****** WEDNESDAY,JANUARY20, 2021 ~VOL. CCLXXVII NO.15 WSJ.com HHHH $4.00

DJIA 30930.52 À 116.26 0.4% NASDAQ 13197.18 À 1.5% STOXX 600 407.92 g 0.2% 10-YR. TREAS. À 1/32 , yield 1.092% OIL $52.98 À $0.62 GOLD $1,839.50 À $10.20 EURO $1.2131 YEN 103.90 As Covid Toll Hits400,000,Biden and Harris Lead Memorial Trump What’s News Pardons Ex-Aide Business&Finance Bannon ellen made the case Yforanother sweeping economic aid packageat In Fraud her hearing to be the next Treasurysecretary, pushing back against Republican Clemency for 2016 skepticism about the need campaign boss among for more deficit spending to bolster the recovery. A1 dozens expected in  Netflix ended 2020 with president’s final hours morethan 200 million sub- scribers, amilestone pow- BY REBECCA BALLHAUS ered by homebound con- sumersand rising demand President Trump pardoned in international markets. A1 his former chief strategist,  Goldman said fourth- SteveBannon, who had been quarter profit morethan charged in connection with a doubled as it posted reve- scheme to defraud donorstoa nue of $11.74 billion, results S crowdfunding campaign for a that were much betterthan PRES border wall, according to a

analysts’ expectations. B1 TED White House official. CIA Thepardon wasone of sev-  BofA’s profit fell 22%in SO

AS eral dozenexpected in the

the latest quarter as adrop CI/ president’sfinal hoursinof-

in interest income helped VUC fice.The president has

drag down earnings. B2 AN changed his mind several times EV  Embattled billionaire REFLECTIONS: President-elect Joe Biden with his wife, Jill Biden, right, and Vice President-elect Kamala Harris with her in recent days,and on Tuesday Jack Ma made his first husband, Doug Emhoff, attended a memorial for Covid-19 victims Tuesday in Washington. A3 wasstill calling adviserstoask public appearance in them howheshould proceed nearly three months. B1 on apardon forMr. Bannon. At various pointsonTuesday, ad-  OfficeDepot rebuffed an visersbelieved Mr.Bannon unsolicited takeover offer wouldn’t getone. from Staples but indicated it is Ye llen Calls Virus Aid Crucial Mr.Bannon waschargedin open to an alternativedeal. B1 August in connection with an  MGM Resorts said it is alleged plan to siphon hun- no longer pursuing a deal dreds of thousands of dollars to buy British gambling To U.S. Economic Recovery from acrowdfunding cam- company Entain. B3 paign to build awall along the southern U.S. border—one of  U.S. stocks rose, with the president’ssignaturecam- the S&P 500, Dow and BY KATE DAVIDSON Reserve chairwoman, said the America, that they canput President-elect JoeBiden’stop paign promises.Mr. Bannon Nasdaq gaining 0.8%, 0.4% incoming Biden administra- food on the table,that they’re personnel choices to faceSen- pleaded not guilty and wasre- and 1.5%, respectively. B11 WASHINGTON—Janet Yel- tion’spriority is to relievesuf- not losing their homes and atehearingsTuesdayonthe leased afteragreeing to a$5  Microsoft is investing len made the case foranother fering caused by the coronavi- ending up outonthe street eveofthe inauguration of the million bond as he awaitstrial. in General Motors’ driver- sweeping economic aid pack- ruspandemic,including because of evictions,” Ms.Yel- nation’s46th president. Ant- TheNew York Times earlier less-car startup Cruise as ageather hearing to be the providing aid forfamilies, len told lawmakersonthe onyBlinken, Mr.Biden’schoice reported that the president part of astrategic tie-up. B1 next TreasurysecretaryTues- businesses and communities SenateFinanceCommittee. PleaseturntopageA6 had signed the pardon. day, pushing back against Re- hardest hit by the downturn “Wereally need to address Aformer investment banker  Rivian has raised an- publican skepticism of the as well as spending to bring those forms of suffering,and I  Biden sets agenda for first PleaseturntopageA7 other $2.65 billion, bol- need formoredeficit spending the virus under control. think we shouldn’t compro- 100 days...... A4 stering the electric-vehicle to bolster the recovery. “Weneed to makesurethat mise on it.”  Inauguration speech will call  McConnell blames Trump for startup’s balance sheet. B4 Ms.Yellen, aformer Federal people aren’t going hungry in Ms.Yellen wasjust one of for unity...... A4 provoking Capitol attack..... A7 World-Wide Netflix Trading Boosts Goldman Profit VW Struggles  Trump pardoned Steve Goldman Sachs’s fourth-quarterprofit morethan doubledfrom Bannon, hisformer chief ayearearlier to $4.51 billion, beating analysts’ expectations. strategist, who had been Subscriber Trading revenue for2020reacheda10-year high. B1 chargedinconnection with To CatchTesla an alleged scheme to de- Bank stocks and index fraud donorstoacrowd- Count funding campaign fora 5% Goldman Sachs border wall. Thepardon KBWbank index German auto maker’s $50 billion bet on wasone of several dozen Reaches 4 Bank of America electric vehicles hits software speed bump expected in the president’s final hoursinoffice. A1 3 BY WILLIAM BOSTON Thomas Ulbrich, leader of  McConnell for the first Milestone the ID.3 effort. time publicly cast blame on ZWICKAU, Germany—Five The car, however, didn’t Trump forthe attack on the 2 BY JOE FLINT years and nearly $50 billion work as advertised. Capitol earlier this month, as he moved to preserve AND MICAH MAIDENBERG into the auto industry’s big- It could drive, turn cor- gest bet on electric vehicles, ners and stop on a dime. But Republicansway in the Sen- 1 Netflix Inc.ended last year Volkswagen CEO Herbert the fancy technology fea- ateonthe final dayofthe with morethan 200 million Diess and his guest, Chancel- tures VW had promised were party’s majority status. A7 subscribers, amilestone pow- 0 lor Angela Merkel, stood in either absent or broken. The  Prosecutors filed con- spiracychargesrelated to ered by consumerslefthome- anticipation as the first ID.3, company’s programmers bound by the pandemic eager Germany’s long-awaited an- hadn’t yet figured out how the mob that stormed the forentertainment and rising de- –1 swer to Tesla, rolled off the to update the car’s software Capitol, saying in anew mand in international markets assembly line. remotely. Its futuristic head- complaint that three rioters PleaseturntopageA10 had acted in an “organized wherethe streaming giant has a –2 The event at the com- head start over manyrivals. pany’s flagship EV plant just and practiced fashion.” A8 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 19 Thecompanysaid it is now over a year ago marked a  Microsoft invests in GM’s  Biden will take office with able to generatemorecash than Source:FactSet “systemic shift from the robot cars...... B1 afar-reaching set of plans for it needs and no longer antici- combustion engine to the  Electric-truck maker Rivian his administration’sfirst 100 pateshaving to borrow money electric vehicle,” said raises further $2.65 billion... B4 days.Heplans to emphasize to fuel itsgrowthstrategy. Net- themes of unity and recovery flix shares were up 12% in after- in his inaugural address. A4 hourstrading. This Winter, Happiness Is Netflix’scontinued sub-  TheU.S.topped 400,000 scriber growth comes amid Salesforce. Covid-19 deaths, as the pace A Warm Computer of fatalities has accelerated heightened competition from afterafall surge that left newstreaming services includ- iii ing Walt Disney Co.’sDisney+, few cornersofthe country #1 CRM. Apple Inc.’sApple TV+, AT&T Gamersand bitcoin minersfind their PCs untouched by the virus. A3 Inc.’sHBO Max and Comcast  The Trump administra- Corp.’sPeacock,all of which aredandyheaters;atoastychicken coop Ranked #1 for CRM Applications basedon tion concluded that China weren’t around alittle over a IDC 2020H1 Revenue Market ShareWorldwide. has committed “genocide year ago. Thecompanygot a 19.8% and crimes against humanity” boostfromthe coronavirus BY SARAH E. NEEDLEMAN border,now has anew con- against the country’sUighur pandemic,which forced con- cern: “It’s getting too warm.” Muslim minority group. A9 sumerstocut back on ahost of As winter approached, Dan With the health crisis keep-  The DOJ won’t pursue leisureactivities—from dining vander Ster worried his annual ing people home,computer out and vacations to visiting utility bill would skyrocket gamersand bitcoin miners are chargesagainst Sen. Burr af- theatersand concert venues— sincehis family of taking greater terending itsinvestigation of stock trades he made in as economies locked down. five washome- advantageofa advanceofthe coronavirus With manypeople spending bound with the pan- cold-weather moretime at home,streaming demic. perk.The more market turmoil last year. A3 demand jumped. It hardly budged. they use their 5.3% While the majority of televi- While the elec- high-powered 4.8% CONTENTS Personal Journal A11-12 sion networks continue to be tric portion shot up machines,the 3.9% Arts in Review... A13 Property Report... B6 3.8% Business News.. B3,5 Sports...... A14 without most of their original in 2020,the gas- moreheat the de- Crossword...... A14 Technology...... B4 content because of production heat expense sur- vices give off. Heard on Street.B12 U.S. News...... A2-8 shutdowns due to Covid-19,Net- prisinglydeclined. In thepan- 2016 2017 2018 2019 2020H1 Markets...... B11 Weather...... A14 flix’swell-stocked content arse- He thinks that’s demic’s early Opinion...... A15-17 World News...... A9,18 Source: IDC, Worldwide Semiannual nal liftedittonew heights. Net- largely thanks to days,photogra- SoftwareTracker,October 2020. flix signed up what it said wasa the beefynew com- pher Thomas > record 37 million subscribersin puter he uses to Ah, purrfection Smith funneled 2020 and had atotal of 203.7 mine cryptocur- heat through a million userswhen the year rency and on which his teen- tube from a computer he uses PleaseturntopageA2 age son plays videogames. mainly formining bitcoin to salesforce.com/number1CRM Mr.Van der Ster,a40-year- maintain asmall greenhouse in CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, s 2021 Dow Jones & Company, Inc. MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce All Rights Reserved  Heardonthe Street: Netflix old engineer who lives in his garage.Ityielded fresh Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of salesforce.com, inc.,asare other namesand marks. surprise tempers outlook... B12 Francenear the Switzerland PleaseturntopageA10 P2JW020000-4-A00200-1------XA

A2 | We dnesday, January 20, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Trump Power-Plant RulesAxed Tens of Thousands Get Small-Business Aid BY TIMOTHY PUKO the ruling would undo amajor emissions,putting them in the meaning few were facing im- AND BRENT KENDALL Trump administration environ- crosshairsofattemptsbygov- mediatechanges to comply.In BY AMARA OMEOKWE with the fallout from the pan- mental initiativethat intended ernment to addressglobal recent years, the powersector AND RUTH SIMON demic. WASHINGTON—Afederal to givestatesand electric utili- warming.The rules vacated has fallen from the country’s One-thirdofsmall busi- appealscourt on Tuesdayva- ties moreflexibility in how Tuesdaywere an attempt by leading source of greenhouse- Roughly 60,000 borrowers nesses surveyed between Jan. catedthe Trump administra- they reduced their emissions of theTrump administration to gasemissions to No.2,just be- were approved for more than 4 and Jan. 10 said they would tion’s rules that eased restric- heat-trapping gasses. overhaul the first-ever U.S. lowthe transportation sector. $5 billioninforgivable loans need financial assistanceor tions on greenhouse-gas Thedecision could makeit rules on these emissions,the Thebiggest ramifications during thefirst week of the additional capital in the next emissions from powerplants, easier forPresident-elect Joe Clean PowerPlan, put in place maybepolitical because of the reopened Paycheck Protection sixmonths,according to the potentially making it easier for Biden to fulfill acampaign by the Obama administration. decision’s timing.Itarrives the Program, the Small Business Census Bureau, up from nearly the incoming Biden administra- promise to put morestringent Thelegal and political un- daybeforeMr. Trump is to Administration said Tuesday. 25% in mid-November. tion to reset rules targeting cli- limitsonthe powerindustry’s certainty that has lingered for leave office, meaning his ad- Thesmall-businesscorona- Theaverage PPP loan size mateemissions. emissions.Mr. Biden has called yearsaround these rules ministration won’t be able to virus relief effort relaunched wasbelow$20,000 forfirst- A2-1 majority on the U.S. foreliminating carbon-dioxide means little will changeimme- pursue an appeal. Mr.Biden Jan. 11 afterclosing last Au- time borrowers and below Court of Appeals forthe Dis- emissions from the powersec- diately forpowerplantsbe- hasindicated his administra- gust. $75,000 for second-time bor- trictofColumbia Circuit de- torby2035,and Tuesday’srul- cause of Tuesday’sdecision. tion will oppose the Trump ap- Thefirst wave of applica- rowers forapplications pro- cided to send the Affordable ing would allowhim to push TheObama-erarules had been proach. tions waslargely handledby cessed through Jan. 17,accord- Clean Energy rule back to the toward doing so without first put on hold by the Supreme “The D.C. Circuit has pro- community and small lenders ing to an SBA spokesman. Environmental Protection trying to repeal or overhaul a Court, andMr. Trump’s over- vided the Biden administration afterthe SBAset aside time Theapplicantsrangefrom Agency, ruling the Trump ad- set of rules put in placeby haul from 2018 wasimmedi- aclean slateupon which to for them to process the loans day-care operations to hair sa- ministration adopted an unlaw- conservatives. ately challenged as well. craftnew regulations,” said exclusively. lons to mom-and-pop retailers, fully narrow viewoffederal Power-plant emissions have Utilities have also made Kevin Minoli, the EPA’sformer Theprogram’srestart with roughly three-quartersof clean-air law. long been one of the toptwo emissions reductions on their acting general counsel and cur- comes as manysmall busi- would-be borrowers seeking If upheld or unchallenged, U.S. sourcesofgreenhouse-gas ownoverthe past decade, rent partner at Alston &Bird. nesses continue to struggle their second PPP loan.

Pipeline's Progress The 645-mile Line 5feedsrefineries in the Midwestand Canada.

Superior LakeSuperior 100 miles 100 km Ino Saxon Gogebic CANADA Iron River Gould City Naubinway S

PRES Rapid River Mainistique MackinawCity

TED Indian River CIA

SO WISCONSIN AS Lewiston U.S. LakeHuron

TRIBUNE/ GreenBay West Branch AR ST


TA BayCity AA LakeMichigan MICHIGAN North Branch

ONG-T Line 5liquids pipeline Sarnia TS Grand Rapids Flint Marysville Crude storage and terminals Milwaukee Lansing Pump stations Detroit RICHARD An Enbridge pipeline leading to its terminal in Superior, Wis. Source:Enbridge U.S.,Canada at Odds Over GreatLakes Pipeline

BY VIPAL MONGA berta, feeds refineries in Michi- countries during Mr.Biden’s tion of the 67-year-old pipeline the Great Lakes. She gavethe has filed suit in the U.S. District gan, Ohio,Pennsylvania, On- tenure. Canadian officials said that runs under the Straitsof companyuntil May12toshut Court forthe Western District TORONTO—Canadian and tario and Quebec. they expect Mr.Biden to stick Mackinac has never leaked and thepipeline. of Michigan to stop the closure U.S. officials areatodds over “Pipelines aresovital to the with his plans to scrap the that it is taking steps to further Aspokesman forCanada’s and is lobbying government of- the fateofapipeline under- economyand the recovery,” project. protect the lakes afternegotiat- naturalresourcesdepartment ficials. neath the Great Lakes, exacer- said Chris Bloomer,president Calgary-based TC Energy ing aplan with former Michi- said the government “supports Michigan is also suingEn- bating disagreementsoveren- of the Canadian Energy Pipeline this month started taking bids ganGov.Rick Snyder to encase the continued safeoperation of bridge in the same court to af- ergy policy between the two Association, atrade group. forspaceonthe pipeline,say- the pipes in atunnel. Enbridge’sLine 5.” firm itsorder.Nodatehas been nations as the Biden adminis- “We’rehoping forsome prag- ing that it wasconfident the Michigan Gov.Gretchen Doug Ford,the premier of set forproceedingsineither tration prepares to take of- matism.” project would getbuilt. TC En- Whitmer said in November that Ontario,sent alettertoMs. case fice. Thedisputeadds another ergy has also proposed over- Whitmer last month saying “Enbridgecannot unilater- Citing environmental con- point of conflict in the energy hauls—includingapledge to that closing the pipeline would ally decide when laws and cerns,Michigan stateofficials relationship between the U.S. use only renewable energy—in The dispute adds a threaten union jobs in Ohio and binding agreementsapply and have told Enbridge Inc.toclose and Canada. abid to win Mr.Biden’ssup- Michigan. when they don’t,” said Dan itsLine 5pipeline,which car- Officials,companies and en- port forthe project. point of conflict in It could also forcecompa- Eichinger,director of Michi- ries more than half amillion vironmentalistsinboth coun- Environmental groups op- the countries’ nies to transport fuel on trucks, gan’sDepartment of Natural barrelsofoil and natural-gas tries have clashed in recent pose the pipeline because of trains and ships,worsening Resources, in astatement. liquids each dayfromSuperior, years over howtobalanceen- the threat of damagefrom energy relationship. congestion on busy cross-bor- Closing the pipeline could Wis.,toSarnia, Ontario. ergy security with environmen- spills and because they want to der routes and increasing lead to the lossofthousands of Canadian officials sayclos- talconcerns. reducethe amount of oil ex- greenhouse-gas emissions,Mr. jobs at refineries and related ing the pipeline would choke President-elect JoeBiden’s tracted from Canada’soil sands. Ford said. companies in Sarnia, said Mike off morethan half the supply team has said he opposes a Enbridge’sLine 5pipeline she wasrevokingapermit al- Enbridgehas said that only Bradley,mayor of the town of used to makegasoline,jet fuel proposed extension of TC En- has drawncriticism from lowing the pipeline to run acourt order or the federal 75,000. and home-heating oil forthe ergy Corp.’sKeystonepipeline, groups including the National along the bottomofthe Straits Pipeline and Hazardous Materi- He predicted that itsclosure most populous partsofthe which would carryoil from Al- WildlifeFederation and the Si- of Mackinac,between Lake als Safety Administration could would push up prices forgaso- country. bertatoNebraska. Canadian erraClub,which sayaspill Michigan and Lake Huron. shut the pipeline down. A line,home heating oil, and jet The645-mile pipeline,which Prime Minister Justin Trudeau, would be catastrophic forthe Michigan’sgovernment said PHMSAspokesman declined to fuel supplied to Toronto’sPear- is part of Enbridge’smainline who has long advocated forthe ecologyofthe Great Lakes. Enbridgehad violated public comment. son Airport. system that conveysoil and extension, has said it would be Enbridge, which is also trust and cited “the unreason- Enbridgespokesman Mike “Therewill be ripples all the natural gasliquids from Al- akey issuebetween the two based in Calgary, said the sec- able risk” the pipelines pose to Fernandezsaid the company way through,” Mr.Bradley said.

Among the strong perform- Total Netflixstreaming subscribers, quarterly ular option, by $1 to $13.99. It ery+ from DiscoveryCommuni- Netflix Hits ersfor Netflix wasthe racy his- stillhas aless-expensivebasic cations Inc., which launched torical drama “Bridgerton,” the 200 million offering,aswell as apremium earlier this month and Para- miniseries “The Queen’sGam- Asia Pacific one nowpriced at $17.99 a mount+ from ViacomCBS Inc. Subscriber bit,” anew season of “The month. whichisscheduled to debut in Crown” and the George Clooney 150 Latin America Netflix isn’t the only stream- Marchinthe U.S.,Canada and movie “Midnight Sky.” ing servicebenefiting from the Latin America. Milestone Thecompanyalready has pandemic.Disney+ is already Competition is in part “why newsuccesses in season three Europe,Middle near 90 millionsubscribers we have been moving so quickly of “Cobra Kai,” ashowitres- 100 Eastand Africa sinceits launch in November to grow and further strengthen ContinuedfromPageOne cued from YouTube and the 2019.The companyrecently our original content library ended—morethan twiceas French crime drama “Lupin,” projected reaching 260 million acrossawide rangeofgenres manyasthree yearsearlier. which has quickly become one subscribersworld-wide by andnations,” Netflix said in its While Covid continues to the most popular programs on 50 2024. LikeNetflix,Disney+ also lettertoshareholders. “Our wreakhavoc on movie and tele- theplatform. Neflix currently U.S. and Canada raised itsmonthly feeby$1to strategyissimple: if we can vision productions,Netflix cur- anticipates 2021 cash flow at $7.99effectivethis March. continue to improveNetflix ev- rently has morethan 500 titles break-even, an upgrade from its WarnerMedia’s newHBO eryday to betterdelight our in post production or ready to earlier projection, which was 0 Max streaming platform, which members, we canbetheir first launch on the platform, the minus $1 billion to break-even. 2018 ’19 ’20 launched last May, hasn’t grown choicefor streaming entertain- companysaid. Last week,itun- Netflix said it is considering re- Source:the company as fast as itsrivals.However, ment.” veiled amovie slatethat will turningsome cash to sharehold- the companyrecently unveiled Netflix reported stronger seeanew release on the plat- ersthrough stock buybacks. to FactSet. Forthe quarter companyhad said it expected. plans to release the entireslate subscriber growth in interna- form everyweek of 2021. TheLos Gatos,Calif., com- ended Dec.31, Netflix added Netflix sent employees abot- of Warner Bros.theatrical mov- tional marketsinthe fourth Netflix creates itscontent panysaid it generated $6.64bil- morethan 8.5million subscrib- tle of champagne and confetti iesonHBO Max simultaneously quarter than domestically,con- much furtherinadvance than lion in fourth-quarter revenue, ersonanet basis,again that to celebratesurpassing the 200 in the hopes of boosting sub- tinuing atrend it has seen fre- broadcast and cable channels, up from $5.45billion forthe surpassedits forecast. million subscriber mark,ac- scribers. WarnerMedia is aunit quently of late. It added whichallowedthe companyto year earlier,exceeding forecasts Thebulk of the growth in cording to aperson familiar of AT&T.Comcast’sstreaming 860,000 subscriptions in the be betterprepared to offer from analysts. But profit de- 2020 occurred in the firsttwo with the matter. platform Peacock,which offers U.S. and Canada in the period, fresh content when the pan- creased to $542 million, or $1.19 quarters, as Covid-19 trans- In October, Netflix raised the avariety of priceplans includ- but gained 2million subscribers demic struck—something other ashare, from $587 million, or formed daily lifearound the monthly price of itsmost popu- ing afreeoption, has 26 million in Asia, morethan 1.2 million in streaming services that were $1.30ashare, the year earlier. world. Subscriber gains fell, lar subscription plan, bumping sign-ups. Latin Americaand 4.5million in still in their infancyweren’t in a Analystspredicted $1.36 ashare meanwhile,year over year in up the cost of itsstandard Thenewest entries to the the region covering Europe,the position to do. forthe latest period, according the latest period, a decline the streaming service, itsmost pop- streaming wars include Discov- Middle East and Africa.

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THE WALL STREET JOURNAL. **** We dnesday, January 20, 2021 | A3 U.S. NEWS SATDrops U.S. Covid-19 Deaths Top 400,000 20 Subject BY LUKAS I. ALPERT Testsas TheU.S.onTuesdaysur- passed 400,000 deaths from the coronavirus pandemic, as Unneeded the paceoffatalitieshas accel- erated following afall surge BY MELISSA KORN that leftfew cornersofthe AND DOUGLAS BELKIN country untouched by the vi- rusand overwhelmed hospi- TheCollegeBoardiselimi- tals in many parts of the U.S. nating SATsubject tests, as Aftertopping 100,000 re- the pandemic accelerates a ported fatalities in May, it push forchanges in collegead- took the U.S. roughly four missions. months to reach 200,000 con- The20subject testshave firmed deaths on Sept. 21, ac- been offered fordecades in ar- cording to aWall Street Jour- eas including math, English lit- nal analysis of data compiled erature, world history and by Johns Hopkins University. physics,but have fallen out of It took 2½ months to reach favorasarequirement forcol- 300,000 deaths,and just over lege applications. Between amonth to add another 2016 and 2019,registrations 100,000.AsofTuesdayeve- forthe test fell by 8%—and ning, more than 401,000 peo- droppedsharply last year,as ple had died from the Covid-19 test sites were closed due to virus,according to Johns Hop- S

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ment courses aremoresuitable not seen in the countrysince AS

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the type of hands-on learning thecountrylost 405,399 ser- LY experiences and practical, real- vicemen and women, according People lined up to receive the Pfizer-BioNTech Covid-19 vaccine at John Knox Village in Pompano Beach, Fla., on Tuesday. world work that colleges want to the Department of Veterans to see from students.” Affairs. In 1941, the U.S. popu- U.S.’s daily confirmedCovid-19 casesand deaths, Thenonprofit group said lation wasabout two-fifths of seven-dayrolling average Moderna Prepared partner BioNTech SE also are the AP’s‘“widespread avail- what it is today, so the lossof supplying doses of their vac- Cases Deaths ability for low-income stu- lifeasapercentageofpopula- To Meet Dose Goal cine to the U.S. dentsand studentsofcolor tion wasfar greater.World 300,000 3,000 “I think from a supply means the Subject Testsare no WarIIdeaths were concen- standpoint from industry, we longer necessaryfor students trated among younger people, Moderna Inc.’s leader said are well on track to deliver to to showwhat they know.” while the pandemic’svictims the drugmaker is on track to the president’s goal,” Mr. Ban- Thedecision doesn’t affect tend to be far older. produceenough doses of its cel said in an online interview the main SAT. Dr.Rochelle Walensky, Pres- 200,000 2,000 newCovid-19 vaccine to help for The Wall Street Journal’s Therehas been abroad shift ident-elect Joe Biden’s nomi- meet President-elect Joe Bi- Executive Membership Series. away from standardized testsin nee to head the Centersfor den’sgoal to administer100 Mr. Bancel cautioned that admissions in recent years. DiseaseControl and Preven- million vaccine doses in the first there are some issues beyond Schools arealso reconsidering tion,forecast over the week- 100 days after he takes office. his company’s control, such as the value of the main SAT,cit- end that the U.S. could reach 100,000 1,000 Chief Executive Stéphane last-mile distribution hiccups in ing concerns that test scores 500,000 Covid-19 deaths by Bancel said Tuesday that Mod- getting shots into arms, as areoften closely tied to astu- mid-February. erna plans to deliver 100 mil- well as the timely delivery of dent’sraceand wealth and hurt Theheightened deaths and lion doses of its shot, which raw materials used to produce the admissions odds of low-in- hospitalizations resulted from requires two doses per person, Moderna’s vaccine. “We are al- come studentsand communities a surge in new cases that fol- 0 0 for use in the U.S. by the end ways, you know, a day away of color. lowedthe holidayseason, March 2020 ’21 March 2020 ’21 of March, with additional doses from a stumble,” he said. Abouthalf of four-year col- when people increasingly trav- to follow. Pfizer Inc. and its —Peter Loftus leges and universities made the eled and attended family gath- Source:Johns Hopkins CSSE test optional foradmissions this erings, said Angela Clendenin, year afterthe pandemic closed an assistant professor of epi- pitalizations appear to be de- datashowed. California, the and could fuel exponential of the vaccine,according to test sites around the country. demiologyand biostatistics at clininginrecent days,though country’smost populous state, growth in newcases. the CDC. Some said they would return to Texas A&M School of Public they remain at high levels. leads the nation in Covid-19 Therising Covid-19 death Dr.Clendenin said she requiring the test oncepublic Health. On Jan. 12, the U.S. set are- deaths,with aseven-day aver- toll comes as the U.S. has be- didn’t expect to see a signifi- health concerns wane. The number of people hos- cord daily death toll, with age of 466.6 fatalities a day. guninearnest agargantuan cant impact from the vaccina- TheCollegeBoardisalso pitalized with Covid-19 in the 4,462people dying from the Federal health authorities effort to vaccinateits entire tion campaign on overall num- discontinuing the optional es- U.S. hit arecord132,474on virus,according to Johns Hop- last week warned that ahighly population of about 330 mil- bers until the fall. sayportion of the SATbegin- Jan. 6, according to Covid kins data. Over the past seven transmissible coronavirus vari- lion people against the virus. “Westill have awhile to go ning afterthe June 2021 test Tracking Project, after a sus- days,anaverage of 3,237 peo- ant firstidentified in the U.K. As of Friday, 12.3million peo- beforeweare out of the administration date. tained, monthslong rise. Hos- ple have died each day, the is spreading rapidly in the U.S. ple had received the firstdose woods,” she said. U.S. Won’t New CDC Director Pledges to Restore Trust

Charge BY BETSY MCKAY saythey don’t want the vac- “You’dhear from the news and the agencymade itsown cine,whether that is due to that aguideline gotchanged, mistakes,such as botching the RochelleWalensky, the in- convenienceorconcerns about notfromthe CDC as to whyit rollout of adiagnostic test for Senator coming director of the U.S. S the scienceorofmissing work, gotchanged,” she said. “We detecting Covid-19. Centersfor Disease Control and PRES Dr.Walenskysaid. need the people who did the She also expressed hope the

Prevention,said she will start TED “Right nowisthe time to do sciencetelling us what’sthe incoming Biden administration

her newjob with abig to-do CIA that outreach, to do that edu- newsciencethat led to the canset anew tone about the

On Trades SO

list: helping states fixCovid-19 AS cation, to understand whyitis change.” fight against the virus. BY ARUNA VISWANATHA vaccination programs and per- they maynot want it and what Dr.Walenskyvowedtore- “I think they will be able to suading exhausted Americans LSH/ it is that they need to under- storepublic trust in the CDC, turn on the news and see that WA

TheJusticeDepartment to wear masks and take other AN standinorder to want it,” she which surveysshowsaggedaf- there’spedal to the metal in

won’t pursue chargesagainst precautions. SUS said. terthe Trump administration terms of our working to get GOPSen. RichardBurr after In an interviewwith The Rochelle Walensky Dr.Walensky, 51 yearsold, interferedindecision making this under control,” she said. ending itsinvestigation of stock Wall Street Journal, Dr.Walen- comes to the CDC as aphysi- trades he made in advance of skysaid the agencywill tryto ers, public health officersand cian and researcher known for the coronavirus market turmoil help people overcome doubts otherstoadminister the shots. her analyses showing the bene- last year,the North Carolina about Covid-19 vaccines,and Theplan also includes mak- fits of early treatment forHIV lawmaker said. she vowedtoincrease public ing vaccines easier forpeople patientsand generic-based “The Department of Justice trustinthe CDC. to get, particularly those in un- drug regimens forthem. She informed me that it has con- Dr.Walenskywill take the derserved communities. hadn’t worked at the agency cluded itsreview of my personal helm of the CDC on Wednesday, “Wewant to do mobile clin- before. financial transactions conducted as ahighly transmissible mu- ics,because not everybody is Citing the urgent needs cre- early last year,” Mr.Burr said. tant, or variant, of the novel going to be able to gettoasta- ated by thepandemic,some “The case is nowclosed. I’m coronavirus threatens to cause dium,” Dr.Walenskysaid. “We public health expertsargued glad to hear it. My focus has anew surge in infections in the want to bring those clinics to the newCDC director should be been andwill continue to be next few weeks. the people,tothe communities aveteran of the agencyora working forthe people of North Meanwhile,the vaccination wherethey otherwise wouldn’t public-health department. Carolina during this difficult campaign to stop the pandemic have had adequateoutreach.” Dr.Walenskysaid she be- time forour nation.” is off to aslowstart, and sur- Mr.Biden has pledged to de- lieves shewas chosen as an TheFederal Bureau of Inves- veys showmanypeople in the liver 100 million doses within outsider to the system on pur- tigation began looking intore- U.S. arehesitant to getvacci- his first100 days,which may pose. portsinMarch that several nated. be an easy target, depending As chief of infectious dis- membersofCongress, their “This is an emergency,” Dr. on supply.SecretaryofHealth eases at Massachusetts General spouses or their investment ad- Walenskysaid, as she gotpa- Hospital in Boston, she wasat viserssold hundreds of thou- perworkfor her newjob done the forefront of fighting sands of dollarsinstock after so she could getright to work The vaccination Covid-19 formonths both on lawmakersattended closed- afterthe changeinadministra- the hospital floor and in policy- door briefingsabout the threat tions.New presidentsoften campaign to stop making.She described experi- posed by the virus as it wasbe- wait weeks or months to name the pandemic is off ences that shape howshe ginning to reach the U.S. Some CDC directors. thinks the CDC should tackle of those trades spared lawmak- Dr.Walenskywill replace to a slow start. thepandemic. ersasmuch as hundreds of RobertRedfield,the CDC’sdi- Shesaw early on, she said, thousands of dollarsinlosses rector since2018. theimpact of the newdisease as stocks sank by mid-March. Stopping the pandemic will on underserved populations. Mr.Burr,who sat on two requireconvincing people to and Human Services AlexAzar Reviewing patient lists, “all of committees that received de- wear masks and followother said last week that about the names were Hispanic,” she tailed briefingsonthe growing measures to slowthe virus, 700,000 vaccinations were be- said. Manydidn’t speak Eng- pandemic,including the Senate whilepicking up the paceof ing administered daily on aver- lish. IntelligenceCommittee, which vaccinations,she said, particu- age, and the nation wason She also saw, she said, the he had chaired, had sold shares larly as variantslikethe one track to hit one million shotsa impact of changestoCDC rec- of companies valued at as much firstidentified in the U.K. pro- dayinthe coming days.“We ommendations while serving as $1.7million, which he owned liferate. would prefer to underpromise on Covid-19 advisorygroups with his wife. Thesale saved “The lessdisease out there, and overdeliver,” Dr.Walensky forMassachusetts’Republican the couple at least $250,000 in the lesswork we have to do, said. Gov.Charlie Baker and helping losses based on what those the fewervariantsweare going Demand forvaccines cur- devise strategies to safely re- stocks were worth at the close to see,” she said. rently outstrips supply.Yet open the state’seconomy. SHOP ONLINE of trading March 19. Theincoming administration about 27% of U.S. adultsdon’t In her roles,she said, she re- WWW.LONGINES.COM Aspokesman forthe Justice of President-elect JoeBiden plan to getashot, according to lied on recommendations from Department confirmed that the plans to acceleratevaccinations aDecember survey by the Kai- the CDC on risks of transmis- investigation had been closed by boosting supplies,matching ser Family Foundation, and sion andother matters.Those butdeclined to comment. the number of people who are manyhealth-careworkersde- documentsweresometimes al- —Sadie Gurman eligible forvaccines to the clined one when offered. teredbyWhiteHouse officials and Kristina Peterson number of doses available and It is importantfor the CDC seekingtocontrol broad ele- contributed to this article. hiring retired health-carework- to reach out to people nowwho mentsofthe Covid-19 response. P2JW020000-4-A00400-17FFFF5178F

A4 | We dnesday, January 20, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS GES IMA GETTY JOURNAL SE/ REET ST LL ANCE-PRES WA FR THE R GENCE FO /A LSKI AKER JA BU HUFF Y CHEL ND RA SA President-elect Joe Biden plans a number of policy moves to address the coronavirus crisis and has promised legislation outlining broad immigration changes. Biden HasFull Agenda forFirst 100 Days

BY CATHERINE LUCEY the charge that he incited the and during interstatetravelon promised legislation outlining nity centersand mobile clinics gear or investing in mitigation AND ALEX LEARY mob that stormed the U.S. airlines,trains and transit sys- broad immigration changes in- fordelivering shots. He plans efforts. Capitol seeking to keep him in tems; and extending restric- cluding apath to citizenship to expand the use of the De- While most bills require60 WASHINGTON—President- power. tions on evictions and foreclo- forthe 11 million immigrants fense Production Act to boost votestoadvance in the Senate, elect Joe Biden takes office Anew administration’sfirst sures. in the U.S. who lack perma- manufacturing of vaccines and Democratscould passsome of this week with afar-reaching 100 days aretypically scruti- Mr. Biden’s executive ac- nent legal status.Atransition vaccination supplies. Mr.Biden’sproposed policies set of plans for his first 100 nized forsigns of apresident’s tions might not go as far as official said Mondaythat the If companies’ earlier projec- through aprocess called rec- days,but he must grapple with governing style and priorities. some in his party’s liberal plan would include an eight- tions hold up,Mr. Biden’s100- onciliation.That path comes narrow Democratic majorities Mr.Biden will have narrower wing would like. Forexample, year path to citizenship,con- million dose goal should be with restrictions,including a in Congressand an unsettled margins in Congressthan Mr. while he plans to extend asus- firming details reported in the achievable by his target date, limit on howmanytimes it countryasheseeks to roll Trump did when he took of- pension of interest-free stu- WashingtonPost. according to manufacturing canbeused. back some of his Republican fice. dent-loan payments, some On the coronavirus,Mr. Bi- and supply-chain experts. Ef- On foreign policy, Mr.Biden predecessor’s policies and curb “It’sadifficult 100 days. Democratshavepushed foran den has pledged 100 million fortstosignificantly accelerate is expected to continue many the pandemic. They alwaysare.Eventhough order to forgivemost or all of vaccine doses in his first100 vaccinations and slowthe of Mr.Trump’spolicies toward Mr.Biden’sagenda includes Democratscontrol Congress, Americans’ $1.6trillion in fed- days and reopening most K-8 spread of the virus will also China.Hetold the NewYork some moves he canmake it’snot an overpowering ma- eral student debt. schools during the same time. depend on statepartnerships Times that he wouldn’t make quickly,likeexecutiveorders jority,” said Princeton Univer- In thefollowing days,Mr. He is promising to work with andpublic support forsome any immediate moves to re- reversing some of President sity historyprofessor Julian Biden also plans anumber of Congress on the $1.9trillion public-healthmeasures. movetariffs Mr.Trump placed Trump’sactions and rejoining Zelizer. moves on the coronavirus cri- relief package, which would Mr.Biden’s$1.9trillion plan on some Chinese importsorto international agreements. He Mr.Biden is planning arush sis and economic relief.And in expand vaccinations,improve includes funding to expand alter the outgoing administra- also has goals that require of executiveactions forhis the subsequent week he is ex- testing and treatment, provide testing at schools,aswell as tion’s“phase one” trade deal congressional cooperation, in- first10days.OnInauguration pected to take actions on crim- moreeconomic aid and deliver $130 billion to help schools re- with China. cluding a $1.9trillion Covid re- Day, that includes rejoining inal justice, climate change funding to cities and schools. open. Because reopening deci- Mr.Biden plans to return to lief package and getting cabi- theParis climateaccord;re- and immigration, including ef- To speed up vaccinations, sions aremade at the local the 2015 Iran nuclear deal net nominees confirmed,that versing a travel ban from sev- fortstoreunitefamilies that he is planning to increase the level, that funding is described from which Mr.Trump with- will playout as the 50-50 Sen- eral majority-Muslim and Afri- the Trump administration sep- government’srole in distribu- as flexible and could go to re- drew using executiveauthor- ate takes up the president’s cancountries;requiring masks arated at the border. tion,including by setting up ducing classsizes,modifying ity,though the timing isn’t second impeachment trial over to be worn on federal property Thepresident-elect has federally supported commu- facilities, buying protective clear.

Washington, D.C., Prepares to Welcome a New Administration Under Tight Security OL PO S LSH/PRES WA AN SUS GES; IMA GETTY KEITH/ EPHANIE ST : LEFT OM FR COUNTDOWN: A worker adjusts decorative flags on the National Mall. At right, increased security measures are in place for Inauguration Day due to greater threats after the attack on the U.S. Capitol. Inauguration Speech Will Call forUnity

BY KEN THOMAS with the help of speechwriter President Barack Obama, some- the Capitol on Jan. 6. Mr. AND JOHN MCCORMICK VinayReddy and Mr.Biden’s one viewedbymanyDemocrats Trump is breaking with tradi- longtime aide MikeDonilon, as one of the party’s greatest tion by skipping his successor’s WASHINGTON—President- who will serveasasenior oratorsinmodern history. inauguration. elect JoeBiden, taking officeat WhiteHouse adviser,according Douglas Brinkley,apresiden- In his owninaugural speech atime of national crisis,plans to people familiar with the tial historian, said it would be four yearsago, Mr.Trump de- to emphasizethemes of unity plans. wise forMr. Biden to be him- scribed the U.S. as anation in and recovery in his inaugural Mr.Biden’stop aides haven’t self in the speech and not try decline and said that “the address, messages that he re- released details about his re- toomanyrhetorical flourishes. American carnagestops right turned to repeatedly on the marks,which the people famil- “Thereare always lowexpecta- here and stops right now.” campaign trail on his way to iar with his plans said Mr.Bi- tions with JoeBiden,” he said. MattTeper,who served as victoryoverPresident Trump. den has been drafting sincethe “People arenow used to the Mr.Biden’sspeechwriter at the Mr.Biden’soutdoor address start of his presidential transi- fact that he sometimes stutters start of his vicepresidency, will come in unusual circum- tion in November.But aides and that he is not golden- said he expected the next presi- stances: secured by 25,000 Na- have said his speech will be in tongued likeBill Clinton or dent to use the moment to at- tional Guardtroops beforean keeping with the major themes RonaldReagan.” tempt to help the nation move empty National Mall only two of his campaign, including forwardinanoptimistic way— weeks after supportersofMr. unity,bipartisanship and opti- what he described as the in- Trump stormed the U.S. Capi- mism. Mr. Biden verseofMr. Trump’sinaugural tol.With that historic event as “He wantstouse the mo- plans to use address. abackdrop,Mr. Biden will fo- ment to call Americans to the address to “American carnagewill not cus on his approach to the cor- unity,” said JenPsaki, Mr.Bi- ‘reach out to be histheme.Itwill be about onavirus pandemic ravaging den’sincoming presssecretary. all Americans,’ American hope and American the U.S. and attempt to calm a Betterknown forsome- his advisers optimism and forthe ability of nation grappling with racial times-meandering asides than said. Americans to come together,” and political divisions,his aides forsoaring oration, Mr.Biden Mr.Teper said. have said. wonthe presidencyonhis third Carolyn Curiel, the senior Mr.Biden’sadvisers said tryand has delivered thou- Mr.Brinkley called the mo- speechwriter forMr. Clinton Tuesdaythat his address, ex- sands of speeches on the cam- ment a“crisis inauguration” during his firstterm, said she pected to last 20 to 30 minutes, paign trail, the Senatefloor and that is similar to those faced by sees similar inaugural address would be a“forward-looking vi- at timesoflossand tragedy.He Franklin D. Roosevelt and Abra- challenges forMr. Biden as sion forhis presidency” and favors storytelling and simple, ham Lincoln.“It’snot quiteLin- those faced by Mr.Roosevelt. that he would “speak about the direct languageand sometimes coln or F.D.R.,but it’sawful “He’sinaverysimilar posi- need to bring the countryto- gets emotional while speaking. close,” he said. tion to F.D.R.,whereheinher- gether during an unprece- “He’sextremely involved in Mr.Biden’stransition team ited ahot messfromHerbert dented moment of crisis.” his speeches,” said Dylan has said the start of his presi- Hoover,” she said. “He’sgot a Mr.Biden planned to “reach Loewe,who served as aspeech- dencywill focus on fighting the tough task ahead of him.” out to all Americans,and call writer forMr. Biden during his pandemic,boosting the econ- Ms.Curiel said Mr.Biden on everycitizen to be part of vicepresidency. “He’sanexact- omy, addressing climatechange will need to acknowledgethe meeting the extraordinarychal- ing speechwriter.Heknows and moving toward racial eq- assaultonthe Capitol, but she lenges facing all of us,” the ad- howmuch wordsmatterand he uity.Much of it also could be said she thinks it would be a viserssaid. really caresalot about shadowedbyMr. Trump,who mistaketofocus toomuch on Theinauguration’stheme is speeches.” is awaiting aSenatetrial after that topic.“Iwould dwell in- “AmericaUnited,” and Mr.Bi- As vicepresident, Mr.Biden he wasimpeached over allega- stead on the newdirection that den’sspeech is being written spent eight yearsserving under tions he incited the violence at is going to be taken,” she said. P2JW020000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | A5 P2JW020000-6-A00600-1------XA

A6 | We dnesday, January 20, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS Pentagon Pick Pressed on Civilian Control

Retired Gen. Austin cers instead, diminishing the role of civilian policymakers. needs congressional In his testimonyTuesday, Gen. waiver to lead Austin said he would fully staff the Pentagon with competent Defense Department civilians, not just retired com- manderslikehim, and ensure BY NANCY A. YOUSSEF they areempoweredand will AND GORDON LUBOLD work to rebalancecollabora- tion between the civilian and WASHINGTON—Gen. Lloyd militarysides of the Pentagon. Austin appeared beforethe During Tuesday’shearing, Senate Armed Services Com- Gen. Austin declined to provide mitteeonTuesdayand sought detailed answers on major pol- to addressconcerns on Capitol icyquestions beforethe de- Hill about installing arecently partment, including proposals retired general to lead the to expand the sizeofthe naval Pentagon. fleet, the U.S. nuclear-force “The safety and security of postureand what an accept- our democracydemands com- able outcome forthe warinAf- petent civilian control of our ghanistan would look like. He armed forces,the subordina- said he wanted moretime be- tion of militarypowertothe fore outlining his policyviews. civil,” Gen. Austin told law- On China, Gen. Austin de- makersduring the hearing for CK scribed the U.S.’s primary TO his confirmation as President- Asian rival as a “pacing chal- elect Joe Biden’s secretary of lenge” for the U.S. military.

defense.“Ispent my entirelife SHUTTERS “My job…is to makesure A/

committedtothat principle.In EP that we develop the capabili-

warand in peaceIimple- O/ ties, the plans and the opera- mented the policies of civil- ALZ tional conceptstoensurethat SC

ians elected and appointed LO we maintain acompetitive

over me.” JIM edge,” he said, when asked by Themodern Defense De- Retired Gen. Lloyd Austin, center, spoke with Sen. Joe Manchin, left, and Sen. Dan Sullivan before the committee hearing. Sen. Roger Wicker (R., Miss.) partment wasdesigned to have about aDepartment of De- acivilian leader and ateam of questioned Gen. Austin about cent Pentagon leader to require ceptable forsenior officersto that civilian control of the mili- fense assessment that China senior uniformed officers, the his commitment to civilian acongressional waiver,follow- competefor the Pentagon’s tary is not at risk in America,” aims to achievemilitaryparity Joint Chiefs of Staff,advising control and his intention to in- ing retired Marine Gen. Jim topjob,undermining the apo- he said.“Ibelievethe related or superiority over the U.S. by thepresident. Gen. Austin re- stall civilians at the Defense Mattis, who wasPresident litical nature of their military but oppositeproblem should be midcentury. “I would, again if tired from the U.S. Armyonly Department’s upper reaches. Trump’sfirst defense secretary. work. He said he had come to of moreconcern today: no mili- I’m confirmed, would intend in 2016,sothe lawrequires Laws safeguarding civilian Gen. Austin is expected to regret voting forthe waiver tary experienceinthe topranks to make sure that never hap- himtoreceiveawaiver from control of the militaryrequire getthe waiver,but several leg- for Mr. Mattis. of our government.” pens,” Gen. Austin said. Congresstohold the job of the topPentagon civilian job to islators expressed reservations ButSen. Dan Sullivan (R., Lawmakers, policymakers The nominee spoke assert- secretaryofdefense,inaddi- be held by someone out of uni- about voting for it. Alaska) said Gen. Austin’s re- andevensome militaryoffi- ively on personnel issues,say- tion to winning the Senate form forseven years, unless Sen. Tom Cotton (R., Ark.) cent serviceinuniform would cers accused Mr.Mattisofmil- ing that he supported ending confirmation required of most Congressvotes to waivethe said he opposed granting the serve him in the civilian role. itarizing jobs usually held by the Trump administration’s cabinet-level appointees. rule.Gen. Austin, 67 yearsold, waiver in part over concerns it “The very natureofthis con- civilians in the Pentagon by in- ban on transgender service Thesenatorsonthe panel would become the second re- would gradually makeitac- firmation hearing is evidence stalling former militaryoffi- members. Blinken Backs Keeping Tough China Policy Spy Choice

BY WILLIAM MAULDIN agreed with GOP senators by the Obama administration, Discounts AND MICHAEL R. GORDON about aseries of issues ranging and several GOP senators from Russia’saggressivemoves sharply criticized that adminis- WASHINGTON—President- in Eastern Europe to the deals tration’sintervention in Libya Domestic elect JoeBiden’s pick forsecre- that the Trump administration and the nuclear deal with Iran. tary of state backed atough brokered forArabstatestorec- Mr.Blinken said Iran would approach to China and found ognizeIsrael. represent agreater threat if it Mission common ground with Republi- SenatorsonTuesdaydidn’t wields nuclear weapons or cans on issues ranging from Is- ask Mr.Blinken about his ten- reaches the threshold of using BY DUSTIN VOLZ rael to Venezuela, hinting at a OL ureatWestExec AdvisorsLLC, nuclearweapons,and he said AND WARREN P. STROBEL PO

moreunified approach to for- S the national security consulting the Biden administration would eign policyinthe next four firm he co-founded that has seek to movetoward a“longer WASHINGTON—President- years. /PRES generated concerns among and stronger” agreement with elect Joe Biden’s pick to lead AntonyBlinken, who served some Republicans about poten- Iran. Thenextsteps would de- the nation’s sprawling intelli-

as deputy secretaryofstate JENNINGS tial conflictsofinterest. pend on what happens with gencecommunity wascau- during the Obama administra- Sen. MarcoRubio (R., Fla.) Iran, Mr.Blinken said, without tious about expanding spy AEME

tion, agreed with GOP senators GR probed Mr.Blinken on Cuba elaborating on plans forengag- agencies’role in countering in his confirmation hearing Secretary of Statepick Antony Blinken at his Senate panel hearing. and Venezuela, and Mr.Blinken ing with Tehran. threatsfromdomestic extrem- that previousoptimistic ap- said he supportsthe Trump ad- He addressed North Korea’s ism, saying the prime respon- proaches to China were flawed Mr.Blinken said thereare ghur ethnic group; he backed ministration’srecognition of nuclear program but didn’t sibility should remain with the and backed the tougher ap- cooperativeaspectstothe rela- military and global diplomatic Juan Guaidó as Venezuela’s specifyplans foraddressing it Federal Bureau of Investiga- proach—if not the tactics—that tionship with China, and aides support forTaiwan as it faces democratically elected leader. otherthan helping with are- tion and Department of Home- President Trump adopted. to Mr.Biden have suggested pressurefromBeijing; he ques- Moretargetedsanctions might viewinthe incoming adminis- land Security. “Therewas abroad consen- they could work with Beijing tioned the futureofHong Kong be away to put morepressure tration. “The intelligencecommunity sus that economic liberaliza- on curbing climatechangeand as acenter forglobal busi- on the regime of Nicolás Ma- Mr.Blinken said he would of course would not be in the tion in China would lead to po- some other issues. nesses; and he echoed Mr. duro,Mr. Blinken said. work closely with U.S. allies lead,” Avril Haines,Mr. Biden’s litical liberalization—thatdid YetMr. Blinken said he sup- Trump and othersincriticizing Mr.Blinken also said he rec- and international organizations nomineetobedirector of na- nothappen,” Mr.Blinken said. portsTuesday’sfinding by China formisleading the world ognizes Jerusalem as the capi- on global programs.Mr. Trump tional intelligence, said at aSen- “Thereisnodoubt that [China] MikePompeo,the current sec- about the origin of the corona- talofIsrael and will keep the frequently criticized United Na- ateconfirmation hearing where poses the most significant chal- retary of state, that China has virus pandemic,contributing to U.S. Embassy there. tions agencies and U.S. alli- Democratic lawmakerspep- lengeofany nation-stateinthe committedgenocide in Xinjiang itsspread. Much of thedisagreement ances such as the North Atlan- pered her with questions follow- world to the United States.” with itspolicies toward the Ui- BeyondChina, Mr.Blinken wasabout past positions taken tic Treaty Organization. ing apro-Trump mob’sstorm- ing of the U.S. Capitol on Jan. 6. In the wake of the chaos, borrowing moreaffordable, which leftfivepeople dead, and Yellen Calls she said. warningsthat went unheeded, She assured senatorsthat lawmakersand othershave the Biden team doesn’t imme- raised questions about howthe ForFurther diately plan to pursue taxin- federal government is orga- creases but would consider nized to detect and combat them as part of alater package homegrownextremistthreats. Spending that focuses on long-term in- Since1970s-eraintelligence vestments. Asked whether she overhauls,however, American would support arepeal of the spy agencies have been largely ContinuedfromPageOne caponstate and local taxde- barred from operating inside forsecretaryofstate,Gen. ductions,which Democrats U.S. borders, and Ms.Haines

Lloyd Austin, his defense sec- OL sought in earlier economic aid indicated the incoming Biden

retary pick, and Avril Haines, PO packages,Ms. Yellen said it is administration has little appe- S whowould be his director of importanttostudy the effect tite for changing that.

national intelligence, also /PRES of the capbeforemaking ade- Therole of the 18 agencies faced hearingsasthe Senate cision. and unitsMs. Haines would

returned from arecess13days HARNIK TheSenateconfirmation oversee is to detect evidenceof afterapro-Trump mob hearing is Ms.Yellen’sfifth foreign support fordomestic

stormed the Capitol building. ANDREW during her three decades at extremists, she said. “Wehave That ledtooutgoing President Sen. Dianne Feinstein listened as Janet Yellen spoke via videoconference at Tuesday’s hearing. the forefront of economic pol- seen, as Iunderstand it, some Trump’ssecond impeachment icy-making. If confirmed, she [foreign] connections,” she told by the Democratic-led House. that, Ms.Yellen said, long-term and illegal practices.” Mr. additional government borrow- will be the firstwoman to the SenateIntelligenceCom- Mr.Biden has said he would investmentswill be needed in Blinken, in his hearing,said, ing and the wisdom of taxin- serveasTreasurysecretary mittee,without elaborating. appoint acting agencyheads areas such as infrastructure “Thereisnodoubt that creases. and the firstperson to have Her remarks came during a acrossthe federal government and workforce training. [China] poses the most signifi- “The only organizing prin- led the Fed, the Treasury and largely nonconfrontational oncehetakes officebecause of Delayedorinadequatesup- cant challenge of any nation- ciple that Ican discern is it the WhiteHouse Council of hearing in which Republicans delays to his transition and port, she warned, could lead stateinthe world to the seems to spend as much Economic Advisers. andDemocratsraised no ob- Senateconsideration of his to amore-protracted economic United States.” money as possible, seemingly Ron Wyden (D., Ore.), who jections to her confirmation. picks, at a time when the na- recovery and cause long-term Ms.Yellen affirmed the forthe sakeofspending it,” will become FinanceCommit- Breaking from the Trump tion faces down the deadly economic damage in the form U.S.’s commitment to market- Sen. PatToomey (R., Pa.) said teechairman when Demo- administration’s recent prac- pandemic.Mr. Biden, aDemo- of permanent job losses and determined exchangerates, of the latest plan. cratstakecontrol of the Sen- tice, Ms.Haines said she crat, is expected Wednesdayto business closures. andshe made clear the U.S. GOP senatorsalso objected ate, said he hoped Ms. would appear annually before emphasize themes of unity in “It’sreally critically impor- doesn’t seek aweaker dollar to what outgoing Finance Yellen’snomination would the panel forahearing on an inauguration addresstobe tant to provide this relief forcompetitiveadvantage,re- CommitteeChairman Chuck reach the Senatefloor for world-wide threats. She also held in unusual circumstances, now,” she told lawmakerson peating commentsThe Wall Grassley of Iowa called a confirmation by Thursday. promised to release,asre- secured by 25,000 National the Senatepanel, who will Street Journal reported Mon- “laundrylist of liberal struc- Though she sometimes quired by law, an unclassified Guardtroops beforeanempty vote on her nomination. day. She added that effortsby tural economic reforms” in Mr. sparred with Republicans in report naming those responsi- National Mall in the wake of Stocks rose TuesdayasMs. countries to manipulate their Biden’srelief package. Such her previous role leading the ble for the killing of Saudi the Capitol attack and ongoing Yellen’stestimonyspurred ex- currencies areunacceptable. measures include a $15 mini- Fed, her hearing Tuesdaywas journalist Jamal Khashoggi in security threats. pectations foradditional stim- China has been accused by mumwage, as well as aid to cordial. Saudi Arabia’sIstanbul consul- If confirmed as expected, ulus spending,with the Dow successive administrations of stateand local governments— Ms.Yellen would take the ate. President Trump declined Ms.Yellen would become the Jones Industrial Averagegain- keeping itscurrencyartifi- asticking point in recent talks reins of arecoverythat is fal- to release the document. administration’stop economic- ing 116.26 points, or 0.4%, to cially weak. in Congress. tering amid amonthslong If confirmed, Ms.Haines policyspokesperson responsi- 30930.52. Some Republicans balked at Ms.Yellen acknowledged surge in virus cases and would be the firstwoman to blefor selling Mr.Biden’s$1.9 LikeMr. Biden’sother picks Ms.Yellen’scall forfurther the government’s debt, which deaths,which have topped oversee the country’sintelli- trillion aid proposal, which in- appearing beforelawmakers spending on topofthe trillions stands at $21.6trillion.But 400,000 sincethe pandemic gencecommunity,which in- cludes morestimulus pay- Tuesday, Ms.Yellen sounded a of dollarsCongressauthorized she urgedlawmakerstoput began. Afterseven months of cludes the Central Intelligence ments, extended joblessbene- hawkish noteonChina, calling last year,including a$908 bil- those concerns aside for now. job gains,U.S.employers shed Agencyand the National Secu- fits,grantsfor small it “our most important strate- lion packageenacted in Decem- Interest ratesare at historic 140,000 jobs in December, rity Agency, and employs hun- businesses and anationwide gic competitor” and promising ber.And they questioned her lows andexpected to remain while retail sales fell fora dreds of thousands of federal vaccination program. After to addressits “abusive, unfair aboutthe limitsand risks of therefor some time,making thirdstraight month. workers and contractors. P2JW020000-0-A006A0-1------XE

THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | A6A

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THE WALL STREET JOURNAL. ****** We dnesday, January 20, 2021 | A7 U.S. NEWS Memo Seeks to Limit Scope of LGBT Decision

BY SADIE GURMAN rightslaw provides no protec- AND JESS BRAVIN tion to LGBT employees. Thenew memo,dated Sun- WASHINGTON—TheJustice dayand sent by the acting head Department has issued a of the JusticeDepartment’s memo that aims to limit the civil rightsdivision, John Dau-

impact of alandmark Supreme kas,acknowledges the court’s GES

Court ruling protecting gay ruling wassweeping,but says IMA and transgender people in the the department should not ex- workplace, alast-ditch attempt tend it further to areas such as GETTY from the Trump administra- housing and education, where AN/ tion to hinder policyshifts ex- longstanding gender-based pol- SULLIV pected as President-elect Joe icies on bathrooms and sports TIN

Biden begins assembling new teams could come intoplay. JUS leadership at the agency. The23-pagememo also sug- Senate Majority Leader Mitch McConnell, center, on Tuesday underscored his effort to preserve the legislative filibuster. The Supreme Court’s June geststhat some employers ruling,Bostock v. Clayton could citereligious beliefs that County,said abedrock federal would allowthem to discrimi- McConnell Says Trump Fueled Riot civil-rights law prohibits em- nateagainst LGBTemployees. ployersfromdiscriminating Thememo likely will be re- against workersonthe basis scinded by the incoming Biden WASHINGTON—SenateMa- impeachmenttrial last year, barring Mr.Trump from hold- That would enable Democrats of their sexual orientation or administration. jority Leader Mitch McConnell Mr.McConnell took pains to ing federal officeagain. The to passmanyofPresident-elect gender identity.The 6-3 opin- AJusticeDepartment forthe firsttime publicly cast corral all 53 Republican sena- WhiteHouse didn’t respond to JoeBiden’sagenda items with- ion rejected administration ar- spokeswoman declined to blame on President Trump for tors intovoting against acon- a request for comment. out Republican support. But be- gumentsthat federal civil comment. the violent attack on the Capitol viction and succeeded with all As Democratsprepared to cause some Democratsare wary earlier this month, as he moved but one of them, Sen. Mitt take control of the Senatewith of jettisoning the filibuster,it to preserveRepublican sway in Romney (R., Utah). the seating of the two new isn’t clear the party would have S the Senateonthe final dayof HowMr. McConnell votes Democraticsenatorsfrom the votestochangethe rules by

NEW the party’s majority status. will be central to whether Georgia, Raphael Warnock and simple majority,aprocess so Trump G enough Republicans join Dem- JonOssoff,Mr. McConnell un- contentious it is referred to as By Lindsay Wise, ocratsinthe Senatetoconvict derscored on Tuesdayhis ef- “the nuclear option.” Pardons OOMBER Siobhan Hughes Mr.Trump,aRepublican. A fort to preservethe legislative On Tuesday, as Messrs. and Andrew Duehren two-thirds supermajority is filibuster, a longstanding rule McConnell and Schumer met

LARICH/BL needed to convict in impeach- to iron out the details of a

UZ “The mob wasfed lies.They ment trials,meaning 17 Repub- power-sharing agreement in a

Bannon KA were provoked by the presi- licans would need to support ‘The mob was fed 50-50 Senate, Mr.McConnell

MARK dent and other powerful peo- conviction forittosucceed. wrote in an email to GOP col- ContinuedfromPageOne Steve Bannon, shown last year. ple and they tried to use fear Some Republicans have said lies. They were leagues that he intended to and media executive, Mr.Ban- and violencetostopaspecific they don’t believeholding an provoked by protect the legislative filibus- non parlayed his understand- other probe.Federal and state proceeding of the firstbranch impeachment trial forsomeone ter. “I believe the time is ripe ing of conservativemedia into authorities areinvestigating a of the federal government who leftofficeisconstitutional. the president.’ to address this issue head on toppositions in Mr.Trump’s media company linked to Mr. which they did not like,” the SenateDemocratic leader beforethe passions of one 2016 campaign and then the Bannonand exiled Chinese KentuckyRepublican said on Chuck Schumer of NewYork particular issue or another WhiteHouse.The president businessman Guo Wengui that the Senate floor Tuesday. left little doubt on Tuesday arise,” he wrote. removed him in 2017, just raised morethan $300 million Mr.McConnell’srebukefol- that asecond impeachment that empowers the minority Mr.McConnell wantsto seven months into his job. in the spring, The Wall Street lowedanearlier statement trial would happen. “President party to block most bills be- pre-emptively address the is- Thetwo men didn’t speak Journal has reported. that he is considering whether Trump is athreat to our consti- fore the Senate. Therule re- sue and settle it so Democrats foryears, and Mr.Bannon was During the deliberations to vote to convict Mr. Trump tutional order,whether he is in quires that three-fifths of all won’t later trytochangethe quoted in Michael Wolff’s book over whethertopardon Mr. during his second impeach- or out of office,” Mr.Schumer senators—usually 60—voteto rules,said aperson familiar “Fireand Fury” as saying be- Bannon, some advisers ex- ment trial, whichwill take said in his floor remarks.“Even proceed beforeabill canbe with the matter. havior by the president’sson pressedconcern given that he placeafter Mr.Trump leaves nowhehas not accepted re- brought to the floor foravote. But it isn’t clear what lever- Donald Trump Jr.was “treason- had promoted aJan. 6rally office and the Democratstake sponsibility forwhat he has Thereismomentum among ageMr. McConnell has now. ous,” and calling his daughter whereMr. Trump urgedsup- effectivecontrol of the body done and still falsely maintains Democratic lawmakersand pro- He supported ending the right Ivanka “dumb as abrick.” Mr. porters to march to the Capi- with 50 senatorsand newVice that the election wasstolen.” gressiveactiviststoeliminate to filibuster on Supreme Court Trump subsequently said Mr. tol. Themarch culminated in President Kamala Harris If the Senatedoes convict or lowerthat initial threshold nominees in 2017but he has Bannonhad “lost his mind.” the riot that led to Mr. breaking any ties to their ad- Mr. Trump, Mr. Schumer said to 51 votes, equal to the simple long opposed anychanges to Mr.Bannon also faces an- Trump’ssecond impeachment. vantage. At Mr. Trump’s first the chamber would vote on majority needed to passabill. the legislative filibuster. Homeland Security Nominee Vows to Target Extremism


WASHINGTON—Alejandro Mayorkas,President-elect Joe Biden’spick forHomeland Secu- rity secretary, told aSenatehear- ing Tuesdayhewould work to ensurethat an attack likethe Jan. 6riot at the Capitol wouldn’t be repeated, though his

confirmation by Inauguration OL PO

Dayappeared to be delayed. S Mr.Biden’steam had named Mr.Mayorkas as one of ahand- /PRES TS fulofnational-securitynomi- BER

nees it wanted confirmed on RO Inauguration Daybecause of A SHU

continuing domestic threats. In JO 2017, the Senateconfirmed Alejandro Mayorkas testified Tuesday at his confirmation hearing both President Trump’shome- on Capitol Hill to become secretary of Homeland Security. land security and defense nom- inees on Inauguration Day. Sen. day, one of five scheduled in recent yearsbecause of a Chuck Schumer (D., N.Y.), who ahead of Mr.Biden’sinaugura- lack of Senate-confirmed lead- is set to become the chamber’s tion on Wednesday, focused on ership.DHS hasn’t had aSen- majority leader Wednesday, immigration matters.The hear- ate-confirmed secretarysince said on the Senatefloor he ing also touched on the range April 2019,when Kirstjen Niel- hoped Mr.Mayorkas would be of the Department of Home- sen wasforcedtoresign. MASTERPIECEOFPRECISION confirmed on Inauguration Day. land Security’s responsibilities, Anumber of itsleadership That timeline appeared less from investigating the govern- posts, including at the three pri- ITALIANMICROMOSAIC likely Tuesdayafter Sen. Josh ment’sfailuretoadequately maryimmigration agencies,also Hawley (R., Mo.) said he would anticipatethe Capitol riot to a haven’t had permanent leaders. Painstaking detail. Masterful object to an attempt to fast- cyberattack against several Several GOP senatorsprivately workmanship. Remarkable artistry. track the nomination, one of a government agencies and the have expressed to colleagues number of Republicans to do coronavirus pandemic. that the situation made confirm- Intricately crafted from minuscule so.Mr. Hawley expressed con- Thehearing wasmostly de- inganew leader all the moreur- pieces of glass and stone, this cern about the incoming Biden void of the fireworks seen at gent, according to people famil- impressive micromosaic shows a administration’splan to undo iar with the matter. panoramic view of the Roman forum, much of Mr.Trump’simmigra- If confirmed, Mr.Mayorkas the epicenter of ancient Roman life. tion agenda, along with an ex- Alejandro Mayorkas would become the firstLatino pected push to createapath- and firstimmigrant to hold the Micromosaics displaying this level way to citizenship for11 says he would work job.Mr. Mayorkas discussed of detail and artistry were costly and million immigrantswithout a to prevent an attack during thehearing howhis required immense skill to create, permanentlegal status. personal storyshaped his view making such masterpieces exceptionally Mr.Hawley,who wasthe like the Jan. 6 riot. of the job.Mr. Mayorkas’sRo- rare. Circa 1850. 17”h x21”w. #31-2507 firstsenator to announcehe manian-bornmother fled the would formally object to certi- Holocaust in the 1940s,and fying the election resultson less than 20 yearslater,he Jan. 6, has faced abacklash manyDHS hearingsduring the said, she fled Fidel Castro’s from colleagues and donors Trumpadministration, with Re- Cuba with her husband and Mr. sincethat day. ManySenate publican senatorspressing Mr. Mayorkas,then just ayear old. Republicans blame him for Mayorkas to work with them on They eventually settled in Los what they see as his role in in- combating cyber threats, natural Angeles. stigating the riot that resulted disastersand human trafficking. “My father and mother in the deaths of five people. Mr.Mayorkas,deputy DHS brought me to this countryto SenateMajority Leader secretary during the Obama ad- escape communism and to pro- Mitch McConnell (R., Ky.) and ministration,singled out right- vide me with the security,op- Mr.Schumer met Tuesdayto wing extremism as athreat.He portunity and pride that Amer- iron out details of apower- said DHS has acentral role in ican citizenship bringstoeach 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com sharing agreement in aSenate gathering information about ex- of us,” Mr.Mayorkas said. divided evenly along party tremistsand disseminating it to Mr.Mayorkas said he would Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. lines. Under asimilar agree- stateand local lawenforcement. halt construction of President Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. ment in 2001, nominees and Sen. Rob Portman of Ohio, Trump’sborder wall, as Mr.Bi- bills could advancetothe floor the topRepublican on the Sen- den has said he would do,but even if acommitteevotetied. ateHomeland Security Com- wouldn’t commit to disman- The2½-hour hearing Tues- mittee, said DHS has struggled tling existing barriers. P2JW020000-0-A00800-1------XA

A8 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. U.S. NEWS U.S. WATCH

SUPREME COURT FDA ChargesFiled Over Capitol Riot Justices Weigh Limits Interim Commissioner On Media Ownership To Oversee Agency

BY ARUNA VISWANATHA The Supreme Court on Tues- Janet Woodcock, who has led daystepped into the middle of a the Food and Drug Administra- WASHINGTON—Prosecu- long-running battle overfederal tion’s drug review efforts for tors filed conspiracy charges limits on media ownership in lo- years, is slated to oversee the related to the mob that cal markets, weighing whether a agency on an interim basis after stormed the U.S. Capitol Jan. recent regulatory rollback suffi- current Commissioner Stephen 6, saying in a new complaint ciently addressed concerns about Hahn leaves Wednesday. that three riotershad acted in racial and gender diversity. President-elect Joe Biden has an “organized and practiced At issue wasthe Federal Com- yet to nominate an FDA com- fashion” andatone point ap- munications Commission’s2017 missioner. Dr. Hahn has desig- peared to suggest the possibil- decision to loosen ownership re- nated Dr. Woodcock as interim ity of gassing lawmakersin strictions by making it easier for commissioner at least until a the tunnels belowthe building. one entitytoown multiple TV permanent commissioner is Asearch of the home of stations in the same market. The nominated and confirmed, a des- one of the three people also rollback also repealed bans on ignation that is expected to be turned up directions formak- common ownership of both aTV seconded Wednesday by the Bi- ing explosives from bleach, ac- station and anewspaper in the den transition team. cording to the affidavit filed in same market, or aTVstation —Thomas M. Burton support of the complaint. and aradio station. Some owner- Thethree were allegedly ship limits had been in placefor GEORGIA part of agroup that approached decades to preventconcentration U.S. Soldier Faces

the east side of the Capitol and REUTERS and preserveviewpointdiversity tried to push their way through T/ in local markets. Terrorism Charges aset of center doorsinbe- Afederal appeals court in QUHAR

tween the House and the Sen- UR 2019 found the FCC’snew ap- Federal authorities unsealed

atewingsasaseparatemob of JIM proach didn’tadequately assess terrorism charges against a 20- pro-Trump supportersbattled a Supporters of President Trump climb a wall at the Capitol on their way to invading the building. whether the rollback would harm year-old U.S. Army cavalry scout thin line of policeofficerson ownership of broadcastmedia by based in Fort Stewart, Ga., who the west entranceduring the also of conspiring to injureof- ganized collection of militia Mr.Caldwell wrote, telling the women and minorities. The FCC allegedly sympathized with Is- riot. Thecomplaint is among ficers and destroying govern- who believethat the federal person: “Really,press this and agroup of media companies, lamic State in Syria and pro- thefirst to charge multiple al- ment property.Anattorney for government has been co-opted home, just get somebody to including News Corp,owner of vided tactical military advice to leged membersofthe mob with Mr.Caldwell couldn’t immedi- by a shadowy conspiracy that put it on acredit card.” The Wall Street Journal, appealed an undercover federal agent pos- conspiracyinconnection with ately be locatedfor comment. is trying to strip American cit- One hotel room forthose to the high court. ing as a jihadist. the eventsofJan. 6. During the riot, Mr.Caldwell izens of their rights.” dates wasbooked by a“Jessica Justices pressed both sides, Pfc. Cole James Bridges was About eight to 10 people allegedly received aFacebook Investigatorshavepursued Wagkins,” the affidavit said. but severalappeared sympathetic charged with attempting to give wearing helmets, reinforced messagethat said: “All mem- chargesagainst morethan 100 Awoman named Jessica to claims by the FCCand the me- support to a terrorist organiza- vests and clothing with para- participantsofthe riot to Watkins wasarrested on Sun- dia companies thatthe old limits tion and attempted murder of phernalia identifying them- date. They areexamining dayonchargesofbeing amem- were outdatedand didn’ttake U.S. military service members. selves of the right-wing militia Threepeople accused nearly 400 subjects as the in- ber of the Oath Keepersgroup into accountachanging media The FBI and Army Counterintelli- group Oath Keepersmoved in vestigation has shiftedfrom that targeted the east entrance landscape. Agroup of 22 states gence arrested Pfc. Bridges on atactical fashion and forced of conspiring to targeting those who broadcast of the building and nowfaces is supporting the challenge and Tuesday. He will make his first their way to the front of the attack lawmakers their intentions on social me- thenew conspiracychargesin urging aruling againstthe FCC, court appearance in court in crowd,avideo cited in the dia to those who mayhaveen- the newcomplaint. Her Parler saying media consolidation in Georgia on Thursday. A lawyer complaint shows. meeting on Jan. 6. gagedinadvancedpreparation account identified her as com- manymarkets already has led to for Pfc. Bridges couldn’t immedi- During thebreach, one of to breach the Capitol as Con- mandingofficer of the “Ohio lesslocal news and fewervoices. ately be identified. the membersallegedly com- gressmet to confirm Presi- State Regular Militia,” which —Brent Kendall —Jacob Gershman municated: “Wehaveagood dent-elect JoeBiden’svictory. theaffidavit filed against her group.Wehaveabout 30-40 of bersare in the tunnels under Mr.Caldwell, described as describes as a“dues-paying us.Weare sticking together capital seal them in. Turn on an alleged leader of the Oath subset of the Oath Keepers.” S

and sticking to the plan,” the gas,” the affidavit said. Keepersgroup,was takeninto Theinvestigation intoMs. PRES new complaint said. In another message, Mr. custody Monday. Theinitial Watkins appeared to have led UMA

Thethree alleged members Caldwell wasallegedly also affidavit filed against him al- FBI agents to Mr. Caldwell. /Z of that militaryformation, in- told: “Tom all legislatorsare leges he planned beforeJan. 6 An attorney forMs. Watkins TIMES

cluding Thomas Edward down in the Tunnels 3floors to coordinateparticipantsand couldn’t immediately be iden- Y Caldwell, a65-year-old from down,” and “Do likewehad to mask their identities. tified forcomment. BA ClarkeCounty,Va., already had do when Iwas in the core On Jan. 1, according to that An Ohio man, Donovan PA AM been arrested in the past few start tearing oit florrsgofrom affidavit, Mr.Caldwell sent a Crowl, also arrested on Sun- days on chargesofdisorderly toptobottom,” the affidavit Facebook messageproviding a day, wasidentified in the new conduct, obstructing an offi- said, replicating apparent number forthe Comfort Inn in affidavit as athirdmember of RHINE/T

cial proceeding and other spelling errors. Arlington, Va., and urgedthe the Oath Keepersteam that at- ENCIO

crimes.Mr. Caldwell and the Several affidavitsdescribed recipient, who isn’t identified, tacked the east side of the U.S. AS

two othersheallegedly collab- the Oath Keepers, which re- to arriveonthe 5th and depart Capitol. Ms.Watkinshad re- THA

orated with were chargedin cruit primarily from military on the 7th. “This is agood lo- ferred to Mr.Crowl as amem- MAR an amended complaint filed and law-enforcement person- cation and would allowusto ber of her militia, the affidavit ONE OF THEIR OWN: Sheriff’s deputies on Tuesdaypaid respects Monday that accused them nel, as a“large but loosely or- hunt at night if we wanted to,” said. to Cpl. Brian LaVigne, who waskilled by afleeing suspect in Lutz, Fla.


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THE WALL STREET JOURNAL. ***** We dnesday, January 20, 2021 | A9 WORLD NEWS U.S. Slams ‘Genocide’ by China WHO Faulted Trump administration, in final day, criticizes For Virus crackdown against Uighur Muslim group Response

BY MICHAEL R. GORDON BY DREW HINSHAW AND EVA XIAO TheWorld Health Organiza- WASHINGTON—TheTrump tion waspoorly prepared to administration concluded that prevent adisease likeCovid-19 China has committed“genocide from becoming apandemic, and crimes against humanity” and wasn’t adapted foraglob- against the Uighur ethnic alized eraofeasy travel and group,delivering aforceful extensivetrade,aninterna- condemnation to Beijing over a tional panel said. mass-repression campaign that Yearsofwarningsthat the has yettoprompt tough inter- United Nations agency’sinter- national action. nationalsystem wasn’t ready Thedetermination, which forarespiratorypandemic went wasannounced on Tuesdayby unheeded, said former New SecretaryofState Mike Zealand Prime Minister Helen Pompeo,accuses China of im- Clark,aco-chairwoman of the prisoning,torturing and carry- Independent Panel forPandemic ing out forced sterilization Preparednessand Response. against the Uighurs, aMuslim Ms.Clark is leading apanel minority group. that wasset up last year,after /REUTERS “I believethis genocide is agroup of governments, orga-

ongoing, and that we are wit- PETER nized by Australia, pushed for S nessing the systematic at- a probe into how a virus first

tempt to destroy Uighursby THOMA detected in the Chinese city of the Chinese party-state,” Mr. The U.S. views as concentration camps what China calls vocational-skills education centers, including one in Xinjiang. Wuhan managed to spread and Pompeo said. He said Commu- claim two million lives. nist Party authorities “are en- senatorsthat the incoming ad- “Xinjiang-related issues are attributed to militant Islamic have declined to condemn Chi- Thepanel’spreliminary gagedinthe forced assimila- ministration would look at not about ethnicity,religion or terrorists in the past decade, nese policies in Xinjiang,ham- findings, presented to the tion and eventual erasureofa waystoexpressits disap- human rights, but about anti- China embarked on amass pering collectiveaction by in- WHOonTuesday, putsless vulnerable ethnic and religious proval, including barring the violence, anti-terrorism, anti- surveillanceand detention ternational bodies. blame on individual decisions minority group.” import of productsmade with separatism and de-radicaliza- program of Uighursand other MembersofCongressas taken by the agency’s leaders Thegenocide designation, forced labor in China and not tion,” the statement said. Muslims. Since late 2016, au- well as human rightsand Ui- than on the weak international whichalso applies to other exporting technologythat Accusations of genocide by thorities in Xinjiang have built ghur activistssaid the U.S. bureaucracythey inherited. minority groups in Xinjiang, China canuse to further re- the State Department arerare, thousands of policestations, genocide declaration could Global health laws requiring doesn’tcarryany automatic pression at home. and while the State Depart- installed billions of dollars in prod other countries to follow that countries rapidly shareall legal consequences,but it puts Striking other themes that surveillance technologyand suit and lead to more coordi- pertinent information on an pressureonother nations,and suggested the Biden adminis- set up internment camps that nated international action. emerging threat “lacked U.S. allies in particular,tocon- tration would take afirm The designation the U.S. says have incarcerated Morethan 150 countries,in- teeth,” one of the panelists sider sanctions and take other stanceinmanaging relations more than a million Uighurs. cluding China, aresignatories said. Complexbureaucratic steps to condemn Beijing’s with Beijing,Mr. Blinken de- puts pressure on TheTrump administration of aUnited Nations convention rules,created to prevent the policies. nounced Beijing’scrackdown other nations to in recent months has placed that calls forthe trial and WHO from making hasty deci- Antony Blinken, President- in Hong Kong and said the U.S. sanctions on Chinese officials punishment of those who com- sions that could hurt the elect JoeBiden’schoicefor should strive to “outcompete consider sanctions. andagencies involved in the mit genocide. global economy, meant several secretaryofstate,told the China.” crackdown and last week “Wehope that this designa- weeks were lost beforethe SenateForeign Relations Com- The Chinese Embassy, in a banned importsofcottonand tion will lead to real strong agencycould declareCovid-19 mitteeonTuesdaythat he statement, said Mr. Pompeo’s tomatoproductsfromXinjiang. actions to hold China account- an international public-health agreed that “forcing men, accusation of genocide “is ment has criticized China’sac- U.S. condemnation of able and bring an end to emergency, Ms. Clark said. women and children intocon- simply alie” and a“farce used tions in Xinjiang in recent China’streatmentofUighurs China’sgenocide,” said Salih “Weall have lessons to centration camps” constituted to discredit China.” Theem- years, the genocide declara- hasbeen joined at times by Hudayar, the Washington, D.C.- learn from the pandemic,” genocide.The Biden campaign bassy statement defended the tion came on the Trump ad- otherWestern governments. based prime minister of aself- WHO Director-General Tedros said in August that China’sac- policies taken in Xinjiang, the ministration’slast full day. Mr. In response Beijing has declared government-in-exile Adhanom Ghebreyesus said, tion constituted genocide and region wheremost Uighurs Pompeo said he arrived at the mounted an international cam- forEast Turkistan, the name adding that he agreed with added that Mr. Biden “stands live,asnecessaryactions to determination following a paign to justifyits actions and manyUighursuse to referto some of the report’s findings. against it in the strongest stop terrorist attacks and pro- careful review of the facts. pressure foreign governments. their homeland. His group,he “Weare committedtoac- terms.” vide stability to preservelives After a series of bombings Many developing nations, in- said, has pushed forthe desig- countability and we will con- Mr.Blinken also told the and economic development. and other attacks that Beijing cludinginthe Muslim world, nation since 2018. tinue to learn.” Cautious ConsumersMuddle Chinese Economic Rebound dog•ger•el BY STELLA YIFAN XIE Reduced Appetite China's consumer market wascatching up to the U.S.,but it lost HONG KONG—One thing is /'dôgrl/ momentum in 2020,asconsumption laggedbehind income missing from China’sother- growth amid the Covid-19 pandemic. wise remarkable economic re- noun covery:astrong rebound in Retailsales Change from ayearearlier consumer spending. China* U.S.† Disposable income** I’ve nevermet you, butIloveyou more THENATIONAL DISASTER Even though China wasthe Consumption SEARCH DOG FOUNDATION only major economytoexpand $6 trillion 10% Than waveslovesanduponthe shore. Strengthening disaster response during the Covid-19 pandemic in Americabyrescuingdogsand last year,its growth remains AndsoI’llnever stop searchingfor you, partnering them with first responders highly unbalanced, relying That’s whyI’m here. to save lives. Be Part of theSearch™ heavily on exports of manufac- 4 0 today. Call (888)4K9-HERO, visit tured goods to the U.S. and If you’re ever trapped underrubble, SearchDogFoundation.org, or writeto elsewhere. Domestic consump- SDF, 6800 Wheeler CanyonRoad, tion has lagged, with retail Ipromise to findyou there. SantaPaula,CA93060. sales shrinking 3.9% in 2020 2 –10 and demand forimported goods falling slightly. Thereare manyreasons for the weakness. While China’s 0 –20 unemployment rate never shot ’10 ’12 ’14 ’16 ’18 ’20 ’16 ’17 ’18 ’19 ’20 up as much as unemployment *Converted from yuan at arateonDec. 31, 2020 †Figurefor Dec. 2020 is an estimate. did in the U.S. and Europe, **For urban households manyemployers cut salaries Sources: China's National Bureau of Statistics, U.S. Census Bureau (sales); Wind or hours, leaving consumers anxious.Manyopted to save city of Chongqing,said she $6.24trillion, based on data more—a common tendencyin planstokeep cutting back from theCensus Bureau. China. on what she calls unnecessary Economistssay Covid-19 China’sgovernment also goods,such as snacks and hasalso exacerbated struc- didn’t hand out checks to con- clothes,inpart because she tural problems that have long sumersasthe U.S. did, choos- worries that a possible resur- curbed Chinese consumers’ ing instead to focus stimulus genceofthe pandemic could spending power, and correct- on helping factories and other threaten her job stability. ing them requires strong polit- businesses. While her income has returned ical resolve. Those issues in- Manyeconomistsnow be- to its pre-pandemic level, her clude a widening wealth gap,a lievespending weaknesswill monthly salarydropped to heavy relianceoninefficient persist in 2021. If it does,it only about $460, or a third of state-owned enterprises, and could mean Chinese demand itsusual level, during the the lack of acomprehensive does lessthan hoped to help lift height of the pandemic last social safety net. other economies out of trouble. year,asthe elementaryschool Although China’shousehold It would also set back closed temporarily. “The pan- savingsrateedged down from China’slong-term goal of demic made me realizethe im- apeak of 25% of grossdomes- building an economy that de- portance of saving,” she said. tic product in 2010 to 23% in pends less on investment and China’s economy still has 2018,itremains far abovethe factories. Theexport growth considerable momentum,with global average, according to that liftedChina in 2020 could growth expected to hit 7% or the International Monetary ebb in 2021, as Western con- morethis year,far outpacing Fund. Asurvey by China’scen- sumersresume travel and the U.S. and other major econ- tral bank in the thirdquarter spending in restaurantsand omies.Some economistsbe- of 2020 found that 50% of potentially buy fewertoys and lieveChina’sgrowthcould households said they plan to gadgets from China. turn intoavirtuous cycle that save more, up from 45% ayear “You have real restraintson eases consumers’ concerns and earlier,while fewersaid they Delta where this recovery could go fuels morerobust spending. intend to spend or invest more. ActiveSearch Dog in China and howmuch its Wealthier Chinese,liketheir Arecent outbreak of PhotographedbyShaina Fishman economycan speed up,if[the U.S. counterparts, have largely Covid-19 cases in Hebei prov- at SDF’sNational Training Center. government] doesn’t do more kept buying,providing a rare inceand fresh lockdowns have on the consumption side,” said source of growth forsome added to fearsthat retail sales Leland Miller, chief executive Western brands. But China will softenduring China’scom- officer of China Beige Book, a failed to overtakethe U.S. as ing Lunar NewYear holiday. research firm that conducts the world’sbiggest retail mar- “It’d be highly unlikely for privatesurveysonthe Chinese ketin2020 as some analysts consumption to return to pre- economy. had expected.Retail sales in pandemic level in 2021,” said YanLing,a25-year-old the U.S. areestimated to have Dan Wang,chief economist at teacher living in the central edged up slightly in 2020 to Hang Seng Bank China. P2JW020000-0-A01000-1------XA

A10 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

date,” Mr.Ulbrich said. “Up- VW Fails dating the vehicle’s core soft- ware is acomplexprocess and we have to makesureatany To Catch time that our vehicles are safe.” VW didn’t makeMr. Senger Tesla available for comment. KarstenMichels,the senior Continental engineer working ContinuedfromPageOne on the project, said the main up display that was supposed problem wasthe teams simply to flash speed, directions and ranout of time.“Maybe we other dataontothe windshield underestimated howmuch didn’t function. Early owners work is involved andhow little beganreporting hundreds of we could actually rely on ex- other software bugs. isting legacysoftware,” Mr. Afteryearsofdevelopment, Michels said in an interview. Volkswagendecided in June Mr.Diessrestructured the last year to delaythe launch software development teams.

and sell the firstbatch of cars S He tapped Audi CEO Markus without afull array of soft- Duesmann,poached earlier NEW

ware,pending afutureupdate, G from BMW, to be VW’s new which is nowscheduled for software czar.

mid-February. Tens of thou- OOMBER Mr.Diessalso reached out- sands of ID.3 ownerswill have side VW forhelp.Heasked to bring their cars in for ser- Dirk Hilgenberg, aBMW exec- vicetohavethe newsoftware BOCSI/BL utiveand IT specialist focused

installed. ZTIAN on tech turnarounds,ifhe “After that the software would replaceMr. Senger as KRIS will be regularly updated over Angela Merkel posed with Volkswagen CEO Herbert Diess in 2019 as the company began mass-producing its ID.3 electric car. head of the software division. theair,” Mr.Ulbrich said in an interview. Mr.Diessisdrawing lessons Electrifying Performance Volkswagen, the world’s from the mistakes on the ID.3 No hesitation largest carmaker,has out- project as he overhauls the Although Volkswagen is the world’slargestautomaker,Tesla outproduces the company Mr. Hilgenberg said he had spent all rivals in a global bid company’ssoftware effort to in electric-vehicle sales and has amarket capalmosteighttimes Volkswagen’s. no hesitation. He had spent 28 by autoincumbentstobeat preparefor asuccessor model, Unit sales of batteryand plug-inhybrid yearsatBMW and his track Tesla. Foryears, industrylead- dubbed ID.4,which goes on electric vehicles,top 10 manufacturers* Market cap record most recently included ersand analystspointed to the sale in the U.S. later this year turning around production of German company as evidence andwill be produced at first Tesla 407,710 $800 billion BMW’s X-series SUV in Spar- that, once unleashed, the old in Europe and China and next tanburg, SC.Inrecent years, VW Group 333,427 guard’sraw financial power year in Chattanooga, Tenn., as however, he said he had be- paired with decades of engi- well. VW says the ID.4,its first R-N-M Alliance 203,483 600 come frustrated by the Mu- neering excellencewould make all-electric cartobesold nich-based automaker’s reluc- short work of Elon Musk’s world-wide,will deliver on its Hyundai Motor 178,379 tancetodiveheadlong into scrappy startup. predecessor’s promises. electric cars. GM 166,369 “In order to be successfulin 400 BMW declined to comment. this newworld and securethe BMWGroup 164,625 “I’dbeen watching what Coding savvy prosperity of manypeo- Diesswas doing in terms of What they didn’t consider: ple…VW must completely BYD 156,213 turnaround at VW,” he said. “I Electric vehicles aremore change,” Mr. Diess wrote in a 200 really liked it because it was about software than hardware. recent LinkedIn post. Daimler AG 142,029 decisive,bold, consistent. I’ve And producing exquisitely en- When Mr. Diess, then head PSAGroup 106,965 seen nothing in the autoin- gineered gas-poweredcars of the VW brand, launched his 0 dustry that even comes close doesn’t translateintocoding first EV effort five years ago, Geely-VolvoCar Group 102,981 to that.” savvy. he asked Fredmund Malik, an Tesla Toyota VW GM Ford Mr.Hilgenberg’sfirst dayat The ID.3 debacle is raising Austrian economist, to hold a *Data for2020through November Sources: EV-volumes.com(sales); FactSet (market cap) VW wasAugust 1and he im- the temperatureatVolks- “syntegration workshop” for mediately started work on fix- wagen. Mr.Diessnearly lost senior brand executives.The distributed system in the car, ersworking on developing the In April, he brought back Prof. ing VW.os. Thefirst version, his job last year amid arevolt goal, Prof.Malik said, wasto dozens if not hundreds of ap- system. Malik forathree-daywork- 1.0, is a blend of open source of Germany’spowerful IG Met- persuade managerslulled into plications,and centralizing ev- Typically,car makersorder shop with about 40 of his top software and custom code by all labor union and share- complacencybytheir com- erything,” says DannyShapiro, finished componentsfrom executives.Prof. Malik said Continental and VW.Tofix the holder anger over the botched pany’shigh profitability that senior director of automotive suppliersand install them in Mr.Diessposed asimple ques- current glitches,VWsaid it launch of the Golf-8,the VW Tesla represented an existen- at Nvidia Corp., the graphics thevehicle on the assembly tion forthe group: What do would publish an updateof brand’s breadwinner, and the tial threat. chip maker that has become a line.But the software fora we have to do to catchupwith the software,version 1.1, in bungled launch of the ID.3.He playerinself-driving cartech- connected carisnever fin- Tesla by 2024? February. Amoreadvanced wasstripped of his leadership nology. “This is very complex, ished. LikeaniPhone,itis TheCEO opened the gath- version—VW.os2.0—is tar- of the VW brand, VW’s biggest Second workshop especially with acar where constantly evolving and re- ering with ablistering critique getedfor 2024and will in- business, but kept on as CEO Asecond workshop was the safety level is critical. You quires the supplier and cus- of VW’s progress. He showeda cludeadvancedself-driving of the entirecompanywithout held amonth later,after VW can’t just flip a switch and be tomer to work interactively, slide comparing the ID.3 to the car features. day-to-dayoperational respon- wasexposed forcheating on a software company.” something that VW and Conti- Tesla Model 3, pointing out VW’s goal is to eventually sibility. diesel emissions.Mr. Diess In the early yearsofthe nental firsthad to learn as the that while VW’s carexcelled in build at least 60% of automo- TheID.3isgaining traction, wanted to use the jolt of the ID.3 effort, the task to code ICAS project was under way. old-world featuressuch as tive software in-house. outselling Tesla’sModel 3in crisis to overcome internal op- software forthe carwas scat- VW and itssuppliershad to spaciousnessand design, Tesla The biggest challenge, said Europe in December,according position to electric vehicles, teredacrossthe organization. adopt newways of working to- beat VW hands down on such Mr.Hilgenberg, isn’t the tech- to Jato Dynamics,with sales Prof.Malik said. It wasatthis VW’s appointment of Christian gether to build the ICAS and metricsasbattery rangeand nology, it is the mind-set of fueled by apricetag that is meeting that VW decided to Senger,previously head of dig- connect the ID.3 to the cloud. advanced computing. the people—their reluctanceto about $12,000 lessthan Tesla’s build what would become the ital services and electric mo- At the end of the workshop, embraceradical changeuntil model, and by Germany’sdeci- ID.3,completewith custom bility products, as leader of the management team had the circumstances force them to. sion last year to increase in- software to runthe vehicle VW’s entiresoftware develop- ‘The Germans have outlines of a reboot. It would “In the middle of success centives forEVpurchases.The and in-car apps. ment, came only in 2019, produceanew fully electric it’snot easy to understand ID.3 has also garnered nega- Software has been running months beforethe vehicle’s finally come, and and largely self-driving carby whyyou need to changenow,” tivetrade-pressreviewsand is in gas-poweredcarsfor years. planned launch. they’re not as good 2025,shiftmoreresources he says. still missing key features. An average passenger vehicle Thegroup’sfirst task was from the company’s old busi- Another component of the Ever sinceTesla launched typically includes about 80 to createacoherent organiza- as Tesla.’ ness to EVsand digitization, reboot was the Artemis proj- itsfirst carin2008 “therewas partsfittedwith chips that tion out of the thousands of expand battery manufacturing, ect, anew in-house design this feeling that the really se- perform discrete tasks. These programmersspread around and explorenew revenue team that would take the soft- rious players aregoing to chipsrun code that remains the group and begin to shift streams and payment systems. ware developed by Mr.Hilgen- come,” said Peter Rawlinson, static over a car’s lifetime. critical development in-house. They created integrated teams As the summer 2020 launch berg’sgroup and integrateit CEO of electric carstartup Lu- With the shifttoelectric, Thefirst major project was that met in workshops at reg- date for the ID.3 approached, in anew electric,self-driving, cid Technologies and the for- computing has become the VW.os, an operating system ular intervals to assessthe VW told Continental to focus and internet-connected vehicle merchief engineer of Tesla’s heart of the vehicle,with a forICAS1, the car’scentral state of play and plot out the on critical functions. By then, within three years. ModelS.Now,hesays,“the central processor managing computer that could be up- next steps.During these work- Mr.Ulbrich and senior VW ex- “We fairly quickly came to Germans have finally come, the battery, running the elec- dated remotely. shops,VWoften placed new ecutives concluded that the the conclusion that we needed andthey’renot as good as tric motors, brakes,lightsand Another source of complex- demands on the group as its ID.3’s remoteupdates weren’t aseparateunit and needed to Tesla.” other critical systems as well ity wasthat VW picked differ- requirementsofthe ID.3 yetsecureenough to go on the giveitthe freedom to develop, Otherlegacycar manufac- as additional features such as ent vendorstodevelop differ- evolved, Mr. Ulbrich said. road, Mr.Ulbrich said. Theup- a bit like a rocket,” said Alex- turersincluding General Mo- entertainment or heating in ent partsofits software “The iPhone todayisnot dates not only changed apps ander Hitzinger,aPorsche and tors,Ford, Renault, Peugeot the seats. Just likeagas-pow- ecosystem. To build itsindus- the same product it wasinthe and kept the navigation up-to- Apple veteran who presented andToyotaare bringing new ered carshould be serviced trial cloud forfactories,VW beginning.Ithas evolved, it is date, they also made changes the idea to the meeting. electric models to market this regularly,amodern electric teamed up with Amazon Web an evolutionary process. And to core functions such as the Changeiscoming,Mr. Diess year. Failure to keep up could vehicle may receive software Services.For the automotive that is the process that VW is electric powertrain. wroteonhis LinkedIn page, redraw the global automap, updates to improvesafety and cloudconnecting itscars, it going through now,” Mr.Ul- “In mid-2020 we had to and VW must movefaster. costing German car makers— performance, offer newin-car joined with MicrosoftCorp. brich said. makethe decision that we “The global transformation of Volkswagen, BMW and Daim- services, or unlock sources of And to build ICAS1, VW turned Theexperienceconvinced would have to ask the first the industrywill take roughly ler—their leadership status in revenue forthe manufacturer. to Continental AG, the lead Mr.Diessthat he needed to re- 50,000 vehicles to come to the 10 years,” he wrote. “With or high-end products. “The key hereistaking this partner in ateam of 19 suppli- boot VW’s software business. servicestations foranup- without Volkswagen.”

“When araid is going on, KFChasn’t announced a his gaming rig to help warm his Happiness my PC is struggling,” said Ms. priceorrelease datefor the drafty one-bedroom Chicago Ratchford, 27, which means it “KFConsole,” but arepresenta- apartment this winter.“It’sbet- will work harder—and pump tive said the device is “a real- terthan aspaceheater,” he Is a Warm out moreheat—tokeep up life product.” said, “because youcan’t play with the action. Some people rely on power- games on aspaceheater.” In warmer months,the ma- fulcomputersfor mining digi- Afinancial-product de- Computer chine’sexcessheat will usually talcurrencysuch as bitcoin, signer temporarily working prompt her to crack open a whosevalue has morethan from home,Mr. Burgerthinks window, though she generally quadrupled from ayear ago. his computer runs hotterthan ContinuedfromPageOne doesn’t mind the temperature Minersand gamerstend to most because it is about eight basil and heirloom cherryto- changing.Her Snowshoe cat butt heads trying to get hold years old. It has to work hard matoes.“It waslikethose heat- Yachi loves it and oftennaps of newgraphics cards—essen- to support even games that ersonarestaurant patio,” he alongside her computer,while GES tial computer parts that gen- don’t have complex graphics, said. “I made acaprese salad.” her mixed-breed dog Dash has IMA erate lots of heat—which are he said: “With everynew NowMr. Smith, who lives in aseasonal affection forthe often in short supply. game Iget Ifeel likeI’m flying GADO Lafayette, Calif., is experiment- heat, usually in the winter. Thomas Smith of Lafayette, Calif., is experimenting with using In Portugal, the home in the closer to the sun.” ing with using his computer to Howwarm ahigh-perfor- his computer to heat a chicken coop. fishing villagewhereJon Austin Evans,aYouTube heat at night acoop he recently mancecomputer canget de- Standen is staying lacks abuilt- creator in LosAngeles,last set up in his backyard fortwo pends on the type of cooling to computer gaming on the so- sion,” said Mr. Zmick, a help- in heating system. As atester year made a video in which he chickens.“It’schilly out there,” andother componentsinit, cial-media platform Reddit, desk assistantinCharlottes- of graphic cardsfor aliving,he fried an egg atop agaming he said,though he is concerned and what it is used for and though mostly in the summer, ville, Va., adding that the air- said, he is fortunatebecause computer he purposely assem- about the birds’ safety.“Idon’t howlong,said MatthewJus- said JesseZmick,30, one of its conditioning system in his his high-end computer is doing bled without the kind of cooling want to overheat them.” tice,asoftware engineer and moderators. Aside from mak- apartment is subpar.“But in agood job of filling the gap. featuresmost machines have Rebecca Ratchfordhasn’t author of “HowComputersRe- ing under-the-hood upgrades the winter it’s quite nice.” “It’s essentially a 350-watt forsafety and performance. “It had to raise the thermostat ally Work.” It could makea to componentsthat keep the Fast-food companyKFC re- heater,” said the 40-year-old, wasalittle runnyonthe top,” this winter in her three-bed- large,spacious home just alit- machine from overheating,he cently co-developed agaming originally from London, add- he said, “but the bottomwas room Cary, N.C., home,where tle bit toastier,hesaid, or turn often recommends simply in- computer with a chamber for ing that lately acold snap has whiteand tasted good.” she has been working remotely asmall one with minimal ven- vesting in a good desk fan to keeping itschicken warm. brought the temperatureat Mr.Evans,28, doesn’t rec- as an administrativeassistant tilation intoasauna. Theprob- improve airflow. “Never risk letting your night down to around 37 de- ommend that people attempt sincethe pandemic began. Her lem is acutefor gamersand “Fansare your friend,” he chicken go cold again,” reads a greesFahrenheit. Thecom- the same at home,evenwith a custom-built computer gives miners in warm climates,he said, adding that sometimes promotional websitefromthe puter, he said, “putsalovely properly built computer.“It’s off plenty of warm air,she said, as both tend to use their extra steps may be necessary. YumBrands Inc.unit, which warm draftofair acrossmy notpractical forany kind of said, especially during intense pricey machines year-round. During the summer, “I’ll strip made the machine in partner- desk and my keyboardsoIcan long-term use,but it wasanin- battles in “Destiny2,”the sci- Coping with the heat is a down to shortsand aT-shirt if ship with hardware manufac- keep typing.” teresting experiment,” he said. ence-fiction shooter game. hot topic on aforum dedicated I’m playing an extended ses- turer Cooler Master Co. Kyle Burger, 25,isleaning on “It technically does work.” P2JW020000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, January 20, 2021 | A10A GREATER NEW YORK Cuomo Proposes Tax Rise for Wealthy

NewYork’shighest veiled Tuesdayfor the fiscal that exceeds $100 million. of aid to make up for revenue sures areonly projected to business and investment tal- year that starts on April 1. Currently, single filers pay lost as a result of the corona- generate, respectively,$49 mil- ent will be highly incentivized income-tax rate would He said the increase would an 8.82% state tax rate on in- virus pandemic. lion and $20 million next year. to permanently relocateto increase to 10.82% from raise around $1.5billion in tax come over $1.08 million. “If the federal government President-elect JoeBiden lower-taxed jurisdictions,” revenue,and would be coupled NewYork City’s topincome doesn’t fund stateand local hasproposed a $1.9trillion said Kathryn Wylde, chief ex- 8.82% under the plan with federal aid and operating taxis3.88%. That meanssome governments, it’sgoing to hurt coronavirus relief bill that sets ecutive of the business group cutstocover aprojected $15 city residentscould facea all NewYorkers,” he said. “The aside $350 billion forstate Partnership forNew York City. BY JIMMY VIELKIND billion deficit in the current combined stateand city in- new government didn’t cause and local governments. A coalition of labor unions and coming fiscal years. come taxof14.7% under Mr. thedamage. But they arele- Business groups expressed and progressivegroups has NewYork Gov.Andrew New York’s top income-tax Cuomo’s proposal. California gally, ethically and politically concern about raising income been pushing statelawmakers Cuomo proposed raising the rate would rise to 10.82% from currently has the highest top responsible for correcting it.” taxes. Thewealthiest 2% of to raise income taxesbyan state’s top income-tax rate by 8.82% under the proposal, income-tax rate,13.3% on in- Thegovernor said he is statetaxpayers—or roughly even greater amount,and im- 2percentagepoints, an in- stateofficials said, adding that come over $1 million. seeking $15 billion in aid from 188,000 filers—provide about pose taxes on financial trans- crease that would mean New they would createfivenew tax Mr. Cuomo said at a Tues- Washingtonoverthe next two half of the state’s income tax actions and unrealized wealth. York City residents in the top bracketsthat would last for daynewsconferencethat he is fiscal years, which is the size revenue.Thousands of people They said Mr.Cuomo’s pro- bracket would paythe highest three years. concerned his movewould of the statetax revenue short- have leftNew York City and posal is inadequate. combined local taxrateinthe Thenew surcharge would prompt high-income earners fall his officeattributes to the areworking remotely,and Democratswho control the country. apply to all NewYorkerswhose to leave the state, and added pandemic.Mr. Cuomo also said higher ratescould prevent stateAssembly and Senate Mr.Cuomo,aDemocrat, in- returns report morethan $5 that the taxproposal could be he would raise revenue by le- their return, the groups said. have said they areopen to in- cluded the taxincrease as part millioninincome,and the top avoided if the federal govern- galizing mobile sportsbetting “It makes economic recov- creasing taxestocover the of a$193 billion budget he un- rate would apply to income ment approves alarge amount and marijuana,but the mea- eryalmost impossible,since current budget deficit. MTA State Attorney General Blasts the NYPD Postpones BY BEN CHAPMAN Increase AND KATIE HONAN NewYork PoliceDepartment officersused excessiveforce in In Transit response to aBlack Lives Mat- terdemonstration honoring Martin Luther King Jr., New Fares York stateAttorney General Letitia James said Tuesday. OfficersonMondaynight BY PAUL BERGER arrested 29 protestersatthe demonstration outside City Theoperator of NewYork Hall in lower Manhattan, said City’s subway and bus systems, NYPD officials.The chargesin- as well as two regional com- cluded disorderly conduct and muter rail lines,will delayafare resisting arrest, they said. increase planned forthis spring. Theprotest, which drew NewYork Metropolitan hundreds of participants, began Transportation Authority outside the Barclays Center Chairman Patrick Foye said arena in Brooklyn and moved S

the economic struggles of rid- over theBrooklyn Bridgeinto PRES

ers and the possibility of fur- lowerManhattan, whereoffi- UMA

ther federal relief were the cers clashed with demonstra- /Z reasons to postpone increases tors at City Hall Park. TO for at least several months. Eleven officerssuffered mi-

Some authority boardmem- nor injuries in the incident, ac- E/NURPHO

berssaid earlier this month cording to the officials,includ- COT that they would liketodelay ing acaptain who wasstruck raising fares until later this by abottle. ANN RLA

year or early next year. Ms.James,who last week KA The MTA, which instituted filed alawsuit against the Police officers arrested 29 protesters who marched across the Brooklyn Bridge to City Hall in lower Manhattan on Monday night. apattern of fareand toll in- NYPD over itsresponse to creases every two years a de- Black Lives Matterprotestsin NYPD Commissioner Der- few videos of Monday’sarrests host of changes arehappening tween protestersand police cade ago, wasscheduled to NewYork City last year,said motShea in atelevision ap- in City Hall Park. He said the right now at the NYPD.” have sometimes occurred. The raise prices in early 2021. Tuesdaythat videos circulating pearance Tuesdaydefended policeresponse washeight- TheNYPD has made thou- NYPD’sresponse to the pro- Theagencyheld aseries of on social media showedthat the arrests made by officers. ened because of the deadly sands of arrestsinlarge-scale testshas been the subject of public hearingsonthe propos- officersacted tooaggressively. “People need to have conse- Jan. 6riot at the Capitol in demonstrations against police multiple official investigations. als at the end of last year “Onceagain, we areseeing quences,” Mr. Shea said. Washington, D.C. brutality and racism that have A report by NewYork City’s ahead of avotethat wasex- andhearing accountsofNYPD NYPD officials declined to “It wasasmall protest, it occurred in NewYork City since Department of Investigation in pected Thursday. officersinfringing on the rights comment on Ms.James’s wasinclose proximity to City the May25killing of George December found the police “What we heardatthese of NewYorkers,” Ms.James statement on the arrests. Hall and that wasobviously a Floyd,aBlack man, in the cus- mishandled some of the dem- hearings was that people are said.“Theimages of officers NewYork City MayorBill concern afterwhat happened tody of Minneapolispolice. onstrations. suffering and cannot shoulder using excessiveforce against de Blasio,who has enacted a at theCapitol just 12 days ago,” Although the demonstra- Mr.Shea said he read the even amodest fareincrease peaceful protestersisalarming number of NYPD policing the Democratic mayorsaid. tions have been mostly peace- report and would incorporate right now,” Mr. Foye said. and cause fordeep concern.” changes,said he had seen a “But the bottomline is a ful, violent confrontations be- its recommendations. Avoteonproposals to raise tolls at the authority’s two bridges and seven tunnels will go ahead in February, he said. Many New Yo rkers Won’t Get Va ccine, Poll Shows TheMTA,which has an op- erating budget of $17 billion, faces multibillion-dollar defi- BY JIMMY VIELKIND health clinics that is partnering citsoverthe next several with the stateonsome vaccina- yearscaused by areduction in Morethan aquarter of New tion sites. revenues from taxesand a York stateresidentsdon’t plan On Monday, the Democratic drop in ridership. to getvaccinated against the governor said 903,131 people Weekday subway ridership coronavirus,according to a in thestate had takentheir has fallen to about 1.6 million poll released Tuesday. first vaccine dose. trips,downmorethan 70% ASiena CollegeResearch In- According to the Centers compared with pre-pandemic stitutesurvey of 804 statevot- forDisease Control and Pre- levels. ersfound that Black,Latino and GES vention, the federal govern- The authority has received younger NewYorkerswerethe IMA ment has sent NewYork 1.9

$7.9 billion in federal aid so most likely to saythey don’t GETTY million vaccine doses.

far during the pandemic.MTA plan to getashot, which first SE/ Mr. Cuomo has faced criti- officials are hopeful of secur- became available on Dec.14. cism from local officials over ing a further $4 billion under Seven percent of poll re- the state’s vaccine rollout. He

President-elect JoeBiden’s spondentssaid they had al- ANCE-PRES has followed a federal recom- Covid-19 relief package. ready been vaccinated. Of the FR mendation for asudden ex- Andrew Rein, presidentof remaining voters surveyed, pansion of who is eligible to GENCE

the nonpartisan fiscal watch- 69% said they planned to get /A take it and blamed the federal dog Citizens Budget Commis- vaccinated, 27% said they government forthe ensuing sion, said it is reasonable for didn’t plan to getashot and ANCUR frustration among New York- the MTAtodelayfarein- 4% refused to answer. The BET erswho struggled to securean

creases by afew months be- poll, takenlast week,has a KENA appointment. cause of riders’ economic margin of error of plus or mi- People registered at a vaccination site in Manhattan’s Harlem neighborhood earlier this month. Last week,Mr. Cuomo said hardship during the pandemic. nus 4.1 percentage points. the vaccination-refusal rate He addedthat biennial farein- “NewYork—likethe coun- cent of Latino respondents Gov.Andrew Cuomo has Black and Latino neighbor- among health-careworkersvar- creases areasmart way for try—has along way to go on said they wouldn’t take the said that thereisskepticism hoods wherethereisadearth ied among regions of the state, the MTAtobalanceits budget getting people vaccinated for vaccine, and 36% of Black re- andmistrust of vaccination of health facilities. from 13.3%inNew York City to and that the delayshouldn’t Covid-19,” poll spokesman Ste- spondents, as well as people programs among some Black “These areNew Yorkerswho 28.5%inthe Hudson Valley. last longer than necessary. ven Greenberg said. between ages 18 and 34 said New Yorkers, in part because would never go to ahospital to TheSiena poll also found “Asthe economyreviveswe Thepoll showed35% of they wouldn’t take the shot. of a legacy of medical experi- be vaccinated. But they’ll come 57% of NewYorkerssurveyed need to ensurethereisregular both self-identified Republi- ASiena poll takeninNo- mentation on the community. to see their family doctors. And viewedMr. Cuomo favorably fareand toll increases no mat- cans and political indepen- vember found 24%ofvoters State officials said Monday that’swho we are,” said Dr.Ra- and 56% approved of the job he terwhat federal aid comes,” dentssaid they wouldn’t get surveyed said they wouldn’t that they were opening eight mon Tallaj,chairman of SOMOS is doing,little changed since Mr. Rein said. vaccinated. Thirty-nine per- take the vaccine. vaccine-distribution points in Community Care, anetwork of thecollege’sNovember poll. P2JW020000-2-A010B0-1------NS

A10B | We dnesday, January 20, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet In NYC, It’s Let’s Make a Deal for Survival

Kelly kind of don’t like, says Mr. Wang’s new Mack: “Everyone is sharing store almost the pain.” didn’t survive On the bright side, the the pandemic. pandemic is creating oppor- Five weeks af- tunities for entrepreneurs ter she opened Rue Saint looking to open new stores. Paul, her Brooklyn sustain- While asking rents for able-fashion and beauty bou- storefronts across the metro- tique, the lockdown forced politan area fell by just 4.5% her to close for three last year, according to infor- months. Because the store mation provider CoStar was new, it didn’t qualify for Group, that doesn’t reflect a federal PPP loan. what’s happening behind the “I was just panicking. It scenes. was my first commercial Commercial landlords lease and I was nervous and don’t like to drop face rents timid about my options,” she on their properties, and says. some are prevented from do- Thank goodness her land- ing so by mortgage agree- lord—a retired woman who ments requiring a minimum lives upstairs—said she rental income, says CoStar didn’t have to pay rent until Associate Director of Market the spring lockdown ended. Analytics Rachel Johnson. In July, when Ms. Wang JOURNAL So rather than dropping

asked about the back rent, REET the rent 20%, for example, a

the landlord said she’d only ST landlord might offer a year’s have to pay half, spread over LL free rent on a five-year the remainder of the lease. WA lease, or fund a custom THE

“We wanted to make sure R space renovation. Kelly had the opportunity to FO Entrepreneurs scouting be successful in the space,” storefront spaces, mean-

says Salvatore Licata, the TUTTLE while, tell me that many

landlord’s son. “And in turn, JEAN landlords are entertaining my mom hopefully would offers at a sharp discount to have a long-term tenant that in Manhattan, Brooklyn and Group that has become in- obvious reasons, new tech- ron, says that in 90% of the their asking price. she would benefit from as Queens. creasingly popular among nology can provide a full ac- cases, the parties strike an Hemant Chavan, co- well.” “The cost of replacing a city landlords during the counting of a tenant’s re- agreement allowing mutual founder of Brik + Clik, a re- Ms. Wang, meanwhile, de- retail tenant is very high and pandemic: percentage of ceipts. survival. tailer offering merchandise cided against requesting ad- there is a lot of uncertainty sales deals. “They don’t trust each “Given where the commer- typically available only on- ditional discounts. Sales are as to how long the space will These lease arrangements other, but we like to say we cial real-estate market is in line, says that in past years, strong and she’s able to pay be empty,” says Mr. Gold- typically reduce the rent by are referees in the sandbox,” right now, he would have had a hard the full $3,800 monthly rent berg. 25%-100%. In exchange, the you’re better off making a time nailing a first-class re- on the 550-square-foot store or restaurant tenant deal, and there are a lot of tail space in New York City, space, she says. iven this reality, he’s pays the landlord a cut of its Some landlords and creative ways of doing that,” given his relatively unproven For those of us concerned G offered many of his sales, often 5%-20%. Mr. Mack says. concept. about our city’s mom-and- tenants—which in- Amish Tolia, co-CEO and retail tenants are In many cases, he says, But last fall, he landed a pop shops and retail strips, clude restaurants, drug- co-founder of Leap, a busi- devising creative landlords forgave the rent high-profile slot in an up- it’s heartening to hear about stores, nail salons and dry ness that rents storefronts during the spring lockdown, scale Manhattan mall, and he landlords and small-business cleaners—short-term rent re- that it then manages for var- ways to stay afloat. or agreed to tack it on to the is now closing in on a per- tenants working in good ductions of 30%-100%. ious brands, is delighted end of the lease. centage-of-sales deal on a faith to ensure each other’s “I’d rather see a tenant with the percentage deals prime Midtown location. survival. And it’s not as rare open for business, paying he’s negotiated with his any deals also in- “They wouldn’t be talking you might think. nothing, than have an empty Manhattan landlords. says Jay Norris, the CEO of clude a renewable to us before the pandemic,” space,” he says. “If you have a really good Guesst, a third-party sales M “Our strategy has been to rent reduction for a Mr. Chavan says. go as far as we can to keep As a result, his vacancy month, you pay more; a verification platform. specific duration—typically He then offered a view spaces occupied,” says Josh rate is roughly 5% compared slower month, you pay less,” Sometimes the lawyers four to six months—or one that sounds nutty, but may Goldberg, co-principal with with rates topping 20% along he says. “You give up a little have to get involved in a tied to a government action, very well prove prescient: his wife, Deborah Reich, and many Manhattan retail bit on the upside, but it pro- thorny lease negotiation, of such as reopening indoor “It’s a very good time to get son Xan at the Goldberg strips. tects you on the downside.” course. But William Mack, a dining at full capacity. into retail.” Group, which owns several One option employed in And while landlords have Manhattan business attorney The pacts typically create dozen storefront properties some cases by the Goldberg been leery of such deals for with Davidoff Hutcher & Cit- an agreement that both sides [email protected]



It is illegalfor landlords andrealestateagentstodenyyou housing opportunities because of your ethnicity. TheFairHousingAct prohibitshousingdiscrimination basedonnational origin. If youbelieve youhaveexperienced aviolation of your rights,file acomplaint.

Go to hud.gov/fairhousing or call 1-800-669-9777 FederalRelay Service 1-800-877-8339

FAIR HOUSING: THE LAWISONYOUR SIDE. Apublicservice messagefromthe U.S. Department of Housing andUrban Developmentin cooperationwiththe NationalFairHousing Alliance. Thefederal Fair Housing Actprohibits discrimination because of race, color,religion,nationalorigin, sex, familial status or disability. P2JW020000-0-A01100-1------XA


© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | A11



AU Join The Wall Street Journal Fitness Challenge, KR

JON a program of exercises made for all ability levels BY

ION that emails you a new workout each week AT TR US ILL P: TO OM FR

eady to challenge your- Park.They sampled the step-up who specializes in exercise and ag- self to feel healthier test, adynamic warm-up,core ing at Duke University, and Mi- and stronger? strength series,cool-down and six chael Rogers, a professor in human The Wall Street weeks of workoutsdesigned to im- performance studies at Wichita R Journal is launching its proveyour step count. State University, will field ques- first fitness challenge, a “We’veall been out of our rou- tions once the challenge six-week program of step-up exer- tines and sitting morethan we begins. cises designed for people of all normally do,” the Sign up for ages and fitness levels who want 60-year-old Mr. the weekly to dial their workout up a notch. Kander says. newsletter. Test Developed by veteran NBAsports “Any kind of in by seeing performance coach Arnie Kander, movement has howmany this six-week program doesn’t re- Arnie Kander, right, Lynn Hill, benefits.” At the steps youcan quire equipment and can be per- rear, and Nell Rojas, above and end of the pro- take up and formed anywhere, even in small far right, lead the exercises. gram, he says, down in 20 sec- spaces. you’ll see ano- onds.You can Mr. Kander spent 25-plus years ticeable differ- use acurb,a working with NBA teams, includ- enceinhow you stair step or an ing the Minnesota Timberwolves SOME SAMPLE STEPPERS walk,goup old-school aer- and Detroit Pistons, for whom he steps,sit and obic step.Each still serves as a consultant. The squat. week forsix 20-second step-up became his gold We asked a handful of regular Jim Snizer, pro cyclist, 27, At- Thefun part weeks you’ll re- standard for measuring an ath- What’s Your Workout readers, as lanta, 35 steps of the challenge ceiveanemail lete’s baseline level of fitness. “I’ve well as some pro athletes, to test Lauren De Crescenzo, pro cyclist, is comparing with anew probably used it 1,000 times on in early and share their scores: 30, , 25 steps your numbers workout aimed professional athletes,” he says. It’s with the scores at improving a very simple test that tells a lot Arnie Kander, 60, Boulder, Colo., Trina Hosmer, 75, retiree, Stowe, of other partici- your number of about a person’s movement effi- 29 steps Vt., 22 steps pants, be it desk steps,aswell ciency, balance response, coordina- Nell Rojas, 33, Boulder, Colo., 28 Charlotte Milan, 45, publicist, jockeysorpro as tips on top- tion, reflexes, ankle flexibility and steps San Francisco, 19 steps athletes, by re- ics including core strength. plying to the  Sign up for The WSJ core training Last spring, he challenged Lynn Hill, 60, Boulder, Colo., 27 Benoit Duboscq, 47, strength newsletterafter Fitness Challenge at and recovery. friends. A 94-year-old woman he steps and conditioning coach, Redondo signing up.Mr. We’ll also in- knows completed eight steps up Jen Murphy, What’s Your Work- Beach, Calif., 29 steps Kander suggests wsj.com/fitnesschallenge clude the songs and down in 20 seconds. A former out columnist, 40, Boulder, Colo., Elie Hirschfeld, 70, real-estate taking the 20- proathletes like professional soccer player 31 steps developer, New York City, 21 second test at soccerstarMe- achieved 41 steps, up and down in the end of each ganRapinoe, Owen Lynch, 17, student and son steps 20 seconds. That’s about two steps week.Ifyou haven’t seen improve- NFL kicker Justin Tucker and golf- of Lynn Hill, Boulder, Colo., 40 May Selby, 49, publicist and DJ, per second. ment halfway through the pro- ing great Greg Norman turn on steps Aspen, Colo., 22 steps ForThe Wall Street Journal gram, or arestruggling with some when they need aboost. FitnessChallenge, Mr.Kander, Thon Maker, 23, Cleveland Cava- Valerie Caveney, 38, director of of the exercises,email questions At the program’s end, you’ll re- who lives in Boulder,Colo., en- liers, 29 steps executive programs, First Repub- to [email protected] and we’ll do take your 20-second test. Share listed local athletes including Nell Richard Hamilton, 42, former lic Bank, Sonoma, Calif., 25 steps our best to answerthem. your results on social media using Rojas, 33,anelitelong-distance NBA player, 30 steps Braxton Browne, 3, child, Chel- Mr. Kander, along with our ex- #WSJFitnessChallenge or by email. runner,and Lynn Hill, 60,one of sea, Mich., 15 steps pert panel, including Andrew And we’ll send expert tips on how the most accomplished female Grant Hill, 48, co-owner of the Jagim, director of sports medicine you can take your gains and apply climbersinthe world and the first Atlanta Hawks and former NBA Joan Klumpp, 88, retiree, Troy, research at Mayo Clinic Health them to a new set of functional fit- person to free-climb the Nose on player, 20 steps Mich., 4 steps System in La Crosse, Wis., Miriam ness goals. El Capitan in YosemiteNational Morey, a professor of medicine Good luck!

CAREERS wanted afresh start. ASurreal Pursuing ‘Positive Change’ Ms.Oyewole,who had amer- The year 2020 tested Justin Gall chandising job at an apparel com- 2020 Sparks so much that he decided “to make pany, started interviewing forjobs 2021 the year in which I will make in Februaryand wasinthe process my next professional leap.” of closing on the purchase of a Ambitious Mr.Gall, 41, asenior au pair ser- townhouse.Then, in May, she gota vices coordinator in SanDiego, said job offer—in Seattle.She’splanning Resolutions pandemic-related travel restrictions across-countrymovenextmonth to led to layoffs,furloughs and budget start anew job as an account man- cutsathis global-exchangecom- ager foranonline retailer. BY RAY A. SMITH pany. Although his job wasspared, The past year “was definitely the fallout meant he had to take on an awakening for me,” she said. he challenges of 2020,one of moreresponsibilities. “I’m grateful I had time to slow the most surreal yearsinre- “I’ve been stretched pretty down and really figure out what I T thin,” he said. Concerned about wanted and go after it with inten- cent memory, prompted some individuals to makeambi- the future of his industry, getting tion and preparation.” tious resolutions. married and watching his new “It is leading some people to wife, a teacher, work on her mas- RELATIONSHIPS think it’s time to say, ‘I ter’s degree prompted Long-Distance No Longer see that life can be frag- Mr. Gall to consider get- Wanyoung Kim, 27, and Daniel ile, I need to re-priori- ting a teaching certifi- McArthur, 30, have been in a long- tize what’s important to cate himself. Justin Gall, above, Morayo Oyewole, top left, and Alix Teague, bottom left distance relationship for about 2½ me.’ ” said John C. Nor- “It’ssomething that years. The two last saw each other cross, a professor and has been building in me in July, when Mr. McArthur, who chair of the psychology foralittle while,but True-Crime Career Change wanted to combine her interests lives in Fort Worth, Texas, sponta- department at Pennsyl- thereare certain experi- Alix Teague, an accounts-payable with her skills.This week,she’ll neously proposed to Dr. Kim, who vania’s University of ences and factorsstem- specialist in the health-care indus- begin classes toward earning a lives in Toledo, Ohio. Scranton. ming from 2020 that try, decided last year to go back to bachelor’s degree in accounting To bridge the distance, they While some people have given me that ex- school in 2021 to beef up her ac- with aminor in criminologyand frequently messaged each other found themselves too traawarenessand real- counting skills. The pandemic and forensic accounting.“Having the and connected using FaceTime. overburdened by the de- ization and kind of working from home gave her time education will open other oppor- “Wejust hoped forthe other mands of 2020 to caused me to step back to acknowledge she wasn’t fulfilled tunities forme.” person not to getsick,” said Dr. GUE bother making resolu- and evaluatethings, to professionally. Kim, afreelanceeditor and transla- TEA tions,“othersare recali- take inventoryofwhere “During the summer is when I ‘Awakening’ Leads to Move torwho has aPh.D.inphilosophy,

ALIX brating in their own Iamatpersonally in life started to really kind of sit with For Morayo Oyewole, moving into art and critical thought. “Realizing

OLE; way,whether it’sless and professionally in myself,” said the 27-year-old, who a place of her own for the first that the other person wasone of

EW screen time and family- life,” he said. lives in Franklin, Ind. Ms.Teague, time “feels like a small victory af- the few people that we would really OY

O game night or saying,‘Iappreci- Broader social upheaval in who already has undergrad and ter last year.” rely on during this pandemic in

AY atethe need to slowdown,’ ” Dr. 2020 also motivated him. Organi- graduatedegrees in theater and Ms.Oyewole,25, lived with her some waysdid strengthen” the rela- Norcross, author of “Changeology: zations that address issues such as English, researched schools in her parentsinAtlantalast year to tionship,she said. SMITH; 5Steps to Realizing Your Goals poverty, racial justice and food in- area that offered classes in foren- help take care of her ailing mom “She’s my life and everything,” Y and Resolutions,” added. To that security have inspired him to want sic accounting,aspecialized field and save money foraplaceofher added Mr. McArthur, who owns an ABB

P: end, here’salook at afew indi- to enter public service and bring that examines financial reporting own. But afterwatchingher electronics store. The couple plans TO viduals undertaking big life about “some positive change to and misconduct. An “admitted mother’s health rebound and get- to get married this year and live OM

FR changes in 2021. our world,” he said. true crime junkie,” Ms.Teague ting furloughed in April, she together at last in Fort Worth. P2JW020000-0-A01200-1------XA

A12 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL.

age13, due to a children’sprivacy protection law.Now,though, Dis- cord requires newuserstoenter a birth date. Kids can, and do,lie about their age, but if they register foranaccount with abirth date that putsthem anywherebetween ages 13 and 18,they’reblocked from entering serversdubbed “NSFW,” aka “not safefor work.” They also can’t receivedirect messages with images containing nudity,asdeter- mined by Discord’sfiltering algo- rithms.Discordsays it will respond to anychild-safety complaint within two hours. If the moderator suspectsthat someone under the ageof13isina server and reportsit, Discordsus- pends the suspected child’saccount until he or she canshowproof of age. Discordalso has created a training program to teach modera- tors howtolook out foryounger children in their servers, howtoen- RD

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DIS block or report bad actors. Modera- ; tors canalso createbotstodetect

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FR Sincethe Nov.3election, Dis- cord has been monitoring itsserv- ersfor signs of activity that might indicateorganized violence. After DiscordApp Aims forSafer Space the Capitol riot, Discordbanned a Trump-themed server.Although therewas no evidenceithad been used to organizethe riots, it was FAMILY tors were overwhelmed with the communicatewith minors. messages from strangers. Parents connected to another online plat- &TECH number of posts as the service ex- “We’re having a moment over also can request to see all of their form that had been used to incite JULIE perienced rapid growth. trust and safety on social-media teen’s account data. violence. “Discordwas not used by JARGON Discord has stayed out of the platforms,” Mr. Balkam said. “Be- However, parents tell me what the organizersofthe January6th headlines this month, but that cause Discord had one earlier with they really want is a way to con- attack on the Capitol,” Mr.Smith hasn’t always been the case. Charlottesville, they’re better pre- trol which Discord servers their said. “For us this validates several iscord, the popular “Discorddid not come to safety pared now for the world we’re in.” children can and can’t enter. Mr. yearsofour persistent commitment chat service used right away;ittook abumpy road But areparentsprepared to let Smith said it doesn’t have plans to to makeour platform an unfriendly largely by teenage and forthem to acknowledgethat trust their children loose in what Ide- introduce parental controls, be- placefor anyone who promotes or young-adult gamers, is and safety were absolutely core to scribed back in 2019 as avirtual cause its philosophy is to put us- glorifies violent extremism.” D trying to reinvent itself their businessmodel because if not, “Lordofthe Flies,” whereadoles- ers first—not Thechanges ap- as a friendly place to as in the case of Parler,you’rerun cent boys ruled and whereharass- their parents. pear to be showing hang out—a virtual space where out of town,” said Stephen Balkam, ment and porn were commonplace? One mom, some results, albeit anyone can gather for karaoke chief executiveofthe nonprofit In my earlier Discord column, who told me that minor ones. Bark,a nights, group painting sessions or Family Online Safety Institute, the company said it took a laissez- alack of parental parental-control yoga classes. which works with tech companies faire approach to enforcement and controls is why and online-moni- On Discord, anyone can create a and lawmakerstomakethe internet wouldn’t interfere in a private she won’t let her toring service that private chat room—a “server,” in safer forchildren. Theorganization server unless someone made a children join Dis- monitorsDiscord’s Discord parlance—and invite allowedDiscordtobecome amem- complaint. That has changed. Dis- cord,said, “I direct messages on friends in to talk live via video, au- ber earlier this month, afterwhat cord has created a team of seven think putting the Android and Ama- dio or text and to share pictures Mr.Balkam described as arigorous machine-learning experts develop- user firstisfine zondevices, ranked and videos. This made Discord a application process. ing algorithms to detect harmful forpeople 18 and Discordthe fourth content free-for-all that many par- activity and identify suspected older but not for most-abusiveplat- ents have been leery of allowing child predators. Upon detection, anyone under 18.” form last year.Be- their children to access. Discord deletes the servers used Discord termi- Discord shows users a warning fore that, it wasNo. But over the past six months, by the suspected predators and nated more than about pornographic content 2. Bark measures the service, with more than 140 8.2% bans members of those groups four million ac- and blocks teens from it. abusivenessbythe million monthly active users, has from rejoining its platform. counts in the amount of activity instituted changes and is taking a of Discord activities in 2020 were Last year,Discordshut down first half of 2020 it flagsfor bullying, more proactive approach to polic- flagged as abusive, down from 2019 moreserversfor sexual content for violating its terms of service or sexual content and violence, among ing the site for child predators and based on itsown policing than on community guidelines, with the other issues.Last year,8.2% of all blocking minors from seeing porn. user complaints. It is also doing majority of the violations related Discordactivities that Bark moni- These changes come as social- moretotrain human moderatorsto to spam, according to its most re- toredwereflaggedfor being abu- media platforms are increasingly Discord’s bumpy road included spot trouble; it says 15% of itsem- cent transparency report. Of the sive, down from 12.6% in 2019.Bark scrutinized, from both the political a role in the 2017 “Unite the ployees nowwork on trust and non-spam violations, most account just issued its latest annual report right and left, for their handling of Right” rally in Charlottesville, Va., safety and monitor certain servers deletions were for exploitative on children and technology. content. They are seen as having that erupted in violence and left forproblematic activity. content, including child sexual- Barkcan’t monitor activity within played a role in the riot at the U.S. one counterprotester dead. The “Discordisnot about growth at abuse material and nonconsensual the servers, nor anytextchatson Capitol earlier this month; Face- FBI obtained a warrant for the Dis- all costs,” said Clint Smith, Dis- pornography. While few termina- Apple devices.Titania Jordan, Bark’s book and Twitter are also receiv- cord account of the leader of a cord’s chief legal officer,who joined tions were for harassment—Dis- marketing chief,cautioned that it is ing criticism for deplatforming white supremacist group, after the companyinAugust and over- cord says harassment is better ad- toosoon to celebrate. President Trump and some of his chats suggesting the leader en- sees itstrust and safety team. “We dressed by users blocking other Mr. Balkam, of the Family On- supporters. As they look to con- couraged violence at the rally were want to be an inclusiveplatform for users—harassment did make up line Safety Institute, pointed to the gregate elsewhere, options are lim- leaked on a left-wing media site. healthyengagement with friends the largest share of complaints in way some popular content cre- ited. One preferred network, Par- Discord said afterward that it and communities,and we have no the first half of 2020. ators on TikTok share videos on ler, was evicted by web-service banned servers promoting neo- problem banning people who don’t Discordnow also limitswhat mi- how to stay safe on the app and provider Amazon and app stores Nazi ideology. come herefor that reason.” norscan access on the platform. It said Discord should do more to ed- run by Apple and Google, on the Therehavealso been some high- Discord launched an online previouslydidn’t ask people to en- ucate its youngest users. grounds that it didn’t do enough profile cases in which child preda- safety center, where parents and teradateofbirth when they cre- “I would give them a B+ for the to stop the promotion of violence. tors were alleged to have used Dis- users can find tools to filter ex- ated an account—social-media sites improvements they’re making to Parler said its volunteer modera- cord to sharechild pornography or plicit content and block direct aren’t supposed to have usersunder the platform,” he said.

MY RIDE |A.J.BAIME His Ideal Porsche Wasn’t Sold Here. So He Built One.

Eric Pasia, 42, a Phoenix-based buying Japanese cars that I could management consultant and afford and modifying them. founder of Last Era, a clothing When I got my first job, I could brand inspired by motorsports, on afford my first real sports car, a his 1995 Porsche 911 Carrera RS 1999 BMW M3. Then I got a 2001 tribute, as told to A.J. Baime. BMW M3, then a BMW M5. Ulti- mately, I decided to switch over to hen I was young, my Porsche in the early 2000s. I W mother said to me, “Hey, bought a 2002 911 Turbo, and did you know your birth- started learning about the Porsche day is the same as Mario An- platform and history. That is when dretti’s?” I did not know who that I started hearing so much about was, so I went to find out. I soon air-cooled Porsches. became fascinated with him and Thereisawhole lineageoffan- with motorsports. All my child- tastic Porsches that everyone talks hood, I followed racing and the about, driven by air-cooled engines, Andretti family, and I got really beforethe companyswitched over into cars and modifying cars. In to water-cooled engines,toward the high school and college, I started end of the 1990s.Somanypeople told me I Eric Pasia with his 1995 Porsche 911 Carrera RS tribute. He has been modifying it for more than three years. needed to own an air-cooled (2) Porsche to re- cooled Porsches. The amazing version of this generation of 911, namic exterior parts, wheels, a ally experience thing about the 911 is that Porsche called the 911 Carrera RS. Very few number of suspension upgrades. I

JOURNAL what it meant launched this model in the 1960s, were made and it was never of- spent $10,000 on the suspension to be aPorsche and ever since, the company kept fered new in the United States. I alone, and added the rear wing. I REET

ST enthusiast. refining this single flagship model. came to believe that this was the modified the interior, and I light- LL In 2017, I So I felt like the last generation of ultimate air-cooled 911 driving ex- ened the car, attempting to recre- WA sold my 2002 the air-cooled 911 was the most re- perience—more raw, more sporty. ate this 911 Carrera RS.

THE Porsche and fined, and the most beautiful air- Going back to my childhood love At this point, Iamthree-and-a- R

FO bought a 1995 cooled 911 of all. for modifying cars, I decided to half yearsintothis journey,and A Porsche 911 For me, the joy is about chasing build my car into a 911 Carrera RS thereisalot lefttodo. Ithink of

O’HAR Carrera, from an experience. I asked myself: tribute. it as acontinued pursuit of the the last gener- What else was out there? I came I began buying and collecting perfect, raw, analog driving

CAITLIN ation of air- to find out that there was another all the parts I needed—aerody- experience. P2JW020000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | A13 ARTS IN REVIEW

Canadian producer Mike Milosh

MUSIC REVIEW | MARK RICHARDSON ForLove and All ThingsHoly CK TO Rhye’s latest imbues sleek electro-pop SHUTTERS

about seduction with liturgical overtones A/ MMAN/EP DA Y FERD

atein2012, anew musical ularly on the European festival fluenceexplicit. In between the that an aesthetically pleasing sur- You’re on the tip of my tongue,” entity called Rhye released circuit. Thus far,the project has heavenly sounds of “Intro” and face—whether it’s a person’s body while in “Come in Closer” he two intriguing songs, “Open” been marked by itsconsistency, “Outro,” “Home” offersvariations or a lush musical arrangement—is pleads “Show me all your pretty” and “The Fall,” with adis- which detractorsmight call pre- on established Rhye templates. its own reward. Songs like “Come to a potential paramour. Lorienting lack of context. In dictability.The newRhyealbum, Almost all of Mr. Milosh’s work in Closer,” with its bubbling But even though “Home” is nar- terms of emerging acts, the “Home” (Loma Vista), out Friday, as Rhye is inspired by and de- bassline driving the midtempo rowintone and atouch shallow early yearsofthe 2010s were rich gestures toward fresh territorybut signed for sex and romance. The groove, and “Beautiful,” a sleepier emotionally,ithas itspleasures, with authorial mystery—artistslike ultimately fits squarely within Mr. songs describe the flutter of early and dreamier song that, yes, is especially on the level of itspro- the Weeknd, the R&B project from Milosh’sinitial remit. attraction and the deep physical about a gorgeous woman, offer an duction. “Black Rain,” abuoyant Abel Tesfaye, oftenhad several Every Rhye album cover fea- connection of long-term commit- image of longing that’s skin-deep. discotrack that ranks as the re- widely shared songsbeforeanyone tures a photo of a beautiful woman Two tracks in the album’s first cord’s best, is one of several with a knewwho wasbehind them. in a dramatic pose right out of a half, “Safeword” and “Hold You lush and appealing string arrange- TheRhyesongswereexquisitely perfume ad in a high-end fashion Aglossysurface— Down,” hint at a kinkier side of de- ment; both “Hold YouDown” and rendered pop with minimalist incli- magazine—Mr. Milosh has worked sire, but there’s no musical change “Holy” deploythe Danish choir to nations,and the singer’s silky, as a photographer, and he shot whether aperson’sbody to accompany the shift in tone. moving effect; and Mr.Milosh has high-pitched, ethereal coowas hard several of the covers himself. The or alusharrangement— Even when Mr. Milosh veers from an ear forgracefulpiano partsthat to place. Theclearest musical influ- motif fits perfectly with the proj- love and lust, the backing remains convey yearning.The engineering encewas the chilled and jazzy R&B ect, as each album seems like a canbeits ownreward consistent. “Sweetest Revenge” is outstanding and the mix,byvet- of Sade,and manyassumed ini- new issue of a periodical, where contains the line “My body’s filled eran Alan Moulder,finds each ele- tially that the singer wasawoman. the basic structure never changes with such rage” but such a senti- ment placed perfectly.“Idon’t But Rhye’s voiceturned out to be but the specific details do. ment has never been delivered so knowifitevenmatters who Iam,” that of man, Canadian producer One fresh wrinkle on “Home” is ment. Few qualities in music are softly. Mr. Milosh’s whisper sounds Mr.Milosh told the magazine DIY MikeMilosh, who had been making evident from the opening track,“In- as personal as what a given lis- like air slowly escaping from an in 2015,speaking about the proj- low-key electronic recordsunder tro,” which featuresthe Danish Na- tener finds sexy—one person’s inflatable mattress, even when ex- ect’smysterious early days.“It his ownname forseveral years. tional Girls’ Choir.InMr. Milosh’s aphrodisiac is another’s cold pressing what seems to be anger. should be about the music.” For Thepair of tunes appeared on the work as Rhye, the carnal driveof shower—so it’s difficult to judge The words throughout are a betterorworse,hegot his wish: acclaimed 2013 album “Woman,” R&B meetsthe disembodied grace these songs using that criterion. secondary consideration, and one Almost adecade on, he’sstill a and two releases,2018’s“Blood” of liturgical music—he makes bed- While it’s easy to imagine couples can get the full Rhye experience blank presencecrafting consis- and 2019’s“Spirit,” established Mr. room slowjams mixed with the as- in bedrooms cuing a Rhye album without decoding individual lines. tently lovely albums that seem to Milosh as amaster of sleek elec- ceticism of Gregorian chant. By on the streaming service of their Mr. Milosh’s lyrics are often frag- come from nowhere. tronic pop about seduction and bookending his album with pieces choice, others might find his style mented, as if he’s so overcome heartbreak.While his studio profi- forchoir—the closing “Outro” of- far too wispy and antiseptic for with feeling he can’t finish a Mr. Richardson is the Journal’s ciencywas obvious,Rhyealso be- fers variations on the firsttrack— such a setting. thought. In “Holy,” he sings “Your rock and pop music critic. Follow came apopular touring act, partic- he rendersthis long-simmering in- The music embodies the idea taste is running through my / him on Twitter @MarkRichardson.

IF YOU’RE LOOKING forwhompin’, TELEVISION REVIEW |JOHN ANDERSON only has Mr.Padalecki’scharacter stompin’,kung-fu-administered thus been cast as lessthan forth- rear-end alignmentsofthe Chuck right and take-charge,itissug- Norris variety,“Walker” maycome ‘Ranger’GetsaReboot gested that he ranaway at precisely as asurprise.Itwill be an under- thetime his kids needed him. standable surprise: Theshowisare- Rather than rush home to see them boot, pun intended, of the old Norris when he gets back from his mysteri- vehicle “Walker,Texas Ranger,” in Lindsey Morgan, ous mission, he parks his enormous which acting,dramaturgy and plau- Coby Bell and pickup truck in apublic park. sibility took aback seat to the mar- Jared Padalecki in Wherehestartsdrinking.Only to be tial-artsprowess of Mr.Norris,the ‘Walker’ takenintocustody by State Trooper instant gratification that comes with Micki Ramirez (Lindsey Morgan), bad guys being righteously thumped who,just coincidentally,isabout and the moral justification of vio- the become aTexas Ranger and— lence, judiciously applied. gasp—Walker’s partner. In “Walker,” JaredPadalecki The moral grayness of “Walker” (“Supernatural”)plays afar more will give the show’s writers no end nuanced edition of Cordell Walker, of material, especially since the se- Texas ranger—lawman, father and ries seems positioned to be family widower, though not necessarily in friendly, moralistic, vaguely Chris- that order; Walker’s priorities are tian and averse to the kind of may- poised to be acentral part of the se- hem that distinguished the pro- ries’ plotlines and motivations. gram’s predecessor: Walker does WhereMr. Norris waslargely im- beat down one deserving, smart- penetrable,Mr. Padalecki is awide- mouthed drug smuggler, but then open book,riven with uncertainties, gets chastised by everyone includ- apt to makethe wrong move. His ing his supervisor (Coby Bell) and Walker is established as something has to promise to be better. You quiteunusual: alaw-and-order hero have to ask yourself, what would with no sense of authority. Chuck Norris do? This may well change, as only The new Walker might ask him- the pilot was available to review self the same thing and come up and, as with most new shows, the with several conflicting answers. introductory episode is hampered Depending on your outlook, by the task of having to introduce “Walker” is either progressive or everything. That said, the show’s feel-good, since it changes the ba- creator, Anna Fricke, might have sic thrust of the original and takes done this more tidily. The opening place not in Dallas but in that bas- moments of the first episode in- tion of Texas liberalism, Austin—a volve the death of Walker’s wife, choice that likely had more to do Emily (Genevieve Padalecki), under with the financial incentives of- circumstances that go unexplained, fered to the production by the city as do the man’s anguished cries Walker is late for his own wel- long. He mutters something about help with the details. than any political statement. But if when he hears gunshots over her come-home party, an event that “more than a month,” someone Everyone’smad at Walker,atany you’re looking for an agenda, cellphone while appearing other- provides some shorthand on the else later says “three months” but rate,especially his kids,Stella (Vio- “Walker” will provide. wise paralyzed into inaction. The rest of the cast and their interrela- it’s hard to tell: All this soft-spo- let Brinson) and Augie (Kale Culley),

next thing we know, we’ve leapt tionships, but not on where ken Texas muttering may be re- sinceheseems to have disappeared Walker CW

ahead, to an evening in which Walker’s been, why or for how gionally authentic, but it doesn’t right aftertheir mother died. Not Begins Thursday, 8 p.m., The CW THE P2JW020000-0-A01400-1------XA

A14 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. SPORTS MetsFire General Manager Jared Porter

Owner Steve Cohen announced the move following publication of accusations that he sent explicit texts to a reporter


he NewYork Metsfired general manager Jared Porter on Tuesday Tmorning just hoursaf- terpublication of accu- sations that he sent sexually ex- plicit, unsolicited textsand images to afemale journalist in 2016 when he worked forthe . Thefiring,which comes barely a month afterPorter’s hiring,isthe firstcrisis of billionairehedge- fund manager SteveCohen’sown- ership of the Mets. It also revives questions about howbaseball treatswomen in itsworkplace. also in- tends to launch an investigation intoPorter,which could lead to him being suspended from the sport, aperson familiar with the mattersaid. Former Houston As- tros assistant GM Brandon Taub- man wasindefinitely banned from baseball last Januaryafter he made inappropriatecommentsto- ward female reportersatapost- game celebration during the 2019 playoffs. ESPN reported that Porter,who wasthen working as the Cubs’ di- rector of professional scouting, sent morethan 60 unanswered messages to the woman, including one of anaked penis.The woman—who wasnot named and came from a The NewYork Mets whobought the Metswith the previouslysigned free-agent foreign countrytocover fired general manager promise that he would fixwhat catcher James McCann to afour- baseball—told ESPN she Jared Porter,left, on had long been aculturenoted for year deal worth $40.6 million. believed Porter’s initial in- Tuesday. The Porter itsdysfunction. Porter’s firing leavesthe Mets teractions with her were of scandal is the first Last January—under the previ- without ageneral manager only a atypical journalist-source major test of ous ownersand former general month beforethey arescheduled relationship,but that his leadership forMets manager Brodie VanWagenen—the to report to Port St.Lucie,Fla., for tone quickly turned inap- owner SteveCohen. Metsfired manager Carlos Beltrán spring training.When Cohen as- propriate. beforeheworked asingle game sumed control, he hired Alderson, In the ESPN story, which following revelations of his in- who previouslyserved as MetsGM came out around 11 p.m. that says something volvementinthe Astros’ sign- from 2011 through 2018.Alderson ET Mondaynight, Mets very loudly.” stealing scandal as aplayerin immediately firedVan Wagenen president Until now, Porter 2017. Nowthe Metshavedismissed and manyofhis topaides in the said Porter acknowledged had been seen as a their general manager beforePor- executivesuite. He initially had “his serious error in judg- rising star among tereverreported to his first sought to hireapresident of base- ment” and that the organi- baseball executives. spring training at the helm, with ball operations to oversee the zation would “reviewthe He started his ca- Cohen taking little time beforetak- front office, but changed course af- facts.” Just before8a.m., reer as an intern for ing action. terthe Metswereunable to obtain Cohen posted on his Twit- the Alderson on Tuesdaydefended permission to interviewseveral teraccount that he had beforejoining the the Mets’ hiring practices.Hesaid, potential candidates. terminated Porter,who fi- Cubs.Helater be- “I’m confident this is not some- Instead, the 73-year-old Alder- nalized afour-year contract in came the firstwoman to become a came an assistant general manager thing that we should have known son took over baseball operations mid-December. MLB general manager. forthe Arizona Diamondbacks.He about, should have found about it” and brought in Porter to report to “In my initial pressconferenceI Beforejoining the Mets, Porter wasapart of four World Series- and that it doesn’t reflect “a fun- him. Theplan wasfor Alderson to spokeabout the importanceofin- worked forthree other major- winning teams. damental flaw in the process.” The groom Porter so that he could one

tegrity and Imeant it,” wroteCo- league organizations,receiving fre- TheCubs said in astatement Metsran aroutine background daylead the baseball operations S hen, who completed his purchase quent promotions on his way to that they “werenot aware of this check on Porter beforehiring him, department. Alderson said that PRES of the Metsfromthe Wilpon fam- earning one of the 30 covetedGM incident ever being reported to the leaving Alderson to wonder if a thereare no immediateplans to ily in November.“Thereshould be positions.Some of the manyrefer- organization” and that “had we morerigorous investigation could replacePorter,though assistant TED CIA

zero tolerancefor this type of be- ences the Metssolicited knewthe been notified, we would have be required in the future. GM Zack Scottisexpected to as- SO havior.” 41-year-old Porter as far back as takenswiftaction.” TheDiamond- “Wehavetodowhatever we sume greater responsibility. AS S; Porter,who couldn’t be reached college, and “Therewasn’t really a backs said, “Wewereobviously think is necessarytoensurethat With anet worth of close to $14 forcomment by TheWall Street dissenting voice,” Alderson said. not aware of these allegations we’rehiring well-vettedemploy- billion, Cohen is the wealthiest PRES

Journal, told ESPN in an interview None of those recommendations from 2016 and had we been, we ees,and Ithink what this situation owner in baseball and has vowed TED

on Mondaythat the sexual photo- came from awoman. would have investigated and ad- suggestsisthat we need to rethink to turn the Metsintoperennial OCIA SS

graphs were “joke-stock images” “That’sone of the unfortunate dressed the situation immedi- what constitutes well-vetted,” Al- contendersafter nearly 35 years /A and declined to speak further. circumstances that existsinthe ately.’’ESPN said the woman had derson said. without aWorld Series champion- Thesituation rekindles ques- game today. Therearen’t women connected at the time with aCubs TheMetsunder Cohen have ship. tions about the treatment of in those positions with whom one employeefromher home country, been one of the most aggressive “When Icame here, my goal WILLENS women working in baseball, an in- canhaveaconversation.” Alderson who said he had discussed the sit- teams in the sport this offseason, wastoput agood team on the THY KA

dustrydominated by whitemen at said. He added, “That’sareflection uation with her and Porter. recently swinging ablockbuster field and changethe culture,” Al- P: the leadership level. In November, of the demographics of the game ThePorter scandal wasthe first trade with Cleveland forsuperstar derson said Tuesday. His firstkey TO OM

Kim Ng of the Miami Marlins be- todayinfront offices,soIthink major test of leadership forCohen, shortstop FranciscoLindor.They hire lasted all of five weeks. FR

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THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | A15 OPINION America the Unextreme BOOKSHELF | By Richard Norton Smith

My father Harold Macmillan ill-advis- marched on the Capitol. If the that Mr.Trump called Nazis A Pledge said Demo- edly told the truth when asked crowd had been half itssize, andwhitesupremacists“very cratsweren’t what plans he intended to would the Capitol Policehave fine people.” Everytime he re- betterthan pursue as prime minister. He held? Contingency. What if a peated this canard, he loosed a Republicans said he expected to be primar- group had cornered Nancy delugeoflinks among voters To Serve but the two- ily occupied with “matters Pelosi or MikePenceinahall- pointing to transcripts, videos, BUSINESS party system that arise.” way? You don’t want to think mashupsand the University of WORLD wasanYoudidn’t knowwhat to about it. Thehingeofhistory. Pennsylvania’s FactCheck.org The First Inauguration American expect from Donald Trump ex- Mr. Trump might not have showing Mr.Trump,unbidden, By Holman W. strength and cept chaos,ashort word for been president in the first hadplainly said he wasnot re- By Stephen Howard Browne Jenkins, Jr. he supported unpredictability. placeifnot forthe antic ac- ferring to these groups who (Penn State, 229 pages, $29.95) it by voting In the weeks sinceElection tions of James Comey in re- “should be condemned totally.” astraight party ticket. It al- Day, aNew York Times writer sponse (as we later learned) If extremistswant to be- tranks with the filibuster and the chaplain’sprayer waysmade sense to me.Later, has said JoeBiden cannow to dubious Russian “intelli- lievethey aresecretly in I among the hoariest traditions of the United StatesSenate: as acommentator,you quickly acknowledgethe strength of gence.” league with mainstream poli- Everyyear since1896,onorabout Feb. 22,amember appreciatethe two-party sys- the Trump economy, Fareed ticians, they get enough help reads intothe record George Washington’sFarewell Address. temfor what it is and isn’t or Zakaria says we canadmit the already.Digital microtargeting Washington’sprose,ashoned by his ghostwritersJames youbecome an idiot. When “dirty little secret” that his Politicians need to wasexpected to worsen the Madison and Alexander Hamilton, does not easily translate 330 million people must find administration was tough on temptation of politicians to be intothe parlanceofsoundbitepolitics.But the dangers homes in just two parties, Russia, andcountlessDemo- relearn the wisdom all thingstoall people.Now identified by the retiring president—excessivepartisanship, those parties canbemany craticforeign-policywonks of not denigrating it’sdoing the opposite. ANew sectional over national loyalties,misplaced allegianceto things except a source of co- arerubbing their hands at Mr. York Times decision to de- foreign powers—areascontemporaryasthe latest tweetstorm. herence, consistency, wisdom, Biden’sinheritanceofMr. voters by the millions. fenestrateaneditor because According to Stephen Howard Browne, aprofessor of truth or reason. Trump’sMideast peacedeals. social media didn’t likeanop- communications at Penn State,the lawmakersmay be listen- Historyalso suggeststhat In an eloquent piece in the ed now seems pregnant. Five ing to the wrong speech. To Mr.Browne it is Washington’s youcan’t knowinadvance NewYork ReviewofBooks, Joe Biden had high aspira- yearsago it wouldn’t have firstinaugural address, delivered on April 30,1789, that offers which of two presidential can- PerryLink champions manyof tions so didn’t join the collu- happened. Everyeditor and aclassic defense of republican virtue as the linchpin of popular didates the countrywill fare China’smost illustrious dissi- sion bandwagon. Neither did newspaper owner would have government. “I walk on untrodden ground,” the newpresident better under, though politics dentsfor applauding Mr. Bill Clinton and Barack known that to surrender to thereacknowledged, his everyaction defining the scope of is the passionateillusion that Trump’s“demotion of [a] U.S. Obama, because ex-presidents the mob wasdeath to our executiveauthority forall who would follow. In the years youcan. Youcould not have policy elite” that resisted the value their dignity.Acorollary business. since, countlesswritershave guessed that JimmyCarter truth about the Communist is irresistible: Manywho par- But the episode is disposi- retraced his footsteps,lead- would start the transforma- Party. ticipated in the collusion hoax tive. Cowardiceisincharge of ing Mr.Browne himself to tion that Ronald Reagan Mr.Trump wasnotoriously did so because they had a manynewsrooms.Fear in- wonder: “Have we not had would continue,legislatively incapable of admitting error written document to hide be- stead of reason—fear of losing quiteenough of George deregulating much of the or fault but wasagreat recog- hind—the Steele dossier.Con- ajob in the next Twittererup- Washington?” American transportation and nizer of contingency. His fa- tingency. tion, fear of being knifed by Thequestion answers itself energy sectors, introducing a voriteverbal punctuation was, Normally nothing would ideologically obsessed col- in this deceptively slender Milton Friedman-style regime “We’ll see,we’ll see,we’ll horrifyapolitician morein leagues—determines what you volume,inwhich Mr.Browne to the Federal Reservetosave see,” whether the subject was our two-party system than to can see, hear or be taught in skillfully synthesizes biography, the dollar.You could not have the pandemic or atrade deal. be heardexcommunicating certain of our institutions. travelogue,social and political guessed George W. Bush’s leg- Twoprevious Trump rallies large numbersofvotersas Jefferson said a free press is history, and rhetorical analysis acywould be two wars or in D.C. had ended in brawls Hillarydid with her “deplor- democracy’sindispensable to reach fresh conclusions that, afterthe monumental between Trump supporters ables” comment. Mr.Trump bulwark.Ifso, returning cour- about the relationship between collapse of his signature andopponentsrather than himself consistently resisted agetoour newsrooms maybe individual and national char- health-careinitiative, Bill with police. advicetostoprhetoric that moreimportant to bringing acter.Long beforehetook the Clinton’s would be to husband Trump organizersexpected revolted millions of voters. Americaback and restoring a oath of officeonthe balcony the Carter-Reagan capital to 3,000 and then 5,000 people Mr.Biden likely lost more semblance of consensus than of NewYork’sFederal Hall, preside over another eco- for his speech on the ellipse. voters than he gained by bas- anyjob Mr.Biden will for- Washingtonhad enshrined duty over self-advancement in his nomic boom. AJournal estimatesays 8,000 ing his campaign on the claim mally accept on Wednesday. personal code.Hedemonstrated as much at the close of the Revolution, when mutinous officersinthe Continental Army contemplated marching on Congress, until they were shamed out of it by their victorious general. Covid Control Will Make or Break Biden “That Americans have been spared the trauma of the militarycoup d’état,” writes Mr.Browne,“is owing in no Describing his MembersofCongressquickly Americans.The public has en- monitor progress constantly. small measuretoageneral insistent on the privilegeofcivil plan to get learn that constituent services dured alot over the past year Second, Mr.Biden must es- authority,who,wielding the sword in battle,laid it down in the Covid-19 in their local offices matterat and is increasingly impatient; tablish realistic goals—and peaceand leftitthere.” Can therebeany stronger proof on pandemic un- least as much as voting re- waiting is especially hard meet them.For example,he this Inauguration DayofWashington’scontinuing relevance? der control, cords. Helping constituents when what youwant is barely has publicly pledged 100 mil- Forhim, no lessthan forhis 20th-centuryadmirer Dwight JoeBiden navigate complex bureaucra- out of reach. lion inoculationsinhis first Eisenhower, the presidencywas no promotion. On the eveof POLITICS wasblunt. cies affectsnot only them but On the other hand, Mr. Bi- 100 days.Whether or not this his investiture, fearing the toll of public controversy on his & IDEAS “You have my the stories they tell their denhas afoundation he can promise waswise,itistoo reputation, Washingtonconfessed to emotions “aspainful ... word,” the friends and neighbors. build on. Most Americans latetopull it back.His team as they arepleasing.” That he should nursesuch feelings By William president- Younever getasecond agree that afull return to nor- must make it happen. while being rowedacrossNew York Harbor to the deafening A. Galston elect declared chancetomakeafirst impres- maleconomic and social lifeis Third, he must rebuild cheersofhis countrymen says much about this 18th-century last week. sion, and managing the pan- impossible until Americans working relationships be- idealist without illusions. “Wewill managethe hell out demic will be the firstimpres- areconfident that they are tween the federal government Heroworship exacted ahigh price, as Mr.Browne illus- of this operation.” He had sion President Biden makes.If protected against Covid-19. and the states.Thereshould trates in tracking Washington’striumphal two-week “inaugural better. Anything lesswould he gets it right, he will be ahot line connecting the journey” from Mount Vernon, Va., to NewYork City.Since be abody blowtohis admin- strengthen his hand in dealing WhiteHouse with the nation’s visitsfromlocal notables would inconvenienceprivatehome- istration and the country. with a divided Congress, and To succeed, he’ll have governors. President Biden owners, the traveler opted to stay in “public houses” every- When there is widespread he will begin the long task of should talk with the leadersof wherealong his route. In Philadelphia, amassiveparade agreement on a course of ac- rebuilding public trust and to establish a chain the National GovernorsAsso- ushered him down Market Street to City Tavern and yet tion, leadersare judged on confidence in government. If of command and level ciation daily and ask them to another celebratorydinner,culminating in atoast (his 14th of how well they carry it out. In his team botches the job,he serveasconduitsbetween the the evening) to “government without oppression, and liberty her 2016 book,“WhyPresi- will bear the brunt of public with the public. states and the WhiteHouse without licentiousness.” Theauthor enlivens Washington’s dents Fail,” my Brookings In- disappointment. forespecially urgent requests road trip with revealing detoursintothe president-elect’s stitution colleague Elaine Ka- Mr.Biden has inherited a from individual governors. spiritual outlook (he reserved his most fervent belief forreli- marck shows how monumental challenge. The Despitesome understandable As anyone who has ever gious toleranceand faith itself as abulwark of public order); management failures can Trumpadministration’sOper- but overwrought fears about been trappedinanairport his attitude toward “the people”;and the seeds of American make or breakpresidencies. ation Warp Speed encouraged the safety of newly authorized understands,not knowing exceptionalism. JimmyCarter never recovered the development of vaccines vaccines,thereisbroad sup- whyyour plane is delayedor from the failed mission to res- in record time, but then hit a port formassinoculations. howlong youwill have to cue American hostages in snag in logistics.The feds Republicans and Democrats wait canbeharder to take ForPresident Washington, holding public Iran, nor did George W. Bush have shipped vaccines more maynot agree about how than thedelayitself.Mr. Bi- officewas aresponsibilityassumed, not an from his botched response to slowly than expected. Many much money to spend, but se- den or his team should create Hurricane Katrina. Theimplo- states have been inadequately rious requestsfor moreassis- apublic dashboardofimpor- opportunityexploited. sion of the Affordable Care prepared to pass out the vac- tancefromstates, localities tant production and distribu- Act’s websitesignificantly cines they receive. Highly and public health agencies are tion metrics and communi- weakened the Obama presi- publicized instances of line- likely to be received favorably. cate specific information to Not until he reaches NewYork,wherereportedly one of dency. jumping threaten to weaken To meet the moment, Mr. the countryonaregular ba- five households owned slaves, does Mr.Browne confront “the This is all the moreimpor- confidenceinthe fairnessof Biden faces three crucial man- sis.Ifthereare glitches in the terrible paradox—the manifold hypocrisies”—of human bondage. tant when policies affect indi- the process. agement tasks.First, he must vaccine production line,tell Half the presidential household consisted of enslavedpersons. viduals directly,because these Some Americans,including establish aclear chain of com- us.Ifacorporation or gov- Yeteventhen, philanthropic stirringswerebeginning to ques- policies inform howsociety manyhealth-careworkers, are mand within his administra- ernment agencyisn’t doing tion this stain on the American experiment. Adecade would perceives the competenceof hesitant to getvaccinated. tion. His team must know its job, level with us and take passbeforeex-President Washington, in the last summer of itsinstitutions and leaders. Those who want the vaccine whoisempoweredtospeak responsibility forfixing it. If his life, draftedawill granting freedom to his Mount Vernon Savvy politicians understand have struggled to find out and act on the president’sbe- astate isn’t doing itsfair slavesonthe death of his wife, Martha. that attitudes toward govern- howtoobtain it, as confusing half.His point person must shareand quiet persuasion Posterity has been far tooinclined to take Washingtonat ment areshaped by motor-ve- appointment websites have organizeawhole-of-govern- fails,call out itsleaders. his word that he wasnopolitician. His firstinaugural address hicle departments and Veter- stumped those without tech ment team, giveeach member Treat Americans as adults is askillfully worded brief forthe untried government to ans Affairshospitals. savvy, particularly older specific responsibilities,and who canstand the truth. which he lent his vast credibility.Tobesure, itssix para- graphs contain no policyagenda and no economic program— nothing,infact, to rouse the sleeping dogsofcontroversy. Thetone throughout is deferential toward those who fear the Biden Destroys Restaurants to Save Them Constitution as ablueprint forexecutivedominance. Thus, Washingtonyields to “the voiceofmyCountry” summoning By Michael Saltsman ing minimum, $7.25 an hour. a30-hour workweek.With back yearsofdeclining em- him out of his Mount Vernon retirement. He acknowledges Theseparateminimum for payroll taxes, that’sroughly ployment in 2018 and 2019,ac- “the invisible hand, which conductsthe Affairsofmen,” and oe Biden proposes $15 tipped workersis$2.13 an $100,000 in newannual costs, cording to datafromthe praises the constitutional framersofPhiladelphia, who J billion in relief grantsfor hour,and the president-elect compared with the average Quarterly Census of Employ- straddled the line between freedom and authority. America’sCovid-crushed proposes to raise that to $15 Covid relief grant of $15,000 ment andWages.InSeattle,a “Thereisnotruth morethoroughly established, than that businesses.But he also wants too—an increase of morethan per small business. research team linked to the thereexists...anindissoluble union between virtue and to mandateanew minimum 600%. Tipped workersare al- Arecent study from econ- University of Washington happiness, between duty and advantage.” This,the most wage that formanyrestau- ready required to earn the full omistsatMiami and Trinity found a13% increase in the explicitly autobiographical passageinthe speech, precedes rantswould wipe out the ben- federal minimum between universities finds aplan like rate of businesses closing or the most politically disarming expression: Reminding his efit and then some. their base wage and tips,and Mr.Biden’swould cost the leaving the city associated with audiencethat Article Five of the Constitution provides forthe Restaurantsshed some six most earn far more. hospitalityindustrymore arising minimum wage. document’samendment, Washingtonissues aveiled invitation millionjobs in the firsttwo than one million jobs—in- Mr.Biden has dismissed to James Madison and like-minded lawmakersintent on months of the pandemic.Asa cluding nearly 700,000 held thepoint. “There’snoevi- crafting abill of rights. Finally,inproclaiming his desireto consequenceofcontinued Abolishing the tipped by tipped workers. ACensus dencethat when youraise the servewithout pay—an offer rejected by the FirstCongress— Covid-related closures and a Bureau study shows that res- minimum wage,businesses go Washingtonembraces the contemporaryprinciple that, in Mr. decline in customer traffic, minimum wage would taurant workerssee lower out of business,” he said in Browne’swords,“officeholding ought to be understood as a the industryended 2020 with wipe out the benefit tips in states with ahigher his second debatewith Presi- responsibility assumed rather than an opportunity exploited.” 2.5million fewerjobs than minimumwage, alikely con- dent Trump.But the nonpar- Thesobering final chapter of Mr.Browne’sbook traces the beforethe pandemic.They re- of his Covid grants. sequenceofrestaurants’ tisan Congressional Budget diminished fervor with which the NewYork inaugural has ceived atemporarylifeline transition towardsself-ser- Officerevieweddecades of re- been commemorated through the years. On its1989 bicenten- through the Paycheck Protec- vice models.Unsurprisingly, search on the subject and re- nial, George H.W. Bush, at the Federal Hall National Memorial, tion Program, but have advo- Therelief grantswouldn’t tipped workersoppose Mr. affirmed the consensus view looked on as an actor portraying Washingtonre-enacted the catedwithout success for come close to offsetting this Biden’splan. that wage hikes cost jobs.In- oathtaking—without quoting so much as aline of the first more-substantial relief.Mr. newmandate. Consider the These national studies are creasing restaurants’ labor inaugural address. But then, Bush’sown remarks were Biden’srecoveryplan ac- math forasmall full-service supported by local datafrom costsisnoway to help them scarcely heardoverthe protesting voices of AIDS activists. knowledges restaurantswere restaurant location in West left-leaning cities and states recoverfromapandemic. Perhaps such peaceful (if occasionally noisy) dissent is the “disproportionately” harmed Virginia with five servers, that have already raised the ultimatetributetothe Washingtonian republic,whererights by Covid. wherethe tipped-wagemini- tipped minimum to $15 or Mr. Saltsman is managing and responsibilities maintain gyroscopic balanceand virtue But he also proposes to mum is $2.62 an hour.Mr. Bi- nearly that. Afteryearsofro- director of the Employment is itsown reward. raise the federal minimum den’splan would raise the bust full-servicerestaurant Policies Institute, which re- wage to $15 an hour,which hourly cost of each server by growth, both NewYork City ceives some support from res- Mr. Smith, the author of “Patriarch: George Washington and morethan doubles the exist- $12.38,or$19,313 annually for and SanFranciscosaw back-to- taurants. the New American Nation,” is at work on alife of Gerald R. Ford. P2JW020000-0-A01600-1------XA

A16 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR How Will Biden Govern? Impeachment and Healing a Divided Country

oe Biden begins his Presidency at a mo- known to the public because few in the media Regarding your editorial “The calprism and demanded an end to ment of deep political division, but para- covered it. Preoccupied with Mr. Trump, the Seven-DayImpeachment” (Jan. 14): self-aggrandizing attacks on the J doxically this gives him a rare opportu- media barely asked Mr.Biden anyquestions at Youmakethe point that President- millions of our fellowcitizens who elect Biden could have calmed polit- votedfor President Trump. nity.Nodoubt his Inaugural all. Despiteall we knowabout By his own instincts, ical temperatures and enhanced his Howcould the social-media mo- Addresswill echo his cam- Mr. Biden’s past as a Senator approval ratingsbythe simple act guls and the Amazons,Citibanks paign theme of unity and heal- or the desires of his and Vice President, we really of suggesting that Democratspass and Targetsofthe world refuse ing,but his success in that don’t knowhow he will choose on an impeachment trial. But Mr. such arequest forunity? It would mission will depend on resist- party’s progressives? to govern as President. Biden has already passed on an have been, and still might be,as ing the divisiveprogressive On that score, it is some- even greater opportunity.When historic agestureasAbraham Lin- domination sought by his what reassuring that Mr. Bi- Facebook, YouTube, Twitterand Ap- coln’scall forunity as the Civil War party’s left. den’sCabinet appointees arefigures of the ple shut down competing social me- drew to aclose.But our newly Mr. Biden has been around long enough to Democratic establishment. They areliberals of dia; as banks declined to do busi- elected president has done none of appreciate the good fortune that has brought the sort who canrecognizepolicylimitsifthey nesswith President Trump; as these things. If “great momentsare him to the Oval Office. Covid-19 accentuated truly want cross-party support. punditscalled forostracizing all born from great opportunities,” Mr. Trump administration officials from Biden is passing one up right now. Donald Trump’s leadership flawsand ruined the Other portentsare not encouraging.Mr. Bi- futureemployment; as CEOs at ma- TODD M. JOHNSON strong pre-pandemic economy. Mr. Biden was den’srhetoric in particular has been morecon- jor American corporations rushed to Edina, Minn. going nowhereinthe Democratic primaries un- demning than unifying. He was right to blame decline commerce with people who til Bernie Sandersemergedasthe front-runner Mr.Trump forcontributing to the Jan. 6Capitol dared voicetheir worryabout the If knowingly inciting people to and the party turned to the former Vice Presi- riot, but comparing Sens.Josh Hawley and Ted fairnessofthe presidential election, actsofviolenceisthe newstandard dent in political desperation. Cruz to Joseph Goebbels is Trump-likeexcess. Mr.Biden could have takenthe forimpeachment, then fine,im- Nowashetakes office, the vaccines areroll- His speech writersseem infused with woke ide- stageand shouted that enough was peach President Trump.But this of- ing out and the economy is ready to soar once ology, as they cast the riot and most other enough. He could have pounded the ficial newstandardofpolitical the Covid scourge eases. He will get political events in the language of identity politics. podium and told social-media com- speech must apply to everyone or credit forthe rebound simply by being thereas Mr.Biden’searly legislativepriorities also panies to “stand down” and open else it’samerepartisan ploy. the pandemic pall lifts.UnlikeaRepublican, Mr. seem odd given that he has no great election their channels to all Americans Shouldn’t Kamala Harris be im- again; scolded businesses that it peached forher vocalsupport of Biden will also have nearly all of the media and mandateand anarrowly dividedCongress. isn’t “American” to close your mar- BLM rioterslast summer? Thekey the commanding heights of American culture Ron Klain, his newWhiteHouse chief of staff, kets to people with differing politi- to ahealthyfunctioning democracy behind him. A majority of Americans want an described the toppriorities as addressing four calopinions; declared that we don’t is one standardoffreespeech for end to the furious rancor of recent years, and “overlapping and compounding crises”— denypeople who servethis country all. No exceptions. Mr. Biden is poised to benefit. Covid, the economy, climateand racial justice. futureemployment because we see PHILLIP RULAND Left to his ownpolitical instincts, Mr.Biden Therhetoric of “crisis” is the familiar progres- the world through adifferent politi- Newport Beach, Calif. could be the man forthis moment. He is amod- sivetrope to scarethe public intoaccepting erateliberal with sympathyfor the working radical change. classwho is inclined to reach acrossthe politi- The only urgent crisis is the pandemic and calaisle.With a50-50 Senateand anarrow the economic distressthat flowsfromthe gov- The Electoral College the Next Time Around House majority,healso has good practical rea- ernment lockdowns and social distancing. Regarding ChristopherDeMuth’s anywhereelse in the Constitution. It son to do so. At 78 years old, he realizes he is Speed up vaccinations and the economywill re- “TheElectoral CollegeSaved the is acreature of statelaw. likely to serve only one term and could create bound on itsown. Mr.Biden’seconomic Election” (op-ed, Jan. 9): Yes, the col- Finally,ifevenwithout the mis- an admirable legacyasthe man who calmed the agenda—morespending,regulation and taxes— lege“canelect someone who didn’t conceptions one is still impelled to Trump-erafuries.That, at least, is our hopeful is athreat to sustaining what otherwise should win the nationwide popular vote.” abolish the Electoral College, thereis case for the Biden years. be a buoyant recovery. Themoresubstantial distortion, no reason to stop there. TheElec- iii On foreign policy, Mr.Biden is aliberal inter- however, is the “winner take all” ap- toralCollegeperfectly mirrorsCon- Yet Mr. Biden also comes to power with a nationalist who will trytorestorethe pre- proach adopted by 48 of the 50 gress, and the Senateshould be the DemocraticParty whose ascendant progres- Trump multilateral order. But that order was states.This is the moresignificant next to go. sives have other ideas. Their goal is to use the fast eroding under Barack Obama as China, Rus- reason foraresult at odds with the JOHN J. RONAYNE federal government as abattering ramtodrive sia and Iran asserted themselves and worked popular vote. Plymouth, Mich. TheElectoral College“causes can- economic and cultural “transformation.” Pro- together to seek regional dominanceand erode didates to campaign heavily in ‘bat- Theissue Isee with Mr.DeMuth’s gressives in the House and Senate, urgedonby U.S. influence. Mr. Biden’s great challenge will tleground states’ while ignoring logic forkeeping the Electoral Col- the Democratic media complexand Silicon Val- be China. That could become acrisis sooner those they think they arecertain to legeisanassumption that it would ley,viewthe defeat of Donald Trump as the than he thinks if President Xi Jinpingsenses carryornot.” Battleground states are requireafederal election system. He opening to assert a new level of government U.S. weakness and moves on Taiwan by block- entirely the result of “winner take states that afederal system would control over the economy and cultural domi- ade or invasion. all.” Take California—the most popu- have to regulatevoter and candidate nance over American society. iii lous stateand one that is overwhelm- qualifications along with voting pro- Mr.Biden has always been aparty man, Policyaside,ifMr. Biden really wantsto ingly Democratic.Under “winner take cedures.Mr. DeMuth gives no reason floating with itsideological currents. As acan- unitethe countryhewill have to reach out all” it is amiracle that anypresiden- whythe current state-run votersys- didate he did not put his stamp on the party to the 74 million Americans who votedfor tial candidate, RepublicanorDemo- tems can’t be retained. Letthe states with ideas of his own. His big themes were end- Donald Trump.One way to do it would be to cratic,campaigns there. If,onthe report their numbersasthey cur- other hand, electoral voteswereallo- rently do to anational election sys- ing the pandemic and national division. In the speak out against the burgeoning progressive catedproportional to the statewide temthat simply tallies all the states’ debates he bobbed and weaved to avoid being desiretopunish, black list, and censor the vote,essentially as in Maine and Ne- popular votes—most voteswins— pinned down on the details of his “unity” political opposition. Americans will be listen- braska, both candidates would spend yielding no Electoral Collegedrama agenda with Sen. Bernie Sanders. ing to his Inaugural Addressfor such acon- alot of time in California. Under a later. The fine print of that agenda is largely un- structivesignal. proportional allocation even the DAVID WEINER loser in California could garner a Arlington Heights, Ill. substantial number of electoral votes. Addicted to Trump “Winner take all” is not part of the Electoral Collegenor is it to be found Investors Must Understand onald Trump’s Presidencyends on nesswhen they did that at the incitement of SPACs’ Time Constraints Wednesdayatnoon, as the Constitu- an insurrection by the President of the United Getting Talent to and From In their critique of the dubious D tion stipulates.One question to pon- States.” When Mrs. Clinton asked whether the The Modern Factory Floor Wall Street fad of special-purpose der is who will misshim countryneeds “a 9/11-type acquisition companies (SPAC), Mi- more—his friends or his foes? Clinton and Pelosi can’t commission to investigate Regarding “Help Wanted on the chael Klausner and Emily Ruan attri- Our guessisthe latter. And let go of their enemy. andreport everything that Factory Floor” (Exchange, Jan. 9): In butethe poor subsequent stock per- if youdoubt it, consider the they canpull together,” Mrs. Syracuse, N.Y., we have many jobs formanceofSPACs to shareholder chat between NancyPelosi Pelosi responded “I do.” open but the low-income worker lacks dilution (“TheSPACBubble May andHillaryClinton Monday Though she says she doesn’t transportation to and from the job. Burst—and Not aDay TooSoon,” on Mrs. Clinton’s“Youand Me Both” podcast. knowwhat it is,she suggested Mr.Putin must Five-plus years ago our nonprofit saw op-ed, Jan. 7). True,IPO investors They’readdicted to the man. have something on him “politically,financially the impediment and started a shuttle- who redeem their shares aretypi- “I would lovetosee [Mr.Trump’s] phone re- or personally.” to-work transportation program. cally able to keep their rightsand We received some small grants and warrantsfor free,thus getting afree cordstosee whether he wastalking to Putin the Maybe they should have aspecial counsel bought vans, hired drivers and began ride on anyupside,and sponsorsof day that the insurgents invaded our Capitol,” spend yearsinvestigating Mr.Trump’sties to taking people to/from jobs. Several the SPAC get20% foundersstock, Mrs. Clinton said. The former first lady, who Russia. Wait, they already did that. companies sponsored shuttles and we further diluting ordinarysharehold- has never accepted the resultsofthe 2016 elec- Democratshavespent five yearsdefining have helped about 350 people get or ers. Yetall of this is fully disclosed tion, is immune to the ironythat in claiming he themselves in opposition to Mr.Trump.It’sthe keep a job. in advance, so what’sthe problem? really wonthe election President Trump is fol- one idea that unites them. As he recedes into It benefits the worker, company Theproblem is that aSPACislike lowing her pre-election advice to Joe Biden to history, they will have to deal with the symp- and government. For each $1 of grant Cinderella’scarriage. When the two- “not concede under any circumstance.” toms of political withdrawal. Watchfor the funding, the county receives $65 in year deadline to makeanacquisition Mrs. Pelosi said during the podcast that she shakes,anxiety,insomnia, lossofappetite, taxes from people working. Our pro- has expired, the 20% stock forwhich oncetold Mr.Trump that “with you, Mr.Presi- even depression—and fallingratingsonCNN gram can solve a lot of problems in the sponsorshavebeen working is dent, all roads lead to Putin.” She added that andMSNBC. Promoting JoeBiden’stax in- unemployment, and it benefits every- worth lessthan apumpkin. When one. the clock approaches midnight, the Capitol rioters“were doing Putin’sbusi- creaseswon’t provide nearly the same rush. We are willing to share the “secret there’snosuch thing as an ugly sauce” if a community would like to princeoranoverpriced, underper- set up a program to help their busi- forming target company. Ye llen vs. Ye llen on the Minimum Wage nesses and their unemployed. JAMES TALEVICH DEBORAH HUNDLEY Los Gatos, Calif. ehaveour policydisagreements paid workers, and the second is “therewould President with Janet Yellen,but there’sno be some amount of negativeimpact on em- Providence Services of Syracuse Inc. W denying she is afine economist. So ployment.” Howmuch is amatterof“consider- Gresham’s Law, 2021 Style it wasstartling to hear her able debate,” she said, adding Lincoln Project Should Try The 19th-century version of speak likeafact-hedging pol- Biden’s Treasury that she “wouldn’t argue” Gresham’s law succinctly stated that itician on Tuesdayduring her nominee adapts and with the Congressional Bud- Lincoln’s Healing Approach bad money drives good money out of circulation. Andy Kessler’s “How the Senateconfirmation hearing getOfficeestimatethat Mr. Regarding your editorial “The Fed Stifles Lending” (Inside View, to be JoeBiden’s Treasury extends her views. Obama’shikewould cost Lincoln Blacklist” (Jan. 13): Perhaps Jan. 4) provides a very enlightening secretary. To wit, she did 500,000 jobs. the Lincoln Project might consider explanation of how that process takes some on-the-fly editing of the That impact won’t be the wordsPresident Lincoln chose place in 21st-century America. economic literaturetojustifyanincrease in “veryminimal” if you’reamong those who to conclude his second inaugural ad- AARON M. BERNSTEIN dress: “With malicetoward none; the national minimum wage to $15 an hour. might have had one of those 500,000 lost jobs. Lawrence, N.Y. “Veryminimal,” Ms.Yellen said in reply to And that number is likely to increase substan- with charity forall; with firmnessin aquestion by South Carolina Sen. Tim Scott tially if theminimum wage morethan doubles the right, as God gives us to see the about the employment impact of Mr.Biden’s to $15. right, let us striveontofinish the proposal to raise the federal minimum to $15 Theincrease would come as employers are work we arein; to bind up the na- Pepper ... tion’swounds; to care forhim who And Salt from $7.25.Asevidence, she cited studies com- trying to recoverfromarecession that has left shall have borne the battle,and for paring employment in states that raised their millions of low-wageworkersinthe hospital- his widow, and his orphan—todoall THE WALL STREET JOURNAL minimum wage with neighboring ones that ity and leisureindustryunemployed. Espe- which mayachieveand cherish a didn’t. cially harmed would be those in the 21 states, just, and alasting peaceamong our- But those studies have yielded conflicting mostly in the South and Midwest, with mini- selves,and with all nations.” findings, and the economic literatureover- mum wagesthat match the federal rate. What anoble thing this would be, whelmingly showsthat raising the minimum Ms.Yellen no doubt feels she has to sell her not only forthe Lincoln Project, but wage reduces employment among teens and newboss’seconomic policies,and on Tuesday forusall. unskilled or inexperienced workers. Ms.Yellen she also endorsed his gigantic Covid relief bill JIM LEMUNYON acknowledged as much during aCongressional of $1.9trillion. Thehugeincrease in the fed- Oak Hill, Va. hearing in 2014when she wasasked about Ba- eral debt held by the public,which is already Lettersintended forpublication should rack Obama’sproposal to raise the federal about 100% of the economyand rising,isno be emailed to [email protected]. Please minimumwageto$10.10. longer of much concern to America’spolitical include your city, state and telephone “I think almost all economiststhink that class. But the main messageofMs. Yellen’s number.All letters aresubject to the minimum wage has two main effects,” she testimonyisthat she is no longer speaking as editing,and unpublished letters cannot be acknowledged. replied. One is increasing payfor some low- an economist. She’sapolitician. “Don’t lie to me, you’re smirking!” P2JW020000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | A17 OPINION Net Neutrality and Big Tech’s Speech Hypocrisy

By Allysia Finley Facebook and Twitterturned out tem—virtually all of them except to be morethreatening than under iPhones—would have to use tech- ocial-media giantsare un- threat. Broadband providershaven’t nological back doors or buy an derattack forcensorship, attempted to block content or com- iPhonetoinstall the app.Vice butafew yearsago they petitorssincethe FCCrepealed net versafor Apple.Because of the S positioned themselves as neutrality.But social media, app high costsofswitching phones,Ap- champions of free speech. stores andcloud providers, which ple and Google canessentially At issue was“net neutrality,” the were never subject to the rules,all block or restrict apps with impu- Obama-erapolicythat treated inter- have engaged in censorship repeat- nity.Ifboth do,aswith Parler,it’s net serviceproviderslikeComcast edly in recent weeks. finished. and AT&T as common carriers—akin Facebook,Twitterand Snapchat There’smorecompetition in to the old Ma Bell monopoly—by moved in lockstep to shut down cloud services,but websites face prohibiting them from discriminat- Donald Trump’saccounts. Google serious technical and financial hur- ing among content providers, includ- and Apple banned the social-media dles in migrating to other provid- ing the social-media sites. app Parler,which promotes itself as ersifthey getbooted. Cloud pro- “Net neutrality is the idea that the afree-speech alternativetoTwitter. viders that selectively shut down KELLEY

internet should be free and open for Amazon WebServices booted Parler A websites areunlikely to lose cus- everyone,” Facebook CEO Mark Zuck- from itscloud, banishing it from the tomerstocompetitorsinthe near

erberg declared in July 2017after webuntil it could arrangeservice BARBAR term, though they maydrawfewer the Federal Communications Com- from anotherprovider. newones. mission’s then-chairman, Ajit Pai, Appeals by big tech companies to Mr.Pai’sderegulation encouraged month. Cable companies no longer All of which is to saybig tech moved to repeal the regulation, protect an “open and free Internet” broadband investment, which helps enjoyamonopoly in fixedbroad- companies todaymoreclosely re- were always dubious.They had an explain whycarriershaven’t had to band, sincewirelesscarriersnow semble the old telephone monopo- interest in supporting net neutrality slowspeeds amid increased user de- offer at-home servicetoo.Satellite lies that Congresssought to regu- Facebook and Twitter once because it put them at an advantage. mand forbandwidth. Mr.Pai also upstartslikeElon Musk’s Starlink lateascommon carriersin1930s Among other things, the rule pro- required carrierstomakepublic dis- arealso getting intothe broadband than broadband providersdo. They positioned themselves as hibited broadband providersfrom closures of their network-manage- business, thanks in part to other have used their market powerto champions of an open charging bandwidth guzzlerslike ment practices,performanceand deregulation by Mr.Pai’sFCC. suppressspeech and competitors, Google’sYouTube,Amazon and commercial terms of serviceand Tech companies,onthe other even whilepretending to defend an internet. No longer. Facebook moretoupload their con- asked the Federal Trade Commission hand, boast far moremarket power “open and free Internet.” They sup- tent at faster speeds. to take action against those that en- because of so-called network ef- ported alegal challengetoMr. Pai’s Broadband providersalso gagedinanticompetitiveorunfair fects. Customersofdifferent phone deregulation, which the U.S. Circuit which the FCChad adopted two couldn’t “zerorate” content—mean- and deceptivepractices. and internet carrierscan call, text Court of Appeals forthe District of yearsearlier.Twitter’spublic-policy ing they were barred from selec- All this has served consumers andemail one another,but social- Columbia mostly dismissed. manager,LauraCulbertson, wrote: tively excluding content from their well. Thenation’s three large wire- mediaplatforms aren’t interopera- Democratic states including Cali- “Freeexpression is part of our com- datacaps.SoAT&Tcouldn’t offer lessproviderscompetefiercely on ble. This makes it harder forstart- fornia and Washingtonhavesince panyDNA.Weare the platform that free unlimited streaming of itsown priceand service. They also face ups to compete. Facebook and imposedtheir ownnet-neutrality letsuserssee what’shappening and HBO Max serviceorbepaid to do stiff competition from cable compa- Twitterhavetoworrylessabout policies.Which leads to an idea: to see all sides....Without Net Neu- so by Disney+, Hulu or streaming nies that offer mobile serviceand losing ground to competitorsifthey While Republicans nowhavelittle trality in force, ISPswould even be startups.The Obama rules made it many small prepaid services that censor or unfairly treat users. cloutinWashington, those in Flor- able to block content they don’t like, harder fortelecom carriersthat don’trequireannual contracts. As forApple and Google,they ida or Texas might consider impos- reject apps and content that compete owned content providerstocom- If AT&T were to sloworblock enjoyanapp-storeduopoly due to ing their ownneutrality rules on Big with their ownofferings, and arbi- petewith tech giantsand finance YouTube to promoteHBO Max,cus- policies locking out competitors. If Tech. trarilydiscriminateagainst particu- network expansions.This is one tomerscould movetoanother car- Google bans an app from itsPlay lar content providersbyprioritizing reason broadband investment de- rier. Between 1% and 3% of users Store, userswith smartphones that Ms. Finley is amember of the certain Internet traffic over theirs.” clined in 2016. switch wirelesscarrierseach runonits Android operating sys- Journal’s editorial board. Can the New President Avoid Obama’s First-Term Mistake?

When Barack Obama whether the political leftintends to mateagreement or prioritized se- gressiveDemocratsmay want to genarian presidentscome fully and JoeBiden en- let him do that. Theprogressive curing the southern border or erase the border,but polling shows grown. Mr.Trump leavesofficeas teredthe White wing of theDemocratic Party is banned travel to the U.S. from coun- that most voters want it repaired. ill-suited forthe presidencyashe House 12 yearsago, much stronger than it wasin2009, tries with ahistoryofcoddling ter- Mr.Biden says he wantstoheal wasonday one. the economywas in and itsmembersofCongressare far rorists. Liberals who insist other- thecountry, and Idon’t doubt that Still, he lefthis mark on the GOP. recession, unem- morenumerous.Back then, Bernie wise aren’t only kidding themselves he does.Mr. Trump’srefusal to ac- Republicanelites in Washingtonand UPWARD ployment waspush- Sandersand Elizabeth Warren did but risk repeating the mistakes of a knowledgehis electoral defeat pres- the media had been living in abubble MOBILITY ing 8%, and their not command the national attention decade ago. entsthe biggest barrier to the coun- of their ownthat leftmillions of vot- fellowDemocrats that they do today, and Alexandria trymoving forward, and the 147 ersout of the political conversation. By Jason L. controlled the Ocasio-Cortez wasn’t old enough to Republicans in Congresswho in- Mr.Trump heardtheir voices,and Riley House and Senate. buy beer. The left will try to dulged thepresident by voting to even in hisre-election defeat won Sound familiar? On the campaign trail, Mr.Biden overturn the election resultsare morevotes than anyprevious Repub- We knowwhat happened next. In- tried to put some rhetorical distance convince Biden he has a also to blame.Still, aBiden agenda lican presidential candidate. stead of focusing on economic between himself and moreradical mandate for progressive that stays focused on the pandemic Thepresident’sgains among growth, the Obama administration proposals likethe Green NewDeal and the economy—and avoids in- blacks and Hispanics,especially, advanced an expensivebut ineffec- andMedicarefor All. It’sastrategy change. He doesn’t. dulging the excesses of the far left— shocked the political establishment tivestimulus packageand then went that obviously served him well in the could go along way toward lower- and demonstrated that the GOP all in on apartisan transformation election, but howwell will it work ing the volume. need not concede minority support of the U.S. health-caresystem. The forhim in the WhiteHouse? NBC News reported earlier this Republicans lost the White to Democrats. His pre-Covid econ- upshot wasthe slowest economic When George W. Bush leftoffice, week that one of Mr.Biden’sfirst House,but the evenly split Senate omysported record lowunemploy- recovery sinceWorld WarII. Demo- his job-approval rating wasinthe executiveactions will be to ease and shrunken Democratic House ma- ment and poverty rates, and wages cratslost their House majority in mid-30s,and the incoming Obama asylum restrictions that forcemi- jority makeitclear that voters draw rose fastest forthe least-skilled 2010,and Republicans wonthe Sen- administration interpreted Mr. grants from south of the border to some distinction between Mr. workers. “It maynot have been the atefour yearslater. Bush’sunpopularity as amandate wait in Mexicowhile their claims Trump and the GOP.One lesson of best economyever, as he has repeat- We’reabout to find out what, if forits progressiveagenda. That mis- arebeing vetted. It’sbeen clear for thepast four yearsfor Republicans edly claimed, but it waseasily the anything,Mr. Biden and his more calculation cost Democratscontrol yearsthat America’sasylum laws is that thereare only so manychar- strongest sincethe late1990s,and liberal allies took away from that ex- of Congress, and Republicans today arebeing exploited by phonyappli- acter flawsyou canoverlook in the beforethat youhavetogoback to perience. Mr.Biden has said that his areanticipating moresuch over- cants, and the bettercourse forthe name of political expediency. Many the late1960s to find similar condi- firstorder of businessaspresident reach under President Biden. Donald incoming administration would be Trump supportersdeluded them- tions,” the NewYork Times reported will be addressing Covid-19 and the Trump didn’t lose re-election be- to fixthe loopholes,not return to selves intothinking that Mr.Trump last week.How it must have pained economy. What we don’t knowis cause he pulled out of the Paris cli- thepre-Trump status quo ante. Pro- would grow on the job,but septua- the Gray Lady to print that. Biden’s Stimulus Hits All the Right Notes

By Alan S. Blinder plans suggest that he will. together in December,after months another $1,400 to the $600 already sent full $1,200 checks to joint fil- Public health is not my bailiwick, of dithering.The president-elect in the works.But neither the origi- ersearning as much as $150,000, nowhaveaninkling of howthe so I’ll concentrateonthe econom- called that measurea“down pay- nal $1,200 checks from the spring and the new$600 checks use the I French must have felt when Al- ics.The national economytodayis ment,” and we nowsee that he nor the recently passed $600 same formula. But taxfilersearning lied troops liberated Paris in in passable shape given the unfold- meant what he said. checks were well-targeted. that much have weak claims on August 1944. Thingswereterrible; ing health catastrophe,and the • Don’t withdraw too soon.The support from taxpayers,especially therewas wreckageall around, and Cares Act of March 2020 is one ma- Biden plan should provide enough if they suffered no income losses yetasense of optimism must have jor reason why. Thelaw showed relief to carrythe economythrough His American Rescue from Covid. It would be easy to re- been pervasive. that Congresshad learned two cru- the worstofthe pandemic.One structurethe next round of checks One part of our long national cial lessons about fighting crises: concreteexample is the supplemen- Plan builds on what in amoreprogressivemanner: less nightmareends WednesdayasDon- Go fast,and go big.The Cares Act talunemployment benefit, which worked in theCares Act money at the topand moreatthe ald Trump slinks off to Mar-a-Lago did both—and as aresult it wasn’t Mr.Biden proposes to increase bottom. in disgrace, and JoeBiden takes as meticulously designed as it could from $300 aweek to $400.More and corrects what didn’t. Asecond instanceofpoor tar- over as president. YetMr. Trump have been. important, the extrabenefitswill geting under the Cares Act wasthe leaves behind asecond national There’sathirdlesson: Don’t last at leastthrough September, Paycheck Protection Program, nightmare: araging pandemic and, withdraw emergencysupport too then phase out automatically as the Thebiggest targeting problem which offered forgivable loans to largely forthat reason, asputtering soon. Mr.Biden clearly understands labor market improves.Both comes at the bottom: Millions of small businesses that kept their economy. all three. changes arewise. low-income families didn’t receivea employees on payroll. It wasa When it comes to handling the • Go fast. Mr.Biden announced So Team Biden gotall the big cent—largely because they weren’t great idea, but as is nowwell pandemic,Mr. Trump has set the comprehensiveplans fordealing things right, and Congressshould on taxrolls.The Internal Revenue known, PPP loans went to many barverylow.Doing abetterjob with both the raging pandemic and passsomething close to the Ameri- Servicerealized that most of these large businesses,leftout many than his predecessor will be apiece the ailing economysix days before canRescue Plan quickly.But the people have very lowincomes and small businesses that lacked estab- of cake forMr. Biden. But “better” hisinauguration. Cares Act gotafew thingswrong, tried to reach them—but with lim- lished banking relationships,and is notnearly good enough when re- • Go big.Mr. Biden’sAmerican and this is awonderfulopportunity ited success.Team Biden must and cost toomuch foreach job saved. cord numbersofAmericans arefall- RescuePlan is morethan twiceas to build it back better. will tryharder. Rather than pour even more ingill and dying.Mr. Biden must do large as the $900 billion-plus pack- Start with the famous “stimulus” Theother targeting problem money intoPPP,the Biden plan vastly better. His comprehensive agethat Congressfinally cobbled checks.Mr. Biden proposes to add comes at the top. TheCares Act smartly asks for$15 billion in new money forthe hardest-hit small businesses. Last but certainly not least, the PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable  Quotable: Genocide newpresident proposes agreat Rupert Murdoch Robert Thomson deal of sorely needed aidtostate Executive Chairman, News Corp Chief Executive Officer, News Corp From “Genocide in Xinjiang” by ernmentand nongovernment part- and local governments, which em- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Secretary of State Mike Pompeo, nerstodocument this nightmare, as ploymost of the frontline workers, Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: WSJ.com, Jan. 19: well as the bipartisan support of must distributevaccines,and con- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Congress. tinue to be burdened by unusually Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; TheChinese Communist Party, Thefactsare chilling.Since2017, heavy expenses and sagging reve- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; likeother authoritarian regimes,has the Communist Party has forced nues.These governmentshaveal- Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer never cherished human life. ... morethan amillion people intoin- ready been forced to layoff more Andrew Dowell, Asia; AnthonyGalloway, Video & Today, after careful deliberation, ternment camps in the Xinjiang re- than amillion workers. YetRepubli- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Ihavedetermined that the People’s gion, on the pretextthat they need cans have fought tooth and nail Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; RepublicofChina, under the direc- “re-education.” Arbitraryand indefi- against helping them. Forthe good Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; tion and control of the Chinese nitedetentions lasting months or of both redand blue states,Mr. Bi- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Communist Party,has committed yearsatatime arecommon inside den must win this fight. Thomas SanFilippo, Customer Service; genocide and crimes against hu- this modern gulag. Survivors tell of None of this is rocket science. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; manity against the predominantly torture, sexual abuse including rape, And if we managetobuild back Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Muslim Uighursand other ethnic forced labor,the use of electric better,our second long national Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International and religious minority groups,in- shock to extract false confessions, nightmaremay soon be over. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: cluding ethnic Kazakhs and Kyrgyz. andunexplained deaths in custody. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head This announcement is the result of Uighursscarcely farebetteroutside Mr. Blinder, aprofessor of eco-

EDITORIAL AND CORPORATEHEADQUARTERS: an exhaustiveyearslong investiga- the camps—Xinjiang has become a nomics and public affairs at Prince- 1211 Avenue of the Americas, New York, N.Y., 10036 tion that has spanned the globe and proving ground foranOrwellian ton, served as vice chairman of the Telephone 1-800-DOWJONES benefited from the effortsofgov- surveillancestate. Federal Reserve, 1994-96. P2JW020000-0-A01800-1------XA

A18 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. WORLD NEWS EU FacesDark’21 as Virus Efforts Stumble

Death toll rise, slow DailyconfirmedCovid-19 casesand deaths per 100,000 people, vaccine rollout mean seven-dayrolling average wide immunity is Germany Italy U.K. U.S. unlikely before fall Cases Deaths 80 2.0 Covid-19 infections and deaths remain stubbornly high acrossmuch of Europe while 60 1.5 vaccination effortsare moving so slowly that widespread im- munity is unlikely in the re- 40 1.0 gion beforethe fall, raising the prospect of ableak 2021 for hundreds of millions of Euro- 20 0.5 peans.

By Margherita CK 0 0 Stancati in Rome TO March 2020 '21 March 2020 '21 and Bojan Pancevski

in Berlin SHUTTERS Notes: TheomissionofsomeofSpain's data in Mayreflectsachange in methodology; A/ Data as of Jan. 17,exceptSpain (Jan. 16) With between 3,000 and Sources: JohnsHopkins University CSSE (cases,deaths), European Center forDisease 4,000 people dying from the Prevention and Control(populations) disease everyday acrossthe European Union in recent NKHUIJSEN/EP €20 [billion] to €30 billion We nowhavethe worstofthe LO

weeks,according to the Euro- N [$24.2 billion to $36.2 bil- pandemic in front of us in the pean Center forDisease Pre- VA lion]—would have been negli- next three months,” Prof.Lau- vention and Control, govern- BIN gible compared with the price terbach said. RO mentsare prolonging and Protesters demonstrated in Amsterdam on Sundayagainstthe Dutch government’scoronavirus response. of acontinuous Europe-wide Aspokesman forthe Euro- tightening antivirus measures lockdown,” said Karl Lauter- pean Commission on Monday such as curfews, remotelearn- pressing companies to allow ther lockdowns.But therewas our costs. If we don’t open bach, aGerman epidemiologist said the bloc had placed firm ing and restaurant closures. most employees to work from no real plan and we haven’t now, we will be forced to shut and legislator. ordersfor nearly 1.5billion Fearsare growing,too,of home.Slovakia will allowcom- received enough financial help. down forever,” he said. TheEU, with apopulation of doses in adiverse vaccination more-contagious variantsof muting to work only with a And it’sclear to us that the European authorities prom- around 450 million, had by late portfolio,with the option to the virus taking hold before negativecoronavirus test. vaccine won’t coverthe bulk ised in late2020 that mass December ordered 300 million order more if needed. But governmentscan scale up France has imposed a nation- of the population before Sep- vaccinations would soon end doses of the vaccine developed most of those arevaccines that their vaccination programs. wide curfew of 6p.m. Italians tember,” said Umberto Carri- the pandemic.But countries by BioNTech SE and Pfizer haven’t been approved yet. “Wewill be very challenged arebarred from traveling out- era, who owns several restau- haven’t yetmounted large- Inc., the firsttobeauthorized Thevaccination effort at leastfor the next 10 weeks, side their home region for at rantsinthe Italian city of scale inoculation campaigns. in Western countries.That would be bolstered by the pos- and this will be the hardest least another month. Pesaroand is the chief orga- TheEUexecutive, which its amount, expected to be deliv- sible authorization on Jan. 29 phase of the pandemic,” Rudolf The tightening restrictions nizer of the protest. member countries tasked with ered by the fall, is sufficient of a shot developed by Astra- Anschober,Austria’shealth arefueling frustration,and Manyofthe restaurants purchasing vaccines forthe for150 million people,sincein- ZenecaPLC andthe University minister,said on Sundayashe complianceisdwindling.Since and barsthat opened, includ- whole bloc,mishandled the job oculation requires two doses. of Oxford, with the bloc having announced atoughening of his Fridaynight, thousands of ing one owned by Mr.Carriera, of acquiring enough doses, Thebloc is nownegotiating preordered 300 million doses. country’slockdown. Italianrestaurant and bar have been fined and forced to critics say. the order of another 200 mil- Some expertssay the conti- GermanyonTuesdayex- ownershavekept their busi- shut after police intervened. “The EU bought far toofew lion doses, which would start nent squandered an opportu- tended its lockdown, in force nesses open as a protest. But the protest has continued. vaccines.They should have or- to become available latethis nity to suppressthe virus sinceNovember,while adding “Weexpected the govern- “We need to stay open not dered at least 10 times as year. when infection ratesfell after further measures,including ment to be able to avoid fur- to makemoney but to cover many, and the pricefor that— “Thiswas ahugemistake. springtime lockdowns. Italian Premier Survives Confidence Vote Swiss

BY GIOVANNI LEGORANO Mr.Contegarnered 156 If Mr.Contelost the Senate last year,when Italy became cause of the economic fallout Are Urged votes in favor of his left-lean- vote,hewould have been the firstWestern countryto of the pandemic. ROME—Italian Prime Minis- ing government and 140 forced to resign, paving the be severely hit by the corona- Theeconomyislikely to terGiuseppe Contesurvived a against, with Mr.Renzi’sparty way to either anew governing virus. have contracted by around 9% To Reject confidencevoteinthe coun- abstaining. coalition or to asnap election, His approval ratingsrose last year and will grow by try’sSenatebut fell short of Falling short of an abso- which opinion polls suggest afterheimposed the world’s only 3.5% in 2021, according an outright majority,weaken- lute majority in Italy’s 321- firstnational lockdown and to the Bank of Italy,making It- Burqa Ban ing his government as it member Senate, Mr.Conte used rigorous measures, such aly one of Europe’sworst-hit searches foraway to tame the could struggle in the future Giuseppe Conte is as stay-at-home ordersand economies amid the pan- BY JAMES HOOKWAY Covid-19 pandemic and revive when he seeks to passlegisla- thesuspension of gatherings demic. the economy. tion. left with a thin and nonessential business, Italy is the biggest benefi- Switzerland’sgovernment The vote in the Senate was Thegovernment previously governing margin that were soon adopted ciaryofthe EU’smassiveeco- is urging voters to reject a triggered by the decision of a relied on Mr.Renzi’sgroup for around the world. nomic-recovery funds. proposal to ban burqas and small centrist party led by for- its Senate majority. over Covid handling. But aftercontaining the vi- But the scale of the fund- otherfull-facecoveringsina mer premier Matteo Renzi to “We will have a weak gov- rusbythe summer,virus in- ing,and the sense it could be referendum set forMarch 7, in withdraw from the governing ernment precisely when we fections and deaths in Italy re- aunique opportunity to revi- what could be another conten- coalition. would need averystrong bounded late last year. talizeaneconomythat has tious vote in the country’s Mr. Renzi said he objected one,” said Valentina Meliciani, the right-of-center opposition Renewedrestrictions on ev- struggled to grow forthe unique system of direct de- to Mr.Conte’splans forspend- an economics professor at LU- parties would win. eryday lifehaveled to wide- past two decades,have mocracy. ing morethan €200 billion, ISS University in Rome. Mr.Conte, alittle-known spread public weariness and fueled instability in the gov- Some cantons,orregions, equivalent to $243 billion, in Thegovernment on Monday lawprofessor who waschosen mounting fearsfor the na- ernment. of the Alpine nation have al- European Union loans and wonaconfidencevoteinthe to lead two unwieldy coalition tional economy. Mr.Renzi regularly at- ready outlawed full-face cov- grants to support the eco- lowerhouse of Parliament, governmentsin2018 and Italy’s national debt is ex- tacked Mr.Conte’seconomic eringsinregional votes. Ana- nomic recovery afterthe pan- whereithas astronger major- 2019,has become an unex- pected to rise to around 160% proposals beforepulling out of tionwide referendum in 2009 demic. ity. pectedly stable premier since of grossdomestic product be- the government last week. also sawSwissvoterssupport aproposal to ban the con- struction of minaretsfor WORLDWATCH mosques. This time voters are being asked whether Switzerland IRAN should ban full-facecoverings nationwide afteragroup in- Tehran Sanctions cluding membersofthe right- Trump, Nine Others wing SwissPeople’sParty gathered morethan 100,000 Iran imposed sanctions on signatures,passing the thresh- President Trump and nine other old required forapopular vote U.S. officials, in a parting shot on changing the constitution. against an administration that The same group initiated the has pummeled the country and 2009 vote, describing mina- its top officials with sanctions. rets as foreign to Swisscul- Iran’s foreign ministry said tural traditions,sparking a the U.S. officials were desig- wider debateinEurope about nated for their role in terrorist the integration of Muslims at activities against Iran, including a time when there was grow- sanctions and last year’s killing ing concern over the influence of Iranian Maj. Gen. Qassem So- of Islamist extremists. leimani in Iraq. Thedebatecontinues in The Iranian sanctions also tar- manypartsofEurope,notably geted Secretary of StateMike France, wherePresident Em- Pompeo,former and currentspe- manuel Macron has proposed cial representatives forIranBrian legislation to outlaw what he Hook and Elliott Abrams, as well calls “Islamist separatism,” as former national-securityad- and which includes preventing viser John Bolton. the indoctrination of children “This is a transparently politi- during home schooling and REUTERS

cal stunt by the Iranian govern- S/ online hate speech. ment that does not deserve the Francepreviously prohib- NEW seriousness of a substantive re- ited wearing full-face veils in sponse,” a State Department ODO public as a way to support its KY spokeswoman said. FATAL PILEUP: One person was killed and 17 were injured Tuesday in a pileup of at least 134 cars on a highway during a snowstorm secularvalues,ashaveother The Iranian sanctions will in northern Japan. About 200 people were stranded after a truck hit a car in Miyagi prefecture, shutting the highway for hours. European countries. have limited impact as the tar- TheSwissgovernment, in geted U.S. officials have no The Bangkok Criminal Court GUATEMALA piled atop chronic poverty and Daily reported thatthe request contrast, on Tuesdaysaid vot- known commercial linkstoIran. found the woman guiltyon29 gang violence. That, combined came after atelephone line was ersshould reject aban on full- Yetthe move shows Tehran’s counts of violating the country’s Security Forces Stop with a hope that the new Biden dropped to the group of 11 inside facecoverings, pointing to desirefor alast-minutepublic- lèse-majesté lawfor posting audio Migrant Caravan administration would be more the mine’sNo. 6chamber.An- Switzerland’s relatively small relations blowtoMr. Trump, clips to Facebook and YouTube welcoming, gave birth to the other survivor of the mine explo- Muslim population, which who leavesofficeonWednesday. with comments deemed critical of A once large caravan of Hon- year’s first caravan. sion is inside an adjoining cham- makes up about 5% of its8.5 —Sune Engel Rasmussen the monarchy, the group Thai duran migrants that pushed its —Associated Press ber while the fate of 10 others million people,and the impact Lawyers forHuman Rights said. way into Guatemala last week remains unknown, said officials in it could have on the tourism THAILAND AfterKing Maha Vajralongkorn had dissipated by Tuesday in the CHINA the cityofYantai, in the eastern industry. took the throne in 2016 following face of Guatemalan security provinceofShandong. The government suggested Criticism of King his father’s death, he informed forces. Small groups pressed on Trapped Miners People’sDaily reported twoof acounterproposal requiring Brings 43-Year Term the governmentthathedidn’t toward the Mexican border, Await Rescue the miners were recovering from people to showtheir faceto wish to see the lèse-majesté law while others accepted rides from exhaustion and another wasin- authorities if necessaryfor A court in Thailand sentenced used. But as protests grew last authorities back to Honduras. Workers trapped for more jured by the explosion thatripped identification purposes. a former civil servant to a record year,and the criticism of the Many of the migrants were than a week in a Chinese gold through the mine on Jan. 10. Thereferendum proposes prison term of 43 years and six monarchygot harsher,Prime driven by an increasingly desper- mine asked for pickles and por- Medicine, food and liquids have outlawing all full-facecover- months for breaching the coun- MinisterPrayuth Chan-ocha ate situation in Honduras, where ridge to be dropped to them twicebeen delivered to the work- ings in public places, with ex- try’s strict law on insulting or warned aline had been crossed the economic ravages of the while they wait to be rescued, ers, enough to lastatleasttwo ceptions forplaces of worship. defaming the monarchy, lawyers and the lawwould be used. Covid-19 pandemic and two ma- state media reported. days,Yantai MayorChen Feisaid. Thereare no exceptions for said. —Associated Press jor hurricanes in November have The websiteofthe People’s —Associated Press tourists, however. P2JW020000-6-B00100-1------XA BUSITECHNOLNEOGY: ELECTSSRIC-TRUCK MAKER&FRIVIAN RAISESIN$2.65 BILLIONANB4 CE

© 2021 Dow Jones & Company. All Rights Reserved. ****** THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | B1

S&P 3798.91 À 0.81% S&P FIN À 0.43% S&P IT À 1.31% DJ TRANS g 0.36% WSJ $ IDX g 0.19% LIBOR 3M 0.224 NIKKEI (Midday) 28504.38 g0.41% See more at WSJ.com/Markets Trading Fuels Goldman’s Profit Rise Jack Ma,

BY PETER RUDEGEAIR year earlier.Both quarterly economy has held up better cords in 2020, all trends that Goldman Sachs’ Out of net income and quarterly reve- than expected. Goldman capitalized on. quarterly revenue () For many Americans, 2020 nue of $11.74 billion were On Friday, JPMorganChase Tradingrevenue rose 23% and netincome () wasayear to forget. For Gold- much better than the expecta- &Co. said fourth-quarter profit from ayear earlier to $4.27 $12 billion Sight for man Sachs Group Inc., it was tions of analystspolled by soared 42% to arecord$12.14 billion, and the firm’s invest- one for the record books. FactSet, who forecast profit of billion afterthe bank released ment bankersbrought in $2.73 Fueled by the markets’ $7.39ashareonrevenue of $2.9billion from itsstockpile of billion in revenue,a49% in- 10 quick recovery from the worst $9.99 billion. funds previouslyset aside to crease from 2019’sfourth Months, of the pandemic-induced re- Forthe U.S. banking indus- coversoured loans.OnTues- quarter.The boom in stock of- cession, Goldman generated try, 2020 was a roller-coaster day, BankofAmericaCorp.said ferings, including IPOs of tech 8 $44.56 billion in annual reve- year.Marketsplunged and profit fell 22%but topped ana- companies and so-called Emerges nue,the most since2009, economic activity declined in lysts’ expectations afteritre- blank-check companies,was 6 harking back to the last time the spring as the coronavirus leased $828 millionfromits particularly lucrativefor Gold- the bank successfully navi- spread acrossthe country. loan-lossreserves. man: Thefees it earned in the BY JING YANG gatedacrisis and itsafter- With many businesses closed With itsrelatively small fourth quarter from under- 4 math. Tradingrevenue for and manyconsumersout of loan book and heavy exposure writingstocks were arecord Embattled billionaireJack 2020 reached a 10-year high. work,banks girded themselves to underwriting and trading and exceeded the fees it Ma made hisfirst public ap- The $4.51 billion in fourth- forwidespread defaults. Aro- securities,Goldman wasbetter earned from advising on deals 2 pearanceinnearly three quarter profit that the Wall bust federal spending program placed than peersfor the envi- forthe firsttime.Chief Execu- months,speaking via avideo Street firm reported on Tues- helped forestall the worst-case ronment of the past several PleaseturntopageB2 0 link at aphilanthropic event on day, or $12.08 per share, was economic scenario,and in months. Initial public offer- Wednesday, according to aChi- morethan double Goldman’s earningsreportslast week, ings,corporate borrowing and  Low rates drag down Bank of 2019 ’20 nese media report. profit from the same quarter a bank executives signaled the major stock indexeshit re- America’s earnings...... B2 Source:the company Spokespeople forthe Jack Ma Foundation and Ant Group Co., the financial-technologygi- antMr. Ma. controls,confirmed Microsoft Fried-Chicken Sandwiches Become the report. “Jack Ma participated in the online ceremonyofthe annual Investsin Rural Teacher Initiativeevent New Battleground for Burger Chains on January20,” the billionaire’s foundation said in astatement Robot Cars to TheWall Street Journal. BY HEATHER HADDON Theevent sawMr. Ma ad- AND JACOB BUNGE dressing 100villageteachers From GM receiving accolades from the Thehottest item in the foundation. burger business is chicken. BY MIKE COLIAS At least 10 major U.S. fast- food chains have introduced Jack Ma Microsoft Corp.isinvest- fried-chicken sandwiches in infuriated ing in General Motors the past three months, or are China’s Co.’sdriverless-car startup settoshortly.Manyofthose leadership S Cruise as part of astrategic peddling the newpoultry with a speech tie-up,another sign of re- itemsare betterknown as PRES criticizing

newed interest in the autono- hamburgerchains,including UMA regulators. /Z

mous-technologyspaceafter a McDonald’s Corp., Shake ST

relatively quiet period. Shack Inc. and Jack in the PO Microsoftisamong agroup Box Inc. CH Another video embedded in of companies that will invest Restaurant operators, grap- BEA the same Chinese media report LM

morethan $2 billion in San pling with slowdowns and re- PA showedMr. Ma on what it said Francisco-based Cruise,which strictions brought on by the wasa“recent” visit to apri- has been majority-owned Covid-19 pandemic,aim to /THE maryschool in Tonglu County, CK by GM sinceearly 2016.The fi- captureconsumers’ enthusi- near Hangzhou, whereAnt and SHA nancing bringsCruise’svalua- asm forcrispy,breaded- itsaffiliate, Alibaba Group

tion to $30 bil- chicken sandwiches.That fer- SHAKE Holding Ltd., have headquar- lion, Cruise said Tuesday, up vorhelped build Chick-fil-A Shake Shack, McDonald’s and Jack in the Box are among the chains hoping to cash in on chicken. ters.Itdidn’t specifywhen Mr. from an estimated $19 billion Inc. into one of the nation’s Ma, who wasshown wearing a in spring 2019. top fast-food chains over the Burgersare the topsellersatfast-food restaurants but breaded-chicken black capand padded winter GM is adding to itsCruise past decade,and made Pop- sandwiches have been gaining ground. jacket, visited the school. investment as part of the eyes Louisiana Kitchen Inc.’s It wasthe firsttime Mr.Ma funding round and will retain offering asocial-media sensa- U.S. sales of burgersand chicken sandwiches Change in number of servings appeared in public sinceOct. amajority stake, aCruise tion after its 2019 debut. at fast-food restaurants from ayearearlier* 24,when the founder of Ali- spokesman said. Theinvest- The chicken-sandwich war, baba andcontrolling share- ment also includes current as industrycompetitorsde- Breadedchicken Burgers holder of Ant made aspeech at stakeholder Honda Motor Co. scribe it,means dinershave 900 million sandwiches 20% afinancial foruminShanghai and other institutional inves- lotsofoptions—such as aKo- and criticized regulatorsfor sti- tors that Cruise declined to rean-style iteration at Shake 800 Breadedchicken fling financial and technological name. Shack,aMcDonald’sversion 700 10 innovation. Under terms of Tuesday’s topped with spicypepper deal, Cruise will use Micro- sauce and a new KFCoffering 600 0 soft’s Azure cloud-computing that the chain bills as its“best 500 servicetohelp it roll out au- chicken sandwich ever.” Burgers Office 400 tonomous-vehicle services. Thesandwich crazealso –10 Cruise foryearshas been test- might bring lasting changes to 300 ing driverlesscarsinSan the restaurant business, with 200 Depot Francisco and plans an even- ownersspending thousands of –20 tual robot-taxi service. It dollars on new equipment for 100 is also is exploring commercial battering chicken filetsto 0 –30 Rebuffs delivery. compete for what some fran- Driverlesscarsare expected chisees sayisthe futureof 2019 ’20 Jan. 2020 Nov. to throw off troves of datafor eating out. Annual U.S. per capita meat consumption† Average annual pricefor jumbo boneless, Staples autonomous-serviceoperators Shake Shackbegan selling skinlesschicken breasts to capture, storeand eventually itsnew fried-chicken sandwich BY CARA LOMBARDO monetize, analystssay.Evenon in the burgerchain’sSouth 100 pounds Chicken $2.00apound today’scars, automakersand Korean restaurantsduring the OfficeDepot rebuffed an tech companies aremobilizing fall, beforeitmade itsdebut unsolicitedtakeover offer 90 PleaseturntopageB4 in the U.S. this month. One of from Staples but indicated it the first limited-time items it 1.50 is open to an alternativedeal, put on menus during the pan- 80 thelatesttwist in ayearslong demic wasaspicychicken dancebetween the office-sup- INSIDE sandwich, also during the fall. ply retailers. 70 1.00 “We just want to sell more Staples on Jan. 11 proposed chicken,” said ShakeShack to buy OfficeDepot’sparent, Chief ExecutiveRandy Garutti 60 Beef ODP Corp., formorethan $2 in an interview. “People areal- 0.50 billion or $40 ashare. Staples waysgoing to loveburgers said it would pursue a public 50 and chicken, and we want to Pork tender offer for ODP’s shares be known for both.” in March if the companies Thelargest restaurant and 40 0 don’t reach a deal. convenience-storechains pro- 1990 2000 ’10 ’20 1990 2000 ’10 ’20 ODPconcluded that asale moted213 chicken sandwiches *Chicken-sandwich growth fell in November because of asurge of Popeyessales the prior year.†2020 is an estimate;2021isaforecast of itsretail and consumer-fac- PleaseturntopageB2 Sources: NPD Group (sales); USDA(consumption); Urner Barry (prices) ing e-commerce operations to CASINOS Staples or ajoint ventureis MGM ends itseffortto preferable to afull takeover, purchaseBritish according to alettersent by Confidence Fuels Corporate-Bond Rally ODP’s chairman to an official gaming company of the private-equity firm that Entain. B3 controls Staples.Itsaid in the BY SEBASTIAN PELLEJERO the pandemic,boosted by vac- raise record amountsofcash to rate bonds account forabout letter, seen by TheWall Street cine rollouts, economic stimulus protect balancesheetsfromthe 40%ofthe yield investorsare Journal, that such adeal Hopes foraneconomic re- and easy money from the Fed- pandemic’sblows. earning nowinglobal invest- would affordthe same cost bound and aslowdowninbor- eral Reserve.Spreads had wid- NowWall Street economists ment-grade fixed-income mar- savingsasafull-companysale rowing poweredU.S.corporate ened sharply during 2020’s areprojecting a pickup in eco- kets,which coverother assets but be lesslikely to attract bonds to astrong start in 2021. early-year market turmoil,when nomic growth later in 2021 as includingmortgages and gov- prolonged regulatoryscrutiny. As of Thursday, the average manyinvestorsfeared the pan- vaccination effortsaccelerate. ernment debt, according to Staples’ recent bid marks the extrayield, or spread, investors demic would spark awaveofde- Investment-grade mutual and BofA analysts. thirdtime it tried to acquireits demanded to hold investment- faultsand bankruptcies,fueling exchange-traded funds have Bond sales areslowing down rival. Previousefforts, including grade corporatebonds over U.S. losses in corporatedebt. takeninmorethan $12 billion afteraburst of newissuanceat a$6.3billion proposal five Treasurys was0.93percentage TheFed’sintervention, this year as of Jan. 13,according the start of the year,another yearsago, were blocked by an- point, according to Bloomberg which included cutting interest to Refinitiv Lipper,after posting boost forprices.After last year’s titrust enforcers.Staples was PROPERTY REPORT Barclays data. That wasdown ratesand buying billions of dol- the largest one-year inflowever surge,investment-grade compa- takenprivate by Sycamore ALondon from 1.05 percentagepointsone larsofbonds,helped fuel are- in 2020.“There’sstill alot of de- nies raised morethan $74billion Partnersin2017and is now neighborhood month agoand the narrowest covery.With ratesnear zero, mand because of the lack of so far in January, according to controlled by asubsidiaryof gapsinceJanuary2020. investorschased extrayield in yield globally,” says Hans Mik- S&PGlobal Market Intelligence’s buyout firm USRParent Inc. becomes one of the Themovereflectsinvestors’ theinvestment-grade market, kelsen,high-grade strategist at LCD.That is roughly in line with In asign that investorsan- city’shottest areas. B6 growing confidencethat highly helpingcompanies refinance Bank of America. the$75 billion issued during the ticipateadeal of some sort, ratedU.S.companies will endure debt at lowerinterest ratesand U.S. investment-grade corpo- PleaseturntopageB11 PleaseturntopageB2 P2JW020000-6-B00200-1------XA


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

A Estun Automation....B12 N ABB...... B12 F NIO...... B4 Aberdeen Standard.....B6 Fanuc...... B12 O Acacia Communications FedEx...... B3,B4 ODP...... B1 ...... B3 Fidelity Investments..B4 P Amazon.com...... B1,B4 Fisker...... B4 Ant...... B5 Ford Motor...... B4 Panasonic...... B12 Apple...... B4,B6 FTI Consulting...... B10 Popeyes Louisiana Aurora Innovation...... B4 Kitchen...... B1 G B R General Motors.....B1,B4 Ballymore...... B6 Goldman Sachs...... B1 Restaurant Brands Bank of America International...... B2 ...... B2,B11,B12 H Rivian Automotive.....B4 Berkshire Hathaway.B11 Hong Kong Exchanges & S Biglari...... B10 Clearing...... B11 Sanderson Farms...... B2 Blackstone...... B6 Hyatt Hotels...... B6 Scorpio Bulkers...... B5 Brookfield Property Hyundai Motor...... B4 Partners...... B6 J Shake Shack...... B1 C Shenzhen Inovance JOURNAL Jack in the Box...... B1 Technology...... B12 Chick-fil-A...... B1 JPMorgan Chase..B2,B12 Siemens Gamesa REET Cisco Systems...... B3 ST L Renewable Energy....B5 LL Citigroup...... B2,B12 London Metal Exchange Staples...... B1 WA Coatue Management..B4 ...... B11 Stellantis...... B4 THE Cooler Master...... A10 R

Lordstown Motors...... B4 T FO D M Tesla...... B4

Diebold Nixdorf...... A2 ADLER

McDonald's...... B1 T. Rowe Price Group...B4 S E MGM Resorts U BES Eco World International International...... B3 The bank’sdeposits grew about 25% in the quarter,with nervous consumers and companies looking for asafeplacetostash their money. USR Parent...... B1 ...... B6 Microsoft...... B1 Y Enbridge...... A2 Moonbeam Capital Entain...... B3 Investments...... B6 Yaskawa Electric...... B12 Bank of America’s Earnings INDEX TO PEOPLE

A F P Dragged Down by Low Rates Adye, Belinda...... B5 Floyd, Tom...... B6 Pandya, Jignesh...... B6 Ammann, Dan...... B4 Foster, Tony...... B5 Pekowitz, Bill...... B6 B Petkova, Galya...... B5 BY BEN EISEN ersincluding Bank of America, BankofAmericaisparticularly vision posted feegrowthof G which makemoney on the dif- dependent on U.S. interest 26% from ayear ago, fueled by Povlsen, Andreas...... B5 Barra, Mary...... B4 Garutti, Randy...... B1 Thebiggest U.S. banks have ferencebetween what they pay ratesgiven itslarge base of underwriting of initial public S Biglari, Sardar...... B10 L withstood the recession to depositorsand what they U.S. depositsand loans. offerings. Totalfees of $1.86 Black-Roberts, Felicity Sanderson, Joe...... B2 brought by the coronavirus earn from lending. Bankof Chief Financial Officer Paul billion compared with $1.47 bil- Lauro, Emanuele...... B5 ...... B6 Scaringe, RJ...... B4 pandemic,but they haven’t America’snet interest income Donofrio said on acall with lion ayear earlier. C M Scherr, Stephen...... B2 been immune to the lowrates fell 16% from ayear earlier to journaliststhat he expectsloan Goldman, meanwhile, said Caplan, Kenneth...... B6 Ma, Jack...... B5 Segev, Shay...... B3 thecrisis ushered in. $10.25 billion, though it wasup balances to rise this year.“I Tuesdaythat profit waslifted Adropininterest income slightly from the thirdquarter. think it will start slowand be by a23% rise in itstrading rev- D - E Mason, Mark...... B12 Short, Mayrow...... B6 Mikkelsen, Hans...... B1 Siddiqui, Sami...... B2 helped drag down earningsat Depositsatthe bank grew moreinthe back half of the enue and 68% jump in under- Dimon, Jamie...... B12 Bank of America Corp., which by about aquarter over the year,” he said. writingfees. Moynihan, Brian...... B2 Solomon, David...... B2 Donofrio, Paul...... B2 fell 22%inthe fourth quarter. past year,with nervous con- Wall Street powered earn- BankofAmerica’srevenue Egenberg, Jens...... B5 N T Thesecond-largest bank in the sumersand companies looking ings at JPMorganChase &Co. totaled $20.1 billion in the Engh, Svein...... B5 Nadella, Satya...... B4 Tavares, Carlos...... B4 U.S. said Tuesdaythat itsprofit for asafeplacetostash their and Citigroup Inc.despiterel- fourth quarter,down10% from totaled $5.47billion in the final money.But the economic fall- atively weak showingsintheir the fourth quarter of 2019. three months of the year,ver- out from the coronavirus crisis consumer banks.Buoyant mar- That missed the $20.58billion profitable cut. Theaverage sus $6.99billion ayear earlier. has sapped customer demand kets also benefited Bank of expected by analystspolled by Fast Food weekly pricefor aboneless, Per-shareearningsof59 forloans.The bank’sbook of America’strading arm, but not FactSet. skinlesschicken breast last centstopped analyst estimates outstanding loans and leases, as much as itsrivals.Adjusted Noninterest income fell 4% year wasabout $1.01 apound, of 55 cents. Still, the year-over- whichhad initially grownat trading revenue of $3.06bil- to $9.85billion and noninterest Vies With the lowest level in more than year profit decline wasthe the beginning of the pandemic, lion in the fourth quarter was expenses were 5% higher than 30 years. Thepricehad lan- worstshowing of anybig bank shrunk to $927.86billion at up 7% from $2.86 billion a ayear earlier,totaling $13.93 guished below$1sinceAugust, to report earningssofar.Gold- year-end, itssmallest in more year ago. The bank’s fixed-in- billion. Chicken until it crept back above that man Sachs Group Inc.said on than three years. come tradersbrought in less Bank of Americashares fell level this month, according to Tuesdayits fourth-quarter TheFederal Reserve cut its revenue than ayear earlier, 0.7% on Tuesday. datacompiled by market-re- profit jumped 135%. benchmark interest rate to though itsequity trading reve- ContinuedfrompageB1 search firm Urner Barry. Rock-bottominterest rates near-zeroinMarch to tryto nue was up.  Heard on the Street: Banks through November last year,up Sit-down-restaurant clo- have been achallengefor lend- staveoff an economic collapse. Theinvestment-banking di- need to lend more...... B12 22%fromayear earlier,indus- suresand export slowdowns tryresearch firm Technomic have helped build supplies. Inc.said. Manyofthose sand- The quantity of frozen breast tions could generatesignificant sibility regulatorswould again ODP’s business-facing unit to wiches have found apermanent meat in U.S. cold-storagefacil- OfficeDepot cost-savingsifthe combined block adeal aren’t adequate addresspotential regulatory placeonmenus. ities in lateNovember stood companyreduces itsfootprint and that if it proceeds with a pushback. Fast-food restaurantsre- 23% above last year’s level. by closing overlapping stores. full-blown takeover, it should Sincethe companies’ last main bastions of beef,with Big Some in the chicken indus- Spurns In addition to OfficeDepot, assume all of the antitrust risk attempt to merge,the retail Macs,Whoppersand other trysaid the sandwich launches ODP owns the OfficeMax chain by agreeing to a “hell or high landscape has changed as Am- burgersoutselling breaded- could send prices higher. and CompuCom, an IT-services water” provision. azon.comInc.expanded chicken sandwiches by roughly Hailing the newchicken Staples business. Itsbusiness-facing It said in theletterthat a deeper intoofficesupplies,po- 3-to-1, according to datafrom competition arepoultryexecu- segment accounted for about processisunder way to sell tentially altering the antitrust market-research firm NPD tives,who facepandemic-con- half of itsrevenue in 2019. CompuCom afterapreviously calculus. Group. strained dining and surging ContinuedfrompageB1 That compares with morethan announced strategic review. Office Depot’s revenue has Beyondfast food, though, grain prices. ODP shares climbed 24%since 40% from itsretail operations Under itsproposal, the re- suffered as the pandemic kept chicken has been Americans’ “Wewish all the partici- USRdisclosed itsbid, closing at and 9% from CompuCom. maining ODP would focus on manycorporateoffices closed. meat of choice for decades. pantsmuch success,” said Joe $45.86Friday. Atie-up of the Office Depot said Staples’ commercial sales.Staples had Closely held Staples doesn’t Chicken overtook beef in Sanderson, chief executive of office-suppliers’ retail opera- assurances regarding the pos- said it wasprepared to sell disclose its financial results. 1992 as the most-consumed Sanderson Farms Inc., the meat per capitainAmerica, third-largest U.S. poultrypro- according to the U.S. Depart- ducer, after Tyson Foods Inc. fected by large provisions for ment of Agriculture. Consum- and Pilgrim’s Pride Corp. Trading futureexpected charge-offs, ersbought 1.4billion more Chicken sandwiches tend to given the nascencyofits corpo- Formoreinformation: unitsofchicken than beef last be moreprofitable than beef rate-banking and consumer-fi- In Memoriam wsj.com/inmemoriam year in grocerystores, accord- ones sold in chain restaurants, FuelsProfit nanceofferings. Goldman held ing to Nielsen figures. as they draw on acheaper about$8billion in consumer- Thenumber of fast-food commodity,according to in- loan balances,split roughly )#&!%- *%"!%" 2/4VZ\ ;93 (22ZV29TV 2T R/$X9" ;Z(X2;^ customerswho ateachicken dustryresearch firm Revenue equally between itspersonal- 1^ 2;Z ?432 [TR79V3^3(9\ 2;(2 B9\\Z.ZXTRZ\ "(W: chicken chain by domestic testsahand-breaded chicken as they start where they have JusticeDepartment over a 9V (@(W9XK T@ 9WW9<4(V23 2T

Sami Siddiqui,president for mand, McDonald’ssaid it OOMBER roughly 30% of revenue, a re- theAmericas at Popeyes,said would begin selling aCrispy cord lowratio, said Chief Fi-

in an interviewabout the com- Chicken Sandwich next month ON/BL nancial Officer Stephen

WS IN MEMORIAM pany’s sandwich. with crinkle-cut pickles on a Scherr. DA Thejumbo-sizeboneless, butteredpotatobun, while Thebank’sreturn on equity, EVERYWEDNESDAY AND SATURDAY Formoreinformation visit: wsj.com/InMemoriam

skinlessbreast meat favored adding two other chicken SIMON ameasureofhow profitably it for such products is typically sandwiches to the permanent CEO David Solomon expects uses shareholders’ money,was ©2021Dow Jones &Company, Inc.All Rights Reserved. the poultryindustry’smost menu. the blank-check boom to cool. 21.1% in the fourth quarter. P2JW020000-0-B00300-1------XE

THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | B3 BUSINESS NEWS FedEx Set MGM Ends Bid for U.K.’s Entain To Reduce BY ADRIANO MARCHESE Workforce AND ADRIA CALATAYUD MGM ResortsInterna- tional said Tuesdayitisno In Europe longer pursuing a deal to buy British gambling company En- BY DAVE SEBASTIAN tain PLC,adeal that would have bolstered the casino op- FedEx Corp.plans to cut up erator’s presenceinonline to 6,300 jobs in Europe as it gambling. completes the processofcom- Earlier this month, the Las bining itsExpressnetwork Vegas-based casino operator with the package-deliveryop- offered 0.6MGM sharefor each erations of its TNT unit. Entain share, foravalue of The delivery company said £8.09 billion, theequivalent of Tuesdaythat it will layoff be- $10.99billion. TheWall Street tween 5,500 and 6,300 work- Journal firstreported on ersinoperational and back-of- MGM’stakeover approaches. fice roles as it seeks to Entain, known as GVCHold- address the overlap resulting ingsuntil recently,had said from operating two European that thedeal, representing a

networks connecting similar 22%premium, undervalued S

geographies. the company. PRES Theproposed cutscould af- “After carefulconsideration TED

fect up to 2.6% of FedEx Ex- and having reflected on the CIA

press’ roughly 245,000 em- limited recent engagement be- SO AS

ployees,including about tween the respectivecompa- A/

43,000 at TNT,asofMay 31, nies regarding MGM’srejected NCY

2020. The job cuts will differ all-stock proposal at an ex- SA UL

by countryand could be in the changeratioof0.6 times,it PA form of reassignment to other does not intend to submit a With no deal in the cards, Entain said it looks forward to continuing to work with MGM through their U.S. joint venture BetMGM. roles and priority access to revised proposal and it will open positions. not make a firm offer for En- pence. In NewYork,shares of given the relationship between year,MGM rival CaesarsEn- pand in the fast-growing Bal- FedEx said it expectssever- tain,” MGM said. MGM rose 2.45% on Tuesday Entain and MGM. Thecompa- tertainment Inc. reached a $4 tics region. ance-benefitscostsofbetween Entain, which owns the to $30.53 apiece. nies launched aU.S.joint ven- billion deal to buy another Entain, which also houses $300 million and $575million, British gambling brand Lad- Ahead of MGM’swithdrawal turein2018 to tapintosports- Britishsports-betting com- the bwin, PartyPoker and before taxes, that areexpected brokes,said it looks forward Tuesday, Entain shares were betting opportunities. pany, William Hill PLC. Coral brands,said on Jan. 11 to be incurred through fiscal to continuing to work closely trading abovethe priceof- Atie-up between MGM and After MGM’s proposal was that Chief Executive Shay Se- 2023. The company sees sav- with MGM through their U.S. feredbythe casino operator, Entain would have created one made public on Jan. 4, Entain gevplanned to leave the com- ings of $275million to $350 joint venture BetMGM. suggesting therewerehopes of the few large gambling agreed to buy Swedish gam- panytobecome co-chief exec- million annually beginning fis- In London trading Tuesday, forahigher bid. However, an- companies in the world with a bling company Enlabs AB for utiveofsports-streaming cal2024asaresult of the job shares in Entain finished down alystsatNumis had previously significant online and bricks- around 2.80 billion Swedish platform DAZN. The company reductions. 12%, or 168.50 pence, at 1245 said acounterbid wasunlikely and-mortar presence. Last kronor ($333.5 million) to ex- has yettoappoint anew CEO. FedEx bought TNT,aDutch company, in 2016.Atthat time FedEx had asizable air-ex- pressdeliveryoperation in Eu- China Clears Cisco-Acacia Deal With Conditions rope,but it laggedbehind in the ground-delivery business. Acquiring TNTgaveitanes- BY STEPHANIE YANG fill existing contractswith 2019,claiming Ciscohadn’t re- teritfailed to gain Chinese could mitigatethat effect. The tablished door-to-door net- Chinese clientsand keep com- ceived timely approval from approval before the deal ex- restrictions will remain in work in Europe,saving the China’s antitrust regulator mercial terms unchanged. The Chinese authorities.Ciscodis- pired. Applied Materials Inc. place for five years, it said. U.S.-based company the time approved CiscoSystems Inc.’s conditions,stipulated in a puted the claim but raised the recently raised itsbid for Cisco and Acacia didn’t re- andmoney required to build acquisition of Acacia Commu- statement on the agency’sweb- purchase priceby64%, ce- Kokusai Electric Corp. to $3.5 spond to requestsfor com- one from scratch. nications Inc., clearing the site, required that Ciscoand menting a new deal. billion—from $2.2 billion of- ment. Ciscowill pay$115 a Theintegration of TNT has deal forcompletion under sev- Acacia continue supplying cer- Theneed forChinese regu- feredinJune 2019—as the sharetoacquireAcacia, a64% been drawnout, including a eral conditions aimed to pro- tain productswithout discrimi- latory approval loomed large semiconductor-equipment increase on the original price setback from a 2017 cyberat- tect supply to the companies’ nation and unreasonable terms. over some major tech deals as companies await approval. of $70ashareagreed to in tack on itsoperations that dis- Chinese customers. Theannouncement Tuesday waiting times increased and China’s top market regula- July 2019.The deal values rupted serviceand added hun- TheState Administration for removed a regulatory barrier U.S.-China relations soured. torsaid it believes the deal for Maynard, Mass.-based Acacia dreds of millions of dollars in Market Regulation said the U.S. that nearly doomed thedeal In 2018,a$44 billion deal Acacia could undermine com- at about$4.5billion on afully extra costs. telecommunications-equip- earlier this month. Acacia between Qualcomm Inc.and petition in the market for op- diluted basis. —Paul Ziobro ment companies and subse- moved to terminatethe agree- Dutch chip maker NXP Semi- tical transmission systems and —Lekai Liu contributed to this article. quent mergedentity must ful- ment, first announced in July conductorsNVfell through af- that the conditions it named contributed to this article.

NOTICE TO INVESTORS &INTERESTED PARTIES OF PROPOSED SALE OF RECEIVERSHIP ASSETS UNITED STATES DISTRICTCOURT SOUTHERN DISTRICTOFFLORIDA CASE NO.: 16-CV-24678-COOKE/TORRES SECURITIESAND EXCHANGE COMMISSION, Plaintiff, v. ONIX CAPITALLLC, et al., Defendants. MelanieE.Damian, Esq., as Receiver(the“Receiver”) forOnixCapital, LLC andthe Relief Defendants, hereby givesnoticethatshe will sell the following Receivership assets: i. Open EnglishHoldings, Inc. (“Open English”),acompanythat providesonlineteachingofthe Englishlanguage in Latin America andthe Hispanic market in theU.S.Priortothe commencement of thereceivership,Onixacquired 105,409sharesofCommonStock for $988,736.42, and301,825sharesofSeriesNextUPreferredStock of Open English through convertible notetransactions totaling $1,664,886.13 (the“Open EnglishShares”).The Open English Shares were subsequently transferredtoReliefDefendant Next U Ventures LLC. ii. DialpadInc.(“Dialpad”), is acompany that providescloud-based business phone systemsthatpower voice,video,messages, and meetings across existingdevices.InFebruary 2015, Onix purchased 364,843Series CPreferred Shares in Dialpad, then knownasSwitch Communications Inc., aDelawarecorporation(the“Dialpad Shares”),for $1 million. In April2015, Onix transferred itsinterest in theDialpad Shares to Relief Defendant Next Call Ventures LLC. The Receiver hasdetermined that thebestmethod to sell theDialpad Shares andOpenEnglishSharesisatacompetitivebidding processwith qualified Stalking Horsebidders as approvedbythe CourtonNovember 3, 2020 and November 18,2020,respectively. The Receiver hasentered into separateAsset Purchase Agreements with qualified Stalking Horsebidders (“Stalking HorseBidders”),who have offered $407,234.00 as astartingbid forthe Open English Sharesand $200,000.00 as a DR. PARVEEN CHOPRA (RETIRED) PLANNING COMMR., CHAIR H.R. COMM. startingbid forthe DialpadShares. PROF.HOFSTRA UNIV., KEAN UNIV. The AssetPurchaseAgreementscontainmanyterms andconditions that are LANI CLICK, MFA describedingreaterdetailinthe Receiver’s MotionstoApprove Stalking Horse ENTP., CONSULTANT,PLAYWRIGHT PurchaseAgreement and Bidding Procedures filedonSeptember 1, 2020 and 2021 -2022 YALE SCHOOL OF DRAMA November 3, 2020. Copies areavailable on the Receiver’s website,at MOHIUDDIN ALI KHAN, PHD, DIC PROFESSOR, AUTHOR, OWNER www.onixcapitalreceivership.com or by requestingacopy from counsel to the Lifetime Achievement Award ALI KHAN ASSOC. CONSLTG. ENGRS. Receiver Attn:Farola Saint-Remy,KozyakTropin&Throckmorton, 2525 DR. YOUNG SUH KIM PonceDeLeon, 9th Floor, Miami, Florida33134 and [email protected]. Marquis Who’sWho is proud to honor its PROFESSOR EMERITUS UNIVERSITY OF MARYLAND In ordertomaximizethe valueofthe shares, thesaletoeachStalkingHorse most distinguishedlistees basedontheir Bidderwillbesubjecttohigherand better offersand theReceiverwillsolicit RODOLFOR.LLINÁS, MD, PHD career longevity, philanthropic endeavors, UNIVERSITY PROFESSOR otherpurchaserstosubmit such offers pursuanttothe Bidding Procedures to be NYU MEDICAL CENTER and lasting contributions to society.Out received by no laterthan 5:00 p.m. (EST) on February 10, 2021.Ifother IGNACIA B. MALLON, EDD qualified offersare submittedinaccordance with theBidding Procedures, an of 1.5million biographees, onlyasmall EDUCATIONAL CONSULTANT auctionwillbeconducted on February15, 2021 at 10:00 a.m. viaZoomVideo percentage areselectedfor the Albert UNESCO Conferencing andthe Receiverwillpresentthe highestand best offer obtainedat JESSICAN.SAULS Nelson Marquis Lifetime Achievement OWNER theconclusion of such auctiontothe Courtfor approvalataSale Hearingtobe Award. Among that prestigious group,a BY JESSICA &CO. BEAUTY LOUNGE conductedonFebruary 17,2021 at 10:30 a.m. (the“SaleHearing”) viaa handful is chosen to represent Marquis as RONALD C. WHITTEMORE remote hearingthrough Zoom VideoConferencing.Ifnoqualified offers are SR. OLYMP., PROG. ANLYST. DATAMANN, WILDER received in accordance with theBidding Procedures, no auctionwillbe advertised in The Wall StreetJournal. It is conductedand thesaletoeachStalkingHorse Bidder pursuanttothe Asset our greatpleasuretopresent them here. JONATHAN R. YAROWSKY PARTNER PurchaseAgreementswillbepresented forapprovalatthe Sale Hearing. Congratulations to our prestigious listees! WILMERHALE P2JW020000-0-B00400-1------NS

B4 | We dnesday, January 20, 2021 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Stellantis CEO Sees Strength in Brands

Chief of combined auto annual savings—achieving Tavaressaid he believes the sesswhat went wrong and The Chrysler brand lives on, but the name of the autogiant's founder has about 80% of the cost cuts by combined scale of PSAand draftaturnaround plan. He droppedoffafter its mostrecentmerger. maker plans to sell the end of 2024. FCA,which gives the newcom- said the companyisconsidering vehicles under 14 In all, he said hisplan for panyamajor presenceinmar- all options right now, including Big events in Chrysler’s history the newcompany, which in- kets likeNorth Americaand exiting the countryaltogether. lineups in 130 nations cludes Jeep,Ram, Citroënand Europe,isanasset but isn’t it- “Atthis stagewedonot ex- 1925 1928 Peugeot among itsbrands, self the end goal. clude any scenario,” he said. Chrysler is incorporated from the BuysDodge Brothers assets of the Maxwell MotorCo. BY NORA NAUGHTON aims to deliver about $30 bil- “WebelieveStellantis The newly created Stellan- lion in shareholder value over needs to be great, rather than tis also enters an auto indus- Stellantis NV’snew Chief the first four years. big,” Mr.Tavares said in his trythat is quickly being re- ExecutiveCarlos Tavaresout- He reiterated Stellantis first public remarks as CEO. shaped by newrivals and 1979 lined his vision for the newly wouldn’t close factories or Stellantis’s stock closed at technologies, such as electric U.S. governmentapproves combined automaker Tuesday, eliminatebrands as aresult of $16.91 in trading Tuesdayin and self-driving vehicles. Mr. $1.5 billion bailout for 1987 saying he would preservefac- the merger, working instead to NewYork,uparound 11% from Tavaressaid the mergerwas Chrysler Corp Acquires the Jeep brand tories,drawmoredistinctions lower costs by combining the the former Fiat Chrysler’s pre- as much an offensivemoveas with the purchase of between brands and reassess underlying engineering and vious close.Its shares closed adefensiveone,and the scale 1998 American Motors troubled operations in China. creating more pricing power up 3% in Europe on Tuesday, it will deliver will help the car Merges with Daimler-Benz Shares of the newauto- within the lineups—a tactic he giving Stellantis amarket val- companypursue different making company, created had takenwith Opel afterpur- uation of about $51 billion. businessmodels and ap- 2009 through the merger of Fiat chasing it from General Mo- Thetie-up creating Stellan- proaches that could eventually 2007 Files forchapter11bankruptcy; Chrysler Automobiles NV and tors Co. several years ago. tis is the auto industry’s larg- deliver additional revenue. Cerberus Capital announces partnership with Fiat Peugeot maker PSAGroup As forPeugeot, Mr.Tavares est mergersince1998.Mr. Ta- Meanwhile, he believes the agreestotakemajority Group stakeinChrysler from 2011 over the weekend, began trad- said he hasn’t yetmade adeci- varesstill faces alitanyof planned cost cutswill help Daimler ing in NewYork on Tuesday sion on reviving the brand in challenges in fitting the two protect factoryjobs and free Repays rescueloans morning,following itsdebut the U.S. He had previously companies’ operations to- up cash needed to revive from U.S.,Canadian governments on the Paris and Milan stock contemplated reintroducing gether,particularly as car brands that have faltered in 2014 exchanges on Monday. theFrench brand to the U.S. manufacturerstry to rebuild recent years. 2019 Fiatacquires 100% of FCAand PSA Mr.Tavares,the former after a three-decade hiatus. momentum while the pan- “Wewill not shutdown Chrysler to create Fiat (Peugeot)agree to merge PSAchief nowleading Stellan- Rather,the focus will be first demic continues to depressve- plantsasaconsequenceofthe Chrysler Automobiles tis, emphasized the company on generating savingsand try- hicle demand. merger. Ican tell youthat,” he 2020 2021 Stellantis name debuts would use the group’scom- ing to reposition existing In China, whereboth FCA said. Rather, he described the FiatChrysler and PSAcomplete bined heft, selling vehicles un- brands to bettercapitalizeon and PSAhavelong struggled, tie-up as acting likeashield to merger to create Stellantis der 14 brands and in 130 coun- their diversity,hesaid. In tak- Mr.Tavares said he has as- preservefactories and fill tries,togenerate$6billion in ingthe helm at Stellantis,Mr. signed an executiveteam to as- them up with new work. Source:the company; staff reports Microsoft Electric-Truck Invests in Maker Rivian GM Unit Raises Fresh Funds

ContinuedfrompageB1 S to harnessdatafromthe grow- BY BEN FOLDY 2020,making it the world’s PRES ing number of vehicles with in- most valuable automaker,with

ternet connections. ZUMA Electric-vehicle startup Riv- amarket valuation of $783 bil- Cruise Chief Executive Dan A/ ianAutomotive LLC has raised lion as of Friday’sclose. DP

Ammann said Microsoft’sin- W/ an additional $2.65billion, bol- Shares in Chinese electric volvementwill help Cruise LO stering itsbalancesheet as it vehicle maker NIO Inc.regis- KO

commercialize its technology. SO looks foranedgeinthe nascent teredasimilar run, gaining Microsoft Chief Executive Sa- market forelectric trucks. 1,112% in 2020.

tyaNadella said the tech giant ANDREJ Asset manager T. Rowe Several startups including wantstohelp autonomous The $2 billion investment brings San Francisco-based startup Cruise’s valuation to $30 billion. PriceAssociates Inc.led the Fisker Inc.and LordstownMo- cars go mainstream. round, which also included Fi- tors Corp.havesought to take GM also said Microsoft capacity and software tools to scalecomputing needs,” said electric vehicles,the South delity Investments, Coatue advantageofthe enthusiasm, would be itspreferred cloud customers. It has been in a SanjayRavi, ageneral man- Korean carcompanyhas said. Management and Ama- going public through reverse provider and help it stream- heated battle with Ama- ager of Microsoft’sautomo- GM spent around $1 billion zon.com Inc., all of which have mergers with special-purpose line supply chains and roll out zon.com Inc., the leader in the tive-focused business.” in early 2016 to acquireCruise, already backed the automaker, acquisition companies,or newdigital services to cus- cloud, and trying to tap Big-tech companies gener- which wasthen a40-person Riviansaid Tuesday. SPACs. tomers. Theautomaker’s emerging sectors.The autono- ally have jumped into the au- startup.The companynow has Theinflux of capital forthe Rivian, still private, plans to shares rose nearly 10% Tues- mous-vehicle market, onceit tonomous-vehicle space, which nearly 2,000 employees. Irvine,Calif., companycame at offer consumerselectric pickup daytoclose at arecord becomes real, promises anew some analystssay could even- GM Chief ExecutiveMary avaluation of $27.6 billion, ac- trucks and SUVs with off-road $54.84. Microsoftshares were and rapidly growing market tually be valued in the trillions Barrahas pegged her growth cording to aperson familiar capabilities,taking aim at De- up close to 2%. forthe kind of number- of dollars. Amazon last year strategy on electric cars and with the matter, and adds to troit’sdominanceinthe two Thetech giant in recent crunching services Microsoft acquired driverless-technology expanding intoservices,in- the $5.35billion that the com- highly profitable categories. yearshas been aggressively offers. “With this strategic re- firm Zoox. Apple Inc.has held cluding connected-car features panyraised in five earlier fund- Thecompanyanticipates pushingits cloud-computing lationship,weare looking to talks with Hyundai Motor Co. and afutureautonomous-vehi- ing rounds dating to 2019. launching itsfirst model, an all- business,whereitrentsserver further addressthese hyper- about working on driverless, cle network.Inrecent years Ford Motor Co.also holds a electric pickup called the R1T,in investorshavelargely put stake in Rivianafter investing June.Afull-sizeSUV called the theirfaith in Tesla Inc.and $500 million in 2019.Itwasn’t R1S is set to followinAugust. ADVERTISEMENT other newcomersinstead of clear whether Ford participated By the end of the year,Riv- GM, despite the auto maker’s in this round. Thenew money ian also plans to deliver the TheMarketplace progressonadvancedtechnol- will allowRivian to focus on firstof100,000 deliverytrucks ogies,which has drawnpraise launchingthree productsthis the companyhas contracted to To advertise: 800-366-3975orWSJ.com/classifieds from analysts. year while scaling up forgrowth, provide Amazon.comInc.by But GM’s shares have risen said RJ Scaringe, Rivian’s 2030. BUSINESSOPPORTUNITIES CAREERS NOTICE OF SALE sharply in recent months as founder and chief executive. General Motors Co.plans to investorswarm to the com- Thefunding round illus- reviveits Hummer brand in !$*&1($'")!#&1 +"#( $' 1$##"*(,"# pany’s growth bets, analysts trates that the torrent of new 2021 as an all-electric luxury !..0!*31 ,(&$+!+1 -#*2 2!.* 9C*A!,*G?O >[@ "#("+( *"%( !$*&1(#L8U-4# 46L6=!1, 6<14# KO8O# ,F%%!,,U- &? 2!-9!- The investment is Cruise’s companies shows no signs of that the companyhas anew %')/' "1$#&* .c!*G?AMa^*.=?* IF?$ FE?!FGAbA?F.fO EC!G.!N LU 46L6=!1, 6<14 U\ G!11,?3D<16<# <, <"2616,L-U-4 %U-SU-F,!G&*^EMaD=!?]L_K.?FC HF,*cN EL-!!L# K!B >U-4# K!B >U-4 T;;TH# LU9!L8!- B6L8 <33 contributed to this article. gained morethan 740% in in 2021. #''D%@@D@'@@ !G&*^EM aHEcF]*C `!cc K..*E? KG]KHF=G? 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THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | B5 BUSINESS NEWS AfterAnt Investors Look to Offshore Wind IPO Stalls, Demand for ships that requires niche know-how, said Tony Foster,chief executiveof Investors specialize in building, Marine Capital, an asset man- servicing equipment ager that owns and runs ships. EnTrust Global, with $19 Withdraw is expected to grow billionintotal assets, will soon start investing in off- BY CHONG KOH PING BY JULIE STEINBERG shorewind support vessels, AND JOE WALLACE said portfolio manager Svein Millions of individual inves- Engh. tors in China pulled morethan LONDON—Aftertwo de- Wind-turbine installation $3 billion from five mutual cades hauling cement and fuel vessels attach to the seabed funds that previouslytouted to oil rigsinthe North Sea, and lift themselves out of the access to Ant Group Co.’s Atlantic Discoveryfaced the water. Using that stable plat- blockbuster initial public of- end of the line in 2015 when form, acrane and other ma- fering,drastically shrinking energy marketscrashed and chines install the turbine’s the funds just two months af- the ship wasdispatched to an foundation, construct atower terthe financial-technology Edinburgh scrapyard. and attach blades that capture giant’s listing was called off. Now the vessel is back ply- wind power. Thefivemutual funds, ing the wavesunder anew Thereare 16 such ships in overseen by some of the coun- owner.Tricked out with high- the world, according to Jens try’slargest investment firms, liftcranes and an upgraded Egenberg, offshore-renewables last fall raised the equivalent positioning system, it started analyst at Clarksons.They of $9 billionfrommorethan servicingthe U.K.’s offshore tend to be ariskier bet forin- 10 million individual investors. wind farms in 2019. vestorsbecause they regularly UINOR

Manyindividuals bought the Atlantic Discoveryisone of EQ need to find newfarms under funds via Alipay, the popular agrowing number of vessels The need to finance ships to service wind farms has lured money managers. A vessel in the U.K. construction, and canreturn paymentsand financial-ser- catering to offshorewind as much as 20%. vicesapp owned by Ant. The farms,which areproliferating ment Ltd., used loans from Netadditions of offshore-wind capacity, in gigawatts Vessels that transfer techni- Hangzhou-based companyhad as the world reduces itsreli- privateindividuals and afund. cians to maintain and repair China GermanyNetherlandsU.K.Other earlier struck agreementsto ance on fossil fuels. The need Castle Ship,which is raising 4 turbines aretypically asafer allocateaportion of itsShang- to finance the ships has lured capital to expand and upgrade investment because they are hai IPO to the funds,which money managers chasing in- itsfleet, expectsprivatefunds FORECASTS chartered for years at a time, told investorsthey would also vestmentsthat check the envi- to contribute most. producing at least high single- invest in other stocks. ronmentally friendly box and Vessels that install turbines 3 digit returns. Ant, which is controlled by provideyield. Their interest cancost between $250 million In asign the overall fleet is billionaire Jack Ma, on Nov. 3 suggests appetite for cleaner and $350 million to build, set to grow,New York-listed suspended plans to list in both investmentsextends beyond while those that service them Scorpio Bulkers Inc. plans to Hong Kong and Shanghai after the ubiquitous green bonds of cancost up to $50 million, sell itsdry-bulk vessels,which coming under pressurefrom recent years. said Andreas Povlsen,head of 2 transport coal and iron ore, Chinese officials. At the time, Ships clear the seabed of the maritime team at Hayfin and replacethem with tur- domestic and international in- debris,lay foundations and Capital Management LLP. bine-installation vessels. vestors had committedmore build turbines—oftenfar from Some managersare cur- “There’s nothing uncertain than $34billion to itsIPOs, shoreintreacherous condi- rently participating in aten- 1 about the global energy transi- and their funds were subse- tions. Afinancing gapexists der to provide ships for Dog- tion toward renewables,” said quently returned. because banks have pulled gerBank wind farm, off the Chief ExecutiveEmanuele Investorsinthe five mutual back from the shipping indus- northeast coast of England, Lauro,adding that existing funds earlier agreed to lock up tryafter losses sincethe whose ownersSSE Renewables vessels won’t be able to han- 0 their money for18months.Af- 2008-09 financial crisis. and Equinor ASA sayitwill be dle the bigger turbines of the terAnt’sIPO wassuspended, a GalyaPetkovasees this in the world’s biggest. J.P. Mor- 2016 ’20 ’16 ’20 ’16 ’20 ’16 ’20 ’16 ’20 future. Another impetus for public outcry ensued, and the herjob at Siemens Gamesa ganAsset Management, Ma- Source:International Energy Agency Scorpio’s changeoftack: Many assetmanagers agreed to let Renewable Energy SA,leasing rine CapitalLtd.and North investorsaren’t allowedto investorswithdraw their vessels to serviceturbines. Star, aScottish shipping oper- environmental maritime strat- gent regulation there. Some own coal-related companies. money between Nov.23and She is encountering morepri- ator owned by Basalt egythat includes offshore 26,000 offshorewind turbines To be sure, most offshore- Dec.22without incurring fees. vate funds that ownorfinance InfrastructurePartnersLLP, wind vessels. will be activeglobally in 2030, wind ships emit their ownpol- Regulatoryfilingsfromthe ships compared with three have submittedbids,according BelindaAdye, apartner at nearly four times the current lutants, and apush is under funds over the weekend years ago, she says. to people familiar with the consulting firm MarsoftInc., number,says shipbroker way to reduce these. showedthat nearly 2.6million Investorsinclude shipping- process. says investing in green ship- Clarksons Platou. Basalt, whichmanages individuals have exited their dedicated and infrastructure Vessels canberetrofitted ping assets is apriority for Clarksons valued the global more than $4 billion, in 2017 investments, and withdrew funds and multistrategygener- after serving oil-and-gas rigs most private funds. fleet of vessels at €11 billion, bought North Star, which morethan $3 billion. Themu- alists.They lend to shipowners or built from scratch, accord- Most offshore wind farms equivalent to $13.3 billion, last works on North Sea oil plat- tual funds’ assets under man- or join with them to build and ing to Elbe Financial Solu- areinEurope and Asia.The year, and says it must rise to forms. With oil production in agement totaled $7.2 billion on ownships.Atlantic Discovery’s tions,afirm that previously U.S. is on track to become one €23 billion by 2025 to satisfy the region in long-term de- Jan. 18,thanks in part to in- overhaul, undertaken by invested in traditional ships. of the largest markets, though demand. cline, it is rejigging to serve vestment gains. owner Castle Ship Manage- Twoyearsago it shiftedtoan overseas investors face strin- Yet the sector’s complexity wind farms.

May 11-13, 2021 /Online Buy now: wsj.com/print

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B6 | We dnesday, January 20, 2021 ** THE WALL STREET JOURNAL. THE PROPERTY REPORT Ex-Industrial Area Turns Into a Draw London neighborhood emerges as one of the city’s hottest, luring Apple, other big names

BY RUTH BLOOMFIELD tion, a decommissioned coal- firedpowerplant on the west President Trump once dis- side of theneighborhood that missed the London neighbor- is being renovated. hood of Nine Elms as “lousy” About 1,400 employees and “horrible.” from around London will be Mr.Trump made his re- basedatthe landmark build- marks in 2018,after the Amer- ing,owned by aconsortium of ican Embassy left its historic Malaysian investors, making it base in upscale Mayfair for a one of the tech giant’slargest newly constructed building 3 sites outside North America. miles south. Anew metrostation, link- Today, Nine Elms is emerg- ing the neighborhood to the ing as one of London’shottest London Underground network, real-estate markets. The 561- is also poised to open this asquarefoot, asimilar rate as acre tract of formerly indus- year. Hyatt Hotels Corp. said in London’sprime central trial land beside the Thames is it plans to open a203-room zone, which includes Mayfair. luring big technologynames Park Hyatt hotel in Nine Elms Battersea PowerStation like Apple Inc., an American as early as next year. will offer ashopping mall with book publisher and luxuryho- “It’sanareawebelievewill high-end brands including teloperators. Thedistrict will see hugedemand forboth lei- Hugo Boss and MAC Cosmet- soon be home to what adevel- sureand businesstravel,” said ics, barsand restaurants, an oper says will be the world’s Felicity Black-Roberts, Hyatt’s art-house movie theater and first“skypool,” which will sit vicepresident of development, event spaces. suspended between two tow- Europe. Thereare also plans forthe ers. Newresidential projectsin- refurbishment of New Covent Nine Elms’ redevelopment clude Embassy Gardens,which Garden Market, the U.K.’s larg- started adecade agoand now featuresthe skypool. The est wholesale fruit, vegetable featuresmorethan 40 individ- joint development by Irish and flowermarket, with more ual projects with a combined homes, offices, retail and lei- cost of £15 billion, equivalent sure facilities. to $20.5 billion. When the Nine Elms features Not everyLondoner dis- projectsare completed around agrees entirely with Mr. 2030, more than 25,000 peo- more than 40 Trump’sassessment. Tom ple areexpected to work in projects with a total Floyd,sales director at real- the district and as manyas estateagent Winkworth, said a 40,000 people will call it cost of £15 billion. majority of homes at Nine home. Elms areowned by overseas Home prices have been ris- investors who rent them out. ing,despitethe pandemic, Itstransient population which slowedoverall sales ac- house builder Ballymore and means,headded, the area tivity. EcoWorld International will lacks asense of community Theaverage priceofaNine include 1,500 apartmentsupon and some buildingsare appar- Elms apartment crossed the $1 completion later this year.It ently largely empty. million mark forthe firsttime will also be home to offices for “Ifyou drivepast thereare last year.That pricewas NewYork-based publisher no lightsoninthe evening,”

$1,086,180 at the end of 2020, Penguin Random House. Mr. Floyd said. (2)

up 13% from the end of 2019, Theinitial focus at Nine Butheishopeful. “I think ORE

according to property portal Elms has been apartment that when Battersea Power YM

Zoopla. buildings. Mayrow Short,head Station opens it will really be BALL Apple plans to take posses- of real-estateagent Savills’ lo- the epicenter of Nine Elms,be- sion of abuilding in Nine Elms caloffice, said the best apart- cause it will become adestina- RLD OWO

this year,taking 500,000 ments—thoseonupper floors tion,” Mr. Floyd said. “I think EC squarefeet of officespace with views of the Thames— it will be great. It is just not a New residential projects include Embassy Gardens, which will feature a ‘sky pool.’ Renderings of within Battersea PowerSta- change hands at up to £2,500 finished product.” the pool that will be suspended between two buildings in London’s Nine Elms neighborhood. Developers Struggle in Their Efforts to Rethink Malls

BY ESTHER FUNG their approval. Ownerswill sion strategy, but the real-es- field said at that time that the firm, which specializes in buy- on terms, according to a per- need to seek rezoning and enti- tate investor oftenstruggled long-term natureofthe devel- ing nonperforming loans son familiar with the matter. Manydeveloperslook at tlementspermitsthat cantake to make this approach work. opment’snextphase didn’t fit backed by commercial proper- In December,county offi- failingmalls and envision years, during which economic Brookfield last week handed with itsfunds mandate. Ana- ties,planned to build apart- cials agreed to buy the mall modern officecampuses,bus- conditions candeteriorate. over itsNorth Point Mall in lystssaid officeand retail ten- mentsand offices afterdemol- for$23 million rather than see tling warehouses or residen- Consequently, many recent Alpharetta,Ga., to alender, antsare turning morecautious ishing adepartment storeat this valuable sitegounused by tial buildings. But some are conversion effortshavegone despitehaving secured rezon- about signing newleases,which the mall. But Moonbeam ran the community.Itcouldn’t be finding that converting these awry,forcing the owner to sell ing approvals to add hundreds made redevelopment projects out of money and didn’t pro- determined if Moonbeam, shopping centersisn’t so easy. the property at a discount. In of residential unitstothe site like this lessofasurebet. ceed, according to aperson fa- which didn’t respond to re- Repurposing amall is ex- other cases,local government in 2019.Yet with the two-story An investor’s ambitious miliar with the matter. questsfor comment, made pensive. Newownerstypically authorities lost patienceand property losing tenants in re- plan to turn the struggling In 2019,aninvestor pro- money on the sale afterin- need to shell out hundreds of bought the owners out. cent years, its value has sunk GwinnettPlaceMall outside posedbuying the siteand cluding investment costs. millions of dollarsoncon- Brookfield Property Part- belowits loan balanceof Atlantaintoa20,000-seat turning it intoacricket sta- Not all conversions fail. struction and labor,develop- ners LP made converting all roughly $200 million—thereby cricketstadium didn’t work dium, hoping to appeal to the Some dying malls have be- ers and brokers say. or part of malls one of its making little economic sense out, either.The 1.7million- region’slarge Indian popula- come warehouses,prized by Razing and redeveloping a prime real-estatestrategies.In for Brookfield to continue re- square-foot mall thrived in the tion and itsenthusiasm forthe logistics companies sincethey spacethat spans dozens of 2018,the firm bought the two- paying the loan and investing 1980s and ’90s but later suf- British sport. Theinvestor, arelocated near major high- football fields is filled with po- thirds of mall operator GGP in the mall’s redevelopment. feredfromcompetition by Philadelphia-based business- ways and have ample parking tential land mines.The newin- Inc.itdidn’t own, valuing Theproperty firm in July neighboringmalls and went man Jignesh Pandya, hoped a fields. In rare instances, tired vestor mayown the mall but GGP’sproperty portfolio at canceled plans forthe redevel- into foreclosure in 2012. stadium would be a part of a shopping centersdrawtech- not the department stores or around $15 billion. Theacqui- opment of aformer Vermont Moonbeam Capital Invest- proposed U.S. cricket league. nologyfirms seeking asite for parcels in the parking lot, sition reflected Brookfield’s mall aftersecuring permitsto ments LLC purchased the mall Butthe sale fell apart when their headquarters or an office which means an owner needs confidenceinthe mall-conver- tear down the property.Brook- in 2013 for $13.5 million. The thetwo sides couldn’t agree campus. Blackstone Benefits From Portfolio Shifts

BY PETER GRANT from firm investment deci- call right. Itsreal-estateport- whileindustrial increased to sionsand changes in market folio includes European malls 20.5%from13.5%, according to Thepandemic slammed valuations. that faceproblems.The in- the index. some of the major property Hotels account for7%ofthe vestment firm also has asmall Blackstone’sstrategyhas types,but changes Blackstone equity value,downfrom23% investment in senior housing, been to look forways the busi- Group Inc.made to itsreal-es- in 2015.Lodging wasnearly a property type that has got- ness-world shifts affect de- tate portfolio over time have half the portfolio’s equity tenclobbered during the pan- mand forcommercial prop- helped the investment firm value in 2010,when Blackstone demic because of escalating erty,Mr. Caplan said. One of navigate through the fallout. controlled Hilton Worldwide expenses and falling revenues. thoseshifts has been in the In the yearsbeforeCovid-19, HoldingsInc.and owned many “Obviously not everything’s growth of e-commerce.That Blackstone altered itsproperty lodging properties. perfect,” said Kenneth Caplan, trend accelerated during the mix based on changes taking Blackstone said traditional co-head of Blackstone Real Es- pandemic.“Youhad multiple placeinthe economyand U.S. officespace—which doesn’t tate. “But we feel great about yearsofexpected growth [in technologies.While investors have specialized featuressuch our portfolio.” online retail] compressed into at the firm weren’t preparing as labs forpharmaceutical com- Blackstone isn’t the only the past year,” he said. forapandemic,their moves to panies—accountsfor 5% of its biginvestor with pre-pan- Blackstone’sappetitefor gradually reduceexposureto equity value,compared with demic changes paying off now. traditional officespacede- certain real-estatecategories 19% in 2015.Most officespace Aberdeen Standard,one of clined partly because busi- have served them well. has remained unoccupied dur- thelargest real-estateinves- nesses were using amenity- Retailand lodging have ing the pandemic,and many tors in the U.K.,has about 24% rich spaces to lureworkers. been the two hardest-hit com- analystsremain skeptical it can of its portfolio invested in re- These businesses have been mercial-property types during return to previous levels even tail compared with over 40% passing the cost of space im- the pandemic, as travel nose- afterthe pandemic. one decade ago, according to provements onto landlords. dived and consumersmigrated Thefirm increased industrial Bill Pekowitz,aportfolio man- Blackstone focused on of- to online shopping with many space to 36% of itsreal-estate ager with the firm. fice spacethat specialized in stores closed or limiting ca- equity value,from9%in2017, And most real-estateinves- certain tenants, such as bio- pacity because of Covid-19 re- boosting itsexposuretothis hot tors have been moving in a technology lab space and en- strictions. category.Industrial real-estate similar direction. Retail prop- tertainment companies in Hol- In aglobal real-estateport- investment trust shares gained erties accounted for 23.5% in lywood that want to be close TIONS

LU folio that Blackstone values at 12.2% last year,according to an thefirst quarter of 2014, ac- to studios. Those bets turned

SO $341 billion, retail real-estate indexfromreal-estatedataana- cording to an indexofthe Na- out well, as billions of dollars holdingsmakeup5%ofequity lytics firm Green Street, com- tional Council of Real Estate flooded intoresearch on

INFLIGHT value,compared with 19% in paredwith a5.1% decline in its Investment Fiduciaries,aCovid-19, and demand soared Blackstone focused on officespacefor certain tenants, such as 2015,according to the firm. general REIT index. benchmark formanyfirms. forstreaming series and other biotech lab space, as seen in aphoto illustration, in Cambridge, Mass. Changes in equity value result Blackstone didn’t getevery Retailisnow down to 18.9%, movie and television content. P2JW020000-0-B00700-2------XA

THE WALL STREET JOURNAL. We dnesday, January 20, 2021 | B7

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 May 128.75 130.80 126.80 129.25 –1.00 52,313 Canadian Dollar (CME)-CAD 100,000; $ per CAD Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Jan .7840 .7861 .7835 .7839 –.0018 588 Contract Open Agriculture Futures March 16.50 16.70 16.06 16.10 –.35 403,542 March .7842 .7866 .7836 .7856 –.0003 152,659 Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 15.64 15.79 s 15.21 15.25 –.33 207,987 British Pound (CME)-£62,500; $ per £ Copper-High (CMX)-25,000 lbs.; $ per lb. March 531.50 534.25 523.25 526.00 –5.50 763,830 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Feb 1.3603 1.3637 1.3582 1.3634 .0051 892 Jan 3.6200 3.6400 3.6160 3.6360 0.0330 1,648 May 528.25 –6.50 375,019 March 28.99 29.00 s 28.99 28.95 .15 2,900 March 1.3586 1.3641 1.3583 1.3636 .0051 145,503 March 3.5930 3.6535 3.5500 3.6335 0.0315 156,727 Oats (CBT)-5,000 bu.; cents per bu. March 365.75 367.50 360.50 362.50 –3.50 3,690 Cotton (ICE-US)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Gold (CMX)-100 troy oz.; $ per troy oz. May 356.25 –3.25 559 March 80.88 81.85 80.75 81.15 .45 119,650 March 1.1244 1.1299 1.1232 1.1272 .0032 48,419 Jan 1802.00 1842.90 t 1802.00 1839.50 10.20 31 Soybeans (CBT)-5,000 bu.; cents per bu. May 81.95 82.73 81.65 82.07 .45 59,051 June 1.1298 1.1327 1.1264 1.1302 .0032 140 Feb 1828.80 1845.00 t 1800.80 1840.20 10.30 235,934 March 1419.00 1421.25 1383.25 1385.75 –31.00 375,156 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD March 1830.60 1846.00 t 1804.20 1842.00 10.30 888 May 1417.50 1419.25 1380.75 1383.25 –31.50 172,516 March 122.45 123.00 t 118.60 118.70 –3.15 8,662 Feb .7687 .7726 .7681 .7697 –.0014 353 April 1832.30 1848.40 t 1804.70 1844.00 10.30 229,703 Soybean Meal (CBT)-100 tons; $ per ton. May 123.70 123.70 t 120.00 120.00 –3.15 971 March .7683 .7727 .7681 .7698 –.0014 144,159 June 1834.90 1850.70 t 1810.00 1846.50 10.00 44,291 March 463.30 464.00 450.20 450.50 –12.70 168,771 Mexican Peso (CME)-MXN 500,000; $ per MXN Aug 1832.80 1853.20 t 1810.00 1849.00 10.00 14,496 May 458.50 459.10 446.60 447.00 –11.50 87,837 Interest Rate Futures Feb .05060 .05082 s .05058 .05066 .00027 50 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. March .05046 .05072 s .05036 .05048 .00027 146,587 Jan 2359.70 –30.10 23 March 41.99 42.31 t 41.01 41.70 –.15 189,212 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Euro (CME)-€125,000; $ per € March 2394.50 2408.00 2353.00 2365.00 –30.10 9,133 May 41.64 41.95 t 40.65 41.19 –.30 91,867 March 205-230 206-050 204-120 205-250 19.0 1,075,286 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Feb 1.2088 1.2152 t 1.2082 1.2134 .0048 1,213 March 13.09 13.27 13.08 13.20 .08 9,739 March 1.2091 1.2160 t 1.2088 1.2141 .0049 672,008 Jan 1083.00 1083.00 1083.00 1088.40 2.70 352 March 169-010 169-080 168-100 168-310 5.0 1,162,303 May 13.37 .09 208 April 1079.80 1109.70 1072.00 1092.00 2.10 57,424 Wheat (CBT)-5,000 bu.; cents per bu. June 167-120 5.0 57 Index Futures Silver (CMX)-5,000 troy oz.; $ per troy oz. March 683.75 691.25 668.75 672.25 –3.25 186,628 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan 24.915 24.920 24.915 25.279 0.454 228 July 658.25 .50 93,190 March 136-295 136-315 136-210 136-300 2.5 3,325,396 Mini DJ Industrial Average (CBT)-$5 x index March 24.835 25.480 t 24.040 25.320 0.454 131,715 Wheat (KC)-5,000 bu.; cents per bu. June 135-295 2.5 6,201 March 30742 30982 30737 30828 108 86,389 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 649.75 657.00 638.75 644.00 1.00 109,578 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 30661 30864 30612 30722 110 113 July 651.00 657.50 641.25 646.25 .75 47,982 S&P 500 Index (CME)-$250 x index Feb 52.11 53.13 52.11 52.98 0.62 69,513 March 125-232 125-252 125-197 125-245 1.5 3,177,100 March 52.15 53.18 52.15 52.98 0.56 436,260 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 3811.80 3795.20 3766.00 3790.60 28.30 16,042 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index April 52.11 53.09 52.09 52.90 0.54 194,172 Jan 133.875 136.000 133.700 134.400 –.175 2,365 March 135.500 138.650 135.375 136.800 .975 20,982 March 110-145 110-147 110-140 110-147 .3 1,934,815 March 3769.25 3797.00 3767.75 3790.50 28.25 2,574,704 May 51.92 52.90 51.92 52.75 0.52 107,798 Cattle-Live (CME)-40,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 3759.50 3786.75 3757.00 3780.50 28.25 17,695 June 51.73 52.66 51.72 52.52 0.48 245,605 Feb 112.925 113.900 112.100 113.325 .550 61,224 Jan 99.9125 99.9125 t 99.9100 99.9100 168,394 Mini S&P Midcap 400 (CME)-$100 x index Dec 50.00 50.80 50.00 50.73 0.20 290,054 April 118.225 119.725 s 117.925 119.350 1.150 128,574 Feb 99.9150 99.9200 t 99.9150 99.9150 157,367 March 2430.20 2449.80 2428.50 2441.30 21.00 54,049 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June …2432.70 2432.00 2451.50 19.70 n.a. Hogs-Lean (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Feb 1.5843 1.6089 1.5843 1.5987 .0058 61,579 Feb 67.775 68.000 66.425 66.475 –1.450 36,790 Mini Nasdaq 100 (CME)-$20 x index March 96-105 1.5 126,901 March 1.5869 1.6105 1.5840 1.6002 .0060 89,950 April 72.500 72.800 t 71.300 71.425 –1.225 82,522 March 12812.00 13032.75 12810.75 12985.50 183.25 235,813 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% June 12800.00 13016.50 12792.00 12971.75 182.75 1,971 Feb 1.5190 1.5489 1.5190 1.5381 .0097 69,980 March 657.00 683.70 651.40 668.00 5.10 1,771 Feb 99.8075 99.8100 t 99.8000 99.8000 –.0100 151,054 Mini Russell 2000 (CME)-$50 x index March 1.5175 1.5477 1.5175 1.5379 .0102 121,992 May 597.80 625.00 597.80 615.00 9.40 558 March 99.8200 99.8250 99.8150 99.8150 –.0050 1,102,062 March 2130.50 2150.80 2130.10 2147.30 26.50 556,280 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. June 99.8250 99.8300 99.8200 99.8250 –.0050 967,290 June 2133.80 2145.60 2124.00 2143.00 26.20 424 Jan 16.28 16.28 16.22 16.22 –.01 3,592 Mini Russell 1000 (CME)-$50 x index Feb 2.630 2.673 t 2.523 2.546 –.191 78,996 Sept 99.8150 99.8250 99.8150 99.8200 …804,452 Feb 19.12 19.13 18.48 18.48 –.75 3,600 March 2143.00 2152.40 2134.40 2149.90 17.70 8,622 March 2.611 2.641 t 2.507 2.529 –.167 299,759 Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures U.S. Dollar Index (ICE-US)-$1,000 x index April 2.624 2.656 t 2.537 2.554 –.141 106,266 March 2,546 2,605 2,521 2,590 63 86,706 March 90.70 90.75 90.38 90.48 –.28 35,281 May 2.674 2.690 t 2.579 2.596 –.128 72,534 May 2,497 2,556 2,480 2,541 59 63,111 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 90.68 90.73 90.39 90.45 –.28 750 Sept 2.827 2.832 t 2.732 2.744 –.116 49,039 Coffee (ICE-US)-37,500 lbs.; cents per lb. Feb .9630 .9650 .9611 .9631 …481 Oct 2.855 2.855 t 2.756 2.773 –.106 110,797 March 126.00 128.75 124.65 127.15 –1.00 97,644 March .9650 .9654 .9612 .9633 …193,487 Source: FactSet Corporate Debt Bonds | wsj.com/market-data/bonds/benchmarks Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Tracking Bond Benchmarks expectations Investment-grade spreads that tightened the most… Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Spread*, in basis points highs and lows for different types of bonds Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Total Total Phillips 66 PSX 3.700 0.35 April 6, ’23 22 –19 37 return YTD total Yield (%) return YTD total Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High El Paso Energy … 7.750 2.62 Jan. 15, ’32 153 –12 n.a. General Motors GM 6.250 3.91 Oct. 2, ’43 205 –10 225 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Caterpillar Financial Services … 0.800 0.70 Nov. 13, ’25 25 –6 30 2276.29 -0.7 U.S. Aggregate 1.180 1.020 2.310 2231.60 0.003 Mortgage-Backed 1.220 0.930 2.690 Credit Suisse Group Funding … 4.875 2.80 May 15, ’45 95 –6 98 U.S. Corporate Indexes Bloomberg Barclays 2177.05 -0.1 Ginnie Mae (GNMA) 1.010 0.290 2.660 FedEx FDX 3.875 2.94 Aug. 1, ’42 108 –6 123 3427.74 -0.9 U.S. Corporate 1.830 1.740 4.580 1318.41 0.03 Fannie mae (FNMA) 1.290 1.110 2.690 Glencore Finance Canada GLENLN 6.900 3.61 Nov. 15, ’37 175 –6 200 -0.3 Intermediate 2023.06 0.01 Freddie Mac (FHLMC) 1.280 1.080 2.710 3104.40 1.150 1.080 4.400 Pacific Gas and Electric … 3.150 1.65 Jan. 1, ’26 120 –6 135 5093.03 -1.9 Long term 2.920 2.730 4.930 596.05 0.1 Muni Master 0.853 0.838 3.441 …And spreads that widened the most 693.87 -1.2 Double-A-rated 1.510 1.300 3.360 422.12 0.1 7-12 year 0.841 0.771 3.447 11 916.03 -0.7 Triple-B-rated 2.080 2.010 5.350 482.57 0.03 12-22 year 1.251 1.224 3.690 Constellation Brands STZ 4.250 0.56 May 1, ’23 43 n.a. BHP Billiton Finance … 5.000 2.55 Sept. 30, ’43 69 8 68 High Yield Bonds ICE BofA 469.38 0.2 22-plus year 1.896 1.765 4.123 Wells Fargo WFC 3.450 0.57 Feb. 13, ’23 43 6 38 497.84 0.5 High Yield Constrained 4.171 4.171 11.400 Global Government J.P. Morgan† Jefferies JEF 5.125 0.56 Jan. 20, ’23 43 5 n.a. 465.75 2.0 Triple-C-rated 7.747 7.747 19.071 610.75 -0.7 Global Government 0.630 0.390 0.990 Sumitomo Mitsui Financial SUMIBK 3.936 0.51 Oct. 16, ’23 37 5 n.a. 3336.97 0.2 High Yield 100 3.448 3.448 10.740 855.73 -0.9 Canada 0.950 0.590 1.590 Baylor Scott & White Holdings BSWHLD 1.777 1.72 Nov. 15, ’30 62 4 n.a. Global High Yield Constrained 419.23 -0.4 EMU§ 0.088 0.010 0.794 448.51 0.2 4.248 4.248 11.310 Georgia–Pacific … 0.625 0.56 May 15, ’24 36 4 36 339.25 0.5 Europe High Yield Constrained 2.745 2.464 8.183 789.84 -0.5 France -0.070 -0.160 0.430 AstraZeneca AZN 3.375 0.88 Nov. 16, ’25 43 3 40 U.S Agency Bloomberg Barclays 550.31 -0.3 Germany -0.430 -0.740 -0.120 High-yield issues with the biggest price increases… 1863.53 -0.2 U.S Agency 0.520 0.460 1.800 294.51 -0.2 Japan 0.320 0.040 0.320 Bond Price as % of face value 1625.59 -0.1 10-20 years 0.400 0.340 1.700 615.80 -0.4 Netherlands -0.350 -0.540 0.080 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 4227.50 -1.2 20-plus years 1.730 1.170 2.330 1081.46 -1.3 U.K. 0.640 0.390 1.130 United States Steel X 6.650 6.91 June 1, ’37 97.500 3.66 90.000 2.50 2915.01 -0.7 Yankee 1.450 1.370 3.500 919.42 -1.5 Emerging Markets ** 4.515 4.295 7.480 WeWork WEWORK 7.875 16.89 May 1, ’25 73.250 68.147 1.40 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dish DBS … 7.750 5.37 July 1, ’26 111.123 110.125 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan GrafTech Finance … 4.625 4.18 Dec. 15, ’28 102.968 0.88 101.625 L Brands LB 5.250 4.09 Feb. 1, ’28 107.000 0.88 105.700 Global Government Bonds: Mapping Yields Netflix NFLX 5.375 2.99 Nov. 15, ’29 118.342 0.82 117.625 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Lumen Technologies LUMN 7.650 5.81 March 15, ’42 122.250 0.80 121.000 American Airlines AAL 11.750 7.53 July 15, ’25 115.813 0.63 114.750 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points …And with the biggest price decreases Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago FirstEnergy FE 7.375 3.06 Nov. 15, ’31 139.500 –0.88 139.376 0.125 U.S. 2 0.131 t l 0.137 0.123 1.569 Sprint Capital … 8.750 3.11 March 15, ’32 152.814 –0.79 153.500 0.875 10 1.092 t l 1.097 0.947 1.834 Sensata Technologies ST 5.625 2.42 Nov. 1, ’24 111.500 –0.78 n.a. 5.500 Australia 2 0.110 s l 0.109 0.117 0.785 -2.0 -77.9 -2.7 Telecom Italia Capital TITIM 7.721 4.37 June 4, ’38 140.500 –0.75 140.000 1.000 10 1.067 s l 1.038 0.999 1.186 -2.7 -5.2 -63.7 Embarq … 7.995 5.81 June 1, ’36 121.978 –0.52 122.625 0.000 France 2 -0.601 s l -0.615 -0.689 -0.560 -73.8 -74.4 -212.4 Continental Resources CLR 5.750 4.23 Jan. 15, ’31 111.750 –0.50 112.720 0.000 10 -0.305 t l -0.299 -0.332 0.045 -139.9 -138.9 -177.9 ADT Security ADT 4.125 1.83 June 15, ’23 105.375 –0.38 105.875

0.000 Germany 2 -0.705 s l -0.709 -0.712 -0.584 -84.2 -83.8 -214.7 *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. Note: Data are for the most active issue of bonds with maturities of two years or more 0.000 10 -0.524 s l -0.524 -0.569 -0.211 -161.9 -161.5 -203.4 Source: MarketAxess 0.050 Italy 2 -0.340 t l -0.300 -0.417 0.083 -47.7 -42.9 -148.0 0.900 10 0.588 t l 0.635 0.572 1.383 -50.7 -45.5 -44.1 Dividend Changes 0.100 Japan 2 -0.127 t l -0.127 -0.134 -0.131 -26.4 -25.6 -169.4 Dividend announcements from January 19. 0.100 10 0.047 t l 0.049 0.013 0.001 -104.8 -104.1 -182.3 Amount Payable / Amount Payable / Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record 0.000 Spain 2 -0.511 t l -0.504 -0.635 -0.344 -64.8 -63.3 -190.8 Increased Foreign 1.250 10 0.068 t l 0.081 0.047 0.465 -102.7 -101.0 -135.8 Kaiser Aluminum KALU 2.8 .72 /.67 Q Feb12 /Jan25 Hoegh LNG 8.75% Pfd A HMLPpA 8.7 .54688 Q Feb16 /Feb08 Monmouth Real Es Inv Cl A MNR 4.1 .18 /.17 Q Mar15 /Feb16 Hoegh LNG Partners HMLP 10.8 .44 Q Feb12 /Jan29 0.125 U.K. 2 -0.121 s l -0.135 -0.077 0.434 -25.8 -26.4 -112.9 IHS Markit INFO 0.9 .20 Q Feb12 /Jan29 Reduced 4.750 10 0.291 t l 0.292 0.250 0.659 -79.8 -116.4 -80.4 GEO Group GEO 11.0 .25 /.34 Q Feb01 /Jan25 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close NuSTAR 7.625% Nts 2043 NSS 8.1 .436 /.44536 Q Apr15 /Apr01 S2:1: stock split and ratio; SO: spin-off.

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B8 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. MARKETS DIGEST


Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30930.52 s116.26, or 0.38% Trailing P/E ratio 30.45 21.76 3798.91 s30.66, or 0.81% Trailing P/E ratio * 40.98 26.00 13197.18 s 198.68, or 1.53% Trailing P/E ratio *† 39.98 28.95 High, low, open and close for each P/E estimate * 25.45 19.57 High, low, open and close for each P/E estimate * 24.15 19.45 High, low, open and close for each P/E estimate *† 30.48 23.99 trading day of the past three months. Dividend yield 1.95 2.19 trading day of the past three months. Dividend yield * 1.56 1.80 trading day of the past three months. Dividend yield *† 0.75 0.95 All-time high 31097.97, 01/08/21 All-time high 3824.68, 01/08/21 All-time high: 13201.98, 01/08/21

Current divisor 0.15198707565833 32200 3875 13100

31000 3750 12650

29800 3625 12200

28600 3500 11750

Session high 65-day moving average 65-day moving average DOWN UP 27400 3375 11300 Session open Close 65-day moving average t Close Open t 26200 3250 10850 Session low Bars measure the point change from session's open 25000 3125 10400 Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,069,882,966 63,993,248 Industrial Average 31086.62 30865.03 30930.52 116.26 0.38 31097.97 18591.93 5.9 1.1 5.9 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 654,323,619 55,823,176 Transportation Avg 13108.97 12890.44 12900.15 -46.13 -0.36 13113.11 6703.63 16.5 3.1 4.5 Most-active issues in late trading Decl. volume* 405,413,270 7,567,921 Utility Average 865.40 855.76 857.45 -3.64 -0.42 960.89 610.89 -6.5 -0.8 7.9 Volume After Hours Issues traded 3,254 289 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40084.27 39852.21 40039.29 341.87 0.86 40122.82 22462.76 18.0 2.1 11.3 Advances 1,979 185 Senseonics Holdings SENS 14,497.3 2.96 0.11 3.86 3.23 2.72 Barron's 400 902.53 896.96 901.66 8.09 0.91 901.66 455.11 21.7 5.8 6.3 Declines 1,194 98 Finl Select Sector SPDR XLF 9,094.6 31.04 0.02 0.06 31.06 31.00 Unchanged 81 6 VanEck Vectors Gold Miner GDX Nasdaq Stock Market 6,574.6 34.87 ... unch. 34.93 34.63 New highs 203 19 Nasdaq Composite 13206.86 13078.70 13197.18 198.68 1.53 13201.98 6860.67 40.8 2.4 21.6 Cisco Systems CSCO 6,359.8 45.40 0.21 0.46 45.40 44.87 New lows 30 Nasdaq 100 13012.09 12861.30 12996.54 192.60 1.50 13105.20 6994.29 41.8 0.8 23.9 Baker Hughes BKR 6,198.2 22.98 0.11 0.48 23.24 22.62 Closing Arms† 0.90 0.15 SPDR S&P 500 SPY 6,169.5 378.85 0.20 0.05 379.00 377.15 S&P Block trades* 6,025 385 ViacomCBS Cl B VIAC 5,835.2 43.63 -0.12 -0.27 43.99 43.52 500 Index 3804.53 3780.37 3798.91 30.66 0.81 3824.68 2237.40 14.4 1.1 10.6 Nasdaq NYSE Arca Lumen Technologies LUMN 5,269.7 11.10 0.04 0.36 11.16 11.06 MidCap 400 2450.17 2433.76 2444.10 20.07 0.83 2448.88 1218.55 17.3 6.0 7.3 Total volume*6,223,356,565 240,451,904 SmallCap 600 1227.43 1215.44 1224.30 12.39 1.02 1232.70 595.67 18.9 9.4 7.8 Percentage gainers… Adv. volume*4,829,890,850 202,340,836 Decl. volume*1,346,648,107 36,930,377 Other Indexes PCTEL PCTI 1,354.8 10.93 2.05 23.09 13.49 8.27 Issues traded 3,938 1,477 Russell 2000 2152.35 2125.51 2151.14 27.94 1.32 2155.35 991.16 27.6 8.9 10.4 Gritstone Oncology GRTS 4,729.6 26.78 4.51 20.25 28.89 20.92 Advances 2,632 1,186 NYSE Composite 15037.49 14958.72 14987.34 93.17 0.63 15044.38 8777.38 6.2 3.2 3.8 Netflix NFLX 4,882.1 562.06 60.29 12.02 568.76 489.51 Declines 1,228 267 Broadmark Realty Capital BRMK 94.5 11.28 0.77 7.33 11.31 10.51 Value Line 604.46 598.24 603.08 4.85 0.81 605.19 305.71 8.3 6.0 1.1 Unchanged 78 24 AgEagle Aerial Systems UAVS 280.4 13.10 0.80 6.50 13.20 12.19 NYSE Arca Biotech 6141.06 6087.55 6127.50 105.47 1.75 6142.96 3855.67 19.8 6.8 10.7 New highs 410 141 NYSE Arca Pharma 719.22 712.87 718.22 9.23 1.30 718.22 494.36 7.4 4.2 7.9 ...And losers New lows 14 8 KBW Bank 107.83 106.41 107.39 0.47 0.44 110.43 56.19 -2.1 9.7 -2.0 AcelRx Pharmaceuticals ACRX 919.6 2.03 -0.32 -13.62 2.35 1.96 Closing Arms† 0.60 1.01 § PHLX Gold/Silver 139.68 137.64 139.00 1.49 1.08 161.14 70.12 34.6 -3.6 16.5 Document Security DSS 136.3 5.03 -0.47 -8.55 5.51 4.66 Block trades* 40,997 1,054 § PHLX Oil Service 52.61 51.71 52.25 0.19 0.36 72.75 21.47 -28.2 17.9 -31.2 Perion Network PERI 159.9 12.80 -1.16 -8.31 13.96 12.30 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3097.53 3034.99 3093.32 100.55 3.36 3093.32 1286.84 61.5 10.7 31.1 Lithium Americas LAC 688.5 24.84 -1.98 -7.38 26.99 24.12 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.56 22.53 23.24 -1.10 -4.52 82.69 12.85 80.9 2.2 27.3 PLM Polymet Mining 62.9 3.93 -0.21 -5.07 4.11 3.90 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 0.83 World MSCI ACWI 661.09 5.44 2.3 Gritstone Oncology GRTS 22.27 15.88 248.51 22.47 2.54 106.4 ProPhase Labs PRPH 11.93 -4.07 -25.44 16.04 1.20 562.7 0.84 MSCI ACWI ex-USA 338.36 2.82 3.6 Aclaris Therapeutics ACRS 18.83 12.95 220.24 19.95 0.70 988.4 Technical Communications TCCO 4.52 -0.96 -17.52 13.63 1.72 -11.0 MSCI World 2732.48 18.99 0.70 1.6 Gevo GEVO 11.03 4.63 72.34 11.68 0.46 413.0 Yield10 Bioscience YTEN 11.55 -2.16 -15.75 16.48 3.50 58.4 MSCI Emerging Markets 1381.31 22.33 1.64 7.0 TransEnterix TRXC 3.49 1.42 68.60 4.01 0.28 151.1 Collplant Biotech ADR CLGN 13.50 -2.26 -14.34 16.32 6.00 22.7 Americas MSCI AC Americas 1487.64 11.05 0.75 1.4 EHang Holdings ADR EH 61.39 21.39 53.48 61.60 7.59 370.4 NeuroBo Pharmaceuticals NRBO 5.19 -0.84 -13.93 30.00 4.82 -37.9 Canada S&P/TSX Comp 17957.37 12.49 0.07 3.0 Kaspien Holdings KSPN 43.99 13.00 41.95 45.00 2.17 1717.8 Cardiff Oncology CRDF 11.60 -1.86 -13.82 25.50 0.70 638.9 Latin Amer. MSCI EM Latin America 2475.93 –41.54 –1.65 1.0 Westwater Resources WWR 7.00 2.00 40.00 14.50 0.25 209.7 World Acceptance WRLD 121.72 -19.33 -13.70 151.38 43.16 33.7 Brazil Sao Paulo Bovespa 120636.39 –605.24 –0.50 1.4 IZEA Worldwide IZEA 4.38 1.18 36.66 4.75 0.07 1405.2 ProSh Ult Bloombg Nat Gas BOIL 20.83 -3.24 -13.44 68.30 17.05 -67.8 Chile Santiago IPSA 3194.39 31.21 0.99 11.8 PCTEL PCTI 8.88 2.34 35.78 9.65 3.95 -0.4 Direxion China Bear 3X YANG 12.05 -1.80 -13.00 70.38 11.97 -69.9 Mexico S&P/BMV IPC 45495.41 –962.61 –2.07 3.2 Calyxt CLXT 8.11 2.05 33.72 8.66 2.40 21.2 PetMed Express PETS 30.33 -4.40 -12.67 42.89 21.20 18.4 EMEA Stoxx Europe 600 407.92 –0.76 –0.19 2.2 Airgain AIRG 25.81 6.47 33.45 27.55 5.63 153.3 Lumentum Holdings LITE 94.60 -11.72 -11.02 112.08 59.06 21.2 Eurozone Euro Stoxx 403.85 –0.87 –0.22 1.6 Ceragon Networks CRNT 6.46 1.61 33.20 6.90 0.99 187.1 MoneyGram International MGI 6.51 -0.77 -10.52 8.93 1.15 154.1 Belgium Bel-20 3713.33 –32.00 –0.85 2.5 Presidio Property Trust SQFT 4.30 1.03 31.50 10.24 2.72 ... Fiverr International FVRR 240.28 -26.85 -10.05 285.56 20.42 759.4 AMC Entertainment Hldgs AMC Direxion Dly SCOND 3 Bear SOXS Denmark OMX Copenhagen 20 1483.67 19.91 1.36 1.3 3.06 0.73 31.33 7.78 1.91 -57.4 12.90 -1.44 -10.04 462.00 12.86 -94.3 Lithium Americas LAC 26.82 6.29 30.64 28.75 1.92 516.6 Poshmark POSH 74.90 -8.30 -9.98 104.98 74.36 ... France CAC 40 5598.61 –18.66 –0.33 0.9 Germany DAX 13815.06 –33.29 –0.24 0.7 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1610.77 10.31 0.64 7.5 Italy FTSE MIB 22441.72 –57.17 –0.25 0.9 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 Netherlands AEX 651.28 0.98 0.15 4.3 Russia RTS Index 1470.63 –4.23 –0.29 6.0 Senseonics Holdings SENS 402,786 3801.0 2.85 80.38 2.98 0.35 Aclaris Therapeutics ACRS 114,016 19683 18.83 220.24 19.95 0.70 South Africa FTSE/JSE All-Share 63603.26 –110.61 –0.17 7.1 Inuvo Inc INUV 254,623 5849.1 1.45 123.01 1.70 0.09 Gritstone Oncology GRTS 70,205 16503 22.27 248.51 22.47 2.54 AMC Entertainment Hldgs AMC Xtrkrs Russ 1000 US Qual QARP Spain IBEX 35 8199.00 –55.50 –0.67 1.6 249,317 751.6 3.06 31.33 7.78 1.91 1,170 11764 34.35 0.26 34.98 19.61 Sundial Growers SNDL 242,956 -17.9 0.69 -3.31 3.88 0.14 iSh iBonds Dec 2023 Trea IBTD 701 7002 25.71 0.02 27.94 25.27 Sweden OMX Stockholm 794.15 0.62 0.08 3.4 TransEnterix TRXC 208,299 1525.9 3.49 68.60 4.01 0.28 iSh Cur Hdg MSCI ACWI US HAWX 360 4409 30.87 1.28 30.91 19.57 Switzerland Swiss Market 10876.98 –11.56 –0.11 1.6 Turkey BIST 100 1565.01 8.24 0.53 6.0 Zomedica ZOM 196,468 56.6 1.08 10.76 1.48 0.06 Orgenesis ORGS 1,773 3120 5.91 13.87 8.20 2.76 U.K. FTSE 100 6712.95 –7.70 –0.11 3.9 Castor Maritime CTRM 181,653 201.5 0.34 1.58 2.60 0.11 Cellcom Israel CEL 409 2987 4.80 -6.98 5.49 1.86 U.K. FTSE 250 20602.89 –36.45 –0.18 0.6 Gevo GEVO 146,231 461.6 11.03 72.34 11.68 0.46 Coherent COHR 5,020 2562 197.01 29.65 213.05 78.21 Bionano Genomics BNGO 131,920 117.3 9.14 8.42 9.95 0.25 JPMorgan US Value Factor JVAL 1,029 2388 31.31 0.73 31.55 17.31 Asia-Pacific MSCI AC Asia Pacific 211.17 3.20 1.54 5.6 Aclaris Therapeutics ACRS 114,016 19683.4 18.83 220.24 19.95 0.70 ProPhase Labs PRPH 2,451 2215 11.93 -25.44 16.04 1.20 Australia S&P/ASX 200 6742.60 79.56 1.19 2.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3566.38 –29.84 –0.83 2.7 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29642.28 779.51 2.70 8.9 Track the Markets 1.72 India S&P BSE Sensex 49398.29 834.01 3.4 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28633.46 391.25 1.39 4.3 global stock indexes, bond ETFs, Singapore Straits Times 2995.92 5.52 0.18 5.3 currencies and commodities at Currencies South Korea Kospi 3092.66 78.73 2.61 7.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 15877.37 265.37 1.70 7.8 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1522.59 12.46 0.83 5.1 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004335 23071 –0.04 CREDIT MARKETS Argentina peso .0116 86.1801 2.5 Europe Brazil real .1866 5.3581 3.2 Czech Rep. koruna .04637 21.566 0.4 Canada dollar .7852 1.2736 unch Denmark krone .1630 6.1337 0.7 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001356 737.30 3.8 Euro area euro 1.2131 .8244 0.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000286 3491.66 2.0 Hungary forint .003388 295.14 –0.6 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007724 129.46 1.3 A consumer rate against its 5-year CDs Mexico peso .0509 19.6649 –1.1 Norway krone .1171 8.5391 –0.5 benchmark over the past year 2.50% Uruguay peso .02362 42.3350 –0.05 Poland zloty .2675 3.7389 0.2 Bankrate.com avg†: 0.48% 10% Asia-Pacific Russia ruble .01355 73.821 –0.3 Sweden krona .1198 8.3471 1.4 Lone Star Bank 0.71% One year ago 2.00 Australian dollar .7695 1.2995 –0.04 Switzerland franc 1.1252 .8887 0.4 1.60% Houston, TX 713-358-9400 t 5 China yuan .1543 6.4790 –0.8 1.50 Turkey lira .1338 7.4741 0.5 s Hong Kong dollar .1290 7.7526 ... Colorado Federal Savings Bank 0.75% Ukraine hryvnia .0354 28.2500 –0.4 1.20 0 Yen India rupee .01366 73.192 0.2 Greenwood Village, CO 877-484-2372 1.00 UK pound 1.3633 .7335 0.2 Indonesia rupiah .0000711 14065 0.1 Five-year CD yields Tradeweb ICE 0.80 CFG Community Bank 0.82% Japan yen .009624 103.90 Middle East/Africa t Tuesday Close 0.50 –5 s s 0.6 Baltimore, MD 888-205-8388 t Euro Kazakhstan tenge .002381 420.03 –0.3 Bahrain dinar 2.6524 .3770 –0.01

t Federal-funds WSJ Dollar Index 0.40 TAB Bank 0.85% 0.00 –10 Macau pataca .1251 7.9910 unch Egypt pound .0637 15.7059 –0.2 target rate Malaysia ringgit .2469 4.0500 0.7 Israel shekel .3073 3.2538 1.3 Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7118 1.4049 0.9 Kuwait dinar 3.2999 .3030 –0.4 0.00 month(s) years F M A M J J A S O N D J First Internet Bank of Indiana 0.96% Pakistan rupee .00623 160.550 0.1 Oman sul rial 2.5972 .3850 0.01 maturity 2020 Indianapolis, IN 888-873-3424 Philippines peso .0208 48.042 0.1 Qatar rial .2747 3.640 –0.03 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7525 1.3289 0.6 Saudi Arabia riyal .2666 3.7514 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009071 1102.43 1.5 South Africa rand .0667 14.9889 2.0 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051666 193.55 4.5 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03571 28.005 –0.3 Yield (%) 52-Week Total Return (%) Thailand baht .03336 29.980 –0.2 WSJ Dollar Index 85.36 –0.16 –0.2 0.42 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.22 0.23 0.20 l 1.81 -1.52 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2434.330 0.660 0.690 1.710 0.400 6.442 5.221 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.24 Five-year CD, annual yield 0.48 0.55 0.48 l 1.40 -1.04 U.S. Treasury Long, Barclays 4559.330 1.710 1.750 2.200 0.980 12.152 9.648 Commodities 30-year mortgage, fixed† 2.91 2.89 2.83 l 4.22 -1.12 Aggregate, Barclays 2276.290 1.180 1.230 2.310 1.020 6.263 5.438 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.38 2.36 2.32 l 3.43 -1.08 Fixed-Rate MBS, Barclays 2231.600 1.220 1.310 2.690 0.930 3.548 3.998 DJ Commodity Jumbo mortgages, $548,250-plus† 2.94 2.93 2.85 l 4.36 -1.48 760.01 -2.36 -0.31 770.54 433.70 20.61 3.89 High Yield 100, ICE BofA 3336.968 3.448 3.727 10.740 3.448 3.919 5.082 Refinitiv/CC CRB Index -0.40 181.56 106.29 4.20 Five-year adj mortgage (ARM)† 3.18 3.08 2.85 l 3.69 -0.86 174.85 -0.23 -3.70 Muni Master, ICE BofA 596.049 0.853 0.871 3.441 0.838 4.181 4.615 Crude oil, $ per barrel 0.62 58.34 -37.63 9.19 New-car loan, 48-month 4.02 4.03 4.02 l 4.50 0.76 52.98 1.18 -9.19 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 919.424 4.515 4.540 7.480 4.295 3.293 4.480 Natural gas, $/MMBtu 2.546 -0.191 -6.98 3.354 1.482 34.35 0.28 banks.† Excludes closing costs. Gold, $ per troy oz. 1839.50 10.20 0.56 2051.50 1477.30 18.19 -2.83 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW020000-1-B00900-1------XA

THE WALL STREET JOURNAL. * We dnesday, January 20, 2021 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. Cree CREE 120.09 2.93 Farfetch FTCH 58.78 0.79 HuntingtonBcshs HBAN 14.88 0.12 LithiaMotors LAD 307.10 -2.52 NICE NICE 271.31 -2.39 Paccar PCAR 89.21 1.05 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. CrowdStrike CRWD 221.92 2.41 Fastenal FAST 50.42 -0.06 IAA IAA 59.76 0.02 s LiveNationEnt LYV 76.54 4.97 NIO NIO 58.44 2.17 PackagingCpAm PKG 139.68 -2.85 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four CrownCastle CCI 159.39 2.14 Fastly FSLY 95.31 7.10 ICICI Bank IBN 15.08 0.11 LloydsBanking LYG 1.93 0.01 NRG Energy NRG 41.23 0.41 PagSeguroDig PAGS 54.89 2.38 that include primary market trades as well as quarters. CrownHoldings CCK 93.78 -1.42 FateTherap FATE 114.31 0.72 IdexxLab IDXX 484.93 -4.53 LockheedMartin LMT 341.50 -5.77 NVR NVR 4160.00150.05 PalantirTech PLTR 26.62 0.98 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Cummins CMI 238.36 1.12 FedEx FDX 249.52 -3.04 IHS Markit INFO 87.49 1.98 Loews L 47.56 0.37 NXP Semi NXPI 175.00 2.78 PaloAltoNtwks PANW 364.05 -0.82 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CureVac CVAC 103.23 2.88 Ferrari RACE 210.43 0.36 s II-VI IIVI 92.94 4.67 LogitechIntl LOGI 97.73 -3.18 Nasdaq NDAQ 142.26 2.22 ParkerHannifin PH 288.80 3.63 Nasdaq ISE. standards CyrusOne CONE 72.52 0.19 FidNatlFin FNF 39.34 0.01 ING Groep ING 9.33 -0.13 Lowe's LOW 170.76 0.02 s Natera NTRA 123.90 3.74 Paychex PAYX 88.34 -0.03 The list comprises the 1,000 largest companies lf-Late filing FidNatlInfo FIS 128.06 -1.67 Invesco IVZ 20.25 0.25 LufaxHolding LU 14.37 0.36 NationalGrid NGG 59.78 0.31 PaycomSoftware PAYC 397.33 -1.67 based on market capitalization. q-Temporary exemption from Nasdaq D E F FifthThirdBncp FITB 32.07 0.21 s IPG Photonics IPGP 258.58 14.66 lululemon LULU 342.25 -2.25 Natura&Co NTCO 19.01 0.36 Paylocity PCTY 194.51 5.14 Underlined quotations are those stocks with requirements. FirstHorizon FHN 15.05 0.02 IQVIA IQV 188.97 1.18 LumenTech LUMN 11.06 -0.37 NatWest NWG 4.25 -0.05 PayPal PYPL 247.25 7.46 DISH Network DISH 32.69 -0.43 large changes in volume compared with the t-NYSE bankruptcy FirstRepBank FRC 155.00 1.29 IcahnEnterprises IEP 56.97 1.22 Lumentum LITE 94.60 -11.72 NetApp NTAP 64.28 -0.38 Pegasystems PEGA 137.96 3.79 DTE Energy DTE 120.88 -2.64 issue’s average trading volume. v-Trading halted on primary market. FirstSolar FSLR 100.24 3.66 s Icon ICLR 215.12 4.77 Lyft LYFT 48.96 1.08 NetEase NTES 110.10 5.02 Peloton PTON 150.14 -7.67 DadaNexus DADA 44.89 1.89 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FirstEnergy FE 31.11 -0.56 IDEX IEX 193.43 -0.61 LyondellBasell LYB 93.82 -1.09 Netflix NFLX501.77 3.79 PembinaPipeline PBA 28.31 0.93 Danaher DHR 236.11 -0.64 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Fiserv FISV 107.67 -0.53 IllinoisToolWks ITW 204.81 1.62 Neurocrine NBIX 108.78 1.09 PennNational PENN 100.42 1.31 Darden DRI 124.12 3.04 previous closing price was $2 or higher. or securities assumed by such companies. FiveBelow FIVE 184.66 -5.15 Illumina ILMN 390.21 13.86 M N NewFortressEner NFE 49.55 0.57 Pentair PNR 58.46 0.87 DarlingIngred DAR 66.47 2.13 Five9 FIVN 169.84 -0.07 ImperialOil IMO 21.16 0.14 NewOrientalEduc EDU 175.09 2.28 Penumbra PEN 236.88 8.42 Datadog DDOG 99.09 -0.75 M&T Bank MTB 146.20 1.43 FiverrIntl FVRR 240.28 -26.85 Incyte INCY 93.96 3.40 NYTimes A NYT 48.39 -0.63 PepsiCo PEP 142.06 0.67 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DaVita DVA 118.10 -0.65 MGMGrowthProp MGP 31.11 0.43 FleetCorTech FLT 266.78 1.55 Infosys INFY 18.12 -0.05 NewellBrands NWL 24.21 0.07 PerkinElmer PKI 149.29 0.77 changes in the closing prices from 4 p.m. the previous day. DeckersOutdoor DECK 323.10 -2.90 MGM Resorts MGM 30.53 0.73 Flex FLEX 18.240.11 IngersollRand IR 46.29 0.38 Newmont NEM 61.85 -0.01 t PetcoHealth WOOF 26.85 -0.86 Deere DE 294.99 -0.41 MinisoGroup MNSO 30.32 1.73 Floor&Decor FND 97.50 -5.06 s Inphi IPHI 177.66 7.24 NewsCorp A NWSA 18.75 0.05 PetroChina PTR 34.28 1.23 Tuesday, January 19, 2021 DellTechC DELL 74.86 0.60 s MKS Instrum MKSI 188.12 10.52 Net Net FomentoEconMex FMX 74.84 -0.91 s Insulet PODD 284.46 3.26 NewsCorp B NWS 18.33 0.01 PetroleoBrasil PBR 10.88 -0.02 DeltaAir DAL 40.31 0.33 MPLX MPLX 24.22 -0.43 Net Stock Sym Close Chg Stock Sym Close Chg s FordMotor F 10.02 0.19 Intel INTC 57.99 0.41 NextEraEnergy NEE 82.81 0.77 PetroleoBrasilA PBR.A 10.74 0.13 DenaliTherap DNLI 75.98 2.95 MSCI MSCI 411.48 -3.82 Stock Sym Close Chg Fortinet FTNT 148.21 1.68 InteractiveBrkrs IBKR 69.70 0.68 NielsenHoldings NLSN 22.28 0.15 Pfizer PFE 36.73 0.03 DentsplySirona XRAY 58.32 -0.12 MagellanMid MMP 45.85 0.32 AresMgmt ARES 45.67 0.53 CME Group CME 192.20 0.38 Fortis FTS 41.02 0.05 ICE ICE 114.88 -0.31 Nike NKE 139.27 -1.45 PhilipMorris PM 81.90 0.96 CMS Energy CMS 58.25 -0.37 DeutscheBank DB 11.25 -0.37 MagnaIntl MGA 72.48 -0.42 arGEN-X ARGX 287.00 7.78 Fortive FTV 70.38 0.16 InterContinentl IHG 66.51 0.87 NiSource NI 22.46 -0.47 Phillips66 PSX 74.78 3.04 A B C AristaNetworks ANET 317.96 0.89 CNA Fin CNA 40.90 0.52 DevonEnergy DVN 20.00 0.43 ManulifeFin MFC 19.31 0.28 FortBrandsHome FBHS 88.52 0.20 IBM IBM 129.02 0.63 Nokia NOK 4.13 0.05 Pinduoduo PDD 168.79 7.59 ArrowElec ARW 105.38 1.49 CNH Indl CNHI 13.65 0.33 DexCom DXCM 357.64 3.44 MarathonPetrol MPC 46.09 2.11 ABB ABB 29.50 0.15 FoxA FOXA 30.01 -1.48 IntlFlavors IFF 120.34 2.62 NomuraHoldings NMR 5.60 -0.11 PinnacleWest PNW 78.00 -0.55 ArrowheadPharm ARWR 82.15 1.41 Diageo DEO 159.76 2.07 Markel MKL 1002.10 -3.34 AcadiaPharm ACAD 53.37 -0.29 CNOOC CEO 109.89 6.88 FoxB FOX 29.17 -1.22 IntlPaper IP 50.38 0.13 Nordson NDSN189.50 -3.75 Pinterest PINS 71.01 1.26 AscendisPharma ASND 158.28 0.35 DiamondbkEner FANG 60.02 0.79 MarketAxess MKTX 515.89 -7.11 AECOM ACM 54.94 1.21 CRH CRH 45.00 0.52 Franco-Nevada FNV 121.29 0.09 Interpublic IPG 24.93 -0.01 NorfolkSouthern NSC 249.84 -3.11 PioneerNatRscs PXD 132.04 4.66 s AspenTech AZPN 144.15 2.35 CRISPR Therap CRSP DigitalRealty DLR 137.99 1.51 Marriott MAR 126.86 0.06 s AES AES 28.06 0.46 198.29 -1.59 FranklinRscs BEN 27.14 0.58 Intuit INTU 384.95 13.94 NorthernTrust NTRS 97.36 0.92 PlainsAllAmPipe PAA 10.17 -0.16 s Assurant AIZ 142.98 2.81 CSX CSX 92.66 -0.76 s DiscoverFinSvcs DFS 99.07 1.31 Marsh&McLen MMC 112.22 0.38 Aflac AFL 47.05 0.57 FreeportMcM FCX 31.71 1.36 IntuitiveSurgical ISRG 778.41 -0.01 NorthropGrum NOC 298.02 -2.73 PlainsGP PAGP 10.45 -0.20 AstraZeneca AZN 52.57 1.23 C3.ai AI 126.83 -7.32 DiscoveryA DISCA 36.15 -0.61 MartinMarietta MLM 307.00 3.42 AGCO AGCO 115.91 1.78 FreseniusMed FMS 41.42 -0.19 Invitae NVTA 55.86 3.27 NortonLifeLock NLOK 20.78 0.33 PlugPower PLUG 66.47 6.33 Athene ATH 44.66 0.29 CVS Health CVS 75.40 -0.86 DiscoveryC DISCK 31.85 -0.50 s MarvellTech MRVL 53.81 3.04 AGNC Invt AGNC 15.79 0.14 s Futu FUTU 81.07 11.69 InvitatHomes INVH 29.44 -0.15 NorwegCruise NCLH 25.30 -0.08 Pool POOL 360.63 1.23 Atlassian TEAM 226.74 3.81 CableOne CABO 2000.10 14.35 Disney DIS 172.26 0.82 Masco MAS 56.40 0.31 Ansys ANSS 369.51 5.23 IonisPharma IONS 61.03 -0.25 Novartis NVS 96.69 1.06 PrincipalFin PFG 54.32 1.01 AtmosEnergy ATO 90.08 0.05 CadenceDesign CDNS 137.62 2.98 DocuSign DOCU 256.57 7.29 Masimo MASI 261.00 -0.37 s ASETech ASX 7.67 0.56 G H I iQIYI IQ 19.49 -0.27 Novavax NVAX 128.00 0.57 Procter&Gamble PG 133.60 -1.18 Autodesk ADSK 310.97 2.46 s CaesarsEnt CZR 80.67 0.67 DolbyLab DLB 93.58 -0.04 Mastercard MA 325.94 2.68 s ASML ASML549.50 22.00 IronMountain IRM 29.52 -0.50 NovoNordisk NVO 73.02 0.99 Progressive PGR 96.19 1.39 Autohome ATHM 106.51 3.63 CamdenProperty CPT 99.82 -0.76 DollarGeneral DG 206.06 -5.38 s GDS Holdings GDS 106.20 1.16 MaximIntProducts MXIM 96.90 1.76 AT&T T 28.95 -0.22 ItauUnibanco ITUB 5.80 -0.16 Novocure NVCR 168.28 0.73 Prologis PLD 98.01 0.33 ADP ADP 161.98 0.86 CampbellSoup CPB 46.38 -0.04 DollarTree DLTR 108.05 -0.29 s McAfee MCFE 19.20 0.69 AbbottLabs ABT 112.57 1.27 GFLEnvironmental GFL 31.50 1.50 NuanceComms NUAN 49.99 1.19 Proofpoint PFPT 136.84 1.47 AutoZone AZO 1238.29 -10.04 CIBC CM 89.15 -0.14 DominionEner D 70.96 -1.12 McCormick MKC 93.01 -0.42 AbbVie ABBV 112.18 1.66 GSXTechedu GSX 65.96 6.36 J K L Nucor NUE 55.88 0.41 PrudentialFin PRU 84.86 1.25 Avalara AVLR 161.52 4.39 CanNtlRlwy CNI 109.68 -1.90 Domino's DPZ 372.65 -2.58 McCormickVtg MKC.V 92.94 0.24 AbCelleraBio ABCL 49.08 4.67 Gallagher AJG 117.40 1.29 Nutrien NTR 53.47 -0.17 Prudential PUK 39.15 0.15 Avalonbay AVB 162.41 -1.59 CanNaturalRes CNQ 24.76 -0.01 DoorDash DASH 198.75 11.60 McDonalds MCD 209.09 -0.82 s Abiomed ABMD 336.30 6.61 Gaming&Leisure GLPI 40.29 0.46 JD.com JD 91.15 3.38 NVIDIA NVDA 521.01 6.63 PublicServiceEnt PEG 58.18 -1.20 Avangrid AGR 45.41 -0.30 CanPacRlwy CP 351.21 -6.00 Dover DOV 125.51 0.13 McKesson MCK 182.47 -1.95 AcceleronPharma XLRN 132.47 6.28 Gap GPS 21.81 -0.25 JPMorganChase JPM 138.04 -0.60 PublicStorage PSA 220.62 -3.77 Avantor AVTR 29.69 0.74 Canon CAJ 21.05 -0.32 Dow DOW 57.55 0.24 MedicalProp MPW 21.35 0.16 Accenture ACN 255.84 2.19 Garmin GRMN 122.69 1.68 JackHenry JKHY 155.81 1.26 O P Q PulteGroup PHM 44.01 1.31 AveryDennison AVY 159.77 0.44 CanopyGrowth CGC 33.56 0.17 DrReddy'sLab RDY 69.64 -1.42 Medtronic MDT 118.31 1.50 s ActivisionBliz ATVI 93.15 2.46 Gartner IT 159.44 -0.97 JacobsEngg J 111.69 1.50 Qiagen QGEN 54.16 0.96 AxonEnterprise AAXN 159.36 8.59 CapitalOne COF 112.86 0.33 DraftKings DKNG 51.29 -2.41 s MelcoResorts MLCO 16.25 -0.18 ONEOK OKE 44.11 -0.06 s AdaptiveBiotech ADPT 67.34 2.25 Generac GNRC 267.46 14.65 JamesHardie JHX 29.09 0.72 s Qorvo QRVO 185.67 8.38 BCE BCE 43.43 -0.46 CardinalHealth CAH 54.81 -0.63 Dropbox DBX 21.77 -0.31 s s MercadoLibre MELI 1913.21 61.43 OReillyAuto ORLY 463.94 -2.75 Adobe ADBE 456.50 -1.58 GeneralDynamics GD 153.13 -0.04 JazzPharma JAZZ 167.00 -0.71 s Qualcomm QCOM 163.77 6.68 BHP Group BHP 71.44 0.83 Carlisle CSL 154.04 1.04 DukeEnergy DUK 90.38 -1.73 s Merck MRK 83.19 -0.19 OakStreetHealth OSH 53.72 0.37 AdvanceAuto AAP 165.93 0.68 GeneralElec GE 11.43 0.10 J&J JNJ 162.78 2.48 s QuantaServices PWR 78.25 2.09 BHP Group BBL 57.99 0.35 Carlyle CG 34.28 0.58 DukeRealty DRE 38.69 -0.21 MetLife MET 52.12 0.98 OccidentalPetrol OXY 23.07 0.68 AdvMicroDevices AMD 89.45 1.24 GeneralMills GIS 55.67 -0.57 JohnsonControls JCI 51.63 -0.18 QuestDiag DGX 125.99 2.16 BP BP 24.65 0.39 s CarMax KMX 116.43 9.99 Dun&Bradstreet DNB 25.01 0.01 MettlerToledo MTD 1231.16 12.72 Okta OKTA 260.84 7.85 Aegon AEG 4.27 -0.11 s GeneralMotors GM 54.84 4.87 JonesLang JLL 149.71 1.41 Quidel QDEL 201.24 -3.25 Baidu BIDU 250.42 11.55 Carnival CCL 20.87 0.08 DuPont DD 84.46 2.12 JuniperNetworks JNPR 24.51 0.07 MicrochipTech MCHP 153.25 4.69 OldDomFreight ODFL 207.51 0.12 AffirmHldgs AFRM 110.99 -6.01 Genmab GMAB 44.33 -0.07 BakerHughes BKR 22.87 ... Carnival CUK 18.01 0.22 Dynatrace DT 43.80 0.50 KB Fin KB 40.90 -0.05 s MicronTech MU 85.50 4.78 OmegaHealthcare OHI 35.65 -0.20 AgilentTechs A 127.35 1.14 Genpact G 40.85 -0.13 R S Ball BLL 90.42 ... CarrierGlobal CARR 40.37 -0.01 ENI E 21.47 0.20 KE Holdings BEKE 63.37 0.99 Microsoft MSFT 216.44 3.79 Omnicom OMC 63.10 -0.02 AgnicoEagle AEM 68.49 -0.16 Gentex GNTX 35.69 -0.19 BallardPower BLDP 35.86 5.04 Carvana CVNA 275.00 -12.57 EOG Rscs EOG 60.48 1.29 KKR KKR 40.97 0.25 MidAmApt MAA 130.61 -1.40 s ON Semi ON 38.52 1.81 RELX RELX 24.91 0.13 AirProducts APD 285.66 -1.25 GenuineParts GPC 99.55 -2.60 BancoBilbaoViz BBVA 4.92 -0.03 Catalent CTLT 119.83 4.33 EPAM Systems EPAM 351.41 3.40 s KLA KLAC 314.08 9.95 MiratiTherap MRTX 216.32 1.85 OneConnectFinTech OCFT 22.48 0.97 RH RH 500.99 -6.37 Airbnb ABNB 173.69 4.42 Gerdau GGB 4.78 -0.09 BancoBradesco BBDO 4.42 ... Caterpillar CAT 194.06 0.47 s EastWestBncp EWBC 63.00 1.48 KSCitySouthern KSU 211.66 -1.14 MitsubishiUFJ MUFG 4.78 -0.03 OpenText OTEX 46.66 0.46 RPM RPM 86.93 0.66 AkamaiTech AKAM 110.01 3.56 GileadSciences GILD 67.07 3.74 BancodeChile BCH 22.07 0.56 Celanese CE 132.54 -1.54 EastmanChem EMN 104.87 0.09 Kellogg K 58.46 -0.57 MizuhoFin MFG 2.74 -0.03 OpendoorTech OPEN 28.16 2.13 RalphLauren RL 107.25 -2.82 Albemarle ALB 185.25 5.11 GSK GSK 38.54 0.07 BancSanBrasil BSBR 7.98 -0.23 s Cemex CX 6.68 0.29 Eaton ETN 125.50 2.33 KeurigDrPepper KDP 31.82 -0.04 MobileTeleSys MBT 9.23 -0.03 Oracle ORCL 61.29 -0.49 RaymondJames RJF 103.86 0.92 Albertsons ACI 17.79 0.50 GlobalPayments GPN 187.75 -3.63 s BcoSantChile BSAC 22.12 0.63 CenovusEnergy CVE 6.19 0.06 EatonVance EV 71.71 -0.11 KeyCorp KEY 18.55 0.14 Moderna MRNA 125.01 -4.64 Orange ORAN 11.77 -0.05 RaytheonTech RTX 69.36 0.16 s Alcon ALC 72.73 2.56 Globant GLOB 212.99 4.17 BancoSantander SAN 3.29 ... Centene CNC 62.79 -1.20 eBay EBAY 56.98 1.56 KeysightTechs KEYS 147.07 0.78 MohawkInds MHK 148.90 -0.07 Orix IX 86.27 -0.19 RealPage RP 86.89 -0.14 AlexandriaRlEst ARE 166.51 -1.86 GlobeLife GL 96.88 0.80 BanColombia CIB 38.50 -0.26 CenterPointEner CNP 21.69 0.23 Ecolab ECL 215.91 5.14 KimberlyClark KMB 131.65 0.36 MolinaHealthcare MOH 219.10 -1.64 OtisWorldwide OTIS 65.37 -0.16 RealtyIncome O 58.14 -0.51 AlexionPharm ALXN 158.71 2.01 GoDaddy GDDY 80.41 -0.50 BankofAmerica BAC 32.77 -0.24 CentraisElBras EBR 6.20 -0.27 Ecopetrol EC 14.05 0.18 KinderMorgan KMI 15.55 0.06 MolsonCoorsB TAP 52.03 -0.51 s OwensCorning OC 84.45 1.48 Redfin RDFN 76.68 -0.09 Alibaba BABA 251.65 8.19 GoldFields GFI 9.02 0.13 s BankofMontreal BMO 78.90 -0.17 CeridianHCM CDAY 101.96 0.72 EdisonInt EIX 60.87 -1.00 KingsoftCloud KC 44.46 1.95 Mondelez MDLZ 57.14 -0.08 s OzonHoldings OZON 54.01 1.40 RegencyCtrs REG 46.94 -0.13 AlignTech ALGN 557.41 -9.82 GoldmanSachs GS 294.20 -6.81 BankNY Mellon BK 45.82 0.25 Cerner CERN 79.51 -0.70 EdwardsLife EW 87.91 0.04 KinrossGold KGC 6.99 0.03 MongoDB MDB 368.00 6.74 PG&E PCG 12.03 -0.21 RegenPharm REGN 533.89 15.96 Alleghany Y 601.21 -4.73 GoodRx GDRX 42.49 -0.41 BkNovaScotia BNS 55.57 0.42 s CharlesRiverLabs CRL 278.89 5.17 ElancoAnimal ELAN 31.16 -0.35 KirklandLakeGold KL 40.20 0.88 MonolithicPower MPWR 391.32 12.09 PNC Fin PNC 156.00 1.22 RegionsFin RF 18.42 0.19 Allegion ALLE 114.71 0.30 s Graco GGG 75.33 1.79 Barclays BCS 7.98 -0.05 CharterComms CHTR 633.27 4.36 Elastic ESTC 169.65 6.64 KodiakSciences KOD 164.47 5.93 MonsterBev MNST 90.08 -1.57 POSCO PKX 61.67 0.07 RelianceSteel RS 128.18 0.55 AlliantEnergy LNT 49.63 0.16 Grainger GWW 394.49 5.83 BarrickGold GOLD 23.39 0.25 CheckPoint CHKP 127.63 0.02 ElectronicArts EA 141.43 2.43 KoninklijkePhil PHG 54.62 0.40 Moody's MCO 269.29 2.64 PPD PPD 35.95 -0.56 RenaissanceRe RNR 159.25 -0.49 Allstate ALL 110.27 1.87 Grifols GRFS 19.78 0.70 BauschHealth BHC 27.52 1.15 Chegg CHGG 99.63 1.86 s EmersonElec EMR 83.43 0.68 KoreaElcPwr KEP 11.32 -0.15 MorganStanley MS 74.99 -0.25 PPG Ind PPG 145.04 -3.00 s Repligen RGEN 222.19 6.72 AllyFinancial ALLY 41.28 0.40 GuardantHealth GH 159.94 0.65 BaxterIntl BAX 78.83 -1.21 Chemed CHE 531.95 2.75 Enbridge ENB 35.08 -0.18 KraftHeinz KHC 32.36 0.37 Morningstar MORN 223.73 1.66 PPL PPL 28.14 -0.43 RepublicSvcs RSG 94.67 0.86 AlnylamPharm ALNY 168.41 2.05 Guidewire GWRE 126.15 1.15 BectonDicknsn BDX 260.77 -0.97 CheniereEnergy LNG 67.63 1.36 EncompassHealth EHC 83.16 -0.26 Kroger KR 33.62 -0.08 Mosaic MOS 28.71 0.07 s PRA HealthSci PRAH 132.93 2.09 ResMed RMD 214.90 3.28 Alphabet C GOOG 1790.86 54.67 HCA Healthcare HCA 166.10 -2.67 s BeiGene BGNE 356.68 11.68 CheniereEnerPtrs CQP 39.00 -0.25 EnelAmericas ENIA 7.86 -0.11 L Brands LB 45.73 0.53 MotorolaSol MSI 171.77 -1.78 PTC PTC 125.55 1.43 Continued on Page B10 Alphabet A GOOGL 1784.47 56.85 s HDFC Bank HDB 74.91 0.03 BentleySystems BSY 50.50 -1.07 Chevron CVX 94.51 2.42 EnergyTransfer ET 6.85 -0.16 LKQ LKQ 37.15 -0.70 Alteryx AYX 124.44 3.79 HP HPQ 25.14 -0.03 Berkley WRB 65.62 -0.52 Chewy CHWY 107.32 -0.79 LPL Financial LPLA 119.56 0.83 AlticeUSA ATUS 36.61 1.21 EnphaseEnergy ENPH 201.28 10.69 HSBC HSBC 28.01 0.66 s BerkHathwy A BRK.A 3524742153.99 ChinaEastrnAir CEA 21.35 0.80 s L3HarrisTech LHX 190.10 1.52 Altria MO 41.23 0.03 Entegris ENTG 109.62 2.05 Halliburton HAL 20.54 -0.20 s BerkHathwy B BRK.B 234.55 1.06 ChinaLifeIns LFC 11.58 0.28 s LabCpAm LH 225.74 2.03 AlumofChina ACH 8.34 -0.32 Entergy ETR 95.12 -0.13 HartfordFinl HIG 52.66 0.99 BestBuy BBY 111.62 -2.38 ChinaPetrol SNP 52.73 1.99 s Cash Prices Tuesday, January 19, 2021 Amazon.com AMZN 3120.76 16.51 EnterpriseProd EPD 23.29 0.35 Hasbro HAS 96.29 -0.91 LamResearch LRCX 580.02 32.49 BeyondMeat BYND 141.64 1.54 ChinaSoAirlines ZNH 29.29 1.40 Equifax EFX 176.02 -0.98 HealthcareAmer HTA 28.20 -0.39 LamarAdv LAMR 83.22 0.07 Ambev ABEV 3.07 0.02 s Bilibili BILI 127.88 5.25 Chipotle CMG 1429.48 23.74 These prices reflect buying and selling of a variety of actual or “physical” Amcor AMCR 10.95 -0.10 Equinix EQIX 716.32 8.56 HealthpeakProp PEAK 29.15 -0.81 LambWeston LW 77.09 -1.41 Bill.com BILL 128.50 0.76 Chubb CB 155.36 0.17 Equinor EQNR 19.81 0.59 Heico HEI 136.01 0.95 LasVegasSands LVS 54.45 1.01 commodities in the marketplace—separate from the futures price on an Amdocs DOX 70.23 0.21 s Bio-Techne TECH 351.78 4.07 ChunghwaTel CHT 39.56 -0.08 Amedisys AMED298.10 4.21 Equitable EQH 27.71 0.21 Heico A HEI.A 119.25 0.30 Lear LEA 163.05 3.26 Bio-RadLab A BIO 608.97 7.82 Church&Dwight CHD 85.16 -0.08 Leidos LDOS 109.09 1.93 exchange, which reflects what the commodity might be worth in future Amerco UHAL 470.08 -3.09 EquityLife ELS 59.77 -0.24 HenrySchein HSIC 70.43 -1.03 Biogen BIIB 273.84 -2.00 ChurchillDowns CHDN 210.27 2.94 Lemonade LMND142.64 -5.10 Ameren AEE 72.99 -1.40 EquityResdntl EQR 60.31 -1.28 Hershey HSY 148.75 0.29 months. BioMarinPharm BMRN 85.77 2.80 Ciena CIEN 52.62 -0.69 ErieIndemnity A ERIE 242.41 -5.49 Hess HES 62.14 1.10 Lennar B LEN.B 63.06 1.24 AmericaMovil A AMOV 14.48 0.11 BioNTech BNTX 104.70 3.11 Cigna CI 220.80 1.90 AmericaMovil AMX 14.26 -0.13 EssentialUtil WTRG 46.80 0.65 HewlettPackard HPE 12.31 -0.23 Lennar A LEN 78.24 1.65 Tuesday Tuesday BlackKnight BKI 85.79 1.06 CincinnatiFin CINF 93.77 0.07 EssexProp ESS 237.18 -3.34 LennoxIntl LII 281.80 0.36 AmerAirlines AAL 15.97 0.21 HighwoodsProp HIW 40.31 -0.51 BlackRock BLK 733.65 5.89 Cintas CTAS 322.04 -4.03 EsteeLauder EL 248.44 -0.69 Hilton HLT 107.93 -0.48 LeviStrauss LEVI 21.13 -0.21 Bran,wheat middlings, KC-u 164 AEP AEP 80.71 0.24 Blackstone BX 64.41 1.06 CiscoSystems CSCO Energy 45.19 -0.24 s Etsy ETSY 221.31 16.89 Hologic HOLX 75.99 -0.11 LiAuto LI 35.44 2.84 Corn,No. 2 yellow,Cent IL-bp,u 5.1500 AmerExpress AXP 126.75 4.60 Boeing BA 210.71 6.39 Citigroup C 63.69 -0.54 AmericanFin AFG 87.82 0.12 EverestRe RE 232.74 1.54 HomeDepot HD 273.19 -2.40 LibertyBroadbandC LBRDK 151.37 0.77 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.100 Corn gluten feed,Midwest-u,w 168.0 BookingHldgs BKNG 2163.04 43.81 CitizensFin CFG 40.83 0.20 Evergy EVRG 53.38 -0.92 HondaMotor HMC 27.48 0.08 LibertyBroadbandA LBRDA 150.52 1.23 AmHomes4Rent AMH 30.44 0.20 s BoozAllen BAH 93.90 1.72 CitrixSystems CTXS 135.36 3.36 EversourceEner ES 87.14 -1.43 Honeywell HON 206.76 0.79 LibertyGlobal A LBTYA 24.76 -0.01 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.400 Corn gluten meal,Midwest-u,w 601.9 AIG AIG 42.25 0.90 BorgWarner BWA Clarivate CCC 39.30 0.70 29.23 -0.19 ExactSciences EXAS 148.83 2.86 HorizonTherap HZNP 81.20 2.48 LibertyGlobal B LBTYB 24.71 -0.08 Cottonseed meal-u,w 445 AmerTowerREIT AMT 216.88 -3.01 BostonBeer SAM Clorox CLX Metals 917.79 10.57 196.51 -1.01 Exelon EXC 42.82 -0.54 HormelFoods HRL 44.75 -0.12 LibertyGlobal C LBTYK 24.41 -0.04 AmerWaterWorks AWK 159.27 -0.45 BostonProps BXP 93.29 -1.86 Cloudflare NET 81.44 3.59 Hominy feed,Cent IL-u,w 118 Expedia EXPE 142.82 2.13 DR Horton DHI 71.31 1.95 LibertyFormOne C FWONK 40.36 0.63 AmericoldRealty COLD 34.17 0.01 BostonSci BSX 36.27 -0.06 Coca-Cola KO 48.51 -0.19 ExpeditorsIntl EXPD 93.06 -0.13 HostHotels HST 14.76 0.07 LibertyFormOne A FWONA 36.30 0.61 Gold, per troy oz Meat-bonemeal,50% pro Mnpls-u,w 330 s Ameriprise AMP 212.99 4.71 BridgeBioPharma BBIO 69.38 0.77 Coca-Cola Euro CCEP 48.06 -0.53 ExtraSpaceSt EXR 111.66 -0.52 HowmetAerospace HWM 27.75 -0.20 LibertyBraves A BATRA 25.97 0.22 Engelhard industrial 1841.00 Oats,No.2 milling,Mnpls-u 3.6850 AmerisourceBrgn ABC 103.50 -3.30 BrightHorizons BFAM 159.17 0.82 Cognex CGNX 85.39 1.35 ExxonMobil XOM 48.84 0.95 HuanengPower HNP 15.68 0.59 LibertyBraves C BATRK 25.74 0.22 Ametek AME 118.95 -0.05 BristolMyers BMY 66.74 0.20 CognizantTech CTSH 79.76 -0.48 Handy & Harman base 1834.70 Rice, Long Grain Milled, No. 2 AR-u,w n.a. F5Networks FFIV 196.80 1.70 Huazhu HTHT 48.11 2.58 LibertySirius A LSXMA 40.94 1.06 Amgen AMGN 248.27 2.78 BritishAmTob BTI 37.67 -0.21 ColgatePalm CL 80.85 -1.03 Handy & Harman fabricated Sorghum,(Milo) No.2 Gulf-u 7.3600 FMC FMC 116.57 -3.48 Hubbell HUBB 165.54 2.97 LibertySirius C LSXMK 40.75 0.90 2036.52 Amphenol APH 132.35 0.61 s Broadcom AVGO 459.27 13.42 Comcast A CMCSA 48.85 0.16 Facebook FB 261.10 9.74 HubSpot HUBS 388.48 3.90 s EliLilly LLY 198.48 7.71 LBMA Gold Price AM *1833.95 SoybeanMeal,Cent IL,rail,ton48%-u 449.00 AnalogDevices ADI 160.54 2.79 BroadridgeFinl BR 151.56 -0.01 Comerica CMA 63.90 0.12 FactSet FDS 319.35 1.15 Humana HUM 407.31 0.50 LincolnNational LNC 52.61 1.21 Anaplan PLAN 72.35 1.45 BrookfieldMgt BAM 38.28 -0.46 CommerceBcshrs CBSH 71.12 0.62 LBMA Gold Price PM *1833.05 Soybeans,No.1 yllw IL-bp,u 13.7600 FairIsaac FICO 483.72 0.42 s JBHunt JBHT 148.52 -2.99 Linde LIN 259.04 0.95 AngloGoldAsh AU 22.25 0.17 s BrookfieldInfr BIP 53.09 -0.36 CiaSiderurgica SID 6.13 -0.28 Krugerrand,wholesale-e 1916.72 Wheat,Spring14%-pro Mnpls-u 7.6350 AB InBev BUD 68.34 -0.30 BrookfieldPropREIT BPYU 17.29 0.08 ConagraBrands CAG 33.63 -0.23 Maple Leaf-e 1935.15 Wheat,No.2 soft red,St.Louis-u 7.1725 AnnalyCap NLY 8.23 -0.06 BrookfieldRenew BEPC 59.66 1.64 ConocoPhillips COP 46.00 0.88 American Eagle-e 1935.15 Wheat - Hard - KC (USDA) $ per bu-u Anthem ANTM 323.69 -2.73 Brown&Brown BRO 46.73 0.43 ConEd ED 69.48 -0.12 6.6900 Aon AON 209.16 1.23 Brown-Forman A BF.A 69.24 -0.33 ConstBrands A STZ 222.91 2.92 Mexican peso-e 2230.11 Wheat,No.1soft white,Portld,OR-u 6.8400 ApolloGlbMgmt APO Key Interest Rates 48.19 0.24 Brown-Forman B BF.B 74.23 0.33 ContextLogic WISH 26.09 1.25 Austria crown-e 1809.51 Food Appian APPN 182.91 13.21 s Bruker BRKR 60.66 1.62 s Cooper COO 387.42 10.53 Data are annualized on a 360-day basis. Treasury yields are per annum, Austria phil-e 1935.15 Apple AAPL 127.83 0.69 BuildersFirstSrc BLDR 40.40 -0.47 Copart CPRT 116.09 0.31 s ApplMaterials AMAT 109.22 6.08 Bunge BG 70.65 -0.01 Corning GLW 38.53 0.73 on actively traded noninflation and inflation-indexed issues that are Silver, troy oz. Beef,carcass equiv. index Aptargroup ATR 137.26 -1.57 BurlingtonStrs BURL 252.06 -1.86 Corteva CTVA 43.53 -0.22 adjusted to constant maturities. Data are from weekly Federal Reserve Engelhard industrial 25.2500 choice 1-3,600-900 lbs.-u 184.29 Aptiv APTV 142.57 -0.18 CBRE Group CBRE 63.61 0.09 CoStar CSGP 871.97 18.25 Handy & Harman base 25.2800 select 1-3,600-900 lbs.-u 172.73 Aramark ARMK 36.19 -0.36 CDW CDW 132.97 -0.69 Costco COST 354.47 -7.69 release H.15. ArcelorMittal MT 22.96 -0.99 CF Industries CF 44.99 -0.57 CoupaSoftware COUP Handy & Harman fabricated 31.6000 Broilers, National comp wtd. avg.-u,w 0.8231 333.92 5.16 Week Ended 52-Week Week Ended ArchCapital ACGL 34.18 -0.51 CGI GIB 78.68 0.67 Credicorp BAP 155.49 1.59 52-Week LBMA spot price *£18.3500 Butter,AA Chicago 1.4050 Jan 15 Jan 8High Low Jan 15 Jan 8High Low ArcherDaniels ADM 53.10 0.90 CH Robinson CHRW 96.44 1.23 CreditSuisse CS 13.63 -0.17 (U.S.$ equivalent) *24.8650 Cheddar cheese,bbl,Chicago 156.00 6-month 0.10 0.09 1.57 0.06 Federal funds (effective) Coins,wholesale $1,000 face-a 18691 Cheddar cheese,blk,Chicago 180.00 1-year 0.11 0.10 1.55 0.09 0.09 0.09 1.59 0.04 2-year 0.14 0.13 1.58 0.11 Other metals Milk,Nonfat dry,Chicago lb. 121.50 LBMA Platinum Price PM *1076.0 Coffee,Brazilian,Comp 1.1980 BANKRATE.COM® MMA, Savings and CDs Commercial paper 3-year 0.22 0.20 1.58 0.13 5-year 0.49 0.42 1.63 0.21 Platinum,Engelhard industrial 1095.0 Coffee,Colombian, NY 1.7637 Nonfinancial 7-year Palladium,Engelhard industrial 2390.0 Eggs,large white,Chicago-u 0.8250 Average Yields of Major Banks Tuesday, January 19, 2021 0.81 0.73 1.74 0.39 1-month 0.09 0.09 1.60 0.07 10-year 1.13 1.03 1.82 0.55 Aluminum, LME, $ per metric ton *1979.5 Flour,hard winter KC 17.15 2-month Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR 0.09 0.10 1.57 0.07 20-year 1.67 1.57 2.13 0.99 Copper,Comex spot 3.6360 Hams,17-20 lbs,Mid-US fob-u n.a. 3-month 0.10 0.10 1.84 0.09 National average Iron Ore, 62% Fe CFR China-s 170.3 Hogs,Iowa-So. Minnesota-u 69.01 Financial Savings 0.08 0.06 0.06 0.08 0.11 0.16 0.20 0.16 0.29 Treasury yields (secondary market) Shredded Scrap, US Midwest-s,m 460 Pork bellies,12-14 lb MidUS-u n.a. 1-month 0.10 0.10 2.15 0.08 Jumbos 1-month 0.09 1.58 0.00 Steel, HRC USA, FOB Midwest Mill-s 1094 Pork loins,13-19 lb MidUS-u 0.8815 0.17 0.07 0.07 0.09 0.12 0.18 0.22 0.17 0.30 2-month n.a. 0.12 2.27 0.08 0.09 Steers,Tex.-Okla. Choice-u n.a. Weekly change 3-month 0.15 0.14 2.44 0.11 3-month 0.09 0.09 1.55 -0.01 Fibers and Textiles 6-month 0.10 0.09 1.53 0.06 Steers,feeder,Okla. City-u,w 151.38 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 Discount window primary credit Jumbos 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 TIPS Burlap,10-oz,40-inch NY yd-n,w 0.6500 Fats and Oils 0.25 0.25 2.25 0.25 Cotton,1 1/16 std lw-mdMphs-u 5-year -1.58 -1.61 0.41 -1.61 0.7915 Corn oil,crude wet/dry mill wtd. avg.-u,w Treasury yields at constant 7-year -1.23 -1.30 0.35 -1.30 Cotlook 'A' Index-t *87.10 43.2500 Consumer Savings Rates maturities 10-year -0.95 -1.02 0.35 -1.05 Hides,hvy native steers piece fob-u n.a. Grease,choice white,Chicago-h n.a. Wool,64s,staple,Terr del-u,w n.a. Lard,Chicago-u n.a. Below are the top federally insured offers available nationwide according to Bankrate.com's 1-month 0.09 0.09 1.61 0.01 20-year -0.49 -0.56 0.47 -0.70 Soybean oil,crude;Centl IL-u 0.4283 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please 3-month 0.09 0.09 1.58 0.01 Long-term avg -0.36 -0.42 0.62 -0.50 Grains and Feeds Tallow,bleach;Chicago-h visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. n.a. Notes on data: Barley,top-quality Mnpls-u n.a. Tallow,edible,Chicago-u n.a. High yield savings Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Bank Yield Bank Yield KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; Phone number Minimum (%) Phone number Minimum (%) discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window H=American Commodities Brokerage Co; primary credit rate is charged for discounts made and advances extended under the Federal M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; Money market and savings account Six-month CD Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U=USDA; W=weekly; Z=not quoted. *Data as of 1/18 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Source: Dow Jones Market Data (800) 355-3063 (800) 799-1424 yields for all TIPS with remaining terms to maturity of 10 years or more; Synchrony Bank $0 0.60 Goldwater Bank $5,000 0.50 Sources: Federal Reserve; for additional information on these rate data and their derivation, (800) 677-0718 (480) 281-8200 please see, www.federalreserve.gov/releases/h15/data.htm Live Oak Bank $1 0.60 BankDirect $10,000 0.50 (866) 518-0286 (877) 839-2737 One-month CD One-year CD Borrowing Benchmarks Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 wsj.com/market-data/bonds/benchmarks (713) 358-9400 (800) 845-5025 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 January 19, 2021 (877) 707-1995 (888) 205-8388 Money Rates SAVE Washington Savings Bank $500 0.10 BrioDirect $500 0.65 (978) 458-7999 (877) 369-2746 Key annual interest rates paid to borrow or lend money in U.S. and $ Two-month CD Two-year CD international markets. Rates below are a guide to general levels but 100 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 don’t always represent actual transactions. (713) 358-9400 (800) 845-5025 Reg. $29999 | SALE $199 99 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 Inflation Week —52-WEEK— (877) 707-1995 (480) 281-8200 Latest ago High Low VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 Dec. index Chg From (%) (877) 998-2265 (833) 755-4354 level Nov. '20 Dec. '19 Other short-term rates Three-month CD Five-year CD U.S. consumer price index Week 52-Week BrioDirect Connexus Credit Union All items 260.474 0.09 1.4 $500 0.50 $5,000 1.01 Latest ago high low (877) 369-2746 (800) 845-5025 Core 269.226 –0.09 1.6 Goldwater Bank $5,000 0.35 First Internet Bank of Indiana $1,000 0.96 Call money International rates (480) 281-8200 (888) 873-3424 2.00 2.00 3.50 2.00 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 (713) 358-9400 (480) 281-8200 Week 52-Week Commercial paper (AA financial) Latest High Low ago 90 days n.a. 0.13 2.53 0.04 High yield jumbos - Minimum is $100,000 Prime rates Libor Money market and savings account Six-month CD U.S. 3.25 3.25 4.75 3.25 One month 0.12950 0.12725 1.67088 0.12600 CFG Community Bank 0.68 Merrick Bank 0.50 Canada 2.45 2.45 3.95 2.45 Three month 0.22363 0.23375 1.80625 0.20488 (888) 205-8388 (866) 638-6851 Japan 1.475 1.475 1.475 1.475 Six month 0.23588 0.24763 1.83438 0.23375 One year Can’tHear BrioDirect 0.65 BankDirect 0.50 Policy Rates 0.31300 0.32563 1.91900 0.31238 (877) 369-2746 (877) 839-2737 Luana Savings Bank 0.60 Goldwater Bank 0.50 Euro zone 0.00 0.00 0.00 0.00 Euro Libor Switzerland 0.00 0.00 0.50 0.00 One month Voices On TV? (800) 666-2012 (480) 281-8200 -0.587 -0.595 -0.360 -0.621 Britain 0.10 0.10 0.75 0.10 One-month CD One-year CD Three month -0.554 -0.559 -0.142 -0.574 ® Australia 0.10 0.10 0.75 0.10 Six month -0.533 -0.536 -0.052 -0.540 New AccuVoice AV157 Speaker uses Lone Star Bank 0.20 Connexus Credit Union 0.71 One year -0.499 -0.491 0.008 -0.501 (713) 358-9400 (800) 845-5025 Overnight repurchase patented hearing aid technology to create State Bank of India California 0.15 CFG Community Bank 0.67 U.S. 0.08 0.08 1.65 -0.07 Secured Overnight Financing Rate 12 levels of dialogue clarity. (877) 707-1995 (888) 205-8388 0.08 0.09 1.64 0.01 VirtualBank 0.10 Live Oak Bank 0.65 U.S. government rates Flat-screen TVs use tiny speakers with tinny sound. So many people (877) 998-2265 (866) 518-0286 Value 52-Week have to use closed-captioning to watch amovie or sporting event. Discount Two-month CD Two-year CD Latest Traded High Low Our patented hearing aid technology lifts voices out of the soundtrack 0.25 0.25 2.25 0.25 Lone Star Bank 0.20 Connexus Credit Union 0.81 DTCC GCF Repo Index and clarifies them. The result is remarkable. The AV157 has 12 levels (713) 358-9400 (800) 845-5025 Federal funds Treasury 0.089 52.162 1.720 0.002 of voice boost –incase you need extra clarity.Only 17" wide, it fits State Bank of India California 0.15 Goldwater Bank 0.80 Effective rate MBS 0.109 54.200 1.703 0.011 (877) 707-1995 (480) 281-8200 0.0900 0.0900 1.6200 0.0600 just about anywhere. Hookup is simple –one connecting cord. VirtualBank 0.15 Comenity Direct 0.75 High 0.1200 0.1000 1.6500 0.1000 (877) 998-2265 (833) 755-4354 Low 0.0400 0.0400 1.5800 0.0100 Notes on data: Bid 0.0800 0.0800 1.6000 0.0100 U.S. prime rate is the base rate on corporate “It’sLike AHearing Aid YouPlug Your TV Into.” Techhive Three-month CD Five-year CD Offer 0.1000 0.1000 1.6300 0.0500 loans posted by at least 70% of the 10 largest BrioDirect 0.50 Connexus Credit Union 1.01 U.S. banks, and is effective March 16, 2020. (877) 369-2746 (800) 845-5025 Treasury bill auction Other prime rates aren’t directly comparable; Goldwater Bank 0.35 First Internet Bank of Indiana 0.96 4 weeks 0.075 0.080 1.575 0.000 lending practices vary widely by location; (480) 281-8200 (888) 873-3424 Discount rate is effective March 16, 2020. 13 weeks 0.085 0.090 1.550 0.000 Secured Overnight Financing Rate is as of Lone Star Bank 0.25 Goldwater Bank 0.95 26 weeks 0.095 0.090 1.535 0.080 January 18, 2021. DTCC GCF Repo Index is (713) 358-9400 (480) 281-8200 Depository Trust & Clearing Corp.'s weighted Great Sound. Made Simple. Secondary market average for overnight trades in applicable Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of CUSIPs. Value traded is in billions of U.S. dollars. 866-367-9869 compounding and rate stated for the lowest required opening deposit to earn interest. CD Fannie Mae Federal-funds rates are Tullett Prebon rates as 60-Day Home Trial |FreeShipping figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of 30-year mortgage yields of 5:30 p.m. ET. ®ZVOX &AccuVoice areregistered trademarks of ZVOX Audio. which may be checks. Rates are subject to change. Sources: Federal Reserve; Bureau of Labor Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 30 days 2.035 2.105 3.123 1.751 Statistics; DTCC; FactSet; ORDER THE AV157 AT ZVOX.COM Internet: www.bankrate.com 60 days 2.069 2.137 3.141 1.804 Tullett Prebon Information, Ltd. P2JW020000-0-B01000-2------XA

B10 | We dnesday, January 20, 2021 THE WALL STREET JOURNAL. BANKING & FINANCE Steak‘nShakeHires Adviser forRevamp

BY ALEXANDER GLADSTONE forthe thirdquarter of 2020, 2008 andinvested heavily in AND AISHA AL-MUSLIM down from $141.4 million over expanding the business the same period the prior year. throughout the U.S. and abroad. Steak ‘n ShakeInc.ispre- Biglari Holdingssaid in No- Mr.Biglari, 43 yearsold, paring forapossible financial vember in itsthird-quarter who serves as Steak ‘n Shake’s restructuring and has hired an earningsreport that afterhav- chiefexecutive, built asprawl- advisory firm to evaluate op- ing had to close manyofits ing empire. In addition to tions as the Covid-19 pan- Steak ‘n Shakedining rooms Steak ‘n Shakeand Western demic continues to hit the ca- as Covid-19 began spreading, Sizzlin, Biglari Holdingsowns SHAKE

sual-dining sector hard, N the companyisaiming to shift men’smagazine Maxim, insur- according to people familiar from a full-service model to a ance firms First Guard Insur- EAK

with the matter. ST self-servicemodel when re- anceCo. and Southern Pioneer R

TheIndianapolis-based FO opening them, to save costs. Property &Casualty Insurance burger-and-milkshakechain But the companysaid it needs Co., and oil-and-gas driller hired FTI Consulting Inc.to GES to makecapital investmentsto Southern Oil Co. IMA

advise on arestructuring P completethese conversions, One of Mr. Biglari’s invest- strategy, the people said. /A while lendersare blocking it ment vehicles, Biglari Capital

Steak ‘n Shake, owned by en- AREFF from accessing the needed Group, also currently holds a trepreneur Sardar Biglari’s funding. sizable stakeinCracker Barrel eponymous holding company, BOND Biglari Holdings’ restaurant Old Country StoreInc.

has struggled with restrictions DIANE division, which includes four Manycasual-dining compa- on indoor dining and has a Like other casual-dining chains, Steak 'n Shake has been hit hard by the pandemic. Western Sizzlin Corp.steak- nies have posted double-digit $153 million loan coming due houses that the companyoper- sales declines during the coro- in March, they said. taurantsacrossthe U.S.,Eu- ers’ trusteeWilmingtonTrust terKayeScholer LLP and ates itself and48Western Siz- navirus pandemic, with those Steak ‘n Shake, Biglari rope and the Middle East, in NA in NewYork federal court AlixPartnersLLP. zlin franchises,saw same- that builtoperations around Holdings Inc., and FTI didn’t addition to morethan 200 in August but dropped the Thecompanyisnow explor- storetraffic decline by 54% servingcustomersindining respond to requests for com- franchises,sparked afight with complaint last week. ing apossible out-of-court re- during the quarter,largely due rooms facing the most severe ment.Biglari Holdingssaid in lendersoverthe summer by Lawfirm Latham &Watkins structuring of itsdebt and to the pandemic,according to threat. Some, including Ruby aNovember securities filing putting 15 locations up forsale. LLP, which handled the litiga- leaseobligations or abank- the earnings report. TuesdayInc., California Pizza that Steak ’n Shakemay not Lenderssaid anyproceeds tion forSteak ‘n Shake, contin- ruptcy filing, the people said. Steak ‘n Shaketracesits Kitchen Inc.and Sizzler USA be able to refinanceits loan from the sale had to be used to ues to advise the company, the Thepandemic has takena rootstoahamburgerstand Inc., have filed forbankruptcy before the March maturity. paydowndebt and couldn’t be people familiar with the mat- heavy toll on Steak ‘n Shake’s founded in 1934. It passed protection. Thecompany, which as of reinvested in the business. tersaid. Thelendersare ad- business. Thecompanyre- through aseries of ownersbe- —Jonathan Randles Septemberoperated 260 res- Steak ‘n Shakesued the lend- vised by law firm Arnold Por- ported $78.3million in revenue fore Mr.Biglari took control in contributed to this article.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg

Cresud CRESY 6.48 9.4 FulgentGenetics FLGT 77.74 8.5 IderaPharm IDRA 5.85 20.5 ManTechIntl MANT 99.50 2.0 Polaris PII 113.43 4.9 Sonos SONO 27.59 2.7 UnionAcqnII LATNU 11.50 2.3 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE CuriosityStream CURI 20.01 10.6 FullHouse FLL 4.74 16.2 Immunogen IMGN 8.10 10.1 MarroneBioInnova MBII 1.65 5.9 PorchGroupWt PRCHW 5.68 8.4 SouthwesternEner SWN 4.02 -2.3 UnionAcqnII LATN 10.54 0.2 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Curis CRIS 13.44 -3.6 Futu FUTU 84.80 16.8 InariMedical NARI 99.08 3.1 MarvellTech MRVL 54.35 6.0 PorchGroup PRCH 18.59 3.1 SpartanAcqnII SPRQ.U 12.69 0.2 UnionAcqnIIWt LATNW 1.39 -8.1 in the latest session. %CHG-Daily percentage change from the previous trading session. DanimerScientific DNMR 31.67 6.1 GATX GATX 92.11 0.7 InfinityPharm INFI 3.55 9.4 MaxarTech MAXR 56.00 12.5 PrecisionBio DTIL 14.73 29.6 SpecialOppFdPfB SPEpB 26.73 0.9 UnitedMicro UMC 10.28 13.8 DareBioscience DARE 2.68 63.9 GDS Holdings GDS 107.70 1.1 InMode INMD 59.44 -0.2 MaxeonSolar MAXN 41.32 13.4 PriorityTechn PRTH 8.14 1.4 SproutSocial SPT 62.70 12.1 UnitedNatFoods UNFI 23.47 3.3 Tuesday, January 19, 2021 DecarbonizaPlusA DCRB 12.48 3.9 GFLEnvironmental GFL 32.25 5.0 INmuneBio INMB 28.19 8.2 Medallia MDLA 40.22 -2.1 Progyny PGNY 50.30 2.2 StableRoadUn SRACU 30.50 26.6 US Antimony UAMY 0.84 13.4 DelekLogistics DKL 37.50 6.0 GFL Env Un GFLU 76.76 4.7 Inphi IPHI 179.05 4.2 MercadoLibre MELI 1938.17 3.3 ProspectorCap PRSRU 11.93 1.7 StableRoadAcqn SRAC 26.78 26.6 UnitedTherap UTHR 176.31 -0.7 52-Wk % 52-Wk % 52-Wk % DesktopMetalWt DM.WS 13.49 12.3 GS Acqn II GSAH.U 14.72 7.2 InspireMedical INSP 224.83 6.6 Merus MRUS 25.49 6.0 PulseBiosciences PLSE 30.69 1.9 StableRoadWt SRACW 9.39 39.0 Uniti UNIT 12.92 2.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DesktopMetal DM 26.30 1.9 GS Acqn II A GSAH 13.81 8.9 Insulet PODD 289.45 1.2 MicronTech MU 85.68 5.9 PurpleBiotech PPBT 5.09 13.3 StrPeakEnerWt STPK.WS 15.00 10.4 UnivDisplay OLED 262.32 3.9 DiamedicaTherap DMAC 10.88 2.6 GS Acqn II Wt GSAH.WS 4.05 17.6 IntegraLifeSci IART 69.55 1.0 MissionProduce AVO 16.54 3.5 QAD A QADA 67.64 0.4 SteelPartners SPLP 14.10 1.3 UnivElectro UEIC 58.23 2.4 AspenTech AZPN 145.90 1.7 CCNeubergerII PRPB 10.86 2.9 DiscoverFinSvcs DFS 100.21 1.3 GSE Systems GVP 1.95 8.4 Intellicheck IDN 13.24 3.1 Moelis MC 55.96 -0.3 Q2Holdings QTWO 133.25 2.4 SterlingCnstr STRL 24.49 4.4 UpFintech TIGR 15.86 7.3 Assurant AIZ 143.37 2.0 CEVA CEVA 65.68 17.3 Highs Domo DOMO 74.74 2.8 GalileoAcqnWt GLEO.WS 1.14 6.1 IntlGameTech IGT 19.11 1.6 MohawkGroup MWK 23.79 -2.0 QellAcqnA QELL 15.07 6.2 StitchFix SFIX 84.47 13.7 VG Acqn A VGAC 14.70 9.3 AstecIndustries ASTE 68.68 -0.3 CF Acqn IV CFIVU 10.98 0.9 DonnelleyFin DFIN 20.60 0.9 GameStop GME 45.52 10.9 Inuvo INUV 1.70 123.0 MotiveCapital MOTV.U 11.10 1.6 QellAcqn QELLU 16.11 6.3 StokeTherap STOK 71.09 4.9 VG Acqn Wt VGAC.WS 3.78 12.7 AAON AAON 72.00 0.2 AtkoreIntl ATKR 50.50 2.0 CNO Financial CNO 23.93 0.6 DoverMotorsports DVD 2.62 0.4 GatesIndustrial GTES 14.84 1.0 Inventiva IVA 18.29 12.8 NIC EGOV 28.80 4.2 Qorvo QRVO 186.15 4.7 Stratasys SSYS 35.84 12.5 VG Acqn VGAC.U 15.95 10.0 AEA-Bridges IMPX.U 11.78 1.2 Atomera ATOM 36.20 20.4 Conx CONXU 11.12 0.6 DragoneerGrwA DGNR 14.75 -0.5 Genasys GNSS 7.67 3.5 IridiumComm IRDM 49.23 3.9 NV5Global NVEE 97.24 -0.6 Qualcomm QCOM 164.10 4.3 SummitStateBk SSBI 16.49 6.9 ValmontInds VMI 215.00 3.5 AES AES 28.41 1.7 AuthenticEquity AEACU 10.58 0.4 CONX CONX 10.66 0.7 DynagasLNG PfdA DLNGpA 24.44 2.7 Generac GNRC 269.59 5.8 IsoRay ISR 2.66 21.7 NanoDimension NNDM 11.61 5.4 QuantaServices PWR 78.37 2.7 SunPower SPWR 37.77 15.3 Valvoline VVV 25.01 3.6 AGBAAcqnRt AGBAR 0.49 2.4 AvantiAcqnA AVAN 11.00 2.7 CSW Industrials CSWI 127.64 0.5 EastWestBncp EWBC 63.13 2.4 GeneralMotors GM 55.14 9.7 iTeosTherap ITOS 37.61 3.6 Natera NTRA 125.32 3.1 Quanterix QTRX 79.58 6.4 Sunworks SUNW 13.95 18.0 VaronisSystems VRNS 180.88 4.3 AMC Networks AMCX 43.79 3.9 AvantiAcqn AVAN.U 12.03 2.6 CaesarsEnt CZR 82.15 0.8 Ebix EBIX 44.21 0.4 Genetron GTH 23.75 16.8 JELD-WEN JELD 28.68 3.8 NavSightA NSH 10.70 0.9 Qumu QUMU 8.63 1.9 SupernusPharms SUPN 29.85 1.8 VascularBiogenics VBLT 2.67 ... ARC Document ARC 2.27 3.3 Avinger AVGR 2.14 33.3 Calix CALX 35.29 7.0 EHang EH 61.60 53.5 Gevo GEVO 11.68 72.3 JackintheBox JACK 104.00 1.5 NavSightWt NSH.WS 2.65 -0.6 RCI Hospitality RICK 42.74 9.0 SurfaceOncol SURF 13.55 9.1 VectorAcqn VACQU 10.99 -0.5 ASETech ASX 7.75 7.9 BBQ Holdings BBQ 5.49 3.1 Calyxt CLXT 8.66 33.7 ASML ASML 550.48 4.2 8x8 EGHT 39.17 0.8 GibraltarInds ROCK 102.30 5.1 JazzPharma JAZZ 168.22 -0.4 NavSight NSH.U 11.50 1.9 Rambus RMBS 21.11 4.9 SutroBioph STRO 28.09-0.1 Veoneer VNE 23.93 0.8 BJsRestaurants BJRI 49.28 3.5 Camtek CAMT 24.95 2.0 Azek AZEK 42.62 2.5 eMagin EMAN 2.60 18.4 GlacierBancorp GBCI 50.91 -0.2 J&J JNJ 163.04 1.5 NeoPhotonics NPTN 12.72 9.7 ReinventTechZ RTPZ.U 12.54 -0.4 Suzano SUZ 12.31 5.3 Vericel VCEL 39.98 -0.1 BM Tech BMTX 17.59 14.8 CaraTherap CARA 20.26 8.1 Abiomed ABMD 338.99 2.0 EmersonElec EMR 85.39 0.8 Glaukos GKOS 89.41 2.5 Joint JYNT 29.99 -0.3 NetScout NTCT 30.70 0.3 Repligen RGEN 226.53 3.1 SynchronyFin SYF 39.96 2.4 VerintSystems VRNT 73.22 1.7 BM Tech Wt BMTX.WS 4.15 45.6 CareDx CDNA 93.49 5.9 AcaciaComms ACIA 114.76 0.3 EmpowerA EMPW 10.60 -0.4 GlbShipNts24 GSLD 25.58 0.9 KBR KBR 32.27 0.1 Network1Techs NTIP 3.90 0.1 ResoluteForest RFP 8.15 6.8 SyneosHealth SYNH 77.34 2.3 VersusSystemsWt VSSYW 5.50 100.0 BRP DOOO 70.87 2.0 CarMax KMX 116.70 9.4 AcaciaResearch ACTG 5.76 8.5 Entegris ENTG 111.11 1.9 GoldenFalconAcqnUn GFX.U 10.99 0.3 KinsTech KINZU 10.70 1.1 Neuronetics STIM 17.06 20.6 Resonant RESN 6.74 18.3 Synopsys SNPS 268.64 3.6 Vertiv VRT 20.64 5.6 BRileyFinlPfdA RILYP 26.70 0.2 CarriageSvcs CSV 34.57 1.2 AcelRxPharm ACRX 2.94 13.0 EquitablePfdC EQHpC 25.08 0.8 GoldenOcean GOGL 5.59 5.2 KLA KLAC 316.80 3.3 NewProvidenceA NPA 17.20 11.9 RigNet RNET 7.50 4.1 Systemax SYX 39.34 ... ViaviSolutions VIAV 16.17 1.3 B.RileyPfdB RILYL 27.02 0.9 CasaSystems CASA 8.38 5.3 AciesAcqnA ACAC 11.55 2.5 EssaPharma EPIX 17.30 5.4 GooseheadIns GSHD 143.15 4.0 KVH Inds KVHI 12.55 1.5 NextEraEnergy NEP 84.48 0.7 RiminiStreet RMNI 7.19 9.2 TFF Pharm TFFP 21.14 9.5 Vipshop VIPS 30.88 5.0 Babcock&Wilcox BW 5.3210.8 CascadeAcqn CAS.U 11.00 0.5 AclarisTherap ACRS 19.95 220.2 EstablishLabs ESTA 54.97 1.1 Graco GGG 76.53 2.4 KaleidoBiosci KLDO 14.44 1.6 NiuTech NIU 44.93 16.9 Roku ROKU 438.36 6.3 TayshaGene TSHA 33.35 4.8 Vishay VSH 23.57 4.6 BcoSantChile BSAC 22.59 2.9 CassavaSciences SAVA 13.68 22.7 ActivisionBliz ATVI 93.37 2.7 EthanAllen ETH 23.83 3.3 GreenroseAcqn GNRSU 14.41 -5.3 Kaleyra KLR 11.65 2.9 Novan NOVN 1.57 3.1 RothCHAcqnIWt ROCHW 5.02 8.1 TechTarget TTGT 70.56 1.5 VistasMediaAcqnUn VMACU 11.29 0.6 BankofMontreal BMO 80.40 -0.2 CastleBiosci CSTL 80.40 5.6 AdaptiveBiotech ADPT 71.25 3.5 EtonPharm ETON 9.49 4.0 GreenVisionAcqnWt GRNVW 1.14 -0.5 Kaspien KSPN 45.00 41.9 NovusCapital NOVSU 38.77 16.2 RushEnt A RUSHA 45.40 0.9 TeckRscsB TECK 21.04 6.6 Waters WAT 273.96 1.3 BeiGene BGNE 359.96 3.4 Celcuity CELC 14.12 11.0 AdtalemGlbEduc ATGE 38.74 4.8 Etsy ETSY 221.34 8.3 GritstoneOncology GRTS 22.47 248.5 KewauneeSci KEQU 13.25 6.6 NovusCapital NOVS 28.98 12.8 RushEnt B RUSHB 41.50 1.6 Telos TLS 40.40 5.1 WescoIntl WCC 87.85 0.4 BerkHathwy B BRK.B 236.24 0.5 Cellectis CLLS 34.20 7.6 Adtran ADTN 17.09 1.7 EveloBiosci EVLO 15.53 7.3 HDFC Bank HDB 76.12 ... Koppers KOP 36.69 0.5 NovusCapitalWt NOVSW 10.50 17.2 S&W Seed SANW 4.10 6.6 Tenable TENB 58.45 4.6 WholeEarthBrds FREE 12.40 0.3 BerkHathwy A BRK.A 354837 0.6 CelsiusHldg CELH 69.70 6.6 AdvEnergyInds AEIS 124.52 7.4 EvercoreA EVR 121.24 1.4 H.I.G.AcqnWt HIGA.WS 1.90 7.0 KornitDigital KRNT 97.08 0.7 OcaAcqn OCAXU 10.50 0.6 SLM SLM 14.11 0.9 TencentMusic TME 27.00 21.0 WideOpenWest WOW 11.49 0.8 BetterWorldAcqn BWACU 12.30 2.6 Cemex CX 6.72 4.5 AeroVironment AVAV 134.41 12.4 EvolentHealth EVH 18.11 ... HalozymeTherap HALO 48.61 1.8 Kulicke&Soffa KLIC 39.68 1.6 Orbcomm ORBC 9.21 7.1 SMART Global SGH 41.65 5.3 TenetHealthcare THC 48.45 0.6 Williams-Sonoma WSM 127.63 0.1 BicycleTherap BCYC 31.09 10.8 CenovusEnergyWt CVE.WS 4.04 1.4 AffiliatedMgrs AMG 112.15 1.6 ExOne XONE 18.99 21.6 HarleyDavidson HOG 42.10 3.5 LGL Systems Un DFNS.U 12.25 ... OaktreeSpec OCSL 5.85 -0.5 SVB Fin SIVB 474.90 2.0 Teradyne TER 141.57 2.4 Workiva WK 100.74 3.6 Bilibili 134.28 4.3 Ceragon 6.90 33.2 AgEagleAerial UAVS 12.58 22.9 BILI CRNT ExtremeNetworks EXTR 8.05 2.2 HarpoonTherap HARP 25.24 3.2 LSI Inds LYTS 9.05 1.9 Omnichannel OCA.U 11.20 0.9 Safehold SAFE 76.76 -0.1 TexasInstruments TXN 174.70 3.0 Yield10Bio YTEN 16.48 -15.8 Bio-Techne 354.32 1.2 Cerence 126.12 -1.0 Agilysys AGYS 43.93 -3.0 TECH CRNC FGNewAmericaA FGNA 10.95 1.4 HealthCatalyst HCAT 48.61 -3.3 LabCpAm LH 227.32 0.9 ON Semi ON 38.71 4.9 Saia SAIA 200.48 1.2 TheBancorp TBBK 16.75 0.8 YucaipaAcqnA YAC 10.54 1.0 Airgain AIRG 27.55 33.5 BioceresCrop BIOX 8.30 2.5 ChardanHlthcr2 CHAQ.U 12.36 0.2 FG NewAmerica FGNA.U 11.72 2.7 HealthcareCap HCCCU 10.39 -0.4 LakelandFin LKFN 60.58 -0.1 one AONE.U 11.96 -1.0 ScienceApplicat SAIC 100.71 1.8 3D Systems DDD 33.50 9.7 YunhongIntl ZGYHU 11.49 5.2 AkariTherap AKTX 3.45 8.2 BioCryst BCRX 9.35 3.0 CharlesRiverLabs CRL 280.10 1.9 FarPeakAcqn FPAC.U 10.95 1.8 Heidrick&Strug HSII 34.88 0.3 LamResearch LRCX 582.48 5.9 1LifeHealthcare ONEM 48.21 11.8 ScIONTechGrowthI SCOAU 11.00 ... TItanIntl TWI 7.80 2.9 ZaiLab ZLAB 185.03 8.1 AkoustisTechs AKTS 14.88 9.8 Biodesix BDSX 30.36 2.0 ChickenSoupNts CSSEN 25.87 0.8 FarmlandPtrs FPI 10.77 3.9 HelenofTroy HELE 231.94 4.5 Lands'End LE 29.91 5.7 OneMain OMF 55.16 -0.5 SeaportGlb SGAMU 10.95 0.9 TitanMachinery TITN 23.31 3.9 ZaniteAcqn ZNTEU 12.85 4.7 Alcon ALC 73.04 3.6 BionanoGenom BNGO 9.95 8.4 ChipMOSTechs IMOS 26.61 5.3 Ferroglobe GSM 2.55 1.4 HennessyCapV HCICU 11.85 6.9 LandstarSystem LSTR 154.27 2.5 OntoInnovation ONTO 58.94 4.6 Seer SEER 86.55 5.4 TopBuild BLD 211.30 4.9 ZaniteAcqnA ZNTE 11.37 5.5 AldeyraTherap ALDX 14.62 -1.1 BionanoGenomWt BNGOW 7.31 25.7 Chuy's CHUY 34.37 2.7 FiestaRestaurant FRGI 15.59 1.0 Heska HSKA 168.69 2.7 LeMaitreVascular LMAT 44.90 4.4 OptimizeRx OPRX 47.00 5.8 Semtech SMTC 80.43 3.6 TorchlightEner TRCH 1.58 10.2 Zscaler ZS 217.15 0.4 Alkermes ALKS 23.02 2.1 BioVie BIVI 42.25 11.0 CincinnatiBncp CNNB 12.00 2.1 FinTechAcqnV FTCVU 11.00 0.3 HighPeakEner HPK 21.82 5.3 Leslie's LESL 29.81 5.9 OptionCare OPCH 19.10 7.2 Senseonics SENS 2.98 80.4 ToughBuiltWt TBLTW 0.57 11.9 Zumiez ZUMZ 45.87 -0.5 AllscriptsHlthcr MDRX 17.02 1.1 BlackBerry BB 12.39 25.5 CirrusLogic CRUS 101.67 2.6 Flagstar FBC 45.30 1.2 HighPeakEnerWt HPKEW 8.90 8.9 LexariaBioWt LEXXW 4.22 ... OrionGroup ORN 6.05 2.1 SharpsCompliance SMED 11.61 3.7 TowerSemi TSEM 29.93 4.4 AlphaHlthcrAcqnUn AHACU 10.85 0.8 BloomEnergy BE 40.24 9.5 CitiTrends CTRN 64.50 2.6 Flanigans BDL 22.32 3.9 Hilltop HTH 33.24 16.0 LigandPharm LGND 131.57 6.0 Orphazyme ORPH 13.79 8.0 SharpSpring SHSP 20.16 5.5 TraneTech TT 155.31 2.7 Lows AltimeterGrwA AGC 15.83 -0.8 BlueBird BLBD 26.88 11.0 ClearPtNeuro CLPT 20.56 10.1 FlexSolInt FSI 4.00 2.2 HinghamSvg HIFS 230.49 0.8 EliLilly LLY 199.52 4.0 Oshkosh OSK 96.95 1.6 ShockwaveMed SWAV 143.79 3.8 Transcat TRNS 36.70 3.7 AltimeterGrw AGCUU 16.20 2.4 BlueWaterAcqn BLUWU 10.69 ... ClearsideBiomed CLSD 4.32 4.7 FlexShopper FPAY 3.51 7.1 HudsonExecUn HECCU 13.48 3.2 Limbach LMB 15.20 8.6 OspreyTechWt SFTW.WS 1.94 1.8 SierraWireless SWIR 18.70 2.5 TransEnterix TRXC 4.01 68.6 DrivenBrands DRVN 25.30 7.3 Ameriprise AMP 213.73 2.3 BlueLinx BXC 38.46 4.5 ClearSignTech CLIR 4.18 ... Fluor FLR 21.31 4.0 HudsonExecWt HECCW 2.89 4.4 LineageCell LCTX 2.58 14.3 OwensCorning OC 84.77 1.8 SiliconLab SLAB 141.51 3.3 TransMedics TMDX 23.86 17.7 GenesisParkWt GNPK.WS 1.53 4.2 AmerSvcFncl pf ASRVP 30.21 ... BootBarn BOOT 58.88 2.3 ClimateChgCrisisA CLII 15.01 5.3 FocusFinPtrs FOCS 51.26 2.7 JBHunt JBHT 156.74 -2.0 LionsGate B LGF.B 12.47 3.5 OzonHoldings OZON 56.48 2.7 SilverSpikeUn SSPKU 23.45 12.5 Travelers TRV 144.29 0.2 GenesisParkA GNPK 10.06 -0.3 Amyris AMRS 12.21 0.5 BoozAllen BAH 94.04 1.9 ClimateChgI CLII.U 16.56 5.4 FoleyTrasimII BFT.U 19.58 6.2 HysterYaleMatls HY 80.87 0.4 LionsGate A LGF.A 13.96 2.9 PAM Transport PTSI 61.83 3.1 SilverSpikeAcqnWt SSPKW 6.09 6.4 TrepontAcqnI TACA.U 10.75 2.4 GracellBiotech GRCL 21.08 -6.3 AndinaAcqnIII ANDA 11.42 1.4 BostonPrivFin BPFH 13.38 3.9 Codexis CDXS 26.90 4.3 FoleyTras II A BFT 17.98 6.2 IAC/InterActive IAC 201.00 0.8 LiquiditySvcs LQDT 21.11 14.1 PJT Partners PJT 81.82 1.8 SilverSpikeAcqn SSPK 19.98 9.6 Trex TREX 94.192.7 HamiltonLaneI HLAHU 10.57 -0.1 ApogeeEnt APOG 38.30 2.7 BrilliantAcqn BRLIU 11.46 0.1 CoffeeHolding JVA 5.20 10.1 FoleyTrasII Wt BFT.WS 5.25 8.4 IEC Elec IEC 16.52 0.6 LithiumAmericas LAC 28.75 30.6 PRA HealthSci PRAH 135.45 1.6 SiTime SITM 142.70 -0.5 TribunePub TPCO 15.27 1.3 HealthcareCap HCCCU 10.22 -0.4 ApplMaterials AMAT 109.58 5.9 BrilliantAcqnRt BRLIR 0.45 2.2 Coherent COHR 213.05 29.7 FordMotor F 10.21 1.9 II-VI 6% Pfd IIVIP 382.17 4.6 LiveNationEnt LYV 78.00 6.9 PTK Acqn Un PTK.U 11.64 3.4 SkillzWt SKLZ.WS 13.82 5.2 TriCoBancshares TCBK 41.19 0.2 MediromHlthcr MRM 12.70 1.0 AppliedMolecular AMTI 37.88 5.8 Broadcom AVGO 459.49 3.0 Cohu COHU 48.09 6.1 ForesightAuto FRSX 11.22 27.7 II-VI IIVI 93.63 5.3 Livent LTHM 23.86 4.1 PagerDuty PD 49.66 5.8 Smith-Midland SMID 10.75 6.5 Tronox TROX 16.94 11.5 MonumentCircle MONCU 10.32 0.5 ApyxMedical APYX 10.23 2.5 BrookfieldInfr BIP 53.86 -0.7 CommScope COMM 15.05 0.9 ForestRoadAcqn FRX.U 11.58 -0.3 INSU Acqn II Wt INAQW 4.90 4.6 Lovesac LOVE 52.36 6.0 PalatinTech PTN 0.96 15.0 SocialCapHedV Wt IPOE.WS 9.23 13.2 TurmericAcqn TMPMU 10.90 -1.0 OcaAcqn OCAXU 10.35 0.6 AquaMetals AQMS 5.00 30.1 Brooks Auto BRKS 81.97 5.4 Concentrix CNXC 123.48 -4.4 FormFactor FORM 50.57 2.1 InsuAcqnII INAQU 19.69 -1.3 MGP Ingredients MGPI 53.92 -0.3 ParTechnology PAR 73.10 6.3 SocialCapHedV A IPOE 24.22 12.1 21 Vianet VNET 40.88 1.3 PetcoHealth WOOF 25.51 -3.1 ArcLightCleanA ACTC 31.06 10.3 Bruker BRKR 60.93 2.7 ConcordAcqn CND.U 10.71 1.4 Forterra FRTA 20.80 3.5 INSU Acqn II A INAQ 18.09 0.8 MKS Instrum MKSI 189.89 5.9 PeridotAcqnWt PDAC.WS 3.00 7.2 SocialCapHedV IPOE.U 26.39 13.5 26CapAcqn ADERU 10.75 0.9 PopulationHlthA PHIC 10.20 -0.3 ArcLightCleanWt ACTCW 9.39 8.7 BurgundyTechWt BTAQW 2.94 -2.2 ConturaEnergy CTRA 14.37 1.5 FortressTransport FTAI 24.25 2.5 IPG Photonics IPGP 262.55 6.0 MP Matls Wt MP.WS 20.96 7.7 Personalis PSNL 49.27 11.9 SocialCapHedVI A IPOF 15.90 2.9 TwistBiosci TWST 207.12 13.3 Poshmark POSH 74.36 -10.0 ArcLightClean ACTCU 35.50 9.9 BurningRockBio BNR 37.97 3.7 Cooper COO 389.27 2.8 FortressValueII FAII.U 12.64 2.6 IZEA IZEA 4.75 36.7 Magnite MGNI 35.00 15.5 PetraAcqn PAICU 11.41 0.8 SocialCapHedVI IPOF.U 17.02 2.7 US Lime&Min USLM 129.80 2.2 Q&K Intl QK 2.32 -7.2 Arvinas ARVN 92.77 0.8 CAI Intl CAI 36.27 4.1 CorceptTherap CORT 29.28 2.2 FortressValueII FAII 12.12 3.3 Ichor ICHR 41.94 5.2 MaidenHldgsPfdC MHpC 11.18 2.8 Phreesia PHR 64.61 1.6 SoftwareAcqnGrpII SAIIU 11.24 0.3 USWellServicesWt USWSW 0.16 35.5 SocTelemed TLMD 6.75 5.1 Asana ASAN 40.11 2.8 CASI Pharm CASI 3.60 2.2 CornerstoneBldg CNR 12.11 8.1 ForwardAir FWRD 81.19 0.6 iClickInteract ICLK 14.97 17.9 MaidenHldgsPfdA MHpA 11.46 4.5 PitneyBowesNt43 PBIpB 23.73 0.5 SoftwareII A SAII 10.45 0.8 UltaBeauty ULTA 310.49 -2.9 Spartan II A SPRQ 10.80 -0.1 AspenAerogels ASPN 21.56 -7.6 CCNeubergerII PRPB.U 11.37 2.9 CreatdWt CRTDW 3.09 19.7 4D Molecular FDMT 51.00 6.8 Icon ICLR 216.96 2.3 MakeMyTrip MMYT 31.99 0.7 Plantronics PLT 34.64 1.7 SonicAutomotive SAH 49.04 -0.7 UltraClean UCTT 42.96 7.1 UcommuneIntl UK 4.85 -4.4

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B9 Net Net Stock Sym Close Chg Stock Sym Close Chg SunLifeFinancial SLF 48.09 1.36 Ericsson ERIC 11.73 -0.03 Trip.com TCOM 33.67 0.54 UniversalHealthB UHS 130.40 -2.08 WEX WEX 202.24 1.34 Wipro WIT 6.33 -0.06 Net SuncorEnergy SU 18.28 -0.05 TelefonicaBras VIV 8.25 -0.30 TruistFinl TFC 52.15 0.18 VEREIT VER 35.70 -0.34 W.P.Carey WPC 66.91 -0.33 Wix.com WIX 249.84 8.56 Stock Sym Close Chg SunRun RUN Telefonica TEF 4.59 0.03 Twilio TWLO 382.25 -6.40 VF VFC 81.95 -1.96 WPP WPP 54.06 -1.24 Woodward WWD 123.98 1.21 Salesforce.com CRM 216.76 3.62 Smucker SJM 115.65 1.56 85.62 1.37 s Suzano SUZ 12.14 0.61 TelekmIndonesia TLK 24.39 -0.52 s TwistBiosci TWST 205.49 24.14 VICI Prop VICI 25.37 0.21 Wabtec WAB 81.63 -0.27 Workday WDAY 221.04 -1.52 RestaurantBrands QSR 61.77 -1.14 Sanofi SNY 50.51 1.12 Snap SNAP 50.39 0.08 s SynchronyFin SYF 39.70 0.93 10xGenomics TXG 182.22 2.55 Twitter TWTR 45.93 0.75 VailResorts MTN 272.00 -6.50 WalgreensBoots WBA 48.15 -0.77 WynnResorts WYNN 107.17 0.94 RingCentral RNG 372.94 0.01 Schlumberger SLB 25.42 0.51 SnapOn SNA 172.47 3.90 s SyneosHealth SYNH 77.13 1.71 Tenaris TS 16.44 -0.01 TylerTech TYL 423.61 1.29 Vale VALE 17.61 -0.03 Walmart WMT 143.39 -1.25 XP XP 43.31 3.52 RioTinto RIO 81.60 1.13 SchwabC SCHW 59.23 0.48 Snowflake SNOW 286.21 -5.09 s Synopsys SNPS 268.20 9.28 s TencentMusic TME 26.87 4.66 TysonFoods TSN 63.90 -0.85 ValeroEnergy VLO 60.54 2.24 WarnerMusic WMG 36.15 1.18 XPO Logistics XPO 121.07 2.21 RocketCos. RKT 19.54 -0.06 ScottsMiracleGro SMG 218.76 -2.13 SOQUIMICH SQM 58.10 1.60 Sysco SYY 74.87 -0.70 s Teradyne TER 140.63 3.33 UBS Group UBS 14.90 -0.23 VarianMed VAR 175.75 0.28 WasteConnections WCN 102.50 0.63 XcelEnergy XEL 64.71 -0.25 Sea SE 231.64 5.59 SolarEdgeTech SEDG 295.05 12.79 Rockwell ROK 261.00 5.40 Tesla TSLA 844.55 18.39 UDR UDR 38.68 -0.74 Vedanta VEDL 9.60 0.02 WasteMgt WM 115.01 0.29 Xilinx XLNX 139.36 2.76 Seagate STX 61.22 0.71 Sony SNE 102.23 0.18 RogersComm B RCI 47.32 -0.28 T U V TevaPharm TEVA 12.55 0.59 UGI UGI 37.29 -0.34 VeevaSystems VEEV 278.05 7.04 s Waters WAT 271.82 3.49 XPeng XPEV 53.84 6.02 Seagen SGEN Southern SO 61.06 1.40 s Roku ROKU 434.14 25.84 188.78 3.03 s TexasInstruments TXN 174.19 5.00 US Foods USFD 35.11 -0.55 Ventas VTR 47.77 -1.21 Watsco WSO 243.45 6.47 Xylem XYL 104.26 0.76 Rollins ROL 36.86 -0.38 SempraEnergy SRE 121.48 -0.68 SoCopper SCCO 70.90 1.79 TAL Education TAL 68.33 2.73 Textron TXT 49.37 0.43 Uber UBER 56.30 0.78 VeriSign VRSN 197.08 1.81 Watsco B WSOB 240.79 14.28 Yandex YNDX 68.08 0.76 SensataTechs ST 55.33 0.61 SouthwestAir LUV 46.91 0.25 RoperTech ROP 414.43 2.81 TC Energy TRP 44.43 0.02 ThermoFisherSci TMO 507.38 4.24 Ubiquiti UI 251.19 3.90 VeriskAnalytics VRSK 191.37 1.35 Wayfair W 299.85 -0.15 YatsenHolding YSG 20.00 1.51 RossStores ROST 113.98 -2.99 ServiceCorp SCI 50.33 0.29 Splunk SPLK 172.96 2.99 TE Connectivity TEL 129.52 1.57 ThomsonReuters TRI 80.49 ... s UltaBeauty ULTA 293.17 -8.68 Verizon VZ 57.05 -0.33 Weibo WB 41.56 0.46 YumBrands YUM 107.39 0.77 RoyalBkCanada RY 84.67 -0.39 ServiceNow NOW 519.42 5.66 Spotify SPOT 319.75 -0.07 Telus TU 20.82 -0.02 3M MMM 169.12 3.57 UltragenyxPharm RARE 138.87 0.90 VertxPharm VRTX 231.91 6.36 WellsFargo WFC 32.63 0.59 YumChina YUMC 59.29 2.13 RoyalCaribbean RCL 73.48 0.56 ShawComm B SJR 17.51 -0.15 Square SQ 227.26 -0.49 TJX TJX 67.18 -1.28 Toro TTC 98.29 0.92 UnderArmour C UA 15.56 -0.03 ViacomCBS B VIAC 43.75 -1.55 Welltower WELL 61.00 -3.25 ZTO Express ZTO 30.14 0.62 ViacomCBS A VIACA 43.97 -1.88 RoyalDutchA RDS.A 40.65 0.46 SherwinWilliams SHW 725.61 0.06 StanleyBlackDck SWK 176.56 3.93 T-MobileUS TMUS 129.85 2.57 TorontoDomBk TD 58.87 -0.39 UnderArmour A UAA 18.13 0.04 WestPharmSvcs WST 300.12 0.88 s ZaiLab ZLAB 184.69 13.79 Viatris VTRS 17.44 0.39 RoyalDutchB RDS.B 38.65 0.50 ShinhanFin SHG 30.27 -0.05 Starbucks SBUX 102.54 0.21 TRowePrice TROW 158.48 2.06 Total TOT 44.98 0.75 Unilever UL 59.38 -0.30 WesternDigital WDC 51.99 0.78 ZebraTech ZBRA 405.84 -3.38 s Vipshop VIPS 29.64 1.40 RoyaltyPharma RPRX 51.85 -0.10 Shopify SHOP 1173.97 3.50 StateStreet STT 78.40 1.22 TaiwanSemi TSM 131.30 6.07 ToyotaMotor TM 148.13 -0.28 UnionPacific UNP 215.28 -1.32 WesternUnion WU 22.37 0.44 Zendesk ZEN 145.73 2.39 Visa V 201.66 0.07 Ryanair RYAAY 106.15 -1.99 Sibanye-Stillwater SBSW 16.53 0.46 SteelDynamics STLD 39.73 0.53 TakeTwoSoftware TTWO 198.73 2.45 TractorSupply TSCO 157.45 -0.03 UnitedAirlines UAL 44.75 0.86 WestlakeChem WLK 85.28 -0.33 Zillow C Z 143.97 6.47 Vistra VST 21.71 0.20 SAP SAP 127.08 2.08 SignatureBank SBNY 155.32 0.99 Stellantis STLA 16.88 1.65 TakedaPharm TAK 17.44 ... TradeDesk TTD 780.62 -4.74 s UnitedMicroUMC 9.99 1.21 WestpacBanking WBK 16.52 0.17 Zillow A ZG 149.98 6.08 VMware VMW 132.30 -2.51 S&P Global SPGI 313.14 7.19 SimonProperty SPG 92.67 -0.33 Steris STE 188.71 4.33 Tapestry TPR 33.34 -0.28 Tradeweb TW 65.65 1.03 UPS B UPS 156.28 -2.62 WestRock WRK 44.66 -1.02 ZimmerBiomet ZBH 159.93 -0.19 Vodafone VOD 17.46 0.10 SBA Comm SBAC 269.14 0.04 SiriusXM SIRI 5.95 0.15 s StitchFix SFIX 84.00 10.13 Target TGT 188.16 -6.64 s TraneTech TT 153.49 3.98 UnitedRentals URI 260.83 5.69 Weyerhaeuser WY 32.70 0.18 VornadoRealty VNO 37.72 -0.84 ZionsBancorp ZION 49.33 0.19 SEI Investments SEIC 60.22 0.55 Skyworks SWKS 161.39 9.39 STMicroelec STM 40.52 0.73 TataMotors TTM 17.68 0.12 TransDigm TDG 573.41 -11.58 US Bancorp USB WheatonPrecMet WPM 48.07 -0.33 VulcanMatls VMC 158.86 -2.06 40.28 0.39 Zoetis ZTS 162.57 1.26 SK Telecom SKM 24.78 -0.26 SlackTech WORK 42.07 0.27 StoneCo STNE 79.92 1.69 s TeckRscsB TECK 20.92 1.29 TransUnion TRU 91.37 0.10 s UnitedTherap UTHR 171.61 -1.21 Whirlpool WHR 198.71 4.17 ZoomVideo ZM 393.87 9.34 SS&C Tech SSNC 67.00 0.61 Smartsheet SMAR 71.66 1.39 Stryker SYK 242.07 0.08 TeladocHealth TDOC 232.72 7.47 s Travelers TRV 143.51 0.27 UnitedHealth UNH 352.19 0.89 W X Y Z Williams WMB 22.45 -0.05 ZoomInfoTech ZI 46.60 1.26 StoreCapital STOR 30.74 -0.12 SmithAO AOS 57.20 0.37 SumitomoMits SMFG 6.66 -0.05 TeledyneTech TDY 387.22 4.63 s Trex TREX 93.632.48 UnitySoftware U 144.89 -3.72 s Williams-Sonoma WSM 124.99 0.13 s Zscaler ZS 212.00 0.94 s SVB Fin SIVB 470.66 9.23 Smith&Nephew SNN 44.79 1.86 SunComms SUI 141.22 -1.21 Teleflex TFX 385.83 -2.54 Trimble TRMB 69.19 -0.27 s UnivDisplay OLED 260.29 9.69 WEC Energy WEC 87.87 -0.82 WillisTowers WLTW 208.50 1.85 Zynga ZNGA 9.94 0.27

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Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iShMSCI ACWI ACWI iShTIPSBondETF TIP VangdHlthCr VHT Tuesday, January 19, 2021 Closing Chg YTD 93.03 0.93 2.5 127.47 0.24 –0.1 SPDR DJIA Tr DIA 309.32 0.39 1.2 234.67 1.02 4.9 iShMSCI EAFE EFA 74.94 0.73 2.7 iSh1-3YTreasuryBd SHY 86.38 0.03 ... SPDR S&PMdCpTr MDY 445.23 0.90 6.0 VangdHiDiv VYM 95.07 0.45 3.9 Closing Chg YTD ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 55.25 1.66 6.9 iSh7-10YTreasuryBd IEF 118.52 0.06 –1.2 SPDR S&P 500 SPY 378.65 0.79 1.3 VangdIntermBd BIV 92.14 0.04 –0.8 ETF Symbol Price (%) (%) iShCoreS&P500 IVV 380.05 0.78 1.2 iShMSCIJapan EWJ 69.12 0.58 2.3 iSh20+YTreasuryBd TLT 152.31 0.32 –3.4 SPDR S&P Div SDY 109.40 0.14 3.3 VangdIntrCorpBd VCIT 96.47 0.03 –0.7 iShCoreS&P MC IJH 243.72 0.88 6.0 ARKInnovationETF ARKK 146.13 2.97 17.4 iShNatlMuniBd MUB 117.10 ... –0.1 iShRussellMCGrowth IWP 105.96 1.03 3.2 TechSelectSector XLK 129.08 1.30 –0.7 VangdLC VV 178.06 0.78 1.3 CommSvsSPDR XLC 66.47 –1.5 iShCoreS&P SC IJR 100.51 0.95 9.4 1.81 iSh1-5YIGCorpBd IGSB 55.08 0.02 –0.2 iShUSTreasuryBdETF GOVT 27.11 0.07 –0.5 UtilitiesSelSector XLU 62.75 –0.38 0.1 VangdMC VO 213.59 0.52 3.3 CnsmrDiscSelSector XLY 166.74 0.57 3.7 iShS&PTotlUSStkMkt ITOT 88.14 0.85 2.2 iShPfd&Incm PFF 38.30 0.60 –0.5 JPM UltShtIncm JPST 50.80 –0.03 0.0 VangdMBS VMBS 54.02 –0.02 –0.1 VanEckGoldMiner GDX 34.87 1.04 –3.2 CnsStapleSelSector XLP 65.34 –0.44 –3.1 iShCoreUSAggBd AGG 117.41 0.14 –0.7 iShRussell1000Gwth IWF 241.19 1.15 0.0 PIMCOEnhShMaturity MINT 102.10 ... 0.1 VangdRealEst VNQ 84.37 –0.28 –0.7 VangdInfoTech VGT 353.98 1.25 0.1 EnSelectSectorSPDR XLE 43.61 2.01 15.1 iShSelectDividend DVY 101.19 0.29 5.2 iShRussell1000 IWB 215.23 0.76 1.6 SPDR BlmBarcHYBd JNK 108.98 0.27 0.0 VangdS&P500ETF VOO 348.10 0.79 1.3 VangdSC Val VBR 151.65 0.59 6.6 FinSelSectorSPDR XLF 31.02 0.26 5.2 iShESGAwareUSA ESGU 87.39 0.85 1.6 iShRussell1000Val IWD 141.23 0.44 3.3 SPDRBloomBar1-3MTB BIL 91.52 ...... VangdST Bond BSV 82.79 0.04 –0.1 VangdSC Grwth VBK 285.64 1.53 6.7 HealthCareSelSect XLV 117.85 0.75 3.9 iShEdgeMSCIMinUSA USMV 67.64 0.52 –0.4 iShRussell2000Gwth IWO 313.15 1.95 9.2 SPDR Gold GLD 172.58 0.85 –3.2 VangdSTCpBd VCSH 83.13 0.02 –0.1 VangdExtMkt VXF 175.20 1.04 6.4 IndSelSectorSPDR XLI 89.12 0.33 0.6 iShEdgeMSCIUSAMom MTUM 166.52 1.14 3.2 iShRussell2000 IWM 213.45 1.28 8.9 SchwabIntEquity SCHF 37.09 0.68 3.0 VangdSC VB 207.73 1.15 6.7 InvscQQQI QQQ 316.41 1.46 0.9 iShEdgeMSCIUSAQual QUAL 116.13 0.79 –0.1 iShRussell2000Val IWN 142.96 0.69 8.5 SchwabUS BrdMkt SCHB 92.98 0.89 2.2 VangdDivApp VIG 141.08 0.23 –0.1 VangdTotalBd BND 87.47 0.14 –0.8 InvscS&P500EW RSP 131.85 0.48 3.4 iShGoldTr IAU 17.55 0.86 –3.2 iShRussellMid-Cap IWR 71.12 0.54 3.7 SchwabUS Div SCHD 66.30 0.65 3.4 VangdFTSEDevMk VEA 48.56 0.71 2.9 VangdTotIntlBd BNDX 58.34 0.01 –0.4 iShCoreDivGrowth DGRO 45.70 0.31 2.0 iShiBoxx$InvGrCpBd LQD 136.38 0.18 –1.3 iShS&P500Growth IVW 63.82 1.24 ... SchwabUS LC SCHX 92.39 0.82 1.6 VangdFTSE EM VWO 53.45 1.81 6.7 VangdTotIntlStk VXUS 62.47 1.00 3.8 iShCoreMSCIEAFE IEFA 70.92 0.77 2.6 iShiBoxx$HYCpBd HYG 87.36 0.29 0.1 iShS&P500Value IVE 131.42 0.34 2.7 SchwabUS LC Grw SCHG 128.01 1.16 –0.3 VangdFTSE Europe VGK 61.80 0.90 2.6 VangdTotalStk VTI 198.86 0.91 2.2 iShCoreMSCIEM IEMG 66.07 1.44 6.5 iShJPMUSDEmgBd EMB 113.59 0.14 –2.0 iShShortTreaBd SHV 110.51 ... –0.0 SchwabUS SC SCHA 96.64 1.18 8.6 VangdFTSEAWxUS VEU 60.70 0.95 4.0 VangdTotlWrld VT 95.10 0.87 2.7 iShCoreMSCITotInt IXUS 69.79 1.00 3.9 iShMBSETF MBB 110.16 –0.01 0.0 iShSilver SLV 23.38 1.87 –4.8 Schwab US TIPs SCHP 62.02 0.24 –0.1 VangdGrowth VUG 252.89 1.11 –0.2 VangdValue VTV 122.85 0.43 3.3

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 51.16 +0.50 -1.2 GroCo 34.12 +0.42 3.8 IntlEq NA ... NA PIMCO Funds I2 ExplrAdml 126.74 +1.65 5.9 WndsrAdml 74.57 +0.33 4.4 IdxIntl 20.10 +0.21 3.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity GrowCoK 34.21 +0.42 3.8 Invesco Funds Y Income NA ... NA ExtndAdml 132.88 +1.41 6.5 VANGUARD FDS MdCpGrAdml 93.53 +0.80 2.5 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem131.75 +1.07 1.2 InvGrBd 11.85 +0.01 -0.5 DevMktY 55.94 +0.94 4.6 PIMCO Funds Instl GNMAAdml 10.73 +0.01 -0.1 DivdGro 32.82 ... -1.3 SmValAdml 65.15 +0.41 6.7 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 18.86 +0.23 -0.1 LowP r 51.11 +0.09 5.1 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 130.21 +1.45 -0.2 INSTTRF2020 26.54 +0.13 1.1 TotBd2 11.36 +0.01 -0.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 88.90 +0.94 6.5 Magin 12.80 +0.10 -1.9 CoreBond 12.21 +0.01 NA Price Funds HlthCareAdml r 94.89 +0.78 4.3 INSTTRF2025 27.83 +0.16 1.4 TotIntlInstIdx r134.47 +1.44 3.6 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 13.18 +0.11 2.1 NASDAQ r 165.65 +2.50 2.4 EqInc 20.24 +0.08 NA BlChip 164.79 +2.12 -0.4 HYCorAdml r 5.98 ... 0.2 INSTTRF2030 28.59 +0.19 1.6 TotItlInstPlId r134.50 +1.44 3.6 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 46.65 +0.28 2.3 OTC 17.85 +0.29 1.9 JPMorgan R Class DivGro 60.29 +0.22 0.5 InfProAd 28.32 +0.06 ... INSTTRF2035 29.27 +0.21 1.9 TotSt 96.75 +0.83 2.2 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 28.04 +0.18 3.8 Puritn 26.48 +0.26 1.8 CoreBond 12.23 +0.01 NA EqInc 32.59 +0.22 4.3 IntlGrAdml 170.46 +3.68 6.3 INSTTRF2040 29.98 +0.24 2.1 VANGUARD INSTL FDS SAIUSLgCpIndxFd 19.87 +0.16 1.2 SrsEmrgMkt 26.93 +0.59 7.9 Lord Abbett A Growth 97.43 +2.34 0.5 ITBondAdml 12.49 +0.01 -0.7 INSTTRF2045 30.60 +0.26 2.4 BalInst 44.80 +0.25 1.0 SeriesBondFd 10.70 +0.01 -0.6 SrsGlobal 14.89 +0.15 3.8 ShtDurIncmA p NA ... NA HelSci 105.56 +1.37 6.8 ITIGradeAdml 10.41 +0.01 -0.5 INSTTRF2050 30.69 +0.26 2.4 DevMktsIndInst 15.62 +0.10 2.4 Tuesday, January 19, 2021 SeriesOverseas 12.49 +0.08 0.7 SrsGroCoRetail 23.63 +0.28 3.8 Lord Abbett F LgCapGow I 61.81 +1.42 1.0 LTGradeAdml 11.51 +0.04 -2.2 INSTTRF2055 30.77 +0.26 2.4 DevMktsInxInst 24.42 +0.17 2.5 YTD YTD YTD Net Net Net SrsIntlGrw 17.99 +0.20 1.2 ShtDurIncm NA ... NA MidCap 117.19 +1.55 3.6 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 27.22 +0.36 9.0 MidCpAdml 264.64 +1.49 3.2 IntlVal 41.40 +0.22 2.9 ExtndInst 132.87 +1.41 6.5 TMktIdxInstPrem110.04 +0.95 2.2 SrsIntlVal 10.42 +0.03 3.3 Metropolitan West NHoriz 83.80 +1.01 1.8 MuHYAdml 11.99 ... 0.4 LifeCon 22.83 +0.09 0.7 GrwthInst 130.22 +1.45 -0.2 American Century Inv Baird Funds EmMktCorEq 25.74 +0.46 6.1 USBdIdxInstPrem 12.35 +0.01 -0.7 TotalBond 11.26 +0.01 -0.4 TotRetBdI 11.11 +0.01 -0.6 R2020 23.12 +0.15 1.6 MuIntAdml 14.85 ...... LifeGro 41.08 +0.32 2.1 InPrSeIn 11.54 +0.03 ... Ultra 75.82 +0.78 -0.2 AggBdInst 11.70 +0.01 -0.6 IntlCoreEq 14.91 +0.09 2.3 Fidelity Advisor I Fidelity SAI TRBdPlan 10.42 +0.01 -0.6 R2025 19.74 +0.15 1.9 MuLTAdml 12.23 +0.01 0.1 LifeMod 32.09 +0.19 1.4 InstIdx 335.49 +2.72 1.2 American Funds Cl A CorBdInst 12.08 +0.01 -0.5 IntSmCo 20.65 +0.17 1.8 NwInsghtI 37.82 +0.51 0.3 TotalBd 10.70 +0.01 -0.4 MFS Funds Class I R2030 29.08 +0.26 2.2 MuLtdAdml 11.26 ... 0.1 PrmcpCor 30.64 +0.41 5.7 InstPlus 335.50 +2.72 1.2 AmcpA p 39.70 +0.44 1.5 BlackRock Funds IntSmVa 19.53 +0.11 2.1 Fidelity Freedom Fidelity Selects Growth I 159.78 +1.85 -1.2 R2035 21.77 +0.21 2.5 MuShtAdml 15.95 ...... STAR 31.75 +0.24 2.2 InstTStPlus 75.56 +0.65 2.2 AMutlA p 45.58 +0.22 2.2 HiYBlk 7.81 +0.01 0.2 LgCo 28.49 +0.23 1.2 FF2020 17.50 +0.10 2.0 Softwr r 26.62 +0.30 -1.8 ValueI 46.03 +0.20 2.0 R2040 31.28 +0.34 2.8 PrmcpAdml r161.96 +2.27 5.3 TgtRe2015 15.84 +0.06 0.7 MidCpInst 58.46 +0.33 3.2 BalA p 30.58 +0.20 1.3 HiYldBd Inst 7.80 +0.01 0.2 TAUSCoreEq2 23.79 +0.20 3.5 FF2025 15.80 +0.10 2.3 Tech r 27.81 +0.50 3.5 MFS Funds Instl PRIMECAP Odyssey Fds RealEstatAdml119.51 -0.47 -0.7 TgtRe2020 34.67 +0.18 1.1 MidCpIstPl 288.32 +1.63 3.2 BondA p 13.71 +0.01 -0.5 BlackRock Funds A US CoreEq1 30.57 +0.25 3.0 FF2030 19.78 +0.14 2.6 First Eagle Funds IntlEq 31.02 +0.21 1.2 AggGrowth r 58.42 +1.36 8.9 SmCapAdml 99.51 +1.04 6.7 TgtRe2025 21.84 +0.13 1.4 SmCapInst 99.51 +1.05 6.7 CapIBA p 64.40 +0.35 2.2 GlblAlloc p 21.77 +0.09 1.1 US CoreEq2 27.94 +0.24 3.6 FF2035 17.11 +0.14 3.3 GlbA 62.21 +0.36 1.6 Northern Funds Schwab Funds SmGthAdml100.43 +1.54 6.8 TgtRe2030 41.21 +0.27 1.6 STIGradeInst 11.02 ...... CapWGrA 61.09 +0.68 2.9 BlackRock Funds Inst US Small 41.59 +0.40 8.3 FF2040 12.18 +0.11 3.7 Franklin A1 StkIdx 42.50 +0.34 1.2 1000 Inv r 84.89 +0.69 1.6 STBondAdml 10.86 +0.01 ... TgtRe2035 25.70 +0.19 1.9 STIPSIxins 25.74 +0.03 0.5 EupacA p 71.45 +0.84 3.0 StratIncOpptyIns 10.39 +0.01 0.2 US SmCpVal 37.81 +0.32 9.8 Freedom2020 K 17.48 +0.10 2.0 CA TF A1 p 7.80 +0.01 -0.1 Old Westbury Fds S&P Sel 58.11 +0.47 1.2 STIGradeAdml 11.02 ...... TgtRe2040 45.22 +0.36 2.1 TotBdInst 11.53 +0.01 -0.7 FdInvA p 70.43 +0.65 1.9 Bridge Builder Trust US TgdVal 25.80 +0.22 9.4 Freedom2025 K 15.77 +0.10 2.3 IncomeA1 p 2.34 +0.01 2.2 LrgCpStr 17.58 +0.17 2.6 TSM Sel r 67.89 +0.58 2.2 TotBdAdml 11.53 +0.01 -0.7 TgtRe2045 28.86 +0.24 2.4 TotBdInst2 11.36 +0.01 -0.8 GwthA p 69.20 +0.86 2.5 CoreBond 10.72 +0.01 -0.6 USLgVa 39.55 +0.27 5.4 Freedom2030 K 19.76 +0.14 2.6 FrankTemp/Frank Adv Parnassus Fds TIAA/CREF Funds TotIntBdIdxAdm 23.33 -0.01 -0.3 TgtRe2050 46.54 +0.40 2.4 TotBdInstPl 11.53 +0.01 -0.7 HI TrA p 10.22 +0.01 1.0 CorePlusBond 10.54 +0.01 -0.6 Dodge & Cox Freedom2035 K 17.08 +0.14 3.2 IncomeAdv 2.32 +0.01 2.2 ParnEqFd 54.21 +0.46 1.0 EqIdxInst 28.37 +0.24 2.1 TotIntlAdmIdx r 33.63 +0.36 3.6 TgtRet2055 50.53 +0.43 2.4 TotIntBdIdxInst 35.01 -0.01 -0.3 PGIM Funds Cl Z ICAA p 45.09 +0.47 1.5 Intl Eq 13.90 +0.16 4.0 Balanced NA ... NA Freedom2040 K 12.18 +0.11 3.7 FrankTemp/Franklin A VANGUARD ADMIRAL TotStAdml 96.78 +0.83 2.2 TgtRetInc 15.02 +0.05 0.6 TotStInst 96.80 +0.83 2.2 TotalReturnBond NA ... NA IncoA p 24.12 +0.11 2.4 LargeCapGrowth 20.62 +0.18 0.2 Income NA ... NA Fidelity Invest Growth A p 136.10 +1.35 0.5 500Adml 350.77 +2.84 1.2 TxMCapAdml200.75 +1.63 1.6 TotIntBdIxInv 11.67 ... -0.3 ValueInst 47.92 +0.20 3.3 PIMCO Fds Instl N PerA p 62.52 +0.80 3.4 LargeCapValue 15.08 +0.06 2.4 Intl Stk 45.66 +0.15 4.5 Balanc 28.78 +0.21 1.8 RisDv A p 81.04 +0.31 1.1 BalAdml 44.79 +0.25 1.0 TxMIn r 15.60 +0.10 2.4 USGro 66.54 +0.67 1.4 WCM Focus Funds AllAsset NA ... NA NEcoA p 60.63 +0.73 1.9 Columbia Class I Stock 203.89 +1.27 5.9 BluCh 168.41 +2.51 3.3 Guggenheim Funds Tru CAITAdml 12.34 ... -0.1 USGroAdml 172.33 +1.72 1.4 WellsI 28.42 +0.06 0.3 WCMFocIntlGrwIns 25.59 +0.38 3.4 InvGrdCrBd NA ... NA NwWrldA 91.02 +1.48 3.5 DivIncom I 26.49 +0.16 2.6 DoubleLine Funds Contra 16.77 +0.22 0.1 TotRtnBdFdClInst 29.49 +0.03 -0.6 CapOpAdml r190.03 +3.38 7.0 ValAdml 47.92 +0.20 3.3 Welltn 44.62 +0.25 0.6 Western Asset TotRt 10.53 ... -0.6 SmCpA p 82.73 +0.98 4.0 Dimensional Fds CoreFxdIncmI NA ... NA ContraK 16.80 +0.21 0.1 Harbor Funds DivAppIdxAdm 38.28 +0.08 -0.2 WdsrllAdml 71.14 +0.64 3.6 WndsrII 40.10 +0.36 3.6 CoreBondI NA ... NA PIMCO Funds A TxExA p 13.64 +0.01 0.3 5GlbFxdInc 10.90 ... 0.1 TotRetBdI 10.70 ...... CpInc r 10.88 +0.04 1.6 CapApInst 104.33 +0.63 0.1 EMAdmr 44.56 +0.97 6.9 WellsIAdml 68.85 +0.15 0.3 VANGUARD INDEX FDS CorePlusBdI NA ... NA IncomeFd NA ... NA WshA p 51.28 +0.36 2.2 EmgMktVa 30.28 +0.53 5.7 Edgewood Growth Instituti DivIntl 48.62 +0.47 2.0 Harding Loevner EqIncAdml 81.75 +0.32 3.1 WelltnAdml 77.04 +0.42 0.6 ExtndIstPl 327.91 +3.48 6.5 CorePlusBdIS NA ... NA P2JW020000-6-B01100-1------XA

THE WALL STREET JOURNAL. ****** We dnesday, January 20, 2021 | B11 MARKETS Ye llen’s Call for Stimulus Lifts Stocks

BY ANNA HIRTENSTEIN unlessCongressapproves more S&P500 sectorsperformance, Tuesday oculations to the most vulnera- to $261.10. Twitter added 75 AND ALEXANDER OSIPOVICH aid and encouraged lawmakers S&P500 ble segmentsofthe population. cents, or 1.7%, to $45.93. to “act big” to shoreupthe re- Aswath of the countrymust be Overseas,the pan-continen- Stocks climbed as Janet Yel- covery. Energy vaccinated beforethe economy talStoxxEurope 600 declined len endorsed higher coronavi- President-elect JoeBiden Communications canreturn to prepandemic lev- 0.2%. Jeep owner Stellantis,the rusrelief spending and some of unveiled aplan fora$1.9tril- services els of activity,particularly in recently combined businessof the country’sbiggest banks lion fiscal stimulus package last Technology thetraveland leisuresectors. Fiat Chrysler and PSAGroup, beat expectations forfourth- week,which would include di- “That normalization date gained 2.6%, extending Mon- quarterearnings. rect paymentsof$1,400 to Health care keeps getting pushed out with day’sincrease afteritmade its TheDow Jones Industrial most households and spending Consumer the various logistical challenges debut on French and Italian ex- Averagerose 116.26 points, or on vaccine distribution. Passing discretionary of rolling out the vaccines,” changes. 0.4%, to 30930.52. TheS&P 500 it through Congressisone of Financials said Ben Kirby,co-head of in- In Asia,most major bench- advanced 30.66points, or 0.8%, the firstmajor testsfor the in- vestmentsatThornburgInvest- marksrose by the end of trad- Materials to 3798.91. Thetechnology- coming leader,who will be in- ment Management. ing.Early Wednesday, Hong heavy Nasdaq Composite augurated Wednesday. Industrials Eight of the S&P 500’s11 Kong’sHang Seng Index, which jumped 198.68 Ms.Yellen will be the sectorsrose.Energy stocks advanced 2.7% Tuesday, wasup TUESDAY’S points, or 1.5%, “holder of the keysofunprece- Utilities posted the biggest gains, abut 1%, Japan’sNikkei 225in- MARKETS to 13197.18. dented spending,” said Ludovic Consumer staples boosted by rising oil prices.Fu- dex, which rose 1.4% Tuesday, Thegains Subran, chief economist at Alli- tures on Brent crude,the global wasdown0.4%atmidday marked an upbeat start to the anz.“It will be reassuring for Real estate oil benchmark,gained 2.1% to Wednesday. U,S. stock futures week,following along holiday people to see she’sveryprag- settle at $55.90abarrel on were up 0.2%. weekend with marketsclosed matic in the way that she ad- -0.5% 00.5 11.5 2 hopes that stimulus and vacci- on Monday, afterall three in- dressesthe crisis,similarly to Source:FactSet nations will boostenergy de- dexesfell last week.The Dow, howshe wasinher role at the mand. AUCTION RESULTS S&P 500 and Nasdaq areall Fed.” She is aformer Federal those gains. are“seeing the economystabi- General Motors stock ral- Here are the results of Tuesday's Treasury auctions. All bids are awarded at a single price at the market- within 1% of recordsset this Reserve chairwoman. Earningsseason kicked into lize;their worst-case scenarios lied $4.87, or 9.7%, to arecord clearing yield. Rates are determined by the difference month. TheS&P 500 is up nearly high gear. Bank of America haven’t been met,” said Shaniel $54.84 afterits driverless-car between that price and the face value. Ms.Yellen backed major fis- 13% sinceNov.3,putting the in- shares slipped24cents, or Ramjee,amultiasset fund man- startup, Cruise,said it had en- 13-Week 26-Week calstimulus to help workers dexontrack forits best perfor- 0.7%, to $32.77 afterthe bank ager at Pictet Asset Manage- teredintoapartnership with Applications $168,990,581,900 $164,725,947,300 and businesses batteredbythe mancefromElection DaytoIn- reported a 22%profitdecline ment. “Even if the virus is still Microsoft. Thetechnologygiant Accepted bids $61,621,441,600 $58,197,433,500 " noncomp $767,907,100 $497,723,900 coronavirus pandemic as she auguration DaysinceHerbert forthe fourth quarter but still with us,banks areseeing an is also joining agroup of com- " foreign noncomp $400,000,000 $314,000,000 testified beforethe SenateFi- Hoover’s election victoryin beat analysts’ forecasts. upliftinthe economy.” panies set to invest morethan Auction price (rate) 99.978514 99.951972 nanceCommittee, which will 1928 and itsbest-ever perfor- Goldman Sachs slumped Investorsare keeping an eye $2 billion in Cruise. (0.085%) (0.095%) 0.086% 0.096% vote on her nomination for manceduring that stretch fora $6.81, or 2.3%, to $294.20 de- on the rollout of Covid-19 vac- Shares of big tech and so- Bids at clearing yield accepted 81.43% 6.69% Treasurysecretary. In prepared Democrat. Upbeat news on the spitereleasing earningsthat cines,which has hit early snags cial-media companies climbed, 9127962Q1 912796C49 Both issues are dated Jan. 21, 2021. The 13-week bills remarks,she said the U.S. risks effectivenessofnew Covid-19 significantly beat expectations. as the U.S. has struggled to de- afterfaltering last week. Face- mature on April 22, 2021; the 26-week bills mature on alonger,morepainful recession vaccines playedamajor role in Banks’earningssuggest they liver limited supplies of the in- book shares rose $9.74, or 3.9%, July 22, 2021.

STREETWISE | By James Mackintosh Beware When InvestorsForget Market Fundamentals

Sometimes pricestock to createmoreat The prospect of morestimulus PerformanceofU.S.stocks* fore,ifnot in such an ex- it’s hard to ar- alowerprice, without mak- boostedtinystocksthe most, Microcap this year,bysharepriceat treme way.Arush intothe 40% gue that mar- ing anydifferencetothe in- with the very largestlagging. startofyear junkiest small stocks available ket capitalism trinsic worth of the company. Next 2000 is common at the start of the Russell stock-indexchange Below has any Equally,itcan consolidateits 51% year,according to a2015 sinceend of October $1 chance of cor- shares to reducethe number, study by AQR, which found rectly allocating money to increasing the shareprice 30% 1-2 25 low-quality stocks—measured the companies that can use but again without anyeffect by factorssuch as profitabil- 2-3 16 it best. Case in point: Stock- on howmuch the company ity,growthand credit rat- market performance this should be worth. 3-4 17 ing—strongly outperformed year has been driven by the The fact that the stock 20 higher-quality stocks in Janu- raw share price, with lower- price at the start of the year 4-5 9.9 ary, and especially so for price stocks doing better and is a near-perfect determi- Top1000 smaller companies. 5-10 9.9 higher-price stocks worse. nant of how a stock has per- Russell Forget acareful evaluation formed is depressing, but at 10 Top50 10-20 7.4 he pattern of lower- of futurecash flow,valua- least in part explainable. pricestocks doing tion, brand power, manage- Thedepressing part is the 20-50 6.6 T betterisneater in ment skill or even political unknown extent to which it is 2021 than in past years, per- sensitivity.Irepeat: Thebest due to the rising popularity 50-100 4.6 haps because 2020 brought 0 Above explanation forhow stocks of trading by individual in- 2.6 aflood of newstock traders have moved so far this year vestors,who aremorelikely Nov. 2020 Dec.Jan. ’21 $100 armed with stimulus checks. is the priceofthe stock,an to be newtothe stock mar- *For constituents of Russell 3000 index There is a reason to take almost meaninglessnumber. ketand regard alow-price Source:Refinitiv more risk, as vaccine roll- shareascheap,eventhough outs promise a return to a tocks priced below $1 it should be irrelevant to a Theresult is that avery the junkiest stocks helps those one of them. But even these functioning economy; Presi- have performed the company’sprospects. lowstock priceistaken as a with averylow price, too. arenolonger out of the reach dent-elect Joe Biden prom- S sign of apoor-quality stock, best, followed by those Theexplainable part is of the ordinaryinvestor, ises another round of stimu- between $1 and $2, and so that the pattern could partly even though it could just do a tshouldn’t makeany dif- thanks to fractional sharepro- lus, some of which will find on up almost perfectly. The be the result of the wide- reversestock split to consoli- ferenceoncestocks are grams runbymanybrokers. its way into stocks; and the dateits shares and push up I worst performers have share spread willingnesstopile on out of the danger zone, It isn’t agood sign that the Federal Reserve promises prices above $100. It looks risk,because rules on penny the priceagain. Usually being though—and yetitdoes. stock market is being driven not even to think about rais- remarkably like investors are stocks and delisting make poor quality works against a Logic fails,and this is worri- by investorsmisinterpreting ing interest rates. treating a low-price share as certain types of stocks riskier. stock,but therehas been a some.Stocks continue to do what the stock pricemeans But I’m concerned. Stocks an indicator that the stock is Penny stocks are those general dash fortrash across worseasthe pricerises,with and arush to buy rubbish. that fit popular themes such a bargain, and a higher price that persistently trade below the market sincethe prospect the most expensivebeing the Thefirst makes the market as solar and electric vehicles as a sign that it is worse $5, and for which brokers of morestimulus began to be worstperformersofall. function badly,asnoone are already wildly over- value for money. have to provide warnings, priced in ahead of the No- Thereused to be an expla- should be allocating capital valued, while signs of opti- Thesharepriceonits own with some exceptions. This vember election, with riskier nation forwhy very expensive based on the pricealone.The mism abound in the wider carries virtually no useful in- makes them less attractive stocks doing better. stocks—such as the Ashares second is aclassic sign of too market. Add in prices driven formation: It depends en- to investors. Below $1 they Because regulations and ex- of Warren Buffett’s Berkshire much risk taking,raising the up fast purely by the arbi- tirely on howmanyshares run the risk of being delisted changerules mean averylow Hathaway,which trade at danger the rally ends badly. trary measure of how many the companyhas issued. A by Nasdaq and NYSE, making priceisanindicator of trouble $350,320—might lag: Private My only reassuranceis dollars they cost and there is companycan split ahigh- them much harder to trade. at acompany, the rush into investorscouldn’t even afford that this has happened be- good reason to worry. Corporate LME Weighs Closing Open-Outcry Trading Ring

Bond Rally BY JOE WALLACE Thering has proved contro- versial at times,particularly as LONDON—TheLondon the metals industryhas tried to Rolls On Metal Exchange is proposing clean up itsimage. In 2019,the closingits open-outcryring, LME banned drinking on the job wheretradershaveswapped amid mounting criticism of an ContinuedfrompageB1 metals likecopper and lead us- alcohol-fueled, male-dominated same period ayear earlier. ing shoutsand hand signals for working environment. Analystsexpect the slow- 144years, in abid to attract Though much trading had down in borrowing to last more financial players to its migrated to the LME’selec- through the year and that com- marketplace. tronic platform beforethe pan- panies will start using the cash The LME temporarily closed demic,manymarket partici- they raised to reducedebt or the ring when Covid-19 ripped pantsstill routed orders expand their business, all of through the U.K. in March, through ring members. whichcould support existing judging the tight circle of red MarcBailey, chief executive

bond prices.Last year’s record couches that traderscrowd S of Sucden Financial Ltd., one of

$1.7trillion in newbond sales around to be ahealth risk.The NEW nine ring members, said open- helped bring the amount of exchange, owned by Hong Kong G outcryremains the best way to debt relativetoearnings—or Exchanges &Clearing Ltd., is conduct closing auctions as well

leverage—on corporatebalance nowfloating the idea of shut- OOMBER as trades that involvebuying sheetsnear record levels,rais- ting thering forgood. metal at one dateand selling it ing concerns about companies’ Thering began lifewhen the at another. “For that reason ALDEN/BL

ability to weather downturns. LME wasfounded aboveaLon- N we’realittle bit disappointed to SO

Still, some investorsare steer- don hat shop in 1877, though its JA see the consultation focus on ing clear.With bond prices at origins datetosawdust circles The London Metals Exchange said electronic pricing had served the market well during the pandemic. theclosing of the floor,” Mr. pre-pandemic levels,thereare around which merchants Bailey said. Miners, metal con- limits to the upside investorscan bought and sold metals in the in the faceofelectronic trading of rising metals prices. lowerManhattanin2016.The sumersand physical traders expect from holding investment- early 1800s,when they were in has long been debated. The LMEring prices arewidely LME expectstomakeadecision will lose out, he added. grade debt, says Lisa Shalett, high demand as the industrial LME had previouslyexperi- used as referencepointsinmet- on the futureofthe ring in Otherssaid the smooth shift chief investment officer at Mor- revolution gathered steam. It mented with setting closing als contracts, performing asim- April. to electronic trading during ganStanley Wealth Management. survived two world wars,the prices electronically on asmall ilar function to Brent-crude Sincebeing bought by HKEX Covid-19 made the proposal to With interest ratessolow, decline of the U.K. as the scale in the nickel market. prices in the oil market or 10- in 2012, the LME has worked to consign the ring to historyall manyborrowers opted to sell world’sleading industrial econ- Covid-19 prompted the ex- year Treasuryyields in setting attractmorehedgefunds and butinevitable. bonds that maturefurther in the omyand the rise of China as changetorun that trial across borrowing costs. When trading other financial players.Some “It’smoretransparent, more future. That puts investorsina the largest metals consumer. thegamut of metals and con- moved online during the pan- have been put off by the unique reflective[of supply and de- vulnerable position, because However, the coronavirus tract dates.“Thefear of the un- demic,new players were able to natureofLME contractsthat mand],” said Malcolm Freeman, bonds with lowercoupons and pandemic mayprove to be its known has receded,” Chief Ex- buy and sell in the windows caterfor the deliveryofmetals chief executiveofKingdom Fu- longer maturities aremoresen- undoing.Launching aconsulta- ecutiveMatthew Chamberlain when closing prices aredeter- daily out to three months, tures.“What youwould lose sitivetochanges in interest tion on the proposed closure said. “Weknowwe’renot going minedand volumes rose sub- rather than monthly,asonthe with the ring going is asort of rates, ameasureknown as dura- Tuesday, the LME said elec- to destroy our market by going stantially,Mr. Chamberlain said. CME. Mr.Chamberlain said the community spirit.” tion. One rule of thumb is that a tronic pricing had served the electronic.” If the changegoes through, exchangewas committedtore- “Everyone knows everyone bond’spricewill move1%inthe market well during the pan- He hopes electronic-only the LME would join CME taining that datestructure, else.Sometimes you’reintosec- oppositedirection of acompara- demic and would bring greater tradingwould makethe LME Group’s NewYork Mercantile which evolved to mirror physi- ond or thirdgenerations of ble moveininterest ratesfor ev- transparency around pricing. more attractive to investors Exchange, which closed its calrather than financial trading families who have worked on eryyear of duration. Thering’slong-term survival looking to capitalizeatatime open-outcrytrading floor in in metals. thefloor,” Mr.Freeman said. P2JW020000-0-B01200-1------XA


FINANCIAL ANALYSIS &COMMENTARY Banks Need to Lend Netflix Tempers Subscriber Outlook Without new loan demand, revenue growth will still be hard to come by With a Surprise

Heading into2021, it appears that thingsaren’t getting anyworse forbank stocks.But it maybesome Streaming company expects to break even time beforethey getmuch better. on a cash-flow basis this year Bank of America executives on Tuesdaysuggested that the bank’s net interest income likely bottomed All itsyearsinHollywood have Thecompanyevenbolded aclaim in the thirdquarter,rising about 1% clearly taught Netflix the value of in itsquarterly lettertosharehold- sequentially in the fourth quarter, tweaking the screenplay. ersthat it believes it will no longer and that the fourth quarter of 2021 Wall Street’sscript forNetflix need to raise external financing for

will likely look much betterthan JOURNAL has been simple to date: asingular itsday-to-dayoperations.Its the first. JPMorganChase last focus on user numbers. And the shares were up morethan 13% fol- REET

week reported 2% quarter-over- ST streaming giant has clearly deliv- lowing the report. quarter growth in net interest in- LL ered on that recently,thanks in Thereaction suggestsNetflix come,and expectsapickup in 2021 WA part to the pandemic that confined and itsinvestorsare ready to grow

versus 2020.The two banks had re- THE people to their homes. up abit. Thecompanyhas burned R

ported 2020 declines of 11% and 5% FO Thecompanysaid Tuesdaythat cash since2013 in aracetobuild in net interest income,respectively. it added arecord36.5million paid up exclusivecontent on the correct

One reason for optimism, widely ADLER subscribersin2020,with fourth- assumption that studios that pro- S

cited across banks, is how much BES quarter additions of 8.5million duced the top-flight programming cash banks can still shift into their The companies may have passed the peak in their Wall Street businesses. subscribersbeating itsown projec- would eventually createtheir own securities portfolios. Even absent tion by 42%. streaming outlets. That hasplayed any pickup in loan demand, banks U.S. Treasury yields Over the previous five years, out vividly over the past 18 can continue to put cash generated Netflix had averaged about 22.5 months with the launch of services by deposits into fixed-income se- 3.0% million paid subscriber additions such as Disney+, HBO Max and curities that pick up more yield. annually. Peacock.New rivals also have cost Still, the road to much improved 2.5 But the unique circumstances of Netflix access to popular comfort- interest income across banks isn’t Netflix’srecent pacemean it is viewing programs such as straightforward. One challenge is very unlikely to continue.Indeed, “Friends” and “The Office.” 2.0 that mortgages continue to be pre- Netflix projected only 6million Fortunately,Netflix nowhas paid because of a surge in refi- subscriber additions forthe first plenty of popular shows of itsown. nancing, which affects mortgage- 1.5 quarter,which wasthe lowend of Moreover,the company’stenurein backed securities. Bank of America Wall Street’sforecasts. But the streaming gives it unique insight cited this as having a significant companyoffset the disappointment intowhat audiences actually want 1.0 10-year impact on its net interest yield. with the target of breaking even to see.Who else would have given Banks have so much cash to de- on afree-cash-flowbasis this year, the green light to ahit showwith ploy that they can still make gains 0.5 compared to itsearlier projection washed up “KarateKid” charac- in yields net of this effect. But of burning as much as $1 billion. ters? —Dan Gallagher where mortgage rates go could be 0 Two-year a huge swing factor. Thereiscertainly hope in the 2016 ’17 ’18 ’19 ’20 ’21 shape of the yield curve. Banks Source:FactSet across the boardnoted the recent steepening of the curve, as long- cline at the end of the fourth quar- trading share, via scale and digiti- term rateshaverisen, as abig ben- ter, “providing hope that increased zation, as “trench warfare.” Citi- efit. Forexample,the spread be- loan demand will soon follow.” group Chief Financial Officer Mark tween two-year and 10-year Bigger stimulus may or may not Mason said trading activity was Treasuries is as wide as it has been help matters, particularly for con- still robust in January, but it will since2017. However, banks have sumers, who have used a lot of likely normalize going forward. reasons to be cautious about simply their payouts to pay down debts. S&P 500 bank shares are now buying longer-term fixed-income Meanwhile, banks may possibly down just 10% from where they securities,asthis could cause them have passed the peak in their Wall started 2020, but their multiples to missout on futurerateincreases. Street businesses. So far, big have actually expanded, from un- So even a steeper curve isn’t as banks’ trading desks have reported der 12 times forward earnings to much help as it could be unless less revenue in the fourth quarter nearly 14 times. That isn’t unrea- banks add more loans, which can than in the third quarter. This sonable, given the pent-up capital have floating rates or generate matches the typical seasonal return that is forthcoming, albeit

higher yields at shorter durations. trend, but bankers also were sig- at an uncertain pace. But without NIEL/NETFLIX

And loan growth remains a wait- naling that overall gains may be some improvement in underlying DA M

and-see prospect. Bank of America hard to come by in 2021. JPMor- loan conditions, banks are no lon- LIA noted that commercial loans vol- gan Chief Executive Jamie Dimon ger much of a bargain. Phoebe Dynevor, star of Netflix’s series, ‘Bridgerton’ ume stabilized and halted their de- described the fight for growth in —Telis Demos Emerging Markets Have Less Reason to Fear Fed

Recent ructions in U.S. govern- 10-yearU.S.Treasury inflation- ment bond markets revived talk of protected securities,realyield a potential “taper tantrum,” mir- roring the expectations of a sud- 1.5% den rise in interest rates that came in 2013 as the Federal Re- 1.0 serve signaled its intention to cut back its enormous bond-buying 0.5 S program. PRES At the time,the news took in- 0 TED vestorsbysurprise and rocked CIA emerging markets. Thereisless SO –0.5 AS prospect of that this time: Federal

PIX/ ReserveChairman Jerome Powell TO says he wantsthe Fedtosignal –1.0

CHINA anytapering well in advance.But It maytakeawhile beforeChinese robotics companies catchupwith foreign rivals. Equipmentinafactory in Jiujiang, China. just as important, developing –1.5 marketslook betterinsulated than in 2013. 2012 ’14 ’16 ’18 ’20 Robot Battle Still Favors Japan, Europe—for Now It wasn’t just the taper tantrum Source:FactSet itself that mattered for emerging markets but the currency-market sensitivetorefinancing risk from Covid-19 has accelerated auto- control nearly three-quartersof not yet. Japan and Europe still en- shifts during the subsequent year. rising interest rates, wasnegative mation in factories,especially in China’sindustrial-robot market, joyabig technological advantage The ICE Dollar Index rose by as during the firstnine months of manufacturing powerhouse China. according to Citi. But hopes are overall. Mean time between failure, much as 25% from the spring of 2020.Sothough developing econo- Foreign companies have long dom- running high in China that the gov- aperformancemeasureofindus- 2014 to the spring of 2015. That mies would be hit in secondary inated the market forindustrial ro- ernment will push morestrongly trial equipment, is usually two to 10 surge disrupted years of planning marketsfor debt and equity if the botsand automation tools there— forlocal content in the robotics times longer among leading foreign by corporations and governments, dollar jumped back to pre-pan- but thereare signs that dominance and automation supply chain. brands,according to Bernstein. which anticipated a relatively demic levels,itdoesn’t look like is fraying around the edges. Stocks of Chinese automation com- That meansmanufacturers, which weak dollar, something that actual newissuancehas signifi- As thefactoryfor the world, panies have rallied. Shares in have to competeinthe global mar- seemed like the new normal for al- cantly risen to capitalizeona China is unsurprisingly far and Shenzhen InovanceTechnology, ket, maynot opt forChinese suppli- most a decade. weaker dollar. away the largest market forindus- forexample,havetripled sincethe ers. TheU.S.also doesn’t also have That wouldn’t be the case now. Nonresident portfolio flows into trial robots. Beforethe pandemic, beginning of 2020.Industrial robot achokehold on critical technology, Forone,the dollar’s decline in equity markets also weren’t over- however, the U.S.-China trade war maker Estun Automation’s shares unlikeinsemiconductors, so geopo- 2020 wasfar smaller than its whelming in 2020. Excluding wasslowing growth. Newinstalla- have also rallied. litical tensions arelessthreatening. mid-2000s plunge. Asimilar climb China’s stock market, foreign buy- tions of industrial robots Some Chinese automation-equip- But thereare pocketswhereChi- would take the dollar intorareter- ing of emerging-market equities amounted to 140,500 in 2019,a9% ment companies wonmarket share nese domestic companies have man- ritoryseen only between 2000 and fell, according to the Institute of decline from the previous year,but last year as Covid-19 disrupted sup- aged to narrow the technological 2002. That isn’timpossible but International Finance. Inflows still almost three times the number ply chains forforeign rivals.Citi gap—likeinservomotors, according doesn’t seem likely. picked up toward the end of the forsecond-placeJapan, according estimates Inovance’sChina market to Bernstein. Inovancewon market Nor have emerging markets year, but the stocks broadly ha- to the International Federation of shareinservomotors, which are sharefromrivals such as Panasonic binged on dollar debt during the ven’t received the sustained hot Robotics.Last year waslikely used to control precise movements, and Yaskawa due to Covid-19,and pandemic: On average, govern- money flows that would pose a much better: Credit Suisse esti- has jumped to morethan 16% in newcustomersmay stick around if mentsand companies in develop- real risk. Though Indian equities mates that China’sindustrial-ro- 2020,against 11% in 2019 and 3% in they don’t noticeaquality gap. Even ing countries issued around $77. 25 were popular with international botics market grew 9.5% in 2020. 2013.The companyalso recorded in fields whereChinese companies billion in longer-term dollar bonds investors last year, frothy-looking Covid-19 initially shut down fac- strong growth in itselectric-vehicle maynot be able to catchup, consol- between the firstand thirdquar- equity markets such as South tories in China, but as the country motor business, which shares some idating market sharefromlocal ri- terof2020 according to Bankfor Korea’s have been lifted by domes- gradually got the pandemic under similarities with servomotors. The vals could still help drivegrowth. International Settlementsdata. tic trading. control, demand for automation company’snet profit nearly dou- It may take a while before Chi- That isn’tmuch higher than the With amorecautious Fed, mem- equipment bounced back. Surging bled year-over-year in the first nese robotics companies catch up $67.96billion they issued each ories of the last panic and fewer sales for consumer electronics and nine months of 2020. with foreign rivals in the market quarter on averagefor the previ- signs that emerging-market issuers electric vehicles have also driven While China’sintention to de- as a whole—but overseas robots in ous three years. areborrowing dollarswith aban- demand for automation products. velop localized high-end manufac- China should still be watching Thesame countries’ net issu- don, the prospect of apanicked Foreign companies such as turing is clear,full-blown import their backs. anceofbonds with lessthan a market reaction this time around Japan’s Fanuc and Europe’s ABB substitution won’t happen, at least —Jacky Wong year’s maturity,which aremost seems lesslikely. —Mike Bird