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** WEDNESDAY,DECEMBER 9, 2020 ~VOL. CCLXXVI NO.136 WSJ.com HHH $4.00

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What’s U.K. Rolls Out News FirstCovid-19 Business&Finance ShotsinWest esla CEO Musk said he Thas moved to Texas,tak- ingaim at Silicon Valley and BY JOANNA SUGDEN vice and modeled on itsan- becoming one of the high- AND WILL HORNER nual flu-vaccination campaign. est-profile executives yetto Ninety-year-old Maggie leave California during the CARDIFF,Wales—TheU.K. Keenan wasthe firsttoreceive coronavirus pandemic. A1 became the firstWestern coun- the initial dose as part of the trytostart distributing a program, the NHS said. “It’s  FireEye was hacked in Covid-19 vaccine to itspopula- historyand the best thing that’s what the company, one of tion, rolling out amassinocula- ever happened.IfIcan do it, so the world’s largest cyber- tion program that could provide canyou,” she said at University security firms, said was a atemplatefor other countries, Hospitals Coventryand War- highly sophisticated for- including the U.S.,ofthe practi- wickshire, central England. eign-government attack. A2 calities and potential pitfalls of Coming just days ahead of  DoorDash priced shares vaccinating at speed and scale. thePfizervaccine’sexpected in itsinitial public offering Less than aweek after Brit- authorization in the U.S., the at about $102 apiece, asign ain granted emergency-use au- U.K. rollout could be an indica- of strength both forthe thorization forthe two-dose tor of the challenges faced by meal-deliverycompany and vaccine developed by Pfizer Inc. U.S. doctors in getting it into the overall IPO market. B1 and Germany’sBioNTech SE, the population. the firstpeople began to receive Aversion to vaccines in the  TheS&P 500 and Nasdaq it acrossthe U.K. on Tuesday. U.K. remains belowsuch senti-

hit records, closing up 0.3% OL

PO Those over 80 yearsold, ment in the U.S. In an Ipsos

and 0.5%, respectively.The S nursing-home workersand poll in October,79% of people Dowadvanced0.3%, falling

/PRES other high-risk health-care asked in the U.K. said they short of anew milestone. B13 staff were front of the line: a would take aCovid-19 vaccine KING

 Nielsen said it would re- B group estimated to number six if one were available,com- placeits current TV ratings CO million. Therollout is being pared with 64% in the U.S. JA system by 2024with amet- Maggie Keenan, 90 yearsold, wasthe first persontoreceivethe initial dose of the two-shot paid forbythe U.K.’s state- Among the firsttobein- ric that incorporates digital Covid-19 vaccine developedbyPfizer and BioNTechasthe U.K. began itsinoculation program. funded National Health Ser- PleaseturntopageA7 viewing as well as the cur- rent traditional audiences. B1  Some McDonald’s fran- chisees said they would FDAPaves Wayfor Pfizer Vaccine’sRelease raise prices on Happy Meals after the company revokes a longstanding rebate. B1 BY THOMAS M. BURTON the vaccine’smanufacturers, tiveafter the second dose, fatigue,followedbymuscle town University.  Boeing delivered a737 AND JARED S. HOPKINS Pfizer Inc.and German partner three weeks later. pain and joint pain. “It doesn’t mean the vaccine MAXtoUnited, the firstcar- BioNTech SE. Afavorable rec- FDAscientistsalso found Severe“adverse reactions” is making yousick,but you rier to receiveanewly pro- TheFood and Drug Adminis- ommendation from the panel is that thevaccine waseffective were rare,most frequent after should be prepared forpoten- ducedmodel of the jet after tration said the firstCovid-19 expected to be followedwithin in reducing the risk of con- the second dose,and generally tially not feeling great foraday U.S. regulatorsended anearly vaccine being considered forU.S. days by the FDA’sgranting firmed severedisease afterthe lessfrequent in older adults or two aftergetting it,” she said. two-year grounding. B1 distribution “met the prescribed emergencyauthorization for firstdose,animportant find- greater than 55 yearsofage. Vaccines areseen as key to success criteria” in aclinical the vaccine. ing,assome health experts Thefrequent side effectsoc- stopping the spread of the coro-  Car sales in China rose study,paving the way forthe In itsreport Tuesday, the were concerned Covid-19 vac- curring soon afterinjections navirus,and health officials have for a fifth straight month agency to green-light distribu- FDAnoted that the two-dose cines would protect against suggeststhat the vaccine is PleaseturntopageA6 in November, continuing tion as earlyasthis weekend. vaccine provided benefitseven only mild to moderatedisease. generating astrong immune re- to cement a recovery. B3 An outside panel of scientific afterjust the firstinjection— Side effectswerecommon, sponse,said Angela Rasmussen,  Biden formally introduces his  Apple unveiled plans to advisersisscheduled to review cutting the risk of getting however, especially in younger avirologist and affiliateatthe public-health team...... A4 sell AirPods-branded over- the FDAreport Thursday, along Covid-19 by about half.The vac- people,the analysis found. The Center forGlobal Health Sci-  AstraZeneca trials reaffirm the-ear headphones, a di- with acompanion analysis from cine wasfound to be 95% effec- most common complaint was enceand Security at George- safety, efficacy of shot...... A7 rect strikeagainst companies such as Bose and Sony. B4 INSIDE World-Wide Musk Jabs AStartup’sPlan to Disrupt

 TheU.K.became the first California Western countrytostart PowerGrid Gets Disrupted distributing aCovid-19 vac- cine to itspopulation, roll- With Move ing out amassinoculation program that could provide Bloom Energy’s fuel-cell vision is foiled by rapidly changing industry atemplatefor other coun- To Texas tries of the practicalities and potential pitfalls of vacci- BY REBECCA DAVIS O’BRIEN AND KATHERINE BLUNT providing power more cheaply than the utili- nating at speed and scale. A1 B Y H EATHER SOMERVILLE ties on the electric grid.  The FDA said the first Bloom Energy Corp. became a hot startup Silicon Valley bought in, and media atten- Covid-19 vaccine being con- Tesla Inc.Chief Executive more than a decade ago by promising to up- tion followed. Bloom’s first investor was sidered forU.S.distribution Elon Musk said he hasmoved set the utility industry with devices that venture capitalist John Doerr, known for met prescribed success cri- to Texas,taking aim at Silicon could power the nation’s buildings. Today, early bets on Amazon.comInc. and Alphabet teria in aclinical study,pav- Valley and becoming one of the JOURNAL REPORT it’s a reminder of how a rapidly changing in- Inc.’s Google. Its board includes Gen. Colin ing the way forthe agency highest-profile executives yetto Cybersecurity: dustry can foil even the most driven entre- Powell and former General Electric Co. chief to approve distribution as leave California during the cor- Scaring employees to preneurs. Jeff Immelt. Among early customers were early as this weekend. A1 onavirus pandemic. Bloom’s founder, KR Sridhar, helped de- Google, eBayInc. and Walmart Inc. He said relocating made promote vigilance velop fuel cells for NASA before forming the As with many Silicon Valley startups,  Democratsrejected an ef- sense with anew Tesla factory doesn’t work. R1-8 company in 2001. The next year, he packed Bloom presented the kind of bold technologi- fort by McConnell to narrow the scope of acoronavirus re- being built in Texas.Hela- his technology into three U-Hauls and cal and revenue prospects that persuade in- mented that California, in his headed to California. vestors to look beyond profitability. Mr. lief bill this year,setting up a view, had become complacent U.S. NEWS Fuel cells use chemical reactions to gener- Sridhar’s vision: a Bloom Box in every Amer- clash over aid to hard-hit state with itsinnovators. ate electricity, and proponents hold they will ican home. “It’s about seeing the world as and local governments. A2 Supreme Courtrejects Mr.Musk’scompanies will Republican requestto go mainstream one day as a clean, reliable what it can be,” he told “60 Minutes” in  Biden formally introduced continue to have large opera- energy source. They have defied broad com- 2010, “and not what it is.” the public-health team that tions in California. Yethis deci- block Biden’s mercialization, but Mr. Sridhar told a power- The world Mr. Sridhar foresaw hasn’t ar- will help him navigatethe sion to moveunderscores a Pennsylvania win. A4 ful story: Bloom would sell the technology in rived. His San Jose, Calif., startup hasn’t put pandemic and announced growing discontent, particularly “Bloom Boxes” running on natural gas and PleaseturntopageA10 goals to curtail the virus dur- among wealthier tech profes- ing his first 100 days. A4 sionals,with the cost of living in  The Supreme Court re- the state, apre-pandemic real- Socially Distant SantaClaus Is estatecrunch and cloggedroads. jected a last-ditch Republi- Taking up residenceinTexas canrequest to block Biden’s Coming to Town (and the Mall) comes with personal benefits C3.ai victoryinPennsylvania. A4 forMr. Musk: Thestate doesn’t iii  TheHouse passed ade- collect income or capital-gains fense-policybill in a335-78 taxfor individuals.Mr. Musk St.Nick takescoverfromvirus behind #1 AI CRM vote,far exceeding the two- qualified this year forbillions of thirds majority that would dollarsinstock-option compen- plexiglass, or sealed intogiant snowglobes be needed to override aveto sation, making him the second- ReinventingCRM threatened by Trump. A4 richest person in the world. BY ANNE MARIE CHAKER about his vulnerability to During the spring,when Mr. Covid. TheTrump administra-  Ajudgeofficiallyclosed Musk wassparring over coro- Carleigh Hansen’s visit to tion scrapped aplan to offer the criminal case against ex-national security ad- navirus shelter-in-placeorders SantaClaus at the Park Mead- Santaperformers(and Mrs. viser Michael Flynn, whom that shut his factorynear San ows Mall in Lone Tree, Colo., Claus and the elves) early ac- Francisco, California Gov.Gavin wasalittle different this year cess to a vaccine. Trump had pardoned. A3 Newsom told CNBC he was“not from Christmases past. The8- And now, the annual tradi-  Brexit talks are set to worried about Elon leaving any year-old still wore anew dress tion of sitting on Santa’slap— enter a last decisive phase time soon” and the statewas forpictures and kids whispering as Johnson seeks to secure committedtothe carmaker’s her mother giftwishes to adeal over the EU’srela- success.“We maynot be the treated her to Santawhile apho- tions with the U.K. A8 cheapest placetodobusiness cheesecakeaf- tographer takes but we arethe best placetodo terward. But pictures—has un- CONTENTS Personal Journal A11-12 business,” Mr.Newsom, aDem- this time, Santa dergone aCovid- Arts in Review... A13 Property Report... B6 Business News...... B3 Sports...... A14 ocrat, said. wore aface era reinvention. Crossword...... A14 Technology...... B4 Silicon Valley remains home shield and sat This year,the Heard on Street.B14 U.S. News...... A2-7 to some of the hottest compa- behind asheet holidayriteoften Markets...... B13 Weather...... A14 nies—Airbnb Inc.and food de- of plexiglass. Speak up, children means making a Opinion...... A15-17 World News...... A8-9 liverycompanyDoorDash Inc. Carleigh passed reservation to arepoised formultibillion-dol- him her list underneath the stand in front of aplexiglass > lar public listingsthis month. barrier and talked to him “SantaGuard.” Shopping cen- Both areSan Francisco-based. through an intercom system. ters and photographersare Get started at C3.AI/CRM Mr.Newsom’sofficedidn’t “It wasOKbut I’dprobably putting Santa behind shields, PleaseturntopageA2 rather have it the way it was inside snow globes or seated ©2020 C3.ai, Inc. All Rights Reserved. is amark of C3.ai, Inc. C3 AI CRM is the first enterprise-class, AI-first customer relationship management solution before,” said Carleigh. high on asled. Other venues purpose-built for industries to drive customer-facing operations with predictive s 2020 Dow Jones & Company, Inc. business insights. All Rights Reserved  Heard on the Street: Tesla This year has been tough on are offering virtual Santa vis- watches its stock, too...... B14 Santa. Children areworried PleaseturntopageA11 P2JW344000-2-A00200-1------XA

A2 | We dnesday, December 9, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS DemocratsRejectState-Aid Exclusion Cyber Firm FireEyeIs BY ANDREW DUEHREN bedeviled the lawmakerswho to crush the virus.” Democraticand Republican hurting right now,” Mr.Sand- AND KRISTINA PETERSON have sought to reviveamonths- Thecurrent bipartisan party leaderswould embracea erstold reporters. “They want long quest to passanaid pack- framework forthe aid bill compromise forged by the in- that $1,200,and Ihope that Breached WASHINGTON—Demo- agebeforethe end of the year. doesn’t include anydirect pay- formal group of lawmakers. the Republican leadership and cratsrejected an effort by Mr.McConnell said that a mentstohouseholds,though Along with stateand local membersofthe Republican SenateMajority Leader Mitch packagethis year should focus membersofboth parties have aid, the$908 billion frame- caucus understand that.” By Hackers McConnell to narrow the on moneyfor vaccine distribu- embraced the idea previously. work at the center of the cur- Membersofthe bipartisan scope of acoronavirus relief tion, health-careprovidersand Crafting aliability shield for rent negotiations would add group have said their proposal BY DUSTIN VOLZ bill this year,setting up a small businesses,calling Presi- businesses,schools and health- $300 to weekly unemployment is alimited one meant to tide AND ROBERT MCMILLAN clash over aid to hard-hit state dent-elect JoeBiden’splans to care providersfacing coronavi- benefits, provide $82 billion thecountryoverthrough the and local governmentsas work on another relief pack- rus-related lawsuitshas been a forschools,$16 billion forthe winter,while cases aresurging. WASHINGTON—U.S.-based rank-and-file negotiatorstry age during his administration priority forRepublicans, while distribution of Covid-19 vac- “I knowthat there’sconsid- FireEye Inc., one of the to hammer out a deal. another opportunity to deal Democratshavepushed to send cines and $288 billion in relief erable public support forit, world’s largest cybersecurity As talks continued, the White with the outstanding issues. moreaid to stateand local for small businesses. but right now we’re targeting firms,was hacked in what it House pushed Republicans to “Weknowthe newadminis- Both theWhiteHouse and struggling families,failing said wasahighly sophisti- include anew round of direct tration is going to be asking some lawmakersare making a businesses, health-care work- cated foreign-government at- paymentsof$600 per person in foranother package,” Mr. Sen. McConnell latepush to include the new ers, and we don’t have astim- tack that compromised its the emerging package, accord- McConnell said.“What Irec- round of direct paymentsin ulus check that goes to every software tools used to test the ing to people familiar with the ommend is we set aside liabil- proposed dropping the next bill. One of the most single person, regardlessof defenses of itsthousands of discussions,reviving prospects ity and set aside state and lo- government help popular partsofstimulus leg- need,” said Sen. Susan Collins customers. forchecks to households in this caland passthose thingsthat islation Congresspassed in (R., Maine), who helped intro- Thecompanysaid the at- round of aid. Those direct we can agree on.” and liability hurdles. March, the last round of direct duce the bipartisan proposal. tacker also accessed some in- checks were included in the SenateMinority Leader paymentssent $1,200 per On liability protections for ternal systems and primarily White House’soffer to House Chuck Schumer (D., N.Y.)ac- adult and $500 per child to businesses,health-careprovid- sought information about gov- Speaker NancyPelosi (D., Calif.), cused Mr.McConnell of at- manyAmerican households,at ersand schools,lawmakers ernment clients. FireEye said House Minority Leader Kevin tempting to sabotagethe bi- governments. Thebipartisan a cost of nearly $300 billion. continued to explorevarious it has seen no evidence so far McCarthy (R., Calif.) told re- partisan push foranew bill, group of lawmakersrebuffed a Sen. Bernie Sanders(I., Vt.) options. that databelonging to itscus- portersTuesday. which has centered on a$908 previous suggestion to drop said Tuesdayhewas pulling Sen. Angus King (I., Maine) tomershad been compromised In commentsTuesday, Mr. billion proposal that includes the two topics from the talks. together alettershowing sup- andSen. Lindsey Graham (R., from the primarysystems McConnell(R.,Ky.)said Con- both liability protections and Theback-and-forth from port foradding in another S.C.), the chairman of the Sen- used to store it. gressshould drop aid forstate $160 billion forstate and local partyleadersthreatens to round of checks. Mr. Sanders ateJudiciaryCommittee, have FireEyedeclined to com- and local governments,aDemo- governments whose revenues complicatethe rank-and-file said he had spoken with Sen. discussed anew approach to ment on whoitbelieved was cratic priority,and liability pro- have been slammed. effort. Meetings between the Josh Hawley (R., Mo.), who the issue,with Mr.King propos- behind the breach of itshack- tections,aGOP goal, from the Mrs. Pelosi echoed Mr. lawmakerscontinued Tuesday, has urgedPresident Trump to ing that Congresscreateanaf- ing tools,which expertssaid currentset of relief negotia- Schumer’s comments. She said with Republicans and Demo- veto arelief bill unlessitin- firmativedefense forCovid-re- could potentially be leveraged tions,and instead addressthose states’ role in vaccine distribu- cratsbroadcasting confidence cludes direct payments. lated lawsuits, according to in futureattacks against its issues in an additional package tion makes stateand local that they would finalizeadeal “Trump supportersout Sen. MittRomney (R., Utah), a customer base,including adi- next year.The two issues have funding “central to our efforts soon. But it is uncertain that there, likeeverybody else,are leader of the current talks. versearray of U.S. and west- ern national-security agencies and businesses. U.S. WATCH A person familiar with the mattersaid Russia is currently seen by investigators, includ- TELECOM REGULATION ing U.S. intelligence agencies, as the most likely culprit but Trump’s Pick for FCC stressed that the investigation Confirmed by Senate wascontinuing.Moscow’s for- eign intelligenceservice, President Trump’s nominee to known as the SVR and one of join the Federal Communications twoRussian groups that Commission was confirmed by hacked the Democratic Na- the Senate on Tuesday, setting tional Committeeahead of the up a possible partisan deadlock 2016 presidential election, is at the telecommunications regu- believed to be responsible,the lator when Democrats take person said. The Russian em- power next year. bassydidn’t respond to are- The Republican-led Senate quest for comment. voted 49-46 along party lines to “I’veconcluded we arewit- approve Nathan Simington for a nessing an attack by a nation five-year term on the FCC. with top-tier offensivecapabil- Mr. Simington, a 41-year-old S ities,” Kevin Mandia,the chief

Republican lawyer currently PRES executiveatFireEyeand afor-

serving in the Trump administra- TED mer Air Forceofficer,said in a tion, appears likely to clash with blog post published Tuesday. OCIA

Democrats over issues from “net SS “The attackerstailored their neutrality” rules to the agency’s /A world-classcapabilities specif- role in overseeing social-media ALD ically to target and attack content moderation under Sec- FireEye.”

tion 230 of the Communications RLD-HER FireEye, which in yearspast

Decency Act. WO has helped businesses respond FCC Chairman Ajit Pai, a Re- to some of the most serious

publican, has said he is leaving OMAHA hacks on record,likethe 2014 the agency on Jan. 20, Presi- hack of SonyPictures by North dent-elect Joe Biden’s inaugura- CHIAN/ Korea, said it wasworking tion day. MA with the Federal Bureau of In-

Thatcould leave the bipartisan CHRIS vestigation and industrypart- commission with twoDemocratic NEBRASKA EXPLOSION: An explosion that leveled a home in south-central Omaha, Neb., killed two people and left two others ners, including Microsoft and twoRepublican members, in- critically injured Tuesday morning, the AP reported, citing fire officials. The cause of the blast wasn’t immediately released. Corp., in acontinuing investi- cluding Mr.Simington. Mr.Biden gation into the incident. can immediately designate one of CAPITAL PUNISHMENT moratorium” on capital punish- GLOBAL ECONOMY said in an interview at The Wall FireEyeshares dropped the sitting Democratic commis- ment, he said. Street Journal’s CEO Council about 7% in after-hours trad- sioners as chair.But the agency’s Ohio Governor Rules “Lethal injection appears to World Bank Chief summit. ing. newleader wouldn’thold a3-2 Out Lethal Injection us to be impossible from a prac- Sees Long Recovery And even in the developing “The FBI is investigating majorityuntil Mr.Biden names, tical point of view today,” the world, the recovery has been un- theincident and preliminary and the Senate approves, afifth Lethal injection is no longer an governor said. It will taketwo to three years even. “China is in recovery, and indications showanactor with FCCmember—aprocess that option forOhio executions, and Mr. DeWine said he still sup- forglobal output to return to pre- that helps its neighbors, so in a high level of sophistication could stretchmonths if Republi- lawmakers mustchoose adiffer- ports capital punishment as pandemic levels as manydevelop- Southeast Asia, there has been consistent with anation cans controlthe Senate. entmethod of capital punish- Ohio law. But he has come to ing nations slowly climb out the more of a recovery under way state,” MattGorham, assistant An FCC deadlocked along par- mentbeforeany inmatescan be question its value since the days coronavirus-induced slump with that extends to Japan,” Mr. Mal- director of the FBI cyber divi- tisan lines could take longer put to death in the future, Re- he helped write the state’s cur- the help of vaccines,World Bank pass said. “For other developing sion, said in a statement. than usual to approve telecom- publican Gov. MikeDeWine said. rent law—enacted in 1981—be- PresidentDavid Malpasssaid. countries, advanced economies People familiar with the in- munications-related mergers or It’s “pretty clear” there won’t cause of the long delays be- While advanced economies are the most important variable vestigation said the hackers to make additional wireless fre- be any executions next year, Mr. tween crime and punishment. are recovering more quickly than because that’s often where their were disciplined and used a quencies available for next-gen- DeWine said in an interview, The state’s last execution projected, many developing markets are.” rare combination of attack eration networks, policy analysts adding he doesn’t see support in was July 18, 2018, when Ohio economies have lagged behind The pandemic has thrown tools,some of which appar- at New Street Research wrote in the Legislature for making a put to death Robert Van Hook as tourism declined and remit- nearly 100 million people into ex- entlyhadn’t been previously a note to clients this week. switch in execution method a for killing David Self in 1985. tances from their workers based tremepovertyinpoor countries. used in any known attacks on —Ryan Tracy priority. Ohio has an “unofficial —Associated Press in rich countries dried up, he —Yuka Hayashi other victims—an unusual sign of sophistication and resolve— and were specifically dedicated founded in the BayAreain Andthe BayArea’sprimacy itstoother automakers. to compromising FireEye. Musk Says 2003, moved itsheadquarters as aheadquartersfor startups Mr.Musk threatened to to Denver this year.Chief Exec- continues.During the pan- moveTesla’soperations out of THE WALL STREET JOURNAL utiveAlexKarp, who co- demic—from Aprilthrough Fremont, Calif., afterlocal or- (USPS 664-880) He Moved founded the company, linked early December—the region has dersrequired him to shut down (Eastern Edition ISSN 0099-9660) the departuretowhat he said is been home to 26.6%ofall U.S. his lone U.S. carfactoryaspart (Central Edition ISSN 1092-0935) aviewinSilicon Valley that is early-stagestartups receiving of measures to slowthe spread (Western Edition ISSN 0193-2241) JOURNAL To Texas out of touch with American venturecapital funding,accord- of the coronavirus.Hecriti- Editorial and publication headquarters: principles and societal needs. REET ing to datafirm PitchBook. cized officials at the time as 1211 Avenue of the Americas,

ST New York, N.Y. 10036

Mr.Musk echoed that senti- LL That is only slightly less than “breaking people’sfreedoms.” Published daily except Sundays and general ContinuedfromPageOne ment Tuesday, arguing the San WA the27.4% averagesince2017. Mr.Musk said last month legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. respond to arequest forcom- FranciscoBay Area “has too THE Mr.Musk also criticized gov- that he had tested positivefor ment about Mr.Musk’smove. much influenceonthe world.” Elon Musk at Tuesday’s forum. ernmentsmorebroadly forreg- Covid-19 andwas experiencing Postmaster: Send address changes to Thepandemic has upended That powerisshifting,hesaid. ulations that he said stifled mild symptoms,after contra- The Wall Street Journal, 200 Burnett Rd., some of the most covetedtradi- Mr.Musk made the com- sionals who have been blamed startup creation.Still, environ- dicting public-health officials by Chicopee, MA 01020. tions of working in Silicon Val- mentsfromTexas during The fordriving up the cost of living mental regulations have buoyed repeatedly playing down risks of All Advertising published in The Wall Street Journal is subject to the applicable ley—the ease to network and Wall Street Journal’sCEO and congesting the freeways. his electric-car company. Tesla the illness. rate card, copies of which are available collaboratewith like-minded Council annual summit in an in- Tesla’snew carplant, itsfirst so far this year has earned $1.18 —Eliot Brown from the Advertising Services Department, tech workers, startup founders terviewwith Editor in Chief U.S. factoryoutside of Silicon billion by selling emissions cred- contributed to this article. Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The and investorsorthe perks of MattMurray. Valley,isslated to open in Aus- Journal reserves the right not to accept an free meals and fitnessclasses Palantir co-founder JoeLons- tin next year.Mr. Musk’srocket advertiser’s order. Only publication of an on lavish corporatecampuses. dale,aventurecapitalist, moved company, SpaceExploration CORRECTIONS  AMPLIFICATIONS advertisement shall constitute final acceptance of the advertiser’s order. SinceCovid-19 struck,startup to Austin this year.Hewrote in a Technologies Corp., or SpaceX, Letters to the Editor: executives and employees have Wall Street Journal op-ed last has operations in Texas. Fax: 212-416-2891; email: [email protected] fled the SanFranciscoBay Area month that in California, “bad Mr.Musk likened California Bob Dylan’ssong “Love correctly omittedBelgium’s Need assistance with your subscription? forcheaper locales sinceremote policies discouragebusinessand to asportsteam with awinning Sick” was featured in a Victo- borders. By web: customercenter.wsj.com; working conditions have become innovation, stifle opportunity streak,saying “they do tend to ria’sSecret ad. ABusiness& By email: [email protected] By phone: 1-800-JOURNAL the norm formanypeople.Last andmakelifeinmajor cities getalittle complacent, alittle Financearticle Tuesdayabout Noticetoreaders (1-800-568-7625) week,HewlettPackardEnter- ugly and unpleasant.” entitled, and then they don’t win the sale of Mr.Dylan’ssong- Wall Street Journal staff Reprints &licensing: prise, whoseorigins traceback At the root of manyofthe the championship anymore.” writing catalog to Universal membersare working re- By email: [email protected]; to the founding of Silicon Valley, complaintsare California’shigh Manyare loath to declarean Music Publishing Group incor- motely during the pandemic. By phone: 1-800-843-0008 said it would shiftits headquar- taxes. Itspersonal income tax end to Silicon Valley.Prior pre- rectly said the song was “An- Forthe foreseeable future, WSJback issues and framed pages: ters to Texas.The departures tops out at 13.3%for amounts dictions that thewealthytech gels in Venice.” please send reader comments wsjshop.com have led manytech leadersand over $1 million ayear,the high- elitewould flee en masse to low- only by email or phone, using Our newspapers are100% sourcedfrom industrywatcherstoquestion est in the nation. Capital gains taxstateshaven’t come true. Amap with aMansion arti- the contactsbelow, not via sustainably certified mills. whetherthe region is losing its aretaxed at asimilar rate. Largeemployers likeGoogle par- cle Friday about Germany in- U.S. Mail. position as the nation’sleading Manywho call the BayArea ent Alphabet Inc.and Facebook GOTATIP FORUS? technologyhub. home have expressed relief at Inc.havebeen leasing moreof- Readers can alert The Wall Street Journal to any errors in news articles by SUBMIT IT AT WSJ.COM/TIPS Palantir Technologies Inc., the departureoftech profes- fice spaceinthe region recently. emailing [email protected] or by calling 888-410-2667. P2JW344000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** We dnesday, December 9, 2020 | A3 U.S. NEWS 14 Punished Over Violence At Fort Hood

BY BEN KESLING Afterinterviewing 2,500 uniformed personnel and civil- Armyofficials announced ians,the Fort Hood Indepen- the firing or suspension of 14 dent ReviewCommitteefound commandersorother senior that base officials didn’t prop- soldiers on Tuesday over fail- erly handle sexual assault and ures to protect troops dealing harassment on the base.Italso with sexual assault and ha- determined that the Army’s GES rassment. uniformed criminal investiga- IMA Generals and sergeantsma- tors on base were under-

jor were among those disci- trained and overworked, which GETTY plined following amonthslong prevented them from properly A/ investigation intolax monitor- investigating sexcrimes and UR AM ing procedures at Fort Hood in soldier deaths.Investigators NAK

Texas. also found commandersonthe GO ArmySecretaryRyan base didn’t act to curtail an A mural in memory of Spc. Vanessa Guillen, who was allegedly killed by a fellow soldier who later killed himself, in Houston. McCarthy launched the inde- environment that allowedfor pendentFort Hood reviewin harassment and assault. the Army’sprocedures and previously,adding that some manyofthe problems stem reviewcommittee, Christopher response to aseries of deaths “No commanding general or what they said wasalack of of the issues at the base could back to egregious mistakes Swecker,said manyfemale and complaintsabout the subordinateechelon com- transparencyinthe investiga- be systemic acrossthe service. made by thechain of com- soldierstold investigatorsthat base,especially the murder of mander chosetointervene tion intoher death. Family Some of the changes at Fort mand that created an unac- they feared retaliation if they Spc. Vanessa Guillen. proactively and mitigate membersalso said Spc. Guillen Hood aren’t slated to begin ceptable environment for sol- stepped forward to report as- Her case attracted national known risks of high crime,sex- previously had been harassed until the spring,Mr. McCarthy diers at Fort Hood, especially sault and lacked confidencein attention, including from Pres- ual assault and sexual harass- by herkiller.Hedied by sui- said, and the Army hasn’t yet forfemale soldiers,” said Sens. the confidentiality of the pro- ident Trump and President- ment,” the report found. cide when approached by po- determined what systemwide JimInhofe(R.,Okla.) and Jack cess.The processwas also elect Joe Biden. Spc. Guillen went missing in lice. changes will be made. Reed(D.,R.I.), the chair and found to be unnecessarily de- “This report, without a April and waslater found dis- Mr.McCarthyaccepted all Lawmakers vowed to push ranking member of the Senate layed, which further sapped doubt, will cause the Army to membered, having allegedly the committee’sfindingsand theArmyfor even greater ac- ArmedServices Committee, in confidenceinstepping for- changeour culture,” Mr. been killed by afellowsoldier. said thereport had identified countability. a joint statement. ward to report problems,ac- McCarthy said. Herparentscomplained about issues the Armyhadn’t seen “The fact of thematteris, The head of the Fort Hood cording to Mr. Swecker. d. ve er

Tensions in Portland Have Moved es sr ht ig lr Al a.

From the Streets to the Courts ur rd Ve BY ARUNA VISWANATHA Around three dozenpro- © AND SADIE GURMAN testerswerechargedwith ei- ther misdemeanororfelony Thetensions that erupted in countsofassaulting federal protestsand violencefor more officers. About 20 othersface than three months on the misdemeanor chargesoffail- streetsofPortland this summer ing to obey federal policeoffi- arenow moving intoaquieter cers on federal property— venue: the courts. whichprosecutorscontend JOURNAL Federal prosecutorsinthe includes the streetsaround

Oregon city have chargedmore REET the federal courthouse.De- ST

than 90 people with crimes LL fense lawyersdisagreed with

stemming from the skirmishes WA that assessment, and the city

between law-enforcement offi- THE of Portland has tried to levy cers wielding tear gasand R fines on the federal govern- FO demonstratorsthrowing fire- ment forerecting fences works,frozenwater bottles and TEIN around the courthouse,saying other objectsoutside the fed- ONS they blocked the right of way eral courthouse downtownand BR on alocal street. ULA

elsewhere. PA Attorney General William Theprotestserupted follow- Federal prosecutors in Portland have charged more than 90 Barrtold CongressinJuly ing the Maykilling of George people with crimes stemming from skirmishes between law- that what washappening in Floyd in Minneapolis police enforcement officers and demonstrators. Above, a July protest. Portland didn’t constitute custody and led to strained re- FirstAmendment-protected lations between the federal Charges filedbyPortland U.S. TheU.S.attorney’s officein demonstrations.“It is,byany government, which dispatched Attorney’sofficesinceMay Portland turned to aseries of objectivemeasure, an assault agentstoquell the violence, Cases filed through October 2020 charges, including acivil disor- on the government of the and local officials who sawthe der statuteadopted in re- United States,” he said. THECAGED CUFF intervention as inflaming the Assault on officer sponse to riotsduring civil- Ahandful of the federal 68 rock crystalsof9different cuts, unrest. 36 rights demonstrations in the cases in Portland have re- looseinan18k gold cage,$34,500. Thefederal cases filed to Failuretoobey 1960s.Itisabroadly worded sulted in plea agreements. From theCaged Collection. daterepresent afraction of at statutethat targetsanarray of Prosecutorsdropped afew 18 least 1,000 arrestsmade in activity that takesplaceduring othersand offered deals to Portland sinceMay,but District Civil disorder assemblies,such as behavior those chargedwith misde- Attorney MikeSchmidt said af- 18 that obstructscommerce or meanors, under which they 745FIFTH AVENUE,12THFLOOR tertaking officeinAugust he lawenforcement. would dismissthe chargesin 212.758.3388 •VERDURA.COM wouldn’t prosecutemost of Other Defense lawyerssay the exchangefor community ser- those arrests, citing limited re- 15 number andtype of federal viceand cooperating with law Original gouachebyDukeFulco di Verdura sources. His office declined to Source:United States Attorney’sOffice chargesamount to overreach enforcement. Fewhavetaken pursue morethan 700cases. District of Oregon by theJusticeDepartment. up those offers, defense law- TopJusticeDepartment offi- “In some cases,nocrime yers say. Some areholding cials in Washington, mean- allegations of engaging in a wascommittedorthe wrong outhope that the incoming while,urged federal prosecu- wide-ranging conspiracyin- person wasarrested,” said Lisa Biden administration might be tors to be aggressiveincludingstealing trade secrets Hay, the federal public de- morelenient and drop some bringing afull slateoffederal and violating U.S. sanctions on fender in the district whose of- of the charges, defense law- charges, even suggesting they Iran. Aspokeswoman forthe fice is defending most of the yers said. Aspokesman for consider sedition, or plotting to JusticeDepartment declined to cases.“Chargesfor civil disor- President-elect JoeBiden overthrow the U.S. government, comment on Mr.Donoghue’s der…can be levied against peo- didn’t respond to arequest to TheWall Street Journal previ- role. ple who were merely protest- comment. ously reported.Areview of “What we really wanted was ing and who were TheprotestsinPortland protest-related cases showno to getpeople to stop lighting unintentionally in the way of have subsided of latebut such chargeshavebeen filed. firesand to stop physically at- law-enforcement officers” and dark-clad individuals continue One senior department offi- tacking our officers,” said Kelly risk infringing on protesters’ to break windows and loot cial, RichardDonoghue,flewto Zusman, head of the criminal FirstAmendment rights, she stores in the city’s business Portland this summer to urge division at theOregonU.S.at- said. districtsatnight. Anumber of prosecutorstodomore, includ- torney’s office, adding that TheU.S.attorney’s office businesses were vandalized ing considering chargesof prosecutorshadn’t filed any had adifferent view. “We just beforeThanksgiving. racketeering,according to peo- racketeering cases. didn’t want to overcharge,” Ms. Jim Middaugh, aspokes- ple familiar with the visit. That Some federal prosecutors Zusman said. “Our goal wasto man forMayor TedWheeler, statutetargets organized crime camped out fordays in their stop the violence, no one who joined protestersonthe and groups engaged in crimes courthouse offices to avoid the wanted to stop the protests.” frontlines in July,said that including murder and kidnap- crowdsoutside,she said. When Ms.Zusman’sofficehas in even with the heavy law-en- ping.Ithas also been used in officersused tear gastotry to some cases applied federal forcement response,“we still nonviolent cases,including ear- disperse the crowd,protesters statutes to alleged conduct that haven’t figuredout howtoad- lier this year against Chinese returned some canistersinto might typically be handled at dresssmall groups of orga- technologygiant HuaweiTech- the building,sending gastoev- the statelevel,defense attor- nized people who arehellbent nologies Co., which has denied eryfloor. neys say. on criminal destruction.” Simply Criminal Case AgainstMichael Flynn Ends Sparkle BYBYRON TAU the government’s ever-evolv- missal is,ofcourse,the cor- ficials and witnesses involved CONFETTI ing justifications” during the rect result.” in the case. RINGS WASHINGTON—Afederal three-year legal saga. Sidney Powell,alawyer In his latest opinion, Judge judgeofficially closed the In the wake of Mr.Trump’s who representsMr. Flynn, ac- Sullivan wrote: “With regard criminal case against former Nov.26pardon of Mr.Flynn, cused JudgeSullivan of bias. to Mr.Flynn’salleged ‘faulty national security adviser Mi- JudgeSullivan issued an order “It reflectsthe abject political memory,’Mr. Flynnisnot just chael Flynn,who was par- that brought the case to an bias he has exuded for anyone; he wasthe National doned by President Trump, end. Buthealso took aim at months,” she said. Security Advisor to the Presi- but suggested that the Justice theway the JusticeDepart- Prosecutorshad offered a dent,clearly in aposition of Department’s handling of the ment had tried to dismiss the theorythat Mr.Flynnmay trust, who claimed that he for- matterwas highly irregular case in May,suggesting that have made the statementsdue got, within lessthan amonth, PAULMORELLI.COM and potentially improper. but forthe pardon, he may to a faulty memory; said that that he personally asked fora In a43-pageopinion, U.S. have denied their bid and ei- his statementsdidn’t meet the favorfromthe Russian Am- NYC: 895MADISON (72ND&MADISON) District JudgeEmmet Sullivan ther forced Mr.Flynntogoto legal standard; and raised con- bassador that undermined the PHL: 1118WALNUTSTREET wrotethat he was“troubled trial or to jail. cerns with the FBI’s handling policyofthe sitting President 212.585.4200 by the apparently pretextual JusticeDepartment spokes- of the investigation that cast prior to the President-Elect natureofcertain aspectsof woman Kerri Kupec said, “Dis- doubtonthe credibility of of- taking office.” P2JW344000-2-A00400-17FFFF5178F

A4 | We dnesday, December 9, 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 Justices RejectBid to Toss Pennsylvania Result

Republicans were by aPennsylvania congress- As is itscustom in emer- his allies have brought dozens “would result in the disenfran- While much of the postelec- pressing a challenge manand other Republicans gencyorders, the court offered of cases in Pennsylvania and chisement of millions of Penn- tion litigation has been re- whowerepressing an emer- no reasoning in rejecting the five other pivotal states in a sylvania voters.” solved, afew cases remain to the state’s system gency challenge to the state’s challenge. long-shot effort to nullify Mr. Mr.Biden wonPennsylvania pending in lower courts. And of vote-by-mail vote-by-mail system, enacted No justicenoted adissent Biden’svictory. They have lost by more than 81,000 votes. RepublicanTexas Attorney by its legislature in 2019. to the Supreme Court’s order. almost all of them. TheU.S.Supreme Court’s KenPaxton on Tuesdayfiled BY BRENT KENDALL “The application forinjunc- Mr.Trump has said he be- ThePennsylvania challeng- order came shortly afteritfin- his ownlong-shot case di- tiverelief presented to Justice lieved the Supreme Court ersinTuesday’scase previ- ished receiving writtenlegal rectly in the Supreme Court, TheU.S.Supreme Court re- Alitoand by him referred to would eventually decide the ously lost at the Pennsylvania argumentsfromthe parties on suing Georgia, Michigan, Penn- jected a last-ditch Republican the Court is denied,” the order election, and his campaign has Supreme Court, which in a Tuesday afternoon. sylvania and Wisconsin foral- request to block President- said. pledged to take acase before Nov.28order dismissed the Theorder also came on the legedly conducting their elec- elect JoeBiden’svictoryin Thelawsuit asked that ei- thejustices—three of whom case,citing plaintiffs’ “com- daybywhich states have to tions without following rules Pennsylvania on Tuesday, ther all the 2.5million mail-in were appointed by Mr. pletefailuretoact with due set their electorstoensure setbytheir ownstate legisla- dealing another blowtosup- ballots cast be thrown out, or Trump—but it hasn’t done so. diligence” by filing alawsuit they will be counted when the tures. portersofPresident Trump that thecourtserase Mr.Bi- Thecase on Tuesdaybeforethe afterthe election—and more Electoral College—a body of Dana Nessel, the Demo- who have contested the Nov.3 den’svictoryand direct the high court didn’t involvethe than ayear afterthe statead- delegates that meetsafter the cratic attorney general of election across the country. state’sGOP-controlled legisla- Trumpcampaign as alitigant. opted universal vote-by-mail. election to select the president Michigan, called Mr. Paxton’s Thecourt, in aroutine one- turetochoose the winner of In the five weeks since The state’s high court said based on statevoteresults— lawsuit a“publicity stunt” sentenceorder,denied abid the state’s 20 electoral votes. Election Day, Mr.Trump and the Republicans’ claims casts votes on Dec. 14. that would fail. House EasilyPasses Defense Bill Over Trump’sObjections

BY LINDSAY WISE the bill passed 86-14 and a House version passed 295-125. WASHINGTON—TheHouse This week,the Senateisex- approved final passageofa pected to approvethe same $740.5 billion annual defense- compromise bill passed by the policybill by avoteof335-78, House on Tuesdayand send it far exceeding the two-thirds to the president’sdesk. majority that would be needed On aHouse GOP conference to override avetothreatened call on Tuesday, the top-ranking by PresidentTrump. Republicanonthe House Armed Dozens of Republican law- Services Committee, retiring makershad earlier in the day Rep.Mac Thornberry(R., lined up behind Mr.Trump to Texas), said his goal wastoget vote against the National De- as many votesaspossible for GES fense Authorization Act, which the NDAA in the hopes the pres- IMA secures hazard-payraises for identwould sign it. On the same

GETTY troops and other crucial mili- call, House Minority Leader

SE/ tary spending items.But their Kevin McCarthy(R.,Calif.) said opposition wasn’t enough to if Mr.Trump vetoes the bill, he thwart the passageofanan- would vote to sustain the veto.

ANCE-PRES nual bill that Congresshas ap- Other Republicans have been FR proved on abipartisan basis for morewilling to buck the presi-

ENCE 59 yearsinarow. dent on the annual defense bill. AG Thebill passed Tuesdayby “Failuretopassthis act ON/ an even largermargin than an would forcehundreds of thou- TS

WA earlier House version passed in sands of our men and women in

JIM July.This week’svotewas are- uniform and their families to en- Joe Biden, center, has nominated California Attorney General Xavier Becerra, left, as secretary of Health and Human Services. buketoanembattled president durecutstotheir payright be- who sought to forcemajor fore the holidays,” warned Rep. changes in the legislation after Liz Cheney (R., Wyo.), amember Biden Introduces HealthTeam the two parties in both cham- of House GOP leadership,ina bersofCongresshad agreed on compromise language. President-elect JoeBiden InstituteofAllergy and Infec- Thepresident has said he Thebill passed by an formally introduced the pub- Nominees Expected return to a department that he tiousDiseases,who is on the would veto the bill unlessCon- lic-health team that will help led for nearly the entirety of current WhiteHouse task force gressjettisons aprovision that even wider margin ForHUD,Agriculture him navigate the coronavirus the Obama administration as but has had an uneven rela- would createacommission to than aHouse version pandemic and announced farmers grapple with the fall- tionship with President Trump. rename militaryinstallations, goals to curtail the virus dur- out from a faltering economy Mr.Biden said Dr.Fauci monumentsand paraphernalia that passed in July. ing his first 100 days, as law- President-elect Joe Biden is and President Trump’s trade would remain in his role,call- honoring Confederatecom- makersraised questions about expected to nominate Rep. war with China. ing him a“truth-teller” who manders. He also reiterated some of his intended nomi- Marcia Fudge of Ohio to lead Mr. Biden’s transition team would tell him “what Ineed to that he wanted languagein- the Department of Housing declined to comment. Mr. Vil- know.” cluded in the bill to terminate floor speech Tuesday. By Ken Thomas and Urban Development and sack, 69 years old, didn’t an- Some Republican lawmak- Section 230 of the 1996 Com- SenateMajority Leader Mitch in Washington former Iowa Gov. Tom Vilsack swer his phone Tuesday eve- ershavequestioned Mr.Bi- munications DecencyAct, McConnell (R., Ky.) said Tuesday and Alex Leary as Agriculture secretary, ac- ning or respond to a text den’schoiceofMr. Becerra, which granted social-media at anewsconferencethat if the in Wilmington, Del. cording to people familiar with message. who isn’t a public-health offi- companies broad immunity for bill “comes over from the House, the plans. Ms. Fudge, 68, speaking to cial, to lead the Health and the content they publish from obviously I’m going to put it on nees. If confirmed, Ms. Fudge, a reporters on Capitol Hill on Human Services Department. usersontheir site. the floor.” Mr.Biden said during tele- Democrat, would lead an Tuesday, didn’t confirm she “Whenyou have that kind Mr.Trump also added two At anewsconferenceon vised remarks Tuesdaythat he agency that could play a role in would be nominated. But she of knowledgefromboth train- demands he hadn’t made ear- Tuesday, House Democratic will nominateCalifornia Attor- helping Americans struggling said: “It’s an honor and a privi- ing and experience, then lier,saying the bill must “allow Caucus Chair Hakeem Jeffries ney General Xavier Becerrato with rent and mortgage pay- lege to be asked to be in a you’reable to moreclearly for5G&troupe reductions in (D., N.Y.)said: “The bill will serveassecretaryofHealth ments during the coronavirus president’s cabinet.” prioritizethat which is related foreign lands!” passwith robust support and Human Services, high- pandemic. Mr. Vilsack would —Ken Thomas most essentially to advancing While Republicans and Dem- amongst Democratsand Repub- lighting his defense of the Af- public health,” said GOP Sen. ocratsinCongressindicated in licans,likely sufficient to indi- fordable CareAct. Mr.Biden Bill Cassidy, a physician from recent days that they intended cate to the president that if he also rolled out aCovid-19 task find collectivepurpose to con- 100 days of his tenure. Louisiana. Mr.Cassidy has de- to passthe bill over Mr. chooses to veto the bill, he will forceled by transition co- trol the pandemic,tosave The number of people hos- clined to sayhow he will vote Trump’sobjections,the House be overridden.” chairman Jeffrey Zients, avet- lives and to heal as a nation.” pitalized in the U.S. has hit an- on Mr. Becerra’s nomination. Freedom Caucus,agroup of the Asked forcomment afterthe eran of the Obama administra- Mr. Biden outlined a three- other high, and newly re- Mr.Biden wasscheduled on chamber’s most conservative House vote,aWhiteHouse offi- tion, and said Dr.Vivek step plan forthe first100 days ported coronavirus infections Tuesdaytomeet with civil- lawmakers, said Tuesdaythey cial referred to an administra- Murthywill reprise his of his administration: urging surpassed aseven-day moving rightsorganizations,including would oppose the NDAA and tion statement released earlier Obama-erarole as U.S. surgeon everyone to wear masks in averageofmorethan 200,000 the NAACPand the National support Mr.Trump’sveto. in the dayonthe NDAA,saying general and become the public public and requiring them on for the first time. Urban League, which have “This is real simple,weneed it “contradictseffortsbythis faceofthe virus response. federal property and interstate Nearly 284,000 people have pressed him to createadiverse to go back and rework this administration to put America “Covid-19 is amasscasu- transportation; delivering 100 died. cabinet. Congressional Latinos bill,” said Rep.Jim Jordan (R., firstinour national security alty,” Mr.Biden said in Wil- million vaccine shots; and get- Mr.Biden’schoices forsenior have also pressed fordiversity. Ohio), amember of the group. and foreign policyactions.” mington, Del., wherehewas ting children back in school. health-policypositions included Mr.Biden has said his team Freedom Caucus members Thebill becomes lawifthe flanked by Vice President-elect “We’ll still have much to do people with connections to the will be the most diverse in also cited aprovision that limits presidentsigns it or without Kamala Harris and some of his in the year ahead,” Mr. Biden Obama administration who he U.S. historyonceithas been howmuch money canbeused hissignatureafter 10 days.If topadvisers.“As acountry, said.“And sadly,much diffi- has said will focus on both con- fully assembled. His transition on emergencymilitaryconstruc- he vetoes it, funding authoriza- we’vebeen living with this culty as well. We’ll be far, far fronting the pandemic and driv- team has promised abusy pe- tion—an authority Mr.Trump tions forsome defense pro- pandemic forsolong we’reat from done.” But he said he ing regulatorychanges aimed at riod beforethe Christmas holi- used to repurpose funds forthe grams expireonJan. 1, includ- risk at becoming numb to its was“absolutely convinced” expanding health coverage. days,with formal announce- border wall. TheWhiteHouse’s ing $8.5 billion formilitary toll on all of us.” that his incoming administra- Thenew team is expected mentsexpected on attorney formal veto threat issued Tues- construction and $70million But, he said, “out of our tion could changethe course to work closely with Anthony general and picks forseveral dayalso pointed to this measure. forlocal schools educating mili- collectivepain, we’regoing to of the disease during the first Fauci,director of the National domestic policy agencies. In July,aSenateversion of tary children. Defense Chief Pick Rekindles Debate Over Civilian Post

BY MICHAEL R. GORDON cratsinthe awkwardposition “but I’ll need to understand as the Pentagon’s chief policy U.S. armed forces areunder he would balancePresident AND GORDON LUBOLD of defending amovethey criti- what he and the Biden admin- official during the Obama ad- firm civilian control. Trump’sinexperienceonna- cized four years ago. istration plan to do to address ministration and was consid- U.S. law, which has been tional security issues. President-elect Joe Biden’s Manylawmakershave these concerns beforeIcan ered the likely nominee forthe amended over the years, Mr.Biden’spick of Gen. pick of retired ArmyGen. praised Gen. Austin’s military vote for his waiver.” job. Ms. Flournoy called Gen. states that aperson maynot Austin has been seen by some Lloyd Austin as his defense record.However, his selection Mr.Biden formally named Austin a“colleague and be appointed as secretaryof leading Democratsasastep secretary has reneweddebate surprised some Republicans Gen. Austin as his choicefor defense within seven yearsaf- that would transform an occa- about civil-military relations, and Democratswho ques- the job Tuesdayand praised terleaving activeduty without sional departurefromthe putting congressional Demo- tioned whyMr. Biden would him as a “true and tested sol- Gen. Austin, awaiver.Officerswho have re- norms of civilian-militaryrela- pick aretired commander with dier and leader.” Thepresi- who has long tired more recently than that tions into the new normal. long experienceinthe Middle dent-elect defended his choice, experience in may be appointed to the post Mr.Biden “isputting Demo- East instead of a qualified ci- as criticism began building the Mideast, if both houses of Congressap- cratic membersofCongressin Order by vilian. following reportsMondayof retired from proveawaiver,but therehave averydifficult situation be- 12/22 for Rep.Elissa Slotkin,aMichi- Gen. Austin’simpending selec- the military in only been two such instances cause manypreviously said Christmas! ganDemocrat and former Pen- tion. 2016. sincethe Pentagon wasestab- they would not support a tagonofficial, said Tuesday “I respect and believeinthe lished. waiver,” said Rosa Brooks,a sherespected Gen. Austin, importanceofcivilian control George Marshall, aretired former Pentagon official. who retired from the military of our military and in the im- friend” and pledged her sup- five-star general, wasgranted “They either are saying no to in 2016. However, she added, portanceofastrong civil-mili- port. awaiver to serveassecretary Biden—who they want to sup- “Choosing another recently re- tary working relationship at Fordecades,ithas been a of defense at the start of the port—and the first Black sec- tired general to serveinarole DoD—as does Austin,” Mr.Bi- bedrock principle of civil-mili- Korean War. Jim Mattis, a re- retary of defense—who they that is designed for a civilian den wrote in The Atlantic. tary relations that the defense tiredMarine four-star general, also want to support. Or they

Your Children’sNames hand-craftedin just feels off.” Gen. Austin’snomination secretaryshould be somebody became secretaryofdefense become hypocrites by seeming sterling silver with brilliant Swarovski crystals set in solid gold -$390 to $450 “Gen. Austin has had an in- received an endorsement from who hasn’t spent acareer in with the support of many to reversetheir stanceon JOHN-CHRISTIAN.COM 888.646.6466 credible career,” she added, Michèle Flournoy, who served the militarytoensurethat the Democratswho expressed that waivers,” Ms. Brooks added. P2JW344000-0-A00500-17FFFF5178F

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | A5

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A6 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. U.S. NEWS Fauci Calls Vaccines Big Step in Virus Fight

Nation’s top expert Fauci added that he will con- Thedeath toll could sur- (2) veythe following to President- pass 430,000 by March 1, ac- says hurdles remain; elect JoeBiden’s administra- cording to the Institutefor JOURNAL he and Birx call for tion: “Wehaveall gottobeon Health Metrics and Evaluation. the same pagetelling the TheTrump administration is REET more state measures ST

American public we have to aiming to have enough corona- LL

pull together.That, to me,is virus vaccine for everyone in WA

BY STEPHANIE ARMOUR the most important thing.” theU.S.who wantstotakeit THE Dr.Fauci and Deborah Birx, by the second quarter of 2021. Anthony Fauci, left, and Deborah Birx, the White House coronavirus-response coordinator, were AnthonyFauci said avac- the WhiteHouse coronavirus- “Wehavetogohead-to-head remotely interviewed during The Wall Street Journal’s CEO Council Summit on Tuesday. cine could diminish coronavi- response coordinator,who with the misunderstandings rus as successfully as the polio also spoke Tuesdayatthe people have with this virus,” been hit hard by Covid-19. Ithink we candowhat we did ersbacking a$908 billion vaccine did forpolio,enabling summit, both reiterated their said Dr.Birx,who added that Younger people and people with polio,” Dr. Fauci said. bipartisan proposal. workerstoreturn to offices calls for people to adopt pub- she doesn’t knowwhat role she with no underlying conditions Meanwhile,with the U.S. “There has to be resources and restaurantsinthe second lic-health measures to combat will have in the president- will likely be able to getthe facing worsening spread, the to help enterprises likerestau- half of 2021. the spread of the virus. elect’sadministration but will vaccine by the end of March Trump administration is rantsand barstoparticipate But hurdles exist, the U.S. TheU.S.Centersfor Disease remain in federal government. or beginningofApril if the pressing governorstostepup in the public-health endeavor. government’stop infectious- Control and Prevention re- Dr.Fauci, director of the vaccination program runs effi- rapid testing systems to help We seem to sometimes forget disease expert said. They in- cently said the virus infected National InstituteofAllergy ciently and the majority of curb transmission. that,” Dr. Fauci said. clude people’shesitancytoget people in theU.S.inmid-De- and Infectious Diseases,was people take the vaccine,Dr. “Wesent out, Ithink,90 Addressing the effect of vaccinated, asuccessfuland cember 2019,afew weeks be- upbeat about the promise of a Fauci said. With about 75% of million antigen tests, really Covid-19 on the Black commu- swiftvaccination program, fore it wasofficially identified vaccine. the public inoculated, there asking state mayors and gov- nity,Dr. Birx said the virus and getting through arise in in China and about amonth Health-careworkersand should be low levels of circu- ernors to use those tests in a preysonpeople with certain Covid-19 cases that is nowbe- earlier than public-health au- people in nursing homes and lating virus and areturn to newway,” Dr.Birx said. She comorbidities such as obesity ingfueled in part by misinfor- thoritiesfound the firstU.S. extended-carefacilities will workplaces. said newscenarios fortesting and diabetes and people who mation about the virus,Dr. case.Ithas sincecaused al- get the vaccine first, he said, Thestringencyofpublic- would let people come and get hadtowork when othersstay Fauci said at The Wall Street most 15 million diagnosed followedbyvarious prioritiza- health measures will gradually their resultsimmediately. at home,and has laid barein- Journal’sCEO Council Summit cases and more than 283,000 tion levels that arelikely to in- diminish, he said, and chief ex- “These testscould be enor- equities in health care. on Tuesday. deaths.Cases have surged clude seniors, people with un- ecutives should use surveil- mously helpful,” she said. Theimpact of Thanksgiving “Thereare asubstantial since the fall, with more than derlying health conditions and lancetesting onceworkersre- Restaurantsand barsthat will start to be seen next week proportion of people who do 2,000daily deaths being re- workerswith critical jobs, turn to quickly identifyany closed need resources to help and the week after. think this is not real, that it’s ported. It is tooearly to know such as teachers. potential outbreaks. offset theirlosses,Dr. Fauci “Ifwedon’t changehow we fake news, or it’s a hoax. This whether the Thanksgiving hol- Dr.Birx also said vaccines “I don’tthink we’regoing said. Congresshas been work- gather, we’ll continue to have is extraordinary. I’venever idaywill add an additional need to be prioritized forcom- to eradicate[Covid-19] the ing to craft a coronavirus-re- this surge acrossthe country,” seen this before,” he said. Dr. spurt of cases. munities of color that have way we did with smallpox, but lief bill,with Democratic lead- said Dr. Birx. Nation’s Seven-Day DeathAverage NearsHighMark

BY ALEJANDRO LAZO The drawback is that these treatmentsand steps to pro- Coronavirus deaths in the tect older and morevulnerable U.S. arenearing highs set populationsare being canceled early in the pandemic,when out by the widespread nature less was known about the vi- of the virus in the U.S.,Dr. rusand testing wasmuch Russo said.Unlikeinthe more limited. spring, deaths are now piling Theseven-day averageof up in avariety of different daily U.S. deaths—which helps states across the country. smooth out irregularities in “We’reinanationwide datareporting—hit 2,237 on mess,” Dr. Russo said. Monday, according to aWall In Illinois,the seven-day Street Journal analysis of data averageofCovid-related compiled by Johns Hopkins deaths was175.6, according to University.That is near the re- the Journal analysis,asoffi- cord 2,241 averagedeaths set cials in the statesaid Monday on April24, when NewYork they were still keeping an eye andNew Jersey were bearing on anyrise in the state’sposi- the brunt of aspringtime surge. tivity rate following the Deaths arealagging indica- Thanksgiving holiday. tor, with fatalities coming In Michigan, whereDemo- weeks or months after a new cratic Gov. Gretchen Whitmer case is reported. It is one of has extended newrestrictions three key statistics—along on businessand activity with infections and hospital- S through Dec.20, the seven-day

izations—that public-health PRES death averagehit 122.6. Penn-

expertsuse to understand the TED sylvania rose to an averageof

virus’s spread. CIA 140.6 deaths per day, and the Theclimbing daily death SO twomost populous states, AS

toll comes as an expected Y/ Texas and California, hit 184.3 surge of newcases linked to AT and 120.3 average deaths per BUK

the Thanksgiving holidays is F. day, respectively. beginning to affect some hos- T California has witnessed an BER

pital systems and as health of- RO exponential rise in newly re- ficials and stateleadersfear Testers helped each other with their protective gowns Tuesday at a mobile testing location for Covid-19 in Auburn, Maine. ported Covid-19 cases,prompt- more potential spread during ing Democratic Gov.Gavin the holiday season. followedupaweek later by “I’m quiteconcerned that and fatalities suggeststhe U.S. early days of the virus because Newsom to instituteregional “We’ve got Thanksgiving— NewYear’s,” said Thomas we’reinthe midst of this average daily death toll could younger populations nowmake stay-at-home ordersfor most which we really haven’t felt Russo, head of infectious dis- surge,and it’slikely to get top 3,000 by mid-December. up alargerproportion of con- of the state’sresidentsasthe thefull impact of yetbyany ease at Jacobs School of Medi- worse before it gets better.” Public-health expertsnote firmed cases,while treatments availability of hospital inten- means—we’vegot the reli- cine and Biomedical Sciences One metric that connects that the mortality rate forthe forthe disease caused by sive-careunitsfell below15% gious holidays,and then that’s at the University of Buffalo. newly reported Covid-19 cases virus is lowerthan during the Covid-19 have also improved. in vast swaths of the state.

Frequency of selected side showedthe vaccine waseffec- FDASays Hereare keyfindings of the Food and Drug Administration’s analysis of the Covid-19 vaccine devel- effects aftersecond injection tive acrossages, weightsand oped by Pfizer and German partner BioNTech, as well as findings from the manufacturers. Both re- races, although most of the sick ports were released Tuesday. Vaccine Placebo subjectswerewhiteand many Pfizer Shot were 55 yearsold and younger. THE VACCINE IS EFFECTIVE 94% effective who received the vaccine Fatigue Of the sick subjects, 162re-  The vaccine is 95% effective  People with underlying reported swelling of lymph ceived aplacebo and eight re- Is Effective at protecting againstsymptom- conditions: 95% effective nodes, compared with six on ceived the vaccine.The sick atic Covid-19. the placebo. Muscle subjects who were whiteto- SIDE EFFECTSARE COMMON pain taled 153,with 146receiving a  Afterthe firstdose, the vac- BUT MOSTLY MINOR ContinuedfromPageOne NEXTSTEPS placebo and the rest getting a cine showedtobemorethan  Eighty-four percent of trial Joint stressed the importancethat  Pfizer plans to monitor vaccine,resulting in about 95% 52% effective, protection that subjects reported reactions at pain they be effectiveinhigh-risk patients fortwo years to learn efficacywithin that subgroup. rose to 95% aweek after the the injection site. Aftergetting populationssuch as minority moreabout duration, sinceit Thevaccine wasfound to be second dose wasadministered. the vaccine, 63% of trial subjects Feverof groups and the elderly that have isn’tclear howlong protection 100.4° F+ 100% effectiveinBlack people, reported fatigue, 55% headaches, 0.5 been hit hardest by the pan- mightlast. with seven Black subjectsbe- EFFECTIVENESSVARIES 32% chills, 24% jointpain and 0% 30 60 demic. coming sick,all of whom were LITTLE BY AGE, ETHNICITY, 14% fever.  The FDAreport goes to an AnthonyFauci, the govern- Note:For ages 18–55 Source:FDA in the placebo group. RACE outside advisory panel ment’s topinfectious-disease  Bell’spalsy, which is temporary Six subjectsdied,with two  Whitepeople: 95% effective Thursday, which will expert, said Tuesdaythat peo- muscle paralysis in the face,was On Thursday, however, the receiving the vaccine and four recommend on whether the ple’shesitancytoget vacci-  Black people: 100% effective found in four patients who outside panel might scrutinize in the placebo group.None of vaccine can be distributed on nated could be abig hurdle. received the vaccine, and none on the demographic breakdown of the deaths were concluded to be  Allothers, including Ameri- an emergency basis. “Thereare asubstantial pro- the placebo.Three of the cases the trial, as health authorities related to the vaccine,according can Indian, Asians and Pacific portion of people who do think hadn’tbeen resolved by Pfizer’s  FDAauthorization of the have sought forCovid-19 vac- to Pfizer.The FDAsaid the Islanders: 89% effective this is not real, that it’sfake regulatory submission in vaccine could come within days cine trials to include diverse deaths “represent eventsthat news,orit’sahoax.This is ex-  People over55years old: November.Sixty-four subjects after Thursday’smeeting. populations.Morethan 80% of occur in the general population traordinary. I’venever seen this the approximately 38,000 trial of the agegroups wherethey before,” Dr.Fauci said at The subjectsfor whom Pfizer sub- occurred,atasimilar rate.” Wall Street Journal’sCEO denceamong health authorities scrutinyduring the pandemic. eral months.Typically,vaccines mitteddatawerewhite. Thevaccine uses an innova- Council Summit on Tuesday. and physicians preparing fora “Wedidn’t cut anycorners,” take yearstodevelop andtest Pfizer’s late-stagetrial began tivegene-based technology Anna Durbin, avaccine re- massvaccination campaign. he said. beforegetting agreen light by in July,enrolling some 44,000 known as messenger RNA that searcher at Johns Hopkins Uni- States, hospitals and other sites Theanalyses released Tues- governments. people at more than 100 sites has never been approved to versity,who is helping test a that will receiveshotsearly on dayoffer newinsight intohow TheFDA found moretesting around theworld. prevent anyinfectious diseases. Covid-19 vaccine being devel- arebuilding vaccination teams effectivethe two-dose shot will be needed to confirm that Theefficacywas determined TheFDA has sped up itsap- oped by AstraZenecaPLC,said as Pfizer nearspotential distri- might be,aswell as howsafeit the vaccine effectively prevents after170 subjectsbecame sick, proval processes by considering it would be important to see bution. could be should regulators death. And itsanalysis con- triggering areview by an out- Pfizer’s vaccine foremergency- more participation of Black Pfizer and BioNTech previ- clear it foruse in the U.S. cluded that the datawerelim- side panelthat found most of use authorization. These autho- people in futureCovid-19 vac- ously said the vaccine was Tuesday’sdataalso gavenew ited in showing whether it can those subjectshad received a rizations,inessence, involve cine studies. shown to be 95% effective at details on the two months of curb transmission of Covid-19 placeborather than thevac- balancingrisks and benefits. “There’salot of distrust in protecting against symptomatic safety dataonabout 19,000 vac- from individuals who arein- cine.Researcherslooked at But because vaccines,unlike the [Black] community around Covid-19. cinated study subjectsrequested fected despitevaccination. howwell the shotsworked most drugs, aregiven to research in general,” she said. Albert Bourla, Pfizer chief by the FDA. Theagencysaid trial Theagencysaid the vaccine seven days afterastudy volun- healthypeople,the FDAhas At the same time,Dr. Durbin executive, said during an indus- participantswho were given the wasfound to be effective teer gotasecond dose. still insisted on rigorous stan- said it wasencouraging that trygroup panel on Tuesday vaccine were morelikely to get acrossrace, ageand ethnicity, Thesick participantsin- dards—including convening the vaccine appeared to pro- that while the vaccine wasde- certain side effectsthan patients and that itsanalyses found no cluded 10 whose cases of Thursday’spublic meeting and vide some protection 10 days veloped quickly,itwent who received the placebo. safety concerns in subgroups Covid-19 were severe. Nine had making public the companies’ afterthe firstdose. through rigorous testing and Still, much remains unknown by race,age,ethnicity or people received the placebo and one andagency’sanalyses. Theinformation released followedstrict standards,even about the vaccine because it with comorbidities such as pre- thevaccine. —Rolfe Winkler Tuesdayislikely to build confi- moresothan normal given the has been studied only forsev- existing conditions. Datadisclosed Tuesday contributed to this article. P2JW344000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, December 9, 2020 | A7 U.S. NEWS AstraZeneca Trials Reaffirm Safety, Efficacy of Shot

BY JENNY STRASBURG was being administered forthe AND JOSEPH WALKER firsttime outside trials,inthe U.K. LONDON—Peer-reviewed It also coincided with apre- datafromlate-stagehuman tri- liminaryassessment by the U.S. als of aCovid-19 vaccine devel- Food and Drug Administration

oped by the University of Oxford on Tuesday showing the agency OL

and AstraZeneca PLC reaf- wassatisfied with thePfizer PO S firmed the shot’sstrong safety shot’seffectivenessand safety,

results and provided some addi- paving the way forapotential /PRES tional evidencethat halving the emergency-use authorization in

firstoftwo doses of the shot the U.S. in coming days. CHARITY N

boostsits effectiveness. TheFDA is also reviewing DA AstraZenecaand Oxford Moderna Inc.’svaccine,with a A syringe with a dose of the Pfizer/BioNTech Covid-19 vaccine was prepared to be administered Tuesday in south London. said the datagavethem confi- verdict expected shortly. dencetoask the U.K. and other Results from an ongoing countries foremergency-use U.S. study will likely be needed Caution Urged on Vaccine Passports authorization of the vaccine, beforeapotential approval in but they said regulatorswill the U.S.,said Menelas Panga- have to decide which dosing los,AstraZeneca’shead of bio- BY JASON DOUGLAS This debateoverthe pros has been downloaded 19 mil- cially those who handle blood, regimen to approve. Last pharmaceutical research, citing and cons of so-called immu- lion times. areinsome countries required month, AstraZenecaand Ox- conversations with regulators As theWest’sfirst autho- nity passportsasatool to But he said the U.K. govern- to be vaccinated against hepa- ford said trial datashowedthe at the FDA. rized Covid-19 shots were ad- combat the pandemic has been ment has no plans to formally titisBtoreducethe risk of in- vaccine wasbetween 62%and TheU.K.government al- ministered in the U.K., an old rekindled by the U.K.’s deci- issue immunity passportsto fection. 90% effective, but that the ready has asked itsmedicines ethical question in public sion last week,the firstbya vaccinated individuals,orto Alan Joyce, chief executive higher resultswereobserved regulator to reviewAstraZen- health is gaining newrele- Western country, to authorize makegetting the shot manda- of Australian airline Qantas in asmall subset of the wider eca’sshot foremergency-use vance: Is thereacase forissu- the rollout of acoronavirus tory. His message was reiter- Airways Ltd., has said he an- trial. authorization. Thepublished ing proof of immunity to peo- vaccine.Elderly citizens and ated more forcefully by more ticipates his airline will re- This subset received ahalf- resultspush the vaccine closer ple who have been inoculated? health-careworkers started senior figures in government quirepassengerstoshow sized initial dose followedbya to apotential rollout in Brit- Theidea is that individuals receiving ashot developed by and Prime Minister Boris proofofvaccination when full second dose.The group ain, while late-stagetrials of could stop wearing masks and Pfizer Inc. and Germany’s Bi- Johnson’s official spokesman. making international flights. wasalso all under 55 yearsold, theshot continue in the U.S. following social-distancing oNTech SE on Tuesday. “People have to be allowed TheAustralian government raising questions about “Wehope to see regulatory rules if they canprove they TheFood and Drug Admin- to decide forthemselves hassaid it mayrequirevisi- whether the lowerdosing approval in the coming weeks,” have been inoculated and so istration and the European tors and returning travelersto would also be effectiveinolder SarahGilbert, an Oxfordvacci- aren’t arisk to others. Restau- Medicines Agencyare evaluat- showproof of vaccination as a subjects. nologyprofessor and alead rants, theatersand offices ing the vaccine as well as sev- Arequirement to condition of entry, adding that AstraZenecaand Oxfordon scientistonthe vaccine,said could reopen with confidence eral othersand, if cleared, it expectssome other govern- Tuesdaydeclined to say on acall with reporters. by admitting those certified as vaccinations in the U.S. and prove immunity ments could follow suit. whether they would ask regu- Theresearcherscontinue to vaccinated, and international the European Union could be- would raise practical An essayinthe Lancet, a latorstoapprovethe lower- collect datafromthe studies travel could resume.Asthe gin latethis year or early in medical journal, in October dose regimen, leaving unclear and expect to have morean- vaccinated population in- 2021, health officials in both and ethical issues. made the case in favor of im- whether an initial vaccine ap- swers in the futureabout dif- creases,normal lifecould jurisdictions say. munity passports, suggesting proval and rollout would be ferences in the effectivenessof gradually resume. Nadhim Zahawi, the British governmentsconsider special limited to the less-effective the two regimens and between Scientistsand public-health government’s vaccines minis- wristbands,apps or certifi- regimen. The62% effectiveness agegroups,said Prof.Gilbert. experts caution, though, that ter, said two days beforethe whether they want to be vacci- cates so individuals can show shown in the majority of the AstraZenecahas described it is toosoon to knowwhether regulator’s authorization of nated or otherwise,” Mr.Za- they have been immunized. trial participantsisstill better the half-dose results as the the vaccines being raced into thePfizervaccine that bars, hawi said in abroadcast inter- “The only groundsfor the than what health expertsdeem product of aluckyerror in cal- production will confer true restaurantsand entertainment view. use of coercion, of the limita- necessarytoprotect people ibrating dosageinthe early and lasting immunity to infec- venues might eventually start Theidea of an immunity tion of people’sfreedom by against severeCovid-19. stages of humantrials,but tion. Nor is it clear if they will asking customersifthey have passport forcertain activities the state, is when they repre- Thepublication of the data that it is still trying to under- be as effectiveatpreventing been vaccinated as acondition isn’tnew,especially forinter- sent arisk of harm to other in the Lancet—the firstfull stand the surprising result.An transmission as they were at of service. national travel. Would-be trav- people,” said Julian Savulescu, peer-reviewedresultsfromany Oxfordscientist said Tuesday reducing the severity of illness He said the government elerstomorethan adozen director of the University of of the late-stagehuman trials that the half-dose wasun- in trials. Such proposals raise was looking at possible tech- countries including Ghana and Oxford’sUehiroCenter for disclosed so far by the West’s planned but that the study de- ethicaland political consider- nological fixestomakeiteasy Nigeria, forexample,are re- Practical Ethics and one of the three leading vaccine makers— sign wasamended to include ations, too, about whether it is forpeople to declaretheir vac- quired to showproof of vacci- essay’sauthors. “When some- comes on the daythat avac- the half-dose group in itsanal- wise or just to divide citizens cination status,perhaps by nation against yellowfever be- body is not at risk of harming cine developed by Pfizer Inc. ysis.Both said the half-dose into new categories based on adding afeaturetoacoronavi- fore they areissued avisa. other people,their freedom andGermany’s BioNTech SE regimen will be tested further. their vaccination status. ruscontact-tracing app that Health-careworkers, espe- shouldn’t be restricted.”

ogycalled mRNA,which carries that have to be brought from U.K. Starts genetic instructions to cells, the freezertoour specialist and must be stored at minus 70 fridge, that needs to be moni- degrees Celsius,orminus 94 toredbyapharmacist. Vials Inoculating degrees Fahrenheit, to maintain need to be dated, tempera- their integrity.Oncethawed, tures measured,” said Lynne the vaccine canbeused within Cronin, a 60-year-old nurse. Populace five days if it is kept at 2to8 TheNHS has also appealed degrees Celsius,Pfizersaid. At forretired doctorsand nurses room temperature, that window to help out and forthousands ContinuedfromPageOne shrinks to two hours, according of volunteerstotrain as vacci- vited to receiveone of the ini- to the drugmaker’s data. nators and support staff. tial 800,000 doses of the shot TheNHS has said it plans Kate Bingham, head of the that arrived from Belgium to start administering shotsin U.K. government’svaccine task were people over 80 who had nursing homes before Christ- force, said delivering the vac- existing appointmentsfor mas once it has overcome lo- cine wasa“monumental chal- other procedures—and whose gistical hurdles.Local doctors lenge.” But the U.K. is probably age puts them at greater risk said they haven’t received in- the most well-prepared coun- from the coronavirus. structions on howtoget doses tryinthe world to actually re- TheU.K.has ordered 40 to nursing-home sites safely. ceivethese vaccines and de- million doses of the vaccine, Still, despite the obstacles, ploythem, she told the British enough to inoculate20million starting next week the British Broadcasting Corp.onTuesday. people with two doses each. government wants to distrib- Some of the U.K.’s experts But the complexdeliverypro- utethe doses via anetwork of in vaccinologywarn about the cess of the newshot—which need forcaution, spaceand requires aprecisely timed de- trained specialists to prepare ployment through an elabo- The complex the vaccine. “That space cer- rate,temperature-controlled tainly isn’t in anursing home,” supply chain—has restricted delivery process has said Beate Kampmann, direc- the firststage of the rollout to restricted the first torofthe London School of 50 hospital hubs in England Hygiene and Tropical Medi- andasmall number of other stage of the rollout. cine’s vaccine center. sites in the rest of the U.K. Patientsneed two doses of Thegovernment estimates it thevaccine,sothe firstreceiv- will receiveseven million ing it on Tuesdaywill be called shotsbythe end of the year, local physicians.When more back in three weeks,just as oth- depending on the production doses become available,it ersare coming in to gettheir process, down from 10 million plans to open mass-vaccina- firstshot. “This all needs to be it forecast in November. tion centersinconferenceven- recorded very,verycarefully,” Morethan 60,000 people ues and gymnasiums.The gov- Dr.Kampmann said, so anyad- ABright Future have died from the virus in the ernment changed the lawto verseeffectscan be monitored. U.K.,with at least 17,000 of allowstudent doctors, physio- Some doctorssaid they Norman Rockwell them amongnursing-home therapistsand dental workers don’t have enough patients residentsinEngland and to administer the vaccine. aged over 80 on their books to Famed artist.Inspiring subject.Classic Wales,according to the Office Some of those administer- use all the doses in time, and for National Statistics. ing it at aCovid-19 testing- othersworryabout delivering Americana. This original oilbythe Plans to getthe vaccine im- turned-vaccine center in Car- so manyvaccines and handling incomparable Norman Rockwell is mediately to the most vulnera- diff on Tuesdaysaid it was the accompanying paperwork quintessential Rockwell in both itsstory ble in nursing homes arecom- trickier to use than the flu on topoftheir usual case load. andits execution. Enjoyedbymillionsof plicated by the need to keep it vaccine because it doesn’t Linda Roach, 61, arrived Americansinthe June 18,1955, editionofthe in sub-Arctic temperatures. come in ready-to-goshots. earlyfor her vaccination on Saturday Evening Post,the work captures the Theshotsuse anew technol- “This one comes in big vials Tuesdaymorning at the center hopefulexpressions of thesenew graduates in Cardiff.She works in recep- beginningontheir bright future.Signed tion at the emergencyroom of 3 1 (bottom center). Canvas:18/4”h x22/4”w; the University Hospital of 3 1 Frame: 23 /4”h x27/4”w. #31-2362 Wales and said she had “been really looking forward to it.” “I just wanted to getthe vaccine and knowthat Iwill be safer in my work environ- JOURNAL ment,” she said.

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A8 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. WORLD NEWS Boris Johnson FacesCrunch Brexit Talks

British prime minister EU officials on Tuesday playeddownthe prospect of will try to resolve an immediatebreakthrough in differences with EU as the talks between Mr.Johnson and Mrs. von der Leyen, say- deadline approaches ing any progress would likely triggerfurther talks among se- Brexit negotiations are set nior negotiators. to enter a last decisive phase Theofficials said that there as British Prime Minister Boris wasnoimmediatedeadline for Johnson prepares to travel to negotiations to end and that Brussels on Wednesdayina they areprepared to resume bid to secureadeal over the talks afterJan. 1ifthereisno European Union’srelations deal. However, they said their with the U.K. negotiating stancewouldn’t change. Mr.Johnson’sspokes- By Laurence Norman man on Tuesdayruled out in Brussels talks after Dec. 31. GES and Jason Douglas Anydeal must be signed off IMA in London by the U.K. and European par-

GETTY liaments, leaving little time for

Failuretoreach adeal SE/ an accord to be brushed up, would mean from the start of translated into EU languages, next year tariffs would be ap- ratified and signed by lawmak-

pliedfor the firsttime in al- ANCE-PRES ers by Dec. 31. most ahalf-centuryonsome FR TheEUand U.K. team have trade between the U.K. and the filled most of the text of what GENCE

trade bloc to which it sends /A would be an accord,but no 43% of itsexports. It would AS significant progress has been

also end manytypes of cooper- -OLIV made in recent days, U.K. and

ation between the U.K. and the LEAL EU officials said. EU over crime,security and Themajor sticking points NIEL

travel, and corrode relations DA arethe principles that would between close U.S. allies in Eu- British Prime Minister Johnson will hold talks Wednesday with European Commission President Ursula von der Leyen in Brussels. govern futurestate-aid deci- rope as anew administration sions on both sides of the comes to powerinWashington. the coming days.The two sides “Our friends have just gotto Theconcession, which some would be enforced. Channel, including an EU de- Even with adeal, obstacles said Tuesdaythat Mr.Johnson understand that the U.K. has EU officials said wasapositive Theagreement will help de- mand that theU.K.set up an to trade will increase, adding would hold talks with the EU left the European Union in or- move, came after the EU and cide the central issue that was independentagencytoblock costsand delays forimporters leader over dinner Wednesday. der to be able to exercise dem- U.K. had also announced they thrownupbyBritain’s2016 unfair statesubsidies.The U.K. andexportersonboth sides of On Thursdayand Friday, EU ocratic control over the way we had reached a deal on how to vote to leave the bloc: How is demanding the EU also agree the border. The climax of the leaders will meet in Brussels do things,” Mr.Johnson told implement last year’s exit much can Britain regain con- to limitsonsubsidies coming talks comes as the U.K. and EU forasummit and getastate of the British Broadcasting Corp. agreement, which included trol of itsrules and standards from theEUbudget. Britain is arebattling thepandemic and playonBrexit. Thereare no However, in asignal the two steps to avoid a physical bor- if it still wantssome special resisting EU demands to agree the economic cost of govern- plans fordirect discussions sides were still prepared to der on the island of Ireland. access to EU markets. on alegal framework locking in ment efforts to contain it. between Mr.Johnson and EU compromise,the U.K. govern- Negotiatorsare trying to Britain formally leftthe bloc apledgethat Britain won’t set Afteratelephone conversa- leadersatthe summit, officials ment said Tuesdayitwon’t im- close gaps on issues that have on Jan. 31 but it is following itslabor,environmental and so- tion with European Commission say, but if enough progress plement prospectivelegislation bedeviled the talks from the EU rules and gaining full ac- cial standards belowits current President Ursula vonder Leyen were made,leaderscould in that would override partsof start—howtosecurefair com- cess to the bloc’ssingle market EU-mandated levels and that on Monday, Mr.Johnson said theorybeavailable to discuss last year’s divorce agreement petition, EU access to British until Dec.31, when the transi- common minimal standards he would travel to Brussels in and potentially sign off adeal. related to Northern Ireland. fishing waters and howadeal tion period officially ends. canbeupgraded over time. WORLDWATCH China Digs In Despite New U.S. Sanctions NEW ZEALAND BY DAN STRUMPF organizers, the latest in aseries condemn the measures.Amin- disqualified four colleagues data. One metric of Hong Warnings Missed in of arrestsofprominent figures istryspokeswoman told areg- considered disloyaltoChina. Kong’seconomy, the volume of Mosque Shootings TheTrump administration’s accused of crimes over their ular briefing that it firmly op- Thesanctions bar the 14 container-ship traffic flowing imposition of sanctions on 14 roles in last year’s antigovern- posed U.S. interferenceand Chinese officials from travel- through the city,rose in Sep- Months before Brenton Tar- senior Chinese leadersisthe ment uprising.Pro-democracy said it wouldn’t affect China’s ingtothe U.S. and prohibits tember and October,suggesting rant murdered 51 worshipers at heaviest blowaimed at Beijing groups sayeffortstocrush op- Hong Kong policies. U.S. persons from dealings that China’srecoveryfromits two mosques in Christchurch, he in response to itscrackdown position in the city areincreas- Recentweeks have seen ac- with them. virus-related slump is bolster- sought help from hospital staff on Hong Kong. If earlier mea- ing,despitethe rising interna- tivist Joshua Wong jailed for Themeasures risk retalia- ing part of the city’s economy. for wounds to his right eye and sures areaguide,the effect tional condemnation of China. tion, though they fell short of Manybanks are bracing for thigh from a firearm incident. will be mostly symbolic. “The Chinese will view the crossing ared line set by se- aforthcoming blacklist from A jammed cartridge had ex- The U.S. announced sanc- designations of 14 NPCoffi- Pro­democracy nior Chinese diplomatsintalks the TreasuryDepartment of fi- ploded while Tarrant was clean- tions on Mondayagainst more cials as an irritant, but not with their U.S. counterparts, nancial institutions found to ing a rifle in July 2018 at his than half of China’s 25-mem- consequential,” said Bonnie groupssay efforts to people familiar with the mat- have relationships with sanc- rented home. Medical staff who bertop legislativebody,the Glaser,director of the China crushopposition in tersaid. Thediplomatshave tioned individuals. That list, treated the now 30-year-old National People’sCongress PowerProject at the Center made it clear that should the required under abipartisan Australian considered the acci- Standing Committee, that offi- forStrategic and International Hong Kong arerising. U.S. target the Politburo’selite sanctions lawsigned by Presi- dent to be unusual, but didn’t cials in Washingtonsaid was Studies in Washington. “Bei- Standing Committee, it would dent Trump in July, is due to report it to police because Tar- central to China’seffortsto jing has already made the de- be seen as aserious escalation be released in mid-December. rant wasn’t behaving aggres- rein in freedoms in Hong cision to impose its rule over of tensions, the people said. President-elect JoeBiden sively and didn’t appear suicidal. Kong.The body has imposed a Hong Kong.Such symbolic morethan 13 months forpro- Economistssay the Covid-19 has steered clear of articulat- It was one of several missed national security lawand steps areunlikely to affect its test-related offenses,outspo- pandemic,rather than U.S. ac- ing aclear policyonHong opportunities to intercept Tar- barred opposition legislators actions.” ken mediamogul JimmyLai tions,isthe main culprit for Kong,though few observers rant before he gunned down the in recent months. China expressed anger over denied bail on fraudcharges, Hong Kong’seconomybeing expect the forthcoming admin- worshipers in 2019 that were Hoursafter the U.S. move, the sanctions,with itsforeign and the massresignation of op- forecast to shrink by arecord istration to spend the political outlined in an official inquiry. Hong Kong policearrested ministryonTuesdaysummon- position membersofthe Legis- amount this year.The paceof capital necessarytowalk back —Stephen Wright eight activists, including oppo- ing Robert W. Forden,the U.S. lativeCouncil, who quit after decline slowedinthe third the Trump administration’s sition legislatorsand protest chargé d’affaires in Beijing,to the NPC’sstanding committee quarter,according to official Hong Kong sanctions. JAPAN Government Limits Short-Term Stimulus Mount EverestAdds aFew Feet to Its Peak Performance Japan is forswearing nation- wide cash handouts or other big BY ERIC BELLMAN othersinrecent years. Measur- spending thatwould giveits AND KRISHNA POKHAREL ing mountains isn’t an exact economyalift, taking amore scienceasithas to take into long-term approach than the U.S. KATHMANDU, Nepal— account everything from theo- Japanese Prime Minister Mount Everest just gotalittle retical sea levels to howgravity Yoshihide Suga, releasing on taller. would affect that sea level near Tuesday his first major economic China and Nepal, the two the mountains being measured. plan since taking office in Sep- countries Everest straddles, Everest does grow,very tember, came down on the side said the world’stallest moun- slowly—lessthan afifth of an of limiting short-term stimulus. tain is nowofficially the inch a year—some geologists His plan didn’t include: a re- equivalent of 29,032 feet. say, from the movement of peat of a nearly $1,000 cash Thenew height of 8,848.86 tectonic plates belowit. But handout for every resident of meters(29,031.69 feet) was that growth can be erased or Japan that took place in late determined following what ge- reversed by earthquakes or (LEFT)

spring. The new plan includes ologistssaid wasthe most other effects. S

nearly $500 in cash for house- thorough survey of the sum- People have been measur- PRES holds headed by a single parent, mit ever.Moreimportant, it TED with extra for those with more wasthe firsttime asingle OCIA

than one child. height wascalculated and cer- SS —Megumi Fujikawa tified by both Nepal and /A China. Previously, they had ERING

ETHIOPIA different official heights. TS

China said it was 29,017 feet. SHI Soldiers Fire On, Nepal said it wasalittle taller, TA

Detain U.N. Staffers at 29,028 feet. LICE; “The respect and pride of PO Ethiopia’s security forces shot all Nepalis has risen along at and detained United Nations with this increase in the TIONAL staffers as they tried to reach height” of Mount Everest, NA CH part of the embattled Tigray re- Padma Kumari Aryal, Nepal’s DUT gion, a senior official said, and minister forLand Manage- A Chinese surveyor setting up equipment on the summit of Mount Everest in May. he blamed the U.N. staffers for ment, Cooperatives and Pov- trying to reach areas where erty Alleviation, said at an ficial height. where the mountain is called closer to China in recent years “they were not supposed to go.” eventinKathmandutocele- Thestory of Sagarmatha, did the same go- and has massiveinfrastructure The shooting occurred amid brate the announcement. whythe two coun- ing south to itsborder with projectsplanned under Bei- soaring frustration among hu- Nepali scientists wouldn’t tries couldn’t India. Both sides used the lat- jing’sBelt and Road initiative, manitarian officials as desper- speculateonthe reason for agree on the est technologyalong the more including arailroad through ately needed aid is still not the higher measurement this height and resolve than 2,000-mile journey. theHimalayasand atunnel freely reaching the Tigray region time,saying it mayhavemore the world’shighest The teams from China and underthem connecting the more than a week after the U.N. to do with improvementsin border disputeis Nepal used everything from two countries. and Ethiopia’s government technology and calculations. ing and remeasuring the part geopolitics and part ge- old-fashioned trigonometry “China-Nepal friendship signed a deal for access. “In this latest measurement, world’shighest peak formore odesy.Itisamatterofpride andsurveying equipment,to will rise acrossthe Himalayas The senior government offi- we used the best technologies than 170 years, using the lat- forboth that they have done it satellitepositioning and grav- and reach newheights,” Wu cial, Redwan Hussein, said the available nowatthis time,and est tech to trytoadd precision on their own. ity meters. Wenzhong,head of China’s staffers have been released. arrived at this slightly higher on each attempt. Formany From the YellowSea to the Nepal had planned to do surveying andmapping de- A U.N. spokesman said the number,” said Damodar Dhakal, years, European estimates, peak of Chomolungma, China’s this all on itsown,but figured partment, said through avideo four staffers had been trying to director and spokesman for which were determined from Tibetanname forEverest, Chi- it wasbettertowork with link to Kathmandu. “Aneven assess roads, a key step before Nepal’sSurvey Department. hundreds of miles away be- nese teams measured the dis- China so therewould be asin- brighter future lies ahead for larger aid convoys can go in. Geologistssaid the new cause they weren’t allowed tancefromsea level and grav- gle number. scientific cooperation between —Associated Press height wasinline with most near it, set the mountain’sof- ity,while teams in Nepal, Nepal has been growing China and Nepal.” P2JW344000-0-A00900-1------XA

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | A9 WORLD NEWS Emirati MexicoCartels SetUpShop in Europe Buys Into Dutch raids uncover Floating Lab 2½ tons of Mexican meth sent meth labs utilizing in shipping containers, said Israeli Dutch policefound three cooksfromMexicohandling meth-yielding ScottB.Rowan, the DEA’s Euro- chemicals from China; chemicals when theyraidedthis ship in May2019. pean field intelligencemanager. ‘likeglobal corporations’ Length:gth 279 ft. Themeth had been smuggled inside concreteblocks,inboxes Soccer CarCa go area BY VALENTINA POP Built: 1961 policefound behind afalse wall of aRotterdam warehouse.A Team MOERDIJK,Netherlands— separateraid in Utrecht, 40 When policeraided abarge Height: miles east, uncovered 60 pallets An Emirati investor acquired moored herelast year,they 8.6 ft. of shatteredconcretethat had a50% stakeinapopular Israeli found morethan just asophis- Width: hidden the shipment. Policealso 31 ft. soccerclub that is known fora ticated crystal-meth lab that Shipping container Storage room Meth lab found 4,623gallons of chemi- group of racist, anti-Arab fans, started sinking as they in- cals used formanufacturing one of the firsthigh-profile spected it. synthetic drugs. deals since Israel and the The setup—Mexican cooks Aday afterthe Utrecht raid, United Arab Emirates normal- using Dutch equipment to pro- fire swept the warehouse.Police ized relations in September. cess chemicals from China— suspect an attempt to destroy Jerrycans,barrels 2bags of 2freezersWorking tables Centrifuges 3meth cooks 156pounds offered awindowintothe new and buckets filled tartaric acid of meth in evidence. By Dov Lieber global drug economy. A num- with chemicals solid form Container ships to Rotter- in Tel Aviv and ber of recent Dutch narcotics dam aren’t cartels’ only smug- Rory Jones in Dubai raids have snaggedMexican gling method. On Sept. 7, po- 1bag of Scale Icebuckets Pans Liquid that nationals,including ones caustic soda can be turned liceatMexicoCity airport Sheikh Hamad bin Khalifa al linked to the violent Jalisco intometh intercepted 25 gallons of liquid Nahyan, who describes himself NewGeneration Cartel, ac- meth bound forHolland, hid- on his websiteasamember of cording to the U.S. Drug En- 7jerrycans Plastic den inside lava lamps.The liq- the Abu Dhabi royal family, is forcement Administration. with chemicals containers uid, known as base oil, is meth investing at least $90 million Mexican cartels,which Sources: Dutch court documents; Binnenvaart.eu Roque Ruiz/THE WALL STREET JOURNAL in itspurest form, later diluted over thenextdecade forthe dominatedrugtrafficking in and processed to yield crystals. stake in Beitar Jerusalem, ac- North America, aredrawn to glersinthe 1990s,bringing Themain chemical in cording to the two sides in the the Netherlands because it is a cocaine through Rotterdam, meth—benzyl methyl ketone, deal. “Wewant to set an ex- global trade nexus with sea Europe’slargest port. Cocaine or BMK—canalso be used to ample to both nations that and rail links to Asia that has remains Europe’stop illicit manufactureamphetamine, Jews and Muslims canwork long been Europe’stop manu- stimulant,but Dutch police which makes it easy forDutch together,” Sheikh Hamad said facturer of synthetic drugs. sayoverthe past two years chemiststodeliver amarket’s in anewsconferencewith the Piggybacking legitimate surging quantities of Mexican most-wanted product at the team’sco-owner Moshe Hogeg, commercial channels,Mexican meth have hit the Netherlands, lowest production costs. acryptocurrencyentrepre- cartels arecombining sophisti- Mexican “cooks” have arrived “Three yearsago, police neur. cation with ruthlessnesstoex- to teach local chemists, and were wondering whyDutch Sheikh Hamad said the pur- pand their reach world-wide. Dutch technicians are honing chemistshadn’t already chase wasapersonal invest- Their multinational driveis production methods. started cooking meth, since

ment and that the U.A.E. gov- enabled by the advent over re- “The crystal-meth academy LICE they have all the ingredients, ernment wasn’t involved. cent decades of highly potent is open in the Netherlands,” said PO knowledgeofthe methods and Theacquisition represents synthetic drugsthat don’t rely JanStruijs, head of the Dutch hardware,” said Judith van the firstsignificant privatein- on crops or farmersand can PoliceUnion and aveteran orga- TIONAL Valkenhoef, acriminologist vestment by an Emirati intoIs- be manufactured in compact nized-crime investigator. NA with the Dutch PoliceAcad- CH rael afterthe two countries es- facilities almost anywhere. TheNetherlands offersMex- emy, a research center, which DUT tablished diplomatic relations Production expertsinstant- ican cartels an ideal production Policeseized 2½ tons of Mexican meth sentinshipping containers. in 2018 estimated that Dutch that marked abroader realign- message instructions to over- base because of itsexperienced synthetic-drug production was ment in the turbulent Middle seas workersand hop the chemists, unrivaled cargonet- tions.Dutch authorities cracked cent sewage analysis found in- worth at least $18.9 billion. East. It also suggestsEmirati globe likefactorytrouble- works and liberal attitude to down on U.S. links,but produc- creasing meth residue in While the relationship be- investorswon’t shyaway from shooters in any industry. drugs.Connections to labs in erssoon regrouped and shipped Amsterdam, London, Barcelona tween Dutch and Mexican potentially controversial moves With the U.S. drug market Chinasupply chemicals that elsewhere, including Japan and and Brussels.German customs drugmakersnow appearssym- with Israeli businesspartners. saturated andmethamphet- constantly adapt to remain le- Australia. officials report arecent uptick biotic,DEA officials predict In asoccerleague filled with amine labs in Mexico already gal. Dutch traffickerscultivated Therecent shifttometh in seizures of meth in vehicles the cartels will eventually take Jewish and Arab players,Beitar supersize, cartels that murder those links over decades as production in theNether- coming from the Netherlands. control, as they did with Co- Jerusalem has never had an formarket sharesee Europe they perfected ecstasy manu- lands—with Mexican involve- “We’reatthe forefront of a lombian heroin production. Arab playerand some of itsex- as a new hub. The cartels are facturingfor party scenes in ment—worries officials who trend here,” said Andy Kraag, Dutch officials areawaken- tremist fans oftensing racist “likeglobal corporations,” said London,Berlin and NewYork. see it sparking acrime wave head of the Dutch National ing to the impact of tolerating chantsatgames,such as “death DEA Regional Director forEu- In the late1990s,Dutch ec- and positioning Europe to fol- Criminal Investigations Divi- drug usefor along time and to the Arabs.” Mr.Hogeg and rope Daniel Dodds.“If they stasypills swamped the U.S., lowthe U.S. shiftfromparty sion. “Meth is adevastating “allowing fortoo long aparal- fans saysuch racistsmakeupa canexpand and broaden their prompting the Clinton adminis- drugstofar moreaddictiveand drug,soit’stop priority forus lel economytogrowand be- tinypart of the team’sfan base, customer base, they will.” tration to publicly denouncethe destructivedrugs such as meth to take down all those labs.” come moreinfluential,” Mr. and the club has worked hard Mexicancartels firstcon- Netherlands as anarco-state and potentially fentanyl, repli- Awake-up call came in June Struijs said. “Wehavethe char- to root out such behavior. nected with Dutch drug smug- and threaten economic sanc- cating the opioid epidemic.Re- 2019,when Dutch policeseized acteristics of anarco-state.”

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A10 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

ers’ appeal. Thecredit expires AStartup’s at the end of 2021. Bloom’sMr. Saia said the companydisagreed with the Plan Gets notion that itstechnologyis having difficulty competing in clean energy,citing analyses Disrupted showing itsserverscan reduce grid emissions by helping to displace natural-gas power. ContinuedfromPageOne In February, Bloom an- fuel cells in homes and instead nounced it would restatesome has aniche clientele among resultsfor most of 2018 and companies willing to paya 2019 to correct howithad ac- premium foracontinuous on- counted forits “managed ser- site energy source.In2009,it vices agreements,” in which projected profits by 2010, ac- Bloomsold fuel cells to afi- cording to boardmaterials re- nancing partner, leased them viewedbyThe Wall Street GES back and subleased them to Journal; but it has never re- IMA customers.

ported aprofit, losing over $3 GETTY Bloom had treated the

billion since inception. AN/ agreements as upfront reve- Mr.Sridhar’s proposition to nue. Its auditor, Pricewater-

disrupt the energy market came SULLIV houseCoopersLLP,told Bloom

as the world wastrying to fig- TIN it should record the revenues

ureout howtowean off fossil JUS over time as customersmade

fuels.Instead, the energy indus- OL; lease payments. In March, PO

tryhas disrupted Mr.Sridhar’s S Bloom disclosed it had over- strategy, turning to wind and stated $192.1 million in reve-

solarpower,which have lower GE/PRES nue cumulatively through Sep- costsand deliver cleaner en- tember 30,2019.Revenuesfor

ergy than Bloom’scells,which LABER 2019—including fourth-quarter emit carbon dioxide.Grid estimates—dropped to $786.2 BETH

powerisstill lessexpensive P: million from $929.1 million. than Bloom’sinmost places. TO In filingsrelated to the re- Along the way,Bloom ran OM statement, Bloom said PwC FR intosupply issues,its cells re- ‘It’s about seeing the world as what it can be and not what it is,’ Bloom Energy CEO KR Sridhar said in 2010. His vision: a Bloom Box hadn’t raised the matterprevi- mained expensiveand it fell in every American home. Mr. Sridhar in March, above, and holding a fuel cell in 2010, below. ously and didn’t allegemiscon- short of itsprojections for duct. On Sept. 4, Bloom an- howmanycustomersitwould Greener Grid nounced it wasreplacing PwC win, according to former exec- with Deloitte &Touche LLP. ABloom Energy Server emits utives and employees,board PwC andDeloitte declined to lesscarbon dioxide than the materials and public filings. comment. Mr.Saia said the re- U.S. powergrid, but the margin AfterBloom’sauditor raised statement would affect only the is narrowing. concerns about howithad re- timing of when the company ported revenue,itrestated re- recognized certain revenue. Rate of CO2 emissions from sultsinMarch forthe two U.S. powergrid, yearly yearssinceits $270million initial public offering, cutting 1,400 pounds amegawatt hour Financing deal itsreported revenue by 15%. The restatement didn’t ad- Bloom’s growth is sometimes 1,200 dressafinancing deal that let difficulttoassessbecause of Bloom record significant reve- 1,000 its accounting practices. Bloom’s nues but produced little net Last year,HindenburgRe- 800 emissions cash, SEC filingsshow. In June search—the short seller that in range is 2019,asubsidiaryofSouthern September claimed electric- 600 between Co., an Atlanta-based power truck startup Nikola Corp.mis- 679and company, bought a$166.4 mil- led investors, which Nikola has 400 833 lion stake in a Bloom subsid- denied—released areport say- iarynamed Diamond State 200 ing Bloom’stechnologywasn’t Generation Partners LLC that “clean, green, or remotely prof- 0 owned a30-megawatt installa- itable” and citing an estimated tion of Bloom fuel cells in Del- 2010 ’12’14 ’16 ’18 $2.2 billion in undisclosed lia- aware.The deal earmarked bilities.ABloom spokesman, Sources: the company; EPA thosefunds forDiamond to Justin Saia, said the company upgrade aging fuel cells by stands by itsresponse at the It posted a$273.5million loss. buying newones from Bloom. time that Hindenburg “drew But by then, Mr.Sridhar’s Upon striking the deal, erroneous conclusions.” green pitch waslosing appeal. Bloom “deconsolidated” Dia- Mr.Sridhar,who declined to Utilities had made the grid mond because it determined it be interviewed, said in an cleaner by closing many coal- no longer had acontrolling in- emailed statement: “I know firedplants, and the cost of terest in the subsidiary, ac- that asmall group of detrac- wind and solar powerhad cording to SEC filings. That let tors wantstowriteaspurious have broadly been up this year, boxeskept failing internally in $183.2 million for 2011. dropped. Companiesthat Bloom book the $166.4 million version of our history,” adding: as part of an alternative-en- their firstfew months of oper- Bloom’sMr. Saia said the might have paid apremium as revenue.IfDiamond had re- “Innovations in the energy sec- ergy-stock boom.Bloom’sstock ation,costing the company companyhas always made forfuel cells could buy car- mained consolidated, account- torhavealways been contro- closed at $30.59Tuesday, down money to fixorreplace, ac- projections and disclosures bon-free powerfor lessmoney. ing rules would have prevented versial. Thelight bulb,the first nearly 15% from itspost-IPO cording to the former execu- based on information avail- In 2019,Silicon Valley Bloom from booking the reve- powerplants, wind turbines, peak in 2018 and up from $2.70 tives and the 2009 boarddoc- able.Bloom declined to com- Power, the municipal utility nue because it would essen- solar power, electric cars— at itslow point in October 2019. ument. In 2008,Russian ment on itsboardand investor serving SantaClara, Calif., tried tially have been paying itself. they all had their naysayers.” Fuel cells,versions of which suppliersofscandium, arare- materials. to requireall newgrid-con- Thedeal appeared to pro- Mr.Sridhar’s challengehas appeared in the 1800s,have earthmetal and crucial ingre- By 2011, Bloom had cut the nected generatorstobeemis- vide arevenue boost, with Mr. been to balancehis vision with supported spacemissions in- dient, raised their price. costsofbuilding itsboxesto sions-free.That meant Bloom Sridhar telling investors the real world, said Bill Kurtz, cludingApollo moon flights. Still, Bloom painted arosy $6,300 a kilowatt on average, wouldn’t be able to hook up Bloom’ssecond-quarter num- Bloom’schief commercial offi- They powersome industrial pictureasitsought a$150 mil- according to the February newboxeswithin city limits. berwas an “all-time record.” cerfrom2008 through 2018 equipment. Hydrogen fuel cells, lion financing in January2009. 2012 boarddocuments—no- Bloom sued the utility to In fact, the Southern deal was and also chief financial officer which don’t emit carbon, have In the pitch to investorsthat where near the $2,500 goal. block the regulation, arguing it alosstoBloom of about $8.2 through 2015, who remains a emergedasatechnologythat month, it said it had proven the Thecompanywas spending wouldn’t reduce emissions. It million aftercosts, the Journal shareholder and supporter. could help companies achieve boxes’ viability and had a millions of dollarstomaintain wonareprieveinJanuary calculated from public disclo- “Itisalong journey,” Mr. climategoals. “ready supply chain” anda them as part of its customer- 2020,when ajudgetold the sures. And the deal required Kurtz said. “Howdoyou sell Bloom’sboxes—rebranded as “path to profitability,” with service programs, in part be- utility to firstcompleteanen- Bloomtoset aside millions of the dream but still givethem a Bloom Energy Serversaround plans to be in the black by 2010. cause of unexpected problems vironmental study to demon- dollarsincash to minimize sense of reality?” He and 2011—look likelarge refrigera- Walmart installed a Bloom strate the benefits of its pro- Southern’s investment risk. otherformer executives tors and contain stacks of fuel server at aLancaster,Calif., posed measures,per statelaw. Southern declined to comment. praised Bloom’stechnology cells,each the sizeofafloppy storein2009 and nowhas Theenergy industry Silicon Valley Poweriscom- Bloom disputed the Jour- and Mr. Sridhar’s charismatic disk.They typically go next to more than 30 installations at pleting the study. nal’sanalysis,saying it netted leadership,expressing confi- buildingsthey power. otherCalifornia locations,a has foiled Bloom’s “Wejust want to be as re- about $15 million in cash on the denceinthe CEO’saim to rev- Walmart spokeswoman said. strategy, turning to newable and greenhouse-gas- Southern deal because of how olutionizethe energy industry In 2010,Bloom firstpublicly free as possible,” said Manuel it deconsolidated Diamond. It but saying obstacles to profit- NASA roots showedits product, at eBay wind and solar power. Pineda,chief electric-utility said therewas no way to arrive ability remain significant. Mr.Sridhar helped design a headquarters, whereitinstalled officer of Silicon Valley Power at this number basedonpub- Bloom doesn’t disclose how fuel-cell module foraMars-ex- servers. A video shows Mr. and Santa Clara assistant city liclyavailable information. manyofits boxesare in opera- ploration project forthe Na- Sridhar on stage scooping sand manager.Bloom’sMr. Saia said In December,Bloom com- tion. Itsfleet supplies about tional Aeronautics and Space from acontainer to showthe with the technology, board the ruling affirmed the com- pleted the upgrade of the Del- 526 megawattsofelectricity Administration,which can- cells were made from everyday documentsshow. To break pany’s argument. aware serverswith anew fi- globally,itsaid in Securities celed the Marsproject in 2001. materials.“Ithink we’vejust even,Bloom needed itsfuel- EBay last year switched its nancing partner.The upgrades and ExchangeCommission fil- He founded Bloom to seek witnessed some kind of won- cell stacks to last for at least headquarters to carbon-free contributed $223.9 million to ingslast month—roughly what terrestrial uses.Ifhis boxes derfulnew combination of Mar- five years, but early ones often power. Bloom said eBay is no 2019 revenue,which wasup asmall natural-gas powerplant generated poweron-site, his tha Stewart and SteveJobs,” didn’t last longer than a year longer acustomer.EBaydidn’t 24%fromthe prior year.With- generates—up from about 328 argument went, they could by- Mr.Doerr told the crowd. and ahalf,itsaid in 2018 SEC respond to requests for com- out those upgrades, revenues megawattsatits 2018 IPO. pass the grid while providing Thenextyear,Bloom filings. Bloom has never ment. would have declined 11%. Happy customersinclude cleaner power. shipped only 194boxesand turned a profit on its service By 2019, Bloom faced chal- Bloom’sMr. Saia said the Staples Center in LosAngeles, In 2002, Mr.Doerr’s firm lost $225 million, according to business because the cost of lenges in expanding into new upgrades,intheir entirety, which installed two 250-kilo- bet on Bloom and he joined aFebruary2012 boardpresen- maintenancehas exceeded ser- U.S. markets, wherethe cost provided greater financial ben- watt boxes in 2015. They pro- theboard. Mr.Powell joined tation. That fell far short of its vice-contract revenue. of powerfromits serverswas efitsfor the companythan the vide about 25% of the arena’s the boardin2009 and remains projections in itsJanuary When Bloom went public in still higher than the power portion done with Southern. power, said Bill Pottorff,the adirector; aspokeswoman for 2009 investor presentation, July 2018, itsshares soared. supplied by the grid, two for- In the past several years, arena’ssenior vicepresident Mr.Powell didn’t respond to whereithad posited a“Poten- Revenue for 2018 was $632.6 meremployees said. And its Bloom has found new growth foroperations and building requests for comment. tial IPOValuation in 2011” and million, up from $365.6 million U.S. sales depend heavily on a opportunities in South Korea, engineering.Citing Bloom cal- In July 2008,Bloom deliv- said it would ship as many as in 2017, driven in part by the federal taxcredit that benefits wherefuel-cell development is culations estimating the in- ered to itsfirst major customer, 1,000boxesand forecast net reinstatement of federal tax itscustomersand financing supported by government stallation has reduced the fa- Google,without apublic an- income of $88.8 million to creditsfor Bloom’stechnology. partners,increasing itsserv- mandates,and has been work- cility’s carbon emissions by nouncement. Bloom told inves- ing since last year to develop four million pounds,hesaid: tors the boxesproduced about GastoPower HYDROGEN ATOM fuel cells formarine vessels in “It’sbeen the best sustainabil- 783pounds of carbon dioxide a Within Bloom’s fuel cells, CARBON partnership with Korean ship- ity project we’ve done.” megawatt hour,substantially builder Samsung Heavy Indus- oxygen ions mix with the ATOM ) Mr.Immelt, who joined lessthan coal-fired plants. hydrogen and carbon atoms (O 2 tries Co.Samsung declined to 1 EN Bloom’sboardlast year,said Google declined to comment. thatform natural gas, YG comment. In recent months, in astatement when he bought Theboxesitsold Google OX Bloomhas outlined plans to producing electricity,water and STEAM 70,000 Bloom shares this Au- cost morethan $16,000 akilo- carbon dioxide. pivot to hydrogen fuel cells. gust that it had the potential watt to build—about $1.6mil- Though Bloom’sinternal to expand intomarine and lion abox—according to a metricshavechanged some- 1 Natural gas mixes with other growing markets. “I’ve March 2009 presentation to what over time,this year it steam ()at the anode to watched these marketsfor de- the board. Bloom sold them achieved the sort of cost reduc- producehydrogren ()and cades,and Iknowthat new forfar less, according to the tion it had aimed foradecade carbon ()atoms. 2 technologies take time to de- presentation, which acknowl- ago. In October it told inves- velop,” he said. Mr.Immelt de- edgedthe need to cut manu- 2 Hydrogen and carbon tors the averagecost of build- clined to comment. facturing costs for profitabil- atoms combine with oxygen ing aserver had fallen from Mr.Doerr’s firm, Kleiner ity. The presentation stated a ions ()thatenter through about$18,000 akilowatt in CATHODE (+) Perkins,last month sold itsre- goal of $2,500 akilowatt by the cathode. AL ) 2008 to $2,420 akilowatt this maining Bloom shares,SEC fil- the end of 2011. TUR H 4 fall—roughly hitting the sub- (C ELECTROLYTE ings show. Mr. Doerr, who re- Supply-chain issues dogged 3 The reaction produces NA S $2,500 goal it had set for2011. electricity,aswell as water GA mains aBloom director,and Bloom, former executives said. ANODE (—) 3 Mr.Sridhar in an earningscall Kleiner didn’t respond to re- It had trouble procuring parts and carbon dioxide. in October said: “Wehaveover- quests for comment. called “hotboxes” that encased come formidable challenges Fuel-cell companies’ shares the fuel cells,and the hot- Source:the company CO2 AND WATER ELECTRICITY and forged ahead stronger.” P2JW344000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, December 9, 2020 | A10A GREATER NEW YORK Democrats See Hope in Suffolk County

Trump’s slim margin tory. Prior to the evolution of decreased public safety. suburbsfromreliably redto Policeunions and Ronald shows urban electoral purple and blue,Suffolk Lauder,acosmetics heir,spent coalition is putting County wasone of the most morethan $6 million on ads reliable of Republican counties attacking Democrats over the down deeper roots in the state,” he said. law. NewYork City PoliceBe- Republicans said the signifi- nevolent Association Presi- BY JIMMY VIELKIND cant presenceand influenceof dent Patrick J. Lynch urged law-enforcement families on morethan 1,000 people to Huntington, N.Y.—Suffolk Long Island made it fertile showsupport forMr. Trump County wasthe most populous ground forMr. Trump’swarn- at an Oct. 4“Backthe Blue” county in the U.S. that Presi- ing that aBiden presidency rally in Suffolk County. dent Trump wonin2020,win- would bring violencetothe Suffolk County Democratic ning the NewYork City suburb suburbs.Local law-enforcement Chairman RichSchaffer said by just 232 votes, according to unions seized on that messag- the presidential election gave election resultscertified in re- ing and pushed back against re- him confidencefor elections cent days. cent policychanges to statepo- next year.“At times,itfelt like Mr. Trump beat President- licing,blaming them for surges we were in amajor Trump elect JoeBiden in the Long Is- in crime in NewYork City and county—they had carparades, land county by 0.03% of the otherurban areas around the flags, and banners,” he said.

morethan 775,000 votescast. Z/REUTERS stateoverthe summer. “We did what we do best: fo- He bested HillaryClinton in Richard Wells,aretired of- cus on our ground game.” the county by nearly 7per- MUNO ficerfromNassau County and Mr.Schaffer and Demo- centage points in 2016. president of the PoliceCon- cratic State Chairman Jay Ja- ARDO Republicans sayMr. Trump ferenceofNew York,astate- cobs said the party reached EDU wonSuffolk last month be- At an Oct. 4 ‘Back the Blue’ rally, law-enforcement officials urged support for President Trump. wide coalition of police out to low-propensity voters, cause of law-and-order mes- unions,said officersmet com- including newhome buyers saging,which wasamplified by roughly 30 miles from Manhat- den received 381,021 votes in Democratsdrewin2016,a mutersattrain stations along andpeople from NewYork law-enforcement unions.They tan, but itshistoryand terrain the county this year,while Wall Street Journal analysis Suffolk’ssouth shoreinthe fi- City who registered to vote at targeted Democratic incum- makeitanoutlier from other Mrs. Clinton won 303,951. shows. This wasthe case in nal days of voting.“People on second homes in Suffolk be- bentsinthe NewYork state urbansuburbs in the U.S. Its Long Island candidates in Nassau County, which lies be- Long Island were concerned fore the election. Senateoverrecent changes to towns arehome to policeoffi- down-ballotraces this year tween NewYork City and Suf- about what was happening in Leigh-Ann Barde, a mother laws on policing,but the cam- cers,commutersand families debated policing issues, with folk County,whereMr. Trump NewYork City and cities of four who led Suffolk forBi- paign had limited success in who leftNew York City for mixed results. Republicancan- lost by 6.1 points in 2016 and around the country,” he said. den, said her group worked down-ballotelections. school districts that consis- didates wontwo contested 9.5 points in 2020. Theunions opposed a2019 with Democratsrunning for Therazor-thin margin, tently scorewell on statetests. racesfor the U.S. House of Exurbs,which arefarther law, enacted by Democrats local offices calling and tex- though, gavehope to Demo- It also includes the tony en- Representatives,but five of out from cities, swung toward who control the state Assem- ting potential voters. cratsthat an electoral coalition clavesofthe Hamptons. the six Democratic incumbent Democrats by nearly 6points. bly and Senate, that elimi- “I would just ask: ‘Sincethe based in urban areas is putting Mr.Trump received 381,253 statesenatorswon re-election. LawrenceLevy, executive nated cash bail for most mis- bail bill, what has changed down deeper rootsinNew votesinSuffolk County this Suburbs close to big cities, dean of the National Center for demeanor and nonviolent from your backyard?’ There York’s suburbs, which have year,upfrom350,570 in 2016, which tend to be wealthy and Suburban Studies at Hofstra felonyoffenses.Supportersof wasn’t anyanswer,” Mrs. traditionally tipped the scales according to the Suffolk racially diverse,havelong University on Long Island,said the lawsaid it makes the Barde said of her calls. “It re- in statewide political contests. County BoardofElections. leaned Democratic,and Mr.Bi- Suffolk includes areas that are criminal-justicesystemfairer, ally came down to,let’stakea Suffolk has 1.5million resi- Therewas moregrowthfor his den wonthem by an average both urban suburbs and exurbs. particularly forpoor people of deep breath and put the dents and a western border Democratic opponent: Mr. Bi- of about 3pointsmorethan “Suffolk County has ahis- color.Opponentssaid it has swords down.” NYCCouncil Eyes Fans in Central Park Mark 40 Years Since John Lennon’s Death Bill to EndSolitary Confinement in Jail

BY RICH CALDER Punitivesegregation has come under fire from criminal- Nearly six months after justiceadvocates whosay it is MayorBill de Blasio pledged to inhumane.But law-enforce- end solitaryconfinement as a ment advocates,including the meansofpunishment in New Correction Officers’ Benevo- York City’s jail system, the city lent Association, the union council this week is set to be- representing city correction ginfast-tracking the process staff, say it is a necessary de- by reviewing newlegislation to terrent to keep violent in- halt the controversial practice. mates in line and jails safe. Councilman Daniel Dromm, On Friday, the council’s aQueens Democrat, is set to committeeoncriminal justice introduce a bill at Thursday’s is slated to hold a hearing on council meeting that would the measure, which Mr. prohibit inmatesfrombeing Dromm believes has enough locked in an isolated cell for support to become law.

violent offenses—except forup Theprompt scheduling of CK

to four hourswhenever it is the hearing by Council TO necessary to “de-escalate im- Speaker Corey Johnson only a mediateconflict,” according to dayafter the bill’sscheduled SHUTTERS

a review of the legislation. introduction has raised con- A/ Under current city law, soli- cerns among some council tary confinement, also known membersand the correction LANE/EP as punitivesegregation, allows officers union. They saythe TIN inmates to be locked in cells legislation is being rushed into JUS up to 20 hours a day for seri- lawfor political reasons at the LET IT BE: Fans remembered the former Beatle on Tuesday in the park’s Strawberry Fields section on the anniversary of his death. ous offenses. risk of endangering jail staff. Mr. Lennon was shot outside his nearby Manhattan apartment building by Mark David Chapman, who remains in prison. “Depriving people of human Historically,bills usually sit contact forlong periods of forweeks or months—and time is un-American, and we sometimes morethan ayear— shouldn’t be engaging in it,” beforethe council speaker’s Mr.Dromm said. officeschedules ahearing to N.J. Starts$190 Million Penn Station Makeover Thecity’s Department of field testimonyfromcity agen- Correction referred requestsfor cies andother affected parties. comment to the mayor’soffice. Both Mr.Johnson and BY PAUL BERGER phase of improvements, which Hudson River, has stalled un- Gateway’s leadersintend to Mr.DeBlasio in June Councilman Keith Powers, a aremostly cosmetic and in- der the Trump administration build the tunnel beforethey pledged to have NewYork be- ManhattanDemocrat who NJ Transit has begun a clude restoring wooden pending federal approval. closethe existing two-tube come the firstmajor city in the chairs the criminal-justice $190 million renovation and benches in the waiting area, Mr.Murphy, aDemocrat, tunnel for extensive repairs. countrytohalt solitaryconfine- committee, said they support modernization of itstranspor- updating bathrooms and light- said President-elect JoeBiden Thetunnel, which wasin- ment.Heset up apanel to come ending solitary confinement. tation hub in NewJersey’s ing,aswell as deep cleaning indicated his support forthe undated with waterduring su- up with aplan, but it has yetto “This bill is being heardbe- largest city, Newark. the station’slimestone exterior. perstorm Sandy in 2012, car- announcerecommendations. cause it is ready and will con- About 50,000 ridersonrail, An additional $160 million ries about200,000 weekday Sincehetook officein2014, tinue to go through the legisla- buses, PATH and light-rail sys- of upgrades,which areex- The renovation riders, most of them NJ Tran- the city’s jail system has sig- tiveprocess,” aspokeswoman tems passed each weekday pected to be completed during sit customers, on the nation’s nificantly reduced itsuse of forMr. Johnson said. “There’s through the gloomyspaces of the next five years, include would restore the busiest rail line linking Wash- solitary confinement and the nothing unusual about that.” Newark Penn Station before adding and refurbishing stairs nearly 90­year­old ington, D.C., and Boston. overall inmate population. As Thelegislation would still the pandemic,making it among and elevatorsand improving Meanwhile,NJTransit is of Monday, therewere65peo- allow the city to keep detain- the region’sbusiest stations. signs. building’s grandeur. preparing to receivefinal ple in punitivesegregation, eesinother types of restric- Gov.Phil Murphy, at anews Newark is the westernmost agreement from the federal compared with adaily average tivehousing separated from a conferenceTuesdayoutside starting point for the $30 bil- government for an $800 mil- of 567 in 2014, according to prison’sgeneral population. thestation, said the renova- lion Gateway Program to dou- lion grant toward a$1.9billion the Department of Correction. Under the proposal, inmates in tion would restorethe almost blerail capacity between New program during aphone call project to build anew rail Mayoralspokeswoman Av- restrictivehousing could leave 90-year-old building to itsfor- Jersey and New York City. Saturdaynight between the bridgeoverthe Hackensack eryCohen said the mayor’sof- their cells at least 10 hours a mer grandeur. Thecenterpieceofthe pro- two men. “He’sbeen abig be- River.That project would fice is committedtoending pu- day, compared with 14 hours Thestate has committed gram, a $13 billion project to liever in it from dayone,” Mr. mark the beginning of the first nitivesegregation. forajail’sgeneral population. $30 million toward the first dig arail tunnel under the Murphy said. major Gateway construction.

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A10B | We dnesday, December 9, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK METROMONEY | By Anne Kadet WATCH Yes, Virginia, Shopping LocalSpreads Cheer NEW YORK CITY

This year, I Ex-Housing Secretary vowed, I Is Running forMayor wouldn’t do any holiday Former U.S. Housing Secre- shopping on- tary Shaun Donovan announced line, or at the his candidacy for mayor of New big chains. Instead, I’d buy York City on Tuesday, joining a my gifts from New York crowded June 2021 Democratic City’s struggling mom-and- primary for mayor of the na- pops. And yes, Virginia, I tion’s largest city. discovered it’s possible to “I am honored todaytosay do. But it isn’t easy or cheap. thatIamrunning formayor of My odyssey started on a NewYork Citytorepair the civic recent Monday that brought fabric of the city, pull NewYorkers rain and 28-mile-per-hour together to rebuild from the dam- winds. “It’s never raining on age broughtbyCovid-19, and rei- Amazon,” I grumbled. magine an innovativecitythat Still, I was happy to be truly worksfor everyone,” he said. out of the apartment and Mr.Donovan, 54 years old, venturing to Seigo Neckwear wasappointedtovarious roles on Manhattan’s Upper East during former PresidentObama’s Side in hopes of finding the administration, firstheading the gold ascot tie on my little DepartmentofHousing and Ur- brother’s wish list. ban Developmentand then the

Score! When she heardmy JOURNAL OfficeofManagementand Bud- request, sales clerk Mamiko get. He wascommissioner of the REET

Nakamuraopened adrawerto ST city’sDepartmentofHousing

reveal adisplayofsilk ascots LL Preservation and Development in everycolor and pattern. WA under then-MayorMike

It was fun to browse this THE Bloomberg. He has neverrun for R

tiny shop, which feels like a FO electiveofficebefore. neckwear gallery. The wall of —Associated Press

bow ties includes 3,000 de- HANEY signs, said Ms. Nakamura. A CONNECTICUT LIS I next popped into Blue Tree, a gift store up the Google-image search on his said that a big chain recently And as soon as Iwalked it all home.After walking a Police Officer Hurt, block. I found a number of computer so we could ad- bought out her two main intothe local cigar shop,I mile loaded with bags, Icalled Suspects In Custody fun items I’d never think to mire the paintings together. distributors, and it’s increas- burst out laughing.The small aLyft, which cost me $10.91. look for online, including a ingly difficult to find whole- spacewas packed with men— That nightIdid acalcula- Apoliceofficer waswounded terrific pair of shark gloves was feeling great about salers willing to work with some dressed in actual track tion. I’dspent three after- after being shotTuesdaywhile with metallic gold teeth. I my afternoon until I got small shops. Her wholesale suits—puffing on stogies and noons walking 8miles and vis- investigating astolen motorve- Manager Ivana Callahan home and did a price costssometimes exceed the arguing about carloans. iting 22 shops.Ispent $24.66 hicle, leading to acar chase that told me business has been comparison. Nearly every retail prices charged by her on subway and carfares,and ended with four suspects in cus- brisk, with some, including a item I bought was 20% to largest competitors, she said. headed home feeling ex- $11.75 on cappuccino.And I tody,authorities said. customer in her 80s, getting 50% cheaper online. Could I But Ms.Visconti is hanging hilarated, as if I’d toured blew$428.53onthe 26 gifts I The Waterbury officer was private appointments for even afford to shop local? in there. She loves her cus- I shotinthe chestbut waswearing the solar system and vis- bought—40% morethan the safety reasons. The next day’s challenge: tomers, especially the chil- ited several new planets. $298.90that same set of gifts abulletproof vest thatlikely saved Next stop—the Strand Supplies for the ornaments dren who areexcited to come I devoted the final after- would have cost online. his life, said PoliceChief Fernando bookstore downtown, where I’m planning to hand paint in because she letsthem use noon to shopping strips Was it worth it? Spagnolo.The officer,whose a clerk escorted me through for my dad with his pet ex- the pricegun. “You won’t get close to home—Atlantic Ave- Upon reflecting for a name wasn’treleased, suffered the vast stacks, helping me pressions such as “My God!” that at abig store,” she said. nue and Court Street in spell, I realized that this was minor injuries and wasreported in find all the titles I wanted. and “High Class!” I did find some Bay Ridge Brooklyn—packed with a deeply stupid question. I stable condition at ahospital. Then I hit him up with an- Therearen’t manyindepen- bargains. At Tops Restaurant stores I’ve been visiting, in moved to New York City be- “Thatofficer is doing fine...and other request from my little dent craftshops leftinNew & Bar Supplies, for example, some cases, for more than cause I enjoy spending time getting ready to be released from brother: “Beautiful coffee ta- York City,but Ifound good re- I found sushi plates for my two decades. Stopping by Sa- and money doing things like the hospital,” Mr.Spagnolo said. ble books of your favorite views forNorma’sArtsand niece at half the price I’d hadi’s, Whisk, Duman Home, exploring interesting little Authorities didn’trelease many artists, artisans, designers Crafts Supplies in Brooklyn’s have paid online. Plus, I met KC Arts and D’Amico Coffee, stores and meeting the shop- details on whatled to the shoot- and engineers.” BayRidge. Thefolks at owner Dennis Monier, who I managed to find the re- keepers. If my aim in life ing. Four suspects were taken “I’m not sure if he meant Norma’swerehelpful, suggest- has run the store for 52 maining items on my list in- was to save time and money, into custody near Waterbury-Ox- you or me,” I told the clerk. ing numerous options. Alas, years. “Can’t you tell by how cluding, on nearby Smith well, there’s the whole rest ford Airport after leading police He revealed his favorite, they were out of some stan- great I wrap?” he asked, Street, a giant spiky plant of the country just for that! on achase. Their names and the art nouveau designer Al- darditems such as redribbon. swaddling the plates in yes- for my nephew. charges weren’tdisclosed. phonse Mucha, and did a Co-owner Norma Visconti terday’s Daily News. Theonly problem—getting anne.kadet @wsj.com —Associated Press HAPPY Naomi Maathis RETURNS

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FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | A11 HO TC MA MARK BY IONS AT TR US ILL

ourselves time to relax and get in BONDS the mood. Reignite theSpark, Put sex on your calendar. (Re- ELIZABETH member scheduled date nights?) BERNSTEIN Aim for a time when you’re both likely to be in the mood. Flirt Even Amid aPandemic more often. Play music more of- ow’s your sex life? ten. Do nice things for your part- If it leaves something ner more often. to be desired, you’re not alone. In reporting this story, Ifound ate a feedback loop with your you can enjoy safely. These things Try something new. TheKinsey Peoplehavebeen hav- people spicing thingsupwith new partner, says Justin Lehmiller, a create breathing room in your re- studyfound thatone in five people H toys,having sexeverywherebut in research fellow at the Kinsey Insti- lationship. They make you feel re- tried something sexuallynovel dur- ing lesssex—with apart- ner or solo—sincethe pandemic be- the bedroom (kitchen islands are tute and author of the book “Tell freshed and fulfilled. And they ing the pandemic—and those who gan, according to alongitudinal popular!) and practicing “awhole Me What You Want.” “Feeling give you something new to talk did were three times as likelytore- studycalled “Sexand Relationships lot of self-love.” Astay-at-home dad more attractive opens you up to about. “Having time apart can portimprovement in their sexlife. in the Time of Covid-19” conducted in New England sneaks off to his feel more desire,” he says. “And make the time together This makes sense because research by researchersatthe KinseyInsti- wife’shome officefor “matinees” because you are showing that you more special,” says has long shown thatnovelty tuteatIndiana University.And the while the kids areinonline classes. are putting in the effort to attract Dr. Lehmiller. boostsarousal and desire. morestressed, disconnected or Acounselor in Northern California your partner, it can lead to your Get creative. Take a lonelyaperson has felt, the greater keeps astripper pole in her guest partner responding.” Set the scene. bubble bath to- the negativeimpact on his or her room to seduceher husband. An ac- The Kinsey gether. Read sexlifehas been. ademic in Indiana has adrawerfull Interact with the world. We’re study found erotica out It’s no surprise no one’s feeling of “special” underwear—some sexy, starved for connection. We’re used that our sex- loud. Share sexy. We don’t like how we look, some silly. (His current favorite: a to interacting with people all day ual fantasies your latest fan- sitting around in our schlubbiest unicorn brief.) Awriter in Southern long—strangers, co-workers, have changed tasy. “Erotic clothes, packing on pandemic California keeps friends and family. Those interac- during the narrative is espe- pounds, getting hairier and smell- atambou- tions fed our need for bonding and pandemic— cially important right ier. (How long has it been since rine in kept our moods from flatlining. most people are now because it takes us you bathed?) We’re not out in the That has all gone away. dreaming more of somewhere other than where world, doing the things that Try to reconnect. Schedule romance and passion. we are,” says Amanda Luterman, give us confidence, such as times in the week to talk to We’re craving intimacy, both phys- a licensed psychotherapist in Mon- hobbies or travel. We’ve friends. Chat with store clerks or ical and emotional. We want to be treal who specializes in helping been deprived of so many customer service representatives. sexually desired. Yet romance is in people with relationships and sex- daily moments of connection— Give compliments. Try to make short supply. “We aren’t even get- ual issues. the conversations, smiles or someone smile (even if you can’t ting the little daily hits anymore, glances—that make us feel ener- see it). Social interactions can where our partner comes home Practiceerotic empathy. Stop fo- gized and alive. make you feel energized and confi- from work and gives us a kiss and cusing on the thingsyou hate Andevenifwe’re not fighting dent, says Kristen Mark, an associ- we have a little reunion,” Dr. Leh- about your body. Your partner with our partner—because,let’s his night- ate professor of sexual health pro- miller says. doesn’t noticethem nearlyas face it, we’reinconstant fight or stand, which motion at the University of Make romance happen. Plan a much as youdo. (I promise.) If flight mode—we’restill alittle sick he pulls out to celebrateespecially Kentucky, sex and relationship re- nice dinner—and eat it by candle- youwant to feel sexy,you need to of the person we’vebeen cooped up greatmoments. “It must sound like searcher, and affiliate at the Kin- light. Dance in the moonlight to a focus on the thingsthatturn with 24/7.There’snothing likefa- Iamre-enacting ‘The ‘Music Man’ sey Institute. “And when you favorite song. Turn off your youon. miliarity to dampen desire. in here,” he says. spread joy, you glow a little.” phones and make eye contact. Stop rejecting your partner But we should be careful about I also talked to sex therapists when you’re rejecting yourself. letting our sex lives slide. Sex con- and researchers. Here is their Build space in your relationship. Rethink how you initiate sex. A “You need to allow your partner to nects us to our partner. It relieves advice. Independence is sexy. Mystery kiss or shoulder rub or dinner out find you attractive, even when you stress (for those in a satisfying re- breeds desire. Being enmeshed used to do it. (At one time in your don’t feel you are,” Ms. Luterman lationship) and it makes us hap- Dress for success. Get out of your with a partner 24/7 is a buzzkill. relationship a simple look would says. “You don’t have to believe pier. It can even make us more sweatpants! Get a haircut! Take a Find ways to do things without do it.) But now that we’re ex- you are sexy to be aroused by productive. shower! Put on some clothes that your partner. Go for a walk. Read hausted and stressed all the time, someone else—or for someone else How can we get our mojo back? make you feel good. This will cre- a book. Take a class. Find a hobby we need to build up to sex, to give to find you sexy.”

gotgood hearing,but it’stough,” “Weexplained Santawas Mall Santa says Mr.Kyle.“Morethan onceor staying in ahotel,” she twicemommyordaddy have had to says. step in and translate.” Mr.Dello Iacono stood Is Keeping “With the plexiglass, youhavegot 6feet from Ethan. Both to getcreative,” said Raymond wore masks.Ethan, afirst- Lightfoot Jr., aBirmingham, Ala.- grader,says that he wasn’t His Distance based chef who recently worked as surewhy Santa’sbeard SantaatPrinceGeorge’s Mall in wasgrayand not snowy Hyattsville,Md. He sometimes tries white. “I think Covid made ContinuedfromPageOne to find away to speak around it. him go gray,” he said. its.Some aretaking the whole expe- “You can’t hear,” he says. In Atlanta, photogra- rience outdoors, with masks and 6- Some retailersare eliminating in- pher William Twitty re- foot-distancing. person storeSantas this year.Nord- cently staged asocially In Arlington, Texas,Bella Exhibits strom is offering 15-minutevideo distantSantashoot at a and Retail manufactures aprotective calls with Santa. Macy’sisoffering a localtreefarm. Utilizing snowglobe,and has designed five “festive online holiday experience” fields of evergreens to set other models of “SantaGuards.” this year that includes interactive the scene,hetook photos Ranging from $987 to $2,802, they games and acomputer-generated of his father-in-law, Chuck areclear acrylic setsthat allowchil- selfie with Santa. Day, dressed in ared suit dren to sit or stand close to Santa In NewJersey,the Reeds at Shel- as SantaClaus,while gen- whileremaining behind abarrier terHaven hotel provided Zoom calls This year, Santa is taking some covid-related precautions. erally staying 6feet away that disappears in photographs. with Santa recently. Chris Heacock, from the children. Mr. “Among the Santa community, it an EMSchief,brought his children were struggling pre-Covid. dren in their ownfront yards. Chuck Twitty says he had to getcreative:In spread likewildfire,” says co-owner Max,6,and Violet, 4, foravirtual “It was a way of bringing people Dello Iacono,acommissioner in the some photos,Santastrolled behind Mark Lieberenz.The companysays it visit. When Santaappeared on the into the store at the holidays,” says town’sParks and Recreation depart- the child; in othershepeeked from has sold 250 SantaGuards since screen, he says,the children thought Susan Tercero, vicepresident of ment, dresses as SantaClaus and behind atree, waving at children. “We September. it wasaYouTube video,orthat they branded entertainment forMacy’s. rides shotgun. called it ‘social-distant Santa,’” says All the barriersare creating some were Zooming intoschool. Violet Retailanalystssay storeSantas “I grew aCovid beard—I haven’t Mr.Twitty,who chargedbetween $25 communication challenges for San- quicklyregained her footing to ex- help drivefoot traffic,resulting in shavedsinceMarch 12,” says Mr. and $100 per session. tas. Kennison Kyle,a51-year-old plain that she wanted some LOL more consumer impulse purchases, Dello Iacono,53, who has typically Karson Young,a28-year-old stay-

GES Santaperformer in Memphis,heads dolls for Christmas. Violet says she which drive25% of holidaysales,says worn afakeversion in past Santa at-home mominGillsville,Ga.,

IMA to the city’s Pink Palacemuseum on misses in-person visits with Santa. Marshal Cohen, NPD retail analyst. gigs. “This year Ihavethe real deal.” brought her 8-month-old, Joey, for

ETTY most Wednesdays in December and “It was a little weird seeing him on RobertBlaney,director of the Ali Barton, a38-year-old stay-at- pictures. One of her favorites from

/G sitsbehind asix-foot-diameter plexi- the computer,” she says. youth commission forDedham, home mom, says her 7-year-old son, thesession shows baby Joey on a

DER glass snowglobe. Santavisitshavelong been acrit- Mass.,drives Santainawhitemu- Ethan, wasconfused about whySanta blanket while Santalooks on at a RY “I’m on theyounger side of the ical pieceofthe holidayretail ma- nicipal vanintoneighborhoods came out of awhitevan with “Town distance.“It wasdefinitely differ- VID

DA professional Santacrowd and I’ve chine, though malls and their Santas around town, providing visitstochil- of Dedham” emblazoned on the side. ent,” she said. P2JW344000-0-A01200-1------NS

A12 | We dnesday, December 9, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS HowtoHelp Yo ur Teen Stay Focused

Older kids also struggle with remote learning—and need encouragement

teenager who responds FAMILY with one-word an- &TECH swers? It’s all about JULIE how you ask the ques- JARGON tion. Dr. Thompson suggests saying some-

thing like, “I see you’re GES

e’renine months struggling with math IMA intothe pandemic and English. How can I and remoteschool help you with that?” GETTY O;

is wearing on stu- Expertscaution par- TT dents. Boys,who entsagainst being ac- W BUGA areatgreater risk cusatory. If ateacher of falling behind academically than has alerted youto girls,are having an especially tough missing assignments, DOMINIC time with all the hoursspent be- youcan saytoyour BY hind screens.The challenges of child, “I heardyou’re ION AT

staying focused and motivated in having ahardtime TR remoteschool carryevenhigher turning thingsin. US ILL

stakes foradolescent and teenage What’shappening?” P: boys,who facemoreacademic pres- suggestsJeffrey Sel- TO OM

surethan younger ones. man, vicepresident of FR I reached out to child psycholo- clinical services at First gists and education experts to find Children Services,aprovider of be- out how parents can help their havioral health services forchildren teens function betterinthe after- what to have for dinner or what exactly what to do and when to do sons—and daughters—remain fo- in NewJersey and Pennsylvania. noon or evening,that might be bet- movie to watch can help boost mo- it. “Ifyou don’t knowwhat to do, cused and motivated in virtual Motivation is often tied to suc- terthan morning forwork on inde- tivation. you’remorelikely to avoid it, and school. They all said the first step cess: The harder something is, the pendent assignments. TheexpertsIspoketowereall that looks likedisengagement,” Dr. is for parents to examine their less a child wants to do it. But par- In his book “Drive: TheSurpris- in agreement that positiverein- Selman said. own expectations and reactions to ents sometimes mistake children’s ing Truth About What Motivates forcement is far moreeffective I’ve offered tips for making re- their children’s struggles. Here are struggle forindifference, said Mat- Us,” Daniel Pink wrotethat auton- than punishment in fostering mo- mote school easier in a previous some key pieces of advice: thew Cruger, a clinical neuropsy- omyoverhow and when we work is tivation. “Ifyou take something column, but there are structural chologist and senior director of one of the greatest motivating away because your child didn’t things parents can do to help with Enlist your child in finding the Learning and Development forces forchildren and adultsalike. turn in an assignment or gota the executive-functioning skills ad- solutions Center at the Child Mind Institute. bad grade,it’sdiscouraging and it olescents and teens haven’t fully “What youneed to do as aparent is By offering to go over home- Don’t underestimate the doesn’t makeitmorelikely for developed. trytostayaway from your owncat- work or helping kids study for a power of praise Dr. Narad suggests writing astrophicthinking and use your test, parents can get a better un- Praise isn’t just for little kids—it’s down a list of tasks that need to foremost consultant, which is your derstanding of what the stumbling an important motivating factor for An overwhelmed teen be completed each day for kids to child himself,” said Michael Thomp- blocks are. When I noticed that my adolescents and teenagers, too. cross off. Make another list for son, achild psychologist and author 10-year-old son didn’t do well on a Manyexpertssaid it is best to who is struggling can longer-term projects and break grammar test, I sat separateperformancefromeffort appear indifferent, those down into smaller tasks that down with him one when giving praise.Manykids with can be completed each day, so that night and went over ADHD and general distractibility experts say. your child is seeing progress and sentence structure. spend alot of time completing not scrambling to complete a big Once I explained predi- their work and then forget to turn assignment right before it’s due. cates and conjunctions, it in. Parentsshould praise the ef- Depending on children’s age he got it. fort that went intothe work in- positivebehavior to result,” Dr. and maturity, you might need to I asked him why it stead of only focusing on the grade, Cruger said. “Ifyou just keep tak- check for a while to make sure was hard to understand said Megan Narad, an assistant ing thingsaway,you eventually they really have completed their this during class, and professor and clinical psychologist runout of thingstotakeaway.” work. he said the teacher at Cincinnati Children’sHospital. Dr. Cruger advises parents to went over everything Tangible rewards can be help- reserve negative consequences, Don’t lose sight of the too quickly. I thought ful, too, if handled carefully. They such as restricting videogames or bigger picture Parents should praise the effort that an he just wasn’t paying also can be a slippery slope if chil- phones, for more serious behaviors Kids often don’t see how what assignment required, not just the result. attention, but I discov- dren come to expect something for that they want to put an immedi- they’re doing now matters. It’s im- ered that he was get- everything they do, thus chipping ate stop to, such as fighting, portant to discuss the purpose of ting lost in the cacoph- away at their intrinsic motivation. cheating, lying or stealing. sitting through long video classes of “Raising Cain: Protecting the ony of group Zoom sessions and Experts say rewards can come and doing the work. Emotional LifeofBoys.” He added, needed some one-on-one attention. in the form of giving kids more Create to-do lists and And all of the expertssaid it’s “No one knows moreabout what he Theremight be other waysto choices—something that’s espe- break down tasks important that parentsshowtheir likes and what he hates about improvetheir remote-school experi- cially important when children Abig part of motivation comes children—and themselves—some school than he does.” ence. Some kids might prefer to have lost so much control over from asense of achievement. Being grace. “Weneed to be realistic about How do you elicit meaningful work from the couch forpart of the their daily lives. Even something successfulwithout the structureof our expectations of adolescentsand feedback from an adolescent or dayinstead of at adesk.And if as simple as letting kids choose the classroom requires kids to know teens right now,” Dr.Selman said.

MY RIDE |A.J.BAIME the container with all this suede in it, and it had a name on it: AFerrari 458Spider Called McGilbra, San Fran- cisco. I yelled, “That’s ‘Coco’ Inspires ItsOwner me! This is my car!” Sincethe Ferrari ar- rived at my home,it Chanterria McGilbra, a San Fran- got behind the wheel, I punched the has changedmylife. I cisco-based biotech consultant, on gas, and it was even more thrilling. have taken it on every her 2015 Ferrari 458 Spider, as told That was it: I had to have this car. rally Icould. Ishipped to A.J. Baime. Ordering a new Ferrari is not like it to Daytona Beach, ordering other cars. I spent two Fla., and drove on the I’M ONE OF THOSE people who weeks going back and forth, design- Daytona International believes in messages and signs. One ing it. At first I wanted it all choco- Speedway.Idrove it day in 2015, I was in the shower late color, exterior and interior. They on California race- and the word Ferrari came to me. I talked me out of it. I ended up se- tracks—Laguna Seca thought, “That’s weird.” Day after lecting titanium paint, a chocolate- and Sonoma Raceway. day for a week, I would get in the colored suede interior, and a black Istarted afoundation shower and the word Ferrari would dashboard that would not distract calledPrancing Ponies come to me. Finally, I went to the from the driving experience. I put (namedfor the Ferrari dealership in Mill Valley, Calif. I carbon fiber everywhere I could. I Chanterria McGilbra started an all-female Ferrari rally and a foundation to help women. logo), wherewehelp JOURNAL went through all the cars and when chose yellow brake calipers, which young women grow

REET I saw the 458, I said, “I want to matched the yellow in the Ferrari in leadership.With ST test-drive that one.” They said, “OK, logo. (It is the traditional color of asked when it was scheduled to be my car. Only the chassis was built; my friends from thatfoundation, we LL

WA come back tomorrow and we’ll have founder Enzo Ferrari’s hometown— delivered. I said January or February the interior did not yet exist. launchedthe first-ever all-women car one you can drive.” Modena, Italy.) All these decisions 2016. He said, “Your car is here We got to the part of the tour showatthe annual MontereyCar THE

R The next day one of the guys and more made my car unique—one right now!” As we were doing the where they do the stitching of the Week in California, and the first all- FO

O there pulled this car out and we of one, built that year. tour, we were on the lookout. We fabric for the interiors. All over this female Ferrari rally. went up a hill. He hit the gas. In the A few months later, I was at the found four titanium-colored 458s table, I saw chocolate-colored Inamedthe carCoco. Icannot CENZ

DE passenger seat, I felt the G-force Ferrari factory in Italy taking a tour. being built, but three had British suede. I asked about the fabric but believe howmuch we have and it was one of the most thrilling I asked the guide if my car was specs with the steering wheel on the women working there did not accomplishedtogether in justfive

ANGELA things I ever felt in my life. When I there somewhere, being built. He the right. So the fourth had to be speak much English. They went to short years. P2JW344000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | A13 ARTS IN REVIEW

Scenes from ‘Wolfwalkers,’ directed by Tomm Moore and Ross Stewart and streaming on Apple TV+

he can’t control it. Cromwell’spoli- cies in Ireland were genocidal, so the villainyisnot misplaced. Theintentions of the Will Col- lins screenplay, and the direction (and art direction) of directors Tomm Mooreand RossStewart, aren’t anti-Christian, per se: As we aretold early on, St.Patrickmade adeal “with the pagans” to keep the locals close to home and leave the wolves andWolfwalkersalone; it is the Puritans who arebig-foot- ing it around the woods.And the byproductsofworship arecer- tainly celebrated: Thevisual ele- mentsofthe animation include the Celtic spirals,interlacing patterns and stained-glass-evoking geome- trythat arefound in the illumi- nated manuscriptsofDark Ages Ireland. (Mr.Moorealso directed 2009’s“TheSecret of Kells,” about the Book of Kells,with Nora Twomey,who is aproducer here.) Thestyle elsewhereranges from (2) Monet-likedepictions of the wild- TV+ est Ireland to naivedepictions of

APPLE the villageofKilkennythat suggest perspective-free medieval painting. TheWolfwalkers TELEVISION REVIEW |JOHN ANDERSON areaswirl in color and motion; the townsfolk areflat and morecartoon- An Irish ish. But even they seem inspired by the oftensimple representations of humans rendered Enchantment by those anony- mous illustratorsof the monasteries. Among the many ‘Wolfwalkers’ roots its fantastical clever and under- story in the island’s tortured history stated virtues of “Wolfwalkers” (pol- itics,for instance, amily entertainment” apre-Christian Hibernia of pagans, arenever men- oftenmeans some- Druids and natureworship.Adults tioned)isthe way thing parentscan sit will be eager to see whereit’sall the animals are through without claw- going to go. characterized. The ‘Fing the armrest off WhereRobyn goes,early on, is (voiceofSimon McBurney), who roam the troubled countryside. Lord Protector calls the wolves the couch. But the an- the scullery. “Work is prayer,” is on hand to enforce order and Robyn (voice of Honor Kneaf- “foul” and “wicked.” In one fulmi- imated “Wolfwalkers” is adiffer- she is told by the crone-in-chief— quell political dissent. Thechief sey) is arecent arrival from Eng- nating moment he says,“By God’s ent sort of beast. With itsen- and it’sone of the morefrighten- source of that dissent arethe land, having come with her Round- clarity and judgment He van- chanted forests, shape-shifting ing momentsinafilm full of for- wolves whoinhabit the surround- head father,who is the Lord quishes thee,” though nothing of wood sprites and apluckyheroine midable action, near-calamity ing forest, along with the Wolf- Protector’s chief wolf exterminator. the sort happens.But there’sno named Robyn Goodfellowe,the and wolf-imperilment. Theset- walkers—young Mebh, who Robyn wantstobeawolf hunter, anthropomorphizing by the movie film is terrific farefor kids.But ting is Kilkenny, Ireland, in sounds likea2020 Dublin tween, too, until she comes to understand itself: Wolves arewolves,even the underpinningsofits fantastical 1650—the very year that capital and her mother,Moll (voices of the injustices being done to the though the ones heredohang out storylie in tortured Irish history, of the Irish Catholic Confederacy EvaWhittakerand Maria Doyle wolves andthe land. “What cannot with very enchanted people. English imperialism, and the use fell to Oliver Cromwell. His name Kennedy). They arehuman-like be tamed must be destroyed,” says of religion to rationalizeoppres- is never mentioned, but he is em- but possesswolf avatarsthat the Lord Protector,who is pre- Wolfwalkers sion; there’sahum of yearning for bodied in the evil Lord Protector leave their sleeping bodies and pared to burn down the forest if Friday, Apple TV+

hy go to an art museum? SIGHTINGS |TERRYTEACHOUT WYes, youcan usually geta good lunch there, but this isn’t atrick question: Yougothere Glitch in the Museum Matrix to look at great art, delight in it and learn moreabout it. Very few of us will ever ownaManet or a Mark Rothko, but youcan see ex- amples of their work hanging in American museums from coast to coast, an experiencethat is noth- ing likelooking at areproduction in acoffee-table book.Or, at least, you could see them: TheCovid-19 pandemic has forced manymajor art museums to close or sharply limit their viewing capacity,and manyart loversare nowunder- standably reluctant to visit those museums that remain open. How, then, canpeople who love art continue to enrich their aes- thetic lives in something likethe manner to which they’reaccus- tomed? NewYork’sMuseum of Modern Art has averygood an- swer. “Virtual Views: VanGogh’s ‘StarryNight’” is an online “exhibi- tion” devoted to one of MoMA’s most familiar and best-loved paint- ings. It includes an introductory video and aQ&A session with Ann Temkin, the museum’schief cura- torofpainting and sculpture, fol- lowedbya“performativereading” by the actor-playwright Anna Dea- vere Smith of the correspondence between Vincent vanGogh and his

brother Theo.The packagealso in- GOGH N

cludes several other choiceitems, VA including “a cosmologist’stakeon the painting’sfamous sky.”

Most art museums have only IMMERSIVE just started to think about using A view from inside ‘Immersive Van Gogh,’ a 500,000-cubic-foot high-tech video installation their websites in so invitingly elab- orateaway,but “Virtual Views: at length abouthow the visitor and Collective’s“NHKS4220 Bar installation, and my answeris: ‘come inside to getupclose’ to the VanGogh’s‘StarryNight’” is a (masked and socially distanced, of Illusion,” which wasrecently in- Whynot just turn “Nighthawks” canvases instead of being pushed model of howtoreach out to course) will “wander through en- stalled in NewYork’sChelsea Mar- intoaLifetime TV movie and be aside by guards.” locked-down patrons in away that trancing,moving images…truly il- ket, is based on “Nighthawks,” Ed- done with it? That, however, wasaserious at- is both entertaining and illuminat- luminatingthe mind of the ge- ward Hopper’s deeply mysterious I’m not at all averse to using re- tempt to bring to newaudiences ing.Short of actually standing in nius.” Ihaven’t seen the showin 1942 painting that shows agroup productions of major works of art an experienceresembling that of front of “StarryNight” and marvel- person, but the extensivevideo of people drinking coffee in an oth- to makethem morefamiliar to seeing great art in person. “Im- ing at itsbeauty,Ican’t think of a clips I’veviewedonline suggest erwise empty all-night diner on a those who livenowherenear the mersiveVan Gogh” and betterway to heighten your under- that attending “ImmersiveVan deserted big-city corner.The museums in which the originals “NHKS4220 Bar Illusion” are standing of what is widely thought Gogh” is not even remotely likethe Texas-based Noiland Collectivehas arehoused (“Nighthawks” hangsin something else altogether.Icannot of as VanGogh’sgreatestcanvas. intensely involving experienceof turned “Nighthawks” intoalife- the Art InstituteofChicago). Two imagine anyone seeing these elec- That’sthe good news.The bad encountering apainting up close. sizehologram-style three-dimen- yearsago, Iwrote favorably in this trified exercises in pure, gussied- news is “ImmersiveVan Gogh,” a Instead, the work of one of the sional image, one in which the spaceabout a“pop-up show” of up ballyhoo and saying,“Wow! 500,000-cubic-foot high-tech video greatest of all visual artistshas viewerplays apart. Says the press high-quality life-sizecopies of nine NowIwant to see some real art!” installation that opens in Toronto been turned intosomething more release: “‘NHKS4220 Bar Illusion’ celebrated VanGogh paintingsthat Unlikethe pop-up mall shows, on Dec.21, in ChicagoonFeb.11 likeagiant video game.The only plays out the scene in ‘Nighthawks’ toured shopping malls in six Amer- which aredesigned to foster an ap- and in SanFranciscoonMarch 18. thing that agimmickylight show as aliving moment, both in the ican cities.AsIexplained in my petitefor museum-going,they pro- It makes use of 50 digital projec- like“ImmersiveVan Gogh” “illumi- past and present. Visitorscan column, “Not only do they giveyou moteonly themselves. tors to showanimated versions of nates” is the differencebetween stand at the central point of the asurprisingly clear impression of “StarryNight” and several of the experiencing art and monetizing it. installation and see their silhou- what the real paintingslook like, Mr. Teachout, the Journal’s drama painter’s other masterworks,ac- Alas,such commercial undertak- ette integrated intothe artwork.” but their presentation is simple, critic, is the author of “Satchmo at companied by NewAge-style mu- ingsare growing increasingly pop- Onceagain, though, I’velooked at straightforwardand ballyhoo- the Waldorf.” Write to him at sic.The pressrelease maunderson ular of late. Another one,the Noil- video clips of this techno-cheesy free—and, as asign says,you can [email protected]. P2JW344000-4-A01400-1------XA

A14 | We dnesday, December 9, 2020 **** THE WALL STREET JOURNAL. SPORTS The Real Queen’sGambit: Catching Chess Cheaters

Online chess has boomed during the pandemic. So has cheating—making chess narcs the game’s most crucial players.

BY JOSHUA ROBINSON Rensch concedes theremay still AND ANDREW BEATON be players cheating and getting away with it. They closeanac- nthe year when everyone count only when they have irrefut- went online to playchess, able,statistical proof they’reright. and even went online to Thesystems were proven when IwatchaTVshowabout they flaggedseveral of theworld’s chess, players developed a top-100 players forcheating—and nasty newhabit. They started those players subsequently con- cheating at chessonline. fessed. As newbies and grandmasters “There’snoway seven yearsago alikeflocked to platforms like Iwould’veclosed aplayerinthe Chess.comand Lichessin2020,ad- top100,” Rensch said. ministratorsnoticed asurge in sus- Thealgorithms arebuttressed picious activity unlikeanything by requirementsthat players turn they had ever seen. So they turned on aminimum of two cameras— to agroup of nerds with expertise one showing their face, another so obscurethat thereare only a from behind them—and sharetheir handful of them on the planet: the screens while playing to prevent chessnarcs. them from consulting other They areinternational masters, sources. legal experts, and computer scien- Thereare nowonline tourna- tists—sometimes all three.Their mentsfeaturing the likes of world job is to root out patterns that re- champion Magnus Carlsen with veal the playeracrossyour virtual hundreds of thousands of dollars boardmight be reaching forout- on the line enabled by this fast- side assistance. They’rethe reason growing cheat-detection infrastruc- chesshas been able to makethe ture. But the modern genesis of onceunthinkable leap from an this cottageindustrydates back over-the-boardgame with waning more than adecade to ascandal popularity to wildly popular e- known simply as Toiletgate. sport in amanner of months. Thecontroversy erupted at the “It’saconstant fight,” said Emil 2006 world championships when Sutovsky, the director general of Vladimir Kramnik,ofRussia, was FIDE, the chess’sworld governing accused of taking asuspicious body.Without the chesspolice, “it number of bathroom trips.Though would be impossible to host any no wrongdoing wasprovenand serious events.” Kramnik went on to win the title, Themoment countries across the incident caught the attention of the world began locking down be- acomputer scientist—and an inter- cause of the pandemic,online national chessmaster—in upstate chessexploded. And while the NewYork.His name is KenRegan world’stop players had to flee a and he became obsessed with tournament in Siberia back in flushing out cheaters. March, the most popular “I sawthe game Ilovepoten- chesswebsites suddenly had World chess champion Magnus tially cracking apart,” said Regan, to grapple with regulating Carlsen (top-left) plays an online an associateprofessor of Computer online contestsinwhich any- match against Hikaru Nakamura. Scienceand Engineering at the one with asmartphone can ‘I don’t go out looking for trouble,’ University at Buffalo.“I’m not a beat GarryKasparov. says chess cop Ken Regan (below). vigilantebyany means.Idon’t go Thechessnarcs did more out looking fortrouble.” than just ensureonline Trouble comes looking forhim. games were fair.They made Beforethe pandemic,Regan would surethat chesscould make personally investigateahandful of the biggest transition in its tournamentsayear.Now,hesays, 1,000-year history. They the volume of online playhe’s beefed up complexalgo- asked to siftthrough is “morethan rithms to detect suspicious Ican bear.” In 2020,Regan alone moves.They installed intri- has processed morethan 80,000 cate video monitoring sys- performances. tems in players’homes.They Theunderlying principle is reviewedliterally hundreds based on evaluating aplayer’s of millions of games—and chances of finding the best possi- RIGHT) OM

caught tens of thousands of ble moveoverthe course of a TT

chesscheats, including grandmas- GerardLe-Marechal, head of cheat That’salso whychessinsisted game.Sometimes that movewill be (BO ters. detection forchess.com. on primarily staging in-person obvious.But in key situations,find- O AL In November alone,Chess.com That this is even an issuein eventsuntil the pandemic.Using ing the optimal movecan requirea closed 18,511 accountsfor violating chesstodayisatestament to the technologytocheat in over-the- level of forethought that is beyond BUFF AT the site’sfair-playrules.That’s progresschessengines have made boardtournamentsusually re- the capacity of most humans work- thousands morethan anymonth in over the past 30 years. Powerful quired asmall-scale conspiracy. Fa- with complexcodes that review ing with atime constraint. Finding the company’shistory—and it hap- programs that were oncedeployed mous cases have involved hidden morethan 5million games aday those marginally bettermoves over pened to come in the same month only forhigh-level exhibitions of devices,audiencememberswith on the platform to root out this be- and over is what raises the alarm. that aNetflix showabout chess, man vs.machine arenow accessi- secret phones,and even spectators havior from middling pawn push- In one infamous September inci- LEVERE/UNIVERSITY

“The Queen’sGambit,” proliferated ble to anyglorified checkersplayer communicating moves based on erstothe game’selite. Itsmost ba- dent, Armenian grandmaster Ti- S as the most popular streaming with Wi-Fi. wherethey’restanding. sic systems search forhow oftena gran Petrosian—not to be confused showinthe U.S. “What happened with the com- But on the internet, no one playermatches themoves from with Armenia’sgreatestplayer DOUGLA

Thedatashowedsomething cu- puter programs becoming better knows you’reafraud. “That’s popular computer engines.Its ad- ever,also named Tigran Petro- ); OP

rious.Morepeople were playing than humans and chessnot adapt- wherethe algorithm and secret vanced ones aresointricatethat sian—was pinched forcheating in (T chess. Yetthe fair-playviolations ing definitely stunted the potential saucedoes itsheavy lifting,” Danny they essentially decode aplayer’s the semifinals and finals of an SJ were surging even faster than the of chessonline foratleast ade- Rensch, chess.com’schief chessof- chessDNA by understanding their event. (He denies wrongdoing.) number of overall games.“Which cade,” said HikaruNakamura, the ficer, said. abilities and tendencies so well Petrosian received alifetime ban HUYNH/W

makes us think that there’sbeen an world’stop-rated blitz chess Chess.comhas ateam of two that it canflag when moves stray from chess.comand the ProChess Y

uptick in the rate of cheating,” said player. dozenpeople constantly tinkering toofar afield. League,ateam competition. TIMM

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THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | A15 OPINION A Nasdaq Chief’s Diversity Stunt BOOKSHELF | By Moira Hodgson

It wasal- their self-respecting board politician whose meteoric ca- sections of itspopulation, in Making Her wayspossi- membersrefuse to honor Ms. reer stopped soaring after he some cases because of big- ble that Don- Friedman’s demand that they authored aseries of un- otryand in some cases be- ald Trump’s “self-identify” by race,gender seemly racial shakedowns as cause of what somebody once relentlessly and sexual orientation.) the firsthead of the Obama called the softbigotryoflow Own Black List meretri- Only two yearsago, on be- Consumer Financial Protec- expectations. BUSINESS cious self- ing named to the job,Ms. tion Bureau. Or recall the Other Wall Streeters, WORLD promotion Friedman literally pounded a equally sad fateofHubert though, have funded charter Friends and Enemies would have table to insist her overriding Humphrey III after he associ- schoolsand scholarships to By Holman W. the opposite goal would be to reducethe ated themost illustrious help disadvantaged young- By Barbara Amiel Jenkins, Jr. of theeffect bureaucratic disincentives name in Minnesotapolitics stersmaketheir ownway,in (Pegasus, 592 pages, $29.95) on “norms” that makeapublic listing so with the skeevy1998 national line with their owngifts and that the hand-wringersfret- unattractivetoyoung compa- tobacco settlement. dreams,rather than as future arbara Amiel is the wife of Conrad Black, the news- tedabout. But thereisalso nies.One wonderswhich candidates fortokenism and B paper tycoon who wasconvicted of fraud and went evidence, we must admit, for prospect of an open Senate cronyism.Loading everyday to prison in 2008. Now, a year and a half after his the counter theory. seat changedher priorities. Americans tire of lifewith even moreidentity- pardon from President Donald Trump, comes her memoir, In corporateAmericaat (Leaping to mind is 77-year- politics paranoia is the last atome nearly 600 pages long. When it comes to those who least, CEOs arestill expected old Ben Cardin’sinMaryland, seeing institutions thing Americaneeds.Orturn- have crossed her, the word “pardon” is not in her lexicon. to present themselves as whereMs. Friedman lives and misused for personal ing itsmost accomplished Ms. Amiel leaves no score unsettled in this waspish, humble servants, not as main her family has long been so- businessleadersintobenefi- often scandalous, gossipy, vengeful, intimate chronicle of chancers. Then there’sthe cially prominent.) aggrandizement. ciariesofsocial promotion. her tumultuous life (there’s even a “friends and enemies” Nasdaq stock exchange’sdeci- Because your cynicism is Or metastasizing moreexam- list at the end). It’s also disarmingly frank, funny and very sion to branch intosocial pol- notyet complete, did Imen- ples of elitefavoritism forthe well written. icywith itsproposed require- tion that she wants the Secu- Nasdaq perhaps hasn’t public to be repulsed by. Lord Black of Crossharbour (his full title when he was ment that listed companies rities and ExchangeCommis- joined the media in starting Never mind papering America made a life peer in 2001) was chairman of Hollinger Inter- meet Nasdaq CEO Adena sion notonly to approveher to noticethat last month’s with yetmorerules of the national, the media company that owned, among other Friedman’sgoals fordiversity rule but apply it to other ex- election canberead as are- sort that requirea271-page publications, the Daily Telegraph and the Chicago Sun- on their boards. changes and even private jection of the Trumpism of Nasdaq proposal to explain. Times. After their marriage in 1992, the Blacks led a life of Let’scount the absurdities. companies so Nasdaq won’t the Democratsasmuch as it Even California’sliberal elec- extraordinary opulence: Lincoln Center galas, A-list parties, Shareholdersoflisted compa- be uniquely inconvenienced wasthe Trumpism of Mr. torate signaled last month two private jets, mansions in Kensington and Palm Beach, nies elect their boards and are by itsboss’sforay intoiden- Trump. that crude and invidious affir- an apartment on Park Avenue and ahouse in Toronto. already free if they choose tity-politics brand-building? Honor is the word we’re mativeaction should remain a Then, in 2003, things (and some do) to promotedi- Or that, even as Nasdaq reaching for. AfterMr. Trump, thing of the past. started to unravel as inves- versity goals.Voterselect leg- has failed to reverseadecline afterAdam Schiff, afterMazie Nasdaq already has an im- tigations began into Lord islatorsatthe stateand fed- in listings, she has been pro- Hirono’sinsane insistence portant role in American life, Black’s financial dealings. eral level who, if they think moting apartnership with the that rape chargesagainst any providing liquidity forbusi- Ms. Amiel, who is now 80, thepublic favors it, canpass diversity consulting firm Republicanare always true, nesses and their shareholders. was no stranger to adversity. affirmative-action mandates. Equilar and her ownNasdaq afterJames Comey, the public If Ms.Friedman canbeper- She had a difficult childhood, Nobody elected Nasdaq,as Center forBoardExcellence is perhaps ready forsome- suaded to attend to her day growing up during the Blitz even Ms.Friedman seems to peddle the kind of diversity thing different. job,perhaps it canevenwin in Hendon, a suburb of mutely to concede.Though services companies might There’sabsolutely nothing back forsmall investorssome London, and encountering noncompliant companies in need under her newrule? wrong with diversity.That’s of the opportunities that now anti-Semitism at an early age. theorycould be kicked off the Maybe the public will end whysomanycon men, fraud- go to superwealthyprivate- Her parents divorced when exchange, they won’t be,she up buying Nasdaq’sdiversity stersand cynical self-promot- equity types. If the diversity she was 8. Three years later, says.They will be required to stunt but voters sometimes ersare attractedtoit. No rule washer playfor the per- her stepfather moved the explain publicly whythey gettheir fill of cynicism. Wit- sensible person doesn’t think sonal spotlight, though, she family to Hamilton, a steel aren’t complying.(Here’shop- nessthe abortiverise of Americahas been missing out maynot be as ready forprime town in Ontario. Her mother ing manywill sayit’sbecause RichardCordray, the Ohio on the untapped gifts of large time as she thinks she is. made frequent attempts to kill herself. When Ms. Amiel was 14 she left home, continuing high school while living in rented rooms. Her natural father committed suicide. She started States and Cities Deserve Taxpayer Support using codeine, a morphine derivative. “After taking the tablets my spirits got a hit of euphoria . . . All I needed As Congress putting jobs in the private have joined forces to advocate House and Senate. Thepack- then were an occasional couple of pills.All Ineed noware presses to economyatrisk. forcontinued federal assis- ageomitsitems that many acouple or at max three or four a day.” She swallows them completean This is ahumanitarian chal- tance. TheNational Governors Democratssupport, and in- with a cocktail of Carnation evaporated milk and Ribena, emergency lengebut also amacroeco- Association representsall 50 cludes measures that manyRe- the blackcurrant drink given to British children. Where on Covid-19 relief nomic problem. Reduced state governors, 26 Republicans and publicans oppose.Itissmaller earth did she come up with that concoction? She doesn’t say. bill, aid to and local revenue slowedthe 24 Democrats. On Dec.4,the than House Speaker Nancy Beforeshe became Lady Black, Ms.Amiel had ahugely POLITICS states and lo- recovery from the 2007-09 re- NGA’sleaders—NewYork Dem- Pelosi would like, and larger successfulcareer in journalism. In 1983 she became the & IDEAS calities con- cession, and the Federal Re- ocrat Andrew Cuomo and Ar- than SenateMajority Leader firstwoman editor of adaily Canadian newspaper,the tinues to be a servechairman isn’t alone in kansas Republican Asa Hutchin- MitchMcConnell wants. It is, TorontoSun. She married three times and moved to By William pointofcon- fearing that it could happen son—issued astatement on in short, acompromise.Ithas London, where, in 1986,she became an outspoken conser- A. Galston tention. But again. Jobcreation hasslowed behalf of itsentiremembership. been so long sinceone has vativecolumnist forthe Times.After 9years, she went to the novel cor- forfiveconsecutivemonths, It reads in part: been seen that manyelected the Daily Telegraph. She wasbeautiful, addicted to onavirus respectsneither geo- and the economic recovery officials can’t recognizeit. “raiment,” and had asuccession of lovers, including atoy graphical boundaries nor par- from the pandemic shock Govs.Cuomo and Hutchin- boy“so physically perfect aspecimen that youreally tisan affiliations.Heartland threatens to stall with employ- Covid relief is no ‘blue son made it clear that they re- wanted to put him nude on the mantelpiece.” She declares: states that thought they were ment almost 10 million jobs be- gard this bill as adownpay- “The perception of me wasthat of acool seductress, safeturned rapidly intohot lowits peak in February. The state bailout.’ The ment on alargereffort. “We rippling and swirling through life. And perhaps when you spots. As the costsofcaring official unemployment rate is virus doesn’t respect look forwardtoworking with so describe yourself in spiteofyourself,some of the forthe sick and trying to pro- still high, and it would be Congressand the newAdmin- cheaper characteristics do ruboff on you.” tect the healthyhavesurged, higher if not forthe distressing political boundaries. istration in the newyear on a They do indeed. Modesty is not one of the attributes of taxrevenue hasdeclined decline in labor-force partici- morecomprehensiveCOVID this latter-day Becky Sharp. She writes unblushingly of an sharply.Most states and cities pation. Millions of discouraged relief package,” they wrote. No encounter with a Doberman who licks whipped cream, have responded by cutting Americans have leftthe labor “Governorshavebeen on doubt some born-again deficit “probably horrid artificial stuff,” off her naked body in a their budgetswhile hoping for force, and aslowrecoverywill the front lines sincethe begin- hawks will resist. stranger’s apartment. She relates how in London she meets some assistancefromthe fed- makeitevenharder to get ning of the pandemic,procur- Butthis is abattlefor an- the well-connected party-giver, 68-year-old book publisher eral government. Without it, them back intoit. ing lifesaving medical and per- otherday.Right now, without George Weidenfeld. She finds him physically repulsive. they will be forced to make Despitewhat some politi- sonal protectiveequipment, emergencyrelief,millions of However, “being with him, I thought rather calculatingly, even deeper cuts. cians aresaying,federal assis- establishing field hospitals, Americans facethe termina- gave me access and some status.” So she dutifully gets These cutsmatterbecause tancewouldn’t be a“blue-state and providing economic relief tion of theirunemployment down to business. governorsand mayors are bailout.” Some of the reddest to small businesses and work- benefits. Small businesses that mostly in the businessofdeliv- states areamong the hardest ers. But this is anational crisis, have exhausted the loans they ering services their constitu- hit, not because they spend cutting acrossgeographic,eco- received through the Paycheck A gimlet-eyed chronicle of a glamorous and entsneed. No federal relief profligately but because their nomic and demographic lines, Protection Program will be tumultuous life in journalism that spares no means lessfunding foreduca- economies areespecially vul- and it demands anational,bi- forced to close.Rentersand tion,roads,courtsand police, nerable to disruption by the partisan solution. Congress homeownerswho can’t make one, least of all the author herself. firefightersand motor-vehicle pandemic.Revenue in states should notleave Washington their monthly paymentsface departments. Libraries and that depend on energy taxes— forthe holidayrecesswithout eviction. And stateand local public parkswill be on the Alaska, Wyoming and North enacting amuch-needed COVID officials will be compelled to The affair with Weidenfeld brought her third marriage to chopping block,aswill the Dakota,among others—have relief package.” slash support forthe public an end, after which she was clinically depressed for two- fight against opioid addiction. been hit hardbydeclining oil Thenation’s governorshad services on whichtheir con- and-a-half years. Then she met Conrad Black. He made the State and local payrolls,which prices,ashaverevenuesin aspecific suggestion: Congress stituentsdepend. In these cir- decision to marry her, she writes, when they drove in a have shrunk by 1.3million, will states such as Florida that rely should come together around cumstances,assistanceto Bentley back from a Wiltshire weekend and she requested be cut further,reducing con- heavily on tourism. the $908 billion bill produced states and localities should not that he arrangeher placeatadinner he wasplanning. sumer purchasing powerand Not surprisingly,governors by abipartisan coalition in the be controversial. She wanted to sit next to publishing mogul Robert Maxwell (now deceased) so she could ask him for a job. When Lord Black proposed a few weeks later, they hadn’t even exchanged a kiss. The marriage took place in Chelsea, No More Bishop Nice Guy followedbyalunch given by Ambassador Walter Annenberg at Claridge’s in honor (seriously) of the Queen Mother. By Matthew Hennessey tancing in the pews.What’s tached to the church areslip- ticularly concerned with the After the wedding, Ms. Amiel is thrown into “a mael- missing arethe children. Our ping away. futureofmychurch. Restaura- strom of entertaining and being entertained” by celebrities The Bronx, N.Y. parish is healthy. We have a It’sanunfortunatereality teursand small-businessown- and billionaires. “Just bring patio jewellery,” Texan philan- he Supreme Court dynamic pastor,several faith- that some Christians only at- ersare fighting likehell every thropist Lynn Wyattsays as she proffersaninvitation to T smacked down Gov.An- fulpriests, and avibrant tend services twiceayear day to preserve their liveli- her villa near MonteCarlo.Ms. Amiel writes: “Patio drew Cuomo’s arbitrary neighborhood loaded with even when there’snopan- hoods.It’sinspiring to see or- jewellery, it turned out, meant huge, perfectly spherical limitsonchurch attendancein kids and families.During nor- demic on. This year that mini- dinarypeople stand up to bul- and polished turquoise beads alternating with full-cut certain Covid hot spotslate mal times,the 10:30 a.m. Sun- mal connection is in danger of lies likeMessrs. Cuomo and diamonds.” When banker JacobRothschild inquires last month. Thedecision was dayMasswould feature a being severed. Newsom. But what areAmer- whether the heavy tiarashe’swearing as anecklaceis awelcome reprievefor reli- children’schoir and acorps of America’sreligious leaders ica’sbishops doing to inspire uncomfortable,she replies,“Diamonds,Jacob,are always giousleaders, who have for young altar servers. It would should hear alarm bells.Inour theirflocks? What will they comfortable.” She tells an intervieweratVogue that as a the most part bent over back- be held in theauditorium of aggressively secular world, it do? We aretired of watching girl she wasforcedtowear hand-me-downs.Sonow,she ward to accommodatepan- doesn’t take much to break our leaders kneel before ju- confesses,“Ihaveanextravagancethat knows no bounds.” demic restrictions imposed by the habit of regular worship. nior-varsity Caesars. This comment, inevitably,she lives to regret. civil authorities.But enough Religious leaders have Communities of faith can’t Thereisnoevidencethat One day, walking along the sand in Palm Beach with is enough. America’schurches survivewithout children. the virus is spreading in the Ghislaine Maxwell (currently awaiting trial on charges of should reopen fully,and they been too deferential Theshuttering of churches churches,somymessageto sex trafficking for the late Jeffrey Epstein), the two women should do it now. to unreasonable in the spring caused untold these bishops is this: Show discuss how many bathrooms they have. Ms. Amiel reports, Anyone who thought the pastoral damage.Thousands some backbone.Open the “Mine came to an astonishing thirty-nine.” high court’s5-4 ruling would Covid restrictions. suffered and died alone,with- churches. Get rid of the sign- It comes as no surprise to read that she runs into end government attemptsto out the comfort of abedside up sheets.Nomoreroped-off flagrant anti-Semitism in that WASP haven. At a party she squeeze the right to free exer- spiritual adviser or apriest to pews.Nomore25% capacity. hears it proclaimed outright: “‘You understand,’ said the cise of religion waswrong. theparish high school next administer the sacraments. Call the faithful, young and tall red-trousered man with harmonizing bright reddish Mr.Cuomo dismissed the de- door,toaccommodateabulg- The departed went to eternal old, to communion. Letthe face who was the very first guest I encountered, ‘we simply cision as “irrelevant” and “po- ing congregation of mothers rest without the funeral civil authorities trytoshut it can’t let the Jews into Palm Beach.’” litical.” California Gov.Gavin with strollersand fidgety masses and family gatherings down. Chain yourselves to When Ms. Amiel recounts how quickly her society friends Newsom has imposed a10 tweens in socceruniforms. that aresoimportant to mark the altarsifnecessary. Be and money melted away after her husband’s indictment, it’s p.m. curfew,which would They’reall gone.The choir the passageofalife. When re- the heroes we need youto hard not to feel some sympathy for her. Yet the second half seem to placemidnight Mass is on ice, and alone adult strictions were lifted, sign-up be. of her book, which is devoted to a nonstop detailed account in the category of acriminal serves the priest at the altar. sheetsand parking-lot ser- Thealternativeissubservi- of the trials, betrayals and legal proceedings, is a slog. conspiracy. Fewinthe pews areunder 50. vices did little to bring the ence. Thealternativeisempty Lord Black spent around three years in jail. After the They canceled Easter.Is Perhaps young families have faithful back. pews forever. Thepandemic pardon, Ms. Amiel writes, “for Conrad, the best revenge Christmas next? adjusted their schedules and We aretold lives have been generation maynever come really was to enjoy life.” But that’s not her style. “For me, At my Catholic parish in areattending Massinsmaller savedbykeeping the churches back. the only revenge would be to see our persecutors the North Bronx,the requisite groups,atdifferent times,or half-empty.Doweknowhow guillotined.” masking is in effect, hand watching online from home.I manysouls have been lost? Mr.Hennessey is the Jour- sanitizer is everywhere, and fear,however, that Catholics As a Catholic raising five nal’s deputy editorial features Ms. Hodgson is the author of “It Seemed Like a Good the old regularsare social dis- whoare only marginally at- children in the faith, I’m par- editor. Idea at the Time: My Adventures in Life and Food.” P2JW344000-0-A01600-1------XA

A16 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Fannie and Freddie Conundrum Nasdaq Defends ItsNew Diversity Mandate

olitics sometimes requires choosing the underwriting standards while blessing a Fan The opinions expressed in the edi- cations touch on biological sex, gen- leastbad option. That maybethe best and Fred end-run around statutorylimitsonex- torials “The Woke Nasdaq” (Dec. 2) der identity, expression, presentation P way to assessthe Federal Housing Finance ecutive compensation. and “Nasdaq vs. Warren Buffett” and sexual orientation—New York (Dec. 3) distort Nasdaq’s proposed City officially recognizes 30, with Agency’s(FHFA) eleventh-hour Hence, Treasuryand FHFA A regulator’s plan to new listing requirements. Nasdaq is some being fluid. Wall Street wants push to release government- areconsidering aconsent order not asking the SEC to “impose a to get ahead of and capitalize on the sponsoredenterprises Fannie recapitalize the firms is between the GSEs and FHFA quota system,” nor are we “mandat- woke curve, but should defer to so- Mae and Freddie Mac from that could end government ing” the composition of boards. cial-justice political professionals their 12-year captivity. the least worst option. conservatorship of Fannie and Our duty is, as your editorial says, who are descending on Washington In a better political world, Freddie while binding both the and our proposal to the SEC outlines, and are determined to weave the per- thehousing godzillas would Biden Administration and to provide “transparency for share- fect tapestry of diversity and inclu- have been unwound after the financial crisis. GSEs.Financial regulatorsoften use such orders holders.” sion for all American institutions. RecallCongresscreated theGSEs to guarantee to compel reforms at undercapitalized or incom- Our proposal does precisely that: R. RILEY WILLIAMS mortgages with the purpose of increasing li- pliant banks.Fan and Fred areboth. Nasdaq listed companies should dis- Sarasota, Fla. quidity to the housing market. Their implicit Mr.Calabria recently finalized acapital rule close the diversity of their boards. We propose that companies have at A good director may join a board government backstop allowedthem to expand that would requirethe GSEs to hold acombined least two diverse directors: one who when he or she knows little about the their footprintsand leverage, which yielded $283 billion cushion against losses. They now self-identifies as female, and one who business, and then learn on the job, enormous profits. have apaltry$35 billion. TheGSEs and housing self-identifies as either an underrep- so to speak. But to do that a candi- When the housing bubble burst, Fannie and lobby complain the rule is tooonerous and will resented minority or LGBTQ+. Com- date must know something about Freddie were stuck with enormous losses on no doubt push the Biden team to weaken it. panies would be given time to meet how businesses work in general. A toxic mortgages.Atthat point they should have Aconsent decree could hard-wirestrict capi- this objective. Those who can’t, or candidate who has experience in an- been placed in receivership.But the Bush Trea- talrequirementssoBiden appointees couldn’t don’t believe it’s appropriate, have other business, brings an open mind suryopted for conservatorship under regula- water them down. It also could and should in- the option to explain why. Our pro- and can read a financial statement tory control by the FHFA. clude limits on the GSE investment portfolios, posal preserves each company’s deci- may become a solid director. But an With a$190 billion injection from Treasury, guarantee activities (e.g., no cash-out refi- sion-making authority over its board activist who has an ax to grind and they gained anew lease on life. In return, Trea- nances and vacation homes) and dividends. If while advancing an important dia- no experience in making major busi- logue among its shareholders. ness decisions or in understanding suryreceived preferred senior stock,which the the GSEs aretobereleased, they need to be Investors increasingly care about the financial structure of the enter- giantsweresupposed to paya10% dividend on kept on a tight leash. diversity and governance, as evi- prise is unlikely to serve the share- liquidation preference, and warrantstoacquire iii denced by the surge in net asset holders’ interests well. 79.9% of common shares. The GSEs were also Predictably,the GSEs,Wall Street investors flows into ESG-focused strategies TIM KELLY supposed to payafee forthe government’s and housing lobby aremobilizing their friends from $4 billion in 2016 to $40 billion Naples, Fla. open-ended credit. in Washington. Thehousing lobby would prefer in 2020. Our disclosure-based pro- Because they were unable to paythe re- to keep the GSEs enslavedtoaBiden Adminis- posal provides investors with greater You note that in its SEC filing the quired dividend or fee, Treasuryin2012 began tration so they canbeused to juicehousing.To transparency about board composi- Nasdaq cites that “multiple studies” sweeping their net earnings. Fanand Fred increase their capital, Fannie and Freddie would tion. This only serves to enhance in- show that increasing the number of shareholdersonWall Street arguethat the gov- have to raise the fees they charge fortheir loan vestor confidence in the director se- women on corporate boards improves lection process. financial performance. These claims ernment has unfairly appropriated hundreds of guarantee,which could crimp profitsfor mort- Nasdaq is required by the SEC to tend not to be based on rigorous billions of dollars in profits. But Treasury still gage originators. Higher fees and restrictions protect investors and promote the analyses. hasn’t come close to being repaid what it was could also take some wind out of the refinance public interest. While capitalism has These findings have recently been originally owedunder the 2008 agreement for boom. None of this will do much harm in aroar- shown that it can improve the lives codified in three major meta-analyses rescuing the giants. ing housing market. of billions, trust and support for the of hundreds of rigorous academic TheGSEs also owe their profitstotheir tax- Meanwhile, Wall Street investors want the markets will only be maintained if its studies. The most recent meta-analy- payerbackstop,which allows them to underprice Trump Administration to release the godzillas workings and results are shared by sis examined the results of 40 aca- competitors. Their businessmodel is essentially without chains.Itcould take the GSEs adecade all of society. We hope our proposal, demic studies, and “no significant to privatizeprofits and socializerisk.Ingood to retain enough capital to meet Mr.Calabria’s which aims to increase transparency correlation [was] found.” Another in- times,shareholdersand executives makeout like rule. Selling new shares could help them raise about diversity in corporate America, tegration of 140 scholarly articles banditswhile taxpayers payfor losses in the bad capital faster and paydividends sooner,but re- can be part of the solution. concluded that female representation NELSON GRIGGS on boards is “neither wholly detri- times.Idaho Sen. MikeCrapo and former Texas strictions on activities will limit the return on President, Nasdaq Stock Exchange mental nor wholly beneficial to firm Rep.Jeb Hensarling have tried to roll reform up equity.Given their implicit government guaran- New York financial performance.” A 2015 study Capitol Hill only to have it crash back down as tee, this is hardly too much to ask. analyzed 20 rigorously selected peer- soon as Fannie and Freddie mobilizetheir Some MembersofCongressargue that GSEs With regard to Nasdaq’s opening reviewed articles, and found that “a friends in the housing lobby. haven’t fully repaid taxpayers.Fair enough, and bid on board diversity, why pick just higher representation of females on iii aconsent order should requirethe GSEs to pay gender, race or sexual orientation as corporate boards is neither related to All of this is context for negotiations now fortheir implicit government backstop and the basis for proper board diversity? an increase, nor to a decrease in firm taking place between Treasury Secretary Ste- Treasury’s senior preferred shares over time. What about economic class, age, financial performance . . . these re- venMnuchin and FHFADirector Mark Calabria They shouldn’tbeallowedtopay dividends un- work status, religion, marital status, sults do not support the business to release the GSEs beforethey aresufficiently til they do. political affiliation, union member- case for diversity.” (Notably, seven of reformed or recapitalized. Mr. Calabria’s term But the risk to taxpayers nowofkeeping Fan- ship, area of residence, disability sta- the nine academic researchers cited tus, etc.? Yet even if Nasdaq sticks in this paragraph are female.) ends in 2024, but the Supreme Court is hearing nie and Freddie in government captivity proba- with its trendy, narrow policy for di- Advocates of quotas for women on a case Wednesday about limits on the Presi- bly outweighs that of releasing them with aball versity, gender, race and sexual-orien- boards—not only from Nasdaq, but dent’s ability to removethe FHFAhead at will. and chain. Aconsent order,unfortunately,won’t tation definitions are in flux. More also those from the state of Califor- Joe Biden would likely replace Mr. Calabria last forever. But if Congress can’t muster the than 10% of babies born in America nia—should be called upon to demon- with a more permissive overseer like Obama- political will to end their guarantee, then Mr. now have one white and one non- strate the financial associations that appointed director Mel Watt,who loweredGSE Calabria’s plan is the least bad policy. white parent. When does one have they assert. None appear to be based enough nonwhite blood or dark on rigorous academic study. enough shade of skin color to qualify PROF. LORI VERSTEGEN RYAN Chuck Yeager as a racial minority? LGBTQ+ classifi- San Diego State University

here aren’t manygiantsinAmerican first sonic boom. “And that was it,” he wrote. life, and on Mondaywelost another. “After all the anticipation to achieve this mo- T Chuck Yeager,the firstman to travel ment, it really was a let-down.” The Human Cost of Massive Plant Closures faster than the speed of sound, died in his home But by then he had defied death more often “Closed GM Factory Spawns Wave well. His sacrifice kept an awkward at the age of 97. than anybody knew. As apilot in World WarII, of Industrial Migrants” (Page One, and shy 13-year-old boy from being In 1947,Yeager,ayoung Air Forcepilot from Yeager shot down at least 13 enemyfighters. He Nov. 30) left me in tears, as it re- uprooted from his friends and the the little town of Hamlin, W.Va., waschosen to once downed five German aircraft in a single minded me of my father’s sacrifice for only home he had ever known. fly a rocket-propelled plane, the Bell XS-1, on day. Yeager wasshot down himself over France, his family. In the early 1980s, my dad At the time, I realized the benefit asupersonic flight over the Mojave Desert. On but made it acrossthe Pyrenees and intoSpain, lost a good factory job with Clark to myself. However, it was only in ret- October 14 he flew the plane, which he named sometimes disguised as apeasant and carrying Equipment Co. in Jackson, Mich. After rospect that I appreciated the high Glamorous Glennis afterhis wife, at aspeed of a wounded companion. When the war ended, two years of unemployment, he fi- cost that my dad paid to provide for nally found another good-paying job his family with the least disruption to Mach 1.06—700 miles per hour. The night be- Captain Yeager was 22. 200 miles away with BorgWarner. our lives. I thank my dad, John Mul- fore he had broken two ribs by falling off a He led missions in the Korean and Vietnam During my freshman year in high laly, for his sacrifice. I would also like horse,and he could barely reach up to seal the Wars, too, and spent a well-earned retirement school, my dad moved into an apart- to tell the GM workers that though hatch, but only his wifeand aclose friend knew giving speeches and conducting himself with ment in Muncie, Ind. Lordstown no longer makes cars, about it. decencyand honor.Chuck Yeager wasanAmer- For much of the last five years of from what I read, it still makes great In a1985 memoir,Yeager famously expressed ican of an older,rarer kind: ready to take arisk his life, he felt the pain and endured fathers and husbands. his sense of disappointment at crossing the forhis country, courageous beyond measure, ut- the challenges of being separated TIMOTHY MULLALY threshold of sound and creating the world’s terly without pretense. from his family. So much in the sto- Memphis, Tenn. ries of these GM workers who left their families behind when the factory Trump’s Defense Bill Kamikaze Run in Lordstown, Ohio, shut down—such Louis Pasteur Had Good as rooming with a workmate, taking a Advice About Luck and Life lot of overtime and coming home only resident Trump deserves credit forre- munications DecencyAct of 1996. on weekends—my dad experienced as Bob Brody’s “It’sThanksgiving,as building America’sarmed forces,soit’s Section 230 might deservesome limitsgiven Luck Would Have It” (op-ed, Nov.25) P apity his parting shot is avetospecta- howbroadly courtshaveinterpreted itsliabil- rightly suggestsweshould appreciate cleoveradefense policybill. ity protections,asJustice The First Amendment, our good luck when good thingscome Mr.Trump won’t extract what His veto threat could ClarenceThomas recently ar- Churches and Public Health our way.Henotes that attitudes and he wantsbut he might harm end up hurting his own gued. But eliminating it could behavior caninfluenceour luck,possi- some of his ownpriorities have major economic conse- Robert Sommers posits that bly steering us away from bad luck. with friendly fire. policy priorities. quencesthat Congressmight “quickly” going in and out of the li- His piecereminded me of one of my Congressthis week is vot- later regret, and this quor store is less likely to spread the favoriteironic quotes,attributed to coronavirus than attending church Louis Pasteur: “Chanceonly favors the ing on the 2021 National De- shouldn’t be rushed through (Letters, Dec. 3). In the Archdiocese mind which is prepared.” fense Authorization Act, which setspolicyout- with only tokendebate. of Chicago, which ministers to 2.2. CHARLES PIPER lines forthe militaryand national security.This Theauthorization looked poised to passthe million Catholics, we wear masks, Lake Oswego, Ore. year’s iteration includes several good provisions House at our deadline and is expected to pass sanitize our hands (two times after toughening U.S. China policy. One establishes a the Senate. But an open question is whether the entering church), sit two pews apart Pacific DeterrenceInitiativethat authorizes House and Senatecan muster the two-thirds in assigned seats, with only two to Pepper ... $2.2 billion for, among other things, putting majority required to override aveto. Some Re- four people per pew (depending on And Salt more militaryassetsinChina’sbackyard and publicans will be reluctant to buck President family size). We don’t sing at all. We conducting exercises with allies. Trumpevennow,and some Democratsmay don’t “inhale and exhale forcefully” THE WALL STREET JOURNAL Thebill also authorizes programs forover- think they canextractmoreoftheir priorities while praying. Oh, and we register for hauling an aging nuclear deterrent, aTrump pri- by reopening negotiations in Januarywith a contact tracing every time we attend Mass. ority.“We cannot overemphasizethe immediate newCongressand President. In addition, our Catholic school need to modernizeour nuclear deliverysystems Aparticular headache is that hazardpay and children have been in classroom at- and stockpile,” civilian and uniformed defense certain other types of special payfor service tendance consistently since Septem- officials told the SenateintestimonyinSeptem- membersexpires at the end of the year.Accord- ber with fewer than 10 possible cases ber.They warned that “decades of deferred in- ing to estimates provided to us by the House of secondary spread, according to a vestmentsinnuclear warheads” and surround- Armed Services Committee, alapse in January Nov. 22 story by NBC news. ing infrastructurehas stretched systems “well would put at risk the hazardpay received by I assume Mr. Sommers’s local li- beyond their original servicelives.” nearly 250,000 servicemembers. Themedia quor store follows similar protocols? Not all of the bill is worth passing,and a will inevitably blame Republicans. NANCY RIESBECK veto threat from President Trump wouldn’t Making the Pentagon wait on politics to get Palos Heights, Ill. have been a kamikaze run if it were over more going on projectsalso inevitably resultsinthe Lettersintended forpublication investment in hypersonic missiles or more delays and inefficiencies that Mr.Trump has should be emailed to [email protected]. ships.But Mr.Trump has takenthe defense bill rightly criticized. Thelargerrisk of failurenow Please include your city, stateand hostageinhis crusade against social-media is that come JanuaryJoe Biden and Nancy telephone number.All letters aresub- “I think we’re nearing Montana— companies, saying that he won’t sign it unless Pelosi will remakethe outline in waysthat ject to editing,and unpublished letters I’m getting an urge to cannot be acknowledged. it includes arepeal of Section 230 of the Com- weaken the nation’sdefenses. wear plaid flannel.” P2JW344000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | A17 OPINION Profit KeepsCorporateLeadersHonest The Economy NeedsaLittle By Alexander William Salter stances and don’t consider the cost. Othersmay think it looks good in a he World Economic Forum pressrelease and will never go any- More PPP knows never to let agood where. Athirdgroup mayaspireto crisis go to waste. Theor- jobs in government and see champi- T ganization behind the fa- oning corporatesocial responsibility By Glenn Hubbard mous conferenceofpoliti- as abridge. And Michael R. Strain cians,executives,celebrities and Finally,thereare those who think “thought leaders” at Davosisnow they canbenefit personally from the ith the coronavirus surging promoting an initiativecalled “The reduced corporate efficiency. As W and colder weather limiting Great Reset.” Theidea is to repack- businesses redirect cash flow from outdoor activities,the econ- ageshibboleths of the technocratic profit-directeduses to social priori- omyneeds another round of fiscal center-leftfor the marketing oppor- ties,lucrativepositions of manage- policy support. Aid to small busi- tunity presented by Covid-19. ment, consulting,oversight and more nesses should be part of anyfederal Quiteafew of these policies are will have to be created. They’llfill package, but it should be structured dangerous,but one deserves special them.This is rent-seeking,enabled somewhat differently than the origi- attention: stakeholder capitalism. by thegrowing confluenceofbusi- nal Paycheck Protection Program. Apple,Facebook,IBM and Walmart, nessand government, and enhanced Yes, the economyadded 245,000 all listed as corporatepartnerson E by contemporarysocial pieties. jobs in November,and the unemploy- OW

the World Economic Forumwebsite, CR TheWorld Economic Forumloves ment rate fell to 6.7%. But the paceof areevidently on boardwith avague to discussthe need for“global gover- job gains is notably slowerthan the and open-ended mandatefor corpo- CHAD nance,” but the Davoscrowd knows 2.7million net newjobs added in rations to do good in the world. Yet their bottomlines. stakeholder theoryand woke capital- this type of social engineering can’t Mayand the 4.8million added in beneath the lofty rhetoric,stake- Theself-perceived aristoi of West- ism makes foranespecially danger- be achieved by governmentsalone. June.Consumer spending is slowing, holder capitalism is mostly afront ern liberal democracies hated this ar- ous and accountability-thwarting Multinational corporations arein- and consumer confidenceisweaken- forirresponsible corporatism. It is gument and have fought it ever combination. creasingly independentauthorities. ing.The household savingsratehas an attempt to siphon off cash flow since. Business leaders, eager to Bettertoavoid it. Sinceprofits re- Their cooperation is essential. plummeted sinceApril, as consumers from productiveuses to advance avoid the moral taint of greed, have sult from increasing revenue and cut- Endorsementsofstakeholder capi- burn through savings. Afterare- the mission of “global governance” oftenled the anti-Friedman coalition. ting costs, businesses that put prof- talism should be viewedagainst this markable recovery this spring,adou- and createcorporateand govern- In 2019 the CEOs of the Business itsfirst have to work hardtogive backdrop.Ifitiswidely adopted, the ble-dip recession is in the cards. ment sinecures forcronies along Roundtable released astatement af- customersmorewhile using less. In predictable result will be atrophied theway. firming that they “endeavorevery short, profitsare an elegant and par- corporateresponsibility as business daytocreatevalue forall our stake- simonious way of promoting effi- leaders behave increasingly like Thenextversion of the holders, whose long-term interests ciency within abusinessaswell as global bureaucrats. Stakeholder capi- Paycheck Protection ‘Stakeholder capitalism’ areinseparable.” By stakeholders societyatlarge. talism is todayameans of acquiring allows the Davos crowd to they mean “customers, employees, Stakeholder capitalism ruptures corporatebuy-in to the Davospoliti- Programshould focus on suppliers, communities and share- this process. When other goals com- calagenda. helping smaller firms. obfuscate what counts as holders.” petewith the mandatetomaximize Friedman knewwell the kind of As National Review’sAndrew Stut- returns,the feedback loop created by corporateofficer who proteststoo success for a business. taford notes,this vision of wide-rang- profitsgetsweaker.Lowerrevenues much againstprofit-seeking: “Busi- ing corporatebeneficenceintroduces and higher costsnolonger giveown- nessmen who talk this way areun- That recovery wasaided by PPP, ahost of principal-agent problems in ersand corporateofficersthe infor- witting puppetsofthe intellectual created as part of the Cares Act to Milton Friedman famously fixed ordinarybusinessdecision-making. mation they need to makehard forces that have been undermining provide forgivable loans—essentially the modern paradigm of shareholder Profit is aconcreteand clarifying choices.The result is increased inter- the basis of afreesociety these past grantstofinanceoperating costs—to capitalism in a1970 article.Writing metric that allows shareholders— nal conflict: Ownerswill jockey decades.” He wasright then, and he businesses with fewerthan 500 em- against the dangersheperceived in owners—tohold executives account- among themselves forthe powerto is right now. We should reject stake- ployees.Our research shows that PPP popular notions of corporatesocial able fortheir performance. Adding determine the corporation’spriori- holder capitalism as amisconception supported employment and increased responsibility,Friedman argued that multiple goals not related to profit ties.Corporateofficerswill be harder of the vocation of business. If we financial health in the small-business the chief duty of businesswas “to introduces needless confusion. to discipline,because poor perfor- don’t defend shareholder capitalism sector.Inaddition, PPP supported la- use itsresourcesand engageinactiv- This is no accident. Stakeholder mancecan always be justified by vigorously,we’ll see firsthand that bor demand and is reducing the ities designed to increase itsprofits capitalism is used as away to obfus- pointing to broader social goals.And thereare manymoreinsidious things length of the recovery by helping so long as it stays within the rules of cate what countsassuccess in busi- the morethese broader goals take businesses canpursue than profit. small businesses—the potential em- the game,which is to say, engages in ness. By focusing lessonprofits and precedence, the morebusinesses will ployers of anyunemployedworkers— open and free competition without moreonvague social values,“en- useupscarceresourcestodeliver di- Mr. Salter is an associate profes- to surviveoverthe spring,summer deception fraud.” Friedman noted lightened” executives will find it eas- minishing benefitstocustomers. sor of economics in the Rawls College and fall. correctly that, in amarket economy, ier to avoid accountability even as Given these problems,why would of Business at Texas Tech University, At this point, though, manysmall profitsrepresent value created for they squander businessresources. prominent corporations sign on to afellow at Texas Tech’s Free Market businesses arerunning on fumes.The customers. In their capacity as cor- While trying to makebusinessabout the Great Reset? Some people within Institute, and asenior fellow with the next round of PPP should makefour porate officers, businessmen could “social justice” is always concerning, the organizations maysimply prefer American Institute for Economic Re- changes from itsoriginal structure: do the most good by focusing on the contemporaryconjunction of that firms take politically correct search’s Sound Money Project. • Focus on smaller firms. Our re- search suggeststhey arethe most re- sponsiveand likely most in need. A 300-employeecap seems reasonable. The Best Herd Immunity Money Can Buy • Offer stronger assurances to banks that they will be held harm- Howmuch would One way to go is using carrotsin- so,heargues,the downside of not asking people about trust in govern- less—including from ex post enforce- the government stead of sticks.Telling people they reaching the necessaryimmunity ment in 1958,about 75%ofrespon- ment actions—if borrowers misrepre- have to payyou to can’t flyorsend their kids to school threshold is worth the risk of over- dentssaid they “trusted government sent themselves. Congressshould take the Covid-19 maywork in some cases,but there’s compensating people.“If the nation to do the right thing almost always include languagetothis effect in the vaccine? evidencethat paying people to get doesn’t gettoherdimmunity once or most of the time.” By 2019 that statute, but the TreasuryDepartment Formost of us, vaccinated might be moreeffective. thevaccine becomes widely avail- number hadfallen to 17%. should find away to encouragebanks UPWARD it’sasilly question. In atypical year,lessthan half of able andhas been independently Some of the resistancetotaking to extend PPP loans to businesses MOBILITY Recentpolls show American adultsbother to getflu validated, we’reall out of luck: the the vaccine is driven by anti-vaxxer that aren’t existing customersand that around 60% of shots. But a2015 study conducted economywill continue to struggle quackerythat predates Covid. Much help those funds gettothe most vul- By Jason L. Americans plan to by economistsatSwarthmoreCol- with aweight on itschest, and of it also stems from the hypocrisy nerable small businesses,including Riley getvaccinated as lege found that offering people a American society won’t getback to on displaythis year by politicians minority-owned ones. soon as possible and $30 reward wasenough to increase normal,” Mr.Litan writes.“Any whoignoretheir ownlockdown or- • Make publicly traded small busi- need no monetaryincentivetodo vaccination ratesby12percentage overpayment is simply part of the ders, and by health officials whose nesses ineligible for PPP loans. These so.The problem is that a60% vacci- points. price Americans would have to pay, social-distancing guidelines some- firms have access to capital markets. nation rate maynot do the trick.Dr. given our deep political divisions,” howexempted people who wanted They should borrow—and their AnthonyFauci said this week that to to “get all of our lives back.” to attend certain street protestsbut shareholdersshould take losses—be- keep the virus from finding new Paying people to getthe With mixed resultsoverthe de- not people who wanted to attend fore they receiveany taxpayerfunds. hosts, social distancing should con- cades,people have been paid to lose church services. • Impose atime limit. TheU.S. tinue until 75%to80% of the popu- Covid-19 shot maybethe weight, stop smoking and showup Covid checks won’t repair this economycan’t lose the productive lation is vaccinated. waytoovercome skepticism on time.And while obesity,lung damage, but they could still help us capacity of manysmall businesses With several vaccines on the cancer and tardinessaren’t commu- beat back the pandemic,especially because they couldn’t weather a vergeofbeing approved, talk has about thevaccine. nicable diseases,these experiments among lower-income Americans, once-in-a-centurypandemic.But understandably turned to distribu- showthat with the right incentives who have expressed moreskepticism onceavaccine has been widely dis- tion. Whoshould be at the head of human behavior is malleable at the about getting vaccinated. Immunolo- tributed, small businesses will need the line,health-careworkersorel- Agrowing number of high-profile margins.Inanearlier era, perhaps gistsliketosay that it isn’t the vac- to sink or swim on their own. Those derly residentsoflong-term-carefa- economistshavecalled forusing the public could be persuaded to cine that saveslives,it’sthe vaccina- that can’t adapt to the postvirus cilities? Do we giveitfirst to the such amodel to addressCovid. They take the politicians and health ex- tion program. Thefirst-order economyshouldn’t be propped up by people most likely to die from Covid include Paul Romer, aNobel Prize pertsattheir word.Those days are problem is making sureenough peo- the government. An expiration date or to the people most likely to winner;N.GregMankiw,chairman long gone.When pollstersbegan ple getwith the program. pegged to the wide distribution of spread it? At some point, these of the Council of Economic Advisers vaccines would be reasonable. questions will have to be addressed, under George W. Bush;and Steven Twoideas that have found sup- but they areall secondaryto Levittof“Freakonomics” fame.A port on theHill should be rejected. whether we canget enough people proposal floated in August by Robert Paralyzed by Polio in 1951, PPPshouldn’t include revenue-de- vaccinated. Litan of the BrookingsInstitution clinetests, offering largergrantsto At this point, we still don’t even would offer $1,000 to 275million businesses with biggerrevenue knowhow well the vaccines will Americans, or roughly 80% of the My Mother Didn’t Give Up drops.Ifrevenue testsare forward work.Weknowhow they fared in population, to take the vaccine.The looking, they operateasastraight- clinical trials,but previous vaccines cost would be about $275billion—a By Randall Thacker Salt Lake County Hospital’s polio iso- forwardsuccess tax, incentivizing have proven to be lesseffectiveout- large number,but not in comparison lation ward,whereshe had to dis- businesses to earn lessrevenue.If side clinical settings. People who en- to the trillions we’vealready spent ymother,Myrna Nielson pose of all her belongingsand any they arebackward-looking,they offer roll in clinical trials tend, among battling Covid. Congressiscurrently M Thacker,got polio just after visits were severely restricted. largergrantstothe businesses that otherthings, to be healthier than contemplating yetanother pandemic Thanksgiving 1951, when she Forayoung teenager,the isola- arelesslikely to surviveinthe post- thepublic at large and easier for relief packagewith apricetag of at was14. She had spent the long week- tion and paralysis were overwhelm- virus economy. Either way,the sug- doctorstoobserve. But assuming least $900 billion. end with family in Salt Lake City.On ing.She wrotethat she could hardly gestions we offer areabetterway to that the vaccines areeffective, how Mr.Litan acknowledges that un- returning home 50 miles south in sleep at night. But she noticed a target PPP funds. do youconvinceenough people to der such ascheme,wewould be Spanish Fork,she experienced afever, light bulb in the hallway, which be- And Congressshouldn’t attempt to getinoculated at atime when public paying hundreds of millions of numbnessand stiffnessinher feet came acomfort to her and “taught target particular industries.Itwould trust in government institutions is Americans to do something they and legs, and excruciating pain in her me how important light is in lifting be amistaketooffer PPP to the res- at historic lows? were already planning to do.Even back.Within afew days,she waspar- our spirits. It gavemesomething to taurant industrybut not to the,say, alyzedfromthe waist down. focus on instead of the pain.” personal-careindustry. Industrial Polio wasthe pandemic of the LikeCovid-19,polio greatlyaf- policyofthis sort would misallocate early 1950s.Aswith the coronavirus, fected the lungs. Outside her door sat capital in away that would slowthe PUBLISHED SINCE 1889 BY DOWJONES&COMPANY many of those infected had little or an iron lung,a6-foot-long tank on economy’stransition to apost-virus Rupert Murdoch Robert Thomson no symptoms.But forabout 1% of in- legs, open at one end. Thenurse newnormal. Congressdoesn’t know Executive Chairman, News Corp Chief Executive Officer, News Corp fections it entered the central ner- would slide apatientinfeet first, on betterthan marketswhich industries Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher vous system, and in 1 of 1,000 cases astretcher,and the whole body would to support. PPP eligibility should be Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: it progressed to paralysis.Flulike be enclosed, except forthe head. The broad based, and shouldn’t favorpar- Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; symptoms created fear that youhad iron lung helped the polio patient to ticular industries or firms. Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; apotentially deadly virus.Then as breathe.Mymother never needed it, Congress has done aremarkable News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; now, everyone was learning in real but dozens of other patientsdid. job ensuring that catastrophic losses Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer time.Doctors, nurses,therapistsand Some never fully regained the ability in the small-businesssector don’t Andrew Dowell, Asia; AnthonyGalloway, Video & scientistsworked to find treatments to breathe on their own. cripplethe economyfor yearsto Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; while waiting for a vaccine. Polio wasaround forcenturies but come.But the job isn’t finished. The Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; Aftermymother wasdiagnosed didn’t reach pandemic proportions economyneeds two morequartersof Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; by aSpanish Fork doctor,her par- until the early 20th century. Avac- PPP.And then we canput that pro- Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News entstook her to Salt Lake City. cine wasfinally developed in 1955. gram—and thevirus that made it Thomas SanFilippo, Customer Service; When apoliceman pulled them over We canlearn alot from the stories of necessary—behind us. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; forspeeding,mygrandfather ex- polio survivors, likemymother,who Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; plained the situation. Theofficer es- lived through that earlier pandemic Mr. Hubbard, aprofessor of eco- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International corted them the rest of the way to and became strong and resilient hu- nomics and finance at Columbia, was WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: the hospital. man beings. chairman of the Council of Economic LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Temporarypolio isolation units, Advisers under President George W.

EDITORIAL AND CORPORATEHEADQUARTERS: likethose we’veseen erected in Mr.Thacker recently published his Bush.Mr. Strain is director of eco- 1211 Avenue of the Americas, New York, N.Y., 10036 some coronavirus hot spots, were mother’s memoir, “Never Give Up: nomic policy studies at the American Telephone 1-800-DOWJONES common. She wasadmittedtothe Triumphing Over Polio.” Enterprise Institute. P2JW344000-0-A01800-1------XA

A18 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | B1

S&P 3702.25 À 0.28% S&P FIN g 0.06% S&P IT À 0.35% DJ TRANS À 0.41% WSJ $ IDX À 0.08% LIBOR 3M 0.230 NIKKEI 26467.08 g 0.30% See more at WSJ.com/Markets DoorDashPrices IPO Above Range Nielsen

Delivery company U.S. rankings of app downloads in the food and drink category, Quarterly revenue Plans raises $3.37 billion in seven-day moving average* $1.5billion offering in latest sign of 1 DoorDash Ratings Uber Eats market euphoria Uber Eats

BY MAUREEN FARRELL 5 Overhaul 1.0 Grubhub DoorDash Inc.priced DoorDash shares in itsinitial public of- BY SAHIL PATEL fering at about $102 apiece, according to people familiar Nielsen Holdings PLC said 10 0.5 with the matter, asign of Grubhub it would replaceits current TV strength both forthe meal-de- ratingssystemby2024with a liverycompany and the over- metric that incorporates digi- all IPO market. talviewing including stream- Thepriceequates to Postmates Postmates ing TV as well as the current roughly $39 billion using a 15 0 traditional audiences, a shift fully diluted sharecount and Jan. Dec. 1Q 2Q 3Q 4Q 1Q 2Q 3Q that could transform howTV includingproceeds from the 2020 2019 ’20 and digital video ads are offering,which raised $3.37 bought and sold in the future. billion. It is abovethe $90 to But as the TV industry’stop U.S. market shareamong topfood-delivery companies by metroarea, in the thirdquarterofeach year $95 asharerangethe San measurement firm tries to Franciscocompanyhad been Houston Dallas Philadelphia Washington, D.C. catchupwith the way audi- targeting afterboosting initial 100% ences watchnow,itwill re- expectations it established Uber Eats quirethe approval of TV net- last week. 75 works, walled-off tech giants The$102 IPO pricecaps a and advertisers. Nielsen will Postmates stunning run-up in the com- also have to integrateits tech- Grubhub 50 pany’s valuation and marks 62 62 56 54 nology across different plat- DoorDash 52% 51 46 the latest sign of euphoria in 25 42% 45 forms and datasourcestoen- the IPO market. Earlier this 35 surethat the information it 25% year,DoorDash wasprivately 0 8% reports is comparable across valued at morethan $15 bil- differentscreens,platforms lion,upfrom$1.4billion in 2018 ’19 ’20 and content types,industry 2018. executives said. Fueled by asurging stock Chicago LosAngeles NewYork Miami At stake is more than $60 market and the stellar perfor- 100% billion that is spent on TV ads manceofrecent technology Uber Eats in the U.S. everyyear,aswell 75 listings, the IPO market has Postmates as tens of billions of additional already set arecord. So far in dollarsfor digital video and 2020,morethan $140 billion 50 streaming ads. Grubhub has been raised on U.S. ex- Nielsen plans to introduce changes,far exceeding the 33 34 25 the newmeasurement product 26% 29 31 24 26 previous full-year record set DoorDash 20% 13% 18 in the fourth quarter of 2022 at the height of the dot-com 0 7% 17 and secureits adoption by ad boom in 1999,according to 2018 ’19 ’20 sellersand buyersbythe start

Dealogic datathat dateto *For iPhone and Google Play of the fall 2024TVseason. In 1995. Note: Uber Eats acquired Postmates in July 2020 2021, the firm plans to start SinceDoorDash’sroadshow Sources: App Annie (app rankings); the companies, S&P Capital IQ (revenue); Second Measure (market share) previewing the newdata began last week,investors alongside the existing ratings have shown strong interest in Investorshavebeen excited demic and by itsability to on $675million in revenue, This week is shaping up to product. the offering,prompting the by the company’sstrong conquer local marketsquickly though it reverted to anet be one of the biggest of the “2024iswhen we take companytoboost the price growth as consumersmove and showprofits.Inthe quar- lossthe next quarter even as year forthe new-issue market. away the old stuff and just do rangefromaninitial $75to away from dining in restau- terended in June,DoorDash revenue jumped to $879 mil- Aday afterDoorDash’sdebut, it in this newway,” said David $85 ashare. rantsduring the Covid-19 pan- posted aprofitof$23 million lion. PleaseturntopageB4 Kenny, chief executiveofNiel- sen. Nielsen hopes ad buyers andsellerstransition to the McDonald’stoEnd Rebate on HappyMeal new system earlier, but they will need to reviewthe new dataand incorporateitinto their buying and selling pro- BY HEATHER HADDON sult. Thechildren’smeals sell demic have heightened those next year,including in aloyalty panyhadn’t properly accounted cesses beforethat happens, foranaverage of $3.76nation- tensions. program. forthe costsofthe upgrades or Mr.Kennysaid. “I don’t think Some McDonald’s Corp. ally,McDonald’ssaid. Franchi- McDonald’srelations with Franchisees said they have proved that they areworth- we canmakeachangeofthis franchiseessaid they would sees could raise prices 20 cents franchiseeshad improved re- grownincreasingly skeptical of while. magnitude that affectsovera raise prices on Happy Meals af- or moretooffset the cost. cently from the start of the pan- fees McDonald’schargesthem “McDonald’sdeserves the $100 billion of trading without terthe companyrevokes a McDonald’sexecutives said in a demic as sales have grown fortechnology, including to best-in-classtechnology. This is giving the market notice and longstanding rebate, escalating meeting with U.S. franchisees thanks to rising demand partic- drive-through operating sys- not,” the association said in an thechancetocomparedata tensions between the fast-food about the fees on Mondaythat ularly at the chain’sdrive- tems.Technologyinvestments email to membersonTuesday. andworkflows,” he said. giant and U.S. restaurant opera- ownersare free to raise prices. throughs.But the end of the re- cost around $10,000 arestau- Thecompanysaid that it has Nielsen said last month that tors. “The family businessisab- bateonHappy Meal toys and rant this year,according to been working with McDonald’s it would soon shiftfrom McDonald’ssaid that in Jan- solutely apriority.Wejust be- additional fees that McDonald’s companydata. McDonald’s said franchisees formorethan a averaging viewers forall uaryitwill end aroughly $300- lievethe dollarsare betterin- will charge franchisees related that it will begin billing $423 year on the technologyfees. commercials within aTVpro- a-month subsidy it has paid vested elsewhere,” said Charlie to technologyhaveraised ten- monthly for12months starting McDonald’ssaid the fees are gram to measuring each ad in- each of its14,000 U.S. restau- Strong,chief field officer for sionsbetween executives and in March to recoverwhat the being added as franchisees dividually. rantsfor yearstosubsidizethe McDonald’sU.S.A.,during the operatorsagain. companysaid amounted to $70 bookrecordcash flow and It also intends to begin cost of toys included in chil- call listened to by TheWall McDonald’sand other res- million in uncollected technol- strong sales from initiatives measuring targeted commer- dren’sHappy Meals. Street Journal. taurant chains areincreasingly ogyfees dating back to 2017. that the companyhas funded, cials—when different house- McDonald’ssaid it would use Franchisees at hotels,res- looking to technologyinvest- Franchisees said McDonald’s including $100 million spent on holdssee different ads based the money to fund other invest- taurantsand other consumer mentstotry to boost sales. hasn’t sufficiently explained marketing during the pandemic. on audiencedata—on ana- ments, including benefitsfor companies have fought with McDonald’shas spent on sug- whythe fees need to be McDonald’sexecutives ac- tional basis.Marketersand TV restaurant crew. corporateoffices recently over gestiveselling software in its chargednow.The National knowledged on the Mondaycall networks have blamed the lack Some McDonald’sfranchi- fees,promotions and supply drive-throughs,saying it is OwnersAssociation, an inde- that they hadn’t properly ex- of national metrics on targeted sees said they would raise costs. Added costsand opera- helpingtoboost sales.The pendent group of McDonald’s plained to franchisees whythe TV ads forholding back the prices on Happy Meals as are- tional changesduring the pan- chain plans moreinvestments U.S. franchisees,said the com- fees arenecessary. PleaseturntopageB2 Boeing Makes First INSIDE AT&T Chief Defends Move Delivery of a 737 MAX To Stream ItsNewestFilms Since End of FAA Ban BY DREW FITZGERALD sincecoronavirus-related re- screen will driveastake deliveries is crucial to Boe- AND JOE FLINT strictions shut down many through their business. BY ANDREW TANGEL ing’seffort to stop bleeding venues.Those that reopened Warner Bros.has countered cash by the end of next year AT&T Inc.Chief Executive arestruggling to attractlarge that this is ashort-term move Boeing Co.delivered a737 or early 2022. Theworld-wide John Stankey defended the de- audiences. for2021 as the coronavirus MAXtoUnited Airlines Hold- grounding sinceMarch 2019 BUSINESSNEWS cision to release all Warner “Weknowweprobably keeps manywould-be ings Inc., the firstcarrier to has leftBoeing unable to U.S. Steeltoacquire Bros.movies online the same needed to trysomething dif- moviegoersathome and the- receiveanewly produced hand over finished MAXair- remaining stakein daythey hit theatersnextyear, ferent,” Mr.Stankey said Tues- atersinbig cities shut. HBO model of the jet afterU.S. crafttocustomerswho pay arguing that the film producer dayduring avirtual investor Maxwill host the movies for regulatorsended anearly much of the sales priceupon low-costmill for had to tweak a2020 playbook conferencehosted by invest- only their firstmonth of theat- two-year grounding last receipt. $774 million. B3 that wasn’t working during the ment bank UBS Group AG. rical release beforethe films month. Themanufacturer had coronavirus pandemic. “Our feeling was, in the theat- followtheir usual distribution AUnited crew took posses- sought to resume deliveries Thetelecom company’s rical business, based on our pattern. sion of aMAX on Tuesday, ac- latelast year beforeregula- Warner Bros. unit said last best discussion with experts, Director Christopher Nolan, cording to aspokesman for tors approved fixestothe air- week that it will release itsen- we were going to be in asitua- whose creditsinclude “Tenet” thecarrier.Itwas the firstof craft’sflight-control system tire 2021 film slate on HBO tion wherethe psyche of the and “The Dark Knight,” criti- eight finished MAXplanes ex- and related pilot training.The Max,anew film and television population and people’s cized the Warner Bros.strat- pected to be delivered to push ultimately faltered. librarydesigned to compete willingness to go back into egy, telling the TV show“En- United by end of the year. TheFAA liftedits MAX with online services such as large venues—that’sgoing to tertainment Tonight” that the TheUnited spokesman said flight ban on Nov.18after it Netflix and Disney+. Theplan be alittle bit of aprolonged companyisusing movies “asa the airline would inspect and approved safety fixes, includ- covers 17 movies from the sci- recovery.” loss-leader forthe streaming test-fly each MAXbeforerein- ing newsoftware changes af- ence-fiction epic “Dune” to an- Hollywood and much of the service.” He added: “It’snot troducing the aircraftback fecting the flight-control sys- other installment of the “Ma- creativecommunity has re- the way to do businessand it’s intopassenger serviceinthe tematthe center of the two MEDIA trix” franchise. acted angrily both to Warner not the best thing forthe firstquarter of next year. crashes that claimed the lives Howard Stern signs Thechoiceshocked afilm Bros.’sstrategyand to the health of our industry.” Pilotsalso would have to of 346 people. Brazilian regu- five-year extension of industryaccustomed to releas- short notice its executives “Tenet” is among the mov- undergo newtraining ap- latorshavefollowedsuit, and ing big-budget films in stages, gavetheir businesspartners. ies that Warner Bros.released proved by the Federal Avia- other countries areexpected contract with with cinema ownersgetting Theater ownersfear that re- in theaters this year aftersev- tion Administration. to do the same in coming SiriusXM. B4 the firstbite. But U.S. box-of- leasing the movies simultane- eral pandemic-related delays. Theresumption of MAX PleaseturntopageB2 fice ticket sales have cratered ously on HBO Max and the big PleaseturntopageB4 P2JW344000-2-B00200-17FFFF5178F

B2 | We dnesday, December 9, 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. Chicken Processor Reopens Plant A G Qantas Airways...... A7 Alibaba...... B13 GOL Linhas Aereas R Alpha Bank...... B12 Inteligentes...... B2 Rastegar Property...... B6 BY MICAH MAIDENBERG Amazon.com...... A1,B4 Goldman Sachs...... B4 RSA Security...... A2 AMC Entertainment...B4 H Ryanair...... B2 Foster Farms,aCalifornia American Airlines...... B2 Hackman Capital S chickenprocessor,said it re- Apple...... B4,B14 Partners...... B6 opened afacility in the state AstraZeneca...... A6,A7 Sirius XM...... B4 Hermès...... B6 afterCovid-19 testing demon- AT&T...... B1,B4 Sony...... B4 Honda Motor...... B3 Aurora Innovation.....B14 Southwest Airlines....B2 strated that about 14%ofits J workforce therehad recently B Stitch Fix...... B14 JBS USA...... B2 T contracted the virus but Betterment...... B12 JD.com...... B13 wasn’t showing symptoms. Big River Steel...... B3 Tesla...... B3,B13,B14 GES JPMorgan Chase...... B4 Over the previous two BioNTech...... A1,A7,B13 T-Mobile US...... B4 IMA weeks,Foster Farms had Blackstone...... B6 K Tomo Networks...... B6 Toyota Motor...... B14 found 193 employees at one of ETTY

Bloom Energy...... A1 Kaspersky Lab...... A2 /G itsfacilities in Fresno had as- BlueCrest Capital L TrapX Security...... R2

Management...... B12 U ymptomatic cases of Covid-19, OCKET Boeing...... B1 Land O'Lakes...... R2 the companysaid. Uber Technologies Bose...... B4 M ...... B13,B14 About 1,400 people work at /LIGHTR

C Mandiant...... A2 United Airlines...... B1 the plant, and the company GES

Comcast...... B4,B6 McDonald's...... B1 United States Steel....B3 said it closed the plant Satur- IMA

CoreLogic...... B6 Microsoft...... A2 V dayand Sundayfor deep PA Morgan Stanley...... B4 SO CoStar Group...... B6 cleaning. I/ Verizon Communications CrowdStrike...... A2 N It resumed operations TA ...... B4

D Nikola...... A10 Virgin Australia...... B2 Mondaymorning,according ALEX to IraBrill,vicepresident of Meatproducers have grappled with howtokeep plants operational during the pandemic. Davidson Kempner Nissan Motor...... B3 W Capital Management P - Q communications forFoster Walt Disney...... B4 ...... B12 Farms. each other,while Covid-19 closed plantsthis year due to temporarily closed apoultry Pacific Investment Y Denso...... B14 Management...... B6 Forweeks beforethe resur- cases surge throughout the infections among workers. plant in Livingston, Calif. Derris...... B6 Peloton Interactive.....B4 Yongcheng Coal & genceatthat facility,1%of U.S. Among other efforts, Foster More than 390 employees DoorDash...... B1 Electricity...... B13 Pfizer...... A1,A7,B13 employees thereand at an- Tyson Foods Inc.said last Farms has added plexiglass from that location had tested F Pinewood Group...... B6 Z other location in Fresno month it wasadding more dividerstowork areas and is positivefor the coronavirus, FireEye...... A2 Piraeus Bank...... B12 Zillow...... B6 tested positivefor the corona- spacefor employees at exist- screening workersfor and eight workersdied due to virus,Mr. Brill said. ing plantsand testing workers Covid-19 symptoms,stagger- complications related to Meat producers have grap- to guardagainst outbreaks, ing break times and conduct- Covid-19 over several months, pled with howtokeep em- among other measures. ingregular testsofemploy- the companysaid in August. INDEX TO PEOPLE ployees free from the corona- Meatpacker JBS USAHold- ees,according to Mr.Brill. California Gov.Gavin virus and plantsoperational ingsInc.this month said it “The strategyistoidentify Newsom last Thursdayissued A H Nolan, Christopher...... B1 during thepandemic. had removed hundreds of at- people who areasymptom- astay-at-home orderthat is Alperovitch, Dmitri.....A2 Hackman, Michael...... B6 P Theindustryhas been risk workers from abeef plant atic” to protect the rest of triggeredwhen capacity at B Hogeg, Moshe...... A9 Pai, Ajit...... B4 spending on safety initiatives in Colorado.Tyson, JBS, the workforce,hesaid of the hospitals’ intensive-careunits at factorieswhereworkers Smithfield Foods Inc.and Car- company’stesting efforts. falls below15% in five regions Burritt, David...... B3 J R typically work closely with gill Inc.havealso temporarily In September,Foster Farms in the state. C Joblon, Andrew...... B6 Rastegar, Ari...... B6 Jung, Gero...... B13 S Chang, Li...... B13 K Chousiada, Lito...... B12 Schwartz, Greg...... B6 Coveilo, Art...... A2 Karavias, Fokion...... B12 Sridhar, KR...... A1 Boeing Has Koutsogiannis, NikosB12 Stankey, John...... B1 E L Stein, Jon...... B12 Erlinger, Joe...... B1 Stern, Howard...... B4 Lonsdale, Joe...... B6 F Stickler, David...... B3 First MAX M - N Strong, Charlie...... B1 Feigley, Patrick...... B6 Mandia, Kevin...... A2 T - W Florance, Andrew...... B6 Megalou, Christos....B12 Taylor, Georgina...... B13 Delivery G Miller, Leland...... B13 Wait, Amanda...... B6 Gahrotra, Alok...... B12 Milstein, Larry...... B13 Wootton, Adrian...... B6 Gopinath, Gita...... A2 Musk, Elon...... A1,B13 Wright, Logan...... B13 ContinuedfrompageB1 months. Beforethe FAA’sunground- Roku Inc.and Amazon.com ing,Boeing had planned to Nielsen to Inc., two big streaming plat- deliverabout two dozenMAX form operators, and Facebook planes by the end of the year, Inc., also declined to comment. people briefed on the matter Overhaul Some executives said they said. Twoother airlines, plan to meet with Nielsen to American Airlines Group Inc. get more details on the mea- and Southwest Airlines Co., Its Ratings surement firm’stimeline and areexpected to take delivery howthe technologyand meth- of newaircraftthis month. odologyunderpinning the People familiar with Boeing’s ContinuedfrompageB1 changes would work. deliveryschedule have said growth of such ads. Anybig changeinthe TV plansare fluid. “It’smeasuring TV morein advertising system will take Boeing said it has built the way digital is measured,” some time as ad sellersand around 450 jetsthat it has Mr.Kennysaid of the new buyerstry to updatetheir sys- been unable to deliver during metric. tems,workflows and tools and the grounding.Ithalted pro- Nielsen has secured deals getmorecomfortable with duction forawhile earlier with ownersofset-top boxes newprocesses,said Jane this year to limit the buildup and smart TVstobring in Clarke, chief executiveofthe and has restarted assembly. viewership datatohelp make Coalition forInnovativeMedia Output hassinceresumed, the changes possible,the com- Measurement, an industry but the manufacturer’s ability panysaid. trade group that advocates for to moveexisting inventory It will need to securemore betteraudiencemeasurement. will determine itsproduction such partnerships,said Adam They will also want to get rates. Thecoronavirus pan- Gerber, global chiefmedia of- previewdatafromNielsen to demic has fornow sapped air- ficerfor ad agencyEssence, a see howadopting the newsys- line demand forthe jets, com- part of WPP PLC-owned tem would affect their busi- plicating Boeing’sability to Don’t Play Games. GroupM. nesses. deliver the planes as custom- Nielsen said it would also “When youchangethe cur- erscancel or defer their or- change itsaudiencepanels,a rency, it’sabusinessdecision,” ders. key tool in Nielsen’stradi- Ms.Clarkesaid. “It’snot just a tional TV ratingsoverthe de- simple measurement thing; it Invest with aPro. cades,totrack viewership changes all the ratesyou pay Analysts forecast acrossdevicesincluding inter- foreverything.” net-connected TVs, mobile de- “The TV industryisgradu- Boeing will deliver vices and computers. ally bringing in digital con- around 180 MAX Theability to merge the dif- ceptslikedata, addressability ferences between the way TV and ad measurement, but they jets in 2021. Starting at $0 Commissions and digital media ads are aredoing it very slowly,so bought and sold has long been they don’t lose the emphasis 1 seen as critical among ad buy- on process, the emphasis on on US listed stocksand ETFs ersand sellers, and Nielsen has high-quality content, and so Last week,Boeing notched been under pressuretoim- they canunderstand the busi- its firstbig MAXorder of the proveits capabilities to address ness implications with every year.European discount air- changing video viewing habits. step they take,” she added. line Ryanair Holdings PLC “This wasamovethat had Nielsen executives said the said it would buy an addi- to be made because the indus- firm is working with the Asso- tional 75 jetsand accelerate tryisatabreaking point in ciation of National Advertis- itsdeliveryschedule. terms of itsability to function ers, TV ad sellersand other Analystsforecast Boeing in this newenvironment that groups to support the transi- will deliver around 180 MAX we livein,” said Mr.Gerber. tion it is planning. jetsin2021, including 50 for “For upwards of adecade now Earlier this fall, Nielsen an- Ryanair. we have been trying to cobble nounceddeals with YouTube, Theplane maker has been together two different mea- part of Alphabet Inc.’s Google, striking deals with MAXcus- surement approaches, and it and Vizio Inc.tomeasuread tomersthat include compen- doesn’twork.” campaigns on their streaming sation as well as reducing and Ultimately,Nielsen’sgoal is TV platforms. deferring MAXdeliveries,in- to provide the media and ad Nielsen said it would seek cludingthe follow-on order industries with the ability to direct integrations with other announced last week by Ryan- compare, forexample,the digital platforms,including so- air. metrics on the same ad that cial media operatorsand Boeing,inits monthly up- raninside an hour-long TV ep- streaming-TV providers. dateTuesday, said it deliv- isode and beforeashorter Such companies have often ered only seven jets of all ibkr.com/tradeup video on YouTube. held their user dataclose,and types in November,with no But it is also going to need it is unclear whether they MAXor787 Dreamliners ad sellers and platform own- would be willing to provide handed over,taking itsyear- ers, including TV networks enough information to cleanly to-datetotal to 118.Itan- with major streaming services, compareviewership acrossdif- nounced cancellations foran- social video tech companies ferent devices and platforms. other 63 MAXjets, including a and streaming-TV distributors, Nielsen said itsnew system near-halving of the order to play ball and be willing to will requiresellerstoproduce from Virgin Australia Hold- sharetheir data. acertain set of metrics,which ings Ltd. to 25 from 48. As one ad-buyer who over- will be audited and accredited Brazil’s GOL Linhas Aereas sees morethan $100 million in by industrywatchdogMedia Inteligentes SA said it plans Interactive Brokers Rated #1 TV ad spending everyyear Rating Council, to ensurethat to become the firstairline to Best Online Broker 2020 by Barron’s* said, “Are the walled gardens everyone is on an equal play- return the MAXtopassenger OK with this?” ing field. servicewith flightsstarting Representatives forTV-net- These companies also have Dec.9.The carrier aims to Member -NYSE, FINRA, SIPC -Any trading symbols displayed are for illustrative purposes only and work groups and major ad- an incentivetobemeasured have itsseven-strongMAX are not intended to portray recommendations. *Interactive Brokers rated #1, Best Online Broker buying firms including Com- with the same yardstick as tele- fleet flying this month, and according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information cast Corp.’sNBCUniversal, vision, according to Mr.Kenny. has95moreonorder after see,ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides ViacomCBS Inc., and Omni- “They arelooking forthird- restructuring itsdeal with commission-free trades in US exchange-listed stocksand ETFs routed to select market makers. IBKR comGroup Inc.’sOMG de- party measurement because Boeing. may charge non-commission related fees. For more information, see ibkr.com/liteinfo 11-IB20-533 clined to comment on Niel- thereiscredibility in third- —Doug Cameron sen’sannouncement. party measurement,” he said. contributed to this article. P2JW344000-0-B00300-1------EW

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | B3 BUSINESS NEWS China Car Sales Rise, Cementing Pandemic Recovery

BY YOKO KUBOTA of theyear,sales could jump around 30% because of a low Car sales in China, the basis ayear ago, said Cui world’slargest automarket, Dongshu,secretary-general of rose forafifth straight month the CPCA. in November,asstrong de- Strong sales of electric cars mand and policystimulus con- also contributed to the overall JOURNAL tinued to cement the recovery market’srebound. Wholesale

from the coronavirus pan- sales of so-called new-energy REET ST

demic. vehicles,acategorythat in- LL

Passenger carsales grew cludes electric cars,surgedby WA

8% to 2.1 million vehicles last 128% last month to 180,000 THE month from ayear earlier,the vehicles,the industrygroup R China Passenger Car Associa- said. Retail sales figures FO

tion said Tuesday. In October, weren’t available. FIELD CO

sales rose by 8%. Therebound follows ayear- N

In China, wherethe corona- long slump in EV sales that TO

virus outbreak has been lasted untilthe summer.The HOUS brought under control for types of electric carbuyersin The company bought a 49.9% stake in Big River in October 2019 for $700 million with an option to acquire the rest within four years. China—for yearsled by ride- hailing fleetsand government New­energy purchases—have shiftedre- cently to consumers, including U.S. Steel to Buy Remaining vehicles, which those in big cities buying high- include electric cars, end EVsaswell as those in ru- ral areas purchasing cheaper, surgedby128%. mini-EVs,said Jing Yang,di- Stake in Low-Cost Steel Mill rector of corporateresearch at Fitch Ratings. Thebestselling EV in China months, the economy has re- was the $4,300 mini-EV, pro- BY BOB TITA Higher steel prices in recent navirus pandemic caused the Koch Industries,the Arkansas bounded and autospending is duced by General MotorsCo.’s months have helped U.S. Steel companytoidle about half its schoolteachers’ pension fund amajor driver of that. To China joint ventureWuling, United States Steel Corp. raise enough cash to complete blastfurnaces and layoff hun- and private-equity firms—about boost sales,China’scabinet having sold 36,070 vehicles. has agreed to acquirethe re- thepurchase sooner than ex- dreds of workers. U.S. Steel has seven yearsago to build the and local governmentshave Tesla Inc.’sModel 3sedans maining 50.1% stakeinBig pected, aperson familiar with restarted most of those fur- firstphase of the mill forabout been easing purchase quotas came second at 21,604 vehi- RiverSteel LLC for$774mil- themattersaid. naces. $1.3billion. Themill employs and giving subsidies to car cles—a 78%increase from Oc- lion, giving the steelmaker own- Thespot-market pricefor Electric furnaces areeasier 650 workers. Automation and buyers. tober,according to CPCA data. ership of one of the newest, coiled sheet steel in the U.S. has to turn up or down and require lesslabor-intensiveproduction Meanwhile,global auto Last month,China’sautoin- most advanced steel mills in the rallied to $856 aton on Monday fewerworkerstooperatethem. processes allowBig River to makers, grappling with weak dustryregulator gaveapproval country. from below$500 aton this As aresult, they areable to op- produceabout 5,000 tons of sales in other major markets to Tesla to sell itsmade-in- Ownership of Big River’s Os- summer,asarebounding manu- erateprofitably even when steel steel annually per employee, wherethe coronavirus infec- Shanghai Model Ysport-utility ceola, Ark., mill will giveU.S. facturing sector ramps up or- prices arelow. compared with an averageof tions are surging again, have vehicles.Tesla plans to start Steel access to the same pro- ders. “The timing is just right “When bad thingshappen, 650 tons annually per employee come to rely on China. delivering itsModel Ys in duction processused by com- forus,” U.S. Steel Chief Execu- like thepandemic this year, at U.S. Steel’smills. Honda Motor Co. said last China next year. petitors Nucor Corp.and Steel tiveDavid Burrittsaid during a minimillsare able to manage Big River’s location in north- week that itsChina sales in- SinceJuly,the Chinese gov- Dynamics Inc., two of the most conferencecall Tuesday. through that better,” Mr.Burritt east Arkansas along the Missis- creased 22%inNovember ernment has been subsidizing profitable companies in the do- Shares rose 13.3%to$19.47 said in an interview. sippi River will giveU.S.Steel from ayear earlier,while sales purchases of dozens of se- mestic steel industry.The com- Tuesday. U.S. Steel expectstoclose on an improved geographic reach at Nissan Motor Co.rose lected electric cars,mostly do- panyhas said the acquisition is Morethan two-thirds of the the purchase early next year. forcustomersinthe southern 5.2%. mestic brands,inrural re- the centerpieceofits driveto steel produced in the U.S. is BigRiver,which opened in U.S. and northern Mexico, Forthe full-year,the indus- gions.Ithas also been raise profit by investing in elec- nowmade in electric furnaces. 2017, is capable of producing 3.3 which is shaping up as akey try group expects car sales to building morecharging facili- tric furnaces that melt scrap, But U.S. Steel still mostly makes million tons of steel annually. battleground market forU.S. drop by 7%, due to the corona- ties.Analystsexpect such poli- which areknown in the steel in- itssteel from iron oremelted in That is more than the rawsteel steel producers. virus-induced slump earlier in cies,aswell as the launch of dustryasminimills. giant blast furnaces fueled by capacity of U.S. Steel’shuge U.S. Steel said it expectsto the year.But it is forecasting a newmodels,tocontinue buoy- U.S. Steel bought a49.9% coal. It is amoreexpensive, la- Mon Valley Works near Pitts- be able to deployits research in growth of 7% in 2021—in line ing EV sales growth into next stakeinBig River in October bor-intensiveprocess that is burgh. Big River wasstarted by specialized steel varieties,par- with manyautoanalysts’ fore- year. 2019 for$700million with an difficult to throttle back when steel-industryentrepreneur Da- ticularly forthe automotivein- castsofahigh-single-digit an- —Raffaele Huang option to acquirethe rest of the demand forsteel wanes as it vid Stickler, who assembled in- dustry, at BigRiver’s lower-cost nual growth. In the firsthalf contributed to this article. companywithin four years. did this spring when the coro- vestors—including aunit of production facilities.

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B4 | We dnesday, December 9, 2020 ** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Carriers Bid on Airwaves for 5G Networks Wireless companies including Verizon are expected to spend billions in FCC auction

BY DREW FITZGERALD

Verizon Communications Inc.and other cellphone pro- vidersare expected to spend billions of dollarstosecure prized spectrum fortheir 5G networks in aU.S.government sale that kicked off Tuesday. TheFederal Communica- tions Commission is launching anew auction forC-band air- waves, astretch of wireless frequenciesespecially valued by companies trying to offer thefifth-generation service. Typical bidderslikeVerizon, AT&T Inc.and T-Mobile US Inc.registered to participate. Cable,technologyand invest- ment companies also entered the contest, which could last severalweeks. “They all need to have a foot in the door,” said Davis

Hebert,ananalyst at debt re- GES

search firm CreditSights. “C- IMA

band is going to be the corner- ETTY

stone of 5G networks forthe /G

next decade.” FREY

Wall Street analystsexpect GE OR

the auction to raise tens of bil- GE lions of dollarsoverthe com- Verizon tapped the debt markets to build up cash beforethe auction. Aworker prepares acellular towerfor the company’s5Gservice. ingweeks,areflection of high demand. Thefrequencies sit in $52 billion if biddersuse all airwaves to beam TV feeds and terms of subscribers, to bid ag- nounced plans to leave in Jan- fits from the government’ssale what telecom executives con- the resourcesattheir disposal, other content to receiversin gressively to bolster itsrela- uary. of newlicenses,with proceeds sider a“sweet spot” for5G though the totalcould be much the U.S. tively lowshareofmidrange Thetransition won’t affect from the winning bids steered transmissions because they can lessiffederal officials makea Thesatellite operators spectrum. the continuing auction, which to the U.S. Treasury. But the moveplenty of dataquickly concerted effort to privatize agreed to clear some spacefor Spokespeople forAT&Tand commission staff members companies that win the li- whilestill traveling long dis- nearby Defense Department cellphone companies aftera Verizon declined to comment. oversee. censes must payfor the assets tances from acellular tower. spectrum, adding morepoten- drawn-out lobbying fight that T-Mobile didn’t immediately TheFCC oncedoled out per- through newborrowing,which CreditSightsexpectsbidders tial supply to the mix. delayedthe sale of newli- respond to requeststocom- mission forradio and TV sta- is ultimately secured by the to spend about $38 billion to Either way,New Street pre- censes. ment. FCCrules barring coor- tions to use certain frequencies fees they charge their custom- securethe assets. Mr.Hebert dicted the bake-off “will be Verizon tapped the debt dinated bids oftenconstrain free of charge.The telecom ers. expectscellphone carriersto hardfought with carrierswin- marketsearlier this year to companies’ ability to discuss regulator started selling new Thecommission’smost ex- “playitsafefromacredit per- ning spectrum based on their build up cash beforethe auc- theauction. spectrum rightsasdemand for pensiveauction closed in 2015 spective” to avoid dragging balancesheet capacity.” tion. T-Mobile,which absorbed TheFCC is kick-starting the the resource grew. with nearly $45 billion in bids. down their bond ratings, which Thewide-ranging projec- rival Sprint Corp.earlier this auction as President-elect Joe Auctionspending surgedas Thewinnersquickly used the could limit their ability to out- tions reflect the uncertainty year,also has cash on hand for Biden prepares to nominatea the smartphone explosion licenses to bolster their 4G bid other participants. surrounding an auction that bidding. newchairman to steer the fueled demand formoredata service, allowing their custom- NewStreet Research told its took yearstoprepare. Satellite Investorsexpect Verizon, commission. Current Chairman on the go. erstostream moremusic and clientsthe licenses could fetch companies already use C-band the country’slargest carrier in Ajit Pai, aRepublican, has an- Thepublic ultimately bene- videos.

pandemic. AT&T AT&T shares have climbed DoorDash about 6% sincethe company announced the newstrategy. ManyWall Street analystsare Defends S Prices IPO focused on the success of HBO PRES Max,which waslaunched in Movie Plan TED lateMay. Over Range CIA Mr.Stankey said Tuesday SO

AS that HBO Max will count about ./

ContinuedfrompageB1 OS 12.6million activated accounts ContinuedfrompageB1 Thestrategyyielded some box- BR by Wednesday, afterending Airbnb Inc.isset to begin officerevenue abroad but un- September with 8.6million. It trading.The SanFrancisco derperformed in the U.S. ARNER had previouslyset plans to de- home-sharing companywould /W

Over the summer,Universal ES but“Wonder Woman 1984” on be valued at $42 billion at the

Studios and AMC Entertain- JAM the servicewhen it hitsthe- high end of itsalso-boosted ment Holdings Inc.agreed to atersonChristmas Day. The pricerange.

shorten the theatrical window BELLA servicehas also benefited from December is typically a

beforemovies appear online. The plan to release films online at the same time as in theaters includes the science-fiction epic ‘Dune.’ CHIA adeal with Amazon.com Inc. quiet time in the IPO market. Thedeal ended adisputeafter giving customers direct HBO This year therewill instead be Comcast Corp.’s Universal concerns fortalent who have between the studio and HBO parties will step back and look Max access through the e-com- aflurryofofferingsasthe made “Trolls World Tour” dealsthat tie their compensa- Max. at this andsay,giving theater merce company’splatforms. pandemic turns the calendar available as a$20 online tion to afilm’stheatrical per- Mr.Stankey,who ranWar- ownersapredictable release of “The market has shown a on itshead. In addition to rental on April 10,the dayit formance. nerMedia fornearly two years content over the next several clear preferencefor go-big-or- Airbnb and DoorDash, video- had been scheduled to open in Warner Bros.has said talent and took the topAT&Tjob in months that they canplan go-home digital strategies,” game company Roblox Corp. theaters. with such agreementswill be July,brushed aside those around and start to work their media-research firm Moffett- andthe parent of online re- Walt Disney Co. offered compensated from the license complaintsaschatterthat of- businessaround is agood Nathanson wroteinarecent tailer Wish, ContextLogic Inc., “Mulan” on Disney+ in fees HBO Max will paytocarry tenfollows amarket-disrup- thing forthem.” notetoclientscalled “AT&T& areexpected to maketheir de- September foranextra$30 fee the films during their first tive innovation. Theinvestment community U.S. Theaters: Suicide Squad?” butsbeforethe year is and later made the film avail- month of release.However, “Any time you’regoing to has reacted lessdramatically areferencetoanother Warner through. able free on itsstreaming ser- talent agentsare concerned changeamodel, Iknowitcre- to adecision that threatened Bros.title.“AT&T is,come hell Both DoorDash and Airbnb vice. that actorsand producers ates adegree of noise,” he said theatrical revenues that were or high water, going to drive areusing novel models for Thereare also financial could be hurt by self-dealing Tuesday. “Ultimately,rational already at risk because of the traffictoHBO Max.” pricing their IPOs following virtual roadshows occasioned by thecoronavirus pandemic. Thecompanies each asked Stern Signs Five-Year Apple,Under AirPods Brand, investorstoinput stock or- dersthrough acomputerized system in which they outline SiriusXM Extension the number of shares they are LaunchesLargerHeadphones seeking and at what price. In- BY DAVE SEBASTIAN home,Isimply don’t have an vestorshavethe option to in- excuse to quit,” Mr.Stern dicatehow much they are Howard Stern is staying said. BY SARAH E. NEEDLEMAN willing to buy at various price with SiriusXM foranother Mr.Stern’sarchiveofaudio points. five years. and video will continue to be Apple Inc.onTuesdayre- This approach differsfrom Theradio personality has licensed to SiriusXM for vealed plans to sell AirPods- atraditional IPO,inwhich un- extended his contract with seven yearsafter the contract brandedover-the-ear head- Sirius XM Holdings Inc.and ends through 2032, the com- phones,anexpansion of its will continue producing and panysaid. product lineup in adirect Growth has been hosting“TheHoward Stern Acompanyspokesman de- strikeagainst companies such Show” exclusively forthe sat- clined to comment on other as Bose Corp.and Sony Corp. fueled by a surge in ellite-radio companyduring terms of deal, including the Apple’snew AirPods Max food delivery during the time frame,SiriusXM said dollar amount. will cost $549 and promise Tuesday. Mr.Stern, who is now66 noisecanceling,advanced the pandemic. Mr.Stern earlier in the day yearsold, made the leap to acoustics and up to 20 hoursof announced the contract ex- satellitefromterrestrial ra- battery life, the companysaid. tension on his show. dio,amoveseen as aboon for Theheadphones,which begin “Nowthat Ican work from the then-nascent medium, in shipping next week,are coming derwriters typically confer di- 2006. alittle morethan ayear after rectly with potential investors Mr.Stern and SiriusXM Apple introduced ahigh-end and playagreater role in set-

struck adeal forthe movein version of itsAirPods wireless APPLE ting the price. 2004, when SiriusXM had earbuds.AirPods arenow one The AirPods Max cost $549 and will begin shipping next week Under the newauction sys- about 600,000 subscribers. of Apple’smost successfulnew tem, DoorDash and Airbnb ex- SiriusXM had about 34.4mil- products. been looking to broaden itsof- ster itsmusic business. ecutives will see the same in- lion as of Sept. 30,according Thecompanyalso said it fering of wearable products But sincethat time,Apple formation as their respective to the company’slatestquar- plans next week to begin sell- and services through them has built up itswearables busi- bankersand areexpected to

S terly securities filing. ing asubscription fitnessser- amid slowing iPhone sales, ness. Thecompanyintroduced play amoresignificant role in Mr.Stern’sproduction vicearound itsApple Watch though thecompanyhas re- AirPods in 2016,and they pair choosing investorsand setting PRES company, One TwelveInc., costing $10 amonth or $80 a cently benefited from an uptick seamlessly with allofApple’s the price. TED and his agent sued SiriusXM year.The announcement puts in demand forits laptops,iPads devices.AirPods have helped Goldman Sachs Group Inc. CIA

SO in 2011 over $330 millionin Apple in steeper competition and digital services due to the Appletobelessdependent on and JPMorganChase &Co. AS stock awardsthey claimed with Peloton Interactive Inc., coronavirus pandemic. iPhones,which makeupabout areleading DoorDash’sIPO, they were owedfor helping which in addition to itsfitness Apple’sover-the-ear head- 50% of companysales. while Morgan Stanley and boost the satelliteradio com- equipment has invested in its phoneofferingsfor yearshad —Tim Higgins Goldman areleading Airbnb’s.

RN/INVISION/ pany’ssubscriber levels. digital platform that offers been centered on itsBeats contributed to this article. DoorDash shares areset to

ZO ANew York statejudge subscriptions to workout products. Apple bought Beats begin trading on the NewYork threwout the lawsuit in classes and more. fornearly $3 billion in 2014as  Heard on the Street: Apple Stock Exchangeunder the replays wrong track...... B14 Howard Stern MICHAEL 2012. In recent years, Apple has part of abroader deal to bol- ticker DASH. P2JW344000-0-B00500-17FFFF5178F

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | B5

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B6 | We dnesday, December 9, 2020 ** THE WALL STREET JOURNAL. THE PROPERTY REPORT

Jobs createdasaresult of companyrelocations to Austin U.S. Looks 9,000 To Limit 6,000 Expansion 3,000 Of CoStar 0

2004 ’10 ’20* BY PETER GRANT

Population inflows per outflow, TheU.S.government is try- April-October,bymetro area† ing for a second time to limit 1 the steady expansion of real- Austin 1.53 estatedatagiant CoStar Group Inc., by moving to block 1.48 Phoenix itslatestproposed acquisition Nashville 1.48 in the rental apartment listing (3) Tampa Bay 1.47 business. TheFederal Trade Commis- Jacksonville 1.46

JOURNAL sion last week authorized a Cleveland 0.90 federal lawsuit against Co- REET

ST Star’splan to acquireRentPath Chicago 0.89 LL HoldingsInc.for $587.5 mil-

WA SanFranciscoBay 0.87 lion, which the companyan-

THE nounced in February.CoStar

R NewYork City 0.85

FO already owns Apartments.com, Hartford 0.83 which, like RentPath, is a big participant in the online mar-

WITTPENN *The figurefor 2020 is as of November. ket for apartment listings. †A ratio below1means morepeople areleaving “The proposed acquisition

ONTË than moving to the metroarea.

BR Sources: Austin Chamber of Commerce (jobs); is likely to lead to anticompet- Smaller cities appeal to younger crowds who enjoyanurban lifestyle but find NewYork and larger metroareas toodense or expensive. LinkedIn (inflows) itive effects,” states the com- mission’s complaint. In awrittenstatement re- sponding to the FTC,CoStar Austin Gets Boost From Covid-19 Chief ExecutiveAndrew Flo- rancequestioned whether RentPath wasstill amajor Texas’ capital is pouring in from SanFrancisco market force, given that it is or NewYork City,Austin might operating under chapter 11 attracting jobs and look considerably cheaper,es- bankruptcy protection. Rent- remote workers, lured pecially if they keep their Path’s owners, private-equity coastal salaries.But longtime firms TPGCapital and Provi- by lower costs locals saythe city has never denceEquity,took the com- been lessaffordable,with Aus- panyintobankruptcy at the BYKONRAD PUTZIER tin’scost of living surpassing same time the proposed sale that of more-cosmopolitan to CoStar was announced. Thepandemic and the pros- Houston and Dallas. “We strongly disagree that pect of working remotely have Theonce-ample supply of a RentPath in bankruptcy has spawned an exodus from New land that fueled the building anycompetitivesignificance,” York and SanFranciscotosun- boom is dwindling,leading Mr.Florancesaid. “Wewill nier,more-affordable cities.Few some developerstolook outside continue to evaluatethe case.” have benefited morethan Aus- of town. Rastegar Property CoStar started in 1986 pri- tin. plans to build about 1,000 marily as afirm that provided Texas’ capital is attracting homes and 600 apartmentsin dataonofficebuildings. It has morecorporatejobs and remote Kyle,a30-minutedrivesouth of sinceexpanded intoindustrial, workersthan ever before, lured the city.“Austin is what San retail, lodging and other real- by lowercostsand lowertaxes. Franciscowas 30 yearsago,” estate types. Businessrelocations to Austin said the company’sCEO,Ari Theaction against the announced this year areex- The city features lively culinary, cultural and social scenes. A musician performs in the cultural area. Rastegar. RentPath deal marks the sec- pected to createnearly 10,000 Another challengeisthe lack ond major action by the FTC jobs.That is the city’s highest Austin. July it planstobuild afactory vestment Management Co., of adequatepublic transit, figure on record forasingle Themigration out of large outside Austin that could even- knownasPimco, opened an which encourages driving and year,according to the Austin cities isn’t new, but it has accel- tually employmorethan 5,000 Austin officein2018.The city is threatenstoleave streetsgrid- TheFTC lastweek ChamberofCommerce,and is erated during the pandemic. people. somewhat centrally located and locked as the population grows. helping offset the hit from While some arefleeing forthe Others, such as Tomo Net- has alarge number of skilled In November,votersapproved a authorized afederal Covid-19 to the city’s tourist-de- comfortsofthe suburbs,mov- works,point to the high level of collegegraduates,said Patrick $7 billion plan to build newrail suit againstthe plan pendent restaurants, barsand ing trucks arealso rolling into skilled workersinatownthat is Feigley,head of U.S. global lines and expand bus service, musicvenues. cities such as Austin, Sacra- home to the University of wealth-management sales and among other changes.But the to acquireRentPath. It helps that Texas has no mento, Calif., Charlotte,N.C., Texas.Inasign that this city of head of theAustin office. The plan, dubbed Project Connect, stateincome tax, that Austin Phoenix and Salt Lake City. about one million residentsis companyisexpanding the Aus- will likely take yearstocom- wintersare relatively short and These spotsfeaturelively culi- trending wealthier,French lux- tin officeand moving some jobs plete. Still, manynew arrivals mild, and that social distancing nary, cultural and social scenes uryretailer Hermès is set to in areas such as marketing and find that Austin’sbenefitsout- involving aCoStaracquisition. is easier in acity wherehomes that appeal to younger crowds open itsfirst storeinthe city, weigh the drawbacks.Jasmyn In 2011, it put limitsonCo- tend to be roomyand many who enjoyanurban lifestyle but according to the property’s de- Peterson,25yearsold, and her Star’seffortstoacquireLoop- have backyards. Austin has also find NewYork,the BayArea veloper,Andrew Joblon. Jasmyn partner leftNew York in July Net, a rival in the office busi- managed to remain cheaper and other large metroareas too Forevery person who moved Peterson when her apartment lease ex- ness. CoStarwas allowedto than SanFrancisco, Brooklyn dense or expensive. to the BayAreafromAustin be- moved to pired. She moved to Austin last proceed after it signed a con- and Manhattanbybuilding tens Therecent growth of these tween April and October,2.9 Austin last week in part forthe weather sent decree and LoopNet shed of thousands of apartments midsizecities,with populations people moved in the other di- week in part and likes the city’s Tex-Mexand astake in acompanythat over the past decade. ranging from about 200,000 to rection, according to an analysis for the barbecue culinaryofferings. competed directly with CoStar. Tech investor JoeLonsdale morethan one million, shows from LinkedIn.That is a39% in- weather. Ms.Peterson kept her job as TheFTC’saction also said he andhis venture-capital that thepandemic and work- crease from ayear earlier.For an account executiveatpublic- comes as Washington, D.C.- firm 8VC were moving to Aus- from-homepolicies aren’t un- NewYork,the ratio was2.2, up relations firm Derris but is based CoStarismaking its tin,and RoyalDutch Shell re- dermining all of urban America. 45% from ayear earlier.Aus- human resourcesfromNew working remotely.She stayed at firstmoveinthe massiveresi- cently opened astudio to de- But it also illustrates areshap- tin’soverall population inflow- York,Mr. Feigley said. an apartment runbythe short- dential sales market, aiming to velop energy-exploration ideas ingofwhat manycompanies, to-outflow ratio wasthe highest Newconstruction is boom- term rental companySonder, take on the biggerplayers like in thecity,among otherswho families and individuals look for among 47 metropolitan areas ing: Austin added morenew which said Austin is one of its ZillowGroup and Realtor.com. have made or plan the move. in ahometown: moreafford- analyzed by LinkedIn. apartments—relativetothe size top-performing marketsin In November,CoStar an- “It’s just a whole lot easier ability,morespaceand newjob Long-term stays through of itshousing market—than any terms of occupancy, and now nounced plans forits firstma- to hire. It’s a lot easier to get opportunities in tech and other websites such as Airbnb are other major U.S. city between pays about the same monthly jor acquisition in the sector, housing.It’salot easier to get hot industries,rather than alo- also on the rise.The number of 2014and 2018,according to the amount forafurnished apart- Homesnap Inc., for $250 mil- business licenses than it is in cation near one of the country's 28-day-plus Airbnb reservations National Apartment Associa- ment as she did forasmaller lion. Theresidential datacom- other places,” said Greg traditional economic centers. forentirehomes in Austin in- tion. Austin’sannual building of apartmentinBrooklyn. Food panyprovides real-estatebro- Schwartz,chief executiveof Some companies planted creased 57% in the thirdquarter rental apartmentsaccounted for and groceries arecheaper. kers with apps and other real-estatestartup Tomo Net- flagsinAustin afterreceiving compared with ayear earlier, an averageofroughly 1.4% of “It’sdefinitely been great to technology for managing and works.His company, based in local taxincentives,such as according to datacompany thecity’s housing stock during come and have morespaceand analyzing their listingsand Stamford, Conn., is preparing Palo Alto, Calif.-based Tesla Inc. AirDNA. that period, the group said. getmorebang foryour buck,” the housing market. to open aco-headquartersin Theelectric-car maker said in Asset manager Pacific In- Foryoung professionals she said. CoStaralso is one of the biddersvying forresidential real-estatefirm CoreLogic Inc., which has avaluation of about Investors Pursue $6 billion, CoreLogic has said. Legalexpertssay the FTC’s RentPath case is unlikely to impede CoStar’spush intothe Hollywood Dreams sales market, even if the gov- ernment is successful. The FTC complaint “defines the At British Studios market to include only rent- als,” said Amanda Wait,a partner with the lawfirm Nor- BY RUTH BLOOMFIELD making asimilar bet in Lon- tonRose Fulbright, who don. In aNovember deal, the worked at the FTC. U.S. and other global prop- LosAngeles-based firm Hack- “That seems to suggest erty investorsare putting bil- man Capital Partners agreed they’redistinguishing home lions of dollarsintoasignifi- to invest around £300 million, sales as something different cant expansion of new equivalent to about $401 mil- from the rental market,” she production studios in the lion, in afacility to be known said. S

U.K., where tax breaks are at- as Eastbrook Studios,located CT CoStar gotintothe rental tracting businessfrommovie about14miles east of central apartment business in 2014by CHITE

makersand television compa- London. AR acquiring Apartments.comfor

nies. Work on the project is PRP $585 million. Sincethen, it has While the pandemic up- slated to begin in the first Arendering of aplanned project known as Eastbrook Studios, 14 miles eastofcentral London. grownthe business by buying ended manymajor commer- quarter of 2021 and be com- ForRent.com and other inter- cial real-estatesectors—from pleted 18 to 24 months later. gram, and thereisahuge don and the British Film Com- But spending on movies net sites.Last year,the multi- hotels and retail to officetow- “Content is agrowthbusi- shortageofsound stages in mission. and high-end television was family businessmade up ers—investing in properties ness, people areconsuming the U.K. right now,” he said. “Thereisadifferencein £3.62 billion during 2019,up $490.6 million of CoStar’s$1.4 related to content creation moreprogramming than ever TheBritish government has cost between our two regions about 50% from 2015,accord- billion in revenues. has emergedasararebright before,” said Chief Executive offered taxbreaks of up to because of the U.K.’s well- ing to the British Film Insti- This year’s growth in the spot. People stuck at home Michael Hackman. 25% forfeaturefilms since publicized taxcreditsand also tute. apartmentsbusinessmade up areconsuming morecontent HCP recently led agroup of 2007.Itextendedthose taxin- the extremely beneficial U.K. Broadcaster SkyU.K.is forapandemic-related slump in than ever. investorsinadeal to acquire centives to high-end televi- exchangerate,” he said. working on a14-stage, 32-acre the officebusiness. “The moves Real-estate investorslike theNew York studios where sion, animation and video- Theproduction-facility studio in Elstree,just north of that CoStarmade to getinto Blackstone Group Inc.have “The Sopranos,” “30Rock” games in 2013 and 2014. The businesshas itschallenges. London, due to open by 2022. multifamily is averybig reason stepped up their commitment and“Sexand the City” were taxbreaks and aweaker cur- Contractswith production Theproject is backed by Sky’s whytheir [financial] results to studio production facilities filmed. Mr.Hackman said he rencyhavemade the U.K. an companies canbeasshort as parent company, Philadelphia- have held up as well as they with two partnerships near is bullish on London. attractive alternativetoHolly- one month, offering a lot less based Comcast Corp.and will have through the pandemic,” Hollywood. “The U.K. has gotaveryat- wood, said Adrian Wootton, security than long-term office be delivered in partnership said Sterling Auty,ananalyst Now, some investorsare tractivetax incentivepro- chief executiveofFilm Lon- leases. with NBCUniversal. with JPMorgan Chase &Co. P2JW344000-0-B00700-1------XA

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Join Barron’sGroup during NYCReal Estate Tech Speakers Week for discussions on the evolution of retail — Mae Cheng SVP, Barron’sGroup wheretrends wereheading pre-Covid, howthe TomOtt pandemic hasaffected that path,and what it all President, Retail Czar meansfor the future of retail real estate. Kelly Kowal ChiefPlatform The Retail Real Estate Outlook Officer, Thursday, December 10,2020 Farfetch 10:30am ET Register Now: https://onlinenyc.propel-mipim.com/ To Advertise Your CommercialProperty call 1-800-366-3975 For more information visitwsj.com/classifieds The Wall Street Journal news department wasnot involved in the creation of this event.

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B8 | We dnesday, December 9, 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 Agriculture Futures March'21 2,636 2,648 2,557 2,575 –61 97,016 Dec .9613 .9621 .9596 .9600 –.0018 161,210 Coffee (ICE-US)-37,500 lbs.; cents per lb. March'21 .9630 .9637 .9614 .9617 –.0017 31,932 Contract Open Corn (CBT)-5,000 bu.; cents per bu. Dec 117.10 117.10 117.10 117.10 .15 142 Canadian Dollar (CME)-CAD 100,000; $ per CAD Open High hi lo Low Settle Chg interest Dec 418.75 419.00 415.50 417.00 –2.50 4,180 March'21 119.25 120.35 118.35 119.25 .15 115,364 Dec .7813 .7832 s .7798 .7802 –.0013 128,296 Copper-High (CMX)-25,000 lbs.; $ per lb. March'21 422.50 424.50 418.50 419.75 –4.25 881,391 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March'21 .7818 .7837 s .7802 .7806 –.0013 24,899 Dec 3.5005 3.5005 3.4610 3.4940 –0.0145 3,253 Oats (CBT)-5,000 bu.; cents per bu. March 14.46 14.53 14.34 14.39 –.06 404,994 British Pound (CME)-£62,500; $ per £ March'21 3.5075 3.5085 3.4670 3.4990 –0.0175 168,063 Dec 348.75 349.00 s 325.00 330.25 5.25 40 May 13.88 13.90 13.75 13.79 –.07 222,494 Dec 1.3374 1.3396 1.3290 1.3354 –.0047 125,748 Gold (CMX)-100 troy oz.; $ per troy oz. March'21 317.00 326.75 s 316.25 323.50 5.25 3,618 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. March'21 1.3387 1.3409 1.3305 1.3368 –.0046 35,157 Dec 1863.00 1875.80 1861.80 1870.80 9.00 11,493 Soybeans (CBT)-5,000 bu.; cents per bu. Jan 27.95 27.95 27.95 27.95 …1,015 Swiss Franc (CME)-CHF 125,000; $ per CHF Jan'21 1864.10 1877.00 1861.70 1872.30 9.00 2,267 Jan 1157.50 1160.25 1142.75 1145.75 –12.75 262,143 March 28.35 28.35 28.35 28.35 …3,024 Dec 1.1229 1.1261 1.1220 1.1245 .0010 49,667 Feb 1866.10 1879.80 1863.90 1874.90 8.90 403,195 March 1162.00 1165.25 1148.50 1151.50 –11.00 284,775 Cotton (ICE-US)-50,000 lbs.; cents per lb. March'21 1.1265 1.1298 1.1257 1.1282 .0011 4,891 April 1869.80 1883.70 1868.20 1879.10 9.00 73,222 Soybean Meal (CBT)-100 tons; $ per ton. Dec 70.18 70.18 70.18 70.18 –.45 36 Australian Dollar (CME)-AUD 100,000; $ per AUD June 1874.50 1886.30 1871.80 1881.80 8.90 33,844 Dec 385.60 385.60 380.80 381.70 –4.80 1,139 March'21 72.44 72.48 71.70 71.98 –.40 127,692 Dec .7418 .7436 .7400 .7407 –.0022 125,802 Aug 1877.00 1887.20 1874.40 1884.20 8.90 8,983 March'21 382.80 383.80 377.80 378.80 –4.10 126,991 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March'21 .7424 .7443 .7408 .7415 –.0020 24,952 Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan 122.20 126.75 121.55 126.10 4.20 6,095 Mexican Peso (CME)-MXN 500,000; $ per MXN March 122.80 126.75 122.50 126.40 3.60 4,294 Dec 2335.00 2335.00 2320.00 2316.70 –23.20 7 Dec 38.75 38.75 38.20 38.28 –.59 668 Dec .05024 .05073 .05018 .05046 .00012 129,686 March'21 2355.00 2355.00 2302.50 2327.90 –23.40 9,511 March'21 37.86 37.87 37.15 37.29 –.56 133,644 March'21 .04983 .05028 .04974 .05000 .00012 54,501 Platinum (NYM)-50 troy oz.; $ per troy oz. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Interest Rate Futures Euro (CME)-€125,000; $ per € Dec ...... 1035.00 –12.20 69 Jan 12.32 12.37 12.25 12.33 .02 7,332 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 1.2113 1.2136 1.2097 1.2106 –.0015 583,333 Jan'21 1031.90 1044.90 1024.10 1037.00 –12.40 47,757 March 12.44 12.54 12.42 12.50 .01 1,754 Dec ...... 214-150 1-07.0 26,825 March'21 1.2144 1.2168 1.2129 1.2138 –.0014 95,445 Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. March'21 211-260 213-130 211-010 212-240 1-07.0 1,008,684 Dec 24.755 24.760 24.630 24.684 –0.057 1,305 Dec 566.75 574.00 566.75 563.75 –7.50 53 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Index Futures March'21 24.655 25.015 24.550 24.736 –0.058 131,804 March'21 575.25 577.25 569.25 570.00 –7.50 190,473 Dec ...... 172-030 17.0 38,011 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Wheat (KC)-5,000 bu.; cents per bu. March'21 172-200 173-160 172-080 173-020 17.0 1,117,127 Mini DJ Industrial Average (CBT)-$5 x index Jan 45.66 45.93 45.14 45.60 –0.16 330,173 Dec 541.50 542.50 532.50 536.25 –6.25 39 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 29988 30237 29852 30170 113 91,500 Feb 45.82 46.09 45.32 45.80 –0.15 224,163 March'21 542.75 545.00 536.50 537.00 –8.50 121,201 Dec 138-060 138-125 138-025 138-070 2.5 66,381 March'21 29901 30135 29760 30071 112 8,283 March 45.96 46.22 45.47 45.96 –0.13 204,442 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'21 137-240 137-315 137-200 137-260 3.0 3,116,499 S&P 500 Index (CME)-$250 x index April 46.07 46.28 45.59 46.09 –0.10 101,654 Jan 137.600 138.425 136.825 137.575 –.225 17,578 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 3668.40 3702.40 3665.10 3702.00 11.20 34,677 June 46.17 46.32 45.63 46.17 –0.06 212,736 March 137.950 139.000 137.500 138.500 .350 11,872 Dec ...... 125-192 …71,758 March'21 …… …3693.90 11.30 26 Dec 45.53 45.73 45.05 45.62 0.05 270,026 Cattle-Live (CME)-40,000 lbs.; cents per lb. March'21 125-292 125-317 125-272 125-290 .2 3,073,083 Mini S&P 500 (CME)-$50 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 107.850 108.275 107.700 107.850 –.150 12,477 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Dec 3682.75 3708.00 s 3664.25 3702.00 11.25 2,493,019 Jan 1.3975 1.4098 1.3855 1.4067 .0075 94,364 Feb'21 110.825 111.425 110.550 110.775 –.250 113,973 Dec 110-138 110-138 110-135 110-134 –.6 28,786 March'21 3675.50 3699.75 s 3656.50 3694.00 11.50 191,170 Feb 1.4037 1.4159 1.3931 1.4136 .0071 57,636 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March'21 110-135 110-137 110-130 110-130 –.5 1,826,362 Mini S&P Midcap 400 (CME)-$100 x index Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 64.850 64.875 64.275 64.550 .050 12,526 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec 2231.40 2251.90 2215.20 2248.30 12.60 53,497 Dec 99.9125 99.9150 99.9100 99.9100 –.0025 122,010 Jan 1.2520 1.2686 1.2384 1.2559 .0001 109,876 Feb'21 64.925 66.200 64.100 65.600 .650 82,754 March'21 2214.40 2247.50 s 2212.00 2244.60 13.60 354 Jan'21 99.9200 99.9200 99.9150 99.9150 –.0050 152,291 Feb 1.2603 1.2786 1.2498 1.2674 .0002 52,789 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Nasdaq 100 (CME)-$20 x index 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Jan 702.70 728.80 701.40 725.20 28.40 1,647 Dec 12574.00 12652.50 s 12502.00 12637.50 41.50 235,462 Dec ...... 100-225 5.0 152,311 Jan 2.431 2.480 t 2.368 2.399 –.007 260,901 March 671.70 696.00 671.00 692.70 26.60 811 March'21 12580.00 12650.50 s 12500.25 12635.00 41.25 8,255 March'21 ...... 97-305 5.5 5,957 Mini Russell 2000 (CME)-$50 x index Feb 2.453 2.501 2.393 2.422 –.011 107,072 Milk (CME)-200,000 lbs., cents per lb. Eurodollar (CME)-$1,000,000; pts of 100% Dec 1886.60 1919.50 s 1875.40 1916.80 24.70 546,369 March 2.437 2.489 2.393 2.419 –.013 192,957 Dec 15.38 15.57 15.35 15.55 .16 4,716 Dec 99.7575 99.7575 99.7500 99.7525 –.0050 1,086,657 Mini Russell 1000 (CME)-$50 x index April 2.421 2.471 2.401 2.428 .016 91,854 Jan'21 16.22 16.35 15.72 16.06 –.09 3,510 March'21 99.8000 99.8000 99.7900 99.7950 –.0050 1,130,169 Dec 2086.50 2090.10 s 2073.20 2087.10 7.90 8,778 May 2.444 2.493 2.419 2.452 .027 58,215 Cocoa (ICE-US)-10 metric tons; $ per ton. June 99.8050 99.8100 99.8000 99.8000 –.0050 858,434 U.S. Dollar Index (ICE-US)-$1,000 x index Oct 2.599 2.656 2.571 2.618 .035 91,374 Dec 2,700 2,700 2,684 2,700 –136 32 Dec 99.7600 99.7650 99.7500 99.7550 –.0050 805,174 Dec 90.92 91.02 90.75 90.97 .18 29,450 Currency Futures March'21 90.83 90.93 90.66 90.88 .18 13,523 Cash Prices | Tuesday, December 08, 2020 wsj.com/market-data/commodities Japanese Yen (CME)-¥12,500,000; $ per 100¥ Source: FactSet These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. Bonds | wsj.com/market-data/bonds/benchmarks Tuesday Tuesday Tuesday Energy Aluminum, LME, $ per metric ton *2004.0 Wheat - Hard - KC (USDA) $ per bu-u 5.6200 Tracking Bond Benchmarks Copper,Comex spot 3.4940 Wheat,No.1soft white,Portld,OR-u 6.3250 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 150.0 Food Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 287 highs and lows for different types of bonds Steel, HRC USA, FOB Midwest Mill-s 857 Beef,carcass equiv. index Total Total Metals choice 1-3,600-900 lbs.-u 188.60 return YTD total return YTD total Fibers and Textiles select 1-3,600-900 lbs.-u 169.34 Yield (%) Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8527 Burlap,10-oz,40-inch NY yd-n,w 0.6400 Engelhard industrial 1870.00 Butter,AA Chicago 1.5350 Cotton,1 1/16 std lw-mdMphs-u 0.6923 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Handy & Harman base 1868.15 Cheddar cheese,bbl,Chicago 142.00 Cotlook 'A' Index-t Handy & Harman fabricated 2073.65 *78.35 Cheddar cheese,blk,Chicago 164.25 2225.34 3.6 Mortgage-Backed 1.340 0.930 2.690 Hides,hvy native steers piece fob-u 2282.95 7.1 U.S. Aggregate 1.180 1.020 2.380 LBMA Gold Price AM *1832.80 38.500 Milk,Nonfat dry,Chicago lb. 115.00 Wool,64s,staple,Terr del-u,w Ginnie Mae LBMA Gold Price PM *1859.95 n.a. Coffee,Brazilian,Comp 1.1142 U.S. Corporate Indexes Bloomberg Barclays 2171.88 3.4 (GNMA) 0.820 0.290 2.660 Krugerrand,wholesale-e 1946.78 Grains and Feeds Coffee,Colombian, NY 1.6667 3435.43 9.1 U.S. Corporate 1.830 1.800 4.580 1314.29 3.7 Fannie mae (FNMA) 1.510 1.110 2.690 Maple Leaf-e 1965.50 Eggs,large white,Chicago-u 0.8250 American Eagle-e 1965.50 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.15 3096.14 6.9 Intermediate 1.190 1.170 4.400 2017.36 3.6 Freddie Mac (FHLMC) 1.490 1.080 2.710 Mexican peso-e 2264.95 Bran,wheat middlings, KC-u 150 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1837.84 Corn,No. 2 yellow,Cent IL-bp,u 4.1150 Hogs,Iowa-So. Minnesota-u 64.43 5143.47 12.9 Long term 2.830 2.730 4.930 593.76 4.9 Muni Master 0.916 0.838 3.441 Austria phil-e 1965.50 Pork bellies,12-14 lb MidUS-u n.a. Corn gluten feed,Midwest-u,w 149.0 Double-A-rated 420.14 5.3 7-12 year 0.900 0.771 3.447 Silver, troy oz. Corn gluten meal,Midwest-u,w 553.3 Pork loins,13-19 lb MidUS-u 0.7774 698.89 8.4 1.450 1.300 3.360 Engelhard industrial 24.7000 Cottonseed meal-u,w 430 Steers,Tex.-Okla. Choice-u n.a. 914.35 8.9 Triple-B-rated 2.100 2.080 5.350 479.76 5.9 12-22 year 1.341 1.224 3.690 Handy & Harman base 24.5850 Hominy feed,Cent IL-u,w 120 Steers,feeder,Okla. City-u,w 149.56 Handy & Harman fabricated 30.7310 Meat-bonemeal,50% pro Mnpls-u,w 275 Fats and Oils High Yield Bonds ICE BofA 466.12 5.8 22-plus year 1.961 1.765 4.123 LBMA spot price *£17.9100 Oats,No.2 milling,Mnpls-u 3.5450 5.1 High Yield Constrained Global Government J.P. Morgan† (U.S.$ equivalent) *23.7500 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.9000 491.03 4.439 4.439 11.400 Coins,wholesale $1,000 face-a 18501 Sorghum,(Milo) No.2 Gulf-u 6.2700 Grease,choice white,Chicago-h 0.2900 448.03 2.3 Triple-C-rated 8.861 8.861 19.071 n.a. n.a. Global Government n.a. n.a. n.a. Other metals SoybeanMeal,Cent IL,rail,ton48%-u 374.90 Lard,Chicago-u n.a. LBMA Platinum Price PM *1023.0 Soybeans,No.1 yllw IL-bp,u 11.3700 Soybean oil,crude;Centl IL-u 0.3991 3306.47 3.5 High Yield 100 3.728 3.589 10.740 n.a. n.a. Canada n.a. n.a. n.a. Platinum,Engelhard industrial 1027.0 Wheat,Spring14%-pro Mnpls-u 6.5075 Tallow,bleach;Chicago-h 0.3350 n.a. EMU§ Palladium,Engelhard industrial 2333.0 Wheat,No.2 soft red,St.Louis-u 5.9750 Tallow,edible,Chicago-u 0.3650 443.48 5.2 Global High Yield Constrained 4.425 4.425 11.310 n.a. n.a. n.a. n.a. 337.30 2.6 Europe High Yield Constrained 2.825 2.464 8.183 n.a. n.a. France n.a. n.a. n.a. KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 12/7 U.S Agency Bloomberg Barclays n.a. n.a. Germany n.a. n.a. n.a. Source: Dow Jones Market Data 1863.99 5.3 U.S Agency 0.510 0.470 1.950 n.a. n.a. Japan n.a. n.a. n.a. 1625.13 4.0 10-20 years 0.400 0.340 1.850 n.a. n.a. Netherlands n.a. n.a. n.a. Exchange-Traded Portfolios | wsj.com/market-data/mutualfunds-etfs 4250.30 11.4 20-plus years 1.670 1.170 2.450 n.a. n.a. U.K. n.a. n.a. n.a. Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) 2918.67 6.7 Yankee 1.430 1.420 3.500 921.64 4.5 Emerging Markets ** 4.452 4.437 7.480 Schwab US TIPs SCHP 61.70 0.18 9.0 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Tuesday, December 8, 2020 Closing Chg YTD ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 302.20 0.37 6.0 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Closing Chg YTD SPDR S&PMdCpTr MDY 410.41 0.49 9.3 ETF Symbol Price (%) (%) iShMSCI EAFE EFA 72.20 0.35 4.0 SPDR S&P 500 SPY 370.17 0.29 15.0 ARKInnovationETF ARKK 122.17 1.23 144.1 iShMSCIEmgMarkets EEM 50.87 0.04 13.4 SPDR S&P Div SDY 106.68 0.69 –0.8 CommSvsSPDR XLC 67.30 –0.15 25.5 iShMSCIJapan EWJ 65.24 0.23 10.1 TechSelectSector XLK 126.81 0.32 38.3 Global Government Bonds: Mapping Yields CnsmrDiscSelSector XLY 157.34 –0.21 25.5 iShNatlMuniBd MUB 116.95 0.13 2.7 UtilitiesSelSector XLU 62.57 –0.30 –3.2 CnsStapleSelSector XLP 67.74 0.55 7.6 iSh1-5YIGCorpBd IGSB 55.03 ... 2.6 VanEckGoldMiner GDX 36.35 –0.41 24.1 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in iShPfd&Incm PFF 37.99 0.16 1.1 EnSelectSectorSPDR XLE 40.27 1.49 –32.9 VangdInfoTech VGT 344.10 0.45 40.5 iShRussell1000Gwth IWF 236.15 0.37 34.2 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session FinSelSectorSPDR XLF 28.77 –0.03 –6.5 VangdSC Val VBR 140.35 0.57 2.4 iShRussell1000 IWB 209.22 0.27 17.3 HealthCareSelSect XLV 112.70 0.76 10.6 VangdSC Grwth VBK 256.65 1.31 29.2 iShRussell1000Val IWD 136.03 0.35 –0.3 VangdExtMkt VXF 161.16 0.95 27.9 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points IndSelSectorSPDR XLI 89.21 0.48 9.5 iShRussell2000 IWM 190.80 1.28 15.2 VangdDivApp VIG 139.53 0.27 11.9 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago InvscQQQI QQQ 308.29 0.34 45.0 iShRussellMid-Cap IWR 67.57 0.37 13.3 VangdFTSEDevMk VEA 46.51 0.24 5.6 InvscS&P500EW RSP 126.80 0.28 9.6 0.125 U.S. 2 0.153 s l 0.149 0.165 1.633 iShRussellMCValue IWS 95.97 0.20 1.3 VangdFTSE EM VWO 49.48 0.28 11.3 iSh3-7YTreasuryBd IEI 132.81 0.02 5.6 iShS&P500Growth IVW 62.68 0.21 29.5 VangdFTSE Europe VGK 59.70 0.35 1.9 0.875 10 0.911 t l 0.926 0.815 1.841 iShCoreDivGrowth DGRO 44.74 0.36 6.3 iShS&P500Value IVE 128.04 0.47 –1.6 VangdFTSEAWxUS VEU 57.55 0.19 7.1 iShCoreMSCIEAFE IEFA 68.13 0.31 4.4 2.250 Australia 2 0.104 t l 0.108 0.111 0.762 -4.1 -87.1 iShShortTreaBd SHV 110.51 –0.01 0.0 VangdGrowth VUG 248.48 0.21 36.4 -4.9 iShCoreMSCIEM IEMG 61.09 0.03 13.6 iShSilver SLV 22.82 ... 36.8 VangdHlthCr VHT 222.12 1.00 15.8 l iShCoreMSCITotInt IXUS 66.40 0.21 7.3 1.000 10 1.036 t 1.049 0.768 1.138 12.4 12.3 -70.3 iShTIPSBondETF TIP 126.71 0.17 8.7 VangdHiDiv VYM 92.04 0.63 –1.8 iShCoreS&P500 IVV 371.53 0.28 14.9 iSh1-3YTreasuryBd SHY 86.36 –0.02 2.0 VangdIntermBd BIV 93.21 0.04 6.9 0.000 France 2 -0.727 t l -0.702 -0.686 -0.585 -87.9 -85.1 -221.8 iShCoreS&P MC IJH 224.54 0.52 9.1 iSh7-10YTreasuryBd IEF 119.81 0.10 8.7 VangdIntrCorpBd VCIT 96.69 –0.08 5.9 iShCoreS&P SC IJR 89.65 0.74 6.9 iSh20+YTreasuryBd TLT 157.34 0.47 16.1 VangdLC VV 173.86 0.35 17.6 0.000 10 -0.367 t l -0.340 -0.349 0.034 -127.8 -126.6 -180.7 iShS&PTotlUSStkMkt ITOT 85.19 0.41 17.2 iShRussellMCGrowth IWP 100.38 0.76 31.6 VangdMC VO 205.19 0.35 15.2 l iShCoreUSAggBd AGG 117.78 0.01 4.8 iShUSTreasuryBdETF GOVT 27.36 0.09 5.5 VangdMBS VMBS 54.08 –0.02 1.7 0.000 Germany 2 -0.768 t -0.755 -0.774 -0.621 -92.1 -90.4 -225.5 iShSelectDividend DVY 97.19 0.31 –8.0 JPM UltShtIncm JPST 50.79 0.02 0.7 VangdRealEst VNQ 85.37 –0.35 –8.0 0.000 10 -0.604 t l -0.579 -0.616 -0.286 -151.5 -150.5 -212.6 iShESGAwareUSA ESGU 85.08 0.35 19.3 PIMCOEnhShMaturity MINT 102.00 0.02 0.4 VangdS&P500ETF VOO 340.16 0.29 15.0 iShEdgeMSCIMinUSA USMV 67.27 0.30 2.5 SPDR BlmBarcHYBd JNK 108.21 ... –1.2 VangdST Bond BSV 82.82 ... 2.7 0.050 Italy 2 -0.415 t l -0.402 -0.404 -0.098 -56.8 -55.1 -173.1 iShEdgeMSCIUSAMom MTUM 159.00 0.45 26.6 SPDRBloomBar1-3MTB BIL 91.51 ... 0.1 VangdSTCpBd VCSH 83.02 –0.05 2.5 iShEdgeMSCIUSAQual QUAL 115.13 0.39 14.0 SPDR Gold GLD 175.50 0.35 22.8 VangdSC VB 189.73 0.87 14.5 0.900 10 0.589 t l 0.611 0.655 1.351 -32.3 -31.5 -49.0 iShGoldTr IAU 17.83 0.34 23.0 SchwabIntEquity SCHF 35.74 0.20 6.3 VangdTotalBd BND 88.02 0.03 5.0 iShiBoxx$InvGrCpBd LQD 136.96 –0.12 7.0 SchwabUS BrdMkt SCHB 89.83 0.34 16.8 VangdTotIntlBd BNDX 58.56 0.13 3.5 0.100 Japan 2 -0.135 s l -0.136 -0.145 -0.135 -28.8 -28.5 -176.8 iShiBoxx$HYCpBd HYG 86.74 –0.08 –1.4 SchwabUS Div SCHD 65.10 0.63 12.4 VangdTotIntlStk VXUS 59.40 0.25 6.7 0.100 10 0.020 t l 0.026 0.022 -0.017 -89.2 -90.1 -185.8 iShJPMUSDEmgBd EMB 114.57 –0.17 0.0 SchwabUS LC SCHX 89.95 0.29 17.1 VangdTotalStk VTI 192.13 0.43 17.4 iShMBSETF MBB 109.97 0.04 1.8 SchwabUS LC Grw SCHG 125.67 0.20 35.3 VangdTotlWrld VT 91.31 0.32 12.7 0.400 Spain 2 -0.610 t l -0.594 -0.575 -0.377 -76.3 -74.3 -201.1 iShMSCI ACWI ACWI 89.78 0.35 13.3 SchwabUS SC SCHA 86.81 1.21 14.8 VangdValue VTV 118.94 0.46 –0.8 1.250 10 0.028 t l 0.052 0.103 0.486 -88.4 -87.4 -135.5 0.500 U.K. 2 -0.078 t l -0.073 -0.027 0.586 -23.1 -22.2 -104.7 ADVERTISEMENT 4.750 10 0.259 t l 0.282 0.277 0.772 -65.3 -64.4 -106.9 Source: Tullett Prebon BusinessReal Estate&Auctions Corporate Debt To advertise: email [email protected] or WSJ.com/classifieds Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations AUCTIONS AUCTIONS MASSACHUSETTS Investment-grade spreads that tightened the most… Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 30-0)=* .,--9B %!"& !$#"#! @C=$9I9??'%3C=?D!C%"=?10?D"=?B 7I=$G'% AIG Global Funding … 0.900 0.76 Sept. 22, ’25 37 –12 44 8=@ 0*.932+9*2 AJ;/-:> Verizon Communications VZ 5.150 0.36 Sept. 15, ’23 17 –11 30 "#!$'%& Bank of Nova Scotia BNS 1.625 0.38 May 1, ’23 18 –6 24 KO –6 n.a. *'"0)%3- -2 !22#7%&.3%$ 511,5..& !!$ Coca–Cola 1.750 0.49 Sept. 6, ’24 n.a. 6+ *)/% (03 52.% )041,. :!AI9 !# +(83& 0"GID National Australia Bank NAB 1.875 0.25 Dec. 13, ’22 5 –6 n.a. Exxon Mobil XOM 1.571 0.33 April 15, ’23 12 –6 14 'A?A>(5A"6$A( ;/& @A># FMR FIDINV 6.450 2.76 Nov. 15, ’39 110 –5 n.a. #% )/!7:/1 4/7%< Skandinaviska Enskilda Banken SEB 2.200 0.36 Dec. 12, ’22 21 –5 21 56)> `*.FR B' TC<:!:8:!BCG[ X!CGC-!C% …And spreads that widened the most GC+ S4 Z@8!:U 1)-8>)+ 2." BAC 24 n.a. X!CG[ Z@8!:U 5AAB>:8C!:U =6G![GE[) 4B ?; D.M++N;89 Bank of America 3.500 1.10 April 19, ’26 71 WFC 16 n.a. ,.I,&] T22K *F]L959K *I$"/ ZR PA>):GWM %5J8 >A?18$5E08 Wells Fargo 5.375 3.09 Nov. 2, ’43 141 Apple AAPL 3.850 2.31 May 4, ’43 64 14 55 YYYIG-@8!:U>)G[:UI-BDHA>B_)-:[U<[)H M387 KE=LN; #7038;HN570 .(). ,.()< EC=D?%$?= 2B4 +2$4 5* UnitedHealth UNH 4.625 1.93 July 15, ’35 101 11 95 -BC:G-:\ !C'B?G-@8!:U>)G[:UI-BD 44"F3J '1N *8; 4- >!?7 - 3=IH#F96IH& @A MetLife MET 3.000 0.70 March 1, ’25 32 10 n.a. FHH 7*)' %@AB 32,3-.& G(6 %N&$D?C /F !-0 ,)$'/0.23 "/04#3%$04 HSBC Holdings HSBC 4.300 1.34 March 8, ’26 96 9 92 INVESTMENT OPPORTUNITIES T2M5 S1UN (7 NS8 C(7 62.'5 1(23&'/'3+' ('3.'/* Morgan Stanley MS 6.375 2.60 July 24, ’42 93 9 89 ,75S7;S &'SNQ2M 'NS8 (7/0D 'B8C+)+ !C ,FF(K #G< ALJ'I. ,<7-3--- $LJG/ "L!#IFGB 7+ "EL Occidental OXY 2.700 2.39 Aug. 15, ’22 100.500 1.00 98.500 %)C)>G:)+ Q5Q %>BY:# :#>B8%# >)OC!C% (FGHF% :;EIF%LII "=&IB :- "=&I G# $@#IL/ Teva Pharmaceutical Finance Netherlands … 4.100 4.80 Oct. 1, ’46 89.750 1.00 87.000 >%K#3 DE@@ ALJ'I )5#JL =G. !:< >!<^JG+_8<:)+ 6G[8) GAA>BG-#I ?..P?.RP?..4 Howmet Aerospace HWM 6.750 3.18 Jan. 15, ’28 122.550 0.80 120.975 44/6##@#E("!$ ;[8) 5-)GC3< 4;5!E9!@A /9E9!@A 3G 0;99;(8M?E;HN57P"S8JB+ Cenovus Energy CVECN 6.750 4.95 Nov. 15, ’39 122.000 0.75 119.522 +''(158('888 P7A(2 A>B6!+)< !C6)<:B>< Y!:# G I@ T#!!D#) HV'X,#I ,CX*) D# IV' ==..3RL 'F%) L Brands LB 7.600 6.70 July 15, ’37 108.960 0.65 n.a. IF-%#DH,G ,A' IV' RK66R 56 4#/ 8F$ :?29 *CLK <-1?20- +)')>>G[ BC ,F,FH,F,. 9GA!:G[ VG!C:< :#) >)+)6)[BAD)C: B' =6!G:!BC 1:G:!BCK G,D![[!BC <@8G>) 'BB: …And with the biggest price decreases TC+8<:>!G[ A>BA)>:U !C ;G[:!DB>)K R7I L Brands LB 6.875 5.92 Nov. 1, ’35 109.375 –3.66 109.875 +$FV"S L00C )F'O Q>7!9M J7R9!?R&F Talen Energy Supply … 6.000 14.61 Dec. 15, ’36 47.213 –0.85 n.a. ;880Q6L.Q6LI,Q/.30/ 3IKHF NOTABLE American Airlines AAL 4.950 7.43 Jan. 15, ’23 95.250 –0.70 91.250 28[) &F$P-M )W)DA: B'')>!C%I COMMERICAL PROPERTIES Ford Motor Credit … 3.087 2.60 Jan. 9, ’23 100.971 –0.65 100.516 %%'F)"VFT')+ Sealed Air SEE 6.875 3.62 July 15, ’33 132.688 –0.56 n.a. LUMN –0.50 104.434 U:#&MABEA=DR7&@*&EAF*@B Lumen Technologies 5.800 2.36 March 15, ’22 104.250 ADVERTISE TODAY Macy's M 7.000 8.21 Feb. 15, ’28 93.500 –0.50 n.a. Ligado Networks NEWLSQ 15.500 20.45 Nov. 1, ’23 89.500 –0.50 96.750 (800)366-3975|[email protected] *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. DR7&@*&EAF*@B ©2020Dow Jones &Company, Inc.All Rights Note: Data are for the most active issue of bonds with maturities of two years or more Source: MarketAxess P2JW344000-0-B00900-1------NS

THE WALL STREET JOURNAL. NY We dnesday, December 9, 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. DigitalRealty DLR 133.37 -1.86 GeneralMotors GM 43.80 -0.51 KraftHeinz KHC 34.34 0.74 MorganStanley MS 63.91 -0.35 Phillips66 PSX 67.39 0.34 Smith&Nephew SNN 41.10 0.20 UnderArmour A UAA 17.24 0.18 Market listed securities. Prices are composite dd-Indicates loss in the most recent DiscoverFinSvcs DFS 81.95 -0.50 Genmab GMAB 38.65 0.53 Kroger KR 31.30 0.35 Morningstar MORN 201.09 0.47 s Pinduoduo PDD 157.49 10.70 Smucker SJM 117.53 0.47 UnderArmour C UA 15.21 0.21 quotations that include primary market trades four quarters. DiscoveryB DISCB 31.50 -0.50 Genpact G 40.90 0.32 s L Brands LB 40.96 0.72 Mosaic MOS 22.38 0.33 PinnacleWest PNW 81.82 -0.76 s Snap SNAP 50.00 0.55 Unilever UL 58.57 0.57 as well as trades reported by Nasdaq BX FD-First day of trading. DiscoveryA DISCA 28.09 -0.71 Gentex GNTX 33.65 0.15 Line LN 51.56 -0.15 MotorolaSol MSI 172.48 2.02 Pinterest PINS 69.92 -0.39 s SnapOn SNA 180.92 1.07 UnionPacific UNP 205.21 0.22 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing DiscoveryC DISCK 24.83 -0.59 GenuineParts GPC 96.65 -1.60 LKQ LKQ 36.96 -0.13 NICE NICE 239.20 -0.44 PioneerNatRscs PXD 114.27 3.99 s Snowflake SNOW390.00 1.04 UnitedAirlines UAL 49.04 -0.16 Cboe, NYSE National and Nasdaq ISE. standards s Disney DIS 153.72 0.04 Gerdau GGB 4.49 -0.07 LPL Financial LPLA 98.15 -1.11 NIO NIO 46.56 1.45 PlainsAllAmPipe PAA 9.04 -0.31 SOQUIMICH SQM 47.82 0.67 UnitedMicro UMC 8.76 -0.28 The list comprises the 1,000 largest lf-Late filing DocuSign DOCU 234.82 2.30 GileadSciences GILD 61.17 0.34 L3HarrisTech LHX 189.25 -2.38 NRG Energy NRG 34.01 0.13 PlainsGP PAGP 9.21 -0.23 SolarEdgeTech SEDG 284.86 6.54 UPS B UPS 166.39 -1.08 companies based on market capitalization. q-Temporary exemption from Nasdaq s DolbyLab DLB 92.06 0.90 GSK GSK 37.64 0.08 LabCpAm LH 202.10 4.77 NVR NVR 3929.78-70.22 s PlugPower PLUG 28.74 3.99 s SolarWinds SWI 23.70 0.28 s UnitedRentals URI 243.00 -3.48 Underlined quotations are those stocks with requirements. DollarGeneral DG 211.37 -1.99 GlobalPayments GPN 198.58 -0.65 s LamResearch LRCX 511.66 4.28 NXP Semi NXPI 166.37 1.28 Pool POOL 339.12 6.53 Sony SNE 93.37 0.01 US Bancorp USB 44.98 0.18 large changes in volume compared with the t-NYSE bankruptcy DollarTree DLTR 109.46 -2.49 Globant GLOB 181.49 5.09 LamarAdv LAMR 79.74 -1.11 Nasdaq NDAQ 128.65 0.09 PrincipalFin PFG 50.77 0.06 SoteraHealth SHC 26.18 -0.81 UnitedHealth UNH 347.86 ... v-Trading halted on primary market. issue’s average trading volume. DominionEner D 74.75 -1.39 GlobeLife GL 94.55 -0.33 LambWeston LW 77.50 0.90 Natera NTRA 92.63 2.27 Procter&Gamble PG 138.05 0.37 Southern SO 61.00 -0.73 s UnitySoftware U 167.25 11.54 vj-In bankruptcy or receivership or Domino's DPZ 386.69 2.14 GoDaddy GDDY 87.31 2.29 LasVegasSands LVS 58.58 -0.36 NationalGrid NGG 58.23 0.88 Progressive PGR 92.84 2.59 SoCopper SCCO s UnivDisplay OLED 237.98 0.39 Boldfaced quotations highlight those issues being reorganized under the 60.31 1.05 Dover DOV 121.93 -0.31 GoldFields GFI 9.20 0.08 s Lear LEA 158.43 0.92 Natura&Co NTCO 19.02 0.17 Prologis PLD 96.91 -0.62 SouthwestAir LUV 47.28 -0.61 UniversalHealthB UHS 132.67 1.65 whose price changed by 5% or more if their Bankruptcy Code, or securities Leidos LDOS previous closing price was $2 or higher. assumed by such companies. Dow DOW 54.55 1.34 GoldmanSachs GS 238.84 0.39 103.95 0.45 NatWest NWG 4.43 0.02 PrudentialFin PRU 80.25 0.27 Splunk SPLK 160.97 5.35 VEREIT VER 7.54 -0.06 DrReddy'sLab RDY 67.75 0.15 GoodRx GDRX 37.79 -0.10 Lennar B LEN.B 58.15 -2.67 nCino NCNO 90.20 2.59 Prudential PUK 34.14 0.43 s Spotify SPOT 332.86 -9.14 VF VFC 89.26 0.96 DraftKings DKNG 50.85 2.92 Graco GGG 67.73 0.65 Lennar ALEN 72.50 -3.83 NetApp NTAP 60.55 0.18 PublicServiceEnt PEG 57.23 -0.30 Square SQ 213.01 0.43 VICI Prop VICI 25.58 -0.12 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and DropboxDBX 21.59 1.09 Grainger GWW 406.67 1.67 LennoxIntl LII 282.96 5.91 NetEase NTES 91.61 2.20 PublicStorage PSA 221.88 -2.80 StanleyBlackDck SWK 177.22 -1.23 VailResorts MTN 288.20 8.10 changes in the closing prices from 4 p.m. the previous day. DukeEnergy DUK 91.51 -0.36 Grifols GRFS 18.59 0.18 LeviStrauss LEVI 19.79 0.37 Netflix NFLX 512.66 -3.12 PulteGroup PHM 42.04 -1.58 Starbucks SBUX 101.21 -0.20 s Vale VALE 16.19 -0.09 DukeRealty DRE 38.52 -0.11 s GuardantHealth GH 126.09 1.94 LiAuto LI 33.31 1.82 Neurocrine NBIX 91.64 0.57 Qiagen QGEN 50.35 1.40 StateStreet STT 75.84 -0.12 ValeroEnergy VLO 58.98 -0.48 Tuesday, December 8, 2020 Net Net Dun&Bradstreet DNB 26.71 -0.29 Guidewire GWRE126.43 0.96 LibertyBroadbandA LBRDA 159.79 -2.04 NewFortressEner NFE 49.00 2.86 s Qorvo QRVO 169.96 3.02 SteelDynamics STLD 38.40 -0.02 VarianMed VAR 174.61 -0.07 Net Stock Sym Close Chg Stock Sym Close Chg Dunkin' DNKN 106.41 -0.01 s HCA Healthcare HCA 159.19 3.82 s LibertyBroadbandC LBRDK 162.53 -2.46 NewOrientalEduc EDU 160.02 -1.18 s Qualcomm QCOM 158.80 0.78 Steris STE 189.09 1.46 VeevaSystems VEEV 269.54 1.82 s DuPont DD 66.81 1.38 HDFC Bank HDB 67.38 0.05 LibertyGlobal A LBTYA 24.28 -0.15 NYTimes A NYT 46.72 -0.02 s QuantaServices PWR 71.73 0.22 STMicroelec STM 41.57 -0.42 Ventas VTR 49.11 0.02 Stock Sym Close Chg Autoliv ALV 92.78 -0.02 CardinalHealth CAH 56.47 1.07 Dynatrace DT 40.76 1.20 HD Supply HDS 55.80 ... LibertyGlobal C LBTYK 23.44 -0.09 NewellBrands NWL 21.02 -0.57 QuestDiag DGX 124.09 1.19 StoneCo STNE 74.26 0.76 VeriSign VRSN 206.92 1.66 ADP ADP 174.53 -0.04 Carlisle CSL 150.25 0.80 ENI E 21.44 0.34 HP HPQ 23.52 0.03 LibertyFormOne C FWONK 43.76 -0.10 Newmont NEM 61.51 0.07 Quidel QDEL 195.37 1.45 Stryker SYK 235.45 -1.35 VeriskAnalytics VRSK 194.93 0.48 A B C AutoZone AZO 1095.99-61.19 Carlyle CG 29.78 0.44 EOG Rscs EOG 52.15 0.58 HSBC HSBC 26.62 -0.70 LibertyFormOne A FWONA 39.91 0.10 NewsCorp A NWSA 18.38 -0.12 SumitomoMits SMFG 5.88 0.02 Verizon VZ 61.45 0.10 Avalara AVLR 169.94 3.20 CarMax KMX 94.38 -1.68 ABB ABB 27.08 0.17 EPAM Systems EPAM 329.46 6.38 Halliburton HAL 19.76 0.79 LibertyBraves A BATRA 27.63 -0.17 NewsCorp B NWS 18.44 -0.03 R S SunComms SUI 149.48 1.12 VertxPharm VRTX 229.83 2.77 Avalonbay AVB 169.35 -3.33 Carnival CCL 23.57 0.37 AcadiaPharm ACAD 54.06 0.68 EastmanChem EMN 103.17 1.45 HartfordFinl HIG 46.20 0.66 LibertyBraves C BATRK 27.35 -0.18 NextEraEnergy NEE 73.68 0.41 SunLifeFinancial SLF 44.61 -0.03 ViacomCBS A VIACA 37.60 ... Avangrid AGR 46.17 -0.18 Carnival CUK 20.33 0.17 RELX RELX 24.12 0.19 AECOM ACM 51.18 0.07 Eaton ETN 117.86 0.46 Hasbro HAS 89.72 0.15 LibertySirius C LSXMK 43.32 0.60 s Nike NKE 139.12 0.37 SuncorEnergy SU 18.23 0.37 ViacomCBS B VIAC 36.65 -0.17 Avantor AVTR 27.11 -0.40 CarrierGlobal CARR 37.30 0.46 RH RH 472.05 3.24 AES AES 21.19 0.32 EatonVance EV 65.16 -0.09 HealthcareAmer HTA 25.72 -0.16 LibertySirius A LSXMA 43.47 0.87 Nikola NKLA 18.92 0.48 SunRun RUN 61.31 2.68 Viatris VTRS 17.84 0.27 AveryDennison AVY 155.31 1.13 s Carvana CVNA 261.34 2.46 RPM RPM 87.65 0.90 Aflac AFL 45.24 0.07 eBay EBAY 49.89 -0.14 HealthpeakProp PEAK 30.88 0.14 EliLilly LLY 149.30 1.88 NiSource NI 23.21 -0.71 Suzano SUZ 10.24 -0.09 Vipshop VIPS 25.56 0.36 AxonEnterprise AAXN 125.56 2.77 Catalent CTLT 94.25 0.82 RalphLauren RL 97.15 1.66 AGNC Invt AGNC 15.59 0.11 Ecolab ECL 224.41 1.67 Heico A HEI.A 122.10 -0.07 s LincolnElectric LECO 119.51 1.25 Nokia NOK 4.22 0.16 SynchronyFin SYF 32.39 -0.18 VirginGalactic SPCE 33.39 -0.41 BCE BCE 45.11 0.14 Caterpillar CAT 178.84 0.13 RaymondJames RJF 92.93 -1.58 Ansys ANSS 341.28 -0.61 Ecopetrol EC 12.67 -0.03 Heico HEI 132.23 -1.33 LincolnNational LNC 53.06 -0.12 NomuraHoldings NMR 5.29 -0.02 Synopsys SNPS 238.76 -0.41 Visa V 212.77 0.12 BHP Group BHP 63.01 0.48 Celanese CE 130.55 0.77 RaytheonTech RTX 74.48 1.44 ASETech ASX 5.66 -0.01 EdisonInt EIX 61.89 -0.05 HenrySchein HSIC 70.45 1.72 Linde LIN 249.24 -0.54 Nordson NDSN 198.93 -0.09 Sysco SYY 76.72 0.85 Vistra VST 18.95 -0.02 BHP Group BBL 51.53 0.12 Cemex CX 5.55 -0.08 s RealPage RP 69.32 -0.15 ASML ASML 468.57 -1.16 EdwardsLife EW 85.40 -0.66 Hershey HSY 150.63 0.91 LithiaMotors LAD 291.39 -2.44 NorfolkSouthern NSC 238.67 -0.39 VMware VMW 142.18 2.44 BP BP 21.79 0.11 Centene CNC 65.01 0.44 RealtyIncome O 60.40 -0.35 AT&T T 30.81 1.17 ElancoAnimal ELAN 29.79 0.44 Hess HES 52.75 0.22 LiveNationEnt LYV 69.89 -0.04 NorthernTrust NTRS 94.63 0.21 T U V Vodafone VOD 17.52 -0.29 Baidu BIDU 144.99 0.69 CenterPointEner CNP 22.50 -0.64 RegencyCtrs REG 47.73 -0.35 AbbottLabs ABT 106.80 -0.38 s Elastic ESTC 145.83 4.36 HewlettPackard HPE 12.10 0.14 LloydsBanking LYG 1.94 -0.01 VornadoRealty VNO 40.03 -0.55 BakerHughes BKR 22.42 0.40 NorthropGrum NOC 301.96 0.96 RegenPharm REGN 497.14 1.73 s AbbVie ABBV 107.69 1.85 CentraisElBras EBR 6.97 0.41 HighwoodsProp HIW 38.78 -0.92 LockheedMartin LMT 359.23 -2.90 TAL Education TAL 69.04 -2.09 VoyaFinancial VOYA 58.40 0.44 ElectronicArts EA 132.15 1.31 NortonLifeLock NLOK 19.29 -0.42 RegionsFin RF 15.95 -0.02 Ball BLL 95.89 0.39 CeridianHCM CDAY 99.33 2.80 TC Energy TRP 45.10 -0.37 VulcanMatls VMC Abiomed ABMD 273.64 1.76 s EmersonElec EMR 81.34 2.17 Hilton HLT 109.05 -0.78 Loews L 43.37 0.61 NorwegCruise NCLH 28.15 1.65 144.45 -1.63 BancoBilbaoViz BBVA 5.00 -0.05 Cerner CERN 74.15 1.31 ReinsGrp RGA 120.42 0.91 TE Connectivity TEL 118.99 0.34 AcceleronPharma XLRN 121.36 1.96 Enbridge ENB 33.42 0.14 Hologic HOLX 72.77 -0.41 LogitechIntl LOGI 89.66 1.27 Novartis NVS 91.21 -0.29 BancoBradesco BBDO 4.33 -0.11 CharlesRiverLabs CRL 242.09 5.72 RelianceSteel RS 121.02 0.58 Telus TU 19.95 -0.09 W X Y Z Accenture ACN 249.86 0.56 EncompassHealth EHC 81.20 1.08 HomeDepot HD 261.72 -0.92 Lowe's LOW 151.24 -0.75 Novavax NVAX 120.12 -3.00 BancodeChile BCH 19.01 -0.15 s CharterComms CHTR 663.37-17.39 RenaissanceRe RNR 163.53 0.18 ActivisionBliz ATVI 83.63 1.36 EnelAmericas ENIA 7.73 -0.03 HondaMotor HMC 29.68 -0.13 LufaxHolding LU 14.88 0.08 TJX TJX 65.42 -0.46 BancSanBrasil BSBR NovoNordisk NVO 68.58 0.37 Repligen RGEN180.34 -5.57 WEC Energy WEC 93.43 -0.22 AdaptiveBiotech ADPT 52.59 -0.75 8.36 ... CheckPoint CHKP 123.16 3.59 s Honeywell HON lululemon LULU 371.07 -0.41 T-MobileUS TMUS 133.15 0.19 EnergyTransfer ET 6.74 0.04 212.07 0.97 s Novocure NVCR 157.48 5.15 RepublicSvcs RSG 94.68 -0.17 WEX WEX 190.89 -0.43 Adobe ADBE 495.28 3.03 BcoSantChile BSAC 18.57 0.05 Chegg CHGG 79.31 0.83 LumenTech LUMN 10.29 0.43 s TRowePrice TROW 153.17 1.87 EnphaseEnergy ENPH 134.74 5.42 HorizonTherap HZNP 71.47 1.60 NuanceComms NUAN 42.40 0.92 ResMed RMD 212.11 2.90 W.P.Carey WPC 69.78 0.18 AdvanceAuto AAP 152.78 -0.90 BcoSantMex BSMX 5.38 0.04 Chemed CHE 486.35 12.49 Lyft LYFT 46.52 -0.03 s TaiwanSemi TSM 105.64 -0.75 s Entegris ENTG 99.03 1.36 HormelFoods HRL 47.48 0.33 Nucor NUE 56.54 0.60 RestaurantBrands QSR 60.00 0.02 WPP WPP 51.15 -0.27 AdvMicroDevices AMD 92.92 -1.15 BancoSantander SAN 3.31 0.04 CheniereEnergy LNG 61.18 1.32 LyondellBasell LYB 87.89 0.78 s TakeTwoSoftware TTWO 183.60 0.21 Entergy ETR 105.29 -1.32 DR Horton DHI 70.83 -2.97 Nutrien NTR 50.11 0.01 s RingCentral RNG 347.43 0.66 Wabtec WAB 76.51 0.83 Aegon AEG 3.72 -0.04 BanColombia CIB 36.05 0.67 CheniereEnerPtrs CQP 37.04 -0.53 TakedaPharm TAK 18.97 0.20 EnterpriseProd EPD 20.95 0.28 HostHotels HST 15.14 -0.03 NVIDIA NVDA 534.00-10.27 RioTinto RIO 72.89 -0.08 WalgreensBoots WBA 41.99 -0.44 AgilentTechs A 117.01 2.61 BankofAmerica BAC 28.93 -0.16 Chevron CVX 91.54 0.78 M N Tapestry TPR 29.50 -0.24 s Equifax EFX 184.23 13.40 HowmetAerospace HWM 25.45 -0.13 RitchieBros RBA 72.01 1.85 Walmart WMT 149.45 1.34 AgnicoEagle AEM 73.02 0.90 BankofMontreal BMO 76.27 0.18 s Chewy CHWY 79.15 4.37 Target TGT 172.72 -0.19 Equinix EQIX 695.28 -2.27 HuanengPower HNP 14.77 -0.19 M&T Bank MTB 126.15 -1.05 O P Q RobertHalf RHI 64.98 0.45 WarnerMusic WMG 32.01 1.06 AirProducts APD 268.23 -0.95 BankNY Mellon BK 40.78 0.44 ChinaEastrnAir CEA 23.39 -0.06 TataMotors TTM 12.45 -0.07 Equinor EQNR 16.57 0.05 Huazhu HTHT 46.88 -3.45 MGMGrowthProp MGP 32.51 0.03 RocketCos. RKT 20.21 0.51 WasteConnections WCN 103.01 0.69 AkamaiTech AKAM 104.10 1.32 BkNovaScotia BNS 53.22 0.70 ChinaLifeIns LFC 11.23 -0.12 ONEOK OKE 40.79 0.48 TeckRscsB TECK 18.01 -0.17 Equitable EQH 26.61 0.12 Hubbell HUBB 161.06 2.12 MGM Resorts MGM 29.89 0.06 Rockwell ROK 249.60 4.47 WasteMgt WM 116.75 -0.02 s Albemarle ALB 143.95 3.95 Barclays BCS 7.80 0.05 t ChinaMobile CHL 29.33 -0.32 OReillyAuto ORLY 440.00 -8.62 TeladocHealth TDOC 198.26 0.96 EquityLife ELS 60.72 0.39 HubSpot HUBS 384.87 -0.30 s MKS Instrum MKSI 156.88 1.62 RogersComm B RCI 46.99 -0.07 Waters WAT 239.23 2.74 Albertsons ACI 14.98 0.13 BarrickGold GOLD 23.90 -0.05 ChinaPetrol SNP 43.94 -1.97 OakStreetHealth OSH 54.25 0.79 TeledyneTech TDY 395.36 4.62 EquityResdntl EQR 62.39 -0.32 Humana HUM 409.28 5.54 MPLX MPLX 23.03 0.20 s Roku ROKU 306.13 6.15 Watsco WSO 223.10 3.02 Alcon ALC 64.37 0.53 BauschHealth BHC 20.59 0.51 ChinaSoAirlines ZNH 31.93 -0.35 OccidentalPetrol OXY 19.13 0.94 Teleflex TFX 382.96 0.10 ErieIndemnity A ERIE 222.25 1.11 JBHunt JBHT 139.62 1.10 MSCI MSCI 426.40 3.58 Rollins ROL 56.50 0.49 Wayfair W 244.30 7.60 AlexandriaRlEst ARE 170.79 -0.25 BaxterIntl BAX 77.93 0.16 ChinaTelecom CHA 28.87 -0.59 Okta OKTA 251.13 5.08 Ericsson ERIC 12.51 0.04 EssentialUtil WTRG 47.04 -0.24 HuntingtonBcshs HBAN 12.90 -0.11 MagellanMid MMP 44.81 0.59 RoperTech ROP 419.14 0.16 Weibo WB 40.76 -0.52 AlexionPharm ALXN 119.22 0.39 BectonDicknsn BDX 240.24 3.79 ChinaUnicom CHU 5.80 -0.07 OldDomFreight ODFL 210.14 2.06 TelefonicaBras VIV 8.70 0.27 EssexProp ESS 252.49 -0.51 HyattHotels H 73.80 -0.08 MagnaIntl MGA 62.96 -1.54 RossStores ROST 113.47 -0.13 WellsFargo WFC 28.94 -0.40 Alibaba BABA 266.09 2.09 BeiGene BGNE 228.09 4.48 Chipotle CMG 1346.00 -1.10 OmegaHealthcare OHI 37.95 0.04 Telefonica TEF 4.60 -0.10 EsteeLauder EL 248.48 2.72 IAA IAA 60.24 -0.10 ManulifeFin MFC 18.05 0.04 RoyalBkCanada RY 82.57 0.01 Welltower WELL 64.95 -0.77 AlignTech ALGN 515.76 -1.95 BentleySystems BSY 34.32 0.38 Chubb CB 152.40 0.06 Omnicom OMC 64.65 0.35 TelekmIndonesia TLK 23.10 -0.19 s Etsy ETSY 163.97 7.04 ICICI Bank IBN 13.87 -0.08 MarathonPetrol MPC 42.45 0.24 RoyalCaribbean RCL 82.83 1.21 WestPharmSvcs WST 267.28 -0.78 Alleghany Y 605.77 3.64 Berkley WRB 65.11 -0.10 ChunghwaTel CHT 38.36 0.04 s ON Semi ON 31.39 0.82 10xGenomics TXG 154.76 5.98 EuronetWorldwide EEFT 133.22 -0.90 IdexxLab IDXX 460.69 1.33 Markel MKL 1000.03 17.89 RoyalDutchA RDS.A 37.39 -0.03 WesternDigital WDC 52.42 1.28 Allegion ALLE 113.12 0.91 BerkHathwy A BRK.A 342281-1257.99 Church&Dwight CHD 87.09 0.33 OneConnectFinTech OCFT 20.60 -0.19 Tenaris TS 16.61 0.35 EverestRe RE 234.74 4.42 IHS Markit INFO 92.08 -0.74 MarketAxess MKTX566.01 -3.93 RoyalDutchB RDS.B 35.83 0.05 WesternUnion WU 21.80 0.07 AlliantEnergy LNT 52.76 -0.58 BerkHathwy B BRK.B 228.19 -1.05 ChurchillDowns CHDN 194.92 2.99 OpenText OTEX 46.02 ... s TencentMusic TME 18.00 1.19 Evergy EVRG 55.46 0.34 s II-VI IIVI 73.18 0.86 Marriott MAR 132.55 -0.41 RoyalGold RGLD 112.68 0.01 s WestlakeChem WLK 82.71 2.35 Allstate ALL 105.45 2.04 BerryGlobal BERY 53.49 -0.71 Ciena CIEN 48.29 -0.18 s Teradyne TER 118.67 1.51 EversourceEner ES 86.38 -0.36 ING Groep ING 9.94 0.04 Marsh&McLen MMC 116.70 0.64 Oracle ORCL 59.03 -0.77 RoyaltyPharma RPRX 44.05 1.30 WestpacBanking WBK 14.99 -0.04 AllyFinancial ALLY 32.47 0.43 BestBuy BBY 102.99 0.26 Cigna CI 218.67 0.08 s ExactSciences EXAS 133.53 -1.32 Invesco IVZ 18.07 0.05 s MartinMarietta MLM 282.83 -2.11 Orange ORAN 12.42 0.10 Ryanair RYAAY 114.28 -3.36 Tesla TSLA 649.88 8.12 WestRock WRK 45.11 0.59 AlnylamPharm ALNY 128.05 1.24 BeyondMeat BYND 140.72 3.78 CincinnatiFin CINF 81.26 1.08 Exelon EXC 41.32 0.13 s IPG Photonics IPGP 215.66 1.67 MarvellTech MRVL 43.68 -0.46 Orix IX 76.05 -0.92 SAP SAP 123.99 0.77 TevaPharm TEVA 11.04 0.98 Weyerhaeuser WY 30.80 0.57 Alphabet A GOOGL 1811.33 -5.70 s Bilibili BILI 75.30 2.75 Cintas CTAS 359.76 6.62 s Expedia EXPE 126.28 -0.24 IQVIA IQV 171.29 1.22 Masco MAS 52.13 -0.50 OtisWorldwide OTIS 66.11 1.26 S&P Global SPGI 333.70 -2.54 TexasInstruments TXN 166.68 0.39 WheatonPrecMet WPM 42.24 0.34 Alphabet C GOOG 1818.55 -0.93 s Bill.com BILL 131.56 1.63 CiscoSystems CSCO 44.37 0.02 ExpeditorsIntl EXPD 90.06 0.31 IcahnEnterprises IEP 50.55 -0.20 s Masimo MASI 271.35 3.82 OwensCorning OC 76.44 -0.05 SBA Comm SBAC 280.85 -2.94 Textron TXT 48.16 0.46 Whirlpool WHR 185.15 -3.70 Alteryx AYX 120.97 3.02 Bio-Techne TECH 308.85 0.92 Citigroup C 58.36 0.23 ExtraSpaceSt EXR 113.58 -1.42 Icon ICLR 202.27 1.53 Mastercard MA 340.79 -0.17 PG&E PCG 12.32 -0.21 SEI Investments SEIC 56.54 0.79 ThermoFisherSci TMO 473.98 1.09 Williams WMB 22.10 0.50 AlticeUSA ATUS 34.70 -0.25 Bio-RadLab A BIO 559.27 -1.28 CitizensFin CFG 35.59 0.28 ExxonMobil XOM 42.24 1.34 IDEX IEX 194.08 3.16 s MaximIntProducts MXIM 87.66 1.38 PNC Fin PNC 141.43 -0.38 SK Telecom SKM 24.39 0.04 ThomsonReuters TRI 80.58 -0.28 Williams-Sonoma WSM 107.57 1.20 Altria MO 42.23 0.54 Biogen BIIB 246.43 2.75 CitrixSystems CTXS 130.88 -0.49 s F5Networks FFIV 170.00 1.43 IllinoisToolWks ITW 206.29 3.56 McCormickVtg MKC.V 93.42 0.78 POSCO PKX 61.19 -0.59 s SS&C Tech SSNC 73.26 0.42 3M MMM 172.46 2.31 WillisTowers WLTW 210.86 1.41 AlumofChina ACH 9.05 -0.14 BioMarinPharm BMRN 78.79 0.40 Clarivate CCC 29.00 1.00 FMC FMC 119.78 0.95 Illumina ILMN 342.72 -0.10 McCormick MKC 93.44 0.80 PPD PPD 34.94 -0.41 StoreCapital STOR 32.39 -0.30 Tiffany TIF 131.30 0.03 Wipro WIT 5.38 0.04 Amazon.com AMZN 3177.29 19.29 s BioNTech BNTX 128.11 2.41 Clorox CLX 202.88 2.27 Facebook FB 283.40 -2.18 ImperialOil IMO 19.22 0.21 McDonalds MCD 208.39 -0.50 PPG Ind PPG 144.88 -0.02 SVB Fin SIVB 354.26 -0.70 Toro TTC 90.67 0.44 Wix.com WIX 251.17 -5.76 Ambev ABEV 2.96 0.01 BlackKnight BKI 88.10 0.01 s Cloudflare NET 83.55 1.59 FactSet FDS 348.57 -3.14 Incyte INCY 82.85 -0.21 McKesson MCK 180.42 2.16 PPL PPL 29.05 0.20 Salesforce.com CRM 227.86 0.16 TorontoDomBk TD 55.81 0.32 Woodward WWD 117.13 0.68 Amcor AMCR 11.54 0.19 s BlackLine BL 125.01 0.73 Coca-Cola KO 53.18 0.19 s FairIsaac FICO 509.97 8.33 Infosys INFY 16.01 0.39 MedicalProp MPW 20.84 0.09 PRA HealthSci PRAH 114.33 1.85 Sanofi SNY 49.63 -0.27 Total TOT 44.62 0.16 Workday WDAY 228.17 0.89 Amdocs DOX 67.30 0.51 BlackRock BLK 713.92 4.43 Coca-Cola Euro CCEP 46.87 0.04 s Farfetch FTCH 59.61 2.75 IngersollRand IR 44.54 0.21 Medtronic MDT 111.18 -1.43 s PTC PTC 111.30 0.15 SantanderCons SC 22.89 -0.18 ToyotaMotor TM 138.74 0.59 WynnResorts WYNN 111.31 -0.01 Amedisys AMED 261.52 5.78 Blackstone BX 62.45 0.47 s Cognex CGNX 78.05 1.53 Fastenal FAST 49.10 0.41 Inphi IPHI 151.98 0.06 MelcoResorts MLCO 19.32 -0.07 Paccar PCAR 86.41 0.10 SareptaTherap SRPT 156.81 5.76 TractorSupply TSCO 136.56 -0.66 XP XP 38.95 0.42 s Amerco UHAL 431.39 3.64 Boeing BA 236.57 -1.60 CognizantTech CTSH 79.87 -0.66 Fastly FSLY 97.98 12.55 Insulet PODD 245.65 -4.04 s MercadoLibre MELI 1615.88 40.28 s PackagingCpAm PKG 137.07 2.14 Schlumberger SLB 23.23 0.40 s TradeDesk TTD 915.00 2.37 XPO Logistics XPO 120.33 0.43 Ameren AEE 77.26 -0.42 BookingHldgs BKNG 2086.65-42.13 ColgatePalm CL 85.17 -0.22 s FateTherap FATE 91.60 7.83 Intel INTC 50.69 0.49 Merck MRK 83.18 0.67 PagSeguroDig PAGS 48.29 0.90 SchwabC SCHW 50.55 -0.21 Tradeweb TW 64.33 1.61 XcelEnergy XEL 66.04 -0.57 AmericaMovil AMX 14.26 -0.22 BoozAllen BAH 88.03 -0.59 Comcast A CMCSA 51.41 -0.52 s FedEx FDX 301.45 4.41 InteractiveBrkrs IBKR 54.14 0.67 MetLife MET 47.52 -0.06 PalantirTech PLTR 28.59 -0.35 ScottsMiracleGro SMG 177.30 3.76 TraneTech TT 139.96 -1.16 Xilinx XLNX 146.19 -2.08 AmericaMovil A AMOV 14.24 -0.35 BorgWarner BWA 39.35 0.13 Comerica CMA 52.63 -0.57 Ferrari RACE 214.00 3.34 ICE ICE 110.06 -0.22 MettlerToledo MTD 1161.33 36.18 s PaloAltoNtwks PANW 310.22 7.33 s Sea SE 205.87 7.30 TransDigm TDG 602.10 1.09 XPeng XPEV 48.69 0.39 AmerAirlines AAL 17.63 0.42 BostonBeer SAM 940.01 2.64 CommerceBcshrs CBSH 63.51 -0.18 FiatChrysler FCAU 16.19 -0.10 InterContinentl IHG 63.29 -2.60 MicrochipTech MCHP 144.75 -0.24 ParkerHannifin PH 274.24 2.70 s Seagate STX 63.86 0.63 TransUnion TRU 97.14 2.76 Xylem XYL 98.63 0.43 AEP AEP 83.49 -0.35 BostonProps BXP 101.46 -1.49 CiaSiderurgica SID 5.08 -0.03 FidNatlFin FNF 36.36 -0.13 IBM IBM 125.71 1.01 MicronTech MU 73.19 0.58 Paychex PAYX 93.33 -0.22 Seagen SGEN 184.46 5.22 Travelers TRV 135.26 1.36 Yandex YNDX 68.97 0.97 AmerExpress AXP 123.52 -0.42 BostonSci BSX 33.97 -0.28 ConagraBrands CAG 35.70 0.33 FidNatlInfo FIS 151.18 0.62 IntlFlavors IFF 115.43 0.52 Microsoft MSFT 216.01 1.72 PaycomSoftware PAYC 440.01 3.01 SealedAir SEE 44.68 -0.20 Trex TREX 75.770.15 YatsenHolding YSG 17.04 1.48 AmericanFin AFG 89.23 1.80 BrightHorizons BFAM 168.60 2.20 ConchoRscs CXO 62.18 -0.17 FifthThirdBncp FITB 27.26 -0.12 IntlPaper IP 49.09 0.42 MidAmApt MAA 123.93 -1.39 Paylocity PCTY196.06 1.85 SempraEnergy SRE 129.30 1.07 s Trimble TRMB 63.10 0.02 YumBrands YUM 105.15 -0.09 AmHomes4Rent AMH 29.01 -0.54 BristolMyers BMY 61.12 -0.08 ConocoPhillips COP 42.68 -0.14 FirstHorizon FHN 13.08 -0.06 Interpublic IPG 23.66 -0.18 Middleby MIDD 138.34 1.03 PayPal PYPL 216.94 -0.99 SensataTechs ST 49.34 0.04 Trip.com TCOM 34.45 -0.04 YumChina YUMC 57.21 0.10 AIG AIG 39.52 -0.27 BritishAmTob BTI 38.80 0.63 ConEd ED 74.56 -0.28 FirstRepBank FRC 130.13 ... s Intuit INTU 372.59 0.40 MiratiTherap MRTX 240.22 3.24 Pegasystems PEGA 125.34 -2.72 ServiceCorp SCI 49.64 0.36 TruistFinl TFC 47.71 -0.15 ZTO Express ZTO 27.82 -0.41 AmerTowerREIT AMT 223.61 -0.66 s Broadcom AVGO 423.41 2.52 s ConstBrands A STZ 213.01 0.97 FirstSolar FSLR 89.89 1.14 IntuitiveSurgical ISRG 765.35 0.96 MitsubishiUFJ MUFG 4.30 -0.03 Peloton PTON 118.25 1.62 s ServiceNow NOW 542.25 9.00 Twilio TWLO 320.80 11.51 ZaiLab ZLAB 108.70 1.42 AmerWaterWorks AWK 149.35 -0.97 BroadridgeFinl BR 147.23 1.08 Cooper COO 345.74 3.68 FirstEnergy FE 30.26 0.79 Invitae NVTA 54.93 0.74 MizuhoFin MFG 2.55 -0.03 PembinaPipeline PBA 26.71 0.29 ShawComm B SJR 18.20 0.24 Twitter TWTR 47.43 -0.47 ZebraTech ZBRA 375.84 2.01 AmericoldRealty COLD 33.72 -0.59 BrookfieldMgt BAM 41.79 -0.03 Copart CPRT 115.56 0.95 Fiserv FISV 117.99 1.06 InvitatHomes INVH 29.46 -0.18 MobileTeleSys MBT 8.61 0.04 s PennNational PENN 78.77 6.42 SherwinWilliams SHW 719.26 9.18 s TylerTech TYL 447.44 10.69 Zendesk ZEN 135.24 0.45 Ameriprise AMP 192.51 -1.93 BrookfieldInfr BIP 51.65 0.32 s Corning GLW 37.93 0.35 FiveBelow FIVE 164.99 1.62 IonisPharma IONS 48.98 -1.33 Moderna MRNA 169.86 10.34 Pentair PNR 51.12 0.27 ShinhanFin SHG 31.04 -0.30 TysonFoods TSN 68.41 -0.29 Zillow C Z 114.70 2.78 AmerisourceBrgn ABC 100.43 0.94 BrookfieldPropREIT BPYU 15.63 -0.13 Corteva CTVA 38.42 0.48 Five9 FIVN 151.20 -1.43 iQIYI IQ 21.70 -0.25 MohawkInds MHK 132.77 -1.83 PenumbraPEN 204.07-19.95 Shopify SHOP 1102.09 17.69 UBS Group UBS 14.43 -0.04 Zillow A ZG 117.63 1.27 Ametek AME 118.57 0.96 BrookfieldRenew BEPC 70.95 -0.18 CoStar CSGP 872.54-11.07 FiverrIntl FVRR 196.91 -3.59 IronMountain IRM 30.15 0.67 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JacobsEngg J 109.60 -0.25 CrownHoldings CCK 98.24 -0.02 Fortive FTV 68.40 -0.99 Aon AON 209.59 2.39 CF Industries CF 38.52 0.25 JamesHardie JHX 27.76 -0.25 Cummins CMI 221.04 1.95 FortBrandsHome FBHS 82.93 -0.14 ApolloGlbMgmt APO 48.32 0.03 CGI GIB 75.15 -1.26 JazzPharma JAZZ 148.88 0.44 s CureVac CVAC 130.05 15.72 FoxA FOXA 29.26 -0.43 Appian APPN 154.04 -3.39 CH Robinson CHRW 94.28 1.06 J&J JNJ 151.55 2.58 ADVERTISEMENT CyrusOne CONE 68.74 0.13 FoxB FOX 28.90 -0.41 Apple AAPL 124.38 0.63 CME Group CME 183.38 0.20 JohnsonControls JCI 45.26 0.01 Franco-Nevada FNV 136.62 2.15 s ApplMaterials AMAT 89.75 0.61 CMS Energy CMS 60.20 -0.50 JonesLang JLL 149.21 1.30 D E F FranklinRscs BEN 23.96 0.39 s Aptargroup ATR 129.19 0.56 CNA Fin CNA 36.15 0.07 JuniperNetworks JNPR 21.74 -0.37 FreeportMcM FCX 24.47 -0.11 s Aptiv APTV 123.07 -0.39 CNH Indl CNHI 11.05 0.01 DISH Network DISH 36.35 -0.35 KB Fin KB 42.01 -1.24 The Marketplace FreseniusMed FMS 41.56 0.01 Aramark ARMK 38.03 0.15 CNOOC CEO 90.02 -3.39 DTE Energy DTE 124.63 -0.22 KE Holdings BEKE 65.57 3.38 ArcelorMittal MT 21.06 ... CRH CRH 41.17 -0.20 DadaNexus DADA 39.91 -2.92 G H I s KKR KKR 39.74 -0.13 To advertise: 800-366-3975orWSJ.com/classifieds ArchCapital ACGL 33.18 -0.07 CRISPR Therap CRSP 146.47 -3.25 Danaher DHR 223.50 -2.65 s KLA KLAC 266.94 0.24 ArcherDaniels ADM 50.36 0.32 CSX CSX 91.50 -0.53 Darden DRI 111.65 -0.47 s GCI LibertyA GLIBA 94.06 -1.51 KSCitySouthern KSU 195.49 0.24 s AresMgmt ARES 48.29 0.78 CVS Health CVS 73.86 0.23 s DarlingIngred DAR 50.70 1.70 GDS Holdings GDS 91.40 1.48 Kellogg K 62.55 0.60 ANNOUNCEMENTS BUSINESSOPPORTUNITIES CAREERS arGEN-X ARGX 278.39-10.43 CableOne CABO 2089.01-14.20 Datadog DDOG 99.85 0.69 GFLEnvironmental GFL 28.37 0.10 KeurigDrPepper KDP 30.17 -0.54 s AristaNetworks ANET 283.70 8.09 CadenceDesign CDNS 118.41 -0.61 DaVita DVA 110.38 1.92 GSXTechedu GSX 62.74 -1.98 KeyCorp KEY 15.96 0.09 s ArrowElec ARW 96.11 -0.76 s CaesarsEnt CZR 75.27 0.41 s DeckersOutdoor DECK 295.16 6.16 Galapagos GLPG 119.81 -0.35 s KeysightTechs KEYS 127.13 2.22 AscendisPharma ASND 174.89 2.98 CamdenProperty CPT 99.41 -1.69 Deere DE 252.60 0.59 Gallagher AJG 116.90 0.90 KilroyRealty KRC 61.50 -0.56 ,1))'44%1; =<%GC0:GC\)V ;GC^ OI=I!<$!>!C% 'B>'B\\BY!C% Assurant AIZ 131.93 0.60 CIBC CM 87.08 -0.25 DeltaAir DAL 42.41 0.06 Gap GPS 21.49 0.22 KinderMorgan KMI 14.76 -0.04 /:25'75':'154 >B\) !C ONKON] =<)+!:>!<^ AstraZeneca AZN 54.72 0.46 CanNtlRlwy CNI 108.75 0.13 DenaliTherap DNLI 76.97 4.94 s Garmin GRMN 122.85 1.55 KingsoftCloud KC 41.61 -0.01 *-'+('54 :>GCB6!+)>)-BDD)C+G:!BC<>)] Athene ATH 43.66 -0.08 CanNaturalRes CNQ 24.53 0.06 DentsplySirona XRAY 54.28 0.68 Gartner IT 153.62 -1.92 KinrossGold KGC 7.55 -0.18 GAA>B6G\K>)`)-:!BCKB>DB+!'!-G:!BC B' :>GC!C%G6G!\GE!\!:V[GAA>BA>!G:)C)<< AtmosEnergy ATO 97.59 0.34 Canon CAJ 19.14 0.27 DexCom DXCM 348.16 10.76 GeneralDynamics GD 153.57 0.57 Knight-Swift KNX 41.57 -0.23 B' G>>GC%)D)C:< 'B>>)+8-!C%>!<^B>>!<^GAA)J s Autodesk ADSK 284.38 3.58 CanopyGrowth CGC 28.82 0.44 Diageo DEO 157.39 -1.49 GeneralElec GE 10.96 0.10 KoninklijkePhil PHG 51.61 -0.52 "2 "DC<2 >%3;=CB) :!:)I 1)@2<>)\I+)%>))[HB>)WA [HB> <^!\\ Autohome ATHM 97.94 -0.65 CapitalOne COF 92.64 -0.33 DiamondbkEner FANG 46.14 0.50 GeneralMills GIS 60.40 0.66 KoreaElcPwr KEP 9.77 -0.23 DB>) !C'B [:BGAA\VK6!%GC<:GC\)VI-BDHGEB8:H-G>))>" #"6M)7>4)O">& >": -G>))><)G>-$I$:D\0->B\\+BYC[)C:)> *.&_F(, G< PSBE O8DE)>5[-\!-^ P0)G>-$ `BE4)29 *OO( %9>437)"- A\": J+O1<>69 COMMERCIAL REAL ESTATE Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record ?O37 *36)"966L+)&O6OM+/; Increased Foreign !9/J47>49-)96; '0M974)69 (.!")2 $& 1$ -,#*(%*,'( 1-+0/3" Alexandria Real Estate ARE 2.6 1.09 /1.06 Q Jan15 /Dec31 Global Indemnity GBLI 3.7 .25 Q Dec31 /Dec24 =*964 *36)"966L7><4)<96 (*72'&,( /83(+4)2(+0&>/ J>'(&/ Luminex LMNX 1.6 .10 /.09 Q Jan14 /Dec23 Pyxis Tankers Pfd. 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B10 | We dnesday, December 9, 2020 * THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30173.88 s104.09, or 0.35% Trailing P/E ratio 29.70 20.75 3702.25 s10.29, or 0.28% Trailing P/E ratio * 41.65 24.36 12582.77 s 62.83, or 0.50% Trailing P/E ratio *† 38.45 26.15 High, low, open and close for each P/E estimate * 24.61 18.65 High, low, open and close for each P/E estimate * 25.97 19.18 High, low, open and close for each P/E estimate *† 31.99 23.15 trading day of the past three months. Dividend yield 2.01 2.25 trading day of the past three months. Dividend yield * 1.65 1.85 trading day of the past three months. Dividend yield *† 0.74 0.99 All-time high 30046.24, 11/24/20 All-time high 3702.25, 12/08/20 All-time high: 12582.77, 12/08/20

Current divisor 0.15198707565833 31700 3750 12400 Session high DOWN UP 12000 Session open Close 30500 3625 t

Close Open t 29300 3500 11600 Session low

28100 3375 11200

26900 3250 10800 65-day moving average 65-day moving average 65-day moving average 25700 3125 10400

Bars measure the point change from session's open 24500 3000 10000 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 908,967,437 25,618,278 Industrial Average 30246.22 29972.07 30173.88 104.09 0.35 30218.26 18591.93 8.2 5.7 7.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 574,561,925 12,270,639 Transportation Avg 12821.65 12671.31 12777.05 51.84 0.41 12777.05 6703.63 20.2 17.2 7.1 Most-active issues in late trading Decl. volume* 324,331,032 13,211,803 Utility Average 863.63 851.75 858.36 -1.49 -0.17 960.89 610.89 0.7 -2.4 4.2 Volume After Hours Issues traded 3,233 279 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 38634.74 38285.24 38576.35 156.73 0.41 38576.35 22462.76 20.3 16.8 12.0 Advances 1,974 168 Curis CRIS 13,561.1 6.60 0.05 0.76 8.48 6.38 Barron's 400 828.76 819.97 828.38 4.64 0.56 828.38 455.11 15.9 13.1 5.6 Declines 1,145 103 Zynga ZNGA 7,786.2 8.81 -0.03 -0.34 8.89 8.80 Unchanged 114 8 Boston Scientific BSX Nasdaq Stock Market 7,606.6 33.98 0.01 0.03 33.98 33.90 New highs 249 18 Nasdaq Composite 12594.54 12453.21 12582.77 62.83 0.50 12582.77 6860.67 46.0 40.2 22.5 Kinross Gold KGC 5,998.4 7.56 0.010 0.13 7.56 7.53 New lows 30 Nasdaq 100 12651.35 12504.97 12635.72 39.25 0.31 12635.72 6994.29 51.2 44.7 25.8 SPDR S&P 500 SPY 5,841.0 370.45 0.28 0.08 370.50 362.06 Closing Arms† 0.94 1.41 Apple AAPL 5,702.8 124.27 -0.110 -0.09 124.43 124.21 S&P Block trades* 5,174 213 GameStop Cl A GME 5,387.2 14.82 -2.12 -12.51 18.30 14.71 500 Index 3708.45 3678.83 3702.25 10.29 0.28 3702.25 2237.40 18.2 14.6 11.8 Nasdaq NYSE Arca Tencent Music Ent ADR TME 4,439.6 18.00 ... unch. 18.00 17.61 MidCap 400 2251.92 2224.18 2249.57 13.11 0.59 2249.57 1218.55 11.8 9.0 6.0 Total volume*4,793,127,781 159,954,745 SmallCap 600 1091.18 1074.03 1090.78 9.74 0.90 1090.78 595.67 9.2 6.8 5.5 Percentage gainers… Adv. volume*3,141,132,537 95,587,448 Decl. volume*1,593,825,900 57,514,921 Other Indexes Rocket Pharmaceuticals RCKT 258.0 43.00 10.97 34.25 45.00 32.03 Issues traded 3,755 1,430 Russell 2000 1918.01 1881.70 1917.78 26.53 1.40 1917.78 991.16 17.5 14.9 8.0 QuantumScape QS 1,632.7 66.20 8.30 14.34 66.44 57.04 Advances 2,353 1,055 NYSE Composite 14424.98 14304.14 14402.17 47.20 0.33 14417.33 8777.38 6.3 3.5 4.4 Pivotal Inv II Cl A PIC 1,275.0 17.95 2.23 14.19 18.30 15.59 Declines 1,302 333 dMY Tech Grp II Cl A DMYD 141.2 12.50 0.90 7.76 12.80 11.48 Value Line 563.00 556.55 562.64 3.48 0.62 562.64 305.71 4.8 1.9 0.4 Unchanged 100 42 HC2 Holdings HCHC 99.4 3.74 0.22 6.25 3.91 3.52 NYSE Arca Biotech 5571.67 5505.31 5570.28 19.18 0.35 6142.96 3855.67 9.4 9.9 9.6 New highs 396 315 NYSE Arca Pharma 691.36 680.70 689.03 6.64 0.97 689.03 494.36 8.9 5.4 8.5 ...And losers New lows 13 37 KBW Bank 95.20 93.95 94.86 -0.15 -0.16 114.12 56.19 -14.6 -16.3 -3.8 GameStop Cl A GME 5,387.2 14.82 -2.12 -12.51 18.30 14.71 Closing Arms† 0.92 1.96 § PHLX Gold/Silver 144.24 142.89 143.30 -0.29 -0.20 161.14 70.12 48.1 34.0 23.0 Tricida TCDA 1,300.9 7.16 -0.96 -11.82 10.50 7.00 Block trades* 27,780 729 § PHLX Oil Service 45.51 43.50 45.47 1.26 2.85 80.99 21.47 -36.4 -41.9 -30.3 Talos Energy TALO 120.3 9.42 -1.09 -10.37 10.53 9.31 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2825.94 2790.33 2816.27 9.66 0.34 2816.27 1286.84 63.7 52.3 31.5 Ichor Holdings ICHR 95.2 33.00 -3.44 -9.44 36.44 33.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.25 20.52 20.68 -0.62 -2.91 82.69 12.10 31.9 50.1 29.2 PHR Phreesia 127.9 48.00 -3.90 -7.51 52.00 45.75 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 3470.34 –3.70 –0.11 6.7 IGM Biosciences IGMS 115.03 42.11 57.75 119.00 25.05 320.4 Codiak BioSciences CDAK 15.88 -4.10 -20.52 23.14 7.90 ... 0.20 DJ Global Index 485.09 0.96 11.8 Mammoth Energy Services TUSK 3.19 1.16 57.14 3.84 0.56 87.6 Arcturus Therapeutics ARCT 100.08 -23.58 -19.07 129.71 8.51 824.1 DJ Global ex U.S. 280.50 0.06 0.02 6.4 Liquidity Services LQDT 14.90 4.37 41.50 15.20 3.01 130.7 Francesca's Holdings FRAN 2.28 -0.53 -18.86 15.01 1.70 -81.7 Americas DJ Americas 875.53 3.07 0.35 15.1 Stitch Fix Cl A SFIX 49.89 14.06 39.24 54.94 10.90 90.2 Meten EdtechX Educ Group METX 2.40 -0.53 -18.09 23.75 2.17 ... Brazil Sao Paulo Bovespa 113793.06 203.29 0.18 –1.6 NeuroMetrix NURO 2.99 0.84 39.07 6.20 0.81 -37.8 Conn's CONN 11.62 -2.42 -17.24 15.05 2.83 -14.9 Canada S&P/TSX Comp 17639.00 56.65 0.32 3.4 HighPeak Energy HPK 9.50 2.52 36.10 9.97 4.20 ... Agios Pharmaceuticals AGIO 36.78 -7.01 -16.01 56.75 27.77 -16.9 Mexico S&P/BMV IPC 43098.64 –156.61 –0.36 –1.0 QuantumScape QS 57.90 13.73 31.08 59.99 9.74 ... TimkenSteel TMST 5.54 -0.98 -15.03 8.00 2.16 -23.5 Chile Santiago IPSA 2833.29 … Closed –15.1 Infinity Pharmaceuticals INFI 2.77 0.63 29.44 2.84 0.60 130.8 Lightbridge LTBR 3.43 -0.59 -14.68 8.55 1.71 -9.5 Nkarta NKTX 62.20 13.89 28.75 62.50 22.46 ... Obalon Therapeutics OBLN 1.97 -0.33 -14.35 3.13 0.62 11.9 EMEA Stoxx Europe 600 393.64 0.80 0.20 –5.3 Lensar LNSR 9.24 2.02 27.98 12.71 3.16 ... MicroStrategy MSTR 289.45 -46.77 -13.91 358.94 90.00 89.6 Eurozone Euro Stoxx 393.00 –0.11 –0.03 –2.7 Belgium Bel-20 3692.34 –5.22 –0.14 –6.7 Oncternal Therapeutics ONCT 5.08 1.10 27.64 6.28 1.49 -1.9 Dragon Victory Intl LYL 3.02 -0.44 -12.72 4.94 0.85 123.7 Denmark OMX Copenhagen 20 1393.51 13.08 0.95 22.7 Cellect Biotechnology ADR APOP 2.61 0.55 26.70 6.89 0.40 7.2 Autolus Therapeutics ADR AUTL 10.52 -1.43 -11.97 17.19 3.00 -29.9 France CAC 40 5560.67 –12.71 –0.23 –7.0 Renren ADR RENN 6.90 1.44 26.37 8.20 0.45 167.4 Marinus Pharmaceuticals MRNS 13.76 -1.85 -11.85 17.14 4.16 166.7 Perion Network PERI Trillium Therapeutics TRIL Germany DAX 13278.49 7.49 0.06 0.2 11.29 2.27 25.17 11.51 3.43 104.5 13.51 -1.81 -11.81 20.96 0.30 4121.9 17 Educ Tech ADR YQ 15.06 2.95 24.36 15.60 10.00 ... Concord Medical Svs ADR CCM 1.97 -0.26 -11.49 2.90 1.13 -27.0 Israel Tel Aviv 1462.93 –4.19 –0.29 –13.1 Italy FTSE MIB 22053.42 –53.76 –0.24 –6.2 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 616.59 0.39 0.06 2.0 Russia RTS Index 1364.66 –4.20 –0.31 –11.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 59159.36 –368.34 –0.62 3.6 Spain IBEX 35 8227.60 –48.00 –0.58 –13.8 Sundial Growers SNDL 349,638 94.4 0.51 -2.44 3.88 0.14 JPMorgan U.S. Div ETF JDIV 674 7433 27.63 0.59 29.09 16.20 Sweden OMX Stockholm 764.42 7.67 1.01 12.3 Curis CRIS 321,519 30555.5 6.55 354.86 7.90 0.62 JPMorgan US Minimum Vol JMIN 503 6052 31.77 0.52 32.78 20.84 Lexicon Pharmaceuticals LXRX Timothy Plan Intl ETF TPIF Switzerland Swiss Market 10394.10 18.72 0.18 –2.1 203,919 7293.0 3.08 78.03 5.33 1.03 393 3637 26.49 -0.04 26.67 17.10 Palantir Technologies PLTR 124,369 86.9 28.59 -1.21 33.50 8.90 JPMorgan US Value Factor JVAL 492 2542 29.82 0.37 29.87 17.31 Turkey BIST 100 1339.89 9.99 0.75 17.1 NIO ADR NIO 115,087 -29.0 46.56 3.21 57.20 2.11 JPMorgan US Momentum JMOM 413 2003 38.16 0.50 38.36 21.07 U.K. FTSE 100 6558.82 3.42 0.05 –13.0 U.K. FTSE 250 19870.49 –59.24 –0.30 –9.2 American Airlines Group AAL 94,740 33.1 17.63 2.44 30.78 8.25 Timothy Plan US L/MC Core TPLC 363 1914 30.37 0.46 30.37 17.27 General Electric GE 93,102 -17.9 10.96 0.92 13.26 5.48 Greenrose Acquisition GNRS 604 1900 10.00 0.40 10.05 9.61 Asia-Pacific Pfizer PFE 86,214 145.6 42.56 3.18 42.77 26.41 Tenzing Acquisition TZAC 614 1842 10.49 -5.47 15.10 9.44 Australia S&P/ASX 200 6687.70 12.68 0.19 0.1 FuelCell Energy FCEL 85,302 85.8 8.78 12.13 11.31 0.48 Foley Trasimene II Cl A BFT 52,206 1811 12.78 6.95 13.77 9.60 China Shanghai Composite 3410.18 –6.43 –0.19 11.8 Apple AAPL 81,564 -39.5 124.38 0.51 137.98 53.15 Inspire Intl ESG ETF WWJD 409 1705 30.51 -0.15 31.00 17.49 Hong Kong Hang Seng 26304.56 –202.29 –0.76 –6.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.40 India S&P BSE Sensex 45608.51 181.54 10.6 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 26467.08 –80.36 –0.30 11.9 Singapore Straits Times 2825.63 0.12 0.004 –12.3 Track the Markets South Korea Kospi 2700.93 –44.51 –1.62 22.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 14360.40 0.73 19.7 global stock indexes, bond ETFs, 103.80 currencies and commodities at Currencies Thailand SET 1478.92 29.09 2.01 –6.4 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004324 23129 –0.2 Argentina peso .0123 81.5830 36.2 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1953 5.1206 27.4 Czech Rep. koruna .04595 21.763 –4.0 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7801 1.2819 –1.3 Denmark krone .1626 6.1501 –7.7 notes and bonds major U.S. trading partners Chile peso .001342 744.90 0.8 Euro area euro 1.2106 .8261 –7.4 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000286 3490.50 6.4 Hungary forint .003372 296.56 0.4 Ecuador US dollar 11unch Iceland krona .007907 126.47 4.4 benchmark over the past year 2.50% Bankrate.com avg†: 2.95% 10% Mexico peso .0505 19.7869 4.5 Norway krone .1141 8.7656 –0.2 Uruguay peso .02344 42.6650 14.9 Poland zloty .2721 3.6756 –3.1 Farmers State Bank 2.38% One year ago 2.00 s Russia ruble .01362 73.437 18.3 30-year fixed-rate Euro Asia-Pacific 4.00% Waterloo, IA 877-FSB-1879 t 5 Sweden krona .1180 8.4741 –9.5 mortgage 1.50 s Australian dollar .7408 1.3499 –5.3 t Yen Switzerland franc 1.1247 .8891 –8.1 East Boston Savings Bank 2.50% China yuan .1531 6.5332 –6.2 3.00 0 Turkey lira .1280 7.8151 31.4 Boston, MA 800-657-EBSB 1.00 Hong Kong dollar .1290 7.7515 –0.5 Ukraine hryvnia .0355 28.1500 18.9 Tradeweb ICE India rupee .01357 73.719 3.3 2.00 First National Bank 2.63% UK pound 1.3358 .7486 –0.7 Tuesday Close 0.50 –5 s Indonesia rupiah .0000709 14110 1.6 10-year Treasury Waverly, IA 319-266-2000 t WSJ Dollar index Japan yen .009600 104.17 –4.1 Middle East/Africa t note yield 1.00 TBK Bank, SSB 2.85% 0.00 –10 Kazakhstan tenge .002380 420.15 10.0 Bahrain dinar 2.6532 .3769 –0.04 Macau pataca .1252 7.9900 –0.3 Egypt pound .0638 15.6818 –2.3 Dallas, TX 214-365-6900 1 3 6 1 2 3 5 7 10 20 30 2020 2020 0.00 month(s) years Malaysia ringgit .2455 4.0725 –0.4 Israel shekel .3069 3.2587 –5.7 J F M A M J J A S O ND Cambridge Savings Bank 2.88% New Zealand dollar .7043 1.4198 –4.4 Kuwait dinar 3.2851 .3044 0.4 maturity 2020 Cambridge, MA 888-418-5626 Pakistan rupee .00623 160.390 3.5 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.189 –5.0 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7474 1.3379 –0.6 Saudi Arabia riyal .2666 3.7516 0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009210 1085.80 –6.0 South Africa rand .0667 14.9842 7.0 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053709 186.19 2.7 Yield (%) 52-Week Total Return (%) Taiwan dollar .03540 28.246 –5.6 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03331 30.020 0.9 WSJ Dollar Index 85.96 0.07 0.08 –4.02 Libor, 3-month 0.23 0.23 0.20 l 1.96 -1.32 U.S. Treasury, Barclays 2454.900 0.590 0.620 1.860 0.400 7.606 5.155 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.20 0.21 0.19 l 0.58 -0.14 Five-year CD, annual yield 0.59 0.58 0.58 l 1.41 -0.90 U.S. Treasury Long, Barclays 4708.130 1.520 1.540 2.340 0.980 15.604 9.994 Commodities 30-year mortgage, fixed† 2.95 2.94 2.90 l 4.22 -0.93 Aggregate, Barclays 2282.950 1.180 1.200 2.380 1.020 7.259 5.274 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.37 2.39 2.37 l 3.57 -0.92 Fixed-Rate MBS, Barclays 2225.340 1.340 1.320 2.690 0.930 3.930 3.659 Jumbo mortgages, $510,400-plus† 2.94 2.96 2.90 l 4.36 -1.36 DJ Commodity 689.00 -2.05 -0.30 694.81 433.70 10.35 7.27 High Yield 100, ICE BofA 3306.471 3.728 3.953 10.740 3.589 5.017 5.024 Five-year adj mortgage (ARM)† 3.22 3.21 2.85 l 4.61 -0.49 TR/CC CRB Index 158.28 -0.67 -0.42 187.39 106.29 -13.11 -14.80 Muni Master, ICE BofA 593.757 0.916 0.956 3.441 0.838 5.046 4.340 New-car loan, 48-month 4.04 4.04 4.04 l 4.50 0.84 Crude oil, $ per barrel 45.60 -0.16 -0.35 63.27 -37.63 -23.02 -25.32 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 921.636 4.452 4.488 7.480 4.437 5.981 4.646 Natural gas, $/MMBtu 2.399 -0.007 -0.29 3.354 1.482 5.96 9.59 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. 1870.80 9.00 0.48 2051.50 1462.60 27.91 23.12 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW344000-1-B01100-1------XA

THE WALL STREET JOURNAL. * We dnesday, December 9, 2020 | B11

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American 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 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest session. %CHG-Daily percentage change from the previous trading session. AvidBiosvcsPfdE CDMOP 28.95 2.5 Chimerix CMRX 5.21 12.3 EHang EH 24.38 22.4 Franchise7.5%PfdA FRGAP 26.00 1.2 MonsterBev MNST 88.89 1.2 SnapOn SNA 181.80 0.6 Avient AVNT 39.54 1.4 CincinnatiBncp CNNB 11.25 1.4 EidosTherap EIDX 104.42 6.6 FranklinElec FELE 71.00 1.3 MontesArchimedes MAACU 10.26 1.2 Snowflake SNOW 429.00 0.3 BRP DOOO 63.55 0.9 CitiTrends CTRN 41.87 7.2 Elastic ESTC 146.41 3.1 FreedomHolding FRHC 45.00 -0.7 MorganStanleyPfd1 MSpI 29.15 0.7 SocialCapHedV Wt IPOE.WS 3.11 41.5 Tuesday, December 8, 2020 BadgerMeter BMI 85.47 0.7 Clearfield CLFD 26.54 0.2 ElementSolns ESI 15.09 0.5 FrequencyTherap FREQ 31.60 4.8 MorganStanleyPfdK MSpK 29.68 1.1 SocCapHedII Wt IPOB.WS 10.42 7.4 52-Wk % 52-Wk % 52-Wk % BankFirst BFC 70.83 1.9 Cleveland-Cliffs CLF 13.08 3.6 EmersonElec EMR 81.48 2.7 Freshpet FRPT 141.00 4.3 MotorcarParts MPAA 24.97 2.2 SocialCapHedIV IPOD.U 12.99 2.5 BeaconRoof BECN 39.76 -0.5 ClimateChgCrisWt CLII.WS 1.80 -10.2 EnergyFuels UUUU 2.99 0.4 GATX 87.97 0.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GATX MudrickCapII MUDSU 10.08 0.5 SocialCapHedIV A IPOD 12.15 2.2 BeamTherap BEAM 76.50 11.2 Cloudflare NET 84.36 1.9 EnergyRecovery ERII 11.72 3.2 GCI LibertyA GLIBA 95.63 -1.6 MyersIndustries MYE 18.78 2.2 SocialCapHedosophiaHldgsCorp.IVWt IPOD.WS 3.84 4.9 AffiliatedMgrs AMG 98.26 2.3 Aptiv APTV 124.71 -0.3 BellRingBrands BRBR 24.21 6.2 CoastalFinl CCB 20.98 4.4 EnerSys ENS 85.51 2.6 GCM Grosvenor GCMG 12.70 2.1 NanoStringTech NSTG 65.39 1.8 SocialCapHedV IPOE.U 11.56 3.0 Highs Albemarle ALB 144.12 2.8 ArcBest ARCB 45.37 ... Bilibili BILI 75.94 3.8 Cognex CGNX 78.13 2.0 EnsignGroup ENSG 76.11 2.7 GamidaCell GMDA 11.20 1.0 NatlEnerSvs NESR 9.75 2.1 SocialCapHedV A IPOE 11.00 2.4 Alpha&OmegaSem AOSL 29.20 -1.3 AresMgmt ARES 48.33 1.6 Bill.com BILL 132.09 1.3 ColonnadeAcqn CLA.U 10.34 0.7 Entegris ENTG 100.12 1.4 Garmin GRMN 122.99 1.3 NatrlOrderAcqn NOACU 11.42 0.9 SocialCapHedVI IPOF.U 12.06 10.3 AceConvergence ACEV 10.15 -0.1 Alphatec ATEC 12.29 1.9 Argan AGX 51.00 2.0 BioCryst BCRX 7.70 6.1 ColonnadeWt CLA.WS 0.86 5.0 EnvivaPartners EVA 46.37 0.5 GenesisParkAcqnUn GNPK.U 10.44 0.7 NatureSunshine NATR 13.63 3.4 SocialCapHedVI A IPOF 11.68 9.5 ACI Worldwide ACIW 39.73 2.4 AltairEngg ALTR 55.12 1.2 ArgoGoupPfdA ARGOpA 26.35 0.3 BioNTech BNTX 129.90 1.9 CommVehicle CVGI 8.80 3.3 Equifax EFX 190.16 7.8 GigaMedia GIGM 3.90 7.3 NaviosMaritime NMCI 3.27 -1.6 SocialCapHedVI Wt IPOF.WS 3.26 27.9 AconS2Acqn STWOU 10.51 -0.3 Amerco UHAL 434.58 0.9 AristaNetworks ANET 289.00 2.9 BlackLine BL 126.80 0.6 ConcordAcqn CND.U 10.16 1.0 EquityDistrWt EQD.WS 1.58 2.7 GlobalWaterRscs GWRS 15.15 1.2 NewBeginnings NBA.U 10.64 1.0 SoftwareII A SAII 9.92 0.2 AMCIAcquisition AMCIU 18.30 13.8 AmerEagle AEO 19.93 0.1 ArloTech ARLO 8.49 14.5 BloomEnergy BE 31.04 10.7 ConstBrands A STZ 214.64 0.5 EstablishLabs ESTA 31.75 2.3 Gogo GOGO 12.88 16.0 NewBeginningsWt NBA.WS 0.88 28.1 SolarWinds SWI 23.71 1.2 Ammo POWW 3.37 22.1 AmerSupercond AMSC 20.47 9.0 ArrowElec ARW 97.30 -0.8 BlueknightEnPtrsA BKEPP 6.45 2.4 ConstructionPtrs ROAD 29.67 5.5 Etsy ETSY 167.92 4.5 GoldenMinerals AUMN 0.63 1.3 NexGenEnergy NXE 2.55 -4.8 SouthMtnWt SMMCW 3.99 -4.1 AXT AXTI 11.65 8.0 Ampco-PittsWt AP.WS 0.79 7.1 ArtisanPtrsAsset APAM 49.62 1.6 BluescapeOpps BOAC.U 10.65 ... ConturaEnergy CTRA 11.39 17.4 Euroseas ESEA 5.71 14.8 GoldmanSachsPfA GSpA 24.20 0.8 NextGenAcqn NGACU 10.20 1.0 SpartacusAcqnUn TMTSU 10.45 2.3 AbbVie ABBV 108.35 1.7 Ampco-Pitt AP 5.99 8.4 ArtiusAcqn AACQU 11.25 2.0 BowXAcqnWt BOWXW 1.70 11.4 CorceptTherap CORT 24.64 2.5 EvercoreA EVR 97.48 2.0 GoldmanSachsPfD GSpD 24.70 0.3 Nike NKE 140.44 0.3 SperoTherap SPRO 18.04 2.1 AcamarPtrs ACAM 10.53 -0.2 AmpioPharm AMPE 1.46 15.4 AspenAerogels ASPN 16.24 13.0 BoydGaming BYD 42.98 0.9 Corning GLW 37.98 0.9 Evertec EVTC 39.56 0.7 GoresHoldingsV GRSVU 10.72 1.5 Nkarta NKTX 62.50 28.8 Spotify SPOT 342.92 -2.7 Accolade ACCD 58.50 9.1 AnalogDevices ADI 146.31 1.7 AthenePfdB ATHpB 27.43 0.2 BreezeHldgs BREZU 10.17 0.5 Cree CREE 99.22 9.1 Exponent EXPO 86.14 2.7 GoresV Wt GRSVW 2.00 7.6 nLIGHT LASR 36.05 0.1 SpringWorks SWTX 71.78 2.6 AciesAcqn ACACU 10.22 ... Anaplan PLAN 72.73 1.5 Atlanticus ATLC 19.11 6.0 BridgeBioPharma BBIO 56.75 6.7 Crocs CROX 65.41 2.4 FastAcqn FST.U 10.67 -1.3 GreencityAcqnWt GRCYW 0.49 -5.0 NorthernGenesis NGA.U 19.25 4.4 StableRoadWt SRACW 4.89 9.2 AdaptHealth AHCO 37.50 4.8 AnteroMidstream AM 7.96 4.4 Atlassian TEAM 235.17 0.9 BridgetownUn BTWNU 12.50 2.3 CrowdStrike CRWD 178.88 4.0 FastAcqnA FST 10.05 0.2 GreenroseAcqnWt GNRSW 0.69 21.3 NorthernGenesis NGA 17.20 1.7 StarboardValueA SVAC 10.81 -0.1 Adient ADNT 37.26 1.6 ApellisPharm APLS 52.69 1.9 Autodesk ADSK 286.24 1.3 Brightcove BCOV 17.83 1.2 CrownCrafts CRWS 8.19 0.5 F5Networks FFIV 171.50 0.8 GuardantHealth GH 126.42 1.6 NorthernGenesisAcqnWt NGA.WS 4.25 -2.5 StitchFix SFIX 54.94 39.2 AdvDrainageSys WMS 78.21 2.3 APi Group APG 17.67 4.1 AvanosMedical AVNS 47.40 2.4 BroadcomPfdA AVGOP 1397.08 1.0 Cullen/FrostPfdB CFRpB 25.55 ... FG NewAmerica FGNA.U 10.60 0.1 HCA Healthcare HCA 159.65 2.5 NorthernTrPfdE NTRSO 27.89 0.6 SynchronyPfdA SYFpA 27.02 1.0 AdvEnergyInds AEIS 102.65 2.2 ApolloStratGr APSG.U 10.56 -0.4 AvantiAcqn AVAN.U 10.30 -0.3 Broadcom AVGO 426.70 0.6 CureVac CVAC 131.90 13.7 FairIsaac FICO 522.01 1.7 HLAcquisitionsRt HCCHR 2.50 12.6 NovaMeasuring NVMI 70.50 0.6 Systemax SYX 36.89 13.8 AerpioPharm ARPO 2.15 16.3 ApplMaterials AMAT 90.26 0.7 AvantiAcqnWt AVAN.WS 1.05 -5.5 Brooks Auto BRKS 75.93 0.1 Curis CRIS 7.90 354.9 FalconCapAcqn FCACU 10.65 0.6 HLAcquisitionsWt HCCHW 9.37 17.3 Novocure NVCR 157.65 3.4 TCR2 Therap TCRR 33.99 1.4 AffiliatedNts60 MGRB 26.94 2.0 Aptargroup ATR 130.90 0.4 AviatNetworks AVNW 41.29 4.6 Brown-Forman A BF.A 80.08 1.7 DD3 Acqn II DDMXU 10.39 2.5 FalconCapWt FCACW 1.99 33.6 HLAcquisitions HCCH 25.80 7.5 OaktreeAcqn OAC 12.54 -0.3 TFI Intl TFII 52.76 1.4 Bruker BRKR 54.81 0.9 DTE EnergyDeb80 DTB 26.71 1.8 Farfetch FTCH 59.95 4.8 HalozymeTherap HALO 42.62 5.3 OaktreeAcqnIIWt OACB.WS 1.90 26.5 TPGPaceBenFin TPGY.U 10.80 1.0 BrunswickNts2049 BCpB 28.46 -0.3 DarlingIngred DAR 50.89 3.5 FarmlandPtrs FPI 8.63 1.7 HealthAssurance HAACU 12.32 2.7 OceanFirstPfdA OCFCP 27.25 -0.2 TPGPaceBenA TPGY 11.12 ... BrunswickNts2049 BCpC 28.48 1.5 DeckersOutdoor DECK 299.15 2.1 FateTherap FATE 96.00 9.3 HelenofTroy HELE 218.13 1.2 Omnicell OMCL 111.29 2.1 TPGPaceTechWt PACE.WS 2.60 36.8 Buckle BKE 32.62 5.4 Digimarc DMRC 56.14 7.8 Fathom FTHM 28.49 -1.3 HennessyCap HCAC 18.99 -1.5 ON Semi ON 32.60 2.7 TRowePrice TROW 154.33 1.2 BANKRATE.COM® MMA, Savings and CDs BurgundyTechWt BTAQW 0.94 2.2 DigitalRealtyPfK DLRpK 28.44 0.4 FedEx FDX 303.65 1.5 HennessyCapWt HCACW 4.94 1.9 Organogenesis ORGO 5.66 -5.4 TTEC TTEC 72.94 1.0 CBRE Group CBRE 66.90 0.7 Disney DIS 154.88 ... FirstRepublicPfdK FRCpK 26.05 0.2 HennessyCapIV HCACU 23.35 0.2 PMV Consumer PMVC.U 10.27 1.1 TWC Tech II A TWCT 10.57 0.1 CC NeubergerI Wt PCPL.WS 2.12 2.5 DixieGroup DXYN 2.75 11.4 FirstMarkHorizon FMAC.U 10.82 1.4 HercHoldings HRI 64.70 1.6 PTC PTC 112.04 0.1 TailwindAcqn TWND.U 10.64 0.3 CF Bankshares 15.38 0.7 dMY TechWt 5.44 2.0 FirstMarkHorizonA 10.55 1.4 Average Yields of Major Banks Tuesday, December 08, 2020 CFBK DMYT.WS FMAC HighlandTransI HTPA.U 10.46 0.6 PTK Acqn Wt PTK.WS 0.88 2.1 TailwindAcqnA TWND 10.03 -0.6 CF Finance II CFIIU 12.00 0.7 dMY Tech DMYT.U 22.21 1.1 FiveStarSrLiving FVE 7.35 1.1 HighPeakEner HPK 9.97 36.1 PacBiosciCA PACB 23.12 4.7 TailwindAcqnWt TWND.WS 1.40 11.1 CIIGMergerUn 43.91 -8.6 dMY Tech II 12.57 0.8 Flexsteel 32.41 3.1 MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR CIICU DMYD.U FLXS Hillenbrand HI 39.90 0.9 PackagingCpAm PKG 137.54 1.6 TaiwanSemi TSM 107.84 -0.7 Type CIIG MergerWt CIICW 8.00 -6.1 dMYTechII Wt DMYD.WS 2.61 1.2 Floor&Decor FND 88.04 3.7 Honeywell HON 213.06 0.5 PactivEvergreen PTVE 18.43 4.0 TakeTwoSoftware TTWO 186.73 0.1 CITICCapAcqnWt CCAC.WS 1.99 -13.3 DolbyLab DLB 92.29 1.0 Fluent FLNT 4.25 4.0 National average HorizonAcqnII HZON.U 10.45 1.3 PaloAltoNtwks PANW 315.11 2.4 TarsusPharm TARS 31.25 6.8 CITICCapAcqnA CCAC 10.69 ... DonnelleyFin DFIN 17.61 1.1 FlyingEagleWt FEAC.WS 6.75 11.1 HorizonGlobal HZN 9.18 1.1 Patterson PDCO 33.34 3.2 TencentMusic TME 18.06 7.1 Savings 0.09 0.06 0.06 0.09 0.12 0.18 0.21 0.18 0.32 CaesarsEnt CZR 76.42 0.5 DragoneerGrowth DGNR.U 14.30 -0.7 FlyingEagle FEAC 20.40 9.8 HoulihanLokey HLI 70.00 1.2 PennNational PENN 79.74 8.9 Teradyne TER 118.96 1.3 CallawayGolf ELY 24.04 -0.8 DuddellStreet DSACU 10.11 0.9 FlyingEagleAcqn FEAC.U 21.76 9.6 Jumbos 0.17 0.07 0.07 0.09 0.14 0.20 0.23 0.19 0.34 IBEX IBEX 22.45 4.7 Pennant PNTG 59.21 3.7 Terex TEX 35.62 3.6 CapitalOnePfdI COFpI 26.10 0.2 DuddellStreetA DSAC 10.51 -2.1 FocusFinPtrs FOCS 45.58 0.7 IEC Elec IEC 12.17 3.4 PerionNetwork PERI 11.51 25.2 Tesla TSLA 651.28 1.3 Weekly change Cardlytics CDLX 131.41 8.2 DuddellStreetWt DSACW 1.21 20.5 FoghornTherap FHTX 23.04 0.2 IG Acqn IGACU 10.35 0.5 PerkinElmer PKI 148.39 2.8 TexasInstruments TXN 167.24 0.2 Carvana CVNA 263.12 1.0 DukeEnerDeb78 DUKB 28.52 0.3 FoleyTrasimeneA WPF 10.85 1.4 Savings 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 IGM Biosci IGMS 119.00 57.7 Personalis PSNL 35.02 0.3 TheBancorp TBBK 13.77 3.4 CasaSystems CASA 7.61 8.7 DukeEnerDeb73 DUKH 26.28 0.2 FoleyTrasimII BFT.U 14.69 7.0 II-VI 6% Pfd IIVIP 313.34 0.4 Pfizer PFE 42.77 3.2 TitanMachinery TITN 19.89 -0.5 Jumbos -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 CascadeAcqn CAS.U 10.15 -0.3 DuPont DD 67.17 2.1 FoleyTras II A BFT 13.77 6.9 II-VI IIVI 73.98 1.2 Phreesia PHR 53.10 5.9 TottenhamAcqnI TOTA 11.47 -1.2 CastleBiosci CSTL 57.06 2.5 elfBeauty ELF 23.06 1.5 FoleyTrasII Wt BFT.WS 3.20 19.7 IonAcqn1 IACA.U 11.25 -1.3 Pinduoduo PDD 161.50 7.3 TradeDesk TTD 922.19 0.3 CelsiusHldg CELH 38.14 -0.2 EagleMaterials EXP 98.06 0.6 FootLocker FL 42.77 3.3 IPG Photonics IPGP 217.00 0.8 PiperSandler PIPR 98.02 1.1 Transcat TRNS 36.10 6.6 ChartIndustries GTLS 113.52 4.5 EastRscsAcqnWt ERESW 1.17 10.0 FormaTherap FMTX 53.07 20.7 ITT ITT 76.51 0.3 PlatinumGrpMtls PLG 5.20 20.4 TravereTherap TVTX 26.46 1.7 Consumer Savings Rates CharterComms CHTR 681.71 -2.6 EasternBankshares EBC 15.75 0.5 FormFactor FORM 45.60 1.9 Infinera INFN 9.28 3.5 PlugPower PLUG 29.49 16.1 Trimble TRMB 63.90 ... Chemours CC 26.94 1.1 EditasMedicine EDIT 43.65 10.6 FortressValueII FAII.U 10.74 0.7 Below are the top federally insured offers available nationwide according to Bankrate.com's InfinityPharm INFI 2.84 29.4 PopulationHlth PHICU 10.35 0.6 TrineAcqn TRNE 24.00 13.5 Chewy CHWY 79.78 5.8 EdocAcqn ADOCU 10.27 0.1 Fossil FOSL 13.04 4.4 TrineAcqnUn TRNE.U 27.62 16.1 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please InsightEnt NSIT 74.49 -0.2 PowerIntegrations POWI 77.65 2.5 InterPrivate IPV.U 18.07 -0.4 PrimeImpactI PIAI.U 10.35 ... TrineAcqnWt TRNE.WS 7.17 26.5 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. InterPrivate IPV 16.00 -0.3 PrimorisSvcs PRIM 26.90 0.5 Trinseo TSE 44.30 1.4 InterPrivateWt IPV.WS 4.20 0.7 PropertySolns PSACU 10.77 1.4 TriterrasWt TRITW 3.58 -1.5 High yield savings Borrowing Benchmarks Intuit INTU 380.50 0.1 PropTechAcqnWt PTACW 2.47 3.0 TritonIntl TRTN 48.08 2.1 JanusHenderson JHG 34.47 2.0 PropTechAcqnUn PTACU 13.40 -0.4 TriumphBncpPfdC TBKCP 27.35 0.6 Bank Yield Bank Yield wsj.com/market-data/bonds/benchmarks JawsSpitfire SPFR.U 10.72 1.7 ProvidenceService PRSC 143.68 3.1 Tronox TROX 14.81 -2.6 Phone number Minimum (%) Phone number Minimum (%) JohnBeanTech JBT 129.73 2.3 PrudentialNts2060 PFH 25.95 0.2 Tucows TCX 79.25 -0.1 KKR KKR 40.24 -0.3 PublicStoragePfH PSApH 28.94 ... TurningPoint TPB 42.75 4.5 Money market and savings account Six-month CD KLA KLAC 268.74 0.1 PublicStoragePfI PSApI 28.17 ... Tuscan THCBU 25.67 -16.9 22ndCentury 1.95 20.4 Money Rates December 8, 2020 Kadant KAI 140.36 1.7 PublicStoragePfK PSApK 28.50 0.3 XXII Vio Bank $100 0.66 TAB Bank $1,000 0.50 KerosTherap KROS 88.80 6.8 PublicStoragePfdN PSApN 25.67 0.6 TwistBiosci TWST 148.05 8.0 (888) 999-9170 (800) 355-3063 KeysightTechs KEYS 127.31 1.8 PureStorage PSTG 21.81 0.6 TylerTech TYL 447.68 2.4 Key annual interest rates paid to borrow or lend money in U.S. and Kforce KFRC 43.36 0.6 QAD B QADB 42.49 1.6 USA Tech USAT 10.51 5.5 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 US BancorpPfdK 28.73 0.7 KinnateBio KNTE 48.75 -0.3 QAD A QADA 64.60 0.9 USBpP international markets. Rates below are a guide to general levels but US BancorpPfdB 24.24 0.5 (800) 355-3063 (800) 799-1424 KontoorBrands KTB 46.25 2.5 Qorvo QRVO 170.90 1.8 USBpH Ubiquiti UI 272.57 1.3 Popular Direct $5,000 0.65 Live Oak Bank $2,500 0.50 KornitDigital KRNT 88.56 ... Qualcomm QCOM 159.29 0.5 don’t always represent actual transactions. UltraClean UCTT 36.51 1.2 KratosDefense KTOS 24.48 3.3 QuantaServices PWR 72.40 0.3 (800) 274-5696 (866) 518-0286 UltragenyxPharm RARE 138.52 6.0 Week —52-WEEK— KymeraTherap KYMR 56.37 12.4 QuantumScape QS 59.99 31.1 Inflation UnitedRentals URI 249.59 -1.4 Latest ago High Low L&F Acqn LNFA.U 10.25 0.4 QuantumScapeWt QS.WS 18.88 32.4 One-month CD One-year CD US Steel X 19.58 13.3 Oct. index Chg From (%) L Brands LB 41.24 1.8 QuinStreet QNST 20.60 4.7 UnitySoftware U 167.87 7.4 Lone Star Bank Connexus Credit Union 60 days 1.939 1.875 3.370 1.804 LamResearch LRCX 516.65 0.8 R1RCM RCM 21.89 1.2 $1,000 0.20 $5,000 0.71 level Sept. '20 Oct. '19 UnivDisplay OLED 238.64 0.2 LandcadiaIII LCYAU 10.96 1.2 Radcom RDCM 10.74 2.1 (713) 358-9400 (800) 845-5025 Upwork UPWK 36.69 8.5 LandcadiaIII Wt LCYAW 1.70 4.8 RadiantLogistics RLGT 6.50 3.7 UraniumEner UEC 1.59 3.5 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 U.S. consumer price index Other short-term rates LandcadiaII LCAHU 27.50 1.9 RadiusGlbInfr RADI 12.75 4.5 VG Acqn VGAC.U 12.65 0.9 LandcadiaII A LCA 25.45 -0.1 Rambus RMBS 18.54 4.5 (877) 707-1995 (888) 205-8388 VG Acqn A VGAC 11.75 0.4 All items 260.388 0.04 1.2 LarimarTherap LRMR 25.87 -2.3 RealPage RP 69.95 -0.2 Week 52-Week VG Acqn Wt VGAC.WS 2.91 6.5 Washington Savings Bank $500 0.10 Marcus by Goldman Sachs $500 0.65 Core 269.328 0.10 1.6 LatticeSemi LSCC 44.42 0.8 ReinventTechPtrs RTP.U 12.17 0.4 Latest high low VPC Impact VIHAU 10.45 2.2 (978) 458-7999 (855) 730-7283 ago Lear LEA 159.00 0.6 RevolutionAccel RAACU 10.50 3.5 VPCImpactWt VIHAW 1.25 28.5 LibertyBroadbandC LBRDK 165.23 -1.5 Revolve RVLV 26.03 6.7 International rates Vale VALE 16.45 -0.6 LifeSciAcqnII LSAQ 11.16 1.3 RibbonComms RBBN 7.39 1.1 Two-month CD Two-year CD Call money VelodyneLidarWt VLDRW 7.97 27.9 Limbach LMB 13.41 6.2 RingCentral RNG 350.29 0.2 Vertiv VRT 19.91 2.7 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 Week 52-Week 2.00 2.00 3.50 2.00 LincolnElectric LECO 119.63 1.1 RodgersSilicVal RSVAU 12.30 6.7 VirtusInvtPtrs VRTS 214.60 4.2 (713) 358-9400 (800) 845-5025 Latest High Low LiquiditySvcs LQDT 15.20 41.5 Rogers ROG 159.25 -0.7 ago Visteon VC 131.35 2.1 Littelfuse LFUS 250.65 1.1 Roku ROKU 307.63 2.1 State Bank of India California $1,000 0.15 Live Oak Bank $2,500 0.80 Commercial paper (AA financial) VornadoPfdN VNOpN 25.45 0.5 LiveOakAcqn LOAK 16.26 -0.3 RothCHAcquisitionI ROCHU 15.84 11.3 Prime rates WRBerkleyDeb58 WRBpE 27.82 0.3 (877) 707-1995 (866) 518-0286 90 days 0.14 0.18 2.53 0.04 Livent LTHM 17.31 9.2 RothCHAcqnI ROCH 14.50 2.1 WescoIntl WCC 72.72 4.0 LongevityAcqnWt LOACW 0.83 3.3 RyderSystem R 62.00 1.3 VirtualBank $10,000 0.15 Goldwater Bank $5,000 0.80 U.S. 3.25 3.25 4.75 3.25 WestlakeChem WLK 83.32 2.9 Libor LouisianaPacific LPX 37.71 1.3 RyersonHolding RYI 12.69 ... Canada 2.45 2.45 3.95 2.45 WideOpenWest WOW 8.65 2.4 (877) 998-2265 (480) 281-8200 LuminarTechWt LAZRW 20.91 -7.8 SCE Tr VI 5% Pfd L SCEpL 24.71 -0.2 WintrustFinPfdE WTFCP 28.52 0.8 Japan 1.475 1.475 1.475 1.475 One month 0.14875 0.14763 1.80475 0.12663 LuminarTech LAZR 47.80 2.3 SC Health SCPE 10.35 -0.3 WirelessTel WTT 1.99 -4.1 Three-month CD Five-year CD Three month Macom Tech MTSI 50.43 -0.6 Sina SINA 45.14 2.9 0.23000 0.23200 1.96050 0.20488 Workiva WK 79.75 1.4 MKS Instrum MKSI 158.08 1.0 SS&C Tech SSNC 74.00 0.6 BrioDirect $500 0.50 Connexus Credit Union $5,000 1.01 Policy Rates Six month 0.25338 0.25875 1.92438 0.23375 XPEL XPEL 46.09 2.9 MP Materials MP 29.85 -5.3 Saia SAIA 188.88 1.7 (877) 369-2746 (800) 845-5025 Yeti YETI 67.54 5.1 Euro zone 0.00 0.00 0.00 0.00 One year 0.33725 0.33313 2.01200 0.32763 MP Matls Wt MP.WS 10.23 1.1 SanaraMedTech SMTI 41.44 2.3 YRC Worldwide YRCW 6.56 1.5 Goldwater Bank $5,000 0.35 First Internet Bank of Indiana $1,000 0.96 MYR Group MYRG 57.76 3.6 SandbridgeAcqn SBG.U 10.25 0.9 Switzerland 0.00 0.00 0.50 0.00 Yalla YALA 19.87 17.0 Euro Libor MalaccaStraits MLACU 10.23 0.8 SandbridgeAcqnWt SBG.WS 1.04 11.1 (480) 281-8200 (888) 873-3424 Britain 0.10 0.10 0.75 0.10 YunhongIntlWt ZGYHW 0.66 17.1 MammothEnergy TUSK 3.84 57.1 SchmittIndustries SMIT 6.07 7.2 Zedge ZDGE 4.70 9.0 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 Australia 0.10 0.10 0.75 0.10 One month -0.591 -0.586 -0.360 -0.621 MartinMarietta MLM 287.51 -0.7 SchnitzerSteel SCHN 28.68 1.9 (713) 358-9400 (480) 281-8200 Three month -0.568 -0.550 -0.142 -0.568 Masimo MASI 272.58 1.4 SchultzeSpaqWt SAMAW 2.49 6.9 Lows Overnight repurchase Six month -0.531 -0.517 -0.052 -0.531 MatchGroup MTCH 147.40 -0.4 SchultzeSpaq SAMA 13.16 1.4 One year Mattel MAT 16.23 4.5 Sea SE 207.52 3.7 Aaron's AAN 16.58 -4.3 High yield jumbos - Minimum is $100,000 U.S. 0.09 0.10 1.65 -0.07 -0.495 -0.479 0.008 -0.495 MaximIntProducts MXIM 87.83 1.6 Seagate STX 64.42 1.0 ChinaMobile CHL 29.18 -1.1 MayvilleEngg MEC 14.45 11.4 SecurityNatFin SNFCA 8.95 6.7 DuddellStreetA DSAC 9.69 -2.1 Money market and savings account Six-month CD U.S. government rates Secured Overnight Financing Rate MegalithFinUn MFAC.U 14.83 4.1 ServiceNow NOW 544.05 1.7 DuddellStreetWt DSACW 0.99 20.5 0.08 0.09 1.64 0.01 MegalithFinAcqn MFAC 13.79 3.1 SesenBio SESN 1.75 7.8 EchoStar SATS 22.03 -0.3 CFG Community Bank 0.72 Live Oak Bank 0.50 Discount MegalithFinWt MFAC.WS 2.02 14.7 17Educ&Tech YQ 15.60 24.4 Fanhua FANH 13.75 0.6 (888) 205-8388 (866) 518-0286 MercadoLibre MELI 1628.91 2.6 SilenceTherap SLN 21.91 3.4 McAfee MCFE 14.80 2.6 0.25 0.25 2.25 0.25 Value 52-Week MeritMedical MMSI 58.70 -0.5 SilverSpikeUn SSPKU 13.00 12.8 MetenEdtechX METX 2.17 -18.1 Luana Savings Bank 0.60 Merrick Bank 0.50 Latest Traded High Low MesabiTrust MSB 26.69 3.8 SilverSpikeAcqnWt SSPKW 1.67 -8.8 Neovasc NVCN 0.68 -15.8 (800) 666-2012 (866) 638-6851 Federal funds MetallaRoyalty MTA 10.58 2.6 SilverbackTherap SBTX 32.74 6.6 ProQR Therap PRQR 3.40 -7.0 BankDirect 0.60 TAB Bank 0.50 DTCC GCF Repo Index Methanex MEOH 43.33 2.7 SleepNumber SNBR 75.83 0.1 TenzingAcqn TZAC 9.44 -5.5 Effective rate 0.0900 0.0900 1.6200 0.0600 Michaels MIK 13.20 4.4 Smartsheet SMAR 75.49 11.0 TrebiaAcqn 10.10 1.6 Treasury 0.091 37.700 1.720 0.002 TREB.U (877) 839-2737 (800) 355-3063 High 0.1000 0.1000 1.6500 0.1000 Moelis MC 44.33 0.7 Smith-Midland SMID 9.00 1.5 UcommuneIntl UK 5.70 -8.0 MBS 0.108 45.050 1.763 0.011 MohawkGroup MWK 10.00 2.5 Snap SNAP 50.43 1.1 US NatGas UNG 8.58 0.7 One-month CD One-year CD Low 0.0500 0.0500 1.5800 0.0100 Bid 0.0800 1.6000 0.0100 Lone Star Bank 0.20 Connexus Credit Union 0.71 0.0800 Offer (713) 358-9400 (800) 845-5025 0.1100 0.1000 1.6300 0.0500 State Bank of India California 0.15 CFG Community Bank 0.67 Treasury bill auction (877) 707-1995 (888) 205-8388 4 weeks 0.075 0.080 1.575 0.000 VirtualBank Marcus by Goldman Sachs 0.10 0.65 13 weeks 0.080 0.085 1.555 0.000 (877) 998-2265 (855) 730-7283 26 weeks 0.090 0.090 1.570 0.080 Two-month CD Two-year CD Secondary market Lone Star Bank 0.20 Connexus Credit Union 0.81 (713) 358-9400 (800) 845-5025 Fannie Mae H State Bank of India California 0.15 Live Oak Bank 0.80 30-year mortgage yields (877) 707-1995 (866) 518-0286 30 days 1.913 1.848 3.362 1.751 VirtualBank 0.15 Goldwater Bank 0.80 (877) 998-2265 (480) 281-8200 Notes on data: Three-month CD Five-year CD U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest BrioDirect 0.50 Connexus Credit Union 1.01 U.S. banks, and is effective March 16, 2020. (877) 369-2746 (800) 845-5025 Other prime rates aren’t directly comparable; TheWall Street Goldwater Bank 0.35 First Internet Bank of Indiana 0.96 lending practices vary widely by location; (480) 281-8200 (888) 873-3424 Discount rate is effective March 16, 2020. Lone Star Bank 0.25 Goldwater Bank 0.95 Secured Overnight Financing Rate is as of December 7, 2020. DTCC GCF Repo Index is (713) 358-9400 (480) 281-8200 Depository Trust & Clearing Corp.'s weighted Journal would average for overnight trades in applicable Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of CUSIPs. Value traded is in billions of U.S. dollars. compounding and rate stated for the lowest required opening deposit to earn interest. CD Federal-funds rates are Tullett Prebon rates as figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of of 5:30 p.m. ET. which may be checks. Rates are subject to change. Sources: Federal Reserve; Bureau of Labor liketothank the Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Statistics; DTCC; FactSet; Internet: www.bankrate.com Tullett Prebon Information, Ltd. sponsorsofthe Mutual Funds Data provided by Net YTD Net YTD Fund NAV Chg %Ret Fund NAV Chg %Ret PIMCO Funds I2 ValAdml 46.38 +0.19 1.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Income NA ... NA WdsrllAdml 72.25 +0.07 12.8 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese PIMCO Funds Instl WellsIAdml 69.96 +0.09 8.1 2020 CEO Council and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, IncomeFd NA ... NA WelltnAdml 80.72 +0.12 9.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r Price Funds WndsrAdml 76.44 +0.05 6.9 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not BlChip 166.37 +0.27 33.8 VANGUARD FDS available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; DivGro 59.23 +0.17 12.1 DivdGro 33.49 +0.04 10.6 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. EqInc 31.74 +0.08 1.0 INSTTRF2020 26.70 +0.05 10.7 INSTTRF2025 27.65 +0.06 11.8 December Summit for EqIndex 98.57 +0.28 16.4 Growth 98.89 +0.42 34.8 INSTTRF2030 28.23 +0.07 12.4 Tuesday, December 8, 2020 HelSci 104.50 +0.97 28.3 INSTTRF2035 28.80 +0.08 12.9 Net YTD Net YTD Net YTD LgCapGow I 60.25 +0.14 36.8 INSTTRF2040 29.36 +0.09 13.4 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCap 115.56 +0.50 21.2 INSTTRF2045 29.85 +0.10 14.0 their generous support. American Century Inv Balanced 106.23 +0.11 7.9 Fidelity Selects NHoriz 90.95 +0.73 53.2 INSTTRF2050 29.93 +0.10 14.1 Ultra 73.91 -1.85 41.7 Income 14.93 ... 8.8 Softwr r 26.91 +0.12 40.0 R2020 24.70 +0.04 11.8 INSTTRF2055 30.05 +0.10 14.2 American Funds Cl A Intl Stk 44.07 -0.13 1.1 Tech r 29.97 +0.20 56.8 R2025 20.12 +0.04 13.2 IntlVal 39.67 -0.07 5.7 AmcpA p 39.31 +0.09 19.1 Stock 201.65 +0.33 7.4 First Eagle Funds R2030 29.58 +0.06 14.2 LifeCon 22.90 +0.04 10.3 AMutlA p 44.63 +0.07 4.2 DoubleLine Funds GlbA 60.55 +0.20 7.0 R2035 21.93 +0.06 15.2 LifeGro 40.69 +0.12 13.5 BalA p 30.88 +0.04 10.2 CoreFxdIncmI NA ... NA Franklin A1 R2040 31.44 +0.08 16.2 LifeMod 32.06 +0.07 12.0 BondA p 14.17 +0.01 10.2 TotRetBdI 10.69 ... 3.7 CA TF A1 p 7.81 +0.01 5.0 PRIMECAP Odyssey Fds STAR 32.47 +0.07 19.5 CapIBA p 63.18 +0.16 2.5 Edgewood Growth Instituti IncomeA1 p 2.29 +0.01 3.1 AggGrowth r 56.91 +0.51 26.7 TgtRe2015 16.59 +0.03 9.3 CapWGrA 58.31 +0.13 13.0 EdgewoodGrInst 53.62 -0.06 39.2 FrankTemp/Frank Adv Putnam Funds Class Y TgtRe2020 36.01 +0.07 10.7 EupacA p 66.78 +0.26 20.0 Fidelity IncomeAdv 2.27 +0.01 3.3 StDurInc 10.10 ... 1.4 TgtRe2025 22.17 +0.05 11.7 PresentingSponsors FdInvA p 68.77 +0.23 13.5 500IdxInstPrem128.79 +0.37 16.6 FrankTemp/Franklin A Schwab Funds TgtRe2030 40.97 +0.11 12.4 GwthA p 68.88 +0.20 34.7 Contrafund K6 18.64 +0.04 28.9 Growth A p 131.94 +0.63 27.3 1000 Inv r NA ... NA TgtRe2035 25.43 +0.07 12.9 HI TrA p 10.09 +0.01 5.6 ExtMktIdxInstPre 82.21 +0.80 28.8 RisDv A p 78.70 +0.32 14.1 S&P Sel NA ... NA TgtRe2040 44.39 +0.13 13.4 ICAA p 44.12 +0.06 13.3 FidSerToMarket 12.88 +0.05 18.7 Guggenheim Funds Tru TSM Sel r NA ... NA TgtRe2045 28.19 +0.09 14.1 IncoA p 23.71 +0.08 4.5 IntlIdxInstPrem 45.31 +0.07 5.5 TotRtnBdFdClInst 30.25 ... 14.3 TIAA/CREF Funds TgtRe2050 45.42 +0.15 14.2 IntBdA p 14.24 ... 7.1 MidCpInxInstPrem 27.03 +0.12 15.0 Harbor Funds BdIdxInst 11.65 ... 7.1 TgtRet2055 49.30 +0.16 14.1 N PerA p 61.37 +0.25 29.9 SAIUSLgCpIndxFd 19.89 +0.05 16.4 CapApInst 114.68 +0.43 51.4 EqIdxInst 27.71 +0.11 18.7 TgtRetInc 15.16 +0.03 9.1 NEcoA p 59.29 +0.24 29.7 SeriesBondFd 10.75 ... 7.2 Harding Loevner VANGUARD ADMIRAL TotIntBdIxInv 11.71 +0.02 4.4 NwWrldA 85.07 +0.40 20.6 SeriesOverseas 12.16 +0.03 12.8 IntlEq 27.61 +0.06 16.0 500Adml 342.68 +0.96 16.6 USGro 66.69 +0.34 55.0 SmCpA p 76.59 +0.69 30.2 SmCpIdxInstPrem 24.43 +0.34 16.4 Invesco Funds Y BalAdml 44.36 +0.11 15.0 WellsI 28.88 +0.04 8.0 Welltn 46.74 +0.07 9.7 TxExA p 13.60 +0.01 4.3 TMktIdxInstPrem107.21 +0.44 18.7 DevMktY 52.02 +0.10 14.1 CAITAdml 12.37 +0.01 4.5 WndsrII 40.71 +0.04 12.7 WshA p 50.82 +0.17 7.1 USBdIdxInstPrem 12.42 +0.01 7.4 JPMorgan I Class CapOpAdml r191.56 +1.17 21.4 VANGUARD INDEX FDS Baird Funds Fidelity Advisor I CoreBond 12.45 +0.01 NA DivAppIdxAdm 37.85 +0.09 13.5 IdxIntl 19.09 +0.05 8.3 AggBdInst 11.87 ... 8.1 NwInsghtI 39.99 +0.08 22.3 EqInc 19.59 +0.05 NA EMAdmr 41.02 +0.16 12.7 SmValAdml 60.28 +0.33 3.8 CorBdInst 12.23 +0.01 8.3 Fidelity Freedom JPMorgan R Class EqIncAdml 79.49 +0.34 2.4 TotBd2 11.52 ... 6.8 BlackRock Funds FF2020 17.60 +0.03 11.9 CoreBond 12.47 +0.01 NA ExplrAdml 122.48 +1.18 26.0 SupportingSponsor TotIntlInstIdx r127.69 +0.29 8.4 HiYBlk 7.75 ... 4.9 FF2025 15.73 +0.03 12.6 Lord Abbett A ExtndAdml 122.21 +1.18 28.9 TotItlInstPlId r127.71 +0.28 8.4 HiYldBd Inst 7.74 ... 4.8 FF2030 19.65 +0.04 13.4 ShtDurIncmA p 4.20 ... 2.5 GNMAAdml 10.71 +0.01 3.4 TotSt 93.44 +0.38 18.8 BlackRock Funds A Freedom2020 K 17.59 +0.03 12.0 Lord Abbett F GrwthAdml 127.94 +0.32 37.2 VANGUARD INSTL FDS GlblAlloc p 22.00 +0.05 17.7 Freedom2025 K 15.71 +0.03 12.7 ShtDurIncm 4.20 ... 2.6 HlthCareAdml r 95.22 +0.34 11.6 BalInst 44.37 +0.11 15.0 BlackRock Funds Inst Freedom2030 K 19.64 +0.05 13.6 Lord Abbett I HYCorAdml r 5.96 ... 4.7 DevMktsIndInst 14.96 +0.02 7.2 StratIncOpptyIns 10.34 ... 6.4 Freedom2035 K 16.79 +0.05 14.8 ShtDurInc p 4.20 ... 2.7 InfProAd 28.41 +0.04 10.1 DevMktsInxInst 23.39 +0.04 7.3 Bridge Builder Trust Freedom2040 K 11.87 +0.03 15.7 Metropolitan West IntlGrAdml 158.10 +1.08 53.8 ExtndInst 122.20 +1.17 28.9 CoreBond NA ... 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B12 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. BANKING & FINANCE Greece’sBanksRapidlyUnload BadLoans Portugal’s Benchmark BY MARGOT PATRICK Greek banks,among Eu- Bond Yield rope’sweakest, aregetting rid of their bad loans at ahealthy clip. Drops to In spring,the pandemic in- terrupted plans among the country’sbanks to shed loans BelowZero stillfestering from the euro- zone crisis adecade ago. But BY ANNA HIRTENSTEIN stimulus from central banks and governmentsglobally has Portugal’sbenchmark bond sent fresh cash intofunds that traded with anegativeyield, buy nonperforming loans,rein- signaling investors’ increas- vigorating the efforts. ingly relaxed attitudes toward S “Manyofthe investorsare acountrythat wasonce NEW

in the processoffundraising or G among the worst-hit by the have raised additional funds for European debt crisis.

what they see as awaveofop- OOMBER Theyield on the southern

portunity,” said Alok Gahrotra, /BL European country’s10-year apartner in the portfolio lead government bond on Tuesday advisoryteam at Deloitte that HALIS fell to a low of minus 0.009%, RA

advises NPL buyersand sellers. KA according to Tradeweb.

“There’salot of drypowder to OS Portugal joins countries in- RG

deploy.” YO cluding Germany, France and In lateNovember, Alpha theNetherlands whose debt Bank,one of Greece’sfour One of the country’s top lenders, Alpha Bank, is tapping a state-supported program to sell a $12 billion nonperforming-loan portfolio. has subzero yields. It reflects dominant lenders, said it wasin that demand for the bonds is the final stages of selling a lenders, afast-growing sector Nonperforming exposures as ashareoftotal loansoutstanding coronavirus hit. Greece’stour- so high, investorswho hold €10.8 billion grossloan portfo- in Europe.Returns depend on ism-heavy economyslumped thebonds to maturity would lio—the equivalent of $12 bil- recoveries from selling collat- 60% along with EU peers, though getback lessthan they ini- lion—along with itsloan-servic- eral such as homesand office the countryhas managed better tially paid.Itisanother sign ing unit. Thepreferred bidder buildingsbacking the debt, and than manyincontaining infec- of aturnaround in the mar- is U.S. investment firm David- fees collected by the servicing Piraeus Bank tions and deaths.The big Greek ket’s expectations for a more son Kempner Capital Manage- units. 40 Alpha Bank banks forecast around €5 bil- cohesive European Union. ment LP,which beat out Pacific Theinvestmentsflowinto lion in totalnew NPLsfromthe Adeep financial crisis in Investment Management Co. NPL funds and other credit-fo- pandemic—not much against the early 2010s hit Portugal andothersfor what would be cused funds that aremainly National Bank the €61.3billion in NPLsinthe along with a number of other the largest-ever NPL sale in the marketed to institutional inves- of Greece countryasoff June 30,accord- southern European countries, 20 country. Twomorebig banks, tors and the rich. ing to ECB data. Thebanks say which resulted in government National Bank of Greece and Ireland, Spain and Italy all Eurobank yearsofexperiencemanaging intervention in itsbanking Piraeus Bank,each aim to sell whittled down theirNPLsthis delinquent customersshould sector.Divides emergedbe- around €7 billioninloans next way.Greece’sbanks made only help. tween northern and southern year. limited progressbecause the 0 Nikos Koutsogiannis,chief European nations,and con- Thethree transactions will country’srecoverytook longer 2016 ’17 ’18 ’19 ’20 financial officer at small lender cerns about the trade bloc tapanew state-supported se- and the government and banks AtticaBank SA,said itsNPL ra- fragmenting arose—resulting curitization program called were working on measures to Note:Loans thatare pastdue by morethan 90 days,oronwhich the debtor is assessed as unlikely tio fell to around 45% from a in significantly higher borrow- to paywithout full realization of collateral Hercules,which wasfirst used attractinvestors. Thekey Source:the banks 62%peak through two securiti- ing costsfor countries seen as by Eurobank SA in June to dis- plank,finalized only last year, zations predating the Hercules riskier and in dubious finan- pose of €7.5 billion grossloans, is the Hercules program. Mod- burdens,” said Christos Mega- firms said most deals should be program. Atticaaims to getthe cial shape,including Portugal. “paving the way forits peers,” eled afterasimilar program in lou, the chief executiveofPi- completed in the firstquarter ratio to single digitsbysecuri- said Eurobank chief executive Italy,the banks sell NPLstose- raeus Bank. of next year. tizing moreloans next year.Mr. Fokion Karavias. curitization vehicles that issue Theuptick in deals is crucial “Market conditions arenor- Koutsogiannis said Atticawants Countryjoins Theeurozone crisis adecade notes to investors. Thebanks forGreecetobring down the malizing nowand thereis to free up capital forlending to agoattracted U.S. investing gi- then buythe safest tranche of highestNPL level in the Euro- clearly investor appetitefrom companies in sectorssuch as Germany, Franceand antssuch as Pimco, Cerberus notes with agovernment guar- pean Union. At almost half of international investors,” said the environment, energy and theNetherlands with Capital Management and antee forrepayment, allowing loans in 2016,the ratio was LitoChousiada,ananalyst in infrastructure that Greeceis Apollo Global Management to forlargertransactions. around 35% at the start of 2020 DBRS Morningstar’s global fi- targeting forforeign and gov- subzero debt yields. buy bad loans from banks for “Because banks areallowed and could fall closer to 20% if nancial institutions group. ernment investment. as little as afew centsonthe to provide senior funding that transactions go ahead as Thedisposals mark aturn- “Wehavebeen working as euro. Some investorsalso scoop is guaranteed by the statefor a planned. TheEU-wide ratio is ingpoint foraneconomythat firemen putting out fires, but at up banks’ servicing unitsto reasonable fee, considerations under 3%. Thepandemic caused wasstill emerging from one of the end of the daybanks need Thepandemic had the op- build largerbusinesses manag- aremuch betterthan outright afew months’ delay, but bank the longest and deepest depres- to getback to banking,” Mr. posite effect and is perceived ing bad loans from multiple sales without generating capital executives,advisers and ratings sions of modern times when Koutsogiannis said. to have brought Europe closer together,according to Rohan Khanna, arates strategist at UBS.Policymakershavebeen Fund Manager Pays $170 Million in SECSettlement actively supporting member states,both at the central bank and the European Commission, BY DAVE MICHAELS wassupposed to replicate London and later moved its closing the proprietaryfund, cause the algorithm waited too the trade bloc’sexecutivearm, their decisions but wound up headquarterstothe taxhaven BSMA,in2011 but failed to long to respond to sudden which agreed on a€750billion BlueCrest Capital Manage- performing worse, the SEC of Jersey in theChannel Is- sufficiently do so,SEC regula- market moves,the order said. spending package,equivalent ment Ltd. will pay$170mil- said. lands.The firm is no longer tors said in asettlement order Thealgorithm, known as to $908 billion, known as the lion to settle claims that it “BlueCrest repeatedly failed registered as an investment Tuesday. BlueCrest’sexecutive RatesManagement Trading, recovery fund in July. misled clients about an inter- to act in the best interests of adviser in the U.S. committeeowned 93% of failed to hit its target profits “When we talk about the in- nal fund that invested itstrad- itsinvestors, including by not BlueCrest’sflagship fund, BSMA,and instructed the by $25 million amonth on av- creased synchronization in Eu- ers’ ownmoney,while itsflag- disclosing that it wastransfer- BlueCrest Capital Interna- firm’sinvestor relations de- erage, according to the settle- ropean financial markets, at ship fund was managed by an ring itshighest-performing partment to not “proactively ment order. the center of it is the recovery underperforming algorithm, traderstoafund that bene- discussBSMA with investors,” BlueCrest’sinvestorsbegan fund and howquickly Euro- the Securities and Exchange fited its own personnel to the BlueCrest is accused the order said. asking questions about the pean politicians came together Commission said Tuesday. detriment of itsfund inves- From October 2011 through proprietary fund after a due- and agreed on this,” Mr. Onceone of Europe’sbig- tors,” said SEC enforcement of not telling clients June 2015,BlueCrest reas- diligenceconsultant published Khanna said. “The politics gest hedge-fund managers, director Stephanie Avakian. that its traders used signed 21 interest-rateand rel- an alert to clients about it in have become alot morecohe- BlueCrest stopped managing BlueCrestsettled the SEC’s ative-value tradersfromBCI 2014,the SEC said. Theflag- sive than in the past.” money foroutside clientsin civil investigation without ad- a proprietary fund. to BSMA,the order said. It ini- ship fund, BCI, suffered signif- This is increasingly re- 2015 after a sharp drop in as- mitting to or denying the tially deployed the algorithm icant redemptions as investors flected in how European gov- setsand arun of poor returns claims.Inastatement, the only to maketrading decisions asked questions about the un- ernment bonds arepriced, from its flagship macro fund. firm said it waspleased to for BCI, but in 2012 allocated known fund and how with the differences between It continued trading itsem- have resolved the matter, tional, generated about $4.5 one-thirdtoone-half of its BlueCrest managed the con- countries’ borrowing costs ployees’ own money. “which primarily involved dis- billion in profit forinvestors trading risk to the proprietary flictsofinterest created by narrowing as investorsexpect TheSEC said BlueCrest cre- closures that were made more sinceitwas started and fund, the order said. running aseparatepot of the EU to backstop itsweaker ated theproprietaryfund, than five years ago.” achieved annualized perfor- Thealgorithm failed to per- money, the SEC said. members. BSMA Limited, in 2011 and “Today’sorder does not re- manceoverits lifeof9.85%. fectly replicatethe human Thefines to be paid by While the recovery fund has moved amajority of itsbest lateinany waytoour current BCI returned 45% in 2009,but traders’ decisions because it BlueCrest include $132 million runintosome opposition from traderstowork on it. Their businessoperations,” like other macro funds strug- followed their moves one day that must be returned to in- Hungaryand Poland, which work picking assetsfor BlueCrest said. gled during along period of later,the SEC said. That delay vestors, including U.S. pension vetoed it due to a mechanism BlueCrest’s flagship fund was BritishbillionaireMichael ultralow interest rates. caused “slippage,” particularly funds.The firm also agreed to that links EU funding with rule replaced by an algorithm that Plattco-founded the firm in Thefirm considered dis- during volatile markets, be- paya$37 million civil penalty. of law, investors are comfort- able that it will moveforward. “It is not unusual forEurope to witnessthese kinds of de- Betterment Founder Resigns From CEOPost lays,” said Konstantin Veit,a bond portfolio manager at Pimco. “Weare convinced that BY ANNE TERGESEN to strong growth and aline of the EU will find away to remain sight into profitability.” broadly on trackwith regardsto Betterment LLC founder Spokesman JoeZiemer said the recovery fund and avoid JonStein has stepped down as Betterment isn’t profitable cur- material execution issues.” chief executive, the invest- rently but could be if that was TheEuropean Central Bank ment-advicecompanysaid the priority rather than has been actively supporting Tuesday. He wassucceeded by growth. the region’seconomy with a Sarah Kirshbaum Levy, a for- Thecompany’svalue was €1.35 trillion bond-buying pro- merexecutiveofViacomCBS most recently estimated at gram, which has significantly Inc. $800 million at its last fund- boosteddemand forgovern- Ms.Levy will be charged ing round in 2017. ment debt and weighed on with steering the company to In itsdigital portfolio advi- yields.Its governing council a possible initial public offer- soryservice, Betterment will meet on Thursday and is ing over the next few years, charges0.25% of assetsannu- widely expected to extend its said Mr.Stein, who will stay ally.Itchargesanadditional monetary stimulus programs, on day-to-daythrough the end 0.15% forcustomerswho want which would likely mean more of the month and remain access to human advisers. asset purchases likegovern- chairman of the board. Mr. Stein said he was look- ment bonds. Mr.Stein, 41, founded the ing for someone from outside “We’vehad another lock- digitalinvestment advisory the financial services industry down in Europe,which is companyin2010.The New to take Betterment to the next likely adouble dip in economic York-based firm manages $25 level. Industryinsidersoften output. TheECB will have to

billion with morethan 550,000 HIDER lack theperspectiveneeded be even moreaccommoda-

customers. BEN “todisrupt services in amore tive,” said David Zahn, head of “Wehaverecordrevenues Sarah Kirshbaum Levy took over Tuesday from Jon Stein leading the digital investment platform. customer-focused direction,” European fixedincome at anddespiteCovid areseeing he said. Franklin Templeton.The funds growth in all three of our pass the torch.” company’sNickelodeon unit further customizeinvestment Mr.Stein said he mayplaya he manages ownPortuguese business lines,” which consist His replacement, Ms. Levy, from 1998 to 2017. portfolios and interact with role in tasks including recruit- bonds, but at a 15-year matu- of retail investment advice, was chief operating officer of Ms.Levy, who has been a human advisers. ing and customer events, but rity,which still have apositive 401(k)s for small and midsize ViacomCBS’s media networks consultant at Betterment since Regarding theprospect of wants “to make sure I am not yield. “Wewould probably not firms,and aplatform forinde- from January2018 to January Oct. 1, said her emphasis will an IPO,Ms. Levy said, “I in Sarah’s way.” buy them at anegativeyield,” pendent investment advisers, 2020. The 49-year-old execu- be on “evolution, versus revo- wouldn’t sayit’stoo far in the “I mayhaveanother busi- Mr. Zahn said. Mr.Stein said in an interview. tive served in avariety of lution” including expanding distance,” but beforeitcan nessinmebut it won’t be in —Pat Minczeski “It feels likeagood point to roles,including COOatthe opportunities forclients to happen, “wewant aclear path financial services.” contributed to this article. P2JW344000-4-B01300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, December 9, 2020 | B13 MARKETS S&P, Nasdaq Set Records Brexit Worries

Use of Pfizer/BioNTech Select sectorsand indexperformance, Tuesday casts. Sink Bond Yields vaccine in U.K., “Thereisthis push and pull Energy 1.57% between howwe’resonearly progress on U.S. aid thereinterms of good news on BY SEBASTIAN PELLEJERO tions. Health care 0.73 the vaccine and seeing the end Those strains have helped package boost indexes of this,versus another hit to U.S. government-bond reverse a recent rise in Trea- Consumer staples 0.55 economic output if the vaccine yields fell Tuesday, driven suryyields,which tend to BY ANNA HIRTENSTEIN Industrials 0.43 hasn’t happened yetwhen we lowerbyinvestors’ concerns climb when investorsexpect AND MICHAEL WURSTHORN getanother rise in cases,” said about the prospectsfor Brexit economic growth and infla- Technology 0.35 Georgina Taylor,amultiasset trade negotiations and a U.S. tion. Theprospect of avac- Stocks propelled the S&P manager at Invesco. “It is still a emergencyeconomic relief cine-fueled economic rebound 500 and Nasdaq Compositeto S&P500 0.28 real concern formarkets.” package. recently helped push 10-year recordsfollowing apair of pos- –0.05 Consumer discretionary On Tuesday, shares of en- Theyield on the benchmark yields to their highest close in itivesteps toward combating ergy companies led the S&P 10-year Treasurynotefinished nearly amonth near 1%, a theCovid-19 pandemic. –0.11 Communications 500 on apercentagebasis,add- trading Tuesdayat0.913%, ac- level not surpassed sincebe- Health-carestocks rallied on ing 1.6%. Health-carestocks cording to Tradeweb. That is fore the pandemic. news that the U.K. began ad- Source:FactSet rose 0.7%, as shares of Pfizer the second- Investorsalready anticipate ministering gained $1.31, or 3.2%, to $42.56. CREDIT straight ses- astimulus packageofmore TUESDAY’S doses of the highflying stock market ex- ment’scurrent funding to buy Consumer staples and indus- MARKETS sion decline than $1 trillion, which should MARKETS vaccine devel- posed to apullback. moretime fornegotiations. trial stocks traded higher as and down from capthe climb in yields even if oped by Pfizer Theemergency-relief pack- Despitethe rise in coronavi- well, advancing 0.5% and 0.4%, 0.928% at Monday’sclose.The Congressreaches an agree- and Germany’s BioNTech. ageis“necessarytohelp the ruscases,the U.S. stock market respectively.Shares of technol- 30-year yield fell to 1.659% ment in coming weeks,said Shares of Pfizer,which hit a businesses that aresuffering has managed to rally thanks to ogycompanies added 0.3% af- from 1.687% Monday. Larry Milstein, head of Trea- trailing-year high, led the right now,” said GeroJung, advances on the vaccine front, terrecouping itsearlier loss. Yields,which fall when suryand agencytrading at health-caresector. chiefeconomist at Mirabaud as well as brief signs of prog- Tesla shares advanced $8.12, bond prices rise, retreated as R.W. Pressprich & Co. Signs that lawmakersremain Asset Management. “There’s ress toward completing another or 1.3%, to $649.88after Chief investors waited for develop- “Investors have been wait- committedtocompleting anew been asignificant slowdownin economic aid package. TheS&P ExecutiveElon Musk said at ments on Brexit trade negotia- ing forstimulus forseveral Covid-19 relief packagealso labor-market improvement, so TheWall Street Journal’sCEO tions.U.K.Prime Minister Bo- months.Idon’t think a$1tril- gavethe stock market aboost. thereisstill some help needed. Council annual summit that he ris Johnson has warned that lion aid packagewill movethe Bloombergreported that Re- It is important; it affectsmar- had moved to Texas afterlong securing atrade deal at a 10-year yield past 1% at this publican congressional leaders ketsentiment.” sparring with authorities in coming summit with the Euro- point,” he said. planned to talk with White TheS&P 500 added 10.29 3.2% California. Shares were down pean Union will be difficult be- Onefactor that investors House officials to advancethe points, or 0.3%, to 3702.25, beforethat afterthe carmaker fore the Dec.31deadline.That expect to help keep yields talks around aroughly $900 whilethe Nasdaq rose 62.83 How much Pfizer stock gained said it would sell as much as $5 uncertainty is driving some in- trading within arelatively nar- billion Covid-19 aid deal. Tech- points, or 0.5%, to 12582.77, on Tuesday billion of shares. vestorstohavens such as rowrange: the Federal Re- nologystocks had been in the both closing at their highest Uber declined 79 cents, or Treasurys. serve. redbeforethe report and levels ever.The DowJones In- 1.5%, to $53.01after the ride- In the U.S.,delays on bills steadily gained ground in the dustrial Averagealso traded hailing service sold itsself- covering economic relief and AUCTION RESULTS Here are the results of Tuesday's Treasury auction. second half of the session. higher, gaining 104.09 points, 500 is up 15% this year,with driving carbusiness to arival. government spending arealso All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference Investorshavebeen follow- or 0.3%, to 30173.88, falling the most recent spurt of gains Overseas,the pan-continen- pressuring yields,some ana- between that price and the face value. ing the talks in hopes that Re- short of a new milestone. following news of Pfizer’s vac- talStoxxEurope 600 rose 0.2%. lystssaid. LawmakersonMon- THREE-YEAR NOTES publicans and Democratsreach Lawmakershad struggled cine. AcrossAsia, most major bench- daystruggled to resolvestum- Applications $129,796,089,100 adeal on further stimulus. Mondaytoresolve one of two Investorsremain bullish marks closed down. bling blocks while seeking a Accepted bids $58,385,320,100 " noncompetitively $51,213,700 Without some sort of agree- stumbling blocks remaining in about next year,pinning their At middayWednesdayin deal on theemergencypan- " foreign noncompetitively $0 ment, manyworrythat the na- their effortstostrikeadeal on hopesonarebound in corpo- Asia, Japan’sNikkei 225was up demicrelief program. Con- Auction price (rate) 99.742950 (0.211%) scent economic recovery is at the emergency-spending pro- rate earnings, analystshave 1.1%, Hong Kong’sHang Seng gressional leadersplan to pass Interest rate 0.125% risk as coronavirus infections, gram.Congressional leaders said. If Covid-19 cases reach a Indexwas up 1.3% and South a one-week extension of gov- Bids at clearing yield accepted 45.86% Cusip number 91282CBA8 hospitalizations and deaths rise said they plan to passaone- tipping point, analystssay they Korea’sKospi wasup1.4%. U.S. ernment-funding legislation to The notes, dated Dec. 15, 2020, mature on Dec. 15, acrossthe country, leaving a week extension of the govern- will have to revise their fore- stock futures were up 0.2%. buy moretime fornegotia- 2023. Risky Chinese Firms Pay Up To Issue Debt

BY XIE YU likely include companies spe- cializing in areas such as min- Investorsare cooling on ing,chemical production and debt from riskier Chinese com- heavy industry. panies aftermissed payments Most corporatedebt in by state-backed firms have China is issued by state-owned cast doubt on the reliability of enterprises, which made up government support. about nine-tenths of issuance Thewarinesshas helped both this and last year,accord- push newborrowing costsfor ing to Rhodium Group. these businesses to their high- Afterthe recent upsets, in- est levels in nearly two years, vestorsare trying to work out marring what has been aban- which of these firms aretruly ner year fordebt issuance. creditworthyorstrategically In November,corporations important enough to count on with belowtriple-A credit rat- continued statesupport. ingspaid an average5.89% Credit grades in China are coupon forstock-exchange an imperfect gaugeofrisk. listed debt, according to Wind, Thethree state-backed compa- the highest sinceJanuary nies—a coal-mining company, 2019.Incontrast, triple-A cou- chip maker and automotive pon ratesfell to 4.09%. firm—that recently ran into

Some Chinese bonds trade trouble all boasted triple-A REUTERS on exchanges while others ratings. But in the absenceof A state-backed coal-mining company was among those that recently ran into trouble repaying its debt, despite high ratings. trade in the interbank market. bettertools,investorsare us- Overall, Chinese companies, ing ratingsasone way to pick thecentral government ever “It’saguessing game or Funding costsfor new Canceledordelayed including financial ones, is- winners. provide an updateonthe proj- moreofapolitical game,said Chinesecorporatebonds* corporate-bond sales by sued the equivalent of $2.3 They arealso concerned ect’sprogress. Leland Miller,chief executive Average bond-coupon rate, Chinesecompanies† trillion in yuan-denominated that China could resume its “The campaign of resolving of research firm China Beige by credit rating bonds in the year through Dec. deleveraging campaign, a those highly indebted compa- Book.“It would be very tough 8, already 33% morethan yearslong project to rein in nies…stalled in 2019,with the forinvestorsingeneral to peer 8% 80 billion yuan 2019’stotal, according to debt and financial risk that economic slowdownand through the hazeand pick the Double-A+orlower Wind. wasput on hold by the trade heightened U.S.-China trade corporates that might sur- Morethan athirdofthe to- warand the coronavirus. tensions and has been delayed vive.” 6 60 talwas made up of commercial If it returns,ailing compa- further due to the pandemic,” LoganWright,director of paper, short-term debt that nies will be aprime target, po- said Mr.LiatS&P. China market research at Rho- comes due in lessthan ayear. tentially saddling bondholders He expects authorities to dium, said localities kept some 4 40 Chang Li, a Beijing-based with losses in the process. In resume their campaign now struggling firms in business director at S&P Global Ratings, 2018,agroup of topChinese that the economyisback on a aftercommodity prices rose in Triple-A said borrowing costshave authorities,including the cen- firmer footing. 2017-2018,effectively arguing risen in particular forcompa- tral bank, told local govern- However, determining what that they hadsuffered prob- 2 20 nies in northeastern and west- mentstoidentifyzombie com- companies will endurecould lems during an economic ern provinces wherelocal gov- panies—unprofitable be challenging.Thereisno downcycle but weren’t “struc- ernmentshavelimited businesses propped up by clear definition of zombie tural zombies.” 0 0 financial resources. statesupport and bank loans— companies,giving extraleeway Yongcheng Coal &Elec- 2018 ’19 ’20 2018 ’19 ’20 Costshavealso risen in in- and restructureorshut them to local governments, which tricity Holding Group Co., one *Stock-exchange listedbonds dustries burdened by overca- quickly. But no such compa- areeager to preservejobs and recent defaulter,has been †Excludes bonds issued by policy banks, insurers and securities firms; 1billion yuan=$153.1million pacity,hesaid. That would nies were ever named. Nordid social stability. profitable since2017. Source:Wind Telemedicine Firm JD Health HasStrong Debut in Hong Kong

JD Health’s shareprice, BY JOANNE CHIU larsashare, the equivalent of raised nearly $47billion Since2018,listingsbyChi- Lijun Xinsaid the company Tuesday $14.19,giving the companya through IPOs and secondary nese technology and e-com- picked Hong Kong over New Shares in one of China’stop market value of $44 billion, af- listingsinHong Kong this merce companies including York to be closer to investors HK$120 telemedicine providerssurged terearlier rising as much as year, according to Refinitiv. Alibaba, Meituan and Xiaomi who are more familiar with in their Hong Kong debut 76%. Rival Alibaba Health In- That is thehighest totalsince Corp.havestrengthened the China’shealth-careindustry. Tuesday, reflecting howChi- formation Technology Ltd., 2010,eventhough Ant Group city’s high-tech credentials. “Hong Kong also has arobust 110 nese technology companies which is controlled by internet Co.’sblockbuster IPO wasde- This year,these companies capital market with strong li- have reinvigorated the city’s giant Alibaba Group Holding railed in November.Parent have surgedinvalue alongside quidity,making it suitable for stock market. Ltd., has amarket value of company JD.com’s own sec- U.S. technologygiants. us to list here,” he said. 100 The$3.5billion initial pub- about $41 billion. ondary listing in June raised Meituan’sstock has nearly Mr.Xin said the global pan- lic offering by JD Health In- Individual investorsplaced nearly $4.5billion, making it tripled this year while Xi- demic has accelerated JD ternational Inc.isHong ordersfor morethan 420 the city’s biggest listing this aomi’sshares have gained Health’slisting plan, as coro- 90 Kong’slargest this year.Ithas timesthe stock offered to year. nearly 150%. In July,the city’s navirus-induced demand has come as the city closes out its them, while institutional buy- Thecity’s exchangehas main indexprovider intro- sped up the development of best year forlisting activity in erssought morethan 31 times been the topdestination for duced the Hang Seng Tech In- thewhole sector.Hesaid the 80 adecade—thanks both to IPOs the shares they were offered, both unlisted Chinese compa- dex, which tracks 30 locally money raised would be used to andsecondarylistingsofcom- JD Health said. Thecompany nies and those already traded listed technologycompanies, expand and to serve clients panies whose stock already operates China’slargest online on NewYork’sexchanges,as including Alibaba and Tencent better. 70 IPOprice: HK$70.58 trades on otherexchanges, retail pharmacyaswell as pro- U.S. policymakers threaten a HoldingsLtd. Had the index JD Health’sultimatefund- 10 11 noon 1 234 such as JD Health’sparent, the viding other health-careser- trading ban on shares of Chi- existed forall of 2020,it raising sizecould total$4bil- a.m. p.m. e-commerce group JD.com Inc. vices. nese companies whose audit would be up about 69% this lion if underwriting banks ex- Note:Local time; HK$100=US$12.9 JD Health stock closed 56% Including JD Health, more papersaren’t inspected by U.S. year. ercise agreen-shoe option to Source:FactSet higher at 110 Hong Kong dol- than 130 companies have regulators. JD Health ChiefExecutive buy additional stock. P2JW344000-0-B01400-1------XA

B14 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Uber Pays Up To Take Back Seat On Driverless Cars

Ride-hailing giant won’t have to consolidate the business’s costs, but will remain invested

In asign of investors’ meager later one of Uber’s test vehicles

appetitefor driverless-car ven- killed apedestrian. GES

tures, Uber Technologies Inc. Still, Auroraisthe moreobvi- IMA isn’t so much selling itsill-fated ous winner.The companyhas the project as paying arival to take it credibility of being founded in ETTY /G

on. 2017bythree driverless-car veter- TT

Theride-hailing giant said late ans,but waslooking isolated after PLA Mondaythat itsautonomous-driv- most big carmakersfound other

ing unit ATGwould be acquired startups to work with. Nowithas SPENCER by AuroraInnovation Inc.,a Uber,Toyotaand Denso as minor- The stock has rallied more than 50% in the three weeks since the auto maker’s index inclusion was announced startup with about half the staff. ity investors, all three among the But this is no usual acquisition: largest players in their different Auroraisn’t handing over cash; in fields. fact, it gets $400 million of extra Having big partnersmatters be- TeslaWatchesIts Stock Too capital from Uber as part of the cause driverlesscarsaren’t just deal. about getting aspecialist com- Forthe ride-hailing giant, the puter to makedriving decisions— appeal of the transaction is that it the area Aurorahas focused on. Musk is smart to turn paper gains into cash; speculators should take his lead takesdriverlesscarsoff itsbal- Thetechnologyneeds to be inte- ancesheet. It owned roughly 86% grated seamlessly with partsand of ATGatthe end of September, vehicles,while the businesscase Tesla is wisely ringing the cash Tesla shareprice, past six months Tuesday having sold small stakes to Toy- relies on clear routes to market. A register amid astunning stock rally. $649.88 ota,its partssupplier Denso and so-called robotaxi service, which Speculatorsshould take notice. $600 to Japanese tech investor Soft- Uber would be well-qualified to The car maker said on Tuesday Bank last year at avaluation of run, is one of these. morning that it plans to sell up to 500 $7.25 billion. Afterthe deal with Thedeal gives the mergedcom- $5 billion in stock just two weeks Aurora, it will ownabout 26% of panyaroughly $10 billion valua- before it is set to join the S&P the venture, while the ATGminor- tion, behind only Waymo and Gen- 500. It would be Tesla’s second 400 ities will ownafurther 14%. eral Motors’ Cruise.This and the such share issue since September. Crucially,that means Uber, postdeal shareholdingsimply a The sale is a no-brainer for 300 which is under pressuretotrim valuation of $4 billion forATG— Tesla’s long-term health. After all, losses,won’t have to consolidate markedly down from itsprevious the stock more than doubled since 200 the significant expense of devel- valuation—and $6 billion forthe August, when Tesla announced a oping driverlesscarsinits ac- original Aurorabusiness, which share split, and it has rallied more counts. Thedeal drawsaline un- wasvalued at $2.5billion early than 50% in the three weeks since 100 der an endeavorthat gavethe last year. its index inclusion was announced. companyendlessgrief: In 2017, To liveuptothe $10 billion The timing is no longer one of 0 Alphabet’sWaymo sued Uber for tag, Aurora, likeits peers, will immediate need for liquidity: Tesla stealing trade secrets,and ayear nowneed to come up with both a ended the third quarter with $14.5 July Aug. Sept. Oct. Nov. Dec. safedriverlessvehicle and acredi- billion in cash on its books. Still, Source:FactSet Valuation of driverless-car ble plan forrolling it out at scale. opportunities to turn bubble stock businesses Acomplexmerger-integration gains into real cash shouldn’t be Volkswagenas analogous to a any fundamental analysis. processmay not makethe chal- squandered. With this coming in- buggy-whip maker circa 1905. It Those unfortunate enough to Waymo $30 billion lengeeasier.Aurorahas roughly fusion, Tesla has likely assured its doesn’t take much these days for have bet that fundamentals will re- (March 2020) 600 staff,compared with ATG’s long-term corporate survival bar- Tesla to appreciate the equivalent assert themselves have been run 1,200,but AurorabossChris Urm- ring some extreme scenario. of an established auto maker’s over repeatedly. True believers Cruise 19 (May2019) son will lead the combined com- But the long-term fateofits market value in a single trading suffered some jolts too, though: pany. stock is far lesscertain. Tesla’s session. But stocks like Tesla that Tesla’s stock price has been cut in Aurora* 10 (Dec.2020) Questions remain about Au- market value,which touched $600 can rally so hard on relatively thin half twice since December 2018. rora’s strategic priorities.Having billion on Monday, is nearly 10 gruel can sell off sharply without Joining the S&P 500 offers no spe- Argo AI 7.5 received asmall investment from times that of General Motors, an obvious catalyst. cial protection against a similar (July 2020) Amazon last year,the company which dwarfs Tesla in terms of Tesla’s largest shareholder selloff. has talked moreabout applying its market share, profitability and fi- knows it, too: “Tesla stock price is Given that backdrop, turning Motional 4.0 (Sept. 2019) technologytothe freight business. nancial might. Tesla trades at more too high imo,” Chief Executive Of- those paper gains into real cash is Itsdeal with Uber seems likely to than 1,200 times trailing earnings, ficer Elon Musk said in a May a perfectly wise and logical thing Zoox 1.3 bring it back to robotaxis. while established autoindustry Twitter post. The stock has more for Mr. Musk to do. Shareholders (Aug. 2020) To maintain itscurrent momen- peersgofor eight times or less. than quadrupled since that procla- sitting on huge, ephemeral gains *After the Uber deal tum in the driverless-car industry, Of course, such comparisons mation. Stock prices for other who don’t take that logic to its Sources: the companies; WSJ(Aurora/Uber); Aurorawill need alot of steering. hold little weight with those who electric-vehicle makers around the natural conclusion are risking a Financial Times (Waymo) —Stephen Wilmot view the likes of Ford Motor or world have surged in defiance of date with gravity. —Charley Grant Stitch Fix Shoppers Start to See the Light Apple Is Replaying As traditional bricks-and-mortar The Wrong Audio Track retailers continue to endure sales declines, Stitch Fix’s quarterly re- sults released Monday afternoon show how the experience of shop- Apple Inc.’snew headphones are Thenew AirPods Max seems ping for clothes could be changing at least aptly named. morelikely to followthe latter’s for good. Thecompany announced the Air- track.The over-ear headphone Stitch Fix said that, in addition Pods Max on Tuesdaymorning.Its market is fragmented, with prices to double-digit year-over-year rev- firstApple-branded entryintothe ranging from well under $100 to enue growth for the quarter ended wireless, over-ear headphone mar- audiophile offeringscosting well IR

Oct. 31, it saw the highest sequen- FA ketcarries an eye-popping price over $1,000.But the current aver- tial net client additions in its his- tagof$549—57% higher than the ageselling pricefor over-ear,wire- NITY

tory. Investors sent its shares VA most expensiveline of comparable lessheadphones with noise cancel- surging 39% on Tuesday following R headphones from itsown Beats ing is around $230,according to FO the report. lineup.The newearphones begin Ben Arnold of NPD Group. And That reaction is likely less a re- GES shipping next week. sales in this category have been flection of the quarter itself—reve- IMA Apple has never been one for falling,with revenue down 45% in nue growth of 10% was a far cry bargain huntersand itssuccess so the first10months of this year GETTY from the 21% pace Stitch Fix far with itsAirPods lineup has compared with the same period posted for the comparable period UPIL/ likely emboldened itsapproach to last year as consumershavebeen AS

last year—and more the expecta- DIP the audio market. Thecompany showing apreferencefor wireless

tion that record client growth will DIA launched the firstversion in late buds,according to NPD data. pay off later. It likely also was ex- Stitch Fix recently saw double-digit revenue gains. Founder Katrina Lake. 2016 for$159—a fair premium to Even Apple will be hard-pressed aggerated by very high short inter- other wirelessbuds at the time.But to reversethat trend—especially est in the stock heading into earn- a “Fix” of a handful of pieces they can continue to build on its late- the AirPods sound quality and with aproduct priced so far above ings. The company still has to can try on at home and then buy pandemic momentum. ease-of-use relativetothe competi- the pack.The pandemic has cer- show that it can improve margins. or return. Stitch Fix said over the The company said it expects re- tion were enough to overcome ridi- tainly boosted demand forhome- Stitch Fix, which offers algorith- past two quarters that nearly 80% cent customer additions to help cule about their design. Thebuds based electronics,and working from mically personalized clothing with of its first time “Fix” clients pur- yield at or above pre-pandemic sold strong out of the gate and home will continue to be areality the help of a stylist, for years has chased at least one item and said revenue growth in the back half of pavedthe way foramoreexpen- formanywell intothe newyear.But been asking new clients to ditch they were looking forward to their the year. sivePro version that launched late even among Apple’smanyfans,few the habit of trying clothing on in a next order. That is the highest It made money on the basis of last year.Apple credited AirPods as will be able to stomach the com- store before paying for it. For the adjusted earnings before interest, the topdriver of growth forits pany’shigh pricefor shutting out first several months of the pan- tax, depreciation and amortization wearables segment, which sawrev- the family noise. —Dan Gallagher demic, it seemed this was too big Stitch Fix sells clients a in its fiscal first quarter. But the enue surge25% to $30.6 billion for of an ask for many shoppers. company said it expects to swing the company’sfiscal year that Stitch Fix’s sales in the quarter ‘Fix’ of a handful of to a loss on the same basis in the ended in September. ended Aug. 1 grew 3% from a year pieces they can try on at current quarter because of in- But Apple’s premium pricing earlier after falling by more than creased marketing spending. The strategy doesn’t always work out 9% in the prior period. home and buy or return. company said lower priced prod- so well. The company’s first Home- But the company’s latest results ucts have been popular amid the Pod smart speaker launched in suggest many more consumers are pandemic. While Stitch Fix might early 2018 at $350—more than coming around, and it is happen- deem a one-item purchase a suc- twice the price of Amazon’s Echo ing just as a window of opportu- level of successful first Fixes the cess,it is unclear how many pieces that ruled the smart speaker cate- nity is about to close: When more company has seen over the past on average are needed for Stitch gory at the time. The HomePod shoppers feel comfortable visiting five years. Fix to turn a profit. sold poorly: Futuresource Consult- shopping malls, Stitch Fix might It also said clients purchasing a With its shares having nearly ing estimates it garnered about 4% WIRE

have hooked customers for good. Fix for the first time grew 25% doubled over the past three of smart speaker sales that year. S The more engagement Stitch year-over-year in the most recent months, the burden is on Stitch Apple has since cut the HomePod’s Fix’s algorithms see, the better period, its fiscal first quarter. Once Fix to prove that it can tailor a price by $50 and launched a much they seem to get at predicting hooked, clients tend to spend more consistently profitable business more price-competitive version

what consumers will buy. For a on subsequent Fixes. from its increasing ranks of satis- last month called the HomePod APPLE/BUSINES styling fee, Stitch Fix sells clients Stitch Fix’s guidance suggests it fied customers. —Laura Forman Mini for $99. The newAirPods Max ship next week. P2JW344000-0-R00100-1------XA

We dnesday, December 9, 2020 | R1 CYBERJOURSENALRCURITYEPORT

THE WALL STREETJOURNAL. Stop Scaring Employees!

Companies typically use fear to get employees to follow cybersecurity rules. It doesn’t work. But fortunately, alternatives do.

RIKI BLANCO

BY KAREN RENAUD anxiety, which makes them unable to think clearly the problems come in—and long-term vigilance is about threats. Alternatively, such heavy-handed, the real point of cybersecurity. After the initial ompanies often turn to a pow- scare messaging can make employees disgruntled surge, fear will wear off and convert to an underly- erful emotion to get employees and uninterested in security, thinking that the ing state of anxiety, which makes people unlikely to to be vigilant about cybersecurity. threats are exaggerated—and that bosses don’t get people to commit to frequent actions such as They scare them. trust them to do the right thing. choosing strong passwords. If you do this, or don’t do that, But fear not. Although scaring employees may For example, consider that Jane is told during something awful will happen. not be an effective way to keep them vigilant, cyber-awareness training that any email could be a C Click on phishing messages, and there are other tools that do work. First, let’s dig phishing message. If she clicks on an embedded the company’s network will be ex- deeper into why fear doesn’t work. link or opens an attachment, she learns, malware posed to hackers. Use simple passwords, and your could be installed, and she will lose all the files on personal files will get stolen. her machine and precipitate a major cyber incident The problem: Fear doesn’t work. Sure, it may get at her place of work. people to act in that moment. But scare tactics WHY FEAR FAILS All of this will leave her in a permanent state of don’t get people invested in security over the long Fear is a short-term emotion. PleaseturntopageR4 term, as Marc Dupuis of the University of Washing- ton and I discovered in research last year. There is no question that fear can work to get peo- Dr. Renaud is professor of cybersecurity at Abertay In fact, it can do the opposite. That is because ple to perform a one-off action, like installing anti- University’s Division of Cybersecurity in Dundee, fear can leave employees in a constant state of virus software. But long-term behaviors are where Scotland. She can be reached at [email protected]. Inside • Company Jewels GiveMe • Student Security • Buyer Beware Businesses try a new approach to thwart Space Parents need to Device Labels hackers: Deceive the know who has ac- Privacy advocates deceivers by tricking Howremote workers cess to their chil- have long promoted cankeepwork lifepri- them into thinking vate from family,and dren’s data, and labels for connected they are getting close family lifeprivatefrom how that informa- devices. What that to critical data. R2 fellowworkers. R5 tion is used. R6 might look like. R7 P2JW344000-0-R00200-1------XA

R2 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | CYBERSECURITY

wine, principal securityresearcher Deceiving the Deceivers at deception-technology maker Rapid7 in Arlington, Va.For in- stance, he says,hebuilds de- : ANew WaytoCombatHackers fenses into his systems to look forsuspicious credential uses, such as employees logging in Companies use had a contractor whose laptop Those honey pots can be linked from newlocations. technology that makes was infected with malware that together into a sophisticated net- Inside Jobs began scanning the network, re- work called a honeynet to make attackers think they’ve calls Mr. Taylor. But the malware them even more effective, but that A growing effort “As for insider threats: been successful hit many of the decoys, and his isn’t cheap, says Raj Badhwar, Ofer Israeli, chief executive of de- There are two kinds that security team was able to locate CISO at Voya Financial, who cre- ception-technology firm Illusive we really look at. One is BY HEIDI MITCHELL the source and disable the in- ated such a network for the finan- Networks, says the technology is theft of intellectual prop- truder quickly. cial-services company last year. A more widespread than many as- erty. People tend to do that n increasing Land O’ Lakeshasn’t had an large bank, for instance, could pay sume, especially in highly regu- as they’re leaving the com- number of compa- attack from an unauthorized out- up to $1 million in subscription lated industries like banking, insur- pany. That didn’t change a nies are looking at sider sinceitimplementeddecep- fees alone for such a setup, he ance and government. whole lot. an innovative ap- tion technology,Mr. Taylor says. says, “plus you have to hire human Mr. Israeli believes that to stop But the other one is cy- proach to deal “Westill have the older defenses monitors,” which brings up the an attack, you have to think like a ber-sabotage. This is typi- with hackers that likefirewalls in place,” he says, price substantially. cybercriminal. “If I’m an attacker, cally disgruntled employees. A break into their “but we layerdeception tech on Enter deception technology. Un- I’m going to dig into your browser Something happened at computer networks. They lure cy- topofit.” like honey pots, it isn’t just de- history and find your saved login work and it made them up- bercriminals into thinking they’re signed to study attackers but to credentials. And I’ll go unnoticed set. And they get worse getting close to the good stuff— stop them outright. As soon as a because I’m using the same path- and worse over time until and then they trap them. Beyond honey malicious actor interacts with a way that you use to log into the they decide, ‘I want to get That’s what Land O’Lakes, the Deception technology is the evolu- decoy, an alarm is raised, and the cloud as part of your daily rou- back at these people.’ suburban Minneapolis agricultural tion of another idea called “honey cybersecurity team can go into ac- tine,” he says. Think about people being giant, is doing. pots”: fake servers that mimic a tive-defense mode, isolating at- Illusive’s technology plants doz- disgruntledrightnow.They “Manufacturing-plant technol- company’s actual server. tackers or ejecting them ens of fake but believable data suddenly areworking at ogy is difficult to protect, because They sit passively before they have points into every company-issued home.Alot of companies those mills, generators and tur- and wait for escaped with laptop or cellphone. If the attacker bines were built 20 years ago with an at- any valu- exploits an administrator’s creden- little consideration for security,” tials, the system disorients them says Land O’ Lakes Chief Informa- with deceptive data and lets de- tion-Security Officer Tony Taylor. fenders know there is an unau- If a hacker shuts down a dairy thorized presence on the network. plant, “we lose hundreds of gallons Setting up the system takes less of milk that we’ve already paid for. than a second, Mr. Israeli says, And we can’t make any butter.” “and we have a 95% true-positive have had paycuts, reduc- So, the company uses a tool rate, meaning almost no false tions in force, furloughs. called DeceptionGrid, created by alarms.” A big part of that is Boston-based cybersecurity shop Among Illusive’s competitors is staying in touch with your TrapX. The technology deploys an Attivo Networks, of Fremont, Calif., employees, and talking to array of decoys and booby traps which in 2018 helped supplemen- them, and noticing when throughout the Land O’ Lakes net- tal-insurance giant Aflac install de- someone is having a hard work that mimic crucial informa- ception technology. Aflac Global time. They not only have tion, to convince hackers that they CISO Tim Callahan is rolling out stress at work, they have a have gotten access to the com- the system to subsidiary networks lot of stress at home. pany’s crown jewels. now. “Fortunately, we haven’t One thing we’vedone “Once any of the [decoys] are caught a criminal, but that means acrossthe board, notbe- accessed or probed in any way, we have a high belief that so far cause of insider risk but one centralized console alerts us, we have had no theft,” Mr. Calla- because it’s the rightthing so we know to start investigating han says. to do,ispush managers, the source of that activity,” says StevePreston, vicepresident ‘Stayintouch with your Mr. Taylor. His team can then con- tacker to able prop- of growth and strategy at TrapX, employees.Connect with tain the intruder. climb in. erty. says people would be surprised them frequently.Justtalk It is amethod knownasde- The problem And because to seeexactlyhow and where about howthey’re doing. ception technology—and it is with these baits is that deception technology op- companies arehacked.“Alot of Don’tjump rightinto, gaining momentum as cyberat- they allow security teams only to erates within the main network times it’s athirdparty that ‘How’sthe project coming?’ tacksbecome moresophisticated, monitor and learn the behavior of and requires very little hardware comes in with aUSB to service a We have weekly webi- and the world movestoless-se- bad actors as they attempt to or infrastructuretoimplement, it machine,and it has [ransom- narsfor all managers, rein- curework-from-home models and canbeamuch morecost-effec- ware] on it,” he says. forcing the people aspect cloud computing. tivesolution. He knows of a petrochemical of being amanager.That This new method doesn’t try to But thatsimplicitybrings more plant in Europe that wasn’t con- goes along way to helping bar intruders from getting in, like Rather than keep risk.Sincedeception technology nected to the internet but was in- youtodetectwhen some- firewalls. Instead, deception tech- hackers out, lives inside the main network, fected with ransomware through a one maybeapotential in- nology scatters fake information— thereisalwaysthe chancethat coffee pot in a break room that sider risk.” such as false credentials that can deception hackerswho areinside could get was online. “Attackers are agile be used to access vital informa- technology seek to their hands on real assets instead and fast. They’re adapting to the —Dawn Cappelli, vice presi- tion—throughout a company’s net- trap intruders once of decoys. new-normal chaos, taking advan- dent, global security, and work to lure attackers. So,mostuserscouple decep- tage of remote workers and new chief information Then, when the false informa- they are in. tion systems with traditional de- security gaps,” says Mr. Preston. security officer, Rockwell tion gets hacked, the company is fenses likefirewalls,anti-malware “When security analysts can focus Automation, speaking alerted and can either kick out the solutions, encryption andauthen- on real threats detected through SE

at the WSJ Pro bad guys or isolate them from the tication systems,which aim to deception technology, they waste AU Cybersecurity Executive Fo- rest of the network to study their move closer to high-value targets. keep attacksout of networksin less time chasing false alarms— KR rum on Dec. 2, 2020 methods—and better identify Studying patterns is useful, espe- the first place. and a quicker response means re- JON them in the future. cially if that intelligence can be fed “I’madamantabout [defenses duced loss.” BY

Land O’ Lakes says the technol- into a machine-learning system to likedeception technology]being IONS AT

ogy has helped shield it from at- adapt to hackers’ tricks, but it only one componentofthe secu- Ms. Mitchell is a writer in Chicago. TR Email her at [email protected]. US tack. For instance, the company doesn’t capture the attackers. ritystrategy,” says Wade Wool- ILL P2JW344000-0-R00300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | R3

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R4 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | CYBERSECURITY

 Productivity can plum- met if employees mis- trust every email.

Zimmermann at TU Darmstadt’s In- stitute for Psychology in Germany.

Create a buddy system. Don’tput people in aroom and talk at them forhoursabout security. Give them a“buddy” who’s theretohelp them in the officeevery daytohelp them carryout the actions youwant. In the system, instead of trying to train everybody, one employee in each department is appointed to serve as cybersecurity expert. This employee is close by to support col- leagues day to day, available to an- swer questions about things like po- tential phishing messages. If a message does turn out to be a phish, the buddy can warn the rest of the department immediately. Or the buddy could help somebody with a question about how to send files out- side the company securely. Not only does everybody get less stressful support, but they get the message that cybersecurity isn’t a solo sport but a team effort. One company I spoke to uses a tactic along these lines, assigning an employee to be a contact for other workers about potential phishing messages. First, he always thanks that it would be brought up during Give employees a them for consulting him. If the email Why Fear Tactics her yearly performance review and isn’t a phish, he will let them know it affect her chances of being pro- cybersecurity buddy is safe to click the link or open the Don’t Work moted—leaving her in a permanent who can help them attachment. If it is a phish, he praises state of anxiety. them for their alertness. ContinuedfrompageR1 These organizations don’t seem take the precautions He told me that since this policy uncertainty. Her productivity is likely to understand the harm that they you want. has been implemented, people have to plummet because she mistrusts do to employer-employee relations become far more confident in their every email thatarrives in her in- with these campaigns. An organiza- ability to spot phishing emails, so box, and she isn’t sure if links in tion needs workers to be committed most of the queries he now receives messages are safe to click on. to securing the organization’s de- it is likely that employees will end are about genuine threats, and he In other words, a fear-based ap- vices and information. This can’t be up in a state of long-term anxiety can warn all other employees in time. proach doesn’t encourage genuine achieved by eliciting fear and impos- or simply give up on following the The organization has had zero suc- watchfulness. Once someone is in a ing sanctions. rules altogether. cessful phishing attacks since it im- state of heightened fear or anxiety, plemented this policy. their brains are fully occupied in Little Is dealing with the emotion, making Fear puts employees measured and thoughtful action un- in a bind. Provide employees Certain likely or impossible, according to Companies thatrely on fear often WHAT WORKS BETTER with adequate resources. Paul Brown, Joan Kingsley and Sue makeademand of employees:Deal So, what is the alternative to fear? Instead of relying on people to take “Whenever there’s un- Paterson in their book “The Fear- with the problem yourselves by fol- Creativity and trust. Giving employ- multiple complex steps to ensure se- certainty, there’s oppor- Free Organization.” That means lowing the rules.But those fixes are ees more leeway and support works curity, give them tools that can help tunity for an attacker. Jane might be so anxious that she oftendifficult,atbest. And mightbe a lot better than infusing their lives them or automate the job entirely. Think about changes can’t make informed choices about impossible.So, in essence, workers with anxiety and creating an aver- For instance, if you want people to that most employees messages and instead works en- aretold the direconsequences of not sion to anything to do with cyberse- have strong passwords, give them a have gone through over tirely by impulse. following rules thatthey can’t follow. curity. password manager. It can generate the past six to eight For example, it is common for Here’s a more productive three- passwords for them and remember months. And imagine password policies to instruct em- pronged approach—drawn from the those passwords. Or if you want peo- you got a phone call People don’t ployees to (a) choose strong pass- works of Prof. Sidney Dekker at ple to spot phishing messages, put a from somebody that believe fear appeals. words, (b) not write them down and Griffith University in Australia; for- messaging system in place to warn says they were part of (c) not reuse them anywhere else. mer submarine captain and current everyone immediately when your or- the IT department, or People have manythings to fear in But, given that most people have leadership expert David Marquet; ganization is being targeted—as op- the health-benefits de- their lives—especially in 2020—and tens if not dozens of passwords, speaker and author Wouter Hart; posed to alerting by email, which partment, or a new theyresent people leveraging even this rule is impossible to follow—so and my own research with Verena might go unread for hours. The first Covid task force. morefear againstthem. Prof.Dupuis person to spot the message lets ev- These may not seem and Irecently surveyed400 people, eryone else know. out of the ordinary to- and one of the issues thatemerged What’s more, the alert can also ex- day. You could convince during the study wasthatwhile The Fear Factor plain how to spot similar messages employees to do things manypeople mightbelieve in fear- Manyofthe 400 workersinastudy indicated theydon't feel it is necessaryto in the future. The entire workforce they normally wouldn’t basedappeals toomuch—as with inducefear forthe sake of companycybersecurity. gets trained on the spot and gains do, to maybe install a Jane in the above example—others confidence in spotting phishing mes- piece of dangerous soft- think thatsuch appeals exaggerate Response* to useofcybersecurity When asked to chooseonly one sages instead of living in a state of ware on their machines. the risk to givethe message more fear appeals: responsetothe useof fear that they are going to click on We’ve seen attacks power. We found thatonly 20.6% cybersecurity fear appeals: something by accident. where they’ve taken a agreed thatthese fear appeals were video that the CEO has necessary—so,people aresuspicious It’s not okay to Dislike 27% given, taken an audio and reject the entiremessage. exaggeratethe Remove obstacles. sample, and then gener- threatevenifit 31.8% Alot of the fear-basedcybersecurity ated software that can means people will messages involvetelling people what emulate the CEO’s voice. The crimes come takeaction tools theycan’t use in the office. But We’ve seen some at- instead of banning such tools,compa- with punishment. It is not ethical to tacks where the CEO’s tryand scare nies should figureout howthose tools 31 voice is calling someone Very often, fear appeals are coupled people into doing canbeusedsecurely and effectively. in the finance depart- with harsh punishments for making something Forexample,manyorganizations ment, and asking them security errors. Organizations do Uneasy 19 forbid the use of USB memorysticks. to send an urgent wire. this for very understandable rea- At the same time,theydon’t provide a Toomanyofthese And these things are sons: If people have an immediate, 28.2 feasible way forpeople to transfer quite sophisticated in tangible personal stake in following kinds of messages files to otherstheyare collaborating that the CEO, or the the rules, the logic goes, they are with. When people improvise—such as fake CEO in this case, more likely to stay on the straight emailing the files to other people— can actually respond to and narrow. Theygenerally theyalso put the information at risk. questions that the vic- One U.K. organization fined em- aren’t all that 27.3 Far better to issue encrypted tim has. Even if you ployees heavily if they opened at- scary Informative 15 memory sticks that authenticate us- were curious, and you tachments on test phishing mes- ing fingerprints (no risk of forgetting had follow-up questions, sages the organization sent out the password or using a weak one, or It is ethical to ‘Why should I send this itself. These fines were significant, being tempted to write it on the scaresomeone if it 24 $10 million wire right up to 50% of employee salaries. An- helps them drive itself). now,’ the CEO’s voice other company had a policy of firing Yes, it is moreexpensivethan Indifferent 15 can give you an answer.” staff who fell for such messages It is okay to banning the use of memorysticksin three times. exaggeratethe general, but it is bettertospend a —Hugh Thompson, Yet another company posted a threatifitmeans 22.8 bit moretoget actual protection, in- managing partner, photo of people who fell for a people will take stead of engaging in whatsecurity action Crosspoint Capital phishing message on the communal expert BruceSchneier calls “security Partners, speaking at fridge to embarrass them. Motivating 8 theater”—thinking thatbanning ev- the WSJ Pro David Rock suggests in his re- Theysimply don’t erypossible insecureaction is going 22 Cybersecurity Executive search into the neuroscience of col- work to work. Forum on Dec. 2, 2020. laboration that an employee who is Necessary 7 The idea is to work with your em-

singled out this way already feels ployees rather than againstthem. GES Fear is the only Uncertain 6

bad about being deceived—and will Thereisnoshort-term solution to the IMA thing thatwill now experience the equivalent of 19 Empowering 2 cybersecurityconundrum. We have to motivatepeople to ETTY physical pain at being shamed. One takeaction playthe long game and find abetter /G employee of a company using this Retreat 1 way—treating our employees with re- TO

kind of tactic told me that if she fell spect and dignity, and notasthe CKPHO *Multiple responses allowed Source:MarcDupuis and KarenRenaud, Ethics and Information Technology,Oct. 20,2020 TO for a phishing message, she feared problem,but as part of the solution. IS P2JW344000-0-R00500-1------XA

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | R5 JOURNAL REPORT | CYBERSECURITY

‘Donot touch’shelf: Setup Walk it off: Forsensitiveofficecalls, Shortcuts ashelf or cupboardthatis takeawalk around the neighborhood off-limits to your spouse, with your phone and headset so that roommate and/or kids. youcan talk freely out of earshot of Everything on it—work your family and neighbors. You’ll get to Privacy papers, charging cables, some exercise,too. whatever--isn’t to be looked at or touchedby When you’re working from home, anybody in the house. privacy from everyday intrusion by family and colleagues Headphones: suddenly becomes incredibly Noise-canceling important. Hereare afew ways Bluetooth headphones to protectthe boundaries do an amazing job of creating asenseof between work and home. privacy from the rest of the family.

Lock ‘emup: Sometimes the best way to get privacy foryourself is by creating pleasant, privatespacefor everyone else.Investtime and money in creating cozyspaces forother family memberstohide out in--freeing up the common space when youneed it.

Workstation security: Addan inexpensivewebcam covertoyour computer screen, with asliding door to open or shut overthe camera. Before sharing your screen, turn off notifications and hide all your other windows. Decorcover: Aceiling track with curtain clips allows youtoquickly clip apiece of fabric to use as Separatecomputers: Getasecond acurtain or enclose computer.But if your work gadgetsdo yourself in an instant double-dutyasthe family computer or booth. Apop-up,folding gaming platform, youcan still create background canhide somesense of privacy by creating a messorgiveyou agreen separateuser account(or email and screenfor adigital social-media accounts)for family use. background.

Source:WSJ reporting, Kevin Hand/WALL STREET JOURNAL

Decor covers: The background list, I can be friendly without over- Privacy Tips for blur available in many videoconfer- disclosing. encing programs is one option, but I found it leaves you looking like a Remote Workers disembodied head. That’s why I prefer to simply hide or disguise Privacy from your partner, my background. A ceiling track roommate or children How to keep colleagues from intruding on your home with curtain clips allows you to I am justasconscious of keeping life, and family from intruding on your work life quickly clip a piece of fabric to use things privatefrommypartner and as a curtain or enclose yourself in children—especially when I’mwork- BY ALEXANDRA SAMUEL an instant booth. A pop-up, folding ing on something thatmightinter- background can hide mess or give estacurious teen, or create any he cybersecurity It’s no doubt tricky to keep your you a green screen for a digital conflict of interest formyhusband. Easy world pays a lot of personal life out of sight when background. You can also take a attention to protect- your company’s newfound remote more targeted approach to hiding The do-not-touch shelf: Set up Pickings ing privacy. Privacy work culture encourages people to certain more problematic aspects a shelf or cupboard that is off-lim- from hackers. Privacy share their goings-on. But remem- of your surroundings. Since I often its to your spouse, roommate and/ “The badguys don’t from governments in- ber: You can’t build successful rela- take video calls in our bedroom, or children. Everything—work pa- need to be sophisticated. T truding on the lives tionships on a foundation of dis- where a nude portrait of my great- pers, charging cables, whatever— We’reall applauding how of their citizens. Privacy from busi- comfort. Setting boundaries with grandmother graces the wall, my isn’t to be looked at or touched by businesses were able to nesses that have an unprecedented colleagues as well as family mem- teenager made a paper-doll dress anybody in the house. Period. become digitized in the volume of data that can be used to bers can help establish a comfort- that has transformed the portrait spaceofweeks.And yet target or profile consumers. able line between work and home, into something more work-friendly. Separate computers—or, at manyorganizations left But with so manypeople working least, user accounts: In an ideal the back door open. from home,privacy has taken on an world youwill nothave to share In January, we did an addeddimension: the privacy of in- your phone,computer or any analysis to try to deter- formation from the ordinary, every- other devicewith family mem- mine the number of or- dayintrusion by family or colleagues. bers. But if your work gadgetsdo ganizations or the number There is, for instance, the loss of double-dutyasthe family com- of systems that had an privacy when your colleagues over- puter or gaming platform, youcan open RDP access—the re- hear you arguing with your children, still create somesense of privacy mote desktop protocol. or see what you read on the book- by creating aseparateuser ac- The remote desktop pro- shelves behind you. Or the loss of count(or email and social-media tocol is the modus ope- privacy when your spouse can see accounts)for family use.That randi for some of the what’s on your computer or how way the family canuse thecom- most damaging post-intru- you handled your midafternoon puter afterhourswithout getting sion ransomware groups. Zoom call. access to anyofyour work files. We had 1.5 million in That’s exactly why so many of us January. By about March need a work-from-home privacy Noise-canceling headphones: when this pandemic was strategy: a set of guidelines for My noise-canceling Bluetooth really kicking off, we had what needs to stay private from headphones do an amazing job of well overdouble that. In whom, and a plan that makes it creating a sense of privacy from other words, in the rush to easy to stick to those guidelines. the rest of the family. True, they effectively maintain re- can still hear my side of the con- mote working, manyor- A nude portrait graces the wall of a bedroom in which the author often versation, but when I can’t hear ganizations effectively takes video calls. Her teenager transformed it with a paper-doll dress. them, I feel like I have some pri- took ashortcut. What’s the problem? vacy for my work. We did work with law It maybeobvious to saythis,but it enforcement, and gotac- bearssaying anyway:Your employer A pop-up folding Walk and talk: When I don’t cess to whatwecall an and your clients arecounting on you A physical webcam cover: Yes, I want my family to hear my side of RDP shop—dark web to keep their information private. background or a can turn off my camera at the end the call, either, I often leave the shops thatsell credentials Thatmay notbeabig deal when ceiling track with a of the call, but I live in fear of for- house with my phone and headset. to companies.Doyou you’re in an officeand bring work getting—and of the various types A walk around the neighborhood— want to guessthe most home some nights or on weekends. curtain clipped on of spyware that surreptitiously out of earshot of my neighbors as common passwordthat But it’s amuch bigger issue when can keep home take over webcams. So I like to well as my family—allows me to wasbeing usedfor RDP all your work and everyconversation clutter out of sight keep an inexpensive webcam cover speak freely and get some exer- systems being sold under- is available foranybody walking that sticks onto my computer cise, too. ground? Therewas no pastyou or your computer.Your during video calls. screen, with a sliding door to open password. It wasnull. spouse or your 10-year-old son may or shut the camera. Lock ’em up: Sometimes the best The realityisthat, yes, notfeelquiteascompelledtokeep way to get privacy for yourself is thereare sophisticated secrets as youdo. allowing you to be much more ef- Digital decluttering: Before by creating pleasant, private space threats out there. But Justasimportant as your privacy fective on both fronts. sharing your screen, turn off noti- for everyone else. Now that we’re there’ssomuch low-hang- obligations to your employerare fications and hide all your other all spending even more time at ing fruit thatreally cyber- your privacy obligations to the peo- windows. If you’re a Mac user, the home together, I’ve invested time crime is the one industry ple youlivewith. No matter how PliimPro utility will do both with a and money creating cozy spaces thathasn’t suffered eco- manytimes my husband reassures Privacy from your single click. for each of my family members— nomically from the pan- me about his cameraangles,Ireally employer, clients or closed-door rooms where they can demic.” hate getting dressedinthe same colleagues Selective social media: Social retreat for schoolwork, Zoom calls room wherehe’staking aZoom call Onceyou areclear on whatyou isolation has made social media or gaming sessions. When they’re —Raj Samani, McAfee fel- MUEL SA

with six colleagues.Evenifthey want to keep private, thereare a more important as a way of stay- all locked away in their rooms, I low and chief scientist, A

aren’t in the room during your calls, range of tools and tacticsthat ing connected to friends and col- enjoy the quiet bliss of a living McAfee, speaking at the ANDR your family membersorroommates canhelp youprotect those leagues—but that doesn’t mean room I have all to myself. WSJ Pro Cybersecurity ALEX maynot want their bookshelves,art boundaries.The easiestisto you want everyone to know every- Executive Forum, on Dec. : TO Dr. Samuel is a technology projects or photosvisible to your col- have adesignated, enclosed thing. I rely on Facebook’s “re- 2, 2020. PHO leagues or clients, so consider afam- spaceinyour home thatisdeco- stricted” list: Anyone who goes on researcher and the co-author of ily meeting whereyou collectively rated(or notdecorated)specifi- that list can see anything I post the forthcoming book “Remote, talk through whatneedstostayoff- cally forvideocalls.Ifthatisn’t publicly, but not the posts that I Inc.: How to Thrive at Work… screen, out of earshot or offthe ra- an option, hereare somealterna- share only with friends. By putting Wherever You Are.” Email her at dar of your work contacts. tives: all my colleagues on my restricted [email protected]. P2JW344000-0-R00600-1------XA

R6 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | CYBERSECURITY

Parents need to know who has access to their children’s data, and how that information is being used

BY LISA WARD

chools are relying heavily on technol- ogy—from videoconfer- encing programs to digital-teaching tools and temperature-tak- Sing apps—to educate children safely in the age of Covid. But this rapid deployment of new technology means schools are collecting a lot more personal data on students. And that is raising some troubling questions about who has access to the data, how it is being used and whether it is be- ing kept safe. Infrastructure for protecting students’ personal data wasn’t that sound to begin with, says Leah Plunkett, a Meyer Research Lecturer at Harvard Law School,  who likens the current situation to site or via social-media post; and Schools may be collecting more building something “using duct DataPrivacy in set screen sharing to host only. data on students than parents tape on top of Legos.” The federal realize amid the move to law governing student privacy online learning. dates back to 1974, and while an AgeofOnline What can be done at home to some states have more stringent thwart cybercriminals? laws, sufficient funding to imple- ment those statutes is often lack- Education The Wall Street Journal reported ing, she says. And many public in November that since the onset schools lack the technical exper- of the pandemic, schools have tise or personnel to deal with stu- been fighting a wave of increas- dent-data privacy, she adds. ingly aggressive ransomware at- Schools,meanwhile, increas- tacks by hackers. In these types ingly have become targetsofcy- of attacks, thieves steal ad- berattacks. dresses, phone numbers, Social Here is some information that Security numbers, grades and might help parents better prepare other sensitive information and to protect their child’s privacy in hold the information for ransom, an age of online learning. sometimes posting it on the web or selling it to other entities. “With schools online, there are After a What legal rights do parents a greater number of entry points have when it comes to protect- into the network,” says Reg Le- Breach ing student data? ichty, founder and partner at Foresight Law and Policy. “This [breach] incident in- The federal law governing student Phishing emails, where hack- formed us in many ways. privacy, called the Family Educa- ers try to tempt the receiver into First and foremost, obvi- tional Rights and Privacy Act opening an email with an attach- ously addressing the vulner- (Ferpa), prohibits schools from re- ment or link to malicious soft- abilities that led to that leasing students’ educational re- ware, are a problem, as are weak breach. But then more im- cords or personally identifiable in- passwords and insecure home portant, the way we pre- formation without parental computers and Wi-Fi networks. pare for incidents in general consent, but there are some key Parents should talk to children and the way we look at all exceptions. Technology companies, about phishing emails and creat- of the stakeholders and for example, have access to stu- ing strong passwords, ideally a their role in responding to a dent data if they are providing ad- memorable phrase that has no breach. ministrative or educational ser- personally identifiable informa- The organization grew a vices for a school, and schools can tion, maybe a character or two lot and learned a lot in its  release de-identified student infor- Parents should understand School Breaches from a book, Mr. Leichty says.He appreciation for the distrib- mation without parental consent. how their children are being Thousands of K-12 students had their also recommends installing anti- uted nature of an incident Under the law, parents have the monitored and assessed personal information compromisedin virus software on children’s de- response. It isn’t just the right to inspect, review and amend online, experts say. 99 reported incidents between July vices and changing the default tech workers responding. educational records, including con- 2016 and May5,2020. name and password on the home It’s everybody. tact information, grades, test Breaches by actor, intent: Wi-Fi networks. You need to take every scores, disciplinary records and What steps does your school Additionally, he recommends incident as a learning expe- school health records. The problem take to protect data privacy? Staff: 5 Cybercriminal: 6* setting up a virtual private net- rience, or a close call as a is, the average U.S. school was us- work, or VPN, to make web learning experience, be- ing 400 to 1,000 different online Schools that are better prepared Student: 27 Unknown: 14 browsing more secure. VPNs cre- cause there’s a lot to learn, tools—this figure includes web- to protect student data often ate safe, private connections to and it is beneficial. I think it sites, software plug-ins, apps and have a formal vetting process for the internet, camouflaging a also helps your stakeholder games, among other things—even new technology that prohibits computer’s location and making group really understand before the pandemic, according to teachers and administrators from Intentional it more difficult for ransomware that it isn’t just something the Student Data Privacy Consor- downloading and using nonap- 52 incidents creators to track and target it. that happens in the news; it tium, an organization of school proved digital tools on their own. can happen right here. districts working to improve stu- They also may be in one of the The most important dent-data privacy. That can make 9,000 school districts in the Stu- Accidental Unknown How is your school using thing when an incident hap- it difficult for parents to get a dent Data Privacy Consortium, 25 intent 22 technology to evaluate stu- pens is having a clear set of handle on what data is being col- which helps school districts ne- dents? rules and responsibilities lected. gotiate privacy agreements with and processes, not wonder- technology companies and pro- Parent need to understand how ing what to do, but having vides model data-privacy agree- Staff: 21 Student: 2 students are being monitored a very well-rehearsed inci- What new information is your ments. Among other things, and evaluated online, says Ame- dent plan for that particular school collecting? these contracts prohibit the sale Vendor: 2 Staff: 7 lia Vance, director of youth and attack, and making sure or disclosure of student data to education privacy at the non- that the lines of communi-

Unknown: 2 Unknown: 13 S This semester, some school dis- third parties, specify student profit Future of Privacy Forum. cation and really all hands PRES tricts randomly tested students data should be stored securely *Defined as an actor external to the school district who To take attendance, for exam- are on deck. for Covid-19, while others required and deleted when it is no longer breaches adatasystems formalicious reasons ple, some schools require stu- Everybody welcomes the ZUMA students to record their tempera- needed, and prohibit vendors Source:U.S. GovernmentAccountabilityOfficeanalysis dents to log in and stay logged in learning opportunity. We of K-12 CybersecurityResource Center data. VIA tures daily and report any travel from trying to match anonymous to a certain platform, or to turn have people who are ex-

outside the state or region. This data with the student to whom on their web camera. But “what cited about it, and people TIMES Y

gives school districts and tech it belongs. The contracts require transition to online learning. As if a student forgets to log in that who aren’t even on our BA

vendors more granular information vendors to take “reasonable se- such, parents may want to re- morning—or forgets to log out?” team who want to partici- PA AM

about students’ health and daily curity measures” to accomplish quest information from their Ms. Vance says. “What if a stu- pate. They want to learn, /T

movements. these objectives. school district about its proce- dent with limited Wi-Fi can’t turn because there’s a lot to be ORD Schools also may have a more When the consortium was dures for vetting new classroom on their camera function every learned when you’re looking CLIFF

detailed picture of students’ online formed five years ago, there was technology and its policies on day? Should these students be at an attack happening. You R. S activities, especially if students are “very little, if any, common under- training teachers and students penalized for their perceived lack can say, ‘Oh, now I under- working on school-owned devices. standing and expectation around how to use it. of participation?” she asks. stand how this got in and DOUGLA If schools are using online-teach- student-privacy requirements,” Early in the pandemic, there Parents also should know that why my action over here ing tools, data on how individual says Steve Smith, chief informa- were problems with so-called new tools being used to evaluate makes a difference.’ ” GES; IMA students learn and perform is mi- tion officer at the Cambridge Zoom bombing, where outsiders students aren’t infallible.

grating from teachers, who had Public Schools in Massachusetts disrupted classes being con- The algorithms behind the —Christine Wheaton, vice GETTY

previously done these assess- and the group’s founder. Many ducted on Zoom’s videoconfer- tools may be biased or just flat- president, chief information ON/

ments, to technology companies. school districts have joined the encing platform by yelling pro- out wrong. For example, re- privacy and security officer, OLS T

Privacy advocates fear this consortium since the pandemic fanities or racial slurs. Many of searchers have shown that some Henry Ford Health System, OT SC

could change the role of teachers. began, he says. these issues could have been essay-grading programs will give speaking at the WSJ Pro P: They also worry that the data avoided with better training, such high marks to essays with good Cybersecurity Executive Fo- TO OM could be shared and eventually as: Don’t make meetings or class- grammar, even if the content is rum on Dec. 2, 2020. FR used to create the academic Are teachers being trained to rooms public; require a password nonsensical. equivalent of a credit score to be use new technologies? and control the admittance of used by institutions of higher guests; don’t share a link on an Ms. Ward is a writer in Vermont. learning or even employers. The pandemic forced a rapid unrestricted publicly available Email her at [email protected]. P2JW344000-0-R00700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 9, 2020 | R7 JOURNAL REPORT | CYBERSECURITY ANutrition Label ForCybersecurity

As the Internet-of-Things proliferates, ACyber-Label Guide Overview: Provides basic consumers want to know how their data will Privacy experts arefloating a‘nutrition label’ for product information Internet-connected devices.These labels could help be used by the makers of these devices— including devicename, consumersunderstand devices' data-collection and version number and where before they purchase them securitypractices.Atthe center,below, is aproposed it wasmanufactured. cyber label forafictional device, asmart doorbell. BY CHERYL WINOKUR MUNK Here's whatittells consumers:

our milk and or- least portions of the label in ange juice have their review processes, says nutrition labels. Lorrie Cranor, the director and SecurityMechanisms Soon your re- Bosch distinguished professor frigerator and in security and privacy technol- GivGiveessccoonsumernsumers coffee maker ogies at CyLab. information about the Y could, too. The label is designed to go device’ssecurity, such as Foryears, consumer privacy on a product’s packaging or on whether updatesare automatic or manual, and advocates have pushedthe the websites where the devices howuserscan gain access idea of so-called nutritionla- are sold. Products under consid- to the devicesuch as bels fordevices.Instead of tell- eration for carrying the label through a ing consumershow much vita- could include any smart device manufacturer-set min BorCaproduct has, that is connected to the inter- password thatcan be these labels would tell prospec- net—including security cameras, changedbythe user. tivepurchasershow their data refrigerators, speakers, home Consumerscan also see will be usedand by whom. controllers, doorbell and much whether multiple account more, says Dr. Cranor, who is usersare allowedand if also a professor of computer there’sanoption for Any smart device science and a professor of engi- multi-factor neering and public policy at authentication or biometric login. connected to Carnegie Mellon. the internet could The idea of protecting data be a candidate privacy becomes more of an is- sue as more products connect for a label. to the internet. Apple Inc. has said that as of Dec. 8, it will re- quire app developers to provide Researchers from Carnegie information about their applica- Mellon University’s CyLab Se- tions’ privacy practices before curity and Privacy Institute submitting new apps and app are floating a working proto- updates to the App Store. type of how such a label could What’s more, consumer organi- look. They’re providing their zations are increasingly incor- label—vetted by researchers porating data privacy into their and numerous privacy ex- ratings, while some states have perts—free of charge to Inter- enacted, or are considering, pri- net-of-Things, or IoT, device vacy legislation. The Federal MoreInformation DataPractices makers, standards organiza- Trade Commission, which also Thelinkand QR code Outlines four mechanisms the devices could use for tions and others. has raised the concept of a nu- offer amoredetailedlist data collection—video, audio,physiological and Discussions for adoption trition label, says it supports of device-specific location. Highlights whatthe collected data is being are still in the early stages. the efforts of industry groups securityand privacy usedfor,how and whereitisstored, and whether the But advocates hope device in this area. practices,including storeddataisanonymous or is identifiable.Also makers will adopt this type of Here’s a closer look at the hardwaresafety, illustrates howand with whom customer data is label, or that groups such as Carnegie Mellon label. software safety,personal shared or sold, along with other miscellaneous data safety and encryption the devicecollects.Other data collection is mentioned Underwriters Laboratories, an and keymanagement. hereand detailedatthe link and QR code. independent safety-testing Ms. Munk is a writer in West and certification company, or Orange, N.J. Email her at

Consumer Reports will use at [email protected]. Source:WSJ reporting

WhattoDo—and WhatNot to Do— in the Aftermath of aBreach

Among the most-important: specialized skills as part of a$1.5 billion pro- Don’t create fear and gram to bolstersecurityprocesses and tech- uncertainty by firing the people nology and instill afocus on security. Gregory Touhill, president of Appgate who may know best how to Federal Group, urges companies to take a recover from the attack proactive stance by regularly using indepen- dent third-party penetration testing, hunt teams and audits to find and fix issues be- BY ROB SLOAN fore they turn into problems. The immediate aftermath of a breach is a critical time for the hacked organization. If The Wall Street Journal would liketothank the sponsors leaders don’t learn quickly what went wrong Don’t play the blame game and act swiftly—in the right ways—to fix the After some of the largest breaches in recent and partnersofthe 2020 WSJPro Cybersecurity problem, they risk exacerbating the damage years, removing top executives was seen as in terms of financial and reputational harm. the best way to signal that the hacked com- ExecutiveForum fortheir generous support. Cyberattackshave increased during the pany was implementing a change in strat- pandemic as arush by businesses to digitize egy. But, according to one former executive, services and provide employees with remote such a move can have “a chilling effect.” access has made systems morevulnerable. “Fear and uncertaintywill notbeyour And corporateleaderscontinue to makethe friend when everyone else is in the midstof same mistakes in their responses.Weasked trying to surviveorrecover,“saysStevanBer- anumber of experts to sharetheir insights nard, acybersecurityconsultantand former about whattodo, and notdo, afterabreach. chief securityofficer at Sony Pictures Enter- tainment,which he helpedsteer through an attack in 2014. Presenting Sponsors

Do update policies and document changes It is crucial to establish newsecurity policies and to documentwhatwent wrong and howitwas fixed.Justine Phillips, apartner in the Data Privacy &SecurityPractice Group at lawfirm Sheppard, Mullin, Richter&Hampton Supporting Sponsors LLP,quotesMaya Angelou: “When youknowbetter,dobetter.” Incident-response policies defining Equifax learned lessons from a data breach in 2017. roles, responsibilities, action items and expectations, she says, “demon- strate a business has learned and will Don’t just fix it. Improve it. do better next time.” Manycompanies jump into action by adding Ms. Phillips adds that documenting controls or software that defends against changes is imperative not only from a regu- Partners the type of attack they just suffered. They latory perspective but to ensure the system don’t address the underlying vulnerabilities. is threat-free again, without backdoors. 40

“The immediate aftermath is a time to 76

focus on the fundamentals,” says Jamil Far- Do help others DJ .3

shchi, chief information security officer at Being open and sharing lessons can help ev- ed rv se

Equifax Inc., who joined the company five eryone in the security community. re ts

months after a 2017 data breach. Mr. Farshchi says Equifax has shared gh ri Companies can avoid 99.9% of potential what it learned with a network of partners, ll .A

threats if they enforce a policy of doing the including nonprofits, government agencies, Inc basics correctly and in a timely fashion, Mr. customers and even competitors. o. &C Farshchi says; things like applying security “No breach is agood thing,” he says,but a

patches and understanding which devices silver lining canbe“to shareinsights thatal- Jones ow

are authorized to connect to the network. lowother companies to avoid asimilar fate.” 8D Thatwas Equifax’s first stepinamuch 01 ©2 CHAPPELL/REUTERS greatertransformation. Since2017, it has re- Mr. Sloan is research director of WSJ Pro. MI cruited roughly 1,000 newemployees with He can be reached at [email protected]. TA P2JW344000-0-R00800-1------XA

R8 | We dnesday, December 9, 2020 THE WALL STREET JOURNAL.

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