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****** MONDAY, FEBRUARY 1, 2021 ~ VOL. CCLXXVII NO. 25 WSJ.com HHHH $4.00

Last week: DJIA 29982.62 g 1014.36 3.3% NASDAQ 13070.69 g 3.5% STOXX 600 395.85 g 3.1% 10-YR. TREASURY unch , yield 1.090% OIL $52.20 g $0.07 EURO $1.2138 YEN 104.69 Thousands Arrested in Protests in Russia What’s CEOs Explored News Chevron-Exxon Business&Finance Merger in ’20 xxon and Chevron’s Echief executives spoke about combining the oil gi- The chief executives of people said. The discussions ants after the pandemic Exxon Mobil Corp. and Chevron were described as preliminary shook the world last year, Corp. spoke about combining and aren’t ongoing but could according to people famil- the oil giants after the pan- come back in the future, the iar with the talks, testing demic shook the world last people said. the waters for what could year, according to people famil- Such a deal would reunite be one of the largest cor- iar with the talks, testing the the two largest descendants of porate mergers ever. A1 waters for what could be one John D. Rockefeller’s Standard of the largest corporate merg- Oil monopoly, which was bro- Melvin, ers ever. ken up by U.S. regulators in which has borne the brunt of 1911, and would reshape the en- losses from the recent soar- Christopher M. ergy industry. ing prices of heavily shorted By Matthews A combined company’s mar- stocks, lost 53% on its in- , Emily Glazer ket value could top $350 bil- vestments in January. A1 Cara Lombardo lion. Exxon has a market value Citadel Securities, one and of $190 billion, while Chevron’s of the biggest players in Chevron Chief Executive is $164 billion. Together, they global markets, stands to Mike Wirth and Exxon CEO would likely form the world’s benefit from the frenetic Darren Woods discussed a second largest oil company by trading of small merger following the outbreak market capitalization and pro- in stocks like GameStop. B1 of the new coronavirus, which duction, producing about seven is preparing for a decimated oil and gas demand million barrels of oil and gas a labor battle unlike anything and put enormous financial day, based on pre-pandemic in its history after having strain on both companies, the PleaseturntopageA2 for years successfully re- pelled attempts by its U.S. employees to unionize. B1

Silver prices rallied to ALEXANDER ZEMLIANICHENKO/ASSOCIATED PRESS CLASH: Police detain a man at a protest against the jailing of opposition leader Alexei GameStop-Hit Fund start the trading week, fueled Navalny in Moscow on Sunday. Across Russia, police detained some 5,000 protesters. A8 by a wave of fresh enthusi- asm from online traders. B1 Lost 53% in January A national-security panel hunting for Chinese involve- BY JULIET CHUNG horting one another to keep ment in U.S. tech companies buying GameStop stock and call is scrutinizing startup in- Vaccination Delays Put Melvin Capital Management, options. vestments that are months the hedge fund that has borne The frenetic trading is al- or even years old. A5 the brunt of losses from the most certain to continue Mon- soaring stock prices of heavily day and into the week. Broker- China’s economy began the shorted stocks recently, lost ages restricted purchases of new year on a weaker footing, Global Rebound at Risk 53% on its investments in Janu- GameStop and other stocks as gauges of industrial and BY DREW HINSHAW the planet—including parts of ary, according to people famil- last week, pulling volumes services activities eased more AND MIKE CHERNEY Europe, Asia and Latin Amer- iar with the firm. down. But more than 50 million than expected in January. A18 Fighting the Virus Biden invites GOP ica—face a longer slog. Melvin’s losses are the most GameStop shares still changed Timetables for vaccinating senators to White House Places from Germany to visible wound in an extraordi- hands Friday. A year ago, vol- World-Wide enough people to effectively to discuss their smaller Mexico are running into seri- nary tussle playing out between ume was just a few million a curb Covid-19 are slipping in aid proposal...... A4 ous problems sourcing suffi- professional hedge-fund inves- day. On the other side, while many countries, raising fears NFL season turned into cient vaccines. Other countries tors and amateur traders con- PleaseturntopageA2 Timetables for vaccinat- that a large portion of the Covid-19 study...... A14 with low caseloads are less gregating on forums like Red- ing enough people to effec- world will still be battling the pressed to start vaccination dit’s WallStreetBets. The Big trader gets a lift from tively curb Covid-19 are slip- pandemic and its economic ef- campaigns and aren’t eager to amateurs have made Melvin online-buying surge...... B1 ping in many countries, fects well into 2022 or beyond. vaccinating most of their pop- reopen borders anytime soon. their principal enemy and have Market disrupter first wanted raising fears that a large While the U.S. and some ulations by late summer, At the current rates of vacci- gleefully seized the upper hand. to be a track star...... B5 portion of the world will still other mostly small countries health experts and economists nation, only about 10% of the “Only 47% left to go!!” one user Heard on the Street: Gaming be battling the pandemic are making progress toward are concluding that much of PleaseturntopageA7 posted Sunday. They are ex- out retailer’s outlook...... B10 and its economic effects well into 2022 or beyond. A1 Health-care workers who decline Covid-19 vaccines Home Schooling Catches On are proving to be an unex- Facebook Tightens Military pected obstacle to efforts to disseminate the shots Seizes as widely as possible. A7 Control of ‘Groups’ Myanmar’s military took charge of the country from its BY JEFF HORWITZ partisanship and even calls for Power in civilian-run government, amid violence that inflamed the coun- reports that the country’s ci- Facebook Inc. in 2019 rede- try after the election. vilian leader Aung San Suu signed its product to The changes, which Facebook Myanmar Kyi and other members of her center on what it called Groups, escalated after the Jan. 6 riot at party were detained. A1 forums for like-minded users. the U.S. Capitol, involve over- Myanmar’s military leader Biden invited a group of Re- Chief Executive Mark Zucker- hauling the mechanics of a has seized power from its ci- publican senators to discuss a berg called them the new “heart product that was meant to be vilian-run government, accord- coronavirus relief bill after of the app.” central to its future. ing to a statement broadcast they proposed a $600 billion Now the social-networking Facebook executives were on an army-run television sta-

plan and as Democrats pre- giant is clamping down on aware for years that tools fuel- KATE MEDLEY FOR THE WALLtion, STREET JOURNAL after civilian leader Aung pared to advance the initial Groups. The effort began after PleaseturntopageA10 Fueled by frustrations with remote learning during the pan- San Suu Kyi and other mem- $1.9 trillion package. A4 Facebook’s own research found demic, some families are trying to do it on their own. A3 bers of her party were de- that American Facebook Groups Trump donor, Alex Jones tained in a morning raid. The rally in Washington’s became a vector for the rabid facilitated rally...... A6 Ellipse that preceded the Jan. Niharika Mandhana 6 riot at the Capitol was ar- By and Feliz Solomon in ranged and funded by a small Sabrina group including a top Trump When Doesn’t Feel Chill, Singapore and U.S. Parents Search Siddiqui in Washington campaign fundraiser and do- nor facilitated by far-right Try an Old-School TV Channel The coup marks a major show host Alex Jones. A6 iii For a Son Lost in Syria setback to the country’s transi- Police detained thou- tion from military rule to de- sands of protesters who had Choice is mentally exhausting, ‘Baywatch’ mocracy, which began about a taken to the streets across decade ago. Russia to support opposition reruns are not; ‘path of least resistance’ Sam Goodwin was on a quest to visit every The U.S. and human-rights politician . A8 groups called on the military country; he was snatched during call home Sunday to adhere to demo- BY CHRIS KORNELIS what I’m in the mood for,” he cratic norms, and the White CONTENTS Outlook...... A2 says. “If I’m just dropping into BY DION NISSENBAUM ing week, in time to take a House threatened unspecified Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports...... A14 Kyle Dallmann, a 23-year-old the TV show, it doesn’t really seat at the Stanley Cup Final action. Crossword...... A14 Technology...... B4 nurse in Mankato, Minn., re- give me that option to pick Elizabeth Goodwin was on and see his St. Louis The military has domi- Heard on Street... B10 U.S. News...... A2-7 cently discovered a channel on what I want to watch. It kind of a Memorial Day getaway in play the Boston Bruins. nated in the Southeast Asian Markets...... B9 Weather...... A14 the Pluto TV streaming ser- takes that guessing of what I’m 2019 when she got a Face- He held up his phone to country, and tensions have Opinion...... A15-17 World News...... A8,18 vice that shows nothing but in the mood for out of the Time call from her son Sam. give his mother a panoramic been rising for days over a No- back-to-back episodes of the equation.” He was in Syria, nearing the view of a Syrian roundabout vember election that Ms. Suu > teen drama “Degrassi: The The era of on-demand tele- end of a yearslong quest to that surrounded a towering Kyi’s party won by a landslide. Next Generation.” He just vision and streaming has given visit all 193 countries in the statue of former President The army-backed opposition clicked on the channel and got everyone endless choices to world. Hafez al-Assad. Ms. Goodwin party called the election, only on board. It consumed an en- pretty much watch whatever Mr. Goodwin, a one-time later said she heard someone the second truly contested and tire day off work. they want, whenever they college hockey player from shout at him, and her son democratic vote since the end s 2021 Dow Jones & Company, Inc. All Rights Reserved “Sometimes I never really want. It’s exhausting. St. Louis, had a plane ticket say, “I’m talking to my mom.” of military rule, fraudulent. know what I want to watch or PleaseturntopageA10 back to Missouri the follow- PleaseturntopageA8 PleaseturntopageA6 .

A2 | Monday, February 1, 2021 ***** . U.S. NEWS

THE OUTLOOK | By Harriet Torry ECONOMIC CALENDAR

Cashless Future? Don’t Bank on It Monday : The Institute for Supply Management’s manufac- turing index for January is ex- Peter Cof- a debit card or PayPal ac- Currency in circulation, monthly average December 2020 to have their every swipe or pected to show U.S. factory ac- $2.07 trillion tivity fey, an adver- count. $2.0 trillion click tracked. continued to expand, tising copy- “A central theme of A recent study by Visa Inc. though perhaps at a slower pace writer, has Covid-19 is things that would found that 24% of U.S. con- than earlier months. Separate used cash just have taken five years are tak- sumers said they would re- surveys of purchasing managers factories in Asia and Europe once since the ing five months, and it’s a re- 1.5 sume their old payment at Covid-19 pandemic started— inforcing of existing trends. methods after a vaccine is are likely to reflect the sector’s to buy a used car. It’s the same with cash,” said widely available. relative strength, though January When the health crisis be- Kenneth Rogoff, a Harvard figures could be weaker than ear- gan, he set up his smart- University economist. 1.0 he U.S. is unlikely to lier in the winter. phone’s tap-to-pay function Around the world, fears of allow most businesses Tuesday: The eurozone econ- with a credit card. “Some infection have driven an in- T to abandon cash pay- omy likely contracted in the final places weren’t accepting crease in contactless pay- ments because of concerns quarter of 2020 amid rising cash. I just got into the habit ments—electronic payments 0.5 about consumers lacking ac- Covid-19 cases and tighter re- of never even thinking about like Apple Pay and tap-to-pay cess to or familiarity with strictions on consumer activity. cash,” he said. offerings that avoid even digital payment methods. While the drop in gross domestic Mr. Coffey, a 28-year-old swiping or inserting cards— These include senior citizens, product probably won’t be as bad who is working remotely according to credit-card com- 0 undocumented immigrants, as in the spring, weakness at the from Tucson, Ariz., said he panies. Contactless as a share 2001 ’10 ’20 people who can’t qualify for end of 2020, combined with con- expects to continue using of in-person transactions credit cards or afford smart- tinued spread of the virus and a touchless payment technolo- grew at least 10% in more Source: Federal Reserve phones, and the millions of slow vaccine rollout, bodes ill for gies after the pandemic. “It’s than 80 markets for Master- households that lack bank ac- the open of 2021. great, the amount of times card Inc. in 2020, driven by e-commerce by about four or ments—due to the pandemic counts. New York City, Phila- Wednesday: The Institute for I’ve gone to the store and re- demand for increased speed five years, said Marion La- requires effort and learning delphia, New Jersey and San Supply Management’s services in- alized I don’t have my credit and safety, Chief Executive boure, a Deutsche Bank econ- by both consumers and re- Francisco have passed legis- dex is expected to show that card. It’s fine—I just tap with Michael Miebach said on an omist. Americans’ use of cash tailers, she said. lation requiring most stores U.S. service-sector activity ex- my phone.” earnings call Thursday. was gradually declining for Still, while shoppers’ em- and restaurants to accept panded in January despite rising He and many other U.S. years as they embraced brace of digital commerce cash. Covid-19 cases and targeted re- consumers are shunning cash he shift to more elec- credit and debit cards, mo- looks likely to last, econo- Meanwhile, people still strictions. Separate surveys of for a number of reasons, in- tronic payments could bile wallets, online transfers mists say it is too soon to like to have physical dollars purchasing managers in Asia and cluding convenience and a T spur consumer spend- and apps. They used cash in know if U.S. consumers’ shift and cents. Although people in Europe will likely show another desire to avoid bills and coins ing, giving economic growth 26% of all payments in 2019, to cashless payments will as the U.S. were using cash less contraction in activity. as potential sources of coro- a boost, once widespread down from 40% in 2012, ac- well, for several reasons. in transactions, they were Thursday: The Bank of Eng- navirus transmission. In the Covid-19 vaccinations enable cording to the Federal Re- To start, U.S. household holding more of it as a store land is likely to downgrade its same way the Covid-19 pan- a fuller economic recovery, serve’s annual look at pay- spending overall remains be- of value, the May Fed survey forecast for the U.K. economy demic has changed the ways analysts say. When shoppers ment habits. low its pre-pandemic level. found. and could offer new insight on we work, shop and socialize, pay with plastic, they tend to A Fed survey, conducted in As spending rebounds, so The demand for U.S. cur- the possibility of negative interest it has also shifted the way spend more. May, found that 28% of re- might cash payments. rency has boomed globally rates as part of a stimulus tool many people pay for things. A Deutsche Bank survey in spondents said they were Also, much of the shift since the pandemic began. kit—though no move on rates or Digital retail sales were up January 2020 found that 43% avoiding using cash, while was forced. Business closures U.S. currency in circulation— asset purchases is expected. 37% in the third quarter, sea- of Americans tend to think 70% said they weren’t. and other restrictions pushed paper bills and coins in the Friday: U.S. employers are ex- sonally adjusted, from the less about the amount they “Consumer payments is a much shopping online. It is hands of the public—had pected to have added jobs in Jan- same period a year earlier, spend when using a card, and habit, like the way you like to unclear whether people will jumped to $2.07 trillion in uary, which would be a welcome according to the Commerce 36% think less about the drink your coffee in the readily reach for bills and December from $1.8 trillion turn after December’s decline in Department. Cash wasn’t an amount when using a digital morning,” said Claire Greene, coins again once more wide- in January 2020. In the same payrolls. Forecasts, however, option for those payments: wallet. an expert on payments at the spread vaccinations enable period of 2019, the amount of range widely, reflecting broader Spending online or using an The pandemic has acceler- Federal Reserve Bank of At- them to return to stores. cash in circulation rose far uncertainty while the country app like Uber Eats requires ated the decline in cash pay- lanta. Adopting new payment Some consumers’ privacy less, to $1.79 trillion from struggles to control the Covid-19 an electronic method such as ments and the move toward habits—like contactless pay- concerns make them hesitant $1.71 trillion. pandemic.

but a short position in companies to reduce the risk in tertainment Holdings Inc. and Fund Had GameStop Corp. hurt the firm their portfolios, hurting other BlackBerry Ltd. into the ranks in recent weeks. Losses ex- investors in those companies. of the most traded stocks in the tended beyond GameStop, with Last week alone, GameStop U.S. market and captured the 53% Loss declines coming from through- shares soared more than four attention of the White House out its portfolio during a period times. and regulators also hit promi- of market turmoil in January. “The performance pain…has nent hedge funds Point72 and In January Positions in which Melvin had been record breaking,” read a D1 Capital Partners. publicly disclosed owning put note from Morgan Stanley to D1, which ended the month options—bearish contracts that its trading clients last week. down about 20%, was short ContinuedfrompageA1 typically profit as stocks fall—in Indeed, hedge funds set AMC and GameStop, people fa- Melvin has ceased betting its last quarterly regulatory fil- near-daily records of various miliar with the fund said. One against GameStop, and other ing soared, while positions in sorts last week for how much of the people said D1 had exited funds have exited or trimmed companies it held sold off. they pulled back their exposure from both positions by their bets, the stock remains Bed Bath & Beyond Inc., New to the U.S. stock market by cov- Wednesday morning but that heavily shorted. York-listed Chinese tutoring ering their shorts and selling those were small drivers of Melvin was founded by Gabe company GSX Techedu Inc. and out of their wagers on compa- losses. Shares of travel-related Plotkin, a former star portfolio National Beverage Corp. were up nies, according to client notes companies declining were an-

manager for hedge-fund titan ALEX FLYNN/BLOOMBERG NEWS 78.4%, 62% and 99% at their in- from Morgan Stanley and Gold- other factor. Steven A. Cohen. It started the Gabe Plotkin, chief investment officer of Melvin Capital traweek highs last week, respec- man Sachs Group Inc. On Some fund managers said year with about $12.5 billion tively. Meanwhile, Booking Hold- Wednesday, this type of de- the episode is likely to change and now runs more than $8 bil- of the loss was unclear Sunday. They also said the com- ings Inc. and Expedia Group Inc. grossing contributed to the how the industry works. lion. The current figure in- Citadel’s Melvin investment had pany’s position-level liquidity, were down 9.9% and 13.4% at largest one-day drop in funds’ Fewer hedge funds are likely cludes $2.75 billion in emer- an “immaterial” impact on its or its ability to jettison securi- their intraweek lows. use of leverage on record, a to highlight their bearish posi- gency funds Citadel LLC, its flagship multistrategy hedge ties in its portfolio easily, had Traders said as GameStop Goldman note said. tions by disclosing put options, partners and Mr. Cohen’s funds, said a person familiar increased significantly. continued to soar—from $30 to Maplelane Capital, another they said. Instead, funds might Point72 Asset Management in- with the Chicago firm. New and existing clients $75 and higher—there was a hedge fund that has sustained use Securities and Exchange jected into the hedge fund on Melvin has massively de- have signed up to invest money contagion effect. Managers lost significant losses this month, Commission rules to keep con- Jan. 25. risked its portfolio, a client said. into Melvin on Monday, accord- confidence that short positions ended January with a roughly fidential those positions, a tool As part of the deal, they got People familiar with the hedge ing to the people familiar with would stop rising in value and 45% loss, a person familiar with activist investors have long noncontrolling revenue shares fund said its leverage ratio—the the matter. It was unclear how covered heavily shorted names, the fund said. It managed about used to build positions in com- in Melvin for three years. So value of its assets compared much they would be adding. worried social- media-fueled in- $3.5 billion at the start of the panies quietly. More funds also far, Citadel, its partners and with its capital from investors— Melvin had established itself vestors would focus on compa- year. might institute rules about Point72 have lost money on the was the lowest it has been since in recent years as one of the nies they were short. They also The frenetic trading that avoiding thinly traded, heavily deal, though the precise scope Melvin’s 2014 start. top hedge funds on Wall Street, started cutting their stakes in catapulted GameStop, AMC En- shorted stocks.

country faces. In October, Mr. billion takeover of Noble En- by Vodafone AirTouch PLC in steps, which were further exac- report a fourth consecutive Oil-Giant Biden, a Democrat, said he ergy Inc. and ConocoPhillips’ 2000, according to Dealogic. erbated by the pandemic. It has quarterly loss for the first time would push the country to roughly $10 billion takeover of Many investors, analysts and been eclipsed as a profit engine in modern history on Tuesday “transition away from the oil Concho Resources Inc., but energy executives have called by tech giants such as Apple and already has posted more CEOs Had industry.” He hasn’t been as vo- nothing close to the scale of for consolidation in the belea- Inc. and Amazon.com Inc., and than $2 billion in losses cal about antitrust matters, and combining San Ramon, Calif.- guered oil-and-gas industry, ar- was removed from the Dow through the first three quarters the administration has yet to based Chevron and Irving, guing that cutting costs and Jones Industrial Average last of 2020. Merger Talk nominate the Justice Depart- Texas-based Exxon. improving operational efficien- year for the first time since it Chevron also has struggled, ment’s head of that division. Such a deal would signifi- cies would help companies was added as Standard Oil of reporting nearly $5.5 billion in One of the people familiar cantly surpass in size the me- weather the pandemic-induced New Jersey in 1928. 2020 losses on Friday. But in- ContinuedfromPageOne with the talks said the sides gamergers of the late 1990s and downturn and prepare for an Its market capitalization is vestors have expressed more levels, second only in both might have missed an opportu- early 2000s, which included the uncertain future as many coun- now about one-quarter that of faith in Chevron because it en- measures to Saudi Aramco. nity to consummate the deal combination of Exxon and Mo- tries seek to reduce their de- electric-car maker Tesla Inc., tered the downturn with a But a merger of the two under former President Donald bil and Chevron and Texaco Inc. pendence on fossil fuels. which has a market value of stronger balance sheet—in part largest U.S. oil companies could Trump, a Republican whose ad- It also could be the largest In an interview discussing about $752 billion. because it walked away from encounter regulatory and anti- ministration was seen as more corporate tie-up ever, depend- Chevron’s earnings Friday, Mr. Exxon’s shares have fallen its $33 billion bid to buy Ana- trust challenges under the Bi- friendly to the industry. ing on its structure. That dis- Wirth, who like Mr. Woods also nearly 29% over the last year, darko Petroleum Corp. before den administration. President A handful of sizable oil and tinction now belongs to the serves as his company’s board while Chevron’s are down the pandemic, having been out- Biden has said climate change gas deals were completed last $181 billion purchase of German chairman, said that consolida- about 20%. Chevron briefly bid by Occidental Petroleum is one of the biggest crises the year, including Chevron’s $5 conglomerate Mannesmann AG tion could make the industry topped Exxon in market capi- Corp. in 2019. more efficient. He was speaking talization in the fall. Exxon has about $69 billion generally and not about a pos- Exxon endured one of its in debt as of September, while THE WALL STREET JOURNAL CORRECTIONS  sible Exxon-Chevron merger. worst financial performances Chevron has around $35 billion, (USPS 664-880) (Eastern Edition ISSN 0099-9660) “As for larger scale things, ever in 2020. It is expected to according to S&P Global Market (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS it’s happened before,” Mr. Intelligence. Editorial and publication headquarters: Wirth said, referring to the Stock performance Some investors have grown 1211 Avenue of the Americas, New York, N.Y. 10036 1990s and early-2000s mergers. increasingly concerned about Chevron Published daily except Sundays and general legal holidays. Steven A. Cohen is the “Time will tell.” Exxon’s direction under Mr. Periodicals postage paid at New York, N.Y., and other mailing offices. head of hedge fund Point72. Paul Sankey, an independent Exxon Mobil Woods as the company faces a An article in some editions on analyst who hypothesized a rapidly changing energy indus- Postmaster: Send address changes to The Wall Street Journal, 50% 200 Burnett Rd., Chicopee, MA 01020. Saturday about individual in- merger of Chevron and Exxon try. Some are also worried that All Advertising published in The Wall Street Journal is subject to the applicable vestors shut out of online trad- in October, estimated then that Exxon might have to cut its rate card, copies of which are available from the Advertising Services Department, ing incorrectly gave his first the combined company would 25 hefty dividend, which costs it Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The name as David and incorrectly have a market capitalization of about $15 billion annually, due Journal reserves the right not to accept an advertiser’s order. Only publication of identified the fund as Point 72. about $300 billion and $100 to its high debt. Many individ- an advertisement shall constitute final acceptance of the advertiser’s order. billion in debt. A merger would 0 ual investors count on the pay- Letters to the Editor: Fax: 212-416-2891; email: [email protected] Notice to readers allow them to cut a combined ments as a source of income. Need assistance with your subscription? Wall Street Journal staff $15 billion in administrative ex- Mr. Woods embarked on a By web: customercenter.wsj.com; By email: [email protected] members are working remotely penses and $10 billion in an- -25 plan in 2018 to spend $230 bil- By phone: 1-800-JOURNAL (1-800-568-7625) during the pandemic. For the nual capital expenditures, he lion to pump an additional one Reprints & licensing: foreseeable future, please send wrote. million barrels of oil and gas a By email: [email protected] reader comments only by Exxon was the U.S.’s most -50 day by 2025. But before the By phone: 1-800-843-0008 email or phone, using the con- valuable company seven years pandemic, production was up WSJ back issues and framed pages: wsjshop.com tacts below, not via U.S. Mail. ago, with a market value of only slightly. In November, -75 Our newspapers are 100% sourced from sustainably certified mills. more than $400 billion, nearly Exxon retreated from the plan Readers can alert The Wall Street double Chevron’s. But Exxon 2011 ’15 ’20 and said it would cut billions Journal to any errors in news articles GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or has fallen from its heights fol- of dollars from its capital by calling 888-410-2667. lowing a series of strategic mis- Source: FactSet spending. . THE WALL STREET JOURNAL. Monday, February 1, 2021 | A3 U.S. NEWS More Parents Shift to Home Schooling Fueled by pandemic figures available, compared as the shift from an agrarian with 88% for public and charter society to an industrialized one frustrations, some see schools and 9% for private did a century ago. One-room, a practicality in taking schools, according to the Na- hyperlocal schoolhouses gave tional Center for Education Sta- way to a standardized public- full control of learning tistics. school system, he said. But as the coronavirus pan- This time, he said he expects BY VALERIE BAUERLEIN demic upends the school year, parents who have been forced data from several states shows, to be more hands-on with their As parents grow increasingly more parents decided for prac- children’s schooling to continue frustrated with remote learning tical reasons to take control of to want to do so. That doesn’t during the pandemic, some are their children’s curriculum and mean an en masse move to deciding to pull their children schedule. home schooling, he said. out of school and try teaching Sandra Cox said her family Rather, it means a proliferation on their own. stuck with virtual learning for of options beyond public, pri- In , the state’s last spring and this past fall be- vate or home schooling and home-school monitoring web- cause they love their neighbor- more ability to shift between site crashed on the first day of hood schools in Garner, N.C., a types. Parents could take chil- enrollment, and more than Raleigh suburb. dren overseas for a year and 18,800 families filed to operate “They were having to build get school support to do so, for a home-school from July 1 to the ship as we go,” she said, of instance. Jan. 22—more than double the the sudden shift to remote “We are in a major shift school-year before, according learning last spring. “But after from how we thought about to the state Division of Non- they built the ship? It still teaching children and running Public Education. In Connecti- wasn’t floating.” schools for 100 years,” Dr. Mur- cut, the number of students Over Christmas break, Ms. phy said. who left public schools to be Cox said she and her husband It isn’t clear how long new home-schooled jumped fivefold decided to rejigger their work home-schooling families will this school year, to 3,500. In schedules, pick a curriculum stick with it once public schools Nebraska, the number of home- and start home schooling their fully reopen. Home-schooling schooled students jumped 56%, 12-year-old daughter, Sierra, advocates say it is fairly com- to 13,426, according to state ed- and 7-year-old son, Dwight Jr., mon for some families to quit ucation officials. who had been increasingly after the first year or as stu- “The vast majority [of par- frustrated and bored. dents get older and parents ents] are saying, ‘We’ve been Ms. Cox, who teaches eve- find they feel underqualified. really trying to do what the ning sewing lessons at her New home-schooler Sandra schools are asking us to do, but store, said she spent a recent Kim said she and her husband we just can’t do this any- morning helping her daughter chose their house in Loudoun more,’ ” said J. Allen Weston, memorize multiplication tables, County, Va., based on its prox- executive director of the Na- a skill prized in Ms. Cox’s youth imity to strong public schools tional Home School Associa- but less emphasized in public for their three children. tion, which has been fielding schools now. For her son, she Last year Ms. Kim took a inquiries on the topic. has enlisted her sister-in-law in communications job with the Home schooling in the U.S. Florida to give Japanese-lan- Home School Legal Defense As-

has accounted for a small por- guage lessons via Zoom. SANDRA EWONsociation, KIM an advocacy group, tion of all schooling since the “It’s going great so far,” she Since the fall, new home-schooler Sandra Kim (not shown) and her husband have been teaching and said the pandemic plus the 1970s, but it has been growing said, then laughed. “Ask me their children at home, here around the dining-room table, in Loudoun County, Va. home-schoolers she met there from a traditional base of edu- again in three months.” helped her make “a leap of cation reformers and religious Public-school advocates say specializing in civil rights, dizes children’s rights to “learn seph Murphy, who studies faith” and start home schooling conservatives to families wor- they worry home schooling is called for “a presumptive ban” things that are essential for home schooling, said there is last fall. ried about issues such as bully- isolating for children and lacks on home schooling in virtually employment and for exercising scant evidence of abuse or Home schooling is great, she ing and violence. Home school- safeguards to ensure a basic all circumstances last year in meaningful choices in their fu- widespread negative outcomes. said, but “it’s also a hot mess. ing represented 3% of students education. Elizabeth Bartholet, the Arizona Law Review. She ture lives.” He said he expects the pan- You have that feeling of ‘Are we nationally in 2016, the latest a Harvard Law School professor said home schooling jeopar- Vanderbilt University’s Jo- demic to disrupt schooling just doing enough?’” Drug Stoppage for a Rare Disease Deals a Setback BY AMY DOCKSER MARCUS the drug would extend their obstacles that stand between children’s lives. early research and FDA ap- A long-running effort to de- In communications with the proval. Drug developers call velopatreatmentforafatal parents, Mallinckrodt said the this the “valley of death.” genetic disease suffered a set- calculus had changed. “We In the case of NPC, parents back last month when Mall- cannot clarify the benefit, so worked closely with scientists inckrodt PLC said it would the only other side of the to bridge the divide. The Na- stop development of the drug. equation is safety concerns,” tional Institutes of Health said Thenewswasablowto said Steven Romano, the com- in 2010 it would develop a families of children with Nie- pany’s executive vice president form of cyclodextrin to see if mann-Pick Type C disease, or and chief scientific officer. it was effective against NPC, NPC, who helped drive and Many of the parents dis- taking on a role that compa- fund research for the drug in agreed, pointing to their chil- nies usually play in drug de-

ANDREA WESTERLIND hopes of getting a company to dren’s experiences as evi- velopment. Early results were Andrea Westerlind, who started her business in New York City, opened this store in Millerton, N.Y. take on its development. Some dence. promising. of the children have been tak- “I was heartbroken when I Mallinckrodt had consid- ing the drug for years. read the letter,” said Pam An- ered stopping the adrabetadex The latest twist in the fate drews of Austin, Texas, the program last summer. “We did City Dwellers Seeking Peace of the drug—which Mallinck- mother of two girls with NPC not see a practical way for- rodt calls adrabetadex but has who get adrabetadex. “I see it ward,” Dr. Romano said. The been known by various other as a huge public-health failure 52-week trial failed to show In Small Towns Find Prosperity names as it changed hands that we don’t have a less ardu- the drug worked: There was among drugmakers—illus- ous path for very small dis- no difference in the progres- BY NICOLE FRIEDMAN long lingered are now selling Much of the new activity is trates the steep scientific, ease groups.” sion of the disease between fast, real-estate agents say. in Hudson Valley towns that clinical and financial chal- There are more than 7,000 the two groups, and additional Andrea Westerlind decided While the overall number of already catered to wealthy lenges that often stymie ef- rare diseases, most of which analysis didn’t indicate bene- in May that she needed to transactions is still modest, weekenders, said Leonard Ne- forts to get promising thera- lack effective therapies. Con- fit, Dr. Romano said. But the leave New York City after loot- activity has picked up in re- varez, a sociology professor at pies out of the lab and into gress has authorized financial FDA “asked us to essentially ers smashed the windows at cent months. As of late Janu- Vassar College who lives in patients with rare diseases. incentives in an effort to en- think about whether we might her apparel and home-items ary, 30 commercial real-estate Rhinebeck, N.Y., and has stud- Scientists, regulators and courage drugmakers to de- reconsider and submit the store in Manhattan. sales were pending in Colum- ied the region’s changing de- families all played crucial roles velop therapies for them, de- data,” he said. She moved her company’s bia County, Greene County and mographics. advancing the drug and hoped fined as those that affect An FDA spokesman declined operations to Millerton, N.Y., northern Dutchess County, Increased foot traffic in the Mallinckrodt would ultimately 200,000 or fewer people in the to comment on the matter, buying a two-story retail said Raj Kumar of Select So- town centers could be an eco- gain Food and Drug Adminis- U.S. saying the agency doesn’t dis- building for a new shop and theby’s International Realty. nomic boon, he said, but some tration approval to treat NPC, But many compounds that cuss products in development purchasing a home nearby in That is a sizable number for of the new businesses could be a fatal cholesterol metabolism show promise in the lab never because the information is western . With these towns, and more than unaffordable to longtime resi- disorder that leads to loss of make it through the gantlet of confidential. business now thriving, she dents. “Who are the new mobility, speech and the abil- says she has no plans to move stores and the new restaurants ity to swallow. When NPC is Sisters Belle, back to the city. ‘There’s amazing for?” he said. “It’s a familiar diagnosed in childhood, pa- left, and Abby “There’s amazing energy up complaint.” tients typically don’t live be- Andrews, of here, and there are so many energy up here, and The 24 commercial listings yond their teens. There are an Austin, Texas, young people,” she said. “In there are so many in contract for Litchfield estimated 500 cases of the have Niemann- six months I will have done County properties are more disease world-wide. Pick Type C more retail sales than I would young people.’ than triple the number that Mallinckrodt said it was disease. The normally do in a whole year in closed in the first quarter of dropping adrabetadex, a mem- experimental two locations in the city.” 2020, according to Elyse Har- ber of a family of compounds drug they have Small towns within a few ney Real Estate. Many are go- called cyclodextrins, because been taking for hours of New York City be- four times the number of com- ing to ex-New Yorkers who risks associated with the this disorder is came hot destinations last mercial sales that closed in came to work remotely and treatment outweigh the poten- being dropped spring and summer for the first quarter of 2020. decided to stay, said broker El- tial benefit. The company’s an- by its

wealthy urbanites. They de- “We have people with much yse Harney Morris. nouncement in a Jan. 20 letter PAM ANDREWS developer. camped to their second homes higher incomes that are mov- “Most of them have bought not only shocked patients’ or looked to rent or buy ing up here,” he said. “That’s houses and now are looking, families but also raised ques- houses with more space than why commercial real estate is going, ‘OK, if I can work here tions about why, despite years Other Treatments lation. The FDA suggested that they had in their apartments. so attractive now, because and put my children into of community effort and input the company set up a two- Many returned to the city in stores will actually make school here, what else?’ ” she from regulators and govern- Still Being Pursued year study. The company the late summer when their money.” said. “With more people up ment officials, getting drugs agreed. “We have learned from children’s schools restarted Investing in a store or res- here full time, we need more for rare diseases over the fin- the failures of others,” said Dr. and the coronavirus infection taurant is still a long-term bet, amenities, more office space.” ish line remains such a diffi- Other companies besides Sharon Hrynkow, the com- rate dropped. especially as pandemic-related Others say that investing in cult task. Mallinckrodt PLC continue to pany’s chief scientific officer. Yet a small but growing restrictions remain in . local real estate makes them Mallinckrodt said it would pursue therapies to treat Nie- Mallinckrodt said it plans to number are putting down Joe Schaefer bought a feel more at home. Lauren continue to make the drug mann-Pick Type C disease. share it adrabetadex data at roots in towns that many mixed-use building in 2019 in Goldberg and her family are available to eligible patients The Food and Drug Admiis- scientific conferences, adding it would have considered only as Lakeville, Conn., with only two buying a mixed-use property until October. The company tration is reviewing trial results is open to licensing the drug to weekend getaways before the of the five units occupied. that houses a caterer and said it recognized the com- involving Orphazyme AS’s drug another entity that might want pandemic. These transplants Now it is full, he said, with a brewery in Kingston, N.Y. They plexities of caring for patients arimoclomol. IntraBio said its to take on its development. are opening shops, renting of- waiting list. moved from Brooklyn in and wanted to give families NPC drug trial showed im- Cindy Parseghian of the fices and transforming aging “It’s a flood like we’ve March to their weekend home time to discuss next steps be- provements in symptoms, and Ara Parseghian Medical Re- inns into chic hotels, eager to never seen,” he said. He re- in the Hudson Valley. fore stopping the treatment. the company is in discussions search Fund at the University recreate their old businesses called watching a stream of “There’s something appeal- Children taking the drug with the FDA. of Notre Dame, who lost three or try new ones. New Yorkers move to his Con- ing about the scale of operat- can suffer hearing loss as a Cyclo Therapeutics Inc. said children to NPC, said the com- Office space and other com- necticut town following the ing businesses up here, versus side effect. But parents previ- it expects to start enrolling pa- munity might step in. “We will mercial properties in the Hud- Sept. 11, 2001, terrorist at- in the city,” Ms. Goldberg said. ously told the FDA that they tients this year in a clinical trial explore every single option out son Valley and nearby Litch- tacks, but said the current in- “It feels like we’re going to be- were willing to accept that of its own cyclodextrin formu- there,” she said. field County, Conn., that had flow is bigger. come a part of the community.” risk in exchange for a chance .

A4 | Monday, February 1, 2021 PWLC101112HTGKRFAM123456789OIXX **** THE WALL STREET JOURNAL. U.S. NEWS President Invites GOP Lawmakers WASHINGTON—President with House Speaker Nancy Biden invited a group of Repub- Pelosi (D., Calif.) and Senate Ma- lican senators to discuss a cor- jority Leader Chuck Schumer onavirus relief bill after they (D.,N.Y.), said the statement proposed a $600 billion plan, from White House press secre- as Democrats prepared to ad- tary Jen Psaki. She said that Mr. vance the White House’s $1.9 Biden is “grateful that Congress trillion package without GOP is prepared to begin action” on support. the administration’s package. On Sunday, the Biden admin- By Kristina istration showed no signs of Peterson, Kate backing off its $1.9 trillion price Davidson tag, with key economic advisers and Chad Day appearing on several television shows to tout the need for the Mr. Biden issued the invita- relief bill. tion to the 10 Republican sena- Brian Deese, Mr. Biden’s top

tors, asking they come to the economic adviser, said the CHIP SOMODEVILLA/GETTY IMAGES White House early this week White House is reviewing the Sen. Patrick Leahy, left, with new Georgia Democratic Sen. Raphael Warnock at the Capitol last week. for a “full exchange of views,” Republicans’ letter and is willing the White House said in a to discuss ways to make the re- statement Sunday evening. It lief package more effective. said Mr. Biden made the invita- Mr. Deese, responding to Juror Takes Gavel in Senate Trial tion in a conversation with Sen. questions on two Sunday morn- Susan Collins (R., Maine), who ing news shows, declined to say BY SIOBHAN HUGHES good deal of leeway. Simply helped organize the Republican whether the $1.9 trillion spend- Trump Taps Two County, Pa. His brother, Steve, ruling it out of order would be proposal. ing level is negotiable and sug- WASHINGTON—Sen. Patrick served as minority counsel in aprettyforcefulstep.” In a letter Sunday, the Re- gested that delaying relief would Leahy will become the first per- Defense Lawyers Mr. Trump’s first impeachment Mr. Leahy, who declined a publican senators asked to worsen the pandemic and its ef- son to preside over the im- inquiry. request for an interview, has meet with Mr. Biden to present fects on the economy. peachment trial of a former The previous lead lawyers taken an oath to do impartial “If we don’t act now the cost president next month, putting Former President Donald for Mr. Trump’s defense—South justice but hasn’t commented of that is going to be greater the Vermont Democrat in the Trump said two new lawyers Carolina attorneys Butch Bow- more specifically on his ap- going forward,” he said on thorny position of having to will lead his defense at his Sen- ers and Deborah Barbier—left in proach to the trial. Theproposalby10 CNN’s “State of the Union.” run the proceedings and serve ate impeachment trial, after his a mutual decision, a person fa- “It is an oath I take extraor- centrist Republican Republicans have said the as a juror. previous attorneys left the miliar with the matter said Sat- dinarily seriously,” Mr. Leahy $1.9 trillion in proposed spend- The Senate trial of former team a little over a week before urday. said in a statement earlier this senators would cost ing isn’t needed right now, President Donald Trump is set the trial is scheduled to begin. The person declined to give week. “I will not waver from around $600 billion. given that Congress late last to kick off the week of Feb. 8, David Schoen and Bruce a reason for the departures. my constitutional and sworn year passed $900 billion in re- after both House Democratic Castor will lead the team, Mr. The Democratic-led House obligations to administer the lief, and have criticized its in- managers and Mr. Trump’s de- Trump said Sunday, adding in January impeached Mr. trial with fairness, in accor- clusion of a minimum-wage in- fense team prepare their cases. that Mr. Schoen had already Trump for the second time, al- dance with the Constitution details of their proposal and crease and other longstanding Mr. Trump was impeached in been working with the team. leging he encouraged a mob to and the laws.” said they were coming forward Democratic policy goals. the House over allegations he Mr. Trump said both lawyers storm Congress to prevent law- Some Republicans com- in response to his appeal for bi- Democrats, including Mr. Bi- incited the mob that stormed believe impeachment is uncon- makers from certifying Presi- plained that Mr. Leahy serving partisanship. den, have said the $900 billion the Capitol on Jan. 6 as Con- stitutional, given that Mr. dent Biden’s election victory. as presiding officer under- The GOP proposal would package was a down payment gress was holding a joint ses- Trump is no longer president. While 10 Republicans joined scored their view that the trial cost around $600 billion, ac- on a bigger stimulus needed to sion to certify the election vic- Mr. Trump’s second im- Democrats in voting to impeach against Mr. Trump is fueled by cording to Sen. Bill Cassidy (R., meet the health and economic tory of President Joe Biden. peachment trial is set to begin in the House, Democrats in the partisanship. La.), who signed the letter, less demands of the crisis. They have The 80-year-old Mr. Leahy, in earnest the week of Feb. 8. Senate face steeper odds in “If Chief Justice Roberts than one-third of what Mr. Bi- argued that insufficient spend- the longest serving lawmaker Mr. Schoen is a trial attor- persuading 17 Republicans to can’t be bothered to come over den has proposed. Republicans ing to shore up public health in the Senate and the top Dem- ney who has previously repre- join them in voting to convict. for the so-called impeachment, said they would retain the $160 and the economy risks under- ocrat on the powerful Senate sented Roger Stone, a long- Mr. Trump has accepted no makes you wonder if this exer- billion the Biden package in- mining the country’s recovery Appropriations Committee, is time Trump adviser. responsibility for the riot and cise is constitutional at all,” cludes to increase vaccinations and that a federal minimum- taking on the role amid con- Mr. Castor is a former dis- has denied wrongdoing. Sen. Rand Paul (R., Ky.) and take other efforts to con- wage increase to $15 an hour is cerns about his health. Just trict attorney in Montgomery —Rebecca Ballhaus tweeted. He successfully trol the spread of the coronavi- necessary to ensure people hours after he was sworn in as pushed for a test vote last week rus, but strip or scale back working 40 hours a week aren’t presiding officer, he was briefly that showed most Republicans other measures. The GOP plan, living in poverty. hospitalized after experiencing tougher in that he doesn’t come ferred the biggest questions to believed a trial of a former for instance, would reduce the The Republican letter out- muscle spasms. The schedule of into it with the basic presump- the Senate for a full vote. president violated the Constitu- $1,400 direct payments to lines components of the pro- the trial hasn’t been set, but at- tion of impartiality that nor- He will be in the position of tion, a strong signal that Mr. Americans Mr. Biden has called posal, including the $160 billion tendance for senators is man- mally attaches to a judge,” said giving an airing to such poten- Trump will be acquitted. for to roughly $1,000, Mr. for vaccine distribution, test- datory, and he is expected to Frank Bowman, a University of tial assertions from senators or A recent report from the Cassidy said on “Fox News Sun- ing, tracing and personal pro- face trial sessions that have in Missouri law professor who is Mr. Trump’s defense team that Congressional Research Ser- day.” tective equipment and $4 bil- the past run for more than 12 an authority on impeachment. antifa or left-wing groups, not vice, the public-policy research The offer is the first Republi- lion to bolster behavioral health hours. The trial is expected to “He’s going to have to strain to Trump supporters, were behind arm of Congress, concludes cans have forwarded since Mr. and substance abuse services. be relatively short, running for appear evenhanded in any cir- the riots. Federal authorities that while the matter is open to Biden proposed the $1.9 trillion The senators called for extend- perhaps a week. cumstance where there is sort have said they have seen no debate, the weight of scholarly plan, which Republicans have ing enhanced federal unem- Chief Justice John Roberts of a partisan valence to any de- significant evidence of involve- authority agrees that the im- said is too costly and includes ployment insurance and small- oversaw the first Trump im- cision that he makes.” ment by leftist activists to peachment process, including unneeded initiatives, and tests business relief and said they peachment trial, as required by Under trial rules, Mr. Leahy’s frame Trump supporters for vi- the trial, can be applied to offi- whether the Biden administra- want to target the next round the Constitution. But the law is duties will include tasks such olence at the Capitol. cials who are no longer in of- tion and Democrats in Congress of direct checks “for those fam- silent on who presides over the as accepting questions posed “It’s relevant evidence and fice. will seek compromise or try to ilies who need assistance the trial of a former president, and by individual senators and the witnesses can be cross-ex- Mr. Leahy has hired Michael pass the relief package them- most.” the chief justice declined to reading them aloud to either amined by the House manag- Gerhardt, a professor at the selves. Democratic leaders have While Mr. Deese said the participate in this one, accord- the prosecution or the defense. ers,” said Philip Bobbitt, a pro- University of North Carolina said they plan to begin a legis- White House is open to discuss- ing to Senate Majority Leader The rules give him a fluid au- fessor at Columbia University School of Law who specializes lative process that would by- ing how to target relief checks, Chuck Schumer (D., N.Y.), who thority; while he may rule on Law School and the University in impeachment, to serve as pass the need for Republican he suggested it is unwilling to said that Mr. Leahy was next in the admissibility of evidence, of Texas at Austin School of special counsel, according to a support this week, with the first accept a smaller, bipartisan line for the role as president for example, the full Senate can Law who has written a book on posting on Mr. Gerhardt’s Face- step coming as soon as Monday. agreement that removes key el- pro tempore of the Senate. override his rulings. Prior pre- impeachment. “In a trial, we book page. Mr. Gerhardt de- Mr. Biden also spoke Sunday ements of the broader proposal. “Sen. Leahy’s job is a little siding officers have simply re- usually allow the defendant a clined to comment. Arizona Republicans Diverge, Putting Governor in a Bind BY ELIZA COLLINS “I would say that Gov. Mr. Ducey and his fellow Ar- Ducey’s brand of good gover- izona Republicans now have PHOENIX—Arizona voted for nance, conservative policies less than two years to sort out Joe Biden for president and has with a respectful tempera- what approach they want to sent two Democratic senators ment—that’s the type of Re- take in what is expected to be to Washington since 2018. To publican that can win in the a highly competitive 2022 Republicans here, Gov. Doug state,” said Glenn Hamer, the election cycle in which Sen. Ducey is either the GOP’s prob- CEO of the Arizona Chamber of Kelly is up for re-election after lem or the solution to regaining Commerce. winning his seat in a special that lost ground. Mr. Ducey has turned off election in November. Mr. Ducey enjoyed wide- other Republicans in Arizona Allies hope Mr. Ducey will spread Republican support, in- who say being pro-business is enter the Senate race, saying cluding from former President no longer enough to earn their his center-right approach Donald Trump, for much of his support if it doesn’t come with could help Republicans win five years in office. But sim- strong allegiance to Mr. Trump back the seat. Mr. Ducey said mering tensions in and his agenda, even after he is he has no current plans. He over Mr. Ducey’s handling of out of office. can’t run again for governor the coronavirus pandemic, his “He seemed to be listening when his current term ends in certification of President Bi- to the Chamber of Commerce 2022 because of term limits. den’s win in the state and his but not willing to listen to ‘we Any Republican who runs attendance at the president’s the people,’ ” said Corky for the Senate seat will have to inauguration reached a boiling Haynes, 72, a retiree who at- try to retain enough support

point recently. ROSS D. FRANKLIN/PRESStended POOL the GOP meeting with a from Trump loyalists to win In a raucous party meeting The state party censured Gov. Doug Ducey, but other Republicans like his center-right approach. friend, calling themselves the the party primary without in January, Arizona Republi- “grass-roots grandmas.” alienating the state’s indepen- cans voted to censure the gov- Washington such as Mr. Mc- “The Republican Party has peachment. The Oregon Repub- Until the Nov. 3 election, Mr. dent and centrist voters in a ernor, along with Cindy Mc- Cain. Today, Arizona’s sena- work to do. There is a fever, lican Party passed a resolution Ducey and Mr. Trump were general election. Cain, wife of late Arizona Sen. tors—Mark Kelly and Kyrsten certainly, at the state level here asserting without evidence that closely aligned, speaking about Over the summer, Mr. Ducey John McCain. They re-elected Sinema—are both Democrats and that will break at some the Jan. 6 Capitol riot was a monthly either by phone or in closed certain businesses, such their chairwoman, Kelli Ward, for the first time since 1953. point,” he said in an interview. “false flag” designed to dis- person, according to a person as gyms and bars, and then who was endorsed by Mr. “When you look at the state “My job as governor is to lead credit Mr. Trump. familiar with their conversa- later allowed them to reopen Trump and has been feuding Republican Party, it’s a shell of the state, to be governor to all Mr. Ducey’s emphasis on tions. But Mr. Trump turned on with some limitations. He with Mr. Ducey. Some Republi- its former self,” said Kirk Ad- people and to bring the agenda pro-business policies and eco- Mr. Ducey when he certified hasn’t put in place a statewide cans have since called for an ams, Mr. Ducey’s former chief I ran on.” nomic growth has endeared Mr. Biden’s victory in the state. mask mandate. audit of the meeting’s election of staff and a previous speaker What is happening in the Ar- him to the traditionally conser- “I supported President Arizona hit a record for new results; Ms. Ward is so far de- of the Arizona House. izona Republican Party is a mi- vative Arizona establishment, Trump. I worked as hard as I infections recently, giving it the nying the request. Mr. Ducey, the former CEO crocosm of the divide taking which sees his approach as a possibly could on his behalf. highest per capita rate of new To Mr. Ducey’s supporters, of Cold Stone Creamery, an ice place around the country. On route back to GOP prominence. Election Day was Nov. 3. After Covid-19 infections in the U.S., the moment was another cream parlor chain based in Capitol Hill, several House Re- The state’s number of busi- Nov. 3, all 15 counties certified according to the Centers for marker in the decline of the Scottsdale, said the important publicans want to oust Rep. Liz ness applications has been the vote. The election was over. Disease Control and Prevention. GOP in the state. It has a record point for him was to focus on Cheney (R., Wyo.) from her growing since 2015 and there I took an oath to uphold the —Sarah Chaney of sending independent, icono- the job at hand until the heat of party leadership post for back- has been strong job growth Constitution. I did my duty,” and Alicia A. Caldwell clastic Republican senators to the moment passes. ing Mr. Trump’s second im- preceding the pandemic. Mr. Ducey said. contributed to this article. . THE WALL STREET JOURNAL. Monday, February 1, 2021 | A5 U.S. NEWS China Seed Investments Get New Scrutiny BY HEATHER SOMERVILLE venture-capital investments, information about transactions sheriff’s office and now it’s a other intelligence agencies, deals, a person with knowledge even small-dollar deals, where with foreign investors, said buzzy SWAT team,” said Reid these people said. Cfius is con- of the matter said. A national-security panel on the money can be traced back lawyers, investors and na- Whitten, an attorney who leads cerned with Chinese early- Plans for a more aggressive the hunt for Chinese involve- to China, these people say. tional-security officials. the Cfius practice at law firm stage investments coming Cfius started taking shape dur- ment in U.S. technology compa- Cfius, which reviews foreign Some of the initial inquiries Sheppard Mullin. through intermediaries, said ing the Obama administration nies is scrutinizing startup in- investment in U.S. companies have run for months, said peo- The Cfius enforcement team people with knowledge of the and former President Donald vestments that are months or and real estate for potential ple familiar with the matter, works closely with the Federal matter. Trump oversaw the law that even years old. national-security risks, is posi- because examining venture- Bureau of Investigation to track Cfius’s actions over the past formally expanded the commit- The Committee on Foreign tioned to become a linchpin in capital deals can be compli- down technology investments year have challenged a widely tee’s powers. Mr. Biden voiced Investment in the U.S., or Cfius, President Biden’s strategy to cated and time-intensive. While that intelligence officials say held skepticism in venture-cap- concerns about Chinese tech has over the past two years curb China’s technology ambi- some inquiries have led to for- could pose a threat to national ital circles that a wonky gov- theft while campaigning, and built out a new enforcement tions. Recent hires to its en- mal government probes, much security, according to former ernment group could interfere his picks for key roles suggest arm of roughly two dozen peo- forcement team include profes- of the enforcement work is in government officials and for- with the frenzied pace of he is taking the threat seri- ple tasked with rooting out old sionals from venture-capital the early phases. mer staffers. startup deal making and pin ously. investment deals that involve firms, investment banks and Penalties, ranging from fines The FBI maintains a master down obscure funding sources. A spokeswoman for Mr. Bi- sensitive technologies and technology backgrounds, ac- to changing the company’s gov- database of transactions in- For example, Cfius has alerted den said the administration could pose a threat to national cording to people involved in ernance or even divestment, volving foreign investors that several startups that it was “will ensure that Cfius evolves security, according to current the effort. are expected to start appearing raise security concerns, and scrutinizing seed-stage invest- into a 21st-century committee and former government offi- This Cfius group has sent in a larger number later this members of Cfius rank them ments of less than $500,000 and is able to appropriately cials and national-security law- letters to several dozen compa- year, these people said. according to a threat assess- that involved a China-con- evaluate new and evolving yers. The team has its sights on nies and made calls requesting “It was sort of a sleepy ment provided by the FBI and nected , scuttling those risks.” GOP Faces Pressure To Rein In Lawmaker BY KRISTINA PETERSON AND ANDREW RESTUCCIA

WASHINGTON—Rep. Marjo- rie Taylor Greene (R., Ga.) said she spoke with former Presi- dent Donald Trump and has his support, as Republican Party leaders faced calls to punish the freshman congress- woman over her behavior to- ward colleagues and her past embrace of conspiracy theo- ries on mass shootings and other contentious subjects. Mrs. Greene has come un- der criticism from members of both parties for her past com- ments and her reluctance to wear a mask to prevent the spread of Covid-19. Democrats have called for her to be re- moved from her committee as- signment, with some calling for her expulsion. “I had a GREAT call with my all time favorite POTUS, President Trump! I’m so grate- ful for his support,” she tweeted Saturday morning. “The blood thirsty media and the socialists hate America Democrats are attacking me PRATT now just like they always at- tack President Trump.” A spokeswoman for Mr. Trump declined to comment. Mrs. Greene was an outspo- ken backer of Mr. Trump’s INDUSTRIES false claims of election fraud and his unsuccessful effort to block Congress’s certification of President Biden’s win. House Minority Leader Kevin McCarthy (R., Calif.) has said he plans to speak to Mrs. Greene this week. HAS BUILT Some GOP lawmakers want Mr. McCarthy to send a clear message that lawmakers who embrace conspiracy theories 5 OF AMERICA’S LAST aren’t welcome, while others are emphasizing the impor- tance of remaining loyal to Mr. Trump, who continues to en- joy strong popularity among 6 PAPER MILLS — Republican voters. Mrs. Greene has angered many lawmakers with her brash approach. She refused to wear a mask when lawmakers were forced to shelter in place ALL 100% RECYCLED when the Capitol was stormed Jan. 6. Several Democrats have said they tested positive for the coronavirus after spending sev- eral hours in the same room as Mrs. Greene and others who declined to wear masks. In January, Mrs. Greene and freshman Democratic Rep. Cori Bush (D., Mo.) had a run-in in a Capitol complex hallway, in which Ms. Bush yelled at Mrs. Greene to put on her mask. The moment was caught on a video Mrs. Greene later posted on- line. Ms. Bush then asked that her office be moved to avoid being near Mrs. Greene. Mrs. Greene was controver- sial before she entered office, thanks to extensive comments made on social media embrac- ing conspiracy theories. At one point she had backed QAnon but later distanced herself from that set of far-right theo- ries. In recent days, more vid- eos and social-media com- ments have surfaced. One video shows her follow- ing and aggressively question- ing David Hogg, a student who became a gun-violence-preven- tion advocate following the mass shooting at his Parkland, Fla., school. Archived screen- shots of her Facebook posts re- vealed references to conspir- acy theories involving claims of staged mass shootings, child www.prattindustries.com sex trafficking and laser beams being potentially responsible for California wildfires. .

A6 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS Trump Donor, Alex Jones Facilitated Rally The rally in Washington’s El- of a rally with Women for Amer- lipse that preceded the Jan. 6 ica First. A Publix spokeswoman riot at the U.S. Capitol was ar- said Ms. Fancelli isn’t involved ranged and funded by a small in the company’s operations and group including a top Trump doesn’t “represent the company campaign fundraiser and donor in any way.” facilitated by far-right show host In a statement Sunday, Ms. Alex Jones. Fancelli said: “I am a proud con- servative and have real concerns By Shalini associated with election integ- Ramachandran, rity, yet I would never support Alexandra Berzon any violence, particularly the and Rebecca Ballhaus tragic and horrific events that unfolded on January 6th.” Mr. Jones personally pledged Ms. Wren played a central more than $50,000 in seed role in bringing together the ac- money for a planned Jan. 6 tivists planning Jan. 6. She sug- event in exchange for a guaran- gested to Mr. Alexander that he teed “top speaking slot of his reschedule his Capitol rally to choice,” according to a funding 1 p.m. and put into place about document outlining a deal be- 30 potential speakers, including tween his company and an early Messrs. Alexander and Jones, organizer. who had been listed on websites Mr. Jones also helped arrange as associated with the events, for Julie Jenkins Fancelli, a according to organizers. prominent donor to the Trump In a statement, Ms. Wren said campaign and heiress to Publix her role “was to assist many Super Markets Inc., to commit others in providing and arrang- about $300,000 through a top ing for a professionally pro- fundraising official for former duced event at the Ellipse.” President Donald Trump’s 2020 The involvement of Messrs. campaign, according to organiz- Jones and Alexander triggered

ers. Her money paid for the SHAWN THEW/PRESS POOL debate among the organizers. lion’s share of the roughly Then-President Trump at the Ellipse rally, which served as a jumping-off point for his supporters to head to the Capitol. Amy Kremer, chairwoman of $500,000 rally where Mr. Trump Women for America First, said spoke. event have previously been re- the Capitol building. Trump campaign staffers be- for a permit to host a separate in a statement: “We were con- Another far-right activist and vealed. Mr. Jones claimed in a Mr. Jones, who has publicized sides Ms. Wren assisted on the rally just after the inauguration, cerned because there was an ag- leader of the “Stop the Steal” video that he paid for a portion discredited conspiracy theories, logistics of the Jan. 6 rally, ac- but the group rescheduled for gressive push to have fringe par- movement, Ali Alexander, helped of the event but didn’t offer de- has hosted leaders of the Proud cording to the permit and Fed- Jan. 6 after the Dec. 19 Trump ticipation in our event.” coordinate planning with Caro- tails. Boys and the Oath Keepers, two eral Election Commission re- tweet, organizers said. Messrs. Alexander and Jones line Wren, a fundraising official Messrs. Jones and Alexander extremist groups prominent at cords. Women for America First’s spoke instead at a Jan. 5 rally who was paid by the Trump had been active before the the riot, on his radio and inter- Starting in mid-December, permit for the Ellipse rally listed organized by the Eighty Percent campaign for much of 2020 and event, calling on supporters to video shows. Mr. Alexander publicized plans several names and positions, in- Coalition. Mr. Jones’s seed who was tapped by Ms. Fancelli oppose the election results and Mr. Jones declined to re- “to march and peacefully occupy cluding Ms. Wren as “VIP coor- money in the end was used for to organize and fund an event go to the U.S. Capitol on Jan. 6. spond to requests for comment. DC with #StopTheSteal,” accord- dinator.” In the 2020 election that Jan. 5 rally, for which he ul- on her behalf, organizers said. Mr. Alexander tweeted on In a statement, Mr. Alexander ing to organizers and a message cycle, the Trump campaign and timately paid about $96,000, an On social media, Mr. Alexander Dec. 30 about the scheduled Jan. said Stop the Steal’s motto is saved by Devin Burghart, who a joint GOP committee paid Ms. organizer said. had targeted Jan. 6 as a key date 6 count for lawmakers to certify “peaceful but rowdy,” that the directs an organization that Wren and her consulting firm Thenextday,Ms.Wrenper- for supporters to gather in the Electoral College vote at the violence at the Capitol wasn’t tracks extremist groups. Mr. $730,000, according to FEC re- sonally escorted Mr. Jones and Washington to contest the 2020- Capitol, writing: “If they do this, planned by his group and said Trump on Dec. 19 urged sup- cords. Mr. Alexander off the Ellipse election certification results. everyone can guess what me none of his rhetoric incited vio- porters through to come Ms. Wren had been tapped to grounds before the two men The Ellipse rally, at which Mr. and 500,000 others will do to lence. Messrs. Alexander and for Jan. 6 protests that he said handle funding by Ms. Fancelli, marched to the U.S. Capitol, ac- Trump urged supporters to that building.” Jones said on Mr. Jones’s show would be “wild.” according to organizers. Ms. cording to organizers. march to the U.S. Capitol, was A hodgepodge of different that they tried to prevent pro- Mr. Alexander created a web- Fancelli donated more than Messrs. Alexander and Jones lawful and nonviolent. But it pro-Trump groups were plan- testers from entering the Capitol site called WildProtest.com, $980,000 in the 2020 election were at the Capitol grounds to- served as a jumping-off point for ning various events on Jan. 6. and sought to de-escalate the writing: “We the People must cycle to a joint account for the gether, and Mr. Jones supported many supporters to head to the Several of them, led by the pro- riot. Neither has been accused of take to the US Capitol lawn and Trump campaign and Republi- protesters with a bullhorn, video Capitol. Mr. Trump has been im- Trump Women for America wrongdoing. steps and tell Congress #DoNot- can Party, records show. footage shows. He urged them peached by the Democrat-led First, helped coordinate the El- A spokesman for the Trump Certify on #JAN6!” He planned Ms. Fancelli contacted Mr. to be peaceful and proceed to House, accused of inciting a mob lipse event; another group splin- campaign said it had no role in and publicized a rally to take Jones and offered to contribute the area where Mr. Alexander to storm the Capitol with re- tered off to lead a rally the night financing or organizing the El- place on the Capitol grounds to a Jan. 6 event, organizers had secured a demonstration marks urging supporters to before, at which Mr. Jones lipse event and didn’t direct for- that day. The website was taken said. Mr. Jones connected her to permit, according to Mr. Alexan- “fight like hell.” ended up speaking, and the mer staffers to do so. A spokes- offline after the riot. an organizer through Ms. Wren, der and the footage. Few details about the funding group organized by Mr. Alexan- woman for Mr. Trump declined A representative of Women who handled the funding as she —Ted Mann and organization of the Ellipse der planned a protest outside to comment. At least five former for America First had applied helped coordinate the logistics contributed to this article. U.S. WATCH

CHICAGO The school system had planned TENNESSEE Impasse Over School to relaunch in-person learning for Body of Suspect in kindergarten through eighth-grade Reopening Unresolved students on Monday, but delayed Double Murder Found the call for students to return to Chicago schools inched closer Tuesday. The body of a double-murder to a potential strike over the Teachers, though, were told suspect was found at the same city’s plan to reopen elementary they needed to return to class- Tennessee lake where two duck schools this week as talks stalled rooms to prepare, despite a heavy hunters were fatally shot, authori- with the teachers union over the snow Sunday that made travel ties said. plan’s safety. difficult for most of the day. The body of David Vowell was The district on Sunday evening The city has had only limited recovered and identified Saturday ordered teachers in grades K in-person teaching since last in Reelfoot Lake in northwest through 8 to return to their spring. Tennessee, the Tennessee Bureau school buildings Monday and On Saturday, the city said it had of Investigation said. The agency threatened to cut off their access resolved four areas, including said Mr. Vowell, 70, was wanted to remote-learning software if health and safety protocols, venti- on two counts of first-degree they didn’t. lation, contact tracing and health murder in connection with the The union has said any such and safety committees. shooting deaths of Zachery move to retaliate against teach- The mayor acknowledged Sun- Grooms, 25, and Chance Black, 26. ers who didn’t show up for in- day that the sides remained apart The Weakley County residents person learning would spark a on issues including vaccinations. were shot in a duck blind.. strike. —Joe Barrett —Associated Press FROM PAGE ONE White House spokeswoman its grip on power, the U.S. and Military Jen Psaki said about the de- other foreign governments be- velopments in Myanmar, also gan lifting longstanding sanc- known as Burma. tions against the country. Ms. Takes Over “The opposes Suu Kyi’s party came to power any attempt to alter the out- in the 2015 vote that marked a come of recent elections or historic shift. Her official title Myanmar impede Myanmar’s democratic is state counselor, but she ef- Jacob Sanchez transition, and will take action fectively served as leader of Diagnosed with autism against those responsible if the Southeast Asian nation be- ContinuedfromPageOne these steps are not reversed.” fore the coup. Myanmar’s election commis- She added that those de- Still, the military has re- sion has denied the claims. tained should be freed. mained powerful. The consti- Parliament was scheduled Myanmar’s military couldn’t tution grants it control of the to convene on Monday for its be reached for comment. defense and interior minis- first session since the election. Myo Nyunt, a spokesman tries. Soldiers are also guaran- The announcement on mili- for Ms. Suu Kyi’s party, the Na- teed a quarter of the seats in tary television said that the the parliament, enough to veto country’s Union Election Com- constitutional changes. Ms. mission didn’t adequately ad- Leader Aung Suu Kyi’s advisers have long dress allegations of voter list San Suu Kyi said she walks a tightrope and fraud, and that a state of was detained must be careful not to give the emergency was therefore nec- by the army generals an opening to retake essary to restore order and along with full power. stability. Power has been members of Ms. Suu Kyi, once cele- transferred to army chief Min her party. brated as a human-rights icon, Aung Hlaing and a state of was heavily criticized for her emergency has been declared handling of genocide allega- for one year, it said. tional League for Democracy, tions against Myanmar after a The White House said it said Ms. Suu Kyi, President brutal military operation was alarmed that the military Win Myint and other senior forced 700,000 members of “has taken steps to undermine party officials were detained the Rohingya Muslim minority the country’s democratic tran- by the military shortly after 4 out of the country. Ms. Suu Kyi sition,” and said President Bi- a.m. local time Monday. has echoed the military’s argu- den was briefed by national Ms. Suu Kyi is the daughter ments that the operation was security adviser Jake Sullivan of Myanmar’s independence a legitimate security opera- on the situation. hero and spent years under tion. Lack of speech is a sign of autism. “The United States is house arrest during military Monday’s events throw into Learn the others at autismspeaks.org/signs. alarmed by reports that the rule, winning a Nobel Peace turmoil a country whose move Burmese military has taken Prize for her struggle for de- away from military rule, albeit steps to undermine the coun- mocracy. slow and rocky, was seen as try’s democratic transition,” After the military loosened advancing democracy. .

THE WALL STREET JOURNAL. ***** Monday, February 1, 2021 | A7 U.S. NEWS U.K. Push On Viral Sequences Pays Off BY JOANNA SUGDEN

LONDON—Every week across the U.K., a fleet of cou- rier trucks ferries chilled waste material from half a million Covid-19 tests to a genome-se- quencing facility in Cam- bridgeshire, in eastern England. The daily operation is part of a Covid-19 surveillance sys- tem that has made the U.K. the world’s leading sequencer of the coronavirus genome and helped it spot a more conta- gious, and possibly more deadly, variant of the virus that in most countries would have long gone unnoticed. Viral sequencing—producing a kind of bar code for the vi- rus—has in recent months emerged as crucial in the global hunt for versions of the patho-

gen that are better adapted to KATIE CURRID FOR THE WALL STREET JOURNAL infect humans, evade vaccines Charles Smith II and his wife, Aniika Jackson-Smith, shown with their daughters, both were hesitant about Covid-19 vaccines but ultimately decided to get the first shot. and possibly to kill. Virus vari- ants first identified in the U.K., South Africa and Brazil have provoked concern among ex- perts. Some Health Workers Shun Vaccines The variant the sequencers uncovered in the U.K., which is BY JULIE WERNAU adviser for the Covid-19 pan- eral public would choose to get chief financial officer at Vibrant uary because she feels a re- now the dominant variety in demic, said in a video message the vaccine concerns public- Health in Kansas City, Kan. sponsibility as a health-care the country, has a mutation Efforts to disseminate to health-care providers. “It’s health officials. At the system of clinics provider not to discourage oth- that appears better able to bind Covid-19 vaccines as widely as important to protect your- Surveys of vaccine skepti- where Mr. Smith works, about ers from getting it. onto human cells. Studies sug- possible are hitting an unex- selves, to protect your family, cism of broader populations 30% of the staff have decided “My mind isn’t really gest it is 50% more transmissi- pected obstacle: health-care but as important, symbolically, have shown that people have against getting the vaccine to changed,” she said. “But I guess ble than the previous prevalent workers who decline the shots. as health-care providers, to become less hesitant as they this point, according to Vibrant in order for us to get past this, variant while other research Officials from Ohio said re- show confidence in the vaccine see others vaccinated. Health’s chief executive, Patrick people are just going to have to suggests it could be at least cently that 60% of nursing- so that other people in this Some health-care workers Sallee. take the vaccine or we’ll just be 30% more deadly. home staff so far haven’t country follow suit.” say they have passed up the Mr. Smith said he felt un- here forever.” New viral variants are more elected to take the vaccine. In In a survey of 1,563 respon- shot for altruistic reasons, be- comfortable with the speed of Heidi Arthur, chief campaign likely to be spotted in the U.K. New York, Gov. Andrew Cuomo dents conducted in January by lieving that others should get it the process and the lack of development officer at the Ad said in January that state offi- researchers at the Kaiser Fam- first. Several health-care sys- long-term data, but news that a Council, which has been run- cials expect 30% of health-care ily Foundation, 79% of U.S. tems said they have struggled more highly transmissible virus ning a large-scale public-ser- New viral variants workers offered the vaccine adults who haven’t yet been to persuade female employees variant was spreading made vice education effort about the will ultimately turn it down. vaccinated say they would be to get vaccinated due to a lack him take the leap. “There is an Covid-19 vaccines, said getting are more likely to be Two-thirds of the staff at a likely to turn to a doctor, nurse of data about the impact on expectation for the health in- health-care workers on board spotted in the U.K. Florida hospital refused the or other health-care provider pregnancy. Other health-care dustry to lead other industries wasn’t originally part of the vaccine in January, leaving so when deciding whether to get a workers say while they want to to say this thing is safe and plan. than anywhere else. many unused doses that the fa- vaccination. encourage others to get vacci- lead by example,” he said. “I “It was surprising, the level cility started giving away shots Meanwhile, 28% of 128 nated, when it comes to their feel like I’m shaking the dice, of hesitancy,” she said. to the general public. health-care workers in the Kai- own health, they are still wary. really.” Instead of health-care work- The hesitancy among health- ser survey said they want to “As I was getting my first Mr. Smith’s wife, Aniika ers lining up, the Ad Council than anywhere else. As of care workers concerns public- wait and see how the vaccine is shot, I asked the two nurses Jackson-Smith, a dentist, said found themselves pulling to- Jan. 29, the U.K. had submitted health officials who expected working for other people before who were administering it to she also hesitated to get a vac- gether a diverse group of lead- 44%, or around 190,000, of the America’s front-line workers to getting it themselves. While me how they felt when they got cine because she doesn’t feel ers within the industry, includ- genomes held in a global li- serve as a model for others. they weren’t the most resistant the shot. And they were on the enough is known about long- ing Dr. Fauci, to educate other brary run by the nonprofit “Please get vaccinated,” An- group the foundation studied, side of waiting. That scared me term effects. She said she de- health-care workers about the Global Initiative on Sharing All thony Fauci, who is serving as their outsize influence over a little bit, but I went through cided to make an appointment vaccines and address their con- Influenza Data, or Gisaid. That President Biden’s chief medical whether members of the gen- with it,” said Charles Smith II, to get the first shot in late Jan- cerns. is around 5.1% of the nearly four million cases detected in the U.K. Slow Rollout until mid-2022. Morocco planned to vacci- The U.S. is fast increasing its Pandemic “I’ve just been on the phone nate 80% of its population in At the current rate of vaccinations, few countries would inoculate sequencing capabilities—but this morning to some lovely the coming months, in part us- a large slice of their populations this year. only a handful of other coun- American clients,” said Mark ing Chinese vaccines, but offi- tries have contributed more Is Expected Daily Covid-19 vaccinations administered per 100 people Fraenkel, who owns Blue Dive cials said they haven’t re- than 1% to the library, which for select countries Port Douglas, a scuba-diving ceived all the supplies they means scientists’ understand- business near Australia’s Great need and have blamed manu- ing of where and how the virus To Linger Seychelles 203 Barrier Reef. “I said, ‘Let’s not facturers that can’t keep up. is mutating is patchy. Israel 200 book you for 2021. We’ll just Some analysts doubt other That represents a weakness UAE 099 have to cancel.’ ” countries can reach their in the global response to the ContinuedfromPageOne Serbia 065 Shippers, including DHL, are stated targets. In Indonesia, pandemic: Speedy detection of world would be inoculated by expecting air freight to get officials want to vaccinate 65% UK 053 new variants allows govern- the end of the year and 21% by tighter for the first part of this of a population of 270 million Iceland 039 ments to adjust restrictions the close of 2022, UBS said. year, not better, because fewer in 15 months, which would and limit travel from countries Just 10 countries are on track to US 039 planes are flying to carry cargo. more likely take three to four where new troublesome vari- vaccinate more than one-third Malta 026 Economies on target to vaccinate Intercontinental flight traf- years, according to analysts at s ants are prevalent. It also can of their population this year. Romania 019 one-third of the population in 2021 fic won’t return to 2019 levels IMA Asia. The Philippines help vaccine developers update The UBS data include hard- Finland 017 until 2023 at the earliest, the aims to vaccinate 70 million vaccines. hit middle-income coun- Poland 017 International Air Transport people this year. The U.K. says it plans to ad- tries such as South Af- Greece 015 Association forecasts. “We doubt if half the 2021 dress that weakness by export- rica where vaccination rates are Hungary 014 A central problem is that it goal can be reached,” IMA ing its expertise to countries expected to be painfully slow, Portugal 014 is proving hard to scale up Asia said in a recent report. with limited sequencing capa- though some countries it mea- Singapore 014 vaccine production quickly. De- Latin America’s two largest bilities. sured are expected to increase Slovenia 014 layed deliveries can have dom- countries, Brazil and Mexico, The U.S. has increased its the pace of vaccinations soon. Switzerland 014 ino effects on other buyers. have so far immunized just 0.8% contribution to the global cor- But richer regions are also In Europe, where several and 0.5% of their populations, Bahrain 013 onavirus genome database facing delays. European offi- top vaccines are made, pro- respectively. Argentina planned Cyprus 013 since December and has so far cials in recent days watched as duction issues emerged in De- to receive five million doses of added 20% of the total. It has their goal of vaccinating 70% of Lithuania 013 cember with factories saying Russia’s Sputnik V vaccine in assessed about 0.3% of Amer- the population by summer Estonia 012 they couldn’t keep up. Frus- January, but only 800,000 have Italy 012 ica’s Covid-19 cases. looked unachievable after Note: Latest update as of Jan. 30, latest data trated, the EU introduced new been delivered because of pro- Anthony Fauci, President Bi- doses ran out in some places, Sweden 012 for some countries are of earlier dates. measures on Friday that would duction delays in Russia. den’s chief medical adviser for with just 2% of European Turkey 012 Sources: Our World in Data (vaccinations); UBS let it block exports to wealth- Nigeria’s 206 million people the Covid-19 pandemic, said on Union residents covered so far. Germany 011 (economies on target) ier countries, such as Canada, have only one delivery sched- CBS on Sunday that U.S. au- The differing pace in vaccine Japan or the U.S. uled, of 100,000 doses, ex- thorities need to expand ge- rollouts world-wide raises the tions are vastly outpacing inoc- the country would continue to Slow production at a Bel- pected in February. nomic surveillance to identify prospect of divergent economic ulations. Both have become bar international visitors gian plant has meant Canadian Meanwhile, more people are variants of the virus. fortunes for the world’s main breeding grounds for more-in- through most of 2021. A se- officials recently received 70% putting plans on hold. When an RNA virus like the economic blocs, at least in the fectious new strains. In time, vi- nior Australian health official fewer doses of a Pfizer vac- Mohammed Waqas, a 25- one that causes Covid-19 repli- near term. The U.S. economy rologists expect the virus could recently made a similar pre- cine. The same troubles have year-old in London, initially cates inside a new host, mis- could grow by 5.1% this year, mutate an outcome they fear diction, in part because it isn’t left Japan struggling to get aimed to start a master’s pro- takes can be made in its genetic according to International might ultimately render our clear whether Covid-19 vac- doses it needs to vaccinate its gram in teaching at an Austra- code. Most don’t matter, some Monetary Fund forecasts, but current vaccines less effective. cines prevent transmission of population by the end of June, lian university in February. Mr. are proofread and corrected recoveries of the eurozone and Many scientists and policy the virus or just stop people a crunch that might mean few Waqas decided to defer enroll- and sometimes no mistakes are developing economies have be- makers predicted immunization from getting severely ill. fans for Tokyo’s Summer ment until at least July because made at all. But some of the er- come more uncertain given programs would take a long Even the world’s fastest- Olympic Games in July. Australia’s border is closed to rors, or mutations, are large in vaccination delays. time. Still, the unusually rapid vaccinating country—Israel— “I can’t tell you which most international visitors. number or important in chang- The U.S. and a few other development of vaccines raised remains in a lockdown. month,” said Taro Kono, the “I’m one year behind where ing the virus to affect its biol- countries could wind up enjoy- hopes that 2021 would mark a “This assumption that when minister in charge of Japan’s I would like to be,” Mr. Waqas ogy, in rare cases giving it an ing many benefits of herd im- return to normal for most of Jan. 1 came we could just burn vaccine rollout, when asked said. advantage over its predeces- munity but still be unable to the world. Economists began the old calendar and every- when the general public could —Chao Deng, Peter Landers sors. fully mend their economies upgrading their forecasts. thing would be fine is proving get immunized. and Samantha Pearson Coronaviruses mutate more because they are waiting on Global growth is still ex- to be a wildly optimistic view,” China also faces challenges. contributed to this article. slowly than some other viruses other places to catch up. With pected to be strong this said Robert Carnell, an ING Although it has started inocu- such as influenza, so initially borders shut globally, some year. The recovery is already Group economist in Singapore. lations using homegrown vac- scientists didn’t think there businesses even in vaccinated so strong in some places that The World Bank has fore- cines, without providing a would be enough mutations to countries would have to rely supplies of semiconductors are cast that remittances to the firm timeline for reaching make large-scale genomic se- on domestic demand. running short. developing world—a vital life- herd immunity, approvals and quencing worthwhile. “So long as the pandemic The U.S. and U.K. also expe- line—will fall 7.5% this year, af- production arrangements have But because the virus has in- terrorizes part of the world, rienced some early delays roll- ter a 7% drop in 2020. Concert come more slowly than antici- Day fected so many people, it has normality will not be restored ing out vaccine campaigns, halls and schools might remain pated, according to Trivium order by 2/10! had many opportunities to mu- anywhere,” said Erik Nielsen, only to see distribution pick closed longer than expected. China, a consultancy. tate. Some changes, including chief economist at UniCredit up as snags were worked out. Hotels in places such as Trivium estimates that a to- one in the U.K. variant now re- Bank. Still, the outlook is growing Southeast Asia and the Pacific tal of 850 million doses is the ported present in at least 64 Uneven vaccine distribution considerably more uncertain aren’t expecting business to high end of what is possible countries, confer evolutionary also means Covid-19 could keep elsewhere. Borders are closing fully rebound until the middle for China this year, while ad- Your Date advantages over their forebears circulating for years, especially across much of Europe. New of next year. Many interna- ministering at least 1.68 bil- in Roman Numerals that make that version of the in nations such as Brazil and Zealand Prime Minister tional students could be ab- lion doses would be consid- Earrings crafted in sterling silver w/solid 14K pink gold hearts - $450 virus more transmissible. South Africa, where new infec- Jacinda Ardern said last week sent from university campuses ered full inoculation. JOHN-CHRISTIAN.COM 888.646.6466 . A8 | Monday, February 1, 2021 THE WALL STREET JOURNAL. WORLD NEWS Thousands Arrested in Pro-Navalny Protests Rallies across Russia said the number of protesters was lower than the previous for jailed opposition week in part because riot po- politician spark broad lice had held public training exercises the day before on Kremlin clampdown the city’s main square, detain- ing dummies in a show of BY THOMAS GROVE strength. Marina Zheleznyakova, who MOSCOW—Russian police works with opposition party armed with batons and stun in Vladivostok, was guns detained thousands of also briefly detained. She said protesters who took to streets she was protesting against across the country to support what she called a political sys- opposition politician Alexei tem that is rigged against Navalny, as the Kremlin those outside the ruling sought to clamp down on a United Russia party. She said burgeoning protest movement. other protesters, however, In Moscow, protesters gath- came out because of regional ered on Sunday in front of the problems like pollution, defor- prison where Mr. Navalny is be- estation and a stagnating ing held before police chased economy. them through snowy back al- “The Far East has become a leys. In Russia’s far eastern city colony for Moscow,” she said. of Vladivostok, demonstrators “Problems have been building held their rally on the ice cov- up, and nothing is done about ering the Amur Bay to evade them, so young people are police after they barricaded a leaving.”

central square. In the Volga re- YURI KOCHETKOV/EPA/SHUTTERSTOCK Since the protests last gion city of Kazan, police forced Police detained some 5,000 protesters during Sunday’s rallies in support of opposition leader Alexei Navalny, including in Moscow. weekend, Russian authorities detained protesters to lie, some have increased pressure on facedown, in the snow. that monitors police arrests. tion voicing anger over falling system and rigged elections. the demonstrators and called protest leaders. Law-enforce- The demonstration of force In Moscow, riot police briefly living standards and shrinking “We’ve come to the point them “trash and traitors.” ment officials raided Mr. Na- by authorities aims to under- detained Yulia Navalnaya, Mr. political freedoms. where the risk is bigger to The scenes of police wres- valny’s home on the outskirts cut the staying power of a Navalny’s wife, and accused Daniil Prokopenko, 29 years stay home than it is to go out tling protesters into dirty snow of Moscow and detained his movement that was sparked her of participating in an ille- old, who attended last week- into the streets,” said Mr. stood in contrast to last week- brother who was there. Other by Mr. Navalny’s detention on gal demonstration. end the first anti-Kremlin pro- Prokopenko, who works as a end’s protests, when demon- top allies of Mr. Navalny, both Jan. 17. He was jailed after ar- The protests carry extra im- test in recent history in the courier, on his way to the pro- strators brawled with officers in Moscow and in other cities, riving home from Germany portance for the Kremlin small southern town of Anapa, test on Sunday. He said he and pelted them with snow- have been detained as well. where he had been recovering ahead of parliamentary elec- said he has been ambivalent gave up his dream of becom- balls. Adding to Sunday’s chaos, U.S. Secretary of State Ant- from a poison attack, trigger- tions later this year, as they about Mr. Navalny but that the ing a judge after he saw he one man in Moscow set himself ony Blinken criticized the ing rallies across the country have already showed signs of whole system created under needed political connections on fire as police chased demon- heavy-handed tactics over Twit- last weekend. swelling beyond a narrow President fa- to get ahead after university. strators through the streets. ter: “We renew our call for Rus- Across the country, police movement in support of Mr. vors a small, well-heeled elite Mr. Prokopenko said he was Neither his identity nor his mo- sia to release those detained for detained some 5,000 protest- Navalny and have attracted and stifles change through detained in Sunday’s protest in tive could be determined. exercising their human rights, ers, said OVD-Info, a group broader swaths of the popula- corruption, a skewed court Anapa, where police ridiculed In Vladivostok, organizers including” Alexei Navalny.

Turkey that hosted aid work- thorities, instead of a reference A Son ers, journalists, informants and to the chain of Mexican-food Westerners fighting with the restaurants. Weeks later, on Kurds. July 23, Mr. Abbas said he got Vanishes Parts of the city were con- a message from Gen. Ibrahim: trolled by the Assad regime, “Looks like your guy will make and getting around safely re- it.” In Syria quired local experience. After checking into the Asia Hotel on Bread, blindfolds May 25, Mr. Goodwin set out to ContinuedfromPageOne meet his contact at a restau- By that time, Mr. Goodwin Then the line went dead. rant a short walk away. He had been to court four times in It would be weeks before didn’t know he was heading to- Damascus. Syrian authorities Ms. Goodwin and her family ward a part of town that locals accused him of illegally enter- would learn what happened: called the Bermuda Triangle. ing Syria from Kurdish-con- How her 32-year-old son had Mr. Goodwin called his trolled territory. In court, he taken a wrong turn and ended mother on FaceTime as he had neither a translator nor an up in the basement of a Syrian walked toward the roundabout, attorney to defend him. prison, a place where he could which served as a crossroads After his last call to his hear the screams of prisoners. for areas controlled by the Syr- mother, Syrian soldiers put him Mr. Goodwin’s disappear- ian government and others in a minivan and took him to a ance thrust his Midwestern controlled by the Kurds. cinder block cell in the middle family into the world of hos- “We’re from here and we’re of a field, Mr. Goodwin told the tage negotiations, prompting afraid to go there,” said Sulei- Journal in his first public ac- them to seek help from FBI man Hassan, manager of the count of his captivity. He agents, the Vatican, Middle Asia Hotel. feared he would be executed. East intermediaries, a cagey He was blindfolded, hand- Russian emissary and Syria au- Family ties cuffed and flown by cargo thorities skeptical Mr. Goodwin plane to Damascus, where he was anything but a spy. Mr. Goodwin’s parents re- was locked in a solitary cell. President Trump during his turned to St. Louis after the Guards served him bread, term in office used military last phone call with their son, boiled potato and water. force and diplomatic pressure and, as the days passed, their Mr. Goodwin used a rock to bring home more than 50 worries grew. Wherever he chip to carve a calendar on his Americans held in more than was, Mr. Goodwin had always wall that included dates for the two dozen countries. In its fi- checked in regularly. ongoing Stanley Cup Final. “A nal months, the Trump admin- His round-the-world quest normal prisoner spends their istration worked unsuccessfully had started years earlier. In time counting down the days

to strike a deal with Syrian 2012, he moved to Singapore to CLOCKWISE FROM TOP:to SAM GOODWIN; SCOTT MCINTYRE FOR THE the WALL STREET JOURNAL (3) end of their sentence,” President Bashar al-Assad to oversee investor relations for a Top, Sam Goodwin toured Chad in April 2019, the 171st country he had visited. Bottom, left to he said. “Hostages count up.” Austin Tice, a freelance startup developing an online right, his parents Elizabeth and Tag Goodwin, and his sister Stephanie McCue. After 27 days in solitary journalist abducted in 2012, as game. From there, he traveled confinement, he was trans- well as Majd Kamalmaz, a Syr- all he could. By 2018, he had nections to reach a Russian they were trying to learn if the ing if the call was a hoax. He ferred to Adra Prison, a deten- ian-American last seen at a Da- visited 120 countries. emissary who said he could ask American was a spy. Gen. Ibra- asked for a photo of the note. tion center where human- mascus checkpoint in 2017. Sam Goodwin’s father, the Russian ambassador in him told the Syrian officials “Safe-alive,” the handwrit- rights activists said political In the end, the U.S. govern- Thomas Aquinas Goodwin, who Syria. Some U.S. officials dis- that Mr. Goodwin was a way- ten note said. “Adraa Prison— prisoners were tortured. ment played only a supporting goes by “Tag,” was working as couraged the Goodwins from ward traveler, according to Damascus Central Prison. USA There, Mr. Goodwin shared a role. The family would have to a senior vice president at Par- working with the Russians. people briefed on the talks. He Embassy in Beirut—I need le- cell with about 30 other in- forge a rescue plan, tapping sons Corp., a technology pro- Others said that Moscow, one called Mr. Goodwin “a nobody.” gal/consular help!” mates and tried to figure out their own resources and con- vider in the global defense, in- of Mr. Assad’s important allies, Syria’s intelligence chief, Ali The undated note contained how to get help. One of his nections, and whatever courage telligence and critical might provide the best chance. Mamlouk, wasn’t persuaded. a telling detail. “I always order cellmates offered to smuggle and luck they could muster. infrastructure markets. Ms. Mr. Goodwin’s younger sis- “There are no tourists in the salmon when eating at the out a note for Mr. Goodwin in Syrian officials didn’t re- Goodwin is president of a Cath- ter, Stephanie McCue, called Syria,” he said, according to Missouri Athletic Club.” his dirty laundry. He included spond to requests for com- olic girls high school. Stephanie Hajjar, her former the people briefed. It was the first clear evi- mention of his favorite salmon ment. They called the FBI, State college roommate at Belmont dence Mr. Goodwin could be dish at the Missouri Athletic Mr. Goodwin’s trip to Syria Department and U.S. diplomats University in Nashville, Tenn. alive. The FBI pressed the Club. A week later, Mr. Good- started with a chance meeting in the Middle East. FBI agents “Is there any way I can Goodwins to reveal what win found his Instagram con- in May 2019 at an airport in asked the Goodwins if their son help?” Ms. Hajjar asked. “Unless you know sources they were working nection. A Syrian prisoner Fiji. He ran into Joss Stone, a was someone who would join a “Unless you know someone someone who is with in Lebanon. The family named Ala’a told Mr. Goodwin Grammy Award-winning musi- group in Syria, where small who is friends with Assad, declined. Mr. Abbas had asked that he could use his daily calls cian nearing the end of her numbers of Americans had please just pray,” Ms. McCue friends with Assad, the Goodwins to be discreet. with his sister to get a message own odyssey to sing in all the come to join Islamic State or said. “Let me call you back,” please just pray.” At the end of June, Mr. Ab- to the Goodwin family. world’s countries. She had just U.S.-backed Kurdish forces. Ms. Hajjar said. bas asked the Goodwins to stop performed in northeastern Two weeks after Mr. Good- Ms. McCue didn’t know that any other private effort they Open door Syria, an area largely con- win disappeared, his parents Ms. Hajjar’s uncle, Joseph Ab- were making to get their son trolled by U.S.-backed Kurdish flew to Washington for a meet- bas, was a retired Lebanese On June 16, Mr. Abbas home. The family agreed. On July 25, 2019, Mr. Abbas forces mopping up a four-year ing with members of the FBI- military official. He was friends passed along a message from On July 6, Ms. McCue, Sam’s called the Goodwins. “Assad campaign to shatter Islamic led Hostage Recovery Fusion with Maj. Gen. Abbas Ibrahim, his friend—Gen. Ibrahim—say- sister, received an Instagram has agreed to release Sam,” he State’s self-declared caliphate. Cell, which includes staff from Lebanon’s top security official, ing their son was safe and be- message from an unknown ac- said. “How soon can you get to Syria would be the 181st the State Department and the and no one in the region was ing held by the regime in Da- count with no followers and no Beirut?” country Mr. Goodwin planned Pentagon. Officials warned better placed to help. He had mascus. Ms. Goodwin was posts. “Your brother is with my In Damascus, Syrian guards to visit. He was by then a sea- things might go badly. secured freedom for other skeptical; Mr. Goodwin gained brother in the prison,” the told Mr. Goodwin to pack his soned traveler, having passed The Goodwins followed FBI Westerners held by the regime. hope their son was alive. message read. “Tell Slan and B things. through Yemen, Somalia, Af- advice to keep their son’s dis- The Hajjars connected Mr. Then, the Goodwins re- happy birthday.” The Goodwins arrived in ghanistan and North Korea. appearance out of the news. Goodwin with Mr. Abbas but ceived a confounding message Ms. McCue knew it was Beirut with Mr. Abbas, a supply Ms. Stone said she put Mr. The family set up their own they didn’t tell the family that from their Russian contact 12 from her brother because he chain executive for a life sci- Goodwin in touch with Sangar task force with a half-dozen the person helping them in days later: “The Russian am- used the nicknames of their ences company in Connecticut. Khaleel, an Iraqi journalist who friends and allies. It was Lebanon was Gen. Ibrahim. All bassador to Syria says Sam is mother and sister. She didn’t They drove into Beirut in an had helped her and many re- named SG23—using Mr. Good- Ms. Goodwin knew was that not under Damascus ar- wait to tell the FBI before re- escort of black SUVs. porters get permission to enter win’s initials and the number there was a “guy named Joe in rest—100%.” sponding. “Please tell Sam that On the way, a soldier Kurdish-controlled northeast- he wore for his Niagara Univer- Connecticut” who had a friend I love him, to stay strong, and handed Ms. Goodwin a phone. ern Syria. In late May, before sity hockey team, the Purple in Lebanon who could help find Message home I can’t wait to eat a Chipotle “Welcome to Lebanon,” her crossing into Syria from north- Eagles. The Goodwins sent a her missing son. burrito together,” she wrote. A son said. When the family re- ern Iraq, Mr. Goodwin and Mr. letter to Pope Francis and First, the Goodwins had to On June 30, five weeks after response arrived the next day. united in Gen. Ibrahim’s office, Khaleel sent Ms. Stone a short pressed for help from the Vati- reassure Mr. Abbas their son Sam Goodwin went missing, “Sam said that he love you Ms. Goodwin threw her arms video to say hello. can’s ambassador to Syria. A wasn’t working for the Central his father got a call from a and can’t wait to eat the Chi- around her son. “Are you OK?” Mr. Goodwin chafed at pay- friend put them in touch with Intelligence Agency. Florida number he didn’t rec- potle burrito too and asked if she whispered in his ear. ing $500 a day for a local guide former U.S. Navy SEALs who At Mr. Abbas’s urging, Gen. ognize. A man speaking broken the Blues won the cup??” “I always knew miracles and had arranged to meet a asked if the family could pay Ibrahim raised Mr. Goodwin’s English said he had a letter FBI agents told the Good- were real,” Ms. Goodwin said. contact alone in Qamishli, a $1.5 million in ransom. case with Syrian officials who from Mr. Goodwin’s son. Tag wins that “Chipotle” might “I just never thought God Syrian city on the border with The couple used family con- told the Lebanese general that Goodwin was rattled, wonder- sound like code to Syrian au- would do one for me.” . THE WALL STREET JOURNAL. Monday, February 1, 2021 | A9

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“Saturday Night Live” sketches. ground when she’s “People need the sodes of “The Joy of Painting.” Peacock as chairman of direct- TV’s Next Amazon’s IMDb TV has chan- working from home ability to have Even as viewers have em- to-consumer and international nels such as Crime 360, fo- in Little Rock, Ark. choice and to be in braced the on-demand options at NBCUniversal, says that cused on true crime. Last So she streams control, but most of Netflix, and others in streaming channels are just in Big Thing: week, Discovery+, the recently- Nosey, a channel on people don’t actu- the streaming wars, they have their infancy. He points toward launched streaming service Pluto TV, that serves ally exercise that remained stubbornly attached Spotify as inspiration for the that is home to shows from up titles such as control very often,” to their favorite chan- direction he wants to take Channels networks including HGTV, Ani- “The Jerry Springer says Tom Ryan, the nels. Nielsen says that in De- Peacock’s channels. mal Planet and TLC, released a Show” and “Maury” co-founder of Pluto cember, Americans over the While Spotify users have ac- collection of channels dedi- 24 hours a day. and the president age of 2 spent an average of 4 cess to millions of songs at ContinuedfromPageOne cated to shows such as “90-Day She likes having and CEO of - hours and 46 minutes a day us- their choosing, he notes that Sometimes people just Fiancé´” and “Fixer Upper.” channels dedicated CBS Streaming. ing their TV sets and that 73% many listen to playlists made want to click on a channel and Even Netflix, which popular- to certain shows, “They actually want of that time was spent watch- up of songs someone else have someone else decide what ized both binge-watching and saying it’s like “hav- the path of least re- ing cable and broadcast televi- chooses. Mr. Strauss envisions they watch—even if it’s a mara- spending an evening scrolling ing TV on shuffle.” Fascinating sistance.” sion (including DVR). a day when users can tune in thon of “Three’s Company.” aimlessly trying to decide what Pluto TV, which Greg Williams, an “The unbundling of chan- to a channel that has been cre- Streaming services, which to watch, is thinking focuses on channels, launched IT professional in Knoxville, nels and the ‘let me watch it on ated for them, with shows pro- opened up the buffet of pro- about channels. in 2014 and is now owned by Tenn., who founded the Face- my schedule, exactly what I grammed around the time of gram choices, are bulking up “We’re always looking at ViacomCBS. It offers thousands book group “Unofficial Pluto want, when I want,’ all that day they tend to watch them— their offerings of free, ad-sup- new features to help our mem- of movies and TV episodes on- TV Viewers and Fans Page,” sounds great until you’re sit- perhaps news in the morning ported channels that look a lot bers discover great shows and demand. But roughly 90% of says he pays for at least five ting there juggling remote con- and a couple movies at night. like traditional cable channels. films more easily,” a Netflix the watching done by the ser- different ways of watching TV trols, trying to remember pass- For now, Ms. Merryhill is Viewers can watch channels spokesperson said. “This web- vice’s more than 36 million and movies—from Netflix to words, googling to figure out happy with what’s available. programmed around genres— based linear feed test, which is monthly global users is on its Disney+ —but he watches Pluto which services has the show She has a list of channels dedi- drama, comedy, or game only available in France, offers more than 250 channels—ded- the most. He devours “An- you wanted to watch and all cated to specific shows that shows—as well as channels a ‘lean back’ viewing experi- icated to things such as the tiques Roadshow,” “Mystery you want to do is relax for a she will be exploring on Pluto. dedicated to a single show. ence.” ‘90s, love stories, animated Science Theater 3000,” “Teen- period of time,” says Eric “There will be a night, I NBCUniversal’s Peacock of- Tiffany Merryhill says she comedy and specific titles such age Mutant Ninja Turtles,” Schmitt, a senior director ana- guarantee you, in the next cou- fers channels, including SNL likes to have something “really as “Three’s Company” and and channel 518, The Bob lyst at Gartner. ple weeks, that I’ll want to Vault, a continuous flow of trashy” playing in the back- “Star Trek.” Ross Channel, dedicated to epi- Matt Strauss, who oversees watch ‘Baywatch.’ ”

Large groups’ intent to break outrageous material as com- Facebook Facebook’s rules was often ments on other posts—a tactic overt, the August presentation meant to confuse Facebook’s au- noted, with administrators tomated moderation systems. Remakes coaching users on how to post Facebook declined to discuss offensive material in ways that the specifics of its handling of would escape Facebook’s auto- the researchers’ findings. ‘Groups’ mated filters. On October 20, the Mozilla Foundation, which makes the Firefox browser and says it pro- ContinuedfromPageOne ‘Toxic atmosphere’ motes a healthy internet, ran a ing Groups’ rapid growth pre- “They are deliberately creat- full-page ad in the Washington sented an obstacle to their ef- ing this toxic atmosphere,” Face- Post calling for Facebook to dis- fort to build healthy online book’s researchers wrote of ad- able its algorithmic Group rec- communities, and the company ministrators of the “Kayleigh ommendation systems. “Count- struggled internally over how to McEnany Fan Club,” named af- less experts—and even some of contain them. ter—not associated with—the your own employees—have re- The company’s data scien- Trump administration press sec- vealed how these features can tists had warned executives in retary. The researchers said the amplify disinformation,” it said. August that what they called Group largely functioned as a Ashley Boyd, Mozilla’s vice blatant misinformation and calls distribution system for “low- president for advocacy and en- to violence were filling the ma- quality, highly divisive, likely gagement, said she had dis- jority of the top “civic” Groups, misinformative news content.” cussed the foundation’s con- according to documents The The comments in the Group cerns with employees from Wall Street Journal reviewed. included death threats against Facebook before the letter’s Those Groups are generally ded- Black Lives Matter activists and publication. “They didn’t say we icated to politics and related is- members of Congress, research- were crazy,” she said. “They

sues and collectively reach hun- HANNAH MCKAY/PRESS POOL ers said, and Facebook had said, ‘This is very similar to con- dreds of millions of users. Facebook CEO Mark Zuckerberg testifying remotely during a US Senate Judiciary Committee. flagged it 174 times for misinfor- versations we’re having inter- The researchers told execu- mation within three months. In nally.’ ” tives that “enthusiastic calls for signaled its displeasure with tures. Mr. Zuckerberg told the them to a vile crowd that imme- the comments under one post Before Mozilla published its violence every day” filled one Facebook’s handling of its plat- Journal at the time that Face- diately and repeatedly calls for about U.S. Rep. Ilhan Omar (D., letter, Facebook had temporarily 58,000-member Group, accord- forms in the months leading to book had devoted six months’ violence.” Minn.) that the presentation in- stopped making algorithmic rec- ing to an internal presentation. the election. work to ensure it made the shift Administrators had desig- cluded, comments included: ommendations to Groups dedi- Another top Group claimed it Mr. Zuckerberg said on an responsibly and was mindful of nated most of the Groups as pri- “I hope someone shoots her cated to political or civic issues, was set up by fans of Donald earnings call last Wednesday its obligation not to promote vate, so only members could but she lives and is paralyzed.” a Facebook spokesman said. Trump but it was actually run that Facebook’s users are tiring Groups containing dubious med- read them. Some were secret— “Maybe a bullet would do her Facebook halted showing by “financially motivated Alba- of the hyper-partisanship on the ical advice of unfounded con- people outside Facebook good.” previews of Group content to nians” directing a million views platform. “People don’t want spiracies with its algorithms. “If wouldn’t know they existed, “Bring back public hangings.” prospective new members, daily to fake news stories and politics and fighting to take over people really seek it out on their much less that they were gar- The Journal contacted five capped the daily number of invi- other provocative content. their experience on our ser- own, fine,” he said. nering millions of views a week. club administrators—most of tations members could send Roughly “70% of the top 100 vices,” he said, adding that Face- Groups became central to Americans didn’t run some of whom appear to be affiliated each day, and began freezing most active US Civic Groups are book is also considering steps to Facebook’s branding, as it bat- the most popular Groups, the with for-profit right-wing digi- comment threads when they re- considered non-recommendable reduce political content in its tled criticism over issues from August presentation noted. It tal-media sites—through Face- peatedly triggered automated for issues such as hate, misinfo, News Feed—the stream of baby data privacy to Cambridge Ana- deemed a Group called “Trump book and the contacts listed by filters, internal documents show. bullying and harassment,” the photos, birthday reminders and lytica’s role in the 2016 election. Train 2020, Red Wave” as hav- those outlets when available but Mr. Rosen confirmed the pre- presentation concluded. “We rants from distant relatives that In a 2020 Super Bowl ad, it cele- ing “possible Macedonian ties” didn’t receive a response. election moves. need to do something to stop greets users when they log in. brated amateur-rocketry buffs, and of hosting the most hate The new rules, which Face- these conversations from hap- Mr. Zuckerberg also said that bouldering clubs and rocking- speech taken down by Facebook book designed to be temporary pening and growing as quickly the company was rethinking chair enthusiasts—brought to- of any U.S. Group. and largely didn’t announce as they do,” the researchers whether Groups could be rede- gether through Groups. The Group grew to more than ‘We need to do publicly, couldn’t contain the vi- wrote, suggesting measures to signed to help people “grow as In a 2016 presentation about a million members within two something to stop ral growth of some Groups after slow the growth of Groups at individuals” in the same way Facebook’s halting efforts to months of its creation, accord- the election. least long enough to address vi- real-life communities can. “We combat polarization, which the ing to data archived by the fact- these conversations Most notably, a Group called olations. can make it so that Groups on Journal reported last year, a re- checking website Snopes, before from happening.’ “Stop the Steal” that was orga- “Our existing integrity sys- Facebook are not just a feed and searcher noted that extremist Facebook took it down in Sep- nizing election protests around tems,” they wrote, “aren’t ad- a place where you post some content had swamped large Ger- tember. the country grew to 361,000 dressing these issues.” content,” he said. man political Groups and that The Journal wasn’t able to members in less than 24 hours In response, Facebook ahead “64% of all extremist group joins contact the administrators of Facebook’s public-policy without any promotion from of the election banned some of are due to our recommendation the Group, whose personal team balked at taking action Facebook’s algorithms. the most prominent problem Groups pivot tools.” The presentation con- pages, some with dubious Eng- against prominent conservative When Facebook took it down Groups and took steps to reduce Facebook’s 2019 renovations cluded that “our recommenda- lish, were also removed. A re- Groups, and managers else- Nov. 5, the company said it “was the growth of others, according marked a strategic pivot away tion systems grow the problem.” quest for comment to a pur- where in the company ques- organized around the delegiti- to documents and people famil- from its News Feed and one of In response to the article, ported successor Group didn’t tioned proponents of the pro- mization of the election process, iar with its decisions. Still, Face- its most significant platform al- Facebook said it had fixed the receive a response. posed restrictions about the and we saw worrying calls for book viewed the restrictions as terations in years. recommendation problems. Most of the Groups were on effects on growth, according to violence from some members of temporary and stopped short of It emphasized content from The August 2020 internal the right end of the political internal documents and the peo- the group.” imposing measures some of its Groups, elevating it in the presentation showed other is- spectrum, but “Suburban ple familiar with the decisions. In response to rising fears of own researchers had called for, stream of material it served to sues emerging as U.S. Groups Housewives Against Trump” ap- Facebook’s platform-wide political bloodshed, Mr. Zucker- these people said. users. Giving priority to Groups, tied to mercenary and hyperpar- peared near the top of the rules forbid hate speech and berg that day approved addi- In the weeks after the elec- Facebook said, would help peo- tisan entities used Facebook’s charts, too, the August presenta- speech that incites violence. The tional “break glass” emergency tion, many large Groups—in- ple make meaningful connec- tools to build large audiences. tion said. Conservative or lib- company advises Groups moder- measures, including further re- cluding some named in the Au- tions with like-minded friends. Many of the most successful eral, the Groups shared a com- ators on how to maintain com- strictions on Groups with a his- gust presentation—questioned The shift came as Facebook Groups were under the control mon thread: They had munity rules. But rather than tory of bad behavior, according the results of the vote, orga- faced criticism that News Feed of administrators that tolerated harnessed passionate super-us- helping foster a civil tone, lead- to internal documents and peo- nized protests about the results was susceptible to foreign inter- or actively cultivated hate ers and Facebook recruitment ers of major politics-focused ple familiar with the decisions. and helped precipitate the pro- ference and other manipulation. speech, harassment and graphic tools to achieve viral growth. Groups encouraged members to After violence related to bal- tests that preceded the Jan. 6 Groups, once a subsidiary calls for violence, it said, noting Content from the top 10 civic break Facebook’s rules, threat- lot counting failed to material- riot. After the Capitol riot, Face- feature, were made central to that one top Group “aggregates Groups was seen 93 million ened to ban anyone who re- ize, Facebook began to loosen book took down more of the the app design, recommenda- the most inflammatory news times over the course of seven ported such content and di- some of the restrictions, accord- Groups and imposed new tion systems and dating fea- stories of the day and feeds days late in the summer. rected users to post their most ing to internal documents. rules as part of what it called an On Jan. 6, after the rally or- emergency response. ganized by Amy and Kylie Kre- Facebook has canceled plans mer—the mother-daughter cre- to resume recommending civic ators of the original “Stop the or health Groups, said Guy Steal” Group, which Facebook Rosen, Facebook’s Vice Presi- closed Nov. 5—a group of dent of Integrity, a role that Trump supporters stormed the oversees the safety of users and Capitol. The Kremers didn’t re- discourse on the platform. Face- spond to requests for comment. book will also disable certain Mr. Zuckerberg approved in- tools that researchers argued stituting the break-glass mea- had facilitated edgy Groups’ sures Facebook had recently rapid growth and require their lifted and added more restric- administrators to devote more tions on Groups, internal docu- effort to reviewing member-cre- ments show. ated content, he said. Facebook required adminis- “That helps us because we trators to approve more posts in can then hold them account- Groups with histories of violat- able,” Mr. Rosen said, adding the ing its rules—a technique Face- changes aren’t an admission book staff recommended in Au- previous rules were too loose, gust but that the company but show Facebook adapting to hadn’t fully implemented. emerging threats: “If you’d have Facebook will prevent Groups looked at Groups several years of any sort from being promoted ago, you might not have seen within their first 21 days of exis- the same set of behaviors.” tence. Facebook, like some other Other temporary measures— tech giants, has caught criticism such as the freezing of comment for banning certain content and threads classified as turning vile people, including Mr. Trump. It and daily limits on Group invita-

is also under the close eye of the CAROL GUZY/ZUMA PRESS tions—remain in place and may Biden administration, which has Trump supporters swarm the Capitol. Facebook has stepped up its efforts to exert more control over ‘Groups’ since the riot on Jan. 6. become permanent. .

THE WALL STREET JOURNAL. ** NY Monday, February 1, 2021 | A10A GREATER NEW YORK New Yorkers Travel Far to Get Vaccine Many say limited there were persistent issues. “Our goal is to get shots in supplies, frustrating arms as quickly and efficiently booking system have as possible—if New Yorkers in one area are not booking all them driving for hours available appointments, and someone is willing to travel to BY JIMMY VIELKIND get a shot, that only reflects the woefully inadequate supply of Facing a limited supply of vaccines we received from the Covid-19 vaccine doses and Trump administration,” he said. what they say is a disjointed Biden administration offi- system for securing appoint- cials said last week they would ments, some New York resi- increase the number of doses dents are planning to travel allocated to states, a move hundreds of miles across the that Mr. Cuomo welcomed. state to get a shot. Local leaders said their vac- Maura Laverty, a 66-year- cine allocations decreased old nurse from New Rochelle, when the hubs opened. Oneida a suburb of New York City, County Executive Anthony said she is preparing for a Picente, a Republican whose road trip after nabbing an ap- county includes the state hub pointment in a snow-covered just outside Utica, said the al- college town near the Cana- location for a drive-through dian border. distribution point set up by She said she spent hours the county dropped from searching for a spot at locally 3,000 doses during the week run facilities near her in of Jan. 5 to 500 doses for the Westchester County but was week of Jan. 20. The state site unsuccessful. She then turned opened on Jan. 19. to a state-run web portal that Mr. Holmes wouldn’t say lets any eligible New York state how many vaccine doses are

resident book appointments at CLOCKWISE FROMbeing LEFT: JACKIE MOLLOY FOR THE WALL STREET JOURNAL; LINDA PUIATTI; MAURA LAVERTY directed to the state 13 mass-distribution hubs run Peter Bartfeld, shown with his wife, Teri Schure, booked an appointment a six-hour drive away before finding one much closer. Dutchess hubs but said counties’ alloca- by the state government. County resident Linda Puiatti, top right, plans to go to Binghamton. Maura Laverty of New Rochelle will head near the Canadian border. tions were reduced because The Jacob. K. Javits Conven- the distribution network and tion Center, a state-run hub in state was diverting precious rent eligibility criteria, which residents can use city sites or appointments for herself and the eligible population that lo- Manhattan, was her first vaccine doses to its own include people 65 years or state hubs at the Javits Center her husband at a state-run hub cal health departments were choice, but the only available hubs—where any New Yorker older, health-care workers, or the Aqueduct racetrack in in Utica after a county-run focused on had changed. slots were at a location in Pots- can sign up for an appoint- nursing-home residents and Queens, each of which can vac- clinic near their home in Red Debra Blalock, 68, said she dam in St. Lawrence County. ment—instead of funneling staff, as well as essential cinate at least 1,000 people a Hook, N.Y., filled up in nine was concerned about road con- “Searching was an exercise them to local pharmacies, clin- workers including teachers. day. For nearly all of last week, minutes. Their appointments ditions, but still plans to drive in futility, so I’m going to ics or county-run sites that State officials said they re- the only sites with available ap- are on consecutive days, so to Potsdam from Dutchess make a nice little getaway,” serve area residents. ceive around 250,000 vaccine pointments were in Plattsburgh they will be spending the County for a vaccine. She grap- said Ms. Laverty, who decided Peter Bartfeld, a 70-year- doses a week. and Potsdam, which are in rural night in Utica, she said. pled with the ethics of obtain- she would work remotely from old lawyer, said he booked an Around 600,000 people regions. Officials say the two Linda Puiatti, a 65-year-old ing an appointment in another a vacation rental for a few appointment at a hub in have made appointments at sites can handle 500 appoint- painter from Dutchess County, part of the state, but said she days while she got the jab. Plattsburgh, which he esti- the state vaccination hubs, De- ments a day. is traveling to Binghamton. felt comfortable doing so be- Other New York residents mates is a six-hour drive from partment of Health spokesman Gov. Andrew Cuomo and “It’s a little bit sad that cause people who lived closer also said their vaccine appoint- his home in Valley Stream on Gary Holmes said, and roughly health officials say vaccine we’re doing this in this lottery had the same ability to sign up. ments were a good excuse for Long Island. He selected the 75% of them were made by doses are allocated around the fashion. The closest person to While dreading his trip a mini-vacation. But most de- spot after two weeks of failing New Yorkers from the same state based on population, and the phone gets the prize,” she north, Mr. Bartfeld said he scribed the appointment pro- to secure a closer location. region of the state. State offi- certain providers are tasked said. learned on Thursday that he cess as vexing and said they “This is absurd,” he said. cials didn’t respond to re- with focusing on certain Melissa DeRosa, the gover- was able to obtain a last-min- were frustrated that the state “Obviously, you have a misal- quests for demographic data groups: hospitals for health- nor’s top aide, said state offi- ute appointment at the state hadn’t allocated a greater location in the state. Why do about who has secured an ap- care workers, county-run sites cials were making sure there hub in Queens. The process number of doses to more people have to drive from pointment or been vaccinated. for essential workers including was parity between locals and was efficient and everyone densely populated regions. Long Island to Plattsburgh?” Long Islanders can use state teachers, and pharmacies for out-of-towners. Mr. Holmes was pleasant, he said. Local officials around the Roughly seven million New hubs at Jones Beach and SUNY people 65 or older. said the state might look at re- “Once you get that appoint- state have also complained the Yorkers meet the state’s cur- Stony Brook, and New York City Nancy Bendiner, 73, booked balancing the allocation if ment, it’s gold,” he said. Distribution Skews on Racial Lines Middle Schools Told BY DEANNA PAUL The city also expanded the AND KATIE HONAN list of priority neighborhoods To Ready to Reopen to include other affected com- Nearly half of New York munities, like Jackson Heights City residents who received a and East Elmhurst in Queens BY LEE HAWKINS statements by Mayor Bill de Covid-19 vaccination shot were and Flatbush in Brooklyn, Mr. Blasio in recent news confer- white, more than double any de Blasio said. Some of these New York City’s Depart- ences saying that he would re- minority group in the city, ac- are slated to open additional ment of Education has taken lease a plan in February about cording to data released Sun- vaccination sites. its first steps toward reopen- when the city plans to reopen day by city health officials. “We need to figure out how ing middle schools and high middle and high schools. The Hundreds of thousands of to overcome the other barriers schools, all of which have been official reopening could hap- New Yorkers have received that are holding back people closed for in-person instruc- pen in the spring, he said, de- shots since December, with from wanting to get vacci- tion since November as the re- pending on the availability of whites accounting for 48%. nated or holding back our abil- sult of rising coronavirus in- vaccinations and testing. The Blacks received 11% of the ity to reach as many people as fection rates across the city. mayor’s statements are draw- doses, while 15% went to we need to in those neighbor- The agency sent an email to ing concern from the city’s Asians and another 15% to La- hoods,” said Mr. de Blasio. middle-school principals Sat- teachers union, which says

tinos in the city. MARY ALTAFFER/ASSOCIATED PRESS Another challenge to city urday to prepare for the possi- testing and tracing in the The city’s vaccination data Patients received Covid-19 vaccination shots Sunday in the Bronx. efforts is that there are just bility of reopening, asking city’s schools “is at capacity,” is incomplete. As of Sunday, of- 53,000 remaining first doses them to complete a “School and vaccination is “lackluster.” ficials didn’t have demographic Covid-19 at more than twice were drawing up vaccination of the vaccine, according to In-person instruction survey” “The city is barely manag- information for 40%—or more the rate of white residents, ac- plans, which would include city health officials. by Feb. 5. The survey asked ing all the aspects of the cur- than 263,000—of those who cording to the Centers for Dis- partnerships with community New York City is distribut- them to detail their “capacity rent random testing program received the vaccine. Still, it ease Control and Prevention. organizations to ensure out- ing vaccines in phases, giving to provide in-person instruc- and tracing requirements,” offered the clearest picture yet “The disparity is very plain, reach to communities of color. priority to people with in- tion 5 days a week.” said Michael Mulgrew, presi- of which races and ethnicities it has to be addressed force- New York City’s health offi- creased exposure or severe ill- “We are encouraging your dent of the United Federation are receiving shots and show fully,” Mr. de Blasio said at a cials also have tried to distrib- ness. Eligibility criteria in- school to begin planning on of Teachers, which represents that vulnerable communities Sunday news conference. ute the vaccines in more vulner- clude individuals 65 years or how you will serve all blended 120,000 DOE employees. “They are starkly undervaccinated. Many states have pledged able neighborhoods. More than older, health-care workers, learning students in-person as are not prepared to handle any Mayor Bill de Blasio said to ensure the hardest-hit mi- 60% of the city-run public vac- nursing-home staff and resi- many days per week as possi- additional schools.” the data highlighted a “pro- nority groups would have cine sites already are operating dents and essential workers. ble, which may necessitate At a Friday news confer- found problem” of racial ineq- equal or priority access to the in the city’s hardest-hit areas, Vaccination appointments modifying previously assigned ence, Mr. de Blasio said he an- uity and the coronavirus pan- vaccine. In December, New and city officials have joined on Monday have been canceled teacher programs,” the agency ticipates that middle and high demic. Blacks and Latinos in York Gov. Andrew Cuomo said with churches and faith leaders because of the expected snow- said in the letter. schools will open during this the U.S. have been killed by that the state’s major hospitals to encourage vaccination. storm. The DOE’s letter follows school year.

STATE STREET | By Jimmy Vielkind Attorney General’s Report Puts Cuomo on the Defensive

New York inquiry into the fatalities. dents may have contributed James, who was elected in He said the report was showed concerns over nurs- state Attorney Republicans and some Demo- to increased risk of infection 2018, had put Mr. Cuomo on “stunning and courageous” ing homes weren’t partisan. General Letitia crats said the state’s and subsequent fatalities, the defensive, veterans of because it highlighted a sensi- Ms. James’s office has James’s report monthslong refusal to say but additional data analysis the state attorney general’s tive point for Mr. Cuomo. “She standing authority to investi- on how the how many nursing-home res- is needed. The report recom- office and political observers has now kicked him in his gate nursing-home practices. coronavirus hit idents died at hospitals left mends standardized public said. The result, they say, Achilles’ heel,” Mr. Vacco said. Her spokeswoman said that nursing homes in the state them with an incomplete pic- reporting of Covid-19 deaths could mean a rockier rela- State legislators in both Mr. Cuomo requested an in- struck a sore spot for Gov. ture as to what happened in nursing homes, setting re- tionship with Mr. Cuomo, a parties redoubled their calls vestigation in April and that Andrew Cuomo, who has and how policies might need quired staffing levels at for a more thorough investi- the report was written based faced criticism from state law- to change. nursing homes and repealing gation of what prompted on what was found. Most of makers over that aspect of his Dr. Zucker said the health a liability shield covering nursing-home deaths. Law- the 76-page document talked management of the pandemic. department accurately nursing-home operators that Governor has faced makers said they expect Dr. about deficiencies at nursing The report said the coro- logged deaths where they oc- was enacted in April. criticism for handling Zucker’s scheduled appear- homes, including their fail- navirus death toll attributed curred, and was ensuring Rich Azzopardi, a senior ance at a February budget ure to follow infection-con- to nursing homes was under- data on hospital transfers adviser to the governor, said of the pandemic in hearing will be contentious. trol protocols and problems stated by roughly 50%. It were accurate. the report said that the nursing homes. Mr. Cuomo said at a press that were exacerbated by a prompted state Health Com- Republicans said the state March 25 order was consis- conference on Friday that lack of staff. missioner Howard Zucker to was engaging in a coverup, tent with federal guidance where nursing-home resi- “The findings—publicly say after its release that in and they have used the point and homes should only have dents died wasn’t relevant, available for anyone to exam- addition to the 8,914 people to attack Mr. Cuomo. Repub- admitted residents if they fellow Democrat who en- and he was unfamiliar with ine—are a result of arduous the Health Department be- licans have criticized a could provide proper care. dorsed her 2018 election bid legislation to roll back the li- efforts by dedicated investiga- lieves died from Covid-19 at March 25 health department “We’re focused on fight- and helped her raise funds. ability protections. He said tors and attorneys,” spokes- nursing homes, another 3,829 directive that said nursing ing this pandemic and get- “This clearly is a line of Republicans, including for- woman Delaney Kempner nursing-home residents died homes couldn’t turn away ting the vaccines and fund- demarcation where she is mer Trump administration said. “To inject politics would from the disease after they patients simply because they ing New Yorkers need and declaring her political inde- officials, were politicizing be an insult and take away were taken to hospitals. had tested positive for the deserve from Washington— pendence,” said former state the issue. Senate Minority from all the hard work of the The document, released coronavirus. period,” he said. Attorney General Dennis Leader Robert Ortt, a Repub- professionals in this office.” Thursday, gave new life to Ms. James’s report said The report also marked Vacco, a Republican who was lican from Niagara County, the legislative push for an the admission of such resi- the first time that Ms. in office from 1995 to 1999. said Ms. James’s report [email protected] .

A10B | Monday, February 1, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Parents Seek Louder Voice In District Vote

BY LESLIE BRODY munity to most seats on the board for more than a decade. SPRING VALLEY, N.Y.—Resi- Many voters aimed to rein in dents in a school district just property taxes and increase north of New York City are government-funded services voting for board trustees in a for private-school children, new system that civil-rights such as busing and programs advocates and a federal judge for the disabled. say offers Black and Hispanic The public schools have voters a greater voice in their been plagued by budget woes children’s education. and low achievement. Some The special election has years the district severely cut emotions running high in the teaching staff, classes and the East Ramapo district, where arts. A scathing 2014 report by the school board has long a state-appointed monitor been dominated by Orthodox faulted the school board for Jewish men from a community reckless mismanagement,

whose children don’t attend overspending on more busing ENID B. ALVAREZ FOR THE WALL STREET JOURNAL public schools. than the state required for pri- A classroom at Lime Kiln Elementary School. Nearly all the public-school children in the East Ramapo district are Black or Hispanic, Nearly all the roughly 9,200 vate-school children, and per- but the school board has long been dominated by Orthodox Jewish men from a community whose children attend private schools. public-school children are low- sistently failing to act in the income and Black or Hispanic, best interests of public-school Black and Hispanic residents. court order and expects a full voters rather than private- email. “The bottom line is that including many immigrants students. The New York Civil Liberties and fair, open election.” school community leaders or- funding public schools through who arrive speaking little Eng- Orthodox leaders have said Union represented the NAACP, The plaintiffs’ lawyers say chestrating who gets a posi- property taxes is a recipe for lish. Nearly all of the 28,700 they work for all children, and with help from law firm the case illuminates unjust tion. conflict and inequity.” private-school students who state formulas for allocating Latham & Watkins, which said barriers to voting in local One new candidate is The district’s performance live in the district are white, aid don’t fit the district’s it is donating its fees to a non- races elsewhere. Sherry McGill, a Black math has ticked up since the state and most attend yeshivas. unique imbalance of private profit that serves local stu- “This at-large, winner-take- teacher. She said she wants to deployed monitors to oversee The new system for picking and public enrollment. dents. all voting system is a tried- boost accountability, advanced its operations, starting in trustees comes after years of The at-large system vio- and-true tactic of the white courses and communication 2015. About 28% of its chil- litigation. Advocates and can- lated the Voting Rights Act, segregationist South,” said with families. dren in grades three to eight didates are rushing to get out The new system for according to the opinion Judge Donna Lieberman, executive “What I hear from other passed state tests in reading the vote through phone banks, Cathy Seibel of the Southern director of the New York Civil parents is they feel out of the in spring 2019, the last year online events and social me- picking trustees District of New York wrote Liberties Union. loop,” she said. available. Its graduation rate dia. Ballots must be mailed or comes after years last May. She said influential Racial vote dilution in Mark Berkowitz, an Ortho- rose to 65% last year, com- dropped off by late Tuesday. leaders of the white private- school-district elections is dox trustee running for an- pared with 85% statewide, by Ana Maeda-Gonzalez, a of litigation. school community worked be- common but legal fights over other term, worries the new state data. mother of three who leads a hind the scenes to choose, it are relatively rare because system might encourage trust- Interim Superintendent Ray Latino parents group called promote and install their own these cases are so time-con- ees to advocate only for their Giamartino said the millions of Union de Padres of East Ram- candidates for districtwide suming and expensive, said own wards. dollars spent on litigation and apo Central School District, Under the old election sys- seats. NYCLU attorney Perry Gross- “You have to be ready to dealing with the coronavirus said she hopes the special tem, residents voted for at- Black and Latino voters in man. The American Civil Lib- work together,” he said. pandemic contributed to a election will motivate parents large candidates for nine dis- East Ramapo “have been frus- erties Union won such a case Shani Bechhofer, an Ortho- likely deficit of at least $15 who in the past assumed their trictwide seats. The new trated in that most fundamen- against the Ferguson-Floris- dox educator and school con- million in this school year’s votes wouldn’t matter. process divides the area into tal and precious endeavor” of sant School District in Mis- sultant in Monsey, said she roughly $247 million budget. “Hopefully parents will nine wards, and residents can voting, she wrote. “They, like souri in 2017, for example. wishes candidates would try If potential state and fed- know there are more people vote only for a candidate who their white , are en- Currently in East Ramapo, to defuse intercultural hostili- eral relief don’t come through, fighting for their children of lives in their ward. In three titled to have their voices Black women hold three of the ties, and said that many neigh- he said the district faces staff color,” she said. wards, a majority of eligible heard.” nine board seats. Judge Seibel bors struggle with high prop- cuts. The Rockland County dis- voters are Black or Hispanic. The district lost its appeal noted the white slating organi- erty taxes. “What our students must trict spans several towns in- The Spring Valley National and has asked for a rehearing zation faced pressure to install “I don’t think this new ward have,” Dr. Giamartino said, “is cluding Spring Valley and Association for the Advance- at the appellate level. public-school representatives system will solve the problems equitable access to those high- Monsey. The area has at- ment of Colored People sued Board President Harry due to the litigation and state plaguing this unusual district; quality programs and services tracted a surge of Orthodox the district in 2017 to over- Grossman declined an inter- monitor. Public-school advo- it will just alter the incentive that their same-age peers in and Hasidic families, who have turn the at-large system, say- view, but said by email the cates say under the new sys- structure, given scarce re- every single one of our neigh- voted members of their com- ing it diluted the votes of board “is complying with the tem, trustees will answer to sources,” Dr. Bechhofer said by boring districts have.”

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© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, February 1, 2021 | A11 The CIA Fine-Tunes Its Hiring Pitch The agency has revamped its recruiting to attract younger workers who might be skeptical of its mission

AT WORK 44% of those under 30 believed that the CIA’s post-9/11 interroga- KRITHIKA tion practices were justified, ver- VARAGUR sus 60% of those over 50. The CIA declined to comment on the prisons. In 2014, then-di- ecruitment was a rector John Brennan declined to clubby affair in the label any of the techniques as earliest years of the “torture,” but described some un- Central Intelligence authorized interrogation methods R Agency. The CIA, as “abhorrent.” founded in 1947, Today, the CIA’s digital face- scoured Ivy League campuses and lift coincides with a new presi- elite East Coast social circles to dential administration. Mr. Bren- find promising young men (and a nan, whose directorship ended in handful of women) to fill out its 2017, says the Biden administra- ranks at home and abroad. tion has sent out a “very strong Today, the agency is turning to signal on diversity” with its intel- more public tools in a hiring push ligence appointees, including the to expand and diversify its ranks. first-ever female director of na- It runs video advertisements, has tional intelligence, Avril Haines. an Instagram account, and posts Douglas London, who retired in job openings on LinkedIn. It even 2019 after 34 years in the CIA, launched a splashy new website in questions whether public out- January whose content includes reach is the best way to increase an advice column and dog-train- diversity. Instead, he says, just as ing tips, plus a bold new black- with past generations of elite and-white logo. hires, “You have to go and find The CIA hopes these efforts them,” with more personalized will convince the millions of mil- overtures to, for instance, promis- lennials and Gen-Zers scrolling ing students of specific regions through their phones and stream- and languages. ing TV to consider a career in in- Mr. London sat on CIA promo- telligence. tion and hiring panels throughout “We had to go where the talent The CIA hopes to attract more diverse job applicants with its new website and social media outreach. The his career. He says getting hired is,” says Sheronda Dorsey, the images below have recently appeared on the CIA’s Instagram account. was one thing, but continuing to CIA’s deputy associate director work there as a minority could for talent, who is now on present challenges. He says that LinkedIn herself. in the clandestine Directorate of The agency has always relied on Operations where he worked, a steady influx of young people, es- there was resistance to matching pecially recent college graduates, nonwhite officers to certain as- but has periodically faced chal- signments. lenges hiring them. Students fre- “It was not uncommon to hear quently protested on-campus CIA an assertion like, ‘You can’t send recruiters in the 1960s, for instance. a Black officer to Paris or Riyadh,’ Today’s CIA has its own obsta- whereas there was no hesitation cles. Polling shows that some mil- assigning a white officer to Bagh- lennials are more critical of past dad,” Mr. London says. But he CIA actions and skeptical of the doesn’t believe these norms to be intelligence community’s role than insurmountable obstacles and older generations are. The agency maintains that the CIA is a “sen- faces hiring competition from the sational place to work.” private sector. And today’s diffuse The CIA declined to respond to foreign policy arena presents no Mr. London’s comments. single mission to inspire recruits, Whoever decides to take up like the focus on fighting al Qaeda the CIA’s call for applications after the 9/11 attacks. should prepare for a rigorous vet- The Catch-22 of the CIA’s hir- ting process, which Ms. Dorsey ing push is that while some of its says can take a year or longer. controversial past actions are She assures anxious candidates: now public, its recruiters can’t force is “reflective of America.” gave the CIA a favorable rating in kind of saving the world, slowly “We are looking for honest peo- tell candidates specifically what She adds that there are openings a Pew survey from 2018. But an- eroded and was replaced by ple, not perfect people.” they do accomplish. CIA employ- at all levels, including for midca- other 2018 survey by the Univer- knowledge of torture chambers,” Some prospective applicants ees past and present, including reer professionals. sity of Texas pointed to a genera- he says, encapsulating some of his are already prepared for such Ms. Dorsey, speak instead with An internal demographic survey tional divide: 78% of those born generation’s skepticism. He is ap- scrutiny. “I’ve thought about vet- hushed reverence about “the mis- of those employed in the intelli- between 1928 and 1945 agreed plying to Ph.D. programs to study ting and security clearances my sion,” a unique set of exciting and gence community, which comprises that the intelligence community the political economy of the Mid- entire life,” says 20-year-old Lau- meaningful security issues that 17 bodies including the CIA, found “plays a vital role in protecting dle East, but hopes to focus on ren Wadas, a junior at Brigham they get to work on. that 26.5% of them were minorities the country,” versus only 47% of agriculture, rather than topics Young University-Idaho who is in- Hiring today is less an issue of in the fiscal year 2019. millennials. with straightforward intelligence terested in working at the CIA. sheer numbers—its number of Ms. Dorsey says STEM talent is Richard Solomon, a 24-year- applications. She keeps separate personal and new hires in 2020 was the third- a hiring priority. “We know that old graduate of Indiana University The CIA operated secret pris- professional Twitter accounts, and largest in a decade, Ms. Dorsey we have deep competition for tal- who majored in international rela- ons known as black sites to detain uses Facebook “only for church says—so much as attracting peo- ent in the STEM field, and espe- tions, says he once dreamed of and interrogate suspected terror- and my grandparents.” ple of more diverse backgrounds. cially where they can offer higher becoming a spy and first learned ists after 9/11. The Senate Intelli- The CIA has advice for people While there are no specific bench- compensation packages,” she says. Arabic with that in mind. But he gence Committee said some of the like Ms. Wadas on its website: marks, she says the agency hopes The agency uses the government’s became disillusioned by the interrogation techniques used “For your security, if you are in- to increase racial, cultural, dis- standardized General Schedule post-9/11 War on Terror. there amounted to torture in a terested in or have applied for a ability, sexual orientation and pay scale. “This sexy image I had as a 2014 report. A 2014 Pew survey of job at CIA, do not follow us on so-

FROM TOP:gender SAUL LOEB/AFP/GETTY IMAGES; CIA (2) diversity so that its work- A majority of Americans, 64%, child, of undercover CIA agents 1,001 American adults found that cial media.”

When furloughing a large number to hear how we were pivoting our It’s something I think a lot The Lessons Kohl’s CEO of people, how do you ensure they business to lean into curbside about and I’m a big believer that continue to feel like an integral pickup, for example, so everyone people need to embrace a bal- part of the company so that mo- knew that we would emerge on anced life. We check in a lot with rale and productivity doesn’t suf- the other side, operating in a our employees and do listening Learned in the Pandemic fer on their return to work? new way. sessions. We have a very empa- We maintained health benefits thetic culture and I encourage all for all furloughed associates and When you were at Starbucks, it my leaders to model that. For me, BY ELLIE AUSTIN worked directly with former Star- made sure they had access to my was reported that you used to ar- the fundamental principles of bucks CEO Howard Schultz as his video messages. That was really rive at the office at 6:30 a.m. and great leadership are humanity, n March 20, Kohl’s CEO Mi- chief strategist during the 2008 important. I wanted to share the stay for 12 hours. How are you empathy and being courageous. O chelle Gass temporarily shut recession, Ms. Gass was no optimism that we were preparing helping your corporate employees the retail chain’s 1,162 stores stranger to the challenges of navi- for the day when our stores set boundaries around work-life What will the long-term impact and announced soon after that it gating a high-profile business, would reopen. I also wanted them balance as they work from home? of the pandemic be on the skills would furlough 85,000 of its with stores and staff scattered and characteristics roughly 100,000 employees. The across the country, through peri- we expect from fu- closings lasted between seven and ods of uncertainty. ture generations of 17 weeks, depending on location. Ms. Gass shared her blueprint business leaders? for ensuring that Kohl’s weathers If you look at the global health crisis both finan- millennials and Gen cially, and with its company cul- Z, they have a dif- ‘I didn’t have all the ture and morale intact. Edited ex- ferent expectation answers, but I could cerpts from the conversation: of how they work. They’re used to speak to what I knew What were your strategies for having technology on any given day.’ communicating tough news to at their fingertips your employees in the early days at any time of the of the pandemic? day and with that I realized quickly as things comes access—ac- At a recent Future of Leader- were changing by the hour that cess to information ship event hosted by The Wall these were not decisions I could and access to their Street Journal, Ms. Gass dis- communicate by email. I needed to leaders. The lead- cussed how she and her team be present. The associates needed ers of tomorrow tried to support staff at all levels to be able to see me. A few days will have to be re- of the company during these and into the pandemic, I said to my ally flexible in how other difficult decisions of the team, “OK, I need to be on video,” they think about past 10 months. They aimed to and I ended up doing video ad- the working day. lead by example to prevent burn- dresses to the whole company ev- When we’re all out while working remotely and ery week for a number of months. back in the office, found innovative ways to commu- For me, it was about instilling a you might want to nicate, she said. sense of calm, confidence and clar- gotoayogaclass A former Starbucks executive, ity. I didn’t have all the answers, in the middle of Ms. Gass, 52, joined Kohl’s in 2013 but I could speak to what I knew the day, and that’s as chief merchandising and cus- on any given day and be a realist, great. What mat- tomer officer and was promoted to while also highlighting the prog- ters are outcomes

REBECCA GREENFIELD the top job five years later. Having ress we were making. Michelle Gass of Kohl’s enlisted video addresses to instill ‘calm, confidence and clarity.’ and results. . A12 | Monday, February 1, 2021 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | CAREERS & LEADERSHIP

How to Go Freelance What to During the Pandemic know if you’re considering becoming your own boss CLOCKWISE FROM TOP: ILLUSTRATION BY SERGE BLOCH; KATELYN KLENOWSKI; BEANNA RENDON

BY RAY A. SMITH sultants, reported 286,000 freelanc- Think checks and balances Learn to read job-contract fine how much work it is to get the next ers signed up to use its site Because working independently print carefully or consult with assignment. “They have taken on hen Kyndall Ben- between March and mid-January, means no more steady paycheck, someone who can review the con- this role of marketing themselves in nett lost her job compared with 189,000 for the full review your finances when em- tract objectively, advises Prof. ways that they didn’t have to do for as a multimedia year of 2019. In contrast to driving barking, Ms. Ruggiero says. Re- Fuller of Harvard Business School. a larger organization,” says psy- designer in July, or delivery gigs, these freelance member, it may be some time be- chologist John Weaver, owner of W she took it as the jobs are typically in fields spanning fore you get gigs—and between Consult your contacts Stress Management & Mental push she needed technology, finance and operations. gigs. Ask, “How long can you float “Try to get your foundation clients: Health Clinics. They either have to to start freelancing. “Covid will accelerate companies’ yourself?” she says. Ms. Virk Tor- people who know you from prior learn this skill or employ someone “I had been considering doing it use of gig workers and legitimize it rendell recommends consulting positions, maybe you sold them to help them with it, he says. for a while, but the layoff kind of lit more,” says Joseph Fuller, a Harvard with an accountant. something and they were the cus- the fire underneath my behind,” Business School professor of man- People who thrive in freelance tomer, maybe you were the purchas- Get better-organized says the 29-year-old, who lives agement practice who co-chairs a work are those who realize how ing manager and they were the ven- Remember you’ll likely take on with her husband Stevenn in Valley, research project called Managing uncertain the income and overall dor,” says Ms. Ruggiero, the career “non-core work” that a company Ala. “It was, ‘Hey, look. You might the Future of Work. “It’s forced stability will be, according to re- consultant. “Start there with your would have not think you’re ready for this but companies to blow through some of search co-conducted by Brianna networking to get assignments.” handled in the you’re just going to have to jump in their concerns about distance work Barker Caza, an associate profes- You can also use those contacts 77% past. “It’s sur- and figure it out as you go.’” for their overall workforce, and that sor of management at the Univer- for advice, says Prof. Fuller. “You prising to some She studied video tutorials on facilitates the use of distance work- sity of North Carolina at Greens- don’t have to necessarily say, ‘Can A quarterly jump people how LinkedIn Learning about the ins ers and third parties in ways that boro. Have a straight talk with you give me a gig?’ But you can say, in applications much organiza- and outs of what’s now often called they may have not anticipated.” loved ones whose lives are directly ‘Do you use these platforms? Which for businesses tions literally “on-demand work” and booked her As more people consider work- affected by your financial status is the best one?’” he says. The bot- not expected to organize our first freelance assignment in Sep- ing from home for themselves, about the ebbs and flows of self- tom line: “Work your network.” have employees lives in impor- tember. Since then, she has been here are some tips for success. employment, she advises. Professional groups of similarly signals rising in- tant ways and offering services such as website Factor in the things that were minded self-employed or gig work- dependent work. how much of a design and digital marketing on a Figure out what you do best automatically taken care of when ers on social media can also help burden it can be contract basis. Though Ms. Bennett “Often when you want to go inde- you worked for a company, such as you network and find jobs. to have com- says the hustle required to free- pendent, you throw spaghetti health insurance and vacation time. plete discretion lance is challenging, she hopes to Check out the platforms over your work,” Dr. Caza says. One eventually make a career as an in- Many online platforms match memorable tip on how to deal with dependent worker. independent workers with compa- that, from a freelance worker she Kyndall Ms. Bennett is one of thousands nies looking to assign work con- interviewed recently for a research Bennett, of people—from millennials to se- tracts, such as Braintrust, Catal- project: Develop routines and prac- left, hopes nior executives—who have started ant, Fiverr, Toptal and Upwork, in tices around organizing yourself. to make a working for themselves in the pan- addition to broader career web- Tee up alerts and reminders and career in demic, whether as high-skilled gig sites like LinkedIn. write out or type notes, detailed freelance. workers in fields like computer en- They typically are free to join schedules and to-do lists for big Adam gineering, solo entrepreneurs and charge commissions on con- projects and office minutia. Rosenberg launching one-person firms, or tracts signed. As with any website freelanced freelance workers offering specific in which you’re uploading profiles Don’t get lonely temporarily. services like data analytics or digi- and looking for matches, read pri- While many people have been tal marketing. vacy policies thoroughly to make working from home or remotely Some are part of an undeclared sure you’re comfortable with what since last March, doing so while economy—often one-person, cash across the wall and hope some- Adam Rosenberg, who free- the company does with your data. working for yourself is different. operations not captured in the thing sticks, or you say ‘I’ll go lanced for months after being laid Be as specific as possible in Working for a company, “you’re data. However, one measure points broad, I’ll cast a wide net.’ Well, off from a public-relations job in your profile in order to effectively isolated but you’re not completely to a sharp rise in those turning to you should absolutely do the oppo- June, recommends talking with find matches on the websites. “The cut off. You still have contact with self-employment. Some who start site,” says career-management others who have freelanced or words you use and how you de- colleagues,” says Dr. Weaver, the a business of their own apply for consultant Marianne Ruggiero, done contract work, to learn the scribe yourself are raising or low- psychologist. tax identification numbers, and founder and president of Optima financial ropes. “Nobody gets it ering the likelihood that algo- Those working independently Census Bureau data show that ap- Careers. “The market rewards spe- right the first time,” says the 40- rithms will say, ‘Hey this guy looks don't have that. “Your contacts are plications by businesses not ex- cialization.” year-old Boston resident, who like a good match, let me spit him going to be your customers. And for pected to have employees rose 33% Think about how relevant now has a full-time job as com- out to get considered for this that reason a lot of people will join in the fourth quarter of 2020 from your specialty is right now, as munications director of esports job,’” Prof. Fuller says. a business group, a local chamber a year earlier. In July though Sep- companies big and small adapt to technology company Vindex. Your goal should be getting a of commerce or a CEO roundtable tember, they jumped 77% from the social distancing and remote “Your first contract is always go- few projects under your belt and or group of colleagues that are in previous three months—the larg- working. ing to pay you way less than it do them well, so that your reviews the same environment,” he says. est quarter-to-quarter jump in 16 And don’t forget to analyze not should.” and ratings on sites stay high. “That’s really important to do.” years of record-keeping. only what you’re good at—but also Sleuth on industry websites and You can find groups for individu- Toptal, a freelancing platform what parts of your profession you ask fellow independent workers in Hustle hard als who are self-employed or inde- that connects businesses with soft- like doing the most, advises career your field about market rates so Newcomers should realize it’s a pendent workers in your field on ware engineers, designers and con- coach Sarina Virk Torrendell. you can set your prices accordingly. constant hustle and be prepared for social media.

PERSONAL job. Clear guidance from the agency tion of the law,” he says. ASK would help states, which administer Some governors and administra- JOURNAL unemployment benefits, apply the tors have expressed concern that rules fairly and consistently. people will use the pandemic as an excuse to be paid for not working. The Details Mr. Wentworth says people aren’t UNEMPLOYMENT QUERY In general, quitting a job or refus- inclined to refuse good work these ing a job offer disqualifies a per- days, and for “the vast majority of I was laid off in 2020. My employer son from receiving unemployment workers who collect any benefits, just called and offered me my old job benefits. If you refuse a job or they want nothing more than to go back, but I’m not comfortable with don’t show up when called back to back to the job that they lost.” the Covid-19 protocols that are in work, the employer is supposed to While Mr. Biden didn’t explicitly place. If I turn down the offer, will I report that to the state unemploy- direct the Labor Department to tell lose my unemployment benefits? ment agency, which can end your states to continue UI benefits for benefits. people who refuse a job based on The Bottom Line But each state’s rules incorporate health concerns, he ordered the You can’t refuse a job offer out of something called the Labor - agency “to consider clarifying that general fear and still receive bene- dards Provision, says George Went- workers have a federally guaranteed fits. If you have a legitimate safety worth, senior counsel with the Na- right to refuse employment that concern—for example, you were of- tional Employment Law Project, a Unemployment has climbed in the U.S. since the pandemic hit. will jeopardize their health and if fered a job at a nursing home nonprofit that advocates on behalf they do so, they will still qualify for where there isn’t enough protective of unemployed workers. That rule unemployment insurance,” according equipment for staff—you have allows people to turn down a job of an individual. That law applies exposure to the coronavirus. to a White House statement. some protection under a couple of where working conditions are sub- to two federal pandemic-related “We saw a number of governors The next step is for the agency to statutes. But there’s still ambiguity stantially worse than those for sim- programs, which are set to run out who were making kind of sweeping interpret the relevant statutes and in how states interpret the ilar work in the area. in March. statements along the lines of, ‘If clarify in what circumstances work- statutes. Additional protection can be Application of these statutes to you’re collecting [unemployment in- ers can turn down a job and still re- That may change soon. President found in the Stafford Act, which Covid-19 has been inconsistent, Mr. surance] and you get an offer of tain their jobless benefits. A Labor Biden has asked the Labor Depart- governs federal responses to disas- Wentworth says, in part because your old job and you don’t take it, Department spokesman says the ment to “consider clarifying” the ters.Itstatesthatajobcanbere- the statutes didn’t envision a pan- you’ll be disqualified.’ That’s a very agency is currently working on guid- rules and provide workers “a feder- fused if it presents “any unusual demic that has turned almost every rigid reading of what should be a ance to state workforce systems.

RICH PEDRONCELLI/ASSOCIATEDally PRESS guaranteed right” to refuse a risk to the health, safety or morals” workplace into a source of potential more nuanced case-by-case applica- —Lauren Weber . THE WALL STREET JOURNAL. Monday, February 1, 2021 | A13 ARTS IN REVIEW

THE STAYING INSIDE GUIDE Geometrics, No Calculator Required

Moroccan Court at the Metropolitan Museum of Art, left; view of the Alhambra in Granada, above; detail of carved marble panel of the entrance portal at the Sultan Hasan complex in Cairo, far left;

pass, ruler, unlined paper, pencils, and tracing paper to experience the wonder of watching patterns emerge from tangles of circles and lines. If this sounds daunting, here’s a comforting thought: Some BY LEE LAWRENCE termining the direction of Mecca masterpieces, if examined closely, for prayers, that people recognized reveal slight imperfections that in cientists analyze the the numerical logic of patterns. no way diminish—and may even world’s complexity to She illustrates this by superimpos- add to—their beauty. identify its underlying ing onto a building’s decorations a The plethora of online instruc- universal laws. Mystics matrix of polygons, showing how tions includes the “Geometric De- S immerse themselves in the voids create the motif’s central sign for Beginners” workbooks by life’s complexity to expe- stars. The effect can be so dizzy- Joumana Medlej, an artist and rience a spiritual unity. And Arab ing, she adds, “the eye no longer graphic designer, who helpfully in- artists from the eighth to 10th perceives the initial form but, in- cludes a definition of terms as well centuries combined both impulses stead, becomes immersed in the as a number of free video lessons. as they began designing ever more overall design.” Some, like the “Islamic Geometric elaborate geometric patterns. Sometime in the middle of the Patterns” playlist on Arabic Islamic Richard Henry, a respected teacher 10th century, builders translated Art’s YouTube channel, are demon- in the field, describes the resulting two-dimensional compositions into strations with no voiceover; others, art form as “the beauty of heavens three-dimensional groupings of like those in Mohamad Aljanabi’s brought down to earth.” niche-like forms known as muqar- “Arabic Geometric Patterns” play- Whether a carpet with motifs nas, using this geometric logic to list, offer revealing commentary that seem to flow beyond the fab- shape space. Muqarnas became a about different ways to re-create ric’s edges or walls teeming with popular architectural motif, from the same ancient pattern. interlocking patterns whose fig- filling squinches and other transi- In a notable addition to the ros- ure-ground relationships are at tions between vertical and hori- ter of fee-based classes, Art of Is- times ambiguous, Islamic geomet- zontal or curved planes to decorat- lamic Pattern has migrated its rics both excite the eye and calm ing arches and domes. In a sought-after workshops to the in- the spirit. As explosive as some particularly extravagant dome in ternet during the pandemic. designs feel; as random as some the 14th-century Alhambra Palace Alongside multiweek courses, it of- shapes appear; and as overwhelm- in Granada, Spain, delicate muqar- starts with a circle; divides it into cles how a team of Moroccan fers past classes that you can ing as the juxtaposition of orna- nas outline a giant star inside four, five or six equal sections; then craftsmen, in consultation with cu- download from its online archives mentations can be, undergirding which deeply carved clusters form uses the points where lines and cir- rators and advisers, built a small for a modest donation. The advan- each—like an unseen safety net—is a dense, multitiered 18-petaled cumference intersect to draw more courtyard inspired by the medieval tage is that you can hit the pause a mathematical structure. flower. Even Ms. Ruggles’s expert circles and lines. This yields a net- madrassas in Fez, Morocco, inside button if you need time to catch We can only begin to discern eye can’t parse the dome’s con- work of construction lines from the museum’s Islamic galleries. In up. In addition to giving step-by- this underlying order if we first struction and gives in to “a purely which he can draw what he de- the process, we learn that plant- step instructions, Mr. Henry and understand how the repeating mo- perceptual appreciation of it. It scribes as “a kaleidoscopic multi- inspired arabesques, like geomet- Adam Williamson, who co-founded tifs are made. Art historian D. simply bursts overhead like fire- plicity of patterns.” In “A Practical ric patterns, are rooted in mathe- the school, place each pattern in Fairchild Ruggles offers a good in- works,” she says. But however lost Introduction to Muqarnas,” he matical logic; and that enlarging its historical context and bring out troduction in the “Islamic Art we are in the visual experience, takes us step-by-step from flat pat- one element by just a millimeter its relationship to such universal Spots: Geometry” video, part of “we should remember that it has tern to sculptural form. causes huge changes in scale else- phenomena as the golden ratio, the Bridging Cultures-Muslim an intellectual component as well.” After the design comes the im- where in the composition. fractals, the movement of planets, Journeys series by the Ali Vural To see this mathematical logic plementation, and “Building the Anyone wanting more back- and proportions of the human Ak Center for Global Islamic Stud- at work, turn to two YouTube vid- Moroccan Court,” an 18-minute ground on how and why this art body. Little wonder this art form ies at George Mason University. eos by Eric Broug, author of how-to video on the Metropolitan Museum form developed and flourished can has enthralled us for centuries. Geometry played such a central books on Islamic ornamentation. In of Art’s website, gives an overview then head to Unit 3 of the Met’s role in ancient Muslim societies, his TED-Ed lesson, “The Complex of what that entails. Here, Met cu- “Art of the Islamic World” series. Ms. Lawrence writes about Asian

CLOCKWISE FROMfrom TOP: XAVI GOMEZ/GETTY IMAGES; THE METROPOLITAN MUSEUM OF ART; B.O’KANE/ALAMY calculating distances to de- Geometry of Islamic Design,” he rator Navina Najat Haidar chroni- Then, when ready, gather a com- and Islamic art for the Journal.

MUSIC REVIEW the gloom. The opener, “Mighty tone sax also played a prominent clean, anxious guitar line leads into ters” and “The Hobbit.” He’s Soul,” written with Kenny Siegal, role. This time around, blues ses- the narrative on the title track. turned to alternative folk-tinged refers to the tornado and plague sion veteran Tom Hambridge is on “I’m smellin’ smoke, and I know material in the past few years— Songs directly, yet it remains spirited and board as producer, and that origi- something’s burning…can’t bring mainly original, often witty, and spiritual. (“We will endure this nal combination is thickened fur- myself to leave my home….And all I with the accent on character For wretched toll. Let us pour love into ther with organ and piano by Wal- know is this don’t feel like ro- sketches. the Mighty Soul.”) In “Lonesome ter “Bunt” May. mance.” The relationship story and The bouncy “It’s Always Some- Times,” he comforts a tearful com- The 35-year-old son of a British sound combine to haunt beyond thing” comes from that lighter side. Shut-Ins panion, and in “Panic Attack” he mother and a father from Tobago, their specific references, as the (“I keep trying the best I can do, but turns to a health-care professional born and raised in Orlando, Fla., best blues songs will, and feeling it’s always something that I did or BY BARRY MAZOR who says “Son, there may be no Mr. Birchwood became interested haunted and stuck will no doubt be didn’t do.” ) And, , he knows he cure, but I swear that life’s worth in the blues via Jimi Hendrix and broadly understood right now. In didn’t quite form a rhyme there. In ew releases by Langhorne living.” records—electric 1960s other songs (“My Happy Place,” “My Father Was a Quiet Man,” he NSlim, Selwyn Birchwood and In Langhorne Slim’s melodically influences unmistakable on this “Searching for My Tribe”) musical raises memories of a strong father Rod Abernethy—singer-song- capable hands, the boundaries who chose his few words carefully writers with very different musical darker passing supply another and wonders if his own adult son will backgrounds—all reflect our shut- moods and confinement understand how he’s sometimes that down, shut-in times. thoughts are all de- metaphor. quiet himself. (Mr. Abernethy is 67 Langhorne Slim, “Strawberry livered in frisky, In the latter years old.) The differences between Mansion” (Dualtone Music). Born good-natured style, he sings, “I’ve how life was and how narrowed, Sean Scolnick in 1980, Langhorne backed by his multi- always been a changed and trying it can become is Slim grew up in southeast Pennsyl- instrumentalist loner, but never a continuing, nostalgia-free theme— vania, attested to by his performing friends and co-pro- liked being for someone riding with a once-close name (Langhorne, Pa., was his home ducers Paul DeFiglia alone.” With brother in “Just Get In the Car”; or town) and the title of this latest al- and Mat Davidson. the continuing for a veteran now confined to a bum, which nods to his two grandfa- The songs are like leaps forward wheelchair and a wife now trying to thers’ Philadelphia neighborhood. feel-better missives this artist takes handle her husband’s medical bills in With strong pop sensibilities, hooky from a whimsical by al- “Another Year.” melodies and alternative country-in- but reliable buddy. bum, the in- Here, too, impressive guitar- flected lyrics, he has been recording Selwyn Birch- strumental picking is an attraction in itself, for 15 years and has been a strong wood, “Living in a prowess he and Mr. Abernethy proves an ad- touring act. Many first heard his Burning House” shows, and ept, vocal interpreter with his amiable earworm choruses in na- (Alligator Re- lines like that takes on John Mayer’s “Changing” tional ad campaigns for Travelers cords). This singer- one, he’s going and Bob Dylan’s “Oxford Town.” Insurance (“Worries”) and Coca- , who to be finding a The title song was apparently writ- Cola (“Put It Together”). Then he just received a Langhorne Slim in Franklin, Tenn., in 2017 lot of friends. ten just before the pandemic hit, relocated to East Nashville, Tenn., Blues Music Awards Rod Abern- but certainly applies today: “Talk- just in time for the tornado that hit nomination for Best Contemporary new set. He refers to the sound ethy, “Normal Isn’t Normal Any- ing heads on my TV; who can I the neighborhood in March and the Blues Male Artist, is intent on both achieved as “electric swamp more” (Songs From Downstairs trust who can I believe?” he asks, Covid-19 pandemic that quickly fol- working in that idiom and expand- funkin’ blues,” and his vocals, while Records, Feb. 5). Hailing from then adds: “The world I once knew lowed. ing on it. The sounds on his previ- polished, are as tough as these North Carolina’s , seems so far away…I feel like I’m Those setbacks, and an ac- ous two were surprising for funky sounds demand. this performing songwriter has drowning in the pouring rain. Nor- knowledged bout of depression the blues—the lap steel guitar, The 13 songs, all composed by been making records since 1975, mal isn’t normal anymore.” It could that accompanied them, engen- more often associated with country Mr. Birchwood and constructed for some for major labels. But most of be an anthem. dered a burst of creativity and and Hawaiian music, was central to drama, emphasize storytelling, a his focus had been on composing these 18 new songs—short, fo- Mr. Birchwood’s much-lauded gui- relatively infrequent approach in for film and such videogame Mr. Mazor reviews country and

MICKEY BERNAL/GETTYcused, IMAGES and frank in dealing with tar work, and Regi Oliver’s bari- blues songwriting. For example, a soundtracks as “Star Trek: Encoun- roots music for the Journal. . A14 | Monday, February 1, 2021 THE WALL STREET JOURNAL. SPORTS NFL Season TurnedInto a Covid-19 Study

Six feet and 15 minutes became coronavirus gospel. The football league had data that showed otherwise.

BY ANDREW BEATON AND LOUISE RADNOFSKY

It was early October, and the NFL had a problem. It wasn’t just that players and staff for the Ten- nessee Titans were continuing to test positive in an outbreak that shook the NFL’s season. It wasn’t even that the league was learning that the virus was able to rush through holes in its protocols. The NFL was slowly discovering something far deeper: a core tenet of Covid-19 transmission wisdom— how to define when individuals are in “close contact”—was just wrong. The safety of interactions dur- ing this global pandemic had been for months measured by a stop- watch and a tape measure. The guidance was that someone had been exposed to the virus if they had been within six feet of an in- fected person for more than 15 minutes. It was drilled into every- one for so long it became corona- virus gospel. But that wasn’t proving true during the NFL’s outbreaks. People were testing positive for the virus even though they had spent far less than 15 minutes or weren’t within six feet of an infectious person— and the league had the contact- tracing technology to prove it. “That was a wake-up call,” said Dr. Allen Sills, the NFL’s chief med- ical officer. “We had to be more precise in our definition of high- risk close contacts because clearly transmission could occur outside those basic boundaries of time and distance.”

The league’s finding is the criti- MIKE EHRMANN/GETTY IMAGES cal reason why the NFL got Patrick Mahomes led the Chiefs to a 27-24 win over the Buccaneers on Nov. 29. Kansas City and Tampa Bay are set to play in Super Bowl LV on Feb. 7. through its regular season playing all 256 games and made it all the way to the upcoming Super Bowl demic, have generated an unri- were a total of 41 cases in the minutes—and the virus was still strict rules for any team with a on Feb. 7, between the Tampa Bay valed trove of data and case stud- league. Of those, 21 were believed transmitted. single positive. It started testing Buccaneers and , ies of how the virus is and isn’t to have come from transmission It also wasn’t simply time. It seven days a week, instead of six. as scheduled. transmitted. No other organiza- within an individual team—a find- was distance, too. The virus, in Most critically, it supercharged its In the days, weeks and months tions have had large groups of the ing boosted by genomic sequenc- some instances, traveled farther contact tracing to consider context after the Titans’ outbreak, the NFL same people doing a variety of ac- ing. than six feet—especially in small, that the movement-tracking de- changed its rules to further reduce tivities together, for weeks at a Those 21 cases yielded fascinat- poorly ventilated areas. And vices couldn’t detect. A masked close contacts, for any length of time, while also spending millions ing insights. Twelve had no close masks, more than the duration of encounter outdoors could then be time. It counted people as having of dollars to track their move- interactions of at least 15 consecu- contact, seemed to matter a lot. treated differently than an un- been exposed to the virus if they ments and test them daily with tive minutes with a confirmed pos- masked shared car ride, for in- had unmasked, indoor interactions fast-turnaround results. itive. Eight had no interactions of stance. with an infected person for any The NFL, the country’s richest even five consecutive minutes. The NFL told teams to take length of time. And it introduced league with thousands of person- Seven had no interactions that cu- Sports leagues have meetings virtual, avoid indoor lengthier quarantine periods for nel across the country, was the mulatively added up to 15 minutes generated an unrivaled gatherings, even if they were dis- those exposed people—preventing clearest case of this. The league, in with any confirmed positives. tanced and quit eating together. If them from further spreading the essence, had snapshots of 32 com- Right around the Titans’ out- trove of data and case someone had done any of these virus. munities across the country. From break, in October, a similar lesson studies. things with a person who subse- Those findings are now laid out Aug. 1 through Jan. 23, it con- came from a Vermont prison. An quently tested positive, they had in a paper, written by various doc- ducted 954,830 tests, on more investigation there confirmed that to be isolated, regardless of how tors who worked with the NFL and than 7,000 people a week during cumulative brief interactions ex- brief their interaction had been. NFL Players Association and pub- the regular season, and confirmed ceeding 15 minutes could lead to From then on, the NFL moved “It goes back to those four basic lished by the Centers for Disease 724 positive cases. transmission. It didn’t have to be away from “within six feet for things we talked about in the pa- Control, that opens a new window The league made it through 15 consecutive minutes, leading more than 15 minutes” as its de- per with cumulative time, dis- into the numbers that upended hundreds of thousands of those the CDC to change its definition of fensive posture or its exposure tance, ventilation and masks. If this thinking. tests before its first serious prob- a close contact to a cumulative 15 rule. Those who were exposed had you think about those four factors “This has implications far be- lem emerged. On Sept. 29, eight minutes over the course of 24 to spend five days testing negative as being four different quadrants, yond the NFL,” said Dr. Thom members of the Tennessee Titans hours. in isolation in order to return. if you’re failing in two or more of Mayer, the NFLPA’s medical direc- received positive results on the But it was the NFL that had “We had to adapt and change those, then that’s going to become tor. “This thing is more transmissi- same day. Over the following days, enough data to indicate something our approaches,” said Jeff Miller, a high risk for a transmission,” ble than people thought.” more than 20 Titans players and even bigger. There were still those the NFL’s executive vice president Sills said. “I always talked about Sports leagues, in their extreme staff would test positive. seven cases where even the cumu- who oversees health and safety. the big three, which was: meeting, motivation to play through a pan- From Sept. 27 to Oct. 10, there lative interactions were under 15 The league introduced new, eating and greeting.”

Weather TheWSJDailyCrossword| Edited by Mike Shenk Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. 30s Edmontond 0s <0 1234 5678 9101112 60 Concerning 25 “The Lion King” 61 Related hero 20s 0s 13 14 15 VancouverV CalgaryCalgaryg y 26 Rent-___ 10s 10s 62 Bills quarterback Winnipegip 16 17 18 Josh (Budget Seattlettl 40s 20s 20s 63 Meaty dish business) PortlandPortl d Helenal 50s 30s Montreal 30s 19 20 21 22 50s Ottawa 64 “King of Latin 29 Affected Bismarckk 30s 20s 40s Eugene AugustaA g t 23 24 25 26 27 Music” Puente earnestness Boise Mpls./St.. PaulPau 30s Billings TorontoT AlbanyA b y Bostont 50s 30 White on TV Siouxoux FFallsll 28 29 30 31 65 Tuscan town Milwaukeek Buffaloff l Hartfordtford 60s PierreP Detroitt with a famed 31 “Cuchi-cuchi” ClevelandCleve d Newe YorkY k ChicagoChi 70s 32 33 entertainer Reno Salt LakeLaLake CityCCity Deses Moines PhiladelphiaPhil d lp h tower CheyenneCheyeCh 20s Omahah Pittsburghb gh 80s Down 33 Film ___ (moody Sacramento Springfieldifi Indianapolisd p 34 35 36 37 38 Denver Washingtonh on D.C.DC 90s movies) Sanan Francisco Kansas CharlestonChlt 1 Indulgent buys ColoradoC d Topekak City 39 40 41 LLas Springsp g LouisvilleLo Richmondh d 100+ 35 China collection 60s Wichitahit St.. Louis 2 Site of much Vegas Nashvillehill Raleighligh 42 43 44 45 46 advertising 36 Marvin Gaye’s LosAl AnAngeles 40s SantaaFe Fe Memphisphi 30s CharlotteCChhltt l “Can ___ a 47 48 49 50 3 WSW or NNE, PhoenixPh Oklahoma City ColumbiaC b Witness” San Diego Albuquerque Warm Rain e.g. 70s 50s LittleL e Rockk 40s AtlantaAtl t TucsonT c Birmingham 51 52 53 54 37 They wear little ElPaso Ft. Worthth DDallas 4 In short supply JacksonvilleJ k Cold T-storms clothing JacksonJack Mobilebil 55 56 57 58 59 5 Early astronaut 60s AustinAti 38 Small beach -0s 50s Orlandold Ham, for one Houstont Stationary Snow -0s Newew Orleansl 60 61 62 burrower -0s Tampa 6 Script unit 80s Sanan AntonioAAt i 60s 41 Sit atop 0s AnchorageA h g 63 64 65 70s Miami Showers Flurries 7 Curving path 10s Honolulul 70s 42 Plains people 20s 60s 8 Keanu’s role in 30s 40s 70s Ice COMMERCIAL INTERRUPTIONS | “The Matrix” 43 Least adorned 44 Take to the sky U.S. Forecasts Today Tomorrow Today Tomorrow By Mike Shenk 9 Huff and puff City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W 10 Italian cheese 45 Cacophony s...sunny; pc... partly cloudy; c...cloudy; sh...showers; Across Omaha 32 18 pc 36 29 s Frankfurt 43 39 r 50 47 r 22 Arcade game 40 Back end 46 Polar cover t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice 11 Persian governor Orlando 61 39 pc 55 38 s Geneva 48 43 r 51 44 r giant Today Tomorrow 1 Toppers 42 It ran from 2009 49 Steinway Philadelphia 35 31 sn 36 28 sn Havana 79 59 pc 71 54 s 12 Goes bad City Hi Lo W Hi Lo W 23 Screw up to 2017 product Phoenix 75 57 c 77 58 c Hong Kong 73 63 s 73 62 s 5 Big family 13 Broadway’s Anchorage 6 -5 s 6 5 c Pittsburgh 32 22 sn 27 21 sf Istanbul 60 52 c 59 50 sh 9 Hail Mary, for 24 Quarter of a 45 Singer Warwick Bernadette 52 Reduce speed Atlanta 41 30 c 46 30 s Portland, Maine 31 29 c 32 29 sn Jakarta 84 75 t 86 75 sh quart one 47 Dallas 18 Reproductive 53 Rotisserie rod Austin 66 34 s 66 44 s Portland, Ore. 52 45 r 50 41 sh Jerusalem 64 53 s 64 51 s 25 “Outlander” star basketballer, for Baltimore 36 31 r 38 28 c Sacramento 63 50 c 56 41 sh Johannesburg 74 54 t 56 56 r 13 ___ Wars cell 56 Topper Heughan short Boise 52 38 c 52 32 c St. Louis 36 25 pc 38 25 s London 42 40 c 54 44 sh (conflicts 21 “Be ___ Guest” 57 Take to the Boston 3533sn3730sn Salt Lake City 47 32 c 52 36 pc Madrid 61 46 pc 55 44 pc between 27 Gadot of 48 Desire and slopes Burlington 23 17 pc 29 25 sn San Francisco 60 53 r 56 46 sh Manila 85 72 s 85 75 s (“Beauty and the 20-Across and “Wonder Woman Bourbon in New Beast” song) 59 Inventor Whitney Charlotte 46 32 c 47 26 pc SantaFe 4930pc5732pc Melbourne 71 58 c 65 55 c Orleans, e.g.: Chicago 33 20 c 32 16 s Seattle 51 43 sh 48 42 sh Mexico City 65 38 pc 71 45 pc Carthage) 1984” Cleveland 31 23 sn 31 23 sf Sioux Falls 31 20 pc 34 29 s Milan 48 37 c 50 38 pc 14 Add to the 28 Person helping Abbr. Previous Puzzle’s Solution Dallas 58 37 pc 60 43 s Wash., D.C. 37 33 r 38 29 c Moscow 28 12 c 22 12 c payroll with the dishes 49 Snapshot CLARA AVAST COB Denver 5534pc6034c Mumbai 92 75 pc 92 73 pc LOWES LOFTY ODE Detroit 28 20 sn 31 16 pc Paris 52 43 r 58 49 sh 15 Initialism 30 Bookie bookers 50 Deg. for a bridge UGOTTHELOOK F I T International BELARUS ONEOFUS Honolulu 80 68 pc 80 70 sh Rio de Janeiro 89 78 pc 89 78 pc indicating expert? Today Tomorrow 32 Appear IOS RTE REMY Houston 63 39 s 64 45 s Riyadh 75 50 s 77 54 s City Hi Lo W Hi Lo W urgency 51 Stand LOAN HMO RACE Indianapolis 29 22 sf 31 21 s Rome 57 43 sh 59 43 pc 33 Football’s ANDSHEWAS BABEL Kansas City 40 24 pc 47 32 s Amsterdam 38 29 c 46 44 sn San Juan 85 73 pc 86 72 pc 16 Crowd scene “Broadway Joe” 53 Trig function B I D E DAMAME E L I Seoul 51 15 pc 27 15 s actor ST I LL HEGOTGAME Las Vegas 58 44 c 65 47 pc Athens 63 52 s 64 51 c 34 Commercials, and 54 Frequently, in TOMB RAS UNOS Little Rock 50 30 s 49 30 pc Baghdad 72 45 s 73 46 s Shanghai 52 39 r 49 37 s 17 Hiding one’s a hint to the poetry ST I R AUS TCM Los Angeles 69 49 c 70 50 pc Bangkok 93 74 s 95 74 s Singapore 84 77 t 85 76 r identity PRONOUN SOLDOFF Miami 74 49 c 64 45 s Beijing 35 9 s 34 8 s Sydney 8067sh7566sh circled letters 55 Pool place, RAN BEL LSFORHER Milwaukee 32 21 c 32 16 pc Berlin 32 28 pc 35 34 c Taipei City 78 59 s 67 61 r 19 Cal. column perhaps IDA ORION GOSEE 39 “Watchmen” GEL ESTAS SPOSE Minneapolis 29 16 pc 30 20 pc Brussels 41 37 r 53 46 r Tokyo 5552pc5838r heading Emmy winner 58 String quartet Nashville 39 28 c 44 24 s Buenos Aires 72 64 t 76 66 c Toronto 27 15 c 30 21 pc The contest answer is USHER. As hinted at by the New Orleans 56 41 s 57 42 pc Dubai 75 61 s 77 61 s Vancouver 47 41 r 46 39 sh 20 Carthage rival King member clue at 57-Across, take the pronouns from the theme

s answers (U, US, SHE, HE, HER), which overlap to New York City 34 31 sn 35 28 sn Dublin 44 43 r 51 40 r Warsaw 2620pc3632c WSJ.com/Puzzles. Oklahoma City 53 34 pc 56 35 pc Edinburgh 38 33 pc 38 36 sn Zurich 47 44 r 51 45 r Solve this puzzle online and discuss it at spell the contest answer. . THE WALL STREET JOURNAL. Monday, February 1, 2021 | A15 OPINION Behind the Bitcoin Bubble BOOKSHELF | By Moira Hodgson To figure out court last year rejected its ago, a poster named Crypto ceived. I was pointed to the A Model if you’re in a challenge to the probe. Anonymous (for what it’s original filing for the scope of bubble, you Bitcoin peaked at the end of worth, know your customer) the investigation. It includes an need to find 2017 at $19,000 and over the did some digging and found accounting of all of Tether’s the source of next year collapsed to $3,200. that as much as two-thirds of transactions. On Jan. 19, a letter Operative the hot air. Well—they’re baaack! On Fri- bitcoin buys on any given day from iFinex’s counsel said it INSIDE Obvious for day Elon Musk was the latest were purchased with tether, had “largely completed the doc- VIEW GameStop, to pump Bitcoin, which briefly though crypto bulls insist that ument production” and would The Princess Spy By Andy but for bit- reached almost $38,000. And Chinese crypto investors use “contact the Court in approxi- By Larry Loftis Kessler coin, not so there are now some $26.4 bil- tether as a way to buy bitcoin. mately 30 days” with a status much. lion of USDT tokens, $18 bil- Try verifying that! The chart of update. So we’ll know some- (Atria, 361 pages, $28) In July lion of which were created bitcoin vs. tether issuance sure thing soon. 2018, we wrote about the cryp- since March 2020. Why the in- Meanwhile, lo and behold, n the first page of this real-life espionage thriller, tocurrency company Tether, crease? No one has a good ex- around the same time as that O author Larry Loftis writes: “In most cases, a spy cannot which issues tokens called teth- planation. Manipulative actors letter, Tether temporarily survive without being a consummate liar.” For that ers that trade under the symbol All that glitters is not gold. stopped creating any more cur- reason, when a friend spoke admiringly of the works of Aline USDT and should be valued at In 2019 Tether subtly updated have been known to rency. That might explain bit- Griffith—a glamorous American who had been an agent in $1—making the currency a its claim to say reserves “may take advantage of the coin’s quick mid-January price Spain during World War II and, decades later, wrote a series “stablecoin.” Tether’s creators include other assets and re- drop from $42,000 to under of memoirs about her exploits—Mr. Loftis decided to find out might have manipulated bit- ceivables from loans made by madness of crowds. $30,000. If fraud is uncovered, just how truthful her spy stories might be. coin, a University of Texas pa- Tether to third parties.” Tether look out below. Mr. Loftis, whose last book was “Code Name: Lise” (2019), per suggests, by issuing tokens has even admitted it only has Normally I wouldn’t care. a biography of Britain’s most decorated female wartime spy, willy-nilly unbacked by real 74% of the cash or cash equiva- looks correlated, but a study Bitcoin is nothing, it’s vapor, a started with what Griffith had written herself. She was the dollars and then buying bitcoin lents to back its stablecoin. published at the Center for Eco- concept of an idea. Transac- author of several books, most notably the bestselling trilogy to jack up its price. (The com- Hmmm. Basically unbacked. nomic and Policy Research tions using bitcoin are few and “The Spy Wore Red,” “The Spy Went Dancing” and “The Spy pany claims the research is In October 2019, a separate found no correlation. And I far between. It’s not a store of Wore Silk” (1987-91), all published under her married name— flawed.) lawsuit was filed against Bit- should note that wallet pro- value—anything that drops 30% Aline, Countess of Romanones. A beautiful young ex-model, At the time, Tether’s total finex claiming the exchange’s vider Coinbase, the largest in a week can’t play that role. Griffith was sent to Madrid value was some $2.7 billion, alleged market manipulation holder of Bitcoin, says it “does But we get Bloomberg Wealth in 1944 as a coder, but her and its website claimed: “Ev- “likely surpasses $1.4 trillion,” not support USDT.” Do they stories saying: “Newbie Bitcoin real assignment was to look ery tether is always backed 1- which Bitfinex denies. Yes, know something? investors tell us what inspired for Nazi sympathizers. to-1 by traditional currency that’s trillion with a T. Baha- Meanwhile, more than two them to buy at record prices.” A Dressed in Balenciaga, she in- held in our reserves.” So some- mas-based Deltec Bank & years later, the New York attor- lot of folks who can’t afford it filtrated the highest echelons where there should have been Trust, where Tether has an ac- ney general’s office may get the may get hurt badly. of Spanish society, entering a $2.7 billion in real money— count, recently claimed “every documents it needs. I hope that curbed some crypto purchases world of gala soirées, exclu- that’s how a stablecoin is sup- tether is backed by a reserve includes an audit of Tether on Friday. sive nightclubs and grand posed to work. In November and their reserve is more than looking for the now $24.5 bil- So all crypto eyes are on country estates. Throw in bull- 2018, New York state Attorney what is in circulation.” OK, but lion in cash, or even $19 billion mid-February. The power of the fights, flamenco, double agents General Letitia James invoked it turns out “reserves” may in- if it’s 74% backed. I doubt all subpoena is strong. I have no and a handful of murders, and the Martin Act to begin an in- clude an $850 million loan to that cash exists. The attorney insight into what New York’s you have the makings of a vestigation into iFinex, which Bitfinex. Is that the hot air? general claimed in a press re- attorney general will find. She page-turning literary franchise. owns Tether and the Bitfinex Oh, and reserves may include lease that some fishy money, might close the investigation Mr. Loftis explains that it’s cryptocurrency exchange, “in bitcoin too. Audit, anyone? maybe $850 million now part and go on her merry way be- difficult for former spies to connection with ongoing activ- Pay no mind: “Momo” mo- of Tether’s reserves, was taken cause there’s no crime, or un- prove the veracity of events ities that may have defrauded mentum investors dived in any- from Tether to cover losses at cover a fraud that could make when, for security reasons, their New York investors.” The com- way. Bitcoin ran from $7,000 in Bitfinex. Yikes. Bernie Madoff look like he was reports have been omitted from official records. Spies are pany has disputed the attorney January 2020 to almost I contacted the attorney gen- stealing from a lemonade stand. restricted by oaths of secrecy and don’t usually produce general’s claims, denied it mis- $42,000 this Jan. 8. But the bit- eral’s office asking for the sta- We know what happens to bub- memoirs until decades after active service, so their led customers, and said it will coin bulls and bears are brawl- tus of the investigation and bles when the hot air runs out. recollections may be inaccurate or highly embellished. fight any action. An appellate ing. On Medium a few weeks what information it has re- Write to [email protected]. A meticulous researcher, Mr. Loftis consulted the published and unpublished memoirs of Griffith’s colleagues, and com- pared her stories with theirs. He also pored over OSS records and recently declassified documents in Portugal and Spain. How AMLO Is Like Venezuela’s Chávez In the end, although he describes her books as “historical fiction,” he concluded that Griffith was indeed a highly Mexican Pres- democrats are in a fight for His words sow resentment about 1% of total remittances productive agent, and despite elisions and embroidering, her ident Andrés their political lives. and division while justifying are cash. overall story was legitimate. But she did make up numerous Manuel López There are obvious differ- abuses of power in the name It isn’t clear who Morena is incidents and several murders. Mr. Loftis could confirm only Obrador— ences between AMLO and of corruption fighting. His trying to please by obligating one of the five killings she wrote about in her trilogy; it was a k a AMLO— Chávez. But when the history critics are dismissed as the central bank to take cash verified by the person who carried the corpse away. has been is written I suspect most of elites—or “fifi” in his lexicon. dollars. But it is certain that “The Princess Spy” is the kind of popular biography that AMERICAS known to them will turn out to have There is no civil discourse. passing the law would break a quotes conversations verbatim and tells you what characters By Mary bristle when been driven by economic con- Up to now he has used “le- longstanding taboo in place to are thinking. Mr. Loftis recounts information from the Anastasia critics liken straints on the Mexican caudi- gal” instruments like the anti- protect the monetary author- countess’s books in instances where he feels the truth was O’Grady him to the llo, not choice. money-laundering Financial ity from becoming a tool for borne out, and he’s scrupulously documented his findings in late Hugo Chávez had control of Ven- Intelligence Unit inside the transnational criminal organi- 63 pages of endnotes. He divides the story into short chapters Chávez. But ezuela’s state-owned oil mo- Mexican Treasury to purge in- zations to launder money. that end with cliffhangers, like scenes from a film noir. The the parallels between the nopoly PdVSA when oil prices stitutions of nonbelievers—in- Who else walks into Mexican result is a fast-paced, edgy and highly engaging yarn. spirit of Mr. López Obrador’s took off in the early 2000s. cluding a Supreme Court jus- banks with suitcases full of Aline Griffith was born on May 22, 1920, in Pearl River, a two-year-old government and Awash in oil income, he was tice and the head of the unexplained cash? hamlet in rural New York, the eldest of six children. After that of the Venezuelan strong- able to buy off opponents Banxico says the law attending a Catholic girls’ college in the Bronx she found a job man’s in its early years are while spreading money threatens its autonomy and its as a model with the Hattie Carnegie agency. At a Manhattan impossible to ignore. around to create the illusion The spirit of the ability to do its job. In a Dec. dinner party in August 1943 she met Frank Ryan (his real Morena, AMLO’s party, that the masses were getting 9 communiqué it said the name), unaware that he worked for the newly founded OSS launched an effort in the Mex- richer. He had the resources Mexican president’s draft legislation “would force (Office of Strategic Services, forerunner to the CIA). “He had ican Senate in December to to militarize his government, government is about the Central Bank to carry out an easy smile. He was handsome, she reckoned, in a college seize autonomy from the and Cuba had been infiltrating high-risk active operations professor sort of way.” She told him that after Pearl Harbor country’s central bank. The the barracks for decades. centralizing power. that may compromise” inter- two of her brothers had gone to fight overseas and now she lower house, the Chamber of AMLO’s world is one of national reserves and “the wanted to get into the war too. He immediately set about Deputies, will discuss the bill moderated oil prices and a di- compliance with the constitu- recruiting her. It’s remarkable how easily he did so. this week. The president versified economy. Revenues energy regulatory commis- tional mandate to preserve seems to be backing off the generated by Pemex, the sion. Neither has been the purchasing power of the idea, but if so it is only a tac- state-owned, debt-laden pe- charged with a crime. He has National currency.” The true story (so far as we can know it) of a tical retreat. troleum company, are dwarfed also boosted the army’s role Sharp criticism from the woman from rural New York who became a AMLO is on a mission to by the boom in manufacturing in the economy. international financial com- complete what he calls “the and services born of the 1994 Morena controls the Sen- munity seems to have given highly productive OSS agent in WWII Spain. fourth transformation” of North American Free Trade ate, where the bill passed in AMLO second thoughts. He Mexico, and he has to central- Agreement. December would obligate knows that if Mexico is ize power to do it. He has al- So AMLO can’t copy Banxico, Mexico’s central marked a money launderer, She was told to make contact in a hotel lobby with a man ready wrested control of the Chávez play by play. But his bank, to buy foreign-currency the peso will hit the skids, she would recognize by the white carnation in his lapel. Supreme Court, and last aspirations are hauntingly cash from Mexican banks. and so will his presidency. His Amazingly she obeyed this stranger’s instructions to travel to month he proclaimed that au- similar and so is his modus Watchdogs on both sides finance minister now says the Washington without carrying any identification. She ended up tonomous regulatory bodies operandi. of the border are alarmed. government is working on an at “The Farm,” the OSS training center in Maryland, where she like the federal antitrust com- Chávez was a demagogue Cash is a nonissue for legally alternative idea for migrant took rigorous classes on close combat, lock picking, safecrack- mission and the office that and he used his television compliant financial institu- cash transactions. ing and even how to make a dagger out of a folded newspaper provides transparency in fed- show—“Aló Presidente”—to tions because they verify its If he and Morena back off, (I’d like to learn that one). After training, Griffith (code name: eral contracts should be elimi- bond with the man in the origins and are able to ship it it will be a small but impor- Butch) arrived in Madrid, a city teeming with German agents. nated. street against the Venezuelan to correspondent U.S. banks. tant victory. Preserving Banx- As a cover she worked as a cipher clerk for the Oil Control Ahead of the June midterm establishment. AMLO uses his Morena claims that the ico’s autonomy may not be a Commission, an agency that supervised incoming shipments elections he is signaling that daily morning press confer- change in the law is necessary sufficient condition to save of oil and ensured they weren’t distributed to the Nazis. he is ready to buck the au- ences to the same effect— to ensure that migrants aren’t Mexican pluralism from the Mr. Loftis sets a crackling pace and vividly evokes life and thority of two independent though he has been absent forced to change their dollars Venezuelan fate, but it is a politics in supposedly neutral Spain, which in 1944-45 was still bodies charged with ensuring since his Covid-19 diagnosis a at disadvantageous rates. Yet necessary one. recovering from the bloody civil war of the ’30s. The country, election fairness. Mexican week ago. Banxico reports that only Write to O’[email protected]. ruled by Generalissimo Francisco Franco, was treading a fine line between the Axis and the Allies. After Griffith met Franco at a reception in Toledo, she reported artlessly: “He was short and plump and had a pleasant expression. Without the mili- $20 Says Harriet Tubman Was Conservative tary jacket he could have been a bellman at any hotel.” Griffith is romanced by a famous matador, Juanito Bel- By Michael Taube in 2017 that the switch was soldiers were paid more than her weapon. They’re related monte, who inundates her with red carnations and chocolates. still under consideration, but black soldiers in the Union through Tubman’s niece Mar- “He didn’t look like a slayer of beasts. He was short and thin, resident Biden may re- “people have been on the bills Army, she blamed the presi- garetStewart,whowas10in with dark skin and a jaw that jutted forward like a barracuda’s.” P vive an Obama-era initia- for a long period of time,” and dent for the disparity. “No, I’m 1862 when Tubman freed her Mr. Loftis provides a dramatic account of a corrida (“the only tive of which conserva- there were “more important sorry now, but I didn’t like Lin- from slavery in Maryland and occurrence which takes place on time in Spain”) in which the tives ought to approve: putting issues to focus on.” In 2019 Mr. coln in them days,” she told left her in Secretary Seward’s matador confronts a particularly dangerous Miura bull. To Harriet Tubman on the ob- Mnuchin announced that be- Rosa Belle Holt in an 1896 in- care. Griffith, “the thing looked the size of a tractor, but with a foot verse of the $20 bill, where cause of “counterfeiting is- terview for the Chautauquan. “I guess Aunt Harriet car- and a half of horns.” Belmonte is flung into the air but makes Andrew Jackson now appears. sues,” the switch would be de- “I used [to] go see Mrs. Lin- ried it all along the Under- a miraculous recovery, and she ends up with a macabre gift: Tubman, who died in 1913, was layed until 2028. coln, but I never wanted to see ground Railway route,” A.J. the bull’s ear. Her matador proves a useful link to Madrid an abolitionist and civil-rights him. You see, we colored peo- Brickler, an obstetrician, told society, where Griffith meets, among others, Countess Gloria von pioneer who’d been born into ple didn’t understand then he the Jacksonville-based Florida Fürstenberg, a suspected Nazi, and the sinister, slick German slavery circa 1822. Then-Trea- She appreciated the was our friend.” Although she Times-Union while showing off press attaché Hans Lazar. The British ambassador Samuel Hoare sury Secretary Jack Lew an- first GOP president never met Lincoln, Tubman’s the revolver in 2019. “One described the latter as “self-consciously well-mannered, like nounced in April 2016 that opinion changed after he time, one of the slaves—it those operatic Viennese figures created by Strauss or Lehar.” Jackson, the first Democratic and carried a gun. signed the Emancipation Proc- might have even been a family After the war in Europe ended, in May 1945, artwork looted president, would appear on the lamation in 1863 and met with member—was afraid to go for- by Nazis continued to pass through Spain on its way to South reverse of the Tubman note, her friend and fellow aboli- ward. He wanted to turn America. Griffith’s objective was to track it down. When she which would enter circulation White House press secre- tionist Sojourner Truth in around, but she knew that visits the apartment of a rich young count, Luis Quintanilla, by 2020. tary Jen Psaki now says the Bi- 1864. would be endangering the she pauses in front of two paintings by Goya. The count Mr. Lew said Tubman repre- den administration is “explor- Tubman would also likely whole group. I guess she comes out with one of the best lines in the book: “I didn’t sented “the essential story of ing ways to speed up” the have been an advocate for gun pointed this gun right at him find them. My great-great-grandfather got them directly American democracy”: “So change to the $20 bill. Repub- rights. She carried a pistol for and let him know she was in from Goya.” No wonder Griffith married him. much of what we believe has licans should claim Tubman as protection when helping fugi- charge—and that they were all The Countess of Romanones went on to become a cafe- changed for better for this one of their own. She was tive slaves achieve freedom heading north.” society celebrity. She died in 2017, at the age of 94. As for her country is reflected in what friendly with William Seward, through the Underground Rail- trilogy of memoirs, historical fiction notwithstanding, I confess she struggled for.” But after secretary of state to the first road and when acting as a Mr. Taube, a columnist for I found it entertaining. So is Mr. Loftis’s suspenseful fact-based Donald Trump, a Jackson ad- GOP president, Abraham Lin- Union spy and scout during Troy Media and Loonie Poli- account of this unflappable woman’s remarkable life. mirer, became president, the coln. the Civil War. tics, was a speechwriter for Treasury changed its tune. At first she didn’t admire The Brickler family in Talla- former Canadian Prime Minis- Ms. Hodgson is the author of “It Seemed Like a Good Secretary Steven Mnuchin said Lincoln. Frustrated that white hassee, Fla., is in possession of ter Stephen Harper. Idea at the Time: My Adventures in Life and Food.” . A16 | Monday, February 1, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR A Multistate Remote Tax Brawl Any Stimulus Autopilot Is a Dangerous Idea an a state collect income tax from non- tax on wages, last fall sued Massachusetts and Jason Furman argues that “Biden’s counterproductive behavior and unin- residents working remotely for in-state is asking the Supreme Court to hear its case Stimulus Should Stay the Course” tended consequences. Businesses, in- C (op-ed, Jan. 26) with an enhancement vestors, workers and consumers make businesses? Massachusetts, New York (N.H. v. Mass.). “Massachusetts has unilaterally that would put it on autopilot to con- decisions based on expectations. Will and some other states claim imposed an income tax within New Hampshire tries to tinue assistance as long as the econ- a softening of the economy prompt, they can, and now New Hamp- New Hampshire that New omy is weak and needs it. He pro- say, quicker and more consequential shire is asking the Supreme protect workers from a Hampshire, in its sovereign poses that the stimulus be upgraded decisions that accelerate layoffs and Court to protect its citizens discretion, has deliberately to “recession insurance” available on belt-tightening because Washington from this tax grab. pandemic revenue grab. chosen not to impose,” says a permanent basis to mitigate future will be an automatic backstop? In Tens of millions of Ameri- the Granite State. economic downturns. Rather than theory, establishing automatic trig- cans have been working from Under longstanding Su- rely on politicians to rise to the chal- gers for wages and benefits to rise home during the pandemic, including an esti- preme Court precedent, states can only collect lenge when crises first hit, poor eco- when inflation goes up is a way to mated 2.1 million who used to commute to the of- taxes that are “fairly apportioned” and “fairly re- nomic results would trigger immedi- protect people, but the real-world ef- fice across state lines. Enter Massachusetts, lated to the services provided by the State” ate increases in unemployment fect of an economywide inflation pro- which in April adopted an emergency regulation within their borders. The Court in Wayfair (2018) benefits, automatic fiscal assistance tection would be an out-control-price for states and more federal funding spiral. declaring that nonresidents employed in the state allowed states to collect sales tax from out-of- for other benefits such as nutritional An autopilot for stimulus likely before the pandemic must still pay its 5% income state retailers. But the actual sales tax is owed assistance. Recession-triggered would affect wage, hiring and layoff tax even if they are working remotely. by the resident, not out-of-state business. spending would phase out when no decisions by corporations, and spend- Most states tax only income earned—propor- Massachusetts and other states are forcing longer needed. ing and taxing decisions by state and tional to their employment activities—within nonresidents to pay income taxes even though A permanent autopilot for reces- local governments. If Washington their borders. So a hedge-fund manager who they don’t use public services. Since New sion-fighting stimulus is a tempting provides a safety net for states when- splits his time equally between offices in Fair- Hampshire imposes no income tax, its resi- but ultimately terrible idea. Auto- ever the economy softens, there is a field, Conn., and Miami only has to pay Connect- dents won’t be double-taxed. But remote work- matic government stimulus based on disincentive for states to ever bite the icut income tax on half his salary. The same rule ers in other states with income taxes such as economic growth or unemployment bullet and be more fiscally prudent. MARK ADAMS applies for athletes, consultants and other pro- Vermont could be. rates opens the door to all sorts of manipulation, gaming of the system, Atlanta fessionals. New Jersey and Connecticut provide tax However, five states besides Massachusetts credits to residents for income taxes they pay (New York, Pennsylvania, Delaware, Arkansas, to New York. But credits for taxes paid to New Nebraska) tax nonresidents working at home. York will cost them roughly $1.5 billion com- Publishers’ Blacklists and Unpopular Speech New York requires nonresidents who telecom- bined in revenue this year, they point out in a Regarding Thomas Spence’s not restricting anyone’s freedom of mute for an in-state employer to pay its income brief supporting New Hampshire. New York’s “Blacklists Are the Rage In Publish- speech; it is making a business deci- tax unless “necessity, as distinguished from remote tax raid also reduces the incentive for ing” (op-ed, Jan. 19): Mr. Spence de- sion. convenience, obligate the employee to out-of- those states to compete on tax rates. fends his decision to publish a book I suspect he is counting on the fact state duties.” Under the U.S. Constitution, the High Court written by Sen. Josh Hawley after the that controversy is likely to increase If an employee of a New York-based firm has exclusive jurisdiction to hear controversies original publisher, Simon & Schuster, sales beyond what the book other- chooses to work most days from home in an- between two or more states, though usually it canceled plans to do so. Simon & wise would have generated. In this Schuster made that decision after era of self-publishing, it is impossible other state, New York still taxes him as if he hears only the “most serious” cases that can’t Sen. Hawley objected to the certifica- to prevent a book from being pub- worked the entire day in Manhattan. In October be resolved in other forums. That fits this case. tion of electoral votes following the lished, and Sen. Hawley could have state tax regulators said there would be no New Hampshire’s complaint raises economically riot inside the U.S. Capitol. taken that path. Mr. Spence appears pandemic exception for nonresident telecom- significant questions that affect millions of Mr. Spence certainly has the right to be seizing this moment, using the muters unless their employer “established a Americans nationwide. to publish—or decline to publish— notoriety Sen. Hawley has gained, to bona fide employer office at [the] telecommut- If the Court doesn’t intervene, remote workers whatever he chooses. However, every generate publicity for his own busi- ing location.” who are unfairly taxed by other states will have publishing house, newspaper and ness. That is his right, but let’s not So unless Goldman Sachs sets up a satellite no recourse for redress beyond biased state tax magazine has the right to choose pretend he is doing so to defend Sen. office in its bankers’ vacation homes, they will tribunals. States like California may copy the what is published under its banner, Hawley’s right to free speech. TERI GESKE still have to pay New York taxes as long as they Massachusetts and New York playbook. The Jus- including a perceived lack of the op- work remotely. Welcome to Hotel New York— tices last week invited the acting Solicitor General portunity to make a profit. This is Los Angeles you can check out but never leave. for an opinion on the multistate tax brawl, but New Hampshire, which imposes no income this looks a good case for the High Court. Don’t Trifle With Hard Drugs’ Mighty Power The Cost of Climate Indulgences Regarding Sally Satel’s review of is that in all my experience with this “Drug Use For Grown-Ups” by Carl L. subject, I have yet to meet one of ere’s a story straight out of Portlan- cept the Evraz steel mill, according to the Hart, neuroscientist and professor of these “grown-ups” who can manage dia. In the name of improving air qual- newspaper Willamette Week. The recycling psychology at Columbia University weekend, or casual, heroin, crack or H (Bookshelf, Jan. 14): I’m a 44-year-old crystal-meth use. ity and addressing climate change, the plant pays $1.6 million in income, real-estate Rose City is considering pen- and property taxes. male who is 15 years into a 25-year In considering this conundrum, I sentence for shooting a man four thought, well, Prof. Hart being an Ivy alties that could drive a recy- Portland may kill United Steelworkers Local times in a cocaine deal that went League college professor, he must cling plant out of business Oregon’s only glass- 330 represents some of the sideways. I’ve been selling and using bring in a considerable salary. I won- and kill union jobs. bottle recycling plant. plant’s 115 employees, and drugs since I was 12 years old. All der if Prof. Hart lost his job today Portland declared a cli- president Bob Tackett says three of my uncles are dead from opi- and was left with the challenges of mate emergency last year, and he has “a lot of concerns” ate-related deaths. My childhood best unemployment, God forbid, if he the City Council voted to about the consequences. friend overdosed from heroin in 2017. could put away his heroin use as a achieve net zero CO2 emissions by 2050. To “These jobs were green jobs before it was pop- Setting aside the arguments that in- responsible grown-up would do. But meet this goal that would have no effect on the ular to be a green job,” and they come with clude freedom of choice and putting a if not, how would he support his climate, Portland’s Bureau of Planning and Sus- high wages and good benefits, “so I’m having dent in the profits of drug cartels, I habit? LEVI JONES, #130599 tainability wants to impose some $11 million a hard time wrapping my head around why attempt to look at drugs in a more in annual fees on city businesses. Facilities we’re trying to push these jobs away or penal- nuanced way. Florida Department of Corrections However, what keeps nagging me Madison, Fla. deemed “major stationary sources of air pollu- ize these jobs.” tion” would pay an annual surcharge of up to In a letter to the Portland Bureau of Plan- $40,000, and Portland would also impose a ning and Sustainability, Owens-Brockway ex- No Real Case for Contextualizing the Quran per-ton fee on any facility that emits more than pressed “grave concerns” and warned that the 2,500 metric tons of C02 a year. taxes could “devastate select businesses.” Yahya Cholil Staquf’s “How to Make lamic Republic of Iran, which has been The carbon taxes would fall especially hard Jules Bailey of the Oregon Beverage Recycling the Islamic World Less Radical” suffering under Islamic law for almost on Portland’s Owens-Brockway Glass Con- Cooperative said that if the plant went bust, (Houses of Worship, Jan. 15) may be 42 years. We see signs of seculariza- tainer plant, which handles all of the state’s the state’s glass bottles would end up in land- well-intentioned, but what he is sug- tion in the Abraham Accords. We see glass-bottle recycling and processes the equiv- fills or be shipped out of state. gesting is impossible because “contex- signs of secularization whenever Mus- alent of 440,000 beer bottles a day on average. The contradictions of progressive climate tualization” requires some human be- lim women refuse to wear the hijab If the City Council adopts the proposal, the policy are multiplying, but one constant pre- ings to declare that the jihadist verses and in many other ways when Mus- of the Quran are no longer valid. This lims willfully violate Shariah law. plant would have to pay an estimated $1.1 mil- vails: The costs fall on workers and consumers contradicts the fundamental proposi- It is in our interest to do every- lion a year, more than any Portland facility ex- in return for no benefit for the climate. tion of Islam, namely, that every word thing we can to encourage that pro- of the Quran is Allah’s literal word cess of secularization against the op- and eternally valid. No religious Mus- position of the imams and the Biden’s Covid Spending Choice lim will ever contradict that because mosques. It is the only way to reduce it would make him an apostate. The the Islamic threat in the long run. mericans are about to learn whether additional $1,400 cash payments. Islamic religious establishment will CARL GOLDBERG, PH.D. President Biden means what he has said They also agree to enhanced federal unem- never agree to “recontextualize” any- Phoenix A thing in the Quran. so often about governing in a bipartisan ployment benefits “at the current level” and fashion. The test is whether he “fully funding your request for Therefore, there is no way to change Islam. What can be changed is negotiates with Senate Repub- Will he negotiate with nutrition assistance to help San Francisco Cancels U.S. the Islamic world, that is, how Mus- licans over his $1.9 trillion the GOP or pass a bill struggling families.” And lims behave. This is already happen- Heroes as Well as History Covid spending bill, or jams it with only Democrats? they’ll support money for ing more than some religious Muslims In your editorial “Cancelling Di- through using a budget ma- child care, small businesses, would like to admit. Many Muslims anne Feinstein” (Jan. 29), you state neuver that requires only 50 and reopening schools. are fed up with the jihadist and other that a society that rummages votes plus Vice President Ka- The most conspicuous totalitarian commands of Islam, and through history to hold those in mala Harris. missing part of Mr. Biden’s wish list is his pro- they are going about their lives in si- the past to the woke standards of Democratic leaders seem eager to use posal for $350 billion more for state and local lent disobedience to them. Many oth- today will soon have no heroes to what’s known as budget reconciliation that governments. The GOP Senators also dare to ers are so fed up with Islam that they honor. dodges the 60-vote filibuster bill for tax and mention that much of the $900 billion Congress openly apostatize and leave Islam. Isn’t that the very point of the spending measures with certain limitations. passed in December, and even much of the We see encouraging signs of secu- woke standards? We will soon have larization in the population of the Is- no heroes as all of our past is After even moderate Republican Senators Cares Act from the spring, hasn’t been spent. tainted by our white suppression of balked at the gigantic size of the $1.9 trillion They suggest—shocking in Washington—that minorities. Joe DiMaggio, the nation Biden Covid-palooza, Speaker Nancy Pelosi and it might be wise to spend that money first and Laughter Refreshes Bonds no longer turns its lonely eyes to Majority Leader Chuck Schumer said they’ll then see what’s needed depending on the you. If the left has its way, the na- move soon to pass the bill on a partisan basis course of the pandemic. With Departed Loved Ones tion will despise you. using reconciliation. Our view is that most of this GOP offer isn’t Stephen Miller’s observations on FRANK MCCRORY Mr. Biden hasn’t committed himself to the necessary given that vaccines are rolling out the link between laughter and solace Navarre Fla. Pelosi-Schumer strategy, though that seems to and the pandemic could ease substantially in is often shown in eulogies, which of- be where his advisers are tilting. The President the coming weeks or months. Most of Mr. Bi- ten evoke loud laughter in churches Pepper ... speaks so little in public, and in such a scripted den’s proposal—especially his bailout for profli- and temples (“Solace Is Golden, and fashion, that it’s hard to know what he really gate states—is using Covid as an excuse to sat- Also Amusing,” op-ed, Jan. 27). And Salt Shared delight in the midst of grief thinks. isfy all and sundry Democratic spending can only occur with others; solitary THE WALL STREET JOURNAL But 10 GOP Senators have raised the govern- constituencies. grieving cannot accommodate laugh- ing stakes for Mr. Biden when they offered to But if Mr. Biden doesn’t accept this generous ter. Mr. Miller points out that merely meet the President part way and asked for a offer, we’ll know he’s turning control of his one person can offer that solace to meeting to talk it over. They say they’ll release agenda over to Democrats in Congress. The GOP the bereaved via an amusing anec- more details on Monday, but the text of their Gang of 10 would provide enough votes with 50 dote. Such laughter affirms the bond weekend letter to Mr. Biden sure looks like it Democrats to break a Senate filibuster. Using of those who loved and lost someone, offers most of what he wants. reconciliation instead to pass $1.9 trillion on a and is deeply reassuring. CAROL DECHANT They commit to $160 billion for Covid-related partisan vote will signal that the Democratic spending on vaccine development and distribu- goal is to pick off one or two Republicans as po- Sarasota, Fla. tion, therapies, testing and tracing and PPE. litical window dressing, not for any serious pol- Letters intended for publication should They say, without offering a price tag, that they icy compromise. be emailed to [email protected]. Please support more payments for individual Ameri- That means a return to the - include your city, state and telephone cans “with the greatest need, providing more Nancy Pelosi method of jam-it-through, one- number. All letters are subject to targeted assistance than in the Administration’s party government. Mr. Biden’s choice will set editing, and unpublished letters cannot be acknowledged. plan.” That probably means a lower cutoff for the tone for the rest of his Presidency. “You’re coming in too late again.” . THE WALL STREET JOURNAL. Monday, February 1, 2021 | A17 OPINION Religious Liberty Isn’t Enough

By Ryan T. Anderson born babies is profoundly unjust. Freedom Restoration Act, the sepa- Conservatives’ refusal to fund abor- ration of powers or the Administra- resident Biden’s pledge to tions communicates that message, tive Procedure Act, none of which heal and unify seems to which is why the left has turned turn on the truth of the belief seek- mean giving the far left against popular consensus to oppose ing protection. But the rest of us P everything it demands in the Hyde Amendment—including Mr. needn’t speak like lawyers. If we fail the culture wars. Conser- Biden, who caved to pressure after to fight back in the court of public vatives therefore must resist. Yet in supporting Hyde for 40 years. opinion against the claim that our doing so we must avoid the trap of Or consider Mr. Biden’s approach beliefs are “bigoted,” we will ulti- framing every debate as if it were to gender ideology: “Transgender mately lose even in courts of law, about religious liberty. equality is the civil rights issue of where the soundness of our beliefs Religious liberty is important, but our time. There is no room for com- is supposedly irrelevant. If basic it’s only part of the story. As the Bi- promise when it comes to basic hu- truths of human nature are rede- den administration advances a divi- man rights.” By his own admission, fined as religious bigotry, they will sive and extreme social agenda, our he’s not looking for common be excised from society, in court and ground—as reflected in his day-one out. executive order directing that all cit- The reality is that there is a cul- Cultural conservatives also izens, including children, be recog- ture war in the U.S., and conserva- nized by their declared gender in ALEX WONG/GETTY IMAGES tives aren’t the aggressors. While need to defend our views, federal law. Pro-life activists participate in the 48th annual March for Life in Washington, the moniker “culture warrior” seems which are scientifically Conservatives have no choice but Jan. 29. to be applied only to those on the to push back. And here, too, the ter- right, we aren’t the ones who im- sound and popular. rain to defend is not primarily about for separation is not religious their kids. When they shoot off pink posed abortion on demand up to and religious liberty, or religion at all. qualms, but biology. confetti for the gender reveal, they even during birth, forced Catholic Children feeling discomfort with The left would love to frame reveal that they know biological sex nuns to pay for abortifacients, rede- response can’t simply be a polite re- their bodies shouldn’t be told the lie these issues as if they pitted reason isn’t “assigned at birth.” It’s time to fined marriage, harassed evangelical quest to be left alone. We need to that they’re “trapped in the wrong and science against superstition. But make the left follow the science. bakers, or declared it “unlawful dis- oppose the left’s agenda on the mer- body,” nor should adults pump them on all of these issues social conser- Conservatives shouldn’t frame these crimination” to refuse to put a con- its. It’s the principled thing to do, full of puberty-blocking drugs and vatives are on the side of the biolog- as sectarian religious issues. fused child on puberty-blocking and it will be good politics given cross-sex hormones. Doing so is un- ical facts. The Democratic Party and Even when it makes sense to ar- drugs. These salvos came from the where the American people actually ethical medicine, a violation of the the left are the science deniers. The gue these issues as matters of reli- left. Conservatives have been play- are on the issues. bodily integrity of children— scientific point of view confirms the gious liberty, conservatives ing defense. Take Mr. Biden’s decision to over- whether or not those kids or their biblical teaching that humans are shouldn’t pretend to be agnostic But a strategy based only on reli- turn the Mexico City policy and call parents or doctors are religious. created male and female. It requires about the truth of our perspective. gious liberty won’t work in the long for repeal of the Hyde Amendment. Likewise for preserving female no faith to know that a boy who We’ll have the best shot at winning run. Americans need to figure out Those policies long prevented tax- athletics. Secular and religious high- “identifies” as a girl isn’t one and fights over abortion restrictions or how to coexist peacefully on these payers from funding—and thus being school girls are equally interested in shouldn’t be allowed into private fe- child sex-change procedures when issues. But the answer isn’t for our complicit in—elective abortions, the fair competition that is under- male spaces. conservatives are willing to assert side to forfeit the fight about the overseas and at home. But protect- mined when boys who “identify” as Likewise, although Christians be- that their beliefs are true, not truth by pleading only to be left ing pro-life people’s right to dissent girls compete against girls. And it lieve all people are made in God’s merely protected in law. alone. isn’t the most important reason to isn’t only churchgoing girls who pre- image, it requires no faith to see Lawyers will have to make specif- oppose abortion funding. The com- fer not to share showers and locker that an unborn child is a child. Even ically legal arguments, rooted in the Mr. Anderson is president of the plicity matters because killing un- rooms with boys. The main reason atheists post ultrasound images of First Amendment, the Religious Ethics and Public Policy Center. Another Promising Vaccine, This One From Johnson & Johnson By Scott Gottlieb slightly different approach to deliv- cine process. Every year scientists time to do the required trials. that they are derived through syn- ery than vaccines produced by Pfizer develop the basic components for Take the South African variant thetic processes using the sequence ome good news this week: and Moderna. (I am on the board of flu vaccines that are capable of tar- known as B1351. The existing trials of the coronavirus’s RNA. That S Johnson & Johnson’s vaccine Pfizer.) The biotech company geting many different strains of the will be used to establish that the means the vaccines are relatively looks likely to become the Novavax is pursuing a vaccine candi- virus. But only the three or four current vaccines provide clinical straightforward to update when new third U.S. Covid-19 vaccine to enter date with its own special delivery strains expected to be most preva- protection against Covid disease. variants emerge. the market. The company released system. All four might be available lent are put into production. The But to prove the new versions tar- Another priority should be devel- data this week showing the vaccine by the summer, which would mean geting B1351 work as well as the oping antiviral drugs. We need more is about 70% effective against the an ample supply. current vaccines, the FDA can mea- tools that go after central features virus, and its version requires only Americans will wonder which one But new variants pose an sure the antibody levels in the of how the viruses replicate and one shot. The Food and Drug Ad- works best? It will be tempting to plasma from patients who have re- don’t depend on targeting proteins ministration will need to review the compare data across trials. But that undetermined threat. The covered from B1351 and establish a found on the virus’s surface. These evidence thoroughly, but the pre- isn’t apples to apples; the vaccines flu-vaccine system can be benchmark for the number of anti- drugs could remain effective even if liminary data is promising. The and the data aren’t all the same. bodies needed to neutralize that vi- the virus mutates. company is collecting more infor- And new variants of Covid may de- a model for regulators. rus. Then the FDA can use those The best backstop against the mation to determine whether a mand vaccines that offer slightly antibody levels as a proxy to evalu- wide transmission of mutant strains booster shot could provide even different layers of protection and ate whether updated vaccines are is still the same: a public that takes better protection. target slightly different parts of the rest stay on the shelf, ready to be able to generate sufficient levels of precautions like social distancing Crushing Covid will require mak- virus. put into production should the flu protection. and masks—paired with a thoughtful ing the most of the different vaccine The regulatory process must en- take an unexpected evolutionary This could allow vaccine makers and nimble system for developing candidates, which come with their courage this kind of portfolio diver- turn. The FDA should do the same to test new boosters in clinical trials vaccines. own pros and cons, and tweaking sification, while allowing tweaks to for Covid. that enroll 300 or 400 patients them to stay ahead of viral muta- keep ahead of the virus’s twists and Second, it is essential to design rather than 40,000, an enormous Dr. Gottlieb is a resident fellow at tions. The vaccines all follow a simi- turns. The FDA is working on guid- clinical trials that can be completed savings in cost and time. Larger and the American Enterprise Institute lar basic approach, putting into ance to address new variants, which within several months, to avert po- longer studies can be started at the and was commissioner of the Food arms the spike protein found on the will include a pathway for updating tential outbreaks of new variants. same time, including ones that fol- and Drug Administration, 2017-19. surface of the coronavirus. But vaccines. It’s fast, but given today’s scientific low vaccinated patients. He serves on the boards of Pfizer Johnson & Johnson’s vaccine takes a The model should be the flu-vac- capabilities that could be enough The virtue of the new vaccines is and Illumina. Will Biden Choose Paris Over Bismarck and Pierre? By Paul H. Tice intends to keep his vows on carbon have been prepared by the Army administration’s climate creden- crude-oil pipelines—Line 3 and Line emissions and the like, his adminis- Corps of Engineers for the pipeline’s tials—particularly given indigenous 5—running from Western Canada he Biden administration has hit tration will have to reduce the size of quarter-mile crossing of the Missouri resistance. The United Nations lists into the upper Midwest. Both are re- T the ground running on its cli- the fossil fuel industry aggressively, River—rather than the streamlined Energy Transfer as a human-rights placement projects already opposed mate agenda, but it’ll have to not merely curtail its growth. environmental assessment that was violator over its interactions with the by Democratic state governments in break into a dead sprint if it wants to If he’s willing to do that—which used—due to the “highly controver- Sioux tribe. Minnesota and Michigan. A like- reach its environmental goals. Before seems likely given the cast of true cli- sial” nature of the project. The lead Besides encouraging Alinsky-style minded Biden administration would the sun had set on Inauguration Day, mate believers slated to head up vari- plaintiff in the case was the Standing mob tactics by groups opposed to en- probably be enough to tip the balance the Keystone XL pipeline project had ous regulatory agencies—the first Rock Sioux Tribe, whose reservation ergy infrastructure development—a toward cancellation, which would been canceled (for the second time), target will probably be the Dakota is located downstream from the point project only needs to prove “highly translate into a net loss of more than oil and gas leasing activity had been Access Pipeline. where the pipeline passes approxi- one million barrels a day of U.S. oil- suspended on federal lands (both on- The 1,172-mile pipeline currently mately 100 feet below the bottom of transportation capacity. shore and offshore), and the U.S. had transports an average of 570,000 bar- the Missouri River. To hold his climate vows, Even though natural gas has a committed to rejoin the Paris Agree- rels a day of crude oil from the Bak- Judge Boasberg, an Obama ap- much smaller carbon footprint than ment. Yet none of these policies will ken Formation beneath Montana and pointee, also ordered the immediate he’ll have to downsize the crude oil, recently completed and in- come close to meeting the promises North Dakota to the Midwest and shutdown and emptying of the pipe- fossil fuels industry progress natural gas pipelines are President Biden made during his Gulf Coast refined-product markets. line for the estimated 13 months it also likely at risk, given environmen- campaign—notably, eliminating car- Dakota Access stalled in the waning would take to complete a full-blown aggressively—costing jobs. talists’ fierce opposition to the con- bon pollution from domestic power days of the Obama administration environmental review, a drastic and struction of such projects in recent plants by 2035 and realizing a “net but President Trump approved the unprecedented move that was subse- years. zero” economy by 2050. To find out if project and it was placed into service quently reversed on appeal. controversial” to be legally chal- A Dakota Access decision will he’ll take the radical steps necessary, in 2017. With the project’s impact state- lenged—the Boasberg ruling could al- likely set the political and regulatory watch the Dakotas. Over the past three years, the ment and appeals processes now low climate activists to go after any tone for the energy industry over the Mr. Biden’s recent moves on en- pipeline and its corporate sponsor, playing out in parallel, the Biden ad- fast-tracked project. As long as it’s next four years. The country will ergy policy will make future oil and Energy Transfer, have been dogged ministration has the opportunity to sufficiently offensive to warrant pro- learn if Mr. Biden plans on sticking to gas expansion difficult, but that’s not by lawsuits from Native American step in and effectively shut down the tests from someone, any project that his campaign climate promises or if going to be enough. The American groups and environmentalists, even pipeline permanently by either stand- got a quickly processed environmen- he cares more about saving a strate- energy industry is already consoli- though the pipeline system has had ing down on a legal defense or over- tal assessment could be reopened and gically important industry that pro- dating after an unprecedented multi- no reported environmental or safety ruling the Army Corps’s environmen- revisited after the fact. Expect the Bi- vides good-paying blue-collar jobs year period of growth—punctured by issues to date. tal findings. The Obama den administration to start with across the country. last year’s pandemic-related demand In July 2020, federal Judge James administration employed both strate- those approved and put in place un- shock—so the blow to the sector is Boasberg ruled that a detailed envi- gies to achieve its climate policy der Mr. Trump. Mr. Tice works in investment man- likely to be glancing. If the president ronmental-impact statement should goals. Armed with this new policy agement and is an adjunct professor From a PR perspective, canceling weapon, next in the line of fire after of finance at New York University’s the pipeline would burnish the Biden Dakota Access would likely be two Stern School of Business.

PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp & Matt Murray Almar Latour Notable Quotable: Covid in Nursing Homes Editor in Chief Chief Executive Officer and Publisher Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: From a Jan. 28 press release is- New York State Department of OAG asked 62 nursing homes (10 Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; sued by New York state’s attorney Health’s (DOH) published nursing percent of the total facilities in New Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; general’s office: home data reflected and may have York) for information about on-site News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; been undercounted by as much as 50 and in-hospital deaths from Thorold Barker, Europe; Elena Cherney, Coverage; Christina Van Tassell, Chief Financial Officer Attorney General Letitia James to- percent.... COVID-19. Using the data from these Andrew Dowell, Asia; Anthony Galloway, Video & day released a report on her office’s Preliminary data obtained by OAG 62 nursing homes, OAG compared: (1) Audio; Brent Jones, Culture, Training & Outreach; OPERATING EXECUTIVES: Alex Martin, Print & Writing; Michael W. Miller, Jason P. Conti, General Counsel; ongoing investigations into nursing suggests that many nursing home in-facility deaths reported to OAG Features & Weekend; Emma Moody, Standards; Frank Filippo, Print Products & Services; homes’ responses to the COVID-19 residents died from COVID-19 in hos- compared to in-facility deaths publi- Shazna Nessa, Visuals; Matthew Rose, Kristin Heitmann, Chief Commercial Officer; pandemic. Since March, Attorney pitals after being transferred from cized by DOH, and (2) total deaths re- Enterprise; Michael Siconolfi, Investigations; Nancy McNeill, Corporate Sales; Stephen Wisnefski, Professional News General James has been investigat- their nursing homes, which is not re- ported to OAG compared to total Thomas San Filippo, Customer Service; Gerard Baker, Editor at Large ing nursing homes throughout New flected in DOH’s published total nurs- deaths publicized by DOH. Josh Stinchcomb, Advertising Sales; York state based on allegations of ing home death data. Preliminary In one example, a facility reported Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International patient neglect and other concerning data also reflects apparent underre- five confirmed and six presumed conduct that may have jeopardized porting to DOH by some nursing COVID-19 deaths at the facility as of WALL STREET JOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: the health and safety of residents homes of resident deaths occurring August 3 to DOH. However, the facil- Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head and employees. in nursing homes. In fact, the OAG ity reported to OAG a total of 27

EDITORIAL AND CORPORATE HEADQUARTERS: Among those findings were that a found that nursing home resident COVID-19 deaths at the facility and 13 1211 Avenue of the Americas, New York, N.Y., 10036 larger number of nursing home resi- deaths appear to be undercounted by hospital deaths—a discrepancy of 29 Telephone 1-800-DOWJONES dents died from COVID-19 than the DOH by approximately 50 percent. deaths. A18 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS China Economy Starts ’21 Slowly Trudeau Measures to contain in recent weeks rolled out Looks Left shopping vouchers in hopes of pandemic amid fresh enticing people to stay in cases take a toll on place and to keep spending. To Bolster China’s services and con- factory production sumption sectors have lagged behind its broader economic Support BY JONATHAN CHENG recovery over the past year BY PAUL VIEIRA amid lingering concerns over BEIJING—China’s economy infections and worker incomes OTTAWA—Amid the pan- started the new year on a that have been squeezed by demic, Canadian Prime Minis- weaker footing as new corona- the pandemic. ter Justin Trudeau is betting virus outbreaks and pandemic- China’s 2.3% expansion in his political future on a shift containment measures sapped gross domestic product in 2020, further to the left. factory production and weighed which made it the only major Before the global public- on the country’s services recov- economy to post growth last health crisis, Mr. Trudeau po- ery, official data showed. year, was powered largely by in- sitioned himself as a progres- Official gauges of industrial dustrial production, exports and sive, with an emphasis on and services activities eased government-backed investment. promoting gender equality, more than expected in January, Retail sales, by contrast, was combating racism, and fight- with demand taking a particu- one of the few closely watched ing climate change. He ran lar hit as authorities discour- economic indicators to finish some deficits to support infra- aged travel ahead of February’s 2020 lower than the prior year. structure projects. Lunar New Year festival, ac- Sunday’s PMI reading also Now he is shifting his cording to data from Beijing’s showed emerging signs of agenda into a higher gear,

National Bureau of Statistics. ALY SONG/REUTERS slowing momentum in the in- marking one of the biggest left- China’s official manufactur- Chinese authorities are discouraging travel ahead of February’s Lunar New Year festival. dustrial sector, with both de- ward moves in Canadian federal ing purchasing managers in- mand and production easing. politics since the mid-1960s, dex softened to 51.3 in Janu- dropped below the 50 line—to cases from rising further, gov- catering, accommodations, lo- The subindex measuring political analysts and historians ary, lower than December’s 48.7 from 51.9 the previous ernment authorities nation- gistics, transportation and en- manufacturing production fell say, when the Liberal govern- 51.9 reading and the 51.5 me- month—marking the lowest wide are dissuading residents tertainment fell sharply into to 53.5 in January, from 54.2 ment of the day introduced uni- dian forecast among econo- level since February last year, from traveling during the most contractionary territory in in December, while total new versal health care and a na- mists polled by The Wall when the Chinese economy important holiday of the year, January, official data showed. orders dropped to 52.3 from tional pension plan. Street Journal. was absorbing the very worst Lunar New Year, which runs Hunter Chan, an economist December’s 53.6 reading. The “We can choose to embrace The nonmanufacturing PMI, of the coronavirus shock. for a week beginning Feb. 12. at Standard Chartered Bank, subindex tracking new export bold new solutions to the chal- which includes services and Sunday’s PMI readings pro- The stricter quarantine and expects the damage to persist orders also eased to 50.2 from lenges we face and refuse to be construction activity, weak- vided the first look at the eco- testing requirements imposed through the end of the festival 51.3 in December, but re- held back by old ways of think- ened even more to 52.4, from nomic damage wrought by during this frantic season— in late February, though he is mained above the 50 mark for ing,” Mr. Trudeau said back in 55.7 in December, according to fresh outbreaks of the corona- when hundreds of millions of optimistic that the economy a fifth straight month. August, when he first began the statistics bureau. virus in northern China—the people typically travel to see will rebound. “The economy China’s statistics bureau said making promises about a Though both indexes worst since the initial outbreak family and splash out on gifts will normalize quickly as effec- some workers had returned to wider social safety net and showed activity remaining that began in Wuhan about a and dining—are likely to re- tive control measures limit the their hometowns in anticipa- more aggressive environmental above the 50 mark that sepa- year ago. The latest wave has strain economic activity. prolonged impact,” he said. tion of the tightening control policy. “This is our chance to rates expansion from contrac- sickened hundreds and put re- Services requiring close hu- As coronavirus restrictions measures, leading to a labor build a more resilient Canada.” tion, the new-orders subindex strictions on the movements of man contact have borne the threaten a second straight shortage at some factories. He appointed a new finance for the nonmanufacturing sec- millions of people. biggest brunt. Subindexes year of Lunar New Year festiv- —Grace Zhu minister, Chrystia Freeland— tor, a key measure of demand, To keep the number of tracking business activity in ities, local governments have contributed to this article. who steered Canada’s negotia- tions with the Trump adminis- tration on a revamped North American free-trade pact—to oversee development of this Argentina Seeks $44 Billion IMF Debt Deal new policy road map. Polls indicate there is an BY SANTIAGO PÉREZ railed against the IMF, blaming Chronic Deficit to about 6% of annual economic supporters inhabit the poor, appetite among voters—rattled AND RYAN DUBE it for Argentina’s problems. output, from 8.5% in 2020. densely populated outskirts of by the fallout from the pan- Government budget balance as And they face a formidable op- Mr. Guzmán said the grad- cities like Buenos Aires, where demic—for an interventionist, percentage of GDP With Argentina broke, Fi- ponent within the governing ual approach to stabilizing the aid workers have seen a surge big-spending government. nance Minister Martín Peronist coalition that is mar- 2.5% economy is intended to spur of people at soup kitchens as “Canadians are feeling very Guzmán is pushing for a deal shaling lawmakers against the growth by lowering inflation the poverty rate rose to 45% insecure right now,” said David by May with the International IMF’s belt-tightening policies. 0 by about five points each year. last year. Monetary Fund to repay $44 Vice President Cristina Increasing government reve- Polls show that Argentines billion in debt. To win the Kirchner, leader of a far-left –2.5 nue would reduce reliance on are increasingly unhappy with IMF’s acquiescence, he’ll nar- faction, calls for strong state printing money to cover the Fernández administration, Polls show Canadian row a yawning budget gap, he intervention and public spend- –5.0 spending, which fuels inflation having endured one of the voters’ appetite for said in an interview on Friday. ing to preserve the purchasing and makes debts in dollar world’s longest lockdowns af- a big-spending It is the traditional path power of Argentine workers, a –7.5 terms ever more expensive. In- ter a decade of high inflation that Argentina, which has de- policy that marked her two flation hit 36% in 2020. and three years of economic government. faulted nine times on sovereign terms as president. –10.0 Economists are skeptical contraction. debt, has taken when its econ- “Here, economic activity is that Argentina can generate Graciela Báez, a 58-year-old omy has hit rock bottom, as it driven by demand. And there –12.5 revenue. And they say subsi- small-business owner, has al- has now during a punishing is no other way to stimulate 1970’80 ’90 ’00 ’10 ’20 dies and price controls need to ready cut back on buying beef Coletto, chief executive at Aba- pandemic that led to a 10% demand than through salaries, be ditched. and saw her income fall by cus Data, an Ottawa-based poll- economic contraction in 2020. pensions and affordable food Source: OJF & Asociados Argentina hands out subsi- more than 50% last year. She ing firm. “There was already a But Mr. Guzmán said his plan prices,” Mrs. Kirchner said on dies to electricity companies, worries that an IMF deal prevailing view—on both the falls short of the draconian Twitter. “I tell everyone: All shared view,” he said. heating gas providers and would cause further hardship. right and left—that those with austerity measures the IMF im- those who are afraid, or who The long-term program that public transport firms to off- “I don’t think they would access to resources were doing posed with other governments. don’t have the courage, there Mr. Guzmán has requested of set the low prices they are sacrifice the people who much better than those strug- “We are using the negotia- are other occupations besides the IMF would allow Argen- forced to charge. Subsidies for elected them,” Ms. Báez said, gling to keep their heads above tions with the IMF as an op- being ministers or legislators.” tina to extend debt payments public services rose to 2.3% of “because everyone would op- water. That’s only been con- portunity to try to break with A deal between the adminis- for as much as a decade, in- gross domestic product last pose it. It would be chaotic.” firmed over the past year.” the patterns of the past,” said tration and the IMF will require cluding some $5 billion due year from 1.6%. The IMF’s managing direc- Other analysts say Mr. Mr. Guzmán, a Columbia Uni- congressional approval. Since this year. That will provide fi- Mrs. Kirchner has her eye tor, Kristalina Georgieva, has Trudeau’s push might get a versity-trained economist. Mrs. Kirchner presides over the nancial breathing room. on October’s midterm elec- said the IMF’s “commitment boost from the Biden adminis- The twist this time around Senate, her consent is crucial. But Argentina will have to tions, when voters could pun- will continue as long as neces- tration, given the U.S. presi- is that Mr. Guzmán and Presi- Mr. Guzmán played down curb spending or boost reve- ish her Peronist movement if sary for Argentina to be clear dent’s similar agenda focused dent Alberto Fernández both the threat she posed. “The co- nue. Mr. Guzmán plans to nar- the IMF deal leads to higher about its medium-term objec- on the environment and social belong to a party that has long alition works together, with a row the budget deficit this year utility prices. Many of her tives.” programs. Mr. Trudeau was the first world leader Mr. Bi- den called when he moved into WORLD WATCH the Oval Office. President Biden and Mr. Trudeau “clearly have a shared HONG KONG vision,” said Stewart Prest, a Applications Open politics lecturer at Simon Fra- ser University in Burnaby, For British Visas British Columbia. “They may reinforce each other as well, Applications for the British especially on the world stage.” National Overseas visa officially To be sure, there will be dif- opened on Sunday, making five ferences and setbacks, such as million Hong Kongers eligible to President Biden’s move to halt apply for visas, allowing them to construction of the Keystone live, work and study there and XL pipeline extension. eventually apply to become Brit- The Trudeau administration ish citizens. spent aggressively to mitigate Britain’s government said the pandemic’s hit, with Can- some 7,000 people with British ada’s budget balance in 2020 National Overseas passports—a deteriorating the most among travel document for which Hong major developed and emerging Kongers could apply before the economies on an adjusted ba- city was handed over to Chinese sis. The deficit is on course to control in 1997—have arrived hit a record 18% of gross do- since July on the previously al- mestic product in the fiscal lowed six-month visa. It esti- year ending March 31. The mates that more than 300,000 bulk of the cash was directed people will take up the offer of toward households and busi- extended residency rights in the nesses. next five years. Mr. Trudeau has said more Thousands of Hong Kongers government stimulus is on the have moved to Britain since Bei- way, roughly 5% of gross do-

jing imposed a strict national-se- NAYEF AL-ABOUD/AGENCE FRANCE-PRESSE/GETTY IMAGES mestic product, to jump-start curity law on the city last summer. BRUTAL BLAST: A car bomb killed at least four people and wounded more than 20 in the war-torn town of Azaz in northwest Syria. a recovery, and rebuild and ex- —Associated Press tend a social safety net that Government forces responded calling for the ex-Soviet nation’s The crackdown drew interna- The pontiff on Sunday said targets additional day-care SOMALIA to the attack and gunfire could authoritarian president to resign. tional outrage, and the U.S. and that every year, on the fourth spaces, better care for the el- Jihadists Claim be heard coming from the hotel. Protests have rocked the ex- the European Union have imposed Sunday of July, the Roman Cath- derly, and a national plan to The police didn’t detail casualties. Soviet nation for the sixth sanctions on Belarusian officials. olic Church will pay tribute to help subsidize drug costs. Capital Hotel Attack Al-Shabaab, Somalia’s home- straight month following the —Associated Press older adults who have “thoughts But the push is also raising grown jihadist rebel group, claimed Aug. 9 presidential vote, which and words of wisdom” to offer. concern. Robert Asselin, a for- Armed jihadist rebels invaded responsibility for the attack was widely seen as rigged to VATICAN CITY This year, he plans to celebrate a mer senior aide in the a hotel in the capital, Mogadishu, through its Andalus radio station. give President Alexander Lu- Pope Sets Date special Mass in honor of them Trudeau government, points and opened fire on staff and pa- —Associated Press kashenko a sixth term in office. on July 25, the Vatican said. out costs are pushing the bud- trons after crashing a vehicle The protests were the most To Honor Elders The pope noted that each get deficit toward half a tril- loaded with explosives into the BELARUS serious challenge to Mr. Lukash- year on July 26, the church hon- lion Canadian dollars, or the entrance gate, police said. Mass Arrests Follow enko in 26 years in office. Ac- Pope Francis has established ors Saints Anne and Joachim, equivalent of $390 billion. The rebels targeted the Afrik cording to human-rights advo- an annual date to honor grand- the parents of Jesus’ mother, The Trudeau government’s hotel, near Mogadishu’s strategic Widespread Protests cates, more than 30,000 people parents and other elders, la- Mary. Grandparents, the pope measures come at a time of K-4 junction, on Sunday after- have been detained since the menting that they are often for- said, transmit “life and faith” ex- heightened anticipation that noon, police spokesman Sadiq Police arrested more than 160 protests began, and thousands gotten despite the wisdom they periences to the young. Mr. Trudeau will seek an elec- Adan Ali said. participants in demonstrations of them were brutally beaten. have to offer society. —Associated Press tion as early as the spring. . BUSINESSTECHNOLOGY: CLOUD HELPS NASDAQ & NAVIGATE FINANCE MARKET TURMOIL B8

© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Monday, February 1, 2021 | B1

Last Week: S&P 3714.24 g 3.31% S&P FIN g 4.59% S&P IT g 2.99% DJ TRANS g 5.98% WSJ $ IDX À 0.39% LIBOR 3M 0.202 NIKKEI 27663.39 g 3.38% See more at WSJ.com/Markets GameStop Frenzy Lifts Big Trader Silver Citadel Securities tronic-trading firm owned by ence is often just a fraction of a opened more than 10 million now a director of Healthy Mar- Rallies, hedge-fund billionaire Ken Grif- penny a share. But repeated new brokerage accounts in kets Association, an investor plays critical role fin, has played a quiet but criti- millions of times a day, it adds 2020, JMP Securities estimates. group. “The last time the envi- executing orders for cal role in the frenzy of the last up to serious money. Meanwhile, a thriving sub- ronment was this good for retail Backed two weeks. Last year, net trading reve- culture of day traders grew in market makers was back in the online brokers The firm, an affiliate of Mr. nue at Citadel Securities was corners of the internet like Red- dot-com bubble.” Griffin’s hedge fund, Citadel, ex- $6.7 billion, almost double the dit’s WallStreetBets forum, set- The firm drew scrutiny last By Online BY ALEXANDER OSIPOVICH ecutes orders placed by custom- previous high in 2018, a person ting the stage for last week’s week when its majority owner, ers of Robinhood Markets Inc., familiar with the matter said. manic trading in GameStop, Mr. Griffin, participated in a Small investors banding to- TD Ameritrade and other on- Among the forces propelling AMC Entertainment Holdings $2.75 billion emergency cash in- Buying gether online to pump up stocks line brokerages that have en- that growth was an influx of Inc. and several other popular fusion into Melvin Capital Man- BY SEBASTIAN PELLEJERO like GameStop Corp. say they joyed surging volumes during newbie traders, many stuck at stocks. agement, a short seller that was are defying Wall Street. But one the coronavirus pandemic. home due to Covid-19 lock- “This is the market that Ken facing steep losses due to the Silver prices rallied to start of the biggest players in global Citadel Securities makes downs. Lured by easy-to-use Griffin and Citadel Securities huge rally in GameStop’s stock. the trading week Sunday, fueled markets stands to benefit from money by selling stocks or op- trading apps and an industry have been waiting for,” said The deal meant Citadel, the by a wave of fresh enthusiasm their frenetic trading. tions for slightly more than it is shift toward zero-commission Christopher Nagy, a former TD hedge-fund firm, was propping from online traders. Citadel Securities, the elec- willing to buy them. The differ- trades, individual investors Ameritrade executive who is PleaseturntopageB9 Most actively traded silver futures rose as much as 8% from Friday’s close before par- ing gains slightly to trade up 6.9% at $28.77 a troy ounce at Investors Waryof Highfliers Falling to Earth 10 p.m. Eastern time. The rally comes after silver prices gained BY MICHAEL WURSTHORN more than 5% last week. AND AKANE OTANI Silver has rallied in recent trading sessions after users on For once, everyone seems to ’s WallStreetBets forum agree: Much of the market posted about executing a short looks like it’s in a bubble. squeeze similar to ones cred- Shares of unprofitable com- ited with fueling recent gains in panies like GameStop Corp. other stocks popular on the in- and AMC Entertainment Hold- ternet. Outsize attention from ings Inc. are rising at a break- day traders has powered signif- neck pace, propelled by a grow- icant gains in stocks such as ing army of individual GameStop Corp., captivating investors. Options activity is Wall Street as individual inves- surging, bitcoin prices are near tors take on hedge funds that records and businesses are are betting on prices to fall. rushing to opportunistically sell Attention from day traders stock through a flurry of initial is the latest driver for silver public offerings, listings of prices, which have traded in a blank-check companies and fol- range since notching a record low-on share sales. performance in 2020, finishing To many, valuations look the year up 47%. Silver bene- stretched as they hover at lev- fited from a booming rally in els similar to the highflying precious metals that sent prices days of 2000. That said, high on everything from gold to pal- valuations alone don’t neces- ladium to records. Investors sarily mean the rally is near its tend to buy precious metals end, investors say. History has such as silver when they are shown that markets have often nervous about holding riskier been able to climb far longer assets such as stocks or corpo- than thought possible, be it the rate bonds. dot-com boom in the late 1990s Even the physical metal is or the dizzying rise in Japanese starting to see a notable uptick

stocks in the 1980s. ETHAN MILLER/GETTY IMAGES in demand as a result of Reddi- And recently, the broader Many argue that shares of AMC and other stocks that soared to new heights don’t pose a threat to the entire financial ecosystem. tors’ attention. Retail silver stock market has been on the marketplaces including Money decline. The S&P 500 dropped Google searches for the term ‘stock market bubble’ 100 Fast-moving stocks such as Metals and APMEX Inc., among 3.3% last week, though it re- reached an all-time high in January. GameStop, AMC Entertainment GameStop others, had notices on their mains up 66% from its March Holdings and BlackBerry have 1,625% websites Sunday saying they Index of monthly keyword searches since 2004 1,500% low. The bubblelike behavior 80 raised concerns of excessive were unable to process new or- there has mostly been con- exuberance in pockets of the ders until global markets tained to a handful of individ- market, while the S&P 500 opened because of demand for ual stocks, not larger indexes. largely remains unchanged. the metal. 60 An even bigger issue arguing Index and share-price against a marketwide bubble is performance, year to date simple math. With interest 1,000 rates at rock bottom and fur- 40 Amazon ther stimulus on the table, many investors are being hand- Is Facing somely rewarded by putting 20 their money into riskier, higher-yielding assets. What’s 500 AMC Its Fiercest more, in many cases earnings 525% have held up or been robust, 0 Labor Fight despite a global pandemic. 2005 ’10 ’15 ’20 BlackBerry That combination of factors 113% BY SEBASTIAN HERRERA has helped push investor opti- mism. Bullishness on stocks S&P 500 Amazon.com Inc. for years among money managers is at a 0 –1.1% has fended off attempts by its three-year high, according to a Jan. 4 Jan. 11 Jan. 19 Jan. 25 Jan. 29 U.S. employees to unionize. recent Bank of America survey Now the tech company is pre- of 194 money managers who Sources: Google Trends (keyword searches); FactSet (performance) paring for a labor battle unlike oversee $561 billion in assets. anything in its history. Meanwhile, the average share trying to identify what could data on the manufacturing sec- checked off all the boxes from a 2000 and 2008. He has been In the next two months, of cash in portfolios—typically cause bubbles among individual tor, earnings from Ama- history book,” said Jeremy calling the current market thousands of Amazon employ- a safeguard against market tur- stocks to pop and whether any zon.com Inc. and Google parent Grantham, co-founder of Bos- overheated since last year. ees at an Alabama warehouse moil—is at the lowest level of the bursts will spread to the Alphabet Inc. and the January ton money manager Grantham, But even Mr. Grantham con- are set to cast mail-in ballots since May 2013. wider market. This week, inves- employment report. Mayo, Van Otterloo & Co., who cedes the timing of a market over whether to organize into Nonetheless, investors are tors will get a look at fresh “You know, this one has predicted the market crashes of PleaseturntopageB9 a union, a vote that could re- shape the relationship between workers and the nation’s sec- PERSONAL TECHNOLOGY | By Nicole Nguyen ond-largest employer. INSIDE The commerce giant faces a SpaceX Riles Rivals familiar opponent: the Retail, Wholesale and Department Store Union, or RWDSU, which Cut the Cord With For Broadband Funds along with local organizers is BY RYAN TRACY and others in line for subsidies helping to lead the pro-union to demonstrate their financial campaign. The union has Live Streaming TV WASHINGTON—Elon Musk’s and technical wherewithal to helped organize thousands of SpaceX is facing a final test— build out a network, and Friday poultry workers in Alabama, a With the ther. Prices of live-TV and some resistance—in its bid was the deadline for submitting right-to-work state, and has Super Bowl streaming services have gone to secure almost $1 billion in those plans. become a frequent Amazon an- kicking off up in recent years. In 2017, at MANUFACTURING federal subsidies for its satel- Rivals of SpaceX for subsidy tagonist in recent years. The next Sunday, its debut, YouTube TV cost Covid-19 safety lite-based broadband service. dollars are calling on the FCC RWDSU fought the company’s I’ve got two $35 a month; it’s now $65. measures and supply SpaceX in the waning weeks and its new leadership under plans for a second headquar- things on the Sling TV and Hulu with Live of the Trump administration the Biden administration to ters in New York in late 2018 brain—what I’m going to fill TV have also upped their constraints crimp won preliminary rights to $886 give those plans a closer look, and supported worker protests this year’s snackadium with, fees. And these live-TV pro- output. B2 million in government backing and they are drumming up sup- at some warehouses during the and what’s the cheapest way viders are generally separate to provide rural broadband ser- port for their cause on Capitol coronavirus pandemic. to stream the game. from the premium streaming vice via Starlink, its system of Hill. So far, the current effort If you’re wondering the services I covered last sum- low-Earth-orbiting satellites. More than 150 members of has had more success than same, there’s good news, at mer, such as Netflix, HBO The federal government Congress wrote the FCC on Jan. other attempts to organize least for the latter. The big Max and Disney+. plans a final round of vetting 19 urging it “to thoroughly vet Amazon workers, according to game will be streamed free One big advantage of inter- before it bets big that Mr. the winning bidders to ensure labor experts. They note that a on CBSSports.com and on net live TV is that it can be Musk’s technology can help that they are capable” and to successful union push at the the CBS Sports app for mo- turned on and off on a close persistent gaps in U.S. “consider opportunities for warehouse could spur similar bile devices and smart TVs. monthly basis, without con- high-speed internet service. public input on the applica- actions at Amazon’s more than Paying CBS All Access sub- tracts or equipment rentals to Most of the $9.2 billion in sub- tions.” 800 facilities in the U.S. scribers can watch through worry about. Many services TECHNOLOGY sidies awarded by the Federal The letter, which didn’t men- “Amazon has seen their de- the CBS app. even preserve your watch his- A TikTok competitor Communications Commission tion SpaceX or other companies mand skyrocket” during the Now to figure out how to tory and preferences if you aims to raise $5.4 was earmarked for more estab- by name, was subsequently pandemic, said Arthur Whea- watch live TV the other 364 cancel and resubscribe later. lished technologies, which in- promoted online by two trade ton, director of western New days of the year. There are some consider- billion in Hong Kong cluded companies laying fiber- groups that have competed for York labor and environmental Cutting the cord isn’t the ations for potential stream- listing. B4 optic cable. the federal subsidies: the Na- programs for the Worker Insti- obvious deal it once was, ei- PleaseturntopageB4 The FCC is requiring SpaceX PleaseturntopageB2 PleaseturntopageB4 .

B2 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Expedia Group...... A6 Neuberger Berman Acies Acquisition...... B1 Exxon Mobil...... A1 Funds...... B1 Alphabet...... B1,B8 F O-P Amazon.com.....A2,B1,B8 Facebook...... A1 Occidental Petroleum.A2 AMC Entertainment G Orphazyme...... A3 Holdings...... A6,B1 Playtika Holding...... B2 Anadarko Petroleum..A2 GameStop A6,B1,B5,B6,B10 Point72 Asset Apple...... A2 GeoLinks...... B2 Management...... A1 B Goldman Sachs GroupA6 Polaris...... B2 Bed Bath & Beyond....A6 GSX Techedu...... A6 Procter & Gamble...... B3 BlackBerry...... A6 H Publix Super Markets A6 BlackRock...... B1 Hertz Global HoldingsB9 R Booking Holdings...... A6 I Reckitt Benckiser Group ByteDance...... B4 B3 IntraBio...... A3 C Robinhood Markets....B1 K-L Cambridge AnalyticaA10 S Knotel...... B5 Chevron...... A1 Saudi Aramco...... A2 L'Oréal...... B3 Citadel...... A1 Space Exploration Citadel Securities...... B1 M Technologies...... B2 ClearBridge Investment Maplelane Capital...... A6 Starbucks...... A11 B1 Melvin Capital T Colgate-Palmolive...... B3 Management...... A1,B1 ConocoPhillips...... A2 Microsoft...... B8 TD Ameritrade...... B1 D-E Morgan Stanley...... A6 Tencent Holdings...... B4 D1 Capital Partners....A6 N U-Z Danone...... B3 Nasdaq...... B8 Uber Technologies...... B3 D.E. Shaw Group...... A2 National Beverage...... A6 Whirlpool...... B2 DoorDash...... B3 Zynga...... B2 Nestlé...... B3 DANIEL CARSON/THE NEWS-MESSENGER/REUTERS A Whirlpool employee cleaned off a break-area table near one of the company’s assembly lines at its Clyde, Ohio, facility. INDEX TO PEOPLE

B K Peterson, Brad...... B8 Supply Constraints Crimp Output Brewer, Joshua...... B4 King, Edward...... B1 R BY AUSTEN HUFFORD Order Up tor shortage. shields have made building C Knudsen, Scott...... B9 Romano, Steven...... A3 Chief Executive Michael Mc- more boats difficult, Chief Ex- Purchases of long-lasting Carr, Brendan...... B2 M Rosenworcel, Jessica..B2 Manufacturers including Garry told analysts that one car ecutive Jack Springer said. goods hit a record in October. D Mark Zuckerberg...... A1 S Whirlpool Corp. and Polaris maker temporarily closed one “The supply chain has strug- Inc. said their ability to meet U.S. consumer spending on painting operation because of Ditchfield, Skyler...... B2 Matheson, Jim...... B2 Sankey, Paul...... A2 gled,” he said. increased demand for their durable goods staffing constraints. PPG sent Polaris, a maker of boats, F Musk, Elon...... B1 W products remains hampered by $1.8trillion RECESSION in its own employees to help motorcycles and snowmobiles, Fetters, Dan...... B1 N—P Wheaton, Arthur...... B1 supply constraints and safety run the operation, he said. said it added 700,000 new cus- G Nagy, Christopher...... B1 Wirth, Mike...... A1 measures taken to protect 1.7 Some companies that sell tomers last year, including Griffin, Ken...... B1 Pascal, Andrew...... B1 Woods, Darren...... A1 workers amid the coronavirus largely to other businesses are more of the younger, more di- pandemic. 1.6 also dealing with supply-chain verse consumers that it has People are buying long-last- and output constraints. Boeing pursued for years. ing goods like exercise equip- 1.5 Co., which reported a record But production has fallen be- More Firms Register ment, boats and camping gear annual loss last week, took a hind. Polaris is considering at record levels. Normally, man- 1.4 $275 million accounting charge adding a third shift at some ufacturers would raise produc- in its latest quarter on prob- factories, and it has embedded tion to meet such demand. But 1.3 lems producing its military re- employees with suppliers to For Future Share Sales doing business during the pan- fueling tanker that it said were help them overcome production BY MARK MAURER ability to issue shares rela- demic remains challenging, 1.2 related to the pandemic. Cater- problems. AND KRISTIN BROUGHTON tively quickly when market companies said during recent 2015’16 ’17 ’18 ’19 ’20 pillar Inc. said Friday it is hold- “We could add more capac- conditions are favorable. Com- quarterly updates. ing parts in surplus to ward off ity,” said interim CEO Michael The number of securities panies can file the form, Many manufacturers con- Source: Commerce Department disruptions and prepare for any Speetzen. “Given what’s going filings that let public compa- known as an S-3, any time af- tinue to suffer from inventory via St. Louis Fed increases in demand. on at our supply base and lo- nies accelerate the process of ter their first year on the pub- shortages, a remnant from Production problems at gistics, I don’t know if we selling shares in the future is lic markets, and have to stay when plants were closed last Whirlpool said Wednesday some companies have created would be able to produce more, running high as finance execu- current on their securities fil- spring. In addition, measures to that adding space between opportunities for others. Corn- efficiently.” tives look to take advantage of ings. prevent the spread of Covid-19, workers had slowed appliance ing Inc. said display-glass sup- Even where supplies are buoyant market conditions. The recent surge in some such as adding space between output. Chief Executive Marc plies were already tight when a available, procuring them has As of Wednesday, 56 forms company stocks has put shelf workers, are weighing on pro- Bitzer said Whirlpool’s suppli- Japanese competitor experi- become more costly for some. known as original shelf regis- registrations in the spotlight duction. As a result, manufac- ers were experiencing the same enced a power outage in De- Glissen Chemical Co. ordered a trations—in which companies as many executives consider turing backlogs hit a 2½-year drag. The company said some cember. “That tipped every- three-year supply of caps to tell investors that they could raising fresh cash to capitalize high in December, according to appliances would be in short thing into shortage,” Chief close its one-gallon jugs of liq- issue stock at some point in on high stock market valua- the Institute for Supply Man- supply until at least halfway Executive Wendell Weeks told uid detergent after suppliers the next few years, without tions. Individual investors this agement. through 2021. analysts on Wednesday. said orders could take six committing to do so—had week poured into shares of Slowdowns are compound- Absenteeism among employ- Loudon, Tenn.-based Malibu months or more to arrive. been filed with the Securities businesses such as GameStop ing along supply chains, from ees who have been exposed to Boats Inc. has added about 200 “A cap could put me out of and Exchange Commission, up Corp. and AMC Entertainment ports to warehouses to factory the virus or are caring for fam- employees to grab more boat business,” said Richard Knoop, from 44 in the same period a Holdings Inc. Some have ex- floors, leading to higher costs. ily members is also slowing sales, which reached a 13-year Glissen’s executive vice presi- year earlier, according to re- ited since then. AMC on “You are seeing logistic costs production. Paint maker PPG high last year industrywide, ac- dent. The extra caps arrived last search firm Audit Analytics. Wednesday said it sold out its going up, trucking costs going Industries Inc. said in January cording to trade group National fall, tying up capital and space Shelf filings put in place the most recent shelf offering of up, airfreight going up,” 3M Co. that some customers are as- Marine Manufacturers Associa- at the company’s factory in legal paperwork for raising eq- 50 million shares, shortly after Chief Executive Mike Roman sembling fewer cars because of tion. But shortages of parts for Brooklyn. Mr. Knoop said that uity, giving companies the the market frenzy began. said in an interview. labor issues and a semiconduc- outboard engines and wind- was better than running out.

high-speed internet by satellite deployments in states such as suited” to close service gaps in might collide with other ob- in an interview. SpaceX across the globe, a venture con- Washington. different locations, he said. jects, creating space debris. Almost 13% of the money sidered key to its financial suc- “SpaceX continues its rapid SpaceX’s move to secure Skyler Ditchfield, chief exec- awarded to SpaceX, about $111 cess. deployment of its next-genera- broadband funding is part of a utive of GeoLinks, a fixed-wire- million, is earmarked for Riles Its An FCC representative de- tion satellite system and is al- broader Washington-focused less internet provider in Cali- groups of census blocks that in- clined to say when the agency ready bringing high-through- strategy that also includes gov- fornia that also competed in clude urban areas, according to expected to make a decision on put, low-latency broadband ernment contracts for ferrying the FCC auction, noted that an analysis of public data by Rivals the SpaceX plan, pointing to service to otherwise unserved astronauts, launching national- SpaceX promised to build the Free Press, an advocacy group the agency’s published proce- Americans across the country,” security satellites, weather network before securing subsi- that has been critical of the dures. They don’t give a time- the company said. forecasting and missile track- dies. “To pay them additional FCC’s auction process. ContinuedfrompageB1 line for approving applications In a filing last year, it touted ing. funds to do something they Many are close to areas tional Rural Electric Coopera- and state that the applications its technology as serving “the Under the FCC-run broad- have already committed to [do] served by existing providers, tive Association and the Rural with detailed plans are gener- hardest-to-reach rural Ameri- band auction last year, the bid- seems to me to not be in the such as cable companies, the Broadband Association. ally not public until approved. cans, for whom access has for der offering the fastest internet public’s best interest,” he said group said. “We are in effect funding an SpaceX isn’t the only com- too long been unreliable, pro- service at the lowest price in a experiment here,” said Jim pany whose system uses satel- hibitively expensive, or com- given geographic area won ac- Matheson, chief executive of lites—nor is it the only winning pletely unavailable.” cess to the federal subsidies, the National Rural Electric Co- bidder to generate controversy. FCC commissioner Jessica which comes from universal operative Association, which Mr. Matheson pointed to large Rosenworcel, a Democrat who service fees on consumer phone represents electricity providers amounts of funding secured by is serving as acting chair- bills. also in line for subsidies to internet providers that use woman while the new adminis- While SpaceX’s technology is build out fiber-optic broadband fixed-wireless technology, ap- tration settles on its nominee, slower than some competing networks. “We don’t know if it parently beating out fiber- declined to comment. She was ones, such as fiber-optic cable, works or doesn’t work,” he said based providers even though fi- critical of the FCC moving the company’s bids were suc- by in an interview, referring to the ber technology is generally ahead with the subsidies last cessful in areas where faster SpaceX system. considered speedier. year, saying the agency should providers weren’t interested, Representatives for SpaceX, SpaceX plans to use the wait until it has better data including large tracts in the whose official name is Space money to provide broadband to about where broadband is Northwest. Exploration Technologies more than 640,000 locations needed. The Hawthorne, Calif., com- Introducing an Corp., didn’t respond to re- across 35 states that don’t yet FCC commissioner Brendan pany is set to receive the quests for comment. have high-speed access, accord- Carr, a Republican who helped fourth-most funds of any group Ergonomic Heat Supporters of the SpaceX ing to the FCC. Many of these develop rules for the subsidy vying in the auction, account- and Massage plan say delivering broadband are homes and businesses in program, said the program al- ing for almost 10% of the $9.2 via satellite has the potential to rural areas where the cost of lowed providers using various billion to be distributed. Chair for Work reach isolated homes and busi- building a high-speed network technologies to compete SpaceX began offering test and Home nesses at a significantly lower has so far exceeded the poten- against one another, driving versions of its internet service cost. tial revenue broadband compa- down the subsidies’ cost to the last year, priced at $99 a month Meanwhile, federal subsidies nies could expect to reap. government. “There is going to with an initial $499 equipment could help boost plans by Mr. In a Jan. 22 filing with the be a range of different technol- cost for customers, according Musk’s company to deliver FCC, SpaceX pointed to initial ogies that are going to be best to October reports that cited a promotional email from the company. It isn’t clear how the new federal subsidies might af- fect those prices. Public entities in Washing- ton state, including a school district and emergency-man- agement agency, are already using the service, according to SpaceX’s Jan. 22 FCC filing. The      filing said the company has launched 955 satellites with thousands more planned. The rollout hasn’t been without bumps. SpaceX initially planned to bring the internet service online as early as 2018 but faced delays and high costs, The Wall Street Journal has re- Free Shipping & 30 Day Risk Free Trial ported. Some of the satellites Save $100 Now! And, Use code Ergonomic have failed. SpaceX also has For Free X-Wheel Casters asked the FCC for modifications *$50 per month based on purchase of $89999 for 18-months 0% interest to its license as it tinkers with

PAUL HENNESSY/NURPHOTO/ZUMA PRESS the system and tries to address SpaceX has touted its technology as serving ‘the hardest-to-reach rural Americans.’ concerns that the satellites .

THE WALL STREET JOURNAL. ** Monday, February 1, 2021 | B3 BUSINESS NEWS Uber Eats Tackles Brands Target Older Buyers Companies develop people with reduced mobility, Super Bowl Ad The world is aging as birth rates decline and people live longer... including the elderly. products for those Global population by age group The range is part of an ef- BY NAT IVES Mr. Ranese said he wel- fort to imbue design catering increasingly interested 3 billion PROJECTION comed DoorDash’s presence in to people of different capabili- Uber Eats, the online food- the game. “The Super Bowl is in aging well ties across IKEA’s products, delivery service owned by a really big stage, so there’s 65 and up said Britt Monti, a senior de- Uber Technologies BY SAABIRA CHAUDHURI Inc., will room for lots of brands,” he 2 signer who worked on the col- run a commercial during the said. lection. IKEA held off on label- Super Bowl on Feb. 7. The online delivery busi- Demographic changes and ing the range as being The game will also feature ness is the scene of intense the pandemic are propelling specifically for the elderly, she an ad from rival DoorDash competition and high costs. consumer-goods companies to 1 added. Inc. Uber Eats lost $182 million in take a fresh look at a group of “Especially later in life you Under 5 The ads are the first Super the third quarter on an ad- shoppers who are often ig- don’t want to be labeled as Bowl appearances for both justed basis, although its nored: the elderly. older,” said Ms. Monti. “We brands, which are chasing new losses are narrowing. As people live longer and 0 don’t want to make a big thing business as well as profitabil- DoorDash more than tripled have fewer babies, the number 95 out of it, we just want it to be ity in a highly competitive and revenue in the third quarter, of over-65-year-olds surpassed a natural part of the design fast-growing sector. compared with the year-ear- those under 5 globally for the process.” The 60-second commercial lier period, but swung back to first time in 2018, according to ... in some countries old people already make up a big portion of Procter & Gamble Co. last from Uber Eats will feature co- a loss after posting a profit in United Nations data, and the the population, and that proportion is set to grow. year began selling a razor in- medians Mike Myers and Dana the second quarter. trend has accelerated since. Population by age group tended for caregivers in Can- Carvey reprising their roles as Although online food-deliv- The pandemic dispropor- ada, where the company said Wayne and Garth from the tionately harmed older people, 2020 2100 data show one in four people “Wayne’s World” movies and which executives say highlights Nigeria provides help to someone with “Saturday Night Live” The commercial will the importance of staying aging-related needs, a disabil- sketches. healthy later in life. China ity or long-term health condi- DoorDash said on Jan. 22 feature comedians That shift is prompting com- tion. The Gillette Treo, which that it would make its debut panies like Nestle SA, Colgate- Japan was already available in the appearance on the Super Bowl Mike Myers and Palmolive Co. and Danone SA U.S., has a safety comb and a ad roster this year to promote Dana Carvey. to launch new products aimed Brazil wider handle filled with shav- its delivery options beyond at consumers they say are in- ing gel that is designed to give restaurant food. The com- creasingly interested in aging France caregivers better control while pany’s own minute-long spot well. “We clearly see healthy shaving their elderly charges. U.S. will star actor and rapper Dav- ery services need to accumu- aging, even more now with the In beauty and skin care, % % 4 eed Diggs alongside “Sesame late loyal customers, neither Covid world, as a huge trend,” older consumers tend to spend Street” Muppets including Big the pandemic nor the Super Danone Chief Executive Em- Souce: United Nations more, making them a key de- Bird, Cookie Monster and Gro- Bowl can guarantee repeat manuel Faber said. mographic for companies like ver. business, said Youssef Squali, Danone in November said it pany’s health-sciences unit has launched a milk drink aimed at L’Oréal SA. In France, women The companies are buying lead internet analyst at Truist was setting up a new healthy- shifted its focus from making older consumers in China that over 65 spend €184, equivalent Super Bowl ads following a Securities. aging unit to accelerate re- food and drink to aid the re- it says contains ingredients to to $223, on beauty products year of growth during the “Clearly scale is what ulti- search into how nutrition im- covery of people in hospitals, boost the immune system. each year, compared with €120 lockdowns of the coronavirus mately drives profitability, and pacts cognition and mobility. to helping prevent people from Overall, Reckitt says the for 25-to-30-year-olds, said pandemic. the $64,000 question is how The Activia yogurt maker re- being admitted in the first market in China for milk with Delphine Viguier, global brand Gross bookings for Uber much of that is really pan- cently launched in Brazil Forti- place, said Greg Behar, who added ingredients to provide president for L’Oréal Paris. Eats more than doubled in the demic-driven versus a change fit Pro, a whey-protein product heads the unit. specific benefits is worth £500 Last year the company said third quarter compared with in consumer behavior, and that claims to aid muscles, “There are more and more million, equivalent to $686 mil- growth in the skin-care market the equivalent period a year honestly we’re still in the mid- joints and bones, and said it people who want to proactively lion, and growing at 13% a year. had accelerated, driven in part earlier and rose 23% from the dle of it,” Mr. Squali said. plans to develop more products manage their health in the ag- The company is developing by an aging population. It ex- previous quarter. “So it’s very hard to parse to help people age better. ing process,” he said. “What is several products to capitalize pects the trend to continue Consumer spending on on- it out. My best guess right The number of countries most impacting people is a on the self-care trend, and is longer-term. line food-delivery services in now is it’s a combination of with over 20% of the popula- drop in physical and cognitive expecting Covid-19 to acceler- Others have found success the U.S. will total $71.8 billion both,” he added. tion 65 or above is estimated functions and then there’s the ate demand. targeting antiaging products at in 2021, up from $61.5 billion The brand awareness that a to rise from 15 last year to 44 beauty and skin element too.” Other companies are tweak- younger consumers. When Col- in 2020 and $33.5 billion in Super Bowl commercial can by 2030, according to the U.N. About 20% of Nestle Health ing products to serve older gate last year launched an up- 2019, according to Brian deliver is important, but the That number is forecast to Science’s research budget is people who they say will spend scale amino acid toothpaste in Nowak, an equity analyst cov- services’ ultimate goal is get- reach 61 by 2050, when it will now dedicated to aging. The longer living at home, rather China intended to reverse visi- ering the U.S. internet indus- ting people to sign up for their include the U.S., China and Bra- company uses tiny nematode than in assisted-living facilities. ble signs of gum aging, the try at Morgan Stanley. subscription memberships, Mr. zil. worms known as C. elegans, IKEA has begun selling up- company focused its marketing “Delivery is certainly more Squali added. Nestle last month launched which age quickly with a right armchairs with higher on a young audience using ce- relevant to people’s lives this ViacomCBS Inc., which will a powdered-milk drink in China lifespan of just two days, to seating to make getting up eas- lebrity bloggers and social-me- year than ever before,” said broadcast the Super Bowl on under its Yiyang brand, aimed test its nutrition hypotheses. ier, slanted footstools to pro- dia apps. The company said Thomas Ranese, vice president CBS, has been seeking about at older adults, which it says Reckitt Benckiser Group mote blood circulation and jar 80% of shoppers buying Col- of global marketing at Uber $5.5 million for 30-second enhances mobility during ag- PLC, which makes infant-for- grippers to help unscrew lids, gate Miracle Repair were under Technologies. spots during the game. ing. In recent years the com- mula brand Enfamil, has among its products aimed at the age of 30. Lockdowns Bring Thirst To Buy High-End Alcohol BY SAABIRA CHAUDHURI U.S. spirit sales continued to rise last year and gained ground against beer, a trend that accelerated during the pandemic. Americans are splashing out on pricier whiskey, tequila Gross supplier revenue U.S. beverage alcohol market and other spirits during the share by revenue Ourgorgeous1.40ct.t.w. pandemic, helping distillers post their strongest sales in $30 billion 60% diamond studs shine in platinum four decades despite wide- spread bar closures. 25 Showcasing timeless beauty and an People who can’t spend on 50 concerts, travel and watching Beer amazing amount of sparkle, our live sports are splurging in- 20 stead on high-end spirits to 1.40 ct. t.w. round brilliant-cut diamond 40 drink at home, say alcohol ex- ecutives. That drove U.S. dis- 15 stud earrings in platinum are the tillers’ revenue up 7.7% to $31.2 Spirits must-havepairforeveryjewelrybox. billion last year, according to 30 the Distilled Spirits Council— 10 Whether for you or someone you love, or DISCUS—a trade body. It said the figures marked the 20 ourfabulousstudsaretheperfectgift! 5 fastest growth and highest sales for at least 40 years. Wine “Consumers’ behavior has 0 10 shifted as a result, in part, of 2010 ’15 ’20 2000 ’05 ’10 ’15 ’20 certain things they’re unable to do or not do to the same Source: Distilled Spirits Council degree,” said Kathryn Mikells, finance chief of Johnnie including on the rocks, with product launches and a desire Walker maker Diageo PLC. soda and in cocktails beyond for convenience. “They’re spending more margaritas, Ms. Mikells said. However, a continuing dis- money on food and beverage. Unlike in Europe and other pute with Europe that has seen They’re interested in treating parts of the world, Americans the U.S. slap a 25% tariff on im- themselves.” have long drunk more at ports of single malt scotch took Spirits costing above $40 home. Even before the pan- the shine off the spirit, with per 750 milliliters accounted demic, four out of every five revenue dropping 2.1%. for 40% of the U.S. spirits in- alcoholic drinks in the U.S. Through the pandemic, the dustry’s growth last year, were bought in liquor stores, spirits industry accelerated its compared with 34% in 2019, supermarkets and other “off previous share gains over beer DISCUS said. High-end liquors premise” channels, rather than and wine. While sales of spar- are among the most profitable in bars and restaurants. That kling wines have done well, spirits for alcohol makers. trend has accelerated. still wine—a popular buy at The trend toward premium “Things that were really fir- restaurants—has declined, in- products is reflected across ing before Covid have picked dustry tracker IWSR said. Beer the wider consumer-goods in- up really strongly, and tequila also has suffered partly be- dustry as many Americans use has benefited from that,” Ms. cause of a shortage of alumi- their disposable income differ- Mikells said. num cans and out-of-stock is- ently. Pricier household clean- Spirits volumes in 9-liter sues in addition to the closure ers, candles, spaghetti and pa- cases—a standard industry of bars, it added. $ per towels have sold strongly, measure—climbed 5.3% last “The gap has gotten wider 1,695 according to research firm IRI. year,upfromgrowthof3.3% in spirits’ favor,” Lawson Plus Free Shipping Liquor giant Diageo on in 2019, according to DISCUS. Whiting, chief of Jack Daniels Thursday reported a big jump Total beverage alcohol sales owner Brown-Forman Corp., 1.40 ct. t.w. Diamond Stud Earrings in Platinum in U.S. spirit sales for the sec- by volume grew 3%, indicating said in December. ond half of 2020, driven by Americans bought more booze Like Diageo, Brown-Forman Round brilliant-cut diamonds. Post/clutch. higher-end booze. Its tequila overall last year. said it has seen pricier prod- Shown larger for detail. brands Don Julio and George American whiskey sales rose ucts under its Woodford Re- Clooney-founded Casamigos— 8.2%, Cognac grew 21% and te- serve and Old Forester bour- both of which sell for about quila and mezcal combined bon brands grow strongly. $50 a 750 milliliter bottle— jumped 17%, according to the “This has been unlike any grew North America sales by DISCUS figures, which reflect other recession that we’ve ex- Ross-Simons Item #935768 55% and 137%, respectively. overall industry numbers. perienced,” Mr. Whiting said. BLAZE11 Tequila has benefited from Sales of ready-to-drink cock- “In the U.S., ultra- and super- To receive this special offer, use offer code: the shift to at-home drinking tails surged 39%, which execu- premium spirits are gaining 1.800.556.7376 or visit ross-simons.com/blaze as Americans increasingly tives said was driven by at- share at faster rates than in drink the spirit in more ways, home entertaining, new the pre-Covid time periods.” .

B4 | Monday, February 1, 2021 ***** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech TikTok Rival to Raise $5.4 Billion in IPO BY JOANNE CHIU Average daily time E-commerce gross AND QUENTIN WEBB spent on Kuaishou app* merchandise value† 1.5 hours 30 trillion yuan Chinese short-video-app op- Live-streaming erator Kuaishou Technology Other retail will raise $5.4 billion from its Hong Kong listing, hitting its maximum fundraising target 1.0 20 after meeting strong investor demand. The initial public offering is set to be the world’s largest in more than a year, and will 0.5 10 value the company at nearly $61 billion. Kuaishou, which is backed by Tencent Holdings Ltd., competes with Byte- Dance Ltd., the Chinese com- 0 0 pany behind TikTok and its sister app Douyin. 2017 '20 2015 '20 '25 Both companies have fed *Averages are for daily users of the app; 2020 figure is through September. growing demand from younger †2020 to 2025 figures are estimates; 10 trillion yuan=$1.54 trillion TINGSHU WANG/REUTERS Chinese people to watch and Sources: Kuaishou listing document (time spent); iResearch via Kuaishou (merchandise value) Streaming startup Kuaishou hit its fundraising goal in Hong Kong. A company trade-show display. record short videos on their smartphones. Kuaishou’s name- a share, the top of an earlier companies such as Meituan, a more than doubling over the ing hot market debuts in Hong Ltd. are acting as joint spon- sake short-video platform is range of HK$105 to HK$115, major player in food delivery, same period. A tech-focused Kong last year, Chinese vaping- sors for Kuaishou’s IPO. A the world’s second largest, ac- according to a term sheet seen and smartphone maker Xiaomi benchmark introduced last sum- technology company Smoore block of 10 cornerstone inves- cording to data cited in its pro- Saturday by The Wall Street Corp., as well as secondary mer by Hang Seng Indexes Co., International Holdings Ltd., tors supported the deal by spectus, and its services in Journal. Its shares will start listings from U.S.-listed busi- compiler of the city’s Hang Seng and bottled-water giant Nongfu committing to buy $2.45 bil- China had 305 million average trading Feb. 5. nesses such as Alibaba Group Index, gained 32% in the six Spring Co., for example, are lion of shares wherever in the daily active users in the nine The IPO helps cement Hong Holding Ltd. and JD.com Inc. months through Friday’s close. both now worth multiples of range it priced. A so-called months ended September. Kong’s standing as a market Shares in these companies Kuaishou is also benefiting their valuations at their IPOs. green-shoe option means un- Kuaishou, or “fast hand” in for big Chinese technology have surged, with Meituan’s from broader IPO market exu- Units of Morgan Stanley, derwriters could ultimately in- Chinese, will sell stock at 115 groups. The city in recent stock more than tripling in the berance, both in Hong Kong Bank of America Corp. and crease the deal’s size by 15%, Hong Kong dollars (US$14.80) years has secured IPOs from past 12 months, and Xiaomi’s and internationally. After mak- China Renaissance Holdings to a final total of $6.2 billion.

piration date. You can also Going All add 500 hours to your DVR storage for an extra $10 a month, or bundle the sub- In on Live scription with a home broad- band package to save.

Stream TV FuboTV Monthly price:$65 Free trial:7days ContinuedfrompageB1 Simultaneous streams: ing converts. If you antici- three screens pate streaming in 4K or even DVR: 250 hours just in high definition—espe- FuboTV hosts a variety of cially on multiple TVs—you channels, but has a mix that’s need to make sure your particularly good for soccer home has decent internet fans, including BeIn Sports, bandwidth, upward of 25 TUDN and FS1. Earlier this megabits per second. year, FuboTV added Disney’s Also, not all services in- family of channels: ABC, Dis- clude local broadcast TV. PBS ney Channel, ESPN, SEC Net- is one such channel, available work and FX. The service did on YouTube TV but missing drop TNT, TBS, CNN and Car- from the others. toon Network before that. If you are going all-in on While FuboTV is similar to streaming, there are two op- YouTube TV, it has one edge:

tions: paid services and free AT&T DVR recordings are kept in- services. The paid services are AT&T TV’s $85-a-month Choice plan includes regional sports and one year of the HBO Max service. definitely. comparable to cable but have better apps, more DVR stor- DVR:50hours YouTube TV recently lost cludes access to Hulu’s large save some money by bundling Free Services age and fewer fees and com- Sling TV’s base plans are Fox Sports Networks and Ten- on-demand library of movies in Disney+ and ESPN+, start- The best feature of these mitments. The free services very affordable. The problem? nis Channel, but gained NFL and shows, such as “The ing at $72 a month. free services is, well, the have less of the most desired Sling offers few local stations Network and, with the $11-a- Handmaid’s Tale.” (Alone, price. But beware: Aside from content and will make you sit (only Fox and NBC, in very month Sports Plus package, that library costs $6 with ads, AT&T TV the constant ads, they also in- through plenty of ads. limited areas), and choosing the option to add NFL Red- $12 without.) Monthly price:$70 clude channels that don’t re- between Blue and Orange will Zone. The streaming service Another plus: There’s no Free trial:14days ally match what you expect Paid Services make your head spin. has simple pricing—just one expiration date for DVR re- Simultaneous streams: from, say, traditional cable. They look a lot like cable, There are a bevy of upsells, $65 package—and a fantastic cordings. However, you have three screens For instance, on NBCUniver- and as such, you have to pay such as the $5-a-month DVR interface that includes neat to pay extra if you want to DVR: 20 hours; recordings sal’s new service, Peacock, close attention to the channel Plus upgrade, which raises the features like Key Plays View, fast-forward through ads— expire after 90 days there’s an NBC News Now lineups and the upsells. Make recording limit to 200 hours. which lets you skip to high- $10 a month for the “en- You’re forgiven for not rec- channel, which airs NBC good use of the free trial op- The $10-a-month Sports add- lights in sports games and hanced” DVR add-on. (Sling ognizing this one. Over the Nightly News plus some, but portunities—even a cheap on adds Tennis Channel, MLB news programs. You can also TV, YouTube TV and Fubo TV years, versions have also in- not all, of what MSNBC might service isn’t worth paying for Network and NBA TV. turn off spoilers to hide allow you to skip ads with no cluded AT&T Watch TV and offer. Pluto’s version of CNN if you don’t watch it. Sling does support simulta- scores and previews. extra fee.) AT&T Now. is more of a playlist of short neous streams, but the ser- Other extras include unlim- AT&T’s basic $70-a-month videos covering headlines. Sling TV vice has no option for sepa- Hulu + Live TV ited simultaneous streams, plan isn’t very competitive. Both of those apps have a Monthly price: $35 for rate individual viewer Monthly price: $65 ($71 provided all devices are con- But the $85-a-month Choice relatively robust offering of Blue (the “News and Enter- profiles. with fewer ads) nected via your home net- upgrade is worth considering. live content without a tainment” plan) or Orange Free trial:7days work, for an additional $10 It includes regional sports monthly fee, and their inter- (the “Sports and Families” YouTube TV Simultaneous streams: monthly. (You can watch on and HBO Max—for one year. faces look like on-screen TV plan); $50 for both Monthly price:$65 two screens up to three mobile devices (HBO is an extra $15 a month guides. Meanwhile, the Free trial:3days Free trial:5days DVR:50hours that aren’t connected to your after that, so it might be time Channel and Samsung TV Plus Simultaneous streams:Up Simultaneous streams: Hulu’s live TV doesn’t offer network.) There’s also an $8- to shop around at that point.) (available on Samsung TVs to three screens for Blue, one three screens as many channels as others a-month entertainment add- The $140-a-month Premier and phones) has a more eclec- screen for Orange, four DVR: Unlimited; recordings (AMC and BBC America are on and a $5-a-month Spanish- tier includes HBO Max, tic mix of news, sports recap, screens for Blue + Orange expire after 9 months notably missing), but it in- language package. You can and Showtime without the ex- and entertainment channels.

union has touched on themes labor board decided to allow Amazon related to racial empower- the election to move forward ment, Mr. Brewer said. and later set the February-to- “It’s coming here and being March voting period. Faces present not for an event or for The RWDSU has had success a day but setting up a presence in Southern states, particularly outside of the facility that says within the poultry industry. Labor Test we are here and are not leav- The union said it represents ing,” he said. “They’re seeing roughly 15,000 poultry workers us every day.” across the South, including Al- ContinuedfrompageB1 A group of employees from abama. Early in the pandemic, tute at Cornell University. The the Bessemer facility, which it reported on deadly Covid-19 company’s continued growth opened last spring, first con- outbreaks in poultry facilities will bring increasing scrutiny tacted the union last summer. while urging employers to im- over how it pays and treats its The workers were frustrated prove working conditions. Ma- employees, he said. by what they say were Ama- jor poultry companies have im- The effort still faces formi- zon’s grueling workload de- plemented temperature checks, dable obstacles. Amazon has mands and the company’s increased cleaning and issued sought to postpone the elec- monitoring of employees, ac- protective equipment. tion’s scheduled Feb. 8 start cording to the union. Chartered in the late 1930s,

and appealed the National La- BOB MILLER FOR THE WALL STREET JOURNAL Amazon uses cameras and the RWDSU represents thou- bor Relations Board decision Union organizers in front of the new Amazon fulfillment center in Bessemer, Ala. an internal system that tracks sands of employees from retail to allow a mail-in vote. While worker movements and pro- chains that include Macy’s Inc. the vote is likely to proceed as lieve the RWDSU represents viewed by The Wall Street and red attire, speaking to em- ductivity by the second, an is- and Bloomingdale’s, as well as scheduled, a decision to union- the majority of our employees’ Journal said they weren’t sup- ployees at a traffic light and sue that has been the subject workers in warehousing and ize could lead to years of bar- views. Our employees choose portive because they didn’t be- handing out fliers. “Don’t let of employee concern for years. the service industry. gaining over the first contract, to work at Amazon because lieve union representation Amazon scare you!” one read. Some workers criticized the The union was among a labor experts say. we offer some of the best jobs would substantially improve Organizers cannot enter the use of the techniques during group of critics at the heart of The company is holding fre- available everywhere we hire, their conditions. warehouse, and the union just the pandemic, when they were a fierce backlash when Ama- quent meetings at the 855,000- and we encourage anyone to Amazon has opposed sev- recently received contact in- racing to fill a drastic rise in zon announced plans to locate square-foot facility about 15 compare our total compensa- eral prior unionization efforts. formation for the facility’s orders and felt their essential a part of a second headquar- miles southwest of Birming- tion package, health benefits, An effort backed by the workers, according to Joshua work should have earned them ters in New York City in 2018. ham to counter the union’s ef- and workplace environment to RWDSU in 2018 to organize Brewer, an organizer with the a reprieve from such methods. Amazon had selected the fort, employees say. It also any other company with simi- employees at Amazon-owned union’s Mid-South Council. RWDSU representatives and city as part of its “HQ2” devel- hired a law firm that special- lar jobs.” failed to The union has relied on lo- union members from nearby opment around the same time izes in countering organizing If workers vote in favor of gain traction. About four years cal ties in Bessemer, dissemi- warehouses, poultry plants and the RWDSU had been rallying efforts and set up a website the union, Alabama’s right to earlier, a small number of nating information via work- nursing homes started meeting support for workers to union- asserting that employees al- work rules mean employees maintenance and repair techni- ers’ family members and with Amazon workers in res- ize at a facility in Staten Is- ready receive the benefits and aren’t automatically part of cians voted down unionization relying on support from local taurants and hotels. They be- land, an effort that ultimately pay for which a union would the union. Workers wouldn’t at a Middletown, Del., facility. unions. As many of the em- gan their outreach in October. fizzled. The union opposed the bargain and should vote no to be required to join the union To make their case this ployees at the Amazon ware- Organizers collected thou- nearly $3 billion in govern- avoid the cost of dues. or pay dues, potentially mak- time, local organizers have house are Black and some have sands of signatures from em- ment incentives Amazon would An Amazon spokeswoman ing it harder to expand mem- gathered near Amazon’s Besse- been involved in the Black ployees showing support for have received for creating said the company doesn’t “be- bership. Some workers inter- mer, Ala., facility with signs Lives Matter movement, the an election. In December, the 25,000 jobs in the city. .

THE WALL STREET JOURNAL. **** NY Monday, February 1, 2021 | B5 BUSINESS & FINANCE Market Disrupter Built Up Steam as School Track Star The man who roiled the sent GameStop’s price skyrock- Underwood said. “You could tell , committed markets and found himself at eting and stuffed his E*Trade there was intelligence behind himself to stock picking, and the center of a trade that might account with tens of millions of what he was doing.” saved the passion that he once have changed Wall Street for- dollars in profits. A case of what Gill called poured into running for the au- ever spent most of his life ob- Mr. Gill, a 34-year-old father Achilles tendinosis brought his dience on the YouTube channel sessed with a number other who trades from the basement running hopes crashing down. he started last summer as he than GameStop Corp.’s stock of his home in the Boston sub- His last race was in 2008, and worked a marketing job for price: his mile time. urbs, helped sparked interest in he graduated in 2009 straight Massachusetts Mutual Life In- the mall videogame outlet into the financial crisis. surance Co. By Joshua Robinson, among throngs of individual in- But it was always Gill’s He turned bullish on Ben Cohen, vestors who gather on the Red- mindset that separated him GameStop and bought his first Julia-Ambra Verlaine dit forum WallStreetBets. There from every other runner that shares in June 2019. Its price and Gunjan Banerji they found YouTube videos of coach Karen Boen encountered was about $5. It closed on Fri-

Gill diving into detailed stock in nearly a quarter-century at day afternoon at $325. KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL Long before he went by analysis and celebrating his Stonehill. “Keith had the ability His latest “GME YOLO up- Keith Gill, ‘Roaring Kitty’ on YouTube, touted the GameStop boom. “DeepF—ingValue” on Reddit success with chicken tenders to go into a place mentally and date” on Reddit shows a profit and “Roaring Kitty” on You- dipped in Champagne. with such intense focus that I of more than 4,000%. his track days now that he was “I know Keith,” Mr. LeMar Tube, Keith Gill was known As it turns out, in the earli- had never experienced in other Mr. Fidalgo, of Brockton High, fabulously wealthy. Mr. Fidalgo texted Mr. Fidalgo. “Brockton and simply as one of the fastest est footage of him on YouTube, athletes,” she said. His legs and Gill’s former distance coach guessed he might even build Stonehill are going to be all set.” kids in his town. Mr. Gill never he also needs a drink. In a 2009 failed him. His mindset didn’t. Joe LeMar hadn’t missed the them an indoor track. Just hours There is just one person who aspired to be an amateur stock video with only a few hundred The same focus led him into news. While texting on Friday, later, in a Wall Street Journal ar- won’t be able to participate: picker. He dreamed of being a views as of Friday, Gill runs the exploration of unloved they wondered about the ways in ticle, Mr. Gill announced that was still hobbled by injuries, Mr. professional runner. four laps in his Stonehill Col- stocks. He became a chartered which Mr. Gill might remember one of his goals. Gill says he no longer runs. He destroyed local records lege singlet for a small crowd on the track, attracted national of bored college kids on hand recognition for his college to witness his first mile run in times and even found himself six months, following an injury. featured in Sports Illustrated’s They cheer him on as he pants Faces in the Crowd section. He through a 4:33 mile, losing a was pictured in the magazine bet to break 4:30—and then with shaggy hair and the head- collapses on the track. HOWDOYOU band that has become his sig- “Get this man a beer,” one nature accessory as the inter- friend says. net’s most disruptive trader. Mr. Gill liked to run the 4 MANAGE RISK “He was actually a star run- miles from his Brockton home ner in high school and college,” to his future college nearby. He said Elaine Gill, his mother. still holds the Stonehill records THROUGH “When he puts his mind to in the 1000-meter (2:24.73) and the mile (4:03.43). He was a college All-American in track BOTH CHAOS and cross-country, a Division II He never achieved national indoor men’s track his 4-minute-mile athlete of the year and a Stone- AND CALM? hill sports Hall of Famer. dream, but he did But his transformation into a break WallStreet. regionally successful distance running star was about as likely as his blindsiding of Wall Street. something, he can be very fo- Mr. Gill got his first taste of cused.” competition when he showed Mr. Gill’s great hope in life: up as a skinny 13-year-old to clocking a 4-minute mile. He one of the kids races that Dave came closer than most, breaking Gorman has organized in a lo- his college’s records and once cal park for the past 40 years. running 4:03 indoors. But the He immediately blew away the magic number got away as his competition. Mr. Gorman body turned on him and ended couldn’t fathom what he had his competitive running career. just witnessed. “Jeez, Keith, He would have to settle for that was unbelievable,” he re- becoming a paper millionaire in- membered telling him. “Are you stead. going to run in high school?” With potential earnings in He had never really thought the eight figures after this about it. Mr. Gill always planned manic week, Mr. Gill can sud- to play baseball instead. But in denly afford to treat himself to the same way that stocks be- the only lavish indulgence on his came an obsession when he wish list. He wants to build an could no longer run, running indoor track facility in Brockton, became his life once he failed to Mass. “Now it looks like I actu- make the baseball team. ally could do that,” he said. A decade before he would Not that Mr. Gill’s reputation become famous on the Reddit among runners needed bol- forum WallStreetBets, he was stering. known to runners for his posts “Keith is a legend at Brock- on a defunct popular running ton High School,” track coach message board called DyeStat. John Fidalgo wrote in an email. Steve Underwood, a former “His personality as a runner DyeStat editor and moderator of was to throw the first punch if its message boards, still remem- you will and never back down bers Gill as “Wizard,” one of the from any competition.” ringleaders in a rowdy forum. That is the approach the for- “He was mischievous, and I’m mer college runner brought to pretty sure I banned him a few the extraordinary fight that times, but he was clever,” Mr. Co-Work Firm Knotel Files for Bankruptcy BY KONRAD PUTZIER and the rate of renewals in key markets, particularly New Real-estate startup Knotel York and San Francisco,” co- Inc. filed for chapter 11 bank- founder Amol Sarva said in a ruptcy for its U.S. business on statement. “We must address Saturday, agreeing for the this now to position our busi- company to be taken over by ness for sustainable growth real estate services firm New- and a successful future.” mark Group Inc. Newmark is providing Kno- Knotel said Sunday that it tel with $20 million in debtor- filed for bankruptcy to reorga- in-possession financing to al- nize its real estate footprint low it to continue operations and enable the sale to go during the bankruptcy pro- through. cess, Knotel said. The moves are the latest Like other flexible-office You can’t control the changing sign that the Covid-19 pan- companies, Knotel leases of- tide of the markets, but we can demic has upended the once- fice space long-term and effec- booming co-working industry. tively sublets it to companies help you navigate it. CME Group New York-based Knotel, through short-term deals. That helps you manage risk and founded in 2016, raised hun- becomes a problem when de- dreds of millions of dollars mand for office space falls, be- capture opportunities across all from investors. It expanded cause customers can easily get major asset classes. We deliver rapidly for years and was one out of their contracts but the nearly one billion data points of the more aggressive com- company continues to be on petitors in the co-working and the hook for rent. daily, informing the insight you flexible office space sector, be- Flexible-office companies need to refine your trading coming one of WeWork’s fierc- have struggled to retain cus- est rivals. tomers at a time when most strategy. For taking advantage In August 2019, Knotel said American office users are of opportunities in all market it had reached a valuation of working remotely and many environments… CME Group. more than $1 billion thanks to don’t plan to return to the of- a funding round led by Wafra fice soon. Inc., an affiliate of a Kuwaiti Knotel isn’t the only flexi- sovereign-wealth fund. But its ble-office company to face VISIT CMEGROUP.COM/ACTION revenue dropped significantly headwinds. A number of enti- during the pandemic, and ties tied to IWG PLC’s office- Derivatives are not suitable for all investors and involve the risk of losing Knotel has faced lawsuits suites locations have filed for more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell over unpaid rent from land- bankruptcy, and the company or retain any specific investment or service. Copyright © 2020 CME Group lords. is shutting down numerous lo- Inc. All rights reserved. “The pandemic created a cations in a bid to cut costs. uniquely challenging operating WeWork, meanwhile, continues environment, with significant to lose money despite aggres- impacts on leasing velocity sive cost-cutting measures. . B6 | Monday, February 1, 2021 THE WALL STREET JOURNAL. BUSINESS & FINANCE Some GameStop Investors Paid Off Debt Individual traders set “How to Appeal for More Col- more than $10,000 invested in lege Financial Aid.” GameStop, according to trade aside funds for their Some traders have started receipts provided. He is slowly student loan, credit- to envision the earnings for selling shares, using some of money milestones that remain his gains to pay for the wed- card payments out of reach. ding and help with a loved Anthony Eleftheriou, an 18- one’s medical expenses. Once BY JULIA CARPENTER year-old university student he sells off entirely, he wants living with his parents in Lon- to start his housing hunt. Some investors took a flier don, only first began investing “I’m sure I’m just a small on GameStop Corp. stock in a month ago. He bought 25 fish compared to some of hopes they would make shares of GameStop at $50 on these folks,” he said. “But it’s enough money to pay down Jan. 22, and he said he is plan- significant for me, and I still debt. Now, after a wild Janu- ning to hold for now, perhaps want to see where it goes.” ary featuring a 1,625% rise, even using his gains to pay tu- Following RobinHood’s de- comes the hard part: deciding ition fees. cision to join other brokerages when to sell. “I was kind of wanting a in restricting trades on rapidly With the hot stock dipping quick rich thing but now it’s rising stocks, Miss Spahic said on Thursday, the question has turned into more of a long- she is planning to eventually become more urgent. term thing,” he said. close out her positions and de- Den Kovacs, a 25-year-old Joe Ballent, a 32-year-old lete the app. She is still fol- IT professional living in De- physician assistant working in lowing the conversation on troit, moved $1,000 from his Cheyenne, Wyo., said he’s giv- Reddit to determine what bro- emergency savings and $200 ing priority to some other kerage she will choose as a re- he’d set aside for his student- goals before his student loan placement. loan payment into his Robin- debt with his GameStop earn- “I’m following closely what hood account—all with an eye ings: First, paying for his com- each of them are saying,” she

to getting a slice of the JOHN LAMPARSKI/SOPA IMAGES/ZUMAing PRESS wedding, and next, saving said. “I’m waiting to see who GameStop mania. On Jan. 25, A demonstrator in front of the New York Stock Exchange on Thursday amid the GameStop frenzy. up to buy a house. Both comes out on top and says he sold his other stocks to buy seemed out of reach before they’re for the people.” four shares of GameStop at position where I’m not sitting “Never thought I would told everyone I knew, ‘I am the GameStop rally, he said. Meanwhile, Mr. Kovacs and $80. After selling four shares in debt like that,” he said. “It’s have paid this off so soon,” seeing this on Reddit. Do “I feel like there’s a lot of others are keeping their eyes for $212 on Jan. 26, he bought hurting my credit score, and I the user posted. this.’” people who have never been glued to WallStreetBets. six more shares at $292, ac- want to be able to move some- For some traders who plan Millennials’ average credit able to get ahead. I took on six “I think people recognize cording to trade receipts pro- where else. So I want to pay to use their windfalls to elimi- card debt edged up to $4,322 figures of debt [for graduate there’s an opportunity here,” vided. down debt with whatever I’ve nate their student debt and in the third quarter of 2020, school] and worked two jobs he said. “You see these gains His end goal: make enough gained from this.” pay down other obligations, it according to analysis by Expe- before school, but now I can’t and watch what happened ear- money to pay down his $7,000 As a forum, WallStreetBets seems worth the gamble. rian. More than 22 million afford a house?” lier this week and you go, ‘Is credit-card debt. typically derides those who Amina Spahic, a 28-year-old borrowers with direct federal Mr. Ballent began putting everyone collectively right or Mr. Kovacs and many other sell because many want to le- communications specialist in student loans paused pay- more money into the market is everyone collectively individual investors have been verage group power to con- Florida, originally bought two ments during the pandemic, last year, first with RobinHood wrong?’ Just like me.” following the frenzy on Red- tinue the rally. But when it weeks ago for $38 a share. She according to data analyzed by and then with accounts at Van- —Marco Quiroz-Gutierrez dit, Discord and other plat- comes to paying down debt has already used some of her Mark Kantrowitz, author of guard and Schwab. Now, he has contributed to this article. forms. On Friday, Mr. Kovacs and reaching other savings GameStop gains to pay down sold his remaining seven goals, some users changed debt and put the rest back in shares at $352 and said he their tune. GameStop. Having already Cash Prices | wsj.com/market-data/commodities Friday, January 29, 2021 plans to use the gains—nearly One Redditor posted a made her moves earlier this These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— $2,500, according to trade re- screenshot from what he said week, she said she has no separate from the futures price on an exchange, which reflects what the commodity might be worth in future ceipts provided—to pay down was his final student loan pay- plans to sell for now. months. part of his credit-card debt. ment: $23,504.45 made from “I knew there was growth Friday Friday Friday “I want to put myself in a GameStop trades. and potential,’’ she said. “I Energy Aluminum, LME, $ per metric ton *1979.0 Wheat - Hard - KC (USDA) $ per bu-u 6.6300 Copper,Comex spot 3.5735 Wheat,No.1soft white,Portld,OR-u 7.0250 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.000 Iron Ore, 62% Fe CFR China-s 158.1 Food ADVERTISEMENT Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.350 Shredded Scrap, US Midwest-s,m 460 Steel, HRC USA, FOB Midwest Mill-s 1147 Beef,carcass equiv. index Metals choice 1-3,600-900 lbs.-u 193.21 Fibers and Textiles select 1-3,600-900 lbs.-u 181.64 The Marketplace Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8222 0.6575 Engelhard industrial 1873.00 Burlap,10-oz,40-inch NY yd-n,w Butter,AA Chicago 1.2450 To advertise: 800-366-3975 or WSJ.com/classifieds 0.7864 Handy & Harman base 1863.80 Cotton,1 1/16 std lw-mdMphs-u Cheddar cheese,bbl,Chicago 139.00 *87.55 Handy & Harman fabricated 2068.82 Cotlook 'A' Index-t Cheddar cheese,blk,Chicago 157.50 n.a. LBMA Gold Price AM *1839.65 Hides,hvy native steers piece fob-u Milk,Nonfat dry,Chicago lb. 117.25 CLASS ACTION n.a. LBMA Gold Price PM *1853.70 Wool,64s,staple,Terr del-u,w Coffee,Brazilian,Comp 1.1627 Krugerrand,wholesale-e 1921.92 Grains and Feeds Coffee,Colombian, NY 1.7426 Maple Leaf-e 1940.40 Eggs,large white,Chicago-u 1.0350         American Eagle-e 1940.40 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 17.10 2236.13           Mexican peso-e Bran,wheat middlings, KC-u 180 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1814.41 Corn,No. 2 yellow,Cent IL-bp,u 5.3500 Hogs,Iowa-So. Minnesota-u 68.93              !"#!$$%&!'! ( Austria phil-e 1940.40 Corn gluten feed,Midwest-u,w 169.3 Pork bellies,12-14 lb MidUS-u n.a.      (   Silver, troy oz. Corn gluten meal,Midwest-u,w 624.0 Pork loins,13-19 lb MidUS-u 0.9699     27.5500 n.a.  Engelhard industrial Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u Handy & Harman base 27.1650 155 Steers,feeder,Okla. City-u,w 156.25 ) *"+,    Hominy feed,Cent IL-u,w -   Handy & Harman fabricated 33.9560 Meat-bonemeal,50% pro Mnpls-u,w 330 Fats and Oils      LBMA spot price *£18.4800 Oats,No.2 milling,Mnpls-u 3.6850  (U.S.$ equivalent) *25.2050 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.2500 Coins,wholesale $1,000 face-a 20109 Sorghum,(Milo) No.2 Gulf-u 7.5700 Grease,choice white,Chicago-h 0.3800       *    .    *   /    Other metals SoybeanMeal,Cent IL,rail,ton48%-u 429.50 Lard,Chicago-u n.a.      01  23  .    4 &$ 4  * -  &$    5 LBMA Platinum Price PM *1090.0 Soybeans,No.1 yllw IL-bp,u 13.5850 Soybean oil,crude;Centl IL-u 0.4575 Platinum,Engelhard industrial 1114.0 Wheat,Spring14%-pro Mnpls-u 7.4350 Tallow,bleach;Chicago-h 0.4250 -   -   * 6++   7 8 ) 7  *" + 8 ) +) *" 8 Palladium,Engelhard industrial 2347.0 Wheat,No.2 soft red,St.Louis-u 7.0050 Tallow,edible,Chicago-u 0.4976 8 )  )9 : ; )7  6 && &$&   &$$ 6, ;8 ) ; )< ' 9 7  *" '+79  ) 7  *" + 8 ) +) *" 8 8 && . 7:< +, = KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;  *9 8 >& $  8 ) 6+6 8 7,9 0 3 :)) ) 667 , 8 ) ",  ) 9 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 1/28 8 ) 6"6 ,+ 8 ? %$$$$$$ 6+  )+7 ; 66#7 ;< ) +  8 @+ ; 7 7A+B Source: Dow Jones Market Data 0&3 :))   '+79, 7 7 8 *, :) @+7" )+7 ; 7 ;< ) + 7,9 ) 9 :) 6@+7"B 03 :)) )  8 "  8 ; 7 7A+ 7 )+7 ; 66#7B 7 0=3 :)) ) 66" 8 7 + 8 ) 6<, 8 <C 8 7 D6 7 :7  7 88 6++  %  Insider-Trading Spotlight EF +!=030=3  "" :)  6 8 )   ) 9 )+7 ; 66#7 ) + ,< 7@+ ) Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys new , 9  )7  # #7"8"  "8" :)+ 8+) "  )  ,; information about the prospects of a company. Insiders are required to report large trades to the SEC within two business  -   *   /     .    4 &$ 4  * -  &$  days. Here’s a look at the biggest individual trades by insiders, based on data received by Refinitiv on January 29, and year-   5  - (  -    * -      (   8 <+ )#  to-date stock performance of the company "#7  77 " 8 7"< 7 67 , 8  " 01 "23 7  "6< 8 ) 8 8 , 7 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer  8, <+ ,< ; "6 ;< :9            , 7, CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner "G  * 7  D F$  :+H . %& F   )   :::;"+ 9", 8 <+ I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT:    ,;  7  )  ) 7;+ 8 )  , +7 <+ ,+ +;,  8 8 , 7 unknown VP: vice president Excludes pure options transactions  ;< , 0       3  8 +;,7 ""<        ;)9 ) <+  7  "#< Biggest weekly individual trades 8 <+    ,; 7 <+ 7  ; D"+77 8, )  <+ ,+ +;,  A+ 8 D"+ +") )            ) , 7 8, D67  ) 77 " 87  ;# Based on reports filed with regulators this past week   ,; :) 7  ,< 7 #7< A+ D"+ 8, )   6  ) " : ; ;+7 ;< No. of shrs in Price range ($) $ Value < @+79, 7  ) 9 6++  ) 6+ 7 9, 8  " , Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) < ;@"  ) , )  8 " 7G ) 8 7 D6 66" ,+ ; ,7  ") 8 ) 8:9 "6 +") )             Buyers Jan. 25 Green Brick Partners GRBK D. Einhorn DOI 850 20.55 17,468 19.90 -13.3  /     *    *   Jan. 21 Thor Industries THO P. Orthwein DI 130 107.34 13,997 121.01 30.1   *      Jan. 25 Intel INTC R. Swan CEO 27 55.12-56.09 1,514 55.51 11.4  . 7:< + =&$ Jan. 26 G. Davis CFO 9 55.32-55.36 503  *9  >& $          Jan. 26-27 B. Riley Financial RILY B. Riley CEO 12 47.91-48.56 578 48.20 9.0 Jan. 22 B. Riley CEO 10* 47.26-47.78 474   (  *   I . /   Jan. 25 M. Sheldon D 2 48.95 102 I *.*    Jan. 25 FuelCell Energy FCEL J. Few CEO 11 17.99 198 20.76 85.9   '  &4F$ 9) +88 *# 4%% . 7:< + >$$  *9  >& $ Jan. 22 Guaranty Bancshares GNTY J. Bunch D 5 32.60 163 33.38 11.5  *9  >& $ Jan. 26 Bank of Commerce Holdings BOCH L. Tullis D 15 10.57 159 10.13 2.3 Jan. 27 Oak Valley Bancorp OVLY H. Holder DI 10 15.47 155 15.55 -6.4                         Jan. 22-28 Century Bancorp CNBKA J. Filler B 2 76.24-82.50 149 79.20 2.4 8 <+ )# < A+ ;+ ) , <+ ,< "" 7 +  ) 77 7 ;# Jan. 27 TRACON Pharmaceuticals TCON C. Theuer CEO 11 8.98 99 9.14 -21.9 * *  -  &$& - *    Jan. 26 Flagstar Bancorp FBC K. Buck O 2 47.41-47.42 95 42.85 5.1   *    *   Jan. 26 Bank First BFC M. Bourbulas D 1 69.99 70 66.02 1.9   *      Jan. 27 Norwood Financial NWFL W. Davis CBI 2 25.04 45 24.68 -5.7 Jan. 20 Cue Biopharma CUE K. Pienta O 3 15.07 41 13.54 8.2 Jan. 25 Fastenal FAST M. Ancius DI x 47.50 37 45.59 -6.6 DEA AUCTIONS Sellers Jan. 26 Corsair Gaming CRSR A. Bagaria DOI 8,260 35.00 289,100 37.78 4.3 8,260 35.00 289,100      ! Jan. 26 G. Majoros DOI                 !    Jan. 25 Green Brick Partners GRBK D. Einhorn DOI 6,850 20.55 140,768 19.90 -13.3    " #  $#   $ $    "         % Jan. 20-22 Walt Disney DIS R. Iger OD 495 175.00-177.20 87,055 168.17 -7.2  #    " ## $ #  &' "       # $#       ZM 140 373.09-395.01 53,267 372.07 10.3     (     &' "    #    " ## !        Jan. 20-21 Zoom Video Communications E. Yuan CEO "    #    "  #       &' " )# " $   Jan. 25 Adobe ADBE S. Narayen CEOI 81 464.79-477.15 38,176 458.77 -8.3 #   ##  * ++   !    ,'',,       Jan. 22-25 Guardant Health GH H. Eltoukhy CEO 161 153.29-162.83 25,571 155.50 20.7 -  "*  , ."  +  / #  + # 0,112,'&   3*      CRWD 105 220.68-228.07 23,590 215.80 1.9 ,4,545''1 67 *   /89 ,:;2 ." ! .  . (         Jan. 21-22 CrowdStrike Holdings M. Carpenter O ,':<'= -  "*  ,   > ?  &; )#$ @! #! # 0,2&5&,   3* Jan. 20-22 Pacific Biosciences of California PACB M. Hunkapiller D 624 35.44-41.41 23,431 32.35 24.7 :4,245''2 67 * #! )6)-)A6 ,<  ! !   2    ,'2'&= SQ 100 220.70-225.57 22,281 215.96 -0.8 -  "*  , $# B%-  +    3* +45:45''5 67 *  % Jan. 25 Square J. Dorsey CEOI # A.@@ 5,1: .  .#!   , . (  ,':2&= -  "*  , #!4$# :1 Jan. 12-14 Pinterest PINS B. Silbermann CEO 280 70.97-76.19 20,704 68.51 4.0 #$ ) #  # 055':<   3* '+45:45''5 67 *  # Jan. 25-27 Stamps.com STMP J. Jones O 75 240.13-244.57 18,109 228.31 16.4 A.@@ 5,1: .  .#!   , . (  ,':2&= -  "*  , $#  # + FB #$ /  ! %  # # 0C.<&;1   3* '14,545''& 67 * Jan. 26 Facebook M. Zuckerberg CEOI 56 278.42-284.69 15,861 258.33 -5.4 THE Jan. 25 M. Zuckerberg CEOI 56 272.33-279.74 15,563 #D E@)A 5,1: .  .#! 5 F# . (  ,':2&= -  "*  , @  56 272.28-278.28 15,408     ,5    # 0-''+;12G   3* ';4';45''1 67 Jan. 22 M. Zuckerberg CEOI * )#   )BG9 ,5,:  ?  ! )   )#  +'55, MARKETPLACE Jan. 25-27 Ligand Pharmaceuticals LGND J. Higgins CEO 90 159.00-182.00 15,230 185.35 86.4 Jan. 21-22 Dell Technologies DELL J. Clarke CO 200 75.52-77.25 15,223 72.89 -0.5 ADVERTISE TODAY Jan. 25-26 J. Clarke CO 200 75.46-76.20 15,125                    !    (800) 366-3975 * Half the transactions were indirect **Two day transaction    " #  $#   $ $    "         % p - Pink Sheets  #    " ## $ #  &' "       # $#       (     &' "    #    " ## !        For more information visit: "    #    "  #       &' " )# " $ wsj.com/classifieds Buying and selling by sector #   ##  * ++   !    ,'',,       -  "*  ,      55  ! #! # 0,:;&5;   3* Based on actual transaction dates in reports received this past week 145545',5 67 * ?## 86 ,1 ) #$ -# 0& . #"  ,,5&&= - %  "*  ,  +  / # - +5 F   3* 54,45''1 67 *  @6@AE9%AG ,:+, ." !   , . (  ,':<'= -  "*  , ." Sector Buying Selling Sector Buying Selling  +  / #  + # 0,:12<&1   3* 54,45''1 67 Basic Industries 1,122 3,246,831 Finance 651,491 76,104,332 *  @6@AE9%AG ,:+, ." !   , . (  ,':<'= -  "*  36,391 3,143,457 0 39,327,412 ,   > ?  +  / # +,'   3* ,45'45''1 67 *  Business services Health care @6@AE9%AG ,:+, ." !   , . (  ,':<'= -  "*  ,   > Capital goods 00Industrial 1,570,277 9,110,897 ?  +  / # 1+': # 0 '52,   3* ,45'45''1 67 * Consumer durables 0 10,571,235 Media 3,090,698 4,300,000  @6@AE9%AG ,:+, ." !   , . (  ,':<'= -  "*  ,   21,999 22,442,854 2,023,644 55,741,895 > ?  :1 # B / # :12 # 0G//'+12   3* ,4,,45''1 67 Consumer nondurables Technology * 8  ).%/A9 ,525  555    , # . (  ,':<'= -  "*  Consumer services 65,624 53,337,508 Transportation 0 390,951 , 8  +  / # 8+ # 08,52+1<   3* ,4,,45''1 67 © 2021 Dow Jones & Company, Inc. Energy 197,890 15,964,190 Utilities 0 996,674 * 8  ).%/A9 ,525  555    , # . (  ,':<' All Rights Reserved. Sources: Refinitiv; Dow Jones Market Data . THE WALL STREET JOURNAL. Monday, February 1, 2021 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market IPO Scorecard B8 Last Year ago Last Year ago 29982.62 t1014.36, or 3.27% last week Trailing P/E ratio 29.60 21.44 3714.24 t127.23, or 3.31% last week Trailing P/E ratio * 40.93 25.77 Public Offerings of Stock High, low, open and close for each of P/E estimate * 20.05 17.73 High, low, open and close for each of P/E estimate * 22.15 18.75 2.01 2.27 1.58 1.82 the past 52 weeks Dividend yield the past 52 weeks Dividend yield * IPOs in the U.S. Market All-time high 31188.38, 01/20/21 All-time high 3855.36, 01/25/21 Initial public offerings of stock expected this week; might include some offerings, U.S. and foreign, open to institutional investors only via the Current divisor 0.15198707565833 30000 3750 Rule 144a market; deal amounts are for the U.S. market only Symbol/ Pricing 200-day moving average Expected primary Shares Range($) 28000 3500 pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s) 2/3 1/15 Atotech Ltd ATC 34.1 19.00/ Citi, Credit Suisse, 2021 Holding company for a N 22.00 BofA Securities, 26000 3250 group providing plating, JPM coating and surface treatment materials. 24000 3000 2/2 1/8 On24 Inc ONTF 8.6 45.00/ GS, JPM, KeyBanc Provider of a platform for N 50.00 200-day moving average corporate trainings and 65-day moving average Week's high leadership programs. 22000 2750 Software-Computer, DOWN UP Traditional & Other

Monday's open t Friday's close 2/3 1/8 TELUS International (Cda) Inc TINT 33.3 23.00/ JPM, MS, BofA Securities, CIBC, 20000 65-day moving average 2500 Friday's close Monday's open Software services N 25.00 Citi, Credit Suisse, t provider. Provider of RBC Cptl Mkts, R business and information W Baird & Co technology services and Week's low 18000 2250 solutions. loanDepot Inc LDI 15.0 GS, BofA Securities, Credit Suisse, Bars measure the point change from Monday's open 2/3 1/11 19.00/ Software-Financial N 21.00 MS, Barclays, Citi, 16000 2000 Technology company Jefferies, UBS engaged with a consumer J F M A M J J A S O N D J J F M A M J J A S O N D J lending platform. Primary 2/3 1/13 Landos Biopharma Inc LABP 6.3 15.00/ JPM, Jefferies, SVB Leerink, NYSE weekly volume t , in billions of shares market t Composite Manufacturer of Nq 17.00 Raymond James pharmaceuticals. & Associates Inc 36 Track the Markets SANA 24 Compare the performance of selected 2/3 1/13 Sana Biotechnology Inc 15.0 20.00/ MS, GS, JPM, BofA Securities Clinical-stage Nq 23.00 12 global stock indexes, bond ETFs, biopharmaceutical currencies and commodities at company engaged with 0 wsj.com/graphics/track-the-markets cell engineering. J F M A M J J A S O N D J 2/3 1/8 Evaxion Biotech A/S EVAX 2.8 10.00/ Oppenheimer Inc, *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Engaged in developing our Nq 12.00 Ladenburg AI-immunology core Thalmann Major U.S. Stock-Market Indexes Nasdaq Composite technology.

Latest Week 52-Week % chg t 472.37, or -3.49% Lockup Expirations High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. Dow Jones last week Below, companies whose officers and other insiders will become eligible Industrial Average 31121.42 29856.30 29982.62 -1014.36 -3.27 18591.93 l 31188.38 6.1 -2.0 4.3 to sell shares in their newly public companies for the first time. Such 12905.52 12065.37 12087.99 -768.55 -5.98 6703.63 l 13126 14.4 -3.3 2.8 sales can move the stock’s price. Transportation Avg 13500 l Utility Average 873.47 840.78 852.40 -5.54 -0.65 610.89 960.89 -9.2 -1.4 7.2 Lockup Offer Offer amt Through Lockup Total Stock Market 40750.72 38839.08 39056.49 -1401.83 -3.46 22462.76 l 40565.56 18.5 -0.4 9.9 expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision l 13250 Barron's 400 906.83 864.73 866.20 -42.84 -4.71 455.11 909.04 22.4 1.6 4.8 Feb. 2 Aug. 6, ’20 Rocket Companies RKT 18.00 3150.0 18.7 180 days Nasdaq Stock Market Aug. 4, ’20 Rackspace Technology RXT 21.00 753.8 10.0 180 days 13000 Nasdaq Composite 13728.98 12985.05 13070.69 -472.37 -3.49 6860.67 l 13635.99 42.8 1.4 20.5 Aug. 5, ’20 Oak Street Health OSH 21.00 304.7 147.0 180 days 12925.38 -3.30 l Nasdaq-100 13563.70 12845.43 -441.02 6994.29 13490.19 43.8 0.3 22.8 Feb. 3 Aug. 7, ’20 IBEX IBEX 19.00 100.0 –3.1 180 days 12750 S&P BIGC 22 25 26 27 28 29 Aug. 5, ’20 BigCommerce Holdings 24.00 130.2 233.1 180 days -3.31 l 500 Index 3870.90 3694.12 3714.24 -127.23 2237.40 3855.36 15.2 -1.1 9.2 January Aug. 6, ’20 Acutus Medical AFIB 18.00 125.0 43.8 180 days MidCap 400 2482.63 2333.26 2340.12 -122.41 -4.97 1218.55 l 2469.01 16.6 1.5 5.8 DJ US TSM Aug. 7, ’20 Checkmate Pharmaceuticals CMPI 15.00 75.0 4.3 180 days SmallCap 600 1258.83 1184.02 1188.71 -42.99 -3.49 595.67 l 1233.22 21.3 6.2 6.9 t 1401.83, or -3.46% Aug. 6, ’20 Freeline Therapeutics Holdings FRLN 18.00 125.0 –0.1 180 days Other Indexes last week Sources: Dealogic; Dow Jones Market Data Russell 2000 2194.86 2066.59 2073.64 -95.12 -4.39 991.16 l 2168.76 28.5 5.0 9.1 Other Stock Offerings NYSE Composite 14995.55 14328.46 14397.20 -554.65 -3.71 8777.38 l 15097.28 5.8 -0.9 2.1 Value Line 608.33 578.00 579.55 -23.99 -3.97 305.71 l 606.75 9.4 1.9 -0.3 41000 Secondaries and follow-ons expected this week in the U.S. market NYSE Arca Biotech 6320.83 5946.27 5984.62 -176.61 -2.87 3855.67 l 6290.56 23.9 4.3 6.6 None expected this week 728.11 692.49 699.04 -18.13 -2.53 494.36 l 725.03 8.1 1.4 5.9 NYSE Arca Pharma 40000 KBW Bank 103.72 97.29 97.78 -6.00 -5.78 56.19 l 110.43 -6.7 -0.1 -5.6 Off the Shelf PHLX§ Gold/Silver 144.42 130.83 138.59 -1.56 -1.11 70.12 l 161.14 33.3 -3.9 16.6 “Shelf registrations” allow a company to prepare a stock or bond for 39000 PHLX§ Oil Service 49.21 45.44 46.77 -3.026 -6.08 21.47 l 67 -25.4 5.5 -33.6 sale, without selling the whole issue at once. Corporations sell as PHLX§ Semiconductor 3107.82 2862.25 2887.08 -187.32 -6.09 1286.84 l 3132.17 61.3 3.3 27.9 conditions become favorable. Here are the shelf sales, or takedowns, Cboe Volatility 37.51 22.20 33.09 11.18 51.03 13.68 l 82.69 75.6 45.5 33.7 38000 over the last week: 22 25 26 27 28 29 Takedown date/ Deal value  Nasdaq PHLX Sources: FactSet; Dow Jones Market Data January Issuer/Industry Registration date ($ mil.) Bookrunner(s) Green Brick Partners Inc Jan. 25 $125.7 Barclays, GS International Stock Indexes Commodities and Construction/Building Nov. 25,320 Lipocine Inc Jan. 26 $28.8 Raymond James & Associates Inc Latest Week 52-Week Range YTD Currencies 3 Region/Country Index Close % chg Low Close High % chg Healthcare Nov. 13, 20 Seelos Therapeutics Inc Jan. 26 $35.9 BTIG LLC World MSCI ACWI 642.91 –3.57 384.04 669.62 –0.5 YTD • Last Week Healthcare Dec. 15,320 MSCI ACWI ex-USA 326.97 –3.80 200.33 • 342.14 0.2 Close Net chg % Chg % chg Qumu Corp Jan. 27 $21.8 Craig-Hallum Group MSCI World 2661.69 –3.41 1602.11 • 2765.57 –1.1 3 DJ Commodity 758.13 7.94 1.06 3.63 Computers & Electronics Aug. 26, 19 MSCI Emerging Markets 1329.57 –4.54 758.20 1410.20 3.0 • Surgery Partners Inc Jan. 28 $226.9 JPM, Jefferies, Barclays, KKR, Refinitiv/CC CRB Index 174.20 1.35 0.78 3.82 Americas MSCI AC Americas 1451.15 –3.39 850.77 • 1507.88 –1.1 Healthcare Jan. 25,321 Macquarie Grp 52.20 -0.13 Canada S&P/TSX Comp 17337.02 –2.85 11228.49 • 18042.07 –0.6 Crude oil, $ per barrel -0.07 7.58 Catalyst Biosciences Inc Jan. 27 $50.0 Piper Sandler, 3 Latin Amer. MSCI EM Latin America 2285.00 –3.51 1382.94 • 2828.44 –6.8 Natural gas, $/MMBtu 2.564 0.108 4.40 0.98 Healthcare Dec. 21, 18 Raymond James & Associates Inc Brazil Sao Paulo Bovespa 115067.5 –1.97 63569.62 125076.63 –3.3 DZS Inc Jan. 26 $56.0 Stifel, Needham & Co LLC, Gold, $ per troy oz. 1847.30 -8.90 -0.48 -2.42 3 5 • Telecommunications March 22, 19 B Riley Securities Inc Santiago IPSA 2931.35 –4.37 2045.49 3347.78 2.58 U.S. Dollar Index 90.53 0.30 0.33 0.67 Two Harbors Investment Corp Jan. 27 $250.0 JPM, Barclays, RBC Cptl Mkts Chile • 3 S&P/BMV IPC 42985.73 –3.80 32964.22 46729.30 –2.5 Real Estate/Property Feb. 28, 18 Mexico • WSJ Dollar Index 85.54 0.33 0.39 0.64 Plug Power Inc Jan. 26 $1,820.0 MS EMEA Stoxx Europe 600 395.85 –3.11 279.66 433.90 –0.8 • Euro, per dollar 0.8239 0.0025 0.30 0.64 Computers & Electronics Dec. 2,319 Stoxx Europe 50 3075.34 –3.56 2383.14 • 3539.12 –1.1 Personalis Inc $150.1 Yen, per dollar 104.69 0.92 0.89 1.33 Jan. 26 MS, BofA Securities, Citi, Eurozone Euro Stoxx 391.80 –3.06 261.53 • 421.34 –1.4 Healthcare Dec. 30,320 Cowen & Company LLC 1.37 0.18 Euro Stoxx 50 3481.44 –3.36 2385.82 • 3865.18 –2.0 U.K. pound, in dollars 0.002 0.33 TransEnterix Inc Jan. 26 $69.3 HC Wainwright & Co LLC ATX 2887.73 –3.81 1630.84 3212.48 3.9 3 Austria • 52-Week Healthcare Jan. 31, 20 Belgium Bel-20 3623.60 –3.20 2528.77 • 4198.31 0.1 Low Close(l) High % Chg PowerFleet Inc Jan. 28 $25.0 Canaccord Genuity France CAC 40 5399.21 –2.88 3754.84 • 6111.24 –2.7 Telecommunications Nov. 14,319 28.20 Germany DAX 13432.87 –3.18 8441.71 • 14049.53 –2.1 DJ Commodity 433.70 l 770.54 Applied Genetic Technologies Corp Jan. 28 $74.5 Stifel, WFS, MTS Health Partners Healthcare May 30,318 Greece Athex Composite 749.46 –3.79 484.40 • 922.30 –7.4 Refinitiv/CC CMD 106.29 l 176.77 2.29 Israel Tel Aviv 1599.45 –0.86 1171.21 • 1751.79 6.7 Neuronetics Inc Jan. 28 $75.0 Piper Sandler, W. Blair LLC Crude oil, $ per barrel -37.63 l 53.78 1.24 Healthcare Aug. 6,318 Italy FTSE MIB 21572.53 –2.34 14894 • 25478 –3.0 VSE Corp $50.0 Netherlands AEX 637.11 –3.55 404.10 • 663.88 2.0 Natural gas, $/MMBtu 1.482 l 3.354 39.27 Jan. 29 W. Blair LLC, Canaccord Genuity Defense Aug. 20,320 Portugal PSI 20 4794.55 –4.88 3596.08 • 5435.85 –2.1 l 16.70 Gold, $ per troy oz. 1477.30 2051.50 Evelo Biosciences Inc $67.5 RTS Index 1367.64 –3.57 832.26 1560.48 –1.4 Jan. 28 MS, Cowen & Company LLC, Russia • Healthcare June 3,319 BMO Cptl Mkts South Africa FTSE/JSE All-Share 62472.10 –2.37 37963.01 • 64559.85 5.2 U.S. Dollar Index 89.44 l 102.82 -7.04 Dynex Capital Inc Jan. 28 $49.1 JPM Spain IBEX 35 7757.50 –3.47 6107.2 10083.6 –3.9 • WSJ Dollar Index 84.56 l 97.02 -5.53 Real Estate/Property Dec. 29,317 OMX Stockholm 787.87 –1.91 478.95 804.88 2.5 Sweden • Drive Shack Inc Jan. 29 $50.0 BTIG LLC, Craig-Hallum Group Euro, per dollar 0.8112 l 0.9352 -8.58 Switzerland Swiss Market 10591.06 –3.11 8160.79 • 11263.01 –1.1 Real Estate/Property Dec. 23,320 FTSE 100 6407.46 –4.30 4993.89 7534.37 –0.8 U.K. • Yen, per dollar 102.37 l 112.11 -3.38 Outlook Therapeutics Inc Jan. 28 $35.0 HC Wainwright & Co LLC Healthcare June 3,319 Asia-Pacific MSCI AC Asia Pacific 203.83 –4.35 121.5 • 215.2 2.0 U.K. pound, in dollars 1.15 l 1.37 3.83 Australia S&P/ASX 200 6607.40 –2.84 4546.0 • 7162.5 0.3 Biondvax Pharmaceuticals Ltd Jan. 29 $12.1 Aegis Cptl Healthcare July 29,320 China Shanghai Composite 3483.07 –3.43 2660.17 • 3624.24 0.3 Real-time U.S. stock Hang Seng 28283.71 –3.95 21696.13 30159.01 3.9 Avinger Inc Jan. 28 $14.4 Aegis Cptl Hong Kong • quotes are available on 3 S&P BSE Sensex Healthcare March 7, 19 India 46285.77 –5.30 25981.24 • 49792.12 –3.1 WSJ WSJ.com. Track most- Nikkei Stock Avg 27663.39 –3.38 16552.83 28822.29 0.8 Japan • active stocks, new FTSE Bursa Malaysia KLCI 1566.40 –1.90 1219.72 1684.58 –3.7 .COM Public and Private Borrowing Malaysia • highs/lows, mutual Straits Times 2902.52 –2.98 2233.48 3231.55 2.1 Singapore • funds and ETFs. Treasurys South Korea Kospi 2976.21 –5.24 1457.64 • 3208.99 3.6 Taiwan TAIEX 15138.31 –5.50 8681.34 • 16153.77 2.8 All are available free at Monday, February 1 Thursday, February 4 Source: FactSet; Dow Jones Market Data WSJMarkets.com Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; announced on January 28; settles on February 4announced on February 2; settles on February 9 Consumer Rates and Returns to Investor Benchmark Yields and Rates U.S. consumer rates Selected rates Treasury yield curve Forex Race Currencies A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading major U.S. trading partners benchmark over the past year Bankrate.com avg†: 0.48% notes and bonds US$ vs, US$ vs, Fri YTD chg Fri YTD chg Lone Star Bank 0.71% 2.50% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) 10% 1.60% Houston, TX 713-358-9400 Americas Vietnam dong .00004339 23049 –0.1 One year ago 2.00 Euro s Europe Colorado Federal Savings Bank 0.75% Argentina peso .0115 87.2964 3.8 1.20 t 5 Brazil real .1830 5.4630 5.2 Czech Rep. koruna .04662 21.450 –0.1 Greenwood Village, CO 877-484-2372 1.50 s Canada dollar .7827 1.2777 0.3 Denmark krone .1632 6.1289 0.6 Five-year CD yields TAB Bank 0.75% 0 Yen t 0.80 1.00 Chile peso .001361 734.80 3.4 Euro area euro 1.2138 .8239 0.6 Ogden, UT 800-355-3063 Tradeweb ICE Colombiapeso .000280 3569.01 4.3 Hungary forint .003395 294.51 –0.8 t Federal-funds s 0.40 CFG Community Bank 0.82% Friday Close 0.50 –5 Ecuador US dollar 11unch Iceland krona .007775 128.61 0.6 target rate Baltimore, MD 888-205-8388 t WSJ Dollar Index Mexico peso .0486 20.5919 3.6 Norway krone .1168 8.5595 –0.2 0.00 0.00 –10 Uruguay .02363 42.3250 –0.1 Poland .2684 3.7261 –0.2 First Internet Bank of Indiana 0.96% peso zloty F M A M J J A S O N D J 1 3 6 1 2 3 5 7 10 20 30 Russia .01317 75.955 2.6 2020 2021 Asia-Pacific ruble Indianapolis, IN 888-873-3424 Sweden krona .1196 8.3592 1.6 2020 month(s) years Australian dollar .7642 1.3086 0.7 Switzerland franc 1.1228 .8906 0.6 maturity China yuan .1556 6.4277 –1.6 Turkey lira .1367 7.3149 –1.6 Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1290 7.7532 ... l Ukraine hryvnia .0355 28.1500 –0.7 Interest rate Last ( )Week ago Low 0 2 4 6 8 High (pct pts) India rupee .01371 72.916 –0.2 Corporate Borrowing Rates and Yields UK pound 1.3710 .7294 –0.3 Federal-funds rate target l Indonesia rupiah .0000713 14030 –0.1 0.00-0.25 0.00-0.25 0.00 1.75 -1.25 Middle East/Africa Japan yen .009552 104.69 1.3 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Spread +/- Treasurys, Kazakhstan tenge .002362 423.42 0.5 Bahrain dinar 2.6524 .3770 –0.01 Libor, 0.20 l -1.57 Yield (%) in basis pts, 52-wk Range Total Return 3-month 0.22 0.20 1.75 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1251 7.9915 0.01 Egypt pound .0636 15.7149 –0.2 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.20 Malaysia ringgit .2474 4.0425 0.5 Israel shekel .3049 3.2799 2.1 U.S. Treasury, Barclays 0.650 0.650 4.83 5.31 Five-year CD, annual yield 0.48 0.48 0.48 l 1.40 -1.06 New Zealand dollar .7191 1.3906 –0.1 Kuwait dinar 3.3027 .3028 –0.4 U.S. Treasury Long, Barclays 1.720 1.720 6.95 9.75 Pakistan .00624 160.283 –0.1 Oman 2.5974 .3850 ... 30-year mortgage, fixed† 2.89 2.89 2.83 l 4.22 -1.30 rupee sul rial Aggregate, Barclays 1.170 1.180 n.a. 35 127 4.98 5.47 Philippines peso .0208 48.056 0.1 Qatar rial .2746 3.642 0.02 15-year mortgage, fixed† 2.37 2.35 2.32 l 3.43 -1.26 Fixed-Rate MBS Singapore dollar .7529 1.3282 0.5 Saudi Arabia riyal .2666 3.7508 –0.02 Jumbo mortgages, 2.93 l -1.54 , Barclays 1.200 1.220 n.a. 19 132 3.32 4.11 $548,250-plus† 2.93 2.85 4.36 South Korea won .0008941 1118.48 3.0 South Africa rand .0659 15.1774 3.3 High Yield 100, ICE BofA 3.524 3.446 309 289 1018 4.510 4.927 Five-year adj mortgage (ARM)† 3.19 3.16 2.85 l 3.69 -0.97 Sri Lanka rupee .0052488 190.52 2.8 Muni Master 0.769 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.72 , ICE BofA 0.841 20 -12 41 4.067 4.916 Taiwan dollar .03569 28.016 –0.3 EMBI Global 4.477 Thailand WSJ Dollar Index 85.54 0.07 0.1 0.64 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest , J.P. Morgan 4.496 324 286 662 2.806 4.617 baht .03348 29.870 –0.6 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 Sources: Tullett Prebon, Dow Jones Market Data . B8 | Monday, February 1, 2021 THE WALL STREET JOURNAL. BANKING & FINANCE Cloud Helps Nasdaq With Market Turmoil BY ANGUS LOTEN man said Nasdaq will halt in the cloud allow it to quickly forming computing-heavy data trading if unusual activity in a adjust to these kinds of analytics, such as risk calcula- Nasdaq Inc.’s enterprise stock can be traced to online events. tions. technology leader said an ag- chatter. Cloud systems and apps are “There’s a tipping point gressive cloud strategy that On Thursday, popular on- hosted on data centers oper- where the cloud is accepted,” proved its mettle during the line brokerages, including ated by third-party providers, Mr. Peterson said. “We’ve been coronavirus pandemic helped Robinhood Markets Inc. and including technology compa- moving a lot of our systems to gird the exchange operator’s Interactive Brokers Group Inc., nies such as Amazon.com, Mi- the cloud, but now we’re see- systems for shocks like the re- restricted access to trading crosoft Corp. and Alphabet ing our customers going to the cent market turmoil. GameStop Corp. and AMC En- Inc.’s Google, that enable users cloud, too.” Brad Peterson, the exchange tertainment Holdings Inc., to rapidly scale computing Mr. Peterson said market operator’s executive vice pres- among a handful of other com- needs, based on demand, with turbulence sparked by ident and chief technology and panies, after individual inves- far greater ease than in their Covid-19, coupled with uncer- information officer, said the tors prompted by social-media data centers. tainty around last fall’s presi- company used prior peaks in posts flooded the platforms to Nasdaq’s 10-year plan to dential election and a string of trading activity as benchmarks execute trades in the stocks. migrate its markets to the highflying initial public offer-

to ensure it had enough com- MICHAEL NAGLE/BLOOMBERG NEWS By Wednesday, both compa- cloud predates the onset of ings, put Nasdaq’s IT invest- puting capacity in its own data Brad Peterson, chief technology and information officer at Nasdaq. nies’ stocks were up more the Covid-19 pandemic. ments to the test. centers to handle sharp swings than 100%, recording their “We could handle the ex- in demand. Last year, Nasdaq’s options ties, scanning prices and vol- largest percentage increases pansion of that activity with- But the exchange operator market had its 10 most active umes for unusual movements, on record. ‘Weget to know [tech out degrading,” he said, de- also lightened the load by days on record, peaking at according to a description of The frenzy led to a 62% rise scribing the approach as shifting data-intensive pro- about 62 billion orders, trades the unit posted on the com- in the midweek Cboe Volatility companies] and “bend, don’t break.” cessing and storage apps onto and quotes in a single day, and pany’s website. That includes Index, a measure of market That success has Nasdaq the cloud, which can be scaled the company’s U.S. equities monitoring news sources for volatility based on prices for sometimes adopt looking at the potential of on demand. This includes stor- market had its highest volume items that might affect Nasdaq options on the S&P 500 that is their solutions.’ more advanced digital tools, ing billions of transaction re- day since 2009, peaking at listed companies. dubbed Wall Street’s fear such as edge computing and cords, which the company re- about 5 billion of such mes- Any red flags are reported gauge. chips capable of processing ar- ceives daily, in a data sages, the company said. to Nasdaq’s general counsel The increase was the larg- tificial intelligence-powered warehouse operated by Ama- “We engineered our sys- for regulatory review, a com- est for the index since late Oc- Last year, that included trading apps on mobile de- zon.com Inc.’s cloud service, tems for multiples of trading pany spokesman said. tober and its biggest single- shifting a key platform, where vices, Mr. Peterson said. . volumes,” Mr. Peterson said. Earlier this week, Nasdaq day move since February 2018. traders access the company’s “A lot of new tech compa- The data, including orders MarketWatch, a separate Chief Executive Adena Fried- So far, Nasdaq hasn’t sus- options markets, to Amazon nies list on us, so we get to and quotes transmitted by Nasdaq unit, also uses auto- man said the company’s sur- pended trading in any of the Web Services. Among other know them and sometimes traders, needs to be loaded for mated surveillance systems to veillance efforts include moni- stocks in question. services, Nasdaq provides cus- adopt their solutions,” he said. billing and reporting processes keep real-time tabs on trading toring social media. In an Mr. Peterson said the com- tomers with a set of tools “The innovation we’re seeing before markets open. activity in all Nasdaq securi- interview on CNBC, Ms. Fried- pany’s continuing investments based in the cloud for per- is really exciting.”

Closed-End Funds

Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not Eagle Point Credit ECC NA 10.75 NA 13.0 BR MuniYld Qly 3 MYI 15.52 14.45 -6.9 3.8 Invesco Sr Loan IB 6.37 NA NA 4.4 buy their shares back from investors who wish to cash Nuv Dow 30 Dyn Overwrite DIAX 16.42 14.64 -10.8 -9.3 EtnVncFltRteInc EFT 14.56 13.50 -7.3 5.4 BNY Mellon Muni Bd Infra DMB 14.75 14.50 -1.7 4.5 GS Real Est Div Inc:A 9.74 NA NA -2.5 Invesco Sr Loan IC 6.37 NA NA 4.3 in their holdings. Instead, fund shares trade on a stock NuvCorEqAlpha JCE 15.19 13.90 -8.5 1.3 EV SenFlRtTr EFR 14.34 13.29 -7.3 5.8 BNY Mellon Str Muni Bond DSM 8.46 7.86 -7.1 4.5 GS Real Est Div Inc:C 9.73 NA NA -3.3 Invesco Sr Loan Y 6.38 NA NA 4.4 exchange. NA signifies that the information is not 26.84 25.86 -3.7 15.1 10.16 NA NA -2.3 available or not applicable. NS signifies funds not in Nuveen Nasdaq 100 Dyn Ov QQQX EVSnrIncm EVF 6.88 6.49 -5.7 5.6 BNY Mellon Strat Muni LEO 8.82 8.56 -2.9 4.9 GS Real Est Div Inc:I Pioneer Sec Inc 9.89 NA NA 4.5 existence for the entire period. 12 month yield is Nuv Real Est JRS 9.70 8.51 -12.3 -13.3 FT/Sr Fltg Rte Inc 2 FCT 12.88 11.71 -9.1 9.8 DWS Muni Inc KTF 12.89 11.65 -9.6 4.0 GS Real Est Div Inc:L 9.74 NA NA -2.8 High Yield Bond Funds computed by dividing income dividends paid (during Nuveen Rl Asst Inc & Gro JRI 15.65 13.44 -14.1 -21.5 FT/Sr Fltg Rte 2022 TgTr FIV 9.59 9.20 -4.1 2.5 EVMuniBd EIM 14.37 13.39 -6.8 4.2 GS Real Est Div Inc:W 9.89 NA NA -2.5 Griffin Inst Access Cd:A 24.23 NA NA 6.0 the previous 12 months for periods ending at month- 16.12 15.11 -6.3 0.1 15.87 NA NA -13.6 end or during the previous 52 weeks for periods NuvS&P500DynOvFd SPXX Highland Income HFRO 13.40 10.26 -23.4 8.9 EVMuniIncm EVN 14.45 13.49 -6.6 4.2 NexPointRlEstStrat;A Griffin Inst Access Cd:C 24.23 NA NA 6.0 ending at any time other than month-end) by the NuvSP500BuyIncFd BXMX 13.65 12.35 -9.5 -0.6 InvDYCrOpp VTA 11.93 10.95 -8.2 8.3 EVNatMuniOpp EOT 22.12 20.90 -5.5 3.8 NexPointRlEstStrat;C 16.05 NA NA -14.1 Griffin Inst Access Cd:F 24.24 NA NA 6.0 latest month-end market price adjusted for capital ReavesUtilityIncome UTG 31.93 32.52 +1.8 -8.2 InvSnrIncTr VVR 4.55 4.15 -8.8 6.7 InvAdvMuIncTrII VKI 12.34 11.60 -6.0 4.7 NexPointRlEstStrat;Z 16.03 NA NA -13.4 Griffin Inst Access Cd:I 24.23 NA NA 6.0 gains distributions. Depending on the fund category, Tortoise Enrgy Infra Crp TYG 28.50 21.44 -24.8 -66.8 Nuveen Credit Strat Inc JQC 7.06 6.35 -10.1 16.1 Invesco MuniOp OIA 7.84 7.91 +0.9 4.8 PREDEX;I 25.28 NA NA 0.5 Griffin Inst Access Cd:L 24.22 NA NA 6.0 either 12-month yield or total return is listed. 25.39 NA NA 0.5 Source: Lipper Income & Preferred Stock Funds NuvFloatRateIncFd JFR 10.20 9.23 -9.5 7.1 InvescoMuOppTr VMO 13.81 13.11 -5.1 4.6 PREDEX;T PIMCO Flexible Cr I;A-2 9.34 NA NA 7.3 Friday, January 29, 2021 CalamosStratTot CSQ 15.58 15.54 -0.3 24.2 NuvFloatRteIncOppty JRO 10.11 9.21 -8.9 7.1 InvescoMuTr VKQ 13.84 12.99 -6.1 4.6 PREDEX;W 25.39 NA NA 0.5 PIMCO Flexible Cr I;A-3 9.34 NA NA NS CohenStrsLtdDurPref&Inc LDP 25.86 25.75 -0.4 3.8 Nuveen Senior Income NSL 6.00 5.40 -10.0 7.5 InvescoQual Inc IQI 13.97 12.88 -7.8 4.6 Principal Dvs Sel RA A 25.74 NA NA 0.9 PIMCO Flexible Cr I;A-4 9.34 NA NA 7.6 52 wk 26.61 26.44 -0.6 -11.9 25.79 NA NA 1.1 Prem Ttl CohenStrsSelPref&Income PSF PionrFltRate Tr PHD 11.62 10.62 -8.6 6.6 InvTrInvGrMu VGM 14.25 13.26 -6.9 4.6 Principal Dvs Sel RA Ins PIMCO Flexible Cr I;Inst 9.34 NA NA 8.4 25.46 25.30 -0.6 NS 25.87 NA NA 1.3 Fund (SYM) NAV Close /Disc Ret CohenStrsTaxAvPreSecs&I PTA High Yield Bond Funds InvescoValMunInc IIM 16.96 15.77 -7.0 4.4 Principal Dvs Sel RA Y PionrILSBridge 10.00 NA NA 0.0 24.28 23.62 -2.7 5.6 37.79 NA NA 27.6 FirstTrIntDurPref&Inc FPF AllianceBernGlHiIncm AWF 12.93 11.69 -9.6 6.6 MAINSTAY:MK DEFTR MUN OP MMD 21.25 21.88 +3.0 4.6 SharesPost 100;A WA Middle Mkt Inc 621.21 NA NA 7.4 General Equity Funds 19.69 18.55 -5.8 -13.7 38.09 NA NA 27.9 JHanPrefInc HPI Angel Oak FS Inc Trm FINS 18.69 17.29 -7.5 7.4 NeubrgrBrm NBH 15.46 15.22 -1.6 4.9 SharesPost 100:I Other Domestic Taxable Bond Funds Adams Diversified Equity ADX 19.83 17.14 -13.6 14.9 19.37 18.36 -5.2 -11.2 37.51 NA NA 27.3 JHPrefIncII HPF Barings Glb SD HY Bd BGH 16.89 15.11 -10.5 9.1 Nuveen AMT-Fr Mu Val NUW 17.53 16.59 -5.4 2.8 SharesPost 100:L Alternative Credit Inc:A 10.51 NA NA 6.7 Boulder Growth & Income BIF 13.42 11.01 -18.0 0.3 17.33 16.62 -4.1 -8.1 24.78 NA NA 0.2 HnckJPfdInco III HPS BR Corporate HY HYT 11.97 11.10 -7.3 8.1 Nuveen AMT-Fr Qlty Mun I NEA 16.14 15.04 -6.8 4.4 USQ Core Real Estate:I Alternative Credit Inc:C 10.62 NA NA 6.0 Central Secs CET 40.05 33.42 -16.6 10.3 13.47 13.99 +3.9 -16.6 24.79 NA NA 0.2 J Han Prm PDT BlackRock Ltd Dur Inc BLW 17.02 15.66 -8.0 7.3 Nuveen AMT-Fr Mu CI NVG 17.59 16.85 -4.2 4.6 USQ Core Real Estate:IS Alternative Credit Inc:I 10.53 NA NA 7.0 CohenStrsCEOppFd FOF 12.70 12.98 +2.2 4.3 13.57 11.67 -14.0 -14.0 27.11 NA NA NE LMP CapInco SCD BNY Mellon Hi Yield Str DHF 3.28 2.93 -10.7 8.6 NEV 15.83 16.49 +4.2 4.3 Versus Cap MMgr RE Inc:I Alternative Credit Inc:L 10.51 NA NA 6.5 EVTxAdvDivIncm EVT 24.18 23.01 -4.8 -2.8 9.63 9.17 -4.8 -5.2 Nuveen Enh Muni Val 25.36 NA NA 0.9 24.70 21.49 -13.0 7.5 Nuveen Pref & Inc Opp JPC Brookfield Real Asst Inc RA 19.76 18.55 -6.1 13.3 Nuveen Int Dur Mun Term NID 14.60 14.30 -2.1 3.7 Versus Capital Real Asst Alternative Credit Inc:W 10.51 NA NA 6.7 GabelliDiv&IncTr GDV Nuveen Fd JPS 9.70 9.34 -3.7 -1.7 2.55 2.27 -11.0 8.6 Wildermuth Endwmnt:A 13.48 NA NA -5.2 10.21 NA NA 2.2 GAB 5.76 6.17 +7.1 16.0 CrSuisHighYld DHY Nuveen Mu Crdt Opps NMCO 14.66 14.00 -4.5 5.5 Am Beacon Apollo TR:T Gabelli Equity Tr Nuveen Pref & Inc Term JPI 24.50 24.22 -1.1 0.0 18.00 16.55 -8.1 10.6 Wildermuth Endwmnt:C 12.97 NA NA -6.0 10.28 NA NA 3.0 GAM 43.48 36.98 -14.9 6.8 DoubleLine Inc Sol DSL Nuv Muni Credit Income NZF 17.13 16.18 -5.5 4.7 Am Beacon Apollo TR:Y GeneralAmer Nuveen TxAdvDivGr JTD 15.75 13.90 -11.7 -13.3 20.43 18.99 -7.0 NS Wildermuth Endowment:I 13.56 NA NA -5.5 9.57 NA NA 4.0 JHancockTaxAdvDiv HTD 22.42 20.94 -6.6 -18.1 DoubleLine Yld Opps DLY NuvMuniHiIncOpp NMZ 14.30 14.42 +0.8 5.0 Am Beacon SP Enh Inc:T Convertible Sec's. Funds 16.50 14.93 -9.5 8.9 Income & Preferred Stock Funds 9.66 NA NA 4.7 Liberty All-Star Equity USA 7.05 6.81 -3.4 13.5 First Tr Hi Inc Lng/Shrt FSD Nuveen Muni Val NUV 10.82 11.30 +4.4 3.3 Am Beacon SP Enh Inc:Y AdvntCnvrtbl&IncFd AVK 19.29 16.59 -14.0 18.8 First Trust HY Opp:2027 FTHY 21.44 19.60 -8.6 NS 16.50 15.28 -7.4 4.4 A3 Alternative Cr 9.99 NA NA -1.1 BR Credit Strat;A 10.42 NA NA NS Liberty All-Star Growth ASG 7.84 8.31 +6.0 31.8 Nuveen Quality Muni Inc NAD 19.77 17.40 -12.0 6.5 GI Conv & Inc NCV 6.40 5.71 -10.8 7.7 IVY HIGH INCOME OPP IVH 14.69 13.04 -11.2 8.6 16.64 17.44 +4.8 3.0 Calamos L/S Eqty and DI CPZ BR Credit Strat;Inst 10.42 NA NA 5.2 Royce Micro-Cap Tr RMT 12.32 10.62 -13.8 37.6 5.73 5.02 -12.4 7.9 Nuveen Sel TF NXP 11.79 NA NA -6.7 AGI Conv & Inc II NCZ NeubHgYldStrt NHS 12.65 11.80 -6.7 9.2 15.76 15.86 +0.6 3.1 Destra Multi-Altrntv;A BlackRock Mlt-Sctr Oppty 88.54 NA NA 8.1 Royce Value Trust RVT 18.90 16.58 -12.3 24.5 35.14 32.25 -8.2 40.1 Nuveen Sel TF 2 NXQ 11.26 NA NA -7.3 AGI Dvs Inc & Conv ACV New Amer Hi Inc HYB 9.85 8.84 -10.3 6.4 13.41 14.27 +6.4 4.6 Destra Multi-Altrntv;C BlackRock Mlt-Sec Opp II 91.16 NA NA 7.9 Source Capital SOR 45.22 40.10 -11.3 8.8 30.91 27.78 -10.1 28.4 PIMCO MuniInc PMF 12.04 NA NA -6.3 AGI Eqty & Conv Inc NIE NexPointStratOppty NHF 18.57 11.25 -39.4 11.8 12.59 14.59 +15.9 4.9 Destra Multi-Altrntv;I Carlyle Tact Pvt Cred:A 8.80 NA NA 6.6 Tri-Continental TY 33.56 29.66 -11.6 11.9 15.90 14.35 -9.7 34.8 PIMCOMuniIncII PML 11.44 NA NA -7.1 CalamosConvHi CHY Nuveen CI Nov 2021 Tgt JHB 9.46 9.27 -2.0 4.1 11.54 12.30 +6.6 4.6 Destra Multi-Altrntv;T Carlyle Tact Pvt Cred:I 8.84 NA NA 7.3 Specialized Equity Funds 15.07 13.53 -10.2 32.9 Pimco Muni III PMX 20.81 NA NA 18.8 CalmosConvOp CHI Nuveen Crdt Opps 2022 TT JCO 8.30 8.24 -0.7 7.0 12.41 11.77 -5.2 4.4 Flat Rock Opportunity Carlyle Tact Pvt Cred:L 8.80 NA NA 6.9 Aberdeen Glb Prem Prop AWP 5.83 5.36 -8.1 -10.0 PioneerHilncAdv MAV 26.15 NA NA 7.4 World Equity Funds Nuveen Global High Inc JGH 16.91 15.18 -10.2 7.1 13.28 12.48 -6.0 4.4 The Relative Value:CIA Carlyle Tact Pvt Cred:M 8.84 NA NA NS Adams Natural Resources PEO 14.01 11.83 -15.6 -15.2 9.64 8.26 -14.3 15.0 PioneerMunHiIcmT MHI 26.71 NA NA 5.8 Aberdeen Emg Mkts Eq Inc AEF PGIM Global High Yield GHY 16.48 14.47 -12.2 8.6 8.32 8.18 -1.7 4.7 Variant Altrntv Inc:Inst Carlyle Tact Pvt Cred:N 8.80 NA NA 7.3 AllianzGI AI & Tech Opps AIO 28.06 26.80 -4.5 51.4 10.21 8.91 -12.7 11.1 Putnam Mgd Inc PMM 26.72 NA NA 5.5 15.21 13.28 -12.7 9.8 Aberdeen Tot Dyn Div AOD PGIM High Yield Bond ISD 16.93 15.05 -11.1 8.4 Variant Altrntv Inc:Inv Carlyle Tact Pvt Cred:Y 8.79 NA NA 7.0 GI DivInt&PremStr NFJ 20.91 21.98 +5.1 NS Putnam Muni Opp PMO 14.06 13.72 -2.4 4.8 24.63 21.05 -14.5 50.8 BlackRock Capital Alloc BCAT PGIM Sh Dur Hi Yld Opp SDHY 20.03 NA NA NS Convertible Sec's. Funds CION Ares Dvsfd Crdt;A 25.15 NA NA 5.5 ASA Gold & Prec Met Ltd ASA 9.71 9.55 -1.6 24.5 RiverNorth Mgd Dur Mun I RMM 19.86 18.58 -6.4 6.1 30.79 28.48 -7.5 56.6 18.98 17.37 -8.5 8.5 Calamos GloDynInc CHW PioneerHilncmTr PHT 9.52 9.03 -5.1 8.4 Calmos Dyn Conv and Inc CCD CION Ares Dvsfd Crdt;C 25.08 NA NA 5.5 BR Enh C&I CII 34.00 29.88 -12.1 65.9 Western Asset Mgd Muni MMU 14.22 13.10 -7.9 4.2 8.25 7.30 -11.5 -29.4 China CHN Wells Fargo Income Oppty EAD 9.01 8.15 -9.5 8.5 World Equity Funds CION Ares Dvsfd Crdt;I 25.30 NA NA 5.5 BlackRock Energy & Res BGR 19.23 17.49 -9.0 4.2 Westn Asst Mu Def Opp Tr MTT 21.46 21.31 -0.7 3.1 26.53 NA NA 42.2 9.17 8.29 -9.6 -4.5 EV TxAdvGlbDivInc ETG WstAstHIF II HIX 7.17 6.83 -4.7 8.5 ACAP Strategic:A CION Ares Dvsfd Crdt;L 25.19 NA NA 5.5 BlackRock Eq Enh Div BDJ 26.46 24.61 -7.0 4.4 Single State Muni Bond 19.58 NA NA 43.3 12.02 10.83 -9.9 7.3 EtnVncTxAdvOpp ETO Western Asset Hi Inc Opp HIO 5.46 4.91 -10.1 7.8 ACAP Strategic:W CION Ares Dvsfd Crdt;U 25.25 NA NA 5.5 BlackRock Enh Glbl Div BOE 13.38 11.71 -12.5 -14.1 BlackRock CA Mun BFZ 16.22 14.30 -11.8 3.2 5.98 NA NA -28.1 6.36 5.92 -6.9 11.1 FirstTr Dyn Euro Eq Inc FDEU Western Asset Hi Yld D O HYI 15.87 15.01 -5.4 7.3 BMO LGM Front ME;I CION Ares Dvsfd Crdt:U2 25.24 NA NA NS BlackRock Enh Intl Div BGY 8.23 8.16 -0.9 18.4 BR MH CA Qly Fd Inc MUC 16.16 15.00 -7.2 3.9 14.77 15.11 +2.3 36.5 30.18 28.89 -4.3 48.3 Gabelli Multimedia GGT Other Domestic Taxable Bond Funds CalamosGlbTotRet CGO CION Ares Dvsfd Crdt;W 25.35 NA NA 5.5 BlackRock Hlth Sci Tr II BMEZ 22.32 19.52 -12.5 9.1 BR MH NJ Qly MUJ 16.28 14.46 -11.2 4.7 NA NA NA NS 45.36 47.88 +5.6 23.3 India Fund IFN Apollo Tactical Income AIF 16.49 14.53 -11.9 7.3 CPG Cooper Square IE A CNR Select Strategies 11.60 NA NA 0.0 BlackRock Hlth Sciences BME 10.17 8.69 -14.6 6.4 BR MH NY Qly MHN 15.32 14.03 -8.4 4.2 NA NA NA NS 8.38 7.92 -5.5 14.5 Japan Smaller Cap JOF Ares Dynamic Crdt Alloc ARDC 16.39 14.51 -11.5 8.4 CPG Cooper Square IE I First Eagle Crdt Opps A 25.74 NA NA NS BlackRock Res & Comm BCX 19.33 17.65 -8.7 16.7 BR MuniYld CA MYC 16.57 14.78 -10.8 3.4 11.50 NA NA NS 40.35 35.41 -12.2 78.5 LazardGlbTotRetInc LGI BlackRock Mlt-Sctr Inc BIT 18.35 17.23 -6.1 8.4 Primark Priv Eq Inv:I First Eagle Crdt Opps I 25.74 NA NA NS BlackRock Sci&Tech Tr II BSTZ 15.04 13.00 -13.6 -6.3 BR MuniYld CA Qly MCA 16.40 15.09 -8.0 4.0 9.11 8.61 -5.5 -5.3 53.01 54.15 +2.2 66.7 Mexico MXF BlackRock Tax Muni Bd BBN 25.46 26.79 +5.2 5.0 VirtusTotalRetFd ZTR FS Credit Income;A 13.30 NA NA 5.4 BlackRock Sci&Tech Trust BST 25.35 21.43 -15.5 20.5 BR MuniYld MI Qly MIY 16.01 14.80 -7.6 4.2 23.75 25.85 +8.8 21.5 MS ChinaShrFd CAF DoubleLine:Oppor Crdt Fd DBL 19.85 19.60 -1.3 8.6 Prem12 Mo FS Credit Income;I 13.34 NA NA 5.7 BlackRock Utl Inf & Pwr BUI 25.36 21.42 -15.5 5.8 BR MuniYld NJ MYJ 16.33 14.51 -11.1 5.0 7.96 7.04 -11.6 -3.9 MS India IIF DUC 9.50 10.30 +8.4 5.9 Fund (SYM) NAV Close /Disc Yld FS Credit Income;T 13.33 NA NA 5.2 CBRE ClrnGlbRlEst IGR 22.34 19.58 -12.4 45.5 Duff&Ph Util Cor BR MuniYld NY Qly MYN 14.68 13.38 -8.9 4.1 19.19 14.63 -23.8 -59.4 New Germany GF EVV 13.73 12.50 -9.0 9.5 FS Credit Income;U 13.28 NA NA 5.2 CLEARBRIDGE ENGY MDS OPP EMO 26.85 24.24 -9.7 70.2 EVLmtDurIncm EVCAMuniBd EVM 12.83 11.52 -10.2 4.0 Loan Participation Funds 22.47 18.24 -18.8 -61.4 Templeton Dragon TDF 9.43 9.36 -0.7 9.9 20.66 NA NA 5.9 FS Credit Income;U-2 13.35 NA NA NS ClearBridge MLP & Midstm CEM 21.07 18.96 -10.0 30.8 Franklin Ltd Dur Income FTF Eaton Vance NY Muni Bd ENX 13.65 12.15 -11.0 4.0 1WS Credit Income 24.18 26.61 +10.0 7.8 Templeton Em Mkt EMF 18.56 17.65 -4.9 7.9 9.73 NA NA 11.1 GL Beyond Income 0.61 NA NA NE ChnStrInfr UTF 5.52 4.91 -11.1 0.0 J Han Investors JHI InvCaValMuIncTr VCV 13.82 13.08 -5.4 4.0 AlphCntrc Prime Merid In 12.88 12.37 -4.0 -3.5 Wells Fargo Gl Div Oppty EOD 16.29 14.73 -9.6 10.1 KKR CREDIT OPPTY;D 25.00 NA NA NS Cohen&SteersQualInc RQI KKR Income Opportunities KIO InvPAValMuIncTr VPV 14.41 12.83 -11.0 4.6 Angel Oak Str Crdt:Inst 23.02 NA NA 8.0 12.88 13.75 +6.8 -3.0 Prem12 Mo 8.85 8.75 -1.1 7.9 KKR CREDIT OPPTY;I 27.58 NA NA NS Cohen&Steers TotRet RFI MFS Charter MCR InvTrInvGrNYMu VTN 14.59 13.23 -9.3 4.2 Axonic Alternative Inc 22.54 NA NA 3.3 23.24 22.47 -3.3 -0.4 Fund (SYM) NAV Close /Disc Yld 23.01 23.66 +2.8 4.6 KKR CREDIT OPPTY;T 27.32 NA NA NS CohenStrsREITPrefInc RNP Nuveen Taxable Muni Inc NBB Nuveen CA AMT-F Qual MI NKX 17.05 15.62 -8.4 4.0 Blackstone/GSO FR EI D 24.05 NA NA 5.5 28.75 27.83 -3.2 26.1 14.14 17.88 +26.4 8.7 KKR CREDIT OPPTY;U 26.37 NA NA NS Columbia Sel Prm Tech Gr STK U.S. Mortgage Bond Funds PIMCO Corp & Inc Oppty PTY Nuveen CA Val NCA 10.92 10.80 -1.1 2.9 Blackstone/GSO FR EI I 24.01 NA NA 5.8 8.82 10.33 +17.1 -11.7 6.20 6.17 -0.5 6.8 14.31 17.19 +20.1 7.8 Lord Abbett Cred Opps Fd 10.58 NA NA 6.8 DNP Select Income DNP BlckRk Income BKT PIMCO Corp & Inc Strat PCN NuveenCAQtyMuInc NAC 16.43 15.04 -8.5 4.1 Blackstone/GSO FR EI T 23.97 NA NA 5.3 13.04 12.81 -1.8 -6.7 9.14 9.02 -1.3 7.1 PHK 5.83 6.09 +4.5 10.6 Lord Abbett Cred Opps Fd 10.59 NA NA 7.4 Duff&Ph Uti&Infra Inc Fd DPG Invesco HI 2023 Tgt Term IHIT PIMCOHilnco Nuveen MD Qual Muni Inc NMY 15.48 14.25 -7.9 4.0 Blackstone/GSO FR EI T-I 24.57 NA NA 5.3 16.62 15.93 -4.2 8.4 PIMCO IncmStrFd PFL 10.60 11.48 +8.3 9.4 Lord Abbett Crd Op:U 10.59 NA NA NS EtnVncEqtyInc EOI Investment Grade Bond Funds Nuveen MI Qual Muni Inc NUM 16.32 15.08 -7.6 3.8 Blackstone/GSO FR EI U 25.03 NA NA 5.3 20.95 20.78 -0.8 21.7 16.31 16.10 -1.3 5.0 PIMCO IncmStrFd II PFN 9.41 9.98 +6.1 9.6 Palmer Square Opp Inc 18.69 NA NA 5.8 EtnVncEqtyIncoII EOS BlRck Core Bond BHK NuvNJ Qual Muni Inc NXJ 16.95 14.42 -14.9 4.5 Blstn Commnty Dev 10.05 NA NA 3.3 9.99 10.40 +4.1 21.4 15.61 14.93 -4.4 6.8 Putnam Mas Int PIM 4.49 4.17 -7.1 8.3 Thrivent Church Ln&Inc:S 10.84 NA NA 2.6 EVRskMnDvsEqInc ETJ BR Credit Alloc Inc BTZ Nuveen NY AMT/Fr Qual MI NRK 15.23 13.70 -10.0 4.1 BNYM Alcntr Glb MS Cr Fd 103.80 NA NA 6.9 14.37 14.61 +1.7 -2.6 Insight Select Income INSI 21.75 20.47 -5.9 3.6 Putnam Prem Inc PPT 4.96 4.63 -6.7 8.8 World Income Funds ETnVncTxMgdBuyWrtInc ETB Nuveen NY Qual Muni Inc NAN 15.76 14.50 -8.0 4.3 CLIFFWATER CL FD;I 10.42 NA NA 6.8 EtnVncTxMgdBuyWrtOpp ETV 14.33 14.86 +3.7 9.98 InvescoBond VBF 21.06 19.90 -5.5 3.3 Wells Fargo Multi-Sector ERC 12.97 12.15 -6.3 9.5 Destra Int&Evt-Dvn Crd:A 26.71 NA NA 2.5 Nuveen OH Qual Muni Inc NUO 17.83 15.76 -11.6 3.4 CNR Strategic Credit 10.63 NA NA 7.9 EvTxMnDvsEqInc ETY 12.58 12.01 -4.5 4.8 J Han Income JHS 16.33 15.53 -4.9 5.0 World Income Funds Destra Int&Evt-Dvn Crd:I 26.71 NA NA 2.7 Nuveen PA Qual Muni Inc NQP 16.07 14.20 -11.6 4.3 FedProj&TrFinanceTendr 9.95 NA NA 2.7 EtnVncTxMgdGlbB ETW 10.16 9.61 -5.4 3.1 MFS Intmdt MIN 3.91 3.78 -3.3 8.9 Abrdn AP IncFd FAX 4.87 4.43 -9.0 7.4 Destra Int&Evt-Dvn Crd:L 26.68 NA NA 2.4 Nuveen VA Qlty Mun Inc NPV 15.47 15.89 +2.7 3.4 NA NA NA 8.4 EVTxMnGblDvEqInc EXG 9.18 8.65 -5.8 8.5 Western Asset Inf-Lk Inc WIA 14.20 12.79 -9.9 5.7 BrndywnGLB Glb Inc Oppts BWG 14.29 12.38 -13.4 6.8 FS Global Crdt Opptys D Destra Int&Evt-Dvn Crd:T 26.65 NA NA 2.2 PIMCO CA PCQ 14.40 18.04 +25.3 4.3 25.78 NA NA 1.9 First Trust Energy Inc G FEN 12.63 11.49 -9.0 -37.8 Western Asset Inf-Lk O&I WIW 14.02 12.45 -11.2 3.2 EtnVncStDivInc EVG 13.87 13.05 -5.9 6.6 Schrdrs Opp Inc;A National Muni Bond Funds PIMCOCAMuniII PCK 9.24 9.05 -2.1 4.2 25.79 NA NA NS First Tr Enhanced Eq FFA 18.19 16.85 -7.4 6.8 Westn Asst IG Def Opp Tr IGI 21.93 21.46 -2.1 3.7 MS EmMktDomDebt EDD 7.18 6.11 -14.9 6.9 Schrdrs Opp Inc;A2 PIMCO Flex Mun Inc;A-3 11.66 NA NA 2.1 Pimco CA Muni III PZC 10.38 10.39 +0.1 4.4 25.78 NA NA 1.9 FirstTrMLPEner&Inc FEI 7.05 6.07 -13.9 -39.2 Loan Participation Funds PIMCO Dyn Crd & Mrt Inc PCI 20.23 21.08 +4.2 9.8 Schrdrs Opp Inc;I PIMCO Flex Mun Inc:A1 11.66 NA NA NS 25.82 NA NA 2.0 Gabelli Healthcare GRX 13.91 12.00 -13.7 13.8 Apollo Senior Floating AFT 16.39 14.53 -11.4 7.0 PIMCO Dynamic Income PDI 24.80 26.10 +5.2 10.0 52 wk Schrdrs Opp Inc;SDR PIMCO Flex Mun Inc;A2 11.66 NA NA NS Gab Utility GUT 4.03 8.09 100.7 17.0 BR Debt Strategy DSU 11.67 10.55 -9.6 7.9 PIMCO Income Opportunity PKO 23.59 24.95 +5.8 9.0 Prem Ttl Invesco Sr Loan A 6.37 NA NA 4.2 PIMCO Flex Mun Inc;Inst 11.66 NA NA 2.8 GAMCOGlGold&NatRes GGN 3.91 3.45 -11.8 -8.3 BR F/R Inc Str FRA 13.99 12.43 -11.2 7.6 PIMCO Stratg Inc RCS 6.68 6.93 +3.7 9.5 Fund (SYM) NAV Close /Disc Ret Invesco Sr Loan C 6.39 NA NA 3.5 Tortoise Tax-Adv Soc Inf 9.49 NA NA 4.7 J Han Finl Opptys BTO 29.15 30.78 +5.6 1.1 BlackRock Floatng Rt Inc BGT 13.57 12.06 -11.1 7.5 Templeton Em Inc TEI 8.66 7.64 -11.8 7.3 General Equity Funds Neuberger Brmn MLP & EI NML 4.77 3.59 -24.7 -40.9 Blackstone Strat Cr BGB 14.50 12.99 -10.4 8.7 Templtn Glbl Inc GIM 6.03 5.59 -7.3 4.0 Alternative Strategies:I 5.54 NA NA -12.6 WstAstEmergDebt EMD 15.11 13.46 -10.9 8.4 BOW RIVER CAPTL EVGN;I NA NA NA N IPO Scorecard Western Asset Gl Cr D Op GDO 18.78 17.90 -4.7 6.7 Specialized Equity Funds Performance of IPOs, most-recent listed first 29.49 NA NA 1.7 National Muni Bond Funds Bluerock Total Inc+ RE:A % Chg From % Chg From AllBerNatlMunInc AFB 15.60 14.48 -7.2 4.1 Bluerock Total Inc+ RE:C 28.04 NA NA 0.9 3 3 A Week in the Life of the DJIA 30.07 NA NA 2.0 Company SYMBOL Friday s Offer 1st-day Company SYMBOL Friday s Offer 1st-day BlckRk Inv Q Mun BKN 16.91 17.08 +1.0 4.3 Bluerock Total Inc+ RE:I IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 27.14 25.95 -4.4 2.9 Bluerock Total Inc+ RE:L 29.23 NA NA 1.5 A look at how the Dow Jones Industrial Average component stocks BlackRock Muni 2030 Tgt BTT 4.0 0.1 BlackRock Muni BFK 14.95 15.20 +1.7 4.3 Broadstone Rl Est Acc:I 9.57 NA NA -6.1 BlueRiver Acquisition 10.40 ... Growth Capital Acquisition 10.01 ... did in the past week and how much each moved the index. The DJIA BlackRock Muni II BLE 15.36 15.37 +0.1 4.6 Broadstone Rl Est Acc:W 9.57 NA NA -6.4 BLUA.UT Jan. 29/$10.00 GCACU Jan. 29/$10.00 lost 1,014.36 points, or 3.27%, on the week. A $1 change in the price BlckRk Muni Inc Qly BYM 16.09 15.02 -6.7 3.9 CIM RA&C A 25.58 NA NA NS Brookline Capital Acquisition 10.23 2.3 ... Home Point Capital 11.32 –12.9 ... of any DJIA stock = 6.58-point change in the average. To date, a BR MuniAssets Fd MUA 14.72 15.18 +3.1 4.3 CIM RA&C C 25.43 NA NA NS BCACU Jan. 29/$10.00 HMPT Jan. 29/$13.00 12.64 12.13 -4.0 4.2 25.63 NA NA NS BR MuniEnhanced MEN CIM RA&C I CF Acquisition V 10.75 7.5 ... Mason Industrial Technology 10.07 0.7 ... $1,000 investment on Dec. 31 in each current DJIA stock component 15.39 14.48 -5.9 3.9 25.53 NA NA NS BR MuniHoldings Qly MFL CIM RA&C L CFFVU Jan. 29/$10.00 MIT.UT Jan. 29/$10.00 would have returned $29,590, or a loss of 1.37%, on the $30,000 BR MH Qly 2 MUE 14.44 13.38 -7.3 4.2 Clarion Partners REI D 10.19 NA NA 6.5 2.6 –30.4 investment, including reinvested dividends. BR MuniHoldngs MHD 17.55 16.25 -7.4 4.4 Clarion Partners REI I 10.20 NA NA 6.9 Clarim Acquisition 10.26 ... NLS Pharmaceutics 2.89 ... BR MuniVest Fd MVF 10.05 9.31 -7.4 4.3 Clarion Partners REI S 10.20 NA NA 6.0 CLRMU Jan. 29/$10.00 NLSP Jan. 29/$4.15 The Week’s Action BR MuniVest 2 MVT 15.79 15.20 -3.7 4.5 Clarion Partners REI T 10.19 NA NA 6.1 EQ Health Acquisition 10.25 2.5 ... Z-Work Acquisition 10.40 4.0 ... Pct Stock price Point chg $1,000 Invested(year-end '20) 15.44 14.37 -6.9 4.6 25.35 NA NA -2.6 chg (%) change in average* Company Symbol Close $1,000 BR MuniYield Fd MYD Griffin Inst Access RE:A EQHA.UT Jan. 29/$10.00 ZWRKU Jan. 29/$10.00 BR MuniYield Qlty MQY 16.82 17.29 +2.8 4.2 Griffin Inst Access RE:C 24.34 NA NA -3.4 5.90 2.80 18.42 Walgreens WBA $50.25 $1,260 BR MuniYld Qlty2 MQT 14.77 14.08 -4.7 4.1 Griffin Inst Access RE:I 25.70 NA NA -2.4 Sources: Dow Jones Market Data; FactSet 3.92 6.62 43.56 3M MMM 175.66 1,005 2.66 6.01 39.54 Microsoft MSFT 231.96 1,043 0.42 0.50 3.29 IBM IBM 119.11 946 | –0.09 –0.21 –1.38 salesforce.com CRM 225.56 1,014 Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks –0.26 –0.42 –2.76 Johnson & Johnson JNJ 163.13 1,037 –0.42 –0.19 –1.25 Cisco CSCO 44.58 1,004 Money Rates January 29, 2021 –0.70 –0.34 –2.24 Coca-Cola KO 48.15 878 –1.38 –1.79 –11.78 Procter & Gamble PG 128.21 927 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always –2.03 –1.15 –7.57 Intel INTC 55.51 1,114 represent actual transactions. –2.60 969 Week —52-WEEK— Week —52-WEEK— Week —52-WEEK— –5.54 –36.45 McDonald’s MCD 207.84 Inflation Latest ago High Low Latest ago High Low Latest ago High Low –2.67 –4.61 –30.33 Walt Disney DIS 168.17 928 Dec. index Chg From (%) 0.31113 0.31225 1.84263 0.31075 –3.40 –6.88 –45.27 Honeywell HON 195.37 919 level Nov. '20 Dec. '19 U.S. government rates Other short-term rates One year –3.83 –5.12 –33.69 JPMorgan Chase JPM 128.67 1,020 Euro Libor U.S. consumer price index Week 52-Week –3.99 –5.84 –38.42 Walmart WMT 140.49 975 Discount One month -0.579 -0.577 -0.360 -0.621 0.09 1.4 Latest ago high low All items 260.474 0.25 0.25 2.25 0.25 Three month -0.543 -0.545 -0.142 -0.574 –4.02 –13.97 –91.92 UnitedHealth Group UNH 333.58 951 269.226 –0.09 1.6 Core Call money Six month -0.537 -0.532 -0.052 -0.540 –4.13 –5.76 –37.90 Nike NKE 133.59 944 Federal funds -0.500 0.008 -0.507 2.00 2.00 3.50 2.00 One year -0.504 –4.34 –8.77 –57.70 Visa V 193.25 884 International rates Effective rate 0.0800 0.0800 1.6100 0.0600 Secured Overnight Financing Rate –4.64 –13.18 –86.72 Home Depot HD 270.82 1,020 High 0.1200 0.1200 1.6500 0.1000 Commercial paper (AA financial) 0.04 1.64 0.01 –4.73 –2.72 –17.90 Verizon VZ 54.75 942 Week 52-Week Low 0.0100 0.0400 1.5800 0.0100 0.04 Latest High Low 90 days n.a. 0.13 2.53 0.04 ago 0.0800 0.0800 1.6000 0.0100 Value 52-Week –4.74 –9.10 –59.87 Caterpillar CAT 182.84 1,010 Bid Offer 0.1000 0.1100 1.6300 0.0500 Libor Latest Traded High Low –4.76 –12.07 –79.41 Amgen AMGN 241.43 1,050 Prime rates 0.11950 0.12475 1.67088 0.11950 DTCC GCF Repo Index –4.83 –3.91 –25.73 Merck MRK 77.07 942 U.S. 3.25 3.25 4.75 3.25 One month Treasury bill auction 0.20188 0.21525 1.75113 0.20188 0.072 54.502 1.720 0.002 –5.11 995 Canada 2.45 2.45 3.95 2.45 Three month Treasury –7.11 –46.78 Apple AAPL 131.96 4 weeks 0.055 0.070 1.575 0.000 0.22325 0.23600 1.75888 0.22013 0.106 50.800 1.703 0.011 Japan 1.475 1.475 1.475 1.475 Six month MBS –5.66 –11.65 –76.65 Boeing BA 194.19 907 13 weeks 0.080 0.085 1.550 0.000 0.095 1.535 0.080 –6.30 –18.22 –119.88 Goldman Sachs GS 271.17 1,028 Policy Rates 26 weeks 0.085 Notes on data: –6.54 –9.54 –62.77 Travelers TRV 136.30 971 Euro zone 0.00 0.00 0.00 0.00 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, –7.12 –6.53 –42.96 Chevron CVX 85.20 1,009 Switzerland 0.00 0.00 0.50 0.00 Secondary market and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is –7.83 –9.88 –65.01 American Express AXP 116.26 965 Britain 0.10 0.10 0.75 0.10 0.10 0.75 0.10 Fannie Mae as of January 28, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted –9.74 –5.60 –36.85 Dow DOW 51.90 935 Australia 0.10 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- 30-year mortgage yields funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Overnight repurchase *Based on Composite price. DJIA is calculated on primary-market price. 30 days 1.971 1.979 3.017 1.751 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Source: Dow Jones Market Data; FactSet. U.S. 0.07 0.08 1.65 -0.07 60 days 1.997 2.005 3.081 1.804 Tullett Prebon Information, Ltd. . THE WALL STREET JOURNAL. Monday, February 1, 2021 | B9 MARKETS

STREETWISE | By James Mackintosh Gamblers in the Market? Not a Surprise

Has Reddit the test being the ability to The 1987 boom and crash is a perfect example of stocks stead gambling, which the power of the private broken the earn a profit. The prospect of becoming disconnected from earnings prospects. doesn’t.” trader is because of the op- stock market? an eventual profit should at- S&P 500 performance since 1987 The same worries moti- posite of a Tobin tax: Robin- Fundamen- tract investors, making a vated the late, great econo- hood and many brokerages tals have stock rise. That makes it eas- 60% mist John Maynard Keynes in have eliminated trading fees. never mat- ier for the company to raise the 1930s. “Speculators may Making trading cheaper leads tered less, yet the wild moves new money and for new com- do no harm as bubbles on a to more trading. Putting fees of a bunch of struggling panies in the same line of 40 steady stream of enterprise,” back, or adding trading taxes, stocks with dated business business to float, while also he wrote. “But the position is would probably discourage models could have real-world sending a signal to executives serious when enterprise be- many of the new traders. consequences. The companies elsewhere that this is the 20 comes the bubble on a whirl- can raise capital more easily right place to invest. pool of speculation. When the ut there is no reason to by issuing new shares at ele- The theory has been capital development of a think it would stop vated prices to help them turned on its head in the past 0 country becomes a byproduct B widespread speculative survive or restructure, while couple of weeks. Reddit of the activities of a casino, excess, since speculative ex- executives with bonuses tied group WallStreetBets has de- the job is likely to be ill- cess was a common feature to the stock price are closer lighted in buying flaky com- -20 done.” even when trading costs—in to cashing in fortunes. panies, because hedge funds 1987 '88 '89 He’s right. Elevated stock effect a tax on trading—were The question isn’t so much were betting on their stocks prices encourage capital, en- much higher than today. whether this spectacle makes falling. As rising prices forced Source: FactSet trepreneurs and employees to I don’t think we need to a mockery of the idea that hedge funds to retreat, stock- move into the hot area, and if worry too much about the markets provide an efficient price jumps have sent the But calling for more mar- of the market, at least most it is hot purely because of rough-and-tumble world of form of capital allocation in wrong signal for where capi- ket regulation because of a of the time, and that stocks random speculation, it will WallStreetBets leading to the economy—it obviously tal should go. crowd of Reddit punters have some link to underlying hurt when the capital has to massive capital misallocation, does, at least for these would be as cynical as Cap- profits. be written off and the work- either. Over time they’ll learn stocks. The real question is fter the crash of 1929 tain Renault in “Casa- ers lose their jobs. not to gamble what they whether something should be and the Great Depres- blanca,” shocked to find that hat link has snapped. How to prevent that? One can’t lose, or they will lose it. done about it, not to save in- A sion, Congress set up gambling is happening while But the break is proba- idea popular among left-lean- Plenty of weird things that vestors from themselves or to the Securities and Exchange cashing in his winnings. T bly temporary. After ing economists is to put grit conflict with efficient mar- prevent knock-on problems in Commission to ensure fair Markets have always at- all, we’ve been here before. In in the wheels of the markets, kets are regarded as perfectly the financial system (both and orderly markets. Among tracted gamblers, it’s just 1999, Arthur Levitt, then making it harder or more ex- normal and acceptable, in- worth exploring), but to im- other things, the law creating that in recent years they’ve chairman of the SEC, be- pensive to trade to discour- cluding stocks having price prove the way the economy the SEC says: “New data pro- usually been co-head of a moaned the rise of the day age gambling. Economist momentum or the Santa works. cessing and communications trading desk or a hedge trader made possible by the James Tobin advocated a Claus effect. We can learn to The basic theory of mar- techniques create the oppor- fund. internet. “I don’t think day small transaction tax, some- live with a few more bizarro kets is that they provide a tunity for more efficient and The trick for the economy traders are speculating be- thing European countries stock moves thanks to Red- way for capital to flow to the effective market operations.” is to make sure that the cause traditional speculation have agreed to in principle dit, and eventually the mar- parts of the economy that For social media, it couldn’t gamblers, whatever their job requires some market knowl- but have failed to implement. ket will return to caring can best put it to use, with be more wrong. title, aren’t the main movers edge,” he said. “They are in- For sure, part of the rise of about profits.

well as in options, futures, Trea- Investors Frenzy surys and many markets over- seas. Founded in 2002, the firm became a dominant player in Wary of Benefits electronic trading due to its technological prowess, quantita- tive skills and a hard-driving Highfliers Citadel company culture. Rivals say it has grown increasingly tough to compete with Citadel Securities’ ContinuedfrompageB1 ContinuedfrompageB1 scale and efficiency. top is difficult. “We know each up a fund that had bet against “They’re really trying to take bubble is a little bit different GameStop stock, while Citadel an Amazon approach to trading, and, with the help of new Securities had been profiting where they try to squeeze out trading platforms and the in- from the order flow of small in- everyone else who’s not on their ternet, it could set more re- vestors placing bullish bets on scale,” said Scott Knudsen, a cords,” he said. GameStop. former executive at rival trading

Mr. Grantham isn’t alone in ETHAN MILLER/GETTY IMAGES Citadel Securities says it is firm IMC Financial Markets who his worries. Nearly 90% of Retail darlings include the movie-theater chain AMC, which jumped more than 300% Wednesday. separately managed from the now leads Cove Markets, a cryp- some 627 market professionals hedge-fund side of Mr. Griffin’s tocurrency-trading startup. think some markets are in a investors to buy stocks more gain in more than 17 years. the bulk of the stock market,” business. The firm also released Citadel Securities’ retail busi- bubble, according to a recent aggressively. Companies are rushing to said Samantha McLemore, a data showing that during the ness has repeatedly drawn con- Deutsche Bank survey. Mean- Add to that, more individual get in on the action. portfolio manager at $3.5 bil- past week, retail orders pouring troversy. Like Virtu and other while, Google searches for the investors are trading than ever Companies have raised $13.4 lion money-manager Miller into its systems for GameStop market makers, Citadel Securi- term “stock market bubble” before. Those investors threw billion through 24 initial public Value Partners. “There are so were roughly balanced between ties pays brokerages for the reached a high in January. their weight around last year offerings so far this year, a many areas of the market that buyers and sellers, casting right to trade against individual Jerry Braakman, chief in- by shocking Wall Street veter- 300% jump in listings from the we’re finding attractively val- doubt on the popular narrative vestment officer of First Ameri- ans with a rash of irrational same period last year, accord- ued.” that small investors drove the can Trust, says his company, stock picks, including Hertz ing to Renaissance Capital data. At first glance, investors’ go- stock to its record close of concerned about stretched val- Global Holdings Inc., which Blank-check companies contin- to for measuring valuations, $347.51 on Wednesday. About 41% of U.S. uations in the U.S., has been spiked nearly 900% from its ued to flood the market, with price-to-earnings ratios, sug- The data showed that 29% of retail stock-trading gradually shifting more money low to its high in the wake of 91 gathering about $25 billion, gests the market looks expen- GameStop trading volume Mon- into stocks elsewhere. filing for bankruptcy protec- nearly a third of the value sive. day through Thursday was han- volume goes through Lately, “the market has not tion. raised throughout all of last The S&P 500 currently dled by Citadel Securities, un- Citadel Securities. been correlated to the macro This year’s encores have year, according to SPACin- trades at 22 times projected derlining its huge role in the picture,” he said. been even more stunning. On sider.com. And there have been earnings during the next 12 market for stocks popular with While the moves of some Wednesday alone, 24.5 billion 111 offerings of additional months, not far off from the 25 individual investors. Overall, stocks and assets have been shares and 57.1 million options shares by U.S.-listed companies, times the index traded at in about 41% of U.S. retail stock- investors’ orders. During the jarring, analysts and investors contracts changed hands, a re- doubling the number from the 2000, just before the dot-com trading volume goes through first three quarters of 2020, the say they aren’t surprised by the cord driven by individual inves- same period a year earlier, Dea- crash, according to FactSet. Citadel Securities, while the firm made over $700 million in freewheeling, speculative activ- tors, according to Rich Repetto, logic data show. But that’s only part of the next-biggest player in the busi- such payments to major online ity in the financial markets. a managing director in Piper Usually, such frenzied activ- picture. That level looks less ness, Virtu Financial Inc., has a brokerages, according to Piper A super-accommodative Fed- Sandler & Co. GameStop shares ity would lead big money man- concerning once low interest market share of around 32%, Sandler. eral Reserve, low interest rates more than doubled that day, agers to pull back from stocks. rates and earnings, which are the firms say. Critics say this practice, and, more recently, optimism briefly giving shares of the be- But many argue that shares of expected to grow, are factored “We witnessed an extraordi- called payment for order flow, on the Covid-19 vaccine and leaguered videogame retailer a GameStop, AMC and other in, several investors and ana- nary level of retail trading last skews brokers’ incentives so economy have underpinned more than 1,700% gain since highflying stocks represent lysts said. week,” a Citadel Securities they seek to maximize revenue much of the buying by inves- the year’s start. their own bubbles—and don’t One simple explanation for spokesperson said. “At many rather than ensure customers tors during the past 11 months. “This is merely one example pose a threat to the entire fi- why investors haven’t pulled times over the course of the get the best price. Brokers and Many Americans built up their of what’s becoming dozens of nancial ecosystem. Analysts at back more? week, the large brokerage firms trading firms, including Citadel savings during the pandemic— dozens,” Mr. Grantham said. Goldman Sachs Group Inc. say “We’ve seen it in the past— depended upon our capabilities Securities, say payment for or- and stand to gain even more if Other retail darlings include the run-up in unprofitable if you think you have a bubble to handle the deluge of orders.” der flow benefits investors, be- Congress follows through on AMC, which jumped more than stocks, which they say make up and sell too soon, that can be a Citadel Securities also ac- cause they get a better deal another stimulus package. And 300% Wednesday, and Black- about 5% of the overall market, very costly trade,” said Mr. counts for a chunk of trading than if the orders were sent to the prospect of low returns in Berry Ltd., whose stock the poses little risk of contagion. Braakman of First American volume on public markets like the NYSE or the Nasdaq Stock most other assets has driven same day notched its biggest “These stocks don’t make up Trust. the New York Stock Exchange as Market.

THE TICKER | MARKET EVENTS COMING THIS WEEK

Monday Wednesday Factory orders Friday Construction spending EIA status report Nov., previous up 1.0% Nonfarm payrolls Nov., previous up 0.9% Previous change in stocks in Dec., expected up 0.8% Dec., previous -140,000 Dec., expected up 0.8% millions of barrels Crude-oilstocks down9.9 Jan., expected 105,000 Gasoline stocks up 2.5 Initial jobless claims ISM mfg. index Distillates down 0.8 Previous 847,000 Int’l trade deficit Dec., previous 60.7 Expected 830,000 in billions Nov., previous $68.14 Jan., expected 60.0 ISM non-mfg index Dec., expected $65.70 Dec., previous 57.2 Productivity Earnings expected* Jan., expected 57.0 3rd qtr., prev up 4.6% Estimate/Year Ago 4th qtr. prel, exp. Unemployment rate Dec., previous 6.7% Alexandria Real Estate Mort. bankers indexes down 2.8% Jan., expected 6.7% Equities 0.59/1.74 Purch., prev. down 4% NXP Semiconductors Refinan., prev. down 5% 2.11/2.05 Unit labor costs Consumer Credit ON Semiconductor 3rd qtr., prev down 6.6% Nov., previous Earnings expected* 4th qtr. prel, exp. 0.28/0.30 Estimate/Year Ago up $15.3 bil. Otis Worldwide AbbVie 2.85/2.21 up 5.0% Dec., expected 0.59/0.47 Boston Scientific up $13.0 bil. Thermo Fisher 0.31/0.46 Earnings expected* Scientific 6.56/3.55 Humana (2.37)/2.28 Estimate/Year Ago Earnings expected* Vertex Pharm. PayPal 1.00/0.86 Estimate/Year Ago 2.55/1.70 Qualcomm 2.10/0.99 Bristol-Myers Squibb Aon 2.46/2.53 Spotify Technology 1.42/1.22 Estee Lauder 1.68/2.12 Tuesday (0.65)/(1.25) Cigna 3.66/4.31 Illinois Tool Works Thursday Gilead Sciences 1.79/1.88 Earnings expected* 2.02/1.30 Regeneron Pharm. Estimate/Year Ago EIA report: natural gas Merck & Co. 8.31/7.50 Alphabet 15.68/15.35 Previous change in stocks in 1.38/1.16 Trane Tech. 0.92/1.09 Amazon.com 7.17/6.47 billions of cubic feet Philip Morris 1.22/1.22 Zimmer Biomet Amgen 3.39/3.64 down 128 T-Mobile US 0.49/0.87 2.07/2.30 Exxon Mobil 0.01/0.41 Pfizer 0.51/0.55 * FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in u MARCIO JOSE SANCHEZ/ASSOCIATED PRESS UPS 2.14/2.11 parentheses) Adjusted for stock split Note: Forecasts are from Dow Jones weekly survey of economists T-Mobile is expected to report earnings of 49 cents per share on Thursday. . B10 | Monday, February 1, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS & COMMENTARY Fed Won’t Fundamentals Count Burst This Even for GameStop Bubble In all the madness,it has be- GameStop’s revenue per fiscal year come easy to forget that ended January (Yet) GameStop isanactual business. $10 billion PROJECTIONS That business closed its fiscal year on Saturday—wrapping up what is expected to be its second 8 Risk of collateral damage straight year of double-digit revenue will have to be higher declines. That business has com- pletely decoupled from a stock that 6 shot up as much as 25-fold in just The Federal Reserve’s job might the past three weeks. The shares be easier if stocks stopped going have taken onalifeof their own, 4 up, but there is little risk that the serving as a “meme stock” driving a USAN WALSH/PRESS POOL central bank is about to get in the S class war between individual inves- 2 market’s way. Fed Chairman Jerome Powell said last week that across the financial tors and Wall Street. Stock valuations are looking areas the central bank looks at ‘vulnerabilities overall are moderate.’ At some point—someday—the stretched and forsome observers company’s fundamentals will matter 0 bubble alarm bells are starting to ously excessive. least be worried. Most standard again. Those fundamentals show a FY2001’05 ’10 ’15 ’20 sound. By a variety of measures, in- In the semiannual report it has valuation measures showstocks retail chain of more than 5,000 cluding price to expected earnings been publishing since 2018 as part are alarmingly expensive, and the stores struggling to stay relevant. Sources: the company (actual); FactSet (projections) and price to the past decade’s infla- of its effort to address financial reason the gauge the central bank But the company made some deft tion-adjusted earnings, equities stability concerns, the Fed has has highlighted doesn’t is that one moves lately, and the game business tating for the company to push fur- have never been so expensive out- been highlighting the spread be- of its inputs—the 10-year Treasury still involves hardware and other ther into e-commerce. The company side of the dot-com bubble years. tween the S&P 500’s earnings yield yield—is so low. Yet the yield is so products that can’t be downloaded. named Mr. Cohen and twoof his as- And thenthere is the massive (the inverse of the index’s forward low in large part because the Fed With the help of new Xbox and Play- sociates to its board of directors on amount of speculation and huge price-earnings ratio) and 10-year itself has promised to keep policy Station consoles that launched in Jan. 11—a move that helped to trig- price swings that we have begun Treasury yields adjusted for econ- easy until the economy is well November and remain very hard to ger the frenzy in the stock. seeing in some corners of the mar- omists’ inflation expectations. Cur- along the path to recovery. If Trea- find—due to high demand and sup- Such a strategy will take time to ket—witness the frenzied trading rent data show that spread is sury yields head higher in the ply constraints—the current year play out and is hardly assured. Colin in GameStop shares over the past around 5.6 percentage points, months ahead, stocks could will be a crucial one for GameStop to Sebastian of Robert W. Baird says a week—and which have been hall- which ifanything suggests stocks quickly look much more expensive. show it can revamp its business. best-case scenario, where GameStop marks of past bubbles. are relatively cheap. At the height Moreover, even though what is But what exactly that business becomes a “majority-digital retailer,” Fed officials used to view bub- of the dot-com bubble, that spread going on in the stock market will look like remainsabig question. will still involve it closing more than bles as beyond their purview, but was around zero. hasn’t created any big, obvious Historically, GameStop generated the half its store base while preserving the 2008 financial crisis changed The Fed may also be sanguine economic excesses, a steep decline biggest portion of its profits through its share of the videogame market. that, providing them withapainful on stocks because so far, at least, in the market could shake confi- the sale of preowned game hardware Inanotetoclients Thursday, he said lesson that, if it cared about the what has gone on in stocks doesn’t dence, hobbling the economy’s and software. But games sold as dig- GameStop’s shares would be worth economy, it should worry about fi- seem to have created the types of ability to recover. So for the Fed, a ital downloads don’t generate used $125 under such a “Bright blue sky nancial-market excesses. For now, economic excesses that past bub- scenario where stock prices drift sales down the road. Publishers such scenario”—about 63% belowthe it professes no interest in leaning bles created. The dot-com bubble, instead of continuing to surge is as Electronic Arts and Activision stock’s current price. He assigns a against the market. Pressed to com- for example, led companies of all probably preferable. Blizzard note that more than half 5% probability to that outcome. ment on the stock market in his stripes to overinvest in technology, But moving to counter the mar- the sales of their most popular Most likely, says Mr. Sebastian, is news conferenceafter the Fed’s and the capital-spending bust that ket’s rise carries its own risks, and games are taking place digitally. In- his “grey-sky scenario” inwhich two-day policy meeting, Fed Chair- followed both contributed to the with the economy still in the grips deed, GameStop stopped disclosing GameStop benefits from the new man Jerome Powell said on 2001 recession and made the early of the Covid-19 crisis, and millions sales and profit data of preowned console generation but is still closing Wednesday that across the asset years of the subsequent recovery of Americans still out of work, the games in its 2018 fiscal year—after stores while slowly rolling out new market, banking and other financial painfully slow. The housing and Fed is predisposed to tread cau- sales fell for four straight years. digital services. That underpins his areas the central bank looks at “vul- creditexcesses that came toa tiously. At most officials might al- GameStop’s current push istobe- $13 price target on the stock— nerabilities overall are moderate.” head in the financial crisiswere lude to pockets of froth inthe come an omnichannel retailer, sell- roughly inline with the median of One reason the Fed isn’t fazed even worse, and took even longer market—and they might even view ing goods and services online and in price targets from other analysts by stock valuations is that it is for the economy to recover from. that as too perilous. For now in- person. Ryan Cohen, co-founder of covering the company. Those targets among those arguing that, in the Still, if Fed officials aren’t vestors don’t have to worry about online pet-food retailer Chewy, might look quaint now, but business current low-interest-rate environ- alarmed by what is happening in much fight from the Fed. bought up a major stake in fundamentals have a way of lasting. ment, stock prices aren’t danger- thestock market, they should at —Justin Lahart GameStop last year and began agi- Memes don’t. —Dan Gallagher

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