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***** FRIDAY,JULY31, 2020 ~VOL. CCLXXVI NO.26 WSJ.com HHHH $4.00

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What’s U.S. EconomySeesRecordDownturn GDP drop, rise in new summer surge in coronavirus Meanwhile,the Labor De- increased by 867,000 to 17 mil- pictureofthe pandemic’sdam- News infections. partment’slatestfigures on un- lion in the week ended July 18, agetothe economy. weekly jobless claims TheCommerce Department employment benefitssuggested haltingadownwardtrend that Thesecond-quarter eco- suggest pace of said U.S. grossdomestic prod- the jobs market wasfaltering. started in mid-May. nomic contraction came as Business&Finance uct—the value of all goods and Thenumber of workersapply- “We’reexpecting alonger states imposed lockdowns in recovery is slowing services produced acrossthe ing forinitial unemployment and slowerclimb from the bot- March and April to contain the economy—fell at aseasonally benefits rose forthe second tomunfortunately,and here coronavirus pandemic—trig- he economycontracted BY HARRIET TORRY andinflation adjusted 32.9% straight week—by aseasonally the virus will dictatethe gering asteep drop in output— Tat arecordratelast quar- annual rate in the second quar- adjusted 12,000 to 1.43 million terms,” said Beth Ann Bovino, and then liftedrestrictions in terand July setbacks forthe Theeconomycontracted at ter, or a9.5%dropcompared in the week ended July 25—af- U.S. chief economist at S&P Mayand June—allowing jobs market added to signs arecordratelast quarter and with theprior quarter.Thurs- ternearly four months of de- Global Ratings. PleaseturntopageA4 of aslowing recovery as the July setbacks forthe jobs mar- day’sfigures were the steepest creases following alate-March Stock marketsfell afterthe U.S. faces a summer surge ketadded to signs of aslowing declines in morethan 70 years peak.The number of people re- figuresonoutput and the labor  Heard on the Street: GDP in coronavirus infections. A1 recovery as the countryfaces a of record-keeping. ceiving unemployment benefits market provided an updated hole dug by consumers..... B12  Amazon.com delivered soaring quarterly sales and profit, reporting thriv- Mission to MarsLaunches aSearchfor AncientSigns of Life ing business during the Amazon throes of the pandemic. A1  Apple posted abetter- than-expected 11% rise in Leads Its quarterly sales amid strong demand forapps and work- from-home devices. B1 Tech Peers  Google parent Alphabet reported a decline in quar- terly revenue compared In Gains with a year earlier, but sales beat expectations. B1 BY SEBASTIAN HERRERA  Facebook’s revenue rose thanks to increased Amazon.comInc. delivered engagement from users, soaring quarterly sales and but the rate of growth de- profit,leading apack of tech clined significantly. B4 giantsthat reported thriving  Huaweiachieved itsgoal business during the throes of of becoming the world’stop the coronavirus pandemic and seller of smartphones,fueled affirming the industry’scen- by rapid economic recovery in tral placeinbusinessand soci- itshome market of China. A1 ety as scrutinyofits clout

S grows.  The Dow and S&P 500 Thesuccess of Amazon, Ap- slipped 0.9% and 0.4%, re- PRES ple Inc.and Facebook Inc.in

spectively, while the Nas- TED the faceofapandemic that daq advanced 0.4%. B11 CIA

SO hascaused unprecedented  Twittersaid the hackers AS economic disruption and mil-

behind this month’shigh-pro- OUX/ lions of job losses comes as file online break-in talked their RA people areliving and working way ontothe company’snet- moreonline.The companies JOHN work using the telephone. B1 BIG BOOST: A United Launch Alliance Atlas V rocket lifts off from the Cape Canaveral Air Force Station in Florida early showedstrength in businesses Thursday, carrying the Perseverance rover on a 300-million-mile voyage to Mars. It is expected to land in February. A3 ranging from gadgets and on-  P&Gnotched itsstron- line retail to cloud computing gest annual sales gain since and digital advertising. 2006 as thepandemic kept Amazon reported record consumersathome and revenue and profit even as it vigilant about cleaning. B1 Schools WrestleWithVirus Guidelines spent $4 billion between April  Ford posted a$1.9billion and June to stabilize its sup- operating loss, the latest ply chain and improveworker global automaker to report BY LESLIE BRODY and stateofficials on howbest aschool hit 5% within atwo- dren all day, including forlunch. safety.The Seattle e-com- steep losses from factoryclo- AND LEE HAWKINS to plan. TheCentersfor Disease week period, astate plan says. Contingencyplans forhow to merce pioneer nowemploys sures amid the pandemic. B1 Control and Prevention recom- In NewYork,Gov.Andrew deal with an outbreak consider morethan 1million workers, School districtsacrossthe mendsconsidering community Cuomo has said schools would variables such as rate of trans- thesecond-highest in the U.S., World-Wide countrytrying to complete infection rates, among other close if aregion’sinfection rate mission, sizeand layout of a behind Walmart Inc. Amazon their reopening plans arestrug- factors, in deciding whether to reaches 9%. school, and local capacity to reported $88.9 billion in sales gling to figure out what to do if close aschool. Schools’ plans forreopening test quickly forthe virus. as a flood of customers grew  School districts trying to a coronavirus outbreak hits— State guidance, meanwhile,is their buildingsinclude mea- In NewYork City,the na- PleaseturntopageA2 completereopening plans and howbad it would have to all over the map.California sures likerequiring students tion’slargest school district, of- arestruggling to figure out be to cause them to shut could see school buildingsthat and staff to wear cloth facecov- PleaseturntopageA6  Google ad revenue declines what to do if a coronavirus schools again. open in the fall shut down again erings and having asmall group for the first time...... B1 outbreak hitsand howbad So far,schools aregetting if multiple clustersofchildren of children stay in the same  Daily U.S. death toll is  User engagement lifts it would have to be to cause little consensus from federal getsick,orifinfection ratesin classroom with the same chil- highest in weeks...... A6 Facebook revenue...... B4 them to shut schools again. A1  Daily reported deaths from Covid-19 in the U.S. Seeds Packets Sow Suspicions rose to their highest level Huawei TakesTop Spot in Global in more than a month. A6  Trump floated the idea of delaying the November Phone SalesasChina Rebounds presidential election, a no- tion swiftly dismissed by BY DAN STRUMPF coronavirus pandemic has fur- software made itsphones less

top Republicans and Dem- JOURNAL ther damped demand. Thesec- appealing to usersinEurope ocrats in Congress. A4

REET HONG KONG—HuaweiTech- ond quarter wasthe firsttime and other overseas markets.  Congressional leaders and ST nologies Co.achieved itsgoal in nine years that neither Ap- But that worked in Huawei’s WhiteHouse officials failed LL WA of becoming the world’stop ple Inc.nor Samsung Electron- favorinthe second quarter,as to strike a deal on corona- seller of smartphones, fueled ics Co.was No.1,according to China’seconomyrebounded virus relief Thursdaynight, by the rapid economic recovery research firm Canalys. afterthe countryaggressively hoursbeforefederal jobless in itshome market of China. Canalysattributed Huawei’s tackled the coronavirus pan-

benefitswereset to expire. A4 CADMAN/THE Ayearslong slump in the success to an unusual combi- demic. global smartphone market—as nation of factors. TheChinese Smartphone makerswith  Afull federal appeals court JOEL PleaseturntopageA7 will rehear alegal challenge The U.S. DepartmentofAgriculturesaid people in 22 states and alack of innovation leads peo- telecom giant has grownmore to whether chargesagainst severalcountries have received the unsolicited seeds in the mail. A3 ple to hang on to their old reliant than ever on its home models longer—has thinned market since U.S. restrictions  Apple’s software, device sales ex-national security adviser the ranks of sellers, and the curbingits access to Google surge...... B1 Flynn must be dropped. A4  John Lewis washailed by Obama as afounding fa- NBA’sNew ther at the Atlantafuneral Covid LawsuitsBegin forthe latecivil-rights icon and congressman. A7 Test Is Reffing Salesforce.  Theformer Ferguson, To Hit Employers Mo., policeofficer who Virtual Fans #1 CRM. killed Michael Brownwon’t facechargesfollowing are- iii examination of the case. A2 Claims saycompanies didn’tprotect workers; R-rated behavior Ranked #1 for CRM Applications basedon  Canada’sTrudeau,ata liabilityquestion comes amid reopening IDC 2019H1 Revenue Market ShareWorldwide. parliamentaryhearing,de- from boosters will 17.3% nied preferential treatment in BY JANET ADAMY earningsand other damages the awarding of agovernment bring eject button paid out. contract to acharity with fi- Employers acrossthe coun- In responding to the law- nancial ties to his family. A8 BY DAVID MARCELIS tryare being sued by the suits, employers have said families of workerswho con- they took steps to combat the  Died: Herman Cain, 74, When the National Basket- tend their loved ones con- virus,including screening businessman and 2012 pres- ball Association restarted its tracted lethal cases of workersfor signs of illness, idential hopeful. A6 ... Lee Teng-hui,97, longtime season Thursdayevening,320 Covid-19 on the job,anew le- requiring they wear masks, fans beganjoining the action galfront that shows the risks sanitizing workspaces and president of Taiwan. A16 through something akin to a of reopening workplaces. limiting the number of cus- 5.5% very big videoconferencecall. Walmart Inc., Safeway Inc., tomersinside stores.Some 5.3% CONTENTS Markets...... B11 Keeping them on their best be- Tyson Foods Inc.and some point out that it is impossible 3.5% Arts in ReviewA10-11 Opinion...... A13-15 3.5% Banking &FinanceB10 Sports...... A12 havior will be an experiment health-carefacilities have to knowwhereorhow their Business News.. B3,6 Technology...... B4 conducted on livetelevision. been sued forgross negli- workerscontracted Covid-19, Crossword...... A11 U.S. News...... A2-7 Fans of the designated home genceorwrongfuldeath since particularly as it spreads 2015 2016 2017 2018 2019H1 Heard on Street.B12 Weather...... A11 team gather in virtual stands the coronavirus pandemic be- acrossthe country. Source: IDC, Worldwide Semiannual Mansion...... M1-12 World News...... A8,16 visibleongiant screens sur- ganunfolding in March. Em- The new coronavirus has SoftwareTracker,October 2019. rounding the court. They face ployees’ loved ones contend created a global health and > ground rules similar to the the companies failed to pro- economic crisis, responsible ones in aregular arena. tect workersfromthe deadly for the death of more than Booing opposing players or virus and should compensate 150,000 people in the U.S. salesforce.com/number1CRM taunting referees is fair game, their family membersasare- while straining resources CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, the NBAsays.But fans who sult. Workerswho survived and institutions. 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 crossthe line intovulgarity or the virus also aresuing to Thecases arepart of an com, inc.,asare other namesand marks. PleaseturntopageA9 have medical bills,future PleaseturntopageA9 P2JW213000-6-A00200-1------XA

A2 | Friday, July 31, 2020 ****** THE WALL STREET JOURNAL. U.S. NEWS Divided Congress Takes Aim at Big Tech

Parties have criticisms, concerning Big Tech aren’t im- pressureonthe agencies,inpart companytreatsindependent re- minent. by disclosing dozens of docu- tailersfromRep.Kelly Arm- but their differences “Wedonot need to change ments, such as internal company strong,aNorth DakotaRepubli- suggestany legislation our antitrust laws.They have emails and strategydiscussions. can, and from Rep.Pramila been working just fine,” said If the hearing put scrutinyon Jayapal,aDemocrat whose dis- isn’timminent Rep.James Sensenbrenner (R., the record of antitrust enforc- trict includes the company’s Wis.), the subcommittee’stop ers, though, it also offered ex- headquartersinSeattle. BY RYAN TRACY Republican, at Wednesday’s amples of the argumentsthey TheHouse panel is set in the hearing.Hesaid law-enforce- would faceintaking one of the coming weeks to publish are- WASHINGTON—This week’s ment agencies should be the tech giantstocourt. port summarizing itsprobe into hearing intoBig Tech’smarket ones to decide whether they Lawmakersinboth parties the tech firms and making pol- power underscored the deep were wrong in permitting tech said Facebook’sstrategytoac- icyrecommendations. discontent in Congresstoward companies’ growth, allowing: quireapps such as Instagram Democratspushed fora giant technologycompanies, “Maybe they made amistake.” andWhatsApp appeared de- changeinlawsgoverning com- butalso divisions about what Still, the near-universal en- OL signed to maintain adominant petition,arguing that existing PO

theproblems areand howto mity wasasign that Capitol Hill S market position. But courtsalso antitruststatues have failed to addressthem. inquiries intothe companies would consider the effectsof curb the technologygiants. In morethan five hoursof will continue no matterwho /PRES the transaction, as Facebook Republicans’ primarycon- adversarial interrogation before controls Congressnextyear. CEO Mark Zuckerbergimplied cern at the hearing wasper-

the House Antitrust Subcom- “Yesterday’sevent wasa JENNINGS when he countered that Insta- ceived censorship of conserva- mitteeonWednesday, the chief milestone.Itmakes clear to ev- gram “has done wildly well tivespeech by social-media AEME

executives of Amazon.com Inc., erybody that the question is no GR largely because not just of the companies.Democratsand the Apple Inc., Facebook,Inc.and longer should we,could we do ‘We do not need to change our antitrust laws,’ said Rep. James founder’s talent, but because we tech companies disputethose Google owner Alphabet Inc. somethingabout the platform Sensenbrenner (R., Wis.), at Wednesday’s hearing. invested heavily.” allegations,pointing in part to were accused of arangeofun- monopolistsbut when exactly Thecriticism of the CEOs the popularity of conservative fair businesspractices. arewegoing to do it, and what sumers; it’sapieceofpolitical agencies that enforce U.S. anti- came acrossarangeoftopics. content on platforms such as But Democratsfocused more exactly arewegoing to do?” theater,” said Carl Szabo,gen- trust laws,including the Justice Mr.Zuckerbergtook heat from Facebook. on the alleged stifling of compe- BarryLynn,executivedirector eral counsel of NetChoice, a Department and Federal Trade Rep.David Cicilline,the sub- To addressthat issue,some tition to preservetheir domi- of theOpen MarketsInstitute, trade group whose membersin- Commission as well as the committeechairman, concern- GOP lawmakershaveproposed nance, while Republicans which advocates forbreaking clude Google,Facebook and Am- states.Asdid the subcommittee, ingthe spread of misinforma- changestoSection 230,alaw homed in moreonthe plat- up and imposing newrules on azon. “Weheardodd arguments those agencies have been col- tion about the coronavirus that immunizes websites from forms’ outsizegrip on informa- tech platforms,said Thursday. about howeach of these compa- lecting documentsand talking to pandemic,and from Rep.Greg- lawsuitsfor moderating con- tion and public debate. Thetech industry’ssupport- nies is somehowamonopoly in the companies’ competitorsdur- orySteube (R., Fla.) about the tent. Tech companies oppose Membersattimes dismissed ersdismissed the hearing as the same overlapping markets.” ing the past year,soevidence ideologicaldiversity of people those efforts. Democratsgener- one another’s specific concerns lacking in substance. Fornow,the near-term threat cited in the Wednesdayhearing who monitor Facebook content. ally saythey arewilling to re- and proposed solutions,making “This hearing isn’t about to the companies remains con- maynot have surprised them. Amazon CEO Jeff Bezos viewSection 230 but areskepti- it clear that legislativechanges competition, evidence, or con- tinuing investigations by the Lawmakerssought to put heardconcerns about howhis calofthe Republican proposals.

the economyand an adver- of the House JudiciaryCom- lyst BrentThill. “Ultimately, roughly $1.8billion of Ama- Businesschallenges remain Amazon tiser boycott. mittee investigating antitrust we think there is a more per- zonshares. for all four corporations. Google parent Alphabet concerns.Lawmakers’ ques- manent tail wind behind these In amedia call Thursday, The most acute difficulties Inc.was the outlier Thursday, tions over morethan five big tech companies.” Chief Financial Officer Brian maycome forFacebook and Shinesin reporting adecline in quar- hoursoftestimonyreflected Amazon had struggled in Olsavskysaid Amazon’sprofit Google in advertising.Face- terly revenue compared with a bipartisan disquiet with the March and April as the eco- washelped by sales of more book’srevenue growth rate year earlier for the first time leveragethose companies have nomicshutdown took hold profitable items on itswebsite fell and the company warned Tech Profits in companyhistory. Still, sales gained over abroad ranges of acrossthe U.S.,spending more and that the companywas that growth will be muted due beat analyst expectations,and business and social activity. than $4 billion on coronavirus- able to ship agreater amount the economic fallout from the profit, though down 30%, was Thebreakout success of the related costs. Amazon hired of productsthan it had ex- pandemic, an advertiser boy- ContinuedfromPageOne still more than $6 billion. companies came as asurprise hundreds of thousands of work- pected. cott and reduced efficacyofad to rely more than ever on on- Shares in all four compa- ers, boosted payand took doz- He said the companyex- targeting. line shopping. nies,already among the best ens of steps to ensureware- pectstospend roughly $2 bil- Theglobal pandemic dealt a Amazon profit doubled to a performers for large corpora- Google parent house safety afterfacing early lion in coronavirus-related rare losing hand to Google’s record $5.2 billion, far exceed- tions across the stock market criticism from some employees. costsduring the thirdquarter. digital advertising operation, ing analyst expectations. this year,rose afterhours, Alphabet was the Thee-commerce company’s Amazon’searningscame a pushing quarterly revenue Apple proved to be another with Amazon, Apple and Face- outlier, reporting a shares have surgedmorethan dayafter Mr.Bezosmade his down compared with ayear example of the technologyin- book all gaining morethan 5%. 60% this year,morethan dou- firstappearancebeforeCon- earlierfor the firsttime in dustry’sstrength in the pan- Alphabet edged up almost 1%. decline in revenue. ble the increase forother tech gressaspart of afederal in- companyhistory. Executives demic,reporting abetter- Collectively,those stock moves giantssuch as Apple and tri- quiryintothe market power stressed that advertising had than-expected 11% increase in would add morethan $200 ple that of retailersthat have of the nation’slargest technol- steadily improved through the quarterly sales due to strong billion to their market value if largely kept stores open such ogycompanies. quarter. “Wedobelieveit’s demand for apps, work-from- they hold up in trading Friday. even forinvestorswho had ex- as Home Depot, according to Along with other tech lead- prematuretosay we areout of home devices and anew, Apple alone gained about $100 pected them to do well, show- FactSet. ers, Mr.Bezosfaced withering the woods,” said Chief Finan- lower-priced iPhone. billion, roughly equal to the ing howentrenched technol- “Wedon’t knowwhen we criticism from lawmakers, in- cial Officer Ruth Porat. Facebook showedthe resil- market value of Citigroup Inc. ogyhas become in daily lifeat will recoverout of this Covid cluding several who asked Apple delayedthe fall re- ienceofits social-media busi- Theextraordinarydisplay atime when people around crisis,but one thing that is aboutrevelationsinaWall lease of itsflagship iPhone by nessdespiteacontinuing pro- of businessresilienceamid the theworld have stayed home certain is that these [shop- Street Journal article that afew weeks,the company cession of controversies.Sales sharpest economic contraction from work and school due to ping] trends aretaking hold, Amazon employees have used said, pushing it intoOctober rose 11% to $18.7 billion due to in historyput aspotlight on the pandemic. and that’swhy moreand more datafromsellerstoform its from late September. increased engagement from Big Tech’sunstinting rise only “The internet is the connec- people arehiding in Amazon,” private-label products. Mr.Be- —Tripp Mickle, Rob users—though growth slowed aday afterthe chief execu- tiveglue in Apple devices, said Hari Srinivasan, aportfo- zossaid acompanyinvestiga- Copeland, Jeff Horwitz and and the companywarned tives of the same four compa- Facebook ads,the Amazon lio manager at NeubergerBer- tion intothe Journal article is Euirim Choi contributed about persistent risks from nies were grilled by members shipments,” said Jefferies ana- man Group LLC,which owns ongoing. to this article. U.S. WATCH CORRECTIONS  Ex-Officer AMPLIFICATIONS Won’t Be Soap maker Dr. Bronner’s said in 1999 that it would cap Charged the salaryofthe CEO at five times the income of itslowest- paid worker.AStyle &Fashion In Killing article in the Feb. 15 Off Duty section incorrectly gavethe BY ALEJANDRO LAZO year as 2003.

The former Ferguson, Mo., Noticetoreaders policeofficer who shot and Wall Street Journal staff killed Michael Brown in 2014 membersare working remotely won’t facechargesfollowing a during the pandemic.For the re-examination of the case evi- GES foreseeable future, please send dence, the St.Louis County IMA reader commentsonly by email

prosecutor said Thursday. GETTY or phone,using the contacts

A grand jury in November SE/ below, not via U.S. Mail. 2014declined to indict Darren Wilson, awhiteofficer,for Readers can alert The Wall Street Journal to any errors in news articles shooting Mr.Brown, an un- ANCE-PRES by emailing [email protected] or armed Black man, in August of FR by calling 888-410-2667. that year. GENCE Mr. Wilson, according to a /A THE WALL STREET JOURNAL JusticeDepartment report, (USPS 664-880) confronted Mr.Brown, who (Eastern Edition ISSN 0099-9660) was18yearsold, forallegedly ARDUENGO (Central Edition ISSN 1092-0935) stealing abox of cigarillos (Western Edition ISSN 0193-2241) Editorial and publication headquarters:

from a local liquor store, and RICARDO Mr. Brown walked toward the CLEANING UP: Streets in Mayagüez, Puerto Rico, were coated in mud Thursday after Tropical Storm Isaias knocked out power and 1211 Avenue of the Americas, New York, N.Y. 10036 officer, who had ordered him caused flooding on the island. Isaias later strengthened to a hurricane while moving toward the Bahamas and U.S. East Coast. Published daily except Sundays and general to stop. legal holidays. Periodicals postage paid at The shooting sparked pro- MICHIGAN past, it is unacceptable.” WASHINGTON errors in the files of all of those New York, N.Y., and other mailing offices. testsand riots in Ferguson According to the lawsuit, in he sampled, the March report Postmaster: Send address changes to andaround the nation, lead- University Sued Over 1982, astudenttold Mr.Schem- FBI Says Wiretap said. Those results had pointed The Wall Street Journal, 200 Burnett Rd., ingtoanational discussion Alleged SexAbuse bechler about the alleged abuse Applications Valid to possible widespread problems Chicopee, MA 01020. about racism and policevio- and Mr.Schembechler advised at the FBI and theysuggested All Advertising published in The Wall Street Journal is subject to the applicable lence, and helping to galva- Former University of Michi- the studenttofile asexual- The FBI said Thursday that shortcomings previously found in rate card, copies of which are available nize the Black Lives Matter gan students, including more abusecomplaintagainstDr. An- errors found in the files of doz- the highly scrutinized requests to from the Advertising Services Department, movement. than two dozen football players, derson with Mr.Canham. The ens of applications to monitor surveil former Trump campaign Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The TheJusticeDepartment in- filed a lawsuit against the school studentfiled acomplaint, but Americans suspected of having aide Carter Page weren’tlimited Journal reserves the right not to accept an vestigation that led to the re- on Thursday, alleging a promi- neither Mr.Canham nor Mr. links to foreign intelligence or to thatcase. advertiser’s order. Only publication of an port found no grounds to in- nent team doctor sexually Schembechler took anyaction to terrorism didn’t ultimately un- The FBI and the Justice De- advertisement shall constitute final acceptance of the advertiser’s order. dict Mr.Wilson. The abused them during physical ex- stopthe alleged abuse, according dermine those applications. partment then reviewed those Letters to the Editor: investigation detailed racial ams while coaches and adminis- to the suit. The lawsuit claims In March, the Justice Depart- additional applications identified Fax: 212-416-2891; email: [email protected] bias in theway Ferguson po- trators turned a blind eye. Dr.Anderson’sbehavior wasan ment’s inspector general said his by Inspector General Michael Need assistance with your subscription? liceand courtstreated Black The 53 plaintiffsallege that open secret among coaches. office found “apparent errors or Horowitz. In a statement issued By web: customercenter.wsj.com; people,leading to changes in Dr.Robert Anderson, who worked Mr. Schembechler was head inadequately supported facts” in Thursday, the FBI said the By email: [email protected] By phone: 1-800-JOURNAL the St.Louis suburb. at the school fornearly 40 years coach of the Michigan football the files meant to provide fac- agency told the Foreign Intelli- (1-800-568-7625) Thecase gotrenewedat- until 2003, molestedthem and team from 1969 to 1989. He tual support for the information gence Surveillance Court in a Reprints &licensing: tention in 2018,when Wesley thatthe behavior wasreported died in 2006. Mr. Canham served cited in more than two dozen Wednesday filing that “in its By email: [email protected]; Bell,aFerguson City Council to famed football coach Bo as athletic director between Federal Bureau of Investigation judgment, none of the errors By phone: 1-800-843-0008 member, defeated aseven- Schembechler and athletic direc- 1968 and 1988. He died in 2005. applications. The requests that had been identified…under- WSJback issues and framed pages: term incumbent in the Demo- torDon Canham, among others. Dr. Anderson was a team sought wiretapping authority mined or otherwise impacted wsjshop.com cratic primaryand became the A school spokesman said in physician at the school between from a special court under the the validity” of the court’s orders Our newspapers are100% sourcedfrom firstBlack prosecuting attor- an email that the university con- 1968 and 2003. He was director Foreign Intelligence Surveillance granting the surveillance. sustainably certified mills. ney in St.Louis County. demns all sexual misconduct. of the university’s health service Act, or FISA. A spokeswoman for the in- Mr.Wilson didn’t respond “This type of conduct is repre- for part of his tenure. He died in The inspector general had spector general declined to com- GOTATIP FORUS? to messages leftonhis voice hensible—and whether it takes 2008. chosen severaldozenapplications ment. SUBMIT IT AT WSJ.COM/TIPS mail and with his attorney. place now or took place in the —Douglas Belkin to reviewasasample, and found —Aruna Viswanatha P2JW213000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Friday, July 31, 2020 | A3 U.S. NEWS U.S. Panel Mysterious Seed Mailings Spread Expanded BY JESSE NEWMAN said his department contacted ferTaylor received all the corn, tion Agencythis week in- they ordered. Othershavere- AND JACOB BUNGE the USDA afterahandful of broccoli and cucumber seeds structed Canadians who had re- ceived multiple seed packages Its Review stateresidentsreported receiv- that she had ordered from Am- ceived such packages not to aftertheir initial order wasde- Thecase of the mystery ing such deliveries around azon in time to plant her gar- plant the seeds,while the U.K. livered. Still othersare finding seeds showing up in U.S. mail- June 2. den in the spring.Then last government said it has been in- smallpacketsofseeds tucked Of Foreign boxesfromshippersinChina Osama El-Lissy,adeputy ad- week asmall packagearrived in vestigating packages of seeds into packages of other goods and other countries has gone ministrator forthe USDA’s Ani- the mail, postmarked from marked as “ear studs” that citi- they ordered, such as clothing. global. mal and Plant Health Inspection China. It contained apacket of zens therereceived over the In Derbyshire, England, Su- Deals in ’19 TheU.S.Department of Agri- Service, said the agencyhas so small, cream-colored seeds last month. Aspokeswoman for san Westerdale two months ago culturesaid consumersinat far identified 14 species of that, shesaid, made her ner- Australia’sDepartment of Agri- received asmall packagela- BY KATY STECH FEREK least 22 U.S. states and several seeds,frommustardand morn- vous.Now,she said, “I want to culture, Waterand Environ- beled “ear studs” with Chinese other countries received unso- ing glorytocabbage, rosemary burn them.” ment said the agencywas look- on the addresslabel. Inside was Anational-securitypanel in licited packages of seeds. Can- and roses. In Louisiana, stateinspectors ing intowhether unsolicited apack of small, black seeds 2019 increased its review of ada, theU.K.and Australia all As of lateWednesday, there areworking to collect hundreds seed mailingshad been re- that looked likethose of a business deals involving for- areinvestigating the matter. wasnoindication anyofthe ceived in that country. cumin plant, she said. Ms. eign money,the firstyear after TheUSDA, in arecorded ra- seedscarrypestsordiseases, China’sForeign Ministryear- Westerdale had recently or- Congressordered it to scruti- dio broadcast released Wednes- according to the USDA. People in at least22 lier this week said mailing la- dered seeds on Amazon and nize such transactions more daynight, revealed the world- TheUSDAalso reiterated it bels on the seed packages were eBay, but the description and thoroughly,according to anew wide scope of the seed hasnoevidencethe packages states and several forged, and that China had origin didn’t match that on her report released Thursday. shipmentsafter thousands of areanything other than a other countries got asked the U.S. to send packages orders. TheCommitteeonForeign people acrossthe U.S. reported “brushing scam.” In such forinvestigation. Chinese gov- Acrossthe U.S.,state agri- Investment in the U.S. re- receiving seeds in the mail they scams,vendorsselling through unsolicited packages. ernment officials had no fur- culturedepartmentsoverthe viewed325 businesstransac- didn’t order. StatesfromWash- online retailerslikeAma- ther comment Thursday. past week have dispatched tions that involved foreign ingtontoVirginia have warned zon.compay “brushers” to In the U.S.,state and federal plant inspectorsand other em- money,topping the number of residentsabout the unsolicited placeordersfor their products, officials areasking people who ployees to collect seeds from deals the panel has reviewed packages,and the USDA said and packages with low-value or morepackages sent from coun- received unsolicited packages residentsfor analysis and in- each year since2010,its annual earlier this week that it wascol- no contentsare shipped to tries including China, Uzbeki- not to plant or handle the vestigation. report to Congressshows.By lecting the packages to test the strangers. Brushersthen pose stan andthe Solomon Islands. seeds,tokeep them in their Sid Miller,commissioner of comparison, in 2018 the panel seeds foranything of concern. as the buyersand post fake Otherrecipientssay packages original packaging and turn Texas’ agriculturedepartment, reviewed249 transactions. Multiple U.S. agencies are customer reviews to boost the were sent from the United Arab them over to local or U.S. agri- said he is sharing his personal Thenational-securityre- nowinvestigating the seeds, vendor’s sales. Emirates and Kyrgyzstan. culturedepartments. Planting email addressand encouraging viewpanel has takenahigher from the Federal Bureau of In- “These appear to be delayed Minnesota’sagriculturede- the seeds canpotentially intro- seed recipientstocontact him. profile in recent yearson vestigation to the Department packages due to Covid-19,not partment is talking with the duceinvasivespecies and One woman this week sent him heightened concerns that of Homeland Security’s Cus- brushing,” aspokesperson for U.S. Postal Serviceabout identi- spread plant disease,said offi- aphotoofaplant she wasrais- China has been trying to ac- toms and Border Protection. Amazon said. Thecompanysaid fying and intercepting the pack- cials,who also advised against ing from some bulbs that had quireU.S.technology. Itswork Unsolicited seed packages it is working with itssellers, ages—oftenmarked as jewelry, throwing the seeds in the trash arrived in one such package. “I has been in the spotlight re- have been on the USDA’s radar customersand government toys and other goods—before forfear they would sprout in said, youneed to burn that cently forits investigation into sinceatleast early June,ac- agencies to addressconcerns they aredelivered to homes, landfills. right now,” Mr.Miller said. popular Chinese video-sharing cording to stateagricultureof- about the mailings. TheUSDA said Denise Thiede,head of the Some consumershavere- —Annie Gasparro and app TikTok. ficials.GaryBlack,Georgia’s didn’t immediately comment. agency’sseed program. ceived seeds in mislabeled Alistair Macdonald Cfius,which is part of the commissioner of agriculture, Washingtonresident Jenni- TheCanadian Food Inspec- packages that weren’t what contributed to this article. TreasuryDepartment, in 2019 reviewed 231 deals submitted as notices and 94 deals sub- mittedthrough itsmandatory declaration process, which ex- NASA Sends RoveronJourneytoMars panded the panel’soversight in late2018.The report didn’t identifythe investorsorother BY ROBERT LEE HOTZ parties behind the evaluated deals. NASA’s ambitious Persever- Thereport offered a ancerover rocketed toward SpaceRacetothe RedPlanet JezerzerooCCrraateter glimpse intohow the panel Marsonamission to find The Perseverancerover will be visiting the handledthe firstfull year of signs of lifetherethat might NASAlaunchedits mostambitious Marsmission transaction reviews aftera have existed billions of years JezeroCrater, chosen 2018 law ordered it to take a agowhen the solar system in ahalf centuryofinterplanetaryexploration. because the formation closer look at foreign invest- was a cradle of evolution. wasonceavastlake. ment in the U.S. corporate AUnited Launch Alliance Whynow? Agency scientists world. That year Congressex- Atlas Vrocket boosted the consider it alikely spot Earth and Marsorbit around panded the scope of national- $2.7 billion spacecraftfrom Mars forthe evolution of life the sun at differentspeeds security reviews of foreign in- the Cape Canaveral Air Force Earth billions of yearsago— vestment deals,including Station in Florida early Thurs- and distances,likeracecars if lifeeverexistedatall those involving satellites, oil dayona300-million-mile voy- travelling in separatelanes on Mars. Sun refineries,financial-market agebetween the planets. If all on an elliptical race track. Depending on systems and drinking-water goes to schedule,the space- wheretheyare utilities. craft will land on Feb. 18 at a in their elliptical Under the law, several cate- 28-mile-wide basin called orbits, the planets canbeupto gories of deals,including ones Jezero Crater just north of the Sightseeing Mars 250million miles related to Americans’ privacy, Martian equator. or so apart. require mandatory disclosure Mission scientistsbelieve KeyMartian locations and spots where Getting thereisjustthe beginning to federal regulatorsthrough a that between three billion and international spacemissions have landed. Today, NASAscientists and private newprocess that supple- four billion yearsago the cra- spacecompanies likeSpaceX have mented itstraditional intake terwas avast lakefed by an Phoenix their eyeonthe futureofMars of notice-based reviews. ancient river deltathat depos- Viking 2 Before the newlaw,inves- ited carboniteminerals and Sufaceice tors disclosed their deals vol- claypotentially preserving or- Jezero deposits Viking 1 untarily.Doing so could enable ganic molecules and other po- Candor Chasma Crater investorstoavoid scrutiny tential signs of microbial life. One of the largest Pathfinder Curiosity rover later, under federal law. During atwo-year mission, the canyons in the Valles landedinGale Crater Treasury Secretary Steven nuclear-poweredPerseverance Marineris system. Opportunity rover, active Mnuchin said Wednesdaythat roverwill trytodetect any Polar regions Signs of water Mars6 from 2004 until Spirit the panel’sreview of TikTok such biosignatures,extract Surfaceice deposits Scientists have would wrap up this week. them from rocks or soil and middle of 2018. roveractive Mars2 areestimatedtobe located ‘hydrated U.S. officials saythey are pack the samples foreventual from 2004 as much as the minerals,’ which might concerned that TikTok,owned return to Earth. to 2010 entireGreenland ice be asign of where by Beijing-based ByteDance “Weexpect the instruments capwith morelikely ancientwater was. Ltd., could pass on to China’s onboardwill be able to detect lurking underground. Water-equivalent government dataitcollects biosignatures,but it will be Hydrogen detected from Americansstreaming very difficult to confirm that Marsmissions by launch year 0% 30 60 videos.TikTok said it wouldn’t until we getthem back to KEY: NASA Russia (USSR ) China European SpaceAgency UAE Unsuccessful do so. Earth,” said NASA planetary If the panel can’t agree on science division director Lori Mars2,3 Pathfinder Mars Polar Beagle 2 Schiaparelli Hope Rosamind Sojourner Lander Opportunity Tianwen-1 Franklin/ whether a2018 acquisition re- Glaze. It will requireatleast Mars Spirit Kazachok lated to TikTok poses a secu- two additional Mars missions 6 Viking 1, 2 rity threat, it canask Presi- to pick up and return those dent Trumptodecide.The samples,agencyofficials said. Phoenix Curiosity Insight Perseverance president has the authority to TheNASA Perseverance declarethat the transaction mission joins two spacecraft 1970 ’80 ’90 2000 ’10 ’20 FUTURE poses a threat. already on the way to Mars LANDINGS Such deferrals arerare. In that were launched by China Launch Vehicle Protective The Rover 7feet each of the last four years, only and the United Arab Emirates Neck and head one transaction wasreferred to earlier this month. It is the Majorelements payload Car-sized,about Cameras on the president foradecision. All firstMarsmission forboth of the Atlas 10 feet long; mastgivethe four have been denied. countries. V-541rocket The centaur weighs lessthan roveraview President Obama blocked a The2,200-pound Persever- precisely controls acompact car. from eyelevel. Chinese company’sbid forthe ancerover is the most complex the vehicle’s U.S.-based businesses of Ger- off-world vehicle NASA has Atlas VRocket orientation, which Robotic arm is important for Ingenuity man semiconductor maker ever launched,agencyengi- Reach and managing the Helicopterwill test Aixtron SE.And Mr.Trump neerssaid. In acab the sizeof collect rock Solid Rocket direction of thrust poweredflighton blocked two deals: another acompact car, it packs 13 on- samples Motors while its engine another world for Chinese company’sbid forLat- boardcomputers, 23 cameras forstudy. tice Semiconductor Corp. and and seven onboardexperiments is firing. the first time. 9feet

Broadcom Ltd.’s $117billion designed to probe rocks and Source:National Aeronautics and SpaceAdministration (NASA); NASA SpaceScienceDataCoordinatedArchive(orbits); Jet Propulsion Laboratory (rover, helicopter); U.S. Geological Survey (Mars polar bid for Qualcomm Inc., which sedimentsfor signs leftbymi- regions); Mars SpaceFlightFacility, Arizona StateUniversity(water-equivalenthydrogen); The Planetary Society(mission landings); Photos: NASA/JPL-Caltech (Perseverancerover) also aresemiconductor indus- croscopic life-forms—if any Dylan Moriarty, AlbertoCervantes, Brian Mcgill/THE WALL STREET JOURNAL try players. ever existed on the planet. Mexican Ex-SecurityChief’s AidesFace Drug Bribe Charges

BY JOSÉ DE CÓRDOBA “In exchangefor multimil- is awaiting trial in NewYork. a drug war that has left more Thethree men were million-dollar cash payments. lion-dollar bribes,the defen- Theindictmentsare part of than 200,000 people dead and chargedafter information sur- Mr.Pequeño washead of MEXICOCITY—Two former dantsallegedly permittedthe Mexico’s largest drug-related 70,000 missing since 2007. faced in the 2019 NewYork theantinarcotics division of senior Mexican policeofficials, Sinaloa Cartel to operatewith corruption scandal sincethe Critics have questioned Mr. trialofJoaquín “El Chapo” Mexico’sFederal Police, abody top aides of the man who ran impunity in Mexico,” the U.S. 1997 arrest of the country’s LópezObrador’s policyof Guzmán, the former head of created by Mr.García Luna the country’sdrugwar forsix attorney’s officefor the East- drug czar,Gen. JesúsGutiérrez “hugsnot bullets,” and his re- the Sinaloa Cartel, implicating who wastasked by Mr.Calde- years, were indicted Thursday ern District of NewYork said in Rebollo,who wasfound guilty fusal to take ahardline Mr.García Luna. During the rónwith creating an honest in NewYork on chargesoftak- astatement. It added that the of taking bribes from what was against the country’s cartels. trial, awitnesstestified that policeforce able to take down ing millions of dollarsin two are“presently fugitives.” at the time Mexico’smost pow- Mr.García Luna, who for he had handed Mr.García the country’spowerful cartels. bribes from the Sinaloa Cartel Thechargesagainst Messrs. erfulcartel and sentenced to yearsworked closely with U.S. Luna $3 million in cartel Mr.Pequeño wasthe head of in exchangefor protection and Cárdenas Palomino and 40 yearsinjail. He died in lawenforcement, embodied money in asuitcase,some- policeintelligencewhen Mr. allowing tons of itscocaine to Pequeño were added to asuper- prison in 2013. Mexico’santidrug effort for thing Mr. García Luna denied. Guzman made a prison break flow through Mexicounhin- seding indictment against Gen- Mexican President Andrés nearly adecade,first as head Thesuperseding indictment in 2015.Mr. Pequeño wasfired dered. aroGarcía Luna, their former Manuel LópezObrador has of Mexico’sversion of the Fed- said Mr.García Luna facili- afterward. Luis Cárdenas Palomino and boss. Mr.García Luna, who had cited the alleged corruption of eral Bureau of Investigation, tatedsix shipmentsofcocaine He didn’t respond Thursday RamónPequeño were charged been living in Florida since Mr.García Luna and othersin and then as public security totaling 50,000 kilograms be- to acall seeking comment. Mr. with three countsofcocaine leaving government servicein arguing against what he says minister from 2006 to 2012 un- tween 2002 and 2007,and Cárdenas Palomino couldn’t be trafficking conspiracy. 2012, was arrested last year and was a failed policy to address der President Felipe Calderón. twice accepted suitcases with reached for comment. P2JW213000-5-A00400-17FFFF5178F

A4 | Friday, July 31, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Trump Floats Idea of Delay For Election

BY TARINI PARTI wasn’t an option. AND ALEX LEARY “We’ll cope with whatever thesituation is and have the WASHINGTON—President election on Nov.3asalready Trump floated the idea of de- scheduled,” SenateMajority

laying the November presiden- Leader Mitch McConnell (R., S tial election forthe firsttime in Ky.) said in an interviewwith atweet Thursday until atime WNKYTVin Bowling Green, Ky. PRES when “people canproperly,se- Election Dayinthe U.S. was TED

curely and safely vote,” fixedasthe firstTuesdayafter OCIA SS

prompting topRepublicans and Nov.1byanact of Congressin /A DemocratsinCongressto 1845 and would requirenew

swiftly dismissthe idea. legislation forittobedelayed. WENIG

Arecordnumber of Ameri- House Speaker NancyPelosi SETH cans areexpected to vote by (D., Calif.) responded to Mr. Toplawmakers swiftly dismissed the president’sidea, which would requireavoteofCongress. Amail-in ballotatadropbox in NewJersey. mail in the November election Trump’stweet Thursdaywith a because of the coronavirus pan- tweet quoting an excerpt from Mr.Trump and other critics aboutthe chaos Democrats Democratic National Com- tial nominee JoeBiden sug- demic,but Mr.Trump said ArticleII, Section Iofthe Con- of universal mail-in voting have created with their insis- mitteespokeswoman Lily Ad- gested the president’stweet Thursdaythat an election that stitution stating that the au- have said it raises several tenceonall mail-in voting.” ams said Mr.Trump’scom- wasintended as adistraction allowed universal mail-in vot- thority to set election dates is election-integrity concerns. In a series of tweets hours mentswere“nothing morethan from Rep.John Lewis’sfuneral ing would lead to inaccurate held by Congress. But researchershavefound no later,Mr. Trump said that he adesperateattempt to distract in Atlanta. and fraudulent resultsand Sens.Ted Cruz (R., Texas) widespread cases of voter wasglad his question about the from today’sdevastating eco- In a hearing beforethe would be “a great embarrass- andLindsey Graham (R., S.C.) fraud in mail voting, and five election datesparked apublic nomicnumbersthat makeit House JudiciaryCommittee on ment” forthe country. also rejected moving the elec- states—Colorado,Hawaii, Ore- discussion “about the RISKS to clear his failed response to the Tuesday, Attorney General Wil- Thedateofthe election tion date. gon, Washingtonand Utah—al- our Democracyfromdangerous coronavirus has tanked the U.S. liam Barr didn’t giveaclear an- canonly be changed by Con- “Delaying the election prob- ready conduct elections pri- Universal Mail-In-Voting.” economyand caused tens of swerwhen asked if he believed gress,and lawmakersfrom ably wouldn’t be agood idea,” marily by mail. “Must knowElection results millions of Americanstolose the president could changethe both parties—including some Mr.Graham said. “I think we Trump campaign spokesman on the night of the Election, theirjobs.” dateofthe election: “I haven’t of the president’sclosest al- canbeable to safely vote in Hogan Gidley said the president not days,months,orevenyears At avirtual fundraiser,pre- looked into that question, un- lies—said changing the date person in November.” was“just raising aquestion later!” he wrote. sumptiveDemocratic presiden- derthe Constitution.” Relief Bill on Hold as Talks Stalemate Full Court to Rehear

BY KRISTINA PETERSON fortsinthe Senateaimed at re- Mr.Meadows said Mr.Trump unemployment insurance. Under Flynn Case Challenge AND SIOBHAN HUGHES sponding to the coronavirus hoped to see ashort-term deal, the Johnson-Braun bill, states pandemic. given that amoresweeping deal could either giveunemployed BY BYRON TAU last month that trial court WASHINGTON—Congressio- With no agreement over wouldn’t be ready soon. “We’re workersaflat $200 weekly sum JudgeEmmet Sullivan had no nal leadersand WhiteHouse of- manyissues including funding so far apart on alonger-term or an amount of no morethan WASHINGTON—Afederal ap- choicebut to dismissthe ficials failed to strikeadeal on forschools,legal protections for deal rightnow that even if we $500 that, when combined with peals court will rehear alegal chargesagainst Mr.Flynnand coronavirus relief Thursday businesses and aid forstate and said yestoalonger-term deal, statebenefits, would be equiva- challengetowhether charges had overstepped his authority night, just hoursbeforefederal local governments, lawmakers youcould be weeks of negotia- lent to two-thirds of aperson’s against former Trump adminis- when he named aretired judge joblessbenefitswereset to offi- clashed over whether to tryto tion without getting to common lost wages. Theexpanded bene- tration national security adviser to argueagainst the govern- cially expireFriday. passaslimmer bill to extend en- ground,” Mr.Meadows said. fits would rununtil the end of Michael Flynn must be dropped, ment’smotion. House Speaker NancyPelosi hanced federal unemployment Democratshaveobjected to theyear. the latest twist in ayearslong JudgeSullivan asked forthe (D., Calif.) and SenateMinority insurance. passing legislation that excludes Mr.Schumer said the GOP legaldrama in the last remain- full D.C. Circuit to rehear that Leader Chuck Schumer (D., N.Y.) SenateMajority Leader their other priorities,including bill wasaneffort to distract ing continuing criminal case decision.Argumentsare set for rejected ashort-term extension Mitch McConnell (R., Ky.) took amoratorium on evictions and from their internal divisions from specialcounsel Robert Aug.11beforethe judges on the of federal unemployment aid, steps to set up votesearly next increased funding forstate and that delayedthe release of Sen- Mueller’s investigation. full circuit court. Eleven judges TreasurySecretarySteven week,but therewas no biparti- local governments. ateGOP leaders’ broader pro- Thefull U.S. Circuit Court of sit on the court, but one is re- Mnuchin said afterheand White san agreement in sight forthe Meanwhile,sniping intensi- posal earlier this week and have Appeals in Washington, D.C., cused. Mr.Flynn’sattorney House chief of staff Mark Mead- chamber to approve. fied on the Senatefloor Thurs- complicated the negotiations will consider whether alower didn’t respond to arequest for owsleftatwo-hour meeting. At apress conference, Presi- dayaseach side blamed the with the WhiteHouse. court judgemust dismissthe comment. TheDemocratic leaderssaid dent Trump again called on other forthe impending lapse of Republicans later blocked chargesagainst Mr.Flynn, or Mr.Flynn’scriminal case theWhiteHouse proposal did Congresstoquickly passmore unemployment benefits. Democrats’ effortstopassa$3.5 whether that judgemay pro- stems from statementshe not meet the depth of the health unemployment aid, as well as Democratsstopped an effort trillion coronavirus-aid package ceed with an inquiryintothe made in January2017about his and economic crisis.Both sides legislation to prevent evictions. from GOP Sens.Ron Johnson of approved by the Democratic-led circumstances that led the Jus- contactswith Russia’sambassa- said they expected to continue “Wedonot want people who Wisconsin and MikeBraun of In- House in May. That bill would ticeDepartment to withdraw dor to the U.S. in the weeks be- the negotiations Friday. have lost their jobs due to the diana to passnarrow legislation extend the $600 supplement to chargesagainst Mr.Flynneven fore President Trump’sinaugu- Earlier in the day, lawmakers virus to be evicted from their extending at alowerlevel the stateunemployment benefits aftersecuring his guilty plea. ration. He wasforcedout of the had shot down competing ef- homesorapartments,” he said. current $600 weekly enhanced through January. Athree-judgepanel ruled administration amonth later.

Consumption Shock Economy The U.S. economyshrank at an annual rate of $2.15trillion in the second quarter as consumer spending fell sharply Sees Record during lockdowns to contain the pandemic. U.S. grossdomestic product Downturn $20trillion

15 ContinuedfromPageOne growth to resume. Gains later in the second Consumer spending on services 10 quarter weren’t enough to off- set April’ssteep drop,however. Economistsexpect the third 5 On goods quarter,which began on July 1, to showgrowth, though the Rest of the economy summer rise in infections is 0 likely to temper gains. “The ball is going to bounce 2008 '10'15 '20 less high than it should” in the thirdquarter,said James Contributions to percent Weekly claims for Sweeney,chief economist for change in GDPfrom1Qto2Q unemployment insurance Credit Suisse,aswith newvi- JOURNAL Services Claims surged rusoutbreaks,“we knowthere REET is an incremental slowing down 6million and steadily ST Other declined, LL

of economic activity.” investment WA Privatehigh-frequencydata before Business rising the THE 4 R show“that the paceofthe re- investment covery looks likeithas slowed pasttwo FO sincethe cases began that Goods weeks LEE 2

spikeinJune,” Federal Reserve PHER

Chairman Jerome Powell said Trade TO

Wednesday, noting declining Government CHRIS 0 measures of debit- andcredit- spending Spending rose in May and early June before stalling. A shopper at a Houston boutique this month. card spending,flattening hotel –20 –10 0 FMAM JJ occupancyrates andfewerres- points 4.8million jobs in the month, duction of commercial jetsand with the kids—all that changed taurant and salon visits. Change in GDP from Change in annualized though the labor-market recov- shrink itsworkforce further. sincewecan’t do that any- JPMorganChase &Co.’s previous quarter rate of GDP eryappearstobeslowing. Companiesincluding Harley- more, because they areclosed tracker of credit- and debit- 5% RECESSION 5% “Weare still seeing unprec- Davidson Inc. and Microsoft and we don’t have the money,” card transactions showedthat edented kinds of layoffs,” said Corp.-owned LinkedIn also an- she said. spending rose in Mayand early 0 0 HeidiShierholz,economist at nounced planned job cutsin Businesses also cited contin- June beforestalling.Databy theleft-leaning Economic Pol- July. ued uncertainty. –5 2Q 2020 –5 Facteus,which tracks transac- icyInstitute. “Therereally has TheConferenceBoard, apri- “Overall, there’salot of tionsby15million debit and –10 –9.5% –10 been this stalling out of the im- vate research group,this week chaos.People don’t knowfor credit card holders, also sug- provement that we were see- said itsindexofconsumer con- surewhether their states are gest restaurant spending was –15 –15 ing.” fidencesank to 92.6inJuly going to shut down tomorrow,” ’07 ’10 ’15 ’20 increasing in June and has –20 MattGodden, chief execu- from 98.3 in June,asconsum- said John Flynn, CEO of Fleet largely flattened since. 2Q 2020 tiveofSeattle-based Centerline ersbecame lessoptimistic Advantage, aFort Lauderdale, TheU.S.Census Bureau said Note:Seasonally adjusted; GDP –25 Logistics,amarine-petroleum about the short-term outlook Fla.-basedtruck-leasing com- in itslatestweekly Household figures shown at an annual rate –32.9% transportation operator,said forthe economyand labor pany. “It is going to be atough –30 Pulse Survey that 51.1% of Sources: Commerce Department(GDP), he sawencouraging signs in market. year foreverybody.” households experienced aloss Labor Department(claims) ’07 ’10 ’15 the shipping industry. Nadia Montoyalost her job “Everyone is very,verycau- of employment income in the “Looking at July’s volumes, in lateMarch as apastrychef tious,” said MikeCavanagh, week ended July 21, up from amid sharp decreases in spend- paid out fiscal stimulus checks there’ssome decent signs of at aNovato, Calif., restaurant owner of KeyCode Media, an 48.3%four weeks ago. ing on services likehealth care, and supplemental unemploy- hope,” such as increased ship- because of the pandemic.She audiovisual companyinBur- Thedecline in GDP in the recreation and food. ment benefits. ping traffic and some stabiliza- nowhas apart-time job at an bank,Calif.Hesaid he has second quarter reflected the Business spending on soft- More recently,economic ac- tion in energy markets, he said. organic supermarket, and is businessinthe pipeline but deep hit to consumer and busi- ware,research and develop- tivity haspicked up.Consumer “Container customersmay making cakesand dessertsat senses his clientsremain ner- nessspending from lockdowns, ment, equipment and struc- spending, particularly on big- have over-cut,” he added. home forfriends and neighbors vous about the economy. “I social distancing and other ini- tures fell at a27% annual rate. ticket items such as homes,au- Still, the pandemic contin- to help coverexpenses. guessthe best way to put it is tiatives aimed at containing Both exportsand imports tosand other long-lasting pur- ues to cast acloud over the “Thingsthat were relatively I’m muddling through.” the virus.Consumer spending plummeted. Spending by the chases,increased in June. economy. On Wednesday, Boe- normal forus—going on vaca- —Sarah Chaney fell at a34.6% annual rate, federal government rose as it Employers also added nearly ing Co.said it would cut pro- tion, camping,going out to eat contributed to this article. P2JW213000-0-A00500-1------XA

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A6 | Friday, July 31, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS ExecutiveGlimpsedaWhiteHouse Win Daily U.S. Death Toll BY JOHN MCCORMICK a9%corporatetax. Some of his fellowRepubli- Herman Cain,aformer cans criticized the idea during Highest Godfather’s Pizzachief execu- one of their primarydebates.“I tive who sought the 2012 Re- thought it wasthe priceofa publican presidential nomina- pizza when Ifirst heardit,” for- In Weeks tion pushing asimplified tax mer Utah Gov.Jon Huntsman plan he called “9-9-9,” has Jr.said. BY JENNIFER CALFAS died. He was But some Republican voters AND ALLISON PRANG OBITUARY 74 years old. said they liked his imageasan HERMAN CAIN Thebusi- outsider and his businessexpe- Newcoronavirus cases in 1945-2020 nessman died rience. Mr.Cain withdrew from the U.S. climbed back above in an Atlanta- the race amid allegations that 70,000 as daily reported deaths area hospital wherehehad he had sexually harassed sev- rose to their highest level in been ill forseveral weeks after JOURNAL eral women and conducted an more than amonth.

being diagnosed with Covid-19. REET extramarital affair.Hedenied As the number of confirmed “A Powerful Voice of Free- ST the claims.After suspending his infections in the U.S. neared dom and all that is good, LL presidential bid in December 4.5million, morethan 1,400 WA passed away this morning,” 2011, Mr.Cain worked as apaid deaths were reported across THE

President Trump tweeted R speaker and political commen- the country, bringing the death Thursdayafternoon.“Herman FO tatorwho later offered vocal toll above151,000,according to had an incredible career and support of Mr.Trump and his datacompiled by Johns Hop-

was adored by everyone that GOLDEN policies. kins University.State reporting ever methim, especially me. SA He wasconsidered by Mr. on coronavirus deaths varies,

He wasaveryspecial man, an MELIS Trumpfor aposition on the anddeaths reported on apar- American Patriot, and great Herman Cain in April 2019 at his office in Stockbridge, Ga. He died of complications from Covid-19. Federal ReserveBoard. At the ticularday maynot have oc- friend.” time,hesaid Mr.Trump wasat- curred over theprevious 24 Mr.Cain, who had adeep lished avideo on his website sciencefromPurdue Univer- tions and the lowering of blood- tracted to his businessback- hours. baritone voice and a comfort- in whichhesaid the nation sity in Indiana. alcohol limitsused to define ground.Mr. Cain’ssupporters Deaths haven’t surgedinthe able stage presence, had dur- wasreaching abetterplacein Mr.Cain worked forthe U.S. drunken driving,proposals the also pointed to his experience same way that cases have ing the course of his career its fight with the pandemic. Navy and at Coca-Cola Co.After organization said threatened to in the early 1990s as amember acrossthe U.S. But several also worked as acomputer an- It isn’t known howhecame rising up through various food- raise costsorlowersales. of the Kansas City Fed’sboard weeks intothe latest wave of alyst, broadcaster,author,mo- intocontact with the virus. industrypositions at Pillsbury In 1994, while still at Godfa- of directors, ajob that carries infections, fatalities arestart- tivational speaker,and as a Mr.Cain is one of the most Co., he helped turn around the ther’s,hemade national news no vote on monetarypolicy. ing to tick higher. deputy chairman and chair- prominent Americans to have finances of Godfather’s Pizzain challenging President Clinton He ended up withdrawing Thirty-six states had more man of the Federal Reserve died of complications related the 1980s. during atelevised town-hall- hisname from consideration, deaths in the past week than Bank of Kansas City. More re- to Covid-19,which has now In 1988,Mr. Cain led abuy- style meeting over aproposed saying he did so primarily be- they hadthe week prior,ac- cently,heled agroup called killed morethan 150,000 in outofGodfather’s and served health-careplan that ultimately cause of the salary, not the Sen- cording to aWall Street Jour- “Black Voices For Trump.” the U.S. as itsCEO and president until failed. ateopposition he faced. nal analysis of datafromJohns He was hospitalized July 1 Born in Memphis,Tenn., 1996,when he lefttolead the Mr.Cain briefly moved to “I don’t quit because of neg- Hopkins.On11ofthe past 14 aftertraveling in June,includ- Mr.Cain moved to Atlanta National Restaurant Association the front of the Republican ative criticism,” Mr.Cain told days,morethan 900 deaths ing to a June 20 rally for Mr. with his working-classparents in Washington. During his three presidential pack in late2011 TheWall Street Journal in April have been reported acrossthe Trump in Tulsa, Okla. He was as achild. He earned abache- yearsatthe association, he ar- with strong debateperfor- 2019 beforemaking the deci- U.S. On seven of those days, photographed not wearing a lor’s degree in mathematics at gued against minimum-wagein- mances and atax plan that pro- sion to exit. morethan 1,000 deaths were mask at the indoor gathering. Morehouse Collegeand later a creases,mandatoryhealth-care posed a9%personal income —Paul Kiernan reported. After the rally, Mr. Cain pub- master’s degree in computer benefits, antismoking regula- tax, a9%federal sales tax, and contributed to this article. That haspushed the seven- dayaverage of deaths in the U.S. to 1,056,according to the Journal’sanalysis.The seven- Covid-19 SurvivorsMustBeCareful, Doctors Say dayaverage helps smooth out reporting anomalies from lags behind in reporting. BY SARAH TOY recently published study of 191 actual viruses,she said, so undetectable afterthree healthyfor nearly six weeks, As cases and deaths contin- AND MARGHERITA STANCATI people in NewYork City found that antibodies trained to rec- months. during which he tested nega- ued to rise,President Trump that being infected onceby ognizeaprevious strain That doesn’tprove that tive twice. floated the idea of delaying the As the newcoronavirus one of two cold-causing coro- wouldn’t be able to recognize people who have recovered In mid-June,the patient November presidential elec- continues to spread, patients naviruses didn’t makeaper- anew strain of the same virus. from amild Covid-19 infection wasexposed to afamily mem- tion,achangethat could only who have recoveredfrom son lesslikely to be infected Some studies have shown are necessarily susceptible to ber with Covid-19 and became be made by Congress. Several Covid-19 still need to be care- by the same virus asecond declining or undetectable anti- reinfection because the im- sick oncemore, testing posi- Republicans and Democratsin ful, said doctors, scientistsand time after 34 weeks. bodies in Covid-19 patients mune system canrapidly pro- tiveagain in early July.This Congressdismissed the idea. public-health experts, who When aperson is infected two or three months after ducemoreantibodies when time around, the patient’s ill- Theapproach of Tropical warn that no one is sure just with the newcoronavirus or their illness, prompting some needed, cautioned Stuart Neil, nesswas much moresevere, Storm Isaias prompted Florida howlong immunity to the dis- anotherpathogen,the body to question whether patients aco-author of the study and according to Dr. Ackerly. to close all-statesupported ease lasts. mounts an immune response are susceptible to reinfection head of the infectious-diseases Dr. Ackerly said that there testing sites from Fridayuntil It’saquestion scientistsare that includes producing anti- at that point. One study of 65 department at King’s College is no evidencesofar that a next Tuesday, according to the still working on, and the an- bodies,proteins that bind to Covid-19 patientsbyresearch- London. The study hasn’t yet prior infection can guarantee division of emergencymanage- swerhas significant implica- the virus and triggeranim- been peer-reviewed. long-term immunity,but he ment. tions forvaccine development mune cascade to neutralizeit. Akey question is whether acknowledged that therecould Thestate on Thursdayre- and public-health guidelines. Antibodies areproduced by No one is sure just the antibodies drop to a level be other explanations for ported arecordnumber of fa- Fornow,physicians arecau- whiteblood cells called Bcells that doesn’t protect one from these cases.“There’sstill alot talities forthe thirdday in a tioning patientstocontinue and arepart of the so-called how long immunity infection, said Prof.Neil. He we don’t understand about row. Thestate’s health depart- following social-distancing and adaptivearm of the immune to the disease lasts, added that it is possible that a this virusand the immunol- ment reported 253 newcoro- mask recommendations even response—the part of the im- potential vaccine will requirea ogy,” he said. navirus-related deaths among afterthey have recoveredfrom mune system that learns to health experts warn. booster later. While recoveredpatients residents. With morethan Covid-19 or even if they have recognize and neutralize spe- Some physicians think they should be careful, Sarah For- 461,000 cases,Florida is sec- tested positivefor antibodies. cificpathogens. It allows the have seen ahandful of cases of tune, chair of the department ond only to California among “I don’t think people should body to mount astronger, patientswho were infected of immunologyand infectious states with the most infections. let their guarddown,” said faster neutralizing response ersatKing’sCollegeLondon twice by the virus. diseases at the HarvardT.H. California reported 194new Daniel Griffin, chief of infec- the next time the body is hit found that neutralizing anti- D. ClayAckerly,aninternal- Chan School of Public Health, fatalities from the coronavirus tious diseases forProHealth by the same pathogen. bodies,the kind that would medicine physician in Wash- said the small number of re- Thursday, following arecord Care NewYork,aphysician Short-lived immunity to a prevent the virus from enter- ington, D.C.,and former assis- ports of potential reinfection 197 recorded the dayprior.And practice. “Westill need to viruscould be due to the wan- ingcells and replicating, de- tant chief medical officer at so far is an encouraging sign. in Georgia, former Republican treat this virus with respect.” ing of pathogen-specific anti- clined over a94-dayperiod. Massachusetts General Hospi- “When youthink about how presidential candidate Herman He and othersnoted that it bodies and memorycells in Researchersalso found that tal, said one of his patients manymillions of people Cain died,several weeks after is fairly common to lose im- theperson’sbody,according patients with milder Covid-19 first became sick with a mild around the world have had beingdiagnosed with Covid-19. munity to some viruses aftera to Marta Galanti, the lead au- had lower levels of neutraliz- cough and sorethroat in April, this viral infection now, these He washospitalized July 1af- certain amount of time,point- thor of the NewYork study.It ing antibodies than those who when he tested positive. reports of reinfection against tertraveling in June,including ing to the coronaviruses that could also be chalked up to had more-severeillness, and Thepatient, a50-year-old that denominator aresofar to aJune 20 rally forPresident cause the common cold. One changes in the genome of the that those antibodies became man, recoveredand felt exceptionally rare,” she said. Trump in Tulsa, Okla.

studentsorstaff would need to Schools be positive foracampus to shut down, saying local health offi- cials will determine next steps Brace for in cases of suspected in-school transmission “beyondone co- hort or asmall number of co- Outbreaks horts.” Responses could include closing the building,orpart of it, foranextensive cleaning,for ContinuedfromPageOne example.Oritmight close fora ficials said Thursdaythat a 14-dayquarantine. school would close temporarily Michael Simmon, who forinvestigation under arange teaches U.S. historytoeighth- of scenarios that involveat gradersatIN-Tech Academyin least two cases of coronavirus. the Bronx,said he would rather Forexample,aschool would stay with distancelearning be- switch to remotelearning if two cause it would be hardtopre- studentsindifferent classrooms vent infections from entering a gotthe virus who had some largeschool likehis,with more link,such as they used alocker than 1,000 students. He said the room at the same time.Further, school should shut down if a if the virus infected two stu- single case pops up.Hetrusts dentsindifferent classrooms hisadministration and staff to whopicked it up from circum- handle anyinfections responsi- stances outside school, the bly,but “prevention is better school would close during an than cure.” investigation by contact tracers. Caitlin Rivers, an epidemiol- S Theschool might reopen af- ogist at Johns Hopkins Center terseveral days of cleaning, PRES forHealth Security who helped while studentsand staff in the develop aschool reopening re- ZUMA

affected classrooms,and other X/ port forthe National Academies FO

closecontacts, would quaran- D of Sciences,Engineering,and OY

tine for14days.Ifthereare one LL Medicine,said it didn’t specify or two linked cases in the same BernardHarris Elementary School in Baltimorerequires students taking summer classes to get temperaturechecksbeforeentering the building. triggers forclosurebecause so classroom, that classroom much dependsonthe context. would close for14days. Dr.Frank Costanzo, chief of should also be factorsindeter- spacefor studentstosocial dis- “All parent leadersare con- That includes illnessrates,a Summer school has informed school operations in Norwalk. mining howlong aschool, or tance, manyparentshaveex- cerned, not just that the DOE community’s risk tolerance, its some districts’ plans.InNor- The CDC’smost recent guid- part of aschool, stays closed. pressed concerns about hasprotocols but that schools abilitytotest awide swath of walk,Conn., as soon as some- ance,released July 24,says that Theagencydidn’t specifya whether schools will handle vi- followthem,” said Martha Kes- students and staff quickly,and oneatasummer school pro- in most instances,asingle case number of cases or acommu- ruscases properly,and whether sler, who serves on acouncil of itspublic health system’scapac- gram tested positiveinJuly,the of Covid-19 in aschool wouldn’t nity infection rate that should they will alert families immedi- parent representatives of Man- ity. building shut forthree week- warrant closing the entire triggerclosures.Itstressed ately if anyone on campus gets hattanhigh schools.“Thesys- Districtsneed to have con- days of disinfection, plus the building.Itsays community schools should work with state infected. NewYork City’s Edu- temhas enormous autonomy tingency plans ironed out well weekend. All six people in the spread and howmuch contact andlocal public health officials cation Department, which faced forprincipals.” beforeschool starts, Ms.Rivers infected person’sgroup quaran- theill person had with others, in making decisions. criticism from parentsinthe In Massachusetts,guidance said. “It’simportant forparent tined for14days. as well as when such contact On topofworrying about spring forinsufficient transpar- from thestate’s Department of confidencetoshowthese issues “Wedetermined we should took place, need to be consid- whether schools will have ade- ency, has pledged to notifyfam- Elementaryand SecondaryEdu- have been given due consider- err on the side of caution,” said ered. It says these variables quateventilation, cleaning and ilies promptly. cation doesn’t sayhow many ation,” she said. P2JW213000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** Friday, July 31, 2020 | A7 U.S. NEWS Senate May Need To End Filibuster, Obama Suggests

BY SIOBHAN HUGHES record forlongest talking fili- AND LINDSAY WISE buster by one senator wasset by the then-Democratic and Former President Barack laterRepublican Sen. Strom Obamathrew his weight be- Thurmond, who spokefor hind ending the Senate’slegis- morethan 24 hourstohold up lativefilibuster if necessaryto the Civil RightsAct of 1957, pursue Democrats’ voting- which eventually passed. rightsagenda, joining an in- TheLewis bill would re-

creasing number of his party’s storeprotections of the Voting OL

lawmakersconsidering the RightsAct of 1965,which re- PO changeinanticipation of pos- quired some states to seek S

sibly winning control of the Washington’sapproval before /PRES chamber in the fall. changing election practices. INTER

Mr.Obama made the re- That lawwas last reauthorized PO

marks Thursdaywhile speaking by Congressin2006,but in SA YS

at thefuneral of the lateRep. 2013 the Supreme Court inval- AL John Lewis (D.,Ga.) acivil- idated key parts of it. Former President Obama characterized Rep. John Lewis as a founding father in eulogizing him at his funeral Thursday in Atlanta. rightsera icon. Democratsin Thebill passed the House in the House have renewedtheir December almost entirely push fortheir voting-rightsbill, along party lines. The Senate known as H.R.4,inthe wake of has declined to take it up,with Presidents Praise Lewis’s Life Mr.Lewis’sdeath, and recently Republicans arguing that cur- renamed it in his honor. rent stateelections arerun Thelegislativefilibuster is a fairly and no longer require BY SABRINA SIDDIQUI pancreatic cancer at age 80. part of his eulogyrecalling celhis adversaries,hetried to longstanding Senaterule that federal oversight, and that Messrs.Bush, Clinton and howayoung Mr.Lewis was getconvertsinstead,” Mr. requires most bills to meet a therewas little evidenceof WASHINGTON—Former other prominent speakersalso beaten and arrested in the Clinton said. “He thought the three-fifths threshold to pass— votersuppression against mi- President Obama heralded the paid tributetoMr. Lewis’srole pursuit of securing the right opened hand wasbetterthan a or 60 votesout of 100 when nority voters. lateRep.John Lewis as a in ushering in alandmark vot- to vote.Reflecting on the elec- clenched fist.” thereare no vacancies.Itoften SenateMajority Leader Mitch founding father whose legacy ing-rightslaw and his decades torallandscape today, Mr. Raised in the segregated enables the minority party to McConnell (R., Ky.) last month of activism transformed Amer- of serviceinCongress. Mr. Obamadenounced what he South, Mr.Lewis wasthe block bills they oppose. warned Democratsagainst tam- ican democracy, while warning Lewis had represented an At- said were votersuppression youngest speaker at the 1963 Mr.Obama mentioned the pering with the filibuster rule. that the nation must remain lanta-area district since 1987. tactics targeting Black and March on Washingtonand filibuster as he urgedlawmak- “The importantthing forour “vigilantagainst the darker But it was Mr. Obama who Hispanic voters,aswell as worked alongside Dr.King at erstohonor Mr.Lewis’smem- Democratic friends to remember currentsofthis country’shis- issued an explicit call to action young people. the height of the civil-rights orybypassing alist of priori- is that youmay not be in total tory.” Speaking on Thursday, Mr. movement in the 1960s. ties that include automatic control in the future…and just Paying tributetoMr. Lewis Bush said Mr.Lewis “believed He delivered afinal mes- voterregistration, adding poll- imagine what might happen Thursdayalong with former ‘We live in a better in humanity and he believed in sagetoyoung people in acol- ing places,expanding early when the winds shift,” he said. PresidentsBush and Clinton at America.” umn writtenshortly beforehis voting and making Election Lawmakersalready have Atlanta’shistoric Ebenezer and nobler country “Weliveinabetterand no- death and published by the Dayanational holiday. He changed the rules forfederal ju- Baptist Church,whereDr. today because of bler countrytodaybecause of NewYork Times on the dayof called the filibuster an out- dicial and executive-branch Martin Luther King Jr.was a John Lewis and his abiding his funeral. In it, Mr.Lewis dated tool of segregationists. nominees,and most recently co-pastor,Mr. Obama said Mr. John Lewis.’ faithinthe powerofGod, in wroteofbeing “inspired” in “And if all this takes elimi- Supreme Court picks,torequire Lewis was perhaps Dr. King’s the powerofdemocracyand the final days of his lifebythe nating the filibuster, another just 51 voteswhen all senators “finest disciple.” in the power of love to lift us nationwide protestsfor racial JimCrowrelic,tosecurethe arepresent. Membersofboth “Americawas built by John all to ahigher ground,” Mr. justice following the late May God-given rightsofevery partieshaveresisted throwing Lewises,” he said. “When we by urging lawmakerstotake Bush said. killing of George Floyd by American, then that’swhat we out the legislativefilibuster,but do form amoreperfect union, up the cause championed by Remembering Mr. Lewis as Minneapolis police. should do,” he said. manyDemocratshaveex- whether it’syearsfromnow or Mr.Lewis in the civil-rights “a friend who would walk the “Though I may not be here The filibuster was used re- pressed newinterest in the idea. decades,orevenifittakes an- movement of the 1960s—and stony road that he asked you with you, Iurgeyou to answer peatedly last centurytoblock Senatorswho want to pre- other two centuries,John suggesting Congressamend its to walk, that would brave the the highest calling of your civil-rightsbills in the Senate, servethe legislativefilibuster Lewis will be afounding fa- rules to do so if necessary. chastening rods he asked you heart and stand up forwhat including anti-lynching bills, sayeliminating it would dimin- ther of that fuller, fairer, bet- “You want to honor John? to be whipped by,” Mr.Clinton youtruly believe,“Mr. Lewis prompting the passing of a ish the central differencebe- ter America.” Let’shonor him by revitalizing saluted the late congressman wrote. “In my lifeIhavedone resolution in 2005 formally tween the Senate, wherethe The funeral service capped the lawthat he waswilling to as someonewho had an “un- all Ican to demonstratethat apologizing to the victims and three-fifths standardcan force aweek of eventshonoring Mr. die for,” Mr.Obama said, re- canny ability to heal troubled the way of peace, the way of their descendantsfor the “fail- bipartisan compromise,and the Lewis,acivil-rightsiconand ferring to the Voting Rights waters.” love and nonviolenceisthe ureofthe Senatetoenact House,wherelegislation canbe longtime Democratic law- Act of 1965. “When he could have been more excellent way. Now it is anti-lynching legislation.” The passed by asimple majority. maker who died July 17 of Mr.Obama spent the earlier angryand determined to can- your turn to let freedom ring.” FROM PAGE ONE LIKE SUNGLASSES FOR YOUR CAR The scorching months of summer can takeatoll on your vehicle’s interior.SunShade is custom fit to help prevent fading, cracking and melting in the hottest weather.Plus, it makes for amore tolerable temperature inside your car. CK TO SHUTTERS A/ SunShade SKI/EP

VEV Windshield and Full Kits Available PLA ALEX The Chinese manufacturer’s overseas sales dropped, but jumped in its home market; astore in Shanghai.

Huaweiwas added to aU.S. from the pandemic,but its Huawei export blacklist in Maylast major marketsinNorth Amer- year, blocking it from Ameri- icaand Europe—particularly cantechnology, including important forsales of itspre- Unseats Google’s popular mobile-soft- mium models—remained badly ware bundle.Huaweihas hit, dragging down sales and launched an alternativesoft- profits. Samsung ware suite, but the limitation Samsung executives on an on popularapps—among oth- earnings call Thursdaysaid ers, the Google Play app store they intend to aggressively ContinuedfromPageOne and YouTube—is curbing its push a new round of flagship lessexposuretoChina weren’t sales in Western markets. models as well as 5G-enabled able to benefit from that re- But in mainland China, midtier options to makeupfor covery. Samsung, which Hua- Google is effectively banned lost ground as lockdowns be- weiunseated forthe topspot, anyway,and smartphone users gin to ease. has atinymarket sharein enjoyplentiful alternatives. Other companies,they said, China. Apple is amajor player China’seconomyisrebounding would likely do the same.“We there, but has lost ground to afterlockdowns were eased— expect competition to inten- Huaweiand other domestic ri- Beijing is still responding sifyascompanies trytomake vals in recent years. forcefully to new outbreaks— up forthe firsthalf,” said At 55.8 million devices, while the U.S. and manydevel- JongMin Lee, the vicepresi- Huawei’s global shipments in oping countries continue to dent of the company’s mobile the second quarter were actu- battle soaring coronavirus division. ally down 5%, Canalyssaid— cases.China’seconomygrew Apple, which ranked as the off 27% outside China but up 3.2% in the second quarter af- No.3phone seller world-wide 8% at home.Nearly three- terahistoric contraction in in the first quarter according fourths of the Huawei smart- the first quarter. to Canalys, said Thursdayin phones sold in the second “Our business has demon- itsbetter-than-expected quar- quarter were sold in China, strated exceptional resilience terly reportsthat totalsales of compared with 64% ayear in these difficult times,” a iPhones rose 1.7% to $26.42 earlier. Canalysreleased its Huawei spokesman said. billion. Huaweitally early to highlight Samsung,bycontrast, has TheU.S.continues to step itsjump to the top, and hasn’t virtually no smartphone pres- up itscampaign to contain yet released shipment figures ence in mainland China but is Huawei,aleader in 5G net- for the rest of the industry. popular in marketswhere working technology. U.S. offi- “It’s very difficult for Hua- Covid-19 continues to take an cials have long argued that Auto.Home.Pet. Find Your Fit. weitomaintain this ranking,” economic toll, including the U.S. Huaweitechnologycould be Made in the USA Canalysanalyst Nicole Peng and India. Thecompanywas used by the Chinese govern- ©2020 MacNeil IP LLC 1-800-441-6287 or 1-630-769-1500 said.“Even Huaweiisvery the No.2vendor in the quarter, ment forespionage, which both much aware this No.1ranking with shipmentsfalling 30%. the companyand Beijing deny. is coming at averystrange Samsung’shome countryof —Elizabeth Koh in Seoul time.” South Koreahas bounced back contributed to this article. P2JW213000-5-A00800-1------XA

A8 | Friday, July 31, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS Germany’s Economy Is Hit Hard Mexico Reports Second quarter was China’s Factories by The Wall Street Journal. worst on record, but The result marked the fifth Sharp there are signs of a Pick Up the Pace consecutivemonth thatthe ma- jor gauge of China’smanufactur- GES V-shaped recovery ing activityrebounded above IMA Slowdown BEIJING—An official gauge the 50 mark thatseparates ex-

BY TOM FAIRLESS GETTY of China’sfactory activityex- pansion of activityfromcontrac- BY ANTHONY HARRUP

SE/ panded at afasterpaceinJuly, tion. China’sfactory production FRANKFURT—Germanysuf- supported by accelerated pro- has led the recovery sincethe MEXICOCITY—Mexico’s feredarecordeconomic con- duction and recovering demand. second quarter when the econ- economic output suffered its

traction in thesecond quarter ANCE-PRES China’sofficial manufactur- omyrebounded to 3.2% growth steepest drop on record in the as measures to slowthe pan- FR ing purchasing managers index after a6.8% contraction in the second quarter as shutdowns to demic’sspread closed busi- rose to 51.1 in July from 50.9 in firstthree months. slowthe spread of the corona- GENCE

nesses and kept consumersat /A June, the National Bureau of Also on Friday, China’snon- virusbrought manyfactories home,but Europe’spowerhouse Statistics said Friday. manufacturing PMI, which in- andservices to astandstill.

is nonethelessexpected to BENDER The reading wasalso higher cludes serviceand construction Grossdomestic product, a SS

shrink by lessand recoverfaster FA than the median forecastof50.7 activity, fell slightly to 54.2 in July. broadmeasureofoutput in than other major economies. expected by economists polled —Grace Zhu goods and services,contracted INA Germany’sgross domestic Grossdomestic product fell 10.1% compared with the prior quarter. 17.3%inseasonally adjusted productfell 10.1% compared terms from the firstquarter, with the previous quarter,the Germany’sunemploymentratehas remainedlow,but the economyisheavily relianton carmanufacturer will be andwas down 18.9%fromthe largest decline sincecompara- exports,which have fallen. closed,” said Rolf Breidenbach, second quarter of 2019,the Na- ble recordsbegan in 1970, and president and chief executiveof tional Statistics Institutesaid. roughly double itscontraction Unemployment rate German exports* Hella GmbH &Co. KGaA,an Mexico closed down activi- at thenadir of the global finan- 15% €120billion auto-partssupplier based in ties considered nonessential cial crisis in 2009,the federal northwest Germany. throughout April and May, statistics agencysaid Thursday. Hella has said it plans to cut causing the lossofmillions of Theeconomyshrank by 100 about 900 jobs in Germanyin jobs.Gradual reopeningsbegan 34.7% on an annual basis, the next three years, joining in June,but capacity restric- U.S. roughly matching the 32.9% 10 80 otherGerman automanufac- tionshaveremained in place contraction in the U.S. econ- turers and suppliersthat have formost of the country. omyduring the same period, unveiled plans to eliminatejobs Mexicohas confirmed according to datapublished by France 60 or trim workers’ hours. 408,449 cases of the newcoro- the Commerce Department on Italy While China’seconomyhas navirus,and 45,361 related Thursday. stabilized, Europe might be fac- deaths,figures some say under- 5 40 WeaknessinGermanyisom- ing asecond wave of the virus, estimatethe true toll. inous forthe rest of Europe, Germany which would affect the appetite Industrial production in the andnot just because of the 20 forcars, Mr.Breidenbach told April through June period fell country’ssize, accounting for analystsonacall this week. 23.6%fromthe firstquarter of about afifth of the European “Weare quiteexposed to the year,and services con- 0 0 Union’stotal GDP.German whatever goes wrong in the tracted 14.5%. Agricultural pro- manufacturersare tightly inte- ‘18 ‘19 '20 ‘18 ‘19 '20 U.S.,but also in China and East duction fell 2.5%. grated in the continent.Other *2019and 2020 data areprovisional. Note:€1=$1.18 Asia,” said Holger Schmieding, Thedecline marked afifth European economies including Sources: OECD (unemployment); Federal Statistical OfficeofGermany(exports) chief economist at Hamburg- consecutivequarterly contrac- Franceand Italy areexpected basedBerenbergBank. tion,and wasthe sharpest on to post even deeper contrac- and testing,and aheavy dose the crisis,the analystssaid. world-wide.Anearly recovery Theimpact of the pandemic record,putting the economyon tions when they report second- of government spending. “Germanyshould benefit in China, Germany’slargest ricocheted through German in- track forits deepest recession quarter economic dataFriday. That cocktail of policies from moregenerous fiscal sup- trading partner,has helped dustries and sectorsinthe sec- sincethe Great Depression of Still, ahost of recent indica- likely will help Germanytoout- port than elsewhereinthe manyGerman automanufac- ond quarter,fromexportsto theearly 1930s.Inthe firstsix tors suggest that the German perform all other Group of coming months,its lowinfec- turersand high-tech engineer- household consumption, the months of the year,GDP was economyisstaging asharp V- Seven advanced economies,an- tion rate and strong public- ing businesses to offset weak- federal statistics agencysaid, down 10.5%fromthe firsthalf shaped recovery,bolstered by alystssay.The German econ- health system, and limited de- nessinEurope and North as measures to contain the vi- of 2019. aggressivestate-support plans omyislikely to shrink 4.3% this pendenceonforeign tourists,” America. But the resurgenceof rusclosed stores,restaurants Thedatasuggest the start of forworkersand businesses. year and surpassits pre-pan- said Andrew Kenningham, chief infections acrossthe U.S. in andvenues.Still, German con- apickup in June,although the Despiteits heavy relianceon demicsizebythe end of 2021, Europe economist at Capital particular is creatinghead- sumersand businesses arein- recovery is widely expected to global supply chains and for- according to analystsatJPMor- Economics in London. aches forGerman businessex- creasingly optimistic.Germany be slowgiven the lossofem- eign demand, Germanyhas so gan. In contrast, the U.S. econ- Germany’sexposuretoover- ecutives. has poured billions of euros ployment and what manysee far managed to limit the coro- omywill likely shrink more seas demand via itslarge ex- “Wesee alot of uncertainty. into incentives to discourage as an inadequatefiscal re- navirus’seconomic toll. Its than 5% this year and still be portersmakes the nation vul- Look at the market situation in employers from laying off sponse by the government of strategy: A relatively light lock- about2.5%smaller at the end nerable,however, as long as Mexicoorthe U.S.,itcould be workers, which appearstobe President AndrésManuel López down,strict hygiene measures of 2021 than it wasgoing into the virus isn’t under control from one daytoanother that a helping consumption. Obrador. Trudeau Denies Charity Got Preferential Treatment

BY PAUL VIEIRA

OTTAWA—In abid to defuse aweekslong controversy,Ca- nadian Prime Minister Justin Trudeau said Thursdayheini- tially challenged officials when S they recommended awarding a

PRES lucrativegovernment contract

TED to acharity with financial ties

CIA to his family. SO

AS In testimonyataparlia- mentaryhearing,Mr. Trudeau FELIX/ said at firsthebalked when of- ficials recommended in May TEBAN

ES that WE Charity should man- Lines formed outside apension-fund officeinSantiago,the capital. ManyChileans aretapping retirementsavings to ease the financial crunch from the pandemic. ageastudent-grant program budgeted at 900 million Cana- dian dollars($670million). WE Struggling Chileans Dip IntoTheir Pensions Charity stood to receiveupto C$43 million forits work,and the contract wasawarded BY KEJAL VYAS sion websites,briefly crashing from Peru to Australia are softenthe decline this year.J.P. programs.They saythat the without competition. WE Char- online platforms. making it easier forpeople to Morganthis week revised its privatepension administrators, ity paid the prime minister’s Chileans rushed on Thurs- “IfIcould, I’dliketotake gain access to their retirement GDPforecast forthis year to a called AFPs, asymbol of Chile’s mother and brother hundreds daytotap their retirement sav- out 100% of what Ihave accounts, which hold trillions contraction of 6.8% from 7. 2%. free market model, would now of thousands of dollarsfor ap- ingsjust days afterthe govern- saved,” said graphic designer of dollarsinwealth. In the U.S., Manuel Velásquez, acom- be severely weakened. Finance pearing at itsevents. ment permittedpeople to raid Cesar Marquez. The31-year-old people affected by the eco- mercial designer in Santiago, Minister Ignacio Briones said “My primaryconcern wasto their pensions to ease the eco- said he badly needs the money nomic blow caused by the pan- said the latest measures will the withdrawals would provide makesurethat the public ser- nomic pain caused by the coro- as he has seen work slowand demic cannow take up to allowhim to withdraw about “bread fortoday, hunger forto- vicecould fully support itsrec- navirus pandemic. is struggling to payoff two $100,000 from such accounts $300,which he said will help morrow.” ommendation that without a Under alaw approved last maxed-out credit cards. withoutapenalty. him payaloan and perhaps Theprivatepension system doubt, WE Charity wasthe week,Chileans canaccessupto Chile’smeasureisopposed Chile is expected to inject as buyapair of pants. “But if I haslong been aboon forthe right—indeed only—partner to 10% from their mandatorypen- by President Sebastián Piñera, much as $20 billion, or 8.3% of didn’t have this,I’d still be out country’scapital marketsand deliver the program,” Mr. sions over the next 12 months, who said that allowing people grossdomestic product, from of money by December,” the touted as aregional model. By Trudeau told lawmakers. “I either in person or by register- to taptheir pensions early privatepension funds intothe 27-year-old said. law, as much as 12% of Chilean asked the public servicetodo ing online to have the money could seriously damagethe fi- pocketsofworkers. Polls show Manyinthe pro-business workers’ salaries arediverted further due diligence,” he said, wired to their accounts. Within nancial sector. recipientslargely plan to spend governing coalition led by to the AFPs, which invest the “because we knewthat the se- five hoursofthe newprogram With working- and middle- it on debt repayment and food, Mr.Piñerahaveencouraged money,pay themselves man- lection of WE Charity would be coming online,nearly two mil- classpeople losing wages dur- aboost in consumer spending their countrymen to resist the agement fees and allocateto closely scrutinized.” lion Chileans loggedontopen- ing the pandemic,lawmakers that economistssay could temptation of raiding pension Chileans oncethey retire. He said neither he nor his aides directed officials to award WE Charity the con- tract. He said he should have Italy’s Senate Opens Way for Trial of Opposition Leader recused himself from the cabi- net deliberations that approved BY ERIC SYLVERS ProsecutorsinSicily are the front lines of the migration the opposition. along party lines,with two the program and WE Charity’s AND RAJA ABDULRAHIM seeking to charge Mr.Salvini, crisis from 2014to2017, with Thenumber of migrantsar- centrist parties siding with the role as administrator.The pro- who heads the far-right hundreds of thousands of mi- riving by sea on Italy’s south- ruling center-leftcoalition. gram aimed at getting money MILAN—Italy’s Senatevoted League,with illegally detaining grantsand refugees arriving by erncoast has risen in the past “My only regret from this to studentsstruggling to find a to liftthe immunity of Matteo the migrantsbyforcing them boat from Libya. few weeks. situation is that Iwill have to job as aresult of the pandemic, Salvini, paving theway forthe to stay on aship operated by a While he wasinterior minis- So far this year,about 12,500 explain to my two kids that in exchangefor volunteer work former interior minister and Spanish charity.Atrial could ter, Mr.Salvini refused docking migrantshavearrived in Italy their father is going on trial not in their communities. the leader of the opposition to start later this year in Sicily, rightstoseveral shipscap- by sea, according to the United because he’sacriminal, but be- Thecontract wascanceled faceapossible trial forrefus- wherethe boat eventually tained by nongovernmental or- Nations’refugee agency, triple cause he defended his country,” shortly afteritwas unveiled ingtolet aship carrying 150 docked afteralmost three ganizations.Healready faces a the number that arrived last Mr.Salvini said beforethe vote. aftercriticism about the char- migrantsdock in Italy last year. weeks at sea. trial forone of the other ships year through July,but below Apoll published on Thurs- ity and itsties to Mr.Trudeau. Theruling brought the issue While interior minister in he declined entryto. the levels reached during the daybyIstitutoIxe put his Canada’s ethics watchdog has of migration to Europe back to 2018 and 2019,Mr. Salvini pur- TheSenateconfirmed his height of Europe’smigrant cri- party’s support at about 23%, launched an investigation into the fore as the continent tries sued an anti-immigration pol- immunity in another case. sis,when morethan 180,000 down from 34%inlast year’s Mr.Trudeau’srole—as well as to stem the spread of the coro- icythat drew both criticism Mr.Salvini leftthe govern- arrivedinItaly in allof2017. election forthe European Par- the financeminister’s—in navirus. and plauditsinacountryon ment last year and passed to TheSenatevoted Thursday liament. awarding the contract. P2JW213000-0-A00900-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | A9 FROM PAGE ONE

is ahugefactor in basketball. said BrianByrnes,the Okla- NBA Refs Toby Moskowitz,aprofessor homa City Thunder’s senior of financeatYale School of vicepresident of sales and mar- Management,said an analysis keting. Virtual of all NBAgames playedsince Anyone ejected would be re- 1947 shows the home team placed by another fan from a wins 61% of the time—a much virtualoverflowroom. Fans larger sharethan in football, Mr.Byrnes said that other hockey and baseball. Therea- team employees would be in son, Mr.Moskowitz found, is charge of urging fans in their ContinuedfromPageOne thehome crowd’s influenceon GES sections to start chantssuch as other family unfriendly antics referees. IMA “Defense!” and “OKC!” He said will have their plugspulled. Thecoronavirus changed all those staff members, whom the “We’re not looking to stop that. In Germany’sBundesliga GETTY team calls Storm Chasers, will anyparticular fan’slanguage soccer league,fans have been trytosteer fans toward posi- from coming through,” said replaced by cardboardcutouts. /NBAE/ tive, sportsmanlikebehavior, Sara Zuckert,the NBA’shead of Some Major League Baseball ANT and would discouragefans next gentelecast. “We’rereally stadiums arefull of computer- ABR from chantssuch as “Ref you

just focused on truly offensive generated supporters. AJapa- GARR suck!” that have become afix- and obscene behavior.” nese baseball team filled stands D. ture of NBAgames and aren’t SE

Seeing fans on the sidelines with dancing robots. JES considered over the line by the will “help makethingsseem a “Wealready knowfromthe Virtual fans watched the Milwaukee Bucksscrimmage againstthe NewOrleans Pelicans on Monday. NBA. little morenormal,” said Dallas German Bundesligathat home- Mr.Byrnes said the use of Mavericks center Dwight Pow- field advantagehas disap- crophone,along with an invita- tion—known as the Clutch especially rabid fans from get- traditional fan paraphernalia— ell. Mr.Powell, who is injured, peared withoutfans,” Mr. tion from their home team. Crew—and sprinkle them ting tooR-rated. such as balloon thundersticks joined his teammates inside the Moskowitz said. When it comes (Admission is free.) Audio feeds around each of itsvirtual sec- TheNBA says it doesn’t and towels that fans oftenwave NBA’s“bubble” in Walt Disney to the NBA, he is skeptical that from the virtual fans will be tions so that they all have their want to keep fans on aleash, to cheer on their team or dis- Co.’sESPN Wide World of virtual fans will have the same blended, broadcast around the shareofsuper-pumped fans. andthat moderatorswill only tractthe opposing players—is Sportsnear Orlando,Fla., influenceas20,000 flesh-and- court and incorporated intothe Thechosen few will watch act if someone does or says proving“abit of achallenge” where22teams aresheltering blood arena attendees.“Idon’t telecast. through MicrosoftCorp.’s something truly offensiveor because MicrosoftTeams’ back- in an effort to finish aseason knowifyou’regoing to have Thedesignated home teams Teams collaboration tool, which obscene. ground-setting tool oftendis- suspended in mid-March. “Fans the same effect here,” he said. will gettochoose most of the will allowthem to communi- Moderators will be able to tortsanything around aper- aresuch amajor component of “Maybe they’ll hear the 320 fans who gettoplug in. Mil- cate with othersaswell as off- hear what each fan is saying— son’ssilhouette. the competitiveatmosphere.” screaming fans.” waukee Bucks Chief Marketing cameramoderatorsassigned and if someone crosses the line, Waving your arms and clap- Ms.Zuckert says the NBAis To attend NBAgames virtu- Officer Dustin Godsey said his to each of the 10 sections sur- they have an “eject” buttonon ping,hesaid, “are thingswe trying to replicatethe experi- ally,fans will need adevice team would invitemembersof rounding the court. It will be their dashboard. have found to be pretty suc- enceofplaying at home,which equipped with cameraand mi- itsarena’shighest-decibel sec- up to those moderatorstokeep “Wehope to never use it,” cessfulsofar in the testing.”

In April, Walmart began tak- Workplace ing storeworkers’ tempera- turesand requiring that they wear masks or other facecov- Lawsuits erings. Walmart also has in- stalled sneeze guards at regis- ters,placed social-distancing Begin decals on floorsand limited the number of customers. It an- nounced customersmust wear ContinuedfromPageOne masksinstores in mid-July. unfolding liability threat facing U.S. companies as manyresume operations afterhaving em- Families file ployees work remotely or being Thefamilies of three em- shut down altogether for ployees who worked at Tyson’s months. pork processing plant in Water- The coronavirus relief bill loo,Iowa,and died aftercon- that SenateRepublicans un- tracting Covid-19 sued the meat

veiled this week would makeit CIA) companyand nearly 20 of its

harder forworkerstosue their GAR executives,managersand su- employerifthey getsick on the pervisorsinJune. job.The proposed legislation Their complaint, filed in protects companies,schools Iowa District Court forBlack- (REBERIANO

andchurches from being held Y hawk County,contends that

liable forcoronavirus infections MIL management wasaware that FA beginning in December 2019, the virus wasspreading at the unlessthey acted with willful CIA plantbyearly April, and was GAR

misconduct or engaged in Y; urgedbylocal lawenforcement

grossly negligent behavior. MIL and health officials to shut it Thebill would cappunitive FA down. YetTyson kept the plant damages, set aclear-and-con- open fordays and allowedem- vincing-evidenceburden of ZUNIGA ployees to work crowded el- S; proof and raise requirements bow-to-elbow while most forpersonal-injurylawsuits. It PRES weren’t wearing facecoverings,

would also push such lawsuits TED according to the lawsuit. to federal courts, which poten- CIA Morethan 1,000 Tyson em- SO

tially aremorefavorable to de- AS ployees were infected with fendants. Y/ Covid-19 at the Waterloo facil- MIL

Themeasures faceresis- FA ity and five have died, accord- tanceinthe Democratic-con- ing to the lawsuit. BULJIC

trolled House,whereSpeaker : Among them were Sedika NancyPelosi opposes the GOP Buljic,a58-year-old Bosnian LEFT

liability plans.She wantslaw- P refugeewho worked at Tyson makerstoinstead bolster pro- TO for18yearsbeforeshe died OM

tections forworkersby FR April 18 from complications of strengthening Occupational Covid-19.Reberiano Garcia,a Safety and Health Administra- WISE 60-year-old father of 10 whose tion rules. OCK wifedied of cancer last fall, CL Legalexpertssay the GOP Clockwise from top left: Tyson employee Sedika Buljic died in April from complications of Covid-19; Safeway employee Pedro Zuniga, succumbed to the virus on proposalswould significantly shown with a foster child his family cared for, died in April; Walmart employee Wando Evans died in March; and Tyson employee April 23.Jose Luis Ayala, Jr., a curb,but not eliminate, cases Reberiano Garcia died in April. Their families are suing their employers. 44-year-old maintenance filed on behalf of sickened worker known fortinkering workers. ployeracted with grossnegli- andAlbertsons forgross negli- tient at aDallas hospital that the government,” said Tom with computers, died May25 “The amount of litigation on gence—which aren’t precluded genceand wrongfuldeath in year.One of them, Nina Pham, Nickels,executivevicepresi- from complications of the virus. the horizon is enormous,” said by the Senateproposal and Alameda County Superior sued the companythat owned dent at theAmerican Hospital Thecomplaint filed by their Harold H. Kim, president of the sometimes canproceed outside Court seeking general and puni- the hospital fornot properly Association. “Tocome back and families says that the company U.S. Chamber Institutefor Le- the workers’ compensation sys- tivedamages.The lawsuit con- training or protecting staffto second guessand pick apart ac- acted with grossnegligencebe- galReform, an arm of the busi- tem—could result in out-of- tends that the grocer failed to handle Ebola. Thehospital’s tions that people took under a cause it encouraged sick em- nesstrade group. court settlementsorend up be- followMarch 9guidancefrom owner,Texas Health Resources, very stressful situation, we ployees to come to work and Labor unions and consumer fore sympathetic juries. OSHA aimed at preparing denied those claims.The two think,isincredibly unfair.” failed to implement or convey a advocates saythat few lawsuits PedroZunigaworked for22 workplaces forCovid-19,which sides reached an undisclosed Wando Evans worked the rangeofsafety measures to have been filed, and that the yearshandling produceina called forisolating sick work- settlement out of court. overnight shiftstocking shelves workers, manyofwhom don’t Senatebill would denyredress Safeway distribution center in ers. It said the grocer misled Brent Walker,anattorney and performing maintenanceat speak English. Thefamilies are to injured workers and their Tracy, Calif.Inmid-March, he workerswhen it said that whorepresented Ms.Pham, aWalmart in the Chicagosub- seeking unspecified economic, families.About 69 employment and other workerscomplained wearing protectiveequipment said that hospitals that didn’t urbofEvergreen Park.Inlate noneconomic and punitive and labor cases contending that to supervisorsthat the work wouldn’t help prevent the provide properly fitted N95 March, he told storemanage- damages. workerswereexposed or po- environment wasn’t safebe- spread of the disease. masks to clinicians treating ment he had symptoms consis- Tyson said on April 22 it tentially exposed to the virus cause colleagues were coming “It defies common sense,” Covid-19 patientsfaceparticu- tent with Covid-19,said Tony S. wasclosing the plant because had been filed as of lateJuly, in sick,according to Paul Mat- Mr.Matiasic said of themask lar liability risk because federal Kalogerakos,anattorney repre- of Covid-19 cases,worker ab- according to atracker main- iasic, an attorney representing posting, acopy of which is in- regulations already required senting Mr.Evans’sfamily. senteeism and community con- tained by the lawfirm Hunton theclaim by Mr.Zuniga’sfam- cluded in Ms.Zuniga’slawsuit. they do so beforethe pandemic “They just put him back to cerns.Itreopened May7after AndrewsKurth. ily.Mr. Matiasic said manage- An Albertsons spokeswoman hit. Other cases areexpected to work,” Mr.Kalogerakos said, testing all returning workers ment threatened to retaliate said the companydoesn’t com- hingeonwhether health-care citing information from Mr.Ev- forthe virus,opening an on- againstworkersifthey didn’t ment on pending litigation. In employersfollowedinterna- ans’scolleagues. sitehealth clinic and taking High legal bar showupasthe distribution July,Safeway and Albertsons On March 23,after his other safety measures. Employers rarely arefound center expanded itshoursto filed amotion to dismissthe symptoms worsened, he again In acourt filing earlier this liable foremployeedeaths tied meet increased demands. complaint on the grounds that Liability questions notified storemanagement and week,Tyson denied the plain- to the workplace. That’sbe- On March 20,the grocer it didn’t meet thecriteria for wassent home.Two days later tiffs’ allegations and moved the cause the legal bar forproving posted a“Team Talk” memo in proceeding outside the work- are facing U.S. he wasfound dead in his home case to afederal court. fault is high, and because states the distribution center titled ers’ compensation system. It companies as many at age51. Tyson spokesman Gary oftenrestrict such complaints “Coronavirus Risks: Fact vs. also had the case moved to the Mr.Evans’sfamily in April Mickelson declined to comment to their workers’ compensation Fiction.” Thesign, which bears U.S. District Court forthe resume operations. filed awrongful-death lawsuit on the lawsuit. He said the systems,which typically limit the logoofSafeway parent Northern District of California. in Cook County Circuit Court meat companystarted educat- payoutstoaportion of a Albertsons Companies,recom- Thegrocerdenied that it againstWalmart seeking un- ing workersabout the virus in worker’s salary, coverage of mended against wearing a failed to take appropriatework- specified damages.Itcontends multiple languages in January their medical bills and disabil- mask in the workplace. placesafety precautions.Itsaid tional and U.S. safety guide- the retailer didn’t initially fol- and told employees to stay ity compensation. “Ifyou arehealthy, amask that as of March 20,neither the lines,hesaid. lowCDC or OSHA recommen- home if they didn’t feel well. Legalexpertssay the coro- will not protect youfromthe CDC’snor California’sofficial In general, cases maycome dations,which put workersand Mr.Mickelson said that the navirus pandemic could change respiratorydrops an infected guidancerecommended wear- down to asimple question: the public at risk. county health department for howsuch cases playout. Early person coughs out,” the sign ing masks,and that stateoccu- “What wasnegligent as op- Walmart filed amotion to weeks declined to shareinfor- lawsuitsonbehalf of sickened read. “Open areas of the mask pational safety and health in- posedtojust an unfortunate dismissthe case in June on the mation about Tyson workers workerscenter on whether em- canlet those drops in.” terim guidanceatthe time said outcome?” Mr.Walker said. groundsthat the claims cannot with Covid-19,and that onceit ployers adhered to stateand On April 4, Mr.Zuniga— masks didn’t protect people Health-careemployergroups be brought in acivil lawsuit be- provided the companywith a federal guidelines forreducing trembling,coughing and fever- from airborne infectious dis- saythat facilities faced an un- cause they should be handled list of names and case informa- thespread of the virus,which ish—went to an area hospital ease.Italso said that stateoffi- precedentedworkplacesafety exclusively by the Illinois Work- tion, the companydecided to evolved rapidly in March and aftergetting aCovid-19 test, cials inspected the distribution threat when thepandemic un- ers’ Compensation Commission. idle production at the plant. April, especially on mask use, whichwas positive. Thenext center on April 15 regarding folded and shouldn’t be held re- Walmart spokesman Randy “We’resaddened by the loss andattimes conflicted with dayhewas transferred to in- Covid-19 procedures and found sponsible if they took reason- Hargrovedeclined to answer of anyTyson team member and each other. tensivecare, wherehewas put no violations. able precautions to protect specific questions on Mr.Ev- sympathizewith their families. Employers who didn’t send on aventilator and placed in a TheEbola outbreak of 2014 employees. ans’slawsuit.Hesaid that, Our toppriority is the health sick workershome,enforce so- medically induced coma. He offerssome clues forhow sick- “Manyofour institutions while it maybeimpossible to and safety of our workers,” Mr. cial distancing or adhereto died eight days later at age52. ened workers’ lawsuitscould were overwhelmed with people determine whereorhow some- Mickelson said. He said Tyson mask-wearing guidancecould Norma Zuniga, his widow playout. Twonurses con- with the symptoms and had to one contractsthe virus,the re- is aware of asmall number of be found liable,legal experts and the mother of their five tracted the deadly virus after react accordingly and were not tailer is taking steps to protect activeCovid-19 cases involving say. Cases that showthe em- children, in Maysued Safeway treating aLiberian Ebola pa- getting the best guidancefrom workersand customers. workersatits Waterloo plant. P2JW213000-2-A009A0-1------NS

A9A | Friday, July 31, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Dying Mom Gave Son a Lifelong Lesson

A medical student tos-Vizcaino’s hospitalization, intubation,” he said.“Once mother’s situation wascritical. the 25-year teaching veteran you’ve gone there, there’s not Later, she needed to be resus- says he won’t forget stayed busy,remotely instruct- much youcan do after. So,I citated, Mr. Vizcaino said. what it feels like to be ing her studentswho attend was just sad about that.” Despitetrusting his col- P. S. 9 in the Prospect Heights Mr.Vizcaino spent the time leagues, Mr. Vizcaino wanted a patient’s loved one neighborhood. “It wasn’t rare in between visitstohis to do more. to find her FaceTiming the mother’s room studying and “Therewas apoint where BY LEE HAWKINS parent of one of her students, waiting for daily assessments they said, ‘Who’s next on or on aphone call because of her condition. [chest] compressions?’ ” he During the coronavirus pan- they need some extrahelp “I appreciated it, because I said. “‘I’m next. I’ll go. Idon’t demic,most patientsadmitted with homework,” said her 22- knowthat manypeople would care,what do youneed?’ ” he to intensive-careunitsinNew year-old daughter Viviana, kill for the opportunity to be said he told them. York City arerequired to fight who works in city develop- with their loved one at that His colleagues gently dis- the illness alone. Sandra San- ment and urban planning. time,” he said. “Because it was suaded him. “Looking back, I tos-Vizcaino wasone of the Ms.Santos-Vizcaino’s also rough, because Iwas see- getthat, because youcannot few patientswho had afamily breathing difficulties developed ing everymidnight test, and I possibly be clear-minded,” Mr. member at her side. aftershe returned home from knew my mom wasn’t getting Vizcaino said. “Your decision- Whenshe struggled to planning theschool’sshiftto better.” making can’t be the best when breathe in lateMarch, her son remotelearning,onMarch 19. As his mother’s health dete- it’s your own mom.” Victor Vizcaino,a28-year-old Though Mr.Vizcaino had riorated, Mr.Vizcaino vacil- He thought back to the loy- fourth-year medical student, worked at the hospital forfour lated between his roles as a alty and support his mother grew concerned about her low years, he said being in the ICU medical student and as a son, gavehim from boyhood, and oxygen levels.Mr. Vizcaino, with his mother made him and confronted the tension asked his colleagues to con- who did his rotations in the second-guesshis dream of be- caused by his devout belief in tinue their resuscitation efforts, Brooklyn Hospital Center, coming an emergencyphysi- science and the hope that his thinking: “My mom has not shared the numberswith an cian. “I imagined having to mother would somehow defy given up on me foranything.” emergencyphysician he deal with this everysingle day, the worsening medical out- They triedagain, but Mr.Viz- worked with, and his colleague thinking, ‘I don’t know if this look.“As ascienceperson, I caino finally realized it wastime told him to bring in his mother. is for me anymore,’ ” he said. don’t believeinmiracles,Ibe- to stop.“Idefinitely did tryto “When we gotthere, we He fell back on the sensitiv- lieveinprobability.Evenif giveher everychance,” he said. even took apictureinthe hos- ity and kind wordsofeventhe something is one in a million, Ms.Santos-Vizcaino died on pital,” he said. “Wedidn’t most stoic of his colleagues, it’s one in a million,” he said. March 31 of complications of think it wasgoing to be any- all of whom seemed commit- “But on that day, Isaid, ‘We the new coronavirus. CAINO

thing crazy.Just: ‘Oh, my tedtosaving his mother and VIZ need amiracle at this point. Afterhegraduates from

mom’s a little sick.’ ” keeping her spirits high. OR Whether they exist or not, we Grenada’sSt. George’s Univer-

During the next few days, “While she wasthere, every- VICT need one.’ ” sity School of Medicine in Jan- as he watched his colleagues one would have beautiful things Victor Vizcaino fought alongside colleagues at a Brooklyn Because of his three years uary, Mr.Vizcaino will pursue care forhis 54-year-old to saytoher about me and hospital to save the life of his mother, Sandra Santos-Vizcaino. of emergency-room experi- his earlier commitment to sav- mother,Mr. Vizcaino gota their memories of me working ence, Mr.Vizcaino reflected on ing ICU patients. deeply personal look at what with them,” he said. “She would that she wasfighting,” Ms. Mr.Vizcaino called to in- his understanding of the chal- “My mentality has actually it feels liketobeonthe other always smile.She washappy in Santos-Vizcaino’s son said. form his father and sister and lenges that face families with changed to,‘This is what I side of the ICU experience. He those moments, whether she But on the second day, she then returned to the room relatives at the end of their have to do,’ ” he said. “I, more said it would foreverinfluence wasscaredornot.” declined quickly.His col- teary-eyed. lives, as well as the need for than anyone, won’t lose sight his interactions with families Everyday,they made Face- leagues presented him with a “I waslooking at it from medical workers to compart- of thefact that this is some- as they consider end-of-life Time calls to his sister and his troubling revelation that made the medical-student perspec- mentalize their emotions. one’smother,someone’sfa- decisionsatthe bedside of father, 58-year-old Felix,who the experienceevenmore tive. You learned that there’s Eventually,Mr. Vizcaino ther,orsomeone’ssister,be- sick patients. didn’t test positivefor the virus. stressful: His mother needed Step A, Step Band Step C, and said,amentor pulled him cause I’vebeen in that In the days beforeMs. San- “I could see on her face to be placed on a ventilator. then one of the last steps is asideand told him that his situation myself.” City Lays Out Triggers for School Closures Over Virus

BY LESLIE BRODY twostudentsindifferent In asituation whereone or Families and educators na- testing at city-run sites. to attend in-person instruc- classrooms who get the virus two linked cases arefound tionwide have sought answers Schools will rely on families tion. New York City officials an- have some link,likeusing a among studentsorstaff in the to what would triggerreclo- and staff to report if they have Thecity released aprelimi- nounced the conditions Thurs- locker room at the same time. same classroom, that class- sureofschools that open for the virus,officials said: The naryreopening plan in July daythat will forcethe tempo- Further, if the virus infects room will close for 14 days. A in-person instruction. Educa- schoolswon’t conduct univer- that calls for a mix of in-per- rary closureofaschool two studentsindifferent school will be shut down for tion officials said the plan was sal testing. son and online classes for building this fall, such as find- classrooms who picked it up 14 days if contact tracerscan’t developed in partnership with Asingle positiveconfirmed most students. Some princi- ing two or morecases of coro- from circumstances outside determine alink between sev- the city Department of Health case will trigger an investiga- pals,teachersand parents navirus among studentsor school, the school building will eral cases. and Mental Hygiene and labor tion by the NYC Test & Trace have questioned whether city staff. be closed whilecontact tracers “Weare doing everything in unions. Corps and health department schools will be able to provide Shutdowns could affect a investigatetosee howwide- our powertokeep kids healthy All school staff members to determine close contacts, enough cleaning,ventilation wholeschool forafew days, spread infections have be- while ensuring they areget- citywide will be asked to take education officials said. They and social distancing to make or a single classroom for two come.The school might be ting theeducation they de- Covid-19 tests in the days be- said schools will notifyall in-person classes safe. The weeks—or more, according to able to reopen afterseveral serve,” MayorBill de Blasio fore the firstday of school, families at aschool anytime a mayorhas said he will work the officials. days of cleaning,while stu- said in astatement. “These with testsprovided free of case is confirmed by alabora- with the state to make a final Under guidance laid out by dentsand staff in the affected rigorous test and traceproto- charge and expedited results, tory, without naming the sick decision on reopening,and the city Department of Educa- classrooms,and other close cols will keep our students officials said. person, to protect privacy. that decision may come right tion, aschool will have to contacts, quarantine at home and staff safeaswestart off Studentsand their families Manyfamilies and teachers before school is expected to switch to remotelearning if for 14 days. this new school year.” will also have access to this have still not decided whether start. Il Mulino Locations File for Bankruptcy

BYAISHA AL-MUSLIM using the pandemic as a pre- text to wipe out all stakehold- Theowner of Il Mulino,a ersina“debt-to-equity con- legendaryItalian eateryin version play.” Greenwich Village, has placed Representatives forBSP seven of itsrestaurantsout- didn’t respond to requestsfor side NewYork City intobank- comment. Therestaurants’ op- ruptcy protection amid fallout erator owesthe lender,asub- from the coronavirus pan- sidiaryofmoney manager demic and a dispute with the Franklin Templeton, about chain’s lender. $36.3 million. K.G. LM LLC,the restau- Thedecision to file for rants’ manager, sought chap- bankruptcy comes afterIlMu- ter 11 protection late Tuesday lino locations acrossthe coun- S in theU.S.Bankruptcy Court try were forced to close tem-

PRES in Manhattan. Thebankruptcy porarily due to stay-at-home

UMA filing involves two locations ordersissued in mid-March in

/Z on Long Island, two in Atlantic response to the Covid-19 pan-

GES City,and one each in LasVe- demic, said Gerald Katzoff, Il

IMA gas, Miami Beach, Fla., and Mulino’s co-owner,inadecla- A

OP Puerto Rico. ration filed with the court. /S Thecompanyoperates 16 He said the lender is using AR

AD locations acrossthe U.S., in- the default “toexploit the un- N

RO cluding five in NewYork City. avoidable consequences of the Police patrol near Brik Astoria, one of nearly 40 New York City establishments cited for not complying with pandemic regulations. TheGreenwich Villagelocation Covid-19 pandemic andits im- opened in 1981 and the restau- rant brand began expanding in Bars Penalized for Violating Rules 2004. The move involves Long popular with celebri- ties,IlMulino has hosted seven of the Italian JimmyFallon,BethennyFran- eatery’s restaurants BY JOSEPH DE AVILA and drink past the city’s 11 p.m. said, is giving $30 million to “Weget it. We’veall had kel, Leonardo DiCaprio,George curfew foroutside service. local counties to beef up con- our routines turned upside Clooney and Bill Murray over outside NYC. NewYork City barsand res- Young people frequenting tact-tracing effortsand forflu down forthe past four months, the years. Former President taurants continued to rack up crowded barsand restaurants prevention. He said he wants and we want to blowoff steam Clintonhad lunch with then- violations forfailing to comply during the pandemic isn’t counties to have flu tests and with friends,” he said. “But President Obama at the Village with coronavirus-related regu- unique to NewYork,Mr. Cuomo fluvaccines ready forthe fall. folks,wesimply cannot con- location in 2009.The rapper pact on restaurantslikeIlMu- lations,while NewJersey was said. “It is an international phe- LikeNew York,New Jersey tinue to have crowded house Drakeevengaveashoutout to lino” in an effort to take con- facing pocketsofviral out- nomenon,” he said. “The World washit hardbythe pandemic parties. They arenot safe, pe- Il Mulino in his song “Pound trol of the business. breaks among young people. Health Organization has warned during the spring but has since riod…They put the hardwork Cake.” In May, Il Mulino received Authorities cited nearly 40 about it. Statesall acrossthe seen adropinthe number of we’veall undertaken together, Excluded from the bank- about $2.3million in federal establishmentsinNew York countryare dealing with it.” new cases and hospitaliza- the millions of us sinceMarch, ruptcy arethe Villageflagship Paycheck Protection Program City on Wednesday, half of Theviolations come follow- tions. NewJersey,however, at risk of beingundone.” and four other locations in funds,loans that canbefor- whichoccurred at barsand ing an ad campaign launched has seen an uptick in cases in NewJersey recorded 261 Manhattan, as well as two res- given if they are used mainly restaurantsinManhattan, Gov. last week in NewYork state recent days stemming from in- new Covid-19 cases on Thurs- taurantsinFlorida—in Or- forpayroll expenses,prevent- Andrew Cuomo said Thursday. warning young people about fections among young people. dayfromthe prior dayand 16 lando and BocaRaton—one in ing layoffs. TheNew York State Police the dangers of the virus. Ahouse party in Middle- deaths. Nashville,Tenn., and one in AfterIlMulino secured the and State Liquor Authority On Thursday, NewYork state town, N.J.,last week has been NewJersey’s virus repro- the Poconos. funds, BSP allegedly began to have observed violations at reported 777 positiveCovid-19 linked to 50 positive Covid-19 duction rate—the average The bankruptcy filing pre- implement plans to exercise nearly 100 locations sincelast testsfromthe prior dayout of cases, Gov. Phil Murphysaid. number of people infected by ventsthe restaurant’slenders control over the company, ac- week,mainly in the five bor- about 73,500,for apositivity The partygoers ranged in age each person with the virus— from trying to take over the cording to Il Mulino. The res- oughs, according to stateoffi- rate of 1.06%, Mr.Cuomo said. from 15 to 19, he noted. hasclimbed above1.0 in re- seven locations outside the taurant manager says it in- cials.Authorities have sus- NewYork’snumbershavere- Policeofficersalso brokeup cent days. Health experts say city.IlMulino,which defaulted tends to use the PPP funds to pended about adozenliquor mained relatively stable in re- a house party with about 700 the virus spreads morerapidly on aloan in June,has accused help financeoperations during licenses forinfractions such as cent days.The statealso re- attendees in Jackson Town- the higher it goes beyond 1.0. one of its lenders, New York- the bankruptcy process, pro- serving food and liquor indoors corded 13 deaths,hesaid. ship,N.J., over the weekend, NewJersey’s rate peaked at based asset-management firm tect the brand and getthrough and allowing patrons to gather Thestate,the governor Mr. Murphy said. about 5.3 in the spring. Benefit Street PartnersLLC,of the pandemic. P2JW213000-2-A009B0-1------NS

THE WALL STREET JOURNAL. ** NY Friday, July 31, 2020 | A9B GREATER NEW YORK WATCH GREATER NEW YORK

NEW JERSEY ple of what is now the Demo- cratic Republic of Congo, who Lawmakers Approve was put on display for several Racial-Justice Bills days in 1906. He went from the zoo to an New Jersey lawmakers orphanage in Brooklyn and then passed two measures Thursday to Lynchburg, Va., where he aimed at addressing racial injus- worked in a tobacco factory. He tice, one making Juneteenth a died by suicide in 1916. state holiday and another abol- The conservation society offi- ishing the county-level title of cials also condemned the “eu- freeholder, which sponsors say genics-based, pseudoscientific alludes to a time when Black racism” promoted by two of its people and women were ex- founders, Madison Grant and cluded from government. Henry Fairfield Osborn Sr. The bills passed the Demo- Eugenics, a movement pro- cratic-led Legislature and head moting selective human breeding to Democratic Gov. Phil Murphy, to weed out characteristics seen who earlier indicated he sup- as undesirable, had many adher- ports both measures. ents in the early decades of the Juneteenth marks June 19, 20th century. 1865, when word reached en- —Associated Press slaved African-Americans in Gal- veston, Texas, that the Civil War CONNECTICUT had ended and they were free. Local Officials Get

New Jersey is the only state GES

in the country to use the title Flexibility on Schools IMA freeholder for county govern- ment officials. Under the bill, Connecticut plans to give lo- ETTY /G

they will be referred to as cal school officials the flexibility TT

county commissioners. to decide the mix of in-school PLA —Associated Press learning and online learning and

whether any changes should be SPENCER BRONX made if there is an uptick in The number of yellow and green cabs on New York City roads dropped from 11,435 in January to 2,193 in April, data show. Covid-19 cases in their particular Zoo Apologizes for county, Gov. Ned Lamont said. 1906 Exhibit of Man “It will be guided metrics, the county-based metrics,” the Dem- Taxi Drivers Face More Strain The organization thatruns ocrat said. NewYork’sBronx Zooisapolo- Mr. Lamont has avoided insti- gizing forracism in the zoo’s tuting rules by regions of Con- BY KATIE HONAN their lowest point in April. by the City Council recom- hirevehicles,everyone had past, including putting acentral necticut during the pandemic Trips arebeginning to rise mended the city,state,and fed- gone through so much,” he African man on displayinthe and initially required all school Taxi and for-hirevehicle again, although for-hire vehi- eral government could support said.“Everything gotstopped Monkey House in 1906. districts to come up with plans rides plummeted acrossNew cles saw a bigger increase. taxicab drivers, including the because of the coronavirus Officials with the Wildlife for in-school learning, online York City as the city shut In January, therewere11,435 creation of a public-privatefund and obviously we,the city of Conservation Society cited two learning and a hybrid model. But down duetoCovid-19 this yellowand green cabs on the to help paymedallion loans. NewYork,donot have re- instances of “unconscionable ra- he said Thursday that many su- spring,new datashow, putting roads,which dropped to 2,193 Aloysee Heredia Jarmoszuk, sources for any kind of direct cial intolerance,” including the perintendents have been asking a further strain on the strug- in April. That number increased who wasappointed commis- bailout.” treatment of Ota Benga, a for more flexibility. gling industry. abit in June,when therewere sioner of the TLC earlier this To help drivers, the TLC en- young man from the Mbuti peo- —Associated Press And the city’s direfinances 2,965 driversonthe road. listed them to deliver food to from the pandemic means a There were 79,289 for-hire thousands of NewYorkers bailout fortaxi driversisn’t vehicles driving in January, The industry was in struggling financially due to likely,Mayor Bill de Blasio which dropped to 22,527 in the coronavirus,orwere said Thursday. April and hit morethan crisis before the homebound forhealth and By early April, afew weeks 30,000 in June. coronavirus other reasons. intothe citywide shutdown, By June,therewere251,696 More than 23,000 drivers taxi and for-hirevehicle trips, daily rides forfor-hirevehi- pandemic hit. have signed up forthe pro- S which includes app-based cles,while yellowand green gram sinceMarch 24, deliver-

PRES rides likeUber and Lyft,de- taxis—which use mostly street ing morethan 53 million

UMA creased by 84% compared with hails to pick up passengers— meals.KathrynGarcia, the /Z the month before, according to had 20,428 trips a day. year,said therewas merit to a city’s sanitation commissioner TO aTaxi and Limousine Commis- Theindustrywas in crisis bailout fund. who wasappointed its“food sion report released Wednes- beforethe coronavirus,caused But Mr.deBlasio said czar” to coordinate providing day. By then, only 26% of driv- by an influx of tens of thou- Thursdaythat anyfinancial meals during the coronavirus,

CION/NURPHO erswerestill picking up fares, sands of ride-hail vehicles into relief fordriverscould come said earlier this month that NA data show. the city.This pushed down the from the federal government. theprogram would continue

JOHN All of the driversinthe taxi earningsfor most driversand “Beforethis pandemic we as long as it is needed. BACK ON THE FIELD: People playedsoccerThursdayinNew York City. and for-hirevehicle industry hastened acrash of overblown were dealing with areally pro- Drivershavebeen paid Low-risk outdoor activities were allowedtoresume earlier this month sawmajor decreases in the taxi medallion values. found problem foryellowcab- morethan $29.5 million since under Phase 4ofthe reopening from the coronavirus lockdown. spring,with rides reaching Areport issued in January drivers, green cabdrivers, for- the program began.

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A10 | Friday, July 31, 2020 THE WALL STREET JOURNAL. ARTS IN REVIEW

FILM REVIEW |JOE MORGENSTERN ‘Paradise’: ALostTownFinds Itself

ebuilding Paradise,” a fine National Geo- graphic documentary by Ron Howard, in- ‘R vestigates what hap- pened to a quiet town in the Sierra Nevada foothills of Northern California when there was suddenly no town left. (In se- lect theaters and on digital plat- forms Friday. Information can be found at films.nationalgeo- graphic.com.) The calamity was a wildfire— the most destructive in the state’s history—that burst forth on the morning of Nov. 8, 2018, consum- ing the ironically but not inaccu- rately named Paradise in less than three hours and leaving 85 of its

residents dead. The causes of the APHIC

so-called Camp Fire were complex, OGR and the documentary neglects GE none of them: Mr. Howard was the director who wove high drama to- TIONAL gether with an extraordinary amount of information in “Apollo

13.” But why, you may wonder, MORHAIM/NA would anyone want to watch a film about a local tragedy, however no- QUEL SO

table, at a time when our national H life is being torn asunder by a RA SA global pandemic? Because the film’s larger subject is commu- GER; nity—the ties that transcend brick BER and mortar—and a rise from real AH NO

ashes. P: The drama of the inferno has TO OM

been reconstructed from archival FR sources, especially videos shot by Paradise residents in frantic flight: Dante never imagined having to ture, and beloved, it would seem, A home burns as the Camp Fire drive through flames under a black by those who lived there. Not a lot rages through Paradise, Calif., above; midday sky with fears of his en- of diversity in the mostly white Steve ‘Woody’ Culleton outside his gine exploding. There’s a lot to be populace, but not a town to be newly rebuilt house, left. said for Hollywood expertise written off as irrelevant to our turned to the task of depicting current distress. The majority of way out of the problem,” warns a real-life horror. (The editors were its 26,000 or so citizens were and young pyrogeographer—who knew M. Watanabe Milmore and Gladys are working-class, struggling to therewas such adiscipline?— Mae Murphy. The director of pho- make a living under the best of named ZekeLunder.He’dcome to tography was Lincoln Else.) Of all circumstances—people of good town in 2019 to supervise apre- the footage recorded on the first will, by the evidence of Mr. How- scribed burn meant to reducethe day of the conflagration, the most ard’s camera, who get short shrift risk,but he adds awarning that hallucinatory comes from the in the media in the best of times. resonates eerily with the concerns dashcam of a police car driven by One of them, Steve “Woody” of the moment. “People liketothink a Paradise cop, Matt Gates. An Culleton, is a former mayor of Par- we cancontrol nature. Fire doesn’t open spirit and a hugger of bereft adise; before that, he notes cheer- care what we think.Whether it’s friends and neighbors, he cruises fully, he was the town drunk. Like the railroad or arson or PG&E or around town three months later others who lost their homes and lightning,wewill have fires.” and stares in wonderment at the decided to rebuild, he encountered “Rebuilding Paradise” concludes still unrelieved expanses of de- a seemingly endless succession of with acautionarysequencethat bris—the hospital gone, most of bureaucratic snarls—from the local links itssubject directly to climate the schools destroyed, almost all government, which was broke; change, although “cautionary” is a of the homes incinerated. “I know from FEMA, which imposed daunt- mild term forsuccessiveimages of it’s a cliché,” he says wryly, “but ing conditions on prompt help. But Paradise is, once again, a com- town’sagony wasjudged to be a floods,storms,droughtsand fires the doughnut shop was right back Mr. Culleton finally got a building munity of homes, modest for the spark from Pacific Gas &Electric around the globe.Mr. Howard there.” permit, the third one issued by the most part but the expression of a powerlines,some of whose compo- wantsustoknowthat greater chal- In some respects the Paradise town. Nine months after the fire collective will to reclaim a way of nentsdated back to 1921. Long be- lenges lie ahead—not awelcome we see, before and after, is a world he expresses hope that he’ll have life that seemed lost forever. As fore that, traditional logging prac- reminder while we’reinthe grips apart from the turbulence and po- his house built soon, even though inspiring as its story is, though, tices had leftthe whole region of the coronavirus.Yet his docu- larization of America in the time it won’t be the first one to go up. the film makes room for debate vulnerable to wildfire. And climate mentaryalso dramatizes the resil- of Covid-19. A town whose history “But it was never about that,” he over whether reclamation is a wise changetook itstoll with an unprec- ienceand resourcefulnesswecan goes back to the Gold Rush days, it says. “It was always just wanting decision. edented five-year drought. “We bring to bear in meeting them. Ca- was a sweet haven favored by na- to come home.” Theproximatecause of the can’t really vegetation-manageour lamity,the film says,isn’t destiny.

TELEVISION REVIEW |JOHN ANDERSON York to Las Vegas to Houston to about what’s happening— Guatemala, the filmmakers have ICE agents identifying unprecedented access to ICE oper- themselves as “police,” for Enforcing the Border, ations and CBP detention facilities, instance, when they are interviewing not only spokesmen not; claiming to have a No Holds Barred and agents but incarcerated de- bona-fide warrant when tainees, their families and de- they do not; and gaining ported veterans, some of whom access to homes under t will take virtually no time at and Christina Clusiau began nego- are eligible for arrest. (“I’m OK to false and/or illegal pre- Iall for a viewer to understand tiating with the Department of die for the country, but not live in tenses. It’s a strictly ob- why certain U.S. agencies re- Homeland Security to embed with it,” says one.) The agents are servational series, so portedly didn’t want the public to Immigration and Customs Enforce- sometimes quite candid, although there are no explanatory see “Immigration Nation,” the Net- ment and Customs and Border when ID’d on screen their last titles or voiceovers. But flix documentary survey of our Protection, it was early 2017. The names are blacked out, as if in a the filmmakers do know border crisis and the enforcement agencies’ mission and tactics as redacted document. In episode 1, how to juxtapose their of Trump-era “zero-tolerance” pol- they now exist had not been fully an ICE officer named Brian ex- material in ways that icies. The agents interviewed don’t formulated. And as Ms. Clusiau ex- plains to the filmmakers that when pid thing to say.” make unmistakable points: An ICE mount a rational defense of what plains in a press statement, the he goes to a home, he doesn’t It’s hardly the only time some- officer, boasting about the deter- they’re doing. They resort to con- ICE spokesmen with whom they make “collateral” arrests—mean- one says something clumsy, or po- rent effect of taking children from stitutionally questionable means to dealt, and whom they knew well, ing he picks up only his target, not tentially illegal, but there are also their parents at the border, for in- do it. The dismay, even embarrass- “appreciated that the story would anyone else in the dwelling who genuine horror stories contained stance, is immediately followed by ment, that a viewer might feel be told through an objective lens.” might be in violation of Trump im- in “Immigration Nation,” one of a scene at a White House press while watching and listening will It’s hard to argue that it hasn’t migration policy. Just then, on his them concerning an asylum seeker briefing, during which then-Secre- be aggravated by a general sense been. It’s also clear in the way the radio, a supervisor tells him that named Carlos Perez. As a police tary of Homeland Security Kirstjen of puzzlement: Who in the govern- directors have constructed their from his next stop, he has to bring officer in El Salvador, he gave New Nielsen denies vehemently that de- ment thought cooperating with series that they anticipated chal- in at least two people. York police long-distance assis- terrence is the basis for the Trump this film crew was a good idea? lenges to their methodology. And “He knew you were with me, tance with gang investigations; detention policy. Because if it The answer, in part, is that adjusted accordingly. right?” Brian asks the filmmakers. shot in shadows, an undercover were, it could be illegal. when filmmakers Shaul Schwarz Chasing their story from New “’Cause that’s a pretty f—ing stu- NYPD investigator attests to Mr. Six episodes of an oftendispirit- Perez’s value to the department, ing series will seem likealot, and and that he had to flee his coun- “Immigration Nation” oftenseems try because of it. Although Mr. to wander around itsvarious ven- Perez’s asylum request is verified, ues in search of amooring point. an ICE supervisor named Chris- Episode 3, forinstance, addresses tian simply responds “do it” to a fugitiveveterans,the ramifications query about the case—meaning of Clinton-eraimmigration law, and send Mr. Perez to a detention asheriff’s race in Mecklenburg center and proceed with his de- County,N.C., that hinges on sever- portation. Christian will later ex- ing relations between local lawen- press “not joy, but satisfaction” forcement and ICE. But it also ad- at the work that ICE is doing. The dresses privately owned detention filmmakers also interview chil- facilities and the profit motivebe- dren who have been separated hind immigrant detention: During a from their parents. phone conversation between ICE’s As if anticipating arguments regional spokesman, BryanCox,and that they’ve taken agent state- asupervisor named Bob,they dis- ments out of context, or edited cussretaliation against Mecklen- footage to fit a political agenda, burgCounty and also the thousands the directors generally allow a of beds at ICE’sdisposal. “We’rego- subject to talk until he or she is ing to fill our beds,” Bob says. finished and has walked away, or “We’regoing to do everything we at least left enough dead air to can.” Thesafety of the American suggest the completion of a public doesn’t come up.

thought. There is quite often in- (2) sufficient explanation in the se- Immigration Nation

Stefania Arteaga, co-founder of Comunidad Colectiva, at aprotest,above;ICE detains asuspected illegal immigrant, top. ries about what exactly is wrong Monday, Netflix NETFLIX P2JW213000-0-A01100-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | A11 ARTS IN REVIEW

FILM REVIEW |JOE MORGENSTERN PulledBetween Past And Present

t doesn’t bode well when the countryside. Ifragments of flashback A guileless child at a ten- are more affecting than der age, Frank is open to the what’s going on in the pres- arrangement, but Alice will ent. That’s the case with have none of it. For a while “Summerland,” a debut fea- the plot could be mistaken ture by Jessica Swale with for a riff on “About a Boy,” a the always superb Gemma wonderfully eccentric film in Arterton in the starring role which Hugh Grant’s lonely of Alice, a writer living a sol- womanizer fights off the itary life in rural England love of a misfit latchkey kid during World War II. played by Nicholas Hoult. In one sense the imbal- But “Summerland,” whose ti- ance is intentional; it’s built tle refers to a pagan vision into the narrative’s sub- of heaven that figures in Al- stance. Alice yearns for the ice’s writing, is less a succes- woman she loved and lost sion of surprises than a dra- matic scheme. It’s perfectly clear why Alice has shut down, yet clarity can’t compensate for screenwriting that makes her misanthropic for much too long in THEATER REVIEW Above all, “Present Laughter” that the actors, knowing the show the face of Frank’s TERRYTEACHOUT cannot be made to take flight with- was being recorded for posterity, endearing vulnera- out an actor oozing with star quality gave it a little extra zing, but even bility. sufficient to take on the showy lead- so, it was fascinating to see how the She opens up ‘Laughter’ ing role that Coward originally production had evolved since I’d eventually, of wrote for himself and which has first seen it in previews nearly three long ago. Her name is Vera, course, and Ms. Arterton since been essayed on Broadway by months earlier. Nothing drastically she’s played dazzlingly by gets to play a few scenes Brings Joy Clifton Webb, George C. Scott and different occurred on stage—the Gugu Mbatha-Raw, and their worthy of her art before the Frank Langella, a list that gives you changes were all a matter of subtle between-the-wars encoun- film turns into a milking ma- To Our Time a pretty clear idea of what an actor detail—but it was plain to see that ters are as enchanting as chine designed to wring feel- needs to come up to scratch as the cast had settled into their per- they are fleeting. But Alice ings from a link between Garry Essendine, Coward’s barely formances, something that hasn’t as the bereft and hostile vil- past and present that, once BS hastelecast dozens of fictionalized alter ego. The brilliance yet happened when I attend the lage hermit seems a contriv- again, amounts to a con- plays and musicals on its of Mr. Kline’s performance lies in press previews of the plays that I re- ance, Ms. Arterton’s efforts struct. If you want to see “Great Performances” an- the fact that he plays Essendine not view for the Journal. Everyone was notwithstanding, even when what the actress can do with Pthologyseries sincethe as a grossly inflated caricature but clearly having a good time—not in a new life enters her cottage first-rate material, watch or long-running program made for truth, which—of course—makes the sloppy, over-obvious way that in the person of a charming rewatch “Their Finest,” a itsdebut in 1972. Nowthe network him even funnier. can corrupt a long-running play, but schoolboy, Frank (Lucas 2016 film set in London dur- is endeavoring to liftspiritscrushed Ms.Nielsen, Kate Burton (who in the joyously relaxed manner that Bond). He’s been evacuated ing the Blitz. Her character by the coronavirus pandemic by plays Essendine’sex-wife) and the speaks of the heightened self-assur- from London, besieged by in that one is whip smart pulling some of those fondly remem- rest of the cast all meet Mr.Kline’s ance that only comes of repetition. the Blitz, and assigned to a and ardent, and her perfor- bered performances off the shelf challengewith apparent effortless- The audible presence of a Broad- foster home in the safety of mance is a wonder. and rebroadcasting them on way audience is one of the Fridays on TV,and foralim- most gratifying aspects of ited time via free streaming this telecast. I rarely laugh video.This week’soffering is out loud at a show I’m see- abedazzling gem, aliveper- ing alone at home, and one formanceofthe 2016 Broad- of the things I’ve been miss- way revival of “Present ing since the pandemic shut Laughter,” NoëlCoward’s down America’s theaters is best play, starring Kevin the experience of sitting in Kline.Rarely have Ilaughed the midst of a happy audi- so hardasIdid when Isaw ence whooping with collec- it on stagefour yearsago, tive delight at a first-class and Iamveryhappy to re- comedy. Well, I laughed port that it comes acrosson loudly and repeatedly at Mr. the small screen with near- Von Stuelpnagel’s staging of identical comic vitality. “Present Laughter,” a play Writtenin1939,“Present that I’ve seen a half-dozen Laughter” is athree-act, four- Kevin Kline and Kate Burton, above,and Cobie times in the theater but door farce in which Coward Smuldersand Mr.Kline,top,inMoritzvon Stuelpnagel’s whose comic brilliance portrayed himself with unex- staging of NoëlCoward’s ‘Present Laughter’ proves to be undiminished pectedly self-aware candor as by solo viewing. It was an aging but still charismatic lovely—and heartening—not stagestarwho is in privatelifea ness. As forthe director,Moritz von to have to laugh alone. monster of vanity,one whose long- Stuelpnagel, he is one of the most suffering secretary(playedhereby prodigally talented directorsofstage Present Laughter Kristine Nielsen) has gothis number comedy to come along in the past de- PBS Great Performances (airs Friday, all the way to the tenth decimal cade,and under his precise guidance 9 p.m., on PBS, then available online point: “Everybody worships me,it’s Mr.Kline and his colleagues come to- through Aug. 28, free). To watch, go nauseating.” “There’shell to payif gether in aboundlessly funnypro- to https://www.pbs.org/wnet/gperf/ they don’t.” Theplaydoesn’t getdone duction that is the best “Present blog/summer-streaming-lineup/ as much as it should because it calls Laughter” I’veeverseen on stage. (2) (2) foracast of 11 and an expensive-look- It happens that I was in the the- Mr. Teachout, the Journal’s drama FILMS CUS C

ing duplexset (designed forthis pro- ater for the 2017 performance of critic, is the author of “Satchmo at IF MAR duction by David Zinn with over-the- “Present Laughter” that was taped the Waldorf.” Write to him at Lucas Bond and Gemma Arterton, above, and Ms. Arterton and AN Gugu Mbatha-Raw, top, in Jessica Swale’s ‘Summerland’ JO topdécorand all the trimmings). for telecast. I suspected at the time [email protected].

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. 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A12 | Friday, July 31, 2020 THE WALL STREET JOURNAL. SPORTS FIFAChief Is Under Investigation

BY JOSHUA ROBINSON

ASPECIAL PROSECUTOR IN Switzerland has opened crimi- nal proceedingsagainst the president of soccer’sworld gov- erning body,Gianni Infantino, foralleged collusion with the country’sattorney general Mi- chael Lauber during aSwiss federal investigation intoFIFA. Theproceedings, announced by authorities on Thursday, al- legethat Infantino and Lauber held secret meetingsin2017 while Lauber waslooking into possible corruption at the high- est levels of soccer. Thespecial prosecutor,Stefan Keller, deemed that the meetingscon- stituted “abuse of public office,” “breach of official secrecy,” and “assisting offenders.” Thespecial prosecutor is also requesting that the Swissgov- ernment liftLauber’s immunity Dodgers pitcher so that criminal proceedings Joe Kelly yells maybeopened against him as at the Astros’ well. Lauber,who announced Carlos Correa. last week that he would be step- ping down as attorney general at the end of August, and Infan- tino have both denied wrongdo- JASONGAY ing. “Tomeet with the Attorney General of Switzerland is per- ABizarreand Fragile Start for Baseball fectly legitimateand it’sper- fectly legal. It’snoviolation of anything,” Infantino said in a statement. “On the contrary, it MLB gets through its opening week, but not without controversy—and a whole team on ice is also part of the fiduciarydu- ties of the President of FIFA.” It’sofficial: Major watching hockey.The Blue Jays youknowwhat Imean. pitches.Beforecoronavirus,2020 Theinvestigation is the League Baseball has put nowbelong to Buffalo! Baseball may These fan-deprived stadiums wasgoing to be ascarlet lettersea- heaviest blowtoInfantino since aweek in the books for be back,but it feels fragile. aren’t just empty—they’reeerie and son forHouston, traveling from city he firstrose to the FIFApresi- itsmonths-delayed, So this could be my final baseball sterile,tothe point that Iwould to city as the most despised fran- dencyin2016,asthe first miniature2020 season. column of the 2020 season. Ihope likethe TV networks to turn down chise in sports, developing tinnitus elected successor to Sepp Blat- Ihavethoughts. not, because Iappreciatebaseball, the fake, ambient crowd noise,not from all the ceaselessbooing.Soit’s ter. Blatterhad resigned in De- Ireally want to gettoJoe Kelly, especially JoeKelly sticking apouty because of anyethical reasons (eth- hardtonot feel that the Astros are cember 2015 following the reve- the wiryDodgersrelief pitcher who lip at the Astros.Imight have to ics have been designated forassign- getting abit of abreak with this lation by the U.S. Department of mocked the remorselesstrash-can writecycling columns through Oc- ment this year) but so we canlean abbreviated, silent season. Justiceofwidespread criminal Houston Astros the other night, and tober.I’m just kidding.I’ll do cock- intothe eerinessand sterility.Hon- Enter Kelly. activity at FIFA. is apparently nowthe newMayor of tail recipes.And cycling columns. estly,it’sspooky, and when youadd Theother night, he appeared to “Nobody talks about crisis at LosAngeles. With an entireteam in quaran- the cardboardcutoutsoffans and take matters intohis ownhands.He FIFAany moreorrebuilding it But first, we should be clear that tine,isitOKtotalk about non- the sad mascotswithout actual hu- threw pitches which buzzednear from scratch,” Infantino said in baseball still feels likeasupermar- Covid baseball stuff,orisitirre- man beingstohigh-five, the whole the heads of Astros’ AlexBregman his 2019 acceptancespeech, af- ketcart with abusted wheel, sponsibly credulous? TheRinger’s thing takesonacreepy,Hitchcock- and Carlos Correa, taunting his op- terrunning unopposed forFIFA steaming down the upper deck BryanCurtis had agood story ian vibe that Ihonestly kind of…en- ponentsinwhat eventually led to a president. “Nobody talks about stairsofone of itsempty stadia. At about this conundrum, which ap- joy? We thought it would be com- bench-clearing standoff. scandals or corruption, we talk the moment, it has an entire fran- plies to all sports—whether it’sall forting to have baseball back,but “My accuracyisn’t the best,” about football.” chise (the Miami Marlins)quaran- right to getexcited about scores these games areamusingly edgy. Kelly said later. But by then, Infantino had al- tined because of an outbreak of cor- and stats, or if it’ssomehowbeing Iamfine with the other big her- Iwant to be carefulhere, be- legedly met with Lauber at least onavirus.Atleast 18 players and an accessorytomadness. Person- cause I’vegrown to despise the twicewhile the Swissstate was team personnel have received posi- ally,Ithink it’sOKtodoboth. We veneration of pitchersthrowing looking intoalleged corruption tivetests,sothe Marlins arecur- arelarge!Wecontain multitudes! purposefully at players—it’sdanger- surrounding FIFA’sawarding of We thought it would be CK rently being held in aseparatetank And this issue isn’t to be confused ous,and all that old-school baseball World Cup hosting rights, TO as the rest of the sport rumbles on, with the bad-faith, trolling opinion comforting to have talk about frontier justicefeels like, among other issues. gamely but perhaps preposterously. that asking legit questions about well, old-school baseball talk about Thespecial prosecutor is also

baseball back, but these SHUTTERS

By Thursdaymorning,wordarrived protocols and playerand staff frontier justice. looking intoathirdindividual, A/ that two staff membersfromthe safety is to somehowberooting games are edgy. Still, there’slittle question that Rinaldo Arnold, who had served Philadelphia Phillies,Miami’sopen- against the sport’ssuccess—an what Kelly did—and it’scompletely as chief prosecutor of the Haut- ing weekend opponent—one a opinion which is so vacant and in- comical that he wasn’t even part of Valais region and is achildhood

coach, the other ahome clubhouse comprehensible (what sportsre- the Dodgers in 2017—was cathartic friend of Infantino.Heissus- NKHUIJSEN/EP LO

worker—had received positivetests. porter doesn’t want sportsback?) esy in this season: the installation to Dodger Nation. (“Thank you, Joe pected of facilitating the meet- N

Ugh. Correlation? It’sunclear at that anyone who makes it should be of arunner on second base at the Kelly,” the L.A. Times’sBill Plaschke ingsbetween Infantino and Lau- VA

the moment. What’sclear about forced to runstairscarrying a60- beginning of extrainnings.Thereis, wrote.) ber.Hehas previouslydenied BIN RO

baseball’splan—which is aregional pound backpack of kettlebells and predictably,the opinion that this is Then MLB turned around and wrongdoing in this case. S; format, with players traveling,not a cold hot dogs. unnatural and bad forthe game,be- gaveKelly an eight-game suspen- marooned-in-one-placedeal likethe Believeme: We all want sports cause ateam doesn’t have to earn sion forhis actions,which is eight PRES NBAbubble—is that it requires back,ASAP, but as safely as possible that runner.But thereisalso the games morethan the Astros players TED

both protocols but also anot-zero foreveryone involved. opinion that Iwould liketogoto cumulatively served fortheir she- OCIA SS

amount of magical thinking.Itisn’t OK,sobaseball. Can we talk bed beforemidnight. nanigans. This is exactly the kind of /A hardtoimagine that 30 teams in about howweall feel about the no- Alright, so JoeKelly.There’sno head-scratching inexplicableness

planes,buses and hotels has the op- fans-in-the-ballpark aesthetic? Is need to go intothe whole scandal that baseball is famous for, and it PHILLIP portunity to put moreatrisk,and thereany other answerthan it’s re- of what the Astros did, or whythe felt oddly comforting. J. VID

not just players—all the people in ally weird?Because it is really rest of the league is furious with An entireteam is in quarantine, DA

the various cities who wait on and weird, watching meaningfulaction them, especially the Dodgers, who thereare cardboardcutoutsbehind P: servethem as well. Remember,an playedinempty parks,and Iknow fell in aseven-gameWorld Series to home plate, and finishing aseason TO OM

entirecountry—Canada—looked at thereare easy jokes to makeabout Houston in 2017, when the Astros will requireall kinds of luck,but, FR baseball and the U.S. and said: uh, teams already accustomed to empty had ahabit of thumping trash cans forone rowdyminute, it resembled A special Swiss prosecutor is yeah, thanks, but no thanks, we’re parks (the Marlins,ironically) but to alert teammates of incoming the beloved, old pastime. investigating Gianni Infantino.

And if so, could spending several weeks in the U.S. Open’s bubble Restrictions Hamper count as quarantine before trying to fly to Europe? Matters are com- plicated by the slight rebound in Grand Plans forTennis coronavirus cases in Southern Eu- rope and France this month. With the U.S. Open starting on BY JOSHUA ROBINSON would be able to return from the Aug. 31 and Roland Garros begin- AND LOUISE RADNOFSKY U.S. without a mandatory quaran- ning on Sept. 27—and both tourna- tine. And for nationals of other ments preceded by tune-up Paris countries, the situation is in con- events—it looks increasingly as if RAFAEL NADAL HASSPENT stant flux. players will have to pick one or most of the global pandemic holed In other words, the fate of the the other. up on the island of Mallorca, off season could hang on whether or Leading into the U.S. Open is the Eastern coast of Spain. By the not players are confident that air- the Western & Southern Open, time he would need to leave for a port border agents are fully up- transplanted from Cincinnati to tournament again, he hoped, the dated on the rules—whatever they the USTA Billie Jean King National virus would be under control. may be at the time. Tennis Center in Queens, meaning But as the tennis season at- “It’s not realistic to play any- Rafael Nadal has indicated that he will stick to clay-court events in Europe. that players could be in the New tempts to restart, the situation is thing right now,” ATP Tour vet- York bubble for nearly a month. more complicated than Nadal ever eran Viktor Troicki told Serbian of governments involved, the un- one in sports has been able to an- Turning around to clay-court tour- anticipated. A redrawn schedule radio this month. “Today, no one certainty on how long it was going swer definitively: What happens naments across the Atlantic, how- with Grand Slam events on two is sure of anything.” to take to get resolution was a when those athletes who flew to ever, is a challenge. continents in a span of six weeks Immigration headaches are al- very significant factor.” the U.S. try to go anywhere else? Nadal has already indicated that has left the international tennis ready taking their toll on the ab- Chad Wolf, Acting Secretary of With free movement, the pan- he will stick to Europe by accept- tour sketching out seasons based breviated hard-court season. The Homeland Security, signed an or- demic tennis calendar would theo- ing an invitation to the clay-court not on which tournaments they Citi Open in Washington, D.C., was der in May that exempted foreign retically have allowed for players Madrid Open, which kicks off the would prefer to play, but which supposed to start on Aug. 13, but professional athletes and essential to complete a short hard-court day after the U.S. Open final. He countries players believe they can chairman Mark Ein pulled the staff from entry bans to the U.S. swing in the U.S. before jumping could potentially follow that with S get into. plug. He cited potential 14-day He argued that it was in the na- to a clay-court stretch in Europe, a trip to a clay-court tournament Europeans can cross the Atlan- quarantine requirements hamper- tional interest to let in competi- with tournaments in Madrid, Rome in Rome as final preparation for PRES tic for the U.S. Open, courtesy of a ing players’ ability to come to the tors for events organized by the and Paris. But tennis officials in Roland Garros. TED CIA

U.S. executive order throwing the U.S., and the difficulty of securing Association of Tennis Professionals the U.S., France, Italy and Spain The contingent prioritizing the SO

border open to athletes. But under waivers to then avoid similar re- and the Women’s Tennis Associa- are now scrambling to get govern- U.S. Open, meanwhile, is led by AS current European Union rules, strictions on their way back to Eu- tion, along with other major Amer- ment guarantees that the players Serena Williams, who has already S/

Americans probably cannot go in rope for other events. ican sports organizations. In total, they invite can actually show up. committed to chasing her 24th BADIA

the other direction to play the “The unresolved travel restric- 1,703 exemptions had been granted Specifically, they are wondering Grand Slam singles titles in OIS

clay-court season that culminates tions on both sides of the Atlantic for athletes and personnel for whether there is room to let them Queens. She didn’t say whether ANC with the French Open. Even Euro- were the biggest issues we faced,” sports as of late June. into their countries if they un- she would also attempt to navigate

peans aren’t certain that they Ein said. “Because of the number But there is a question that no dergo some form of quarantine. EU law to play in France. JEAN-FR P2JW213000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | A13 OPINION The GOP’s ‘D’oh!’ Moment BOOKSHELF | By Tom Nolan

SenateRe- families,vital industry, able.” SenateMinority Leader McConnell nowintends to put An Untouchable publicans ex- schools,states, rentersand Chuck Schumer won’t even alegislativeversion of that perienced health providers. Thegoals try, refusing to engageinreg- unemployment extension on their “D’oh!” were to staveoff economic ular order—tobring abill to thefloor next week and put moment this collapse,provide alifeline thefloor,tohold amendments Democratsonrecordvoting it Second Act week,and during anational shutdown, and votes, and to send a rival down. Theonly way to expose POTOMAC betterlate laythe groundwork forre- product to aHouse-Senate Democratic cynicism and in- WATCH than never.If opening. All that was accom- conference. Democratshavea transigenceistobeat the pub- Eliot Ness and the Mad Butcher even Homer plished—not that youhear Re- plan—blame Republicans for lic over the head with proof— By Kimberley Simpsoncan publicans noting it. The bills, the bill’sfailureand, by laugh- something the GOP failed to By Max Allan Collins and A. Brad Schwartz A. Strassel experience moreover,provided acushion able extension, the nation’s do with policing reform. A (Morrow, 558 pages, $29.99) momentsofto deal with lingering needs; economic woes. GOP vote would forceDemo- clarity,maybe the GOP canyet as Wisconsin Sen. Ron John- cratstoexplain whytwo- oviegoersofacertain agewill remember Eliot do avirus economy—and it- son recently noted, morethan thirds of regular payisnot M Ness—the upright law-enforcement figure who self—some good. $1 trillion of those original Republicans have a enough—especially given battled corruption and organized crime from the As Congressspent another packages has yet to be spent prior Democratic proposals 1920s to the ’40s—as portrayed by atough-talking Kevin tortuous week nonnegotiating or obligated. chance—and a need— that setvirus sick leave and Costner in Brian De Palma’s1987 movie “The Untouchables.” afifth virus-relief bill, it fi- Instead of making these to create an election- family medical leave at two- Television viewers from an even earlier era will recall Ness nally dawned on Republicans points, Majority Leader Mitch thirds regular pay. When Dem- depicted by the stern-faced Robert Stack in the ABC series that they arebeing playedfor McConnell signaled the GOP year contrast. ocratsvoteitdown, Mr. (1959-63) of the same name. But the real-life Ness, as fools.Democratsdon’t want a wasopen to tacking Demo- McConnell needs to bring it revealed in Max Allan Collins and A. Brad Schwartz’s bill; they want to win an elec- cratic demands on to the Re- up again. And again. “Eliot Ness and the Mad Butcher,” was less the hard-boiled tion. House Speaker Nancy publican priority of liability And so it wasencouraging TheGOP meantime also has hero of popular culture than a humane and forward- Pelosi—who may go down as protection forbusinesses and to see Mr.McConnell ac- an opportunity to rethink and thinking lawman as interested in preventing crime as in one of Washington’s greatest organizations.The White knowledgereality and move put together proposals punishing it. cynics—knewexactly what she Houserolled out Treasury to put the GOP back on of- sharply tailored to economic TheChicago-born Ness(1903-57) came to prominence wasdoing in May, when she SecretaryStevenMnuchin, fense.Stepping back from growth. Then bring them up as aProhibition agent in the Windy City,doing battle cooked up the $3 trillion mon- who invited Mrs. Pelosi to dic- talks on abig bill, the Senate again, and again. Hammer with Al Capone and other bootleggers as head of his own strosity known as the Heroes tate the GOP bill. Instead of GOP tackled the most press- home that Democratsare hand-picked squad of agents. His men were dubbed the Act. If the GOP said no to her putting together aplan fo- ing deadline—the Fridayexpi- blocking economic revival. “Untouchables” for their refusal to accept payoffs or outlandish demands,Demo- cused on pro-growth eco- ration of federal enhanced (You can bet that is what Mr. gratuities. As a friend cratswould brand them as un- nomicpolicies,the Senate unemployment benefits. Sen. Schumer would be doing to observed of the incorruptible caring,unable to lead, unwor- GOP cobbled together a Johnson proposed renewing Republicans right now, were lawman: “Honesty amounted thyofcontrolling Washington. hodgepodgeofits ownspend- thesebenefitsatabout two- the situation reversed.) to almost a fetish.” If instead she bludgeoned ing demands—money for thirds of lost wages, or If Republicans allowthis Thegovernment put them intoswallowing her schools, aid forfarmersand, roughly $200 aweek.This election to become acontest Capone behind barsin1932 spendathon, Democratswould yes, $1.75 billion foranew FBI would allowthe federal gov- over whichparty canspend via the prosecution of atax- wave the win as proof they building.Cue arevoltbyfiscal ernment to continue provid- moretaxpayerdollars, they evasion case,but the work of should control Washington. conservatives and party in- ing some aid, though not the will lose. Better to treat it as Nessand his men wascentral Heads Democratswin; tails fighting—and two weeks of current, crazy$600 aweek an opportunity to present true to establishing the extent of the Republicans lose. headlines about Republican that is discouraging so many competing visions—between a mobster’s criminal activities. TheGOP did itsmightiest “chaos.” from returning to work.Sen- GOP that has aplan forabig- With Capone out of the picture, to aid this strategy, by having All the while,Democrats ateRepublicans asked for gerand bettereconomy, and a the Untouchables were no alternativeofits own. By have broadcast—in plain Eng- unanimous consent on that Democratic Party that wantsa disbanded, and Prohibition May, Congresshad spent lish—that they have no inten- plan, and Democratsblocked vastly largerentitlement ended soon after. Ness, a nearly $3 trillion on the virus, tion of letting legislation suc- it. That meansDemocrats state. Yetmaking that con- nationallyknown figure (his and Republicans had plenty to ceed. Mrs. Pelosi this week ownthe expiration. trast firstrequires Republi- physical and professional image pack intoamessage: Thebills described the two bills as a Not that the press will put cans to get there themselves. inspired Chester Gould’scomic-strip policeheroDick provided generous aid to the “giraffe” and a“flamingo” and it that way, which is why it is Get a plan, make the case. Tracy), looked beyond Chicagofor newopportunity.He unemployed, small businesses, said they were “not mate- also encouraging that Mr. Write to [email protected]. found it in Cleveland, the siteofhis next significant successes—but also of the disturbing case that gives Messrs. Collins and Schwartz’s book itstitle. Ness was named Cleveland’s director of public safety in Freedom Beats Aid for Religious Schools 1935 and was put in charge of the city’s police and fire departments. He found the cops to be sloppy, uncooperative HOUSES OF Thelast TeachersPresident Randi Enrollment at other pri- of their mission.” and demoralized. Once more he formed his own discrete WORSHIP week of the Weingarten decried it as “a vate schools also skewsblue. If that seems obvious,it unit of Untouchables to weed out incompetent and corrupt By Avi Schick recent Su- seismic shock that threatens Aweek after Espinoza was isn’t to those running things officers and hire smart new ones. “Intelligence,” he coun- preme Court both public education and re- decided, ahandful of states in NewYork.For several years seled, “must supplant brutality.” termligious liberty.” Although Our and cities filed afederal law- the statehas been trying to But even Nesswas stumped trying to apprehend the brought two important deci- Lady of Guadalupe generated suit challenging aTrump ad- impose regulations that would “torso murderer” responsible foraseries of ghoulish sionsfor supportersofreli- lesspassion, it is likely to ministration rule requiring dictatewhat privateschools killings, in which partsofdismembered and beheaded gious liberty in education. As provemuch moremeaningful school districtstodistribute must teach and would subject corpses were strewnabout the woods and dumpsites of is oftenthe case in school, the to religious schools. aproportionateshareoftheir their teacherstoevaluations KingsburyRun, one of the city’s poorest areas.“The morepopular one isn’t neces- Espinoza is doctrinally im- federal Covid-19 education by bureaucrats. TheCouncil of mysteryofthe headlessdead” drew national and inter- sarily the most likely to suc- portant, and it rightly per- aid to privateschools.The American PrivateEducation national attention. In Germany, the Nazi pressmocked ceed. mitsstatestosupport reli- governmentspursuing that declared last year that “the America’sinability to apprehend the “Mad Butcher of Espinoza v. Montana was gious schools alongside other claimrepresent morethan a proposed regulations would KingsburyRun.” With no witnesses and sometimes no way the long-awaited Blaine privateschools.But thereis thirdofCatholic andother constituteanunprecedented even to identifyvictims—and with advanced forensics Amendment case.Itheld that no reason to think that privateschool studentsinthe level of stateinterference techniques far in the future—policewerestymied. astate constitutional provi- states will nowstepupcountry. with the independenceofpri- By 1938,the authorswrite, “the Butcher had become sion excluding religious spending.Budget and politi- vate schools.” the subject of the largest manhunt in Cleveland’s history.” schools from programs that calconstraintshavemorein- Our Lady of Guadalupe Thousands of citizens wrote and called the cops with fund privateschools runs fluencethan legal concerns A Supreme Court prohibitsprecisely this.The worthless tips. “The investigators, after years of fruitless afoul of the FirstAmend- over privateeducation fund- court found that the govern- searching, grew desperate, pursuing ever more eccentric ment’sFreeExercise Clause. ing.Evenbefore Espinoza, ruling on employment ment has no license to getbe- lines of inquiry.” At last a few tantalizing leads brought an As Chief JusticeJohn Roberts states with the political will law is more important tween religious schools and alcoholic and mentally disturbed doctor named Francis explained, “A State need not to fund privateschools found theirfaculty,eventhose who Sweeney to the attention of the detectives. subsidizeprivateeducation. legal waystodoso. As the than one on subsidies. teach secular topics likemath But onceaState decides to do ruling acknowledged, most and science. Even they areex- so,itcannot disqualifysome “stateswith no-aid provi- pected “tomodel, teach and Afterhelping to put Al Capone behind bars, privateschools solely because sions allowreligious options Our Lady of Guadalupe,on promotebehavior in confor- lawman Eliot Ness came to Cleveland, they arereligious.” in publicly funded scholar- the other hand, provides reli- mity” with religious values. Our Lady of Guadalupe ship programs,and almost gious schools with something As JusticeAlitoput it, educa- wherehedid battle withavicious killer. School v. Morrissey-Berru in- all allowreligious options in vital. In an erawhen the gulf tors are“expected to guide volved the“ministerial excep- taxcredit programs.” between society’s values and theirstudents, by word and tion” to employment laws, Thedemographics of reli- those promoted by religious deed, toward the goal of liv- Ness and his crew subjected the 44-year-old Sweeney— which insulates religious in- gious schools also suggest a schools is getting wider ing their lives in accordance who had shown signs of psychosis and had been verbally stitutions from some labor limitedeffect for Espinoza. while tolerancefor differ- with thefaith.” and physically cruel—to judicially inadmissible polygraph lawsuits. Writing foraseven- Consider Jewish schools.In ences is getting narrower, the Religious schoolsteach stu- examinations that convinced all present of his guilt. Still, justicemajority,JusticeSam- 1945,therewerefewerthan ruling ensures that religious dentsthat the most important despiteanabundanceofcircumstantial indicators, Ness uel Alitoexplained that 7,000 studentsspread across schools canpursue their mis- thingsinlifecan’t be bought. had no hard evidence. Complicating matters was the man’s courtscouldn’t intervene in 30 Jewish schools in the U.S. sion free from government By recognizing that Our Lady being a cousin of a local congressman, a vocal Ness critic. employment disputes involv- All but ahandful were in New interference. of Guadalupe’s guarantee of Prosecution was not an option. Ness handled the matter ing religious schoolteachers York.Today, thereare more Thepremise of the decision religious liberty is morevalu- privately, helping to arrange Sweeney’s commitment to a because it “would undermine than 900 Jewish schools in 38 is an acknowledgment that able than Espinoza’s promise mental hospital. Sweeney,who wasinstitutionalized for the independenceofreligious states educating nearly the“religious education and of increased funding,religious much of the rest of his life, sent a series of bizarre and institutions in away that the 300,000 students. But 80% of formation of studentsisthe schools would practicewhat taunting postcards to Ness through the mid-1950s. FirstAmendment does not Jewish school studentsare very reason forthe existence they preach. Though Ness was sure that the killer had been caught tolerate.” still in NewYork,New Jersey of most religious schools.” and dealt with, he couldn’t officially close the case and so Espinoza wasdescribed by and California—blue states Therefore“the selection and Mr. Schick is apartner at swore himself and his men to secrecy. The public was left Education SecretaryBetsy De- that will not jump to increase supervision of the teachers Troutman Pepper and presi- with the impression that the culprit might still be at large. Vosasa“historic victory,” funding forprivateschools af- upon whom theschools rely dent of the Rabbi Jacob Jo- The case of the Mad Butcher, with its unsatisfying non- while American Federation of ter Espinoza. to do this work lie at the core seph School. finale, fits a bit awkwardly into Messrs. Collins and Schwartz’s wider narrative. In the latter stages of their book, the authors ably follow Ness through an unsuccessful foray into city politics and a disappointing business career. Free Markets and Meaning in Life But given this work’s title and its subtitle—“Hunting America’s Deadliest Unidentified Serial Killer at the Dawn By Clay Routledge preneurial ambitions.Wewere howmuch they believeentre- experimental studies demon- of Modern Criminology”—one sometimes gets the feeling And John Bitzan interested in aspecific motiva- preneurship benefitssociety, strating that when people fo- of two different books uneasily hitched. tional dimension of meaning, as well as their ownentrepre- cus their attention on what That said, the authors have done Ness justice. It’s growing body of behav- what we refertoasexistential neurial motivation. gives them meaning,they feel discouraging to learn that a man who refused a fortune in A ioral-scienceresearch agency: the extent to which We found that existential moreagentic,driven to pursue bribes died $9,000 in debt. Shortly before his fatal heart indicates that believing people believethey arecapable agencyisstrongly associated their goals,and optimistic attack at the age of 54, he finished work on the memoir that lifehas meaning helps individ- of finding and maintaining with viewsabout capitalism. about the future. would revive and romanticize his reputation and bring his uals thrive. People who view meaning in life. Themorepeople believein Champions of free markets third wife and their adopted son a modicum of income. their decisions as existentially their ability to liveameaning- regularly point out that capi- Messrs. Collins and Schwartz, in this, their second deeply weighty cope better with fullife, the morethey view talism has made lifeeasier, researched book about Ness, don’t gloss over their subject’s stressand tragedy.They also ‘Existential agency’ is capitalism and entrepreneur- safer and longer.This is true failingsand blind spots, but they do showthat he tried livelonger and healthier lives. ship as good forsociety. and worthyofcelebration. But harder than manytoleave the world abetterplace. His Disbelief in meaning is amajor correlated with belief Among those who plan to start humanity is an existential spe- “signatureachievementsinCleveland—fighting juvenile risk factor fordepression, sub- in capitalism and abusiness, existential agency cies: People want morethan delinquency, reorganizing the police department, promoting stanceabuse and suicide.But strongly predictshow moti- safeand comfortable lives; traffic safety—stemmed from a deep well of humanity and theidea that our actions are entrepreneurship. vatedthey aretopursue their they want their struggles to compassion,” they write. Now more than ever, the authors consequential has effectsbe- entrepreneurial goals. matter. ThemoreAmericans conclude, Ness’s name “should remind us of the rigorous yond psychology. Our research Even accounting forincome believethey canachievealife standards he brought to law enforcement—professionalism, has found that asense of life’s In our study,1,269 Ameri- and employment status as well of meaning,the morethey will competence, honor, and decency—and a determination to meaningfulnessistightly tied canadults18to88completed as other correlates of eco- push foreconomic freedom makeeveryone safer by addressing the systemic root to positiveviews of capitalism questionnaires that assessed nomic beliefs such as ageand andbeinspired by the entre- causes of crime.” and entrepreneurship. psychological characteristics politicalideology, the effects preneurial spirit that has As part of anew instituteat (including existential agency), of existential agencyremain helped our nation flourish. Mr. Nolan reviews crime fiction for the Journal. our university—the Sheila and their general views on eco- statistically significantand RobertChalley Institutefor nomic freedom, and the ex- strong.Existential agencyhas Mr. Routledge is aprofessor Global Innovation and tent to which they believe aunique effect on views about of management at North Da- Coming in BOOKSthis weekend Growth—we conducted asur- capitalism canhelp solve capitalism and entrepreneur- kota StateUniversity and Mr. HowIke led •Plutonium &the atomic age•Anunlikely vey to investigatehow the large-scale challenges such as ship,aswell as entrepreneurial Bitzan is the director of the road trip with JorgeLuis Borges•Russia’sendangered need formeaning relates to climatechange, automation motivation. Sheila and Robert Challey In- giant owls •The scholar-printersofearly modern Europe • Americans’ beliefs about eco- and poverty.They also re- We believethese results stitutefor Global Innovation Thecricketers’ almanack •Old-school sci-fi •&much more nomic freedom and their entre- sponded to items assessing makesense in light of previous andGrowth. P2JW213000-0-A01400-1------XA

A14 | Friday, July 31, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Lockdown’s Destruction Is Ranked Voting the Best Election Answer?

emocratsand their media allies have tainty caused by threatsofsecond lockdowns, Iamdisappointed to see Mark Be- qualified—or “exhausted,” to use the trapped themselves in acontradic- the lesslikely Americans will be to spend. gich and Sean Parnell respond nega- RCVeuphemism. Almost all of those D tion.They aredeploring Thursday’s These transfer paymentsare fiscally unsus- tively to ranked-choicevoting (RCV) were because the voterdidn’t make being part of an Alaskan reform asecond choice. grim second-quarter GDP re- tainable,and the second Incredibly, some in the package(“Alaska’sElection Initiative These properly cast but elimi- port even as they demand a quarter offersawindowon Is Rank,” op-ed, July 24). It is,sadly, nated ballotsfollowedthe rules; repeat of the lockdown that media want to repeat the what an economyrun by poli- all toocommon forsome politicians second choices weren’t required. But caused the economic catas- ticians looks like. Moretrans- to resist change. only these ballotswithout second trophe.What do they expect second-quarter debacle. ferpaymentswill delayand Under Alaska’scurrent system, a choices were disqualified. Of the when government orders slow the recovery by causing candidatecan become agovernor or ballotsthat had JaredGolden or Americans to sit in their more workerstostayonthe U.S. senator with lessthan 30% of the Rep.Poliquin as their firstchoice, homes forweeks? sidelines. vote.Instructively,Mr. Begich won 51% didn’t list asecond choice. How- That’sthe main messagefromthe 32.9% de- TheLabor Department’sweekly unemploy- his 2008 Senateseat and Mr.Parnell ever,those ballotsweren’t disquali- cline in GDP,the worsteverrecorded. Thedam- ment claims report Thursdayshowedasmall his 2010 gubernatorial primaryeven fied. Is that “fair?” Rep.Golden won ageextendedacrossthe privateeconomy— uptick in newand continuing claims,which though morethan half of the voters the election with 50.6%ofthe vote backed their opponents. That’snot based on second-placevotes,but from businessinvestment to manufacturing wastobeexpected aftersome states shut representativedemocracy. without the selectivedisqualifica- and housing.But the greatest harm wasfrom down businesses again. But the continuing Ranked-choicevoting is expanding tion he would not have reached a the collapse of consumer spending as the shut- claims rate washighest in states likeNew York rapidly.The number of cities adopt- majority. down crushed the serviceeconomy. (16.3%) and California (15.5%) that have been ing it has doubled in recent yearsto With each round of candidate Consumer spending fell 34.6% and ac- slowtoreopen; Nevada (22%) and Hawaii morethan 20.This year,Democrats elimination, the denominator forde- counted forsome 25 percentagepointsofthe (21%) that rely on tourism; and Louisiana used RCVinfivepresidential prima- termining the winner will shrink to GDP decline.The fall in transportation, recre- (16.6%) and Georgia (16%) that offer among the ries,while Republicans used it in re- createthis false majority.Wehear ation,food services and hotels wasbrutal. But most generous unemployment benefitsfor cent stateconventions in Indiana constantly that everyvoteissacred the biggest surprise wasthe plungeinhealth- low-wageworkers. Arizona (7.9%), Florida and Utah and congressional prima- and must be counted. TheRCV sys- care spending during ahealth-carecrisis. (8.6%) and Texas (10.1%) haven’t experienced ries in Maine and Virginia. Consis- temdismisses that dictum. Health care representsabout 12% of the U.S. aspikeinclaims. tently,voter turnout has exceeded FRED VAN BENNEKOM expectations,and voters of all ages Bolton, Mass. economyand itscollapse subtracted 9.5per- iii and backgrounds have displayedan centagepointsfromGDP. Hardtobelieve, but some on the leftare easy ability to rank multiple candi- Ranked-choicevoting would give Howdoes that happen in apandemic? The stumping forasecond nationwide lockdown dates.Morebroadly,candidates now third-party candidates alegitimate answer, as our friend Don Luskin pointsout, to control the virus.Shut the U.S. down again canrun without fear of their elec- shot at winning officeevery oncein is that politicians panicked in March and until October when the scourge will be gone tion being “spoiled,” and aredirectly awhile,something Republicans and waited forasurge of Covid-19 patientsthat the forgood. Do they want another 33% decline in rewarded forengaging with as many Democratscannot allow, and some- pandemic modelerstold them would arrive. GDP and 40 million moreunemployed? voters as possible rather than focus- thing both parties fight tooth and Blessedly,the modelerswerewrong,and far Without avaccine,the virus wasalways ing only on their base. nail everyyear to prevent in the fewerhospital and intensive-carebeds were likely to spread through most of the country, Agrowing number of our leaders, form of ballot-access restrictions, needed. But the economic harm from stopping as the Centersfor Disease Control and Preven- including some initial skeptics,are debaterigging,etc.Instead, this un- embracing ranked-choicevoting as a natural duopoly must propagatethe all electivesurgeries and barring visitstodoc- tion predicted in March. Thelockdown-as-mir- chancetoachieveamoreperfect false choiceoftwo parties that dif- tors wassevereand unnecessary. acle-cureisafantasy,asthe World Health Or- union. feronly superficially and with which It was also a terrible public-health blunder. ganization has nowacknowledged. The ROB RICHIE very few Americans aretruly happy. That harm will play out foryearsasAmericans economic and public-health harm is toogreat President and CEO, FairVote Let’shope the voters of Alaska see discover cancer,heart-disease and other diag- and the virus is tooeasily transmissible. Takoma Park, Md. through this nakedly self-serving ar- noses that were missed or delayed. Thepublic is smarter than the media and gument and embracechoice. Notably,Congress’snearly $3 trillion in ap- canadjust itsbehavior when flare-ups occur. Messrs. Begich and Parnell are RYAN POSLY propriations couldn’t stop the economic col- Hospitalizations and cases in hot spotsinthe correct that ranked-choicevoting is Chicago lapse. Government grew 2.7% in the second South and West aretrending down. They’ve an opaque,confusing newelection quarter,led by anearly 40% increase in nonde- fallen by athirdinArizona from apeak two system with manyunderdiscussed is- In 2016 the Democratic primary fense federal outlays.The feds offset a$795 weeks agoand aredown8%inTexas.Deaths sues.The fairnessargument forRCV formayor in Democratic-controlled is that the system guarantees the Wilmington, Del., waswon by acan- billion decline in employeecompensation with have increased, but the rate is far belowthose winner has majority support, but it’s didatefromthe wealthiest area of a$2.4trillion increase in transfer payments. on the East Coast in the spring. amanufactured majority that gives the city who had persuaded 1,200 But the GDP decline shows that $1,200 cash At least the worsteconomic news is over, equal weight to second- and first- Republicans and independentstore- paymentsand joblessbenefitscan’t replacea or it should be without asecond lockdown. Or- placevotes. register as Democrats. He wonthe dynamic privateeconomy. dersfor motor vehicles and capital goods are Theexperienceofthe Maine sec- primarywith fewerthan 3,000 Personal disposable income increased $1.5 rising,and housing is strong.The serviceecon- ond congressional district race in votes, 23.59% of the entirevote, trillion (42.1%) while the savingsraterose to omywill take longer to come back,but it will 2018 is instructive. Incumbent Rep. with seven other candidates split- 25.7%from7.3%inlast year’s fourth quarter. do so when the public feels confident enough BrucePoliquin gotthe most first- ting the rest. It’sanexample of how People haven’t been dining out or traveling,so to ventureout. What no oneneeds is another placevotes,but he only got46.3% of “trickery” works under the current they arestockpiling cash. Themoreuncer- catastrophe likethe second-quarter lockdown. the totalvote, so the RCVsystem “one with the most voteswins” sys- wasapplied. Thetwo lowest vote tem. It is quitelikely that with RCV, getterswereeliminated, and their another candidatewould have won— A Space Race for the 21st Century second-placevotes were examined. by amajority. Of the ballotsthat entered this sec- DAVID MCCORQUODALE ond round, over one-thirdweredis- Wilmington, Del. hanks to an uneventfullaunch Thursday, in rarefied air,inboth senses of the term. in about six months NASA will parachute Control of Earth orbit, meantime,looks as con- T aFordPinto, roughly speaking,ontothe tested as ever.Last year India shot down one of surfaceofMars. ThePersever- itsown satellites,joining the or- Don’t Assume There Will Be Debates in 2020 ancerover is 10 feet long,7 China aims to land a bital powerplayers.Russia put feet tall and 2,260 pounds,and Mars rover, something up asatellite referred to as Cos- Ithink Karl Rovehas it completely watching Netflix on those evenings— it’ll pokearound adried-up mos 2542. It proceeded to wrong in “2020 Gives NewMeaning as will JoeBiden, safely ensconced in to ‘Viral Campaign’” (op-ed, July 16). his bunker. river delta, looking forsigns of the EU hasn’t managed. launch asmaller comrade,Cos- President Donald Trump won’t score DAVE ROSSOW old microbial life. It carries a mos 2543,which this summer pointsonJoe Biden in the 2020 Boylston, Mass. four-pound helicopter fortest- movednear another Russian presidential debates because there ing Marsflight. satelliteand “injected anew object intoorbit,” the will be no debates.After Vice Presi- Theimportanceofthe 2020 presi- This is the thirdmission this summer aimed at U.S. said,interpreting this as an attack test. dent Biden finally gets officially nom- dential debates might be blunted by the fourth rock from the Sun. Last week China sent Militarystrategistshaveextolledthe high inated on August 20 and President early voting.According to Vote.org up aMarsgolf cart, moreorless, weighing around ground sinceSun Tzu, several centuries B.C. To- Trump gets renominated on August and NCSL.org, nine states provide 530 pounds,and also scheduled to arriveearly daythe highest ground is in space. Peaceful ex- 27,therewill still be over amonth early voting beforethe firstpresi- next year.Ifsuccessful, China would become only ploration is worthwhile forits ownsake. But it’s beforethe firstscheduled debateon dential debate, and in at least 33 the thirdcountrytoland intact on the planet. ASo- hardtodenythat those with the most experience September 29.During that time,one states early voting begins beforethe viet probe made it in 1971 but quickly lost contact. operating in the heavens will be best equipped or moreprogressive“grassroots” last debate. It maybethat the elec- groups will urge JoeBiden not to de- tion is decided long beforewe’ve TheEuropeans have tried twiceand failed. to control or defend it. bateDonald Trump.They will ex- had achancetosee and hear the India sent aMarsorbiter in 2013,and the Over three glorious years, 1969-72,America claim, “Don’t debatehate!” andpres- candidates. United Arab Emirates launched one last week, put bootprintsonthe moon, and then forde- sureMr. Biden not to debatethe CARLOS MARTINEZ which in Februarywill completeits journey of cades it lost interest. Todaythe U.S.,China, Rus- president. Morgan Hill,Calif. millions of miles.But spinning wheels in Mars sia and Japan areall considering some kind of Afterloudly proclaiming his desire dirt is another feat altogether.Not even the So- manned mission to the moon in the next decade to go toe-to-toe with the president, viet Union managed to successfully drivearover or so.Maybe alittle competition up therewill the former vicepresident will reluc- Douglass Praised the Now- on the redplanet. If China pulls it off,itwill be be auseful kick in the spacepants. tantly agree to their demands.The Unfashionable Mrs. Stowe debates will be canceled and Presi- dent Trump will lose the biggest Michael R. Cheuvront’sJuly 23 chancehehas to turn his currently letter mentions that: “In 1851 Har- Delay the Election??? disastrous campaign around. riet Beecher Stowe became the most Iwould lovetowatch both candi- influential writer about the plight of resident Trump nearly always ends his no problem. Paterson, N.J.,recently disqualified dates verbally dukeitout beforeall black slaves.” It is worth pointing tweetswith aseries of exclamation points. 20% of itsmailed ballots. America, but I’m quitecertain I’ll be out that acontemporaryofStowe’s, PHis Wednesdaytweet about the November NewYork Democratsare immersed in bitter the most famous former black slave, election uncharacteristically intra-party litigation over the Frederick Douglass, did not think ended with three question Trump can’t change the June 23 12th Congressional Mnuchin Follies and ‘Who Stowe to be “unworthy”:“In the marks: “Delaythe Election until date, but voting by mail district primary. At issue are Ya Gonna Call?’ Syndrome midst of these fugitiveslave trou- people canproperly,securely the details of counting mail-in bles came the book known as Uncle andsafely vote???” needs to be cleaned up. ballots. Incumbent Rep.Caro- In “The Mnuchin Follies” (Potomac Tom’sCabin, awork of marvelous Mr.Trump’sdefendersare lyn Maloney’sopponent, pro- Watch, July 24), Kimberley Strassel depth and power. Nothing could hits the nail on the head in calling have bettersuited the moral and correct that he wasmerely gressiveSuraj Patel, has out the administration and the GOP humane requirementsofthe hour. raising the issue.But delaying the Nov.3elec- charged“votersuppression." He and other Dem- Senate for fiscal and legislative irre- Itseffect wasamazing,instanta- tions is adreadful idea. Only an act of Congress ocratic plaintiffs have filed afederal lawsuit that sponsibility. For Republicans, the only neous,and universal.” canchangethe date, established in 1845,and the election’smail-related problems could “dis- saving grace is that as bad as they HOWARD DELONG thereisnochanceitwill do so now. Lincoln ran enfranchise amassivenumber of voters.” are, the Democrats are worse by sev- West Hartford, Conn. forre-election amid the destruction and dis- This is not to suggest that the November eral multiples. This is what the ad- placement of the Civil War. election will be “rigged,” as Mr.Trump asserts. ministration banks on. The few fiscal Mr.Trump’sopponents—from the media to If he believes that, he should reconsider his par- conservatives left in this country will Pepper ... JoeBiden—have planted the thought that he ticipation and let someone runwho isn’t looking stick with the president and the GOP And Salt won’t accept the resultsorwould trytoput off foranexcuse to blame fordefeat. because there is nowhere else to go. the vote.How he helps himself by keeping such But Democratsand their allies aredoing a Joe Biden is promising trillions of THE WALL STREET JOURNAL dollars of new spending on top of the disruption narratives in the public’smind re- disservicetothe integrity of this election by be- trillions for virus relief. mains amystery. ing willfully blind to the challenges posed by the RICK MILLER Still, aquestion: Whyare Democratsand the pandemic.Ifthe presidential result is close in Wallingford, Pa. presssounconcerned about whether stateelec- one or morestatesamid the kind of problems tion authorities areprepared to conduct acredi- displayedinNew York,either candidatesurely Speaker Nancy Pelosi has cast her ble election amid the pandemic? Theconven- will sue,making the Florida “hanging-chads” re- spell on Steven Mnuchin. The Stock- tional wisdom, inserted in everystory on this count in 2000 look likeakindergarten exercise. holm syndrome is alive and well at subject, is that thereisnoevidenceofsignifi- Similar challenges arelikely to emerge in Sen- the Treasury Department. cant fraud in mail-in elections,that manystates ate, House and stateelections. ANDREW BLEKE have used mailed ballotsfor yearswithout seri- Delaying the elections during the pandemic Atlanta ous incident. would only put off apotential fiasco. But with Lettersintended forpublication Yetitstrikes us as bordering on the fantastic time short, the responsible course is forgover- should be emailed to [email protected]. foramedia that has reported the extraordinary norsand membersofboth parties to ensure Please include your city, stateand dislocations of the pandemic—lockdowns, deadlinesfor mail-in ballotsare early enough telephone number.All letters aresub- death, virus spikes—toblandly sayvoting in a so that the counting stops and the resultsare ject to editing,and unpublished letters cannot be acknowledged. major election using the U.S. Postal Serviceis clear on Election Day. “Yes! A follower.” P2JW213000-0-A01500-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | A15 OPINION The Biden-Sanders Manifesto

By Phil Gramm radical racial agenda in recent U.S. the fruitsoftheir labor and thrift. history. UnlikeMr. Sanders’ssocialism, in hen unemployment Mr.Biden’sdramatic political whichgovernment assumes control and poverty rateshit transformation hasexposed what andthereforethe blame when the record lows in late manyhavealways suspected: Moder- system fails,Ms. Warren’sstyle of W 2019,while retirement ateDemocratsaren’t socialistsun- socialism means it’salways possible accountsand average lessthey think they canadopt social- to blame business. household incomes surgedtorecord ist policies and survivepolitically. Thefinal pillar of the Biden pro- highs,Joe Biden understood that TheBiden-Sanders“Unity” mani- gram is racial justice. Ironically,the general-election voters would never festoenvisions the socialism of an vicepresident to the firstblack pres- go forBernie Sanders’stax-and- all-encompassing welfarestate,with ident believes that Americaissys- spend socialism or Elizabeth War- virtually everyneed aright, and ev- temically racist. His “Unity” program ren’scommand-and-control version. eryright guaranteed by taxpayer declares that virtually everysignifi- Mr.Biden also bet, taking longer funding.Housing becomes aright, S cant gap—in wealth, health care, odds,that the Democratic establish- and “no one should have to paymore PRES housing, policing,education—can be

ment andultimately the Democratic than 30 percent of their income for TED blamed on racism. Thecureisamas- primaryvoter,desperately wanting housing.” Public colleges will be “tu- CIA sivetransformation of everyaspect SO

to retake power, would reject his pri- ition-free” for“roughly 80 percent of AS of American life, using areparations maryrivals as well. So Mr.Biden of- the American people.” Student loans CI/ commission, wealth transfers, subsi- feredanicer version of the status areexpunged, paymentsare capped VUC dies,employment and promotion AN

quo.“Nobody has to be punished,” and eventually forgiven. School EV preferences,quotas,and even anew he told donorsinJune 2019.“No lunches,along with breakfast and Joe Biden and Bernie Sanders at a primary debate in Washington, March 15. mandatetothe Federal Reserveto one’sstandardofliving will change, supper,will be universally free. seek racial equity.Every action that nothing would fundamentally On health care,Mr. Biden bought tryinthe imageofSolyndra. he pledged to end the “era of share- displaces merit with preferencewill change.” Mr.Sanders’s“Medicarefor All” In all things, the government holder capitalism.” That erabegan reduceAmerican efficiencyand com- scheme—though on an installment would direct, regulateand mandate with the Great Economic Awakening petitiveness. Tilting the system in plan.First health care becomes a with armies of the “best and bright- that followedthe Enlightenment. By the name of correcting old injustices Voters should examine how right where“no one pays morethan est,” organized as acaring corps of rejecting shareholder capitalism and will createnew ones. 8.5percent of their income.” Mr.Bi- subsidized health-, child- and elder- making privatewealth subject to Four months intothe pandemic far left the former vice den’splanned public option is heav- care workers, plus aclimatecorps of public demands,the Biden adminis- crisis,with the nation’scities ablaze, president has moved since ily subsidized, with no deductibles environmental regulators. Govern- tration would take Americaback to the moderateMr. Biden seemed and lowcopayments. Likecurrent ment employees would enjoythe the medieval world, wherelabor likely to runaway with the election. winning the primaries. Medicare,this “Medicareoption” “highest labor standards” forpay and capital were forced to payfealty But moved by adual crisis toobig to would further inflatethe cost of pri- and benefits. Anew right to strike to the crown, guild, church and vil- waste, and pushed by the base of his vate plans by making them paymore forall workerswould include sec- lage, which leeched the lifeblood out party,hehas nowadopted Sanders- DespiteMr. Biden’sshakystart, he to compensatefor government’sun- ondary strikes likethose that re- of the incentives to work and save. Warren socialism and aradical plan surgedinSouth Carolina onceDemo- derpayment to hospitals and doc- cently paralyzedFrance. Today’scritics of shareholder capi- to remakeAmerican society on the cratsfaced the reality that the alter- tors.The inevitable result would be With government for, of and by talism want to hand businessover basis of race. nativewas Mr.Sanders, aself-identi- that the Medicareoption would government, all public servants to “stakeholders” such as govern- BeforeMr. Biden’stransforma- fied socialist who wasonrecord quickly “compete” privateplans out would benefit, except the police. Po- ment, environmentalists, unions and tion, the question facing voters was saying positivethingsabout Venezu- of business. Commercial banking liceare to be moreclosely tracked communities. “Do yousupport Donald Trump?” ela, Cuba and the Soviet Union. The would be similarly threatened by andexposed, and federal law-en- As the newstakeholdersextract Thequestion nowis, “Are youwill- establishment swung behind Mr.Bi- newpublicly backed post-office forcement would be hampered with their unearned share, the equity ing to endanger the economyand den and the primaries were over. banksalong with the Federal Re- aNew York-style arrest-and-release value of businesses would plummet. your freedom to end the Trump Yetafter he wonthe nomination serve, whichMr. Biden wantsto program. Disorder awaits. SinceMr. Since70% of all U.S. stocks are presidency?” Fordiscontented Re- as the only “moderate” in the race, grant permanent authority to lend to Biden believes “substanceuse disor- owned by 401(k)s,individual retire- publicans and independents, and the the newworld of the coronavirus businesses. dersare diseases,not crimes” and ment accounts, privateretirement manyAmericans who found refuge shutdown revealed anew candidate APresident Biden would imple- “no one should be in prison solely plans or insurancecompanies to from socialism in this country, those who wants“not just to rebuild the ment aversion of the SandersGreen because they use drugs,” American fund annuities and death benefits, questions areverydifferent. Thereis economy, but to transform it,” as NewDeal, only in 15 yearsinstead of neighborhoodsmay soon resemble Americans would see their nest eggs abig differencebetween being un- Mr.Biden said in aMay address. In 10.Mr. Biden’splan uses mandates thestreetsofSan Francisco. shattered. Resourceswould be redis- happy and being suicidal. rapid succession he adopted the and subsidies to dictatewhat kind of Afterpicking up Mr.Sanders’s tributed not by taxing and spending Sandersplatform, the cornerstone of energy is produced, remaking the positions, Mr.Biden has absorbed but simply by forcing privatecompa- Mr. Gramm is aformer chairman the Warren candidacy, and the most world’smost efficient energy indus- Ms.Warren’srhetoric.This month nies and their employees to share of the Senate Banking Committee. Europe Turns America Into a Bad Example on Fiscal Policy

TheEuropean in emulating what they think is the This isn’t what the EU will do un- none of those hardthings, and now York Gov.Andrew Cuomo would wel- Union’sfondest U.S. model. TheEuropean Commis- der itsfiscal plan. TheEUlacks the don’t have anyoftheir ownorany- come the sort of fiscal scrutinyonce fans aremoreor sion will issue bonds backed jointly politicalconsent to createand the one else’smoney to spareonvirus visited on Spain is apolitical mys- lessthrilled with by allEUmembers, and then appor- bureaucratic ability to administer its relief. tery,although NewYork taxpayers last week’smajor tion the proceeds to governments owncontinentwide spending pro- TheEUplan amountstoasubsidy might benefit. coronavirus spend- partly as grantsand partly as loans grams.Itmust instead assessthe forbad decisions made by someone Even now, aproposal by blue-state POLITICAL ing spree.Leaders based on national need. need foreach member statetostabi- else’sgovernment. Americans almost DemocratsinCongresstobail out ECONOMICS of EU member There’sonly one problem. Amer- lizeits owneconomyand then weigh never do this. their state-level confreres is proving states agreed to ica’sfiscal system works nothing like that government’scapacity to fund NewYork City’s bailout in the controversial. Democratswould love By Joseph C. pour €750 billion the way the Europeans seem to think itself.Those governmentsfound 1970s is the exception and came with to slip such abailout intothe newest Sternberg intofiscally it does. most wanting will receivethe most the sort of strict policyconditions coronavirus spending spree as asop strapped members It’struethat Americans areat aid. that annoyindebted European gov- to the public-sector unions whose such as Italy. least somewhat willing to let the fed- ernments. Stocktonand SanBernar- bloated salaries and pensions have Those fans should be warier of eral government spend alot of dino,Calif., in 2012 and Detroit in caused blue-statefiscal dysfunctions. getting what they’vewished for. A money in acrisis—a trillion dollars EU officials look with envy 2013 didn’t receivebailoutsinthe Republicans areresisting. similar aid packageisproving con- hereand atrillion thereinapan- wake of the 2008 financial panic and Europeans and Americans have troversial in the U.S.—the fiscal demic.This mostly takesthe form of on the unified U.S. system. filed forbankruptcy,ashavemore lessons to teach each other here. union whereEuropeans mistakenly the sort of “stabilizers” that discern- But it doesn’t work the than 600municipalities sincethe America’slong historyoffederalism, believethis sort of thing is easy. ing European economistsdesirefor Great Depression. properly understood, could serveas Europeans have long looked their continent, meaning the suiteof way they imagine it does. This model has worked well for amodel if the European Union ever acrossthe Atlantic with envy.Amer- social-welfarebenefitsand federally the U.S. Most important, America decided to createthe political insti- icaboastsasingle currencyand also funded public-works projectsin- avoids the fiscal food fightsthat have tutions to match itsfiscal ambitions. the ability to redistributetax money tended to smooth out consumption This is the type of fiscal union the addled Europe sinceitbegan bailing Europe’smorerecent miserable and borrowedcash from prosperous during arecession. U.S. conspicuously avoids.Amember out itseconomic laggardsadecade and acrimonious fiscal debates, zones of itscontinental economyto Yetwhile this money maybelaun- country’s“capacity” to fund itself is ago. Those bailoutsalways come meanwhile,offer atimely reminder those that arelesswell-off.Truebe- dered through block grantstostate always afunction of local political with meddlesome policyconditions to Washingtonofthe dangersofsub- lieversinthe EU arguetheir bloc re- governments, it amountstoaform of decisions.Germanytwo decades ago (sometimes wise,often not) designed sidizing bad local decision making. quires the same to function economi- aid from U.S. taxpayers to individual undertook difficult economic reforms to mollifydonor taxpayers.Utah’s U.S. progressives saythey want to cally and politically. fellowAmericans in need. Even then and then made aconcerted effort to governor should be grateful not to emulateEurope’spolitical economy. TheCovid-19 pandemic has pro- Americans rarely agreeonthe dollar paydownits national debt; nowBer- have to micromanageNew Jersey’s In this regard,with apologies to H.L. vided an opportunity forEuropean amountsand specific forms of aid, lin enjoys the fiscal room to payfor public-employeepensions in the way Mencken, they should take care lest integrationiststogofor broke(figu- and that sort of haggling is what we alarge pandemic spending spree. Germany’sAngela Merkel set condi- they getwhat they want good and ratively and in time perhaps literally) payCongresstodo. Italian voters and politicians did tions on Greek spending.Why New hard. Trump Helps the Environment by Enraging Environmentalists

By Richard A. Epstein had two basic objectives: first, to re- Environmentalist critics work on But by far the most important gin while these details areironed quireall newprojectstoreceivea the flawedassumption that the lon- proposal is to softenthe devastating out through project upgrades, he Trump administration re- thorough and transparent vetting of gerthe reviewperiod, the greater consequences that flow from anyas- backed by public and privateinspec- T cently published the firstcom- potential environmental risks; sec- the environmental protection. But serted NEPAviolation. Courtshave tions,strong liability protections prehensiverevision of federal ond, to expand democratic participa- that’s untrue for the large majority wrongly created astrong presump- and extensiveinsurancepolicies. regulations under the National Envi- tion in the reviewprocess via public of important projects. As I detail in tion that anydeviation from NEPA’s These sensible precautions would ronmental Policy Act of 1970. Envi- hearings. a report for ConservAmerica, these exacting requirements, however sharply cut down both the frequency ronmental groups predictably de- Five decades later,itisclear that newprojectstypically replaceolder, trivial, requires that the permit be and severity of adverse environmen- nounced the initiative. Among its NEPAhas achieved neither.The most moredangerous projectsand use su- denied. Theendlessrounds of NEPA tal impacts. manydetractors, the WildernessSo- obvious sign of institutional distress perior technologies unavailable gen- reviews led to the abandonment of As drafted, NEPAwas intended to ciety insiststhat these regulations is the long time—4.5yearsonaver- erations ago. When NEPAreview de- the Atlantic Coast Pipeline this inviteall segmentsofthe public to will “essentially gut” NEPA by put- age—tocompletethe elaborateenvi- lays astate-of-the-art pipeline,for month beforeconstruction could be- submit commentstoimprovedeci- ting “pollutersincharge of environ- ronmental impact statement before instance, that requires greater ship- gin, and to shutting down forthe sion making.But in 1971, in Calvert ment protection.” This objection work can commence. Today’s NEPA ment of fossil fuels by rail and truck, flimsiest of reasons the DakotaAc- Cliffs’ Coordinating Committee v. wholly overlooks NEPA’sdeeply dys- behemoth is farfromits 1970ori- which is far morelikely to cause ma- cess Pipeline afterthree yearsof U.S. Atomic Energy Commission, the functional features. gins,which is whythe Trump ad- jor spills with extensivecollateral successfuloperation. U.S. Circuit Court of Appeals forthe From its inception in 1970, NEPA ministration’s update is overdue. damage. District of Columbia invited aflood As drafted, NEPArequires the of newlitigation by holding that government agencyincharge of a His plan to reform NEPA anydisappointed party maychal- reviewtoconsider “every significant lengeanagencyapproval in federal PUBLISHED SINCE 1889 BY DOWJONES&COMPANY aspect of environmental impact,” a would speed replacement court. Even if the bulk of informed Rupert Murdoch Robert Thomson clear impossibility forcomplexmul- opinion supportsanew project, an Executive Chairman, News Corp Chief Executive Officer, News Corp of old, dirty projects with tibillion-dollar projects. Typically extreme outlier cansue to stop it. Matt Murray Almar Latour cleaner new ones. Editor in Chief Chief Executive Officer and Publisher the truncation of that open-ended NEPAincludes no provision estab- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: inquiryleads officials to become lishing aprivateright of action, but Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; preoccupied with small defects and the practicehas become so in- Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; overlook the major improvementsin NEPA rules also deviate from grained that it can’t be undone by News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; both consumer welfareand environ- sound judicial practice. An injunc- regulation. Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer mental safety that newroads, tion is appropriateonly when a Congressshould act to stop the Features &Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: bridges,airportsand other projects plaintiff canshowirreparable harm, hijacking of the permit processto AnthonyGalloway, Video &Audio; Brent Jones, Kenneth Breen, Commercial; promise. which can’t be demonstrated solely block the use of fossil fuels through- Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; Ostensibly,the report released in by showing that the project devel- out the economy. Informed, demo- Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; July by the Trump administration is oper does notyet have in placea cratic decision making requires con- MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; concerned only with NEPA’sexten- perfect plan forcontaining oil spills sistent environmental regulation, not Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; sive procedural provisions.Itcon- that areunlikely to occur in the first apatchwork of dubious judicial deci- GerardBaker, Editor at Large Thomas SanFilippo, Customer Service; Josh Stinchcomb, Advertising Sales; tains manyuseful proposals on how place. Ironically,NEPA’slaborious sions that turn NEPAintoalegal Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page to coordinateand streamline acum- processundercutsthe statutoryob- swamp that now must be drained. Jonathan Wright, International bersome processoften divided hap- jectiveofmaking informed public WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; hazardly amongmultiple agencies. decisions.Trying to decide every- Mr. Epstein is alaw professor at LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Oneset of needed changes is strict thing at the initial stageofreview New York University, asenior fellow

EDITORIAL AND CORPORATEHEADQUARTERS: timelines and pagelimitsonenviron- requires speculation and invites er- at the Hoover Institution and ase- 1211 Avenue of the Americas, New York, N.Y., 10036 mental impact statementstospeed rors in judgment. A far more sensi- nior lecturer at the University of Telephone 1-800-DOWJONES up and focus the reviewprocess. ble processwould allowwork to be- Chicago. P2JW213000-0-A01600-1------XA

A16 | Friday, July 31, 2020 THE WALL STREET JOURNAL. WORLD NEWS Putin FacesRareUnrestinRussia’sFar East Protesters, outraged by governor’s arrest, accuse the Kremlin of being heavy-handed

BY ANN M. SIMMONS

KHABAROVSK, Russia—In this remotecity,thousands of miles east of Moscow,Russian President Vladimir Putin is facing a challenge to his rule from aplacethat has rarely protested before. It is coming from the likes of Ivan Rubanov,a64-year-old grandfather,who has joined tens of thousands of people demonstrating against the ar- rest of apopular opposition JOURNAL

party governor earlier this REET month. ST But likemanyothers, his LL WA anger extends further than the THE

arrest. Mr. Rubanov, a retired R factoryforeman, says he is an- FO gry with Mr. Putin for paying AR

little heed to the struggle of BOND ordinarypeople in Russia’sFar THUR

East, aresource-rich but long- AR neglected region that during A demonstration earlier this month in Khabarovsk. Protesters have taken to the streets, arguing that the arrest of Sergei Furgal, a popular governor, was trumped up. the Stalin yearswas aplaceto send political prisoners. Russia’spolitical eliteare marketsand key trade routes. “My children and grandchil- Moscow Court Texas and a former Marine ers after the verdict. “I will be growing rich off regular Rus- Mr.Putin has laid out plans dren have no future, no pros- who has been detained for asking my government for po- sians,and Moscow’s disregard forthe region, including a pectsunder this type of rule,” Convicts American nearly year, guilty of using vio- litical support.” forthe people’schoiceof $600 million project to de- Mr.Rubanov said at arecent lence against government offi- U.S. Ambassador to Russia leader in Khabarovsk spurred velop the port at Zvezda to ex- protest. “My hands are shak- cials, according to the Russian John Sullivan said that we “will him to join the protests. “I am pand exportstoAsia, and a ing with anger.” MOSCOW—A U.S. student Legal Information Agency. He not rest until Trevor is freed not satisfied with the obvious newsitefor spacelaunches at Thearrest of SergeiFurgal, detained in Russia was con- was ordered to pay each officer and returns home.” theft. Thereare no prospects,” Vostochnyinthe FarEast the deposed governor of the victed of assaulting two police 100,000 rubles (US$1,378), the Mr. Reed said that after he said the 38-year-old dancer. Amur region. broader Khabarovsk region, on officers and sentenced to nine agency reported. was arrested he wasn’t asked Otherssuggest Mr.Furgal Shortly afterMr. Furgal’s allegations that he wasin- years in prison, in a case his Calls to the Golovinsky Dis- about fighting with the police. wasanineffectiveleader arrest, the government an- volved in organizing two mur- family and supporters believe is trict Court were unanswered. Instead, investigators ques- whose social-media profile was nouncedplans to allocate ders and an attempted homi- politically motivated. His lawyer couldn’t be reached tioned him about his military moreimpressivethan his abil- some $28 billion to finance cide 15 yearsago, has spurred A Moscow court found to comment. service and his deployments, he ity to deliver.AsMr. Rubanov the development of the Far the largest eruption of popular Trevor Reed, a 29-year-old stu- “This is completely a politi- said. held his sign at the recent pro- East through 2024. anger at Mr.Putin in the Far dent at the University of North cal case,” Mr. Reed told report- —Ann M. Simmons test, a woman screamed at Mr.Putin has focused on East in years. Mr.Furgalhas him, saying Mr. Furgal had coaxing Russians from other denied wrongdoing. done little to help the region. partsofthe countrytohead Protestershavepoured into Some 78%ofRussians en- feated thecandidateofthe endemic corruption, and with The Kremlin has said that, east to reversethe brain drain the streets, arguing that Mr. dorsed the changes.But the ruling United Russia party in a fewersocial and cultural op- based on evidencefromthe that has depopulated the re- Furgal’sarrest wastrumped up Khabarovsk region, which has 2018 election win that analysts portunities. federal investigative commit- gion in recent decades.His and wasawarning from Mos- the same name as the city and said waslargely theresult of a Seven time zones and al- tee, authorities were justified homesteading program prom- cow not to defythe Kremlin. is one of the 11 regions that protestvoteagainst the Krem- most 4,000miles from Mos- in arresting Mr.Furgalfor his ises atotal of nearly to 494 Protestslikethe recent ones comprise Russia’sFar East lin over an unpopular pension cow,Khabarovsk feels de- alleged participation in the million acres to anyone willing in Khabarovsk—which sits16 federal district, recorded one reform earlier that year that tached from Russia’s capital. murdersoftwo businessmen to make the move. miles from the border with of the lowest levels of support raised the retirement age. ManyresidentsviewedMr. in 2004 and 2005. Therehavebeen few takers. China and is an important eco- in the referendum, with 62% Richindiamonds,timber Furgal’sarrest as emblematic Moscow wantstokeep a Moscow’s plannersaim to nomic and political outpost for voting in favor. Turnout was and coal reserves,the FarEast of Moscow’s heavy-handedness tight hold on the area, politi- make theareamoreattractive the Kremlin—arerareinthe Far among the lowest in the coun- is only alittle smaller than and disregardfor the region. cally and economically.The fornewcomerswith newinfra- East of Russia. They followa try at around 44%, compared China in terms of landmass TheKremlin’sdecision to re- FarEast is Russia’sgateway to structurespending,but until referendum earlier this month with 68% nationwide. but has apopulation of less placehim with an outsider China, and the two countries then, resentment appears on constitutional changes that Mr. Furgal, a sandy-haired than 7million. It is signifi- who has never lived in the area are more closely aligned now likely to continue. included aprovision to allow 50-year-old, is a charismatic cantly lessdeveloped than the beforecompounded the re- than for decades. — Valentina Ochirova in Mr.Putin to potentially stay in figure with a loyal following rest of Russia, held back by sentment, some residentssay. Theregion also provides Khabarovsk contributed poweruntil 2036. amonglocal residents. He de- crumbling transport links and Vladimir Lepeshkin believes easy access to other Pacific to this article. Middle East Toughens Virus Rules as Eid Begins

BY STEPHEN KALIN and reiterated rules against prayersatmosques,large com- gatheringsofmorethan 50 munal meals and visiting fam- RIYADH—As the Middle people and fines fornot wear- ily and friends. East prepares to celebrateEid ing face masks in public. Governments“understand al-Adha, governmentsare Religious events have the psychologyofpeople,the tightening coronavirus-related emergedasmajor spreadersof urge to celebrate,” said Hanan restrictions and urging people the disease across the world. Balkhy, assistant director gen- to stay home to prevent a re- Manycountries,including eral forantimicrobial resistance surgence of infections during Saudi Arabia, reported abig at theWorld Health Organiza- one of Islam’smost important jump in cases following the tion. “This is not going to end festivals. Eid al-Fitr festival in May af- soon andthere’snoway that TheUnited Arab Emirates is terrestrictions were eased we cankeep people locked up.” closing mosques forEid during the holy month of As aresult of the pandemic S

prayersand barring gather- Ramadan, when Muslims and depressed oil prices,the PRES

ings at home,while Iraq and gather to break daylong fasts. International Monetary Fund TED

Lebanon have announced full Thepatchwork of responses expectsthe region’seconomies CIA SO

lockdowns foruptotwo acrossthe Middle East this to contract 4.7% this year. AS weeks.Oman, one of the most time reflectshow countries are Manycountries have rushed to Muslims pray in the Namira Mosque near Mecca, Saudi Arabia, during the annual hajj pilgrimage. popular destinations in the re- finding different equilibriums ease lockdowns in an attempt gion during Eid holidays, has between curbing the spread of to reviveeconomic activity. Neighboring countries that Iraq and Lebanon an- “Citizensmust not go out reimposed anighttime curfew the disease and protecting Consumption usually jumps have doubled down on testing nounced full lockdowns after unless absolutely necessary,” and curbs on domestic travel. their economies,especially as during festivals such as Eid. remain cautious.The U.A.E., reporting some of their high- the health ministry said. Saudi Arabia this week dra- fatigue setsinand people seek In Iran, which has suffered wherenew daily infections est daily case loads this week. Lebanon, which is struggling matically scaled down the hajj areturn to normalcy. Sacrific- morefromthe pandemic than have slowedtoafew hundred, Iraqi health officials blame the amid afinancial crisis just to pilgrimage,which precedes ingtradition to combat the vi- anyother countryinthe Mid- is closing mosques forEid rise on weak adherenceto keep the electricity on at its the Eid celebration starting rusamid asuccession of an- dle East, the government has prayersand barring gatherings guidelines such as social dis- main Covid-19 hospital,has Friday, to avoid seeding fresh nual religious festivals has been reluctant to reimpose at home,evenasinternational tancing and wearing masks in closed places of worship,mar- outbreaks.Authorities have strained social norms that usu- lockdownsdespitearecent flightshaveresumed and Dubai public,combined with im- kets,bars, nightclubs,movie urged people to pray at home ally involvecongregational surge in infections. is welcoming back tourists. proved testing capacity. theaters and sporting events. WORLDWATCH

SAUDI ARABIA portant festivals. ing to Wagner Group, aRussian TAIWAN forms to allow people to directly democracy movement that chal- King Salman’shealth and the companywith ties to the Russian elect their leaders, paving the lenges China’s rule in the city. King Leaves Hospital politics of succession in Saudi government, were being held as a Longtime President way to a multiparty democracy. Candidates across the demo- AWeek AfterSurgery Arabia, the world’stop oil ex- preventivemeasurewhile the LeeTeng-hui Dies Mr. Lee redefined relations cratic spectrum—including more porter and the largesteconomy agency tries to identify who with Beijing, which claims Tai- moderate incumbent lawmakers, Saudi Arabia’s King Salman in the Middle East,are monitored mighthave been involved in plan- Lee Teng-hui, who as Tai- wan as its territory. grass-roots activists and interna- left a Riyadh hospital on Thurs- closely.The kingdom hoststhou- ning anydisturbances. wan’s first native-born president Setting aside decades of hos- tionally known advocates—were day after a 10-day stay that in- sands of U.S. troops and is akey Andrey Ravkov,Belarus’sSe- steered the island’s transition to tilities, he opened dialogue with informed Thursday that their cluded an operation to remove partner in Washington’sefforts to curityCouncil secretary,said the democracy, became its first pop- China’s Communist Party in the candidacies for the citywide vote his gallbladder, quieting specula- confrontIranand fightterrorism. Russians were among some 200 ularly elected leader and champi- early 1990s to facilitate eco- planned for Sept. 6 were invalid. tion that his son Crown Prince —Stephen Kalin people known to have arrived in oned a sense of Taiwanese iden- nomic and other links that even- The scale of disqualifications Mohammed bin Salman might Belarus with the intention of car- tity separate from mainland tually turned the mainland into and reasoning provided was soon accede to the throne. BELARUS rying out terroristattackstode- China, died on Thursday. He was Taiwan’s largest trading part- widely condemned by the oppo- The 84-year-old monarch stabilizethe country. 97 years old. ner—a dependence Beijing has sition as political censorship. walked out of King Faisal Spe- Dozens of Russians The accusations come at a Mr. Lee died at Taipei Veter- subsequently tried to exploit in Among reasons Hong Kong cialist Hospital with the help of Held on Plot Charges delicate time forrelations be- ans General Hospital, where he an effort to assimilate the island election officials cited were his usual cane but otherwise un- tween the twocountries, which had been receiving treatment of nearly 24 million people. statements that the candidates der his own power, a video pub- Belarus opened acriminal case until nowhave been strong allies. since February after choking on —Chun Han Wong had made about opposing gov- lished by state news agency againstdozens of Russians it The nations arebound by ade- milk, a hospital spokesman said. ernment policies in the legisla- SPA showed. said aremercenaries who were fense pact, acustoms union and The cause of death was septic HONG KONG ture and doubts over their alle- The Royal Court provided no plotting to inciteriots in the acommon language, cultureand shock and multiple organ failure. giance to the city and its mini- new details about the king’s con- country ahead of next month’s religion. Both were part of the As Taiwan’s president from Twelve Opposition constitution, known as the Basic dition after saying a week ago presidential election, raising the Soviet Union. 1988 to 2000, Mr. Lee disman- Candidates Barred Law. Joshua Wong, a prominent that he would stay in the hospi- stakes as relations between the But the relationship has tled the authoritarian regime activist, and members of the tal for an unspecified period fol- twolongtime allies deteriorate. frayed, particularly overRussia’s that his Nationalist Party—which Officials banned 12 opposition pro-democracy Civic Party were lowing the surgery. He left the The stateinvestigation agency proposals to absorb Belarus as once governed mainland China— candidates from running in among the disqualified candi- hospital a day ahead of Eid al- said Thursdaythat33Russian part of an enlarged Russian state. imposed on the island after planned legislative elections, as dates. Adha, one of Islam’s most im- nationals it described as belong- —Ann M. Simmons World War II. He put in place re- they moved to dismantle a pro- —Natasha Khan P2JW213000-5-B00100-1------XA BUSITECHNOLNEOGY: ELECTROSSNIC ARTS BENEFIT&FS FROM BOOMININ VIDEOGANAMES B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Friday, July 31, 2020 | B1

S&P 3246.22 g 0.37% S&P FIN g 1.84% S&P IT À 0.53% DJ TRANS À 0.01% WSJ $ IDX g 0.25% LIBOR 3M 0.251 NIKKEI (Midday) 22920.98 g 1.87% See more at WSJ.com/Markets Apple’s Software, Device Sales Surge GoogleAd Revenue BY TRIPP MICKLE nue forits fiscal thirdquarter ended by the pandemic because nomic stimulus measures from stemming from plant closures of $59.69billion, even as anew of their roles providing the countries world-wide and the and travel restrictions to China Apple Inc.showedthe tech- wave of coronavirus outbreaks goods and services people have lifting of stay-at-home curbs. that have delayedaramp-up in nologyindustry’sresilience acrossthe U.S. led the company turned to as they work re- “There were alot of things iPhone production. Declines amid the pandemic,reporting a to again close stores.Profit motely and spend lesstime going in the right direction,” Apple also said itsboardap- better-than-expected 11% in- rose 12% to $11.25 billion, or venturing outside the home. Mr.Cook said. proved a4-for-1stock split, crease in quarterly sales from a $2.58 ashare. Apple officials said demand Applewill delayits annual aiming to makethe stock more In aFirst year earlier as it benefited from Theresultsexceeded ana- acrossall of the company’s fall updatetoits iPhone lineup accessible to awider investor strong demand forapps and lysts’ expectations of $52.24 productsexceeded expectations by afew weeks,financechief base.OnThursday, beforethe BY ROB COPELAND work-from-home devices and billion in revenue forthe three in Mayand June.Chief Execu- Luca Maestri said, pushing the financial report, shares closed avoided adownturn in its months ended June 27.Apple tiveTim Cook credited the release intoOctober from late at $384.76. Theglobal pandemic dealt a iPhone business. and itstech peershave outper- showing to astrong launch of September. Thecompanyhas Shares rose morethan 6% in rare losing hand to Google’s Thetech giant posted reve- formed other industries up- the iPhone SE in April, eco- faced manufacturing challenges PleaseturntopageB4 venerable digital advertising operation, pushing quarterly revenue down compared with a year earlier forthe firsttime in companyhistory. Thesearch-engine giant posted a$2.6billion, or 8%, drop in advertising forthe sec- ond quarter from ayear earlier, as some of Google’sbiggest ad- vertisers, including travel com- panies and consumer brands, cut back on spending amid eco- nomic uncertainty. In all, Google’s parent, Al- phabet Inc., reported advertis- ing revenue of $29.9 billion for the three months through June. That metric,which includes ads on Google’sown properties as well as those placed on other websites,fell short of the $32.5billion haul ayear earlier. Theweaknessappeared to have

S been driven mostly by Google’s traditional venues such as PRES search; the YouTube video unit,

ZUMA forinstance, posted amodest

IA/ rise in revenue.Google’sadver- AS

A PleaseturntopageB4 IP /S

QIUHAIYING P&G Sales Supply of the crop has withered since Beijing ended a subsidy in 2016, and now rising prices are expected to increase purchases from U.S. farms. A grower in Sichuan province. Boast the China’s Corn Appetite Seen Boosting U.S. Best Gain

BY LUCY CRAYMER Corn prices in China have climbedtoafive-year high, one reason the countryisbuying up purchases of American moregrain from abroad. China farm goods this year,looking Since ’06 Corn prices in China are +27% to hit purchasing targetslaid soaring,which could be good China’s grosspurchases of U.S. corn Futures prices,yeartodateperformance† out in the firstphase of the news forAmerican farmers. 2 million metric tons U.S.-China trade deal signed in BY SHARON TERLEP As China’sformerly bloated 20% January. stockpiles shrink,prices have 1 “China is going to have to Procter &Gamble Co., climbed to afive-year high. buy moregrains,and the trade maker of household staples SinceJanuary, front-month deal with the U.S. shoehorns from Tide detergent to 0 corn futures on the Dalian that demand toward the U.S.,” Charmin toilet paper,reported Commodity Exchangehave 2015 ’16 ’17 ’18 ’19 ’20* said Tobin Gorey,agri-strat- itsstrongest annual sales gain risen 27% to about 2,306 yuan 10 egydirector at Commonwealth since2006 as the pandemic ($329) ametric ton, alevel BankofAustralia. That is pro- kept consumersathome and last seen in the summer of viding some support to U.S. vigilant about cleaning. 2015. prices,headded, though not Demand in the U.S. for Backin2016,the Chinese enough to overcome the effect cleaning and paper products government ended along-run- of the looming large newcrop. continued to surge through ning price-guarantee program 0 China bought 2.1 million the spring and early summer, forcorn farmersthat had led metric tons of corn through while the reopening of China, to the accumulation of mas- July 16,upfrom315 thousand P&G’s second-biggest market, siveamountsofthe grain. metric tons in the same period drove sales there. Withdrawing the supports last year,according to the U.S. P&Gexecutives said the caused Chinese corn prices to Department of Agriculture. company’seffortsinrecent plunge. Lowprices and the –10 Theworld’smost populous na- yearstooverhaul itself by lingering oversupply led farm- tion and No.2economyisalso shedding weaker brands and erstocut back production. the second-largest producer streamlining what they de- Chinauses corn primarily andconsumer of corn after scribed as an oftensuffocating foranimal feed, but lowdo- U.S. the U.S. bureaucracy are paying off at mestic prices over thepast –19% On July 10,China’sMinistry a time of crisis. four yearscaused it to find –20 of Agricultureand Rural Af- TheCincinnati company’s other uses as well, such as for Jan. Feb. March April MayJune July fairssaid it expected to im- organic sales—a closely cooking starch. Still, it has *Through July 16 †Front-month contract port six million metric tons of watched metric that strips out takenyearstosignificantly re- Sources: U.S. DepartmentofAgriculture(China’sgross purchases of U.S. corn); FactSet (performance) corn in the 12 months ending currency moves, acquisitions ducestockpiles and allow this September.That was50% and divestments—wereup6% prices to recover. such as sorghum and barley, year.The coronavirus pan- year,thanks to farmers’ in- higher than itsearlier fore- forthe fiscal year ended June But with prices nowsoar- to help meet demand. demic has damped sales,and creasing the amount they castsand would represent the 30. For the latest quarter, or- ing,industryanalystssay they That would benefit U.S. the market is further de- planted. TheU.S.harvest typi- highest totalever. ganic sales also rose 6%. expect China to step up im- grain farmers, who aresuffer- pressed by expectations of a cally begins in September. Chinese authorities said the P&Gpredicted moremodest portsofcorn and other grains, ing from falling prices this largercorn crop later this China has already stepped PleaseturntopageB2 PleaseturntopageB2 Ford Reports Big Loss INSIDE TwitterSaysHackersUsed But It Expected Worse Phone-Based System Attack

BY MIKE COLIAS amid Covid-19 lockdowns. AND RUTH BENDER Ford’s lossof35centsper BY ROBERT MCMILLAN worked and used that informa- majorsecurity issue linked to shareonapretaxbasis,ad- tion to target other employees, insider access to Twittersys- Ford Motor Co.posted a justed forone-time items,beat Thehackersbehind the high- Twittersaid in itslatestdisclo- tems sincethe companyentered $1.9billion operating lossin the averageanalyst forecast of profile online break-in at Twit- sureonthe event. intoa2011 consent decree with the second quarter,the latest a $1.17 loss. ter Inc.this month talked their During the July 15 attack, the Federal Trade Commission global automaker to report Theautomaker lost money way ontothe company’snet- hackerstargeted130 Twitterac- over weaknesses in itssecurity steep losses from factoryclo- in each major region in which work using the telephone,the counts. They tweeted from 45, practices. sures as the pandemic’sfinan- it operates,including the nor- companysaid. accessed the direct messages of Thehack has raised pressure OLA

cial fallout on the carbusi- mally lucrativeNorth Ameri- -C “This attack relied on asig- 36 usersand downloaded the on Twitteroverhow it runs the CA

nesscomes intofocus. canmarket, whereitlost CO nificant and concerted attempt Twitterdataofseven custom- platform. Republican Sen. Josh Still, global automakers nearly $1 billion in the April- to mislead certain employees ers, the SanFrancisco-based Hawley of Missouri wroteTwit- this week said they expect to-June period. BUSINESS and exploit human vulnerabili- companysaid. terChief ExecutiveJack Dorsey profitstoreturn in coming Resilient salesofexpensive Coca-Cola to push ties to gain access to our inter- Thehackerstweeted from asking forfurther information months—barring further fac- Ford F-150 pickup trucks into alcoholic nal systems,” Twittersaid accountsofsuch high-profile about the hack,including tory disruptions related to helped offset several weeks of Thursdayonits platform. usersasformer Vice President whether the companyinthe Covid-19—as the restart of lost production in April and beverages with Twitterdidn’t spell out how JoeBiden and Tesla Inc.Chief past had considered morestrin- production hasmostly gone May, the company said. ahardseltzerdrink. B2 exactly the voicephishing attack ExecutiveElon Musk,toperpe- gent measures. smoothly andbuyer demand Thecompanyposted net wascarried out or howits em- trateacryptocurrencyscam. Twittersaid, “We’reacceler- has been stronger than ana- income of $1.1 billion forthe ployees were fooled. Thecom- Amongthe userswhose mes- ating several of ourpre-existing lystsexpected when the health second quarter,after factor- ENERGY panypreviously said the hack- sage they accessed was Dutch security workstreams and im- crisis hit. ingina$3.5billion gain re- Shell posts loss ersused “social engineering” to anti-Islam politician Geert provementstoour tools.Weare Ford’s second-quarter result lated to Volkswagen AG’s of $18.4billion as gain access to itstools.Oncethe Wilders. also improving our methods for wasfar betterthan the $5 bil- June investment in the com- hackerstricked employees into Therelatively mundane me- detecting and preventing inap- lion operating lossthe com- pany’sdriverless-car startup pandemic devastates giving them access to Twitter’s chanics revived concerns about propriateaccesstoour internal panysignaled in April, when Argo AI. oil demand. B3 systems they learned morede- Twitter’sapproach to datasecu- systems and prioritizing security itsU.S.factories were idled PleaseturntopageB2 tails of howthe company rity.The incident wasthe third work acrossmanyofour teams.” P2JW213000-5-B00200-1------XA

B2 | Friday, July 31, 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 F P Coca-Cola Ventures Into Alcohol, Activision Blizzard...... B4 Facebook...... B4,B11 Palantir Technologies Affirm...... B1 Fannie Mae...... B10 ...... B2 Afterpay...... B2 Fidelity Investments..B2 PayPal...... B11 Airbus...... B3 Ford Motor...... B1 Procter & Gamble...... B1 Planning to Add a Hard Seltzer Alphabet...... B1,B11 Freddie Mac...... B10 R Amazon.com G Renault...... B2 ...... A1,B3,B4,B11 Gilead Sciences...... B6 Roblox...... B4 Anheuser-Busch InBev BY JENNIFER MALONEY White Claw, owned by Mike’s companysaid in astatement Some Cokedistributorsalready Goldman Sachs...... B1 Royal Dutch Shell...... B3 ...... B6,B12 HardLemonade Co. Boston posted on itswebsite. “Topo hold licenses to carrybeer. S Ant Group...... B2 GrubHub...... B6 Coca-Cola Co.said it plans Beer Co.makes Truly,the No. ChicoHardSeltzer is an ex- Under James Quincey, who Apollo Global H Samsung Electronics to launch aboozy version of 2brand. Anheuser Busch In- perimental drink inspired by became chief executivein Management...... B10 Huawei Technologies ...... B4,B12 itsTopo Chicosparkling water Bev NV and other big brewers Topo Chicosparkling mineral 2017, Cokehas expanded be- Apple...... B1,B11,B12 ...... A1,B4,B12 Shopify...... B1 in the U.S. next year,plunging have also introduced hardselt- water, which has been popular yond its core soft-drink fran- Standard Chartered..B10 B I the soda giant intothe market zerbrands,including Bud with many mixologists.” chises.Ithas launched coffee- T Banco Santander...... B10 Intel...... B12 for alcoholic beverages. Light Seltzer and Corona Hard Coke will pilot the alcoholic infused sodas and an energy- Barclays...... B10 Intuit...... B2 Taiwan Semiconductor With the move, the com- Seltzer. Topo Chicodrink in Latin drink version of its namesake Boeing...... B3 Manufacturing...... B12 panyjoins the fray of beverage It has been decades since Americalater this year,the cola, despiteobjections from K Take-Two Interactive Boston Beer...... B2 giants vying for market share Cokesold booze in the U.S. companysaid. News of the its partner Monster Beverage BP...... B3 Kellogg...... B3 Software...... B4 Total...... B3 as consumersflock to hard Thecompanypreviously newproduct wasreported ear- Corp. It is also pruning some C Kimberly-Clark...... B2 Klarna Bank...... B2 Tyson Foods...... B3 seltzer forits minimal calories owned awine businessthat it lier by BeverageDigest, an in- niche products, such as its Capital Innovations....B2 Kraft Heinz...... B3,B12 U and lower alcohol level. sold in 1983.In2018,Cokein- dustry publication. Odwalla smoothies and juices. Carlyle Group...... B10 L Ubisoft Entertainment Americans spent $3 billion troduced afizzy,lemon-fla- Alcohol distribution is During the pandemic, the Chevron...... B3 on hard seltzer in U.S. retail voredalcoholic drink in Japan tightly regulated in the U.S. A company’sbiggest soda Coca-Cola...... B2 Lemonade...... B2 ...... B4 Comcast...... B6 Lloyds Banking Group United Parcel Service stores in the 52 weeks ended called Lemon-Do. Cokespokeswoman said the brands—including Coke, Coke Commonwealth Bank of ...... B10,B11 ...... B3,B11 July 11,up241% from ayear Coke “iscommittedtoex- companyhasn’t finalized how Zero Sugarand Sprite—have Australia...... B1 M V earlier, according to Bump ploringnew productsindy- it will distributehardseltzer, sold well in grocerystoresbut Credit Suisse...... B10 Mastercard...... B6 ViacomCBS...... B6 Williams Consulting Co. namic beveragecategories, in- which falls under the same have taken ahit from asteep D Molson Coors Brewing Volkswagen...... B1,B11 Themarket is dominated by cluding hardseltzer,” the regulatorycategoryasbeer. drop-off in soda fountain sales. Daimler...... B2 ...... B6 W DoorDash...... B2 MultiPlan...... B2 Walmart...... B1 DraftKings...... B2 N - O Warner Music Group..B2 E NatWest Group...... B10 Z Fintech Startup Affirm Explores an IPO Electronic Arts...... B4 Nestlé...... B3,B6 ZoomInfo Technologies Expedia...... B1 Nissan Motor...... B2 ...... B2 Exxon Mobil...... B3 On Deck Capital...... B2 ZTE...... B12 Affirm Inc.islaying the thousands of merchantsrang- Some of the largest merger groundwork foraninitial public ing from Walmart Inc.toExpe- deals of the year also involve offering that could value the fi- dia Group Inc.Earlier this fintech startups,including Visa INDEX TO PEOPLE nancial-technologystartup at month Affirm said it wasjoin- S Inc.’spurchase of Plaid Inc.and as much as $10 billion, accord- ing with Shopify Inc. to make NEW Intuit Inc.’s acquisition of Credit ing to people familiar with the the function available to the G Karma Inc. B - C K Q matter. fast-growing e-commerce plat- Some past offeringsofup- Bezos, Jeff...... A2 Kaminski, Robert...... A2 Quincey, James...... B2 form’smerchants, expanding its OOMBER startdigital lendershaven't

Black, Leon...... B10 L R reach further. ON/BL liveduptolofty expectations,

By Cara Lombardo, LL Cahillane, Steve...... B3 Affirm wasvalued at $2.9 however. Firms have struggled Lee, Stephen...... B4 Rowan, Marc...... B10 Telis Demos FA Cook, Tim...... B1 Levchin, Max...... B1 billion in April 2019,according T. with challenges such as brutal T and Corrie Driebusch D - F M to PitchBook,but itstargethas competition, higher-than-antici- Tomé, Carol...... B3 CEO Max Levchin co-founded the TRICK DeWitt, Adam...... B6 Maestri, Luca...... B1 risensincethen—tomorethan PA pated defaultsand spikes in Duguet, Frédérick...... B4 Malek, Christyan...... B3 U - V Thepoint-of-sale lender is $5 billion and possibly as high company that is now PayPal. funding costs. On Deck Capital Faury, Guillaume...... B3 Mathers, David...... B10 Uhl, Jessica...... B3 working with Goldman Sachs as $10 billion, some of the peo- Inc.went public in ahigh-pro- Group Inc.onapotential list- ple said. Depending on market well as mutual-fund giant Fidel- file 2014listing that valued it at G Moeller, Jon...... B2 Van de Put, Dirk...... B3 P W ing,the people said. Theprepa- conditions and howquickly the ity Investments. well over $1 billion. Thesmall- Gorey, Tobin...... B1 rations areatanearly stage companydecides to move, its Investor interest in the fin- businesslender announced a Gottstein, Thomas....B10 Pachter, Michael...... B4 Wade, Dwyane...... B12 Parker, Tyler...... B4 and the companymay not shares could begin trading this tech industry, which digitizes deal this month to be acquired J Patricio, Miguel...... B3 Z moveforwardwith one.Affirm year. functions such as paymentsand forjust $90 million. Jorgensen, Blake...... B4 Pichai, Sundar...... B4 Zuckerberg, Mark...... A2 could also sell itself,potentially Affirm began in 2012. Its lending,has exploded as con- Morerecently,another online to aso-called blank-check com- founder is Chief ExecutiveMax sumersincreasingly shop and buy-now-pay-later company, pany, they said. Levchin,who earlier hit it big managetheir finances online— Australia-based AfterpayLtd., U.S. Affirm offersonline shop- when he co-founded the com- atrend that has only been has- hassoared in value this year.It Ford Posts Volkswagen, which also persthe ability to payfor panythat is nowPayPalHold- tened by the coronavirus pan- became the country’slargest makes the Audi and Porsche goods in installments through ings Inc.with PeterThiel.Af- demic.Recent splashyIPOs listed tech companybymarket brands,posted anet lossof short-term loans.The option to firm’sinvestorsinclude venture- include Lemonade Inc., which value on the back of apan- ALoss of €1.61 billion ($1.9billion) in financepurchases with Affirm capital firms FoundersFund and sells insurancepolicies online demic-sparked shifttoonline the second quarter ended June appearsonthe websites of Lightspeed VenturePartnersas andthrough amobile app. shopping there. 30,compared with anet profit $1.9 Billion of €3.96billion in the same period a year earlier. Revenue fell 37% to €41.08 ContinuedfrompageB1 billion from €65.19 billion as Thecoronavirus has sales slipped acrossthe world plunged automobile makers because of economic shut- around the world into one of downsaimed at containing the deepest crises in recent the pandemic. years and added to struggles “The firsthalf of 2020 was the industry was already fac- one of the most challenging in ing beforethe pandemic,with the historyofour company softening demand forcarsand due to the Covid-19 pan- soaring costs for technology. demic,” said Chief FinanceOf- Ford’s second-quarter oper- ficerFrank Witter. ating result wasworse than Renault SA on Thursday that of rival General Motors posted anet lossof€7. 29 bil- Co., which posted a $536 mil- lion forthe firsthalf of the lion pretax loss and breezed year as the French autogiant past Wall Street’s forecasts. reeled from the effectsofthe Thegap with GM waspartly pandemic as well as the woes explained by the geographic of itsalliancepartner Nissan footprint of the two compa- Motor Co. nies: GM’slargest market is The plunge was more than

China, whichrecovered from twice the loss Renault posted S

Covid-19 shutdowns in the forall of 2009 during the fi- PRES quarter.Fordhas amuch nancial crisis. UMA

smaller presenceinChina and, It also outstripped ana- /Z

unlikeGM, produces cars in lysts’ forecast of a€4.49 bil- TZ

Europe,which washit by pan- lion loss. Shares fell more KUR CK

demic disruptions during the than 9% in trading in Paris. JA period. Volkswagensaid that be- China stepped up purchases of American farm goods after a trade deal agreed to early this year. Corn is gleaned from a field in Iowa. Ford expects third-quarter cause of the heftofthe impact operating profit to rebound to from the pandemic and diffi- will also help relievecorn Another reason China is between $500 million and $1.5 culty in predicting the future, China Fuels shortages emerging in partsof Corn shortages are buying morecorn from billion. the companywill propose to the countryand hold down abroad, said Michael Under- GM on Wednesdaysaid it shareholderstolowerits divi- prices foruserssuch as etha- emerging in places, hill,chief investment officer at expectspretaxearningsof dend for2019 to €4.8 per ordi- Hope for nolproducers, struggling to and demand for hog Wisconsin-based asset man- morethan $2 billion in each of narysharefromaprevious makeaprofit. ager Capital Innovations, the next two quarters. proposal of €6.5 per ordinary And demand forfeed is ris- feed is rising. whose investmentsinclude ag- Volkswagenslashed itspro- share, and €4.86per preferred U.S. Corn ing as farms expand hog herds ricultural businesses: It is a posed dividend Thursdayafter share instead of €6.56. that were decimated by last bargain. swinging to anet lossinthe TheGerman automaker year’s epidemic of African Import corn prices arecur- second quarter,but the world’s sounded amoreoptimistic ContinuedfrompageB1 swine fever. Planting washampered partly rently around 600 yuan ($86) biggest carmaker by sales also notefor the second half of the jump partly reflectseffortsto China’sown corn produc- by a rise in costs—notably la- ametric tonlowerthan do- said thereweresigns arecov- year. fulfill trade-deal commit- tion is expected to rise bor,pesticides and fertiliz- mestic corn prices in China. erywas under way in markets —Nick Kostov in Paris ments. slightly but isn’t enough to ers—as Covid-19 broke out —Zhou Wei from Western Europe to the contributed to this article. But analystssay imports meet the country’sneeds. earlier in the year. contributed to this article.

unit’sbrands include Tide recent yearstoimproveoffer- in such high demand that con- P&G Sales along with Mr.Clean, Dawn ingsfor morebudget-con- sumersbuy whatever they can dish soap andCascade dish- scious consumers. find. washer detergent. “Weexpect that if this gets P&Giswading moreinto Rise Most China sales recoveredinre- longer and deeper,people will cleaning products,both by cent months aftersliding at have to makechoices,” P&G chance and because of the the start of the year,when the Chief ExecutiveDavid Taylor pandemic.InFebruary, it Since 2006 countryshut down in an effort said. “The good news is that, launched ahousehold-cleaning to contain the virus.Closed unlikelast time,wehavea line,Microban 24,that the factories,roads and stores sty- broader portfolio.” companysays canbeused ContinuedfrompageB1 mied production and kept Chi- Priceincreases continued to against the newcoronavirus.It growth of 2% to 4% forthe nese consumers from buying. help drivesales gains in the also offers24-hour protection current fiscal year,citing high Organic sales in China rose most recent quarter,with against bacteria, though not uncertainty around the global 14% in the quarter and 8% for sales volumes also growing any viruses. economy, especially in devel- the full year. stronger in recent months.Be- In recent weeks the com- oping countries,and fallout P&Ghas yettoshowsigns of fore the pandemic,consumers pany also quietly rolled out a from the new coronavirus. beingnegatively affected by the proved willing to buy without hand sanitizer to alimited “On the whole,with health, recession, as consumersremain discountsthe more-expensive number of U.S. retailers. P&G hygiene and cleaning,consum- willing to payhigher prices for productsithas developed. had been making Safeguard ers’ needs have changed for- itsproducts. Aquestion facing Those price increases contin- hand sanitizerfor use by its

OL ever,” ChiefFinancial Officer the company, given that its uedthrough the most recent workforce and by the govern- PO

S Jon Moeller said. “Maybe not productsare generally moreex- quarter and helped offset ment, health-careentities and to the degree that’shappened pensive than rival brands,is losses due to currencymoves. relief organizations. /PRES recently.But it’shardtoimag- whether it would farebetterin P&G and its consumer-sta- Mr.Taylor said the com-

TNER ine we’ll snap back to the old an economic downturn than it ples rivals such as Kimberly- pany is working to ramp up

OER world.” didduring the last recession, Clark Corp.and Clorox Co. capacity of both products. PF Thestrongest growth was when salesgrowthplunged to have cut back on deals and P&Gentered the fiscal year EN

SW in P&G’sfabric and home-care anemic levels and took ade- discounts as so many of their predicting organic sales Volkswagen cut its proposed dividend while recording anet loss of unit,which posted a14% sales cade to recover. products—paper towels,disin- growth of 3% to 4%, slower $1.9 billion in the quarter.The car maker sawsigns of sales recovery. gain, itshighest ever.The Thecompanyhas worked in fectants, sanitizing wipes—are than the 6% it delivered. P2JW213000-0-B00300-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | B3 BUSINESS NEWS

UPS average daily shipping volume,change from previous year Shell Posts Loss of $18.4 Billion 20% 2Q 2020 s21% BY SARAH MCFARLANE The world's big fiveoil companies typically payreliable dividends,other than in rare times of crisis. leum productsinthe quarter, Amount spent on dividends by major oil companies by June it hadrebounded to Royal Dutch Shell PLC 90% of precrisis levels. 15 $20billion swung to aheavy lossinthe Part of today’s Shell*, RoyalDutch, BP lastcut its dividend in 2010, Both Shell and Totalnoted second quarter and warned 10 laststoppedpaying dividends afterthe DeepwaterHorizon the strength of their trading 6 during World WarII, from oil spill. that theoutlook foroil-and- 1940 to 1943. activities,which canmake gasdemand continued to be 3 money even when energy 10 uncertain, illustrating the scale prices arelowerbytaking ad- 1 of damageCovid-19 is wreak- vantageofpricevolatility.Ms. 0.6 ing on the industry. Chevron lastcut its dividend Uhlsaid it wasone of Shell’s 0.3 in 1934, during the Great 5 Thepandemic has crushed Depression. best tradingperformances on demand foroil, hitting prices Total hasnot cutits dividend record. 0.1 since1982,which is as far hard. When around two-thirds 0.06 back as companyrecords U.S. giantsExxon Mobil of the world’spopulation was show. Corp.and Chevron Corp.are 0.03 0 in lockdown in early April, expected to report quarterly global oil demand fell by a In April, amid the losses Friday, with Exxon 2018 ’19 ’20 0.01 pandemic, Shell* third, according to the Interna- Exxon lastcut its cash dividend in cut its dividend warning recently that it faced 1948.Atthe time,the company Sources: the company tional Energy Agency. forthe first time steep losses in itsrefining and compensated shareholders in 80 years. That ledShell on Thursday with additional shares. production businesses. to report asecond-quarter loss 0.001 Oil companies have taken Surging on anet current-cost-of-sup- swiftaction to shoreuptheir plies basis—a figure similar to 1880 ’90 1900 ’10 ’20 ’30 ’40 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 finances sincecoronavirus the net income that U.S. oil *Values measured in British pounds, notU.S. dollars. struck,including cutting costs Note:Charted on logarithmic scale to emphasizerateofchange. Total dividend payouts can change Vo lume companies report—of $18.4 depending on number of shares in issue. Specific data unavailable forShell between 1939 and 1950. and reducing staff.Shell has billion. That compares to a Source:Bernstein (dividend spend); the companies (dividend cut dates) Katherine Riley/THE WALL STREET JOURNAL been amongthe most aggres- profit of $3 billioninthe same sive,deciding in April to cut LiftsProfit period last year and is the Shell warned that the un- significant uncertainty in around 83,000 people. itsdividend forthe firsttime company’sfirst losssincethe certain outlook foroil and gas terms of howthe pandemic “A major overhaul is re- sinceWorld WarIIto avoid thirdquarter of 2015. demand could curtail itspro- will playout; we’reseeing alot quired, working out what’score having to borrow to fund it. ForUPS TheAnglo-Dutch company’s ductioninthe thirdquarter,as of starting and stopping and noncore, in the contextof Shell said Thursdayits performancewas partly hit by well as activity at itsrefineries around the world, that impacts whether they want to be in all gearing level—net debt as a BY PAUL ZIOBRO it writing down the value of its and chemicals plants. It also our assets, our supply chains,” marketsorexit some busi- percentageoftotal capital— assetsby$22 billion before said itsLNG businesswould said JessicaUhl,Shell’schief nesses,” said Christyan Malek, rose to around 33%, above its United Parcel Service Inc. tax, as flaggedinJune,reflect- suffer agreater impact from financial officer. an analyst at JP Morgan. target of 25%. Higher gearing rode a pandemic-fueled surge ing expectations of loweren- loweroil prices in the third Thecompanyisrestructur- French energy companyTo- can raise the cost of borrow- in e-commerce to higher prof- ergy prices. quarter because of the time lag ingtobecome simpler,leaner talSAalso reported aquar- ing for a company. itsand a13% jump in revenue Abouthalf the charge was forpricemoves reaching oil- and morefocused, Ms.Uhl terly lossThursday, but said it Both Exxon and Chevron during the June quarter,and attributed to itsgas business— linked LNGcontracts. said, without elaborating on would maintain itsdividend. have said they arecommitted its new boss said the delivery mainly itsAustralian liquefied Benchmark Brent oil prices whetherthis could result in Itsearningscame aday afterit to not cutting dividends,but giant has room to raise rates natural gasprojects. It also averaged $29.60abarrel be- Shellselling anybusinesses. wrotedownthe value of itsas- have takenonmoredebt this on retailersrelying on itsnet- wrotedownthe value of two tween April and June,down Effortstoreducecostsinclude sets by $8.1 billion because of year.Analystsexpect BP PLC work. shale assetsinNorth America 57% from the comparable year- avoluntaryredundancypro- loweroil priceexpectations. to cut itspayout when it re- UPSsaid itsaverage daily andoffshoreassetsinBrazil, earlier period. Brent traded at gram, although the company Still, Totalsaid that while its portsearningsTuesday. shipping volume rose 21% in Europe,Nigeria and the Gulf of $43.78abarrel Thursday. didn’t sayhow manyroles European gasstations sawa — Christopher M. Matthews thequarter,faster than the Mexico. “Thereremains continued could be cut. Shell employs 30% fall in demand forpetro- contributed to this article. companyhas ever recorded, with a65% increase in ship- mentstohomes.The magni- Airbus Expects to Hold Down Airplane Production Until 2022 tude of thejump wasasur- prise to UPS, which had been planning fordemand to pull back from thehigh levels in the early days of the pan- demic. “Atthe beginning of the second quarter,weassumed demand would slow,” Chief Ex- ecutive Carol Tomé said on Thursday’s earnings call. “In- stead, we sawjust the oppo- site.” UPS shares shot up 14%in Thursday trading. UPS has benefited from handling packages for Ama- zon.com Inc.after FedEx cut ties with the e-commerce gi- ant last year.Italso said it had an increase in Covid-19 re- lated health-careshipments andanincrease in outbound packages from Asia. Thesudden growth comes at acost, though, as the carri- ersincur greater expenses from more miles driven and fewer packages delivered per

stop as they delivermoreto GES

homes instead of businesses. IMA UPS’s average revenue per packageinthe U.S. dropped GETTY 4.4% from ayear ago, as ship- SE/ mentsusing one of UPS’s lower-priced services nearly ANCE-PRES

doubled. FR UPS reported aprofitof ENCE

$1.8 billion, or $2.03 a share, AG up from $1.7billion, or $1.94 a share, a year earlier. Revenue Airbus SE, reeling from the ($2.24 billion) in the first half, ger, he said. billion in the half. ing delaying its production plans hit $20.5 billion. fallout from the coronavirus pan- compared with a profit of €1.2 The outlook for the industry Cash has been crimped by or- for the MAX and further reduc- demic, said it doesn’t expect to billion a year earlier. has deteriorated in the past der deferrals, leaving Airbus with ing the output of its 787 and start increasing aircraft produc- Chief Executive Guillaume three months, he said, with the about 145 aircraft parked and 777 wide-bodies. tion again until around 2022 as Faury said he expects production industry on a “long and slow re- awaiting delivery. Airbus has Mr.Faury said Airbus was Tyson Adds the crisis hitting the aviation rates for the popular single covery” path. Airbus said it was handed over 196 jets as of the keeping aclose eyeonits 3,200 sector deepens. aisle A320neo, the rival to Boe- trying to hold on to cash in the end of June, about half of the suppliers, establishing “watch- Medical Post The European plane maker, ing Co.’s 737 MAX, to recover second half of the year after number delivered at the same towers” to monitor the weakest. which cut its production rates by first, helped by an expected re- burning through €4.4 billion in point last year. So far, the supply chain is coping, a third in April, said Thursday it covery in short-haul and domes- each of the first two quarters. Airbus’ earnings and produc- but he warned thata“big sec- In Covid Era would again reduce the output tic travel. Including its settlement of brib- tion outlook comes a day after ond wave” of infections in winter of its A350 wide-body from six Work on bigger aircraft, used ery and corruption allegations in Boeing laid out plans to navigate would makethe situation more BY DAVE SEBASTIAN aircraft a month to five. It also on longer international routes, is January, the company posted a through the pandemic with addi- critical. reported a net loss of €1.9 billion set to remain depressed for lon- negative free cash flow of €12.4 tional cuts to production, includ- —Benjamin Katz Tyson Foods Inc.said it has created achief medical of- ficerposition and plans to hire nearly 200 nurses and admin- istrative personnel as part of KraftHeinz Write-Downs WeighonEarnings itsCovid-19 monitoring pro- gram. Themeatpacking giant on BY ANNIE GASPARRO tied to the brand. that affect comparability.Its ersfilled up their pantries and forthe rest of the year in hopes Thursdaysaid itsprogram in- “Protein is one of the big shares fell $1.18,or3.32%, on refrigeratorsamid lockdowns of keeping their sales momen- volves screening employees KraftHeinz Co.wrote down trends.Wewant to grow this Thursdayto$34.39. to curtail the spread of the vi- tum going beyond the pan- daily as they arriveatwork the value of Oscar Mayer, Max- brand. We aregoing to invest Thecompanysaid compara- rus. Lately,consumersaren’t demic. andtesting forCovid-19,in- well House and several other of more in it,” Mr.Patricio said. ble sales—which strip out the stocking up as much,but they “Wehavebeen investing a cluding those without symp- itswell-known brands,reflect- Thecompanysaid another effectsofcurrencyfluctuations, arestill groceryshopping more lotoftime in understanding toms.Analgorithm-based pro- ing the challenges forthe food $655 million of the latest acquisitions and divestitures— than usual, food makerssaid. who these newconsumersare cess will select anumber of maker despitestrong sales in chargeswererelated to itsU.S. rose 7.4% in the second quarter. KraftHeinz and Kelloggsaid and what they like,” Kraft employees each week to be recent months amid the pan- food servicebusiness, which “This is not to saythat we cap- they have increased production Heinz’s Mr.Patricio said. tested based on factorssuch demic. could have slowersales growth tured 100% of the opportunity. capacity and continue to sell Kelloggsaid it is spending as the number of positive KraftHeinz on Thursdayre- as the pandemic slashes de- Thereare some categories essentially everything they can more on smaller brands that cases involving plantworkers corded $2.9billion in impair- mand at restaurants, schools wherewehavelost share, and make. didn’t getmuch investment be- as well as the surrounding ment charges, which resulted in andhotels. we areworking hardtofix Snack maker MondelezIn- fore,such as Corn Pops and community, it said. the companyswinging to aloss When acompanyfinds that that,” Mr.Patricio said. ternational Inc.earlier this Corn Flakes cereal in the U.S. Thecompanysaid lessthan in the second quarter.The hit thevalue of an asset is lower Kellogg Co.also posted bet- week reported strong sales Overall forthe quarter,Kraft 1% of itsworkforce of 120,000 comes afterKraft Heinz last than it has been accounting for ter-than-expected earnings growth in North America,say- Heinz reported asecond-quar- has tested positivefor year reduced the value of its on itsbalancesheet, it reflects Thursday, with comparable sales ing itsbiggest brands such as terlossof$1.65 billion, com- Covid-19.Tyson has tested a assets by nearly $17billion. It the lossthrough awrite-down. up 9% in the second quarter. Oreo cookies have gained mar- pared with aprofitof$449 mil- thirdofits workforce and said at the time that consumers KraftHeinz has been in the “People just aren’t on the go ketshare. lion ayear earlier.Excluding plans to test thousands of had gravitated toward niche midst of ayearslong turn- as much. They’reeating more “Consumershavebeen going the impairment chargesand workers every week, it said. brands oftenviewedasfresher, around effort. Thecoronavirus at home.Wehavetomakethat back to the brands they know other items,its adjusted profit Plant shutdowns to curb the healthier or moreinnovative. pandemic accelerated itsprog- stick,” KelloggChief Executive and trust,” MondelezCEO Dirk rose to 80 centsashare. Reve- spread of the coronavirus re- KraftHeinz Chief Executive ress as shoppersreturned to SteveCahillane said. VandePut said. nue rose 3.8%to$6.65billion. duced U.S. beef and pork pro- Miguel Patricio said he thinks big,familiar grocerybrands, Kellogg’sNorth Americare- Nestlé SA said Thursday Kelloggreported earningsof duction by more than a third Oscar Mayerhot dogsand cold Mr.Patricio said. tail sales increased morethan that salesslowedrecently, $351 million, up from $286 mil- in lateApril. In response, cutshavepotential forsales “Wehavetokeep these con- 15%incereal aftertepid sales though the maker of Lean Cui- lion ayear earlier.Sales were meatpackersspent hundreds growth. But he expectslower sumerswith us,” he said. foryears, and 26% forits Eggo sine and DiGiorno pizza re- roughly flat at $3.47billion of millions of dollarsonsafety profit margins due to invest- KraftHeinz’s resultstopped frozenbreakfast items. ported comparable sales were compared with last year. equipment such as personal mentsinthe brand and com- analyst expectations forquarter Food makersinitially sawan up 1.3% in the second quarter. protectivegear,thermal scan- petitivepricing,leading to when excluding the impact of unprecedented surge in sales in KraftHeinz and Kelloggsaid  Heard on the Street: Kraft nersand workplacepartitions. $626 million in write-downs the chargesand other factors Marchand April when consum- they areincreasing advertising Heinz is squeezed again.....B12 P2JW213000-2-B00400-1------XA

B4 | Friday, July 31, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Facebook’s Users Increase Engagement

Revenue manages to Facebook's quarterly profit grow but rate of $8 billion increase declines and is expected to stay low 6

BY JEFF HORWITZ

Facebook Inc.powered 4 through the throes of the pan- demic,asthe social-media gi- ant’srevenue rose in the sec- ond quarter thanks to 2 increased engagement from users. Thecompany, nonetheless, 0 posted asignificant decline in itsrevenue growth rate and 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q warned that growth will re- ‘18 ‘19 ‘20 Note:Facebook paid $5 billion in fines and legal main muted amid continued expenses relating to the Cambridge Analytica

economic fallout from the S scandal in the firsthalf of 2019. pandemic, an advertiser boy- Source:the company NEW

cott and reduced efficacyof G ad targeting. rooted in frustrations from

Facebook generated $18.7 OOMBER civil-rightsgroups about how

billion in revenue,upfrom /BL Facebook handles hate $16.9 billion ayear earlier and speech, began in July and

beating analyst expectations MORRIS thus didn’t affect second-

of $17. 34 billion, according to UL quarter results. Themonth- datafromFactSet. The11% PA long boycottisscheduled to VID

growth is adeceleration from DA end Fridaythough some ad- the averagegain of nearly Nonadvertising businesses, such as the company’s Oculus virtual-reality division, showed strong sales in the second quarter. vertisersmay continue to 25%for the preceding four limit spending on Facebook’s quarters. accumulated toomuch power. Mr.Zuckerbergsaid efforts Therecent quarter wasthe prospects. On Thursday, it platforms. Earningsfor the second Mr.Zuckerbergused the to significantly restrict how firsttoreflect the full weight said that in the firstweeks of Facebook’snonadvertising quarternearly doubled to company’ssecond-quarter Facebook collectsand deploys of the coronavirus pandemic the current quarter revenue business, which includes vir- $5.18billion, or $1.80 ashare, earningscall to makeadiffer- dataabout itsuserscould be in the U.S.—which upended grew at a10% clip year over tual-reality division Oculus, well aboveanalysts’ expecta- ent case: that Facebook is a harmful, calling the com- normal economic activity but year,arateitpredicted would as well as Portal, itshome tions.Facebook shares gained vital social good and that pany’spersonalized advertis- fueled usageofFacebook’s hold through September. video calling device, wasan morethan 6% in after-hours overly broad regulatoryef- ing a“lifeline” forsmall busi- products.Average monthly Facebook,which tradition- exception to the slower trading. fortstohobble it would be nesses struggling to survive usersofthe Facebook plat- ally hasn’t offered such guid- growth, with sales rising 40% Theresultsagain showthe self-defeating.The spiking us- social-distancing mandates.If form rose to 2.7billion from ance, said the forecast re- from ayear earlier. resilienceofFacebook’sbusi- ageofits productsoverthe ad targeting wassignificantly 2.6billion in the firstquarter. flected uncertainty about the Advertising still accounts nessevenasitisbuffeted by last several months showhow restricted, he said, “this Morethan three billion peo- economy, the current ad boy- for98% of Facebook’sreve- one controversy afteranother. it has helped society weather would reduce opportunity for ple use at least one of Face- cott and limitations on Face- nue. Chief ExecutiveMark Zucker- the coronavirus pandemic,he small businesses so much that book’sproductsmonthly. book’sad-targeting business Thecompany’s32% gross bergwas one of four major said, adding that he believes it would probably be felt at a Facebook had joined other appliedbyCalifornia’sdata- margin forthe period com- tech CEOs to testifybefore the U.S. government has macroeconomic level. Is that social-media companies in privacylaw as of the start of paredwith 31% forthe first Congress on Wednesdayabout failed to managethe pan- really what policymakers predicting that pandemic fall- this month. quarter and 27% in last year’s whether their companies have demic response well. want?” out would damp itsnear-term Theadboycott,which was second quarter. Electronic Arts Ridesthe Videogame Boom Google Ad

BY SARAH E. NEEDLEMAN charging an upfront feewhile Revenue enabling in-gamepurchases. Electronic Arts Inc.reported That hashelped publishersgen- thestrongest June quarter sales eratemorerevenue from older Declines in thevideogame company’s38- games because people tend to year historyonThursday, as plunk down morecash on digi- pandemic lockdowns resulted in taladd-ons the longer they play. ContinuedfrompageB1 feweroptions forpeople to stay Electronic Arts’s“ApexLeg- tising revenue had risen every entertained and connect with ends” and Activision Blizzard’s quarterofthe company’s22- friends. “Call of Duty: Warzone” arefree year history, so the reversal is Net bookings, an industry to play, while Take-Two’s notable.Analystspolled by sales metric that excludes de- “Grand TheftAutoOnline” is FactSet had expected the drop ferred revenue,shot up 87% free with the purchase of in advertising revenue,and in- from ayear earlier to $1.39 bil- “Grand TheftAutoV.”All three vestorsweremostly undis- lion forthe publisher of block- blockbustergames sell digital turbed. Alphabet shares rose buster franchises such as Mad- goods,also commonly referred about 1% in after-hourstrading. den NFL and ApexLegends.Net to as microtransactions.The Alphabet Chief Executive income fell 74%inits fiscal companies have been adding Sundar Pichai blamed the mac- firstquarter due to anonre- morefree-to-playmobile games roeconomic environment caused peating taxbenefit, but ad- to their portfolios as well, an ef- by the coronavirus pandemic, justed profit morethan quintu- fort to capitalizeonthe fastest- and said he sawearly signs of pled to $1.42 ashare. growing segment of the video- potential stabilization. Thecon- TS

“The quarterwas so wildly AR game market. glomeratereported totalprofit beyond our expectations,” Elec- Mark Rossi of Westbury, N.Y., of $6.4 billion, a30% drop from tronic Arts’ financechief Blake ONIC said he has been playing games ayear earlier.Alphabet’smargin CTR

Jorgensen said in an interview. ELE moreoften sinceMarch because wascrimped as well, falling to “Normally it’sone of our quiet- The crisis has helped the industry. Images from Electronic Arts’s ‘Star Wars Jedi: Fallen Order.’ the pandemic has prevented 17%, from 24%ayear earlier. est quarters.” him from being able to enjoyhis Themalaise ateintoAlpha- The health crisis has been a morethan double their adjusted industrygiantsrising an aver- stay-at-home ordersworld-wide. other pastimes with friends, bet’senviable cash hoard. Al- boon acrossthe $149 billion earningsfromthe year-earlier ageof27% over the past three Asurge in usersfor Roblox such as going to the movies, phabet has modestly drawn global games industry, bringing quarter,according to analysts months through Thursday. That Corp., maker of aplatform with playing hockey and seeing down what wasan$18.5 billion back lapsed players,attracting polled by FactSet. compares with amorethan 11% millions of free games,has put Broadway shows.Hesaid he cash position in January. It newcomersand driving already Electronic Artsand Take- rise in the S&P 500 index. thecompany’sthird-party de- joined Microsoft’svideogame nowstands at $17.7billion. heavy gamerstoplaymoreof- Twoalso likely gotaliftfrom “They’reall going to have an velopersontrack to morethan subscription servicecalled Xbox Thepandemic seems to have ten, industryexecutives and an- delayedstartsfor professional amazing quarter,” said Wedbush double their earningsthis year Game Pass for$4.99 amonth landed harder at Google than at alystssay. sports, said KeyBanc Capital Securities analyst Michael from 2019,the closely held com- and estimates he has been some of itsBig Tech peers. Electronic Arts’ peers, Activi- Marketsanalyst Tyler Parker. Pachter. panysaid Tuesday. spending triple the amount of Afew minutes beforeGoogle sion Blizzard Inc.and Take- Thecompanies makethe sports- Other large games companies Thepandemic hasn’t been money he normally spends on disclosed itsfigures, Ama- TwoInteractiveSoftware Inc., simulation franchises “FIFA” have also reported significant the only driving forcebehind digital goods inside games such zon.com Inc.said itssales and areforecast to also post strong and “NBA2K,” respectively,and growth in recent weeks. Micro- game companies’ growth. In re- as “Valorant” and “Sea of profit soared in the quarter. financial resultsfor the period broadcasterssuch as ESPN soft Corp.had a65% increase in cent yearsmanypublishershave Thieves.” Facebook Inc.posted lower when they report earningsnext showedpeople competing at Xboxcontent and services reve- shiftedaway from selling con- “I’vebeen trying to stay in, growth forthe second quarter, week.Analystssay the publicly them. Such games are“probably nue in itsmost recent quarter. sole andcomputer games fora and my interactions with but itsstock surgedasrevenue traded publishers should have the closest substituteright now UbisoftEntertainment SA—the one-time upfront feetomaking friends have been mostly came in higher than expected. all benefited from players and people areprobably playing Paris-based companybehind those games free,with the op- through games,” said Mr.Rossi, Google,based in Mountain spending moremoney on virtual more,” Mr.Parker said. blockbusterssuch as “Assassin’s tion forplayers to repeatedly a33-year-old sales professional. View,Calif., faces multiple anti- perks such as digital costumes Investorshavebeen bullish Creed”—last week said it had purchase low-cost digital goods “It’saway forustodosome- trust investigations into forcharacters. Collectively,the on thecompanies’ prospects, record quarterly net bookings, and services.Other companies thingtogether without putting whether itsdominant business companies areprojected to with the shareprices of all three creditingaboost in sales from have opted forablended model, anyone’shealth at risk.” harms consumers. Thecom- panybroadly denies that. Mr.Pichai wasamong execu- iPhone SE encouraged custom- Apple’s fiscalthirdquarter care about privacyand quality.” fluent, seems to be willing to tives to testifyremotely before Apple’s erswith older devices to up- segment revenue Thecompany’sMac and iPad spend.” CongressonWednesday, where gradeevenasmanyiPhone businesses benefited from the Sales in China rose slightly he faced questions about ownerswaited forthe fall re- $60 billion iPad well-timed release of product to $9.33billion as the country’s whether the search platform Sales lease of the first5Gmodels,an- s31% upgrades.Sales of Macs rose economyrebounded in the had cut off traffic to potential alystssay. 50 Wearables* 21% to $7.08billion afterApple quarter afterbeing the world’s competitors. “The scrutinyis Apple’sgrowing services s17% released aseries of laptop up- firsttoshut down this year as going to be herefor awhile,” Increase businesshelped the company dates in the period that fea- Wuhan became the virus epi- he said Thursday. setanew June quarter sales 40 Mac tured atraditional keyboardin- center.Following the shutdown, record,demonstrating the s22% stead of the flawed, butterfly Apple encouraged demand for Google’squarterly revenue, ContinuedfrompageB1 value of the company’sstrate- Services keyboardadopted in 2015.In iPhones by offering discounts by segment 30 after-hourstrading.The com- gicshiftinrecent yearsfrom s15% mid-March, the companyre- on itsiPhone 11 models,which pany’sstock pricehas gained selling moredevicestoselling leased anew iPad Proand com- combined with the release of $50 billion morethan 31% sincethe start moresoftware and services 20 plementarykeyboard that theiPhone SE, helped boost Other* of the year,adding morethan acrossthose devices.Services helped liftquarterly sales of unit sales by 32% during the Advertising 40 $350 billioninmarket value. revenue—which includes the iPhone that business by 31% to $6.58 quarter,according to Counter- Forthe second time this AppStore,Apple Music and 10 s2% billion. Mr.Cook said supply point Research. year,Apple declined to project AppleCareamong other busi- constraintsoniPads and Macs Growth in the Chinese sales forthe current quarter,as nesses—jumped 15% to $13.16 capped sales. smartphone market has slowed 30 0 economic uncertainty continues billion. “On almost everyfront of in recent years, though smart- to makethe futurehardtopre- Theservices businesshas 3Q 2019 3Q 2020 their business, they’repartici- phone makersare hoping that 20 dict. Mr.Maestri said Apple ex- come under assault from regu- *Includes Home and Accessories pating in thingspeople need in the transition to 5G technology pectscontinued momentum in lators, lawmakersand develop- Source:the company this environment,” said Ste- will encouragecustomersto itsservices businessand strong ersoverthe past year because phen Lee, aprincipal at Logan upgrade to newdevices. Smart- back-to-school sales of Macs Appletakes a30% cut of App able terms to largercompanies Capital Management, aNew- phones with 5G accounted for 10 and iPads in the current quar- Storesales.InJune,European or sought to boost itsown ser- town Square, Pa., firm with $3 one in three devices sold in the ter. Analystsproject sales of regulatorsopened probes into vices over offeringsfromrivals. billion in assetsunder manage- countryduring the three $61.59 billion, according to the App Storeand Apple’smo- “Wetreat everydeveloper ment. “Laptop demand in gen- months ended in June,accord- 0 FactSet. bile-paymentsservice. On the same,” Mr.Cook told the eral is getting boosted as fami- ing to Counterpoint, an uptick 2017 ’18 ’19 ’20 TheiPhone businessposted Wednesday, Mr.Cook faced House Judiciaryantitrust sub- lies consider the impact of that underscores the impor- *Includes hardware, cloud and app-store sales quarterly sales of $26.42bil- questions from Congress about committee. “It’sarigorous [ap- staying home.Apple’scustomer tanceofApple’sdeliveryofits and ‘Other Bets’segment lion,upnearly 2%. The$399 whether Apple offered favor- proval] processbecause we base,which is slightly moreaf- first5Gdeviceslater this year.. Source:the company P2JW213000-0-B00500-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | B5

October 5, 2020 and February9,2021 |Online

The Wall Street Journal’sfifth annual Global Food Forum will bring together leadersinagribusiness, food production, consumer products, economics and governmenttoexplorethe transformative trends shaping the global businessoffood. Our focus in October: howthe food industryhas been disruptedbythe coronavirus pandemic and the challenges and opportunities thatlie ahead as companies,markets, consumersand the industryadapt.

TopicsInclude SpeakersInclude

Big Revival forBig Food? |How the pandemic Steven A. Cahillane has changedconsumer habitsand whatthe Chairman and CEO post-Covid-19 futurelookslikefor big brands. Kellogg Company

Building aMoreResilientFood System |The food supply chain and howthe currentdisruption will shape practices in the future. Ann M. Veneman ExecutiveDirector,UNICEF GroceryShopping Will NeverBeThe Same (2005–10) U.S. Secretary of Agriculture Howthe pandemic has permanently shifted (2001–05) consumer groceryshopping behavior—and whatthatshiftlookslike. AndreNogueira Food and Agri-foodtechInvesting |Where President and CEO investorssee special opportunitytoaccelerate JBS USA improvements in the food systemthrough investmentintechnology.

From Health Crisis to Economic Crisis to Jacqueline Pieters Food Emergency |The food crises developing Global Head Banking forFood acrossvulnerable regions as the global economy Rabobank goes through contraction, trade and supply chains aredisrupted, and incomes and local production of food fall. VictorE.Friedberg U.S.-China Trade |Will the U.S. fully reclaim its Founder and Chairman, FoodShot Global status as atop food supplier to the world’s Founder and Managing Partner, NewEpoch Capital second-largesteconomy?

Register Today: GLOBALFOOD.WSJ.COM

Proudly sponsored by ©2 02 0D ow Jone s&C o. ,I nc .A ll ri ght sr es er ve d. 6D JX XXX P2JW213000-2-B00600-1------XA

B6 | Friday, July 31, 2020 ** THE WALL STREET JOURNAL. BUSINESS NEWS Coronavirus Hit To NBCUniversal Weighs on Comcast

BY LILLIAN RIZZO scribers, a 54% increase from last year’s second quarter.The Comcast Corp.’ssecond- tally didn’t include morethan quarter revenue fell 12% from 600,000 broadband customers ayear earlier,asthe impact of that either signed up free or the coronavirus on itsNBC- weren’t disconnected due to Universal unit—which includes relief pledges put in place by theme parks,amovie studio theFederal Communications and advertising-dependent TV Commission. networks—morethan offset The company continued to

thecable giant’scontinued lose cable-TV customers,with CK

success in signing up broad- 477,000 people cutting the TO band customers. cord in the second quarter, ThePhiladelphia-based com- compared with 224,000 ayear SHUTTERS

panysaid revenue forthe quar- earlier.This marked the 13th A/ terended June 30 was$23.72 consecutivequarter of pay-TV billion, down from $26.86bil- customer losses. KI/EP OVS

lion ayear earlier.Net profit Pay-TV customers of Com- LIC

wasnearly $3 billion, or 65 cast and its peers continue to GI OR

centsashare, down about 4% migratetostreaming services GE from $3.12billion, or 68 cents. such as Netflix Inc.and Walt The companysaid global revenue fell 18% on an organic basis, compared with ayear earlier.Its Corona beer in Skopje, North Macedonia. Comcast shares closed Disney Co.’s Disney+. down 23 cents, or 0.52%, at Earlier this month, NBCUni- $43.67 Thursday. versal launched Peacock,which NBCUniversal was hit hard has so far signed up 10 million Budweiser Brewer Takes Big by the pandemic.The unit’s streaming customers. AT&T revenue fell 25% to $6.1 billion said last week HBO Max’stotal due to the closureoftheme activations sinceits Maylaunch parks, halted theatrical re- topped 4million. Disney+ said Charge in Africa for Covid-19 leases and asharp decline in in April it had morethan 50 advertising.The theme-park million global subscribers, five business suffered a 94% drop months afterlaunch. in revenue. While its Orlando Comcast cable-TV and in- BY SAABIRA CHAUDHURI forecastsfor a23% decline. Rival Molson CoorsBrewing particular,has emergedasone andJapan theme parks have ternet customersreceivePea- “Wegot abit shaken likeev- Co.onThursdayalso flaggeda of the hardest-hit countries by been open sinceJune,the Hol- cock’s premium ad-supported Anheuser-Busch InBev NV erybody else,” Chief Executive difficult environment, reporting thepandemic.The countryhas lywood location has yettore- tier free,and makeupsome of reported asharp drop in sec- Carlos Britosaid in an inter- a15% drop in second-quarter twicebanned alcohol sales to open. Ad revenue at NBCU’s the 10 million number. ond-quartersales as beer con- view. “When people areallowed net sales.North American sales curb pressureonthe nation’s cable networks and broadcast- Comcast Cable,which com- sumption acrossmuch of the to go back to some normalcy, declined 8.3%, while sales in Eu- health service. On Thursday, AB television unitsfell 27% and prises the company’sbroad- world dropped and took a$2.5 beer volumes come back.” rope,whereabiggersliceof InBev said volumes in South Af- 28%, respectively. band, pay-TV,landline and billion write-down on itsbusi- Covid-19 propelled many beer is drank at bars, plunged ricadropped over 60% in the Comcast’s broadband busi- mobile businesses, had about nessinSouth Africa, whereal- countries to institutelockdowns 45%. Theowner of CoorsLight quarter. ness,onthe other hand, had $14.4billion in revenue, cohol sales have been banned that required consumerstostay and Miller Litealso said its In Brazil—AB InBev’s sec- its best second quarter on re- slightly down from last year’s during thepandemic. at home andbarsand restau- shareofthe U.S. beer market ond-biggest market, behind the cord with 323,000 newsub- second quarter. Still, revenue topped analyst rantstoshut. In the U.S.,brew- hadbeen hurt by ashortageof U.S.—volumes dropped 4.1%. In estimates,and AB InBev—which ershavebeen hit lessbadly aluminum cans. China, which washit by the vi- makes one out of everyfour than elsewherebecause the ma- Mr.Britosaid AB InBev was rusfirst and has led the world ViacomCBS Adds to ViacomCBS hasn’tdisclosed beerssold globally—said its jority of beer is sold through largely shielded from thecan in largely restarting swaths of howmanysubscribers CBS All performancewas improving supermarkets,which have re- shortage. “Wehavebeen pre- itseconomy, volumes fell 0.4%. Streaming Service Access has; people familiar with rapidly.Though volumes fell mained open. paring foracan uptick forquite In June,ABInBev posted its the matter sayitismorethan 32% in April and 21% in May, AB InBev said itsU.S.reve- some time,” he said. highest beer monthly volumes six million. By adding content they rose 0.7% from ayear ear- nuedropped 5.9%, astronger Elsewhere, in South Africa— in China, with most restaurants ViacomCBS Inc. is beefing from ViacomCBS outlets includ- lier in June. performancethan in most other one of AB InBev’s biggest mar- and barsreopened there. up the content of its CBS All ing Nickelodeon and BET,the Thecompany’sshares rose regions,helped by the gradual kets—the companytook a$2.5 Overall, AB InBev’s net profit Access direct-to-consumer companyisbetting the service 2.4% in NewYork. reopening of barsinmany billion write-down reflecting forthe three months ended streaming platform, adding can attract morecustomers. TheBudweiser brewersaid states.Bud and Bud Light con- the recent decline in sales and June 30 plunged to $351 million more than 3,500 episodes of “It’s the first big step to global revenue dropped 18% on tinued to lose market share, al- uncertain economic outlook. from $2.48 billion ayear earlier, television shows as well as a transform All Access into a su- an organic basis,compared with though those declines were off- AB InBev made abig bet on despitea$1.9billion one-time- new original children’s offering per service,” said Marc DeBev- the year-earlier quarter.That setbygains forMichelob Ultra, Africaafew yearsago when it gain tied to the sale of itsAus- that is a spinoff of Nickelodeon oise, president and chief execu- strips out currencychanges and helping the companyretain its bought SABMiller in a$100 bil- tralia business. Revenue fell to hit “SpongeBob SquarePants.” tive of ViacomCBS Digital. acquisitions and beat analysts’ overallposition, Mr.Britosaid. lion-plus deal.South Africa, in $10.3 billion from $13.6 billion. The move is part of a Besides programming from Vi- broader overhaul of CBS AllAc- acomCBS’s cable networks, All cess,which launched in 2014, Access is increasing the num- EARNINGS WATCH initially as an online extension ber of movies from sister of the CBS network along with movie studio Paramount Pic- ahandful of original shows. tures and documentaries from NESTLÉ SinceViacom and CBS closed the Smithsonian Channel. Sales Growth Slows, on their merger lastDecember, Shows now available on All expanding the programming of- Access include comedian Dave Pet Food Excels ferings of CBS AllAccess has Chappelle’s Comedy Central hit been apriority, Chief Executive “Chappelle’s Show.” Nestlé SA said sales slowed BobBakish has said. —Joe Flint in recent months from the blis- tering pace set earlier this year, when shoppers stripped shelves bare during coronavirus lock- ADVERTISEMENT downs. Still, the world’s biggest pack- The Marketplace aged-food company said Thurs- day that second-quarter organic To advertise: 800-366-3975orWSJ.com/classifieds sales grew by 1.3% from the pre- vious year, bolstered by pet food—which has remained a hot COMMERCIAL REAL ESTATE seller in the pandemic era. Nestlé, along with rivals such %$$ .')"#- &+"( ,!*#-(

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"-**-eO*g.P Sg)(O* 7O.g.( g( (KO <*-,O*(c a(KO J.(O*O)() J. XO.O*gG &F 3#6&6` (- (KO SObbg.J.O "-**-eO*] V. pantries in the past few months. Q-..OQ(J-. eJ(K (KO SObbg.J.O T-g._ (KO SObbg.J.O "-**-eO*L*g.(OP (- (KO 9OQ'*OP ?#D2CDFF(F&?6`_ organic basis—which strips out pact our business,” said Chief nearly 20% as the Covid-19 pan- desivir to help lift its full-year O.(O*OP J.(-fcg.P g0-.L (KO 9OQ'*OP ?>FB in tourists from California and to the revenue decline was a Chief Commercial Officer Jo- 2$?6`_ g.P (- J0,-)O )'QK-(KO* GJ0J(g(J-.) -* Q-.PJ(J-.) J. Q-..OQ(J-. eJ(K (KO)gGO -M (KO V.(O*O)() Revenue Falls 91%, g) (KO 9OQ'*OP \\eee]e0J..Og,-GJ)'QQM-*OQG-)'*O]Q-0\ -* fc Q-.(gQ(J.L UTT ')J.L (KO Q-.(gQ( J.M-*0g(J-. fOG-e] posted a 91% decline in quarterly Net revenue was down 50% Switched-transaction revenue By early October, “we should .#&?6$? 7&E#D(6?>#& E#D4#&FB 36&C 36;699F> #((.> "*O(( :-)O.fO*L_ EFE^@FE^B?EA_ f*O((]*-)O.fO*L$g0]IGG]Q-0 revenue, the latest casino opera- compared with a year earlier for comes from the company autho- be in a place where global sup- tor to reveal the continuing fi- the time periods open, the com- rizing, settling or clearing trans- ply meets global demand,” Ms. nancial blow of pandemic shut- pany said. Hotel-room occupancy actions. Mercier said on a call with ana- BUSINESSOPPORTUNITIES COMMERCIAL REAL ESTATE downs and curtailed global travel was 43% compared with 95% a The company reported earn- lysts after the company reported on the gambling industry. year earlier. In the gambling hub ings for the quarter that ended second-quarter financial results. On Thursday, the Las Vegas- of Macau, casinos have been in June of $1.42 billion, or $1.41 Overall, Gilead reported a loss )!# '&$% *+ (,"%# based company reported reve- open but travel restrictions from a share. Those earnings declined of $3.34 billion, or $2.66 a share, *1-4).9 9287!3 58), ,2+7 %5 ,9BB>9 9,B"B9D/"?.9, C8 B)9 ?CB453 &"."B5+" &2.C8+,'9: $5.A0(C8@B9, 3.5; nue of $290 million for the three China have damped visitation. from a year earlier’s $2.05 bil- compared with a year-earlier &($% 4732+/763,7+3 87318+ B)5.5@+)!.9< ."?9 B."?A "8< .5@B96D0 months ended June 30, com- MGM Resorts reported a 95% lion, or $2 a share. profit of $1.88 billion, or $1.47 a pared with $3.2 billion a year decline in net revenue in Macau: Adjusted earnings were $1.36 share. On an adjusted basis, &82+!2;#.6 '+.- ;.7#67 #589< %- ;C79< @,9 <9=9>52;98B0 *",B >".+9 2".?9> >91 C8 B)9 ?CB40 earlier. MGM Resorts had an op- $33 million compared with $706 a share. According to FactSet, profit fell to $1.11 a share. Reve- 2+5)",#/782!04).9:!), !&"()$'(#!%! erating loss of $1 billion com- million a year earlier. Wall Street expected $1.16 a nue fell 10% to $5.14 billion. . pared with operating income of —Katherine Sayre share. —Allison Prang —Joseph Walker P2JW213000-0-B00700-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 26313.65 t225.92, or 0.85% Trailing P/E ratio 24.06 19.15 3246.22 t12.22, or 0.37% Trailing P/E ratio * 30.59 23.15 10587.81 s 44.87, or 0.43% Trailing P/E ratio *† 32.92 25.06 High, low, open and close for each P/E estimate * 24.00 17.14 High, low, open and close for each P/E estimate * 25.47 18.15 High, low, open and close for each P/E estimate *† 30.84 22.12 trading day of the past three months. Dividend yield 2.47 2.24 trading day of the past three months. Dividend yield * 1.90 1.86 trading day of the past three months. Dividend yield *† 0.85 1.00 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 10767.09, 07/20/20

Current divisor 0.14579812049809 28000 3350 10800

26500 3200 10000

25000 3050 9200

23500 2900 8400 Session high DOWN UP 65-day moving average Session open Close 65-day moving average t 22000 2750 7600 Close Open 65-day moving average t 6800 Session low 20500 2600 Bars measure the point change from session's open 19000 2450 6000 Apr. May June July Apr. May June July Apr. May June July *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* 826,039,880 21,068,343 Industrial Average 26374.93 25992.28 26313.65 -225.92 -0.85 29551.42 18591.93 -1.0 -7.8 6.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 177,344,448 7,168,984 Transportation Avg 9951.77 9837.95 9907.48 1.10 0.01 11304.97 6703.63 -5.0 -9.1 2.4 Most-active issues in late trading Decl. volume* 621,976,707 13,863,702 Utility Average 828.24 818.87 828.13 -0.83 -0.10 960.89 610.89 1.4 -5.8 4.6 Volume After Hours Issues traded 3,064 268 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 33195.00 32707.97 33141.90 -115.12 -0.35 34631.28 22462.76 9.2 0.3 9.0 Advances 1,020 105 SPDR Ptf Interm Treasury SPTI 35,566.6 33.32 -0.02 -0.05 33.32 33.20 Barron's 400 707.13 696.70 705.76 -3.20 -0.45 746.64 455.11 3.6 -3.6 2.7 Declines 1,953 157 iShares iBoxx $ HY Cp Bd HYG 15,162.9 85.30 0.07 0.08 85.45 85.12 Unchanged 91 6 electroCore ECOR Nasdaq Stock Market 13,329.2 3.29 1.75 113.64 3.45 1.59 New highs 83 5 Nasdaq Composite 10609.59 10412.09 10587.81 44.87 0.43 10767.09 6860.67 30.5 18.0 18.4 iSh 7-10Y Treasury Bond IEF 9,989.4 122.62 -0.15 -0.12 122.81 122.62 New lows 13 2 Nasdaq 100 10737.03 10531.79 10715.51 52.53 0.49 10952.08 6994.29 37.4 22.7 21.9 ProSh UltraPro Shrt QQQ SQQQ 8,484.0 5.94 -0.32 -5.11 6.30 5.88 Closing Arms† 1.76 0.97 Apple AAPL 8,212.4 407.20 22.44 5.83 408.95 382.50 S&P Block trades* 5,553 232 Ford Motor F 6,946.4 6.92 0.18 2.67 7.16 6.73 500 Index 3250.92 3204.13 3246.22 -12.22 -0.37 3386.15 2237.40 9.9 0.5 9.5 Nasdaq NYSE Arca SPDR Bloomberg HY Bd JNK 6,682.5 105.95 .. ... 106.04 105.80 MidCap 400 1879.83 1850.77 1876.26 -12.45 -0.66 2106.12 1218.55 -3.0 -9.1 2.1 Total volume*4,027,361,963 274,417,750 SmallCap 600 873.55 860.86 871.44 -6.00 -0.68 1041.03 595.67 -8.1 -14.7 0.2 Percentage gainers… Adv. volume*2,113,601,945 63,946,120 Decl. volume*1,876,105,720 203,308,432 Other Indexes electroCore ECOR 13,329.2 3.29 1.75 113.64 3.45 1.59 Issues traded 3,424 1,393 Russell 2000 1499.20 1475.16 1495.10 -5.53 -0.37 1705.22 991.16 -3.6 -10.4 1.5 MOGU ADR MOGU 707.6 4.26 0.76 21.71 4.50 3.47 Advances 1,485 404 NYSE Composite 12544.80 12393.80 12533.28 -136.34 -1.08 14183.20 8777.38 -3.0 -9.9 1.6 Allscripts Healthcare MDRX 174.4 9.05 1.46 19.24 12.70 7.59 Declines 1,847 968 CymaBay Therapeutics CBAY 337.7 4.10 0.60 17.14 4.35 3.50 Value Line 465.72 455.93 461.50 -4.22 -0.91 562.05 305.71 -12.1 -16.4 -4.4 Unchanged 92 21 Under Armour Cl C UA 279.8 11.07 0.89 8.74 11.10 10.10 NYSE Arca Biotech 5802.00 5679.33 5762.52 18.26 0.32 6142.96 3855.67 23.0 13.7 13.1 New highs 132 69 NYSE Arca Pharma 663.61 655.81 662.18 -3.80 -0.57 672.00 494.36 13.8 1.3 7.6 ...And losers New lows 31 9 KBW Bank 74.80 73.13 74.77 -1.72 -2.25 114.12 56.19 -23.9 -34.0 -7.7 OPKO Health OPK 2,564.6 5.28 -0.63 -10.66 6.25 5.23 Closing Arms† 0.71 0.78 § PHLX Gold/Silver 154.34 147.92 150.26 -5.44 -3.49 158.21 70.12 63.6 40.5 20.6 Atlassian Cl A TEAM 222.3 172.50 -15.16 -8.08 190.91 169.11 Block trades* 21,294 1,379 § PHLX Oil Service 36.62 35.79 36.38 -1.03 -2.75 80.99 21.47 -51.5 -53.5 -35.4 MicroSect FANG+ -3X Invr FNGD 97.0 14.95 -1.15 -7.14 16.27 14.95 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2148.60 2098.79 2147.55 41.25 1.96 2147.55 1286.84 42.0 16.1 25.2 Redfin RDFN 89.5 40.00 -2.97 -6.91 45.00 39.95 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 28.29 24.64 24.76 0.66 2.74 82.69 11.54 38.6 79.7 34.0 SQQQ ProSh UltraPro Shrt QQQ 8,484.0 5.94 -0.32 -5.11 6.30 5.88 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World The Global Dow 2949.68 –27.21 –0.91 –9.3 Taoping TAOP 8.80 6.76 331.50 15.00 1.86 122.2 Genocea Biosciences GNCA 3.45 -1.52 -30.58 5.75 1.10 3.3 DJ Global Index 420.77 –2.79 –0.66 –3.1 Liminal BioSciences LMNL 23.79 13.15 123.59 31.45 5.25 95.5 Kraton KRA 14.01 -4.35 -23.69 35.00 4.45 -52.0 DJ Global ex U.S. 244.30 –2.54 –1.03 –7.3 Edesa Biotech EDSA 9.45 4.25 81.73 19.10 1.58 107.2 Spectrum Pharmaceuticals SPPI 3.10 -0.78 -20.10 10.57 1.74 -58.6 Americas DJ Americas 757.61 –2.92 –0.38 –0.4 MOGU ADR MOGU 3.50 1.30 59.09 6.85 0.88 53.9 Capricor Therapeutics CAPR 7.54 -1.73 -18.66 12.32 0.88 89.4 Brazil Sao Paulo Bovespa 105008.70 –596.47 –0.56 –9.2 AlloVir ALVR 25.39 8.39 49.35 29.84 17.00 ... Eros International EROS 3.11 -0.69 -18.16 4.91 1.10 101.9 Canada S&P/TSX Comp 16299.29 4.63 0.03 –4.5 Li Auto ADR LI 16.46 4.96 43.13 17.50 11.50 ... JAKKS Pacific JAKK 5.73 -1.27 -18.14 14.60 3.00 -34.1 Mexico S&P/BMV IPC 37136.78 –584.06 –1.55 –14.7 Technical Communications TCCO 4.92 1.33 37.05 10.49 1.72 100.8 AnPac Bio-Medical ADR ANPC 5.90 -1.28 -17.83 12.18 5.03 ... Chile Santiago IPSA 2726.68 –20.66 –0.75 –18.3 ThermoGenesis Holdings THMO 6.21 1.66 36.48 14.18 1.63 116.4 CPS Technologies CPSH 2.23 -0.48 -17.71 3.35 0.86 112.4 At Home Group HOME 12.60 3.16 33.47 13.54 1.20 126.2 Trinseo S.A. TSE 22.38 -4.53 -16.83 50.14 14.16 -38.7 EMEA Stoxx Europe 600 359.52 –7.93 –2.16 –13.5 ADMA Biologics ADMA 3.74 0.90 31.69 5.48 1.45 5.4 Materialise ADR MTLS 23.84 -4.42 -15.64 28.99 10.65 17.6 Eurozone Euro Stoxx 351.78 –9.27 –2.57 –12.9 Belgium Bel-20 3340.48 –65.15 –1.91 –15.6 Blink Charging BLNK 12.49 2.87 29.83 14.58 1.25 327.7 New Home NWHM 4.00 -0.74 -15.61 6.00 0.94 -7.8 Denmark OMX Copenhagen 20 1296.65 –6.88 –0.53 14.2 Overstock.com OSTK 76.19 15.45 25.44 78.83 2.47 266.9 Big 5 Sporting Goods BGFV 5.66 -0.92 -13.98 6.93 0.65 170.8 France CAC 40 4852.94 –105.80 –2.13 –18.8 Kirkland's KIRK 5.47 1.08 24.60 5.61 0.56 233.5 Impinj PI 22.79 -3.65 -13.80 39.45 11.47 -38.4 Park National PRK BlueCity Holdings ADR BLCT Germany DAX 12379.65 –442.61 –3.45 –6.6 88.00 17.22 24.33 105.52 64.53 -5.0 15.65 -2.43 -13.44 35.89 13.30 ... Ultra Clean Holdings UCTT 30.81 5.99 24.13 30.95 11.20 116.5 MicSec US Big Oil 3X Lev NRGU 3.18 -0.49 -13.35 55.19 1.10 -92.8 Israel Tel Aviv 1380.63 … –18.0 Italy FTSE MIB 19228.47 –652.10 –3.28 –18.2 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 549.20 –14.91 –2.64 –9.2 Russia RTS Index 1232.35 –33.66 –2.66 –20.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 55844.90 –862.84 –1.52 –2.2 Spain IBEX 35 6996.60 –209.60 –2.91 –26.7 General Electric GE 126,644 20.4 6.26 -5.01 13.26 5.48 Kandi Technologies Group KNDI 124,145 6385 8.66 -7.08 17.40 2.17 Sweden OMX Stockholm 675.05 –15.06 –2.18 –0.8 Kandi Technologies Group KNDI 124,145 6385.1 8.66 -7.08 17.40 2.17 Edesa Biotech EDSA 45,727 4406 9.45 81.73 19.10 1.58 Taoping TAOP Liminal BioSciences LMNL Switzerland Swiss Market 10095.34 –177.47 –1.73 –4.9 109,229 195289.0 8.80 331.50 15.00 1.86 2,512 3638 23.79 123.59 31.45 5.25 ProSh UltraPro Shrt QQQ SQQQ 102,293 27.9 6.26 -1.57 39.29 5.78 SPDR Ptf Interm Treasury SPTI 94,760 3465 33.34 0.12 33.34 30.79 Turkey BIST 100 1126.90 –8.65 –0.76 –1.5 Eastman Kodak KODK 97,811 995.7 29.83 -10.15 60.00 1.50 TerraForm Power TERP 32,875 3340 19.35 -7.02 21.98 11.40 U.K. FTSE 100 5989.99 –141.47 –2.31 –20.6 U.K. FTSE 250 17017.05 –230.61 –1.34 –22.2 SPDR Ptf Interm Treasury SPTI 94,760 3465.2 33.34 0.12 33.34 30.79 PIMCO Broad U.S. TIPS Idx TIPZ 169 2271 64.58 0.06 64.65 55.60 Precipio PRPO 94,482 7006.0 7.00 469.11 8.00 0.55 Global X MSCI Norway ETF NORW 1,062 2224 10.39 -1.89 12.73 6.28 Asia-Pacific Advanced Micro Devices AMD 79,857 28.6 78.20 2.77 78.96 27.43 Healthcare Merger HCCO 2,589 2034 10.68 -2.78 12.08 9.20 Australia S&P/ASX 200 6051.10 44.71 0.74 –9.5 Achieve Life Sciences ACHV 65,655 1492.5 0.60 -13.89 2.51 0.23 Brookfield Renewable BEPC 5,622 1792 40.72 -6.99 45.22 40.34 China Shanghai Composite 3286.82 –7.73 –0.23 7.8 NIO ADR NIO 64,414 -41.0 12.20 -3.94 16.44 1.19 Distillate US Fund Stbl DSTL 625 1764 31.68 -0.16 32.97 20.95 Hong Kong Hang Seng 24710.59 –172.55 –0.69 –12.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 37736.07 –335.06 –0.88 –8.5 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 22339.23 –57.88 –0.26 –5.6 Singapore Straits Times 2529.82 –43.62 –1.70 –21.5 Track the Markets South Korea Kospi 2267.01 3.85 0.17 3.2 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12722.92 1.45 6.0 global stock indexes, bond ETFs, 181.95 currencies and commodities at Currencies Thailand SET 1315.74 –22.61 –1.69 –16.7 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23178 0.02 Argentina peso .0138 72.2605 20.7 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1940 5.1548 28.2 Czech Rep. koruna .04518 22.135 –2.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7450 1.3424 3.3 Denmark krone .1591 6.2838 –5.7 notes and bonds major U.S. trading partners Chile peso .001313 761.60 3.0 Euro area euro 1.1848 .8441 –5.3 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000269 3722.50 13.4 Hungary forint .003435 291.14 –1.4 Ecuador US dollar Iceland krona benchmark over the past year 11unch .007423 134.72 11.2 Bankrate.com avg†: 3.09% 4.00% 8% Mexico peso .0454 22.0296 16.4 Norway krone .1102 9.0772 3.4 Uruguay peso .02351 42.5400 14.5 Poland zloty .2686 3.7231 –1.9 Astra Bank 2.75% Russia ruble .01368 73.102 s 17.8 One year ago 3.00 Yen Asia-Pacific 4.00% Scandia, KS 785-335-2243 4 Sweden krona .1149 8.7062 –7.1

t Australian dollar .7194 1.3900 –2.4 t Switzerland franc 1.1002 .9089 –6.1 TBK Bank, SSB 2.85% China yuan .1427 7.0088 0.7 30-year fixed-rate 3.00 2.00 0 Turkey lira .1429 6.9979 17.6 Dallas, TX 214-365-6900 Hong Kong dollar .1290 7.7503 –0.5 mortgage Ukraine hryvnia .0360 27.7500 17.2 India rupee .01336 74.877 4.9 2.00 Union Bank 2.88% 1.00 UK pound 1.3095 .7637 1.3 Tradeweb ICE –4 s Indonesia rupiah .0000685 14600 5.2 10-year Treasury Goldsboro, NC t s 919-583-8989 Thursday Close WSJ Dollar index Euro Japan yen .009548 104.73 –3.6 Middle East/Africa t note yield 1.00 First National Bank 3.00% 0.00 –8 Kazakhstan tenge .002371 421.71 10.4 Bahrain dinar 2.6522 .3771 ... Macau pataca .1253 7.9830 –0.4 Egypt pound .0626 15.9698 –0.5 Waverly, IA 319-266-2000 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2359 4.2395 3.6 Israel shekel .2936 3.4062 –1.4 A S O N D J F M A M J J Charter Bank 3.13% New Zealand dollar .6700 1.4925 0.5 Kuwait dinar 3.2728 .3055 0.8 maturity 2019 2020 Eau Claire, WI 715-832-4254 Pakistan rupee .00597 167.480 8.1 Oman sul rial 2.5974 .3850 unch Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0204 49.060 –3.3 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7288 1.3721 1.9 Saudi Arabia riyal .2666 3.7509 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008405 1189.74 3.0 South Africa rand .0597 16.7617 19.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0053874 185.62 2.4 Yield (%) 52-Week Total Return (%) Taiwan dollar .03413 29.302 –2.0 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 .03189 31.360 5.4 WSJ Dollar Index 88.26 –0.22–0.25 –1.46 Libor, 3-month 0.25 0.24 0.24 l 2.29 -1.06 U.S. Treasury, Barclays 2505.100 0.420 0.460 1.910 0.420 11.99 5.90 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.26 0.26 0.26 l 0.78 -0.03 Five-year CD, annual yield 0.69 0.70 0.69 l 1.97 -0.75 U.S. Treasury Long, Barclays 5078.870 1.100 1.160 2.370 0.980 31.73 13.81 Commodities 30-year mortgage, fixed† 3.09 3.14 3.09 l 4.22 -0.86 Aggregate, Barclays 2295.360 1.090 1.130 2.460 1.090 10.22 5.67 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.73 2.71 2.71 l 3.57 -0.41 Fixed-Rate MBS, Barclays 2226.610 1.160 1.240 2.690 0.930 5.43 3.87 Jumbo mortgages, $510,400-plus† 3.13 3.18 3.13 l 4.71 -1.20 DJ Commodity 587.94 -7.32 -1.23 647.86 433.70 -1.47 -8.47 High Yield 100, ICE BofA 3140.031 4.285 4.506 10.740 4.285 1.686 3.402 Five-year adj mortgage (ARM)† 3.24 3.06 3.06 l 4.78 -0.09 TR/CC CRB Index 142.78 -1.56 -1.08 187.39 106.29 -17.38 -23.15 Muni Master, ICE BofA 589.426 0.935 0.985 3.441 0.935 5.357 4.334 New-car loan, 48-month 4.27 4.26 4.17 l 4.67 1.28 Crude oil, $ per barrel 39.92 -1.35 -3.27 63.27 -37.63 -26.01 -34.62 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 894.112 4.779 4.788 7.480 4.523 3.755 4.240 Natural gas, $/MMBtu 1.829 -0.101 -5.23 2.862 1.482 -16.94 -16.45 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. 1942.30 -11.10 -0.57 1953.50 1420.90 36.70 27.82 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 P2JW213000-0-B00800-1------XA

B8 | Friday, July 31, 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 April 2.602 2.621 2.563 2.568 –.041 78,436 Dec 2,337 2,385 2,329 2,345 10 67,908 Sept .9537 .9558 .9502 .9543 .0018 165,067 Coffee (ICE-US)-37,500 lbs.; cents per lb. Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open Sept 112.45 117.40 112.20 115.35 3.75 85,014 Aug .7462 .7499 .7431 .7440 –.0043 13,983 Open High hi lo Low Settle Chg interest Agriculture Futures Dec 115.00 120.20 115.00 118.25 3.75 78,096 Sept .7502 .7502 .7431 .7441 –.0043 119,613 Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Sept 315.50 319.25 t 315.25 315.75 .25 555,042 Aug 2.9230 2.9230 2.8740 2.9045 –0.0050 3,216 Oct 11.90 12.19 11.89 12.11 .10 380,175 Aug 1.2980 1.3102 s 1.2947 1.3090 .0126 344 Dec 326.25 329.50 326.00 326.75 .50 666,295 Sept 2.9340 2.9360 2.8765 2.9140 –0.0050 118,420 March'21 12.57 12.79 12.54 12.73 .08 237,149 Sept 1.3004 1.3106 1.2948 1.3091 .0124 174,138 Oats (CBT)-5,000 bu.; cents per bu. Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Aug 1963.40 1965.10 1930.00 1942.30 –11.10 60,568 Sept 283.50 283.50 277.00 278.00 –4.00 788 Sept 27.35 27.35 27.35 27.35 …1,299 Sept 1.0974 1.1017 s 1.0941 1.1007 .0050 54,217 Oct 1974.30 1976.00 1941.70 1955.20 –10.10 67,100 Dec 273.00 273.50 269.00 271.50 –1.00 3,557 Nov 27.25 27.25 27.25 27.25 …2,474 Dec 1.0990 1.1044 s 1.0971 1.1035 .0050 131 Dec 1986.40 1987.30 1952.30 1966.80 –9.90 406,819 Soybeans (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Feb'21 1995.50 1995.50 1962.20 1976.30 –9.80 33,303 Aug 891.00 893.50 884.25 891.75 .25 11,947 Oct 61.06 62.67 60.53 62.82 1.79 127 Aug .7176 .7197 s .7122 .7179 .0008 341 April 2003.60 2003.60 1972.00 1985.20 –9.60 9,055 Nov 885.00 890.00 880.75 888.25 3.00 363,335 Dec 61.77 63.21 60.80 63.18 1.57 114,228 Sept .7192 .7199 s .7123 .7179 .0008 117,765 June 2008.40 2010.40 1980.30 1992.10 –10.10 7,287 Soybean Meal (CBT)-100 tons; $ per ton. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Palladium (NYM) - 50 troy oz.; $ per troy oz. Aug 286.90 290.60 285.50 289.80 2.90 9,920 Sept 121.70 123.00 119.70 120.70 –1.35 7,237 Aug .04498 .04539 .04490 .04519 –.00014 81 Aug ……s …2114.90 –126.30 ... Dec 295.50 299.10 293.90 298.00 2.20 155,503 Nov 124.35 125.00 122.50 123.30 –1.20 1,828 Sept 2239.70 2243.60 2079.00 2134.90 –126.30 7,921 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .04526 .04526 .04470 .04503 –.00013 133,646 Dec 2125.10 2150.60 2087.40 2143.20 –120.00 2,216 Aug 29.82 30.23 29.59 29.98 .31 6,858 Euro (CME)-€125,000; $ per € March'21 2128.70 2128.70 2128.70 2136.30 –120.40 45 Dec 30.20 30.41 29.83 30.16 .10 168,247 Interest Rate Futures Aug 1.1798 1.1852 s 1.1736 1.1841 .0071 1,891 Sept 1.1806 1.1860 s 1.1743 1.1848 .0070 669,409 June 2130.70 –120.60 7 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Platinum (NYM)-50 troy oz.; $ per troy oz. Sept 11.36 11.90 11.35 11.54 .15 7,282 Sept 225-290 228-050 225-220 227-230 2-01.0 1,037,419 Aug ...... s ... 905.90 –45.50 1 Nov 11.44 11.90 11.42 11.58 .15 2,603 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures Oct 963.50 965.00 894.30 912.60 –45.90 50,739 Wheat (CBT)-5,000 bu.; cents per bu. Sept 181-120 182-150 181-100 182-100 1-01.0 1,058,311 Mini DJ Industrial Average (CBT)-$5 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Sept 531.75 534.50 525.00 529.50 –3.25 186,779 Dec 180-000 180-270 179-230 180-220 1-01.0 13,536 Sept 26454 26477 25881 26218 –222 84,823 Aug 24.260 24.260 s 23.115 23.340 –0.960 820 Dec 537.25 540.00 531.00 536.00 –2.50 102,626 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 26320 26336 25769 26098 –219 453 Sept 24.450 24.580 23.000 23.362 –0.959 129,983 Wheat (KC)-5,000 bu.; cents per bu. Sept 139-250 140-020 139-240 140-005 8.5 3,505,628 S&P 500 Index (CME)-$250 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Sept 445.50 447.00 438.25 440.00 –5.75 150,329 Dec 139-225 139-315 139-215 139-305 9.0 13,658 Sept 3244.60 3268.20 3208.60 3248.80 –3.60 22,184 Sept 41.32 41.39 38.72 39.92 –1.35 439,683 Dec 456.00 457.00 448.50 450.50 –5.50 74,603 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec …… …3238.30 –3.50 2 Oct 41.59 41.64 39.00 40.24 –1.30 204,830 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 125-305 126-022 125-297 126-015 3.2 3,501,452 Mini S&P 500 (CME)-$50 x index Nov 41.85 41.90 39.33 40.60 –1.21 122,662 Aug 141.775 143.500 141.425 143.025 1.050 6,841 Dec 126-062 126-062 126-022 126-060 3.5 24,683 Sept 3256.75 3269.00 3195.00 3248.75 –3.75 2,619,692 Dec 42.07 42.12 39.63 40.92 –1.12 238,129 Sept 142.425 144.675 142.125 144.425 1.850 13,803 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 3246.50 3258.00 3184.75 3238.25 –3.50 48,912 June'21 43.21 43.23 41.00 42.26 –0.90 150,042 Cattle-Live (CME)-40,000 lbs.; cents per lb. Sept 110-144 110-152 110-142 110-148 .3 2,123,001 Mini S&P Midcap 400 (CME)-$100 x index Dec 43.89 43.90 41.90 43.08 –0.80 165,587 Aug 101.725 102.175 101.000 101.725 .275 35,087 Dec 110-167 110-167 110-155 110-158 .3 2 Sept 1885.30 1887.70 1844.60 1873.20 –12.70 58,632 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Oct 106.125 106.950 105.775 106.750 .700 122,584 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 1806.50 1885.20 1848.10 1872.70 –12.70 3 Aug 1.2578 1.2598 1.1649 1.2119 –.0414 7,721 Hogs-Lean (CME)-40,000 lbs.; cents per lb. July 99.9075 99.9100 99.9075 99.9075 .0000 198,999 Mini Nasdaq 100 (CME)-$20 x index Sept 1.2625 1.2676 1.1724 1.2203 –.0415 94,594 Aug 53.050 53.125 51.025 51.425 –1.650 28,541 Oct 99.9400 99.9450 99.9350 99.9400 .0000 239,734 Sept 10700.00 10897.25 10502.75 10794.00 119.75 223,650 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 49.525 49.975 48.025 48.325 –1.500 102,020 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 10680.50 10877.75 10489.00 10777.50 119.75 1,753 Aug 1.2428 1.2428 1.1603 1.2204 –.0211 12,614 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 101-270 102-040 101-210 102-010 13.5 71,628 Mini Russell 2000 (CME)-$50 x index Sept 1.2139 1.2179 1.1342 1.1908 –.0224 113,553 Sept 588.80 589.30 s 567.00 580.40 –4.60 2,627 Eurodollar (CME)-$1,000,000; pts of 100% Sept 1497.90 1498.90 1468.20 1490.60 –6.10 500,847 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Nov 531.10 531.50 s 509.50 523.40 –5.10 942 Aug 99.7600 99.7700 s 99.7600 99.7700 .0100 201,408 Dec 1482.00 1494.60 1465.80 1487.50 –5.90 551 Sept 1.921 1.928 1.818 1.829 –.101 348,866 Milk (CME)-200,000 lbs., cents per lb. Sept 99.7650 99.7800 99.7650 99.7800 .0150 1,505,230 Mini Russell 1000 (CME)-$50 x index Oct 2.079 2.079 1.977 1.991 –.088 154,303 July 24.51 24.54 s 24.49 24.54 .12 6,974 Dec 99.7250 99.7450 99.7200 99.7450 .0200 1,025,208 Sept 1799.30 1805.90 1776.70 1799.70 –6.20 8,057 Nov 2.530 2.541 2.459 2.465 –.073 102,630 Aug 20.83 21.02 20.13 20.80 –.36 6,196 March'21 99.8050 99.8250 99.8000 99.8250 .0200 942,967 U.S. Dollar Index (ICE-US)-$1,000 x index Dec 2.890 2.904 2.821 2.826 –.070 89,282 Cocoa (ICE-US)-10 metric tons; $ per ton. Sept 93.31 93.64 t 92.89 93.01 –.42 37,606 Jan'21 3.001 3.018 2.939 2.944 –.066 131,933 Sept 2,329 2,394 2,329 2,344 380,053 Currency Futures Dec 93.31 93.63 t 92.92 93.02 –.41 1,020 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Aug .9519 .9554 s .9499 .9540 .0018 2,383 Source: FactSet Cash Prices | wsj.com/market-data/commodities Thursday, July 30, 2020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Bonds | wsj.com/market-data/bonds/benchmarks separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Tracking Bond Benchmarks Thursday Thursday Thursday Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Energy Aluminum, LME, $ per metric ton *1687.0 Wheat,No.1soft white,Portld,OR-u 5.7250 highs and lows for different types of bonds Copper,Comex spot 2.9045 Total Total Coal,C.Aplc.,12500Btu,1.2SO2-r,w 50.750 Iron Ore, 62% Fe CFR China-s 111.5 Food return YTD total Yield (%) return YTD total Yield (%) Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.000 Shredded Scrap, US Midwest-s,m 234 Beef,carcass equiv. index close return (%) Index Latest Low High close return (%) Index Latest Low High Metals Steel, HRC USA, FOB Midwest Mill-s 442 choice 1-3,600-900 lbs.-u 170.43 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Fibers and Textiles select 1-3,600-900 lbs.-u 159.12 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6610 2295.36 7.7 U.S. Aggregate 1.090 1.090 2.460 2226.61 3.7 Mortgage-Backed 1.160 0.930 2.690 Engelhard industrial 1958.00 Burlap,10-oz,40-inch NY yd-n,w 0.6300 Butter,AA Chicago 1.6075 U.S. Corporate Indexes Bloomberg Barclays 2170.83 3.3 Ginnie Mae (GNMA) 0.500 0.490 2.660 Handy & Harman base 1957.65 Cotton,1 1/16 std lw-mdMphs-u 0.5982 Cheddar cheese,bbl,Chicago 236.00 Fannie mae Handy & Harman fabricated 2172.99 Cotlook 'A' Index-t *66.55 Cheddar cheese,blk,Chicago 229.50 3410.67 8.3 U.S. Corporate 1.880 1.880 4.580 1315.47 3.8 (FNMA) 1.410 1.110 2.690 Hides,hvy native steers piece fob-u 25.000 LBMA Gold Price AM *1954.35 Milk,Nonfat dry,Chicago lb. 99.00 3061.19 5.7 Intermediate 1.310 1.310 4.400 2019.41 3.8 Freddie Mac (FHLMC) 1.380 1.080 2.710 LBMA Gold Price PM *1950.90 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0550 Long term 589.43 4.2 Muni Master 0.935 0.935 3.441 Krugerrand,wholesale-e 2061.07 Grains and Feeds Coffee,Colombian, NY 1.6159 5142.40 12.8 2.790 2.780 4.930 Maple Leaf-e 2080.89 Eggs,large white,Chicago-u 0.6150 706.23 9.4 Double-A-rated 1.320 1.320 3.360 417.50 4.6 7-12 year 0.871 0.871 3.447 Barley,top-quality Mnpls-u n.a. American Eagle-e 2080.89 Flour,hard winter KC 14.10 Bran,wheat middlings, KC-u 80 896.11 7.0 Triple-B-rated 2.280 2.280 5.350 474.59 4.8 12-22 year 1.359 1.224 3.690 Mexican peso-e 2397.46 Hams,17-20 lbs,Mid-US fob-u 0.43 Corn,No. 2 yellow,Cent IL-bp,u 3.0200 Austria crown-e 1945.56 Hogs,Iowa-So. Minnesota-u 53.58 High Yield Bonds ICE BofA 456.90 3.7 22-plus year 2.150 1.765 4.123 Corn gluten feed,Midwest-u,w 99.8 Austria phil-e 2080.89 Pork bellies,12-14 lb MidUS-u n.a. Global Government J.P. Morgan† Corn gluten meal,Midwest-u,w 408.4 464.59 -0.5 High Yield Constrained 5.457 5.151 11.400 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.7792 Cottonseed meal-u,w 245 -10.2 Triple-C-rated 618.19 6.1 Global Government 0.480 0.390 1.060 Engelhard industrial 23.4800 Steers,Tex.-Okla. Choice-u 96.91 393.19 12.963 10.735 19.071 Hominy feed,Cent IL-u,w 96 Handy & Harman base 23.2360 Steers,feeder,Okla. City-u,w 154.63 High Yield 100 873.97 8.8 Canada 0.630 0.590 1.740 Meat-bonemeal,50% pro Mnpls-u,w 180 3140.03 -1.7 4.285 4.285 10.740 Handy & Harman fabricated 29.0450 Oats,No.2 milling,Mnpls-u 3.0550 418.56 -0.7 Global High Yield Constrained 5.610 4.893 11.310 413.20 3.3 EMU§ 0.221 0.109 0.794 LBMA spot price Fats and Oils *£18.7700 Rice, Long Grain Milled, No. 2 AR-u,w 30.25 (U.S.$ equivalent) 317.64 -3.3 Europe High Yield Constrained 4.263 2.464 8.183 785.52 3.5 France -0.010 -0.160 0.430 *24.3350 Sorghum,(Milo) No.2 Gulf-u 8.1113 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.3800 Coins,wholesale $1,000 face-a 20034 SoybeanMeal,Cent IL,rail,ton48%-u 292.00 Grease,choice white,Chicago-h 0.2100 U.S Agency Bloomberg Barclays 551.69 3.0 Germany -0.440 -0.740 -0.050 Other metals Lard,Chicago-u n.a. Soybeans,No.1 yllw IL-bp,u 8.6950 1868.13 5.5 U.S Agency 0.490 0.490 2.040 295.78 -0.8 Japan 0.270 -0.070 0.320 LBMA Platinum Price PM *940.0 Wheat,Spring14%-pro Mnpls-u 6.2300 Soybean oil,crude;Centl IL-u 0.2987 Platinum,Engelhard industrial 893.0 Wheat,No.2 soft red,St.Louis-bp,u 5.4750 Tallow,bleach;Chicago-h 0.2625 1623.76 3.9 10-20 years 0.370 0.370 1.950 614.67 3.1 Netherlands -0.330 -0.540 0.080 Tallow,edible,Chicago-u Palladium,Engelhard industrial 2065.0 Wheat - Hard - KC (USDA) $ per bu-u 4.6000 n.a. 4358.60 14.2 20-plus years 1.340 1.170 2.480 1109.17 10.4 U.K. 0.440 0.390 1.180 2896.48 5.9 Yankee 1.470 1.470 3.500 894.11 1.4 Emerging Markets ** 4.779 4.523 7.480 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 7/29 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Source: Dow Jones Market Data Global Government Bonds: Mapping Yields Exchange-Traded Portfolios | WSJ.com/ETFresearch Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Closing Chg YTD selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Thursday, July 30, 2020 Closing Chg YTD Schwab US TIPs SCHP 61.22 0.11 8.1 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 263.28 –0.84 –7.7 Closing Chg YTD 0.125 U.S. 2 0.117 t l 0.137 0.149 1.854 SPDR S&PMdCpTr MDY 341.96 –0.67 –8.9 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 43.59 –1.27 –2.9 SPDR S&P 500 SPY 323.96 –0.36 0.7 0.625 10 0.551 t l 0.577 0.655 2.062 CommSvsSPDR XLC 57.33 0.28 6.9 iShMSCIJapan EWJ 55.77 –1.50 –5.9 SPDR S&P Div SDY 93.95 –1.50 –12.7 CnsmrDiscSelSector XLY 136.29 –0.08 8.7 iShNasdaqBiotech IBB 137.02 0.29 13.7 5.750 Australia 2 0.279 t l 0.279 0.258 0.860 16.1 14.3 -99.4 TechSelectSector XLK 107.74 0.56 17.5 CnsStapleSelSector XLP 62.76 ... –0.3 iShNatlMuniBd MUB 116.75 0.06 2.5 UtilitiesSelSector XLU 60.73 ... –6.0 2.500 10 0.866 t l 0.887 0.879 1.216 31.4 31.0 -84.6 EnSelectSectorSPDR XLE 36.20 –3.93 –39.7 iShPfd&Incm PFF 36.06 –0.14 –4.1 VanEckGoldMiner GDX 41.63 –3.48 42.2 FinSelSectorSPDR XLF 24.02 –1.80 –22.0 iShRussell1000Gwth IWF 203.65 0.32 15.8 0.000 France 2 -0.628 t l -0.600 -0.591 -0.680 -74.5 -73.7 -253.3 VangdInfoTech VGT 288.48 0.50 17.8 FT DJ Internet FDN 180.69 0.60 29.9 iShRussell1000 IWB 180.68 –0.35 1.3 VangdSC Val VBR 111.18 –1.07 –18.9 0.000 10 -0.218 t l -0.183 -0.121 -0.141 -76.9 -76.0 -220.2 HealthCareSelSect XLV 106.14 –0.69 4.2 iShRussell1000Val IWD 117.51 –1.01 –13.9 VangdSC Grwth VBK 211.90 0.47 6.6 InvscQQQI QQQ 261.13 0.52 22.8 iShRussell2000 IWM 148.76 –0.40 –10.2 0.000 Germany 2 -0.710 t l -0.679 -0.684 -0.753 -82.8 -81.6 -260.7 VangdDivApp VIG 123.45 –0.39 –1.0 InvscS&P500EW RSP 106.89 –0.79 –7.6 iShRussell3000 IWV 189.37 –0.31 0.5 VangdFTSEDevMk VEA 40.60 –1.34 –7.9 0.000 10 -0.540 t l -0.497 -0.453 -0.396 -109.1 -107.3 -245.8 iSh3-7YTreasuryBd IEI 134.01 0.09 6.6 iShRussellMid-Cap IWR 56.77 –0.40 –4.8 VangdFTSE EM VWO 43.26 –1.17 –2.7 iShCoreDivGrowth DGRO 39.20 –0.73 –6.8 iShRussellMCValue IWS 80.30 –0.83 –15.3 1.000 Italy 2 -0.063 t l -0.058 -0.092 0.009 -19.4 -184.5 VangdFTSE Europe VGK 53.30 –1.39 –9.0 -18.0 iShCoreMSCIEAFE IEFA 59.67 –1.31 –8.5 iShS&P500Growth IVW 218.92 0.13 13.1 VangdFTSEAWxUS VEU 50.31 –1.28 –6.4 0.950 10 0.972 t l 0.998 1.258 1.585 42.1 -47.7 iShCoreMSCIEM IEMG 52.04 –1.18 –3.2 iShS&P500Value IVE 112.54 –1.10 –13.5 42.1 VangdGrowth VUG 214.09 0.08 17.5 iShCoreMSCITotInt IXUS 57.76 –1.13 –6.7 iShShortCpBd IGSB 55.00 0.02 2.6 0.100 Japan 2 -0.137 t l -0.130 -0.145 -0.211 -26.7 -206.5 VangdHlthCr VHT 204.14 –0.41 6.5 -25.4 iShCoreS&P500 IVV 325.26 –0.34 0.6 iShShortTreaBd SHV 110.73 ... 0.2 iShCoreS&P MC IJH 187.30 –0.66 –9.0 iShTIPSBondETF TIP 125.49 0.10 7.7 VangdHiDiv VYM 81.51 –0.79 –13.0 0.100 10 0.020 t l 0.021 0.033 -0.151 -53.1 -55.6 -221.3 iSh1-3YTreasuryBd SHY VangdIntermBd BIV 94.11 0.03 7.9 iShCoreS&P SC IJR 71.67 –0.62 –14.5 86.62 0.03 2.4 0.400 Spain 2 -0.395 t l -0.385 -0.407 -0.491 -51.2 -52.2 -234.5 iShS&PTotlUSStkMkt ITOT 73.09 –0.33 0.6 iSh7-10YTreasuryBd IEF 122.77 0.13 11.4 VangdIntrCorpBd VCIT 96.75 0.03 5.9 iShCoreUSAggBd AGG 119.51 0.08 6.4 iSh20+YTreasuryBd TLT 171.11 0.66 26.3 VangdLC VV 150.55 –0.28 1.8 1.250 10 0.319 t l 0.348 0.469 0.354 -23.2 -22.9 -170.7 iShSelectDividend DVY 83.31 –1.29 –21.2 iShRussellMCGrowth IWP 170.17 0.47 11.5 VangdMC VO 173.98 –0.32 –2.4 0.500 U.K. 2 -0.082 t l -0.069 -0.072 0.509 -19.9 -20.6 -134.5 iShEdgeMSCIMinEAFE EFAV 67.77 –0.99 –9.1 iShUSTreasuryBdETF GOVT 28.27 0.18 9.0 VangdMBS VMBS 54.41 0.06 2.3 iShEdgeMSCIMinUSA USMV 63.31 –0.41 –3.5 JPM UltShtIncm JPST 50.85 0.04 0.8 VangdRealEst VNQ 81.54 –0.65 –12.1 4.750 10 0.090 t l 0.121 0.174 0.637 -46.1 -45.6 -142.5 iShEdgeMSCIUSAMom MTUM 139.53 ... 11.1 PIMCOEnhShMaturity MINT 101.85 0.02 0.3 VangdS&P500ETF VOO 297.61 –0.36 0.6 iShEdgeMSCIUSAQual QUAL 99.95 –0.46 –1.0 SPDR BlmBarcHYBd JNK 105.95 0.30 –3.3 VangdST Bond BSV 83.24 0.05 3.3 Source: Tullett Prebon iShGoldTr IAU 18.66 –0.80 28.7 SPDRBloomBar1-3MTB BIL 91.53 –0.01 0.1 VangdSTCpBd VCSH 83.05 0.07 2.5 Corporate Debt iShiBoxx$InvGrCpBd LQD 138.16 –0.11 8.0 SPDR Gold GLD 183.76 –0.74 28.6 VangdSC VB 153.37 –0.19 –7.4 iShiBoxx$HYCpBd HYG 85.23 0.21 –3.1 SchwabIntEquity SCHF 31.06 –1.30 –7.6 VangdTotalBd BND 89.34 0.06 6.5 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in iShIntermCorpBd IGIB 61.34 0.02 5.8 SchwabUS BrdMkt SCHB 77.24 –0.32 0.5 VangdTotIntlBd BNDX 58.27 0.21 3.0 that same company’s share price. iShJPMUSDEmgBd EMB 112.83 –0.03 –1.5 SchwabUS Div SCHD 54.66 –0.05 –5.6 VangdTotIntlStk VXUS 51.98 –1.25 –6.7 iShMBSETF MBB 110.70 –0.04 2.4 SchwabUS LC SCHX 77.90 –0.36 1.4 VangdTotalStk VTI 164.68 –0.22 0.6 Investment-grade spreads that tightened the most… iShMSCI ACWI ACWI 77.90 –0.65 –1.7 SchwabUS LC Grw SCHG 107.82 0.09 16.0 VangdTotlWrld VT 79.07 –0.65 –2.4 Spread*, in basis points Stock Performance iShMSCI EAFE EFA 63.40 –1.48 –8.7 SchwabUS SC SCHA 68.59 –0.39 –9.3 VangdValue VTV 103.63 –0.94 –13.5 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Bank of America BAC 3.300 Jan. 11, ’23 24 –16 40 24.84 –1.70 | Hewlett Packard Enterprise HPE 4.450 Oct. 2, ’23 95 –14 n.a. 9.62 –0.93 Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks Lam Research LRCX 4.875 March 15, ’49 105 –13 115 378.54 4.91 Anheuser–Busch Inbev Worldwide … 4.375 April 15, ’38 169 –10 169 ...... Money Rates July 30, 2020 Anthem ANTM 4.101 March 1, ’28 70 –10 78 277.19 –1.55 Concho Resources CXO 4.875 Oct. 1, ’47 243 –10 235 50.75 –4.21 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Kinder Morgan KMI 4.300 June 1, ’25 102 –10 n.a. 14.32 –1.45 guide to general levels but don’t always represent actual transactions. HSBC Holdings HSBC 4.250 March 14, ’24 132 –9 n.a. 22.76 –3.44 Week —52-WEEK— Week —52-WEEK— …And spreads that widened the most Inflation Latest ago High Low Latest ago High Low June index Chg From (%) Nordstrom JWN 4.375 April 1, ’30 719 20 693 13.96 –3.32 level May '20 June '19 Federal funds Libor Boeing BA 3.750 Feb. 1, ’50 312 15 280 161.95 –2.45 Effective rate 0.1000 0.0900 2.3600 0.0600 One month 0.15563 0.17163 2.24413 0.15563 U.S. consumer price index Coca–Cola KO 2.250 Sept. 1, ’26 47 14 n.a. 47.69 –0.69 High 0.1100 0.1100 3.0000 0.1000 Three month 0.25100 0.24450 2.28675 0.24450 Walgreens Boots Alliance WBA All items 257.797 0.55 0.6 Low 0.0500 0.0300 2.0500 0.0100 Six month 0.31488 0.32513 2.22688 0.31488 3.800 Nov. 18, ’24 77 14 65 40.64 –1.26 Core 266.302 0.19 1.2 Bid 0.0800 0.0800 2.1400 0.0100 One year 0.45650 0.46213 2.23850 0.45650 Enterprise Products Operating … 3.700 Jan. 31, ’51 208 13 187 … … Offer 0.1100 0.1100 2.5000 0.0500 Southwest Airlines LUV 5.250 May 4, ’25 13 323 30.96 International rates Euro Libor 353 –2.61 Treasury bill auction One month -0.502 -0.501 -0.360 -0.621 High-yield issues with the biggest price increases… Week 52-Week 4 weeks 0.090 0.080 2.080 0.000 Three month -0.441 -0.437 -0.142 -0.539 Latest ago High Low Bond Price as % of face value Stock Performance 13 weeks 0.105 0.120 2.070 0.000 Six month -0.430 -0.415 -0.052 -0.491 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Prime rates 26 weeks 0.130 0.130 2.035 0.080 One year -0.325 -0.309 0.008 -0.441 Apache APA 5.350 July 1, ’49 94.500 7.00 86.073 16.01 17.29 U.S. 3.25 3.25 5.25 3.25 Secondary market Secured Overnight Financing Rate Mallinckrodt International Finance S.A. … 5.625 Oct. 15, ’23 16.500 5.53 11.750 … … Canada 2.45 2.45 3.95 2.45 0.09 0.10 5.25 0.01 Japan 1.475 1.475 1.475 1.475 Fannie Mae Rolls–Royce … 3.625 Oct. 14, ’25 102.489 4.34 98.289 ...... 30-year mortgage yields Value 52-Week L Brands LB 7.600 July 15, ’37 87.000 4.00 75.250 24.54 –5.18 Policy Rates Latest Traded High Low 30 days 1.831 1.906 3.388 1.831 Bed Bath & Beyond BBBY 3.749 Aug. 1, ’24 91.518 3.04 n.a. 10.96 1.01 Euro zone 0.00 0.00 0.00 0.00 60 days 1.883 1.958 3.403 1.883 DTCC GCF Repo Index Cimpress CMPR 7.000 June 15, ’26 99.400 2.65 94.900 102.66 11.55 Switzerland 0.00 0.00 0.50 0.00 Treasury 0.113 42.500 6.007 0.002 Britain 0.10 0.10 0.75 0.10 NCR NCR 6.125 Sept. 1, ’29 109.335 2.27 106.250 18.73 –1.68 Other short-term rates MBS 0.117 42.700 6.699 0.011 Australia 0.25 0.25 1.00 0.25 Methanex … 5.250 Dec. 15, ’29 97.030 2.26 91.066 ...... Week 52-Week Weekly survey Overnight repurchase Latest ago high low …And with the biggest price decreases U.S. 0.10 0.11 3.40 -0.07 Latest Week ago Year ago Call money Tallgrass Energy Partners … 5.500 Jan. 15, ’28 89.250 –3.32 n.a...... U.S. government rates 2.00 2.00 4.00 2.00 Freddie Mac AECOM ACM 5.125 March 15, ’27 109.375 –2.38 108.875 36.88 –1.21 30-year fixed 2.99 3.01 3.75 Teva Pharmaceutical Finance Netherlands Iii …. 3.150 Oct. 1, ’26 91.498 –2.30 91.250 … … Discount Commercial paper (AA financial) 15-year fixed 2.51 2.54 3.20 Denbury Resources DNR 7.750 Feb. 15, ’24 40.500 –2.25 42.250 0.25 ... 0.25 0.25 2.75 0.25 90 days 0.16 0.16 2.53 0.04 Five-year ARM 2.94 3.09 3.46 DCP Midstream Operating … 5.375 July 15, ’25 103.812 –1.92 103.500 … … Notes on data: Diamond Sports … 5.375 Aug. 15, ’26 77.250 –1.75 83.125 ...... U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates Tronox Finance … 5.750 Oct. 1, ’25 99.875 –1.63 100.430 … … aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of American Airlines AAL 3.750 March 1, ’25 43.500 –1.50 48.233 11.18 –1.93 July 29, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW213000-0-B00900-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. EverestRe RE 216.09 -3.85 Inphi IPHI 127.43 4.65 MotorolaSol MSI 139.19 -0.85 RingCentral RNG 281.49 -1.85 SyneosHealth SYNH 62.68 -0.07 VF VFC 60.50 -1.41 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Evergy EVRG 64.47 0.14 Insulet PODD 201.43 1.04 Mylan MYL 16.33 -0.67 RioTinto RIO 61.04 -1.64 Synnex SNX 124.21 -0.01 VICI Prop VICI 21.66 0.24 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four EversourceEner ES 90.58 0.09 Intel INTC 47.99 -0.08 NICE NICE 205.07 0.07 RobertHalf RHI 50.93 -1.02 Synopsys SNPS 199.34 0.92 VailResorts MTN 193.04 -1.88 that include primary market trades as well as quarters. ExactSciences EXAS 97.90 3.28 InteractiveBrkrs IBKR 49.73 -0.56 NIO NIO 12.20 -0.50 Rockwell ROK 219.84 -1.13 Sysco SYY 53.59 -0.40 Vale VALE 11.85 -0.24 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Exelixis EXEL 23.78 -0.08 ICE ICE 94.37 0.07 NRG Energy NRG 33.85 0.21 RogersComm B RCI 41.16 0.07 ValeroEnergy VLO 56.33 -3.36 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Exelon EXC 38.47 -0.09 InterContinentl IHG 47.60 -0.14 NVR NVR 3943.55 9.55 Roku ROKU 150.35 -1.22 T U V VarianMed VAR Nasdaq ISE. standards 138.32 1.77 Expedia EXPE 84.93 -0.39 IBM IBM 122.90 -2.42 NXP Semi NXPI 117.22 -1.87 Rollins ROL 51.63 0.38 s VeevaSystems VEEV 261.94 2.41 The list comprises the 1,000 largest companies lf-Late filing TAL Education TAL 78.00 -0.47 ExpeditorsIntl EXPD 83.02 -0.80 IntlFlavors IFF 124.49 -3.75 Nasdaq NDAQ 129.90 -1.11 RoperTech ROP 432.80 -4.36 Ventas VTR 38.53 -0.54 based on market capitalization. q-Temporary exemption from Nasdaq TC Energy TRP 45.50 -0.57 ExtraSpaceSt EXR 101.51 0.65 IntlPaper IP 35.76 -0.99 NationalGrid NGG 58.95 -0.74 RossStores ROST 88.95 0.52 VeriSign VRSN 208.48 -0.25 Underlined quotations are those stocks with requirements. TD Ameritrade AMTD 36.35 -0.47 ExxonMobil XOM 41.87 -2.16 Interpublic IPG 18.41 -0.50 NatlRetailProp NNN 35.39 -0.72 RoyalBkCanada RY 69.39 -0.44 VeriskAnalytics VRSK 187.17 -0.48 large changes in volume compared with the t-NYSE bankruptcy TE Connectivity TEL 89.20 -0.69 F5Networks FFIV 135.00 -2.74 Intuit INTU 303.94 1.76 Natura&Co NTCO 18.80 0.73 RoyalCaribbean RCL 50.30 -0.70 Verizon VZ 57.30 -0.15 issue’s average trading volume. v-Trading halted on primary market. Telus TU 17.34 0.04 FMC FMC 105.33 -2.99 IntuitiveSurgical ISRG 687.39 -8.40 NatWestNWG 2.79 -0.16 RoyalDutchA RDS.A 30.84 -1.57 VertxPharm VRTX 279.40 0.68 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being TIM Part TSU 14.27 -0.04 Facebook FB 234.50 1.21 InvitatHomes INVH 29.82 0.47 nCino NCNO 76.67 4.16 RoyalDutchB RDS.B 29.12 -1.60 ViacomCBS A VIACA 27.42 0.39 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, TJX TJX 51.60 -1.00 FactSet FDS 345.72 -1.65 IonisPharma IONS 59.02 0.24 NetApp NTAP 42.85 0.42 RoyalGold RGLD 136.54 -3.41 ViacomCBS B VIAC 25.81 0.52 previous closing price was $2 or higher. or securities assumed by such companies. T-MobileUS TMUS 105.48 -0.30 s FairIsaac FICO 439.10 0.71 iQIYI IQ 20.66 -0.09 NetEase NTES 451.22 -1.18 RoyaltyPharma RPRX 42.78 -0.27 Vipshop VIPS 21.79 -0.12 TRowePrice TROW 134.47 -1.35 s Farfetch FTCH 24.96 0.72 IronMountain IRM 28.25 -0.01 Netflix NFLX 485.80 1.32 Ryanair RYAAY 76.00 ... VirBiotech VIR 47.06 -0.41 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and TaiwanSemi TSM 79.93 -2.74 s Fastenal FAST 46.91 0.36 ItauUnibanco ITUB 5.38 -0.07 Neurocrine NBIX 121.72 0.88 SAP SAP 160.17 -4.49 Visa V 194.06 -4.52 changes in the closing prices from 4 p.m. the previous day. s TakeTwoSoftware TTWO 159.56 1.74 Fastly FSLY 92.56 7.62 NewOrientalEduc EDU 138.19 2.95 S&P Global SPGI 352.37 -7.49 Vistra VST 18.80 -0.07 TakedaPharm TAK 18.16 -0.12 FederalRealty FRT 77.00 -0.49 J K L NYTimes A NYT 46.04 0.22 SBA Comm SBAC 311.41 -6.16 VMware VMW 138.88 -0.95 TandemDiabetes TNDM 104.28 1.66 Thursday, July 30, 2020 Net Net FedEx FDX 172.71 3.16 NewellBrands NWL 17.72 0.12 SEI Investments SEIC 52.28 1.14 Vodafone VOD 15.66 -0.44 JD.com JD 62.29 -0.30 Target TGT 124.58 0.90 Stock Sym Close Chg Stock Sym Close Chg Ferrari RACE 181.02 -1.18 Newmont NEM 65.66 -2.23 SK Telecom SKM 20.21 0.58 VornadoRealty VNO 35.24 -0.99 Net Joyy YY 75.39 -0.93 TeckRscsB TECK 10.32 -0.54 FiatChrysler FCAU 10.50 -0.43 NewsCorp B NWS 12.92 0.06 SS&C Tech SSNC 57.65 -0.54 VoyaFinancial VOYA 49.19 -0.78 Stock Sym Close Chg JPMorganChase JPM 97.02 -2.66 s TeladocHealth TDOC 237.07 18.82 BancSanBrasil BSBR 6.03 0.02 Cigna CI 178.47 -3.33 FidNatlFin FNF 32.72 -0.06 NewsCorp A NWSA 12.90 0.03 StoreCapital STOR 23.70 -0.33 Vroom VRM 56.22 1.22 JackHenry JKHY 178.49 -2.26 TelecomArgentina TEO 9.21 -0.23 BcoSantChile BSAC 17.02 -0.11 CincinnatiFin CINF 79.81 -3.63 FidNatlInfo FIS 145.20 0.47 NextEraEnergy NEE 282.34 0.90 SVB Fin SIVB 225.35 -3.43 VulcanMatls VMC 119.68 -1.40 A B C JacobsEngg J 85.38 -1.34 TeledyneTech TDY 304.12 0.56 BancoSantander SAN 2.25 -0.13 Cintas CTAS 301.81 -3.99 FifthThirdBncp FITB 19.69 -0.31 Nike NKE 96.82 -0.15 Salesforce.com CRM 191.70 -1.91 JamesHardie JHX 20.99 0.24 Teleflex TFX 385.17 -15.82 BanColombia CIB 28.28 -0.23 CiscoSystems CSCO 46.44 -0.27 58.com WUBA 55.19 0.01 Nikola NKLA Sanofi SNY 52.50 -0.34 W X Y Z ABB ABB 25.57 -0.55 JazzPharma JAZZ 113.77 -1.11 29.06 -2.17 Ericsson ERIC 11.54 -0.04 BankofAmerica BAC 24.84 -0.43 Citigroup C 50.87 -1.65 FirstAmerFin FAF 51.95 -1.09 NiSource NI 24.49 -0.06 SantanderCons SC 17.05 -0.29 AcadiaPharm ACAD 42.49 -0.04 J&J JNJ 146.84 0.30 TelefonicaBras VIV 9.93 0.24 WEC Energy WEC 95.19 0.22 BankofMontreal BMO 55.99 -0.30 CitizensFin CFG 24.78 -0.57 FirstIndRlty FR 44.09 0.31 Nokia NOK 4.45 0.11 SareptaTherap SRPT 154.09 4.09 ADT ADT 8.65 0.21 JohnsonControls JCI 37.24 -0.75 Telefonica TEF 4.47 -0.03 WEX WEX 160.03 -10.24 BankNY Mellon BK 35.86 -0.49 CitrixSystems CTXS 141.69 2.40 FirstRepBank FRC 112.44 -1.28 NomuraHoldings NMR Schlumberger SLB 18.44 -0.99 AECOM ACM 36.88 -0.45 JuniperNetworks JNPR 24.93 -0.06 4.75 -0.24 TelekmIndonesia TLK 20.65 0.08 W.P.Carey WPC 70.53 -0.27 BkNovaScotia BNS 41.45 -0.32 Clarivate CCC 27.74 -1.06 FirstSolar FSLR 59.70 -0.41 Nordson NDSN SchwabC SCHW 33.58 -0.50 AES AES 15.42 -0.14 KB Fin KB 29.79 -0.46 193.91 -2.91 10xGenomics TXG 97.51 -1.37 WPP WPP 38.08 -0.63 Barclays BCS 5.28 -0.23 s Clorox CLX 231.26 0.26 FirstEnergy FE 28.87 0.23 ScottsMiracleGro SMG 157.25 -5.27 Aflac AFL 35.29 -1.21 KKR KKR 35.41 -0.50 NorfolkSouthern NSC 188.87 -3.95 Tenaris TS 11.93 -0.39 Wabtec WAB 63.09 -2.19 BarrickGold GOLD 28.25 -0.53 CloudflareNET 41.13 2.43 Fiserv FISV 100.45 -0.91 Sea SE 122.29 3.60 AGNC Invt AGNC 13.62 -0.03 KLA KLAC 197.90 2.77 NorthernTrust NTRS 77.93 -1.33 TencentMusic TME 15.82 0.08 WalgreensBoots WBA 40.64 -0.52 BauschHealth BHC 18.85 -0.19 Coca-Cola KO 47.69 -0.33 FiveBelow FIVE 111.38 -1.91 Seagate STX 44.40 0.09 ANGI Homesvcs ANGI 15.61 0.48 KSCitySouthern KSU 156.69 -2.07 NorthropGrum NOC 326.01 10.75 Teradyne TER 88.61 -0.16 Walmart WMT 130.12 -0.57 s BaxterIntl BAX 86.01 -4.72 Coca-Cola Euro CCEP 41.64 -0.15 Five9 FIVN 117.42 1.27 SealedAir SEE 35.85 -0.76 Ansys ANSS 309.67 3.62 s Kellogg K 70.59 -0.35 NortonLifeLock NLOK 21.13 -0.05 Tesla TSLA WarnerMusic WMG 29.91 -0.10 BectonDicknsn BDX 273.84 -2.56 Cognex CGNX 65.98 0.09 FleetCorTech FLT 259.49 -5.27 SeattleGenetics SGEN 171.14 2.72 1487.49 -11.62 ASETech ASX 5.12 0.15 KeurigDrPepper KDP 30.77 -0.49 Novartis NVS 84.23 -0.18 TevaPharm TEVA 11.56 -0.29 WasteConnections WCN 101.88 0.38 BeiGene BGNE 207.34 -1.16 CognizantTech CTSH 69.18 4.39 Flex FLEX 11.650.59 SempraEnergy SRE 123.75 -1.26 ASML ASML 362.73 -1.89 KeyCorp KEY 12.21 -0.35 Novavax NVAX 146.62 1.26 TexasInstruments TXN 128.89 -1.85 WasteMgt WM 109.38 -0.27 Berkley WRB 62.30 -1.10 ColgatePalm CL 76.87 0.67 FlirSystems FLIR 41.16 -0.72 SensataTechs ST 38.79 -1.22 AT&T T 29.57 0.01 KeysightTechs KEYS 98.98 2.77 NovoNordisk NVO 67.17 0.25 Textron TXT 35.14 0.87 Waters WAT 212.76 -3.76 AbbottLabs ABT 101.53 -0.99 BerkHathwy B BRK.B 194.30 -2.11 Comcast A CMCSA 43.67 -0.23 Floor&Decor FND 69.99 -0.63 ServiceCorp SCI 43.40 2.23 KilroyRealty KRC 58.18 -0.56 Novocure NVCR 76.17 8.17 ThermoFisherSci TMO 410.56 1.30 Watsco WSO 234.45 -0.14 BerkHathwy A BRK.A 291362-3133.99 CommerceBcshrs CBSH 57.33 -0.79 FomentoEconMex FMX ServiceNow NOW 431.40 -14.31 AbbVie ABBV 96.04 -0.97 62.11 -0.37 KimberlyClark KMB 151.96 -0.08 s NuanceComms NUAN 27.60 0.03 s BerryGlobal BERY 47.50 -0.48 ShawComm B SJR 18.18 0.09 ThomsonReuters TRI 69.57 -0.39 Wayfair W 255.92 14.07 Abiomed ABMD 298.91 -0.19 SABESP SBS 11.37 -0.03 FordMotor F 6.74 -0.18 KinderMorgan KMI 14.32 -0.21 Nucor NUE 42.70 -0.56 s BestBuy BBY 100.03 1.93 SherwinWilliams SHW 647.63 ... ThorIndustries THO 115.70 -2.26 Weibo WB 34.15 -0.29 AcceleronPharma XLRN 100.81 0.25 ConagraBrands CAG 37.37 -0.26 Fortinet FTNT 136.75 -0.09 KingsoftCloud KC 34.91 -0.96 Nutrien NTR 33.29 -0.23 BeyondMeat BYND 123.32 -3.36 ShinhanFin SHG 25.72 -0.21 3M MMM 152.12 -4.13 WellsFargo WFC 24.65 -1.13 Accenture ACN 223.98 -0.40 ConchoRscs CXO 50.75 -2.23 Fortis FTS 40.65 0.15 KinrossGold KGC 8.69 -0.13 NVIDIA NVDA 424.56 5.94 Bilibili BILI 41.30 -0.47 Shopify SHOP 1048.84 -4.75 Tiffany TIF 124.65 -0.25 Welltower WELL 54.52 -0.17 ActivisionBliz ATVI 81.70 0.50 ConocoPhillips COP 37.64 -2.30 Fortive FTV 72.16 -1.44 KirklandLakeGold KL 50.74 0.25 Bill.com BILL 92.07 0.67 Sibanye-Stillwater SBSW 11.31 -0.72 Toro TTC 71.04 -0.21 WestPharmSvcs WST 268.96 -0.66 Adobe ADBE 438.88 2.58 ConEd ED 76.94 0.24 s FortBrandsHome FBHS 76.99 1.04 Knight-Swift KNX 43.28 -0.36 O P Q Bio-Techne TECH 276.87 2.52 SignatureBank SBNY 102.57 -1.92 TorontoDomBk TD 44.52 -0.40 WesternDigital WDC 42.76 0.34 AdvanceAuto AAP 152.87 4.66 ConstBrands B STZ.B181.23 0.13 FoxA FOXA 25.82 -0.04 KoninklijkePhil PHG 52.86 -1.27 s Bio-RadLab A BIO 535.60 4.83 OGE Energy OGE 32.99 -0.04 SimonProperty SPG 63.62 -1.97 Total TOT 38.30 -0.03 WesternUnion WU 24.23 0.08 s AdvMicroDevices AMD 78.20 2.11 ConstBrands A STZ 180.83 -0.78 FoxB FOX 25.88 -0.04 KoreaElcPwr KEP 7.91 -0.20 s Bio-RadLab B BIO.B538.00 15.86 ONEOK OKE 29.04 -0.68 SiriusXM SIRI 5.87 -0.04 ToyotaMotor TM 122.46 -1.53 WestlakeChem WLK 55.15 -2.17 Aegon AEG 2.96 -0.13 ContinentalRscs CLR 17.33 -0.18 Franco-Nevada FNV 157.53 -4.04 KraftHeinz KHC 34.39 -1.18 Biogen BIIB 274.86 -2.50 s OReillyAuto ORLY 480.52 24.75 s Skyworks SWKS 142.19 5.74 TractorSupply TSCO 143.42 -2.04 WestpacBanking WBK 12.48 -0.37 AgilentTechs A 95.93 -1.17 Cooper COO 282.70 -4.22 FranklinRscs BEN 20.67 -0.45 Kroger KR 34.41 -0.70 BioMarinPharm BMRN 121.72 1.19 OccidentalPetrol OXY 15.77 -1.26 SlackTech WORK 28.77 0.17 TradeDesk TTD 430.29 2.45 WestRock WRK 28.26 -2.00 s AgnicoEagle AEM 75.33 2.04 Copart CPRT 92.73 0.01 FreeportMcM FCX 12.94 -0.36 L Brands LB 24.54 -1.34 BioNTech BNTX 84.16 1.66 Okta OKTA 219.32 8.44 Smartsheet SMAR 47.92 -0.08 Tradeweb TW 53.56 -1.05 Weyerhaeuser WY 28.40 0.05 AirProducts APD 284.81 -4.04 Corning GLW 31.12 -0.49 FreseniusMed FMS 44.09 -2.46 LHC Group LHCG 197.25 0.25 BlackKnight BKI 74.74 0.48 OldDomFreight ODFL 180.21 -2.11 SmithAOAOS 48.46 -4.60 TraneTech TT 110.86 0.39 WheatonPrecMet WPM 52.80 -2.05 AkamaiTech AKAM 110.50 -0.18 Corteva CTVA 28.48 -0.33 Line LN 53.31 -0.19 BlackRock BLK 573.09 -4.51 Ollie'sBargain OLLI 106.80 -0.03 Smith&Nephew SNN 40.92 -1.24 TransDigm TDG 433.34 -0.03 Whirlpool WHR 163.01 0.44 Albemarle ALB 83.00 -0.83 CoStar CSGP 832.68 3.54 G H I LKQ LKQ 29.21 0.83 Blackstone BX 54.67 -0.47 OmegaHealthcare OHI 32.38 -0.14 Smucker SJM 109.35 -1.14 TransUnion TRU 90.61 -1.64 Williams WMB 19.34 -0.43 Albertsons ACI 14.95 -0.42 Costco COST 324.82 -0.62 LPL Financial LPLA 79.26 -1.78 Boeing BA 161.95 -4.06 GCI LibertyA GLIBA 76.69 0.91 Omnicom OMC 53.26 -0.76 Snap SNAP 22.41 -0.49 Travelers TRV 115.93 -0.92 Williams-Sonoma WSM 87.65 2.05 Alcon ALC 61.27 -1.12 CoupaSoftware COUP 302.93 2.86 L3HarrisTech LHX 173.23 0.23 BookingHldgs BKNG 1687.74 -19.80 GDS Holdings GDS 80.00 0.08 ON Semi ON 20.77 -0.19 SnapOn SNA 145.30 -0.72 s Trex TREX 139.86 0.23 WillisTowers WLTW 211.49 1.36 AlexandriaRlEst ARE 176.13 0.07 Credicorp BAP 129.11 -0.03 LabCpAm LH 194.84 0.23 BoozAllen BAH 77.73 1.23 s GFLEnvironmental GFL 21.62 0.18 OneConnectFinTech OCFT 23.20 0.65 SOQUIMICH SQM 30.38 -0.51 Trimble TRMB 45.54 -0.03 s Wipro WIT 4.27 0.10 AlexionPharm ALXN 104.81 0.21 CreditAcceptance CACC 484.00 4.50 s LamResearch LRCX 378.54 17.71 BorgWarner BWA 37.11 -1.81 GSXTechedu GSX 86.05 2.28 OpenText OTEX 44.88 -0.07 SolarEdgeTech SEDG 175.26 -1.50 Trip.com TCOM 27.46 -0.49 Wix.com WIX 284.92 5.54 Alibaba BABA 252.74 0.29 CreditSuisse CS 10.46 -0.19 LamarAdv LAMR 66.36 -0.73 BostonBeer SAM 796.56 -19.93 Galapagos GLPG 186.38 0.32 Oracle ORCL 55.25 -0.45 SolarWinds SWI 18.44 -0.22 TruistFinl TFC 37.24 -1.10 Workday WDAY 180.58 -3.33 AlignTech ALGN 296.13 -4.11 Cree CREE 69.13 -0.70 LambWeston LW 59.32 -0.49 BostonProps BXP 88.27 -2.32 Gallagher AJG 104.57 -0.23 Orange ORAN 11.85 -0.42 s Sony SNE 78.52 0.17 Twilio TWLO 267.45 2.83 WynnResorts WYNN 76.42 1.13 Alleghany Y 520.86 -9.64 CrowdStrike CRWD 111.91 -1.01 LasVegasSands LVS 45.50 1.18 BostonSci BSX 38.94 -0.87 Gaming&Leisure GLPI 35.36 0.05 Orix IX 56.20 -2.05 Southern SO 55.24 -0.15 Twitter TWTR 36.72 -0.44 XP XP 47.43 -1.03 Allegion ALLE 97.58 -0.64 CrownCastle CCI 170.21 -3.66 Lear LEA 113.20 -5.00 BrightHorizons BFAM 109.50 -1.14 Garmin GRMN 100.01 1.23 Oshkosh OSK 80.28 -0.21 SoCopper SCCO 43.83 -0.44 TylerTech TYL 350.04 -0.73 XPO Logistics XPO 86.62 2.54 AlliantEnergy LNT 53.77 0.14 CrownHoldings CCK 72.00 -0.35 Leidos LDOS 92.36 0.39 BristolMyers BMY 58.87 -0.28 Gartner IT 125.60 -1.14 s OtisWorldwide OTIS 63.39 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AMH 28.87 0.32 CNA Fin CNA 33.66 -0.51 DiscoverFinSvcs DFS 50.41 -1.42 Grifols GRFS 19.31 0.02 Loews L 36.53 -0.84 Peloton PTON 65.28 -1.37 Dividend Changes AIG AIG 31.78 -0.89 CNH Indl CNHI 7.26 -0.26 DiscoveryA DISCA 21.15 0.15 Grubhub GRUB 70.20 -0.88 LogitechIntl LOGI 72.77 1.46 PembinaPipeline PBA 24.56 -0.70 AmerTowerREIT AMT 262.49 -8.80 CNOOC CEO 109.37 -2.30 DiscoveryC DISCK 18.92 0.06 GpoAvalAcc AVAL 4.68 -0.05 s Lowe's LOW 149.20 0.49 Pentair PNR 42.74 -0.94 AmerWaterWorks AWK 146.63 -1.36 CRH CRH 37.21 -0.66 Disney DIS 115.66 0.05 GuardantHealth GH 86.03 1.88 Dividend announcements from July 30. lululemon LULU 323.66 -2.08 s Penumbra PEN 224.53 3.53 s AmericoldRealty COLD 40.35 -0.10 CRISPR Therap CRSP 86.36 0.83 DocuSign DOCU 213.94 4.79 Guidewire GWRE 118.13 -1.49 Lumentum LITE 91.09 2.08 PepsiCo PEP 137.69 -0.24 Ameriprise AMP 152.04 -4.87 CSX CSX 70.24 -1.68 DolbyLab DLB 69.01 0.21 HCA Healthcare HCA 128.05 -1.73 Amount Payable / Lyft LYFT 29.48 -0.41 PerkinElmer PKI 118.81 -0.83 AmerisourceBrgn ABC 102.17 -1.14 CVS Health CVS 64.00 -0.22 DollarGeneral DG 191.32 -0.06 HDFC Bank HDB 47.53 -1.18 Company Symbol Yld %New/Old Frq Record LyondellBasell LYB 65.29 -2.69 Perrigo PRGO 54.78 -1.91 CableOne CABO 1775.21 7.21 DollarTree DLTR 93.95 -1.07 HD Supply HDS 35.33 0.04 Ametek AME 93.90 -0.45 PetroChina PTR 34.66 -0.56 Increased Amgen AMGN 246.14 -2.71 CabotOil COG 18.14 -0.34 DominionEner D 81.52 -0.74 HP HPQ 17.24 0.16 M N PetroleoBrasil PBR 9.08 -0.19 Amphenol APH 105.17 -0.66 s CadenceDesign CDNS 107.65 1.68 Domino's DPZ 384.53 -0.62 t HSBC HSBC 22.76 -0.81 PetroleoBrasilA PBR.A 8.86 -0.14 American Assets Trust AAT 3.8 .25 /.20 Q Sep24 /Sep10 AnalogDevices ADI 116.30 -1.23 CamdenProperty CPT 92.97 1.68 Donaldson DCI 48.34 -0.79 Halliburton HAL 14.67 -0.40 M&T Bank MTB 105.78 -1.04 Pfizer PFE 38.74 -0.14 Artisan Ptrs Asset Mgmt APAM 7.3 .67 /.61 Q Aug31 /Aug17 CampbellSoup CPB DouglasEmmett DEI 28.98 -0.41 HartfordFinl HIG 40.50 -0.94 Anaplan PLAN 45.38 -0.73 49.31 -0.89 MGM Resorts MGM 16.64 0.39 PhilipMorris PM 77.45 -0.94 Big 5 Sporting Goods BGFV 7.1 .10 /.05 Q Sep15 /Sep01 AngloGoldAsh AU 32.41 -4.06 CIBC CM 69.58 -0.30 Dover DOV 104.54 -2.34 Hasbro HAS 73.30 -0.73 s MKS Instrum MKSI 126.56 1.65 Phillips66 PSX 63.09 -2.49 Houlihan Lokey Cl A HLI 2.4 .33 /.31 Q Sep15 /Sep02 AB InBev BUD 58.08 1.38 CanNtlRlwy CNI 97.51 -1.31 Dow DOW 41.73 -1.79 HealthcareAmer HTA 27.78 -0.03 MPLX MPLX 18.25 -0.32 Pinduoduo PDD 84.94 0.91 Mondelez Intl Cl A MDLZ 2.3 .315 /.285 Q Oct14 /Sep30 AnnalyCap NLY 7.48 0.05 CanNaturalRes CNQ 17.92 -0.67 s DrReddy'sLab RDY 59.92 1.30 HealthpeakProp PEAK 27.78 -0.12 MSCI MSCI 374.54 -8.48 PinnacleWest PNW 82.70 0.61 Anthem ANTM 277.19 -4.37 CanPacRlwy CP 275.37 -4.93 DraftKings DKNG 34.79 -1.10 Heico HEI 95.77 -0.09 MagellanMid MMP 41.34 -1.10 Pinterest PINS 25.19 0.24 Power REIT Pfd A PWpA 7.4 .4844 /.12109 Q Sep15 /Aug15 Aon AON 207.43 1.63 t Canon CAJ 17.12 -0.28 Dropbox DBX 22.39 -0.17 Heico A HEI.A 76.47 -0.02 MagnaIntl MGA 47.60 -0.44 PioneerNatRscs PXD 95.85 -2.69 Scotts Miracle-Gro SMG 1.5 .62 /.58 Q Sep10 /Aug27 ApartmtInv AIV 38.30 0.53 CanopyGrowth CGC 18.60 0.11 DukeEnergy DUK 84.57 -0.40 HenrySchein HSIC 68.65 -0.06 ManhattanAssoc MANH 96.79 -2.13 PlainsAllAmPipe PAA 7.71 -0.22 Wingstop WING 0.4 .14 /.11 Q Sep11 /Aug28 CapitalOne COF s DukeRealty DRE 39.97 -0.23 Herbalife HLF 51.07 0.19 ApolloGlbMgmt APO 50.54 -3.49 64.84 -1.54 ManulifeFin MFC 13.69 -0.23 PlainsGP PAGP 7.94 -0.25 WW Grainger GWW 1.8 1.53 /1.44 Q Sep01 /Aug10 Apple AAPL 384.76 4.60 CardinalHealth CAH 56.48 -1.22 Dun&Bradstreet DNB 24.67 -0.61 Hershey HSY 145.29 -0.52 MarathonPetrol MPC 38.08 -1.83 Polaris PII 104.24 -2.04 ApplMaterials AMAT 64.42 1.17 Carlisle CSL 117.79 -2.84 Dunkin' DNKN 68.65 -3.03 Hess HES 47.54 -2.46 Markel MKL 1045.37 33.67 Pool POOL 314.94 0.99 Reduced Aptargroup ATR 117.91 -0.90 Carlyle CG 29.29 -0.32 DuPont DD 53.76 -1.46 HewlettPackard HPE 9.62 -0.09 MarketAxess MKTX 516.55 -0.84 PostHoldings POST 88.36 -0.01 Boston Private Financial BPFH 4.1 .06 /.12 Q Aug21 /Aug07 Aptiv APTV 80.46 -3.21 CarMax KMX 98.33 -0.35 Dynatrace DT 42.37 0.46 Hill-Rom HRC 115.68 -0.45 Marriott MAR 85.51 -1.63 PrincipalFin PFG 42.45 -1.43 GWB Q Aramark ARMK 22.05 -0.52 Carnival CCL 14.34 -0.31 ENI E 18.58 -1.44 Hilton HLT 76.14 -1.25 Marsh&McLen MMC 116.71 1.13 s Procter&Gamble PG 131.42 3.11 Great Western Bancorp 0.3 .01 /.15 Aug27 /Aug13 ArcelorMittal MT 11.04 -0.51 Carnival CUK 11.73 -0.31 EOG Rscs EOG 46.58 -1.92 s Hologic HOLX 69.71 5.71 MartinMarietta MLM 209.20 -4.93 Progressive PGR 88.52 -0.40 Hanmi Financial HAFC 3.5 .08 /.12 Q Aug31 /Aug10 ArchCapital ACGL 31.11 0.25 CarrierGlobal CARR 26.90 -0.28 s EPAM Systems EPAM 287.05 2.54 HomeDepot HD 266.31 1.65 MarvellTech MRVL 35.94 0.83 s Prologis PLD 105.19 -0.98 ArcherDaniels ADM 43.36 0.44 s Carvana CVNA 155.87 0.41 E*TRADE ETFC 50.81 -1.43 HondaMotor HMC 25.31 -0.49 s Masco MAS 57.03 0.69 Proofpoint PFPT 125.27 0.39 Initial AresMgmt ARES 39.83 -0.63 CaseysGenStores CASY 160.77 -1.14 EastmanChem EMN 74.94 -2.49 Honeywell HON 149.16 -5.42 Masimo MASI 220.10 1.33 PrudentialFin PRU 63.66 -1.82 First Horizon Natl Pfd. 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D FHNpD 6.5 .7625 Nov02 /Oct16 AristaNetworks ANET 249.39 2.47 Caterpillar CAT 136.73 -3.80 eBay EBAY 54.72 0.19 HormelFoods HRL 50.75 -0.09 MaximIntProducts MXIM 69.01 -0.89 PublicServiceEnt PEG 52.39 -0.20 AscendisPharma ASND 139.94 2.65 Celanese CE 97.59 0.43 Ecolab ECL 191.05 -3.78 DR Horton DHI 66.05 -0.55 McCormickVtg MKC.V 193.48 -2.10 PublicStorage PSA 197.71 0.87 Stocks AspenTech AZPN 96.95 -0.11 CenovusEnergy CVE 4.60 -0.22 Ecopetrol EC 11.75 -0.37 HostHotels HST 10.84 -0.18 McCormick MKC 193.84 -0.50 PulteGroup PHM 43.87 -0.83 Achieve Life Sciences ACHV 1:20 /Jul31 Assurant AIZ 105.28 -2.30 Centene CNC 66.81 0.47 EdisonInt EIX 54.87 1.09 HowmetAerospace HWM 15.13 -0.14 McDonalds MCD 195.41 -0.80 Qiagen QGEN 50.40 -0.18 Taoping TAOP 1:6 /Jul30 AstraZeneca AZN 57.89 1.25 CenterPointEner CNP 19.13 -0.30 EdwardsLife EW 78.95 -0.38 HuanengPower HNP 16.91 -0.03 McKesson MCK 153.61 -2.09 s Qorvo QRVO 128.67 13.39 Athene ATH 32.42 -1.12 CentraisElBras EBR 7.68 0.08 ElancoAnimal ELAN 22.45 1.30 Huazhu HTHT 34.46 0.05 MedicalProp MPW 20.58 0.28 s Qualcomm QCOM 107.19 14.16 Foreign Atlassian TEAM 187.66 0.55 CenturyLink CTL 9.74 -0.10 Elastic ESTC 94.62 1.20 Hubbell HUBB 132.79 -1.15 Medtronic MDT 96.47 -2.25 QuantaServices PWR 40.12 -1.03 AtmosEnergy ATO 105.42 -0.24 CeridianHCM CDAY 78.96 -2.73 ElbitSystems ESLT 140.19 0.07 HubSpot HUBS 232.42 0.14 MelcoResorts MLCO 16.63 0.64 QuestDiag DGX 126.76 0.56 ASE Technology ADR ASX 2.1 .13645 A Sep17 /Aug14 Autodesk ADSK 236.10 -2.51 Cerner CERN 71.26 -2.15 ElectronicArts EA 138.59 2.66 Humana HUM 398.54 2.14 s MercadoLibre MELI 1107.50 20.59 Quidel QDEL 270.50 11.03 Banco Sant Brasil ADR BSBR 10.0 .04011 Q Oct05 /Aug10 Autohome ATHM 85.62 0.15 s CharlesRiverLabs CRL 201.31 1.73 EmersonElec EMR 62.65 -1.09 JBHunt JBHT 129.04 -1.17 Merck MRK 78.99 -0.36 Dynagas LNG 8.75% Pfd. B DLNGpB 11.2 .54688 Q Aug24 /Aug17 Autoliv ALV 66.97 -1.92 CharterComms CHTR 563.44 -2.98 Enbridge ENB 32.20 -0.44 HuntingtonBcshs HBAN 9.31 -0.14 MetLife MET 37.55 -1.13 R S Fresh Del Monte Produce FDP 1.2 .05 Q Sep04 /Aug12 ADP ADP 132.89 -4.23 CheckPoint CHKP 123.54 0.78 EncompassHealth EHC 68.68 -1.04 HuntingIngalls HII 174.79 -1.09 MettlerToledo MTD 895.17 -2.91 GSK Q AutoZone AZO 1209.75 30.20 s Chegg CHGG 78.46 3.47 EnelAmericas ENIA 7.62 0.06 IAA IAA 44.60 -0.35 MicrochipTech MCHP 102.25 -0.44 RELX RELX 21.77 -0.18 GlaxoSmithKline ADR 4.9 .49142 Oct08 /Aug14 Avalara AVLR 131.60 1.41 Chemed CHE 496.61 26.58 EnelChile ENIC 4.16 0.02 ICICI Bank IBN 9.35 -0.21 MicronTech MU 50.74 0.35 RH RH 289.70 4.34 ICL Group ICL 3.8 .028 Q Sep16 /Sep02 Avalonbay AVB 151.20 -0.38 CheniereEnergy LNG 49.17 0.08 EnergyTransfer ET 6.52 -0.15 s IdexxLab IDXX 374.10 7.19 Microsoft MSFT 203.90 -0.16 RPM RPM 81.57 -0.93 Janus Henderson Group JHG 6.9 .36 Q Aug26 /Aug10 Avangrid AGR 49.99 -0.28 CheniereEnerPtrs CQP 34.08 -0.52 EnphaseEnergy ENPH 59.14 0.02 IHS Markit INFO 80.13 -0.22 MidAmApt MAA 117.52 3.60 RaymondJames RJF 69.08 -2.43 Navios Maritime Ptrs NMM 3.0 .05 Q Aug13 /Aug10 s Avantor AVTR 22.10 2.46 Chevron CVX 86.27 -3.80 s Entegris ENTG 72.20 1.10 ING Groep ING 7.04 -0.34 MitsubishiUFJ MUFG 3.83 -0.13 RaytheonTech RTX 57.46 -1.94 Pearson ADR PSO 3.4 .0778 SA Sep24 /Aug14 AveryDennison AVY 115.13 -2.83 Chewy CHWY Entergy ETR 104.64 0.51 IPG Photonics IPGP 180.97 -0.53 MizuhoFin MFG 2.56 -0.09 RealPage RP 62.86 -0.29 49.02 1.43 Perrigo PRGO 1.6 .225 Q Sep15 /Aug28 BCE BCE 42.04 -0.09 ChinaEastrnAir CEA 17.81 -0.16 EnterpriseProd EPD 17.62 -0.41 IQVIA IQV 158.26 -1.80 MobileTeleSys MBT 8.83 -0.29 RealtyIncome O 60.55 -0.07 RIO SA BHP Group BHP 53.15 -1.11 ChinaLifeIns LFC 11.51 -0.35 Equifax EFX 163.43 -2.20 IcahnEnterprises IEP 50.20 -1.41 Moderna MRNA 77.63 -1.88 RegencyCtrs REG 41.81 -0.30 Rio Tinto ADR 6.3 1.55 Sep17 /Aug07 BHP Group BBL 43.92 -0.92 ChinaMobile CHL 34.29 -0.28 s Equinix EQIX 777.95 7.95 Icon ICLR 185.22 0.97 MohawkInds MHK 83.29 -2.72 RegenPharm REGN 631.47 -0.69 Seagate Technology STX 5.9 .65 Q Oct07 /Sep23 BJ'sWholesale BJ 40.49 -1.14 ChinaPetrol SNP 43.68 -0.58 Equinor EQNR 15.03 -0.46 IDEX IEX 164.60 -2.00 MolinaHealthcare MOH 187.02 -0.63 RegionsFin RF 10.75 -0.29 Waste Connections WCN 0.7 .185 Q Aug18 /Aug04 BP BP 22.44 -0.78 ChinaSoAirlines ZNH 23.07 -0.16 Equitable EQH 20.25 -0.44 IllinoisToolWks ITW 185.67 -1.82 MolsonCoorsB TAP 37.44 0.71 RelianceSteel RS 99.56 -2.20 B2Gold BTG 6.63 -0.13 ChinaTelecom CHA 29.42 -0.17 EquityLife ELS 67.54 0.11 Illumina ILMN 382.78 -2.50 Mondelez MDLZ 55.77 -1.02 RenaissanceRe RNR 178.88 -2.35 Special s Baidu BIDU 118.00 -1.82 ChinaUnicom CHU 5.51 -0.06 EquityResdntl EQR 53.95 0.36 Immunomedics IMMU 43.34 1.23 MongoDB MDB 228.58 12.28 Repligen RGEN 151.25 12.47 Scotts Miracle-Gro SMG 1.5 5.00 Sep10 /Aug27 BakerHughes BKR 15.33 -0.48 Chipotle CMG 1148.40 -4.67 ErieIndemnity A ERIE 209.24 -0.76 ImperialOil IMO 16.33 -0.48 s MonolithicPower MPWR 269.75 5.87 RepublicSvcs RSG 87.06 0.19 Superior Group of Cos. SGC 2.3 .10 Aug25 /Aug11 Ball BLL 73.45 -0.32 Chubb CB 130.00 -1.94 EssentialUtil WTRG 45.55 -0.32 Incyte INCY 100.51 2.47 s MonsterBev MNST 77.82 0.51 ResMed RMD 204.46 0.36 BancoBilbaoViz BBVA 3.19 -0.26 ChunghwaTel CHT 36.83 0.18 EssexProp ESS 220.62 1.47 s Infosys INFY 12.95 0.10 Moody's MCO 283.77 -7.59 RestaurantBrands QSR 57.35 0.47 BancoBradesco BBDO 4.11 -0.08 s Church&Dwight CHD 90.06 0.75 EsteeLauder EL 193.03 2.15 IngersollRand IR 31.81 -0.35 MorganStanley MS 48.95 -1.29 RexfordIndlRealty REXR 47.62 1.08 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BancodeChile BCH 18.62 -0.21 Ciena CIEN 59.11 -0.34 Etsy ETSY 112.38 3.69 Ingredion INGR 88.22 -0.43 s Morningstar MORN 169.56 7.33 ReynoldsCnsmr REYN 34.20 0.09 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 Exponent EXPO 84.13 1.4 JPMChasePfdEE JPMpC 28.89 0.4 NovaMeasuring NVMI 51.63 3.1 Repligen RGEN 155.27 9.0 Vicor VICR 82.86 0.3 GritstoneOncology GRTS 3.25 -2.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Fabrinet FN 72.37 1.1 JPMorganPfdGG JPMpJ 27.38 0.1 NuanceComms NUAN 27.68 0.1 RetractableTechs RVP 13.40 9.4 Wayfair W 256.19 5.8 HLAcquisitions HCCH 10.02 -1.3 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest FairIsaac FICO 441.77 0.2 Kamada KMDA 10.00 6.1 OReillyAuto ORLY 487.95 5.4 RitchieBros RBA 46.38 1.5 WillametteVallPfA WVVIP 6.88 -2.8 HSBC HSBC 22.41 -3.4 session. %CHG-Daily percentage change from the previous trading session. Farfetch FTCH 25.19 3.0 KandiTech KNDI 17.40 -7.1 1-800-FLOWERS FLWS 28.22 6.0 Shutterstock SSTK 53.98 3.6 Wingstop WING 158.98 2.0 HallofFameWt HOFVW 0.77 -4.3 Fastenal FAST 47.02 0.8 Kellogg K 72.88 -0.5 OneWaterMarine ONEW 30.00 -5.7 SimpsonMfg SSD 98.59 1.4 Wipro WIT 4.30 2.4 HappinessBiotech HAPP 2.19 -3.8 Thursday, July 30, 2020 FstHorizonPfdE FHNpE 26.00 0.2 Kirkland's KIRK 5.61 24.6 OraSureTechs OSUR 19.14 7.1 Skyworks SWKS 142.26 4.2 Yeti YETI 48.47 2.6 j2Global JCOM 53.25 1.3 FirstMidwestPfdA FMBIP 25.570.6 LCI Inds LCII 124.75 0.8 OtisWorldwide OTIS 64.52 -1.4 Sohu.com SOHU 19.38 7.2 Zendesk ZEN 101.94 1.2 JustEnergyPfdA JEpA 1.10 -17.9 52-Wk % 52-Wk % 52-Wk % FiverrIntl FVRR 92.80 0.2 LamResearch LRCX 381.48 4.9 Overstock OSTK 78.83 25.4 SonicAutomotive SAH 43.50 -6.0 Zillow C Z 70.11 5.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg LongviewAcqnWt LGVW.WS 1.05 ... FortBrandsHome FBHS 78.25 1.4 LiAuto LI 17.50 43.1 Owens&Minor OMI 16.95 -0.5 Sony SNE 78.76 0.2 Zillow A ZG 69.96 4.7 NatlBankshares NKSH 25.34 -0.3 Freshpet FRPT 95.77 1.3 LigandPharm LGND 127.80 1.7 PDF Solutions PDFS 24.35 23.8 Stamps.com STMP 259.72 1.6 B&G Foods BGS 28.32 -0.3 Church&Dwight CHD 90.45 0.8 Zoetis ZTS 149.49 1.0 OrchardTherap ORTX 4.76 -2.2 Futu FUTU 36.93 5.8 LightpathTech LPTH 4.35 11.4 PacificEthanol PEIX 2.75 34.3 StifelFinlPfdC SFpC 26.82 0.6 Highs Bandwidth BAND 153.77 1.3 ChurchillCapIV CCIV.U 10.12 ... OricPharm ORIC 20.14 -2.1 GFLEnvironmental GFL 21.73 0.8 LivongoHealth LVGO 124.38 2.0 PayPal PYPL 198.66 4.3 StoneCo STNE 47.42 0.3 BestBuy BBY 100.68 2.0 Clearfield CLFD 19.00 5.8 Lows PCSB Fin PCSB 11.07 -0.7 Ansys ANSS 311.47 1.2 GFL Env Un GFLU 55.88 0.4 Lovesac LOVE 32.35 4.3 Pegasystems PEGA 115.31 0.3 SturmRuger RGR 82.75 1.5 Bio-RadLab B BIO.B 538.00 3.0 Clorox CLX 233.00 0.1 PTK Acqn Un PTK.U 9.93 -0.2 AdvMicroDevices AMD 78.96 2.8 GRAVITY GRVY 66.41 -3.8 Lowe's LOW 149.90 0.3 PennyMacFin PFSI 49.03 3.6 SunnovaEnergy NOVA 25.55 3.0 AceConvergence ACEVU 10.06 -0.8 Bio-RadLab A BIO 540.06 0.9 Comcast DECS CCZ 64.79 -0.8 PandionTherap PAND 16.93 -1.9 AgnicoEagle AEM 76.00 2.8 Generac GNRC 156.53 5.8 Macom Tech MTSI 43.75 19.6 Penumbra PEN 225.64 1.6 SunOpta STKL 6.88 2.1 AcordaTherap ACOR 0.60 -5.2 BlinkCharging BLNK 14.58 29.8 Coresite COR 130.21 -0.6 PanhandleOil&Gas PHX 2.20 -4.7 AlloVir ALVR 29.84 49.4 GoldenStarRscs GSS 4.41 0.5 MKS Instrum MKSI 129.48 1.3 PowerIntegrations POWI 126.29 2.1 SyntheticBio SYN 0.75 32.2 AdvEmissions ADES 4.25 -2.5 BlinkChargingWt BLNKW 10.10 45.6 Crexendo CXDO 9.00 0.9 PathfinderBncp PBHC 9.13 -0.5 AllstatePfdI ALLpI 26.67 ... GraniteREIT GRP.U 58.40 2.3 MYR Group MYRG 38.85 14.1 Precipio PRPO 8.00 469.1 TD Holdings GLG 2.98 2.1 ArtiusAcqn AACQU 10.23 -0.5 BrilliantAcqn BRLI 9.90 -0.5 CyrusOne CONE 84.13 2.6 PilgrimPride PPC 14.87 -5.7 Amedisys AMED 236.03 2.4 DanaherPfdB DHRpB 1220.45 -0.5 GrowGeneration GRWG 8.99 1.8 Masco MAS 57.85 1.2 Procter&Gamble PG 132.03 2.4 TakeTwoSoftware TTWO 160.55 1.1 AscendantDigital ACND.U 10.11 -2.6 BrookfieldRenew BEPC 45.22 -7.0 RaMedicalSys RMED 0.28 -15.8 AmerEqInvLifePfB AELpB 25.11 0.2 DigitalRealty DLR 159.42 1.0 Hawkins HWKN 51.44 5.5 MercadoLibre MELI 1131.89 1.9 Prologis PLD 106.73 -0.9 Taoping TAOP 15.00 331.5 BCB Bancorp BCBP 8.00 -3.9 Brunswick BC 73.99 -4.4 Revlon REV 6.26 3.7 AmericoldRealty COLD 40.79 -0.2 DrReddy'sLab RDY 60.31 2.2 HennessyCapIV HCACU 16.87 -3.4 MeritMedical MMSI 47.99 -0.3 PropertySolns PSACU 10.08 -0.2 TeladocHealth TDOC 239.44 8.6 BrilliantAcqnWt BRLIW 0.15 -9.1 CEVA CEVA 40.40 0.8 RosehillRscsUn ROSEU 0.28 -5.4 Annexon ANNX 19.65 -1.9 DukeRealty DRE 40.84 -0.6 Hologic HOLX 70.15 8.9 MitekSystems MITK 10.98 8.1 PropTechAcqnA PTAC 11.77 -2.6 TizianaLifeSci TLSA 16.79 19.1 Canon CAJ 16.86 -1.6 CadenceDesign CDNS 108.04 1.6 SiebertFin SIEB 3.85 -3.4 ArgoGoupPfdA ARGOpA 24.93 ... EPAM Systems EPAM 287.63 0.9 HorizonTherap HZNP 62.31 2.7 MonolithicPower MPWR 271.79 2.2 PublicStoragePfK PSApK 27.03 0.3 Trex TREX 140.10 0.2 D8 Holdings DEH.U 10.00 -0.1 AstaFunding ASFI 13.38 0.1 CarParts.com PRTS 14.79 10.4 EdesaBiotech EDSA 19.10 81.7 IAC/InterActive IAC 134.26 1.5 MonsterBev MNST 78.00 0.7 PurpleInnovWt PRPLW 6.21 8.0 UFP Inds UFPI 58.92-0.3 DeerfieldHlthcr DFHTU 10.44 -2.2 Soliton SOLY 6.60 -2.3 AtHomeGroup HOME 13.54 33.5 Carvana CVNA 157.44 0.3 8iEntsAcqnUn JFKKU 25.65 109.3 IdexxLab IDXX 375.48 2.0 MorganStanleyPfdL MSpL 26.54 0.4 PurpleInnovation PRPL 23.85 4.1 US Xpress USX 10.34 12.0 Express EXPR 1.02 1.8 SonnetBio SONN 2.52 10.2 AthenePfdC ATHpC 26.20 0.2 Catalent CTLT 90.99 8.1 8iEntsAcqnWt JFKKW 0.95 25.0 iClickInteract ICLK 7.04 -2.7 Morningstar MORN 178.57 4.5 QTS Realty QTS 72.11 0.7 UltraClean UCTT 30.95 24.1 FarmerBros FARM 5.05 -7.3 StateAutoFin STFC 15.33 -0.3 AtlasAir AAWW 51.970.5 CentralGarden CENT 38.94 2.1 ElPolloLoco LOCO 17.37 1.0 IdealPower IPWR 10.56 22.8 MrCooper COOP 16.26 10.6 QTSRealtyPfdB QTSpB 158.26 0.1 UtdCmtyBksPfdI UCBIO 25.98 1.1 FirstHorizonPfdB FHNpB 24.00 -0.1 TailoredBrands TLRD 0.37 -4.3 AtossaTherap ATOS 4.87 -9.0 CentralGardenA CENTA 35.66 1.4 Entegris ENTG 72.26 1.5 Immunic IMUX 17.79 7.8 NationalBeverage FIZZ 70.64 -0.7 Qorvo QRVO 129.92 11.6 UPS B UPS 145.50 14.4 FirstCash FCFS 57.37 -0.4 36Kr KRKR 3.21 -3.0 AvantorPfdA AVTRpA 72.03 10.8 CentrusEnergy LEU 15.41 1.8 Equinix EQIX 787.70 1.0 Infosys INFY 12.99 0.8 NatlGeneralPfdC NGHCN 25.98 -0.2 Qualcomm QCOM 107.69 15.2 UnvlSecInstr UUU 2.40 -11.0 FoleyTrasimeneA WPF 10.20 -1.0 TimberPharm TMBR 1.75 ... Avantor AVTR 22.24 12.5 CharlesRiverLabs CRL 203.26 0.9 Escalade ESCA 15.78 2.7 Inovalon INOV 25.71 7.4 NeoGenomics NEO 38.69 2.2 Qualys QLYS 122.87 0.6 VeevaSystems VEEV 265.31 0.9 Genfit GNFT 4.65 -5.7 Tricida TCDA 12.91 -0.2 AzurePowerGlbl AZRE 20.45 0.7 Chegg CHGG 79.25 4.6 EverspinTech MRAM 8.40 10.3 JPMorganPfdDD JPMpD 28.38 ... NorthernTrPfdE NTRSO 27.05 ... Quanterix QTRX 33.62 5.1 Veracyte VCYT 33.49 10.0 GoHealth GOCO 17.20 2.8 VerricaPharm VRCA 6.30 6.1

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 18.97 -0.07 -9.6 FPA Funds ValueI 40.27 -0.39 -8.9 PRIMECAP Odyssey Fds TotBdAdml 11.76 +0.01 7.9 TotIntBdIxInv 11.65 +0.02 3.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. TMktIdxInstPrem 91.55 -0.31 1.4 FPACres 30.87 -0.28 -5.9 MFS Funds Instl AggGrowth r 46.79 +0.19 4.2 TotIntBdIdxAdm 23.29 +0.04 3.5 USGro 55.35 +0.09 28.7 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s USBdIdxInstPrem 12.70 +0.02 8.0 Franklin A1 IntlEq 26.97 -0.37 -3.2 Growth r 40.04 -0.10 -2.2 TotIntlAdmIdx r 27.95 -0.31 -5.7 WellsI 27.82 -0.08 3.4 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Advisor I CA TF A1 p 7.78 +0.01 3.5 Nuveen Cl I Schwab Funds TotStAdml 80.12 -0.26 1.5 Welltn 43.17 -0.13 0.9 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes NwInsghtI 35.36 +0.02 8.1 IncomeA1 p 2.09 -0.02 -8.1 HYMunBd 16.96 +0.01 -2.9 1000 Inv r 72.62 -0.24 2.1 TxMCapAdml 168.41 -0.52 2.4 WndsrII 34.25 -0.27 -5.2 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 50.18 -0.18 1.6 TxMIn r 13.05 -0.16 -6.8 VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2020 16.08 -0.06 2.3 IncomeAdv 2.08 -0.01 -7.6 OakmrkInt 19.84 -0.44 -20.5 TSM Sel r 56.71 -0.19 1.3 USGroAdml 143.44 +0.23 28.7 SmValAdml 47.77 -0.53 -18.2 tracked. NS-Fund didn’texistatstart of period. FF2025 14.23 -0.06 1.9 FrankTemp/Franklin A Old Westbury Fds TIAA/CREF Funds ValAdml 40.44 -0.37 -12.1 TotBd2 11.68 +0.01 7.5 FF2030 17.54 -0.09 1.3 Growth A p 123.71 -0.31 10.2 LrgCpStr 14.94 -0.07 -0.9 EqIdxInst 23.67 -0.08 1.4 WdsrllAdml 60.77 -0.48 -5.2 TotIntl 16.71 -0.18 -5.7 Freedom2020 K 16.07 -0.06 2.3 RisDv A p 70.05 -0.46 1.2 Parnassus Fds VANGUARD ADMIRAL WellsIAdml 67.40 -0.19 3.4 TotSt 80.10 -0.25 1.4 Thursday, July 30, 2020 Freedom2025 K 14.21 -0.06 1.9 FrankTemp/Franklin C ParnEqFd 48.81 -0.08 4.2 500Adml 299.89 -1.07 1.6 WelltnAdml 74.55 -0.22 0.9 VANGUARD INSTL FDS Net YTD Net YTD Net YTD Freedom2030 K 17.53 -0.08 1.4 Income C t 2.13 -0.01 -7.8 PGIM Funds Cl Z BalAdml 40.55 -0.05 4.7 WndsrAdml 62.45 -0.72 -12.7 BalInst 40.56 -0.05 4.7 Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Freedom2035 K 14.64 -0.09 0.1 FrankTemp/Temp Adv TotalReturnBond NA ... NA CAITAdml 12.34 +0.01 3.5 VANGUARD FDS DevMktsIndInst 13.07 -0.16 -6.8 Freedom2040 K 10.21 -0.07 -0.5 GlBondAdv p 9.94 -0.02 -4.2 PIMCO Fds Instl CapOpAdml r 159.64 -0.38 1.2 DivdGro 29.67 -0.14 -2.0 DevMktsInxInst 20.42 -0.26 -6.8 American Century Inv BlackRock Funds LgCo 24.91 -0.09 1.6 Guggenheim Funds Tru Fidelity Invest AllAsset NA ... NA EMAdmr 36.13 -0.28 -1.6 INSTTRF2020 24.75 -0.06 2.7 ExtndInst 95.46 -0.18 0.4 Ultra 64.14 +0.04 23.0 HiYBlk 7.48 ... -0.6 TAUSCoreEq2 19.07 -0.08 -4.6 TotRtnBdFdClInst 29.89 +0.06 11.8 EqIncAdml 70.47 -0.67 -9.9 Balanc 25.94 -0.04 6.4 InvGrdCrBd 11.22 +0.02 4.9 INSTTRF2025 25.27 -0.08 2.2 GrwthInst 110.21 +0.12 18.0 American Funds Cl A HiYldBd Inst 7.48 ... -0.6 US CoreEq1 24.86 -0.11 -3.2 BluCh 136.29 +0.34 26.5 Harbor Funds ExplrAdml 100.26 +0.17 3.1 InPrSeIn 11.40 +0.01 8.2 TotRt 10.97 +0.02 7.7 INSTTRF2030 25.50 -0.10 1.5 AmcpA p 35.11 -0.11 6.4 BlackRock Funds A US CoreEq2 22.39 -0.10 -4.6 Contra 15.78 +0.03 15.9 CapApInst 96.16 +0.01 26.9 ExtndAdml 95.47 -0.18 0.4 InstIdx 289.84 -1.04 1.6 PIMCO Funds A INSTTRF2035 25.73 -0.11 0.9 AMutlA p 41.23 -0.25 -4.2 GlblAlloc p 19.71 -0.08 6.2 US Small 30.37 -0.20 -12.8 ContraK 15.80 +0.03 15.9 Harding Loevner GNMAAdml 10.77 ... 3.4 InstPlus 289.85 -1.04 1.6 IncomeFd NA ... NA INSTTRF2040 25.94 -0.12 0.2 BalA p 28.79 -0.10 2.3 BlackRock Funds Inst US SmCpVal 26.64 -0.37 -22.2 CpInc r 9.85 +0.01 -1.3 IntlEq 24.50 -0.36 NA GrwthAdml 110.21 +0.13 18.0 InstTStPlus 68.55 -0.22 1.5 PIMCO Funds I2 INSTTRF2045 26.08 -0.14 -0.4 BondA p 14.22 +0.02 10.0 MultiAstIncome 10.65 ... -0.3 USLgVa 31.48 -0.41 -17.5 GroCo 28.43 +0.11 33.1 Invesco Funds Y HlthCareAdml r 92.90 -0.51 8.9 MidCpInst 47.61 -0.16 -1.4 Income NA ... NA INSTTRF2050 26.12 -0.15 -0.4 CapIBA p 58.93 -0.34 -5.2 StratIncOpptyIns 10.03 ... 2.1 Dodge & Cox GrowCoK 28.49 +0.11 33.2 DevMktY 44.63 -0.46 -2.1 HYCorAdml r 5.82 +0.01 0.6 MidCpIstPl 234.81 -0.76 -1.4 PIMCO Funds Instl INSTTRF2055 26.23 -0.14 -0.3 CapWGrA 51.38 -0.33 -0.8 Bridge Builder Trust Balanced 92.72 -0.64 -6.5 InvGrBd 12.33 +0.01 8.3 JPMorgan I Class InfProAd 27.98 +0.02 8.2 SmCapInst 73.41 -0.25 -7.0 IncomeFd NA ... NA EupacA p 56.77 -0.43 2.0 CoreBond 11.07 +0.01 7.8 Income 14.81 +0.01 7.3 LowP r 45.11 -0.28 -9.9 CoreBond NA ... NA IntlGrAdml 127.10 -0.78 23.7 IntlVal 33.20 -0.46 -11.5 STIGradeInst 10.99 ... 4.0 Price Funds FdInvA p 59.93 -0.31 -1.4 CorePlusBond 10.74 +0.02 7.3 Intl Stk 36.48 -0.69 -16.3 Magin 11.58 ... 13.5 EqInc NA ... NA ITBondAdml 12.74 +0.02 9.4 LifeCon 21.64 -0.04 3.8 STIPSIxins 25.33 ... 2.6 BlChip 147.12 +0.13 18.3 GwthA p 57.92 -0.11 13.3 Intl Eq 11.53 -0.15 -3.8 Stock 165.55 -1.71 -12.4 OTC 15.39 +0.06 20.3 JPMorgan R Class ITIGradeAdml 10.68 +0.01 8.6 LifeGro 36.06 -0.17 0.6 TotBdInst 11.76 +0.01 7.9 DivGro 52.60 -0.29 -0.7 HI TrA p 9.59 +0.01 -1.4 LargeCapGrowth 18.10 -0.05 14.3 DoubleLine Funds Puritn 24.42 -0.01 8.1 CoreBond NA ... NA LTGradeAdml 12.51 +0.04 17.2 LifeMod 29.27 -0.09 2.3 TotBdInst2 11.68 +0.01 7.6 ICAA p 39.10 -0.22 ... LargeCapValue 12.29 -0.09 -9.4 CoreFxdIncmI 11.31 +0.02 3.8 SrsEmrgMkt 20.81 -0.17 0.9 CorePlusBd NA ... NA EqInc 26.85 -0.13 -15.1 MidCpAdml 215.53 -0.70 -1.4 PrmcpCor 26.07 -0.07 -6.6 TotBdInstPl 11.76 +0.01 7.9 IncoA p 21.98 -0.06 -3.8 ClearBridge TotRetBdI 10.80 ... 3.4 SrsGlobal 12.45 -0.13 -5.5 Lord Abbett A EqIndex 86.29 -0.31 1.5 MuHYAdml 11.77 +0.01 2.2 STAR 28.84 -0.10 6.2 TotIntBdIdxInst 34.95 +0.06 3.5 IntBdA p 14.22 +0.01 6.6 LargeCapGrowthI NA ... 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B10 | Friday, July 31, 2020 THE WALL STREET JOURNAL. BANKING & FINANCE Fannie, Freddie Post Earnings Rebound

Mortgage packagers’ leased first-quarter earnings. $3.43billion. going back to 1968. Trading LLC.“It’sclear that The30-year,fixed-rate “Webelievethat some of Fannie’slatestresultswere As aresult of the improved thepandemic has hit certain mortgage,byfar the most income rises as fewer the borrowers entered into buoyedbyadecline in credit- economic outlook,Fannie segmentsofthe economy popular in the U.S.,might not borrowers ask for forbearanceprematurely—in related expenses,which had trimmed itsestimatefor the harder.It’simpacted folks exist without them. case of economic hardship,” balloonedinthe firstquarter percentageofsingle-family who arelesslikely to be Thecompanies don’t make break on payments Chief Financial Officer Celeste as thecompanybracedfor a borrowers that could be homeowners.” mortgages but buy them from Mellet Brownsaid in acall wave of homeownersrequest- forced intoforbearancebythe He said government relief lendersand packagethem into BY PAUL KIERNAN with reporters. ing abreak on their mortgage pandemic to 12.5% from 15%. measures such as enhanced securities to sell to investors, Theimprovement came paymentsbecause of the pan- In March and April, with unemployment benefitsand and they provide guarantees Government-controlled amid adecline in unemploy- demic. swaths of the economyshut direct paymentstohouseholds to investorsincase the mort- mortgagegiants Fannie Mae ment as partsofthe economy Asurge in refinancing ac- down to contain the spread of arealso helping manyhome- gagesgobad. Thetwo compa- and Freddie Mac said their reopened. Morerecent gov- tivity to a17-year high due to the coronavirus,mortgage ownersremain current on nies guarantee nearly half of earningsimproved in the sec- ernment data on unemploy- record-lowinterest ratesalso bankersworried that asignifi- their mortgages. the $11 trillion U.S. mortgage ond quarter,adding to evi- ment claims,however, suggest helped the company’sbottom cant percentageofhome- Fannie’ssmaller sister market. denceofarebound in the U.S. that the labor market’srecov- line. ownersmight take advantage company, Freddie Mac,re- Thetwo companies were housing market. erymay be stalling amid a re- Sales of previouslyowned of alaw allowing them to sus- ported anet income of $1.78 takenoverbythe government Fannie Mae,the largerof surgenceincoronavirus cases. homes rose 20.7%inJune pend paymentsontheir mort- billion, compared with $173 afterthey came close to col- the two companies,said 5.7% Fannie Mae said on Thurs- over the prior month to asea- gages. That hasn’t happened. million in the firstquarter of lapse during the financial cri- of thesingle-family loans it daythat itsnet income rose sonally adjusted annual rate “Housing has been one of this year and $1.51 billion a sis of 2008. guarantees—representing to $2.55 billion in the second of 4.72 million, according to theonly bright spotsinthe year earlier. TheTrump administration about 972,000 mortgages— quarter from $461 million in datafromthe National Asso- economy,” said Isaac Boltan- Fannie and Freddie runthe is planning to return them to had suspended paymentsasof theprevious three months. ciation of Realtorsreleased sky, director of policyre- plumbing meant to makeU.S. privateownership. June 30, down from the 7% it Net income in the second last week,the biggest search at investment bank mortgages morereadily avail- —Andrew Ackerman reported May1,when it re- quarteroflast year was monthly increase on record CompassPoint Research & able and affordable. contributed to this article. Buyout Firm Apollo Lifted by Stock Rally And Credit Business

BY MIRIAM GOTTFRIED down from 50 cents a share a AND DAVE SEBASTIAN year earlier. Shares of Apollo fell 3.5% in Apollo Global Manage- trading Thursday. ment Inc.’s second-quarter On acall with analysts, earningsrose as the value of Apollo Chief ExecutiveLeon the private-equity firm’sin- Blacksaid co-founder Marc vestmentsclimbed with the Rowan, who oversees itsin- broader market. surancebusiness, would take a TheNew York company step back from his day-to-day posted net income of $446.3 responsibilities and embark on million, or $1.84 ashare, com- a“semi-sabbatical.” Mr.Black

S pared with aprofitof$164.8 said Mr.Rowanwould con- million, or 75 cents, during the tinuetohelp guide Apollo’s NEW

G same period last year, it said strategic direction and remain Thursday. Theresultsmarked on the boards of Apollo,

OOMBER a significant recovery over the Athene and Athora. firstquarter, when Apollo and Apollo co-President Scott itspeersposted sizable losses Kleinman will assume day-to- LIFFE/BL

TC due to the coronavirus-related dayresponsibility forleading RA market plunge. the firm’sfinancial institutions

CHRIS Thevalue of Apollo’s pri- and insuranceactivities.Jim Lloyds reported alossof$598 million. Unlikemanyrivals, its businessisU.K.-focused and moreexposed to pandemic conditions there. vate-equity holdingsclimbed Zelter,the firm’sother co-pres- 11.7%inthe second quarter. ident, will continue to focus on That compares with a20% asset management and credit gain for the S&P 500—the in- investing forinsuranceclients. British Banks Hurt by Loan Losses dex’sbiggest percentagejump Apollo isn’t the only buyout in morethan two decades. firm experiencing changeinits Apollo’s private-equity portfo- uppermost ranks as the pan- BY SIMON CLARK lendersthat the transition pe- Share-priceand lending,wheremargins are lio had depreciated by 21.6% in demic roils its business. Car- riod for Britain’sEUexit ex- indexperformance being squeezed. the first quarter. lyle Group Inc.said this Thecoronavirus pandemic pires at the end of the year. Barclays said Wednesday Apollo’s credit business—its month that co-Chief Executive pummeled British banks in TheU.K.and EU have yetto Barclays Lloyds that its U.K. unit lost £123 largest by assets—also posted Glenn Youngkin would retire thesecond quarter as many strikeanagreement on their Banco FTSE 100 index million in the second quarter, strong results. Thevalue of and that Kewsong Lee, his co- companies struggled to re- futuretrade relationship. Santander down from aprofitof£328 thefirm’scorporate-credit CEO since 2018, would be the open and individuals reduced Coutts,aunit of state-con- 10% million in the same quarter portfolio climbed 7.7%, while firm’s sole CEO. spending and deferred pay- trolled NatWest Group PLC last year. itsstructured-credit and di- Carlyle,which also reported mentsonloans.The industry which provides banking ser- 0 Abetterperformancefrom rect-origination holdingsap- second-quarter resultsThurs- is also grapplingwith Brexit vicestowealthypeople in- Barclays’s corporateand in- preciated by 8.9% and 2.7%, day,said the fair value of its andthe increasing likelihood cluding Queen Elizabeth II, –10 vestment bank enabled the respectively. private-equity funds climbed of negativeinterest rates. told clientsonMondaythat it lender to report a small over- Apollo’s assets under man- by 13% during the period, LloydsBanking Group PLC would stop lending to EU resi- –20 all profit forthe quarter. agement climbed to $413.6 bil- boosting performance-related shares fell 7.6% Thursdayafter dentsbecause of the lack of a Barclays Chief Executive lion, exceeding the $400 bil- feerevenue.The firm posted the London-based lender said trade agreement. –30 JesStaley said his strategyof lion mark forthe firsttime. lower net income than in the it swung to a £461 million Another complication fac- maintaining adiversified Helping to drivethat increase year-earlier period due to ($598 million) lossinthe sec- ing U.K. banks: TheBank of –40 businesswith international wasthe April closureofEuro- higher performance-related ond quarter because of the England has shiftedits tone in exposurewas working. pean insuranceaffiliateAthora compensation costs, but in- –50 impact of the pandemic. recent months toward possi- He has been under pressure Holding Ltd.’s deal to purchase creased itstargetfor full-year Lloyds, Barclays PLC and the bly using negativeinterest –60 from activist investor Edward Vivat NV from Anbang Group fee-related revenue to between U.K. unit of BancoSantander rates, which cansqueeze bank Bramson, whose firm Sher- HoldingsCo.,which added $45 $440 million and $475 million SA increased loan-loss profitability. JFMAMJ J borne Investorshas said it billion in assetstoApollo’s from aprevious rangeof$400 chargesinthe three months In anticipation of such a Source:FactSet wantsBarclays to shrink its credit business. Athene Hold- million to $450 million. ended June,compared with a move, aswath of U.K. govern- investment bank and become ing Ltd., another insuranceaf- year ago. ment bond yields arealready billion forbad loans in the amorenarrowly focused con- filiate, also closed areinsur- TheU.K.has been hit hard in negativeterritory, while second quarter,morethan sumer bank. ancedeal with Jackson by thecoronavirus,with the the benchmark 10-year gilt seven times the same period “The reason that we have National LifeInsuranceCo. highest number of reported yields just 0.08%. last year,adding to £1.43 bil- been able to support the during the quarter,adding an- deathsinEurope. “Thereisahighly uncer- lion set aside in the first economyasextensively as we other $28 billion to Apollo’s It wasslowertoend lock- tain environment out there,” quarter.Lloydsexpectstoset have and remain financially assets under management. downsand itseconomyhas LloydsChief Executive aside as much as £5.5billion resilient is because of our di- Closely watched distribut- hadlesstime to regain its António Horta-Osório told this year. versified universal banking able earnings, or cash that can footing than countries such as journalists. Santander on Wednesday model,” Mr.Staley said be given back to shareholders, France and Germany. Unlikerivals such as Bar- reported amassive€12.6bil- Wednesday. totaled $205.2 million, or 46 Thechallenging economic clays and HSBC HoldingsPLC, lion ($14.8billion) charge for StandardChartered PLC, centsashare, down from conditions add to uncertainty which have large overseas op- lowering valuations of some which is based in London but $230.8 million, or 56 cents, a N/REUTERS

facing British banks as politi- erations,Lloyds’sbusinessis previous acquisitions in the does most of itsbusinessin year earlier even as fee-re- SO cians trytoreach atrade concentrated in the U.Kand is wake of the pandemic. the faster growing economies lated earnings rose to $259.2 OL CH

agreement with the European most vulnerable to conditions About half of the charge of Asia, said Thursdayitmade millionfrom$238.5 million. NI CY

Union.The European Banking there. came from itsU.K.business, a$549 million net profit in Thefirm said it would paya LU Authority this week reminded Thebank set aside £2.39 which is exposed to mortgage the second quarter. dividend of 49 centsashare, CEO Leon Black Credit Suisse Shakes Up Trading and Investment Banking

BY MARGOT PATRICK world’slargest managersof underMr. Thiam to movethe which benefited from asurge Thebank took 296 million relatively cushioned during the rich people’smoney,competes bank away from arelianceon in companies issuing stock and francs in loan-lossprovisions, global economic downturn. Credit Suisse Group AG’s with largerrivals such as JP- morevolatile markets-trading bonds in the period. lessthan the 568 million francs Theflip side,Mr. Gottstein chief executiveunveiled aplan MorganChase &Co.,Goldman revenue and focus on its Likerival UBS Group AG, taken in the firstquarter in an- said,isthat the Swissfranc to combine most of the Swiss Sachs Group Inc.and Morgan wealthyclients. Thenew CEO Credit Suisse has performed ticipation of soured loans. has been ahaven forinvestors lender’s fragmented trading Stanley in investment banking, said the bank will look to save betterthan manyEuropean Revenue in Credit Suisse’s and strengthened against other and investment-banking busi- though it drastically shrank the around 400 million Swiss and global banks in navigating investment-banking and capi- currencies.That affectsre- nesses,his firststrategic move sizeofthe unit in arestructur- francs ($438 million) ayear the pandemic,largely because tal-marketsunit rose 61%, ported revenue in the wealth- sincehetook the helm six ing under Mr.Thiam between from 2022toreinvest in Asia of itsfocus on lending to driven by sharp rises in equity management unit, sincemany months ago. 2015 and 2018. and elsewhere, in part by shed- and debt underwriting.Its customer accountsare in dol- Thomas Gottstein,who was Thenew investment-bank- ding jobs. global marketsbusinessalso lars, euros or the Brazilian appointed CEO afterTidjane ing arm will comprise the divi- Mr.Gottstein declined to Net profit rose 24%, posted arevenue rise andre- real. Thiam was ousted following a sions previouslyknown as in- giveanoverall figure regarding ported a71% gain in pretax Therestructuring will cost spying scandal,said the move vestment banking and capital job cutsbut said some dupli- driven by a surge in profit. around 300 million to 400 mil- is aimed at freeing up cash to markets, global marketsand catedroles would go. He noted companies issuing Pretax profit rose 26% in its lion Swissfrancs,Credit Suisse invest acrossCredit Suisse’s theAsia-Pacific marketsbusi- that the bank’shead count has Asia business, which includes said, and the bank expectsthe businesses but doesn’t mark a ness, which had operated sepa- risen this year because of a stock in the period. marketsand investment bank- movewill help it reducecosts fundamental shiftinthe bank’s rately before.Separateinvest- lack of attritionduring the ing in the region, and rose 5% by around 400 million francs a ambitions. ment-banking arms will pandemic and mayneed to in itsSwissbank.International year from 2022. “Wedon’t want to shrink to continue to be housed in come down to keep the bank wealth-management profit fell Mr.Gottstein said the bank’s greatness, we want to invest Credit Suisse’sAsia-Pacific di- on track to meet itsfinancial households and companies in 22%, reflecting higher credit return on tangible equity was andgrow,” Mr.Gottstein said vision and Swissbank. targets. Switzerland, which liftedre- charges. 12% in the firsthalf,higher in an interview. “Thereare cer- Mr.Gottstein said Credit Therestructuring wasan- strictions faster than other Chief Financial Officer David than its10% target, “confirm- tain structural elementsthat Suisse would continue allocat- nounced as Credit Suisse countries,and the world’s Matherssaid the bank is well ingthe resilienceofour inte- could be improved and frag- ing around two-thirds of its posted a24% rise in second- wealthy. positioned foreconomic stress grated businessmodel as a mentation that needed to be capital to wealth management quarter net profit, driven by Net profit rose to 1.16 billion from the pandemic,with more leading wealth manager with addressed.” and one-thirdtothe invest- higher revenue in investment francs from 937 million francs than half of itsloan book in strong global investment bank- Credit Suisse,one of the ment bank,amix that began bankingand capital markets, in the second quarter of 2019. Switzerland, which has been ing capabilities.” P2JW213000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** Friday, July 31, 2020 | B11 MARKETS Treasury Economic Weakness SinksStocks Yields BY MICHAEL WURSTHORN Decline AND ANNA HIRTENSTEIN Stocks fell on one of the busiest days of the corporate Further earningsseason, while new datalaid barethe extent of BY PAUL J. DAVIES the economic damagewrought by the coronavirus pandemic. Government bond yields Major indexesopened dropped in the U.S. and Europe sharply lower, and the Dow afterfresh dataonThursday Jones Industrial Averagefell showedthe worstquarterly nearly 550pointsbeforepar- economic contractions on re- ing itslosses to close down cord forthe U.S. and Germany 225.92 points, or 0.9%, to in the second quarter. 26313.65. Shares of technology Advancegross domestic giants, manyofwhich reported product estimates forthe U.S. quarterly results afterThurs- showed the economyshrank by day’sclose,led the turnaround 32.9% versus the previous and helped liftthe Nasdaq quarter,although that wasbet- CompositeIndexback into terthan the 34.7% contraction positiveterritoryonthe day. that had been forecast. On Still, the broader stock Wednesday, the Federal Re- market struggled afterdata GES servehighlighted the long-term showedthe U.S. economy saw IMA

problems the economyfaces itsbiggest-ever quarterly ETTY /G

when it kept interest ratesun- plunge in activity and an up- ER

changed. Investors tick in weekly AY CREDIT noted that eco- THURSDAY’S unemploy- FR

MARKETS nomic momentum MARKETS ment claims, KEVIN has slowedre- suggesting Apple shares rose 6.2% in after-hours trading after the company reported higher-than-expected sales growth. An Apple store in China. cently as the U.S. struggles to the recovery in the labor mar- control the coronavirus pan- ket may be faltering. wroteoff the comment, Mr. Share-priceand indexperformance, Thursday earningsexpectations,send- demic. Investorslargely expected Northey said it highlighted ing those stocks up during af- 2% Dataalso showedthe Ger- poor economic figures, and the howthe election remains a ter-hourstrading.Shares of maneconomyshrank 10.1% in extent of the second quarter’s major factor that cansway Alphabet were little changed the second quarter.The quar- decline in grossdomestic prod- markets. afterthe report. TheGoogle terly contraction wasthe larg- uct—nearly 33% on an annual- TheS&P 500 declined 12.22 Apple parent beat Wall Street’spro- 1 est sinceofficial recordsbegan ized basis—was slightly points, or 0.4%, to 3246.22. Alphabet jections,but reported adrop in 1970and likely the biggest smaller than economists’ pro- TheNasdaq Compositegained in advertising revenue from a sinceWorld WarII, according jections.Still, the Commerce 44.87 points, or 0.4%, to Amazon.com year earlier,its first-ever to JoergZeuner,chief econo- Department dataconfirmed the 10587.81. Facebook such drop. mist at Union Investment. extent of the pandemic’sdam- Investorsappeared to swap 0 “One overriding factor ben- Theyield on the 10-year U.S. age, showing few cornersof stocks forbonds,pushing efiting tech names is that the Treasurynotesettled at the U.S. economywerespared. Treasuryprices higher.That digitization of society has 0.540%, compared with 0.578% “When yousee that number sent the yield on benchmark been pulled forwardbyat Wednesday. It wasthe lowest in print, it becomes areality,” 10-year bonds down to least a couple of years due to -1 DowJones close except forone extremely said Bill Northey, a senior in- 0.540%, the lowest level since Industrial Average the lockdowns,” said Raj volatile dayinearly March vestment director at U.S. Bank March. Shant,aportfolio specialist at when the yield settled at Wealth Management. “It solid- Some stocks bucked the an affiliate of PGIM Group 0.501%. ifies the amount of economic broader market’sdecline fol- Stocks didn’t faremuch In Europe,German 10-year damage we have already sus- lowing upbeat earningsre- -2 betteroverseas,with most in- yields dropped to minus tained.” ports. 9:30 a.m. noon 4p.m. dexesfalling.The pan-conti- 0.544% from minus 0.500% on Meanwhile,atweet from Shares of United Parcel nental StoxxEurope 600 Wednesday, while yields also PresidentTrump didn’t help Service,for example,surged Source:FactSet slipped 2.2% after companies slid on government bonds from matters ahead of Thursday’s $17.78,or14%, to $141.46 after like Volkswagen and Lloyds the U.K. to Italy.Yields fall opening bell. Thepresident the companyreported arecord tations due to aboom in on- vestorspushed those stocks Banking Group reported weak when bond prices rise. suggested delaying the No- jump in daily shipping vol- line shopping and digital pay- higher ahead of their quarterly earnings. AnalystsatGoldman Sachs vember election until people umes. PayPal shares advanced ments. earnings reports. At midday in Tokyo Friday, expect European growth to cansafely vote in person, fur- $7.91, or 4.3%, to $192.51 after Apple, Alphabet, Ama- Investorsweren’t disap- the Nikkei 225 Stock Average outperform the U.S. this year ther pressuring stock futures. the companyreported that its zon.com and Facebook also pointed. Apple,Amazon and andAustralia’sS&P/ASX 200 because of the region’sbetter Although some investors revenue and profit beat expec- notched modest gains as in- Facebook topped analysts’ were each down 1.9%. control of the virus,stronger recent economic dataand a morefavorable set of monetary and fiscal policies. Turkey Runs Low Thesharp U.S. second-quar- terdecline in GDP masked some better economic data during June,such as improving On Measures to employment trends.However, therehad already been evi- denceofalossinthat momen- tum in the economyfromhigh- Curb Lira’s Fall frequencydataontransport use and short-term restaurant bookings, according to David BY CAITLIN OSTROFF helping.” Riley, chiefinvestment strate- AND ANNA ISAAC Asked whether it wascon- gist at BlueBayAsset Manage- sidering capital controls,the ment. Moresocial distancing, Investorsare worried Tur- Turkish FinanceMinistryre-

concerns about job security key is running lowonoptions ferred to repeated dismissals S and higher savingsrates would to curb volatility in itscur- by FinanceMinister Berat Al- PRES all hurt economic activity and rencyafter the lirahit its bayrak. depressU.S.yields,hesaid. weakest level against the dol- “Turkey has never,evenin TED “There is evidencetosug- lar in two months. times of crisis,deviated from OCIA SS

gest that the rebound in the Aftermonths of staying rel- free market practices,” the /A U.S. has been hindered by an atively stable because of the minister said on July 5. “Any CU inabilitytocontain the virus,” central bank’sintervention, the measuretobetaken in the fu- KUS

Mr.Riley said. “Europe has lira has fallen sharply this turewill be fully in line with OMER been containing the virus bet- week.SinceMonday, the cur- this principle.” Since Monday, the currency has fallen by about 2% to trade at about 6.99 lira to the dollar. terand U.S. growth exception- rencyhas fallen by about 2% Thecountryhad been grap- alism is no longer looking so to trade at about 6.99 lirato pling with soaring unemploy- Capital controlfears and aweakcurrency aredriving investors reliable.” the dollar,its weakest level ment, high inflation and piles out of Turkish assets. But thereisatension be- sinceMay 12 and approaching of foreign debt even beforethe HowmanyTurkish liraeach tween the weak outlook and itsrecordlow,despitethe dol- pandemic struck.Mr. Cumulativetotal netflowsintoTurkish assets by nonresidents* currency buys† the weight of issuanceoffresh lar weakening against other Erdoğan’seffortstobolster Treasurybills in the U.S. that is major currencies. the economythrough credit $10.0 billion 5.5 lira Governmentdomestic debtsecurities limiting the decline in yields at The lira has dropped 3% growth has driven up demand shorter maturities,according against the euro so far this forimported goods,increasing 7.5 6.0 to Alison Nathan,senior macro week,its biggest weekly de- the funding gapbetween im- strategist at Goldman Sachs. cline in over three months. portsand exportsand widen- 5.0 6.5 FedChairman Jerome Pow- Thesharp drop is raising ing what is known as the cur- U.S. dollar ell called forgreater govern- fresh alarms.Political pres- rent-account deficit. 2.5 7.0 ment spending to support the sure to keep borrowing costs Thecentral bank acted to economy, which will entail a lowmeans analystsdon’t ex- limit the lira’sdecline by sell- 0 Equities 7.5 need formoreTreasuryissu- pect the central bank to raise ing foreign currencies,fromits Euro ance.Goldman expectsnet is- interest rates. That eliminates ownreserves and dollarsbor- suanceof$4.8trillion in one key tool that countries rowedfromdomestic banks,to –2.5 8.0 2020—meaning that totaldebt have conventionally used to buy the lira. It owesmorefor- outstanding will grow by that bolster their currencies.The eign currency to the banks –5.0 8.5 amount—and $3 trillion of that central bank has instead used than it currently has in itscof- 2017 ’18 ’19 ’20 JFMAMJ J will come in short-term bills. up much of itsforeign-ex- fers.Adding to the pressure, “Based on ourexpectation changereserves to prop up the central bank has recently *Negativefigures mean sales exceed purchases. †Scale inverted to showchanges in the strength of the lira forincreased bill issuance, we the currency. had to resort to using bor- Source:Turkey’s centralbank (net flows); TullettPrebon (currency) no longer anticipatematerial That hasleftPresident Re- rowedcurrencies to also fund downward pressureonfront- cepTayyip Erdoğan’s adminis- thegrowing gapbetween its from $5 billion. currency to a cheaper level limiting the amount of money endyields,” Ms.Nathan wrote tration with little room to ma- importsand exports. Concerns about the nation’s that is easier to defend?” said individualsorhouseholds can in anote. neuver.The coronavirus “The central bank is coming growing relianceonborrowed TimothyAsh,senior sovereign moveout of the country, also pandemic has caused adropin to arealization that the policy foreign currencies,combined strategist covering emerging known as capital controls. the nation’srevenue from isn’t really working anymore. with interest ratesthat have marketsatBlueBayAsset In 2018,aweakening in the AUCTION RESULTS tourism and exports, while the That they don’thavethe fire- dropped belowthe inflation Management. liraprompted manyindividu- Here are the results of Thursday's Treasury auctions. All bids are awarded at a single price at the market- lira’sslide has driven up the powertokeep intervening in level, has spooked investors. Turkey has limited access to als to transfer savingsdeposits clearing yield. Rates are determined by the difference between that price and the face value. cost of imported goods and its the same way that they have FiguresfromTurkey’s central itsmarket forsome partici- out of the currencyand into FOUR-WEEK BILLS foreign debt. been,” said Maya Senussi,ase- bank showinvestorshave pants in recent months.Fol- dollars, exacerbating the sell- Applications $95,699,092,800 Analystsand investorsare nior economist at OxfordEco- withdrawn$4.3billion from lowing thecurrencyhitting a off.Putting constraintsnow on Accepted bids $32,879,305,500 concerned that Turkey may nomics. Turkish equities sincethe start record lowagainst the dollar the flow of money out of Tur- " noncompetitively $837,042,600 " foreign noncompetitively $829,000,000 now look to impose partial Thecentral bank has suffi- of the year,and $7.3 billion in May, the countryblocked key could lead to arecurrence, Auction price (rate) 99.993000 capital control—measures to cient foreign-currencyre- from lira-denominated bonds. three international banks from some cautioned. (0.090%) Coupon equivalent 0.091% restrict or even prohibit the serves,Gov.Murat Uysal said Thecentral bank had spent trading itscurrency, though Economistssaid anyre- Bids at clearing yield accepted 54.03% flow of money out of the coun- on Wednesday. morethan $60 billion to cur- the ban wasliftedwithin days. strictions to capital flows Cusip number 9127963R8 The bills, dated Aug. 4, 2020, mature on Sept. 1, 2020. try—to try to stabilize the In the spring,Turkish au- tail the lira’s fall this year Earlier this month, it banned would also jeopardizeTur- market. thorities turned to various for- through July 17,according to six foreign banks from short key’s effortstorekindle ex- EIGHT-WEEK BILLS Applications $107,098,672,000 “They’rereally stuck in a eign governments, including an estimate from Goldman selling stocks,which allows in- ports, notably to the European Accepted bids $38,359,824,500 very delicatesituation,” said theU.S., with requestsfor ac- Sachs Group.Itmay nowbeal- vestorstobet on ashareprice Union. “Turkey would shoot " noncompetitively $192,647,400 " foreign noncompetitively $1,000,000,000 NikolayMarkov,asenior econ- cess to short-term lending fa- lowing the currencytoweaken declining. itself in the foot,” said Ugur Auction price (rate) 99.985222 omist at Pictet Asset Manage- cilities known as swaplines to to amoremanageable level, Therenewedvolatility has Gurses,aTurkish finance (0.095%) Coupon equivalent 0.096% ment. “Nowthey’reevenmore help stabilizethe lira. Only Qa- analystsspeculated. investorsworried that Turkey commentator and aformer Bids at clearing yield accepted 40.31% vulnerable than they have tarassisted in asignificant “Is it just asimple error or could go further,and follow central bank official. Cusip number 9127964A4 been in the past, and obviously way,increasing itsswapagree- is it part of anew strategy? Do the example of countries such —David Gauthier-Villars The bills, dated Aug. 4, 2020, mature on Sept. 29, 2020. the pandemic situation isn’t ment to $15 billion in May, they want to trytoweaken the as Morocco or South Africaby contributed to this article. P2JW213000-0-B01200-1------XA

B12 | Friday, July 31, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY GDP Hole Dug MainlybyConsumers

Stimulus checks and unemployment blunted drop but much of the money was saved and not spent

TheU.S.economy registered its cery items,fell by asmaller 15.9%. MMITTEE/REUTERS worstdecline on record last quar- By contrast, spending on durable CO

Y ter. If not forthe stimulus the gov- goods—long-lasting items such as ernment provided in response to cars and washing machines—fell by

JUDICIAR the Covid crisis,itwould have been only 1.4%. That muteddecline worse. probably came about because when

HOUSE TheCommerce Department on people decided to spend the stimu- S.

U. Thursdayreported that grossdo- lus checks they gotfromthe gov- Foroverfivehours, lawmakershad sharp questions on anticompetitivebehavior,userprivacy and misinformation. mestic product fell an annualized ernment, they bought bigger-ticket 32.9% in the second quarter from items that they might have been the previous quarter afterdropping planning on eventually buying.Ab- 5% in the first. That annualized fig- sent stimulus they would have Big Tech Flashes Wealth ureshows howmuch the economy been far lessapt to makethose would shrink if the second quar- purchases.Meanwhile,the $600 a ter’spaceofcontraction lasted a week in emergencybenefitsunem- year,which thankfully won’t hap- ployedAmericans have been get- Embarrassment of riches comes amid heightened scrutiny pen. But with the level of GDP ting supported spending of all down 10.6%fromthe fourth quar- types. terinactual terms,the economyis Plenty of stimulus didn’t get Perhaps this wasn’t the best Tech for a couple of years now missive of such risks. Before in ahole morethan twiceasdeep spent, though. Thepersonal saving time for Big Tech to flex its finan- with little to show for it. Wednes- Thursday’s results, shares of Ama- as it wasfollowing the financial rate—saving as ashareofafter-tax cial muscles. day’s hearing also featured plenty zon and Apple had surged 65% and crisis. income—swelled to 25.7%inthe Amazon.com, Apple and Face- of diversions, including several 31% this year, respectively. Even TheU.S.economyisdriven by second quarter.That should sup- book all reported strong results questions on the still-unfounded Alphabet and Facebook’s more consumer spending,and itsretreat port spending in the current quar- for the June quarter on Thursday notion that tech giants somehow moderate 14%-15% gains vastly ex- accounted formorethan three- ter, but the combination of Covid afternoon. Amazon in particular stack the deck against one political ceeded the S&P 500’s flat perfor- quartersofthe GDP decline.Spend- concerns and worries over the blew away most of Wall Street’s persuasion. And Big Tech’s big mance for 2020. ing on services,the biggest expen- economywill continue to limit peo- forecasts, including an 89% surge bosses didn’t always present a Averaged together, 83% of ana- diturecategory, fell an annualized ple’swillingnesstopart with that in operating income compared united front; Amazon CEO Jeff Be- lysts’ recommendations for the 43.5%, reflecting howspending cash. And forthe millions of unem- with the 60% drop analysts had zos memorably described social four stocks are buy. Despite its money on manyservices catego- ployed, manyofwhom already expected. Results from Google-par- networks as a “nuance destruction massive run this year, only one an- ries,such as going to the dentist or spent all of their stimulus checks, ent Alphabet were a bit less pris- machine.” alyst carries a sell rating on Ama- eating in arestaurant, wassimply and whose emergencyunemploy- tine, showing its first-ever decline But the hearings actually con- zon, according to FactSet. impossible formanyAmericans. ment benefitsare set to expireFri- in advertising revenue year over tained more substance than past Thursday’s strong results will Spending on nondurable goods, day, both spending and saving will year. But the internet search giant occasions, with many lawmakers no doubt add to that momentum. which includes clothing and gro- suffer. —Justin Lahart had some other positives, includ- zeroing in on alleged anticompeti- They reinforce the image of com- ing revenue from its cloud-com- tive behavior in areas such as Am- panies so powerful that even a Personal saving as ashareofdisposable income,quarterly puting segment coming in well azon’s third-party marketplace, global health crisis can’t stop above analysts’ estimates. Apple’s App Store, Google’s pro- them. 25% The results drove all four stocks pensity to drive traffic to its own Apple even managed to increase higher in after-hours trading, properties and Facebook’s knack its iPhone sales for the quarter, 20 building on strong gains for the for acquiring companies that could despite the pandemic’s impact on year. Awkwardly, they also came threaten its place as world’s pre- the company’s manufacturing base just a day after the chief execu- eminent social network. Getting in China. 15 tives of all four companies were any substantive legislation through Meanwhile, Amazon posted a grilled by Congress over the mar- a sharply divided Congress in a record jump in revenue from third- ket power they have amassed. For presidential election season would party services, showing a growing 10 more than five hours over socially- be a major hurdle, but more law- reliance on a business receiving distant video links, lawmakers had makers are asking the right ques- criticism over reports that the sharp questions on topics such as tions. Following the hearing, nor- company misuses data from its 5 anticompetitive behavior, user pri- mally bullish tech analyst Gene selling partners. vacy and misinformation. Munster of Loup Ventures wrote Big Tech’s growing strength will Investors have taken to dismiss- that “Regulating Big Tech appears draw cheers from investors, but 0 ing such events as political the- to have bipartisan support.” not everyone who takes notice of ater. Indeed, lawmakers and regu- Yet this comes at a time inves- Thursday’s results is a fanboy. 2018 ’19 ’20 lators have rattled sabers at Big tors have become even more dis- —Dan Gallagher Source:Commerce Department Kraft Heinz Is Back To Getting Squeezed OVERHEARD Dwyane Wade playedinthe weiser also contains none. shadowofLeBron “King” James Sure, Budweiser Zero does Kraft Heinz, like its packaged- able, Kraft Heinz spent only 0.4% when theywon NBA champion- have just50calories, barely one- food peers, got a big sales bump of sales on research and develop- ships together,but he has his own thirdofthe original, but then from Covid-19. But its fundamental ment, compared with around 1% at claim to fame: According to brewer poorly selling Budweiser Select 55, challenges remain unresolved. peer companies, according to cal- Anheuser-Busch InBev,hehelped which its brewer touted as “the This was underscored Thursday culations by Bernstein analyst it develop Budweiser Zero,which lightest beer in the world” when as the company reported strong Alexia Howard. Similarly it spent wasofficially launched Wednesday. launched, has justfivemore. underlying numbers but took yet just 2% of sales on advertising The wholesome star is an ap- Key to squeezing out those another multibillion-dollar write- compared with 4% at its rivals, Ms. propriate pitch man for a whole- last five was removing all of the down of its brands and other in- Howard notes. some brew, but early reviews peg alcohol, which is Budweiser Zero’s tangible assets, resulting in a $1.65 The hope is that the coronavi- it as more pretender to the real selling point. Mr. Wade calls billion net loss for the three rus windfall gives Kraft Heinz am- throne than “king of beers.” One it “a game changer by letting ath- months ended June 27. Kraft Heinz munition to make the necessary of its prominent claims is having letes enjoy the taste of a refresh- shares, which were up about 11% investments. But this is also true no sugar. It seems like no acci- ing beer without impacting their this year before the announce- of its competitors. Company exec- dent that Budweiser Zero reminds mental and physical game.” ment, fell by more than 3% in trad- utives said Thursday that they one of successful sugar-free soft It also is late to the alcohol- ing Thursday. plan a 40% bump in media spend- drink Coca-Cola Zero. But, while a free beer game. Maybe star The stock is a sharply debated ing in the second half of the year, standard can of Coke has 39 power and a healthy aura can still one on Wall Street. Bulls will focus but added that this would be off- grams of sugar, a regular Bud- win it the crown.

on the quarter’s 7.4% organic sales set with marketing cuts elsewhere. WEISER

growth, which strips out the im- Even if it wasn’t being offset, the BUD pact of mergers and currency ef- increase wouldn’t be enough to fects, powered by both strong vol- close the gap with rivals. umes and price increases. Bears And while margins have risen will point to the $2.9 billion of im- during the pandemic, Chief Finan- Samsung Looks Well Placed for After Pandemic pairment charges in the quarter, cial Officer Paulo Basilio warned including write-downs of Oscar on a conference call Thursday that Mayer, Maxwell House and seven they would likely return to around Samsung Electronics has manufacturer of memory chips. Foundry business is only a small other brands. These charges echo year-ago levels in the current fis- weathered Covid-19 well so far, but While Samsung has done well part of Samsung’s sales and the Kraft Heinz’s massive $15.4 billion cal quarter, driven by higher com- its near-term outlook still hinges so far,aprolonged pandemic may market may have overestimated of write-downs in February of last modity prices and other cost pres- on a global recovery. Over the lon- still hurt the company. Theboost the size of potential orders from year, which also included Oscar sures. Mr. Basilio stressed that ger run, its technology leadership from serversmay not last, espe- Intel. But Samsung possesses the Mayer. Kraft Heinz remains “in the first and strong balance sheet means it cially sincemanycustomersmay technology to capture growth out- In truth, both sets of numbers year of a multiyear turnaround.” will continue to excel. have stored up inventories last side of memory chips. Bernstein are largely beside the point. The Investors should keep that in mind TheKorean technologygiant’s quarter already.Damped con- estimates that Intel is more than real issue for the stock, as JPMor- before bidding up the stock any operating profit last quarter grew sumer sentiment also hurtsSam- two years behind Samsung and gan analyst Ken Goldman puts it, further. —Aaron Back 26% from aquarter earlier,the sec- sung directly through weaker TSMC in technology, especially is that Kraft Heinz “has yet to ond consecutivequarter of growth sales of smartphones,and indi- considering their ability to ramp prove it can thrive in a non- KraftHeinz organic netsales, despitethe pandemic.The com- rectly through demand forits up production and improve yields. Covid-19 world.” change from year earlier panygot aone-off boost—likely chips and displays.According to Samsung’s 5G business may also Americans are eating more at from Apple—in itsdisplaydivision. market researcher Canalys, Sam- get a boost as the U.S. presses al- home and putting less emphasis 8% Apple had to makeapayment to sung sold 30% fewersmartphones lies to drop telecom equipment on healthy diets, naturally leading Samsung sincethe iPhone maker last quarter than ayear earlier, from Chinese makers such as Hua- to higher consumption of products 6 purchased fewerOLED screens— putting it behind China’sHuawei wei and ZTE. Samsung’s $81 bil- like boxed macaroni and cheese. used in premium iPhones—than forthe firsttime. lion of net cash could be used to Once things return to a more nor- 4 previouslyagreed. Credit Suisse But longer-term prospects still make strategic acquisitions to mal state, Kraft Heinz will still be estimated that payment at 1.1 tril- look bright. Intel said last week strengthen its position in these left with the task it had before the 2 lion won($924million). that it may consider outsourcing new areas. pandemic: updating its aging Beyond that, memory chips re- part of its chip manufacturing af- Although the talk in Washington brands to retain their appeal to 0 main Samsung’s major profit ter warning of another delay in is about reshoring, the center of consumers. Oscar Mayer and Max- driver. Demand from data centers the development of its advanced global chipmaking gravity contin- well House are clear examples of –2 has jumped as many people work chips. The news has sent shares of ues to shift to Asia. With top- this, but there are many more in from home. Operating profit at the Asian foundries—which make notch technology and deep pocket- the company’s stable, from Jell-O –4 company’s semiconductor divi- chips for others—higher: Sam- books to take advantage of shifting to Capri Sun. 2019 ’20 sion—80% of its sales are from sung’s shares have gained 8.9% supply chain trends, Samsung

Here there remains cause for Note:1Qand 2Q 2019 data were memory chips—grew 36% last this week, while those of Taiwan looks well positioned to keep out- concern. In 2019, the last period reported jointly as firsthalf 2019 quarter from the previous quarter. Semiconductor Manufacturing performing. for which detailed data was avail- Source:the company Samsung is the world’s largest have risen 12%. —Jacky Wong P2JW213000-0-M00100-1------XA

$180 Million $7.99 Million Adirondack J-Lo and A-Rod ‘Great Camp’ put their Malibu spanning 36,000 home up for sale. acres lists. M8 MANSION M10

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, July 31, 2020 | M1

2011 purchase price: Tennis coach: about $40 million $8,000/season SIGN) P AM (C CK TO IS (6); ) MP CA T JOURNAL GREA REET K ST AC LL OND WA THE (ADIR R ON FO HONG HY HENDRICKS OT JOHN DOR The Greenes’ main home is just one of six homes on their 55-acre property. Camp Takajo tennis coach Steve Olivas gives lessons at the Greene family’s at-home camp. Welcome to

CAMP The cabana and private beach at the Greene home in BACKYARD North Haven. Below, the Greene boys head to the pool.

When their kids’ camps were canceled, these Hamptons families decided to create their own high-end alternative Jeff Greene and his wife, Mei Sze, their sons, Brandon, Malcolm and Cameron, and their dog Cole.

BY BETH LANDMAN spring are securely tucked away at Waterfront director: summer camp. Now, with so many $600/week hen Camp Takajo, camps closed, the Greenes and some the famed Maine other Hamptons families have trans- sleep-away camp, formed their homes into makeshift announced it camps. Whether grouped with friends Wwouldn’t open this and neighbors or going it alone, these summer due to Covid concerns, many families have created activity sched- parents panicked at the thought of ules that will give their children having their children remain at home structure, exercise and entertain- after months of lockdown. But real- ment—and parents some downtime. estate developer Jeff Greene, who has “Even though I am running a busi- three young sons, jumped into action. ness, managing a lot of projects under He decided to turn his 55-acre North construction in three states and over- Haven, N.Y., compound, which in- seeing a nonprofit institute, I don’t cludes a main house and five smaller have the skill set to teach sports to buildings, into a private outpost of boys who are 6, 8 and 10 and need at- the summer camp. tention from when they wake up until His first order of business was to they fall asleep,” said Mr. Greene, who call Takajo’s owner and arrange to added a small sailboat and a peddle hire his top staff, including the nature kayak to his private marina, and set and wilderness counselor, arts and up a soccer field in his yard. crafts specialist, tennis coach, and The property feels more rustic and since Mr. Greene’s property sits on camp-like than most houses on Long 3,000 feet of Sag Harbor Bay, the wa- Island’s East End. It has a long drive- terfront director. way that winds through wooded ar- Mr. Greene and his wife, Mei Sze, eas, past a 3,000-square-foot, three- have, like most parents, enjoyed the Malcolm Greene, Brandon Greene, Carson Stevens, waterfront director, and Cameron Greene kayak on bedroom, three-bathroom main house leisure time that comes when off- Sag Harbor Bay, which borders the Greenes’ North Haven property. PleaseturntopageM6

Buildingsfor theCovid Era

Developers are future-proofing their projects against infectious disease, incorporating pandemic responses into architecture and design

BY KATY MCLAUGHLIN concept in March. “For sure, there are going to be long-term changes SOMEDAY, YEARS FROM now, a in behavior because of this,” said resident will wake up in their lux- Mr. Covin, who still aims to break ury condominium at developer ground this year. Gregg Covin’s The Cedars Lodge & One of the trickiest partsofa Spa in Hendersonville, N.C. They’ll luxuryreal-estatedeveloper’s job is make breakfast on the island in divining what buyersand renters their big kitchen and sit on will value—and paytop dollar their heated balcony. for—in the three,four or They’ll walk out of even five yearsittakes their private entrance 20% to go from design to and use an elevator The increase in completion. Covid-19 that serves only number of NYC renters has made that more three other units. seeking outdoor space complex, as develop- They’ll work out in a compared with erstry to tease out series of small exer- prepandemic which partsofthe pan- cise rooms and gather demic experiencewill with friends at a restau- fade away and which will rant in a glass atrium. remain as part of the culture. Hopefully, Covid-19 will be a Some costs can be passed on to distant memory. But every aspect the renters or buyers who want of these homes will have been the changes enough to pay more shaped by the pandemic. for them. Mr. Covin, for example, Mr. Covin tore up his original was originally planning units in plan for a part-hotel, part-condo the $300,000 to $500,000 range, CESI project with small kitchens, few but now thinks buyers will pay VER

A balconies and large amenity $350,000 to $750,000 for larger spaces, and began redrawing the PleaseturntopageM4 CHIAR P2JW213000-0-M00200-1------NS

M2 | Friday, July 31, 2020 NY THE WALL STREET JOURNAL. PRIVATE PROPERTIES Fully Loaded: Dubai Mansion Comes With Ferrari and Rolls‑Royce

BY KATHERINE CLARKE

n amenity-laden man- sion on the Palm Jumei- rah, a palm tree-shaped A archipelago in Dubai, is slated to come on the market for $32.67 million. With three kitchens and three home cinemas, the mansion spans roughly 14,000 square feet. Its amenities include a Champagne vault, a vodka bar and a giant candy wall, according to listing agent Leigh Borg of Gulf So- theby’s International Realty. The buyer of the five-bedroom house will also get a Rolls-Royce, a Fer- rari and a custom-made Harley- Davidson motorcycle, as well as an unusual art collection that in- cludes a life-size figure from the movie “Transformers” and a chrome crocodile by the sculptor Richard FOR SALE

Orlinksi. A custom AH) gorilla sculpture is $32.67 positioned at the MILLION JUMEIR home’s entrance. ALM 14,000 sq. ft., (P “I wanted to

3 theaters, vodka bar, GES blowpeople’s candy wall, IMA minds when they Champagne visit me,” said the vault GETTY owner,Michael Alibhai, Mr. Alibhai said the cost of building the house SE/ who runs acompanythat was roughly the same as the listing price. designs and ANCE-PRES

manufactures FR clothes forEuro- GENCE

pean fashion /A

brands such as HIB Zara. Mr.Alibhai, SA 43,isfromSwe- RIM KA den but moved (3);

to the United TY

Arab Emirates REAL roughly 20 years

agofor business TIONAL reasons.

While he orig- INTERNA S

inally planned to Y’ live in the Palm The Palm Jumeirah archipelago THEB Jumeirah property himself, Mr. SO Alibhai said the Covid-19 pan- was built in the 2000s. GULF demic changed his mind and he intends to move back to Sweden this home,” Mr.Alibhai. “I simply market. Sellers on the Palm have to be closer to his mother, brother splashed out millions on things faced headwinds in recent years and grandparents. “I have been that cansometimes even not be no- due to low oil prices, weaker cur- forced to reconsider my life due ticed. Everysingle marble is hand- rencies in nearby countries and to the Covid-19,” he said. “I have picked by myself.” He said the cost political turmoil in the Middle been missing out on valuable mo- of building the house wasroughly East. A glut of high-end housing ments in life with family.” the same as the listing price. has also put downward pressure The Palm Jumeirah was built in The property has three home on prices. A report by local real- the Persian Gulf in the 2000s us- theaters, including an outdoor estate firm Asteco showed that ing reclaimed land. Developer Na- pop-up theater on hydraulics, an prices for Dubai villas were down kheel built high-rise condos and indoor theater and a rooftop cin- by about 11% year over year in the hotels there, but also sold plots of ema. Filled with custom Italian second quarter of 2020. land that could be developed for furniture from designers like But Mr. Borg said the pandemic custom homes. Mr. Borg said The marble throughout the house Fendi, Bentley and Minotti, the has begun to give the market on home prices on the Palm top out was handpicked by Mr. Alibhai. house also has a spa, a fitness the Palm a boost, as wealthy lo- at around $50 million. center, a glass-tile infinity pool cals re-evaluate their lifestyles Mr. Alibhai bought this beach- went and taking inspiration from kowsky, which sold last year for and a rooftop Jacuzzi. and search for more space. front property in 2011, he said, elaborate mansions in affluent $94 million. Mr. Alibhai said he The Harley-Davidson included As for Mr. Alibhai, he said he but wouldn’t disclose how much U.S. enclaves such as Beverly Hills saw images of the Makowsky with the home was customized plans to build a new home in Eu- he paid for it. He spent roughly and Bel-Air. In particular, the property before his house was with hydraulics and LEDs “to rope. “I do intend to make a simi- six years on design, permitting house bears similarities to a Bel- completed, and borrowed some make it into an art piece,” Mr. Al- lar villa back home in Sweden in- and construction of the house, Air megamansion built by the ideas on final design details. ibhai said. stead, using all my knowledge continuously tweaking it as he handbag entrepreneur Bruce Ma- “I spared no expense building He is selling into an uncertain acquired and talent,” he said. NO-RESERVE AUCTION |AUGUST 1|11AM

E:MM#]>bB^ b6

$-2" 0-&# )3-/ 4!&-!2 5'.',+ *(1*%

AUCTION NO RESERVE

PreviouslyOffered for$26.5M.

SELLING TO THE HIGHEST BIDDER, REGARDLESSOFPRICE. 33-ACRE WATERFRONT ESTATEONLONG ISLAND’S GOLD COAST

32 WATCHWAY,LLOYD HARBOR,NY In partnership with: FINAL PREVIEW TODAY|1-4 PM |AUCTION TOMORROW, 11 AM |ON-SITE REMOTE BIDDING AVAILABLE Listed by Shelly Tretter Lynch and Kimberly Johnson of Compass Connecticut LLC 844.94.ELITE |EliteAuctions.com | ConciergeAuctions.com |+1646.760.7823

6TR4 95;9,5X- R4 +R4X,0 J;54U+, S- 8T,++- 865,3,5 @:M8W_)HNN?F= U`0 *RaS,5+- <;T`4;` @:M8W_A??D)_= ;J b;a9U44 This property is listedfor sale by licensed real estatesalesperson Patricia Healy(10401291675) of TrumpInternationalRealty NewYork(10991211675),PH: 914.924.2828. b;``,Q&Q1X ((b@:M"W_A?_?AK= LK__ E5,,`.RQT %/,`1,^ H50G+;;5^E5,,`.RQT b6 _)'H_\ K_HWHFHW_NFNW b;`- QR,5Y, %1Q&;`4 b6^((b R4 UaU5$,&`Y 4,5/RQ,95;/R0,5 J;5U1Q&;`4 U`0 R4 U+RQ,`4,0 #,.Z;5$ S5;$,5 @2N_??NK_?F'H\ EliteAuctionsisamarketingservice provider forauctionsand is alicensedreal estatebrokerincooperation with licensed NewYorkbrokerJodie LWidaseck (#10491207407). "5;$,5 bTU0 :;C,54^ 2N_F?NK_KD)F= I'__ "5UP;4 8X5,,X^ 81RX, KK_^ %14&`^ 6[ A'A_N\ VN @KNK= K_KOK?F_W 6T, Theauction servicesreferred to hereinare notavailable to residents of anystate whereprohibited by applicable statelaw.EliteAuctions, itsagentsand affiliates, broker partners, 4,5/RQ,4 5,J,55,0 X; T,5,R` U5,`;X U/UR+US+, X; 5,4R0,`X4 ;J U`-4XUX, .T,5,95;TRSRX,0 S- U99+RQUS+, 4XUX, +U.Wb;`- QR,5Y, %1Q&;`4^ ((b^ RX4 UY,`X4 U`0 U!+RUX,4^ S5;$,5 9U5X`,54^ U1Q&;`,,5^U`0 4,++,54 0; `;X.U55U`X;5Y1U5U`X,, XT, auctioneer,and sellersdonot warrantorguaranteethe accuracyorcompleteness of anyinformation andshall have no liabilityfor errors or omissions or inaccuracies under any UQQ15UQ- ;5 Q;a9+,X,`,44 ;J U`-R`J;5aU&;` U`0 4TU++ TU/, `; +RUSR+RX-J;5 ,55;54 ;5 ;aR44R;`4 ;5 R`UQQ15UQR,4 1`0,5 circumstancesinthisorany other property listings or advertising, promotionalorpublicitystatementsand materials.Thisisnot meantasasolicitationfor listings.Brokers are U`-QR5Q1a4XU`Q,4 R` XTR4 ;5 U`-;XT,5 95;9,5X- +R4&`Y4 ;5 U0/,5&4R`Y^ 95;a;&;`U+ ;5 91S+RQRX- 4XUX,a,`X4 U`0 aUX,5R- U+4W 6TR4 R4 `;Xa,U`XU4U4;+RQRXU&;` J;5+R4&`Y4W "5;$,54 U5,95;X,QX,0 U`0 ,`Q;15UY,0 X; 9U5&QR9UX,W M71U+ B;14R`Y protected andencouraged to participate. Allbiddersare requiredtopre-registerfor each property auctioninaccordance with theTerms andConditions. Equal HousingOpportunity. c99;5X1`RX-W8,, %1Q&;` 6,5a4 U`0 b;`0R&;`4 J;5J1++ 0,XUR+4W P2JW213000-0-M00300-1------XA

THE WALL STREET JOURNAL. Friday, July 31, 2020 | M3 MANSION

COSTS

Upper level Planning and demo reading area  $41,900

Structure $18,300

Labor $27,500

Windows and doors $6,300





Master Original arched bedroom windows Bathroom fittings $7,225

BALANCE SHEET Electrical $21,000 Luxe London Loft Living Carpentry $52,300

A riverside apartment went through a second renovation to become a perfect pied-à-terre for a British couple Redecoration $13,575

BY RUTH BLOOMFIELD three monumental arched Fittings windows overlooking the raw and in- Tate Modern art gallery, $24,345 dustrial ware- which is housed in a former house apart- power station. Tadelakt plasterwork ment is all Mr. and Mrs. Cherry A very well when bought their London base $5,320 you are young and hip. But from a young architect who as you grow up, you are purchased it as a shell from Bathroom brassware likely to want a few more the developer and fitted it home comforts. out herself. $8,330 Nicky Cherry and her “The bedrooms were ac- husband Ian, both 57, have tually these strange sleep- Kitchen owned a London crash pad ing platforms above the for 15 years. But, tiring of main living space, with nar- $30,850 sleeping “platforms” and a row wooden steps up and tiny kitchen, they decided pull-down blinds. They TOTAL the apartment needed to were fun, but not very grow up. practical,” said Mrs. The living space is zoned into eating, dining and relaxing areas. A $336,780 “We took it Cherry. yellow staircase leads to the apartment’s upper level. (incl. tax and prof. fees) back to its shell The couple and started was mindful again,” said that the lay- very solid, staircase, with a erywhere. There are draw- plaster, but it is waterproof. shade of dark grey. Mrs. Cherry. $928,105 out was not guest bedroom fitted with ers beneath each stair Mr. and Mrs. Cherry chose The apartment is now far “It was about going to electronic blinds and a nar- tread, cupboards built into a dramatic almost-black fin- more than a crash pad. It is Total cost of purchase moving work as they row open gallery which is both bedrooms, a wall of ish, which sets off the brass a workable home for the and renovation things, just a got older. used as a library and read- wardrobes in the master taps and shower head. couple to spend time in, for little bit, to In 2019, the ing space. Ruby also has a bedroom, and drawers be- The kitchen is by deVOL, friends and family needing make it work bet- couple commis- bedroom in a cupboard. neath the beds. a British brand. The work- somewhere to stay in Lon- ter.” sioned Simon Gra- The technical require- Space is tight—in the tops are off-white Silestone, don, and for their children, In the early 2000s, the ham, director of Yard Ar- ments of the project were master bedroom, the steel a stone composite, while who have hosted dinner couple had moved out of chitects, to reconfigure the complex. Due to the build- bedside tables are bolted to the cabinets have been parties in the stylish space. London to Hampshire, in high-ceilinged, 980-square- ing manager’s rules, they the timber struts, with painted a deep anthracite For Mrs. Cherry, the best the country, to bring up foot apartment. The couple couldn’t drill into the side lights recessed into the wall with brass handles. thing about the reimagined their three children, who wanted a more practical walls of the apartment, behind the bed. Not everything in the apartment is now the view. are now 24, 27, and 29. But bedroom, more storage, a which means that the entire The bathroom is small, apartment is designer, how- “I can sit up in bed and Mr. Cherry, a lawyer, rap- larger kitchen, and a “bed- interior structure is free- but luxurious, with walls ever. The large pendant look out at the Tate Mod- idly discovered that a tough room” for their dog, Ruby, a standing, supported by tim- clad in tadelakt plaster. lights in the main living ern,” she said. “Before, we day’s work followed by a miniature schnauzer who ber struts and steelwork. This traditional Moroccan space were from IKEA, and were higher up and couldn’t long commute home was a likes her own space, all Storage is inserted ev- finish is similar to polished have been painted a similar see it.” recipe for exhaustion. without sacrificing its light, “I was doing early starts open-plan feeling. and late finishes, and the His solution was to move commuting was awful,” he the master bedroom to the ABSOLUTE AUCTION said. ground floor, installing it SELLING TO HIGHESTBIDDER The couple, who now below the old sleeping plat- REMOTE BIDDING AVA ILABLE have a main home in the forms, and separating it county of Wiltshire, 110 from the kitchen and living Whether youpreferalakefront retreat in NewYork or a miles west of London, de- room using stylish metal mountainside estateinNew Mexico, we’recertain you’ll LIVELIVE cided that the solution was and glass sliding doors, enjoythe privacy,securityand peaceofmind provided ABABSSOLOLUTE AUCTION to buy a London pied-à- with a bathroom next door. by these luxurious properties. terre for Mr. Cherry to use He moved the kitchen to ON-SITE during the week. They the back of the main room, honed in on Bankside, a his- creating a sense of symme- PlatinumLuxuryAuctions.com800.262.5132 toric but (at the time) run- try and balance. The space down neighborhood on the now has three distinct south bank of the River zones, for cooking, dining, Thames. and relaxing. Some of the ALL SELLING WITHOUT RESERVE They particularly ad- finishes were preserved, mired a building which had notably reclaimed floor- been converted from a for- boards and iron radiators W mer Victorian cocoa ware- installed by the previous CTION AU MORRO house to apartments in owner, and the original TO 1998. In 2005, they paid structural concrete pillars. $591,320 for a two-bed- The hated sleeping plat- room, one-bathroom apart- forms have been replaced ment with a dramatic open- by a smaller upper level, Absolute Auction •Saturday, August\atZZAM plan living space lit by reached by a narrow, but RECENTLY RECENTLY UVV\ ViaEsperanza, SantaBarbara, CA [OZZW $5.25m $45m

AUGUST1 UPPER ST.REGIS, NY AUGUST8 CORAL GABLES, FL 32-Acre Lakefront Retreat Oceanfront Escape

Visit DeCaroAuctions.comfor details. Privatepreviews by appointment, begin Saturday, July Z\ and will continue everySaturdayand Sundayuntil the Auction from Z-U PM. To schedule an immediateprivateappointment, call theDeCarooffices at \WWXOONXORQRX RECENTLY RECENTLY (5) $9.75m $18m NY BROKER COOPERATION •REMOTE BIDDING AVAILABLE AITIS

AS In cooperation with GreggLeach (CABRE# SVSSRXXUY, Salesperson with VillageProperties, ST AUGUST28 SANTAFE, NM SEPTEMBER 19 SANTAFE, NM Inc. (CABRE# SVTWXUQY. DeCaroRealEstate Auctions, Inc., is alicensed California Auction Luxe Estate with IncredibleViews +3,000-Acre Ranch Firm (CA Bond #71842016)performing auction and auction marketing servicesaspart of this transaction, and is not performing any real estate brokerageservices. Review the Terms and Conditions forfurther details at DeCaroAuctions.com.

EMANUELIS RefertoPlatinumLuxuryAuctions.comfor the relevant disclaimersand brokerage information foreach luxury auction® property. Metal doors create some privacy in the master bedroom. P2JW213000-0-M00400-1------EW

M4 | Friday, July 31, 2020 THE WALL STREET JOURNAL. MANSION

The New Must-Have Amenities: Covid-Era Features That Separate Residents HOME OFFICES Designs And Increase Air Flow

ContinuedfrompageM1 units that can be used as second homes. Rentaldevelopersalso MULTIPLE arebetting the postcrisis GYM ROOMS market will reward them for adding or installing special- WINDOWS ized furniturethat canmake THAT OPEN asmall spaceseem larger RE-ENGINEERED so residentscan work from VENTILATION home morecomfortably. SYSTEMS Other changes aimed at im- proving air quality or en- BALCONIES ON abling distancing from other ALL UNITS residents—such as re-engi- neering ventilation systems, adding elevator banks,or reconfiguring common ar- eas—mayhelp lowerresis- LOUNGES WITH tancetohigh-rise living,a GLASS DIVIDERS lifestyle that has takena beating in this crisis. There is evidence already that the amenities and ele- ments valued by the rental market have changed since the pandemic hit. Luke, a conversation-friendly real- estate chatbot that texts listings to apartment hunt- ers in New York City, ana- lyzed 30,000 messages from MULTIPLE LOBBIES WIDER LOBBY STAIRS potential renters between WITH ELEVATORS WITH CARPET AND ART December and February and compared them with those between March and May. TheNew York-based com- panyfound that requestsfor home offices rose from 0.5% of messages prepandemic to TOUCHLESS SEPARATE ENTRANCE 3% oncethe pandemic hit. ENTRY FOR DELIVERY Privateoutdoor spacere- questsjumped by 20%, while requestsfor in-unit laundry(ararity in New Covin said that after a long 1900 Broadway, Oakland, Calif. York City) went up 17%. In- career developing luxury terest in gyms plummeted. projects in downtown Mi- Requestsfell by 10% forin- ami, he is switching to building gyms and by 50% North Carolina, because he

forgyms nearby. ) believes there will be heavy In San Francisco, 30 Van demand for second homes Ness, a 47-story multiuse at the midpoint of the East building with 333 condos Coast—and less interest in located a block from Twit- (2,RENDERINGS dense city living.

ter’s headquarters, is slated INC. ScottBrennan sees a

for completion in late 2023, ORI, strong market forluxurysin-

said Arden Hearing, execu- AND gle-family homes in Florida. .

tive general manager, West CO He developed an 8,000- Coast, for Lendlease. Even square-foot house on the with that distant time hori- market for$14.5 million in BEHRING zon, the pandemic More of the 454 units will have furniture by Ori, of Boston, that transforms or repositions beds in a small living space. BocaRaton.Hehad an addi- prompted numerous design tional pieceofland on which changes. cooking-and-dining area expected to differentiatethe early April, he changed to units, priced from $5 mil- he planned four townhouses “Because of Covid, we’ve and a screening lounge. project from older buildings eight elevators, so that no lion to $9 million and with acommon pool and thought a lot more about Some sections will have and help with marketability, resident would have to slated for completion in green space. stairs,” he said. To encour- glass partitions, to give a he added. share an elevator with more early 2021, are half sold, he Now, because the pan- age residents to use them, sense of togetherness while In New York, MaryAnne than two other units. said. Each unit will have a demic has reduced interest and decrease elevator den- creating physical separa- Gilmartin, founder and Mr. Farina, president and private air-conditioned ga- in shared amenities,heplans sity, the project will now tion. Many will exit to an chief executive of MAG chief executive of U.S. Con- rage, and four will have pri- to build just two homes,with have stairs that are wider outdoor area. The building Partners, plans to begin struction, said he made the vate elevators. privateyards and spacefor and carpeted, with art and also will include horizontal construction later this year change in light of how suc- The pandemic has made home gyms and offices. natural light, he said. ventilation, with each resi- on 241 West 28th Street, a cessful another Delray some developers re-evalu- “The original house suits Until March 15, the ame- dential unit having its own 480-unit rental building in Beach project, called Ocean ate the economics under- the Covid discussion per- nity plan also featured an system, as opposed to the Manhattan’s Chelsea neigh- Delray, has been. The 19 pinning their projects. Mr. fectly,” said Mr.Brennan, open, 12,000-square-foot traditional vertical system borhood. space for co-working by that filters air throughout a She said much of the 30 Van Ness, San Francisco day and lounging by night. tower, he said. original plan should play New blueprints, Mr. Hear- TheHVACupgrades alone well in the postcrisis era, ing said, divide that space will add several million dol- citing itstwo towers con- to include a music studio, a larstothe project, Mr.Hear- nected by agarden, allowing fitness area, art space, a ing said. Theinvestment is forshorter and less-crowded elevator rides than with a single tower, and moreout- door space. Still, the crisis has inspired her to upgrade air filters, createaseparate entryfor deliveries,and add touchlesselementsthat let residentsuse their phones to call elevatorsand open doors. (RENDERING)

At Echelon, a 14-unit UE project in the design phase EELBL

in Delray Beach, Fla., devel- ST oper John Farina had SBC/ It’s notjustaboutcoloringapage... planned four elevators. In The 47-story building will feature roomy, decorated staircases and partitioned common areas. It’s aboutshowing your true colors.

Breathing Easier With Ventilation Systems Used by Individual Units

ISOLATION Adjacent walls, ceilings and floors are sealed and tested to prevent air exchange between residences

AC UNIT OUTDOOR AIR CLOSET INDEPENDENT DILUTION VENTILATION Outside air fan dedicated to the residence, Higher fresh-air ventilation FAN ensuring 24/7 fresh-air ventilation rates exceeding code SUPPLY AIR requirements delivered to Aplace to become... An artist,abusinessleader, a each residence teacher. If kids andteens candream it,Boys&Girls Clubs canhelpthembecome it.Because at our Clubs,it’snot magicthatmakes dreams come true,it’sthe people.Likeour YouthDevelopment Professionalswho ensure our youth have aplace to feel physically andemotionally safe.Aplace to FILTRATION belong.Aplace to have fun. Aplace to learnand grow on their MERV 13 filters path to aGreat Future. AC UNIT outside air and

the air within the 2)

residence ION, AT

MERV 13 TR US FILTER RETURN AIR (ILL CESI

GreatFutures.org VER A

SOURCE: MEYERS+ ENGINEERS CHIAR P2JW213000-0-M00500-1------NS

THE WALL STREET JOURNAL. NY Friday, July 31, 2020 | M5 MANSION

Natiivo Miami, Miami Ocean Delray, Delray Beach, Fla. (RENDERING) (RENDERING) MI UCTION TR MIA NS O CO TIIV S. NA U. The 51-story Miami complex will have retractable glass walls that open to the outside. Eachofthe project’s 19 units will have air-conditionedgarages;four will have privateelevators.

who happened to have opted placing the balconies on the forexpanses of retractable south side, because those glassdoorsthat givethe HOME IS WHERE THE STETHOSCOPE IS someone walksin negotiating with amedical get the daylight and that’s home plenty of flexible in- with an elevated center to occupythe where people can go out door-outdoor space. Thenew SeveralFlorida developers ersofthe temperature, said de- 100,000-square-foot build- and get vitamin D,” she homes will be similarly de- arelinking projects to the $500,000 to $2 veloper Shahab ing abutting his 55-story said. signed, he said. medical industry, giving million houses will re- Karmely,ofKAR Proper- Legacy Hotel&Residences At Natiivo Miami, a 51- Colin Behring,chief exec- buyerstechnology,service ceiveahome-examkit with ties.Buyersofunits, open- in Miami World Center.The story multiuse building in utiveofBehring Co., based and access to special care. stethoscope,tongue depres- ing in May2021at$2.7 project,due in 2023, was the Florida city slated to in SanRamon, Calif., already sor,otoscopefor ear exams million to $12million, will originally meant to capital- break ground this year and has 1900 Broadway in Oak- Buy aHouse, GetaYear and athermometer that also receiveaniPadand izeonthe booming medical- to be completed by late land under construction, but of Telemedicine feedsinformation to tele- home medical kit.The de- tourism industry. Nowthat 2022, developer Keith he has planned alterations. Miami-baseddeveloper CC medicine providersatBap- veloper said he won’tdic- coronavirus is upon us,Mr. Menin is planning retract- He said working from Homes,which builds about tist. The year’s subscription tate howthe feverinfor- Kodsi believesitwill be able glass walls. Though ex- home will be increasingly 500 single-family homes a costsabout $1,000 per mation will be used, nor viewedasabenefit to buy- pensive, he said they would important, but it isn’t fi- year,will provide buyersat family,Mr. Carr said. will he link the iPad to a ersofthe $300,000 to $2 be valuable in linking com- nancially viable to make the its Canarias in Downtown telemedicine service. “We million condos.“Imagine a mon areas—such as a gym apartments larger. Instead, Doraldevelopmentwith a Someone HotJust aresupplying the technol- shelter-in-placesituation, and a walkway to the more units—25% rather year subscription to Baptist Entered the Building ogy,” he said. “Howitwill and having doctors, nurses pool—to outdoor spaces. than 5%—will have furni- Health CareonDemand, 2000 Ocean, a64-unit be usedisuptothe home- and apharmacy right “This could be the new ture by a Boston-based said chief executiveJim condo building in Hallan- ownersthemselves.” downstairs,” Mr.Kodsi said. norm,” Mr. Menin said. startup called Ori. Designs Carr,who is also chairman dale Beach, Fla., will have “Health is the newwealth,” Touchless systems, al- include beds that drop from of the boardatBaptist infrared cameras in the NeighborsinScrubs reads the websitefor the ready a luxury amenity, are the ceiling to the floor at Health South Florida. Buy- lobbytodetectwhen Developer Daniel Kodsi is project. becoming necessities, de- the push of a button, or velopers said. that retract into a home-of- Ric Campo, chairman and fice module. The 39-story chief executive of Camden building is set to be com- Property Trust, began roll- 241 West 28th Street, Manhattan Quincy, Mass.

pleted in late 2022. OPE) ing out Chirp, a virtual Among the most com- SC leasing platform, in the

mon design changes made TETHO company’s 164 rental build- by developers is adding (S ings last year. CK

outdoor space or increasing TO The system lets prospec- access to those spaces. IS tive renters set up an ap- In a rental project in pointment, be guided by a

Quincy, Mass., now in the (RENDERING) map from a parking space A (RENDERING); permit phase, developer PC to the unit, gain entry via a S CT

LBC Boston is adding balco- AND code, tour the unit alone,

nies to about a quarter of ON and sign the lease online. CHITE ST AR

the units, said Margarita BO Residents can use fobs or Kvacheva, senior vice presi- OX their phones instead of LBC dent. “We are strategically OKF keys, Mr. Campo said. CO Renters will call elevators and open doors with their phones. The rental complex is adding balconies for air and sunlight.

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BREWSTER POINT LAKE PLACID |$13,500,000

This Adirondack Grand Lodge is an architectural masterpiece comprising xury over 7,000 squarefeet of living space in the main house. Unsurpassed crafts- Lu 403.$"1 &",$ 4+5,"15( .,23( '/(150*(. 03) .1(*"05,# *+.,24 52% &2/!- STUNNING BOATHOUSES

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M5A | Friday, July 31, 2020 NY/NE THE WALL STREET JOURNAL. P2JW213000-0-M005B0-1------NS

THE WALL STREET JOURNAL. NY/NE Friday, July 31, 2020 | M5B P2JW213000-0-M00600-1------EC

M6 | Friday, July 31, 2020 THE WALL STREET JOURNAL. MANSION

Camp 2014 purchase price: $975,000 Backyard

ContinuedfrompageM1 and five smaller residences. Mr. Greene, who purchased the compound in 2011 for just under $40 million, plans to replace his main house with a $20 million, 24,000-square-foot home, but the current layout works well right now. “This is much more con- ducive to making a camp for my kids than the single mansions owned by some of my friends,” he said. “I grew up in a lower-middle- class Massachusetts home in the shadow of the Kenne- dys and I always wanted a compound.” Mr. Greene is housing the counselors on the prop- erty, and though they are supervising just three boys, he is paying them at least what they made at the Maine camp. “Takajo has been my summer job forthe last six yearsand my wifeand I count on it,” said SteveOli- vas, the camp’stennis head. “Jeff asked what my salary Campers Regina Kolmrogrova Wiesenberg, Juliana Medina, counselor Matt Scheff and camper Counselor: $15/hour wasthere, Itold him $8,000 Mary-Kate Labrozzi roast marshmallows at the Raff family’s backyard, two-week camp. forthe season and he Above, campers, counselors and the Raff family, enjoy the pool. matched it.” Carson Stevens, who waswaterfrontdirector Cost per child: $200 (4) at Takajo,and who has kay- aks,canoes,a43-foot fishing boat and JetSkis at his dis- JOURNAL

posal, is earning $600 a REET week.“It’smorethan Imade ST LL

at camp,” he said. WA

On arainyJuly after- THE noon, the boys areinside a R FO playroom, whereanew

$2,000 kiln stands ready for HONG artsand crafts projectslike HY OT making creativeclayfigures. DOR “My wife was very re- lieved when the counselors arrived,” said Mr. Greene. Counselor Julia Labrozzi, abasketball coach and out “She smiled, handed the above right, teaches soccer front, in amoreshaded area, boys over and asked, `when to Mary-Kate, Juliana and agroup of seven women, in- is visiting day?’ ” Ainsley Davidson. Haleigh cluding Dr.Sobel’swife, At the home of Howard and Glenn Raff, below with Brittney Sobel, arebouncing Sobel, a postmodern, 5,000- their children, Parker and infantsontheir laps while square-foot, five-bedroom, Lainey, at their home. Nick Levy from Little Mae- stros singssongsand blows bubbles on the group,tothe babies’ delight. Rather than paying $8,000 fortheir daughter’s day camp and $16,000 fortheir son’sstayatRacquet Lake in the Adirondacks,the couple has created their ownat- home camp forthemselves and afew invited friends. Therewerefivecamperson arecent July afternoon. The Sobels arefooting the $100 an hour foradanceinstruc- torand $150 an hour fora basketball coach, and each 5½-bathroom estate, which man. But this year, the soi- mother pays $40 achild for he built for $2.5 million in ree has been canceled and Mommyand Me sessions. 2000 after purchasing the the lawn has been co-opted “The outside of the land in Water Mill, N.Y., for by more diminutive visitors. house works well because $700,000, summer routine Atrio of girls,Dr. Sobel’s we have so many separate has also been disrupted. 8-year-old daughter Sienna areas, as well as a pool and Usually, the cosmetic der- and two neighborhood basketball court, so a lot of matologist’s sprawling friends,are gyrating their activities can go on at lawn, which borders Mecox hips and hopping about as a once,” said Dr. Sobel. Bay, hosts events like a din- danceinstructor calls out Dr. Sobel has a Boston ner party with guests such cues.Just past afence, Dr. Whaler docked outside his as Katie Couric and Douglas Sobel’sson, 11-year-old Jake, home, so he built boat trips Elliman CEO Dottie Her- is in atraining session with into the program. “We tool around and look at other people’s homes and I won- 2017 price: $1.15 million der why I’m not in finance,” 4 bed, 2,650 sq. ft. he laughed. Despiteall the effort, a certain summer camp magic ASKWSJ seems elusive. “This is fun but at normal camp we zip line acrossthe lakeand go Live Q&As on waterslides,” said 6-year- old Caroline Smith, whose parentsliveamile from the Sobels,asshe racedoff to Join WSJjournalistsastheydiscuss top-of-mind topics.Asa cycle with her 8-year-old sister and Sienna. Thetrio member,you cancontributeyourown questions to ourreal- were then scheduled to cool time video discussions.

JULY31, 2020,12P.M.ET Surfing instructors: Navigating Child-Care andSchools Reopening $175/hour for first child, $99/each additional child Hear from Work &LifecolumnistRachel Feintzeig and Journal reportersastheyofferinsights into howparents canbestassessrisksand makesafe, smart decisions regarding child-care and schooling.

LEARN MORE AT WSJ.COM/LIVEQA (2) NER AS KR JON ©2020Dow Jones &Co.,Inc.All rights reserved. 3DJ7978 Nina Ruiz, Frankie Davis, and Charlie Davis learn to surf on the sand as part of the Davis family’s at-home camp. Above, Charlie Davis, Jaz Dellaert, and Avery Briand practice yoga in the Davises’ backyard while the boys practice soccer skills nearby. P2JW213000-0-M00700-177FFF7070F

THE WALL STREET JOURNAL. Friday, July 31, 2020 | M7 MANSION

Cost of land and construction: $3.2 million of the daywas surfing. 1 “This is 110% betterthan 5 bed, 5 /2 bath, 5,000 sq. ft. camp because we areinthe waterand with our friends,” said Michael Gath, 13. “In regular camp we do boring stuff like make bracelets, but here we are surfing!” said 10-year-old Simon Dellaert. Glenn Raff had launched a children’sfitnessbusiness called HopliteClub in Janu- aryfor home visits, and stu- dio and streaming classes. Mr.Raff decided to operate asmall camp at his Shelter Island home instead once Covid struck.Headded a off in the pool and await $1,000 fire pit fors’mores to the Good Humor truck,set the ranch home he and his to arriveat3p.m. wifeHaleigh Raff purchased Jake, who is perfecting in 2014for $975,000,and his basketball moves, spent another $1,000 on agreed. “This is very cool, pool supplies including a but I miss the water basketball net. Thelarge sports,” he said. backyard worked well for Thesame can’t be said for games and relayraces,and the 10 children who assem- they set up abeading sta- ble at the home of Danny tion formaking jewelry. Davis,aNew York real-estate “Weused everything we Sienna Sobel, left, and Lexi Salomon, right, take movement inspiration from dance instructor Krystal Lamiroult, center, who agent. It’safour-bedroom, had in our toolbox,’’ said charges $100 an hour. Basketball coach Devon Young, James Kaye, Jake Sobel and Blake Levenson practice dribbling on the 2,650-squarefoot saltboxin Mr.Raff,who enlisted the basketball court. Dr. Sobel and his children Jake and Sienna, far right. Montauk,blocks from Ditch family dog to act as aone- Plains beach. He and his wife animal petting zoo. For Lisa Verkuyl Davis purchased staff,the Raffs brought on Basketball coach: $150/ hour it in 2017for $1.15 million MattScheff,former director and then renovated. TheDa- of operations and program- vises have five children aged ming at Camp Laurel in 7to17. With acouple of Maine,and hired alocal col- neighbors, they organized a legestudent, Julia Labrozzi, schedule that includes in- at $15 an hour,toassist and struction from Lars Mers- makesurechildren were ap- burgofImagine Swimming, propriately distanced. They whose hourly rate is $180 hadanaverage of eight per person, and lessons from children at atime during surfing gurusLeif and Ariel their two-week camp this Engstrom, who charge $175 June,and charged$200 for an hour forthe firstchild each participant. and $99 foreach additional “These children had been child. separated from othersfor “Wewereuncomfortable months,sothey were wor- (3) sending our children to ried and socialization was camp,but we trust acore moredifficult,’’ said Mrs. JOURNAL group of families that have Raff.“They kept asking

REET all been out heresincemid- when they needed masks ST March,” said Mr.Davis.“It andwhen they were allowed LL

WA wasorganic forustodothis to take them off.One was

THE together and we all pitch in.” afraid to go intothe house R On asunnyWednesday, to use the bathroom. It was FO four boys playedsoccer great to see kids being kids

HONG within feet of six girls prac- again, but it wasalot to do HY ticing yoga,with instructor, well and makesureeveryone OT KatRuiz.But the highlight wassafe.’’ DOR

Westchester &FairfieldProperties

Showcase your property to in-market buyersalongside local Publish: September11• content in WSJMansion’sbi-annual special advertising feature, Close: August 7 Westchester &Fairfield. Section: Mansion

Published within Mansion and distributed to WSJ’sGreater NY Foradvertising opportunities, region, theWestchester &Fairfield special advertising featurewill please contact: LiamJerome be servedalongside market-specific editorial content on buying at [email protected] and investing in these affluentand powerful counties, providing a 508-523-8022 targeted opportunity for agentsand brokerpromotions.

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M8 | Friday, July 31, 2020 THE WALL STREET JOURNAL. PRIVATE PROPERTIES For Sale By Owner: An Adirondacks ‘Great Camp’ Spanning Two Area Codes

Whitney Park, a 36,000-acre erty, Deerlands, FOR SALE property in the Adirondacks that dates back to (3)

has belonged to the prominent the 1890s, when $180 ON Whitney family for more than a financier Wil- MILLION century, is hitting the market for liam C. Whitney 36,000 acres, $180 million. started buying HENDRICKS 17 bedrooms, Mrs. Whitney had sold 14,700 acres to New York state for $17.1 million. Located near Long Lake, N.Y., property in the 22 lakes, 80 JOHN the property was the longtime area, then a miles of roads home of the socialite and horse popular summer the office and the staff quarters. 25 canoes are being sold with the early on in their relationship, and racing enthusiast Marylou Whit- getaway loca- The house overlooks Little Forked property, he said. then more often in the summer. ney, who died in 2019 at age 93. tion for wealthy New York fami- Lake, where there is a two-story In addition to Deerlands, Whit- Mrs. Whitney liked the quiet, he The seller is her husband, John lies. Deerlands sits at the end of boathouse with knotty pine walls ney Park includes a timber opera- recalled. “She’d always say, ‘Do Hendrickson, who inherited the an 8-mile drive from the gate- and antler chandeliers. “That’s tion, a trapper’s cabin from the you hear that?’ and I’d say estate from his wife. house. “It’s a different area code where we have our square dance 1800s, and 22 lakes for fishing, ‘What?’ and she’d say, ‘Exactly.’ ” “We’ve been very good stew- from the gatehouse to the main parties,” said Mr. Hendrickson. said Mr. Hendrickson, who is for- Mr. Hendrickson said his wife ards of the land and we want the house,” said Mr. Hendrickson. “It’s like you stepped back a hun- going a listing agent and plans to enjoyed hiking and camping on next owner to be the same,” said Deerlands includes 17 bedrooms dred years.” market the property himself. The the property, sleeping in lean-tos Mr. Hendrickson, 55. and 11 bathrooms spread across A collection of Adirondack land is home to bear, deer, moose at night and shooing away the The main house on the prop- the main house, the guesthouse, guide boats from the 1800s and and bald eagles, he said. Over the bears if necessary. “She was an years, the couple improved access outdoorswoman,” he said. to the property by upgrading the Mr.Hendrickson said his deci- approximately 80 miles of roads. sion to sell is bittersweet, but the In 1997,Mrs.Whitney sold property is “too overwhelming for 14,700 acres of the estatetoNew one man and Idon’t really want to York statefor $17. 1million to cre- be an owner of acountry. Youcan atethe William C. Whitney Wil- fit70Monacos in there.” Plus,“it’s dernessArea. She had inherited lonely without Marylou.” Whitney Park in 1992 upon the He said he plans to keep a death of her previous husband, guesthouse on Little Tupper Lake. Cornelius Vanderbilt Whitney,heir As for determining how to to two family fortunes and son of price the property, he said, “I Gertrude Vanderbilt Whitney, think $5,000 an acre is a bargain.” founder of NewYork City’s Whit- —Sarah Tilton ney Museum of American Art. Mr. Hendrickson said he and J-Lo and A-Rod List Malibu his wife, who were married in Home for $7.99 Million. M10 1997, used the house year-round

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THE WALL STREET JOURNAL. Friday, July 31, 2020 | M9

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M10 | Friday, July 31, 2020 THE WALL STREET JOURNAL. PRIVATE PROPERTIES

J‑Lo and A‑Rod The couple paid $6.6 million List Malibu Home for the house last year.

Celebrity couple Jennifer Lopez and Alex Rodriguez are listing their beachfront home in Malibu, S

Calif., for $7.99 million. AS

The retired Yankees star and OMP /C

Ms. Lopez, an actress and singer, TS bought the five- EVER FOR SALE bedroom house T OT

just last year for SC $7.99 $6.6 million S; MILLION from “Entou- PRES

rage” actor Jer- ZUMA 5 bedrooms,

emy Piven. AN/ 4,400 sq. ft., Around that

courtyard, bar, SULLIV time, Ms. Lopez hot tub called the home KEVIN a “fixer-upper : next to the water” in an interview LEFT on “The Ellen DeGeneres Show.” OM FR She said as a surprise for their second anniversary, Mr. Rodriguez ing. A spokesman for Mr. Rodri- guez bought it, the roughly 4,400- owns a mansion in Los Angeles’s They recently made headlines had enlisted Joanna Gaines, one guez didn’t respond to requests square-foot house had agated gar- Bel-Air area, which she bought for as rumored bidders for the New of the stars of HGTV’s “Fixer Up- for comment. den courtyard, adeck with ahot $28 million in 2016. Her pent- York Mets. per,” to help them redesign it. Ms. According to the listing with tub and alower-level entertain- house on New York’s Madison —Katherine Clarke Lopez said she was a major fan of Carl Gambino of Compass, the ment area with abuilt-in bar,ac- Square Park is on the market for the show. property has walls of glass and cording to aprevious listing. $24.99 million. The two also own  See more photos of notable A spokeswoman for Ms. Lopez numerous terraces. The couple own pricey homes homes in the Hamptons and in homes at WSJ.com/RealEstate. declined to comment on the list- When Ms.Lopezand Mr.Rodri- across the country. Ms. Lopez Coral Gables, Fla. Email: [email protected]

ADVERTISEMENT DistinctiveProperties To advertise: email [email protected] or WSJ.com/classifieds

AUCTIONS NORTH CAROLINA

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MASSACHUSETTS

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THE WALL STREET JOURNAL. Friday, July 31, 2020 | M11

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