****** WEDNESDAY, FEBRUARY 3, 2021 ~ VOL. CCLXXVII NO. 27 WSJ.com HHHH $4.00

DJIA 30687.48 À 475.57 1.6% NASDAQ 13612.78 À 1.6% STOXX 600 405.92 À 1.3% 10-YR. TREAS. g 8/32 , yield 1.105% OIL $54.76 À $1.21 GOLD $1,830.50 g $30.30 EURO $1.2045 YEN 104.98 Russian Court Orders Opposition Leader Imprisoned What’s Amazon News Founder

Business&Finance Bezos To Leave eff Bezos is stepping Jdown as Amazon’s chief executive to become execu- tive chairman. The company CEO Post said that he will be suc- ceeded as CEO in the third Tech pioneer to serve quarter by Andy Jassy, his as executive chairman closest lieutenant. A1, A2 Amazon capped its pan- amid growing scrutiny demic-fueled 2020 financial of company’s power performance with record quar- terly sales driven by a surge in online holiday shopping. B1 BY DANA MATTIOLI

Google rode a continu- CITY COURT/AGENCE FRANCE-PRESSE/GETTY IMAGES is stepping down ing recovery in global ad as chief executive of Ama- spending in the fourth zon.com Inc. to become execu- quarter to propel parent tive chairman, marking the Alphabet to record reve- biggest change in leadership of nue of $56.9 billion. B1 the tech giant since he started The mania centering on it in a Washington state garage

GameStop and AMC suffered ALEXEYLOVSKY/MOSCOW PAV more than 26 years ago. its sharpest reversal yet and THROUGH THE GLASS: Alexei Navalny, making a heart gesture toward his wife at his court appearance, was sentenced in Amazon said on Tuesday CME Group moved to rein in Moscow on Tuesday to 3½ years in prison, though the court gave him credit for about a year already served. A18 that he will be succeeded as the use of borrowed money in CEO in the third quarter by another hot market, silver. A1 Andy Jassy, Mr. Bezos’ closest lieutenant and the longtime U.S. stocks rose, with head of the company’s boom- the Dow and Nasdaq both ing cloud-computing business. advancing 1.6% and the Mr. Bezos, 57 years old, is S&P 500 gaining 1.4%. B13 GameStop, Silver Plummet handing over the day-to-day SolarWinds’ new CEO reins as Amazon’s core busi- said evidence is emerging nesses of online retail and that hackers were lurking in business-computing services the company’s Office 365 As Trading Terms Get Tighter are booming because of the email system for months. A3 way the Covid-19 pandemic has shifted work and life to the in- Exxon and BP posted an- A weekslong mania center- ing more than $9 billion in and the largest silver ex- trading frenzy. U.S. lawmakers ternet more than ever. The nual losses of $22 billion and ing on GameStop Corp. and market value, despite a flurry change-traded fund fell 8.3%. said they plan to hold hearings company made public his $18.1 billion, respectively, as AMC Entertainment Holdings of posts on online forums such Tuesday’s selloff came as on short selling, online trading changing role as it reported pandemic-related curbs have Inc. suffered its sharpest re- as Reddit’s WallStreetBets ex- popular trading app Robinhood and the role of social media. that revenue in the fourth sapped demand for oil. B1 versal yet on Tuesday, follow- horting traders to hold on to Markets continued easing the Treasury Secretary Janet quarter soared 44% to $125.56 Kraft Heinz is nearing a the shares. AMC dropped 41%. restrictions it adopted during Yellen has called a meeting billion—surpassing $100 bil- deal to sell its Planters snack By Joe Wallace, The rout in WallStreetBets last week’s heavy trading. The with financial regulators to dis- lion for the first time in a business to Skippy peanut Amrith Ramkumar favorites came after CME firm reduced the number of cuss volatility related to three-month span—and profit butter owner Hormel. B1 and Gunjan Banerji Group Inc. raised margin re- stocks that face trading curbs GameStop, a Treasury spokes- more than doubled. quirements for silver futures, to five, and further loosened re- woman said. The meeting is ex- PleaseturntopageA2 Uber said it reached a deal ing an exchange operator’s de- which on Monday had posted strictions on how many shares pected to take place as early as to buy alcohol-delivery ser- cision to rein in the use of their largest one-day rise in users can buy of GameStop, Thursday. Ms. Yellen has asked Amazon reaches sales vice Drizly for $1.1 billion. B1 borrowed money in another more than a decade—a move though the stock continues to to see officials from the Securi- milestone...... B1 UPS reported a21% hot market, silver. many traders attributed to carry the most stringent limita- PleaseturntopageA6 Google ads propel Alphabet jump in fourth-quarter GameStop shares suffered posts on social media calling tions. Robinhood earlier raised profit...... B1 revenue to $24.9 billion, a their largest-ever decline, for traders to buy silver. On billions of dollars from inves- GameStop activists sowed UPS revenue leaps 21% on record for the company. B3 dropping 60% and surrender- Tuesday, silver futures fell 10% tors to ride out the continuing seeds for frenzy...... B1 e-commerce...... B3 World-Wide Coup Draws INSIDE House impeachment man- Trump, Democrats agers said they were on solid constitutional ground in seek- Myanmar Into ing to convict Trump of incit- ing an insurrection ahead of Detail Arguments the Capitol attack, while the former president’s lawyers U.S.-China Contest denied that he sparked the For Senate Trial deadly riot and argued that it is unconstitutional for the Sen- ate to convict an impeached The conflict tests President Biden’s promise BY REBECCA BALLHAUS against a president’s treachery former officeholder. A1 AND SIOBHAN HUGHES to marshal allies against authoritarian rule in his final days, allowing him to Biden rallied Senate Dem- misuse power, violate his Oath, ocrats to pass a large Covid-19 WASHINGTON—House im- and incite insurrection against coup, detaining Aung San relief package, as party SINGAPORE—Myanmar’s peachment managers said they Congress and our electoral insti- Suu Kyi and other civilian lawmakers pushed forward transition from military rule were on solid constitutional tutions simply because he is a

leaders. An announcer on ISTOCK with a legislative process toward democracy that be- ground in seeking to convict lame duck. There is no ‘January army-backed TV declared the that would allow them to gan a decade ago was trum- of inciting an in- Exception’ to impeachment or military’s top general was pass a $1.9 trillion package peted as a strategic victory PERSONAL JOURNAL surrection ahead of the Jan. 6 any other provision of the Con- for Washington in China’s running the country. attack on the Capitol, while the stitution.” without Republican votes. A3 Book reading offers a Biden formed a task The takeover, coming therapeutic escape former president’s lawyers de- Mr. Trump’s lawyers argued By Niharika against the backdrop of a nied that he sparked the deadly in their 14-page filing that the force to reunite immigrant Mandhana during the families separated at the , deepening U.S.-China rivalry, riot and argued that it is un- aim of convicting a president in Warren P. Strobel A11 southern border by the pits the foreign-policy strat- pandemic. constitutional for the Senate to the Senate is removal, making Feliz Solomon egies of the two powers convict an impeached former it unconstitutional to hold such Trump administration. A4 and against each other. And it officeholder. a trial for one who has left of- U.K. authorities said they backyard. Eager to blunt Bei- thrusts Myanmar on to the BUSINESS & FINANCE In their trial brief arguing fice, and they called for the found a potentially super- jing’s influence, Myanmar front lines of an increasingly Mr. Peanut packs his that the Constitution’s framers case to be dismissed. charged version of a more- opened its doors to diplo- tense geopolitical competi- bags as Kraft, Hormel anticipated the threat of presi- Ahead of next week’s trial, contagious coronavirus vari- matic and commercial ties tion for global leadership. dential abuse, the impeachment the House Democrats in charge ant that appears to make some with the West. The U.S. has framed its ap- near a $3 billion managers wrote that “it is un- of taking the impeachment case vaccines less effective. A7 On Monday, Myanmar’s proach to Myanmar as a push deal. B1 thinkable that those same Fram- to the Senate submitted a brief Russia’s Sputnik V soldiers seized power in a PleaseturntopageA10 ers left us virtually defenseless PleaseturntopageA4 Covid-19 vaccine showed high levels of efficacy and safety in a peer-reviewed study whose interim results were pub- The Hottest Job Market? lished in the Lancet. A9 Snow Shoveling Vaccine Skeptics Widen Reach A Russian court sen- iii tenced Kremlin critic Na- valny to 3½ years in prison, By Joining With Mask Critics but with credit for about a Too much snow plus too few teens Antivaccine activists have When an FDA-approved vaccine for Covid-19 is available year already served. A18 equals fee spike; no price break for parents expanded their reach by join- to you for free, do you think you will...? Italy’s president is ex- ing forces with antimask advo- pected to ask former ECB BY LESLIE BRODY Monday, they made about cates and others dedicated to Get it as Wait and Get it only Definitely Already soon as see how it’s if required not get it vaccinated* chief Draghi to try to form $500 to share. They were at it what they call “health free- you can working a new government. A18 This week’s blizzard turned again on Tuesday, despite sore dom,” a sign of mistrust in into a windfall for intrepid backs and arms. “I used to sit January Two FBI agents were 41% 31 7 13 6 teenagers who discovered the home all day,” Kyle said. “I fi- By Susan Pulliam, 2021 killed and three others Betsy McKay wounded while serving a old-fashioned rewards of shov- nally have something to do.” eling snow—for big bucks due His mom, Melissa Lo- Kris Maher December warrant in South Florida. A3 and 34% 39 9 15 to a flurry of demand. pez, was thrilled. “I’m 2020 Kyle Barreto, a 17-year-old excited he’s off the government that is complicat- *At least one dose. December survey did not have an option for respondents to indicate they had CONTENTS Personal Journal A11-12 in Brooklyn who started shov- couch,” she said. ing efforts to tackle the Arts in Review... A13 Property Report... B6 already been vaccinated. Respondents who didn’t know or refused to answer are not shown. Business News.. B3,7 Sports...... A14 eling this winter, said he used As the storm pounded Covid-19 pandemic. Source: Kaiser Family Foundation telephone polls of 1,676 U.S. adults conducted Nov. 30-Dec.8 Crossword...... A14 Technology...... B4 to be addicted to lounging the Northeast, home- At an Arizona event in No- and 1,563 U.S. adults conducted Jan. 11-18; margins of error +/- 3 percentage points Heard on Street. B14 U.S. News...... A2-6 with videogames and televi- owners scrambled to vember, vaccine opponents Markets...... B13 Weather...... A14 sion. But after months find help digging out via gathered with critics of mask mon ground during the pan- rupted a mass vaccination site Opinion...... A15-17 World News. A7-9,18 trapped indoors by the friends and social me- requirements, chanting “My demic with people suspicious at Dodger Stadium in Los An- pandemic, he jumped to dia. Many weren’t ready body, my choice.” They carried of drug companies, business geles, holding signs that said > join a friend seeking for such a rapid pileup. signs promoting healthy eat- shutdowns and other govern- “Covid=Scam” and “End the snow jobs during the The National Weather ing as a vaccine alternative— ment restrictions, many of Lockdown,” and describing storm. Service said some spots “Force veggies, not vac- whom embrace nontraditional one company’s vaccines as Working from near City saw cines”—and “End AZ mask health practices and are wor- PleaseturntopageA6 dawn until 11 p.m. in more than two feet of mandate.” ried about the safety of s 2021 Dow Jones & Company, Inc. All Rights Reserved temperatures that snow by Tuesday Opponents of vaccine re- Covid-19 vaccines. Vaccine supply to states to dipped into the 20s Dig in PleaseturntopageA10 quirements have found com- On Saturday, protesters dis- increase again...... A6 A2 | Wednesday, February 3, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS

Winter Storm Dumps Piles of Snow Across the Northeast U.S. WATCH

OKLAHOMA Five Children Among Six Dead in Shooting Six people, including five young children, were shot to death early Tuesday at a home in Muskogee, and a 25-year-old suspect was taken into custody, police said. Police responded around 1:30 a.m. to a call of multiple people shot, Officer Lynn Hamlin said. Authorities found one man and four children dead at the scene, and a fifth child died at a Tulsa hospital, Officer Hamlin said. Officers also encountered Jar- ron Deajon Pridgeon with a gun and took him into custody. A woman who was shot and wounded was in stable condition at a hospital Tuesday afternoon, Officer Hamlin said. She said au- thorities don’t know a motive but don’t believe any other sus- pects are involved. Mr. Pridgeon wasn’t cooperat- ing with investigators, Officer Hamlin said. Jail records don’t list an attorney who could speak

JOSEPH PREZIOSO/AGENCE FRANCE-PRESSE/GETTY IMAGES on his behalf. PITCH IT: A neighborhood in Lawrence, Mass., was digging out Tuesday after getting walloped. Snow was forecast to keep falling in Vermont and Maine into Wednesday. —

GEORGIA Bills Unveiled to Limit Longtime Acolyte Takes Amazon Top Role Absentee Voting Republicans in ’s state BY AARON TILLEY 1997 and helping what was they could offer services to nies in the world.” decentralized fashion. He is Senate are moving to limit who then a small online bookseller firms operating in the cloud. AWS has grown to become known for his curiosity and re- can vote and how after Demo- Andy Jassy, the Amazon.com to expand its catalog to CDs, The vision was that “any in- one of Amazon’s largest profit spect for data, according to crats won the presidential election Inc. leader who is set to take he began shadowing Mr. Bezos dividual in his or her own ga- centers that pays for much of people who have close ties to and two U.S. Senate runoffs in over as chief executive from as a technical assistant in the rage or dorm room,” Mr. Jassy the other money-losing bets the company. the once reliably red state. founder Jeff Bezos later this early 2000s. In 2003, he found the company pursues. In its He starts with customer Democrats say the GOP’s bills year, is a longtime acolyte of himself in a brainstorming most recent quarter, AWS had problems and works backward, are unnecessary, politically moti- his boss who helped come up session in Mr. Bezos’ living Andy Jassy net sales of $12.7 billion with said Matt McIlwain, managing vated and will suppress legal with the tech giant’s most prof- room. There, they cooked up turned cloud an operating income of $3.6 director at Seattle-based ven- votes. itable idea: cloud computing. the idea together to build the computing into billion, more than half of the ture-capital firm Madrona Ven- The bills introduced Monday Since Amazon Web Services cloud-computing platform now the tech company’s overall operating ture Group, which was an early would restrict who can vote ab- launched in 2006, Mr. Jassy, known as AWS. giant’s most income. investor in Amazon and keeps sentee by mail, require a photo ID 53 years old, has been its chief Employees at the session profitable Mr. Jassy grew up in Scars- close ties with the company. for those who do vote absentee architect and evangelist, build- began exploring how the com- business. dale, N.Y., and went on to earn “I think it would be pretty by mail, ban ballot drop boxes and ing the business from a na- pany could turn its massive his bachelor’s degree and impossible to have someone block outside groups from sending scent idea that was widely data center infrastructure for M.B.A. from Harvard. from the outside take over from out absentee ballot applications. questioned in the technology running its retail arm into an- told The Wall Street Journal Mr. Jassy is known as a Jeff,” said Mr. McIlwain. “There Other proposals would end au- community to a multibillion- other business. They focused several years ago, “could have true believer in Amazon’s re- are so many cultural ideas and tomatic voter registration when dollar business that dominates on creating a place where access to the same cost struc- lentless culture, a nitty-gritty principles that would have been obtaining a driver’s license and the internet. companies could host data and ture and scalability and infra- technocrat who lets teams ex- hard to adapt to. Andy embod- ban new residents from voting in After joining Amazon in build code, and from which structure as the largest compa- plore ideas and products in a ies Amazon culturally.” a runoff election. While some of the proposals seem likely to pass in some form, television programs it had in others could face headwinds even Bezos Steps the pipeline. among fellow Republicans. House Mr. Bezos’ tightknit group Speaker David Ralston said in of top lieutenants at Amazon January that he wasn’t convinced Down From has seen its ranks thin out in of the need to end no-excuse ab- the past few years. In addition sentee voting. to Mr. Wilke’s departure at the —Associated Press CEO Post beginning of the year, Jeff Blackburn, a 20-year veteran PUERTO RICO and member of Mr. Bezos’ ContinuedfromPageOne team of top executives, took a Island to Get More But Amazon also faces the sabbatical in 2020. Steve Kes- U.S. Disaster Aid biggest regulatory challenges sel, another of Mr. Bezos’ top in its history, with multiple executives, retired from the Puerto Rico is slated to re- federal investigations into its company last year. ceive more than $6 billion in fed- competitive practices and law- Beyond Amazon, Mr. Bezos eral funds to help prepare the makers drafting legislation bought in U.S. territory for future hurri- that could force Amazon to re- 2013 and has spent a sizable canes and other disasters, offi- structure its business. Tension chunk of his time at Blue Ori- cials said Tuesday. with regulators and lawmakers gin LLC, the space company he The money assigned by the has directly embroiled Mr. Be- founded. While the coronavi- U.S. Department of Housing and zos, who was called to testify rus pandemic re-engaged Mr. Urban Development would be in front of Congress last sum- Bezos, as the company had to used for infrastructure projects mer for the first time. deal with unprecedented de- and economic development, Mr. Bezos’ leadership of mand, he remained involved among other things, Gov. Pedro

Amazon has made him one of FROM TOP: JOHNwith LOCHER/ASSOCIATED PRESS; Blue Origin’s mission. Pierluisi said. In addition, he said, the most respected, and Jeff Bezos, who founded the e-commerce giant in his garage over 26 years ago, plans to devote his Just last week Mr. Bezos Puerto Rico now has access to feared, leaders in business, as time to new innovations. Amazon cloud-computing chief Andy Jassy will succeed him as CEO. posted a photo on Instagram $3.2 billion to continue rebuilding well as fantastically wealthy— of a “hotfire test” of a Blue Or- from hurricanes Irma and Maria. he is currently neck and neck back from their management its Whole Foods subsidiary, ees have said the billionaire is igin engine. —Associated Press with his rival rocket entrepre- roles at its parent Alphabet and a growing rival to United elusive, with many saying they Mr. Bezos, a father of four neur, Tesla Inc. CEO Elon Inc. in 2019, and both Apple Parcel Service Inc. and FedEx have never spotted him on the children, also has experienced OBITUARY Musk, as the world’s wealthi- Inc. and Microsoft Corp. have Corp. in logistics. Amazon em- company’s sprawling down- a major change in his personal est person. Forbes lists Mr. long been run by successors to ploys nearly 1.3 million people. town Seattle campus. life recently. In 2019, Mr. Bezos Hal Holbrook, Famed Bezos’ wealth at more than their founders. Mr. Bezos imbued the Seat- In 2016, he appointed two and his wife divorced and the For Twain Role, Dies $196 billion. Mr. Bezos left a career on tle-based company with a of his top deputies to oversee National Enquirer reported his In a letter to employees Wall Street to start Ama- “Day 1” philosophy of always management of daily opera- affair with a former television Hal Holbrook, the award-win- made public Tuesday, Mr. Be- zon.com in 1994 as a scrappy maintaining an underdog tions. Jeff Wilke was named reporter who was the wife of a ning character actor who toured zos wrote that he plans to fo- online bookseller during a time startup ethos, but in recent CEO of world-wide consumer Hollywood executive. the world for more than 50 cus his energy now on new when most people didn’t own years he has stepped back at Amazon, overseeing every- The leadership transition at years as Mark Twain in a one- products and early initiatives computers. Amazon became an from day-to-day management thing from Amazon’s retail Amazon will take place as it man show and uttered the im- as well as his outside interests. against-all-odds success story of the tech giant—with a brief arm and warehouses to its ad- grapples with unprecedented mortal advice “Follow the “Being the CEO of Amazon that would go on to completely pause when he became more vertising and devices busi- scrutiny. money” in “All the President’s is a deep responsibility, and it’s disrupt the bookselling indus- actively involved in the early ness. Mr. Jassy was CEO of The company is currently Men,” has died. He was 95. consuming,” Mr. Bezos wrote. try along with nearly every days of the pandemic. Many in the cloud business, called Am- the subject of probes from the Mr. Holbrook died Jan. 23 in “When you have a responsibil- other industry in its path, from his inner circle describe Mr. azon Web Services. Justice Department, the Fed- Beverly Hills, Calif., his represen- ity like that, it’s hard to put at- logistics to advertising. Bezos’ role over the past few The appointments freed up eral Trade Commission, the tative, Steve Rohr, said Tuesday. tention on anything else.” The company today is years as akin to that of an ex- Mr. Bezos to devote his time European Union and other Mr. Holbrook pursued a busy Mr. Bezos’ move makes Am- America’s largest online re- ecutive chairman. to inventing and moonshots. governing agencies about career in theater, television and azon the latest of today’s tech tailer, the leading provider of The executive famously He took on pet projects such whether it participates in anti- movies, winning five Emmys and giants to transition leadership cloud-computing services, a tries not to schedule meetings as Amazon’s voice assistant competitive practices. a Tony. His more than two dozen away from the people who significant player in Holly- before 10 a.m. and seeks to product, the Echo, and spent In October, the House Judi- film credits ranged from Steven started the companies. The co- wood, a competitor in bricks- make all of his tough decisions time with Amazon’s studio ex- ciary Committee’s Antitrust Spielberg’s “Lincoln” to Oliver founders of Google stepped and-mortar groceries through before 5 p.m. Amazon employ- ecutives on what movies and Subcommittee—before which Stone’s “Wall Street.” He was a Mr. Bezos testified in July— steady presence on TV as well. concluded its investigation His most famous movie role THE WALL STREET JOURNAL CORRECTIONS  AMPLIFICATIONS into the biggest U.S. tech com- was as the mysterious informant (USPS 664-880) (Eastern Edition ISSN 0099-9660) panies. Its report accused Am- “Deep Throat,” a key source for (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) azon of exerting “monopoly Washington Post reporter Bob Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 In some editions Tuesday, News article Tuesday about Woodward in the 1976 adapta- Published daily except Sundays and general legal holidays. power” over sellers on its web- Periodicals postage paid at New York, N.Y., and other mailing offices. the name of Ellume USA LLC Los Angeles firefighters incor- site and suggested legislation tion of “All the President’s Men,” Postmaster: Send address changes to The Wall Street Journal, was misspelled as Elume in a rectly said the data for New that could cause Amazon to the bestselling account by Mr. 200 Burnett Rd., Chicopee, MA 01020. Page One What’s News sum- York and were for exit business lines—like its pri- Woodward and fellow Post re- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which mary about a deal to produce firefighters only. vate-label or devices busi- porter Carl Bernstein about their are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only Covid-19 tests. nesses—that compete with investigation of Richard Nixon’s publication of an advertisement shall constitute final acceptance of the advertiser’s order. Notice to readers sellers on its platform. administration and the Water- Letters to the Editor: Fax: 212-416-2891; email: [email protected] As of Jan. 22, about 7,400 Wall Street Journal staff In response to the congres- gate scandal. Need assistance with your subscription? of New York City’s 11,000 fire- members are working remotely sional report, Amazon said: Mr. Holbrook was 29 when he By web: customercenter.wsj.com; By email: [email protected] By phone: 1-800-JOURNAL (1-800-568-7625) fighters, EMTs and medics re- during the pandemic. For the “All large organizations attract first performed as Twain and Reprints & licensing: ceived the first dose of a foreseeable future, please send the attention of regulators, and eventually developed the role By email: [email protected] Covid-19 vaccine, compared reader comments only by we welcome that scrutiny. But into a one-man show called By phone: 1-800-843-0008 with about 30% of Chicago’s email or phone, using the con- large companies are not domi- “Mark Twain Tonight!” He took it WSJ back issues and framed pages: wsjshop.com firefighters and EMTs. A U.S. tacts below, not via U.S. mail. to Broadway three times and Our newspapers are 100% sourced from sustainably certified mills. nant by definition, and the pre- sumption that success can only won a Tony Award as best dra- GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by be the result of anticompeti- matic actor for the 1966 version. emailing [email protected] or by calling 888-410-2667. tive behavior is simply wrong.” —Associated Press THE WALL STREET JOURNAL. ***** Wednesday, February 3, 2021 | A3 U.S. NEWS Two FBI Agents Shot Dead in Florida Three others wounded The shooting was one of the deadliest in the FBI’s his- as authorities serve tory. It comes as the bureau is warrant in investigation conducting one of its largest- ever investigations into the of child pornography deadly Jan. 6 riot at the U.S. Capitol. BY SADIE GURMAN The last agent fatally shot AND ARIAN CAMPO-FLORES in the line of duty was Samuel Hicks, who was serving a war- MIAMI—Two FBI agents rant at a home in western were killed and three others in 2008, accord- wounded in a shooting while ing to a list the bureau keeps serving a warrant in South of fallen agents. Florida on Tuesday morning, Mr. Alfin, 36 yeas old, was the bureau said. born in New York and joined The agents were part of a the bureau in 2009 in Albany, team of law-enforcement offi- said Mr. Piro, in whose field cers executing a federal search office Mr. Alfin had worked warrant in a crimes-against- since 2017. He is survived by a children case in the city of wife and child. Sunrise. Officials said they Ms. Schwartzenberger, 43, were aiming to seize evidence was born in Pueblo, Colo., and in a child pornography investi- joined the FBI in 2005 in the gation. Albuquerque, N.M., field office. As they executed the war- She was reassigned to Miami rant just after 6 a.m. at an in 2010. She is survived by her

apartment complex, the sus- WSVN-TV/ASSOCIATED PRESS husband and two children. pect began shooting and then A casket was loaded into a vehicle Tuesday in Sunrise, Fla. The last time an FBI agent was fatally shot in the line of duty was in 2008. The two agents had each barricaded himself inside the spent more than six years in- complex, a Sunrise city day in defense of their coun- scene. 94,000 people with expansive know. It is near impossible to vestigating child exploitation spokeswoman said. Officials try.” Law enforcement shut subdivisions, is west of Fort comprehend why this would cases, Mr. Piro said, and had said the gunman is also dead. “The FBI will always honor down a main thoroughfare in Lauderdale at the edge of the happen,” Mr. Ryan said. been involved in high-profile Federal Bureau of Investiga- their ultimate sacrifice and the area and, as the incident Everglades. George Piro, special agent cases. tion Director Christopher will be forever grateful for was unfolding, advised nearby “Collectively, our law en- in charge of the Miami field “On this dark day, we pay Wray identified the agents their bravery,” Mr. Wray said. residents to remain in their forcement community across office, said agents carefully tribute to the brave men and who were fatally shot as Spe- Two other agents, who homes, according to the Sun- the nation hangs their heads plan for and research potential women of the FBI who put cial Agent Daniel Alfin and were shot multiple times, were rise Police Department. Local in sadness and sorrow today,” dangers they could face in exe- their lives on the line every Special Agent Laura hospitalized in stable condi- TV footage showed a heavy Sunrise Mayor Michael J. Ryan cuting such search warrants, day in support of our mis- Schwartzenberger. He said tion, the FBI said. A third police presence in the area. said in an email to residents. and they normally take place sion,” said Acting Attorney they “exemplified heroism to- agent was treated at the Sunrise, a city of about “There is much we do not without incident. General Monty Wilkinson. Hackers Lurked Biden Presses for a Larger Aid Package In SolarWinds BY ANDREW DUEHREN WASHINGTON—President Biden rallied Senate Democrats to pass a large Covid-19 relief Email for Months package as party lawmakers pushed forward with a legisla- tive process that would allow BY ROBERT MCMILLAN in and assess first and figure them to pass a $1.9 trillion out what we needed to do,” he package without Republican The newly appointed chief said. Since taking over, Mr. Ra- votes. executive of SolarWinds Corp. makrishna has revamped the During a virtual meeting is still trying to unravel how company’s software-develop- Tuesday with Senate Demo- his company became a pri- ment processes and brought in crats, which Treasury Secretary mary vector for hackers in a outside cybersecurity experts Janet Yellen joined, Mr. Biden massive attack revealed last to help respond to the breach, argued that providing too little year, but he said evidence is including Chris Krebs, for- aid presents a greater risk to emerging that they were lurk- merly the Department of the economy than offering too ing in the company’s Office Homeland Security’s top cy- much, according to people fa- 365 email system for months. bersecurity official, and Alex miliar with the call. Mr. Biden The hackers had accessed Stamos, formerly told Democrats that the U.S. at least one of the company’s Inc.’s chief security officer. hasn’t provided enough support Office 365 accounts by Decem- Investigators describe the to the economy during previous ber 2019 and then leapfrogged hack as one of the worst in recessions.

to other Office 365 accounts U.S. history because of its so- Democrats on Capitol Hill OLIVER CONTRERAS/BLOOMBERG NEWS used by the company, Sudha- phistication, scope and the are working on translating Mr. Sen. Chuck Schumer said the president wanted Congress to respond ‘boldly and quickly.’ kar Ramakrishna said in an in- way it undermined the trusted Biden’s $1.9 trillion plan, which terview Tuesday. “Some email relationship between technol- bolsters unemployment aid, group of 10 Republicans in the Senate and pass the local governments and an in- accounts were compromised. ogy providers and the prod- provides funds for vaccine dis- pitched Mr. Biden on a $618 bil- package instead with a simple crease in the federal minimum That led them to compromise ucts they make. tribution, and sends $1,400 lion proposal during a White majority. In the Senate, all 50 wage to $15 an hour. other email accounts and as a The attackers crafted a way checks to many Americans, House meeting, calling for the Democrats voted to proceed to The Republicans want to result our broader [Office] 365 to turn SolarWinds’s own soft- among other measures, into administration to quickly pass a the budget resolution necessary scale back the $1,400 per per- environment was compro- ware update into a kind of dig- legislation. bipartisan package. Mr. Biden, to reconciliation, overcoming son checks to $1,000 per adult mised,” he said. ital Trojan horse. So far, the “President Biden spoke who didn’t take questions dur- 49 Republican votes with one and $500 per dependent. The It is the latest development investigation has found that about the need for the Con- ing Tuesday’s meeting, told GOP absence, and the House is GOP plan would provide $300 a in the eight-week investigation the hackers were running tests gress to respond boldly and Democrats that he thinks the expected to take a procedural week in supplemental unem- into one of the worst breaches on SolarWinds’s internal build quickly,” Senate Majority GOP proposal is too small. vote later Tuesday. ployment benefits through in U.S. history. SolarWinds, systems, used to assemble the Leader Chuck Schumer (D., On Tuesday, Democrats took The Republican group’s June, a cut from the $400 a previously a little-known but company’s software updates, N.Y.) said Tuesday after the early procedural steps in a pro- counterproposal is less than a week through September in the critical maker of network- in September 2019. The build meeting. cess called reconciliation, third of the size of Mr. Biden’s Biden plan. management software, is still system was then used to cre- Mr. Biden’s meeting with which will allow the Democrats plan, leaving out Democratic —Catherine Lucey trying to understand how the ate a malicious software patch Democrats comes a day after a to skirt the 60-vote threshold priorities like aid to state and contributed to this article. that SolarWinds says it shipped out to fewer than The attack could 18,000 customers in 2020. The U.S. government has have affected close publicly blamed Russia, which Hundreds Are Ousted to 18,000 has denied responsibility. Last month, President Biden in- customers. structed his director of na- At Pentagon Boards tional intelligence, Avril BY NANCY A. YOUSSEF The move was foreshadowed Haines, to conduct a review of last week when Mr. Austin sus- Russian aggression against the WASHINGTON—Defense pended the onboarding process hackers first got into the com- U.S., including the SolarWinds Secretary Lloyd Austin dis- for Trump administration nom- THE POWER OF TWO pany’s network and when ex- hack. missed hundreds of members inees to Pentagon advisory actly that happened. Dozens of SolarWinds’s cus- of the Pentagon’s policy advi- boards, effectively preventing One possibility is that the tomers, including major tech- sory boards Monday, ousting them from being seated. hackers may have compro- nology companies such as Mi- last-minute Trump administra- Mr. Austin’s directive last Unity mised the company’s Office crosoft Corp. and Cisco tion nominees as well as offi- week applied to Trump nomi- 365 accounts even earlier and Systems Inc., were affected by cials appointed by previous ad- nees who were still in the secu- then used that as the initial the incident, as well as the de- ministrations. rity clearance process. Among point of entry into the com- partments of the Treasury, By removing members, ef- those who were affected then pany, although that is one of Justice, Energy, Commerce, fective Feb. 16, Mr. Austin were Corey Lewandowski, for- several theories being pur- State, Homeland Security, La- avoided selectively firing those mer President Donald Trump’s sued, Mr. Ramakrishna said. bor and Energy. appointed by the Trump ad- 2016 presidential campaign Investigators are trying to On Tuesday, people familiar manager, and David Bossie, a determine how widespread the with the investigation said former Trump deputy cam- damage has been. So far only that another group of hack- Defense paign manager, both of whom several dozen victims have ers—a group linked to China— Secretary had been named to the Defense been identified, but the attack that had accessed the Agricul- Lloyd Austin Business Board, an unpaid could have ultimately affected ture Department’s networks, avoids group that advises the defense close to 18,000 of the com- exploited an unrelated and selectively secretary and other leaders on pany’s customers. less serious flaw in Solar- firing Trump business practices. The internal investigation Winds software to further tar- appointees. In the last weeks of the has involved searching get the organization’s com- Trump administration, then through tens of terabytes of puter systems. The Agriculture acting Defense Secretary Chris log files and other data to re- Department attack was re- ministration. The defense chief Miller named several support- trace the steps of a hacking ported earlier by Reuters. A also ordered a review of at ers of Mr. Trump to various operation that went unde- spokesman for the Agriculture least 42 boards to be com- Pentagon advisory boards. tected for more than a year, Department disputed aspects pleted by June, defense offi- Those included retired Brig. Mr. Ramakrishna said. “We of the Reuters story but didn’t cials said. Gen. Anthony Tata, who weeks have been evaluating moun- clarify whether any part of the “Advisory boards have and earlier had been rejected by tains of data,” he said. department had suffered a will continue to provide an im- the Senate for consideration as Ultimately the response to breach related to SolarWinds portant role in shaping public the Pentagon’s top policy offi- the incident will end up cost- software. policy within [the Department cial even as he served in that ing SolarWinds millions of Mr. Ramakrishna said that of Defense],” Mr. Austin wrote position since June in an acting dollars, said Mr. Ramakrishna, SolarWinds was already inves- in a memo to the Pentagon’s capacity. Senators and some PAULMORELLI.COM who had been pegged as So- tigating a single report of leadership. “That said, our retired generals expressed con- larWinds’s next chief executive hackers exploiting this bug stewardship responsibilities re- cern over inflammatory tweets NYC:895MADISON(72ND&MADISON) when the hack was discovered when it learned of its own quire that we continually as- he made years ago on Islam, PHL:1118WALNUTSTREET but didn’t start at the com- compromise last December. sess to ensure each advisory former President Barack 212.585.4200 pany until Jan. 4. —Dustin Volz contributed to committee provides appropri- Obama and Democratic law- “My attitude was to come this article. ate value today.” makers. A4 | Wednesday, February 3, 2021 PWLC101112HTGKRFAM123456789OIXX ****** THE WALL STREET JOURNAL. U.S. NEWS Probe Focuses on Assaults on Police Order Sets Task Force Recent charges tied to the Jan. 6 riot center To Reunite on those who attacked law enforcement Families

BY ARUNA VISWANATHA BY MICHELLE HACKMAN AND ERIN AILWORTH AND TARINI PARTI

WASHINGTON—Investiga- WASHINGTON—President tors examining the Jan. 6 riot Biden formed a task force to at the U.S. Capitol have ramped reunite immigrant families up efforts to identify and separated at the southern bor- charge participants who as- der by the Trump administra- saulted or otherwise obstructed tion, one of several executive law-enforcement officers dur- orders on immigration Mr. Bi- ing the attack, interviews and a den signed Tuesday. review of court filings show. The orders set in motion a While many of the more than process that the new adminis- 100 cases filed in the days after tration hopes will reverse a the riot were based largely on number of border policies re- social-media postings and the stricting access to the asylum testimony of friends and neigh- system at the border and mak- bors who reported alleged riot- ing it tougher for immigrants ers, FBI agents and other inves- to become citizens. tigators are reviewing hundreds “We’re going to work to of hours of footage from the undo the moral and national body-worn cameras of police of- shame of the previous admin- ficers involved in responding to istration that literally, not fig- the riot. They are also relying uratively, ripped children from on evidence returned from more arms of their families—the than 500 grand jury subpoenas mothers and fathers at the and search warrants. border, and with no plan—

One alleged rioter, Ryan LEV RADIN/PACIFIC PRESS/ZUMA PRESS none whatsoever—to reunify Samsel, was accused in a com- The pro-Trump mob clashing with police as they tried to enter the Capitol building on Jan. 6. the children that are still in plaint unsealed Saturday of custody and their parents,” pushing barricades against a 139 officers were assaulted dur- Alam. He later told a relative he American flag. a flagpole, told an associate he Mr. Biden said before signing police line, knocking down one ing the episode, including 81 was sorry for his actions but Some of those defendants thought the person he was the orders in the Oval Office. officer who hit her head and members of the Capitol Police that he wasn’t going to turn say they didn’t realize what striking was affiliated with the The orders themselves lost consciousness. Another, and 58 members of Washing- himself in because “he did not they were doing. None of the left-wing antifa ideology, de- make no immediate changes to Zachary Jordan Alam, was ac- ton’s Metropolitan Police De- want to go to jail again,” ac- charges leveled so far at partici- spite the officer’s uniform iden- immigration policy. Instead, cused of pushing his body up partment. cording to the complaint. Mr. pants appear to be linked to the tifying him as a Washington the actions signal a desire to against officers as he used his As Mr. Samsel and others Alam couldn’t be reached for death of Capitol Police Officer police officer. A lawyer for Mr. balance competing pressures: fists, legs and a helmet to break approached the barricade out- comment, and no lawyer has Brian Sicknick, who died a day Stager declined to comment. immigration advocates hoping the glass windows in the door side the Capitol, he removed been named to represent him. later of injuries sustained Jan. 6. An attorney for the retired for swift action to undo for- of the Speaker’s Lobby during his jacket and turned his hat Prosecutors have filed more The man who allegedly held firefighter, Robert Sanford from mer President Donald Trump’s what became a deadly alterca- around backward as if “prepar- than a dozen cases involving al- another officer on the ground Pennsylvania, said Mr. Sanford policies and the danger that tion with Capitol Police. ing for a physical altercation,” legations of assaults on officers. with a baton, Jeffrey Sabol, ini- had marched to the Capitol only undoing too many restrictions In an indictment returned the complaint said. After These include two former Ma- tially told investigators that he after then-President Donald at once could trigger a surge late last week, two alleged New knocking over the officer, Mr. rines, one who allegedly beat took the baton in order to “pro- Trump told supporters to do so of migrants attempting to en- York members of the Proud Samsel picked her up and said, officers with a hockey stick and tect the officer,” according to and hadn’t entered the building. ter the U.S. illegally. Boys group face charges of con- “We don’t have to hurt you, another who prosecutors say an affidavit filed for his arrest. “Mr. Sanford unfortunately press secretary spiring to obstruct officers by why are you standing in our shoved a Capitol police officer, But after being shown a photo went down there on a day Jen Psaki said migrants should removing the metal barricades way?” Mr. Samsel couldn’t be punched another officer’s riot of the incident, according to trip…didn’t have any weapons wait until the administration Capitol Police officers had reached, and it wasn’t known if helmet, and tried to kick a can the affidavit, Mr. Sabol ac- or protest signs but was just puts in place a new immigra- erected to control access to the he had a lawyer. of mace out of an officer’s knowledged that the picture there to support the president,” tion system to make the trip to grounds and ripping away an Mr. Alam, meanwhile, repeat- hands. A retired firefighter was looked bad and that “he could said Mr. Sanford’s lawyer, En- the U.S. border. officer’s riot shield that was edly shouted “F— the blue” as caught on video throwing a fire not recall if he hit the police of- rique Latoison, adding that Mr. The reunification task force, later used to smash a window. he attempted to break the glass extinguisher into a police line, ficer with the baton because he Sanford was “very remorseful” which Mr. Biden pledged to Another alleged rioter, ar- windows in the Speaker’s Lobby where it hit three officers in the was in a fit of rage and the de- for his actions. “He got caught create during his campaign, rested in Nebraska last week, door—one of the windows that head. Another man is alleged to tails are cloudy.” A lawyer for up in a mob situation and he charges the government with was charged with impeding an fellow rioter Ashli Babbitt was have pinned one officer on the Mr. Sabol didn’t respond to a was throwing things. It got the identifying all of the children officer by allegedly yelling for trying to crawl through when ground with a police baton as request to comment. best of him,” the lawyer said. who remain separated from others to take away his shield. she was shot, according to the another rioter, already charged, Peter Stager, the man who —Sadie Gurman their parents and locating Authorities have said some complaint filed against Mr. beat him with the staff of an allegedly beat that officer with contributed to this article. those parents across Latin America, where they were likely deported. In all, the American Civil Capitol Hill Officer Killed in Attack Is Honored Liberties Union has identified about 5,500 families separated by the Trump administration. BY ANDREW DUEHREN ily issued shortly after his The ACLU, which repre- death. “Brian is a hero and that sents the separated children WASHINGTON—President is what we would like people to in a class-action lawsuit Biden and first lady Jill Biden remember,” the family said. against the U.S. government, paid their respects Tuesday He joined the New Jersey Air and other nonprofit organiza- night to Brian D. Sicknick, the National Guard, deploying to tions have been placing adver- Capitol Police officer who died Saudi Arabia in 1999 and Kyr- tisements and making trips as a result of injuries sustained gyzstan in 2003, and became a across the region to help lo- in the Jan. 6 assault on the Capitol Police officer in 2008, cate deported parents. The Capitol, as his remains lie in most recently operating as part ACLU has said it has identified honor in the Rotunda. of the force’s first-responder more than 600 children who Mr. Sicknick, who was 42 unit. During his time on the remain separated from their years old when he died in a hos- force, he screened people before parents. pital a day after the riot, became they entered the Capitol build- Administration officials, only the fifth person to be ac- ing, getting to know staff, who who briefed reporters on the corded that tribute reserved for remember his humor. plans Monday evening, said private citizens. Two other Capi- Mr. Sicknick’s brother, Craig the task force would also de- tol Police officers, Jacob J. Chest- Sicknick, said the officer was a velop recommendations on nut and John M. Gibson, lay in private individual committed to how to handle families once honor in the Rotunda after they his job and serving his country. they were reunited, including were killed in 1998 by a gunman “He was a very private per- finding legal pathways for who had charged past security son, and now he’s a national which parents might be eligi-

barriers. Since then, civil-rights SALWAN GEORGES/PRESS POOL hero,” he said. ble to return to the U.S. pioneer Rosa Parks, in 2005, and The remains of Capitol Police Officer Brian Sicknick were placed in the Capitol Rotunda on Tuesday. A brief invitation-only memo- The task force will be the Rev. Billy Graham, in 2018, rial ceremony for Mr. Sicknick headed by Alejandro Mayor- have been so honored. mation on the specific circum- with murder in connection with The medical examiner’s office was held Tuesday evening, fol- kas, Mr. Biden’s secretary of Many holders of public of- stances of Mr. Sicknick’s death, his death. While more than a hasn’t yet completed its au- lowed by a viewing period for his homeland security. fice, most recently Supreme other than to say he died from dozen rioters have been topsy report. U.S. Capitol Police colleagues. A second order directs a re- Court Justice Ruth Bader Gins- injuries sustained while trying charged with assaulting or ob- The youngest of three sons Members of Congress will pay view of policies the Trump ad- burg, have lain in state in the to protect those trapped in the structing law-enforcement offi- born in South River, N.J., Mr. tribute to him on Wednesday be- ministration put in place to re- Capitol building. Capitol on Jan. 6. Prosecutors cers during the riot, no charges Sicknick had wanted to be a po- fore his remains are transported strict access to the asylum Capitol Police and other au- have said they are examining have been brought in connec- lice officer his entire life, ac- for burial to Arlington National system for migrants crossing thorities haven’t released infor- whether anyone can be charged tion with Mr. Sicknick’s death. cording to a statement his fam- Cemetery. the border.

Mr. Trump’s lawyers also ar- conclude that the 45th Presi- chamber could then hold a sub- through the summer and ex- to overturn the state’s results. gued that he didn’t engage in dent’s statements were accu- sequent simple-majority vote tending past the election, Georgia conducted multiple re- TrumpTrial insurrection or rebellion, say- rate or not, and he therefore on whether to ban him from which he claimed was stolen. counts and faced several legal ing that he had “exercised his denies they were false.” They holding office in the future. After the Electoral College challenges, but no evidence of First Amendment right under also criticized Democrats for Much of the Democratic vote on Dec. 14, he “fixated” on widespread fraud emerged. Arguments the Constitution to express his not allowing Mr. Trump to have case centers on the appear- a joint session of Congress on Mr. Trump’s filing acknowl- belief that the election results a lawyer present during the ance by Mr. Trump on the El- Jan. 6 “as presenting his last, edged the call but said he “was were suspect” and that he House impeachment process. lipse near the White House on best hope to reverse the elec- expressing his opinion that if Are Detailed hadn’t incited violence. Under the rough rules Jan. 6, when Mr. Trump said tion results and remain in the evidence was carefully ex- “It is denied that the phrase sketched out for the trial, both power,” the managers said. amined one would ‘find that ContinuedfromPageOne ‘if you don’t fight like hell parties were charged with an- In their brief, House Demo- you have many that aren’t Tuesday, and Mr. Trump for- you’re not going to have a coun- swering two main questions: Much of Democrats’ crats cite video footage of the even signed and you have mally responded to a summons try anymore’ had anything to do whether Mr. Trump can be mob storming the Capitol and many that are forgeries.’ ” His issued by the Senate. Mr. with the action at the Capitol as tried in the Senate for acts case centers on Mr. rioters’ statements that they lawyers said he hadn’t acted Trump’s own brief is due Mon- it was clearly about the need to committed when he was presi- Trump’s appearance had done so on Mr. Trump’s be- improperly. day, one day before the trial be- fight for election security in dent, and how they respond to half. The Senate is finalizing The Trump team is consider- gins in earnest. general,” his lawyers wrote. The the charge of “incitement of on the Ellipse. rules for the trial, leaving unre- ing asking the Supreme Court House Democrats have argued insurrection.” solved what evidence can be in- to rule on the constitutionality that those remarks by Mr. Forty-five of the Senate’s 50 troduced and whether wit- of a Senate trial for a former Trump, a Republican, to a Republicans backed a proce- nesses can be called. president, an adviser said. Le- Valentine’s crowd of supporters near the dural challenge last week to that “you don’t concede when Mr. Trump and prominent gal experts said it is unlikely Day order by White House on Jan. 6 had in- the impeachment trial as un- there’s theft” and that his fol- allies had for weeks urged fol- federal courts would either 2/10! stigated the attack on the Capi- constitutional because Mr. lowers had to “fight like hell.” lowers to rise up against the block a trial or reverse a poten- tol just as lawmakers were cer- Trump is now a private citizen. The Democrats argue that the outcome of a national election tial conviction. tifying President Biden's victory. It is unclear whether Republi- remarks were like lighting a they said was rigged, and the “For historical reasons, for The filing didn’t raise Mr. cans will make further at- match after scattering the Democrats’ brief alleges his precedential reasons and for Trump’s unfounded claims of tempts to avert the trial, but ground with tinder. They said Jan. 6 comments were part of a textual reasons, I would be very election fraud except to dispute the Trump defense team is us- he had been laying the broader effort to subvert the surprised if a court inter- House Democrats who criti- ing the issue of constitutional- groundwork for months, be- results. It cites a recorded Jan. vened,” said Boston College law cized him for falsely declaring ity to argue for his acquittal. ginning in July 2020, when in 2 call in which Mr. Trump professor Kent Greenfield. Your Names victory. His lawyers wrote, “In- It would require 67 votes in an interview he refused to urged Georgia Secretary of —Lindsay Wise & Valentine's Message Crafted in sterling silver with solid pink gold heart bail - $390 sufficient evidence exists upon the Senate to convict Mr. agree that he would accept the State Brad Raffensperger to and Jess Bravin JOHN-CHRISTIAN.COM 888.646.6466 which a reasonable jurist could Trump. If that happened, the election results, continuing “find” him thousands of votes contributed to this article. THE WALL STREET JOURNAL. ** Wednesday, February 3, 2021 | A5 U.S. NEWS USDA Pick Vilsack Mayorkas, Buttigieg Approved Makes Climate Pitch BY MICHELLE HACKMAN AND TED MANN BY JACOB BUNGE said, could help reduce agri- WASHINGTON—The Senate AND JESSE NEWMAN culture’s greenhouse-gas con- confirmed tributions, which the Environ- as the next secretary of Home- President Biden’s nominee mental Protection Agency has land Security, making him the to lead the U.S. Department of estimated make up 10% of the first Latino and first immigrant Agriculture said farmers and U.S. total. to lead the agency, and former cattle ranchers are potential Such programs, Mr. Vilsack South Bend, Ind., Mayor Pete leaders in the new administra- said, could provide new kinds Buttigieg as secretary of tion’s battle against climate of income to struggling farm- Transportation, the first change. ers. If confirmed, Mr. Vilsack openly gay person to be ap- Tom Vilsack, a former Iowa would resume leadership of proved for a cabinet position. governor who led the USDA for the USDA after a yearslong Mr. Mayorkas, who was the eight years during the Obama slide in crop prices, brought on Department of Homeland Secu- administration, said Tuesday by record-breaking harvests rity’s deputy secretary under that government-funded incen- and the U.S.-China trade war, former President Barack tives could get farmers and ag- which pushed down farmers’ Obama, was confirmed by a ricultural companies to adopt incomes and fueled a surge in narrow margin, 56-43, as sev- climate-friendly practices bankruptcies. Direct federal eral Republican senators had without the need for addi- payments to farmers soared to said they disapproved of Mr. Bi- tional regulation, and could an estimated $46 billion in den’s immigration policy pro- make U.S. food more attractive 2020, a record. posals, including one to provide on export markets. Some Republican lawmakers a citizenship path to 11 million “Farmers are prepared for it warned Mr. Vilsack against immigrants in the country with- and anxious to do it,” Mr. Vil- overreach that could burden

out a permanent legal status. ERIN SCOTT/PRESS POOL sack said during a virtual con- the agriculture industry with Mr. Buttigieg, by contrast, The Senate confirmed Alejandro Mayorkas, above, as secretary of Homeland Security, although some firmation hearing before the higher costs and alienate farm- was approved by a bipartisan Republicans held back due to immigration policy. Pete Buttigieg will be secretary of Transportation. Senate agriculture committee. ers. “Heavy-handed, one-size- vote of 86 to 13. The 39-year- “If it’s voluntary, and incen- old was a candidate for the nian Jew, had arrived in Cuba tive-based, you will see farm- Democratic nomination for a decade-and-a-half earlier ers and ranchers cooperate ex- Farmers, ranchers president before dropping out with her own parents after tensively.” of the race and endorsing then- fleeing the Holocaust. The Senate committee may get incentives candidate Joe Biden. He earned praise as the voted Tuesday to advance Mr. in climate-change Mr. Mayorkas faces an ar- head of U.S. Citizenship and Vilsack’s nomination to the full ray of challenges, from slow- Immigration Services, where Senate for a confirmation vote. fight, Vilsack says. ing the pandemic to handling in 2012 he oversaw the open- No date has yet been set for cyberattacks against govern- ing of the Deferred Action for that vote, a committee spokes- ment agencies and a growing Childhood Arrivals program, woman said. domestic-terrorism threat, but which offers deportation relief Proposals to change agricul- fits-all regulations simply will senators focused on immigra- to young immigrants in the tural practices are one piece of not work,” said Sen. John tion during Mr. Mayorkas’s country without authorization Mr. Biden’s push to tackle cli- Boozman, (R., Ark.), noting January confirmation hearing. and which Mr. Trump tried mate change, which was on that farmers in his state al- Mr. Mayorkas said he would unsuccessfully to eliminate. display in three executive or- ready are conserving water halt construction of former Mr. Mayorkas’s personal in- ders issued last week suspend- and easing soil erosion. President Donald Trump’s volvement in several investor- ing new oil-and-gas leases on Mr. Vilsack said the USDA southern border wall and called visa applications during that federal land and boosting off- may form a farmer advisory U.S. Immigration and Customs time prompted the DHS In- shore wind production. Other group to help steer the

Enforcement a critical agency, STEFANI REYNOLDS/PRESS POOL spector General to open an in- cabinet nominees have said ef- agency’s carbon mitigation ef- distancing himself from liberal quiry looking at ties to an forts to address climate forts. The USDA could encour- advocates who have called on ends nearly two years during and later as DHS’s deputy sec- electric-vehicle company led change will inform the Biden age capturing methane emitted the agency that carries out de- which DHS has gone without a retary, where he helped lead by Tony Rodham, Hillary Clin- administration’s infrastructure by livestock operations, he portations to be abolished. confirmed secretary or deputy the government’s response to ton’s brother, and Terry McAu- plans, and how it evaluates said, and research how to The Biden administration secretary, a period marked by Ebola, worked on cybersecu- liffe, who later became Vir- risks to the financial system. boost crops’ root systems to asked the Supreme Court on rapid personnel turnover and rity and led a delegation to ginia’s governor. Mr. Vilsack, 70 years old, is maximize carbon conversion. Monday to cancel coming oral actions including the agency’s Cuba, where he held talks as At his confirmation hearing tasked with finding a path for Mr. Vilsack said producing arguments on wall construc- intervention in protests last part of Mr. Obama’s attempts in January, Mr. Mayorkas the U.S. agriculture industry to agricultural goods more sus- tion and the Migrant Protec- year in Portland, Ore. Former to thaw relations with the pushed back against the in- eliminate its climate impact tainably would give U.S. farm- tion Protocols, a program also DHS officials of both parties Communist country. spector general’s report, say- under Mr. Biden’s goal for the ers a competitive edge among known as Remain in Mexico criticized that intervention as Born in Cuba, Mr. Mayorkas ing he fielded requests from U.S. economy to achieve net- global consumers hungry for that barred U.S. entry to many overly political. fled with his parents to the hundreds of people, including zero emissions by 2050. Cap- food that is safe, tasteful, af- asylum applicants while their Under Mr. Obama, Mr. May- U.S. when he was a year old in politicians of both parties, re- turing carbon in soil and de- fordable and raised using cases were considered. orkas served as the head of 1960 as Fidel Castro took garding investor-visa applica- veloping products made from methods that don’t harm the The vote on Mr. Mayorkas the legal-immigration agency power. His mother, a Roma- tions. agricultural waste, Mr. Vilsack environment.

Introducing Our New Managing Directors Congratulations to our new Managing Directors. This group has demonstrated dedication, integrity and a standard of excellence that inspire us all. Thank you for your commitment.

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                   !!"# $ A6 | Wednesday, February 3, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS Vaccine Supply to States to Rise Again Biden’s virus czar says The Trump administration in November announced a vac- National Guard Hit administration to add cination partnership with 5% to weekly outlays, large chain pharmacies and With Virus Cases networks that represent inde- on top of prior increase pendent pharmacies and re- gional chains. The plan in- Roughly 400 National BY TARINI PARTI cluded a few thousand Guard troops deployed to AND STEPHANIE ARMOUR pharmacies in the beginning, Washington to secure the later expanding to about presidential inauguration have White House Covid-19 re- 40,000 pharmacy sites. The tested positive for Covid-19, a sponse coordinator Jeff Zients Trump administration said in Guard official said, a higher said the Biden administration early January it was accelerat- count than previously re- will increase its weekly vac- ing the plan. ported. cine supply to states by an- State leaders tasked with Slightly more than 1.6% of other 5% for three weeks, in the vaccine-administration ef- roughly 25,000 Guard mem- addition to the 16% increase fort have called for additional bers deployed to Washington announced last week. supply, with some on the have tested positive since The total increase will bring verge of running out as they early January, Lt. Col. Robert the weekly vaccine supply for have accelerated their rollout. Carver, a spokesman for the states to 10.5 million doses. The pharmacy effort will National Guard, said Tuesday. Mr. Zients also announced expand, but in its initial phase Guard officials declined to the first phase of a federal will focus on providing vac- provide an exact number be- program starting Feb. 11 that cines to communities most at cause of “operational security will deliver vaccines directly risk of severe illness, with reasons,” Col. Carver said in to certain pharmacies. states working with the Cen- an earlier email. But that per-

“This will provide more PAT NABONG/CHICAGO SUN-TIMES/ASSOCIATED PRESS ters for Disease Control and centage works out to be sites for people to get vacci- A federal program will get doses directly to pharmacies. Above, a nurse inoculates a man in Chicago. Prevention on initial pharmacy roughly 400 cases. nated in their communities,” partnerships, administration After the Jan. 6 attack on he said during a White House ones operated by Walgreens lion doses being allocated to at pharmacies, since each officials said. the U.S. Capitol, authorities briefing on the administra- Boots Alliance Inc., CVS 6,500 stores next week. state has its own policy, Mr. “Equity is at the core” of deployed roughly 25,000 tion’s Covid-19 response. “And Health Corp., Kroger Co. and Mr. Zients said the addi- Zients said each state will how they are selected in order Guard members to Washing- it’s an important component to Walmart Inc. tional one million doses to need to check on its require- to reach populations most at ton to protect the Jan. 20 delivering vaccines equitably.” Acknowledging vaccine sup- pharmacies “is consistent with ments but reiterated that risk, Mr. Zients said, adding presidential inauguration, ac- Most major retail pharmacy ply constraints, Mr. Zients said Moderna and Pfizer scaling President Biden has called on that the CDC will monitor the cording to defense officials. and grocery chains will partic- the program would be limited their operations.” states to open vaccination to initial phase of the pharmacy —Alexa Corse ipate in the effort, including in the first phase, with a mil- On eligibility requirements those 65 and older. vaccinations.

skeptics’ concerns. “More peo- Skeptics ple have their eyeballs on this issue,” he said. The federal government Slow Push doesn’t have the power to re- quire vaccinations for all adults, according to George- On Shots town’s Dr. Gostin. States can mandate them for adults, though are unlikely to because ContinuedfromPageOne it would be politically unpopu- “gene therapy.” Many of the lar, particularly given a lack of protesters weren’t part of the long-term safety data, said Dr. antivaccine movement prior to Gostin. Employers can require the emergence of Covid-19 re- their employees to be vacci- strictions, according to Erica nated, and businesses may re- DeWald, advocacy director at quire proof of vaccination for Vaccinate Your Family, which travel or to receive other ser- promotes vaccination educa- vices. tion and policy. In Florida, a bill would pre- At an online conference vent a state health officer held by an antivaccine organi- from ordering vaccinations af- zation in October, Sherri Ten- ter a public-health emergency penny, an osteopathic physi- declaration. cian who runs a health Rep. Anthony Sabatini, a business, called on attendees Republican who introduced to “get behind” antimask and the bill and whose district in- anti-social-distancing groups, cludes Lake County outside urging them to “get rid of Orlando, also has opposed their masks, go hug people mask mandates. He said the

and absolutely say ‘no’….We IRFAN KHAN/LOS ANGELESstate’s TIMES/GETTY IMAGES executive branch can need all hands on deck.” A protest Saturday against the Covid-19 vaccine, masks and lockdowns at a vaccination site at Dodger Stadium in Los Angeles. currently mandate a vaccine In an interview, Dr. Ten- after a public-health emer- penny said: “You need to take wearing masks and getting care workers, who are getting mumps. Now they contend tions after receiving Covid-19 gency has been declared. care of your health by just not Covid-19 vaccines are essential vaccinated in lower-than-ex- that newly approved Covid-19 vaccines made by either Pfizer “I don’t trust the govern- following blindly.” to stopping the virus’s spread. pected numbers. The percent- vaccines present risks for Inc. with its partner BioNTech ment to make the best deci- Legislation supported by Officials are concerned that age of people intending to be adults. In general, they con- SE, or Moderna Inc. The sions when it comes to emer- vaccine skeptics and some antivaccine activists, including vaccinated has risen since a tend that they aren’t against agency has warned people gencies,” he said. “The same lawmakers in Ohio has sought some state legislators, are Kaiser survey in early Decem- vaccines, but they oppose who have ever had a severe al- with lockdowns and the many to allow the state legislature peddling misinformation about ber, before vaccinations began. mandatory vaccination. lergic reaction to any ingredi- public-health interventions.” to overturn health orders by vaccine side effects and con- In 2020, 147 antivaccine so- Adverse reactions to treat- ent in a Covid-19 vaccine not Del Bigtree, a veteran of the Republican Gov. Mike DeWine, spiracy theories about the cial-media accounts had 51.6 ments or vaccines can surface to get that specific vaccine. antivaccine movement and such as a statewide curfew gene-based technology used million followers, according to Robert F. Kennedy Jr., a founder of Informed Consent and restrictions on business for the vaccines that are im- a report by the Center for vaccine activist and founder of Action Network, was booted operations. peding their efforts. Countering Digital Hate, a Officials are Children’s Health Defense, from both YouTube and Face- “This is not the bubonic “These movements are nonprofit that tracks the wrote on that he book for posting Covid-19 mis- plague,” said Ohio Rep. J. Todd gaining influence that could spread of online misinforma- concerned about warned the Food and Drug Ad- information. He has asserted Smith, a Republican whose seriously undermine our re- tion. those dedicated to ministration in September that the disease is no more se- term ended in December. covery from Covid-19,” said Major vaccine-education that an ingredient in the vac- rious than a common cold and “When you betray the trust Lawrence Gostin, faculty di- campaigns are just getting un- ‘health freedom.’ cines, polyethylene glycol, that wearing a mask is a health and the common sense of the rector of Georgetown Univer- der way. The Department of could trigger such reactions, hazard. In an email, Mr. Bigtree people you’re serving, how can sity’s O’Neill Institute for Na- Health and Human Services called anaphylaxis. said he believes ICAN’s work is you say we want you to take tional and Global Health Law. will roll out advertising to en- An FDA official acknowl- better described as a “vaccine an untested vaccine?” “It is no use having an effec- courage vaccination in the when they are administered edged in December that the risk awareness movement.” Both vaccines currently in tive vaccine if there is such coming weeks and months, broadly, outside smaller clini- ingredient is a possible cause, Mr. Bigtree, with 343,000 distribution in the U.S. proved distrust.” and the Ad Council, a non- cal-study settings. So far, most but cautioned that it is too online followers at the end of effective in preventing In a January survey by the profit that creates public- side effects of Covid-19 vaccines early to know. The FDA said it last year, solicited $500,000 in Covid-19 illness in clinical tri- Kaiser Family Foundation, 20% awareness campaigns, is work- have been relatively minor. is working with manufacturers donations to launch the High- als in 2020. The governor ve- of U.S. adults indicated they ing with political and health At least 71 cases of a severe and the CDC to determine Wire streaming show on Roku. toed a bill last year that would wouldn’t get a vaccine, or leaders to develop a $50 mil- allergic reaction have been re- whether any vaccine compo- In late January, he warned have allowed lawmakers to re- would get one only if required. lion campaign. ported to a federal vaccine- nent plays a role in severe al- viewers of the HighWire scind health orders, and last A further 31% said they want Vaccine skeptics have long safety database, according to lergic reactions. against taking Covid-19 vac- month lawmakers introduced to wait to get a vaccine to see resisted childhood-immuniza- the Centers for Disease Con- In an interview, Mr. Ken- cines and booster shots, saying a similar measure. how well it is working. The tion requirements, including trol and Prevention. Those nedy said the pandemic is that “people are risking their Public-health officials say skeptics include many health- for chickenpox, measles and people developed the reac- drawing attention to vaccine lives with this experiment.” FROM PAGE ONE

main up sharply for the year 75% other investments, as well as fallen rapidly in recent days, GameStop despite Tuesday’s declines. iShares Silver Trust share-price rules limiting the size of posi- data from IHS Markit show. “There’s still further room performance over the past three years tions individual investors are An investor shorting a stock for them to revert,” said Mohit 50 allowed to take on. makes money if the price goes Frenzy Bajaj, director of exchange- Declines in the iShares Sil- down and loses money if it traded-fund trading solutions ver Trust, a BlackRock Inc. ex- goes up. GameStop and AMC’s at WallachBeth Capital. “The 25 change-traded fund at the cen- steep ascent in recent days Takes Turn move down seems to be Tuesday ter of the recent rally in the caused some hedge funds and equally as dramatic as the +56% price of the precious metal, deep-pocketed investors to move up.” 0 erased the ETF’s gains for the take big losses on their bets ContinuedfromPageOne Higher margin requirements year. ETFs are a popular way against those stocks. ties and Exchange Commission, often prompt selloffs because for mom-and-pop investors Many trading platforms and the Federal Reserve, the New they force investors who have and day traders to play silver online brokers are struggling –25 York Fed and the Commodity borrowed money to raise cash prices without touching the to cope with the transaction Futures Trading Commission, that they can then deposit 2018 ’19 ’20 ’21 metal. But when demand for volumes. Freetrade, a - Treasury spokeswoman Alexan- with their brokers. Shares of Source: FactSet the ETF jumped in recent based commission-free trading dra LaManna said. GameStop and AMC were vul- days, it set in motion pur- platform, had so many people Major indexes posted a sec- nerable to declines in part be- ing could propel GameStop- happens when rising prices chases of the underlying silver, trying to buy stocks on its ond day of strong advances, ex- cause their gains this year like gains. Many traders on force bearish investors to buy fueling prices. platform Friday that its for- tending a recent pattern in have been so large and because Reddit forums have contended back an asset they had sold Now, that rally is unwinding eign-exchange partner’s bank which assets favored by online so many of the traders driving that they weren’t behind the short at a higher price. and shares of silver producers cut its processing capacity by traders move in one direction the rallies have been doing so swings, with some of them al- But creating a short are also falling. First Majestic 95%. and U.S. blue chips the other. using borrowed funds. Even af- leging that the idea is a ruse squeeze in the precious metal Silver shares fell 24%, while Some investors aren’t giv- The Dow industrials rose 476 ter recent declines, GameStop by hedge funds to diminish in- is impossible, Goldman Sachs Hecla Mining slid almost 20%. ing up on GameStop. The most points, or 1.6%, to 30687. The shares have advanced nearly terest in GameStop. Group commodity analysts Short sellers have also actively traded options con- broad market’s general health fivefold this year and AMC has Some analysts said Mon- said. To do that, an investor backed away from WallStreet- tract tied to GameStop has contrasts with the volatility more than tripled. day’s surge in silver prices would need to hold a signifi- Bets favorites, a force that has been a bullish call tied to the and extreme behaviors exem- Traders said the rush to was spurred by traders in- cant portion of the physical removed some fuel from the shares jumping to $800, Trade plified by the WallStreetBets buy silver began after some spired by the so-called short metal—difficult given the cost rally. GameStop and AMC Alert data show. GameStop episode, traders said, noting participants on online forums squeeze in GameStop and of doing so in a $50 billion shares that are being lent, a shares dropped $135 Tuesday that GameStop and others re- suggested that aggressive buy- other stocks. A short squeeze market for coins, bars and proxy for short interest, have to close at $90. THE WALL STREET JOURNAL. ** NY Wednesday, February 3, 2021 | A7 WORLD NEWS

How Coronavirus Has Evolved U.K. Mutation Resists Vaccine —By Josh Ulick and Daniela Hernandez

Since it was first detected in China in 2019, the new coronavirus— BY JOANNA SUGDEN like all viruses—has undergone changes to the underlying code AND GABRIELE STEINHAUSER that determines its structure and behavior. Some of these genetic mutations, like those seen in recent variants found in the LONDON—British authori- U.K., Brazil and South Africa, can produce a more transmissible ties say they have discovered a pathogen. Here are some milestones in the evolution of the virus: potentially supercharged ver- sion of the country’s more- CORONAVIRUS FAMILY TREE Variant contagious coronavirus variant from U.K. with a new mutation—one also Ancestral Mutation Sept. 2020 detected in strains in South virus D614G Africa and Brazil—that ap- Detected Jan. 2020 Dec. 2019 pears to make some vaccines Variant from less effective. South Africa Public-health officials said Variant Oct. 2020 they were set to go door to 20E (EU1) door to test residents in areas June 2020 where cases of the latest wor- risome iteration of the patho- DECISIVE MUTATION Prevalence among global gen responsible for Covid-19 D614G was detected early coronavirus samples have been detected to try to last year in Europe. It makes % contain the spread before it the virus more efficient at 75 Others catches fire in the community. binding to and infecting cells. As a result, variants with the 5 “Our mission must be to D614G lineage stop its spread altogether and mutation are more trans- 5 break those chains of trans- missible. They quickly overtook mission,” British Health Secre- earlier versions of the virus tary Matt Hancock said in Par- that originated in Asia. Dec 20 Dec ’

liament on Tuesday. HANNAH MCKAY/REUTERS The continued emergence of Volunteers collect Covid-19 tests from residents in Woking, where the variant has been detected. SUMMERTIME SPREAD new variants could make it Variant 20E (EU1) was first detected in Spain last summer. harder to curb the pandemic acquired the extra mutation. E484K mutation. Moderna and an earlier bout. In laboratory It has since spread widely throughout Europe. 20E (EU1) doesn’t and suggests that vaccines will The additional mutation, Novavax have said they are experiments, the mutation appear to have mutations that make it more transmissible. need to regularly update to take identified by genomic testing, working to update their vac- also appeared when the virus Rather, it may have just been in the right place at the right time— account of changes to the virus. appears to have arisen inde- cines to better tackle the came under sustained pressure a popular European holiday destination at the height of summer. “Existing variants of con- pendently in both the U.K. vari- South African variant. from antibodies that weren’t cern will increasingly acquire ant and its predecessor, since However, scientists in South strong enough to neutralize it. NEW VARIANTS new mutations,” said Sharon there are no known links to in- Africa have said the variant Genome sequencers found These versions from U.K. and South Africa have Peacock, a physician who is di- ternational travel among the there has mutations in addition the 11 instances of the new va- several novel changes in their spike-protein genes. Scientists rector of Covid-19 Genomics cases and they don’t appear to to E484K that appear to help riety of B.1.1.7 on Jan. 26, think one mutation these variants share could help the virus U.K., a group monitoring mu- be linked to a single infection. the virus escape antibodies. when they looked back attach to and enter cells. The recently detected variant from tations. “This will lead to a Scientists who have studied through their library of Brazil shares a key spike-protein mutation with the one from constellation around the origi- the mutation say it is likely 214,000 coronavirus se- South Africa. nal variant,” she said, and a part of the reason why some A more-transmissible quences. Over the pandemic, puzzle of increasing complex- Covid-19 vaccines appear to be they have sequenced 5% to Preliminary estimates suggest the variant from the U.K. is ity for health officials. working less effectively coronavirus variant 10% of positive cases. 50%–70% more transmissible than earlier versions of the virus. The additional mutation, against the South African vari- was found in 11 Separately, they have iden- The variant has spread widely abroad. As of late January, it had known as E484K, is part of ant and why antibodies trig- tified 105 cases in the U.K. of been reported in 70 countries and territories. variants that have driven pow- gered by an earlier Covid-19 people in Bristol. the South African variant, all erful new waves of infections infection might not protect but 11 linked to travelers from Where the variant from the U.K. has been reported* in South Africa and Brazil. Sci- people from getting sick again the country. entists believe it protects the from the new version. On Monday, the government virus from antibodies triggered Recent clinical trials in Both in South Africa and said it would send in teams to by vaccines or earlier Covid in- South Africa showed that the Brazil, variants with the E484K test residents in eight districts, fections by changing the shape not-yet-authorized shots devel- mutation emerged in regions including three in London and of the virus’s spike protein. oped by Novavax Inc. and that suffered some of the high- stretching from Merseyside in Researchers say they have Johnson & Johnson were less est numbers of Covid-19 cases the north to Surrey in the discovered 11 people around the effective at preventing Covid-19 during the countries’ first south and east and west to southwest city of Bristol in- there compared with clinical waves of infections. Kent and Birmingham, where fected with the U.K.’s more trials in the U.S. and the U.K. That is why some experts those 11 cases of the South Af- transmissible B.1.1.7 variant that Moderna Inc. and Pfizer believe the mutation is the re- rican variant were found. also has the E484K mutation. Inc. have said that based on sult of the virus circulating in Covid-19 case numbers in They also have found 32 cases laboratory studies, they expect a population where a large the U.K. have fallen since a na- *AsofJan.29 in Liverpool of an older version their vaccines to still work proportion of people already tional lockdown that began Sources: Emma Hodcroft, University of Bern; Nextstrain; cov-lineages.org of the virus that has also now against variants with the have Covid-19 antibodies from Jan. 4. Additional design by Erik Brynildsen/THE WALL STREET JOURNAL

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BY BOJAN PANCEVSKI governments made unpopular AND LAURENCE NORMAN by a year of on-again, off- again lockdowns, a stubborn As Western governments infection surge and the daily faced criticism for their pan- litany of thousands of deaths. demic management last sum- Under fire, the EU has im- mer, European Union officials posed a potential export ban began work on a vaccine-pro- on vaccines while opposition curement plan they hoped politicians across the bloc are would put the continent at the talking of nationalizing manu- forefront of efforts to banish facturers. the coronavirus and reopen Yet many of the EU’s diffi- economies. culties seem to be self-in- Instead of its 27 member flicted, according to dozens of states fighting for doses from health experts, pharmaceutical a few manufacturers, the Euro- executives and EU and na- pean Commission, the closest tional-government officials fa- the bloc has to a government, miliar with the negotiations. would centralize purchases for While other governments some 450 million inhabitants, were wooing vaccine makers

bringing prices down and en- with subsidies and immunity FROM TOP: ENRICO MATTIA DEL PUNTA/NURPHOTO/ZUMA PRESS; OLE SPATA/DPA/ZUMA PRESS suring that residents of rich from liability in case of side ef- While older people in Pisa, Italy, received their second doses of Covid-19 vaccine, above, their counterparts in Hannover, Germany, had and poor countries alike would fects, the EU focused on push- to wait on long lines, hindered by shortages of doses that have kept the European Union from inoculating more of its population. get equal access to the best ing prices down and slowing shots available. negotiations, which resulted in which has since formed a part- Half a year later, an acute late orders. It also spread its nership with Bayer AG, might shortage of doses is keeping purchases widely to reduce seek approval in May at the the EU’s vaccination effort risk, signing deals with compa- earliest, according to a German from taking off, making it likely nies that are still months away government assessment seen that only a small portion of the from approved shots. And it by The Wall Street Journal. general public will get a shot was slow to authorize the vac- Stefan De Keersmaecker, a by the end of summer. The rea- cines it had purchased. commission spokesman, said sons: The EU was late in order- As a result, vaccination the contracts were negotiated ing vaccines compared with the campaigns in the EU started and concluded “in a context of U.S. and the U.K.; it bet on late and were vulnerable to uncertainty….This is why we companies that have yet to de- manufacturing hiccups. In Jan- invested in a diversified port- liver; and when delays started uary, the makers of all vac- folio.” creeping in, it blamed the man- cines approved for use in the The EU wasn’t only slow to ufacturers instead of restarting EU—Pfizer Inc. and BioNTech negotiate contracts. The Euro- negotiations. SE, Moderna Inc. and Astra- pean Medicines Agency trailed “There are about 10 hard Zeneca PLC—announced cuts the U.S. Food and Drug Admin- weeks of vaccine deficiency in deliveries because of manu- istration, Britain’s Medicines ahead of us,” German Health facturing bottlenecks, forcing and Healthcare Products Regu- Minister Jens Spahn told jour- governments to slow or pause latory Agency and other na- nalists over the weekend. vaccinations. tional agencies in authorizing “More [vaccines] could have Critics of the EU’s approach vaccines for use. been ordered, and faster.” said the problems began in tries, backed the move. an exercise in extracting the proach was shortsighted given EMA officials said the Israel has vaccinated 55% of June, when the European But negotiating vaccine pur- best possible deal, not the the costs of lockdowns across speed of their deliberation its population, the U.K. 14% and Commission took over an ef- chases wasn’t something the fastest, said an EU official a continent paralyzed by vac- was determined by the thor- the U.S. 9.4%, against just 2.8% fort by Germany, France, the commission had done previ- briefed on the negotiations. cine shortages. oughness of their approach. for the EU. At current rates, Netherlands and Italy to ously. Its main role is to draft The commission named Besides being slower in Yet all their decisions so far only two members, Malta and jointly negotiate with vaccine European legislation that it Sandra Gallina, a veteran trade signing contracts, the EU has closely matched earlier U.S. Romania, will have immunized manufacturers—an initiative submits to member states for official, as its negotiator. Be- drawn criticism for large or- and British rulings. one-third of their population that was already behind those approval. yond keeping vaccines inex- ders it placed with several As it became clear that a by the end of the year, accord- in the U.S. and Britain. German So the commission took the pensive, her goal was to ensure manufacturers that, in some large chunk of the EU’s orders ing to a Jan. 29 report by UBS. Chancellor Angela Merkel, playbook it knew, that of bare- companies would retain liabil- cases, are months away from wouldn’t materialize in the With Europe’s vaccine drive reeling from earlier criticism knuckle trade negotiations ity should the shots cause side publishing efficacy data on first half of the year, threaten- struggling to keep up with in- when Berlin had halted ship- that can take months, even effects, said officials and in- their vaccine candidates. ing the region’s vaccination fections, voters are growing ments of protective equipment years to conduct. It ap- dustry executives involved. Un- After months of negotia- campaign, the EU began fol- impatient, adding pressure on on their way to hard-hit coun- proached the vaccine talks as like the U.S. and the U.K., the tions, the EU signed a deal on low-up talks to boost existing EU and its member states of- Nov. 11 to purchase 200 mil- orders. These too have been fered limited subsidies to vac- lion doses from BioNTech and slow. In December, it called an cine developers to speed up re- Pfizer, with the option for a option on an extra 100 million search, expand manufacturing further 100 million. The two doses from BioNTech and and lock in priority deliveries. Pfizer and started negotiating The U.S.’s Operation Warp for an additional 300 million Speed, led by a four-star gen- The European doses. The talks are continuing. eral and a pharmaceutical ex- In the past two weeks, just dog ged ecutive, had a budget of $18 Commission had as public anger over the lack • billion and started paying out of vaccines boiled across Eu- never negotiated subsidies in March, including rope, both Pfizer and Astra- /'dôg d/ to European companies. The vaccine purchases. Zeneca said they would cut U.S. signed its purchasing con- supply. Moderna followed suit adjective tracts between May and July. days later. (Pfizer has since The EU, by contrast, signed its pledged a boost in deliveries main contracts between late had by then presented promis- to meet its first-quarter tar- Despitespendingmyearlylifeinashelter,there’snodogmore August and November. ing data that made it likely gets.) determined than me. Thanks to the National Disaster Search Dog Given how complex vaccine that they would become the In return, the EU began manufacturing is, industry ex- first Western pharmaceutical lashing out. Italy threatened to Foundation, if you’re ever trapped under rubble after a disaster, perts say early bookers are companies to seek approval take legal action against the I’llfindyou.That’smyjob,andwhatIwasborntodo.You’llneverfind less likely to get hit if manu- for a Covid-19 shot. companies. The prime minister facturing problems appear as On Nov. 17, the EU bought of Croatia, Andrej Plenkovic, adogmoredogged. production ramps up. twice as many doses from said a “vaccine hijacking” was Considering its main yard- CureVac AG, a German com- taking place. Belgium dis- THE NATIONAL DISASTER SEARCH DOG FOUNDATION stick, price, the EU did suc- pany that was also pursuing a patched investigators to the Strengthening disaster response in America by rescuing dogs and partnering them ceed. According to a price list sophisticated messenger RNA AstraZeneca plant to verify with first responders to save lives. Be Part of the Search™ today. Call (888) 4K9-HERO, posted by a Belgian politician vaccine. It had no study show- the company’s claims about visitSearchDogFoundation.org,orwritetoSDF,6800WheelerCanyonRoad, on social media, the EU paid ing the efficacy of its product production problems. SantaPaula,CA93060. significantly less per dose of and no manufacturing partner. Now EU officials say they the vaccine marketed by Pfizer The U.K., U.S. and EU autho- would rather avoid legal ac- and BioNTech than the U.S. rized the BioNTech-Pfizer tion, preferring to focus on But critics said such an ap- product in December. CureVac, getting vaccines delivered. U.K. War Veteran Raised Millions

BY MAX COLCHESTER

LONDON—Capt. Tom Moore, a British military vet- eran who shot to fame last year after raising millions of pounds for charity by walking lengths of his OBITUARY garden during TOM MOORE lockdown, has 1920-2021 died at age 100 after con- tracting the coronavirus. Capt. Moore’s family said on Twitter that he had been fighting pneumonia and had tested positive in January. Victor During the past year, the Active Search Dog World War II veteran became RescuedfromRedding,CA. a mascot for a nation plagued Photographed by Shaina Fishman by Covid-19, raising millions at SDF’s National Training Center.

for health workers, recording JACOB KING/PA WIRE/ASSOCIATED PRESS a No. 1 single, publishing a Tom Moore, the 100-year-old World War II veteran, captivated book and being knighted by the British public in the early days of the coronavirus pandemic. Queen Elizabeth II for his ef- forts. The quest became an internet Capt. Moore, “recognising the After Britain went into sensation. He raised almost inspiration he provided for lockdown last spring, he an- £33 million. the whole nation and others nounced a sponsored walk “For all those people who across the world.” A Union around his garden in Marston are finding it difficult at the Jack above Downing Street Moretaine north of London. moment: The sun will shine was flown at half-staff. Age 99, he planned to walk a on you again and the clouds Capt. Moore was raised in hundred lengths of the garden will go away,” said Capt. northern England and served and raise £1,000—about Moore after completing his in India, Burma—now known $1,365—for charities linked to walk in his garden. as Myanmar—and Sumatra the National Health Service. The queen paid tribute to during World War II. THE WALL STREET JOURNAL. ****** Wednesday, February 3, 2021 | A9 WORLD NEWS Mexican State Arrests Police Over Massacre

BY JOSÉ DE CÓRDOBA known to be involved in hu- man smuggling, said Mr. Bar- MEXICO CITY—Twelve Mex- rios. ican state police officers from Since the Jan. 22 massacre, the northern border state of families of Guatemalan mi- Tamaulipas have been arrested grants have been frantic about in connection with a recent their missing loved ones. massacre of 19 people, most of The killing of the Guatema- whom appear to have been lans underscores the danger Guatemalan migrants headed faced by the thousands of un- for the U.S., Tamaulipas’s at- documented migrants coming torney general said Tuesday. from Central America on their Late last month, 19 charred way to the U.S. Many migrants

NATACHA PISARENKO/ASSOCIATED PRESS bodies were found in two pay large fees to the criminal Health-care workers received shots of Russia’s Sputnik V Covid-19 vaccine at a stadium in Buenos Aires on Tuesday. burned vehicles on a road in organizations that control the Camargo,atownacrossfrom routes to the U.S. the border where orga- Sometimes, rival gangs fight Russian Shots Found Safe, Effective nized-crime groups are fight- over control of the smuggling ing for control of routes used routes, with migrants caught to smuggle drugs as well as il- in the middle or intentionally BY GEORGI KANTCHEV flect some of the criticism authorities say. Some 15 coun- oper, the Moscow-based Ga- legal migrants. It was the lat- killed to damage rival gangs. Moscow encountered for its tries outside Russia have au- maleya Institute, said the data est grisly discovery in a coun- Tamaulipas, on Mexico’s MOSCOW—Russia’s home- fast-tracked development of thorized Sputnik V, and Mos- demonstrate Sputnik V’s try beset by organized crime. northeastern border, has been grown Sputnik V vaccine the vaccine and lack of pub- cow has received orders or safety and high efficacy The 12 state police are be- the scene of some of Mexico’s showed high levels of efficacy lished trial data. expressions of interest for 2.4 against the virus. This “is a ing charged with homicide, worst violence, most of it be- and safety in a peer-reviewed The Russian shot’s efficacy billion doses, including from great success in the global abuse of authority and giving tween warring organized- study, handing Moscow a geo- rate is almost equal to vac- Brazil, Mexico and India. battle against the Covid-19 false information, Irving Bar- crime groups. In 2010, the Ze- political coup and a potential cines developed by Moderna “The development of the pandemic,” he said. rios, the Tamaulipas attorney tas, at the time Mexico’s most slice of the multibillion-dollar Inc. and Pfizer Inc. and its Sputnik V vaccine has been The Lancet study didn’t ad- general, said at a news confer- violent cartel, killed 72 Central vaccine market as it seeks to German partner BioNTech SE, criticized for unseemly haste, dress the shot’s usefulness ence. American migrants in the town promote the Covid-19 shot which are around 95% effec- corner cutting, and an absence against new variants of the vi- The alleged involvement of of San Fernando. abroad and curb the pandemic tive, and outshines the vaccine rus, amid some early evidence so many police officers in the Mr. Barrios said that some at home. produced by the British-Swed- suggesting strains may prove killing spotlights the continu- of the police alleged to be in- Tuesday’s findings, from a ish multinational pharmaceuti- Russia has banked resistant to current vaccines. ing endemic corruption of volved in the killing belonged preliminary analysis of a cal company AstraZeneca PLC, Russian officials on Tuesday Mexico’s local and state police to an elite state police squad. large-scale clinical trial pub- which has published efficacy on Sputnik V to said they are continuously forces. These specially trained po- lished in the British medical rates at between 62% to 90% avoid new costly testing Sputnik V against new The corruption in this case lice officers had been used by journal the Lancet, demon- in late clinical trials, with variants, and they expect the could also go higher. Mexico’s the state government to fight strated that the two-shot vac- most trial results in the lower lockdowns. shot to achieve the same level federal government said it was against a gang called Hell’s cine was 91.6% effective in end of that range. of efficacy. They also expect it investigating why one of the Troops, the enforcers for the preventing symptomatic Russia—the world’s fourth- to provide long-term immunity vehicles where the migrants Northeast Cartel, the orga- Covid-19 and offered complete worst-hit country with nearly of as long as two years, based were found dead had been nized-crime group that domi- protection against severe four million cases—has banked of transparency,” virology pro- on early experimental labora- seized by federal migration of- nates that area, said Eduardo cases. There were no serious on Sputnik V to avoid new fessors Ian Jones at the U.K.’s tory evidence. ficials in a raid in December. Guerrero, a Mexico City-based side effects, the paper said. costly lockdowns as its econ- University of Reading and Polly The results published Tues- “We are going to see if security analyst. The vaccine was also found to omy reels from plummeting Roy at the London School of day were based on an interim there is any responsibility on The violence has caused be similarly safe and effective prices for its oil, a critical in- Hygiene & Tropical Medicine analysis of a Phase 3 trial of the part of any officials or many of Tamaulipas’s leading in elderly people. dustry for the country. Author- wrote in the Lancet. “But the nearly 20,000 participants, public servants of the National businessmen to leave the state, The endorsement of Sput- ities here plan to vaccinate outcome reported here is clear three-quarters of whom re- Migration Institute itself,” with many conducting busi- nik V presents a significant 60% of the domestic popula- and the scientific principle of ceived the vaccine while the Mexican Interior Minister Olga ness from exile in Texas cities. victory for Russian President tion by the end of the year. vaccination demonstrated, rest received a placebo. The Sanchez said. Recently, the state governor, Vladimir Putin in the global So far, Sputnik V has been which means another vaccine analysis was based on a total Two of the dead had been Francisco Cabeza de Vaca, had vaccination race, providing a administered to more than can now join the fight to re- of 78 confirmed Covid-19 identified as Guatemalan mi- been pushing a campaign tout- vote of confidence in the capa- two million people world- duce the incidence of Covid-19.” cases, 62 of which were identi- grants while two others had ing improved safety in Tamau- bility of Russian science and wide, including in Argentina, Alexander Gintsburg, the fied in the placebo group and been identified as Mexicans. lipas to lure back business to medicine and helping to de- Serbia and Algeria, Russian head of the vaccine’s devel- 16 in the vaccine group. One of the Mexicans was the state, said Mr. Guerrero.

We pay. Kids play.

We help kids from low-income families play youth sports. Learn how you can help at everykidsports.org. A10 | Wednesday, February 3, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

if they don’t clear their side- $100 for clearing a neighbor’s walks within a certain number driveway for three hours Mon- Shovelers of hours. day night, when snow was Susie Sonneborn, who lives about two-feet deep. in Montclair, N.J., wanted her He said he had planned to See Hot teenage sons to clear snow for volunteer for his high school’s two New York City families community service club, but who had just bought houses the neighbor wanted to pay Market nearby but hadn’t moved in him because the job was so yet. huge. In a previous storm, ContinuedfromPageOne She wasn’t sure what would about two years ago, he got morning. be an appropriate charge. “I $60 for the same site. Some of the desperate paid don’t want to extort anyone He likes shoveling better hundreds of dollars to get the but it’s brutal work,” she said. than a job he had in eighth blustery job done. Her 13-year-old son, Wylie grade, when he made $1,200 The average price for snow Blim, said he was happy get- putting up Christmas lights removal hit $150 for a town- ting $15 to $20 for a sidewalk for a half-dozen homes. house in the city Monday, and and path to the doorway. Twigs fell in his eyes, and $190 for a standard suburban He said he would be game to string the lights properly he home, according to Shovler, to ask neighbors if they couldn’t wear gloves. Shovel- an app that matches clients wanted help, but “I’m a little ing “is not too hard, to the with snow job-seekers. On top uncomfortable knocking on point where I despise it,” he of that, tips averaged $25, doors because of Covid.” said.

with some as high as $99. LESLIE BRODY/THE WALL STREET JOURNAL Ben Horrigan, a 17-year-old In some affluent neighbor- Shovler Chief Executive Susie Sonneborn, right, and her son Caleb Blim shovel outside their house in Montclair, N.J. in Montclair, said he found hoods, teenagers found their Daniel Miller said at least that he fared better if he let business had dried up in re- 1,000 jobs were completed in for their work,” Mr. Miller said other one. By noon Monday his youth when kids were all homeowners name the price. cent years because so many the New York metropolitan by email. Chris had 15 job offers. On expected to shovel for their “They’re usually more gen- homeowners bought snow- area Monday, and thousands He said the average price Tuesday the duo had at least parents free of charge. erous than I am to myself,” he blowers. more were expected Tuesday for shoveling a driveway that seven more bookings. “There’s not that many said. “Usually they’ll say, ‘Is “It’s a perfect case study and Wednesday. parks four cars, a medium Chris said he usually young kids to help out like $40 good?’ when I would have for how automation has af- The rates, he said, are the sidewalk, and medium walk- charged $20 to $100 for years ago,” he said. “I want to said $20 or $30.” fected the workforce,” said highest since the company way on Tuesday was $200, stoops and sidewalks, depend- get a condo. It’s too much. Ev- Ben said a store owner Marcus Brotman, a 17-year-old started in 2016. Quick accumu- compared with $55 for the ing on size. His only equip- ery time this happens my wife would pay him about $100 to in Westfield, N.J. lation, snow depth, tempera- storm of Jan. 18, 2020. ment: “Just good old muscle tells me we have to sell.” keep its sidewalk clear, and his An avid shoveler in middle tures and size of the property Chris Vazquez, a 17-year-old and a good shovel.” Some people looking for parents paid him $30 for the school, he remembered mak- factored into pricing on the senior at Xaverian High School Joe Pastore, who is in his help had left New York City driveway. ing $100 on a regular snowy app, he said. At times on Mon- in Brooklyn who recruited his 60s and needed help clearing a due to the coronavirus pan- What about parents who day. day, New York City was get- friend Kyle to work with him large sidewalk in front of his demic and so couldn’t tackle expect their own kids to do it Marcus didn’t really miss ting 2 inches or more of snow on a day school was closed, house in Brooklyn, was re- the walkways at the empty free? the backbreaking labor in the an hour. said his dad posted his phone lieved to find the pair after homes they temporarily left “Well, fortunately that’s not bitter cold, however. “The snow accumulation is number in a neighborhood striking out with other efforts. behind. the case here,” he said. “Now I’m a lifeguard,” he very large so it is only fair to Facebook page, and then He expected to pay at least By city rules, homeowners Kevin Williams, a 17-year- said. “I can make $100 by sit- compensate shovelers more someone reposted it in an- $100 and waxed nostalgic for and businesses can face fines old in Chatham, N.J., earned ting in a chair in the sun.”

took reciprocal steps. From the start, the opening Myanmar was a calculated risk. After Ms. Suu Kyi was freed from house arrest and grew as a political Takes Big figure, Mrs. Clinton traveled to the country in 2011. She walked a fine line by avoiding refer- Step Back ences to Myanmar because the U.S. sees that as the military’s ContinuedfromPageOne name for Burma. President Ba- for democracy and human rack Obama became the first rights. The focus of Beijing, sitting U.S. president to visit which says it has a policy of Myanmar the following year. noninterference in the domestic affairs of other countries, has largely been on economic and Reliance, resistance strategic interests. The differ- China’s relationship with ences were clear in the response Myanmar has, over decades, by the two nations to the coup. weathered political shifts in President Biden pressed the both. Myanmar drifted closer Myanmar military to relinquish to China as successive military power and raised the possibil- coups and a record of human- ity of imposing sanctions. Mr. rights abuses isolated it from Biden said he would reach out much of the world. to partners in the region—an Western countries imposed effort that tests his promise to sweeping sanctions against marshal the world’s democra- Myanmar, banning investment, cies against authoritarian trade and travel. Beijing states. The State Department swooped in to fill the void, en- on Tuesday officially labeled riching the military elite the episode a coup. through investments in such

China took a muted stand, sectors as resource extraction FROM TOP: AUNG KYAW HTET/SOPA IMAGES/ZUMA PRESS; PETE SOUZA/THE WHITE HOUSE/ZUMA PRESS expressing hope that all sides and becoming the country’s Above, Myanmar military supporters drive past police trucks in the city of Yangon, Myanmar. Below, former President , would “properly manage their primary trade partner. Myanmar’s civilian leader Aung San Suu Kyi and former Secretary of State during a visit in November 2012. differences.” Reliance on China made “Chinese strategy has al- Myanmar’s generals nervous, ways been, ‘We will work with and many former U.S. officials Facebook Bans Page tional given its earlier ban, whoever comes to power.’ I believe that was a driver of Facebook removed it and it call it China’s moral flexibil- the military’s turn toward par- Of Military Network now displays a message saying ity,” said Yun Sun, a China tial democracy in 2010. “This Page Isn’t Available.” specialist at the Stimson Cen- That created problems for Facebook Inc. banned a A spokesman for the military ter, a Washington think tank. China. In 2011, Myanmar sus- Myanmar military television didn’t immediately respond to a For Beijing, neighboring pended one of China’s biggest network page following Mon- request for comment on the Myanmar offers a strategic investments, the $3.6 billion, day’s coup, the social-media gi- page’s removal. A separate Face- gateway to the Indian Ocean, 6,000-megawatt Myitsone dam ant’s latest move in a country book page for announcements and it is a source of minerals, in Kachin State, one of many where its platform has been from the military wasn’t banned timber and other resources. hydropower projects planned connected in previous years to in 2018 and remains operational. Chinese oil and gas pipelines along Myanmar’s waterways. physical violence. The head of Myanmar’s mili- snake across Myanmar from China had largely stayed A page for the television tary, Gen. Min Aung Hlaing, took China’s landlocked Yunnan away from establishing ties network has since at least early charge of the country on Mon- province to the Bay of Ben- with Ms. Suu Kyi, in part to last year posted photos that day from its civilian-run govern- gal—a route that Beijing wants preserve its relationship with publicize efforts of the nation’s ment after the military detained to transform into a broader the military. But with the gen- going to come true: that the Suu Kyi, then-Vice President military, drawing likes from more elected leader Aung San Suu economic corridor with road erals inclined to open up the NLD, which China long viewed Biden welcomed the progress than 33,000 people, before it Kyi and other members of her and rail connections. country, and Ms. Suu Kyi as being sponsored by, or per- Myanmar had made toward was removed late Monday. party in a morning raid. For Washington, Myanmar poised to become more promi- haps a puppet of, the West, was building a democracy and dis- Facebook first removed the Facebook is “closely monitor- is a place where U.S. officials nent, Beijing laid the ground- not wholeheartedly turning to- cussed future cooperation he Myawaddy television network ing political events in Myanmar saw an opening to turn a pa- work for new ties. ward the West,” said Mary Cal- hoped would follow Mr. from its platform in 2018 as as they unfold” and is taking riah into a partner, score a win China hosted all-expense- lahan, associate professor of In- Obama’s decision. part of a crackdown on hun- steps to “stop misinformation for democracy and erode paid trips for party members, ternational Studies at the Henry In her first few years, Ms. dreds of pages, groups and ac- and content that could incite China’s dominance. and Sandar Min, of Ms. Suu M. Jackson School of Interna- Suu Kyi focused much of her counts—some tied to Myanmar’s further tensions,” Rafael Frankel, “The dilemma for the new Kyi’s National League for De- tional Studies. attention on resolving ethnic military—it said had abused its a Facebook public- policy direc- Biden administration is two- mocracy, or NLD, was among As Ms. Suu Kyi prepared to conflicts, and in that depart- services, but a page promoting tor, said. The company is also fold: additional U.S. sanctions them. Ms. Sandar visited China make her first official visit to ment, China, which has ties to the station later reappeared. removing misinformation that will have only marginal impact five times since 2012, to learn the White House the following armed ethnic groups across After The Wall Street Jour- delegitimizes the outcome of on the Burmese military, about topics that spanned eco- month, a question hung over the border in Myanmar, was nal asked on Monday why the November’s election, he said. which is largely immune to nomic development and Chinese her meeting with then-Presi- an important partner. Myawaddy page was opera- —Newley Purnell unilateral U.S. measures,” said judicial system to postearth- dent Obama: Would the U.S. In 2017, the Myanmar mili- Daniel Russel, a former senior quake rehabilitation, she said. lift sanctions on the generals tary launched a brutal opera- State Department and White Hundreds of other members who had held Ms. Suu Kyi tion against the country’s Roh- costly, Mr. Mitchell said. “The vocal defender, blocking West- House specialist on Asia in the took similar trips, she said. prisoner in her home for more ingya Muslim minority. More relationships atrophied.” ern efforts for a resolution in Obama and Trump administra- Since 2013, at least 1,000 than a decade and repressed than 740,000 men, women and When Myanmar opened up the U.N. Security Council de- tions, referencing the name invitations to visit China have democracy for far longer? children fled to neighboring to the West, many people manding an end to violent for Myanmar the U.S. uses. been extended to Myanmar There was debate in the Bangladesh, where they shared thought it would be a hot new treatment of Rohingya. The “Secondly, China is only too politicians, religious leaders, Obama administration be- accounts of mass shootings market for American business. council settled for a nonbind- happy to step in and support members of civil society and tween human-rights advo- and rape by soldiers. Ms. Suu The Obama administration had ing statement. the Burmese military as part journalists, according to the cates, who argued the military Kyi’s response was muted. hoped the lifting of sanctions In January last year, China’s of its ongoing effort to maxi- Institute for Strategy and Pol- hadn’t done enough, and The U.S. again faced a di- would pave the way for U.S. leader Xi Jinping made a visit mize its influence in Southeast icy, a Yangon-based think tank White House aides and East lemma. Under President Don- companies to start investing to Myanmar, the first by a Chi- Asia,” he said. in Myanmar. Asia specialists, who saw an ald Trump, some officials and become a catalyst for nese head of state in almost The move to boost Myan- opening for change. wanted to continue diplomatic more democratic change. two decades. He signed a raft mar’s shift from military Critics of the U.S. lifting all engagement. To many, how- But Western businesses of agreements to jump-start rule—and away from Beijing— Free vote sanctions included Tom Mal- ever, Ms. Suu Kyi’s failure to didn’t make much progress, the China-Myanmar Economic began when Hillary Clinton In 2015, Myanmar held the inowski, the State Department’s condemn violence against the first because of slow economic Corridor, a multibillion-dollar was secretary of state. In first free vote in decades, and human-rights chief who is now Rohingya complicated efforts changes and a tough regula- package of infrastructure, 2009, she sent Kurt Campbell Ms. Suu Kyi’s NLD party took a Democratic congressman from to further encourage democ- tory environment and later be- trade and energy projects. to Myanmar, at the time her control of a civilian-run gov- New Jersey, and Samantha racy in Myanmar. cause of the Rohingya crisis In November, Suu Kyi’s top Asia hand at the State De- ernment. The military kept Power, the U.S. ambassador to “They were hamstrung by that carried reputational risks party won a second term in a partment and now the senior key ministries under its the United Nations who has the Rohingya question,” said and the possibility of a return humiliating defeat for the mil- Asia expert on Mr. Biden’s Na- charge, creating a precarious been nominated by Mr. Biden to Derek Mitchell, U.S. ambassa- to sanctions. Instead, most in- itary-backed opposition. The tional Security Council. power-sharing dynamic. The run the Agency for Interna- dor to Myanmar from 2012 to vestment came from China military alleged election fraud. During his visit, Mr. Camp- vote was nevertheless seen as tional Development. They said 2016 and now president of the and other Asian countries, in- On Monday, before parliament bell met with Ms. Suu Kyi, a a turning point. it would remove a source of le- National Democratic Institute. cluding Japan and India. was set to convene for the politician whose push for de- Ms. Suu Kyi visited Beijing in verage with the generals. Lawmakers and human- In Myanmar, aides to Ms. first time since the vote, it mocracy had won her a Nobel August 2016, her first trip Mr. Obama sided with the rights groups pressed the ad- Suu Kyi warned Western am- staged the coup. Peace Prize, and he announced abroad after taking office. “That optimists, ending most sanc- ministration to respond force- bassadors that pressure on the —Michael R. Gordon and the U.S. would improve rela- showed a clear signal that tions and a ban on U.S. assis- fully. Failure to stay more country was pushing it closer Chun Han Wong contributed tions with the government if it China’s worst nightmare wasn’t tance. At a meeting with Ms. engaged diplomatically was to China. Beijing had become a to this article. THE WALL STREET JOURNAL. ** NY Wednesday, February 3, 2021 | A10A GREATER NEW YORK New Yorkers Dig Out After Snowstorm More than 17 inches fell in Manhattan; vaccine sites to reopen Wednesday

BY BEN CHAPMAN

New York City on Tuesday slowly emerged from a snow- induced shutdown, as workers cleared streets, mass transit resumed and businesses began reopening. The winter storm continued to linger in the area, but the bulk of the snow—which left Manhattan covered in more than 17 inches—fell through- out Monday. The intensity of the storm led state and city officials to cancel Covid-19 vaccination appointments on Monday and Tuesday. In-per- son learning in schools was also suspended both days. One of the most powerful in years, the storm also shut down parts of the city’s sub- way system, as well as the commuter rails serving the metropolitan area. It also led to canceled flights at the city’s People were busy Tuesday airports. clearing snow from the streets Metropolitan Transporta- and their cars in Brooklyn. tion Authority officials said regular service had been re- ward Grayson said Monday stored to the city’s subways that clearing each street of and buses on Tuesday morn- snow would require multiple ing after being halted over- passes of plows over several night. New York Gov. Andrew days. City officials also warned Cuomo said the Long Island that flooding was a possibility Rail Road and Metro-North in low-lying, coastal areas. Railroad also resumed opera- New York Police Depart- tions Tuesday morning. ment officials reported no se- Mr. Cuomo said Tuesday in rious injuries or deaths in the a briefing that state agencies storm overnight. had shifted their focus to Mr. de Blasio said that 17.2 cleanup. State officials were inches of snow was measured monitoring two new storms in Manhattan’s Central Park on that would arrive in New York Tuesday morning. Parts of in the coming days, he said. Pennsylvania, New Jersey and “It gets very dangerous upstate saw nearly twice as very quickly,” Mr. Cuomo said much snow, according to Na- of the weather. tional Weather Service officials. The city’s vaccination cen- Some snow could continue, ters and in-person lessons at with minor accumulations public schools will resume Tuesday evening and the possi- Wednesday, Mayor Bill de Bla- bility of light snow Wednesday sio said. Restaurants could re- morning, the officials said. open for outdoor dining Tues- “Thankfully, the storm day afternoon, the mayor said. ended up being a little less Fleets of trucks with snow- than expected,” Mr. de Blasio plows and salt spreaders said in a briefing. “But when fanned out across the city. you make decisions like this New York City Sanitation De- youhavetobevery,verycare-

partment Commissioner Ed- ful about health and safety.” FROM TOP: MARK KAUZLARICH/BLOOMBERG NEWS; BRENDAN MCDERMID/REUTERS Restaurant Workers Eligible for Shots Connecticut’s

BY JOSEPH DE AVILA City Mayor Bill de Blasio made drew Rigie, executive director pharmacies with about 30,000 earlier on Tuesday, saying he of the NYC Hospitality Alli- additional doses a week as Housing Market New York Gov. Andrew believes restaurant workers ance. The organization is well, he said. Cuomo said local governments should be given priority for “committed to advocating for The state’s surge of Covid-19 can now offer Covid-19 vac- the Covid-19 vaccine. our industry, and is ready and cases following the holidays cines to restaurant employees, “The restaurant workers willing to support vaccine edu- also has started to subside, Mr. Hits New Highs one day after saying there now are going to be in en- cation and outreach to the res- Cuomo said. The seven-day av- wasn’t a large enough supply closed places with people eat- taurant community immedi- erage of the statewide positiv- of shots to include that group. ing and drinking, and every ately upon its availability to ity rate for Covid-19 tests also BY JOSEPH DE AVILA 2007-09 recession. The state’s The governor said federal doctor on this line or anyplace these essential workers.” fell to 4.95% through Monday, population also has been officials informed him Tues- else will say that’s an area of Mr. Cuomo said last Friday the lowest it has been since Home buyers purchased the slowly shrinking since 2014; day that New York state’s concern,” Mr. de Blasio said. that New York City restaurants early December. most homes in Connecticut in Connecticut has a population weekly allotment of vaccines The NYC Hospitality Alli- can reopen indoor dining on Some 8,067 people remain 15 years in 2020, propelling of 3.56 million as of July 2020, would be getting a 20% in- ance, which represents the Feb. 14 at a maximum 25% ca- hospitalized due to Covid-19, median-sale prices to a record according to the U.S. Census. crease for the next few weeks. restaurant industry, said it ap- pacity. according to Mr. Cuomo. The high, according to a new re- The weak housing market Those new supplies mean local plauded Mr. Cuomo’s decision New York state has now ad- state reported Tuesday that port. and lack of population growth governments in New York can to include restaurant workers. ministered about two million there were 146 Covid-19 There were 38,641 single- compounded economic chal- now open up vaccine eligibility “Restaurant workers have doses of the vaccine, Mr. deaths the day before. family home sales in the state lenges for the state, which still to restaurant workers, taxi and been essential to our city dur- Cuomo said. The federal gov- —Katie Honan in 2020, a 16.6% jump from the hasn’t recovered all the jobs it Uber drivers and developmen- ing the pandemic,” said An- ernment will also be providing contributed to this article. prior year, according to the lost during the last recession. tally disabled facilities. Warren Group, a real-estate Connecticut also has an unem- “Now there is additional research firm. That was the ployment rate of 8%, com- flexibility,” Mr. Cuomo said at most Connecticut home sales pared with the national rate of a news conference Tuesday. since 2005. 6.7%. “And I’m leaving it up to local Median sales prices rose to Don Klepper-Smith, chief governments to determine $300,000 in 2020, a 15.4% in- economist at research firm what fits their situation best.” crease from the prior year and DataCore Partners, said Con- On Monday, Mr. Cuomo said the highest price on record in necticut’s underlying economic he would have to remove an- the state. challenges are likely to con- other group from vaccine eli- The state’s housing market tinue. gibility if restaurant workers benefited from low-interest But in the short term, the were included, citing the lack rates, growing demand for state will benefit from the of supply of vaccines and a second homes and the ability strong demand for Connecti- huge demand for shots. of white-collar workers to “It’s a cheap, insincere dis- work remotely amid the pan- cussion,” Mr. Cuomo previ- demic, giving those workers Median sales prices ously said. “Yes, I would like more options to choose where to see restaurant workers eli- to live, said Timothy Warren, rose to $300,000 in gible. But what does eligibility chief executive of the Warren 2020, a 15.4% climb mean when you don’t have Group. enough?” In the New York City sub- from the prior year.

Mr. Cuomo’s reversal fol- MARY ALTAFFER/ASSOCIATED PRESS urbs of Fairfield County, sales lowed comments New York Taking orders at West Bank Cafe in Manhattan. Indoor dining can resume Feb. 14 at 25% capacity. volume for single-family homes rose by nearly 27%, and the median sales price hit cut homes as more people are $540,000, a 22.7% increase likely to expedite plans to from the prior year. move to the suburbs as the Mayoral Candidate Yang Tests Positive Connecticut’s strong perfor- pandemic continues, he said. mance surpassed Massachu- “The 2020 numbers were BY KATIE HONAN positive result on a rapid run for mayor last month. The 27 after taking three rapid setts’ in terms of growth for nothing short of stellar,” Mr. Covid-19 test on Tuesday. Manhattan resident joined a Covid-19 tests, all of which both sales volume and me- Klepper-Smith said. “I see an- New York City mayoral can- “I am experiencing mild crowded field of contenders were negative, his campaign dian-sale prices, Mr. Warren other good year for housing” didate Andrew Yang said symptoms, but am otherwise competing in the Democratic said. said. in 2021, he added. Tuesday that he tested posi- feeling well and in good spir- primary on June 22. All of the Mr. Yang’s last in-person “It was a remarkable turn- Single-family home sales tive for Covid-19, days after he its,” he said. “I will quarantine mayoral forums and debates event was a walk around the around because the real-estate were robust throughout Con- went into quarantine because in accordance with public have been held virtually, but he Bronx with state Assemblyman market has been essentially necticut in 2020 compared a staffer tested positive for health guidelines and follow has run one of the most active Kenny Burgos, according to his flat since the Great Reces- with the prior year. Sales vol- the coronavirus. theadviceofmydoctor.” public campaigns in the race. campaign. sion,” he said. ume was up nearly 30% in Li- Mr. Yang, who also ran for His campaign said it was in After a Yang campaign “When the time is right, I The strong housing market tchfield County, which borders the Democratic nomination in the process of notifying people staffer tested positive Jan. 19 look forward to once again hit- is a welcome change for the New York state, and nearly the 2020 presidential election, who may have come into con- for the virus, the candidate ting the campaign trail and state, where median home-sale 19% in Tolland County, border- said in a statement that he tact with Mr. Yang. suspended public appearances. advancing a positive vision for prices have languished since ing Massachusetts—two of the tested negative as recently as A former tech entrepreneur, However, he returned to in- our city’s future,” Mr. Yang the collapse of the housing more rural regions in the the weekend but received a Mr. Yang officially launched his person campaigning on Jan. said. bubble and the ensuing state. A10B | Wednesday, February 3, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK METRO MONEY | By Anne Kadet New York’s Dozens of Chefs Aim to Make You Dinner Loitering

You proba- Emily Peck, a 36-year-old bly haven’t Brooklyn nutritionist who Law Is heard of chef specializes in plant-based Chris Ratel. food such as her organic Deli- The 53-year- cata squash with lentils, Repealed old Brooklyn mushrooms and cashew basil native has yet to launch his sauce. BY JIMMY VIELKIND own restaurant or star in a She’s currently dishing up cooking show. But in one cor- about 600 meals a week but ALBANY—New York state ner of the culinary universe, still working as a private chef lawmakers repealed the offense he’s a star. His classic Ameri- on the side. If she wants to go of loitering for the purposes of can comfort food is the top- full-time on CookUnity, she prostitution, which advocates selling cuisine on CookUnity— says, she’ll need to increase said has been used to harass a meal-delivery service with weekly sales to at least 1,500, people based on their gender an unusual business model. which she aims to do with the expression. Already offering fare from help of two new hires. Democrats who dominate 32 independent chefs working Meanwhile, she enjoys the both the state Assembly and out of shared kitchens, camaraderie after years work- Senate passed the measure CookUnity aims to be for food ing solo and is learning to Tuesday largely along party what Spotify is to music—of- navigate a shared kitchen. lines, saying the law has been fering an infinite selection of The easiest way to get on ev- used to criminalize “walking meals from an unlimited eryone’s bad side? “If you while trans.” Several Republi- number of culinary artists. hoard the coveted items,” she cans said the law, which was Mr. Ratel and his fellow says. “The immersion enacted in 1976, was a neces- chefs can offer whatever blender!” sary tool for preventing prosti- dishes they please to the ser- tution.

vice’s customers, who order AUNDRE LARROW FOR THE WALL STREET JOURNAL o how’s the food? I sub- Gov. Andrew Cuomo, a Dem- food online, selecting from Andres Mendez is one of the chefs producing meals at CookUnity’s facility in Williamsburg. scribed for a week and ocrat, signed the bill less than hundreds of options. Sub- S sampled four meals two hours later. scribers pay $10.50 to $13.50 Chefs relax in a spacious dishes calculated to capitalize among the chefs. Because from three chefs. The fare The existing law makes it a for each meal, depending on lounge, browse the cookbook on trends. A typical recipe is subscribers order meals in ranged from super tasty and violation for someone to re- their weekly plan. library or chat in glass- his salmon with avocado advance, it only buys ingredi- satisfying—in the case of a main or wander in a public CookUnity provides chefs fronted conference rooms. sauce, aimed at the Whole30 ents for meals that are pre- turkey meatloaf with mush- place, beckoning or stopping with the kitchen, ingredients There’s a small gym, locker diet crowd. sold. There’s no risk and little room gravy—to bland and people or vehicles for the pur- and support services such as room and bathrooms with “And I’m over here, slicing waste. disappointing, in the case of a pose of prostitution. The num- dish washing and delivery; showers. up steak and mashing up po- Mr. Ratel next checked the beef ragu with zucchini noo- ber of people primarily charged chefs get a 20%-25% cut of In the larger of the facil- tatoes with butter and app for customer reviews, of dles. I had to dress it up with with the offense has declined every meal purchase. ity’s two kitchens, Mr. Ratel, cream,” Mr. Ratel says. “That’s which he has more than fresh scallions and red pepper in the past 10 years to six in “I can cook what I want, who is selling about 4,000 the beautiful thing. Every 8,000, averaging 4.2 out of flakes. 2020 from 882 in 2010, accord- and when I want,” says Mr. meals a week, was busy pre- counter has a different chef five stars. Mr. Marietti notes the ragu ing to the state’s Division of Ratel, who has worked at paring hoisin-glazed short and different culinary style.” “Eggplant too thick,” ad- dish is averaging 4.5 stars, Criminal Justice Services. Sardi’s, Lundy’s and Grand ribs with peanut noodles. He’s monished a subscriber named with hundreds of ratings, “so Assemblywoman Catalina Central Oyster Bar. “I can be mainly known for indulgent Cathy. Mr. Ratel shook his it goes to show that a meal Cruz, a Democrat from Queens, my own boss.” dishes—think fried chicken, Brooklyn-based head. “Everyone’s a critic!” loved by many may not be a said she has transgender mac and cheese, brisket—that But the hundreds of re- match for everyone.” He says friends who were stopped by ookUnity, which subscribers order as a treat. CookUnity wants views generated every week that over time, the platform’s police “because of how they launched in 2018 and is “I make killer food, and I to be for food what help him adjust recipes to suit algorithm would recommend look and because they fit a cer- C based in Williamsburg, knowhowtogetitinabox,” customer tastes. The next more suitable meals. tain profile.” She said she had Brooklyn, has gotten a big he says. Spotify is to music. time his team makes eggplant Or perhaps I should ditch been detained by police three boost from the pandemic. Mr. Ratel’s top rival, chef parm, he says, the comment the healthy keto fare I’d or- times while walking in her Monthly meal sales grew Andres Mendez, was super- will be on their mind—they dered and try some of Mr. Ra- home borough late at night, from 35,000 to 200,000; it re- vising his own team at a prep meet every Tuesday to assess tel’s lobster mac and cheese. under suspicion of engaging in cently raised $15.5 million for table about 10 feet away. The Mr. Ratel showed me the each review. Mr. Marietti says I wouldn’t prostitution. a planned expansion to sev- 28-year-old immigrant from CookUnity chef app he uses to While top CookUnity chefs be alone. The association representing eral cities including Los Ange- Mexico, who got his start in submit new recipes, which like Mr. Ratel can earn six fig- “Here, you know what peo- the state’s district attorneys les, says 35-year-old founder New York City washing the system analyzes for nutri- ures and employ a small ple say they want, and what endorsed the bill’s passage. and CEO Mateo Marietti, who dishes, takes the opposite ap- tional content and ingredient team, others have left the they really want,” he says. Assemblyman Mike Reilly, a showed me around the com- proach to his menu plan- costs. Assuming it doesn’t ex- platform after failing to gain “They say they want gluten- Republican from Staten Island, pany’s 40,000-square-foot fa- ning—he’s a data nut. ceed the threshold—roughly a following or improve bad free, low carb. But it’s the said officers still receive hun- cility last week. Analyzing sales informa- $5—the meal is automatically reviews. dish called ‘mom’s brisket’ dreds of complaints about The space has none of the tion generated by the approved. And some are just getting that gets hundreds of orders.” prostitution and warned that crazy, frantic atmosphere of CookUnity platform, Mr. Men- CookUnity orders ingredi- started. Among the many the bill would hinder enforce- an urban restaurant kitchen. dez constantly creates new ents in bulk to distribute chefs who joined last year is [email protected] ment efforts.

JOURNALISTS DON’T ‘JUST WRITE STORIES.’

THEY RECORD HISTORY.

Learn more about the impact your journalism career can have on the world. Wall Street Journal reporter Erin Ailworth and others share career advice at dowjonesnewsfund.org/careers. FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, February 3, 2021 | A11

BONDS ELIZABETH BERNSTEIN

his past year, I’ve found myself returning again and again to a line of poetry by Emily Dickin- T son: “There is no frigate like a book.” Like many people, I’ve needed the therapeutic effects of reading more than ever this year. As neuro- scientists and psychologists (and your high school English teacher) will tell you: Books are good for the brain. And their benefits are partic- ularly vital now. Books expand our world, providing an escape and of- fering novelty, surprise and excite- ment, which boost dopamine. They broaden our perspective and help us empathize with others. And they can improve our social life, giving us something to connect over. Books Books can also distract us and can help help reduce our mental chatter. transport When we hit that glorious “flow us from state” of reading where we’re fully pandemic immersed in a book, our brain’s stress. default mode network likely calms down, says Jud Brewer, a psychia- trist who directs research at Brown University’s Mindfulness Center. That’s a network of brain regions that is active when we are not doing anything else and that can get absorbed in worrying and The Therapeutic Valueof Reading rumination. “There’s so much noise in the world right now and the very act Literature at the university. Return to something familiar. of reading is a kind of meditation,” Of course, it’s difficult for your When times are uncertain and says Mitchell Kaplan, owner of the brain to focus on a book when it’s back on the floor, under the cov- scary, something familiar can be a Miami-based independent book- constantly scanning for threats so READ ON. ers with a flashlight. (I used to source of solace. The survey of stores Books & Books and co- it can keep you alive. That’s ex- Here are some more tips on how read in my closet.) Try to channel pandemic reading habits con- founder of the Miami Book Fair. actly what’s been happening to to read mindfully. that sense of wonder, absorption ducted by the researchers at Aston “You disconnect from the chaos most of us since March—our and innocence. University found two types of around you. You reconnect with fight-or-flight response has n Put your phone (far) readers: Those who focused on yourself when you are reading. been consistently acti- away. Give it to someone n Read first thing in morning. reading something new to them, to And there’s no more noise.” vated. (Sometimes I pic- to hold, with instruc- It’s a great way to start your day. expand their knowledge, and those In 2020, the NPD Group re- ture my brain as a car- tions not to give in to It forces you to put down your who re-read familiar books for the corded the best year of book sales toon brain with little your pleas to have it phone. And you’ll have more sense of comfort and stability and since it began tracking comparable arms and legs, swatting back. energy. the lack of surprises. data in 2004. Sales of print books, away a book I am holding Lisa Lucas, the publisher of which make up 80% of the market, and screaming: “Can’t you n Make reading a habit. n Try listening. Consider an au- Pantheon and Schocken Books and were up 8.2% by volume over 2019, see I’m busy!”) Anxiety also Pick a favorite spot. Brew some diobook. Let the narrator do former executive director of the while sales of e-books were up 17%. causes our brain to release a tea. Read at the same time some of the work. National Book Foundation, The sales were driven by a number flood of stress hormones, which each day. typically reads one or two of categories, according to NPD zap our energy and make it n Put down the book if books a week during a nor- book analyst Kristen McLean: chil- harder to concentrate. n Go inward. Readers turned to you’re not getting into mal year. But for much of dren’s books; adult nonfiction, espe- What can you do when this many “quieter,” more introspec- it. Life is stressful and the pandemic, she says she cially books about race and civil happens to you? Be more mindful tive books this year, such as unpleasant in many found herself unable to rights; and biography and memoir. of your reading habits. Here’s how. memoirs, books on mindfulness, waysrightnow.Reading concentrate on reading. Yet even as people are buying and poetry, says Mr. Kaplan. shouldn’t be one of them. Then one day in Decem- more books, many are reporting Meditate. Clear your mind before ber—sitting on her couch, scroll- they’re having a harder time get- you start reading. Sit quietly for n Read the way you did as a n Start a new book as soon as ing on her phone while on a break ting through them. A study of five minutes and let your mind kid—sprawled on a bed, on your you finish the previous one. from work—she remembered how British reading habits during the quiet down. Or listen to a short much she likes to read “The House pandemic conducted this summer guided meditation. of Mirth” every few years around by researchers at Aston Univer- the holidays. The memory inspired sity in Birmingham, U.K., found Start short! Our brains are wired lowing yourself to get immersed. current events, it’s also more likely her to pick up a book, and she that while people were reading to love a reward, says Brown’s Dr. Then reflect on how you felt when to hold your attention. And re- reached for the closest one at more, they were reading more Brewer, author of the forthcoming you were reading. search by professor emeritus Keith hand, opened it up and started slowly. Many of the survey’s 860 book, “Unwinding Anxiety.” And Oatley at the University of Toronto reading. And she just kept going. participants said they were dis- finishing something you’re reading Read something relevant. “If you shows that the more narratives “Once I started, the comfort tracted, and that this lack of con- is rewarding. “It feels good, so are feeling in a state of flux, you you read—fiction, biography, mem- and distraction and brain-opening centration was making it harder your brain will want to do it can read in order to understand oir, history—the more empathic experience of having literature feel to progress, according to Abigail again,” he says. He recommends what is going on around you,” says you become. “Someone has worked like it’s a part of my brain again Boucher, a researcher on the choosing an engaging short story, Mr. Kaplan of Books & Books. If very hard to take you inside the was transformative,” she says. “It

GETTY IMAGES study and a lecturer in English maybe by a favorite author, and al- the topic is relevant to your life or mind of another person,” he says. gave me peace.”

No. 1 mental-health disorder is ages your brain to grow and makes How to Raise More-Resilient Kids anxiety disorders. Stress definitely it possible for you to take on the makes everyone more anxious. next challenge. If you’re only fo- Covid is a chronic stressor. If there cused on your grade, you some- waseveratimetochangeyour times will lose out on enjoying the parenting, it is now. book. Instead of taking a risk on an essay for class that might be a What can parents do to build re- little off-assignment but so cre- silience in their children? ative and rewarding, you are al- Good parenting provides chil- ready hedging your bets. dren with steady, warm and emo- tional nourishment on the path to How can parents increase the like- independence. Like scaffolding lihood of good behavior? supports a building, parents are Actively try to catch your child there to support the child. But as being good. You want to reinforce the child grows, we take the scaf- positive behavior and the way to folding down. Good parenting is reinforce it is by telling someone not about rescuing our kids. Unlike that you are very pleased and you other parenting techniques such as are very specific about what helicopter parenting, scaffolding they’ve done that makes you feel ensures our children’s emotional good. “Thank you so much for set- resilience. Success is certainly ting the table.” “I really am im- what we want for our kids, but pressed with how hard you worked failure is an option. Things will go studying for your algebra test.” wrong. And if we have shown our kids how we can rebuild things, GETTY IMAGES fortify foundations, how we are al- ‘The most important Parents can foster resilience and self-reliance in their children even during the pandemic by taking small steps. lowed do-overs, we’re going to find in the long run, they will be thing parents can do more resilient and self-reliant. BY ANDREA PETERSEN the shape or style of the building ing. They have to calm themselves right now is provide and it eases its support as the and say to themselves, “This is not What common mistakes do par- routines and schedules.’ he pandemic has dealt a structure rises. important, the kids will make up ents make that can undercut re- T tough hand to kids and their Here are edited excerpts from foritlater.” silience? parents, with social isolation, an interview: I think we’re hard-wired to fix distance learning and the constant How can parents best support things when it comes to our chil- We tend to monitor negative threat of illness. Child and adoles- Many families are struggling dur- theirkidsnow? dren. When we do that, we send behavior. “You’re eating with your cent psychiatrist Harold S. Kople- ing the pandemic. How does par- The most important thing par- the message to our children that mouth open.” “You didn’t say wicz says even small steps can enting need to change? ents can do right now is provide they are inadequate or bad or in- hello.” The good behavior can dis- help parents foster resilience and Self-care is so essential. Self- routines and schedules. Every competent. Instead, we need to appear if it’s not being noticed and self-reliance in their children. care is child care, particularly dur- Wednesday is pizza night. Every stand back just a little bit. it’s not being reinforced. No mat- Dr. Koplewicz, the president ing Covid. Covid requires us to Friday is movie night. We all wake We also can overvalue product ter how upset you are [with bad and medical director of the Child make sure we are doing some exer- up at the same time every day and versus process. By that, I mean behavior], screaming and yelling Mind Institute in New York and cise, that we are sleeping, having a we’re all doing regular hygiene. that instead of caring about effort is not going to make it better. Go California, lays out his parenting little fun every once in a while. Re-establishing household routines and rewarding effort, they focus for a run. Call your best friend and approach in “The Scaffold Effect,” Set realistic expectations. Par- always eases a child’s anxiety, es- on grades or winning the race in- vent. It is a lot better than just which was published Tuesday. Par- ents have to re-evaluate what their pecially during a time of so much stead of running the race. That is losing it. Loss of control is just a ents, he says, should think of their expectations are for academic uncertainty. a big problem. It’s the process of bad model for the kid and on top role as that of a scaffold for a growth and academic production, Pre-Covid, the No. 1 set of dis- learning, the intellectual enjoy- of that it doesn’t work. All they building under construction: their when so many kids are doing hy- orders for kids under the age of 18 ment of taking a hard subject and are going to feel is the emotional child. The scaffold doesn’t control brid education and distance learn- were mental-health disorders. The getting some mastery that encour- heat and not the lesson learned. A12 | Wednesday, February 3, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

Helping Kids Build a Healthy Rela- FAMILY The Ways Families Can tionship with Technology,” offers a &TECH checklist that can help parents de- JULIE termine when their children are JARGON ready to post to social media or to Protect Children Online play games online. Parents can ask themselves such questions as, hildren, without even “Can she manage her online repu- searching for it, can tation?” or “Can he protect his on- stumble across porn or line privacy?” risqué images online, or If you determine your child is C receive messages from ready, some experts suggest devel- strangers. It happens in oping a tech contract that lays out the most-innocuous places: the the rules of tech use and the con- Fitbit activity-tracking app, Google sequences for violating them. Ms. Docs, Pinterest and, lately, Face- Graber offers one and Dr. Bennett book’s search engine. offers one too. Parents get exasperated trying The nonprofit Organization for to manage what their children see Social Media Safety just began of- online. Just when you think you’ve fering a free online course on how instituted all the parental controls to keep kids safe on social media. and installed all the web filters, your kid gets a friend request from Talk to your kids. Experts agree a stranger or finds photos of linge- that the best defense is to have rie-clad women while searching ongoing, open discussions about for cookie recipes. how to stay safe. That sounds sim- Last weekend, the online paren- ple, but where do you start? tal-control and monitoring service Experts suggest talking to Bark warned parents that due to younger children about how they some kind of bug in Facebook’s feel when something makes them search engine, typing a single let- uncomfortable so that they recog- ter into the search bar and then nize those feelings when they choosing to see video results come across something troubling yielded a lengthy menu of sexually on the internet. “You can say, explicit videos. “We’re investigat- ‘Have you ever talked to someone ing reports of some inappropriate and it made you feel super weird content showing up in some even if you didn’t know why?’” Dr. searches,” a Facebook spokes- Bennett said. With older kids, she woman told me. “We’re imple- recommends having weekly discus- menting changes and, out of an sions about news topics. Parents abundance of caution, we have dis- who sign up on her site receive abled certain parts of search until While most social media require users to be at least 13, the reality is that many younger children are signing on. weekly articles that can serve as a we complete our investigation. We discussion starter. apologize for this error.” In December, Heather Gill- users to be at least 13 years old, the Internet Safe.” parents didn’t think they had to Make use of online safety tools— strap’s 12-year-old daughter re- reality is that many younger kids Several internet safety experts monitor that,” she said. and involve your child. No parental ceived in her email a Fitbit friend are signing on. One mother said her told me that middle- and high- A Google spokeswoman said the control is completely foolproof—or request from a stranger whose 12-year-old son was searching for school students have been using company has a number of policies even childproof—but a little effort profile picture was of a partially cookie recipes on Pinterest last fall Google Docs to share nude photos to help maintain a positive experi- can go a long way. Most apps have nude woman. The Alabama mother and found photos of half-naked of one another, often for the pur- ence while using Google Classroom built-in mechanisms for blocking removed her daughter’s email ad- women. Another said the same poses of bullying fellow students. products, including one against and reporting bad actors and for dress from the app. thing happened to her while search- Brian Thomas, chief executive of publishing any sexually explicit or filtering explicit content. You can A Fitbit spokeswoman said the ing for a meatloaf recipe. Lightspeed Systems, a software pornographic images or videos. set up device-specific parental company’s Fitbit Ace 2 is designed “We work hard to find and re- company that filters internet con- She also said there is a mechanism controls with varying degrees of for kids 6 and up and was devel- move content that violates our tent for school districts, said be- for reporting child endangerment granularity, depending on the plat- oped with safety in mind; all friend policies, and continue to invest in cause so many kids’ social-media of any kind in Google products. form. (Chromebooks, for instance, requests go to a parent’s account our teams and technologies to accounts are monitored by parents have some useful controls, but you for approval. Even with models in- keep such content off Pinterest,” a and their emails are monitored by What you can do can’t set specific hours that kids tended for users 13 and older—like Pinterest spokeswoman said. “If schools, they’ve turned to Google Determine your child’s readiness. can use certain apps or services.) the Fitbit Alta that Ms. Gillstrap’s people find content that shouldn’t Docs. He said his company has de- The first thing to consider before Forevengreatercontrol,youcan daughter has—there are ways to re- be on Pinterest, we encourage veloped skin-tone analysis soft- giving children a smartphone, or a block apps and inappropriate con- port inappropriate content and ad- them to report it to us.” ware to help flag potential porn to social-media or online gaming ac- tent through your Wi-Fi router, or just settings to keep certain infor- “People tend to think there’s school districts. count, is to assess their readiness. with an add-on networking device. mation private. The spokeswoman safe social media, but it isn’t true. Dr. Bennett said she had a cli- After all, helping them cope is said Fitbit has controls on the back And sometimes the predators are ent whose child was exchanging more effective than trying to For more Family & Tech columns, end to stop a lot of the spammers kids,” said Tracy Bennett, a clinical inappropriate messages over shield them from all the evils of advice and answers to your most but can’t stop them all. psychologist and author of “Screen Google Docs with an adult in- the internet. pressing family-related technology While most social media plat- Time in the Mean Time: A Parent- volved with the school. “It was the Diana Graber, author of “Rais- questions, sign up for my weekly

GETTY IMAGES forms, including Pinterest, require ing Guide to Get Kids and Teens child’s academic account so the ing Humans in a Digital World: newsletter.

MY RIDE | A.J. BAIME ARaceCar He Doesn’t Drive Over 50 MPH

Miles Seter, 80, a retired manufacturer of filters living in Punta Gorda, Fla., on his 1954 Lincoln Capri, as told to

A.J. Baime. EVE EDELHEIT FOR THE WALL STREET JOURNAL (2) Miles Seter’s 1954 Lincoln Capri is a re-creation of a car from hen I was young, I Mexico’s ‘La Carrera Panamericana’ road race. W read this magazine article called “With the Lincolns in Mexico.” I don’t Lincoln wanted to market lica race car created by a pre- even remember the name of its Capri model, and so a team vious owner. This man, the magazine. I just thought it of Lincolns entered the race in whose name was Whitlock, was the coolest article. It was 1952. Lincoln won it in its was also fascinated by the about the Mexican road race classthreeyearsinarow.[A Mexican road race. Upon in 1954. This race, officially Lincoln racing driver said in hearing that Mexico was go- called La Carrera Panameri- 1954 that the Capri could ing to re-create the race as a cana, was created as a promo- reach speeds of about 130 rally in 1988, Mr. Whitlock tion for Mexico when the mph.] When I read about it in went out and found a 1954 country finished its section of 1954, I was 14 years old. I tried Lincoln Capri, and built it out the Pan-American Highway, to convince my father to buy a to enter the rally. which ran from South America Lincoln, but he bought a Ford When I bought it, the car to Alaska. Mexico started this instead. Ever since, I always was not running. I brought it race in 1950. had it in my head that I would to a friend of mine named Al The race had Ferraris and drive a 1954 Lincoln. Fox who is a great mechanic, it also had Volkswagens. And Manyyearslater,Iwas and it sat in his garage for they would go through these traveling through Indiana and about a year and a half. Be- checkpoints, through the en- I went to a car museum in tween the cost of the car and tire country. At the time, this the town of Auburn. There the work on it, it cost me ba- was one of the most famous was this 1954 Lincoln racing sically what a new Lincoln and exciting races in the car behind a rope. I took pic- might cost today. It still needs world. I have videotapes shot tures of it. Fifteen years after some odds and ends, but it is from an airplane, and you can that, I went back to that so much fun to drive. I don’t see the cars going through same museum looking for the go too far with it, and I have the mountains. There were car. It was on loan to a differ- notgottenupover50mphin some big-name racers. But ent museum, but while I was the past year. But the amount there were also a lot of acci- there, I asked the museum of- of attention it gets—people dents. So many pedestrians ficials if they ever sold any of are just so curious as to what came to see the race cars, their cars. They did. After it is. And I like to tell the story and some of them would get some negotiating, I bought of the time when I was 14, hit. Because of that, Mexico the 1954 Lincoln in 2018. when I first heard about the canceled the race after 1954. The car is actually a rep- Lincolns racing in Mexico. THE WALL STREET JOURNAL. Wednesday, February 3, 2021 | A13 ARTS IN REVIEW

“Lumee’s Dream,” co-directed with Adam Larsen, now available as part of LA Opera’s “Digital Shorts” project, presents an aria from El- len Reid’s opera “prism,”sung by mezzo Rebecca Jo Loeb, as a serenely elegant array of kaleido- scope images of dancer Sasha Riv- ero and singer Anna Schubert. (A video of the staged production of the complete opera, which Mr. Darrah helmed, is available on the LA Opera website through Feb. 8.) For the Los Angeles Chamber Or- chestra, Mr. Darrah serves as the creative director of “Close Quar- ters,” online videos that accom- pany orchestral performances. For Aaron Copland’s “Appalachian Spring,” the camera follows Mr. Darrah as he bicycles through a Los Angeles neighborhood, spin-

One fuses Philip Glass’s 1987 work with the story of a migrant child in detention

ning along busy commercial arter- ies and residential streets. This Scenes from Boston steady journey, its scenery so re- Lyric Opera’s ‘The Fall of mote from the nonurban inspira- the House of Usher,’ tion for the Copland piece, seen in right and below split screen with the musicians playing, creates an unexpectedly

OPERABOX.TV/BOSTON LYRIC OPERA (2) contemplative atmosphere even as it offers a contemporary gloss on a piece of American nostalgia. OPERA REVIEW iii As Boston Lyric Opera did with its “Usher” project, Washington Classics for Our Times National Opera produced a planned 2020-21 season piece in a different medium: The company commis- New takes on ‘The Fall of the House of Usher’ and ‘Fidelio’ are of-the-moment sioned a graphic novel, aimed at young readers, based on Beetho- ven’s “Fidelio.” Created by Kelley BY HEIDI WALESON Mr. Glass’s 90-minute opera Rourke (author) and Erik Teague works well as a film score. There is (co-author and illustrator), the ames Darrah’s new film of plenty of space for Luna’s tale in book highlights female heroism. It “The Fall of the House of its long stretches of purely instru- opens with the opera’s back story, Usher,” available on Boston mental music, and the repeating casting Leonore and Florestan as Lyric Opera’s operabox.tv, arpeggios, growing in pulsating in- co-leaders of the Resistance to the Jrepresents an intriguing tensity, push the narratives along. wicked Governor Pizarro, and then take, both in medium and (Conductor David Angus supervised proceeds with the opera’s rescue interpretation, on Philip Glass’s the music recording remotely; the plot, minus the family comedy and 1987 work. However, be warned players worked from a click track.) the Prisoners’ Chorus. that you may be perplexed about The disembodied voices of the The vivid illustrations keep the what’s going on. singers—Jesse Darden (Roderick), story in its late 18th-century pe- Raúl Santos’s screenplay layers Chelsea Basler (Madeline) and Dan- riod, but the text is sprinkled with the contemporary story of Luna, a iel Belcher (William, their visi- quotes about feminism and justice Guatemalan migrant child who is tor)—float as nondominant ele- from Martin Luther King Jr., John interned alone at the U.S. border, ments in the texture. Adding to the Lewis and Ruth Bader Ginsburg, over Arthur Yorinks’s original li- creepiness, Madeline’s part is a emphasizing the opera’s timeless- bretto based on Edgar Allan Poe’s wordless vocalise. coal) with their depictions of flight, featuring an actress in a badly fit- ness. And there’s music: A 20-min- horror tale about the twins Roder- The striking visual components, incarceration, looming guards, a ting man’s suit who brandishes ute digital version of the book, ick and Madeline festering in their supervised by production design- near-drowning and a gravedigger. scary instruments from an old- available on the Kennedy Center’s decaying Gothic mansion. Luna’s ers Yuki Izumihara and Yee Eun Early in the film, the television fashioned medical bag and turns website, features members and story is depicted in animated char- Nam and director of photography footage depicts a happy, sanitized on a 1960s-era television—offers a alumni of WNO’s Cafritz Young coal drawings; the Usher tale uses Pablo Santiago, embrace the op- American Dream landscape, with clue. Nothing is benign; perhaps Artists program reading the text (I dolls in stop-motion filmmaking. A era’s ambiguity and nightmarish children on school buses, suburban the poisonous house is intended as particularly liked bass-baritone third visual stream comprises ar- ambiance. William has been sum- barbecues and birthday parties. a metaphor for the corruption of Samuel Weiser’s thuggish Rocco) chival television footage, much of moned by Roderick, but for what Later, it shifts to animal experimen- that American Dream. However, and singing snippets from the op- it from the 1960s. What do these purpose? Are the twins lovers? tation, Black people being chased the strong erotic undertones of the era with piano accompaniment. It narratives have to do with one an- Does Madeline actually get buried off public beaches, and finally mod- Usher story—glimpsed especially all provides a tidy, focused intro- other? Apparently, Luna, mute and alive? What happens at the end? ern-day news clips of migrant chil- through the fervor of Mr. Darden’s duction, with a girl-power spin, to traumatized, imagines the Poe Take your best guess. The stop- dren in cages at the border. singing—don’t really mesh with a classic work. story, as if acted out with dolls in motion technique makes the doll This complex tapestry of alter- Luna’s ordeal, and finally the film an abandoned dollhouse that she characters appear alternately help- nating visual and narrative worlds, feels as though Mr. Glass’s opera Ms. Waleson writes on opera for finds. The connection is not obvi- less and menacing. though swept along by the music, has been repurposed for a differ- the Journal and is the author of ous, but if you can get past a need The animated drawings of is deliberately unsettling, pushing ent story altogether. “Mad Scenes and Exit Arias: The for literal coherence, the storytell- Luna’s nonchronological story con- the viewer to dig for connections. Some of Mr. Darrah’s recent Death of the New York City Opera ing resonates on more abstract vey a different kind of darkness The horror-movie motif estab- film projects with other perform- and the Future of Opera in Amer- and emotional levels. (especially since they are in char- lished by the spoken prologue— ing-arts groups are clearer. ica” (Metropolitan).

TELEVISION REVIEW | JOHN ANDERSON From Skid Row to Altered States

WRITER-DIRECTOR Mike Cahill’s him. Which they quite obviously do. 2011 “Another Earth” was a tanta- Mr. Cahill gives us Greg on the lizing feature, in large part be- cusp of a meltdown, with his life cause its sci-fi elements orbited at collapsing in two directions at an oblique angle: The heart of the once—homeless criminality on the story was recklessness, tragedy one hand, intoxicated euphoria on and a young woman’s need for re- the other. Fleeing his office, where demption. Only tangentially did it things have gone terribly wrong, involve an alternative planet, a he visits the corner bar—Plato’s parallel reality and a correctable Dive, not insignificantly—where he past. It was off-handedly fantastic, meets the magically unreal Isabel thus plausible. It was everything Clemens (Salma Hayek). A much- “Bliss” is not. tattooed, ornately attired street Directed by Mr. Cahill from his person—or witch, or prostitute own screenplay, the Amazon Origi- with a drug habit similar to nal “Bliss” stars Owen Wilson as Greg’s—Isabel can control people Greg Wittle, an employee of a and things with a wave of her company called Technical Difficul- hand, or so it seems. And she in- ties (“We’re sorry you’re having forms Greg that while they occupy technical difficulties,” hundreds of a “real” reality, most of what employees recite into hundreds of they’re seeing isn’t there at all. phones). This by itself is not a har- They need to procure more of the binger of good news, nor is it par- enchanted amber crystals they in-

ticularly subtle: As becomes clear gest “in order to exit this stupid AMAZON STUDIOS very quickly, Greg is malfunction- simulation.” Much of their time is Owen Wilson and Salma Hayek star as an unlikely duo in Amazon’s new ‘Bliss’ ing. His wife has recently kicked occupied in doing just that and flit- him out. His daughter, Emily ting from skid row to paradise. The seems to be a parable about addic- grimiest Los Angeles River-side gible realization of the Platonic (Nesta Cooper), is inviting him to viewer, meanwhile, is wondering tion, while also suggesting that if shanties to a utopian institute that ideal, which might explain why her graduation, which he’s reluc- why he should buy into any of it. one had enough drugs one could might as well be in classical Ath- there’s a cameo by the Slovenian tant to attend. He’s been feigning Mr. Wilson has always seemed permanently exist in a state of ens; shooting was done in L.A. and philosopher Slavoj Žižek and why various physical injuries, it ap- congenitally sardonic and Ms. bliss. As this cannot happen, in Split, where the seascapes pro- Bill Nye the Science Guy is on pears, and has run out of opioid Hayek, quite game given the mate- Greg’s story is just terribly sad, in vide a terrific plug for Croatian hand to help sell the film’s envi- refills (as he’s told by an impatient rial, is a comedian at heart. So nei- a way that all the hallucinations in tourism. “I have some thoughts I ronmental message. But ideas be- pharmacist). The boss wants to ther seems wholly committed to his head can’t make more palat- wish you could see,” Greg tells his ing realized on screen? It’s some- see him, right away; he crushes a the seriousness of “Bliss”—and if able for the viewer. daughter early in the film, and in thing Mr. Cahill’s characters pill into snortable form before an- the story isn’t serious, what is it? One can only assume what Mr. his mind he accomplishes a way of accomplish far more effectively swering the summons. As it irreparably slips the cumber- Cahill’s intentions were. Any lofty doing that—a “visualizer” that cre- than does the director himself. We sympathize with his plight, some bonds of reality, entering a philosophical ruminations get lost ates a sensation in the model city, but we also see soon enough why drug-induced world where dosage in the antic adventures of Isabel which is also a product of Greg’s Bliss his fellow employees might hate determines action and location, it and Greg, who migrate from the mind and pencil. It’s a kind of tan- Friday, Amazon Prime A14 | Wednesday, February 3, 2021 THE WALL STREET JOURNAL. SPORTS Mahomes Was Better at Basketball

Why are the Kansas City Chiefs back in the Super Bowl? Because their star quarterback plays like a point guard.

BY ANDREW BEATON AND BEN COHEN and Greg Ward, a Philadelphia Ea- gles wide receiver who says he ne of the craziest ath- burned Mahomes in their high- letic feats of Kansas school football games. (“He’ll City Chiefs quarter- probably say something different,” Oback Patrick Ma- he added.) Their matchup when homes’s life came in a Mahomes was a junior was a rare high-school game against three fu- high-school basketball game with ture NFL players. He read the de- four future NFL players. fense. He surveyed the space in “And then a Baptist preacher front of him. He saw a chance to refereeing,” said Brown. score and jumped over his de- The play that blew everyone’s fender. minds that night began when Then he threw down a vicious Parker threw a pass to Mahomes. slam dunk. He wasn’t expecting a nasty dunk. The crowd at this high-school He knew better than anyone that basketball game went bananas. It Mahomes wasn’t known as a was such a spectacular highlight dunker. “I’d say he was a rim that it was easy to miss how the grazer,” Parker said. play ended: with the referee call- Mahomes chased down Parker’s ing Mahomes for an offensive foul. pass as a Tyler player standing “I still think it’s the best call I near midcourt remembered what ever made,” said Scott Brown, the his coach had told him before the referee, who is also a Baptist game: The best way to stop Ma- preacher. homes was to get him in foul “Does he really?” said Jake trouble. Parker, a Mahomes basketball and Isaac Warren, who also played football teammate at Whitehouse cornerback against Mahomes on High School. “Man, you can’t call the football team, sprinted toward that a charge.” the hoop and heeded that advice. “I’m still mad about that play,” He stopped. He set his feet. He put said Ryan Tomlin, Whitehouse’s himself in charge position. coach at the time. “It was not a And then Mahomes vaulted over charge.” him. “Absolutely it was the right “He did what he had to do,” call,” said Cedeno Clark, the coach Ward said. of rival Tyler High School. “As ex- “I didn’t know he was going to ceptional as it looked, the bucket go up like that,” Warren said. did not count.” “His teammates were more sur- prised than anyone,” Parker said. But nobody in the gym that day “We hadn’t really seen him do would forget this dunk that never that. He could dunk it, but it technically happened because it wasn’t anything crazy. That dunk was a flash of the freakish athleti- righttherewasprettycrazy.” cism and sheer gumption that Mahomes chose football over have propelled Mahomes and the basketball—he stopped growing at Chiefs to another Super Bowl this 6-foot-3, the same height as Ste- Sunday against the Tampa Bay phen Curry—but he was pleased Buccaneers. when this clip of his basketball It’s a matchup between two su- hops surfaced online a few years perstar quarterbacks, the 25-year- ago. This was the evidence he old Mahomes and 43-year-old Tom needed to convince Chiefs receiver Brady, who have a lot in common Tyreek Hill that he really could since they were 18 years old. They dunk. Or at least it was supposed both played football, basketball to be. and baseball in high school. They playing basketball,” said Mahomes ple of a star athlete who dabbled basketball court were basically “He still doesn’t believe it was were both drafted by Major Sr., a former MLB pitcher. in multiple sports before specializ- football plays. One highlight of his me,” Mahomes said in 2018. League Baseball teams. They both Mahomes was a four-year var- ing in one. He was a prized base- senior year came when Mahomes, “That video of Pat is not him,” decided to play football instead. It sity basketball player at White- ball prospect. He was the quarter- wearing a headband instead of a Hill insisted then. “It is another turned out to be the right deci- house High School in Texas, and back of his football team. He was helmet, was falling out of bounds kid.” sion: They both have Super Bowl one of his longtime teammates also the quarterback of the basket- underneath the basket and still Another video that appeared rings, MVP awards and Super Bowl was Spencer Shaw, who is now a ball team. managed to whip a sidearm pass online more recently showed the MVP awards. But there is one big minister at a church in Oklahoma. Coaches, teammates and oppos- over the defense to a teammate quarterback with the richest con- difference between Brady and Ma- Toward the end of their senior ing players offered a scouting re- named Jake Parker. tract in sports history breaking an- homes. year, when asked what he was port on Mahomes the basketball Their chemistry wasn’t a sur- kles on the basketball court during Brady plays quarterback like a most excited to see at their future player. He played every position prise to anyone who had watched the NFL offseason. Chiefs general quarterback. Mahomes plays quar- class reunions, Shaw made a pre- from point guard to power for- them in pads: Parker was Ma- manager Brett Veach put his foot terback like a point guard. diction in the yearbook that ward—a point forward like Dray- homes’s favorite target as a wide down: Patrick Mahomes was worth “Basketball was his best sport,” turned out to be prescient. “Pat- mond Green. He was a crafty fin- receiver. too much playing football to let said Pat Mahomes Sr., his father, rick Mahomes’ Super Bowl ring,” isher near the hoop. In a surprise “If the ball hit the rim and I him keep playing basketball. “because he could make everyone he said. to nobody who has seen him play knew Pat was gonna get the re- But even his own father says else better.” But the most surprising part of football, Mahomes would zip bound, I could already start that Mahomes wouldn’t be in an- It’s hard to watch Mahomes de- Shaw’s prophecy wasn’t that it passes across the court into the streaking down the court,” Parker other Super Bowl as the most elec- stroy NFL defenses without seeing came true. It was his assumption hands of barely open teammates. said. “He could basically throw me trifying talent of his generation if the basketball player in him. He that Mahomes would be playing And there was nothing he loved a fade ball for a wide-open layup.” not for his experience in other excels at making plays on the run. football. more than initiating contact. Tyler and Whitehouse was an sports. He throws no-look passes. He uses “During most of his high-school “He knew how to utilize his epic football rivalry that carried “He’s taken a piece of every his off hand. He contorts his body career,” Shaw says, “football was body,” Shaw said, “which you still over to the basketball court. Ty- game and used it all for when he in strange, balletic ways that probably seen as his third best see in the way he plays quarter- ler’s team included Baltimore Ra- plays quarterback,” Mahomes Sr. shouldn’t be possible. “That’s all sport.” back.” vens linebacker Tyus Bowser, who said. “He’s incorporated three

stuff that he did when he was Mahomes was a shining exam- Some of his finest plays on the has tackled Mahomes in the NFL, sports into one.” ILLUSTRATION BY JOHN HINDERLITER

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New York City 35 27 c 38 32 s Dublin 47 41 c 46 35 r Warsaw 40 34 c 36 20 sn s ALONE MING KNEE Oklahoma City 62 50 pc 52 27 pc Edinburgh 37 35 r 39 34 r Zurich 52 41 r 52 39 pc Solve this puzzle online and discuss it at WSJ.com/Puzzles. NAMESSASSSEEK THE WALL STREET JOURNAL. Wednesday, February 3, 2021 | A15 OPINION Investing Has a PR Problem BOOKSHELF | By Matthew Rees With the the risk of the brokerage or law, etc. Real investors want well as its big losses, come Got to Lose GameStop its customers failing to de- to be paid for taking this risk. from a real business of mining bubble com- liver the cash if prices col- They don’t buy at an inflated valuable information. Market ing to its lapsed during the hours or price that already reflects the bubbles based on information- foreordained days before trades cleared. It hoped-for turnaround. less trading, like the one that Some Weight conclusion demanded Robinhood put up So another narrative had to drove GameStop from $18 to BUSINESS on Tuesday collateral it didn’t have. So be conjured: Short sellers $483 in a few weeks, may WORLD the broader Robinhood curtailed its cus- themselves had manipulated seize center stage for a mo- Just Eat By Holman W. stock market tomers to buying just a single GameStop’s price downward ment. But Wall Street’s infor- By Barry Estabrook Jenkins, Jr. was having share of GameStop. to defeat its resurrection. mation regime reasserts itself its best day Boom. Suddenly conspiracy This is another failure of eventually. Only the Federal (Lorena Jones, 242 pages, $26) in a while. theories flowed about Wall understanding of the sort that Reserve has enough money to Internet progress is some- Street biggies intervening to social media is good at pro- detach prices from underlying n the past two decades, one dimension of U.S. public times measured in pratfalls. stop a phenomenon that had moting and giving force in realities indefinitely. I health has undergone a shocking transformation: body The stumble of the free online harmed their own bets that The lesson might have weight. In 2000, the residents of West Virginia had an brokerage Robinhood over its GameStop would fall (known been especially useful given obesity rate of 23.9%, the highest of any U.S. state. By 2019, customers’ trading of as short selling). Robinhood might people like Mark Cuban, in Colorado had nearly the same rate (23.8%), and it was the GameStop actually hearkens to Like AOL’s, Robinhood’s honor of the GameStop cir- lowest of any state. Leaving aside a few small nations, the a precedent that has nothing snafu was partly due to an- remind its customers cus, going on CNBC and con- is the fattest country in the world, with an to do with the Wall Street vs. cient, clunky infrastructure— that business is about fusing people about whether adult obesity rate exceeding 42%. little guy narrative that preoc- in this case for certifying stock trading is a game un- The disease and disability that accompany excess weight cupies some. ownership of an asset, such as something real. moored from any incentive have contributed to higher health-care costs and lower life In 1996, dial-up internet pi- a share of stock or even a per- for long-term value creation expectancy. They’ve also created a $72 billion industry oneer America Online stopped son’s ownership of his or her by business. devoted to telling people how to shed extra pounds. These charging by the hour in favor own identity. (Blockchain is our world. Short sellers don’t With a few explanations, combined conditions—reasons to worry and strategies to of a flat monthly fee. Unsur- theanswermanyhavepro- prevail by manipulating prices Robinhood might have saved manage—set the stage for Barry Estabrook’s “Just Eat,” an prisingly, customers instantly posed just as broadband but only if other investors de- its customers some big losses. enlightening first-person account focused on the diets that revealed a preference for be- solved the AOL problem.) cide a security is overvalued The air-clearing also could Americans attempt to follow and the cultures that seem to ing online all the time. But a But the brokerage’s trip- (see Tesla). have been prelude to requir- have found a healthy relationship with food. symphony of busy signals ex- ping up is also about some- Short sales, in fact, are in- ing them to solve its clearing Mr. Estabrook’s chronicle begins with his getting a posed an unappreciated fact thing newsier: the internet’s distinguishable from the zil- problem by posting enough physical—and admitting to himself that he is 40 pounds of AOL’s business model: It empowerment of quick-form- lions of trades that cross the cash to secure their own overweight. He is saddled was reselling access to the ing online mobs that can get a tape and are gone in a nano- trades if they wanted to keep with high cholesterol, so his regulated local phone system New York Times editor fired second in a market where a dabbling in GameStop. doctor ups the dosage of a designed for calls that last six or turn a fantasy like QAnon company’s entire outstanding I don’t know what was in drug to treat it—to the minutes, not all week. into a cultural phenom. shares can change hands in an the head of Vlad Tenev, Rob- maximum permissible level. Robinhood could give Naturally some GameStop afternoon. A short is different inhood’s CEO, or why he But with high blood pressure, small-timers free brokerage bulls claim not to have been from other trades in only one chose the approach he did, re- a family history of heart because it was selling their promoting a spontaneous, respect: Ironically, it creates a stricting customers comically disease and a self-image as order flow, and thus informa- crowdsourced price-manipula- legal obligation to buy the to buying a single share. “lumpy,” Mr. Estabrook sees tion about which stocks were tion episode. They were bet- shares in the future regard- Maybe he was worried about that something more is in demand, to other interme- ting on a turnaround in the less of price. losing outlaw cred by speak- needed: He decides to go on diaries. This model worked company’s mall-centric retail Robinhood might have ex- ing to them like they were the first diet of his life. until its customers drove business. plained all this to its custom- grown-ups (or capable of be- While his journalistic GameStop to unrealistic Such capitalist feats are al- ers, newbies it likes to think coming grown-ups). But here’s background includes food heights for reasons of their ways possible but don’t come it’s introducing to investing. betting he also feared the on- writing (he’s a former editor of own. Then a behind-the- along every day for a reason: It might have explained line Visigoths turning on Rob- Eating Well magazine), Mr. scenes plumbing provider, The marketplace is competi- that Wall Street, by and large, inhood itself and using their Estabrook poses as a dietary Robinhood’s clearing agent, tive. Others are seeking the is not playing three-card orchestrated clout to knock Everyman: no expert scientific spoke up. It would not accept same opportunities, Murphy’s monte. Its big paydays, as its business offline. or medical knowledge and no investment in any one regimen: “I had no horse in the race other than my rotund belly.” He believes that, if he can find a way of losing weight after an adulthood “defined by chubbiness and a spotty record in the Can Biden Broker a Covid Compromise? willpower department,” then “anyone could.” But he’s candid about the challenge he faces, citing The Covid-19 have to make a tough call. hour—are the least popular. many household balance studies showing that few people succeed by using diets to relief bill is The other controversy is Proposed investments for the sheets are stronger than achieve long-term weight loss—and a lot of dieters end up the first test over policy: What does an future, such as rebuilding ever. adding weight. “In many ways,” he writes, “dieting is a for the Biden adequate response to the and restocking the National Jason Furman, who served multibillion-dollar scam.” Still, he gives it a try. administra- pandemic require? Nearly ev- Strategic Stockpile, are also as chairman of Mr. Obama’s First up is a diet called Whole30. Why that one? “It tion. It’s no eryone agrees that the fed- widely supported, in part be- Council of Economic Advis- happened to be the weight-loss fad du jour.” (It claims more POLITICS surprise eral government should do cause of their relatively mod- ers, has noted that dispos- than three million social-media fans and followers.) The & IDEAS there’s dis- more to help states and lo- est cost. able personal income rose in experiment has an inauspicious beginning. Mr. Estabrook By William agreement on calities vaccinate their popu- The need for additional 2020 by its fastest pace since struggles with the “draconian” rules—no peanuts, grains, A. Galston howtopro- lations as quickly as possible. stimulus is controversial, and 1984, all of which is attribut- dairy, beans or booze (though he’s free to eat as much ceed. One Most agree on money for not only along partisan lines. able to government aid. The meat or fish as he likes), and no weighing himself for the controversy is more testing, personal pro- Many Democrats have em- personal savings rate was first 30 days. His digestive tract goes unpleasantly haywire. strategic: How vigorously tective equipment, and treat- braced a simple equation: 16%, more than double the The first month of Whole30 leaves him 12 pounds lighter, should the administration ments for those who contract 2021 = 2009. In their view, 7% average in recent years, but he quickly gains all the weight back. pursue bipartisan support for Covid-19. More assistance for the inadequate size of the and households enter 2021 He discovers that the diet’s creators have no formal its legislation, and what price small businesses also enjoys economic stimulus adopted with $1.6 trillion in excess training in nutrition (one has admitted to being a former should it be willing to pay to broad support, despite savings, much of which will drug addict) and that little scientific research supports their achieve it? Some Democrats— doubts from economists that be spent when pandemic-in- diet plan. Mr. Estabrook returns to this theme several times, myself among them—believe such programs are an effec- The best shot at duced restraints on consump- profiling the “unscrupulous quacks” who, for more than a that the president’s calls for tive and efficient use of pub- tion finally ease. century, have been peddling diets that have few, if any, unity will be hollow unless he lic resources. a bipartisan bill is If Mr. Furman and other redeeming qualities. (Here’s looking at you, Master Cleanse, does all he can to reach a bi- But then agreement breaks focusing on relief, not like-minded economists are a liquid-only program typically lasting at least 10 days.) partisan agreement that satis- down. The Senate Republican correct, 2021 isn’t like 2009 Mr. Estabrook goes on to experiment with more than a fies his core objectives. Mon- plan meets the administra- structural change. after all. Government policies dozen other eating strategies—including Weight Watchers, day’s meeting with 10 tion’s funding request for and public fears have com- plant-based diets, South Beach, Atkins, paleo—and still Republican senators to discuss vaccinations and other bined to cripple specific ar- finds himself 40 pounds overweight. “Why couldn’t I just their $618 billion offer was a health-related measures, but early in the Obama adminis- eas of the economy such as eat?” he asks. “Plenty of other cultures do.” good first step, and conversa- offers less for extended un- tration doomed the economy travel, bars and restaurants, tions will continue. employment payments, aid to to years of slow growth and and entertainment. No In the end compromise schools, and checks to indi- high unemployment that amount of spending can There are so many diet programs to choose may be out of reach, and Mr. viduals. It doesn’t increase stoked the populist revolt. bring the jobs in these indus- from—but do any of them work? One man’s Biden could be forced to de- the child tax credit and pro- They are determined not to tries back. That will require pend on Democratic votes. vides no direct aid to states repeat this mistake, so the getting the pandemic under try-anything search for a slimmer self. Then the question will be if and localities. But even this mantra is: Go big. Better to control. the arcane congressional may be too much for House overshoot than undershoot, Instead, the focus should process of “budget reconcili- Republicans. they insist. be on relief. Unemployed This is the starting point for Mr. Estabrook’s exploration ation” is compatible with Step back from the details, Other Democrats, includ- workers need help, as do the of eating routines that are integrated into broader habits. political reconciliation. The and it’s clear the administra- ing respected economists, low-income households in He travels to Loma Linda, Calif., a community that is home optimists hope that the tion proposals serve four dis- dissent. They point out that which most of them live. To to large numbers of Seventh-day Adventists. They are president can start with tinct policy objectives: relief, the new administration isn’t the extent that state and lo- nonsmoking vegetarian teetotalers whose lives are filled one-party government and stimulus, investment and painting on a blank canvas, cal revenue losses are forcing with physical movement, spiritual devotion, socializing and shift to bipartisanship later; structural change. The details as President Obama had to these jurisdictions to cut purpose. Studies show that men in the religion live up to 9.5 the pessimists fear that matter, but measures to miti- do. Since March of last year, jobs, the federal government years longer, and women 6.1 years longer, than the average early partisanship will poi- gate immediate hardship en- the federal government has should help plug the hole. of their white counterparts in California. Mr. Estabrook son the well for the next joy the broadest support. appropriated $3.5 trillion, But sending checks to upper- doesn’t adopt any elements of Adventism, but he lets the two years. I believe that the Measures to promote eco- much of it for stimulus as income households that don’t faith’s story emerge through interviews with members and preponderance of the evi- nomic and social change— well as relief. As a result, need the money and won’t accounts of vigorous senior citizens. dence supports the pessi- such as increasing the federal consumer purchasing power spend it makes neither eco- He also travels to Greece to experience the vaunted mists, but Mr. Biden will minimum wage to $15 an held up remarkably well, and nomic nor moral sense. Mediterranean diet, which is dominated by vegetables, fruits, legumes, nuts, unprocessed grains and olive oil, though allowing for limited meat, dairy and wine. He describes it as “the opposite of a fad diet”—the staple YouTube Cancels the U.S. Senate dishes can be traced back thousands of years. While the food consumed is high in fat (thanks in large part to the By Ron Johnson ment of Covid-19. He described guidance to neutral by ac- tise to develop protocols utiliz- olive oil), Mr. Estabrook points to evidence that the a just-published study from knowledging the successful ing a variety of cheap, cocktail of vegetables, seeds, legumes, herbs and spices oogle’s YouTube has Argentina in which about 800 trials but determined “that available and safe FDA-ap- helps fend off cancer and heart disease. One of his G ratcheted up censorship health-care workers received currently there are insuffi- proved drugs to treat patients interview subjects says that the Mediterranean diet to a new level by remov- ivermectin and 400 didn’t. Not cient data to recommend ei- early and avoid hospitalization. succeeds “because it calls for no willpower or sacrifice. ing two videos from a U.S. one of the 800 contracted ther for or against the use of Instead of being rewarded, People truly enjoy eating it.” Senate committee. They were Covid-19; 58% of the 400 did. ivermectin for the treatment they are being censored, ostra- Enjoyment matters, but it’s only part of the solution. from a Dec. 8 Committee on of Covid-19.” On Jan. 22 I sent cized, vilified in the press, Regrettably, Mr. Estabrook has little to say about the forces Homeland Security and Gov- an oversight letter asking even fired. This closed-minded that have caused America’s obesity rate to balloon, such as ernmental Affairs hearing on It censors testimony what actions the NIH had approach represents a dark the proliferation of ultra-processed food and the dramatic early treatment of Covid-19. taken to explore the use of re- chapter in the history of medi- growth in portion sizes: provoking, one might say, an over- One was a 30-minute sum- from physicians on purposed drugs for treating cine and journalism. indulgence in “enjoyment.” Even so, “Just Eat” illuminates mary; the other was the open- early treatments for Covid-19. The censors at YouTube the struggles that come with trying to lose weight, and ing statement of critical-care Before being removed from have decided for all of us that Mr. Estabrook’s charmingly told story does have a happy specialist Pierre Kory. Covid-19 patients. YouTube and other websites, the American public shouldn’t ending: He drops 26 pounds. Dr. Kory is part of a world- Dr. Kory’s opening statement be able to hear what senators The slimming wasn’t a product of any one diet. Instead renowned group of physicians had been viewed by more than heard. Apparently they are he found himself drawing from elements of several to who developed a groundbreak- Dr. Kory asked the National eight million people. Unfortu- smarter than medical doctors “radically” change what he consumed. The core of his new ing use of corticosteroids to Institutes of Health to review nately, government health who have devoted their lives regime: more beans, more vegetables and more fat from treat hospitalized Covid pa- his group’s manuscript outlin- agencies don’t share that in- to science and use their skills olive oil; less meat, no sandwiches, no snacking and no tients. His testimony at a May ing dozens of successful trials terest in early treatment. A to save lives. They have de- alcohol—all supplemented by an hour a day of walking or Senate hearing helped doctors and to consider updating its year into the pandemic, NIH cided there is only one medical cycling. His story shows that weight loss is possible through rethink treatment protocols Aug. 27 guidance in which it treatment guidelines for viewpoint allowed, and it is determination, experimentation and—importantly—a and saved lives. recommended “against the use Covid patients are to go home, the viewpoint dictated by gov- willingness to cook for oneself. Maybe he can write a sequel At the December hearing, of ivermectin for the treat- isolate yourself and do noth- ernment agencies. Govern- in a few years that will describe how he maintained such he presented evidence regard- ment of Covid-19, except in a ing other than monitor your ment-sanctioned censorship of admirable dietary discipline—or how he tried to overcome ing the use of ivermectin, a clinical trial.” On Dec. 10, Sen. illness. ideas and speech should the lapses into bad habits that bedevil us all. cheap and widely available Rand Paul and I sent a letter to Fortunately, some doctors frighten us all. drug that treats tropical dis- the NIH requesting that it re- have the courage to ignore Mr. Rees is editor of the Food and Health Facts eases caused by parasites, for view Dr. Kory’s evidence. these compassionless guide- Mr. Johnson, a Republican, is newsletter, president of the ghostwriting firm Geonomica, prevention and early treat- On Jan. 14, NIH changed its lines and are using their exper- a U.S. senator from Wisconsin. and a senior fellow at Dartmouth’s Tuck School of Business. A16 | Wednesday, February 3, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR House Republican Reckoning What to Learn From Trump and the Experts? inorities in the House of Representa- school shooting was a false-flag event. Barton Swaim’s “Trump and the These authorities led us into and tives are rarely relevant, but the cur- Ms. Greene somehow won a crowded primary, Failure of the Expert Class” (op-ed, maintained the war on drugs and the M Jan. 23) describes how the “experts” war on terror, both of which contin- rent GOP minority is only a few seats then a runoff, in her heavily GOP district. But it’s got it wrong in 2016 because they were ued far after it became apparent that from taking back control. That not clear how tuned-in many totally out of touch with the average they should be wound down. They told makes its deliberations The fates of Reps. Georgians were to her wilder American and misread the mood of the us housing prices never fall, so sub- Wednesday over two of its Cheney and Greene will views. John Cowan, the Repub- voter. The flashing light that should prime mortgage lending was safe and Members an important mes- lican she beat, recently said have been a signal to the pollsters, wouldn’t sink the economy. These ex- sage about the party’s poten- suggest the GOP future. voters wanted a flamethrower. consultants and political pundits was perts gave short shrift to the impact tial return to power. Now, he added, “A lot of people the consistent 30%, plus or minus, sup- that free trade and increased immigra- A few dozen backbenchers call me and say, ‘Wow, we port for Bernie Sanders and similar tion (both legal and illegal) have had want to depose Wyoming Rep. Liz Cheney didn’t know she was really going to be this way!’” support for Donald Trump throughout on Americans, especially those living from the House leadership for voting to im- Mr. Cowan could have used more help from the the Democratic and Republican prima- outside large metropolitan areas. All peach Donald Trump. Other Members are con- rest of the party. ries. The conclusion to be drawn was these wrong forecasts had detrimental cerned about the high public profile of Marjo- But Ms. Greene won, and she deserves to be that approximately 60% of all Ameri- effects on the lives of average Ameri- cans were fed up with the establish- cans, but not to the career prospects rie Taylor Greene, a freshman Member from judged on how she handles herself in office. ment “business as usual” political sys- of these experts. Georgia with kooky views. If the House GOP Democrats also have their share of cranks in the tem and were looking for drastic KURT MOELLER punishes Ms. Cheney while saying nothing ranks. “Israel has hypnotized the world, may Al- change either in the form of a self- Bethesda, Md. about Ms. Greene, it will deserve a longer time lah awaken the people and help them see the evil avowed socialist or populist. When Hil- in the wilderness. doings of Israel,” Democratic Rep. Ilhan Omar lary Clinton won the Democratic nomi- Mr. Swaim can count himself Ms. Cheney’s impeachment decision was a once wrote. After being elected, she explained nation, it was no surprise that Bernie among the failed expert class, if he vote of conscience, as GOP leaders said at the her view of why Congress backs Israel: “It’s all supporters either stayed home or doesn’t consider President Trump’s time. She joined nine others in voting to impeach about the Benjamins baby.” voted for Donald Trump. early-on bellowings that “elections are Mr. Trump after an assault on the Capitol that California Rep. Maxine Waters urged people Mr. Swaim points out the inability rigged” and “the press is the enemy of followed weeks of false election claims from the to harass Trump Administration officials at res- of experts who “acknowledge no er- the people” to be an authoritarian at- tack on democracy. These and other White House. Some Republicans say Ms. Cheney taurants or gas stations, and she now runs the ror,” leaving little doubt they will con- tinue to misread the mood of the warning signs—the big lie of birther- has special obligations to reflect the GOP confer- Financial Services Committee. The point is that American people. According to a De- ism and the “fine people” at Char- ence as a leader, but GOP leaders didn’t whip the ousting a Member of Congress has usually been cember 2020 Gallup poll, Congress’s lottesville—were there from the be- vote and Minority Leader Kevin McCarthy was left to the voters, with the exception of criminal approval rating was 15%, indicative of ginning. They were alarming, and they offering little guidance. behavior. the public’s disdain for how the gov- found their paroxysm on Jan. 6. Ms. Cheney should get credit for daring to The House GOP could deny Ms. Greene com- ernment is being run. Antifa-encour- CHRISTOPHER DAVIS stand alone despite the political risks. The mittee assignments, as it did with former Iowa aged riots, continued strong support The Villages, Fla. Trumpians are vowing to defeat her in a pri- Rep. Steve King in 2019. But Mr. King had spent for Sen. Sanders and his agenda and mary in 2022, and Rep. Matt Gaetz, a Trump years in Congress making noxious racially tinged the 2020 election results showing What amazes me is that the Demo- acolyte, flew to a rally in Cheyenne last week statements. Iowa voters defeated him in a pri- President Trump received more votes crats still fail to get it. They believe to stir up opposition. Donald Trump Jr. called mary. Ms. Greene has been in the House for only (including those of African-Americans Donald Trump’s election was an and Latinos) than any previous Repub- anomaly that needed to be crushed so into the rally to promote a primary challenge a month. Mr. McCarthy’s best option for now lican should be a wake-up call for the they could resume politics as usual. to her in 2022. might be to warn her about future comments Republican Party. If Republicans want They learned nothing from the Tea If bowing before all things Trump is the lit- and behavior, and if she crosses a line he can to be relevant in future elections, they Party movement. Americans don’t mus test for being a loyal Republican, the party then strip her of committee slots. Voters in her should recognize Americans on both want an elite ruling class. Mr. Trump should get used to continued losses in the sub- district will get another chance in 2022, and sides of the political spectrum are may be gone but, as deplorable as we urbs. Mr. McCarthy should be defending his col- Georgia Republicans could also reconfigure her tired of the status quo, which isn’t might be, Joe Sixpack will rise again. league’s vote as a matter of principle, even if he district based on the 2020 Census. working for them. JIM BARBER disagreed with it, rather than living in fear of the iii Members of the expert class will Mesa, Ariz. wrath of Mar-a-Lago. Congress has had many oddballs over the de- continue to create their opinions iii cades, but in our social-media age the opposition within their own bubble of reinforc- I hope to God that Mr. Swaim is As for Ms. Greene, Democrats are trying to will try to turn the words of even a single Mem- ing data, leaving a wide-open politi- right about a new generation of ex- cal landscape for those willing to perts caring more about the truth and make her the face of the GOP after stories have ber against the whole party. That’s the GOP’s venture beyond those self-imposed being more balanced. By all accounts, emerged that she bathes in internet misinforma- Marjorie Taylor Greene problem. Congress today constraints. however, the farm system for the ex- tion. The news last week was a Facebook post also has many Members like Mr. Gaetz, who view KEN DROPEK pert class is heavily stocked with more from 2018 in which she speculated that Califor- the House as a platform for their personal politi- Houston progressive and closed-minded ex- nia’s wildfires were really started by a space laser. cal brand rather than a place to legislate. perts than the ones they will replace. Somehow the Rothschilds were involved. The main goal of the House minority is to be- Experts systematically examine raw The next group of expert truth She has promoted the QAnon nonsense and come the majority, and in 2022 Republicans data and draw logical conclusions seekers were mentored by progressive called Mr. Trump the right leader to defeat “this should have an excellent chance. But they’ll which, in turn, form the basis for their educators, who outnumber conserva- global cabal of Satan-worshiping pedophiles.” She squander it if they purge serious Members like expert opinions. Examples of experts tives on college campuses by as much has said there’s no evidence a plane hit the Penta- Liz Cheney and let themselves be defined by con- include Anthony Fauci, Bill Gates, as 10 to 1. They will be the ones popu- Francis Collins, Jamie Dimon and lating think tanks, polling firms and gon on 9/11 and suggested the 2018 Parkland, Fla., spiracy theorists and Parkland truthers. Janet Yellen. The point for emphasis is newsrooms. Our democratic institu- that Donald Trump did not value ex- tions survived Donald Trump, but our perts, but was happy only with those democratic republic remains under Alexei Navalny’s Cause who agreed with his predetermined siege by those on the left who prefer views. No one, not even a skilled a purer, majority-rule democracy run e would have liked to have been in notably in 2012, but his popularity has sagged writer like Mr. Swaim, can put lipstick by experts. Mr. Swaim hopes the new the room when Vladimir Putin con- amid an economy weakened by lower oil prices on that pig. experts will be wiser and more hon- W DWIGHT OXLEY fronted whoever came up with the and Western sanctions. est, but it is as likely that replace- idea to poison Alexei Navalny last year. The op- “[Putin’s] only method is killing people,” Mr. Wichita, Kan. ments will double down on progres- position politician nearly died, but the assassi- Navalny said in court. “For as much as he pre- sive fundamentalism and self- nation attempt by Russian spooks has made him tends to be a great geopolitician, he’ll go down Ever since the Vietnam War, Amer- righteousness. ica’s experts from both parties have PAT WALSH an even more prominent threat to the Russian in history as a poisoner.” been wrong on many major issues. Charleston, S.C. dictator’s rule. Secretary of State Antony Blinken issued a The Kremlin had Mr. Navalny arrested upon strong statement urging the Kremlin to “imme- his return to Russia in January after several diately and unconditionally release” Mr. Navalny months of treatment in Germany, and on Tues- and others arrested during the recent protests. New Oil Lease Ban Makes Good Market Sense day a Russian court sentenced him to three- But Mr. Putin will only be impressed if the Biden and-a-half years in prison (reduced by one year Administration can marshal a unified Western Regarding your editorial “Biden’s Moreover, royalties from mineral for time served). The charges of violating his response that includes tougher sanctions, in- Fossil-Fuel Freeze” (Jan. 23): The fed- development on federal land have parole from a previous conviction are a farce. cluding against Kremlin cronies. eral leasing system has been a mess been an important revenue stream This is a political arrest and sentence. NATO should also be on guard for an external for a long time. Overproduction and a for western states like New Mexico. One lesson is that Mr. Putin and his gang provocation in case Mr. Putin wants to divert glut in global oil markets has driven Yet the same 12.5% royalty rate has prices down and bankruptcies up applied since 1920s, while oil-rich must feel threatened. Protests in support of Mr. Russian attention from his domestic woes. He’s since 2015—long before the pan- states like Texas charge as much as Navalny have been growing in major Russian done it before, as President Biden well knows. demic. In other words, there is no ur- 25% for drilling on state lands. cities. Mr. Putin has survived protests before, He was Vice President at the time. gency to lease more federal land for The sky is not falling for the oil drilling, a course the Trump adminis- and gas industry, and there is neither tration blindly pursued. Most lease a shortage of federal oil and gas sales have one bidder, many none at leases nor a need for expanding pro- Where’s Biden on Opening Schools? all. Leases often sell for $2 per acre. duction. erhaps you've heard, a few thousand week. “If everybody has to be vaccinated, we Millions of leased acres sit idle and AUTUMN HANNA times, that the Biden Administration will might as well just tell people the truth: There will probably never enter production. Taxpayers for Common Sense P In the recent, highly contentious Arc- Washington listen to the science. Well, the science will be no in-person instruction in the state of tic National Wildlife Refuge lease says schools can safely reopen, California.” LA Unified Super- So far he’s buckling to sale, the biggest bidder was the state but the White House is still lis- intendent Austin Beutner re- of Alaska, and no major oil producers Online Censorship Seems tening, make that bowing, to the unions that won’t sponded by calling Mr. submitted bids at all. the non-scientists who run the Newsom’s reopening plan “po- Only to Ban One Viewpoint teachers unions. return to classrooms. litical.” Regarding Andy Kessler’s “Online Mr. Biden has set a goal of Unions say schools lack Self-Serving Teachers Bring Speech Wars Are Here to Stay” (In- reopening schools in his first the money to reopen safely, Shame to the Windy City side View, Jan. 25): Where in the gal- 100 days, and the current union standoff in Chi- but Chicago schools got twice as much cash loping stampede toward censorship cago is his first big test. Elementary and middle as they were expecting from the last federal Regarding your editorial “Chicago are the right’s efforts? Nowhere. school teachers there have refused to show up relief bill. K-12 schools nationwide have spent Teachers Union vs. Biden” (Jan. 26): Right now, we’re playing defense to classrooms as ordered. So the district has only $4.4 billion of the $67 billion they’ve re- After all these years of insisting that against a powerful lineup. Some of us the classroom is the only place to edu- should get our one suitcase for the postponed reopening schools for two days. “We ceived from Washington. Mr. Newsom has cate our children, it’s fascinating to left’s re-education camps. are practically begging [Chicago Teachers dangled an additional $2 billion in state funds learn that the CTU now opposes the SAMUEL FRAZER Union] to come to the table so we can get a deal for schools that reopen. Still no-go. classroom learning model. Looks like Fort Myers, Fla. done,” Mayor Lori Lightfoot said. Ms. Lightfoot, Mr. Newsom and other local another illogical example of the self- No kidding. The district has surrendered to politicians pushing to reopen schools could use serving actions of the teachers and most union demands, which include allowing Mr. Biden’s support. Sorry, liberal mates, so far their unions. I hope this home learning Pepper ... 5,000 or so employees to work from home be- you’re on your own. will increase in popularity and start a And Salt cause they have underlying health conditions. It Asked last week about a new Centers for rising movement of home schooling has also spent $100 million on personal protec- Disease Control and Prevention study finding without the confines of the schools THE WALL STREET JOURNAL tive equipment, disinfectants, ventilation im- that schools can safely reopen if they follow and the union-indoctrinated teachers. ROBERT L. KEIRSTEAD provements, and portable air purifiers, and it will precautions, White House press secretary Jen Durham, N.H. provide regular testing and contact tracing. Psaki wobbled: “The CDC hasn’t issued the for- Yet now the union wants the district to let mal recommendations or requirements on how You write: “Even a federal bribe other staff work remotely if they wish and all schools across the country can open. They isn’t enough to get them back teaching vaccinate teachers before they return to did a report, as they do reports frequently, in classrooms.” Maybe the solution is classrooms. If Chicago agrees to that, other based on an area in Wisconsin. Important, in- for Chicago Mayor Lori Lightfoot to unions would howl. teresting data, no doubt. But that is not reflec- fire the teachers just as President Ms. Lightfoot has been far too accommodat- tive of every school district and community in Ronald Reagan fired the striking air- ing to the union, though she deserves credit for the country.” traffic controllers in 1981. CHARLES E. CAMPBELL pushing at last to resume in-person learning. Translation: If Republicans want to reopen Large school districts in California including schools in their towns, fine. But we’re not going Flossmoor, Ill. Los Angeles, San Francisco and Fresno have to ask unions in big urban school districts to do Letters intended for publication should surrendered and are resisting Gov. Gavin so. As for Mr. Biden’s virus North Star Anthony be emailed to [email protected]. Please Newsom’s exhortations to reopen. Fauci, “I would back the CDC recommendations, include your city, state and telephone “If we wait for the perfect, we might as well because that is really based on data,” the Na- number. All letters are subject to “So let’s see. You managed to round just pack it up,” Mr. Newsom told the Associa- tional Institutes of Health leader said. “We need editing, and unpublished letters cannot up two of every animal on earth, be acknowledged. tion of California School Administrators last to try and get the children back to school.” but only one umbrella.” THE WALL STREET JOURNAL. Wednesday, February 3, 2021 | A17 OPINION The Risks of Too Much ‘Stimulus’

By Phil Gramm to $2.6 trillion, more than all the pressed in surveys don’t decline And Mike Solon private wages and salaries paid when food aid increases. As for in the first quarter of 2020. losing a roof over their heads— ven among economists While preliminary fourth-quar- with income and savings up, who strongly support ter figures show that personal most people who chose not to President Biden, a consen- income declined from the previ- pay their rent or mortgage did so E sus is growing that the ous quarter, real per capita dis- because government eliminated economy emerged from posable income in 2020 grew the consequences of not paying. last year set for a robust recovery. 5.5%—the highest growth rate In the process it ripped off retir- That view has been espoused by Bill since 1984, the peak of the Rea- ees who own many of the na- Clinton’s Treasury Secretary Law- gan recovery. All of this occurred tion’s rental properties and fi- rence Summers and Barack Obama’s before the $900 billion Decem- nance countless mortgage loans former top economist Jason Furman. ber stimulus took effect. through their pension funds and Both have expressed concern that the So what happened to all that insurance policies. economy may overheat. money? As transfer payments Rising vaccinations may re- The most encouraging sign that surged in the second quarter and store consumer demand in lei- recovery will be strong as the vac- the shutdown curtailed personal- sure and hospitality even before cines take hold is not that real gross consumption expenditures, pent- venues are able to ramp up their domestic product rose 7.5% in the up purchasing power spiked. capacity. Damaged supply chains third quarter, offsetting 83% of the Quarterly savings rose by almost are causing some of the longest economic collapse produced by the $800 billion. The historical sav- delays in a quarter-century. In- shutdown in the preceding quarter. ings rate of 7% to 8% of income ternational shipping challenges reached an astonishing 26% in are driving up global freight the second quarter. Preliminary rates. Disposable real per capita data for 2020 show total savings Policy makers are acting as if for 2020 was $1.6 trillion higher running up the national debt and income rose 5.5% in 2020, than in 2019. And that was before printing money doesn’t matter. the highest rate since 1984, the $900 billion stimulus. Yet all the factors are present to

President Biden now wants DAVID KLEIN generate rising prices and even- due to transfer payments. another $1.9 trillion bill, which tually higher interest rates: ex- would further swell potential pur- depressed in the new shutdown and the leisure-and-hospitality industries cess fiscal stimulus, excessive chasing power and impede produc- low monetary velocity is now muting lost 498,000 jobs as a result of re- money-supply growth, impaired do- Nor is it that 16 million of the 22 mil- tion by more than doubling the mini- its effect, M2 money supply is still newed shutdowns, the rest of the mestic production capacity, and im- lion jobs lost have been restored. The mum wage and paying more than up by 28.3% over the past 12 months. economy added 358,000 jobs. paired international production and most encouraging sign is how much half of unemployed people more than And that’s before the Fed monetizes What about Treasury Secretary transportation capacity. To this vola- the total purchasing power of Ameri- they make working. Assuming this the next wave of stimulus. For com- Janet Yellen’s claim that a new stim- tile mix, Mr. Biden is promising to can families has expanded during the new spending occurs by September, parison, money-supply growth ulus is needed to “help families at add regulatory assaults on energy, fi- crisis, reaching record highs. when the vaccination process should peaked at 13.8% in the high-inflation risk of going hungry or losing the nance, small businesses, labor and To be sure, many Americans have be largely complete and the economy era of the 1970s. It may sound old- roof over their heads”? Last year the health care. taken a serious hit: Commerce De- largely open, the Biden plan and the fashioned in the brave new world of average household in the bottom Perhaps the resulting impairment partment data show total employee December stimulus would add an- “Modern Monetary Theory,” but is quintile of earners received more of economic capacity will prove man- compensation in the second and other $311 billion a month in pur- there not the need for some caution than $45,000 of government transfer ageable, but given that such action is third quarters of 2020 was down by chasing power into the fall. here? payments from any combination of occurring at the very moment of ex- $215 billion compared with the first The monetary-stimulus machinery Despite recent shutdowns, vigor is more than 100 programs and credits, cessive fiscal stimulus on top of a quarter. Yet government personal is also beginning to smoke. Since evident across the economy. Housing and 22.6 million households received tinderbox of monetary expansion, it transfers were up $893 billion—four January 2020, Federal Reserve assets sales are at a 14-year high, private food stamps. The evidence of hunger is putting the nation at risk. Unless times the compensation lost. In the have risen 78%; in dollar terms, the business investment is up 25%, the comes from the advocacy group members of Congress are willing to second quarter alone, real per capita Fed has acquired more assets in one IHS manufacturing index hit a six- Feeding America, which defines re- spend no matter what the conse- disposable income was up 10.5% year than in the six years after quan- year high, and agricultural prices are spondents as “at risk of hunger” if quence, a new stimulus bill now is compared with the first quarter—25 titative easing began in 2008. But at an eight-year high. The Fed proj- they say they’ve worried about food probably a risk not worth taking. times as fast as the average quar- unlike then, Fed asset purchases are ects 4.2% growth in 2021, and the In- security on at least one day of the terly income growth in the prior two adding to the money supply rather ternational Monetary Fund raised its preceding year. Mr. Gramm, a former chairman of years. than only being parked as excess re- U.S. growth estimate to 5.1%. Even Researchers from Harvard’s the Senate Banking Committee. Mr. This surge in personal income was serves in the banking system. the negative December jobs report School of Public Health have found Solon is a partner of US Policy driven by government stimulus equal Though economic activity remains showed underlying strength. While that concerns about food security ex- Metrics. Progressives Put the Racial ‘Equity’ Squeeze on Biden President Biden likes hear. But if it’s more than that—if proach to racial inequality, this his- now have evidence that suggests ra- attend failing schools by denying to talk about “heal- the president is serious about fo- tory ought to inform his actions. cial preferences have been not only them school choice. Stop increasing ing” and “unity,” but cusing on equal outcomes instead The greatest success of the civil- ineffective in helping the black poor the minimum wage and pricing he also keeps pledg- of equal opportunities—then rights movement wasn’t a new gov- but also counterproductive. After black young adults out of jobs. Stop ing to prioritize the heaven help us. Milton Friedman ernment program but getting gov- the University of California system implementing occupational licensing supposed interests said the “society that puts equality ernment off the backs of blacks by ended race-conscious admissions regulations that prevent black en- UPWARD of certain favored before freedom will end up with defeating Jim Crow. Nothing the policies in 1996, black and Hispanic trepreneurs from starting a busi- MOBILITY minority groups. neither,” while “the society that government has done since then in graduation rates rose dramatically. ness. And stop pretending that po- By Jason L. When is he going to puts freedom before equality will the name of advancing blacks has Liberals also insisted that more licing is a bigger problem than Riley realize that his goals end up with a great measure of black political representation would violent crime in poor black neigh- of racial unification both.” Of course, Friedman had a translate into more black upward borhoods. In 2019 there were 492 and racial favoritism constrained view of the govern- The left wants a spoils mobility, but the historical record homicides in Chicago, according to are at cross-purposes? ment’s capabilities that isn’t shared says otherwise. Poor blacks in Mar- the Sun-Times, and only three of Last week Mr. Biden signed an by very many Democrats today. For system on steroids. If ion Barry’s Washington in the them involved police. executive order on “racial equity.” them, good intentions are what the president gives it to 1980s, and Sharpe James’s Newark, Mr. Biden surely understands He said that George Floyd’s death matter most. N.J., in the 1990s, saw their eco- this reality, but he’s also the head last summer “marked a turning The political left has long used them, heaven help us. nomic plight worsen. Even under of a Democratic Party full of people point in this country’s attitude to- racism as an all-purpose explana- our first black president, racial dis- who worship at the altar of identity ward racial justice” and is “forcing tion for racial disparities. This ig- parities in income and homeowner- politics and held their noses to us to confront systemic racism and nores that disparities down through been more effective than simply ship widened. It turns out that po- elect a straight white male out of white supremacy.” He added that history have been the norm, not the ending government-sponsored dis- litical clout is neither sufficient nor political expediency. These are peo- “this nation and this government exception, and that they exist even crimination. Black poverty fell by even necessary for a group to ad- ple who believe that your race or need to change their whole ap- in regions of the world where most 40 percentage points between 1940 vance economically. Blacks and His- religion or social background proach to the issue of racial equity” people are of the same race. The and 1960. It continued to decline in panics experienced record low pov- should inform your politics. They and make it “not just an issue for per capita income gap between peo- the wake of Lyndon Johnson’s Great erty and unemployment rates don’t want to make nice with their any one department. It has to be ple in Eastern Europe and Western Society interventions, but at a before the pandemic under Presi- political opponents. They want re- the business of the whole govern- Europe, for example, is wider than much slower pace. dent Trump, who has rarely been venge for four years of Donald ment.” the gap between whites and blacks Similarly, blacks were joining accused of bending over backward Trump. The president has to decide Nothing quickens the pulse of in the U.S. Moreover, racial dispari- middle-class professions at a much to help minorities. whether he wants to implement a progressives like talk of “systemic ties have both grown and narrowed faster pace in the 1940s, ’50s and If history is any guide, what racial spoils system on steroids to racism” and “white supremacy,” so over time, even though racism has ’60s than they would after affirma- blacks most need from the govern- accommodate them, or whether it’s hard to know if Mr. Biden is just been constant. If Mr. Biden wants tive-action programs were imple- ment is for it to get out of the way. he’d rather focus on racial unity. He telling leftists what they want to to change the government’s ap- mented in the 1970s. In fact, we Stop forcing poor black children to can’t do both. Congressional Democrats’ Plan to Bail Out China By French Hill countries, which governments could never have to be repaid. Donor receive more than three times as Another $75 billion would flow to then exchange for nearly $3 trillion countries may want recipient states much as Nigeria. Or consider that the Kremlin, a curious reward for ometimes an idea gets legs in in hard currency to defend against to focus on acquiring personal pro- New Zealand, despite having virtu- Vladimir Putin on the heels of the S Washington that is so objec- the pandemic. tective equipment, vaccines and the ally eliminated Covid-19 on its SolarWinds hack and imprisonment tively bad, you’re almost This isn’t what SDRs are for, and like, but the IMF and World Bank al- shores, would be entitled to more of opposition leader Alexei Navalny. tempted to admire it simply for it’s almost certainly not how they ready have programs directing SDRs than Congo. The fine citizens The Treasury Department, which beating the odds. Such is the case would be used if Democrats in Con- money to areas where it’s needed of Luxembourg, population 600,000, speaks for the U.S. on the IMF’s gov- with left-wing claims that the Inter- gress got their wish. Under the most. A blank check would surren- would get more than the 163 million erning board, rebuffed Democratic national Monetary Fund must IMF’s longstanding rules, SDRs are der accountability for how the Bangladeshis. The perverse exam- lawmakers during the Trump admin- shower money on developing econo- supposed to meet a “long-term money is used, inviting waste and ples go on and on. istration. Secretary Janet Yellen mies to beat Covid-19. Congressional global need” in reserves; they aren’t corruption. should hold the line as well. While Democrats have pushed repeatedly meant to arm countries for short- Another likely scenario is that Ms. Yellen was noncommittal at her for time-sensitive “must pass” legis- term spending emergencies. SDRs would eventually go to pay IMF ‘special drawing Senate confirmation hearing, she lation to require the IMF to issue at Nor would that be feasible: There debts to the Chinese government, as noted last year that SDRs aren’t least two trillion special drawing are no strings attached to how a well as to private creditors who rights’ with no strings well-targeted to the poor. As a for- rights, or SDRs, to its 190 member government uses SDRs, and they piled into risky debt before the cor- are the wrong way to help mer chair of the Federal Reserve, onavirus emerged. As the foremost Ms. Yellen will appreciate that in- creditor to the developing world, developing countries. jecting new global demand for tril- Beijing has fought multilateral lions of dollars could complicate PUBLISHED SINCE 1889 BY DOW JONES & COMPANY agreements to suspend poor na- America’s economic priorities. Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp tions’ debt repayments during the China would be gifted with more It need not be this way for the Matt Murray Almar Latour pandemic, only yielding in small than $170 billion in direct support U.S. to lead the world in the fight Editor in Chief Chief Executive Officer and Publisher ways. China has also resisted pres- even as it perpetrates genocide in against Covid-19. Thanks in part to Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: sure from the U.S. and allies for Xinjiang, locks up pro-democracy the Cares Act, the IMF has been Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; greater transparency on its preda- advocates in Hong Kong, and retali- able to build up around $1 trillion in Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; tory lending terms. Lavishing SDRs ates against U.S. allies like Australia lending firepower through its share- News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; on developing-world borrowers for seeking an inquiry into Beijing’s holders’ contributions, which can Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer would make restructuring or for- responsibility for Covid-19. And it is now be targeted to the countries Andrew Dowell, Asia; Anthony Galloway, Video & giveness of Chinese government China, the developing world’s loan that need it most. The IMF also has Audio; Brent Jones, Culture, Training & Outreach; OPERATING EXECUTIVES: Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; loans less likely, giving Beijing the shark, whose flouting of interna- two dedicated emergency programs Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; green light to proceed with business tional credit standards has saddled to relieve the debt burden facing Shazna Nessa, Visuals; Matthew Rose, Kristin Heitmann, Chief Commercial Officer; as usual in a post-pandemic world. so many poorer countries with un- the poor during the pandemic. Enterprise; Michael Siconolfi, Investigations; Nancy McNeill, Corporate Sales; Stephen Wisnefski, Professional News No wonder Yi Gang, governor of sustainable debt. Putting billions These are the tools we should look Thomas San Filippo, Customer Service; Gerard Baker, Editor at Large China’s central bank, has champi- more into Beijing’s coffers is the last to if we want a responsible Covid Josh Stinchcomb, Advertising Sales; oned the cause of issuing more SDRs thing President Biden should want response abroad, not an IMF give- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International from the IMF. to endorse, even if his allies in Con- away to wealthy countries and It gets worse. Since the IMF must gress think otherwise. rogue regimes. WALL STREET JOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: allocate SDRs to countries according The Democrats’ plan would also Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head to their shareholding weight in the send some $20 billion of SDRs to Mr. Hill, a Republican, represents

EDITORIAL AND CORPORATE HEADQUARTERS: organization, the neediest would be Iran, the world’s leading state spon- Arkansas’s Second Congressional 1211 Avenue of the Americas, New York, N.Y., 10036 the least able to benefit. A rich IMF sor of terrorism, and even more to District and serves on the House Telephone 1-800-DOWJONES member like the Netherlands would the Maduro regime in Venezuela. Committee on Financial Services. A18 | Wednesday, February 3, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS Navalny Sentenced to 3½ Years in Prison

Court ruled opposition year and that he wasn’t at his registered address. Mr. Na- leader violated parole valny said the prison service while being treated in had his address in Germany, all necessary contact informa- Germany for poisoning tion, and updates about his outpatient treatment. BY THOMAS GROVE A Russian court in 2014 gave Mr. Navalny a suspended MOSCOW—A Russian court 3½-year sentence in a case sentenced Kremlin critic against him over extortion. He AlexeiNavalnyto3½yearsin had been on parole since, de- prison, but gave credit for spite a ruling from the Euro- about a year already served, pean Court of Human Rights sidelining the country’s most that the case was political. prominent opposition politi- Mr. Navalny’s legal troubles cian and likely fueling a bur- threaten to further complicate geoning protest movement relations between Washington triggered by his detention last and Moscow. President Biden month. brought up the case in his first Mr.Navalny,whowaskept phone call with Mr. Putin last in a glass cage throughout the month. Secretary of State Ant- hearing, laughed to himself as ony Blinken said that Mr. Na- the judge read the lengthy ver- valny had been detained for dict. He drew a heart with his exercising his human rights finger and looked at his wife, and demanded his release. Yulia, as the judge neared the While Mr. Navalny’s sen- end of the sentencing. tence may fan opposition sen- During his testimony, the timent in the short term, his opposition politician blamed absence from the political Russian President Vladimir landscape could see his move- Putin for a poisoning attack ment, which he spent years against him last year and building across the country,

called the court proceedings KIRILL KUDRYAVTSEV/AGENCE FRANCE-PRESSE/GETTYslowly IMAGES degrade. an act of cowardice. Striking Police detain a protester near the Kremlin on Tuesday, one of hundreds held for demonstrating against the court’s ruling. Russian authorities an- at the image of Mr. Putin as a nounced the legal move to master strategist, he said the Between those detained for poison attack last year. The gest nationwide street pro- group, the most in one day in turn Mr. Navalny’s suspended Kremlin leader never fought protesting outside the court- 3½-year sentence credits the tests in almost a decade. Russia’s recent history. sentence into real jail time in his enemies fairly. house and others taken into time Mr. Navalny served under Over the past two weeks, “Mr. Navalny’s sentencing December, even when he was “[Putin’s] only method is custody for demonstrating in house arrest, leaving him to since Mr. Navalny was taken will provide more fuel in the still in Germany. Shortly after, killing people,” Mr. Navalny downtown Moscow, and in serve 32 months behind bars. into custody upon his return coming weeks for protesters,” Russian investigators an- said. “For as much as he pre- other cities, at least 800 were The ruling temporarily re- to Russia, the opposition poli- said Denis Volkov, a sociolo- nounced that they had opened tends to be a great geopoliti- detained Tuesday, according moves a longtime thorn in the tician’s followers have united gist at Moscow-based pollster an investigation into him on cian, he’ll go down in history to OVD-Info, an independent Kremlin’s side, an opposition with a broad coalition of mid- Levada. “What happens after fraud allegations. as a poisoner.” law-enforcement monitoring leader who aimed to unseat dle-class and middle-aged Rus- that no one knows.” Mr. Navalny said that the After the verdict, Mr. Na- group. the ruling United Russia party sians angered by falling living In a tense courtroom ex- moves were attempts to scare valny’s supporters gathered in Russian prosecutors say Mr. in parliamentary elections standards and shrinking politi- change, Alexander Yermo- him away from returning to downtown Moscow, at times Navalny violated conditions of later this year. But the back- cal freedoms. Nearly 6,000 lenko, a top officer at the Fed- Russia, but promised to come within earshot of the Kremlin, a suspended sentence from lash could test Mr. Putin’s people were detained in a eral Penitentiary Service, back nonetheless. On Jan. 17, to protest the ruling. Riot po- 2014 by failing to check in reg- ability to counter rising criti- show of force across the coun- which initiated the legal move shortly after his low-cost lice, who had been deployed ularly with prison authorities cism from the U.S. and Europe try on Sunday, according to against Mr. Navalny, said that flight touched down at a Mos- there for much of the day, while he was recovering in over the case and complicate OVD-Info, an independent law- the agency had no idea where cow airport, he was led away used batons to disperse them. Germany from a near-fatal his attempts to quell the big- enforcement monitoring the Kremlin critic was late last by Russian officers. WORLD WATCH EU Economy Falls Further Behind U.S., China PAKISTAN The eurozone’s economy is Real GDP projections, Total Covid-19 vaccinations Change in visits to retail in China sales last year, up 7% diverging sharply from the change from previous year* administered per 100 people and recreation areas from and 12%, respectively, making Acquitted Pearl Killer U.S. and China, as stubbornly 2020 2021 2022 for select countries† pre-pandemic levels up for double-digit declines in To Go to ‘Safe House’ high coronavirus infections, the U.S. and Europe. 10% extensive Covid-19 restrictions U.K. 14.4 Europe’s large manufactur- Pakistan’s Supreme Court or- and a painfully slow vaccine ing sector is holding up better dered the Pakistani-British man rollout delay Europe’s recov- U.S. 9.6 this time. Eurozone factory acquitted of the 2002 gruesome ery from last year’s historic 5 –2 U.S. output expanded for a seventh beheading of American journalist economic downturn. Italy straight month in January, Daniel Pearl off death row and Spain 3.4 France driven by Germany, albeit at a moved to a so-called govern- By Tom Fairless, slower pace than in previous ment safe house. 0 – Spain Eric Sylvers Italy 3.4 months, according to a recent Ahmad Saeed Omar Sheikh, and Harriet Torry Germany survey by IHS Markit Ltd. who has been on death row for U.K. Germany 3 In Europe, sweeping job-re- 18 years, will be under guard -5 –7 Fresh data Tuesday high- tention programs helped pre- and won’t be allowed to leave lighted an economic gap be- France 2.3 vent large-scale unemployment the safe house, but he will be tween the eurozone and the in the short term. Close to a able to have his wife and chil- U.S. and China that is likely to -10 –% third of Europe’s workforce, or dren visit him. China 1.7 widen this year, given that the Eurozone U.S. China March 22 ’2 45 million jobs in the five larg- The Pakistan government has U.S. is proceeding more est economies alone, benefited been scrambling to keep Mr. quickly than the European *2020 is an estimate †Data through Feb. 2 (U.S., Italy); all other countries through Jan. 31. from national employment sup- Sheikh in jail since a Supreme Note: Mobility data based on smartphone location history; represents a sample of users intended to show trends; calculation Union in rolling out vaccines depends on user settings, connectivity and whether privacy threshold is met; data are for Fridays only; as of Jan. 29. port schemes last year, accord- Court order on Thursday upheld and China remains largely free Sources: International Monetary Fund (GDP); Our World in Data (vaccinations); Google Mobility (mobility) ing to data from Allianz SE. his acquittal in The Wall Street of the virus. Millions of workers are still Journal reporter’s death, trigger- The eurozone’s gross do- virus and the possibility of and the U.S. could follow by “It’ll be a slower ramp-up tapping the schemes amid a ing outrage by Mr. Pearl’s family mestic product contracted weeks or months of continued October, according to Beren- than we had possibly hoped, new wave of lockdowns. and the U.S. administration. 0.7% in the three months restrictions bode ill for the berg Bank. France and Spain but I do think it will jump Europe’s uncertain outlook —Associated Press through December from the near term and could delay a won’t reach that threshold un- quite significantly once the contrasts with a brighter pic- previous quarter, resulting in recovery. EU countries have til summer 2022, and Germany vaccines are rolled out to a ture in the U.S., where restric- AUSTRALIA an annual decline of 6.8% for administered vaccines to less and Italy will take until 2023, critical mass,” said Chief Fi- tions have been less stringent, the bloc in 2020, the EU’s sta- than 3% of their populations the bank said. nancial Officer Neil Sorahan. and a large new fiscal stimulus Wildfire Destroys tistics agency said Tuesday. compared with 9% in the U.S. Ryanair Holdings PLC, Eu- Once Europe finally and huge savings could un- At Least 59 Homes That compares with a 3.5% de- and 14% in the U.K., according rope’s biggest carrier, Monday emerges from lockdowns, leash a wave of spending once cline for the U.S. economy last to OurWorldInData. downgraded its total passen- many businesses are likely to vaccinations are widely de- An out-of-control wildfire year, supported by a strong re- Many economists expect be in a precarious financial ployed. In the U.S., output burning northeast of the Austra- bound in the fourth quarter. the eurozone to re-enter re- position, economists say. growth accelerated in January lian west coast city of Perth de- China’s economy grew by cession in the coming months. The eurozone’s GDP Michael Kaefer says revenue toward a six-year high, accord- stroyed at least 59 homes and around 2.3% last year. “The eurozone will be the last collapsed around 80% last year ing to business surveys. was threatening more Tuesday, Since the start of the pan- major economy to return to contracted 0.7% in at his family-owned catering Ande Pietoso, co-owner of with many residents across the demic, European policy makers pre-pandemic levels and will the three months business, Feinkost Kaefer. Café Napoli and two other res- region told it is too late to leave. have sought to balance saving suffer continued substantial Looking for new businesses, he taurants and a bar in the St. The 17,000-acre blaze, which lives and supporting busi- output gaps for at least the through December. has recently signed contracts Louis area, said shutdowns has a 50-mile perimeter, began nesses, but have generally pur- next two years,” said Erik to open high-end food stores and restrictions on in-person Monday and raged through the sued more draconian restric- Nielsen, chief economist at and to provide catering ser- dining capacity had cut into night near the town of tions to stop the virus’s spread UniCredit. vices for the airline business, revenue during the spring and Wooroloo, with the shires of than the U.S. Nonetheless, the The International Monetary ger forecast for its fiscal year which he expects will come the holiday season. But the re- Mundaring, Chittering, Northam, death toll in Europe is ap- Fund expects the eurozone ending in March by as much back, but maybe not strongly. strictions didn’t affect all of and the city of Swan affected. proaching that of the U.S., economy to end this year 3.3 as nine million. It now expects “We will have an economic his restaurants, and he could The cause of the blaze was while its economic perfor- percentage points smaller than to fly between 26 million and crisis after [the virus is] gone. continue curbside trading. unknown. mance—already lagging behind it was at the start of 2020, 30 million customers. For fis- There will be less money in He is “definitely more opti- —Associated Press the U.S. before the pandemic— while the U.S. economy will be cal 2022, the airline is fore- companies and in private busi- mistic” about 2021 because of has been much worse than 1.5% larger. casting a range of 80 million ness,” Mr. Kaefer said. the rollout of the vaccine, and IRAN other advanced economies. At the current pace, the to 120 million passengers, There are bright spots. Eu- pent-up demand. “I think that Now, a sluggish rollout of U.K. should have administered about 70 million fewer passen- rozone exports to Asia have people are dying to get out South Korean Sailors vaccines, the threat of highly at least one dose of vaccine to gers than its pre-pandemic as- held up. BMW AG and Daimler again” to visit bars and res- Will Be Released contagious new variants of the 60% of its population by June, sumptions. AG recorded sharp increases taurants, he said. The sailors from a South Ko- rean tanker seized in the Persian Gulf by Iranian troops last month are free to leave the country on Italy’s Draghi Expected to Be Asked to Form Government humanitarian grounds, Iran’s state TV said Tuesday. BY MARCUS WALKER he wants the job. If a viable showed, one of the deepest de- is difficult to reject an appeal Foreign Ministry spokesman AND GIOVANNI LEGORANO coalition emerges to lead, his clines in the eurozone. from the head of state in the Saeed Khatibzadeh said a legal most urgent tasks would in- President Mattarella invited midst of a national emergency, investigation into the tanker and ROME—Mario Draghi saved clude formulating a strategy Mr. Draghi after the left-lean- these people say. its captain would continue. Iran the euro, but can he save Italy for economic recovery from ing coalition broke down. That Mr. Draghi’s tenure as ECB maintains the tanker and its 20- from political confusion? the Covid-19 pandemic. coalition, under Prime Minis- chief made him one of Eu- member crew and captain were Mr. Draghi has been called All of Europe has a stake in ter Giuseppe Conte, collapsed rope’s most respected public stopped because of the vessel’s to see the head of state, Presi- Italy’s economic fortunes, given partly over its inability to figures, at least within the “environmental pollution,” a claim dent Sergio Mattarella, on the country’s teetering national agree on how to escape a deep continent’s broadly centrist, rejected by the vessel’s owner. Wednesday, and the expecta- debt and its electorate’s mixed recession resulting from pro-EU political establishment, Despite that claim, it appeared tion is that he will be asked to feelings about the European lengthy lockdowns. and with financial markets. His the South Korean-flagged MT try to form a new government Union and the euro. Germany People close to Mr. Draghi promise in 2012 to do “what- Hankuk Chemi’s seizure in the cru- to steer Italy out of its health and other EU members agreed say he has been reluctant to ever it takes” to save the euro, cial Strait of Hormuz was an at- and economic crisis. to underwrite a massive pan- enter the minefield of coali- including massive intervention tempt by the Islamic Republic to It is unclear if a majority in European recovery fund largely tion governments, which tend in government bond markets, increase its leverage over Seoul Parliament would support Mr. to prevent Italy from sliding to be short-lived and fractious is widely credited with defus- ahead of negotiations over billions

FABIO FRUSTACI/EPA/SHUTTERSTOCK Draghi as prime minister, even into a deep slump. Italy’s econ- and whose collapses can tar- ing Europe’s sovereign-debt of dollars in frozen Iranian assets Former European Central Bank if the former president of the omy contracted by nearly 9% in nish the reputations of even crisis, which threatened to tied up in South Korean banks. president, Mario Draghi European Central Bank signals 2020, data released Tuesday highly esteemed leaders. But it tear the currency union apart. —Associated Press BUSINESSTECHNOLOGY: TESLA TO RECALL & 135,000 FINANCE VEHICLES B4

© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Wednesday, February 3, 2021 | B1

S&P 3826.31 À 1.39% S&P FIN À 2.46% S&P IT À 1.28% DJ TRANS À 2.23% WSJ $ IDX g 0.06% LIBOR 3M 0.192 NIKKEI (Midday) 28552.31 À 0.67% See more at WSJ.com/Markets Google Ads Propel Alphabet Profit Amazon Revenue hits record recovery in global ad spending lion a year ago. Analysts had more than 7% in after-hours azon named its cloud comput- Reaches that took a hit in early 2020 expected $11.9 billion. trading. The stock has gained ing guru, Andy Jassy, as its with strong online when people paused travel Ruth Porat, Google’s finace about 17% over the last three next chief executive officer of holiday spending; plans and other purchases in chief, said the company’s months, compared with a its entire business, succeeding Sales response to the coronavirus search and YouTube units roughly 22% gain in the Nas- Jeff Bezos, who will become cloud unit shows loss pandemic. drove its performance in the daq Composite Index. the e-commerce giant’s execu- Google parent Alphabet Inc. quarter. Google also disclosed de- tive chairman. BY GEORGIA WELLS posted a record $56.9 billion “Itwasagreatendtoa tails about the costs of its Analysts had expected Milestone revenue, up from $43.2 billion challenging year,” she said. cloud division for the first Google’s cloud business to Google rode a surge in on- a year ago. The company’s ad- YouTube revenue soared time. While that unit brought bring in $3.83 billion in reve- line holiday spending to record vertising units pulled in $46.2 46% in the quarter, as adver- in $3.8 billion in revenue, over- nue, according to FactSet, BY SEBASTIAN HERRERA revenue in the fourth quarter, billion, up nearly 22% from a tisers flocked to the video- all it lost $1.2 billion in the compared with $2.61 billion a even though it disclosed for year earlier. Analysts had fore- sharing platform amid the fourth quarter. This announce- year ago. Amazon.com Inc. capped off the first time continued losses cast $52.7 billion in revenue, pandemic. The company said ment will enable investors to Google has managed to sign its pandemic-fueled 2020 fi- in its closely watched cloud di- including $42.3 billion from the platform now reaches better compare the results of up some big-name clients for nancial performance with re- vision. advertising, according to Fact- more users between the ages Google’s cloud business with its cloud business. Alphabet’s cord quarterly sales driven by a The internet titan’s earn- Set. of 25 and 49 than all cable net- those of Amazon.com Inc. and chief executive officer, Sundar surge in online holiday shop- ings, released Tuesday after- Alphabet’s profit also rose, works combined. Microsoft Corp. Pichai, said Google Cloud deals ping as founder Jeff Bezos said noon, reflected a continuing to $15.7 billion, from $9.3 bil- Alphabet shares jumped Meanwhile on Tuesday, Am- PleaseturntopageB7 he would hand over the chief- executive role to a new leader. The e-commerce giant posted fourth-quarter sales of Kraft Oil Giants Warn of Slow Recovery $125.5 billion and net income of $7.2 billion. It marked the first time Amazon reported more In Talks than $100 billion in quarterly BY CHRISTOPHER M. MATTHEWS Energy was the worst-performing sector in the S&P 500 last year. revenue, days after Apple Inc. AND SARAH MCFARLANE hit that financial milestone. To Sell Total shareholder return by sector for 2020 Few companies have seen The big international oil growth take off like Amazon 1% 2% 3% 4% companies are reporting one during the global health crisis. Planters of their worst annual perfor- Information technology The explosion in online shop- mances in decades and signal- ping vaulted the company’s ing that the pandemic could Consumer discretionary sales to record figures as the e- BY CARA LOMBARDO continue to challenge their commerce sector grew by AND ANNIE GASPARRO businesses in 2021. Communication Services around 50% throughout last Exxon Mobil Corp. and BP Materials year, according to some ana- Kraft Heinz Co. is nearing a PLC on Tuesday disclosed an- lysts. Roughly 40% of online deal to sell its Planters snack nual losses of $22 billion and S&P 5 shopping in the U.S. happens at business to Skippy peanut but- $18.1 billion, respectively, fol- Amazon, according to research ter owner Hormel Foods lowing Chevron Corp., which Health care firm eMarketer, helping drive a Corp., according to people fa- on Friday reported a $5.5 bil- 76% increase in the company’s miliar with the matter. lion loss for 2020. Industrials share price last year and rais- A deal, valuing the century- Exxon posted its fourth ing its market valuation to old brand at around $3 billion, consecutive quarterly loss for Consumer staples more than $1.6 trillion. could be announced as soon as the first time in modern his- Sales in the December quar- Utilities next week, assuming the talks tory, driven by a more than ter received an added boost don’t fall apart, the people $19 billion write-down. Ex- Financials from Amazon’s annual “Prime said. cluding the impairment, Exxon Day” shopping event moved –3% –2% –1% Planters primarily sells nuts turned a quarterly profit of Real Estate from its usual summer schedule and snack mixes, with labels $110 million. to October due to the pan- featuring the top-hat-wearing BP reported a replacement- Energy demic. Amazon makes billions and monocled Mr. Peanut. cost profit—a metric similar of dollars from the’ event. In addition to its epony- to the net income figure that Amazon sales for all of 2020 mous chili and deli meats, U.S. oil companies report—of Total shareholder returns by company rose 38% year over year to Hormel sells other grocery $825 million for the three Royal Dutch $386.1 billion and are expected items and protein-centric months ended Dec. 31, com- to advance again this year. Am- 60% BP Shell Exxon MobilChevron Total foods including Skippy and pared with a loss of $4 million azon said sales for the current Justin’s nut butters. The com- in the year-earlier period. quarter should come in at be- pany, which has a market Pandemic-related restric- 40 tween $100 billion and $106 value of about $25 billion, has tions, particularly those that billion. Wall Street has forecast been an active acquirer in re- reduced travel, have sapped sales of around $95.8 billion. cent years as it diversifies. A demand for oil, hitting prices 20 Shares in Amazon rose 1.6% in deal for Planters would be by and prompting the world’s big- after-hours trading. far its largest to date. gest energy companies to slash 0 The online shopping boom Kraft Heinz, the product of spending, cut jobs and write has been broad-based. United a 2015 merger of the two well- down the value of their assets. Parcel Service Inc. Tuesday known food companies, has Amid the crisis, Exxon and –20 said sales in the December been divesting brands after it Chevron discussed a merger of quarter rose 21%. The package- struggled to keep up with the U.S. oil giants last year, ac- –40 delivery giant said Amazon ac- shifting consumer tastes. The cording to people familiar with counted for 13% of its total 2015 ’20 ’15 ’20 ’15 ’20 ’15 ’20 ’15 ’20 maker of Heinz ketchup and the matter, although the talks 2020 sales. Oscar Mayer deli meats said in didn’t progress. Source: FactSet Although the pandemic September the strategy will “The past year presented turned into a sales bonanza for help the company simplify its the most challenging market strategic changes to its busi- formed this dramatically and defensively in the face of dete- Amazon, the Seattle-based business and focus on its most conditions Exxon Mobil has ness plan. On Tuesday, Exxon defied shareholder sentiment riorating returns and the company initially struggled to promising brands. ever experienced,” said Chief announced it had elected a for this long has not earned threat of losing their seats.” handle surging demand. The Planters was founded in Executive Darren W. Woods. new independent director to the right to choose its own BP said Tuesday that company recovered in part by 1906 by two Italian immi- Exxon remains under pres- its board and is continuing new members or pack itself in Covid-19 restrictions would scaling up rapidly. It added grants in Wilkes-Barre, Pa. sure from a pair of activist in- discussions with other direc- the face of calls for change,” continue to sap demand early more than 500,000 employees, Kraft Heinz in recent years vestors. One of them, Engine tor candidates. Engine No. 1 said. “Exxon Mo- PleaseturntopageB2 lifting its global workforce to had seen opportunity for the No. 1 LLC, nominated four di- Engine No. 1 said the bil shareholders deserve a more than 1.3 million and in- brand, given that it fit the rectors to Exxon’s board last changes were insufficient. board that works proactively Heard on the Street: BP has creased its fulfillment and lo- PleaseturntopageB2 week and called for it to make “A board that has underper- to create long-term value, not a Rosneft problem. B14 PleaseturntopageB7 GameStop Activists INSIDE Uber Adds Drizly to Its Mix, Sowed Seed for Frenzy Expands in Alcohol Delivery

BY DAVID BENOIT and book career-changing gains. Mr. Wolf, though, is now BY PREETIKA RANA Last spring, when a director at the company, and AND SAABIRA CHAUDHURI GameStop Corp. was just a board rules restrict his selling. struggling videogame retailer He sold a piece at a big profit, Uber Technologies Inc. and before Reddit took it to the but most of his potential gains said it reached a deal to buy

moon, two small money man- are on paper, at the mercy of CHRISTOPHER GREGORY-RIVERA FOR WSJ alcohol-delivery service Drizly agers teamed up in an auda- the rally’s coming months. Just for $1.1 billion in stock and cious bid to shake up its board Tuesday, more than half of his BUSINESS NEWS cash, signaling the company’s of directors. gains disappeared. UPS reports a revenue ambitions to provide a wider They thought the stock was A representative said Mr. jump of 21% after range of items to consumers’ worth a few more dollars. Wolf declined to comment. doorsteps. They won, and then things GameStop hasn’t commented surge in online The deal could further ac- got wild. Shares have zoomed on the trading. shopping. B3 celerate the growth of online from $4 all the way to above The spark for GameStop’s alcohol sales, traditionally a $400 and back to $90. John rally has been credited to Ryan small slice of U.S. booze con- Broderick’s Permit Capital has Cohen, who co-founded online sumption that widespread made more than $100 million, pet-supplies retailer Chewy Inc. shelter-in-place orders and Kurt Wolf’s Hestia Capital His bet, disclosed in August, boosted last year. Tuesday’s is up around $50 million, at gave investors a reason to be- announcement marks the larg- DAVID DEGNER FOR THE WALL STREET JOURNAL least in paper gains, according lieve that someone was about est deal to date in the U.S. on- A worker fulfilling a Drizly online order at a Boston liquor store. to regulatory filings. The duo to transform GameStop into an line alcohol space, according risked their reputations on the internet retailer. In November, to the Wine & Spirits Whole- Uber Eats business the sec- venience stores, Walgreens future of GameStop and in do- Mr. Cohen sent a letter to the salers of America, a trade ond-largest food-delivery com- and CVS, among others. ing so helped plant the seeds board urging just that kind of group representing more than pany in the U.S. after Door- The pandemic turbocharged that turned into a stock rally pivot, and asking for board 350 distributors. Dash Inc. Both companies have online sales of alcohol, a cate-

that has captivated Wall Street. seats. IMAGE OF SPORT/NEWSCOM/ZUMA PRESS Delivery has become an un- shored up their delivery offer- gory that has long lagged be- “It’s sort of like after the Su- When Mr. Cohen got a board expected lifeline for Uber as ings during the health crisis. hind other consumer goods per Bowl when they ask some- seat in January, it created an- MARKETS the pandemic has hammered Uber began delivering grocer- products in the U.S. and some one how it feels and they say it other sea change. A crowd of Dow industrials soar its core ride-hailing business. ies in the U.S. and Canada last other key markets due to doesn’t feel real,” said Mr. amateur stock pickers on Reddit nearly 500 points, The company acquired food- year, after acquiring Chilean strict regulations and en- Broderick. “I guess I can go to PleaseturntopageB12 delivery rival Postmates Inc. startup Cornershop. DoorDash trenched consumer habits. E- Disney World.” signaling indexes may last year in a stock deal valued started delivering cleaning commerce made up just 1% of Mr. Broderick has been able Traders turn against new extend gains. B13 at $2.65 billion. supplies and over-the-counter U.S. alcohol sales by retailers to cash out much of his stake users...... B12 That combination made its medicines from 7-Eleven con- PleaseturntopageB4 B2 | Wednesday, February 3, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A GameStop...... B1,B7,B12 Pershing Square Capital Pfizer Sees Covid-19 Vaccine Alibaba...... B7 General Motors...... B4 Management...... B6 Alphabet...... B1,B6 Gilead Sciences...... B2 Pfizer...... A6,A7,A8,B2 Amazon.com GlaxoSmithKline...... A8 Providence Equity ...... A1,B1,B3,B6 Graphic Packaging....B13 Partners...... B12 H Providence Strategic Ranking Among Its Top Sellers AMC Entertainment.B12 Growth Capital Ant...... B7 HCA Healthcare...... B2 Partners...... B12 Apple...... B14 Hermès...... B14 Q BY JARED S. HOPKINS candidates could be autho- million, or 10 cents a share, results from Johnson & John- Astra Space...... B7 Hestia Capital...... B1 AND MATT GROSSMAN rized in the coming months, compared with a year-earlier son’s vaccine and insight into AstraZeneca...... A8 Qorvo...... B14 Honda Motor...... B4 eating into Pfizer’s sales. Sales loss of $337 million, or 6 cents manufacturing capabilities for B Hormel Foods...... B1 Qualcomm...... B14 Pfizer R Inc. said it expects could also be hurt if a variant a share. Excluding one-time those shots. Bayer...... A8 Howard Hughes...... B6 I its Covid-19 vaccine to gener- emerges that evades the com- items, Pfizer posted an ad- The company’s shares fell BioNTech...... A6,A8,B2 Recreational Equipment ate about $15 billion in sales pany’s vaccine. justed profit of 42 cents a 2.3% Tuesday. BMW...... B4 Iberdrola...... B14 ...... B6 this year, making the shot one The Covid-19 vaccine’s lon- share; analysts were expecting Pfizer and BioNTech have BP...... B1,B14 Royal Dutch Shell...... B2 J of the drugmaker’s top-selling ger-term revenue prospects, Mr. 50 cents a share. For 2021, the said recent lab results sug- C S Johnson & Johnson....A7 products and potentially a Bourla said, depend on whether company expects adjusted gested new coronavirus vari- Chevron...... B1 K Skyworks Solutions..B14 steady source of revenue. people will need booster shots profit of $3.10 to $3.20 a share, ants found in the U.K. and in Chipotle Mexican GrillB3 Stellantis...... B4 “Based on what we’ve seen to stay protected against the vi- an increase from last month’s South Africa would have only a Cirrus Logic...... B14 Knotel...... B8 SVPGlobal...... B13 Kraft Heinz...... B1 so far, we believe it is increas- rus. Pfizer and BioNTech are guidance of $3 to $3.10 a share. small impact on their shot’s ef- CVS Health...... A6 T ingly likely that a durable working on a booster shot to Mr. Bourla said that the fectiveness—though the study D Kroger...... A6 L Tesla...... B4 Covid-19 vaccine revenue provide additional protection company raised its revenue did find antibodies generated Domtar...... B13 Total...... B2 stream, like it happens in flu, against variants. projections for the year amid by the vaccine were slightly Drizly...... B1 LVMH Moët Hennessy Toyota Motor...... B4 Louis Vuitton...... B14 is a potential outcome,” Pfizer Pfizer on Tuesday reported the rollout of AstraZeneca less effective against mutations E Twitter...... B4 M Chief Executive Albert Bourla fourth-quarter profit of $594 PLC’s vaccine in Europe, study in the South Africa variant. Electronic Arts...... B7 U told analysts Tuesday. Pfizer will study whether Marriott InternationalB3 Enel...... B14 Uber Technologies...... B1 The company said it expects booster shots given either six Moderna...... A6,A7,A8 Exxon Mobil...... B1 United Parcel Service.B3 total revenue this year of be- months or a year after the N F-G V-W tween $59.4 billion and $61.4 second dose could provide ad- Newmark...... B8 Facebook...... A10,B6 Volkswagen...... B4 billion. In the fourth quarter, ditional protection, including Novavax...... A7 Fair Oaks Capital...... B13 Walgreens Boots the Covid-19 vaccine contrib- against variants, said Pfizer P Ferrari...... B14 Alliance...... A6 uted $154 million of the com- research-and-development Ford Motor...... B4 Permit Capital...... B1 Walmart...... A6 pany’s $11.7 billion in sales. chief, Mikael Dolsten. A third The U.S. Food and Drug Ad- shot might generate sufficient ministration authorized the antibodies to protect against INDEX TO PEOPLE shot—the first to be cleared the current variants he said. for emergency use in the U.S.— Pfizer is also preparing, he on Dec. 11. Revenue in the said, a tweaked vaccine for ei- A H R quarter from Pfizer’s vaccines ther the strains found in Brazil Ackman, William...... B6 Hazen, Sam...... B2 Rellas, Cory...... B4 overall rose 17% to $2 billion. or South Africa that could be Alberda, Dale...... B6 J S Pfizer’s sales outlook for its tested if needed, though Pfizer B Jassy, Andy...... A1 Schoettler, John...... B6 Covid-19 vaccine, which it co- hasn’t decided on whether to Barra, Mary...... B4 L Sorenson, Arne...... B3 developed with BioNTech SE, start a trial. Bezos, Jeff...... A1,B1 T opens a window on the busi- Mr. Bourla said the goal Butler, Jonathan...... B13 Looney, Bernard...... B2 Teeuwen, Aza...... B13 ness opportunity for drugmak- would be to test a modified C M Tomé, Carol...... B3 ers responding to the coronavi- vaccine in 100 days. Camilleri, Louis...... B14 Ma, Jack...... B7 W rus pandemic. Companies Other vaccine makers, in- Capuano, Tony...... B3 McClay, Brian...... B13 Gilead Sciences Wallace, Tyler...... B13 including Inc., cluding Johnson & Johnson Cohen, Ryan...... B1 Musk, Elon...... B4 Wilde, Mark...... B13 which sells an antiviral, have and Moderna Inc., have said D N Woods, Darren...... B1 reported sales bumps from cor- they are working on a booster Dolsten, Mikael...... B2 Niccol, Brian...... B3 Z onavirus treatments. It is un- shot or modified vaccine. E O Zhang, Daniel...... B7 clear, however, how long Pfizer, Pfizer’s quarterly revenue Elkann, John...... B14 O'Reilly, David...... B6 Zhu, Steven...... B7 which splits Covid-19 vaccine of $11.7 billion was up 12% sales with BioNTech, could sus- from $10.45 billion in the year- tain the revenue at such a high earlier quarter. Analysts sur-

low $45 a barrel it could cut level, according to analysts. BENOIT TESSIER/REUTERS veyed by FactSet were expect- spending further. The com- Other companies’ vaccine The vaccine contributed $154 million in sales in the fourth quarter. ing revenue of $11.48 billion. Oil Giants pany said it expects to cover its dividend, which costs it about $15 billion annually, Caution on from its cash flow in 2021, as- HCA’s Profit Increases Despite Fall in Patients suming Brent is $50 a barrel. It was trading around $56 Recovery Tuesday. BY MELANIE EVANS Many hospitals started 2020 the year-earlier quarter to rated by Fitch significantly out- Activist investor Engine AND DAVE SEBASTIAN with growth that abruptly van- $14.29 billion. Analysts polled stripped a small number of up- ContinuedfrompageB1 No.1 has argued Exxon should ished in late March as they by FactSet were looking for grades, he said. “The weak got in 2021 and that the pandemic focus more on investments in Hospital chain HCA Health- largely halted nonessential sur- $13.99 billion. weaker, but the strong held might have an enduring im- clean energy while cutting care Inc. ended the first year gery to prepare for the virus. HCA, which is based in on.” pact on the global economy, costs elsewhere to preserve of the pandemic with a higher Most restarted surgery within Nashville, Tenn., returned more Rural hospitals, many al- with the potential for weaker its dividend. However, Exxon annual profit, and said it ex- six to eight weeks, but disrup- than $6 billion in federal relief ready struggling, experienced demand for energy for a sus- and rival Chevron haven’t set pects growth to pick up as dis- tion continued through sum- grants and loans in the fourth an increase in closures last tained period. out plans to invest substan- ruption from the crisis fades. mer and fall surges. quarter. For others in the sec- year, said George Pink, deputy Still, Chief Executive Ber- tially in renewables, instead The company’s results are Mr. Hazen said the final tor, federal relief has been crit- director of the North Carolina nard Looney said the company choosing to double down on among the first to capture the months of the year brought the ical to lessening the financial Rural Health Research Program expects demand to stabilize oil and gas. Both companies pandemic’s full impact on hos- pandemic’s biggest impact hit from higher expenses and at the University of North Car- this year, although the speed have argued that the world pitals in 2020, including dis- across HCA’s 185 hospitals, af- lost revenue during the pan- olina at Chapel Hill. “I am not and degree of the recovery is will need vast amounts of fos- ruption from a record-setting ter the company had entered demic, according to Moody’s optimistic that 2021 will be a uncertain. sil fuels for decades to come, year-end surge. “Our perfor- the fourth quarter with most of Investors Service credit ana- recovery year for rural hospi- “It’s all dependent on vac- and that they can capitalize mance this past year gives us its hospitals outside the reach lysts. As a result, many compa- tals,” he said. The research cine rollouts, vaccine efficacy on current underinvestment confidence to believe that we of a fall surge in infections. nies are expected to close the program reported 19 rural hos- and OPEC compliance,” Mr. in oil production. will be able to navigate suc- “Our experience with Covid 2020 calendar year with a de- pitals closed last year, a record Looney said. Unlike its U.S. On Monday, Exxon said it cessfully through future chal- throughout the pandemic has cline in operating margins, in data since 2005. counterparts, BP hadn’t spo- would form a business unit fo- lenges as well,” CEO Sam Ha- been that it’s choppy,” Mr. Ha- though less than earlier esti- HCA is one of the largest ken to any of its peers about cusing exclusively on technol- zen said Tuesday. zen told analysts in late Octo- mated, the analysts said. hospital owners in the U.S. and mergers, Mr. Looney said, add- ogies to reduce carbon emis- Mr. Hazen cited as factors ber. The pandemic’s effect on one of few that is privately ing that the company was fo- sions, investing about $3 the company’s tight control of At the time, he noted rising business hasn’t been uniform, held or publicly traded. Its ri- cused on executing its strategy billion through 2025, primarily costs and increased revenue coronavirus cases were primar- and those previously on weaker vals include publicly traded Te- to pivot toward low-carbon on carbon-capture projects, from sicker patients. Admis- ily affecting two of its Texas financial footing appear to net Healthcare Corp. and Uni- energy. which gather carbon emissions sions to its hospitals dropped hospitals. have struggled more to with- versal Health Services Inc., BP’s shares fell 3.1% in Lon- from industrial processes, or 4.7% for the year, as the pan- But in November, Covid-19 stand disruption, said Kevin and nonprofits Ascension, don on Tuesday as the results directly from the air, and de- demic resulted in fewer proce- cases climbed across the chain. Holloran, a senior director with which is based in St. Louis, and came in below analysts’ expec- posit them underground. dures and less emergency-room The trend then intensified, Mr. Fitch Ratings. Downgrades for AdventHealth, of Altamonte tations. Exxon shares rose 1.6% BP has suggested that de- traffic; but revenue per hospi- Hazen said Tuesday, with De- nonprofit hospital systems Springs, Fla. in Tuesday trading. mand for fossil fuels might talized patient increased 10.5%. cember accounting for about Other oil companies are never fully recover and that Net income attributable to half of the HCA’s 56,000 coro- also feeling the strain. Royal the pandemic could accelerate the company rose 7.1% to $3.75 navirus patients during the Dutch Shell PLC reports the pace of transition to a billion, compared with $3.51 quarter. Last year, Covid-19 Thursday and has telegraphed lower-carbon economy. Under billion in 2019. Earnings per cases made up about 8% of the it will take a large write-down. Mr. Looney, BP has embarked share increased to $10.93 from hospital chain’s overall admis- The pandemic has already on a plan to reduce its depen- $10.07. Annual revenue edged sions. triggered the largest revision dence on oil and gas, while in- up to $51.53 billion, from The company on Tuesday SAVE of the value of oil-and-gas as- creasing investments in low- $51.34 billion. posted net income attributable $ sets in at least a decade, as carbon energy such as wind Executives said the company to the company of $1.43 billion 100 companies sour on costly proj- and solar power. would boost capital spending in the fourth quarter, compared ects amid the prospect of low French energy giant Total this year, targeting strategic with $1.07 billion in the year- Reg. $29999 | SALE $199 99 prices for years. SE also has outlined plans to growth, and would resume div- earlier period. Earnings rose to Exxon’s more than $19 bil- build up its renewables busi- idend and share repurchase $4.13 a share, from $3.09 a lion write-down, primarily re- ness, while Shell has signaled programs after halting both share. lated to U.S. shale gas assets, its intention to set out a simi- last spring. Revenue climbed 5.7% from is among the largest ever lar path later this month. taken in the industry. The To bolster its finances, BP company cut nearly $12 billion has been selling assets to re- tooling their portfolios. from its 2020 capital expendi- duce debt. It said it was now Kraft Heinz in September tures and $8 billion from oper- more than halfway to its tar- Kraft Close agreed to sell a chunk of its ating expenses in response to get of $25 billion of asset cheese business to France’s the pandemic and said Tues- sales by 2025, helped Monday Groupe Lactalis SA for $3.2 day that it would trim opera- by the sale of a 20% stake in a To Selling billion. Like the cheese busi- tional spending by another $3 gas development in Oman. ness, its nut business is in a billion by 2023. BP aims to lower its debt to highly commoditized sector Exxon plans to spend as $35 billion by the first quarter Planters that has struggled with com- Can’t Hear much $25 billion a year on of next year, down from $39 petition from store brands. capital expenditures through billion at the end of 2020. ContinuedfrompageB1 McCormick & Co. agreed to Voices On TV? 2025, but said Tuesday that if —Allison Prang trend toward low-carb, high- buy hot-sauce maker Cholula New AccuVoice® AV157 Speaker uses Brent crude oil prices fall be- contributed to this article. protein snacks. But efforts to in November, while Mondelez patented hearing aid technology to create expand it have been hit-and- International Inc. agreed to 12 levels of dialogue clarity. miss and it was one of six buy the rest of paleo choco- brands whose lowered outlook late-bar maker Hu Master Flat-screen TVs use tiny speakers with tinny sound. So many people led to a $290 million impair- Holdings last month. have to use closed-captioning to watch a movie or sporting event. ment loss last summer. Mr. Peanut, introduced in Our patented hearing aid technology lifts voices out of the soundtrack Kraft Heinz had net sales of 1916, appeared in Super Bowl and clarifies them. The result is remarkable. The AV157 has 12levels of voice boost – in case you need extra clarity. Only 17" wide, it fits just under $1 billion in its nuts ads in recent years. In lieu of a just about anywhere. Hookup is simple – one connecting cord. and salted-snacks segment in regular ad during this Sun- 2019, the last full year the day’s game, Mr. Peanut is company has reported. It is “shelling out” the $5 million “It’s Like A Hearing Aid You Plug Your TV Into.” Techhive set to report fourth-quarter normally spent on the slot to results Feb. 11. reward acts of kindness, Kraft At the beginning of the Heinz said Monday. That fol- pandemic, sales of pantry sta- lows similar actions by other ples surged, giving a jolt to companies including An- Great Sound. Made Simple. classics that had fallen out of heuser-Busch—whose parent 866-367-9869 favor with consumers. But as company, like Kraft Heinz, is 60-Day Home Trial | Free Shipping

BRANDON THIBODEAUX FOR THE WALL STREET JOURNAL that demand wanes, deal mak- backed by investment firm 3G ® ZVOX & AccuVoice are registered trademarks of ZVOX Audio. Exxon cut 2020 capital expenditures by nearly $12 billion. The ing in the sector has picked Capital—emphasizing charity ORDER THE AV157 AT ZVOX.COM company’s Baytown, Texas, chemical plant. up, with companies back to re- amid the pandemic. THE WALL STREET JOURNAL. **** NY Wednesday, February 3, 2021 | B3 BUSINESS NEWS UPS Revenue Leaps 21% on E-Commerce

Operating profit rose 26%, helped by added shipping Smaller shippers, mean- its delivery network wouldn’t Ground unit during the quar- sale and a $4.9 billion noncash fees and steps to curb volume while, are important for im- buckle under the stress of the ter that ended Nov. 30. Like charge on its pension plan to 26% in latest quarter during the peak season. UPS proving profits since those holiday season with new strat- UPS, FedEx has also raised reflect low interest rates. for delivery company, shares rose 2.6% Tuesday as customers don’t get the vol- egies that included holding its prices and added fees to help Those moves resulted in a net results topped expectations. ume discounts of larger ship- customers to agreed-upon manage the spike in e-com- loss for the quarter of $3.26 with focus on volume The growing exposure to pers. UPS said volume rose shipping limits during the sea- merce packages. The Postal billion, compared with a profit Amazon comes as Ms. Tomé, more than 28% for small- and son. The restrictions led to Service, meanwhile, struggled of $659 million a year ago. BY PAUL ZIOBRO who became CEO last June, medium-sized customers in some retailers like Gap Inc. to make on-time deliveries. Excluding those items, UPS has embraced a philosophy of the fourth quarter, compared and Nike Inc. seeing their said it had adjusted profit of As United Parcel Service “better, not bigger” at the de- with 4% for the largest ship- pickups paused for a few days $2.66 a share. Analysts were Inc. targets smaller customers livery giant. In doing so, she is pers in its portfolio. Combined in December as UPS processed looking for UPS to post per- to help boost profits, it is also focusing on squeezing more with additional surcharges, record volume from those and share earnings of $2.14 on getting in deeper with the big- profit out of UPS’s businesses UPS’s revenue per item other merchants. 13.3% $22.87 billion in revenue, ac- gest customer of them all. and facilities and scrutinizing shipped rose 7.8% in the quar- Such steps help avoid extra cording to FactSet. Amazon.com Inc. paid the areas of lower returns. Busi- ter, the highest increase in expenses for overtime and The percentage of its revenue UPS declined to provide company $11.3 billion last year ness, and perhaps customers, more than a decade. other measures needed to that UPS gets from Amazon earnings guidance for the for shipping services, making that don’t make the cut may “We also look to lean into a clear bottlenecks. “We reduced coming year due to uncer- up 13.3% of all revenue for the be jettisoned. customer base that values the what we referred to as chaos tainty from the global pan- year, UPS Chief Executive In an interview, Ms. Tomé end-to-end experience and is costs,” Ms. Tomé said on Tues- demic. It did say it plans to Carol Tomé said Tuesday. That said large customers like Ama- willing to spend more,” Ms. day’s earnings call. One of Ms. Tomé’s first ma- spend about $4 billion on cap- was up from 11.6% of all reve- zon and others are crucial to Tomé said. UPS said the moves were jor changes was a recent deci- ital expenditures and grow its nue in 2019. No other cus- providing the shipping volume Amazon, UPS’s biggest cus- necessary, and they helped the sion to sell the Freight busi- dividend. tomer contributes more than needed to fill, and pay for, its tomer, posted fourth-quarter company post on-time delivery ness to TFI International Inc. “We don’t think e-com- 10% to UPS’s top line. vast delivery network. “With a sales of $125.5 billion on Tues- levels better than FedEx Corp. for $800 million, which exits merce, as a percentage of re- UPS reported a 21% jump in network business, with so day, topping the $100 billion and the U.S. Postal Service UPS from a competitive busi- tail sales, will decline,” Ms. fourth-quarter sales to $24.9 much capital invested in your mark for the first time. Its net throughout the holiday season. ness with low margins. Tomé said, “which means con- billion, a record for the com- fixed assets, we really do need income totaled $7.2 billion. FedEx reported a 29% surge UPS booked a $545 million tinued supply and demand im- pany. Operating profit rose volume,” she said. UPS took action to ensure in shipping volumes in its after-tax charge on the Freight balances.” Profit at Chipotle Weighed Down by HOW DO YOU MANAGE Virus-Related Costs RISK WHEN THE WORLD IS BY HEATHER HADDON Executive Brian Niccol said to investors. Chipotle Mexican Grill Inc. Labor has become a grow- UPSIDE DOWN? said costs related to the coro- ing concern for companies navirus pandemic have dented during the pandemic. Some profit even as online orders restaurant chains have said boost sales. they expect labor costs to rise The burrito chain said this year as they pay to hire Tuesday that earnings in its and retain workers in public- latest quarter were hurt as the facing roles. The Biden admin- pandemic worsened. Chipotle istration is also looking to said it paid more in medical boost the minimum wage, claims and performance-re- which would translate into lated bonuses to employees higher wages for many restau- keeping its restaurants open rant chains. during the health crisis. Restaurants are also navi- The company, based in New- gating changing indoor-dining port Beach, Calif., reported regulations during the crisis. earnings adjusted for one-time Chipotle said about 60% of its items of $3.48 a share for the dining rooms were currently fourth quarter, compared with open for limited indoor dining, $2.86 a share a year earlier. down from 85% of locations The latest results were short of offering indoor or patio dining the $3.73 a share that analysts in October. expected. Sales of $1.6 billion Chipotle has booked strong hit expectations. to-go sales throughout the Shares in the chain fell pandemic. The chain said on- nearly 2% to $1,495 in after- line orders accounted for hours trading. “The pandemic nearly half of its sales during has presented new challenges the latest quarter, and were up for all of us,” Chipotle Chief 177% from a year earlier.

Chipotle's comparable store Digital sales as a share of total sales, change from a year ago sales 15% 60%

50 49% 10 s5.7% 40 5 30 0 20

–5 10

–10 0 2018 ’19 ’20 2018 ’19 ’20

Source: the company Marriott CEO Scales Back Duties for Illness BY DAVE SEBASTIAN throughout my treatment to date and plan to remain as en- Marriott International Inc. gaged in the business as my Chief Executive Arne Sorenson health allows, the right thing will reduce his schedule over to do for me, my family and the next few months to allow the company is to focus on my for a more demanding treat- health,” Mr. Sorenson said. ment for pancreatic cancer, Mr. Sorenson led the acqui- leaving day-to-day operations to sition of Starwood Hotels & lieutenants, the company said. Resorts Worldwide in Septem- The hotel chain in 2019 dis- ber 2016, creating a hotel gi- closed that Mr. Sorenson, 62 ant with a presence in 130 years old, was diagnosed with countries and territories. The the illness and was starting company has 30 hotel brands, treatment. Mr. Sorenson, who including Sheraton, Ritz-Carl- remains president, CEO and a ton, Westin and Le Méridien. board member, will be “direct- Mr. Sorenson started serv- ing the company to the extent ing in his role in 2012, becom- practical,” Marriott said. ing Marriott’s third CEO. He Stephanie Linnartz, the was previously the chief oper- group president for consumer ating officer and held several We can't control what's next, but we can help navigate it. CME Group operations, technology and positions since joining Mar- emerging businesses, will riott in 1996. provides 24-hour access to trading opportunities in every investable oversee Marriott’s interna- Marriott returned to profit- asset class, allowing market participants worldwide to manage risk and tional lodging division, as well ability for the September capture opportunities. For every economic twist and turn, when the as legal, human resources, quarter as it reduced costs communications and public af- and travel demand improved newnormalisanythingbut…CMEGroup. fairs, the Bethesda, Md.-based from lows earlier in the company said. Covid-19 pandemic. The com- Tony Capuano, group presi- pany is due to report fourth- VISIT CMEGROUP.COM/ACTION dent for global development, quarter results Feb. 18. design and operations ser- Analysts polled by FactSet vices, will be in charge of the expect Marriott to post earn- U.S. and Canada lodging divi- ings of 4 cents a share, com- Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. sion and finance, it added. pared with 85 cents a share a This communication is not a recommendation or offer to buy, sell or retain any specific investment or service. Copyright © 2020 CME Group Inc. All rights reserved. Both executives are assuming year earlier. Revenue is esti- additional responsibilities. mated to fall to $2.42 billion “While I have worked from $5.37 billion. B4 | Wednesday, February 3, 2021 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Tesla to Recall 135,000 Vehicles Elon Musk

Touch screen in some Goes Dark models can fail; safety action is one of the On Twitter auto maker’s biggest Yet Again BY REBECCA ELLIOTT BY WILLIAM BOSTON

Tesla Inc. is recalling Musk out—for now, anyway. roughly 135,000 Model S lux- Elon Musk, the Tesla Inc. ury sedans and Model X sport- chief executive and space utility vehicles over touch- travel-hyperloop-deep tunnel screen failures, one of the mining entrepreneur, is taking electric-car maker’s largest- a hiatus from Twitter, after ever safety actions. recent tweets helped drive ral- The move comes after the lies in GameStop Corp. and National Highway Traffic bitcoin. Safety Administration re- The message “Off Twitter quested a recall last month, for a while” appeared on his saying the touch screen in personal Twitter account be- some models can fail when a fore 4 a.m. Eastern time on memory chip runs out of stor- Tuesday. age capacity, affecting func- Mr. Musk, whose account tions such as defrosting, turn- has nearly 45 million followers, signal functionality and driver jumped into the GameStop fray assistance. recently with a barrage of The agency said the prob- tweets such as “Gamestonk!!”— lem affected roughly 158,000 a play on the videogame re- vehicles, including Model S se- tailer’s name, that took jabs at dans built between 2012 and short sellers. Investors short- early 2018 and Model X vehi- ing Tesla stock have long been cles made from 2016 through a favorite target of Mr. Musk’s

early 2018. The recall doesn’t JOHANNES EISELE/AGENCE FRANCE-PRESSE/GETTY IMAGES social-media ire. cover vehicles in that group Model X sport-utility vehicles made from 2016 to 2018 and Model S cars made from 2012 to 2018 are affected by the recall. The Twitter hiatus comes that have already been re- after Mr. Musk appeared with paired with a larger memory modest compared with other gained about 4% Tuesday. bined, according to a Dow cles eventually would fail, the Vlad Tenev, the CEO of trading chip or an upgraded touch car-safety measures, which The electric-vehicle maker Jones Market Data analysis of regulator has said it was told app Robinhood Markets Inc., screen, according to NHTSA. sometimes affect millions of recalled some 123,000 of its FactSet data. by Tesla. in a live-streamed interview. Tesla said in a letter to fed- vehicles, the action represents Model S cars in 2018 over a Federal regulators have said The recall comes as the In it, Mr. Musk questioned the eral regulators made public a relatively large number of finding that some bolts cor- that the problem with Tesla’s auto industry is struggling motive behind Robinhood’s re- Tuesday that while it dis- Teslas. The company delivered roded in cold weather, which touch screens can take around with a computer-chip shortage tail trading limits, but also ad- agreed that the issue consti- around 500,000 vehicles glob- could lead to power-steering five to six years to manifest. that has disrupted production dressed other topics, including tuted a defect in the vehicles, ally last year, roughly 40% of failures. Tesla has tried to use over- world-wide. Tesla’s business and Covid-19 it was going ahead with a re- them in the U.S., according to Tesla is on much better fi- the-air updates to remedy the Tesla said that it would re- vaccines. call to conclude the investiga- market-research firm Motor nancial footing than it was problem, but those efforts place hardware free as part of Mr. Musk encourages the tion and provide a better ex- Intelligence. Tesla doesn’t three years ago. The company have been insufficient, regula- the recall, but would do so in direct contact with his fans perience for customers. break out its sales by region. has reported six profitable tors said. phases due to parts con- and retail investors that so- “It is economically, if not Sam Abuelsamid, an analyst quarters in a row, and its cash Roughly 12,600 vehicles had straints. cial-media platforms like Twit- technologically, infeasible to at Guidehouse Insights, esti- holdings totaled around $19.4 already experienced these Deliveries of Model S and ter provide. He promotes job expect that such components mated that the recall could billion at the end of last year. touch-screen problems as of Model X vehicles, Tesla’s openings himself via Twitter, can or should be designed to cost around $200 million to Its market valuation of around last summer, when Tesla pro- higher-end offerings, have inviting job seekers to stop by last the vehicle’s entire useful $250 million. Tesla didn’t re- $827 billion as of Tuesday was vided data to regulators. All of waned recently. The company his hotel in Berlin to apply for life,” Tesla said in the letter. spond to a request for com- larger than that of the next the touch screens in the said last week that it is re- positions at the new factory While the recall will be ment. The company’s stock nine largest auto makers com- roughly 158,000 affected vehi- freshing both models. he is building there, and this week urged people to apply to Neuralink, another venture of his that is developing technol- ogy to link the human brain to Auto Makers Change Sides on Emissions Rules information networks. “If you’ve worked on ad- BY BEN FOLDY The auto makers say they through mid-decade. group and hastening moves to which supports 10.3 million vanced wearables, phones or are withdrawing from the le- The Trump White House revoke the state’s regulatory jobs, can collaboratively find robots, those skills are needed Toyota Motor Corp., Stel- gal challenge as a gesture of initially proposed eliminating power. the pathway that will deliver @neuralink,” he tweeted on lantis NV and other auto mak- goodwill toward the new Bi- any annual increases, but A separate bloc of car com- an all-electric future,” GM Monday. ers that had joined the Trump den administration, which has sharp opposition from Califor- panies that included Toyota, Chief Executive Mary Barra Mr. Musk has been lauded administration in challenging vowed to include the state in nia and other states caused Stellantis and General Motors wrote in a letter to parties in for his unconventional use of California’s authority on auto its efforts to implement fears in the industry that a Co. signed on to support the the lawsuit. GM last week also social media, but sometimes emissions have abandoned the tougher auto-emissions stan- prolonged legal fight and un- White House against Califor- said it aims to phase out gaso- his tweets go into a legal gray effort, saying they want to dards and hasten the indus- certainty over the targets in nia in a court case on the mat- line- and diesel-powered vehi- zone. work with President Biden on try’s shift to electrification. the longer term would compli- ter, saying they felt emissions cles from its lineup by 2035. In 2018, Mr. Musk caught new rules. “We are aligned with the policy should be solely the After the inauguration, Mr. the attention of the Securities The move, revealed Tues- Biden administration’s goals,” charge of the federal govern- Biden signaled quickly he and Exchange Commission day by a group of more than a said the group, called the Co- Industry leaders will ment. California railed against would begin addressing cli- when he tweeted that he had half-dozen car companies, sig- alition for Sustainable Auto- those companies, saying it mate concerns through a se- secured funding to take Tesla nals an end to the auto indus- motive Regulation. no longer challenge would no longer purchase gov- ries of executive actions, in- private. He took a brief hiatus try’s support for former Presi- The auto industry has been California’s power ernment vehicles from compa- cluding revisiting the emission from Twitter then, but re- dent Donald Trump’s divided in recent years in how nies that were challenging its targets set by the Trump ad- sumed after striking a deal yearslong effort to strip Cali- to confront the Trump admin- over regulations. authority. ministration. with the SEC that included fornia of its power to set istration’s efforts to roll back But with the change in the The White House has nomi- more self-imposed restrictions stricter regulations than the Obama-era auto emissions and White House, auto executives nated Steve Cliff, one of Califor- on his Twitter feed. He also federal government on tailpipe fuel-economy rules, with some have said they realize stricter nia’s key negotiators on the took breaks from the platform emissions. executives saying the stiffer cate their product planning, rules are coming and they state’s deal with Ford and the in 2019 and 2020, though both California has for decades standards are out of sync with executives have said. would have to compromise other companies, as deputy ad- lasted only a few days. had this authority, giving it buyer preferences. In 2019, Ford Motor Co., with California on new stan- ministrator of the National Mr. Musk recently posted outsize influence in setting en- Auto executives began lob- Honda Motor Co., Volks- dards. Highway Traffic Safety Admin- about Dogecoin, which was vironmental rules that limit bying Mr. Trump shortly after wagen AG and BMW AG Weeks after Mr. Biden’s istration. Ann Carlson, an envi- created in 2013 as a spoof on tailpipe pollutants for auto he took office to revise rules signed a deal with California election, GM dropped out of ronmental law professor who the growing cryptocurrency manufacturers. Roughly a set by his predecessor that in which they agreed not to the lawsuit and encouraged has sharply criticized Mr. industry. Mr. Musk tweeted a dozen other states follow the would have required them to challenge California’s author- other auto makers to follow. Trump’s efforts to relax stan- fake magazine cover brandish- state’s regulations, giving Cali- limit greenhouse-gas emis- ity, prompting the Trump ad- “We are confident that the dards and the auto makers sup- ing the word “DOGUE,” after fornia immense weight in sions and increase fuel econ- ministration to open an anti- Biden administration, Califor- porting them, was appointed which Dogecoin’s shares shaping car production. omy by roughly 5% annually trust investigation against the nia, and the U.S. auto industry, the agency’s general counsel. surged the following day.

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ContinuedfrompageB1 in 2019 by volume but is ex- pected to grow to 7% by 2024, says industry tracker IWSR. It estimates online alcohol sales in the U.S. grew 80% by  value last year from the year    & + ,,- ./'  $    )  earlier and that the country is       0 #"     )  now poised to overtake China   1       ( & '      this year as the world’s largest

    2$' $ &$1 " 3     *     online alcohol market. IWSR DAVID DEGNER FOR THE WALL STREET JOURNAL        " 3  +-        says that the pandemic has Delivery has become an unexpected lifeline for Uber.     !" !"  ,       )  created enormous awareness *   !" " 3            among Americans that they homes rather than at “prem- the legal age of those placing 4556572662.56542&5 can buy booze online and that ise” locations like bars and orders. Drizly, whose app con-   $$ 8        +-   *    44% of those who buy alcohol restaurants. During the pan- nects consumers to nearby re-  $   -      *  via e-commerce only began demic, a string of states tem- tailers that handle alcohol  4$  9       *  doing so last year. porarily relaxed regulations to sales and deliver orders, has  $   2:  # 8   !" #           $$ 4""$ 1-  51 )   )*  “This was a sleepy online allow bars, restaurants and equipped delivery workers    !"   category,” Drizly Chief Execu- craft distilleries to make alco- with iPhones carrying soft-   #      57456; 2& tive Cory Rellas said in a De- hol available for home delivery ware that can scan an identity    $    $$%&  $ $        cember interview. Before the and pickup. Such regulations document and determine its * ":,  3'            pandemic, Boston-based Dri- allow an Uber Eats food order validity. 2<5.72;< zly’s consumer surveys to be paired with booze, and Uber said Tuesday that Dri-  4  ' , )* 45< 8  '   (!#       )  showed that less than half of the alcohol industry is betting zly was compliant with local  4  ' ,=54 2* 2' "$  41$" 61-    )     consumers knew they could the changes will stick. regulations in 1,400 U.S. cities.  4  ' ,=54 2* +1"$ >"$' +-        buy alcohol online. “Covid “Where people drink and The company said it would  4  ' ,=54 .2 * !,'$         switched that overnight,” he how people think about it, I eventually integrate Drizly’s  $  !"  &$1 &"#  %& 2, "        said, and online alcohol sales think that has fundamentally marketplace into the Uber %" $" & '(  * 4  ' ,=54  ' ,1$" '$ & '       )*   ?  * 4"' $ ? &",," ",$     “hit a real inflection point.” shifted,” Mr. Rellas said. Eats app. The acquisition is   The U.S. is particularly ripe While home delivery of al- subject to regulatory approval !  " #"$ #%$ &% %   $ '( )  * + '   %  , -    for home delivery of alcohol, cohol has been legal in many and expected to close in the                as most booze is purchased at states for years, most retailers first half of this year.           supermarkets and liquor have chosen not to offer it, —Jennifer Maloney stores to be consumed in partly due to concerns about contributed to this article. THE WALL STREET JOURNAL. Wednesday, February 3, 2021 | B5

New Year, New Possibilities. An Expedition Like No Other.

When you are ready, adventure and discovery are waiting for you. If you’re thinking about inally planning that bucket-list trip, we are excited to share with you an incredible expedition.

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* Price is per person, double occupancy, and subject to change. Plus an extra $9,495 for a single room. Airfare to Seattle, Washington and return from Boston, Massachusetts is not included in the expedition cost. This trip will be operated by National Geographic Partners Chicago, the tour operations branch of National Geographic, on lights operated by Icelandair. Please visit natgeoexpeditions.com/privatejetterms to see the Operator-Participant Contract andTerms and Conditions for this trip. © 2021 DowJones & Co., Inc. All rights reserved. © 2021 National Geographic Partners, LLC. All Rights Reserved. NATIONALGEOGRAPHIC EXPEDITIONS and the Yellow Border are trademarks of National Geographic Society and used with permission. B6 | Wednesday, February 3, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT Fund Manager Raises Bet On Housing BY ESTHER FUNG

Billionaire hedge-fund man- ager William Ackman is rais- ing his bet that the migration of Americans to warmer, lower-tax cities is here to stay. His Pershing Square Capital Management LP recently in- The centerpiece of tech company’s Virginia base is a 350-foot structure dubbed the Helix because it will feature two spiraling outdoor walkways with trees and plants. creased its stake in Howard Hughes Corp. to nearly 25%. The Houston developer is ramp- ing up construction of multi- Amazon Unveils family housing in Texas, Mary- land, Hawaii and Las Vegas. “It’s not a Wall Street bet. It’s a generational bet,” said Mr. Ackman, who is chairman Outdoorsy HQ2 of Howard Hughes’s board. The fund manager is widely known for his shareholder-ac- Designs for tech office campus, which the Seat- phase of Amazon’s buildings tivism campaigns and his bets tle-based company calls its are set to go through a public on large companies such as giant’s Virginia base second headquarters. review process, and the com- Starbucks Corp. includes walkways While many tech firms have pany hopes to break ground Pershing Square increased pledged to let employees work early next year. A pair of of- its stake in Howard Hughes by with trees and plants from home even after the pan- fice buildings for around about 4.7% between June and demic is contained, Amazon, 12,500 employees are under January, according to public BY KONRAD PUTZIER Facebook Inc., Alphabet Inc.’s construction down the street filings. The firm bought com- Google and others have con- from the planned second- mon stock, and some of its Amazon.com Inc.’s plans tinued to expand their urban phase development. The first counterparties exercised op- for its new northern Virginia office footprints. By investing buildings of the second phase tions that compelled Pershing headquarters feature an out- heavily in big city real estate, are set to be completed in Square to buy additional door theme, the latest sign they are betting that office 2025. shares, filings show. that big technology companies space will be an important Amazon’s new campus is Howard Hughes, a land are getting more creative with part of their corporate culture the latest in a growing line of owner and developer of mas- office space rather than aban- after the pandemic is over. outdoorsy office projects, as ter-planned communities, said doning it. “We have to think about companies try harder to offer it is starting construction on Phase two of the company’s this as a long-term invest- a pleasant work environment 1,475 new apartments across development in Arlington, Va., ment,” said John Schoettler, and appeal to eco-conscious four cities that have experi- calls for three 22-story office Amazon’s vice president of employees. enced an influx of people over buildings and smaller retail global real estate and facili- The Helix “will be an oppor- the past year. While many buildings surrounded by ties. “These buildings will be- tunity for people to literally go Americans were already leav- woodlands, an outdoor amphi- gin to deliver in 2025. And so on a hike in the city,” said Dale ing colder, more dense cities theater, a dog run and parking we believe that the world will Alberda, a principal at archi- for more temperate and af- for around 950 bicycles. be a much improved place tecture firm NBBJ, which is fordable places to live, the The centerpiece will be the than it is currently.” designing the development pandemic and the shift toward site’s fourth and tallest tower, Still, the growing popular- across the river from Wash- work from home accelerated a 350-foot structure dubbed ity of remote work has influ- ington, D.C. those trends last year. the Helix because it will fea- enced the buildings’ plans, Mr. Plans for inside of the Howard Hughes Chief Exec-

ture two spiraling outdoor Schoettler said. The company building also call for plenty of NBBJ (2) utive David O’Reilly said his walkways with trees and expects some employees will greenery, along with meeting company has seen more trans- plants from Virginia that twist go to the office only occasion- space, offices and studios for was later sold to Facebook. Aside from including lots of plants from California seeking to the building’s top. ally. The designs call for more artist residency programs. Amazon selected Arlington plants, Amazon said it wants housing in its Summerlin mas- Amazon, which unveiled the collaborative spaces where “You feel like you’re in a lush as the site of its second head- to design the buildings in an ter-planned community in Las designs on Tuesday, said the these people can meet peers. garden in the middle of winter quarters, along with Queens, energy-efficient way and to Vegas. Apart from a 295-unit cluster of new office and retail They won’t look much like tra- in D.C.,” Mr. Alberda said of N.Y., in 2018 following a get all their electricity from a luxury-apartment complex, the buildings will accommodate ditional offices. the interior design. lengthy and well-publicized solar farm in Virginia. Much of developer is starting construc- around 13,000 employees, with “Think of it more like a cof- NBBJ previously designed search. The company later the campus’s ground-level tion on a 10-story office tower, room for more. The project is fee shop,” he said. One with an outdoor-focused headquar- backed out of its planned New green space will be open to anticipating demand from part of Amazon’s more than mobile whiteboards. ters for Recreational Equip- York campus, but went ahead the public around the clock, companies looking to relocate $2.5 billion, 25,000 employee The plans for the second ment Inc. in Seattle, which with its Virginia plans. Mr. Schoettler said. to where people want to live. Howard Hughes, which owns up to tens of thousands of acres in each project, sells smaller plots of land to other Tampa Hotels Hope Super Bowl Won’t Be a Bust developers. Building trails in these mas- BY KONRAD PUTZIER While the Super Bowl is ter-planned communities have pushing up hotel rates less paid off, as many people pre- The Super Bowl usually has than in previous years, any fer to live in walkable and one guaranteed winner: the boost makes a big difference, bikeable neighborhoods. “The host city’s hotel owners. But said Suzanne Amaducci-Ad- trail systems are cited as the this Sunday, hotels in the ams, head of real estate at Mi- number one or two amenity,” Tampa, Fla., area are hoping ami law firm Bilzin Sumberg. not to feel like losers. “The impact very well could When the National Football be more meaningful, because Pershing Square League awarded Super Bowl it’s at a time when people need LV to Tampa in 2017, it was a lot of business,” said Ms. increased its stake like hitting the jackpot for lo- Amaducci-Adams. She pointed in Howard Hughes cal hotels, bars and restau- to the Orange Bowl and the rants. Many host city hotels College Football Playoff Na- by about 4.7%. count on Super Bowl weekend tional Championship game, to help make their year. Hotel held in the Miami area in Jan- owners can typically raise uary, which drew in fewer fans room rates by at least 50% than usual but still pushed up said Mr. O’Reilly, referring to above the seasonal norm as hotel revenues. resident surveys. football fans vie for a place to Tampa hoteliers are trying Still, these large develop- stay. to innovate to generate de- ment projects are complex and But for a number of rea- mand. Mr. Morrison said some require access to financing to sons, demand for Tampa hotel are offering packages where keep going. A slowdown in the beds is now likely to be far guests can watch the Super economy could hurt leasing lower than usual for the big Bowl in their suites with activity once these properties game this weekend. Thanks to friends and room service along are completed. Covid-19-related attendance with perks like limousine Buildout could suffer from

limits, only 24,700 people are THE DON CESAR transportation to golf outings. higher construction costs or expected in Tampa’s Raymond Don CeSar hotel in St. Pete Beach said a company canceled a big block of rooms over virus worries. “I’ve been amused to watch get mired in delays. In New James Stadium on Sunday, far the creativity of our industry York City, Howard Hughes below its capacity of around from out of town and require been to the Super Bowl in de- last year’s Super Bowl week- to turn what could be a lemon continues to face difficulties in 66,000. Many fans may be re- lodging. cades. Instead, Kansas City ad- end in Miami, according to into lemonade,” he said. getting approvals to move luctant to travel by air during Hotel demand would likely vanced for the second consec- projections from data-analytics A major American company ahead on its plans to build two the pandemic and stay home. also have been greater if the utive year, meaning its fans firm Sport Management Re- booked more than 100 rooms towers in the Seaport District The football gods also con- Buffalo Bills hadn’t lost to the are likely less excited and ea- search Institute. Its projected for Super Bowl weekend, plan- in lower Manhattan. “It spired against Tampa hotel Kansas City Chiefs in the con- ger to travel, Mr. Morrison room-rate increase of 112% in ning to fly in employees and proved to be a tough project. owners with the two teams ference finals and advanced to suggested. the two weeks leading up to clients to stay at the 277-room From an investor standpoint, squaring off in the Super Bowl. the Super Bowl, said Bob Mor- Average rates for four-star the event is also smaller than Don CeSar hotel in nearby St. people have already mentally Because one is the hometown rison, executive director of the hotel rooms in Tampa stand to last year’s bounce of 187%. Be- Pete Beach. But the company written it off,” said Alexander Tampa Bay Buccaneers, fewer Hillsborough County Hotel Mo- peak at $512 this weekend— cause Super Bowl tickets are canceled in December amid Goldfarb, senior research ana- fans are expected to come tel Association. Buffalo hasn’t well below the $2,294 peak at expensive, attendees tend to concerns over the pandemic, lyst at Piper Sandler & Co. be wealthy, meaning the re- said the hotel’s general man- The share price of Howard duction in business will be es- ager, Thomas Fraher. Hughes recovered from its ADVERTISEMENT pecially hard on pricier hotels. Now, Mr. Fraher is hoping March lows last year, but isn’t But Mr. Morrison expects to target locals looking to take back to its pre-pandemic levels. hotel occupancy in the county the weekend off for the Super At the start of 2020, its share Business Real Estate & Auctions to reach between 75% and 80% Bowl. The hotel is helping to price hovered around $123 and To advertise: email [email protected] or WSJ.com/classifieds this weekend, up from a low of organize a craft-beer festival plunged to $34 in March. It 17% in April. And Tampa hotels on the beach the day before closed at $88.22 Tuesday. did better business than any the Super Bowl to attract visi- Howard Hughes Corp. be- INVESTMENT PROPERTIES other major market in 2020, tors. Mr. Fraher said he saw a gan as an oil-drilling tool busi- the hospitality industry’s brief surge in bookings after ness started by the business- NOTABLE COMMERCIAL worst year in living memory. the NFL conference finals, and man and inventor Howard The Tampa area—warm, is banking on more last-minute Hughes Sr. His famously ec-     PROPERTIES sunny and within driving dis- reservations to bring the hotel centric son, Howard Hughes    EVERY WEDNESDAY tance of other big population close to full occupancy. Jr., diversified the company centers—had the highest ho- Still, room rates are likely into real estate.   (800) 366-3975 tel-occupancy rate among the to be hundreds of dollars Mr. Ackman’s Pershing [email protected] 25 biggest markets in the lower than the hotel had pro- Square has held a position in     For more information visit: country, according to data jected under more normal cir- the stock ever since it was wsj.com/classifieds company STR Inc. Though with cumstances. “We’ve been look- spun off from mall owner Gen- 2020 occupancy levels at ing at it like just another eral Growth Properties Inc., © 2021 Dow Jones & Company, Inc. 50.8%, that was still 29.4% be- fabulous beach weekend,” he following its bankruptcy and All Rights Reserved. low 2019 levels. said. restructuring in 2010. THE WALL STREET JOURNAL. ** Wednesday, February 3, 2021 | B7 TECHNOLOGY Rocket Startup Set To Go Public at $2.1 Billion Value

BY ANDY PASZTOR targeting the same market AND ELIOT BROWN segment. The company says it is able Northern California space- to lift satellites weighing transportation company Astra about 100 pounds into low- Space Inc. intends to be the Earth orbit, but gradually first maker of small rockets to hopes to increase that capac- go public in the U.S., using a ity about fivefold. Astra’s special-purpose acquisition move comes amid a boom in company, or SPAC, in a transac- the use of relatively compact tion valuing it at $2.1 billion. satellites for internet access, One of the few space start- earth imaging, military appli- ups with flight-proven tech- cations and other purposes. nology, Astra said it is team- “We are at a transforma-

ing up with billionaire tional period” for space access, ALY SONG/REUTERS telecommunications investor Mr. McCaw said, adding that The e-commerce giant celebrated its Singles Day sales figures in November, but it has since come under increased scrutiny by Beijing. Craig McCaw to take advan- an explosion of opportunities tage of the surging popularity and services potentially pro- of such transactions across an vided by fleets of small, versa- array of evolving high-technol- tile satellites “is the place ogy sectors. SPACs are vehi- where there is the biggest vac- Alibaba Starts Internal Review cles for swiftly taking entities uum of unmet demand.” public. One of the features differ- Alameda, Calif.-based Astra, entiating Astra from competi- which has about 120 employ- tors is its plan to blast off Amid Pressure by Regulators ees, late last year blasted a weekly—and eventually daily— relying on a mobile launch system, a handful of techni- BY STEPHANIE YANG fintech and internet platform product pricing that misled yuan, ahead of the 214.29 bil- In going public, cians, and operations from re- AND JING YANG companies presents near-term consumers. lion yuan analysts polled by mote locations if necessary. challenges to Alibaba, we re- Since his October comments, FactSet had expected. Core Astra seeks to stand Bigger rockets typically have a Alibaba Group Holding Ltd. gard them as important oppor- Mr. Ma has largely vanished commerce sales rose 38% to out from a bevy of much slower launch tempo has set up a task force to re- tunities for reassessing and im- from public life. He resurfaced 195.54 billion yuan. Alibaba, and require significantly view some of its businesses in proving our business briefly in January, appearing in running two of China’s biggest competitors. greater investment in ground response to an antitrust probe practices,” Mr. Zhang said. a video to give a speech to a online shopping sites, is often facilities. in China, its chief executive Alibaba and its fintech affili- group of teachers from rural seen as a barometer for Chi- In addition, Astra’s strategy said Tuesday, as the threat of a ate Ant Group Co. have come schools. While the Chinese bil- nese consumer spending. is to provide a basic satellite regulatory overhaul looms over under scrutiny after Mr. Ma lionaire stepped down as exec- Meanwhile, Alibaba’s report rocket to the edge of space design and then integrate that the Chinese e-commerce giant made a speech in October criti- utive chairman of Alibaba in showed that Ant recorded 14.5 from a launchpad in Kodiak, with customer cameras or sen- founded by Jack Ma. cizing Chinese President Xi Jin- 2019, his appearance sent the billion yuan, equivalent to Alaska. The booster failed to sors—effectively creating a In an investor call after re- ping’s campaign to combat fi- company’s share prices up $2.24 billion, in estimated net reach orbit velocity during one-stop shop for scientists, leasing quarterly results, Chief nancial risks as well as more than 8% that day. profit in the three months to that demonstration flight in fledgling satellite makers and Executive Officer Daniel Zhang regulators for stifling innova- Even as Alibaba faced regu- September, before its block- December. Founder and Chief other space newcomers look- reiterated that Alibaba is coop- tion. That led Mr. Xi to person- latory scrutiny, its earnings for buster initial public offering Executive Chris Kemp, a for- ing for fast and inexpensive erating with regulators. Striking ally call off Ant’s much-antici- the fiscal third quarter ended was called off in November. Ali- mer high-ranking NASA offi- rides to orbit. a conciliatory tone, he empha- pated initial public offering. in December exceeded analysts’ baba owns a third of Ant and cial, said he expects another “By launching more fre- sized Alibaba’s important role In December, China’s top expectations. Net income at- reports its share of profits from test soon, followed by an ini- quently, we can test all of the in China’s economy, saying the market regulator launched an tributable to ordinary share- the owner of Alipay one quar- tial commercial mission as satellite components more fre- company—operating two popu- antitrust probe into Alibaba holders was 79.43 billion yuan, ter in arrears. early as summer. quently than any company out lar e-commerce platforms—is over allegations that it used its equivalent to $12.28 billion, up Ant earlier reported 45.6 bil- In going public, Astra seeks there,” Mr. Kemp said. That, ready to take on more social re- dominant position to pressure 52% from the same period a lion yuan in revenue for the to stand out from a bevy of he argued, will allow engi- sponsibility as an online plat- merchants into selling exclu- year earlier, on strong con- September quarter while it was small-rocket competitors by neers and designers to send form tied to the country’s eco- sively on its own platform. That sumer activity amid an eco- preparing to go public last year, locking in funding despite fall- “the best microprocessors, nomic development. same month it also fined Ali- nomic rebound in China. but didn’t disclose profit. out from the pandemic and an memory chips, sensors and ra- “Although the changing reg- baba, along with two other ma- Sales for the quarter rose —Dave Sebastian anticipated shakeout of rivals dios” beyond the atmosphere. ulatory landscape applicable to jor e-commerce platforms, for about 37% to 221.08 billion contributed to this article.

their digital investments. roughly $8 billion. Amazon Amazon Web Services has The company’s results add Ads Propel been the company’s main profit to a strong earnings season for driver. The pace of growth in Big Tech, underscoring how the Reaches that segment has slowed, pandemic has lifted those com- Profit at though, as its scale has in- panies’ fortunes while devastat- creased and rivals such as Mi- ing other sectors of the econ- Milestone crosoft Corp. and Alphabet omy. Microsoft last week Alphabet Inc.’s Google have pushed to posted record quarterly sales steal market share. driven by increased demand for ContinuedfrompageB1 AWS, as the cloud business videogames and accelerated ContinuedfrompageB1 gistics square footage by about is known, generated a little over adoption of its cloud-comput- valued at more than $250 mil- 50% last year. It also incurred 10% of Amazon’s total sales in ing services. Apple and Face- lion more than tripled in 2020. around $11.5 billion in Covid-re- the December quarter but ac- book finished their fiscal years The strong holiday season lated costs last year, Chief Fi- counted for more than half of with their most profitable also added to Alphabet’s nancial Officer Brian Olsavsky the company’s operating in- quarters ever. mountain of cash, which

told analysts on a call Tuesday. come. In the period, AWS sales Amazon’s success has come stands at $26.5 billion. Alpha- CAYCE CLIFFORD FOR THE WALL STREET JOURNAL Amazon also spent around $44 rose 28% from a year earlier to while the company confronts bet recorded a cash position The strong holiday season added to Alphabet’s mountain of cash. billion to expand, he said, in- $12.7 billion. Amazon is the regulatory and labor battles. of $20.1 billion at the start of cluding on its transportation world’s largest cloud provider. The Federal Trade Commission October. The company has said it a union. They have said their network. Spending plans for this year, Tuesday said Amazon would Still, Google is facing grow- plans to restrict the use of efforts reflect a need for em- The efforts appeared to pay Mr. Olsavsky said, are still in make a $61.7 million payment ing challenges. A set of anti- third-party cookies in its ployees to be able to speak out off. “There was a flight to reli- flux, though the company is over its failure in the past to trust lawsuits allege various Chrome internet browser, and about the company without ability from consumers through- likely to make further invest- pay some Amazon Flex drivers abuses of its power over online on a call with analysts facing career repercussions. out the year, and that was espe- ments, in part to ensure Ama- the full amount of tips they re- commerce and digital informa- Google’s chief business offi- On Monday, the Labor De- cially true during the holiday zon’s cloud-computing services ceived from customers. Ama- tion. cer, Philipp Schindler, said partment said Google had seasons when there were ship- can keep pace with demand. zon, the FTC said, ended the They say Google muscles the company would continue agreed to pay more than $3.8 ping concerns,” said Andrew “We definitely do not want to practice in 2019 only once it out competitors and sells out to adjust its policies. million to resolve a case of hir- Lipsman, an eMarketer analyst. run out of capacity,” he said. became aware of the federal in- the users it claims to protect. “People are demanding ing and pay discrimination at “That advantaged Amazon.” Amazon also has been build- vestigation of its practices. Consumers are also calling greater privacy,” Mr. Schin- several locations in California Amazon’s other major busi- ing up its advertisement busi- “While we disagree that the for more accountability about dler said. and Washington state. ness, the cloud-computing ser- ness where it competes with historical way we reported pay how companies use their A small number of employ- Google said it now has more vices, where the company rents companies such as Facebook to drivers was unclear, we data. ees of Google have also formed than 135,000 employees. server capacity and software Inc. and Google. Amazon said added additional clarity in 2019 tools, also saw strong demand sales in the segment that in- and are pleased to put this during the pandemic with com- cludes advertising revenue rose matter behind us,” an Amazon ADVERTISEMENT panies broadly accelerating 64% from the year before to spokeswoman said.

Amazon has grown over the years, as has its stock price $3,500 a share Business Real Estate & Services To advertise: email [email protected] or WSJ.com/classifieds

Weekly stock price                 3,000                      !" # $ #% &' && !($ $    # !"$ #) *+ * %    % , -#. # / #  %!/ 0" ' ) 12' ) 12 &&' 0!# )..#/ 0!/ "*"!"3 #"/4 5%"! "*"!"3 2,500 53#(  / .6 "/           !" ""!# 7" #//! !"   #!" #  5#6(" %#3 #"/  %   #"/ 85"' % # #   #"/!"3 !"  5#6("  !" % #333#  #( " * 9':'&;< =!" !0 * !"  # % 3 # #  #"/ #//! !"# !"  5#6#. # #   * % 8! " * #" 0" * *#  > # * ?#" #6 &' && =#"/  .@  !"# %#* >; 55 "! 6  #A ! = % BA !! !"C> % A ! 6 !"   = % B# #C> !" "!0! 6 05(" ' ' # #)# !(! / !#.!! 6 (5#"6 =B)"C>' )%!% )" % 55 6 # / # #"/ (("6 2")" #  ! # "!0! 6 #2' &DE  % "!0! 6  0#/' "0' #/ = % 2,000 B 5 6C>; % A !! !" )! . ** # / 5  #"  # *  # "/ % "!*( ((!# /' )! % 5  # 5/3 #"/  ! 6 #3(" !" *#0 * F F !"#" ' # #)# !(! / !#.!! 6 (5#"6 =#   .6 #!3"(" > =B "/C>' )%!% !  / .6  % A ! 6 Sept.7,2017 !"  ; Announced %   !" )! . %/ " # B)% !' # !C .#!' )! % #"6 5" # !"  )##" ! # !"3  ! ' 5!"' A ! 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" #"/ %# " . /(/  .' #"/ " # !"  #A !" .6 "/ %# " ! ' # )#!0 *'  # ""  #"6 *#   0" * *#  %# %# 8! # #"6 !(; %! " ! ! )! % 5@ /! ' #"/ "/ * 6 #"/ 5!+#6 0' #"6 #"/ # !3% ' 5)' 5!0!3 #"/ (/! "/ #"6 #"  (" ' 0 # #)   %)!; %! " ! %# " " !  % .)  #"6  % 5# 6 )! % #" !"  !" % # #  #"6  %  *  % " !  /(#"/; 1998 2000 ’05 ’10 ’15 ’20  0!) #"/ !3" % "+/" !#! 6 3(" ' 5# 0!!   ).!  # $ % 5$44 !"6 ;(4 !  #;  A  !" #"/ !"A !!' 5# " # $   # !"# #" # /0!' 4 %! #!"' $ =&D> DH <:&' %!;#!"&I.;( Source: FactSet B8 | Wednesday, February 3, 2021 NY THE WALL STREET JOURNAL. BUSINESS & FINANCE EA to Return to College Football Arena BY SARAH E. NEEDLEMAN CLC, EA secured exclusive certainty around rules from earnings report. as unpaid service. Though a The NCAA spent the better AND LAINE HIGGINS rights to market a game that the NCAA, a spokesman said. EA started producing col- settlement was reached, EA part of 2020 drawing up features team logos, uniforms The NCAA currently re- lege-football games in the said in 2013 it was canceling guidelines that would allow Electronic Arts Inc. plans to and other college game-day stricts third parties from using 1990s, many under the banner the series due to lingering le- athletes to profit from their bring back college football vid- traditions. those attributes but that could NCAA Football. gal acrimony. name, image and likeness—a eogames after it stopped mak- EA’s intention to re-enter soon change as the organiza- Problems began to mount, EA Chief Executive Andrew major concession that came in ing them years ago amid a legal the college-sports arena comes tion has committed to rewrit- however, after former UCLA Wilson told The Wall Street the aftermath of California en- battle over the use of student- amid a complex debate involv- ing its bylaws amid pressure basketball player Ed O’Bannon Journal in 2019 that the com- acting a law enabling athletes athletes’ names and images. ing Congress, state legislatures from high-profile litigation more than a decade ago sued pany was looking to bring to enter sponsorship deals and Yet the return comes with a and the National Collegiate and state legislation. the NCAA, the videogame pub- back college-football games broad bipartisan interest in twist, the company says: The Athletic Association—the larg- The announcement comes lisher and the collegiate li- but that doing so would be reform from Congress. new games, for now, will fea- est nonprofit body supervising as EA reported revenue rose censing company over the use challenging because of the At the same time, public ture real teams, but not spe- U.S. college sports—over how 5% in the latest quarter to of Mr. O’Bannon’s image for NCAA’s rules. “We would love support for paying college ath- cific players, in a bet that and whether to compensate $1.67 billion as the pandemic commercial purposes while to build a game if there is a letes has steadily grown in the gamers will care more about student athletes. continued to fuel demand for denying him a cut of the prof- world where, you know, the wake of stories like University the name on the front of the The videogame publisher is at-home entertainment. its. folks who govern these things of Connecticut basketball jersey than those on the back. starting game development Shares of EA closed Tues- Mr. O’Bannon later won a are able to solve for how to player Shabazz Napier not hav- Under an agreement an- work—a process that can take day up 3.7% but dipped in ex- landmark antitrust case that pay players for the use of the ing enough money for food nounced on Tuesday with col- years—without current players tended trading after the re- challenged the NCAA’s long- name and likeness and stats while the school generated rev- legiate-trademark company or their likenesses due to un- lease of the company’s held definition of amateurism and data,” he said at the time. enue from selling his jersey.

| WSJ.com/stocks Net Net Net Net Net Net Biggest 1,000 Stocks Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Albemarle ALB 169.25 2.88 AIG AIG 38.57 1.15 Assurant AIZ 133.51 -0.98 BankNY Mellon BK 40.85 0.38 BostonProps BXP 90.50 0.27 CableOne CABO 2079.99 64.75 How to Read the Stock Tables Footnotes: Albertsons ACI 16.48 -0.60 AmerTowerREIT AMT 236.15 0.58 AstraZeneca AZN 50.06 -0.34 BkNovaScotia BNS 54.14 0.79 BostonSci BSX 36.64 0.69 CadenceDesign CDNS 135.72 1.32 The following explanations apply to NYSE, NYSE s-New 52-week high. Alcon ALC 74.38 1.54 AmerWaterWorks AWK 163.32 1.80 Athene ATH 42.37 1.21 Barclays BCS 7.60 0.20 BrightHorizons BFAM 159.60 2.25 CaesarsEnt CZR 76.00 5.20 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. AlexandriaRlEst ARE 166.46 -3.10 AmericanWell AMWL 34.89 0.82 Atlassian TEAM 248.79 13.92 BarrickGold GOLD 22.34 -0.20 BristolMyers BMY 62.94 0.73 CamdenProperty CPT 104.26 -0.63 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four AlexionPharm ALXN 154.86 -0.84 AmericoldRealty COLD 36.52 0.49 AtmosEnergy ATO 88.66 0.01 BauschHealth BHC 26.99 1.16 BritishAmTob BTI 37.24 0.58 CampbellSoup CPB 47.26 -0.77 that include primary market trades as well as quarters. Alibaba BABA 254.50 -10.19 Ameriprise AMP 205.09 4.25 Autodesk ADSK 294.61 8.29 BaxterIntl BAX 76.52 0.14 s Broadcom AVGO 476.88 10.14 CIBC CM 86.25 1.36 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. AlignTech ALGN 557.77 14.72 AmerisourceBrgn ABC 105.62 -1.27 Autohome ATHM 118.84 -0.98 BectonDicknsn BDX 258.24 -3.13 BroadridgeFinl BR 146.50 0.43 CanNtlRlwy CNI 105.68 3.26 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing 586.24 10.75 116.49 1.61 91.98 1.32 39.59 0.48 23.62 0.65 Nasdaq ISE. standards Alleghany Y Ametek AME Autoliv ALV BeiGene BGNE 352.05 5.04 BrookfieldMgt BAM CanNaturalRes CNQ 240.49 0.06 53.67 1.41 The list comprises the 1,000 largest companies lf-Late filing Allegion ALLE 110.89 0.57 Amgen AMGN ADP ADP 168.38 2.03 BentleySystems BSY 44.90 2.25 BrookfieldInfr BIP CanPacRlwy CP 354.59 16.93 49.02 0.07 126.98 1.35 1193.67 34.34 17.47 ... based on market capitalization. q-Temporary exemption from Nasdaq AlliantEnergy LNT Amphenol APH AutoZone AZO Berkley WRB 63.95 1.05 BrookfieldPropREIT BPYU Canon CAJ 22.29 -0.40 110.79 2.08 151.87 -0.01 55.96 -0.19 s Underlined quotations are those stocks with requirements. Allstate ALL AnalogDevices ADI Avalara AVLR 163.44 11.09 BerkHathwy A BRK.A 3502014026.00 BrookfieldRenew BEPC CanopyGrowth CGC 41.72 1.66 39.75 1.15 74.81 3.73 166.44 1.21 44.69 1.73 large changes in volume compared with the t-NYSE bankruptcy AllyFinancial ALLY Anaplan PLAN Avalonbay AVB BerkHathwy B BRK.B 232.24 2.92 Brown&Brown BRO CapitalOne COF 106.04 3.18 issue’s average trading volume. v-Trading halted on primary market. 154.05 4.80 23.40 -0.15 46.95 -0.41 72.96 0.80 54.54 0.06 AlnylamPharm ALNY AngloGoldAsh AU Avangrid AGR BestBuy BBY 108.78 1.09 Brown-Forman B BF.B CardinalHealth CAH Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s Alphabet A GOOGL 1919.12 26.05 AB InBev BUD 65.88 2.00 Avantor AVTR 30.31 0.81 Brown-Forman A BF.A 68.10 1.12 Carlisle CSL 150.00 4.12 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, BeyondMeat BYND 167.16 -10.81 s Alphabet C GOOG 1927.51 26.16 AnnalyCap NLY 8.39 0.10 AveryDennison AVY 155.99 2.93 Bruker BRKR 57.16 -0.88 33.48 0.77 previous closing price was $2 or higher. or securities assumed by such companies. Bilibili BILI 129.98 8.34 Carlyle CG Alteryx AYX 129.51 2.87 Anthem ANTM 298.99 6.43 AxonEnterprise AXON 166.53 0.38 BuildersFirstSrc BLDR 39.96 0.54 123.04 6.13 Bill.com BILL 137.26 6.52 CarMax KMX AlticeUSA ATUS 36.64 0.72 Aon AON 210.18 3.50 BCE BCE 43.05 0.67 Bunge BG 69.50 2.23 Carnival CCL 19.45 0.65 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s Bio-Techne TECH 376.76 36.69 Altria MO 41.57 0.80 ApolloGlbMgmt APO 48.89 1.25 BHP Group BHP 67.11 -1.23 BurlingtonStrs BURL 252.36 4.03 Carnival CUK 16.93 0.68 changes in the closing prices from 4 p.m. the previous day. Bio-RadLab B BIO.B 597.60 41.05 AlumofChina ACH 8.17 0.22 Appian APPN 193.18 -17.89 BHP Group BBL 55.73 -0.73 CBRE Group CBRE 65.44 1.74 CarrierGlobal CARR 38.48 -0.18 Bio-RadLab A BIO 596.64 4.96 Amazon.com AMZN 3380.00 37.12 Apple AAPL 134.99 0.85 BP BP 20.75 -1.46 CDW CDW 141.44 3.28 Carvana CVNA 280.65 16.41 Biogen BIIB 277.72 -0.74 Ambev ABEV 2.92 0.02 ApplMaterials AMAT 103.59 2.38 Baidu BIDU 250.52 8.63 CF Industries CF 43.40 0.43 s Catalent CTLT 117.73 0.24 Tuesday, February 2, 2021 Net Net BioMarinPharm BMRN 83.19 0.19 s Amcor AMCR 10.93 0.04 Aptargroup ATR 136.94 2.85 BakerHughes BKR 20.39 0.08 CGI GIB 81.19 1.38 Caterpillar CAT 192.50 7.78 Net Stock Sym Close Chg Stock Sym Close Chg BioNTech BNTX 114.76 -1.34 Amdocs DOX 73.08 0.59 Aptiv APTV 141.26 2.49 Ball BLL 90.51 1.09 CH Robinson CHRW 86.62 0.19 Celanese CE 125.02 2.35 Stock Sym Close Chg BlackKnight BKI 86.42 2.60 ASETech ASX 7.09 0.17 Adobe ADBE 484.93 14.93 Amedisys AMED 288.00 0.82 Aramark ARMK 35.42 0.50 BallardPower BLDP 36.51 0.98 CME Group CME 192.01 4.57 Cemex CX 6.26 0.29 11.55 -3.08 ASML ASML 553.50 -0.89 AdvanceAuto AAP 154.08 3.11 Amerco UHAL 477.20 0.87 ArcelorMittal MT 21.78 -0.78 BancoBilbaoViz BBVA 4.84 0.30 BlackBerry BB CMS Energy CMS 57.42 0.24 CenovusEnergy CVE 6.19 -0.03 ABC 138.79 5.07 AT&T T 28.54 -0.11 AdvMicroDevices AMD 88.86 1.20 Ameren AEE 72.77 -0.07 ArchCapital ACGL 33.15 1.13 BancoBradesco BBDO 4.14 0.05 BlackLine BL CNA Fin CNA 39.42 0.55 Centene CNC 59.64 0.04 729.50 16.33 ABB ABB 30.47 0.33 AbbottLabs ABT 120.24 -2.30 Aegon AEG 4.16 0.03 AmericaMovil A AMOV 13.77 0.24 ArcherDaniels ADM 50.94 0.46 BancodeChile BCH 20.38 -0.17 BlackRock BLK CNH Indl CNHI 13.76 0.64 CenterPointEner CNP 21.50 0.26 s 70.99 1.66 AECOM ACM 54.14 2.06 AbbVie ABBV 103.47 1.17 AffirmHldgs AFRM 113.00 5.39 AmericaMovil AMX 13.50 0.21 AresMgmt ARES 48.67 2.25 BancSanBrasil BSBR 7.60 0.14 Blackstone BX CNOOC CEO 106.25 5.67 CentraisElBras EBR 5.82 0.25 200.94 5.10 AES AES 25.75 0.94 AbCelleraBio ABCL 47.95 -5.25 AgilentTechs A 123.19 2.36 AmerAirlines AAL 16.59 -0.25 s arGEN-X ARGX324.62 7.22 BcoSantChile BSAC 21.09 0.28 Boeing BA CRH CRH 43.01 0.37 CeridianHCM CDAY 98.60 2.48 2065.53 75.07 Aflac AFL 46.31 0.70 Abiomed ABMD 347.84 5.98 AgnicoEagle AEM 69.35 -1.42 AEP AEP 82.11 0.93 s AristaNetworks ANET 316.43 0.23 BancoSantander SAN 3.09 0.14 BookingHldgs BKNG CRISPR Therap CRSP 168.15 2.47 Cerner CERN 80.48 0.39 s AGCO AGCO 117.32 2.70 Accenture ACN 248.75 1.18 AirProducts APD 273.95 5.00 AmerExpress AXP 120.70 3.67 ArrowheadPharm ARWR 80.52 0.76 BanColombia CIB 36.64 0.77 BoozAllen BAH 83.39 -0.36 CSX CSX 89.64 2.59 CharlesRiverLabs CRL 272.40 6.40 AGNC Invt AGNC 16.08 0.19 ActivisionBliz ATVI 93.98 2.56 Airbnb ABNB 179.17 -1.27 AmericanFin AFG 93.44 1.21 AscendisPharma ASND 151.16 1.78 BankofAmerica BAC 31.03 1.07 BorgWarner BWA 41.34 -0.74 C3.ai AI 146.88 9.13 CharterComms CHTR 616.70 17.68 Ansys ANSS 375.12 7.18 AdaptiveBiotech ADPT 60.39 4.20 AkamaiTech AKAM 112.21 0.56 AmHomes4Rent AMH 31.05 -0.34 AspenTech AZPN 136.86 2.73 BankofMontreal BMO 75.41 0.93 BostonBeer SAM 1073.39 98.74 CVS Health CVS 71.83 0.37 Continued on Page B11

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EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30687.48 s475.57, or 1.57% Trailing P/E ratio 30.30 22.42 3826.31 s52.45, or 1.39% Trailing P/E ratio * 40.93 25.77 13612.78 s 209.38, or 1.56% Trailing P/E ratio *† 38.75 27.96 High, low, open and close for each P/E estimate * 20.05 17.73 High, low, open and close for each P/E estimate * 22.15 18.75 High, low, open and close for each P/E estimate *† 29.89 23.82 trading day of the past three months. Dividend yield 1.97 2.21 trading day of the past three months. Dividend yield * 1.58 1.82 trading day of the past three months. Dividend yield *† 0.74 0.94 All-time high 31188.38, 01/20/21 All-time high 3855.36, 01/25/21 All-time high: 13635.99, 01/25/21

Current divisor 0.15198707565833 32200 3875 13600

31000 3750 13100

29800 3625 12600

28600 65-day moving average 3500 12100 Session high DOWN UP 65-day moving average

Session open tt Close 11600 65-day moving average 27400 3375 Close Open

26200 3250 11100 Session low Bars measure the point change from session's open 25000 3125 10600 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 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,111,246,068 40,201,253 Industrial Average 30840.54 30276.88 30687.48 475.57 1.57 31188.38 18591.93 6.5 0.3 6.3 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 696,282,102 11,527,312 Transportation Avg 12590.88 12324.32 12522.98 272.98 2.23 13126.00 6703.63 16.1 0.1 5.4 Most-active issues in late trading Decl. volume* 410,453,897 27,999,845 Utility Average 875.98 855.21 863.32 6.74 0.79 960.89 610.89 -7.2 -0.2 8.0 Volume After Hours Issues traded 3,282 280 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40451.79 40113.14 40309.71 580.60 1.46 40565.56 22462.76 19.5 2.8 12.3 Advances 2,443 139 SPDR S&P 500 SPY 6,659.3 382.60 1.05 0.28 382.74 381.07 Barron's 400 896.89 882.69 894.69 12.00 1.36 909.04 455.11 23.6 5.0 7.2 Declines 761 126 DuPont de Nemours DD 6,640.7 75.65 -0.80 -1.05 76.45 75.20 Unchanged 78 15 Intl Flavors Fragrances IFF 0.14 Nasdaq Stock Market 4,127.2 124.40 0.17 125.40 123.34 New highs 132 8 13612.78 1.56 43.8 23.4 13.91 Nasdaq Composite 13652.69 13535.86 209.38 13635.99 6860.67 5.6 Tengasco TGC 4,124.5 2.62 0.32 3.35 2.20 New lows 00 13456.12 1.56 44.2 25.8 Nasdaq-100 13501.23 13363.76 207.22 13490.19 6994.29 4.4 AMC Entertainment Hldgs AMC 4,025.8 7.84 0.02 0.26 7.90 7.36 Closing Arms† 2.59 2.54 Apple AAPL 3,436.3 135.10 0.11 0.08 135.31 133.65 S&P Block trades* 6,396 265 Finl Select Sector SPDR XLF 3,393.9 30.00 -0.04 -0.13 30.05 29.98 500 Index 3843.09 3791.84 3826.31 52.45 1.39 3855.36 2237.40 16.0 1.9 11.5 Nasdaq NYSE Arca Nokia ADR NOK 3,141.2 4.52 -0.02 -0.33 4.58 4.41 MidCap 400 2421.44 2398.89 2417.44 28.67 1.20 2469.01 1218.55 17.6 4.8 8.0 Total volume*7,177,137,378 258,953,322 SmallCap 600 1220.14 1202.59 1212.08 1.83 0.15 1233.22 595.67 21.1 8.3 8.7 Percentage gainers… Adv. volume*4,192,427,214 177,547,024 13.91 Decl. volume*2,907,160,296 80,724,842 Other Indexes Tengasco TGC 4,124.5 2.62 0.32 3.35 2.20 12.79 Issues traded 3,993 1,465 Russell 2000 2154.54 2126.45 2151.44 25.28 1.19 2168.76 991.16 29.9 8.9 11.6 Investors Bancorp ISBC 50.5 13.23 1.50 13.85 11.53 7.96 Advances 2,907 1,147 NYSE Composite 14830.79 14596.18 14768.58 172.40 1.18 15097.28 8777.38 6.5 1.7 4.1 Surgalign Holdings SRGA 144.5 2.17 0.16 2.30 2.00 Declines 998 297 596.99 1.12 10.4 1.9 Alphabet Cl A GOOGL 735.7 2070.54 151.42 7.89 2082.93 1905.01 Value Line 598.43 590.39 6.60 606.75 305.71 5.0 Unchanged 88 21 6141.30 1.21 22.5 9.2 Alphabet Cl C GOOG 405.6 2078.78 151.27 7.85 2089.99 1927.50 NYSE Arca Biotech 6166.26 6067.63 73.66 6290.56 3855.67 7.0 New highs 217 52 NYSE Arca Pharma 702.58 695.38 695.38 -3.04 -0.43 725.03 494.36 5.6 0.9 7.6 ...And losers New lows 68 KBW Bank 102.25 99.94 101.42 2.66 2.69 110.43 56.19 -5.6 3.6 -3.9 NTN Buzztime NTN 1,572.1 5.47 -0.91 -14.26 7.31 5.35 Closing Arms† 2.02 2.04 § PHLX Gold/Silver 142.18 138.39 139.05 -7.27 -4.97 161.14 70.12 36.7 -3.6 18.4 Tenable Holdings TENB 82.2 48.48 -4.31 -8.16 53.03 45.08 Block trades* 58,268 1,124 § PHLX Oil Service 49.07 47.54 47.55 0.28 0.59 67.00 21.47 -26.1 7.3 -31.9 US Steel X 1,199.6 16.64 -1.00 -5.67 17.90 16.59 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3049.30 3005.12 3047.33 47.34 1.58 3132.17 1286.84 63.1 9.0 32.2 Match Group MTCH 333.8 142.13 -7.96 -5.30 151.50 133.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 28.08 25.31 25.56 -4.68 -15.48 82.69 13.68 59.3 12.4 13.9 OPEN -5.16 Opendoor Technologies 275.7 27.00 -1.47 28.56 26.78 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 660.97 1.29 World MSCI ACWI 8.43 2.3 Cassava Sciences SAVA 55.44 32.45 141.15 74.50 1.63 564.0 GameStop Cl A GME 90.00 -135.00 -60.00 483.00 2.57 2111.3 334.61 1.04 MSCI ACWI ex-USA 3.44 2.5 Annovis Bio ANVS 16.60 6.35 61.95 17.51 2.42 171.2 Cuentas CUEN 3.87 -3.36 -46.44 15.00 3.00 -48.4 2731.95 1.26 MSCI World 34.07 1.6 Holicity Cl A HOL 16.29 5.95 57.54 16.89 9.53 ... Koss KOSS 20.00 -15.00 -42.86 127.45 0.80 1251.4 1.48 MSCI Emerging Markets 1381.19 20.10 7.0 Vaxart VXRT 23.33 7.76 49.84 24.90 0.97 1877.1 Immunovant IMVT 25.08 -18.22 -42.08 53.75 8.34 54.8 41.37 -53.1 -41.42 ... Americas MSCI AC Americas 1496.85 21.93 1.49 2.0 Lizhi ADR LIZI 5.16 1.51 11.90 1.95 MingZhu Logistics Hldgs YGMZ 13.59 -9.61 58.00 3.66 Canada S&P/TSX Comp 17874.49 182.04 1.03 2.5 NTN Buzztime NTN 6.38 1.72 36.91 7.76 0.94 183.3 AMC Entertainment Hldgs AMC 7.82 -5.48 -41.20 20.36 1.91 17.6 Latin Amer. MSCI EM Latin America 2370.91 58.12 2.51 –3.3 Moleculin Biotech MBRX 6.39 1.69 35.96 11.82 1.94 20.3 Comstock Mining LODE 1.90 -1.05 -35.59 4.17 0.33 165.5 Brazil Sao Paulo Bovespa 118233.81 716.24 0.61 –0.7 American Resources AREC 3.37 0.86 34.26 4.93 0.36 491.2 Express EXPR 3.38 -1.62 -32.40 13.97 0.57 -23.0 Chile Santiago IPSA 3019.04 24.56 0.82 5.6 SELLAS Life Sciences SLS 8.18 2.08 34.10 19.38 1.46 189.0 Cognyte Software CGNT 28.01 -9.99 -26.29 38.00 23.75 ... Mexico S&P/BMV IPC 43848.92 863.19 2.01 –0.5 The9 ADR NCTY 18.50 4.60 33.09 27.82 2.04 93.3 Direxion Dly Retail Bl 3x RETL 127.08 -41.94 -24.81 303.85 8.06 162.7 31.82 72.8 -24.23 76.1 EMEA Stoxx Europe 600 405.92 5.15 1.28 1.7 Verint Systems VRNT 51.99 12.55 52.59 16.52 First Majestic Silver AG 16.76 -5.36 24.01 4.17 31.69 76.5 -23.42 106.0 Eurozone Euro Stoxx 403.14 6.12 1.54 1.4 CorMedix CRMD 11.72 2.82 12.78 2.16 Sino-Global Shipping Amer SINO 4.74 -1.45 8.32 1.37 31.11 85.5 -21.77 18.9 Belgium Bel-20 3755.05 72.82 1.98 3.7 One Stop Systems OSS 5.10 1.21 5.84 0.59 Ebix EBIX 41.89 -11.66 64.14 8.75 PRTA 30.45 11.2 BB -21.05 87.8 Denmark OMX Copenhagen 20 1465.16 22.00 1.52 0.00 Prothena 14.35 3.35 14.98 7.10 BlackBerry 11.55 -3.08 28.77 2.70 vTv Therapeutics Cl A VTVT 2.66 0.62 30.39 4.75 1.44 23.1 New Concept Energy GBR 6.54 -1.59 -19.56 30.99 0.55 483.9 France CAC 40 5563.11 101.43 1.86 0.2 Germany DAX 13835.16 213.14 1.56 0.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1607.97 14.24 0.89 7.3 Italy FTSE MIB 22066.87 241.36 1.11 –0.7 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 652.87 5.53 0.85 4.5 963,402 -14.05 49252 57.54 Russia RTS Index 1398.99 35.03 2.57 0.8 Sundial Growers SNDL 137.7 1.04 1.70 0.14 Holicity Cl A HOL 36,360 16.29 16.89 9.53 457,409 -41.20 4674 3.24 South Africa FTSE/JSE All-Share 62733.65 –63.00 –0.10 5.6 AMC Entertainment Hldgs AMC 372.6 7.82 20.36 1.91 Acies Acquisition Cl A ACAC 8,589 11.78 13.20 9.96 Ocugen OCGN 402,966 80.11 Verona Pharma ADR VRNA 2874 1.27 Spain IBEX 35 7950.90 152.73 1.96 –1.5 723.8 3.26 3.73 0.17 1,516 8.00 15.71 2.01 Naked Brand Group NAKD 354,525 72.6 0.91 -35.91 3.40 0.07 Immunovant IMVT 11,735 2633 25.08 -42.08 53.75 8.34 Sweden OMX Stockholm 810.40 8.06 1.01 5.5 Nokia ADR NOK 162,957 111.3 4.53 -7.36 9.79 2.34 Kismet Acquisition One KSMT 3,327 2438 10.15 -1.65 10.97 9.25 Switzerland Swiss Market 10803.57 63.35 0.59 0.9 Turkey BIST 100 1511.43 18.98 1.27 2.4 Castor Maritime CTRM 155,626 39.5 0.65 -9.11 2.60 0.11 Annovis Bio ANVS 1,549 2238 16.60 61.95 17.51 2.42 149,144 42.86 2111 141.15 U.K. FTSE 100 6516.65 50.23 0.78 0.9 AEterna Zentaris AEZS 2412.0 1.00 1.38 0.29 Cassava Sciences SAVA 74,923 55.44 74.50 1.63 123,236 -8.30 2049 0.08 U.K. FTSE 250 20690.21 297.59 1.46 1.0 iShares Silver Trust SLV 248.0 24.54 27.98 10.86 Janus Henderson AAA CLO JAAA 572 50.40 50.98 49.78 Zomedica ZOM 102,501 -27.9 1.08 -1.82 1.48 0.06 Affinity Bancshares AFBI 110 1976 10.77 0.47 12.47 6.92 Asia-Pacific MSCI AC Asia Pacific 210.04 2.35 1.13 5.1 American Resources AREC 92,135 4398.4 3.37 34.26 4.93 0.36 Simplify US Plus Downside SPD 560 1655 27.39 1.09 27.65 23.49 Australia S&P/ASX 200 6762.60 99.64 1.50 2.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 3533.68 0.81 China Shanghai Composite 28.40 1.7 5,000 shares =Has traded fewer than 65 days 29248.70 1.23 Hong Kong Hang Seng 355.84 7.4 Track the Markets India S&P BSE Sensex 49797.72 1197.11 2.46 4.3 0.97 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28362.17 271.12 3.3 global stock indexes, bond ETFs, Singapore Straits Times 2917.29 20.97 0.72 2.6 currencies and commodities at South Korea Kospi 3096.81 40.28 1.32 7.8 wsj.com/graphics/track-the-markets Currencies 2.27 Taiwan TAIEX 15760.05 349.96 7.0 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1486.25 8.20 0.55 2.5 Get real-time U.S. stock quotes and track most-active stocks, new US$ 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$ (%) CREDIT MARKETS Americas Vietnam dong .00004342 23029 –0.2 Argentina peso .0114 87.7210 4.3 Europe Brazil real .1863 5.3683 3.4 Czech Rep. koruna .04652 21.496 0.1 Canada dollar .7824 1.2782 0.4 Denmark krone .1619 6.1761 1.4 Consumer Rates and Returns to Investor TreasuryBenchmark yield Yields curve Forex Race Chile peso .001365 732.70 3.1 Euro area euro 1.2045 .8303 1.4 U.S. consumer rates Selected rates andYield to Rates maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000283 3529.21 3.1 Hungary forint .003388 295.14 –0.6 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007719 129.55 1.4 A consumer rate against its 30-year mortgage, Rate Mexico peso .0497 20.1326 1.3 Norway krone .1162 8.6029 0.3 –0.2 –0.3 benchmark over the past year 2.50% Uruguay peso .02365 42.2850 Poland zloty .2687 3.7216 Bankrate.com avg†: 2.86% 10% Asia-Pacific Russia ruble .01313 76.158 2.9

2.63% s Sweden krona .1191 8.3970 2.1 Astra Bank One year ago 2.00 Euro Australian dollar .7608 1.3144 1.1 Switzerland franc 1.1145 .8973 1.4 30-year fixed-rate 4.00% Scandia, KS 785-335-2243 t 5 China yuan .1549 6.4576 –1.1 t 1.50 Turkey lira .1390 7.1967 –3.2 mortgage s –0.01 First National Bank 2.63% Hong Kong dollar .1290 7.7520 –1.1 3.00 0 –0.2 Ukraine hryvnia .0357 28.0500 Waverly, IA 1.00 Yen India rupee .01371 72.918 –0.02 319-266-2000 –0.2 UK pound 1.3668 .7316 Tradeweb ICE Indonesia rupiah .0000713 14025 Prairie State Bank and Trust 2.75% 1.6 Middle East/Africa 2.00 Tuesday Close 0.50 –5 s Japan yen .009525 104.98 10-year Treasury 0.5 –0.04 Mt Zion, IL 800-597-2977 t WSJ Dollar Index Kazakhstan tenge .002362 423.44 Bahrain dinar 2.6532 .3769 t note yield –0.04 –0.1 1.00 TBK Bank, SSB 2.85% 0.00 –10 Macau pataca .1252 7.9880 Egypt pound .0636 15.7347 Malaysia ringgit .2472 4.0445 0.5 Israel shekel .3030 3.3000 2.7 Dallas, TX 214-365-6900 1 3 6 1 2 3 5 7 10 20 30 0.00 2020 2021 New Zealand dollar .7193 1.3902 –0.1 Kuwait dinar 3.3008 .3030 –0.4 2.88% month(s) years F M A M J J A S O N D J F Dearborn Federal Svgs Bk Pakistan rupee .00623 160.400 0.02 Oman sul rial 2.5972 .3850 0.01 maturity –0.2 ... 2020 2021 Dearborn, MI 313-565-3100 Philippines peso .0209 47.923 Qatar rial .2746 3.641 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7507 1.3321 0.8 Saudi Arabia riyal .2666 3.7511 –0.02 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008965 1115.51 2.7 South Africa rand .0668 14.9655 1.8 l Interest rate Last ( )Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051546 194.00 4.7 –0.5 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 .03578 27.950 Yield (%) 52-Week Total Return (%) –0.1 WSJ Dollar Index 0.97 l Thailand baht .03332 30.010 85.82 –0.06 –0.1 Prime rate* 3.25 3.25 3.25 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.19 0.22 0.19 l 1.74 -1.60 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2431.470 0.670 0.630 1.610 0.400 4.275 5.529 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.23 1.750 5.659 Five-year CD, annual yield 0.47 0.48 0.47 l 1.40 -1.08 U.S. Treasury Long, Barclays 4527.410 1.670 2.090 0.980 10.533 Commodities 30-year mortgage, fixed† 2.86 2.88 2.83 l 4.22 -1.45 Aggregate, Barclays 2272.700 1.180 1.160 2.310 1.020 4.625 5.701 Tuesday 52-Week YTD Pricing trends on someClose raw materials, Net chg % Chg or commodities High Low % Chg % chg 2.34 l -1.39 15-year mortgage, fixed† 2.38 2.32 3.43 Fixed-Rate MBS, Barclays 2233.100 1.180 1.210 2.690 0.930 3.220 4.358 2.90 l -1.65 DJ Commodity 769.21 -0.34 -0.04 770.54 433.70 31.59 5.14 Jumbo mortgages, $548,250-plus† 2.91 2.85 4.36 3.689 4.350 High Yield 100, ICE BofA 3335.780 3.418 10.740 3.358 5.232 Refinitiv/CC CRB Index 178.02 0.45 6.01 Five-year adj mortgage (ARM)† 3.22 3.16 2.85 l 3.69 -1.13 0.79 178.02 106.29 6.09 Muni Master, ICE BofA 598.884 0.767 0.792 3.441 0.767 4.220 5.145 Crude oil, $ per barrel 54.76 2.26 10.38 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.47 1.21 54.76 -37.63 12.86 2.845 -0.18 51.98 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 924.021 4.458 4.472 7.480 4.295 3.057 4.845 Natural gas, $/MMBtu -0.005 3.354 1.482 12.05 banks.† Excludes closing costs. Gold, $ per troy oz. 1830.50 -30.30 -1.63 2051.50 1477.30 18.07 -3.31 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services B10 | Wednesday, February 3, 2021 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Contract Open Contract Open Contract Open Futures Contracts Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Oct 2.950 3.041 s 2.924 2.954 –.006 117,651 Coffee (ICE-US)-37,500 lbs.; cents per lb. March .9531 .9543 t .9511 .9520 –.0012 191,346 March 125.45 126.10 122.70 123.40 –1.95 87,922 Canadian Dollar (CME)-CAD 100,000; $ per CAD Contract Open May 127.50 128.10 124.80 125.55 –1.85 61,733 Feb .7796 .7824 .7771 .7810 .0023 654 Open High hi lo Low Settle Chg interest Agriculture Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March .7782 .7825 .7771 .7810 .0022 155,684 Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. March 16.25 16.48 16.08 16.29 .14 352,977 British Pound (CME)-£62,500; $ per £ 549.75 552.50 540.25 543.00 –6.25 629,626 Feb 3.5265 3.5395 3.5265 3.5390 –0.0230 2,095 March May 15.34 15.52 15.19 15.35 .05 232,131 Feb 1.3696 1.3710 1.3613 1.3656 –.0017 921 549.00 551.75 539.75 542.25 –6.25 461,440 March 3.5510 3.5690 3.5000 3.5245 –0.0215 147,824 May Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March 1.3669 1.3713 1.3614 1.3657 –.0017 160,311 29.00 29.00 28.74 28.75 –.15 829 Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. March Swiss Franc (CME)-CHF 125,000; $ per CHF 347.50 349.75 341.25 345.50 –2.00 2,940 29.40 29.42 s 29.40 29.39 .03 2,481 Feb 1859.60 1861.30 1827.60 1830.50 –30.30 15,347 March July March 1.1161 1.1189 t 1.1128 1.1140 –.0023 50,497 May 346.75 346.75 t 331.50 343.25 –1.25 1,164 Cotton (ICE-US)-50,000 lbs.; cents per lb. March 1861.70 1863.60 1829.20 1832.40 –29.80 2,300 June 1.1192 1.1217 t 1.1161 1.1169 –.0023 143 Soybeans (CBT)-5,000 bu.; cents per bu. March 80.24 81.01 79.80 80.69 .66 94,234 1863.60 1866.30 1830.40 1833.40 –30.50 410,081 Australian Dollar (CME)-AUD 100,000; $ per AUD April March 1366.00 1372.00 1341.50 1354.75 –10.50 300,123 May 81.51 82.27 81.06 82.05 .69 72,265 1865.80 1867.60 1833.00 1835.80 –30.20 59,870 Feb .7633 .7662 t .7563 .7592 –.0051 224 June May 1363.25 1369.50 1339.00 1350.75 –11.75 189,703 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March .7629 .7664 t .7566 .7593 –.0051 139,158 Aug 1866.70 1869.10 1835.20 1837.60 –29.80 17,352 Soybean Meal (CBT)-100 tons; $ per ton. March 107.85 108.55 t 106.15 106.85 –1.25 7,682 Mexican Peso (CME)-MXN 500,000; $ per MXN Oct 1842.80 1845.50 1836.80 1839.30 –29.00 7,459 March 429.00 431.50 422.90 428.00 –2.50 139,043 May 111.15 111.50 t 109.45 109.95 –1.20 3,000 Feb .04930 .04960 .04906 .04960 .00053 43 Palladium (NYM) - 50 troy oz.; $ per troy oz. May 426.90 429.20 420.70 425.50 –2.50 96,976 March .04887 .04950 .04883 .04943 .00052 145,944 …… …2226.40 –14.00 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Interest Rate Futures Feb (CME) March 45.40 45.47 44.23 44.32 –.65 164,105 Euro -€125,000; $ per € March 2240.50 2272.50 2215.00 2227.70 –14.00 7,760 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 1.2066 1.2090 t 1.2016 1.2024 –.0048 1,005 May 44.57 44.59 43.51 43.62 –.60 108,293 Feb Platinum (NYM)-50 troy oz.; $ per troy oz. March 204-260 205-040 203-110 204-010 –1-08.0 1,091,193 1.2072 1.2099 t 1.2022 1.2031 –.0048 668,946 Rough Rice (CBT)-2,000 cwt.; $ per cwt. March Feb 1092.70 –42.80 2 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 13.35 13.38 13.31 13.36 .02 8,881 1138.80 1138.80 1093.10 1096.00 –42.80 61,098 March 168-270 169-010 168-020 168-140 –18.0 1,186,684 April May 13.56 13.59 13.51 13.59 .02 962 Index Futures June 167-040 167-040 166-160 166-270 –18.0 1,041 Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index Feb 28.645 28.930 26.440 26.384 –3.014 846 March 655.00 656.75 640.50 644.75 –6.25 167,366 March 137-050 137-070 136-280 136-300 –8.0 3,501,852 March 30122 30738 30070 30586 476 97,055 March 29.095 29.150 26.350 26.402 –3.016 133,541 July 635.25 638.25 624.75 630.00 –3.75 102,157 June 135-290 –8.5 64,179 June 30010 30616 29959 30472 475 272 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% S&P 500 Index (CME)-$250 x index March 53.48 55.26 s 53.45 54.76 1.21 431,212 March 627.00 629.75 616.75 619.00 –6.25 93,170 3748.00 3827.20 3761.30 3818.30 52.60 20,661 March 125-307 125-317 125-275 125-280 –3.0 3,502,849 March 53.35 55.09 s 53.32 54.62 1.20 238,397 May 632.00 632.25 620.00 622.50 –6.00 54,869 April June 125-190 –3.2 28,654 Mini S&P 500 (CME)-$50 x index Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 3764.75 3835.75 3760.00 3818.25 52.50 2,629,020 May 53.09 54.78 s 53.09 54.36 1.17 163,603 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March March 138.500 139.300 138.000 139.125 1.200 18,805 3756.00 3825.25 3750.00 3808.25 52.50 30,656 June 52.83 54.40 s 52.78 54.01 1.11 263,786 March 110-158 110-161 110-155 110-156 –.4 2,190,529 June May 143.200 144.575 143.150 144.375 1.325 6,755 (CME)-$100 x index Dec 50.74 52.02 s 50.68 51.77 0.91 300,375 June 110-152 110-152 110-151 110-151 –.5 8,198 Mini S&P Midcap 400 Cattle-Live (CME)-40,000 lbs.; cents per lb. March 2383.00 2418.00 2378.50 2414.00 29.80 52,394 48.53 49.24 s 48.29 49.06 0.61 113,594 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec'22 Feb 114.925 116.100 114.925 115.975 1.100 30,651 2424.50 28.50 1 Feb 99.9350 99.9350 99.9275 99.9325 186,241 June NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. April 121.725 122.675 121.650 122.525 .825 140,644 (CME)-$20 x index April 99.9350 99.9350 s 99.9300 99.9350 .0050 132,989 Mini Nasdaq 100 March 1.6474 1.6896 s 1.6444 1.6746 .0277 111,490 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 13232.50 13509.75 13230.50 13449.00 212.50 226,480 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% April 1.6379 1.6797 s 1.6362 1.6658 .0274 57,177 Feb 69.800 71.800 69.425 71.550 2.000 17,277 June 13256.50 13491.00 13220.00 13435.25 212.50 2,463 March 95-220 95-260 95-220 95-250 –10.0 134,412 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 75.650 78.225 s 75.375 78.075 2.575 93,623 Mini Russell 2000 (CME)-$50 x index Eurodollar (CME)-$1,000,000; pts of 100% 1.5914 1.6414 s 1.5905 1.6160 .0259 126,041 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 2119.80 2152.70 2113.80 2147.50 28.10 556,636 March Feb 99.8250 99.8275 s 99.8175 99.8250 … 237,541 March 869.40 876.90 842.90 857.40 –13.40 1,658 June 2111.60 2147.10 2109.80 2142.60 28.60 493 April 1.6952 1.7341 s 1.6897 1.7134 .0237 59,015 March 99.8400 99.8450 s 99.8350 99.8400 … 1,124,258 May 770.00 770.00 749.50 754.00 –26.10 640 Mini Russell 1000 (CME)-$50 x index Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 99.8500 99.8500 s 99.8350 99.8450 … 1,001,889 Milk (CME)-200,000 lbs., cents per lb. March 2151.10 2172.00 2133.80 2164.40 31.60 9,258 March 2.829 3.005 s 2.811 2.845 –.005 305,821 March'23 99.7350 99.7350 99.7150 99.7200 –.0100 933,388 Jan 16.13 16.13 16.12 16.12 … 3,329 U.S. Dollar Index (ICE-US)-$1,000 x index 2.804 2.935 s 2.786 2.818 –.003 112,609 April March 16.12 16.31 16.07 16.25 .08 3,612 March 91.00 91.29 s 90.80 91.19 .21 37,569 2.816 2.937 s 2.806 2.842 .005 89,608 May Cocoa (ICE-US)-10 metric tons; $ per ton. Currency Futures June 90.97 91.26 s 90.80 91.16 .22 842 2.925 3.026 s 2.907 2.936 –.002 50,636 July March 2,548 2,622 2,542 2,599 52 72,557 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Sept 2.929 3.024 s 2.906 2.936 –.004 57,174 May 2,484 2,516 2,460 2,499 14 80,259 Feb .9534 .9540 t .9510 .9518 –.0012 581 Source: FactSet

| Cash Prices | wsj.com/market-data/commodities Tuesday, February 2, 2021 Bonds wsj.com/market-data/bonds/benchmarks These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Tracking Bond Benchmarks months. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Tuesday Tuesday Tuesday highs and lows for different types of bonds *1985.5 6.4400 Energy Aluminum, LME, $ per metric ton Wheat - Hard - KC (USDA) $ per bu-u Total Total Copper,Comex spot 3.5390 Wheat,No.1soft white,Portld,OR-u 7.1500 return YTD total Yield (%) return YTD total Yield (%) 54.000 close return (%) Index Latest Low High close return (%) Index Latest Low High Coal,C.Aplc.,12500Btu,1.2SO2-r,w Iron Ore, 62% Fe CFR China-s 150.1 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.350 Shredded Scrap, US Midwest-s,m 460 Mortgage-Backed Bloomberg Barclays Steel, HRC USA, FOB Midwest Mill-s 1155 Beef,carcass equiv. index Broad Market Bloomberg Barclays Metals choice 1-3,600-900 lbs.-u 195.49 2233.10 0.1 Mortgage-Backed 1.180 0.930 2.690 Fibers and Textiles 2272.70 -0.8 U.S. Aggregate 1.180 1.020 2.310 Gold, per troy oz select 1-3,600-900 lbs.-u 183.40 0.8222 U.S. Corporate Indexes Bloomberg Barclays 2172.88 -0.2 Ginnie Mae (GNMA) 1.070 0.290 2.660 Engelhard industrial 1835.00 Burlap,10-oz,40-inch NY yd-n,w 0.6575 Broilers, National comp wtd. avg.-u,w 1.2925 Handy & Harman base 1833.10 Cotton,1 1/16 std lw-mdMphs-u 0.7869 Butter,AA Chicago 3409.99 -1.4 1.880 1.740 4.580 1320.44 0.2 Fannie mae (FNMA) 1.230 1.110 2.690 139.00 U.S. Corporate Handy & Harman fabricated 2034.74 Cotlook 'A' Index-t *87.35 Cheddar cheese,bbl,Chicago 159.00 3101.43 -0.4 1.180 1.080 4.400 2026.16 0.2 Freddie Mac 1.210 1.080 2.710 LBMA Gold Price AM *1857.80 Hides,hvy native steers piece fob-u n.a. Cheddar cheese,blk,Chicago Intermediate (FHLMC) *1862.95 Milk,Nonfat dry,Chicago lb. 113.75 LBMA Gold Price PM Wool,64s,staple,Terr del-u,w n.a. 5033.02 -3.0 Long term 3.010 2.730 4.930 598.88 0.5 Muni Master 0.767 0.767 3.441 1905.70 Coffee,Brazilian,Comp 1.1798 Krugerrand,wholesale-e 1.7596 Maple Leaf-e 1924.02 Grains and Feeds Coffee,Colombian, NY 688.72 -1.8 Double-A-rated 1.580 1.300 3.360 424.48 0.7 7-12 year 0.756 0.750 3.447 Eggs,large white,Chicago-u 1.2550 American Eagle-e 1924.02 n.a. Barley,top-quality Mnpls-u Flour,hard winter KC 16.65 910.62 -1.2 2.130 2.010 5.350 485.79 0.7 12-22 year 1.141 1.139 3.690 Mexican peso-e 2217.32 180 Triple-B-rated Bran,wheat middlings, KC-u Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1799.12 5.3150 473.62 1.1 1.763 1.763 4.123 Corn,No. 2 yellow,Cent IL-bp,u Hogs,Iowa-So. Minnesota-u 71.96 High Yield Bonds ICE BofA 22-plus year Austria phil-e 1924.02 170.7 Corn gluten feed,Midwest-u,w Pork bellies,12-14 lb MidUS-u n.a. 498.38 0.6 4.232 4.110 11.400 616.5 High Yield Constrained Global Government J.P. Morgan† Silver, troy oz. Corn gluten meal,Midwest-u,w Pork loins,13-19 lb MidUS-u 1.0098 27.1400 460 -1.0 Engelhard industrial Cottonseed meal-u,w Steers,Tex.-Okla. Choice-u n.a. 468.84 2.6 Triple-C-rated 7.463 7.463 19.071 608.85 Global Government 0.670 0.390 0.930 Handy & Harman base 26.7500 Hominy feed,Cent IL-u,w 155 155.75 Steers,feeder,Okla. City-u,w 0.2 853.67 -1.2 0.990 0.590 1.470 Handy & Harman fabricated 33.4380 Meat-bonemeal,50% pro Mnpls-u,w 333 3335.78 High Yield 100 3.689 3.358 10.740 Canada LBMA spot price *£21.5800 Oats,No.2 milling,Mnpls-u 3.6200 Fats and Oils 449.70 0.5 4.251 4.174 11.310 416.96 -0.9 EMU§ 0.151 0.010 0.794 *29.5850 Global High Yield Constrained (U.S.$ equivalent) Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.2500 19989 785.16 -1.1 0.010 -0.160 0.430 Coins,wholesale $1,000 face-a Sorghum,(Milo) No.2 Gulf-u 7.5300 Grease,choice white,Chicago-h 0.3800 340.48 0.8 Europe High Yield Constrained 2.744 2.464 8.183 France 426.50 Other metals SoybeanMeal,Cent IL,rail,ton48%-u Lard,Chicago-u n.a. U.S Agency Bloomberg Barclays 547.73 -0.8 Germany -0.380 -0.740 -0.120 LBMA Platinum Price PM *1118.0 Soybeans,No.1 yllw IL-bp,u 13.4350 Soybean oil,crude;Centl IL-u 0.4545 Platinum,Engelhard industrial 1107.0 Wheat,Spring14%-pro Mnpls-u 7.4100 Tallow,bleach;Chicago-h 0.4300 1863.78 -0.2 U.S Agency 0.520 0.460 1.710 294.02 -0.4 Japan 0.340 0.040 0.340 Palladium,Engelhard industrial 2283.0 Wheat,No.2 soft red,St.Louis-u 6.8225 Tallow,edible,Chicago-u 0.4976 1626.18 -0.1 10-20 years 0.390 0.340 1.620 611.94 -1.0 Netherlands -0.280 -0.540 0.080 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 4219.03 -1.4 20-plus years 1.770 1.170 2.210 1072.68 -2.1 U.K. 0.710 0.390 1.130 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 2/1 Source: Dow Jones Market Data 2908.36 -0.9 Yankee 1.480 1.370 3.500 924.02 -1.0 Emerging Markets ** 4.458 4.295 7.480 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Exchange-Traded BANKRATE.COM® MMA, Savings and CDs Portfolios Global Government Bonds: Mapping Yields Average Yields of Major Banks Tuesday, February 2, 2021 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR latest session National average selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Tuesday, February 2, 2021 Savings 0.08 0.06 0.06 0.08 0.10 0.15 0.19 0.16 0.28 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points l Closing Chg YTD Jumbos 0.16 0.07 0.06 0.08 0.12 0.17 0.21 0.17 0.29 Coupon (%) Maturity, in years Latest( )-2 -101234Previous Month ago Year ago Latest Prev Year ago ETF Symbol Price (%) (%) Weekly change 0.125 U.S. 2 0.115 s l 0.111 0.119 1.329 ARKInnovationETF ARKK 146.89 2.99 18.0 Savings 0.01 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01 0.875 10 1.105 s l 1.077 0.913 1.521 169.75 2.12 5.6 CnsmrDiscSelSector XLY Jumbos 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01 CnsStapleSelSector XLP 64.58 0.67 –4.3 5.500 Australia 2 0.122 s l 0.116 0.079 0.661 0.5 0.2 -66.2 EnSelectSectorSPDR XLE 40.03 1.09 5.6 l FinSelSectorSPDR XLF 30.04 2.42 1.9 1.500 10 1.165 s 1.121 0.982 0.963 5.8 4.3 -54.6 115.80 0.29 2.1 HealthCareSelSect XLV Consumer Savings Rates 0.000 France 2 -0.612 t l -0.612 -0.698 -0.632 -72.5 -195.5 IndSelSectorSPDR XLI 87.47 2.12 –1.2 -73.0 InvscQQQI QQQ 327.68 1.63 4.4 Below are the top federally insured offers available nationwide according to Bankrate.com's 0.000 10 -0.251 s l -0.276 -0.341 -0.180 -135.8 -135.5 -168.8 InvscS&P500EW RSP 129.87 1.32 1.8 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please iShCoreDivGrowth DGRO 45.14 1.28 0.7 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. 0.000 Germany 2 -0.711 s l -0.721 -0.710 -0.664 -82.9 -83.4 -198.7 iShCoreMSCIEAFE IEFA 70.22 1.03 1.6 iShCoreMSCIEM IEMG 66.53 1.39 7.2 High yield savings 0.000 10 -0.487 s l -0.513 -0.571 -0.432 -159.4 -159.2 -194.1 iShCoreMSCITotInt IXUS 69.35 1.21 3.2 Bank Yield Bank Yield l iShCoreS&P500 IVV 382.96 1.42 2.0 0.050 Italy 2 -0.315 s -0.341 -0.411 -0.209 -43.2 -45.4 -153.2 241.12 1.26 4.9 Phone number Minimum (%) Phone number Minimum (%) iShCoreS&P MC IJH 0.900 10 0.651 s l 0.622 0.546 0.922 -45.6 -45.6 -58.7 iShCoreS&P SC IJR 99.57 0.27 8.3 Money market and savings account Six-month CD iShS&PTotlUSStkMkt ITOT 88.68 1.38 2.9 0.100 Japan 2 -0.120 t l -0.118 -0.120 -0.157 -23.7 -23.1 -148.0 iShCoreUSAggBd AGG 117.05 –0.15 –1.0 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 iShSelectDividend DVY 98.86 1.06 2.8 (800) 355-3063 (800) 799-1424 0.100 10 0.056 t l 0.061 0.025 -0.063 -105.1 -101.7 -157.2 iShESGAwareUSA ESGU 88.22 1.47 2.5 Live Oak Bank $1 0.60 Goldwater Bank $5,000 0.50 67.26 0.88 –0.9 0.000 Spain 2 -0.521 s l -0.533 -0.629 -0.425 -64.6 -174.9 iShEdgeMSCIMinUSA USMV (866) 518-0286 (480) 281-8200 -63.8 171.32 2.04 6.2 iShEdgeMSCIUSAMom MTUM 1.250 10 0.123 s l 0.097 0.041 0.233 -98.1 -127.5 iShEdgeMSCIUSAQual QUAL 116.19 1.51 –0.0 Comenity Direct $100 0.60 BankDirect $10,000 0.50 -98.4 17.49 –1.24 –3.5 (833) 755-4354 (877) 839-2737 iShGoldTr IAU 0.125 U.K. 2 -0.087 s l -0.108 -0.148 0.507 -20.4 -22.1 -81.6 iShiBoxx$InvGrCpBd LQD 135.24 –0.27 –2.1 iShiBoxx$HYCpBd HYG 87.14 0.24 –0.2 One-month CD One-year CD 4.750 10 0.353 s l 0.324 0.200 0.547 -75.4 -75.5 -96.2 iShJPMUSDEmgBd EMB 114.05 ... –1.6 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 iShMBSETF MBB 110.18 0.05 0.0 (713) 358-9400 (800) 845-5025 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close 93.15 1.27 2.7 iShMSCI ACWI ACWI $1,000 0.15 $500 0.67 iShMSCI EAFE EFA 73.99 1.01 1.4 State Bank of India California CFG Community Bank iShMSCI EAFE SC SCZ 69.98 1.52 2.4 (877) 707-1995 (888) 205-8388 Corporate Debt iShMSCIEmgMarkets EEM 55.46 1.30 7.3 Washington Savings Bank $500 0.10 Live Oak Bank $2,500 0.65 iShMSCIJapan EWJ 68.23 0.80 1.0 (978) 458-7999 (866) 518-0286 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific iShNatlMuniBd MUB 117.48 –0.03 0.2 expectations iSh1-5YIGCorpBd IGSB 55.06 –0.02 –0.2 Two-month CD Two-year CD 38.05 0.37 –1.2 iShPfd&Incm PFF $1,000 0.20 $5,000 0.81 Investment-grade spreads that tightened the most… iShRussell1000Gwth IWF 248.37 1.67 3.0 Lone Star Bank Connexus Credit Union iShRussell1000 IWB 216.86 1.55 2.4 (713) 358-9400 (800) 845-5025 Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week iShRussell1000Val IWD 138.82 1.42 1.5 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 314.42 1.87 9.7 iShRussell2000Gwth IWO (877) 707-1995 (480) 281-8200 Credit Suisse CS 1.000 0.28 May 5, ’23 17 –10 26 iShRussell2000 IWM 213.61 1.42 9.0 $10,000 0.15 $1,500 0.75 142.32 0.54 8.0 VirtualBank Comenity Direct Cenovus Energy CVECN 6.750 4.33 Nov. 15, ’39 245 –9 254 iShRussell2000Val IWN (877) 998-2265 (833) 755-4354 iShRussellMid-Cap IWR 70.62 1.57 3.0 Southwest Airlines LUV 4.750 0.86 May 4, ’23 75 –9 80 iShS&P500Growth IVW 65.81 1.39 3.1 7.000 3.01 April 1, ’38 113 –7 n.a. iShS&P500Value IVE 128.89 1.43 0.7 Three-month CD Five-year CD Appalachian Power … 110.51 ... –0.0 $5,000 0.35 $5,000 1.01 iShShortTreaBd SHV Goldwater Bank Connexus Credit Union Athene Global Funding … 2.500 1.06 Jan. 14, ’25 63 –7 73 24.54 –8.30 –0.1 (480) 281-8200 (800) 845-5025 iShSilver SLV 0.750 0.83 Jan. 6, ’26 38 –6 39 iShTIPSBondETF TIP 127.90 0.15 0.2 $500 0.25 $1,000 0.96 Toronto–Dominion Bank TD 86.35 –0.03 –0.0 BrioDirect First Internet Bank of Indiana iSh1-3YTreasuryBd SHY (877) 369-2746 (888) 873-3424 Weyerhaeuser WY 7.375 2.39 March 15, ’32 128 –6 n.a. iSh7-10YTreasuryBd IEF 118.41 –0.25 –1.3 3.850 2.59 May 4, ’43 71 –5 73 iSh20+YTreasuryBd TLT 151.02 –0.64 –4.3 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 Apple AAPL iShRussellMCGrowth IWP 106.44 2.08 3.7 (713) 358-9400 (480) 281-8200 iShUSTreasuryBdETF GOVT 27.06 –0.22 –0.7 …And spreads that widened the most JPM UltShtIncm JPST 50.79 ...... - Minimum is $100,000 22 PIMCOEnhShMaturity MINT 102.09 –0.02 0.0 High yield jumbos Park Aerospace Holdings … 5.500 2.24 Feb. 15, ’24 206 185 SPDR BlmBarcHYBd JNK 108.80 0.32 –0.1 GA Global Funding Trust GBLATL 1.625 1.37 Jan. 15, ’26 93 15 92 SPDRBloomBar1-3MTB BIL 91.51 –0.01 –0.0 Money market and savings account Six-month CD Boeing BA 1.950 1.02 Feb. 1, ’24 84 7 86 SPDR Gold GLD 172.11 –1.22 –3.5 CFG Community Bank 0.66 BankDirect 0.50 SchwabIntEquity SCHF 36.65 1.10 1.8 (888) 205-8388 (877) 839-2737 El Paso Energy … 7.750 2.67 Jan. 15, ’32 157 7 n.a. 93.55 1.44 2.8 SchwabUS BrdMkt SCHB 0.60 0.50 SchwabUS Div SCHD 64.92 1.07 1.2 BankDirect Goldwater Bank Banco Bilbao Vizcaya Argentaria BBVASM 1.125 1.05 Sept. 18, ’25 62 6 n.a. (877) 839-2737 (480) 281-8200 SchwabUS LC SCHX 93.15 1.49 2.4 Walt Disney DIS 2.650 1.86 Jan. 13, ’31 75 5 70 SchwabUS LC Grw SCHG 132.95 1.69 3.5 0.60 0.50 BrioDirect Presidential Bank, FSB VOD 6.150 3.04 Feb. 27, ’37 115 5 n.a. SchwabUS SC SCHA 96.02 1.34 7.9 (877) 369-2746 (800) 799-1424 Vodafone Schwab US TIPs SCHP 62.22 0.06 0.2 Apple AAPL 3.450 0.46 May 6, ’24 n.a. 4 23 SPDR DJIA Tr DIA 306.82 1.59 0.3 One-month CD One-year CD 440.22 1.22 4.8 SPDR S&PMdCpTr MDY 0.20 0.71 SPDR S&P 500 SPY 381.55 1.41 2.1 Lone Star Bank Connexus Credit Union High-yield issues with the biggest price increases… SPDR S&P Div SDY 107.01 0.70 1.0 (713) 358-9400 (800) 845-5025 Bond Price as % of face value TechSelectSector XLK 133.95 1.35 3.0 State Bank of India California 0.15 CFG Community Bank 0.67 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week UtilitiesSelSector XLU 62.96 0.82 0.4 (877) 707-1995 (888) 205-8388 GNW 6.500 7.14 June 15, ’34 94.530 1.73 n.a. VanEckGoldMiner GDX 34.62 –2.97 –3.9 0.10 0.65 Genworth Financial 365.86 1.59 3.4 VirtualBank Live Oak Bank 1.13 100.750 VangdInfoTech VGT (877) 998-2265 (866) 518-0286 Ford Motor F 4.750 4.59 Jan. 15, ’43 102.250 VangdSC Val VBR 149.28 1.07 5.0 6.450 5.44 Sept. 15, ’36 110.484 1.11 110.845 VangdSC Grwth VBK 285.23 1.98 6.6 Occidental Petroleum OXY VangdExtMkt VXF 175.92 1.83 6.8 Two-month CD Two-year CD Continental Resources CLR 5.750 4.50 Jan. 15, ’31 109.500 1.00 109.750 140.46 1.36 –0.5 0.20 0.81 VangdDivApp VIG Lone Star Bank Connexus Credit Union 0.93 VangdFTSEDevMk VEA 48.06 1.12 1.8 (713) 358-9400 (800) 845-5025 L Brands LB 6.875 5.20 Nov. 1, ’35 117.125 117.250 VangdFTSE EM VWO 53.82 1.57 7.4 0.15 0.80 Sprint Capital … 8.750 3.05 March 15, ’32 153.375 0.76 152.688 61.12 1.06 1.5 State Bank of India California Goldwater Bank VangdFTSE Europe VGK (877) 707-1995 (480) 281-8200 6.800 19.17 March 15, ’38 38.250 0.75 n.a. VangdFTSEAWxUS VEU 60.28 1.17 3.3 Transocean RIG VangdGrowth VUG 261.38 1.79 3.2 VirtualBank 0.15 Comenity Direct 0.75 VangdHlthCr VHT 231.80 0.65 3.6 (877) 998-2265 (833) 755-4354 …And with the biggest price decreases VangdHiDiv VYM 92.73 1.16 1.3 91.95 –0.15 –1.0 VangdIntermBd BIV Three-month CD Five-year CD Howmet Aerospace HWM 6.750 3.85 Jan. 15, ’28 117.500 –4.34 122.625 VangdIntrCorpBd VCIT 96.19 –0.09 –1.0 Goldwater Bank 0.35 Connexus Credit Union 1.01 7.875 12.53 May 1, ’25 85.000 –2.00 80.250 VangdLC VV 179.74 1.61 2.3 (480) 281-8200 (800) 845-5025 WeWork WEWORK VangdMC VO 212.74 1.59 2.9 Rite Aid RAD 7.700 7.70 Feb. 15, ’27 100.000 –1.50 99.500 54.11 0.06 0.1 Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 VangdMBS VMBS –0.88 105.470 VangdRealEst VNQ 87.42 0.60 2.9 (713) 358-9400 (888) 873-3424 Carnival CCL 6.650 5.64 Jan. 15, ’28 105.750 350.74 1.44 2.1 VangdS&P500ETF VOO State Bank of India California 0.25 Goldwater Bank 0.95 Nokia Oyj NOKIA 6.625 4.17 May 15, ’39 131.125 –0.75 n.a. VangdST Bond BSV 82.75 –0.01 –0.2 (877) 707-1995 (480) 281-8200 VangdSTCpBd VCSH 83.07 –0.02 –0.2 Netflix NFLX 5.375 2.42 Nov. 15, ’29 123.287 –0.56 125.625 VangdSC VB 205.64 1.38 5.6 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of Ford Motor Credit … 3.219 1.86 Jan. 9, ’22 101.250 –0.55 n.a. 87.21 –0.13 –1.1 VangdTotalBd BND compounding and rate stated for the lowest required opening deposit to earn interest. CD –0.44 122.139 VangdTotIntlBd BNDX 58.14 –0.08 –0.7 Embarq … 7.995 5.74 June 1, ’36 122.800 VangdTotIntlStk VXUS 62.14 1.21 3.3 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of VangdTotalStk VTI 200.13 1.43 2.8 which may be checks. Rates are subject to change. *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. VangdTotlWrld VT 95.25 1.38 2.9 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Note: Data are for the most active issue of bonds with maturities of two years or more VangdValue VTV 120.39 1.28 1.2 Internet: www.bankrate.com Source: MarketAxess THE WALL STREET JOURNAL. * Wednesday, February 3, 2021 | B11 BIGGEST 1,000 STOCKS

Continued From Page B8 Net Net Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg 30.64 1.37 91.89 0.71 53.24 1.21 59.90 -6.55 244.28 -0.14 117.41 2.51 EnphaseEnergy ENPH 192.63 6.29 Huazhu HTHT 48.98 1.78 MGM Resorts MGM Paccar PCAR SOQUIMICH SQM VirBiotech VIR Watsco WSO XPO Logistics XPO 30.04 -1.17 135.56 0.91 307.05 6.23 48.58 -5.21 284.80 3.77 64.20 0.26 CheckPoint CHKP 134.10 1.36 Entegris ENTG 98.11 -3.93 Hubbell HUBB158.45 -0.51 MinisoGroup MNSO PackagingCpAm PKG SolarEdgeTech SEDG VirginGalactic SPCE Wayfair W XcelEnergy XEL 168.08 3.76 54.23 2.22 99.24 0.71 202.61 4.25 Weibo WB 48.72 1.60 137.31 2.00 Chegg CHGG 98.50 2.69 Entergy ETR 95.83 0.68 HubSpot HUBS 395.55 13.81 MKS Instrum MKSI PagSeguroDig PAGS Sony SNE Visa V Xilinx XLNX 23.52 0.23 31.02 -2.94 59.64 0.53 20.82 0.45 WellsFargo WFC 30.75 0.76 47.01 -2.26 Chemed CHE 512.80 -6.18 EnterpriseProd EPD 21.10 0.30 Humana HUM 376.99 -2.91 MPLX MPLX PalantirTech PLTR Southern SO Vistra VST XPeng XPEV 425.13 8.88 s 387.36 26.00 68.13 -0.74 142.72 5.05 Welltower WELL 62.17 -0.34 97.18 0.04 CheniereEnergy LNG 64.48 1.24 Equifax EFX 180.46 0.15 JBHunt JBHT 140.60 3.69 MSCI MSCI PaloAltoNtwks PANW SoCopper SCCO VMware VMW Xylem XYL 41.72 -2.02 31.50 -4.88 45.62 0.83 17.54 0.09 WestPharmSvcs WST 294.60 -2.42 65.64 2.04 CheniereEnerPtrs CQP 38.93 -0.35 Equinix EQIX 768.57 11.85 HuntingtonBcshs HBAN 13.53 0.31 MagellanMid MMP PanAmerSilver PAAS SouthwestAir LUV Vodafone VOD Yandex YNDX 73.32 1.57 268.38 0.19 175.09 3.46 37.47 -1.30 WesternDigital WDC 57.91 0.32 18.93 -0.22 Chevron CVX 87.06 0.65 Equinor EQNR 18.13 0.14 IAA IAA 59.79 1.00 MagnaIntl MGA ParkerHannifin PH Splunk SPLK VornadoRealty VNO YatsenHolding YSG 18.50 0.28 90.53 1.23 345.05 12.40 151.93 -0.07 WesternUnion WU 22.86 0.25 106.30 3.24 Chewy CHWY 101.76 0.32 Equitable EQH 25.33 0.28 s ICICI Bank IBN 17.34 0.34 ManulifeFin MFC Paychex PAYX Spotify SPOT VulcanMatls VMC YumBrands YUM 45.15 1.70 412.07 15.62 227.63 5.69 WestlakeChem WLK 81.42 2.24 ChinaEastrnAir CEA 20.59 0.15 EquityLife ELS 63.27 0.24 s IdexxLab IDXX 506.65 14.23 MarathonPetrol MPC PaycomSoftware PAYC Square SQ YumChina YUMC 58.50 0.72 s 34.53 -1.66 202.16 9.47 177.12 2.84 WestpacBanking WBK 16.34 0.09 ChinaLifeIns LFC 10.78 0.17 EquityResdntl EQR 61.88 -0.29 90.61 2.26 MaravaiLifeSci MRVI Paylocity PCTY StanleyBlackDck SWK WXYZ ZTO Express ZTO 35.28 1.02 IHS Markit INFO WestRock WRK 41.89 0.48 48.60 0.55 250.65 4.74 Markel MKL 1008.86 18.88 PayPal PYPL 249.10 7.25 Starbucks SBUX 101.65 3.07 176.78 11.42 ChinaPetrol SNP ErieIndemnity A ERIE II-VI IIVI 87.82 0.54 WEC Energy WEC 87.79 -0.76 32.45 0.41 ZaiLab ZLAB 580.11 11.38 10.23 -0.25 70.80 0.55 Weyerhaeuser WY ChinaSoAirlines ZNH 28.12 -0.54 EssentialUtil WTRG 47.58 0.46 ING Groep ING 9.25 0.27 MarketAxess MKTX Pearson PSO StateStreet STT 196.48 0.74 ZebraTech ZBRA 405.19 7.86 122.10 4.35 WEX WEX WheatonPrecMet WPM 41.12 -2.16 s 1523.05 14.03 244.19 2.12 21.39 -0.01 Marriott MAR Pegasystems PEGA134.88 5.81 Stellantis STLA 15.85 0.46 s ZEN 153.15 5.42 Chipotle CMG EssexProp ESS Invesco IVZ W.P.Carey WPC 68.51 1.25 Whirlpool WHR 190.11 3.55 Zendesk 150.64 2.60 246.86 5.01 233.61 3.00 Marsh&McLen MMC 112.90 2.91 Peloton PTON 147.73 0.94 Steris STE 191.08 4.76 144.86 7.81 Chubb CB EsteeLauder EL IPG Photonics IPGP WPP WPP 54.35 0.91 Williams WMB 21.42 0.13 Zillow C Z 39.34 0.24 210.29 6.52 MartinMarietta MLM 294.64 -1.22 PembinaPipeline PBA 26.46 0.14 StitchFix SFIX 79.19 -5.77 153.39 7.06 ChunghwaTel CHT Etsy ETSY IQVIA IQV 184.41 3.97 Wabtec WAB 78.26 1.99 Williams-Sonoma WSM 125.74 0.34 Zillow A ZG 82.69 -1.30 214.11 2.61 MarvellTech MRVL 52.86 -0.01 s PennNational PENN 110.61 6.63 STMicroelec STM 41.18 -0.28 158.50 4.60 Church&Dwight CHD EverestRe RE IcahnEnterprises IEP 57.74 0.59 WalgreensBoots WBA 48.44 -0.39 WillisTowers WLTW 211.12 3.67 ZimmerBiomet ZBH 205.96 9.60 53.87 0.13 Masco MAS 55.37 0.29 Pentair PNR 54.50 0.05 78.28 3.43 ChurchillDowns CHDN Evergy EVRG Icon ICLR 205.32 0.85 StoneCo STNE Walmart WMT 140.77 1.50 Wipro WIT 6.45 0.08 Zoetis ZTS 157.39 1.81 53.74 -1.12 88.23 0.43 Masimo MASI 264.06 4.58 Penumbra PEN 249.13 -4.73 235.13 8.59 Ciena CIEN EversourceEner ES IDEX IEX 193.80 4.38 Stryker SYK s WarnerMusic WMG 37.97 2.47 Wix.com WIX 277.06 17.07 ZoomVideo ZM 391.84 9.91 217.81 1.01 140.21 1.82 Mastercard MA 334.37 12.81 PepsiCo PEP 138.38 1.40 6.36 0.01 Cigna CI ExactSciences EXAS IllinoisToolWks ITW 198.24 3.36 SumitomoMits SMFG WasteConnections WCN 99.90 1.50 s Workday WDAY 257.76 21.07 ZoomInfoTech ZI 51.09 0.87 87.11 -0.30 42.85 0.77 MaximIntProducts MXIM 90.44 -0.19 PerkinElmer PKI 151.13 -0.80 149.36 0.92 CincinnatiFin CINF Exelon EXC Illumina ILMN 440.25 -3.13 SunComms SUI WasteMgt WM 113.00 0.91 WynnResorts WYNN 106.10 4.34 Zscaler ZS 216.71 12.24 s McAfee MCFE 21.15 1.92 25.61 0.15 47.76 1.04 Cintas CTAS 331.22 5.73 eXpWorld EXPI 119.90 4.83 ImperialOil IMO 18.92 -0.65 PetcoHealth WOOF SunLifeFinancial SLF s Waters WAT 291.31 22.50 XP XP 48.85 1.70 Zynga ZNGA 10.33 0.19 88.86 1.23 30.61 0.12 CiscoSystems CSCO 45.83 0.43 Expedia EXPE 136.13 8.83 Incyte INCY 93.05 2.13 McCormickVtg MKC.V PetroChina PTR SuncorEnergy SU 16.85 0.06 89.48 0.30 Citigroup C 59.58 1.15 ExpeditorsIntl EXPD 90.67 0.18 Infosys INFY 17.44 0.06 McCormick MKC PetroleoBrasil PBR 10.83 0.55 SunPower SPWR 43.76 -4.93 209.76 1.83 CitizensFin CFG 38.01 1.19 ExtraSpaceSt EXR 117.12 0.50 IngersollRand IR 43.38 0.78 McDonalds MCD PetroleoBrasilA PBR.A 10.70 0.67 SunRun RUN 71.22 1.34 180.55 0.82 CitrixSystems CTXS 133.12 0.61 ExxonMobil XOM 45.63 0.71 Inphi IPHI 172.44 -0.49 McKesson MCK Pfizer PFE 34.99 -0.81 Suzano SUZ 11.82 0.05 21.90 0.27 Clarivate CLVT 30.15 2.81 F5Networks FFIV 194.19 -2.16 Insulet PODD 274.84 11.09 MedicalProp MPW PhilipMorris PM 79.27 0.21 SynchronyFin SYF 36.04 1.35 Dividend Changes 113.95 2.77 Clorox CLX 204.23 -5.79 FMC FMC 111.10 1.35 Intel INTC 58.00 1.31 Medtronic MDT Phillips66 PSX 68.66 1.28 SyneosHealth SYNH 77.09 1.10 1909.99 13.20 Cloudflare NET 83.57 3.09 Facebook FB 267.08 5.07 InteractiveBrkrs IBKR 68.33 2.81 MercadoLibre MELI Pinduoduo PDD 182.00 8.04 Synopsys SNPS 269.76 6.19 Dividend announcements from February 2. 77.77 0.41 Coca-Cola KO 48.96 0.48 FactSet FDS 317.70 5.44 ICE ICE 116.78 3.37 Merck MRK PinnacleWest PNW 76.70 0.50 Sysco SYY 73.03 1.46 48.93 0.46 73.87 3.15 Amount Payable / Coca-Cola Euro CCEP 49.52 1.48 FairIsaac FICO 464.27 12.29 InterContinentl IHG 66.67 3.69 MetLife MET Pinterest PINS 1217.59 36.77 119.58 -0.68 Company Symbol Yld % New/Old Frq Record Cognex CGNX 85.26 1.67 Farfetch FTCH 62.93 3.53 IBM IBM 119.44 -1.10 MettlerToledo MTD PioneerNatRscs PXD TUV 143.92 1.67 CognizantTech CTSH 80.05 1.21 Fastenal FAST 46.47 0.33 124.23 -5.92 MicrochipTech MCHP PlainsAllAmPipe PAA 8.59 0.19 IntlFlavors IFF TAL Education TAL 81.17 4.57 Increased 78.85 0.33 106.30 -3.37 MicronTech MU 81.62 1.19 Playtika PLTK 28.99 -0.01 ColgatePalm CL Fastly FSLY IntlPaper IP 50.33 0.54 43.05 -0.08 Booz Allen Hamilton Hldg BAH 1.8 .37 /.31 Q Mar02 /Feb12 Microsoft MSFT 239.51 -0.14 64.25 0.40 TC Energy TRP Comcast A CMCSA 51.18 1.03 FateTherap FATE 97.49 4.33 Interpublic IPG 25.15 0.33 PlugPower PLUG 135.58 0.60 TE Connectivity TEL 124.20 -0.33 Cincinnati Financial CINF 2.8 .63 /.60 Q Apr15 /Mar17 Comerica CMA 60.04 1.87 FedEx FDX 242.50 3.26 384.11 10.53 MidAmApt MAA Pool POOL 357.30 -2.52 Intuit INTU TU 20.86 0.24 CWBC 68.21 0.30 207.79 -9.20 Middleby MIDD 136.14 -2.22 PrincipalFin PFG 50.59 0.46 Telus Community West Bancshares 2.6 .06 /.05 Q Feb26 /Feb09 CommerceBcshrs CBSH Ferrari RACE IntuitiveSurgical ISRG 757.84 11.73 65.83 1.76 5.68 -0.09 38.65 1.35 MiratiTherap MRTX 194.79 2.02 Procter&Gamble PG 128.79 -0.18 TJX TJX Fidelity National FIS 1.1 .39 /.35 Q Mar26 /Mar12 CiaSiderurgica SID FidNatlFin FNF Invitae NVTA 53.62 2.08 131.89 3.47 34.67 0.47 132.32 3.09 MitsubishiUFJ MUFG 4.66 0.04 Progressive PGR 86.75 0.56 T-MobileUS TMUS First Business Finl Svcs FBIZ 3.6 .18 /.165 Q Feb18 /Feb08 ConagraBrands CAG FidNatlInfo FIS InvitatHomes INVH 30.26 -0.16 157.41 1.32 MizuhoFin MFG 2.74 -0.02 106.88 0.97 TRowePrice TROW ConocoPhillips COP 40.97 0.26 FifthThirdBncp FITB 30.32 0.83 IonisPharma IONS 61.22 2.25 Prologis PLD GATX GATX 2.2 .50 /.48 Q Mar31 /Feb26 MobileTeleSys MBT 9.16 0.10 80.16 1.25 TaiwanSemi TSM 128.44 1.78 ConEd ED 70.26 -0.49 FirstHorizon FHN 14.43 0.39 iQIYI IQ 22.22 0.33 PrudentialFin PRU North Eur Oil Royalty Tr NRT 7.3 .04 /.02 Q Feb24 /Feb12 Moderna MRNA 158.58 1.10 32.73 0.41 TakeTwoSoftware TTWO 207.11 6.17 ConstBrands A STZ 217.73 2.67 FirstRepBank FRC 152.14 5.87 IronMountain IRM 32.16 -1.22 Prudential PUK Peoples Fincl Svcs PFIS 3.8 .37 /.36 Q Mar15 /Feb26 MohawkInds MHK 145.32 -0.53 58.35 1.20 TakedaPharm TAK 17.45 -0.30 ContextLogic WISH 29.15 -2.04 FirstSolar FSLR 97.29 -1.02 ItauUnibanco ITUB 5.32 -0.03 PublicServiceEnt PEG 212.06 -2.05 Tapestry TPR 33.45 1.60 UFP Industries UFPI 1.0 .15 /.125 Q Mar15 /Mar01 Cooper COO 375.12 10.01 FirstEnergy FE 31.91 0.73 MolinaHealthcare MOH PublicStorage PSA 230.30 -2.39 48.89 -0.62 Target TGT 185.59 2.02 Copart CPRT 113.96 3.10 Fiserv FISV 110.02 3.52 MolsonCoorsB TAP PulteGroup PHM 45.97 1.20 JKL s 22.17 2.65 Stocks 181.19 8.50 Mondelez MDLZ 56.16 0.91 55.24 -0.18 TataMotors TTM Corning GLW 36.33 0.43 FiveBelow FIVE Qiagen QGEN CUEN JD.com JD 95.42 4.15 394.65 19.78 TeckRscsB TECK 18.43 -0.22 Cuentas 1:2.5 /Feb02 Corteva CTVA 41.49 0.78 Five9 FIVN 173.02 5.76 MongoDB MDB Qorvo QRVO 179.33 -3.97 Joyy YY 100.43 4.88 374.57 6.64 TDOC 266.86 2.76 Hawkins HWKN 2:1 /Mar02 CoStar CSGP920.41 -4.59 FiverrIntl FVRR 233.36 7.48 MonolithicPower MPWR Qualcomm QCOM 164.78 3.20 TeladocHealth JPMorganChase JPM 133.61 3.99 90.44 2.19 TDY 383.77 10.31 Costco COST 355.58 5.06 FleetCorTech FLT 254.71 4.94 MonsterBev MNST QuantaServices PWR 75.82 2.94 TeledyneTech Foreign JackHenry JKHY 151.28 2.80 278.25 7.50 391.40 12.07 CoupaSoftware COUP 332.33 14.53 Flex FLEX 18.53 0.33 Moody's MCO QuestDiag DGX 130.99 -2.35 Teleflex TFX 105.55 3.89 12.78 0.03 Diageo ADR DEO 2.1 1.53478 SA Apr13 /Feb26 153.64 1.64 97.82 3.89 JacobsEngg J MorganStanley MS 70.95 3.28 233.83 -20.17 Ericsson ERIC Credicorp BAP Floor&Decor FND Quidel QDEL DLNGpB JHX 28.82 0.63 s 244.46 5.05 8.78 0.26 Dynagas LNG 8.75% Pfd. B 10.3 .54688 Q Feb22 /Feb15 CreditSuisse CS 13.40 0.19 FomentoEconMex FMX 68.75 -0.05 JamesHardie Morningstar MORN TelefonicaBras VIV JAZZ 157.29 2.05 27.27 0.41 4.37 -0.01 Cree CREE 116.30 2.16 FordMotor F 10.86 0.03 JazzPharma Mosaic MOS RS Telefonica TEF J&J JNJ 161.25 -1.46 178.78 4.18 TelekmIndonesia TLK 23.55 0.35 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: CrowdStrike CRWD 219.64 4.63 Fortinet FTNT 153.81 5.42 MotorolaSol MSI 25.64 0.28 JohnsonControls JCI 50.71 -0.20 267.60 0.42 RELX RELX 10xGenomics TXG 182.56 5.73 spin-off. CrownCastle CCI 165.61 1.34 Fortis FTS 40.80 0.43 NICE NICE 480.18 -3.86 JonesLang JLL 152.38 1.16 55.77 -1.22 RH RH Tenaris TS 16.05 0.26 CrownHoldings CCK 92.61 0.79 Fortive FTV 66.57 -0.06 NIO NIO 85.14 1.48 JuniperNetworks JNPR 24.19 -0.58 s 42.75 0.52 RPM RPM 27.65 0.66 Cummins CMI 233.90 0.93 FortBrandsHome FBHS 88.96 0.64 NRG Energy NRG s TencentMusic TME 37.77 -0.37 RaymondJames RJF 104.84 2.42 98.70 4.15 30.51 -1.37 KB Fin KB NVR NVR 4509.98 -20.02 Teradyne TER 121.61 4.06 CureVac CVAC FoxA FOXA RaytheonTech RTX 70.14 3.18 76.14 0.05 29.55 -1.10 KE Holdings BEKE 64.55 3.58 s NXP Semi NXPI 177.21 5.68 Tesla TSLA 872.79 32.98 Borrowing Benchmarks CyrusOne CONE FoxB FOX RealPage RP 86.96 -0.07 s KKR KKR 42.31 1.87 142.61 4.00 TEVA 12.23 0.22 Franco-Nevada FNV 121.08 -1.59 Nasdaq NDAQ 60.32 0.16 TevaPharm wsj.com/market-data/bonds/benchmarks 298.78 6.16 RealtyIncome O s DEF FranklinRscs BEN 25.62 -0.96 KLA KLAC Natera NTRA 119.03 7.48 TexasInstruments TXN 174.75 2.29 212.39 7.05 Redfin RDFN 79.86 4.25 FreeportMcM FCX 28.14 -0.09 KSCitySouthern KSU NationalGrid NGG 59.24 0.05 Textron TXT 45.90 0.56 DISH Network DISH 30.07 0.62 58.45 -0.37 RegencyCtrs REG 46.87 -0.07 FreseniusMed FMS 34.98 -3.98 Kellogg K Natura&Co NTCO 18.39 0.70 ThermoFisherSci TMO 518.53 3.06 Money Rates February 2, 2021 DTE Energy DTE 119.72 0.16 RegenPharm REGN 499.98 -8.10 116.97 11.97 KeurigDrPepper KDP 31.99 0.07 NatWest NWG 4.20 0.10 ThomsonReuters TRI 84.73 1.23 DadaNexus DADA 44.74 1.07 Futu FUTU RegionsFin RF 17.76 0.44 KeyCorp KEY 17.67 0.51 NetApp NTAP 65.08 -1.00 3M MMM 175.02 0.32 Danaher DHR 245.09 3.34 RelianceSteel RS 120.86 1.68 Key annual interest rates paid to borrow or lend money in U.S. and GHI KeysightTechs KEYS 141.54 -1.27 NetEase NTES 123.37 5.12 Toro TTC 95.81 0.71 Darden DRI 122.82 3.46 RenaissanceRe RNR 155.65 2.70 KimberlyClark KMB 132.35 -0.89 Netflix NFLX 548.16 9.12 TorontoDomBk TD 57.76 1.20 international markets. Rates below are a guide to general levels but DarlingIngred DAR 68.22 3.09 GDS Holdings GDS 110.86 3.50 Repligen RGEN 215.42 9.01 KinderMorgan KMI 13.81 -0.21 Neurocrine NBIX 113.44 7.42 Total TOT 42.03 -0.07 don’t always represent actual transactions. Datadog DDOG 106.01 4.22 GFLEnvironmental GFL 29.48 1.10 s RepublicSvcs RSG 91.87 0.90 KingsoftCloud KC 58.41 4.18 NewFortressEner NFE 47.34 2.54 ToyotaMotor TM 143.12 2.71 DaVita DVA 111.64 -7.17 GSXTechedu GSX 83.46 -13.00 ResMed RMD 206.67 4.00 KinrossGold KGC 7.03 -0.16 NewOrientalEduc EDU 176.78 3.66 TractorSupply TSCO 143.18 3.46 Week —52-WEEK— DeckersOutdoor DECK 312.01 12.67 Gallagher AJG 117.68 2.49 RestaurantBrands QSR 60.60 1.54 Inflation KirklandLakeGold KL 38.47 -0.72 NYTimes A NYT 50.69 0.91 TradeDesk TTD 831.45 38.24 Latest ago High Low Deere DE 302.54 10.33 GameStop GME 90.00 -135.00 RingCentral RNG 402.75 14.95 KoninklijkePhil PHG 56.78 0.55 NewellBrands NWL 25.40 1.01 Tradeweb TW 65.86 1.36 Dec. index Chg From (%) s DellTechC DELL 77.17 3.22 Gaming&Leisure GLPI 42.91 1.06 RioTinto RIO 77.00 -1.47 KoreaElcPwr KEP 10.54 0.22 Newmont NEM 59.63 -0.25 TraneTech TT 144.99 2.24 level Nov. '20 Dec. '19 Other short-term rates DeltaAir DAL 38.80 0.98 Garmin GRMN 118.87 1.51 RobertHalf RHI 67.50 -1.20 KraftHeinz KHC 33.16 -0.09 NewsCorp B NWS 19.23 0.44 TransDigm TDG 589.40 19.09 DenaliTherap DNLI 72.88 3.15 Gartner IT 155.55 1.54 RocketCos. RKT 20.94 -0.60 Kroger KR 33.10 -0.60 NewsCorp A NWSA 19.79 0.41 TransUnion TRU 92.77 1.94 U.S. consumer price index Week 52-Week DentsplySirona XRAY 54.56 0.64 Generac GNRC 266.99 8.26 Rockwell ROK 252.52 4.84 L Brands LB 44.11 2.25 NextEraEnergy NEE 82.93 1.23 Travelers TRV 139.83 1.62 All items 260.474 0.09 1.4 Latest ago high low DeutscheBank DB 10.45 0.08 GeneralDynamics GD 149.82 2.15 RogersComm B RCI 46.20 1.06 LKQ LKQ 36.41 0.45 NielsenHoldings NLSN 22.11 -0.71 Trex TREX 96.96 1.20 Core 269.226 –0.09 1.6 DevonEnergy DVN 16.96 0.20 GeneralElec GE 11.24 0.50 Roku ROKU 418.75 2.55 LPL Financial LPLA 114.38 3.46 Nike NKE 139.59 3.88 Trimble TRMB 70.81 3.09 DexCom DXCM 394.63 12.01 GeneralMills GIS 57.62 0.07 Rollins ROL 37.00 0.78 Call money L3HarrisTech LHX 180.54 6.98 Nikola NKLA 23.00 -0.51 Trip.com TCOM 32.01 0.86 International rates s Diageo DEO 165.64 4.96 GeneralMotors GM 52.72 1.21 RoperTech ROP 398.00 6.64 2.00 2.00 3.50 2.00 LabCpAm LH 233.39 -1.02 NiSource NI 22.47 0.25 TruistFinl TFC 50.21 1.83 DiamondbkEner FANG 58.42 0.44 Genmab GMAB 40.59 0.38 RossStores ROST 116.28 3.87 LamResearch LRCX 516.07 14.62 Nokia NOK 4.53 -0.36 Twilio TWLO 387.25 15.70 Week 52-Week DigitalRealty DLR 148.61 0.40 Gentex GNTX 34.37 0.37 RoyalBkCanada RY 82.47 1.20 Commercial paper (AA financial) LamarAdv LAMR 85.15 1.58 NomuraHoldings NMR 5.33 -0.01 TwistBiosci TWST 197.56 17.29 Latest High Low DiscoverFinSvcs DFS 85.33 3.14 GenuineParts GPC 97.47 2.78 RoyalCaribbean RCL 68.68 2.93 ago 0.10 n.a. 2.53 0.04 LambWeston LW 77.84 2.24 Nordson NDSN 183.59 1.01 Twitter TWTR 54.00 1.34 90 days DiscoveryA DISCA 40.08 -2.04 GileadSciences GILD 65.13 0.03 RoyalDutchA RDS.A 36.17 -0.45 LasVegasSands LVS 52.16 3.09 NorfolkSouthern NSC 246.35 6.44 TylerTech TYL 429.66 2.88 Prime rates DiscoveryC DISCK 34.10 -0.90 GSK GSK 37.59 0.25 RoyalDutchB RDS.B 33.87 -0.67 Lear LEA 158.75 1.92 NorthernTrust NTRS 92.12 1.56 TysonFoods TSN 64.22 0.03 Libor Disney DIS 176.96 5.99 GlobalPayments GPN 190.77 7.86 RoyaltyPharma RPRX 46.65 -0.08 U.S. 3.25 3.25 4.75 3.25 Leidos LDOS 105.82 0.76 NorthropGrum NOC 300.00 7.69 UBS Group UBS 14.84 0.20 One month 0.11525 0.12250 1.67088 0.11300 DocuSign DOCU 239.84 9.70 Globant GLOB 207.01 7.43 Ryanair RYAAY 99.12 2.50 Canada 2.45 2.45 3.95 2.45 Lemonade LMND 143.44 -5.76 NortonLifeLock NLOK 21.86 0.42 UDR UDR 38.86 0.10 Three month 0.19225 0.21850 1.74163 0.19225 DolbyLab DLB 91.19 1.80 GlobeLife GL 92.58 1.25 SAP SAP 129.56 ... Japan 1.475 1.475 1.475 1.475 Lennar B LEN.B 68.73 0.73 Novartis NVS 89.62 -0.14 UGI UGI 36.00 -0.38 0.21713 0.23450 1.75888 0.21500 DollarGeneral DG 195.35 2.60 GoDaddy GDDY 85.26 4.29 S&P Global SPGI 330.10 8.26 Six month Lennar A LEN 85.05 0.84 Novavax NVAX 264.41 -3.89 Uber UBER 56.46 3.70 0.30413 0.31150 1.84263 0.30413 DollarTree DLTR 104.02 3.16 GoldFields GFI 9.18 -0.49 SBA Comm SBAC 281.90 3.63 Policy Rates One year LennoxIntl LII 276.75 -6.37 NovoNordisk NVO 70.97 0.56 Ubiquiti UI 304.64 -14.91 DominionEner D 72.77 0.09 GoldmanSachs GS 286.97 12.24 SEI Investments SEIC 55.85 1.10 0.00 0.00 0.00 0.00 LeviStrauss LEVI 19.74 0.06 Novocure NVCR 173.93 11.77 UltaBeauty ULTA 287.15 4.94 Euro zone Domino's DPZ 377.22 5.80 GoodRx GDRX 51.18 1.21 SK Telecom SKM 24.65 0.19 Euro Libor LiAuto LI 30.20 -1.84 NuanceComms NUAN 47.28 0.85 153.15 7.52 Switzerland 0.00 0.00 0.50 0.00 s Donaldson DCI 61.30 0.91 Graco GGG 70.74 1.37 SS&C Tech SSNC 65.42 1.69 UltragenyxPharm RARE One month -0.581 -0.580 -0.360 -0.621 LibertyBroadbandC LBRDK 149.62 4.44 Nucor NUE 50.47 1.45 16.00 0.59 Britain 0.10 0.10 0.75 0.10 DoorDash DASH 182.53 -8.64 Grainger GWW 373.11 2.79 StoreCapital STOR 32.10 0.50 UnderArmour C UA -0.546 -0.546 -0.142 -0.574 LibertyBroadbandA LBRDA 147.84 3.62 Nutrien NTR 50.74 0.99 18.57 0.58 0.10 0.10 0.75 0.10 Three month Dover DOV 119.34 1.76 Grifols GRFS 17.62 0.12 SVB Fin SIVB 468.11 11.58 UnderArmour A UAA Australia -0.537 -0.534 -0.052 -0.540 LibertyGlobal A LBTYA 24.03 ... NVIDIA NVDA 542.27 12.79 58.70 0.32 Six month Dow DOW 54.61 1.86 GuardantHealth GH 158.35 2.94 Salesforce.com CRM 234.20 5.74 Unilever UL LibertyGlobal B LBTYB 24.00 -0.01 205.93 7.33 One year -0.510 -0.502 0.008 -0.511 DrReddy'sLab RDY 60.97 1.80 Guidewire GWRE 119.21 3.52 Sanofi SNY 47.27 -0.33 UnionPacific UNP Overnight repurchase LibertyGlobal C LBTYK 23.71 -0.34 OPQ 40.83 0.89 DraftKings DKNG 59.31 4.67 HCA Healthcare HCA 165.85 -1.08 Schlumberger SLB 22.51 0.35 UnitedAirlines UAL U.S. 0.09 0.03 1.65 -0.07 LibertyFormOne C FWONK 43.18 0.81 9.48 0.16 Secured Overnight Financing Rate Dropbox DBX 23.11 0.22 s HDFC Bank HDB 80.08 2.08 ONEOK OKE 41.21 1.19 SchwabC SCHW 54.54 1.17 UnitedMicro UMC LibertyFormOne A FWONA 38.77 0.77 160.29 4.03 0.07 0.06 1.64 0.01 DukeEnergy DUK 93.10 -0.06 HP HPQ 24.89 0.41 OReillyAuto ORLY 444.97 8.43 ScottsMiracleGro SMG 228.50 1.16 UPS B UPS U.S. government rates LibertyBraves A BATRA 28.51 0.60 250.67 -2.61 DukeRealty DRE 41.38 0.69 HSBC HSBC 26.59 0.29 OakStreetHealth OSH 53.17 -1.55 s Sea SE 238.54 5.01 UnitedRentals URI LibertyBraves C BATRK 27.97 0.75 44.25 1.50 Value 52-Week Dun&Bradstreet DNB 24.75 0.20 Halliburton HAL 18.02 0.16 OccidentalPetrol OXY 20.73 0.34 Seagate STX 66.78 0.04 US Bancorp USB Discount LibertySirius A LSXMA 43.68 2.49 338.72 4.72 Latest Traded High Low DuPont DD 76.45 3.31 HartfordFinl HIG 49.27 0.93 Okta OKTA 276.33 9.96 Seagen SGEN 166.05 3.19 UnitedHealth UNH 0.25 0.25 2.25 0.25 LibertySirius C LSXMK 43.11 2.12 148.00 -4.93 Dynatrace DT 44.02 1.64 Hasbro HAS 95.49 1.13 OldDomFreight ODFL 204.57 5.47 SempraEnergy SRE 124.58 -0.36 UnitySoftware U EliLilly LLY 197.56 -5.58 238.05 0.57 DTCC GCF Repo Index ENI E 20.21 0.24 HealthcareAmer HTA 28.97 -0.03 OmegaHealthcare OHI 37.22 0.09 SensataTechs ST 54.11 -1.28 UnivDisplay OLED Federal funds LincolnNational LNC 47.44 1.16 128.02 0.34 Treasury 0.096 45.340 1.720 0.002 EOG Rscs EOG 51.26 -0.07 HealthpeakProp PEAK 30.34 -0.04 Omnicom OMC 62.68 -0.18 ServiceCorp SCI 51.10 0.39 UniversalHealthB UHS Linde LIN 252.25 1.82 Effective rate 0.0800 0.0900 1.6100 0.0600 0.106 49.850 1.703 0.011 s EPAM Systems EPAM 370.93 14.23 Heico HEI 124.93 5.71 ON Semi ON 36.85 0.14 s ServiceNow NOW 583.51 24.95 VEREIT VER 36.07 0.36 MBS LithiaMotors LAD 337.37 1.34 High 0.1200 0.1200 1.6500 0.1000 EastWestBncp EWBC 63.27 1.56 Heico A HEI.A 110.75 2.45 OneConnectFinTech OCFT 22.13 0.35 ShawComm B SJR 17.62 0.38 VF VFC 80.27 1.65 LiveNationEnt LYV 70.38 2.82 Low 0.0100 0.0400 1.5800 0.0100 EastmanChem EMN 102.00 2.00 HenrySchein HSIC 67.43 -0.03 OpenText OTEX 46.73 0.85 SherwinWilliams SHW 710.54 12.44 VICI Prop VICI 26.77 0.47 Notes on data: LloydsBanking LYG 1.83 0.03 0.0800 0.0800 1.6000 0.0100 Eaton ETN 120.44 -1.10 Hershey HSY 147.12 2.01 OpendoorTech OPEN 28.47 2.22 ShinhanFin SHG 28.82 0.29 VailResorts MTN 265.75 3.92 Bid U.S. prime rate is the base rate on corporate LockheedMartin LMT 332.70 8.67 0.1100 1.6300 0.0500 EatonVance EV 69.38 1.98 Hess HES 54.48 -0.02 Oracle ORCL 62.37 0.86 Shopify SHOP 1235.35 90.42 Vale VALE 16.38 -0.36 Offer 0.1100 loans posted by at least 70% of the 10 largest Loews L 46.17 0.29 eBay EBAY 57.33 -1.14 HewlettPackard HPE 12.35 -0.03 Orange ORAN 11.79 -0.01 Sibanye-Stillwater SBSW 15.59 -0.20 ValeroEnergy VLO 57.77 1.53 U.S. banks, and is effective March 16, 2020. s LogitechIntl LOGI 109.86 3.91 Ecolab ECL 210.28 1.85 HighwoodsProp HIW 38.28 -0.03 Orix IX 83.30 0.71 s SignatureBank SBNY 177.16 10.60 VarianMed VAR 176.02 -0.07 Treasury bill auction Other prime rates aren’t directly comparable; Lowe's LOW 166.66 3.29 lending practices vary widely by location; Ecopetrol EC 11.94 0.26 Hilton HLT 105.79 3.87 OtisWorldwide OTIS 64.64 0.09 SimonProperty SPG 92.46 -0.48 Vedanta VEDL 9.52 0.09 4 weeks 0.055 0.070 1.575 0.000 LufaxHolding LU 15.55 -1.48 Discount rate is effective March 16, 2020. EdisonInt EIX 59.17 1.16 s Hologic HOLX 82.14 -0.75 OwensCorning OC 81.72 1.08 SiriusXM SIRI 6.20 -0.06 VeevaSystems VEEV 290.98 8.07 13 weeks 0.065 0.080 1.550 0.000 LULU 343.92 10.45 Secured Overnight Financing Rate is as of EdwardsLife EW 83.97 2.05 HomeDepot HD 272.16 2.09 lululemon OzonHoldings OZON 52.70 1.88 s Skyworks SWKS 185.49 -0.30 Ventas VTR 47.28 -0.28 0.070 0.085 1.520 0.070 LUMN 11.49 -0.28 26 weeks February 1, 2021. DTCC GCF Repo Index is ElancoAnimal ELAN 29.54 -0.27 HondaMotor HMC 26.85 0.34 LumenTech PG&E PCG 11.73 0.24 SlackTech WORK 42.73 0.22 VeriSign VRSN 202.46 3.75 LuminarTech LAZR 32.63 -0.69 Depository Trust & Clearing Corp.'s weighted Elastic ESTC 162.05 10.50 Honeywell HON 200.12 4.56 PNC Fin PNC 150.40 4.54 Smartsheet SMAR 73.43 1.23 VeriskAnalytics VRSK 188.70 2.76 Lyft LYFT 47.50 1.99 Secondary market average for overnight trades in applicable ElectronicArts EA 148.97 3.10 HorizonTherap HZNP 84.49 7.45 POSCO PKX 59.16 2.50 SmithAO AOS 57.39 1.36 Verizon VZ 54.50 0.22 CUSIPs. Value traded is in billions of U.S. dollars. LyondellBasell LYB 88.84 2.09 EmersonElec EMR 83.78 2.96 HormelFoods HRL 48.75 1.83 PPD PPD 34.37 0.84 Smith&Nephew SNN 43.14 0.09 VertxPharm VRTX 217.33 -14.44 Fannie Mae Federal-funds rates are Tullett Prebon rates as 34.45 0.60 77.42 0.33 140.53 1.95 114.77 -0.56 50.30 -2.08 Enbridge ENB DR Horton DHI MN PPG Ind PPG Smucker SJM ViacomCBS A VIACA 30-year mortgage yields of 5:30 p.m. ET. EncompassHealth EHC 81.24 0.07 HostHotels HST 14.19 0.55 PPL PPL 27.84 -0.11 s Snap SNAP 58.87 2.02 ViacomCBS B VIAC 50.26 -2.07 1.990 1.975 3.017 1.751 Sources: Federal Reserve; Bureau of Labor EnelAmericas ENIA 7.67 0.02 HowmetAerospace HWM 26.11 1.06 M&T Bank MTB 136.08 3.13 PRA HealthSci PRAH 124.49 -0.44 SnapOn SNA 178.62 -6.60 Viatris VTRS 17.38 -0.07 30 days Statistics; DTCC; FactSet; EnergyTransfer ET 6.53 0.17 HuanengPower HNP 13.41 -0.50 MGMGrowthProp MGP 32.65 1.03 PTC PTC 138.01 1.01 Snowflake SNOW 300.71 18.71 s Vipshop VIPS 31.32 2.07 60 days 2.022 2.001 3.081 1.804 Tullett Prebon Information, Ltd.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DarioHealth DRIO 26.50 -4.0 GridDynamicsWt GDYNW 4.88 4.1 KingsoftCloud KC 61.83 7.7 1LifeHealthcare ONEM 55.44 0.1 ShoalsTech SHLS 41.76 3.1 TravereTherap TVTX 33.09 11.2 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American DataIO DAIO 5.65 2.9 GrowthCapAcqn GCACU 10.10 0.4 Kopin KOPN 7.08 30.0 OneStopSystems OSS 5.84 31.1 Shyft SHYF 33.00 6.0 TridentAcqnsWt TDACW 2.98 -3.2 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest DellTechC DELL 77.73 4.4 GuarantyBcshrs GNTY 34.96 0.7 LeisureAcqnWt LACQW 3.39 -8.1 Oppenheimer A OPY 37.67 -0.1 SignatureBank SBNY 178.31 6.4 Tronox TROX 17.66 2.4 session. % CHG-Daily percentage change from the previous trading session. Diageo DEO 166.37 3.1 HDFC Bank HDB 81.68 2.7 LeisureAcqnUn LACQU 21.37 3.0 OramedPharms ORMP 9.83 9.3 SilenceTherap SLN 26.00 ... TurningPoint TPB 54.90 -2.0 DieboldNixdorf DBD 15.15 -0.2 HMS Holdings HMSY 37.04 -0.1 LexiconPharm LXRX 9.65 9.9 Organogenesis ORGO 11.89 4.2 SiliconMotion SIMO 52.80 2.9 UpFintech TIGR 21.99 8.0 DXYN 4.00 -0.3 HPX.U 12.15 3.6 LQDT 22.13 -3.2 OrthoClinical OCDX 18.11 3.1 111.23 13.8 UPST 80.00 7.4 Tuesday, February 2, 2021 DixieGroup HPX Un LiquiditySvcs SilvergateCapital SI Upstart dMYTechA DMYD 21.89 -8.0 HPX A HPX 11.38 2.5 LogitechIntl LOGI 110.53 3.7 PMV Consumer PMVC.U 11.70 1.2 SkylineChamp SKY 40.00 12.8 Upwork UPWK 47.75 4.6 53.83 4.9 52-Wk % 52-Wk % 52-Wk % Donaldson DCI 61.49 1.5 HPX Wt HPX.WS 2.10 29.8 Luby's LUB 3.34 7.7 PagerDuty PD Skyworks SWKS 189.70 -0.2 Usio USIO 4.75 10.2 PANW 390.07 7.2 DreamFinders DFH 26.50 -5.0 Haemonetic HAE 139.69 13.0 LuxHlthTech LUXAU 12.25 2.8 PaloAltoNtwks Smith-Midland SMID 11.50 -0.4 VaalcoEnergy EGY 2.63 12.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg PENN 111.45 6.4 DynagasLNG PfdA DLNGpA 25.10 -0.9 HarvardBioSci HBIO 4.99 -1.2 Macom Tech MTSI 64.39 1.6 PennNational Snap SNAP 59.41 3.6 Vaxart VXRT 24.90 49.8 APPH 42.90 2.6 BCACU 10.50 ... PRFT 59.19 3.8 AppHarvest BrooklineCap EPAM Systems EPAM 371.63 4.0 HealthCorCat HCAQ 10.46 0.6 MDH Acqn MDH.U 10.28 1.8 Perficient SocialCapHedVI Wt IPOF.WS 5.40 -0.6 Veracyte VCYT 67.14 7.1 FUV 26.99 13.7 BTAQW 2.87 3.4 PCPC.WS 5.50 -33.0 Highs Arcimoto BurgundyTechWt EVI Industries EVI 41.20 -6.2 Heska HSKA 198.63 -0.1 MER Telemgmt MTSL 3.25 3.7 PeriphasCapWt SoftwareAcqnGrpII SAIIU 12.96 1.9 Vericel VCEL 46.00 1.6 AresAcqn AAC.U 10.52 4.0 CBRE Acqn A CBAH 10.87 -1.1 PoemaGlobal PPGHU 10.84 1.2 VRNT 52.59 31.8 AGBAR 0.50 2.3 EagleMaterials EXP 118.42 -0.4 HimaxTechs HIMX 11.40 -1.0 Magnite MGNI 41.99 3.2 SoftwareII A SAII 11.48 1.4 VerintSystems AGBAAcqnRt arGEN-X ARGX 339.53 2.3 CBAH.WS 2.45 7.0 BPOP 62.13 3.8 18.95 0.2 CBRE Acqn Wt Empower EMPW.U 10.82 0.9 Hims&HersHealth HIMS 24.96 -9.5 MaravaiLifeSci MRVI 37.26 -4.6 Popular SoftwareII Wt SAIIW 2.65 4.8 VinciPartnersInvt VINP AGCO AGCO 118.64 2.4 ANET 320.37 0.1 11.74 2.4 PV.U 11.58 2.2 AristaNetworks CCNeubergerII PRPB.U Endava DAVA 83.61 1.8 Hims&HersWt HIMS.WS 11.38 -5.9 MasonIndlTech MIT.U 10.35 0.2 PrimaveraCap SWN 4.25 0.8 Vipshop VIPS 31.44 7.1 ArkoWt ARKOW 2.10 23.3 ARLO 10.49 -11.3 PRI 144.45 -0.1 SouthwesternEner ArloTech C4 Therap CCCC 44.45 11.8 ENDP 9.60 3.4 HQI 13.40 2.7 MEC 15.76 9.2 Primerica SPEpB 27.06 0.2 VirtusInvtPtrs VRTS 247.01 5.6 AcaciaComms ACIA 114.81 ... ASLN 3.44 3.5 EndoIntl HireQuest MayvilleEngg PROF 28.00 -5.1 SpecialOppFdPfB AslanPharm CGI GIB 81.51 1.7 NVST 37.77 1.2 HOLUU 18.44 62.9 MBIN 32.88 1.4 ProfoundMed SRLP 22.50 0.9 VolitionRX VNRX 5.50 14.6 AcaciaResearch ACTG 6.65 7.4 ASPL 11.75 2.2 Envista HolicityUn MerchantsBancorp PRTA 14.98 30.5 SpragueRscs AspirCnsA CMLifeSciA CMLF 13.88 3.2 EVA 52.34 1.2 HOLUW 5.24 164.1 MWK 28.75 25.8 Prothena STAA 111.26 2.7 VyGlblGrowthA VYGG 11.74 1.7 AcadiaHealthcare ACHC 54.04 0.7 AVIR 88.94 10.9 EnvivaPartners HolicityWt MohawkGroup PUBM 53.62 -0.3 StaarSurgical AteaPharm CM Life CMLFU 15.39 5.3 XONE 36.97 7.5 HOL 16.89 57.5 MNR 18.20 1.4 PubMatic STN 39.02 6.7 WarnerMusic WMG 39.61 7.0 AciesAcqn ACACU 14.25 4.5 ATTO 20.37 6.6 ExOne HolicityA MonmouthRealEst PSTG 25.03 5.0 Stantec Atento CNB Fin PfdA CCNEP 26.58 ... EXPI 121.47 4.2 HOLX 85.00 -0.9 MORN 245.52 2.1 PureStorage SF 54.50 1.2 Waters WAT 299.06 8.4 AciesAcqnA ACAC 13.20 3.2 ATKR 54.91 16.4 eXpWorld Hologic Morningstar XM 54.10 4.6 StifelFinancial AtkoreIntl Camtek CAMT 26.37 4.3 EXPC 16.18 0.3 HMST 38.68 2.3 MORF 37.26 5.9 QualtricsIntl SSYS 48.41 2.1 WestlakeChemPtrs WLKP 24.64 -0.1 AciesAcqnWt ACACW 5.30 7.3 ACIC.U 11.56 1.4 ExperienceInvtA HomeStreet Morphic RCMT 3.25 15.8 Stratasys AtlasCrestInvt CGC 42.84 4.1 FBK 38.10 1.5 HDSN 2.08 11.8 MOTV 10.49 1.2 RCM Tech Workday WDAY 259.10 8.9 GOLF 43.87 3.1 60.96 3.0 CanopyGrowth FB Financial HudsonTech MotiveCapA Strattec STRT 67.28 -11.1 Acushnet AtriCure ATRC SAVA 74.50 141.1 RMGAcqnII Wt RMGBW 4.05 7.0 YALA 31.00 2.1 ATGE 40.97 3.3 CassavaSciences FS Devt FSDC 13.75 1.2 HuttigBuilding HBP 3.91 4.4 MotiveCapWt MOTV.WS 3.24 14.2 STRM 2.32 2.5 Yalla AdtalemGlbEduc AviatNetworks AVNW 44.34 4.1 RMGAcqnII RMGBU 12.20 2.8 StreamlineHlth YAC.U 11.51 3.3 83.61 1.7 Catalent CTLT 124.48 0.2 Fabrinet FN 90.00 3.7 Hydrofarm HYFM 92.91 5.7 MotiveCapital MOTV.U 11.86 1.9 SUN 32.59 0.3 YucaipaAcqn Agora API AvidBioservices CDMO 18.15 5.8 R1RCM RCM 27.51 4.0 Sunoco YAC 11.07 3.2 15.00 30.0 Charles&Colvard CTHR 2.15 17.3 AGMpE 27.55 2.0 HYRE 12.05 8.8 MCACU 14.40 3.2 STKL 15.81 1.3 YucaipaAcqnA Agrify AGFY BenessereCapRt BENER 0.61 11.1 FedAgricMtgPfdE HyreCar MountainCrest RPC RES 5.42 2.2 SunOpta ZGYHW 0.99 8.0 Chipotle CMG 1553.55 0.9 GSM 4.49 20.7 IAC 233.49 5.8 MUDSU 10.89 0.5 SGRY 42.87 -5.4 YunhongIntlWt AkoustisTechs AKTS 19.15 11.7 BenessereCap BENEU 11.11 0.9 Ferroglobe IAC/InterActive MudrickCapII Radware RDWR 29.63 1.9 SurgeryPartners ZIM 14.45 3.6 ChurchillCapIVWt CCIV.WS 14.50 55.7 FINV 4.09 1.3 IBN 17.46 2.0 NRG 43.54 1.2 SNV 39.56 3.5 ZimIntShipping Alpha&OmegaSem AOSL 33.19 6.4 Big5SportingGds BGFV 14.64 -0.9 FinVolution ICICI Bank NRG Energy RaymondJames RJF 105.29 2.4 SynovusFin ZWRKU 10.68 -0.5 ChurchillCapIV CCIV 35.18 27.5 FBIOP 21.68 1.1 IDXX 522.90 2.9 NXPI 183.00 3.3 TLGA.U 10.34 0.2 Z-WorkAcqn AlphaHlthcrA AHAC 10.43 -1.1 Bio-Techne TECH 399.83 10.8 FortressBioPfdA IdexxLab NXP Semi ReinventTechZ RTPZ.U 13.80 2.5 TLGAcqnOne ZEN 154.35 3.7 CCIV.U 37.79 25.1 FREQ 47.47 6.2 IDT 15.41 3.7 NK 21.00 3.5 TSRI 9.43 8.5 Zendesk AlphaHlthcrAcqnUn AHACU 11.84 9.1 BioCryst BCRX 12.90 -11.1 ChurchillCapIV FrequencyTherap IDT NantKwest ReinventTechZ A RTPZ 13.04 2.1 TSR CLIM.U 12.25 0.4 FVCB 17.50 2.1 INAQW 5.25 10.2 NESR 12.03 1.5 Alphabet A GOOGL 1949.37 1.4 BiotechAcqn BIOTU 10.46 0.5 ClimateRealI FVCBankcorp INSU Acqn II Wt NatlEnerSvs ResoluteForest RFP 8.84 1.2 TakungArt TKAT 2.71 23.0 CLDR 17.54 4.4 Alphabet C GOOG 1955.76 1.4 Blackstone BX 71.40 2.4 Cloudera G1Therapeutics GTHX 29.37 1.8 IthaxAcqn ITHXU 10.45 0.7 NatlEnerSvsWt NESRW 1.95 3.3 Resonant RESN 7.01 13.3 Talend TLND 49.50 10.8 Lows CODA 8.23 17.0 Alphatec ATEC 15.87 3.3 BlueRiverAcqn BLUA.U 10.69 0.5 CodaOctopus GTY Tech GTYH 8.01 -3.5 Immunome IMNM 20.26 17.6 NatrlOrderAcqn NOAC 11.80 1.1 RibbonComms RBBN 8.24 1.8 TataMotors TTM 22.28 13.6 AvidityBio RNA 21.88 -0.1 CDXS 27.80 15.2 AltitudeAcqn ALTUU 11.12 1.2 BoqiiHolding BQ 11.67 -2.6 Codexis Genasys GNSS 8.16 5.6 InMode INMD 64.00 5.4 NatureSunshine NATR 17.78 2.5 RigNet RNET 8.64 -0.5 TechTarget TTGT 82.54 1.2 CognyteSoftware CGNT 23.75 -26.3 Ameresco AMRC 64.60 6.7 BostonOmaha BOMN 34.80 17.2 ColliersIntl CIGI 94.85 2.3 GenieEnergyPfd GNEpA 9.20 0.2 InnovativeIndProp IIPR 207.58 5.0 NaviosMaritime NMCI 6.05 -2.7 RiminiStreet RMNI 8.27 2.3 TenetHealthcare THC 51.97 -2.3 Cuentas CUEN 3.00 -46.4 AmericasTechA ATA 10.19 0.4 BridgelineDigital BLIN 4.40 8.4 ColumbusMcKinn CMCO 46.77 2.4 Glaukos GKOS 92.94 2.9 JawsMustang JWSM.U 10.80 6.2 Net1UEPS UEPS 5.60 9.0 SCEVPfd SCEpK 25.80 0.9 TetraTech TTI 2.15 30.4 GlobusMaritime GLBS 4.90 -2.8 AmericasTechWt ATA.WS 1.15 7.7 BridgewaterBcshs BWB 14.00 2.1 ContainerStore TCS 15.76 -4.5 GlobalPtnrs GLP 21.30 0.8 JawsSpitfireA SPFR 12.00 0.9 NobleRockAcqn NRACU 10.30 2.5 SCETrVI5%PfdLSCEpL 24.84 0.8 TexasInstruments TXN 175.70 1.3 NLS Pharm NLSP 2.35 7.6 AnavexLifeSci AVXL 8.00 15.3 Broadcom AVGO 476.97 2.2 ConversionLabs CVLB 27.97 -7.8 GoPro GPRO 11.19 -0.4 JumiaTech JMIA 67.67 -2.2 OFSCap6.5%Nts25 OFSSZ 25.57 2.0 SLM SLM 14.97 8.3 TheBancorp TBBK 18.77 9.4 NebulaCaravelA NEBC 10.58 -3.8 AndinaAcqnIIIRt ANDAR 0.88 11.5 BroadcomPfdA AVGOP 1527.28 1.1 CoreLogic CLGX 81.35 5.1 GrahamHoldings GHC 596.56 1.5 JuniperIndustrial JIH.U 14.70 2.0 OaktreeSpec OCSL 5.91 3.0 Sea SE 241.78 2.1 ThimblePoint THMAU 10.43 3.5 PeriphasCapWt PCPC.WS 3.20 -33.0 AnnovisBio ANVS 17.51 62.0 BroadstoneAcqnA BSN 10.69 1.6 Coresite COR 141.50 -1.7 GreenPlains GPRE 22.21 4.6 KKR KKR 42.51 4.6 Ocugen OCGN 3.73 80.1 SeaportGlb SGAMU 11.22 -1.4 Tilray TLRY 24.08 23.0 SeniorConnectI Wt SNRHW 1.30 2.0 Aphria APHA 14.96 17.9 BroadstoneAcqn BSN.U 11.36 1.6 CorMedix CRMD 12.78 31.7 Greenbrier GBX 38.50 0.7 KKR Pfd C KKRpC 61.97 4.0 OdysseyMarine OMEX 8.58 2.5 SeniorConnectI A SNRH 10.28 -0.5 TowerSemi TSEM 31.05 0.3 SeniorConnectI A SNRH 10.09 -0.5 AppHarvestWt APPHW 15.50 20.1 BrookfldInfrPfdA14 BIPpB 25.18 0.6 DaqoNewEnergy DQ 118.90 12.0 GridDynamics GDYN 14.34 4.9 KVH Inds KVHI 14.37 4.6 Omnicell OMCL 137.99 3.3 ServiceNow NOW 588.82 4.5 Transcat TRNS 37.81 0.8 UcommuneIntl UK 3.05 -3.6

Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Mutual Funds 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 53.46 +0.99 3.3 GroCo 34.87 +0.74 6.1 IntlEq NA ... NA PIMCO Funds I2 ExplrAdml 126.52 +2.22 5.7 WndsrAdml 72.88 +1.12 2.1 IdxIntl 19.93 +0.19 2.7 Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Fidelity GrowCoK 34.96 +0.74 6.1 Invesco Funds Y Income NA ... NA ExtndAdml 133.55 +2.34 7.1 VANGUARD FDS MdCpGrAdml 94.28 +1.94 3.3 132.74 +1.82 2.0 11.84 -0.01 -0.5 55.99 +0.93 4.7 10.74 ... 0.1 32.56 +0.48 -2.0 64.11 +0.56 5.0 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e 500IdxInstPrem InvGrBd DevMktY PIMCO Funds Instl GNMAAdml DivdGro SmValAdml 50.30 +0.41 3.4 NA ... NA and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Contrafund K6 19.28 +0.30 2.1 LowP r JPMorgan I Class IncomeFd GrwthAdml 134.48 +2.18 3.1 INSTTRF2020 26.53 +0.14 1.1 TotBd2 11.34 -0.02 -0.9 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r ExtMktIdxInstPre 89.33 +1.56 7.0 Magin 13.12 +0.21 0.5 CoreBond 12.18 -0.02 NA Price Funds HlthCareAdml r 92.88 +0.13 2.1 INSTTRF2025 27.82 +0.19 1.3 TotIntlInstIdx r133.34 +1.29 2.7 apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not FidSerToMarket 13.28 +0.19 2.9 NASDAQ r 170.85 +2.63 5.6 EqInc 19.73 +0.25 NA BlChip 170.50 +2.80 3.0 HYCorAdml r 5.97 +0.01 0.2 INSTTRF2030 28.58 +0.22 1.6 TotItlInstPlId r133.37 +1.29 2.7 available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlIdxInstPrem 45.96 +0.37 0.8 OTC 18.38 +0.33 4.9 JPMorgan R Class DivGro 59.99 +0.83 ... InfProAd 28.43 +0.02 0.4 INSTTRF2035 29.27 +0.26 1.9 TotSt 97.42 +1.41 2.9 data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. MidCpInxInstPrem 27.81 +0.41 3.0 Puritn 26.62 +0.31 2.3 CoreBond 12.20 -0.01 NA EqInc 31.79 +0.46 1.8 IntlGrAdml 173.46 +1.49 8.2 INSTTRF2040 29.98 +0.29 2.1 VANGUARD INSTL FDS SAIUSLgCpIndxFd 20.02 +0.28 2.0 SrsEmrgMkt 26.91 +0.36 7.8 Lord Abbett A Growth 101.09 +1.39 4.3 ITBondAdml 12.47 -0.02 -0.8 INSTTRF2045 30.61 +0.33 2.4 BalInst 44.96 +0.36 1.4 SeriesBondFd 10.68 -0.01 -0.8 SrsGlobal 14.75 +0.14 2.9 ShtDurIncmA p 4.22 ... 0.5 HelSci 103.40 +1.40 4.6 ITIGradeAdml 10.39 -0.01 -0.6 INSTTRF2050 30.70 +0.34 2.4 DevMktsIndInst 15.43 +0.14 1.2 Tuesday, February 2, 2021 SeriesOverseas 12.43 +0.18 0.2 SrsGroCoRetail 24.17 +0.51 6.1 Lord Abbett F LgCapGow I 64.35 +0.99 5.1 LTGradeAdml 11.38 -0.05 -3.2 INSTTRF2055 30.78 +0.34 2.4 DevMktsInxInst 24.11 +0.21 1.2 Net YTD Net YTD Net YTD 27.22 +0.32 9.0 18.02 +0.17 1.3 ShtDurIncm 4.21 ... 0.2 MidCap 116.07 +1.66 2.6 263.57 +4.03 2.8 40.67 +0.55 1.0 133.54 +2.33 7.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem SrsIntlGrw MidCpAdml IntlVal ExtndInst TMktIdxInstPrem110.81 +1.60 2.9 SrsIntlVal 10.09 +0.08 ... Metropolitan West NHoriz 84.24 +2.02 2.4 MuHYAdml 12.08 +0.01 1.3 LifeCon 22.82 +0.10 0.7 GrwthInst 134.48 +2.18 3.1 25.62 +0.35 5.6 American Century Inv Baird Funds EmMktCorEq USBdIdxInstPrem 12.32 -0.02 -0.9 TotalBond 11.24 -0.01 -0.7 TotRetBdI 11.11 -0.01 -0.5 R2020 23.13 +0.18 1.7 MuIntAdml 14.92 +0.01 0.6 LifeGro 41.09 +0.40 2.1 InPrSeIn 11.58 +0.01 0.3 77.81 +1.39 2.5 11.67 -0.02 -0.7 14.77 +0.12 1.4 Ultra AggBdInst IntlCoreEq Fidelity Advisor I Fidelity SAI TRBdPlan 10.42 -0.01 -0.5 R2025 19.74 +0.17 1.9 MuLTAdml 12.29 ... 0.7 LifeMod 32.08 +0.22 1.4 InstIdx 338.02 +4.64 2.0 12.05 -0.01 -0.6 American Funds Cl A CorBdInst IntSmCo 20.63 +0.18 1.7 NwInsghtI 38.70 +0.60 2.7 TotalBd 10.69 -0.01 -0.4 MFS Funds Class I R2030 29.08 +0.29 2.2 MuLtdAdml 11.28 ... 0.3 PrmcpCor 30.41 +0.37 4.9 InstPlus 338.04 +4.64 2.0 40.16 +0.61 2.7 AmcpA p BlackRock Funds IntSmVa 19.32 +0.19 1.0 Fidelity Freedom Fidelity Selects Growth I 165.13 +2.78 2.1 R2035 21.78 +0.25 2.5 MuShtAdml 15.96 ... 0.1 STAR 31.74 +0.27 2.1 InstTStPlus 76.08 +1.09 2.9 45.07 +0.47 1.0 7.78 ... 0.2 45.34 +0.65 0.5 AMutlA p HiYBlk LgCo 28.70 +0.39 2.0 FF2020 17.46 +0.12 1.7 Softwr r 27.73 +0.52 2.2 ValueI R2040 31.29 +0.38 2.8 PrmcpAdml r161.47 +1.78 5.0 TgtRe2015 15.83 +0.05 0.6 MidCpInst 58.23 +0.90 2.8 BalA p 30.52 +0.24 1.1 HiYldBd Inst 7.77 ... 0.2 TAUSCoreEq2 23.67 +0.31 3.0 FF2025 15.75 +0.12 1.9 Tech r 28.23 +0.48 5.1 MFS Funds Instl PRIMECAP Odyssey Fds RealEstatAdml123.90 +0.69 2.9 TgtRe2020 34.66 +0.19 1.1 MidCpIstPl 287.16 +4.40 2.8 30.71 +0.37 0.2 BondA p 13.69 -0.01 -0.6 BlackRock Funds A US CoreEq1 30.53 +0.41 2.9 FF2030 19.71 +0.17 2.2 First Eagle Funds IntlEq AggGrowth r 58.62 +0.63 9.2 SmCapAdml 98.60 +1.31 5.8 TgtRe2025 21.83 +0.15 1.3 SmCapInst 98.60 +1.31 5.8 CapIBA p 63.54 +0.47 0.8 GlblAlloc p 21.85 +0.18 1.5 US CoreEq2 27.89 +0.36 3.4 FF2035 17.04 +0.19 2.8 GlbA 61.26 +0.32 ... Northern Funds Schwab Funds SmGthAdml100.29 +1.85 6.7 TgtRe2030 41.20 +0.32 1.6 STIGradeInst 11.02 ... 0.1 42.82 +0.59 2.0 CapWGrA 60.99 +0.65 2.7 BlackRock Funds Inst US Small 41.35 +0.47 7.6 FF2040 12.13 +0.15 3.2 Franklin A1 StkIdx 1000 Inv r NA ... NA STBondAdml 10.85 -0.01 -0.1 TgtRe2035 25.70 +0.23 1.9 STIPSIxins 25.78 +0.02 0.6 EupacA p 71.00 +0.98 2.4 StratIncOpptyIns 10.37 ... 0.2 US SmCpVal 37.71 +0.40 9.5 Freedom2020 K 17.44 +0.11 1.8 CA TF A1 p 7.84 ... 0.5 Old Westbury Fds S&P Sel NA ... NA STIGradeAdml 11.02 ... 0.1 TgtRe2040 45.23 +0.45 2.2 TotBdInst 11.50 -0.02 -0.9 17.69 +0.28 3.2 FdInvA p 70.63 +1.06 2.1 Bridge Builder Trust US TgdVal 25.55 +0.27 8.3 Freedom2025 K 15.73 +0.12 2.0 IncomeA1 p 2.30 +0.02 0.8 LrgCpStr TSM Sel r NA ... NA TotBdAdml 11.50 -0.02 -0.9 TgtRe2045 28.88 +0.32 2.4 TotBdInst2 11.34 -0.02 -0.9 GwthA p 70.31 +1.28 4.1 CoreBond 10.70 -0.01 -0.6 USLgVa 38.54 +0.53 2.7 Freedom2030 K 19.69 +0.17 2.2 FrankTemp/Frank Adv Parnassus Fds TIAA/CREF Funds TotIntBdIdxAdm 23.23 -0.04 -0.6 TgtRe2050 46.56 +0.51 2.4 TotBdInstPl 11.50 -0.02 -0.9 54.57 +0.78 1.7 HI TrA p 10.25 +0.02 1.5 CorePlusBond 10.52 -0.02 -0.6 Dodge & Cox Freedom2035 K 17.01 +0.18 2.8 IncomeAdv 2.28 +0.02 0.9 ParnEqFd EqIdxInst 28.55 +0.41 2.7 TotIntlAdmIdx r 33.34 +0.32 2.7 TgtRet2055 50.55 +0.56 2.5 TotIntBdIdxInst 34.86 -0.06 -0.6 ICAA p 45.23 +0.53 1.8 Intl Eq 13.75 +0.12 2.9 Balanced 103.28 +0.93 1.5 Freedom2040 K 12.12 +0.15 3.1 FrankTemp/Franklin A PGIM Funds Cl Z VANGUARD ADMIRAL 97.45 +1.40 2.9 15.01 +0.04 0.5 TotStInst 97.47 +1.41 2.9 NA ... NA TotStAdml TgtRetInc IncoA p 23.89 +0.19 1.4 LargeCapGrowth 21.05 +0.38 2.3 Income 14.59 ... -0.4 Fidelity Invest Growth A p 138.69 +2.64 2.4 TotalReturnBond 500Adml 353.51 +4.85 2.0 TxMCapAdml202.12 +2.98 2.3 TotIntBdIxInv 11.62 -0.02 -0.6 ValueInst 46.96 +0.58 1.2 PIMCO Fds Instl N PerA p 62.83 +1.08 3.9 LargeCapValue 14.79 +0.25 0.5 Intl Stk 44.39 +0.36 1.6 Balanc 28.79 +0.32 1.8 RisDv A p 80.12 +0.88 -0.1 BalAdml 44.95 +0.35 1.4 TxMIn r 15.41 +0.14 1.2 USGro 68.89 +1.50 5.0 WCM Focus Funds AllAsset NA ... NA NEcoA p 61.57 +1.07 3.5 Columbia Class I Stock 197.09 +2.86 2.4 BluCh 172.85 +3.44 6.0 Guggenheim Funds Tru CAITAdml 12.39 ... 0.4 USGroAdml 178.43 +3.88 5.0 WellsI 28.13 +0.09 -0.7 WCMFocIntlGrwIns 25.73 +0.36 4.0 InvGrdCrBd NA ... NA NwWrldA 91.74 +1.38 4.3 DivIncom I 26.08 +0.28 1.0 DoubleLine Funds Contra 17.16 +0.26 2.3 TotRtnBdFdClInst 29.42 -0.01 -0.7 CapOpAdml r188.34 +1.91 6.1 ValAdml 46.96 +0.58 1.2 Welltn 44.59 +0.31 0.5 Western Asset TotRt 10.53 -0.01 -0.5 SmCpA p 83.48 +1.63 4.9 Dimensional Fds CoreFxdIncmI 11.29 -0.01 -0.1 ContraK 17.20 +0.26 2.3 Harbor Funds DivAppIdxAdm 38.11 +0.50 -0.6 WdsrllAdml 70.44 +0.93 2.5 WndsrII 39.70 +0.52 2.5 CoreBondI NA ... NA PIMCO Funds A TxExA p 13.71 ... 0.9 5GlbFxdInc 10.90 ... 0.1 TotRetBdI 10.71 -0.01 0.3 CpInc r 10.87 +0.07 1.7 CapApInst 108.42 +2.72 4.0 EMAdmr 44.65 +0.55 7.1 WellsIAdml 68.15 +0.22 -0.7 VANGUARD INDEX FDS CorePlusBdI NA ... NA IncomeFd NA ... NA WshA p 50.97 +0.69 1.6 EmgMktVa 29.63 +0.41 3.4 Edgewood Growth Instituti DivIntl 48.29 +0.54 1.3 Harding Loevner EqIncAdml 79.92 +0.84 0.7 WelltnAdml 77.01 +0.55 0.5 ExtndIstPl 329.56 +5.76 7.1 CorePlusBdIS NA ... NA B12 | Wednesday, February 3, 2021 ** THE WALL STREET JOURNAL. BANKING & FINANCE Activists Reddit Novices Targeted Stirred Up BY SHANE SHIFFLETT coming here to screw us,” a a range of investing ideas to by far, according to data from post last Wednesday read. one with a near-singular focus TopStonks.com. The popular Longtime members of the Longtime members say the on one company. Some of the topics on the board almost ex- Frenzy Reddit forum that was the site, while always boisterous, most popular discussions in clusively revolved around launchpad for the GameStop now has more of a mob men- January 2020 centered on GameStop and a handful of frenzy are lashing out at the tality. At least 180 posts sub- Donald Trump, John Deere other picks that were heavily ContinuedfrompageB1 group’s millions of new users, mitted in January discussed and Virgin Galactic, according shorted by hedge funds. believed in him and began buy- asking whether they can be new users or threads along to the Journal’s analysis. In Some of the posts are ing shares in waves. That nearly trusted and accusing them of with variations of the word July, companies announcing seemingly submitted by bots sunk hedge funds that had been working for hedge funds. “ban” and other terms describ- Covid-19 vaccine trial results because they are posted in betting against GameStop in WallStreetBets has been hit ing account restrictions, up and electric-car makers were rapid succession containing dangerously concentrated by bots that question some of from 14 in December, according the same text. One such post, amounts. The result: Shares the members’ investing initia- to the Journal’s analysis. “cant the hedge funds just soared from some $18 to $325— tives and pitch commission- On Thursday, when silver be- Longtime users say drive the price down further an increase of more than MARK ABRAMSON FOR THE WALL STREET JOURNAL free brokerage accounts, ac- came a trending term on the fo- like today and then cover their 1,700%—in three weeks. They Chewy founder Ryan Cohen cording to a Wall Street rum and some members WallStreetBets now short position at a lower cost? touched $483 in intraday trad- Journal analysis of the posts. claimed it would be the next has more bots and a and then no short squeeze?” ing last week. seemed locked in his office. Mr. Messages that promote stocks GameStop, others called the ef- appeared dozens of times. The But the path for Mr. Cohen’s Wolf is raising five kids and that don’t have large short po- fort a misinformation campaign mob mentality. Journal identified at least 65 success was laid by Messrs. some chickens outside Pitts- sitions—where traders sell pushed by hedge funds and pro- submissions posted since Broderick and Wolf, who were burgh. borrowed securities betting moted by the media. On Mon- Wednesday that contain the making an argument for value in Mr. Broderick said he ques- the price will be lower when day, futures prices of silver hit same text, including five ad- GameStop long before it was tioned whether the effort was they buy it back—are blasted their highest level in eight among the most popular top- vertising a commission-free cool. “We believe the fair value worth it at times but that Mr. by members as being con- years. ics. By the end of last month, brokerage startup. of the Company is at least $19 Wolf’s excitement never waned. trolled by moneyed interests Prices of GameStop and sil- discussions on GameStop and “The entire financial indus- per share,” they wrote last year “I call him the Monitor, as in to sap momentum from the ver both tumbled on Tuesday, a handful of other stocks dom- try is now wide awake at the when the stock was around $4. the lizard,” Mr. Broderick said. GameStop bet. and dozens of posts submitted inated the most-popular posts. power reddit has to move the They are far from Wall “He pursued this thing with in- Longtime followers have re- in the past 24 hours blamed Mentions of GameStop’s markets and as a consequence Street giants. credible focus and with this in- acted to the deluge of new bots for spreading a concerted ticker symbol overran the fo- heavy investment is coming in Mr. Wolf, 47 years old, tense energy every day.” content by asking moderators message to sell. rum, jumping from 43,600 learning and manipulating it started Hestia Capital in 2009 Messrs. Wolf and Broderick to ban new users or take addi- The success of WallStreet- mentions in December to at to the advantage of anyone after working at hedge funds argued that board members tional steps to limit where Bets has also changed the fo- least 193,000 last month, the with enough spending power,” and co-founding a health-care had squandered the sharehold- they appear. “New users are rum from a place that covered most of any ticker mentioned one Redditor wrote Sunday. startup. He first bought ers’ money and urged them GameStop in 2012. His firm is again to buy back stock. They so small it doesn’t have to file said the board was wasting the the quarterly disclosures re- asset of an enviable set of loyal quired of those that manage customers that a booming over $100 million in outside game industry needs to con- money. At its peak, Hestia had nect with. spent just under $7 million to In June, shareholders buy about 2.1% of GameStop, elected Mr. Wolf and the other according to filings. nominee to the board. Mr. Broderick, 51, manages Mr. Cohen announced his in- Permit Capital, based in West vestment a few weeks later. Conshohocken, Pa., outside Phil- GameStop’s fiscal quarter adelphia. It is part of a broader ended Saturday. Its board rules financial group started by for- say directors cannot sell during mer Morgan Stanley executive a blackout period that starts Richard Worley and onetime seven days before the end of FAO Schwarz chairman Peter the quarter—in other words, Morse. The fund is named after starting the week when a particularly hard-to-catch fish. GameStop shares soared 400%. Permit Capital managed The blackout period lasts until about $287 million as of De- the day after the company dis- cember. Mr. Broderick first closes the results, typically the bought GameStop stock in 2011. middle of March. At its peak, Permit had spent Shortly after Mr. Cohen about $35 million on a 5.5% joined the board, Mr. Wolf’s stake, making it one of the big- Hestia sold several chunks of gest holders, according to fil- stock at prices around $20 and ings. $30 a share, for a total of about By any normal standards of $17 million, according to fil- corporate activity, GameStop ings. That was already a signif- has already been through a icant return on the original in- hectic few years. The company vestment, and left Hestia with has changed strategies and 431,000 shares. CEOs, run a failed process to By the end of that week, sell itself, and had multiple in- board members were barred vestors suggesting ways it from selling more, just as the

ALESSIA PIERDOMENICO/BLOOMBERG NEWS could do better. trading entered a new strato- At this point, purchasing shares of the videogame retailer wouldn’t be an investment—it would be a big gamble. At the start of 2019, Mr. sphere. Wolf sent a public letter to the Last week, Mr. Wolf watched board urging a massive repur- his position rise to a value of chase of shares. When the com- $210 million and fall back to Think Twice Before Buying GameStop pany only partly agreed, he $80 million. At the close of publicly called for board Tuesday, it was around $40 BY BOURREE LAM The genesis of the bet, at I saw some screenshots of The option is essentially a changes. million. AND CAITLIN OSTROFF least to hear members of Red- big wins last week. Couldn’t leveraged bet on the direction After seeing the letter, Mr. Mr. Broderick declined to dit group WallStreetBets tell momentum keep the price of of the share price. That means Broderick reached out to Mr. say how much Permit has sold It is tempting to want to it, was that GameStop stock these stocks soaring no mat- gains can be far greater than Wolf and they formed a team. but that he significantly scaled getinontheGameStop rally. was massively shorted, mean- ter what the business does? any rise in the underlying A few days later, GameStop back his investment as the The stock rose over 1,600% ing a huge number of profes- It can. The problem is that shares. agreed to add two new direc- price became untethered from in January. People are claim- sional investors were betting no one really knows when tors. fundamentals. ing to have become overnight it would fall in value. sentiment will turn. When it What is the risk then? The peace didn’t hold. On As of the end of the year, millionaires. For some, there is The idea was that if enough does, those holding the shares It’s huge. You can lose ev- March 12, 2020, Messrs. Wolf Permit had already sold about 2 the bonus incentive that all people bought deep, out-of- will have to be incredibly erything with options. and Broderick demanded two million shares, according to fil- the craziness seems to be part the-money call options and nimble because everyone Let’s say you buy an option more seats, including one for ings. That would have brought of a movement to stick it to the stock started to rise, this might head for the exit at the to purchase a stock for $50 Mr. Wolf. in an estimated $21.5 million, Wall Street. So a sense of would trigger a huge so-called same time. Timing markets is anytime in the next three This time, the company based on closing prices. The FOMO, or fear of missing out, short squeeze. That is when one of the most perilous months, and the stock is now stood fast, arguing it had a firm still held 1.23 million is understandable. investors wagering a stock will things out there. trading at $20. If the stock strategy in place and had shares, which, if sold at last Still, there are plenty of fall in value suddenly have to never goes above $50, the op- changed its board enough. month’s average closing price, reasons to fight the urge to buy it, pushing the share price What if I use dollar-cost av- tion is worthless. You have To win a board fight, an in- would have been another $100 jump in. And there is plenty to even higher. eraging? lost your entire investment. vestor needs to canvass share- million in proceeds. know if you just can’t resist. From there, momentum That isn’t going to help Platforms such as Robin- holders and lobby them for While he still believes in kicked in. That is the main when the stock’s price is al- hood have made it cheap and votes. This one, they had to do GameStop’s future, and thinks Why shouldn’t I invest in driver of the stock at the mo- ready so high and changes easy for average people to buy amid a pandemic. Messrs. Wolf Messrs. Wolf and Cohen can GameStop now? ment, and is behind the crazy dramatically minute to minute. options and essentially specu- and Broderick weren’t deterred. turn it into an internet retailer, First, be clear about what volatility in the share price. late on a rise in shares of To pay for the fight, Mr. Mr. Broderick doesn’t believe GameStop is and isn’t at this That is because momentum is If everyone sells when GameStop and other compa- Broderick said, he and Mr. Wolf the stock is worth $300 a point. It isn’t an investment. It a double-edged sword: It GameStop hits $1,000, nies. These views and posi- racked up their personal credit share. But he also no longer be- isn’t a trade. It is a gamble, juices gains, but can also am- doesn’t that mean they all tions are then posted to online cards and Permit borrowed to lieves the $19 he and Mr. Wolf pure and simple. That means plify losses. win? chat rooms where others then buy more stock on margin. Mr. pitched last year is high you should be prepared to lose Another take on momentum Stock prices change as in- do the same. But if there is no Broderick had a new baby but enough. every penny you put down. If stocks is that those buying vestors sell their shares. In- longer that momentum to you can’t afford, or stomach, vestors on WallStreetBets say keep it going, some people will that sort of loss, don’t play. they are planning to sell when take profits and sell their posi- Momentum is a GameStop hits $500 or $1,000, tions. This can trigger more Ex-Providence Equity Unit What if I just want to buy but the price will fall quickly if selling—and leave options one share? double-edged all investors do that at the worthless. Raises a $1.5 Billion Fund There is nothing too dan- sword: It juices gains same time. gerous in theory about that or The problem with this Can I buy GameStop stock? BY PREETI SINGH the fund in January 2020 and buying a fraction of a share. and amplifies losses. thinking is twofold. First, to Robinhood currently allows slowed its fundraising efforts Plenty of people have what sell, someone has to buy. So a limited buys of five stocks in- Providence Strategic briefly when the pandemic hit, they call a funny-money ac- person who gets in at the top cluding GameStop, AMC En- Growth Capital Partners LLC, a person familiar with the count they use for wild bets. will be left in the cold. And if tertainment Holdings and formerly the growth-equity matter said. Still, the fund at- And while one share, or a them are engaging in the people are reluctant to buy others. arm of media- and communi- tracted new investors, almost fraction of one, might not “greater fool” theory. This because sentiment shifted, E*Trade, WeBull and Inter- cations-focused firm Provi- entirely through virtual due seem like a lot, ask yourself means you are buying because that can add to the downward active Brokers are no longer dence Equity Partners LLC, is diligence, and attracted more these questions: Are you the you hope a greater fool will pressure on the stock, caus- restricting purchases of wrapping up its first European investor interest than it could type of person who can go to come along and take the ing it to lurch downward vio- GameStop and other previ- fund. accommodate, the person said. Vegas for a weekend, set your- shares off your hands. lently. ously restricted stocks. Providence Strategic PSG was formed in 2014 as self a $500 gambling limit and Charles Schwab & Co. and Growth Europe LP collected Providence Equity’s growth- stick to it? Or are you the type How is GameStop’s actual I heard a lot of people are TD Ameritrade Holding Corp. €1.25 billion, equivalent to capital unit to invest in lower of person who will go to the business doing? betting on GameStop with haven’t restricted trading but about $1.52 billion, both from midmarket software and tech- ATM for more because you Not well. GameStop started options. Should I buy those increased margin require- new and existing investors, ac- enabled services companies in think your luck is about to the year at $18.84 a share. The instead of shares? ments for GameStop and AMC cording to a press release. North America and Europe, turn? company is in its second year True, much of the specula- last week. Investors that disclosed and became independent from If you are the latter, that of double-digit revenue de- tion on GameStop, especially commitments to the European its former parent during the one share could suddenly clines, with its 5,000 bricks- among individual investors, is When is this going to end? fund include the Washington fundraising process. morph into a lot more, leaving and-mortar stores struggling being done through options It is uncertain how or when State Investment Board, State A regulatory filing indicates you with far greater risk than as videogames go digital and trading. this rally will end. Markets are of Wisconsin Investment that the firm redeemed Provi- you initially intended. the pandemic continues. An option is a cheap way to often divorced from funda- Board, and Pennsylvania State dence’s ownership stake and GameStop’s holiday sales for bet on a company. It gives you mentals, and much of invest- Employees’ Retirement Sys- became independent and unaf- Why is GameStop any differ- 2020 were down 3.1% year the right to buy shares at ing is trying to figure out tem, according to a Wall filiated in October. The two ent from other stocks? over year. some price much higher than when the sentiment of buyers Street Journal database. firms continue to share re- GameStop’s meteoric rise That is why there were so the current price at a fixed and sellers will shift. The un- The target for the fund was sources and services like office isn’t based on its business fun- many traders betting against point in the future. An option predictable part of any bubble €1 billion, the Journal previ- space, and back-office and damentals. It is rooted in tech- the stock earlier this year, and doesn’t cost much because it is when, or why, sentiment ously reported. mid-office personnel, the filing nical factors and momentum. it is why they are still doing it. is unlikely to pay off. will turn. The firm began marketing said. THE WALL STREET JOURNAL. **** Wednesday, February 3, 2021 | B13 MARKETS Dow Industrials Surge Nearly 500 Points BY JOE WALLACE BlackBerry and headphones Index performance, week-to-date at home. The company also in international energy mar- AND AMBER BURTON maker Koss also retreated. 5% said that Chief Executive and kets, rose about 2% to $57.46 a Silver prices slid after their founder Jeff Bezos would tran- barrel. Gold lost $30.30, or Stocks closed higher, signal- steep ascent Monday, when sition to executive chairman. 1.6%, to $1,830.50 a troy ing that major indexes may ex- online investors spurred the Shares rose 2% in late trading. ounce. 4 tend this week’s gains. metal to its biggest one-day Nasdaq Composite Google parent Alphabet re- Shares rallied in overseas The S&P 500 rose 52.45 advance in more than a de- ported record quarterly reve- markets. points, or 1.4%, to 3826.31 a cade. Futures for the metal fell Russell 2000 nue. Shares jumped 7% in af- The pan-continental Stoxx day after the broad stock 10% on Tuesday after CME 3 ter-hours trading. Europe 600 rose 1.3%, led by gauge posted its biggest one- Group’s Comex exchange re- S&P 500 “The bar for tech was actu- shares in French companies as day advance since November. sponded to the volatility by ally quite high” coming into well as makers of cars and car The Dow Jones Industrial Av- raising margin requirements. earnings season, said Hani parts. In London, silver mining 2 Dow Jones erage gained 475.57 points, or Otherwise, stock markets Industrial Average Redha, a multiasset portfolio company Fresnillo dropped 1.6%, to have steadied globally this manager at PineBridge Invest- 4.8%. TUESDAY’S 30687.48. The week after a choppy January, ments. “Overall, for the sector, Shares of BP dropped 4.5% MARKETS when the Reddit-fueled trad- technology- 1 we are still seeing very strong in London. The energy giant heavy Nasdaq ing frenzy, signs of a slow- earnings delivered.” returned to profit in the Composite Index climbed down in the U.S. economy and Earnings for the last quar- fourth quarter but said that 209.38 points, or 1.6%, to concerns about the pace of the ter of 2020 have been better the pandemic would continue 13612.78. vaccine rollout and new coro- 0 than analysts had anticipated. to challenge its business this For the fifth straight trad- navirus variants weighed on Feb.1 Feb.2 Of the 189 companies on the year. ing day, stocks at the center of share prices. S&P 500 index that had re- In Asia, India’s S&P BSE a social-media frenzy—led by Investor sentiment has been Source: FactSet ported results by late Monday, Sensex index rose 2.5%, ex- GameStop—did the opposite lifted by robust earnings re- 81% have beaten expectations, tending gains that began when of the Dow industrials. ports from large-cap compa- Tim Courtney, chief invest- Shares of giant tech compa- according to FactSet. the government laid out plans Shares of GameStop tum- nies as well as a decline in ment officer of Exencial nies have continued to power In the bond market, yields to boost economic growth and bled $135, or 60%, to $90. That coronavirus cases in the U.S. Wealth Advisors. “So in terms the broader market in 2021, on 10-year Treasurys ticked up health-care spending on Mon- wiped out the gains from the and other major economies. of what the markets wanted to pushing the Nasdaq Composite to 1.105% from 1.077% Monday. day. past week but kept the video- “The vaccine rollout is con- see, it’s pretty much gotten up 5.6% this year. The WSJ Dollar Index, Early Wednesday, Japan’s game company up 378% for tinuing to pick up steam, it the news it wanted so far.” Amazon.com for the first which tracks the U.S. currency Nikkei was up 0.6%, Hong the year. looks like, for at least the time Quarterly earnings from time reported more than $100 against a basket of others, Kong’s Hang Seng was down AMC Entertainment Hold- being, the [coronavirus] surge Amazon.com and Alphabet billion in quarterly revenue, slipped 0.1%. 0.6% and South Korea’s Kospi ings declined $5.48, or 41%, to isn’t just continuing, and the were released after markets fueled by a surge in online hol- In commodities, Brent- was up 0.4%. U.S. stock futures $7.82. Express, Naked Brand, earnings have been good,” said closed. iday shopping by people stuck crude futures, the benchmark were up 0.3%. Pulp Prices Soar, As Demand Rises For Paper Goods

BY RYAN DEZEMBER churns out paper products and packaging. Shanghai pulp fu- Wood-pulp prices are soar- tures, which began trading in ing thanks to speculators in 2018, serve as a price guide China, with help from paper for an array of varieties and takeout containers, a weaker grades, similar to the way that dollar and people using rest- West Texas Intermediate and rooms at home instead of at Brent crude futures are refer- the office. ence points for oil prices. Bleached softwood kraft Demand for virgin pulp, pulp futures have risen 48% on from trees as opposed to recy- the Shanghai Futures Ex- cled cardboard and paper, has change since Dec. 1, to about been on the rise in China, $1,037 a ton. which has limited scrap im- COMMODITIES Meanwhile, ports that it once bought by producers the boatful to feed its facto- around the world are boosting ries. Pulp producers in Europe prices for the wood mash at and North America have been unusually sharp rates. Domtar diverting shipments from local Corp., based in Fort Mill, S.C., spot markets to China to cap-

said it would raise prices be- ture the surging prices, ana- PETER KOVALEV/TASS/ZUMA PRESS tween $100 and $130 a ton, lysts say. Raw wood is processed for toilet-paper production at a pulp and paper mill in Syasstroi, Russia. depending on grade. Though pulp was a poor “Spot prices are really performer for most of 2020, need bales in case they get is a short-term bubble or the placed with paper products. Shanghai wood-pulp futures jumping,” said Brian McClay, a the Covid-19 pandemic shook stuck having to deliver pulp to beginning of a cyclical re- The Atlanta company said it $1,000 a metric ton pulp-market consultant and a up the market for paper prod- trade counterparties. In the bound,” said Mark Wilde, who would spend $100 million add- founder of pricing service ucts and set the stage for a re- latter scenario, futures prices studies forest products for ing machinery to its mill in Trade Tree Online. “I’ve been bound in demand. are effectively pulling up phys- BMO Capital Markets. Texarkana, Texas, to produce in the pulp business since 1978 The big change occurred in ical, or spot, prices and there Reasons to be bullish in- coated unbleached kraft pa- 900 and have been asking friends: bathrooms and kitchens. More is risk of a sharp reversal of clude the push toward biode- perboard from the area’s No one has seen this before, time at home during the pan- prices, Mr. McClay said. gradable packaging, an impor- abundant pine trees. no one has seen the scale of demic meant greater demand It typically takes only about tant component of many “We have witnessed the this.” for premium toilet tissue, nap- three days of pulp futures companies’ appeal to ESG rapid adoption of our food and 800 Prices are hottest for soft- kins and paper towels made trading to match China’s total funds, which aim to invest beverage packaging,” said wood pulp, the type that with virgin pulp—and a lot annual import volume of about with environmental, social and Chief Executive Michael Doss. comes from coniferous trees less for the scratchy stuff nine million metric tons, he governance issues in mind. Pulp also has gotten a boost and is used to make products made from recycled material said. Executives with Graphic from a weaker dollar, which 700 such as premium toilet tissue, and found in offices, restau- Frenzied trading among Packaging Holding Co., a makes it cheaper for buyers in paper towels, junk mail and rants and other public places. speculators and individual in- maker of paper cups and fold- China and elsewhere. coffee cups. A big question lingering vestors makes it difficult to ing cartons, told investors Like many other commodi- It is made from sawmill over the market is how much gauge actual demand, espe- Tuesday that there is a ties, pulp is priced in dollars. 600 scraps as well as from trees of the demand is from Chinese cially because end users in roughly $7.5 billion annual Over the past year the WSJ too skinny, knotty or crooked companies needing pulp to China are known to get in on market of plastic cups, food Dollar Index, which measures Feb. 2019 ’20 ’21 to be cut into lumber. make products and how much the action as well, reselling trays, salad bowls, takeout the dollar against a group of Notes: Bleached softwood kraft pulp; price China buys more than one- is being bought by speculators pulp purchases. containers, stand-up pouches other currencies, has declined converted from yuan; Data as of Feb. 1 third of the world’s pulp and who have bid up futures and “It is unclear whether this and six-pack rings to be re- about 5%. Source: FactSet Risky Borrowers Hope to Boost Green, Diversity Credentials

BY PAUL J. DAVIES Weekly net investment flows to data from Fitch Ratings. struggle to raise funding from to U.S. loan funds In both the Klöckner and El- increasingly climate-conscious Investors’ thirst for yield in $1 billion san deals, hitting any of the investors. debt markets is driving demand targets would cut interest costs But some loan investors are for the risky loans that fund by 0.025 percentage point. Hit- skeptical because the benefits private-equity deals. That is al- 0 ting all three would cut costs of good corporate behavior are lowing companies to begin test- by 0.075 percentage point. That likely to accrue over the long ing new features designed to isn’t huge compared with the term to owners of the compa- –1 boost their green and gover- overall interest costs for Klöck- nies. “It’s good that companies nance credentials. ner, which could be more than are focused on ESG, but they Klöckner Pentaplast, a Euro- –2 4.75 percentage points above should be having more diverse pean plastic packaging business interbank interest rates, ac- boards anyway,” said Jonathan owned by SVPGlobal, is asking cording to S&P LCD, a loan re- Butler, London-based co-head investors for cuts to the inter- –3 search firm. of global high-yield at U.S. fund est it will pay on €1.175 billion The ESG targets at Klöckner manager PGIM. “People have to of loans, equivalent to $1.4 bil- –4 include increasing the number be more holistic in their ap- lion, if the company hits targets 2018 ’19 ’20 ’21 of women in management to proach to ESG than looking at related to diversity in its man- RAFAEL MARCHANTE/REUTERS 27%. Currently, two of its eight things like these ESG ratchets.” agement ranks and use of recy- Source: EPFR A truck dumps plastics for processing at a plant in Portugal. top executives are women. The These kinds of changes cled material, according to goals also include increasing its won’t reduce the credit risk of bankers and investors. flecting growing demands from both declined to comment on gressive lending to companies use of recycled plastic in its the borrower over the limited The loan refinancing is the consumers for companies to the terms of its loan. backed by private-equity own- products to 26%. lifespan of a leveraged loan, he first time a company has asked show they are helping to tackle The deals are part of a wave ers because of the high number The interest-rate discounts added. for interest-rate discounts, societal problems. of loan refinancings as borrow- of deals where total debt is on these measures work both In the longer term, such ini- known as ratchets, linked to en- But some lenders question ers look to cut interest costs worth more than six-times the ways. If Klöckner’s share of tiatives could help borrowers, vironmental, social or gover- whether they should accept a and improve the terms on their borrower’s earnings. women in management or its especially in industries with nance goals from U.S. investors. cut in their returns to encour- loans in a market flush with The European Central Bank use of recycled plastic fall be- reputations for high emissions A handful of European loans age companies to do things that cash. In the U.S., mutual funds asked banks in 2017 to grant low 20%, then its interest costs or pollution or weaker gover- have sold with similar terms they ought to be doing in any that invest in riskier loans have fewer loans with leverage mul- will increase by 0.025 percent- nance, according to Aza Teeu- recently, according to bankers case, especially if the targets in- seen the biggest three-week to- tiples of more than six times, age point, according to loan- wen, a partner at TwentyFour and investors. Another loan volved aren’t difficult to hit. tal for new money since 2017, but it has found that 60% of sale documents reviewed by Asset Management. with ESG-linked interest dis- “The criteria are pretty lax according to Bank of America. new loans are above that mark, The Wall Street Journal. Some big institutional inves- counts from French health-care and there’s a strong argument The U.S. and Europe have according to the ECB’s top reg- A banker involved in the tors might not buy such loans group Elsan is being marketed the companies should be imple- also seen a pickup in new spe- ulator, Andrea Enria. loan sale said such ESG dis- at all at first but become hap- to European investors. menting these initiatives any- cialist loan investment funds, In 2020, European loans had counts weren’t a feature of a pier to do so after a company Concerns about climate way without a reward,” said called collateralized loan obli- an average debt-to-earnings bull market for loans and that has hit its targets, he said. That change and diversity have Tyler Wallace, a fund manager gations, in recent months. multiple of 6.3 times, up from 6 they would become more com- could improve the pricing of raced up the finance and busi- at Fair Oaks Capital in London. European regulators have times the year before and the mon, especially for companies the loans and lead to lower fi- ness agenda in recent years, re- Klöckner and SVPGlobal become concerned about ag- highest since 2007, according in dirtier industries that might nancing costs in future. B14 | Wednesday, February 3, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS & COMMENTARY

India Gets Recovery Right, but Is Lacking

Country awaits policies to boost incomes

India’s aggressive new fiscal plan will be a boon to the country’s post- Covid recovery. But there is still no coherent plan on how to lift Indian incomes over the longer term. First, the good news. The fi- nance ministry opted to gener- ously lubricate India’s stuttering economy. The deficit target of 6.8% of gross domestic product for the coming financial year is signif- icantly higher than expected.

BRENDON THORNE/BLOOMBERG NEWS The expanded deficit isn’t just Apple’s iPhone revenue jumped 17% year over year to a record $65.6 billion for the December quarter, thanks mainly to the launch of the iPhone 12s. down to lower tax revenue, but higher spending on infrastructure, health and education. India suffered one of the world’s sharpest down- turns during the pandemic, with Chip Makers Face a Mixed Blessing GDP down 23% year-over-year in the second quarter of 2020. Keeping fiscal policy supportive has far more Skyworks, Cirrus Logic show benefits and risks of depending on Apple’s iPhone boom benefits than drawbacks for now. What is less promising is what the budget suggests about the gov- Apple Inc. is definitely having a Revenue per calendar quarter company warned in its letter to ernment’s strategy to lift incomes moment. For the many chip com- $1.5 billion shareholders that “our customers over the long term, especially in the panies who supply the technology Skyworks can, and frequently do, change in- context of recent policy decisions. giant, the question remains just Cirrus Logic dividual orders on short notice.” India now sits conspicuously how long that moment will last. Apple accounted for 84% of Cir- outside both of the large Asian Last week, Apple reported its rus’s revenue for the past three trade blocs: the Comprehensive and best quarter in years. It enjoyed 1.0 quarters, according to the com- Progressive Trans-Pacific Partner- strength across its business seg- pany’s quarterly filing Monday. ship, championed by Japan, and the ments, but the driver was the Cirrus shares fell 8% to $89.91 on Regional Comprehensive Economic iPhone—which accounts for more Tuesday. Partnership which includes China. than half the company’s total reve- Skyworks generates a little The new budget includes pro- nue. Apple’s iPhone revenue 0.5 more than half its revenue from posed import duties on certain jumped 17% year over year to a re- Apple, while Qorvo’s exposure is auto parts, a range of mobile phone cord $65.6 billion for the Decem- around 33%. Both are well posi- parts, solar cells and other elec- ber quarter, thanks mainly to the tioned now given the demands of tronic components, adding to the launch of the new iPhone 12 mod- the 5G wireless standard, which government’s policy of Atmanirb- els in the fall. Apple no longer dis- 0 requires top-of-the-line radio fre- har Bharat, or self-reliant India. closes unit sales, but market re- 2017 ’18 ’19 ’20 quency chips. But the iPhone is a Rapid development elsewhere in search firms IDC, Canalys and seasonal business; Apple typically Asia makes it clear that doctrinaire Counterpoint estimate it shipped Source: S&P Global Market Intelligence generates about 38% of its annual free trade isn’t a prerequisite for between 82 million and 90 million iPhone revenue in the December development. Nonetheless the cur- iPhones during the quarter, which day that its December-quarter rev- revenue, according to FactSet. quarter. rent push looks more like the failed would break the record 78.3 mil- enue rose 30% from a year earlier But dependency on Apple can Strong iPhone cycles also are model of import substitution. lion units the company reported to about $486 million. backfire. Over the long term, sup- coming more sporadically, as The trade restrictions are no- for the same quarter of 2016. More are on the way. Qorvo,a pliers face the risk that Apple smartphone users hold on to their where near as extensive as in That is great news for the com- Skyworks rival, is expected to post could design them out with its devices for longer periods. Apple’s pre-1990s India. But remaining out- panies who supply key iPhone a 23% increase in revenue for the own in-house chips. Over the short iPhone revenue fell in three of the side new and growing trade blocs components. Skyworks, which December quarter on Wednesday, term, seasonal fluctuations can company’s past five fiscal years, while raising import duties sends a specializes in radio-frequency according to consensus analyst also hurt. Cirrus projected March- and the company declined to give certain unavoidable signal, even if chips, last week reported a 69% forecasts. Also coming Wednesday quarter revenue in a range of $280 its own forecast for the March the drawbridge isn’t all the way up. jump in December-quarter revenue is December-quarter results from million to $320 million—the mid- quarter last week, citing continued India has avoided making the er- to $1.5 billion—42% above Wall Qualcomm, which recently won point of which was only in line uncertainty from the coronavirus ror of curbing fiscal support before Street’s expectations. The stock back its place in the iPhone’s mo- with Wall Street’s estimates. That pandemic. For chip companies the economy is more fully recov- climbed 15% since that report. Cir- dem chip socket. Analysts expect would represent 7% growth year highly levered to Apple, that cre- ered. But a strategic plan for high- rus Logic, whose chips are used Qualcomm to post an 80% year- over year, a significant slowdown ates even more uncertainty. speed development over the longer for audio encoding, reported Mon- over-year quarterly rise in chipset from the previous quarter. The —Dan Gallagher run is still wanting. —Mike Bird Russian Arctic Oil Stake Taints BP’s Green Shift

For oil supermajor BP, one big Share-price performance obstacle stands out on the road to BP Rosneft Oil GDR a greener future: Its almost 20% stake in Russia’s top oil producer. Stoxx Europe Stoxx Europe 600 On Tuesday, the British company 600 index Oil & Gas index 20% reported disappointing 2020 results, hit by lower prices, depressed de- mand and asset write-offs. The 0 shares fell 6.6% Tuesday, having sig- nificantly underperformed peers

LIAM MCBURNEY/PA WIRE/ZUMA PRESS since Chief Executive Bernard Loo- –20 The Italian auto maker projects a rebound in revenue this year to roughly 13% more than its pre-pandemic 2019 total. ney unveiled a new strategy in Sep- tember. The plan to move away from fossil fuels and into clean energy –40 Ferrari’s Road to Lower Emissions Has Bumps and convenience retailing was suffi- cient to scare off some traditional investors, but not radical enough to –60 The big challenge for the next other car makers: It needs to rein- what it will cost and whether hybrid attract green-minded ones. boss of Ferrari will be managing vent its powertrains. Environmental strategies alone will future-proof The investment in Rosneft is a 2020 ’21 the racing-car brand’s strategy for rules are tightening everywhere, the company against proposed bans problem. The Russian state-backed Source: FactSet cutting tailpipe emissions. punishing supercars, which produce on combustion engines in the company has a plan to develop the The pandemic halted the car disproportionate carbon emissions wealthiest global megacities. Ferrari Arctic region with 6,500 wells and employed from a combination of maker’s production lines for seven per mile. Consumer attitudes are will hold an investor day in the first 3,400 miles of pipelines, all working trading, clean power and retailing. weeks—with a 10% knock-on reduc- greener among younger generations half of 2022 to lay out a long-term to produce and distribute 1 million BP could borrow from the retail tion in sales last year, Ferrari re- that Ferrari needs to cultivate. road map, Mr. Elkann said. tons of oil a year. The so-called sector and publish detailed infor- ported Tuesday. Otherwise, Ferrari Former Chief Executive Louis Ca- Going fully electric must be a Vostok project is kryptonite for the mation on its service network to cruised through the crisis with few milleri, who stepped down in De- daunting prospect for a brand so green investors BP is hoping to lure. help persuade some about the scratches. It projects a rebound in cember after a bad case of Covid-19, known for its eight- and 12-cylinder BP wants to sell $25 billion in as- profit potential. Even then, inves- revenue this year to roughly 13% didn’t dodge the problem, investing engines and the growling noises sets by 2025 to pay down debt, but tors would be taking a gamble on more than its pre-pandemic 2019 in hybrid technology and decarbon- they produce. Yet surely it isn’t im- not the Rosneft stake. That is de- clean-energy returns. total, underpinned by strong or- izing production. The company de- possible. Ferrari’s heritage is as spite BP’s lack of control: It has two Appealing to environmentally ders since last summer. The shares livered its first hybrid model, the much in racing and design as in en- board seats and some influence, but focused investors is possible for fell 4.2% Tuesday, perhaps because SF90 Stradale, in the fourth quarter. gines, and consumers like high-end Moscow is definitely in charge. old-school energy businesses. some investors were hoping for a But his successor will need to go electric vehicles for characteristics Mr. Looney said Tuesday that the Shares in European utilities Enel stronger outlook from a company much further. On a call with ana- such as rapid acceleration. Rosneft stake fits well with the new and Iberdrola have outperformed that routinely beats expectations. lysts, Chairman and acting CEO Ferrari shares change hands for strategy. Rosneft’s production costs as general growth investors have Since its 2015 initial public of- John Elkann, the scion of the Agnelli 44 times forward earnings, some- are about half of BP’s, and it plans bought into their renewable energy fering, investors gradually came to family that founded the Fiat empire where between the multiples of to cut its greenhouse-gas intensity. rollouts. The Danish Oil and Natu- treat Ferrari as an exception to the and still controls Ferrari, mentioned French luxury giants LVMH Moët The stake is a “good financial invest- ral Gas company, renamed Orsted, rule that car makers are capital-in- a plan to make the company carbon- Hennessy Louis Vuitton SE and ment,” he said, contributing $4 bil- has also successfully repositioned tensive, low-margin businesses neutral by 2030, while appearing to Hermès. But benchmarking the lion in dividends to BP since 2013. itself as a clean-energy company. with shares better suited to hedge- rule out pure battery-electric Fer- stock against the bag sector may BP is out of favor even within the BP is far larger, but might pull off fund trades than long-term money. raris. On the CEO succession, he start to look like a mistake as the unloved oil and gas sector. Its divi- a similar shift. Its transition plans Given its small production volumes said only he needed the “necessary risks inherent in Ferrari’s road to dend cut last summer and new are the fastest of any oil major. As and big backlog of orders from time” to find the right candidate. lower emissions become clearer. strategy left traditional investors long as BP is part of a massive Arc- rich clients, they see the Italian Investors will need much more There are some auto trends that not worried that future returns will be tic oil development, any real appeal company as a luxury-goods maker. clarity from the new boss on what even Ferrari can speed past. significantly lower. BP forecasts a to the green crowd still seems a dis- But in one respect Ferrari is like carbon-neutrality means for Ferrari: —Stephen Wilmot 12% to 14% return on average capital tant prospect. —Rochelle Toplensky