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**** THURSDAY,OCTOBER 29,2020~VOL. CCLXXVI NO.102 WSJ.com HHHH $4.00

DJIA 26519.95 g 943.24 3.4% NASDAQ 11004.87 g 3.7% STOXX 600 342.17 g 3.0% 10-YR. TREAS. g 1/32 , yield 0.780% OIL $37.39 g $2.18 GOLD $1,876.20 g $32.60 EURO $1.1747 YEN 104.32

What’s Lockdowns News Ordered Again Business&Finance Across Europe .S. stocks sold off as U rising coronavirus infec- tions shook investors’ confi- denceinthe global economic Franceand Germanyim- from hosting touristsuntil the recovery.The Dow, S&P 500 posed newlockdowns,inasign end of the month, she said, and and Nasdaq fell 3.4%, 3.5% of howEurope’sstrategyfor public gatheringswill be lim- and 3.7%, respectively. A1 containing the virus has buck- ited to 10 people from two led under the pressureof households.  Tiffanyagreed to accept mounting cases and deaths. Both leadersaimed to cush- alowerpriceinits take- ion the economic impact of the over by LVMH, ending a restrictions,saying factories disputebetween the lux- By Noemie Bisserbe, Stacy Meichtry and schools would remain ury-goods companies. A1 and Ruth Bender open. Still, the newrestrictions  Marvell is nearing a mark aclear departurefrom deal to buy Inphi for as In anational television ad- months of targeted measures much as $10 billion, in dressonWednesday, President that European officials hoped what would be yetanother Emmanuel Macron of France would keep alid on the virus. big semiconductor tie-up. B1 imposedanational lockdown Mr.Macron cast the newlock- that will beginonFridayand down as aform of shock treat-  Fiat Chrysler posted re- last at least amonth, requiring ment aimed at halting the vi- cord operating profit forthe people to remain inside their rus’smomentum. thirdquarter and Ford deliv- homeswhile restaurants, bars “Ifwedon’t apply abrutal ered strong earnings, signal- and shops deemed nonessential break on newcontaminations, ing an industryrebound. B1 (3) will close. our hospitals will be saturated,”  Boeing said it would cut Chancellor Angela Merkel of he said. more jobs and review jet- Germanysaid the country’sfed- Researchersinthe U.K., liner production rates in a eral and stategovernments meanwhile,estimated the coro- bid to stop bleeding cash. B1 ION/REUTERS agreed to aless-restrictiveone- navirus is spreading far more TAT

OR month shutdown of restau- PleaseturntopageA8  GE reported another rants, bars, fitnessstudios,con- quarter of shrinking revenue ANSP

TR cert halls and theaters, starting  Rule is set for free amid the aviation industry’s on Monday. Hotels arebarred vaccinations...... A7 troubles,but the conglomer- AND ateposted asmaller loss. B3 IENCE

 Trump’stariffs on foreign- SC made steel haven’t produced CE, Stocks Fall as Fears

the domestic industryre- MMER

naissancehepromised. A2 CO ON  Ad firms and publishers Over Economy Grow complained to French reg-

ulators that privacy MMITTEE changes Apple plans to roll CO TE BY WILL HORNER Google parent Alphabet Inc. out are anticompetitive. B1

SENA AND JULIET CHUNG and TwitterInc.dropped more

 Samsung posted its S. than 5% each aftertheir chief U. largest profit in more than From top, Facebook CEOMark Zuckerberg, Twitter CEOJack Dorsey and AlphabetCEO Sun- U.S. stocks sold off on executives squared off against 18 months, in another sign dar Pichai testifiedbeforethe Senate Commerce Committee via webcastabout social media’s Wednesdayinwhat is shaping U.S. senatorsinahearing over of technology’s strength influenceand were asked about alaw thatshields platforms from liability forusers’posts. up to be the worstweek since their companies’ roles moder- during the pandemic. B4 lateMarch, as rising coronavi- ating public discourse. rusinfections shook investors’ Stocks have slid this week  UPS boosted revenue confidenceinthe global eco- on several uncertainties, and profit but earnings Tech CEOs Square Off With nomicrecovery. sparking discussion from in- from the company’sdomes- TheDow Jones Industrial vestorsabout whether the sell- tic businessfell sharply. B3 Averagelost 943.24 points, or off marked abuying opportu- Senators Over Online Speech 3.4%, to 26519.95, itsfourth nity or aturn in the market. World-Wide losing session in arow and its Worsening coronavirus case worstday sinceJune 11. numbersthreaten to make BY RYAN TRACY Inc.CEO Jack Dorsey and Sun- social-media platforms’ power TheS&P 500 fell 119.65 morestringent restrictions im-  Franceand Germany im- AND JOHN D. MCKINNON dar Pichai,CEO of Google and and equally deep divisions points, or 3.5%, to 3271.03,its perativeacrossthe U.S. and posed new lockdowns, in a YouTube owner Alphabet Inc., about how to address it. thirdconsecutivedownses- Europe, potentially setting sign of howEurope’sstrat- WASHINGTON—Chiefs of have spent the yearssincethe Republicans arepushing to sion. Thebenchmark has back afragile economic recov- egyfor containing the cor- the largest social-media com- 2016 election rewriting their updatepart of a1996 law slipped morethan 8% from its ery. TheU.S.reported more onavirus has buckled under panies tangled with U.S. sena- policies and taking amoreac- known as Section 230 that record closing level in early than 73,200 newcases for the pressureofmounting tors over their role in public tiverole in moderating online helps shield internet platforms September and itsgains forthe Tuesday, the second daily in- cases and deaths. A1 discourse amid a contentious speech—in part to avoid a from liability foruser-gener- year nowstand at around 1.3%. crease in arow,according to election that has stoked bipar- spotlight likethe one placed ated content, claiming it has TheNasdaq Composite datacompiled by Johns Hop-  Chiefs of the largest so- tisan criticism of the compa- on them Wednesday. been misused to censor con- dropped426.48points, or PleaseturntopageA2 cial-media firms tangled with nies’ policies. Instead, the SenateCom- servative views. 3.7%, to 11004.87,bringing its senatorsovertheir role in public discourse amid acon- Facebook Inc. Chief Execu- merce Committee hearing re- Sen. CoryGardner (R., gains forthe year to 23%. The  New virus concerns drive tiveMark Zuckerberg, Twitter flected deep discontent with PleaseturntopageA4 stock prices of Facebook Inc., selloff in raw materials...... B11 tentious election that has stoked bipartisan criticism of the companies’ policies. A1  Biden is centering his INSIDE Tiffany, LVMH StrikeDealonLowerPrice closing campaign argu- ment on his ability to steer BY CARA LOMBARDO an agreement on newdeal set to start in January. the nation through the AND DANA CIMILLUCA terms calling forLVMH to pay Tiffany’sboardsigned off on pandemic, as Trump mini- $131.50asharefor the iconic the revised terms at ameeting mizes the virus’sthreat. A6 Tiffany&Co.agreed to ac- U.S. jewelrymaker,according lateWednesday, one of the peo- cept alowerpriceinits take- to people familiar with the ple said. Under the newframe-  TheSupreme Court de-

/REUTERS over by LVMH MoëtHennessy matter. That is down from an work,litigation over the deal clined to disturb extended

VES Louis VuittonSE, ending adis- original priceof$135 ashare, would be resolved, paving the

ballot deadlines in North Car- AL olina and Pennsylvania, leav- N putebetween the luxury-goods equating to savingsofabout way foranew shareholder vote ing the states moretime to TO companies that erupted after $430 million forLVMH. It and aclosing of the transaction the coronavirus pandemic up- would allowthe two sides to possibly by January. receivemail-in ballotspost- SHING ended the industry. avoid what would have been a Tiffanyagreed to sell itself marked by Election Day. A6 WA Thecompanies have come to costly and time-consuming trial PleaseturntopageA7  AWall Street Journal BUSINESS&FINANCE PERSONAL JOURNAL investigation pointstoa FiatChrysler’s and Pop-up music events Russian PR executiveasthe Ford’s earnings beat givehard-hit musicians source behind some key Now on the partsofawidely discred- expectations,signaling achancetoperform ited dossier on Trump. A4 an industryrebound. B1 and raisefunds. A11 Drive-Thru  Hurricane Zetastruck southeastern Louisiana, lash- Menu: Terror ing the northern Gulf Coast with strong winds and life- iii threatening storm surge. A3 StatesAre Facing Halloween scares If your critical  A Philadelphia curfew went intoeffect Wednesday don’t require applications are night afterunrest sparked Historic Cash Crisis by the fatal shooting of Wal- leaving the car terWallaceJr. by police. A3 failing, so is your BY STEVE GARBARINO  TheWhiteHouse is de- Billions in shortfalls expected as year’s veloping aplan foranew bi- TheOaks Park Haunted business. ometric database that pro- income and sales tax revenue evaporated spectiveimmigrantsor Drive-Thru offers five fright- visitorswould need to enter ening options to choose from, BY HEATHER GILLERS shield,” his deputy wrote. including one called “The Con- NETSCOUT vigilantly guards beforeapplying forvisas. A3 AND GUNJAN BANERJI Connecticut is projecting a demned.” the critical applications of the totalrevenue declineof$8.4 “Fakeblood and guts get CONTENTS Opinion...... A15-17 Connecticut acted fast. So- billion through the 2024bud- smeared and strewnall over Arts in Review... A13 Personal Journal A10-11 world’s largestcompanies. Banking &FinanceB10 Sports...... A14 cial distancing,lockdowns and getyear—morethan twicethe your car,” said Emily MacKay, Business News...... B3 Technology...... B4 testing slashed Covid-19 cases rainyday fund built up over marketing and eventsdirector. Crossword...... A14 U.S. News...... A2-7 in the spring. the past three years. “But you get a carwash at the Visibility Without BordersTM Heard on Street.B12 Weather...... A14 But when Comptroller “All youcan do is grip the end of the drive. From avalue Markets...... B11 World News...... A8,18 Kevin Lembo opened an email bar as tight as youcan, make standpoint, youcould come Services Without Interruptions from his budget director on the smartest decisions youcan just forthat.” Or forthe killer > April 15,itwas clear the state’s in real time,plan forthe worst clowns or nuclear-disaster quick action to contain the and be surprised at something mutantsfeatured in the other pandemic hadn’t insulated its lessthan worst,” said Mr. options at this mobile Port- finances. Lembo. land, Ore.-based creep-show. goNETSCOUT.com “Wehit the brakes so U.S. states arefacing their This year, lotsofhaunted s 2020 Dow Jones & Company, Inc. All Rights Reserved quickly on the economythat biggest cash crisis sincethe houses areclosed. Yetthereis we went through the wind- PleaseturntopageA9 PleaseturntopageA9 P2JW303000-0-A00200-1030041020C

A2 | Thursday, October 29, 2020 THE WALL STREET JOURNAL. U.S. NEWS Steel Tariffs’ Boost Appears Short-Lived

BY BOB TITA Tariffshelpedtodrivedown The spot-market price AND WILLIAM MAULDIN import volumes of finished forhot-rolledcoiledsheet steel to adecade lowin2019. steel peaked in July 2018. PITTSBURGH—President Percentage of total steel Priceofsteel per ton, Trump made good on his 2016 consumption monthly average campaign pledgetothe steel industry, slapping 25% tariffs 30.0% $1,000 per ton on foreign-made steel in an ef- fort to reviveanindustrythat oncesymbolized American 27.5 800

manufacturing might. JOURNAL Thetariffs succeeded in 25.0 600 pushingdownsteel imports REET ST

and—forashort time—re- LL 22.5 400 sulted in higher prices fordo- WA

mestic steelmakers. They also THE encouraged newer steel com- R 20.0 200 FO panies to expand operations in the South and Southwest. 17.5 0 Yet the tariffs haven’t pro- MERRIMAN duced the steelmaking renais- 2010 ’13 ’16 ’19 2017 ’18 ’19 ’20 TIN

sanceand robust job growth JUS Sources: U.S. Census Bureau, American Iron and Steel Institute, Metal Strategies in America’s industrial heart- Justin Ellsworth outside U.S. Steel’s coke plant in Clairton, Pa. He has been a steelworker for 15 years. (steel consumption); S&P Global Platts (dollars per ton) land that Mr.Trump promised. Thetariffs have also hurt U.S. ported steel intofinished sheet bur Rosssaid in astatement. “They want their liveli- worth, 39.“Thetariffs were steel prices,the benchmark manufacturers, including those steel said they arehurting. With the expanded produc- hoods protected,” said Tim Ul- politicized.” sheet-steelpricesurgedtoa in the automotiveand appli- Pittsburgh-based Allegheny tion, about 6,000 jobs were ery, 43 yearsold, an hourly Pittsburgh-based U.S. Steel 10-year high at $920 aton ance sectors, who say the du- Technologies Inc. abandoned added to the U.S. steel indus- worker at U.S. Steel’sMon Val- wasone of the leading advo- within four months after tar- ties on steel and aluminum itsstainless-steel businessthis try’sworkforce aftertariffs ley Works near Pittsburgh, catesfor the tariff,saying the iffs started in March 2018. continue to keep their metal summer,and NLMK USA, adi- startedin2018,according to who said he again plans to duties were needed to protect Steelmakersboosted produc- costshigher than what over- vision of aRussia-based steel- the Census Bureau. By the end vote forMr. Trump.“Ibelieve the domestic steel market from tion as prices climbed. U.S. seas competitors pay. maker,has laid off one-quarter of 2019,though, those gains the tariff helped our plant.” an increasing volume of inex- Steel restarted two blast fur- “Once you put a tariff on a of the 600 employees at itsFar- evaporated as steeldemand Mr.Ulerycreditsthe tariff pensive, foreign-made steel. By naces in 2018 at itsGraniteCity, rawmaterial, companies have rell, Pa., rolling mill afterfailing and prices sank. with giving companyexecutives driving up prices forimported Ill., mill that had been idle since to deal with pricedistortion,” to receiveCommerce Depart- Higher prices that manufac- the confidencetoinvest in steel, domestic steelmakers 2015,and recalled 500 workers. said Katheryn Russ, associate ment tariff relief on slabs.“The turershad to payled to the making Mon Valley morecost- were able to raise their own Steel companies rolled out professorofeconomics at the government picked winnersand lossofabout 75,000 U.S. man- competitivewith newermills. prices and increase profits. plans fornew mills,too. Nucor University of California, Davis. losershere,” said Bob Miller, ufacturing jobs,according to a Justin Ellsworth, asteel- Industryanalystssaid the Corp., Steel Dynamics Inc. “The tariff squeezestheir chiefexecutiveofNLMK USA. study released latelast year worker for15yearsatU.S. Trumptariffs haven’t signifi- and other companies areadd- profits, and that cancause TheTrump administration by the Federal Reserve Board Steel’sMon Valley Works, cantly eased the global glut of ing capacity fornearly 11 mil- them to produceless, hire has defended the tariffs,im- of Governors. which is spread out along the steelthat encourages exports lion tons of flat-rolled steel fewerpeople or makeineffi- posed without Congress Thepresident’s“America banks of the Monongahela and depresses prices.The in- annually in Texas, Kentucky, cient substitutions in their through alaw known as Section First” strategyfor trade and River,said he believes most of dustry had already received Arkansas and other states. production process.” 232 to protect industries vital to his pledgetorestorethe re- his co-workerswill still vote for tariff relief on specific products All that newcapacity,how- Steel producersincluding national defense.“No prior ad- gion’ssteel and coal-mining Mr.Trump,but said he plans to from China, South Koreaand ever, will eventually saturate United States Steel Corp.re- ministration has done moreto sectorsattracted steelworkers cast his ballot forDemocratic othercountries found to be in the U.S. market, wheresteel main supportive of the tariffs, put American workersfirst and who used to be reliable voters nominee JoeBiden—in part be- violation of tradelawsbythe consumption is expected to saying they helped securethe the 232 actions areintended to forDemocratic candidates. cause of what Mr.Ellsworth Commerce Department during decline in the coming years. U.S. manufacturing base.But increase job opportunities in Their support helped Mr. considersafailed tariff policy. theObama administration. Analysts said they doubt that domestic steelproducersthat the steel and aluminum indus- Trump take Pennsylvania by “The approach rubbed me With the 25% tariff on im- steel prices will soon return to turn mattress-sizeslabs of im- tries,” Commerce SecretaryWil- 44,292 votes in 2016. the wrong way,” said Mr.Ells- portspropelling domestic 2018’s highs.

mattox,said the market was achangeofadministration has Indexperformance Commodity marketswere Markets factoring in fearsthat shut- historically resulted in selloffs, also underpressure. U.S. oil 0% downs would stall 20% of the said David Bailin,investment lost $2.28,or5.5%, to $37.39a domestic economy—that re- chief of Citi PrivateBank,the barrel. Fall Amid lated to sectorssuch as travel, uncertainty is particularly pro- Theyield on the 10-year entertainment and restau- nounced this time.Among the Treasuryrose to 0.780% from rants—and hit the economies reasons,hesaid, is worry“that –2 0.778% on Tuesday. Case Rise of tourism-dependent coun- no decision is reached in area- TheICE U.S. Dollar Index, Nasdaq tries such as Spain and Italy. sonable period of time” on the Composite which measures the greenback She also attributed some of election and that asurprise against abasket of currencies, ContinuedfromPageOne the selloff to investorsrebal- victorybyPresident Trump,a –4 gained 0.5% as investorswor- kins University.While lower ancing their portfolios as they Republican, would mean con- ried about fresh lockdowns. than the more-than 80,000 assessthe virus’shold in dif- tinued global trade wars. Thedollar typically rises when cases reported on Saturday ferent geographies. Hopes have also faded that S&P500 investorspull out of stocks and Sunday, Tuesday’stally is “There is arotation going talks between the WhiteHouse due to itsstatus as ahaven higher than daily levels earlier on,” Ms.Webb said. “A lot of and Democratswould produce –6 currency. in the month, as well as in Au- people aretaking some money agreement over afresh pack- European marketshave gust and September. off the table in U.S. equities ageofstimulus measures be- DowJones been particularly hardhit as Industrial Average “A month ago, the narrative where they’ve become sub- fore the election, propping up theContinent grapples with a in the market wasverymuch stantially overweight as Eu- theeconomic recovery. –8 surgeofnew infections,and that lockdowns would be lim- rope has sold off,and there’sa Ararebright spot Wednes- governments in France and Fri. Mon. Tues.Wed. ited and targeted, and so recognition Asia is recovering daywas General Electric Co., Germanyimpose stricter lock- would have asmaller impact faster and has gotten control whose shares rose 7.4% afterit Source:FactSet downs to combat the virus. on theeconomy,” said Hugh of this pandemic.” surprised analystswith a Thepan-continental StoxxEu- Gimber, global market strate- Investorsalso remain leery third-quarter profit. Automatic global pandemic. me valuations arequiteopti- rope 600 fell 2.95% to itslow- gist at J.P. MorganAsset Man- about the U.S. election and DataProcessing Inc.shares Investors’ expectations are mistic,” Mr.Mills said. “Earn- est level sinceMay. agement. “But now, what we whether delays in counting jumped 6.2% afteritreported toohigh, said Jeff Mills, chief ings expectations are quite Investorswerealso shed- areseeing arebroader con- mail-in ballotsmight lead to higher quarterly profit. investment officer at Bryn high, and if companies under- ding riskierEuropean bonds, cerns that lockdowns might be uncertainty in the days after MicrosoftCorp.’sstock fell Mawr Trust, and might lead to perform, I am not sure the resurrecting worries that Eu- wider and have amuch wider Election DayonNov.3.The 5% though the companyre- stocks taking abeating. market will react to that well.” rope will have trouble pushing impact.” S&P 500 remains on track for ported that sales had jumped “Whencompanies missor Front-month Nymexcrude through another round of re- Susan Webb,founder and itsworst week beforeapresi- because of surging demand for even just meet expectations, for December delivery lost lief measures if the newlock- chief investment officer of out- dential election on record. itsvideogames and cloud-com- youare seeing negativereac- $2.18 per barrel, or 5.51%, to downs makeincreased spend- sourcedinvestment firm Appo- While uncertainty related to puting services amid the tionsinthe stocks: that tells $37.39. ing necessary. Post-Election Aid Plan Unclear,Pelosi Says

BY NATALIE ANDREWS on Monday. Thetwo have been essarily what the Republican disagreement, besides the AND KRISTINA PETERSON discussing aroughly $2 trillion Senatewill vote on,” Mrs. overall pricetag,included state packagebut have yettofinal- Pelosi said. “That is up to the and local aid, the sizeand du- WASHINGTON—House izedetails,and both sides have president to convincethem ration of enhanced joblessben- Speaker NancyPelosi said the acknowledged thereisno time that the agreement we have efitsand liability shields for coronavirus relief plan she has to passlegislation beforeelec- with him is one that will be hospitals and businesses. been discussing with the White tion Tuesday. honored by them.” Some Democratic and Re- House could morph in the President Trump has re- Mr.Mnuchin anticipates publican lawmakerspushed lame-duck session of Congress, peatedly said he would liketo continuing negotiations after their leadership to come to the absent anyformal agreement pass more coronavirus relief, the election, aperson familiar table in September and Octo- on itsdetails and shifting in- including asecond round of with the mattersaid. The ber,and discussions restarted centives forboth parties after direct checks to Americans. WhiteHouse didn’t immedi- but failed to result in an the election. Anydeal this year would need ately respond to arequest for agreement.Lawmakersaren’t “There’sverylittle that we to makeitthrough the Repub- comment. expected to return to Wash- have acommitment from them lican-controlled Senate, where Afterpassing several bills ington until next month. on. We have,shall we say, nar- GOP lawmakersare divided on earlier this year to addressthe “We’ll come back in Novem- rowedour differences,” the the level of assistance that is health and economic needs ber,” SenateAppropriations California Democrat said in an needed, if any. caused by the coronavirus pan- Chairman Richard Shelby (R., interviewonWednesday. The “What [Mr.Mnuchin] and I demic,Democratsand the ad- Ala.) said Monday. “The ques- speaker last spokewith Trea- have agreed upon—on howwe ministration have been at log- tion might be,will therebe surySecretaryStevenMnuchin would go forward—is not nec- gerheads sinceMay.Pointsof something then?” German Precision Since 1869

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THE WALL STREET JOURNAL. **** Thursday, October 29, 2020 | A3 U.S. NEWS Curfew Hurricane Winds Whip Louisiana Imposed BY ARIAN CAMPO-FLORES After New Hurricane Zetastruck southeastern Louisiana Wednesday, lashing the Looting northern Gulf Coast with strong winds and life-threat- BY SCOTT CALVERT ening storm surge and testing aregion already batteredby A citywide curfew took ef- several storms this season. fect in Philadelphia Wednes- Zetamade landfall near dayat9p.m., as officials tried Cocodrie,La.—a fishing vil- to restoreorder aftertwo lageinTerrebonne Parish, nights of looting and vandal- southofNew Orleans—as a ism sparked by the fatal Category2storm with 110 shooting of Walter WallaceJr. mile-an-hour winds, 1mph by police. shyofaCategory3.Bylate City officials said the first Wednesday, it washammering of several hundred Pennsylva- the Mississippi coast. It was nia National Guardsoldiers forecast to moveacrossthe areexpected to arriveinthe Southeastern and Eastern U.S. city Friday, with aprimary on Thursday, according to the mission to safeguardproperty National Hurricane Center. and prevent looting. Morethan 440,000 homes “Webelievethese two steps and businesses were without arenecessaryinorder to pre- powerinLouisiana Wednes- vent the despicable activities daynight, according to pow-

we’veseen,” Philadelphia eroutage.us,which tracks YNN/REUTERS Mayor Jim Kenney said. electrical outages. FL Bystander video that cap- Ahurricane warning wasin THLEEN

tured Mr.Wallace’sshooting effect from MorganCity,La., KA wasdistributed on social media to the Mississippi-Alabama Aman took aphoto of the damage his NewOrleans apartmentbuilding sustained WednesdayfromHurricane Zeta’sfierce winds. Monday. Thevideo shows Mr. border,including NewOr- Wallace, a27-year-old Black leans.Astorm-surge warning squarely in the path of Zeta. street afterthis is over,” he meredthe Gulf Coast, and working with powerutilities man, standing on asidewalk wasineffect from the mouth “This is not adrill,” she said. “These thingswill not about 3,600 Louisianans re- to mitigateany impactsof holding aknife, with two police of the Atchafalaya River in said Wednesday. “It’scoming be resolved overnight.” main sheltered because of poweroutages on the elec- officerspointing their guns at Louisiana to Navarre, Fla. fast, it’scoming strong.” City officials said aturbine Hurricane Delta earlier this tions next week. him. At one point awoman ap- Forecasterssaid strong,dam- Damage from Zeta, which that helps powerdrainage month and Hurricane Laurain Mr.Edwards said the Na- peared to trytostopMr. Wal- aging winds would spread wasmoving at 24 mph pumps brokedownoverthe August. tional Guardactivated more laceashecrossed the street. well inland acrosspartsof Wednesdayevening,isex- weekend and wasn’t back in Louisiana Gov.John Bel than 1,500 membersand posi- Officers firedseveral times Mississippi, Alabama, north- pected to stem largely from serviceahead of the storm. Edwards said that while those tioned high-water vehicles, when he re-emergedontothe ern Georgia and the Caroli- powerful, sustained winds, They putinplacecontingency previous storms batteredthe boatsand helicoptersfor street from between two parked nas. said Collin Arnold, director of plans,but the lossdeprived southwestern area of the search-and-rescue efforts. It cars and walked toward them. In NewOrleans,Mayor the city’s OfficeofHomeland thesystemofmuch backup state, Zetawould rake the also moved food and water Apolicespokesman said of- LaToya Cantrell urgedresi- Security and EmergencyPre- power, they said. southeastern coast. If there intoplacefor distribution as ficers ordered Mr.Wallaceto dentstofight fatigue as they paredness. “There’sgoing to Zetaisthe 27th named wasapositiveaspect to the needed afterthe storm. Presi- drop the knifebeforethey fired undertook storm preparations be poweroutages,there’sgo- storm of an especially active hurricane,hesaid, it wasthat dent Trump approved an their guns.The two officers, aseventh time this season. ing to be downed trees, Atlantic hurricane season, itsrapid speed would prevent emergencydeclaration for whose names haven’t been re- While the city wasspared the there’sgoing to be downed nearing the record 28 tropical aprolonged pounding and Louisiana on Tuesday, freeing leased, each firedabout seven brunt of earlier hurricanes limbs,there’sgoing to be storms of the 2005 season. avoid dumping large amounts up federal assistancefor the rounds,policeChief Inspector this season, this time it lay dangersout thereinthe Several of them have ham- of rain. He said the statewas state. Frank Vanoresaid. City officials said police have arrested morethan 170 people on felonyormisde- EightChargedWithHelping Visa SeekersFace meanor chargessinceMonday, following Mr.Wallace’skilling in West Philadelphia that af- ternoon. Hundreds of protest- China Target Expatriates Biometric Screening ers have taken to the streets, and lootershavebrokeninto stores around the city.Most of BY ARUNA VISWANATHA Brooklyn on Wednesday. ple declined to comment. BY MICHELLE HACKMAN Department of Homeland Se- the arrests were for commer- Between 2016 and 2019,the Thedefendantsinclude both curity to begin purchasing fin- cial burglaries, officials said. TheFBI arrested five people defendantsallegedly tried Chinese and U.S. citizens,in- WASHINGTON—TheWhite gerprinting machines to ship More than 50 officers have on chargesofhelping Beijing multiple tactics to pressure a cluding aNew Jersey private House is developing aplan to to consulates abroad, accord- been injured sinceMonday, harassand threaten alleged fu- Chinese citizen living in New detective. Thefivewho were ar- createanew biometric data- ing to a “summary of conclu- and one remained hospitalized gitives in the U.S.,authorities Jersey described as a fugitive rested made initial appearances base that prospectiveimmi- sions” document reviewed by Wednesdayafternoon, officials said Wednesday, opening a by the Chinese government to in court Wednesdaybut haven’t grants or visitorswould need the Journal. Consulates al- said. SinceTuesdayevening, newfront in U.S. law-enforce- return to China, including by yetentered pleas and couldn’t to enter beforethey apply for ready have machines they use at least 20 people have been ment effortstargeting allega- bringing his elderly father to be reached to comment. visas to come to the U.S.,ac- to take fingerprints, but the shot, three fatally, police said tions of official Chinese the U.S. in an effort to coerce China has been deploying cording to draftplans reviewed machines used by DHS collect Wednesday evening, and nine wrongdoing in the U.S. him; targeting his daughter for aggressivemeans to go after by TheWall Street Journal and more detailed fingerprints. ATMs were blown up,most of Thearrests, in the NewYork surveillanceand online harass- expatriates, the Journal has two government officials in- TheDepartment of Home- them inside businesses. area and in California, arethe ment;and leaving anotetaped reported, dispatching teams of volved in theconversations. land Security referred com- Initial reportsindicate firstspecifically targeting what to his house that said: “If you agentsabroad to threaten Under the change, visa ap- ment to the National Security more than 200 businesses China describes as an anticor- arewilling to go back to the them in efforts to force them plicantswould need to submit Council, which declined to citywide were damaged, said ruption effort to return to that mainland and spend 10 years to return home and facecor- their fingerprintsand possibly comment for this article. SylvieGallier Howard,who countrypeople wanted foreco- in prison, your wife and chil- ruption charges. When the U.S. other biometric information to Administration officials have leads the city’s Commerce De- nomic and other crimes—but dren will be all right.” shut down the Chinese Consul- be entered intoanew data- argued internally that collecting partment. which critics,including the Thedefendantsfacecharges ate in Houston this year, offi- base beforethey arepermitted biometric information earlier Shaka Johnson, alawyer for U.S. government, in some cases of conspiring to act as secret cials defended the decision in to submit applications online. will allowthe government more the Wallacefamily,said Mr. consider acampaign directed Chinese agentsand stalk and part by citing China’s alleged Right now, visa applicants time to conduct background Wallacehad been diagnosed at Beijing’spolitical rivals. harass a victim couple, who use of itsconsulates as a visit aU.S.consulateabroad checks,and it furthersPresident with bipolar disorder and was Threeother defendants aren’t named but areidentifi- “base of operations” to harass afterthey file an application Trump’spromise in 2016 to taking lithium under adoctor’s chargedalongside the five able as Xu Jin and his wife, Liu fugitives. to do an interviewand submit crack down on foreign visitors. care.“Theman wassuffering,” who were arrested aren’t in Fang.The couple wasthe sub- TheChinese Embassy in their fingerprints. But some of the officials he said. “When youcome to a custody and arebelieved to be ject of aWall Street Journal Washingtonhas called the ac- The plan has been the sub- working on the policyques- scene wheresomebody is in a in China, officials said. Theal- article in July that described cusations “groundlessfabrica- ject of discussion forseveral tioned whether the administra- mental crisis,[and] the only legations aredescribed in a the alleged harassment they tions.” An embassy representa- months at theWhiteHouse’s tion would have aspecific use tool youhavetodeal with it is 43-pagecriminal complaint had faced from Chinese opera- tivedidn’t respond to arequest National Security Council. On forthe biometrics beforesome- a gun, that’s a problem.” unsealed in federal court in tives. An attorney forthe cou- to comment on the newcase. Oct. 14,officials directed the one files avisa application.

Brain Sensor Brain ImplantsHold Promise forImmobilized Patients The Stentrode is anew implantable sensor thatrecords neural activity afterit's placed BY DANIELA HERNANDEZ Other methods arelow-tech, inside one of the brain's blood AND MIKE CHERNEY such as placing buttons on a vessels.Bydecoding neural patient’s wheelchair. signals,itcan help patients When Phil O’Keefewantsto Researchers also are work- compose emails and do online open adocument or click a ing on devices that canpick up banking on acomputer. link on his computer screen, residual nervesignals he canthink about tapping his through sensorsonpeople’s left ankle. arms or hands.Devicesfor That brainactivity is col- people who can’t move much Stentrode lected by sensorsimplanted in at allmay need to interact ablood vessel in Mr.O’Keefe’s with the brain directly,though brain and relayedtoacomputer that requires brain surgery. through devices in his chest. “There’snot toomanyop- Thesignals areconverted to a tionsout therefor allowing mouse click or zoom-in on his someone to have alittle more Bloodvessel screen with the help of ma- autonomywithout major sur- chine-learning software. gery or without having that 1 The sensor is placed next Mr.O’Keefe, 60 yearsold, is mental strain of eyetracking,” to the motorcortex,which

one of a small number of pa- ON said Tara Hamilton,anassociate controls movement. tientswith mobility issues professor in electrical and data NCHR

testing this new system, part SY engineering at the University of Eye-tracker of awaveofbrain-sensing Graham Felstead, the firstperson implantedwith the Stentrode device, uses it to operateacomputer. TechnologySydney. technologythat aims to allow Recent work in neurotech- people immobilized by disease derstanding normal brain func- safety needs to be assessed in “Within two or three nology aims to record from as or injurytohandle daily tasks tion and being able to build du- more patients, expertssaid: If months…the patientswereal- manybrain cells or regions as requiring movement. In 2015, rable,accurateand safedevices the deviceruptured the blood ready doing far morethan we possible to givescientistsmore he was diagnosed with amyo- that work outside research set- vessel it is in, the injurywould thought we’d be doing,” said Dr. precise readingsonthe signals trophic lateral sclerosis,aneu- tings. Companies including Sil- likely be fatal. Thecompany Mitchell, director of the neuro- that underpin activities such as Multi-click rodegenerativecondition com- icon Valley startup Synchron said it has done safety testing intervention serviceatRoyal speech, walking and grasping. control monly known as ALS. Inc., which developed the sen- to mitigate risks. Melbourne Hospital. Data scientistscan then trans- Companies and academic sorinMr. O’Keefe’sbrain, are TheStentrode has been im- “My condition being termi- latethose neural recordingsinto labs world-wide areracing to working on technologytoac- planted in three people so far nal, it wasreally aquestion of, instructions that canbefed into build next-generation devices cess the brain while limiting as part of asmall trial in Aus- Do Iwant aquality of lifeordo arobotic device, or back into Signal control unit and artificial intelligencethat thepotential fordamage. tralia, said Thomas Oxley,Syn- Ijust want to sit and watch the nervous system, to produce canmonitor and decode brain Expertssaid Synchron’s chron’schief executive. The television all day?” said Gra- movement, vision or even the 2 Adevice 3 Amachine- activity.With as manyas Stentrode has the potential to trial was described in a study hamFelstead,76, the firstpa- sensation of touch, expertssaid. in thechest learning 500,000 people ayear globally expand mobility options for publishedWednesdaybysci- tient implanted with the device. Accessing so manyofthe sends the algorithm suffering spinal-cordinjuries, people who can’t move. So far, entistsaffiliated with the firm. Manypeople with limited brain’sdelicatecells comes at a neural translates and strokes becoming more itsaccuracyvaries.Experts Researchersexpect to enroll mobility whowant to use a price: Theelectrodes that reach signals to a those signals common among younger people said that could improvewith atotal of five participantsto computer or smartphone cur- intothe tissue cancause inflam- transmitter. into specific because of Covid-19,the need is training or software updates. evaluatethe device’ssafety, rently rely on eye-tracking mation over time.Developers commands. huge, neuroscientistssaid. Thetechnologyisinvery said PeterMitchell, the sur- technology, which is effective areworking on sensorsmade Source:the Company Successhinges on betterun- early stages,and itslong-term geon who implanted the device. but canbetiring,expertssaid. from less damaging materials. AlbertoCervantes/THE WALL STREET JOURNAL P2JW303000-4-A00400-17FEFF5178F

A4 | Thursday, October 29, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Russian Fed Steele’s File On Trump

In the nearly four years genceofficials,held asecret GES

sincethey were published, meeting in Prague in the sum- IMA manyofthe unverified allega- mer of 2016 to discusshow to

tions about President Trump pay the hackers and cover up GETTY compiled by former British their work, the people said. SE/ spy Christopher Steele have Messrs. Cohen, Gubarev and othershavelong denied taking ANCE-PRES

By Alan Cullison part in the activities described FR in Washington and in the dossier.Contacted by the Journal, Ms.Galkina acknowl- ENCE

David Gauthier-Villars AG in Istanbul edged receiving areporter’s writtenquestions,but didn’t AKMEN/

been widely discredited, in- respond to them. A LG

cludingbyspecial counsel While contributing to the TO RobertMueller’s investigation dossier,the people familiar Former U.K. spy Christopher Steele. His dossier of unverified allegations about Donald Trump has widely been discredited. of Russian meddling in the with the mattersaid, Ms. 2016 U.S. election. Galkina wasinamessy dis- aides and associates to Mr. question was Ms. Galkina. Danchenko’sFBI interviewand lished by BuzzFeed News in Yetthe source of some of putewith her employer, Webz- Trump for lying to investiga- Mr.Danchenko, in astate- FBI notes,Mr. Steele gavehim January2017. Other news out- the most critical allegations in illa’s parent company. tors or separatefinancial ment released by his attorney, “four to five” names of offi- lets, including the Journal, that dossier and howthey Alaw graduatewho spoke crimes.The investigation said he wouldn’t confirm or cials in Mr.Trump’scircle to subsequently published arti- reached Mr.Steele have re- five languages and had worked didn’t establish aconspiracy deny information concerning research, which he passed cles describing some of the al- mained a mystery. in Russia in avariety of indus- between the Trump campaign his sourcesormethods.“I along to Ms.Galkina in the fall legations and making clear AWall Street Journal inves- tries,according to an online and the Russian government, have a longstanding relation- of 2016.“Almost immediately,” that they were unverified. tigation provides an answer: a résumé and aperson who whichhas repeatedly denied ship with most of my she recognized the name of Mr.Gubarev sued BuzzFeed 40-year-oldRussian public-re- worked with her,she appeared interfering in U.S. elections. sources...and have no reason Mr.Trump’slawyer,Mr. Co- in the U.S.,whereajudgedis- lations executive named Olga qualified forthe job.But in TheMueller report pre- to believethat anyofthem hen, according to the declassi- missed the case,saying that the Galkinafed notes to afriend August 2016,lessthan 10 sented no evidencethe pur- fabricated information that fied notes. dossier had become agovern- andformer schoolmatewho months afterher arrival in Cy- ported Prague meeting ever wasgiven to me,” Mr. Ms.Galkina’sinitial version ment record that the publica- worked forMr. Steele.The prus,Ms. Galkina’semployer happened.Alleged attendees Danchenkosaid. “Moreimpor- of alleged contactsbetween tion couldn’t be held liable for, Journal relied on interviews, took steps to fire her. have denied they had anything tantly,Ihaveyet to see any- Mr.Cohen and the Russian even if it wasincorrect. Mr. law-enforcement records, de- Relationssoured to the to do with the hacking or met thing credible that indicates government was sketchy and Gubarev has filed alibel lawsuit classified documents and the point whereher manager went in the Czech capital. Mr. that the rawintelligenceIcol- shecould identifyfew of the against Mr.Steele in the U.K. identification of Ms.Galkina to authorities in the Cypriot Gubarev,Webzilla and XBT lected was inaccurate.” people involved, according to Mr.Gubarev declined to com- by a former top U.S. national city of Limassol in November have denied any involvement In his FBI interview, Mr. the declassified notes. ment, citing the pending litiga- security official. of that year and filed a state- in the hacking. Danchenkosaid he knewMs. In mid-October,Ms. Galkina tion. Buzzfeed’seditor in chief In 2016,Ms. Galkina was ment with police. According to Mr.Danchenko, the Russian Galkina sincethe equivalent of reported that Mr.Cohen had at thetime,Ben Smith, said the working in Cyprus at an affili- the statement, which was re- national who conducted re- met with Kremlin officials that ruling wasavindication of the ateofXBT Holding SA,aweb- viewedbythe Journal, Ms. search forMr. Steele’sdossier, summer in an undisclosed Eu- publication’swork. services companybest known Galkina waschronically show- wasidentified publicly forthe ropean country, wherethey TheFBI in July 2016 forits Webzilla internet host- ing up latetowork,sometimes firsttime this past summer af- discussed waystominimize launched an investigation into ing unit. XBTisowned by Rus- appearing drunk. terthe Trump administration the appearanceofcontactsbe- any links between the Trump sian internet entrepreneur Themanager told police declassified documents from a tween Mr. Trump’s aides and campaign and Russian inter- Aleksej Gubarev. that an acquaintance of Ms. Federal Bureau of Investigation Russia, the FBI notes said. ferenceinthe election based That summer, she received Galkina had told him he would probe intothe report’sorigins. In December,Ms. Galkina on intelligenceithad received arequest from an employeeof facedeep trouble,including In three days of interviews gaveMr. Danchenkonew de- overseas.Later,acting on are- Mr.Steele to help unearth po- possible death, unlesshepaid with theFBI in early 2017as tails about Mr.Cohen’spur- quest from former Attorney tentially compromising infor- €10,000 ($11,740) in compen- the agencytried to determine ported meeting and implicated General Jeff Sessions and mationonthen-presidential sation, according to the state- the origin of the dossier,Mr. her erstwhile boss, Mr. complaintsbymembersof candidateDonald Trump’s ment, which wasconfirmed by Danchenkosaid he had been Gubarev,inthe DNC hacking, Congress, the Justice Depart- links to Russia, according to aCypriot official and aperson working forMr. Steele as are- the notes said. Mr.Cohen de- ment’s inspector general re- people familiar with the mat- who attended itsrecording. searcher,according to the de- nied in an appearancebefore viewedthe FBI’sactions in ter. Ms.Galkina wasfriends Because the manager never classified documents. With the Congress in 2019 that he had starting the Russia probe and with the employee, Igor filed aformal complaint, the approach of U.S. elections in Olga Galkina was ever been to Prague or that he last year reported it found Danchenko, sincetheir school matter was dropped, the offi- 2016, Mr. Danchenko told the had anything to do with the “serious performancefailures” days in Perm, aRussian pro- cial said. FBI, Mr. Steele asked him for the Steele dossier’s 2016 hacking of the Democrats. in the FBI’s conduct in a por- vincial city near the Ural In November 2016,Ms. information about Mr.Trump’s most important Thedossier,which consists tion of that investigation that mountains. Galkina wasfired. Weeks later, ties to Russia. of reportsdated between June relied on the dossier. Ms.Galkina wasthe source, she implicated Webzilla and Mr.Danchenkotold the FBI contributor. and December 2016,sprang Thereview found that the forinstance, of the dossier’s Mr.Gubarev in the hacking, that thetask was“outside the from an effort initially com- FBI had reason to open its contention that Webzilla according to people familiar normal scope of work and it missioned by conservativeRe- overall probe and found no ev- playedacentral role in the with the matter. wasn’t completely comfort- publican opponentsofMr. idencethat political bias influ- 2016 hackingofthe Demo- Mr.Trump has said the able” forhim. To find such in- eighth grade and that she had Trump during the presidential enced the FBI’sdecisions.The cratic National Committee, ac- dossier was part of a broader formation on Mr.Trump,he remained a“close,personal primaries and waslater con- probe of the ties to Russiawas cording to people familiar attempt to sully his reputa- turned to his “social circle” in friend” who he had helped fi- tinued by Democrats, includ- handed to Mr.Mueller in May with the matter. Therelease of tion,referring broadly to in- Russia, according to declassi- nancially over the years. ing the campaign of candidate 2017. emails stolen from the Demo- formation about Russian inter- fied FBI notes of the meeting. Mr. Danchenko told FBI in- Hillary Clinton and the DNC. FBI director Christopher cratic Party leadership roiled ferenceinthe 2016 election as Mr.Danchenkotold the FBI vestigatorsthat Ms.Galkina, Mr.Steele washired by Fu- Wray has introduced a series the presidential campaign. a “hoax.” that a school friend, referred who had held avariety of jobs sion GPS,abusiness-intelli- of reforms, including changes She wasalso responsible Mr. Mueller’s investigation to in heavily redacted FBI in government and the private gence research firm in Wash- to the FBI’sconfidential hu- forthe mention of Mr. found that the hacking of the notes as “Source 3,” had pro- sector in Russia over the ington. TheJournal in January man-source program, under Gubarev in the dossier as a DNC was directed by the vided him with information years, had a “vast network of 2017was firsttoreport that which Mr. Steele provided in- hacking expert recruited under Kremlin in abid to benefit Mr. forMr. Steele “acrossawide people” shecould talk to,in- Mr.Steele wasthe author of formation to the FBI. The de- duressbyRussian security Trump. Mr. Mueller’s investi- range of topics,” and stood as cluding some with connections the dossier. classified FBI notes indicate services, these people said. gators obtained arelated in- thedossier’s most important to the Kremlin, and had helped Mr.Steele,who has said the U.S. federal agents distrusted Likewise,she wasbehind dictment of 12 Russian mili- contributor. The former high- him gather information in the dossier wasn’t meant forpub- Mr. Steele’s source network. the dossier’s assertion that tary intelligenceofficers as ranking U.S. national security past, according to the declas- lic consumption, through an —Nonna Fomenko Mr.Trump’slawyer,Michael well as guilty pleas or convic- official told TheWall Street sified notes. associatedeclined to com- in Moscow Cohen, and Russian intelli- tions against several former Journal that the source in According to Mr. ment.The dossier waspub- contributed to this article.

the harshest questions,includ- newsworthy“saber-rattling, Some Democratssaid the Senators ing Twitter’sdecision to block which is part of the speech of hearingcould have achilling usersfromlinking to recent world leaders.” effect on tech companies’ ef- NewYork Post articles con- “Speech against acountry’s fortstoblock misinformation Question cerning allegations against owncitizens,webelieve, is dif- and hatespeech. Sen. JonTes- Democratic presidential nomi- ferent and could cause immedi- ter(D.,Mont.) dismissed the nee JoeBiden, which his cam- ateharm,” Mr.Dorsey said. hearing as a“cheap stunt” Tech CEOs paign has denied. Democratslargely focused on aimed at pushing the platforms Sen. TedCruz(R.,Texas) ac- other issues,including howthe to allowmisinformation to re- cused Twitterofacting as a tech companies shareadvertis- main online and to raise doubts ContinuedfromPageOne “Democratic super PAC” when ing revenue with local news about the election. He charged Colo.) questioned Twitter’sde- it decided to block tweetsofthe publishers.Sen. AmyKlobuchar that the directivetohold the cisions to label some postsby articles,including by the Post. (D., Minn.) questioned Mr.Zuck- hearingcame “straight from President Trump as mislead- “Who the hell elected you erbergoverstudies suggesting theWhiteHouse.” TheWhite It’s notjustaboutcoloringapage... ingbut not othersbyIran’s and put youincharge of what Facebook’salgorithms contrib- House didn’t respond to are- It’s aboutshowing your true colors. Supreme Leader AyatollahAli the media areallowedtore- utetopolitical polarization. questfor comment. Khamenei threatening Israel port?” Mr.Cruzasked. “The way Ilook at it [is] Acommitteesource said the and denying the Holocaust. “I “I hear the concerns and ac- moredivisiveness, moretime panel authorized subpoenas for just don’t understand how knowledgethem,” Mr.Dorsey on the platform—moretime on the CEOs two weeks beforethe Twittercan claim to want a said, but he denied Twitterwas the platform, the company NewYork Post articles. world of less hate and misin- favoring Democratic causes. Section 230 of the 1996 formation while you simulta- Thecompanywill nowal- Communications DecencyAct, neously let the kind of content low posts about the disputed TheCEOssaid they the hearing’s focus, gives on- that the ayatollahhas tweeted Post articles,though the news- line companies broad immu- out to flourish,” he said. paper’s Twitteraccount re- have changed how nity from legal liability for Democratsalso want to re- mains blocked. Twitterhas they handle election­ user-generated content and view Section 230 but raised dif- told the Post itsaccount will wide latitude to control what fering concerns about the plat- be reactivated once it deletes related content. appears on their platforms. forms,including asking whether the tweets, Mr.Dorsey said. Republicans arepushing to the companies are taking ade- Upon reactivation, the outlet rewritethe law,and the Federal quatesteps to guardagainst canpost the Biden stories Communications Commission disinformation campaigns in without penalty, he said. makes moremoney,” she said. has begunareview that could Aplace to become... An artist,abusinessleader, a what could be achaotic after- In response to questions Sen. RichardBlumenthal (D., lead to scaling back liability teacher. If kids andteens candream it,Boys&Girls Clubs math to Tuesday’selection. about warningsplaced on Mr. Conn.) warned that foreign protectionsfor internet plat- canhelpthembecome it.Because at our Clubs,it’snot “The issue is not that these Trump’stweet, Mr.Dorsey powers including Iran and Rus- forms.Sen. Roger Wicker (R., magicthatmakes dreams come true,it’sthe people.Likeour companies beforeustodayare said Twitterhas policies sia are“making 2016 look like Miss.), the panel’schairman, YouthDevelopment Professionalswho ensure our youth have taking toomanypostsdown. against certain types of false child’splay,” referring to Mos- said the shield has “given these aplace to feel physically andemotionally safe.Aplace to Theissue is that they areleav- information, including “manip- cow’s widespread online inter- internet platforms the ability to belong.Aplace to have fun. Aplace to learnand grow on their ing toomanydangerous posts ulated media, public health— ferenceefforts to help elect Mr. control, stifle and even censor path to aGreat Future. up,” said Sen. Ed Markey (D., specifically Covid—and civic in- Trump,aRepublican. Mr.Blu- content in whatever manner Mass.). tegrity.” Mr.Trump’slabeled menthal asked whether the meetstheir respective‘stan- In aseries of testy exchanges tweets addressed mail-in vot- companies have takenenough dards.’The time has come for over the nearly four-hour hear- ing, violent protestsand the stepstopreparefor curbing that free passtoend.” ing,which wasconducted via coronavirus. misinformation in apotentially Theexecutives signaled some webcast, the CEOs expressed TheTwitterchief said the volatile postelection period. opennesstochanges in the law. varying degrees of opennessto- companyalso has policies TheCEOs said they have Messrs. Zuckerbergand Dorsey ward changing Section 230 but against the incitement of vio- changedthe way they handled said they strivetobalanceus- GreatFutures.org denied anypolitical bias. lence, but he characterized the election-related content and ers’ right to free expression Mr.Dorsey faced perhaps Iranian leader’s statementsas worked with publishers. with protecting public safety. P2JW303000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, October 29, 2020 | A5 P2JW303000-4-A00600-11FFFF7178D

A6 | Thursday, October 29, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Covid Policy Dominates Final Stretch of Race

BY REBECCA BALLHAUS severity to hurt him politically. AND SABRINA SIDDIQUI He has likened some Covid-19 cases,including that of his 14-

Democratic presidential year-old son, Barron, to “snif- S nominee Joe Biden is center- fles” and said his own experi- PRES ing his closing campaign argu- ence indicates the virus isn’t S TED ment on his ability to steer always so bad. PRES OCIA TED

the nation through the corona- “I want to saybecause Iam SS CIA virus pandemic.President a very young person that’s in /A SO

Trump’srallying cry: Thevirus physical shape,” Mr.Trump AS CI/ is no big deal. joked Tuesdayatarally in HARNIK In aseries of speeches in Lansing,Mich. “I took that vi- VUC recent weeks,including one on rus”—he paused to mime AN ANDREW EV WednesdayinWilmington, punching it—”and Iwokeup PresidentTrump has minimized the virus’sthreat. Democratic nominee Joe Biden has been laying out an agenda forcurbing its spread. Del.,Mr. Biden has attacked the next morning and Ifelt the president’shandling of the like Superman, it’s true.” Mr. He regularly pointstohis roughly as many people each tectiveequipment and addi- aregrouped together,often pandemic,which has killed Trump,who is 74 yearsold, decision in Januarytorestrict dayasthe U.S. currently tests tional economic relief forAmer- butnot always outside.At nearly 227,000 people in the washospitalized forthree travel from China and says the each week.The former vice icans and small businesses. times,those eventshavebeen U.S. New infections are surg- days afterhis diagnosis and death toll in the U.S.,which is president has vowed to make He has called on Congress held despitethe wishes of the ing to record levels in much of wastreated with asteroid typ- the highest in the world, alltesting and acoronavirus to pass emergency funding to local public-health depart- the country. ically used in severecases,an would have been far greater if vaccine available to the public help reopen public schools,es- ments. “I’m not running on the antibody cocktail and the anti- he had done nothing to ad- free of charge. timating roughly $30 billion Voters have ranked the pan- false promise of being able to viral drug remdesivir. dress the virus. In daily cam- Mr. Biden also said he will forsupplies and $4 billion for demic as atop concern, along end this pandemic by flipping Mr.Trump acknowledged paignevents, he predictsthe urge all governorsand local upgrading technologies. with the economy, according aswitch,” Mr.Biden said that cases aresurging in many nation is “rounding the cor- officials to impose mask man- Thecandidates’ campaign to Wall Street Journal/NBC Wednesday. He promised to states,including in the battle- ner” on the virus. dates in public spaces and use events in the final days before News polling.Some 57% disap- “let sciencedriveour deci- ground stateofWisconsin, Public-health officials say his executive authority to re- the election mirror their atti- proveofMr. Trump’shandling sions” andto“deal honestly whichonTuesdayreported they are bracing for the num- quirefacecoveringsinall fed- tudes toward the pandemic. of Covid-19,compared with with the American people.” morethan 5,000 newcases.He ber of Covid-19 cases and eral buildingsand on inter- Mr.Biden has been holding 41% who approve, according to Mr.Trump in the final told supportersTuesdayin deaths to get worse. state transportation. drive-in rallies beforespread- aJournal/NBC poll released stretch of the campaign has Omaha, Neb., that thereare Mr.Biden says his agenda Other elementsofMr. Bi- out supportersincars, while Oct. 15. minimized the threat posed by “certain areas that areheated to curb the spread of the virus den’splan include hiring Mr.Trump has convened thou- —Alex Leary the virus and accused the up right now,” but that “they’ll includes a nationwide testing 100,000 contact tracers, driving sands of people,manyof and Ken Thomas news media of exaggerating its be down within two weeks.” plan, which he said would test up production of personal pro- whom don’t wear masks and contributed to this article. CourtWon’t Block BallotsinNorth Carolina, Pennsylvania

BY JESS BRAVIN the parties’ filings, acourt publican National Committee, request to roll back the dead- statement indicating they from 8p.m. Nov.3.The court AND BRENT KENDALL spokeswoman said. the GOP state lawmakers and line.JusticeGorsuch wrote were open to considering the credited guidancefromthe In the North Carolina litiga- otherschallenged the deadline that the pandemic wasn’t the case after Election Day. Pennsylvania secretaryof WASHINGTON—TheSu- tion, the justices denied Re- extension and other changes, kind of natural disaster that On Friday, the Republican statethat the three-dayexten- preme Court on Wednesday publican requeststoblock a saying those officials improp- gavethe stateboardofelec- Party of Pennsylvania, backed sion would adequately account declined to disturb extended decision by stateelections of- erly rewroteunambiguous tions a license to change vot- by the Trump campaign, asked forprocessing backlogsin ballot deadlines in the battle- ficials to extend the deadline rules set out by statelawmak- ing rules. the Supreme Court to hear elections offices and postal ground states of NorthCaro- foraccepting mail-in ballots erswho already had made In the Pennsylvania matter, and decide itschallengebefore deliverydelays related to the lina and Pennsylvania, leaving until Nov.12, six days past the some concessions forthe the Supreme Court refused to Election Day, Nov. 3. The mo- pandemic. the states moretime to re- date set by the Legislature. Covid-19 pandemic. expediteaRepublican chal- tion was unusual in that only Democrats, who sued for ceivemail-in ballotspost- North Carolina elections of- Thehigh court didn’t ex- lengetoastate court order days earlier,the Supreme public-health accommodations marked by Election Day. ficials said they extended their plain its reasons for rejecting providing three extradays for Court, by a4-4 vote, had re- in accepting ballots, had asked The court’s newest justice, deadline “tokeep voters from the requests. Threeofthe the statetoaccept absentee fused to block the three-day foraweeklong extension, AmyConey Barrett, didn’t par- having their votesthrownout court’sconservatives,Justices ballotsmailed by Election Day. extension. equivalent to the deadline fed- ticipateineither decision “be- because of mail delays that ClarenceThomas,Samuel Alito Thecourt’sorder in that In September,the Pennsyl- eral lawsetsfor accepting cause of the need foraprompt the Postal Service had explic- and Neil Gorsuch, registered case included no noted dis- vania Supreme Court extended ballotsmailed by military resolution” and because she itly warned the state about.” objections and said they would sents, although the same three to 5p.m. Nov.6the deadline families and Americans over- hasn’t had time to fully review TheTrump campaign, Re- have granted the challengers’ conservative justices issued a to accept absentee ballots, seas.

Jacob Sanchez Diagnosed with autism

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THE WALL STREET JOURNAL. **** Thursday, October 29, 2020 | A7 U.S. WATCH U.S. NEWS

WASHINGTON often more-compromising infor- mation. Anonymous Trump The release of some Hall Rule Is Set for Free Vaccines Critic Reveals Himself County files came Tuesday, one week before the 2020 presiden- Miles Taylor, the former chief tial election. Recent polls show BY STEPHANIE ARMOUR of staff at the Department of the race has tightened in Geor- Homeland Security who became gia, which was last won by a Seniorsand people in pri- an outspoken critic of President Democrat in 1992. vate health-insuranceplans are Trump, identified himself The Journal’sreviewofthe among those who won’t be Wednesday as the anonymous hacked county files, which include chargedfor getting acoronavi- author of an opinion column and administrativedocuments and rusvaccine under aTrump ad- book that attacked the president election information, found named ministration rule designed to as amoral and reckless. individuals with provisional ballots ensurethat as manypeople as In an essay published on Me- thatwereflagged fortheir signa- possible getvaccinated oncea dium, Mr. Taylor said he wres- tures notmatching; voternames shot becomes available. tled with the decision to air his and registration numbers; and an Medicarewill coverthe cost criticisms of the president anon- election-equipmentinventory. of administering the vaccine ymously. “Issuing my critiques Some information waspublic; forseniorsunder aplan re- without attribution forced the some, such as avoter’s Social Se- leased Wednesday. President to answer them di- curitynumber,are private. In addition, the administra- rectly on their merits or not at Hall County officials declined tion will requireall providers all, rather than creating distrac- to comment on the attack or of Covid-19 teststopost their tions through petty insults and the release of information. The cash prices forthe testsonline, name-calling,” he said. county didn’t provide the and failuretodosocould re- REUTERS

Trump campaign press secre- amount of ransom demanded sult in fines of up to $300 a O/ tary Hogan Gidley on Wednes- and didn’t say whether it has day. Federal lawrequires pri- BELL

day called Mr. Taylor’s disclosure yet paid any amount. vate insurers, Medicareand CO the “least impressive, lamest po- —Tawnell D. Hobbs Medicaid to covertests—but MAR litical ‘reveal’ of all time” and at- doesn’t guarantee people with- A health-care worker handles test tubes used in a Covid-19 vaccine study in Hollywood, Fla. tacked Mr. Taylor as a “stan- CALIFORNIA out insuranceget no-cost tests. dard-issue, arrogant, Thefines aim to ensurethereis cacy and safety milestones. Washington, D.C. swamp bro Subdued Winds Help pricedisclosurearound any Hospitalizations, tors of the virus’sspread have Therule overcomes that who loved President Trump until In FightAgainstFires possible out-of-pocket costsfor prompted officials to implement hurdle and means the adminis- he figured out he could try to tests. Insurersalso use the cash New Cases Rise stricter restrictions in recent tration won’t have to go to make money by attacking him.” Calmer weather on Wednes- pricewhen determining reim- days.InNew Jersey, morethan Congressand seek afix,admin- In an anonymous New York day helped firefighters beat back bursement. 1,000 people were hospitalized istration officials said. Times opinion column published two wildfires that drove nearly Theadministration rule also The number of people hospi- in NewJerseyonTuesday, the Therule from CMS goes be- in September 2018 titled “I Am 100,000 Southern Californians will provide increased Medi- talized in the U.S. with Covid-19 highestsinceearly July. yond Medicare, however. It es- Part of the Resistance Inside the from their homes amid fierce care paymentsfor new climbed to 44,212 Tuesday, the The U.S. reported morethan tablishes that all providersof Trump Administration,” Mr. Tay- winds and dry conditions. Covid-19 treatmentsassoon as highestnumber of patients 73,200 newcases forTuesday, Covid-19 tests, as well as places lor wrote that a group of senior Authorities lifted some evacu- they become available. sinceAug. 15, according to data the second daily increase in a that perform tests, will also administration officials were ation orders Tuesdayaswinds Therequirementsare part of from the Covid Tracking Project. row,according to data compiled have to post the cash priceof “working diligently from within began subsiding and contain- areimbursement strategyre- The increasing number of by Johns Hopkins University. the test online.The pricedis- to frustrate parts of his agenda mentwas increased forthe mas- leased Wednesday. Theadmin- patients poses achallenge for While lowerthan the more-than closurerequirement wasalso and his worst inclinations.” sivewildfires in brushyhills istration has been pressing for some hospitals struggling with 80,000 cases reported on Sat- included in theMarch legisla- —Rebecca Ballhaus above cities in Orange County. avaccine against avirus that staffing shortages and in- urdayand Sunday, Tuesday’s tion known as the Cares Act. Moreresidents were expectedto has killed morethan 226,000 creased capacity. Rising hospi- tally is higher than daily levels Therule implementing the GEORGIA receivepermission to return to Americans,although polls indi- talizations in places such as earlier in the month, as well as newrequirementsfollows their homes soon. “With favor- cate the number of Americans Idaho,Utah, Montana and El in Augustand September. mounting concern from some Hacker Attacking able weather,firecrews will find reluctant to getavaccine has Paso,Texas, andother indica- —Jennifer Calfas lawmakersand health-caread- County Releases Files opportunities to establish more risen. Ensuring that vaccines vocatesabout out-of-pocket controllines,” said the California arefreecould removecost as costssome people arepaying Acomputer hacker who took DepartmentofForestry and Fire onebarrier to vaccination. going to getevery American or coinsurance, which is the fortests. Costsoftestscan overnetworksmaintained by Hall Protection, or CalFire. While the rule goes intoef- vaccinated,” said Seema Verma, percentageofcostspaid by pa- vary widely: Largehospitals County,Ga., publicly released elec- The Silverado Fire burned 21 fect immediately,therewill be administrator at the Centers tientsafter they reach their de- nationwide charge from $20 to tion-relatedfiles after aransom square miles and was 25% con- a30-daypublic comment pe- forMedicareand Medicaid Ser- ductible. $859 forasingle out-of-net- wasn’tpaid, heightening concerns tained on Wednesday. riod. Adjustmentscould be vices.“We’recoordinating CongressinMarch passed work test, according to an anal- about voting security. No homes were destroyed made to the rule aftercom- acrossthe entirehealth care legislation making the adminis- ysis from the Kaiser Family Awebsitemaintained by the but 70,000 remained threatened mentsare received. deliverysystem, privateand tration of anycoronavirus vac- Foundation. hacker lists Hall County along by the blaze, which broke out in AstraZenecaPLC andthe public.” cine free,but therewas ahitch: Therule includes provisions with other hacked entities as gusty weather around dawn University of Oxford, Pfizer Inc. Medicare, which covers Medicaredoesn’t coverdrugs to ensurethat people in private those whose “time to payisover,” Monday near Irvine, about 35 and Moderna Inc.are well into about 62 million people,will that getanemergencyuse au- health plans getfreecoronavi- according to aWall Street Journal miles south of Los Angeles. Phase 3clinical trials on their coverthe cost of administering thorization,which has lower rusvaccines during the public- reviewofthe hacker’s website. In Northern California, power vaccine candidates,and the ad- Covid-19 vaccines approved by standards than the criteria health emergency. Thefreevac- The Hall County files are la- had been restoredbyWednesday ministration has agreements the Food and Drug Administra- used in typical drug approvals. cines were stipulated in the beled as “example files,” which to the vast majorityofresidents, for100 million doses as soon tion under an emergency-use Drugmakersare expected to Cares Act, whether they arein typically are nonsensitive and with the remaining 10,000 ex- as theend of the year. authorization and given in an pursue emergencyuse authori- or out of network.The federal used to encourage payment be- pecting to see it restoredsoon. “Nowwe’reseeing this out-patient setting.Benefici- zations oncetheir Covid-19 government is paying forthe fore a possible bigger rollout of —Associated Press greater effort on howweare aires wouldn’t owe adeductible vaccine candidates meet effi- cost of the vaccines.

Thepandemic has especially agreement wasnolonger valid. Tiffany, hurt demand forluxurybrands, Some legal expertshavesaid given that they tend to be more LVMH faced long odds of pre- reliant than other consumer vailing. LVMH goods on both in-storesales Whether in the end it turns and steady streams of tourists. out to have been agood move ConsultantsatBain have fore- forLVMH to challengethe Strike Deal cast asales decline of 20% to deal—for a$400 million-plus 35% acrossthe global luxury- discount—remains to be seen, goods industryin2020. giventhat the next time it tries ContinuedfromPageOne LVMH said in September it to makeanacquisition the tar- to the European luxury-goods wasbacking out of the deal,us- getcould hesitate, worried it too conglomeratelatelast year in a ing the novel justification of could risk being leftatthe altar. roughly $16.2 billion deal. trade disputes between France Tiffanyshareholdershave LVMH, whose scores of brands and the Trump administration. continued to receivea58-cent- include Louis Vuittonand Bul- It said it had received aletter a-sharequarterly dividend, gari, sawanopportunity to re- from the French foreign minis- meanwhile. LVMH had criti- vamp the famed jeweler,which tryasking it to delaythe acqui- cizedthe company’sdecision had struggled with weak de- nottocut itsdividend despite mand. It would also strengthen losing money. LVMH in China, wheredemand The French Thetie-up is the highest- forluxurygoods has been profile deal to sour as aresult steadily increasing as incomes company saves $430 of the pandemic,though far rise,and expand itspresencein million and avoids a from theonly one,especially the U.S. among companies in retail.Pri- LVMH, with amarket value court battle. vate-equity firm Sycamore of around $200 billion, is one Partnerssued Victoria’sSecret of Europe’smost valuable com- parent LBrands Inc.inApril, panies and manytimes the size arguing that the retailer had vi- of Tiffany. It has along history sition.Manysaw the moveasa olated the terms of their of deal making,including a$13 bid to lowerthe price. Tiffany mergeragreement by closing Service foraSultan billion movein2017tobring all Chairman Roger Farahsaid at stores,furloughing workersand of French fashion house Dior the time that therewas no ba- skipping rent payments. L King Louis-PhilippeTea Service under the ownership of LVMH. sis under French lawtoorder a Brands countersued and the But the Tiffanyacquisition companytobreach avalid and two sides eventually agreed to represented the biggest bet yet binding agreement, and a scrap the deal. Royal gift. One-of-a-kind artistry. by LVMH under BernardAr- French diplomatic official also Mall landlord Simon Prop- Impeccable craftsmanship. This nault, the French billionaire said such aletterwouldn’t be erty GroupInc.sued to termi- extraordinarily rare tea service whohas been itschief execu- binding. natea$3.6billion deal to buy tiveand controlling share- Tiffanysued LVMH in Dela- Taubman CentersInc.Taubman was made as agift from French holder forthree decades. ware ChanceryCourt to enforce countersued and Simon later King Louis-Philippe to Mahmud II, Thedeal’smeritschanged the agreement or obtain dam- amended itscomplaint to argue Sultan of the Ottoman Empire. The when the pandemic spread ages.That prompted LVMH to that Taubman sincebreached complete 78-piece silver gilt and around the world in early 2020, countersue,arguing the U.S. the agreement by renegotiating forcing Tiffanyand other retail- jeweler’s businesshad been so itscredit facilities.The compa- porcelain service for 24 includes four erstoclose stores and severely deeply damaged during the nies areset to go to trial next different colored sets of six cups and denting sales. pandemic that their takeover month. saucers, as well as two Orientalist lacquered trays. Representing the important friendship between the Ottoman Empire and France in the 19th century,itisatruly one- of-a-kind masterpiece. Circa 1835. Case: 34”w x27”d x9”h. #31-1570

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A8 | Thursday, October 29, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Pompeo Blasts China in SriLanka U.S. Moves To Block Secretary of State Aside from China, the other main agenda item forthe Sri says CommunistParty Lanka visit outlined by the WTOPick is a‘predator,’warns State Department wasencour- aging democracy, which also againstdependence faceschallenges,critics say. ForLeader Mr. Pompeo sought to em- BY WILLIAM MAULDIN phasizethe shared democratic TheU.S.opposed the selec- AND SAEED SHAH vision of SriLanka and the tion of former Nigerian Fi- U.S.,citing the presenceof nance Minister Ngozi Okonjo- COLOMBO,Sri Lanka—Sec- Coca-Cola Co., Oracle Corp. Iweala as the World Trade retary of State MikePompeo andInternational Business Organization’snew leader,of- warned SriLanka against its Machines Corp.inthe country ficials said,the latest Trump tightening ties with China, as and U.S.-donated Coast Guard administration challengeto

his tour of South Asia this S cutters used to help keep some the body. week put aspotlight on the of the region’ssea lanes open. growing rivalrybetween the PRES “A strong,sovereign Sri By Laurence Norman U.S. and Beijing forregional TED Lanka is apowerful and strate- in Brussels and Drew CIA

influence. SO gic partner of the United States Hinshaw in Warsaw

Mr.Pompeo arrived in Sri AS on the world stage,” he said. Lanka as it is ratcheting up its TheRajapaksas last week Ms.Okonjo-Iweala was

relationship with China with RDENA/ pushed through aconstitu- poised to become the WTO’s newloans,multibillion-dollar WA tional amendment to shift first female leader after gain- YA

construction projectsand new JA powers held by Parliament and ing the support of most WTO laws to cement the partnership. independent bodies to the member states.But as her ANGA

India has been moving closer ER presidencyinwhat the opposi- nomination moved forwardat to the U.S. afteritgot caught in Mike Pompeo on Wednesday visited St. Anthony’s church, which was attacked by terrorists in 2019. tion claims is a move toward a meeting on Wednesday, the deadly skirmishes with China autocracy. Thebrotherssay U.S. became the sole remain- this year.InIndia on Tuesday Party is apredator,” Mr.Pompeo aggressively.The U.S. has year,said even beforethe visit the previous system, which ingcountrytovoiceopposi- before leaving forSri Lanka, told reportersafter ameeting sought to counter that, partly that it isn’t interested in sign- wasbrought in by their prede- tion to her appointment. Mr.Pompeo announced newac- Wednesdaywith SriLankan For- by arms sales and encouraging ing a military agreement and cessorstrying to createchecks Asenior U.S. official said cordstohelp NewDelhi coop- eign Minister Dinesh Gunawar- nations to demand moretrans- an economic assistance pack- and balances,instead resulted the U.S. had opposed Ms. eratewith the U.S. militaryand dena. “The United Statescomes parencyinChinese deals. age sought by Washington. in dysfunction and infighting. Okonjo-Iweala’scandidacybe- buy itshardware. in adifferent way—wecome as “Sri Lanka will always TheRajapaksas saythey en- MahindaRajapaksa was cause she had no background SriLanka, however, has dem- afriend and apartner.” maintain aneutral stand in courageall countries to invest president between 2005 and in trade,having spent most of onstrated it is increasingly wary Beijing reacted with anger foreign policyand will not get in Sri Lanka, which is still re- 2015,when he embraced China her career at the World Bank, of being sucked intothe U.S. or- over what it sawasMr. entangled in struggles be- covering from a three-decade with aseries of infrastructure and because the WTO should bit in the superpower’sstruggle Pompeo’s interferenceinits tween powerblocs,” Sri civilwar,but repeatedly the deals. He wasousted from of- not have moved forward with with China to gain an edgein relationships with India and Lanka’sPresident, Gotabaya only nation to showupwith fice between 2015 and 2019, her candidacywhen there the Indo-Pacific.The small SriLanka, accusing the U.S. of Rajapaksa, said on Twitteraf- money is China. partly as aresult of public re- wasn’t aconsensus in support. countryoff the southern tip of arm-twisting those countries. ter meeting Mr. Pompeo. Afterastopinthe Mal- action to those murkydeals, Dozens of governments India is in astrategically impor- China has used itsinfra- SriLanka, whereasweep of dives, which has distanced it- and Beijing’srelations with Sri swiftly spoke out against the tant location along Indian Ocean structurebuilding and financial parliamentaryelections in Au- self from China afteranew Lanka cooled.Growing con- U.S.,saying Washingtonwas shipping lanes.Mr. Pompeo firepowertoincrease itsinflu- gust handed the pro-China Ra- government came to powerin cerns about the economyand trying to obstruct and weaken warned SriLanka about the po- enceinnationsacrossAsia, as japaksa brothersthe prime 2018,Mr. Pompeo is set to the country’sability to fight the global-trade regulator,sev- tential consequences. well as pressing itsterritorial ministership in addition to the visit Indonesia, which has ter- terrorism brought the brothers eral people present or briefed “The Chinese Communist claims on land and sea more presidency they took late last ritorial strains with China. back to powerlast year. on the exchange said. Ms.Okonjo-Iweala, who is also aU.S.citizen, would be the firstfemale and African leader Lockdowns of theWTO.She wasrunning against South Korea’sfirst fe- male trade minister YooMyung- Reimposed hee,whom Washingtonbacks. Thesenior U.S. official said Ms.Yoo had an extensive In Europe background in trade that made her better suited for the role of managing the WTOinape- ContinuedfromPageOne riod of turmoil. The U.S. isn’t rapidly in England than daily trying to weaken the WTO, the testing datasuggest, findings official said, adding that Ms. likely to spur further restrictive Yoo’sbackground would make measures on swaths of the her bettersuited to lead the country. organization. Therestrictions from Eu- “Twenty-seven delegations rope’stwo biggest economies took the floor,” said WTO arelikely to pressureother spokesman Keith Rockwell. countries to followsuit. Euro- “One delegation could not sup- pean governmentsmassively port the candidacyofDr.

ramped up testing this summer S Ngoziand said they would to bettermonitor the virus’s continue to support South Ko- spread and crack down on local PRES rean Minister Yoo. That dele- outbreaks.They also instituted TED gation wasthe United States.” CIA

curfewsinorder to curb night- SO President Trump has re- lifethat authorities blamed for AS peatedly complained the WTO LE/

arise in infections that was CO is unfair to the U.S. and some steady but not overwhelming. Republicanlawmakersare This month, however, coun- NIEL seeking to pull the U.S. out of DA tries acrossEurope began to A Covid-19 patient was wheeled into an intensive-care room at a hospital in Arles, France, on Wednesday. the organization. Washington record aspikeinnew cases as has blocked the appointment theweather cooled and more than daily testing datasuggest. Thenew restrictions to awartime effort. Seven of affected businesses with of judges to the WTO’stop social activity moved indoors. A In astudy published Thursday, threaten to compound the eco- months later,however, asense of fewerthan 50 employees.Big- court, called the Appellate jump in hospitalizations and Imperial CollegeLondon and nomic damagecaused by the collectivefatigueand frustration gerbusinesses will also receive Body, so that since December deaths has followed, forcing polling companyIpsos Mori es- springtime lockdowns.French is palpable. aid within the constraintsset 2019 the court has toofew Mr.Macron and other Euro- timated the number of new Budget SecretaryOlivier “It’sour life’swork that’sat by European Union stateaid judges to rule on big trade dis- pean leaderstotakemore-dras- daily infections in England was Dussopt said on Wednesdaya stakehere,” said Frédéric Jean- law, Ms.Merkel said. Totalaid putes between countries. tic measures to break the dis- running at 96,000 over the 10 newmonthlong lockdown could jean, who owns arestaurant in will be as much as €10 billion U.S. officials have said the ease’smomentum. days through Oct. 25—almost cost Franceasmuch as 2.5per- Marseille.Debt is piling up,Mr. ($11.8billion). WTO needs a major overhaul “The second wave will prob- six times higher than the aver- centagepointsofeconomic Jeanjean said, adding that he In Italy, which reported to challengewhat Western ably be stronger and deadlier ageofficial daily case count for output. Francesuffered asec- feels Mr.Macron is completely 24,991 newcases and 205 countries sayisunfair compe- than the firstone,” Mr.Macron the same period. disconnected from the lifeofor- deaths on Wednesday, protest- tition from China’smarket-dis- said, adding that the virus was Thefindings, which arepre- dinaryFrench people. erstook to the streetsthis torting statecapitalism sys- spreading faster “than even the liminaryand haven’t been peer French Mr.Macron described the week afterthe government tem. Washingtonhas long most pessimistic forecasts.” reviewed, could spur further re- President newlockdown as amodified ver- made public plans to shut opposed what it sees as judi- In France, which has strictivemeasures on swaths of Macron sion of itspredecessor.Schools gyms,theatersand cinemas. cial activism from the Appel- emergedasthe epicenter of the country. warned the will remain open; visitstonurs- Thegovernment is also forcing lateBody and the Trump ad- Europe’soutbreak,the seven- Germany’srestrictions,while virus’s second ing homes will be allowed; and barsand restaurantstoclose ministration has slammed the dayaverage of newdaily pa- lessseverethan France’s, mark a wave could be people will be allowedtoreport earlier in the day. Theprotests body forruling that some U.S. tientsadmittedfor intensive rare moment of coordination by worse. to their placeofwork if they are have turned violent at times, tariffs on China are illegal. care has increased by 38% over the German states,which have unable to work from home,he with far-right groups and other Mr.Rockwell said the WTO the past week. oftendivergedintheir approach said. Thegovernment will re- individuals attacking shops and would go ahead with a meet- Arise in the rate of tests to fighting the pandemic. ond-quarter contraction of evaluatethe situation everytwo the police. ing Nov.9topick anew coming back with positivere- Ms.Merkel warned on 13.8%ingross domestic prod- weeks and could decide to en- TheItalian government re- leader.Ifnecessary, as alast sultsalso indicates the virus is Wednesdaythat daily infections uct, apost-World WarIIrecord. forcenew restrictions or relax cently approved €5 billion in resort, avotecould be held to outpacing authorities’ ability to had doubled from last week,and Theeconomic pain is testing certain rules,hesaid, adding measures to shoreupbusinesses pick aleader although that detect it. On Tuesday, Francere- the number of patientsininten- public support forthe restric- that shops will be allowedtore- affected by the restrictions,in- would break the precedent of ported apositivity rate of more sivecarehad doubled over the tions.Widespread solidarity was open if the number of newcon- cluding grantstothe entrepre- selecting the WTOchief by than 18%, compared with 13.6% past 10 days.Germany’smain adefining feature of the first taminations drops significantly neurs, funding to extend fur- consensus.Hesaid consulta- aweek earlier. epidemiologyinstitute, the Rob- wave of the virus in March. Back within the next two weeks. loughs and taxholidays. tions with the U.S. and other Researchersinthe U.K. esti- ert Koch Institut, on Wednesday then, European leadersjustified Ms.Merkel said Germany’s —Giovanni Legorano memberswould continue. mated the virus is spreading reported arecord14,964 new the economic shutdowns by com- government would coveras and Jason Douglas South Koreadeclined to with- farmorerapidly in England daily infections. paring the fight against Covid-19 much as 75%ofthe lost sales contributed to this article. draw Ms. Yoo’s candidacy. WORLDWATCH

CANADA job cuts. “We’re going to get POLAND Kaczynski, lashed out at opposi- TANZANIA pean Union weren’tinvited or through this, but it’sgoing to be a tion lawmakers, accusing them barred, unlikeinprevious elections. More Stimulus Steps long slog,” Mr.Macklem said after Protests Continue from the podium of inciting people Opposition Alleges “Mass democratic action will Needed, Officials Say releasing the bank’slatestrate-pol- Over Abortion Ruling to protestduring the pandemic. Vote ‘Irregularities’ be the only option to protect the icy decision. “You aredestroying Poland,” he integrity of the election,” said Canada’s top two economic Canada’s gross domestic People acrossPoland stayed said. “You areexposing alot of Tanzania’spresidential election top opposition candidate Tundu policy makers said Wednesday product won’t return to pre-pan- off their jobs and crowds gathered people to death, youare criminals.” saw“widespread irregularities,” Lissu with the Chadema party. that extraordinary fiscal and demic levels until 2022, the bank foraseventh straightday of The nationwide strikeand pro- the leading opposition candidate The survivor of an assassination monetary stimuli are here for said. street protests Wednesdayina testscome amid adeepening alleged Wednesdayamid amas- attempt in 2017, he returned the foreseeable future to help Meanwhile, Canada’sDeputy massoutpouring of anger at atop standoff between angry demon- siveinternet slowdown, while from exile this year to challenge the country dig out from the Prime Ministerand FinanceMinis- court ruling thatbans abortions in strators and Poland’sdeeply con- some observers said the once- populist President John Magu- deep financial hole caused by ter, Chrystia Freeland, said aggres- cases of fetal abnormalities. servativegovernment, which peaceful country likely facesfive fuli, who seeks a second term. the new coronavirus pandemic. sivefiscal policy wasessential, Protesters in Warsaw pushed forlastweek’scourt ruling moreyears of repressiverule. The electoral commission Bank of Canada Gov. Tiff Mack- especially as the Bank of Canada marched to the parliamentbuild- and has vowednot to back down. Results declared by the elec- chair, Semistocles Kaijage, said lem said he expected to keep the has limited room to cut ratesfur- ing, which wassurrounded by po- Rage over the ruling, which toralcommission cannotbechal- that allegations of irregularities benchmark interest rate,at0.25%, ther.She said despiteagrowing liceofficers in riotgear.Large would deny legal abortions to lenged in court, bringing urgency circulating on social media unchanged until 2023. Thatisthe debt load, Canada has the fiscal crowds also filled the streets in women even in cases of fatal to vote-monitoring efforts, but the weren’t true. amountoftime he said is required capacitytokeep spending, and other major cities, including Kra- birth defects, has been directed opposition said observers were The commission had not re- to soak up all the sparecapacityin warned about the risksposed by kow, Wroclaw, Szczecin and Lodz. at the Roman Catholic Church turned away from scores of poll- ceived any formal notification of the economystemming from vi- prematurespending restraint. Poland’smostpowerful politi- and Mr. Kaczynski. ing stations. Some major indepen- alleged fraud, he said. rus-induced businessclosures and —Paul Vieira cian, ruling-partyleader Jaroslaw —Associated Press dentobservers such as the Euro- —Associated Press P2JW303000-0-A00900-1------XA

THE WALL STREET JOURNAL. Thursday, October 29, 2020 | A9 FROM PAGE ONE

Annual staterevenue fell fol- forneeds likepersonal protec- States Face lowing the Sept. 11 attacks and tiveequipment. But it can’t be the bursting of the dot-com bub- used to replacerevenue lost as a ble around that time,but recov- result of the shutdown. Historic ered within ayear.During the In recent weeks,WhiteHouse recession that followedthe 2008 and Democratic negotiators crisis,state government revenue have been discussing roughly $2 Cash Crisis fell 9% over two years, according trillion in additional stimulus, to Census Bureau data. butthe pricetag has encoun- This time the shortfall could teredresistanceinthe Republi- ContinuedfromPageOne reach 13% over two years, ac- can-controlled Senateamid con- Great Depression. cording to Moody’s Analytics cerns about rising debt and Nationwide,the U.S. state projections. some of the expected provisions, budget shortfall from 2020 An uptick in Covid-19 cases to and adeal is unlikely to come through 2022could amount to newdaily recordsinrecent days together beforethe election. about $434 billion, according to makes that scenario increasingly In the negotiations,House

datafromMoody’s Analytics, likely. S Speaker NancyPelosi and White

the economic analysis arm of TheU.S.economyhas NEW House officials moved closer on Moody’s Corp.The estimates as- steadily recoveredsincethe G manyissues,including how sume no additional fiscal stimu- spring,and morethan 11 million much additional aid to provide

lus from Washington, further jobs of the 22 million lost earlier OOMBER to stateand local governments,

coronavirus-fueled restrictions in the year have come back.Still, /BL but had not yetreached an

on businessand travel, and extra the unemployment rate recently ANT agreement finalizing an amount. costsfor Medicaid amid high hovered at 7.9%, and therehas Illinois,with the worstfi- MORD unemployment. been an uptick in permanent nances of anystate,has been That’sgreater than the2019 layoffs. banking on billions in federal ANGUS K-12 education budget forevery Economistswarn a two-track An employee wore a mask and face shield at the Ocean Casino Resort in Atlantic City, N.J. funding. Thestate has a$230 statecombined, or morethan recovery is emerging,with well- billionpension liability after twicethe amount spent that educated and well-off people Total staterevenue has declinedafter only two yearsofputting off payments, year on stateroads and other andsome businesses prosper- events in the past90years,9/11and the 2008 according to an estimateby transportation infrastructure, ing,atthe same time lower- 30% Moody’s InvestorsService, and according to the National Asso- wage workerswith fewercre- financial crisis.It's expected to fall sharply due to faces an additional $8 billion ciation of State Budget Officers. dentials,old-line businesses and the economic effects of the pandemic. backlog of unpaid bills. Deficitshavealready regions tied to tourism are Sincethe pandemic,Illinois’s prompted taxhikes and cutsto mired in adeep decline. Change in tax revenue,all states totalretirement and debt liabili- education, corrections and State government workforces 20 ties areontrack to makeup45% parks.State workersare being shrank 5% acrossthe country 2020-22 of the state’sgross domestic laid offand aretaking paycuts, from FebruarytoSeptember to projections product by June 2021, up from and the retirement benefitsfor 4.9million, fewerpeople than at 35% in 2019,according to police, firefighters, teachersand anypoint during or afterthe 10 Moody’s InvestorsService. other government workersare 2008 recession, according to the Illinois wasone of only two under morepressure. Bureau of Labor Statistics. Local borrowers to taploans offered “Thereisnoreal model fora government workforcescut 6%, from the Federal Reserveaspart crisis likethis,” said NewJersey or nearly amillion people,and of the aid packages. NewYork’s Treasurer Elizabeth Maher Mu- local revenue shortfalls areadd- 0 Metropolitan Transportation oio. “It’sgoing to be tough for ing pressuretostates’ budgets. 1934-50 1951-19 Authority wasthe other. the next couple years.” In Michigan, morethan two-year change year-over-year Illinois issued $1.2 billionin NewJersey is expecting a 31,000 stateworkerswerefur- notes,but the funds areexpen- morethan $5 billion revenue de- loughed two days per payperiod –10 sive, with an interest rate about cline forthe 2021 budget year,a for10weeks,while otherswere 1940 ’50 ’60 ’70 ’80 ’90 2000 ’10 ’20 10 times the level typical in the 13% drop from the state’spre- temporarily laid off.Aspokes- market. Thestate has said it Covidprojection. Already one of man said temporarylayoffs have Average annual revenue shortfalls forfiscalyears 2020-22, as apercentageoffiscalyear2019 could borrow more. the most indebted states in the ended and none areplanned, but In Connecticut, debt costs nation, NewJersey authorized a that they could be reconsidered -15% -10% -5% 0% have reduced the state’sspend- contested plan to borrow up to if economic fallout worsened. ingflexibility.Beforethe pan- PROJECTED ANNUAL REVENUE SHORTFALL PROJECTED ANNUAL SHORTFALL $10 billion; raised taxes on peo- Earlier this year,Chris Kolb, AS APERCENTAGEOF2019REVENUE AFTER RAINY DAYFUNDSARE USED demic,yearly paymentsonbond ple earning between $1 million budget director forthe state, debt, pensions and retiree and $5 million; and is making calculated that even if he elimi- Enteredpandemic Very large rainy health obligations absorbed 31% ME AK ME anotherbillion in cutstohelp nated 12 statedepartments—in- AK highly indebted dayfund of state-generated revenue,ac- plug thegap. cluding education, environment VT NH MA VT NH MA cording to Moody’s Investors Statesare dependent on and treasury—and used up state WA ID MT ND MN WI MI NY CT RI WA ID MT ND MN WI MI NY CT RI Service, making it one of the taxesfor revenue—sales and in- reserves,Michigan would still be most indebted states in the na- OR UT WY SD IA IL IN OH PA NJNJ OR UT WY SD IA IL IN OH PA NJ Social come taxesmakeupmorethan short $1 billion needed to bal- Raising tion. 60% of the revenue states collect ance his budget. services To addressthe shortfall in CA NV CO NE MO KY WV VA MD DE income CA NV CO NE MO KY WV VA MD DE under forgeneral operating funds,ac- Federal coronavirus aid and tax on this year’s budget, Connecticut’s DC DC pressure cording to the Urban Institute. rainyday funds ultimately AZ NM KS AR TN NC SC affluent AZ NM KS AR TN NC SC governor is recommending the Both types of taxeshavebeen helped him balancethe budget OK LA MS AL GA OK LA MS AL GA statemakeabout $25 million in crushed by historic job losses and coverCovid-related ex- HI TX FL PR HI TX FL PR cutsand draw on itsrainyday and the steepest decline in con- penses,and some taxrevenues fund. Thestate has avoided re- sumer spending in six decades. were betterthan initially fore- Hurt by lossoftourism Cutting education spending ducing statefunding to social- Americans have since ramped cast. But the stateisbracing for serviceprovidersdespitereve- up spending on everything from ashortfall of up to $2 billion for Note:Projections assume no further federal stimulus and ongoing businessand travel restrictions. No data forD.C. nue losses,said Melissa McCaw, Sources: U.S. Census (1934-2019); Moody's Analytics (projections) home improvementstobicycles the next fiscal year,since$4bil- secretaryofthe state’sOfficeof with the help of stimulus checks, lion in taxrevenue that thestate and reduced salaries forsome About 30% of the district’s raises.Missouri has held back Policyand Management. though overall expenditures re- anticipated back in Januaryhas stateworkers. roughly 8,000 studentsqualify funding forservices forthe el- Groups that provide mental- main belowpre-pandemic levels. disappeared. TheWilloughby-EastlakeCity forfreeorreduced-pricelunch, derly and other programs.Flor- health and substance-abuse Statesthat earn big chunks of After2008,some states im- Schools near Cleveland lost $1.7 and manylack computersorin- ida’sgovernor vetoed spending treatment have received federal their revenue from hard-hit in- plemented or added to rainyday million in statefunds this year, ternet access at home.The dis- on arangeofitems including a aid to help with Covid-related dustries arehurting.Americans funds—cash reserves that canbe and expectstolose another $1.7 trict, whichhas online classes, newstate courthouse,trade health and safety costs, but have arecommuting and traveling far used to fill revenue gaps caused million in 2021. Theschool dis- has purchased hundreds of com- schools and appropriations for asked foradditional statehelp less, and oil prices have tum- by apotential shock.The funds trict made ends meet by halving putersand hot spots. “Atthis local projects. as well. Ms.McCawsaid the bled, hitting energy industries in areimportant because state itscurriculum budget and buy- point we’respending dollarsout Afew states arelikely to state“will continue to monitor Texas,Oklahoma and Alaska. laws typically don’t allowstates ingfewertextbooks and other of our general fund,” said Mr. come through the pandemic in provider needs.” Tourism has dropped in Florida, to supplement operating reve- learning aids,among other cuts. Thompson, who estimated that comparatively good shape Connecticuthas historically Nevada and Hawaii, and casino nues with borrowing,incontrast If the money doesn’t arrive totaltechnologyand health- thanks to robust savings, tight fi- been one of the top10statesfor closures hurt Rhode Island, New to the federal government, eventually,the district will have safety costsfromthe start of the nancial controls or economies drug overdoses,which have in- York and Illinois. which helps financeits opera- to reduceofferings, said Super- pandemic to the end of the cur- that areinsulated from the worst creasedduring the pandemic, Hawaii, forexample,isex- tions with Treasurybonds. intendent SteveThompson. rent school year will approach impact of social distancing. spiking higher in the firstquar- pecting fewerthan half the visi- States, on the other hand, typi- School systemsalso usually $4 million. Wyoming,though dependent terof2020 than in anyofthe tors it took in last year in 2020, cally issue bonds forspecific receivelocal funds through Teachersare recording on energy prices,has avery previous eight quarters, accord- and stateofficials forecast its projects, such as building roads property taxes. This year,the classes so that studentsinfami- large rainyday fund relativeto ing to the Centersfor Disease general fund revenues won’t re- or bridges. Willoughby-Eastlakesystemhas lies sharing one computer can other states.Minnesotaand Controland Prevention. covertopre-pandemic levels un- At the end of the 2019 budget so far received $800,000 less watchlessons that they missbe- North Carolina have some of the Community Health Re- til its2025 fiscal year. year,state rainyday funds had than last year,the district’strea- cause their siblingsare using the highest credit ratingsinthe na- sources, which offersmental- Forthe budget years2020 accumulated about$50 billion surer said, as out-of-work resi- computer fortheir ownonline tion and foster amix of manu- health and addiction services to through 2022, averageannual over theprevious decade,ac- dentsstruggle to paythe tax. classes.“If they have aquestion, facturing,education, health care 27,000 children and adults, is revenues in all 50 states com- cording to the PewCharitable Schools received federal aid they’regoing to have to wait un- and businessservices,according concerned it won’t receiveits binedare expected to fall short Trusts, putting about two-thirds from the pandemic-stimulus til the next daywhen it’stheir to Moody’s InvestorsService, expected morethan $40 million of the 2019 total, Moody’s Ana- of states in abetterposition packages passed by Congress turn to have the Chromebook the rating arm of Moody’s. in statefunding—62% of the or- lytics said. than they were heading intothe earlier this year.Willoughby- from their brother or sister,” Mr. Congresshas doled out about ganization’sannual budget—in Anationwide declineincom- 2008 crisis. Eastlake received $1.3million Thompson said. $150 billion in Covid-19 response thenextfiscal year,which be- bined staterevenue hashap- Ohio had about amonth’s that it used fortechnology, NewYork, projecting ashort- dollarstostate and local govern- gins in July. penedafter only two events in worth of cash when Covid hit. health and cleaning supplies and fall of $59 billion through 2022, ments, plus some additional “Weare working with indi- 90 years: following the Sept. 11, Sincethen, Ohio has cut $300 additional custodians.The held back scheduled payments money to coverelevated Medic- viduals who,wereitnot forour 2001, attacks and the 2008 fi- millionfromits K-12 education money wasquickly spent, the forschools and social services aid costs. Themoney sent to lo- services,would be in emergency nancial crisis. budget forthe 2020 budget year superintendent said. andpostponed public worker calgovernmentshas helped pay rooms,” said CEO Heather Gates.

Most drive-through haunts Theduo’s expectations were “Terror in the Timbers,” lo- Halloween areset in fields,campgrounds, low. “So far this waslooking to cated40miles west of Chi- parking lotsand outlying be abuzz-kill Halloween,” said cago, encompasses 85 acres of spaces of closed amusement Mr.Collins,whose special-ef- wooded land. Twobrothers, Scares parks.Thereare even haunted fectscompanyAutonomous FX Dan and Andy Barrie,produced car washes. has worked on films such as and financed the now-sold-out But are they still scary? “Abraham Lincoln: Vampire drive-through haunt. It has a By Car On arecent Tuesdayeve- Hunter” andvideos forthe concept based upon 19th-cen- ning,Jason Collins,46, and “American Horror Story” fran- turyserial killer Herman Web- Brian Kinney,44, bought bags chise.Mr. Kinney,amakeup ef- ster Mudgett (alias H.H. ContinuedfromPageOne of chocolatetoget ready for fectsartist (“CSI,” “Sons of Holmes)—he is said to have a detour some haunt promot- the “Los Angeles Haunted Anarchy”)also owns his own murdered between 20 and 200 ers are taking: drive-through Hayride.” This year,the Hal- production company. people in his three-storyman- attractions. Manyofthem— loween attraction shiftedto “We’repurists,” said Mr. sion and hotel—and the ghosts X

using conventional effectsof PD being a drive-through experi- Collins.“We thought, ‘What of his victims. an indoor spook-house moved S ence.Formerly housed in an possibly could they do to scare TheBarrie brothersspent

outdoors—aretrying to pro- OUND abandoned zooinLos Angeles the two of us?’ When we were 90 days and, said Dan Barrie, vide the same sort of joltsand GR County’s Griffith Park,the en- done,wewerelike, ‘Um, this “about $200,000 and counting, shocks to customerswho don’t ARE terprise is nowatamorecon- is amazing!’ And it inspired us in costs,” creating the drive- SC have to leave their vehicles. Actors approach a vehicle at the Oaks Park Haunted Drive-Thru. tact-free location in an over- to seek out other ones.” through. It passes through TheOaks Park attraction flow lot of the Raging Waters Keywas “Peter PeterPump- simulated graveyards,anasy- took over 44 acres of the out- unsettling vignettes—with car good business,” said Brett amusement facility in San Di- kin Eater,” one of the film lum breakout, acreepy Victo- door grounds of the historic radio tuned to instructions Molitor,apast president of the mas, Calif.Admission to the shorts, and “that thing,” he rian-eraplayroom and aghost Oaks Amusement Park,around and amenacing soundtrack— Haunted Attraction Associa- Halloween attraction ranges emphasized, looming over his island. Carsare signaled by a since1905.SinceOct. 9, it has Ms. MacKay says the effects tion, atrade group that in- from $49.99 to $199.99, ac- Acura SUVsunroof.While they redtraffic light to stop within sold out every long weekend, and “scare-actors” (pro- cludes 300 ownersofhaunted- cording to its website. were transfixed on the screen, 12 drive-through black boxes including matinee showings nounced like“characters”)are theme operations.Mr. Molitor, Thetour took them through a12-foot-tall scarecrow with a with spookytrappingsineach. forchildren. Attendancehas more“spookythan scary. The who owns the Hysterium aghost town facade in flames, pumpkin head and talon-like On recent evenings, he said averaged 300 cars per night, amusement park has long been haunted hotel in Indiana, said and haunted displays,while arms showedupout of no- 650 cars passed through for said Ms. MacKay. apart of growing up here.” thereare about 1,700such at- demons and ghoulish entities where. “It wasthe creepiest $65 per vehicle.“I’vehad at “Jump scares” areprovided Thecost foraless-than- tractions in the U.S.,and about roamed throughout. It culmi- creatureofall these ‘scare-ac- least 50 customersthank me by about 35 performersin cheap thrill is $79.99 per car, 100 drive-through operations. nated at alot wherealong- tors’coming out in animal forgetting them out of the masks and prosthetics,includ- between 7 and 9 p.m.; after 9 “About 50% of the free-stand- closed drive-in movie theater masks,shooting flashlight house,” said Mr.Barrie.“Afew ing a ghoulish presence who p.m. itsprice-“slasher” hours, ing ones aren’t open this year,” has been restored to show beams in your eyes,banging said it is the firsttime they’ve actsasthe flag waverfor driv- she said, are $69.99. he said. (His Hysterium, not a creepy short films and music- trash cans,” said Mr.Collins. gone out with the family but erstostart their engines. “Nearly all of the drive- drive-through, is operating and videos that guestswatch from “It scared the hell out of us!” forthe McDonald’sdrive- Driving slowly through various through hauntsare doing very sold-out most nights, he said.) parked cars. he said. through.” P2JW303000-2-A009A0-2------NS

A9A | Thursday, October 29, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Veterans Homes Face Coronavirus Probe

Justice Department is mately counting deaths by a Paramus (together,the ‘Veter- the federal government to pro- nia and Michigan. NewJersey request to comment on method that appearstohave ans Homes’), two long term tect the residentsofour veter- failed to respond to the re- Wednesday. Theagencyhas investigating whether understated them. care facilities operated by the ans homes.Wedon’t comment quest, the official said. defended itshandling of the New Jersey facilities Menlo officially has re- state, have been understated.” on the substanceofinvestiga- TheU.S.attorney in New outbreaks,saying it notified ported just 62 fatalities,but Theletteralso cites con- tiveinquiries and will respond Jersey beganinvestigating the families as soon as possible undercounted deaths the Journal showedmorethan cerns about patient care at the through the appropriatechan- state’s veterans homes in the and counted deaths based on 100 people died in April alone, facilities and what it charac- nels in due course.” spring and provided a report the determinations of experts. BY CHRISTOPHER WEAVER 10 times what is typical. The terized as alackluster re- in August to the department’s Menlo’s newacting CEO, state’sown health department, sponse to an earlier request civil-rightsdivision, which Scott Mueller, previously had TheU.S.Department of Jus- whichisn’t involved in running forinformation about the The state agency continued the probe, the offi- worked as an assistant CEO at tice has opened a civil-rights the veterans homes,said an ad- state-run homes as part of a cial said, including by request- the facility.In2018,Mr. Muel- investigation intoNew Jersey ditional 39 people at the facil- broader inquiry into all nurs- has defended its ing the death data. ler wasdisciplined foralleg- veterans homes’ handling of ity probably died of Covid-19. ing homes in the state. The handling of the Theofficial said the Jour- edly failing to preserve video deadly Covid-19 outbreaks this Thehealth department DOJlettersays the depart- nal’s recent investigation had footageinconnection with year,according to aletter found that asecond statevet- ment hasn’t reached any con- Covid­19 outbreaks. shown the state’spublic-death four potential resident-abuse from the department to the erans home in Paramus,N.J., clusions at this time. data was unreliable. or neglect incidents, according state’sgovernor,Phil Murphy. also undercounted probable Theletterwas earlier re- Thegovernor’s officehasn’t to an opinion by an appeal In an investigation pub- deaths,adevelopment firstre- ported by Politico. explicitly acknowledged the commission in that matter. lished Oct. 5, The Wall Street ported by the Journal. A spokesman for Mr. Mur- A Justice Department offi- failures at Menlo or itsParamus Mr.Mueller wassuspended Journal showedone of the fa- TheJusticeDepartment let- physaid: “The fact that this cial disputed the idea that the veterans home.But on Oct. 16, for five days and he appealed cilities—the Menlo Park Veter- terinforming Mr.Murphyof request from the Department investigation waspolitically Mr.Murphyfired the chief ex- themovetothe state’sCivil ans Memorial Home,inEdi- the probe says “recent reports of Justicewas announced a motivated, saying the depart- ecutives of both facilities,their ServiceCommission, the opin- son, N.J.—botched its suggest that the number of week beforeElection Day ment’scivil division had re- bossand the commissioner of ion shows,but the punishment response to an April outbreak, Covid-19 deaths at some nurs- speaks volumes about the na- quested data about deaths at the Department of Militaryand wasupheld. Mr.Mueller didn’t waiting morethan aweek to ing homes,including NewJer- ture of the review. From the state-run nursing homes from Veterans Affairs, the agency respond to arequest forcom- alert families afterthe virus sey Veterans Memorial Home beginningofthe pandemic, four states with high rates of that operates the homes. ment. The governor’s spokes- wasinthe building,discourag- at MenloPark and NewJersey the State of NewJersey has nursing home deaths: New Aspokesman forthe veter- man said he wouldn’t com- ing the use of masks and ulti- Veterans Memorial Home at relied on CDC guidancefrom Jersey, New York, Pennsylva- ans agencydidn’t respond to a ment on a personnel matter. Agreement Averts Municipal Layoffs

BY KATIE HONAN

NewYork City MayorBill de Blasio and the city’s largest municipal union struck a deal Wednesdaytodelaythousands of layoffs and save the city millions of dollarsasitfaces one of itsworst fiscal crises in decades in the midst of the newcoronavirus pandemic. Under the agreement, the city committedtonot laying offemployees who aremem- bersofthe District Council 37 union through the end of June 2021, according to city and union officials. At the same time,the city won’t makeany paymentsto certain District Council 37

GES union funds foremployees and

IMA retirees,the officials said. Theunion represents ETTY 150,000 workersand 50,000 /G

TT retired employees.

PLA Withholding those pay- mentssaves about $164 mil-

SPENCER lion in this year’s budget. If People voted at the Brooklyn Armory on Wednesday. With only 88 early-voting sites open around the city, hourslong lines have been reported at some polling locations. the city receives federal assis- tanceorstate authority to borrow money,the promise to Board of Elections Faces Calls for Overhaul not layoff employees will ex- tend through June 2022. Mr.deBlasio said earlier BY KATIE HONAN commissionerstoits executive This is the firstpresiden- created in the late1800s and “The calcification of these this year that the city could staff. tial election in which New is apartisan agencymade up political machines being in layoff up to 22,000 municipal NewYork City’s Boardof Themayor also proposed a York statehas implemented of 10 commissionersap- control of the BoardofElec- employees because of a$9bil- Elections should be reformed constitutional amendment that earlyvoting.Sinceearly vot- pointedfromeach of the tions has threatened our abil- lion revenue shortfall largely andprofessionalized through would further delineate roles ing began on Saturday, more city’s five boroughs.They are ity to cast our ballotsinthe broughtonbythe pandemic. changes to the stateconstitu- within the board and make it than 300,000 people have cast appointed by the counties’ most importantelection of Thelayoffs were postponed tion and legislation, Mayor more transparent. ballots in NewYork City,ac- Democraticand Republican our lifetime,” she said. in August as the mayor’steam Bill de Blasio said Wednesday. “It’s something that needs cording to the BoardofElec- parties and then approved by Neal Rosenstein, agovern- worked to negotiatecost-sav- Mr.deBlasio’s call for to be re-examined immediately tions. However, the city has the NewYork City Council. ment-reform coordinator at ing measures with labor overhaulingthe boardcame because the BoardofElec- only 88 early-voting sites Manypoliticians receive the nonpartisan nonprofit unions. on afifth dayoflong lines at tions’ structuresimply doesn’t compared with 1,201 sites on support from the same parties NewYork Public Interest Re- Many of those union lead- early-voting sites in the city, work,” Mr. de Blasio said at a Election Day. Thesmaller that then appoint membersto search Group,said an influx of ersurged the city to further and aday afterhewaited news conference. “It’sarcane.” number of siteshas led to the election board. Good-gov- newer, moreprogressivestate delaylayoffs until afterthe nearly four hourstovoteata The amendment would re- hourslong lines in some parts ernment groups have said for legislatorsinrecent years presidential election on Nov. siteinPark Slope,Brooklyn. quirevotes in the stateLegis- of the city. decades that the setup of the could finally push through 3, hoping that aDemocratic Theboard, which is an in- latureand apublic referen- Mr.deBlasio has previ- boardleads to patronagejobs necessarychanges. president would provide fed- dependent body and not con- dum, according to the mayor’s ously tried to improvethe and poorly runelections. “The boardhas been used eral aid. trolled by the city,has forde- spokesman, whoadded that BoardofElections.In2016,he State Sen. Alessandra as awhipping post forpoliti- NewYork City still needs cades been accused of being a Mr.deBlasio hopes the Senate offered $20 million if the Biaggi,aDemocrat who repre- cianstomakeitappear as if an estimated $5 billion to patronagemill as it has bill passes beforethe changes boardmade changes,includ- sentspartsofthe Bronx,said they’reengaged or outraged shoreupits current budget, struggled to runprimaryand to the state’s constitution. ing hiring an outside consul- in an interviewthat all or care,but who have been but Mr.deBlasio said the sav- general elections without Aspokeswoman forthe tant. Theboarddeclined the elected officials held some re- unwilling to put in the politi- ingsfromthe union deal voterproblems.Any signifi- boarddidn’t respond to re- offer. sponsibility fornot fixing the calcapital to changethe sys- would help the city as it waits cant changes to the boardcan quests for comment. TheBoardofElections was board’sproblems. tem,” he said. forstate and federal assis- only be made at the state tance. level. “Our public servantshave Mr.deBlasio said he sup- gone aboveand beyond in this portsastate bill, introduced Parents Divided Over Remote Learning crisis and arecontinuing to by Sen. Liz Krueger,aManhat- makesacrifices to help us re- tanDemocrat, that would shift cover,” Mr.deBlasio said. some authority from the BY YOREE KOH according to the survey.About Earlier in October,the city board’spolitically appointed 62%ofparentsofcolor said reached an agreement with Theacademic experience their children arefully remote, the United Federation of forremotelearnersinNew compared with 38% of white Teachersunion that savesap- CORRECTIONS  York City public schools this parents. About 73%ofparents proximately $450 million this fall has fallen short in the eyes of low-income families,de- year.Ithas also reached adeal AMPLIFICATIONS of manyparentsand varies fined as those whose totalan- with the union representing greatlyalong racial and socio- nual income is lessthan firefightersthat savesaround

economic lines, according to a GES $50,000,reported their chil- $19 million, according to city

TheNew York PoliceDe- newpoll released Wednesday. IMA dren areexclusively learning officials. partment doesn’t have acom- About half of NewYork City online,compared with 46% of “The unions againwill try pletion datefor protest-polic- parentsofonline learnersrate GETTY higher-income parents. to help the city out and tryto ing training forits officers. the remote-learning experi- Some 66% of parentsofre- getoverthis whole messof An Oct. 6article about the enceassuccessful, with the GALAI/ mote learnerswerelesslikely what this virus put us into,” AM

NYPD preparing forpossible lowmarks primarily coming NO to rate their school’shandling said HarryNespoli,chairman election unrest incorrectly from parentsofcolor,espe- About half of NYCparents of online students rate the experienceas of the coronavirus as positive, of theMunicipal Labor Com- stated the department would cially those who identifyas successful; lowmarksmostly come from parents of color,apoll shows. giving alowerapproval rating mittee, an organization of finish training by November. Latino,according to apoll than whiteparents, moreaf- public-sector unions that conducted by the Global Strat- Thecity’s Department of city’s Department of Educa- fluent parents and parents of oversees health care. Todd Bol built his first box egyGroup forthe Education Education lauded effortstore- tion. children participating in in- Mr.Nespoli, who also heads to sharebooks in 2009,and in Trust-NewYork,anonprofit open schools safely for those About54% of the roughly 1 person or hybrid learning. the city’s sanitation workers 2012 he co-founded the non- that advocates for equity. whoreturned to classrooms, million children in NewYork “Wehope education leaders union, said in an interview profit Little Free Library. An Theonline survey wascon- while acknowledging the limi- City’s school district have cho- heed the call of parentsbytak- Wednesdaythat he is still Oct. 21 articleabout the in- ducted over asix-dayperiod tations of remote learning. sen to learn fully remotely,up ing action nowtoimprovethe working out adeal forhis own crease of smalllibraries in this month and included 800 “We’vededicated extensive from 30% in mid-August. quality of remotelearning and union. NewYork City incorrectly said parentswhose children attend resourcestoimproving remote Those choosing hybrid, or provide greater transparency “The unions arenot trying the nonprofit launched the li- apublic school in NewYork education while remaining blended schedules,typically on issues such as access to to squeeze the city but trying brary movement in 2009. state. Thedatashowedsimilar clear-eyed aboutthe limita- rotate intoschools one to teachers, technology, and to makesurethey represent trends acrossthe statebut tions,and still firmly believing three days a week. whether schools aresupporting theirmemberstothe best of Readers can alert The Wall Street they aremorepronounced in-person education is the best Remotelearnersare more all students,” said Ian Rosen- their ability and also turn Journal to any errors in news articles by emailing [email protected] or within thecountry’slargest option,” Danielle Filson, dep- likely to be from low-income blum, executivedirector of the around and help the city out,” by calling 888-410-2667. public-school system. uty presssecretaryofthe families with parentsofcolor, Education Trust-NewYork. he said. P2JW303000-2-A009B0-1------NS

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stakes,but they feel massivetothe Recent charactersbecause they areso graduates must young,” the producer adds. prove their As young bankersMessrs. Kay worth at a and Down recall being miserable. fictional London Aftergraduating from Oxford, investment bank wherethey met, Mr.Downworked post-Brexit. lessthan ayear in the mergers and acquisitions group at Rothschild, escaping what seemed likealife sentence, he said. ‘She’s very “The way my desk wasstruc- tured, youcould see your career good and progression acrossthe room, the she’s vicepresident on one end and the managing director on the other,” meant to Mr.Downs said. ”Ileft, but Ithink I be in these would have been pushed…I wasre- ally,really not very good at it.” rooms, but Mr.Kay lasted about three years she comes in sales at MorganStanley before he waslet go. Along with his fear from about futureemployment, he said, humble “I felt atremendous sense of relief.” Thetwo used their ouster as mo- beginnings tivation to work together.They so there is wroteplays and afeaturefilm, landing an agent and eventually a impostor pitch at HBO based on their rank- syndrome.’ and-file experienceinfinance. They builtthe fictional Pierpoint – Myha’la offices on astudio set in Cardiff, Herrold about Wales.Torecordbackground noise, her character Messrs. Down and Kaywrote asec- Harper ondaryscript forsnatches of con- versation andphone calls among traders. The“Industry” staff in- cluded aretired MorganStanley ex- BY JOHN JURGENSEN ecutivewho vetted dialogue and ran How two rookie models forthe fictional trades. ramas set in the financial ‘Young, ex-investment Theproducerssay they were as world usually focus on the detailed with the show’ssex scenes. savvypowerbrokers on bankers turned Their descriptions were up to a top. Thenew HBO series their dead-end pagelong in scripts, mapped out D“Industry” is morein- through storyboards,and choreo- vested in the struggle Ambitious experience into an graphed with an on-set intimacyco- (and sexand partying) at the entry ordinator (nowanindustrystan- level, with agroup of Gen Zrecruits HBO series about dard). “The goal was: howcan we trying to makeitataLondon in- Gen Z bankers in tell storythrough sex? Howcan we vestment bank. makeitcharacter-driven rather Their gatekeepers: amanaging and Insecure’ existential crisis than something that we just layon director who grips abaseball bat on topbecause it’saca- the trading floor.Atrader who flips ble drama?” Mr.Kay intohazing mode when an under- Theconcept is mirrored in the tions Ijoin?” said. They gotsome ling botches asalad order.Aman- makersofthe show. Itscorecast “They’re-21st centurykids.Gen guidancefor the ager who demands that ajunior an- membersare unknown, afew of Zers, really,” says cast member David show’sinterpersonal alyst stop doing all nightersinthe them fresh out of drama school. Jonsson. “The bank goes home with drama from Ms. office—not forhis sake, but so the Theseries wascreated by apair of them and it sitsintheir pockets. Dunham, whose manager doesn’t getintrouble for writersgetting their firstbreak on When they look at their phones,am- “Girls” wasapor- overworking her staff. HBO’sbig stage. Mickey Down and bition is staring them in the face.” trait of almost-adult- These lopsided powerdynamics Konrad Kay, both in their early 30s, Theseries follows agroup of re- hood formillennials. underlie the tension at playin“In- started developing “Industry” four cent university graduates compet- Ms.Abela’sYas- dustry,” premiering Nov.9.Despite yearsago afterwashing out of jobs ing forjob slotsatthe bank.Yasmin min has to weather the show’sfinancial setting—the at Rothschild &Co. and Morgan (Marisa Abela) comes from wealth verbal hazing from a fictional Pierpoint &Coisafirm Stanley,respectively. and privilegebut gets belittled by male superior,and that traffics in post-Brexit trading They saytheir charactersall deal her superiors. Robert(Mr.Lawtey) strokehis egowith- strategies—itsreal focus is an en- with versions of the anxieties they learns that aprestigious workplace out encouraging his semble of charactersinmessy tran- faced as fledgling bankers. “What’s doesn’t erase his working-class apparent come-ons. sition. That makes it less like Show- my value? Am Iworth something?” background. His former classmate In one scene,Ms. time’s“Billions,” about acutthroat Mr.Kay says.“Howmuch of my Gus (Mr.Jonsson), who has been Dunham coached the hedgefund founder,than “Eupho- identity is outsourcedtothe institu- groomed forprestige, struggles Creators Mickey Down, left and Konrad Kay. actressbysuggest- ria” or “Girls,” two other HBO with afaltering start to his career. ing,“Imagine that shows about generational turmoil. At the center of the storyisHarper everysingle step (“Girls” creator Lena Dunham (Myha’la Herrold), whose hunger to payuswhile they ownit.” you’vetaken through this room, helped producethe firstepisode succeed requires hiding details But likethe tech lingoinscience someone has been wolf whistling,” and directed it.) Thetitle is inten- about her past. fiction movies only the gist of the Ms.Abela recalled. tionally generic: “Industry” produc- At the London bank,Harper’s financial jargonneeds to translate Forsix months of production erssay the showisabout the haz- outsider status—American, Black, forviewers.The young characters (pre-Covid), the cast memberslived ards of yoking one’sidentity to a broke—stands out but makes her bend their ethics to gain an edge, side by side in the same housing workplaceofany kind, particularly steely.She’sasclose to awhiz kid but not to executeany grand “Bil- complexinCardiff.Ms. Herrold, a foryoung people trying to find as the showpermits. She thrusts lions”-style financial crimes. recent graduateofCarnegie Mellon themselves and provetheir worth herself intotrading schemes and “Doing ashowabout graduates University’s drama school, gother at the same time. client politics,pushed by aboss means they don’t have to be ge- passport stamped forthe firsttime (3) “Young,ambitious and insecure,” whose tough lovevergesontoxic- niuses,” Mr.Kay said. Lying to geta to flytothe U.K. to playHarper. is howcast member HarryLawtey ity.When she presentsher idea meeting with apowerful client, cov- “Because all of us were coming into describes the show’scharacters. His foracombo of puts, calls and ering their tracks on abotched this pretty green, we only had each

SEARLE/HBO is an aspiring salesman whose su- credit default swaps,she pitches it trade,questioning their loyalties to other,” the actresssaid. “And that A pervisor doesn’t acknowledgehis Marisa Abela plays Yasmin, who as a“atidy suitefor client conve- atemperamental boss—“In away really influenced howweascharac- AND

AM presenceatfirst. struggles at the office. nienceatmargins big enough to these thingshavesmall dramatic ters moved inside the show.”

keep Disney+ growing as the pan- In Season 2 the Mandalorian is PedroPascal, here demic-induced shortageofbig Hol- bent on reuniting his pint-size with the character lywood releases continues.(Filming ward with others of his species, known as the Child, of the new“Mandalorian” season wherever they might be. is the titular heroin wrapped beforethe pandemic The show’s overseers, including ‘The Mandalorian.’ halted TV and film productions.) creator Jon Favreau, face the chal- In a restructuring announced lenge of connecting the dots of the this month, Disney put the stream- Star Wars mythos without retread- ing platform at the center of its ing or overcomplicating what so release strategy. But there’s more far has played like an old fash- than just subscriber tallies riding ioned mission-of-the-week TV se- on Baby Yoda and the gang. The ries. At the same time, some fans Star Wars universe has been a worry about how far the show will fractious place in recent years, as go to serve the cult that has grown fans have squared off against each up around Baby Yoda. other and the controllers of the Citing merchandise-ready Star franchise over its direction. With Wars creatures going back to the its most recent trilogy of movies, Ewoks,Ms. Jefferysays,“There’s which wrapped up the Skywalker nothing wrong with alittle cute- saga that began in 1977, Disney of- ness, but we shouldn’t gettoo tied ten struggled to satisfy both nos- intothat. Ithink the Child’schar- talgic fans and those clamoring for acter needs to go much deeper fresh story lines. than him being acute50-year-old.”

DISNEY+ The first eight episodes of the Ms. Murillo, who fondly remem- first live-action Star Wars series bers Chewbacca, R2-D2 and other overlapped with the release of the lovable characters from the origi- The QuesttoUniteStarWarsFans final movie sequel last December. nal Star Wars trilogy, mostly sat “‘The Mandalorian’ came out just out the movies that came after. at the right time. It was almost But Baby Yoda and the Mandalo- BY JOHN JURGENSEN for any fresh scenes featuring the canitkeep casual fans on board unanimously loved by the fandom, rian (whose protectiveness of the tiny, green fellow getting into mis- who don’t knowtheir Cobb Vanths which has been divided,” said Meg innocent youngster she finds “kind none YouTube channel that chief and being adorable. from their Sabine Wrens? Jeffery, a 23-year-old from London of hot”) have made her curious Oanalyzesall thingsStarWars, “I love him so much. He’s so A year ago, Disney used the de- who hosts a fan channel called about the more arcane stuff that the hostsrecently did some stinkin’ cute!” says Angelica Mu- but of “The Mandalorian” to Star Wars Meg on YouTube. Season 2 will likely explore. forensics on a trailer for“TheMan- rillo, a 40-year-old financial com- launch its streaming service. The “The Mandalorian” takes place It’s possible that other members dalorian.” They zeroed in on asin- pliance professional in Lynnwood, weekly adventures of a bounty in a sweet spot for fans—just after of Baby Yoda Memes will become gle frame at one point, speculating Wash., and one of the moderators hunter and his orphan sidekick—a the events in the original trilogy of more invested, too. Until recently, whether areflection on the saucer of Baby Yoda Memes. 50-year-old toddler known offi- films. The title character, a hel- Ms. Murillo says, many of them eyes of the show’smost popular Such arethe diverging priorities cially as the Child, but immedi- meted bounty hunter named Din never even bothered to see “The character revealed aplot clue. and expectations that will greet ately dubbed Baby Yoda by the in- Djarin (Pedro Pascal), is part of a Mandalorian.” They were more in- Meanwhile, over in a Facebook “The Mandalorian” when the series ternet—helped Disney+ draw 10 warrior clan from the planet Man- terested in sharing images of the group devoted solely to that same returns Fridayfor asecond season. million subscribers. dalore. In Season 1, the Mandalo- Child to fuel jokes about annoying character, a different kind of As the spaceWestern plunges Disney+ had morethan 60 mil- rian became the reluctant protec- co-workers and married life. Now, “Mandalorian” buzz has been deeper intoStarWarsmythology lion subscribersworld-wide as of tor of the Child, whose budding she says, “The number 1 question mounting. The 68,000 members of and adds existing charactersfrom August. Analystsexpect the season Force powers make him a valuable we’re getting is, ‘Where can I Baby Yoda Memes are desperate far-flung sectorsofthe franchise, premiereof“TheMandalorian” to target for bad guys. watch the show?’” P2JW303000-0-A01100-1------NS

THE WALL STREET JOURNAL. NY Thursday, October 29, 2020 | A11 PERSONAL JOURNAL. | TRAVEL AND ENTERTAINMENT

BY JENNIFER SMITH sidewalks contributeabout $10 apieceor$20 per family. perasingersdelivered ForHard‑Hit Musicians, “Ifyou canget people to do that, arias from the balconyof youcan pretty quickly getuptoa ahistoric Victorian house respectable amount of money,” said to amasked audienceon Mr.Lisman, 44. “The mission was the street below. In Pros- It’s aNew Gig Economy to createpaying gigsinaworld O wherethey had disappeared.” pect Park,jazzcombos playedfor onlookerssprawled on Classical musicians arealso mov- blanketsordancing in the slanting ing outdoors. This summer Nina autumn light. As the sun began to Lee, achamber musician and cellist set, about amile to the south asax- with the Brentano String Quartet ophone playertook along porch- who teaches at the Yale School of front solo,the notes shimmering Music,began holding chamber-mu- abovethe rumble of apassing train. sic “readings” in front of her Park Such gatheringshavebeen taking Slope building.She invited students placeacrossthe country, from and colleagues who in some cases front-yardconcertsinCleveland hadn’t playedwith other musicians and Pasadena, Calif., to open-air sinceMarch. Theplayers sight-read performances in Nashville.The compositions beforeanaudience eventshighlight the challenges mu- perched on folding chairs. Some 50 sicians facebecause of Covid-19— musicians have attended over the and as they preparefor the winter. months,she said, with some travel- Pop-up music eventshave prolif- ing from Boston and Connecticut. erated acrossNew York during the “It’snot aconcert, it’saplace warmer months,giving isolated and wherepeople canconnect,” said Ms. underemployedmusicians achance Lee, 47,who putsacontribution jar to playtogether.The performances out on the stoop so she canmake rangefromclassical and bluegrass dinner forthe players.She plans to to reggae and hip-hop,drawing au- hold moreinthe spring when the diences from the neighborhood, the weather warms up. city and beyond. As winter looms,musicians need Some began as busking and newapproaches.Mr. Lisman is evolved intotip-supported D.I.Y. mulling cold-weather strategies in- residencies.Othersfunction more cluding performances forsmall liketraditional gigsbut take place groups at local event spaces.An- on stoops,sidewalks or even a other option: small backyard shows Queens parking lot. In Long Island around afirepit, which Operation City artsnonprofit CultureLab LIC Gig did last Saturdaywith Broad- has turned one intoanopen-air way veteranDaniel Breaker,who beer garden with atacotruck and wasplaying Aaron Burr in “Hamil- outdoor performances. Operation Gig organized aporchfrontperformancewith OperaonTap at ahome in Brooklyn’s Prospect Park South. ton” when the pandemic hit. While some NewYork musicians Smalls,ajazzclub in NewYork saythey canmakemoremoney City’s West Villageisoffering live playing outside fortips than they music forsmall, socially-distanced did at bar gigsbeforethe pan- audiences inside.Another West Vil- demic,for manyprofessional play- lageclub,The Groove, that hosts ersthe makeshiftarrangements outdoor funk,jazzand soul setsis can’t replacethe exposureand in- also offering limited indoor dining come from touring or regular book- reservations.The stateallows in- ingsatthe city’s performanceven- door dining capped at 25% capacity ues and clubs, manyofwhich in NewYork City. remain shut. Haitian rootsand jazzmusician “We’regoing to playnomatter Alegba Jahyile has been playing what, with or without money,” said outdoor setsatthe boathouse in Filipino singer Malaya Sol. Prospect Park,weather permitting, When NewYork shut down in forthe past six months with aro- March, Malaya moved her efforts tating group of players and bands online.SinceMay,she has been Left: Alegba Jahyile plays in billed Alegba and Friends.They playing world music,jazzand soul Prospect Park. Above: Lindell playfor tips,making far morethan (3) outdoorswith small groups of mu- Carter sings opera outside. they did at barsbeforethe pan- sicians.Malaya says that in playing demic,Mr. Jahyile said.

JOURNAL in Brooklyn’sProspect Park,she can But the shows will wind down sometimes makedouble or triple Musicians playsetsonthe around Halloween because of the REET

ST what she does performing on the porches and steps of homes around weather,said Mr.Jahyile,52, who LL sidewalks forlocal businesses,but Ditmas Park,aneighborhood in also works as ateaching assistant WA not as much as through touring and Brooklyn. They rangefromroots in NewYork City schools. THE

R playing privateeventsbeforethe rock guitarist Jim Campilongoto He has some restaurant gigs

FO pandemic. tended periods don’t allowestab- base of operations. the hip-hop soul group Soul In- lined up,though he has mixed feel-

ON Venues that servefood and alco- lishmentstosell ticketsoradvertise Sincelatespring,software engi- scribed. Also among the artistsare ingsabout playing inside as indoor hol canhave“incidental music” if performances.Some restaurants neer and amateur musician Aaron operasingersperforming Mozart, dining ramps back up.“I’m alittle JOHNS their liquor licenses already allowit payaround $75to$100 per gig Lisman has arranged dozens of paid Rossini and Offenbach through a anxious about that,” Mr.Jahyile

ANNE but staterules aimed at keeping big these days,Malaya says;otherspro- shows forartists, including Malaya, network called OperaonTap.Audi- said, but “thereisamomentum

KRIS groups from congregating forex- vide food, drinks and atable as a an effort he calls Operation Gig. ences who gather on lawns and right now. Ishould runwith it.”

to make peace with my own fail- When writing the lyrics,Idecided youhanging on /They sayyou’reso Elvis Costello ings during that time as a husband to add abit of disguise by shifting young /Your mind is made up but performing in and as a father. All of those years the perspectivethroughout the song, your mouth is undone.” NewYork in ended in a painful divorce. from firsttothirdperson—he,she, In reality, the lyrics describe a May1978. Thesong wasn’t inspired by a him, we,they.You hear this immedi- club scene, the way the eye casts romantic encounter with afemale ately in the song’sopening verse: around, and everybody is looking cabdriver in Tucson, Ariz., as I “Oh I just don’t know where to at each other. wroteinmy2015 memoir.Inthe begin / Though he says he’ll wait From my perspective, Ihad gone GES book,Ineeded to construct asingle forever / It’s now or never / But from being an outsider and not very IMA episode in print to stand in forthe she keeps him hanging on.” social to being aware of people

ETTY truth, which wasmuch lessfunny If Ihad used the firstperson— looking at me because Iwas on a /G and much moreembarrassing. “I”—throughout, it would have record cover. Thereweregirls Back in ’78, I was young and sounded tooconfessional. taking an interest because newly famous, and I didn’t have Thethirdperson dis- Iwas somebody they’d N/REDFERNS any sense of responsibility. Temp- tractsfromthe confi- heardof. RO

AA tation came along, and I gave in to dencethe singer is Ithink in aweird

E. it more than I should have. That’s sharing with the lis- way,there’sakind what this song is really about. tener and makes of innocencein

RICHARD Idid indeed trytorun away to the drama more thereorinexperi- Mexico, as Ihinted in the book,but universal and less ence. Isee that that wasjust used as acomic way personal. now. Of course,all ANATOMY OF ASONG |MARCMYERS of telling the story. In truth, the That wasproba- of these thingsI song wasabout several dalliances bly self-defense on didn’t see when I gone wrong,only to realizeafter my part. When Iwrote waswriting it. Elvis Costello on Lifeand that Ishouldn’t have done that. the lyrics,Icouldn’t quite But I didn’t falsify the Several songsinfluenced me dur- livewith what Iwas saying in story in my memoir. I sim- Those Tragic ‘Accidents’ ing the writing of “Accidents.” The the firstperson. Ialso wasashamed, ply romanticized it to illustrate the drama and scale of the song was as Iwas married at the time. dilemma and tragedy I found my- swayedbyBurt Bacharach and Hal Thefirst versecontinues on self in. It’s the same with the song. ccidentsWill Happen” opened (Concord), is due Saturday, and his David’s “Anyone WhoHad aHeart.” about aguy trying to seducesome If you relayed the details of an im- Elvis Costello’s thirdalbum in remastered “CompleteArmed Though their song doesn’t resemble girl who has agirlfriend with her. portant life event precisely in the ‘A “Accidents” in anyway,Iwanted Theguy is trying to lose the other 1979.Recorded with his band Forces” (UMe) boxwill be issued lyrics, they’d be crushingly boring. the Attractions,the song helped Nov.6.Edited from an interview. their bell-tolling sensation in the girl: You’dalso be thinking of your push the album, “Armed Forces,” to chorus that the Attractions’ Steve “The silly champion / She says momentsofindecision and prevari- No.10onthe Billboardchart fortwo Elvis Costello: I wrote “Accidents Nievearticulated well on keyboards. she can’t go home / Without a cation. Themoment whereyou weeks in March that year. Will Happen” in early 1978, just The other inspiration was a chaperone.” wanted to escape but didn’t and In arecent conversation, Mr. prior to my U.S. tour that spring. lyric line—“I don’t want to hear Cast in the third person, the lyr- found yourself in some compromise. Costello revealed the deeper mean- For the lyrics, I couldn’t bring my- it”—from Randy Newman’s “I ics also became more journalis- Anybody can make that kind of ing of the lyrics in the autobio- self to invent an honest narrative Don’t Want to Hear It Anymore.” I tic—I’m relaying something I’ve mistake. It’s also not the end of graphical song—beyond the telling for the life I was living at the time. used the line in my chorus: witnessed: the world. That’s why the song is in his 2015 memoir—and shared his As a song, “Accidents” has a ro- “Accidentswill happen /Weonly “There’ssomanyfish in the sea / called “Accidents Will Happen.” In regretsand the song’sinfluences. mantic sound, but it also has this hit and run/Idon’t want to hear it / That only rise up in thesweat and life, there are happy accidents as His newalbum, “Hey Clockface” moral dilemma baked in. I’ve had ’Cause Iknowwhat I’vedone.” smoke like mercury/But they keep well as tragic ones. P2JW303000-0-A01200-1------XA

A12 | Thursday, October 29, 2020 THE WALL STREET JOURNAL.

Anew weekly content series from Jalen Rose,basketball icon, multi-media personality, best-selling author, philanthropist, and founder of the Jalen Rose Leadership Academy.

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THE WALL STREET JOURNAL. Thursday, October 29, 2020 | A13 ARTS IN REVIEW

ARCHITECTURE REVIEW bricklaying and stone-cutting, car- pentry and joinery, plastering and glazing. All is peeled apart as in a scientific dissection, and will re- Neither Ruin NorReplica main visible as Machado Silvetti’s glass wall begins where Menokin’s jagged stone wall ends. The Menokin plantation’s restoration takes an ambitious approach to historic preservation That the Lee family was child- less proved an additional bonus, for Menokin was saddled with BY MICHAEL J. LEWIS none of those direct descendants who are the joy and bane of all Warsaw, Va. historic houses, and who can turn here are two things you them into pious family shrines. In can do with an architec- fact, the only families historically tural ruin, and both are associated with the property are unhappy. You can “stabi- the descendants of the slaves who Tlize” it—a euphemism for worked it. The Menokin Founda- slowing the rate of de- tion has identified them and in- cay—or else fabricate the missing volved them in the project, one elements to produce a facsimile of consequence of which is that the the original. The restorers of Me- house is not being treated as an nokin, the Virginia plantation isolated monument but as one house of Francis Lightfoot Lee, a component in a complex cultural signer of the Declaration of Inde- and economic landscape. The sites pendence, have now found a third of three slave quarters have al- way. By embedding the wreck in a ready been identified, one of shell of transparent glass that re- which has already been specula- produces the exact dimensions of tively rebuilt (speculatively, since the original house, they are mak- the only indications of its form are ing a hybrid that is neither ruin the post holes of its wooden nor replica but something in be- frame) as an evocative place of tween. It will be completed in gathering and remembrance. After 2023 and it is the most fiercely entering at the visitor’s center, one ambitious historic restoration will want to pause here before project in America today. proceeding to the house itself. Menokin, which retained the Al- This casts a new light on the gonquin Indian name for the place, surviving woodwork, some of it owes its survival to its remote- surely made by slave labor. It is ness. It is one hour’s drive from strangely expressive in its disman- any interstate, in the northern tled state, showing exquisite finish neck of Virginia, a backwater after on one side and the crude gouges intensive tobacco farming depleted of the adze on the other, speaking the soil in the 18th century. But it of ceremony and formality, but was still flourishing in 1769, when also of labor. To reinstall the pan- Lee married the daughter of John eling in a re-created house would Tayloe II and received the planta- immediately make it less interest- tion as a wedding ing. But in Machado Silvetti’s gift. Tayloe evi- Rendering of transparent shell of a building, one dently gave Lee not Menokin’s will be able to see both sides of only the land and ‘The Glass the story, as it were, at once. 20 slaves but the House It is this duality,and not the use house as well, for it Project,’ of glassitself,that makes this res- is a pocket-size ver- above; historic toration so significant. At first sion of his own images of glance, itstwo-part structuresug- house, Mount Airy, Menokin, left gestsparasitic architecture, that one of Virginia’s and far left recent fad foraffixing miniature most extravagant buildingstoolder ones likepara- colonial plantation sites on ahost. But itsvisual strat- houses. Each fol- Machado egyismuch moresophisticated. Its lows the same fash- Silvetti, the glassplanes canberead as solid

ionable Palladian prominent wall or insubstantial air; look once (2)

formula of a central Boston firm and yousee the house in all itsvol- ION block set behind of architects umetric absoluteness, look again AT two flanking depen- who were en- and see the jaggedruin. It is like UND FO dencies, and each is of superb red leaving only half of it standing, commandment of the historic trusted with the restoration of Me- those drawingsthat canbeseen ei- sandstone masonry—a rarity in along with two forlorn brick chim- preservation community is thou nokin, recognized that such a con- ther as aduck or arabbit, depend-

Virginia, where plantation houses neys. That might have been the shalt not simulate. From a strictly ventional approach would not ing on which shape your brain as- MENOKIN were typically of brick or wood. end, had not the Menokin Founda- materialist point of view, the re- work. For one thing, the ruin itself signs it. Menokin, by taking into Lee died in 1797, leaving no tion acquired it in 1995 and begun sults were successful—every splin- presented an unusual opportunity, account what we nowunderstand VETTI; heirs. His house passed through a the long process of stabilizing it. ter of historical matter reverently for the standing portions were as- of the elasticity of visual percep- SIL series of tenant farmers, who There was never any question preserved, every contemporary ad- tonishingly well-preserved. For an tion, is our firstimportant post- CHADO

scarcely touched it. By the 1960s of rebuilding Menokin as it was. dition glaringly obvious—but not 18th-century house to survive with modern restoration. It is acannon- MA

the structure was derelict and, in That kind of restoration was long from a psychological perspective; just two coats of interior paint is ball flung between the feet of the P: anticipation of its destruction, its ago thrown into disrepute by Colo- restored buildings no longer felt unheard of. The tree that sliced it historic preservation community. TO OM

decorative paneling and mantle- nial Williamsburg, whose cheerful old. They felt like the puritanical open laid bare a fascinating cross- FR pieces were removed for safekeep- re-creations of vanished colonial white boxes of contemporary mu- section of stucco, stone, brick and Mr. Lewis teaches architectural ing. And just in time—a falling buildings became a watchword for seum design, which in some sense plaster. Here was a compendium of history at Williams and reviews WISE OCK

tree promptly crushed the house, what not to do. Today the chief they are. 18th-century building trades— architecture for the Journal. CL

BY LAURA JACOBS Gallery view of Clock Two at the Met’s ‘About Time: Fashion and New York Duration’ THE ANNUAL Costume Institute blockbuster at the Metropolitan Museum of Art is increasingly con- Bolton is doing as powerfully as II. ceptual. The Rei Kawakubo exhibi- The rear view of a gathered and tion of 2017, subtitled “Art of the swagged afternoon dress from In-Between,” presented a cool 1877 speaks to the rear view of Al- white-plaster labyrinth—part labo- exander McQueen’s Autumn/Win- ratory, part alternate universe—in ter 1995-96 “Bumster” skirt, cut so which the avant-garde fashions low on the hips it reveals the fascinated while the abstract cleavage called “plumber’s crack” themes got a tad academic. Last (the Brits call it “builder’s bum”). year’s show, “Camp: Notes on The princess line of the 19th-cen- Fashion,” took Susan Sontag’s 1964 tury bodice includes a straight aphoristic essay, “Notes on seam down the spine that ends in ‘Camp,’” as its inspiration, and jug- a godet of satin pleats. McQueen’s gled ideas about aesthetics, eva- skirt is a distillation, its single nescence and multivalence. This center seam ending in a flare of year—the Met’s 150th—Andrew silk faille. In “Orlando,” Woolf Bolton, the curator in charge of writes, “Life seemed to him of pro- the Costume Institute, celebrates digious length. Yet even so, it went the milestone with “About Time: like a flash.” That “flash”—a time- Fashion and Duration,” an exhibi- space compression—is what we tion that enlists the modernist see in each pairing. writer Virginia Woolf as its “ghost ThedarknessofClock One gives narrator.” Why Woolf? Because the way to an astonishing hall of mir- chorus of the clocks and the strik- rors in Clock Two, everysurface ing of the hours were her resound- silvered, reflections bouncing ad in- ing markers for something that finitum. Thepath curlslikeacham- cannot be touched or contained or bered nautilus,and the concept of defined: Time. time becomes avisual roar of end- In Woolf’s fantasy novel of lessrefractions.Herewecontinue 1928, “Orlando: A Biography”—the with numbersXXX to LX,and as story of a poet who lives for cen- EXHIBITION REVIEW the dresses in the foreground turies, and in the late 1600s trans- march toward 2020,their Bergso- forms from male to female—she nian counterpartsare no longer cites two forces that “alternately, Continuities in Couture younger than they,but older. and what is more confusing still, “About Time” comprises 125 at the same moment, dominate our garments—black, with a few in- unfortunate numbskulls—brevity from the Costume Institute’s rich ments stands between the lumi- row represents the successive stances of white—from 64 design- and diuturnity.” This, in short, is holdings, Mr. Bolton places both nous marks for each minute (there ephemerality of Baudelaire. The el- ers. Because there is almost no the working dialectic of “About views before us. Simultaneously. are 60 such “minutes” in the evated counterpart is a more re- text in the show (viewers can scan Time,” as laid out by Mr. Bolton in The exhibition is in two adja- show—29 in the first clock, 31 in cent design—many made more a QR Code for that) the liberation his exhibition essay, “Sixty Min- cent galleries—or two “clocks”—in the second). It feels as if we’re in a than a century later—whose sil- to look, the delight in finding sur- utes of Fashion.” The 19th-century the Iris and B. Gerald Cantor Exhi- time machine—a mental wormhole houette is in deep correspondence, prising new affinities, is extremely poet Charles Baudelaire, he writes, bition Hall. Entering Clock One, we where moth and rust do not cor- almost uncanny, with the earlier pleasurable. This is an exhibition not only believed that “perpetual hear a metallic tick at four-second rupt. work. This row is Bergson, that teaches one to see. It also, temporal flux is the distinguishing intervals: It’s a huge brass pendu- In each pair, one piece is in the wherein we see the return of a wordlessly, makes an indelible case characteristic of modernity,” but lum swinging from the ceiling, front and the other is elevated be- shape, a volume, a reference, but for fashion as a subject of serious

that fashion was “the hallmark of marking time in the center of a hind it. The pieces in the fore- achieved with different techniques, study. Time is a construct. Clothes T

modernity.” The French philoso- round room painted black. A chro- ground proceed chronologically textiles, intentions and poetics. It’s are a construct. Fashion tells time. AR pher Henri Bergson, however, con- nographic density of rod-shaped through the decades, beginning not about quotation—though we OF tended that “time exists as ‘dura- LED lights, positioned like the with Roman numeral I, an Ameri- see that too, as in XV, when a 1925 About Time: Fashion and Duration

tion’ (durée), a continuous flow in minute marks on a watch face, in- can mourning dress made in the sequined Chanel resurfaces in an The Metropolitan Museum of Art, MUSEUM

which the relation between past tersects the space radially, bring- year of the Met’s founding, 1870, Autumn/Winter 1965-66 Norell. through Feb. 7, 2021 AN

and present is one of coexistence ing an aubergine glow to the dark- and nodding to the tapissier (up- Rather, it’s a sort of spiritus mundi OLIT

rather than succession.” With in- ness. On a stepped platform along holsterer) style of Charles Freder- of silhouettes. Ms. Jacobs writes about culture OP

genious clarity, pulling mostly the curving wall a pair of gar- ick Worth, the first couturier. This No twosome captures what Mr. and fashion for the Journal. METR P2JW303000-0-A01400-1------XA

A14 | Thursday, October 29, 2020 THE WALL STREET JOURNAL. SPORTS MLB Probes Turner’s Actions

BY JARED DIAMOND AND LOUISE RADNOFSKY

Arlington, Texas THE MORNING AFTER MAJOR League Baseball learned that its playoff bubble had been pierced and witnessed flagrant violations of its pandemic protocols during the Los Angeles Dodgers’ champi- onship celebration, many ques- tions remained. MLB scrambled to understand how Dodgers third baseman Justin Turner had tested positive in what was supposed to be a closed, infec- tion-free environment. Turner left Game 6 of the World Series on Tuesday night after the seventh inning, not long after his test re- sult was received. On Wednesday afternoon, the league said it was beginning a full investigation into Turner’s actions after the game ended, when he TheDodgers posed foragroup photo after winning the World Series. Justin Turner,front center,had been removedfromthe game after apositiveCovid-19 test. broke quarantine and returned to the field to join the festivities with JASONGAY his teammates, at times without a mask. When MLB security raised the matter of being on the field Covid-19 Spoils World Series Party with Turner, “he emphatically re- fused to comply,” the league said. “Turner chose to disregard the agreed-upon joint protocols and A bizarre episode in a clinching game becomes a metaphor for a public-health struggle the instructions he was given re- garding the safety and protection of others,” MLB said. “While a de- TheLos Angeles Shortly afterthe Dodgersclinched Questions abound. Whywerethese of this championship moment a sire to celebrate is understandable, Dodgers wonthe it and Major League Baseball com- testing resultsreturning midgame, zillion times,and the idea of being Turner’s decision to leave isolation World Series Tues- missioner Rob Manfred presented anyway?This seems likeinforma- deprived of it while sitting in iso- and enter the field was wrong and daynight, the fran- LosAngeles with the Rob Manfred tion that should arrivebefore lation, feeling perfectly fine,had to put everyone he came in contact chise’sfirst in more Ceremonial PieceofMetal, Turner games.What washappening with drivehim nuts. with at risk.” than three decades, joined the party.Social media the World Series bubble? (Baseball But that’snot howthis stuff is The league said it would consult and in an ordinaryyear,this col- cringed: Is this really happening? had not had aplayerpositivein54 supposed to work.Nobody’s get- with the players’ union “within the umn would be agiddy account of Photographs showedTurner wear- days.) What arethe Dodgerssup- ting to do precisely what they parameters of the joint 2020 Oper- this accomplishment, and howthey ing amask sometimes,and some- posed to do now? Also: What want to do right now. People are ations Manual,” raising the possi- did it—howthe Dodgersclimbed times not. would have happened if the Dodg- still working from home and teach- bility of additional punishment for back from repeated heartbreak to I’m right therewith you: Let’s erslost Game 6? Would LosAnge- ing their kids math in the kitchen Turner. finally prevail. hope this is all overblown. Really. les have been put in quarantine? and disinviting grandma from The league was still waiting to But it isn’t an ordinaryyear.It’s Thebest case scenario is that Tuesdaynight should have been Thanksgiving.The approach is to learn whether the contagion had 2020.Sothis column winds up be- Turner’s positivewill turn out to amodest victorylap forManfred take afew inconvenient hitsfor spread prior to Tuesday’s game, ing about you-know-what, becom- be amistake, afalse positive, and and MLB—howaleague that the greater good, in order to keep given the Dodgers and opposing ing an instant, ruefully comic para- we canall look back at this epi- struggled early with team infec- the spread under control. Maybe Tampa Bay Rays were sharing the ble about the continued rivalry sode as an awkwardbut ultimately tions and nearly blewits season youwon’t getit, or if youdo, same hotel. between public health, and the harmlessmoment. managed to restructureits playoff you’ll breeze right through it, no Getting all the answers may be public just doing whatever it wants We’ll see.The Journal’s Jared format intoageo-specific bubble problem. Theidea is looking out difficult. Now that the World Se- to do. Diamond reports that aCovid-19 and pull off apostseason that, foryour neighbor.Doing whatever ries is complete, players are no By nowyou’vesurely seen the test Turner took on Mondaywas from abaseball standpoint, was feels right isn’t astrategy. longer subject to baseball’s fre- headlines,stories,photographs, inconclusive, and that when Major excellent. ThepluckyRays vs.the This maybewho we are. This quent testing, with one official de- video,and social-media outbursts: League Baseball sawthis inconclu- Dodgerswas agenuine thrill. pandemic is aglobal beast with scribing them as “private citizens.” Dodgersthirdbaseman Justin siveresult during the early innings Instead it’sthis.Instead, it’s complexchallenges—Europe is cur- They will work with their teams,

Turner, celebrating on the field of Game 6—it fast-tracked the test MLB-SMH. rently surging—and this country as well as state and local health GES

with his teammates,posing for Turner took on Tuesday. Thesec- Diamond reported that baseball has opted to trudgealong with an officials, to determine next steps. IMA group photographs,hoisting the ond test turned out to be positive, officials tried to getTurner off the à la cartepublic-health strategy.

World Series trophy…not long af- and that’swhy Turner gotyanked. field, to no avail. TheDodgers Public officials arestill arguing GETTY N/

terbeing yanked from Game 6af- Thewhole thing is wild. Ireally stood by their veteranthirdbase- about the risks,about masks, TO terreceiving news of apositive wish we could sit hereand talk man, saying he wanted to be out about protocols.The finger-point- Covid-19 test. about Clayton Kershawwinning his there, and they wanted him out ing continues,the blame game re- PENNING

Turner wasabsent from the firstring, Corey Seager’s MVP per- there, too. mains intense.Our sense of com- M

field at the topofthe eighth in- formance,and ridicule the Boston Baseballsounds really ticked munity is in atight race with TO ning,supposedly sent off to be iso- Red Soxfor letting go of the gen- off.“Turner’s decision to leave iso- selfishness. It’swearying. CK, lated, because that’sthe protocol erational superstar Mookie Betts. lation and enter the field was If the aliens arewatchingus TO when youget apositiveCovid-19 I’dwant to throw some loveatthe wrong and put everyone he came from outer space, they areshaking result—young,old, asymptomatic Tampa BayRays,too,because they in contact with at risk,” the league their big green heads and laugh- HUTTERS or not. Even if you’refine—and were an absoluteblast. Nothing said Wednesday. “When MLB Secu- ing. O/S Turner says he is completely as- would makemehappier.Aproper rity raised the matterofbeing on Ijust hope they watched the

ymptomatic—the widely accepted celebration is what Dodger fans the field with Turner,heemphati- World Series,too. MABANGL recommendation is to laylow,stay deserve. They’vewaited quitelong. cally refused to comply.” Thebaseball wasprettygreat, G

away from interacting with others. Instead, baseball has ahang- Iempathizewith Turner here, I theDodgersevenbetter—until JOHN Turner opted not to laylow. over,and it isn’t from Champagne. really do.He’sprobably dreamed 2020 bumbled in from the bullpen. Justin Turner didn’t remain isolated.

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THE WALL STREET JOURNAL. Thursday, October 29, 2020 | A15 OPINION Vo te for Joe Biden? Seriously? BOOKSHELF | By Joshua Rubenstein

The2020 cialist Bernie Sanders deemable inequities From Periphery presidential to securethe party’s and people with reflex- election has nomination. ively racist instincts. been defined To forestall the An ideological by three likelihood that apresi- movement that To Power events:the dential nominee with emergedinJanuary WONDER emergenceof an agenda well outside 2017asthe anti- the coronavi- much of the country’s Trump “resistance”—

LAND GES Stalin: Passage to Revolution rusinMarch, comfort zone could led by NancyPelosi,

By Daniel IMA the George produceanelectoral the NewYork Times’s By Ronald Grigor Suny Henninger Floyd pro- debacle forDemo- “1619 Project” and (Princeton, 857 pages, $39.95) testsafter crats, Rep.Clyburnon GETTY various social-media May25, and Rep.Jim Cly- Feb. 26 publicly sig- VIA platforms—ended up ot surprisingly,Joseph Stalin has been the subject burn’sendorsement in Febru- naledtoSouth Caro- AFP in the streetsasa of many biographical studies, in recent years in ON/ N aryofJoe Biden beforethe lina’slarge—and grim massinsurrec- particular, when formerly closed Soviet archives TS

South Carolina primary. There largely moderate— WA tion amid shattered became open to students of history. Decades before, Leon

has also been one major non- black voting popula- JIM glass, burning build- Trotsky, Isaac Deutscher, Adam Ulam and Robert Tucker, event: theBiden presidential tion that it wasin Biden in Warm Springs, Ga., Tuesday. ingsand toppled or to name a handful of prominent authors, wrote hefty noncampaign. their intereststostay defacedmonuments volumes on Stalin’s life, attempting to tell the story with Acold-weather resurgence in the center lane by voting tion wasashrewd call by the to George Washington, limited information. Their work has been surpassed by of the virus in the upper Mid- forMr. Biden rather than “a Democrats’ bloodlessestab- Thomas Jefferson,Abraham another generation of scholars, led by Dmitri Volkogonov, west and Plains Stateshas self-proclaimed democratic lishment. But then May25 Lincolnand Frederick Doug- Robert Service, Oleg Khlevniuk and Stephen Kotkin. They put the pandemic in front of socialist.” happened. lass. Tutored in anticapitalist have plumbed the archives and benefited from a host of voters in the election’sfinal TheClyburnintervention Theprotests, violenceand pieties,younger Democrats memoirs that have deepened our understanding of a week,while the importance focused Democrats’ eyes on ransackingsinthe aftermath convinced themselves the lo- murderous dictator whose legacy, nearly 70 yearsafter of the other two events in the prize. Joewon and Bernie of George Floyd carried on for calshop owner wasasguilty his death, still haunts the countries he once ruled. shaping the outcome has lost. weeks in U.S. cities.Itin- as the statue in the town Ronald Grigor Suny’s “Stalin: PassagetoRevolution” is a faded, especially the Clyburn Mr.Sanderscould have de- cluded along occupation of square. worthycontribution to this continuing enterprise.“The coronation. nounced the party that did downtownPortland, Ore.,and Rep.Clyburn’sdecision to telling of Stalin’slifehas always been morethan biography,” the same thing to him four the looting of MidtownMan- go with JoeBiden looks like Mr.Sunywrites.“Thereiswonder at the achievement— yearsago with HillaryClinton. hattanand of shops in work- genius in retrospect. Mr.Bi- the son of a Georgian cobbler ascending the heights of If this is between the Instead, he chose the pragma- ing-classneighborhoods in den’sfaltering,insubstantial world power, the architect of an industrial revolution and tism of Hyman Roth in “The Minneapolis, Philadelphia, persona floatshis noncamp- the destruction of millions of the people he ruled, the leader devil or the deep blue Godfather Part II” on hearing Milwaukee,Cleveland and aign past the party’s embrace of the statethat stopped the bloody expansion of fascism.” sea, I’ll take a pass that the mob had rubbed out elsewhere. African-American of these historical repudia- It is the story of how the Romanov dynasty, convinced of a close friend: “When I heard policechiefs resigned—forced tionsand his ownthin pan- its owndivine right to rule the Russian Empire, confronted on the deep blue sea. it, Iwasn’t angry,” Rothsaid. out or disgusted at getting no demic plan—by either mouth- “a newly emerging social class” of industrial workers, aclash “Whenheturned up dead, I support from progressive ing platitudes (“It’samoment that “exploded intoviolence, bloodshed, and eventually letitgo.” Democratic politicians. that calls forhope and light revolution.” Reading Mr.Suny’schronicle,one can’t help Forgottenbymanyvoters Bernie Sandersknewthat Despitethe images on TV, and love”)orpretending that recalling John F. Kennedy’s is that back in mid-February, Mr.Biden’sprimaryvictory theparty’s simpaticomedia President Trump caused remark,ina1962speech, afterlosing in Iowa and New waslargely symbolic,and this commentatorshad to turn 200,000 Covid-19 deaths. that “those who make Hampshire, it looked as if for- week it looks possible that themselves inside out trying Mr.Biden’spromise to peaceful revolution impos- mer Vice President Biden’s things mayturn out fine for to createafictional barrier of America’svotersisthat he sible will makeviolent listless campaign would be- Sen. Sanders, who aboveall responsibility forthe violence will heal thecountry’sdivi- revolution inevitable.” come his third failed attempt else is aprofessional. between “peaceful protesters” sions.Hewon’t. What has Mr.Suny’sfocus is Stalin’s at thepresidency. Almost immediately,Mr. and the people 20 feet away come intoplain viewthe past early decades,fromhis birth Mr.Biden had distin- Biden and the party came his assaulting buildings, hurling year is that the Democratic and education to the eveof guished himself in the pri- way—todobusinesswith Ber- rocks and setting copcarson Party,despiteits liberal tra- revolution in 1917. Born in marydebates only by surviv- nie,his surrogates,his base fire. ditions,has alloweditself to 1878 in the Georgian town ing them. MinnesotaSen. and his agenda. Donald These eventsput Democrats descend intoadeeply pessi- of Gori, on the southern AmyKlobuchar,the other Trump has said the Demo- in adifficult spot. They mistic view of America. For peripheryofthe Russian moderatealternativetothe cratsstiffed Bernie.Nothey weren’t just spontaneous acts all his flailing about, Donald Empire, Ioseb Jughashvili, as progressiveinsurgencyofdidn’t.Joe Biden is Bernie in of rage.The concurrent pro- Trumpbycomparison looks he waschristened, wasraised Sens.Bernie Sandersand sheep’sclothing. testsinsomanycities and the like the optimist. in apoor family.His father Elizabeth Warren,wasn’t Standing up Mr.Biden’s individuals who spokeontheir But voters still ask: How scratched out aliving as a gaining traction. Mike smiley facerather than Ber- behalf revealed adarker side hasitcome to this,achoice cobbler; his mother wasa Bloomberglanded and left nie’sscowltorun against the to the Democrats—a party between the devil or the deep religious woman who worked as aseamstress. Thecouple likeanevening moth. In persistent national fatigue whose most visible supporters blue sea? Thedeep blue sea had lost their firsttwo sons in infancy, driving his father short, apath wasopening with the pandemic shutdowns see the United Statesasa hasalways scared me. to become “violent, erratic,and drunk,” Mr.Sunysays, forVermont democratic so- and Mr.Trump’sself-promo- failed nation, acountryofirre- Write [email protected]. and to abandon the family.Convinced of Joseph’sabilities, his mother worked to gain his admission to aseminaryso that he could become apriest. Using his access to archives in Georgia, Mr. Suny ‘Not Trump’ Is Not Enough to Govern describes the milieu in which the young Joseph grew up— the children’s games he enjoyedand the literatureand By Karl Rove the“season of protest” that virusback in March.” In fact with a vision for governing. myths that animated his imagination. It wasatthe seminary has “brokenout all acrossthe hisplan wasfairly general, RonaldReagan preached in the Georgian capital of Tiflis that the teenageJoseph oe Biden offered his clos- country.” He said it repre- calling forfreetesting,vac- unity to turn the pageona confronted the obstinacyofhis teachers, who denigrated J ing argument on Tuesday sented “a cry for justice from cine development and other period of malaise but backed Georgian culture and insisted on the primacy of Russian with aspeech at Warm acommunity that’slong had a measures the Trump adminis- it up with afairly comprehen- language and history. Life at the seminary, Mr. Suny writes, Springs, Ga., the siteofPresi- knee of injusticeontheir tration wasmoving forward siveagenda built around tax was “colorless and monotonous . . . , a strict routine dent Franklin Roosevelt’s neck.” Mr.Biden also deliv- on. cuts, astronger militaryand a designed to inculcate obedience and deference.” It proved death on April 12, 1945.Biden ered one of his longer con- TheDemocratic hopeful smaller role forthe federal to be as much a“crucible forrevolutionaries as forpriests” campaign staff told reporters demnations to date—17 then returned to his favorite government. Battling ade- and pushed “anintelligent but still quiteordinaryadolescent the Democratic nominee had words—of the violencethat subject, Mr.Trump’scharac- pression, FDR rallied the intoopposition.” At the seminary, Joseph “came to socialism devoted alot of time to his re- oftenaccompanies the pro- ter. “Throughout our history,” countryunder the banner of through reading and the fellowship of classmates.” marks,and the 20-minutead- tests: “Some of it is just he said, “we’veseen charla- “Happy Days AreHereAgain,” In highly readable prose Mr.Suny, ahistoryprofessor dressshowedsigns of careful senselessburning and looting tans, the con men, the phony but he used his closing ad- at the University of Michigan, tells the story of the young preparation. It wasoften mea- and violencethat can’t be tol- populists, who sought to play dressonOct. 31, 1932, to re- Stalin’s rise within the ranks of the Bolsheviks, its disputes sured in tone,sometimes ele- erated and won’t.” on our fears, appeal to our peat promises of unemploy- with the more moderate Mensheviks, and his frequent gant and—when Mr.Biden worstappetites,and pick at ment relief, public works and arrests and terms of imprisonment and exile. Stalin, known wasn’t taking atwo-by-four to the oldest scabs we have for temporarygovernment jobs. as Koba to his comrades, made a name for himself as a President Trump’shead— Biden calls for unity their own political gain.” Mr. William McKinley ended the party organizer in the Caucasus, among miners and oil largely aspirational. Biden closed by declaring that Gilded Age’sangrypolitics workers. Here confrontations with czarist officials were It was also written to give but is vague as to his goal was“anation united, with calls in 1896 for unity— violent and bloody, marked by heists and assassinations. the candidatethe chanceto what he expects anation strengthened, ana- reconciliation of North and showcase his empathyand tion healed.” Southand awelcoming atti- again quotehis father’s obser- voters to unify for. Mr.Biden’sspeech con- tude toward immigrants. But Traits of suspicion and intrigue were evident vations on life and adversity. tained 2,575 words, of which he linked that with aprosper- early on, and a capacity for violence. Stalin’s “A job’sabout alot morethan 1,363,or53%, were general ity agenda of sound money apaycheck,” Joseph Biden Sr. He decried the country’s talk about uniting the country and protectionism. mother had hoped he would become a priest. told his son. Somehow, nearly broken politics,which “fortoo and so forth. Seven hundred With Mr.Biden, unity is 70 years later, these recollec- long hasbeen mean and bitter fifty-four words, or 29%, were based on only one thing: re- tionsall come out pitch-per- and divisive.” Mr. Biden then devoted to Covid. Amere88 moving Mr.Trump from of- Stalin closely studied the works of Marx and, not least, fect forthe campaign trail. In suggested he’dgovern as FDR words—3% of his remarks— fice.That maywell be enough the writingsofLenin beforehemet the Bolshevik leader anyevent, voters will want to did, as “a president who is not concerned his governing to getthe former vicepresi- in 1905, an encounter that began a close and fateful know how Mr. Biden plans to in it for himself, but for oth- agenda of raising taxesonthe dent intothe Oval Office— association. Mr. Suny’s close study of these years uncovers stimulatethe creation of ers. A president who doesn’t wealthy, reforming health care we’ll know soon enough—but the traits of suspicion and intrigue that came to define those jobs.Does he have a divide us but unites us.A to make it more “affordable” it’s unlikely to make his time Stalin in power. Koba, he writes, “was not above using plan? president who appeals not to and “accessible,” passing “the theresuccessful. Platitudes dubious means against comrades with whom he disagreed,” Theformer vicepresident’s the worstinusbut to the Biden climateplan,” and ad- and vagueincantations have lying about them behind their backs to compromise their remarks opened with a focus best.” dressing “systemic racism.” their place in campaigns, but standing.Inhis encounterswith Mensheviks,heindulged on the pandemic.“Over these But Mr. Biden undermined Mr.Biden’scoremessage— presidents pay the price. in anti-Semitic insults, knowing that there were more Jews past few months there’s been his call forunity by launching that unity is essential to fixing among them than among the Bolsheviks he favored. so much pain and so much afour-minute-long assault on America’spolitics and restor- Mr. Rove helped organize Mr. Suny’s account of the tensions between Bolsheviks suffering and so much loss in Mr.Trump’shandling of the ing trust in its government— the political-action committee and Mensheviks is spirited and compelling, especially when America,” he said. “Covid has coronavirus. By contrast, the has been apowerful one American Crossroads and is he describes these ostensible allies splitting into “antag- leftadeep and lasting former vicepresident claimed, throughout the country’shis- author of “The Triumph of onistic cultures,” each demonizing the other over their wound.” “I firstput forwardadetailed tory.But it has been deployed William McKinley” (Simon & motives,making reconciliation ever lesslikely.Lenin is Mr.Biden turned next to plan on how to deal with this most effectively by candidates Schuster, 2015). oftenatthe centerofthis story, engaging in vicious polemics against his ideological adversaries.Regrettably,Mr. Suny’s account briefly falterswhen he writes about Lenin’sreturn toRussiainthe spring of 1917ona“sealed train.” Lenin not Democrats Against Court Packing only relied on the cooperation of German officials to make the journey but also accepted German gold to support the By Jill Long Thompson exacerbatethe problems we’re It’s also a reason to preserve of Rightsin1789, the 19th Bolsheviks’ efforts, awell-documented claim that Mr.Suny And Nick Rahall trying to address. Alargercourt and strengthen checks and Amendment (guaranteeing a doesn’t accept. (Germanywas still at warwith Russia, increases the risk of ahighly balances, not weaken them. woman’sright to vote)in1919, making Lenin vulnerable to the charge of treason.) e are Democrats. We skewed, unbalanced court. The We applaud the manyDem- and the 22nd Amendment With his focused attention on Stalin, Mr.Sunyalso goes W want to see JoeBiden largerthe court, the longer it ocratsand Republicans who’ve (setting presidential term lim- toofar in trying to correct earlier scholarsand figureswho become president and would take to restoreabalance. opposed expanding the sizeof its) in 1947.Similar citizen en- playeddownStalin’srole in the October Revolution. Stalin Democratic majorities in the the Supreme Court. We urge ergy could persuade Congress maynot have been a“gray blur,” as one Menshevik writer House and Senate. But we op- them to endorse the Keep to propose the Keep Nine put it. Even so,hewas not, as Mr.Sunydepictshim, among pose expanding the sizeofthe A constitutional Nine constitutional amend- Amendment. Polling shows the decisiveplayers who made the revolution. While his U.S. Supreme Court. ment, which would statesim- that voters favor the amend- newspaper work and party organizing in Petrograd made An independent Supreme amendment would ply: “The Supreme Court of ment by more than 3 to 1. him areliable comrade to Lenin, it wasLenin and Trotsky Court is fundamental to Amer- protect the judiciary’s the United Statesshall be It is up to engaged citizens who directed Bolshevik strategy, dispatching soldiersand ica’ssystemofchecks and bal- composed of nine Justices.” and thoughtfulelected offi- sailorstobring down the provisional government in October. ances.It’sthe only institution independence. Amending the Constitution cials to rise abovenarrow par- Stalin’s moment came in March 1922, when Lenin that can settle difficult, divi- isn’t easy.Proposing an tisanship and work together elevated him to the position of general secretary, handing sivequestions about the amendment requires two- to preserveanindependent him so much control of the party that upon Lenin’sdeath meaning of the lawinaway Whether membersofone thirds votesinboth houses of Supreme Court for the future in 1924 he could outmaneuver the more prominent, but that both sides canaccept. An party have abused their Congress, and it takes38state of the nation. politically overmatched, Trotsky. It was then that the poor independent Supreme Court power, changed their position, legislatures to ratifyit. The Georgian boy, who devoted himself to a movement that that interpretsthe lawiscriti- or broken their word in the Constitution has been Ms. Long Thompson and claimed to stand for equality, rose to become a tyrant. cal to the rule of law itself. It processoffilling aSupreme amended only 27 times in 233 Mr. Rahall, both Democrats, History is full of such figures. They dream of emancipating setsanexample foremerging Court vacancy isn’t the issue. years. But an activeand en- areformer U.S. representa- humanity and then, once in power, enslave millions. democracies around the word. Thehistoryofmisbehavior by gagedpublic helped persuade tivesfrom Indiana and West Expanding the court could politicians is long and sordid. Congresstopropose the Bill Virginia, respectively. Mr. Rubenstein’s most recent book is “The Last Days of Stalin.” P2JW303000-2-A01600-1------XA

A16 | Thursday, October 29, 2020 ** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Twitter’s Censorship Method Biden’s Painful Transition From Oil and Gas

hatadepressing spectacle.On tion of the U.S. President’saccount. In your editorial “Mr.Biden Will of the unsaturated hydrocarbon build- Wednesdaythe SenateCommerce Mr.Dorsey said that Twitter’sBeijing-like ‘Transition’ YouNow” (Oct. 24), you ing blocks for plastics, synthetic fi- W Committeeheld ahearing on online blackout of the NewYork Post storywas the re- observethe number of oil and gas bers and the additives that make jobs in Texas,Alabama and New products work better? The oil indus- speech, questioning the CEOs sult of a“hacked materials pol- Dorsey doesn’t seem to Mexicowhich would be threatened try is highly integrated and tries to of Twitter, Facebook and icy,” but he admittedtoWis- by Mr.Biden’sproposed ban on make economic use of everything Google. Twitter’sJack Dorsey regret his company’s consin Sen. Ron Johnson that “drilling leases and development on coming out of the ground. Destroying wasthe focus,two weeks after he hadnoevidenceofRussian federal land.” the oil industry in 15 years would his companylaunched acrack- partisan favoritism. interferenceorfabrication. He In my state, Louisiana, economist have a devastating effect on the stan- down against independent told Texas Sen. TedCruzthat Loren Scott reports that the oil-and- dard of living of every American—not journaliststoprotect JoeBi- the policyofblocking links was gas industry supports 260,000 jobs in just those in the energy sector. denfrompublic scrutiny. Twitterblocked all “incorrect, and we changed it within 24 hours.” the state, and each industry job gen- JOSEPH STIDHAM links to aNew York Post storyonHunter Biden’s YetaTwitterrepresentativeemailed apress erates 3.4 Louisiana jobs in other sec- Vero Beach, Fla. businessdealings, and the Post’saccount re- memo on Tuesdayahead of the hearing that tors, accounting for almost 11% of the mains locked to this day. seemed to boast of Twitter’sblackout. It quoted state’s population—a huge portion of Even if the Biden green team is the economy. Regardless of what one able to engineer ways of attaching Thedazed-looking Mr.Dorsey gavethe im- tweetsbytwo officials at the German Marshall thinks of the candidates’ personali- windmills to airplanes and solar pan- pression he could not care lessabout his com- Fund—a Washingtonthink-tank that advocates ties, it seems important to consider els to locomotives, our need for oil pany’sabuse.Democratic Senatorscheered on morepolitical suppression on social media— that if the Democrats have their way, and gas will continue for many years. politicized social-media censorship and de- praising thedecision to censor the story. the state’s oil industry will be “transi- If the Democrats are successful in manded thecompanies do moreofit, giving a Does Twitter’sCEO have control over the pol- tioned” out of existence as was done their war on oil and gas through taxa- previewofthe type of internet controls that icy? Or does the companysimply want to blunt to coal by Obama administration reg- tion, regulations, etc., then once again mightbecoming if they control the Senate. the political heat forits suppression, on false ulations which greatly increased its we may have to start importing oil “There’snoboth sides when one side has cho- pretenses,ofnewsworthyinformation about the cost. Louisiana will lose most of its from other countries. The price of pe- sen to reject truth,” said Illinois Sen. Tammy possible futureFirst Family—even as it signals economy. In 2019 there were 18 oper- troleum products will increase and Duckworth. to the conformity caucus in the mainstream me- ating crude-oil refineries in Louisiana, manufacturers that use petroleum in Republicans missed opportunities to makea dia that it’sontheir side? but also consider the negative impact their processes will also see costs rise on everyone employed in any industry which will be passed on to consumers. case forwhy robust political exchangeisinthe YouknowAmerican civics education has supporting or servicing those opera- The U.S. has been blessed with interest of all Americans,regardlessoftheir failed when those baying forpolitical controls tions—chemical plants, construction, abundant resources. We need to stop party.Three asked the CEOs about the political on citizens’ expression claim to be champions turnaround, marine, reworking, truck- waging war against them. ideologies of their employees.Everyone knows of democracy. Yes, it’simportant that false state- ing, supply, drilling, production, pipe- DOUG HELLAND they lean left, so this isn’t much of agotcha, and mentsbeidentified. Political campaigns have al- lines and ancillaries such as farming, Lakewood, Wash. it sounds likespecial pleading. ways been acollection of truths and half-truths, food, medical, research and, yes, the Some Senatorsdid effectively puncturethe and journalistsand the American people gener- press. The only ones left with jobs In addition to raising costs for fiction that Twittercensorsingood faith with- ally work it out. will be politicians. Many people will transportation and electricity and out regard to political ideology. Mississippi Sen. As tech companies have retreated from their have to move out of state to find new making flying virtually impossible, ex- Roger Wicker pointed out that Twittertook two free-speechsupport in recent years, Americans jobs. The oil-and-gas industry is the treme greenery also has huge interna- predominant economic force in our tional implications. OPEC and Russia months to add awarning label to Chinese propa- have not grownany lesspolarized. We suspect state. If it dies, the state will mimic need higher oil prices to balance their ganda suggesting the U.S. militarybrought the Mr.Dorsey’s philosophyofcensorship will lead West Virginia and southern Ohio after countries’ budgets. CNBC lists prices coronavirus to China. Colorado Sen. CoryGard- to moreconspiratorial thinking and ultimately the coal industry was crushed by fed- for national fiscal break-even as rang- ner compared Twitter’stolerancefor the Iranian corrode the American liberal values that allowed eral regulation. ing from $49 to $269 per barrel for Ayatollah’sviolent tweetswith itslavish regula- Silicon Valley to thrive. People who have not yet voted OPEC countries. It’s about $43 for need to think objectively about which Russia. party’s policies will most harm their TheU.S.isnow exporting both oil Europe’s Covid Lockdowns Return ability to make a living in their re- and natural gasasaresult of frack- spective states and towns without re- ing.That benefitsour balanceofpay- lobal stock marketssold off Wednesday, Allofthis will cause enormous economic gard to which candidate is the most mentsand gives us moreclout in the as they have all week, on news of new damage after historic losses in the spring. Eu- likable. world economy. It doesn’t take acon- MYRON WALKER spiracytheorytorealizeRussia, G government-ordered lockdowns in Eu- rope’snascent recovery will go intoreverse,and Baton Rouge, La. OPEC and manyother countries,like rope amid rising Covid infec- growth in the fourth quarter China, would lovetosee fracking tions.Asbefore, the shut- The virus shows that could be negative. Theimpact Fracking and the oil industry aren’t banned or regulated away here. Phas- downs areablunderbuss it can’t be banished will ripple throughout the just about energy. The chemical in- ing out our oil industrywould be a response that won’t eliminate global economy, which ac- dustry needs hydrocarbons as a raw plus forthem, too. the virus,but they will do con- by government edict. countsfor the rout in equities. material. Where are the substitutes MIKE ROBERTS siderable economic and pub- Investorshavebeen betting for ethylene, propylene and the rest Kansas City, Mo. lic-health damage. on recovery,and at worsttar- Germany, which wassupposed to be Europe’s geted lockdowns amid the inevitable fall and anti-Covid model, ordered a one-month shut- winter Covid spikes. down of restaurants, bars, fitness studies and Keep in mind that continental Europe was Middle-East Opportunity Via Trump’s Policy theaters. Hotels won’t be able to host tourists, supposed to have done everything right to pre- In “Trump’s Middle East Metamor- ful, he runs the great risk that the and public gatherings can’t be larger than 10 vent another infection surge.The firstlock- phosis” (Global View, Oct. 20), Walter venture would be nationalized or people from two households. downs were extensiveand prolonged. Govern- Russell Mead sees great benefits to taken over by the Egyptian govern- Francewill begin another national lockdown ments mandated masks and social distancing. the U.S. and the Middle East from the ment. That becomes a much smaller on Friday requiring people to remain in their Thenew surgesare due to the insidious nature willingness of several Arab states to risk if the venture is owned by Gulf homes. At least factories will be able to con- of the virus,not to policymistakes.That’sales- open economic partnerships with Is- Arabs. Over the next few years we tinue operating,but restaurants, barsand sup- son forDemocratswho blame everynew Ameri- rael. He notes that U.A.E Ambassador will see a number of firms arising to posedly nonessential shops will have to close can infection on Donald Trump. Yousef Al Otaiba believes that bring- substantiate the expectations of by government edict. Thereality became clear months agothat the ing Gulf capital together with Israeli Messrs. Mead and Otaiba. French and German leaderssay they have no virus can’t be banished on government orders, technical expertise “can help Arab EM. PROF. PAUL HORVITZ countries achieve economic results University of Houston choicelest the country’shospitals be overrun. especially as citizens suffer and chafeunder the that will satisfy the . . . younger gen- Chancellor Angela Merkel said German hospi- pain of lockdowns.Targetedclosures that pro- eration.” But there are other poten- talizations have doubled in 10 days.“Within tect the vulnerable arebetterpolicyresponses tial participants that can make the Northwestern Could Copy weeks, we will reach the limits of our health until bettertreatments and avaccine arriveor results even more stunning. Egypt Hesburgh’s Protest Rules system,” she said. “It is completely clear that some broader immunity is reached. U.S. policy and other North African Muslim we must act, and act now, to prevent anational makers should do their best to avoid following countries have vast amounts of un- Northwestern University President health crisis.” Europe into another tragic shutdown. deremployed labor. Joint ventures in- Morton Schapiro need look no further volving Gulf capital, Israeli expertise than to the late Father Theodore Hes- and Egyptian labor can become po- burgh for guidance on how to re- The Bidens and Tony Bobulinski tent competitors to Asian producers. spond to student bad behavior (Nota- Up to now, it would make no sense ble & Quotable: Northwestern for an Israeli entrepreneur to con- Protests, Oct. 23). oe Biden is asking voters to elect him on meetingswith Joewerefor the purpose of sider setting up a production facility During the Vietnam War in the late the strength of his character,honesty and Hunter’s businessand that it was“crystalclear” in Egypt to take advantage of the 1960s and early ’70s, Notre Dame was J judgment. Which is why Mr. Biden owes Hunter had briefed his father. availability of cheap labor. If success- the scene of protests and demonstra- aresponse to newallegations “Therewas no other reason tions like those that permeated most about his son Hunter’s busi- Joe owes the public a formetobeinthat bar meeting college campuses. As Notre Dame’s ness deals. response about the JoeBiden than to discusswhat It’s Not Clear Which Values president, Hesburgh maintained order Tony Bobulinski on Tues- Iwas doing with his family’s Americans Want the Most at a time when college presidents daysat with FoxNews’ Tucker family’s business. name and the Chinese CEFC,” throughout the country were unsure Carlson to provide details of a Mr.Bobulinski said. I disagree with William Galston’s of how to handle the situations on 2016-17 business venture in- Mr.Bobulinski says he was premise that “‘American Values’ Por- their campuses—fearing the reper- volving Hunter,Jim Biden (Joe’sbrother), and spurred to come forwardtoclear his family tend Trump’s Defeat” (Politics & cussions of their actions. Ideas, Oct. 21). The American Values Hesburgh believed that bad behav- CEFCChina Energy,aconglomeratetied to the name afterHouse IntelligenceChair Adam Survey results Mr. Galston cites to ior demands consequences. His Feb- Chinese government. Mr.Bobulinski, aNavy Schiff claimed his emails were “Russian disin- support his argument are based on ruary 1969 letter with its “15-minute veteranand financier,was recruited by Hunter formation.” He says he privately communicated questions that address issues at a su- rule,” spelled out consequences for and associates to serve as CEO, and the inter- to aBiden representativehis desirethat the Bi- perficial level without dealing with those who abused the right of dissent viewshed morelight on hundreds of emails and den family set the record straight about the au- the potential costs or risks. Most peo- and disrupted the school’s academic documents he recently made public. thenticity of the emails and texts—so that he ple would say they are in favor of enterprise—stating that peaceful pro- Mr.Bobulinski said that in 2017hetwicemet didn’t have to go public. Instead, Mr. Biden— reasonable health-care costs, afford- tests were permitted and even en- with former Vice President Joe Biden, as part who Mr.Bobulinski said sat with him “face-to- able child care, combating climate couraged. On the other hand, inter- of aBiden family effort at “wining and dining” face” and knows he “traveled around the world change and perhaps even free college ference with the civil rights of others him to “take on the CEO role.” He pointed to with his son and his brother”—also playedthe tuition. However, the survey would wouldn’t be permitted, and that those produce different results if the re- who violated this principle would be documentsinwhich Hunter and othersrefer to Russia card. spondents were told that the personal given 15 minutes to reflect on their Joe’sinvolvement in the deal, including an Whether Mr.Biden wasanactiveparticipant, cost to achieve these goals would re- actions. Either cease and desist or email from Hunter partner James Gilliar that or simply lent his prestigesoHunter could close quire, for example, 20% tax hikes, loss face expulsion. proposed the “big guy” get10% of the company the deals, Joe Biden appears to have aided his of employment, higher cost of living, FRANK G. SPLITT equity, held in Hunter’s name. Mr. Bobulinski son’stransactions with oftenshady characters etc. It’s easy to favor something with- Mount Prospect, Ill. says “the big guy” is Joe. in Ukraine,China, Kazakhstan and beyond. Mr. out understanding the personal cost Mr.Bobulinski sounded credible.Hesaid he Biden might be forgiven for wanting to help a involved or naively assuming that wantstoclear his name of accusations that he troubled son succeed, but to ignorethe ethical someone else is going to pay for it. Pepper ... wasatool of foreign election-meddlers, and and security risks attached to Hunter’s Chinese GARY FRANKLIN And Salt he repeatedly declined opportunities to specu- Communist partners is bad judgment. Pagosa Springs, Colo. lateorget partisan. He said he felt aduty to Mr. Biden last year said his son is a “grown THE WALL STREET JOURNAL Mr. Galston reports findings from American citizens “togoonrecordand define man” who makes his owndecisions—a line that the survey which show solid majori- the factsfor them and let them do their own ignores the natureofHunter’s deals.The Bobu- ties for various programs and con- work,let them decide howthey viewthose linski material suggests the Chinese engaged duct. Many numbers are cited: 52%, factsornot.” Hunter not forhis financial prowess,but forhis 56%, 58%, 6 in 10. He states, “support Joe Biden was a private citizen at the time connections and influence. for these measures could wane as de- of these alleged meetings, and there is no evi- Nearly all of the pressisignoring this story, tails and costs are debated.” Why not dence we’ve seen that he personally benefited and Mr.Biden’sstrategyistoignoreitaswell discuss (debate) the details and costs from the China deal. But he hasn’t denied that and runout the election clock.But Mr.Bobu- now during the election period? themeetingstook place, and the Bobulinski linski’sevidenceistoo detailed and credible PATRICK A. SCHMIEDELER documentsmakeclear that Mr.Biden hasn’t to go away.Much of the campaign against Ellisville, Mo. been honest about his knowledge of his son’s Donald Trump as athreat to U.S. security has Lettersintended forpublication business affairs. concerned his personal businessinterests, es- should be emailed to [email protected]. Here’s Mr. Biden in 2019: “I have never dis- pecially with foreigners. Mr.Biden should Please include your city, stateand cussed with my son or my brother or anyone want to contrast himself by explaining his role telephone number.All letters aresub- else anything having to do with their busi- in assisting Hunter’s business, and his ratio- ject to editing,and unpublished letters “Actually, I prefer cannot be acknowledged. nesses.Period.” YetMr. Bobulinski says his two nale fordoing so. thinly veiled contempt.” P2JW303000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, October 29, 2020 | A17 OPINION California Republicans’ House Opportunity

By Allysia Finley They also support Justice Amy Co- trict, aseat he lost by fewerthan ney Barrett’s confirmation by a 20- 1,000 votesin2018.Hehas attacked Tustin, Calif. point margin, disapproveofSpeaker Democratic Rep.TJCox forbacking epublicans could pick up NancyPelosi by 16,and aremore abill that blocks federal funding for House seatsnextweek in likely to view the Democratic Party critical dam expansions to supply one of the most Demo- negatively (60%) than the GOP watertodrought-stricken farmers— R cratic states.In2018 Cal- (46%). a key issue in agricultural districts. ifornia Democratsflipped Independentsstatewide disap- “Our communities rely on a seven U.S. House districtstotakea proveofMrs.Pelosi by an even steady watersupply.Democratstalk 46-7majority in the statedelega- widermargin (63% to 35%), and alot about clean water, which Isup- S tion. Theparty also wonevery morethan half givethe state’sDem- port,” Mr.Valadao says in an inter- statewide officeand gained three ocrat-controlled Legislaturebad PRES view. “But to have clean water, you

seatsinthe stateSenateand five in marks. A majority of independents TED have to have water.” He says his op- the Assembly. also think the stateismoving in the CIA ponent has supported the ProAct, SO

In astate that gaveHillaryClin- wrong direction—and no wonder, AS which would hurt independent

ton61.5% of the vote,Democrats considering the homelessness, dou- ON/ truckerswho haul farm commodi- hope to keep riding the anti-Trump ble-digit unemployment, cata- ties andbuilding contractorsinhis wave.But the Public PolicyInstitute strophic wildfires and rolling black- CARLS district.

of California last week released a outs caused by the state’s headlong CHRIS RepublicanYoung Kim, another survey that polled voters in eight rush into green energy. Orange County Supervisor Michelle Steel is running for Congress. South Korean immigrant and former competitiveHouse districts, five of Republicans are also adapting to Assemblywoman, is challenging Rep. whichDemocratscarried in 2018. the state’s increasing ethnic diver- years. With immigrantsnow making Another competitivedistrict is GilCisneros in OrangeCounty’s 39th sity.OrangeCounty wasoncesolidly up 30% of the population in Orange the 25th, which covers most of District. Ms.Kim emphasizes reduc- Republicanbut is abattleground County and 27% statewide,the state northern LosAngeles County and ing the taxburden on businesses to Democrats took a 46-7 nowthat itspopulation is only 40% GOP and the National Republican part of Simi Valley in Ventura help them recoverfromcoronavirus white. Itstwo biggest cities,Ana- Congressional Committee this year County.InMay,GOP Navy veteran lockdowns.California has the na- majority of the state’s heim andSantaAna, are54% and have sought to recruit diverse candi- MikeGarcia flipped the seat in a tion’s third-highest unemployment delegation in 2018. The 77%Hispanic,respectively.Ameri- dates who support a more welcom- special election afterfreshman Rep. rate in the countryat11%, afterHa- cans of Chinese,Indian, Koreans and ing immigration policy and conser- Katie Hill resigned over a sex scan- waii (15.1%) and Nevada (12.6%). GOP may get a few back. Vietnamese descent have also set- vative economic agenda. dal. Thepredominantly working- Manyindependentsand moderate tled around the county.Orange Consider Michelle Steel, a South classand heavily Hispanic district Republicans votedfor Democratic County has the nation’slargest Viet- Korean-born member of the Orange wasthe firstRepublicans had House candidates in 2018 to register Republicans lead Democratsinthe namese-American population. They County BoardofSupervisors, who is flipped in the state since 1998, and their opposition to President Trump. combined survey by 2points. The have also traditionally leaned Re- challenging Democratic freshman came despitea6.6-point Democratic Revulsion toward progressivegover- worsenewsfor Democratsisthat publican, in part because of bitter Rep.Harley Rouda in the 48th Con- voter-registration advantage. nanceand what it has wrought in independents, apart from their memories of Gov.JerryBrown’s op- gressional District. Ms.Steel, who Mr.Garcia portrayed his oppo- the Golden State may help Republi- views toward the president, agree position in the 1970s to resettlement immigrated to the U.S. as ayoung nent—Assemblywoman Christy cans recaptureHouse seatsthey lost more with Republicans than with of refugees from Cambodia and adult with her mother and two sis- Smith, who had endorsementsfrom in 2018.The question is whether Democrats. South Vietnam. ters,supportslegislation to provide Barack Obama, Gov. Gavin Newsom California’s independents and mod- Voters in the competitivedistricts GOPGov.PeteWilson alienated legal status forDreamers, young andSen. Elizabeth Warren—as an erates will put aside their negative oppose Proposition 15, a ballot ini- Hispanics in the 1990s by supporting adultswho were brought to the U.S. avatar of the state’s liberal Legisla- attitudestoward Mr.Trump when tiative that would raise commercial Proposition 187,a1994ballot initia- illegally as children. ture. He is reprising this line of at- they vote in down-ticket races. Or property taxes, by a 20-point mar- tive to deny health care and educa- Shehas attacked Mr.Rouda for tack in his November general-elec- put another way,whether their dis- gin. Independentsstatewide oppose tion to illegal aliens.Though courts supporting legislation to raise pay- tion rematch with her. dain forprogressivegovernment will it by 13 points. Democratsstatewide overturned Proposition 187 after it roll taxes and voting for the union- Other GOP candidates arealso override their disdain forthe presi- favor it by 49. passed, restrictiveimmigration poli- backed ProAct that would impose campaigning against progressive dent’s abrasive persona. Voters in competitivedistricts cies became acornerstone of the California’sAB5 lawnationwide, misrule.TakeRepublican farmer Da- view the Affordable Care Act unfa- state GOP platform. forcing independent contractors to vid Valadao,who is seeking to re- Ms. Finley is amember of the vorably,byamargin of 54% to 46%. That’schanged in the past few be reclassified as employees. capturethe Central Valley’s 21st Dis- Journal’s editorial board. Masks Are a Distraction From the Pandemic Reality

By Joseph A. Ladapo Almost overnight, the recommen- regular human interactions. able to keep amask on. immunity,nothing short of inhu- dations flipped. Thereason? Therisk Rather,the highest-quality evi- While mask-wearing has often mane lockdowns canstopthe spread hallmark of Covid-19 pan- of asymptomatic transmission. dence so far is studies like the one been invokedinexplanations forris- of Covid-19,sothe most sensible A demic policyhas been the Health officials said mask mandates published in June in Health Affairs, ing or falling Covid-19 case counts, and sustainable path forwardisto failureofpolitical leadersand were nownot only reasonable but which found that U.S. states institut- the reality is that these trends re- learn to livewith the virus. health officials to anticipatethe un- critical.This is aweak rationale, ing mask mandates had a2%reduc- flect abasic human need to interact Shifting focus away from mask intended consequences of their ac- given that presymptomatic spread of tion in growth ratesofCovid-19 with one another.Claims that low mandates and toward the reality of tions. This tendencyhas haunted respiratoryviruses isn’t anovel phe- compared with states without these mask complianceisresponsible for respiratoryviral spread will free up many decisions,fromlockdowns nomenon in public health. mandates.Because respiratoryvirus rising case countsare also not sup- time and resourcestoprotect the that triggeredenormous unemploy- Asymptomatic cases of influenzaoc- spread is exponential, modest reduc- ported by Gallup data,which show most vulnerable Americans.Thereis ment and increased alcohol and cur in up to athirdofpatients,ac- tions cantranslateintolarge differ- that thepercentageofAmericans strong evidencethat treating pa- drug abuse,toschool closures that cording to a2016 report in Emerging ences over time. But these shifts in reporting wearing masks has been tients early in outpatient settings arewidening educational disparities Infectious Diseases,and even more high and relatively stable since canbeeffective, as outlined in are- between rich and poor families. patientshad mild cases that are June.Health officials and political cent American Journal of Medicine Mask mandates mayalso have unin- never diagnosed. Asymptomatic or Viruses inevitably spread, leadershaveassigned mask man- paper, but these treatmentsare tended consequences that outweigh mild cases appear to contributemore dates agravity unsupported by em- underused. Identifying effective the benefits. to Covid-19 transmission, but this and authorities have pirical research. treatmentsfor hospitalized patients First, consider howthe debate happens in flucases,too,though no oversold face coverings On even shakier scientific ground with Covid-19 is essential, but pre- has evolved and the underlying sci- one has called formask mandates is the promotion of mask use out- venting severeillnessbeforehospi- entific evidence. Several randomized during fluseason. as a preventive measure. doors. One contact-tracing study talization will save morelives. trials of community or household Thepublic assumes that research identified only asingle incident of Until the reality of viral spread in masking have been completed. Most performed sincethe beginning of outdoor transmission among 318 the U.S.—with or without mask have shown that wearing amask has thepandemic supportsmask man- trajectory are distinct from the no- outbreaks.Eventhe Rose Garden mandates—is accepted, political little or no effect on respiratoryvi- dates.Policymakersand the media tion that mandating masks will bring nomination ceremonyfor Justice leaderswill continue to feel justified rustransmission, according to are- point to low-quality evidence, such the pandemic to an end. Based on AmyConey Barrett, which the me- in keeping schools and businesses viewpublished earlier this year in as astudy of Covid-19 positivehair- evidencearound the world, it should dia giddily labeled a“super- closed, robbing young people of the Emerging Infectious Diseases,the stylistsinMissouri or aGeorgia be clear that mask mandates won’t spreader” event, likely wasn’t; opportunity to invest in their fu- Centersfor Disease Control and Pre- summer camp with an outbreak. extinguish the virus. transmission morelikely occurred tures,and restricting activities that vention’sjournal. In March, when These anecdotes,while valuable,tell Themost reasonable conclusion during indoor gatheringsassociated makelifeworthwhile.Policymakers AnthonyFauci said, “wearing a us nothing about the experienceof from the available scientific evi- with the ceremony. ought to moveforwardwith more mask might makepeople feel alittle other hairdressersorother summer denceisthat community mask man- By paying outsizeand scientifi- wisdom andsensibility to mitigate bit better” but “it’snot providing camps that adopted similar or dif- dates have—at most—a small effect cally unjustified attention to mask- avoidable coststohuman lifeand the perfect protection that people ferent masking practices.Also low- on the course of the pandemic.But ing,mask mandates have the unin- well-being. thinkitis,” his statement reflected quality evidence: Videos of droplets youwouldn’t knowthat from watch- tended consequenceofdelaying scientific consensus,and wascon- spreading through air as people ing cable news or sitting next to a public acceptanceofthe unavoidable Dr.Ladapo is an associate pro- sistent with the World Health Or- talk,awell-intended line of re- mother being forced off an airplane truth. In countries with activecom- fessor at UCLA’s David Geffen ganization’sguidance. search that has stoked fearsabout because her small children aren’t munity transmission and no herd School of Medicine. If Yo u Play Videogames, China May Be Spying on Yo u

By Dave Aitel Americans spend far more time on use games to conduct intelligence hands of aChinese gaming company, mised game will upload forthem. And Jordan Schneider Chinese-backed videogames than on operations. it’sreasonable to assume that the The possibilities are endless. TikTok and WeChat. While Chinese China’spolitical priorities areal- dataare being stored in China, per- These threatsdrawpowerfrom orgetWeChat and TikTok. companies had been content to in- ready showing up in the content haps in an Alibaba or Tencent cloud the leverageBeijing holds over Chi- F China’shold on the global vid- vest in established Western studios, moderation of games it influences. service, at thewhim of an aggressive nese investors. Even though Tencent eogaming market is the most Chinese developersare nowcreating Last year,Blizzard banned aHong Chinese intelligence body. might prefer not to engage in such pressing security vulnerability when enormous hitslike“Genshin Im- Kong “Hearthstone” player who ex- What might Beijing’s Ministry of activities,privateChinese companies it comes to Chinese consumer tech pact”—the biggest ever global pressed support for the city’s inde- State Security do with videogame have no way to push back against products. launch of a Chinese-made title. pendence in a postmatch interview. data? Today, it takesonly 10 minutes Beijing’sdemands.Chinese regula- Over the past 10 years, Chinese Are Chinese videogames really a “Genshin Impact” players report of audio to create a voice deepfake tors have proved willing to take tech giant Tencent has invested in or threat to U.S. national security? that certain political terms have that might fool your friends and massivebites out of Tencent’smar- outright acquired manyofthe Yes—China is already using games to been banned from chat features, in- ketcap,meaning the company world’slargest videogame compa- spread itssoftpowerand collect cluding“Hong Kong,” “Taiwan” and wouldn’t likely ignorethe govern- nies,including Activision Blizzard, dataonU.S.citizens,asthe current “Falun Gong.” Morebroadly,Chinese Data harvested from game ment’sdemands.And in itsown “League of Legends” maker Riot administration has highlighted. More law requires Western publishers to right, Tencent is aworld-classpow- Games,Epic Games (“Fortnite”), Su- insidiously,Beijing’saccesstomil- form partnerships with Chinese consoles would be far erhouse when it comes to software percell (“Clash of Clans”)and the lions of gamers’ computersgives its companies likeTencent and NetEase easier to exploit than what vulnerabilities and exploitation. communications platform Discord. spies an unrivaled opportunity to to gain access to China’slarge and What’s the solution? It would be growing gaming market. The same TikTok gathers. overkill forthe U.S. to enact an out- dynamicspushing Hollywood to hold right ban on anygame backed by itstongue on Beijing’sabuses will Chinese investors. Abetterapproach PUBLISHED SINCE 1889 BY DOWJONES&COMPANY increasingly affect Western firms family.This is particularly concern- would be to mandate software that Rupert Murdoch Robert Thomson hoping to earn money from Chinese ing in light of the likely Chinese would guarantee transparencyin Executive Chairman, News Corp Chief Executive Officer, News Corp gamers. hack intothe U.S. OfficeofPersonnel videogame data. TheU.S.also could Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher It may not be long before we see Management in 2018,which holds requirethat sensitivedatabestored Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: the shutdown of a planned Tianan- detailed personal information on ev- with American cloud providers, or Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; menvigil or Free Hong Kong rally eryone who has applied forgovern- selectively use the Foreign Invest- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; being organized on aU.S.server.It’s ment clearance. TheMinistryof ment Risk ReviewModernization Act News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; one thing for Hollywood studios to State Security could combine those to force Tencent and other Chinese Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer turn down provocativescripts, but it two streams to cross-correlategov- gaming companies to divest from Andrew Dowell, Asia; AnthonyGalloway, Video & might boil Americans’ blood to wit- ernment officials’ locations every games thought to have too broad a Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; ness China censoring speech in the time they play a videogame. reach into sensitive U.S. data. Such Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; U.S. Modern games come with manda- measures would help curtail the risk Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Themoredirect national-security tory anticheat software that runs on to Americainthe short term—but Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News threat is the access to dataChina your computer with the same privi- they wouldn’t work retroactively. Thomas SanFilippo, Customer Service; has gained from millions of gaming leges as your antivirus program. Washingtonshould act as soon as GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; installs.Dataharvested from games This means it can do anything your possible to safeguard gaming data. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; could be exploited far moreeasily computer cando, without being de- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International than TikTok data. In most cases, tected. Instead of telling spies to Mr. Aitel is aformer National Se- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: gamersplaying online must provide perform risky transfers of sensitive curity Agency employee and author LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head their real names,payment informa- data, acreative Chinese intelligence of the CyberSecPolitics blog. Mr.

EDITORIAL AND CORPORATEHEADQUARTERS: tion, dates of birth and locations, officer could use this access simply Schneider is an adjunct fellow at 1211 Avenue of the Americas, New York, N.Y., 10036 and they createconstant voicesam- to placewhatever files they want to CNAS andhost of the “ChinaTalk” Telephone 1-800-DOWJONES ples using in-game chats. In the exfiltrateinafolder that acompro- podcast. P2JW303000-0-A01800-1------XA

A18 | Thursday, October 29, 2020 THE WALL STREET JOURNAL. WORLD NEWS Illegal Loggers Undercut Brazil Forest Efforts

Timber company pulls “It’saconflict area,” Amata Chief ExecutiveAna Bastos out of concession after said.“Those lumberjacks steal efforts to responsibly our lumber to survive. If we trytostopthem, they will harvest trees falter fight back.Itwill be an eternal conflict.” BY PAULO TREVISANI Brazil still plans to expand (2) AND JUAN FORERO itslogging concessions to 34 from 18.“Our goal is to offer a

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runa178-square-mile conces- and environmentalistssay. DA sion in the rainforest to produce It also shows that the suc- timber sustainably,Amata cess of concessions depends Wildcat loggers, above, repeatedly breached the 93-mile-long pulled out in April. Thereason: on the government’sability to perimeter of a site operated by Amata, prompting a pullout that uncontrolled wildcat loggers crack down on illegal logging. threatened the livelihood of workers like Orleans Pereira Jr., left. who invaded Amata’sland, ille- Sincethey paynotaxes and gally toppling and stealing trees. makenoeffort to protect cer- Here in Rondônia, a state the has asserted that thereis TheBrazilian government of tain species or invest in resto- sizeofMichigan, thereisonly plenty of forest to exploit and President Jair Bolsonarohad ration, illegal loggers can about one patrol agent from publicly expressed affinity for championed such concessions charge $431 per squaremeter the Ibama environmental gold miners, wildcat cattle and plans to expand them, ar- of lumber,compared with agency per 540 square miles. ranchersand otherswho oper- guing that legal logging dis- $1,511 forlegally loggedtim- “What makes these loggers ate in the forest illegally. courages destructiveillegal ber,concession operatorssaid. continue in the forest? It’sthe Amata’sconcession wasdi- logging and provides jobs for “It is like having a regular, certainty of impunity,” a gov- videdinto24areas of varying some of the millions of poor taxpaying shop competing ernment official familiar with size called Annual Production residentsoftowns on the jun- with lots of tax-free peddlers Ibama’s operations said. Units, or UPAs, with only one gle’sedge. Instead of clear-cut- right in front of your door,” At agatheringinOctober UPAused by loggers ayear. ting areas,Amatafelled an av- said Jonas Perutti, owner of 2019 of illegal loggers in Cuju- The concession held 600 spe- erageofonly one tree per acre Lumbering Industrial Madef- bim, atownlined with saw- cies of trees, but Amata’sli- so the forest could regrow. lona Ltda., which also operates millsonthe eastern flank of cense allowedittoharvest Illegal logging,instead, concessions in the Amazon. Amata’sconcession, some just 24. The total annual take opens the path forpermanent Illegal loggers repeatedly spoke openly to TheWall was 3,000 trees. deforestation, amajor risk for breached Amata’s93-mile-long Street Journal about their When the Journal visited global climate. perimeter,removing ipê, clandestine trade harvesting theAmatasitelatelast year, Thevast rainforest’strees cumaruand angelim hard- hardwoods from the area. workers wearing helmets and soak up and storemuch of the woods,which areprized as far “I spent 30 days in the thick leather shields to protect carbon emissions released as in China and the Netherlands woods,” Claytom VieiraRo- them from snakebites used around the globe, making it a foruse in construction beams, bertosaid, describing his GPS devices and satellitemaps critical natural brake on cli- floorsand furniture. And it hardscrabble lifefelling trees. to find routes intostands of mate change, scientists say. came as deforestation has been “I’veremoved some 900 cubic valuable trees. Thecompany’sexecutives on the rise acrossthe Amazon, and active,” said Carlos Nobre, policethe vast forest as part of meters[of hardwoods]. In the Formen likeOrleans Pereira in São Paulo said that instead according to datareleased re- aBrazilian climatescientist. “It amultiagency, antideforesta- forest, we work everyday. Jr., who had come from afam- of promotingand protecting cently by Brazil’sspaceagency. seems [the criminals] aren’t tion task forcereporting to Vice There’s no weekend.” ily of wildcat loggers,Amata legal businesses,Mr. Bolson- “The organized crime that frightened by the government’s President Hamilton Mourão. Wildcat loggers are among meant asteady job,solid pay aro’s administration did next funds illegal activity in the Am- zero-tolerancerhetoric or don’t Illegal logging is thriving in the Amazon’spoorest resi- and benefits. “I’m proud of to nothing to control the ille- azon—including deforestation, believeit’sserious.” part because the Bolsonaro dents, and manyfeel they have what we do here,” the 34-year- galloggers in the western land grabbing,lumber theft Thegovernment says it is administration has cut envi- an ally in Mr.Bolsonaro. In his old said.“Ibelieveour work state of Rondônia. and mining—remains strong deploying the militarytohelp ronmental-protection budgets. 22 months as president, he isn’t destruction.” P2JW303000-5-B00100-1------XA BUTESICHNOLOGNEY: AMD, NVIDIASSCHIP AWAY AT&FINTEL’S SEMICINONDUCTOR ANDOMINANCE B4CE

© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Thursday, October 29, 2020 | B1

S&P 3271.03 g 3.53% S&P FIN g 2.47% S&P IT g 4.33% DJ TRANS g 4.25% WSJ $ IDX À 0.48% LIBOR 3M 0.214 NIKKEI (Midday) 23254.31 g 0.70% See more at WSJ.com/Markets CarSectorRoars Back From Nadir Chip Firm

Fiat postsrecordprofit, surprised executives and ana- second quarter,when the com- lippe Houchois. bling to meet demand. Marvell lysts, who just six months ago panyposted anet lossof$1.2 “I think the concern is over It is astark reversal Ford’s margin bestin were calculating howmany billion. asecond wave,” he said. from spring,when carexecutives years as sales rebound months companies could survive. Ford Motor Co.also deliv- Fiat Chrysler’s shares fell took drastic measures to con- Nears Thepaceofnew-vehicle ered astrong quarter,reporting 2%, lessthan the broader mar- servecash, uncertain howlong to pre-Covid levels sales over the past few months netincome of about $2.4billion ket’ssteep drop. Volkswagen their factories would sit idle. has rebounded to the strong and aglobal pretax profit mar- AG shares fell about 5% and Ford and GM burned $10 Billion BY MIKE COLIAS levels seen beforethe crisis,de- gin of 9.7%—itshighest mark in shares of French automaker through billions of dollarsin AND NORA NAUGHTON spite slim pickingsondealer five years. Renault SA fell 8%. cash in the second-quarter as lotsbecause of tight inventory. GM reportsthird-quarter re- Covid cases also arerising in revenue dried up,and each Merger TheU.S.autoindustry, hob- Car buyersare paying record sultsNov.5.Analystsexpect Michigan and Ohio,where added morethan $20 billion in bled in the spring by the prices fornew wheels,with thecompany’sbottomline to much of the industry’sfactory debt to cushion themselves Covid-19 crisis,has bounced dealersciting strong demand bounceback to pre-pandemic network is concentrated. against further losses. BY CARA LOMBARDO back stronger and faster than forluxuryvehicles and high- levels. Theautosector’s earnings Thethirdquarter,however, AND DANA CIMILLUCA manyexpected with some com- end pickup trucks. Still, arising numbersof rebound underscores the bifur- marked abig turnaround for panies reporting record profits Fiat Chrysler Automobiles coronavirus infections in Eu- catedimpact that the pandemic Ford,which breezedpast ana- Marvell TechnologyGroup in the thirdquarter. NV on Wednesday reported re- rope and concerns about the has had acrossindustries.While lysts’ forecastsbyposting a Ltd. is nearing adeal to buy In- Even foranindustryaccus- cord operating profits of $2.7 possibility of factoryclosures travel, energy,commercial real $3.6 billion pretax profit, ex- phi Corp.for as much as $10 tomed to boom-and-bust cycles, billionfor the thirdquarter. weighed on Fiat Chrysler’s estate and other sectorshave cluding one-time items.That billion, according to people fa- the speed of the autosector’s re- Theresultshandily beat ana- shares Wednesdayand those of seen demand wilt, makersof amounted to 65 centsper miliar with the matter, in what covery from the pandemic-re- lysts’ expectations and marked other European autocompa- consumer goods,fromcarsto share, betterthan the average would be the second big semi- latedshutdowns last spring has astark improvement from the nies,said Jefferies analyst Phi- washing machines,are scram- PleaseturntopageB2 conductor tie-up this week as theindustryrapidly consoli- dates. CME block cheesefutures, Thecompanies could an- year-to-date nounceadeal as soon as Thurs- day, assuming the talks don’t $3.00 per pound fall apart, thepeople said. Marvell, which has amarket 2.50 value of roughly $26 billion, primarily makes chips used in datastorage and networking. 2.00 Buying Inphiwould help Mar- vell expand itsreach in net- 1.50 working,afast-growing seg- ment that has helped push Inphi’sstock up roughly 50% 1.00 this year. Jan. Oct. Thesemiconductor industry is in the midst of afull-fledged Retailsales volume of cheese mergerfrenzy,all the moresur- and products using cheese, prising in the middle of apan- year-to-date demic.Ithas been fueled by surging demand forlaptops and 6billion units* videogames,with people stuck 5 2019 2020 at home,aswell as growth in thedatacentersthat facilitate

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*Individual packages purchased at agrocery store SA To Chop Sources: FactSet (futures); Nielsen (volume) Sartori, aWisconsin cheese maker,saysorders have been unpredictable. Sartori cheese curds being made in calmer,pre-pandemic times. 11,000 Cheese Makers Reel Amid Erratic Demand More Jobs

BY JESSE NEWMAN mand have throwntheir pro- Inc., aWisconsin-based pounds of Parmesan. phenson, director of dairy BY DOUG CAMERON AND KIRK MALTAIS ductionplans intodisarray. cheese maker,plunging de- Now, he worries prices will policyanalysis with the Uni- Those soaring prices have mand last spring forced him crash. “I wake up at 3a.m. versity of Wisconsin-Madison. Boeing Co.said it would cut TheU.S.cheese industryis also scrambled planning for to shiftfrommaking fresh thinking: ‘HowamIgoing to Executives at Domino’s more jobs and reviewjetliner reeling from seven months of buyersfrompizza chains to cheeses that can’t be stored, sell all this Parmesan,’” said PizzaInc.and Little Caesars production ratesinaneffort to chaos as the coronavirus pan- grocerystores, prompting likemozzarella, to hard Mr.Auricchio. Pizza said sharp shifts in stop bleeding cash as the coro- demic causes upheavalin restaurantstolimit purchases cheeses likeParmesan, which Restaurantsnervous about cheese prices posed chal- navirus pandemic roils global prices and demand. to avoid getting stuck with areagedfor up to ayear be- ordering cheese they can’t lenges forthe chains,insome airtravel. Prices forcheeses from expensiveinventories if the fore they aremarketed. Bel- use arebuying productsjust cases boosting costs. Facedwith apileup of unde- mozzarella to cheddar hit pandemic slashesbusiness Gioioso’s plantsfilled to the onemonth in advanceversus Tim Barr, vice president of livered aircraft, the company near-recordhighs this month, again. brim with so much unsold their typical approach of supply chain forMarco’s said it would reviewits com- but cheese makersare on ForErricoAuricchio,presi- cheese that he had to rent ex- booking purchases up to a Pizza, amidsizepizza chain mercial aircraftproduction lev- edgeafter sharp swingsinde- dent of BelGioioso Cheese traspacetostore millions of year early,said Mark Ste- PleaseturntopageB2 els as airlines areeither unable or unwilling to accept itsnewly produced jetsamid aprolonged slump in passenger demand for Dodgers’ Complex Structure flights. Executives said Wednesday Boeing wouldn’t likely generate cash in 2021, when the plane Pays Off With a World Title maker expectstohand over half of itssome 450 undelivered 737 MAXjetsthat have been Thecoronavirus pandemic buythe franchise forathen-re- grounded fornearly two years. and itseffect on the baseball By Margot cord $2.15 billion. Thecompanyexpectstore- season areproviding the big- Patrick, Justin Baer So far,the structurehas held duceits head count by an addi- gest test yetofthe unusual and Leslie Scism firm. And on Tuesday, the Dodg- tional 11,000,including 7,000 structureused by agroup of ersdefeated the Tampa Bay layoffs,ontop of almost 20,000 businessassociates to buy the Those losses aren’t enough Rays to win the World Series. already announced and end next LosAngeles Dodgers. to dent the wealth of Guggen- Thestrategybegan afterthe GES year with around 130,000 em- Thepandemic cut the Major heim Partners LLC Chief Exec- 2008 financial crisis when Kan- IMA ployees,about 40% lessthan League Baseball season by more utiveMark Walter,basketball sas insuranceregulatorsurged when it mergedwith McDonnell GETTY

than half and slashed revenue legend Earvin “Magic” Johnson, Guggenheim, which managed N/ Douglas in 1997. its30teams collect from ticket Texas billionaireBobby Patton moneyfor insurers, to acquire TO PleaseturntopageB2 sales and concessions.The and the other wealthyindividu- astruggling companythere, Se-

Dodgers, likesomanyother pro- als who ownthe team. But the curity Benefit.That led to pur- PENNING  GE cost cuts offset drag of M

fessional sportsteams this year, losses do return the spotlight chases of other lifeinsurers, as TO its jet engine business...... B3 arelosing money,according to a to an unorthodoxstrategy the Mr.Walter and other Guggen- NBA legend ‘Magic’ Johnson is among the owners who used an  Heard on the Street: Boeing’s spokesman forthe team. groupused eight yearsago to PleaseturntopageB6 unusual strategy to buy the Los Angeles franchise for $2.15 billion. 2021 isn’t looking great..... B12 INSIDE Ad Firms FightApple’sNew Opt-In Rule

BY KEACH HAGEY campaigns performed. with theuse of privacyasa fundamental right,” adding,“A AND PATIENCE HAGGIN Thecompanies behind the sort of figleaf foranticompet- user’s databelongstothem complaint, brought through a itiveconduct,” said Damien and they should get to decide Advertising companies and group of trade associations, Geradin, the competition law- whether to sharetheir data publishershavefiled acom- say few users will agree to be yerrepresenting the coalition and with whom.” plaint against Apple Inc.with tracked, making it harder for of industry groups, including Privacyadvocates saycon- France’s competition author- companies ranging from game- the InteractiveAdvertising Bu- sumers should have as much ity,arguing that privacy makers to news publishers to reau France. “Wethink that control as possible over how changes the smartphone sell personalized ads and this is thesort of thing that their dataiscollected and used. maker plans to roll out arean- tough forthe middlemen in will arise increasingly in the In recent years, apush toward ticompetitive. those transactions. future.” greater online privacyhas re- EARNINGS COMMODITIES Starting in early 2021, Ap- The case is one of the first Apple’smovehas drawn sulted in newlawsinEurope GE’s cost cuts Newconcerns ple’soperating software will legal challenges to online-pri- criticism from others, includ- and California. Thecomplaint help to offset about coronavirus requireapps to getopt-in per- vacy measures on antitrust ing Facebook Inc., which said centersonApple’smovetoin- mission from users to collect grounds. in August the changes would troduceits own, morealarming troubles in its driveselloff their advertising identifier, a “Atthe highest level, this is affect itsbrokering of ad sales languageasking userstoopt-in, aviation business. B3 in rawmaterials. B11 key number used to deliver anovel case—a truly impor- in outside apps. separatefromthe promptsal- targeted ads and check howad tant case—because it deals Apple said “privacyisa PleaseturntopageB4 P2JW303000-4-B00200-1------XA

B2 | Thursday, October 29, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A E Mattel...... B12 Lilly, U.S. Government Reach Deal AbCellera Biologics.....B2 Eli Lilly...... B2 Microsoft...... B12 Advanced Micro Devices Etsy...... B3 N ...... B4 F Nucor...... A2 Allegheny Technologies Nvidia...... B4 To SupplyCovid-19 AntibodyDrug Facebook...... A1,B1,B4 ...... A2 Fiat Chrysler R Alphabet...... A1 Automobiles...... B1 Raytheon Technologies Amata...... A18 Ford Motor...... B1 ...... B12 BY PETER LOFTUS federal government to lock up of advancing to severedisease. tibody is moreeffectiveearlier American Express...... B6 G Regeneron supplies of promising corona- In a clinical trial, the drug in the course of disease than ANA...... B4 Pharmaceuticals...... B2 General Electric.....A2,B3 Drugmaker EliLilly &Co. virus vaccines and treatments. kept ahigher proportion of in severecases that require Andreessen Horowitz S ...... B11 Gilead Sciences...... B2 agreed to provide 300,000 Earlier this year, Regeneron theserecently diagnosed pa- hospitalization. Apple...... B1 Guggenheim Partners.B1 Samsung...... B4 doses of itsexperimental Pharmaceuticals Inc.said it tientsout of the hospital than Lilly and federal researchers Automatic Data H Shopify...... B4 Covid-19 antibody drug to the received $450 million to man- thosewho received aplacebo. continue to test the antibody Snap...... B4 Processing...... A2 Harley-Davidson...... A2 federal government for$375 ufactureand supply 300,000 Theantibody,which Lilly forother uses and in different SoftBank...... B4 million, if the medicine is au- doses of itsexperimental anti- originally code-named LY- populations. In addition to B HSBC...... B10 Sony...... B4 thorized foremergencyuse in body-based drug forCovid-19. CoV555 but is nowcalling treating patientswith mild to Banco Santander...... B10 Huawei Technologies..B4 Steel Dynamics...... A2 Bed Bath & Beyond..B12 I Sunnova Energy the U.S., the company said. Antibody drugs, which bor- bamlanivimab,isessentially a moderateCovid-19,itisbeing BelGioioso Cheese...... B1 Inphi...... B1 International...... B12 TheU.S.Department of rowfromthe immune system’s clone of an immune-system tested forits potential to pre- Blackstone...... B10 Intel...... B4 SunRun...... B12 Health and Human Services natural defenses against agent that canblock the coro- vent disease in people at risk Boeing...... B1,B12 Intercontinental Synchron...... A3 said thefederal government pathogens,promise to fill a navirus that causes Covid-19. of infection, including nursing- C Exchange...... B11 Synchrony Financial....B6 will allocatethe doses to state big gapinCovid-19 care,treat- Lilly developed it in collab- home residentsand staff. T Capital One...... B6 L and territorial health depart- ing patientsbeforetheir cases oration with AbCelleraBio- Even beforereceiving au- Carvana...... B6 Little Caesars Pizza...B1 Tiffany...... A1 ments, which will, in turn, de- turn serious and require hos- logics of Vancouver,Canada, thorization, Lilly has been D Lloyd's of London.....B10 Twitter...... A1,B4 termine which hospitals and pitalization. which identified the antibody manufacturing doses of bam- LVMH Moët Hennessy U health facilities get the drug. They mightalso briefly pro- from ablood sample taken lanivimab and expectstohave Deutsche Bank...... B10 Louis Vuitton...... A1 Under the supply agree- tect against infections,provid- from one of the firstU.S.pa- 100,000 ready to ship within Dine Brands Global.....B3 United Parcel Service.B3 Direxion Investments M United States Steel...A2 ment, each vial costs$1,250, ing a bridge to vaccines until tientstorecover from days of a clearance. The com- ...... B11 Major League Baseball V - X Lilly said. One vial would be they are available. Covid-19. panyexpectstomakeupto Discover Financial ...... B1 Visa...... B6 enough foranindividual pa- Public attention on the This week,the National In- one million doses by the end Services...... B6 Marvell Technology.....B1 Vivint Solar...... B12 tient, who federal health offi- drugsreceived aboost after stituteofAllergy and Infec- of the year. Domino’s Pizza...... B1 Mastercard...... B6 Xilinx...... B4 cials said won’t faceout-of- President Trump took Regen- tiousDiseases ended astudy Thenew U.S. supply agree- pocket costsfor the drug, eron’s following his diagnosis of bamlanivimab aftercon- ment has an option forthe though health-carefacilities and then touted their benefits. cluding that adding it to stan- U.S. to buy up to an additional maycharge afee foradminis- Indianapolis-based Lilly has dardtreatment—including 650,000 vials through June 30, INDEX TO PEOPLE tering the IV infusion. asked forU.S.Food and Drug Gilead Sciences Inc.’sremde- 2021, forupto$812.5million. HHS partnered with the De- Administration authorization sivir—provided no clinical Lilly said it also is discuss- A G N fense Department to reach the of itsdrugtotreat patients benefit to hospitalized ing with global regulatorsthe Albanese, Anthony...B11 Gimber, Hugh...... A2 Nagamori, Shigenobu.B4 Lilly supply agreement. with mild to moderate Covid-19 patients. potential to makethe drug Andreessen, Marc.....B11 Giroux, David...... B3 P Thedeal is the latest by the Covid-19 who areathigher risk Lilly says it believes the an- available in other countries. Arrington, Ashley.....B11 Gray, Jonathan...... B10 Auricchio, Ericco...... B1 Patton, Bobby...... B1 Greene, John...... B1 Pichai, Sundar...... A1 B H Priestley, Alan...... B4 Bailin, David...... A2 Factory shutdownsupended Holoman, Eric...... B6 R vehicle output lastspring. Barr, Tim...... B1 Houchois, Philippe...... B1 C Rasgon, Stacy...... B4 J S North American vehicle Calhoun, David.....B1,B12 Johns, Jay...... B3 Carnegie-Brown, Bruce Sapir, Michael...... B11 production ...... B10 Johnson, Earvin...... B1 Silverman, Joshua...... B3 Chae, Michael...... B10 L Smith, Greg...... B1 1.50 million Cleveland, O.A...... B11 Lee, Allison Herren...B11 Su, Lisa...... B4 Culp, Larry...... B3 Lee, Jae-yong...... B4 T 1.25 D M Tritton, Mark...... B12 Dorsey, Jack...... A1 Marinac, Christopher..B6 W - Z 1.00 E - F Mehra, Sachin...... B6 Walter, Mark...... B1 Egli, Peter...... B11 Miller, Bob...... A2 Webb, Susan...... A2 Fairbank, Richard...... B6 Mills, Jeff...... A2 Zuckerberg, Mark...... A1 0.75

frey Schwager, chief executive 0.50

Producers of Wisconsin-based Sartori /REUTERS

Co., which sells cheese to gro- 0.25 VES AL

cers,pizza chains and food N Of Cheese manufacturers. 0 TO “Some weeks we’reliterally JJFMAMJ AS SHING

working seven days aweek, WA On Edge running plants24hoursper Source:Ward's Intelligence Fiat Chrysler said it doesn’t expect further disruptions from the pandemic this year. A plant in Brazil. day,” he said. “Other days we’relooking forwork.” ersaffordnew rides,dealerssay. period last spring laying out stocks.GMevenhas scheduled ContinuedfrompageB1 Beforethe pandemic,Sar- Car Sector Dealersalso point to pan- safety protocols,including voluntarywork shifts forextra based in Toledo,Ohio,said tori sold grocerswheels of demic-driven shifts in howcon- mask wearing and rigorous payonTuesday, Election Day, a high prices have led his com- cheese to slicefor customers sumersare spending their testing,that so far has pre- holidayunder itscontract with panytoseek new, cheaper at deli counters. With delis RoarsBack money.Manypeople arehun- vented factoryoutbreaks. the United AutoWorkers. cheese suppliers. “Cheese is, closed or offering reduced kereddownand spending less But intermittent supply “The startup wasslowwith by far,our highest food cost services,grocers noware ask- on things likedining out and shortages and higher-than-nor- everyone getting accustomed to item,” Mr.Barr said, adding ing him to prepackagecheese From Nadir vacations,are willing to splurge mal worker-absencerates have wearing masks and the new that unprecedentedpricein- in wedges forindividual sale, moreontheir vehicles and fix- served as apersistent reminder safety protocols,but everybody creases have significantly Mr.Schwagersaid. ing up their homes,industry of the threat of production dis- is kind of used to the new squeezedmargins. Paul Scharfman,chief exec- ContinuedfrompageB1 executives say. ruptions from the virus. norm,” said Chad Fabbro, an of- Nationwide restaurant clo- utiveofSpecialty Cheese Co., analyst forecast of 20 cents, ac- “What’shappening hereisa Fornow,most autoplants ficial at UAWLocal 598,which sures at the beginning of the which makes cheeses like cording to FactSet. reorientation and prioritization areworking at full throttle to representsabout 5,000 workers pandemic cratered cheese paneer and cotija in ahigh- Fiat Chrysler also said it of the household budget,” said meet high levels of demand in Flint. “We’recranking now.” salesand sent per-pound school-turned-cheese-plant in doesn’t expect anyfurther dis- Mike Jackson,chief executive that few punditsexpected last In the summer,Marybeth prices for40-pound blocks of ruralWisconsin, said orders ruptions from the pandemic for AutoNation Inc., the U.S.’s spring.Automakersbuilt 4.1 Morris gaveuptrying to find a cheddar,the industrybench- forcotija—used on fajitas and this year and reinstated itsfull- largest publicly traded dealer- million vehicles in North Amer- Kia Telluride because the SUV mark,to$1, the lowest since taco salads—stalled forsix year guidanceafter suspending ship chain, on an earningscall icaduring the thirdquarter, wasinsuch short supply.In- 2003.Lotsofcheese makers weeks beforebouncing back it in the spring.Itnow expects last week.Inthe thirdquarter, matching the output level from stead, shesettled on aVolks- slowedorhalted production, to near-normal as takeout or- to earn between $3.5 billion the companysaid adjusted ayear earlier. wagenAtlas,and even then, the helpinglead dairycoopera- dersbreathed life back into and $4.1 billion on an operating earningsper sharefromcon- At General Motors Co.’s firstone she picked out was tives that sell farmers’ milk to Mexicanrestaurants. basis in 2020. tinuing operations hit arecord plant in Flint, Mich., whereits sold out from under her.A curb their ownoutput by ask- “The changeindemand is Researchfirm IHS Markit of $2.38. largest pickup trucks aremade, salesperson found adifferent ing memberstodump mil- happening very quickly,” said nowforecastsNorth American Lithia Motors Inc., an Ore- employees have been working model at another dealership. lions of gallons or cull their Heather Anfang, head of Land production of 13 millionvehi- gon-based operator of about around the clock six days a “Thiswas morecomplicated herds. O’Lakes Inc.’sU.S.dairyfoods cles,upfromaforecast of 12.2 200 dealerships selling every- week—and occasionally on Sun- than anyprevious carbuying division. Ms.Anfang said the million it made in April. The thing from Mazdas to BMWs, days—torestoredepleted dealer experience,” she said. cooperative’scheese sales to firm raised itsglobal projection sawthe averagepricepaid for ‘I wake up at 3 a.m. schools have dropped by to 73 million vehicles,from anew vehicle in the thirdquar- about 30% as millions of chil- 69.3 million. terjump by $2,500 on asame- thinking: ‘How am I dren attend school remotely, Industryexecutives,dealers storebasis,to$40,100. going to sell all this or part-time,and schools now and analystsciteseveral reasons “Their checkbooks areprob- want moreindividual serv- forthe faster-than-expected ably fuller,” Lithia Chief Execu- Parmesan.’ ’ ings, likestring cheese,rather snapback.Interest ratesare tiveBryan DeBoer said last than bulk bagsoffrozenmac- near record lows,which have al- week.“They’renot able to fly aroni and cheese. lowedcar companies to pro- to travel. They’redriving to Dairyeconomistsand exec- motezero-interest financing, travel.” by Then the government utives saythey expect an- and government stimulus Automakersspent much of stepped in. TheTrump admin- other lull when government spending has helped some buy- anearly two-month shutdown istration in April announced purchases slow. plans to purchase $3 billion of “The government can’t buy dairy, meat and producetobe cheese likethey have been further if airlines areunable to Introducing an distributed through food forever,” said Greg Schlafer, Boeing take deliverybecause of alack Ergonomic Heat banks.The sudden surge in chief executiveofForemost of demand or financing.Wide- demand liftedcheese prices, Farms USA, amajor Wiscon- body planes likethe 787are un- and Massage andprompted BelGioioso to sin dairycooperativeand Plans More der particular scrutinybecause ramp up mozzarella produc- cheese producer. of the collapse in long-haul in- Chair for Work tion again. SinceJuly,cheese prices ternational flying. and Home Restaurant cheese pur- have dropped sharply and Job Cuts TheInternational Air Trans- chases also picked up over risen again, influenced by port Association, atrade group, thesummer as eateries piv- successiverounds of govern- this week cut itsrevenue out- oted to takeout and delivery ment purchases over the sum- ContinuedfrompageB1 look forthe global airline indus- and restrictions on in-person mer and fall, dairyanalysts Thecollapse in airline traffic tryin2021 by aquarter from its dining eased. Pizzasales and cheese executives say. and reduced aircraftproduction previous guide in August as ris- boomed at large chains and TheTrump administration an- have already cost the U.S. avia- ing coronavirus cases and quar- homebound consumers nounced another $1 billion for tion industryaround 100,000 antines restricted travel. stocked up on vast quantities food purchases in August, and jobs so far this year and another “Wewill monitor as we pru- of cheese at grocerystores. $500 million morelast week. 220,000 areatrisk,according to dently manage supply and de- U.S. cheese exportsrose too. Dairypurchases have totaled the AerospaceIndustries Asso- mand,” said Boeing Chief Execu- Cheddar prices surgedtoa roughly $1 billion, according ciation, atrade group. tiveDavid Calhoun. record $3 per pound in July, to amilk producersgroup. “The reality is that our in- Theexisting production cuts making cheese aleader in a Nate Donnay, adairyecon- dustryasawhole will simply and pandemic-driven restric- broader agricultural-commod- omist with StoneX Group, build lessinthe coming years,” tions areforecast to limit Boe- %( 1-# *( /!& +$) 0-.'", ity rally.Multiyear highs in said some milk buyershave said Boeing ChiefFinancial Offi- ing’s jetliner deliveries to air- futures prices forcorn, soy- been warning farmers—who cerGregSmith. lines andleasing companies to beans,and wheat areoffering have begun rebuilding their Boeing said it still expectsto 170this year compared with areprievetofarmerswho herds—that they maybe gradually increase MAXproduc- about 500 at rival Airbus SE, ac- have suffered through apro- asked to curb production tion through next year.Itwill cording to analysts. Boeing longed agricultural recession again. also reduceoutput of the 787 handed over 28 planes to cus- that has driven some outof Meanwhile,cheese produc- Dreamliner when it moves all as- tomersinthe September quar- business. ersare reluctant to maketoo sembly to South Carolina.Deliv- tercompared with 62 ayear Though the high prices much cheese in case prices eries of the aircraftwould re- earlier.Ithas become morereli- Free Shipping&30Day Risk Free Trial have been aboon forsome tumble,said Mr.Donnay, add- main relatively slowincoming ant on itsdefense business, Save $100 Now! And, Use code Ergonomic cheese makers, the fast shifts ing: “No one wantstobeleft months due to inspections fol- wheresales were double those For Free X-Wheel Casters in demand have made plan- doing ‘hot potato’ with expen- lowing previouslydisclosed qual- of the commercial arm in the *$50 per month based on purchase of $89999 for 18-months 0% interest ning next to impossible,dairy sivecheese.” ity-control lapses,Mr. Smith said. latest quarter. executives say. —Heather Haddon However, Boeing executives —Andrew Tangel “It’sbeen chaos,” said Jef- contributed to this article. said it could reduceproduction contributed to this article. P2JW303000-2-B00300-1------XA

THE WALL STREET JOURNAL. ** Thursday, October 29, 2020 | B3 BUSINESS NEWS Face-Mask GE Cost Cuts Offset Engine Drag Sales Help Quarterly loss shrank Lift Etsy’s to $1.14 billion; money is set aside to cover Results accounting penalties

BY KIMBERLY CHIN BY THOMAS GRYTA

Etsy Inc.reported higher Thetroubled aviation indus- sales forthe fiscal thirdquar- trycontinued to weigh on Gen- terasonline shoppersflocked eral Electric Co., which re- to itsplatform looking for ported another quarter of masks and home décor, mak- shrinking revenue,but the con- ing the e-commerce company glomerateposted asmaller loss astandout in astruggling re- and wasable to generatecash tail sector. from itsindustrial operations. Theonline marketplacefor Layoffs and cost cutting buying and selling handmade have helped GE weather the and vintageitems said reve- coronavirus pandemic’s dam- nue morethan doubled to agetothe commercial airlines $451.5million from ayear that ultimately buy its jet en- ago, propelled in part by de- gines.Belt tightening has also S mand formasks.Etsyre- helped reverselosses in GE’s NEW

ported selling 24 million face long-struggling powerturbine G masks in the September quar- unit. ter. While ordersfor newequip- OOMBER

Grossmerchandise sales,a ment fell in several of its key /BL metric that looks at the total businesses,GEsaid it gener- value of items sold on the e- ated $514 million in industrial

commerce site, morethan free-cash flow in the quarter SHARRETT KE

doubled to $2.63 billion. Etsy ended Sept. 30.Onthat basis, LU said masks represented 11% of the companyalso predicted it A LEAP jet engine at a GE plant in Lafayette, Ind. GE’s aviation revenue fell nearly 40% in the third quarter to $4.92 billion. overall grossmerchandise would generate$2.5billion in sales in the quarter.However, cash in the fourth quarter. futuretrajectoryofthe pan- covernursing-home stays that Mr.Culp said the reserveis on GE’sstock,hesaid, and the sales excluding masks were Themeasureisclosely demic. He expects it will take have proved moreexpensive “appropriategiven what we pandemic has only delayed up 93% from the previous watched as asign of the yearsfor the industryand GE’s than manyinsurerspredicted. knowand given what we can GE’sturnaround. T. Rowe is year. health of the company’sopera- aviation division to recover. GE’s accounting for the in- sayunder the circumstances.” GE’stop shareholder with Etsy’s 3.7million active tions and ability to pay down Mr.Culp recently had his surancebusiness, as well as In the latest quarter,the about 770million shares in sellers, which have grown debt. In the firsthalf of the second anniversaryinthe top bookkeeping in itspowerunit, companybooked a$400 mil- various funds,an8.8%stake, from 3.1million in the second year,GE’sindustrial opera- job,wherehehas focused on is under investigation by the lion charge forits recent deci- according to FactSet. quarter,havehelped the com- tions burned through $4.3bil- cutting debt and generating federal regulators.The Securi- sion to stop building newcoal “It is starting to turn,” Mr. panyfill supply-chain gaps lion in cash. more cash to turnaround the ties and ExchangeCommission powerplantsand a$200 mil- Giroux said. “Weare starting to whereother retail companies “Clearly aviation is the conglomerate. Thepandemic hit lion charge afteranannual re- see signs that we areheading likeAmazon.comInc., Over- challengeright now,” CEO the companyhardbecause of its viewofits aircraftleasing port- to the right trajectoryhere.” stock.com Inc., Wayfair Inc. Larry Culp said in an inter- relianceonthe air travel indus- folio.GEowns hundreds of jets Overall, GE reported reve- andIKEA arestill struggling. view,noting improvement in try. Revenue fell nearly 40% in and is one of the world’sbig- nue of $19.42billion, down Retailers have had to tackle other segmentsand continu- GE’saviation businessinthe lat- 17% gest airplane leasing companies 17%fromayear ago. Excluding challenges related to filling ing cost cuts. “We’remaking est quarter. Theunit is cutting a through itsGECapital unit. its stake in the Baker Hughes inventory to meet surging de- moreprogressand areencour- quarter of its52,000 workers. The overall decline in General “The thingsthat worried oil businessand other assetsit mand fore-commerce during aged by the positivefreecash GE provided reassuring up- Electric’s quarterly revenue me were all better,” said David sold, industrial revenue fell the coronavirus pandemic, in the third quarter.” dates on some areas that have Giroux, T. Rowe Price Group’s 12% to $17.88 billion. alongwith finding waysto Theresultswerebetter had investorsconcerned. The chief investment officer for Thecompanyhad anet loss narrow lead times. than expected and GE didn’t Boston companysaid an an- equities and multiasset. “The of $1.14billion, beforepre- “Our sellers, our businesses reveal large losses in long nual test of reserves in itsleg- recently warned the company forwardguidancewas very en- ferred stock dividends,com- largely have wonworking troubled units. GE shares rose acyinsurancebusinessre- of apossible civil-enforcement couraging.” pared with alossof$9.42bil- from their home,and they’re 4.5% to $7.42onWednesday, sulted in a“small positive action over its accounting for Mr.Giroux said an unevent- lion ayear agowhen it booked not as constrained in terms of bucking abroader market sell- margin” with no impact to the insurance business. fulreview of insuranceopera- hefty accounting chargesonthe having asupply chain depen- off.The stock is down about earnings. Theneed to bolster GE said Wednesdayithas set tions wasgood news,the Baker Hughes investment. Ex- dent on afew factories or 33% so far this year. itsinsurancereserves by $15 aside $100 million to coverpo- health-caredivision performed cluding restructuring and other having everything shipped Mr.Culp said the recent billionwas akey reason GE tential penalties forall the ac- well, and the company’sre- charges, GE reported an ad- through one or two fulfill- rise in newCovid-19 cases had to slash itsquarterly divi- counting investigations,and serveagainst multiple federal justed profit of 6centsashare. ment centers,” Chief Execu- isn’t asurprise because of the dend to atoken pennyper continues to cooperatewith the investigations wassmaller Wall Street wasexpecting an tive Officer Joshua Silverman changing seasons but it shows share. Theunit is responsible probes.Itwas the firsttime GE than he expected. adjusted lossof4centsashare said in acall with analysts. the difficulty in predicting the forlong-term care policies that gaveinvestorssuch an estimate. He has along-term outlook on revenue of $18.7 billion.

Oursterlingsilverand 18kt gold S

NEW wovenbraceletfromItaly G

OOMBER Wrap your wristinluxurywith

UE/BL ourstrikingbraceletfromItaly. BL J.

OR Wovensterling silver is punctuated VICT The company’sinternational businessposteda12% rise in shipping volume and a45% jump in profit. with polished bars of bonded 18kt gold,capturing astyle that UPS Package Volume Swells, is classicand chic.Complete your look But Profit in the U.S. Shrinks with this Ross-Simonsexclusive!

BY PAUL ZIOBRO mains open,” Bernstein trans- benefited from the global portation analyst David Ver- shipping environment, which United Parcel Service Inc. non said in a research note. has tightened international is delivering morepackages, Ms.Tomé,aformer Home freight capacity and provided but it is paying amuch bigger Depot Inc.financechief and morepackages to deliver as price to do so. longtime UPS board member, more people shop online. The The delivery company said is focusing on cutting costs boom in the number of pack- revenue rose nearly 16% in the and reining in spending while ages hasoverwhelmed their thirdquarter and profit rose raising shipping ratesand get- deliverynetworks and 11.8% amid an influx of pack- ting morebusinessfrom stretched deliverytimes,but ages moving domestically and higher-margin customers like the demand has given the car- internationallyduring the pan- smaller businesses and the riersleeway to impose fees demic.Despitethe boost, health-care industry. andnegotiatehigher rates UPS’slarge domestic business She is trying to do it at a from shippers. posted asharp decline in largerscale than the company The shipping volume is ex- profit due to the need to hire had done in the past, including pected to remain robust dur- tens of thousands of new speeding up decisions by cut- ingthe holidayseason. Both workers, lower margins from ting the number of commit- FedEx and UPS have warned delivering packages to homes tees running the businessto their largest customersthat $ and$179million in spending six from 21. thereisnoextracapacity 249 to speed up delivery times. “In the past, we did it by available during the busy ship- Plus Free Shipping Thedecline in U.S. profit increments,” she said on ping period, while other and continued higher costs Wednesday’searningscall. smaller carriershavestopped Sterling Silver and18ktGoldWovenBracelet heading into the holiday sea- “We’renow doing it in a taking newcustomersuntil son weighed on shares,which meaningful way.” next year. from Italy fell 9% in trading Wednesday Thedecline in U.S. profit Ms.Tomé said that the 1 7 ⁄2"length. 3 ⁄8"wide. Foldoverclasp. amid abroader market selloff. wasoffset by big gains in shipping industryisfacing 1 They arestill up nearly 40% UPS’sother segments. Itsin- “capacity constraints” for the Also available in 8 ⁄2"$279 for the year. ternational business posted a holidayseason and that UPS is Shown larger for detail. Theresultsput added pres- 12% increase in shipping vol- working closely with retailers sureonnew Chief Executive ume and a45% jump in profit, on the timing of their promo- Carol Tomé to operateUPS as as areduction in passenger tions and using tools likemore “better, not bigger” by solving flightsthat normally handle automated capacity,faster Ross-SimonsItem #120314 the problem of how to handle cargohas given shippersfewer shipping times and weekend To receivethisspecial offer, use offercode: WOVEN62 the shifttoe-commerce,which options. services to manage through. wasaccelerated by the pan- Thesmaller supply chain “Weare projecting apretty 1.800.556.7376 or visitross-simons.com/woven demic, more profitably. andfreight division posted a peakypeak,” Ms.Tomé said. “Continued compression in 22%profitincrease due to “While we expect this holiday In collaboration with the Italian Trade Agency,the Ministry of Foreign domestic margins means that strong shipping demand out of season to have its challenges, THE EXTRAORDINARY Affairs and International Cooperation and Confindustria -Federorafi the debate over whether UPS Asia. we are ready to deliver a suc- ITALIAN JEWELRY has ‘fixed’ e-commerce re- Both FedEx and UPS have cessful peak.” P2JW303000-2-B00400-1------XA

B4 | Thursday, October 29, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech AMD and Nvidia Chip Away at Intel’s Dominance

BY ASA FITCH mentsInc., both of which have amarket value well above Anew set of American AMD’sroughly $93 billion. But semiconductor leaders is ris- those companies largely com- ing,fueled by pandemic-driven peteindifferent markets: demand fortheir chips that Qualcomm in mobile devices they arelooking to parlayinto and TI in analog chips that blockbuster deals to disrupt rely on real-world signals. S an industrytraditionally domi- Thechip industryhas been PRES nated by Intel Corp. consolidating foryearsthrough TED TheU.S.chip industryhas astring of mostly smaller deals.

OCIA historically been amix of Deal activity this year is shap- SS

/A niche players,midsizecompa- ing up to be unprecedented be- nies and Intel. But this year, cause stock valuations of some

CHEUNG Advanced MicroDevices Inc., acquiring companies have

KIN long theunderdog in the com- soared,giving them financial Game enthusiasts queued up for the pre-order sales of Sony’s PlayStation 5 outside a retailer in Hong Kong on Sept. 18. puter-processor market, and leverage, said Stacy Rasgon,an Nvidia Corp., a graphics-pro- analyst at Bernstein Research. cessing specialist, are mount- “Valuations arehigh and inter- ing their biggest challengeyet est ratesare low, and if you’re Sony Raises Outlook for Year; to level the playing field. going to do it, nowisprobably AMD said Tuesdayitwould the time,” Mr.Rasgon said. buy SanJose,Calif.-based chip Investorshaverewarded maker Xilinx Inc. for$35 bil- companies catering to the dig- Gaming Blunts Huawei Effect lion. AMD,best known forits ital transformation that busi- personal-computer processors, nesses areundergoing,and is paying forthe acquisition in that the coronavirus pandemic stock afterits shares soared al- has accelerated. Nvidia this BY PETER LANDERS with China is improving. Sony's operating profit cantly delayed. most 80% this year amid super- year surpassed Intel as the TheJapanese resultsare U.S.-China tensions remain chargeddemand forvideo- most valued U.S. chip maker, TOKYO—Sony Corp.raised another example of the “K- Forecast arisk forJapanese companies games,PCs and serversthat with amarket capitalization of itsforecast forits full-year op- shaped” recovery in which that sell partsand materials to crunch datafor companies. morethan $330 billion, in part erating profit by nearly $800 some industries have quickly ¥800 billion China’s high-tech industries. Nvidia, whose shares have reflecting itsedgeinchips million, capping astrong run recovered from coronavirus- Sonysaid itsunit that morethan doubled this year, powering artificial-intelligence of resultsbyJapanese elec- related shutdowns while oth- makes image-sensing semicon- placed itsbet in September by processes and agrowing data- tronics makersbenefiting from erssuch as airlines and retail- 600 ductor devices,acorepart for agreeing to buy chip-design center business. China’srevivedeconomyand ersremain in adeep slump smartphone cameras,lost specialist Arm Holdingsfrom Intel has long been the pandemic technologytrends. likethe bottomarm of the let- businesswith aChinese cus- SoftBank Group Corp. for$40 dominant U.S. chip company. A Sonywas hit by U.S. sanc- terK.One of Japan’smajor 400 tomer and wasn’t counting on billion in cash and stock,in series of manufacturing mis- tions on HuaweiTechnologies airlines, ANAHoldings Inc., sales from Sept. 15 onward.It what would be the industry’s steps andmoreforcefulcom- Co.because it supplies camera said this week that it expected expectsthe unit’srevenue in largest deal to date. Thetrans- petition could upend that sta- partstothe Chinese smart- alossofnearly $5 billion this the year to March to fall about action would extend Nvidia’s tus, according to analystsand phone maker,but overcame fiscal year. 200 10% compared with the previ- reach intothe booming smart- industry officials. Intel said theblowtopost operating Sony’s strong performance ous year.Profitisalso set to phonemarket whereArm-de- this year that development of profit of 318 billion yen, equiv- wassupported again by de- fall because of inventory signed chipsdominate. its next generation of chips alent to about $3 billion, in mand forits videogames as 0 write-downs. TheAMD and Nvidia trans- had fallen behind.That set it the July-September quarter.It more people shelter at home. FY 2015 ’16 ’17 ’18 ’19 ’20 Sony didn’t name the cus- actions—which still need to on course to be technologically raised itsoperating-profit pro- Thecompanyisintroducing its tomer,but it wasaclear refer- passregulatoryscrutinyinthe behind the world’stop-tier Note:Fiscal year begins in April. jection for the full fiscal year PlayStation 5 in November and ¥100 billion =$960million. encetoHuawei. Sept. 15 is the U.S. and abroad—would put semiconductor manufacturers. ending March2021 to about said it hopes to exceed the Source:the company datefromwhich the U.S. Com- those companies on amore Rivalsare making inroads as $6.7 billion. success of the PlayStation 4, merce Department barred even footing with Intel, Amer- the industrymoves away from Other Japanese suppliersof whichsold 7.6million units hurting Sony’smovie business. companies from selling to ica’schip-making icon. AMD Intel’scorestrength—powerful electronics forsmartphones between itsintroduction in It said that it hasn’t been able Huawei semiconductorsmade Chief ExecutiveLisa Su said be- processing engines that cando and cars have similarly revised November 2013 and the end of to release most of itscom- using U.S. technology.Virtu- ing biggerisanadvantage in a all types of calculations—to- their projections upwardinre- that fiscal year in March 2014. pleted films in theatersand ally all modern chips are semiconductor landscape where ward chips made fornarrower cent days.Except forsome However, pandemic-related that production of newmovies touched in some way by Amer- development costsare rising. applications,such as artificial Huaweisuppliers, business shutdowns in the U.S. are andtelevision shows is signifi- ican hardware or software. America has other big chip intelligenceortelecommunica- competitors, notably Qual- tions,said Alan Priestley,anan- comm Inc.and Texas Instru- alyst at research firm Gartner. Samsung PostsBiggest Profit in Over aYear Topglobal semiconductorM&A deals on record YEAR /TARGET /BUYER BY ELIZABETH KOH maker,Samsung’sresultsof- companytoshowbenefits pected to retain control, 2020 /ARM Holdings /Nvidia tenmirror the broader tides during the Covid-19 era. This though he remains entangled $40billion* SEOUL—Samsung Elec- of theindustry. week,MicrosoftCorp.said in two related court cases on tronics Co., in another sign of Forthe quarter ended Sept. sales rose 12% this quarter on chargesincluding briberyand technology’sstrength during 30,Samsung’snet profit rose demand forits cloud-comput- accounting fraud. 2015 /Broadcom /Avago Technologies the pandemic,reported its to 9.36 trillion South Korean ing services,while SonyCorp. Mr.Lee,grandson of Sam- 36 largest profit in morethan 18 won, equivalent to $8.24bil- raised itsfull-year operating- sung’sfounder,will need to months,fueled by abounce- lion, a49% rise from the prior profit forecast by nearly $800 discover newgrowthengines 2020 /Xilinx /AMD back in smartphone sales and year’s 6.29 trillion won. Reve- million afterposting better- forthe tech giant. But those demand formemorychips. nue grew by 8% to 66.96tril- than-expectedresultsfor the existing businesses have been 35* TheSouth Korean giant, lion wonfrom62trillion won thirdquarter. strong of late. like manyother technology during the same period ayear Samsung faces fresh con- Operating profit forthe 2016 /ARM Holdings /SoftBank Group companies,has largely side- ago. cerns about itsfutureafter company’ssemiconductors 32 stepped financial fallout as Analystshad forecast about the Sundaydeath of itslong- businessrose to 5.54 trillion pandemic-induced shifts to 9trillion woninnet profit and ailing chairman, LeeKun-hee. won, 81% over last year’s 3.05 2020 /Maxim Integrated Products /Analog Devices working and studying from 64.8trillion woninrevenue, His son, LeeJae-yong,52 trillion wonthird-quarter home have boosted demand according to estimates gath- yearsold, who has led the haul. Itsoperating profitsin 21* forSamsung’scoreproducts. ered by S&P Global Market In- companybydefault sincehis itsmobile division rose 52% to As the world’slargest telligence. father wasincapacitated by a 4.45 trillion wonfrom2.92 *Deal is pending smartphone and memory-chip Thefirm is the latest tech heart attack in 2014, is ex- trillion wonayear prior. Sources: Dealogic; the companies

track them. their campaigns were. Ad Firms The trade associations also DMGMedia, operator of the asked French authorities for Daily Mail and MailOnline, interim measures—similar to raised concerns with the Jus- Fight New an injunction—to block Apple ticeDepartment in August from making itschanges while that the ad-tracking prompt it investigates the largercom- would be anticompetitive, said Apple Rule plaint. aperson familiar with the Appleinitially planned to matter. introducethe changes in Sep- ContinuedfrompageB1 tember 2020. Following high- ready required by European profile criticism from Face- Apple said its own privacylaw. book andothersthis summer, Apple’snew software will Apple delayedthe changeto data collection requireapps to ask users early next year. doesn’t count as whether they want their be- Some publishershaveex- havior to be tracked forthe pressed concern that they tracking. purposes of showing personal- won’t be able to charge as ized ads.The complaint al- much to showads to iPhone legesthat Apple’slanguage userswho don’t agree to track- will repel most usersand ren- ing.Companies that runads to Thepromptsasking forus- der the advertising identifier encourageuserstodownload ers’ permission won’t apply to useless for the vast online-ad an app—a $57.8 billion global Apple’sown digital-ad busi- ecosystem. In asurvey by Tap market in 2019,according to ness, which AreteResearch es- Research Inc., 85% of respon- digital-ad analytics firm Apps- timated will generatebetween dents said if given the choice Flyer—rely on Apple’sidenti- $3 billion and $4 billion in they would ask apps not to fier to track howeffective 2020 revenue.Apple personal- izes ads shown in the App Storeand on Apple News based on where users go and what usersdoinApple’sapps. To opt out of that tracking,us- ersmust find an option in the iPhone’s settings. Applesaid itsown datacol- lection doesn’t count as track- ing because it doesn’t share thedatawith other compa- nies.“These rules apply GES equally to all developers—in- IMA cluding Apple,” Apple said.

ETTY Nicolas Rieul, the chairman /G

GO of IAB France, said Apple’s proposed changes would hurt NTIA

SA theindustryinFrance. “Par-

M. ticularly at the moment of a global pandemic crisis,it’snot

MICHAEL agood time to have another Apple’s Fifth Avenue store in New York City earlier this month. hit,” he said. P2JW303000-0-B00500-1------XA

THE WALL STREET JOURNAL. Thursday, October 29, 2020 | B5

TheWorld’s Most InfluentialBusinessLeaders Anetwork of chief executivesdriving the next eraofindustry, policyand the global economy.

MikeRoman, 3M Cain A. Hayes, Gateway Health GregoryJ.Hayes, Raytheon Te chnologies

Jo Ann Jenkins, AARP Diane Hoskins, Gensler Dennis E. Abboud, Readerlink, LLC

RobertFord, Abbott Thomas McInerney, GenworthFinancial, Inc. Reynolds American, Inc.

Julie Sweet, Accenture SanjeevGupta, GFGAlliance Christopher Peel, Rheem Manufacturing Company

James Etheredge, AccentureNorth America Joel Hyatt, Globality Elizabeth Critchley, Ripplewood Advisors

Michael J. Wolf,Activate Michael McKelvy, Gilbane Building Company Manoj Menda, RMZ Corp

Martin H. Richenhagen, AGCO Corporation Brad Preber,Grant Thornton LLP Afsaneh M. Beschloss,RockCreek

Seifi Ghasemi, Air Productsand Chemicals, Inc. Muhammad Aurangzeb, Habib Bank Limited KathyBloomgarden, Ruder Finn

Joel S. Marcus, Alexandria Real Estate Equities, Inc. RobertC.Garrett, Hackensack Meridian Health Clarke Murphy, Russell Reynolds Associates

Simon Freakley, AlixPartners Que Dallara, Honeywell BarryOstrowsky,RWJBarnabasHealth

Ralph Andretta,Alliance Data Enrique Lores, HP Inc. SirMartin Sorrell, S4 Capital

Paul Black, AllscriptsHealthcareSolutions LLC AmySchabacker Dufrane,Ed.D., HR Certification Institute Cenk Alper,Sabanci Holding

Laila Worrell, Altran Americas Ginni M. Rometty,IBM Marc Benioff,Salesforce.com

Claude LeBlanc, Ambac Financial Group Brad Katsuyama, IEXGroup,Inc. Yo ung Hoon Eom, Samsung Electronics NorthAmerica

Nicholas K. Akins, American Electric Power Elie Maalouf,IHG Mark Te stoni, SAPNS2

Paul A. Tufano,AmeriHealth Caritas FamilyofCompanies Paul Brown, InspireBrands Inc. Mitchell Rudin, Savills

Milind Pant, Amway Stephen Spengler,Intelsat Herman Gref,Sberbank

MikePreston, Arkansas Economic Development Commission Marc Harrison, Intermountain Healthcare Andrew Collins, Sentient Jet

Alan Colberg, Assurant Inc. Kristalina Georgieva,International MonetaryFund Bill McDermott, ServiceNow

AlexMallmann, AutoGravityCorporation Michael Connors, ISG David J. Beveridge, Shearman &Sterling LLP

BernardMensah, Bank of America JABInvestors GuyHalgren, SheppardMullin Richter &Hampton

John Fox, Beaumont Health AlexGorsky, Johnson &Johnson Marc Rey, Shiseido Americas Corporation

Jean-Yves Fillion, BNPParibas USA AlexLiu, Kearney, Inc. Swan Gin Beh, SingaporeEconomic Development Board

David McCormick, Bridgewater Associates, LP Benjamin A. Breier,Kindred Healthcare, LLC EdwardEllison, M.D., Southern California Permanente Medical Group TimGokey,Broadridge SueKench, King &Wood Mallesons Doug Merritt, Splunk Neal Wolin, Brunswick Group LLP GisbertRuehl, Kloeckner &CoSE James R. Downing,St. Jude Children's Research Hospital Chad England, C.R. England, Inc. Chris Wa cker,Laserfiche James M. Loree, StanleyBlack &Decker Inc. Thomas Siebel, C3.ai Sanjay Jalona, LTI Ronald James Kruszewski, Stifel Financial Corp SanjivDas, Caliber Home Loans Austin Russell, Luminar Te chnologies SharbFarjami, Storyful To dd Stevens, California Resources Corporation Nick Savasta, Main GateCapital Margaret M. Keane,SynchronyFinancial Victor Dodig,Canadian Imperial Bank of Commerce Mark Trudeau, Mallinckrodt Plc SyniverseTechnologies LLC NancyAgee, Carilion Clinic Abdeslam Ahizoune,Maroc Te lecom SuryaKant, Tata ConsultancyServices Andrew E. Law, Caxton Associates DanGlaser,Marsh &McLennan Companies Te rrence R. Curtin, TE Connectivity Michael F. Neidorff,Centene Corporation RogerW.Crandall, MassMutual CP Gurnani, Te ch MahindraLimited Margaret E. Franklin, CFAInstitute David J. Sorbaro, Mavis Discount Tire,Inc. Declan Kelly, Te neo Holdings JoAnna Sohovich, Chamberlain Group Gianrico Farrugia, M.D., Mayo Clinic LarryHelm, TexasCapital Bank William C. Carstanjen, Churchill Downs Inc. IraColeman, McDermottWill &Emery Michael Chertoff, TheChertoffGroup Jeffrey Wa lker,CIMC Capital Chris Kempczinski, McDonald's Deanna Mulligan, TheGuardian Life Insurance CompanyofAmerica Chuck Robbins, Cisco Systems, Inc. Kevin Sneader,McKinsey&Company Mark T. Smucker,The J.M. Smucker Company MatthewBrowning Prince,Cloudflare Mark Penn, MDC Partners/Stagwell Group Maruyama Masahiro, TheMainichi Newspapers RobertWillett, CognexCorporation EdwardK.Aldag Jr., Medical Properties Trust, Inc. Harold L. Paz, TheOhio State UniversityWexner Medical Center Brian Humphries, Cognizant Sanjay Mehrotra, Micron Technology ScottMcDonald, TheOliverWyman Group Cliff Skelton, Conduent Inc. SatyaNadella, Microsoft Corporation Ross PerotJr.,The PerotCompanies and Hillwood Damon T. Hininger,CoreCivic Jami McKeon, Morgan Lewis Julie Wainwright, TheRealReal, Inc. Rob Bernshteyn, CoupaSoftware,Inc. Jacob Kam, MTR Corporation Limited PeterWTPisters,M.D., TheUniversityofTexas Heather Bresch, Mylan N.V. Mark Machin, CPP Investments MD Anderson Cancer Center Adena Friedman, Nasdaq FaizaSaeed, Cravath, Swaine &MooreLLP JohnnyHornby, The&Partnership Frank Martire, NCRCorporation JayBrown, CrownCastle International Corp. Te resa Rasmussen, Thrivent Takashi Niino,NEC Corp. BradleyH.Feldmann, Cubic Corporation Christian Lanng,Tradeshift Adam Johnson, NetJetsInc. LarryJ.Merlo,CVS Health Michael Lamach, Trane Te chnologies plc Charles Gottdiener,Neustar, Inc. PoppyGustafsson, Darktrace Jean Savage,TrinityIndustries Ravi Saligram, Newell Brands ThierryBetbeze, Dassault Falcon JetCorp Jane JieSun, Trip.com Group Ltd RupertMurdoch, News Corp Harold L. Yo hIII, Day &Zimmermann Takashi Sonoda, Uhuru Corporation RobertThomson, News Corp HenryN.Nassau, DechertLLP Patrik Frisk, Under Armour Lachlan Murdoch, News Corp Kathryn Parsons, Decoded Krishna Sudheendra, USTGlobal Steven J. Corwin, NewYork-Presbyterian Hospital Louis Jacobs, Delaware North JeffBalser,Vanderbilt UniversityMedical Center Andrew Glincher,Nixon PeabodyLLP Punit Renjen, Deloitte GregoryWilliam Cappelli, Va ntaEducation John E. Schlifske, Northwestern Mutual Thomas F. Farrell II, Dominion Energy ScottG.Stephenson, Ve risk Analytics, Inc JunSawada, NTTCorporation Almar Latour,Dow Jones Publisher,The Wall Street Journal Ronan Dunne,Verizon Consumer Group BobPryor,NTT Data Services MikeSalvino,DXC Technology Guru Gowrappan, Ve rizon Media Group Jason Goodall, NTTLtd. Angela F. Williams, Easterseals Patrick Gelsinger,VMwareInc. Glen Messina, OcwenFinancial Corporation RichardEdelman, Edelman Vinod Kumar,Vodafone Business John Romeo,OliverWyman PennyPennington, EdwardDJones &CoL.P. Maxim Pasik, Wa tergen Mark Barrenechea, OpenTextCorporation Raanan Horowitz, Elbit Systems of America RobertJ.Pagano,Watts WaterTechnologies John P. Davidson, Options Clearing Corporation To dd Boehly, EldridgeIndustries Melissa Smith, WEXInc. VitorRocha, PhilipsNorth America Ashish Masih, EncoreCapital Group Hugh Verrier,White&Case LLP ScottW.Wine,Polaris Inc. Borje Ekholm, Ericsson KeshavMurugesh, WNSGlobal Services AnthonyPratt,Pratt Industries, Inc. Calvin Butler,Exelon Utilities Mark Read, WPP plc SusanDeVore, Premier,Inc. Bill H. Stoller,ExpressEmployment Professionals MindyGrossman, WW International, Inc. Jennifer A. Prosek, Prosek Partners Carmine Di Sibio,EY BradleyS.Jacobs, XPO Logistics Inc. RodneyHochman, Providence St.Joseph Health Hugh Frater,Fannie Mae Joey Wat, YumChina Holdings, Inc. MikeWells, Prudential PLC Kevin Mandia, FireEye, Inc. David Gibbs, Yum! Brands Neil Cunningham, Public Sector Pension Investment Board Jonathan Brossard,Fischer ConnectorsSA Kristin Peck, Zoetis Ralph Izzo,Public Service Enterprise Group Inc Michael Silvestro, Flexjet Eric S. Yuan, Zoom Video Communications JimLico,Fortive Mohammed Bader Al Sada, QatarMedia City

Steven Gunby, FTIConsulting,Inc. Rick Thornberry, Radian Group Inc.

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B6 | Thursday, October 29, 2020 **** THE WALL STREET JOURNAL. BUSINESS & FINANCE Consumers Mastercard And Visa Spend More, Report Declines Borrow Less BY ALLISON PRANG Credit-cardcompanies Credit-cardfirms say els. Late-payment and default Mastercard Inc.and Visa Inc. rates also decreased at those reported double-digit percent- loan balances remain banks from prior quarters, agedeclines in revenue even afterprograms that gave Wednesday, as the pandemic belowamounts from a S borrowers areprieveonre- continued to weigh on results. year earlier NEW payments ended, suggesting G Mastercard’s revenue fell that consumersare willing and 14%fromayear earlier to BY PETER RUDEGEAIR able to getout from under ex- $3.84billion, hurt by adivein OOMBER isting debt. cross-border volume,meaning

Consumersare spending The dissonant behavior on GLE/BL paymentscardholdersmake

moneyasifthe coronavirus displayinthose banks’ earn- NA outside of the country where recession is over.But they are ingsadds to aset of mixed the card wasissued. Cross-

also paying down old debts signalsthat consumersand MICHAEL border volume on alocal-cur- and avoiding newones in case businesses are sending about Millions of Americans have lost jobs, but average credit scores are at record highs. rency basis tumbled 36%. the pandemic lasts a while. the stateofthe economy, mak- Mastercard Chief Financial That is the discordant pic- ing its underlying strength or Even though purchase vol- Keycredit-cardcompany pecting.AnalystsatJanney OfficerSachin Mehrasaid the ture of the U.S. economy that weaknesshardtodiscern. Mil- umes arerising,what consum- metrics, September,change MontgomeryScott said in a drop in those volumes was emergedfromthird-quarter lions of Americans lost jobs in ers are spending their money from ayearago report on Mondaythat the “due to the effectsofborder earningsreportsfromsome of the past seven months,yet av- on is still shaped by pandemic amount that the typical bank restrictions and social distanc- the country’slargest credit- eragecredit scores are at an realities.Among customersof Purchase volume set aside in the third quarter ing measures.” card issuers. all-time high.Stock markets Discover,purchases at grocery Balances outstanding to cover potential defaults in Mastercard’s revenue CapitalOne Financial Corp., stores and retailersinthe first –10% –5 0 510thefuturewas about half as missed the estimateof$3.95 Discover Financial Services half of October increased 16% much as Wall Street had esti- billion from analystspolled by and Synchrony Financial re- and26%, respectively,while mated. FactSet. ported last week that, starting spending on gasoline and “The credit cycle is not Mastercard logged$1.51 bil- in September,the volume of 32% travel decreased 19% and 49%, Discover over,but actual losses arebet- lion in profit and said earnings purchases made by their cus- respectively. At American Ex- terthan anticipated which were $1.51 a share. That com- tomersincreased from the rel- Increase in online retail press, online retail spending should reduceinvestors’ pares with net income of $2.11 evant period a year earlier, a spending at American Express rose 32%, while offline retail fears,” wroteChristopher Mar- billion, or $2.07 ashare, a firstsince the coronavirus spending fell 10%. inac, a director of research at year earlier.Adjusted earnings forced swaths of businesses to Additional borrowing hasn’t Janney Montgomery Scott. were $1.60 ashare. According close their doorsinMarch and followedthe additional spend- Synchrony Executives cautioned pay- to FactSet, analystswereex- asevererecession took hold. remain buoyant even as a ing.Outstanding U.S. credit- ment trends could changein pecting $1.65 a share. Thebuying continued well af- number of industries,fromair card balances fell 6% at Dis- the autumn and winter as cit- Visa’srevenue tumbled17% terlaid-off workersstopped travel to liveentertainment, coverand Synchrony, 9% at ies and states deal with the to $5.1 billion but wasstill receiving $600 aweek in extra have watched revenue plum- Capital One and 28% at Ameri- Source:the companies economic impact of rising abovethe analyst consensus unemployment benefitsatthe met. canExpress. Thedecline at numbersofcoronavirus cases. from FactSet of $5 billion. end of July. “This is the biggest discon- Discover wasdue to “a higher One’sU.S.credit-cardbalances Joblosses that were tempo- Cross-border volume fell 29% Although retail spending nect that Icertainly have ex- payment rate as customers fell to 3.64% at the end of the rary could become permanent, on a constant-dollar basis. accelerated at the end of the perienced in my three decades continue to be mindful of their thirdquarter,downfroma and the absenceofmorerelief Visa said earningswere third quarter, consumers still of building Capital One be- debt obligations,” along with a year agowhen the economy money from the federal gov- $2.14billion, down 29% from a shied away from borrowing to tween what we see in the decline in promotional offers, wasstill growing.That im- ernment could worsen the year earlier. financeeverydayexpenses and economy itself and the actual financechief John Greene told provement occurred even as economic outlook. Earningswere97centsa shopping binges. End-of-Sep- performanceofthe consumer,” analysts last week. the number of Capital One “I think it’sjust amatterof shareand adjusted earnings tember credit-cardbalances at said RichardFairbank,Capital Higher payment rates also customersenrolled in forbear- time beforethis thing could were $1.12 a share. According Capital One,Discover,Syn- One’schief executive, in acon- mean that the banks arelosing ance programs declined. reverseitself in asignificant to FactSet, analystswereex- chronyand American Express ferencecall with stock ana- lessmoney to defaults. Net Loan performancewas bet- way,” Capital One’sMr. Fair- pecting adjusted earningsof Co.werebelowtheir 2019 lev- lysts last week. charge-off ratesonCapital terthan manyhad been ex- bank said. $1.09 a share.

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ers. Afifth, HeritageLife, was PRENS 8N@=9$F$' O@FA6c` hLKQL S-*(MjMO T-j. K) K. PONj'H( j.P Lj) 0j('*OP if K() (O*0)^ 0"' 1FW' U!WW 9FZ' ?WF+' @A 6'+'BD'= [I *E*EF9,EXEEFGBG VF;9'=A3='5F!W!A$0!B' !A +@B?W!H launched by Mr.Pattonin2012 Team co-owner Mark Walter also leads Guggenheim Partners, FA+' U!9" M'UL@=Z /A!&@=B 8@BB'=+!FW8@)' 1'+9!@A [H#,EGPA='+@$A!9!@A @& 9"' 84.P6H,[?FAH )'B!+ FA) ='WF9') W!B!9F9!@A; @A ?7DW!+ F;;'BDW!';I 9"' 1FW' U!WW D' +@A)7+9') 5!=97FWWS 5!F @AW!A' as areinsurer,taking on risk of which boughtinsurancecompanies thathelped financethe Dodgers. 5!)'@ +@A&'='A+'G 0"' /2O F))=';; FA) ?F;;U@=) U!WW D' ?=@5!)') 9@ FWW ='$!;9'=') ?F=9!+!?FA9;G certain annuity portfolios of 7LO !-HHj(O*jH hKHH iO )-HP j) j)K.MHO '.K( j.P K) -NNO*OP <1 P1I -RV2V P1I -P0R A :-9 @#? ;#,? These companies did some- amount of conflicted loans on corporatebonds alone.He hK(L -i(jK.K.M K.N-*0j(K-.` iKPPK.M -. 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P-Q'0O.() K.QH'PK.M` i'( .-(HK0K(OP (-`(LO hK..K.M iKPPO* POHK&O*K.M (- (LO S-*(MjMO TO.PO* j( QH-)K.Mj)'i)(j.(K&O =CDAD)4A@@D4 /2A)CCA9*3A(69A4 sought to improvetheir returns ersreferred to by the report- intothe pipeline of deals that Q-.)-HKPj(K-. -,K.K-. j.P *O,HjQO0O.( M'j*j.(f j.P O.&K*-.0O.(jH K.PO0.K(f jM*OO0O.()% dFc 7770-58,+.:1B>58+1,+;+8B,08+B Q-0,HfK.M hK(L (LO 9OQ'*K(KO) #Q(% j.P dEc Q-0,HfK.M hK(L (LO -(LO* +'jHKkQj(K-.) j.P *O+'K*O0O.() by helping to financethe Dodg- ers,” Mr.Webb said. “Conflicted areregularly presented to him dK.QH'PK.M i'( .-(HK0K(OP (- (LO 7O*0) -N 9jHO *OHj(K.M (- (LO )jHO -N (LO !-HHj(O*jH d(LO 80'=B; @& 1FW'6cc^ ers, and by investing in other loans arelegal and proper and his associates,hehas said, #. -.HK.O Pj(j)K(ON-* (LO 9jHO d(LO 86F9F;!9'6c K) j&jKHjiHO j( hhh^M)j,-*(N-HK-'QQN-*OQH-)'*O^Q-0` hLKQL hKHH K.QH'PO QO*(jK. *OHO&j.( K.N-*0j(K-. (Lj( 9OQ'*OP9 $37#, provided morethan $10 billion insurersthrough Safe Harbor have different ownership ar- ;'O)(K-.) 0jfiOPK*OQ(OP (- "*O(( :-)O.iO*M j( aG FGF_@GF_C?FB -* i*O((^*-)O.iO*M$j0^JHH^Q-0^ !,-$."!$!,,, in such funding,according to include those that have re- rangementsthat have changed an analysis by TheWall Street ceived financing from the in- over time.For instance, Mr. NOTICE OF SALE (&#$'*+&+%* ,!$#!)$-')" Journal. Thefiveinsurershad surancecompanies,Guggen- Johnson took control of Eq- 'C= (C0D0! 'C= %#:?0"*CC+/)39 about $85 billion in invested heim executives said. They said uiTrustfromGuggenheim in +-(!$& -# ,%'.!$ *).& " 3?BA)?;U ;B E) 1B[+ . F0G) ,; A/M7+ '477+/;M=8 >? 3-FL assetsasofJune 30,according Safe Harbor aligns the interests 2015.Guggenheim Lifeisowned 947E .")6+8C28=69 @=6;Q: ?H ,E"EKHM6+ 4B?EC$ 8=&EJ . 50GF ,; LE8HMO#=7M8C IA=87 '4=KH -5GFN to figurescompiled by A.M. of the insurancecompanies, by Guggenheim itself. . G.0)5 ,; #/46H="+ !DC 3B/7469 *+=;Q -GL 7)&+80 +(,.1"/# !2,( -63.5/ 42/.1"/# '(%2.9/(* 31 Best Co.Aperson familiar with their ownersand policyholders. Eric Holoman, chiefexecu- '2/( '(%(11"5$ . ,M/24/H OB/8=694 ,/+=: '=2 )1 !=6"+/K -$0.L .F`$^^>>8` <>NQXS210:>3 02 SSS .FI.`F`R/N*._..JFFFJFFF .,H`H,F*.8)'G9[; . FO?H4/+K F:)J)K(:%=CH46= *+=;Q: A/M7+ -G..N the mattersaid the assetsrose Guggenheim executives and tive of EquiTrust, has told the ,.&&F*^^>Fb :ZN02>P 325V2Z11S4Z:.FI.`F`R/N*.b _&JFFFJFFF $H`H,F*.8)'G9[; $#D0C) &?#-D7 (C2> to $100 billion as of Sept. 30. Mr.Webb said all of the trans- Journal the insurer’s boardand **,&^^>><* XS210N>0PV3.FI.` F`F$*.2Z108XP0_.FJFFFJFFF $H`H,F*.8)'G9[; &5 *2?=0D?2 %?:D,(#-- ;B<.8 B6A146@B (&,.^^>>>"b PS .FI.`F`R/N*.b _&JFFFJFFF ..H"H,F*,8)'G9[; Mr.Walter and alawyer for actionsare significantly over- investment committeeact in &&"$`.F^>& O>02S2 <>N:523 :>3 02 .FI.`F`R/N*._.,JFFFJFFF $H`H,F*.8)'G9[; $"(F`$`^>( 32Z1S8ZN0S>P :>3S0>P 02/10S2Z102 _"J&FFJFFF $H`H,F*.NB8)'G9[; Guggenheim, Dan K. Webb,said collateralized and safe. Thein- EquiTrust’sbest interests. :BY)CGC+ :BDAGCUJ PP:L6:BY)C4KJ BC E)#G[' B' 0#) ==B-!G;!BCJ !C !;= -GAG-!;U G= ;?9=;)) L;#) 60?9=;))4KJ Y![[ E) -BC+9-;!C% =G[)= B' -)?;G!C -B[[G;)?G[ ,HOPMOP (- (LO 7*')(OO^ 7LO !-HHj(O*jH dj) POk.OP LO*OK.c hKHH iO -NNO*OP j.P)-HP if (LO 7*')(OO hK(L-'( insurersstronger,thanks to an stateinsurancedepartments, be triggeredduring this year’s ?)-B9?=)J ?)A?)=)C;G;!BC= B? -B7)CGC;=J )WA?)== B? !DA[!)+J E)!C% DG+) EU ;#) 0?9=;)) Y!;# ?)=A)-; ;B M0)/5 2"))5+ .3 )/5 7.2,"0-5* "7)#$%# .3 ;#) :B[[G;)?G[ L)W-)A; G= ;B ;!;[) ;B ;#) :B[[G;)?G[K B? Y!;# ?)=A)-; ;B GCUB;#)? !C'B?DG;!BC ;#)C !C ;#) !5+2(6" unusual capital pledgebythe they said. Agroup of stateregu- market turmoil, Mr.Webb said. 7*')(OO3) ,-))O))K-.` K.QH'PK.M hK(L-'( HK0K(j(K-. j.f-NNO*K.MQK*Q'Hj* -* -(LO* k.j.QKjH K.N-*0j(K-.^ :7) principal investors. This pledge, latorshired an outside lawfirm Guggenheim executives have 1"#4?="$ "D 947E) 0#) =G[)= Y![[ E) #)[+ G; &^^ P)W!C%;BC >7)C9)J ,.=; X[BB?JN)Y MB?]JN)Y MB?] .FF,,I -0 )/5 2"))5+ .3 "&.'"0) 1505 )/5+",-5* 4)60 0!!=?="$47 5$D"C&4?="$) 3[)G=) E) G+7!=)+ ;#G;;#) =G[) B' ;#) =)-9?!;!)= [!=;)+ GEB7) DGUE)DG+) 2H"( /'5L3:7C.1 called Safe Harbor,gives four in 2014toscrutinizethe Dodg- estimated the Dodgers, akey -.Hf (- (LO iO)( iKPPO* hL- K) jH)- j+'jHKkOP iKPPO* j.P hKHH iO )'iJOQ( (- j*O)O*&O HO&OH^ Z-*jPPK(K-.jH KA>M'# M? O#@#*; !M<#K 3EJIE:7H H5 ?(8HP57 4GF!2F1 K.N-*0j(K-.` K.QH'PK.MhK(L *O),OQ( (- +'jHKkOP iKPPO* )(j(')` j.P (- -i(jK.Q-,KO) -N j. W.&O)(-* 2)1 5$ H"( '5L3:7P(I ,8H46&4 5$ *(JLE): H":H H"( of the insurersalegal claim on erstransactions and concluded part of Safe Harbor,tobe :O,*O)O.(j(K-. j.P !-.kPO.(KjHK(f #M*OO0O.(` Q-.(jQ(Vj0O) "'*IO if (OHO,L-.O j( dFGFc F\G_D@EA '5L3:7C P7H(7)I H5 )PI857HP7E( E7)(J H"( N:DI 5$ -* if O_0jKH j( JK0^i'*IO$Q-hO.^Q-0 -* l'HKj YKH0j. if (OHO,L-.O j( dFGFc @FE_\FED -* if O0jKHj( *(JLE): :7) 857HP7E( P7 H"( ?H:H( 5$ %(N:D:J(:IP$ morethan $40 billion in assets nothingwas amiss. worth morethan $7 billion, far f'HKj^MKH0j.$Q-hO.^Q-0` -* if NjQ)K0KHO j( dFGFc @DC_A??\` -* if 0jKH jPP*O))OP (- C?? TOgK.M(-. H"( '5L3:7C ":) 9((7 P785J35J:H() E7)(J H"( N:DI 5$ if thingsgowrong,ineffect Mr.Walter has said the in- exceeding the purchase price. >7)C9)J ,.=; X[BB?JN)Y MB?]JN)Y MB?] .FF,,I ,=B#74=&EC) 0#) 0?9=;)) != G9;#B?!T)+ G; =9-# =G[)=J!' H"( ?H:H( 5$ %(N:D:J(P7H"( =7PH() ?H:H(I 5$ ,L(JP8:0 ;#) 0?9=;)) +))D= !; G+7!=GE[)B?!=?)@9!?)+ EU GAA[!-GE[) [GY;B+B=B\ L!K;B?)=;?!-; ;#) A?B=A)-;!7) %:H()- A8H59(J F6+ FBFB :H O:LPNH57+ *(JLE):0 iKPPO*)-.-*,'*QLj)O*)-N(LO ji-&O KPO.(KkOP )OQ'*K(fd(LO 8:B[[G;)?G[4K ;B E) =B[+ ;B ;#B=) Y#B Y![[ ?)A?)=)C;GC+ G%?)) ;#G; ;#)UG?) A9?-#G=!C% 'B?;#)!? BYCG--B9C; 'B?!C7)=;D)C; GC+ CB;Y!;# G7!)Y (- (LO PK)(*Ki'(K-.-**O)jHO -N j.f-N)'QL j))O()` dKKc (- &O*KNf (Lj( OjQL QO*(KkQj(ON-* (LO )OQ'*K(f (- E) =B[+ E)G?=G[)%)C+=9E=;GC;!G[[U ;B ;#) )'')-; ;#G; =9-# =)-9?!;U #G= CB;E))C ?)%!=;)?)+ 9C+)? ;#) Advanced MicroDevicesInc. that will reorient the struggling 1)-9?!;!)= >-;B'.^**J G= GD)C+)+J GC+ DGUCB; E) +!=AB=)+ B' !C 7!B[G;!BC B' ;#) A?B7!=!BC= B' =G!+ >-;J Marvell agreed Tuesdaytobuy chip industrygiant away from an L!!!K ;B +!=-[G!DGC+ ;B ?)'9=) ;B %!7)GCU YG??GC;U LB;#)? ;#GC G= ;B ;!;[)KJGC+ L!7K ;B !DAB=) =9-#B;#)? [!D!;G;!BC= B? -BC+!;!BC= !C -BCC)-;!BC Y!;# GCU=9-# =G[) G= ;#) 0?9=;)) +))D= C)-)==G?UB?G+7!=GE[)I maker Xilinx Inc.for $35 bil- area of historical importance. b ZW;!C%9!=#)+ :B[[G;)?G[ THE lion, in the biggest U.S. acquisi- In July,Analog Devices Inc. MARKETPLACE Nears Deal tion of 2020.That followed agreed to paymorethan $20 BUSINESSOPPORTUNITIES BUSINESSOPPORTUNITIES closely Nvidia Corp.’sagree- billionfor Maxim Integrated ADVERTISE TODAY ment to pay$40 billion for ProductsInc. *91691$C7 (7@7A96?7 291 !9=76/.,8,6-+<0C7;B<0,BB,B K-IF8-'/F2#23 2I '#I/2-M 517(-E" (-MM#C4&0#E Formoreinformation visit: Just last week,Intel Corp. Inc.inaroughly $6.4 billion =0. B;44,BB*;66/ <08,B><0C <0 7<->,4A1 ,&1 /72"3 *7M$%'F1/7K#2 )-1#+,#6F/-/$7I E$/( wsj.com/classifieds ContinuedfrompageB1 agreed to sell itsflash-memory deal.Marvell is based in Ber- 46,=0>,4A1 =0. ->A,D CD-5>A B,4>-DBE @,=DB -* #D6#2$#I'#% E72" 872'#3,IIF-M1-M#1$G&$G3+ 1 ,2+,D<,04, 5<>A $4%<0B,/ :(-3+=0/ =0. <0 back of that demand have given manufacturing businesstomuda but runfromSantaClara, "#*.&% %../ &.$1&.+.*$0 4)*$!4$2 #<6<4-0 !=66,/E'=D8=D.? =0. @=6,?,.;4=>,.E ©2020Dow Jones &Company,Inc. chip companies atool to make South Korea’sSKHynix Inc.for Calif., whereInphi has head- *9

THE WALL STREET JOURNAL. Thursday, October 29, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 26519.95 t943.24, or 3.43% Trailing P/E ratio 25.10 19.99 3271.03 t119.65, or 3.53% Trailing P/E ratio * 38.25 23.68 11004.87 t 426.48, or 3.73% Trailing P/E ratio *† 37.62 24.75 High, low, open and close for each P/E estimate * 24.01 17.99 High, low, open and close for each P/E estimate * 25.55 18.25 High, low, open and close for each P/E estimate *† 31.31 21.87 trading day of the past three months. Dividend yield 2.32 2.27 trading day of the past three months. Dividend yield * 1.73 1.91 trading day of the past three months. Dividend yield *† 0.74 1.01 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3650 12100

28000 3525 11450

27000 3400 10800

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

Close Open 65-day moving average t 24000 3025 8850 Session low Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,077,026,430 14,605,023 Industrial Average 27102.14 26497.39 26519.95 -943.24 -3.43 29551.42 18591.93 -2.5 -7.1 4.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 92,176,807 1,249,816 Transportation Avg 11319.93 10937.95 10945.62 -485.99 -4.25 11988.83 6703.63 2.9 0.4 3.3 Most-active issues in late trading Decl. volume* 980,491,254 13,072,573 Utility Average 890.83 864.10 865.33 -25.35 -2.85 960.89 610.89 0.6 -1.6 4.8 Volume After Hours Issues traded 3,153 265 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34241.37 33599.85 33618.19 -1180.99 -3.39 36434.12 22462.76 7.9 1.8 7.9 Advances 268 28 Pinterest PINS 12,285.1 63.85 14.60 29.64 64.34 48.58 Barron's 400 731.16 719.64 719.96 -20.45 -2.76 767.01 455.11 3.6 -1.7 1.4 Declines 2,834 230 SPDR S&P 500 SPY 10,786.1 327.78 1.12 0.34 328.39 326.24 Unchanged 51 7 Ford Motor F Nasdaq Stock Market 10,069.2 8.04 0.34 4.42 8.30 7.60 New highs 14 1 Nasdaq Composite 11249.95 10999.07 11004.87 -426.48 -3.73 12056.44 6860.67 32.5 22.6 18.0 Colony Capital CLNY 7,993.6 3.51 0.05 1.45 3.54 3.46 New lows 98 5 Nasdaq 100 11426.10 11136.10 11142.76 -456.19 -3.93 12420.54 6994.29 37.9 27.6 21.5 iShares MSCI Emg Markets EEM 5,555.9 44.83 0.06 0.13 45.37 44.76 Closing Arms† 0.69 0.85 iShares iBoxx $ HY Cp Bd HYG 5,032.8 83.46 ... unch. 83.59 83.45 S&P Block trades* 6,218 152 Invesco QQQ Trust I QQQ 4,975.7 272.74 1.10 0.40 273.90 271.56 500 Index 3342.48 3268.89 3271.03 -119.65 -3.53 3580.84 2237.40 7.4 1.2 8.2 Nasdaq NYSE Arca Apple AAPL 3,360.8 111.82 0.62 0.56 113.09 111.15 MidCap 400 1926.07 1895.00 1895.57 -51.11 -2.63 2106.12 1218.55 -3.8 -8.1 1.0 Total volume*3,899,485,609 345,882,712 SmallCap 600 888.91 874.27 874.84 -27.03 -3.00 1041.03 595.67 -10.4 -14.3 -1.5 Percentage gainers… Adv. volume*1,066,569,926 62,217,014 Decl. volume*2,792,346,271 283,030,624 Other Indexes Universal Security UUU 584.3 3.54 1.53 76.12 3.59 2.03 Issues traded 3,629 1,444 Russell 2000 1586.77 1542.54 1543.28 -47.20 -2.97 1705.22 991.16 -1.9 -7.5 0.8 Pinterest PINS 12,285.1 63.85 14.60 29.64 64.34 48.58 Advances 493 130 NYSE Composite 12617.58 12411.10 12415.42 -402.45 -3.14 14183.20 8777.38 -6.3 -10.8 0.1 Innoviva INVA 464.3 10.40 1.07 11.47 10.40 9.00 Declines 3,057 1,297 Pilgrim's Pride PPC 120.3 16.95 1.20 7.62 17.22 15.74 Value Line 474.82 459.64 459.74 -15.08 -3.18 562.05 305.71 -12.8 -16.7 -5.4 Unchanged 79 17 Aerie Pharmaceuticals AERI 85.0 10.98 0.69 6.71 10.98 10.00 NYSE Arca Biotech 5310.59 5247.36 5248.81 -108.07 -2.02 6142.96 3855.67 17.6 3.6 8.4 New highs 21 2 NYSE Arca Pharma 628.33 616.47 616.73 -17.84 -2.81 675.64 494.36 0.9 -5.6 4.7 ...And losers New lows 135 15 KBW Bank 75.91 74.33 74.79 -1.85 -2.42 114.12 56.19 -28.6 -34.0 -9.9 ChemoCentryx CCXI 296.0 45.01 -7.23 -13.84 63.00 42.12 Closing Arms† 0.42 0.34 § PHLX Gold/Silver 141.62 135.41 135.64 -9.92 -6.82 161.14 70.12 45.4 26.9 18.5 Weidai ADR WEI 112.4 2.27 -0.21 -8.47 2.49 2.27 Block trades* 22,294 1,705 § PHLX Oil Service 27.16 26.15 26.30 -1.75 -6.23 80.99 21.47 -60.0 -66.4 -41.0 Arch Resources ARCH 57.5 34.00 -1.85 -5.16 35.85 34.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2264.08 2221.44 2222.98 -77.93 -3.39 2433.48 1286.84 33.8 20.2 20.7 eBay EBAY 833.0 50.75 -2.50 -4.69 56.45 50.17 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 40.77 34.68 40.28 6.93 20.78 82.69 11.54 226.7 192.3 60.2 LVGO Livongo Health 117.0 139.00 -6.40 -4.40 147.00 132.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World The Global Dow 2888.96 –94.23 –3.16 –11.1 MediaAlpha MAX 31.86 12.86 67.68 32.93 19.00 ... Rekor Systems REKR 3.32 -1.48 -30.83 7.80 1.93 60.8 DJ Global Index 423.98 –12.28 –2.81 –2.3 Scholar Rock Holding SRRK 43.43 13.41 44.67 43.64 6.95 391.8 Biodesix BDSX 12.81 -5.19 -28.83 18.00 12.81 ... DJ Global ex U.S. 244.38 –5.16 –2.07 –7.3 Tupperware Brands TUP 28.80 7.48 35.08 30.19 1.15 183.5 Callaway Golf ELY 15.65 -3.63 -18.83 22.33 4.75 -24.5 Americas DJ Americas 764.27 –27.42 –3.46 0.4 Community Health Systems CYH 5.71 1.32 30.07 7.47 2.25 49.5 Grindrod Shipping Hldgs GRIN 3.24 -0.74 -18.59 7.97 2.03 -53.4 Brazil Sao Paulo Bovespa 95368.76 –4236.78 –4.25 –17.5 Applied UV AUVI 8.14 1.77 27.79 12.99 5.14 ... Akerna KERN 2.40 -0.53 -18.09 13.50 2.17 -52.0 Canada S&P/TSX Comp 15586.57 –434.37 –2.71 –8.7 Socket Mobile SCKT 3.08 0.56 22.22 4.50 0.76 64.7 Universal Insurance Hldgs UVE 11.08 -2.37 -17.62 30.79 10.94 -62.6 Mexico S&P/BMV IPC 37393.71 –607.60 –1.60 –14.1 ProSharesUltVIXST UVXY 23.14 4.07 21.34 135.00 10.40 21.0 Galera Therapeutics GRTX 9.58 -1.97 -17.06 19.50 5.58 ... Chile Santiago IPSA 2499.89 –47.14 –1.85 –25.1 Ikonics IKNX 4.90 0.74 17.79 7.38 2.83 -19.9 Chefs' Warehouse CHEF 12.99 -2.58 -16.57 40.33 3.55 -66.4 Systemax SYX 29.06 4.37 17.70 29.76 14.00 31.4 Denny's DENN 8.93 -1.67 -15.75 22.13 4.50 -57.0 EMEA Stoxx Europe 600 342.17 –10.41 –2.95 –17.7 Phio Pharmaceuticals PHIO 2.35 0.34 16.92 18.15 1.60 -82.0 Forte Biosciences FBRX 28.66 -5.26 -15.51 53.99 6.33 178.0 Eurozone Euro Stoxx 333.19 –11.35 –3.29 –17.5 Belgium Bel-20 3047.79 –105.23 –3.34 –23.0 Astrotech ASTC 2.43 0.35 16.83 7.75 0.98 64.2 Lordstown Motors RIDE 14.03 -2.53 -15.28 31.80 9.50 41.4 Denmark OMX Copenhagen 20 1317.97 –31.73 –2.35 16.0 Direxion Jr Gold Bear 2X JDST 12.28 1.61 15.09 1062.50 8.93 -96.6 Pacific Ethanol PEIX 6.18 -1.10 -15.05 11.44 0.22 984.2 France CAC 40 4571.12 –159.54 –3.37 –23.5 ProShares VIX ST Fut VIXY 22.71 2.86 14.41 64.56 10.80 41.9 Key Tronic KTCC 8.09 -1.43 -15.02 10.48 2.51 34.4 MicSec US Big Oil 3X InLv NRGD GTT Communications GTT Germany DAX 11560.51 –503.06 –4.17 –12.7 38.08 4.75 14.25 304.72 10.72 -16.5 3.84 -0.67 -14.86 15.77 3.74 -49.2 Selecta Biosciences SELB 3.36 0.40 13.51 4.83 1.29 128.6 Marathon Patent Group MARA 2.35 -0.41 -14.86 5.25 0.35 69.1 Israel Tel Aviv 1311.33 –35.16 –2.61 –22.1 Italy FTSE MIB 17897.79 –757.15 –4.06 –23.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 534.09 –11.56 –2.12 –11.7 Russia RTS Index 1078.29 –53.07 –4.69 –30.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 52308.14 –1771.29 –3.28 –8.4 Spain IBEX 35 6474.40 –176.90 –2.66 –32.2 Miragen Therapeutics MGEN 265,621 24523.8 1.26 142.35 2.27 0.31 Janus Henderson AAA CLO JAAA 490 7117 49.86 -0.14 50.04 49.83 Sweden OMX Stockholm 681.08 –19.32 –2.76 0.04 Titan Pharmaceuticals TTNP 261,332 4891.3 0.17 29.88 0.55 0.11 Scholar Rock Holding SRRK 35,887 3690 43.43 44.67 43.64 6.95 General Electric GE Applied UV AUVI Switzerland Swiss Market 9618.65 –268.84 –2.72 –9.4 252,192 153.1 7.42 4.51 13.26 5.48 18,419 3203 8.14 27.79 12.99 5.14 Apple AAPL 142,578 -16.5 111.20 -4.63 137.98 53.15 SPDR Portfolio MSCI GSM SPGM 465 1998 42.07 -3.52 46.33 28.77 Turkey BIST 100 1126.99 –25.64 –2.22 –1.5 SPDR S&P 500 SPY 126,029 86.0 326.66 -3.42 358.75 218.26 JPMorgan US Minimum Vol JMIN 103 1855 29.12 -2.86 32.78 20.84 U.K. FTSE 100 5582.80 –146.19 –2.55 –26.0 U.K. FTSE 250 17248.91 –338.80 –1.93 –21.2 ProSh UltraPro Shrt QQQ SQQQ 99,777 63.0 24.65 11.74 162.15 18.95 Colonnade Acqn Cl A CLA 203 1543 9.60 -0.31 9.70 9.60 ProSharesUltVIXST UVXY 93,786 154.2 23.14 21.34 135.00 10.40 Fresenius Medical ADR FMS 1,953 1191 39.88 -2.73 46.55 29.17 Asia-Pacific NIO ADR NIO 88,998 -16.0 27.51 -3.27 29.40 1.36 ProShares UltSh FTSE Eur EPV 123 1103 24.91 8.09 56.60 20.46 Australia S&P/ASX 200 6057.70 6.68 0.11 –9.4 Finl Select Sector SPDR XLF 86,878 61.2 23.61 -2.56 31.38 17.49 iShares Global 100 ETF IOO 889 1069 54.54 -3.72 60.68 38.23 China Shanghai Composite 3269.24 14.92 0.46 7.2 Bank of America BAC 81,773 40.9 23.47 -1.59 35.72 17.95 Simplify US Plus Downside SPD 143 1021 23.77 -3.14 26.73 23.49 Hong Kong Hang Seng 24708.80 –78.39 –0.32 –12.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least India S&P BSE Sensex 39922.46 –599.64 –1.48 –3.2 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23418.51 –67.29 –0.29 –1.0 Singapore Straits Times 2483.48 –29.39 –1.17 –22.9 Track the Markets South Korea Kospi 2345.26 14.42 0.62 6.7 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12793.75 –0.63 6.6 global stock indexes, bond ETFs, –81.26 currencies and commodities at Currencies Thailand SET 1207.94 –1.01 –0.08 –23.5 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Wed YTD chg Wed YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004314 23178 0.02 Argentina peso .0128 78.3064 30.8 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1738 5.7522 43.1 Czech Rep. koruna .04278 23.378 3.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7506 1.3323 2.6 Denmark krone .1578 6.3376 –4.9 notes and bonds major U.S. trading partners Chile peso .001293 773.60 4.6 Euro area euro 1.1747 .8513 –4.5 A consumer rate against its Five-year ARM, Rate Colombiapeso .000261 3830.00 16.7 Hungary forint .003186 313.92 6.3 Ecuador US dollar 11unch Iceland krona .007118 140.48 16.0 benchmark over the past year 2.50% Bankrate.com avg†: 3.23% 10% Mexico peso .0470 21.2892 12.5 Norway krone .1067 9.3702 6.7 Uruguay peso .02331 42.8950 15.5 Poland zloty .2535 3.9446 4.0 5-year Credit Union of New Jersey 2.50% One year ago 2.00 s Asia-Pacific Russia ruble .01266 79.012 27.3 adjustable-rate 4.00% Ewing, NJ 609-538-4061 t 5 Euro s Sweden krona .1130 8.8482 –5.5 mortgage (ARM) 1.50 Yen Australian dollar .7045 1.4194 –0.4 t Switzerland franc 1.0982 .9106 –5.9 Citadel Federal Credit Union 2.63% China yuan .1486 6.7290 –3.4 3.00 0 Turkey lira .1211 8.2590 38.8 Exton, PA 800-666-0191 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0351 28.4500 20.2 Tradeweb ICE India rupee .01348 74.190 4.0 2.00 Star One Credit Union 2.63% UK pound 1.2983 .7702 2.1 Wednesday Close 0.50 –5 s Indonesia rupiah .0000684 14625 5.3 Sunnyvale, CA 408-742-2801 WSJ Dollar index Middle East/Africa 5-year Treasury t Japan yen .009586 104.32 –4.0 1.00 0.00 Kazakhstan tenge Bahrain dinar note yield Webster Bank 2.63% –10 .002317 431.63 13.0 2.6522 .3771 ... t Macau pataca .1252 7.9885 –0.4 Egypt pound .0637 15.7043 –2.1 Hartford, CT 888-493-2783 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2406 4.1565 1.6 Israel shekel .2934 3.4087 –1.3 N D J F M A M J J A S O Associated Bank, NA 2.88% New Zealand dollar .6639 1.5063 1.4 Kuwait dinar 3.2702 .3058 0.9 maturity 2019 2020 Rockford, IL 800-682-4989 Pakistan rupee .00622 160.658 3.7 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.469 –4.4 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7324 1.3653 1.4 Saudi Arabia riyal .2666 3.7505 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008809 1135.15 –1.7 South Africa rand .0610 16.3947 17.1 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054239 184.37 1.7 Yield (%) 52-Week Total Return (%) Taiwan dollar .03496 28.602 –4.4 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03199 31.260 5.0 WSJ Dollar Index 88.47 0.43 0.48 –1.22 Libor, 3-month 0.21 0.21 0.21 l 1.96 -1.17 U.S. Treasury, Barclays 2466.060 0.540 0.570 1.870 0.400 8.46 5.45 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.19 0.19 0.19 l 0.71 -0.13 Five-year CD, annual yield 0.61 0.61 0.61 l 1.53 -0.86 U.S. Treasury Long, Barclays 4781.590 1.430 1.490 2.370 0.980 18.71 11.61 Commodities 30-year mortgage, fixed† 3.03 3.04 2.93 l 4.22 -0.96 Aggregate, Barclays 2273.030 1.200 1.230 2.410 1.020 7.40 5.28 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.55 2.56 2.48 l 3.57 -0.73 Fixed-Rate MBS, Barclays 2224.510 1.330 1.350 2.690 0.930 4.35 3.76 Jumbo mortgages, $510,400-plus† 3.02 3.13 2.93 l 4.42 -1.32 DJ Commodity 635.91 -15.68 -2.41 657.83 433.70 2.01 -1.00 High Yield 100, ICE BofA 3166.441 4.795 4.478 10.740 4.235 1.392 3.402 Five-year adj mortgage (ARM)† 3.23 3.23 2.85 l 4.61 -0.27 TR/CC CRB Index 146.66 -4.04 -2.68 187.39 106.29 -17.75 -21.06 Muni Master, ICE BofA 585.332 1.124 1.120 3.441 0.838 4.297 3.960 New-car loan, 48-month 4.13 4.14 4.13 l 4.56 1.11 Crude oil, $ per barrel 37.39 -2.18 -5.51 63.27 -37.63 -32.09 -38.77 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 888.134 4.847 4.785 7.480 4.523 2.868 3.424 Natural gas, $/MMBtu 2.996 -0.023 -0.76 3.024 1.482 11.33 36.87 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1876.20 -32.60 -1.71 2051.50 1452.10 25.65 23.47 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW303000-0-B00800-1------XA

B8 | Thursday, October 29, 2020 THE WALL STREET JOURNAL.

COMMODITIES | wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Dec 3.308 3.324 3.265 3.291 –.020 178,443 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 99.7550 99.7600 99.7500 99.7550 … 1,057,756 Jan'21 3.418 3.435 3.379 3.411 –.013 204,274 Dec 67.000 67.325 65.825 66.375 –1.275 84,192 March'21 99.7900 99.7950 99.7850 99.7900 .0050 1,056,379 Contract Open Feb 3.371 3.386 3.335 3.363 –.013 84,362 Feb'21 67.325 67.425 65.675 66.200 –1.850 48,351 June 99.8050 99.8050 99.7950 99.8000 .0050 857,504 Open High hi lo Low Settle Chg interest March 3.240 3.257 3.209 3.236 –.011 134,829 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Copper-High (CMX)-25,000 lbs.; $ per lb. Oct 3.029 3.036 3.012 3.034 .002 95,676 Nov 500.00 509.00 490.80 499.40 –5.80 1,008 Currency Futures Oct 3.0420 3.0630 3.0395 3.0570 –0.0330 114 Jan'21 480.10 489.70 465.00 482.40 –1.60 1,359 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 3.0880 3.1065 3.0420 3.0640 –0.0295 139,850 Agriculture Futures Milk (CME)-200,000 lbs., cents per lb. Gold (CMX)-100 troy oz.; $ per troy oz. Nov .9577 .9606 .9567 .9587 .0014 262 Oct 21.64 21.65 s 21.55 21.65 .03 4,836 Oct 1870.90 1870.90 1870.90 1876.20 –32.60 466 Corn (CBT)-5,000 bu.; cents per bu. Dec .9578 .9610 .9570 .9590 .0013 174,614 Nov 22.29 23.11 s 21.80 22.93 .56 5,384 Dec 1909.80 1912.60 1869.10 1879.20 –32.70 440,769 Dec 415.00 415.25 400.50 401.50 –14.50 714,019 Canadian Dollar (CME)-CAD 100,000; $ per CAD Cocoa (ICE-US)-10 metric tons; $ per ton. Feb'21 1917.40 1919.40 1876.40 1886.60 –32.70 54,808 March'21 415.50 416.00 403.00 404.25 –12.25 412,719 Nov .7585 .7588 .7501 .7521 –.0076 122 Dec 2,407 2,413 2,362 2,376 –76 60,122 April 1921.20 1924.80 1882.00 1892.10 –32.80 27,713 Oats (CBT)-5,000 bu.; cents per bu. Dec .7584 .7589 .7501 .7522 –.0076 119,631 March'21 2,418 2,418 2,366 2,378 –77 72,914 June 1926.00 1929.70 1887.60 1896.90 –32.80 18,185 Dec 307.00 308.25 291.00 296.00 –12.00 4,673 British Pound (CME)-£62,500; $ per £ Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 1937.00 1937.00 1898.10 1905.90 –33.10 8,104 March'21 304.50 304.75 293.00 295.50 –9.75 924 Nov 1.3022 1.3065 1.2919 1.2996 –.0063 870 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybeans (CBT)-5,000 bu.; cents per bu. Dec 106.45 106.65 104.65 105.00 –1.95 87,107 Dec 1.3044 1.3067 1.2920 1.2997 –.0064 136,128 Oct ...... 2244.30 –103.00 12 Nov 1081.75 1081.75 1056.75 1057.25 –25.00 64,594 March'21 109.15 109.30 107.40 107.70 –1.85 77,077 Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 2340.00 2367.40 2212.60 2250.60 –103.30 9,365 Jan'21 1075.75 1075.75 1054.25 1054.75 –21.75 382,136 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Dec 1.1015 1.1023 1.0971 1.1005 –.0029 52,539 March'21 2355.10 2372.10 2240.00 2261.90 –103.00 1,274 Soybean Meal (CBT)-100 tons; $ per ton. March 14.71 14.95 14.62 14.89 .06 458,943 March'21 1.1013 1.1053 1.1005 1.1037 –.0029 146 Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 383.30 383.60 371.30 376.70 –7.30 143,590 May 13.78 13.90 13.72 13.88 –.03 163,359 Australian Dollar (CME)-AUD 100,000; $ per AUD Oct 854.70 856.30 854.70 870.30 –11.80 39 Jan'21 377.40 377.50 365.90 370.10 –7.80 90,550 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Nov .7120 .7157 .7040 .7060 –.0073 379 Jan'21 883.00 890.00 856.20 875.00 –11.80 50,344 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan 27.90 28.00 s 27.90 27.95 .15 1,796 Dec .7124 .7159 .7039 .7061 –.0073 129,366 Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 34.11 34.11 33.20 33.42 –.69 141,636 March 27.95 28.10 s 27.64 28.00 .05 2,803 Mexican Peso (CME)-MXN 500,000; $ per MXN Nov .04788 .04753 .04674 .04711 –.00052 56 Oct ...... 23.324 –1.202 1 Jan'21 33.93 33.95 33.12 33.29 –.63 93,749 Cotton (ICE-US)-50,000 lbs.; cents per lb. Dec .04732 .04734 .04656 .04696 –.00052 125,087 Dec 24.495 24.675 23.060 23.359 –1.211 126,899 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 72.00 72.60 70.05 70.17 –1.86 123,856 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Euro (CME)-€125,000; $ per € Nov 12.58 12.60 12.43 12.47 –.01 1,070 March'21 72.73 73.27 70.91 71.03 –1.70 76,315 Dec 38.97 39.01 36.97 37.39 –2.18 395,374 Nov 1.1785 1.1795 1.1723 1.1756 –.0062 1,955 Jan'21 12.52 12.52 12.39 12.45 –.03 8,441 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Jan'21 39.30 39.33 37.32 37.72 –2.15 235,022 Dec 1.1800 1.1801 1.1729 1.1763 –.0062 626,988 Wheat (CBT)-5,000 bu.; cents per bu. Nov 116.75 118.50 116.40 117.70 .45 635 Feb 39.65 39.69 37.69 38.08 –2.10 129,912 Dec 614.50 614.75 600.75 608.75 –7.00 219,558 Jan'21 115.50 116.40 115.00 115.75 .25 8,469 March 39.88 39.92 38.05 38.43 –2.03 148,194 Index Futures March'21 613.00 613.50 600.25 607.75 –8.00 83,574 June 40.58 40.68 38.92 39.30 –1.84 206,326 Interest Rate Futures Dec 41.21 41.39 39.79 40.15 –1.59 230,247 Wheat (KC)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 548.25 548.75 532.00 543.25 –6.00 108,889 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 27241 27267 26390 26409 –956 94,141 Nov 1.1446 1.1470 1.1005 1.1142 –.0435 14,282 March'21 554.25 556.25 539.00 550.00 –6.25 66,482 Dec 218-090 219-140 217-130 217-190 1.0 1,001,216 March'21 27112 27176 26301 26317 –956 3,127 S&P 500 Index (CME)-$250 x index Dec 1.1490 1.1490 1.1025 1.1133 –.0457 117,185 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 217-160 217-230 215-290 215-300 1.0 113 Dec 3367.30 3371.80 3270.30 3263.50 –119.60 12,750 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Oct 134.400 135.400 134.400 135.175 .875 1,103 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March'21 …… …3253.70 –119.70 26 Nov 1.1245 1.1251 1.0691 1.0814 –.0620 15,972 Jan'21 127.800 130.125 127.525 129.950 1.525 24,436 Dec 174-120 174-290 173-300 174-010 –2.0 1,214,809 Mini S&P 500 (CME)-$50 x index Dec 1.1120 1.1134 1.0535 1.0636 –.0652 134,789 Cattle-Live (CME)-40,000 lbs.; cents per lb. March'21 175-250 176-080 175-110 175-120 –2.0 10,737 Dec 3369.00 3370.25 3260.75 3263.50 –119.50 2,410,879 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Oct 104.650 106.150 104.650 105.850 1.000 738 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Nov 3.020 3.051 2.967 2.996 –.023 3,576 Dec 103.475 105.025 102.850 104.675 .625 108,575 March'21 3357.50 3361.50 3251.50 3253.75 –119.75 25,710 Dec 138-285 139-030 138-245 138-255 –1.5 3,142,581 Mini S&P Midcap 400 (CME)-$100 x index March'21 138-185 138-235 138-140 138-140 –2.0 10,784 Dec 1936.90 1938.80 1889.50 1890.20 –53.10 56,858 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'21 …1936.20 1890.50 1887.70 –54.10 ... Cash Prices | wsj.com/market-data/commodities Wednesday, October 28, 2020 Dec 125-247 125-272 125-240 125-245 .2 3,088,743 Mini Nasdaq 100 (CME)-$20 x index March'21 126-025 126-057 126-030 126-032 .2 5,446 Dec 11558.50 11566.75 11123.75 11132.75 –455.25 225,329 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March'21 11518.00 11557.00 11117.00 11122.75 –456.00 1,932 separate from the futures price on an exchange, which reflects what the commodity might be worth in future Dec 110-135 110-139 110-134 110-137 .2 1,993,706 Mini Russell 2000 (CME)-$50 x index March'21 110-137 110-140 110-136 110-140 .3 533 Dec 1577.60 1579.40 1537.20 1539.20 –49.80 539,356 months. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Russell 1000 (CME)-$50 x index Wednesday Wednesday Wednesday Oct 99.9125 99.9125 99.9100 99.9100 .0000 217,730 Dec 1848.80 1889.90 1824.40 1825.00 –65.00 8,890 Nov 99.9150 99.9150 99.9100 99.9150 .0000 168,120 U.S. Dollar Index (ICE-US)-$1,000 x index Energy Aluminum, LME, $ per metric ton *1808.0 Wheat - Hard - KC (USDA) $ per bu-u 5.5325 Copper,Comex spot 3.0570 Wheat,No.1soft white,Portld,OR-u 5.9250 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 93.11 93.66 93.04 93.41 .48 28,923 Dec 101-270 101-310 101-200 101-210 –.5 138,802 March'21 93.13 93.62 93.13 93.38 .48 662 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 117.0 Food Eurodollar (CME)-$1,000,000; pts of 100% Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Steel, HRC USA, FOB Midwest Mill-s 700 Beef,carcass equiv. index Nov 99.7700 99.7750 99.7675 99.7725 .0050 157,199 Source: FactSet Metals choice 1-3,600-900 lbs.-u 175.10 Fibers and Textiles select 1-3,600-900 lbs.-u 158.53 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6875 Bonds | wsj.com/market-data/bonds/benchmarks Burlap,10-oz,40-inch NY yd-n,w 0.6250 Engelhard industrial 1880.00 Butter,AA Chicago 1.3825 Cotton,1 1/16 std lw-mdMphs-u Handy & Harman base 1869.95 0.6717 Cheddar cheese,bbl,Chicago 247.00 Cotlook 'A' Index-t Handy & Harman fabricated 2075.65 *78.35 Cheddar cheese,blk,Chicago 277.25 Tracking Bond Benchmarks Hides,hvy native steers piece fob-u LBMA Gold Price AM *1898.90 35.500 Milk,Nonfat dry,Chicago lb. 108.00 Wool,64s,staple,Terr del-u,w LBMA Gold Price PM *1905.70 n.a. Coffee,Brazilian,Comp 1.0002 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Krugerrand,wholesale-e 1952.29 Grains and Feeds Coffee,Colombian, NY 1.5420 highs and lows for different types of bonds Maple Leaf-e 1971.06 Eggs,large white,Chicago-u 1.0250 American Eagle-e 1971.06 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.35 Total Total Mexican peso-e 2271.34 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u 0.72 return YTD total Yield (%) return YTD total Yield (%) Austria crown-e 1843.03 Corn,No. 2 yellow,Cent IL-bp,u 3.8950 Hogs,Iowa-So. Minnesota-u 72.65 close return (%) Index Latest Low High close return (%) Index Latest Low High Austria phil-e 1971.06 Corn gluten feed,Midwest-u,w 128.4 Pork bellies,12-14 lb MidUS-u n.a. Silver, troy oz. Corn gluten meal,Midwest-u,w 458.8 Pork loins,13-19 lb MidUS-u 0.8629 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Engelhard industrial 23.4500 Steers,Tex.-Okla. Choice-u n.a. Cottonseed meal-u,w 320 2273.03 6.7 U.S. Aggregate 1.200 1.020 2.410 2224.51 3.6 Mortgage-Backed 1.330 0.930 2.690 Handy & Harman base 23.5120 Hominy feed,Cent IL-u,w 102 Steers,feeder,Okla. City-u,w 131.94 Handy & Harman fabricated 29.3900 Meat-bonemeal,50% pro Mnpls-u,w 263 Fats and Oils U.S. Corporate Indexes Bloomberg Barclays 2169.40 3.3 Ginnie Mae (GNMA) 0.810 0.290 2.660 LBMA spot price *£18.7100 Oats,No.2 milling,Mnpls-u 3.0550 (U.S.$ equivalent) *24.4350 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.4200 3368.06 7.0 U.S. Corporate 1.980 1.820 4.580 1314.24 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 Coins,wholesale $1,000 face-a 17868 Sorghum,(Milo) No.2 Gulf-u 6.0150 Grease,choice white,Chicago-h 0.2850 3068.34 5.9 Intermediate 1.320 1.230 4.400 Freddie Mac Other metals SoybeanMeal,Cent IL,rail,ton48%-u 375.70 Lard,Chicago-u n.a. 2016.93 3.6 (FHLMC) 1.500 1.080 2.710 LBMA Platinum Price PM *880.0 Soybeans,No.1 yllw IL-bp,u 10.4550 Soybean oil,crude;Centl IL-u 0.3405 4957.79 8.9 Long term 3.050 2.730 4.930 585.33 3.4 Muni Master 1.124 0.838 3.441 Platinum,Engelhard industrial 868.0 Wheat,Spring14%-pro Mnpls-u 6.6700 Tallow,bleach;Chicago-h 0.3250 Palladium,Engelhard industrial 2280.0 Wheat,No.2 soft red,St.Louis-u 6.1875 Tallow,edible,Chicago-u n.a. 687.79 6.9 Double-A-rated 1.520 1.300 3.360 413.35 3.6 7-12 year 1.121 0.771 3.447 889.36 6.3 Triple-B-rated 2.340 2.210 5.350 469.94 3.8 12-22 year 1.610 1.224 3.690 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; High Yield Bonds ICE BofA M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 10/27 453.04 2.8 22-plus year 2.341 1.765 4.123 Source: Dow Jones Market Data 467.41 0.1 High Yield Constrained 5.709 5.151 11.400 Global Government J.P. Morgan† 408.92 -6.6 Triple-C-rated 11.574 10.735 19.071 614.94 5.5 Global Government 0.550 0.390 1.060 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 3166.44 -0.8 High Yield 100 4.795 4.235 10.740 865.46 7.7 Canada 0.770 0.590 1.740 Money Rates October 28, 2020 422.64 0.3 Global High Yield Constrained 5.664 4.893 11.310 418.24 4.5 EMU§ 0.100 0.059 0.794 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 322.05 -2.0 Europe High Yield Constrained 4.032 2.464 8.183 792.57 4.4 France -0.100 -0.160 0.430 guide to general levels but don’t always represent actual transactions. U.S Agency Bloomberg Barclays 554.54 3.5 Germany -0.510 -0.740 -0.050 1864.12 5.3 U.S Agency 0.520 0.470 1.950 Inflation Week —52-WEEK— Week —52-WEEK— 295.14 -1.0 Japan 0.290 0.040 0.320 Latest ago High Low Latest ago High Low 10-20 years Sept. index Chg From (%) 1624.43 3.9 0.390 0.340 1.850 618.68 3.8 Netherlands -0.390 -0.540 0.080 Low 0.0500 0.0500 1.5800 0.0100 Commercial paper (AA financial) level Aug. '20 Sept. '19 4272.03 12.0 20-plus years 1.550 1.170 2.480 Bid 0.0800 0.0800 1.7800 0.0100 90 days 0.13 0.08 2.53 0.04 1091.50 8.6 U.K. 0.570 0.390 1.180 U.S. consumer price index Offer 0.1000 0.1000 1.8200 0.0500 2882.14 5.4 Yankee 1.480 1.430 3.500 Libor 888.13 0.7 Emerging Markets ** 4.847 4.523 7.480 All items 260.280 0.14 1.4 Treasury bill auction Core 269.054 0.11 1.7 One month 0.14775 0.14788 1.80475 0.13950 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds 4 weeks 0.085 0.090 1.710 0.000 Three month 0.21438 0.20913 1.96050 0.20863 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan International rates 13 weeks 0.100 0.100 1.620 0.000 Six month 0.24413 0.24600 1.92625 0.23375 26 weeks 0.110 0.115 1.610 0.080 One year 0.32763 0.33488 2.01200 0.32763 Week 52-Week Global Government Bonds: Mapping Yields Latest ago High Low Secondary market Euro Libor One month -0.568 -0.564 -0.360 -0.621 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Prime rates Fannie Mae Three month -0.526 -0.520 -0.142 -0.540 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session U.S. 3.25 3.25 5.00 3.25 30-year mortgage yields Six month -0.516 -0.505 -0.052 -0.516 Canada 2.45 2.45 3.95 2.45 30 days 1.903 1.930 3.388 1.751 One year -0.465 -0.459 0.008 -0.465 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Japan 1.475 1.475 1.475 1.475 60 days 1.935 1.957 3.403 1.804 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Secured Overnight Financing Rate 0.125 U.S. 2 0.152 s l 0.149 0.125 1.651 Policy Rates Other short-term rates 0.09 0.08 1.82 0.01 0.625 10 0.784 s l 0.775 0.661 1.847 Euro zone 0.00 0.00 0.00 0.00 Value 52-Week 2.250 Australia 2 0.124 t l 0.126 0.158 0.786 -2.4 -86.5 Switzerland 0.00 0.00 0.50 0.00 Week 52-Week Latest Traded High Low -2.8 Britain 0.10 0.10 0.75 0.10 Latest ago high low 1.000 10 0.796 t l 0.814 0.783 1.106 1.2 3.9 -74.1 Australia 0.25 0.25 0.75 0.25 DTCC GCF Repo Index Call money 0.000 France 2 -0.706 s l -0.708 -0.646 -0.595 -85.9 -85.7 -224.6 Overnight repurchase Treasury 0.102 47.360 1.873 0.002 2.00 2.00 3.75 2.00 MBS 0.125 39.900 1.894 0.011 0.000 10 -0.324 s l -0.330 -0.250 -0.025 -110.7 -110.5 -187.1 U.S. 0.09 0.06 1.87 -0.07 0.000 Germany 2 -0.784 t l -0.773 -0.694 -0.639 -93.6 -92.2 -229.1 U.S. government rates Notes on data: 0.000 10 -0.623 t l -0.612 -0.525 -0.330 -140.7 -138.7 -217.7 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary 1.000 Italy 2 -0.313 s l -0.370 -0.221 -0.169 -46.5 -51.9 -182.0 0.25 0.25 2.50 0.25 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is as of October 27, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 1.650 10 0.767 s l 0.708 0.883 1.003 -1.6 -6.8 -84.3 Federal funds average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- funds rates are Tullett Prebon rates as of 5:30 p.m. ET. 0.100 Japan 2 -0.126 s l -0.135 -0.145 -0.217 -27.8 -28.5 -186.8 Effective rate 0.0900 0.0900 1.8200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; 0.100 10 0.025 t l 0.030 0.026 -0.131 -75.9 -74.5 -197.8 High 0.1000 0.1000 1.8700 0.1000 Tullett Prebon Information, Ltd. 0.400 Spain 2 -0.553 s l -0.555 -0.505 -0.377 -70.5 -70.5 -202.8 Macro & Market Economics 1.250 10 0.187 s l 0.163 0.244 0.306 -59.7 -61.3 -154.1 0.500 U.K. 2 -0.054 t l -0.047 -0.057 0.549 -20.7 -19.6 -110.2 Watching the Gauges: U.S. Supply and Demand 4.750 10 0.217 t l 0.235 0.205 0.722 -56.7 -54.0 -112.5 Inventories, imports and demand for the week ended October 23. Current figures are in thousands of barrels or Source: Tullett Prebon thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Corporate Debt Natural-gas import and demand data are available monthly only. Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Inventories, 000s barrels Imports, 000s barrels per day expectations

Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Investment-grade spreads that tightened the most… Current change week ago avg avg Current change week ago avg avg Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Crude oil and Canadian Imperial Bank of Commerce CM 3.100 0.59 April 2, ’24 28 –12 44 petroleum prod 1,391,224 ... 1,395 1,276 1,402 1,275 ... 6,968 9,201 7,536 9,252 7,966 Toyota Motor Credit TOYOTA 0.800 0.70 Oct. 16, ’25 37 –7 n.a. Crude oil BorgWarner BWA 5.000 1.45 Oct. 1, ’25 112 –6 124 excluding SPR 492,427 800 488 439 491 460 5,664 ... 5,118 6,697 5,450 7,262 Shell International Finance RDSALN 6.375 2.74 Dec. 15, ’38 118 –5 125 Gasoline 226,124 ... 227 220 226 219 ... 509 673 554 518 460 Royal Bank of Canada RY 2.250 0.69 Nov. 1, ’24 36 –5 n.a. Finished gasoline 24,524 -400 24 22 24 25 110 ... 137 145 106 48 State Street STT 3.100 0.41 May 15, ’23 23 –4 n.a. Reformulated 49 ... 00 00 0... 00 00General Electric Capital … 6.875 4.20 Jan. 10, ’39 265 –3 278 Conventional 24,475 ... 24 22 24 25 110 ... 137 145 106 48 Goldman Sachs GS 5.950 1.77 Jan. 15, ’27 100 –3 105 Blend. components 201,600 ... 203 198 203 195 350 ... 372 528 448 471 …And spreads that widened the most Natural gas (bcf) 3,926 ... 44 44...... Delta Airlines, Inc. Retirement Plan … 4.750 4.35 Oct. 20, ’28 358 13 336 Kerosene-type Teck Resources TCKBCN 6.125 4.47 Oct. 1, ’35 371 13 354 jet fuel 37,450 ... 38 40 38 40 ... 175 210 201 143 193 General Electric GE 3.375 1.06 March 11, ’24 73 11 n.a. Distillates 156,228 -2,000 161 120 163 130 344 ... 152 158 222 175 Morgan Stanley MS 6.250 1.38 Aug. 9, ’26 105 11 n.a. Heating oil 9,107 ... 911913 ... 31 118 1 Anheuser–Busch Inbev Finance ABIBB 4.000 3.40 Jan. 17, ’43 184 10 175 Diesel 147,122 ... 151 108 154 118 343 ... 150 157 221 157 AstraZeneca AZN 3.375 0.86 Nov. 16, ’25 54 10 n.a. Residual fuel oil 31,421 ... 33 28 32 35 217 ... 84 156 180 174 ConocoPhillips COP 6.500 3.23 Feb. 1, ’39 168 10 n.a. Other oils 329,582 ... 331 308 332 283 948 ... 811 1,135 810 831 DuPont de Nemours DD 2.169 1.79 May 1, ’23 161 10 152 Net crude, petroleum High-yield issues with the biggest price increases… products, incl. SPR 2,030,647 ... 2,035 1,917 2,043 1,945 ... -1,060 773 -348 2,851 -116 Bond Price as % of face value Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Weekly Demand, 000s barrels per day Natural gas storage Ligado Networks NEWLSQ 17.500 29.25 May 1, ’24 75.215 0.22 76.500 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals CSC Holdings CSCHLD 6.750 2.00 Nov. 15, ’21 104.875 0.07 105.000 Current change week ago avg avg L Brands LB 5.625 3.79 Oct. 15, ’23 105.077 0.06 105.250 Sprint S 7.250 2.04 Sept. 15, ’21 104.490 0.01 104.625 Total petroleum Natural gas, 4250 Telefonaktiebolaget LM Ericsson ERICB 4.125 1.64 May 15, ’22 103.765 104.721 product 19,631 ... 18,112 21,597 18,891 20,244 lower 48 states …And with the biggest price decreases Finished t 3250 Cleveland–Cliffs CLF 6.250 7.73 Oct. 1, ’40 85.090 –2.89 82.000 motor gasoline 8,545 ... 8,289 9,784 8,577 9,183 L Brands LB 6.875 6.72 Nov. 1, ’35 101.438 –2.19 103.250

Kerosene-type 2250 Royal Caribbean RCL 7.500 10.20 Oct. 15, ’27 86.750 –2.08 89.218 jet fuel 1,014 ... 975 1,830 1,017 1,698 t Navient NAVI 6.750 6.37 June 25, ’25 101.490 –2.01 104.375 Distillates 4,240 ... 3,588 4,263 3,968 4,094 Five-year average 1250 Teva Pharmaceutical Finance Netherlands TEVA 3.150 5.56 Oct. 1, ’26 87.962 –2.01 90.750 for each week Residual fuel oil 496 ... 135 285 263 359 American Airlines AAL 3.750 23.35 March 1, ’25 48.250 –2.00 52.000 Propane/propylene 1,121 ... 1,473 1,001 1,233 ... 250 Cenovus Energy CVECN 6.750 5.69 Nov. 15, ’39 112.250 –2.00 100.375 Dish DBS … 7.750 July 1, ’26 –1.88 108.950 Other oils 4,216 ... 3,653 4,434 3,834 ... N D J F M A M J J A S O 6.36 106.500 2019 2020 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Note: Data are for the most active issue of bonds with maturities of two years or more Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Source: MarketAxess P2JW303000-0-B00900-2------XA

THE WALL STREET JOURNAL. Thursday, October 29, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. CeridianHCM CDAY 88.62 -0.22 Domino's DPZ 384.00-13.03 GFLEnvironmental GFL 19.76 -0.57 Kellogg K 63.49 -1.44 Natura&Co NTCO 16.57 -0.65 RenaissanceRe RNR 164.05 -8.08 Textron TXT 32.09 -0.86 GSXTechedu GSX NatWest NWG 2.95 -0.11 Repligen RGEN ThermoFisherSci TMO 476.71-12.59 Market listed securities. Prices are composite dd-Indicates loss in the most recent Cerner CERN 70.64 -2.10 Donaldson DCI 47.22 -2.63 69.05 0.76 KeurigDrPepper KDP 27.73 -0.87 171.20 -4.64 CharlesRiverLabs CRL 222.00 -7.26 Dover DOV 109.29 -2.26 Galapagos GLPG 120.60 -7.42 KeyCorp KEY 12.40 -0.23 nCino NCNO 72.30 -1.16 RepublicSvcs RSG 86.71 -2.71 ThomsonReuters TRI 78.08 -2.31 quotations that include primary market trades four quarters. CharterComms CHTR 572.58-11.07 Dow DOW 45.18 -1.39 Gallagher AJG 104.31 -1.26 KeysightTechs KEYS 104.30 -2.60 NetApp NTAP 42.29 -1.76 ResMed RMD 180.66 -4.19 3M MMM 158.53 -2.50 as well as trades reported by Nasdaq BX FD-First day of trading. CheckPoint CHKP 115.53 -3.93 DrReddy'sLab RDY 64.89 -3.13 Gaming&Leisure GLPI 36.74 -0.57 KimberlyClark KMB 132.99 -1.77 NetEase NTES 86.24 -2.18 RestaurantBrands QSR 52.70 -0.71 Tiffany TIF 129.95 1.07 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Chegg CHGG 76.17 -0.94 DraftKings DKNG 38.15 -0.55 Gap GPS 19.37 -0.98 KinderMorgan KMI 11.83 -0.34 Netflix NFLX 486.24 -2.69 ReynoldsCnsmr REYN 29.03 -0.65 Toro TTC 81.88 -0.76 Cboe, NYSE National and Nasdaq ISE. standards Chemed CHE 472.66-11.60 Dropbox DBX 18.61 -0.42 Garmin GRMN 97.57 -1.04 KingsoftCloud KC 29.58 -1.57 Neurocrine NBIX 98.54 -1.60 RingCentral RNG 268.21-17.81 TorontoDomBk TD 43.43 -1.16 The list comprises the 1,000 largest lf-Late filing CheniereEnergy LNG 47.43 -0.46 DukeEnergy DUK 90.98 -2.08 Gartner IT 117.45 -4.49 KinrossGold KGC 7.82 -0.93 NewFortressEner NFE 44.53 -4.63 RioTinto RIO 55.42 -2.53 Total TOT 29.16 -1.54 companies based on market capitalization. q-Temporary exemption from Nasdaq CheniereEnerPtrs CQP 35.28 -0.77 DukeRealty DRE 37.16 -0.58 s Generac GNRC 217.11 9.40 KirklandLakeGold KL 44.55 -1.99 NewOrientalEduc EDU 165.90 -2.91 RitchieBros RBA 60.11 -0.20 ToyotaMotor TM 130.07 -2.39 Underlined quotations are those stocks with requirements. Chevron CVX 66.88 -2.63 Dun&Bradstreet DNB 25.68 -0.67 GeneralDynamics GD 132.43 -2.44 Knight-Swift KNX 37.91 -1.20 NYTimes A NYT 40.35 -0.90 RocketCos.RKT 18.65 -1.46 TractorSupply TSCO 132.56 -1.60 t-NYSE bankruptcy Chewy CHWY 72.01 4.29 Dunkin' DNKN100.73 -2.67 GeneralElec GE 7.42 0.32 KoninklijkePhil PHG 47.25 -2.00 NewellBrands NWL 16.66 -0.53 Rockwell ROK 234.01 -2.87 TradeDesk TTD 596.49-16.87 large changes in volume compared with the DuPont DD Newmont NEM 58.65 -3.00 Tradeweb TW 56.84 -2.91 issue’s average trading volume. v-Trading halted on primary market. ChinaEastrnAir CEA 20.10 -1.10 55.91 -1.44 GeneralMills GIS 59.52 -1.60 KoreaElcPwr KEP 8.86 -0.10 RogersComm B RCI 41.35 -1.36 vj-In bankruptcy or receivership or ChinaLifeIns LFC 11.38 -0.44 DynatraceDT36.11 -4.68 GeneralMotors GM 34.09 -0.80 KraftHeinz KHC 29.22 -1.46 NewsCorp A NWSA 12.97 -0.46 Roku ROKU 217.40 -7.67 TraneTech TT 127.84 4.16 Boldfaced quotations highlight those issues being reorganized under the ChinaMobile CHL 31.31 -1.20 ENI E 13.71 -0.63 Genmab GMAB 33.67 -1.30 Kroger KR 32.16 -0.18 NewsCorp B NWS 12.88 -0.47 s Rollins ROL 61.36 2.07 TransDigm TDG 458.14 -5.88 whose price changed by 5% or more if their Bankruptcy Code, or securities ChinaPetrol SNP 38.68 -1.90 EOG Rscs EOG 32.51 -2.07 Genpact G 34.01 -1.29 L Brands LB 32.27 -1.33 NextEraEnergy NEE 74.46 -1.32 RoperTech ROP 367.50-27.10 TransUnion TRU 79.25 -1.35 previous closing price was $2 or higher. assumed by such companies. ChinaSoAirlines ZNH 26.08 -1.49 EPAM Systems EPAM 315.67-11.11 Gentex GNTX 27.39 -0.91 LHC Group LHCG 211.73-11.11 Nike NKE 122.08 -5.91 RossStores ROST 85.28 -6.17 Travelers TRV 121.50 2.41 ChinaTelecom CHA 32.27 -1.22 EastmanChem EMN 80.27 -2.18 GenuineParts GPC 89.69 -4.18 Line LN 51.56 0.23 Nikola NKLA 19.67 -1.72 RoyalBkCanada RY 68.48 -2.02 Trex TREX 71.72-1.38 ChinaUnicom CHU 6.56 -0.42 Eaton ETN 102.31 -3.11 Gerdau GGB 3.84 -0.36 LKQ LKQ 29.77 -1.13 NiSource NI 23.18 -1.08 RoyalCaribbean RCL 53.12 -4.26 Trimble TRMB 47.88 -2.78 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Chipotle CMG 1253.54-56.61 EatonVance EV 59.49 -0.60 t GileadSciences GILD 58.72 -1.29 LPL Financial LPLA 76.81 -2.82 Nokia NOK 4.05 -0.19 RoyalDutchA RDS.A 23.10 -1.09 Trip.com TCOM 29.33 -0.16 changes in the closing prices from 4 p.m. the previous day. Chubb CB 127.42 4.01 eBay EBAY 53.25 -0.30 GSK GSK 33.95 -1.40 L3HarrisTech LHX 161.32 -4.94 NomuraHoldings NMR 4.52 -0.16 RoyalDutchB RDS.B 21.82 -1.16 TruistFinl TFC 41.12 -0.61 ChunghwaTel CHT 37.50 -0.46 Ecolab ECL 185.35 -4.42 GlobalPayments GPN 159.10 -5.66 LabCpAm LH 204.00 -2.49 Nordson NDSN 191.22 -6.53 RoyalGold RGLD 116.62 -4.71 Twilio TWLO 296.96 10.67 Ecopetrol EC Globant GLOB 179.59 -6.69 LamResearch LRCX 338.90 -4.93 NorfolkSouthern NSC 198.11 -5.53 t Twitter TWTR 48.53 -2.74 Net Net Church&Dwight CHD 88.24 -3.99 8.92 -0.61 RoyaltyPharma RPRX 36.12 -1.75 Wednesday, October 28, 2020 ChurchillDowns CHDN EdisonInt EIX 56.56 -1.25 GlobeLife GL 78.79 -2.56 LamarAdv LAMR 60.74 -4.01 NorthernTrust NTRS 77.80 -2.90 Ryanair RYAAY 79.93 -3.12 TylerTech TYL 386.31-10.75 Stock Sym Close Chg Stock Sym Close Chg 159.56 -4.61 Net Ciena CIEN 38.44 -1.10 EdwardsLife EW 73.26 -3.24 GoDaddy GDDY 71.16 -1.08 LambWeston LW 63.31 -2.92 NorthropGrum NOC 293.66 -8.46 SAPSAP 108.11 -6.39 TysonFoods TSN 56.76 -0.91 NortonLifeLock NLOK 20.42 -0.38 UBS Group UBS 11.59 -0.50 Stock Sym Close Chg AngloGoldAsh AU 23.30 -1.40 Bio-Techne TECH 257.65 -8.55 Cigna CI 168.33 -9.96 ElancoAnimal ELAN 30.77 -0.78 GoldFields GFI 10.75 -0.90 LasVegasSands LVS 46.86 -1.43 S&P Global SPGI 326.70 -4.15 Novartis NVS 78.36 -2.59 UDR UDR 29.60 -1.49 AB InBev BUD 53.02 -2.23 Bio-RadLab A BIO 559.46-30.08 CincinnatiFin CINF 71.17 -2.68 Elastic ESTC 106.04 -1.86 GoldmanSachs GS 189.77 -5.91 Lear LEA 122.38 -4.71 SBA Comm SBAC 295.42 -6.41 NovoNordisk NVO 66.55 -1.40 UGI UGI 32.95 -1.50 A B C AnnalyCap NLY 6.98 -0.13 t Biogen BIIB 244.26-11.04 Cintas CTAS 315.54 -8.47 ElectronicArts EA 125.60 -1.02 GoodRx GDRX 48.26 -0.90 Leidos LDOS 79.34 -3.36 SEI Investments SEIC 49.87 0.04 Novocure NVCR 115.39 -4.11 Uber UBER 33.65 -0.51 Anthem ANTM 285.80-13.08 BioMarinPharm BMRN 74.39 -1.79 CiscoSystems CSCO 35.71 -1.16 EmersonElec EMR 64.99 -1.93 Graco GGG 61.01 -1.83 Lennar A LEN 72.33 -0.18 SK Telecom 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BkNovaScotia BNS 40.78 -1.53 CardinalHealth CAH 45.96 -1.52 DeltaAir DAL 29.65 -1.06 IDEX IEX 172.57-13.43 Perrigo PRGO 42.58 -1.45 Stryker SYK 204.95 -8.51 FomentoEconMex FMX 55.09 -1.13 MastercardMA 291.38-25.73 Watsco B WSOB224.50-10.78 AmerExpress AXP 91.60 -3.33 Barclays BCS 5.33 -0.16 Carlisle CSL 120.52 -2.54 DentsplySirona XRAY 44.84 -2.70 IllinoisToolWks ITW 192.67 -5.95 PetroChina PTR 28.05 -1.15 SumitomoMits SMFG 5.40 -0.18 FordMotor F 7.70 -0.22 MaximIntProducts MXIM 68.77 -1.95 Wayfair W 282.74 8.40 AmericanFin AFG 73.59 -0.41 BarrickGold GOLD 25.92 -1.17 Carlyle CG 25.16 -0.61 DeutscheBank DB 9.25 ... Illumina ILMN 309.69-12.05 SunComms SUI 138.99 -1.37 Fortinet FTNT 118.95 -5.28 t McAfee MCFE 17.15 -1.53 PetroleoBrasil PBR 6.47 -0.51 AmHomes4Rent AMH 28.07 -0.74 BauschHealth BHC 16.76 -0.98 CarMax KMX 87.88 0.44 DexCom DXCM 349.12-31.51 ImperialOil IMO 12.39 -0.58 SunLifeFinancial SLF 38.96 -1.59 Weibo WB 41.50 -0.17 Fortis FTS 40.07 -1.28 McCormick MKC 185.67 -6.54 PetroleoBrasilA PBR.A 6.48 -0.53 t AIG AIG 30.23 -0.93 BaxterIntl BAX 78.15 -2.47 Carnival CCL 12.30 -1.46 Diageo DEO 131.28 -5.32 Incyte INCY 86.99 -1.36 SuncorEnergy SU WellsFargo WFC 21.18 -0.64 Fortive FTV 61.81 -1.84 McDonalds MCD 214.69 -8.28 Pfizer PFE 35.45 -1.98 11.28 -0.72 AmerTowerREIT AMT 230.13 -6.03 BectonDicknsn BDX 235.89 -8.35 Carnival CUK 10.60 -1.21 DigitalRealty DLR 149.88 -0.78 Infosys INFY 14.38 -0.47 SunRun RUN 55.84 1.18 Welltower WELL 52.26 -1.77 FortBrandsHome FBHS 81.41 -0.40 McKesson MCK 144.10 -5.11 PhilipMorris PM 70.04 -1.29 AmerWaterWorks AWK 153.00 -1.62 BeiGene BGNE 299.24 -2.29 CarrierGlobal CARR 33.30 -0.30 DiscoverFinSvcs DFS 62.53 -2.73 IngersollRand IR 35.24 -0.86 Suzano SUZ 8.37 -0.37 WestPharmSvcs WST 280.24 -5.83 FoxA FOXA 25.31 -0.88 MedicalProp MPW 17.19 -0.71 Phillips66 PSX 44.22 -2.85 AmericanWell AMWL 29.02 -1.68 BentleySystems BSY 34.20 -1.35 Carvana CVNA 203.00 -5.32 DiscoveryB DISCB 33.73 -0.05 Insulet PODD 228.41-17.63 SynchronyFin SYF 25.17 -1.06 WesternDigital WDC 38.81 -1.51 FoxB FOX 25.02 -0.98 Medtronic MDT 102.59 -2.62 Pinduoduo PDD 89.99 -0.32 AmericoldRealty COLD 36.02 -0.90 Berkley WRB 60.73 -0.71 CaseysGenStores CASY 172.65 -7.83 DiscoveryA DISCA 19.27 -0.83 Intel INTC 44.25 -1.39 Synnex SNX 132.91 -4.49 WesternUnion WU 20.26 -0.59 Franco-Nevada FNV 132.38 -5.67 MelcoResorts MLCO 15.61 -0.54 PinnacleWest PNW 82.77 -3.09 Ameriprise AMP 158.25 -4.14 BerkHathwy B BRK.B 200.70 -6.18 Catalent CTLT 88.93 -2.56 DiscoveryC DISCK 17.44 -0.79 InteractiveBrkrs IBKR 48.06 0.03 Synopsys SNPS 217.82 -5.09 WestlakeChem WLK 65.26 -2.68 FranklinRscs BEN 18.64 -1.09 MercadoLibre MELI 1273.59 -8.88 Pinterest PINS 49.25 -3.27 AmerisourceBrgn ABC 95.70 -1.95 BerkHathwy A BRK.A 301740-8800.00 Caterpillar CAT 151.16 -6.75 Disney DIS 118.47 -4.84 ICE ICE 93.77 -3.79 WestpacBanking WBK 12.64 -0.51 FreeportMcM FCX 16.87 -0.85 Merck MRK 76.18 -1.81 PioneerNatRscs PXD 80.33 -3.45 SyscoSYY 54.79 -3.55 Ametek AME 98.19 -4.40 BerryGlobal BERY 46.31 -0.86 Celanese CE 111.51 -0.60 DocuSign DOCU 218.25 -3.94 InterContinentl IHG 49.44 -1.69 WestRock WRK 36.73 -1.57 FreseniusMed FMS 39.88 -1.12 MetLife MET 36.60 -1.17 PlainsAllAmPipe PAA 6.05 -0.38 Amgen AMGN 216.38 -7.08 BestBuy BBY 111.11 -2.47 Cemex CX 3.92 -0.06 DolbyLab DLB 71.92 0.41 IBM IBM 106.65 -3.91 Weyerhaeuser WY 27.43 -0.13 MettlerToledo MTD 1009.26-43.32 Pool POOL 362.85 -4.14 T U V Amphenol APH 111.51 -3.54 BeyondMeat BYND 156.05 -5.90 Centene CNC 61.16 -2.98 DollarGeneral DG 211.02 -2.69 G H I IntlFlavors IFF 101.44 -4.18 PostHoldings POST 86.65 -4.22 WheatonPrecMet WPM 44.34 -3.50 AnalogDevices ADI 116.47 -3.82 Bilibili BILI 44.37 -1.45 CenterPointEner CNP 21.30 -1.03 DollarTree DLTR 90.58 -2.24 IntlPaper IP 43.00 -1.37 MicrochipTech MCHP 102.54 -5.41 TAL Education TAL 66.52 -0.04 Whirlpool WHR 188.44 -7.38 MicronTech MU 50.00 -1.96 PrincipalFin PFG 38.25 -1.10 Anaplan PLAN 55.93 -1.76 Bill.com BILL 108.68 -2.55 CentraisElBras EBR 5.56 -0.24 DominionEner D 79.80 -2.67 GCI LibertyA GLIBA 77.99 -1.21 Interpublic IPG 17.83 -1.02 TC Energy TRP 40.15 -1.51 Williams WMB 18.86 -0.56 Microsoft MSFT 202.68-10.57 Procter&Gamble PG 137.66 -4.70 Intuit INTU 318.51-11.76 TE Connectivity TEL 96.87 -4.80 Williams-Sonoma WSM 94.72 -1.45 MidAmApt MAA 112.43 -2.43 Progressive PGR 91.57 -2.23 IntuitiveSurgical ISRG 687.80-33.10 Telus TU 17.02 -0.77 WillisTowers WLTW 193.91 -6.53 MiratiTherap MRTX202.25 -6.91 Prologis PLD 97.51 -1.63 Invitae NVTA 44.22 -3.91 TJXTJX 51.35 -2.78 Wipro WIT 4.83 -0.08 MitsubishiUFJ MUFG 3.86 -0.10 Proofpoint PFPT 104.28 -1.41 Exchange-Traded Portfolios | WSJ.com/ETFresearch InvitatHomes INVH 27.32 -0.73 T-MobileUS TMUS 109.80 -3.02 Wix.com WIX 262.87 -5.13 MizuhoFin MFG 2.40 -0.05 PrudentialFin PRU 61.67 -1.79 IonisPharma IONS 45.82 -1.16 TRowePrice TROW 137.14 -5.16 Workday WDAY 209.70 -4.47 MobileTeleSys MBT 7.85 -0.27 Prudential PUK 24.61 -1.33 iQIYI IQ 24.60 0.62 TaiwanSemi TSM 83.85 -2.86 WynnResorts WYNN 69.01 -2.82 Closing Chg YTD Moderna MRNA 65.74 -4.93 PublicServiceEnt PEG 58.68 -2.32 Largest 100 exchange-traded funds, latest session iRhythmTechs IRTC 222.10 -2.99 TakeTwoSoftware TTWO 164.39 -2.97 XP XP 40.63 -2.48 ETF Symbol Price (%) (%) MohawkInds MHK 92.21 -5.11 PublicStorage PSA 231.12 -3.49 IronMountain IRM 26.35 -0.67 PulteGroup PHM 41.94 0.61 TakedaPharm TAK 16.10 -0.45 XPO Logistics XPO 88.38 -5.60 MolinaHealthcare MOH 193.23-10.64 iShTIPSBondETF TIP 126.04 –0.13 8.1 ItauUnibanco ITUB 4.06 -0.31 Qiagen QGEN 48.69 -1.31 TandemDiabetes TNDM 112.31 -2.73 XcelEnergy XEL 70.26 -2.07 Wednesday, October 28, 2020 Closing Chg YTD MolsonCoorsB TAP 32.91 -0.90 Tapestry TPR 21.31 -0.11 iSh1-3YTreasuryBd SHY 86.42 ... 2.1 Qorvo QRVO 124.96 -6.32 Xilinx XLNX119.76 -4.59 ETF Symbol Price (%) (%) Mondelez MDLZ 53.15 -1.86 Target TGT 155.21 -1.82 Closing Chg YTD iSh7-10YTreasuryBd IEF 120.96 –0.01 9.7 J K L Qualcomm QCOM 121.58 -4.33 XPeng XPEV 19.02 -0.88 MongoDB MDB 240.04 -3.97 TataMotors TTM 8.85 -0.63 ETF Symbol Price (%) (%) iShEdgeMSCIUSAMom MTUM 143.01 –3.35 13.9 iSh20+YTreasuryBd TLT 160.70 0.09 18.6 QuantaServices PWR 60.88 0.11 Xylem XYL 87.35 -1.71 JD.com JD 80.08 -2.93 MonolithicPower MPWR 303.76-16.12 TeckRscsB TECK 12.28 -0.28 iShEdgeMSCIUSAQual QUAL 100.86 –3.73 –0.1 iShRussellMCGrowth IWP 175.65 –2.72 15.1 QuestDiag DGX 124.97 -2.18 Yandex YNDX 57.84 -1.69 CommSvsSPDR XLC 58.74 –3.93 9.5 Joyy YY 87.10 -2.90 MonsterBev MNST 77.37 -3.02 TeladocHealth TDOC 226.94 3.88 iSh5-10YIGCorpBd IGIB 60.86 –0.31 5.0 Quidel QDEL 263.79 -9.81 CnsmrDiscSelSector XLY 145.24 –3.16 15.8 iShUSTreasuryBdETF GOVT 27.78 ... 7.1 JPMorganChase JPM 96.54 -2.79 Moody's MCO 261.86 -4.33 TelecomArgentina TEO 6.56 -0.20 YumBrands YUM 95.06 -2.93 iShGoldTr IAU 17.89 23.4 YumChina YUMC 52.22 -1.76 CnsStapleSelSector XLP 62.50 –2.92 –0.8 –1.70 JPM UltShtIncm JPST 50.80 –0.02 0.7 JackHenry JKHY 149.57 -1.65 MorganStanley MS 47.57 -1.02 TeledyneTech TDY 306.95 -8.72 iShiBoxx$InvGrCpBd LQD 134.78 –0.49 5.3 R S ZTO Express ZTO 29.18 -0.69 FinSelSectorSPDR XLF 23.61 –2.56 –23.3 PIMCOEnhShMaturity MINT 102.00 0.03 0.4 JacobsEngg J 93.20 -2.44 Morningstar MORN178.77 -4.42 Teleflex TFX 335.03-16.43 iShiBoxx$HYCpBd HYG 83.46 –0.83 –5.1 ZaiLab ZLAB 84.50 -3.99 FT DJ Internet FDN 191.67 –3.62 37.8 SPDR BlmBarcHYBd JNK 103.81 –0.84 –5.2 JamesHardie JHX 23.87 -1.17 Mosaic MOS 18.07 -0.28 RELX RELX 20.14 -0.76 Ericsson ERIC 11.38 -0.40 iShJPMUSDEmgBd EMB 110.28 –0.85 –3.7 SPDRBloomBar1-3MTB BIL 91.52 0.1 JazzPharma JAZZ 145.62 -3.94 MotorolaSol MSI 164.49 -7.87 t ZebraTech ZBRA 285.20 -4.08 GSActiveBetaUSLC GSLC 66.50 –3.31 2.8 ... RH RH 353.60-10.37 TelefonicaBras VIV 7.28 -0.31 iShMBSETF MBB 110.23 –0.05 2.0 SPDR Gold GLD 176.13 –1.61 23.3 JFrog FROG 74.44 -7.12 Mylan MYL 14.30 -0.16 RPM RPM 83.54 -2.53 Telefonica TEF 3.49 -0.08 Zendesk ZEN 104.12 -3.98 HealthCareSelSect XLV 102.53 –3.17 0.7 Zillow C Z 89.66 -2.86 iShMSCI ACWI ACWI 78.20 –3.19 –1.3 SchwabIntEquity SCHF 30.35 –2.91 –9.8 J&J JNJ 138.36 -4.79 MyoKardia MYOK 222.81 -0.10 RaymondJames RJF 75.21 -3.03 TelekmIndonesia TLK 17.41 -0.45 IndSelSectorSPDR XLI 74.87 –3.28 –8.1 Zillow A ZG 90.28 -2.80 iShMSCI EAFE EFA 61.42 –2.99 –11.5 SchwabUS BrdMkt SCHB 78.23 –3.32 1.8 JohnsonControls JCI 41.14 -1.04 NICE NICE226.90 -3.18 RaytheonTech RTX 52.34 -4.19 10xGenomics TXG 141.03 -1.90 InvscQQQI QQQ 271.64 –3.90 27.8 ZimmerBiomet ZBH 133.37 -5.23 iShMSCIEmgMarkets EEM 44.77 –2.50 –0.2 SchwabUS Div SCHD 54.80 –3.08 –5.4 JuniperNetworks JNPR 20.48 -1.37 NIO NIO 27.51 -0.93 RealtyIncome O 57.81 -0.92 TencentMusic TME 14.54 -0.46 InvscS&P500EW RSP 106.78 –3.06 –7.7 KB Fin KB 36.13 -0.43 NRG Energy NRG 31.13 -1.91 RegencyCtrs REG 35.36 -0.86 Teradyne TER 85.54 -1.92 Zoetis ZTS 158.69 -3.78 iShMSCIJapan EWJ 58.14 –1.36 –1.9 SchwabUS LC SCHX 78.91 –3.34 2.7 iSh3-7YTreasuryBd IEI 133.19 ... 5.9 KE Holdings BEKE 73.05 2.45 NVR NVR 3983.38-17.28 RegenPharm REGN 567.04-15.48 Terminix TMX 47.38 -0.41 ZoomVideo ZM 516.01-22.98 iShNatlMuniBd MUB 115.27 –0.13 1.2 SchwabUS LC Grw SCHG 113.11 –3.93 21.7 iShCoreDivGrowth DGRO 38.76 –3.05 –7.9 KKR KKR 34.77 -1.04 NXP Semi NXPI 129.77 -3.46 RegionsFin RF 12.73 -0.17 Tesla TSLA 406.02-18.66 ZoomInfoTech ZI 40.53 -2.53 iSh1-5YIGCorpBd IGSB 54.92 –0.13 2.4 Schwab US TIPs SCHP 61.41 –0.13 8.4 iShCoreMSCIEAFE IEFA 58.13 –2.92 –10.9 KLA KLAC 190.55 -8.04 Nasdaq NDAQ 121.73 -3.37 ReinsGrp RGA 95.44 -4.44 TevaPharm TEVA 8.76 0.02 Zscaler ZS 144.06 -4.58 iShPfd&Incm PFF 36.13 –1.74 –3.9 SPDR DJIA Tr DIA 265.48 –3.34 –6.9 iShCoreMSCIEM IEMG 53.64 –2.40 –0.2 KSCitySouthern KSU 173.26 -2.89 NationalGrid NGG 59.57 -1.78 RelianceSteel RS 106.34 -2.55 TexasInstruments TXN 143.00 -4.12 Zynga ZNGA 9.43 -0.02 iShRussell1000Gwth IWF 211.93 –3.75 20.5 SPDR S&PMdCpTr MDY 345.43 –2.66 –8.0 iShCoreMSCITotInt IXUS 57.13 –7.7 –2.82 iShRussell1000 IWB 183.19 –3.34 2.7 SPDR S&P 500 SPY 326.66 –3.42 1.5 iShCoreS&P500 IVV 327.88 –3.40 1.4 iShRussell1000Val IWD 115.84 –2.91 –15.1 SPDR S&P Div SDY 91.76 –2.90 –14.7 iShCoreS&P MC IJH 188.92 –2.65 –8.2 iShRussell2000 IWM 153.31 –3.08 –7.5 TechSelectSector XLK 111.51 –4.24 21.6 Dividend Changes iShCoreS&P SC IJR 71.84 –3.06 –14.3 iShRussellMid-Cap IWR 57.78 –2.83 –3.1 UtilitiesSelSector XLU 62.80 –2.91 –2.8 iShS&PTotlUSStkMkt ITOT 74.16 –3.29 2.0 iShRussellMCValue IWS 80.93 –2.89 –14.6 VanEckGoldMiner GDX 36.52 –5.95 24.7 Dividend announcements from October 28. iShCoreUSAggBd AGG 117.73 –0.14 4.8 iShS&P500Growth IVW 56.33 –3.71 16.4 VangdInfoTech VGT 300.62 –3.99 22.8 iShSelectDividend DVY 81.68 –3.13 –22.7 iShS&P500Value IVE 109.93 –2.87 –15.5 VangdSC Val VBR 113.05 –2.98 –17.5 Amount Payable / Amount Payable / iShEdgeMSCIMinEAFE EFAV 65.93 –2.20 –11.6 iShShortTreaBd SHV 110.68 ... 0.2 VangdSC Grwth VBK 218.65 –2.75 10.0 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShEdgeMSCIMinUSA USMV 61.71 –2.96 –5.9 iShSilver SLV 21.78 –4.18 30.6 VangdExtMkt VXF 131.70 –2.80 4.5 STRATS Tr Allstate 2006-3 GJT 2.0 .0188 /.01887 M Nov02 /Oct30 VangdDivApp VIG 125.82 –2.96 0.9 Increased VangdFTSEDevMk VEA 39.46 –2.93 –10.4 Calavo Growers CVGW 1.8 1.15 /1.10 A Dec04 /Nov13 Initial IPO Scorecard VangdFTSE EM VWO 43.81 –2.49 –1.5 Cheniere Energy Ptnr CQP 7.3 .65 /.645 Q Nov13 /Nov06 Performance of IPOs, most-recent listed first VangdFTSE Europe VGK 49.58 –3.86 –15.4 Amkor Technology AMKR 1.4 .04 Q Jan07 /Dec18 VangdFTSEAWxUS VEU 49.46 –2.75 –8.0 Cintas CTAS 1.1 .70 /.6375 Q Dec04 /Nov06 % Chg From % Chg From VangdGrowth VUG 222.66 –3.89 22.2 Comfort Systems USA FIX 1.0 .11 /.105 Q Nov20 /Nov09 Stocks Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day VangdHlthCr VHT 200.14 –3.12 4.4 Cowen Cl A COWN 1.0 .08 /.04 Q Dec15 /Dec01 Daqo New Energy ADR DQ 5:1 /Nov17 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close VangdHiDiv VYM 78.88 –2.87 –15.8 DTE Energy DTE 3.6 1.085 /1.0125 Q Jan15 /Dec21 Duff & Phelps Select MLP DSE 1:10 /Nov09 Ajax 10.07 0.7 ... MediaAlpha 27.00 ...... VangdIntermBd BIV 93.13 –0.14 6.8 Lianluo Smart Cl A LLIT 1:8 /Oct26 VangdIntrCorpBd VCIT First Bancshares FBMS 2.1 .12 /.10 Q Nov24 /Nov10 95.83 –0.30 4.9 Turquoise Hill Resources TRQ 1:10 /Oct26 AJAX.UT Oct. 28/$10.00 MAX Oct. 28/$27.00 VangdLC VV 152.65 –3.42 3.3 First Interstate Banc A FIBK 4.2 .38 /.34 Q Nov16 /Nov06 Atlas Crest Investment 9.99 –0.1 ... Root 31.86 67.7 ... VangdMC VO 176.53 –2.97 –0.9 Hercules Capital HTGC 11.5 .34 /.32 Q Nov16 /Nov09 Foreign ACIC.UT Oct. 28/$10.00 ROOT Oct. 28/$19.00 VangdMBS VMBS 54.11 –0.02 1.8 Hess Midstream HESM 9.7 .4417 /.4363 Q Nov13 /Nov05 VangdRealEst VNQ 76.08 –2.39 –18.0 Banco Latinamer BLX 7.8 .25 Q Nov25 /Nov09 Independent Bank Group IBTX 2.4 .30 /.25 Q Nov19 /Nov06 Biodesix 12.81 –28.8 ... Lux Health Acquisition 10.10 1.0 0.9 VangdS&P500ETF VOO 300.07 –3.44 1.4 Banco Sant Brasil ADR BSBR 10.1 .04755 Q Jan04 /Nov06 BDSX Oct. 28/$18.00 LUXAU Oct. 27/$10.00 VangdST Bond BSV 82.93 ... 2.9 Moelis MC 4.2 .3825 /.255 Q Nov30 /Nov06 BP ADR BP 14.6 .315 Q Dec18 /Nov06 VangdSTCpBd VCSH 82.88 2.3 NexPoint Residential Tr NXRT 3.1 .3413 /.3125 Q Dec31 /Dec15 Bluescape Opportunities Acquisition 9.85 –1.5 ... Mallard Acquisition 9.95 –0.5 0.4 –0.07 Eaton Corp. PLC ETN 2.9 .73 Q Nov20 /Nov06 VangdSC VB 156.73 –2.94 –5.4 OneMain Holdings OMF 5.1 .45 /.33 Q Nov17 /Nov09 INVESCO IVZ 4.7 .155 Q Dec02 /Nov12 BOAC.UT Oct. 28/$10.00 MACUU Oct. 27/$10.00 VangdTotalBd BND 87.92 –0.14 4.8 Pacific Premier Bancorp PPBI 4.0 .28 /.25 Q Nov13 /Nov06 Restaurant Brands Intl QSR 3.9 .52 Q Jan05 /Dec21 VangdTotIntlBd BNDX 58.42 –0.02 3.3 Scorpio Bulkers SALT 1.8 .05 Q Dec15 /Nov13 Gatos Silver 6.60 –5.7 ... Foghorn Thera 15.12 –5.5 –16.6 VangdTotIntlStk VXUS 51.08 –2.85 –8.3 Reduced GATO Oct. 28/$7.00 FHTX Oct. 23/$16.00 VangdTotalStk VTI 167.20 –3.31 2.2 ET Q KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; VangdTotlWrld VT 79.09 –3.10 –2.3 Energy Transfer 23.1 .1525 /.305 Nov19 /Nov06 Sources: Dow Jones Market Data; FactSet VangdValue VTV 101.75 –2.89 –15.1 NGL Energy Partners NGL 28.2 .10 /.20 Q Nov13 /Nov06 S2:1: stock split and ratio; SO: spin-off.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AtlStreetAcqn ASAQ 9.55 -0.3 Chindata CD 13.12 0.4 EquityDistribution EQD.U 10.00 -1.0 HappinessBiotech HAPP 1.65 -1.1 NeuroBoPharm NRBO 5.13 -6.4 QellAcqn QELLU 9.95 -0.9 SumoLogic SUMO 18.13 -5.2 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE AtlasCrestInvt ACIC.U 9.94 -0.1 ChurchillCapIVWt CCIV.WS 1.04 -2.7 EquityResdntl EQR 45.54 -6.9 HaynesIntl HAYN 15.76 -5.2 NewYorkCityReit NYC 11.02 -5.3 RaMedicalSys RMED 0.19 -8.8 SundialGrowers SNDL 0.16 -5.5 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low AuroraCannabis ACB 3.71 -4.3 CityOfficeREIT CIO 6.23 -3.8 Euronav EURN 7.43 -3.6 HealthStream HSTM 18.10 -6.0 NorthernOil&Gas NOG 3.70 -9.7 Reading A RDI 2.30 -4.5 SunesisPharm SNSS 1.16 -9.3 in the latest session. %CHG-Daily percentage change from the previous trading session. AvenueTherap ATXI 2.85 -1.6 ClimateChgI CLII.U 9.95 -0.1 EyePointPharm EYPT 0.35 -4.2 HemisphereMedia HMTV 7.69 -8.7 OaktreeAcqnII OACB.U 9.98 -0.2 RecroPharma REPH 1.76 -4.9 TWC Tech II TWCTU 9.97 -0.2 BEST BEST 2.47 -8.4 CodiakBioSci CDAK 8.80 -3.1 FG NewAmerica FGNA.U 9.96 -0.3 HolicityA HOL 9.73 -0.1 OccidentalPetrol OXY 8.78 -4.2 Revlon REV 4.76 -0.4 TailwindAcqn TWND.U 9.90 -0.9 BP BP 14.85 -3.1 CogentComm CCOI 54.24 -0.9 FSDPharma HUGE 1.55 -10.2 HolicityWt HOLUW 0.88 -6.4 Omnicom OMC 45.96 -5.6 RiverNorthDoublPfd OPPpA 24.56 -1.1 TargetHosp TH 0.82 -11.9 Wednesday, October 28, 2020 BP Prudhoe BPT 1.29 -2.9 comScore SCOR 1.83 -4.6 FTAC Olympus FTOC 9.60 -0.5 HollyFrontier HFC 17.02 -7.2 OncternalTherap ONCT 1.52 -3.2 RockwellMedical RMTI 0.84 -5.0 Teekay TK 1.76 -6.3 BancoMacro BMA 11.45 -3.9 ConyersParkII CPAA 8.05 2.3 FTACOlympusWt FTOCW 0.85 4.4 HorizonAcqnA 9.70 -1.5 52-Wk % 52-Wk% 52-Wk % HZAC oneA AONE 10.11 -0.2 Root ROOT 26.00 ... TeekayTankers TNK 9.27 -7.4 BaudaxBio BXRX 1.05 -12.4 ConyersParkII Wt CPAAW 0.79 -0.9 Fanhua FANH 15.43 -4.6 HothTherap HOTH 1.64 -2.3 OpiantPharm 6.90 -2.7 TelefonicaBras 7.27 -4.1 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg OPNT RoyaltyPharma RPRX 35.51 -4.6 VIV BenitecBiopharm BNTC 2.61 -3.1 CoreCivic CXW 5.76 -1.3 FarmerBros FARM 3.73 -5.0 HudsonExecA HEC 9.68 -1.0 OptheaADR OPT 12.72 -3.8 Thermon THR 10.32 -5.3 BioCardia BCDA 2.00 -0.5 CorEnergyInfr CORR 4.42 -8.2 FedNat FNHC 5.11 -5.1 RuhnnHolding RUHN 2.37 -0.8 Natuzzi NTZ 7.97 -10.7 AbraxisPetrol AXAS 1.49 -9.1 Immunome IMNM 11.50 -8.0 Optinose OPTN 3.15 1.3 Thryv THRY 8.35 -8.9 Biodesix BDSX 12.81 -28.8 Credicorp BAP 113.64 -4.0 FirstCash FCFS 52.65 -2.5 SachemNts2025 SCCC 24.19 -0.9 PhioPharmWt PHIOW 1.10 644.3 AcadiaRealty AKR 9.27 -5.2 InterceptPharm ICPT 27.76 -0.6 PBF Energy PBF 4.24 -8.8 TidewaterWtB TDW.WS.B 0.17 22.9 Highs Biogen BIIB 244.18 -4.3 CumberlandPharm CPIX 2.89 -1.3 FoghornTherap FHTX 14.03 -5.5 SagaComm SGA 17.61 -3.6 PraxisPrecision PRAX 32.43 2.1 IntercorpFinSvcs IFS 20.96 -4.1 PHX Minerals PHX 1.37 -5.3 TortoiseAcqnII SNPR.U 10.15 -0.7 AcastiPharma ACST 0.18 -3.3 BiondVaxPharm BVXV 2.81 2.4 CuriosityStream CURI 8.19 -2.6 FoleyTrasimeneA WPF 9.92 -0.5 SarissaCap SRSAU 10.06 -1.4 AtlasCrestInvt ACIC.U 10.04 -0.1 Rollins ROL 62.43 3.5 IntlSeaways INSW 12.86 -5.7 PTK Acqn PTK 9.59 -1.0 Transocean RIG 0.68 -5.1 AciesAcqn ACACU 9.88 ... BluescapeOpps BOAC.U 9.85 -1.5 CyclacelPharm CYCC 3.12 -5.0 FoleyTras II A BFT 9.60 -0.2 SatsumaPharm STSA 3.50 -5.5 BlueprintMed BPMC 106.50 -0.4 Root ROOT 29.48 ... 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Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TotRetBdI 10.73 ... 3.6 GroCo 30.78 -1.17 44.1 IntlEq 23.97 -0.74 NA PIMCO Funds I2 DivAppIdxAdm 34.12 -1.07 2.3 WdsrllAdml 61.55 -2.06 -3.9 WndsrII 34.69 -1.16 -4.0 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Edgewood Growth Instituti GrowCoK 30.85 -1.17 44.2 Invesco Funds Y Income NA ... NA EMAdmr 36.65 -0.72 0.7 WellsIAdml 65.87 -0.76 1.8 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese EdgewoodGrInst 49.37 -1.76 28.2 InvGrBd 11.77 -0.01 8.1 DevMktY 45.60 -1.17 ... 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B10 | Thursday, October 29, 2020 THE WALL STREET JOURNAL. BANKING & FINANCE Deutsche Bank Reports Strong Quarter

Lender swings to a spite deep economic turmoil. endedSept. 30.Atits fixed-in- turning sour—the lowest quar- “Our morefocused business solid, revenue from its corpo- Sincelast year,the German come trading business, revenue terly charge sincethe pandemic model is paying off and we see rate and privatebanking busi- profit, beating lender hasbeen overhauling rose 47%. began earlier this year—signal- asubstantial part of our reve- nesses were down and flat, re- expectations, despite itsbusiness,including making “Weare seeing underlying ing that overall borrowers are nue growth as sustainable,” spectively. sharp cost cuts. market sharegain” in invest- continuing to repaycredit. That Chief ExecutiveChristian Sew- Banks also aren’t taking into economic turmoil Deutsche Bankstock fell ment banking and “wedosee a trend is shared among other ing said in astatement. account the economic effectsof nearly 2% Wednesday. real improvement in the fran- European peersthat have re- But Deutsche Bank’soutlook further lockdowns.Amid the BY PATRICIA KOWSMANN While the pandemic has hit chise,” said James vonMoltke, ported third-quarter earnings remains challenging.Invest- gloomyoutlook,European economiesseverely,Deutsche the bank’sfinancial chief. so far,including BancoSantan- ment-banking activity is ex- banking officials have become Deutsche Bank AG said it Bank,likeits European peers, TheGerman lender posted a der SA,which has operations in pected to normalize. Earlier this increasingly vocalabout the returned to athird-quarter reported lowerbad-debt net profit of €309 million, Europe and the Americas,and month, Moody’s warned despite need forsector consolidation. profit, beating expectations,as chargesinthe quarter as bor- equivalent to $365 million, in London-based but Asia-focused Germany’sstrengths,slower In arecent virtual confer- it benefited from astrong per- rowers were supported by the quarter,compared with a HSBC Holdings PLC. growth and rising unemploy- ence, Mr.Sewing reaffirmed his formanceininvestment banking emergencymeasures such as €832 million lossayear earlier, Deutsche Bank has the ment will dent consumer and belief that banks will have to and afaster-than-anticipated state-guaranteed loans and when it took abig restructuring added comfort of being based businessconfidence, hurting in- merge,but said he is focused on recovery in itshome market. loan-repayment holidays. charge.Revenue forthe quarter in Germany, wherethe econ- vestmentsand demand for finishing Deutsche Bank’sover- Thebank,long one of the Deutsche Bank has also made rose 13% to €5.94billion. Ex- omyisperforming betterthan loans.Asaresult, profitsfor haul first. most troubled global lenders money from helping companies penses fell 10%. manypeersinpart because of German banks will be even “If we do this right, we are with problems ranging from issue debt and assisting inves- Analysts had expected a€12 heavy government spending morevulnerable to lowinterest in afar betterposition to then money-laundering scandals to tors in resetting their portfolios millionprofitand €5.62billion that kept workersemployed rates, which areexpected to participate, in whatever way, an inability to makemoney amid volatile markets. Revenue in revenue. and companies functioning. stay around forlonger. in consolidation which person- and control costs, is the latest at itsinvestment-banking unit Thebank said it set aside Some 50%ofthe bank’sloan While Deutsche Bank’sin- ally Ithink must happen in Eu- to report strong resultsde- rose 43% in the three months €273million to coverfor loans portfolio is in Germany. vestment-banking resultswere rope,” he said. Tech Holdings Bolster Blackstone’s Earnings

BY MIRIAM GOTTFRIED locked-in fees because it doesn’t need to be immediately Blackstone Group Inc. returned to investors, reached posted slightly higher net $115.2 billion, up 19% over the earningsfor the thirdquarter thirdquarter of 2019. as its focus on technology-re- Shares of Blackstone fell lated investmentshelped its 2.9% in afternoon trading as a private-equity portfolio rise rise in coronavirus cases caused abovealready buoyant the broader market to sell off. broader markets. Also weighing on the shares of Blackstone posted net in- private-equity firms has been a come of $794.7 million, or concern that aDemocratic $1.13ashare, forthe third sweep of the election will lead

GES quarter.That compares with a to higher corporatetax rates

IMA profit of $779.4 million, or and harmful regulations. $1.15 a share, a year earlier. On acall with analyststo ETTY

/G Thevalue of the NewYork discussBlackstone’sresults, Mr. firm’sprivate-equity portfolio Gray acknowledged such possi- climbedby12.2%, compared ble headwinds,but said a“blue PICTURES with an 8.5% rise in the S&P wave” also could have some /IN 500 during theperiod. That benefits forthe firm’sinfra-

KEMP marked Blackstone’ssecond structureand renewables busi-

MIKE straight quarter of greater- nesses.Morefederal funding The companyisreviewing its history insuring slave ships, in part to see if it is on the hook forreparations. Aprotest outside its London offices. than-12% appreciation forthe forfiscally challenged urban portfolio,areversal from the centerssuch as NewYork and firstquarter,when coronavirus- SanFranciscoalso could benefit Lloyd’s Probes Its Role in Slavery related market turmoil pushed Blackstone’sportfolio,hesaid. valuations down by 21.6%. “This firm has been around Blackstone’srecent empha- for35years. We’vebeen in en- BY SIMON CLARK race sparked by the Maykilling conversations about repara- million, to charities that assist sis on putting money to work vironmentsthat have been all of George Floyd by apoliceof- tions without being betteredu- Black people.Mr. Carnegie- in fast-growing companies—a red, all blue and mixed,” Mr. Lloyd’s of London has ficerinMinneapolis,pressure catedonthe legal parameters. Brownsaid the sum “almost key aspect of President Jona- Gray said. “We’vebeen in an launched an internal investiga- increasedonLloyd’s and other “Dialogue with mutual re- certainly” wasn’t enough but than Gray’s strategy for navi- environment of rising taxes tion intoits role in the trans- British companies to acknowl- spect and understanding is wasastart. gating expensivemarkets—has and regulatoryfocus and de- Atlantic slave trade in part to edgetheir historic links to slav- what we ask,” HilaryBeckles, “Wecertainly don’t have $30 fueled the gain. clining taxesand regulatory determine whether it is on the eryand facethe possibility of the chairman of areparations billion so it’snever going to get “The big driversfor us were focus.And the thing that’s hook to payreparations. reparations. commission representing Ja- to that number,” he said. the technology-oriented in- been consistent is we’vedeliv- The332-year-old insurance Mr.Carnegie-Brownsaid maica, Barbados and other Ca- Lloyd’s depictseventsfrom vestmentsthat we own,” in- ered great results for our cli- market is responding to pres- Lloyd’s risk of reparations was ribbean nations,said. “Weneed itshistoryonthe walls of its cludingdating appBumble, ents and the firm’s grown.” surefromBlack employees and unclear because the companyis closureand to moveon. We can London office.Itdoesn’t men- dataprovider Refinitiv and Blackstone,along with a racial-equality campaignersto comparable to astock market tion slavery. “Wetell the sto- warehouses used fore-com- number of peerslast year,opted open up about the slave trade “thatjust convenes the buying ries we areproud of and Ithink merce, Mr. Gray said in an in- to abandon itspartnership in the 18th and 19th centuries. and selling of insuranceby Chairman we arelearning that we ought terview. “It’sthese on-theme structure and become acorpo- Lloyd’s Chairman BruceCarne- other entities.” In the days of BruceCarnegie- to tell the stories we arenot so investmentsthat drovethe ration. That became arealistic gie-Brownsaid he is talking to slavery,Lloyd’s didn’t under- Brownis proud of as well,” Mr.Carnegie- performance in the quarter.” option afterthe taxlaw passed academic and cultural institu- writeinsuranceorhaveacen- seeking outside Brownsaid. Blackstone’sdistributable in late2017loweredthe highest tionsthat canhelp to investi- tral fund liketoday, he said. help to go over Some employees have been earnings, or the amount of cash corporaterateto21% from 35%. gate itsarchive. Lloyd’s wasunsuccessfully sued company pushing the companytobe that could be returned to Atheoretical 25%-to-28% fu- “Weinsured cargovessels by descendantsofslavesinthe archives. moreopen about itspast. shareholders, came in at $772.1 turecorporatetax rate would andslavesthat were the car- U.S. morethan adecade ago. “Therehavebeen Black peo- million, or 63 centsashare, in result in additional average goes of those vessels going Describing reparations as a ple working in the market who the thirdquarter.That com- earningsdilution in the low acrossthe Atlantic to the Ca- “loaded word,” Mr.Carnegie- put this terrible historybehind have said ‘Well, where’smen- pares with $709.9 million, or 58 single digitsfor the firm over ribbean and the East Coast of Brownsaid therewould be “le- us and getonwith our business tion of Lloyd’s role in the slave centsper share, ayear earlier. the next several years, and theUnited States,” Mr.Carne- galissues to probe to trytoget and our lives with the context trade there?’” Mr.Carnegie- Thefirm’sfee-related earn- modestly higher beyond that, gie-Brownsaid. “It’salmost abetterunderstanding about of justice.” Brownsaid, adding those issues ingsclimbed 39% year-over- Chief Financial Officer Michael certain that we have avery whether anykind of concept of JPMorganChase &Co. this had been accentuated and ac- year to $610.9 million as the Chae said on Wednesday. high shareofwhatever insur- Lloyd’s existed in away that month committed$30 billion— celerated afterMr. Floyd died. real-estateand private-equity Assets under management ancewas bought. We don’t would command some kind of mainly in the form of newlend- TheLloyd’s chairman said he funds it finished raising last were roughly $584 billion, up knowtodayhow much insur- challengearound reparations.” ing—toimproveracial equality wantstodigitizethe insurance year began to generatefees.So- from about $564 billion at the ance wasbought.” Mr.Carnegie-Brownsaid he in the U.S. Lloyd’s has pledged market’sarchivetomakeit called perpetual capital, which end of the second quarter and Amid aglobal reckoning on washesitant to getinvolved in £1million, equivalent to $1.3 moreaccessible. generates asteady stream of $554 billion a year earlier. Fund ManagersPlace More Bets Tied to RetailersSurviving

BY JOE WALLACE Whyasupplier mightbuy a‘vendor put’and howone mightwork insurancebrokerage Furio AND JULIE STEINBERG Agency. She says requestsare Economic stress has driven some retailerstoseekbankruptcyprotection.Some of their suppliersare looking up 50% sincebeforethe crisis. to makesuretheyget paid fortheir goods,evenifthe cash isn’t from the retailer.Some buy vendor puts. Pain at the shopping mall is Thewager typically pays off throwing up amoneymaking A supplier sells some jeans to a retailer. The vendor put is tiedtoa‘credit event,’such as abankruptcy, within aset time period. because most companies cov- opportunity forfund managers. In this example:eightmonths. ered by the deals don’t col- Forthe bet to payoff,retailers lapse. Losses aresteep when on the edgeofgoing bust must putsare triggered, so manyin- INVOICE $2.5 THE AGREEMENT POSSIBLE OUTCOMES actually survive. vestorshedgebybuying credit- AMOUNT: million Thebet restsonaform of default swaps,said Thomas Supplier The investor If the retailer If the retailer doesn’t protection known as avendor Janover, alawyer at Kramer pays: agreestopay goes bankrupt… go bankrupt… put option that thrives in times Levin Naftalis &Frankel LLP, 80% of the of economic stress. Such deals, The supplier The retailer who drawsupput agreements. invoice …the supplier $2 million …the supplier receives which ofteninvolvebig players worries it won’t is unable to Vendor putswerecreated in amount, if receives: $2.5 million from likeJPMorganChase &Co.,are be paid if the stay open the 1990s and dwell in aniche the retailer the retailer, on the rise.They canbelucra- retailer files for during $600,000 corner of the credit market. in fees goes bankrupt. tivefor fund managers, who get bankruptcy lockdowns. The investor but has Popular through the 2008-09 fi- paid to act as abackstop in protection. Its sales drop. is leftwith paid nancial crisis,they wane during case asupplier’s customersgo $2.5 million $600,000 periods of economic growth bankrupt. 3.0% $2 million in claims… in fees. when suppliersare confident Interest in vendor putshas amonth their customerswill pay. The bloomed recently.Ingood The supplier An investor foreight …but has been The investor has been deals areprivate, but partici- times,trade-credit insurance, ‘buys’ a ‘sells’the months paid $600,000 paid $600,000 pantsestimatethat putsprotect which protectsagainst defaults, vendor put. vendor put. in fees. in fees from receivables tied to paymentsfor is available.But insurersduring the supplier. hundreds of millions of dollars. the pandemic slashed coverage René Canezin, managing and companies including Nei- entered intoput options on between 30% and 50% over the person familiar with the trades. aprofitable trade in 2018 and partnerofEvolution Credit man Marcus Group Inc.and companies including J.C. Pen- past year. On Oct. 21, it cost vendors early 2019 when Tesla Inc.’s Partners, which is backed by J.Crew Group Inc.tipped into ney Co., Macy’s Inc.and Bed Credit Suisse Group AG and $10,000 amonth to protect a bonds were under pressure. Av- HarvardUniversity’s endow- bankruptcy. Bath &BeyondInc., according Goldman Sachs Group Inc.have notional $1 million in receiv- enue sold putstoacompany ment, said selling putsisat- Theputswork likethis: A to Cherokee Acquisition, which been involved in thevendor put ables with aMacy’sput on supplying body panels to the tractivebecause the firm gets supplier growsconcerned its runs an online platform forthe market in the past, but cur- Cherokee’sexchange. If the con- electric-vehicle maker,aperson to contributetothe real econ- client might not stump up for instruments. Transportation rently JPMorganisthe only big tract lasted ayear,the equiva- familiar with the mattersaid. omy, as the supplier is “worried goods and services afteritbuys and technologycompanies are bank with asignificant pres- lent credit-default swapwould Avenue co-founder MarcLasry about his businessprofile; he them. To protect itsaccounts also popular,industrypartici- ence, according to people famil- cost just under two-thirds as lauded the trade at the time, needstoship next month.” receivable,the supplier enters pantssay. iar with the business. much. Theflip side to this pre- saying therewas no reason to Mr.Canezin said the sizeof intoacontract of up to ayear JPMorganoften sitsinthe Forfunds,putscan be more mium: Puts arehardtotrade fear forTesla’sprospects. returns is linked to puts’ be- with an investor,which collects middle,striking vendor-put lucrativethan credit-default and canbecostly to manageif Puts aregenerally much more spokenature,requiring time afee upfront and agrees to pur- deals with suppliersbefore swaps,another protectivefi- thereisabankruptcy,said Cher- expensivethan credit insurance, spent on research and cus- chase the receivables claims if passing itsposition ontoinves- nancial instrument. Manyin- okee director Bradley Max. but they can’t be canceled for tomer service. the companycollapses. tors.The bank says requestsfor vestorslook forannualized re- Distressed-investment firm the duration of the contract, —Pat Minczeski SinceMay,suppliershave prices on vendor putsare up turns of 15-18%, according to a Avenue Capital Group notched said Shereen Furio,principal at contributed to this article. P2JW303000-0-B01100-1------XA

THE WALL STREET JOURNAL. Thursday, October 29, 2020 | B11 MARKETS New Coronavirus Concerns Drive Selloff in Materials

BY AMRITH RAMKUMAR cious metals have industrial uses,making them at times Thethreat of newcoronavi- sensitivetoshifts in the out- ruslockdown measures around look forindustrial-metals de- the world draggeddownraw- mand. materials prices Wednesday, Thedollar’s rally and com- heightening concerns among modity selloff came as inves- tradersthat investmentstied to tors grappled with rising coro- the global economyare set for navirus cases acrossEurope another painful selloff. andthe prospect of newlock- Commoditiesincluding oil down measures in the region. andsilver plummeted early in Many expect fresh restrictions theyear as lockdowns spread in Franceand Germany,two of from ChinatoEurope and the Europe’slargest economies and S U.S.,then staged amonthslong key partsofthe global manu- PRES rebound this summer with the facturing industrythat drives ZUMA

world economyreopening for demand forcommodities. IA/

business. That rally is starting Risingcases in the U.S. are AS A

to showcracks,though, with amplifying those worries,trig- SIP commodities among the mar- gering anxiety that the corona- The U.S. cotton harvest is expected to be near 17 million bales, down from a 20 million bale forecast in the spring. ket’sworst performersduring virus surgesinFranceand Ger- this week’sbout of selling. many suggest the start of a U.S. crude-oil futures tum- global trend. bled 5.5% to $37.39abarrel on “That has an exclamation Poor Weather Lifts Cotton Wednesday, falling back toward pointbecause they’rethe two the lowend of their recent most developed economies in trading rangeand closing at Europe,” said Robert Yawger, BY ORLA MCCAFFREY University. 4.9% in the thirdquarter from partment data, pushing prices their lowest level sinceOct. 2. director of the futures division Cottonsupply is typically at the previous year. forthe best cotton higher. Prices started the year above at Mizuho Securities USA. “It’s Cottonprices have reached itshighest during harvest sea- China last month increased Some spinning mills, which $60, then briefly fell below$0 just one negativeelement after their highest levels sincebe- son, between July and Novem- itspurchasing paceoffarm turn cotton intotextiles,re- in April forthe firsttime ever another.” fore the pandemic started, ber,pressuring prices.But un- products including cotton that quirehigh-quality cotton, which due to aglut. Brent crude,the Government datareleased liftedbypoor weather in the favorable weather in cotton- it agreed to buy under the has longer,brighter fibers. global gaugeofoil prices,slid Wednesdayshowedthat U.S. U.S. and steady demand from producing regions of the U.S., phase-one trade deal signed “It’snot just ashortageof 5% to $39.12 abarrel Wednes- crude-oil inventories rose much heavyweight importersinclud- one of the world’slargest raw with theU.S.inJanuary. cotton, but of high-quality cot- day. morethan expected last week ing China. cotton producers, has weighed Cottonprices traded at their ton,” said Ashley Arrington, a Other commodities also fell, and signaled that gasoline de- Cottonfutures closed at on production. lowest levels in 10 years when Georgia-based agricultural con- pushing most actively traded mand remained tepid and well 70.17centsapound Wednes- Snow coated cotton plants marketsplunged this spring,in sultant who focuses on cotton. silver futures down 4.9%, gold belowarecent peak hit in Au- dayafter in partsofTexas in recent part because of their close ties Prices forother agricultural down 1.7% and copper down 1%. gust. That is aconcern forana- COMMODITIES settling at days and Hurricane Zeta could to activity in China. U.S. prices commodities in harvest also Gold and silver areoften per- lystswho fear that travel activ- an 18-month curtail supply when it makes have recoveredsteadily since have climbed. Soybean prices ceived to be havenmetals that ity will slowduring the colder high of 72.11 centsonMonday, itsway through the Southeast their April nadir,first hitting last month hit their highest hold their value during times of months,particularly if corona- according to FactSet data. later this week,analystssaid. prepandemic levels earlier this levelinmorethan two years market turmoil, but arising viruscases keep rising. Prices have gained about TheU.S.harvest is expected month. andcorn futures topped $4 a dollar washurting them and Global consumerstend to 6.5% over the past month, the to be near 17 million bales of Much of the rise has been bushel this month forthe first other commodities by making spend moremoney and engage largest monthly increase since cotton, down from about 20 driven by speculators, who time this year. them moreexpensivefor over- with businesses morewhen April. They shed 2.6% Wednes- million bales forecast in the jumped intothe cotton market Thethreat of newcoronavi- seas buyers. they aremoving around. dayamid aselloff in commod- spring.That would be the when prices fell to about 50 ruslockdowns around the Other metals such as palla- —Orla McCaffrey contributed ities from oil to palladium. weakest year since2015. centsapound in the spring,said world draggeddownother dium also dropped. Some pre- to this article. “Wehaveashort crop, At the same time,the swift PeterEgli,director of risk man- commodities Wednesday. U.S. which is causing the market to reopening of manyfactories in agement at Plexus CottonLtd. crude-oil futures dropped 5.5% shoot higher as we moveinto China, including those that pro- Rough weather conditions to $37.39abarrel, closing at harvest season,” said O.A. ducetextiles,has increased de- also have degraded the quality theirlowest level sinceearly Cleveland,amarketing spe- mand forthe soft, fluffyfiber. of cotton available in key states, October.Silver and gold futures cialistwith Mississippi State China’seconomygrewby according to AgricultureDe- fell 4.9% and 1.7%, respectively. Market Is Given More Say on Yuan S NEW

G BY CHONG KOH PING omyhas rebounded and for- Howmanyyuan $1 buys strategyatRBC Capital Mar- eign investorshavepoured kets,inanotetoclients. China is giving investors moneyintolocal bonds and 6.60 yuan Thetool wasintroduced in OOMBER

/BL morepowerinsetting the stocks.OnWednesdayafter- 2017and later suspended, be-

AY value of the yuan, amoveana- noon Hong Kong time,it fore being reintroduced in 2018. GR lysts said was likely intended traded flat at 6.713 per dollar While the result of the VID to boost the currency’s inter- in both the onshoremarket 6.80 changemight not be asteep DA Prices of most actively traded silver futures fell 4.9% Wednesday. national appeal rather than to and in freer offshore markets selloff in the yuan, some sayit drive it lower. in Hong Kong and elsewhere. could at least stem further In onshoremarkets, the “This is not designed to gains and makefuturecurrency yuan is allowed to trade only weaken the currency. It is a 7.00 moves moreunpredictable. Top NYSE Regulator in anarrow neutral move,” said Tommy This month the central CURRENCIES range around a Xie, an economist with OCBC bank made it easier fortrad- daily midpoint Bank. He said it showedthere ers to bet the yuan will fall in Leaves for Crypto Job setbythe central bank.That was “a higher tolerance right value,suggesting it wanted to level is set using previous nowfor the market to go 7.20 slow any further rally. BY ALEXANDER OSIPOVICH ital currencies.” traded prices from Chinese through to trial and error to Alicia Garcia-Herrero, chief TheMenlo Park,Calif.- banks, but until nowbanks find an equilibrium level” for economist forAsia-Pacific at TheNew York Stock Ex- based firm is best known for have sometimes adjusted their the currency. French bank Natixis, said the change’stop marketscop is making early,lucrativeinvest- inputsusing what is known as Theyuan’sstrength or 7.40 most recent shift showed the leaving the Big Boardfor ajob mentsintechnologycompa- a countercyclical factor. weakness will ultimately still JFMAMJJASO central bank wasmoreuncom- advising venture-capital firm nies likeFacebook Inc.Inre- Theresult has been to make depend on movements in the fortable with an ever-stronger Note:Scale inverted to showa Andreessen Horowitz on cent yearsithas bet big on the currency less volatile and dollar, as well as China’s cur- strengthening yuan yuan, which had been bol- cryptocurrency regulation. crypto and blockchain. Its co- to slowany selloff when the rent-account and capital-ac- Source:TullettPrebon stered by the comparatively AnthonyAlbanese,who has founder MarcAndreessen has yuan was under pressure. count positions, Mr. Xie said. high yields available on Chi- led the NYSE’s in-house regu- said bitcoin could be a Chinese banks have recently Making the system less weak of acurrencycould in- nese bonds and a string of latoryunit since2016,will join transformativetechnology, stopped using the factor,the opaque,and morereflectiveof vitefresh U.S. accusations that large initial public offerings. the Silicon Valley firm as its comparing it with the internet China Foreign ExchangeTrade market prices,could boost the Beijing is deliberately keeping “The set of blockbuster IPOs is chief regulatoryofficer in mid- in the 1990s. System said lateTuesday, add- yuan’sappeal to investors. the yuan undervalued to su- clearly not helpful,” she said. November,aspokeswoman for In 2018, Andreessen Horo- ing that the suspension could China’sleadersare eager to percharge exports. She said authorities wanted Andreessen Horowitz said. witz hired Katie Haun,who as help makethe daily fixing attractmoreforeign capital to Thesuspension “has moreto to warn investorsthat the cur- The move makes Mr. Alba- afederal prosecutor had mechanism more transparent their marketsand to bolster do with the gradual liberaliza- rencycould moveeither way nese the latest regulator to handled some of the govern- and efficient. TheCFETS is an broader international use of tion of the currencyand capital and that China wasn’t guaran- join afirm activeindigital- ment’searly cases involving arm of the People’sBank of the yuan fortrade and finance, account regimes than an at- teeing anicecarrytrade.In currencymarkets, whereregu- bitcoin. Ms.Haun coleads An- China. rather than having to rely too tempt to restrain the currency’s carrytrades,investorsborrow lations are still emerging and dreessen Horowitz’s crypto The yuan has surged in re- much on transacting in dol- appreciation,” wroteAlvinTan, in alow-yielding currencyto many businesses operate in a funds,and she helped the firm cent months, as China’s econ- lars.Atthe same time,too head of Asia foreign-exchange invest in ahigher-yielding one. legal gray area. His work will develop close ties to regula- involveoutreach to regulators tors afterthe Securities and and helping to shape strategy ExchangeCommission cracked forAndreessen Horowitz’s down on digital-currencycom- cryptocurrencyprojects, ac- panies it accused of violating SECTablesMeasuretoProtect ETFTraders cording to a blog post that the securities laws. firm released Wednesdayafter Mr.Albanese joined the news of the hire was first re- NYSE afterICE brought its BY PAUL KIERNAN that offer them, Direxion In- nearly 300-pagelegal memo tonand three other officials ported by TheWall Street market-regulation functions vestments and ProShares, arguing against the proposal. published a statement high- Journal. back in-house,replacing the WASHINGTON—TheSecuri- considered the sales-practice Representatives and lobbyists lighting investor-protection This year, Andreessen Horo- Financial IndustryRegulatory ties andExchangeCommission provision athreat to their forProShares and Direxion concerns.They said these con- witz raised $515 million forits Authority,which ransurveil- on Wednesdayshelved amea- businessmodel. met or had teleconferences cerns applied not only to the second fund focused on crypto lanceand enforcement forthe sureintended to protect inves- “ProShares strongly op- with SEC officials or commis- ETFs but also to other complex and blockchain, the technology NYSE’sexchanges under an tors who trade the shares of a poses the unprecedented, un- sioners nine times between instrumentssuch as exchange- behind bitcoin. The firm’s in- outsourcing agreement from classofexchange-traded funds necessaryand harmful restric- Marchand July,according to traded notes and commodity vestmentsinclude astake in 2010 to 2015. it considers risky, saying it tions on investor choicethat SEC records. pools that wouldn’t have been Coinbase, one of the biggest would reviewthe issue later. In explaining the decision subject to Wednesday’srule. U.S. bitcoin exchanges. TheSEC in November had to shelve the provision, the “Weare concerned that re- Beforebecoming the NYSE’s AUCTION RESULTS proposed requiring broker- commission cited an unusual tail investorsare indepen- Here are the results of Wednesday's Treasury The commission chief regulatoryofficer,Mr. Al- auctions. All bids are awarded at a single price at the dealersand investment advis- volume of comment letters— dently selecting complexprod- market-clearing yield. Rates are determined by the banese led the NewYork State difference between that price and the face value. erstovet individual investors cited an unusual numbering some 6,000—from uctsfor which they maynot Department of Financial Ser- beforeapproving them to people identifying themselves fully appreciatethe unique FIVE-YEAR NOTES volume of comment vices.Hewas the department’s Applications $136,630,163,600 trade the products, known as as investorsconcerned about characteristics and risks,” the acting superintendent in 2015 Accepted bids $60,835,176,100 leveraged and inverseex- letters. losing access to the funds. officials said, explaining that " noncompetitively $20,157,600 when it issued itsfirst “BitLi- " foreign noncompetitively $5,000,000 change-traded funds.Such Theprovision wastohave the issue needed further study. cense,” aregulatoryframe- Auction price (rate) 99.604038 funds use debt to double or been included in a rule that One of the two dissenting (0.330%) work devised by the state for Interest rate 0.250% triple thegains and losses of consolidates and updates a commissioners, Allison Herren digital-currency businesses. Bids at clearing yield accepted 39.15% an underlying index and are would result from the Com- patchwork of regulations gov- Lee, said she wasdisappointed Cusip number 91282CAT8 An NYSE spokesman con- The notes, dated Nov. 2, 2020, mature on Oct. 31, oftenpoorly understood by in- mission’sproposed ‘sales prac- erning the use of derivatives by the decision. firmed Mr.Albanese’splans to 2025. vestors. tice’ rules fortransactions in by mutual funds,ETFsand “The fact that otherprod- leave the exchange, which is TWO-YEAR FRNs Leveragedand inverseETFs leveraged and inverseex- other investment companies. uctspresent similar dangers owned by Intercontinental Applications $86,454,323,200 are a small part of the fund change-traded funds,” the The rule was approved by a should not deter us from ad- Accepted bids $28,758,513,200 Exchange Inc., known as ICE. " noncompetitively $41,558,100 universe,with $33.4 billion in firm’schief executiveand co- 3-2vote, with the SEC’stwo dressing theharm to retirees, Mr.Albanese said the team he Spread 0.055% assets, compared with $19.53 founder,Michael Sapir, wrote Democratic commissioners middle-classsavers, and other Bids at clearing yield accepted 1.01% would join at Andreessen Hor- Cusip number 91282CAS0 trillion held by mutual funds, in aMarch 24 lettertothe dissenting. retail investorsthat is pres- owitz is “working to harness The floating-rate notes, dated Nov. 2, 2020, mature on excluding money-market SEC. Shortly beforeWednesday’s ently and squarely beforeus,” the incredible potential of dig- Oct. 31, 2022. funds.But the two companies Mr.Sapir’s letterincluded a vote,SEC Chairman JayClay- she said in astatement. P2JW303000-0-B01200-1------XA

B12 | Thursday, October 29, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Pandemic Is Ray of Light for Solar

Heftier home electricity bills, outages and low interest rates are all helping companies sell their products to homeowners.

Between Covid-19 and natural But the temporarysetback was and industrial sectorssaw declines And, while rising unemployment the pandemic] didn’t reflect the de- disasters, Mother Nature threw probably what the industryneeded of 6.7% and 9.3%, respectively,ac- sparked delinquencyconcerns mand forsolar; it wasmoreareflec- Americans a curveball in 2020. So- to speed up some much-needed cording to datafromthe U.S. Energy acrossthe board, residential solar is tion of howpermitting has slowed lar companies are hitting it out of changes.Both Sunrun and Sunnova Information Administration. somewhat shielded because home- down,” said Tara Narayanan, U.S. the park. noted in their most recent earnings Thesticker shock seems to have ownerstend to givepriority to solar solar analyst at BNEF.“There’sactu- Solar panels and battery systems calls that they had shiftedsales to a paymentsbecause the product saves ally aprettystrong backlog of proj- have renewedappeal forpeople digital model. That is probably posi- them money,arecent report from ectsthat areawaiting permits, and spending far moretime in their tive in the long term because digital Companies areseeing a BloombergNEF noted. we’reexpecting to see asurge in homes and lesscertain about the marketing is morecost efficient Solar companies see opportuni- 2021.” lightsstaying on. Meanwhile,inter- than door-to-door. Overhead costs, chancetosell battery ties to sell battery storageasan The stock market seems to be est rateshavenever been lower, including those involved in cus- storageasanadd­on in add-on to rooftopsolar in places pricing in those tailwinds. Year to making it cheaper forcapital-inten- tomer acquisition, had been rising such as California, which is still see- date, Sunrun and Sunnovahave sivebusinesses such as Sunrun and as ashareofresidential solar pric- places such as California. ing outages due to wildfires.In gained 304% and 138%, respectively. SunnovaEnergy International to ing over the years. some cases,they areable to pitch Sunrun’svalue soared afteritac- raise funds. Selling rooftopsolar is also easier their services to utilities as agrid- quired Vivint Solar,creating thetop Thepandemic wasinitially dis- when potential customersare more serviceprovider—coordinating vast U.S. companybymarket share. ruptiveasdoor-to-door marketing aware of their rising electricity bills. boosted webtraffic to residential pools of rooftopsolar and storage Solar stocks’ heady gains have became much moredifficult. Resi- Sincethe pandemic began earlier solar providers: Averagemonthly systems to help balancethe grid. been attributed to the odds of aBi- dential installations were down 23% this year,Americans have had to traffic surged111% forSunrun so far Despitethe steep drop seen in den presidency. Instead, factorslike sequentially in the second quarter shiftwork electricity usagetotheir this year compared with 2019; Sun- the second quarter,BloombergNEF consolidation and the pandemic according to aquarterly report from homes.InAugust, residential retail novaand Vivint Solar sawincreases forecaststhat residential solar in- have improved their fundamentals the Solar Energy Industries Associa- sales of electricity rose 5.8% from a of 48% and 20%, respectively,ac- stallations will grow this year.“The well beforeElection Day. tion and Wood Mackenzie. year earlier while the commercial cording to datafromSimilarWeb. lowinstallation numbers[earlier in —Jinjoo Lee Windows Fogs Microsoft’s Outlook

Microsoft has come a very long revenue, though Mark Moerdler of way from depending on Windows. Bernstein estimates that the profit But the ubiquitous operating sys- contribution is higher given the tem can still brighten—or high-margin nature of that busi- darken—the company’s results. ness. Both effects were actually ap- Windows also played a big role parent in the company’s fiscal in Microsoft’s disappointing pro- first-quarter results posted late jection for the December quarter, Tuesday. The cloud business re- which helped send the stock down ON/REUTERS

SS mains the star, and performance more than 3% on Wednesday. The

WA there was strong with commercial company said it expects 2% on-

SEY cloud revenue growing 31% year year growth for its More Personal

LIND over year to $15.2 billion, even Computing segment that includes showing a bit of acceleration from the Windows OEM business, below the prior quarter that ended in the 6% growth Wall Street was tar- Boeing’s 2021 Looks Troubling June. The Windows side of the geting. Chief Financial Officer Amy business was more complicated. Hood said on the company’s con- Revenue driven by consumer PC ference call that lower corporate purchases saw sharp growth, as PC demand would continue to be a did the portion driven by volume factor, along with difficult compar- Even after 737 MAX is cleared, plane maker will have hard time delivering it licensing of the software. But isons to the prior year, when slumping corporate demand for stragglers gave sales a boost by fi- PCs took a toll. Windows OEM Pro nally updating from Windows 7, It seemed difficult to imagine a Manyinvestorsrightly see long- likely won’t turn cash-flowpositive revenue slid 22% year over year— which had reached Microsoft’s worseyear for Boeing than 2019— term value in Boeing if it manages until 2022. the worst drop since Microsoft be- end-of-life stage. until 2020 came along.What to resizeefficiently,which will Boeing didn’t changeits produc- gan reporting under its new seg- As Microsoft continues to shift should worryinvestorsnow is that likely requirefurther consolidation tion-ratetargets.Itstill expectsto ments in 2015. into a cloud-computing giant, the the long-awaited 2021 return to of factories.Also,the shares are ramp up manufacturing of the MAX Microsoft doesn’t break out spe- impact of Windows will continue graceisslipping away. likely to getabump if,aswidely gradually to 31 amonth by the be- cifics, but analysts estimate that to lessen. But the operating sys- On Wednesday, the Chicago- expected, the MAXisfinally recerti- ginning of 2022. This figure seems Windows OEM revenue—reflecting tem still powers more than three- based plane maker reported a$466 fied this year. at risk,given that production will the sale of both consumer and cor- quarters of the world’s computers, million lossfor the thirdquarter. Oncethat happens,though, the have to remain very lowaslong as porate PCs bundled with the oper- according to Statcounter. That Revenues came in 29% lowerdue to question remains howquickly Boe- the companyisdelivering parked ating system—totaled $13.8 billion makes it still a lucrative business the Covid-19 crisis,eventhough the ing candeliver the 450 MAXjetsit aircraft. Thecontinued paralysis in in Microsoft’s fiscal year that for Microsoft—and at times a prior-year period wasitself badly has in storage. Previously,the plane international travel also bodes ill ended in June, according to Visible high-quality problem. hit by the grounding of Boeing’s maker thought it would be able to forcurrent 787production rates. Alpha. That’s about 10% of total —Dan Gallagher 737MAX jet in March 2019.How- ship amajority of them within a Theharsh reality is that very few ever atrocious,the resultswerebet- year.OnWednesday, however, Mr. airlines and lessorswant to take Microsoft's Windows OEM Proquarterly revenue,change from ayearearlier terthan analystswereexpecting: Calhoun said that only half would possession of aircraftoverthe next Boeing stock fell about 4.6% be given to newownersbythe end couple of years. Manyofthe MAX 30% Wednesday, in line with the broader of 2021, even if recertification hap- planes in storagenolonger have equity market’spoor performance. pens as expected. Therest of the prospectiveownersand would need 20 Likeother companies in the deliveries areplanned forthe fol- to be reconfigured, which takes aerospaceindustry, Boeing is taking lowing year. time and money.Mr. Calhoun said 10 steps to cut coststofaceyearsof This is key,because all of the un- Wednesdaythat morethan half of depressed travel demand. It is clos- sold jetsthat Boeing has been man- them areplanned forcustomers ing the original 787Dreamliner as- ufacturing since2019 have trans- that have already changed their 0 sembly line in the Seattle area; the formed vast amountsofcash into fleet plans in some form. model will only be made in the inventories.Inthe thirdquarter,in- Getting the MAXcleared for –10 lower-cost South Carolina plant ventories rose to almost $87 billion, takeoff again could help parethe from mid-2021. And Chief Executive accounting forthe MAXinstorage damagedone to Boeing’sorder –20 David Calhoun wrotetoemployees and arecent accumulation of unde- book over the past 18 months and Wednesdaythat afurther 11,000 livered Dreamliners. Investorshad even giveinvestorsarenewed jobs will be cut by the end of 2021. penciled in 2021 as the year in sense of optimism. Actuallydeliver- –30 He also plans to getrid of 30% of which the funds would finally be re- ing it to customers, though, will be FY2015 ’16 ’17 ’18 ’19 ’20 ’21 officespace, echoing what peers leased. This is no longer expected apainful business. Note:Fiscal year ends in June such as Raytheon have said. to happen in full; the firm says it —Jon Sindreu Source:the company Bed Bath & Beyond Picks Low Fruit OVERHEARD

Bed Bath & Beyond’s new Bed Bath &Beyond return would pareits offeringswhile add- bosses inherited a house with on investedcapital ing value options to bettercompete It’s a Barbie world again, with Certainly the brand has evolved many cracks. Fortunately, they with massmerchants. some updates. from the original scantily clad, pre- were highly visible. 20% It plans to getinventoryturnover Shares of toymaker Mattel are ternaturally-thin whiteBarbie that Inventory wasstacked from floor 15 to at least3.5 times by fiscal year up over60% the lastsix months, it wasfounded upon. A1980s-era to ceiling,leading to markdowns; 2023 from the current 2.5times. including 10% sinceitunveiled commercial forthe Barbie Glamour coupons were disseminated without 10 Some merchandising improvement third-quarter results lastweek Home, forexample, shows a much thought; prices weren’t com- wasalready visible last quarter: De- thatrevealed impressivesales blonde Barbie dressed in aball- petitive; the online checkout process 5 spiteachallenging back-to-college growth forthe morethan six de- gown sauntering up apalatial involved toomanysteps; and pric- environment, the retailer managed cade old franchise. Chief Executive staircase, but the voice-overat ing signagewas confusing. 0 to increase sales in that category Ynon Kreiz called the leastdeclares: “Wegirls can do Thenew executives were refresh- 21% from ayear earlier. iconic doll “morerele- anything!” Today’sBarbies come in ingly transparent about the prob- –5 Another big part of the new vant than ever” as various body sizes and skin tones, lems during Wednesday’sinvestor strategyispruning itsfootprint and the pandemic and theyhold an array of dayjobs daypresentation—perhaps overly –10 remodeling stores. itsforecast is has parents such as adoctor and an astro- so.The stock gaveback some of its also ambitious: Forexample,the seeking physicist. –15 impressiverecent gains. companyplans to boost return on screen-free But it’sstill Barbie. Mattel’sso- GES

Fresh blood in the C-suitemeans FY2015 ’16 ’17 ’18 ’19 invested capital to at least12%. Its toys. called “Career dolls” nowinclude a IMA not having to justifyprevious strat- Note:Fiscal year 2019 ended February 2020 five-year averagewas 6%, with the polar marine biologistwho appears egy. Thecompanyshared that 36% Source:the company last two fiscal yearsbeing negative. to have justhad her hair GETTY of storecustomersleftwithout find- Bed Bath &Beyond’sshares re- blown out, adentistwearing ing what they were looking forand yond is the companythat the main 40% higher than wherethey stiletto heels and achicken that 41% of online customersleft largest number of people associate were ayear agobut aredownby farmer sporting daisyduke ALLIANCE/ the websitebecause the products bed, bath and kitchen productswith, nearly two-thirds over the past five shorts. were perceived as tooexpensive. according to the companyand NPD years. Investorsare intrigued. To It is 2020, not1959—girls PICTURE T/ Plus,morethan athirdofits cus- Group research. But, as Chief Execu- keep them around, the companywill can indeed do anything. Most HMID

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known. Forexample,Bed Bath &Be- chandising officer said the company work ahead of it. —Jinjoo Lee CHRIS