, Texas Tech University(enrollment) dards—Mr.Meyer oversawthe town University analysis. production of both megahits Amid the current cutbacks, their careerstofill the void. in the oil business. “I still “We’reway moredata- more stable oncethey have and critical darlings, including companies arewaryofrepeat- Ordinarily the companypre- think there’senough to makea driven now,” said Tracy Jose- families, said Mr. Petras, 24. “Erin Brockovich” and “The Fast ing the mistakethey made fers to hireearly and train career out of it.” fovsky, vicepresident of hu- “The uncertainty is always and the Furious.” during the oil crash of the people internally. Enrollment in petroleum- man resourcesfor oil-field kind of eating away at your In 2013,Mr. Meyer took over 1980s.U.S.oil-and-gas extrac- This time,Chevron plans to engineering departments services companyHalliburton confidencethat you’regoing as vicechairman at NBCUniver- tion jobs fell by nearly 30% maintain at least some univer- surgedinthe early yearsof Co., noting that the company to makeitawhole career in sal, whereheserved as an am- from 1982 through the end of sity recruiting despitebeing in the shale boom, peaking above increasingly is lookingtohire the industry,” he said. bassador to Hollywood, bridging thedecade,according to Bu- the processofcutting up to 11,000 studentsduring the people forroles that areless “There’samentality out the gapbetween his corporate reau of Labor Statistics data. 15% of itsworkforce.The com- 2014-15 school year,which be- labor-intensive. therethat oil and gasisfin- bosses and the entertainment Many firms sharply curtailed pany also continued itsintern- ganasoil fetched around $100 ished,” said Jeff Spath,who community.Hebecame atop hiring or stopped it altogether, ship program virtually.Half of abarrel, according to datacol- leads Texas A&M University’s adviser to former NBCUniversal leading to a generational gap the classare racial or ethnic lected by Texas Tech Univer- Remade curricula petroleum-engineering depart- CEO SteveBurkeaswell as that haunted them for years. minorities and 37% are sity Professor Lloyd Heinze. Halliburton hasn’t said how ment, adding thereis“agrow- something of amentor to Mr. Some two decades later, in women, amorediverse group By the time many of those manyjobs it has cut during ing disdain” for the industry. Shellwhen he assumed over- the early days of the shale than Chevron’sworkforce students graduated, job pros- the pandemic but reported re- Dr.Spath said he thinks a sight of the movie studio. boom, many firms had to pay overall. pects had dimmed. Oil prices cently that it employed more generation or two of students Mr.Meyer’s is the second retirees to return as contrac- startedcrashing in late2014 than 40,000 people as of the will still be able to build afull high-profile departurefrom tors to train younger workers, and eventually fell below $30 end of the second quarter, career in oil and gas, because NBCUniversal recently.This said Rachel Everaard, aprinci- Diversity efforts a barrel in early 2016, result- down from around 55,000 at fuels arewidely expected to month, Paul Telegdy,the head pal at Ernst & Young. Reducingthe hiring of re- ing in sweeping job cuts. the end of last year. makeupalarge shareofthe of entertainment forNBC, was “Wedon’t want to repeat cent graduates threatens the Oil production subsequently Universities’ petroleum-en- global energy supply forde- pushed out in arestructuring. history,” said Rhonda Morris, industry’seffortstoincrease rebounded and eventually hit gineeringdepartmentsare re- cades. Hisdeparturecame afterNBC- wholeads Chevron’shuman- diversity.Last year,88% of aworld-leading 13 million bar- making curricula in light of But the downturn is hitting Universal launched an investiga- resourcesdivision. Chevron people working in oil-and-gas rels aday earlier this year,but demands fordigitally savvy Texas A&M’sstudentshard. As tion intothe cultureofhis divi- last froze hiring and intern- extraction were white, and employment never fully recov- employees.LSU began requir- of early August, only athirdof sion amid concerns of atoxic ships in the 1990s,she said, just 22%werewomen, ac- ered. Therewereabout three- ing additional data-analytics the petroleum engineers who work environment. Mr.Telegdy andsubsequently had to re- cording to the BLS. quartersofthe number of jobs course work last year,and it graduated this spring with a has denied anywrongdoing. cruit people who were later in “What I think the industry in oil-and-gas production or plansinthe spring to intro- bachelor’s degree had ajob, haslearned from the ’80s is services at the end of last year duceanelectiveabout carbon Dr.Spath said. Some 70%of that we cannot turn the pipe- as therehad been five years captureand storage,which in- the class of 2019 had found a line off,” said AmyPatton, who earlier, according to the BLS. volves removing carbon diox- job by that time last year. leads early career recruiting Companies were able to ide from exhaust, ambient air Tanner Gullett, a24-year- Formoreinformation: for BP in the U.S. shrink their workforce while or other gasstreams and old petroleum engineer by wsj.com/inmemoriam BP made itssummer intern- increasing production, thanks burying or repurposing it. training,fired off applications In Memoriam ship program virtual and hon- in part to automation and Mitchell Petras graduated to everyengineering role he ored full-time offerstosome greater use of datascience, ar- from LSU last year and works could find afterHouston-based 30..02, !*&)(1)0.- 300 recent graduates,evenas tificial intelligenceand ma- as areservoir engineer at servicecompanyApache In- it cutsnearly 10,000 jobs,or chine learning. ConocoPhillips. He estimated dustrial Services Inc.laid him "$+$(& '/ %#%# 14% of its global workforce. Some of thesteepest cuts that at onepoint this spring off in March. JHD+,NPb 'HJJS :*9\\ DX/;3$;9\`b Others, including Schlum- have come at oil-field service he wasreceiving three or four He endedupwith an offer ,O/;X4 (Z` 'XZ3O\/(Z/b `9^3 (/ @0S *X4Z JXM^[&^4 Q@b WY.. 9Z *4XX7\GZb berger, have laid off employ- companies.Schlumbergeris messages a week from people foracivil-engineering job in IN J)b+9\\9([ #`K(4` DX/;3$;9\` V(33^` ees and rescinded internships cutting morethan 21,000 jobs, he knows who were looking his hometownofLittle Rock, (K(G XZ ,O>TS*9\\ ?XOZ`^` /;^ ZXK 0Q:G^(43:3/4XZ< !X4`;([ '\O&S departmentsinthe country. wantstodouble the sizeofits high salaries forseveral years cost of living would be lower in TheWall Street Journal ,$(4^^4 ?X$O3^` XZ ;^\V9Z< X4<(Z9E(: He estimates that lessthan digital business. beforeleaving forsomething and the role more secure. /9XZ3 9Z/^<4(/^ \^(`^43;9VK9/; /;^ 7^G half of his classmates remain Mr.Gullett’sfirst assign- (Z` [X3/ 9[VX4/(Z/ 4^3XO4$^ V^XV\^2 K9/; Shareyour loved .C G^(43 (/ a^Z^4(\ #\^$/49$ 9Z$\O`9Z< employed in jobs tied to oil- ment wasconsulting on alocal one’s storywith an

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WSJ.com/InMemoriam A9[X/;GbN9\\GbR($7b B(&49Z(b P(/9^b J(X[9b even though he thinks the /BL He grew tired of the uncer- ,9[^^b +9\\b ,`93XZ (Z` R(G`9ZS coming transition away from tainty and the personal sacri- ]Z \9^O X? =XK^43b L^[X49(\ %XZ(/9XZ3 [(G &^ [(`^ 9Z *9\\53 Z([^ /X ,33O[V/9XZ fossil fuels might makeit fices his schedule demanded. ';O4$;b Y@ D9M^439`^ ,M^b +^3/VX4/b 'A harder to getand keep jobs in SHARRETT “IfI’m worried about job secu- C0@@CS AX \^(M^ (Z XZ\9Z^ $XZ`X\^Z$^ ?X4 KE ©2020Dow Jones &Company,Inc. his field. “It’sgoing to be LU rity,how canIbefinancially ;93 ?([9\GbV\^(3^ M939/" KKKSL(

THE WALL STREET JOURNAL. ** NY We dnesday, August 19, 2020 | B5 CORPORATE WATCH

CARNIVAL its systems and conduct companybenefited from the The company withdrew its fi- isn’t obligated to return the Citi, the administrative agent remediation. spending spurred by unemploy- nancial outlook in April because money it received last week, its on a loan issued by Revlon in Ransomware Attack Carnival said it doesn’t be- mentbenefits and government of the uncertainty surrounding share of a nearly $900 million 2016, said the payment was Likely Accessed Data lieve the incident will have a ma- stimulus checksduring the pan- the pandemic. loan payment owed by Revlon. made in error out of the bank’s terial impact on its business, op- demic. Shares ended up 1.2% at The ruling by Manhattan U.S. own funds. The $175 million Carnival PLC said it has de- erations or financial results, The automotive-parts retailer $162.85 on Tuesday. District Judge Jesse Furman sent to Brigade was part of al- tected a ransomware attack that based on the company’s prelimi- on Tuesday posted net income —Dave Sebastian marks an initial victory for Citi most $900 million that Citi the company expects included nary assessment. of $190 million, or $2.74 a share, before the judge fully evaluates wired to various lenders that unauthorized access to data of The company’sAmerican de- compared with $124.8 million, or REVLON the dispute over whether Bri- have been locked in a feud with guests and employees. positary receipts fell 2.4% to $1.73 a share, in the year-earlier gade can keep the money. Revlon over the company’s debt- The cruise operator said the close at $12.20. period. Citi Wins Freeze of Another court hearing was restructuring tactics. attack encrypted a portion of —Adria Calatayud Adjusted earnings were $2.92 Fund’s Loan Payment scheduled for late August, when Citi lawyer Matthew Ingber one brand’ssystems, and down- a share, above the $1.98 a share Brigade must explain why it said that Brigade controlled the loaded certain company files. ADVANCE AUTO PARTS that analysts polled by FactSet A federal judge granted Citi- shouldn’t have to give the funds and had to be aware the Carnival said it identified the had expected. group Inc.’s request to freeze money back, according to the payment was a mistake because incident on Saturday, after which Profit, Sales Rise on Sales rose 7.3% to $2.5 billion; roughly $175 million the bank order. Revlon’s financial statements it launched an investigation and Lift From Stimulus analysts had been looking for said it paid hedge-fund manager Until then, Brigade can’t with- showed it didn’t have close to notified law enforcement. $2.38 billion. Brigade Capital Management draw, transfer or otherwise dis- $900 million in cash on hand. The company said it is work- AdvanceAutoParts Inc. Same-store sales rose 7.5%; LP by mistake on a loan owed pose of the money, the judge Revlon had $415.7 million of li- ing with cybersecurity firms to said its profit and sales in the analysts had been anticipating a by cosmetics firm Revlon Inc. said. quidity as of June 30. respond to the threat, defend second quarter rose as the 2.7% growth. Brigade took the position it Brigade declined to comment. —Becky Yerak

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B6 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Skyscraper Reflects New Yo rk’s Woes

Empire State Building dropped by morethan half newbuildingslowertheir rent, touring officespaceagain, Mr. year-to-date, making it the said John Kim,astock analyst Malkin said. looks vulnerable to worstperformer among the at BMOCapital Markets. “With Manyofthe biggertenants losing tenants to major, public NewYork-fo- anydownturn thereisusually arelocked in on long-term cused office owners. aflight to quality in office,” he deals. Shutterstock signed an remote work, suburbs EmpireState RealtyTrust said. 11-year lease in 2013 forits gets morethan 40% of itsrev- Thetower’sowner has been headquarters in the building, BY KONRAD PUTZIER enue from the 1931 office addressing some of these is- according to the company’s building in normal times, and sues. Over the past decade, it general counsel, Heidi Gar- The Empire State Building, it lost $19.6 million in the sec- said it has spent heavily reno- field. Although Shutterstock’s NewYork’smost famous office ond quarter.That morethan vating the skyscraper,making employees areworking re- skyscraper,has come to reflect reversed an $18.9 million it more energy-efficient, add- motely fornow,Ms. Garfield much of what ails the city and profit a year earlier. ing advanced air filtersand said the companyhasn’t dis- itscommercial real estatedur- Much of that drop is be- other technology that can re- cussed leaving the property, ing the Covid-19 pandemic. cause of the tower’s observa- moveviruses from the air,and which she called “iconic and Thetowerlooks vulnerable tion deck andmuseum, which installing modern, fast eleva- incredibly vibrant.” to losing officetenantsas reopened to visitorsonJuly tors, among other changes. Still, rents are likely to fall more companies embrace re- 20. Last year, 3.5 million peo- Morethan two-thirds of of- acrossNew York.Aprolonged motework or cheaper satellite ple visited the observatory. In fice spaceisoccupied by com- economic slump would in- offices outside city centers. the second quarter,itmade panies that lease an entire crease the risk that tenants Some in the industry say it is $86,000 in revenue,down floor or more, Mr.Malkin said, stop paying rent or don’t re- worseoff than manypeersbe- from $32.9million ayear ear- and he is marketing the new leases. cause the building relies on lier.Businessremains slow. In- tower’s cheaper rents to ten- Employment attorney Mat- smallerofficetenants, which stead of bustling crowds, on antsfrommoreexpensive thewBlit, whose lawfirm of tend to be moreatrisk during Friday about a dozen visitors buildings. about 20 people has an office a downturn. Its retail tenants had the 86th-floor lookout to Thecompanyalso com- on the 40th floor,said only face challenges with many of themselves. pleted a $165 million renova- about three people nowuse thebuilding’semployees not Some investorspredict that tion of the observatory, and the spaceonatypical dayand back to work. Tourism, a ma- competition from new obser- Mr.Malkin projectsthat visits most work from home.His

jor source of revenue, has all vation decks at Hudson Yards /REUTERS to the observatorywill be back business has been hit hard by

but dried up. and One Vanderbilt in Manhat- GAR to normal by 2022. Thetower the recession and no longer

Executives at EmpireState tanwill eat intothe Empire SE has added anumber of corpo- makesenough monthly reve-

Realty Trust,which owns the State Building’srevenue—even MIKE rate tenantsinrecent years, nue to cover all its expenses. skyscraper and 19 other prop- aftertouristsreturn—and that The observatory made $86,000 in revenue in the second quarter. including LinkedIn and Shut- Mr.Blit said he asked the erties,said the company’slow companies will need lessoffice terstock.Some small tenants landlordfor arent discount debt and high occupancy rate space. State Building has particular operations through alonger aredivisions of largercompa- but was rebuffed. will help sustain it through “We’renot putting the vulnerabilities. period of lowerdemand,” said nies,making them lesslikely He is paying rent and other tough times.“Idon’t think work-from-home genie back in Smaller tenants, which oc- Bradley Tisdahl,chief execu- to default on their leases, Mr. bills with the help of the law we’veeverbeen as prepared the bottle,” said investor Jona- cupy alarge shareofits space tiveofTenant Risk Assess- Malkin said. firm’s savings, and he is opti- foradowncycle as we are than Litt, whose companyis compared with neweroffice ment. Office-rent collections mistic that the firm will be now,” said AnthonyMalkin, betting the stock pricewill developmentslikeHudson Thenearly 90-year-old acrossthe companyfell to 83% profitable again soon. EmpireState’s chief executive. fall. Yards, aremorelikely to go building’s age is another con- in June but rose to 91% in “Aslong as we canaffordit, But stock-market investors While the pandemic poses out of businessiftheir reve- cern. Old buildingstend to July,according to the latest we will stay,” he said. “But if areexpressing concern. The problems formost Manhattan nue falls because they lack the facestiff competition during quarterly earningsreport. Pro- there’sanother shutdown, that company’ssharepricehas officeproperties,the Empire financial resources“to sustain office-market downturns as spective tenants have started changes everything.” Looted Businesses In ChicagoWorry About Insurance

BY ESTHER FUNG business, which wasalso robbed in December,didn’t As smaller restaurants and makeinsuranceclaims for shops in Chicagotry to rebuild damages sustained in Mayand afteraresurgenceinlooting June out of concern these this month, they face another claims could negatively affect potential setback: delays from its status with its insurer.

the rush of insuranceclaims “The insurancewasn’t in- S and the prospect of much tended to coverlooting on a PRES higher premiums next year. monthly basis.Asmerchants Some ownerssay they have and taxpayers,weexpect a TED OCIA

yettoreceiveinsurancepay- semblance of protection from SS

outs 2½ months afterthe late the local government,” said /A Mayand early June riots, Mr. Shapiro, who is consider- ST which is preventing them from ing making claims this time. reopening. Insurers saywhile premi- ARBOGA

Earlier this month, looters ums areaffected by losses, REX struck the Magnificent Mile, other factorswill also have an

an upscale strip on Michigan impact on the cost of insur- CHARLES Avenue.They brokeintostores ance. These firms consult his- Volunteers cleaned lastweek after overnightvandalism in aChicago neighborhood. Some storesare reconsidering their presenceinparts of the city. runbyLVMH MoëtHennessy torical datatocalculatehow Louis Vuitton SE, Apple Inc. much is needed to coverfur- may prefer to insure the big- Storeownerssay numerous with wiring pulled out, coolers said Ms.Rothschild, the third- and Best Buy Co., among oth- ther losses, said David Samp- ger, national businesses that setbacks during the past five broken and all inventorystolen. generation owner of the family ers. Morethan 100 arrests son, president and chief execu- have amoregeographically di- months have curtailed foot Ms.Rothschild said that businessthat her grandfather were made. tiveofficer of the American verse footprint. traffic.Manyare reconsidering only two of the six stores are started. Syd Jerome,amenswear Property Casualty Insurance “Ifthey aresmaller,inde- their presenceinpartsofChi- currently open. She has re- At least 30 businesses in storeindowntownChicago Association. pendent businesses,they are cago, likestretches of Michi- ceived a$20,000 check forin- Chicago, mainly restaurants that waslooted forthe third “Because insurerslook at going to suffer with limited ganAvenue and the Loop,that ventorylossfor one store, and bars, arealso in legal bat- time sinceMay,highlightsthe manyyearsofdata, insurance access and increased prices for have been targeted by looters. which she said is afraction of tles with their insurers, as- dilemma retailersfacewhen costsare morereflectiveof coverage,” said David Macknin, Otherssaid their business the value of the shop’smer- sertingthat insurersshould deciding whether to make an long-term trends than one or an insuranceconsultant based relationships with their insur- chandise. The owner said she pay for losses linked to shut- insurance claim. two isolated events,” said Mr. in Chicago. ershavebecome morefraught. has become frustrated at the down ordersbecause of OwnerScott Shapiroesti- Sampson. Smaller businesses have Michelle Rothschild,who owns numerous approvals the insur- Covid-19,according to court mated that hislatestlosses That brings little comfort to fewer resources and may also six liquor stores in the south ance company has to provide documents. from broken windows and sto- smaller businesses,which fear facemoredelays on insurance andwest side of Chicago, said before she can get quotes for But as with cases in other len items,including belts, sun- unrest could occur again and payouts, leaving stores five of her stores were looted repairing her stores. U.S. cities,insurerssay their glasses and outerwear,totaled that insurerswould viewthem boarded up forlonger periods, and damaged in May. Four of “When we need them, they policies exclude claims tied to $40,000.But the family-owned as high-risk clients. Insurers he said. them were completely gutted, arenot expeditiously helping,” the coronavirus. Simon Rethinks Mall Traffic by Going Without the Anchors

BY ESTHER FUNG Themall operator and a pany’saggregate investment ruptcy so far this year. partner recently agreed to buy in the two retailersisvery “They’renot going afterev- Mall owner Simon Prop- apparel retailers Brooks Broth- small, just less than $50 mil- eryone,” said Alexander Gold- erty Group is pursuing an un- ersInc.and LuckyBrand Dun- lion, and that ratingsfirms farb, asenior research analyst orthodoxbusinessstrategy, garees LLC out of chapter 11. wouldn’t think twice about it. at Piper Sandler Cos. smashing the foundation of With another partner,Simon “If we didn’t believe in the Mr.Simon declined to com- the traditional industrymodel is in advanced talks to buy brand and we didn’t think we ment about anylogistics part- on the one hand while trying J.C. Penney. could makemoney,wenership with Amazon on the to glue certain elements of it One thing the two strate- wouldn’t do it. And it’s...prob- call, but he noted that morere- back together with the other. gies have in common: a focus ably the same people that told tailersare distributing their e- Simon has been in talks on buoying occupancylevels Amazon to stay just in the commerce ordersfromtheir with Amazon.com Inc.tocon- at Simonmalls.Analystssay book business, OK?” said Mr. stores through curbside pickup. vert department stores into thereisstill aglut of malls, GES Simon. “There’s just nothing “That’sagood trend long-term warehouse distribution hubs, and that as manyashalf of IMA out therethat says youcan’t forus,” said Mr.Simon. saypeople familiar with the the roughly 1,100 U.S. malls make smart investments out- Thediscussions with Ama- matter, an innovation that could shut forgood as retail GETTY side of your core businesses.” zonoverconverting some de- could plug large holes filled by tenants close their doors. ON/ As part of aconsortium, Si- partment stores intofulfillment OLS

ailing tenantssuch as Sears Some viewSimon’smoves T mon purchased apparel re- centersare still in preliminary OT

HoldingsCorp.and J.C. Penney as boosting the company’sin- SC tailer Aéropostale Inc.out of stages and avariety of uses are Co. But the move would chal- come while buying time to re- Simon Propertyisbuying the apparel retailer out of bankruptcy. bankruptcy in 2016. The mall being considered, including a lengealong-held industrybe- configuremalls with only one operator said in Februaryit hybrid of retail and ware- lief that anchor tenantsare anchor department store. astuteand making out-of-fa- an analogytosuggest it makes invested $25 million in the re- houses,according to aperson crucial forattracting foot traf- “Nobody in the $5.5 trillion- vorinvestmentsthat might sense forSimon to pursue out- tailer and has received $13 familiar with thematter. fic to other stores. a-year retail businessstands seem foolhardy nowbut could of-favorretailersright now million in distributions,and Simon risks alienating At the same time,Simon to lose morefrombankrupt payoff in the long term. because they come at bargain that Aéropostale earnings other mall tenantsthat would hasbeen trying to keep as- tenantsordeclining tenants Shares of the largest U.S. mall prices butcould offer an up- have reached around $80 mil- prefer atraditional anchor, pectsofthe old business than Simon Property right owner by number of malls are side when the economyturns. lion from alossof$100 mil- rather than their chief online model intact, despiteheight- now,” said Nick Egelanian, down 4.8% sinceJune 30.The “You buy straw hats in the lion threeyearsago. Simon competitor.But if Amazon ened pressurefrome-com- president of SiteWorks,are- S&P 500 rose 9.3% during the winter.And forretail, this is also purchased Forever21Inc. could include aretail-store merceand other forces that tail consulting firm. “They same period. winter,” Mr. Smead said. with partners early this year. portion such as abookstore, a have pushed some once-prom- need to keep rentsflowing.I Bill Smead, chief invest- During an earningscall last Still, some analystssaid cashierless convenience store inent retailersintobank- see it as the natural conclu- ment officer of Smead Capital week,Simon Property Chief that in one sense Simon Prop- and returns drop-off,itwould ruptcy.Itisusing cash to help sion of the 50-year run of the Management, recently in- ExecutiveDavid Simon ad- erty has been restrained. The be additivetomall traffic that stabilizesome companies mall industry.” creased itsinvestment in Si- dressedconcerns about the landlordhas made attempts other mall tenants would ap- whosedemise would mean Some investorssaid they mon Property Group to around higher frequencyofretailer in- foronly three out of the 26 re- preciate, analystsfromJeffer- closing stores in Simon malls. think Simon Property is being 2.3% of its portfolio. He used vestments. He said the com- tailers to have filed for bank- ies Research said. P2JW232000-0-B00700-1------NS

THE WALL STREET JOURNAL. NY We dnesday, August 19, 2020 | B7 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. ArrowElec ARW 75.61 -0.90 Bio-Techne TECH 262.43 -0.28 CanNaturalRes CNQ 20.09 -0.19 CitrixSystems CTXS 140.39 2.31 DeutscheBank DB 9.40 -0.06 EnterpriseProd EPD 18.43 -0.46 FoxA FOXA 25.64 0.08 Market listed securities. Prices are composite dd-Indicates loss in the most recent AscendisPharma ASND 148.66 0.38 Bio-RadLab A BIO 520.82 8.91 s CanPacRlwy CP 300.70 2.30 Clarivate CCC 29.23 0.04 DexCom DXCM 437.22 -3.70 Equifax EFX 164.80 0.43 FoxB FOX 25.74 0.02 quotations that include primary market trades four quarters. AspenTech AZPN 121.69 0.42 Biogen BIIB 288.88 -0.28 Canon CAJ 17.32 -0.38 Clorox CLX 228.17 1.39 Diageo DEO 139.59 1.74 Equinix EQIX 786.85 17.43 Franco-Nevada FNV 151.65 -1.25 as well as trades reported by Nasdaq BX FD-First day of trading. Assurant AIZ 123.61 -0.96 BioMarinPharm BMRN 118.54 -0.95 CanopyGrowth CGC 16.92 -0.03 Cloudflare NET 40.06 0.14 DiamondbkEner FANG 44.49 -0.59 Equinor EQNR 16.19 -0.16 FranklinRscs BEN 21.72 -0.08 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing AstraZeneca AZN 56.33 -0.13 BioNTech BNTX 67.88 -2.38 CapitalOne COF 65.47 -1.32 Coca-Cola KO 48.42 0.21 DigitalRealty DLR 156.46 -0.06 Equitable EQH 21.02 -0.42 FreeportMcM FCX 14.41 0.31 Cboe, NYSE National and Nasdaq ISE. standards Athene ATH 36.24 -0.58 BlackKnight BKI 80.64 0.56 CardinalHealth CAH 52.05 -0.68 Coca-Cola Euro CCEP 40.86 0.06 DiscoverFinSvcs DFS 50.94 -1.65 EquityLife ELS 65.83 -0.44 FreseniusMed FMS 43.51 0.10 The list comprises the 1,000 largest lf-Late filing Atlassian TEAM 166.98 2.63 BlackRock BLK 589.21 -2.82 Carlisle CSL 126.06 -0.43 Cognex CGNX 67.10 -1.18 DiscoveryA DISCA 22.06 -0.03 EquityResdntl EQR 55.37 -0.02 companies based on market capitalization. q-Temporary exemption from Nasdaq AtmosEnergy ATO 103.00 -1.12 Blackstone BX 53.56 0.18 Carlyle CG 27.36 -0.02 CognizantTech CTSH 67.22 -0.32 DiscoveryC DISCK 20.33 0.02 ErieIndemnity A ERIE 222.31 1.76 G H I requirements. Autodesk ADSK 242.69 3.69 Boeing BA 170.23 -1.78 s CarMax KMX 106.63 1.01 s Disney DIS 128.92 -0.45 EssentialUtil WTRG 44.70 -0.05 Underlined quotations are those stocks with ColgatePalm CL 77.65 0.44 GCI LibertyA GLIBA 80.91 0.14 t-NYSE bankruptcy Autohome ATHM 89.92 -0.08 BookingHldgs BKNG 1778.91 25.99 Carnival CCL 14.41 -0.27 DocuSign DOCU 209.47 1.77 EssexProp ESS 218.73 -1.52 large changes in volume compared with the Comcast A CMCSA 43.54 0.01 GDS Holdings GDS 80.05 -2.05 v-Trading halted on primary market. Autoliv ALV 71.90 -0.42 BoozAllen BAH 85.84 0.17 Carnival CUK 12.20 -0.30 DolbyLab DLB 69.95 -0.41 EsteeLauder EL 213.29 -0.68 issue’s average trading volume. CommerceBcshrs CBSH 59.52 -1.27 GFLEnvironmental GFL 19.48 -1.75 vj-In bankruptcy or receivership or ADP ADP 139.95 0.29 BorgWarner BWA 41.21 -0.38 CarrierGlobal CARR 29.46 -0.38 DollarGeneral DG 197.98 -2.75 Etsy ETSY 133.01 3.29 SABESP SBS 10.05 0.27 GSXTechedu GSX 89.99 1.98 Boldfaced quotations highlight those issues being reorganized under the AutoZone AZO 1211.81 4.06 BostonBeer SAM 843.31 8.29 Carvana CVNA 202.61 7.61 DollarTree DLTR 99.24 -1.63 EverestRe RE 220.72 -1.21 s ConagraBrands CAG 38.18 0.13 Galapagos GLPG 188.08 -4.56 whose price changed by 5% or more if their Bankruptcy Code, or securities Avalara AVLR 121.93 -1.27 BostonProps BXP 85.63 -0.63 CaseysGenStores CASY 177.00 0.31 DominionEner D 78.18 -0.50 ConchoRscs CXO 51.08 0.18 Evergy EVRG 52.54 -0.68 Gallagher AJG 107.38 0.73 previous closing price was $2 or higher. assumed by such companies. Avalonbay AVB 154.67 -0.70 BostonSci BSX Catalent CTLT 89.00 -2.03 Domino's DPZ 411.45 2.06 39.33 -0.02 ConocoPhillips COP 40.33 -0.37 EversourceEner ES 86.94 -0.52 Gaming&Leisure GLPI 37.31 -0.08 Avangrid AGR 49.23 0.01 Donaldson DCI 50.86 -0.67 BrightHorizons BFAM 127.65 -2.47 Caterpillar CAT 138.37 -0.35 ConEd ED 73.35 -0.30 ExactSciences EXAS 84.58 -1.44 Garmin GRMN 104.22 -0.26 Avantor AVTR Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 20.86 0.31 BristolMyers BMY 63.03 -0.59 Celanese CE 100.32 -0.44 ConstBrands A STZ 178.18 4.49 DouglasEmmett DEI 28.30 -0.22 Exelixis EXEL 22.56 -0.15 Gartner IT 127.64 -0.38 changes in the closing prices from 4 p.m. the previous day. AveryDennison AVY 114.34 -1.52 BritishAmTob BTI 33.99 ... CenovusEnergy CVE 5.05 -0.16 ConstBrands B STZ.B 175.54 3.02 Dover DOV 111.05 -0.84 Exelon EXC 37.07 -0.27 s Generac GNRC 181.68 -0.52 BCE BCE 43.20 0.44 Broadcom AVGO 328.64 -1.68 Centene CNC 63.14 -0.98 ContinentalRscs CLR 18.15 -0.22 Dow DOW 44.71 0.25 Expedia EXPE 88.50 0.80 GeneralDynamics GD 153.03 -0.69 BHP Group BHP 56.90 -1.08 DrReddy'sLab RDY Tuesday, August 18, 2020 Net Net BroadridgeFinl BR 139.24 1.10 CenterPointEner CNP 20.24 -0.41 Cooper COO 307.24 2.24 60.93 -0.19 ExpeditorsIntl EXPD 86.84 0.34 GeneralElec GE 6.44 -0.03 Stock Sym Close Chg Stock Sym Close Chg BHP Group BBL 47.27 -1.01 BrookfieldMgt BAM 33.65 -0.74 CentraisElBras EBR 5.93 0.10 Copart CPRT 101.00 -0.16 DraftKings DKNG 37.21 2.53 ExtraSpaceSt EXR 105.09 0.41 GeneralMills GIS 64.63 0.35 Net s BJ'sWholesale BJ 43.43 0.66 BrookfieldInfr BIP 43.75 -0.40 CenturyLink CTL 10.90 0.10 Corning GLW 32.11 -0.22 Dropbox DBX 20.48 0.56 ExxonMobil XOM 42.43 -0.21 GeneralMotors GM 29.84 -0.17 Stock Sym Close Chg Albertsons ACI 15.07 0.14 AmHomes4Rent AMH 28.55 -0.16 BP BP 22.36 -0.39 BrookfieldPropREIT BPYU 11.79 -0.24 CeridianHCM CDAY 74.24 -0.17 Corteva CTVA 28.40 0.63 DukeEnergy DUK 81.66 -0.94 F5Networks FFIV 134.53 -0.28 Genmab GMAB 37.02 -0.51 Alcon ALC 61.21 -0.44 AIG AIG 29.58 -0.38 B2Gold BTG 6.71 -0.47 BrookfieldRenew BEPC 46.56 -0.31 Cerner CERN 73.41 0.55 CoStar CSGP 828.30 -2.88 DukeRealty DRE 38.47 -0.24 FMC FMC 109.11 0.11 Genpact G 41.79 0.04 A B C AlexandriaRlEst ARE 173.76 0.34 AmerTowerREIT AMT 252.55 1.64 Baidu BIDU 124.20 0.28 Brown&Brown BRO 46.09 0.09 CharlesRiverLabs CRL 217.15 -1.30 Costco COST 340.75 0.79 Dun&Bradstreet DNB 25.10 -0.05 Facebook FB 262.34 1.18 Gentex GNTX 27.56 -0.15 AlexionPharm ALXN 103.31 0.56 AmerWaterWorks AWK 146.00 -0.56 ABB ABB 26.47 -0.07 BakerHughes BKR 16.46 -0.21 Brown-Forman A BF.A 66.42 0.63 s CharterComms CHTR 610.69 5.72 CoupaSoftware COUP 300.43 6.34 Dunkin' DNKN 72.46 0.30 FactSet FDS 360.81 5.28 GenuineParts GPC 93.56 -0.66 Alibaba BABA 259.20 2.24 AmericoldRealty COLD 39.08 0.29 AcadiaPharm ACAD 39.66 0.20 Ball BLL 76.36 0.15 Brown-Forman B BF.B 72.48 0.44 CheckPoint CHKP 127.61 3.95 Credicorp BAP 130.28 1.03 DuPont DD 57.00 -0.46 FairIsaac FICO 430.14 -4.42 GileadSciences GILD 69.06 -0.09 AlignTech ALGN 306.07 -3.45 Ameriprise AMP 156.50 -1.33 ADT ADT 11.38 -0.14 BancoBilbaoViz BBVA 2.93 -0.04 Bruker BRKR 42.53 -0.22 Chegg CHGG 78.22 -1.49 CreditAcceptance CACC 468.39 -8.39 Dynatrace DT 38.83 0.53 Farfetch FTCH 29.97 -0.07 GSK GSK 41.09 -0.04 Alleghany Y 540.76 2.64 AECOM ACM 38.18 -0.55 AmerisourceBrgn ABC 102.84 -0.58 BancoBradesco BBDO 3.57 0.03 Bunge BG 46.17 -0.22 Chemed CHE 511.15 2.25 CreditSuisse CS 11.11 -0.17 ENI E 19.08 -0.09 Fastenal FAST 48.07 -0.17 GlobalPayments GPN 170.10 -2.17 AES AES 17.74 0.07 Allegion ALLE 100.59 -1.67 Ametek AME 101.58 0.18 BancodeChile BCH 17.81 0.26 BurlingtonStrs BURL 199.95 -3.29 CheniereEnergy LNG 52.88 -1.09 Cree CREE 68.44 -3.94 EOG Rscs EOG 46.35 -0.19 Fastly FSLY 78.39 -0.37 Globant GLOB 175.59 -1.43 AlliantEnergy LNT Aflac AFL 37.14 -0.04 53.65 -0.25 Amgen AMGN 241.50 -1.51 BancSanBrasil BSBR 5.32 0.15 CBRE Group CBRE 44.66 -0.43 CheniereEnerPtrs CQP 39.52 -0.48 CrowdStrike CRWD 107.10 1.76 EPAM Systems EPAM 304.05 -4.33 FederalRealty FRT 80.32 -2.13 GlobeLife GL 82.66 -0.75 Allstate ALL 94.68 -0.55 AGNC Invt AGNC 13.88 0.08 Amphenol APH 109.15 -0.74 BcoSantChile BSAC 16.50 0.26 CDW CDW 110.98 -2.64 Chevron CVX 87.63 -1.85 CrownCastle CCI 166.00 -0.06 E*TRADE ETFC 52.90 -0.33 FedEx FDX 206.97 0.33 GoDaddy GDDY 81.63 0.94 AllyFinancial ALLY 21.93 -0.01 ANGI Homesvcs ANGI 14.40 0.33 AnalogDevices ADI 117.88 0.44 BancoSantander SAN 2.21 ... CF Industries CF 34.49 0.11 Chewy CHWY 57.12 1.49 CrownHoldings CCK 75.44 -0.84 EastmanChem EMN 71.90 -0.50 s Ferrari RACE 196.30 -0.89 GoHealth GOCO 19.03 -0.16 AlnylamPharm ALNY 139.92 -0.78 s Ansys ANSS 320.47 3.11 Anaplan PLAN 48.18 1.45 BanColombia CIB 26.48 0.82 CGI GIB 69.22 0.19 ChinaEastrnAir CEA 18.94 -0.42 CubeSmart CUBE 31.37 0.12 Eaton ETN 100.71 -0.19 FiatChrysler FCAU 11.38 -0.10 GoldFields GFI 12.92 -0.04 Alphabet C GOOG 1558.60 40.62 AngloGoldAsh AU ASETech ASX 4.55 -0.04 29.53 -0.19 BankofAmerica BAC 25.53 -0.37 CH Robinson CHRW 94.96 -0.32 ChinaLifeIns LFC 12.75 -0.17 Cummins CMI 209.91 -0.55 eBay EBAY 57.03 -0.32 FidNatlFin FNF 32.84 -0.41 GoldmanSachs GS 201.31 -1.76 Alphabet A GOOGL 1555.78 39.54 AB InBev BUD 57.24 1.05 ASML ASML 377.22 -1.29 BankofMontreal BMO 58.67 -0.32 CME Group CME 173.81 -0.80 ChinaMobile CHL 38.38 0.51 CureVac CVAC 65.70-11.50 Ecolab ECL 194.37 -0.48 FidNatlInfo FIS 143.81 -0.46 Graco GGG 57.16 ... Alteryx AYX 113.73 -0.94 AnnalyCap NLY 7.40 -0.01 AT&T T 29.79 -0.06 BankNY Mellon BK 36.79 -0.30 CMS Energy CMS 60.92 -0.08 ChinaPetrol SNP 45.43 -1.17 CyrusOne CONE 83.50 -0.29 Ecopetrol EC 11.57 0.11 FifthThirdBncp FITB 20.08 -0.64 Grainger GWW 353.25 1.35 s Azek AZEK 40.05 1.36 AlticeUSA ATUS 27.25 0.13 Anthem ANTM 282.45 -0.66 BkNovaScotia BNS 43.28 -0.05 CNA Fin CNA 32.75 -0.30 ChinaSoAirlines ZNH 24.25 -0.81 EdisonInt EIX 51.49 -0.29 58.com WUBA 55.69 -0.08 Grifols GRFS 17.99 -0.11 AbbottLabs ABT 100.96 0.25 Altria MO 43.22 0.19 Aon AON 196.42 -0.30 Barclays BCS 5.65 0.04 CNH Indl CNHI 7.67 -0.01 ChinaTelecom CHA 35.77 1.15 D E F EdwardsLife EW 78.59 0.15 FirstRepBank FRC 114.27 -1.25 s Grubhub GRUB 78.20 0.64 AbbVie ABBV 95.65 -0.70 AlumofChina ACH 6.77 0.14 ApartmtInv AIV 35.60 -1.13 s BarrickGold GOLD 30.04 -0.09 CNOOC CEO 115.65 -0.97 ChinaUnicom CHU 8.27 0.82 ElancoAnimal ELAN 26.09 0.24 FirstSolar FSLR 74.41 0.80 GuardantHealth GH 90.71 2.44 Abiomed ABMD 313.20 3.65 Amazon.com AMZN 3312.49130.08 ApolloGlbMgmt APO 47.90 -0.64 BauschHealth BHC 17.33 -0.54 CRH CRH 39.94 0.24 s Chipotle CMG 1236.93 20.71 DISH Network DISH 34.36 -0.64 Elastic ESTC 93.53 0.88 FirstEnergy FE 28.88 -0.06 Guidewire GWRE 113.00 0.11 s Accenture ACN 234.23 1.61 Ambev ABEV 2.39 0.03 Apple AAPL 462.25 3.82 BaxterIntl BAX 84.27 0.57 CRISPR Therap CRSP 94.92 3.27 Chubb CB 125.08 -0.76 DTE Energy DTE 116.53 -0.51 ElbitSystems ESLT 140.65 -1.31 Fiserv FISV 102.67 0.49 HCA Healthcare HCA 133.91 -0.39 ActivisionBliz ATVI 83.13 1.14 s Amcor AMCR 11.08 -0.23 ApplMaterials AMAT 66.43 -0.51 BectonDicknsn BDX 263.86 3.82 CSX CSX 74.41 -0.58 ChunghwaTel CHT 36.78 -0.18 DadaNexus DADA 27.74 0.72 ElectronicArts EA 142.58 2.13 FiveBelow FIVE 109.00 -2.64 HDFC Bank HDB 47.57 1.70 Adobe ADBE 463.51 11.93 Amdocs DOX 60.99 -0.53 Aptargroup ATR 117.88 -0.37 BeiGene BGNE 231.96 8.47 CVS Health CVS 65.18 0.28 Church&Dwight CHD 96.46 0.67 s Danaher DHR 207.68 2.11 EmergentBiosol EBS 129.92 -3.47 Five9 FIVN 124.94 2.70 HD Supply HDS 41.19 -0.41 AdvanceAuto AAP162.85 1.85 Amedisys AMED 234.88 1.38 Aptiv APTV 87.24 -0.92 Berkley WRB 61.26 0.35 CableOne CABO 1909.88-18.12 s ChurchillDowns CHDN 175.46 0.57 Darden DRI 82.83 -1.07 EmersonElec EMR 68.36 -0.89 FleetCorTech FLT 243.70 -1.74 HP HPQ 18.24 0.29 AdvMicroDevices AMD 81.66 -0.76 Amerco UHAL 347.80 -2.54 Aramark ARMK 23.29 -0.91 BerkHathwy B BRK.B 208.33 1.55 CabotOil COG 19.89 -0.27 Ciena CIEN 59.08 -0.37 Datadog DDOG 83.46 0.01 Enbridge ENB 32.97 0.06 Floor&Decor FND 70.39 -0.50 HSBC HSBC 21.89 -0.31 Aegon AEG 2.82 -0.03 Ameren AEE 81.18 -0.25 ArcelorMittal MT 11.96 -0.03 BerkHathwy A BRK.A 3134193199.00 CadenceDesign CDNS 109.15 -0.37 Cigna CI 181.93 -0.26 DaVita DVA 86.54 0.28 EncompassHealth EHC 62.81 0.19 FomentoEconMex FMX 59.45 -0.70 Halliburton HAL 16.45 -0.20 AgilentTechs A 97.86 0.35 AmericaMovil A AMOV 12.74 -0.16 ArchCapital ACGL 31.58 -0.18 BerryGlobal BERY 54.18 -0.03 CaesarsEnt CZR 42.72 1.16 CincinnatiFin CINF 78.98 0.75 DeckersOutdoor DECK 210.83 -1.33 EnelAmericas ENIA 6.93 0.05 FordMotor F 6.89 -0.09 HartfordFinl HIG 41.28 -0.55 AgnicoEagle AEM 82.14 -0.33 AmericaMovil AMX 12.92 -0.07 ArcherDaniels ADM 44.31 0.28 s BestBuy BBY 110.52 -0.27 CamdenProperty CPT 88.40 -0.44 Cintas CTAS 318.77 -2.22 Deere DE 192.13 -0.86 EnergyTransfer ET 6.49 -0.10 Fortinet FTNT 129.92 0.76 Hasbro HAS 78.65 0.26 AirProducts APD 286.35 -3.21 AmerAirlines AAL 12.60 -0.02 AresMgmt ARES 39.77 -0.61 BeyondMeat BYND 124.31 -1.19 CampbellSoup CPB 52.44 0.16 CiscoSystems CSCO 41.98 -0.11 DellTechC DELL 60.02 0.33 s EnphaseEnergy ENPH 75.16 0.10 Fortis FTS 40.08 0.09 HealthpeakProp PEAK 27.68 0.18 AkamaiTech AKAM 108.73 0.86 AEP AEP 81.55 0.32 arGEN-X ARGX 239.65 1.33 Bilibili BILI 45.31 1.82 CIBC CM 73.33 -0.48 Citigroup C 50.34 -1.08 DeltaAir DAL 27.63 -0.39 Entegris ENTG 71.30 0.58 Fortive FTV 72.08 -1.40 Heico HEI 105.26 0.02 Albemarle ALB 92.20 0.43 AmerExpress AXP 96.67 -0.88 AristaNetworks ANET 219.46 4.45 Bill.com BILL 93.91 -0.34 s CanNtlRlwy CNI 104.49 0.43 CitizensFin CFG 24.76 -0.68 DentsplySirona XRAY 43.24 -0.44 Entergy ETR 100.10 -0.50 s FortBrandsHome FBHS 83.95 -1.68 Continued on Page B8

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SmCpIdxInstPrem 19.93 -0.20 -5.0 FPA Funds ValueI 41.08 -0.12 -7.1 PRIMECAP Odyssey Fds TotBdAdml 11.67 +0.01 7.2 TotIntBdIxInv 11.60 +0.01 3.1 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. TMktIdxInstPrem 95.67 +0.14 5.9 FPACres 31.51 -0.05 -4.0 MFS Funds Instl AggGrowth r 47.72 -0.12 6.3 TotIntBdIdxAdm 23.20 +0.02 3.1 USGro 58.45 +0.61 35.9 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s USBdIdxInstPrem 12.61 +0.02 7.4 Franklin A1 IntlEq 27.61 +0.04 -0.9 Growth r 41.03 -0.05 0.2 TotIntlAdmIdx r 28.77 +0.06 -2.9 WellsI 27.84 ... 3.4 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Advisor I CA TF A1 p 7.80 -0.01 3.9 Nuveen Cl I Schwab Funds TotStAdml 83.70 +0.14 6.0 Welltn 43.99 +0.02 2.8 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes NwInsghtI 37.02 +0.31 13.2 IncomeA1 p 2.12 ... -6.3 HYMunBd 17.01 -0.02 -2.3 1000 Inv r 75.87 +0.16 6.6 TxMCapAdml 176.18 +0.39 7.2 WndsrII 35.56 -0.04 -1.6 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete Fidelity Freedom FrankTemp/Frank Adv Oakmark Funds Invest S&P Sel 52.45 +0.12 6.2 TxMIn r 13.48 +0.01 -3.8 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2020 16.39 +0.03 4.2 IncomeAdv 2.10 ... -6.3 OakmrkInt 20.75 +0.01 -16.8 TSM Sel r 59.25 +0.08 5.9 USGroAdml 151.48 +1.58 36.0 IdxIntl 17.20 +0.04 -3.0 tracked. NS-Fund didn’texistatstart of period. FF2025 14.54 +0.03 4.1 FrankTemp/Franklin A Old Westbury Fds TIAA/CREF Funds ValAdml 41.56 -0.14 -9.6 SmValAdml 49.74 -0.59 -14.8 FF2030 17.98 +0.04 3.8 Growth A p 129.26 +0.50 15.2 LrgCpStr 15.46 +0.07 2.6 EqIdxInst 24.73 +0.04 6.0 WdsrllAdml 63.09 -0.07 -1.5 TotBd2 11.59 +0.01 6.8 Freedom2020 K 16.37 +0.03 4.2 RisDv A p 72.52 -0.06 4.7 Parnassus Fds VANGUARD ADMIRAL WellsIAdml 67.45 ... 3.5 TotIntlInstIdx r 115.05 +0.23 -2.9 Tuesday, August 18, 2020 Freedom2025 K 14.52 +0.03 4.1 FrankTemp/Franklin C ParnEqFd 50.61 +0.27 8.1 500Adml 313.49 +0.77 6.2 WelltnAdml 75.97 +0.04 2.8 TotItlInstPlId r 115.08 +0.24 -2.9 Net YTD Net YTD Net YTD Freedom2030 K 17.96 +0.03 3.9 Income C t 2.15 ... -6.6 PGIM Funds Cl Z BalAdml 41.52 +0.05 7.2 WndsrAdml 64.17 -0.43 -10.3 TotSt 83.66 +0.13 6.0 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2035 K 15.09 +0.03 3.2 FrankTemp/Temp Adv TotalReturnBond NA ... NA CAITAdml 12.35 -0.01 3.7 VANGUARD FDS VANGUARD INSTL FDS Freedom2040 K 10.56 +0.02 2.9 GlBondAdv p 9.85 +0.02 -4.7 PIMCO Fds Instl CapOpAdml r 165.07 -0.07 4.6 DivdGro 30.77 -0.04 1.6 BalInst 41.53 +0.06 7.2 American Century Inv BlackRock Funds LgCo 26.04 +0.06 6.2 Guggenheim Funds Tru Fidelity Invest AllAsset NA ... NA EMAdmr 36.83 +0.25 0.3 INSTTRF2020 25.17 +0.03 4.4 DevMktsIndInst 13.50 +0.01 -3.7 Ultra 68.40 +0.55 31.1 HiYBlk 7.48 ... -0.3 TAUSCoreEq2 19.97 -0.05 -0.1 TotRtnBdFdClInst 29.74 +0.03 11.4 EqIncAdml 72.04 -0.22 -7.9 Balanc 26.73 +0.03 9.6 InvGrdCrBd 11.16 +0.03 4.5 INSTTRF2025 25.79 +0.04 4.3 DevMktsInxInst 21.10 +0.01 -3.7 American Funds Cl A HiYldBd Inst 7.48 +0.01 -0.4 US CoreEq1 26.03 -0.03 1.4 BluCh 146.02 +1.59 35.5 Harbor Funds ExplrAdml 103.41 -0.44 6.4 ExtndInst 99.52 -0.39 4.7 TotRt 10.95 +0.02 7.7 INSTTRF2030 26.12 +0.04 4.0 AmcpA p 35.97 +0.11 9.0 BlackRock Funds A US CoreEq2 23.45 -0.06 -0.1 Contra 16.57 +0.14 21.7 CapApInst 101.89 +1.22 34.5 ExtndAdml 99.53 -0.39 4.7 GrwthInst 116.82 +0.89 25.1 PIMCO Funds A INSTTRF2035 26.43 +0.04 3.6 AMutlA p 42.28 -0.11 -1.8 GlblAlloc p 20.19 +0.05 8.0 US Small 31.69 -0.36 -9.0 ContraK 16.60 +0.15 21.7 Harding Loevner GNMAAdml 10.77 -0.01 3.4 InPrSeIn 11.47 +0.05 8.9 IncomeFd NA ... NA INSTTRF2040 26.73 +0.05 3.3 BalA p 29.22 +0.01 3.9 BlackRock Funds Inst US SmCpVal 28.04 -0.46 -18.2 CpInc r 9.99 ... 0.2 IntlEq NA ... NA GrwthAdml 116.82 +0.89 25.1 InstIdx 302.99 +0.74 6.2 PIMCO Funds I2 INSTTRF2045 26.96 +0.05 3.0 BondA p 14.14 +0.02 9.5 MultiAstIncome 10.70 +0.01 0.3 USLgVa 32.52 -0.19 -14.7 GroCo 30.34 +0.26 42.0 Invesco Funds Y HlthCareAdml r 93.53 -0.15 9.6 InstPlus 303.01 +0.74 6.2 Income NA ... NA INSTTRF2050 27.01 +0.05 3.0 CapIBA p 59.74 -0.07 -3.9 StratIncOpptyIns 10.07 ... 2.7 Dodge & Cox GrowCoK 30.40 +0.25 42.1 DevMktY NA ... NA HYCorAdml r 5.82 ... 0.8 InstTStPlus 71.60 +0.11 6.0 PIMCO Funds Instl INSTTRF2055 27.12 +0.05 3.0 CapWGrA 52.79 +0.18 1.9 Bridge Builder Trust Balanced 94.65 -0.15 -4.5 InvGrBd 12.29 +0.02 8.1 JPMorgan I Class InfProAd 28.15 +0.13 8.8 MidCpInst 48.79 -0.10 1.0 IncomeFd NA ... NA EupacA p 58.48 +0.47 5.1 CoreBond 11.01 +0.02 7.5 Income 14.79 ... 7.1 LowP r 46.93 -0.13 -6.2 CoreBond 12.47 +0.02 7.0 IntlGrAdml 132.93 +0.92 29.3 IntlVal 34.29 -0.06 -8.6 MidCpIstPl 240.62 -0.49 1.0 Price Funds FdInvA p 61.96 +0.06 2.0 CorePlusBond 10.69 +0.01 7.1 Intl Stk 37.68 -0.03 -13.6 Magin 12.12 +0.07 18.8 EqInc 17.84 -0.06 -7.1 ITBondAdml 12.68 +0.01 9.0 LifeCon 21.90 +0.03 5.1 SmCapInst 75.73 -0.58 -4.0 BlChip 153.18 +1.36 23.2 GwthA p 60.39 +0.36 18.1 Intl Eq 11.90 +0.02 -0.8 Stock 170.84 -0.39 -9.6 OTC 16.38 +0.15 28.1 JPMorgan R Class ITIGradeAdml 10.65 +0.01 8.5 LifeGro 37.13 +0.06 3.5 STIGradeInst 10.99 ... 4.1 DivGro 54.27 -0.02 2.5 HI TrA p 9.63 ... -0.8 LargeCapGrowth 18.89 +0.13 19.3 DoubleLine Funds Puritn 25.22 +0.09 11.6 CoreBond 12.48 +0.01 7.0 LTGradeAdml 12.12 +0.03 13.7 LifeMod 29.88 +0.05 4.4 STIPSIxins 25.52 +0.03 3.3 ICAA p 40.52 +0.09 3.7 LargeCapValue 12.71 -0.05 -6.3 CoreFxdIncmI NA ... NA SrsEmrgMkt 21.29 +0.11 3.2 CorePlusBd 8.82 +0.01 6.2 EqInc 27.54 -0.14 -13.0 MidCpAdml 220.86 -0.44 1.0 PrmcpCor 27.06 -0.04 -3.1 TotBdInst 11.67 +0.01 7.2 IncoA p 22.37 ... -2.1 ClearBridge TotRetBdI NA ... NA SrsGlobal 12.79 +0.02 -2.9 Lord Abbett A EqIndex 90.20 +0.22 6.1 MuHYAdml 11.82 -0.01 2.8 STAR 29.47 +0.04 8.5 TotBdInst2 11.59 +0.01 6.9 IntBdA p 14.21 +0.01 6.6 LargeCapGrowthI 65.09 +0.48 19.2 Edgewood Growth Instituti SrsGroCoRetail 25.48 +0.22 43.5 ShtDurIncmA p 4.17 ... 1.0 Growth 88.62 +0.72 20.8 MuIntAdml 14.79 -0.01 3.8 TgtRe2015 15.88 +0.02 4.6 TotBdInstPl 11.67 +0.01 7.2 N PerA p 53.60 +0.29 13.4 Columbia Class I EdgewoodGrInst 48.07 +0.34 24.8 SrsIntlGrw 18.68 +0.07 6.6 Lord Abbett F HelSci 91.38 -0.28 12.2 MuLTAdml 12.19 -0.01 4.4 TgtRe2020 33.95 +0.05 4.4 TotIntBdIdxInst 34.82 +0.03 3.2 NEcoA p 51.69 +0.24 13.1 DivIncom I 23.68 -0.07 -2.0 Fidelity SrsIntlVal 8.98 ... -9.3 ShtDurIncm 4.17 ... 1.1 LgCapGow I 53.98 +0.44 22.5 MuLtdAdml 11.24 ... 2.6 TgtRe2025 20.68 +0.03 4.2 TotStInst 83.71 +0.13 6.0 NwWrldA 74.68 +0.62 5.9 Dimensional Fds 500IdxInstPrem 117.77 +0.29 6.2 TotalBond 11.52 +0.01 7.3 Lord Abbett I MidCap 100.95 -0.25 5.9 MuShtAdml 15.96 ... 1.6 TgtRe2030 37.89 +0.05 4.0 ValueInst 41.56 -0.14 -9.6 SmCpA p 65.58 +0.05 11.5 5GlbFxdInc 10.87 ... 1.3 Contrafund K6 17.44 +0.16 20.6 Fidelity SAI ShtDurInc p 4.17 ... 1.1 NHoriz 77.72 +0.18 30.9 PrmcpAdml r 146.52 +0.22 1.6 TgtRe2035 23.34 +0.04 3.6 WCM Focus Funds TxExA p 13.56 -0.01 3.3 EmgMktVa 25.36 -0.03 -11.1 ExtMktIdxInstPre 66.75 -0.26 4.6 TotalBd 11.01 +0.01 6.8 Metropolitan West R2020 22.97 +0.02 4.0 RealEstatAdml 115.41 -0.60 -10.7 TgtRe2040 40.43 +0.07 3.3 WCMFocIntlGrwIns 21.63 +0.08 14.4 WshA p 46.37 -0.12 -2.7 EmMktCorEq 20.67 +0.03 -4.2 IntlIdxInstPrem 41.05 +0.06 -4.4 Fidelity Selects TotRetBd 11.65 +0.01 7.7 R2025 18.53 +0.02 4.2 SmCapAdml 75.74 -0.57 -4.0 TgtRe2045 25.46 +0.04 3.1 Western Asset Baird Funds IntlCoreEq 12.76 +0.02 -6.6 MidCpInxInstPrem 23.20 -0.09 -1.3 Softwr r 24.34 +0.21 26.6 TotRetBdI 11.64 ... 7.8 R2030 26.97 +0.02 4.1 SmGthAdml 76.13 -0.24 9.2 TgtRe2050 40.99 +0.07 3.1 CoreBondI NA ... NA AggBdInst 11.90 +0.01 7.6 IntSmCo 17.51 +0.05 -7.1 SAIUSLgCpIndxFd 18.34 +0.04 6.1 First Eagle Funds TRBdPlan 10.95 +0.01 7.8 R2035 19.82 +0.02 4.2 STBondAdml 10.89 ... 4.3 TgtRet2055 44.50 +0.08 3.0 CorePlusBdI NA ... NA CorBdInst 12.22 +0.01 7.3 IntSmVa 16.59 +0.03 -14.1 SeriesOverseas 11.31 +0.03 4.9 GlbA 57.77 +0.10 -0.3 MFS Funds Class I R2040 28.18 +0.03 4.1 STIGradeAdml 10.99 ... 4.1 TgtRetInc 14.63 +0.02 4.9 CorePlusBdIS NA ... NA

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B8 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg JacobsEngg J 89.86 -0.11 LyondellBasell LYB 68.44 -0.09 NetApp NTAP 41.00 -0.31 PayPal PYPL 194.57 -1.72 RocketCos.RKT 20.14 1.10 StoneCo STNE 51.28 2.42 Twitter TWTR 38.01 0.04 ViacomCBS B VIAC 26.97 -0.26 WestlakeChem WLK 59.78 -0.28 Heico A HEI.A 85.25 -0.37 JamesHardie JHX 22.70 0.34 NetEase NTES 479.82 5.25 Pearson PSO 7.82 -0.14 Rockwell ROK 233.02 -0.43 Stryker SYK 189.36 0.33 TylerTech TYL 340.04 -0.77 ViacomCBS A VIACA 30.12 -0.17 WestpacBanking WBK 12.26 -0.41 HenrySchein HSIC 66.28 -0.50 JazzPharma JAZZ 122.70 -1.49 M N Netflix NFLX 491.87 9.52 Pegasystems PEGA 117.94 0.47 RogersComm B RCI 42.61 0.41 SumitomoMits SMFG 5.74 -0.02 TysonFoods TSN 63.67 -0.01 s Vipshop VIPS 23.91 -0.06 WestRock WRK 29.10 -0.66 J&J JNJ 150.09 1.10 Neurocrine NBIX 114.94 -1.73 Peloton PTON 69.82 4.56 Roku ROKU 149.85 4.14 SunComms SUI 146.63 -1.61 UBS Group UBS 12.14 -0.15 VirBiotech VIR 52.95 -0.65 Weyerhaeuser WY 28.88 -0.08 Herbalife HLF 47.91 0.63 M&T Bank MTB 104.50 -2.06 JohnsonControls JCI 40.33 -0.40 NewOrientalEduc EDU 142.50 1.59 PembinaPipeline PBA 26.81 -0.06 Rollins ROL 54.52 -0.35 SunLifeFinancial SLF 42.31 -0.09 UDR UDR 35.18 0.13 Visa V 199.01 -0.42 WheatonPrecMet WPM 52.84 -0.08 Hershey HSY 149.59 1.26 MGM Resorts MGM 20.95 -0.43 JuniperNetworks JNPR 23.97 -0.34 NYTimes A NYT 43.99 -0.37 s RoperTech ROP 439.00 -1.97 SuncorEnergy SU 16.80 -0.17 UGI UGI 34.62 -0.15 Vistra VST 20.14 0.79 s Whirlpool WHR 182.00 0.06 Hess HES 50.02 -2.45 MKS Instrum MKSI 126.77 -0.89 PennNational PENN 55.38 2.01 KB Fin KB 32.60 -1.48 NewellBrands NWL 16.72 -0.24 RossStores ROST 94.30 -2.83 SunRun RUN 46.31 -1.42 Uber UBER 30.08 0.60 VMware VMW 138.78 2.36 Williams WMB 21.80 -0.54 HewlettPackard HPE 9.45 -0.01 MPLX MPLX 19.11 -0.91 Pentair PNR 45.54 0.23 s KE Holdings BEKE 40.50 1.78 Newmont NEM 67.70 -0.65 RoyalBkCanada RY 73.89 0.29 Suzano SUZ 9.47 0.22 Ubiquiti UI 181.82 -1.43 s Williams-Sonoma WSM 96.51 -0.97 Hill-Rom HRC 92.59 -0.05 MSCI MSCI 366.20 4.54 Penumbra PEN 233.62 -0.69 Vodafone VOD 15.58 0.12 KKR KKR 35.73 -0.30 NewsCorp B NWS 15.29 0.10 RoyalCaribbean RCL 60.40 0.11 SynchronyFin SYF 23.98 -0.37 UltaBeauty ULTA 216.24 -7.84 WillisTowers WLTW 201.31 -0.36 Hilton HLT 84.07 -0.91 MagellanMid MMP 41.18 -0.63 PepsiCo PEP 138.11 0.19 VornadoRealty VNO 34.68 -0.50 KLA KLAC 211.76 -4.87 NewsCorp A NWSA 15.18 0.06 RoyalDutchA RDS.A 30.54 -0.40 SyneosHealth SYNH 60.37 -1.21 Unilever UN 58.61 0.17 Wipro WIT 4.30 -0.01 Hologic HOLX 67.80 -0.28 MagnaIntl MGA 52.42 -0.26 PerkinElmer PKI 118.04 -1.63 VoyaFinancial VOYA 50.87 -0.35 KSCitySouthern KSU 182.31 -2.23 NextEraEnergy NEE 283.05 0.06 Synnex SNX 124.42 -3.23 Unilever UL 60.05 0.30 Wix.com WIX 286.80 4.11 s HomeDepot HD 285.00 -3.24 ManhattanAssoc MANH 94.26 0.06 Perrigo PRGO 54.22 -0.54 RoyalDutchB RDS.B 29.02 -0.36 Vroom VRM 59.88 1.56 Kellogg K 70.11 0.43 Nike NKE 106.97 1.31 Synopsys SNPS 200.09 -0.12 UnionPacific UNP 190.70 -3.17 Workday WDAY 191.56 6.32 HondaMotor HMC 25.57 -0.17 ManulifeFin MFC 14.94 -0.05 PetroChina PTR 35.30 -0.76 RoyalGold RGLD 139.84 2.39 VulcanMatls VMC 128.64 -1.05 KeurigDrPepper KDP 29.10 -0.65 Nikola NKLA 41.76 -1.81 Sysco SYY 59.59 -0.11 UnitedAirlines UAL 33.98 -0.42 WynnResorts WYNN 81.63 -1.87 Honeywell HON 157.38 -1.38 MarathonPetrol MPC 37.24 -0.83 PetroleoBrasil PBR 8.66 0.21 RoyaltyPharma RPRX 44.62 -1.33 KeyCorp KEY 12.17 -0.27 NiSource NI 23.58 -0.38 UnitedMicro UMC 4.00 -0.05 W X Y Z XP XP 44.57 0.55 HorizonTherap HZNP 73.17 -1.46 Markel MKL 1072.25 -1.25 PetroleoBrasilA PBR.A 8.43 0.21 Ryanair RYAAY 77.91 2.20 KeysightTechs KEYS 102.69 0.09 Nokia NOK 5.09 0.02 T U V UPS B UPS 159.99 -0.31 XPO Logistics XPO 80.96 -1.74 s HormelFoods HRL 52.71 0.29 MarketAxess MKTX 499.03 -1.56 Pfizer PFE 38.36 0.01 SAP SAP 161.78 1.30 KilroyRealty KRC 57.36 -1.27 NomuraHoldings NMR 5.07 ... s UnitedRentals URI 176.56 -2.52 WEC Energy WEC 91.92 -0.20 XcelEnergy XEL 70.00 -0.20 s DR Horton DHI 73.54 0.21 Marriott MAR 94.44 -1.28 PhilipMorris PM 79.18 0.92 S&P Global SPGI 360.12 2.98 TAL Education TAL 77.62 1.02 KimberlyClark KMB 157.62 -0.19 Nordson NDSN 205.66 -1.31 US Bancorp USB 36.33 -0.60 WEX WEX 157.30 -4.35 Xilinx XLNX 103.22 -1.42 HostHotels HST 10.78 -0.11 Marsh&McLen MMC 116.93 0.42 Phillips66 PSX 61.31 -1.05 SBA Comm SBAC 307.47 -0.27 TC Energy TRP 49.39 0.07 KinderMorgan KMI 14.38 -0.06 NorfolkSouthern NSC 206.33 -2.02 UnitedHealth UNH 316.81 -3.70 W.P.Carey WPC 71.45 -0.20 Xylem XYL 79.33 0.11 HowmetAerospace HWM 16.93 -0.42 MartinMarietta MLM 214.89 -1.53 Pinduoduo PDD 91.59 2.41 SEI Investments SEIC 52.46 -0.35 TD Ameritrade AMTD 37.83 0.34 NorthernTrust NTRS 82.22 -0.36 UnivDisplay OLED 184.93 -2.41 WPP WPP 40.18 -0.28 YamanaGold AUY 6.26 -0.05 HuanengPower HNP 18.30 0.90 KingsoftCloud KC 31.81 -2.64 MarvellTech MRVL 33.38 -0.40 PinnacleWest PNW 75.75 -0.65 SK Telecom SKM 21.76 -0.45 TE Connectivity TEL 94.04 -0.72 NorthropGrum NOC 337.60 -2.16 UniversalHealthB UHS 112.11 -2.28 Wabtec WAB 66.58 -1.86 s Yandex YNDX 61.40 0.79 Huazhu HTHT 39.35 -0.01 KinrossGold KGC 9.21 -0.09 s Masco MAS 58.90 -0.29 Pinterest PINS 35.98 0.97 SS&C Tech SSNC 62.49 -0.20 Telus TU 18.38 0.15 NortonLifeLock NLOK 22.85 0.05 VEREIT VER 6.70 -0.16 WalgreensBoots WBA 40.76 0.05 YumBrands YUM 94.90 1.30 Hubbell HUBB 144.80 -1.84 KirklandLakeGold KL 54.06 0.81 Masimo MASI 218.89 -1.16 PioneerNatRscs PXD 107.70 -0.91 StoreCapital STOR 25.38 -0.61 TIM Part TSU 13.54 0.21 Novartis NVS 85.63 -0.46 VF VFC 62.04 -1.08 s Walmart WMT134.71 -0.89 YumChina YUMC 55.75 0.13 HubSpot HUBS 284.09 0.37 Knight-Swift KNX 44.06 0.26 Mastercard MA 331.00 0.77 PlainsAllAmPipe PAA 7.40 -0.25 SVB Fin SIVB 241.51 -4.18 TJX TJX 57.45 -1.96 Novavax NVAX 146.23 -9.30 VICI Prop VICI 22.98 -0.21 WarnerMusic WMG 30.62 -0.40 ZTO Express ZTO 33.37 -0.29 Humana HUM 417.17 -2.84 KoninklijkePhil PHG 52.08 -0.23 MaximIntProducts MXIM 68.90 -0.07 PlainsGP PAGP 7.65 -0.20 Salesforce.com CRM 204.01 7.27 T-MobileUS TMUS 116.02 -0.85 NovoNordisk NVO 66.47 -0.39 VailResorts MTN 212.50 -2.76 WasteConnections WCN 99.97 -0.06 ZaiLab ZLAB 81.52 -0.98 JBHunt JBHT 138.00 -1.42 KoreaElcPwr KEP 8.63 -0.50 s McCormickVtg MKC.V204.30 2.09 Polaris PII 103.90 -1.05 Sanofi SNY 52.02 0.67 TRowePrice TROW 137.24 -0.74 Novocure NVCR 77.89 1.29 Vale VALE 11.60 0.24 WasteMgt WM 111.01 0.14 ZebraTech ZBRA 281.96 -4.78 HuntingtonBcshs HBAN 9.53 -0.25 KraftHeinz KHC 35.66 -0.27 s McCormick MKC 202.49 0.19 s Pool POOL 328.05 2.02 SareptaTherap SRPT 159.04 0.33 TaiwanSemi TSM 79.41 -0.78 NuanceComms NUAN 29.06 -0.38 ValeroEnergy VLO 54.74 -0.86 Waters WAT 215.06 -0.62 Zendesk ZEN 88.44 1.01 HuntingIngalls HII 162.29 -0.80 Kroger KR 36.24 0.24 McDonalds MCD 210.32 1.65 PostHoldings POST 87.33 0.52 Schlumberger SLB 19.77 -0.24 TakeTwoSoftware TTWO 176.98 1.77 Nucor NUE 46.37 ... VarianMed VAR 173.08 -0.03 s Watsco WSO 241.04 -1.76 Zillow C Z 82.32 2.53 IAA IAA 48.21 -0.22 L Brands LB 28.18 -0.62 McKesson MCK 155.54 -0.25 PrincipalFin PFG 43.76 -0.64 SchwabC SCHW 34.95 0.33 TakedaPharm TAK 18.86 0.04 Nutrien NTR 39.55 0.57 Vedanta VEDL 6.74 -0.01 s Wayfair W 326.10 12.00 Zillow A ZG 82.39 2.57 ICICI Bank IBN 10.22 0.30 LHC Group LHCG 203.53 5.98 MedicalProp MPW 19.28 -0.05 s Procter&Gamble PG 136.51 1.01 s ScottsMiracleGro SMG 166.26 -0.12 TandemDiabetes TNDM 103.08 1.30 s NVIDIA NVDA 490.43 -3.05 VeevaSystems VEEV 266.69 5.45 Weibo WB 33.89 0.23 ZimmerBiomet ZBH 138.80 0.22 IdexxLab IDXX 386.65 2.26 Line LN 51.20 0.42 Medtronic MDT 101.56 -0.30 Progressive PGR 89.74 0.91 s Sea SE 145.98 11.70 Target TGT 136.90 -0.66 Ventas VTR 40.74 -0.34 WellsFargo WFC 24.04 -0.43 Zoetis ZTS 160.17 2.75 IHS Markit INFO 83.55 1.71 LKQ LKQ 31.05 -0.28 MelcoResorts MLCO 19.23 -0.27 Prologis PLD 103.65 -0.56 Seagate STX 45.06 0.16 TeckRscsB TECK 11.84 0.04 O P Q VeriSign VRSN 206.99 0.24 Welltower WELL 54.94 -1.04 ZoomVideo ZM 276.80 10.65 ING Groep ING 7.98 -0.12 LPL Financial LPLA 80.30 -0.87 MercadoLibre MELI 1208.64 18.77 Proofpoint PFPT 108.31 -0.27 SealedAir SEE 41.76 0.45 TeladocHealth TDOC 217.28 12.26 VeriskAnalytics VRSK 189.13 0.06 WestPharmSvcs WST 275.31 0.32 ZoomInfoTech ZI 38.11 -1.49 IPG Photonics IPGP 154.89 -6.81 L3HarrisTech LHX 180.98 -0.57 Merck MRK 84.56 -0.20 OGE Energy OGE 32.45 0.01 PrudentialFin PRU 68.57 -0.88 SeattleGenetics SGEN 157.57 -4.25 TelecomArgentina TEO 7.82 0.25 Verizon VZ 59.18 0.40 WesternDigital WDC 34.71 -0.89 Zscaler ZS 127.97 3.48 IQVIA IQV 160.53 -0.97 LabCpAm LH 186.52 -1.24 MetLife MET 38.31 -0.57 ONEOK OKE 28.08 -0.90 Prudential PUK 32.65 -0.03 SempraEnergy SRE 129.36 -0.32 TeledyneTech TDY 320.09-10.29 VertxPharm VRTX 271.31 -2.53 WesternUnion WU 23.78 -0.18 Zynga ZNGA 9.42 0.06 IcahnEnterprises IEP 56.92 0.59 LamResearch LRCX 374.57 -4.51 MettlerToledo MTD 963.20 3.42 OReillyAuto ORLY 470.10 0.64 PublicServiceEnt PEG 54.53 -0.19 SensataTechs ST 40.99 -0.41 Teleflex TFX 373.99 -0.74 Icon ICLR 190.35 1.14 LamarAdv LAMR 67.46 -0.56 MicrochipTech MCHP 107.35 3.99 OakStreetHealth OSH 46.14 0.25 PublicStorage PSA 200.94 0.92 ServiceCorp SCI 46.38 -0.81 Ericsson ERIC 11.68 0.05 IDEX IEX 176.56 1.70 LambWeston LW 63.28 -0.17 MicronTech MU 44.40 -0.82 OccidentalPetrol OXY 13.95 0.04 s PulteGroup PHM 46.61 0.18 ServiceNow NOW 437.58 -4.79 TelefonicaBras VIV 9.10 0.20 IllinoisToolWks ITW 196.29 -0.28 LasVegasSands LVS 47.69 -0.03 Microsoft MSFT 211.49 1.21 Okta OKTA 205.68 5.95 s Qiagen QGEN 52.21 0.86 ShawComm B SJR 19.04 0.06 Telefonica TEF 4.24 -0.03 s Illumina ILMN 356.07 1.94 Lear LEA 115.02 -1.83 MidAmApt MAA 116.07 0.03 s OldDomFreight ODFL 195.40 2.13 Qorvo QRVO 132.61 -1.20 SherwinWilliams SHW 669.98 -1.02 TelekmIndonesia TLK 20.31 -0.07 Dividend Changes Immunomedics IMMU 41.32 -0.52 Leidos LDOS 91.81 -0.43 MiratiTherap MRTX 140.78 -3.47 Ollie'sBargain OLLI 104.11 -3.03 Qualcomm QCOM 112.03 -0.15 ShinhanFin SHG 26.83 -1.10 10xGenomics TXG 105.42 -0.19 s ImperialOil IMO 16.87 -0.26 Lennar B LEN.B 60.27 0.05 MitsubishiUFJ MUFG 4.06 -0.01 OmegaHealthcare OHI 30.87 -0.94 QuantaServices PWR 50.34 -0.45 Shopify SHOP 1024.71 11.75 Tenaris TS 12.06 -0.04 s Dividend announcements from August 18. Incyte INCY 97.56 0.08 Lennar A LEN 77.17 0.10 MizuhoFin MFG 2.71 -0.01 Omnicom OMC 54.12 0.29 QuestDiag DGX 120.00 ... Sibanye-Stillwater SBSW 12.62 -0.38 TencentMusic TME 14.15 -0.21 LennoxIntl LII 278.25 1.39 SignatureBank SBNY s Infosys INFY 12.98 0.11 MobileTeleSys MBT 9.49 -0.02 ON Semi ON 21.75 -0.21 Quidel QDEL 248.83 1.59 102.64 -3.53 Teradyne TER 91.23 -0.75 Amount Payable / LiAuto LI 15.96 0.54 SimonProperty SPG 65.13 -3.05 IngersollRand IR 34.62 -0.19 Moderna MRNA 67.03 -2.73 OneConnectFinTech OCFT 21.00 -0.93 s Tesla TSLA 1887.09 51.45 Company Symbol Yld %New/Old Frq Record Inphi IPHI 115.89 -0.60 LibertyBroadbandA LBRDA 137.57 -0.06 MohawkInds MHK 90.60 -1.05 OpenText OTEX 43.75 0.16 R S SiriusXM SIRI 5.95 -0.04 TevaPharm TEVA 10.48 -1.11 Insulet PODD 209.94 0.34 LibertyBroadbandC LBRDK 140.46 0.51 MolinaHealthcare MOH 192.80 -2.75 Oracle ORCL 55.18 1.19 Skyworks SWKS 143.19 -2.90 s TexasInstruments TXN 139.31 1.03 RELX RELX 22.78 0.01 Increased Intel INTC 48.65 -0.28 LibertyGlobal C LBTYK 21.96 0.85 MolsonCoorsB TAP 37.76 0.02 Orange ORAN 11.69 0.06 SlackTech WORK 28.41 0.17 Textron TXT 37.24 -0.60 s RH RH 321.47 6.90 Cboe Global Markets CBOE 1.7 .42 /.36 Q Sep15 /Aug28 InteractiveBrkrs IBKR 51.90 -0.03 LibertyGlobal A LBTYA 22.60 0.88 Mondelez MDLZ 57.27 0.75 Orix IX 60.62 -0.87 SmithAO AOS 49.51 -0.20 ThermoFisherSci TMO 417.30 0.50 LibertyFormOne C FWONK 37.17 -0.66 RPM RPM 85.15 0.16 Westlake Chemical WLK 1.8 .27 /.2625 Q Sep09 /Aug25 s ICE ICE 104.38 0.33 MongoDB MDB 209.75 4.76 OtisWorldwide OTIS 63.45 -0.51 Smith&Nephew SNN 40.65 -0.28 ThomsonReuters TRI 75.60 0.29 LibertyFormOne A FWONA 35.09 -0.40 RaymondJames RJF 74.89 -0.35 InterContinentl IHG 51.95 -0.96 MonolithicPower MPWR 275.40 -5.98 OwensCorning OC 67.67 0.34 Smucker SJM 113.92 0.42 ThorIndustries THO 109.92 -3.30 LibertyBraves A BATRA 19.27 -0.72 RaytheonTech RTX 62.10 -0.67 Reduced IBM IBM 124.92 0.48 MonsterBev MNST 82.98 -0.47 PG&E PCG 9.36 0.19 Snap SNAP 21.77 -0.02 3M MMM 164.38 -0.33 LibertyBraves C BATRK 19.00 -0.80 RealPage RP 60.80 -0.24 IntlFlavors IFF 122.62 -0.67 Moody's MCO 285.49 1.87 PLDT PHI 28.14 0.41 SnapOn SNA 151.77 -1.37 Tiffany TIF 126.14 0.72 Customers Bncp 7% Pfd. C CUBIpC 7.4 .3578 /.4375 Q Sep15 /Aug31 LibertySirius A LSXMA 35.30 -0.48 RealtyIncome O 61.58 -0.40 SOQUIMICH SQM IntlPaper IP 36.24 -0.39 MorganStanley MS 50.92 -0.36 PNC Fin PNC 107.08 -3.25 32.53 0.38 Toro TTC 73.52 -0.88 Eaton Vance NextShares EVSTC 0.9 .4141 /1.1828 A Aug21 /Aug19 LibertySirius C LSXMK 35.33 -0.43 RegencyCtrs REG 41.82 -0.90 SolarEdgeTech SEDG 219.02 -0.31 Interpublic IPG 18.44 -0.14 Morningstar MORN 157.01 -0.13 POSCO PKX 42.81 -1.28 TorontoDomBk TD 47.36 -0.33 EliLilly LLY 153.11 1.58 RegenPharm REGN 618.59 -2.14 SolarWinds SWI 19.94 0.22 Intuit INTU 308.90 0.89 Mosaic MOS 18.28 0.43 PPD PPD 31.95 0.63 Total TOT 38.96 -0.30 Initial LincolnNational LNC 36.68 -0.88 MotorolaSol MSI 149.80 2.44 PPG Ind PPG 118.69 -0.23 RegionsFin RF 11.37 -0.30 Sony SNE 82.98 -0.47 ToyotaMotor TM 136.08 0.55 IntuitiveSurgical ISRG 692.39 -1.61 Brighthouse Finl Pfd. B BHFAO 6.3 .5953 Sep25 /Sep10 Linde LIN 246.88 -1.55 ReinsGrp RGA 92.19 -2.13 Southern SO 53.05 -0.54 InvitatHomes INVH 29.26 -0.34 Mylan MYL 16.19 -0.06 PPL PPL 28.34 -0.46 s TractorSupply TSCO 153.02 -0.56 s LithiaMotors LAD 273.40 7.33 RelianceSteel RS 106.17 -0.47 s SoCopper SCCO 46.55 0.62 IonisPharma IONS 53.65 -0.34 NICE NICE 223.51 0.69 PRA HealthSci PRAH 103.06 0.94 TradeDesk TTD 469.08 -5.77 Stocks LiveNationEnt LYV 50.32 -0.57 s RenaissanceRe RNR 178.49 0.79 SouthwestAir LUV 34.16 0.35 iQIYI IQ 19.13 -0.14 NIO NIO 14.30 0.25 PTC PTC 89.85 1.63 Tradeweb TW 55.39 0.38 LivongoHealth LVGO Repligen RGEN 147.26 -1.03 Splunk SPLK 197.65 2.65 Organovo Holdings ONVO 1:20 /Aug19 IronMountain IRM 30.00 -0.33 136.01 6.53 NRG Energy NRG 36.09 0.79 Paccar PCAR 88.56 -0.05 TraneTech TT 118.03 -1.33 LloydsBanking LYG 1.45 0.03 s RepublicSvcs RSG 89.12 -0.68 Spotify SPOT 256.80 -3.11 ItauUnibanco ITUB 4.40 0.04 NVR NVR 4197.05 51.66 PackagingCpAm PKG 98.03 -1.20 TransDigm TDG 483.00 -6.97 LockheedMartin LMT 390.26 1.30 NXP Semi NXPI 124.38 -0.42 PagSeguroDig PAGS 42.69 1.54 ResMed RMD 183.03 -0.17 Square SQ 151.04 -1.44 TransUnion TRU 86.48 -0.68 Foreign J K L Loews L 36.37 -0.37 Nasdaq NDAQ 130.05 -0.26 s PaloAltoNtwks PANW 265.76 3.30 RestaurantBrands QSR 54.91 0.52 StanleyBlackDck SWK 159.92 0.15 Travelers TRV 114.93 -0.98 BanColombia ADR CIB 4.3 .30863 Q Oct13 /Sep29 LogitechIntl LOGI 74.57 -1.02 NationalGrid NGG 57.85 -0.10 PanAmerSilver PAAS 34.91 -0.26 ReynoldsCnsmr REYN 33.06 -0.36 Starbucks SBUX 78.99 0.04 Trex TREX 146.25 1.81 Torm TRMD 1.3 .85 SA Sep10 /Aug27 s JD.com JD 70.32 3.34 s Lowe's LOW 157.91 -0.50 NatlRetailProp NNN 36.17 -0.41 ParkerHannifin PH 206.72 -2.01 RingCentral RNG 290.84 -1.51 StateStreet STT 69.67 0.46 s Trimble TRMB 51.76 0.93 Joyy YY 89.20 7.58 s lululemon LULU 358.78 3.91 Natura&Co NTCO 18.71 0.33 Paychex PAYX 74.50 0.05 RioTinto RIO 63.58 1.12 SteelDynamics STLD 30.39 -0.49 Trip.com TCOM 28.07 -0.22 JPMorganChase JPM 98.32 -1.39 Lumentum LITE 87.19 -3.11 NatWest NWG 2.97 -0.02 PaycomSoftware PAYC 292.31 -6.74 RitchieBros RBA 62.73 -0.64 Steris STE 157.75 -0.36 TruistFinl TFC 37.91 -0.83 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and s JackHenry JKHY 197.67 -1.46 Lyft LYFT 27.94 0.77 nCino NCNO 81.99 -2.51 Paylocity PCTY 131.99 -0.54 RobertHalf RHI 56.83 -0.04 STMicroelec STM 29.34 -0.29 Twilio TWLO 251.94 4.14 ratio; SO: spin-off.

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 DigitalTurbine APPS 26.85 2.7 HomeDepot HD 290.58 -1.1 LumberLiqu LL 26.02 2.1 PaciraBioSci PCRX 63.31 0.7 StifelFinlPfdC SFpC 26.96 0.7 AshfordHosp AHT 3.34 -3.2 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American DragoneerGrowth DGNR.U 11.30 0.1 HormelFoods HRL 52.90 0.6 MICT MICT 8.45 45.7 PaloAltoNtwks PANW 269.50 1.3 SwitchbackEnerWt SBE.WS 1.28 -9.4 BP Prudhoe BPT 2.58 -3.3 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest 8iEntsAcqnWt JFKKW 0.98 12.5 DR Horton DHI 74.34 0.3 MagicSoftware MGIC 15.88 4.1 PennNational PENN 56.04 3.8 SyrosPharm SYRS 14.55 7.9 CastorMaritime CTRM 0.14 -10.3 session. %CHG-Daily percentage change from the previous trading session. EnergyFocus EFOI 9.43 8.6 Hovnanian HOV 35.77 -3.2 MalaccaStraitsAcqn MLAC 10.00 ... Personalis PSNL 23.25 2.3 TFI Intl TFII 45.43 4.2 ChurchillCapIV CCIV.U 9.95 -0.2 EnphaseEnergy ENPH 77.73 0.1 iClickInteract ICLK 9.27 8.7 Manning&Napier MN 4.34 16.0 PlugPower PLUG 12.93 4.7 TTEC TTEC 60.61 -1.8 CollectiveGrowth CGRO 9.70 -0.3 Tuesday, August 18, 2020 EquinoxGold EQX 13.66 0.2 iMediaBrands IMBI 7.74 20.1 Masco MAS 60.10 -0.5 Pool POOL 332.17 0.6 Tesla TSLA 1923.90 2.8 ColumbiaFin CLBK 11.45 -2.2 TexasInstruments TXN 139.46 0.7 52-Wk % 52-Wk % 52-Wk % Evertec EVTC 36.38 10.6 Infosys INFY 12.99 0.9 McCormick MKC 204.00 0.1 PrincipiaBio PRNB 100.04 0.4 D8 Holdings DEH.U 9.95 -0.2 eXpWorld EXPI 37.96 11.8 Innodata INOD 1.69 3.1 McCormickVtg MKC.V 206.77 1.0 Procter&Gamble PG 137.52 0.7 TopBuild BLD 159.56 -0.8 DuckCreekTech DCT 37.47 1.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Ferrari RACE 199.62 -0.5 InnovativeIndProp IIPR 121.97 -1.8 MeritMedical MMSI 48.91 1.3 PublicStoragePfI PSApI 27.83 0.9 TractorSupply TSCO 155.25 -0.4 EyePointPharm EYPT 0.53 -7.0 AssdBancPfdF ASBpF 26.07 0.2 CarMax KMX 107.43 1.0 FirstHorizonPfdC FHNpC 26.17 1.4 Inovalon INOV 25.80 2.1 MeritageHomes MTH 106.99 0.6 PublicStoragePfJ PSApJ 27.53 1.4 TrebiaAcquisition TREB 10.75 -4.4 FusionAcqnA FUSE 9.79 -0.1 Trimble 51.96 1.8 Highs AtHomeGroup HOME 17.28 -1.3 CelsiusHldg CELH 23.99 0.2 FirstMidBncpPfdC FMBIO 25.95... ICE ICE 104.60 0.3 MetLifePfdF METpF 26.51 1.0 PublicStoragePfdL PSApL 27.57 0.6 TRMB FusionAcqnWt FUSE.WS 0.60 -14.3 TriumphBncpPfdC TBKCP 25.70 -0.6 AthenePfdC ATHpC 26.85 0.5 CemtrexPfd CETXP 3.49 27.7 FirstRepBkPfd FRCpJ 26.39 0.3 IntlMoneyExpress IMXI 18.69 0.7 MitekSystems MITK 12.95 0.7 PulteGroup PHM 47.43 0.4 GreenroseAcqnWt GNRSW 0.18 -11.1 TruistFinlPfdO TFCpO 28.16 0.4 Ansys ANSS 322.40 1.0 AudioEye AEYE 16.42 14.9 CenturyComm CCS 39.62 -0.4 FlowersFoods FLO 25.14 1.3 iTeosTherap ITOS 34.33 -0.7 MontroseEnvl MEG 26.49 9.4 Qiagen QGEN 52.67 1.7 HPX Un HPX.U 10.00 -0.1 TruistFinlPfdR TFCpR 26.07 0.7 AT&T 5%PfdA TpA 26.70 0.9 AutoNation AN 59.39 0.1 Cerence CRNC 58.48 -1.1 FormulaSys FORTY 99.06 1.1 JD.com JD 71.40 5.0 NVR NVR 4222.24 1.2 Qumu QUMU 6.29 2.2 HudsonExecUn HECCU 10.07 ... UtdCmtyBksPfdI UCBIO 26.70 0.8 Azek AZEK 40.43 3.5 AvenueTherap ATXI 11.85 6.4 CharterComms CHTR 612.93 0.9 FortressValueII FAII.U 10.21 0.1 JackHenry JKHY 200.98 -0.7 Natera NTRA 65.66 4.0 RH RH 328.74 2.2 ITTechPkg ITP 0.43 -5.5 Vipshop VIPS 24.46 -0.3 Accenture ACN 234.93 0.7 BJ'sWholesale BJ 44.30 1.5 CheckmatePharm CMPI 15.39 8.0 FortBrandsHome FBHS 86.19 -2.0 KE Holdings BEKE 43.00 4.6 NorthernTrPfdE NTRSO 27.59 0.4 RISE Education REDU 10.20 28.4 InterpaceBio IDXG 3.12 -12.9 VivoPowerIntl VVPR 3.16 16.8 AdvDrainageSys WMS 59.25 3.1 BRP Group BRP 22.36 -0.1 Chipotle CMG 1239.38 1.7 FreedomHolding FRHC 22.00 1.1 KensingtonCapA KCAC 9.94 -0.4 NurixTherap NRIX 28.23 2.7 RackspaceTech RXT 20.10 3.2 IterumTherap ITRM 0.80 -5.5 Walmart WMT 137.63 -0.7 AllstatePfdH ALLpH 27.09 0.5 BankofAmPfdLL BACpN 27.12 0.5 ChurchillDowns CHDN 178.66 0.3 GCI Liberty PfdA GLIBP 29.73 0.8 Kirkland's KIRK 9.65 5.7 NVIDIA NVDA 499.84 -0.6 RadaElectronic RADA 7.77 -5.8 JustEnergy JE 0.31 -3.1 Watsco WSO 244.71 -0.7 AllstatePfdI ALLpI 26.99 1.0 BarrickGold GOLD 31.22 -0.3 ClearOne CLRO 3.45 5.3 G Willi-Food WILC 19.33 3.5 KubientWt KBNTW 1.25 -10.3 OldDomFreight ODFL 196.61 1.1 RangeResources RRC 9.37 -1.9 KensingtonCapA KCAC 9.80 -0.4 Wayfair W 334.21 3.8 Amcor AMCR 11.50 -2.0 BestBuy BBY 112.15 -0.2 ColgatePalm CL 78.19 0.6 Generac GNRC 185.55 -0.3 Lennar B LEN.B 61.58 0.1 Otonomy OTIC 4.44 11.8 S&P Global SPGI 362.28 0.8 KismetAcqnOneUn KSMTU 9.93 -0.2 WellsFargoPfdT WFCpT 26.25 0.7 AmFinDeb2059 AFGB 28.15 0.5 BrighthousePfdB BHFAO 26.85 1.3 ConagraBrands CAG 38.36 0.3 GeorgiaPwrNt77 GPJA 27.45 1.0 Lennar A LEN 78.59 0.1 Overstock OSTK 119.60 -1.9 ScottsMiracleGro SMG 167.71 -0.1 LonestarRscs LONE 0.33 -5.3 WescoPfdA WCCpA 27.50 0.4 AmerFinDeb2060 AFGD 27.07 1.1 GreatPanther GPL 1.07 3.0 LithiaMotors LAD 278.14 2.8 PDL Biopharm PDLI 3.65 2.7 Sea SE 152.51 8.7 NakedBrand NAKD 0.27 -10.1 BrookfdRenewPfdA17 BEPpA 26.30 1.3 CorvusGold KOR 3.29 -0.3 Whirlpool WHR 183.89 ... AmerSupercond AMSC 13.24 6.0 GreenproCap 3.12 117.1 LithiumAmericas 9.15 -15.4 PSBusParksPfdZ 26.45 1.1 SenecaFoods B SENEB 44.50 1.7 NanoVibronix NAOV 1.15 -3.9 CambiumNtwks CMBM 15.97 -14.0 Danaher DHR 208.29 1.0 GRNQ LAC PSBpZ Williams-Sonoma WSM 98.18 -1.0 APi Group APG 15.55 1.1 SenecaFoods A SENEA 44.98 0.2 NatusMedical NTUS 17.28 -3.1 CanNtlRlwy CNI 104.87 0.4 DarioHealth DRIO 18.87 0.4 GrowGeneration GRWG 19.59 9.3 LivePerson LPSN 61.61 2.9 PTC PTC 90.53 1.8 WintrustFinPfdE WTFCP 26.48 0.5 SherwinWilliams SHW 676.03 -0.2 OccidentalPetrolWt OXY.WS 3.20 -6.4 Arconic ARNC 23.29 1.9 CanPacRlwy CP 301.71 0.8 DigitalRealtyPfJ DLRpJ 26.90 ... Grubhub GRUB 79.11 0.8 Lowe's LOW 160.60 -0.3 PacBiosciCA PACB 6.41 1.8 Yandex YNDX 61.73 1.3 ShockwaveMed SWAV 55.40 0.2 PoseidaTherap PSTX 8.38 -30.3 AspenGroup ASPU 12.24 -3.5 CanadianSolar CSIQ 27.27 2.9 DigitalRealtyPfdL DLRpL 27.70 0.7 HelenofTroy HELE 213.30 0.6 lululemon LULU 360.77 1.1 PacificEthanol PEIX 5.33 13.5 YintechInvt YIN 7.24 -0.1 SilkRoadMed SILK 56.91 1.9 PredictiveOncology POAI 1.15 -4.6 SouthernNts77 SOJC 27.13 0.8 Lows RecroPharma REPH 2.89 -7.0 SouthernNts20 SOJD 26.75 ... RedBallAcqn RBAC.U 10.05 -0.2 SoCopper SCCO 47.43 1.3 AcordaTherap ACOR 0.60 -4.0 SeanergyMaritime SHIP 0.51 -53.3 ADVERTISEMENT StarPeakEner STPK.U 10.02 ... Alector ALEC 12.78 -7.7 UnityBiotech UBX 3.15 -21.4

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N6R>@55)R"M& 5L)0@5 High yield jumbos - Minimum is $100,000 R" MP8/P MD6@&R0 "@M6 6M)&B 6)J@6B .(, 1""2/$3"0 M"A $M(R6 )"0@650M0@ Money market and savings account Six-month CD 0-6RL:-IMH5R>#'!-)R8 Connexus Credit Union 1.15 Sallie Mae Bank 0.75 "%$&!#!&$### (800) 845-5025 (877) 346-2756 ;=AA+:)=>:@+6<,0:6?B CFG Community Bank 1.04 VirtualBank 0.75 =>:@+6<,B;=8102-2.=+7349/5 (888) 205-8388 (877) 998-2265 94*$%&%'( "!!"864#%62 0"#' BankDirect 1.00 Live Oak Bank 0.65 NEWYORK (877) 839-2737 (866) 518-0286 KL ,4415E()J!8415E() >5D7"5F0( O5I0+ A:)@(:)/3 *515F$" 5& ;":1I57+ M511P0 '5F7I/+CQ B4451IF7PI/ I5 P7-1(:0( I5 6. A:)@(:)/O5I0 :7) 51 -57E(1I I5 1(7I:9 F7PI0 One-month CD One-year CD C5 'B,# =7PI0 @(2FP1() B70PI(3 ,)N:-(7I I5 G.. ,-1(0 5& %1((7 ,-1( O:7)0 ARIZONA *)"#&(% *&$'"! VirtualBank 0.60 Connexus Credit Union 1.01 H.RMP9( A:751:8P- + #,1+( &* "8)!16/ $1--850' (713) 358-9400 (855) 730-7283 )'(* / #- $&%(! ." +*, State Bank of India California 0.15 CFG Community Bank 0.95 ,#-& *"!!-$%.+ / *311 43#/+( (877) 707-1995 (888) 205-8388 NORTHCAROLINA 29;2=1 37 4, &)8A3,5-"+/(+6> "+$/%(# 4231 !'%3%2 Two-month CD Two-year CD '-0. !6-+-)0 '-0. :?@65 0,.*-0&*)).) VirtualBank 0.60 Connexus Credit Union 1.11 %563!?,, $"++6<;*# (877) 998-2265 (800) 845-5025 '#!- ),1,")$++(& %"#,7- */"!; Lone Star Bank 0.20 First Internet Bank of Indiana 1.01 .3/./...+5:/ (713) 358-9400 (888) 873-3424 5 &*! &2/*/& *-'/";= NOTABLE State Bank of India California 0.15 Marcus by Goldman Sachs 1.00 3:6E *DC?A 840A 6< !F9A 7. *41F.B &A9)9?A COMMERCIAL (877) 707-1995 (855) 730-7283 Three-month CD Five-year CD CONNECTICUT PROPERTIES (-'%# *!.#/+& ,$+"!# *%/+& )* VirtualBank 0.60 Connexus Credit Union 1.56 >;%%&5"=$2 ! *2 *+#;!& EVERYWEDNESDAY (877) 998-2265 (800) 845-5025 *-$ )27"EG C$ 5?&"$! DGE=EJG )27"EG C$ 5?&"$! DGE=EJG BrioDirect 0.50 First Internet Bank of Indiana 1.21 3, )67"EG C$ 5?&"$! DGE=EJG )><7"EG C$ 5?&"$! DGE=EJG #)%$)*-+3*4 0)& (800)366-3975 (877) 369-2746 (888) 873-3424 38@ )27"EG C$ 5?&"$! DGE=EJG )<:>( 51 .@I=#E >)<>( 51 .@I=#E < Ally Bank TAB Bank %3+2' )* 624 +.*2 [email protected] 0.35 1.10 (877) 247-2559 (800) 355-3063 (7B !7G? B=?J BCEJ+ 3=$E=F=?= ;C??=HJ0 -8** A'%,>-9JGE0 $&3.*'53+, $) Formoreinformation visit: ).B 4I%G"$ 1CE%031: 4)"*$)"*' !31- wsj.com/classifieds Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of compounding and rate stated for the lowest required opening deposit to earn interest. CD ;.47.? "!)1 "+%1+&$*/ '+)1&0(.'%-1 ,(.,1(%# &2%.- )00./2' (3/&2 )& 7)&2 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of 0("24 !%56 &!&,)+$$(-'*&!+%#.)"! ©2020Dow Jones &Company,Inc. which may be checks. Rates are subject to change. 2++-$31-(3!& ".%/)#'./,*.0 &+1 *,$'/). -/'3#,3 All Rights Reserved. Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Internet: www.bankrate.com P2JW232000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, August 19, 2020 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 27778.07 t66.84, or 0.24% Trailing P/E ratio 28.11 18.66 3389.78 s7.79, or 0.23% Trailing P/E ratio * 35.39 21.92 11210.84 s 81.12, or 0.73% Trailing P/E ratio *† 35.99 23.60 High, low, open and close for each P/E estimate * 25.47 16.65 High, low, open and close for each P/E estimate * 26.15 17.50 High, low, open and close for each P/E estimate *† 31.55 21.08 trading day of the past three months. Dividend yield 2.21 2.35 trading day of the past three months. Dividend yield * 1.81 1.97 trading day of the past three months. Dividend yield *† 0.81 1.06 All-time high 29551.42, 02/12/20 All-time high 3389.78, 08/18/20 All-time high: 11210.84, 08/18/20

Current divisor 0.14579812049809 28500 3350 11150

26250 3125 10625

24000 2900 10100

Session high 21750 2675 9575 65-day moving average 65-day moving average DOWN UP Session open Close 65-day moving average t 19500 2450 9050 Close Open t

Session low 17250 2225 8525

Bars measure the point change from session's open 15000 2000 8000 May June July Aug. May June July Aug. May June July Aug. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 770,454,242 19,941,704 Industrial Average 27891.12 27668.79 27778.07 -66.84 -0.24 29551.42 18591.93 7.0 -2.7 8.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 257,990,197 6,755,578 Transportation Avg 10963.42 10853.15 10865.12 -87.82 -0.80 11304.97 6703.63 8.6 -0.3 6.1 Most-active issues in late trading Decl. volume* 495,553,133 12,828,780 Utility Average 826.56 816.34 820.37 -3.59 -0.44 960.89 610.89 -1.7 -6.7 3.6 Volume After Hours Issues traded 3,068 270 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34660.78 34405.56 34593.10 45.09 0.13 34631.28 22462.76 16.3 4.7 11.4 Advances 1,172 94 SPDR S&P 500 SPY 3,705.1 338.76 0.12 0.04 338.95 338.37 Barron's 400 740.60 733.99 734.63 -4.72 -0.64 746.64 455.11 11.8 0.3 5.3 Declines 1,820 162 SunOpta STKL 3,305.6 6.50 -0.38 -5.52 6.99 6.50 Unchanged 76 14 Kinross Gold KGC Nasdaq Stock Market 3,103.8 9.22 0.01 0.11 9.26 9.21 New highs 100 3 Nasdaq Composite 11230.61 11103.83 11210.84 81.12 0.73 11210.84 6860.67 41.0 24.9 21.7 CVS Health CVS 2,519.7 65.01 -0.17 -0.26 65.30 64.90 New lows 11 1 Nasdaq 100 11421.10 11279.08 11399.03 110.46 0.98 11399.03 6994.29 48.7 30.5 25.3 General Electric GE 2,389.7 6.44 … unch. 6.44 6.42 Closing Arms† 1.24 0.83 Microsoft MSFT 1,866.0 211.72 0.23 0.11 211.99 211.35 S&P Block trades* 4,788 153 Southern SO 1,709.4 53.05 ... unch. 53.26 52.95 500 Index 3395.06 3370.15 3389.78 7.79 0.23 3389.78 2237.40 16.9 4.9 11.8 Nasdaq NYSE Arca Cisco Systems CSCO 1,639.8 42.05 0.07 0.17 42.10 41.88 MidCap 400 1953.73 1933.00 1935.98 -17.58 -0.90 2106.12 1218.55 3.2 -6.2 4.6 Total volume*3,198,390,144 208,401,521 SmallCap 600 918.24 905.71 907.13 -11.96 -1.30 1041.03 595.67 -1.5 -11.2 3.5 Percentage gainers… Adv. volume*1,636,359,473 97,980,309 Decl. volume*1,546,973,660 107,158,823 Other Indexes Solaris Oilfield A SOI 87.4 8.48 0.67 8.58 8.48 7.81 Issues traded 3,444 1,401 Russell 2000 1585.54 1566.51 1569.77 -15.70 -0.99 1705.22 991.16 4.8 -5.9 5.0 MOGU ADR MOGU 78.0 2.90 0.16 5.84 2.93 2.68 Advances 1,263 680 NYSE Composite 12975.54 12877.19 12910.33 -25.77 -0.20 14183.20 8777.38 2.5 -7.2 3.3 OneSmart Intl Educ ADR ONE 749.1 5.70 0.28 5.17 6.64 5.32 Declines 2,090 702 BMC Stock Holdings BMCH 139.7 35.16 1.67 4.99 35.16 33.49 Value Line 483.53 478.82 479.25 -4.28 -0.89 562.05 305.71 -4.5 -13.2 -1.7 Unchanged 91 19 Lions Gate Ent Cl B LGFB 293.3 8.30 0.34 4.27 8.30 7.96 NYSE Arca Biotech 5651.07 5566.80 5607.14 -38.49 -0.68 6142.96 3855.67 23.6 10.7 14.0 New highs 137 142 NYSE Arca Pharma 674.28 667.80 671.70 0.18 0.03 672.00 494.36 16.2 2.8 9.3 ...And losers New lows 22 27 KBW Bank 77.21 75.76 75.86 -1.40 -1.82 114.12 56.19 -16.7 -33.1 -6.6 Sabre Corp. SABR 608.6 7.15 -0.74 -9.38 7.98 6.94 Closing Arms† 0.57 1.00 § PHLX Gold/Silver 157.53 151.50 153.28 -1.19 -0.77 161.14 70.12 61.8 43.4 22.2 SunOpta STKL 3,305.6 6.50 -0.38 -5.52 6.99 6.50 Block trades* 16,211 1,079 § PHLX Oil Service 39.35 38.18 38.29 -0.85 -2.16 80.99 21.47 -40.6 -51.1 -31.6 Agilent Technologies A 112.1 94.67 -3.19 -3.26 99.37 93.80 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2240.99 2209.18 2214.66 -12.95 -0.58 2227.61 1286.84 47.8 19.7 27.4 AIM ImmunoTech AIM 676.2 2.48 -0.08 -3.13 2.59 2.11 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.55 21.18 21.51 0.16 0.75 82.69 11.54 22.9 56.1 14.7 EHTH eHealth 103.0 74.00 -2.28 -2.99 76.70 73.74 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 0.03 World The Global Dow 3053.41 1.04 –6.1 MICT MICT 5.10 1.60 45.71 8.45 0.38 639.1 Poseida Therapeutics PSTX 9.06 -3.94 -30.31 17.62 8.38 ... 0.22 DJ Global Index 436.98 0.94 0.7 OneSmart Intl Educ ADR ONE 5.42 1.27 30.60 7.88 3.55 -26.4 Urban One Cl A UONE 7.33 -2.23 -23.33 54.16 0.95 294.9 DJ Global ex U.S. 252.17 0.67 0.27 –4.3 RISE Education Cayman ADR REDU 7.45 1.65 28.45 10.20 3.00 -8.8 Unity Biotechnology UBX 3.26 -0.89 -21.45 15.44 3.15 -46.4 Americas DJ Americas 789.35 1.47 0.19 3.7 MOGU ADR MOGU 2.74 0.53 23.98 6.85 0.88 -12.7 Precipio PRPO 2.57 -0.68 -20.92 8.00 0.55 -11.4 Brazil Sao Paulo Bovespa 102065.35 2469.94 2.48 –11.7 Ampco-Pittsburgh AP 4.25 0.78 22.48 4.50 1.94 14.6 NuZee NUZE 26.51 -6.70 -20.17 51.57 5.05 -11.6 Canada S&P/TSX Comp 16626.06 –30.06 –0.18 –2.6 Natural Gas Services NGS 8.24 1.46 21.53 14.20 2.62 -28.6 LSB Industries LXU 2.44 -0.59 -19.47 6.76 1.00 -45.8 Mexico S&P/BMV IPC 39087.35 –198.50 –0.51 –10.2 Groupon GRPN 28.88 5.01 20.99 63.20 9.60 -42.5 FAT Brands FAT 5.00 -1.11 -18.17 10.25 1.72 37.7 Chile Santiago IPSA 2775.28 –11.90 –0.43 –16.8 iMedia Brands Cl A IMBI 6.76 1.13 20.07 7.74 1.35 52.0 Antero Resources AR 3.62 -0.78 -17.73 4.64 0.64 0.6 Bloom Energy BE 17.00 2.75 19.30 19.67 2.44 209.7 Nabors Industries NBR 38.55 -7.90 -17.01 167.50 9.79 -62.4 EMEA Stoxx Europe 600 367.18 –2.08 –0.56 –11.7 Energous Corp. WATT 3.94 0.60 17.96 4.29 0.61 14.5 Biofrontera ADR BFRA 11.51 -2.35 -16.96 55.00 5.27 -20.5 Eurozone Euro Stoxx 361.08 –1.88 –0.52 –10.6 Belgium Bel-20 3393.24 –32.93 –0.96 –14.2 VivoPower International VVPR 3.13 0.45 16.79 3.16 0.59 136.2 Flux Power Holdings FLUX 4.20 -0.84 -16.67 11.00 3.80 -61.8 Denmark OMX Copenhagen 20 1304.93 –19.60 –1.48 14.9 Manning Napier MN 4.20 0.58 16.02 4.34 0.99 144.2 Lifeway Foods LWAY 4.06 -0.77 -15.94 5.59 1.43 60.5 France CAC 40 4938.06 –33.88 –0.68 –17.4 AudioEye AEYE 16.17 2.10 14.93 16.42 1.94 314.6 Lithium Americas LAC 7.60 -1.38 -15.37 9.15 1.92 114.1 Verrica Pharmaceuticals VRCA CureVac CVAC Germany DAX 12881.76 –38.90 –0.30 –2.8 8.56 1.10 14.67 18.67 6.02 -4.5 65.70 -11.50 -14.90 85.00 16.00 ... Muscle Maker GRIL 3.26 0.40 13.99 5.09 1.42 ... Kohl's Corp KSS 20.01 -3.44 -14.67 59.28 10.89 -55.4 Israel Tel Aviv 1428.60 –7.63 –0.53 –15.1 Italy FTSE MIB 19845.61 –104.70 –0.52 –15.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 559.44 –3.50 –0.62 –7.5 Russia RTS Index 1311.52 2.81 0.21 –15.3 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 57025.16 –409.91 –0.71 –0.1 Spain IBEX 35 7043.50 –46.60 –0.66 –26.2 Greenpro Capital GRNQ 123,688 8077.8 1.65 117.08 3.12 0.21 RISE Education Cayman ADRREDU 50,056 37014 7.45 28.45 10.20 3.00 Sweden OMX Stockholm 695.90 –5.74 –0.82 2.2 Eastman Kodak KODK 72,216 355.3 8.01 4.84 60.00 1.50 iMedia Brands Cl A IMBI 6,100 10460 6.76 20.07 7.74 1.35 NIO ADR NIO Hennessy Cap Acqn A HCAC Switzerland Swiss Market 10168.40 –59.66 –0.58 –4.2 69,591 -41.4 14.30 1.78 16.44 1.19 9,605 2499 10.49 -1.78 12.40 9.21 Antero Resources AR 59,819 419.3 3.62 -17.73 4.64 0.64 GrowGeneration GRWG 31,190 1730 17.67 9.31 19.59 2.62 Turkey BIST 100 1092.46 6.26 0.58 –4.5 NovaBay Pharmaceuticals NBY 58,393 1021.2 1.06 10.42 1.94 0.24 GFL Environmental GFL 12,905 1593 19.48 -8.24 23.27 11.92 U.K. FTSE 100 6076.62 –50.82 –0.83 –19.4 U.K. FTSE 250 17623.02 –148.86 –0.84 –19.5 iShares Silver Trust SLV 57,847 20.2 25.88 1.01 27.39 10.86 InterPrivate Acquisition IPV 668 1575 9.93 0.00 10.20 9.15 MICT MICT 50,778 35188.3 5.10 45.71 8.45 0.38 Hudson Executive Inv Cl A HEC 1,626 1565 9.82 -0.81 10.84 9.75 Asia-Pacific RISE Education Cayman ADRREDU 50,056 37013.7 7.45 28.45 10.20 3.00 Flux Power Holdings FLUX 410 1435 4.20 -16.67 11.00 3.80 Australia S&P/ASX 200 6123.40 47.02 0.77 –8.4 Teva Pharmaceutical ADR TEVA 48,962 449.5 10.48 -9.58 13.76 6.25 Guangshen Railway ADR GSH 390 1408 10.40 1.56 17.25 9.00 China Shanghai Composite 3451.09 12.29 0.36 13.1 Seanergy Maritime Hldgs SHIP 48,531 770.6 0.55 -53.32 14.37 0.51 WT Int Rate US Agg Bd AGZD 190 1368 47.13 0.03 48.28 42.79 Hong Kong Hang Seng 25367.38 20.04 0.08 –10.0 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.26 India S&P BSE Sensex 38528.32 477.54 –6.6 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23051.08 –45.67 –0.20 –2.6 Singapore Straits Times 2563.09 –8.46 –0.33 –20.5 Track the Markets South Korea Kospi 2348.24 –59.25 –2.46 6.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12872.14 –0.65 7.3 global stock indexes, bond ETFs, –83.97 currencies and commodities at Currencies Thailand SET 1330.11 9.20 0.70 –15.8 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ 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 .00004315 23175 0.01 Argentina peso .0136 73.3855 22.5 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1829 5.4670 36.0 Czech Rep. koruna .04568 21.890 –3.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7594 1.3169 1.4 Denmark krone .1602 6.2403 –6.3 notes and bonds major U.S. trading partners Chile peso .001258 794.70 7.5 Euro area euro 1.1931 .8382 –6.0 A consumer rate against its Five-year ARM, Rate Colombiapeso .000264 3785.00 15.3 Hungary forint .003421 292.35 –1.0 2.25% Ecuador US dollar Iceland krona benchmark over the past year 11unch .007388 135.36 11.8 Bankrate.com avg†: 3.28% 2.00 8% Mexico peso .0451 22.1601 17.1 Norway krone .1130 8.8457 0.8 Uruguay peso .02340 42.7350 15.1 Poland zloty .2726 3.6688 –3.3 5-year adjustable- Credit Union of New Jersey 2.50% One year ago 1.75 s Russia ruble .01367 73.128 17.8 rate mortgage t 1.50 Euro Asia-Pacific 4.00% Ewing, NJ 609-538-4061 4 Sweden krona .1156 8.6471 –7.7

t(ARM) 1.25 WSJ Dollar index Australian dollar .7244 1.3805 –3.1 s Switzerland franc 1.1066 .9037 –6.6 Webster Bank 2.63% China yuan .1445 6.9218 –0.6 3.00 1.00 0 Turkey lira .1356 7.3734 23.9 Hartford, CT 888-493-2783 Hong Kong dollar .1290 7.7502 –0.5 0.75 Ukraine hryvnia .0366 27.3500 15.5 India rupee .01341 74.576 4.5 2.00 San Diego County Credit Union 2.75% Tradeweb ICE 0.50 UK pound 1.3237 .7555 0.2 –4 s Indonesia rupiah .0000674 14845 6.9 5-year Treasury San Diego, CA 877-732-2848 Tuesday Close 0.25 t Yen Japan yen .009487 105.41 –3.0 Middle East/Africa note yield 1.00 0.00 Kazakhstan tenge .002388 418.69 9.7 Bahrain dinar 2.6525 .3770 –0.01 t Star One Credit Union 2.75% –8 Macau pataca .1252 7.9870 –0.4 Egypt pound .0627 15.9380 –0.7 Sunnyvale, CA 408-742-2801 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2391 4.1830 2.3 Israel shekel .2941 3.4007 –1.5 S O N D J F M A M J J A Citadel Federal Credit Union 2.88% New Zealand dollar .6601 1.5149 2.0 Kuwait dinar 3.2767 .3052 0.7 maturity 2019 2020 Exton, PA 800-666-0191 Pakistan rupee .00595 168.100 8.5 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.535 –4.3 Qatar rial .2730 3.663 0.5 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7328 1.3646 1.4 Saudi Arabia riyal .2666 3.7506 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008447 1183.86 2.5 South Africa rand .0577 17.3251 23.8 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0054201 184.50 1.7 Yield (%) 52-Week Total Return (%) Taiwan dollar .03401 29.404 –1.7 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03208 31.170 4.7 WSJ Dollar Index 87.89 –0.43–0.48 –1.86 Libor, 3-month 0.25 0.25 0.24 l 2.16 -1.06 U.S. Treasury, Barclays 2481.300 0.490 0.490 1.910 0.400 7.32 5.34 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.24 0.25 0.24 l 0.78 -0.05 Five-year CD, annual yield 0.67 0.68 0.67 l 1.80 -0.78 U.S. Treasury Long, Barclays 4899.230 1.290 1.240 2.370 0.980 14.54 11.64 Commodities 30-year mortgage, fixed† 3.18 3.07 3.03 l 4.22 -0.71 Aggregate, Barclays 2280.530 1.140 1.110 2.460 1.020 6.93 5.28 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.71 2.58 2.58 l 3.57 -0.41 Fixed-Rate MBS, Barclays 2228.610 1.180 1.120 2.690 0.930 4.79 3.76 Jumbo mortgages, $510,400-plus† 3.23 3.10 3.06 l 4.71 -1.08 DJ Commodity 628.51 3.32 0.53 647.86 433.70 5.64 -2.15 High Yield 100, ICE BofA 3151.197 4.575 4.380 10.740 4.285 2.382 3.801 Five-year adj mortgage (ARM)† 3.28 3.25 3.06 l 4.78 -0.07 TR/CC CRB Index 151.69 0.82 0.54 187.39 106.29 -11.24 -18.35 Muni Master, ICE BofA 590.347 0.920 0.841 3.441 0.838 4.310 4.202 New-car loan, 48-month 4.27 4.27 4.17 l 4.66 1.41 Crude oil, $ per barrel 42.89 ... unch. 63.27 -37.63 -23.87 -29.76 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 900.702 4.685 4.546 7.480 4.523 4.653 4.218 Natural gas, $/MMBtu 2.417 0.078 3.33 2.862 1.482 8.97 10.42 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. 1999.40 14.40 0.73 2051.50 1452.10 32.89 31.58 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW232000-0-B01000-1------XA

B10 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL.

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 Dec 305.10 305.40 301.50 303.00 –2.10 172,672 Dec 139-050 139-125 139-050 139-090 2.5 84,378 Dec .7215 .7266 s .7211 .7247 .0036 917 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN Contract Open Sept 31.22 31.63 31.16 31.58 .28 38,140 Sept 125-247 125-277 125-240 125-262 1.0 3,377,741 Sept .04493 .04527 .04486 .04499 .00004 133,322 Open High hi lo Low Settle Chg interest Dec 31.44 31.94 31.38 31.90 .37 173,680 Dec 125-282 125-310 125-277 125-297 1.0 104,363 Dec .04470 .04479 .04440 .04451 .00004 1,966 Copper-High (CMX)-25,000 lbs.; $ per lb. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Euro (CME)-€125,000; $ per € Aug 2.9530 2.9715 2.9530 2.9710 0.0730 526 Sept 11.97 12.04 11.91 11.92 –.05 3,922 Sept 110-125 110-132 110-124 110-131 .5 2,095,553 Sept 1.1878 1.1973 s 1.1875 1.1945 .0072 688,072 Dec 2.9265 2.9980 2.9075 2.9915 0.0690 95,305 Nov 12.12 12.20 12.08 12.11 –.01 5,592 Dec 110-137 110-142 110-134 110-141 .5 19,477 Dec 1.1899 1.1995 s 1.1897 1.1968 .0072 10,264 Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Aug 2001.10 2002.80 1972.10 1999.40 14.40 581 Sept 516.25 517.50 503.00 507.50 –9.00 72,897 Aug 99.9025 99.9050 99.9025 99.9025 .0000 186,740 Index Futures Oct 1984.90 2016.60 1977.10 2004.80 14.90 69,690 Dec 526.00 526.50 512.75 517.50 –8.75 202,084 Oct 99.9200 99.9250 99.9200 99.9250 .0050 250,133 Dec 1993.60 2024.60 1985.20 2013.10 14.40 403,571 Wheat (KC)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index Feb'21 1998.80 2032.50 1993.20 2021.60 14.80 31,640 Sept 27779 27904 27596 27717 –58 91,687 Sept 436.75 437.00 426.25 430.00 –7.25 51,154 Sept 100-235 100-295 100-215 100-270 6.0 74,486 April 2010.60 2036.10 1999.50 2027.10 15.10 17,192 Dec 27671 27771 27469 27587 –57 555 Dec 448.00 448.25 437.50 441.50 –7.00 140,385 Eurodollar (CME)-$1,000,000; pts of 100% June 2015.50 2041.20 2008.90 2032.00 14.70 7,920 S&P 500 Index (CME)-$250 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 99.7675 99.7750 99.7650 99.7700 .0025 1,425,847 Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 3386.30 3388.20 s 3372.10 3386.90 7.10 28,102 Aug 142.925 143.450 142.725 143.225 .500 3,178 Dec 99.7200 99.7250 99.7150 99.7200 .0050 956,553 Aug …… …2225.20 –5.20 Dec …… …3376.30 7.00 2 Oct 145.350 146.700 144.825 146.375 1.175 14,860 March'21 99.7950 99.8050 99.7900 99.7950 .0050 947,794 Sept 2232.00 2258.40 2151.00 2228.30 –5.50 5,348 Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. June 99.8050 99.8150 99.8000 99.8100 .0100 908,574 Dec 2197.90 2273.50 2170.70 2244.90 –5.40 4,686 Sept 3379.25 3390.75 3365.25 3387.00 7.25 2,641,664 Aug 107.025 107.150 106.525 106.725 –.175 7,350 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 3367.25 3379.75 3355.00 3376.25 7.00 67,395 Oct 109.850 110.325 109.525 109.875 …124,768 Aug 971.10 7.80 15 Currency Futures Mini S&P Midcap 400 (CME)-$100 x index Hogs-Lean (CME)-40,000 lbs.; cents per lb. Oct 970.80 989.90 955.40 975.40 7.80 52,005 Sept 1950.80 1956.70 1930.00 1935.10 –17.60 57,220 Oct 53.450 53.550 51.275 51.425 –2.100 101,692 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 1936.10 1951.00 1931.60 1933.50 –17.60 8 Dec 54.950 55.075 53.025 53.175 –1.775 51,305 Sept .9436 .9502 .9433 .9490 .0056 141,444 Aug 27.295 28.260 27.295 28.049 0.406 18 Mini Nasdaq 100 (CME)-$20 x index Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec .9464 .9512 .9444 .9501 .0056 676 Dec 27.805 28.775 27.360 28.243 0.409 101,001 Sept 11285.50 11415.25 s 11268.00 11409.25 122.50 227,149 Sept 751.00 754.00 s 751.00 754.00 19.00 2,492 Canadian Dollar (CME)-CAD 100,000; $ per CAD Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 11279.00 11397.75 s 11253.25 11392.75 122.50 2,249 Aug .7572 .7603 s .7559 .7596 .0018 13,846 Sept 42.79 42.99 42.11 42.89 …75,639 Nov 679.20 685.70 s 679.20 685.70 19.00 1,329 Mini Russell 2000 (CME)-$50 x index Sept .7565 .7604 .7559 .7602 .0024 119,912 Oct 43.05 43.29 42.40 43.12 –0.05 356,497 Milk (CME)-200,000 lbs., cents per lb. Sept 1583.00 1589.60 1563.10 1569.30 –14.60 500,746 British Pound (CME)-£62,500; $ per £ Nov 43.37 43.60 42.76 43.44 –0.04 201,988 Aug 19.85 19.87 19.83 19.84 –.01 5,696 Dec 1585.00 1585.60 1560.30 1565.90 –14.70 906 Sept 1.3109 1.3252 1.3104 1.3246 .0143 179,071 Dec 43.66 43.91 43.11 43.76 –0.02 264,099 Sept 16.42 16.68 15.90 16.00 –.40 4,380 Mini Russell 1000 (CME)-$50 x index Dec 1.3130 1.3257 1.3109 1.3252 .0143 2,122 June'21 44.96 45.15 44.51 45.08 0.03 177,535 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 1878.50 1882.90 s 1869.70 1880.10 4.00 8,131 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 45.37 45.58 45.03 45.51 …183,805 Sept 2,410 2,499 2,403 2,476 55 998 U.S. Dollar Index (ICE-US)-$1,000 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 2,427 2,450 2,412 2,445 16 101,182 Sept 1.1041 1.1108 s 1.1036 1.1083 .0041 56,269 Sept 92.82 92.82 t 92.11 92.26 –.59 32,874 Sept 1.2449 1.2631 1.2320 1.2604 .0213 62,911 Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 1.1088 1.1135 s 1.1065 1.1112 .0042 209 Dec 92.80 92.80 t 92.14 92.29 –.59 1,397 Oct 1.2670 1.2851 1.2561 1.2825 .0182 69,272 Sept 115.65 119.75 115.65 119.30 3.75 15,802 Australian Dollar (CME)-AUD 100,000; $ per AUD Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 117.45 121.60 117.45 121.05 3.60 112,170 Sept .7214 .7265 s .7209 .7245 .0036 123,800 Source: FactSet Sept 1.2731 1.2844 1.2525 1.2830 .0130 57,663 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 1.2174 1.2272 1.1964 1.2249 .0115 106,596 Oct 13.06 13.12 12.74 12.89 –.17 367,096 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'21 13.62 13.66 13.30 13.44 –.18 243,740 Sept 2.344 2.465 2.306 2.417 .078 108,819 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Oct 2.481 2.598 s 2.439 2.556 .080 209,791 Nov 27.55 27.55 27.55 27.55 …2,326 Nov 2.816 2.894 s 2.770 2.870 .067 184,557 Jan'21 27.00 27.00 27.00 27.00 …2,007 Tracking Bond Benchmarks Dec 3.119 3.177 s 3.084 3.157 .047 97,436 Cotton (ICE-US)-50,000 lbs.; cents per lb. Jan'21 3.211 3.278 s 3.189 3.257 .046 126,365 Oct 62.39 62.39 62.39 62.39 –.23 105 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March 3.031 3.084 s 3.011 3.064 .035 80,366 Dec 63.21 63.77 62.68 62.93 –.35 113,199 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds Agriculture Futures Sept 117.00 120.50 117.00 119.85 3.05 3,491 Total Total Nov 119.70 122.85 119.25 121.90 2.30 4,704 return YTD total Yield (%) return YTD total Yield (%) Corn (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High Sept 330.00 332.00 325.75 327.00 –4.00 255,829 Interest Rate Futures Dec 343.75 346.00 340.50 341.75 –3.00 771,858 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Oats (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2228.61 3.7 Mortgage-Backed 1.180 0.930 2.690 Sept 275.50 278.25 267.00 272.50 –1.00 484 Sept 218-090 219-310 218-050 219-220 1-01.0 1,073,481 2280.53 7.0 U.S. Aggregate 1.140 1.020 2.460 Dec 263.75 267.00 263.50 266.50 3.50 3,834 Dec 221-250 223-120 221-190 223-030 1-02.0 2,488 U.S. Corporate Indexes Bloomberg Barclays 2172.46 3.4 Ginnie Mae (GNMA) 0.560 0.290 2.660 Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 912.00 914.75 908.00 912.00 –.50 47,909 Sept 178-080 179-010 178-060 178-260 15.0 1,128,894 3373.35 7.2 U.S. Corporate 1.950 1.820 4.580 1316.90 3.9 Fannie mae (FNMA) 1.410 1.110 2.690 Nov 914.75 917.00 910.00 913.75 –1.50 376,370 Dec 176-170 177-120 176-170 177-050 15.0 38,886 Soybean Meal (CBT)-100 tons; $ per ton. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3059.02 5.6 Intermediate 1.330 1.230 4.400 2021.01 3.8 Freddie Mac (FHLMC) 1.390 1.080 2.710 Sept 298.40 298.90 294.90 296.20 –2.10 48,440 Sept 139-095 139-160 139-080 139-125 2.0 3,434,179 5003.04 9.8 Long term 2.960 2.730 4.930 590.35 4.3 Muni Master 0.920 0.838 3.441 693.91 7.7 Double-A-rated 1.440 1.300 3.360 418.05 4.8 7-12 year 0.869 0.771 3.447 888.33 6.2 Triple-B-rated 2.330 2.210 5.350 475.94 5.1 12-22 year 1.326 1.224 3.690 Cash Prices | wsj.com/market-data/commodities Tuesday, August 18, 2020 High Yield Bonds ICE BofA 459.10 4.2 22-plus year 2.085 1.765 4.123 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future 466.05 -0.2 High Yield Constrained 5.636 5.151 11.400 Global Government J.P. Morgan† months. 398.77 -8.9 Triple-C-rated 12.591 10.735 19.071 613.74 5.3 Global Government 0.550 0.390 1.060 Tuesday Tuesday Tuesday 3151.20 -1.3 High Yield 100 4.575 4.285 10.740 866.55 7.8 Canada 0.740 0.590 1.740 Aluminum, LME, $ per metric ton *1719.5 Wheat - Hard - KC (USDA) $ per bu-u 4.5000 Energy EMU§ Copper,Comex spot 2.9710 Wheat,No.1soft white,Portld,OR-u 5.3000 421.44 n.a. Global High Yield Constrained 5.610 4.893 11.310 412.36 3.0 0.248 0.109 0.794 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 127.6 Food 320.92 -2.3 Europe High Yield Constrained 4.021 2.464 8.183 782.74 3.1 France 0.020 -0.160 0.430 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 235 U.S Agency Bloomberg Barclays Germany Metals Steel, HRC USA, FOB Midwest Mill-s 461 Beef,carcass equiv. index 547.30 2.1 -0.350 -0.740 -0.050 choice 1-3,600-900 lbs.-u n.a. Fibers and Textiles 1862.58 5.2 U.S Agency 0.530 0.480 2.040 294.55 -1.2 Japan 0.300 -0.070 0.320 Gold, per troy oz select 1-3,600-900 lbs.-u n.a. Engelhard industrial 2009.00 Burlap,10-oz,40-inch NY yd-n,w 0.6100 Broilers, National comp wtd. avg.-u,w 0.6650 1622.40 3.8 10-20 years 0.400 0.350 1.950 609.94 2.3 Netherlands -0.250 -0.540 0.080 Handy & Harman base 2008.75 Cotton,1 1/16 std lw-mdMphs-u 0.5839 Butter,AA Chicago 1.5200 Cheddar cheese,bbl,Chicago 4282.62 12.2 20-plus years 1.470 1.170 2.480 1086.87 8.2 U.K. 0.590 0.390 1.180 Handy & Harman fabricated 2229.71 Cotlook 'A' Index-t *68.80 140.00 Cheddar cheese,blk,Chicago 179.75 LBMA Gold Price AM *1949.85 Hides,hvy native steers piece fob-u n.a. 2887.20 5.6 Yankee 1.430 3.500 Emerging Markets ** Milk,Nonfat dry,Chicago lb. 101.25 1.490 900.70 2.1 4.685 4.523 7.480 LBMA Gold Price PM *1972.85 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp Krugerrand,wholesale-e 2085.30 1.0942 *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 2105.36 1.6480 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Eggs,large white,Chicago-u 0.6350 American Eagle-e 2105.36 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 13.65 Mexican peso-e 2425.55 Bran,wheat middlings, KC-u 80 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1968.40 Global Government Bonds: Mapping Yields Corn,No. 2 yellow,Cent IL-bp,u 3.1450 Hogs,Iowa-So. Minnesota-u 58.71 Austria phil-e 2105.36 Corn gluten feed,Midwest-u,w n.a. 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 n.a. Pork loins,13-19 lb MidUS-u 0.8781 Engelhard industrial 28.3000 Cottonseed meal-u,w 245 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 27.8210 Hominy feed,Cent IL-u,w 95 Steers,feeder,Okla. City-u,w 159.00 Country/ Spread Under/Over U.S. Treasurys, in basis points Handy & Harman fabricated 34.7760 Meat-bonemeal,50% pro Mnpls-u,w Yield (%) 180 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago LBMA spot price *£20.5600 Oats,No.2 milling,Mnpls-u 2.9650 Fats and Oils 0.125 U.S. 2 0.141 t l 0.177 0.145 1.489 (U.S.$ equivalent) *26.9150 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.0000 Coins,wholesale $1,000 face-a 23328 Sorghum,(Milo) No.2 Gulf-u 9.2277 Grease,choice white,Chicago-h 0.2800 0.625 10 0.667 t l 0.692 0.634 1.560 Other metals SoybeanMeal,Cent IL,rail,ton48%-u n.a. Lard,Chicago-u n.a. 5.750 Australia 2 0.278 s l 0.275 0.267 0.741 13.7 9.8 -74.8 LBMA Platinum Price PM *950.0 Soybeans,No.1 yllw IL-bp,u 8.9750 Soybean oil,crude;Centl IL-u n.a. Platinum,Engelhard industrial 960.0 Wheat,Spring14%-pro Mnpls-u 5.8700 Tallow,bleach;Chicago-h 0.3100 2.500 10 0.880 t l 0.911 0.880 0.894 21.3 21.9 -66.5 Palladium,Engelhard industrial 2205.0 Wheat,No.2 soft red,St.Louis-u 5.3000 Tallow,edible,Chicago-u n.a. 0.000 France 2 -0.622 t l -0.598 -0.601 -0.810 -76.3 -77.5 -229.9 0.000 10 -0.165 t l -0.159 -0.142 -0.405 -83.2 -85.0 -196.4 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; 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 8/17 0.000 Germany 2 -0.656 s l -0.657 -0.665 -0.913 -79.7 -83.4 -240.2 Source: Dow Jones Market Data 0.000 10 -0.460 t l -0.450 -0.445 -0.684 -112.7 -114.2 -224.4 1.000 Italy 2 -0.151 t l -0.144 -0.082 0.056 -29.2 -32.2 -143.2 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 0.950 10 0.931 t l 0.942 1.179 1.402 26.4 25.1 -15.8 0.100 Japan 2 -0.120 t l -0.116 -0.141 -0.275 -26.1 -29.3 -176.3 Money Rates August 18, 2020 0.100 10 0.040 t l 0.044 0.017 -0.237 -62.8 -64.7 -179.6 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 0.400 Spain 2 -0.458 t l -0.449 -0.382 -0.562 -59.9 -62.7 -205.1 guide to general levels but don’t always represent actual transactions. 1.250 10 0.305 t l 0.327 0.403 0.094 -36.2 -36.5 -146.6 0.500 U.K. 2 -0.033 s l -0.037 -0.075 0.507 -17.4 -21.4 -98.1 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low 4.750 10 0.220 s l 0.219 0.168 0.468 -44.8 -47.3 -109.2 July index Chg From (%) Source: Tullett Prebon level June '20 July '19 Low 0.0500 0.0500 2.0500 0.0100 Commercial paper (AA financial) Bid 0.0800 0.1000 2.1200 0.0100 90 days 0.13 0.15 2.53 0.04 U.S. consumer price index Offer 0.1000 0.1100 2.5000 0.0500 Corporate Debt All items 259.101 0.51 1.0 Libor Treasury bill auction Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Core 267.703 0.53 1.6 One month 0.15800 0.16413 2.17000 0.14925 that same company’s share price. 4 weeks 0.085 0.080 2.060 0.000 Three month 0.25300 0.25350 2.16413 0.24200 International rates 13 weeks 0.105 0.105 1.950 0.000 Six month 0.31525 0.33688 2.08525 0.28913 Investment-grade spreads that tightened the most… 26 weeks 0.120 0.120 1.870 0.080 One year 0.44713 0.45813 2.07413 0.44350 Spread*, in basis points Stock Performance Week 52-Week Latest ago High Low Secondary market Euro Libor Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg One month -0.552 -0.545 -0.360 -0.621 Fannie Mae General Electric Capital … Prime rates Three month -0.513 -0.497 -0.142 -0.539 3.150 Sept. 7, ’22 52 –16 65 … … 30-year mortgage yields U.S. 3.25 3.25 5.25 3.25 Six month -0.470 -0.471 -0.052 -0.491 Chevron CVX 1.141 May 11, ’23 17 –14 22 87.63 –2.07 30 days 1.833 1.792 3.388 1.751 One year -0.352 -0.354 0.008 -0.441 Canada 2.45 2.45 3.95 2.45 Societe Generale SOCGEN 3.875 March 28, ’24 106 –13 135 ...... Japan 1.475 1.475 1.475 1.475 60 days 1.885 1.844 3.403 1.804 Secured Overnight Financing Rate American Express AXP 4.050 Dec. 3, ’42 102 –9 98 96.67 –0.90 Policy Rates Other short-term rates 0.10 0.09 5.25 0.01 Constellation Brands STZ 4.250 May 1, ’23 42 –9 n.a. 178.18 2.59 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low General Motors GM 5.400 Oct. 2, ’23 160 –6 155 29.84 –0.57 Latest ago high low Britain 0.10 0.10 0.75 0.10 DTCC GCF Repo Index American Honda Finance HNDA 0.875 July 7, ’23 38 –6 33 ...... Australia 0.25 0.25 1.00 0.25 Call money Treasury 0.118 39.300 6.007 0.002 International Business Machines IBM 3.000 May 15, ’24 30 –6 29 124.92 0.39 Overnight repurchase 2.00 2.00 4.00 2.00 MBS 0.128 56.800 6.699 0.011 U.S. 0.10 0.11 3.40 -0.07 …And spreads that widened the most Notes on data: U.S. government rates Mitsubishi UFJ Financial MUFG 3.455 March 2, ’23 n.a. 27 49 4.06 –0.25 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary American Honda Finance HNDA 2.150 Sept. 10, ’24 47 25 n.a...... widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 2.75 0.25 as of August 17, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average DuPont de Nemours DD 2.169 May 1, ’23 128 17 120 57.00 –0.80 for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. Santander UK SANUK 2.100 Jan. 13, ’23 55 15 n.a...... Effective rate 0.1000 0.0900 2.3600 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Vodafone VOD 4.875 June 19, ’49 202 12 193 15.58 0.78 High 0.1100 0.1100 3.0000 0.1000 Tullett Prebon Information, Ltd. Walt Disney DIS 1.850 July 30, ’26 75 10 71 128.92 –0.35 Pacific Gas and Electric … 3.150 Jan. 1, ’26 206 10 194 … … Exchange-Traded Portfolios | WSJ.com/ETFresearch Caterpillar Financial Services … 1.450 May 15, ’25 53 941… …

Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) High-yield issues with the biggest price increases… SchwabUS SC SCHA 71.23 –0.89 –5.8 Bond Price as % of face value Stock Performance Tuesday, August 18, 2020 Closing Chg YTD ETF Symbol Price (%) (%) Schwab US TIPs SCHP 61.53 0.49 8.7 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Closing Chg YTD SPDR DJIA Tr DIA 278.20 –0.27 –2.4 ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 80.85 0.11 2.0 SPDR S&PMdCpTr MDY 353.19 –0.92 –5.9 L Brands LB 6.694 Jan. 15, ’27 98.000 2.31 97.250 28.18 –2.15 CommSvsSPDR XLC 60.44 0.90 12.7 iShMSCI EAFE EFA 65.25 –0.06 –6.0 SPDR S&P 500 SPY 338.64 0.22 5.2 CnsmrDiscSelSector XLY 146.34 0.62 16.7 iShMSCIEmgMarkets EEM 44.75 –0.11 –0.3 SPDR S&P Div SDY 96.82 –0.69 –10.0 Genworth Financial GNW 7.625 Sept. 24, ’21 103.125 1.63 101.550 2.45 –1.21 CnsStapleSelSector XLP 64.78 0.40 2.9 iShNasdaqBiotech IBB 135.22 –0.57 12.2 TechSelectSector XLK 115.07 0.38 25.5 EnSelectSectorSPDR XLE 37.49 –1.26 –37.6 iShNatlMuniBd MUB 116.77 –0.03 2.5 UtilitiesSelSector XLU 60.03 –0.45 –7.1 Navient NAVI 7.250 Sept. 25, ’23 105.125 0.68 107.000 8.68 –1.92 iShPfd&Incm PFF 36.56 0.19 –2.7 FinSelSectorSPDR XLF 24.60 –0.65 –20.1 VanEckGoldMiner GDX 42.66 –0.70 45.7 iShRussell1000Gwth IWF 216.02 0.82 22.8 MGM Resorts International MGM FT DJ Internet FDN 186.66 1.58 34.2 VangdInfoTech VGT 306.89 0.30 25.3 7.750 March 15, ’22 106.612 0.61 106.968 20.95 –2.01 iShRussell1000 IWB 188.76 0.21 5.8 HealthCareSelSect XLV 107.40 –0.03 5.4 VangdSC Val VBR 115.77 –1.15 –15.5 iShRussell1000Val IWD 120.80 –0.35 –11.5 VangdSC Grwth VBK 216.67 –0.23 9.0 … IndSelSectorSPDR XLI 76.75 –0.54 –5.8 Ford Motor Credit 3.087 Jan. 9, ’23 98.500 0.50 99.941 … … iShRussell2000 IWM 156.39 –0.96 –5.6 VangdDivApp VIG 128.34 –0.05 3.0 InvscQQQI QQQ 277.97 0.96 30.7 iShRussellMid-Cap IWR 58.27 –0.39 –2.3 VangdFTSEDevMk VEA 41.98 –0.02 –4.7 Dish DBS … 5.875 July 15, ’22 105.250 0.49 106.250 … … InvscS&P500EW RSP 110.39 –0.58 –4.6 iShRussellMCValue IWS 82.94 –0.66 –12.5 VangdFTSE EM VWO 44.32 0.36 –0.3 iSh3-7YTreasuryBd IEI 133.60 0.06 6.2 Royal Caribbean Cruises RCL 5.250 Nov. 15, ’22 89.979 0.48 86.500 60.40 0.18 iShS&P500Growth IVW 231.68 0.62 19.6 VangdFTSE Europe VGK 54.58 –0.11 –6.9 iShCoreDivGrowth DGRO 40.51 –0.30 –3.7 iShS&P500Value IVE 115.42 –0.40 –11.3 VangdFTSEAWxUS VEU 51.80 0.02 –3.6 iShCoreMSCIEAFE IEFA 61.55 0.08 –5.7 Sprint … 7.875 Sept. 15, ’23 115.500 0.40 116.155 ...... iShShortCpBd IGSB 54.98 0.06 2.5 VangdGrowth VUG 227.01 0.76 24.6 iShCoreMSCIEM IEMG 53.51 ... –0.5 iShShortTreaBd SHV 110.72 –0.01 0.2 VangdHlthCr VHT 206.40 –0.11 7.6 iShCoreMSCITotInt IXUS 59.40 ... –4.0 iShSilver SLV 25.88 1.01 55.2 VangdHiDiv VYM 83.39 –0.37 –11.0 …And with the biggest price decreases iShCoreS&P500 IVV 340.00 0.21 5.2 iShTIPSBondETF TIP 126.12 0.45 8.2 VangdIntermBd BIV 93.68 0.19 7.4 iShCoreS&P MC IJH 193.50 –0.87 –6.0 iSh1-3YTreasuryBd SHY 86.52 0.01 2.2 VangdIntrCorpBd VCIT 96.25 0.19 5.4 Teva Pharmaceutical Finance Netherlands TEVA 4.100 Oct. 1, ’46 88.500 –2.75 91.750 10.48 –9.58 iShCoreS&P SC IJR 74.70 –1.20 –10.9 iSh7-10YTreasuryBd IEF 121.84 0.17 10.5 VangdLC VV 157.42 0.23 6.5 iShS&PTotlUSStkMkt ITOT 76.37 0.14 5.1 iSh20+YTreasuryBd TLT 164.76 0.72 21.6 VangdMC VO 178.27 –0.21 0.1 Bombardier BBDBCN 6.125 Jan. 15, ’23 79.750 –1.25 84.000 ...... iShCoreUSAggBd AGG 118.53 0.14 5.5 iShRussellMCGrowth IWP 172.83 0.08 13.3 VangdMBS VMBS 54.42 0.04 2.4 iShSelectDividend DVY 84.86 –0.85 –19.7 iShUSTreasuryBdETF GOVT 27.98 0.18 7.9 VangdRealEst VNQ 81.42 –0.48 –12.3 United Airlines Holdings UAL 4.875 Jan. 15, ’25 84.282 –1.22 87.125 33.98 –1.22 iShEdgeMSCIMinEAFE EFAV 69.30 0.33 –7.0 JPM UltShtIncm JPST 50.83 –0.02 0.8 VangdS&P500ETF VOO 311.16 0.21 5.2 AAL iShEdgeMSCIMinUSA USMV 64.51 ... –1.7 PIMCOEnhShMaturity MINT 101.85 –0.01 0.3 VangdST Bond BSV 83.11 0.07 3.1 American Airlines 11.750 July 15, ’25 94.000 –0.63 98.000 12.60 –0.16 iShEdgeMSCIUSAMom MTUM 145.98 0.65 16.3 SPDR BlmBarcHYBd JNK 105.13 0.02 –4.0 VangdSTCpBd VCSH 82.94 0.08 2.4 iShEdgeMSCIUSAQual QUAL 104.36 0.05 3.3 SPDRBloomBar1-3MTB BIL 91.54 0.01 0.1 VangdSC VB 158.16 –0.75 –4.5 Delphi Technologies DLPH 5.000 Oct. 1, ’25 114.250 –0.63 115.250 17.57 –1.01 iShGoldTr IAU 19.12 1.00 31.9 SPDR Gold GLD 188.18 0.90 31.7 VangdTotalBd BND 88.58 0.14 5.6 Springleaf Finance … 6.125 May 15, ’22 105.500 –0.38 106.247 … … iShiBoxx$InvGrCpBd LQD 136.08 0.29 6.3 SchwabIntEquity SCHF 32.08 –0.09 –4.6 VangdTotIntlBd BNDX 58.02 0.11 2.5 iShiBoxx$HYCpBd HYG 84.71 0.15 –3.7 SchwabUS BrdMkt SCHB 80.70 0.09 5.0 VangdTotIntlStk VXUS 53.58 –0.04 –3.8 iShIntermCorpBd IGIB 61.05 0.13 5.3 SchwabUS Div SCHD 56.92 –0.44 –1.7 VangdTotalStk VTI 171.97 0.15 5.1 *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. iShJPMUSDEmgBd EMB 113.30 –0.13 –1.1 SchwabUS LC SCHX 81.49 0.26 6.1 VangdTotlWrld VT 82.07 0.09 1.3 Note: Data are for the most active issue of bonds with maturities of two years or more iShMBSETF MBB 110.70 0.04 2.4 SchwabUS LC Grw SCHG 114.20 0.66 22.9 VangdValue VTV 106.57 –0.29 –11.1 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW232000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, August 19, 2020 | B11 MARKETS

STREETWISE | By James Mackintosh Market Is Exuberant, but It’s No Bubble

Market Theargument against this The benefit of lowerinterestrates wasmorethan moresensitivetothe econ- Themarket could still be bubbles in- being abubble is morecon- offsetfor the weakestjunk bonds by rising default risk. omy. This year the point wildly wrong in itsvarious volverapidly tentious,with the S&P 500 wherehigher default risk Anti-Covid trades.Overall it is rising prices hitting anew high Tuesday Change in U.S. corporatebond yield this year,bycredit rating morethan offsetslowerrates pricing aweak economy that suck in amid recession and the break- –1.0 pct. pts. –0.5 0 0.5 1.0 is in themiddle of junk at propped up by never-ending buyershoping down of the geopolitical order. credit rating BB.AtBBorbe- support from central banks.If to makemoney quickly,who Don’t getmewrong,the AAA low, yields arehigher than at the Fedsignals that it won’t carryout little due diligence signs of excess areimpossible AA the start of January. keep throwing everything at and don’t worrymuch about to deny. Most obviously,the the economyatthe firstsign A the long-term prospectsof S&P’sforwardprice/earnings similar calculation can of weakness, the current prices what they arebuying.Stan- ratio is back up to whereit BBB be made forstocks. will makelittle sense.Simi- dardvaluations arealways stood in October 1999,just A Lowerrates mean prof- larly,ifthe pandemic recedes BB dismissed as no longer rele- months from the peak of the itsfurther in the futuremat- and the economyrecovers vant. And the bubble is usu- dot-com bubble. B termoretothe shareprice, morequickly than expected, ally inflated by cheap money. Bubble proponentsliketo CCC so companies with steady investorswill getashock. Sound familiar? Welcome think of this as driven by the earningsnomatterwhat the Thebrief boutsofhope back to the Everything Bub- vast amountsofmoney cen- economydoes areworth showwhat could happen if ble,complained about for tral banks arecreating.Ithas Total return more. Those that aresensi- thingsimprovefaster.For a yearsmostly by investors to go somewhere, so it floods Gold 30-year Treasury Tech sector† Banks† tivetothe economyare few days earlier this month concerned about aFederal intoassetswhereinvestors worth less, because future the pattern wasofrising bond Growth stocks* Value stocks* S&P500 FTSE 100‡ Reservestuck on easy. feel comfortable: stocks with earningsare expected to be yields,achoppy fall back in Except, the Everything decent prospects, bonds of 40% hit. Growth stocks do incredi- growth stocks,outperfor- Bubble is in the imagination governmentsbacked by those bly well, because their future mancebythe worst-hit shares of the manyinvestorscom- central banks,corporatedebt 20 earningsare expected to be and lowest-rated corporate plaining about it. First, it isn’t with decent security,gold. higher and, at least forthose bonds,gold falling and Euro- everything.Second, it isn’t a Thereissome truth to this. 0 thought immune to economic pean stocks beating the U.S. bubble. Central-bank buying pushes in- weakness, worth moreaswell Investorsaren’t irrationally –20 vestorsintoother assetswhile thanks to lowerrates. buying just anything just be- he not-everything part government subsidies have –40 Apply this framework and cause money is cheap: they T is obvious: Oil stocks boosted household income. thereisnobubble.U.S.stocks arerationally buying the areinaterrible place. But Iprefertothink of –60 aremorehighly valued than things that benefit. This Retailersare going bust in what’sgoing on as driven by in the past because they are could, of course,turn intoa droves.Banks arestill down the competing forces of the Jan. Aug. Jan.Aug. dominated by big growth bubble,which would end 30% this year in the U.S.,and priceofmoney and the eco- *Russell 1000 indexes†S&P 500 sectors ‡In dollar terms stocks,themselves justifiably when reality intrudes. areworse in Europe.Travel nomic outlook,rather than Note:All data through Monday morehighly valued thanks to Themoreimmediaterisk and tourism stocks areina theamount of money. Sources: Federal ReserveBank of St.Louis (bond yield); Refinitiv (total return) lowrates. to the Anti-Covid trade is that hole.Smaller companystocks Lowerinterest rateshelp Investorshavediscrimi- reality changes and thereisa have rebounded, but only all assets, filtering through outlook: central banks and tion, not economic growth, so nated between winnersand surprise end to the prospect back to wherethey stood in from Treasurys and corporate governmentsare in emer- they benefit from cheaper losersevenwithin the tradi- of easy money forever. Some January2018.The worst- bonds to riskyshares.All else gencymode because the money and don’t suffer from tional growth stocks: online quick fixtothe pandemic or a ratedjunk bonds have missed equal, astream of futurein- economyisincrisis. the economy. retail wins with both more newhawkishnessatthe Fed out on easy money entirely, come is morevaluable with a Thetwo forces don’t bal- Shiftdownthe spectrum of customersand lowerrates,but could augur alesssupportive with their yields rising this lowerinterest rate.The com- anceout evenly.Treasurys corporatebonds from best to internet taxi companies such monetarypolicy. Both are year.This isn’t indiscriminate peting forcethat makes all aresensitivetothe outlook worst, and they become less as Uber lose despitelower hardtoimagine now, but buying of everything. else not equal is the economic forinterest ratesand infla- and lesssensitivetorates and ratesascustomersvanish. that’sthe point of surprises. Home Buyers GetRate Edge Over Refinancings

BY BEN EISEN with rates. Manyfactorsgointothe rate Homeownersacrossthe borrowers eventually receive, country arerushing to refi- including their credit standing, nance at record-lowinterest thetype of loan and howmuch rates. Manyare finding that they payupfront to lowertheir lendershavereserved their best rate.Arefiwherethe borrower ratesfor buyers. pulls cash out, forexample, Theaverage rate posted on would typically have ahigher Bankrate.comfor a30-year rate than atraditional refi. fixedrefinancemortgagewas Theadvertisedrates forpur- 3.39% Monday, well abovethe chases and refistracked fairly 3.14%onoffer forapurchase closely through much of 2018, mortgage, according to the per- 2019 and early 2020,according sonal-financewebsite. to Bankrate.com. Theratepremium forrefi- But when the pandemic nances over purchases widened pushed borrowing costsdown this spring afterthe coronavi- in lateMarch and early April, ruspandemic shut down the interest ratesfor purchase S

economyand pushed interest mortgages fell faster than for PRES ratesloweracrossthe board. traditional refis, according to UMA

Thespread grew even bigger af- rate-lock datafromOptimal /Z ter Fannie Mae and Freddie Blue,amortgagetechnology Mac last week levied anew fee and datacompany. SHOLIK AN

on lenders formost refinanc- Last week,Fannie Mae and ST ings to shield themselves from Freddie Mac said that they Adobe shares rose 2.6% to $463.51, helping to lift technology shares. Company CEO Shantanu Narayen at a recent showcase. potential losses. would charge lenders an extra Mortgagelendersare still 0.50 percentagepoint to buy dealingwith aflood of home- most types of refinancings that Adobe,AlphabetLeadTech Stocks ownersseeking to refinance, they back. and some in the industryare That feeislikely to be struggling to keep up with de- passed on to homeowners, fur- BY SAM GOLDFARB Share-priceand indexperformanceTuesday Shah said. That could have mand. As of last week,nearly 18 ther pushinguprefirates rela- AND ANNA ISAAC Oracle broader market implications as million homeownerscould still tivetopurchase rates. 2% technologystocks have driven save money by refinancing, Thetwo mortgagegiants Arally in technologystocks the market rally in the U.S. and near an all-time high even after don’t extend loans,but instead helped liftthe S&P 500 to new in Asia. months of record lowrates,ac- buy nearly half of the ones that highs,injecting drama intoan Therecoveryinstock bench- cording to mortgagedataand aremade and packagethem otherwise quiet session forU.S. Advance marks in recent months has technologycompanyBlack intobonds to sell to investors. equities. Auto Parts been mirrored by improved Knight Inc. They guarantee those investors Aftermorethan aweek of 1 credit conditions,both fueled “The system is maxedout,” will be repaid, thereby helping flirting with record levels,the by central banks’ steps to ease said SamPolland,amortgage- keep rateslow.Inturn, lenders indexset itsfirst intradayand borrowing conditions.Still, in- loan officer at Sandy Spring payFannie and Freddie fees closing highs sinceFebruary. It vestorsand analystsremain Bancorp Inc.inRockville,Md. that vary by loan type. opened modestly higher and S&P500 wary of howsustained the ral- “Everyone is in this bad but Theextrafee forrefis may climbedashigh as 3395.06in lies will provetobe. good position.” translatetoarateonaFannie- morning trading beforewaver- 0 “It’sextraordinarywhen you With so much demand, some or Freddie-backed loan that is ing around the flat line for 9:30 a.m. 4p.m. think second-quarter 2020 was mortgagelendersare prioritizing roughly an eighth of apercent- much of the session. the deepest quarterly contrac- purchases,often offering lower agepoint higher,lenderssaid. TheS&P 500 ended the day Walmart tion we’veseen” in the U.S. and ratestograbnew business. That meansarefinanceloan up 7.79 points, or 0.2%, at European economies,said Some mortgagebankerssay that would otherwise have a 3389.78, just eclipsing the pre- Tomas Hirst,European credit they prefer to makepurchase- rate of 3% might nowhavea vious mark of –1 strategist at CreditSights. The mortgageloans over refis. Their rate of 3.125%. TUESDAY’S 3386.15set in Home Depot rate of economic recovery is per-loan compensation is typi- Michael Menatian,president MARKETS February. Source:FactSet likely to slowlater in theyear, cally abit higher forpurchases, at Sanborn MortgageCorp., Stocks gotan he said.“As we getintoSep- according to mortgage-technol- said anumber of clientscalled early boost afterthe Commerce TheDow Jones Industrial Investorsremained con- tember,itmay makesense to ogycompanyLBA Ware.Fi- him latelast week to trytolock Department said that housing Averagefell 66.84points, or cerned about the prospectsa reducerisk so you’renot rush- nancing home purchases also in lowrefinancerates because startsjumped 22.6%inJuly 0.2%, to 27778.07,while the newspending bill from Con- ing forthe doorsifsentiment canoften lead to morebusiness of the extrafee.Manyended up from the previous month, hand- Nasdaq Compositegained 81.12 gress. CommentsfromSenate changes in the fourth quarter.” through referrals and refis with ratesthat weren’t as low ily beating forecasts. Indexes points, or 0.7%, to 11210.84. Majority Leader Mitch McCon- In the bond market, the down the road. Refinancings, on as they expected or decided to also were liftedbythe continu- With the onset of summer nell (R., Ky.) that discussions yield on the benchmark 10-year the other hand, come and go hold off fornow,hesaid. ing rally in technologyshares, vacation season, the number of maynot lead to adeal com- Treasuryticked down to with Adobe and Google-parent shares changing hands has bined with media reportsthat 0.668%, according to Tradeweb, Mortgage ratesbytype,daily Alphabet amongthe day’sbig- fallen sharply.Trading volume Republicans areweighing fur- from 0.683% Monday. gest gainers. in NewYork Stock Exchange- ther reducing the proposed In commodities,gold forAu- 4.2% Apart from the milestone for listed stocks totaled 3.7billion stimulus amount have sapped gust deliveryrose 0.7% to the S&P,itwas arelatively quiet shares Tuesday, well belowthis optimism. $1,999.40atroyounce. Silver 4.0 session. year’s daily averageof5.3 bil- Investorsalso arewarythat forAugust deliverygained 1.5% Although recent economic lion,according to DowJones the riftbetween Washington to $28.05atroyounce. The datahavebeen encouraging, Market Data. and Beijing maydeepen after movehigher in precious metals 3.8 tradershavebeen held back by Retailearningswerealso in the Commerce Department is- comes as money managers look uncertainty over anew eco- focus. Walmart and Home De- sued rules curbing Huawei at commodities as an alterna- 3.6 nomicrelief packageinCon- pot posted big jumps in quar- Technologies’saccesstofor- tivetopricey stocks and bonds gress, fresh U.S.-China tensions terly sales,but their shares fell eign-madechips. and as ahedgeagainst infla- and some unease about how afterrallying heading intotheir “Investorsknewthat ten- tion. 3.4 Refinance high stock prices arerelativeto earningsreports. Walmart sions would rise in the run-up Overseas,the StoxxEurope earnings. shares fell 89 cents, or 0.7%, to to the elections,but not that 600 fell 0.6%. At midday 3.2 3.39% “It’sasituation wherewe $134.71, while Home Depot therewould be concreteac- WednesdayinTokyo,the Nik- have earningskind of winding dropped $3.24, or 1.1%, to $285. tions,” said Seema Shah, chief kei225 Stock Averagewas up Purchase down andthere’snot awhole Shares of AdvanceAuto strategist at Principal Global 0.2%, Australia’sS&P/ASX 200 3.0 3.14% lot of catalyststotakeustothe Parts rose $1.85,or1.1%, to Investors. wasup1.2% and South Korea’s Jan.Aug. next level,” said Craig Hodges, $162.85 afterthe auto-partsre- Thefresh restrictions have Kospi wasup0.6%. Note:Chart shows average advertised rates. portfolio manager forHodges tailer reported better-than-ex- “potentially large implications” —Joanne Chiu Source:Bankrate.com Funds in Dallas. pected results. fortechnologycompanies,Ms. contributed to this article. P2JW232000-0-B01200-1------XA

B12 | We dnesday, August 19, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Walmart Beats Back-to-School Blues

Retailer showed no signs of slowdown last quarter, but it could lose the stimulus boost

Stimulus checks helped Wal- benefits and the lack of new stim- mart offset weakness in back-to- ulus from Washington could soon school sales last quarter, but de- hit sales. The company pointed out pendence on those payments that sales growth settled into a clouds the retailer’s outlook. lower range later in the quarter as Walmart brought in $137.7 billion the stimulus checks tapered off. of totalrevenue in thequarter, 5.6% This makes Walmart’s plans fora higher than ayear earlier,exceeding newmembership program,Walmart /REUTERS

RS analyst expectations.Net income Plus,all the morepivotal. If success-

TO came in slightly lowerthan expected ful, it could help expand itscus- MO as it incurred some $1.5billion in tomer base to amoreaffluent set of AL costsrelated to Covid-19,anin- e-commerce shopperslessdepen-

GENER crease from the prior quarter’s $900 dent on stimulus checks.Walmart Some think the companycan spin offits electric-vehicle operation intoaseparately valuedentity.One of itsnew EVs. million. Still, operating margins im- didn’t offer much detail about the proved from the previous quarter. plan Tuesday, except to sayitwas in Back-to-school sales were the works and its“EveryDay Low slower than usual because of un- Prices” ethos will apply. It hinted at Releasing GM’sInner Tesla certainty around when students additional perks beyond delivery. would return to classrooms. Stim- Another point of concern was ulus checks and topped-up unem- grocery sales, which grew at a ployment benefits seem to have midsingle-digit rate from a year Company might access cheaper capital, but that won’t make it a disrupter offset much of that weakness: Wal- earlier, lagging behind the pace mart’s gross margins improved as seen at grocery competitors. John customers used their checks to Furner, chief executive of Walmart Marketsare wild forelectric ve- funding.GMstock is trading below GM? Howwill brands such as Cadil- buy higher-margin items such as U.S., said during the earnings call hicles—unlessthey aremade by the $33 it fetched in itspostbank- lac straddle both businesses? Where electronics. E-commerce sales that reduced store hours and the companies that also makeregular ruptcy initial public offering,effec- will GM’svaluable Chinese joint ven- grew 97% compared with the year- increase in sales earlier in the cars.Squaring this circle won’t be tively barring it from selling shares tures fit? Thecompanywould need ago period, an impressive accelera- quarter made it challenging to easy for General Motors. to bring in cash unlessitisoutright answers to attracttech investors. tion from the first quarter’s 74% keep shelves well stocked. Tesla’s market value rose 37% distressed. Tesla has no such prob- Thereisaprecedent forthe EV growth. Losses from e-commerce To keep investorshappy,Wal- over the past week to arecord$351 lem: In February, it raised $2 billion discussion, but not awholly encour- were significantly lower. mart will have to provethat it can billion Tuesday. Therewas little ob- by issuing shares. aging one.In2018,GMbrought in Yet Walmart’s shares ended grow itscustomer base beyond its vious cause,apart from an analyst ForGM, abettervalued EV sub- capital from SoftBank forits driver- down slightly Tuesday. Investors typical shopper.Otherwise,its sales lifting his target price, but investors sidiarycould help level the playing less-car unit,Cruise,ataneye- seemed concerned that the expira- outlook maydepend on Washing- areused to that with Elon Musk’s field in an expensiveracetomaster catching valuation. That followed tion of enhanced unemployment ton’sgenerosity. —Jinjoo Lee company. Moreunusually,GM anew technology. ForGM’sshare- market hype around the potential of shares rose by almost 8% Monday, holders, thereisthe added hope GM’stechnology, also stirred up by Walmart's quarterly operating-income margins the most sincethe volatility of April, that some of the tech luster might aDeutsche Bank analyst note. It 5% though they fell 0.6% on Tuesday. ruboff on the parent—particularly if turned out to be acase of buy the Anotion is gaining currencythat the subsidiarywerepublicly listed, rumor and sell the news: GM’sstock GM canspin off itsEVoperation giving it averyvisible livevalua- has fallen from the 2017peak even 4 intoaseparately valued entity bet- tion. But betting on this outcome,as as Cruise has raised money from terable to competewith—and be some investorsseem to be,ignores Honda and institutional investorsat valued like—Tesla. On Friday, both amountain of practical obsta- higher private-market valuations. 3 Deutsche Bank analyst Emmanuel cles and GM’srecent history. Thesame pattern might be re- Rosner put some heady numberson Theheart of GM’selectric-vehicle peated with an EV unit, particularly the value of aspinoff.GMhasn’t operation consistsofabattery sys- as itsgrowthwould cannibalize 2 closed down this discussion, which temfor futuremodels,Ultium, that GM’straditional business. Thecom- has growninline with Tesla’sstock it developed with South Korean bat- pany’sstock is cheap because the pricethis summer. tery giant LG Chem.Italso has a outlook forautosales is weak,while 1 “Nothing is off the table,” said joint venturetoproducebattery it faces acostly and riskytechnol- Chief ExecutiveMaryBarraafter cells in Ohio with LG Chem, and a ogytransition. Financial engineering GM’ssecond-quarter report in July. couple of assembly plantsinMichi- just might giveGMaccessto 0 Theappeal forthe company, par- ganthat have been converted to cheaper pools of capital, but it can’t FY2019 ’20 ’21 ticularly afterthis year’s costly electric models.Can these opera- makeitlook likeadisrupter. Note:2Q'21 ended July 31, 2020 shutdowns,isaccesstocheaper tions be separated from the rest of —Stephen Wilmot Source:FactSet Chegg Checks Off All the Right Boxes OVERHEARD Simplehuman, seller of sleek for less than half of simplehu- trash cans that go for as much as man’s price tag. Or one could go A widespread at-home college getfell over the past five years. The $260, would like to sell you pricey to Etsy, which sells “Llamastay 6 experience is the kind of shift that cost of astudy pack that includes T-shirts. feet away” T-shirts for a quarter education platform company textbooksolutions,afunction for Its latest foraycould be a of the price. Chegg could only have dreamed of. studentstoask expertsquestions tougher sell: Unlike its motion- Some DIY clothiers have Cheggiswidely known forsell- online,amath solver andawriting sensor-equipped trash cans and donned outfits such as hoop ing and renting textbooks,but most tool is $19.95amonth, $4 morethan soap dispensers, the $40 T-shirts skirts, plastic bubbles or inflatable of itsrevenue nowcomes from sell- aNetflix premium subscription. and $60 tote bags don’t come dinosaur costumes that force so- ing study materials and services to Even in the unlikely event cam- with bells and whistles. cial distancing rather than sug- high school and collegestudents, puses areable to quickly moveback The first line of apparel, which gest it. While those simply aren’t including foronline tutoring.Be- to in-person learning,that wouldn’t it says is a limited edition collec- cool enough for simplehuman’s cause the textbookbusiness is meaningfully dim Chegg’sprospects. tion called “Making Space,” com- clientele, it is a shame the com- highly competitive and pricesensi- Since2014, Chegghas been broad- prises T-shirts and tote bags with pany hasn’t tried harder given its tive, Chegg’sgrowthpotential is ening itssubscriber base at acom- “6’ ” emblazoned as a reminder to reputation for innovation and tech mainly in the lattersegment. pound annual growth rate of 39.8%, socially distance. It will have savvy. A shirt with a built-in mo- While the companyhas posted according to areport by Jason some price competition, as Ama- tion sensor and a loudspeaker solid revenue growth over the past Celino, equity analyst at KeyBank. zonsells T-shirts with the catch- could be just the thing for social three years, itsrecent runwas re- Other angles to examine are ier “6 feet apart or 6 feet under” distancing. markable: Revenue in the quarter Chegg’swell-timed acquisitions and

ended June 30 surged63% from a international growth potential. It SIMPLEHUMAN year earlier to $153 million and the bought coding boot-camp provider number of subscribersgrew67%, Thinkful in October 2019; atough buoyedbystudents’ need forsup- job market paired with moretime at port as manyschools moved to re- home only increases the appeal of Chinese Power Stock Has a Mighty Tailwind motelearning.Cheggraised its services that help people acquireoc- guidance, and nowexpectsthird- cupational skills online. quarter revenue to be at least 48.6% Chegg’sgrowthlast quarter Finding reasonably priced be unavailable thereafter. owned company. That means it higher than ayear earlier and full- hasn’t gone unnoticed: Itsshares are growth stocks in the middle of an Ming Yang should keep benefit- doesn’t come with baggage such as year revenue to grow 47%ormore. up 106% this year.But it still trades unprecedented epidemiological ing from this trend. Its stock is a coal-power-equipment division Does Chegg’sguidancelook am- at roughly 14.3 times forward-12- and geopolitical storm is a tall or- testing new highs but, unlike so or a mandate to retain unneeded bitious? Yes. Is it astretch? Not re- month sales—not ahugepremium der. Unless, that is, the stock bene- many companies, its shares are staff during a downturn. That has ally.Last quarter’s growth wasim- to itsprepandemic trailing multiple fits from inclement weather. less richly valued than last year. resulted in lower debt and a pressive, but totalsubscription of 11 times sales at the end of 2019. Shanghai-listed Ming Yang That is in part because revenue higher return on equity than many numberswere3.7 million—a small As manyparentswould agree, Smart Energy Group Co., one of has grown so quickly. Sales were competitors. Over the past four pieceofthe 54 million addressable growth potential is worth China’s largest wind turbine manu- up 69% on the year in the first years, its return on equity has av- English-speaking high school and paying for. facturers, fits the description. quarter, even though China was es- eraged more than 10% against 1.2% collegestudent market. —Jinjoo Lee Afterathree-year funding sentially shut for the month of and 5.5% respectively for Hong An extended period of limited drought, China’sfiscal stimulus is Kong-listed Dongfang Electric and on-campus resourcesonly height- Chegg's annual revenue pushing power-sector investment Shanghai Electric. ens the need foronline educational Expected back intooverdrive. Wind-turbine Ming Ya ng is a pure­ Even with these tailwinds, Ming support. Theyear’s firstquarter, $600million manufacturersare among the big- Yang isn’t without risk. The main coming beforethe full impact of gest beneficiaries: China spent 85 play wind­turbine firm one is that China’s central bank school closures,saw Cheggnotch billion yuan ($12.2 billion) on wind- and not a state­owned becomes concerned that stocks are year-over-year revenue growth of powerconstruction in the firsthalf, too bubbly and decides to raise morethan 35%. nearly triple the figure from the company. short-term borrowing rates to Thereare no direct competitors 400 same period last year.Overall in- curb speculation. Rates have risen with Chegg’sscale,and certainly not vestment in building newelectricity significantly since May, and the anythat ownboth atextbook busi- plantsrose 51%. Turbine customers pace of increase in stock-margin nessand an online learning sub- have adual incentivetobuy now: February due to the coronavirus. borrowing has slowed since mid- scription service. Having awidely Financing is easy thanks to Bei- Its shares don’t look cheap at 15 July. Another big rise in rates recognized textbookbusinessmakes 200 jing’sfiscal push and high feed-in times next 12 month’s expected would make infrastructure funding forarelatively easy conversion for subsidies forwind-powerprojects earnings, but that is down from 21 expensive and risk choking off subscribers—especially because the won’t last forever. Fitchexpects times in late 2019 according to China’s recovery. latterincludes textbooksolutions. offshorewind-powerinvestment to FactSet. That compares favorably All in all, China’s turbine manu- Most studentscome to Chegg remain high through 2021 as devel- to bubbly U.S. markets. facturers still have the wind at through websearches or word-of- 0 opersrush to lock in subsidy rates Unlike some of its Chinese ri- their back and Ming Yang is a mouth. As ashareofrevenue,the 2016 '17'18 '19 '20 of 0.35 to 0.45yuan per kilowatt- vals, Ming Yang is a pure-play sound way to ride along. company’ssales and marketing bud- Source:FactSet, the company hour fornew projects, which will wind-turbine firm and not a state- —Nathaniel Taplin