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***** FRIDAY,OCTOBER 30,2020~VOL. CCLXXVI NO.103 WSJ.com HHHH $4.00

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What’s U.S. Growth ErasesMuch of Slide Quarterly GDP recoups consumer demand and govern- tial economic headwind in the Quarterly GDP levelGDP,percentagechange News ment support helped power current fourth quarter,saying, from previous quarter about two-thirds of spending afterdisruptions re- “It’shardtoreopen an econ- Thirdquarter Thirdquarter the contraction from lated to Covid-19 eased. The omy unless workers and con- Business&Finance increase in growth, the biggest sumersfeel safeand healthy.” $18.58T 7.4% earlier in the pandemic jump in recordsdating to 1947, Thethird-quarter GDP in- $18 trillion 5% followedarecorddecline ear- crease followeda9%quarter- he U.S. economygrew at BY HARRIET TORRY lier in the pandemic when the to-quarter decline in the second Tarecordpaceinthe third virus disrupted businessactiv- quarter,ora31.4% annualized Second quarter,increasing 7.4% over TheU.S.economygrewata ity across the country. drop,adjusted forinflation and 17 quarter 0 the prior quarter and at a 33.1% record paceinthe thirdquar- That puts the economy seasonal fluctuations. $17.3T annual rate,recovering about ter—increasing 7.4% over the about 3.5% smaller than at the U.S. GDP is normally re- two-thirds of the ground it priorquarter and at a33.1% end of last year,beforethe ported at an annual rate,oras lost earlier in the pandemic. A1 annual rate—recovering about global health crisis hit. if the quarter’s paceofgrowth 16 –5  U.S. stocks rose afterdata two-thirds of the ground it “Recordgains aren’t continued forafull year.But showedjoblessclaims fell and lost earlier in the coronavirus enough to getusout of the thepandemic triggeredex- Second quarter GDP jumped. TheS&P 500, pandemic. hole that Covidleftusin,” treme swingsinoutput—a se- –9% Dowand Nasdaq added 1.2%, Grossdomestic product— said Diane Swonk,chief econo- PleaseturntopageA2 15 –10 0.5% and 1.6%, respectively. B10 the value of all goods and ser- mist at Grant Thornton. She vices produced acrossthe cited risks from a recent U.S.  ECB plans added stimulus to 2010 ’12 ’14 ’16 ’18 ’20 2010 ’12 ’14 ’16 ’18 ’20  Tech giants including Am- economy—jumped as pent-up surge in infections as apoten- protect economy...... A8 azon and Google parent Al- Note:Seasonally and inflation adjustedatannual ratesSource:Commerce Department phabet reported strong sales and profitsthat showedhow pandemic-erademand is driv- France on High Terror Alert After Three Are Slain in Church ing them to newheights. A1 Big Tech  Apple benefited from a significant uptick in sales of laptops and iPads,even Companies as quarterly iPhone sales fell from a year earlier. B1  Facebook posted record Post Gains revenue for the third quar- ter, propelled by strong digital ad spending. B1 As Covid  Twittersaid uncertainty over the U.S. election could weigh on advertising spend- Fuels Shift ing in the current quarter. B2

 Exxon expects to shed BY DANA MATTIOLI as much as 15% of itsglobal workforce over the next year, Tech giantsincluding Ama- as the pandemic continues zon.comInc.and Google re- to batterthe oil industry. A1 ported strong quarterly sales andprofits that showedhow  Apollo CEO Leon Black pandemic-erademand for offered his most detailed their digital services and gad- public account yet regard- gets is driving them to new ing his ties to the late fi- heightsevenamid adebate nancier Jeffrey Epstein. B9 about their market power.  VW reported higher- The financial results made than-expected profit while public Thursday, which also warning that rising coronavi- included record revenue at ruscases and fresh lockdowns Facebook Inc., illustrated

threaten the rebound. B3 OL again howincreased remote PO

S working and living has ele-  Airbus stemmed an out- vated use of everything from flow of cash in the thirdquar- /PRES online retail and social media terbut said the aviation mar- to cloud computing services ket’s recovery would start GAILLARD and digital advertising—accel- later than initially forecast. B3 erating shifts in consumer and ERIC GUARDED: Police stand outside the Notre Dame Basilica in Nice, where a knife-wielding man killed three people in a sus- businessbehavior that areex- World-Wide pected Islamist attack. French President Emmanuel Macron raised the country’s terrorism alert to its highest level. A8 pected to continue beyond the Covid-19 outbreak. Amazon,which had deliv-  Trump cast GDP growth ered record sales in the sec- as proof the pandemic-in- ond quarter of the year, duced economic collapse INSIDE topped that level in the three wasturning acorner thanks Exxon Prepares to Trim months through September, to his administration, while with revenue soaring 37% to a Biden said manyAmericans record $96.2 billion. Profit won’t feel likethey arebet- nearly tripled to $6.3 billion, teroff following Thursday’s Up to 15% of Global Jobs propelled by strong online GDP and job figures. A4 sales as well as digital adver- tising and growth in itslucra-  The number of people BY CHRISTOPHER M. MATTHEWS hospitalized forCovid-19 firms arecollectively shedding itsfooting this year,severely tive cloud computing arm. morethan 50,000 jobs. crimping demand foroil and “We’reseeing morecus- in the U.S. has jumped Exxon Mobil Corp.said that Exxon is in the midst of one gas. That is combining with tomersthan ever shopping 46% sincethe beginning it expects to shed as much as of its toughest stretches ever longer-term concerns about earlyfor their holidaygifts, of October,with a12% in- JASONGAY 15% of itsglobal workforce afterChief ExecutiveDarren futurecompetition from re- which is just one of the signs crease in the past week over the next year,including Woods,who took over in 2017, newable energy and electric that this is going to be an un- alone,datashow. A7 Oncefootball’sglitziest division, the dismal 1,900 jobs in the U.S.,asthe embarked on an ambitious vehicles to drag down the precedented holiday season,”  Hospitals acrossthe U.S. coronavirus pandemic contin- plan to reversethe company’s value of manyoil-and-gas Amazon CEO Jeff Bezossaid. arebracing foraggressive NFCEastnow needsa ues to batter the oil industry. declining fortunes by dramati- companies to decade lows. Google parent Alphabet cyberattacks that could hardreset. A12 Theestimated 14,000 job cally increasing oil production Exxonmade public the U.S. Inc., one of the few big tech threaten patient care,after cuts, which followsimilar layoff by 2025.Inhindsight, Exxon’s job cutsThursday, and in re- companies to have alackluster warningsthat Russian cy- announcementsbyrivals Royal heavy spending on newoutput sponse to questions added performanceinthe second bercriminals had already hit U.S. NEWS Dutch Shell PLC,BPPLC and nowappearsspectacularly ill- that it anticipates it will elimi- quarter, said digital advertis- several hospitals and were Newscientific study Chevron Corp., arepart of a timed and has put itsfinances nate around 14,000 positions, PleaseturntopageA4 targeting hundreds more. A3 cites flaws in Crispr wholesale effort by the belea- under severe stress. including employees and con- guered industrytorestructure Newlockdowns in Europe in PleaseturntopageA7  Laptops, iPads drive Apple  China’sleadersapproved gene-editing an economic blueprint for itself to weather theworst response to climbing Covid-19 sales...... B1 technology. A3 downturn in ageneration. In all, cases aredamping hopes that  Shell lifts dividend, pledges  Twitter warns of election the next five yearsthat em- big oil producersand services the global economywill regain more as debt is reduced..... B5 impact on ads...... B2 phasizes “technologyself- reliance,” adefiant message in the faceofU.S.sanctions against Chinese firms. A16 ScarceCredit Holds Europe Is Out.  Private insurers must publish the prices they have HowAbout Salesforce. negotiated with providers Back Detroit Housing under aTrump administra- Helen, Ga.? tion rule aimed at lowering #1 CRM. health-care spending. A3 iii  TheState Department has Mortgage lenders shun low-priced homes, ruled that aformer Green Unlikely locales Ranked #1 for CRM Applications basedon a challenge for the city’s Black residents IDC 2020H1 Revenue Market ShareWorldwide. Beret and his son canbeex- 19.8% tradited to Japan to face become tourist BY BEN EISEN made last year in almost a chargesthat they helped Ghosn flee that country, ac- third of Detroit’s census hot spots DETROIT—Alter Road tracts, and fewer than five cording to court documents. B1 runs northwest along this each in another third, ac- BY CAMERON MCWHIRTER  Ohio utility FirstEnergy city’s border. To the east is cording to data from Lend- said it firedits CEO afteran Grosse Pointe Park, an up- ingPatterns.com, a mortgage- HELEN,Ga.—NitaDecker, internal reviewrelated to scale suburb dotted with data analysis tool. whohas acabin-rental busi- government probes of the grand old mansions built in The impact runs dispro- nessinthis faux-Bavarian firm’spotential role in an al- the auto industry’s heyday. portionately along racial tourist destination in the leged statebriberyscandal. A3 To the west is the city of De- lines in the majority Black North Georgia mountains,is 5.3% troit, lined with abandoned city. Detroit’s Black residents the busiest she has ever been. 4.8% CONTENTS Markets...... B10 houses and empty lots. are largely shut out of access “We never saw it coming,” 3.9% Arts in ReviewA10-11 Opinion...... A13-15 3.8% Business News.. B3,5 Sports...... A12 On the east side of the to financing, making it she said. “Wecan’t keep up Capital Account.... A2 Technology...... B4 street, getting a mortgage to tougher to attain home- with the laundry.” Crossword...... A11 U.S. News.... A2-3,6-7 buy a home is a breeze. On ownership, the key to build- When the pandemic hit,Ms. 2016 2017 2018 2019 2020H1 Heard on Street.. B11 Weather...... A11 the west side, it is hardly ing wealth for most Ameri- Decker had to cope with doz- Source: IDC, Worldwide Semiannual Mansion...... M1-14 World News...... A8,16 worth trying. cans. ens of cancellations and em- SoftwareTracker,October 2020. Detroit is making a come- Nonprofits, governments ployees unwilling to work be- > back after years of decline and corporations are trying cause of concerns about that led to a bankruptcy fil- to channel money back into contracting Covid-19.But after ing in 2013. But large swaths the city’s neighborhoods. But Georgia allowedmanybusi- salesforce.com/number1CRM of the city are left behind, making mortgages in Detroit nesses to reopen,couples and CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, starved of the housing credit is a convoluted task. The families from Atlantaand sur- MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved needed to revive them. No dearth of credit is largely a rounding cities—looking for salesforce.com, inc.,asare other namesand marks. purchase mortgages were PleaseturntopageA9 PleaseturntopageA6 P2JW304000-4-A00200-1------XA

A2 | Friday, October 30, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Pennsylvania Hedges BetonEnergy’s Future

Behind a cept on federal land. Foran- Fracking is amajor job generator in Pennsylvania, but green creasingly,renewables are ator,whose job is to control low-slung other,atransition to renew- energy is growing. cheaper.Naturalgas will re- the well’sflowofgas.“You building in Ze- ables holds the potential of main essential to back up re- take atest, passfail. If you lienople,Pa., newjobs and businesses to Total employment,fracking Total employment,renewable newables, he predicted. pass, you’rebumped up to op- stands atow- replaceany lost in fossil fuels. and ancillary oil and gas energy Jobs in Pennsylvania re- erator and canimmediately ering mechani- That is already visible lated to fracking and ancillary getyour newwage,” he said. 100,000 100,000 calstructurewhereDeep Well throughout the region, such as Other clean industries such as engineering Most of Mr.Gianamore’s Services trains employees in at the local officeofMitsubi- Ancillary energy, services grew 5% between battery-storageemployees are the highly specialized work of shi Electric. Twoyearsago, 80,000 oil and gas 80,000 transport 2014and 2019 to 104,000,ac- collegegraduates who typi- completing fracking wells for general manager David Giana- cording to the Economic Inno- cally start at $80,000.Yet both natural gas. It is well-paying morelaunched abusinessde- 60,000 60,000 vation Group,athink tank.In green energy and fossil fuels and, until recently,growing signing and supplying battery the same period, renewables- offer amix of occupations for work.The companywent storageunitsfor solar- and Efficiency, related jobs leapt 85%, to high school, community-and from 25 employees in 2008 to wind-generated electricity. 40,000 40,000 storage,grid 91,000,mostly in energy effi- four-year-collegegrads. 450 last year. Though just 20 employees,it ciency, according to E2, an en- Similarly,manynon-green Then, the pandemic clob- is growing gangbusters. He 20,000 Fracking 20,000 vironmental businessgroup. companies areactively pursu- bered demand foroil and gas, went from one order last year Green jobs fell sharply this ing renewables. At Mitsubishi Renewables drilling slowedtoacrawl, to six this year.“In the renew- year as the pandemic kept en- Electric’sWarrendale facility, 0 0 generation* and Chief ExecutiveMark ables area, thereisnostop- ergy-efficiencyworkersout of roughly 250 workersassemble Marmo had to layoff about ping it,” he said. “When cus- 2014 ’19 2014 ’19 homes and buildings, E2 said. large high-voltagecircuit 100 people.Whether growth tomersbook an order,they *Excludes biofuels and combined heatand power breakers, manyfor solar and resumes,hesaid, depends on don’t say, ‘Hold off,’ they say, Sources: Economic Innovation Group (fracking, oil and gas); E2 (renewables) art of fracking’sappeal wind projects. Near Pitts- the pandemic,and the elec- ‘Get out hereand do it.’ ” is that it offerswell- burgh’sairport, Nord-Lock Inc. tion. If Democrat JoeBiden is warming carbon-dioxide the former heart of coal coun- P paying work to the sort just opened afactorymaking elected president, he predicts ennsylvania has already emissions and the plummet- trytwo hourstothe west, of people who might once bolting and tensioner systems, increased regulation “will been through several ing cost of wind and solar employs ahalf-dozentechni- have worked in factories and manyfor windmills.Tothe slowthingsdowndrastically.” P power. cians and asitemanager. energy transitions.The steel mills. north, Ernst Pollinator Service Thefutureoffracking has firstU.S.commercial oil well In 2001, Jim Spencer “Historically this area has Evan Whittdropped out of has carved out aspecialty of become acentral issue in the wasdrilled in the state’s started acompanythat built been predominantly very collegetowork in the oil and restoring and reseeding the contest forthe swing state. northwest in 1859.Coal and wind farms throughout Penn- heavily involved in fossil fuel, gasfields in Oklahoma and soil around solar farms. President Trump has por- nuclear powerlong supplied sylvania and other states, both coal and nownatural Ohio,lost that job and gotan- In other words, Pennsylva- trayed Mr.Biden’splans to most of itselectricity.Then which he estimates created gas,” he said, which made it other drilling holes forfiber- nians arehedging their bets transition from fossil fuels to about adecade ago, hydraulic 4,000 construction jobs and hardtoget political support optic cable at $15.75anhour. forany combination of fossil renewables by 2050 as amor- fracturing,or“fracking,” un- 400 permanent jobs.Hesold forrenewables.They supply a Then ayear agohelanded at fuels and renewables the fu- talthreat to the state. locked cheap natural gasin that businessin2018 and to- tinyfraction of Pennsylvania’s Deep Well Services,which turebrings. That includes Mr. But aswing through west- the region’sdense shale for- dayruns another in his native electricity and far lessthan in links itsemployees’ payto Marmo. He predictsthat if ern Pennsylvania reveals a mations,sparking aboom. Pittsburgh, Exus Partners, manyother states.But now, progressonamultistep,mul- Mr.Biden is elected, Deep morenuanced picture. For Nowthe attention is on re- that manages wind and solar he said, thereiswidespread tiyear training regimen. Mr. Well Services will be fine: It one thing,Mr. Biden has said newables,sparked by world- farms on behalf of financial recognition coal is declining Whittnow earns $27 and is is developing businessinAr- he wouldn’t stop fracking,ex- wide effortstocurb planet- investors. One,awind farm in because natural gasand, in- training to qualifyasanoper- gentina and the Middle East.

Consumer spending helpedpowerthe return to growth in the thirdquarter. ety about Covid coupled with spending in the third quarter. Much of election uncertainty.” Consumer spending,which ac- –20 –15 –10 –5 0 5 10 15 pct.pts. TheWall Street Journal’s countsfor morethan two- October survey of economists thirds of U.S. economic output, Consumer spending 2Q 2020 3Q 2020 found that morethan half of increased at a40.7% annual Slide Is on services respondents don’t expect GDP rate in the third quarter. to return to its pre-pandemic Talks between congressio- Erased Consumer spending level until next year. On aver- nal Democratsand the White on goods agethey expect that the econ- House on aroughly $2 trillion omywill contract 3.6% this fresh round of stimulus,in- ContinuedfromPageOne Change in private year,measured from the cluding another round of gov- inventories vere drop followed by a quick Contributions to fourth quarter of 2019. ernment-backed loans,en- rebound—making the annual- percentage-point Economistssaid the path of hanced unemployment benefits ized numbersmisleading be- change in GDP Businessinvestment recovery hinges on getting the and stimulus forhouseholds, cause no one expects second- pandemic under control. The didn’t lead to an agreement or third-quarternumbersto U.S. and Europe both face fall beforethe election. continue for a full year. increases in cases. Spending on long-lasting Residential investment TheCommerce Depart- Businessexecutives are goods wasparticularly strong. ment’sGDP report provides cautious about the months The report showed consumer thelast major quantitative Governmentspending ahead. “Wecertainly have spending on durable items snapshot of the economybe- (Federal, state, local) seen some indications across rose at a82.2% rate during the fore Election Day, with Presi- theeconomythat acrossthe dent Trumpand Democratic nation and, frankly, the world presidential nominee JoeBiden Net trade that it could be atough win- Data suggest offering contrasting views on ter,” John Greene,chief finan- what the growth figuresmean. cial officer of Discover Finan- improvement into Mr.Trump,aRepublican, cial Services,said last week on the fourth quarter, said the increase wasproof Initial unemployment Continuingunemployment- U.S. weekly credit-and an earnings call. that thepandemic-induced claims,weekly benefitsrecipients, regular debit-cardspending, GeneralElectric Co.Chief at a slower pace. economic collapse wasturning stateprograms change from ayearearlier ExecutiveLarryCulp said on acorner because of his admin- Wednesdaythat while his $7 million 25 million 200% istration. “Next year will be company has generally stabi- FANTASTIC!!!” Mr.Trump 6 Retail-online lized, “Westill acknowledge quarter,asign of increased wroteinatweet. “So glad this 20 that the full duration, magni- purchases on big-ticket items great GDP number came out 5 tude and paceofthis pan- such as vehicles and recre- 100 before November 3rd.” 15 Home demic acrossour end markets, ational goods.Spending on Mr.Biden said manypeople 4 improvement operations and supply chain is services that were hobbled won’t feel like they are better uncertain.” earlier in the pandemic also 3 10 off following the growth fig- 0 Retail Private-sector datashow rose sharply as people re- ures.“Therecoveryisslowing 2 LASTWEEK consumer spending remains sumed health-care visits, din- if not stalling; and the recov- 751,000 5 Restaurant belowprior-year levels,led by ing out and some travel. 1 WEEK ENDED OCT. 17 ery that is happening is help- 7,756,000 weaker spending on in-person Consumers, especially those ing those at the top, but leav- 0 0 –100 Travel services such as travel, enter- in higher-income households, ing tens of millions of working tainment and restaurants. JP- bought furniture, autos, com- MJAM JA SO JMF AM JJASO JMF AM JJASO families and small businesses Morgan Chase & Co.’s tracker putersand home-exercise behind,” he said. Note:GDP contributions areadjustedfor inflation and seasonalityatannual rate;unemploymentdataare seasonally adjusted of credit- and debit-card equipment as manyworked Recentdatasuggest im- Sources: Commerce Department(GDP); Labor Department(claims, unemploymentbenefits); Facteus (cardspending) transactions showedspending and stayed close to home be- provement continued intothe wasdown5.2% from ayear cause of the pandemic. fourth quarter,though at a demic began,suggesting lay- slowly through the fourth smaller than ayear earlier,but earlier in the week through Thehousing sector also has slowerpacethan the sum- offs areeasing despitearise in quarter as the temporary jolt grow in 2021. Oct. 25. boomed because of lowmort- mer’s resurgence. coronavirus infections.The U.S. from the economy’sreopening “There’salong way to go Government support for gage ratesand demand for Thenumber of workersfil- as of September has recovered and government stimulus until the economy’shealed,” businesses and households larger living spaces. Residen- ing initial claims forunemploy- about half of the 22 million fades,with unemployment ex- said James Knightley,anecon- with stimulus checks,en- tial fixed investment—spend- ment insurancefell by 40,000 jobs lost in March and April. pected to remain high this omist at ING Financial Mar- hanced unemployment bene- ing on home building and im- to 751,000 last week to the Forecasterspredict the winter.They also project the kets LLC, citing the “squeeze fits and the Paycheck Protec- provements—increased at a lowest level sincethe pan- economywill expand more economywill end 2020 on incomes coupled with anxi- tion Program helped power 59.3%rateinthe thirdquarter.

THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS U.S. WATCH (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Thedeath on Mondayof Okonjo-Iweala’s candidacy to WALMART LIBERTY UNIVERSITY CORONAVIRUS Editorial and publication headquarters: JudgeJuan Torruella of the lead the WTOomittedthis re- 1211 Avenue of the Americas, U.S. Court of Appeals forthe sponse to U.S. criticism of Ms. Guns Pulled From Falwell Sues Over Debate Erupts Over New York, N.Y. 10036 FirstCircuit leftanappeals- Okonjo-Iweala. Published daily except Sundays and general Shelves Amid Unrest Forced Resignation International Flights legal holidays. Periodicals postage paid at court seat vacant, according to New York, N.Y., and other mailing offices. datafromthe United States Thefirst name of Daniel Walmart Inc. removedall guns Jerry Falwell Jr. sued Liberty U.S. transportation officials and Postmaster: Send address changes to Courts. AU.S.Newsarticle Dempsey,New Balance’s man- and ammunition from the sales University for defamation, alleg- airlines areatodds with public- The Wall Street Journal, 200 Burnett Rd., Wednesday about the federal ufacturing innovation engi- floors of its U.S. storesthis week, ing that the school damaged his health officials overwhether peo- Chicopee, MA 01020. courtsincorrectly said there neer,was given incorrectly as aiming to head off anypotential reputation after he was forced ple who test negativefor corona- All Advertising published in The Wall were no vacancies aside from David in the On Business col- theft of firearms if storesare to resign as president in August. virus beforetheytravelshould still Street Journal is subject to the applicable rate card, copies of which are available the open seat owing to the el- umn about globalization in broken into amid social unrest. The lawsuit, filed in Virginia’s have to quarantine when theyar- from the Advertising Services Department, evation of Justice Amy Coney Saturday’s Exchange section. The retail giant, which sells LynchburgCircuit Court Wednes- riveinthe U.S., according to peo- Dow Jones & Co. Inc., 1211 Avenue of the Barrett to the Supreme Court. firearms in about half of its 4,700 day, claims thatMr. Falwell and his ple familiar with the matter. Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an Ahistoric Cape Cod home U.S. stores, said customers could family were the “targets of amali- The rift has emerged as U.S. advertiser’s order. Only publication of an A spokeswoman for Ngozi on Juniper Point had renova- still purchase guns and ammuni- cious smear campaign incited by officials have also been looking advertisement shall constitute final Okonjo-Iweala said that the tion work done in the past. An tion upon requesteventhough anti-evangelical forces,” and that to strikedeals to establish safe- acceptance of the advertiser’s order. two-time Nigerian finance Oct. 23 Mansion article about theyare no longer on display. Liberty, instead of defending him, travelcorridors between major Letters to the Editor: Fax: 212-416-2891; email: [email protected] minister had extensiveexperi- the home incorrectly said it Therehave been days of vio- “directly participatedinthe defa- American and international cities. enceontrade issues,including hadn’t been renovated since lentprotestsand looting this week mation.” Mr.Falwell resigned in Such routes would likely rely in Need assistance with your subscription? By web: customercenter.wsj.com; during her 25 yearsatthe 1910. in Philadelphia after policefatally August, following aseries of scan- part on rapid Covid-19 teststo By email: [email protected] World Bank,whereshe rose to shotaBlack man holding aknife. dals about his personal behavior. help travelers escape lengthy By phone: 1-800-JOURNAL (1-800-568-7625) become amanaging director. Noticetoreaders In a letter to store managers Scott Lamb, a spokesman for quarantines. “Needlesstosay [World Trade Wall Street Journal staff Tuesday, Walmart asked staff to Liberty University, said that the U.S. citizens who have been in Reprints &licensing: By email: [email protected]; Organization] members membersare working re- pull guns from shelves “due to school had not yet been served Europe areadvised to self-isolate By phone: 1-800-843-0008 wouldn’t have selected a[di- motely during the pandemic. the current unrest in isolated ar- with the lawsuit and would need for14dayswhen theyreturn, WSJback issues and framed pages: rector-general] who is missing Forthe foreseeable future, eas of the country and out of an to review it before commenting. while non-U.S. residents gener- wsjshop.com anyskills or qualifications,” please send reader comments abundance of caution.” Mr. Falwell was president of ally aren’tallowedtoenter. Our newspapers are100% sourcedfrom the spokeswoman said. A only by email or phone, using Walmart also removedfire- the university for 13 years, fol- Americans are for the most sustainably certified mills. World News article Thursday the contactsbelow, not via arms and ammunition from stores lowing the death of his father, part barred from travel to most aboutU.S.opposition to Ms. U.S. Mail. this year after George Floyd’skill- the pastor and conservative European countries and must GOTATIP FORUS? ing by policewhen severalof Christian leader Jerry Falwell Sr., quarantine for 14 days when SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by Walmart’sstoresweredamaged. who founded the school. they arrive in the U.K. emailing [email protected] or by calling 888-410-2667. —Sarah Nassauer —Ian Lovett —Alison Sider P2JW304000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Friday, October 30, 2020 | A3 U.S. NEWS Hospitals Hurricane Zeta Leaves Path of Destruction on Gulf Coast Before Striking Southeast Hit With Malware Attacks Hospitals acrossthe U.S. are bracing foraggressivecyberat- tacks that could threaten pa- tientcareamid anational rise in Covid-19 hospitalizations,af- tersecurity companies and the federal government warned

By Dustin Volz

in Washington S and Robert McMillan in San Francisco PRES TED CIA

that Russian cybercriminals SO

had already hobbled operations AS at several hospitalsoverthe TE/ CA

past week and were targeting VO hundreds of others. AD

Theattackershavedisrupted /THE hospital systems in Vermont,

NewYork,Oregonand else- ANGER wherewithin the past few days, GR

deploying atype of malware CHRIS called ransomware that infects BATTERED: Officials in Louisiana were assessing the damage to homes likethis one in Cocodrie. Zeta weakened to atropical storm Thursdayasitswamped the Southeast. computersand locks up sys- tems until the victims paya ransom, according to security analysts. Government agencies and cy- bersecurity companies warn the Scientists Cite Flaws in Gene Editing potential damageamid rapidly rising coronavirus cases across the U.S. could have catastrophic BY AMY DOCKSER MARCUS also introducing potentially major differences of opinion orderswhereembryo editing babies has been an area of ma- consequences. dangerous changes. among leading scholars, includ- might somedaybepermissible. jor concern, especially afterthe Ransomware attacks have hit Scientists using the Crispr Dieter Egli, assistant profes- ing Jennifer Doudna,the Uni- The other paper, also pub- 2018 announcement of the birth hospital networks in the past, gene-editing technologyinhu- sor of developmental cell biol- versity of California, Berkeley lished in theCrispr Journal, of twin girls from embryos but the newsurge of attacks re- man embryostotry to repair a ogyatColumbia University and biochemist who with acol- surveyed policies across106 whose DNA had been changed flectsadisturbing changeof gene that causes hereditary the study’s senior author,said, league was awarded the Nobel countries regarding germ-line using the Crispr technology. tactics from aparticularly effec- blindnessfound it made unin- “This study is not going to stop Prizeinchemistrythis year for gene editing. The researchers Researchersinthe new tiveransomware group, tended and unwanted changes, the field. But we have to ask pioneering work on Crispr. found 96 of the countries al- study published in Cell said said Charles Carmakal, chief frequently eliminating an en- what to do with these powerful In hercommentsonthe re- ready had applicable policy they used sperm from asingle technologyofficer at the U.S.- tirechromosome or large sec- tools,and in which context port, Dr.Doudna said the com- documents, such as legislation, human donor to create40em- based cybersecurity firm Man- tions of it. they aresafeand efficacious.” regulations or international bryos. Theman has hereditary diant, whichhas worked with Thestudy published Thurs- Twoseparatepaperspub- treaties.Ofthose 96 countries, blindnesscaused by amuta- some of theaffected hospitals. dayinthe journal Cell comes as lished this month indicatethat Crispr technology 75 bar the use of genetically tion on the EYSgene,which is “Most threat actors, they’re the international scientific com- the ethical debatecontinues modified embryosfor the pur- located on chromosome 6, one explicitly not looking to hit munity continues to grapple over whether and under what can make unwanted pose of starting apregnancy— of the 23 pairs in humans. hospitals,” Mr.Carmakal said. with the potential use of Crispr circumstances creating geneti- changes, according an indication that it might be Thescientistsused Crispr- “Thisgroup in particular has forediting human embryosthat cally modified children could possible to create an interna- Cas9 to cut the father’s DNA at explicitly stated that they’re would be intended forcreating be permissible. to a new study. tional consensus on the issue, the siteofthe gene mutation going to hit hospitals and apregnancyand birth. One paper,published in the the researchers said. they wanted to correct. When they’veprovenit.” In September,aninterna- Crispr Journal, solicited views Crispr enables scientiststo acut is made in the DNA,the Mr.Carmakal said at least tional commission sponsored of morethan three dozenex- cut, edit and insert DNA and cell tries to repair the DNA. three hospitals were “severely by the U.S. National Academy pertsonissues raised in the in- mission’srecommendations re- has been an object of excite- Scientistsinjected aCrispr- impacted by ransomware” on of Medicine,U.S.National ternational commission’sSep- flect consensus in the field that ment, fascination and contro- Cas9 enzyme into37embryos, Tuesdayalone and that others Academy of Sciences and the tember report on Crispr germ- the technologyshouldn’t be versysinceits discoveryin and three other embryos had their networks takenoffline U.K.’s RoyalSociety issued a line editing.The technique— used forembryo editing in the 2012. Thetechnologyopens up served as controls. The scien- over the past several weeks. report stating that the gene- which involves making changes clinic at this time.She added the possibility of treating se- tists found that about half of Mandiant and other analysts editing technologyisn’t ready to eggs, sperm and embryos—is that shewas struck by the in- vere illnessfor which there the embryoslost large seg- have linked the activity to afi- for such a use because scien- controversial because any clusionofcertain diseases that are no effective therapies. ments of the chromosome, or nancially motivated Eastern Eu- tists don’t understand how to changes canbepassed to future arealready being managed, Thepotential to use Crispr the entirechromosome,on ropean criminal hacking collec- makeprecise fixes without generations.The paper revealed such as cystic fibrosis,with dis- to creategenetically modified which the EYSgene is located. tiveknown as UNC1878. Health-careproviderswere the most-targetedvictims of ransomware attacks in October Health Insurers Face Price Transparency Rule and attacks against the sector have jumped 71% during the month, according to the secu- BY STEPHANIE ARMOUR negotiated prices for500 forvoters, the president has tiated rates. Afederal judgein ting them know howmuch care rity vendor Check Point Soft- “shoppable” services in 2023, made pricetransparencyakey June ruled against hospitals will cost beforegoing in for ware Technologies Ltd. Privateinsurersmust pub- with themandateextendedto part of his message. His admin- that had sued to block asimilar treatment, according to the De- When ransomware strikes, lish theprices they have nego- all services by 2024. istration also issued arule rule compelling them to negoti- partment of Health and Human hospitals must shut down com- tiated with providersunder a Theaction comes in the final Wednesday to ensureseniors atetheir rateswith insurers. Services. puter systems and revert to Trump administration rule days of President Trump’sre- on Medicareget anypossible Thecase is nowwith aU.S. Proponentsofpricedisclo- pen-and-paper,reducing effi- aimed at lowering health-care election campaign and after coronavirus vaccine adminis- Court of Appeals. suresay it would drivedown ciencyand straining resources. spending by giving consumers Democrat JoeBiden has criti- teredatnocost. Therule forinsurerscovers health-carecosts. Late Wednesday, the Federal more information about their cized him forbacking alawsuit Insurersand hospitals have about200 million Americans America’sHealth Insurance Bureau of Investigation, De- out-of-pocketcharges. to invalidatethe Affordable criticized the WhiteHouse ini- with individual-market and em- Plans,atrade group,has argued partment of Homeland Security Therule completed Thurs- CareAct, which could result in tiatives as tooexpensiveand ployer-based coverage.These the moveexceeds HHS’sauthor- and Department of Health and daycalls forgradually increas- about 20 million Americans burdensome and of little use to consumerswill getaccesstoa ity and that third-party price- Human Services issued ajoint ing the requirements. Private losing health coverage. consumersthey sayare unlikely list of real-time priceinforma- shopping apps could put benefi- alert about the cyberattacks. insurerswill have to post the With health care atop issue to shop around based on nego- tion, including cost-sharing,let- ciaries’ information at risk. Ohio Utility FirstEnergy Fires Philadelphia Promises CEO Amid State Bribery Probe Changes BY MIGUEL BUSTILLO To Policing

Ohio utility FirstEnergy AP Corp.said Thursdayitwas fir- BY SCOTT CALVERT ing itschief executiveafter an JOURNAL/

internal reviewrelated to gov- N TopPhiladelphia officials

ernment investigations of the CO arepledging to improvehow

company’spotential role in an BEA local law-enforcement officers

alleged state bribery scandal. ON deal with people in mental dis-

The Akron-based company AKR tressafter the fatal shooting said it wasterminating CEO O/ of Walter WallaceJr.,a27- URZ

Charles E. Jones,effectiveim- ST year-old Black man, by police.

mediately,aswell as Dennis MA PoliceCommissioner Dan-

Chack, itssenior vicepresi- PHIL ielleOutlawsaid she would dent of product development, Charles E. Jones in 2015. His firing was effective immediately. form a behavioral-health unit marketing and branding, and and called forofficerstohave Michael J. Dowling, its senior ery scheme in state history. to aid the nuclear plants, ac- adirectorythat listsmental- vice president of external af- Mr.Householder has cording to an Federal Bureau health resourcesavailable fairs. pleaded not guilty. of Investigation affidavit. around the clock.She said she It said it had determined AFirstEnergy spokes- FirstEnergy had previously wantstoequip all 4,500 or so that the executives violated woman confirmed that the fir- disclosed it had been subpoe- officersinoperational roles “certain FirstEnergy policies ing of Mr.Jones and the other naed in connection with the with Taser stun guns,which andits code of conduct.” It executives stemmed from the investigation and wascooper- areconsidered lesslethal. The provided no additional details. company’sinternal reviewin ating with the probe. department currently has Steven E. Strah, the com- connection with the bribery Earlier this month, The roughly 2,300 Tasers. pany’s president, wasnamed probe.She declined to com- Wall Street Journal reported MayorJim Kenney, aDemo- acting CEO, effective immedi- ment further. that investigators were also crat, said the city should ex- ately,and boardmember Thethree firedexecutives examining Energy Harbor and pand aKensingtonneighbor- Christopher D. Pappas was couldn’t be reached forcom- its executives regarding what hood program in which police named executive director. ment Thursdayevening. they knewabout the money officerstakesome people who Thefiring comes three FirstEnergy is set to report paid. Energy Harbor declined areinthe throes of mental ill- months afterthen-Ohio House earnings Monday. to comment on the matter at ness, addiction or both to a Speaker LarryHouseholder FirstEnergy and acompany the time. treatment center or respitefa- and several associates were called Energy Harbor Corp. TheU.S.attorney forthe cility, rather than to jail. arrested and chargedwith that wasspun off from the Southern District of Ohio ac- Policeofficersfatally shot Elizabeth LockeJewels •968 Madison Avenue racketeering forallegedly tak- utility through abankruptcy cused Mr.Householder and Mr.WallaceonMondayinWest NewYork City•212-744-7878 ing $60 million in bribes to proceeding allegedly paid mil- four associates of taking $60 Philadelphia. Bystander video champion legislation to bail lions of dollarstoanentity million in bribes between 2017 showed him holding aknife. StoreLocations: 540-837-3088 or out troubled nuclear power that Mr.Householder allegedly and 2020. The city imposed a9p.m. cur- plants. used to fund support forthe —Katherine Blunt few on Wednesdayinresponse www.elizabethlocke.com/where-to-buy Federal prosecutorsde- $1.5 billion bailout, which in- and Andrew Scurria to looting on the two nightsaf- scribed it as the largest brib- volves statesubsidy payments contributed to this article. terMr. Wallace’skilling. P2JW304000-4-A00400-17FFFF5178F

A4 | Friday, October 30, 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. POLITICS Trump,Biden DivergeonEconomic View GDP data celebrated by president; Democratic nominee says recovery has along waytogo

BY JOSHUA JAMERSON AND REBECCA BALLHAUS GES

President Trump cast gross IMA

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TheCommerce Department, WA AN

in areport Thursday that pro- JIM EV vided the last major quantita- Joe Biden appeared at a drive-in campaign event in Coconut Creek, Fla., on Thursday, while President Trump visited Tampa to speak at a rally. tive snapshot of the economy before the presidential elec- that voters won’t fault him for on the wealthywould under- he says will rebuild the econ- project the economywill end Mr.Biden’spolitical sup- tion,said the economygrewat the strain that the coronavirus cut growth. omyfaster than Mr.Trump’s 2020 smaller than ayear ear- porterscast the fresh eco- arecordpaceof33.1% annual- has placed on the economy, TheTrump campaign has proposals. lier,but grow in 2021. TheU.S. nomicfigures as proof that ized in thethirdquarter.The which had seen consistent been running Facebook ads, Therecoveryisexpected to as of September had recovered the U.S. has a long way to go. U.S. has recoveredagood growth under his watchbefore punctuated by rocket emojis, slowinthe fourth quarter as about half of the 22 million jobs “Ifyou lost $100 and then got chunkofpandemic-related the pandemic.Hehas also hailing the president’sleader- the jolt from the economy’sre- lost in March and April. back $65, would you feel well losses,though the countryis warned that aBiden adminis- ship of theeconomy. opening and government stim- Thenumber of Americans off? That’swhat today’sGDP still belowwhereitended 2019. tration would bring a“steep Mr.Biden said manyAmeri- ulus fades,with unemployment filing initial claims forunem- number means,” tweeted Ste- Mr.Trump,who trails Dem- depression.” Voters have con- cans won’t feel likethey are expected to remain elevated ployment insurance fell last ven Rattner, a Democratic fi- ocratic presidential nominee sistently viewedMr. Trump as betteroff following Thursday’s this winter.The Journal’sOc- week to the lowest level since nancier and former Obama ad- JoeBiden in manybattle- the candidatebest suited to GDP and job figures. “Millions tober survey of economists the pandemic began, though ministration official. ground-statepolls,isfollowing managethe economy, Wall of people out there are out of found that morethan half of claims remain high by histori- Both campaigns areset to aplaybook used by other in- Street Journal/NBC News poll- work,onthe edge, can’t see respondentsdon’t expect GDP calstandards.Daily virus infec- makeafinal blitz acrossthe cumbent presidents facing ing through the year has found. the light at the end of the tun- will return to itspre-pandemic tions reached newhighs over battleground states Fridayand tough re-election contests.In “GDP number just an- nel. And Donald Trump has level until next year and that the past week,and it is too through the weekend, with 1992, President George H.W. nounced. Biggest and Best in given up,” Mr.Biden said in the economywill contract 3.6% early to tell howemployers and both presidential ticketshost- Bush ran toward the end of theHistoryofour Country, Broward County,Fla., where this year,measured from the consumerswill respond. ingeventsinMichigan, Texas, that year’s campaign on an and not even close. Next year people in more than 200 cars fourth quarter of 2019. Mr.Biden’sclosing cam- Florida,Pennsylvania and Wis- economythat wasturning will be FANTASTIC!!!” Mr. attended a drive-in rally. Messrs. Trump and Biden paign argument centerson consin. around afterarecession. Vot- Trumptweeted Thursday Mr.Biden has proposed a have both promised to create connecting the prolonged eco- —Michael C. Bender erselected Bill Clinton instead. morning,saying that Mr.Bi- $700 billion plan to stimulate millions of jobs and further heal nomic fallout to Mr.Trump’s and Alex Leary ForMr. Trump,the bet is den’sproposed taxincreases theU.S.economy, astrategy the economyifelected.Analysts handling of the virus. contributed to this article. FewExpectVoterstoSplit theTicket Democrats Take Aim

BY SIOBHAN HUGHES Netleadordeficit forthe Republican Senate candidate and narrator in aCollins campaign At Expanding Control AND JULIE BYKOWICZ President Trump overDemocratic opponent in select states ad that began airing this month. WASHINGTON—Theout- Poll averages: GOP Senate candidate Trump Democrats have worked to look forabout adozencom- tie Ms.Collins to Mr.Trump Of State Legislatures TRAILING OPPONENT LEADING petitive Senatecontests re- –10pct.pts. –5 0 5 10 15 20 as they trytodash her mains closely tied to President Alaska chances of re-election, while BY CHRISTINE MAI-DUC to gain majorities in up to anet Trump’s standing in the final Alabama Ms.Collins has cast herself as AND ELIZABETH FINDELL of six chambersthis year. days of the race,with polls in- independent from the presi- Republicans aredevoting dicating few people plan to Arizona dent. This week,she wasthe In addition to the presidency resourcestostatesincluding split their vote between a Colorado one Republican to vote against and U.S. Senate, Democratshave Texas,North Carolina and *Georgia GOP Sen. Democrat and a Republican. Georgia* David Perdue is his Supreme Court nominee another target in next week’s Michigan in alargely defensive ThecompetitiveGOP-held Iowa running against Amy Coney Barrett. elections: Evening up control of strategy. “We’reupagainst an seatsinclude Colorado and Ar- Democrat Jon Ossoff Thestarkest warning came statelegislativechambersfor onslaught of liberal money,” Kansas in the regular Senate izona, wherethe electorate from Sen. Ben Sasse(R.,Neb.) thefirst time in adecade. said Austin Chambers, presi- Maine election. Thereis leansDemocratic,and seven also asecond, in acall this month with state At stake isn’t just the abil- dent of the Republican State Michigan special Senate otherssuch as North Carolina election in the state voters. itytocraft statelaws, but to Leadership Committee, the and Iowa that arerated as Montana thatfeatures “I am worried that if Presi- help shape district boundaries GOP’sequivalent to the DLCC. multiple candidates. toss-ups by the Cook Political North Carolina dent Trump loses,aslooks that will influencecontrol of It is acontrast to 2010, Report. South Carolina Source:Real Clear likely,heisgoing to take the legislatures and the U.S. House when Republicans wonmore Republicans aremostly Politics poll averages Senatedownwith him,” said after this year’s census. than 725state legislativeseats playing defense due to the Texas as of Wednesday Mr. Sasse, who is running for In 36 states,legislatures and ended with control of 59 seatsinplaythis cycle,but are re-election in asafeseat. He draw congressional or legisla- chambers as redistricting be- confident of flipping a Demo- some battlegrounds he wonin Mr.Trump told reporters said his toppriority waskeep- tive district lines or both, ac- gan.“2010 wasawipeout elec- cratic seat in Alabama and are 2016.Mr. Trump has said that this month that he didn’t see ing the SenateinRepublican cording to the nonpartisan Na- tion for Democrats,” said Tim also competitive in Michigan. the surveys showing him los- his Election Day performance hands. tional ConferenceofState Storey,executivedirector of Republicans currently have ing are understating his sup- as determining the Senateout- Some voters agree with Legislatures.Inthe other 14, the National Conferenceof a53-47 majority in the cham- port, pointing to his upset win come.“Iprobably help some.I that message. Raphael Fitzger- lines aredrawn by indepen- State Legislatures. ber. four years ago. don’t think Ihurt anybody.But ald, a32-year-old dataanalyst dent or politically appointed TheDLCChas raised more In most of the states where In 2016, the party outcome Idon’t viewthem as being in Winston-Salem, N.C., said commissions. than $50 million this year,said polls showMr. Trump leading, of all 34 Senatecontestslined tied together, I never did,” he he votedfor Mr.Biden for Republicans control 59 of president JessicaPost, com- they also showthe GOP Senate up with the presidential result said while in Arizona to cam- president but backed Republi- thenation’s 98 partisan state paredwith the $10 million it candidateleading.Likewise, in that particular state—mean- paign with Arizona Sen. Mar- canincumbent Sen. Thom legislativehouses—Nebraska spent adecade ago. “Democrats wherepolls showformer Vice ing ticket splitting didn’t de- tha McSally,who faces atough Tillis for Senate. has one nonpartisan legislative were asleep at the wheel in the President JoeBiden in front, cide a single contest. fight. “Trump has done areally chamber.The Democratic Leg- 2010 cycle,” Ms.Post said. they showthe Democratic “There’salmost no daylight In some states where polls good job with the economy, islativeCampaign Committee, In addition, Democratic su- Senatecandidateinfront. In anymorebetween what hap- showMr. Trump trailing or but I’drather live in acountry which helps candidates cam- per PACForwardMajority has only ahandful of states does pens in the presidential race neck and neck with Mr.Biden, wherepeople feel likewe’re paign forstate legislativeseats, pledged $32 million to state ticket splitting look to poten- and what happens in the Sen- Republicans are emphasizing more unified,” Mr. Fitzgerald is aiming to flip 10 chambers legislative races; and the Na- tially be a deciding factor. aterace,” said BarryBurden, the importanceofkeeping the said, adding he wasdisap- this year,including both in the tional Democratic Redistrict- “The Trumpwaterline af- director of the Elections Re- Senate in GOP hands, regard- pointed with Mr.Trump’s han- presidential swing states of Ar- ing Committee, created in fectsall Republican votes,” search Center at the Univer- lessofwho wins the White dling of the coronavirus pan- izona, North Carolina, and 2017 by former President said Whit Ayres, aGOP poll- sity of Wisconsin and the au- House. demic and his record on Pennsylvania. Manyofthe 600 Obama and former Attorney ster andfounder and presi- thor of abook on ticket- They arguethat will help racial-justice issues. seatsitistargeting areinsub- General Eric Holder, plans to dent of North StarOpinion Re- splitting. checkDemocrats’ agenda on He said Mr. Tillis has done urban districtsthat have grown spend $6 million on legislative search. Democratsneed to net four issues including environmental adecent job and he doesn’t moreracially diverse and, the and other state races. A Wall Street Journal/NBC Senateseats, or three if Mr. regulation, the Supreme Court want asingle party controlling group’spolling suggests, less TheRSLC said it has raised News poll this month found Biden is elected president, to and health care. the WhiteHouse and both supportiveofPresident Trump. morethan $60 million. No Mr.Biden with an 11-point win back control. Republicans “No matterwho you’revot- chambers of Congress. Louis Jacobson, who handi- othermajor outside groups lead over Mr.Trump nation- aredefending 23 seatsthis cy- ing forfor president, Susan —Elizabeth Findell caps statelegislativeraces for arespending money to elect ally,and statepolls have cle,compared with 12 for Collinshas never been more and Madeleine Ngo the Cook Political Report, said Republicanstate legislators shown the president trailing in Democrats. important to Maine,” says the contributed to this article. Democratswerewell-positioned nationwide.

beforethat, the U.S. Depart- Quarterly revenue growth, change from previous year the end of June. the quarter.The unit sells ad- ment of Justice filed an anti- Amazon achieved itslofty vertising spaceinthe form of Big Tech Amazon Facebook Alphabet TwitterApple trust suit against Google alleg- 50% sales figureswithout itsannual sponsoredproductsinsearch ing it operates an unfair Prime Dayshopping event, anddisplayads. 40 37%22% 14%14% 1% Companies monopoly in itsflagship which helps it enroll new ThecompanyonThursday search business,the first 30 Prime subscriptions. forecast $112 billion to $121 bil- chargestoemerge from multi- Even so,customershave lion in sales in the current Post Gains ple investigations of the tech 20 flocked to the Prime program, quarter,bolstered by the de- giants’ competitive practices. with renewalrates also rising, layedPrime Dayevent. And earlier in the month, a 10 Chief Financial Officer Brian ForAlphabet, cogs acrossits ContinuedfromPageOne Democratic-led House panel Olsavsky said.They areusing empirewereclicking.Helped ing revenue rose nearly 10% issued areport arguing that 0 moreofthe featuresthe mem- by stay-at-home trends,You- from ayear earlier to $37.1 bil- Amazon, Google,Facebook and bership offers, including shop- Tube pulled in more than $5 lion in the July-September pe- Apple Inc.haveleveraged –10 ping and video,hesaid, adding billion in advertising forthe riod. That marked aturn- their dominancetostifle com- the engagement level “wethink firsttime,gaining 32% over the –20 around from the prior quarter, petition. that will have lasting value.” same period ayear earlier. when the Google parent re- Thelatestquarter’s num- 2018 ’19 ’20 In alesspositivesign of Google Cloud revenue climbed corded the firstdropinthe cat- bers weren’t all rosy. Twitter Note:Apple’sfiscal fourth quarter ended Sept. 26 Sources: S&P Capital IQ;the companies howthe pandemic is changing 44%, topping $3 billion forthe egoryincompanyhistory. disappointed investorswith shopping patterns,Amazon quarter.Even“Other Bets,” a Theindustry’soverall move unexpectedly slowgrowthin book and MicrosoftCorp., year,giving the companya said itsphysical stores seg- companycategorythat in- from strength to strength, itsuser base,eventhough it which reported Tuesday—took market value of $1.6trillion. ment, which includes Whole cludes areas such as self-driv- though, risks feeding the criti- also topped estimates forsales in 18% morerevenue in thelat- Thescale of online shopping Foods,saw a10% decrease in ingcarsand internet hot-air cism of government officials, and profit. est quarter than ayear earlier. during the pandemic at times sales from the year-earlier balloons,ekedout morereve- lawmakersand otherswho ar- Apple,the world’smost Alphabet shares,which rose hasstrained Amazon, driving period. nuethan previously. guethat the sector already has valuable company, said sales 3.1% in regular hoursThursday, up staffing and coststoget Amazon WebServices,the Google executives cast their too much clout. rose just 1% and profit jumped almost 7% afterhours. goods to customers. Thecom- company’scloud-computing success as in line with a A day earlier, the chief ex- slipped in the three months Amazonshares,up1.52% panysaid it would add 100,000 operation andits main profit broader wave buoying online ecutives of Facebook, Twitter through September,after it ahead of the resultsThursday, seasonal workersinthe U.S. center,posted $11.6billion in commerce.“We’repleased the Inc.and Alphabet were grilled delayedthe launch of itsflag- retreated around 1.6% in after- and Canada heading intothe sales in the quarter,rising 29% way advertisershavereacti- in ahearing by the Republi- ship newiPhone because of hourstrading,eventhough holidays ahead of an expected from ayear earlier. vatedtheir budgets,” Chief Fi- can-controlled SenateCom- thepandemic. sales and profit both beat ana- increase in online orders. The Amazon’sburgeoning adver- nancial Officer Ruth Poratsaid. merce Committee focused on Together,the five biggest lysts’ estimates.Beforethe companysaid it had 1.13 mil- tising businessalso grew —Rob Copeland thepoweroftheir platforms tech companies by value—Ap- late-afternoon report, the stock lion employees at the end of sharply,with sales up 51% from and Sebastian Herrera over public discourse.Aweek ple, Amazon, Alphabet, Face- wasupmorethan 70%this the quarter,upfrom876,800 at ayear earlier to $5.4 billion in contributed to this article. P2JW304000-0-A00500-1------XA

THE WALL STREET JOURNAL. Friday, October 30, 2020 | A5

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A6 | Friday, October 30, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS GuiltyPleaArises From U.S. Probe of Giuliani Associates

BY REBECCA DAVIS O’BRIEN

AFlorida businessman pleaded guilty Thursdayto charges that he duped poten- tial investorsinafraud-insur- ancecompanyand that he helped associates of Rudy Giu- liani lie to federal election of- ficials about a$325,000 dona-

tion to asuper PACsupporting G President Trump. S

It is the first conviction to OOMBER /BL PRES arise from an investigation by LEY

TED Manhattanfederal prosecutors FO

CIA and the Federal Bureau of In- SO

vestigation examining the PETER AS David Correia in October 2019.

ON/ businessand political dealings of Mr.Giuliani and several as- sociates working on behalf of U.S. states,prosecutorssaid. ANDERS Mr. Trump. Messrs. Fruman and Kuku- YNN shkin have pleaded not guilty. BR In a proceeding conducted People waited in line to vote early at the State Farm Arena in Atlanta earlier this month. by videoconference, beforea Mr.Correia’splea Thursday federal judgeinManhattan, didn’t relate to the marijuana DavidCorreia pleaded guilty business, which didn’t come to to one count of making false fruition. Polling SitesBrace foraWave statementstothe Federal Attorneys for Messrs. Giu- Election Commission and one liani, Parnas and Fruman count of conspiracytocommit didn’t respond to requestsfor Tens of millions of Ameri- MILWAUKEE opening 255 polling sites,91 tions that votedfor Democrat wire fraud in connection with comment. cans voting on Nov.3will en- In April, when Wisconsin morethan during Georgia’s HillaryClinton in 2016, accord- the fraud-insurance company, Last month, federal prose- counter an election infrastruc- held itspresidential primary June primary, said county ing to the Journal’sanalysis. Fraud Guarantee. cutorsinManhattan filed new turethat has undergone rapid andsome stateand local elec- spokeswoman JessicaCorbitt. Martin Ericson, aDemocrat and Mr.Correia, 45 yearsold, criminal charges,saying Mr. changes in response to the cor- tions on the same day,only five It is about 50 morethan the chairman of the county’s board had faced five countsstemming Correia helped Messrs. Parnas onavirus pandemic.The most voting locations opened as Mil- county had open in 2016,ac- of elections,said they merged from his role in multiple alleged and Fruman deflect an inquiry obviousdifferencefor many waukee faced shortages of poll cording to datafromthe Center those polling sites because of schemes involving hiswork from the Federal Election will be the location wherethey workers. forPublic Integrity. staffing concerns and aneed alongside businesspartner Lev Commission about the true cast their ballot. Thecity has tried to avoid a Ms.Corbittsaid the county formorespacefor distancing in Parnas,aSoviet-born business- source of a$325,000 donation repeat by expanding sites for sought to assign fewerthan the pandemic. man who worked with Mr.Giu- Messrs. Parnas and Fruman By Tarini Parti, early voting to 14,fromthree in 5,000 voters to each polling lo- Ms.Soles said some resi- lianitopush Ukrainian officials made in 2018 to AmericaFirst Brian Whitton 2016.And it is opening nearly cation. AWSJ analysis of dentsbrought up concerns to investigateDemocratic presi- Action, asuper PACformed to and John West thesame number of Election county datafound that 14 poll- about the effect on nonwhite dential nominee JoeBiden. support Mr. Trump. Daylocations as in past years: ing locations,which account for voters at ameeting of the Mr.Parnas,who was Messrs. Parnas and Fruman Statesand counties have 173, down by 10 from 2016. morethan 10% of registered county elections board. The chargedinthe same case, has had reported to the FEC that been grappling with accommo- Some closures were at sites voters,havebeen assigned board, made up of three Repub- pleaded not guilty.Mr. Giu- thecontribution came from dating in-person voting during such as senior-housing facilities morethan that number.Rich- licans and three Democrats, lianiwasn’t chargedand has Global Energy Producers, an apandemic.Manyhave encour- that weren’t comfortable open- unanimously approved the list denied wrongdoing. energy import-export business aged early balloting to thin the ing to the public during the of polling locations. It isn’t clear if Mr.Correia’s they had just founded,accord- crowdsonElection Day, with pandemic,ClaireWoodall-Vogg, States and counties PINELLASCOUNTY,Fla. plea—which isn’t acoopera- ing to the latest indictment. In some adding early-voting days executivedirector of the city’s Thecounty,which includes tion agreement, Manhattan fact, prosecutorssaid, the and locations or offering mail- election commission, said in an have grappled with St.Petersburgand Clearwater, federal prosecutorsnoted funds came from a mortgage in voting to morepeople.Some email. accommodating in­ is offering 33 fewerpolling Thursday—would affect the Mr.Fruman had takenout on counties have turned to uncon- Milwaukeehas recruited sitesonElection Daythan in course of the investigation. his apartment, and GEP had no ventional locations likesports 3,600 poll workers—1,000 more person voting. 2016,according to the WSJ Theprobe has doggedMr. income,assetsorbusiness. stadiums that canmaintain so- than forthe 2016 election—to analysis.The reductions were a Trump’sclose ally,Mr. Giu- Federal lawprohibitsthe use cial distancing even with big help voters with social distanc- result of certain sites,such as liani, and the alleged miscon- of so-called straw donors, groups. ing and to clean voting stations, assisted living centers, not be- duct of his associates over- which conceal the true source Thechanges have resulted in along with extravolunteersto ardBarron, Fulton County’s ing able to serveaspolling lapped with theactivities in of funds intended to influence amodest reduction from 2016 fill in forthose who might not elections director,said Tuesday places in the pandemic,said a the impeachment proceedings campaigns. in thetotal number of polling show up on Election Day, Ms. that such sites will have extra spokesman forthe county’s su- against Mr. Trump last year. TheFEC opened an inquiry locations on Election Dayin Woodall-Voggsaid. resources. pervisor of elections. Mr.Correia was arrested in in 2018, and Mr. Correia, who Wisconsin, North Carolina and FULTON COUNTY,Ga. CABARRUS COUNTY,N.C. Thecounty is relying in part October 2019 on asingle count washelping to promoteGEP, Michigan, according to aWall Thecounty,which includes Thecounty will have 39 on itsvote-by-mail system. of conspiracytoviolatethe ban filed an affidavit to the com- Street Journal analysis of data much of Atlanta, had some of sites,versus 46 in 2016.Carol Morethan 50% of all votescast on foreign contributions to U.S. mission saying GEP wasestab- from secretariesofstate and the longestlines during Geor- Soles,director of elections for in Pinellas County in 2016 were political campaigns.The charge lished and well-funded. As he county officials.The Journal gia’sJune 9primary.Some poll the county,which includes sub- by mail. Thecounty also has grew out of alleged efforts entered his plea on Thursday, also obtained polling-location workersdidn’t showupbe- urbs of Charlotte,said the re- five early-voting centersand is with Mr.Parnas and business- Mr.Correia told U.S. District datafor some counties in Flor- cause of the coronavirus,while ductions were made afterthe offering 25 drop boxes. men Igor Fruman and Andrey JudgeJ.Paul Oetken that he ida and Georgia. othersdidn’t knowhow to op- county increased early-voting ThecutsonElection Daygen- Kukushkin to securebenefits knewthe affidavit said things Here’s howofficials in four eratethe state’snew voting options. erally fell in areas with larger andinfluencefor aplanned that were “probably false” but key places have adjusted their machines,according to the sec- Thesites that were elimi- whitepopulations that sup- recreational marijuana busi- he didn’t ask questions.Mr. Election Dayplans and the retary of state’soffice. nated mostly affected areas ported President Trump in 2016, ness, forwhich they needed li- Correia said he believed the challenges they arefacing: On Nov.3,Fulton County is with largenonwhitepopula- the Journal’sanalysis found. censes in Nevada and other FEC probe was unwarranted.

On arecent weekdayin NewTourist Helen, hundreds of visitors Court walked through the town, wandering into T-shirt shops, HotSpots jewelry stores, tattoo parlors Questions and businesses selling pretzels and funnel cake.Storesre- Surprise quired masks, but outside Minnesota some visitorsdidn’t have face coverings. Postersand sand- ContinuedfromPageOne wich-boardsigns set along the Vote Rule vacations away from crowds— streetsurged people to wear poured intothe area. NowMs. masks,declaring “Help us stop BY BRENT KENDALL Decker is booking cabins the spread.” months in advance. Not only Barry Feralin, 54, wasset to Adivided federal appeals did she retain her 21 employ- open the VillageCrepe Haus court ruled Minnesota’sex-

ees,but she also gavethem JOURNAL restaurant in Helen in Febru- tended deadline for receiving bonuses, she said. ary, but the pandemic struck. absentee ballotsislikely un- REET

Overall, the coronavirus has ST He delayedopening until Sep- constitutional, and it ordered

curtailed travel throughout the LL tember,but businesshas gone thestate to segregatelate-ar- U.S.,with people avoiding WA well, he said. He canserve400 riving ballotsfor possible dis-

dense cities,amusement parks THE to 500 customersaday on qualification. R

and other destinations.Most FO weekends forto-goand sit- The2-to-1ruling by the business travel has been can- N down meals, he said. Eighth U.S. Circuit Court of TO celed.But some areas with the “Weare very lucky,” he Appealscastsacloud over MEL

magic formula—a short drive A said. “Ifwewereinadifferent voting rules that allowedfor DR

from large metroareas with a AU town or adifferent state, it the counting of Minnesotans’ lot of outdoor activities and A faux-Bavarian village in Georgia sees an influx of tourists. It’s not Europe, but there are crepes. would be another story.” mailed-in ballots received up few crowds—have seen a Charlie Knowles,80, the to aweek afterthe election, as surge in business as the pan- businessmen hit on the idea in the beer. normally draw hundreds of owner of Alpine Mini Golf in long as they were postmarked demic has shut down other va- 1969 to transform it intoa Helen is set near beautiful thousands,said JerryBrown, downtownHelen, requires cus- by Election Day. The court is- cation options. replicaofaBavarian Alpine hiking and state parks. Many executivedirector of the Alpine tomerstowear masks when sued apreliminaryorder to Conventions in Atlantahave village, completewith Ger- come to go tubing along the Helen-WhiteCounty Conven- coming into his shop, but not hold those later ballots sepa- been canceled. Hotels and res- man-style cupolas,rowsofin- Chattahoochee River that runs tion and VisitorsBureau. But on the course. Staff sterilizes rate while legal proceedings taurants in Savannah, Ga., have ternational flags, German res- through the town. Helen’sres- visitsand advanced bookings the clubs and balls often, but on the deadline continue. struggled, and the cruise busi- taurants and lots of beer. taurants—Troll Tavern and have been so good this summer playing the game means Thestate has distributed nesstherehas been crippled. John and Deborah Childs, TheHeidelburgare just two— and fall forthe region that he groups areoutdoorsand in- morethan 1.7million absentee DeltaAir Lines Inc., based in both 45,came to Helen with offer aquirkyarray of foods expected to see an increase in herently socially distanced. ballotsthat included instruc- Atlanta, has lost billions. their four children forafew and goods, from Reese’s Pea- touriststhis fiscal year.Despite “Peoplesaid, ‘I had to get tions on the extended deadline. In Georgia’sBlue Ridge days from their home in Villa nut ButterExtremedessert to Oktoberfest being canceled, the kids out of the house.I Thelegal challengetothe Mountains,once-sleepy towns RicainWest Georgia. Mr. platters of bratwurst. Shops visitorsare still coming up to had to do something,’” he said. rules wasfiled by apair of Re- are drawing visitors. Families Childs is afurloughed com- sell arangeoftourist goods, the beer halls and dressing in Christy Henson, 39, a man- publicans.The Trump cam- are booking hotels or renting mercial pilot and Ms.Childs including tattoos, toys, fudge German folk costume. ager at Dottie’sKitchen, ares- paign has been seeking asimi- cabins forlong stays,since home-schools their children. and T-shirts declaring, “I put “After the stay-in-place or- taurant specializing in South- lar court order from the parentscan work remotely “The number of options is Ketchup on my Ketchup.” der waslifted, people just ern cooking,said she cried her Minnesota Supreme Court. and children canattend limited,” Mr.Childs said. “You Wesley Dixon and Tiffany flocked to the Georgia moun- eyes outwhen she waslaid off MinnesotaSecretaryofState classes online. go to what’s left.” Stoeckig,acouple in their 20s, tains,” he said. from another restaurant after SteveSimon said his officewas Thepandemic has wreaked Ms.Childs added, “Wewould came to Helen from Atlantato Theeconomyhas bounced the pandemic hit. When she considering possible next steps, havoconthe U.S. economy,al- be in Europe if we could be.” celebrateMs. Stoeckig’sbirth- back here. Theregion’sunem- washired forDottie’s, anew including an emergencyappeal tering consumer behavior, It may not be the Champs- day. They hadplanned to go ployment rate reached a high restaurant that opened in to the Supreme Court. hobbling industries and caus- Élysées,but thereare crepes on acruise from Savannah, of 10.6%inApril, but dropped June,she cautioned her new Theextension wasthe prod- ing widespread unemploy- at theVillageCrepe Haus— but it was canceled. down to 4% by September, bossnot to be upset if busi- uct of alegal settlement aftera ment.Ithas also delivered next door to the Hansel &Gre- “That’snot an option, so we lowerthan Georgia’sunem- ness was slow initially. group of older voters argued an surprises,with some sectors tel Candy Kitchen, and a five- came here,” Mr.Dixon shrugged. ployment rate of 6.4%, accord- “Wehavebeen wide open extended deadline wasneeded thriving in the crisis,from minutewalk from Muller’s “We’ll definitely be back.” ing to the Georgia Department ever since,” she said, with to protect voting rights. Thurs- second homes to bike sales. Famous Fried Cheese Cafe. Ms. Thetown’sbusinesses were of Labor.Bycomparison, lines out of the door and cars day’sruling said the agreement Helen, with apopulation of Childs said her kids like worried when the Helen Cham- metroAtlanta’sunemployment backed up at the to-gowindow raised problems on the grounds about 550 people,was astrug- Helen’s plentiful candy offer- ber of Commerce postponed its rose to 12.9% in April and was everyweekend. “It’sbeen that it undermined the power gling lumber town when three ings; she and her husband like Oktoberfest celebrations,which 7. 1% in September. crazy.” of the statelegislature. P2JW304000-2-A00700-1------EM

THE WALL STREET JOURNAL. ** Friday, October 30, 2020 | A7 U.S. NEWS Hospitals Recovery Tally Proves Tough to Gauge Seea46% BY SARAH TOY Rise in Health researcherscollect various pieces of Covid-19 data to get a handle on the spread Virus Cases of the newcoronavirus,but onemetric has proven tough BY MELANIE GRAYCE WEST to pin down: howmanyin- fected people have recovered. The number of people hos- Among the 8.9million coro- pitalized forCovid-19 in the navirus cases reported in the U.S. has jumped 46% sincethe U.S. so far,some 3.5million beginning of October,with a have recovered, according to 12% rise in the past week Johns Hopkins University, alone, according to data from which tracks the pandemic. the Covid Tracking Project. Yetthe tally of recovered Some 45,045 people arehos- Covid-19 patientsmisses the pitalized acrossthe U.S.,ahigh mark,health expertssay,while not seen sincemid-August. Be- also failing to capturethe

tween Oct. 1and Oct. 28,hos- manypeople who are strug- JOURNAL pitalizations have morethan gling with lingering medical REET

doubled in North Dakota, Ohio, issues from their cases. ST Wisconsin and Pennsylvania. Thedataare so spotty,pub- LL Forthe same time period, hos- lic-health authorities saythey WA

pitalizations areup77% in don’t knowwhat the true THE R

both Texas and NewYork. count is.The national figure FO

Anumber of factorsare fu- displayedontrackerslikely AR eling the virus’sspread across misses the true count by mil- SK the U.S. Morerural communi- lions,estimates Ashish Jha, BHA ties that evaded surgesin dean of the Brown University

cases at the start of the pan- School of Public Health. GABRIELA demic have been hit this fall. The spottiness stems from A patient, center, was discharged from New York City’s Mount Sinai Hospital in May after being treated for Covid-19 symptoms. TheU.S.reported nearly the absenceofboth an agreed- 79,000 newCovid-19 cases for upon definition foracoronavi- authorities track the virus and cases as the number of people ter people get sick,” said Eric tivefor Covid-19 in lateMarch. Wednesday, the second dayin rus recovery and a standard- help people fight it. with a confirmed Covid-19 di- Topol, a cardiologist and pro- Seven months later,she said, arow the totalhas come in ized way to track the numbers “Likealot of these issues agnosis who arealive30days fessor of molecular medicine she still struggles with fatigue over 70,000,according to data of patients, the health experts with data reporting forCovid, aftergetting symptoms.Texas at the Scripps Research Insti- and severeshortnessofbreath compiled by Johns Hopkins say. What constitutes recovery there’sreally not aclear stan- estimates recoveries under a tute.“Thereare people who climbing stairs. She uses her University.Intotal, the nation is so nebulous that some dardfor howtodoit,” said Lau- complexformula that sub- are still ill months after they asthma inhaler everyday,asop- has recorded morethan 8.88 states don’t even track it, and renGardner, aJohns Hopkins tractsdeaths and certain other getsick.Weknowthose symp- posed to onceaweek before million confirmed cases. those that do probably under- University associateengineering cases,and assumes it takes32 toms can be very severe, and getting Covid-19.She nowalso Illinois reported morethan count the true number. professor who leads the team days forhospitalized patients people can be debilitated.” has an irregular heartbeat, re- 6,100 newcases forWednesday, “I’m not aware of anyone” that builtthe school’swidely to recoverand 14 days for Given the complexities, call problems and sometimes just belowarecordset Satur- using the recovery figures, cited Covid-19 dashboard. nonhospitalized patients. some states don’t trytocount drools because the lowerpart of day. Pennsylvania, Ohio,Michi- said Marcus Plescia, chief Both the general public and Such measurements might howmanyhaverecovered her faceispartially paralyzed. ganand Virginia also reported medical officer of the Associa- manyhealth professionals indicatehow manypeople who from Covid-19. Without data Despiteher health issues, totals that were the second- tion of State and Territorial tend to consider patientsre- tested positivefor the corona- from everystate and accurate she fits the description of “pre- highest sincethe pandemic be- Health Officials.“I’veseen coveredifthey feel the way virus didn’t die,but might figuresfromstatesreporting sumed recovered” in Ohio be- gan, Johns Hopkins datasaid. that data, and I’venot paid at- they did beforethey became miss those who never dis- data, the recovery numbers cause she is alivemorethan 21 Thepeaks in hospitaliza- tention to them.” ill. Yetmanystatesdefine cor- playedsymptoms and didn’t givenbyCovid-19 trackers days afterdevelopingsymp- tions forearlier surgesacross Thelack of clarity means onavirus recovery differently. undergo testing. available online areuselessfor toms.“Your body just does not the U.S. were about 58,000 the popular pictureof These states count a Themetrics also missthe vi- assessing howmanypeople recoverfromCovid the way it people. Covid-19’s toll misses a data- Covid-19 case as arecovery rus’sindividual impact, health have recovered, said Jennifer would from the flu,” said Ms. The increases in cases and point indicating that most in- simply because time has expertssay.While some pa- Nuzzo,anepidemiologist and Bourne,55yearsold, who was hospitalizationsare pushing fected people have overcome passed sinceaperson devel- tientsbounceback quickly,oth- senior scholar at the Johns Hop- recently furloughed from her some states and cities to step theillness. And it highlights oped symptoms or wasdis- erscan struggle with side ef- kins Center forHealth Security. job assisting workerswith dis- up restrictions on business, the challenges in assembling charged from the hospital. fectsfor weeks or even months. Donna Bourne of Shelby, abilities.“It’sreally,really hard social and schooling activities. datathat would help health Michigan defines recovered “Thereisavariable path af- Ohio,got sick and tested posi- on you.” Europe’s Covid-19 Cases and Deaths Are Climbing

Europe is onceagain at the Not sinceMarch has Europe develop sufficiently strong al- hind thecurve, health experts “Wehavetolook at the Maraite, the communications epicenter of the pandemic, suffered morerecorded deaths ternativetools to keep conta- say. But manyepidemiologists thingswhich aregoing on in director of LiegeUniversity with the continent nowre- than the U.S. gion lowafter lockdowns ended. contend the speed of the in- Europe at the moment and Hospital Center.About 10% of cording moreand faster-rising On aper capitabasis, Europe’sprograms fortesting, crease is asurprise,and sayit think that’saglimpse of our the hospital’snurses have tested deaths than the U.S. in an deaths from Covid-19 in Eu- tracing and isolating virus car- shows how fast Covid-19 can near future,” said William positivefor the coronavirus. rope are rapidly approaching rierswerelesseffectivethan in getout of control. Hanage, an epidemiologist at In the U.S.,therewere By Margherita the U.S.’s level, after running East Asian countries such as “With the coming of fall and the Harvard T.H. Chan School 45,045 Covid-19 patientsin Stancati in Rome, significantly below American South Korea, which never people spending moretime in- of Public Health. hospitals Wednesday, the high- Jennifer Calfas in New fatalities since May. needed afull-blown lockdown. side,anincrease in cases was Pressureonhospitals is ris- est number sinceAug.14, said York and Valentina Europe’sdaily newinfec- Millions of European citi- expected. What wasnot ex- ingonboth sides of the Atlan- the Covid Tracking Project. Pop in Brussels tions,which averaged 176,400 zens relaxed their behavior this pected is that it would happen tic. In France, more than half Europe is still recording this past week,haveout- summer. Vacation travel and so fast,” said Josep Jansa,an of the country’sintensive-care fewer deaths now than in the abrupt reversal of fortunes stripped the U.S.’s seven-day nightlifesteadily revived infec- infectious-diseases expert and beds areoccupied by Covid-19 spring,but daily deaths are that is leadingsome govern- averageof72,300 daily cases, tions.AsEuropeans returned senior official at the ECDC. patients. In the northern Ital- climbing rapidly,raising fears mentstoreimpose lockdowns according to datafromthe Eu- to schools,offices and public Europe’ssudden lossofcon- ian city of Milan, the influx of that the second wave could be they had hoped to avoid. ropean Center forDisease Pre- transport, fatigue with the trol, aftermonths when infec- Covid-19 patientshas forced worse than the first one. The dramatic rise in infec- vention and Control. pandemic led to patchycompli- tionsappeared to be stable,is the reopening of a temporary U.S. deaths are also rising, tions is stretching the capacity Until this fall, Europe ap- ancewith social-distancing and awarning forthe U.S. of how hospital in the city’s trade-fair butataslowerpacethan in- of hospitals in the worst-hit peared to have the pandemic mask-wearing guidelines. fast the situation candeterio- center.Ineastern Belgium, fections,and moreslowly than cities in France,Belgium, Italy underbettercontrol than the October’s explosivegrowth rate.U.S.infections arerun- medicalpersonnel have been in Europe. In the U.S., the vi- and elsewhere. Around 1,370 U.S.,wherethe contagion curve of contagion in Europe,despite ning at the highest levels so asked to keep working even if rusisstill circulating mostly Covid-19 patientsare dying in never dropped to alow level. manytargetedgovernment ef- farinthis pandemic,and hos- they have the virus as long as among young people,whereas the European Union and the Butshortcomingsaccumulated fortsshort of lockdowns,isa pitalizations areclimbing once they are asymptomatic. European datashowthat in- U.K. everyday on average, as the firstwavebecame a sign of faltering popular coop- again, but the paceofgrowth “Thereare just not enough fections arerising fast among compared with 808 in the U.S. memory. Most of Europe didn’t eration and policylagging be- is slowerthan in Europe. nurses in Belgium,” said Louis people over 65.

topped $100 abarrel. Between Exxon 2009 and 2019,the company spent $261 billion on capital expenditures,while itsoil and Plans Steep gas production remained flat,

JOURNAL and it added $45 billion in debt, according to investment REET

JobCuts ST bank Evercore ISI. Itsreturn LL on capital employedin2009 WA was 16%; last year, it was 4%. SAVE ContinuedfromPageOne THE Analystspredict that Exxon R

tractors, through 2021. It said FO will have to continue borrowing $170 that most of the cutstoU.S. UX money to coverits dividend employees would come from next year,let alone increase itsmanagement offices in production. In amessagetoem- Houston and that it expects THIBODEA ployees last week,Mr. Woods the reductions will be both said thecompanyfaces signifi- ANDON voluntary and involuntary. BR cant headwinds and would suc- TOP Noah Barrett, an analyst at The company said it anticipates it will eliminate around 14,000 ceed by becoming moreeffi- Janus Henderson Investors, said positions through 2021 as the industry tries to restructure itself. cient and cutting costs, the severity of the industrywide including jobs.But Mr.Woods job cutssuggest that they are U.S. oil prices fell to $36 a billions of dollarstopay its said oildemand will ultimately nottemporarybut instead a barrel Thursday, their lowest costly dividend. Itsshares were continue to grow while invest- signal that thecompanies are prices sinceJune. up morethan 3% Thursdayfol- ment in production shrinks,jus- repositioning themselves fora Exxon made the latest an- lowing theannouncement. tifying Exxon’slong-term plans. smaller market forfossil fuels. nouncement aday beforeitis Shelland BP cut their divi- “Even accounting forthe 12 “It’smaybe asign of a set to report quarterly earnings. dends earlier this year to shore short-term demand impact of greater appreciation that the Analystsexpect the companyto up their finances.Exxon and Covid-19,the investment case is impact of this downturn is post itsthirdconsecutivequar- Chevron said this week they still clear,” Mr.Woods wrote. WinesYou morestructural than cyclical,” terly lossfor the firsttime. would maintain their current By contrast, some of Need to Try Mr.Barrettsaid. “Even if de- Exxon has said it is conduct- dividend payments. Exxon’sdiv- Exxon’sEuropean competitors, mand improves,evenifweget ing aglobal reviewofits 74,000 idend, which currently yields including Shell and BP,have some type of vaccine,onago employees and morethan around 10%, coststhe company promised to invest billions of Plus forwardbasis,the world may 13,000 contractors, and previ- about $15 billion ayear. dollarsinrenewable energy, just need less oil.” ously announced 1,600 layoffs Exxon said this year it would forecasting alessrobust fu- 3BONUS Bottles Despiteamodest economic in Europe and voluntarylayoffs cut itscapital expenditures by ture for oil demand. recovery,oil-and-gas compa- in Australia. Shell said in Sep- $10 billion to around $23 billion Exxon might have moreto nies arebeing hammered by a tember it would cut up to 9,000 and has slowedprojectsfrom lose than nearly anycompany sustained drop in consumption jobs in abroad restructuring, West Texas to Africa. It sus- the longer the pandemic contin- of gasoline and jet fuel as mil- and BP plans to cut nearly pended matching contributions ues,according to Mr.Barrett, lions of people work from home 10,000 jobs,or14% of itswork- to U.S. employees’ retirement who said his portfolio doesn’t and avoid driving and flying force, and freeze payincreases plansinOctober. ownany Exxon stock.Ifoil during thepandemic.The In- forsenior level managers. U.S. Exxon struggled before the prices stay around $40 abarrel ternational Energy Agencysaid rival Chevron has said it would pandemic as U.S. shale pro- Exxon will struggle to coverits this month that aprolonged reduceits 44,679 workforce by ducersunleashed vast dividend without borrowing,he pandemic could eliminatemore as much as 15%. amounts of oil and gas, help- said. “When we getto2025 than 4million barrels of oil a Exxon’sshares have fallen ing push down global prices.It they really need higher oil dayfromglobal demand for more than 50% this year,and has been six yearssinceBrent prices to makethe strategy Go to wsjwine.com/now 2WSJW1907 much of the decade. the companyhas had to borrow oil, the global benchmark, work,” Mr.Barrettsaid. P2JW304000-2-A00800-1------XA

A8 | Friday, October 30, 2020 ** THE WALL STREET JOURNAL. WORLD NEWS ThreeDie in French Church Attack Labour Suspends Authorities label knife government deems radical. On Thursday, the French gov- assault in Niceanact of ernment said it would double Ex-Chief terrorism after Islamist down on itsmeasures.“The government’sresponse will be group calls forjihad firm, unyielding and immedi- Corbyn ate,” French Prime Minister NICE, France—Aknife- Jean Castex said beforelawmak- BY MAX COLCHESTER wielding man killed three peo- ersinParliament on Thursday. ple—nearly decapitating one Mr.Macron raised the coun- LONDON—Britain’smain of them—in the NotreDame try’sterrorism-alert system to opposition Labour Party sus- BasilicainNice, policesaid, in “attack emergency,” the high- pended former leader Jeremy an assault being treated as an est level, and said he would Corbyn afteraU.K.watchdog act of terrorism. deploy4,000 additional coun- found the party unlawfully dis- terterrorism soldierstopatrol criminated against itsJewish By Sam Schechner, streetsand protect churches membersduring his tenure. Noemie Bisserbe and schools,bringing the total Areport by the Equality and and Joshua Robinson to 7,000.Church bells tolled in Human RightsCommission on

S memoryofthe victims. Thursdaysaid that during Mr. Surveillancefootage By nightfall, the atmosphere Corbyn’s five-year tenurein showedthe attacker entered PRES had grown tense in Nice. A charge,the Labour Party un- the towering basilicabefore9 TED group,mostly men, marched lawfully harassed and indirectly CIA

a.m. and spent some 25 min- SO toward the church. They discriminated against itsJewish utes inside beforea44-year- AS shouted “This is our home,” a members,with itsleadership LE/

old woman fled the building CO far-right slogan in France, and team interfering in the internal with multiple stab wounds, performed Roman salutes. processfor handling complaints NIEL

said Jean-François Ricard, DA They also held French flags of anti-Semitism and aculture France’s antiterrorism prose- A man prayed outside the Notre Dame Basilica in Nice after Thursday’s deadly knife attack. and sang France’snational an- of tacit permission forparty cutor.She died momentslater. them with their fistsinthe air. memberstospread anti-Jewish Localpolice, alerted by pass- Mr.Ricardsaid the alleged expression as well as the coun- that agroup affiliated with al Policesurrounded the tropes online. ersby,slipped in the door and attacker appearstobeaTuni- try’sstrict divide between state Qaedahad over the weekend group, which placed a wreath “Our analysis pointstoa encountered the alleged at- sian man born in 1999 who ille- and religion. It also came as called for“individual jihad” on on thechurch’ssteps before culturewithin the Party tacker,who shouted “Allahu ak- gally entered the European the country prepared to enter a French soil. Thememo,re- observing aminuteofsilence. which, at best, did not do bar”—or “God is great”—before Union through the Italian is- national lockdown aimed at viewedbyThe Wall Street Jour- Dozens of other people left enough to prevent anti-Semi- being shot and detained, Mr.Ri- land of Lampedusa on Sept. 20, slowing the spread of Covid-19. nal, added that the group cited small candles and ared rose tism and, at worst, could be card said. Inside the church, po- and made it to mainland Italy “Ifwe’reunder attack churches as apossible target on asmall concreteblock in seen to accept it,” the U.K.’s licefound a60-year-old woman in early October.Heunderwent again, it’sfor our values,for and urgedattackerstoram ve- front of the church. Equality and Human Rights whose throat had been deeply surgery forhis wounds on our tastefor liberty,” French hicles intocrowdsoruse knives. “No matterwhat, Iwill Commission said in a report. cut in what one official de- Thursdayand remains in criti- President Emmanuel Macron Theappeal from al Qaeda keep going to church. No one Mr.Corbyn said an “ob- scribed as “anapparent effort calcondition, Mr.Ricardadded. said afterarriving in Nice. “I came,the ministrysaid, in re- will stop me,” said Samia structiveparty bureaucracy” to decapitateher.” A55-year-old Theattack—the thirdFrance want to saytoall citizens, sponse to Mr.Macron’s Monier,59, aNiceresident had prevented improving the man who served as the church’s has endured in just over a whether they practiceareli- broader push to combat “Is- wholighted acandle.She complaints-handling process sacristan also had his throat month—escalates the confron- gion or not, that we are one.” lamic separatism.” Mr.Macron knewone of the victims,the during histenure. He added cut. Policefound aknifewith a tation between radical Islam France’sInterior Ministryon has proposed a law making it sacristan. “He wasaverynice that he abhorred anti-Semi- 7-inch blade,two telephones andaFrench government de- Sundayhad warned in amemo easier forthe government to man, he always had akind tism, “but the scale of the and acopy of the Quran. termined to defend freedom of to policearound the country shut Islamic associations the word for everyone,” she said. problem wasalso dramatically overstated forpolitical rea- sons by our opponents inside and outside the party, as well ECBPlans Stimulus BoostinBid to Stem Economic Woes as by much of the media.” Following his statement, BY TOM FAIRLESS economies,Germanyand slow significantly over coming forthe second wave,and we Hense,senior portfolio manager the Labour Party,which is the France, announced the toughest months,asarise in infections will deploythe same flexibil- at BlueBayAsset Management. U.K.’s main opposition party FRANKFURT—The Euro- coronavirus restrictions since triggers aseries of lockdowns ity,” Ms.Lagarde said. Euro- “She delivered on all fronts.” andnow under newleader- pean Central Bank intends to thespring,European Central across the Continent. pean stocks rallied and the Theeurozone is expected to ship,said Mr.Corbyn wassus- scale up itssupport of the eu- BankPresident Christine Thecentral bank will unveil eurofell against the dollar, report on Fridaythat itsecon- pended pending an investiga- rozone’s economy, seeking to Lagardesaid the bank intended the package, which could in- while yields on Southern Euro- omygrewbyaround 9% in the tion. Mr.Corbyn said he would cushion the region from the to further expand itsmassive cludebillions moreofbond pean government bonds fell on thirdquarter compared with contest this decision. fallout of anew wave of coro- monetarystimulus in December. purchases as well as an inter- the expectation that the bank the second, atorrid paceasthe The 71-year-old quit as La- navirus infections that threat- Ms.Lagarde on Thursday est-ratecut and cheaper loans will expand itsprogram of buy- region reopened afterthe na- bour leader afterthe party ens to knock back a currency warned that the eurozone forbanks,atthe bank’sDe- ing eurozone sovereign debt. tional lockdowns of the spring. wasresoundingly beaten by area that was still recovering economy—which is just cember policy meeting. Ms.Lagarde “made clear However, sincethe summer, Prime Minister Boris John- from spring lockdowns. emerging from itsworst col- “The ECB wastherefor the that the ECB is there, commit- economic activity has petered son’s Conservative Party in a Aday afterEurope’sbiggest lapse since the war—is set to firstwave, the ECB will be here tedand united,” said Kaspar out, Ms. Lagarde said. general election in December.

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THE WALL STREET JOURNAL. Friday, October 30, 2020 | A9 FROM PAGE ONE

tate the house,which she Mortgages bought in an annual Wayne County auctionofforeclosed homes. Are Scarce She went on to buy more. Though her credit scoreim- proved,she paid with cash, In Detroit completing renovations as she saved, which took as long as a year.Ms. Brown, who is 36, ContinuedfromPageOne nowowns four properties,liv- consequenceofbatteredprop- ing in one and renting out erty values plus acommercial three. reality that depresses them “I’m not looking forthe further: Lenderscan’t earn system to help,because Iknow money on tiny mortgages, so it’s not going to,” she said. they don’t make them. Residents unable to access Unfinanceable houses then the mortgagemarket missout go unsold, and their value sags on federal benefitsdesigned to still more. In Detroit, entire spur homeownership.Through neighborhoods aretrapped in the government-sponsored this cycle of languishing prop- mortgageentities Fannie Mae,

erty values and decay,their (2) Freddie Mac and Ginnie Mae, residentsunable to access the theU.S.ensures that lenders tools needed to break it. aremade whole on most mort- JOURNAL Theaverage home is worth gages, apolicythat enables

roughly $400,000 in Grosse REET lenderstospread payments ST

PointePark.AcrossAlter Road LL over 30 years at low interest

in Detroit, entireblocks could WA rates. Mortgages also erect ob-

sell for less. THE stacles to quickly kicking out “Detroit is ahyperbolic ex- R home purchasers who fall be- FO

ample of the waysthat sys- Y hind on payments. tems canfail in terms of hous- DA Some groups areworking ing,” said Laura Grannemann, to fixthe issues that keep BRIAN who oversees philanthropic Alicia Lurry, above left, got a brick home on the west side of Detroit in a seller-financed deal. Vincent Orr, right, purchased two low- lendersfrommaking more work at the parent companyof priced homes in the city for cash and then refurbished them with money from his savings, doing a lot of the work himself. mortgages. Quicken Loans Inc., which is Quicken Loans founded a the nation’s largest mortgage gion’swealth had been pushed Detroit has farfewer mortgages than itssuburbs. program with the Detroit Land lender by dollar amount lent outside Detroit borders, ac- 8,000 BankAuthority to renovate and is based in Detroit. cording to Thomas Sugrue,a Mortgage originations in 2019,bycensus tract* some properties the Land Less than aquarter of De- historian at NewYork Univer- Banktakes over.Quicken 6,000 Mortgages in troit home sales were financed sity and author of “The Ori- 061 15 30 45 07590105 120+ fronts money for repairs and by mortgageloans last year, gins of the Urban Crisis: Race Detroit since then provides financing to in- thesmallest shareinthe 50 and Inequality in PostwarDe- the height of terested buyers. Having one biggest U.S. cities,according troit.” 4,000 the subprime mortgaged property in a ST.CLAIR lending era* to an analysis by Attom Data All the while,the autoin- COUNTY neighborhood will lead to Solutions,aproperty-informa- dustry, hoping to expand its more, the reasoning goes. tion provider. businessand lowercosts, MACOMB 2,000 “Ifweweretojust write COUNTY Forthe city’s residents, it is shifted production out of De- moremortgages in Detroit, I afamiliar story, nowwith a troit. By the time General Mo- OAKLAND think we would be setting peo- 0 newdynamic.Inneighbor- tors and Chrysler filed for COUNTY ple up forfailure,” Quicken’s hoods whereracist redlining bankruptcy reorganization 2005 ’10 ’15 ’19 Ms. Grannemann said. policies oncemade it nearly during the financial crisis, Theproject isn’t self-sup- 80% impossible forBlack Ameri- manyofDetroit’sblue-collar White porting.Mortgagelenderssay cans to getamortgage, access jobs were long gone.Acity LakeSt. Clair revitalizing neighborhoods to affordable credit and the population onceashigh as 1.8 this way typically means put- wealth-building potential of million had fallen to around 60 ting more money intofixing homeownership remain elu- 700,000. Detroit up those firsthomes than they sive. Thehousing collapse in the can eventually be sold for. Themortgages that are financial crisis hit Detroit es- 40 Black Quicken has found that 87% made inside Detroit’s borders pecially hard. In the years of homeownersinthe city who go disproportionately to white leading up to it, lendershad WAYNE Homeownership ratesin aretax-delinquent self-identify CANADA MICHIGAN 20 borrowers.Whites,who make made subprime loans to many COUNTY the Detroit metropolitan as qualifying forexemption up less than 10% of the city’s Detroit residentspreviously statistical area,byrace from property taxesbecause population but often are con- shut out of the mortgagemar- Area of detail their income is belowapov- centrated in areas like down- ket. That brieflynarrowedthe 10 miles 0 erty threshold. It is trying to town where investment is re- homeownership gap between 2005 ’10’15 ’18 teach them howtotakeadvan- viving property values, Blackand whiteresidentsin tage of the exemption and obtained 39% of mortgages metropolitan Detroit, beforea Residential mortgages arescarceinmuch of predominantly Black Detroit. avoid tax foreclosure, a com- last year.Black people make wave of foreclosures drove mon pitfall in Detroit. up roughly 80% of the popula- down property values and tore SOUTHFIELD Morethan athirdofcity tion and got 51% of the city’s up neighborhoods. HARPER GROSSE properties have gone through WOODS POINTE mortgages. TheBlack homeownership WOODS tax foreclosure in the past 15 rate across metro Detroit, in- HIGHLAND PARK years, some morethan once, cludingsuburbs,was 31 per- HAMTRAMCK GROSSE according to Loveland Tech- centagepointslowerthan the POINTE nologies,adatafirm that Detroit home prices Alt FARMS whiteratein2007,the year er tracks land parcels. GROSSE are low, and lenders before the financial crisis. By DETROIT Rd United Community Housing . POINTE can’t make money 2018 it hadgrown to 37 per- GROSSE Coalition,anonprofit, works centagepoints, according to POINTE with the city to buy some PARK on small mortgages. datafromthe Urban Institute, Lake homes headed forthe foreclo- anonpartisan policy-research St.Clair sureauction and sells them group.Detroit has the second- back to their occupants, often biggest such gapafter St. forthe few thousand dollars Afailuretorevitalizethe Louis among U.S. metroareas or so of back taxes, payable city beyond itscenter is an ob- with at least half amillion WINDSOR over about a year. stacle to Detroit’sambitious Black residents. DEARBORN 2019 mortgage originations comeback plans.The money Thesubprime-lending deba- Rent, option to buy flowing toward reviving De- cle leftmanyresidentshesi- Percentage of the population troit misses manyofits neigh- tant to take on debt to buy thatidentifies as Black alone Real-estate investorsalso borhoods, residents say. As a property. frequent the auction. Among MELVINDALE CANADA or in combination with one or result, the city is home to Vincent Orr’s grandmother DEARBORN HEIGHTS RIVER River moreother races† them is Detroit Property Ex- ROUGE oit fancy condo developments in lost her home to foreclosurein ALLEN tr change, the companyMs.

PARK De some places anddilapidated 2007,when he wasateenager. TAYLOR 2miles Lurryturned to when she was LINCOLN ECORSE 0% 20 40 60 80 100 N/A houses in others. Mr.Orr,aproduction supervi- PARK ready to buy in 2018. “You cangodownone block sor at Fiat Chrysler Automo- It finances purchases itself, and it’snice. Youcan go down biles NV,has bought two This traces back to the city's history of Nowthe cityhas farmoretax offering residentsone of the the second block and they’re houses in northwest Detroit redlining, which singledout Black foreclosures each year than it less-desirable options for De- all vacant,” said Linda Smith, forcash at auctions runbythe neighborhoods as being tooriskyfor lenders. has mortgage originations. troitproperties that can’t be executive director of U-Snap- DetroitLand Bank Authority, a mortgaged. Bac, anonprofit promoting public repositoryofproperties 1939 grading of ‘mortgage security’by Properties listedatWayne County Ms.Lurryput $2,000 down economic growth on Detroit’s that arevacant or seized the federal Home Owners' Loan Corp. tax foreclosureauctions in 2019‡ on the $35,000 house and east side. through tax foreclosure. agreed to pay$700amonth Theproblem is worsened Theagencyhas been un- for90months,which included by lenderstightening credit to loading hundreds of houses a 10% interest, much higher deal with the economic fallout monthtothe highest bidder. than the prevailing mortgage of the coronavirus pandemic, Prices start at $1,000,but buy- rate.She moved in at night, which has hit Black Americans ersmust agree to fixthem up. changed the locks,then shared especially hard. Thedearth of Mr.Orr paid $2,100 in 2017 acelebratorymoment with mortgagecredit pushes the forahouse forhis mother. her daughter. city’s Black residentsintoa The roof was caved in, but he She subsequently missed parallel universe of financing liked the brick work on the A: ‘Best’ some payments and the com- optionsthat offer fewerpro- outside. He spent months re- panystarted the eviction pro- B: ‘Still desirable’ tections than atraditional doing the electrical and cess.Detroit Property Ex- home loan. plumbing, replacing windows C: ‘Definitely declining’ changesaid she wasrenting Alicia Lurrydidn’t apply for and doorsand putting up dry- D: ‘Hazardous’ thehouse with an option to amortgagewhen she was wall. buy.Ms. Lurrythought she al- ready to buy in 2018. Instead, Then he did it again, buying *Shows first-lien purchase mortgages forsingle-family,primary residences †Five-year average ‡Excludes properties thatwerewithdrawn ready owned it. “Congratula- Sources: LendingPatterns.com(Mortgage originations in 2019,bycensus tract, Mortgages in Detroit); Urban Institute(Homeownership rates); she signed aseller-financed the house next door forhim- Detroit Land Bank Authority(Mortgage origination locations in Detroit); U.S. Census Bureau’sAmerican CommunitySurvey (demographics); Digital tions on your recent pur- deal to purchase a three-bed- self last year for$1,200.Heis Scholarship Lab at the UniversityofRichmond (HOLCareagrading); Wayne County Treasurer's Officevia Loveland Technologies (foreclosureproperties) chase,” her paperwork from room brick house with a nearly finished fixing it up, the companysaid. “You are brown-and-yellow awning on too. He has used about cities with smaller popula- What’smore, in neighbor- the county population, accord- now the OWNER.” the west side of Detroit for $100,000 of savings, plus a tions. hoods wherefew mortgages ing to the National Community Thecompanysaid in a $35,000. good bit of elbowgrease,to Thelow property values are exist, there is a greater risk a Reinvestment Coalition, anon- statement provided by an at- It wasn’t until she fell be- complete the renovations. the primaryculprit. Lenders home won’t appraise foras profit focused on community torney that Detroit Property hind on paymentsthat she “Cashisking because no- canearn so little profit on much as the purchase price, wealth-building. Exchangehelps customersbe- learnedshe wasn’t actually body can deny you,” said Mr. small mortgages—those of which typically causes a loan come homeownersinacity buying the home.The contract Orr,who is 30.“Thehouses around $70,000 or less—that application to fall through. that traditional lendersavoid. she signed lefther responsible that require a mortgage, a lot they oftenfind it not worth Lowornonexistent credit Fixer-upper Ms.Lurry, 52, lost her job forupkeep and property taxes, of people are reluctant.” the trouble to make them. scores areanother hurdle. When Kelly Brownbought a as apastrycook when the cor- but she won’t getthe deed un- Small-dollar home lending LaKesha Hancock,ahousing fixer-upper several years ago onavirus shut down the casino til the final payment is made. has been on the decline across counselor and program man- forroughly $5,000,she went whereshe worked. Her lawyer, Black Americans have al- Property values the country, ashiftthat hous- ager at U-Snap-Bac, said many to abank whereshe had an SteveKnoxatnonprofit Michi- waysstruggled to access af- Alot of lendersare reluc- ing analystssay dispropor- of her clientsaren’t able to de- account seeking apersonal ganLegal Services,spent fordable credit in Detroit. tant, too. Fewerthan 1,700 tionately affectspeople of velop the banking relation- loan forabout $15,000.The months negotiating a new ar- Starting in the Depression era, mortgages were extended last color. ships needed for a qualifying banker told her he couldn’t rangement. She expectstoen- maps of Detroitwereawash in year in the city of 670,000 “Thisisabig issue of our credit scorebecause thereare approveitbecause of her sub- terintoanew contract that redlines singling out Black people,according to aLend- time,” said Alanna McCargo, too few financial institutions prime credit score, Ms.Brown will makeitmoredifficult for neighborhoods as riskyplaces ingPatterns.com analysis of co-director of the Urban Insti- in much of the city. said. She said she thinks it the companytoremoveher forlenderstomakehome first-lien purchase mortgages tute’s Housing Finance Policy In Wayne County,which in- waslow because she didn’t from her home and will lower loans. forsingle-family,primaryresi- Center.Increasing the volume cludes Detroit, census tracts have many financial accounts her interest rate.Itwill now By 1968,when the Fair dences using Home Mortgage of smaller mortgages “would wheremorethan half of the in her name and hadn’t at- be 8.5%, still roughly three Housing Act outlawed redlin- DisclosureAct data. That is go along way to reducing the people are minorities contain tempted to build her credit. times the rate of astandard ing,the city washighly segre- aboutasixth as manyasin racial homeownership gap,” 26% of the county’s bank Insteadofborrowing,she 30-year mortgage. gated, and much of the re- Oklahoma City and LasVegas, she said. branches while housing 45% of used her savingstorehabili- —Graphics by Tristan Wyatt P2JW304000-2-A009A0-1------NS

A9A | Friday, October 30, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK City Sees Steady Rise in Covid-19 Cases

Officials cite increase the city hit 1.92%, the highest positivity rate hits2%, it could nightclubs areofparticular While the rise has been rela- the holidays unless it is abso- sincemid-June,the mayorsaid triggerthe closureofindoor concern, he added. tively slow sincethen, he said, lutely necessary. On Tuesday, in indoor gatherings, at anewsconference. Mean- dining acrossthe city,which Travel represented roughly city officials areconcerned that he said the city will aggres- urge New Yorkers to while, the daily positivity rate would be determined by the 10% of all newcases in the it hasn’t fully abated. sively enforcea14-dayquar- was2.70%, city officials said. state. He said NewYork City past few weeks, including 7% “Right nowour guidanceis antine forpeople traveling keep up precautions Mr.deBlasio,aDemocrat, schools would close if the due to domestic travel and 3% not about one specific indus- from 39 states and the two said the weekly averageposi- seven-dayaverage reaches 3%. from international travel, ac- tryortype of setting changing U.S. territories of Guam and BY EMMA TUCKER tivity rate wasparticularly Thestatewide positivity rate cording to JayVarma, the itsbehavior,but it really has Puerto Rico, where coronavi- worrisome afterithovered be- was1.37%, the second-to-low- mayor’ssenior adviser for to be acrossthe city,” Dr. rus cases are rising at higher NewYork City is recording a tween 1.5% to 1.7% from the end est in the country, excluding public health. A smaller num- Varma said. “Wearing amask, rates. slowand steady rise in of September to mid-October. specific “microcluster” areas, ber of cases areassociated avoiding anygatherings, keep- Mr.deBlasio warned that Covid-19 cases,Mayor Bill de “Wemust be really strong according to Gov.Andrew with indoor settingssuch as ing physical distance, particu- city officials would break up Blasio said Thursday, with at this moment,” he said. Cuomo’s office. people having gatheringsor larly as it gets colder and peo- large gatheringsorindoor health officials blaming some of “Where we are telling people Mr.deBlasio attributed working in offices, he said. ple move indoors.” events during Halloween this the uptick on out-of-statetrav- to play it safe, it’s not an idle most of the rise in cases in the Dr.Varma said the decision Themayor on Thursdayre- weekend, but said outdoor elersand indoor gatherings. message.” city to certain hot-spot neigh- to impose lockdown restrictions peated what he said earlier trick-or-treating in small Theseven-day-average posi- The mayor previously said borhoods in Brooklyn and on the hot spotsearlier this this week,advising NewYork- groups while wearing masks is tivity rate forCovid-19 testsin that if the seven-day average Queens.Bars, restaurantsand month helped drivedowncases. erstoavoid traveling during safe. In New Jersey, Mail-In Ballots Are Pouring In N.Y. State Senate DemocratsPress To BoostVetoPower

BY JIMMY VIELKIND

Democratssecured amajor- ity in the NewYork stateSen-

atewhen they gained eight JOURNAL seatsinthe 2018 elections. REET

This year,they have their ST

sights on winning a superma- LL

jority that would let them WA

override agubernatorial veto. THE R

No party has controlled two- FO

thirds of the 63-seat chamber TZ

since1947. But Deputy Senate HUL SC Y

S Majority Leader MikeGianaris said his fellowDemocratsare CIND PRES pushing to reach the threshold TED in Tuesday’selection.

OCIA “It would giveusthat much SS

/A morebargaining powerto push our agenda,” he said.

WENIG There are now 40 Democratic senators, so the party would SETH COUNTDOWN TO ELECTION DAY: Linda Aftab and other Board of Election workers prepared mail-in ballots for counting in Linden, need anet gain of two seatsto S

N.J., on Thursday. The state is holding its first mostly mail-in election this year, having sent ballots to all active registered voters. reach a supermajority. PRES

Democratsalready makeup TED

morethan two-thirds of the OCIA

150-seat stateAssembly and SS all statewide officeholders—in- /A cluding Gov.Andrew Cuomo— Residents Confront Police Cuts PENNINK aremembersofthe party.A spokesman forMr. Cuomo said HANS he couldn’t think of anything MikeGianaris, top, says Democrats BY EMMA TUCKER identshavebeen advocating Gardens,Brookville,Laurelton Overall major felonycrime in the Legislaturewould pass arepushing forasupermajority. forthe precinct, which would and the southern area of Cam- the 105th Precinct is up nearly that the governor wouldn’t Republican Robert Orttsayssince Residents of apredomi- have been designated the 116th. bria Heights, and would have 12% forthe year so far com- sign, and that he “looks for- getting amajorityDemocratshave nantly Black area of Queens They sawthe precinct as a absorbed morethan half of the pared with the same period in ward to agrowing conference.” ‘passed terrible changes to the had mixed feelingsoverthe community benefit that would 105th Precinct’sgeographic 2019,NYPD figuresshow. Legislatorshaven’t overridden criminal justicesystem.’ summer when New York City have improved police-response area.The 105th is one of the FormanyQueens residents, any of Mr. Cuomo’s vetoes lawmakerseliminated funding times and enhanced commu- largest precinctsinthe city in however, the effort to build sincehetook officein2011. Valley.Law enforcement for the long-awaited creation nity relations by offering pub- terms of geographic boundar- the precinct is at odds with the In the last two years, Dem- unions and acosmetics heir, of anew policeprecinct and lic spaceand ayouth center. ies.Manyresidentsinthe 105th movement to reform policing. ocrats strengthened and made RonaldLauder,have spent the construction of astation “Thereisnobetterway to sayits sizeleads to slowerpo- DeandraSimon, a23-year-old, permanent rent regulations millions of dollarsthrough po- house in their community. bring the community together, lice-response times to 911 calls. said the city should instead in- forroughly amillion apart- litical independent expendi- MayorBill de Blasio and the build trust with the department vest in moreadvancedpolice ments, enhanced abortion pro- ture committees to amplify city council scrapped spending and ensurethat youare not body cameras,patrol cars and tections, set newclimategoals their message. on the project as part of the only reimagining what policing Queens communities other equipment to betterhold and changed criminal-justice Mr.Gianaris dismissed this budget they approved on June looks like, but also what the officersaccountable. laws,including the elimination as fearmongering,and said 30 following weeks of large- spacelooks likewithin the com- grapple withshelving Thecity budget approved in of cash bail formanyoffenses. changestothe bail lawhave scale protestsprompted by the munity,” said City Councilman plans foranew June trimmed nearly $1 billion Republicanleaderssay two made the legal system fairer killing of George Floyd,aBlack Donovan Richards,aQueens in funding forthe NYPD.Aspart yearsofDemocratic control forall defendants. He said man, in Minneapolis police Democrat.Hesaid he is work- precinct and reforms. of the deal, $92 million allocated have given them something to subsidies forAmazon weren’t custody. Black Lives Matter ing to reinstatethe funding. forthe 116th Precinct in 2017 rally against—particularly the justified, and noted the com- protestershad called forde- The116th Precinct, referred wasdiverted to anew commu- bail changes. Senate Republi- panyhas been expanding in funding the NYPD and other to by some southeast Queens nity center in Jamaica, Queens. canLeader Robert Orttsaid New York City regardless. departmentsaround the coun- residentsasthe “40-Year Some longtime residents A mayoral spokesman said the newlaw contributed to an Several outside groups are try, and investing in social ser- Dream,” wasenvisioned by the said the newprecinct is City Hall worked with the city increase in crime this year, helping Democrats, and the vices and economic mobility local community as amodel needed morethan ever to help council to pass a budget that and faulted Mr.Gianaris for party’s candidates and central- for Black communities. forfuturepoliceprecincts. Mr. stem the rise in crime. Shoot- “balanced public safety with helping to scuttle Amazon.com ized campaign committeehave Manyresidentsinsoutheast de Blasio announced the site ingsand murdersinNew York real, substantivereforms.” An Inc.’s plans to bring at least outspent Republicans by as Queens agreed with the calls to of the new 116th Precinct sta- City have risen sharply since NYPD spokeswoman referred 25,000 jobs to aheadquarters much as 10 to 1insome key end policebrutality,but some tion house in 2017. the city began aphased re- to aprevious comment from campus in Queens forupto$3 districts, according to aWall were torn that plans foranew Thenew precinct would opening of itseconomyinJune the mayorthat said one of the billion in tax incentives. Street Journal analysis of precinct were onceagain put in have coveredthe neighbor- aftermonths of lockdown to city’s goals is to reallocatere- Thetwo chambersofthe campaign finance records. limbo. Sincethe late1970s,res- hoods of Rosedale,Springfield contain the spread of Covid-19. sources for young people. NewYork stateLegislaturewere Another key variable is the divided by party formost of the contest between President last 50 years. When Democrats Trump and former Vice President wonamajority of stateSenate JoeBiden.Democratic turnout is NYPD Appoints Black Woman to Top Post seatsin2018,itput the party in typically higher in presidential full control of stategovernment. election years, but in 2016 Mr. “This is aconferencethat Trump increased Republican BY BEN CHAPMAN of changes in the topranks of Mayor’sOfficeofCriminal Jus- tionships with local communi- has passed terrible changes to turnout in most areas outside of the nation’slargest policeforce ticeElizabeth Glazer,marking ties and increase public safety. the criminal justicesystem NewYork City compared with Aveteran NewYork Police announced by Mr.Shea at a the departureoftwo key archi- Ms. Holmes, who counts 16 that have single-handedly MittRomney’s2012 run. Demo- Department officer will become news conference. Ms.Holmes tects of Mr.deBlasio’s attempt immediatefamily membersas marshaled lawenforcement cratic performanceinmost areas the firstwoman to be named will oversee about 20,000 offi- to changecriminal justiceinthe colleagues at the NYPD,said against them,” Mr. Ortt said. outside NewYork City waslower chief of patrol, one of the high- cers.She succeeds former Chief city by decreasing arrestsand she is grateful to assume the Republicans are on the of- in 2016 than in 2012. est-ranking postsinthe de- of Patrol FaustoPichardo,who incarceration, while strengthen- newrole.Mr. Shea praised her fensive in a half-dozen down- Siena College Research In- partment, NYPD Commissioner resigned Oct. 13 afterconflicts ing community relationships. understanding of policing in stateseats. They aretargeting stitutepollster Steven Green- Dermot Shea said Thursday. with MayorBill de Blasio,ac- Themayor said Ms.Holmes, NewYork City,calling her “the Sens.KevinThomas,James bergsaid surveysinNew York JuanitaHolmes,who wasal- cording to policeofficials fa- who has worked in the NYPD complete package.” Gaughran andMonicaMarti- this year showroughly aquar- ready the highest-ranking Black miliar with thematter. since1987,with the exception Mr.Shea also said NYPD nezonLong Island; Sen. An- terofRepublicans saythey woman in the NYPD,will start Mr.Pichardo’s resignation of ayear in the privatesector, Chief of Transit EdwardDela- drew Gounardes in Brooklyn; will support Mr.Biden over the newassignment Friday. Her wasfollowedaday later by the is key to a“newgeneration” of torrewould become the depart- and Sens.Jen Metzger and Mr.Trump.That could have promotion wasamong aseries resignation of director of the leadersmeant to deepen rela- ment’schief of labor relations. Pete Harckham in the Hudson effects in down-ballot races.

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A10 | Friday, October 30, 2020 THE WALL STREET JOURNAL. ARTS IN REVIEW

here’s a puzzlement FILM REVIEW |JOE MORGENSTERN whereawoman in acheongsam worth pondering in Fred- plucks apipa while she sings“Red erick Wiseman’s “City River Valley.” And youmarvel that Hall,” the latest in a re- the city holds together as well as it Tmarkable string of 43 ‘CityHall’: An Inspiring does from daytoday.(Unlikelocal documentary features TV news,“City Hall” keeps anyand that began with his “Titicut Fol- all street violenceoff-screen. The lies” in 1967. (This one is stream- DisplayofMunicipal Bonds conflictshereplayout peacefully, ing as a Film Forum release in vir- if oftenfervently,inconference tual cinema, and will soon share rooms and community centers.) online revenues with other the- When my daughter was little, aters around the country.) Set in Boston, a documentary celebrates the ideals of civic governance one of the books I loved reading Why would a serious filmmaker, with her was Richard Scarry’s and a lawyer by training, open a “What Do People Do All Day?” All film focused on the workings of those workers doing all that work city government—the city in ques- in Busytown! “City Hall” conveys a tion being Boston—with a call-cen- similar sense of intense industri- ter operator taking a report of a ousness, even if the workers don’t stray dog walking on a roadway, have cute animal heads. and close his leisurely epic 275 Aclerk listens,really listens,toa minutes later with another opera- first-time father,ashedescribes,at tor intoning earnestly over the end great and endearing length, how credits: “I have down that you’re his carhappened to be parked in reporting there is something front of afirehydrant in the middle wrong with the hawk’s eyes, and of the night. (Does she still make that the hawk isn’t acting normal, him paythe ticket? Watchthe film and it is feeding on a pigeon on to find out.) Ayoungish Black the street rather than flying away health department inspector under- with its food, and there are a lot stands that he’salso being pressed of people around the hawk, but the intoserviceasatherapist foranel- hawk didn’t seem to be able to fly derly whiteresident with arodent- away”? Is Mr. Wiseman, who can infestation problem. In addition to be sly on occasion, trying to tell us the ratthat’staken up residencein that the city is going to the dogs, agreasy stove, the poor man is be- or that it’s for the birds? set by his ownfailing health, the Not likely.His film, narration- sad stateofhis house,and his free as always,constitutes alove brother’s effort to evict him. “My lettertocivic governance, and the spirit is broken,” he says,towhich notion of democracy, at atime the health department guyreplies when public discourse seethes with quietly,with feeling,“Ihear you.” scorn forurban life. It is also acel- If I’vegiven the impression that ebration, simultaneously clear-eyed Boston mayor Martin J. Walsh in Frederick Wiseman’s documentary, above; two other stills from the film, below “City Hall” portrays Boston as a and optimistic,ofwhat shining,happy city on Boston’sgovernment, Beacon Hill, that is under itsmayor,Martin hardly the case.Nocity J. Walsh, has been trying has been exempt from to achieveinacity that’s the nation’supheavals, endured morethan its even beforethe pan- shareofracial turmoil in demic struck.But Mr. the recent past. Thereis Wiseman’sfilm shows us, slyness, forsure, but without telling us,that also sweetness, in using American cities continue people’sconcerns foran- to be laboratories forre- imals as bookends fora birth and innovation. The documentarythat tracks spirit of this one is em- the city’s everyday lifein bodied in itsmayor, minuteand enthralling Marty Walsh. ADemo- detail. (Completed be- crat and unabashed lib- fore the pandemic,the eral, he’salso acancer film also serves as abit- survivor,arecovering al- tersweet reminder of coholic,and avirtuoso howvital urban lifecan be.) meet, schmooze, discuss, plan, ar- teninthe film. It’spart of ritual illustrated by elaborateeffortsat storyteller with agift, common to You can imagine all those peo- gue, negotiate, marry, speechify exhortations from the mayorand outreach. Thefilm rendersno great pols of the past, forconnect- ple standing over the troubled (often eloquently), rejoice (for the his staff,the thing they knowthey judgmentsonthe city’s success, ing to everyone who crosses his

hawk. But you can watch the ubiq- Red Sox, of course), plead for re- all need to be in this angrymo- yetyou can’t help but be bedazzled path. “Ifyou see me on the street,” (3) uitous mayor and scores of offi- lief from parking tickets and de- ment of American historyifthey’re by the polyglot complexity of the he says at onemeeting,“grab me cials and workers doing their jobs mand respect, as well as get it, going to keep,orregain, their con- place—a poor section of and tell me what the problem is.” FILMS AH

with visible diligence, while citi- from their chosen representatives. stituents’ trust. “Diversity” and Dorchester that’s42% Cape Ver- That’swhat people do,and it’sa OR

zens all across the venerable city “Respectful” is awordheardof- “inclusiveness” come up alot too, dean, aChinese-American festival pleasuretowatch them do it. ZIPP

THEATER REVIEW |TERRYTEACHOUT through his façade of well-heeled At no time do any of the 10 mem- greatly heightened by Ryan Rum- gentility. In the anguished words bers of the cast yield to the temp- ery’s incidental music, which of Sara (Belle Aykroyd), his daugh- tation to overplay their hand: screws up the dramatic tension to Finding Powerina ter, “Will you never let yourself Their performances are in close the highest possible pitch. wake up—not even now when keeping with the intimacy of this I’m pleased to report that more you’re sober, or nearly? Is it stark kind of presentation, and Mr. Cuc- and moreAmerican theatersare Trying Play mad you’ve gone so you can’t tell cioli is vastly superior to anyone creating webcast versions of their anymore what’s dead and a lie, else I’ve seen take on the role. His productions in order to keep in tightly controlled touch with their stay-at-home audi- HOWBAD can a play be outward manner ences.Alas,too manytheatersare and still be good? Eugene Robert Cuccioli does nothing to still settling forsuch stopgapfare O’Neill tested the limits in ‘A Touch of conceal a life- as lectures,concerts, panel discus- many times, perhaps the Poet’ time’s pain and sions and unstaged playreadings. most exasperatingly in bitterness. It’snot that these areofnointer- the long-winded, top- The Irish Rep est at all, but onceyou’veseen the heavy “A Touch of the was about to Irish Rep’s“ATouch of the Poet” Poet,” whose first act open a revival of or the similarly polished version of (there are four) consists “A Touch of the Conor McPherson’s“St.Nicholas,” almost entirely of clumsy Poet” when the streaming through Oct. 31 from exposition that could and pandemic shut Dallas’sUndermain Theatre, you should have been the theater will likely find yourself disinclined dumped. The results are down. Now it has to settle foranything less. all but unwatchable in “reassembled” its Lest we forget, it’s going to be a anything short of a first- far-flung cast long time before America’s the- class production—which electronically, aters reopen and longer still be- is just what the Irish taping their per- fore most people are willing to at- Repertory Theatre has formances in tend public performances, and given “A Touch of the their homes in even after things return to some- Poet” in its latest web- New York, New thing rather more like normal, re- cast. Perfectly cast and Jersey, Berlin, gional theaters can make their staged by Ciarán O’Reilly South Dakota, work known from coast to coast and brilliantly produced and Lookout by putting it on the web. There is, by a virtuoso team of de- Mountain, Tenn., in short, no downside to webcast- signers and editors in- then superimpos- ing your productions—if you do it cluding Sarah Nichols, ing them on right. “A Touch of the Poet” is the show’s miracle-work- high-definition right in every way. ing video editor, it is a photographs of shining model for any Charlie Corc- A Touch of the Poet company putting its work online This pretense is a continuous slap and what’s the living truth?” oran’s stage set. With each succes- Irish Repertory Theatre, New York during the Covid pandemic. in the face of Nora (Kate Forbes), When done poorly, “A Touch of sive webcast, the Irish Rep’s “per- (viewable online through Nov. 1, A 19th-century costume piece, his loyal but long-suffering wife, the Poet” is all but unendurable. formances on screen” (as they call free). For electronic “tickets,” go to “A Touch of the Poet” is the story who forced Con, a man of colossal When done like this, it’s still too them) have grown technically irishrep.org or call 212-727-2737 of Con Melody (Robert Cuccioli), a vanity, to marry beneath his imag- long (the running time is two more polished, and in this one the Byron-quoting soldier turned alco- inary station by getting pregnant hours and 45 minutes) but power- illusion that the actors are sharing Mr. Teachout, the Journal’s drama holic innkeeper who has frittered and has lived with the conse- fully compelling nonetheless, and the same physical space is un- critic, is the author of “Satchmo at away his life passing himself off as quences ever since. Even now, he I’m tempted to say that it is canny to the point of occasional the Waldorf.” Write to him at REP

a to-the-manor-born gentleman. supposes that no one can see helped by being watched at home. eeriness. The atmosphere is [email protected]. IRISH

THECOVID STORM TheWallStreetJournalexamines thecauses of theCovid-19catastrophe andthe bungled AWSJ InvestigativeSeries response that followed.

Read each installment at WSJ.com/covidstorm

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THE WALL STREET JOURNAL. Friday, October 30, 2020 | A11 ARTS IN REVIEW

FILM REVIEW |JOE MORGENSTERN nity with a doughnut-shop leasing the extraordinary Mr. Ngoy, a program for Cambodians only. The Cambodian who saw and seized program, in turn, created so many his main chance in merchandising family-run shops with such low America’s quintessential fast food. AYeastyChronicle overhead—everyone in the family The filmmaker, Ms. Gu, is Chinese- devoting endless hours to back- American, born and bred in Los breaking work—that nationally es- Angeles. She has a sharp eye for tablished doughnut chains were ef- the way the city reveals its sur- Ted Ngoy in ‘The fectively driven out of the state. prises, some of them hiding in Donut King’ How do such prodigies of enter- plain sight in minimalls. Her film, prise do it? Energy born of dire which reveals its budget con- necessity is one obvious answer. straints through archival material But a mysterious sort of social of varying quality, is about how Darwinism would also seem to be this country looked and sounded at play in the spectacular rise of at a time when it welcomed refu- someone like Ted Ngoy. At his apo- gees from tyranny. She includes gee he was a multimillionaire with news clips from presidents as po- a lakefront mansion—where he litically diverse as Gerald Ford and took in all 50 members of a Cam- Jimmy Carter using the same bodian dance company for a cou- phrase in their welcoming ple of weeks when the visiting speeches: “We are a nation of im- troupe ran out of money—and re- migrants.” (She also notes push- ceived an award for achieving the backs against unrestrained immi- American dream from President gration with a clip of California George H.W. Bush. governor Jerry Brown questioning Another sort of mystery lies in whether the state could absorb all his ruination. How does a border- the Cambodian and Vietnamese INMENT line saint who appears to have it refugees coming into it.) TA all—loving wife, lovely family, The film is about Ted’s benefi-

ENTER adoring friends, riches that con- ciaries as well, the generations of tinue to multiply—manage to lose lessees and owners who’ve it all as an abusive, adulterous kneaded the dough, shaped the

GREENWICH compulsive gambler? It’s tempting cakes, lifted the trays into the to speculate about some deep- steaming fat and greeted their lice Gu’s “The Donut ugee separated from his family. he smelled doughnuts being baked seated inability to believe in his faithful customers, as they still do King,” streaming as a Born dirt-poor—literally so, in a in a doughnut shop near the gas success, or to see parallels be- in shops all over L.A., with bright virtual cinema release, house with a dirt floor—he’d mar- station and went over to try one. tween the fiercely focused drive to smiles. And “The Donut King” is is one of those docu- ried well, become a major in the It was love at first bite because succeed at the outset and the about the doughnuts themselves— Amentaries that discov- Cambodian army and fled to Thai- the humble bun reminded him of a fierce but uncontrollable desire to how they’ve evolved over the de- ers a terrific story in an land just before the genocidal Cambodian cake called nom kong. acquire ever more wealth at the cades from a sturdy staple into a unlikely place. Or places, in this madness of the Khmer Rouge ef- Taking the next fateful step, he en- casinos in Las Vegas. Ted isn’t in- fantasy, if not quite a delicacy, of case—the Cambodian-owned fectively sealed his country shut rolled in a three-month Winchell’s clined toward self-reflection, at prismatic colors and preposterous doughnut shops that constitute for four years. Sponsored by a Lu- Donut training program. A year least on camera: “It’s a monster in toppings. In the interest of full dis- 80% of the 5,000 independent theran church in Orange County, later he bought his first doughnut me,” he says at one point. Return- closure, I should say that I’ve fried-dough filling stations in he changed his first name because shop while still a Winchell’s em- ing to Cambodia, he drops out of scarfed countless doughnuts from Southern California. It’s an immi- no one could pronounce it and, at ployee. By 1979 he owned 25 shops the film for quite some time to- a Santa Monica minimall shop fea- grant-makes-good tale filled with 33 years of age, found a nighttime and was on his way to becoming ward the end. But then he comes tured prominently in the film, and uplift and downfall in equal mea- job pumping gas in La Mirada, a the Cambodian community’s truly back as a convincingly happy man. they’re as delectable as they look. sure, and there’s no glazing over city in southeast Los Angeles legendary Uncle Ted—a benefactor “Right now I feel very peaceful,” Like Molière’s Monsieur Jourdain, the heartbreak. County. who brought his extended family he says. “I want to be a regular, who was pleased to discover he’d The king of the title, Ted Ngoy, But then, as Ted recounts his here, sponsored an additional 100 ordinary person.” been speaking prose all his life, was named Bun Tek Ngoy when he own legend, came a pivotal mo- or so immigrant families, and “The Donut King” is about many I’m glad to know I’ve been eating arrived in California in 1975, a ref- ment. One night around midnight shaped an entire ethnic commu- things, starting and ending with Cambodian for decades.

TELEVISION REVIEW |JOHN ANDERSON Hacking Health

THE THRUM of horror-movie vi- fear.The film is in one respect a brations underpinning the science- classic rise-and-fall storyabout based documentary“Citizen Bio” Traywick,whose intentions vis-à- maybelurid, but it’snot inappro- vis medical progress—to“not let priate. Aprincipal element in the delaystand in the way,” by which story, afterall, is death—thatof he meant FDAapproval—was over- Aaron Traywick,who in 2018 was takenbythe dominanceofhis hus- found dead in asensorydepriva- tler gene,which at one point tion tank,igniting conspiracytheo- kicked in and alienated most of his ries and bringing adegree of scru- allies in the world of biohacking. tinytothe entirefield of Thestory told is the stuff of outra- biohacking,orrogue medical re- geous sci-fi, at least to those of us

search, that it hadn’t previously without doctorates in biologyor WTIME

experienced. medicine. SHO Butasdirected by Trish Dolman Fortunately forthe layman, Russ Foxx in Showtime’s documentary ‘Citizen Bio’ and executiveproduced by Graeme given the amount of jargonand Manson (“Orphan Black”), “Citizen technical detail in “Citizen Bio,” Bio” is also about life—the effort the film takesgreat painstoex- man body in an effort to become ing itssubjectsquitesomuch. It research and government approval to extend it and makeitless“mis- plain exactly what it’stalking cyborg-like. That such effortsoften also swingsback and forth be- regarding,say,vaccines.Could the erable,” as one subject says, about and makeitaccessible.Bio- seem to accompanyother body tween being about biohacking itself medical “kitchen culture” come up through off-the-grid research, self- hacking,for instance, which in- modifications/mutilations (tattoos, and Traywick.Biohacking is more with acurefor the coronavirus? experimentation, DNA modification volves medicalresearch by uncon- piercings, scarrings) isn’t some- engaging. “Citizen Bio” will have youbeliev- and DIY gene editing.According to ventional people and means,and thing “Citizen Bio” commentson, Thetiming of the film is both ing it’snot only possible,but may biohackersinterviewed, HIV,her- “grinders”—those who hack them- nor areany moral conclusions good and bad—bad because it pre- be happening already. pes,infertility and other maladies selves with scannable magnetic drawnabout the activities within. dates Covid, good because viewers could all be curable but foracom- chips,night-vision eyedrops and It might have been amoreinterest- will bring to it aheightened aware- Citizen Bio bination of regulation, avariceand various means of modifying the hu- ing project if it weren’t champion- nessofthe processes of medical Friday, 9p.m., Showtime

Weather TheWSJ DailyCrossword | Edited by MikeShenk Shown aretoday’snoon positions of weather systems and precipitation. Temperaturebands arehighs for the day. 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A12 | Friday, October 30, 2020 **** THE WALL STREET JOURNAL. SPORTS

JASONGAY The NFCEastNeeds aHardReset

A noisy division is consistently dismal, and continues to be treated like a football behemoth

We need to talk about the NFC East. Yes: we do this every season, but this year, it’s got- ten especially worri- some. I’m not quite sure what we’re watching. I’m not convinced it’s football. All options must be considered. This isn’t just for us. We need to consider the well-being of our friends who cheer for football teams in the broken-down haunted house that is the NFC East. They’re probably all ready for ma- jor life changes. They’ll be grateful for any suggested alternatives. They could take a little break, dis- cover other hobbies, spend more time outside, learn to fish, and how to bake scones. They’d be-

come happier people, who don’t /REUTERS spend Sundays holding stuffed ani- TS OR

mals and sobbing in front of the SP Y

television. DA

Spitballing out loud here: Do we TO actually need to keep the NFC A East, you know, open? Is closing an option? What if we put the TLINE/US

whole thing on a soft pause, go HAR

into Zoom breakouts, do a little ERIC conscientious recalibration, as the management consultants say. (BR) Better yet: What if we take all of the NFC East teams to the ice /RETUERS|,

cream truck, buy them whatever TS

they want, and ask them if they OR SP

want to take…piano lessons? Y Maybe they’d like playing piano. DA TO

Maybe they’d be really good at A playing piano. They’d all become /US concert pianists, world-class, solos Clockwise from top left: Dwayne Haskins (Washington); Daniel Jones (New York Giants); Carson Wentz (Philadelphia Eagles); Ezekiel Elliott (Dallas Cowboys) MILLS

at Carnegie Hall, and we’d sit in AD

the audience and whisper: Those This is a steep decline. If you drive across the country with, you agitation about the first-year head the wins.Isee .500 at best. BR

guys used to be the NFC East. know how to drive a stick shift, or couldn’t do any better than Sa- coach, Mike McCarthy. Yes, I know there are a lot of (BL)

I’m not saying we have to do you read this newspaper in print, quon Barkley and Dak Prescott. Dallas is just like everyone else people in this country who think S|,

that. It’s just a thought. you’re old enough to know that Also: Saquon apparently is quite in the NFC East. If this was an the obsession with the NFC East is PRES We are coming up to the half- the NFC East was once football’s good at piano. electronic gadget, we’d just hit a just another example of East Coast

way mark of the 2020 season, and glitziest division—a constellation Losing Barkley and Prescott hard reset. Press the little button media bias, but I’m here to tell ZUMA there’s not a team in the NFC East of coastal media metropolises, star took a lot of heart out of the divi- on the side. Hold it 10 seconds. you: That sort of thinking is basi- WIRE/

that’s sniffing mediocrity. The best players and the Dallas Flippin’ sion. The Cowboys seem lost. Dal- Start over. cally…OK, it’s correct. TS team in the division is the Phila- Cowboys, the loudest, gaudiest las had big plans for 2020. They Or maybe we could have a big There’s no logical defense for OR delphia Eagles, who are 2-4-1. I franchise in all of North American yard sale. Put some ads on tele- continually obsessing over this SP ON

apologize to the word “best.” Sports. phone poles, invite our pals. Come woebegone collection of football /IC In second place is the Washing- These teams once were giants, over to the place, buy a couple of teams. There’s no reason Eagles

If you read this LEWIS

ton Football Team, at 2-5, congrat- even the Giants. Every club in this bar stools, a lightly used hamster and Cowboys needs to be this Y

ulations to them, still lousy under division has won the Super Bowl, newspaper in print, you cage, and a whole bunch of Eagles weekend’s big prime-time Sunday AND a new name. most of them multiple times. The helmets. night football game. This column remember when the (TR) In third place—the Dallas Cow- Eagles won their first Super Bowl Iknow, Iknow: In European soc- could have been about a jugger- S|, boys—who are also 2-5. just a few seasons ago. Even NFC East was a power. cer, they have that thing called “rel- naut division like the AFC North, In fourth place are the New Washington has won a bunch of egation,” in which they take under- with the 6-0 Steelers, 5-1 Ravens, PRES York Giants, who are 1-6. So far Super Bowls. I swear. Look it up. performing teams and demotethem and 5-2 Browns, but isn’t, because TED CIA

the Giants 2020 highlight is an 80- It’s like reading about the dino- to lowerdivisions.It’sanicecon- the East Coast media windbags SO

yard run by quarterback Daniel saurs, or Atlantis. were widely viewed as a playoff cept—I just don’t knowwhereyou’d can’t help themselves. I say this as AS Jones in which, with a clear path To be fair, there has been a lot contender. Now it’s…I don’t know demotethe NFCEast. Iguessthe an East Coast media windbag. I

to end zone, he managed to trip, of bad luck this season. Some seri- what it is. It’s noisy. Jerry Jones’s Giantscould replacemyWisconsin even have the ECMW ID card. It ANKLIN/ fall and flop to the turf with no ous season-ending injuries have team does nothing quietly, not Badgersinthe Big Ten, sincethe costs $15 a year to renew. You also FR D.

one touching him. It felt like a mi- occurred, including to Giants run- even go 2-5, so there has been a Badgersjust canceled their game get a canvas tote bag. SS

crocosm of 2020. Jones could take ning back Saquon Barkley, and Dal- lot of public stressing out. Last against Nebraska because of So I’m sorry. Everyone deserves RO

the Giants to nine Super Bowls, las quarterback Dak Prescott. It’s a week, they had to turn to a third- Covid-19 protocols,and could be on better columns, better Sundays, (TL) and in his Hall of Fame reel, they huge bummer. I can’t think of two string quarterback named Ben Di- the shelf forabit. We could try better football. Especially the fans will show that highlight first. It more likable players in football. If Nucci, who played for James Madi- putting the rest in the SEC,but I in the NFC East. Now let’s talk WISE: OCK

was that beautiful. you had to pick two NFL stars to son University. There’s already don’t knowabout that. Idon’t see about piano lessons. CL

Wisconsin head coach Paul Chryst the league stopped and then re- and quarterback Graham Mertz have started fall competition. both tested positive for Covid-19. Theunfolding situation at Wis- consin sheds light on another weird Among those infected wasbreak- aspect of this pandemic season: out redshirt freshman quarterback rankings. Theusual metric used to sensation Graham Mertz,his evaluateteams doesn’t makealot backup,and head coach Paul of sense in 2020. Chryst. Athletes who test positive Initially,the 62 sportswriters will missaminimum of 21 days who vote in the Associated Press while coaches canreturn aftera10- Top25poll were instructed to omit dayquarantine period. teams not playing in the fall from “I am disappointed forour play- their ballots. Ditto forthe 48 ersand coaching staff who put so coaches of Football Bowl Subdivi- much intopreparing to playeach sion teams who vote in the Amway week.But the safety of everyone in Coaches poll. That’spart of the rea- our program has to be our toppri- son whythe Louisiana Ragin’ Ca- ority and Isupport the decision juns of the Sunbelt Conference made to pause our team activities,” rocketed to No.19after winning said Chrystinastatement. their firsttwo games. Wisconsin’stesting datasince Oncethe Big Tenand Pac-12 playing Illinois on Oct. 23 put the Conferences reversed course and football team intothe conference’s said they would playgames this fall “Orange/Red” category,which cor- afterall, those 26 teams were sud- responds to ateam positivity rate denly back in the polls.The result- between 2% and 5% and apositivity ing rankingsweresomehoweven rate among football personnel weirder: during week five,a0-0 above7.5%according to Big Ten Ohio State wasranked ahead of two protocols. 3-0 teams,North Carolina and Okla- In this scenario,teams areen- homa State,inboth the AP and Am- couraged to “proceed with caution way Coaches Polls. Virus LeavesLittle Margin forError and enhanceCovid-19 prevention,” “Although they [those rankings] but not required to suspend work- areimportant and talked about in outsorcall off games. terms of the football fan world, the BY LAINE HIGGINS enceplays in. Coronavirus cases are riencing mild symptoms.Lawrence Wisconsin athletic director Barry ones that really makeadifference rising sharply in Nebraska, Iowa has led Clemson to the last two na- Alvarez explained that he and chan- arefromthe CFP [CollegeFootball THE FRAGILE FOUNDATION of and Illinois and the trend is partic- tional title games,winning one of cellor Rebecca Blank opted fora Playoff],” said Chris Howard,presi- collegefootball in 2020 is at risk of ularly acuteinWisconsin, where them, and is the favoritetowin the moreconservativetack in calling dent of Robert Morris University buckling in Wisconsin, wherea newinfections have surgedtothe Heisman trophy. PerAtlantic Coast off the Nebraska game. who served on the CollegeFootball Covid-19 outbreak on the No.9Bad- third-highest positivity rate in the Conferenceprotocols,Lawrence “With the number of positives in Playoff Selection Committeefrom gers is showing howlittle room for country. would missatleast 10 days,includ- that short atimeline,the chancellor 2017to2019. error the sport has in attempting to Problems arealready escalating ing this weekend’sgame against and Ifelt we have an issue that we Thequirk of some teams playing completeits pandemic season. and creating knock-on effects. The Boston College. have to…get our arms around this while otherssit idle will eventually Collegefootball has already been traditional machineryofcollege Perhaps the best example of how and control the virus nowbeforeit resolveitself once the Pac-12 sea- in near chaos thanks to the fact football has struggled to wrap its coronavirus canimmediately gotout of hand,” said Alvarez on son finally gets under way on Nov. that the major conferences have head around howtorank teams this threaten postseason aspirations is Wednesday. 7. But that will solveonly one takendifferent approaches to stag- year.It’smuch harder to evaluate the unfolding outbreak at Wiscon- Schedule disruptions have be- wonkyaspect of ranking teams in ing aseason. Theconferences teams acrossmajor conferences sin. On Wednesday, the university come an unfortunatehallmark of 2020.

started playatdifferent times,have when they cancel games or play announced it would pause all foot- the 2020 season, but most teams in In theory, voters judgeteams S

different protocols fordealing with without their normal personnel, ball workoutsfor seven days after other major programs have been based on the players that are PRES the virus and have had to rearrange which setsupamurkynational 12 individuals—six athletes and six able to reschedule postponed healthyand available to play. But TED

schedules on the flytotry to stay championship race. coaches—tested positivefor games due to open weeks built into with an unpredictable respiratory CIA

on track. Aclear viewofthe ever-chang- Covid-19 in the past five days.The the schedule. virus circulating and teams not be- SO TheBig Ten delayedits season ing landscape came lateThursday, football team’sgame Saturdayat That is notthe case in the Big ing transparent about howCovid-19 AS SH/

and only began playlast week— when Clemson confirmed that quar- Nebraska is canceled, rather than Ten, wherethe normal 10-game,12- is shuffling their depth chartsuntil GA while the virus surgesacrossthe terback Trevor Lawrencehad tested postponed, wiping agame off the week slatewas whittled down to kickoff,it’shardtoknowwho that Y

Midwest in manystatesthe confer- positivefor Covid-19 and wasexpe- Badgers’ schedule. nine games in as manyweeks when will be. MORR P2JW304000-0-A01300-1------XA

THE WALL STREET JOURNAL. Friday, October 30, 2020 | A13 OPINION First, Hail All the Lawyers BOOKSHELF | By Tom Nolan

Forthe next (MarcElias), and “hundreds andMichigan. It defeated a Democratsengageheavily Incorruptibly four days the of lawyers,” cheered the New lawsuitbyMinnesotaDemo- in poll watching everycycle, 2020 race is York Times. cratsseeking amorefavor- and the measureofhow furi- “Donald Amid the gushing,you able position on stateballots. ous they arethat the GOP Trump vs. might not knowthat the Re- It beat back Texas Democrats’ gets to operateequally is the Guilty JoeBiden.” publican team has been more attemptsatuniversal-vote- flood of media stories pre- POTOMAC Come Nov.3, than holding itsown against by-mail. It persuaded courts dictingTrump poll-watcher WATCH the race the flood of pre-election liti- in Minnesotaand Pennsylva- “intimidation” at the ballot The Woman Who Stole Vermeer likely be- gation designed to changethe niatoreject ballot-harvest- box. Don’t buy it; the current By Kimberley comes,“May rules and to giveDemocrats ing.The sheer volume of level of Democratic hostility By Anthony M. Amore A. Strassel thebest law- an advantage. Theleftand Democratic effortstojukethe to Trump voters suggestsany (Pegasus Crime, 262 pages, $27.95) yerwin.” the media forget that the rules—on deadlines, on curb- intimidation will flow in that Perhaps Mr.Biden will win GOP learned the hardway the side voting,onballot collec- direction instead. But do ex- ridget Rose Dugdale,born intoaworld of English an overwhelming victory, as perils of legal flat-footedness. tion boxes, on mask mandates pect the armies of poll-watch- B privilegein1941, seemed an unlikely candidateto nearly the entirepress corps It’shardtofind aconserva- at polls—is mind-boggling. ers—unprecedented in size, become aradical activist who would spend much of predictsand prays.Perhaps tivelawyer without asearing Simply keeping up with it is on both sides—toreport alit- her adult lifeattempting to undermine the British Empire. Mr.Trump will blowaway memoryof2008-09,when an achievement. anyofperceived or real irreg- But as security expert AnthonyAmorerecountsin“The the competition, as some of lawyersrepresenting afunny ularities to their respective Woman WhoStole Vermeer,” Rose,asshe is known, gained his supportersinsist. But fellownamed Al Franken campaigns’ legal teams. notoriety in the 1970s by devising daring art thefts and with theRealClearPolitics managedtoswindle Sen. Voting will end next And that’swhen the fun other crimes in servicetothe cause of Irish republicanism. poll averages in battleground Norm Coleman out of aMin- really begins.Some battle- “She wasmedia gold,” writes Mr.Amore, “having abandoned states tightening to toss- nesotaseat. Republicans have Tuesday, but judges grounds—say, Arizona—fol- alifeofwealth and leisuretotakeuparms.” ups—as in 2016—this election been betterprepared ever may be deciding the lowedtheir rules and will Rose’smost famous action maybethe 1974theftofa looks poised on ascalpel’s since. And they areverypre- likely have acredible result collection of Old Master artwork; the haul included apainting edge.And with states and pared today. election for weeks. by the end of the night. But by that favoriteofconnoisseurs, Vermeer.Her upper-classup- courtschanging—and chang- Leading the Trump opera- legalteams arebracing for bringing—her father wasanunderwriter at Lloyd’s of London— ing and changing—rules tion is Justin Clark,who in chaos in states wherethe had instilled in her aknowledgeofart. She attended St.Anne’s about howand forhow long 2016 played akey role help- Phase two comes on Elec- rules have been changed. On CollegeatOxford—an unusual decision foramarriageable ballotscan be counted, it ing Mr.Trump navigatere- tion Day, as the Republican Wednesdaylawyerswill be young woman of her time and status.Mr. Amoreshows that seems likely the political le- countsand line up delegates. National Committee—forthe filing dozens of complaints Rose wasnoradical at Oxford, whereshe spokeindefense of galclasswill soon take over TheTrump legal advisory firsttime in apresidential over irregularities,recounts, the classsystemand the House of Lords(but also lobbied for the show. boardcontains an array of election since1980—fans out and which stacks of ballots women’sinclusion in the all-male OxfordUnion). Afterapost- To the Biden cheerleaders hard-charging stateattorneys poll watcherstopolling sta- should be counted. In Penn- grad stint at Mount Holyoke, in Massachusetts,she returned knownasthe fourth estate, general, and itsown list of tionsand counting rooms in sylvania, the rules arenow so to England to earn adoctorateatthe University of London. the Democratic nominee stars, from Ed Meese to all 50 states.In1982, the uncertain that officials are ThemoreRose sawofthe world (she traveled to Castro’s boastsalegal team that Harmeet Dhillon to Leonard RNC (following some genu- segregating ballotsreceived Cuba in 1968), the moreunfairnessshe perceived in itstreat- would put ClarenceDarrow, Leo. It toohas lined up apla- inelycreepy behavior in the afterElection Day—in the un- ment of thepoor and underprivileged, and the quicker she Thurgood Marshall and Ci- toon of lawyersand poll 1981 NewJersey governor’s derstanding that their ulti- moved along the path from cero to shame.Mr. Biden’s watchers, who arealready race)entered intoaconsent mate fatemay be decided by academic to activist. By 1972she “legal warroom” will “ensure spread out acrossthe 50 decree with acourt to not judges,potentially weeks af- had takenupwith Walter Heaton, that elections areproperly states. engageinpoll watching.The terpolls have closed. amarried man and aself-styled administered and votescor- Thefirst phase of this decree expired in 2017, and That’sarecipe foralegal socialist. Thetroubles in Northern rectly counted” and “combat group’slegal work—election the RNC and Trump team battle unlikeany seen in Ireland, and the plight of Irish votersuppression at the rules—is nearly done,and it have been gearing up ever American electoral history, Republican Armysupportersserv- polls,” ravedthe Associated canpoint to real achieve- since. Poll watching rules and itsoutcome will have ing time in English prisons,became Press. Mr.Biden’soperation— ments. It can’t be happy with vary by state, so the cam- nothing to do with the candi- of utmost interest to them both. “the largest election protec- the Supreme Court’smuddled paign has invested time and dates,their agendas,ortheir Rose and “Wally” resolved to tion program in presidential ordersonWednesdayallow- money in recruiting and campaign coffers. It will be steal artwork and offer to return it campaign history”—consists ing North Carolina to accept training staff and volunteers entirely about the lawyers. So only if imprisoned IRAsupporters of former solicitorsgeneral absentee ballotspast the who will document that elec- go vote—makeyourself were transferred to Irish jails.The (DonaldVerrilli,Walter Del- statutory deadline.Atthe tion officials arefollowing heard. Then hope likehell source of the art would be Rose’s linger), Obama legal stars same time,itsuccessfully ar- the rules and that ballotsare your side’slegal degrees ownfamily estate. In June 1973, on a (Bob Bauer,Eric Holder), gued forenforcing statebal- being counted and sorted mean something. day when the family was away, intruders made off with Democratic Party titans lot deadlines in Wisconsin appropriately. Write to [email protected]. some £85,000 in paintingsand other valuables.Rose wasthe immediatesuspect—her old room wasthe only chamber left undisturbed—and she and Wally were arrested and charged. “She wasanoddity,” writes Mr.Amore, “this heiressthe A Tokyo Sequel to ‘Chariots of Fire’ pressreferred to as Dr.Bridget Dugdale,placing great emphasis on her Oxforddegree and parents’ wealth.” In the HOUSES OF When the which she expectstomeet in Saturday. Ms.Deutsch re- Muslim athletes—as it should ensuing,highly publicized trial, she harangued her father in WORSHIP starting gun the coming months. quested that it be resched- have.AsanIOC representa- the witnessbox,insulting him and his way of life. Roseand By Akiva goes off at Ms.Deutsch is hardto uled foradifferent day. After tive said at the time,“Every Wally were both found guilty; he wasgiven six years, but she Shapiro the Tokyo missonthe track.Inobser- Covid-19 caused the Tokyo effort is being made to ac- received only asuspended sentenceand afine.A“crestfallen” Olympics vanceofJewish law, she runs Olympics to be adjourned to commodatethe needs of the Rose railed against this “classinjustice.” women’s in askirt that goes belowher 2021, Ms.Deutsch again re- Muslim athletes who will be Unattached, Rose leftEngland and moved to Ireland, marathon next summer,one knees,sleeves that conceal quested that the women’s participating in London.” whereshe teamed with Irish republican Eddie Gallagher. eliterunner maybesitting on her elbows,and ahead scarf marathon be held on another These included predawn and Posing as journalists, they hijacked ahelicopter,loaded it the sidelines—not because of that covers her hair—the en- day. So far her request has post-sunset meals at all com- with explosives packed in milk churns,and dropped their her running time,but be- semble is afirst foranelite been denied. TheIOC has re- petition venues.Noathleteof homemade bombs in the direction of the policestation in the cause of her religious beliefs. marathoner.Ms. Deutsch jected anyconsideration of anyfaith should be excluded Northern Ireland border town of Strabane.“Not sinceWorld Beatie Deutsch,Israel’sna- doesn’t viewher dedication an athlete’sreligious obser- because of religious require- WarIIhad bombs fallen from the skyinthe United Kingdom,” tional champion marathon to running as separatefrom vanceand restrictions in mentsorobservances. Mr.Amorenotes.But these bombs were off-targetand failed runner,can’t competeifthe her faith. “Our role in the scheduling itsevents. If need be,Ms. Deutsch to explode.“Ithink the effect generally wasgood formorale,” marathon is held, as sched- world is to take the rawma- stands ready to act as amod- claimed aBritish major,“because it’salways satisfactoryto uled,onthe Jewish Sabbath. terial God has given us and to ern-dayEric Liddell and forgo see one’senemymaking afool of himself.” Rose wasagain Her path to the Olympic use it to the fullest,” she ASaturdaydatefor her Olympic dream to ob- suspected. She and Eddie went on the run. Games could have been says.“Ihaveatalent forrun- servethe Sabbath. As Liddel Their next documented action, in April 1974, targeted scripted forHollywood. Ms. ning.” theOlympic marathon says in the film: “I won’t run County Wicklow’sRussborough House,“perhaps the finest Deutsch, 30,ran her first If this sounds familiar,you maykeep Israel’s on the Sabbath. And that’sfi- home in Ireland,” whereRose,Eddie and two other men marathon in 2016,when she mayhaveseen “Chariotsof nal.” But have we made no droveone night, brandished weapons and proceeded to steal wasamother of four.Ayear Fire” (1981), afictionalized champ from running. progresssince1924? Must we 19 paintings, including masterpieces by Gainsborough, later,she ranher second mar- portrayal of areal British still forceathletes to choose Velázquez, Goya—and aVermeer: “Woman Writing aLetter athon whileseven months sprinter,Eric Liddell,aChris- between their faith and their With Her Maid,” completed circa 1671. pregnant. In 2018 Ms. tian missionarywho refused TheIOC should do better. dreams? Deutsch wonaracefor the to runthe 100-yarddash at Numerous considerations af- Come next summer,Ipray firsttime and in 2019 she the 1924Paris Olympics be- fect Olympic scheduling,so that Ms.Deutsch will be in Rose Dugdale rejected her privileged English wonthe Israeli national mar- cause aqualifying heat was religious observancecan’t be Japan, standing at the start- upbringing—and devoted much of her adult athon championships, with a scheduled foraSunday. In determinativeinevery in- ing line of the Olympic finishing time of 2hours, 42 the film as in real life, the In- stance. But the committee women’smarathon, in her life to the cause of Irish republicanism. minutes, 18 seconds—three ternational Olympic Commit- should take an athlete’sfaith- trademarklong skirt, long minutes faster than the teeforcedLiddell to choose based restrictions intocon- sleeves and head covering.It Olympic qualifying standard between faith and sport, and sideration and accommodate would be acrowning achieve- TheRussborough heist, valued at £8.5million, was“the at the time.Along the way he wasbyturns pilloried and them when feasible.The ment foraworld-classath- biggest property theftofits day,” writes Mr.Amore. Soon a she has overcome severeane- praised forpicking faith. Olympic charter lauds the lete, but moresofor the ransom demand wasissued: If four hunger-striking prisoners mia and dealt with celiac dis- Fast-forwardalmost 100 practiceofsport as ahuman Olympics itself,onthe long were not returned to preferred incarceration in Ireland, and ease. years. When the 2020 Olym- right, to be guaranteed “with- and winding path toward a sum of money not paid, the paintingswould be destroyed. Earlier this year,now a pics schedule wasannounced, out discrimination of any welcoming people of all back- Yetagain, Rose wasthe immediatesuspect, and she wassoon mother of five,Ms. Deutsch the women’smarathon was kind,” including on the basis grounds intoits vision of hu- found and the paintingsrecovered. (Eddie and the two set apersonal record of 2 scheduled foraSunday, in of religion. Finding areason- mankind united by sport. accomplices remained at large.) hours, 32 minutes,30sec- line with historical practice. able accommodation would Roseand Eddie had long been out of favorwith the IRA, onds—a blazing paceof5 Later, when the outdoor dis- make that promise real. Mr. Shapiro is alitigation and this adventureonly increased the group’sirritation. Rose minutes and 47 seconds per tanceeventsweremoved to When the 2012 Summer partner at Gibson, Dunn & and her mates’ amateurish activities clashed with the IRA’s mile over the 26.2-mile the Japanese city of Sapporo Olympics in London coincided Crutcher LLP in New York ownplans and brought unwanted policeharassment. “People course,and just short of To- and condensed intofour days, with Ramadan, the IOC made and counsel to Beatie likeDugdale,” complained one high-level IRAsource,“who are kyo’squalifying standard, the event wasmoved to a special arrangementsfor Deutsch. in revolt against their upbringing ...should stay out of our businessand leave the fighting to the people who knowwhat they aredoing.” In June 1974, Rose went on trial forthe Russborough heist, Ichabod Crane’s Lesson: Keep Yo ur Head pleading “proudly and incorruptibly guilty.” She wasgiven a nine-year sentence. In November,she and apair of co-defen- By Colin Fleming faithful horse,Gunpowder, be surprisedtofind that Ir- time—Val Lewton’s1944film dantswereput on trial forthe attempted Strabane bombings. wherethe presumed ghost of ving essentially says at the “The Curse of the Cat Peo- She wasagain found guilty and given another nine-year or exactly two centu- aHessian soldier—with afi- end: Eh, it was probably just ple,” set in Tarrytownas sentence, to be served concurrently. F ries,WashingtonIr- erypumpkin forahead— Brom Bones screwing with well, has an updated variant “Despiteathorough and intrusivesearch upon being ving’s“TheLegend of chases him down. Crane is poor Ichabod. Comeuppance, on the famous chase—but the processed intoLimerick Prison,” Mr.Amorewrites,nobody Sleepy Hollow” has stood never heardfrominthose man. othersdidn’t quitemakeit “noticed that she waswith child.” Rose wasfour months’ above other American horror partsagain. Ahaunting atmosphereis seem likethey were doing us pregnant with the son of Eddie Gallagher,whom the lawsoon tales as the most emblematic Irving loaded up the atmo- ahaunting atmosphere, the good turn Irving was. His caught up with. Though the two loversremained behind bars of Halloween. It’salso exem- spherics—you canall but whether we’retalking 1100, ghost storyinstructsreaders in separatefacilities,Rose and Eddie were allowedtomarry plaryofwhat British ghost smell the forest carpet, hear 1820 or 2020.But it seems to through alovelanguageof in 1978, in Limerick Prison. storywriter M.R.James the owls—but he also mas- be his ownparanoia—a fear terror. Rose regained her freedom in late1980.Now 79,she has called “a pleasing terror.” Ir- teredakind of “gather of fear—that undoes Ichabod. When he warns of “phan- spent the rest of her yearsserving her political ideals—but ving’sghost storyisahaunt- He’snot asafe-spacer,but toms of the mind that walk in nowonthe conventional side of the law. Her fair-minded ing warning and afriendly he’sclose.Crane needs things darkness,” we see the bridge biographer pronounces her a“major figure in the annals of chide. He is the victim of his acertain way,and doesn’t between our paranoiac age criminal history,” but she perhaps is morelikely to be remem- ManyAmericans knowthe own paranoia more want to adapt when they and the spook-laden past, like bered as afootnotetothe enduring legend of a17th-century particulars. Ichabod Crane is aren’t. the one Ichabod Crane races Dutch artist. Case in point, the Facebook pagecurrently main- the overweening school- than the paranormal. This wasanillogical ap- toward afterhis harvest tained by Bridget Rose Dugdale has as itsprofile photoan teacher newly come to Tarry- proach to life200 yearsago, party.GiveGunpowder are- imageofwhat wasonceher proudest possession: Vermeer’s town, N.Y. He’ssuperstitious and maybemoresonow.Ina assuring kick in the sides, “Woman Writing aLetterWith Her Maid.” and desires to marryKatrina ’round” tone,aconvivial friendly manner,the story and ride on, niceand steady. VanTassal,whose hand is beckoning.Hehad adiscon- urgesreaderstoembrace Livetowoo another day. Mr. Nolan reviews crime fiction for the Journal. also covetedbyalocal rowdy, certing storytorelay, but it fear,oratleast turn around Don’t be an Ichabod. But Brom Bones.Intending to would serveyou well if you and faceit. You’ll discover it’s maybe keep your head tucked makehis marriageproposal, understood itswarning: Be quitemanageable.It’scer- low, just in case. Coming in BOOKSthis weekend Crane attends aharvest not thine ownself-haunter! tainly no reason to lose your Magic: Ahistory•Bones: Inside and out •Freedom of party,whereghost stories are ForCrane’sdesperate head. Literally,metaphori- Mr. Fleming is author of the pressinmidcenturyAmerica•Speaking and writing told. But Katrina spurns him, flight maynot be all that it cally or emotionally. “Meatheads Saythe Realest ‘presidentially’•Peter Frampton’srock ’n’ roll memoir • and Crane rides home seems.Readerswho know Other horror masters Things:ASatirical (Short) TheartistryofRuth Asawa • SamSacks on fiction • &more through the forest on his only the film versions might would filch the conceit over Novel of the Last Bro.” P2JW304000-0-A01400-1------XA

A14 | Friday, October 30, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Biden Contradiction Interstate Vote Compact or Voter Compactor?

he Wall Street Journal hasn’t endorsed the center.Mr. Biden moved left to keep the Your editorial “Gambling With Col- lar-vote count. This could be done by a presidential candidate since 1928— Bernie brigades mobilized. Anyone who thinks orado’s Electors” (Oct. 24) incorrectly state legislatures without the need T Hoover—and we aren’t about to change Mr.Biden will be able to forget all this if elected portrays Colorado Proposition 113 and for a constitutional amendment or a the National Popular Vote Interstate constitutionally suspect compact like this year.But we do trytosum doesn’t understand the fund- He’s running on Covid Compact (NPVIC) as a partisan “de- the NPVIC, and it would preserve the up the risks and promise of raising and media powerof struction of America’s two-century- influence of less-populous states and the candidates everyfour and character but his the Democratic left. old presidential election system.” remedy the effective disenfranchise- years, and we’ll start today Thebest chancefor Mr.Bi- As a former Michigan Republican ment of millions of American voters. with the contradictorycandi- party wants much more. den to govern from the center Party chairman and member of the KEITH MCWALTER dacy of Joe Biden. would be if Republicans hold Republican National Committee, I can Granville, Ohio The former Vice President the Senate. Then he would tell you that the NPVIC has support is running as a reassuring moderate, a man of have some leverageoverMrs.Pelosi and Senate from Democrats, Republicans and Lib- The NPVIC is unconstitutional be- good character who canreunitethe countryand Democratic leader Chuck Schumer, who fears ertarians in most legislatures. cause it would violate Article I, Sec- crush Covid-19 afterthe disruptiveTrump Pres- aprimarychallengein2022fromRep.Alexan- Colorado Proposition 113 doesn’t tion 10 of the Constitution, which idency. Yethealso is running on the most left- dria Ocasio-Cortez. Otherwise how would Mr. alter the constitutional framework of states, in relevant part: “No State electing the president. The compact shall, without the Consent of Con- wing policy program in decades. Biden stand up to them next year if he won’t not only preserves the Electoral Col- gress . . . enter into any Agreement or Voters have little idea about these policies even clearly criticize court-packing now? lege, it strengthens it by protecting Compact with any other state.” I because Mr. Biden mentions them only in the iii states’ rights. don’t see how any judge could inter- most vague, general terms.The pressbarely re- On foreign policy, Mr. Biden sounds at his The NPVIC exercises each state leg- pret that in any way other than what portsthem. Americans maythink they’revoting best like a typical liberal internationalist. He islature’s exclusive authority under it plainly says. As far as I know, Con- forJoe’spersona, but they will getthe platform would restoregood relations with allies like Article II of the Constitution to deter- gress has not given consent. of Kamala Harris,NancyPelosi,Elizabeth War- Germany, and he’dstopusing tariffs as a mine the method of awarding their In the name of democracy, it re- renand Bernie Sanders. weapon against friends likeCanada and Mexico. Electoral College votes. Over the quires an undemocratic result. It re- iii But he’dalso runhead long back intothe flawed course of American political history, quires that each state that enters into In Mr. Biden’s sunny telling, he will be the Iran nuclear deal and the Paris climate accord several states have used a variety of the compact ignore the popular vote anti-Donald Trump. He won’t kick down, won’t that restrains the U.S. but not China. methods to allocate their electors. in the state and instead have the This is how federalism works. state’s electoral votes go to the win- trash norms and won’t alienateallies.He’ll Mr. Biden has tried to outdo Mr. Trump as As a partisan Republican I support ner of the national popular vote even work with Republicans to forgebipartisan poli- aChina hawk,though no one really believes it. the compact because the current elec- if that runs counter to the expressed cies,restraining the passions of his party’s left. Our worryisthat he’ddownplayBeijing’ssecu- toral math favors Democrats and wishes of a majority of the state’s In that sense he has been the perfect Demo- rity offenses in favorofpapier-mâché promises makes it nearly impossible for Repub- voters. The only way possible for the cratic nominee to appeal to women and subur- on climate, as Mr. Obama did. The news in re- licans to win. The math is especially national popular vote to have any ef- ban Republicans tired of polarized politics.He cent days of his family’s attemptstodobusiness problematic with Arizona and North fect is when the popular vote of one has run a disciplined campaign on character with sketchy Chinese figures close to the gov- Carolina, once reliably “red” states, or more member states is the oppo- and Covid that has made the election areferen- ernmentraises real questions of howhe’ddeal becoming more Democratic. Then site of that of the national popular dum on Mr. Trump. with Chairman Xi Jinping. there are Georgia and Texas. It is im- vote. How happy will the voters of We toowould liketobelieveMr. Biden could As former Defense Secretary Robert Gates possible for any GOP candidate to win such a state be that their state gov- if they lose either of these states. ernment ignored the wishes of most govern in a less divisive way because it would famously put it, Mr.Biden has been wrong The only way to address the huge of the voters in the state? be better for the country. Left to his own in- about everymajor foreign policyissue in his ca- demographic challenges facing the If the NPVIC ever does go into ef- stincts, and if he were adecade younger,he reer.During the Cold Warheopposed Reagan’s Republican Party is to ensure that the fect, it is likely not to remain in effect might pull it off.Every Republicanwho negoti- arms buildup and missile defenses,and he votes of every voter in every state long after the voters figure out what ated with theWhiteHouse over abudget com- voted against the first Gulf War. count. The NPVIC does that by mak- it really does. If the Electoral College promise in 2011 told us they made progress He supported the Iraq warwhen it waspopu- ing every state a battleground. is to be abolished, it should be done when Mr. Biden was in the room, only to have lar only to turn against it when his party did, SAUL ANUZIS by an amendment to the Constitution Barack Obamatake it all back when he joined and then he opposed the 2007 surge that saved Lansing, Mich. instead of playing games to run the talks. the day. He also opposed the raid on Osama bin around it. But what evidenceistheretodaythat Mr.Bi- Laden.It’simpossible to believeMr. Biden You argue that states entering into MICHAEL ENDERS den will restrain his increasingly radical party? would have acted to kill Iranian terror chief the NPVIC would “effectively disen- East Haven, Conn. franchise themselves” because they Acrosshis long career he has been the consum- Qasem Soleimani, as Mr. Trump did. would “give away their electors to a If the progressive logic of the mate party man, floating right or left with the iii candidate most of their own voters NPVIC is correct, why not use the political tides.Asapresidential candidatethis Thebiggest risk with Mr.Biden is his physi- may have rejected.” Yet under the same principle to streamline the pro- year he has put no particular policyimprint on caland mental condition. He looks increasingly current winner-take-all system of cess for amending the Constitution? the Democratic Party—not one. The party has likeanold 77.His campaign’sstrategyofletting awarding electoral votes in almost all Why should an amendment need the put its stamp on him. him out only onceortwiceaday,and his refusal states, all of the voters in a given approval of three-fourths of the This is extraordinaryinmodern political his- to take nearly all media questions,isn’t reassur- state who cast their ballots for a can- states through their legislatures? tory.Bill Clinton ranasacentrist NewDemocrat ing. The truth is that Americans don’t know if didate who falls just short of a plural- Why should the citizens of little forwelfarereform, George W. Bush pushed Mr. Biden’s clear deterioration from even four ity in that state are disenfranchised, Rhode Island be considered equal to compassionate conservatism, Barack Obama years ago is routine aging or something more no matter how small that margin, and the will of California’s population? ranasaracial pioneer and political conciliator, serious. even if the majority of Americans Wouldn’t national plebiscites on con- agreed with them. This is the invari- stitutional amendments be more dem- and Donald Trump broke from GOP orthodoxy A fair consideration for voters is how long able experience of a Democrat in ocratic? Let the history and civics les- on trade and immigration. Mr.Biden will be able to handle the burdens of Oklahoma or a Republican in Califor- sons begin. Mr.Biden has instead conformed himself and the Presidency. Acapable staff and aforgiving nia for their entire voting lifetimes. LARS PETERSON his agenda to the priorities of the regnant left. press corps will cover for him as long as they That’s disenfranchisement with a ven- Townshend, Vt. He hasditched his long opposition to taxpayer can. But he surely won’t run for re-election, if geance. funding of abortion. He supports tax rates on he makes it four years. Americans who vote for You’re right to point out the risks My vote and every other vote income and capital higher than any since the Mr. Biden may be voting for Ms. Harris as his of instability election to election un- should count the same. You seem to 1970s. His pro-union agenda harks back to the successor sooner than they imagine. der the NPVIC. A more proper and want a system which, if applied to 1930s’ Wagner Act. His version of the Green Mr.Biden has led in the polls formonths,and lasting solution to the undemocratic baseball, would give teams extra NewDeal would spend $2 trillion in four years tens of millions of voters clearly have Trump distortions inherent in the current credit for scoring more runs in partic- Electoral College system would be for ular innings. Winners should be those and aims to eliminatefossil fuels with mandates fatigue and dislike the President’s handling of the states to award electors by con- who get the most runs in the entire and regulation. Covid. They mayelect the man they think is Mr. gressional district, as is currently the game or the most votes in the entire These arenot exaggerations.The details are Trump’soppositeinthe hope of restoring more case in Maine and Nebraska and fre- country. That is simple and fair. on his websiteand in the Biden-Sanders unity decorum and calm to American politics. They quently proposed elsewhere, or in MARK D. YOUNG agenda Mr. Biden endorsed after he won the should knowthey maybevoting fordisruption proportion to each candidate’s popu- Chevy Chase, Md. nomination. Primary winners usually move to of a different kind from the political left. The Post-Lockdown Comeback Biden Economy Can Add Value, Fix Problems

he U.S. economygrewatarecord33.1% reopened and rehired employees.Manyhave Andy Kessler’s “A Biden Economy incentives not to use energy with car- Means ‘Litter Jobs’” (Inside View, bon emissions, just as there are inad- in the thirdquarter,evenafter most had to boost wagestoattract workers. The Oct. 26) about Joe Biden’s clean-en- equate incentives not to throw beer T government transfer paymentsexpired. Federal Reservereported in itsBeigeBook last ergy policies is staggeringly innumer- cans out the window. The litter and When politicians lifttheir week that businesses in trans- ate. He claims clean-energy jobs are emissions are the problem, and we lockdowns,and Americans No new stimulus, no portation, construction, man- make work, and simply raise energy ought to fix both as we tackle costly canget on with their pru- problem, as the U.S. ufacturing,retail and ware- costs. He offers California as his externalities. In the case of carbon dently cautious lives even in housing have struggled to proof point. California electricity bills emissions, we should impose emis- apandemic,people work, economy grows 33.1%. find workers. are among the lowest in the nation. sion taxes or find other suitable dis- businessinvestsand the Continuing weekly jobless True, each kilowatt-hour costs more incentives. economygrows. claims have been falling at an than the average—but the “litter” Thereisvalue to agreen econ- Thursday’sGDP report looks likethe long- increasing rate sincethe enhanced federal job- jobs Mr. Kessler disparages, combined omybecause it leads to reducing predicted V-shaped recovery afterthe second- lessbenefitsfell to $300 in August, and even with high standards for the quality of carbon emissions and global warm- new construction, have enabled the ing,evenifitdoesn’t lead directly quarter’s lockdown-induced collapse.The re- faster sincethey disappeared in most states average Californian to use far less to consumption. bound wasalmost acrossthe board. Personal this month. Continuing claims aredownbyhalf electricity and gas to power their DAVID LIPTON consumption contributed 25.27 percentage sincethe beginning of August. home and save money while, yes, cre- Washington pointstogrowth, with 16.04fromservices and Thecontinuing claims rate fell to 5.3% for ating more construction jobs. Simi- 9.24 from goods.Industries most hurt by the week ending Oct. 17 from 5.8% the week be- larly, the electric cars California is pi- Mr. Kessler’s article reminds me of spring lockdowns bounced back strongly,in- fore and has shrunk dramatically in NewYork oneering are saving their owners my native Hungary during the 1950s. cluding motor vehicles,health care,and even (6.5%) and NewJersey (5.4%) afterthey let thousands of dollars, even though The communist government claimed food services and recreation. morebusinesses reopen. Unemployment claims they cost more to purchase—because a 100% employment rate. Everyone Businessinvestment added 2.88 percentage arenearing pre-pandemic levels in Utah (1.3%), savings on gasoline and maintenance had a job, regardless of qualification, points, with 3.34 pointsofthat coming from Idaho (1.1%) and Nebraska (1.5%). Speaker more than make up for the purchase received a paycheck and survived. Ul- premium. I drive one. The statement timately the government ran out of equipment as manufacturershaveretooled fac- Pelosi, what’sthe matterwith California that “[a]dding insulation is not pro- money, the system collapsed, the un- tories to meet shifting demand. Investment in (10.5%)? ductive” is shockingly inaccurate, as employment rate soared and we all newstructures declined amid continued tur- Statesthat maintained stricter,longer lock- literally thousands of studies have know the rest of the story. moil in commercial real estate. But retailers downs—on topoftheir usual taxand regula- shown. In many cases the most ex- Let’s have progress and clean air have been reporting increased investment in tory burdens—arerecovering moreslowly.The pensive insulation to purchase has without destroying our economy. newwarehouses. Federal ReserveBank of Philadelphia’s statein- the highest rate of return over time. GABOR VAJDA All of this happened even without moregov- cidenceindex, which tracks GDP growth, shows The only thing more cost-effective Phoenix ernment fiscal spending.Imagine that. Remem- howfar states were off from their pre-pan- than adding insulation is making sure ber predictions that the economywould fall off demic peaks last month: NewYork (-14.1%), that new buildings have as much as a“demand cliff” once$1,200 checks stopped California (-11.7%), Florida (-5.6%), Georgia they need—as California has done. Pepper ... and $600 enhanced joblessbenefitsended on (-1%)and Utah (-0.4%). The 2020 reality is that across the And Salt board cleaner energy will also be July 31? NancyPelosi and economistswho are Theeconomystill has along road to regain cheaper energy—as it already is in THE WALL STREET JOURNAL also advising JoeBiden predicted doom. the tragic losses of the lockdown months.GDP California. Sorrytodisappoint. Government subtracted probably won’t hit itsprevious quarterly peak CARL POPE 0.68 pointsfromGDP in the quarter,another from 2019 until the middle of next year.But San Francisco lesson that political income transferscan never states likeTexas and Arizona showedthis sum- Mr. Pope is a former CEO of the Si- replacethe privateeconomyincreating jobs mer that they cancontrol Covid outbreaks erra Club. and raising incomes.The personal savingsrate without resorting to draconian newlockdowns. wasahealthy15.8%, indicating there’splenty Hospitals in U.S. hot spotssay they cancope The policy problem isn’t that in- of consumer spending capacity. with virusflare-ups while continuing elective vesting in a green economy is worth- You'dthink this would all be awelcome re- surgeryand other care. less, rather that there are inadequate lief,but nowthe gloomsterssay the fourth Thebiggest economic risk nowisapolicy Lettersintended forpublication quarterwill collapse as Covid-19 cases rise.It mistakelikenew lockdowns,new taxesonbusi- should be emailed to [email protected]. certainly could if politicians lock down the ness, and regulatoryuncertainty that slows in- Please include your city, stateand economyagain. vestment. TheAmerican economyisshowing telephone number.All letters aresub- “So far I’ve gotten 2 bags of candy, But the economic signals in October have in this pandemic year that it is remarkably re- ject to editing,and unpublished letters 3 chocolate bars and cannot be acknowledged. shown strong momentum as businesses have silient if politicians don’t crush it. 5 bottles of sanitizer.” P2JW304000-2-A01500-1------XA

THE WALL STREET JOURNAL. ** Friday, October 30, 2020 | A15 OPINION Joe Biden’s Covid Fairy Tale The Barrett Battle That By David Gelernter celebration wasamistake, arisk too far. he Democratswant to turn But Mr.Biden has made mistakes Wasn’t Covid against the presi- too. JoblessJoe comes bearing job dent, and they appear to losses instead of gains—and doesn’t T be succeeding.But their seem to work very hardhimself.He By Curt Levey strategymakes no sense in still can’t see whyhis choiceofarun- the end—perhaps because JoeBiden ning matewas not amereexercise of hen BrettKavanaugh was makes no sense. his political instincts. Picking Kamala W nominated in 2018 to fill Thefirst big problem is that Presi- Harris wasastudied insult to the the Supreme Court seat va-

dent Trump’shandling of the plague GES American people.Hemight have cho- catedbyReagan appointee Anthony

has been sensible from the start. Be IMA sen anyone—even amale! Instead, his Kennedy,the bloodiest high-court carefuluntil treatment improves and choiceisfar to the leftofRepubli- confirmation fight in almost 30

avaccine is ready.Pour all the money GETTY cans,moderates and nearly all Demo- yearsresulted. We could only imag-

and resourcesyou’vegot down the VIA crats. Not even Democratscould ine the fight to the death if Presi-

throatsofAmerica’sbest research AFP work up anyenthusiasm forMs. Har- dent Trump chose aconservative labs.This scheme is working.Fatality S/ ris in the primaries.IfMr. Biden nominee to replacealeft-leaning

ratesare way down, treatment has WEIS wins,Ms. Harris will be forced down justice, especially liberal icon Ruth improved, and several vaccines are America’sthroat. If Mr.Biden dies in Bader Ginsburg.Surely protesters

almost ready,all in record time. ANGELA office, we will be in big trouble.Mr. dressedashandmaids would set It’s hardtoattack aplan that is Biden campaigns in Pennsylvania, Oct. 24. Biden’sbiggest choicesofar could themselves on fire outside the hear- accomplishing itsgoals.Consider Mr. hardly have been worse. What does ing room. Biden’sclaim that our high Covid nothing newtooffer,his only choice possible forthe newdrugs and treat- that portend? It didn’t happen. Thevotetocon- death rate is the president’sfault. Ac- is to say: Trust me and I’ll take care mentsweneed. Despiteall the evidence, many firm JusticeAmy Coney Barrettwas tual scientistshaveother explana- of everything. It’s exactly what Mr. Thepresident’sperformancehas conservatives won’t vote forthe close,52-48.But her confirmation tions, such as the high ratesofpre- Trump would be saying,ifhewere hardly been perfect. He has delivered president—because he is in bad taste. wasnever in much doubt, andSen- existing conditions in the U.S.,and sufficiently dishonest. If youcan’t of- improper,exuberantly optimistic Theman is toovulgar to deserve ateDemocratsmade little effort to NewYork City—with itslarge popula- ferprotection, your obvious alterna- WhiteHouse endorsementsofcertain classy conservatives voting forhim. bloody JudgeBarrett. Why? tion and population density—being tiveisaprotector,acheerfulgood drugs. Theman wasborn an exuber- Thesituation recalls the Demo- fairywho canclear up all your prob- ant optimist, and no man canchange crats’ in 1948.ManyDemocratshated lems. his personality in midstream. But in HarryTruman because he wascom- This confirmation was His plan seems to be to Instead of acareful, serious,scien- these cases,heshould have and could monand unpresidential. He played supposed to be especially wait until a magical sprite tifically informed and fast solution to have reined it in. poker all night, put cronies in impor- the Covid problem, Mr.Biden offers He held aWhiteHouse reception tant positions and talked likeanordi- hard. How did it turn out waves her wand and makes his good fairywaiting impatientlyin to celebratethe Supreme Court nom- naryman—especially when compared the wings. TheCovid fairyexplains ination of AmyConey Barrett, where with his majestic and well-loved pre- to be especially easy? the virus vanish in a poof. whyDemocratscan’t answerany se- few masks appeared and “social dis- decessor,Franklin D. Roosevelt.As rious questions about their plan. tancing” wasout the window. This Joeand Stewart Alsop wrote, in their Whowill develop the newdrugs? badexample had bad consequences. famous syndicated column, President Anecessarybut insufficient rea- one of our firsthot spotsand still ex- Roughly howlong should it take? Manypeople caught the virus,includ- Truman wasnothing morethan an son wasthe nominee’squalifications ercising heavy influenceonthe fig- What kind of head starthas the pres- ing the president. Manyotherswere “average man in aneat gray suit.” and poise.SenateDemocrats ures.Our death ratesremain lower ident’sOperation Warp Speed sup- harmed indirectly. Although the word is no longer al- couldn’t question JudgeBarrett’sin- than those of several large European plied? (Science canbeuseful even if Thereisnoway to denyit: The lowed, Mr.Trump,too,isaccused of tellect, experience, character or countries.This accusation is pureBi- Republicans payfor it.) Does the new president is arecklessman, arisk- being“common.” Maybe that’strue. temperament. Nonetheless, the con- dentalk: not merely false but greasy. approach center on disease manage- taker. That’sone important reason he But if so,itisn’t likely to impede the ventional wisdom wasthat aSu- If Mr.Biden were asensible man, ment or avaccine or both? How waselected. He has runrisks on be- discharge of his presidential duties in preme Court nomination close to a he’dbepromising moreprograms manyvaccine doses will be available half of America, and gotbenefitsin the future. Afterall, it hasn’t in the presidential election would make likeOperation Warp Speed—the fed- when, and forwhom? return. He had the nervetostorm out past. Theaverage American is com- confirmation moredifficult, even if eral effort to acceleratethe develop- Democratsare at alossbecause of the Iran deal and slam the door mon, too. As aresult, we arethe rich- the president’sparty controlled the ment of avaccine.Naturally,Ameri- the good fairywon’t say. But the bot- behind him. We have newpeace est, most powerful, most tolerant and Senate. Instead, the election’sprox- cans remain scared of the disease: It tomline is this: One wave of her agreementsinthe Middle East. We freest nation in human history. imity seems to have contributed to is highly infectious and canbeseri- magic wand and the Covid fairywill have moved our embassy to the capi- Maybe it isn’t so bad to be com- asmooth confirmation process. ous to the elderly and, occasionally, makeeverything better. Eventually a talofIsrael. Mr.Trump built aroar- mon. Democratscouldn’t affordto to others. It’shardtonoticeprogress President Biden would be forced to ing good economy, one of the best in alienatefemale and Catholic voters when you’refrightened. do what Mr.Trump is doing already: modern history. Nowheisbuilding it Mr. Gelernter is aprofessor of by savagely attacking aCatholic Meanwhile,sinceMr. Biden has provide as much federal support as alloveragain. Still, the initial Barrett computer science at Yale. mother of seven. Despiteamedia debateabout whether JudgeBar- rett’s faith would influenceher de- cisions on abortion and other is- The Pollster Who Thinks Trump Will Win sues,SenateDemocratsapproached the issue gingerly.They remem- By Barton Swaim ident, or who believehis administra- in away that suggestshe’svoting for like expresstheir opinions,that’s beredthe blowback when they tion has on balancedone moregood CandidateB,the pollster maywish to who.Most people aren’t likethat.” questioned JudgeBarrettabout her Atlanta than harm, maybeforgiven fornot account forthat oddity in the overall Ihad never met Mr.Cahaly until Catholicism at her 2017hearing for oe Biden leads Donald Trump by saying so to astranger over the tally.And in ayear when CandidateA Wednesday, but I’veknown about the U.S. Court of Appeals,aswell J an averageof7or8pointsin phone. is said by the cultural eliteacrossthe him formorethan 15 years. Iworked as the damagetheir rough han- national surveys, morenarrowly Do people lie to pollsters? “Yes,” globe to be the Source of All Bad forthe governor of South Carolina dling of JusticeKavanaugh did to in battleground states.Everybody re- Mr.Cahaly says,“but they’renot Things, the need to reckon with dis- while Mr.Cahaly wasearning arepu- some Democratsrunning forthe membersthe shock of 2016,but can necessarily doing anything wrong.If ingenuous answers is perhaps more tation as an imaginativeand tireless Senate in 2018. the polls be wrong again? agrandmother says,‘This is my important than usual. consultant in the state’stradition of When JudgeBarrett’shearings Ask the question in adifferent grandson, isn’t he ahandsome boy?’ “Takeany retirement community hardball politics.State policear- beganthree weeks beforethe elec- way:Are poll respondentstelling the in America,” he says.“Poll howmany rested the pollster in 2010 forrun- tion, SenateDemocratsweremore truth? Robert Cahaly,head of the people watch‘TheJerrySpringer ning supposedly illegal“robocalls.” focused on scoring electoral points Trafalgar Group,thinks alot of peo- Robert Cahaly foresaw the Show,’ and you’regonna getone Thechargesweredismissed; he chal- than on roughing up the nominee. ple aren’t. Trafalgar polls accurately number.Contact the cable company lenged the law’sconstitutionality in Witnesstheir obsessivefocus on her foresawthe outcome in 2016,calling outcome in 2016. Will and find out howmanypeople at the federal court and won. purported threat to the Affordable Florida,Pennsylvania and Michigan ‘social acceptability bias’ same retirement community actually He doesn’t strikemeasemotion- Care Act,astrategymotivated by forMr. Trump.In2020 the Atlanta- watch‘TheJerrySpringer Show,’and ally invested in aTrump victory. “For theirbelief that health care helped based consulting firm has generally deliver another surprise? you’regonna getanother number.” me it’snot aleft-right thing,” he Democratsin2018. shown Mr.Trump to be in astronger He also thinks most pollstersrely says.“Irun abusiness. It’snot in my Theconventional wisdom also position than the conventional wis- tooheavily on cold phone calls.“Alot interest to pump up aRepublican held that the necessity forafast dom would suggest. and youcan see he’sanything but of people aren’t gonna tell astranger candidatejust forthe sakeofit. I confirmation processwould further In an interviewoveracatfish sup- handsome—he’ssickly and weird- on the phone who they’regoing to need to getitright.” complicatethe confirmation. As it per at the OK Cafediner,Mr. Cahaly looking—youdon’t say, ‘No,he’s vote for, especially if they’reafraid Mr.Cahaly’s method isn’t flawless. turned out, the speed—from nomi- won’t reveal much about his meth- sickly and weird-looking.’ Youjust that information might wind up on a In the 2018 Georgia governor’s race nation to confirmation in 30 days— ods,but he says his polls mitigate say, ‘He sureis.’ ” websiteoraFacebook pagefor ev- he had Republican Brian Kemp win- likely helped ensureher smooth what social scientistscall “social de- Social desirability bias is more erybody to see.” These days many ning by 12 percentagepoints; the ac- sailing by leaving lesstime formis- sirability bias.” Themainstream me- pronounced among some demo- screen their calls and don’t even pick tual margin was1.5.“If youget this chief.Recall that Sen. Dianne Fein- dia and other authority figureshave graphics,Mr. Cahaly thinks,and he up those from unknown numbers. wrong ...,”Isay,but he interrupts stein received Christine Blasey openly and aggressively contended claims only that Trafalgar polls mini- Traditional polls fail in other and answers:“I’ll take ahit.” Ford’s sexual-assault accusation that Mr.Trump is awhitesuprema- mizeit. “You can’t getrid of it,” he ways, too, in Mr.Cahaly’s view. Some And if he gets it right? He silently three weeks afterJudgeKa- cist, awould-be dictator,acretinous admits. To oversimplifyhis approach: ask far toomanyquestions.“Who’s smiles. vanaugh’snomination, then sat on it buffoon and an inveterate liar.In If apoll respondent tells youhe’s going to answer45questions on a forsix weeks. such an environment, poll respon- voting forCandidateAbut that same Tuesdaynight?” he asks.“People Mr. Swaim is an editorial page Thepandemic undoubtedly made dentswho sympathizewith the pres- person answers everyother question whoknowalot about politics and writer at the Journal. forasmoother confirmation process too, because the public wasbarred from the Senatehearingsand even Senatebuildings. As aresult, unlike Justice Barrett May Inspire Pro-Life Votes for Trump in 2018,therewerenoscreaming protestersinthe hearing room or By Nicole Ault year started operating amultimil- moderateRepublicans and indepen- judges.Half of Catholic and “reli- Senatehalls,orsenatorsaccosted in lion-dollar field campaign forthe dents—say they want more federal giousnon-Protestant” registered elevators. usticeAmy Coney Barrett’scon- 2020 election that has reached judges whowill “allowreasonable voters,and 66% of evangelical regis- As important afactor as anywas J firmation will likely driveturn- swing states including Arizona, limitsonabortion to protect women teredvoters, said they support Jus- the speed and decisivenesswith out among pro-choicesuburban Michigan, Pennsylvania and Wiscon- and their unborn children.” ticeBarrett’sconfirmation in are- whichMr. Trump acted to fill the women. But theremay be acounter- sin. Canvassershavebeen knocking Theemphasis on judges “really cent Politico/Morning Consult poll. vacancyonthe court and SenateRe- effect: Pro-lifevoterswho aren’t en- on doorstomakethe pro-lifecase resonates” with suburban voters and So do 47%ofPennsylvania voting- publicans,led by Majority Leader thusiastic about Donald Trump could forDonald Trump,and the federal Republicans who have “soured on age adults, as well as 44% in Michi- Mitch McConnell, signaled they had be inspired to vote forhim. TheSu- judiciaryisnosmall part of the Trump,” says MalloryQuigley,the ganand 48% in Wisconsin, according the will and the votestoconfirm— sanB.AnthonyList has been laying message. SBAList’svicepresident of commu- to a YouGov poll.InArizona, another all in the faceofenormous pressure groundwork forthat to happen since The organization says that as of nications.Many“makeashort-term YouGov survey found 44% of likely from Democratsand the mainstream before her nomination. September, about 78%ofvotersit decision to vote forTrump on this voters said a Justice Barrett would media to leave the seat unfilled un- TheWashington-based nonprofit has identified as “persuadable”— question because of the long-game make thecourt “about right”;11% til 2021. Anyhesitation would have and itsWomen Speak Out PAClast which includes pro-life Democrats, that is Scotus,” an acronym for Su- said shewouldn’t makethe court given lifetoDemocrats’ false claims preme Court of the U.S. Exit polls in conservative enough. Among likely that confirming aSupreme Court 2016 indicated that the 21% of voters voters,asignificant percentageof nomineeinanelection year is at who said Supreme Court appoint- women in suburbs or small cit- odds with precedent and that 30 PUBLISHED SINCE 1889 BY DOWJONES&COMPANY mentswere“the most important ies—38%—supported her nomination days is not enough time foradelib- Rupert Murdoch Robert Thomson factor” favoredMr. Trump over Mrs. in a recent Marist poll. erateconfirmation process. Executive Chairman, News Corp Chief Executive Officer, News Corp Clinton by 15 points. TheDemocrats’ threat to pack the Theunity Republicans displayed Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Suburban women may be mostly court maygivepeople of faith an- has become moreimportant in this Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: pro-choice but aren’t a monolith. A other reason to hold their noses and eraofbitterpartisanship.Nolonger Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; January KnightsofColumbus/Marist pull the lever for Mr. Trump. A na- canaconfirmation strategydepend Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; poll found that 60% of women in tionwide Marist poll commissioned on the votesofsenatorsfromthe News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; suburbsorsmall cities oppose tax by the SBAList this month found opposition party. In this divisive Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer dollars being used for abortion and that 84%ofpro-lifeadultsoppose era, everything has to go right to Andrew Dowell, Asia; AnthonyGalloway, Video & 56% support banning abortion after increasing the size of the court. getaSupreme Court nominee con- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; 20 weeks.Ms. Quigley says that 82% Mr.Trump still has apath—a nar- firmed smoothly.Yet that is exactly Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; of women reached by the SBAList rowone—tovictoryonElection Day. what happened as agreat nominee, Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; andWomen Speak Out field team Navigating it will requireaboost aunited Republican party,and fac- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News have said that Mr. Trump’s judicial from voters who have yettobesold tors beyond anyone’scontrol such Thomas SanFilippo, Customer Service; appointmentsmakethem inclined to on the idea of asecond term. It’s as advantageous timing and apan- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; support him. hard to think of abetterturn of demic combined to ensurethat Jus- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Mr. Trump’s character is a liabil- events forthe Trump campaign, and ticeBarrett’sconfirmation was Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International ity with religious voters who might forthe pro-lifemovement, than Amy never really in doubt. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: otherwiseeagerly cast their votes Coney Barrett’sconfirmation to the LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head forapro-lifechampion. TheSBA Supreme Court. Mr. Levey is president of the

EDITORIAL AND CORPORATEHEADQUARTERS: List thinks manyofthem canbe Committee for Justice, an advocacy 1211 Avenue of the Americas, New York, N.Y., 10036 convinced to put aside their reserva- Ms. Ault is an assistant editorial group that supported Justice Bar- Telephone 1-800-DOWJONES tions and vote forhim—and his page writer at the Journal. rett’s confirmation. P2JW304000-0-A01600-1------XA

A16 | Friday, October 30, 2020 THE WALL STREET JOURNAL. WORLD NEWS Pompeo Urges Indonesia to Buck China

BY JON EMONT where human-rights groups Asia, Washington’sincreas- doses of coronavirus vaccines Xinjiang is necessaryasapart tanceofprotecting and pro- AND WILLIAM MAULDIN sayauthorities have put amil- inglyvocal position on Xinji- from Chinese companies. of itscounterterrorism efforts moting the rightsofminori- lion or more mostly Muslim ang is seen with skepticism by It is amongmanyMuslim- or poverty alleviation,” he said. ties,including the Muslim JAKARTA, Indonesia—U.S. Uighurs in re-education camps. officials who saythey don’t majority countries whose lead- “Weknowthat thereisno communities in Xinjiang. SecretaryofState Mike “I knowthe Chinese Com- want to be draggedintothe ershaveavoided putting seri- counterterrorism justifica- “Indonesia continuously en- Pompeo called on Indonesians munist Party has tried to con- escalating U.S.-China rivalry ous pressureonBeijing over tion forforcing Uighur Muslims courages China to be transpar- to take afirm stand against vinceIndonesians to look away Xinjiang. to eat pork during Ramadan, or ent and to allowaccesstoXin- China’s treatment of itsethnic from the tormentsyour fellow China forits part has sought destroying aMuslim cemetery.” jiang,especially for minority Muslims, seeking to Muslims aresuffering.Iknow The secretary called to blunt international criticism. China’sforeign ministry Indonesians who arekeen to rally support on the issue in these same CCPofficials have It launched acampaign around didn’t respond to arequest to observeand understand recent the world’smost-populous spun fantastic tales of happy on Muslims to two yearsago to persuade In- comment. China has said it developmentsthere,” he has Muslim-majority country— Uighurs, eager to discardtheir challenge Beijing’s donesia’sreligious leaders and fully protects the human and said. whose government has been ethnic,religious and cultural journaliststhat the camps, religious rightsofall ethnic Mr. Pompeo is visiting five wary of criticizing Beijing. identities to become more treatment of Uighurs. which it calls vocational train- minorities anddenies there Asian countries with ames- Mr.Pompeo delivered the ‘modern’ and enjoythe bene- ing centers, areawell-meaning are detention camps in Xinji- sage criticizing China’smore remarks to aMuslim youth fits of CCP-led development,” effort to provide job training ang. assertivestanceinthe region. group in the Southeast Asian Mr.Pompeo said. “When you andcombat extremism. When asked about Mr. In aspeech in Rome last countryThursday. It wasone hear these arguments, Ijust or be forced to pick sides. In- Mr.Pompeo’s remarks Pompeo’s statements, a month, Mr.Pompeo pressed of the Trump administration’s ask youtodothis: Search your donesia, acountryofmore sought to undercut Beijing’s spokesman forIndonesia’sfor- the Vatican to call out Beijing most direct attemptstoper- hearts. Look at the facts, listen than 260 million people,has campaign. “The atheist Chinese eign ministry, Teuku forreligious persecution,say- suade Muslims to challenge to the tales of the survivors closetrade and investment Communist Party has tried to Faizasyah,referred to his past ing “nowhereisreligious free- Beijing on itspolicies in Xinji- and their families.” links to China and has signed convincethe world that itsbru- statement that Indonesia has dom under assault more than ang,the far-western province In large parts of Southeast deals to import millions of talization of Uighur Muslims in expressed to China the impor- in China.” Indian Teachers Fill Online Void Beijing’s Economic BY ERIC BELLMAN stuck at home in the world’s biggest lockdown,which in- NEW DELHI—Sheri Akerele cluded the whole countryof Plan Looks has been struggling to keep close to 1.4billion people.India her sons in third and seventh is second behind the U.S. in to- grade focused on online talinfections with morethan Inward classes as coronavirus fears eight million, according to data shut in-person classes in their from Johns Hopkins University. BY LINGLING WEI school in Atlanta for months. Even as the lockdown has Likemanyparents, she eased, manyteachershavelost China’sleadersapproved an found her children weren’t ab- jobs as few physical schools or economic blueprint forthe sorbing their lessons com- study centersare reopening. next five years that empha- pletely, but she could spend Rajeshwari Kumar, the Indian sizes“technologyself-reli- only so much of her busy day teacher who tutors Ms. Aker- ance,” adefiant messageinthe helping them. ele’s sons in Atlanta, said she faceofintensifying U.S. sanc- JOURNAL Luckily,she has online wasglad to have the extra tions against Chinese firms. backup: an experienced REET work.She has been getting up “Technologyself-relianceis ST

teacher who lives in asmall LL before 4 a.m. to teach Ameri- the strategic support forna-

town in central India. WA cans and hasn’t takentime off tional development,” said a

“Weget that one-on-one at- THE since March. communiqué released on tention they need and it’s af- R “We’ve all had to put in a Thursdaybyaconclave of se- FO

fordable,” she said. “It’sso AR lot of work extrahours,” she nior Communist Party officials. hard learning from home.” said. The company she works Thefour-daymeeting in RELK

Demand foronline study PA for, Bangalore-based eTutor- western Beijing waschaired by support is fueling businessfor A World, has doubled itsreve- President Xi Jinping and at- Indian teachers, who aretutor- MIT nueand staff sinceCovid-19 tended by roughly 360 topoffi- AS ing American children on ev- Sonal Barsainya teaches computer coding to American students from her home in aMumbai suburb. hit. It charges families in the cials.Itlaid out the plan forthe erything from calculus to com- U.S. about $18 an hour. yearsthrough 2025 at atime puter programming.They are ter through September. cation and online classes in he said. “Collegestudentsare TutorsinIndia saythe rush when China is gearing up for helpingU.S.high-school stu- One of the company’smore everything from calligraphyto turning to tutorsbecause they of newcustomershas brought what leaderscall a“protracted dentsget through their home- popular services—helping stu- ukulele have shot up as people arenolonger getting the re- in a new kind of student. Par- battle” with the U.S. Theplan work and collegestudentsbet- dentswork through difficult are forced to stay home. sourcesand support from their entswho previouslyjust asked overallcomes with an inward- terunderstand their economics homework questions—depends Theprivate-tutoring indus- campuses such as TAs, tutoring forhelp with math and science turning tone,stressing the need and engineering reading. on thousands of freelancers, try could be worth more than centersand peer study groups.” subjectsnow want more sup- to prioritizedomestic markets. India’seconomyhas been largely from India, to do the $100 billionworld-wide and Wyzant only uses teachers port forsubjectslikehistory Themission to achieve hardhit by the virus, contract- answering.Itadded thousands online tutoring is agrowing from the U.S.,wherehourly and social studies.Home- technological independenceis ing almost 24% in the quarter moreofthem in recent part of that, said Andrew rates vary widely but average schooling families areanother becoming moreimportant as that ended in June.But its months to respond to the Geant, chief executiveofWyz- about$35 fortutorsfor ele- type of new customer. Chinese companies come un- booming education-technology surge in demand. ant, aChicagocompanythat mentary-school students. TheAkerele boys arecon- der pressurefromWashington industryishiring arecord “One of the massivebenefits matches students with teach- Tutor outsourcing compa- tinuingtheir online classes and getshut out of foreign number of newemployees, of the Indian economyisthe ed- ers. In September,demand for nies in India—which often with Ms. Kumar even as their markets. The U.S. has threat- with manyIndians doing more ucation system,” said Erik Man- itsservices jumped morethan charge lessthan $25 an hour— school has reopened. The les- ened bans on BytedanceLtd.’s learning online as well. uevo, vicepresident of content 100% from ayear earlier for say the surge in demand was sons have helped the elder of TikTok app and Tencent Hold- Online student-services and operations at Chegg. “In manyimportant types of tu- initially tough to fulfill. But the two,Christian, consis- ingsLtd.’sWeChat. Because of companyChegg, based in subjectsthat areoften challeng- toring including economics they have quickly added thou- tently ace his math tests. U.S. sanctions,HuaweiTech- SantaClara, Calif., sawthe ing,the Indian education sys- and chemistry, he said. sands of newtutorsbecause “It’sreally good. Ihad a nologies Co. is running out of number of itsstudent sub- temisbetterequipped to train “ParentsofK-12studentsare so manyIndians arelooking great experienceand Ihope to processor chips to make scriberssurge 69% year over individuals to become experts.” using tutorstooversee and for extra work now. continue out through high smartphones and maysoon year to 3.7million in the quar- Online tutoring,online edu- augment their home schooling,” Formonths,Indians were school,” he said. have to suspend production of its own most-advanced chips. Chinese officials say Presi- WORLDWATCH dent Trump’strade war against Beijing,coupled with a recent cascade of actions GERMANY aimed at restricting Chinese access to American technology Covid-19 Vaccine and markets, has made Mr. May Come This Year Xi’sleadership conclude the U.S. is no longer areliable Germanycould be one of the partner—no matter who is in firstWestern countries to start the WhiteHouse next year. immunizing people against Democratic presidential candi- Covid-19 under aplan being rolled dateJoe Biden also has vowed out by the governmentand a to be tough on China. German companythatistesting Theofficial communiqué al- avaccine, according to people luded to what is expected to with knowledge of the strategy. be continued confrontation be- The plan is fordoses of the tween the world’stwo largest vaccine nowbeing held in central economies.Citing newchal- storage in Germanytobe lenges brought about by the shipped to morethan 60 regional complexinternational environ- vaccination centers within hours ment, it urgesthe ruling Com- of the substancebeing approved. munist Party to “maintain This could happen before the CK strategic resolve and manage end of the year depending on TO our own affairs well.” the results of clinical trials now The new policy blueprint

in their final stages and approval SHUTTERS would accelerateBeijing’sshift by the European Medicines A/ toward fostering domestic Agency, the European Union’s companies and marketsas ONI/EP

equivalent of the U.S. Food and OR China’smain growth drivers.

Drug Administration. NC Technologies and investment Initial recipients would include RO from overseas,which had pow- health-careworkers, the elderly, CIO ered Chinese growth forde- clinically vulnerable people, law- IGNA cades,would playalesser role. enforcementofficials and people AN “Currently the biggest chal- JU living in crowded conditions, ac- EVICTED: Argentine police removed hundreds of families from makeshift homes on Thursday where they had been living for more than lengefor Beijing is apotential cording to lists being drawnup three months on a contested property south of Buenos Aires. Six officers were hurt and at least 30 people were arrested in clashes. decoupling with the U.S.,” said by Germany’sstate governments. LarryHu, HongKong-based One reason for Germany’s end their long conflict over the VIETNAM Also among the dead were 12 in the disputed region. China economist at Macquarie head start: It is home to BioN- separatist territory. fishermen whose boats sank Militants fired at the three Group,aSydney investment Tech SE, one of the front-run- Nagorno-Karabakh’s separat- Typhoon, Landslides Wednesday as Typhoon Molave members of Prime Minister Nar- bank.Asaresult, Mr.Husaid, ners in the quest to develop a ist leader, Arayik Harutyunyan, Kill at Least 35 approached with winds of up to endra Modi’s Bharatiya Janata the main theme in the new vaccine. The company is testing said Azerbaijani troops had ad- 93 miles an hour. Party in southern Kulgam dis- five-year plan involves “lower- a jab in partnership with Pfizer vanced to within about 3 miles A typhoon that officials said Officials said the death toll trict, police said. ing relianceonforeign sup- Inc. that it hopes to submit for of the strategically placed town was the most powerful to hit across the country may rise as The party says they were pliesand increasing reliance authorization in November. of Shushi. He urged residents to Vietnam in 20 years blew away some regions have been unable members of the BJP’s youth on domestic demand.” —Bojan Pancevski mobilize all their resources to from the country on Thursday to report details of damage and wing and one was general secre- Detailed action plans,Chi- fend off the attack. “The one after setting off landslides, sink- casualties. tary of the party’s Kulgam dis- nese officials say, will be NAGORNO-KARABAKH who controls Shushi controls ing boats and knocking out —Associated Press trict. In a tweet, the BJP con- fleshed out this spring,when Nagorno-Karabakh,” Mr. Harutyu- power to at least 1.7 million peo- demned the killings, calling them China’slegislatureisdue to Azerbaijani Army nyan said in a video address. ple. At least 35 people were INDIA a “barbaric terror attack.” rubber-stamp the newplan. Nears Key Town “We must realize that and take killed and more than 50 were “Those who are responsible Fornow,itrepresentsbroad part in defending Shushi. We missing, state media said. Three Politicians for this will not be spared,” it outlines of Mr.Xi’seffort to re- The Azerbaijani army closed must reverse the situation.” The immediate focus for res- Slain in Kashmir said. shape the economysoitcan be in Thursday on a key town in Nagorno-Karabakh lies within cuers was on three villages in No rebel group has claimed driven morebyinternal forces. Nagorno-Karabakh following Azerbaijan but has been under the country’s central region Assailants shot and killed responsibility for the attack. Theleadership also pledged more than a month of intense the control of ethnic Armenian where landslides killed at least three politicians from India’s rul- Kashmir is divided between to pull the country’sper capita fighting, while top diplomats forces backed by Armenia since 19 people and are suspected of ing party in Kashmir late Thurs- India and Pakistan, and both output levels up to that of from Azerbaijan and Armenia a war there ended in 1994. burying more than 40 others in day, police said, blaming mili- claim the region in its entirety. “moderately developed coun- prepared for more talks to try to —Associated Press thick mud and debris. tants fighting against Indian rule —Associated Press tries” by 2035. P2JW304000-5-B00100-1------XA BUSITENECHNOLOGY: NETFLIXSSRAISES PRICES&F, CITING COINST OF SHOANWS B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Friday, October 30, 2020 | B1

S&P 3310.11 À 1.19% S&P FIN À 0.68% S&P IT À 1.89% DJ TRANS À 2.17% WSJ $ IDX À 0.38% LIBOR 3M 0.214 NIKKEI (Midday) 23146.37 g 0.80% See more at WSJ.com/Markets Laptops, iPads Drive Apple Sales Facebook Revenue Revenue from iPhones fell 21% in the quarter that three-month period that in this holidayquarter,with very,verypositive.” ended in September,worse ended in September,with to- fewerweeks than normal be- Theresultshelped Apple falls 21% on delay in than analystshad expected. talrevenue rising 1%.Wall cause some versions of the conclude itsfiscal year with Surges bringing new 5G Apple executives linked a29% Street analystssurveyed by iPhone 12 aren’t even avail- an increase in revenue and drop in China sales to the de- FactSet, on average, expected able until next month. Inves- profit afterboth figuresfell in product to market layinbringing out the iPhone revenue to fall for the period. torexpectations forsignifi- the previous 12-month period. Despite 12 to October.Apple usually Revenue excluding iPhone cant growth in iPhone revenue Apple finished itsfiscal year BY TIM HIGGINS begins selling itsnewest sales rose 25% compared with have helped push the com- with $274.5billion in revenue, phones in September. ayear ago, with Mac comput- pany’smarket value to over a5.5%gain from 2019. Headwinds Apple Inc.benefited from a Thetech giant this year has ersreaching arecordof$9 $2 trillion. Forathirdconsecutive significant uptick in sales of largely benefitedfromde- billion. “We’rereally off to agreat quarter,Apple didn’t provide BY JEFF HORWITZ laptops and iPads due to the mand fordigital services, Profit fell to $12.7billion, start,” Chief Financial Officer detailed guidancefor the pandemic,evenasquarterly computersand other devices or 73 centsashare, from $13.7 Luca Maestri said. Earlier this months ahead, an acknowl- Facebook Inc.posted re- iPhone sales fell from ayear as workersand students billion, or 76 cents, ayear ear- month, the company unveiled edgment of the uncertainty it cord revenue for the third earlier afteradelayinthe around the world have stayed lier,the companysaid. There- four newiPhone 12 models,all faces as the anniversaryofthe quarter as strong digital ad launch of the company’sflag- home due to the spread of sultsbeat analysts’ expecta- of which have capabilities for firstknown Covid-19 case ap- spending outweighed ahigh- ship newsmartphone. Covid-19.The fiscal fourth tions forprofitof71centsa 5G. proaches.The companysaid profileadboycott,data-gath- Shares fell 4% in after- quarter continued that trend. share. “Everything that we’ve iPhone revenue is expected to ering restrictions and contin- hourstrading afterthe Cuper- Sales of computers, iPads Thelackluster iPhone sales seen so far,particularly with rise in the current quarter ued fallout from the pandemic. tino,Calif., companyreported and smartwatches helped areset to add pressureonAp- the iPhone,but also all the while other productsshould Revenue jumped 22% to Thursdaythat iPhone revenue buoythe companyinthe ple to deliver outsizerevenue other product categories,is PleaseturntopageB2 $21.47 billion, Facebook said Thursday. Thecompanyproj- ectsthat revenue will grow Monthly differencebetween Russell 2000 and S&P500 performance faster during the fourth quar- Ghosn ter, as the holidayseason bol- 10 percentagepoints stersadspending. ▲ Looking past 2020,the AidesSeek 5 RUSSELL OUTPACED S&P500 companysounded lesssan- guine.Facebook financechief David Wehner warned of a To Thwart 0 “significant amount of uncer- tainty” in the coming year. While the pandemic has accel- –5 Japanese erated theshifttoonline com- S&P500 OUTPACED RUSSELL merce in waysthat will benefit –10 ▼ Facebook in the longer term, BY MARK MAREMONT 2017 ’18’19 ’20 he said, the companyfaces sig- AND NICK KOSTOV nificant regulatorythreatsas well as limitations on howit Indexperformance, Three-month performance* Share-priceperformance, BOSTON—Aformer Green collectsdatafromusersofAp- year to date year to date Beret and his son canbeextra- ple Inc.’sproducts. dited to Japan to facecriminal 10% 10% Container Among the regulatorychal- Store chargesthat they helped for- S&P500 Oil lenges to Facebook’sbusiness, merautotitan Carlos Ghosn 0 Group Mr.Wehner singled out an or- Russell 2000 0 100% flee that countrylast year hid- der by European regulators –10 +126% den inside a musical-equip- Dow that would prohibit the trans- industrials –10 ment box, the U.S. State De- fer of European users’ data –20 75 partment ruled, according to back to the U.S. Facebook is –20 court documents. –30 appealing that decision. A federal judge in Boston Energy-stock ETF Facebook’sdisagreement 50 GoGoPrPro quickly ordered astayonthe –40 –30 with Apple stems from the de- extradition proceedings, how- Jan. June Oct. Aug. Sept. Oct. +41% vicemaker’s plan to limit what ever,after lawyersfor Michael dataFacebook cancollect from 25 L. Taylor,60yearsold, and Pe- BedBath Apple product users. terM.Taylor,27, filed an Jan. March June Sept. &Beyond “Weneed newregulation emergencypetition Thursday that allows forpersonalized 0 morning, citing areport that +19% and relevant ads,while pro- the two were to be put on a tecting people’sdataand pri- plane to Japan at 1p.m. East- vacy,” Chief ExecutiveMark –25 ern time Thursday. Zuckerberg said on aconfer- The Taylors’ lawyers told ence call with analystsThurs- thecourt they had just been –50 day. Excessiverestrictions on notified of the State Depart- the industry “could have a ment decision and needed meaningful negativeeffect on time to reviewthe processun- small businesses,and the eco- –75 *Oil prices measured by U.S. crude futures; Energy-stock ETF is the Energy Select Sector SPDR Fund der which the agencycame to Sources: DowJones Market Data (monthly difference); FactSet (performance) nomic recovery,in2021 and itsextraditiondecision. beyond,” he said. Their emergency petition Facebook also faces in- included aletterfromthe Small Stocks Topped Large-Caps creased antitrust scrutiny, State Department, dated with staffersatthe Federal Wednesday, saying the depart- Trade Commission recom- ment had carefully considered mendingalawsuit be filed the matterbut decided the In October on Hopes for Stimulus against the company. TheFTC Taylorsshould be extradited. has spent morethan ayear Michael and Peter Taylor looking intocomplaintsthat were arrested in Mayattheir Facebook has been using its family home outside Boston on BY AMRITH RAMKUMAR drop forthe S&P 500 and even though smallercompa- when investorsbet that spend- powerful market position to arequest from Japanese au- would be the largest such out- nies would be hard-hit by any ing on infrastructureprograms stifle competition, part of an thorities,who accused the pair Small stocks areoutpacing performancefor anymonth newlockdown measures in the and deregulation would sup- effort by U.S. antitrust author- of involvement in Mr.Ghosn’s largercompanies by the great- sinceNovember 2016,the U.S. Earningsatthese compa- port small-caps.Manyofthose ities to examine the conduct of escape from that country, est amount in yearssofar this month President Trump was nies tend to rise and fall with wagers unwound afteralarge big technologycompanies. wherehewas facing financial- month, underscoring investors’ elected, according to Dow theperformanceofthe econ- infrastructurebill never mate- Thethirdquarter began on crime charges. Mr.Ghosn de- betsonDemocratsgaining Jones Market Data. TheRussell omy, but investorsare antici- rialized, and small companies adifficult note, with aboycott PleaseturntopageB2 control in Washington and is outpacing the DowJones In- pating that avictorybyDemo- continued lagging behind their over itsalleged failuretorein ramping up spending to sup- dustrial Averageby7.6 per- cratic presidential nominee Joe largerpeersasthey have for in hatespeech on the platform. port theeconomy. centagepoints, which would be Biden will lead to largerspend- much of the past decade.Since Facebook’searningsper Despitethis week’sslide, the largest monthly gapin ing programs on everything the 2016 election, the S&P has shareclimbed to $2.71 in the INSIDE fueled by rising coronavirus morethan adecade. from infrastructuretorenew- risen 55%, while the Russell is thirdquarter from $2.12 in the cases around the world, the In the past week,the Russell able-energy projects. up 31%. year-earlier period, beating Russell 2000 of small-capcom- and S&P aredownabout 4.2%, Similar wagers were made But nearly four yearslater, analysts’ averageprojection of panies is still up 3.6% in Octo- while the Dowhas fallen 6%. four yearsago afterMr. investorsare favoring small $1.90,according to datafrom ber.That compares with a1.6% TheRussell has led this month Trump’ssurprising victory, PleaseturntopageB10 FactSet. Ant IPO PromisesLofty Returns forSelectGroup

BY STELLA YIFAN XIE Malaysia, the Canada Pension Chee-hwa—Hong Kong’schief AND SERENA NG Plan Investment Boardand pri- executivefrom1997 to 2005— vate-equity firms Silver Lake, andthe son of Taiwanese ty- AUTOMOTIVE Ant Group Co.’smarket de- WarburgPincus, Carlyle coon Samuel Yin. All used pri- VW bounces back butwill bring awindfall to a Group and General Atlantic, vate investment vehicles. but warns infections carefully curated group of in- according to Ant’slisting pro- Themorethan 40 foreign ternational investorsthat spectus.Mutual-fund managers investorsinAnt, which is con- in Europe and U.S. bought apieceofthe company T. Rowe PriceGroup Inc., trolledbyChinese billionaire threatenrebound. B3 twoyearsago. BlackRock Inc.and Fidelity In- Jack Ma,are likely to see their

In the summer of 2018,the CK vestments were in for$200 stakes nearly double in value

fast-growing financial-technol- TO million to $500 million. when thecompanyislisted in ogygiant raised $10.3 billion Private-equity firm KKR & early November.Itisraising at from investorsoutside main- Co.considered investing but ul- least $34.4billion in IPOs split SHUTTERS

land China, including wealthy A/ timately didn’t, according to a equally between Hong Kong S individuals and privatefunds person familiar with the mat- and Shanghai. PRES as well as largerinstitutions.It SKI/EP ter. Instead, current and former Thesharesales will value

wasAnt’sthirdprivatecapital VEV executives,including Henry Ant at $313 billion just before ZUMA

raise and the company’sonly PLA Kravis, KKR’sco-chairman and itstrading debut, morethan

sale of stock to foreign inves- ALEX co-chief executiveofficer,in- twicethe $150 billion valuation tors beforeits initial public of- The Hangzhou-based company owns Alipay, a payments and vested around $35 million via a it achieved in the 2018 fund-

MENDEZ/EFE/ fering.The deal morethan dou- lifestyle app with more than one billion users in China. privateinvestment vehicle they raising.Atthe IPO price, those SE

JO bled Ant’svaluation, brought in controlled, according to Ant’s investors’ gain will be roughly high-profile backersand built a and so,toreap hugeprofits $14billion with the domestic prospectus andthe person fa- 84%, TheWall Street Journal MEDIA large warchest to fund the when it eventually went public. investorsincluded, as the miliar with the move. KKR de- calculates. Spotifyrecovers from company’sgrowthand expan- Ant rebuffed some institutions world’smost valuable technol- clined to comment. “Itisunusual forinvestors early-pandemic slump sion plans. that weren’t offering to invest ogystartup. Other well-connected buyers to put in so much money and Thedeal washighly coveted, asufficient sum, or that had Thebiggest foreign buyers— in 2018,according to the pro- makebig returns so quickly,” as listenersspend more allowing the Chinese company backed itsrival Tencent Hold- investing at least $500 million spectus,included Hong Kong said MinLin, afounding part- time on service. B4 to dictateterms and choose ingsLtd.The companyemerged each—includedthe sovereign- billionaireand tycoon Li Ka- ner at NewQuest Capital Part- who would be allowedtobuy— from the sale,which totaled wealth funds of Singaporeand shing, the children of Tung PleaseturntopageB10 P2JW304000-4-B00200-1------XA

B2 | Friday, October 30, 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 Dunkin' Brands...... B2,B3 Molson Coors Beverage Starbucks Expects Full Recovery Airbus...... B3 E ...... B5 Alibaba...... B10 Exxon Mobil...... A1,B10 N Alphabet...... A1 F Nautilus...... B10 From Coronavirus Shock by 2021 Altria...... B3 NewQuest Capital Amazon.com...... A1,B4 Facebook...... A1,B1 Partners...... B1 American Airlines...... A7 Fannie Mae...... B9 P Anheuser-Busch InBev Fiat Chrysler BY HEATHER HADDON stores world-wide even as it Dunkin’srecoveryfromthe said.Starbucks was early to Peloton...... B11 ...... B5 Automobiles...... B3,B11 closes hundreds of existing pandemic in the U.S. has gen- close itsdining rooms when Planet Fitness...... B10 Ant Group...... B1 Fidelity Investments..B1 Starbucks Corp.said cus- ones. erally outpaced Starbucks’s. the pandemic hit. Apollo Global Ford Motor...... B3,B11 Q tomersare returning to itsca- Shares rose 1% to $89 in af- TheCanton, Mass.-based chain Forthe quarter,Starbucks Management...... B9 Freddie Mac...... B9 Quibi...... B2 fesquicker than expected, termarket trading.Its stock on Thursdayreported aU.S. posted a profit of $392.6 mil- Apple...... B10 G R forecasting areturn to sales wasup1%this year through same-storesales increase of lion, or 33 centsashare, com- AT&T...... B4 growth next year. Thursday’s close. 1% in its latest quarter ended pared with $802.9 million, or General Atlantic...... B1 Restaurant Brands Avalara...... B10 The coffee giant on Thurs- Coffee and breakfast chains in September,and said that 67 centsashare, in the com- General Electric...... A2 International...... B3 daysaid same-storesales in have been hit hard as the cor- sales remained up its current parable quarter last year. B General Motors...... B3 Reynolds American.....B3 itsAmericas region declined onavirus has disrupted morn- period. Dunkin’ had alarge Sales of $6.2 billion were Bed Bath & Beyond..B10 Royal Dutch ShellB5,B11 Ginnie Mae...... A9 9% in itslatestquarter from ing routines.Breakfast and percentageofU.S.sales before down from $6.7 billion during BlackRock...... B1 S GoPro...... B10 last year’s period, abetterre- brunch restaurantshavesuf- the pandemic at drive- last year’s period. Analysts Boeing...... B3 I Shopify...... B11 sult than analystsexpected. feredsome of the highest throughs, akey sellingmecha- had expected sales of $6.1 bil- BP...... B11 Inspire Brands...... B3 Spotify Technology.....B4 Thechain benefited from ratesofclosures sincethe nism since the virus hit. lion. C Interlude US...... B2 Starbucks...... B2,B3 largerordersasconsumers pandemic hit in March, ac- Starbucks traditionally fo- Forits full fiscal year,Star- Carlyle Group...... B1,B9 J T have tended to load up on cording to datafromlisting cused moreonsales in its bucksreported earningsof79 Chevron...... B10 Tesla...... B11 food and drinks during less site Yelp. stores.Starbucks is now build- centsashareonprofitof Juul Labs...... B3 Comcast...... B4 Tiffany...... B11 frequent trips.Still, Starbucks Starbucks, Dunkin’ Brands ing moreto-goonly stores and $928.3 million, down from Compagnie Financière K Total...... B11 reported a25% reduction in Group Inc.and Dine Brands drive-throughs at suburban lo- $2.92 ashareinthe prior year. Richemont...... B11 Kellogg...... B5 T. Rowe Price...... B1 transactions during itsfourth Global Inc. division IHOP are cations. Global same-storesales fell Container Store Group Kraft Heinz...... B5 Twitter...... A4,B2 quarter ended Sept. 27. in the process of closing hun- Thecompanysaid it had re- 14% for the year...... B10 L U TheSeattle-based company dreds of stores. stored lobby serviceto Starbucks said it expects Credit Suisse...... B9 reported adjusted earnings of Chains have generally roughly 63% of itscompany- same-storesales globally to D LVMH Moët Hennessy UBS...... B9 51 centsashare, topping ana- weathered the pandemic bet- owned stores in the U.S. and increase by 18% to 23% forits Louis Vuitton...... B11 United Airlines...... A7 Daimler...... B3,B11 lyst projections. terthan independent restau- 90% of those in China. Li- 2021 fiscal year.The chain an- M V - W Detroit Property Thechain said it expectsto rants, though, and Starbucks censed stores that remained ticipates opening 850 new Exchange...... A9 McDonald's...... B3 Volkswagen...... B3,B11 fully recoverfromthe pan- and Dunkin’ said they are closed in the U.S. and Canada stores in the Americas. It an- Dine Brands...... B2,B3 Microsoft...... B10 Walt Disney...... B4 demic next fiscal year,and an- opening newstoresinareas were largely in airports and on ticipates adding 600 stores in Discover...... A2 Moderna...... B5 Warburg Pincus...... B1 ticipates opening 2,150 new with more business. collegecampuses,the chain China. INDEX TO PEOPLE

B F Marshall, Edward...... B10 Black, Leon...... B9 Faury, Guillaume...... B3 Morton, Donald...... B10 Buchbinder, Jeff...... B10 G R C Ghosn, Carlos...... B1 Roberts, Brian...... B4 Cavanagh, Mike...... B4 J S Cil, José...... B3 Jaspon, Kate...... B3 Shell, Jeff...... B4 Cole, Dan...... B10 K W Correia, David...... A6 Katzenberg, Jeffrey....B2 Wehner, David...... B1 Crosthwaite, K.C...... B3 Kravis, Henry...... B1 Witter, Frank...... B3,B11 D - E M Y - Z Dahlheim, Christian....B3 Ma, Jack...... B1 Yin, Samuel...... B1 Eichmann, Richard...... B2 Maestri, Luca...... B1 Zuckerberg, Mark...... B1 S PRES Investorsare betting the

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fiscal 2015. ZO Apple As unit sales have fallen A 9% drop in same-store sales was better than analysts’ forecasts, giving its stock a boost. The chain also plans to open more stores. from that peak,Chief Execu- tive Tim Cook has shiftedthe equipment box. Mr.Ghosn had filings with the Court make nies anywrongdoing,has been ContinuedfrompageB1 company’semphasis to selling Aides Seek been out on bail and living in a clear, this distinguished for- criminally chargedwith violat- see double-digit growth. higher-pricephones and bol- court-monitored house in To- mer member of the U.S. Army ing asection of Japan’ssecu- Wall Street expectations for stering itsservices business, kyoatthe time of the escape. Special Forces and his son did rity lawinvolving disclosure. the final three months of the such as video and fitness To Thwart The former head of auto- not commit anycrime and are Samer Korkor,aformer fed- fiscal year withered earlier apps,for use on the morethan making partners Nissan Mo- being pursued by Japan in an eral prosecutor who wasre- this year as the coronavirus 900 million iPhones world- tors Co.and Renault SA turned effort to save face after the sponsiblefor U.S.-Japan rela- andits disruption began to wide. Japanese up in Lebanon, which has no departureofCarlos Ghosn tions on criminal matters, spread around the world. Beforethe pandemic,the extradition treaty with Japan. from their country.” including extradition, at the Because of the pandemic, bright spot of Apple’sbusi- Michael Taylor,who rana TheTaylorshavebeen held JusticeDepartment, said the Apple pushed back iPhone 12 nesshad been itsservices ContinuedfrompageB1 private-security businessafter in alocal county jail ever since Taylorscould likely delayex- production,resulting in acas- unit,which had morethan nies those charges, but fled leaving the U.S. ArmySpecial their arrest in May. tradition forweeks and poten- cade of delays forthe flagship doubledinfiscal 2019 com- Japan forLebanon beforethe Forces,has ahistoryofar- Today, Mr.Ghosn is living tially formonths,depending product’sunveiling earlier this pared with five yearsearlier. start of atrial. ranging complicated overseas in a pink-walled mansion in on court rulings. month, weeks later than it It rose 16% in the most recent TheU.S.State Department rescues and other missions. Lebanon. He hasco-writtena It is rare forAmerican citi- quarter to $14.5billion. has final sayinany extradition TheTaylors’ lawyersha- book about his legal travails, zens to be extradited to Japan That business is under request from foreign coun- ven’t denied that the pair took which is due to be published and the legal processcan be The company faces pressure over claims that Ap- tries,and the Taylorshad ap- part in the escape,but argued next week,and recently lengthy. ple uses itspoweroverits pealed to the agencytoblock that the father-and-son duo launched abusinessprogram In 2010,the U.S. arrested a pressure to produce digital ecosystem to hurt ri- such amove. didn’t commit acrime in at auniversity north of Beirut. former American sailor strong results in the vals and benefit itself—claims Aspokeswoman forthe Japan. Mr.Ghosn’sformer right- wanted in Japan on drug Apple has denied. JusticeDepartment, which Bail-jumping isn’t illegal in hand man in the autobusiness, charges. He wasn’t extradited holiday season. In recent weeks,aHouse handled the legal side of the the countryand the Japanese Greg Kelly,isfacing criminal until 2013. subcommittee reviewing big extradition case,declined to lawagainst harboring crimi- charges alone in Japan in a TheAmerican wascon- tech companies accused Apple comment. nals underwhich the Taylors trial that started in September victed the next year in Japa- of using monopolistic power, AState Department spokes- were charged doesn’t apply, and is expected to last until nese court and sentenced to 10 would normally debut during and “Fortnite” video game- man declined to comment, cit- they argued. mid-2021.Mr. Kelly,who de- yearsinprison. atypical year. maker Epic GamesInc.has ing “longstanding policy” re- Paul V. Kelly and Ty Cobb, Before the middle of Sep- sued over the fees Apple col- garding pending requestsfor attorneysfor the Taylors, said tember,Apple wasseeing lectsthrough itsApp Store. In extradition. in a statement: “We are ac- “double-digit” sales growth in alawsuit by the JusticeDe- Mr.Ghosn disappeared from tively seekingreview and re- iPhones,Mr. Maestri said. partment against Alphabet Japan latelast year,ina plot consideration of the decision Then the companyhit the pe- Inc.’sGoogle,Apple’smultibil- in which he took abullet train to authorizesurrender of our riod of the quarter when sales lion-dollar deal to favorthe 300 miles from TokyotoOsaka clientstoJapan both within SAVE would be compared against search engine came under andthen wassmuggled aboard the State Department and at $ last year’s iPhone launch. scrutiny. aprivatejet inside amusical- theWhiteHouse.Asprevious 100 USE PROMO CODE W100 TwitterWarns of Election Impacton Ads On ZVOX.com

BY GEORGIA WELLS the holidays “with abuying sea- “Asmuch as we would all that bringpeople to Twitter,” son that maybeaccelerated and like to see that happen every Chief ExecutiveJack Dorsey Twitter Inc.said uncertainty even more digital than ever be- quarter,” financechief Ned Se- said. surrounding the U.S. election fore,” Twittersaid. Morethan galsaid, it “maynot be how In the current quarter’s lead- could weigh on advertising 85% of Twitter’squarterly reve- thingsplayout at apretty up to the U.S. election, Twitter spending in the current quarter, nue comes from advertising. unique time in the world. The has takenmeasures to clamp though it projectsrobust activ- “Wehavenoreason to be- great news is that we’redoing down on potential confusion ity from brands using itsplat- lievethat September’s revenue abetterjob of retaining those andways itsplatform canbe form to reach consumersinthe trends can’t continue,oreven newand reactivated accounts.” abused to undermine the integ- holidayshopping season. improve, outside of the elec- Mr.Segal said Twitter’stools rity of the political process. In Can’tHear Theforecast comes as the tion-related window,” Twitter to recommend topics to users mid-October,Twitterbegan short-messaging companysaid said in alettertoshareholders. is helping with the retention. making it harder forpoststogo Voices On TV? third-quarter revenue jumped Snapchat parent Snap Inc. He said morethan 70 million viral,byputting alimit on how 14%fromayear earlier to $936 and Pinterest Inc.also bene- Twitteraccountshavefollowed userscan retweet. New AccuVoice® AV157 Speaker uses patented hearing aid technology million as advertisersreturned fitedfromstronger ad revenue Mr.Dorsey faced sharp to create 12 levels of dialogue clarity. to promoting eventsand prod- in the September quarter and questionsfromlawmakers uct launches that had been projected that growth to con- Shares plunged 16% WednesdayinaSenatehearing Flat-screen TVs use tiny speakers with tinny sound. So many grounded during the pandemic. tinuethrough year’s end. convened to discusshow so- people have to use closed-captioning to watch amovie or sporting Thecompanyalso benefited Twittersaid it added one as the company cial-media companies moder- event. Our patented hearing aid technology lifts voices out of the soundtrack and clarifies them. The result is remarkable. The AV157 from investmentsinits ad milliondaily usersfromthe reported a slow pace ateonline speech and whether has 12 levels of voice boost –incase you need extra clarity.Only 17" productsincluding those help- previous quarter to 187 million, platforms should be shielded wide, it fits just about anywhere. Hookup is simple –one connecting ing buyersmeasurecampaign the smallest increase sincelate of user growth. from liability foruser-gener- cord. Use promo code W100 at checkout and save $100! performance. 2017, the earliest period that ated content. However, shares plunged Twitterhas provided such data. Twitterearlier this month “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive more than 16% in extended Analystspolled by FactSet had blocked usersfromtweeting trading afterTwitterreported expected the user count to rise one of the newtopics that the links to recent NewYork Post $ 99 itsslowest paceofuser growth to 196 million. companyiscurating. articles concerning allegations Reg. $299.99 NOW 199 Use Promo Code W100 at checkout. in severalyears. Sincethe start Twitter added an influx of Twitter’seffortstoreduce againstHunter Biden—the son of the year,shares had gained usersatthe start of the pan- the amount of hateful and mis- of Democratic presidential morethan 63% through Thurs- demic as people flocked to the leading content on the siteare nominee JoeBiden—though it day’sclose. platform to learn moreabout also contributing to retention, later reversed course. Great Sound. Made Simple. Online platforms have bene- what washappening in the executives say. TwitteronThursdayalso 866-367-9869 fitedfromanuptick in spending world. In the second quarter, “We’rehelping people find posted anet profit of $28.7 60-Day Home Trial |FreeShipping from companies looking to Twitter’suser base grew by 20 trusted sourcesofinformation million in the thirdquarter, ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. reach housebound consumers. million from the firstthree by betterorganizing and sur- down from $36.5 million ayear ORDER THE AV157 AT ZVOX.COM This dynamic could stretch into months of the year. facing thetopics and interests ago. P2JW304000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Friday, October 30, 2020 | B3 BUSINESS NEWS Airbus VW Warns ItsRebound Is at Risk Generates Auto maker’s sales Cash With exceed expectations, but company says Deliveries pandemic is a threat

BY BENJAMIN KATZ BY WILLIAM BOSTON

Airbus SE stemmed an out- BERLIN—Volkswagen AG, flow of cash in the thirdquar- the world’s biggest car maker terbut also said the aviation by sales,onThursday became market’srecoverywould start the latest to report ahigher- later than initially forecast. than-expected profit while Theworld’slargest plane warning that rising coronavi- makerposted apositivefree ruscases and fresh lockdowns cash flow of €600 million, were threatening the rebound. equivalent to $705 million, as it Global automakershave started delivering moreplanes. made considerable headway Amid asudden drop in trav- sincethe summer,but that eler demand due to the corona- progress is now being endan- virus pandemic,airlines have gered by the trajectory of the

moved to delay, defer or cancel pandemic.InEurope,new S

jet orders. Airbus and rival Covid-19 infections are at re- PRES Boeing Co.have reduced pro- cord levels and still rising,

duction levels to adjust.How- causing governmentstoim- ZUMA ever,Airbus wasmaking more pose new lockdowns. A/ planes than it could deliver, Even as car makers are re-

hitting cash flow,asairlines gaining ground afterauto EFFEN/DP paymost of the cost of anew marketscollapsed in the ST

jet upon delivery. spring,global sales arestill PETER Airbus still has finished expected to be down as much The German auto maker is benefiting from China’s recovery, which is the first country hit by the coronavirus to pull out of its slump. planes awaiting delivery,but as 20% for the full year. With thecompanywas able to re- the resurgenceofthe pan- million vehicles world-wide in Witter,Volkswagen’sfinance reports earnings Nov. 5. Thecourse that the pan- ducethe number by around 10 demicand renewedrestric- the thirdquarter,a38% in- chief.“This situation nowis Daimler AG, the maker of demic takesisthe great un- aircraftto135. tions on manybusinesses,itis crease from the second quar- anything but relaxed.” Mercedes-Benz luxurycars, known as the autoindustry In each of the firsttwo unclear if the recovery in the terand nearly on par with Global automakershave last week raised itsprofit contemplates itsfuture. The quartersofthe year Airbus third quarter will continue in sales the previous year. been reporting strong profitsin outlook for the full year to be bump in the thirdquarter may burned through €4.4 billion. It thecoming months and into TheGerman automaker is the thirdquarter. Fiat Chrysler in line with last year,asstron- turn out to be the beginning of set a target for free cash flow the first quarter of next year. benefiting alot from China’s Automobiles NV on Wednes- germarketsand cost cuts asustained recovery.But it to be at least break even in “Honestly,this depends on recovery.The firstcountryto dayreported arecordoperat- boosted earnings. could also become afragile thefourth quarter,its first whether the [lockdown] mea- succumb to the pandemic, ing profit of $2.7billion forthe But the strong quarterly greenshoot that is stamped guidancesincethe start of the sures that have been announced China locked down hardand quarter,beating analysts’ ex- earningspale against the long- outbyanother downturn in pandemic. really take hold in all core mar- quickly pulled out of the pectations and marking astark term effectsthe pandemic the economyinthe wake of The European plane maker kets in November.Ifthat is not slump.Itisthe only major auto improvement from the second could have on the industry’s new lockdown measures. on Thursdayposted anet loss the case,then we would see a market that is expected to post quarter,when the company profitability.The economic “We are assuming that the of €767 million forthe third clearimpact on the firstquar- growth in new-car sales this posted anet lossof$1.2 billion. fallout is expected to cost the recovery will continue in the quarter,compared with a ter,” said Christian Dahlheim, year.The recovery in the U.S. Ford Motor Co. also deliv- top20automakersworld- fourth quarter,but no one profit of €989 million ayear Volkswagen’ssales chief. and Europe has laggedbehind. ered astrong three months, wide around $100 billionin herethinks this is going to be earlier. Revenue fell 27% to Volkswagensaid net income From JanuarytoSeptem- reporting net income of about lost profitsthis year, easy,” said Mr.Witter. “And €11.2 billion. in the third quarter was €2.6 ber, Volkswagen’s net income $2.4 billion and a global pre- according to consultants this assumes that therewon’t ChiefExecutiveGuillaume billion, equivalent to $3.05bil- plunged 87% to €1.4billion tax profit margin of 9.7%—its McKinsey & Co. be any large-scale lockdowns Faurysaid the latest guidance lion, down 32% from ayear and revenue fell 17%to€155.5 highest in five years. Analysts “Itmight take yearstore- in bigger markets.” took intoaccount the new agobut afteralossof€1.6bil- billion. expect General Motors Co.’s coverfromthis plungeinprof- lockdownsannounced by lion in the hard-hit second “The coronavirus remains a bottomline to bounceback to itability,” McKinsey said in the  Heard on the Street: VW’s Franceand German due to ris- quarter.Volkswagensold 2.6 central problem,” said Frank pre-pandemic levels when it report. turnaround is stalling...... B11 ing coronavirus cases.The company was taken off guard by the initial lockdowns in Eu- rope,hesaid, but wasready As Sale Talks Continue, Dunkin’ Closes Stores for the new ones. Airbus said it was pushing back by three months its am- BY HEATHER HADDON Thepandemic has pum- taurantswill enable them to bitions to ramp up deliveries meled the restaurant sector. do greater reinvestment into of itsbestselling narrow-body Dunkin’ Brands Group Inc. Among the manyvictims are the brand,” Dunkin’ Chief Fi- amid adeterioration in global said it is continuing to negoti- coffee and breakfast chains nancial Officer Kate Jaspon air traffic. It is now aiming to ate its possible sale to Arby’s that typically thrived during said. liftA320neo production to 47 parent InspireBrands Inc., morning commutes and school Like rival Starbucks Corp., amonth in the thirdquarter while closing hundreds of runs. Sales at breakfast were Dunkin’storesincities have of next year,after slashing stores hit hardbyaltered cus- down 21% in the month ending been hit hardascorporate production by a third, to just tomer behavior during the Oct. 18 from the likeperiod of workerscontinue to shelter at GES 40 a month, in April. coronavirus pandemic. the prior year,aworse drop home and avoid commuting IMA Thecompanystill forecasts The parent of Dunkin’ cof- than at both lunch and dinner, downtown. Sales in those

demand will return to pre- feeshops and Baskin-Robbins according to restaurant con- ETTY stores, particularly New York /G

pandemic levels between 2023 icecream stores said earlier sulting firm Revenue Manage- GO and Boston, continue to fall and 2025,but thinks the initial this week that it had held pre- ment Solutions. Dine Brands farbelowperformancefrom NTIA

recovery will start later than liminarytalks to go private in Global Inc.said Wednesday SA earlier this year beforethe

previously expected. an acquisition by private-eq- that it would close as manyas M. pandemic hit, Ms.Jaspon said. Airbus declined to givea uity backed Inspire, whose 100 underperforming IHOP Thechain will continue to

target for full-year deliveries, portfolio includes the Arby’s, restaurants in the U.S. as the MICHAEL offer royalty assistanceto but analystsare expecting Buffalo Wild Wingsand Jimmy chain’sbreakfast menu re- Dunkin’ said it closed 687 U.S. cafes during the latest quarter. franchisees in these stores to around 500 planes,downfrom John’srestaurant chains. mains challenged. help them stay afloat,she 863 in 2019.Boeing is ex- Dunkin’ deferred issuing adiv- As many people stay home in newcoffee and breakfast even before the pandemic.The said. pected to deliver just 170jets. idend in third-quarter earn- from work and school, some options given the slow return stores represent 8% of Forthe quarter,the chain Theplan to increase pro- ingsonThursdayasaresult of fast-food chains arerethinking to morning sales. Dunkin’sU.S.total restaurants posted aprofitof$74 million, duction of Airbus’ssingle aisle the possible takeover. howthey market and serve “The focus needs to be on and approximately 2% of 2019 or 89 centsashare, compared plane putspressureonBoeing, TheCanton, Mass.,com- breakfast. McDonald’s Corp. having really,really good chain division sales. with $72.4million, or 86 cents whose 737MAX remains panytold investorsthat there added breakfast pastries such food,” said Restaurant Brands Companyexecutives said a share, a year earlier. grounded aftertwo fatal wasnocertainty that adeal as blueberrymuffins this Chief Executive José Cil in an that Dunkin’ storeopenings Adjusted earnings were 93 crashes.The U.S. manufacturer would be reached. It declined month.Dunkin’ said it wasin- interview. areexceeding expectations cents a share. Analysts polled is expected to getsignoff to to comment further. troducing products to appeal Dunkin’ said Thursdaythat and that manyU.S.franchisees by FactSet were expecting ad- restart deliveries of that air- Inspire didn’t respond to a at differenttimes of the day. it closed 687 U.S. cafesduring that areclosing stores hope to justed earnings of 80 cents a craft at the end of this year. request for comment. Restaurant Brands Interna- the quarter ended Sept. 26 develop newlocations in share. Sales rose to $361.5mil- Boeing on Wednesday said Dunkin’sshares areup33% tional Inc., parent companyto and that it expectstoshut a higher-traffic markets. lion from $355.9 million. Ana- it would cut an additional to $101 this year,driven in BurgerKing and Tim Hortons, totalof800 domestic loca- “For manyDunkin’ U.S. lystsexpected sales of $344.9 7,000 jobs from itsworkforce. part by the deal talks. said Tuesday it was investing tions that underperformed franchisees, closing these res- million.

NOTICE OF PUBLIC SALE OF COLLATERAL Juul Va luation CutOver70% PLEASE TAKE NOTICE, that in accordance with applicable provisions of the Uniform Commercial Code as enacted in New York, the agent under certain loan agreements (“Secured Party”) will offer at public auction and in separate sales, (1) all member and From Its Peak, to $10 Billion other equity interests in and to 50% of the limited liability company interests in HFZReich Holdings, LLCand 95% of the limited liability company interests in HFZReich Properties,

BY JENNIFER MALONEY the helm in September 2019, dayand is expected to givein- LLC(the “Direct Pledged Securities”) and (2) all member and other equity interests in and Juul’sannualized operating ex- vestorsanupdateonthe value to HFZRBPortfolio Manager LLC, HFZRBPortfolio Member One LLC, HFZRBPortfolio Juul Labs Inc.has dropped penses have dropped from $2.6 of itsJuul investment. Altria Member TwoLLC,HFZ RB Acquisitions Manager LLC, HFZRBAcquisitions Member One LLC its valuation to about $10 bil- billion to lessthan $1 billion, currently values Juul at about and HFZRBAcquisitions Member TwoLLC (collectively,the “Indirect Pledged Securities”; lion, in marked contrast to he wroteinthe memo.Asare- $12 billion. $38 billion two yearsago sult, the companyhas amore Sales arefalling as some together with the Direct Pledged Securities, the “Pledged Securities”), which Pledged when tobacco giant Altria stable cash position, which will Juul customers switch back to Securities collectively own certain indirect equity interests in the real property located Group Inc.took a35% stake, enable investmentsinscientific traditional cigarettes and at (i) 910 Mayer Avenue, Madison, WI; (ii) 1100 Milwaukee Avenue South, Milwaukee, the e-cigarette maker told em- Reynolds American Inc.’s Vuse ployees on Thursday. e-cigarette brand gains market WI; (iii) 2211 Parsons Avenue, Columbus, OH; (iv) 5475 Gaffin Road SE, Salem, OR; (v) Juul’sprevious internal val- Altria is expected to sharewith a multimedia mar- 707 Spence Lane, Nashville, TN; (vi) 2121 North 161st East Avenue, Tulsa, OK; (vii) 500 uation earlier this year was keting campaign and vaporiz- Bailey Avenue, Buffalo, NY;(viii) 1600 East Butler Avenue, Flagstaff,AZ; (ix) 325 South $13 billion. give an update on ers priced at 99 cents. Route 31, Montgomery,IL; (x) 4051 Fondorf Drive, Columbus, OH; (xi) 7881 NGlen Harbor Once one of the country’s the value of its Juul Juul lost some prime retail most highly valued startups, shelfspaceand signagethis Blvd, Glendale, AZ; (xii) 655 Southwest 52nd Avenue, Ocala, FL and (xiii) 4918 Prospectus Juul has been pummeled over investment Friday. year afterbeing outbid by Drive, Durham, NC (collectively,the “Collateral”). The interests of Reich Bros. LLCand its the past two years by regula- Reynolds and Altria, which is affiliates (“Reich”) in these properties arenot included in any sale, and the winning bidder tory crackdowns,lawsuitsand using the space to market an will acquirethe applicable equity interests that areincluded in such sale subject to such investigations into whether it oral nicotine pouch called On, marketed vaping productsto research, newproductsand according to people familiar Reich interests. Each public auction will be held on December 2, 2020, by remote auction teens.Its sales and market technologytorestrict underage with the matter. via the Cisco WebEx Platform or other web-based video and/or telephone conferencing sharehavetumbled. Last access,hewrote. School and government offi- selected by Secured Party.The auction for the Direct Pledged Securities will be held at month it said it was cutting In the firsthalf of the year, cials widely blame Juul fora 11:00 a.m. (EST) and the auction for the Indirect Pledged Securities will be held at 12:00 more than half itsworkforce Juul reported alossof$423 surge in teen vaping.The com- and considering pulling out of million on sales of $764 mil- panyhas said it never mar- p.m. (EST). Secured Party reserves the right to cancel one or both sales in their entirety, most overseas markets. lion, according to adisclosure ketedtoteens and is working or to adjourn one or both sales to afuturedate. The Indirect Pledged Securities will be “Wemade some difficult to employees. to regain the public’strust. sold together in asingle block and the Direct Pledged Securities will be sold together in a decisions that impacted our Juul investorsalso will SinceMr. Crosthwaitetook single block. Interested parties must execute astandard confidentiality and non-disclosure short-term outlook,but we be- likely lower the value of their over, Juul has halted most of lievethese choices will enable stakes to account forthe re- itsU.S.advertising, cutmore agreement available by contacting Jessica Merritt at [email protected] in us to createvalue in the fu- structuring,Mr. Crosthwaite than 2,600jobs,stopped sell- order to accessadditional documentation and information. Interested parties who do not ture,” CEO K.C. Crosthwaite wroteinthe memo.Altria, ing sweet and fruity flavorsin comply with the foregoing and any other requirements of the applicable terms of sale said in a memo to staff. Juul’sbiggest shareholder,re- the U.S. and reversed itsover- prior to the deadlines set forth therein will not be permitted to enter abid. SinceMr. Crosthwaitetook portsquarterly earningsFri- seas expansion. P2JW304000-0-B00400-1------XA

B4 | Friday, October 30, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY & MEDIA WSJ.com/Tech Spotify Recovers From Slump Comcast’s Profit Music-streaming firm Falls as Pandemic added more listeners than expected and podcasts expanded Shakes Up Business

BY ANNE STEELE BY LILLIAN RIZZO ple rely on home broadband during thecoronavirus pan- SpotifyTechnology SA Thecoronavirus pandemic demicfor work and school, moved past aslump that hit continued to affect the perfor- providershaveexperienced a early in the pandemic,ascus- manceofComcast Corp., aca- surgeincustomer growth in tomerscollectively spent more ble and entertainment conglom- recent quarters. Broadband, the time listening to the service eratethat suffered from limited centerpieceofComcast’sbusi- than beforeCovid-19 shut- capacity at theme parks and ness,reported a10% increase downs. movie theatersbut signed up a in revenue to $5.2 billion. The music-streaming com- record number of broadband Comcast shares rose 1.1%. pany added moreusersthan subscribersinthe latest quarter. The company continued to expected in the most recent ThePhiladelphia-based lose pay-TV customers, with quarter and said consumption company, owner of Xfinity- 273,000 net defections in the habits have normalized, with branded services,the NBCUni- latest quarter.The drop wasa S in-car listening hours—which versal media empireand the modest improvement, com- had fallen with time spent PRES Skytelevision business, said pared with the second quarter, commuting—exceeding their third-quarternet profit fell Chief Financial Officer Mike ZUMA prepandemic peak.Listening 37%to$2.02 billion, or 44 Cavanagh said Thursday. Just on home devices,which ex- cents a share, from $3.22 bil- likeits peers, Comcast contin- ploded during lockdowns,also lion, or 70 centsashare, a ues to shed pay-TV customers

remained high. MENDEZ/EFE/ year earlier. who are opting for streaming SE

At the close of the quarter JO Revenue slipped 4.8% to services.Last week, AT&T Inc. ended Sept. 30,Spotifyhad The Black Eyed Peas and J Balvin performing at the Spotify Awards 2020 in Mexico City in March. $25.53billion from $26.83bil- reported itspay-TV division 320 million monthly activeus- lion. Both numberstopped lost 627,000 customers. ers, higher than its guidance. cast,” aSpotifyexclusive FactSet analysts’ estimates of Overall, Comcast’scable Paying subscribers, itsmost Netflix Lifts Prices, The price increase comes in launched in July,was the per-shareearningsof43cents unit—which includes aphone lucrativetype of customer, the wake of Netflix missing its most-listened to podcast and revenue of $24.74 billion. business—posted a2.9%in- grew to 144million, at the Citing Show Costs third-quarter subscriber projec- through August. “The JoeRo- Comcast’sUniversal Studios crease in revenue to $15 billion. high endofthe company’s tions amid growing competi- ganExperience,” which ar- theme parks have been hit CEO Brian Robertssaid on forecast. tion and the continuing effects rived on SpotifyinSeptember, hard by the pandemic.Its Thursdaythat Comcast’splace “Weknowthat when we Netflix Inc. raised the price of the coronavirus on the econ- is nowthe No.1showinall of parks in California have been in entertainment, whether in a reach morelisteners, we’re of its most popular plan for omy. While Netflix enjoyed the service’sEnglish-language closed sinceMarch, and there traditional pay-TV bundle or able to attract more creators the first time since early 2019, strong growth in the first and markets, the company said. is limited capacity at those through streaming,“remains to our platform. So with more a move that comes as the second quarters of this year as Mr.Rogan drew criticism opened in Florida and Japan, an important consideration for reach comes morecontent and streaming service competes people stayed at home, new this week—both from listeners prompting the companytolay new and existing customers.” with more content, especially with a growing number of subscriptions slowed in the and Spotifyemployees—for off alarge number of employ- TheNBCUniversal division, content unique to Spotify, cheaper alternatives. third quarter. releasing a podcast featuring ees.Theme-park revenue fell whose businesses include ca- there comes more opportuni- The standard streaming Netflix attributed the price right-wing provocateur Alex 81% to $311 million from $1.63 ble networks, the NBC broad- ties to monetize,” said Chief plan will now cost $13.99 a increases to the costs of creat- Jones,whose owncontent has billion a year earlier. cast-TV unit, the Universal Executive Daniel Ek. month, up from $12.99. The ing original programming. The been removed from other plat- Comcast executives said the Pictures movie studio and the During the quarter,average $8.99-a-month basic plan will company has been spending forms forviolating hate- theme-park businessisex- Universal Studios theme parks, revenue per user for the sub- remain unchanged, while the heavily on original fare as it speech policies.Mr. Rogan de- pected to break even next sawoverall revenue fall by scription businessslipped 10% cost of its premium plan will faces greater competition from fended his controversial guest. year,depending on howthe 19% to $6.72billion. Beyond to 4.19 euros,equivalent to rise to $17.99 from $15.99. The rivals including Walt Disney “He said a lot of crazy but pandemic evolves. theme parks,the largest de- $4.92, as Spotifybrought in changes go into effect for new Co.’s Disney+, AT&T Inc.’s HBO accuratethings, and that’s “When the world returns cliner wasfilmed entertain- newsubscribersvia dis- subscribers immediately, and Max, and Comcast Corp.’s Pea- what I’vebeen saying about and people aresick of being in ment, which continued to suf- counted plans and charged current subscribers will see cock as well as Amazon.com him foryears,” said Mr.Rogan. their house,Ireally feel the ferfromlimited capacity in lowerprices in newmarkets their fees go up within the Inc.’s Prime Video. Revenue climbed 14%to parks businessisgoing to be a movie theatersbecause of the such as India and Russia. The next two months. —Joe Flint €1.98 billion. Spotifyswung to strong business,” NBCUniversal pandemic,posting a25% reve- companysaid it had raised the alossof€101 million, or 58 Chief ExecutiveJeff Shell said nue decline to $1.28 billion. priceofits family plan in European centsashare, in the on Thursday’searningscall. Only the broadcast unit posted seven markets this month. Though advertising accounts lion podcasts available on its third quarter, from a profit of “But no onecan tell the pace higher revenue,with again of Revenue from subscriptions for10% or lessofSpotify’s service. Spotify’sown original €241 million, or 36 European of howthat’sgoing to go, given 8.3% to $2.41 billion. wasup15% from ayear ear- overall revenue,ithas become and exclusivepodcasts—the cents a share, a year earlier. howthingsare happening.” NBCUniversal said Peacock, lier, to €1.79 billion, equivalent agrowthareaasthe company shows from which it candraw News Corp’s DowJones & Comcast’stheme-park strug- itsnew streaming service, to $2.1 billion. Ad revenue re- has expanded itspodcast busi- ad revenue—now account for Co., publisher of TheWall gles were partly offset by its landed 22 million sign-ups turned to growth aftersliding ness,which led the rebound in 19% of all podcast listening on Street Journal, has a content broadband business, which sinceits official launch in July. in the firsthalf of the year, the recent quarter.The com- the service. partnership with Spotify’s posted 633,000 subscriber ad- —Joe Flint rising 9% to €185 million. panysaid it nowhas 1.9mil- “The Michelle Obama Pod- Gimlet Media unit. ditions,arecord. As morepeo- contributed to this article.

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THE WALL STREET JOURNAL. Friday, October 30, 2020 | B5 BUSINESS NEWS CORPORATE WATCH

KRAFT HEINZ Shell LiftsDividend Sales Rise With Grocery Demand

And PromisesMore Kraft Heinz Co.said higher grocery demand during the coro- navirus pandemic is setting the OnceDebtReduced food maker up to exceed sales expectations fornext year. Chief ExecutiveMiguel Patricio BY SARAH MCFARLANE plans in low-carbon energy fol- said thatdespitevolatile demand lowasimilar movebyBPPLC, and some production capacity LONDON—RoyalDutch which said in September it constraints, Kraft Heinz adapted Shell PLC said it would start would cut itsoil and gaspro- to meet higher demand and in- raising itsdividend again—af- duction by 40% over the next vestedinadvertising to makeit terslashing it just months ear- decade and increase itsexpen- stick. “Weare holding on to new

lier—and planned to eventually ditureonrenewables and other households and consumers at a S

increase shareholder payouts low-carbon energy sources. greaterratethan before,” he said NEW further,projecting an upbeat Mr.van Beurden declined to on acall with investors. G assessment of itsability to saywhether Shell’soil produc- Kraft Heinz’scomparable sales

weather thepandemic-induced tion would shrink,saying the rose 6.3% in its latest quarter, OOMBER oil-demand shock. companywas focused on excluding the effects of currency /BL Thepandemic forced Shell value, not volume. The com- fluctuations and divestitures. Its

to reduceits dividend by two- pany plans to cut up to 9,000 earnings topped analyst expecta- HARRER thirds in April, itsfirst cut jobs,about 11% of itswork- tions, sendingshares up 2%.

sinceWorld WarII,and helped force, following similar cost- Kraft Heinz said grocery sales ANDREW triggerarestructuring of the saving moves at Chevron Corp. accelerated in the second half of The world’s biggest brewer reported North American revenue rose 4.7%, fueled by online commerce. company, part of abroader and BP. September as cases of Covid-19 plan at Shell to acceleratein- Shell’sthird-quarter perfor- rose in manyparts of the country. of its Covid-19 vaccine, one of testing whether its vaccine pro- revenue overall grew 4.7% in the vestmentsinlow-carbon en- mance was hurt by lower re- The company’sU.S. president, the leading coronavirus shots in tects people from symptomatic quarter on an organic basis— ergy. fining margins and afall in re- CarlosAbrams-Rivera, said Kraft development, and said thatin Covid-19 disease. which strips out currency moves Thecompanyisnow in- fining activity,along with Heinz is meeting with dozens of the latest quarter it received $1.1 Executives reiterated Thurs- and acquisition impacts—com- creasing itsdividend 4% to lowermargins in itsLNG busi- retailers to help them prepare billion of deposits from other daythatinterim efficacy results pared with ayear earlier. 16.65centsashareand said ness, as lowercrude prices forthe unprecedentedpandemic governments thathad previously and keysafetydatacould be- AB InBev’s net profit forthe that onceithas reduced its started to filter through to holidayseason as theyrebuild signed supply deals. come available in November, three months to Sept. 30 fell to debt to $65 billion, it would LNG contractslinked to oil inventory depleted in the first With the newJapan contract, which could support regulatory $1.04 billion from $3 billion a aim to give20% to 30% of cash prices. couple months of the pandemic. Moderna has so farcommitted authorization of the vaccine’suse year earlier,when results were flow from operations back to Refiningcan act as ahedge Kraft Heinz said it has added to supplying between 175 million in the U.S. and other countries if boostedbyahedging-related shareholders. Shell’sdebt was formajor oil companies during factory capacityand adjusted and morethan 610 million doses positive. gain. Underlying profit, which $73.5billion at the end of Sep- times of lowerenergy prices, some manufacturing lines to in- to severalcountries including the —Peter Loftus strips out gains tied to hedging tember. butrecently even these areas crease production of high-de- U.S., Canada and Switzerland, and the impact of inflation, “The strength of our perfor- haven'tbeen as profitable.Re- mand items by about 20%. The based on whatthe companyhas ANHEUSER-BUSCH INBEV dropped to $1.6 billion from $1.87 mancegives us the confidence fining margins have in the past companyalso shifted marketing publicly disclosed. It also has Online Beer Sales billion. to layout our strategic direc- risen when oil prices fell, but to focus on products thatithas deals with Israel and Qatar but Miller Lite-owner Molson tion, resume dividend growth fuel demand is also weak,with plenty of,Mr. Abrams-Rivera hasn’tdisclosed howmany Grow in Pandemic Coors Beverage Co., meanwhile, andtoprovide clarity on the people driving and flying less said. Forinstance, the company doses will be supplied. said its online beer sales have cash allocation framework, because of Covid-19. is promoting its boxedKraft Moderna shares rose 8% on Homebound drinkers bought grownroughly 200% in the U.S. with clearparameterstoin- Shell said that itsgas-trad- macaroni and cheese versus the Thursday. morebeer online and at super- overthe course of the pandemic, crease shareholder distribu- ing resultswerelowerthan single-servemicrowavable cups “Weremain on track to fulfill markets, cushioning twoofthe and it is accelerating e-com- tions,” Chief ExecutiveBen van during the comparable period thatare in short supply. these contracts,” Moderna Chief world’sbiggestbrewers amid merce options forconsumers in Beurden said Thursday. ayear ago. BP, which posted Fellowfood maker Kellogg ExecutiveStephane Bancel said Covid-19 restrictions thathave Canada. Shell nowplans to spend earnings earlier this week,also Co., meanwhile, said Thursday during an earnings conference cut into sales at bars and res- Those gains, too, came from a 25%ofits annual $19 billion- said trading suffered. thatithas seen demand forits call Thursday. In total, the com- taurants. very small base, and weren’t to-$22billion investment bud- Shell reported athird-quar- products at grocery storesdecel- panyexpects to be able to sup- Anheuser-Busch InBev NV, enough to makeupfor sharply geton“the futureofenergy terprofitonanet current- erateinrecentmonths from the ply between 500 million and 1 the world’sbiggestbrewer, said falling sales in Europe and re- businesses” which include cost-of-supplies basis—a figure levels of growth overthe sum- billion doses in 2021. online sales arestill asmall slice duced revenue from sales in res- marketing,power, hydrogen similar to the net income that mer.Kellogg’ssales and profit The ranges reflect thatsome of its revenue but aregrowing taurants and bars thereand and biofuels,upfromanaver- U.S. oil companies report—of were also higher than analysts contracts specify an initial num- fast amid the pandemic. The elsewhere. ageof11% over the past three $177 million Thursday. That expectedand it raised its outlook ber of doses, with options to companyisexpanding platforms Amid lockdowns and social years. compared with aprofitof forthe year. purchase more. Forexample, the to sell online in severalmarkets, distancing, rules limiting online Shell intends to focus on in- $6.08billion in the same pe- —Annie Gasparro U.S. governmentcontract is ini- including in Brazil and Europe. alcohol sales have eased in many vesting in oil projectsthat riod last year. MODERNA tially for100 million doses but Thathelped it boost adjusted places. NewYork in March began have the highest returns,while Thecompanysaid that its Nations Place the U.S. has an option to sales, beating analysts’ temporarily allowing restaurants growing itsliquefied natural marketingdivision reported purchase an additional 400 mil- expectations. and bars thatservefood to offer gasbusiness. It will shrink its strong margins,which helped Deposits forVaccine lion doses. AB InBev,which brewsone of delivery or takeout of alcohol, refining portfolio to six energy offset lowersales volumes. Moderna has one of the lead- every four beers sold, including too. Iowa and Ohio recently and chemical parks,fromthe Moderna Inc. signed anew ing Covid-19 vaccines in develop- the Budweiser and Bud Light made their temporary alcohol-to- current14sites.  Heardonthe Street: Questions contract with Japan’sgovern- ment. It has completed enroll- brands, didn’tdetail U.S. online go measures permanent. Theaccelerated investment on futurestill unresolved.... B11 menttosupply 50 million doses mentofa30,000-person study sales, but said North American —Saabira Chaudhuri

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B6 | Friday, October 30, 2020 ** THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. Chewy CHWY 67.67 -4.34 Dun&Bradstreet DNB 25.88 0.20 s Generac GNRC 216.57 -0.54 KirklandLakeGold KL 45.35 0.80 Netflix NFLX 504.21 17.97 ResMed RMD 179.51 -1.15 Textron TXT 34.07 1.98 Market listed securities. Prices are composite dd-Indicates loss in the most recent ChinaEastrnAir CEA 20.29 0.19 Dunkin' DNKN101.10 0.37 GeneralDynamics GD 131.32 -1.11 Knight-Swift KNX 37.52 -0.39 Neurocrine NBIX 98.92 0.38 RestaurantBrands QSR 53.02 0.32 ThermoFisherSci TMO 471.88 -4.83 quotations that include primary market trades four quarters. ChinaLifeIns LFC 11.26 -0.12 DuPont DD 57.96 2.05 GeneralElec GE 7.37 -0.05 KoninklijkePhil PHG 46.95 -0.30 NewFortressEner NFE 38.45 -6.08 RexfordIndlRealty REXR 47.35 0.26 ThomsonReuters TRI 77.90 -0.18 as well as trades reported by Nasdaq BX FD-First day of trading. ChinaMobile CHL 31.05 -0.26 Dynatrace DT 36.15 0.04 GeneralMills GIS 59.22 -0.30 KoreaElcPwr KEP 8.89 0.03 NewOrientalEduc EDU 165.55 -0.35 ReynoldsCnsmr REYN 28.45 -0.58 3M MMM 158.48 -0.05 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing ChinaPetrol SNP ENI E 13.85 0.14 GeneralMotors GM 34.89 0.80 KraftHeinz KHC 30.04 0.82 NYTimes A NYT 40.12 -0.23 RingCentral RNG 266.06 -2.15 Tiffany TIF 130.81 0.86 Cboe, NYSE National and Nasdaq ISE. standards 39.05 0.37 The list comprises the 1,000 largest lf-Late filing ChinaSoAirlines ZNH 26.25 0.17 EOG Rscs EOG 33.97 1.46 Genmab GMAB 34.34 0.67 Kroger KR 32.26 0.10 NewellBrands NWL 16.82 0.16 RioTinto RIO 56.65 1.23 Toro TTC 81.48 -0.40 companies based on market capitalization. q-Temporary exemption from Nasdaq ChinaTelecom CHA 31.47 -0.80 EPAM Systems EPAM 317.02 1.35 Genpact G 34.23 0.22 L Brands LB 32.87 0.60 Newmont NEM 60.34 1.69 RitchieBros RBA 60.56 0.45 TorontoDomBk TD 44.12 0.69 Gentex GNTX 27.73 0.34 LHC Group LHCG Underlined quotations are those stocks with requirements. ChinaUnicom CHU 6.35 -0.21 EastmanChem EMN 81.89 1.62 214.61 2.88 NewsCorp A NWSA 13.09 0.12 RocketCos. RKT 18.90 0.25 Total TOT 29.75 0.59 large changes in volume compared with the t-NYSE bankruptcy Chipotle CMG 1242.80-10.74 Eaton ETN 104.22 1.91 GenuineParts GPC 90.31 0.62 Line LN 51.28 -0.28 NewsCorp B NWS 12.96 0.08 Rockwell ROK 235.84 1.83 ToyotaMotor TM 131.35 1.28 v-Trading halted on primary market. issue’s average trading volume. Chubb CB 132.75 5.33 EatonVance EV 59.69 0.57 Gerdau GGB 3.91 0.07 LKQLKQ 31.68 1.91 NextEraEnergy NEE 74.01 -0.45 RogersComm B RCI 41.41 0.06 TractorSupply TSCO 133.02 0.46 vj-In bankruptcy or receivership or t GileadSciences GILD Boldfaced quotations highlight those issues being reorganized under the ChunghwaTel CHT 37.46 -0.04 eBay EBAY 49.28 -3.97 58.53 -0.19 LPL Financial LPLA 77.67 0.86 Nike NKE 122.86 0.78 Roku ROKU 217.93 0.53 TradeDesk TTD 617.98 21.49 whose price changed by 5% or more if their Bankruptcy Code, or securities Church&Dwight CHD 87.06 -1.18 Ecolab ECL 186.94 1.59 GSK GSK 33.96 0.01 L3HarrisTech LHX 162.95 1.63 Nikola NKLA 19.79 0.12 Rollins ROL 59.20 -2.16 Tradeweb TW 55.84 -1.00 previous closing price was $2 or higher. assumed by such companies. ChurchillDowns CHDN 153.37 -6.19 Ecopetrol EC 9.05 0.13 GlobalPayments GPN 156.17 -2.93 LabCpAm LH 199.52 -4.48 NiSource NI 22.96 -0.01 t Root ROOT 25.80 -1.20 s TraneTech TT 132.05 4.21 Ciena CIEN 38.81 0.37 EdisonInt EIX 56.07 -0.49 Globant GLOB 180.50 0.91 LamResearch LRCX 353.26 14.36 Nokia NOK 3.35 -0.70 RoperTech ROP 370.81 3.31 TransDigm TDG 476.54 18.40 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Cigna CI 163.40 -4.93 EdwardsLife EW 72.91 -0.35 GlobeLife GL 79.77 0.98 LamarAdv LAMR 61.61 0.87 NomuraHoldings NMR 4.48 -0.04 RossStores ROST 86.99 1.71 TransUnion TRU 79.15 -0.10 changes in the closing prices from 4 p.m. the previous day. CincinnatiFin CINF 71.65 0.48 ElancoAnimal ELAN 31.51 0.74 GoDaddy GDDY 72.78 1.62 LambWeston LW 64.09 0.78 Nordson NDSN 195.20 3.98 RoyalBkCanada RY 69.75 1.27 Travelers TRV 122.46 0.96 Cintas CTAS 319.92 4.38 Elastic ESTC 105.25 -0.79 GoldFields GFI 10.80 0.05 LasVegasSands LVS 47.84 0.98 NorfolkSouthern NSC 205.62 7.51 RoyalCaribbean RCL 53.83 0.71 Trex TREX 71.47-0.25 Thursday, October 29, 2020 Net Net CiscoSystems CSCO 35.69 -0.02 ElectronicArts EA 123.90 -1.70 GoldmanSachs GS 189.94 0.17 Lear LEA 124.86 2.48 NorthernTrust NTRS 78.29 0.49 RoyalDutchA RDS.A 24.63 1.53 Trimble TRMB 48.48 0.60 GoodRx GDRX Net Stock Sym Close Chg Stock Sym Close Chg Citigroup C 41.66 0.53 EmersonElec EMR 64.44 -0.55 49.78 1.52 Leidos LDOS 81.25 1.91 NorthropGrum NOC 292.39 -1.27 RoyalDutchB RDS.B 23.36 1.54 Trip.com TCOM 29.47 0.14 Enbridge ENB 27.56 0.01 Graco GGG 61.86 0.85 Lennar B LEN.B 57.54 -0.91 NortonLifeLock NLOK 20.61 0.19 RoyalGold RGLD TruistFinl TFC 41.85 0.73 Stock Sym Close Chg Aon AON 186.80 -7.90 Blackstone BX 50.99 0.70 CitizensFin CFG 26.71 0.83 118.36 1.74 EncompassHealth EHC 63.32 -0.48 Grainger GWW 350.11 -2.44 Lennar A LEN 71.60 -0.73 Novartis NVS 78.07 -0.29 t RoyaltyPharma RPRX 36.34 0.22 Twilio TWLO 288.58 -8.38 ApolloGlbMgmt APO 37.86 -1.03 Boeing BA 148.29 0.15 CitrixSystems CTXS 113.92 -0.90 A B C EnelAmericas ENIA 6.53 -0.03 Grifols GRFS 16.86 -0.47 LennoxIntl LII 276.57 3.54 NovoNordisk NVO 66.33 -0.22 Ryanair RYAAY 81.69 1.76 s Twitter TWTR 52.43 3.90 Apple AAPL 115.32 4.12 BookingHldgs BKNG 1630.26 25.21 ClarivateCCC 28.09 -1.81 Clorox CLX 208.73 -1.15 EnergyTransfer ET 5.29 0.02 Grubhub GRUB 74.76 -0.73 LeviStrauss LEVI 16.21 0.36 Novocure NVCR 123.27 7.88 SAP SAP 108.63 0.52 TylerTech TYL 388.67 2.36 ABB ABB 24.23 -0.22 ApplMaterials AMAT 59.50 2.18 BoozAllen BAH 75.31 0.67 Cloudflare NET 54.00 -0.76 EnphaseEnergy ENPH 102.51 -0.30 GuardantHealth GH 109.68 -0.82 LiAuto LI 20.62 1.93 NuanceComms NUAN 32.59 0.34 S&P Global SPGI 325.74 -0.96 TysonFoods TSN 57.24 0.48 AcadiaPharm ACAD 47.35 0.93 Aptargroup ATR 112.94 0.60 BorgWarner BWA 35.44 -1.21 Coca-Cola KO 48.02 0.06 Entegris ENTG 75.87 1.15 Guidewire GWRE 99.10 0.78 LibertyBroadbandC LBRDK 136.56 0.71 Nucor NUE 47.94 1.36 SBA Comm SBAC 295.02 -0.40 UBS Group UBS 11.59 ... AECOM ACM 43.84 1.04 Aptiv APTV 98.32 4.75 BostonBeer SAM 1057.15 -3.21 Coca-Cola Euro CCEP 36.25 -0.48 Entergy ETR 101.48 -1.33 HCA Healthcare HCA 125.40 -1.15 LibertyBroadbandA LBRDA 134.14 0.37 Nutrien NTR 40.97 0.81 SEI Investments SEIC 49.77 -0.10 UDR UDR 29.92 0.32 AES AES 19.53 0.17 Aramark ARMK 28.20 1.02 t BostonProps BXP 71.64 0.49 Cognex CGNX 67.66 2.53 EnterpriseProd EPD 16.83 0.32 HDFC Bank HDB 57.60 -0.97 LibertyGlobal C LBTYK 18.63 -0.36 NVIDIA NVDA 520.96 15.88 SK Telecom SKM 21.55 -0.46 UGI UGI 32.37 -0.58 Aflac AFL 34.22 0.07 ArcelorMittal MT 13.66 0.16 BostonSci BSX 33.50 -0.57 s CognizantTech CTSH 71.02 -0.08 Equifax EFX 139.56 -1.33 HD Supply HDS 40.21 0.11 LibertyGlobal A LBTYA 19.01 -0.36 SS&C Tech SSNC 60.60 -0.03 Uber UBER 34.06 0.41 AGNC Invt AGNC 14.10 0.19 ArchCapital ACGL 30.43 0.98 BrightHorizons BFAM 160.96 3.31 O P Q ColgatePalm CL 76.67 -0.19 Equinix EQIX 740.68-15.39 HP HPQ 17.78 0.43 LibertyFormOne A FWONA 33.29 0.39 StoreCapital STOR 25.98 0.44 Ubiquiti UI 186.49 1.91 Ansys ANSS 310.85 2.82 ArcherDaniels ADM 49.92 0.40 BristolMyers BMY 57.92 0.16 HSBC HSBC 21.15 0.64 ColumbiaSportswr COLM 96.27 2.56 Equinor EQNR 12.72 -0.24 LibertyFormOne C FWONK 35.99 0.48 OGE Energy OGE 30.96 -0.12 SVB Fin SIVB 282.07 3.53 UltaBeauty ULTA 205.62 4.19 ASETech ASX 4.38 0.11 AresMgmt ARES 42.15 0.09 BritishAmTob BTI 32.31 0.48 Halliburton HAL 11.62 0.20 Comcast A CMCSA 43.06 1.08 Equitable EQH 21.22 1.05 LibertyBraves A BATRA 20.94 0.45 ONEOK OKE 30.40 1.31 Salesforce.com CRM 237.14 -1.29 Unilever UN 57.37 -0.06 ASML ASML 370.86 8.00 arGEN-X ARGX 254.38 0.04 Broadcom AVGO 355.01 7.80 HartfordFinl HIG 38.69 1.34 Comerica CMA 43.95 1.78 EquityLife ELS 59.36 0.57 LibertyBraves C BATRK 20.64 0.41 OReillyAuto ORLY 436.33 -6.06 Sanofi SNY 45.51 -0.63 Unilever UL 57.70 -0.18 AT&T T 26.76 0.26 AristaNetworks ANET 203.16 -1.22 BroadridgeFinl BR 138.12 2.64 Hasbro HAS 83.87 -0.17 CommerceBcshrs CBSH 62.32 1.19 t EquityResdntl EQR 46.26 0.02 LibertySirius C LSXMK 34.97 0.75 OakStreetHealth OSH 49.48 -1.16 SantanderCons SC 20.81 -0.13 UnionPacific UNP176.04 2.67 AbbottLabs ABT 105.00 -1.42 ArrowElec ARW 77.50 0.95 BrookfieldMgt BAM 30.16 -0.13 HealthcareAmer HTA 24.40 0.69 ConagraBrands CAG 35.50 -0.36 s ErieIndemnity A ERIE 236.18 1.42 LibertySirius A LSXMA 34.93 0.39 t OccidentalPetrol OXY 9.13 0.25 SareptaTherap SRPT 141.49 1.16 UnitedAirlines UAL 33.57 0.97 AbbVie ABBV 80.67 0.18 ArrowheadPharm ARWR 58.09 -1.33 BrookfieldInfr BIP 43.93 1.11 HealthpeakProp PEAK 27.52 0.94 ConchoRscs CXO 42.11 0.70 EssentialUtil WTRG 41.95 -0.44 EliLilly LLY 132.55 1.24 Okta OKTA 218.35 -3.00 Schlumberger SLB 14.45 0.27 UnitedMicro UMC 5.44 -0.08 Abiomed ABMD 254.61-28.39 AscendisPharma ASND 164.01 2.95 BrookfieldPropREIT BPYU 14.97 0.24 Heico HEI 105.50 1.32 ConocoPhillips COP 29.16 0.37 EssexProp ESS 197.58 11.26 LincolnElectric LECO 101.32 1.32 OldDomFreight ODFL 190.35 3.69 SchwabC SCHW 40.31 2.16 UPS B UPS 161.36 5.58 AcceleronPharma XLRN 106.89 0.72 AspenTech AZPN 111.90 -2.29 BrookfieldRenew BEPC 66.83 2.16 Heico A HEI.A 93.84 0.35 ConEd ED 79.77 -0.39 EsteeLauder EL 223.14 2.59 LincolnNational LNC 34.02 1.31 Ollie'sBargain OLLI 90.27 -0.81 ScottsMiracleGro SMG 156.27 0.84 UnitedRentals URI 173.22 2.49 Accenture ACN 216.44 2.50 Assurant AIZ 125.20 2.99 Brown&Brown BRO 43.46 -0.71 HenrySchein HSIC 62.90 0.92 ConstBrands A STZ 165.85 0.84 Etsy ETSY 132.42 -7.22 Linde LIN 219.84 2.93 OmegaHealthcare OHI 29.71 0.59 Sea SE 167.02 3.78 US Bancorp USB 38.07 0.77 ActivisionBliz ATVI 77.77 -1.24 AstraZeneca AZN 51.07 0.09 Brown-Forman B BF.B 69.62 -0.01 Herbalife HLF 47.38 0.23 Cooper COO 324.14 -9.43 EverestRe RE 202.11 5.91 LithiaMotors LAD 232.21 -1.28 t Omnicom OMC 45.80 -0.29 Seagate STX 47.66 -0.08 s UnitedTherap UTHR130.25 -1.78 AdaptiveBiotech ADPT 51.84 0.85 Athene ATH 31.67 0.87 Brown-Forman A BF.A 62.77 -0.57 Hershey HSY 137.83 -0.37 Copart CPRT 111.28 2.81 Evergy EVRG 55.33 -0.04 LiveNationEnt LYV 49.67 0.27 ON Semi ON 25.19 0.65 Seagen SGEN 192.34 -2.51 UnitedHealth UNH 303.68 -4.32 Adobe ADBE 461.11 4.14 Atlassian TEAM 210.72 1.86 Bruker BRKR 41.99 0.75 Hess HES 37.18 1.06 CoreLogic CLGX 76.65 0.42 EversourceEner ES 88.46 -0.45 LivongoHealth LVGO139.77 -5.63 OneConnectFinTech OCFT 20.51 -0.07 SealedAir SEE 40.17 -0.73 s UnitySoftware U 108.84 9.08 AdvanceAuto AAP 146.00 -0.38 AtmosEnergy ATO 92.08 -0.61 Bunge BG 58.29 0.23 HewlettPackard HPE 8.53 0.16 Corning GLW 32.10 0.37 ExactSciences EXAS 120.51 -7.02 LloydsBanking LYG 1.43 0.05 OpenText OTEX 37.69 -0.35 SempraEnergy SRE 127.22 1.12 UnivDisplay OLED 197.80 7.54 AdvMicroDevices AMD 78.02 1.62 Autodesk ADSK 242.84 5.22 BurlingtonStrs BURL 196.20 1.17 HighwoodsProp HIW 30.09 0.38 Corteva CTVA 32.50 0.64 Exelixis EXEL 20.92 -0.03 LockheedMartin LMT 352.44 1.58 Oracle ORCL 56.02 0.43 SensataTechs ST 43.62 0.29 UniversalHealthB UHS 105.45 -0.92 AgilentTechs A 102.02 0.36 Autohome ATHM 96.90 2.44 CBRE Group CBRE 51.30 7.38 Hill-Rom HRC 92.83 1.57 CoStar CSGP 828.26 34.91 Exelon EXC 40.16 0.59 Loews L 34.22 0.96 Orange ORAN ServiceCorp SCI 46.22 2.65 VEREIT VER 6.19 0.11 AgnicoEagle AEM 78.66 2.53 Autoliv ALV 75.90 0.67 CDW CDW 120.95 2.22 Hilton HLT 86.51 2.49 11.19 0.72 Costco COST 364.86 0.60 Expedia EXPE 95.22 3.39 LogitechIntl LOGI 85.06 -0.52 ServiceNow NOW 510.59 26.54 VF VFC 68.86 0.47 AirProducts APD 276.77 3.79 ADP ADP 158.19 3.11 CGI GIB 62.72 1.43 Hologic HOLX 70.50 0.81 Orix IX 59.82 1.42 CoupaSoftware COUP 282.62 -2.39 ExpeditorsIntl EXPD 89.41 0.22 Lowe's LOW 160.75 -0.67 ShawComm B SJR 16.73 0.19 VICI Prop VICI 23.25 0.71 AkamaiTech AKAM 95.82 -1.58 AutoZone AZO 1129.76 0.91 CH Robinson CHRW 90.08 1.50 HomeDepot HD 269.63 -0.09 OtisWorldwide OTIS 60.79 1.80 t Credicorp BAP 114.21 -0.99 ExtraSpaceSt EXR 116.32 0.62 lululemon LULU 330.15 0.64 SherwinWilliams SHW 692.09 13.43 VailResorts MTN 233.84 3.26 Albemarle ALB 93.77 2.99 Avalara AVLR 151.72 1.86 CME Group CME 149.99 0.43 HondaMotor HMC 23.81 0.55 OwensCorning OC 67.30 2.19 CreditSuisse CS 9.38 -0.54 ExxonMobil XOM 32.97 1.40 LumenTech LUMN 8.67 -0.04 ShinhanFin SHG 27.57 0.53 Vale VALE 10.77 0.24 Albertsons ACI 15.15 0.04 Avalonbay AVB 136.13 3.42 CMS Energy CMS 63.50 -0.47 Honeywell HON 164.60 3.44 PG&E PCG 9.74 0.04 Cree CREE 63.21 -3.01 F5Networks FFIV 133.57 -0.65 Lumentum LITE 85.18 3.85 Shopify SHOP 977.00-49.71 ValeroEnergy VLO 37.53 1.34 Alcon ALC 57.16 -1.27 Avangrid AGR 49.86 0.42 CNA Fin CNA 29.25 0.45 HorizonTherap HZNP 77.72 0.46 PLDT PHI 26.99 -0.43 CrowdStrike CRWD 127.36 -4.21 FMC FMC 103.63 1.33 Lyft LYFT 22.93 0.70 Sibanye-Stillwater SBSW 11.66 0.42 VarianMed VAR 172.28 -0.13 AlexandriaRlEst ARE 151.51 -0.66 Avantor AVTR 23.00 -0.37 CNH Indl CNHI 7.78 0.03 HormelFoods HRL 48.70 0.08 PNC Fin PNC 109.82 1.10 CrownCastle CCI 157.71 0.86 Facebook FB 280.83 13.16 LyondellBasell LYB 72.21 2.88 SimonProperty SPG 63.41 2.65 VeevaSystems VEEV 284.68 -2.59 AlexionPharm ALXN 118.21 3.36 AveryDennison AVY 139.81 4.66 CNOOC CEO 92.05 -0.10 DR Horton DHI 68.03 -0.85 POSCO PKX 47.13 0.38 CrownHoldings CCK 87.21 1.48 FactSet FDS 310.25 -0.98 SiriusXM SIRI 5.83 0.13 Ventas VTR 39.90 1.06 Alibaba BABA 312.56 4.62 AxaltaCoating AXTA 25.38 0.54 CRH CRH 35.08 1.31 HostHotels HST 10.52 0.07 M N PPD PPD 33.15 -0.01 CubeSmart CUBE 33.65 0.43 FairIsaac FICO 393.43 3.28 Skyworks SWKS 145.16 5.37 VeriSign VRSN 191.59 1.76 AlignTech ALGN 436.57 -2.94 AxonEnterprise AAXN 103.40 1.40 CRISPR Therap CRSP 96.35 1.64 HowmetAerospace HWM 17.21 0.53 PPG Ind PPG 128.10 2.89 Cummins CMI 217.44 3.85 Farfetch FTCH 29.22 1.06 SlackTech WORK 26.74 0.16 VeriskAnalytics VRSK 179.22 -0.27 Alleghany Y 554.37 3.32 BCE BCE 40.61 0.10 CSX CSX 77.89 1.96 HuanengPower HNP 15.03 -0.40 M&T Bank MTB 99.54 2.76 PPL PPL 27.59 0.29 CureVac CVAC 49.60 2.84 Fastenal FAST 43.12 0.18 Smartsheet SMAR 50.83 -1.63 Verizon VZ 56.76 0.45 Allegion ALLE 98.11 1.75 BHP Group BHP 48.11 0.41 CVS Health CVS 55.93 -0.64 Huazhu HTHT 40.82 0.75 MGMGrowthProp 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45.61 -0.35 DellTechC DELL 60.52 -0.18 IcahnEnterprises IEP 48.96 0.06 MartinMarietta MLM 263.60 16.15 Peloton PTON 115.91 -6.21 WEC Energy WEC 100.42 0.66 Spotify SPOT266.87 -9.27 Amedisys AMED 250.87 2.14 BankofMontreal BMO 60.91 0.84 Carlisle CSL 121.87 1.35 DeltaAir DAL 30.76 1.11 Flex FLEX 13.690.37 Icon ICLR 183.27 0.78 MarvellTech MRVL 38.21 -1.32 PembinaPipeline PBA 20.79 0.34 WEX WEX 126.00 -7.58 Square SQ 169.86 2.73 Amerco UHAL 349.62 4.06 BankNY Mellon BK 34.32 0.24 Carlyle CG 25.56 0.40 DentsplySirona XRAY 44.80 -0.04 Floor&Decor FND 77.91 0.07 IDEX IEX 168.73 -3.84 Masco MAS 53.97 0.20 PennNational PENN 55.74 -0.85 W.P.Carey WPC 62.11 0.53 StanleyBlackDck SWK 165.34 2.79 Ameren AEE 81.34 -0.03 BkNovaScotia BNS 41.48 0.70 CarMax KMX 88.21 0.33 DeutscheBank DB 9.24 -0.01 FomentoEconMex FMX 54.03 -1.06 IllinoisToolWks ITW 196.81 4.14 Masimo MASI 225.68 -7.92 Pentair PNR 49.75 0.71 WPP WPP 39.31 -0.09 s Starbucks SBUX 88.30 1.13 AmericaMovil AMX 11.80 -0.28 Barclays BCS 5.44 0.11 Carnival CCL 12.98 0.68 DexCom DXCM335.29-13.83 FordMotor F 7.90 0.20 Illumina ILMN 314.90 5.21 Mastercard MA 293.18 1.80 PenumbraPEN 264.18 31.46 Wabtec WAB 58.75 2.58 StateStreet STT 58.80 0.32 AmericaMovil A AMOV 11.66 -0.36 BarrickGold GOLD 26.17 0.25 Carnival CUK 11.16 0.56 Diageo DEO 130.49 -0.79 Fortinet FTNT 118.00 -0.95 ImperialOil IMO 12.53 0.14 MaximIntProducts MXIM 70.19 1.42 PepsiCo PEP 133.99 -0.18 t WalgreensBoots WBA 33.52 -1.07 SteelDynamics STLD 31.62 1.05 AEP AEP 90.54 0.22 BauschHealth BHC 16.85 0.09 CarrierGlobal CARR 34.07 0.85 DigitalRealty DLR 148.72 -1.16 Fortis FTS 40.49 0.42 Incyte INCY 87.02 0.03 t McAfee MCFE 16.65 -0.50 PerkinElmer PKI 128.79 4.39 Walmart WMT 139.92 -0.12 Fortive FTV 62.27 0.46 t Stericycle SRCL 63.72 0.14 AmerExpress AXP 91.07 -0.53 BaxterIntl BAX 78.08 -0.07 Carvana CVNA 191.19-11.81 DiscoverFinSvcs DFS 64.01 1.48 Infosys INFY 14.28 -0.10 McCormickVtg MKC.V 184.51 -8.62 PetroChina PTR 28.20 0.15 t WarnerMusic WMG 27.29 0.16 Steris STE 177.33 -1.29 AmericanFin AFG 74.38 0.79 BectonDicknsn BDX 232.47 -3.42 CaseysGenStores CASY 170.72 -1.93 DiscoveryB DISCB 32.70 -1.03 FortBrandsHome FBHS 81.88 0.47 IngersollRand IR 35.08 -0.16 McCormick MKC 183.90 -1.77 PetroleoBrasil PBR 6.69 0.22 WasteConnections WCN 98.80 -0.09 STMicroelec STM 31.14 0.68 AmHomes4Rent AMH 28.50 0.43 BeiGene BGNE 299.50 0.26 Catalent CTLT 89.39 0.46 DiscoveryA DISCA 19.74 0.47 FoxA FOXA 25.57 0.26 Insulet PODD 228.72 0.31 McDonalds MCD 214.95 0.26 PetroleoBrasilA PBR.A 6.70 0.22 WasteMgt WM 107.55 0.59 StoneCo STNE 55.52 1.90 AIG AIG 31.29 1.06 BentleySystems BSY 34.83 0.63 Caterpillar CAT 154.67 3.51 DiscoveryC DISCK 17.82 0.38 FoxB FOX 25.39 0.37 Intel INTC 44.11 -0.14 McKesson MCK 143.79 -0.31 Pfizer PFE 35.28 -0.17 Waters WAT 225.58 0.81 PhilipMorris PM Stryker SYK 205.39 0.44 AmerTowerREIT AMT 231.65 1.52 Berkley WRB 61.04 0.31 Celanese CE 113.79 2.28 Disney DIS 121.54 3.07 Franco-Nevada FNV 132.90 0.52 InteractiveBrkrs IBKR 47.76 -0.30 MedicalProp MPW 18.14 0.95 70.64 0.60 Watsco WSO 226.47 1.36 Phillips66 PSX 45.98 1.76 SumitomoMits SMFG 5.51 0.11 AmerWaterWorks AWK 152.16 -0.84 BerkHathwy B BRK.B 201.51 0.81 Cemex CX 3.98 0.06 DocuSign DOCU 213.65 -4.60 FranklinRscs BEN 18.64 ... ICE ICE 95.70 1.93 Medtronic MDT 101.37 -1.22 Wayfair W 255.76-26.98 FreeportMcM FCX 17.48 0.61 Pinduoduo PDD 94.12 4.13 SunComms SUI 138.85 -0.14 AmericanWell AMWL 27.25 -1.77 BerkHathwy A BRK.A 3030001260.00 Centene CNC 58.33 -2.83 DolbyLab DLB 73.87 1.95 InterContinentl IHG 50.89 1.45 MelcoResorts MLCO 15.99 0.38 Weibo WB 41.85 0.35 FreseniusMed FMS 39.06 -0.82 PinnacleWest PNW 83.26 0.49 SunLifeFinancial SLF 39.67 0.71 AmericoldRealty COLD 36.14 0.12 BerryGlobal BERY 46.79 0.48 CenterPointEner CNP 21.48 0.18 DollarGeneral DG 210.73 -0.29 IBM IBM 108.91 2.26 MercadoLibre MELI 1300.98 27.39 t WellsFargo WFC 21.14 -0.04 s Pinterest PINS 62.51 13.26 SuncorEnergy SU 11.32 0.04 Ameriprise AMP 161.11 2.86 BestBuy BBY 112.28 1.17 CentraisElBras EBR 5.55 -0.01 DollarTree DLTR 91.91 1.33 IntlFlavors IFF 102.92 1.48 Merck MRK 75.89 -0.29 Welltower WELL 54.63 2.37 G H I PioneerNatRscs PXD 81.42 1.09 SunRun RUN 54.26 -1.58 AmerisourceBrgn ABC 94.59 -1.11 BeyondMeat BYND 151.85 -4.20 CeridianHCM CDAY 88.23 -0.39 DominionEner D 80.95 1.15 IntlPaper IP 43.84 0.84 MetLife MET 37.31 0.71 WestPharmSvcs WST 275.23 -5.01 PlainsAllAmPipe PAA 6.15 0.28 Suzano SUZ 8.65 0.28 Ametek AME 98.91 0.72 Bilibili BILI 46.41 2.04 Cerner CERN 70.48 -0.16 Domino's DPZ 386.72 2.72 GCI LibertyA GLIBA 78.22 0.23 Interpublic IPG 18.31 0.48 MettlerToledo MTD 1003.79 -5.47 WesternDigital WDC 38.11 -0.70 PlugPower PLUG 14.81 0.01 SynchronyFin SYF 25.46 0.29 Amgen AMGN 217.82 1.44 Bill.com BILL 105.60 -3.08 CharlesRiverLabs CRL 228.94 6.94 Donaldson DCI 47.73 0.51 GFLEnvironmental GFL 19.67 -0.09 Intuit INTU 325.61 7.10 MicrochipTech MCHP 106.35 3.81 WesternUnion WU 20.90 0.64 Pool POOL 360.64 -2.21 Synnex SNX 132.20 -0.71 Amphenol APH 113.17 1.66 Bio-Techne TECH 255.69 -1.96 CharterComms CHTR 576.00 3.42 Dover DOV 110.09 0.80 GSXTechedu GSX 68.90 -0.15 IntuitiveSurgical ISRG 686.28 -1.52 MicronTech MU 50.48 0.48 WestlakeChem WLK 67.06 1.80 PostHoldings POST 86.33 -0.32 Synopsys SNPS 219.46 1.64 AnalogDevices ADI 118.48 2.01 Bio-RadLab A BIO 568.03 8.57 CheckPoint CHKP 115.85 0.32 Dow DOW 46.25 1.07 Galapagos GLPG 116.81 -3.79 Invitae NVTA 43.76 -0.46 Microsoft MSFT 204.72 2.04 WestpacBanking WBK 12.80 0.16 PrincipalFin PFG 39.12 0.87 Sysco SYY 55.29 0.50 Anaplan PLAN 56.71 0.78 t Biogen BIIB 245.48 1.22 Chegg CHGG 74.84 -1.33 DrReddy'sLab RDY 66.23 1.34 Gallagher AJG 103.00 -1.31 InvitatHomes INVH 27.40 0.08 MidAmApt MAA 113.53 1.10 WestRock WRK 37.43 0.70 Procter&Gamble PG 137.57 -0.09 AngloGoldAsh AU 22.87 -0.43 BioMarinPharm BMRN 74.42 0.03 Chemed CHE 473.53 0.87 DraftKings DKNG 37.37 -0.78 Gaming&Leisure GLPI 37.47 0.73 IonisPharma IONS 46.85 1.03 s MiratiTherap MRTX 219.97 17.72 Weyerhaeuser WY 28.41 0.98 Progressive PGR 91.06 -0.51 T U V AB InBev BUD 53.39 0.37 BioNTech BNTX 84.81 7.27 CheniereEnergy LNG 48.10 0.67 Dropbox DBX 18.75 0.14 Gap GPS 19.65 0.28 iQIYI IQ 25.04 0.44 MitsubishiUFJ MUFG 3.94 0.08 WheatonPrecMet WPM 44.14 -0.20 Prologis PLD 100.18 2.67 AnnalyCap NLY 7.10 0.12 BlackKnight BKI 87.39 -0.55 CheniereEnerPtrs CQP 36.33 1.05 DukeEnergy DUK 92.24 1.26 Garmin GRMN 100.73 3.16 iRhythmTechs IRTC 222.44 0.34 MizuhoFin MFG 2.44 0.04 TAL Education TAL 67.01 0.49 Whirlpool WHR 186.38 -2.06 Proofpoint PFPT 103.19 -1.09 Anthem ANTM 273.26-12.54 BlackRock BLK 602.33 1.62 Chevron CVX 68.80 1.92 DukeRealty DRE 37.83 0.67 Gartner IT 118.28 0.83 IronMountain IRM 26.33 -0.02 MobileTeleSys MBT 7.88 0.03 TC Energy TRP 39.67 -0.48 Williams WMB 19.10 0.24 ItauUnibanco ITUB 4.14 0.08 Moderna MRNA 71.28 5.54 PrudentialFin PRU 63.04 1.37 TE Connectivity TEL 96.05 -0.82 Williams-Sonoma WSM 94.22 -0.50 J K L MohawkInds MHK 93.05 0.84 Prudential PUK 24.32 -0.29 Telus TU 17.22 0.20 WillisTowers WLTW 186.25 -7.66 MolinaHealthcare MOH 187.11 -6.12 PublicServiceEnt PEG 59.72 1.04 TJX TJX 51.73 0.38 Wipro WIT 4.87 0.04 PublicStorage PSA 230.86 -0.26 Dividend Changes JD.com JD 83.04 2.96 MolsonCoorsB TAP 33.38 0.47 T-MobileUS TMUS 109.51 -0.29 Wix.com WIX 264.09 1.22 PulteGroup PHM 41.41 -0.53 Joyy YY 90.51 3.41 Mondelez MDLZ 53.19 0.04 TRowePrice TROW 131.44 -5.70 Workday WDAY 217.63 7.93 Qiagen QGEN 47.60 -1.09 JPMorganChase JPM 97.17 0.63 MongoDB MDB 235.69 -4.35 TaiwanSemi TSM 84.89 1.04 WynnResorts WYNN 72.19 3.18 Dividend announcements from October 29. Qorvo QRVO 129.71 4.75 JackHenry JKHY 149.33 -0.24 MonolithicPower MPWR 318.63 14.87 TakeTwoSoftware TTWO 162.77 -1.62 XP XP 40.40 -0.23 Qualcomm QCOM 126.44 4.86 Amount Payable / Amount Payable / JacobsEngg J 94.73 1.53 MonsterBev MNST 77.54 0.17 TakedaPharm TAK 15.95 -0.15 XPO Logistics XPO 89.23 0.85 s QuantaServices PWR 62.66 1.78 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record JamesHardie JHX 24.45 0.58 Moody's MCO263.00 1.14 TandemDiabetes TNDM 112.40 0.09 XcelEnergy XEL 70.74 0.48 QuestDiag DGX 122.97 -2.00 JazzPharma JAZZ 145.63 0.01 MorganStanley MS 48.12 0.90 Tapestry TPR 22.73 1.42 Xilinx XLNX122.90 3.14 Increased Stocks Quidel QDEL 268.78 4.99 JFrog FROG 76.30 1.86 s Morningstar MORN 195.75 16.98 Target TGT 154.25 -0.96 XPeng XPEV 20.72 1.70 Rollins Inc ROL 3:2 /Dec11 Artisan Ptrs Asset Mgmt APAM 7.0 .83 /.67 Q Nov30 /Nov16 J&J JNJ 137.19 -1.17 Mosaic MOS 18.30 0.23 R S TataMotors TTM 8.93 0.08 Xylem XYL 86.86 -0.49 Black Hills BKH 3.9 .565 /.535 Q Dec01 /Nov17 Foreign JohnsonControls JCI 42.31 1.17 MotorolaSol MSI 162.89 -1.60 TeckRscsB TECK 12.82 0.54 Yandex YNDX 58.90 1.06 Delek Logistics Partners DKL 13.5 .905 /.90 Q Nov12 /Nov06 JuniperNetworks JNPR Mylan MYL 14.37 0.07 RELX RELX 20.05 -0.09 TeladocHealth TDOC217.89 -9.05 YumBrands YUM 94.94 -0.12 Fresh Del Monte Produce FDP 1.4 .10 Q Dec04 /Nov11 19.69 -0.79 FDBC Q KB Fin KB 36.05 -0.08 MyoKardia MYOK 223.32 0.51 RH RH 351.97 -1.63 TeledyneTech TDY 309.36 2.41 YumChina YUMC 54.22 2.00 Fidelity D&D Bancorp 2.3 .30 /.28 Dec10 /Nov20 Gerdau ADR GGB 0.6 .01977 Q Nov25 /Nov10 KE Holdings BEKE 71.58 -1.47 NICE NICE 229.04 2.14 RPM RPM 85.19 1.65 Teleflex TFX 326.65 -8.38 ZTO Express ZTO 30.18 1.00 First Citizens Bcshs Cl A FCNCA 0.4 .47 /.40 Q Jan04 /Dec14 GlaxoSmithKline ADR GSK 5.9 .49594 Q Jan14 /Nov13 KKR KKR 34.79 0.02 s NIO NIO 31.99 4.48 RaymondJames RJF 75.55 0.34 Ericsson ERIC 11.33 -0.05 ZaiLab ZLAB 84.21 -0.29 First Northwest Bancorp FNWB 2.0 .06 /.05 Q Nov27 /Nov13 Golar LNG Partners GMLP 3.6 .0202 Q Nov13 /Nov06 KLA KLAC NRG Energy NRG 31.44 0.31 RaytheonTech RTX 53.14 0.80 t TelefonicaBras VIV 7.26 -0.02 ZebraTech ZBRA 291.97 6.77 Prosperity Bancshares PB 3.6 .49 /.46 Q Jan04 /Dec15 Golar LNG Ptrs Pfd. A GMLPP 11.3 .54688 Q Nov16 /Nov09 201.95 11.40 KSCitySouthern KSU 175.21 1.95 NVR NVR 3996.27 12.89 RealtyIncome O 58.52 0.71 t Telefonica TEF 3.36 -0.13 Zendesk ZEN 106.03 1.91 SB Financial Group SBFG 2.8 .105 /.10 Q Nov20 /Nov06 HSBC Holdings ADR Pfd HSBCpA 6.0 .3875 Q Dec15 /Nov30 Kellogg K 63.08 -0.41 NXP Semi NXPI 136.17 6.40 RegencyCtrs REG 35.46 0.10 TelekmIndonesia TLK 17.25 -0.16 Zillow C Z 92.01 2.35 Shenandoah Telecom SHEN 0.8 .34 /.29 A Dec01 /Nov12 Silicon Motion Tech ADR SIMO 3.6 .35 Q Nov25 /Nov12 KeurigDrPepper KDP 27.19 -0.54 Nasdaq NDAQ 122.01 0.28 RegenPharm REGN 555.79-11.25 10xGenomics TXG 140.74 -0.29 Zillow A ZG 92.72 2.44 Tennant Co TNC 1.5 .23 /.22 Q Dec15 /Nov30 Vedanta ADR VEDL 12.3 .49456 SA Oct30 / KeyCorp KEY 12.75 0.35 NationalGrid NGG 59.96 0.39 RegionsFin RF 13.20 0.47 TencentMusic TME 14.71 0.17 ZimmerBiomet ZBH 133.84 0.47 UMB Financial UMBF 2.1 .32 /.31 Q Jan04 /Dec10 Special KeysightTechs KEYS 104.54 0.24 Natura&Co NTCO 16.43 -0.14 ReinsGrp RGA 99.89 4.45 Teradyne TER 88.54 3.00 Zoetis ZTS 161.19 2.50 West Pharmaceutical Svcs WST 0.2 .17 /.16 Q Nov18 /Nov11 Capitol Federal Finl CFFN 3.0 .13 Dec04 /Nov20 KimberlyClark KMB 132.83 -0.16 NatWest NWG 3.04 0.09 RelianceSteel RS 108.71 2.37 Terminix TMX 47.51 0.13 ZoomVideo ZM 489.68-26.33 Reduced Diamond Hill Investment DHIL ... 12.00 Dec04 /Nov25 KinderMorgan KMI 12.06 0.23 nCino NCNO 72.06 -0.24 RenaissanceRe RNR 166.56 2.51 Tesla TSLA 410.83 4.81 ZoomInfoTech ZI 40.28 -0.25 MPX KingsoftCloud KC 29.87 0.29 NetApp NTAP 44.11 1.82 Repligen RGEN 172.22 1.02 TevaPharm TEVA 8.74 -0.02 Zscaler ZS 142.56 -1.50 TFCpI Q Marine Products 2.0 .04 Dec10 /Nov10 Truist Finl Pfd. I 4.0 .2528 /.25556 Dec15 /Nov13 KinrossGold KGC 7.85 0.03 NetEase NTES 88.21 1.97 RepublicSvcs RSG 87.40 0.69 TexasInstruments TXN 146.19 4.21 Zynga ZNGA 9.33 -0.10 Initial KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Truist Finl Pfd. Series R TFCpR 4.5 .3892 Q Dec01 /Nov13 S2:1: stock split and ratio; SO: spin-off. Mutual Funds Data provided by Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Income 11.71 -0.01 1.5 WellsIAdml 65.88 +0.01 1.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. PIMCO Funds Instl WelltnAdml 74.46 +0.38 1.3 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese IncomeFd 11.71 -0.01 1.6 WndsrAdml 62.50 +0.69-12.6 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Price Funds VANGUARD FDS 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r BlChip 155.24 +2.12 24.8 DivdGro 30.08 +0.11 -0.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not DivGro 52.88 +0.31 0.1 INSTTRF2020 24.93 +0.09 3.4 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; EqInc 26.30 +0.29-16.3 INSTTRF2025 25.47 +0.11 3.0 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. EqIndex 87.95 +1.05 3.9 INSTTRF2030 25.76 +0.14 2.5 Growth 89.68 +1.09 22.3 INSTTRF2035 26.02 +0.16 2.0 Thursday, October 29, 2020 HelSci 92.99 -0.27 14.2 INSTTRF2040 26.27 +0.18 1.5 Net YTD Net YTD Net YTD LgCapGow I 54.76 +0.60 24.3 INSTTRF2045 26.46 +0.21 1.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCap 102.22 +0.33 7.2 INSTTRF2050 26.51 +0.21 1.1 NHoriz 81.86 +0.05 37.9 INSTTRF2055 26.62 +0.22 1.1 American Century Inv USLgVa 31.33 +0.30-17.4 Fidelity SAI R2020 NA ... NA IntlVal 32.69 +0.12-12.9 Ultra 68.31 +0.88 31.0 Dodge & Cox TotalBd 10.57 -0.02 6.5 R2025 NA ... NA LifeCon 21.62 +0.06 4.2 American Funds Cl A Balanced 91.51 +0.64 -7.0 Fidelity Selects R2030 NA ... NA LifeGro 36.50 +0.25 1.8 AmcpA p 35.31 +0.37 7.0 Income 14.68 -0.03 6.9 Softwr r 24.07 +0.21 25.2 R2035 NA ... NA LifeMod 29.51 +0.15 3.1 AMutlA p 40.35 +0.24 -5.8 Intl Stk 34.94 +0.02-19.9 Tech r 26.54 +0.33 38.8 R2040 NA ... NA PrmcpCor 26.69 +0.37 -4.4 BalA p 28.50 +0.10 1.7 Stock 162.63 +1.96-13.4 First Eagle Funds PRIMECAP Odyssey Fds STAR 29.29 +0.14 7.8 BondA p 14.03 -0.03 8.9 DoubleLine Funds GlbA 55.57 +0.38 -4.1 AggGrowth r 48.91 +0.55 8.9 TgtRe2015 15.77 +0.03 3.9 CapIBA p 56.72 +0.22 -8.0 CoreFxdIncmI 11.21 -0.03 3.6 Franklin A1 Putnam Funds Class Y TgtRe2020 33.62 +0.12 3.4 CapWGrA 51.22 +0.45 -0.7 TotRetBdI 10.71 -0.02 3.4 CA TF A1 p 7.65 +0.01 2.5 StDurInc 10.10 ... 1.4 TgtRe2025 20.43 +0.09 3.0 EupacA p 58.02 +0.44 4.2 Edgewood Growth Instituti IncomeA1 p 2.06 +0.01 -8.1 Schwab Funds TgtRe2030 37.37 +0.20 2.5 FdInvA p 60.28 +0.59 -0.5 EdgewoodGrInst 49.84 +0.47 29.4 FrankTemp/Frank Adv 1000 Inv r 74.71 +0.86 5.0 TgtRe2035 22.98 +0.15 2.0 GwthA p 60.46 +0.70 18.2 Fidelity IncomeAdv 2.05 +0.02 -7.6 S&P Sel 51.37 +0.61 4.0 TgtRe2040 39.73 +0.28 1.5 HI TrA p 9.64 +0.01 0.4 500IdxInstPrem114.89 +1.37 4.0 FrankTemp/Franklin A TSM Sel r 58.40 +0.66 4.4 TgtRe2045 24.98 +0.20 1.1 ICAA p 39.36 +0.47 1.1 Contrafund K6 17.40 +0.21 20.3 Growth A p 129.21 +1.60 15.1 TIAA/CREF Funds TgtRe2050 40.23 +0.33 1.2 IncoA p 21.50 +0.10 -5.2 ExtMktIdxInstPre 67.85 +0.60 6.3 RisDv A p 70.27 +0.49 1.7 EqIdxInst 24.39 +0.27 4.5 TgtRet2055 43.67 +0.35 1.1 IntBdA p 14.19 -0.01 6.6 FidSerToMarket 11.33 +0.13 4.4 Guggenheim Funds Tru VANGUARD ADMIRAL TgtRetInc 14.49 +0.03 4.3 N PerA p 53.13 +0.42 12.4 IntlIdxInstPrem 38.78 +0.07 -9.7 TotRtnBdFdClInst 29.64 -0.09 11.7 500Adml 305.71 +3.63 4.0 TotIntBdIxInv 11.69 +0.01 4.1 NEcoA p 52.91 +0.62 15.7 MidCpInxInstPrem 23.33 +0.24 -0.7 Harbor Funds BalAdml 40.96 +0.24 6.2 USGro 59.15 +0.47 37.5 NwWrldA 74.75 +0.65 6.0 SAIUSLgCpIndxFd 17.74 +0.21 3.9 CapApInst 102.93 +1.00 35.9 CAITAdml 12.23 ... 3.1 WellsI 27.20 +0.01 1.7 SmCpA p 66.11 +0.29 12.4 SeriesBondFd 10.73 -0.03 6.6 Harding Loevner CapOpAdml r164.78 +2.40 4.4 Welltn 43.12 +0.22 1.2 TxExA p 13.39 ... 2.4 SeriesOverseas 10.68 -0.02 -0.9 IntlEq 23.96 -0.01 0.7 DivAppIdxAdm 34.33 +0.21 2.9 WndsrII 35.03 +0.34 -3.0 WshA p 44.71 +0.28 -5.7 SmCpIdxInstPrem 19.88 +0.24 -5.3 Invesco Funds Y EMAdmr 37.00 +0.35 1.7 VANGUARD INDEX FDS Baird Funds TMktIdxInstPrem 94.30 +1.07 4.4 DevMktY 45.89 +0.29 0.6 EqIncAdml 69.48 +0.51-10.5 IdxIntl 16.54 +0.10 -6.1 AggBdInst 11.79 -0.03 7.2 USBdIdxInstPrem 12.39 -0.03 6.7 JPMorgan I Class ExplrAdml 104.25 +0.98 7.2 SmValAdml 49.23 +0.64-15.2 CorBdInst 12.11 -0.03 7.0 Fidelity Advisor I CoreBond 12.36 -0.03 6.7 ExtndAdml 100.84 +0.89 6.4 TotBd2 11.48 -0.03 6.2 BlackRock Funds NwInsghtI 37.12 +0.45 13.5 EqInc 17.20 +0.12-10.0 GNMAAdml 10.72 +0.01 3.3 TotIntlInstIdx r110.64 +0.65 -6.1 HiYBlk 7.44 ... 0.2 Fidelity Freedom JPMorgan R Class GrwthAdml 116.24 +1.67 24.7 TotItlInstPlId r110.66 +0.65 -6.1 HiYldBd Inst 7.44 +0.01 0.2 FF2020 16.25 +0.04 3.3 CoreBond 12.38 -0.03 6.8 HlthCareAdml r 87.95 -0.33 3.1 TotSt 82.23 +0.92 4.5 BlackRock Funds A FF2025 14.40 +0.04 3.1 Lord Abbett A HYCorAdml r 5.78 -0.01 1.1 VANGUARD INSTL FDS FF2030 17.79 +0.07 2.7 ShtDurIncmA p 4.17 ... 1.5 GlblAlloc p 19.88 +0.08 6.6 InfProAd 28.07 -0.09 8.8 Freedom2020 K 16.24 +0.04 3.4 Lord Abbett F BalInst 40.97 +0.24 6.2 BlackRock Funds Inst IntlGrAdml 137.10 +1.71 33.4 Freedom2025 K 14.38 +0.04 3.1 ShtDurIncm 4.17 ... 1.6 DevMktsIndInst 12.78 +0.06 -8.4 StratIncOpptyIns 10.05 ... 3.1 ITBondAdml 12.58 -0.04 8.6 Freedom2030 K 17.77 +0.06 2.8 Metropolitan West DevMktsInxInst 19.97 +0.09 -8.4 Bridge Builder Trust ITIGradeAdml 10.59 -0.03 8.4 Freedom2035 K 14.90 +0.08 1.9 TotRetBd 11.58 -0.02 7.3 ExtndInst 100.84 +0.90 6.4 CoreBond 10.92 -0.03 7.0 LTGradeAdml 11.78 -0.09 11.3 Freedom2040 K 10.41 +0.06 1.5 TotRetBdI 11.57 -0.03 7.5 GrwthInst 116.25 +1.68 24.7 CorePlusBond 10.63 -0.03 6.9 MidCpAdml 220.70 +2.01 1.3 Fidelity Invest TRBdPlan 10.89 -0.02 7.5 InPrSeIn 11.44 -0.03 8.9 Intl Eq 11.47 +0.03 -4.3 MuHYAdml 11.67 ... 2.1 Balanc 25.57 +0.15 9.1 MFS Funds Class I InstIdx 295.48 +3.52 4.0 LargeCapGrowth 18.92 +0.18 19.5 MuIntAdml 14.64 ... 3.2 BluCh 143.75 +1.78 39.1 Growth I 152.77 +1.59 20.1 InstPlus 295.49 +3.51 4.0 LargeCapValue 12.36 +0.12 -8.4 MuLTAdml 12.03 ... 3.6 Contra 16.54 +0.21 21.5 ValueI 39.93 +0.16 -9.3 InstTStPlus 70.37 +0.79 4.6 ClearBridge MuLtdAdml 11.20 -0.01 2.6 ContraK 16.57 +0.21 21.5 MFS Funds Instl MidCpInst 48.75 +0.44 1.3 LargeCapGrowthI 64.64 +0.87 18.4 MuShtAdml 15.93 ... 1.6 CpInc r 9.91 ... 0.1 IntlEq 25.99 -0.05 -6.7 MidCpIstPl 240.45 +2.20 1.3 Columbia Class I PrmcpAdml r144.94 +1.93 0.5 DivIntl 42.03 +0.12 3.8 Old Westbury Fds SmCapInst 75.94 +0.81 -3.4 DivIncom I 22.84 +0.17 -5.0 RealEstatAdml109.34 +1.61-14.8 GroCo 31.13 +0.35 45.7 LrgCpStr 15.49 +0.13 2.8 STIGradeInst 10.98 -0.01 4.4 Dimensional Fds SmCapAdml 75.95 +0.82 -3.4 GrowCoK 31.21 +0.36 45.9 Parnassus Fds STIPSIxins 25.43 -0.03 3.5 5GlbFxdInc 10.89 ... 1.5 SmGthAdml 77.44 +0.63 11.2 InvGrBd 11.74 -0.03 7.8 ParnEqFd 50.27 +0.57 7.4 TotBdInst 11.56 -0.03 6.6 EmgMktVa 24.12 +0.07-14.2 STBondAdml 10.86 -0.01 4.3 LowP r 42.70 +0.04 -8.4 PGIM Funds Cl Z TotBdInst2 11.48 -0.03 6.3 EmMktCorEq 20.57 +0.15 -3.8 STIGradeAdml 10.98 -0.01 4.4 Magin 11.94 +0.15 17.1 TotalReturnBond 14.75 -0.06 5.0 TotBdInstPl 11.56 -0.03 6.6 IntlCoreEq 12.15 +0.06-10.7 TotBdAdml 11.56 -0.03 6.6 NASDAQ r 141.25 +2.30 25.4 PIMCO Fds Instl TotIntBdIdxInst 35.06 +0.01 4.1 IntSmCo 16.91 +0.06-10.1 TotIntBdIdxAdm 23.37 +0.01 4.0 OTC 15.46 +0.27 28.9 AllAsset NA ... NA TotStInst 82.27 +0.92 4.6 IntSmVa 15.69 +0.05-18.6 TotIntlAdmIdx r 27.67 +0.17 -6.1 Puritn 24.47 +0.16 11.0 HiYld 8.72 +0.01 0.4 ValueInst 39.95 +0.29-12.5 LgCo 25.40 +0.30 4.0 TotStAdml 82.26 +0.93 4.6 SrsEmrgMkt 21.87 +0.24 6.0 InvGrdCrBd 11.02 -0.04 3.9 WCM Focus Funds TAUSCoreEq2 19.61 +0.22 -1.5 TxMCapAdml172.45 +1.98 5.3 SrsGlobal 12.34 +0.06 -6.3 TotRt 10.88 -0.02 7.5 WCMFocIntlGrwIns 21.60 +0.03 14.2 US CoreEq1 25.53 +0.30 -0.2 TxMIn r 12.76 +0.06 -8.4 SrsGroCoRetail 26.20 +0.29 47.6 PIMCO Funds A Western Asset US CoreEq2 23.02 +0.27 -1.6 SrsIntlGrw 18.16 +0.08 3.7 USGroAdml 153.32 +1.23 37.6 IncomeFd 11.71 -0.01 1.3 CoreBondI NA ... NA US Small 31.28 +0.36 -9.9 ValAdml 39.95 +0.28-12.5 SrsIntlVal 8.28 +0.04-16.4 PIMCO Funds I2 CorePlusBdI 12.36 -0.04 5.7 US SmCpVal 27.46 +0.35-19.5 TotalBond 11.14 -0.02 7.1 WdsrllAdml 62.16 +0.61 -3.0 CorePlusBdIS 12.35 -0.05 5.7 P2JW304000-0-B00700-1------XA

THE WALL STREET JOURNAL. Friday, October 30, 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 26659.11 s139.16, or 0.52% Trailing P/E ratio 25.89 19.90 3310.11 s39.08, or 1.19% Trailing P/E ratio * 38.25 23.68 11185.59 s 180.72, or 1.64% Trailing P/E ratio *† 37.62 24.75 High, low, open and close for each P/E estimate * 24.01 17.99 High, low, open and close for each P/E estimate * 25.55 18.25 High, low, open and close for each P/E estimate *† 31.31 21.87 trading day of the past three months. Dividend yield 2.31 2.28 trading day of the past three months. Dividend yield * 1.73 1.91 trading day of the past three months. Dividend yield *† 0.74 1.01 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3650 12100

28000 3525 11450

27000 3400 10800

Session high 26000 3275 10150 DOWN UP 65-day moving average Session open Close 65-day moving average t 25000 3150 9500 Close Open

t 65-day moving average

Session low 24000 3025 8850

Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,000,355,969 13,184,072 Industrial Average 26891.89 26290.78 26659.11 139.16 0.52 29551.42 18591.93 -1.4 -6.6 4.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 703,353,055 10,069,116 Transportation Avg 11292.00 10922.00 11183.52 237.90 2.17 11988.83 6703.63 6.5 2.6 4.0 Most-active issues in late trading Decl. volume* 282,063,311 2,654,767 Utility Average 878.13 852.64 867.65 2.32 0.27 960.89 610.89 0.0 -1.3 4.9 Volume After Hours Issues traded 3,142 261 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34294.37 33505.43 34001.60 383.41 1.14 36434.12 22462.76 9.5 2.9 8.3 Advances 2,016 168 Apple AAPL 20,656.5 109.50 -5.82 -5.05 116.22 108.59 Barron's 400 729.60 714.98 725.19 5.23 0.73 767.01 455.11 5.3 -1.0 1.6 Declines 1,029 84 SPDR S&P 500 SPY 8,770.1 327.13 -2.85 -0.86 337.04 320.88 Unchanged 97 9 Twitter TWTR Nasdaq Stock Market 8,609.1 43.60 -8.83 -16.84 54.15 43.15 New highs 20 3 Nasdaq Composite 11287.63 11030.19 11185.59 180.72 1.64 12056.44 6860.67 34.9 24.7 18.6 Invesco QQQ Trust I QQQ 6,695.8 273.51 -2.88 -1.04 278.83 272.98 New lows 87 1 Nasdaq 100 11467.37 11187.08 11350.74 207.98 1.87 12420.54 6994.29 40.4 30.0 22.2 NIO ADR NIO 5,872.0 31.04 -0.95 -2.97 32.02 30.63 Closing Arms† 0.81 0.34 Facebook Cl A FB 5,275.6 279.50 -1.33 -0.47 298.22 270.76 S&P Block trades* 6,093 113 Adaptimmune Therap ADR ADAP 5,006.0 4.50 -0.03 -0.66 4.59 4.50 500 Index 3341.05 3259.82 3310.11 39.08 1.19 3580.84 2237.40 9.0 2.5 8.6 Nasdaq NYSE Arca iShares MSCI ACWI ETF ACWI 3,874.3 78.80 -0.02 -0.03 78.80 78.80 MidCap 400 1925.36 1882.41 1915.44 19.87 1.05 2106.12 1218.55 -2.0 -7.2 1.4 Total volume*3,185,227,196 266,655,383 SmallCap 600 891.52 869.24 888.66 13.82 1.58 1041.03 595.67 -7.9 -13.0 -1.0 Percentage gainers… Adv. volume*2,069,096,484 188,462,532 Decl. volume*1,080,236,982 77,122,574 Other Indexes Equillium EQ 1,906.7 7.24 1.24 20.67 8.89 5.64 Issues traded 3,567 1,417 Russell 2000 1566.39 1532.23 1561.58 18.30 1.19 1705.22 991.16 -0.1 -6.4 1.2 Trupanion TRUP 52.2 83.50 11.44 15.88 86.90 69.00 Advances 2,250 1,032 NYSE Composite 12584.47 12317.80 12502.29 86.87 0.70 14183.20 8777.38 -5.1 -10.1 0.4 Flex Ltd FLEX 276.5 15.50 1.81 13.22 15.50 13.66 Declines 1,193 368 Plantronics PLT 154.6 21.00 2.01 10.58 23.70 18.99 Value Line 466.95 456.47 464.99 5.25 1.14 562.05 305.71 -11.1 -15.8 -5.1 Unchanged 124 17 Zendesk ZEN 117.5 114.01 7.98 7.53 118.00 97.55 NYSE Arca Biotech 5304.87 5211.29 5261.39 12.58 0.24 6142.96 3855.67 19.0 3.8 8.5 New highs 40 9 NYSE Arca Pharma 620.01 608.03 614.87 -1.85 -0.30 675.64 494.36 0.8 -5.9 4.6 ...And losers New lows 87 12 KBW Bank 76.47 73.60 76.00 1.21 1.62 114.12 56.19 -26.8 -33.0 -9.4 Axovant Gene Therapies AXGT 1,954.3 2.21 -1.44 -39.45 3.70 2.01 Closing Arms† 0.98 1.44 § PHLX Gold/Silver 139.03 134.56 137.90 2.26 1.67 161.14 70.12 44.2 29.0 19.1 Twitter TWTR 8,609.1 43.60 -8.83 -16.84 54.15 43.15 Block trades* 13,667 1,331 § PHLX Oil Service 27.14 25.45 27.07 0.77 2.94 80.99 21.47 -58.2 -65.4 -40.5 Universal Security UUU 385.2 2.91 -0.36 -11.01 3.27 2.82 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2304.42 2219.45 2283.65 60.67 2.73 2433.48 1286.84 38.3 23.5 21.8 FirstEnergy FE 459.2 28.86 -2.95 -9.27 31.81 28.86 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 41.16 35.63 37.59 -2.69 -6.68 82.69 11.54 184.3 172.8 56.5 OPK OPKO Health 1,426.7 3.83 -0.37 -8.81 4.25 3.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.27 World The Global Dow 2897.59 7.70 –10.9 Universal Security UUU 3.27 1.26 62.69 5.11 0.30 380.9 Tricida TCDA 4.37 -3.90 -47.16 44.30 3.74 -88.3 0.42 DJ Global Index 425.92 1.80 –1.9 Polar Power POLA 3.70 1.37 58.80 6.56 0.95 26.3 Cancer Genetics CGIX 2.28 -1.12 -32.94 10.39 1.92 -26.7 DJ Global ex U.S. 243.46 –1.10 –0.45 –7.6 Rekor Systems REKR 4.33 1.01 30.42 7.80 1.93 106.2 Blue Apron Cl A APRN 4.86 -1.71 -26.03 28.84 2.01 -32.1 Americas DJ Americas 772.58 8.27 1.08 1.5 Leslie's LESL 21.70 4.70 27.65 22.19 17.00 ... Progenity PROG 5.96 -1.73 -22.50 15.92 5.92 ... Brazil Sao Paulo Bovespa 96582.16 1213.40 1.27 –16.5 Forte Biosciences FBRX 36.38 7.72 26.94 53.99 6.33 284.7 At Home Group HOME 16.56 -4.76 -22.33 23.92 1.20 94.4 Canada S&P/TSX Comp 15670.70 84.13 0.54 –8.2 Pinterest PINS 62.51 13.26 26.92 68.93 10.10 148.6 Inovalon Holdings Cl A INOV 19.29 -5.40 -21.87 27.93 13.39 23.4 Mexico S&P/BMV IPC 36801.37 –592.34 –1.58 –15.5 Inphi IPHI 140.60 29.63 26.70 143.64 55.72 95.6 Constellation Pharm CNST 18.71 -4.66 -19.94 59.49 12.88 35.5 Chile Santiago IPSA 2467.62 –32.27 –1.29 –26.0 Allegro MicroSystems ALGM 17.70 3.70 26.43 19.74 14.00 ... Hudson Capital HUSN 2.37 -0.58 -19.72 9.80 1.60 -54.9 Meta Financial Group CASH 28.88 5.85 25.40 40.00 13.09 -8.8 Astrotech ASTC 2.01 -0.42 -17.28 7.75 0.98 29.7 EMEA Stoxx Europe 600 341.76 –0.41 –0.12 –17.8 Novus Therapeutics NVUS 21.42 3.93 22.47 26.10 4.50 91.9 Nokia ADR NOK 3.35 -0.70 -17.28 5.14 2.34 -8.2 Eurozone Euro Stoxx 333.02 –0.17 –0.05 –17.6 Belgium Bel-20 3036.59 –11.20 –0.37 –23.2 Criteo ADR CRTO 16.95 2.94 20.99 18.54 5.89 1.5 Arch Resources ARCH 29.86 -5.99 -16.71 81.61 21.80 -62.1 Denmark OMX Copenhagen 20 1340.77 22.80 1.73 18.0 Realogy Holdings RLGY 11.95 2.06 20.83 13.88 2.09 51.6 Weidai ADR WEI 2.07 -0.41 -16.53 6.46 0.73 -67.5 France CAC 40 4569.67 –1.45 –0.03 –23.6 Digimarc DMRC 34.61 5.86 20.38 43.31 9.92 -2.8 Kaixin Auto Holdings KXIN 3.75 -0.71 -15.92 13.40 0.40 167.9 Cohu COHU 1-800-FLOWERS.COM Cl A FLWS Germany DAX 11598.07 37.56 0.32 –12.5 20.67 3.47 20.17 26.43 8.89 24.4 21.37 -3.85 -15.27 32.78 11.15 49.9 Electrameccanica Vehicles SOLO 2.99 0.49 19.60 6.00 0.89 57.4 LAIX ADR LAIX 1.85 -0.33 -15.14 7.99 1.77 -43.9 Israel Tel Aviv 1330.18 18.85 1.44 –21.0 Italy FTSE MIB 17872.28 –25.51 –0.14 –24.0 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 534.43 0.34 0.06 –11.6 Russia RTS Index 1078.96 0.67 0.06 –30.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 51896.97 –411.18 –0.79 –9.1 Spain IBEX 35 6411.80 –62.60 –0.97 –32.9 NIO ADR NIO 210,839 99.0 31.99 16.28 32.20 1.44 LeaderShs Activist Ldrs ACTV 1,036 10893 24.48 1.70 24.97 24.00 Sweden OMX Stockholm 679.56 –1.52 –0.22 –0.2 Nokia ADR NOK 148,843 406.3 3.35 -17.28 5.14 2.34 Inspire Tactical Bal RISN 819 8743 25.14 0.73 27.45 24.81 Apple AAPL Gl X Adaptive US Factor AUSF Switzerland Swiss Market 9556.14 –62.51 –0.65 –10.0 136,353 -20.4 115.32 3.71 137.98 53.15 764 4587 22.27 1.46 26.92 14.70 Pinterest PINS 127,879 608.4 62.51 26.92 68.93 10.10 First Tr Strat Income ETF FDIV 295 4161 44.89 0.36 51.80 37.26 Turkey BIST 100 1126.99 … Closed –1.5 General Electric GE 122,830 20.0 7.37 -0.67 13.26 5.48 Inspire Intl ESG ETF WWJD 375 3055 24.41 -0.20 31.00 17.49 U.K. FTSE 100 5581.75 –1.05 –0.02 –26.0 U.K. FTSE 250 17177.68 –71.24 –0.41 –21.5 Ford Motor F 118,632 99.9 7.90 2.60 9.58 3.96 Level One Bancorp LEVL 145 2424 16.20 0.62 25.78 13.45 Polar Power POLA 97,775 3286.1 3.70 58.80 6.56 0.95 Tricida TCDA 17,432 2273 4.37 -47.16 44.30 3.74 Asia-Pacific SPDR S&P 500 SPY 89,605 30.2 329.98 1.02 358.75 218.26 Inspire Sml/MC Impact ISMD 442 1966 23.27 1.02 28.86 16.08 Australia S&P/ASX 200 5960.30 –97.44 –1.61 –10.8 ProSh UltraPro Shrt QQQ SQQQ 74,900 19.7 23.36 -5.23 162.15 18.95 Inphi IPHI 12,810 1263 140.60 26.70 143.64 55.72 China Shanghai Composite 3272.73 3.49 0.11 7.3 Universal Security UUU 72,503 17249.0 3.27 62.69 5.11 0.30 Kismet Acquisition One KSMT 659 984 9.59 -0.17 9.70 9.55 Hong Kong Hang Seng 24586.60 –122.20 –0.49 –12.8 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 39749.85 –172.60 –0.43 –3.6 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23331.94 –86.57 –0.37 –1.4 Singapore Straits Times 2450.68 –32.80 –1.32 –24.0 Track the Markets South Korea Kospi 2326.67 –18.59 –0.79 5.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12662.91 –1.02 5.5 global stock indexes, bond ETFs, –130.84 currencies and commodities at Currencies Thailand SET 1201.64 –6.30 –0.52 –23.9 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Thurs YTD chg Thurs YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004314 23180 0.03 Argentina peso .0128 78.2933 30.7 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1730 5.7792 43.8 Czech Rep. koruna .04265 23.447 3.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7504 1.3327 2.6 Denmark krone .1568 6.3780 –4.3 notes and bonds major U.S. trading partners Chile peso .001295 772.00 4.4 Euro area euro 1.1674 .8566 –3.9 A consumer rate against its Money Market/Savings Accts Colombiapeso .000259 3861.25 17.7 Hungary forint .003172 315.27 6.8 Ecuador US dollar 11unch Iceland krona .007075 141.35 16.7 benchmark over the past year 2.50% Bankrate.com avg†: 0.19% 10% Mexico peso .0468 21.3826 13.0 Norway krone .1048 9.5419 8.7 Uruguay peso .02333 42.8550 15.4 Poland zloty .2524 3.9613 4.4 ableBanking, a division of Northeast Bank 0.60% One year ago 2.00 Russia ruble .01267 78.909 s Asia-Pacific 27.1 1.60% Lewiston, ME 877-505-1933 5 Euro t s Sweden krona .1120 8.9321 –4.6 1.50 Yen Australian dollar .7028 1.4229 –0.1 BankDirect 0.60% Switzerland franc 1.0918 .9159 –5.3

t China yuan .1489 6.7150 –3.6 Federal-funds 1.20 0 Turkey lira .1206 8.2924 39.4 Richardson, TX 877-839-2737 1.00 Hong Kong dollar .1290 7.7519 –0.5 target rate Ukraine hryvnia .0350 28.5500 20.6 Tradeweb ICE India rupee .01344 74.380 4.2 First Internet Bank of Indiana 0.60% UK pound 1.2930 .7734 2.6 0.80 0.50 –5 s Money market Thursday Close Indonesia rupiah .0000684 14625 5.3 Indianapolis, IN 888-873-3424 t WSJ Dollar index Japan yen .009559 104.62 –3.7 Middle East/Africa account yields 0.40 0.00 t TAB Bank 0.65% –10 Kazakhstan tenge .002309 433.04 13.4 Bahrain dinar 2.6525 .3770 –0.01 Macau pataca .1252 7.9900 –0.3 Egypt pound .0637 15.6971 –2.2 Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2406 4.1570 1.6 Israel shekel .2925 3.4185 –1.0 N D J F M A M J J A S O CFG Community Bank 0.70% New Zealand dollar .6629 1.5085 1.6 Kuwait dinar 3.2699 .3058 0.9 maturity 2019 2020 Baltimore, MD 888-205-8388 Pakistan rupee .00623 160.555 3.6 Oman sul rial 2.5974 .3850 unch Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.417 –4.5 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7315 1.3671 1.6 Saudi Arabia riyal .2666 3.7505 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008845 1130.56 –2.1 South Africa rand .0610 16.3974 17.1 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0054256 184.31 1.6 Yield (%) 52-Week Total Return (%) Taiwan dollar .03497 28.600 –4.4 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03205 31.200 4.8 WSJ Dollar Index 88.80 0.33 0.38 –0.85 Libor, 3-month 0.21 0.21 0.21 l 1.96 -1.17 U.S. Treasury, Barclays 2458.570 0.570 0.590 1.870 0.400 8.03 5.35 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.19 0.19 0.19 l 0.71 -0.13 Five-year CD, annual yield 0.61 0.61 0.61 l 1.52 -0.86 U.S. Treasury Long, Barclays 4735.830 1.480 1.520 2.370 0.980 17.22 11.26 Commodities 30-year mortgage, fixed† 3.02 3.03 2.93 l 4.22 -0.97 Aggregate, Barclays 2267.380 1.220 1.240 2.410 1.020 7.03 5.19 Thursday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.55 2.55 2.48 l 3.57 -0.73 Fixed-Rate MBS, Barclays 2224.240 1.320 1.340 2.690 0.930 4.22 3.76 Jumbo mortgages, $510,400-plus† 3.00 3.09 2.93 l 4.42 -1.34 DJ Commodity 629.15 -6.75 -1.06 657.83 433.70 1.62 -2.05 High Yield 100, ICE BofA 3166.725 4.767 4.453 10.740 4.235 1.686 3.405 Five-year adj mortgage (ARM)† 3.22 3.22 2.85 l 4.61 -0.28 TR/CC CRB Index 144.81 -1.85 -1.26 187.39 106.29 -18.14 -22.06 Muni Master, ICE BofA 585.261 1.133 1.127 3.441 0.838 3.965 3.956 New-car loan, 48-month 4.13 4.13 4.13 l 4.56 1.11 Crude oil, $ per barrel 36.17 -1.22 -3.26 63.27 -37.63 -33.24 -40.76 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 886.005 4.882 4.814 7.480 4.523 2.191 3.341 Natural gas, $/MMBtu 3.301 0.010 0.30 3.301 1.482 25.37 50.80 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. 1865.60 -10.90 -0.58 2051.50 1452.10 23.44 22.78 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW304000-0-B00800-1------XA

B8 | Friday, October 30, 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 Soybeans (CBT)-5,000 bu.; cents per bu. Interest Rate Futures Swiss Franc (CME)-CHF 125,000; $ per CHF Nov 1058.50 1062.50 1051.00 1051.75 –5.50 30,843 Dec 1.0997 1.1016 1.0916 1.0930 –.0075 50,587 Contract Open Jan'21 1056.25 1058.75 1048.50 1050.50 –4.25 386,778 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March'21 1.0966 1.1046 1.0950 1.0962 –.0075 153 Open High hi lo Low Settle Chg interest Soybean Meal (CBT)-100 tons; $ per ton. Dec 218-050 218-180 215-020 215-170 –2-02.0 1,000,941 Australian Dollar (CME)-AUD 100,000; $ per AUD Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 377.20 379.00 372.80 376.90 .20 141,466 March'21 213-300 216-280 213-160 213-280 –2-02.0 114 Nov .7057 .7076 t .7004 .7026 –.0034 282 Nov 3.0675 3.0810 3.0425 3.0520 –0.0065 2,536 Jan'21 370.50 372.00 366.70 370.20 .10 89,176 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec .7049 .7077 .7003 .7027 –.0034 133,265 Dec 3.0690 3.0940 3.0435 3.0565 –0.0075 136,490 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 174-080 174-130 172-200 172-270 –1-06.0 1,215,949 Mexican Peso (CME)-MXN 500,000; $ per MXN Gold (CMX)-100 troy oz.; $ per troy oz. Dec 33.42 33.56 32.86 33.06 –.36 138,761 March'21 175-220 175-240 173-310 174-040 –1-08.0 12,397 Nov .04788 .04718 .04650 .04676 –.00035 56 Nov 1876.10 1882.60 1858.80 1865.60 –10.90 1,432 Jan'21 33.29 33.44 32.77 32.91 –.38 94,508 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec .04675 .04709 .04633 .04662 –.00034 125,170 Dec 1877.50 1885.10 1859.20 1868.00 –11.20 428,909 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 138-260 138-285 138-115 138-130 –12.5 3,118,736 Euro (CME)-€125,000; $ per € Feb'21 1884.10 1892.00 1866.70 1875.20 –11.40 56,090 Nov 12.49 12.49 12.35 12.47 …768 March'21 138-135 138-165 138-000 138-010 –13.0 13,778 Nov 1.1760 1.1762 1.1655 1.1675 –.0081 2,057 April 1890.10 1897.40 1872.80 1880.50 –11.60 27,739 Jan'21 12.47 12.48 12.38 12.46 .01 8,588 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 1.1756 1.1770 1.1661 1.1682 –.0081 629,386 June 1897.90 1901.50 1876.60 1885.10 –11.80 18,253 Wheat (CBT)-5,000 bu.; cents per bu. Dec 125-245 125-260 125-197 125-207 –3.7 3,122,069 Aug 1886.20 1886.20 1884.00 1888.20 –11.80 5,601 Dec 609.75 611.25 598.50 603.75 –5.00 218,014 March'21 126-030 126-045 125-302 125-310 –4.2 5,655 Index Futures Palladium (NYM) - 50 troy oz.; $ per troy oz. March'21 608.25 609.75 598.00 603.00 –4.75 85,242 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Nov …… …2191.40 –55.70 ... Mini DJ Industrial Average (CBT)-$5 x index Wheat (KC)-5,000 bu.; cents per bu. Dec 110-136 110-140 110-132 110-135 –.2 1,990,787 Dec 2242.30 2282.60 2182.00 2198.50 –52.10 9,221 Dec 26482 26803 26162 26557 148 95,710 Dec 543.00 546.50 534.75 542.00 –1.25 109,575 March'21 110-137 110-141 110-136 110-136 –.3 589 Platinum (NYM)-50 troy oz.; $ per troy oz. March'21 26403 26705 26076 26461 144 3,239 March'21 549.75 553.00 541.75 549.00 –1.00 66,768 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Nov 871.00 871.00 849.30 845.40 –25.60 130 S&P 500 Index (CME)-$250 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Oct 99.9100 99.9125 99.9100 99.9100 .0000 217,479 Jan'21 870.50 877.40 845.00 849.50 –25.50 49,990 Dec 3286.30 3307.90 3256.60 3302.30 38.80 14,405 Oct 135.500 136.800 135.500 136.450 1.275 1,029 Nov 99.9150 99.9150 99.9100 99.9150 .0000 167,913 Silver (CMX)-5,000 troy oz.; $ per troy oz. March'21 …… …3292.50 38.80 26 Jan'21 130.000 131.800 128.850 131.350 1.400 24,673 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Nov 23.045 23.280 22.960 23.339 0.006 446 Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 101-220 101-245 101-035 101-055 –15.5 138,821 Dec 23.440 23.650 22.625 23.360 0.001 122,893 Dec 3279.00 3333.75 3250.25 3302.25 38.75 2,437,565 Oct 106.250 107.500 105.775 106.275 .425 347 Eurodollar (CME)-$1,000,000; pts of 100% Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'21 3270.75 3323.25 3240.75 3292.50 38.75 26,171 Dec 104.650 108.325 104.450 107.975 3.300 107,796 Nov 99.7725 99.7775 99.7725 99.7775 .0050 155,285 Dec 37.39 37.76 34.92 36.17 –1.22 387,243 Mini S&P Midcap 400 (CME)-$100 x index Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 99.7600 99.7600 99.7550 99.7600 .0050 1,050,140 Jan'21 37.76 38.10 35.28 36.51 –1.21 239,566 Dec 1899.40 1919.50 1874.60 1909.80 19.60 57,115 Dec 65.800 66.150 64.200 65.625 –.750 82,668 March'21 99.7900 99.7950 99.7850 99.7950 .0050 1,056,402 Feb 38.08 38.46 35.69 36.87 –1.21 129,989 March'21 …1905.60 1875.10 1907.20 19.50 ... Feb'21 65.725 66.150 64.550 65.600 –.600 49,883 June 99.8000 99.8050 99.7950 99.8050 .0050 859,310 March 38.48 38.78 36.09 37.25 –1.18 149,652 Mini Nasdaq 100 (CME)-$20 x index Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 39.46 39.67 37.18 38.18 –1.12 207,002 Dec 11180.50 11457.75 11145.00 11342.75 210.00 220,722 Nov 502.20 502.20 493.90 497.50 –1.90 852 Currency Futures Dec 40.35 40.51 38.34 39.19 –0.96 231,825 March'21 11169.00 11445.00 11138.00 11332.50 209.75 1,965 Jan'21 481.20 482.80 473.10 478.30 –4.10 1,376 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Mini Russell 2000 (CME)-$50 x index Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ Nov 1.1120 1.1321 1.0532 1.0884 –.0258 8,541 Dec 1544.40 1565.00 1523.00 1558.40 19.20 534,507 Oct 21.56 21.59 21.56 21.59 –.06 4,818 Nov .9590 .9614 .9551 .9557 –.0030 272 Dec 1.1114 1.1298 1.0525 1.0869 –.0264 120,054 Mini Russell 1000 (CME)-$50 x index Nov 22.93 23.39 s 22.83 23.28 .35 5,415 Dec .9591 .9618 .9553 .9560 –.0030 183,298 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 1840.40 1862.60 1820.70 1847.60 22.60 8,890 Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD Nov 1.0830 1.1049 1.0215 1.0515 –.0299 10,312 U.S. Dollar Index (ICE-US)-$1,000 x index Dec 2,380 2,386 2,334 2,339 –37 59,417 Nov .7511 .7531 .7469 .7505 –.0016 119 Dec 1.0627 1.0870 1.0031 1.0280 –.0356 139,184 Dec 93.47 94.14 93.36 93.98 .57 26,768 March'21 2,383 2,385 2,331 2,338 –40 74,232 Dec .7506 .7532 .7470 .7506 –.0016 118,537 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March'21 93.40 94.08 93.33 93.94 .56 625 Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Dec 3.283 3.346 3.151 3.301 .010 177,980 Nov 1.2985 1.3025 1.2883 1.2927 –.0069 744 Dec 105.00 105.20 102.95 104.60 –.40 86,497 Jan'21 3.396 3.459 3.276 3.417 .006 205,600 Dec 1.2991 1.3029 1.2884 1.2929 –.0068 140,450 Source: FactSet March'21 107.70 107.80 105.70 107.20 –.50 77,860 Feb 3.356 3.405 3.237 3.364 .001 84,683 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 3.225 3.271 3.125 3.233 –.003 134,147 March 14.81 14.84 14.34 14.40 –.49 460,254 April 2.961 2.985 2.898 2.968 –.002 73,760 May 13.83 13.84 13.44 13.49 –.39 164,804 Bonds | wsj.com/market-data/bonds/benchmarks Oct 3.027 3.040 2.978 3.027 –.007 94,789 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Agriculture Futures Jan 28.00 28.00 s 27.93 27.99 .04 1,939 Tracking Bond Benchmarks March 28.00 28.00 28.00 28.00 …2,906 Corn (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 401.00 404.25 393.00 398.50 –3.00 707,632 Dec 70.15 70.46 69.58 69.82 –.35 121,635 highs and lows for different types of bonds March'21 404.00 406.75 396.00 401.50 –2.75 421,983 March'21 71.03 71.36 70.53 70.80 –.23 79,296 Total Total Oats (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%) Nov 116.10 118.50 114.05 115.90 –1.80 349 Dec 296.50 302.50 294.25 299.25 3.25 4,502 close return (%) Index Latest Low High close return (%) Index Latest Low High March'21 296.00 298.00 294.25 297.00 1.50 964 Jan'21 116.50 116.50 111.65 111.90 –3.85 8,645 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays 2267.38 6.4 U.S. Aggregate 1.220 1.020 2.410 2224.24 3.5 Mortgage-Backed 1.320 0.930 2.690 Cash Prices | wsj.com/market-data/commodities Thursday, October 29, 2020 U.S. Corporate Indexes Bloomberg Barclays 2169.31 3.3 Ginnie Mae (GNMA) 0.800 0.290 2.660 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 3353.86 6.6 U.S. Corporate 2.020 1.820 4.580 1314.04 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. 3062.33 5.7 Intermediate 1.350 1.230 4.400 2016.63 3.6 Freddie Mac (FHLMC) 1.490 1.080 2.710 Thursday Thursday Thursday 4919.04 8.0 Long term 3.100 2.730 4.930 585.26 3.4 Muni Master 1.133 0.838 3.441 Aluminum, LME, $ per metric ton Wheat - Hard - KC (USDA) $ per bu-u 5.5200 Energy *1801.0 Double-A-rated 413.33 3.6 7-12 year 1.126 0.771 3.447 Copper,Comex spot 3.0520 Wheat,No.1soft white,Portld,OR-u 5.9250 684.15 6.4 1.550 1.300 3.360 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 116.3 Food 885.41 5.8 Triple-B-rated 2.370 2.210 5.350 470.00 3.8 12-22 year 1.615 1.224 3.690 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Steel, HRC USA, FOB Midwest Mill-s 700 Beef,carcass equiv. index High Yield Bonds ICE BofA 453.08 2.8 22-plus year 2.342 1.765 4.123 Metals choice 1-3,600-900 lbs.-u 175.27 467.47 0.1 High Yield Constrained 5.674 5.151 11.400 Global Government J.P. Morgan† Fibers and Textiles select 1-3,600-900 lbs.-u 158.83 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6875 5.4 Global Government Burlap,10-oz,40-inch NY yd-n,w 0.6250 409.00 -6.6 Triple-C-rated 11.399 10.735 19.071 614.56 0.550 0.390 1.060 Engelhard industrial 1861.00 Butter,AA Chicago 1.4300 Cotton,1 1/16 std lw-mdMphs-u 0.6682 Handy & Harman base 1870.30 Cheddar cheese,bbl,Chicago 247.00 3166.73 -0.8 High Yield 100 4.767 4.235 10.740 863.30 7.4 Canada 0.810 0.590 1.740 Cotlook 'A' Index-t Handy & Harman fabricated 2076.03 *78.40 Cheddar cheese,blk,Chicago 277.25 Hides,hvy native steers piece fob-u 4.8 EMU§ LBMA Gold Price AM *1896.85 35.500 Milk,Nonfat dry,Chicago lb. 109.75 422.32 0.2 Global High Yield Constrained 5.673 4.893 11.310 419.52 0.067 0.059 0.794 LBMA Gold Price PM *1869.95 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.9860 321.37 -2.2 Europe High Yield Constrained 4.095 2.464 8.183 794.98 4.8 France -0.130 -0.160 0.430 Krugerrand,wholesale-e 1942.72 Grains and Feeds Coffee,Colombian, NY 1.5239 Maple Leaf-e 1961.40 Eggs,large white,Chicago-u 1.0250 U.S Agency Bloomberg Barclays 555.48 3.7 Germany -0.530 -0.740 -0.050 American Eagle-e 1961.40 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.40 U.S Agency Mexican peso-e 2260.25 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u n.a. 1861.60 5.2 0.540 0.470 1.950 295.16 -1.0 Japan 0.290 0.040 0.320 Austria crown-e 1834.01 Hogs,Iowa-So. Minnesota-u Corn,No. 2 yellow,Cent IL-bp,u 3.8650 69.68 1623.28 3.9 10-20 years 0.410 0.340 1.850 619.80 4.0 Netherlands -0.410 -0.540 0.080 Austria phil-e 1961.40 Corn gluten feed,Midwest-u,w 128.4 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 458.8 Pork loins,13-19 lb MidUS-u 0.8224 4245.20 11.3 20-plus years 1.600 1.170 2.480 1091.03 8.6 U.K. 0.570 0.390 1.180 Engelhard industrial 22.8000 Cottonseed meal-u,w 320 Steers,Tex.-Okla. Choice-u 106.00 Handy & Harman base 23.2500 Hominy feed,Cent IL-u,w 102 Steers,feeder,Okla. City-u,w 131.94 2874.97 5.2 Yankee 1.510 1.430 3.500 886.00 0.5 Emerging Markets ** 4.882 4.523 7.480 Handy & Harman fabricated 29.0630 Meat-bonemeal,50% pro Mnpls-u,w 263 Fats and Oils *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds LBMA spot price *£18.4700 Oats,No.2 milling,Mnpls-u 3.1375 (U.S.$ equivalent) *23.9250 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.4200 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Coins,wholesale $1,000 face-a 17825 Sorghum,(Milo) No.2 Gulf-u 5.9850 Grease,choice white,Chicago-h 0.2850 Other metals SoybeanMeal,Cent IL,rail,ton48%-u n.a. Lard,Chicago-u n.a. Global Government Bonds: Mapping Yields LBMA Platinum Price PM *862.0 Soybeans,No.1 yllw IL-bp,u 10.4050 Soybean oil,crude;Centl IL-u n.a. Platinum,Engelhard industrial 860.0 Wheat,Spring14%-pro Mnpls-u 6.7475 Tallow,bleach;Chicago-h 0.3250 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Palladium,Engelhard industrial 2215.0 Wheat,No.2 soft red,St.Louis-u 6.1375 Tallow,edible,Chicago-u n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points 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 10/28 Source: Dow Jones Market Data Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.156 s l 0.152 0.141 1.647 0.625 10 0.837 s l 0.772 0.654 1.839 Exchange-Traded Portfolios | WSJ.com/ETFresearch 2.250 Australia 2 0.126 s l 0.124 0.166 0.845 -3.0 -2.8 -80.2 Closing Chg YTD 1.000 10 0.826 s l 0.796 0.790 1.192 -1.0 2.4 -64.6 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 0.000 France 2 -0.735 t l -0.706 -0.656 -0.597 -89.2 -85.9 -224.4 Thursday, October 29, 2020 Closing Chg YTD SPDR DJIA Tr DIA 266.59 0.42 –6.5 SPDR S&PMdCpTr MDY 348.71 0.95 –7.1 0.000 10 -0.353 t l -0.324 -0.265 -0.056 -109.5 -189.5 Closing Chg YTD ETF Symbol Price (%) (%) -118.9 SPDR S&P 500 SPY 329.98 1.02 2.5 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 61.71 0.47 –11.1 l SPDR S&P Div SDY 92.45 0.75 –14.1 0.000 Germany 2 -0.799 t -0.784 -0.700 -0.635 -95.6 -93.6 -228.2 CommSvsSPDR XLC 60.22 2.52 12.3 iShMSCIEmgMarkets EEM 45.22 1.01 0.8 TechSelectSector XLK 113.37 1.67 23.7 t l CnsmrDiscSelSector XLY 146.16 0.63 16.5 iShMSCIJapan EWJ 58.58 0.76 –1.1 0.000 10 -0.633 -0.623 -0.542 -0.349 -147.0 -139.5 -218.7 UtilitiesSelSector XLU 62.97 0.27 –2.6 CnsStapleSelSector XLP 62.48 –0.03 –0.8 iShNatlMuniBd MUB 115.17 –0.09 1.1 VanEckGoldMiner GDX 36.95 1.18 26.2 1.000 Italy 2 -0.353 t l -0.313 -0.230 -0.183 -50.9 -46.5 -183.0 FinSelSectorSPDR XLF 23.79 0.76 –22.7 iSh1-5YIGCorpBd IGSB 54.90 –0.04 2.4 VangdInfoTech VGT 304.88 1.42 24.5 FT DJ Internet FDN 194.61 1.53 39.9 iShPfd&Incm PFF 36.23 0.28 –3.6 1.650 10 0.704 t l 0.767 0.848 0.985 -0.5 -85.3 VangdSC Val VBR 114.62 1.39 –16.4 -13.2 GSActiveBetaUSLC GSLC 67.08 0.87 3.7 iShRussell1000Gwth IWF 214.50 1.21 21.9 VangdSC Grwth VBK 220.17 0.70 10.8 HealthCareSelSect XLV 101.69 –0.82 –0.2 iShRussell1000 IWB 185.12 1.05 3.8 0.100 Japan 2 -0.125 s l -0.126 -0.148 -0.210 -28.1 -27.8 -185.7 VangdExtMkt VXF 132.96 0.96 5.5 IndSelSectorSPDR XLI 75.96 1.46 –6.8 iShRussell1000Val IWD 116.73 0.77 –14.5 VangdDivApp VIG 126.44 0.49 1.4 0.100 10 0.030 s l 0.025 0.020 -0.110 -80.6 -74.7 -194.8 InvscQQQI QQQ 276.39 1.75 30.0 iShRussell2000 IWM 155.14 1.19 –6.4 VangdFTSEDevMk VEA 39.65 0.48 –10.0 InvscS&P500EW RSP 107.86 1.01 –6.8 iShRussellMid-Cap IWR 58.32 0.93 –2.2 0.400 Spain 2 -0.570 t l -0.553 -0.516 -0.393 -70.5 -204.0 VangdFTSE EM VWO 44.27 1.05 –0.4 -72.6 iSh3-7YTreasuryBd IEI 133.02 –0.13 5.8 iShRussellMCValue IWS 81.98 1.30 –13.5 VangdFTSE Europe VGK 49.75 0.34 –15.1 l iShCoreDivGrowth DGRO 39.03 0.70 –7.2 iShS&P500Growth IVW 57.07 1.31 17.9 1.250 10 0.142 t 0.187 0.225 0.293 -69.4 -58.5 -154.6 VangdFTSEAWxUS VEU 49.76 0.61 –7.4 iShCoreMSCIEAFE IEFA 58.36 0.40 –10.5 iShS&P500Value IVE 110.45 0.47 –15.1 VangdGrowth VUG 225.51 1.28 23.8 0.500 U.K. 2 -0.051 s l -0.054 -0.053 0.540 -20.7 -20.7 -110.7 iShCoreMSCIEM IEMG 54.11 0.88 0.7 iShShortTreaBd SHV 110.69 0.01 0.2 VangdHlthCr VHT 198.99 –0.57 3.8 iShCoreMSCITotInt IXUS 57.46 0.58 –7.2 iShSilver SLV 21.71 –0.32 30.2 4.750 10 0.222 s l 0.217 0.185 0.710 -61.5 -55.5 -112.9 iShCoreS&P500 IVV 331.15 1.00 2.4 iShTIPSBondETF TIP 125.61 –0.34 7.8 VangdHiDiv VYM 79.51 0.80 –15.2 iShCoreS&P MC IJH 190.80 1.00 –7.3 iSh1-3YTreasuryBd SHY 86.44 0.02 2.1 VangdIntermBd BIV 92.90 –0.25 6.5 Source: Tullett Prebon iShCoreS&P SC IJR 72.95 1.55 –13.0 iSh7-10YTreasuryBd IEF 120.45 –0.42 9.3 VangdIntrCorpBd VCIT 95.68 –0.16 4.8 iShS&PTotlUSStkMkt ITOT 74.87 0.96 3.0 iSh20+YTreasuryBd TLT 159.14 –0.97 17.5 VangdLC VV 154.18 1.00 4.3 Corporate Debt iShCoreUSAggBd AGG 117.52 –0.18 4.6 iShRussellMCGrowth IWP 176.34 0.39 15.6 VangdMC VO 178.05 0.86 –0.1 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific VangdMBS VMBS 54.12 0.02 1.8 iShSelectDividend DVY 82.87 1.46 –21.6 iShUSTreasuryBdETF GOVT 27.70 –0.29 6.8 expectations iShEdgeMSCIMinEAFE EFAV 65.92 –0.02 –11.6 JPM UltShtIncm JPST 50.79 –0.02 0.7 VangdRealEst VNQ 77.10 1.34 –16.9 iShEdgeMSCIMinUSA USMV 61.87 0.26 –5.7 PIMCOEnhShMaturity MINT 101.98 –0.02 0.4 VangdS&P500ETF VOO 303.23 1.05 2.5 Investment-grade spreads that tightened the most… SPDR BlmBarcHYBd JNK VangdST Bond BSV 82.86 –0.08 2.8 iShEdgeMSCIUSAMom MTUM 143.78 0.54 14.5 104.08 0.26 –5.0 Spread*, in basis points VangdSTCpBd VCSH iShEdgeMSCIUSAQual QUAL 101.98 1.11 1.0 SPDRBloomBar1-3MTB BIL 91.53 0.01 0.1 82.83 –0.06 2.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iSh5-10YIGCorpBd IGIB 60.77 –0.15 4.8 SPDR Gold GLD 175.40 –0.41 22.7 VangdSC VB 158.40 1.07 –4.4 iShGoldTr IAU 17.82 –0.39 22.9 SchwabIntEquity SCHF 30.48 0.43 –9.4 VangdTotalBd BND 87.73 –0.22 4.6 John Deere Capital … 3.050 1.25 Jan. 6, ’28 41 –10 n.a. iShiBoxx$InvGrCpBd LQD 134.43 –0.26 5.1 SchwabUS BrdMkt SCHB 79.00 0.98 2.8 VangdTotIntlBd BNDX 58.42 –0.00 3.3 General Electric Capital … 5.550 1.90 Jan. 5, ’26 155 –10 n.a. iShiBoxx$HYCpBd HYG 83.70 0.29 –4.8 SchwabUS Div SCHD 55.52 1.31 –4.1 VangdTotIntlStk VXUS 51.39 0.61 –7.7 iShJPMUSDEmgBd EMB 110.32 0.04 –3.7 SchwabUS LC SCHX 79.61 0.89 3.6 VangdTotalStk VTI 168.78 0.94 3.2 Bank of Nova Scotia BNS 2.200 0.78 Feb. 3, ’25 42 –8 43 iShMBSETF MBB 110.25 0.02 2.0 SchwabUS LC Grw SCHG 114.55 1.27 23.3 VangdTotlWrld VT 79.78 0.87 –1.5 American Honda Finance HNDA 0.650 0.49 Sept. 8, ’23 30 –8 29 iShMSCI ACWI ACWI 78.82 0.79 –0.5 Schwab US TIPs SCHP 61.23 –0.29 8.1 VangdValue VTV 102.38 0.62 –14.6 Southwest Airlines LUV 4.750 1.83 May 4, ’23 164 –8 155 Toyota Motor Credit TOYOTA 0.500 0.35 Aug. 14, ’23 n.a. –8 15 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks ING Groep INTNED 4.100 0.66 Oct. 2, ’23 47 –7 n.a. Procter & Gamble PG 3.600 2.20 March 25, ’50 61 –7 64 Money Rates October 29, 2020 …And spreads that widened the most Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Pacific Gas and Electric … 3.150 4.55 Jan. 1, ’26 419 193 225 guide to general levels but don’t always represent actual transactions. Societe Generale SOCGEN 2.625 1.62 Jan. 22, ’25 125 11 126 Shell International Finance RDSALN 6.375 2.87 Dec. 15, ’38 127 9 116 Inflation Week —52-WEEK— Week —52-WEEK— Latest ago High Low Latest ago High Low Telefonica Emisiones TELEFO 4.665 3.56 March 6, ’38 193 9 178 Sept. index Chg From (%) level Aug. '20 Sept. '19 Federal funds Libor Toyota Motor Credit TOYOTA 0.800 0.82 Oct. 16, ’25 45 9 43 Effective rate 0.0900 0.0900 1.6200 0.0600 One month 0.14913 0.14925 1.80475 0.13950 UBS Group Funding … 4.125 1.22 Sept. 24, ’25 88 9 n.a. U.S. consumer price index High 0.1000 0.1500 1.6500 0.1000 Three month 0.21438 0.21475 1.96050 0.20863 Morgan Stanley MS 3.875 1.18 Jan. 27, ’26 83 6 78 All items 260.280 0.14 1.4 Low 0.0500 0.0500 1.5800 0.0100 Six month 0.24288 0.24600 1.92625 0.23375 Core 269.054 0.11 1.7 Bid 0.0800 0.0800 1.6000 0.0100 One year 0.33100 0.33513 2.01200 0.32763 Verizon Communications VZ 4.329 1.57 Sept. 21, ’28 75 6 72 Offer 0.1100 0.1100 1.6300 0.0500 International rates Euro Libor High-yield issues with the biggest price increases… Treasury bill auction One month -0.563 -0.565 -0.360 -0.621 Bond Price as % of face value Week 52-Week 4 weeks 0.080 0.085 1.620 0.000 Three month -0.530 -0.531 -0.142 -0.540 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Latest ago High Low 13 weeks 0.100 0.100 1.620 0.000 Six month -0.521 -0.508 -0.052 -0.521 26 weeks 0.110 0.115 1.610 0.080 One year -0.470 -0.459 0.008 -0.470 American Airlines AAL 3.750 22.31 March 1, ’25 50.070 1.82 53.125 Prime rates Bombardier BBDBCN 5.750 8.50 March 15, ’22 96.500 1.27 96.625 U.S. 3.25 3.25 4.75 3.25 Secondary market Secured Overnight Financing Rate Ford Motor F 7.450 5.04 July 16, ’31 119.728 1.08 119.188 Canada 2.45 2.45 3.95 2.45 Fannie Mae 0.08 0.07 1.82 0.01 Japan 1.475 1.475 1.475 1.475 CIT CIT 5.000 1.99 Aug. 1, ’23 108.000 0.78 109.500 30-year mortgage yields Value 52-Week Latest Traded High Low Quebecor Media QBRCN 0.75 Policy Rates 30 days 1.892 1.929 3.388 1.751 5.750 2.13 Jan. 15, ’23 107.750 107.646 Euro zone 0.00 0.00 0.00 0.00 60 days 1.925 1.957 3.403 1.804 DTCC GCF Repo Index Netflix NFLX 5.875 3.05 Nov. 15, ’28 120.000 0.73 121.620 Switzerland 0.00 0.00 0.50 0.00 Treasury 0.118 46.210 1.807 0.002 CSC Holdings CSCHLD 5.250 3.10 June 1, ’24 107.250 0.72 108.000 Britain 0.10 0.10 0.75 0.10 Other short-term rates MBS 0.127 41.600 1.863 0.011 0.59 Australia 0.25 0.25 0.75 0.25 Lumen Technologies LUMN 5.800 2.54 March 15, ’22 104.358 104.967 Week 52-Week Weekly survey Overnight repurchase Latest ago high low …And with the biggest price decreases Latest Week ago Year ago U.S. 0.09 0.09 1.87 -0.07 Call money CNF … 6.700 5.51 May 1, ’34 111.240 –1.49 n.a. Freddie Mac U.S. government rates 2.00 2.00 3.50 2.00 Occidental Petroleum OXY 2.700 7.41 Aug. 15, ’22 92.250 –1.48 95.890 30-year fixed 2.81 2.80 3.78 –1.45 Discount Commercial paper (AA financial) 15-year fixed 2.32 2.33 3.19 Teva Pharmaceutical Finance … 6.150 6.05 Feb. 1, ’36 101.000 103.530 0.25 0.25 2.25 0.25 90 days n.a. 0.15 2.53 0.04 Five-year ARM 2.88 2.87 3.43 Cenovus Energy CVECN 6.750 5.75 Nov. 15, ’39 111.496 –0.75 100.470 Navient NAVI 7.250 5.45 Sept. 25, ’23 104.750 –0.75 107.000 Notes on data: CF Industries CF 5.150 3.54 March 15, ’34 117.003 –0.73 119.313 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of L Brands LB 5.250 5.46 Feb. 1, ’28 98.750 –0.68 100.375 October 28, 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. Source: MarketAxess P2JW304000-0-B00900-1------XA

THE WALL STREET JOURNAL. Friday, October 30, 2020 | B9 BANKING & FINANCE Apollo CEODetails Ties to Jeffrey Epstein

Leon Black raises the He said therewas substan- public-pension fund investors ing to Apollo’s advantageis within itstypical annual range tial documentation of the work and has weighed on the com- the fact that big pension of $15 billion to $20 billion, he issue after questions and that it wasvettedbylaw pany’s shares. funds,which typically need to said. about his relationship firms,accounting firms and Apollo’s shares rose briefly invest large sums of money, “Wehaveincredibly long other advisers. afterMr. Black’sstatement but have relatively few options for and durable relationships with with the late financier “Therehas never been an al- closed down 2.65% Thursday. wheretodoso. And Apollo’s our clients,” Apollo Co- legation by anyone that Ien- Mr.Black,who co-founded funds have continued to offer Founder Josh Harris said on BY MIRIAM GOTTFRIED gagedinany wrongdoing,be- Apollo in 1990,said Thursday S them strong returns. the call. “We’redeeply in con-

cause Idid not,” Mr.Black said. he metEpstein around 1996 NEW Anydefections among inves- tact with them, and obviously Leon Black,the billionaire “And anysuggestion of black- when Epstein wasadvising a G tors could theoretically they areawaiting the results chief executiveofApollo mail or anyother connection to number of prominent clientson threaten the firm’sgoal set last of the reviewLeon discussed.” Global Management Inc., on Epstein’sreprehensible conduct estate-tax planning.The adviser OOMBER year of reaching $600 billion in In response to an analyst

Thursdayoffered ahistory of is categorically untrue.” had been named atrustee of ON/BL assetsoverthe next five years. question abouthow long the

histies to the latefinancier Mr.Black also re-empha- Rockefeller University and LL Fornow,growthinthe metric reviewwould take,Apollo said FA

Jeffrey Epstein,his most de- sized that Apollo never did served on the Council on For- T. is chugging along.The firm it hoped the process could be tailed public account yetofa businesswith Epstein, who eign Relations and the Trilat- said Thursdaythat assets completed by the end of the TRICK

relationship that sparked re- died by suicide in jail in August eral Commission. PA climbed to $433.1 billion in the year,but that it wasinthe newedconcern among his 2019,the NewYork City medi- In his network were “lumi- Leon Black thirdquarter,upfrom$413.6 hands of the conflict commit- firm’sshareholdersand fund calexaminer found. naries Irespected and admired, billion in the prior quarter and tee. investorsinrecent weeks. The speech came after the including several heads of Afterhis release,Epstein $322.7billion ayear earlier. Apollo also reported lower Epstein wasindicted last threeApollo boardmembers state, heads of prominent fami- went back to his financial-advi- Apollo Chief Financial Offi- net income and distributable year on federal sex-trafficking whomakeupthe NewYork lies in finance, aU.S.treasury sorywork and onceagain be- cerMartin Kelly said the earningsfor the quarter.It chargesinvolving underage firm’s conflict committee last secretary, accomplished busi- ganassociating with prominent firm’sassetsweredurable posted net income of $272.4 girls. week hired lawfirm Dechert nessleaders, Nobel laureates, people from finance, academia, even if theindependent review million, or $1.11 ashare, down On acall to discussthe pri- LLPtoconduct an indepen- acclaimedacademicians and science, technologyand govern- of Mr. Black has an impact on from earningsof$363.3 mil- vate-equity firm’sthird-quarter dent reviewintoMr. Black’s notedphilanthropists,” Mr. ment, Mr.Black said. He said he fundraising.Henoted that lion, or $1.63 ashare, ayear earnings, Mr.Black said he business with Epstein. Mr. Black said. didn’t learn the extent of the 60% of Apollo’s assetsare in earlier.The decline waspri- wasn’t eager to speak publicly Black said he asked forthe re- TheApollo chief said he further allegations about Ep- permanent-capital vehicles— marily driven by abiggerloss about his personal business, view and is cooperating fully. wasn’t aware of Epstein’s stein’sconduct in 2018 until af- pools of money that don’t attributable to noncontrolling “but this matterisnow affect- The moves were prompted criminal conduct until it was terhehad already stopped need to be constantly replen- interests. ing Apollo,which my partners by aNew York Times report reported in late 2006 that he working with him. ished—while another 30% are Fee-related earningswerea and Ispent 30 yearsbuilding, Oct. 12 that Mr.Black had paid wasunder investigation by “Likemanyother people I in funds with five yearsorlon- bright spot, climbing 30% year- andisalso causing deep pain Epstein at least $50 million— stateand federal authorities in respected, Idecided to giveEp- ger from inception. over-year. formyfamily.” morethan previouslyknown— Florida. stein asecond chance,” he said Mr.Kelly said the firm ex- Apollo invested anet $20.9 TheApollo chief reiterated in the yearsafter Epstein was In 2007,Epstein signed a Thursday. “This wasaterrible pectssome of itsinvestorswill billion acrossits various invest- that he paid Epstein millions of convicted in 2008 of soliciting federal nonprosecution agree- mistake. Iwish Icould go back pause newcommitmentsuntil ment platforms during the dollarsannually to provide pro- prostitution from ateenage ment, which has sincebeen in time and changethat deci- the independent reviewhas quarter,ametric that reflects fessional services to his family girl. scrutinized, to resolvethat in- sion,but Icannot.” been completed. investmentsinvehicles beyond partnership and other family Thearticle didn’t present vestigation, pleading guilty the Whether Mr. Black’s expla- But even if Apollo raises no traditional drawdownfunds. entities,“involving estate plan- anyevidencethat Mr.Black following year to two state nation and the independent in- additional third-party capital Thefirm said it would paya ning,tax,structuring of art en- participated in inappropriate prostitution counts. He spent vestigation will be enough to this year,its fundraising of dividend of 51 centsper share tities and philanthropic advice” activity,but it sparked con- much of his 13-month sentence satisfythe firm’sjittery inves- $18.4 billion from thirdparties versus 50 centsasharefor the from 2012 to 2017. cern among some of Apollo’s outside prison. tors remains to be seen. Work- through Sept. 30 already falls thirdquarter of 2019. Earnings Rise at Fannie, Freddie

BY ANDREW ACKERMAN reported net income of $2.46 lines in recent years,” and available without them. billion, up from $1.78 billion in show “acceleration in organic The companies don’t make WASHINGTON—Govern- the second quarter. businesswith an improving mortgages but buy them from ment-controlled mortgage gi- Thetwo companies reap single-family market.” lendersand packagethem into ants Fannie Mae and Freddie fees from the mortgages they He said Freddie produced securities to sell to investors, Mac reported improved earn- guarantee.Asmortgages are “a strong quarter as well, with and they provide guarantees ingsfor the thirdquarter,as refinanced, fees normally alittle lesszip than seen in to investors in case the mort- record-lowinterest rates booked over the life of a loan Fannie’s numbers.” gages go bad. They guarantee fueled arefinancing boom that canbebooked immediately. Thenewswasn’t all rosy.For nearly half of the$11 trillion buoyed the companies’ results. Thecompanies said their theyear as awhole,Fannie said U.S. mortgage market. Theearningsare the latest third-quarter earningswere it expectsnet income to be The30-year fixedrate evidencethat the housing mar- boosted by their ability to lowercompared with 2019 be- mortgageaveraged2.81% in GMANN/REUTERS ketremains abright spot in book those fees more quickly. cause of the economic fallout the week ended on Thursday, WIE

the coronavirus-stricken econ- At the same time,the com- from the coronavirus pandemic. down from 3.78%ayear ago, ARND omy. Sales of previouslyowned panies reported asteady de- And it warned that the outlook according to Freddie Mac. The bank expects to return more than $1.1 billion to shareholders. homes,which makeupthe bulk cline in the number of borrow- remains cloudy.Torecoup coro- Thefirms were takenover of the housing market, rose 2% erswho have suspended navirus-related costs, the com- by the government afterthey in August from amonth earlier, paymentsasthe labor market panies arescheduled to impose came close to collapse during Credit Suisse Targets according to the National Asso- began to recover, suggesting re- a0.5%surcharge on most on the financial crisis of 2008.The ciation of Realtors. duced strain on their busi- most refinanced mortgages that Trump administration wantsto Fannie Mae, the larger of nesses.Some 4.1% of Fannie’s they back beginning Dec.1. return them to privatehands, Buyback, Dividends the two companies,onThurs- single-family loans were in for- Fannie and Freddie runthe though they must raise tens of day said net income rose to bearanceasofSept. 30,down plumbing that makes U.S. billions of dollarsinadditional BY MARGOT PATRICK though not as strongly. $4.23 billion from $2.55 billion from 5.7% at the end of June. mortgages morereadily avail- capital beforethey will be able European banks have been in the previous three months. Jim Vogel, executivevice able and affordable.The 30- to operatefully independently— Credit Suisse Group AG busy studyingthe possibility Net income in the 2019 quar- president at FHN Financial, year fixed-ratemortgage, by aprocess that could involve said Thursdayitwould restart of mergers as they seek to terwas $3.96billion. Fannie’s said that Fannie’sresultsre- farthe most popular in the yearsofaccumulated earnings buying back shares next year scale up or risk failing.The smallersibling,Freddie Mac, flect “one of the betterbottom U.S.,wouldn’t be as widely and potential newsharesales. as itscapital base strength- possibility of amergerbe- ened despitelower-than-ex- tween Credit Suisse and UBS, pected third-quarter earnings. asubject of perennial specula- Revenue fell in the lender’s tion, wasstudied again re- CarlyleProfitLiftedbyInvestment Growth key businesses,including inter- cently by UBS as a way to cut national wealth management costsand stay competitive andits Swissunit, as margins against U.S. and European ri- BY MIRIAM GOTTFRIED said it doesn’t envision anyfu- were squeezedbynegativein- vals,according to people fa- turetax policies changing that. terest ratesand recurring fees miliar with the bank. CarlyleGroup Inc.’sthird- Carlyle’sfee-related earnings fell. Astrong Swissfranc also AcrossEurope,banks have quarter earningsjumped as the came in at $118.7 million, up hit revenue.Asolid perfor- in their third-quarter earnings value of investmentsinsome of from $108.8 million ayear ear- mancefromthe bank’sinvest- been relatively optimistic about S the firm’sU.S. and Asia buyout lier.Aiding that has been the ment-banking businesshelped the economic fallout from the NEW

funds posted strong apprecia- G growth of the firm’scredit plat- offset those declines. pandemic.Executives have said tion, but the amount of cash form,wherefee-related earnings Shares in the Swissbank that is in part because asecond that could be distributed to have nearly doubled year-to-date fell 5.6% Thursday. wave only started triggering OOMBER

shareholdersfell. /BL over the same period last year. Credit Suisse said it expects morelocal and countrylock- TheWashington, D.C.,firm Thefirm’sassetsunder man- to return between 1billion downs in recent weeks,and the said net income rose to $295.5 agement were about $230 bil- Swissfrancs and 1.5billion picturelooked rosier over the million, or 82 centsashare, GOODNEY lion as of the end of the third Swissfrancs,equivalent to be- summer.ManyEuropean banks

from $92.2 million, or 55 cents PHER quarter,a4%increase from the tween $1.1 billion and $1.6bil- also took large loan-lossprovi-

ashare, ayear earlier. TO prior quarter and a2%increase lion,toshareholdersthrough sions in the firsttwo quarters

Thevalue of Carlyle’spri- CHRIS year-to-date. Despitethe pan- buybacks from the firstquarter of the year that they saycush- vate-equity portfolio climbed CEOKewsong Leevoiced optimism regardlessofwhether taxes go up. demic,Carlyle said it raised of 2021, afterthe Swissfinan- ion them fornow. by 5% in theperiod, underper- about $18 billion during the first cial regulator raised no objec- forming a8.5%gain by the S&P ashare, ayear earlier. Carlyle’searnings, Chief Execu- three quartersof2020,com- tion to the plan. Thebank said 500.But the firm showedit Carlyle’sshares rose 1.6% in tiveKewsong Leesaid alterna- paredwith $16 billion in the it is setting aside capital now TheSwissbank posts bounced back from the corona- tradingThursday. tiveassetshavehistorically out- same period last year.None of to paya2020 dividend that virus-prompted market turmoil Also weighing on the shares performed other asset classes the firm’sbiggest funds were in will be 5% higher than in 2019, adropinquarterly of the firstquarter,posting net of private-equity firms in re- regardlessofthe taxenviron- the market during that period. in line with astatedpolicy. profit as negative accrued performancerevenues cent days has been the fear ment. He said the firm’sdeci- Carlyle invested $3.7 billion U.S.,European, U.K. and of about $2 billion, up from that they will be negatively af- sion to convert to atrueCcor- during the quarter.The firm Swissregulatorshaveeither rateshit margins. $1.7billion at the end of 2019. fected, including by the possi- poration, which has only one wasparticularly activeinAsia, restricted or asked banks to Distributable earnings, or bility of ahigher corporatetax classofshares,makes it “easier closing or unveiling $1.5billion pause some dividends and cash that could be given back rate,ifDemocratsboth win the to understand and manage worth of deals in the region. In buybacks this year to conserve to shareholders, fell to $151.8 presidential election and take a through futuretax changes.” the U.S.,itfocused on fast- capital forany pandemic-re- Credit Suisse Chief Finan- million, or 40 centsashare, majority in the Senate. Thefirm, which has afixed growing tech and health-care lated shocks.That has frus- cial Officer David Matherstold from $160.7 million, or 41 cents On acall Thursdaytodiscuss annual dividend of $1 per share, companies. trated banks that want to help analyststhat the effectsof boost their lowshareprices new lockdowns on economies New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % with payouts to entice inves- would have to be “pretty radi- Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg tors.Last week,largerrival cal” to forcethe magnitude of DuddellStreet DSACU 9.82 -1.8 KilroyRealty KRC 45.28 1.2 SFL SFL 6.15 1.8 UBS Group AG said it had a provisions banks had to take The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American E.MergeTechA ETAC 9.62 0.2 KismetAcqnOne KSMT 9.55 -0.2 SagaComm SGA 17.11 -3.3 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest EchoStar SATS 22.56 1.3 LandcadiaIII LCYAU 9.85 -0.6 ScorpioBulkers SALT 10.74 -1.5 Embraer ERJ 3.96 0.5 LexiconPharm LXRX 1.12 -4.9 ScorpioTankers STNG 8.28 0.6 $1.5billion reservemarked for in the first half of 2020. session. %CHG-Daily percentage change from the previous trading session. EmpireStateReal250 FISK 5.41 -2.0 LoopIndustries LOOP 5.70 -5.5 SCWorx WORX 1.09 -5.0 EmpireStateReal60 OGCP 5.32 -3.4 Mack-Cali CLI 10.64 0.1 ShiftPixy PIXY 2.02 7.1 buybacks next year. Chief ExecutiveThomas EmpireStateRealES ESBA 5.19 -0.5 McAfee MCFE 15.42 -2.9 SocialCapHedWt IPOC.WS 1.49 -6.2 Thursday, October 29, 2020 52-Wk % 52-Wk % SocialCapHedV IPOE.U 10.20 0.3 Credit Suisse has said its Gottstein said the bank can Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EmpireStateRealty ESRT 5.19 0.7 MercerIntl MERC 5.77 5.8 52-Wk % EntasisTherap ETTX 1.60 1.8 MetenEdtechX METX 2.73 -1.7 SocialCapHedVI IPOF.U 10.07 0.1 lending books are more insu- keep growing despiteuncer- EquityResdntl 45.43 ... MicroFocus 2.85 -3.4 SoftwareII Wt SAIIW 0.56 -4.3 Morningstar MORN 201.69 9.5 AmerantBancorpA AMTB 9.01 9.6 EQR MFGP Stock Sym Hi/Lo Chg Euronav EURN 7.21 -0.1 NBT Bancorp NBTB 26.20 2.0 SonimTech SONM 0.47 -8.2 NIO NIO 32.20 16.3 ArcLightClean ACTCU 9.92 0.1 SpartanEnergy SPAQ.U 9.85 -13.9 lated from effects of the pan- tain economic conditions. He NextGenAcqn NGACU 9.94 0.2 ArdmoreShipping ASC 2.61 2.2 Evolus EOLS 2.85 -5.5 NatlOilwell NOV 7.70 1.1 FTACOlympusWt FTOCW 0.84 -6.4 Neovasc NVCN 1.00 ... StateAutoFin STFC 12.07 -0.6 Highs PTK Acqn PTK 10.18 0.7 AscendantDigA ACND 9.72 0.3 StrategicEd STRA 82.01 1.1 demic than manyU.S.and Eu- has started restructuring and AcmeUnited ACU 28.63 3.7 PAVmedWt PAVMW 6.94 130.6 AspirationalCns ASPL.U 9.87 -0.2 FTI Consulting FCN 94.87 -11.8 NeuroBoPharm NRBO 5.03 1.9 Fanhua FANH 15.38 0.8 NY CmntyBcp NYCB 7.91 1.4 SumoLogic SUMO 17.79 -2.0 AllegroMicro ALGM 19.74 26.4 Penumbra PEN 277.00 13.5 Astronics ATRO 6.56 4.5 SundialGrowers SNDL 0.15 -1.9 ropean rivals because of its streamlining partsofCredit Amrep AXR 6.82 6.6 Pinterest PINS 68.93 26.9 AziyoBiologics AZYO 10.64 -1.5 FarmerBros FARM 3.40 -6.6 NorthernOil&Gas NOG 3.56 1.1 FedNat FNHC 4.90 2.9 NorthwestNat NWN 42.33 1.8 SunesisPharm SNSS 1.12 ... BioLifeSols BLFS 31.05 5.6 PraxisPrecision PRAX 35.43 6.6 BP BP 14.74 2.4 Teekay TK 1.72 1.7 focus on its domestic market Suisse, in part so that the BlueprintMed BPMC 108.51 2.1 ProvidenceService PRSC 120.45 -2.3 BP Prudhoe BPT 1.26 -3.8 FirstCash FCFS 51.15 -1.9 OccidentalPetrol OXY 8.52 2.8 FoleyTrasimeneA WPF 9.90 -0.7 Omnicom OMC 44.50 -0.6 TeekayTankers TNK 8.90 3.1 BluescapeOpps BOAC.U 9.88 0.1 PyxisTankersWt PXSAW 0.47 15.4 BaudaxBio BXRX 1.02 6.6 TelecomArgentina TEO 6.30 -2.1 and loans to the rich. Its bank caninvest moretoex- CognizantTech CTSH 76.45 -0.1 QuantaServices PWR 64.25 2.9 BioCardia BCDA 1.99 0.5 Frank'sIntl FI 1.49 6.5 OncternalTherap ONCT 1.49 2.0 Frontline FRO 5.35 1.4 oneA AONE 10.10 ... TelefonicaBras VIV 7.08 -0.3 Cowen COWN 21.71 0.4 R1RCM RCM 18.08 1.8 Biodesix BDSX 12.50 0.3 Telefonica 3.22 -3.7 wealth-management arm pand in wealth management. GoAcqnWt GOAC.WS 0.79 -7.1 OpiantPharm OPNT 6.89 ... TEF dMYTechII Wt DMYD.WS 1.68 8.4 ScholarRock SRRK 46.50 -6.8 Biogen BIIB 243.25 0.5 Teligent TLGT 0.53 -10.8 GS Acqn II Wt GSAH.WS 1.41 -2.0 OptheaADR OPT 12.50 1.6 EchoGlobalLog ECHO 30.52 17.0 SpruceBio SPRB 22.52 1.7 BostonProps BXP 69.69 0.7 Tenaris TS 8.86 -2.5 gained 11.1 billion francs in net Net profit forthe three GTT Comm 3.38 -7.8 Orphazyme 9.32 -1.8 ErieIndemnity A ERIE 242.60 0.6 St.Joe JOE 28.08 11.6 CCNeubergerII PRPB 9.75 0.4 GTT ORPH The9 NCTY 2.04 -3.3 Galecto GLTO 17.11 ... StaarSurgical STAA 75.24 1.7 CF Finance CFFA 9.10 -1.9 Galecto GLTO 14.63 ... PBF Energy PBF 4.06 3.3 Thermon THR 9.99 -3.2 newassetsinthe quarter, months was546 million francs, GatosSilver GATO 6.80 -0.5 StitchFix SFIX 39.18 0.6 CHF Solutions CHFS 6.25 0.2 GasLog GLOG 2.41 -1.2 PHX Minerals PHX 1.36 2.1 Tim TIMB 10.28 -0.4 Generac GNRC 220.88 -0.2 TekkorpDigital TEKKU 9.98 -0.1 CVR Energy CVI 9.81 5.7 GenesisHealthcare GEN 0.40 1.7 PanaceaAcqnWt PANA.WS 1.75 9.0 TreanInsurance TIG 11.11 -6.9 even as revenue fell. Wealth- missing aconsensus forecast IdexxLab IDXX 453.20 4.5 TraneTech TT 133.87 3.3 CapstarSpacA CPSR 9.67 -0.3 GileadSciences GILD 57.04 -0.3 ParamountGroup PGRE 5.54 0.4 Tricida TCDA 3.74 -47.2 IderaPharm IDRA 3.14 8.9 Tupperware TUP 34.09 11.3 CatabasisPharm CATB 1.35 -2.8 GoHealth GOCO 10.11 -2.2 PeabodyEnergy BTU 1.17 1.6 Unitil UTL 34.27 -4.4 management revenue declined and down from 881 million Inphi IPHI 143.64 26.7 Twitter TWTR 52.93 8.0 Cato CATO 6.07 -3.6 GreenwichLife GLSI 3.48 -4.7 PermianBasin PBT 2.11 0.1 uCloudlink UCL 10.40 -8.4 JamesRiver JRVR 57.41 -3.7 UtdCmtyBksPfdI UCBIO 27.28 2.2 Celsion CLSN 0.50 -1.9 HallofFameResort HOFV 1.82 1.0 PetroChina PTR 27.68 0.5 UnitedInsurance UIHC 4.43 -0.9 10% from the third quarter of francs ayear earlier,when it KBLMergerIV KBLMU 14.52 10.0 UnitedTherap UTHR 133.67 -1.3 ChurchillCapIVWt CCIV.WS 1.02 -2.4 HallofFameWt HOFVW 0.16 -5.3 PhibroAnimal PAHC 16.74 -0.8 UnivInsurance UVE 10.84 8.6 KerosTherap KROS 66.41 -3.0 UnitySoftware U 109.28 9.1 ChurchillCapIV CCIV 9.62 ... HawaiianElec HE 31.83 -0.5 PhoenixTree DNK 1.86 3.6 VastaPlatform VSTA 11.17 -1.2 2019 as recurring commissions booked again from an asset Leslie's LESL 22.19 27.6 UnvlSecInstr UUU 5.11 62.7 CityOfficeREIT CIO 6.12 2.8 HaynesIntl HAYN 15.29 2.5 PiedmontOfficeA PDM 11.38 0.1 Verso VRS 7.36 4.2 LifeSciAcqn LSAC 15.50 5.1 VertivUn VERT.U 22.59 7.6 Coca-Cola Femsa KOF 36.20 -4.0 HealthcareMerger HCCO 9.01 -6.9 PredictiveOncology POAI 0.69 0.1 VesperHlthcrAcqn VSPRU 9.96 -0.2 and fees and deposit margins transfer.The bank set aside 84 LionheartAcqnII LCAP 9.81 0.4 VoceraComm VCRA 36.17 3.4 comScore SCOR 1.80 5.9 HealthStream HSTM 18.05 0.9 Progenity PROG 5.92 -22.5 Vitru VTRU 11.50 -0.3 LiveOakBcshs LOB 37.73 7.4 WD-40 WDFC 254.91 3.4 ConsldWater CWCO 10.01 ... HemisphereMedia HMTV 7.67 -0.9 Psychemedics PMD 3.58 -3.9 VyGlblGrowth VYGG.U 10.10 -1.2 fell. Investment-banking reve- million francs forbad loans, LiveRamp RAMP 67.46 6.2 XTL Biopharm XTLB 2.70 6.8 Credicorp BAP 111.40 -0.9 HighCapeCap CAPAU 9.97 -0.2 Q&K Intl QK 4.03 ... WalgreensBoots WBA 33.46 -3.1 LongevityAcqnWt LOACW 0.61 15.9 CypressEnvl CELP 1.93 -3.8 HighPeakEner HPK 4.20 -2.5 RecroPharma REPH 1.65 -4.0 WarnerMusic WMG 26.70 0.6 nue rose 12% as corporatedeal lessthan in both of the last two LuxHlthTech LUXAU 10.15 ... Lows DBV Tech DBVT 1.35 1.4 HollyFrontier HFC 16.81 3.3 Revlon REV 4.46 -4.7 WashingtonREIT WRE 16.95 1.5 Matson MATX 53.56 4.6 DHI Group DHX 1.70 -5.5 Immunome IMNM 10.18 0.4 RiverNorthDoublPfd OPPpA 24.52 0.2 WellsFargo WFC 20.76 -0.2 making and higher volumes in quarters. Itsmain capital ratio MediaAlpha MAX 38.29 3.1 AbraxisPetrol AXAS 1.41 -1.3 DHT DHT 4.52 3.8 IntercorpFinSvcs IFS 20.50 -2.6 RockwellMedical RMTI 0.83 3.4 Wiley A JW.A 30.00 -0.7 MedleyCapNts23 MCV 25.00 1.8 AcadiaRealty AKR 9.10 1.7 DiamondSShip DSSI 5.31 1.6 IntlSeaways INSW 12.44 4.8 Root ROOT 24.05 -4.4 WorldFuelSvcs INT 18.36 1.7 stock and bond trading contin- rose to 13%, from 12.5% at June MeritMedical MMSI 54.17 4.8 AerojetRocket AJRD 32.44 -2.2 DouglasEmmett DEI 22.88 1.0 InVivoTherap NVIV 0.50 -4.8 RoyaltyPharma RPRX 34.80 0.6 YucaipaAcqnA YAC 9.68 -0.4 MiratiTherap MRTX 222.26 8.8 AkebiaTherap AKBA 2.25 -3.0 DragoneerGrwWt DGNR.WS 2.60 -5.4 JawsAcqnA JWS 9.95 -0.5 RuhnnHolding RUHN 2.35 -0.4 YucaipaAcqnWt YAC.WS 0.80 -15.8 ued from the firsthalf,al- 30,largely from itsearnings. P2JW304000-5-B01000-1------XA

B10 | Friday, October 30, 2020 ***** THE WALL STREET JOURNAL. MARKETS

Indexperformance Shares Jump 0% Nasdaq Composite S&P500 –2 DowJones As Economy Industrial Average

–4 JOURNAL

Improves REET ST LL WA BY CAITLIN OSTROFF earlier in the year when the vi- –6

AND AMBER BURTON rusand related shutdowns dis- THE R

rupted businessactivity across FO

Stocks rebounded afterfresh the country. ORD datashowedjoblessclaims Stocks rose ahead of results –8 CLIFF

dropped and the economyex- from the big technologycom- E

Mon. Tues.Wed.Thurs. YC

panded sharply in the third panies that have poweredmuch CA quarter. of the stock market’srebound Source:FactSet Alphabet’sshares rose after hours. The Google Campus in California. TheDow Jones Industrial sinceMarch. Averagegained 139.16 points, or Afterthe closing bell, Apple, near future. tions on businessand social ac- ger-than-expected earnings. 0.5%, to 26659.11, snapping a Alphabet, Amazon.com and “We’regoing to have volatil- tivity,including shutting down Shares of Boston-based drug- AUCTION RESULTS four-session losing streak.The Facebook reported stronger- ity probably through the end of restaurants, barsand some maker Alexion Pharmaceuti- Here are the results of Thursday's Treasury auctions. All bids are awarded at a single price at the market- S&P 500 added 39.08points, or than-expected earnings, buoyed the year,probably intonext shops forafew weeks to stem cals rose $3.36, or 2.9%, to clearing yield. Rates are determined by the difference 1.2%, to 3310.11. TheNasdaq by changes in consumer behav- year until we start to getclari- the rising tide of infections. $118.21, afterthe companyre- between that price and the face value. Compositeadvanced180.72 ior during the pandemic.The fication on regulation of the “Ifyou look at the market ported better-than-expected FOUR-WEEK BILLS Applications $101,832,746,600 points, or 1.6%, to 11185.59. All stocks have posted sweeping tech industryand whether or action in thelast week,it’s profit and sales. Accepted bids $32,929,186,600 three indexesare still on course gains this year. notitlooks likeavaccine is pretty clear that Covid-19 is the Shares of KraftHeinz " noncompetitively $887,041,000 " foreign noncompetitively $1,000,000,000 forsharp weekly losses. Alphabet shares were the coming,” he said. key market mover,” said Luca gained 82 cents, or 2.8%, to Auction price (rate) 99.993778 TheCboe biggest winnersinafter-hours Mr.Courtney said he re- Paolini,chief strategist at Pictet $30.04, afterthe companyre- (0.080%) Coupon equivalent 0.081% THURSDAY’S Volatility In- trading,gaining 8.4% as mains relatively unfazed by the Asset Management. ported earnings that beat ana- Bids at clearing yield accepted 91.58% MARKETS dex, agaugeof Google’sparent reported an in- way the marketsare jumping This week’sselloff could lysts’ expectations and raised Cusip number 9127964U0 investors’ ex- crease in advertising revenue. around because of the unique present abuying opportunity itsguidance. The bills, dated Nov. 3, 2020, mature on Dec. 1, 2020. pectations forswingsinU.S. Apple shares dropped 4.9% af- circumstances of rising forsome investors, and help In bond markets, the yield EIGHT-WEEK BILLS stocks,fell but remains near its terthe iPhone maker refrained Covid-19 cases and the election. stockindexesrecover some on the 10-year Treasuryticked Applications $124,129,619,400 Accepted bids $38,416,229,400 highest level sinceJune. from offering guidance, and Worries that an uptick in losses. up to 0.834% from 0.780% " noncompetitively $240,369,700 In the week ended Saturday, Twitter slumped 15% on slow- Covid-19 cases will lead to new “The phenomenon that Wednesday. TheWSJ Dollar In- " foreign noncompetitively $1,000,000,000 Auction price (rate) 99.986778 751,000 Americans applied for ing user growth. lockdowns and restrictions, we’veseen is that when mar- dex, which measures the green- (0.085%) initial unemployment benefits, Thehandful of stocks now which could erode the paceof kets correct, youget people to back against abasket of curren- Coupon equivalent 0.086% Bids at clearing yield accepted 3.54% down from aseasonally ad- account forasignificant por- economic recovery,have come in and think this is an op- cies,gained 0.4%. Cusip number 9127965F2 justed 791,000inthe prior tion of the S&P 500 benchmark. weighed on marketsthis week portunity to buy,” said Daryl Overseas,the StoxxEurope The bills, dated Nov. 3, 2020, mature on Dec. 29, 2020. week.The decline is asign that That meansinvestors’ percep- in both the U.S. and Europe. Liew,chief investment officer 600 fell 0.1%. At middayFriday SEVEN-YEAR NOTES the labor market is slowly re- tion of the health of their oper- TheU.S.reported nearly 79,000 at REYL Singapore. “The reality in Tokyo, the Nikkei wasdown Applications $124,141,354,800 Accepted bids $58,622,976,800 covering,though claims remain ationscan weigh on broader newcoronavirus cases for is that investorsstill have alot 0.8%, Hong Kong’sHang Seng " noncompetitively $2,776,100 historically high. market sentimentand lead to Wednesday,the second dayina of cash. It’snot aliquidity crisis Indexwas down 0.3% and " foreign noncompetitively $0 Auction price (rate) 99.316022 U.S. grossdomestic product volatility in the index. rowthe totalhas come in over formost people.” South Korea’sKospi wasdown (0.600%) forthe thirdquarter rose at an Tim Courtney,chief invest- 70,000,according to datacom- Among individual movers, 0.9%. U.S. stock futures were Interest rate 0.500% annual paceof33.1%, the big- ment officer at Exencial Wealth piled by Johns Hopkins. Ford Motor shares rose 20 down 0.9%. Bids at clearing yield accepted 34.59% Cusip number 91282CAU5 gest gain ever.The increase fol- Advisors, said he expectsmar- Franceand Germanyon cents, or 2.6%, to $7.90, after —Joanne Chiu The notes, dated Nov. 2, 2020, mature on Oct. 31, lowedarecorddropinoutput kets will remain volatile forthe Wednesdayunveiled restric- the company reported stron- contributed to this article. 2027.

arepositioning forstronger Oil Falls to Lowest PriceSinceJune Small-Caps growth and inflation. Bond yields climb as prices fall. Some of the gains also BY DAVID HODARI U.S. crude-oil futures price, Outperform mimic investors’ recent betson AND AMRITH RAMKUMAR front-month contract largercompanies that help with remotework and learning A wave of selling drove oil $44 abarrel Big Stocks or leisurewhile stuck at home. prices to their lowest level Smaller companies lifting the sinceearly June on Thursday, 42 THURSDAY Russell with gains of at least sparked by wagers that lock- $36.17 ContinuedfrompageB1 30% this month include home- downs in Europe will dent 40 stocks again. Manyinvestors goods retailer Bed Bath &Be- commerce and travel, eroding hope that greater fiscal spend- yond Inc., home-fitnessfirm demand for fuel. 38 ing canoffset corporate-tax in- Nautilus Inc., action-camera U.S. crude futures dropped creases or greater regulation maker GoPro Inc.and organi- as much as 6.6%beforeending 36 that manyinvestorsexpect in a zation-productsseller the Con- the daydown3.3%at$36.17a “blue wave” scenario that sees tainer StoreGroup Inc. barrel, their lowest close since 34 Democratswin the White Still, concerns about rising June 1. Prices started the year House and Senatecontrol. coronavirus cases and the above$60,then tumbled “Thereisthis notion that prospect of freshlockdown 32 15-minuteintervals IDHA/REUTERS briefly below$0abarrel for thefiscal stimulus will over- measures could pose anew Oct. 21 Oct. 29 OW

the firsttime ALI whelm anytax implications threat to the outperformance COMMODITIES ever in late Source:FactSet Lockdowns have caused price forecasts to change. A well in Yemen. that ablue wave might bring,” in small-caps.Oil prices and April, when said Dan Cole,co-manager of shares of energy companies previous lockdowns fueled a forsolong by hope.It’scon- costs. asupply war between Saudi the Columbia Small Cap have been among the market’s glut that threatened to over- sumer-driven and manycon- Layoffs,bankruptcies and a Arabia and Russia that flooded Growth Fund. He has been in- worstperformers this week,a whelm storage. sumers in Europe arebeing wave of mergers and acquisi- the market and crashed prices. creasing holdingsofbusinesses sign investorsare growing con- Afterthe summer recovery, locked up,” said Edward Mar- tions have swept through the But the absence of that price like Planet Fitness Inc.and cerned about fuel demand and they have stayed around $40 shall, acommodities trader at oil patch in recent months. warand morenuanced mea- tax-software company Avalara the economic outlook.Because formonths,but asurge in Global Risk Management. “You From the start of the year sures this time around mean a Inc., recently. profitsfor small-caps would be global coronavirus cases is canpropupequities with free through September, 40 North similar drop is unlikely,ana- TheRussell 2000 is narrow- hit harder by anynew restric- driving a new selloff. cash but youcan’t do that American energy producers lysts said. ing some of itslongstanding tions, manyanalystssay fur- Franceand Germanyan- with oil.” filed forbankruptcy protec- Even so,restricted eco- gapwith the S&P,which has ther stimulus measures will be nounced lockdown measures Brent crude,the global tion,according to lawfirm nomic activity across Europe been liftedlately by largetech- needed to support the group to combat the pandemic on gaugeofoil prices,fell 3.8%to Haynes & Boone LLP. means that tradersare having nologycompanies like Apple until acoronavirus vaccine is Wednesday, sparking anxiety $37.65 a barrel. Shares of S&P500 energy to reassesstheir oil-pricefore- Inc.and Microsoft Corp.With distributed. among tradersthat other Manyanalystshavecau- producersrose but arestill casts for the months ahead. amarket value of around $2 “The economydoesn’t have countries or U.S. states might tioned forweeks that prices down more than 50% forthe UBS Global Wealth Manage- trillion, Apple is roughly as to getback to normal. We just soon follow, sapping demand could decline,but the speed of year.Analystsare also prepar- ment slashed $5 abarrel off large as the entireRussell have to have visibility intoit for gasoline. the selloff has caught some ing to gaugeFriday’sthird- itsoil-priceforecastson2000 by itself. and confidencethat it’scom- Investorsalso worrythat tradersoff guard, exacerbating quarter earningsreportsfrom Thursday, citing lowerEuro- TheRussell’srecent outper- ing,” said Jeff Buchbinder, eq- because Europe will likely con- the market’s swings. Exxon Mobil Corp.and Chev- pean demand and rising Lib- formancecomes with some in- uity strategist at LPL Financial. sume lessoil, traderscould “It has come dramatically ron Corp., with the world’s yan supply. vestorswagering that more LPL recently boosted itsview look to send anyextrabarrels fast,” said Donald Morton,a biggest energy companies so Libyarecently negotiated government spending will lift on small-caps to be in line with to already well-supplied mar- senior vicepresident at Her- far this year posting some of an end to an eight-month cyclical companies,whose for- itsmarket benchmark from a kets in the U.S. bert J. Sims Co.who oversees their worstresultsinyears. blockade of itssupply.Data tunesare tied to the economic negativestance. Oil prices aredriven by an energy trading desk in Hav- Exxon said Thursdaythat it from the Energy Information outlook.Those include smaller Recentnegotiations be- real-time supply and demand erhill, Mass. “The buyersare would layoff 1,900 employees Administration showedsur- companies,banks,manufactur- tween Democratsinthe House dynamics,somanyanalysts backing off.” in the U.S., becoming the lat- prise inventoryincreases in ersand commodity producers of Representatives and the arebracing formorevolatility Anew drop in oil prices estmajor oil companytore- theU.S.last week,signaling that tend to perform well as WhiteHouse over asecond even though hopesfor eco- would mark the latest blowto duce its workforce. themarket remains heavily theeconomyexitsfromare- round of coronavirus stimulus nomic stimulus and a corona- the global energy industryand Areturn to lockdowns in supplied as gasoline consump- cession. In another sign inves- have stalled, amplifying ques- virus vaccine have supported threaten projections fora2021 some of Europe’slargest econ- tion stagnates.Analystsworry tors arepositioning formore tionsabout whether the two other investmentssuch as rebound. Formuch of the year, omies may feel familiar to in- that the newlockdowns in Eu- stimulus,longer-term Treasury sides will reach adeal afterthe stocks for much of the year. prices have been toolow for vestors who watched corona- rope could start aglobal yields have risen lately,ade- election but beforethe next “Oil has been propped up manyproducers to covertheir virus restrictions collide with trend. velopment that signals traders administration begins.

and $375billion, and itsim- Foreign institutions thatinvested* $500 million or moreinAnt in 2018 In 2018,some foreign invest- Ant IPOs pliedprice-to-earningsmulti- ment firms decided against $400 billion ples were morelikethose of GIC $780 million buying Ant’sshares because technologycompanies than fi- they didn’t meet the standards Khazanah Nasional 650 Offer Lofty nancial-services firms. set out by the firms’ corporate- TheHangzhou-headquar- Canada Pension Plan InvestmentBoard 600 $313 billion governancerules,according to Expected at IPO teredcompanyowns Alipay, a Silver Lake 600 300 aperson familiar with the mat- Returns paymentsand lifestyle app ter. What investorsoutside with morethan one billion us- WarburgPincus 570 Chinabought wasnonvoting ersinChina. Ant has grown Temasek Holdings 500 stock,via aCayman Islands-in- ContinuedfrompageB1 revenues rapidly by facilitating corporated subsidiarycalled ners,afirm that provides li- moremobile payments, origi- Carlyle Group 500 $150 billion 200 Ant International. quiditysolutions to private- nating numerous loans to indi- General Atlantic 500 June 2018 While those investors equity funds.China has viduals and businesses,and bought in expecting Ant to go T. Rowe Price produced manyhigh-growth selling mutual funds and insur- 500 public within afew years, the companies in recent years, she anceproducts. companycouldn’t ensurethat $43billion $60billion 100 said,but few with the sizeand Thecompanyclosed the August2015 April 2016 would happen. Ant agreed to scale of Ant. books forthe $17. 2billion Hong Ant’s valuation guarantee some profitstothe “Ant’searlier fundraising Kong leg of itsIPO on Wednes- by fundraising round international investorsifalist- wasverytightly controlled, and day, aday earlier than sched- ing didn’t take place, according everyone who gottoinvest ear- uled,due to strong world-wide 0 to aperson familiar with the lier wasselected by Ant’sman- demand—including from U.S. 2016 ’17 ’18 ’19 ’20 matter.

agement because of their status mutual funds and other large *Via funds or entities theycontrol or manage That is nowmoot. Thenon- or their strategic importanceto institutions. Sources: AntGroup (investors, valuations); staff reports (latest valuation) voting shares investorshold the company,” Ms.Lin added. In Shanghai, Ant earlier sold will be swapped forAnt Ant’smarket value could about 80% of itsshares on of- Singapore’ssovereign-wealth stakefor aminimum of two Hong Kong aren’t just about Group’snew Hong Kong-listed climbafter the companyis fertostrategic investors, fund and the Canada Pension years. thefrothyretail approach,” shares upon the IPO’scomple- listed. Arecent poll of 94 in- among them itsformer parent PlanInvestment Board. The “The very solid commit- said Duncan Clark,chairman of tion, according to the com- vestorsbySanfordC.Bernstein Alibaba Group Holding Ltd. strategic investorsagreed not mentsfrominvestorswith long BDAChina, abusinessconsult- pany’sprospectus. found most believed Ant was and institutions including to sell shares for12months lockup periods shows that the ing firm, and author of abook —Zhou Wei valued between $300 billion China’snational pensionfund, and to keep at least half their stock marketsinChina and about Jack Ma and Alibaba. contributed to this article. P2JW304000-0-B01100-1------XA

THE WALL STREET JOURNAL. Friday, October 30, 2020 | B11 ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Vo lkswagen’s Turnaround Is Stalling

The world’s largest car maker hasn’t cut costs as aggressively as its better performing rivals S

Coming a day after blowout re- September completion of the com- NEW G sults from Ford and Fiat Chrysler, pany’s“monitorship” in the U.S.—a third-quarter numbers from Volks- program of self-regulation imposed OOMBER

wagen were underwhelming. The afterthe diesel scandal—as requir- BL

world’s largest car maker could be ing extraresources. But he also ad- S/ falling into bad old habits. mittedtoanalyststhat otherswere AM AD Volkswagendoesn’t have aprob- doing betteroncosts. He presum-

lem selling vehicles.Inthe three ably had in mind Daimler,which HOLLIE months through September,sales this month committedtocutting The luxury conglomerate will pay $131.50 per share for Tiffany, down from the $135 originally agreed price. were just 2.6% belowlast year’s fixedcostsby20% relativetothe level—a betterresult than the 2019 level by 2025.Investorsare wider market. But itsquarterly paying attention: Daimler’s stock is profitscollapsed by almost 30% to down 10% this year,compared with LVMH Saves Face €3.2 billion, or roughly $3.7 billion. 28% forVolkswagen’s. Most carmakershavereported Volkswagen, partly controlled by much betterresultsthan anyone the German stateofLowerSaxony expected forthe thirdquarter.Late and acenter of union power, has The French company got a modest 2.6% cut to its original offer for Tiffany Wednesday, Ford said itsoperating long struggled with itscost base. profit roughly doubled from the Thediesel scandal that erupted in same period last year. Fiat Chrys- 2015 wasacatalyst forcultural Diamonds are the hardest sub- LVMH’sshareprice didn’t scrap its dividend. LVMH ler’s numbersweresimilarly im- change, though, and last year the stance on earth. No surprise then has still agreed to let Tiffany pay pressive. This isn’t just aU.S.phe- lengthydiscussions between man- that the board of Tiffany & Co. €450 out a further $70 million in the nomenon: Volkswagen’slocal rival agement and union leadersfinally has shown flintiness. third quarter as part of the peace Daimler made 11% moreinoperat- seemed to bear fruit in the form of On Thursday, the U.S. maker of 425 deal, on top of the $140 million it ing profit despitea7%reduction in €10.8 billion in free cash flow. engagement rings and its suitor has already paid out since January. revenue.Manufacturershavebene- Thecompany’sperformancedur- LVMH Moët Hennessy Louis Vuit- 400 The French company does avoid fitednot just from very strong ing the coronavirus crisis has cast a ton said their troubled union will the risk of reputational damage pricing amid ashortageofcarsbut pall over that apparent progress. go ahead at a lower price. A “bal- from potentially losing a court also lowcostsasemergencybrakes Volkswagenreacted to the spring anced agreement” allows both 375 battle. There was no specific applied to spending in March were collapse in sales with much less sides to save face. In reality, the clause in the merger agreement liftedonly gradually. flexibility and urgencythan its U.S. jeweler has compromised 350 barring LVMH from walking away It isn’t entirely clear whyVolks- peers. Ultimately,this didn’t prove little. in a pandemic—a negative for Tif- wagenisdifferent. On calls with the disastrous: Vehicle sales bounced LVMH, the luxury conglomerate fany—but the Delaware court that media and investors, Chief Financial back faster than expected. But pre- assembled by French billionaire 325 was to hear the trial has a reputa- Officer Frank Witter called out the paring forthe worstwould have Bernard Arnault, will pay $131.50 tion for enforcing contracts. A been amorereassuring approach. per share for Tiffany, down from 300 stronger-than-expected recovery in Share-priceperformance, Moreover,Volkswagenneeds the $135 originally agreed price. luxury sales over the summer at year to date strong cash flowstofund an ex- The companies who have been in both companies also made it pensivetransition to electric vehi- active discussions about the price 275 harder for LVMH to argue that Tif- 0% cles. It is pinning itscoreVW for about two weeks, now avoid an JFMAMJ JASO fany’s future prospects are dismal Daimler AG brand on two all-electric rivals to acrimonious court case in January Note:€1=$1.1747 as a result of the pandemic. –10 Tesla’s Model 3: the ID.3,deliveries and remove uncertainty for their Source:FactSet LVMH’s share price is just 7% of which started in Germanylast shareholders. below a record high set in January –20 month, and the ID.4 compact sport- Tiffany’s board probably felt among investors that the takeover this year, so the saga hasn’t hurt utility vehicle,which will hit the that a minor 2.6% discount, equiv- will go ahead. the investment appeal of the bell- –30 North American market early next alent to roughly $430 million, was For LVMH, this is still an ex- wether luxury stock. And in buying Volkswagen AG* year.These carrylowermargins a small price for getting the deal tremely pricey purchase. The im- Tiffany, the French company is –40 than traditional cars,putting the done. Provided the company’s in- pact of the pandemic means Tif- now a formidable competitor to its onus on fixed-cost reductions to vestors approve the new terms, fany’s earnings aren’t expected to Swiss peer Compagnie Financière sustain profits. Thecompanyalso which seems almost certain, the recover to 2019 levels until 2023, Richemont, which owns Cartier. –50 is investing heavily in carsoftware. transaction should close early next according to forecasts compiled by Mr. Arnault’s reputation as a Morethan five yearssinceVolks- year. After The Wall Street Journal FactSet, four years after the deal savvy deal maker is scratched, al- –60 wagenadmittedtoemission fraud, reported the new terms on was announced. The jeweler’s net though not seriously damaged. It JFMAMJ JASO itsturnaround is far from com- Wednesday, the stock jumped to debt also has increased since the is Tiffany that has come through *Non-voting preferred stock plete. It can’t affordtobackslide. just 1% below the deal price, im- Covid-19 crisis began, as it was the affair looking shiny. Source:FactSet —Stephen Wilmot plying a high level of conviction one of the few luxury brands that —Carol Ryan RoyalDutch Shell Is Shelling Out forDividends OVERHEARD Tesla, widely considered to be dio, but the upgrade removes access available for $500, Electrek re- an innovation leader in the auto- to AM, FM, and Sirius XM radio. ported on Wednesday. That is a Royal Dutch Shell has given in- operating costs. Thelatestresults motive industry, is offering cus- There is a fix for that problem, nice boost to profit for Tesla, as- vestors their beloved progressive hint at the group’simproved resil- tomers a technology that isn’t but it doesn’t come cheap. A retrofit suming its loyal customers will dividend back. The energy transi- ience. Also,economic uncertainty quite cutting edge: terrestrial to reinstall those options is now pay up. After all, car radios aren’t tion still clouds the investment is unlikely to return to springtime radio. exactly a new concept: Satellite case, but the move may help Eu- levels,asmanyhaveadapted to a The auto maker offered an in- radio has been available for cars GES rope’s largest oil-and-gas company socially distanced economy, lock- fotainment system upgrade to since 2001. According to Car and IMA shake off some of its discount to a downs aremoretargeted, and owners of certain older models Driver, FM radio has been com- GETTY

battered sector. OPEC has stabilized oil prices. earlier this year. For $2,500 mercially available since 1952 SE/ In April, faced with plunging oil Thepast six months have plus tax, buyers of the pack- and AM radio since 1930— prices and a global pandemic, brought abit morecertainty around age receive features such as the same year in which

Shell slashed its payout by two- the energy transition too. Both video streaming, access to Scotch tape was invented. ANCE-PRES thirds, its first cut since World China and the European Union have Tesla’s latest arcade games and There is good reason for FR War II. On Thursday, the company increased their decarbonization am- a more responsive touch Tesla to offer such a large GENCE

reported strong results in an ex- bitions despitethe pandemic and screen. The upgrade comes markup: With shares trading /A tremely tough environment and thereiseventhe prospect of a with a catch, though. Buyers of at more than 800 times said it would once again increase green turn in the U.S. if next week’s the package can still stream trailing earnings, it must its dividend annually. It also said election aligns with current polling. music and access internet ra- keep the money rolling in. KISBENEDEK its oil production might have The political backdrop supports TILA

peaked last year, outlined its strat- the strategic direction Shell is tak- AT egy for decarbonization and hold- ing, but doesn’t resolve the big ing out the prospect of share buy- questions about its future business backs. The stock rose slightly. model or competitive advantages. Shopify Should Own Black Friday Shell had long signaled it would These may not become clear for transition from oil to cleaner en- some years. ergy sources—an approach that Shellmay attractback some of Talk about being in the right stimulus and the magnitude and du- the majority of their holidayshop- will require significant investment itstraditional income-minded placeatthe right time. ration of the pandemic,all of which ping online this year.While that and carries big risks. However, the shareholderswith itsnew dividend Amid the Covid-accelerated shift it said could impact shop creation could lead to some supply chain company kept increasing its gener- policy, narrowing the valuation gap from bricks-and-mortar stores to and consumer spending.Shopify and logistics constraints,order de- ous dividend, much prized by in- with itspeers. Themajority of in- online shopping,cloud commerce shares fell nearly 5% Thursdayde- lays aresomething both consumers vestors. It took a global pandemic vestors, though, seem morelikely to platform Shopify Inc.continues to spitethe strong beat, but areup and retailershavealready become that coincided with a Saudi-Rus- focus on the long road to agreener clean up.After ahugesecond quar- over 145% this year. well accustomed to this deep into sian oil price war to force the future. —Rochelle Toplensky terwhich helped propel the com- Investorsshouldn’t fret. With an- the pandemic.Monthslong delays company to cut its payout. pany to itsstratospheric $125 bil- other pandemic wave already hit- fordeliveryofPeloton hardware, Thechangeupset existing share- RoyalDutch Shell’s lion market value,Shopify’slatest forinstance, certainly haven’t hurt holders, and Shell is nowherenear quarterly dividend resultssuggest it might just be get- itsdemand or itsshareprice. far enough down the path of energy ting started. Citi Research analyst Walter Prit- $0.50 ashare It expects most transition to attractmost environ- Third-quarter revenue grew by chardnoted that, while the outlook mental investors. Thestock priceis 0.45 96% year-over-year,handily beating consumers to do the forShopifyremains unclear,Wall down nearly 60% this year,under- analysts’ estimates,while gross majority of their holiday Street’sestimates “likely have a performing European oil-and-gas 0.40 merchandise volume continued to long way to come up,” given the peers, which have fallen 46%. grow by over 100%. Monthly recur- shopping online. company’ssustained paceofmer- Thursday’sincrease will givea 0.35 ring revenue wasespecially strong, chant additions and revenue slight boost to Shell’sdividend bolstered by merchant conversions growth. Indeed, despiteShopify’s yield, which is currently alittle over 0.30 from free trials. Shopifysaid it saw recent growth, the market opportu- half those of BP and Total. arecordnumber of merchantsbe- ting the U.S.,the fourth quarter hol- nity continues to look vast: Shopify Themovetoaprogressivepay- 0.25 come paid subscribersinthe quar- idayseason should be Shopify’sfor says last year it accounted forjust out might seem premature, coming ter, even excluding those who con- the taking as consumerssteer clear under 6% of U.S. retail e-commerce just as oil prices wobble,Covid-19 0.20 verted following 90-dayfreetrials. of physical shops.The company sales compared with Amazon at infections rise around the world Despitethe strong quarter,man- said it has already seen evidence roughly 37%. and Europe moves back toward 0.15 agement didn’t provide fourth-quar- that the traditional Black Friday/Cy- With shares down slightly fora lockdowns.But Shell has been busy 2008'10 '15'20 terguidance, noting itsresultswill ber Mondayweekend is extending change, investorsshould take ad- over the past six months cutting depend on “particularly fluid” vari- and “becoming an entireseason.” vantageofthe sale while it lasts. capital spending,head count and Source:the company ables such as unemployment, fiscal It expectsmost consumerstodo —Laura Forman P2JW304000-0-B01200-1------XA

B12 | Friday, October 30, 2020 THE WALL STREET JOURNAL.

STREETWISE

WITH JACK HOUGH

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Va lue Va nity $29 Million Here’s why your Former home of Zestimate Ray Kroc, founder controls your of McDonald’s mood. M14 MANSION Corp., lists. M3

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, October 30, 2020 | M1

BUYER’S MARKET

CLEARWATER, FLA. LISTED: $1.3 MILLION PAID: $1.1 MILLION THE 2020 BUYERSGUIDE

In a real-estate market like none other before, these are the tips and tools you need to find the right home now

BY KATY MCLAUGHLIN FALLS CHURCH, VA. LISTED: $1.799 MILLION eal estate is a local industry PAID: $1.85 MILLION and, as a rule, varies widely from market to market. But when Covid detonated in RMarch, even that constant was upturned: For two weeks or more, deals everywhere fell apart, closings were delayed, buyers didn’t shop and sellers wouldn’t let them in anyway. We worked with the data team at Re- altor.com to find out what happened next. (News Corp, owner of The Wall Street Journal, also operates Realtor.com under license from the National Associa- tion of Realtors.) The first step was for Realtor.com to analyze closed sales of MIGRATION homes at $1 million and up to find the 10 top buyer’s and seller’s markets nation- DESTINATION wide. This process means that there is about a four-month lag between the

(2) home sales data and this guide, because it can take months for all of the counties to register the deeds in the public re- JOURNAL cord.

REET Normally, that lag isn’t a big obstacle ST

LL to understanding current conditions:

WA Market dynamics tend to turn like slow-

THE SELLER’S moving ocean liners. But this year was R FO MARKET anything but normal. In some of our markets, the patterns observed in the Re-

GOUGH altor.com data changed so dramatically O throughout the summer that agents were ONS

AL reporting the exact opposite conditions once they were interviewed in the fall. OLIVIA

: To find out what is happening on the

LEFT ground now, we interviewed over 50

(2); agents and buyers in these markets. We also tapped Zillow for a list of the metro

regions attracting the greatest number of (2) JOURNAL luxury home searches by people who live REET

in another region to give us a sense of JOURNAL ST

LL where buyers are likeliest to flock next. REET WA

The result is The Wall Street Journal’s ST LL THE second annual Buyers Guide, a data- R WA

FO driven report on market conditions rich THE

with advice from insiders on how to ne- R FO

HANSEN gotiate during this strange time. LAS VEGAS H SC SEY

LISTED: $3.45 MILLION DO BET

P: PAID: $3.2 MILLION  For the 2020 Buyers Guide, turn to M6. TO JENNA

BY BETH DECARBO Panama City. And lately, the mar- ket for luxury waterfront homes BUYERS SNAPPING UP water- has been “crazy gangbusters,” THE EMERALD COAST front homes on Florida’s Panhan- says Ms. Cole of Cindy Cole Fine dle may speak with a slight Homes, Keller Williams Realty Southern twang. And maybe they Emerald Coast. Is Seeing Green grew up eating grits and still This year through Sept. 29, drink their sweet tea from a Ma- 2,280 single-family homes were son jar. But consider yourself sold on the Emerald Coast, up 19% warned: Never, ever call the over the same period last year, ac- state’s Gulf Coast by its nickname. cording to the Emerald Coast As- “We get that ridiculous label of sociation of Realtors. The average Redneck Riviera, but it’s a sale price so far in 2020 highly affluent market,” is up 25%, to $837,917, says luxury real-estate 25% compared with $671,477 agent Cindy Cole. “My Year-over-year in 2019. Gulf-front homes typical customer is an en- increase in in communities along the trepreneur who may or average sale 24-mile stretch of High- may not be retired. We price way 30A command top have one of the country’s dollar, with an average finest private airports that on any sale price of $1.62 million. given day is lined with private Much of the spike can be attri- jets,” she says, referring to Destin buted to the pandemic, Ms. Cole Executive Airport. “Yachting is notes, with potential buyers com- prevalent—we have world-class ing from Nashville, Tenn., Atlanta CH Alys Beach, Fla., is gaining BEA

marinas. It’s an affordable market and Birmingham, Ala., all cities YS popularity with transplants with a lot of affluent people who within an eight-hour drive. But AL S/ choose to live a little more low- buyers from Chicago and the UDIO

key lifestyle.” Northeast also decided they’d ST The preferred term is “Emerald rather hunker down somewhere Low-key and family-friendly, this strip of coast on the Florida Panhandle is Coast,” which in Florida sits warm, in a more spacious home, CREEK roughly between Pensacola and PleaseturntopageM8 suddenly hot. Just don’t call it the Redneck Riviera. MOON P2JW304000-0-M00200-1------NS

M2 | Friday, October 30, 2020 NY THE WALL STREET JOURNAL. MANSION

SPREADSHEET Could They Makethe Payments?

British real-estate agency Emoov took a look at which world leaders might be able to afford their official residences

BY ADAM BONISLAWSKI

eeling house rich but cash poor? Don’t fret. Many of the world’s most powerful people Fare in the same boat. British online real-estate agency Emoov determined the property values of the official residences of 20 world leaders and their ability to afford them. (Some of the properties have other official uses, and not all the leaders have made them their primary home.) The Emoov team, using net- worth figures from Forbes and celebritynetworth.com, found that while some leaders, includ- ing President Trump and German Chancellor Angela Merkel, could buy their official residences sev- eral times over, most would need to take out a mortgage—if they could get one. Brazil’s Jair Bolsonaro, and the For example, with estimated $26.9 million Palácio da Alvorada assets of $1 million, it is unlikely Brazil President Jair Bolsonaro could buy the Oscar Niemeyer- designed Palácio da Alvorada, which Emoov appraised at $26.9 million. Likewise for South Korea Pres- ident Moon Jae-in. With a net worth just shy of $1 million, he is well short of the down payment he would need for his country’s state residence, Cheongwadae, also known as the Blue House, a 62-acre estate in Seoul’s Jongno District that Emoov values at $1.9 billion. That kind of cash wouldn’t be a problem for Salman bin Abdu- laziz al Saud, king of Saudi Ara- HOUSE) UE

bia. The king is one of the richest (BL figures on the list, with a net wealth of $16.9 billion, meaning GETTY

Germany’s Angela Merkel Sultan of Brunei Hassanal Bolkiah and CE); he can afford his official resi- and the Chancellery the $3.9 billion palace, Istana Nurul Iman LA dence, Riyadh’s Qasr al Hukm, or PA Justice Palace, which has an

$18.9 million valuation. BOLKIAH The sultan of Brunei, Hassanal

Bolkiah, with a net worth of HOUSE,

$27.8 billion, should be able to SEX

cover the $3.9 billion price tag of SUS Brunei’s state palace, the Istana (2, Nurul Iman, which at 2.15 million MY square feet is one the world’s ALA largest residences. MOON);

Then there is Canada’s Justin U,

Trudeau. He has the net worth— UDEA

$12.9 million—to afford his offi- TR cial residence: Ottawa’s 24 Sussex

Drive, which Emoov valued at BOLKIAH, $5.9 million. The question is, would he want it? MERKEL,

The prime minister has opted O,

to live nearby at Rideau Cottage, ONAR another state-owned residence. BOLS

The government estimated that 7,

Prime Minister Justin Trudeau Moon Jae-in of South Korea S( needed renovations at 24 Sussex

and 24 Sussex Drive, $5.9 million and the $1.9 billion Blue House PRES could run into tens of millions of dollars. Sounds like a money pit. ZUMA

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Mr. Kroc paid $600,000 for the bulk of the property around 1965. OC) (KR GETTY CHIVE/ AR MANN BETT (4); T PREVIEWFIRS The Ranch That Burgers Built

A 554-acre ranch in California’s Santa Ynez Valley once owned by Company McDonald’s Corp. founder Ray founder Kroc is coming on the market for Ray Kroc $29 million. in 1960 Mr.Krocand his then-wifeJane Kroc bought the bulk of the ranch around 1965,shortly afterthe hamburgergiant went public on the stock market and made Mr. Kroc an overnight multimillionaire, according to the listing agents. The businessman spotted an advertisement for the ranch while on vacation with Ms. Kroc at Al- isal ranch, a luxurious hideaway that attracted FOR SALE celebrities like Clark Gable are enough accommodations for $29 and Doris Day, approximately 100 guests, includ- according to ing the lodge, the main house, MILLION Locals likened this house to a hamburger. the book “Ray four other single-family homes, 554 acres, & Joan: The several bunkhouses and a resi- accommodations Man Who diabetes, arthritis and multiple the stately stone fireplacethat The ranch was purchased in dence built in 1971 for Bob Kroc, for 100, lodge Made the sclerosis, Ms. Napoli said. had been constructed from 120 1990 by Gerald Kessler of Nature- according to the agents. The lodge with gathering McDonald’s A small set of golden arches, tons of nativestone gathered from sPlus, a vitamin and supplements complex includes a gathering room and Fortune and designed to look like the the grounds,” Ms.Napoli wrote. company, according to the listing room for functions and a 5,200- conference hall The Woman McDonald’s logo, was placed at The couple built an additional agents. Following his death in square-foot conference hall that Who Gave it the entrance to the property. home on the ranch. Circular and 2015, his widow Meadow Williams seats 62. There is also a helicop- All Away” by Lisa Napoli. Even The ranch’s centerpiece was a with 360-degree views of the and his children and grandchil- ter pad, two tennis courts, a pool though Alisal ranch is nearby, Mr. 17,000-square-foot lodge with a landscape, the new property was dren battled in court over control and barbecue and picnic facilities. Kroc decided to offer the full large lounge area, a string of known as the “Round House” and of his estate, according to court The Happy Valley area, once $600,000 asking price for the guest suites and a dining room was likened by locals to one of records and published reports. known for cattle ranching, now property without visiting it, ac- that could accommodate up to Mr. Kroc’s hamburgers. He later Ms. Williams is the sole seller of draws some of California’s wealth- cording to Ms. Napoli’s book. 100. It had Italian cabinetry, purchased several adjacent prop- the property, the agents said. iest and is known for its wineries Mr. Kroc named the property French antiques and a self-serve erties to expand the ranch. Located in the Happy Valley re- and thoroughbred horse training “the J & R Double Arch Ranch,” a cafeteria-style kitchen and bar Mr. Kroc died in 1984. Follow- gion of the Santa Ynez Valley, the facilities. The property is about 16 reference to the McDonald’s from which guests could help ing his death, Joan Kroc, a prolific ranch is still largely as Mr. Kroc miles from Michael Jackson’s one- arches, and used it as a cross be- themselves at all hours of the day philanthropist, tried to turn the left it, though in very good condi- time Neverland Ranch and about tween a personal playground, cor- and night. property into a camp for children tion, according to the listing 10 miles from a luxury polo ranch porate executive retreat and test AfterMr. Kroc’sdivorce from suffering from cancer, but the agents. The Round House has a owned by California billionaire kitchen. It also served as a head- Jane Kroc in 1968,hemarried move was rejected by local au- circular living room with high Tom Barrack, records show. quarters for his charitable founda- Joan Kroc,the former wifeofa thorities, according to the book ceilings, two levels of windows, a Maria Temmel, Maurie McGuire tion. His brother, Bob Kroc, over- McDonald’sfranchise owner,at “Sideways in Neverland: Life in central fireplace, Native Ameri- and Scott Westlotorn of Coldwell saw the foundation, which the ranch in 1969.The marriage the Santa Ynez Valley, California,” can-style carvings and a library Banker Realty have the listing for convened scientists around impor- took place“on agigantic,bright by William Etling. Ms. Kroc died overlooking the space. the Kroc property. tant research on diseases such as whitepolar bear ruginfront of in 2003. Throughout the property, there —Katherine Clarke

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THE MARKET Real‑Estate Adventures in MexicoCity

Buying a home in the megacity takes some guts, but the payoff can be substantial: ‘It’s so cheap it feels like I’m living for free’

BY ROBERT P. WALZER which had originally con- verted into about $430,000, hen my was by then worth only Mexican- about $360,000 after the SOLD American peso’s value had crumbled wife and I during the economic fallout $275,000 Wdecided from the pandemic. A simi- Three bedrooms, in the to buy an apartment in lar apartment in Manhattan La Condesa Mexico City earlier this would cost at least eight neighborhood, Art year, it kicked off a five- times as much. Deco style month journey that was Mexico City isn’t for the rocked by the coronavirus faint hearted. It suffers pandemic, Mexico’s bureau- from periodic earthquakes, cracy, long distances and moderate air pollution, cross-cultural and traffic jams and legal gaps. other big-city It started woes like during a pickpock- Lomas de February Chapultepec ets. “The vacation to Polanco general Mexico La Condesa crime SantaFe City, when rate in Coyoacán MEXICO Another $150,000 was spent on we did a CITY Mexico renovating and furnishing the unit. mad dash Jardines de City is Pedregal of apart- above the ment view- U.S. national George Reavis, ing in La average, and a real-estate Condesa, a MEXICO varies widely,” developer, with Greenwich according to the U.S. his wife and Village-like neighborhood State Department’s 2020 children. They bursting with restaurants security report. The upscale live full-time in and shops. Hours before neighborhoods, while not Sayulita on the flying back to New York we immune from crime, gener- Pacific coast, found a great match—a ally have substantial public and plan on bright, three-bedroom, and private security. And using this home three-bathroom apartment the metropolis has been in the hot Average year-round temperatures of 1,500 square feet facing hard-hit by the coronavirus summer are about 60-80 degrees. the lush and lively Parque pandemic. months. México—my favorite park But its charms are sub- in my favorite neighbor- stantial. Mexico City has a hood of Mexico’s colorful rich culinary tradition, from mariachis galore; pre-Co- to homes. Average year- I’m living for free,” said of the family to join her and chaotic capital. the ubiquitous taco to ex- lumbian ruins and sumptu- round temperatures are George Reavis, a real-estate when we could, and to rent By the time we finally otic mole sauce to tequila; a ous Spanish-Colonial archi- generally a pleasant 60- developer from Charleston, it out on Airbnb. closed on the apartment in vibrant cultural scene, with tecture infused in to-80 degrees Fahrenheit. S.C., who lives with his Thenextfew months af- June we reaped a bonus: hundreds of galleries, mu- everything from churches And it is inexpensive. family in the town of Sayul- terour offer wasaccepted The 8.1 million-peso price, seums, antique markets and to monuments to cantinas “It’s so cheap it feels like ita on Mexico’s Pacific coast in Februaryinvolved ase- and recently paid $275,000 ries of emails and Zoom for a three-bedroom Art calls between Ana and me Deco apartment in La in NewYork,the broker and Luxury RealEstate&Yacht Auctions Condesa. Mr. Reavis then our lawyer-notaryinMexico spent another $150,000 to and the Mexican seller,who renovate and furnish it, and lives in London, to pains- NO RESERVE|NOVEMBER 14,21&28|11AM plans to spend summer takingly advancethe pro- months there—Mexico cess.Most communications City’s rainy season—when were conducted in Spanish, Full-Floor it is too hot in Sayulita. my second language. “To be in the middle of Mexican law, rooted in Masterpiece La Condesa, which is not the Napoleonic Code, re- only one of the coolest quires real-estate transac- 110 WSuperior St,#1100 neighborhoods in Mexico tions to be signed in person Chicago, IL City but one of the coolest in the presence of a no- of any major city in the tary—who in Mexico is a Auction Nov14|11AM|On-site world, for this price was in- lawyer who draws up con- PreviewWeekends |1-4 PM credible,” Mr. Reavis said. tracts, verifies title, with- Karla Valdez, who runs a holds and pays the taxes of marketing company, moved both parties, and registers Private Island out of her home in Mexico the property deed. But as City’s upscale Las Águilas the pandemic deepened we on ! Acres neighborhood after her hus- were reluctant to travel to band died earlier this year. Mexico. 1Crescent Island She bought a 2,700-square- As the economic crisis Sanibel, FL foot apartment with an ad- worsened and delays piled ditional 1,100-square-foot up, everyone was nervous Auction Nov21|11AM|Sanibel private outdoor space in that the other party would PreviewWeekends the new 16-unit Emboca- pull out. Given the compli- Beginning Oct31|1-4 PM dura Development, request- cations, we all agreed to ing to withhold the price skip the normal contract- 87’CustomYacht for security concerns. signing and down-payment “I liked the new place be- deposit and go straight to Voyager 87’Tri-Deck cause it’s very central in the closing based on our Mexico City and residen- verbal pact. Auction Nov28|11AM|Aboard tial,” Ms. Valdez said. At the closing, after a PreviewWeekends Ana and I had considered lawyer devoted nearly an Beginning Nov7|1-4 PM buying a flat in her Mexico hour to reading the entire See her at the Fort Lauderdale International City hometown for years as several-thousand-word pur- Boat ShowOct 28-Nov1|10-7PM we spent increasing time chase agreement out loud there with friends and in Spanish, as per local law, members of her sprawling we were all relieved. REMOTE BIDDING AVAILABLE family. The plan was for “It’s a miracle that we Ana—who loathes New York got this done,” said the Viewvirtual tour &film at EliteAuctions.com winters—to spend a couple seller, a satisfied grin visi- 844.94.ELITE |Brokers welcome| of months there during the ble behind his mask as we coldest months, for the rest bid each other goodbye. P2JW304000-0-M004A0-1------NS

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See NewYorkCity's Best Properties

2

1 3

1. Private Full Floor -14Rooms 5th Ave/74th. 6BR. 5Bath. $32.5M. Web# 19199709. John Burger 212-906-9274

2. Transcendent River Views West Village. 2BR. 2.5 Bath. $7.495M. Web# 19920224. Richard Orenstein 212-381-4248

3. The Boulevard of Endless Dreams Upper West Side. 5BR. 4Bath. $5.5M. Web# 20324988. Joanna Benigno 212-381-2380

4. Stunning Duplexwith Private Rooftop 45Upper East Side. 4BR. 4Bath. $9.5M. Web#20327172. Robyn Diament 212-381-2261

5. Turn of the CenturyGrandeur Upper West Side. 5BR. 5.5 Bath. $8.1M. Web# 20362015. Lisa K. Lippman 212-588-5606 Scott Moore 212-588-5608

6. Stunning Brand NewWythe Lane Townhouse Williamsburg. 4BR. 3Bath. $5.495M. Web# 20206280. Ari Harkov 212-381-4246 Warner Lewis 212-381-6590 67 8Marc Schaeffer 212-381-4250

7. Pristine DuplexHome with Skyline Views Upper East Side. 4BR. 4.5 Bath. $4.65M. Web# 20396657. Candice Milano 212-381-2639 Malessa Rambarran 212-381-3211

8. Luxurious Sun-FilledPrewarCondo Upper West Side. 4BR. 3.5 Bath. $4.35M. Web# 20000942. Astrid Pillay 212-381-2262

9. Outrageous Scale and Exquisitely Designed Upper West Side. 5BR. 5.5 Bath. $11.75M. Web# 19960144. Louise Phillips Forbes 212-381-3329

10. Majestic Five-StoryBrownstone Clinton Hill. 4BR. 4Bath. $2.808M. Web# 20386476. Joanna Mayfield Marks 718-613-2810 Kristin Moon 718-613-2089

11. Te rrace Lover’s Dream Upper West Side. 2BR. 2Bath. 910$3.9M. Web# 20448126. Nancy Candib 212-906-9302 Thomas "Nat" Chandler 212-452-6288

12. SoHo Chic Downtown. 2BR. 2.5 Bath. $3.5M. Web# 20439735. MikeLubin 212-317-3672

13. Perfect Indoor-Outdoor Entertaining Chelsea. 2BR. 2Bath. $2.86M. Web# 20397193. Frans H. Preidel 212-906-0504 Darrin Chin 212-906-0530

11 12 13 14. Exceptional Single-Family Brownstone Clinton Hill. 3BR. 2.5 Bath. $2.75M. Web# 20429006. Nadine Adamson 212-452-4503 KelseyHall 212-396-5828

15. Bright Classic 6onthe Heights Brooklyn Heights. 3BR. 3Bath. $2.1M. Web# 20442121. Joan Goldberg 212-452-4471

16. Private Outdoor Space East 72nd. 2BR. 2Bath. $1.499M. Web# 20423361. Samantha Pinkowitz 212-588-5641 14 15 16

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IN THE TRENCHES | AMY GAMERMAN CAROL SHARKS policeman gotthereinliketwo Real-estate agent, minutes and he calledsomeone Corcoran Group, Sag Harbor, N.Y. else.Then asecond copcar ar- Agentstothe Rescue! rived.This is fiveor10minutes I was hosting the open house for beforethe start of the open a contemporary-style home with house,and thereare twocop cars large glass windows by a wetland out front—super embarrassing. preserve. I put my sign out- Theycalledalocal guy who Home sales sometimes mean animals get left behind, leaving salespeople side the house and was came with abox and gloves. turning on the lights He worked at the local to the task of helping our fin, fur and feather friends when all of a sudden I organic-food market heard this really and Iguesshealso loud bang. I did animal rescue. thought someone He said it wasa was banging on common screech the door to see owland thatit the house and I wasprobably thought, “Well, that’s unneces- concussed, but would mostlikely sary.” When I opened the door, I be OK. see this little owl right on the His wife, who came with him, doormat. It was moving around its wanted everyone to pose for a little legs and its eyes were closed. photo, which was also very awk- Iwas afairly newagent, justa ward. So it was the hurt animal, fewmonths into the game.Ito- the guy with the box, the police tally panicked.Icalled911 and told officers and me—feeling a bit like them exactly whathappened. A a hero and a bit like an idiot.

STAN SMITH before locking up, the home- Senior executive manager, sales, owner’s cat scooted out the door. Douglas Elliman, Beverly Hills He ran through the fence by a granite hill that went straight up It was a big house in the Holly- the side of the house. wood Hills on Sunset Strip, over- I thought, “Oh [expletive], I can- looking the city. My client was a not tell the listing agent that I lost high-powered studio executive— the owner’s cat.” this was years ago when I was a The fence was chain-link, with young kid and it was a big deal to barbs on the top. When I climbed be showing this property. over, it caught the seat of my The listing agent couldn’t be pants and ripped the crotch. The there, but I was good friends with cat waited for me to get over the him. He said, “The owners aren’t fence. Just as I got within grasp, it home, you can come by and pick took off up this slope—just far up the key, no problem.” enough that I couldn’t get it. Have you ever had to rescue a pet there was the one lonely fish. So it I wore my Armani suit. I still re- I’m trying to stay upright on Qor wildlife? was, “Go back in the pond and get member that suit. The showing this loose rock, slipping and falling the fish; she needs to be reunited went fine, but the client didn’t love and scraping my hands and knees. with her friends.” it and didn’t linger. I started clos- By now the knees of the pants ANTHONY GUTHMILLER It didn’t take very long to find a I didn’t have a bathing suit that ing up the house. When I opened were ripped, too. Finally, I was able Estates agent home for the fish. I know a lot of time, but I was wearing boxer un- the back door to check everything to grab him. He proceeded to rip The Agency, Pasadena, Calif. landscape designers. But the per- derwear, so I took my pants off up my Hermès tie and white shirt. son who came to get the fish and went in. My hands were bleeding by the The house wasverydramatic,with wasn’t very successful. The fish My friend Bridget was at the time I got the cat in the house, awaterfall cascading into akoi were very elusive. I put on some house with me and she helped. closed the door and locked it. pond at the entrance. Therewere swim trunks and got into the We had two nets and an Ace When Iwas in the car, Icalled 23 goldfish and koiinthe pond— pond, which was really gross be- Hardware bucket. Bridget took the the listing agenttogivehim an mostabout afootlong. Theyhad cause it hadn’t been cleaned for a pole net and I was in the water. update.Isaid, “Ohbythe way, these really bulbous eyes with long time and had a lot of algae. We cornered the fish. Then we the catwentout,but Iwas able

fancy,frilly fins.The owner passed We cornered all the fish. whisked her off to rejoin her to get it back.” And he said, “Oh (3) away in November.Part of howI One little white one jumped out friends at their new home in Alta- thatcat goes in and out all the RKIN

gotthe listing is Iwas doing the of the bucket, but we didn’t know dena. time—he has his owncat PA estate sale and had to liquidate she had escaped. When I went It was my “Finding Nemo” mo- door!” everything in the home. back to the property to prep it, ment. Iwantedtocry. MICHAEL

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reduce the price that can be seen as favoring buyers in the early Bon, the family’s goats; 20 chick- SOLVANG, CALIF. by the public. But they will offer part of year, but also said that it ens, a cat, a dog, a bunny and a The 2020 Buyers Guide LISTED: $2.545 MILLION incentives” to close a deal, she is no longer true. Allan Jones, piglet named Hamlet. SOLD: $2.37 MILLION said. president of Santa Ynez Valley Continued from page M1 That brings the conversation to Real Estate Company, said while BUYER’S the curious case of Santa Barbara ranches typically take a long time MARKET County, which ranked as the top to sell, “one started moving, then ADVICE FOR BUYERS IN buyer's market in this study. The another, and now inventory is the A BUYER’S MARKET WHAT IS A Chandler Rapson, a 48-year-old statistics make it sound like a lowest I’ve seen in 32 years.” BUYER’S MARKET? private-equity investor and entre- great opportunity to snap up a Among buyerswas JonLukas, 1. Askfor discounts: In awors- preneur, sold one of his compa- coastal resort home under optimal who closed on a5-acreproperty in ening market,abuyer holds the • The market has more sup- nies and was ready to buy his conditions. Unfortunately for buy- Solvang at the end of August. Mr. powerassellersfear notbeing ply than demand, with high family the dream home they’d al- ers, even in a normal year, a high Lukas,a47-year-old investor,has able to replacethe offer. levels of inventory and rela- ways wanted. His wife Roslyn had position on this list doesn’t mean lived in SantaBarbaraCounty for tively low levels of sales. her eye on $2 million to $4 mil- that these areas are rife with bar- yearsbut dreamed of alarger 2. Time-limit the offer: As • Luxury sales prices—the top lion homes in Hillsborough gains. Instead, buyer's market property wherehis daughter Sa- marketsimprove,sellersmay 5% of the market—were grow- County, Fla., which is on the conditions represent a downshift vannah, 11, could ride her horse. use an offertocreateurgency ing less than 1% or declining seller's market list. But Mr. Rap- from the prior year—which might On awalk,hecame acrosshis new among other buyers. Setting a year over year. son smelled opportunity in one of have been smoking hot—as well home,listed for$2.54 million. time limit—such as 24 or 48 the top buyer's markets on the as the pace at which property is The asking price might have hours—curtails the seller’s • Negative year-over-year per- list: Pinellas County. moving at current prices. Some- been high for the area before powertocreateanauction. centage change in both $1 Clearwater and Clearwater Some counties that rank high times, these conditions lead to Covid, said Patty Murphy, Mr. Lu- 3. Seek incentives on new million sales and absorption Beach, like much of Pinellas on the buyers list have been that price reductions, but not always— kas’s agent at Sotheby’s Interna- rates construction: Developerswant County’s real-estate market, were way for a while, as non-Covid fac- particularly if buyers storm back tional Realty-Patty Murphy Coun- the public record to reflect • Markets have at least 30 hard hit by the Covid crisis, said tors, such as an oversupply of lux- into the market and absorb the try Estates. But in the pandemic- higher prices so thatcompara- monthly listings on average Michael Wyckoff, managing bro- ury product, were degassing the existing inventory. influenced market, demand for ble sales look strong. Theyare and at least one monthly $1 ker for Engel & Völkers Madeira market long before Covid hit. New Such was the case here in this properties on larger parcels sky- oftenwilling to provide dis- million sale. Beach. In Mr. Wyckoff’s words, York City and commuter areas in unprecedented year, where rocketed, she said. Mr. Lukas of- counts via incentives thatre- the Pinellas market “went into the New Jersey experienced this, and roughly 10 real-estate agents fered $2.37 million and leased the main private: Askfor closing • Realtor.com analyzed closed fetal position”—from March then got a double-whammy in the laughed at the idea that buyers property back to the sellers for a costs, HOAfees, free storage sales from April to June 30, through June. Whole categories of form of the worst regional health are controlling the current market month, charging them only space, or design upgrades. 2020. buyers disappeared: Canadians— crisis of the pandemic. in Santa Barbara County. $2,500 and running the risk that once 10% to 15% of the buyer pool, Since March, buyers have been “It is anything but a buyer’s they would overstay. Everything 4. Offer nonfinancial deal TIONAL Mr. Wyckoff estimated—were un- getting major discounts, said market. There is no inventory,” worked out, however, and Mr. Lu- sealers: Make it easier for a

able to cross the border, and Megha Moza, an agent with Prom- said Wendy Gragg, the broker and kas and his daughter moved in seller to stomach a low offer INTERNA Buyer’s Market snowbirds from Michigan, Ohio, inent Properties Sotheby’s Inter- owner of Distinctive Real Estate mid-October. Also making the by giving them the closing YS Illinois and upstate New York national Realty. Ms. Moza said in Montecito. move: Marble, Savannah’s quarter time they want or handling THEB The top 10 buyer’s markets by SO sheltered in place at home. Jon Lukas, 47, bought this 5-acre Solvang property in August. He recently one of her buyer clients had Realtor.com’s economic re- horse, and Albert, Mr. Lukas’s some repairs.

county as of June 30, 2020 TIES Since then, things have picked relocated there with, among other animals, the family’s goats. Mr. Lukas’s agreed to pay $1.1 million for a search analyst Nicolas Bedo cred- horse; Beatrice, Coco and Bon

Absorption up, numerous agents in the area daughter Savannah, right, on her horse Marble. Mr. Lukas rides Albert. Weehawken, N.J., condo in April. ited the March freeze and subse- OPER

RANK County Rate PR agreed. But the house Mr. Rapson Offers in this market are made quent surge for the disconnect 1 Santa Barbara, Calif. 5.2% WEEHAWKEN, N.J. spotted this summer was a 5,300- verbally, so it hadn’t been com- between the data and the experi- 2 Pinellas, Fla. 6.0% LISTED : $1.2 MILLION square-foot Colonial-style water- mitted to paper. As the virus cri- ence on the ground. “It’s possible OMINENT SOLD: $1.07 MILLION PR 3 Hudson, N.J. 6.7% front home in Clearwater that was sis wore on, her buyer decided he that downtown neighborhoods (4); 4 Collier, Fla. 6.9% lingering on the market. It had didn’t want the property unless closer to the coast have experi- 5 Summit, Colo. 7.1% originally been listed in mid-2019 he could reduce his bid to $1.07 enced a more rapid recovery,” he OURNAL 6 Orange, Calif. 10.7% for $1.6 million, but because it million, which was accepted. The said. “The situation in changing JJ

7 Boulder, Colo. 11.3% was outdated, buyers were turned deal closed in July. quickly.” Several agents who spe- REET off, Mr. Wyckoff said. Mr. Rapson Other clientshavereceived un- cialize in homes within Santa Bar- ST

8 Multnomah, Ore. 12.8% LL estimated it needed about precedented incentives from build- bara proper and Montecito said 9 Sonoma, Calif. 13.3% WA $500,000 to turn it into a true ers, she said. Forexample,in that after a dead March and slow THE

10 Santa Cruz, Calif. 30.8% contemporary luxury home. March, aclient who bid $1.3million April, droves of buyers began R FO

Source: Realtor.com “I offered $1 million and I said foraJersey City condo gotafree flooding in from Los Angeles, San T

Absorption rate: number of sales a month OS

divided by number of listings. The rate listed is ‘you have 24 hours to take it or storagespace, closing costsand a Diego, New York and elsewhere. FR average of three ZIP Codes with lowest rate in leave it,’ ” Mr. Rapson said. The year of waived homeowner associa- Agents in Solvang and Santa M SA

each county. : seller came back asking for $1.1 tion fees—a packageworth Ynez, two agricultural areas of million. The deal closed at the end $100,000,Ms. Moza said. Santa Barbara County, understood LEFT of August. “The developer doesn’t want to why their market was described OM FR

ket, and has only intensified since. been listed fortwo yearsand was resort area, Glacier National Park homes is driving interest in Salt HOLLADAY, UTAH Ms. Lawson and Mr. Kowit flew offered at $1.695 million, sold for MIGRATION DESTINATIONS MIGRATION and Bigfork Lake.Local agentssay Lake City, the third entry on Zil- LISTED: $2.675 MILLION across the country in May and $1.9million. Thebuyers, who that afterMarch, they gotasurge low’s list. SOLD: $2.3 MILLION DESTINATIONS looked at homes, soon landing on closed in mid-September,were • The metro areas with the in calls about both vacation and Adam Kirkham, with Summit a 5,000-square-foot, five-bedroom Dwight and LuzWilcox.Mr. Wil- most page views for homes Drew Erra, a 52-year-old insur- permanent homes. Sotheby’s International Realty in white farmhouse under construc- coxsaid they had lost out on a valued at $1 million and up by ance broker and moving-company “We’ve been seeing this growth Salt Lake, said that as of Oct. 1, tion and listed for $1.799 million house in May, because it took the people who don’t live in those co-owner, and wife Melissa Erra, for the last five years, but it’s on there was 45% less inventory in a part of Falls Church that lies couple—who co-own atrucking metro areas, ranked by per- lived in Minneapolis for 24 years. steroids now,” said Stephanie Sun- above $1 million compared with a within Fairfax County. Because it companyand two insurancecom- centage increase since last But in July—when many Ameri- shine, a broker with National year ago. had another offer, Mr. Eric ad- panies—too long to getpreap- year, according to an analysis cans were realizing that working Parks Realty in Whitefish. “Anecdotally, buyers are com- vised the couple of proffer their proved forajumbo loan. When by Zillow. from home, remote learning and One of Ms. Sunshine’s buyers ing from Los Angeles and the Bay “best and final,” which was $1.85 Mr.Wilcox sawhis current home, social distancing would be the was Doug Allen, who closed on a Area, which is by far the highest million in cash, with no design he wasdetermined to beat out any new reality for a long time—they $1.2 million log-cabin-style home feeder market from California,” changes required. They got the competitors, which led him to bid picked up and moved to Las Ve- in Kalispell in March. Mr. Allen, a Mr. Kirkham said. “From the East home, which should be finished $205,000 abovethe asking price. Come From Away gas. Their new home, a $3.2 mil- 45-year-old scrap-metal business Coast, it’s from Virginia, the D.C. lion, arts-and-crafts home with a by early December. Metro areas with the biggest owner and his wife, Janel Allen, area, New York and Boston.” Most Several of the top seller's mar- increase in out-of-area page views pool and golf-course views, cost 49, live in Longview, Texas. Mr. transplants have some connection kets on Realtor.com’s list bear over $2 million more than the one Allen became familiar with the to Utah through family or having RIVERSIDE, CALIF. for listings of $1 million similarities to the region Ms. Law- they sold in Minneapolis. Kalispell area while working as a gone to school there, he said. LISTED: $1.695 MILLION ADVICE FOR BUYERS IN and up DEW son and Mr. Kowit coveted: They “I was paying 10.5% state in- pilot for a cargo airline in his late This year, Mr. Kirkham partici- SOLD: $1.9 MILLION A SELLER’S MARKET Increase from are suburban areas close to big come tax in Minnesota,” a rate 20s and vowed to one day make pated in deals for five buyers re- MIKE August 2019 to employment centers that offer 1. Control the bidding war: This 11,653- TOWN August 2020 which has now dropped to zero in the region part of his life. locating from out-of-state who larger homes and lots and where Consider an “escalation ad- square-foot Las Vegas 155% tax-free Nevada, Mr. Erra said. Thehome nowserves as apart- paid between $2 million and $3.5 new construction, home offices dendum.” It says a buyer will home in Kalispell, Mont. 132% “Just the tax savings alone cov- time escape forthe Allens and their million in the suburb of Holladay, SELLER’S and pools are in high demand. Holladay, Utah, ered the cost of the house.” three children, who spent much of he said. In August, a buyer mov- WHAT IS A go a certain amount over the Salt Lake City, Utah 127% Another such area is Essex a suburb of In their migration to Las Vegas, the summer there, mountain biking, ing from Seattle paid $2.3 million SELLER’S MARKET? MARKET next best offer the seller re- Stamford, Conn. 117% County, Mass., north of Boston, Salt Lake City, the Erras had company. Searches zip lining,alpine sliding,and fish- for an 11,653-square-foot home ceives, up to a given amount. Bozeman, Mont. 116% • The market has morede- Liz Lawson and Reed Kowit lived in where agents say demand has sky- A “best and final offer” draws was bought by by out-of-towners for homes over ing fortrout and salmon. Mr. Kirkham listed. Santa Barbara, Calif. 114% mand than supply,with low LosAngeles for10yearsand fit rocketed for luxury homes with the line. These tactics show a someone $1 million in the Las Vegas metro Austin, Houston and Dallas all “A lot of buyers have equity levels of inventoryand ahigh right in. Ms.Lawson, 40,was busy beach access or water views. buyer’s cards, but agents in relocating from Edwards, Colo. 107% area surged by 155% from last showed out-of-town search in- from more expensive markets, like absorption rate. as the music supervisor on aroster Syndi Zaiger of Nest Compass competitive markets recom- Seattle. The Riverside, Calif. 104% year, according to Zillow’s analy- creases since last year, which is in California, and they are bring- of television shows,and Mr.Kowit said that while “it’s often difficult mend this rather than a round area has Glenwood Springs, sis. Ten agents and brokers in the no surprise to Marie Bailey, an ing it with them to the Mountain • Sales prices in the top 5% of 104% wrotescreenplays and worked in to sell homes of $3 million and robin of phone calls, which become Colo. area said they have never seen agent with Fathom Realty in West,” he said. the market are growing at or production. Then Covid hit. Sud- up,” times have changed. She had risks the seller picking a win- popular with Austin, Texas 100% more relocation interest. McKinney, Texas. After her own above 4% year over year. denly,their work evaporated, their clients who got into a bidding war ner before all bids are in. buyers Source: Zillow “Moreare driven to come here relocation from El Segundo, Calif., • Positive yearly percentage 3-year-old son wasisolated, and in July for a Manchester-by-the- migrating from by high taxesintheir states,” said to Prosper, Texas, in 2017, she be- 2. Talk to jumbo lenders change in both $1 million they wanted to be closer to their Sea home listed for $2.949 mil- more expensive Heidi Kasama, the listing agent at came a real-estate agent and the ADVICE FOR BUYERS early: Since Covid, it is harder sales and absorption rates. families,said Ms.Lawson. lion. The couple, who were about coastal cities. BerkshireHathaway Home Services following year started a Facebook IN A POPULAR Their target area: Arlingtonand to get married, ended up getting for self-employed people and Nevada Properties forthe home group called “Move to Texas from MIGRATION DESTINATION • Realtor.com analyzed data Fairfax County,Va., which is the it by offering the full asking price business owners to qualify for the Erras purchased. Weather is California!” The group now has from April to the end of June topseller'smarket in the country. and no contingencies—not even a jumbo loans. Before house also adraw. “Wehaveafew hot over 21,000 members and has 1. Ask about rentals: It is 2020, in markets with at least In some ZIP Codes,over40% of home inspection, Ms. Zaiger said. hunting, get a lender or bro- months,but we don’t have hurri- generated roughly 70 leads to usually advisable to rent be- 30 monthly listings on aver- homes above$1million arepur- The fiancé then put his own home ker on your case and collect canes or floods,” she said. whom Ms. Bailey has sold homes. fore buying in a new area, but age and at least three chased within one month of list- on the market, had his first show- documentation about your High on Zillow’slist areseveral Interest has surged since March, in some markets with surging monthly $1 million sales. ing,according to Realtor.com’s ing the Thursday before Labor business, assets and income. traditionalvacation-home destina- Ms. Bailey said, noting that many relocations, such as Salt Lake data. Theregion is so hot, it occu- Day weekend, got two offers and 3. Weigh building your own: tions,wherelocal agentssay de- posts on the page express outrage City, finding a luxury rental is pies both the firstand second top went into contract that weekend Sheltering in place means ev- mand is up as morepeople look for over restrictions on business and tricky. Task a real-estate spotsinthe study,with nearby Al- for $1.77 million—slightly below eryone wants home offices, an escape from the city wherethey education imposed by state and agent who wants to sell you a Seller’s Markets exandria City coming up as the his $1.79 million asking price. pools and distance-learning livefull time and as morepeople local government in California, home with finding you accom- The top 10 seller’s markets by next strongest seller’s market. The In Riverside County, about an spaces. Get quotes for prices arerelocating nowthat they can Ms. Bailey said. modations during your search. county as of June 30, 2020 couple’sreal-estateagent, John hour east of LosAngeles,the late and wait times to add these work from home.Hilton Head, S.C., “Most of my members are look- Eric of Compass, issued awarning. spring,summer,and fall boom took Jackson, Wyo.,and the towns on ing for a lower cost of living,” Ms. 2. Quit your old state: For Absorption features to a new home— RANK County Rate “He told us it was a really hot some agentsbysurprise.Rob Mur- some markets have yearlong Cape Cod, Mass.,all sawbig search Bailey said. “They also feel there people relocating from high- market and to be prepared for it ray, owner of Crest Sotheby’s Inter- growth. Thenumber two spot on will be more political acceptance tax to low- or no-tax states, ) 1 Fairfax, Va. 42% waits for a pool installation. TO to be competitive,” said Ms. Law- national Realty who also owns an the list is held by Kalispell, Mont., in Texas.” quitting the former can be

Know before you buy what PHO

Alexandria City, son, who now works as the author escrow company, said that in late the metroareaofthe Whitefish ski A search for cheaper luxury tricky as state auditors try to Y 2 Va. 41.7% you can build yourself and IL

of young adult novels. March until about mid-April, 15% to hold on. Talk to a local lawyer AM

what is worth competing for. (F 3 Essex, Mass. 30.2% “The impact of Covid has seen a 20% of his escrowscanceled as Doug and Janel who specializes in these is- 4. Waivecontingencies: KALISPELL, MONT. 4 Riverside, Calif. 24.6% massiveinflux of buyersfrom deals fell apart and sellerstook Allen closed on sues for the best advice. ALLEN Home-sale contingencies are LISTED: $1.348 MILLION 5 around the countryinour market,” properties off the market. Themar- this log-cabin- Chester, Pa. 21.3% SOLD: $1.2 MILLION DOUG Mr.Eric said, citing LosAngeles, ketremained subdued throughout deal breakersinmanyhot style house in 3. Know the new market: 6 Hillsborough, Fla. 19.9% SanFrancisco, and NewYork City April and Mr.Murray steeled him- markets. Consider waiving fi- March. It’s now Agents say buyers who move (3); TY 7 Broward, Fla. 14.8% as primaryfeeder cities.Some self formajor correction. nancing if youcan prove funds a part-time from high-cost to lower-cost partsofthe region have been “I wasdead wrong,” Mr.Murray and have amortgage lender summer escape areas have two reactions: REAL 8 Cape May, Fla. 13.3% seller’s marketsfor several years, said. Around May, he started to no- who will work fast or do the for the Allens They get overly excited about TIONAL 9 Montgomery, Pa. 12.2% driven by demand from workersin ticeaninflux of buyersand bi- loan post-sale.Consider waiv- and their three the bargains and bid high, or 10 Suffolk, N.Y. 6.1% government and technologyjobs. zarrely high prices paid forhomes ing ahome inspection but children, left, they expect rock-bottom INTERNA

Between April and June,demand that had been on the market for only if acontractor canlook at Preston, 9, prices and bid low. Examine S Source: Realtor.com Y’ Absorption rate: number of sales a month forhomes in Fairfax County,Falls months and sometimes years. the house with youand give Reagan, 12 and recent, closed sales in each divided by number of listings. The rate listed is youasense of potential issues THEB average of three ZIP Codes with highest rate in Church, ArlingtonCounty and Alex- One of Mr.Murray’s listings, a Major, 14. neighborhood to get a realis- SO each county. andria City grew,according to Mr. 7,845-square-foot, seven-bedroom and coststorepair. tic grasp. Eric and other agentsinthe mar- hillside Mediterranean that had SUMMIT P2JW304000-0-M00800-1------XA

M8 | Friday, October 30, 2020 THE WALL STREET JOURNAL. MANSION The Emerald ION Coast AT UND FO ContinuedfrompageM1 and located on the water. MUSEUM In June, Greg and Caryn Ze- TION

man paid $4.05 million for a va- IA AV

cation home on Choctawhatchee L

Bay in Destin. The sale included VA NA

all the furnishings, enabling the ); couple and their 14-year-old son, TO PHO

Matthew, to flee their Chicago- Y IL

area home amid the pandemic. AM “We must have played 100 (F games of rummy when we were OD

stuck at home” in Illinois, says MCLE Mr. Zeman, who is 61 and a re-

tired computer-distribution exec- HANNAH

utive. “We’d rather be able to go (3); out and walk around.” APHY

The Zemans bought in a golf GR community on the bay because TO PHO

they could have a dock for their E

boat and Jet Skis, which wouldn’t TAT be possible on the Gulf. “With ES

our boat, we can hire [a captain] REAL for a two-hour cocktail cruise RREN

with friends,” Mr. Zeman says. WA

Waterfront buyers on the Em- VE DA

erald Coast have two main op- P: tions: bay or beach. The bay vibe TO is quieter, and while homes here OM FR are typically less expensive than those on the Gulf, they’re less Billy and Sharon Witcofski paid $2.4 million last year for a 2,300-square-foot vacation home in Seaside, bottom likely to generate rental income right, with an open-plan living area, above and below. The house recently sold for $2.8 million so the couple could because renters prefer the Gulf, build a larger getaway. At right, the Witcofskis (back row, third and fourth from left) and their grandkids. Ms. Cole says. Some of the older properties are in need of a “lip- stick update” to lighten the woodwork and change the floor- ing, she adds. Her brokerage re- cently went into contract on a home listed for $1.75 million. Lo- cated on Holi- day Isle in Des- 19% tin Harbor, the house includes Year-over-year two large boat increase in slips and space number of to tie up an- sales of single other large family homes vessel in deep on the Emerald water. Coast Expect to pay more for a beach home on the Gulf, espe- cially on Highway 30A. “On 30A, you couldn’t buy a vacant lot for less than $3 million. That’s the entry level,” says agent Jonathan Spears of Spears Group, Scenic Sotheby’s International Realty. Newly constructed homes can cost $7 million to $8 million. Rosemary Beach is a popular family destination, and Seaside— the community featured in “The Truman Show”—is the epicenter, THINGS TO DO ON THE EMERALD COAST Mr. Spears says. But newcomer Alys Beach gets the most buzz The Emerald Coast features five ida-Alabama state line. for its stark-white masonry beachfront parks and 12 public- One of the big social events of homes built around courtyards. beach access points. Visitors who the year is the Destin Charity All three are master-planned tire of the white-sandy beaches Wine Auction, one of the top in communities that embrace a and clear emerald-green waters the country, according to Wine “new urbanism” lifestyle that (said nobody ever) can get the fla- Spectator magazine. Because of emphasizes walkability to a small vor of the area in other ways. the pandemic, this year’s auction town center with boutique shop- The Panhandle is famous for was live-streamed to remote bid- ping, restaurants and resort ame- two iconic palate pleasers. First, ders, raising $1.2 million for chil- nities. try a lobster quesadilla—a South- dren’s charities in the area. In Destin, Mr. Spears is cur- ern spin on a New England classic. Destin calls itself the “World’s rently listing a home for $3.795 The quesadillas are the most pop- Luckiest Fishing Village” because million that, as an investment ular offering at George’s at Alys of all the opportunities for deep- property, could generate a pro- Beach, off tony Highway 30A. One sea fishing, offshore sport fishing jected $340,000 in rental income of the Gulf Coast’s most notable and inshore/bay fishing. annually. The house, constructed cocktails, the Bushwacker, is a See a “Warthog” and “Puff the II and the Korean, Vietnam and Naval Air Station also has vintage in 2019, measures 6,800 square boozy chocolate milkshake widely Magic Dragon”—but not in a zoo. Gulf wars on the grounds, includ- aircraft. This facility is restricted feet, with nine bedrooms and 8½ touted at Flora-Bama in Perdido They are at the Air Force Arma- ing an A-10A Thunderbolt II (the to the public because of Covid-19. bathrooms. Most recently he sold Key. The place features five ment Museum at Eglin Air Force Warthog) and an AC-47 Spooky When it reopens fully, the mu- a 9,000-square-foot newly con- stages with live music and is fa- Base near Valparaiso, Fla. Covid-19 gunship (nicknamed Puff the seum hopes to resume practice structed home on the Gulf for mous for the annual Mullet Toss, restrictions limit access to exhibits Magic Dragon by ground troops). flights for the Blue Angels, after $14 million. in which contestants basically inside the building, but visitors To the west, the National Naval which the flight crews answer “The Emerald Coast is a clas- throw a dead fish over the Flor- can see airplanes from World War Aviation Museum at Pensacola questions and sign autographs. sic case of ‘if you build it, they will come,’ ” says G. Stacy Sir- mans, a real-estate professor at Florida State University. Some of the places “were basically built out in the scrub brush.” A devel- oper would buy 75 acres or so and build an entire community. “Before that, this coast was little, sleepy coastal towns with mom- and-pop motels. There were no high-rise condos 20 or 30 years ago,” Dr. Sirmans says. Even today, the Panhandle’s coastal skyline is downright low- slung compared with the forest of residential towers in South Florida. Walton County on the Emerald Coast imposes a height restriction of 50 feet on 30A, so residents have a closer connec- tion with the water. But proximity to the water also leads to unwelcome guests: hurricanes. The 2020 Atlantic hurricane season has been partic- ularly busy. Hurricane Zeta was the 11th named storm to strike the U.S., a national record, ac- cording to AccuWeather. Al- though none of this year’s storms have made landfall on the Emer-

ald Coast so far, high winds and ) storm surges have damaged some (MAP homes and businesses. AKE

In 2007, Florida required new HA

homes built on the Panhandle to TIN meet stricter building codes that MAR P2JW304000-0-M00900-1------XA

THE WALL STREET JOURNAL. Friday, October 30, 2020 | M9 MANSION

The home had been completely remodeled, but it was 27 years old. As a result, their insurer de- cided to increase their premiums from about $6,500 a year to $14,000 a year. At the same time, the couple, who primarily live in Bentonville, Ark., wanted more space for themselves and family members, many of whom work in Mr. Wit- cofski’s steel-erection company in Arkansas. In August, the Witcofs- kis sold their Seaside cottage for (4) $2.8 million and are now in the process of building a new 4,500- JOURNAL square-foot home on the beach

REET just outside of Seaside. ST Mr. Witcofski says he expected LL

WA to pay up to five times more in

THE homeowners insurance on their R

FO new Gulf-front home. “But no,” he says. “Since the new house OON will be built using new methods

THERSP and codes, the insurance will be about $8,000 [annually], even WEA though it’s twice as big” as their NSEY older home in Seaside. LY

include shatterproof windows, and Economics (2011) and the fortified roofs and reinforced Journal of Real Estate Research concrete pillars, among other (2012) found that Florida resi- things. But older homes that ha- dents were willing to pay a 10% ven’t been retrofitted with hurri- to 12% premium on new homes cane-resistant features are still with hurricane-resistant features. vulnerable, as Hurricane Michael Insurance premiums for older proved in 2018 when it made homes in vulnerable areas are landfall in Panama City and hit typically more costly than premi- Mexico Beach and Apalachicola as ums for new construction, some- well. thing Billy and Sharon Witcofski That partly explains home buy- discovered firsthand. In 2019, the ers’ taste for new construction. couple, both in their late 50s, Two studies published in the paid $2.4 million for a 2,300- Journal of Real Estate Finance square-foot cottage in Seaside. Greg and Caryn Zeman with their son, Matthew, and dog, Cody. The couple paid $4.05 million for a fully furnished vacation home in Destin, top, above and below. Landfall in the Panhandle Of all hurricanes that make landfall in the U.S., 40% hit Florida. Northwest Florida has had more direct hits from hurricanes between 1851 and 2019 than any other region in the state. Major FLORIDA Cat 1Cat 2Cat 3Cat 4Cat 5All hurricanes Northwest 35 17 13 0166 14 Southwest 21 12 9614917 Southeast 18 14 8724916 Northeast 19 610026 1

Source: NOAA’s Atlantic Oceanographic and Meteorological Laboratory

THE MARKET ODUCTIONS PR FIFTY /8 ELLIS

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FR Weekend edition, and distributed $3.795 million exclusivelytothe most affluent subscriber 1 ZIP codes, the specialedition featuring Nine bedrooms, 8/2 bathrooms your propertywill reachtop buyerswho are This beachfront home is located in Destin’s Park Row at Crystal Beach planned development. in-markettobuy their perfect skihome. Measuring 6,800 square feet, the home features dual master suites with Gulf views, a resort- style pool and a large outdoor-entertaining area. Agent: Jonathan Spears of Spears Group, Scenic Sotheby’s International Realty Close Date: November 2, 2020 Publish Date: December 5, 2020

FOR ADVERTISINGOPPORTUNITIES, PLEASE CONTACT: OLIVIA COTTRELL AT $4.9 million [email protected] 1 Five bedrooms, 5/2 bathrooms

This Gulf-front Mediterranean-style home in Destin measures almost 4,900 square feet. It is located in the gated Destiny by the Sea com- munity and features floor-to-ceiling windows, a gourmet kitchen, a rooftop deck and infinity-edge pool. Agent: Jonathan Spears of Spears Group, Scenic Sotheby’s Interna- tional Realty

$1.75 million 1 Six bedrooms, 5/2 bathrooms “The response to theHighlands Sotheby’sInternational Realty adsinthe Located on Holiday Isle in Destin Mansion Global Luxury Insert hasbeenoff thecharts!!Not only areweselling Harbor, the roughly 4,200-square- thepropertiesadvertised, we arecompilingalistofprospectsfor future listings foot house includes two large boat andexposuretoour area.Bestmarketing moneyspent in 2020!!” slips and space to tie up another large vessel in protected deep wa- —JodyLovell, Broker/Owner,Highlands Sotheby’sInternational Realty ter. It is just one street back from private beach access, and 2019 Seethe July 25th Edition here: rental income topped $100,000. online.flippingbook.com/view/51581 Agent: Cindy Cole Fine Homes, Kel- ler Williams Realty Emerald Cost P2JW304000-0-M01000-1------XA

M10 | Friday, October 30, 2020 THE WALL STREET JOURNAL. MANSION

venasalittle kid, Iwas a wasgood, but Ibe- HOUSE CALL | DARRENSTAR film geek.Mygrandfather, gantonoticethat Lou, and Ioften sat in some waitershad Efront of the TV together been therefor 10 ASharp Eyefor watching old movies. years. That scared My family firstlived in me. Bethesda, Md., but when Iwas 13 Ifound an open- we moved to Potomac.Myparents ing at apublicity Winning Formulas were young when they bravely firm—Guttman & built aone-storycontemporary Pam—working for with lotsofglass. Summerswere Susan Geller,aPR spent at the Delaware shore. My dynamo. She gave family had aplacethereatBethany one of my screen- Beach. plays to friends of My mother,Debra, wassupport- DarrenStar,left, at his Hamptons home in 2018, herswho had adeal ive. When Iwas in junior high and above,with sister, Bonnie,inParis around 1988. at Warner Bros. school, she went back to college Then an execu- and gother journalism degree.She tiveIhad writtena remains acreative force. setup with tape and asplicer.Edit- screenplayfor at TriStarbecame My father,Milton, wasanortho- ing made me realizethat moving head of drama at Fox. He asked me dontist and an avid tennis player. I scenes around let me tell afilm’s to writeaTVpilot about ahigh wasnever able to match him on storydifferently. school in Beverly Hills.Aaron the court. In high school, Iloved theater Spelling produced “90210,” which My younger sister,Bonnie,and I and performed in plays.Ialso au- took off in itssecond season. The areayear apart in age. Growing up, dited ascreenwriting course at show’sWalsh family wasastand-in she wassmart and headstrong.She American University.But acting formyown. wasthe model forBrenda Walsh in wasn’t my strong suit. AfterIap- Today, Ihavehomes in LosAn- “90210.” My brother,Marc, is 8½ plied to USCasacinema major,I geles,New York and the Hamptons. yearsyounger than me. wasaccepted only in their theater Ispend as much time in the Hamp- Everyone in my family wasabig department. Isaw kids who were tons as possible,all year round. reader and liked to tell stories,so talented actorsand realized quickly Thetwo-storycarriagehouse was writing at an early agewasn’t a that Iwasn’t in their league. built by Francis Fleetwood and is stretch forme. By thirdgrade,I Itransferred to UCLA.But Iwas open and light. It’smyhappy place. waswriting plays. rejected by their film department, My parentsmoved out to Cali- At 12, Iheardabout an audition too, so Imajored in English and fornia, and Isee them often. My forEugene O’Neill’s“Ah, Wilder- creativewriting.That turned out to mother calls with books formeto ness!” at George WashingtonUni- be agreat move.Iread all the clas- read and TV series to check out. versity.Iasked my parentsifI sics and had an amazing instruc- My dad still keeps me in line on could go, and they took me.They tor—Irish novelist Brian Moore. He the tennis court. probably regrettedit. Igot the role urgedmetobecome aTVand film —As told to Marc Myers and they had to drivemeto screenwriter. Georgetown three days aweek. At UCLA,Imanaged to talk my Darren Star, 59, is aTVwriter, Sensing my passion forfilm and wayintoevery undergrad film producer and director best known directing,myfather bought me a classand benefited from terrific for creating “Beverly Hills, 90210,” Super-8 camera. Ienlisted my teachers, including LewHunter. “Melrose Place,” “Sex and the City”

friends as actorsand made short AfterIgraduated, Itook ajob as and “Younger.” His latest comedy BETHUEL/NETFLIX films.Iedited them on alittle awaiter in Brentwood. Themoney series is “Emily in Paris” (Netflix). OLE CAR ); TO

DARREN IN PARIS PHO Y IL

What’s “Emily in Paris”  packed in Europe and fell in AM (F

about? A hip, upbeat 20-some- love with Paris. I visited often AR thing relocates to Paris to work over the years, eventually rent- ST

at a marketing firm acquired by ing an apartment for a few RREN

her Chicago company. months. DA WERS;

Why is she there? To advise Lightbulb moment? I wanted PO on American-style social-media to do a show about an Ameri- marketing. can in Paris—to live out my RICHARD The ‘Emily in Paris’ creator planned to act dream of living and working : Inspiration? At 19, I back- there. LEFT

but instead turned angst into TV gold OM FR

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M12 | Friday, October 30, 2020 THE WALL STREET JOURNAL. MANSION

THE MARKET TheHamptons This Southampton Village BounceBack mansion, on the market for $39.5 million, is one of many Reports of the death of eastern Long Island’s Hamptons real-estate market were, apparently, premature homes asking top dollar amid the pandemic. BY KATHERINE CLARKE ings priced $5 million and up, according to Jona- THE MEDIAN SALES PRICE for a than Miller of Miller 40% house in the Hamptons, the string Samuel, who prepared Increase in the median of beachfront communities on the report on behalf sales price for a house in Long Island’s eastern tip, skyrock- of Elliman. the Hamptons in the eted by 40% to $1.2 million in the Mr. Miller said it is third quarter of 2020 children at local left Hamptons inventory 28.4% close to 20 high-end homes in third quarter of 2020 compared the first time he can compared with the schools and got- below the prior-year levels, with contract right now, a number he with the year-earlier period, ac- remember seeing the year earlier. ten accustomed to just a nine-month supply at the called “beyond incredible.” Some cording to a report from broker- Hamptons market devi- working remotely current sales pace. That’s com- expensive plots of land have even age Douglas Elliman. ate so much from that of and attending meetings pared with about 19 months dur- started to trade after a slow cou- The surge in prices is even Manhattan, since the two mar- via Zoom. By comparison, ing the same period last year. ple of years. “That’s usually the more dramatic for homes on the kets usually act in tandem. sales were down by 46.3% in Man- Some of the Hamptons’ biggest last thing to go,” he said. ultrahigh end of the market, de- The coronavirus upended that hattan in the third quarter. transactions of the third quarter While contract activity doesn’t fined by the report as the top 10% relationship as wealthy Manhat- “I’ve always described the included the $24 million sale of a appear to be slowing down in the of all sales. The median price for tanites poured into the Hamptons Hamptons as being joined at the seven-bedroom oceanfront com- early fourth quarter, Mr. Miller a home in that category was up at the onset of the pandemic and hip with Manhattan and with Wall pound with a tennis court in East said it is not clear if the Hamp- by 65.7% year-over-year to $5.8 settled in for much longer than Street,” said Mr. Miller. Now, you Hampton and the $23.5 million tons boom is built to last. million. they initially expected. For some, have “the secondary market out- sale of a 7. 37-acre, eight-bedroom “Right now we’re at peak

The volume of sales in the the Hamptons has now become performing the primary market estate in Sagaponack. Zoom,” he said. “It’s not clear ELLIMAN S Hamptons was up by 51% from their primary home, at least for that it has depended on.” Enzo Morabito, a luxury agent how much of this sticks once last year and up by 291% for clos- now, and some have enrolled their Activity in the third quarter at Douglas Elliman, said he has there’s a vaccine.” DOUGLA

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THE WALL STREET JOURNAL. Friday, October 30, 2020 | M13

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M14 | Friday, October 30, 2020 THE WALL STREET JOURNAL. MANSION

HOMEOWNEROUS | KRIS FRIESWICK ARoughZestimate

Zillow’s home valuation tool forces us to keep our friends close and our algorithms closer

ome people let ping on the bathroom their body scale.Inboth cases,the weight define only person youare fool- them. Thenum- ing is yourself. Sber on the scale Thereare lotsofpeo- becomes aproxyfor their ple likeme, it turns out. self-worth, anumerical Some homeownerstake representation of their their Zestimatesoseri- essence, their scoreasa ously they have actually human. sued Zillowtoensure My self-worth is de- that they getthe value fined by my Zestimate. that they areabsolutely Each day, I approach convinced they deserve. Zillow.com filled with They,likeme, aretrapped hope, and fear. I don’t in aZestimateloop and need to type my full ad- can’t getout. Fortunately, dress into the search bar. it’snot our fault. It auto-completes me. “It’sgoing back to the Today, our Zestimate, tribal brain we all have,” Zillow’sestimateofour says Brad Klontz,afinan- home’svalue,is$5,000 cial psychologist based in morethan it was30days Boulder,Colo.“We are ago. Ismile.For the next wired to payextremely 24 hours, Iamagood closeattention to how person. And smart. Possi- everyone else values us. bly thinner. If you’renot paying at- Zillow’salgorithm is tention to howthe rest of tricky. Youknowhow the tribe is viewing you, your bathroom scale is youmight be blindsided off by afew pounds when by aknifeinthe back.” alow-pressureweather Howdowekeep our system comes through? Zillowis other property ownersare up to, have 2½ bathrooms,but Ionly Zestimatefromruling our days likethat, too. Itsdecisions arein- or down to,depending on what have two.Which answergetsme and ruining our nights? “Wereally scrutable.One dayyou’reriding the algoate forbreakfast that Not only is Zillow the highest valuation? Twoand a can’t,” Mr.Klontz says.“If youun- high; the next, the algorithm is day. Zillowlaunched Zestimatein my personal self­worth half?Then, from nowon, that will derstand that’sjust howwe’re possessed by the demons of the 2006.Today, it tracks the value of be ZillowTrue© (a concept I’ll wired, it gives us the ability to stock market, alow standardized over 100 million homes,which destruction/enhancement copyright tomorrow). Threeor transcend it. test averageatthe local high means it canmesswith the self- machine, but it’s four bedrooms? Threebumps it “But forsurethere’sanemo- school, the priceofcorn, the GDP worth of over 100 million owners. like TikTok for adults. up by $1,000.Really? OK,coun- tional component to it,” he says. of Finland, plunging my Zestimate Iliketocheck my neighbors’ terintuitivetobesurebut three it “When do youeverget an objec- inexplicably. Zestimates and see howtheir per- is.Finished basement? Ka-ching tivenumber on your personal One day, we were down about square-foot value compares with goes the Zestimate. worth that updates and changes $15,000 over the prior month and mine.Most of them seem accurate So be it: We ownathree-bed- daytoday?” Ihung my head. We were,atleast and nonthreatening to my Zesti- mine.Ihaven’t met the owner yet, room, 2½-bathroom home with a Well, Isay,there’sthe one Iget that day, doomed by acloud of in- mate/self-worth, which is good which is probably forthe best. finished basement—which will be from the bathroom scale. solvencyslowly gathering over because Ilikemyneighbors. Then But maybe Ishould tell Zillow news to my husband. “Ya, but unlikethe scale,” Mr. the topofour largest single asset. there’sthe split-level acrossthe that my house has vinyl siding It’sexactly the same thing as Klontz says,“all your neighbors What hadwedone? street. TheplaceisNixon-era. It’s and see if that helps. taking off all your clothes and jew- arelooking at your Zestimate, too.” Not only is Zillowmypersonal not historic,likeme….I mean, like That’sthe dark secret of Zil- elry, waiting until youare finished ANÒ

SP self-worth destruction/enhance- my house.It’sjust old and sort of low: It turns us intoliars. So with your “morning business,” re- Homeownerous is a new occa-

TINA ment machine,but it’slikeTikTok rundown and still getting aper- what if Imesswith my home’s moving your contact lenses and sional column that looks at the foradults. It’sfun to watchwhat square-foot Zestimatesimilar to profile settings? Zillowthinks I exhaling very sharply beforestep- lighter side of owning a home. CRIS

Hisfirst footballseason, Isaiah told us,‘Wear ajerseywithmy name on it.Iwanteveryonetoknowyou’rehere forme.’ Darnell and Denna, adopted 16-year-old Isaiah

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