Hopes for Speedy Rebound Dim “I Will Be on the Line with Ev- the Money Manager, Ending a Eryone Else,” Mr

The Black Mirror for the Magazines & Newspapers.

****** TUESDAY, MAY 12, 2020 ~ VOL. CCLXXV NO. 111 WSJ.com HHHH $4.00

DJIA 24221.99 g 109.33 0.4% NASDAQ 9192.34 À 0.8% STOXX 600 339.70 g 0.4% 10-YR. TREAS. g 14/32 , yield 0.724% OIL $24.14 g $0.60 GOLD $1,695.30 g $14.60 EURO $1.0809 YEN 107.66 Fans Return to Disneyland in Shanghai, With Precautions What’s Musk News Reopens

Business&Finance Factory, Defying esla CEO Musk said Tthe company is resuming production of cars at its lone U.S. assembly fac- Order tory, in defiance of local authorities in California. A1 Tesla chief dares Hopes among executives California officials to and policy makers for a arrest him in standoff quick economic rebound have increasingly given way over health measures to a view that a recovery will be painfully slow. A1 BY TIM HIGGINS China’s factory-gate prices contracted in April, Elon Musk said Tesla Inc. is falling by the steepest resuming production of cars at margin in four years. A16 its lone U.S. assembly factory in Big U.S. home-rental defiance of local authorities in companies are drawing in- what is quickly becoming one vestors amid signs that the of the highest-profile show- firms are weathering the cri- downs between business and sis far better than feared. A1 government about reopening after weeks of sheltering in The New York Fed said place. one of its emergency market- Even by Mr. Musk’s own col- support facilities will begin orful history, the brazen an- buying corporate-bond ex- nouncement Monday on Twit- change-traded funds. B1 ter supercharged a standoff Chesapeake Energy said between the Silicon Valley auto

it may not be able to stay in HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES maker and local government business as weak oil and gas CLOSE-UP: Shanghai Disneyland reopened on Monday after being closed since January, as China continued to ease the leaders that ordered the plant prices imperil a yearslong economic shutdown caused by the coronavirus. The number of visitors will be capped at 30% of the theme park’s capacity. B3 to remain shut as part of the effort to pay down debt. B1 area’s efforts to slow the spread of Covid-19 even as other parts BlackRock’s largest of California are emerging from shareholder, PNC Financial, their quarantining. said it is selling its stake in Hopes for Speedy Rebound Dim “I will be on the line with ev- the money manager, ending a eryone else,” Mr. Musk wrote lucrative yearslong bet. B10 on Twitter. “If anyone is ar- Twitter said it would start BY PAUL HANNON year—or beyond. pre-coronavirus levels until rested, I ask that it only be me.” adding labels to tweets that AND SAABIRA CHAUDHURI The sobering new view re- 2022 at the earliest. Social THE Tesla stopped production on contain disputed information flects the depth of the contrac- distancing will make it harder March 23 at the Fremont, Calif., about the coronavirus. B4 Many policy makers and tion now being recorded for to go to the movies, eat out or CORONAVIRUS factory, which builds the hot- corporate executives, until re- the spring, as well as more ev- visit beauty salons until a vac- selling Model 3 compact car The Dow industrials fell cently, were hoping for a V- idence that soaring joblessness cine is developed. PANDEMIC and employs more than 10,000 0.4%, while the Nasdaq ad- shaped economic recovery and months or years of social Consumer-goods companies people, after initially balking at vanced 0.8%. The S&P 500 from the coronavirus pan- distancing—particularly in the anticipate that shoppers will Alameda County’s order for was little changed. B11 demic: a short, sharp collapse West—will depress economic switch to cheaper items and Medicaid expansion gains nonessential businesses to momentum, A2 Coty said it is in exclusive followed by a bounce back to activity well into next year. forgo splurges, likely remain- close. talks with KKR on a $3 billion pre-virus levels of activity. “This is not going to be a ing tightfisted long after lock- Gerald F. Seib: China hawk After learning of Tesla’s re- deal that would carve out Now, they expect a quick recovery,” said Mark downs end. Some corporations pushes for U.S. action, A4 opening, the county health de- Coty’s professional-beauty “swoosh” recovery. Schneider, chief executive of have planned fresh layoffs for Texas businesses defy partment said it notified the and hair-care businesses. B6 Named after the Nike logo, Nestlé SA, the world’s biggest the fall, prolonging the job- shutdown, A6 company that it can only main- it predicts a large drop fol- packaged-foods maker, re- lessness surge that has tain “minimum basic opera- Charities struggle as lowed by a painfully slow recently. “This is going to be a left more than 30 million peo- revenue dries up, A10 tions” until it receives approval World-Wide covery, with many Western several-quarter, if not several- ple unemployed. of a plan to reopen. Tesla is ex- economies, including the U.S. year kind of process.” Among the reasons for the Twitter to label disputed pected to submit a site-specific and Europe, not back to 2019 Airlines don’t expect pas- darker outlook is that lock- virus posts, B4 plan, the county said. The White House directed levels of output until late next senger numbers to return to PleaseturntopageA2 PleaseturntopageA6 officials to wear masks at all times inside the building except when sitting at their own desks, administration offi- Virus Alters White House Rules cials said, but they said Bill Gates Regrets the World Trump and Pence aren’t expected to start doing so. A4 The U.S. death toll from Didn’t Prepare for Covid-19 the coronavirus pandemic surpassed 80,000 as state governors from New York to California took steps toward ‘I wish I had done more to call attention to the danger,’ he says reopening businesses. A6 Mnuchin said the gov- BY BETSY MCKAY to forestall. ernment would look to “I feel terrible,” he said in an interview. make fixes to help restau- Five years ago, Bill Gates warned that the “The whole point of talking about it was that rants and others participate biggest potential killer the world faced we could take action and minimize the dam- in the $660 billion small- wasn’t war, but a pandemic. The billionaire age.” business aid program. A4 spent hundreds of millions of dollars to find In his second career as philanthropist and House Democrats put the faster ways to develop vaccines and create co-chair of one of the wealthiest foundations final touches on a new stimu- DREW ANGERER/GETTY IMAGES disease-tracking systems. He urged world dedicated to global health and American ed- Trump adviser Jared Kushner and others donned face masks at a lus bill even as they remained leaders to build national defenses against ucation, Mr. Gates, 64 years old, has put press briefing in the Rose Garden on Monday, as White House at odds with Senate Repub- new infectious diseases. himself at the center of the Covid-19 pan- officials were directed to wear masks. President Trump and Vice licans and Trump on the Looking back, Mr. Gates said, “I wish I demic that has killed more than 283,000 President Mike Pence aren’t expected to start doing so. A4 had done more to call attention to the dan- people and crashed the world economy. main points of a package. A4 ger.” The Microsoft Corp. co-founder is now The Bill & Melinda Gates Foundation pays Trump’s top intelligence squaring off against the scenario he sought PleaseturntopageA9 adviser has declassified and might release the names of Obama administration officials who requested the Oil Buyers House-Rental Stocks “unmasking” of Flynn. A3 Try Out Crude The Supreme Court sig- Are Wall Street Stars naled that it was struggling over how much freedom to Storage Ideas give religious institutions iii BY RYAN DEZEMBER These companies and several Introducing from laws barring employ- closely held rivals were created ment discrimination. A3 Giant pools, mines Investors are flocking to the during the nation’s last great An Iranian warship U.S.’s mega landlords, drawn by episode of economic despair. In struck another of the coun- attract interest for signs the companies that 2012, at the depths of the hous- THE FUTURE try’s naval vessels with a emerged from last decade’s ing crash, financers, including missile during an exercise stashing the glut foreclosure crisis owning huge Blackstone Group LP and hote- near a strategic waterway, pools of rental houses are lier Barry Sternlicht, dispatched OF STORAGE. killing at least 19 sailors. A16 BY REBECCA ELLIOTT weathering the economic shut- PleaseturntopageA8 Georgia’s attorney gen- down far better than feared. Meet PowerStore. Rhett Kenagy and a high- Rental-home share-price eral named a new prosecutor Wall Street believes the cor- school pal recently came up and index performance to handle the case against a onavirus pandemic is making It’s smart. with a plan to rent hundreds since March 23 father and son charged with suburban single-family homes a of school-bus-size metal tanks more appealing alternative to It’s adaptable. killing Ahmaud Arbery. A3 60% and fill them with some apartments because of the con- It’s here. 270,000 barrels of oil. tamination risks associated 50 CONTENTS Markets...... B11 The two are among the en- with close living, not to men- Banking & Finance B10 Opinion...... A13-15 Business News B3,5-6 Sports...... A12 trepreneurially minded indi- tion work-from-home arrange- Capital Journal...... A4 Technology...... B4 viduals who hope to turn a ments. Meanwhile, damage to 40 Crossword...... A11 U.S. News...... A2-3 buck from the crash in oil people's credit scores and sav- Heard on Street. B12 Weather...... A11 prices. With demand way ings during the economic shut- 30 Life & Arts...... A10-11 World News...... A16 down and companies running down and skittish mortgage out of places to put crude, lenders could make it harder to 20 > these people are floating buy homes for even the rela- Invitation Homes schemes to sock it away until tively well-heeled. 10 American prices rebound wherever they Invitation Homes Inc. is up Homes 4 Rent Say hello at can: in caves, abandoned rock 57% since then, and American 0 S&P 500 mines and even giant pools. Homes 4 Rent has gained 36%, DellTechnologies.com/PowerStore s 2020 Dow Jones & Company, Inc. April May All Rights Reserved Mr. Kenagy’s plan involved compared with the S&P 500’s PleaseturntopageA9 31% climb. Source: FactSet

Telegram: @WorldAndNews The Black Mirror for the Magazines & Newspapers. A2 | Tuesday, May 12, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Medicaid Expansion Gains Fuel U.S.-China Investment

BY STEPHANIE ARMOUR “There are already a lot of people struggling in non-Med- Keeps Falling This Year The coronavirus pandemic’s icaid-expansion states,” said BY JAMES T. AREDDY ally reinforcing trend toward impact on the U.S. health-care Chris Coil, a spokesman at the cross-border acquisitions, di- system and economy is fueling Fairness Project, which helps Investment between the rect investment and venture renewed efforts in some states drive Medicaid ballot initiatives U.S. and China is off to a weak funding between the world’s to expand Medicaid as millions and has received funding from start in 2020 and could two biggest economies. In- of people lose their jobs and the Service Employees Union worsen, according to a report creasingly, both governments health coverage. and other unions. “People need published Monday that tracks have taken hawkish security Medicaid-expansion initia- health care now.” a slide in a once-vibrant busi- reviews of such investment tives will be on ballots this year The Republican Trump ad- ness relationship due to “po- plans. in Oklahoma and likely in Mis- ministration, which wants to litical friction, regulatory The coronavirus pandemic souri, two of the 14 states that overturn the ACA and its ex- tightening and market dynam- has caused economic disrup- haven’t widened the federal- pansion of Medicaid, has said it ics.” tion in both countries and state program for low-income would use federal funds to pay Chinese venture-capital in- stoked bilateral political ten- and disabled people since the hospitals for treating uninsured vestment into the U.S. fell to sions that could further erode enactment of the Affordable coronavirus patients. $400 million in the first quar- cross-border investment, ac- Care Act under Democratic Increasing the federal gov- ter of this year from $640 mil- cording to Rhodium. President Obama in 2010. ernment’s contribution to each lion in the year-earlier quar- The firm cited weak invest- Democratic proponents of state-run Medicaid program ter,andwasdownfrom$1 ment in early-stage businesses the Medicaid expansion argue has also been proposed re- billion in the same period in by venture capitalists so far that the pandemic heightens cently. For example, the Na- 2018, New York-based research this year, against a backdrop the need to provide people with tional Governors Association in firm Rhodium Group LLC said of roadblocks at home and in coverage, as more than seven March called for a 12% increase in an annual report. the U.S. for Chinese companies million Americans are projected in the federal portion. It estimated $600 million in to make outbound invest- to lose health insurance by the The Supreme Court is set to new U.S. venture capital ments. end of June, according to a hear this fall a lawsuit brought flowed into China during the Rhodium noted priorities study in the Annals of Internal by Republican-led states and first quarter, half the quarterly for American businesses are Medicine. Democrats aim to backed by the Trump adminis- average for last year and well shifting away from China, build support for the issue on tration to strike down the ACA down from the peak of $4.9 where they have invested a cu-

the 2020 ballot to unseat Re- SUE OGROCKI/ASSOCIATED PRESS and its Medicaid expansion, billion for all of 2018. mulative $282 billion. publicans at the state level who A nurse at a coronavirus mobile testing site in Sulphur, Okla. which added coverage for more Last year, China’s $5 billion Political tension over the oppose expanding Medicaid. Widening Medicaid will be on the ballot in the state this year. than 10 million Americans. of foreign direct investment coronavirus is undermining Passage in those two Repub- State GOP lawmakers in Mis- into the U.S. was the lowest brief signs of stability in the lican-led states faces strong op- the federal government now states—Idaho, Utah and Ne- souri, where more than since the global financial crisis Sino-U.S. relationship that position. State GOP lawmakers picks up 90% of the cost, leav- braska—though a similar pro- 400,000 people have lost jobs a decade ago. The $14 billion came with the first phase of a say states can’t afford expan- ing the remaining 10% for posal was rejected in Montana. in the past five weeks, have so of American investment in trade deal the countries sion as tax revenues drop amid states. A poll of people living in the far blocked the Medicaid ex- China in 2019 marked a small signed in January. prolonged social distancing, Ballot initiatives for Medic- states that didn’t expand Med- pansion that will be on the bal- year-over-year increase but “This has further soured and they say there are better aid expansion in other Republi- icaid found 61% wanted the lot this fall. mostly reflected continuing in- the mood of business people ways to help the unemployed. can-led states have largely program expanded, compared Voters in Oklahoma will de- vestment plans, Rhodium said. on both sides of the Pacific,” Some governors, facing budget passed. In November 2018, vot- with 29% who wanted the pro- cide on a June 30 primary bal- Mutual suspicions between Rhodium said, since politics shortfalls, have even proposed ers approved Democratic- gram to remain as is, based on lot whether to expand Medicaid Beijing and Washington in the remains “an important vari- cutting Medicaid funding. backed ballot initiatives to ex- a 2020 survey by the Kaiser through a constitutional past few years have helped able for the investment out- Under Medicaid expansion, pand Medicaid in three such Family Foundation. amendment. disrupt what had been a mutu- look.”

mists, the European Central U.S. WATCH Hopes Dim A Recovery Alphabet Bank found that they expect Economists worry that the recovery from the coronavirus pandemic could take the eurozone’s economy to shrink by 5.5% this year, and ECONOMY the shape of a ʻswooshʼ rather than a speedier, V-shaped trajectory. For Speedy grow just 4.3% next year. They HISTORIC PRECEDENTS don’t expect pre-virus levels of Outlook Darkens activity before 2022. For Jobs, Finances Rebound 5.0% “There is no such thing yet Cumulative change in inﬂation-adjusted U.S. GDP as a new normal. Nobody has Americans’ outlook for the job the faintest idea of what the market and their personal fi- ContinuedfromPageOne new normal looks like,” Uni- nances suffered substantial dete- downs are being eased more V-shaped lever CEO Alan Jope said. rioration in April as the coronavi- 1973 recession slowly than originally ex- The relatively low-growth rus crisis left much of the U.S. pected in some countries. Even 2.5 trajectory that many rich coun- economy on lockdown, new data when they do lift, some large- tries were on before the crisis from the Federal Reserve Bank of scale activities—such as con- could also limit how strongly New York showed. certs and professional sports— they bounce back afterward. In its latest Survey of Con- won’t be possible again for China, where the coronavi- sumer Expectations, the bank months. Retailers and restau- rus pandemic peaked earlier said Monday that respondents’ rants that have reopened are 0 than in the West and which median expectation of losing their allowing in fewer customers at lifted many restrictions in job over the next year rose to a time. And consumers wor- March, could be a harbinger 20.9% from 18.5% last month. ried about infection risks Swoosh for the U.S. and Europe. Almost 40% of respondents might take a long time to re- 2007 China appears to be emerg- said their personal finances were turn to their old habits. ing gingerly from its period of worse off now relative to a year According to a survey by –2.5 hibernation, with consumers ago, up from 30.2% who held that market-research group Core- staying cautious. After a 21% view in March. Of those polled, sight Research, more than 70% decline year-to-year in the 31.6% foresaw being worse off fi- of people in the U.S. expect to first two months of 2020, Chi- nancially a year from now, up avoid some public spaces after nese retail sales recovered from the 27.8% the prior month. the lockdowns ease, with more somewhat in March, down 16%. Expected earnings growth hit than half saying they expect to –5.0 Companies such as L’Oréal SA, a record low for the New York stay away from shopping Nike Inc. and LVMH Moët Hen- Fed report, at a projected increase 0234567891011121 malls. Of those, almost a third nessy Louis Vuitton SE all said of 1.8% in April, down from 2% in expect to stay away for more QUARTERS AFTER PEAK Chinese demand was encour- March. than six months. In a separate OTHER RECOVERY TRAJECTORIES aging and should return some- The bank said 21.9% of respon- Coresight poll, more than half what in the spring. dents project their incomes would of respondents plan to scale L-Shaped W-Shaped Z-Shaped However, Unilever’s outright fall over the coming year. back on Christmas shopping. Mr. Pitkethly said while 80% —Michael S. Derby The possibility of the virus Restrictions lifted too of restaurants in China have resurging in the fall or next Economy never soon, more cases reopened, they are only oper- CHICAGO winter has prompted some an- fully recovers paralyze ating at 50%-70% capacity be- alysts to warn of potential set- economy cause of social distancing. He Inmate Who Escaped backs, which could make even Spending said about 15% of restaurants Wearing Mask Caught a swoosh recovery look jagged surge fuels are likely to never reopen. rather than smooth. GDP above “I think China’s back to Authorities captured a man pre-crisis “All the scenarios we had levels some degree of normalcy, but who escaped from a Chicago jail that were V-shaped, we they’re operating in a very by wearing a coronavirus protec- parked,” said Graeme Pitkethly, ‘living with Covid environ- tive mask and pretending to be chief financial officer at Uni- Sources: Federal Reserve Bank of St. Louis (historic recoveries); Brookings Institution (hypothetical recoveries) ment,’” he said. “They’re see- another detainee, officials said lever PLC, maker of Hellmann’s ing some stabilizing but it’s Monday. mayonnaise and Lipton tea. tels and retailers, is facing United Airlines Holdings as 12,000 staff. not like before.” Jahquez Scott, 21 years old, “We’re probably going through questions about office space, Inc. said on Monday it plans to Such cuts are eating into Moreover, a survey of pur- was caught by the Cook County an extended period of living since some companies in the cut about 30% of white-collar investment. chasing managers in its ser- Sheriff’s Department and the FBI with [Covid-19],” the disease U.S. and Europe have told em- jobs starting in October. The Aircraft makers Boeing Co. vices sector found activity on Saturday inside the bedroom caused by the coronavirus. ployees they won’t return to airline had agreed not to lay and Airbus SE have slashed continued to decline in April, of a home on Chicago’s northwest The outlook is so uncertain the office for several months. off workers through the end of production, while General as did job losses. side, the sheriff’s department said. that a string of large compa- On Thursday, Facebook said its September as a condition of Electric Co., which makes en- Businesses reported that Mr. Scott, who was being held nies have suspended financial employees can work from receiving some $5 billion in aid gines for both, will cut 25% of overseas demand was weak. at the Cook County Jail on a guidance for the year. home for the balance of 2020. the workforce in its jet-engine Even though no longer in lock- weapons charge while on parole “While comparisons can cer- “The crisis has showed that business. Robert Bosch GmbH, down, China suffered because for the battery of an officer, alleg- tainly be drawn to weather-re- we can work in different ways ‘All the scenarios we the world’s biggest auto sup- most of the rest of the world is edly promised to pay another de- lated disruptions or natural di- and maybe we don’t need all plier by sales, said last week still locked down. A clearer tainee so that he could pretend to sasters or recessions, the the offices that we currently had that were V- that it expects global auto pro- picture will likely emerge when be him at his May 2 release. reality is that we have never have around the world,” said shaped, we parked,’ duction to decline as much as data become available for After exchanging sweatshirts seen so many factors at play at Dirk Van de Put, CEO of Mon- 20% this year. May, when most of the world’s with the other inmate, Mr. Scott, the same time on such a global delez International Inc. which Unilever’s CFO said. Deutsche Bank expects only lockdowns are set to ease. who was wearing a mask that scale,” said Michele Buck, CEO makes Oreo cookies and Tri- 30%-40% of lost output and “It’s a fair bet that the concealed tattoos on both sides of of Hershey Co., which has with- dent gum. employment in the U.S. will be global economy is going to be his face, stepped forward when drawn its fiscal 2020 guidance. Airlines have started to recovered by year-end. It fore- deeply challenged in the years the other man’s name was called Months or even years of so- take permanent steps to re- from the federal government. casts that the U.S. economy ahead,” Mr. Pitkethly said on for discharge. Mr. Scott then cial distancing will cascade shape their businesses as they In Europe, British Airways, will shrink 7.1% this year and an investor call. signed release papers and walked through economies. The com- prepare for a yearslong recov- which doesn’t expect to return won’t return to its pre-virus —William Boston in Berlin out of jail, the sheriff’s depart- mercial real-estate sector, ery, rather than a quick return to 2019 passenger levels for size until 2022 or later. and Ben Katz in London ment said. struggling with troubled ho- to business as usual. several years, will cut as many In a survey of 57 econo- contributed to this article. —Associated Press

MASSACHUSETTS THE WALL STREET JOURNAL CORRECTIONS AMPLIFICATIONS (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) Home Fire Linked to Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. Hoverboard Batteries Periodicals postage paid at New York, N.Y., and other mailing offices. Raytheon Technologies dropouts. A Page One article Friday about lakeside property. Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. Corp. has furloughed employ- Saturday about the U.S. jobless A fire that caused an esti- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of which are available from ees. A Page One article Mon- rate incorrectly referred to col- Notice to readers mated $10,000 worth of dam- the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final acceptance of day about factory closures im- lege dropouts. Wall Street Journal staff age to a Kingston, Mass., home the advertiser’s order. plied that the company has members are working remotely over the weekend was blamed Letters to the Editor: Fax: 212-416-2891; email: [email protected] announced a permanent reduc- The first name of Janie during the pandemic. For the on hoverboard batteries, investi- Need assistance with your subscription? By web: customercenter.wsj.com; By email: [email protected] | By phone: 1-800-JOURNAL (1-800-568-7625) tion of its workforce. Coffey, the executive director foreseeable future, please send gators said Monday. Reprints & licensing: of sales at Compass in Jack- reader comments only by The hoverboard was charging By email: [email protected] | By phone: 1-800-843-0008 Unemployment in April sonville, Fla., was misspelled email or phone, using the con- when the charging cord, being WSJ back issues and framed pages: wsjshop.com rose swiftly for high-school as Jani in a Mansion article tacts below, not via U.S. Mail. used for the first time, caused Our newspapers are 100% sourced from sustainably certified mills. the hoverboard’s battery pack to GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing [email protected] or by calling explode, fire investigators said. 888-410-2667. —Associated Press

Telegram: @WorldAndNews THE WALL STREET JOURNAL. ****** Tuesday, May 12, 2020 | A3 U.S. NEWS Flynn Unmaskers Are Declassified Prosecutor

Trump’s intelligence after the Justice Department serted his phone calls with the While the law requires that The senior government offi- Changed in moved to drop a criminal case Russian ambassador in Wash- the names of U.S. citizens in in- cial said there were “multiple chief considers against Mr. Flynn last week. ington in late 2016 were telligence reports remain se- requests” to unmask Mr. releasing names of Mr. Flynn resigned within wrongly revealed and then cret, high-ranking officials can Flynn’s identity between the Killing of weeks of Mr. Trump’s 2017 in- weaponized through leaks to ask for them to be revealed to election of Mr. Trump and his Obama aides involved auguration after reports the press—which triggered the better understand the reports inauguration in January 2017. emerged that he had misled events that led to Mr. Flynn’s they are reading. He declined to say how many Black Man BY ALAN CULLISON VIce President Mike Pence and dismissal. Statistics kept by the Office people made requests but that BY ARIAN CAMPO-FLORES AND ARUNA VISWANATHA others about phone calls he had Obama administration offi- of Director of National Intelli- there were several dates and with Russia’s ambassador to cials have acknowledged re- gence show that the National circumstances. The Georgia attorney gen- President Trump’s top intel- Washington shortly before tak- questing the intelligence docu- Security Agency, which moni- Mr. Flynn had cooperated eral named a new prosecutor ligence adviser has declassified ing office. ments but have insisted there tors overseas communications, with special counsel Robert Monday to handle the case and might release the names of By December 2017, Mr. Flynn was nothing untoward about had unmasked an American’s Mueller’s investigation into against a father and son Obama administration officials had pleaded guilty to lying to doing so. identity about 9,200 times in Russian interference in the charged with killing 25-year- who requested the “unmask- the Federal Bureau of Investi- The decision to declassify 2016 and 9,500 in 2017. There 2016 election, but now wants to old Ahmaud Arbery, while the ing” of former Trump national gation about those calls, admit- the information regarding were about 17,000 such actions withdraw his plea and argued U.S. Justice Department security adviser Michael Flynn, ting that he had misled the those who asked to learn Mr. in 2018 and 10,000 in 2019. he had been set up by the FBI weighs potential federal hate- an action that identified him agents about whether he had Flynn’s identify was made by It is illegal to leak unmasked and entrapped by FBI agents in crimes charges. from intelligence reports fol- asked Russia to moderate its acting Director of National In- information or use it for politi- an interview. Gregory McMichael, 64 lowing Mr. Trump’s election in response to sanctions levied by telligence Richard Grenell and cal gain. The motion to dismiss the years old, and his son, Travis 2016, a senior government offi- former President Obama in his came days after the Justice De- Mr. Flynn’s tenure as national caseargued that former FBI of- McMichael, 34, were arrested cial said. last days in office. partment moved to drop its security adviser, just 24 days, ficials improperly sought to in- Thursday and charged with Release of the list, which Mr. Flynn’s defenders have criminal case against Mr. Flynn, was the shortest in U.S. history. terview Mr. Flynn about the murder and aggravated assault would be an unprecedented long alleged that he was a vic- the senior government official The Trump administration lately calls, both because they had in the shooting of Mr. Arbery move, is likely to resurrect a tim of abuses in the unmasking said. has charged that there was a been about to close an investi- on Feb. 23. The arrests came partisan debate over an episode of names of U.S. citizens that The declassified names of concerted effort by Obama ad- gation into Mr. Flynn, and had after a video showing the two that had roiled the early days are blacked out by intelligence the Obama administration offi- ministration officials to get rid deliberately failed to coordinate white men’s encounter with of Mr. Trump’s presidency and officials to protect their pri- cials may be released at any of Mr. Flynn as soon as Mr. the interview with Justice De- Mr. Arbery, who was black, has taken on renewed urgency vacy. Mr. Flynn’s allies have as- time, the official said. Trump won the presidency. partment officials. circulated widely on social media and sparked a national outcry. Attorney General Christo- Border Patients Swamp California Hospitals pher Carr appointed Joyette Holmes, the Cobb County district attorney, to take over the CHULA VISTA, Calif.—Hospi- case. The matter had made its tals in this border city south of way through three prior pros- San Diego are struggling to cope ecutors in 2½ months without with a large number of Covid-19 any arrests or charges. patients, an influx they attribute Ms. Holmes “is a respected to legal crossings from nearby attorney with experience, both Tijuana, one of Mexico’s cities as a lawyer and a judge,” Mr. hardest hit by the coronavirus Carr said. “The Cobb County pandemic. District Attorney’s office has the resources, personnel and By Alicia A. Caldwell, experience to lead this prose- Melanie Evans cution and ensure justice is and Santiago Pérez done.” S. Lee Merritt, an attorney Health-care nonprofit for Mr. Arbery’s family, didn’t Scripps Health says it is near respond to a request for com- capacity for patients critically ill ment, but wrote on Twitter with Covid-19, the disease that the naming of Ms. Holmes caused by the virus, at its Chula was a “huge WIN” in the pur- Vista hospital. suit of justice. Sharp HealthCare, which After the fatal encounter, owns Chula Vista’s largest hospi- the McMichaels told police tal, had to turn away ambu- they pursued Mr. Arbery be- lances during some busy days in cause he resembled a sus- April, the hospital said. pected burglar, according to a As more states, including Cal- police report. Attorneys for ifornia, ease social-distancing re- Mr. Arbery’s family have said strictions, the crisis south of San he was out jogging in a resi- Diego illustrates a new threat: dential neighborhood in Glynn that Mexico’s struggles to tackle County in southeastern Geor-

the pandemic could spill over ALLISON ZAUCHA FOR THE WALL STREET JOURNAL gia when he was pursued by into the U.S. Scripps Mercy Hospital Chula Vista is at near capacity for patients who are critically ill with Covid-19. the McMichaels in a pickup San Diego County has the truck. third-highest number of corona- thorization. two million vehicle passengers. reported Friday roughly 76,000 in Tijuana each week, said Car- It couldn’t be determined virus cases in California, behind “We’re growing because our Data for April isn’t yet avail- people had been tested for the los Mora, founder of the Migrant whether the McMichaels have only Los Angeles and its neigh- Baja community is coming here able. But in the past few weeks virus, with 175 deaths among its Affairs Council in Baja Califor- an attorney. The two were in bor Riverside County. Within for testing and treatment,” said there has been a steady increase 3.3 million residents. nia. Mexican authorities have the Glynn County jail as of San Diego County, Chula Vista Lornna Hopping, a nurse and in Americans who live in Mexico Sharp and Scripps executives said some migrants deported Monday morning, according to and nearby communities have manager of the emergency de- coming north to work and oth- have asked federal officials to from the U.S. have tested posi- the sheriff’s office. the highest rate of infections per partment at Scripps’ Chula Vista ers heading south to go shop- begin checking people’s temper- tive for Covid-19. The handling of the case 100,000 people, and the number hospital. “Whatever happens ping, said Roy Ojeda, a parking atures at the border and to im- Southern California hospitals and delay in bringing charges has been rising. In Chula Vista, it there is significantly going to attendant at a lot near the bor- pose mandatory quarantine for say more testing, medicine and triggered protests and drew was 234 per 100,000 as of have an impact on us, and vice der. those entering the U.S. who are protective gear are urgently criticism from prosecutors Wednesday, compared with 172 versa.” The El Centro Regional Medi- suspected of being infected. Offi- needed along the border. around the U.S. a week earlier, and 133 for the The U.S.-Mexico border was cal Center outside Calexico, a cials from U.S. Customs and Bor- A spokeswoman for the Fed- After the video of the en- county overall, San Diego closed in late March to nones- California border city east of der Protection didn’t respond to eral Emergency Management counter emerged last week, County data show. sential travel. San Diego, also saw significant requests for comment. Agency said FEMA is working Tom Durden—district attorney Juan Tovar, an emergency That month, more than growth in coronavirus cases in Tijuana is a magnet for Mexi- with distributors to bring medi- for the Atlantic Judicial Cir- physician and chief operating ex- 531,000 pedestrians crossed the April, said Adolphe Edward, can and foreign migrants seek- cal products to markets of par- cuit and the third prosecutor ecutive for Scripps Mercy Hospi- border near San Diego, alongside chief executive of the hospital. ing to enter the U.S. or find fac- ticular concern, including San to oversee the case—asked the tal Chula Vista, said the influx is more than 1.6 million vehicle Tijuana, population about 2.1 tory jobs. Dense and mobile Diego. On Saturday, an official Georgia Bureau of Investiga- mostly people who have dual passengers, according to the fed- million, has reported 279 deaths populations make a city more from the Department of Home- tion to investigate Mr. Ar- citizenship or dual residence and eral Bureau of Transportation from Covid-19, and Mexico’s Baja likely to be a hub for transmis- land Security met with San Di- bery’s death. A day after habitually cross back and forth, Statistics. In March 2019, more California state has conducted sion of the coronavirus. ego County hospital executives launching the inquiry, the rather than Mexicans coming than 930,000 pedestrians about 5,000 tests for the virus. In addition, about 1,000 Mexi- to assess the situation, local hos- agency arrested the McMi- into the U.S. without legal au- crossed along with more than San Diego County, by contrast, cans deported by the U.S. arrive pitals said. chaels. On Sunday, Mr. Carr asked the Justice Department to conduct an investigation into the handling of the case, in- Job Bias Cases Test cluding communications between the two district attorney offices that initially had the matter—those in the Religious Freedom Brunswick Judicial Circuit and the Waycross Judicial Circuit. BY BRENT KENDALL teacher instructed to embody On Feb. 27, the Brunswick Jewish values in the classroom, district attorney, Jackie John- WASHINGTON—The Su- while Justice Brett Kavanaugh son, asked the attorney gen- preme Court signaled Monday raised a hypothetical English eral to appoint a new prosecu- that it was struggling over how teacher “who sprinkles in ref- tor because Gregory much freedom to give religious erences to Matthew 25 and McMichael had been an inves- institutions from laws barring feed the hungry.” tigator in her office. The attor- employment discrimination. “I am perplexed as to what ney general’s office then The justices spent more than you do, for example, with the named the Waycross district 90 minutes considering a pair of chemistry teacher who starts attorney, George Barnhill, to cases involving Catholic schools class with a Hail Mary,” Justice the case. to decide whether lay teachers Clarence Thomas said. Mr. Carr said Mr. Barnhill can bring discrimination claims Before the court were two had provided a written opin- based on age or disability. lawsuits alleging discrimina- ion on April 2 to the Glynn The court eight years ago al- tion, both involving Catholic County Police Department that lowed religious groups to make schools in California. One is no arrests should be made in hiring and firing decisions the St. James School in Tor- the case. In a letter to the at- about their faith leaders with- rance, where fifth-grade torney general’s office on April

out government interference. teacher Kristen Biel alleged BIEL FAMILY/ASSOCIATED PRESS 7, cited by Mr. Carr, Mr. Barn- The new cases present the unlawful termination because The Supreme Court will decide how job discrimination laws apply to religious groups. Kristen Biel, hill requested that a new pros- court with questions about her contract wasn’t renewed center, who died last year, alleged her contract wasn’t renewed after her school learned she had cancer. ecutor be named, but didn’t what types of jobs are essential in 2014 after she informed the disclose that written opinion, to a religious group’s mission— school she had breast cancer with Ms. Morrissey-Berru’s im- gious functions for any reli- ligiously affiliated institutions. Mr. Carr said. and thus off-limits for discrimi- and would need time away. plementation of school reforms. gious community, passing the Justices voiced discomfort at Calls to the Brunswick and nation claims. The school said it had con- A federal appeals court in faith on to the next genera- becoming entangled with hav- Waycross district attorney of- Justices across the ideologi- cerns about Ms. Biel’s class- both cases allowed the teach- tion,” Mr. Rassbach said. ing to decide which positions fices went unanswered. cal spectrum suggested that room management. She died ers to sue; the Supreme Court The Trump administration are sufficiently religious in na- On Monday, the Justice De- clear rules could prove elusive, in 2019; her husband has con- is considering appeals by the argued in support of that posi- ture that churches and religious partment said its Civil Rights even in the teacher context, be- tinued the case. schools. tion. organizations deserve freedom Division, the Federal Bureau of cause it isn’t so easy for a The other focused on age- Eric Rassbach, a lawyer rep- Jeffrey Fisher, a lawyer rep- to hire and fire at will. Investigation and the U.S. At- court to determine which jobs discrimination claims by resenting the schools, on Mon- resenting the teachers, said the Justice Ruth Bader Ginsburg torney for the Southern Dis- involve central religious func- teacher Agnes Deirdre Morris- day argued that if the separa- schools were making argu- said the breadth of the excep- trict of Georgia were support- tions and which don’t. sey-Berru, who alleges that Our tion of church and state means ments that were far too broad tion sought by the schools was ing the state investigation. Justice Samuel Alito asked Lady of Guadalupe School in anything, it must mean that and would remove important staggering. “Having cancer has “We are assessing all of the whether it should make a dif- Hermosa Beach first demoted judges, juries and other gov- employment protections for nothing to do with the perfor- evidence to determine ference if the position involved her to part-time status and ernment officials can’t dictate 300,000 lay teachers in reli- mance of her religious func- whether federal hate crimes teaching only religion or other then ended her employment af- who teaches in religious-affili- gious schools, and potentially tions,” Justice Ginsburg, a charges are appropriate,” said subjects, too. Justice Elena Ka- ter she declined to retire. The ated schools. “Indeed, that is tens of thousands of others, in- four-time cancer survivor, said Justice Department spokes- gan wondered about a math school said it wasn’t satisfied one of the most important reli- cluding nurses who work in re- of Ms. Biel. woman Kerri Kupec. A4 | Tuesday, May 12, 2020 PWLC101112HTGKRFAM123456789OIXX **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC China Hawk Pushes for U.S. Action Mnuchin Offers Fix For Small Businesses

BY AMARA OMEOKWE CAPITAL JOURNAL AND PAUL KIERNAN By Gerald F. Seib WASHINGTON—Treasury Secretary Steven Mnuchin said A writer on the Asia Times the government will look to news site last week was per- make fixes to help restaurants fectly clear about who he and others participate in the considers most responsible $660 billion small-business aid for the rapid rise of tensions program. between the U.S. and China: The Paycheck Protection “Tom Cotton leads the China Program’s forgiveness require- attack” blared the headline ments mandate borrowers over his piece. spend 75% of the loan on That would worker salaries, and for the be Sen. Tom forgivable amount to be spent Cotton, Re- over an eight-week period. publican of That has drawn objections Arkansas, who from many business owners

indeed has be- GABRIELLA DEMCZUK/PRESS POOL who say they need more come the loudest voice in at- Sen. Tom Cotton (R., Ark.) calls China a pariah state and says it is now attempting to capitalize on the coronavirus pandemic. money for rent and other over- tacking China’s behavior amid head costs and from industries the coronavirus pandemic. In ing China as a mortal enemy China now is attempting to ably Chinese attack. to Japan, and says the U.S. that remain mostly closed, as an interview, Mr. Cotton reflect a new reality, or does capitalize on that crisis. Those aren’t the only ought to consider a similar mandated by state regulations. doesn’t mince words about it create that reality at a time His proposed response is moves Mr. Cotton advocates. step. Mr. Mnuchin signaled he what he thinks this crisis has when a more benign course is encapsulated first and fore- He proposes other steps to would be open to program revealed about China—or how still possible? most in a new $43 billion address what he calls “long- hese all would be risky tweaks. “One of the things the U.S. should respond. piece of legislation he has standing problems” unrelated T moves. Demonizing we’re particularly sympathetic “More Americans than r. Cotton’s proposals proposed, called the FORCE to the crisis: “I believe there China may simply bol- to are the restaurants,” he said ever, like more Asians than M are rooted in how he Act. That’s the Forging Oper- will be more political support ster the position of hard-lin- on CNBC. “Many of the restau- ever, recognize that China is explains China’s be- ational Resistance to Chinese now.” ers within Beijing, who will rants are just beginning to a pariah state, and we ought havior. He strongly suspects Expansion Act, and the title He wants to put more mid- see in them justification for open up and have said that to treat them like a pariah the virus was released acci- captures its goal and scope. range missiles in Asia, based their own preference for con- they’d really like to hold the state,” he says. dentally by a Chinese lab in Mr. Cotton would spend on American territory in frontation rather than coop- money. They can’t do that; But Mr. Cotton isn’t just the city of Wuhan. He ac- billions to build up joint mili- Guam and perhaps in allied eration with the U.S. Decou- that’s not something we can one more voice in a growing knowledges the evidence for tary capabilities with allies in countries as well, to counter pling economically can cause do. But we’ll look at a techni- chorus of China bashers. He that is only circumstantial. the region. He wants to build Chinese midrange missiles. as much disruption for Amer- cal fix.” actually has a plan to do More than that, though, he a new submarine and more He would accelerate arms ica as for China. Beijing’s The National Restaurant something. It’s broad and ex- argues that once the virus jet fighters to project Ameri- sales to Taiwan, which China leaders have made clear that Association welcomed Mr. pensive, and is explicitly de- was on the loose, China made can power into the Pacific, considers a breakaway prov- arming Taiwan is a bright red Mnuchin’s comments, saying signed to take advantage of a conscious choice not to and build up missile defenses ince. line for them. restaurants need more flexibil- the crisis to roll back Chinese close off its country to pre- in the region. He wants to make it easier Ultimately, cold confronta- ity in use of the loans. power. vent the virus’s spread, but His legislation also pro- for pharmaceutical and medi- tion can lead to hot war. Mr. “As currently structured, More than that, Mr. Cotton rather to let it spread “to en- poses spending billions to cal-supply companies to move Cotton counters: “History the PPP creates an unworkable has the ear of President sure the Chinese economy counteract disruptions to the manufacturing out of China shows time and time again structure for the vast majority Trump and the State Depart- wasn’t the only one to suffer.” defense industrial base and back to the U.S., in part the way to avoid such things of restaurants. As states begin ment, so it’s important to With the crisis now un- caused by the virus, and to by allowing them to immedi- is to draw clear lines about lifting their stay-at-home or- look at what he’s proposing leashed, Mr. Cotton argues, develop new sources of com- ately write off capital expen- the kind of behavior we won’t ders, it will take some weeks— as a sign of where the policy China’s goal is to take advan- ponents so the U.S. isn’t de- ditures made in doing so. Be- tolerate.” or months—for restaurants to debate is heading. tage of it to push the U.S. out pendent on single manufac- yond that, and more broadly, Not many in Washington ramp up operations and re- At the same time, the Cot- of the Western Pacific, intimi- turers. And it would spend he cites a new government want to go as far as Mr. Cot- stock inventory, recruit and ton plan also begs the ques- date its neighbors and force $12 billion to improve Amer- fund Japan has established to ton in drawing such lines. But retrain staff, comply with new tion of whether demonizing reunification with Taiwan. In ica’s electrical grid and satel- help Japanese companies he is a clear barometer show- health codes, etc.,” said Sean China will become a self-ful- other words, he argues, hav- lite operations and protect move manufacturing supply ing how the weather is Kennedy, the group’s executive filling prophecy. Does treating created a global crisis, them from attack—presum- chains out of China and back changing. vice president of public affairs. Mask Use Ordered at White House Democrats Press Ahead

BY REBECCA BALLHAUS With New Stimulus Bill AND ALEX LEARY BY NATALIE ANDREWS House Democrats, saying they WASHINGTON—The White want to first see the roughly House directed officials to wear WASHINGTON—House $3 trillion in relief that already masks at all times inside the Democrats said a vote on their was approved by Congress dis- building except when sitting at next proposal for coronavirus bursed. Mr. McConnell said he their own desks, administration relief will come no sooner than was having regular conversa- officials said Monday, but they Friday, as party leaders put the tions with the White House said President Trump and Vice final touches on their bill even and Senate Republicans are as- President Mike Pence aren’t exas they remain at odds with sessing legislation that has pected to start doing so. Senate Republicans and Presi- passed already before pushing The directive came after two dent Trump on the main for another bill. officials in the West Wing points of the package. “If we decide to go forward, tested positive for the new cor- The central pillar of the we go forward together,” he onavirus last week, and the House Democrats’ legislation is said Monday. “In the mean- same day the White House said more than $750 billion for time, I don’t think we have yet it plans to send $11 billion—in states and local governments felt the urgency of acting im- funds allocated by the $2 tril- to use for pandemic-related mediately; that time could de- lion stimulus legislation Con- costs and lost tax revenue. The velop, but I don’t think it has gress passed in March—to Trump administration and yet.” states, territories and tribes to Senate Republicans have ob- In a press conference Mon- help expand their testing capac- jected to open-ended funding, day, President Trump said he ities. Public-health experts have worried the funds could be would like to see a payroll tax

said testing is key to sending DREW ANGERER/GETTY IMAGES used to shore up pensions and cut, repeating his top request Americans back to work safely. President Trump, seen Monday, touted the number of tests the U.S. is conducting for the new virus. problems that existed before that has fallen flat with both Mr. Trump has insisted for the pandemic. Democrats and Republicans. weeks—and again on Monday— contact tracing than is possible a trip to Allentown, Pa., where White House press secretary Democrats also back addi- Asked what he thought about that any American who wants a for the broader U.S. population. he will tour an Owens & Minor Kayleigh McEnany said: “The no- tional direct relief to house- another round of direct checks test can get a test, which ex- Senior administration officials Inc. factory. The medical equip- tion that everyone needs to be holds, on top of the checks and to American households, he perts say isn’t the case. said as the federal government ment distributor has sent mil- tested is just simply nonsensical.” expanded unemployment bene- didn’t rule it out, saying: The order to wear masks in prepares to send $11 billion to lions of masks, gowns and On Monday, Mr. Trump de- fits included in an earlier stim- “We’re talking about that with the West Wing marks a sharp states, it is asking states to out- gloves to hospitals. scribed testing as a “very big, ulus round. House Democrats a lot of different people.” turn for White House officials line testing programs, including Mr. Trump didn’t wear a important function.” will review the emerging legis- With states already begin- who have largely resisted doing how many supplies they need mask during Monday’s briefing, Until now, the White House lation on Tuesday in a series ning to reopen, Republicans so in both public and private as to be able to conduct a certain while most other officials in at- has relied chiefly on frequent of conference calls, according and the administration are fo- the pandemic unfolded. number of tests each month. tendance did. Adm. Brett Giroir, testing—rather than facial cov- to an aide. cused on people carefully re- Mr. Trump has said he is re- The funds will be distributed by the administration’s testing co- erings or other precautions—to “We must put more money turning to work, while Demo- luctant to wear one, telling re- a formula that takes into ac- ordinator, spoke from a differ- prevent the spread of coronavi- in the pockets of the American crats worry that there aren’t porters in April: “I think wearing count the state’s level of coro- ent podium than the president rus in the building. people,” House Speaker Nancy enough precautions in place to a face mask as I greet presi- navirus outbreak and its popu- and didn’t wear a mask. White House spokesman Pelosi (D., Calif.) wrote in a let- stop the death toll from rising. dents, prime ministers, dictators, lation, the officials said. Judd Deere said every staff ter to House Democrats on Nearly 80,000 Americans have kings, queens, I don’t know— During Monday’s briefing, the member or guest “in close prox- Sunday. “Direct payments, un- died from the virus. somehow, I don’t see it for my- president touted the number of The directive came imity” to the president or vice employment insurance, rental “Our Republican colleagues self. I just don’t.” Mr. Pence re- tests the U.S. is conducting, say- president is tested daily, and and mortgage help and stu- are saying, ‘Let’s wait, let’s cently drew criticism for not ing the country’s overall total after two officials that the White House is also im- dent-loan assistance are essen- pause,’ ” said Senate Minority wearing a mask during a visit to would surpass 10 million later tested positive for plementing daily temperature tial to relieve the fear that Leader Chuck Schumer (D., the Mayo Clinic in Rochester, this week. “If people want to get checks and regular deep clean- many families are facing.” N.Y.) “Pause, as millions of Minn., which asked visitors to tested, they get tested, but for the new coronavirus. ing of workspaces, monitoring The bill is expected to have people are being thrown out of wear face coverings. He later the most part they shouldn’t symptoms and making hand money for the U.S. Postal Ser- work? Pause, as millions of said he should have worn one. want to get tested,” Mr. Trump sanitizer readily available. vice, voting-by-mail, extending small businesses are going un- The memo also directs offi- said. Earlier in the briefing, he Wearing a mask in the White health insurance for those who der? Pause, as families can’t cials to restrict in-person visits said the U.S. was conducting The president and other ad- House has long been a fraught lose employment, and some feed their kids?” to the White House unless they 300,000 tests a day, a rate he ministration officials have issue. In the early months of forgiveness for student loans, Even in the Capitol, law- are necessary, one of the offi- said is higher per capita than in played down the importance of the pandemic’s spread in the according to Democratic aides. makers saw how difficult it cials said. many other countries. testing in recent days. U.S., some senior officials said Democratic lawmakers would be to return to work in “We are requiring everyone Experts say the level of test- “This is why the whole con- they became concerned when largely see the bill as an open- the midst of a pandemic. who enters the West Wing to ing in the U.S. continues to fall cept of tests aren’t necessarily deputy national security ad- ing negotiating stance with the The House has stayed out of wear a mask or facial cover- short of what is needed to re- great,” Mr. Trump said in a viser Matthew Pottinger wore a administration, not legislation Washington for weeks, returning,” the memo says, according open the country safely. “We’ve meeting with GOP lawmakers mask to the White House com- that will become law. The vote ing only to vote, over concerns to a copy viewed by The Wall been stuck at 25,000 to 30,000 on Friday, where he said a top plex while the administration could be on Friday, Majority about traveling and exposure. Street Journal. “Unless you ab- cases a day for essentially the White House official had tested was asking Americans to leave Leader Steny Hoyer (D., Md.) But lawmakers have grown solutely need to conduct in per- last months with deeply inade- positive for the virus. “The tests the supply of masks for medical told House Democrats on a antsy to return, and House Re- son business in the West Wing, quate testing,” said Jeremy are perfect, but something can professionals. Mick Mulvaney, caucus call on Monday, noting publicans have called on Mrs. we respectfully ask you to Konyndyk, who led the U.S. happen between a test—where who was acting chief of staff that it could slide to Tuesday Pelosi to release a plan to avoid unnecessary visits.” government response to inter- it’s good, and then something until March, criticized Mr. Pot- of next week if the bill isn’t bring Congress back safely. The directive comes as Mr. national disaster under the happens, and all of a sudden— tinger’s approach to senior ready in time, a Democratic The speaker does plan to hold Trump has pressed states to Obama administration. she was tested very recently staff, officials said. aide said. a vote to change the rules to start reopening their econo- Later this week, the presi- and tested negative. And then More recently, senior admin- The Trump administration allow remote voting and com- mies. The White House has the dent is expected to further pro- today, I guess, for some reason, istration officials have resisted and Senate Majority Leader mittee meetings, but the House ability to test officials daily, al- mote the administration’s ef- she tested positive.” wearing masks in public Mitch McConnell (R., Ky.) have has to return to Washington in lowing for faster detection and forts to improve testing during In a Wednesday briefing, despite widespread criticism. paused negotiations with order to change the rules. THE WALL STREET JOURNAL. Tuesday, May 12, 2020 | A5

PAID ADVERTISEMENT

For many Americans, affording their medicines may be more difficult than ever. America’s biopharmaceutical companies may be able to help.

You have enough to worry about right now. That’s why many of America’s biopharmaceutical companies are expanding their assistance programs to help more people. Assistance may be available, whether you have insurance or not. Search PhRMA’s medicine assistance tool at MAT.org, where you can get connected with many of the patient assistance resources that biopharmaceutical companies offer.

Every medicine our companies develop in the lab is made with patients in mind.

Visit MAT.org A6 | Tuesday, May 12, 2020 ****** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC States Move To Restart Economies

As U.S. deaths top cluding the rate of infections and hospitalizations from the virus. 80,000, governors “The process is complicated, take steps to resume it’s gradual, and it requires an incredible amount of patience business activity from pretty much everybody, including me, but we believe we BY JENNIFER CALFAS are trending in the right direc- AND NICK KOSTOV tion,” the Republican said. “It’s incredibly difficult to The U.S. death toll from the plan for a future while we don’t coronavirus pandemic surpassed really have real certainties about 80,000 Monday as state gover- how this particular virus moves nors from New York to Califor- and relates and acts across nia took steps toward reopening time,” he added. businesses. Louisiana’s stay-at-home or- World-wide, more than der will expire Friday, Gov. John

286,000 people have perished Bel Edwards said, and some CHENEY ORR/BLOOMBERG NEWS from Covid-19, the respiratory businesses will be able to re- Employees removed a sign reading ‘Open for Carry Out’ at a restaurant in Tucson, Ariz., as the state began allowing dine-in service Monday. disease caused by the virus, ac- open with capacity restrictions cording to data from Johns Hop- and other safety measures in Coronavirus Daily Update dozen customers. kins University. The numbers place. The Democratic governor The U.K. government fleshed may undercount the true death encouraged people who are As of 11:32 p.m. EDT May 11 out its road map for easing the toll, researchers say. more at risk of severe illness lockdown, including advising the In Illinois, Gov. J.B. Pritzker caused by the virus to continue public to wear face coverings said he was self-isolating after a to stay home. “We’re not declar- 1,347,881 80,682 232,733 when in confined spaces and senior staff member tested posi- ing victory, this is not ‘mission saying it will soon implement a tive for the virus late last week. accomplished,’” he said. ‘We still U.S. cases U.S. deaths U.S. recoveries two-week quarantine for some The Democratic governor and have eyes all over the state of travelers arriving in the country. other staff members have tested Louisiana.” The country plans to further negative but started working With deaths and hospitaliza- 4,177,504 286,330 1,456,209 loosen measures in June, so from home, the governor said tions falling to rates not seen long as the virus’s spread Monday. since the early days of the pan- World-wide cases World-wide deaths World-wide recoveries doesn’t accelerate. Schools could States including Illinois are demic, some regions of New partially reopen. allowing more businesses to York state are ready to resume Source: Johns Hopkins University Center for Systems Science and Engineering Russian President Vladimir open in limited fashion, such as business operations under a Putin announced an easing of permitting retail sales for curb- staggered restarting of the hard- City and Long Island will likely home parks as possible. taurants restarted in parts of nationwide coronavirus restric- side pickup, as governors as- hit state’s economy, Gov. An- do so later, Mr. Cuomo said. Several European and Asian Spain. Shanghai Disneyland wel- tions starting Tuesday but said semble teams of contact tracers drew Cuomo said. Major League Baseball Com- countries hit hard by the pan- comed visitors for the first time the reopening will not be quick and put in place the infrastruc- Mr. Cuomo has outlined missioner Rob Manfred won ap- demic marked a revival of some since January. as the country reported a record ture needed to reopen safely. seven metrics for regions in the proval from team owners to social and commercial activity Shops and other businesses rise in the number of new cases. Massachusetts Gov. Charlie state to hit—including a bench- present the players union with a they had curtailed to fight the were also allowed to reopen in South Korea, which had ear- Baker said Monday the state’s mark of two Covid-19-related plan for how to stage a season outbreak. Belgium, the Netherlands and lier appeared to tame the gradual reopening process could hospitalizations per every amid the pandemic. The 30 fran- Primary school students re- Luxembourg, but without offer- spread, reported 35 new cases, begin as soon as next week. Mr. 100,000 residents—before be- chise owners signed off on a turned to classrooms in France, ings such as free makeup or its biggest single-day rise since Baker said the state’s plan in- ginning this process. Upstate scenario that aims to begin a Norway and the Netherlands. food samples. A hair salon in the April 9, amid a wave of new included four phases and timing communities will likely begin roughly 80-game season in early Shopping malls reopened in Dutch city of Maastricht opened fections related to clubs and would depend on benchmarks in- reopening first, while New York July without fans in as many Denmark, bars and outdoor res- at midnight to a line of about a bars in a Seoul neighborhood. Some Texas Businesses Jump the Gun on Reopening BY ELIZABETH FINDELL could reopen last Friday and Their customers said on gyms this coming Friday, at 25% Thursday that they weren’t CONROE, Texas—A Dallas capacity. Bars must stay closed. bothered by the salon operat- beauty-salon owner was ar- A spokesman for the gover- ing illegally and were uncon- rested last week for opening nor said he didn’t change his cerned about the virus. before the state lifted its shut- timeline and had always said “All of this has been blown down, sparking national out- he might allow businesses to out of proportion,” said Adam rage. A bar and gym in Odessa open earlier. Frisbie, who came to get a opened, aided by men who Candice Weeter and Ryan haircut for his son, Joar. drove hundreds of miles to Logan, co-owners of Tune Up: In Dallas, salon owner Shel- stand outside the businesses The Manly Salon, which has ley Luther drew national head- with guns. State lawmakers dozens of locations in the lines when she opened April near Houston defied the gov- Houston area, followed orders 24 and refused to close, ignor- ernor of their own party as to shut at the start of April. ing a temporary restraining they got illegal haircuts on But when Gov. Abbott an- order, cease-and-desist letters camera and tweeted about it. nounced the state’s reopening, and threats of charges. Across Texas—a state that they grew frustrated that hair After a week and a half, a has long embraced defiance as salons weren’t in the first local judge said he would sen- a motto, with its unofficial phase. Franchisees reported tence her to seven days in jail state slogan “Come and Take being on the verge of losing unless she would agree to It”—business owners are their franchises and stylists close the salon. Ms. Luther re- pushing against the state’s told the owners they couldn’t fused. coronavirus shutdown orders pay rent. Ms. Luther’s jailing became and its phased reopening plan. They reopened their flag- a cause célèbre for supporters, The business owners don’t ship location in Conroe on who accused the judge of represent most in Texas, who May 1, but closed again after abusing his authority by using have generally followed rules. “a lot of police activity,” Mr. jail to enforce Gov. Abbott’s

Some businesses have even BRANDON THIBODEAUX FORLogan THE WALL STREET JOURNAL said. Then, last Tues- orders. Mr. Abbott, who had avoided opening once legally The Conroe, Texas, franchise of Tune Up: The Manly Salon day, they reopened for two Re- previously noted that his or- allowed to do so. But such de- publican state representatives, ders could be enforced by as fiance is increasing, drawing But the state has also meatpacking plant. So far, 219 can Gov. Greg Abbott allowed who requested and received many as 180 days in jail, modi- nationwide support from those tested less than many states, of the 254 counties in the more companies to legally open. haircuts at the salon as televi- fied those orders to eliminate frustrated with shutdown or- which means the count could state have had at least one In an executive order, the sion news cameras rolled. The jail as a punishment. ders and concerned about the underestimate the extent of confirmed case of the virus. governor allowed some busi- police didn’t bother them after Ms. Luther was released to economic toll it is taking. the virus’s spread. The tension in Texas comes nesses to reopen at 25% capac- that, Ms. Weeter and Mr. Lo- cheers from supporters includ- Texas has a relatively low Most cases have been cen- as several states have seen ity beginning May 1. Others, gan said. ing Sen. Ted Cruz, who got his infection and death rate for its tered in the state’s biggest cit- protests associated with lock- such as salons, gyms and bars, Mr. Logan and Ms. Weeter hair cut at her salon legally on size. In a state of 29 million ies, but more recently rural ar- down orders. States are re- would stay closed, most likely said they are doubling ap- Friday. A fundraising page cre- people, it has seen 39,869 con- eas have started to see spikes, opening on different timelines, until mid-May, he said. But only pointment lengths to allow for ated on her behalf the day be- firmed Covid-19 cases, and and at least one large out- with little consensus. days after the first round of sanitizing, and are shifting to fore she opened the salon 1,100 deaths. break was connected to a rural After the pushback, Republi- openings, he said hair salons appointment-only. raised more than $500,000.

work this week. The company resume car manufacturing as mote working to help stem the ter lamenting the fact that was scheduled to be lifted, but Musk to said on Saturday it was prepar- early as next week at the plant. spread of the disease. Both tech Michigan allowed manufactur- days beforehand the measure ing to resume operations with- He backed the county’s slower giants have told most employ- ing to resume today. “This is was extended through May. Mr. out giving a timeline. plan to phase in nonessential ees they won’t be asked to re- insane,” he wrote. Musk vented during a public Defy Rule, The defiance Monday came businesses. turn to offices for months. For Rivals General Motors Co., conference call with analysts, after days of increasingly tough “I have great expectations Tesla that is not as easy. It Ford Motor Co. and Fiat Chrys- equating such orders to fas- talk and action by Mr. Musk. that we can work through at needs workers at its plant to ler Automobiles NV plan to re- cism. Open Plant On Saturday, Tesla filed a the county level the issue with make cars, whereas employees sume production of autos at The company and county of- lawsuit in federal court asking this particular county and com- at many tech companies can their North American factories ficials have been working for a judge to allow it to reopen pany in the next number of still work from home. next Monday. weeks to broker an agreement ContinuedfromPageOne the factory, arguing in part that days,” he said. “This is a game of high As the coronavirus began to to resume work. The company “We hope that Tesla will Alameda County had over- Mr. Newsom also said he ex- threaten the U.S. earlier this said on Saturday it had crafted likewise comply without fur- stepped its power in blocking pected ties between Tesla and year, Mr. Musk was dismissive a plan over months that would ther enforcement measures,” the operational resumption the state to remain strong after of efforts to contain it, musing ensure worker safety at the the county said in a statement. even as California Gov. Gavin Mr. Musk threatened the move. The California site’s on Twitter that the measures factory, including measures to Alameda County has re- Newsom, a Democrat, started “I have more confidence mov- parking lot has been being put in place to combat assure social distancing. ported more than 2,000 cases letting manufacturing in the ing forward in our ability to the Covid-19 outbreak were Mr. Musk has long made de- of people infected with the state restart last week. Mr. support a company that this full despite a more harmful than the virus. fiance a cornerstone of his Covid-19 virus through Sunday Musk blasted the move and state has substantively sup- shutdown order. The shutdown in March in- business, taking to Twitter or and 71 deaths. said he was going to move the ported for now many, many terrupted Tesla’s ramp-up of the media to tangle with crit- Several states have seen pro- Palo Alto-based company’s years, and in return we have production for its newest vehi- ics, government leaders or tests associated with lockdown headquarters out of state. been beneficiaries of their in- cle, the Model Y compact anyone he felt threatened orders. States are reopening on The CEO made public Tesla’s credible growth, ingenuity and stakes poker and Musk just sport-utility vehicle, that Mr. Tesla. different timelines, with little production plans shortly after innovative spirit. We look for- showed his cards; now all eyes Musk has said could become His latest battle, however, consensus. Some people have Mr. Newsom held a news con- ward to many, many decades of move to the response from the company’s bestseller. Tesla has put him at odds with some been arrested for defying the ference during which he was that relationship.” Alameda County and poten- was able to surprise Wall in Tesla’s home state. Robert orders, such as a Dallas beauty- repeatedly asked about the Mr. Musk’s actions to get tially California State officials Street last month in reporting Reich, a former U.S. labor sec- salon owner and other small auto maker, including about workers back on site set him over the next 24 hours,” Dan a first-quarter profit but didn’t retary, tweeted: “Elon Musk businesses, but no corporate photos of the Fremont factory’s apart from many of his coun- Ives, an analyst for Wedbush, reiterate Mr. Musk’s goal of threatens to take away people’s leader of Mr. Musk’s profile has parking lot showing it full of terparts in Silicon Valley. Com- saidinanotetoinvestorsin boosting deliveries this year by jobs unless he’s allowed to risk taken such dramatic action. cars, possibly indicating there panies such as Facebook Inc. which he called Mr. Musk’s more than 36%. their health. Capitalism at its Even before Mr. Musk’s was activity at the site. and Google parent Alphabet move “shocking.” The company had aimed to worst.” tweet, Tesla workers said they Mr. Newsom said he ex- Inc. were early movers in Before saying work would reopen the factory on May 4, —Timothy Puko were being told to report to pected Tesla would be able to March to shift employees to re- resume, Mr. Musk was on Twit- the day after the county order contributed to this article. THE WALL STREET JOURNAL. Tuesday, May 12, 2020 | A7 A8 | Tuesday, May 12, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC A Consultant Trades Investors Jets for Pillow Fights Bet On As the new ters attended. Landlords coronavirus A typical day could begin forces big at 3 a.m. so she could catch a changes in flight. She would return to ContinuedfromPageOne how we Laguardia Airport that eve- buyers to foreclosure auctions work, The Wall Street Journal ning, racing to her Brooklyn with duffel bags of cash. Be- is looking at how different home for some family time. sides being able to buy tens of people are coping with the Ms. Kilian hasn’t been on a thousands of properties on the stresses and risks. For earlier plane since March 5. She now cheap around booming Sunbelt articles in the series, visit works from her “backyard of- cities like Phoenix and Dallas, wsj.com/makingitwork. fice.” More than a dozen advances in mobile technology video or conference calls fill enabled the efficient manage- BY JOHN D. STOLL her daily calendar. She takes ment of far-flung rentals. “micro breaks” to help her Since the flood of foreclo- Jennifer Kilian’s Mother’s girls with schoolwork. sures subsided, Wall Street’s Day was fit for a photo al- McKinsey’s work is often landlords have added homes by bum. ethnographic, requiring field buying out smaller landlords, us- Ten-year-old Isabella, Ms. research into how people and ing computers to snap homes off

Kilian’s oldest, made her art cultures deal with “pain the open market and even build- ANDY JACOBSOHN FOR THE WALL STREET JOURNAL on the computer. Seven-year- points” or other issues with ing homes expressly to rent. A rental property, on the left, in Cedar Hill, Texas, owned by Invitation Homes. old Gabriella wore a shirt products or services. Today, the largest companies that read “Smart and Strong Covid-19 lockdowns de- together own about 300,000 related assets collapsed. The backed by rent payments chasing once it completes an- Like Mom.” The family drove manded a new strategy. houses in good school districts $234 million vehicle pools traded down from face value. other $19 million worth that it to Long Island to walk the For example, Ms. Kilian re- not too far from employment loans to 81 different landlords, Shares of Invitation and Ameri- has under way. Meanwhile, it is beach with Ms. Kilian’s cently started work with a centers. Given the challenges who borrowed against more can Homes plunged on worries saving cash, including $152 mil- mother at a safe distance. client in the medical field. that even six-figure-earning than 3,000 rental homes about how many people would lion of security deposits, in “I appreciate just having “Digital diaries” were created households have buying homes around St. Louis, Atlanta, Mem- pay their rent. case tenants run into problems the luxury of being present to help her team observe these days and that there are phis, Tenn., and several other But the stocks have bounced paying rent. in the moment,” she said people in quarantine. more than 15 million rentals cities, according to Kroll Bond back. Rent collections and ten- “We will be able to pivot Sunday afternoon. “We’ve had patients walk owned by smaller investors to Rating Agency. ant retention have proved far quickly to resume buying when Ms. Kilian is a McKinsey & us through their homes on consolidate, rental executives Amherst Residential, which better than commercial prop- the time is right,” said Ernie Co. partner, co-leading a de- Facetime.” believe individual companies manages about 20,000 houses erty and even apartments, Freedman, Invitation’s finance sign practice with about 400 Recently, she started a will someday manage hundreds for big investors such as hedge which tend to have smaller chief. consultants working in it. video call to meet the chief of thousands of homes. funds and pensions, called off Both Invitation and Ameri- She spent much of her nearly executive of a company for Invitation, the nation’s big- its planned acquisition of can Homes said there has been six years at the firm traveling the first time. Her daughters gest single-family rental com- 15,000-home rival Front Yard an uptick in leasing activity. to clients almost every day. came in and “had a pillow pany, reported last week record Residential Corp. over the diffi- Executives say some That is partly thanks to their She recalls having to leave fight on top of my head.” occupancy of its roughly 80,000 culties of integrating the two recent move-ins will earlier investment in self-show- Father’s Day festivities in The entertained CEO won- houses and better-than-normal companies during the pan- ing technology, such as elec- midcelebration to catch a dered if it was scripted. Ms. on-time rent payments in demic, including back-office rent instead of buy tronic deadbolt locks, that was flight for Brazil; she also cut Kilian said “No, you cannot May—even as the pandemic has functions in locked-down India. given uncertainty. intended to eliminate the cost short an Ariana Grande show, script motherhood during left millions of people unem- Amherst paid Front Yard a $25 of staffing showings for so the first concert her daugh- quarantine.” ployed. million breakup fee, loaned it many scattered properties. American Homes 4 Rent, the $20 million and bought $55 Rental executives said some second largest with about million of its shares at the household sizes and incomes recent move-ins chose to rent 53,000 houses, said it isn’t above-market acquisition price. than rental houses. instead of buy given the eco- much below its own pre-pan- Amherst still wants to add “Investors will be able to nomic uncertainty. Others have demic levels of rent collection houses. President Drew Flahive breathe a deep sigh of relief,” leased houses to get out of or occupancy. The company said that the firm is negotiating Raymond James analysts wrote apartment buildings. said a $225 million venture to separate house-hunting pacts in a note to clients. “You have this squeeze from build rental houses that it with two large insurance com- Invitation executives attri- both sides,” said Amherst’s Mr. struck with J.P. Morgan Asset panies. buted the company’s record oc- Flahive. Management in February was “The amount of interest cupancy and strong rent collec- The executives said it is un- enlarged in recent weeks to we’ve gotten in the last two or tion to two main factors: the clear whether historically low $650 million. three weeks in terms of setting dual-income households earn- borrowing costs will prompt a Executives at Redwood up private-market investments ing about $110,000 that are its surge of homebuying, or aspir- Trust Inc., which bundles real- has really accelerated,” Mr. Fla- typical tenants and a shift to ing homeowners will be sty- estate debt into securities and hive said. “We’re likely to see a promoting occupancy of its mied by more restrictive mort- sells them on Wall Street, said really pronounced capital flow houses with discounts instead gage lending. the firm is preparing to offer into single-family real estate.” of pushing up rents. Either way, there might not investors a fresh pool of loans Investors weren’t so sure The company bought be enough new suburban

MICHAEL BUCHER/THE WALL STREET JOURNAL to single-family landlords, even about rental houses at the on- $28 million of houses in April homes to meet demand, given a Jennifer Kilian now works from her ‘backyard office’ in Brooklyn. after the value of its mortgage- set of the pandemic. Bonds but said it would pause pur- construction slowdown.

WSJ+ OFFER /EXPERIENCE/TALK/GETAWAY/EXTRAS

To mark the return of WSJ+ Books of the Month, you’re Claim Two invited to redeem two e-books from our selection of newtitlesthismonth.Investigatethemysteryand scienceofstreakswithWallStreetJournalreporter Complimentary Ben Cohen, discover achievable ways to get happier with“Nightline”anchorDanHarrisandmore.Andas E-Books always,enjoy35%offprintcopies. WSJ MEMBER EXCLUSIVE

Paid for by Vote Early Day A8B | Tuesday, May 12, 2020 THE WALL STREET JOURNAL.

In uncertain times, you can be certain of this: Your generosity will deliver hope and help to those who need it most.

Today, thanks to donors like you, The Salvation Army is helping those affected by COVID-19. We are there for the most vulnerable in our community. For those whose wages are gone, for those who need food, for those who have no place to call home, and for so many others who desperately need help and hope in this time of crisis. To see how you can continue to make a difference in your community, give today at SalvationArmyUSA.org. THE WALL STREET JOURNAL. ** Tuesday, May 12, 2020 | A9 FROM PAGE ONE

But if you hold on to your oil until prices go back up. “Every Crude used to be trans- denly started looking kind of until later in the year, you can little bit helps,” he says. ported in whiskey barrels in hot. “They go away for a sum- Oil Buyers get more than $30 a barrel for Then there are fuel bladders, the 1860s, soon after oil was mer and come back reborn and it—the going price in futures which resemble a blowup mat- discovered in the U.S., says everybody wants to be their markets. tress a giant might sleep on. Paul Horsnell, who leads friend,” he says. Seek Crude Demand is so fierce that wa- Scott Sagalow started getting commodities research for The storage schemes have ter companies are expanding calls in early April from those the bank Standard Char- brought back memories for into crude storage, using large seeking to stash oil in bladders tered PLC. But the barrels Tom Loughrey, the president of Storage cylinders that resemble big made by his Florida-based leaked and jammed creeks an oil-and-gas consulting firm. aboveground swimming pools. company, Ready Contain- as they traveled down- His dad decided to stock up on ContinuedfromPageOne Cooley Group Holdings Inc., ment LLC. The largest stream to be loaded onto heating oil around 1986, after trucking in his haul from shale a textile-manufacturing com- costs about $65,000 and trains, and people aban- crude prices fell by more than fields and parking the tanks on pany in Rhode Island, is churn- can hold roughly 5,000 bar- doned the practice, he half. His dad buried tanks hold- land outside of Houston and in ing out tens of thousands of rels. The calls have come from Bring all your buckets says. Oil today is typically ing several years’ worth in the West Texas. He says he has pounds of polymer-coated fab- both investors and oil produc- stored in metal tanks the size front yard of the family’s Mid- been able to score oil for $1.18 ric to line cylinders that an- ers, he says. balked. “The initial feedback we of a multistory building, or dletown, N.J., home. a barrel recently. In January, other company, Well Water So- Josh Young, chief investment got was, ‘Guys, hey, from a geo- thousands of feet underground Each fall, Mr. Loughrey’s U.S. benchmark oil fetched lutions and Rentals Inc., has officer of Bison Interests LLC, a logical perspective, this is not a in salt caverns. dad would decide whether the more than $60 a barrel. begun installing in West Texas. Houston firm that invests in oil- good application,’ ” says CEO Earlier this year, Converge family was going to buy more “There’s nowhere else to put Each cylinder is about 190 feet and-gas companies, tried to get Craig Mueller. Midstream LLC’s caverns in heating oil or use their “home the stuff,” says Mr. Kenagy, the in diameter and can hold into the game but realized the The crush of interest has Houston-area salt formations reserve.” 44-year-old managing director roughly 50,000 barrels. complications. “Think about if been good for Ernie Barsamian, were less than 20% full of “We had these hand pumps of fuel blending and storage “You’re filling a swimming you catch one fish and you try who runs a website called The crude. Everything changed in and we would rig up hoses be- companies. “You show up with pool with crude oil and you’re to sell it to the grocery store Tank Tiger that’s the Craigslist early March, when Saudi Arabia tween the tanks and we would a bucket to put it in, they’ll sell going to put a cover on top,” versus if you’re a licensed fish- of oil storage. But some new stoked an oil-price war with shift it around every year,” Mr. it to you.” says Dan Dwight, Cooley erman,” he says. “Your pricing people wanting to get in on the Russia, says Converge CEO Loughrey says. “I thought it U.S. benchmark oil prices fell Group’s chief executive. “I’m not ability changes a lot.” action mistakenly believe oil Dana Grams. As of early May, was extremely strange at that to negative $37.63 a barrel sure I want to take a dip in it.” American Gilsonite Co. barrels are still held in actual Converge’s storage capacity of point. Who wants to help your April 20, meaning that people Billionaire pipeline magnate looked into converting aban- barrels. One man asked if he more than six million barrels dad do this crazy stuff?” were actually paying others Kelcy Warren’s company, En- doned Utah rock mines into could rent out his solarium to was nearly full. Now 43, Mr. Loughrey says it substantial amounts to take oil ergy Transfer LP, has looked to holding sites for millions of warehouse them. “I explained Mr. Grams compares his firm may be time to get creative: “I, off their hands. Prices have fill some of its Texas pipelines barrels of crude, but scrapped that’s not exactly what we do,” to the dorky kid in high school too, would like to put some oil since rebounded to about $24. with crude and leave it there the plans after regulators Mr. Barsamian says. everyone ignored until he sud- somewhere for 10 years or so.”

with The Wall Street Journal. study. He had just sat through a pre- That same week, health of- Bill Gates sentation about promising Eb- ficials discovered a Covid-19 ola drug treatments and had outbreak at a Kirkland, Wash., met with a Nigerian physician nursing home, about 11 miles Has Some who survived the infection. from Mr. Gates’s home. “What’s to stop some form After years of warning of SARS showing up?” he said, about a deadly pandemic, Mr. Regrets referring to the 2002-2003 ep- Gates faced one in his back- idemic of severe acute respira- yard. ContinuedfromPageOne tory syndrome, caused by an- for researchers seeking treat- other coronavirus. Next, he ments, and it is working with said, could be “SARS II.” Founding mission pharmaceutical executives and In March 2015, Mr. Gates Mr. Gates has been casti- governments to produce bil- warned in a widely watched gated in recent weeks by com- lions of doses of promising TED Talk that an infectious mentators and online news vaccines while they are being disease pandemic posed a sites on the left and the tested so they can be dis- greater threat to the world right—that his charitable work pensed as soon as regulators than a nuclear war because was intended to burnish the approve them. The foundation nations have built so few de- image of a ruthless capitalist, has helped reserve space in a fenses. He called for an inter- and that he was shielding manufacturing plant so pro- national warning-and-re- China for calling an investiga- duction of the most effective sponse system with mobile tion of Beijing’s response to new medicines can begin units of medical personnel, the emerging virus a “distrac- quickly. rapid diagnostics, drug stock- tion.” Mr. Gates questions phar- piles and technologies to pro- Some posts on Facebook maceutical company chief ex- duce vaccines in months. and elsewhere have spread ecutives, digging into the de- “An epidemic is one of the more sinister conspiracy theo- tails of vaccine production. few catastrophes that could ries, including that he wants “Every day, it’s, OK, are we go- set the world back drastically to implant microchips in peo- ing to run out of glass vials?” in the next few decades,” he ple to track who has been he said. “You may think that’s wrote that month in the New tested for Covid-19, an allega- a simple part of it, but no- England Journal of Medicine. tion flagged as false by Face- body’s ever made 7 billion vac- Mr. Gates joined other book. A common theme of cines.” global-health experts calling such stories is that he seeks to He discusses the evolving for better public-health de- profit from the crisis.

science of the pandemic with fenses. “In no way was I a lone FROM TOP: JEFF PACHOUD/AGENCE FRANCE-PRESSE/GETTY IMAGES; PAUL CHRISTIAN GORDON/ZUMAA PRESS spokeswoman for Mr. U.S. and world leaders. In TV voice,” he said. “The one thing Microsoft Corp. co-founder Bill Gates in Lyon, France, last year. Gates said the couple have interviews and his blog posts, that’s unique about my voice, pledged to give most of their he explains the logic behind though, is that I haven’t spent Pandemic Protection In mid-January, as China estimated $106 billion fortune lockdowns to slow the spread my life in infectious diseases.” imposed a lockdown on Wu- to charity before they die or in of the virus and the slow path He explained the risks of a Funders of neglected infectious diseases han, where the virus first their will. “These conspiracy to reopening commerce and pandemic to 2016 U.S. presi- spread, Mr. Gates began pep- theories and misinformation $4 billion schools. “Covid-19 has started dential candidates and urged Other pering his foundation’s scien- are completely false,” she said. behaving a lot like the once-in- them to make preparedness a tists with questions: What Mr. Gates drew criticism a-century pathogen we’ve national priority. He also made U.K. Dept. for drugs are most promising? from an April 15 tweet defend- International been worried about,” Mr. the pitch to President-elect 3 Development How long until we have a vac- ing the World Health Organi- Gates wrote in a February arti- Trump at a Trump Tower cine? How could the founda- zation. It came in response to cle for the New England Jour- meeting in December 2016. European tion help accelerate trials? President Trump announcing nal of Medicine. The White House declined to Commission The foundation began com- that his administration would 2 His high profile during the comment. Gates mitting funds to kick-start de- suspend funding to the WHO pandemic has also made him a At the 2017 Munich Secu- Foundation velopment of treatments and to review the agency’s re- target of conspiracy theories rity Conference, an annual vaccines for the new coronavi- sponse to Covid-19. The Gates 1 Aggregate and antivaccine groups. gathering on international se- industry rus. Foundation is the second-larg- Experts in public health and curity policy, Mr. Gates said Mr. Gates hosted a meeting est funder of the WHO, after global development have criti- that “getting ready for a U.S. NIH of epidemiologists and global the U.S. cized Mr. Gates and his foun- global pandemic is every bit as 0 health experts in mid-Febru- “We need WHO, and inter- dation at times for his self-ap- important as nuclear deter- ary. The likelihood of Covid-19 rupting them for a lot of in- 2007 ’09 ’11 ’13 ’15 ’17 pointed role. With its rich rence and avoiding a climate being contained in China was vestigations—I don’t get the coffers, the foundation is de- catastrophe,” according to his Source: Policy Cures Research probably less than 25%, he whole thing, I really don’t,” ciding in some cases which prepared remarks. told his senior staff after hear- Mr. Gates said. “We have a diseases take priority and how In Munich, he talked about people all the way up to the abroad, Mr. Gates turned to a ing the experts, people close pandemic where WHO is play- they are fought, they say. faster ways to make vaccines. top, in Europe, in the U.S., project close to home. He to him said. ingaverykeyrole.Ifany- “All we do is we spend our One idea was to use ready- around the world, to talk wanted to know how best to When Mr. Gates saw the vi- thing, they need more re- money, and we share our opin- made components to build about this pandemic risk,” he slow the transmission of respi- rus spreading to more coun- sources.” ions,” Mr. Gates said. “We’re custom vaccines against new said. ratory viruses that can cause tries, he questioned the foun- The Gates Foundation be- not making the decision at the viruses, saving time. He views philanthropies as pandemics. dation’s scientists as well as gan with a mission to reduce end of the day.” The foundation around that catalysts. “I’m putting hun- “Whenever I asked about heads of pharmaceutical com- inequity around the world by Covid-19, the disease caused time committed $100 million dreds of millions of the foun- respiratory viruses, like how panies about testing capacity, improving health and educa- by the new coronavirus, has if for a coalition of donors and dation’s money into this,” he important are schools and if plans for vaccines and ways tion. It focused on infectious anything shown the limits of governments to finance new said. “But it’s really a govern- you do shutdowns, how much the foundation could help. diseases partly because there any one person—even the vaccines for emerging infec- mental thing, just like the de- can you drop the transmission, Toward the end of Febru- is little profit for pharmaceuti- world’s second richest—to tions. Such vaccines are ex- fense budget is there to help and even…do masks actually ary, researchers in the Seattle- cal companies to invest in de- stop a pandemic. The virus, pensive to develop and largely with an outbreak of war.’” help or not?” he said, there area flu study, by then in its veloping medicines for them Mr. Gates said, is “the most unprofitable because demand Many world leaders agreed weren’t clear answers. second year, discovered compared with cancer and dramatic thing ever in my life- for them is sporadic. The Co- in principle with him. But the The questions prompted Covid-19 in a test sample from other chronic diseases. It re- time by a lot.” It has disrupted alition for Epidemic Prepared- lack of an immediate threat him to invest more than $20 a teenager. Genetic analyses ported a $46.8 billion endow- foundation work to eradicate ness Innovations is now fund- made most countries reluctant million of his own money for a showed the sample might be ment in 2018, the latest avail- polio, vaccinate children in ing development of vaccines, to spend the large sums study that got under way in tied to an earlier case in the able figure. low-income countries and including for Covid-19. needed to defend against a 2018. It was designed to find area. That suggested “there The foundation has spent other longtime priorities, Mr. Gates took advantage of galloping pandemic. “I wish better ways to test for flu, was a fair amount of commu- $235 million on pandemic pre- though funding for those pro- his ability to reach leaders of the warnings that I and other trace infections using genetics nity spread,” said Trevor Bed- paredness and response di- grams continues. government, which he said people gave had led to more and stop its spread. Research- ford, a genomic epidemiologist rectly since August 2014, in So far, the Gates Founda- were the only entities with the coordinated global action,” he ers began testing flu samples at the Fred Hutchinson Cancer addition to the $305 million tion has committed $305 mil- means to build preparedness. said. from people in the Seattle Research Center in Seattle spent on Covid-19, the founda- lion in the search for Covid-19 “I chose, when I met with Frustrated at inaction area. who helped direct the flu tion said. vaccines and drug remedies, Government leaders and as well as aid to get medicines On Defense public-health officials follow and supplies to lower-income Covid-19 forecasts by the In- countries. Before the pan- Gates Foundation direct stitute for Health Metrics and demic is over, Mr. Gates said, spending on pandemic Evaluation at the University of “we will end up spending a lot preparedness Washington, which is funded more.” Covid-19 by the Gates Foundation. The group has nearly doubled its $305 million projection of U.S. deaths to Novel threat CEPI (vaccine ﬁnancing coalition) 137,184 by early August. Mr. Gates and his wife, Me- Mr. Gates said the world’s linda Gates, established their 100 efforts to thwart a pandemic foundation in 2000 with an in- Ebola* “fell short of what ideally terest in finding biomedical would have been done.” Look- innovations against infectious 76 ing ahead, he is more optimis- disease and ways to deliver General preparedness tic. them. In 2014, Ebola focused “My hope now is that lead- their attention with an epi- 39 ers around the world, who are demic that killed at least Zika responsible for protecting 11,300 people world-wide. their citizens, will take what “The world as a whole 20 has been learned from this doesn’t have the preparedness tragedy and invest in systems *in West Africa and Democratic Republic of for epidemics,” Mr. Gates said Congo to prevent future outbreaks,” in a November 2014 interview The entrance to the campus of the Bill & Melinda Gates Foundation in Seattle. Source: Bill & Melinda Gates Foundation he said. A9A | Tuesday, May 12, 2020 NY **** THE WALL STREET JOURNAL. GREATER NEW YORK Death Toll in NYC Likely Much Higher The CDC’s total is 5,293 taken with a grain of salt. weekend include the Finger The city’s official coronavi- Lakes, Mohawk Valley and the virus fatalities higher rus death tally stood at 14,753 Southern Tier. Local econo- than reported between confirmed fatalities and 5,178 mies in New York City and probable deaths as of Sunday Long Island are expected to March 11 and May 2 night. reopen later, Mr. Cuomo said. Figures published by the Businesses and activities BY BEN CHAPMAN state Monday, which included will resume in phases, the gov- only confirmed deaths, ernor said, with low-risk un- The coronavirus pandemic showed that 21,640 New York- dertakings restarting first. likely killed thousands more ers had died statewide from Recreational spaces such as people in New York City than the coronavirus. The state re- drive-in theaters and tennis official tallies show, according ported that 337,055 residents courts would reopen statewide to a federal report released had tested positive for Friday. Monday. Covid-19. Under phase one of the gov- The study by the Centers Figures kept by both the ernor’s plan, retail establish- for Disease Control and Pre- city and state showed a con- ments would be allowed to op- vention found 24,172 more tinued decline in death rates erate with curbside service, people died in New York City and rates of new infections, and construction and manu- than usual between March 11 suggesting that the hard-hit facturing businesses will re- and May 2, suggesting that state may be past the worst of sume. those fatalities were linked to the outbreak. Professional services and the new coronavirus or cir- Mr. Cuomo advised cities real-estate businesses would

cumstances caused by the SPENCER PLATT/GETTY IMAGES across the state Monday to reopen in the second phase. In pandemic. Medics take a patient to an ambulance from a group home next to Brooklyn’s Maimonides Medical Center. prepare for a phased reopen- the third, restaurants and ho- The CDC’s total is 5,293 ing starting Friday. “This is tels will be permitted to open deaths higher than official caused by Covid-19 as well as setting or those whose deaths Health and Mental Hygiene the next big step of this his- their doors. New York City reports during other factors attributable to weren’t directly associated said city officials still are toric journey,” the Democratic Artistic institutions, enter- the same period, which the pandemic, such as short- with infection. working to fully measure governor said. tainment venues and schools showed 13,831 laboratory-con- ages of medical care. “Counting only confirmed losses attributable to the new New York will reopen busi- will resume operations in the firmed deaths from Death tallies kept by the or probable Covid-19-associ- coronavirus. nesses on a regional basis, fourth and final phase of the Covid-19,and 5,048 probable city and state don’t capture ated deaths, however, likely Representatives of Gov. An- with upstate communities that state’s reopening, Mr. Cuomo virus-related deaths. the true toll of the disease, underestimates the number of drew Cuomo declined to com- reach certain state-issued said. He didn’t provide a time- CDC officials said the CDC officials wrote, because deaths attributable to the pan- ment on the CDC report di- benchmarks returning first, line for the phases. agency’s higher death toll in- they relied on official reports demic,” the report said. rectly. Earlier this month, the the governor said. —Jimmy Vielkind and cluded fatalities likely attrib- and didn’t include people who A spokesman for the New governor said tallies of deaths Areas set to begin phase- Katie Honan contributed utable to health problems died outside of a health-care York City Department of due to the virus should be one reopening this coming to this article. State Gives Drive-In Theaters Green Light BY CHARLES PASSY

New Yorkers will soon be able to head back to the movies—at least the kind they can view from their cars. As part of an easing of some coronavirus-pandemic restrictions, drive-in theaters can open starting Friday, Gov. Andrew Cuomo said Monday. The move came after some theaters in the state peti- tioned for an exemption from the shutdown orders, saying they could provide a haven for movie lovers because customers can stay in their cars. Mr. Cuomo classified drive-in theaters as one of a handful of “low risk” businesses and recreational activities that could be resumed, citing gardening and tennis as other examples. “Talk about going back to the future, back to drive-in movie theaters,” Mr. Cuomo said. “I’m OK with that.”

FROM TOP: KEVIN HAGEN FOR THE WALL STREET JOURNAL; KATIE HONAN/THE WALL STREET JOURNAL Theater owners applauded Stephen Whyte delivers food to a resident in Bedford–Stuyvesant, Brooklyn. Below, Jamal Thom waits to pick up groceries to bring to the elderly and homebound. the move and said they were already hearing from customers eager to attend screenings. “My phone has done noth- Unemployed Drivers Find Work Delivering Food ing but ring nonstop,” said Beth Wilson, one of the own- BY KATIE HONAN actions have been suspended ers of the Warwick Drive-In in since their community centers Warwick, N.Y. Jamal Thom parked outside have closed. “They’ve lost It won’t necessarily be busi- a recreation center in Flushing their husbands, they’ve lost ness as usual, however. Movie Meadows-Corona Park in their wives to the virus,” Mr. studios have held off releasing Queens at 9 p.m. last Tuesday, Whyte said. “Everybody that I pictures for the most part dur- and slept in his car. speak to lost somebody.” ing the pandemic because the Before the coronavirus crip- Several drivers waiting out- bricks-and-mortar theaters re- pled New York City, he was side the Brownsville site said main generally closed. picking up rides on Uber and they have had trouble filing for Nevertheless, drive-in the- Lyft. Since March, he has been unemployment and have few ater owners in the state say picking up food deliveries. The other options for work. They they would fill the gap with groceries arrive on pallets at 10 have to keep making payments films that have been released distribution centers around the on their cars, which they will previously this year or even city. Drivers of taxis, for-hire need to return to work after older titles. vehicles and livery cabs get the pandemic subsides. The Four Brothers Drive-In paid by DeliveryTLC to bring Miguel Garcia said Delivery- in Amenia, N.Y., plans to open food to the elderly, homebound TLC is safer than picking up this weekend with two movies and other people in need dur- passengers, although he is mak- from earlier in 2020, “Trolls ing the coronavirus pandemic. ing half of what he used to earn World Tour” and “Birds of Prey Drivers line up before sun- as an Uber driver. The 33-year- (and the Fantabulous Emanci- rise to pick up their deliveries, old married father of an 8-year- pation of One Harley Quinn).” though the distribution sites old daughter and a 3-month-old Drive-in theater owners also don’t open until 8:30. Mr. son, is afraid of getting sick. He said they would look beyond Thom, 30 years old, learned a arrived at the Brownsville line movies to fill their calendars, few weeks into the program ready been vetted, according York Taxi Workers Alliance, Lines of delivery cars at the at 5:30 a.m. on Thursday and hosting everything from grad- that you have to get there early to Aloysee Heredia Jarmoszuk, said drivers are qualified for distribution sites across the was waiting a few blocks back uation ceremonies to concerts. to make sure you get work. “If commissioner of the Taxi and the jobs, even if they are tak- city can stretch as long as a on Linden Boulevard. Ultimately, the venues are a they run out of boxes, you’re Limousine Commission. Each ing on more work than usual. mile before a center even Drivers get a small bag with a natural for any kind of gather- done for the day,” he said. route has about six stops and “Drivers know customer opens. The Taxi and Limousine mask, gloves and hand sanitizer ing during the pandemic, said More than 15,000 drivers pays $53; drivers hope for service, and they know how to Commission is working on a when they pick up food, and John Stefanopoulos, whose have signed up for the pro- multiple routes. navigate through a crisis,” Ms. new check-in system that would they make the deliveries without family owns the Four Brothers gram since it began on March “It was a concept, and over Desai said. But there is “eco- cut down on drivers’ wait times much contact, Mr. Garcia said. Drive-In. “We know we can 24, according to the city’s Taxi the past six weeks we’ve been nomic desperation,” she said, and eliminate the need to ar- “It’s low-risk for me. I’m not bring people together safely in and Limousine Commission, able to make it a reality, deliv- and it is getting worse amid rive hours in advance, Ms. He- driving people around,” he said. their cars,” he said. which has paid $3.5 million to ering seven million meals,” Ms. the crisis. Many drivers were redia Jarmoszuk said. Ms. Heredia Jarmoszuk said In the heyday of the drive- the drivers so far. Heredia Jarmoszuk said. There already struggling with high Mr. Whyte, who usually the TLC is “in it for the long in more than a half-century Mayor Bill de Blasio esti- were issues at first with late debt from taxi and medallion drives for the ride-sharing app haul” of the pandemic. ago, thousands of the theaters mates the number of people in payments to drivers, but they costs. “We’re looking at the Via and also works as an insur- Muhammad Hanif, 65, dotted the U.S. landscape. In New York City who can’t afford have been resolved, she said. poverty among drivers on a ance agent, says the long hours parked his yellow taxi on Lin- recent years, the number has to buy enough food will nearly Mr. Thom said he usually whole new level,” she said. are worth it to see how happy den Boulevard at 3:15 a.m. for dwindled to about 300. double to two million because gets between one and three Stephen Whyte, 48, drove people are when he arrives his second day making deliver- Some film professionals and of Covid-19. It has killed 19,931 routes a day. When he is done, from Long Island to a distribu- with their deliveries. “When ies out of Brownsville. He fans say the pandemic may re- people as of Sunday, says the he works a few hours for the tion center in the Brownsville they see you coming, they are waited seven hours on kindle an interest in drive-ins city’s health department. takeout-food delivery app section of Brooklyn, one of super excited,” he said. Wednesday before even pick- long after the health crisis has More than 190,000 drivers DoorDash, then heads to his New York City’s busiest. He One mother’s food was sto- ing up food, and said it was gone away. The theaters pro- have been struggling to find home in the Bronx for a shower, parked outside at midnight len from in front of her door af- “too hard.” But he arrived vide a one-of-a-kind experience work since the city shut down then back to the park to sleep. Thursday morning, the first ter he dropped it off, Mr. Whyte hours earlier the next day. that indoor ones can never in March to limit the virus’s “To survive in New York car in line. He has been driving said, so he went back to the dis- “The streets are empty. There match, said Robert B. White- spread. DeliveryTLC meets City in this pandemic you need for DeliveryTLC since it began, tribution center after his shift was no work for two months,” hill, a screenwriter who lives in two needs: Providing food to three, four incomes,” he said. he said; the lines are longer to pick up extra food for her. he said. “After two months, you Montclair, N.J. “It’s the sense those who can’t afford it, and Bhairavi Desai, leader of the since it shifted from paying an Many of the deliveries are don’t have money, so I came that you’re outdoors and safely work to drivers who have al- driver-advocacy group New hourly rate to a per-route rate. to seniors, whose social inter- here. What can I do? I need it.” ensconced all at once,” he said. THE WALL STREET JOURNAL. ** NY Tuesday, May 12, 2020 | A9B GREATER NEW YORK Contact Tracers Start to Train To Curb Virus

BY MELANIE GRAYCE WEST person can be hired as a contact tracer for the state of Officials at the Johns Hop- New York. kins Bloomberg School of Pub- Already, 15,000 people have lic Health on Monday rolled applied to be a contact tracer out a new online course on through the state’s portal, ac- contact tracing, the first step cording to a spokesman for in an effort to train thousands New York’s health department. of people who will work to Bloomberg Philanthropies also help limit the spread of the is helping the state to identify novel coronavirus in New York and recruit people, the spokes- state. man said. Contact tracing is a long- Emily Gurley, an associate practiced technique for infec- scientist at Johns Hopkins tious diseases, where public- Center for Global Health, said health workers track down it is still beneficial to do contact tracing even when there are hundreds of positive diag- noses daily and there might Already, 15,000 not be sufficient numbers of people have applied tracers to reach every newly diagnosed person. for the jobs through “It’s not an all-or-nothing New York’s portal. gain,” she said of contact tracing. Contact tracing, as well as wider coronavirus testing in and interview patients to de- the general population, are termine anyone they came into key elements to limiting the contact with while infectious. spread of Covid-19 and re- The six-hour, free course of- opening New York, state and

fered by Johns Hopkins is local officials have said. CHARLES GUERIN/ABACA/ZUMA PRESS funded by a $10.5 million gift But how state-level efforts A New York Police Department officer gets some attention from canine fan in the Williamsburg neighborhood in Brooklyn. from Bloomberg Philanthro- on contact tracing will connect pies, the private foundation of with similar efforts in New Contact tracing had long leading the city’s Test and clinical signs of coronavirus, ences and Practice at New former New York City Mayor York City, where the number been under the umbrella of Trace Corps, a group of more the purpose of quarantine, York Medical College and a Michael Bloomberg. The of cases is greatest, are un- the New York City Department than 1,000 public-health work- ethics, privacy and communi- former Centers for Disease course is required before a clear. of Health and Mental Hygiene. ers. cation skills. Control and Prevention chief In early March, New York City Previously, Dr. Long has Workers who receive train- medical officer. Mayor Bill de Blasio borrowed helped to roll out the city’s ex- ing will ultimately carry out Dr. Amler said the work of CORRECTIONS AMPLIFICATIONS staff from the city’s public- panded primary care efforts the work over the phone, and contact tracers, initially, might hospital system to supplement and the recruitment of volun- have supervisors and other ex- not be seen as beneficial when those working at the health teer doctors who have come to perienced people to assist there are still large numbers A caption with a photo of fice of New York City’s chief department. New York City to tend to with more complex cases. of new cases and newly Metropolitan Transit Author- medical examiner said a re- Last week, as part of a Covid-19 patients in the city’s Public-health experts say trained people. But training ity police officers that accom- quest to perform a Covid-19 broader announcement about 11-hospital public system. that an effective contact tracer those people now will be ben- panied a Monday article about test on a city resident who a city-wide expansion of test- The city’s health commis- has good listening and speak- eficial as restrictions are the New York Police Depart- died recently was likely de- ing and tracing efforts, Mr. de sioner, Oxiris Barbot, said ing skills, and is thorough and eased and disease clusters ap- ment preparing for a jump in clined because “it wasn’t Blasio said the city’s contact- Sunday that her department is accurate. pear—and if there is a resur- crime after the city lockdown deemed necessary to finalize tracing effort would be housed “committed to ongoing collab- In addition to health work- gence of cases in the fall, he lifts incorrectly identified the death certificate.” An arti- within the city’s public hospi- oration with all of our sister ers who may be in sidelined said. them as New York City Police cle on Monday about the med- tal system, New York City agencies to make sure that we areas such as physical therapy “It could be just the right Department officers. ical examiner’s office incor- Health + Hospitals, with in- bring this epidemic to an end or social work, people with timing to get contact tracing rectly said she used the word volvement from the health de- quickly and continue saving customer-service, insurance or implemented when the num- A spokeswoman for the of- “file” instead of “finalize.” partment. lives.” even journalism experience ber of new cases has dropped Theodore Long, vice presi- The online training pro- can be good at the work, ac- down where point-by-point Readers can alert The Wall Street Journal to any errors in news articles by dent of ambulatory care at gram created by Johns Hop- cording to Robert Amler, dean contact tracing will begin to emailing [email protected] or by calling 888-410-2667. Health + Hospitals, is now kins covers the origins and of the School of Health Sci- work,” Dr. Amler said.

NEW ISSUE

Honorable Shawn T. Wooden Tr easurer, State of Connecticut $850,000,000* State of Connecticut Special Tax Obligation Bonds Transportation Infrastructure Purposes, 2020 Series A

Honorable Shawn T. Wooden Treasurer of the State of Connecticut

Preliminary Pricing Information Retail Order Period* Institutional Pricing* Delivery Date* May 18, 2020 May 19, 2020 May 29, 2020

Expected Tax Status Interest is federally tax-exempt (non-AMT) and state tax-exempt for Connecticut residents **

For more information on these Bonds, including the Preliminary Official Statement, please visit: www.BuyCTBonds.com or call 877.552.8266 or contact any of the firms below.

RBC Capital Markets 800.243.2478

BofA Merrill Lynch Citigroup Goldman Sachs Raymond James Siebert Williams 888.768.6999 855.644.7252 & Co., LLC 877.295.9116 Shank & Co., LLC 917.343.7900 800.334.6800

Academy Securities Drexel Hamilton, LLC Fidelity Capital J.P. Morgan Jefferies 855.212.3239 212.632.0406 Markets 855.231.8873 800.567.8567 800.544.5372

Loop Capital Mersirow Financial, Mischler Financial Morgan Stanley Oppenheimer Markets Inc. Group, Inc. 800.544.5372 & Co., Inc. 888.294.8898 800.558.7290 800.820.0640 866.208.1368

PNC Capital Ramirez & Co., Inc. Rice Financial Stifel UBS Markets, LLC 855.289.2663 Products Company 800.679.5446 860.727.1527 800.622.7086 888.740.7423

Wells Fargo Securities 866.287.3221

*Preliminary, subject to change. ** Before purchasing any Bonds, contact your tax advisor to determine any applicable federal, state and local tax consequences. These Bonds may not be sold, nor may offers to buy be accepted, prior to the time an Official Statement is delivered in final form. Under no circumstances shall this announcement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. Bonds are subject to availability. The Bonds will only be sold by means of an Official Statement. A10 | Tuesday, May 12, 2020 THE WALL STREET JOURNAL. LIFE&ARTS

BY BETSY MORRIS A warehouse worker, left, sorts cereal in Virginia. Below, Jessica woyearsago,atthe Powers with her son, Kaleb Powers. end of her rope, Jes- sica Powers walked into Gilgal, a small aids immi- Tresidential recovery grant survi- program in Atlanta vors of do- that for 15 years has helped home- mestic less women get past addictions violence and into jobs and housing. and child She was losing a battle with an abuse. Calls opioid addiction started by a pre- to its emer- scription painkiller, and says she gency help- doesn’t know where she’d be if she line on hadn’t gotten into Gilgal, where some days she had a year of counseling, and more than quadrupled. But it had to coaching on resumes and job inter- cancel its April fundraiser; recently views as well as budgeting and it has been close to not making its health insurance. “There’s no tell- payroll, she says. ing,” says the working mother who In Los Angeles, children are in now lives in Winder, Ga., with her lockdown and can’t get to the Hel- two young sons and her mother. pline Youth Counseling Center. The “There are only a few ways I agency’s government funding— could’ve gone.” which makes up about 85% of its Now Covid-19 threatens Gilgal’s operating budget, which was about future. The nonprofit has been $6.7 million last year—depends on forced to cancel two of its three the amount of counseling it deliv- fundraising events: a spring lun- ers. Director Jeff Farber worries cheon and a 15-year anniversary his funding will be cut even celebration in May. Its Blue Jean though the community’s problems gala in October is up in the air. To- have multiplied. gether the three events would As the virus has sapped revenue have funded between a third and for nonprofits, it has also been a half the charity’s $600,000 annual double whammy in driving up operating budget; some of its do- their costs—for masks, cleaning nors are hurting, too. supplies, technology and food— If the crisis continues, Gilgal which further restricts how many will have to cut back on half of its people they can reach. programs: the tutoring, coaching The challenges faced at Gilgal and mentoring women into the are similar to those many of the workforce with life skills they need country’s smaller nonprofits are to succeed like budgeting and now dealing with. managing a household. Gilgal A $60,000 loan from the federal would have to cut staff, too. It Paycheck Protection Program en- would no longer be able to manage Charities Struggle as sures that for three months Gilgal the army of volunteer groups that won’t have to cut staff. But it is are a large part of its business meant to protect jobs, not sustain model. “If we continue in this an organization, says Ms. Cater. Covid crisis, then what’s really She has applied to several funding happening is I’m crippled,” says Revenue Dries Up sources, but is realistic about the Val Cater, the charity’s founder odds. “I know foundations are be- and executive director. ing flooded by organizations like Across the country, nonprofits of Canceled fundraisers and lost donations lead to scaled-back services Gilgal, so it really is a wait and see all types and sizes are in trouble. situation right now,” she says. They have canceled major fundrais- “Hope and pray and wait and see.” ers. They have lost huge amounts of Gilgal usually has 25 women at a ticket and event revenue. Those HOW TO HELP NONPROFITS HIT HARD BY THE CORONAVIRUS PANDEMIC time rotating through various parts with government contracts dread of the program. Currently the num- what will happen when their fiscal ber is 11. year ends June 30. Demand for ser- ere are some ways to find ment relief or unemployment. It also Search by state or ZIP Code to find In normal times, the women are vices, especially at food banks, is Hcharities in need. makes loans to small businesses. a local food bank. shepherded into jobs and often outpacing revenue. n Local foundations n Covid-19 relief funds n Local restaurants and health-care housing with the help of a web of Most charities operate on razor- The Community Foundation has in- Giving Compass and the National Cen- workers relationships forged by Ms. Cater thin margins even in good times. formation on local nonprofits, needs ter for Family Philanthropy have cre- Frontline Foods funds meals made by with agencies like the United Way Nonprofits are subject to tight re- and projects. Their online Commu- ated a clearinghouse of 475 Covid-19- local restaurants that are delivered to and companies like the United Par- strictions in most government con- nity Foundation Locator lists accred- related response and relief funds local medical staff. Their website al- cel Service and CKS Packaging, tracts. Charities are penalized if ited foundations nationwide. nationwide that can be searched by lows one to search more than 50 cit- both based in Atlanta. CKS Packag- they don’t keep costs down by the stateorbycategory. ies, counties and states to donate. ing’s vice president Drew Sewell benchmarking firms that donors n Cash grants says the Gilgal women come well- consult to decide if charities are Mission Asset Fund’s rapid response n Food banks n PPE for health-care providers prepared; many have become life- run well. fund makes cash grants to low in- Feeding America offers access to a na- Project N95 provides a national long employees. In a survey of 3,400 nonprofits come and immigrant families, artists, tionwide network of food banks that clearinghouse to help health-care At Ms. Powers’s global staffing two years ago, half said they had college students, entrepreneurs and secure and distribute meals through providers source personal protective company, she was just promoted. only three months’ cash on hand gig workers who won’t get govern- food pantries and meal programs. equipment from vetted suppliers. She never dreamed she’d have sav- or less; 19% said they had a month ings and be able to give her 11- or less, according to the Nonprofit year-old an allowance. “I just have Finance Fund, a New York-based demic include venerable ones like jor fundraiser. It has an annual op- Most are community-based and fo- this joy in my heart I never had lender that conducted the survey. San Francisco’s de Young fine arts erating budget of $62 million. cused on a local need. before,” she says. “The system sets them up to be museum, which is governed by Most, though, are smaller non- Many have been destabilized If Ms. Cater can’t make up for fragile,” says Antony Bugg-Levine, three nonprofit boards and one of profits like Gilgal. Ninety-two per- even though the services they pro- the lost revenue, then “everything CEO of the Nonprofit Finance them is a department of the city cent of the nation’s 901,206 non- vide are needed now more than is on the table,” she says. “We’re Fund. The virus-related revenue and county. “This is critical” read profits that filed annual returns ever. “Our survivors and their chil- just a small nonprofit. We’re a debt- disruption “is an unprecedented the subject line of a late-April with the IRS for 2016 had annual dren are trapped at home,” says free organization. Even with that, it calamity” for nonprofits, he says. email to its members. It faces a budgets of less than $1 million, ac- Jeehae Fischer, executive director of is a difficult landscape to look into He predicts many will collapse. projected loss of $9 million in rev- cording to a 2019 report by the New York-based Korean American and not have a handle on what the

FROM LEFT: TOM WILLIAMS/GETTY IMAGES; JESSICA POWERS Nonprofits hurt by the pan- enue on canceled events and a ma- National Council of Nonprofits. Family Service Center. The agency future holds.”

YOUR HEALTH | SUMATHI REDDY One Idea to Speed a Vaccine: Deliberately Infect People

IT’S A CONTROVERSIAL idea: In- done in a highly controlled setting. hVIVO that specializes in human tentionally infect people with the When used in vaccine and drug de- challenge trials is “very actively virus that causes Covid-19 to test velopment previously, challenge looking into how we could build a the effectiveness of a potential trials have tended to be done with Covid-19 challenge study to help vaccine. diseases whose behavior and ef- speed up the world wide develop- The approach is called a human fects are better understood than ment of an effective vaccine,” said challenge trial, and it’s not the Covid-19. Researchers have done Cathal Friel, executive chairman of usual way a vaccine is tested. challenges with the flu, for in- Open Orphan, a clinical trials com- More commonly, researchers track stance, to try to develop a better, pany that acquired hVIVO earlier thousands of people, some of longer-lasting vaccine. Influenza is thisyear.Hesaysatleast10phar- whom receive a vaccine, and oth- a well-studied, well-known virus, maceutical companies have already ers a placebo, and then see who and scientists expressed inter- becomes infected in the natural are confident est in their po- course of their lives. It’s a slower they can give a tentially con- process, but poses fewer risks than precise amount ducting a deliberately infecting people after of it to young, 16,000 challenge trial they’ve received a vaccine. healthy volun- of their vaccine But some scientists now argue teers without Approximate number of volunteers candidates. the risks of such a challenge trial killing them. on a Covid-19 challenge website Some people are worth taking if it could poten- With the coro- say they would tially speed the development of a navirus, there be willing to vaccine. Three groups of health ex- are many risk volunteer. Josh perts have recently published arti- factors and uncertainties. “You’re Morrison, a 34 year old in New cles advocating for the idea. And starting with this whole new virus York City, has started a group the World Health Organization last that we don’t know a lot about,” called 1Day Sooner where people week published a document outlin- A version of influenza used in November for a flu-vaccine human challenge. says Kathleen Neuzil, director of the can express interest in participat- ing criteria for the “ethical accept- Center for Vaccine Development ing in a future challenge trial for ability” of a Covid-19 human chal- are not typical vaccine develop- a human challenge trial in about and Global Health at the University Covid-19. So far around 16,000 lenge study. ment,” says Stanley Plotkin, a pro- four months.” of Maryland School of Medicine. people from more than 100 coun- Vaccines usually take decades to fessor emeritus of pediatrics at Dr. Plotkin says the immediate She’s also the principal investigator tries have signed up, including manufacture but experts are looking the University of Pennsylvania and objective isn’t a vaccine for the of a government-funded influenza him, despite the fact that he do- for ways to shorten the entire pro- vaccine expert who co-authored an general public, but rather to expe- human challenge study that nated a kidney in 2011. cess with Covid-19 to perhaps 12 to article in the journal Vaccine ear- dite approval of a vaccine for launched last year. “Obviously I would prefer not to 18 months. There’s no guarantee lier this month advocating for a emergency use in high-risk groups. Dr. Neuzil doesn’t think a hu- get Covid-19,” he says. “But I also they will be able to do so. It’s un- human challenge trial. Experts agree that even if a chal- man challenge trial would speed felt like this was a chance to be clear how much a challenge trial “I think that a human challenge lenge trial were used to accelerate up the vaccine development pro- part of saving thousands or even could potentially accelerate the could contribute greatly and un- a vaccine, a broader trial would cess. That’s partly because of the hundreds of thousands of lives. timetable. Experts say the trial itself less we start preparing for it now still ultimately need to take place. time it could take to create a ver- And I felt so powerless at the time might take only a couple of months, it will not be available when we Several potential coronavirus sion of the virus to be used in the that being able to take action and but creating a version of the virus to need it,” added Dr. Plotkin, who vaccines have entered human test- testing. That strain has to be man- do something meaningful was a infect people with—a crucial part of consults with vaccine manufacturing. But none have announced that ufactured according to government strong motivator to me.” any challenge—would likely take at ers. “If problems don’t arise along they will be doing human chal- standards and tested to find the least six months. the way, I think it would be rea- lenge testing. right dose. For Tuesday’s Arts in Review

ERIC KAYNE FOR THE WALL STREET JOURNAL “We have to look at ways that sonable to hope that one could do Any human challenge would be A company in London called articles, please see WSJ.com. THE WALL STREET JOURNAL. Tuesday, May 12, 2020 | A11 LIFE & ARTS ‘Kimmy Schmidt’ Special Gets Fans Involved

Viewers weigh in on plot twists for the Netflix show’s reunion, embracing an experimental format in internet-based TV

BY JOHN JURGENSEN

WHAT WOULD KIMMY DO? If the heroine of the Netflix comedy series “Unbreakable Kimmy Schmidt” was offered wedding gowns in two styles—fancy or fun—her pick would be obvious, based on her girlish tastes and doggedly upbeat outlook established over four seasons. “We would never let Kimmy not choose the fun dress,” says Robert Carlock, who created the charac- ter with Tina Fey. An interactive reunion special of “Unbreakable Kimmy Schmidt,” which debuts May 12, offers a different perspective on the densely layered world of the show by giving fans control of the plot. Pick- ing which gown Kimmy (Ellie Kemper) will wear to wed a ten- derhearted prince (Daniel Rad- cliffe) is just the first of dozens of choices that viewers are asked to make by tapping their remote controls or touch screens to steer characters through branching plotlines and narrative detours. The movie-length special is the latest proof of concept for the pos- sibilities of internet-based televi-

sion. As the streaming era has NETFLIX (3) evolved, once disruptive features, such as releasing a full season of episodes on the same day, have become standard. Formats are more Interactive TV: Past, Present, Future malleable, allowing episodes to clock in shows and other programs by at 10 minutes or pushing buttons at home, fore- more than an hour. shadowing a similar use of mo- Netflix developed bile phones decades later. software to help producers make in- “Black Mirror: Bandersnatch”: A teractive shows, and special edition of the “Black says there are more Mirror” Netflix sci-fi series, re- coming in the leased in 2018, had viewers genres of horror and control the actions of a pro- romantic comedy. grammer adapting a choose- “The goal we all your-own adventure book into have in mind is full a videogame. 3-D immersive es- capist experiences. “After Dark”: Mobile-only On the way, that’s streamer Quibi’s planned hor- manifesting in these ror series, created by Steven new forms of entertainment,” says QUBE: Launched in 1977, the re- Spielberg, can only be watched Dave Schwartz, director of the gional cable TV system let sub- after the sun goes down in the School of Interactive Games and scribers weigh in on talent viewer’s location. The ‘Unbreakable Kimmy Schmidt’ interactive special, top, lets viewers steer Media at the Rochester Institute of the plot, which appealed to Tina Fey, standing above, one of the show’s writers. Technology. Interactive shows are starting to become a familiar niche of their own, bridging a gap be- cult, brings a different mood to Netflix, which doesn’t disclose script, and test run the flow of the “When you’re deciding whether tween the control players have in the interactive experience. In the viewership data, has said that 94% show as they add footage. to go left or right, our instinct is videogames, for example, and the new special, “Kimmy vs. the Rev- of “Bandersnatch” viewers made The process “appealed to the to write five jokes about going up. passive experience of watching erend,” Kimmy discovers a clue active choices to steer the story nerd parts of our brains, the puz- We kept stripping things away,” “classic TV,” he says. that sidetracks her wedding plans rather than let it run on autopilot. zling of it all,” says Ms. Fey, the Ms. Fey says. Netflix first introduced interac- and forces her to confront her Theoretically, interactive episodes former “Saturday Night Live” star As a coda to last year’s series tive features in 2017 in several ani- nemesis, Rev. Richard Wayne Gary multiply the “engagement” that who also ran the comedy “30 finale, the interactive special dem- mated children’s shows. In late Wayne (Jon Hamm), the man who streaming platforms prize as a Rock” with Mr. Carlock. onstrates that the best use of 2018, interactivity made a higher- had hidden Kimmy and other way to hold on to subscribers. Branch Manager also helps high-tech storytelling tools might profile debut in the streamer’s sci- women in an underground bunker “They’re made to be re-watched,” maintain efficiency for produc- be to supplement familiar forms, ence fiction anthology series for years before she escaped for a Carla Engelbrecht, Netflix’s direc- tions that are, by nature, shooting not replace them. The viewers “Black Mirror.” In the stand-alone new life in New York City. tor of product innovation. She extraneous scenes. who will be most invested in ex- film “Black Mirror: Bandersnatch,” As in “Bandersnatch,” viewers says they also serve as a perk Net- With the other writers of the ploring all the joke scenes will be viewers guided the actions of a often have to return to forks in flix can offer top creators: “Here’s “Kimmy” special, Meredith Scar- fans familiar with the show’s computer programmer as he strug- the story to make different this new tool you can play with.” dino and Sam Means, Mr. Carlock mythology. gled to launch a choose-your-own- choices, but the stakes are lower. To create the interactive spe- and Ms. Fey had to slow down their “It definitely worked for us be- adventure videogame. Even if those choices don’t cials, producers use a software ap- usual rapid-fire rhythm of jokes cause we’re using characters that A comedy series such as “Un- move the story toward the show’s plication designed by Netflix and references when it came time were very well established,” Ms. breakable Kimmy Schmidt,” a sat- conclusion, they still pay off in the called Branch Manager. Writers for “choice points,” mini-scenes in Fey says. “I don’t know how easy ire which follows the adventures form of more jokes, Mr. Carlock use it to map out their stories, which viewers are given about 10 it would be to start a brand new of a sunny survivor of a doomsday says. keep track of bifurcations in their seconds to pick what happens next. series in this format.”

Weather TheWSJDailyCrossword| Edited by Mike Shenk Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day. • Edmontondt 20s <0 1234 5678 9101112 67 Neighborhood 29 Traditional cure 60s 50s 40s VVancouver 30s 0s 68 Mischievous 30 Risqué message CClCalgarylgary 40s 13 14 15 16 50s person 10s 34 Lofty degree Seattle 40s Winnipegip 17 18 19 30s 20s 69 River of Hades 50s 35 Sock wigglers 50s 30s 20 21 22 23 Portland Helena AAugusta 70 Auction off Bismarckk Ottawattawa Montreal 37 Chilly Billingsg 40s 24 25 26 Eugene 50s 50s Boston 71 Idyllic setting 50s Mpls./St.pls /St PauPaul 40s TToronto AAlbanybanyy 50s 38 “Terrible” time Boisei 60s 50s 27 28 29 30 31 Down 60s Siouxoux FFallsll 60s for tots PPierre Milwaukeek Detroitt Buffalo Hartfordtfordt 70s 50s 70s Newe Y Yorkk 70s 32 33 34 35 36 37 38 1 Blueprint bit Reno 40s Deses Moines CChiChicagog CClCleveland l d 40 Succinct CCheyenneh y Sacramento Omahah Philadelphiah dlhil 80s Saltlt LakeL ke CiCCity Pittsburgh 39 40 41 42 2 Jokey Jay 41 Retailer with a 50s Denver 50s Springfieldp ifild Indianapolis Washingtonhihingtongton D.C.D C 90s Sanan Francisco Topeka Kansas 40s 3 KGB’s base cat-and-dog logo 70s CColoradod City 43 44 45 46 Springsp CCharlestonhlt Richmondh d 100+ Wichitah St.. LLou Louis LouLLouisvilleill 44 Shucker’s unit 60s Raleighliihgh 4 Fail, as a Las 50s 60s Nashvilleh ill 47 48 49 50 LosA AngeAngelesl Santaanta Fe 60s Charlotte business VeVegas 60s Oklahomak homaaC CitCCityy 46 :’-( LLittlee Rockk Memphisphi CClColumbia b 51 52 53 54 55 80s PPhoenixh AlbAlbuquerqueqq 5 Passes with San Diego 60s AtlAtlanta t Warm Rain 48 Tadpoles and 90s TucTucson Birminghamih 56 57 58 59 60 61 flying colors DllDallas JJacksonk caterpillars ElPaso FFt..Wor Worthth 70s Cold T-storms 6 Rams like rams 20s 80s Mobilebil Jacksonville 62 63 64 65 50 Rides the rapids 30s AtiAustin do 90s Houstont 80s Stationary 40s Orlandold Snow 66 67 68 51 “___ the big Newew Orleans 7 Kindle 80s Sanan AntonioAAt i Tampa idea?” 50s 69 70 71 download 60s Honolulull 90s Miami Showers Flurries AnchorageA h g 52 Drum kit cymbals 70s 70s 8 Game of love? Ice A HEAD FOR BUSINESS | By Caitlin Reid 53 Oscar winner 9 “I knew it all Julianne U.S. Forecasts Today Tomorrow Today Tomorrow Across 25 Criminal 49 Leaves in the along!” City Hi Lo W Hi Lo W City Hi Lo W Hi Lo W 54 Big name in s...sunny; pc... partly cloudy; c...cloudy; sh...showers; coverups? lurch 10 •Playoff period Omaha 59 45 c 65 55 t Frankfurt 58 38 pc 61 43 pc 1 Give a knuckle chips t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice Orlando 85 64 s 85 69 s Geneva 57 47 pc 62 51 sh sandwich Today Tomorrow 27 Gets ready, as 51 Question after 11 Fireflies do it Philadelphia 60 42 s 63 46 s Havana 84 69 t 84 69 r 58 Blue hue City Hi Lo W Hi Lo W 5 Be a lookout, leftovers waking from a Phoenix 94 68 s 90 68 s Hong Kong 87 79 t 86 80 sh 12 Theater fixtures Anchorage 53 40 pc 57 44 s Pittsburgh 54 34 c 58 40 s Istanbul 81 59 pc 72 57 s maybe 31 Online stop coma, say 59 Apple Store 14 “Buh-bye!” purchase Atlanta 72 54 pc 78 58 c Portland, Maine 57 35 s 57 39 pc Jakarta 90 78 t 90 77 sh 55 Unprincipled Austin 86 70 t 87 68 pc Portland, Ore. 63 51 r 62 51 r Jerusalem 82 62 s 86 63 s 9 Police dept. alerts 32 Olfactory fellow 21 Old, but cool 60 Made an Baltimore 61 41 pc 65 44 s Sacramento 71 49 c 70 49 pc Johannesburg 71 46 pc 70 43 pc 13 Mexican money indication Boise 68 45 c 63 46 c St. Louis 61 51 c 65 61 t London 58 42 pc 55 39 c appearance 33 Borrow for a fee 56 That fellow 22 Mideast VIPs Boston 57 38 s 58 43 s Salt Lake City 74 52 pc 67 49 c Madrid 63 49 t 68 50 c 15 Raise to the third 61 “Pardon the Burlington 51 32 pc 56 38 s San Francisco 67 51 c 67 52 pc Manila 97 81 pc 96 83 pc power 36 Show emotion 57 Management 26 Had a meal Charlotte 66 49 pc 68 52 pc Santa Fe 79 45 s 78 45 s Melbourne 62 49 c 57 43 pc Interruption” department of Chicago 59 41 s 64 53 pc Seattle 64 52 r 63 51 c Mexico City 78 56 s 79 55 t 16 One of 18 on a 39 Lower, as lights 27 Wands channel Cleveland 56 36 s 57 45 s Sioux Falls 56 46 c 59 51 r Milan 74 54 sh 64 57 sh course a company, and Dallas 79 67 t 86 70 pc Wash., D.C. 62 45 pc 68 48 s Moscow 73 37 r 52 39 pc 40 •Cardboard a hint to the 28 Polish for 63 Utmost, Denver 7647pc7843pc Mumbai 93 84 pc 93 84 pc 17 Occur as a result clippings for starred answers publication informally Detroit 58 34 s 59 45 pc International Paris 59 43 pc 63 44 pc schools Honolulu 85 69 pc 84 71 sh Rio de Janeiro 81 67 s 83 72 pc 18 School on the Previous Puzzle’s Solution Today Tomorrow 62 Throat-clearing Houston 87 70 pc 89 73 pc Riyadh 99 76 s 98 73 s City Hi Lo W Hi Lo W Thames 42 Plant sound GOYA WE E D AMA S S Indianapolis 60 44 c 63 53 c Rome 74 57 t 79 61 pc UN I SPHERE TENET Kansas City 54 47 c 67 61 t Amsterdam 53 39 sh 54 40 pc San Juan 89 76 s 89 75 pc 19 Largest 43 Take the helm 64 Do one’s civic SANSSER I F MECCA EATIT ESTHER Las Vegas 84 62 s 83 64 pc Athens 83 65 s 84 64 s Seoul 67 50 pc 70 52 s continent duty Little Rock 63 54 r 80 64 t Baghdad 94 65 s 99 71 s Shanghai 85 63 pc 79 65 pc 45 You, to a Quaker WE P T E R I N OD E 20 •Fundamental ERR FORESTF I RES Los Angeles 70 57 sh 72 57 pc Bangkok 99 84 pc 98 83 pc Singapore 87 81 t 88 79 t 46 Moment to shine 65 Spanish finger BIOLAB ALIAS Miami 83 75 pc 83 74 t Beijing 84 53 s 88 65 c Sydney 69 49 s 68 54 pc basis BEFALLS ECL I PSE Milwaukee 53 36 s 57 47 c Berlin 53 39 pc 55 38 pc Taipei City 80 72 sh 85 74 pc onstage foods SCOOT ESTATE Minneapolis 59 44 pc 62 53 r Brussels 53 36 pc 57 38 pc Tokyo 7564pc7961s 23 Demolition stuff B I CHONFR I SE PAL 47 Commuting 66 Exclamation with APU GA I N SAYS Nashville 61 52 c 72 61 c Buenos Aires 64 51 pc 64 47 s Toronto 4730pc5538s 24 Color choice a dramatic reveal THREES SLEEP New Orleans 83 70 pc 86 72 s Dubai 95 81 s 93 77 pc Vancouver 62 50 r 61 48 r MOANA ST I RFR I ES

New York City 59 40 s 62 46 s Dublin 54 36 c 49 33 pc Warsaw 5238pc5739pc s ANT I S FANAT I CAL Oklahoma City 60 57 r 80 65 t Edinburgh 55 30 pc 51 34 c Zurich 57 43 pc 58 46 sh Solve this puzzle online and discuss it at WSJ.com/Puzzles. NEEDY ONES GYRO A12 | Tuesday, May 12, 2020 THE WALL STREET JOURNAL. SPORTS

JASON GAY The New Secret to Success? No Expectations

We’re all a little exhausted and desperate. It is OK. Now is the time to ditch the tyranny of perfectionism.

I need another haircut. My last haircut, it went poorly. I locked myself in the bath- room with the cordless hair clippers and only the vaguest of notions. When I emerged, my wife laughed like I hadn’t heard her laugh in years— loud, staccato, Woody Wood- pecker-style guffaws. Let me get the camera! she said. Not what you want to hear after you cut your own hair. Here’s where we stand, in the second week of May: Parts of the country are starting to reopen, but it feels gradual, imprecise, wary. Life isn’t exactly back to normal. The Great American Stay-At-Home has yielded to the something more like…muddling through. My own stay-at-home has a rough patch. I’ll admit: it’s getting a little grizzly in here. We’ve gone shower-optional. I’m eating too many lunches in pajamas. It’s been at least eight weeks since I’ve worn a collared shirt. I’ve forgot- ten how to tie a necktie. I’m giving my dress shoes away to the neighborhood dogs. I’m letting the kids fight with kitchen knives and pole vault in the living room. And nope: I still haven’t made that sourdough bread. That last quarantine haircut? It was a month ago, and while the I no longer expect much from the day, the week, myself, and the world around me. It’s like being a Detroit Lions fan, writes columnist Jason Gay. front of my head looks half-decent, the back looks as if a passel of fact that years from now, when my Another Zoom cocktail? Bleccch. lot of folks, I spent so much of my No, not today. We’re going to opossums have built themselves a grandchildren ask, “Grandad, how The virtual world has lost its pre-quarantine life aggravated by have the steak sandwich. And then comfy nest. I fear the cordless did you spend the Great Quaran- appeal. We need humanity. When crowds and traffic. I groaned about a drink. Why the heck not? clippers won’t suffice for my next tine?” I’ll pause for a bit and say will we find ourselves again in a invites to faraway weddings, com- Amid our social distancing, cut. I am going to need commercial Ummm…I don’t know. I ate a lot of packed room? When will we go to pany retreats, even birthday par- we’re being reminded that we ac- farm equipment. pretzels? the movies? Get on an airplane? ties. I wore headphones nearly ev- tually liked being around each But here’s the thing: I don’t re- I don’t think there’s anything Sports? Don’t ask me when erywhere I went. A simple walk other. ally mind. I’m not demanding per- wrong with acknowledging this. sports will be down the street Consider school. When this fection right now. I ain’t Tom Nobody’s got a full handle on the back. Maybe had to be a re- whole thing began, part of me Brady, people; I eat carbs. Amid situation. No one finishes the day late summer. Sports? Don’t ask me spite from the thought: Finally. We’re going to unsettled times, I have settled into without a few existential lows. Maybe the fall. hurly-burly. see that school is primed for dis- a peaceful groove, and the groove Loneliness intrudes. Boredom per- Maybe not until when sports will be My solitude ruption, that a lot of education can is called “declining standards.” sists. Even the introverts are like: 2044. The peo- back. Maybe the fall. was precious. be done at home, for a lot less I no longer expect much from Alright, that’s enough. ple who run Nothing made money. It turns out we vastly un- the day, the week, myself, and the I know a lot of you are feeling these sports, Maybe not until 2044. me happier than derrated the socialization aspect of world around me. stir crazy, too. You’re yowling at they don’t know a canceled lunch. school, the camaraderie of a class- It’s like being a Detroit Lions the moon. The week is a dull blur. either. The Now? room. My kids, they don’t miss fan, but for everything in life. You don’t know whether it’s Sun- dribs and drabs I’dgotoyour their books. They miss their Have you ever met a Lions fan? day or Thursday. You’re worn of “news” from the leagues—bio- wedding in Alaska. I’d go to your friends. They miss screaming and They’re calm, well-balanced peo- down by the constant drip of bubbles, testing plans, schedule re- birthday party, too. I’d be the first yelling and goofing off. ple. Absolutely nothing surprises downbeat news from around the leases—are hopeful and amor- to arrive, the last to leave, and I’d That’s what I miss, too. That’s them. world. You are having strange phous. make twisty dog balloons for all what keeps me hopeful. The time Please don’t worry. I’m fine and dreams in which you sit at a table Wondering when sports will the kids. I’d give anything for a will come when I’ll cut my hair happy. I know how lucky and for- with strangers and order margari- happen—that’s the new National work lunch, in a busy, noisy res- and shave my beard and relearn tunate I am. I merely believe that tas and nachos at a Chili’s. Pastime. taurant, with a giant basket of how to tie a tie. Then again, maybe the new expectation is no expecta- Walk? You don’t need another Honestly, I just want to be in a bread, about to order a salad and a I won’t. I don’t miss wearing a tie. tions. I’ve come to terms with the walk. crowd, which is ironic, since, like a Diet Coke and… I miss all of you.

BY LAINE HIGGINS represented LeBron James when he went directly from St. Vincent- LAST SUMMER, JALEN GREEN The Start of a Talent Drain St. Mary’s High School to the was like any other top high-school Cleveland Cavaliers in 2003--to basketball player. Division I persuade Green to consider the G- coaches salivated over his explo- League as a destination. First they sive jumper and elite ball-han- had to convince his parents. dling. He made the rounds at USA “I talked to Green’s family— Basketball camps. Hundreds of Marcus [Green] and Bree [Pur- thousands of people followed him ganan]—for quite a while to get on social media. them to understand that if he did One thing, however, set Green not want to go to college this apart from his peers. As early as would be a great opportunity to fall 2018, the Fresno, Calif., native him,” Goodwin said recently on the was being courted by professional podcast “Posted Up” with Chris sports agents and executives from Haynes. “Jalen wanted to go to the NBA’s developmental G-League college in the beginning, that was about going pro rather than going clear. I just presented it as another to college. option, just in case.” In April, he became the first Abdur-Rahim said that the G- player in the Class of 2020 to join League’s select team does not have a new select team as part of the a roster minimum and that he NBA’s rebooted Professional Path- would keep it going even in years way program, signing for when only one high-schooler goes $500,000. According to pro. So far in 2020, there are 247sports.com, Green was the sec- three, with five-star point guard ond-best high-school senior in Daishen Nix also decommitting America. Another top high- from UCLA to turn pro. Among schooler, No. 14 Isaiah Todd, soon those to turn it down is the Class decommitted from Michigan and of 2020s seventh ranked Greg did the same. Brown III, who chose Texas over a “It wasn’t one recruiting pitch $300,000 G-League salary. that kind of landed either one of A big selling point of the rei- them,” said G-League president magined professional pathway pro- Shareef Abdur-Rahim. “We had gram is that players will receive a more kids that turned it down Top prospect Jalen Green is skipping college to become part of the NBA’s rebooted Professional Pathway program. scholarship to take online courses than accepted it, a lot of kids at Arizona State University that is wanted to go to school.” National Basketball League. said he gave up on convincing the coach Leonard Hamilton said the good for up to five years after Armed with a bigger checkbook Additionally, there were broad guard to sign with the Ducks Seminoles were not actively in- they retire from professional bas- than in years past, the G-League concerns about the G-League’s al- within a matter of weeks. “We volved in recruiting Green, though ketball. Select team members will has suddenly emerged as a disrup- location process, which gives play- brought Jalen in for a visit, but we he does remember having a frank also be assigned player develop- tive force for Duke, Kentucky and ers little say in where or for what stopped recruiting him fairly early conversation with the guard’s fam- ment personnel and have access to other big programs that rely on team they’ll play. Parents were in the process when it looked like ily in Tallahassee. the NBA’s catalog of off-court one-and-done talent who are all wary of sending their teenagers off hewasgoingtogopro,”hewrote “They came in and visited training programs, such as finan- trying to lure the very best high- to markets with minimal exposure in an email. and…they were always very up cial literacy, professional shadow- schoolers. Since launching the Pro- or the developmental wing of a Next, Green swung through the front with their intentions in ing and healthy relationships. fessional Pathway program in struggling franchise with no guar- southeast with a visit to Auburn terms of their process and their Additionally, the advent of such 2018, Abdur-Rahim said G-League antee of getting drafted. on Sept. 27, where he reminded his time table,” said Hamilton. “I re- an elite team means that college executives have been in the stands By the summer of 2019, the G- Instagram followers he was “not spect the fact that it appears that gymnasiums may not get to host alongside college coaches hunting League had been courting Green committed” in the caption of a they thought it through and this one-and-done superstars like An- for talent. for about six months. At the time, shot of him smiling in the team was a decision that he and his thony Davis or Zion Williamson for “Wewereatallofthoseevents: however, he intended to go to col- locker room. On Oct. 3, he went to family made in their best interest.” 30-plus nights each winter. The USA Basketball events, top 100 lege even if it were only for one Memphis and shared a picture of While Green was criss-crossing top end of college basketball talent camps, NBA Players’ Association year. He sifted through offers from him and Ja Morant, a former Mur- the country on recruiting visits, he may dip, but it’s unclear how many camps,” he said. 19 universities and scheduled offi- ray State basketball player who was also getting the full-court players in a given graduating class After the first year of the pro- cial visits at Auburn, Memphis, Or- was in his rookie year with the press to go pro, according to Ab- will be talented and mature gram, he said, the G-League identi- egon and Florida State. Memphis Grizzlies. Both of the dur-Rahim. enough to join the G-League select fied some problems to work out. Green made his first trip to Ore- program’s coaches—Bruce Pearl “The education process has team. For starters, it wasn’t offering gon on Sept. 13, where he enjoyed and Penny Hardaway, respec- been ongoing,” he said. “It was “I think we might be overreact- enough money. The program’s posing with an Oregon-branded tively—declined to comment. more of a series of conversations ing to the G-League initiative,” maximum salary of $125,000 basketball for a photo shoot. He The teenager’s final official visit and information, so to speak, said Florida State’s Hamilton, “be- wasn’t enough to persuade kids to posted a shot on Instagram, noting took him to Florida State on Nov. about this is what we offer.” cause this is not the first time turn down a college scholarship or “I didn’t put the jersey on but y’all 16. It was the only one of his re- Beginning in June 2019, Abdur- youngsters have had the opportu- a mid-six figure salary offer from a see the O.” cruiting trips that he did not docu- Rahim worked with Aaron Good- nity to go straight from high

foreign league, such as Australia’s Yet Ducks coach Dana Altman ment on Instagram. Seminoles win--his former agent who also school to professional.” FROM TOP: RAJ MEHTA/REUTERS; GREGORY PAYAN/ASSOCIATED PRESS THE WALL STREET JOURNAL. Tuesday, May 12, 2020 | A13 OPINION

Remember the à la Mode! BOOKSHELF | By Gregory Crouch Paradise Bully for Greg Today Ms. Luther is Amer- Gov. Abbott’s reprieve will en- willing to pay it. Abbott. And ica’s most famous hairdresser. courage more contempt for Manifestly Ms. Luther is for common Some of those chafing under the law have a case. But they not the only one flouting lock- sense. lockdown hail her as a folk ought to consider a contend- down restrictions. We see it Lost When the hero who stood up for freeing proposition: What hap- every day, from other owners Texas gover- dom. Others see her the way pens to respect for the law who surreptitiously operate MAIN nor issued a Judge Moyé did, as an individ- when the public sees a mom businesses that are supposed STREET revised execu- ual who risked spreading a hauled off to jail for doing to be closed to those who Fire in Paradise By William tive order deadly disease out of selfish- what was perfectly legal a few sneak out to get their nails McGurn Thursday ness. But maybe it’s better to weeks ago—and is perfectly done. We saw it too from the By Alastair Gee and Dani Anguiano aimed at look at Shelley Luther as an legal again today? Especially U.K. Covid-19 adviser who in- (Norton, 244 pages, $26.95) springing example of what can happen when, as Mr. Abbott and other sisted everyone else stay in hairdresser Shelley Luther when good people suddenly Texas officials pointed out, place but then was caught ar- n California, Paradise was a place, a bucolic town from a Dallas jail, he ex- deprived of the ability to pro- the same justice system is let- ranging a visit from his mis- I sprawled across a ridge in the foothills of the northern plained his action this way: vide for their families feel ting real criminals go free be- tress. In terms of the law none Sierra, where people looking for a quiet, affordable “Throwing Texans in jail who they have no choice. cause of fear they might con- of these can be justified. And existence went to live. Their wishes held true until early have had their businesses shut From the beginning there tract Covid-19? indeed there are those who November 2018, when the town was annihilated by the down through no fault of their have been questions about respond: “Zero tolerance!” deadliest fire in California history. own is nonsensical, and I will how far the authorities can Still, even with zero toler- The calamity, its causes and its aftermath are recounted not allow it to happen.” go. U.S. Attorney General Wil- A Texas mom is ance, it might help if authori- in “Fire in Paradise: An American Tragedy” by Alastair Gee Ms. Luther is owner of Sa- liam Barr, for example, re- ties imposing and enforcing and Dani Anguiano, two journalists who covered the lon à la Mode, and her crime minds governors and mayors treated like a criminal these restrictions could con- disaster for the Guardian. Mr. Gee and Ms. Anguiano spree started April 24, during that there’s no “pandemic ex- for reopening her vey something essential for weave dozens of harrowing and heart-rending survivor the lockdown, when she re- ception” to the Constitution. upholding the rule of law in accounts and expert opinions into a crisp, intimate opened her salon (complete But even where politicians, salon in the lockdown. an emergency: namely, some portrait of the catastrophe. with masks, extra washing law enforcement and judges appreciation that what they Thanks to the region’s annual cycle of wet winters and and limits on how many peo- are acting within their legal are putting people through is arid summers, most of California’s ecosystems incorporate ple could be inside). She then parameters, they sometimes Ditto for Judge Moyé. hard and undeserved—and wildfires into their natural rhythms. Historically, wildfires remained open for seven days, do so in the tone of a Chinese Judges enjoy immense discre- that the people of whom they have facilitated the germination of many California plants after publicly ripping up a emperor addressing his sub- tion, and this one knew his are asking these things are and prevented the overgrowth of vegetation, but recent cease-and-desist order from a jects: Tremble and obey! sentence meant Ms. Luther not their prisoners but their conditions have deviated county judge and ignoring a Speaking only for yours would be going to jail two partners in the American far from the historical temporary restraining order truly, I would not disobey days before hairdressing oper- commonweal, free people who norm. A century of from a district judge. Ulti- lockdown restrictions. Then ations just like Salon à la ought to be addressed and misguided fire suppression mately she was hauled before again, if I had no money com- Mode would be free to reopen. treated accordingly. allowed the state’s forests the latter, Eric Moyé, who ing in, perhaps I too might It’s telling that when the judge Citizens have a presump- and chaparrals to grow far sent her off to jail. find myself pushed to do confronted her, he did not tive responsibility to obey too dense—providing a super- Who cannot have sympathy something I would otherwise confine himself to asking her public authorities exercising abundance of wildfire fuel. for this Texas mom? Not be- never consider—as might be to acknowledge that her ac- their lawful powers. But as A changing climate now cause she is innocent. No one, the case of a working mom tions were unlawful. Instead, Mr. Abbot demonstrated, pub- extends California’s dry season not even Ms. Luther, denies with three mouths to feed and he demanded she call herself lic officials also have a re- further into the fall months, she did what she was accused a bunch of hair stylists she “selfish”—and dangled the sponsibility to show judg- when high winds afflict the of doing. But when an other- can no longer pay. Surely the possibility of a reduced sen- ment, so that authorities don’t state. This combination has wise hard-working, law-abid- hearts of the American people tence in exchange. Say what put themselves in positions exposed much of modern ing American lands in the can empathize with Ms. Lu- you want about Ms. Luther, that make them look ridicu- California to some of the most pokey for trying to work, it ther even when they don’t ex- but in her response she made lous—and transform decent savage infernos known to history. ought to raise questions be- cuse her disobedience. clear she understood the price citizens into criminals. As the authors write, an abnormally yond the letter of the law. Those who believe that of civil disobedience and was Write to [email protected]. long dry season in 2018 left the countryside “desiccated” and “as dry as tinder.” It began with below- average rainfall during the 2017-18 rainy season and extended, with little respite, through the first week of Biden Wouldn’t Be a Second Obama November 2018. On the night of Nov. 7-8, the dominant west winds reversed, pouring out of the Great Basin to the Only four Donald Trump ran against shift away from what they call would not share Mr. Trump’s east and raging over the Sierra Nevada. “Gusts upwards of months ago, all three and proclaimed an the “neoliberal” agenda of re- willingness to disrupt rela- 50 mph,” we are told, “swept down over the foothills.” the consensus “America first” foreign policy cent presidents. “Policymakers tions with both European and Seven miles east of Paradise, a hydroelectric power line among the that sought to upend decades must move beyond the re- Asian allies, and it would at- owned by the Pacific Gas & Electric Co. ran through a rich, powerful of U.S. trade and alliance policy. ceived wisdom that every tempt to smooth relations rugged canyon. A series of towers, each almost a century and well-con- What kind of shifts and somer- trade deal is a good trade deal with important U.S. allies like old, held the line aloft. Shortly after 6 a.m., a powerful GLOBAL nected who saults in American foreign pol- and that more trade is always Japan, South Korea and Ger- wind broke a hook high up on an arm of one tower. A live VIEW gathered for icy can the world expect if Joe the answer,” they write. A many. But Mr. Biden’s White wire fell. PG&E experienced a power outage on the line at By Walter the World Biden moves into the West “postneoliberal” agenda would House would likely combine 6:15 a.m. Thirteen minutes later, a supervisor “saw a fire Russell Mead Economic Fo- Wing next January? promote industrial policy any friendliness with a new that he estimated to measure 100 square feet in a clearing rum’s annual There will certainly be (large public investments in emphasis on human rights and below the transmission line.” Fire Chief Matt McKenzie and meeting in changes. One will be on cli- green energy and other cli- a skepticism about the value his small crew approached the scene in another quarter of Davos, Switzerland, was that mate policy. While moderate mate-friendly technologies as of trade—which could lead to an hour, but realized the fire was on the far side of the Donald Trump would win a liberals may not embrace the well as funding to match some interesting conversa- canyon, separated by an impassible river. His team couldn’t second term. The coronavirus entire “Green New Deal” China’s support for tech). It tions with regional powers in- get closer to the flames without a precarious 40-minute and consequent economic col- agenda that featured promi- cluding Vietnam, Myanmar, detour. To Mr. McKenzie, a 20-year veteran of the state’s lapse have challenged that nently in the Democratic pres- Thailand and even India. firefighting agency, the burgeoning conflagration looked certainty. As they huddle in idential primary, a strong cli- He’d prioritize the On Iran, most Democratic like “a fire with enormous potential.” their lockdowns from Brussels mate program is central to foreign-policy experts regret Fierce, gusty winds whipped the fire into an to Beijing, world leaders are Democratic thinking these climate, but don’t Mr. Trump’s withdrawal from uncontrollable beast and sent it straight toward Paradise. trying to figure out what a Bi- days. Mr. Biden’s America expect a return to free the JCPOA, but there is less Satellites clocked the fiery monster at speeds of up to 21 den administration’s foreign would not only return to the consensus on what to do going miles an hour, “faster than the previously posited policy would look like. Paris agreement; it would put trade or the JCPOA. forward. So many things have maximum for wildfire spread.” It’s a good question. Ameri- U.S. diplomatic weight behind changed since 2017 in Iran and can foreign policy in the 21st a stronger, faster push to re- the region that simply return- century has been even more duce global emissions. would include the reshoring of ing to the status quo ante It was one of the few California towns with a erratic than usual. The Sept. There will also be sur- strategic manufacturing capa- Trump is unrealistic. The uni- decent evacuation plan. But no one envisioned 11 attacks led President prises. Those looking for a Bi- bilities, “a laser focus on what lateral sanctions the Trump George W. Bush to proclaim a den administration to return improves wages and creates administration imposed on they’d have to evacuate everyone at once. global war on terror. In 2008, to the free-trade agenda that high-paying jobs in the United Iran may not have brought Barack Obama was elected in presidents from George H.W. States,” and aggressive cam- Tehran back to the bargaining large part on his record of op- Bush through Mr. Obama pri- paigns against firms taking table on the president’s terms, Paradise sent its first automated alert at 7:57 a.m. Five position to the Iraq war Mr. oritized should brace for a advantage of low-corporate- but a Biden administration minutes later, officials “ordered the mandatory evacuation Bush launched. President shock. It isn’t only Republi- tax havens like Switzerland might not want to give up the of the entire town.” Fewer than half of Paradise’s 27,000 Obama negotiated three high- cans like Mr. Trump and Sens. and Ireland. leverage those sanctions pro- inhabitants, however, had opted into the town’s alert profile international agree- Marco Rubio and Josh Hawley A Biden administration vide without receiving some- network, and in the town’s eastern neighborhoods—the ments: the Joint Comprehen- who have broken with the would likely share Mr. thing from Iran in return. ones first hit by the fire—more than half of those alerts sive Plan of Action, designed free-trade orthodoxy of past Trump’s position that China is Foreign policy is, above all, failed. Many residents’ first notification came as the fire to limit Iran’s nuclear activi- decades. Jake Sullivan, a for- America’s major geopolitical grappling with the unpredict- itself charged into their area. Although the authors credit ties; the Trans-Pacific Part- mer top aide to Secretary of competitor, but it will pursue able. George W. Bush didn’t Paradise as one of the “surprisingly few” California towns nership, aimed at pre-emp- State Hillary Clinton and na- that competition in a different expect 9/11. Mr. Obama didn’t with “a decent evacuation plan,” no one had envisioned a tively setting up economic tional security adviser to Mr. way. While the current presi- foresee the return of geopoli- scenario in which they’d have to evacuate the entire town rules for Pacific Rim countries Biden in the Obama White dent views existing interna- tics. Mr. Trump didn’t antici- simultaneously. that would constrain China; House, published an article tional architecture with suspi- pate the pandemic. A Biden Chaos ensued. Traffic and flames overwhelmed the and the Paris climate accord, this February calling for sig- cion, Mr. Biden would likely administration can also expect town’s primary evacuation arteries. Flames tore through envisioned as the first step in nificant changes. see it as an indispensable ele- to be surprised as the stabili- lines of immobilized cars. People fled on foot. Firefighters, a globally coordinated cam- He and co-author Jennifer ment in building an effective ties and certainties of the police officers, public servants and members of the paign to limit the emission of Harris (another Obama vet- international approach to Bei- post-Cold War era continue to general public all made heroic attempts to save their greenhouse gases. eran) argue for a fundamental jing. A Biden administration fade away. fellow citizens. Joe Kennedy, a bulldozer operator for the California Department of Forestry and Fire Protection, helped two nurses fleeing the town hospital into his cab. Fires burned through dozens of “seemingly abandoned Since Work Is Rare, It’s Time to Share vehicles” that blocked their escape. Inside several, he could see “what appeared to be the burned bodies of By Katharine G. Abraham Under the program, em- returning to their former em- quickly. Virginia passed a people who had not been able to get out in time.” He And Susan N. Houseman ployees returning on a re- ployers, workers can avoid the work-sharing law in late April, steeled himself and rammed the cars aside with the duced schedule receive unem- permanently lower earnings though the program is sched- blade of his bulldozer. ore than 33 million ployment benefits for the that frequently follow long- uled to begin only on Jan. 1, By 10 a.m., less than four hours after ignition, the fire M American workers— hours they no longer work. An term unemployment. They 2021. The remaining 23 states, had consumed more than nine square miles. The front of about 20% of the U.S. employer who has laid off 20 also regain access to critical which account for 28% of the the main fire rampaged across the thoroughfare running labor force—have filed for un- and now has enough work to benefits, including health in- U.S. workforce, should act through the center of Paradise. Meanwhile, “the death toll employment insurance since keep 10 of them busy full-time surance. now to give their employers was starting to mount.” Most escaped. Many did not. March 14. Governors are be- could bring back all 20 on a Through work sharing, em- this valuable option while it Some time that night, Paradise, Calif., ceased to exist. ginning to lift restrictions, but ployers can improve work- can make a difference. By the time a rainstorm finally extinguished the blaze many businesses can expect to place morale and avoid need- Work sharing is a common- 17 days later, the fire had killed 85 people, incinerated operate at reduced capacity Laid-off employees ing to train new workers as sense response to the more than 200 square miles and destroyed upward of for some time, perhaps until a can return part-time their businesses recover. With Covid-19 crisis that will allow 14,000 homes. Blame for the disaster quickly descended vaccine or effective treatment the passage of the Cares Act employers and their employ- upon PG&E. As the federal judge overseeing the utility’s for Covid-19 is available. If and receive benefits. in March, the federal govern- ees to rebuild businesses at a probation stemming from a 2010 wildfire pointed out, business capacity can only re- ment is reimbursing states for pace and in a manner that PG&E had paid $4.5 billion worth of dividends to its turn to, say, 50% of precrisis all benefits paid under work- safely parallels community stockholders during the five years prior to the Paradise levels, does this mean half of half-time schedule. Each of sharing plans through the end progress in defeating the vi- fire rather than prioritize badly needed and long-deferred all laid-off employees are the 20 would receive half pay, of the year, and many states rus. Its spirit of solidarity is maintenance. doomed to stay unemployed half the state unemployment- have assured employers that also in keeping with what has California’s governor at the time, Jerry Brown, warned for months and months? insurance benefit, plus any using the program won’t raise become a national mantra in earlier in 2018 that such horrendous wildfires are part of No, it doesn’t have to be federal supplement to the their future unemployment-in- this time of crisis: We are all California’s “new normal.” Mr. Gee and Ms. Anguiano cite that way. Work-sharing pro- state benefit. surance tax bill. in this together. three fire researchers who fear that Mr. Brown understated grams—already operational in By maintaining employ- The Labor Department the crisis. The researchers consider it “a mistake to 26 U.S. states, including Cali- ment relationships through clarified on May 3 that work Ms. Abraham is an econo- assume that the region has reached any semblance of a fornia, Texas and New York— the crisis, work sharing helps sharing, originally envisioned mist at the University of stable plateau.” In their opinion, the deadly combination can be a vital tool during the employers and employees as an alternative to layoffs in Maryland and was a member of climate change and overgrown ecosystems has pushed recovery period. Employers alike. Workers who remain the first place, can be used as of the White House Council of California into a new “era of megafires,” one that will who have laid off workers unemployed for a prolonged businesses recall laid-off Economic Advisers during the only get worse. and are ready to begin re- period often have trouble workers. States with programs Obama administration. Ms. building can spread available finding new jobs even after should get the word out to Houseman is vice president Mr. Crouch is the author, most recently, of “The Bonanza hours across their furloughed the economy recovers, and of- employers, and more states and director of research at the King: John Mackay and the Battle Over the Greatest Riches employees. ten earn less when they do. By should adopt programs— Upjohn Institute. in the American West.” A14 | Tuesday, May 12, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Court and Trump’s Tax Returns Sweden’s Doing Better Than New York State t will be a full online house on Tuesday “Allowing the Committee to issue this sub- Your editorial “Weighing Swe- choices. Sweden is the big winner when the Supreme Court hears a legal dou- poena for legislative purposes would turn Con- den’s Coronavirus Model” (May 5) is because its economy has suffered I at odds with the “accepted norm” of less, people continue to have their ble-header over President Trump’s tax re- gress into a roving inquisition over a co-equal totally shutting down economies. jobs and the country is creating a turns. Mr. Trump has broken branch of government.” Medi- While Sweden’s death rate is “herd immunity” that should reduce political norms by refusing to Thestakesarebigger cal records, private emails, higher than its neighbors because Covid-19 infections and deaths in release his returns, but the than the political fate cell phone logs—none of the the government didn’t shut down the future. The Swedes get to keep Court will have to consider President’s personal papers its economy and gave its people the their freedom. whether letting Democrats of this President. would be out of Congress’s choice of how they wanted to “so- RANDY ROSSI subpoena them will do more reach. cial distance” themselves, it is Grayslake, Ill. lasting damage to the coun- We can hear the left rejoin: much lower than that in the state try’s law and institutions. But Republicans investigating Whitewater sub- of Michigan. Sweden and Michigan If you divide the number of Trump v. Mazars concerns whether House poenaed business records from the Clintons have almost the same population of deaths by the population, as of May Democrats can subpoena the President’s finan- and their associates. Yes, but they had evidence about 10 million. Michigan’s Gov. 1, Sweden’s coronavirus fatality rate cial records. We’ve urged Mr. Trump to release of financial misconduct from a criminal refer- Gretchen Whitmer imposed horrific is lower than that in three of the isolation rules that are crushing four largest nations in Europe. his tax returns, and his refusal has let Demo- ral. The legality of Congress’s Whitewater sub- the state’s economy, killing hun- While Sweden’s fatality rate is crats claim they are a Rosetta stone to a Rus- poenas were never decided by a court. Remem- dreds of thousands of jobs and higher than that of the U.S. as a sian money-laundering conspiracy, or some- ber the Rose law firm billing records that were shutting down schools, yet 4,020 whole, with an overall fatality rate thing. An IRS audit probably would have turned found in the White House residency two years people died from Covid-19 in Michi- of 0.020%, state fatality rates vary up any tax fraud, and no law obliges a President after being subpoenaed? gan as of May 2. On the other from 0.003% in Texas to 0.122% in to release his returns. Democrats have subpoenaed Mr. Trump’s re- hand, Sweden has allowed its econ- New York, which together with New But mere days before special counsel Robert cords despite no evidence of financial crimes. omy to function, people to keep Jersey (0.084%) and Massachusetts Mueller’s Russia non-collusion report was pub- Though Mr. Mueller found no collusion between their jobs and many younger chil- (0.055%) all have much higher death licly released, the House Oversight Committee the Trump campaign and Russia, Democrats dren continue to go to school. Swe- rates than Sweden (0.026%). subpoenaed the President’s accounting firm still argue their subpoenas are necessary to in- den’s number of deaths through Based on these comparisons, crit- May 4 is 2,769 which is 31% less icism of Sweden’s approach seems Mazars for eight years of his business records. vestigate collusion. than Michigan’s. misplaced. By contrast, the lock- The Intelligence and Financial Services com- In short, there’s no legal precedent for the Maybe more important, Michi- down approach is unlikely to bring mittees subpoenaed Capital One and Deutsche Democratic subpoenas. And the Justices will gan’s governor took freedom away herd immunity. Bank for his family’s financial records. have to consider the damage that upholding the from her people while destroying GEORGE A. CLOWES While the Constitution doesn’t grant Con- subpoenas would do to the separation of powers jobs, while Sweden gave its people Mount Prospect, Ill. gress subpoena power, the Court has allowed that would outlive the Trump Presidency. lawmakers to exercise this authority if they iii have “a valid legislative purpose” Barenblatt There’s at least some legal precedent to sup- Marines Are Right to Change Force Structure (1959). The Court has usually deferred to Con- port Manhattan District Attorney Cyrus Vance gress’s stated legislative purpose. We’ve ar- Jr.’s subpoena of Mr. Trump’s financial records Two April 28 letters (“Think Care- from any number of sources—radar, gued, including last year in New York v. Depart- as part of a criminal investigation. We don’t fully Before Remaking the USMC”) sonar and aerial observation, satellite criticize the radically new operational radar, optical imagery and visual ob- ment of Commerce, that judges shouldn’t probe think a President should be absolutely immune concept offered by the Commandant servation from random encounters— the possible political motivations for official from criminal investigation, as Mr. Trump’s at- of the Marine Corps Gen. David to detect, identify, locate and track actions. But here Democrats are transparent torneys argue. But Tuesday’s second case, Berger that is based on missile-armed anything that floats, anywhere on the about targeting the President. Trump v. Vance, raises vexing questions about small units because small units are world’s oceans, making it possible to “He refuses to turn over the tax returns, federalism. small, and hence weaker than larger attack them with any weapons within what does he have to hide?” Financial Services The two important Court precedents here are units. In Daniel Goure’s version: range, thereby increasing very greatly Chairwoman Maxine Waters mused last May. U.S. v. Nixon (1974) and Clinton v. Jones (1997), “[they] are likely to be brushed aside the vulnerability of today’s Marine Then Oversight Chairman Elijah Cummings but neither is precisely apt. In Nixon, the Court by the amphibious forces China will amphibian forces that depend on a wrote in a memo that his subpoena was neces- allowed a special counsel to subpoena White have a decade hence,” while Col. Alan small number of very large amphibi- sary to investigate whether President Trump House tapes in a criminal investigation of the B. Will (USMC, Ret.) evokes the “co- ous assault ships. “may have engaged in illegal conduct before President’s associates. Jones held that a Presi- ordinated Japanese attack on islands Dispersal is the answer, and that [that] resulted in the loss of Wake, calls for small units, which used to and during his tenure in office.” dent is not immune from civil lawsuits in federal Guam, the Philippines and the Dutch mean weak units, but today we can Democrats later dressed up their subpoenas court for out-of-office conduct. In both cases East Indies.” have “super-empowered small units,” with fictitious legislative purposes. The financial the Court emphasized that courts should not Perhaps it is best to begin at the equipped with highly portable mis- records could be “a useful case study” to learn “proceed against the president as against an or- beginning: Even if artificial intelli- siles, hand-launched, unmanned aerial about “unsafe lending practices” and “money dinary individual.” Both rulings were narrowly gence stops advancing from today, it vehicles, etc. laundering” as well as “efforts by Russia and drawn to the facts at hand. already offers the machine-learning EDWARD N. LUTTWAK other foreign entities to influence the U.S. politi- The Solicitor General makes a compelling ar- capability of instantly combining data Chevy Chase, Md. cal process during and since the 2016 U.S. elec- gument that there should be a heightened judi- tion,” they wrote in court briefs. cial standard for criminal subpoenas directed Mr. Trump’s business records, they added, at a sitting President including a strong show- might also show how “enhanced prudential ing of critical need. This is important to protect Personal Responsibility and the Coronavirus standards are being applied to the largest banks the President from harassment by 50 state At- Regarding Robert L. Woodson Sr.’s that the excuse for their sons being operating in the United States.” Democrats don’t torneys Generals and 2,300 local District Attor- “Personal Responsibility and unable to read and do math was that need Mr. Trump’s tax returns to study leverage neys who may have political motives. Covid-19” (op-ed, May 5): It’s unfor- their fathers were absent from the in banking. This would be like Republicans sub- Mr. Trump won’t be President forever, and tunate that Surgeon General Dr. Je- home. “They learn how to play bas- poenaing Barack Obama’s birth certificate to the Court will have to reflect on how its deci- rome Adams has received such nega- ketball without fathers in the home,” study immigration legislation. sions will affect America’s political institutions tive response from African-American he intoned. As D.C. Circuit Court of Appeals Judge amid hyper-partisanship that won’t end when leaders. Many of these are the same RONALD E. STACKLER Neomi Rao explained in her Mazars dissent, a Democrat takes the White House. leaders who, for the past 30 years, Malibu, Calif. have either participated in, encouraged or ignored the lifestyle choices The photo accompanying Mr. that are currently putting African- Woodson’s article on personal re- Chicago’s Union Pickpockets Americans at risk in the name of sponsibility during this pandemic freedom of expression or choice. says it all. The surgeon general o public unions feel obliged to follow That’s unconstitutional, Ms. Troesch and While many of us expect the sur- rightly urges the African-American D the law? Apparently the Chicago Ms. Nkemdi argue in a lawsuit filed last week geon general to advocate such rea- community and the public at large to Teachers Union (CTU) doesn’t, accord- in federal court. The teachers cite the Supreme sonable positions when needed, even practice social distancing, but the ing to a new lawsuit filed by teachers who say Court’s 2018 Janus ruling that found that com- though hearing the truth may hurt photo clearly shows Surgeon General they’ve been forced to make compulsory dues pulsory union fees violate free-speech rights people’s feelings or not be politically Adams and Dr. Deborah Birx walking payments though they’ve left the union. by forcing workers to subsidize union speech correct, it’s better to have hurt feel- shoulder to shoulder with neither When the CTU went on strike last fall, they disagree with. Government employees ings than to be placed on a ventila- wearing a face mask. Drs. Adams and Joanne Troesch and Ifeoma Nkemdi didn’t want must “clearly and affirmatively consent before tororworse. Birx should walk the walk—masks GREG RALEIGH to stop teaching. Ms. Nkemdi says her second any money is taken from them,” the majority firmly in place. Washington LINDA KORFHAGE graders are “incredible, highly intelligent opinion said. Louisville, Ky. young people” but “already disenfranchised,” As of May 1, there were some 89 active law- Circa 1960, I was a law student so “I didn’t feel they needed to be away from suits nationwide challenging similar union “es- and Jesse Jackson was a divinity school, period....Time away was going to be cape windows” or the forced collection of dues, student at the Chicago Theological Looking Forward to Happy detrimental.” says Bill Messenger, the National Right to Work Seminary on the campus of the Uni- Both teachers quit the union, and in late Oc- Legal Defense Foundation lawyer who argued versity of Chicago. We played Saturday Nights Again tober asked Chicago Public Schools to stop de- Janus. He represents the two teachers. against each other in intramural Regarding Bob Greene’s “Saturday ducting dues from their paychecks. But even af- CTU general counsel Robert Bloch claims the sports. Mr. Jackson invited me to Night Used to Be for Crowds” (op-ed, ter receiving notice, the union continued to lawsuit is “part of a coordinated, national right- hear a student sermon he delivered April 30): My view from the stair- pilfer $35.71 from Ms. Troesch and $59.51 from wing effort aimed at undermining the rights of at a neighborhood church on the case in 1949 Athens, Ohio, featured South Side of Chicago in which he Marge and Bob (car dealer), Ruth Ms. Nkemdi every two weeks. The CTU claims workers and their unions” and says the union sounded like Surgeon General Ad- and Frank (football coach), Jettie members may revoke permission for dues de- operates “stringently within the letter of the ams, rather than the “race-grievance and Herb (nurse and accountant), ductions only during the month of August, and law.” The union’s escape-window shenanigans merchant” he has become. He said to Norman and Esther (grocer), and me anyone who leaves after that must pay until the show otherwise. Federal courts need to enforce the all African-American congrega- in my footed pajamas. I trace the next escape window. Janus or it will have no meaning. tion that he did not want to hear blue wallpaper design next to me as I listen to the comfortable racket, knowing amid the party debris in the Caesar, God and the Lockdowns AI, Covid-19 and Avoiding morning a good breakfast with my A Nuclear War Long Ago dad awaits. s governors consider how to ease their fusing to trust the congregants who promise to Which future Saturday will find lockdowns, they might take a moment to use care in worship in just the same way it trusts In “How AI Is Attacking the Virus” the grandchildren of these people A (Inside View, May 4), Andy Kessler hosting friends in joyful freedom as read a pair of unanimous opinions this accountants, lawyers, and laundromat workers posits that “Open is better than their children listen and look for- month from the U.S. Court of to do the same. Are they not closed. Dissemination is better than ward to their own release from Appeals for the Sixth Circuit. A federal court ruling often the same people, going to secrets.” Covid-19 time? They rebuke the idea of giving on religious liberty is work on one day and attending In pre-AI, pre-Covid-19 data-lake CANDACE MATHEWS BRIDGEWATER office parks greater pandemic worship on another?” times, Paul Baran expressed an inter- Ponte Vedra Beach, Fla. leeway than churches. a lesson to governors. Or this comparison: “Why is esting, similar note related to the A March order by Kentucky it safe to wait in a car for a li- then-recent development of packet- Governor Andy Beshear barred quor store to open but danger- switching networks for secure com- Pepper ... “mass gatherings,” including religious ones. Of- ous to wait in a car to hear morning prayers?” munications. In his 1960 paper enti- And Salt fices and factories were exempt if they followed The question “is more difficult,” the court con- tled “Reliable Digital Communications “appropriate social distancing.” Other orders cluded, for gatherings inside a sanctuary. But it Systems Using Unreliable Network THE WALL STREET JOURNAL Repeater Nodes,” he said: “We chose said that only “life sustaining” enterprises could temporarily blocked Kentucky from prohibiting not to patent the work and not to stay open. That included law firms, laundromats the drive-in service. The Governor, in a subse- classify it. We felt that it properly be- and liquor stores, but not churches. quent court filing, pointed to news reports of 50 longed in the public domain.” When Maryville Baptist Church in Louisville to 100 people inside the church. Not only would the U.S. be safer held an Easter service, some worshipers went The Sixth Circuit followed up with another with a survivable command and con- inside. But a loudspeaker in the parking lot al- opinion on May 9 freeing the church’s in-person trol system, the U.S. would be even lowed sequestered faithful to stay in their cars. services. “Assuming all of the same precautions safer if the U.S.S.R. had a survivable State police placed notices on vehicles, including are taken, why can someone safely walk down command and control system as well. MICHAEL SEGUR occupied ones, explaining that congregants were a grocery store aisle but not a pew?” the court breaking the law. The police took down license- wrote in Roberts v. Neace. “While the law may Medway, Mass. plate numbers. The church sued. take periodic naps during a pandemic, we will Letters intended for publication “It’s not always easy to decide what is Cae- not let it sleep through one.” should be emailed to [email protected]. sar’s and what is God’s—and that’s assuredly Gov. Beshear has now excluded churches from Please include your city, state and true in the context of a pandemic,” a Sixth Cir- his original order. Kudos to the judges for a re- telephone number. All letters are sub- cuit panel wrote on May 2. That said: “The Gov- minder that the Constitution requires neutral ject to editing, and unpublished letters “It’s scary how every bottle cannot be acknowledged. ernor has offered no good reason so far for re- treatment of religion, even in a pandemic. of shampoo might be your last.” THE WALL STREET JOURNAL. **** Tuesday, May 12, 2020 | A15 OPINION Amazon’s Pandemic The Wayward Hunt for Stimulus Fraud By Ankush Khardori calendar year. Technical challenges like these—plus the struggle to navi- Success Story he Justice Department has gate reams of Treasury guidance a tradition of not com- that seemed to change by the day— menting on continuing in- will make it difficult to distinguish By Sean Higgins T vestigations, but it’s some- intentional misconduct from honest times subordinated to mistakes. Nearly 75% of the loans in here’s one bright spot in the political imperatives. My interest was the first PPP tranche were for less T dismal pandemic economy. piqued when Brian Benczkowski, than $150,000, as were 90% in the Amazon is trying something head of Justice’s criminal division, second tranche, indicating that most that no company has attempted be- announced recently that the depart- applicants were small businesses fore: supplying the essential needs ment had already uncovered signs of without extensive compliance teams of 325 million Americans largely possible fraud by applicants for Pay- and resources. confined to their homes during a check Protection Program loans. (The There is no shortage of more pandemic, while keeping its own investigation is being conducted by pressing work for the roughly 40- workforce of more than 500,000 Justice’s Fraud Section, where I used person financial fraud unit of Jus- people safe. Yet some politicians are to work as a prosecutor.) Mr. Bencz- tice’s Fraud Section. There were signs trying to make it a scapegoat. kowski said that application data in- months ago that there would be a To be sure, the company has dicated that some businesses had wave of crude coronavirus-related made mistakes. Business Insider re- been “overstating their payroll costs, fraud targeting people through the ported April 23 that more than 30 overstating the number of employees internet and the phone—offering, for workers in a New Jersey warehouse they’ve had, [or] overstating the na- instance, fake vaccines and test kits. had contracted Covid-19, and dozens ture of their business.” That has been borne out by data from

of cases had earlier been reported at At first blush, the sprawling PPP DAVID GOTHARD the Federal Trade Commission, which Amazon warehouses across the program might seem to be an appeal- has seen a tenfold increase in reports country. Four Amazon workers have ing area for criminal enforcement. loan applications because, as the overreporting their employee count of coronavirus-related fraud over the reportedly died from the virus. And But Justice’s disclosure was troubling Journal’s editorial board and many to increase their loan, though that past seven weeks—now totaling more Amazon has fired at least four work- for several reasons. others have noted, they were entirely case was initiated by an informant than 40,000—with an average loss of ers who protested against company To start, it was practically unwise, consistent with the language of the tip rather than Justice’s general re- $500. That is a significant sum for policies during the pandemic. Ver- assuming that the department is sin- PPP. It’s also clear that Congress in- view of the PPP.) As the investigation many families, especially with unem- mont Sen. Bernie Sanders called the cerely interested in pursuing the intended for large restaurant chains to proceeds, there is a significant risk ployment skyrocketing. firings “obscene.” Minnesota Rep. Il- vestigation, because it gives everyone be able to receive the grants. The that it will ensnare desperate propri- Although the Justice Department han Omar tweeted that “Amazon is who may have intentionally engaged Treasury Department essentially con- etors of small businesses who were has used web domain registrars to retaliating against union organizers in this conduct a head start on pre- ceded this point when it later rushing to tap a finite and insuffi- shut down many sites that propagate *and* refusing to provide basic pro- paring explanations (or defenses). It cient liquidity source—one that was this fraud, the exercise is likely to re- tective equipment to workers.” was also unusual for a Justice De- open for a short period with no guar- semble a game of Whac-A-Mole until partment that has been more focused The Justice Department is antee that more money would be it begins using criminal prosecutions than its predecessors on whether in- available in the future—and who to provide a real deterrent. That Progressives and their vestigations are properly “predi- set to punish good-faith struggled through a hurried approval should include prosecutions against cated”—whether there is a sufficient loan-application errors but process. The application was hardly criminals overseas, where much of union allies trash the factual basis to believe criminal mis- straightforward: It was based mostly the worst conduct likely originates. company, but it keeps conduct occurred—before taking any overlook a wave of scams. on a the applicant’s average monthly To state the obvious, criminal investigative steps, like requesting payroll in 2019, but Treasury guid- fraud in any form is bad. The depart- delivering and hiring. data from banks. ance compelled most companies to ment’s investigation of PPP applica- Nonetheless, Justice did have a amended its guidance to state that it complete most of their 2019 taxes be- tions will almost certainly result in motive to announce its progress in was unlikely that a public company fore applying, even though those some criminal prosecutions—maybe These politicians are carrying wa- this case, and it is disconcerting. with a large market capitalization or taxes aren’t due until July. a lot—since the dirty little secret of ter for a labor pressure campaign. The investigation and disclosures access to capital markets should Applicants also had to exclude financial fraud is that if you look Unions like the United Food and Com- appear to have been influenced by qualify for a loan, since it coupled compensation to employees exceed- hard enough in any area, you are mercial Workers have sought to orga- the public backlash that resulted af- that amendment with a safe harbor ing $100,000 (but not fringe benefits likely to find someone you can prose- nize Amazon’s warehouses for years. ter large companies like Shake Shack that is open through May 14 for busi- to those same employees), as well as cute. That means the crucial choice They’re taking advantage of the re- and Ruth’s Chris obtained loans nesses to return their loans. compensation to any employees isn’t what you do once you start look- newed public focus on the company through the PPP, along with other The Justice Department neverthe- whose “principal place of residence” ing for fraud somewhere—it’s where amid the pandemic to try again. companies that could have raised less seems primed to produce some was outside the U.S. Things were you choose to look in the first place. “Now, more than ever, corporations funds through capital markets. There scalps for the public. (Federal prose- even more complicated for seasonal like Amazon must be held responsible is virtually no chance that those com- cutors charged two Rhode Island businesses for which year-to-year Mr. Khardori is a former federal for failing to keep its frontline work- panies will be prosecuted for their businessmen last week with fraud for business cycles don’t track with the prosecutor. ers from being exposed to the coronavirus outbreak,” UFCW President Marc Perrone said on April 16. What exactly has Amazon done Medical Lockdown Will Cause a Disease Surge since the nation went into lockdown? It announced plans to hire an addi- By Jeff LeBenger had they not delayed visits to their for suspicious symptoms. In the companies and employers to improve tional 100,000 people, made good, And Mike Meyer doctors for fear of coronavirus ex- past few months, new cancer diag- coordination and quality of care. then said it would hire another posure. Health-care executives and noses have dropped by an esti- • Make reimbursement rates for 75,000. Before the outbreak, Ama- ith most of the nation policy experts should focus on mated 30% according to Dr. Benja- a physician’s services the same re- zon’s minimum hourly rate for U.S. W still on lockdown, many serving this potential “third wave” min Neel, director of the gardless of where a patient receives employees was $15. It has since people are missing regu- of sick patients or the good feelings Perlmutter Cancer Center at NYU treatment—at a doctor’s office or kicked that up to $17 and made over- lar screenings and checkups with from having flattened the Covid-19 Langone. over video platforms—so patients time double pay, not time-and-a-half. their doctors. Some may be expe- curve may be short-lived. make decisions based on the care All this while more than 33 million riencing early symptoms of ill- We have experienced the trauma they need, not how much they may Americans filed for unemployment. ness, yet aren’t seeking treatment. and collateral damage of Covid-19. Patients who are sick have to pay out of pocket. Amazon says it is also “waiving The effects of a six-week delay One of us (Mr. Meyer) is based in • Allow anyone who has lost pri- certain fees, pausing loan repayment are surmountable in most cases, Scottsdale, Ariz., and recently suf- with conditions other vate insurance as a result of being . . . and relaxing our policies around but a six-month delay would lead fered the death of his father be- than Covid aren’t seeking laid off to enroll in Medicaid or ob- shipping-related performance met- to much sicker patients and dra- cause of delayed diagnosis and tain an Affordable Care Act policy rics” for selling partners to help matic increases in death rates for treatment. Dr. LeBenger, based in screening and treatment. for a limited time so they do not them stay afloat. major illnesses such as cancer. New York City, has seen thousands delay seeking treatment. Amazon contends that, like any The number of people who die as of patients with Covid-19 while • Provide community-based sup- other company, it is doing the best it a result of these delays could end dealing with delayed treatment for • Reassure patients who may be port through senior centers, YMCAs can to respond to a crisis for which up rivaling or exceeding deaths many others. We both face uncer- avoiding care because they fear and other organizations to promote there is no road map. It has done the due to Covid-19. Adding to this tainty about the future of our prac- catching Covid-19 in doctors’ of- mental health and early identifica- expected things, like distributing potential crisis is that health sys- tices; one runs a small business fices that expanded testing and tion of worsening symptoms in masks and other protective gear and tems and medical providers are whose revenues have plunged, and other measures make it possible to chronic conditions. providing temperature testing for em- incurring substantial losses, which the other a large medical group be treated in a safe environment. It’s hard to plan for the future in ployees arriving at work. Amazon is will impede their ability to pro- with million-dollar losses. • Offer additional financial and the middle of an earthquake. But primarily hiring to staff its vast ware- vide care. Stopping Covid-19 is critical. It’s technical support for providers to without nailing down some of these houses, which operate around the Much is being written about the also essential to plan for the com- design and accelerate telemedicine reforms now, the aftershocks of clock in staggered shifts, making so- potential of Covid-19 to return aging wave of patients who are ex- and patient triage programs. Covid-19 are likely to be deadlier cial distancing easier than at many gressively in the fall, assuming it tremely sick with something other • Allow physicians who are li- than necessary. other businesses. It has also come up recedes during the summer. But than Covid. Here’s what govern- censed in one state to practice in with some innovative ideas, such as there may be a major aftershock ment and industry should do to others. Make permanent the emer- Dr. LeBenger is CEO of Summit rolling out a mobile app that, Amazon that could throw the health system prepare: gency exceptions for qualified med- Medical Group/City MD. Mr. tells me, will allow employees to into further crisis: a flood of pa- • Start public awareness cam- ical personnel. Meyer is president of Meyer Con- clock in and out rather than stand in tients with other illnesses who are paigns to promote the message that • Encourage partnerships among sulting and founder of CCX Cancer line. much sicker than they would be people shouldn’t delay seeking care providers, insurers, pharmaceutical Summit. Amazon’s recent problems likely stemmed from overstaffing in an at- tempt to meet increased demand. This isn’t to say that Amazon If You Were Born in 1960, You Pay Extra for Covid-19 shouldn’t be scrutinized like any other company and held to account By Andrew G. Biggs to their Social Security benefits, po- Social Security benefit. cline in average wages may be lower when something bad happens. And if tentially costing them thousands of I estimate these effects in a work- than 15%, which would be good Mr. Sanders, Ms. Omar and other he Covid-19 pandemic has been dollars a year. The reasons are tech- ing paper published by the Pension news. But even at half the loss I as- progressives want to exploit the cri- T tough on Americans nearing nical, but the hit can be severe. Research Council at the Wharton sumed, retirees would face $2,000 sis on behalf of their union allies, retirement: Their 401(k) bal- Most Americans understand that School of Business. Based on inde- annual cuts to annual Social Security that’s their prerogative. But if ever ances have been reduced and, so long Social Security replaces a percentage pendent economic estimates and de- benefits, even as their other assets there was an occasion to root for a as shutdowns of businesses are in of their preretirement earnings, but tails of how the Social Security Ad- may have declined in value. particular business, this is the time place, it’s harder for workers to delay after that the details get fuzzy. So- ministration calculates the national Congress could instruct the Social and Amazon the company. retirement. This would seem to make cial Security first calculates the av- Security Administration to calculate Social Security more important than erage of a worker’s 35 highest years the 2020 average national wage Mr. Higgins is a research fellow ever. But for a small group of Ameri- of earnings. Social Security then re- A quirk in how Social based only on data from the first with the Competitive Enterprise cans—those who turn 60 in 2020— places 90% of his first $960 in aver- quarter of 2020. This would negate Institute. the biggest Covid financial hit will be age monthly earnings, 32% of earn- Security is calculated will most of the hit to current 60-year- ings between $960 and $5,785, and cost 60-year-olds olds, but Americans turning 60 next 15% of earnings above $5,785. year would see benefit cuts instead. But the crucial step is how a per- thousands a year. Better would be for Social Secu- PUBLISHED SINCE 1889 BY DOW JONES & COMPANY son’s career average earnings are rity to abandon wage-indexing of Rupert Murdoch Robert Thomson Executive Chairman, News Corp Chief Executive Officer, News Corp calculated. Before averaging past past earnings. Instead of paying a Matt Murray William Lewis earnings, Social Security “indexes” average wage, I assumed that the na- typical retiree a benefit equal to 40% Editor in Chief Chief Executive Officer and Publisher those earnings to the growth of national average wage in 2020 will be of wage-indexed career average Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: tional average wages up to the year $47,937—15% lower than the $56,396 earnings, Social Security might pay Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; in which he turns 60. Nominal earn- level that had been projected for 50% of inflation-indexed average Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; ings in any past year are multiplied 2020 in the 2019 Social Security earnings. For a low-wage earner, So- News Strategist, Product & Technology Officer Edward Roussel, Chief Innovation Officer; by the ratio of the national average Trustees Report. cial Security’s replacement rate Thorold Barker, Europe; Elena Cherney, News Christina Van Tassell, Chief Financial Officer wage in the year the worker turns 60 A 15% shortfall in the projected would rise to 67% from 55%. If Social Features & Special Projects; Andrew Dowell, Asia; OPERATING EXECUTIVES: Anthony Galloway, Video & Audio; Alex Martin, Kenneth Breen, Commercial; to the national average wage in the average national wage in 2020 would Security benefits were based on in- Print & Writing; Michael W. Miller, Features & Jason P. Conti, General Counsel; year the earnings took place. reduce the calculation of a 60-year- flation-adjusted earnings, this Covid Weekend; Emma Moody, Standards; Tracy Corrigan, Chief Strategy Officer; The larger harm comes if there’s a old’s career average indexed earn- quirk could not occur. Frank Filippo, Print Products & Services; Shazna Nessa, Visuals; Matthew Rose, large drop in the national average ings by 13.1% and cut his benefit in But if a typical retiree needs a re- Enterprise; Michael Siconolfi, Investigations; Kristin Heitmann, Chief Commercial Officer; Stephen Wisnefski, Professional News Nancy McNeill, Corporate Sales; wage in the year a person turns 60. retirement by 13.6%. A worker who placement rate of 70% and Social Se- Thomas San Filippo, Customer Service; The reason is that, if all of a earned roughly $50,000 annually curity provides 50%, it’s harder to Gerard Baker, Editor at Large Josh Stinchcomb, Advertising Sales; worker’s past earnings are indexed while working would receive $3,900 say that there’s a retirement-savings Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International to the national average wage in the a year less than he expected. And crisis that demands expanding Social Barron’s Group: Almar Latour, Publisher year he turns 60, a fall in national unlike a decline in the stock market Security. This has been the prevail- WALL STREET JOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; average wages in that year reduces that may later recover, these cuts to ing narrative for years, and as usual, Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head Social Security’s indexed measure of Social Security benefits would be politics may preclude better policy.

EDITORIAL AND CORPORATE HEADQUARTERS: all of his past earnings. This pro- permanent. 1211 Avenue of the Americas, New York, N.Y., 10036 duces a lower calculation of career A new Congressional Budget Of- Mr. Biggs is a resident scholar at Telephone 1-800-DOWJONES average earnings, and thus a lower fice projection suggests the 2020 de- the American Enterprise Institute.

wsj_20200512_a015_p2jw133000_4_a01500_1______xa2020.crop.pdf 1 12-May-20 06:05:09 A16 | Tuesday, May 12, 2020 ****** THE WALL STREET JOURNAL. WORLD NEWS Iran Navy Mishap Kills at Least 19 Sailors

Warship hits support tics vessel equipped to also high alert for possible repri- ideals and borders of the carry antiship missiles and sals after a missile attack country.” ship with missile lay mines, didn’t move far against bases housing U.S. The Konarak was hit dur- during exercise near enough away after releasing a forces in Iraq. ing a test of what the semiof- target for the exercise and “Perhaps the greatest im- ficial Tasnim news agency re- Persian Gulf waterway was subsequently hit. pact to the Iranian military ported was a Nour missile, an The damaged ship was and government is that this is antiship missile reverse engi- An Iranian warship struck towed to a local pier, it said. the second high-profile inci- neered from a Chinese one of the country’s naval The incident near the dent in less than half a year weapon that Iran first tested vessels during an exercise Strait of Hormuz comes after where mistakes in missile tar- around 2000. near a strategic Persian Gulf U.S. vessels in the area com- geting have resulted in signif- Iran has stepped up testing plained of recent harassment icant loss of life,” said Reed of its military capabilities in By Aresu Eqbali in by Iranian ships. Foster, senior military-capa- recent weeks. Tehran and Sune Engel The Persian Gulf is one of bilities analyst at Jane’s, a se- In late April, it successfully Rasmussen in London the main flashpoints in the curity-analysis firm. launched its first military sat- tense relations with Iran for “This damages the credi- ellite into orbit 260 miles waterway, killing at least 19 the U.S. and other nations. bility of the military writ above the Earth’s surface, us- sailors, state media reported, The government in Tehran large and the narrative of the ing technology the U.S. has an incident that comes amid has repeatedly threatened to government of the military’s said can be used to develop heightened tensions with the block the Strait of Hormuz, a increasingly sophisticated intercontinental ballistic mis- U.S. in the area. waterway through which weapons and technology de- siles. The friendly fire incident some 20% of the world’s oil spite international sanctions,” Tehran’s naval capability

took place late Sunday in the passes, over U.S. oil sanc- MAXAR TECHNOLOGIES he said. remains weak after decades perimeter of the Iranian port tions, and has impounded for- The Konarak vessel, seen in a satellite photo, was heavily damaged. In a condolence message of sanctions, however. of Jask, on the Gulf of Oman, eign-flagged tankers in the carried by the ISNA news In 2018, an Iranian navy when a support ship was waters several times over the contain the coronavirus pan- Iran tried for days to cover agency, the commander in frigate, the Damavand, sank struck by an antiship missile past year. demic and also after the Is- up its role in the downing of chief of the Iranian army, in the Caspian Sea in north- from a nearby frigate. Iranians’ trust in their lamic Revolutionary Guard the airliner, which killed 176 Maj. Gen. Abdolrahim ern Iran, apparently because The state media on Mon- armed forces and government Corps mistakenly shot down a people. Mousavi, said the killed sail- of navigational error, though day said initial reports sug- has been challenged by the Ukrainian passenger plane The aircraft was shot down ors were martyrs who “dedi- reporting on the incident in gested the Konarak, a logis- government’s struggles to over Tehran earlier this year. as Iran’s air defenses were on cated their lives to defend the state media has been limited. Tehran’s Oil Is Leverage With Allies China’s Industrial BY BENOIT FAUCON prevent the country from tak- Assad as it faces a continued fi- Iran has also been reaching ing advantage of its compara- nancial and political crisis, peo- out to Venezuela. The South Prices Take Big Fall Isolated in the midst of a tively discounted oil. ple close to both governments American oil producer has been global pandemic, Iran is using In March, deliveries of Ira- said. Tehran has historically de- devastated by sanctions and the its sanctioned oil and energy nian crude to China—its biggest livered oil to Syria under a oil rout. BY JONATHAN CHENG Bank of Communications, after expertise to garner favor and buyer—collapsed by 60%, com- credit line it doesn’t expect to On April 23, the country’s of- the data release. “The recovery financial gain from two na- pared with 15% for Saudi Arabia be repaid, Western officials ficial in charge of refining, Er- BEIJING—China’s factory- from the Covid-19 will be slow.” tions shunned by the U.S.: and Russia, according to Chi- have said. The Syrian currency ling Rojas, said Venezuela re- gate prices contracted in April, Deflationary factory-gate Syria and Venezuela. nese customs data. Within has shed half its value since last ceived equipment used to turn falling by the steepest margin prices are likely to persist, Mr. Iran is delivering some of weeks, Iran’s onshore tanks fall after the economic collapse crude into motor fuel from Iran in four years, as manufacturers Liu added, pointing to still- its unsold oil to Syria in ex- of Lebanon, its biggest trade to renovate its Cardon refinery. struggled with deflationary worsening overseas demand. change for greater diplomatic partner. The U.S. tightened The assistance stems from pressures from the coronavirus Many economists believe influence in the region and sanctions in December. Tehran’s efforts to develop re- pandemic, which has crimped wholesale prices will decline bartering its crude-refining The resource is The Iranian crude will be refining skills and manufacture its demand both at home and further in May, though re- technology for gold with Vene- shipped to Syria and fined into fuel for markets own equipment following the abroad. bounding domestic demand zuela, people close to the throughout the country and return of U.S. sanctions in 2018 The producer-price index could support a gradual recov- three governments said. Venezuela for favor Iran hopes to reap political and that prevented the regime from dropped by 3.1% from a year ery through year-end. Long before the coronavirus and financial gain. economic rewards in return, buying Western technology. earlier in April, compared with Even so, the downward pres- crisis, Iran’s energy sector had current and former Iranian oil According to tracking web- a 1.5% fall recorded in March, sure is a worrying omen for been shattered by years of officials and a person close to site Flightradar24, Mahan Air, the National Bureau of Statis- Chinese factories, whose profits sanctions. International deal- the Syrian regime said. an IRGC-connected airline, com- tics said Tuesday. Prices for fell by 36.7% in the first three ings with the country have were, for the time ever, virtually Tehran’s foreign minister, Ja- pleted at least 12 round-trip crude oil and other commodi- months of the year compared been considered highly toxic full, according to satellite data vad Zarif, emerged from lock- flights between Tehran and the ties collapsed, contributing to with a year earlier, according to since President Trump reim- analyzed by consulting firm down to travel to Damascus in airport closest to the Venezue- the decline in wholesale prices. official statistics. The outlook posed U.S. sanctions on the Kayrros. According to shipping April, where he discussed lan refinery between April 22 Economists polled by The Wall for industrial profits is equally country nearly two years ago. tracker TankerTrackers.com, strengthening economic cooper- and May 6. In exchange for re- Street Journal had expected the grim, given still-cool demand More recently, the sharp Iran shipped 7.9 million barrels ation between the countries. fining technologies, each of the industrial-price gauge to drop for Chinese exports. global decline in demand for to Syria—or 255,000 barrels a A State Department spokes- flights left Venezuela loaded by 2.5%. China’s economy in the first oil and crude prices have com- day—in March. person said the fuel Iran pro- with gold and cash in euro and “There will be no V-shaped three months of 2020 suffered bined with a severe Covid-19 The oil is a gift of sorts for vided to Syria was used for at- dollar denominations, a U.S. of- rebound in economic activity,” its first quarterly contraction in outbreak in Iran to further the Syrian regime of Bashar al- tacks on civilians. ficial and a Guards adviser said. said Liu Xuezhi, an analyst at more than four decades. WORLD WATCH

EGYPT IMF Loan Approved To Brace Economy The International Monetary Fund approved a $2.77 billion loan to Egypt in a bid to prevent economic collapse in the Middle East’s most populous nation because of the coronavirus pandemic. The loan comes as the IMF begins to bail out a swath of the world’s economies that have been devastated by the disease. More than 90 countries, or nearly half the world’s governments, have in- quired about possible IMF funding. Egypt faces a deep economic downturn as a result of the crisis. —Jared Malsin

SAUDI ARABIA Austerity Measures Adopted Amid Crisis Saudi Arabia said it would triple its value-added tax rate and eliminate allowances for state workers, adopting austerity measures aimed at boosting state finances battered by the coronavirus pandemic and lower oil prices. Monday’s measures are aimed at making up the difference between lower-than-expected revenue and higher spending to com-

SANJEEV GUPTA/EPA/SHUTTERSTOCK bat the impact of the new Migrant workers, facing labor uncertainty in urban areas of India due to the coronavirus pandemic’s impact on the economy, travel by truck back to their villages. coronavirus, including wage support for workers and loan post- ponements for companies. But Workers Leave Cities for Rural Homes in India they risk fueling discontent. The tax on goods and services is set to increase from 5% to 15% BY VIBHUTI AGARWAL ies to their home villages. The Hundreds of millions make prevented travel, in some cases Workers Action Network has in July, Finance Minister Moham- AND KRISHNA POKHAREL opportunity to return is too their livings as construction dispersing crowds with batons. reached more than 18,000 mi- med al-Jadaan said. tempting for some to pass up. workers, security guards, rick- By early May, unemploy- grants across the country. —Stephen Kalin NEW DELHI—As India eases “The problem is, even if shaw pullers, loaders, delivery ment had reached a record “The level of desperation is one of the world’s tightest cor- work resumes today, it might agents, drivers, haircutters 27%, according to the Centre quite unfathomable. They are RUSSIA onavirus lockdowns, millions of stop again after a few days,” and domestic help. Most don’t for Monitoring Indian Econ- skipping meals or just having migrant workers are struggling said Mohammad Wasim Ah- have access to social benefits omy, a private data provider. one meal,” she said. “Workers Nursing-Home Fire with a question that could de- med, 39 years old, who works such as pensions, insurance, That has made migrants have entirely run out of money.” Kills 9, Injures 9 termine both how quickly the as a carpenter in the hill town paid or sick leave. They earn among the most vulnerable to What happens with the work- country’s economy recovers of Nainital and plans to return less than $5 a day, and most both the economic blow of the ers will shape the next phase of At least nine people died in a and how widely the virus to his village about 450 miles don’t even have bank accounts. lockdowns and the health risks the crisis in India. Many want to fire at a nursing home on Mos- spreads: Stay put or go home? away. “How can we work in Until this month, authorities of coronavirus. Many have return home immediately, de- cow’s outskirts, officials said. Self-employed people are this uncertain situation?” had ordered them to stay put, been locked down as large spite the prospect that looser The authorities in Krasnogorsk allowed to resume work, and With its vast population blocking any who tried to re- groups in tight quarters shar- restraints on business would re- on Moscow’s northwestern edge some factories and neighbor- and huge gap between poor turn home by shutting trans- ing bathing and toilet facilities. store at least some of their jobs. said the fire at a private home for hood shops have started to re- and rich regions, India de- portation, and leaving them Seema Mundoli, a univer- Indian Railways operated the elderly erupted late Sunday. open, though at partial capac- pends more than most coun- without income. Desperate, sity professor in Bangalore 350 special trains to transport They said nine patients died and ity. At the same time, the tries on legions of workers tens of thousands walked long who volunteers with a group some 350,000 passengers in another nine were hospitalized. national rail company has set who live and work away from distances when the initial lock- to help the workers, said calls recent days, mainly migrant Officials said the fire was ap- up special trains to help work- their villages to support them- down was announced on March have risen from a handful each workers, the federal home parently caused by a short circuit. ers get back from crowded cit- selves and families back home. 24, until authorities forcibly day to hundreds. The Stranded ministry said Sunday. —Associated Press BUSINESSTECHNOLOGY: TWITTER TO ADD LABELS & TO DISPUTED FINANCE POSTS ABOUT VIRUS B4

S&P 2930.32 À 0.02% S&P FIN g 1.94% S&P IT À 0.70% DJ TRANS g 1.18% WSJ $ IDX À 0.53% LIBOR 3M 0.434 NIKKEI (Midday) 20349.21 g0.20% See more at WSJ.com/Markets Shale Pioneer Weighs Bankruptcy FedtoBuy Chesapeake Energy ers to explore options including companies in the American as oil demand and prices have values, because of Chesapeake’s Bond ETFs bankruptcy and raised doubt fracking boom. But it has been tumbled while people hunker “distressed financial position.” warns low oil and gas about its ability to remain a go- selling off pieces of itself for down to avoid the new corona- Come the fourth quarter, the prices imperil its ing concern, as it reported a years to whittle away at sub- virus. company doesn’t expect to be ToSupport first-quarter loss of $8.3 bil- stantial debt it incurred by ag- Natural-gas prices settled in compliance with financial ability to repay debt lion, compared with a loss of gressively leasing land for drill- Monday at $1.8260 per million covenants tied to the credit fa- $21 million a year earlier. ing. British thermal units, while U.S. cility. Markets BY REBECCA ELLIOTT The company wrote down More recently, the natural- oil settled at $24.14 a barrel. Chesapeake is among dozens the value of its oil and gas as- gas company tried to become a Chesapeake had $82 million of U.S. shale firms facing possi- BY MICHAEL S. DERBY Chesapeake Energy Corp. sets by about $8.5 billion, much bigger player in oil, in part by in cash at the end of the first ble bankruptcy. warned that it may not be able of which was related to oil-rich buying Texas driller WildHorse quarter and about a third of its At a U.S. benchmark oil The Federal Reserve Bank of to stay in business as weak oil properties in Texas, Wyoming Resource Development Corp. in $3 billion revolving-credit line price of around $20 a barrel, New York said that starting and natural-gas prices imperil a and Louisiana. a deal valued at about $4 bil- available. However, the com- analytics firm Rystad Energy Tuesday one of its emergency yearslong effort to pay down The Oklahoma City company, lion, including debt, that closed pany said it is likely that the expects some 140 U.S. oil-and- market-support facilities will hefty debt. co-founded in 1989 by the late little more than a year ago. borrowing base will be cut dur- gas companies to file for bank- begin buying corporate-bond The shale-drilling trailblazer wildcatter Aubrey McClendon, The company’s path forward ing a second-quarter reassess- ruptcy protection this year. exchange-traded funds, ex- said Monday it has hired advis- was once among the biggest has narrowed in recent months ment of its oil and gas asset PleaseturntopageB10 panding the central bank’s efforts to support the economy and financial system in the coronavirus crisis. The move is a milestone for Drug Sales the Fed, which hasn’t bought ETFs previously. The central bank, recogniz- To Doctors ing it would take longer to buy bonds, saw ETFs as a fast way to direct money rapidly into Forced to credit markets, said people familiar with the matter. The central bank’s Second- Go Virtual ary Market Corporate Credit Facility will be the tool used to BY PETER LOFTUS buy the ETFs, which the Fed AND JARED S. HOPKINS said will be mainly investment- grade corporate bonds, though Drug-company sales repre- some will be high-yield. sentatives, grounded by the BlackRock Inc. was hired to coronavirus pandemic, are manage the program for the blasting out emails and host- Fed. The firm is the largest ising video calls to pitch new suer of ETFs, with more than treatments for a variety of ail- $1 trillion in these instruments ments to doctors, a different under management. way of doing things for a field An ETF is an investment force that had relied on visit- fund traded on exchanges that ing with physicians in person. holds assets such as stocks, On Friday, the U.S. Food commodities or bonds.

and Drug Administration ap- GARY HERSHORN/GETTY IMAGES Most ETFs track an index, proved a new cancer drug In New York City, which usually devours electricity, prices at the end of April were less than half their average for that time of year. such as a stock index or bond from Eli Lilly &Co.Thecom- index. pany plans to make the drug The program to buy the available within days—and to Electricity Prices Sink as Use Falls ETFs, along with other facili- spread the word by having ties launched by the Fed, are sales representatives, working aimed at restoring functioning from home, email doctors and BY JOE WALLACE Wholesale electricity prices in late April,* by region in the financial markets that set up remote meetings with were hard hit by the initial re- 2020 FIVE-YEAR AVERAGE slide presentations, and to run Wall Street trading floors are action to the coronavirus pan- ads promoting the new medi- empty. Spring arrived north of demic. New York City cine on websites aimed at the equator. Oil and gas markets The Fed has also slashed health-care professionals. cratered. The result is a precipi- New England short-term rates to near zero “We have a responsibility to tous decline in electricity prices and bought large amounts of make sure we inform doctors, in the U.S., Europe and parts of PJM† Treasury and mortgage bonds, given that cancer is not going Asia. swelling its balance sheet to Midcontinent to take a break” during the Closures of office blocks, $6.7 trillion from $3.8 trillion pandemic, said Eric Dozier, shops and factories throttled Southwest last September. vice president of North Ameri- power demand, dwarfing the The Fed’s Secondary Market can oncology for Lilly. amount of electricity required to Texas Corporate Credit Facility, along The changes could affect work from home. Globally, the with the yet-to-launch Primary California company bottom lines, experts International Energy Agency ex- Market Corporate Credit Facil- say. The industry has long con- pects the biggest decline in elec- Northwest ity, are seeded with money sidered the launch of a drug tricity consumption since the 0 $10 per MWh 20 30 $40 from the Treasury Depart- crucial to its sales performance. Great Depression. It is as if Ger- ment. Yet drugmakers can’t now many and France were both *Price of futures contract at expiration on April 30. †The PJM grid spans 13 states and the District of Columbia. Fed officials have been up- draw on the very tactics long turned off for the year. Source: Nodal Exchange beat about the impact of their counted on to give new prod- In the U.S., the drop has been efforts, but at the same time, ucts a strong start, such as re- most severe in New York City, Electricity trades in much the swings with futures, which in- away. U.S. crude futures behaved the new tools have taken the viewing the new drug’s profile center of the nation’s epidemic same way as raw materials like vestors use to bet whether the like electricity when storage central bank into parts of the over dinner and dropping off and home to a services sector oil. In much of the U.S., power- market is going up or down. space for oil dwindled in April, market where it has never be- samples at a doctor’s office. that usually devours electricity. plant owners sell electricity to A key difference between dropping below $0 a barrel for fore been involved. “If a rep can’t go there, and Wholesale power prices aver- utilities in a competitive whole- electricity and oil is that power the first time. At a press conference in a physician doesn’t read emails aged $16.57 a megawatt-hour in sale market overseen by regional is hard to store. When there is In Europe, negative electricity April, Fed Chairman Jerome thoroughly, the physician isn’t the first six days of May, accord- operators. Utilities then distrib- too much to go around, particu- PleaseturntopageB10 Powell said “these programs going to be aware” of the new ing to S&P Global Platts, down ute power to customers. Both larly on windy days in places benefit the economy by pro- product, said Pratap Khedkar, by more than a quarter from the power companies and utilities like Northern Europe, producers Buffett-backed solar farm in viding financing where it is PleaseturntopageB6 start of 2020. protect themselves against price sometimes pay to give power Nevada wins go-ahead...... B5 not otherwise available.” Marriott Hotels INSIDE Offices Revamp to Keep Germs Start to Reopen At Bay Once Work Can Resume

BY CHIP CUTTER BY DAVE SEBASTIAN pancy in North America stood AND SUZANNE VRANICA at around 20% at limited-ser- Hotels are slowly starting to vice hotels, with the help of Welcome back to work. The reopen and global occupancy leisure and drive-to demand, corporate cafeteria is closed. rates are leveling off, Marriott Mr. Sorenson said. The coffee makers are un- International Inc. Chief Execu- The coronavirus pandemic plugged. And the desks are sepa- tive Arne Sorenson said. has led to a collapse in global rated by plastic. “April seems to have de- travel as governments imposed AUTOMOTIVE Every part of office life is be- fined the bottom, and when we restrictions, companies halted China auto sales ing re-examined in the era of look at the last couple of business trips, conferences snap long falling Covid-19. When employees file weeks, there have not been were called off and vacationers back into American work- significant movements in the put plans on hold. The plunge streak, but growth places—some wearing masks— number of closed hotels, but in hotel bookings wiped out in may be short-lived. B3 many will find the office trans- most days we’re seeing one or a matter of weeks profits many formed, human-resources and

two or three more hotels re- lodging companies had piled up real-estate executives say. CUSHMAN & WAKEFIELD/REUTERS open than we are seeing hotels over the past few years. Elevators may only take one A Cushman & Wakefield design concept, using the six-feet rule for closed,” Mr. Sorenson said on a Anemic occupancy levels are person at a time. Desks, once social distancing in the workplace, spreads the desks apart. call with investors Monday. better than closures, Mr. So- tightly packed in open floor About one-quarter of Mar- renson said. He expects opera- plans, will be spread apart, with few separations between col- low some workers to return is riott’s roughly 7,200 properties tions to break even at about some covered by plastic shields leagues. Companies once spent even more challenging than remain closed, it said. 30% occupancy at longer-stay and chairs atop disposable pads millions of dollars retrofitting sending people home, and vary- Travel demand has im- hotels and about 40% at full- to catch germs. The beer taps, spaces to create rows of open ing local guidelines complicate proved in Greater China, with service brands. snack containers, coffee bars desks, intimate conference the picture. Some places, like hotel occupancy in the region In the first quarter, system- and elaborate gyms and showers rooms and elaborate communal New York, mandate masks must reaching 25% in April, up from wide occupancy was at 53.6%, that once set high-dollar, white- gathering areas. Those designs be worn in public, while others, less than 10% in mid-February, down 14.5 percentage points collar environments apart will are now problematic, executives like Texas, have overruled city Mr. Sorenson said. from a year earlier. likely remain closed to prevent say. “All our agencies are open ordinances that require people “Looking at our occupancy In Greater China, where the MEDIA the spread of coronavirus. Many floor plans and that was a great to wear face coverings when and booking trends, it appears crisis unfolded in January, oc- Fox rustles up changes won’t go away until the idea in the past, but it now they cannot socially distance. In- that lodging demand in most cupancy fell 37.1 points, while its fall TV shows virus does. works against us,” says Harris for, a New York-based business of the rest of the world has it declined 18.4 points else- The office adaptations re- Diamond, chief executive and cloud software company with stabilized, albeit at very low where in Asia Pacific. North even with most verse a decadeslong push in chairman of advertising giant roughly 17,000 employees, plans levels,” Mr. Sorenson said. American occupancy fell 12.4 production halted. B4 American corporations to cram McCann Worldgroup. to ask all employees to wear a In the past two weeks, occu- PleaseturntopageB2 workers into tighter spaces, with Modifying offices to safely al- PleaseturntopageB5 B2 | Tuesday, May 12, 2020 ***** 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 Exelon...... B5 NV Energy...... B5 Under Armour Posts Big Sales Fall Alphabet...... A6 F O Amazon.com...... B4 Facebook...... A6 Oaktree Capital GroupB6 American Homes 4 Rent Fiat Chrysler P ...... A1 Automobiles...... A6 Planet Fitness...... B12 And Outlines Steep Cost-Cutting Amherst Residential..A8 Ford Motor...... A6 PNC Financial Services Apple...... B11 Fox...... B4 Group...... B10 B Franklin Resources...B10 Procter & Gamble.....B12 BY MICAH MAIDENBERG Front Yard Residential Berkshire Hathaway...B5 R ...... A8 BlackRock...... B10 Under Armour Inc. said it G Raytheon Technologies Bloomin' Brands...... B12 ...... A2 was moving to cut costs as General Motors...... A6 Booking Holdings...... B12 Redwood Trust...... A8 store closures tied to the coro- Brinker InternationalB12 H Rhodium Group...... A2 navirus pandemic crimped re- Bristol-Myers Squibb.B6 Hershey...... B12 S sults, and the company C warned it expected more diffi- I SAP...... B5 culties ahead. Caesars Entertainment Invitation Homes...... A1 Scripps Health...... A3 ...... B6 J Sharp HealthCare...... A3 The athletic-apparel retailer Cardinal Health...... B11 Sixth Street Partners.B2 on Monday reported first- J.P. Morgan Asset Charter Communications Squarespace...... B5 quarter revenue of $930.2 mil- Management...... A8 ...... B4 Stage Stores...... B2 lion, down 23% from a year Chesapeake Energy....B1 JPMorgan Chase...... B6 earlier. The Covid-19 crisis K T Cimpress...... B6 caused the bulk of the decline, Tesla...... A1 Comcast...... B4 KKR...... B6 Twitter...... B4 or 15 percentage points, ac- Coty...... B6 Kraft Heinz...... B12 U cording to the company. Reve- D M nue may drop as much as 60% Under Armour...... B2,B11 Darden Restaurants.B12 Marriott International in the second quarter, execu- V Deutsche Bank...... B11 ...... B1,B11 tives said on a call with inves- Discover Financial Microsoft...... B11 Veeva Systems...... B1 tors. Services...... B1 N ViacomCBS...... B4 Under Armour said it E Virgin Group...... B3 Neiman Marcus...... B2 planned to cut $325 million W Eldorado Resorts...... B6 Nestlé...... B12 from expected operating ex-

Eli Lilly...... B1 Netflix...... B4 Walt Disney...... B3,B4 penses for the year. Last MARK BROWN/GETTY IMAGES Endeavor Group...... B6 News Corp...... B4 WeWork...... B5 month, the company said it The brand’s batting gloves were worn by Vladimir Guerrero Jr. of the Toronto Blue Jays in spring training. would furlough about 6,600 employees beginning April 12. Covid-19 comes as Under Ar- major drop in customer traffic about $436 million in cash and INDEX TO PEOPLE It also said Monday it plans to mour operates under relatively and demand as it closed stores noncash charges for the first cut back on incentive pay, new leadership. Mr. Frisk, for- amid the pandemic. quarter, including those tied to tighten spending on con- merly Under Armour’s opera- Under Armour’s first-quar- its flagship store in New York. B Freedman, Ernie...... A8 Marriott, J.W...... B2 tracted services and reduce its tions chief, took over the top ter revenue fell off starting in Overall, the company re- Boerner, Chris...... B6 Frisk, Patrik...... B2 Mayleben, Tim...... B6 planned capital spending by job in January, succeeding mid-March, when shops in ported a net loss for the quar- Branson, Richard...... B3 G McGuire, Richard...... B11 about $100 million. company founder Kevin Plank. markets including the U.S., ter of $589.7 million, or $1.30 C Glazer, Michael...... B2 Musk, Elon...... A1 “Since mid-March about Apparel chains that have Canada and Europe shut down, a share, compared with a H P 80% of our global business has closed their doors to comply according to Mr. Frisk. profit of $22.5 million, or 5 Chapek, Bob...... B3 been at a standstill,” Under with social-distancing mea- The company said its e- cents a share, in last year’s Plank, Kevin...... B2 Coric, Vlad...... B6 Hashemi, Hamid...... B5 Armour Chief Executive Patrik sures have turned to their e- commerce operation, which first quarter. S Cowan, Tyler...... B2 K Frisk told investors on the commerce operations, but they typically delivers a low dou- On an adjusted basis, the D Keenan, John...... B5 Smart, Christopher...B11 call. have struggled without their ble-digit percentage of total retailer’s loss on a per-share Demchak, William....B10 Keogh, Tracy...... B5 Smith, Bryan...... A8 Shares of the Baltimore main points of contact with revenue, has experienced bet- basis was 34 cents for the Diamond, Harris...... B1 Kesselheim, Aaron...... B6 Smith, Tripp...... B6 company fell 10.5% on Monday shoppers. ter demand in North America quarter. Dozier, Eric...... B1 Khedkar, Pratap...... B1 Sorenson, Arne...... B1 and are off more than 50% American Eagle Outfitters and elsewhere since the start Inventories at Under Ar- E Kinmonth, Tom...... B11 T year to date. Inc., for example, said last of the second quarter. mour at the end of March were The challenge posed by month that it experienced a Under Armour recorded up 7% from a year earlier. Eichfeld, Andy...... B5 L Tanner, Dallas...... A8 Emanuel, Ari...... B6 Lawler, Doug...... B10 Tinnesz, Casey...... B5 F M W Flahive, Drew...... A8 Marriott, David...... B2 Whitesell, Patrick...... B6 Neiman Marcus Lands Funds for Cash Burn

BY SOMA BISWAS hold more than $1.6 billion of Neiman’s $2.9 billion in term Neiman Marcus Group loans, court filings show. Ltd., the luxury department- The same group of lenders store chain that filed for bank- and noteholders has commit- ruptcy last week, expects to ted to a $750 million chapter burn through $300 million be- 11 exit package that will refi- fore it can reopen its stores. nance the bankruptcy loan and At a hearing Friday in the provide new capital when Nei- U.S. Bankruptcy Court in man emerges from bankruptcy. Houston, Neiman adviser Tyler Judge Jones overruled ob- Cowan said the overall cash jections to the loan from a ri- burn is forecast to reach $370 val lender group led by

million by the end of July. Mudrick Capital Management REUTERS The chain, one of the first LP, which had proposed an al- Stage Stores plans to reopen hundreds of its sites closed by pandemic measures but will liquidate inventory. A Gordmans in Ohio. big retailers to file for bank- ternative offer and had argued ruptcy amid the coronavirus the company was accepting pandemic, closed its stores in excessive fees. March, furloughing many of “It is expensive money,” Gordmans Chain Owner Seeks Bankruptcy its 14,000 employees and re- said Judge Jones. “The only ducing hours and pay for the thing worse than having ex- BY SOMA BISWAS Stage Stores operates sev- Stores. The company had as real-estate advisory firm rest. pensive money is not having a eral department-store brands, 13,600 employees as of Febru- A&G Real Estate Partners and business to reorganize.” Stage Stores Inc. said it including Gordmans, Bealls ary 2019. consulting firm Berkeley Re- The Pimco-led lender has filed for bankruptcy, with and Goody’s. The company The company said Sunday it search Group LLC. The retailer’s cash group, which committed to a plan to start liquidating its said it would stop inventory- is working with law firm Kirk- Stage Stores filed for bank- fund the full amount of the inventory as the discount re- clearance sales at any stores land & Ellis LLP and invest- ruptcy in Houston, where the burn is forecast to bankruptcy and exit loans, will tailer reopens its stores, while that attract buyer interest. ment bank PJ Solomon, as well company is based. reach $370 million earn a fee of 13% in the form at the same time searching for In 2017, Stage Stores ac- of shares in Neiman once it prospective buyers. quired off-price retailer Gord- by the end of July. emerges from bankruptcy, Mr. The department store had mans out of bankruptcy. The Cowan said. been preparing for a potential company had planned to con- All other Neiman lenders bankruptcy in the months be- vert most of its department- and secured bondholders will fore the coronavirus pandemic store brands to the Gordmans At the hearing, the re- have a chance to put up forced most U.S. retailers to format by the third quarter of tailer’s first after filing for money for the loans as well, close their doors in March. this year. bankruptcy, Judge David Jones but they will earn smaller fees, Stage Stores said Sunday it “This is a very difficult an- signed off on a $675 million according to court filings. would start selling off inven- nouncement and it was a deci- bankruptcy loan, provided by “This DIP loan is unusual— tory when 557 of its stores sion that we reached only af- the company’s biggest lenders we are seeking financing for a reopen on May 15. The rest of ter exhausting every possible and bondholders to finance company which is largely not its stores are scheduled to re- alternative,” Chief Executive the bankruptcy process. operating. The magnitude of open in phases on May 28 Michael Glazer said Sunday. The lenders providing the cash burn is unlike any other and June 4. Stage Stores traces its roots debtor-in-possession loan in- I’ve seen in a chapter 11,” Mr. The company is the latest to the 1920s, when Palais clude Pacific Investment Man- Cowan said. retailer to file for bankruptcy Royal and Bealls were founded agement Co., Davidson Kemp- Under the loan terms, Nei- since the pandemic began, fol- as family-owned businesses. ner Capital Management LP man is required to obtain lowing J.Crew Group Inc. and The chains later merged and and Sixth Street Partners bankruptcy-court approval for Neiman Marcus Group Ltd., acquired other department- LLC. its restructuring plan within which both entered court pro- store brands, and went public The three funds together six months. tection last week. in 1996 under the name Stage

Marriott International’s comparable systemwide revenue per Quarterly net profit Marriott available room by region, change from previous year $700 million Demand North America –19.5% 600 Greater China –63.1% 500 $31 million Levels Off Asia Pacific –41.5% 400 Carribean & Latin America –19.8% 300 200 Europe –24.6% ContinuedfrompageB1 100 points for the quarter. Europe Middle East & Africa –19.6% occupancy fell 15.3 points. 0 Worldwide –22.5% Comparable systemwide 2018 ’19 ’20 revenue per available room, a closely watched industry met- Sources: the company (revenue per available room); S&P Capital IQ (profit) ric also known as RevPAR, fell 22.5%. In April, world-wide the company is selling gift ported first-quarter net in- were targeting $4.14 billion. RevPAR fell about 90%. Shares cards for future hotel stays at come of $31 million, or 9 cents Marriott and other hotels of Marriott fell 5.6%. a 20% discount. a share, down from $375 mil- have cut tens of thousands of As the reopenings continue, Hotels are now under lion, or $1.09 a share, in the jobs because of the pandemic. Marriott also is counting on its heightened health and safety comparable quarter last year. Also Monday, Marriott said Bonvoy loyalty program mem- protocols. Marriott is planning Adjusted earnings were 26 Chairman J.W. Marriott Jr. bers and promotions to secure to roll out mobile check-ins, cents a share, missing the 87 plans to become chairman future demand, such as mobile keys and no-contact cents analysts polled by Fact- emeritus in 2022, with his through benefits on co-brand room service. Set had expected. Revenue fell son, David Marriott, expected credit cards. Mr. Sorenson said Marriott on Monday re- 6.6% to $4.68 billion. Analysts to join the board next year. THE WALL STREET JOURNAL. Tuesday, May 12, 2020 | B3 BUSINESS NEWS Virgin to Disney Reopens Park in Shanghai Sell Stake BY TREFOR MOSS

SHANGHAI—Shanghai Dis- In Space neyland welcomed visitors for the first time since January, becoming one of the highest Tour Unit profile tourist spots to reopen BY ALISTAIR MACDONALD as China reboots parts of its economy that were shut down Richard Branson’s Virgin by the coronavirus. Group said it plans to sell as If Monday’s reopening was much as 12% of Virgin Galactic anything to go by, Walt Dis- Holdings Inc.—the space-tour- ney Co.’s theme park kingdom ism venture that made its ini- is likely to regain its magic tial public offering in New slowly. Visitor numbers were York—to shore up its other capped, some attractions re- travel and tourism businesses. mained closed and the day In a regulatory filing Mon- featured none of the hallmarks day, Virgin said it would sell as for which the Disney parks are many as 25 million shares in known: parades, fireworks and the company to raise funds to meet-and-greets with familiar support its portfolio of global characters. leisure, holiday and travel Though authorities gave businesses. Those businesses, permission for Shanghai Dis- including a cruise line and two neyland to reopen at 30% ca- airlines, have been hit hard by pacity, or roughly 24,000 peo- a drop in demand amid the ple a day, the theme park coronavirus pandemic. would initially operate at “far Virgin owns 80% of a sub- below that” level, Disney Chief sidiary called Vieco 10 Ltd., Executive Bob Chapek said on which owns roughly 69% of an earnings call earlier this Virgin Galactic. After the month. Instead, Disney has its planned sale, Vieco’s stake “training wheels” on as the would drop to about 42%. company implements new so-

Based on Friday’s closing price, cial-distancing procedures, Mr. ALY SONG/REUTERS the shares Virgin said it plans Chapek said. Even little princesses must wear face masks at Shanghai Disneyland, which allowed visitors for the first time since January. to shed would be valued at The Shanghai playbook is roughly $500 million. Shares in likely to be replicated as Dis- check their temperatures and Visitors didn’t seem to she said, adding that she was Alice in Wonderland outfit as Virgin Galactic fell 3.9% Mon- ney reopens its other resorts present a government-issued mind the restrictions. Some happy her childhood dream of she squirted bubbles from a day in New York. in the coming weeks. Its U.S. QR code showing their recent said they preferred them to being a regular Disney visitor soap gun in the shape of Duffy Last month, Virgin Austra- parks have been shut since travel history. At opening the long lines and jostling could finally resume. the Disney Bear. “She kept lia, 10% owned by Virgin, filed March. time, people in short lines at crowds that are typical at the Winnie Zhu and her family saying that she wanted to go for bankruptcy. U.K.-based Vir- The company’s operating the usually bustling entry park. visited Disneyland every Sat- to the Disney resort again and gin Atlantic, a trans-Atlantic income fell 37% during the gates were reminded by atten- The fact that Disneyland urday before the recent clo- meet Donald Duck.” shuttle, is asking for financial three months ending March 28 dants to stand a safe distance was back in business was all sure and they were also deter- Park staff, dressed up as assistance from the U.K. gov- and Disney has said the pan- away from other guests. that mattered to superfans Disney characters, waved to ernment. Other businesses, demic cost it $1.4 billion, with In the resort’s restaurants, like Jayme Shimamura, from visitors from an elevated such as a new cruise-line ven- the parks division accounting signs on half the tables de- Hawaii, and Discha Poppy, bridge during a reopening cer- ture and a U.S. hotel group, for $1 billion of that. clared them off-limits to pre- from Indonesia, who moved to emony but refrained from have also been hit hard. The Shanghai resort opened vent crowding. And at stage Shanghai from Singapore in 30% their usual face-to-face inter- Virgin Galactic, which plans in 2016 at a development cost performances in the En- 2016 in part because the park actions. to take passengers to the edge of $5.5 billion. Disney holds a chanted Storybook Castle— was opening up here. capacity was allowed, but In another positive sign for of space to experience several 43% stake in the venture; the featuring Snow White’s Seven “I am a Disney freak,” said Disney held the number lower. Disney, Shanghai authorities minutes of weightlessness, has majority stake is held by the Dwarfs, Elsa from “Frozen” Ms. Poppy, 28, sporting mouse lowered the city’s alert level been a relative bright spot. De- local government. and other fan favorites—spec- ears and a Minnie Mouse skirt for a second time on Saturday, spite a big drop with the rest While the new social-dis- tators were instructed to with a matching handbag as paving the way for movie the- of the stock market, shares in tancing measures gave Mon- stand in small yellow squares, she strolled through Treasure mined to return at the earliest aters to reopen. The pandemic the company are up 68% this day’s visitors more confidence safely away from other visi- Cove. As someone who visits opportunity, even staying earlier forced the company to year to date. to enjoy the day, they also tors. A small army of staff the resort on average once a overnight in one of the re- push back the global release of Mr. Branson is in talks with made for a strangely quiet at- watched carefully to make week, Ms. Poppy said she was sort’s hotels despite being its $200 million live-action re- about 14 private investors mosphere, with staff members sure everyone complied. desperate to come back on re- Shanghai residents. make of “Mulan,” starring Chi- about raising a further $500 outnumbering guests at some The park’s public address opening day. “She missed it here so nese actress Liu Yifei. million to put into Virgin At- attractions in the morning. system urged guests to main- “We were really hunting for much,” Ms. Zhu said, referring —Yin Yijun and lantic, according to a person Under the new system, visi- tain good hygiene and respect the QR codes” needed to se- to her 3-year-old daughter, Erich Schwartzel familiar with the matter. tors must wear a face mask, other people’s personal space. cure one of Monday’s tickets, who was wearing a light blue contributed to this article. AGENCE FRANCE-PRESSE/GETTY IMAGES Workers at the assembly line in Dongfeng Honda’s Wuhan auto plant in China’s central Hubei province. Our best-selling Murano glass beadnecklacefromItaly

China Auto Sales Log a Gain TreatyourselftotheluxuryofItalian jewelry with our eye-catching necklace! For First Time in 21 Months Murano glass beads, handcrafted in striking shades of blue and gold, join BY TREFOR MOSS China’s auto market has ended last year. After sales crashed a 21-month slump. 42% in the first quarter of together to create a colorful look that China’s auto market grew in 2020 with the coronavirus April, overcoming an early- Monthly auto sales, change outbreak, analysts are fore- will make you the center of attention. year collapse triggered by the from a year earlier casting total sales of about 23 coronavirus shutdown and 20% million vehicles this year, ending a 21-month streak of which would be the market’s declines that has shaken the 0 weakest performance since world’s largest auto market. 2013. The association said it Sales last month grew 4.4% expects sales for the year to be $ from a year earlier to 2.07 mil- –20 down 15% to 25%, depending 125 lion vehicles, the government- on how quickly the global pan- backed China Association of –40 demic can be brought under Plus Free Shipping Automobile Manufacturers control. said Monday. The increase is –60 Should the pandemic per- an important psychological sist into the third quarter, Chi- boost to an industry that last –80 nese industries will suffer charted growth in June 2018. more and the knock-on effect Its sales were savaged by the –100 would hurt the income of Chi- coronavirus pandemic in the nese consumers, the associa- 2018 ’19 ’20 January-to-March period. tion said. But the good news could Source: China Association of Automobile Consumer confidence re- prove to be short-lived, the as- Manufacturers mains fragile in the wake of sociation warned. the economic damage caused “We don’t see this month’s ing a decadeslong boom that by the pandemic. Murano Glass Bead Necklace with 18kt Gold Over growth as a normal phenome- few analysts or industry par- Moreover, dealers are com- non, as the domestic epidemic ticipants expected would end. ing under pressure to move Sterling from Italy 7 eased and consumers delayed After charting record sales of old inventory at any cost to 18" with a 2" extender. ⁄8" wide. Lobster clasp. purchases until recently,” said 28.9 million vehicles in 2017, generate unit sales and clear Chen Shihua, the association’s auto makers looked set to space for new models, accord- Also available in 20" with a 2" extender $135 deputy secretary-general. “It is break through the 30 million- ing to the China Automobile difficult to guarantee positive vehicle level with ease. Dealers Association. growth in the coming months.” The severity of the slump Buick vehicles are available Ross-Simons Item #912614 The April numbers got a that followed—brought on by at a 45% discount throughout boost from commercial vehi- saturation in wealthy cities May, for example, while buyers To receive this special offer, use offer code: SHADE100 cles such as trucks and buses, and an economic downturn in can secure a Chevrolet with a 1.800.556.7376 or visit ross-simons.com/shade whose sales were up 32% in smaller cities—shocked global down payment of 55 yuan, or April, hitting a record. Mean- auto makers, which had come roughly $7.75, according to In collaboration with the Italian Trade Agency, the Ministry while, passenger-car sales to depend on China. SAIC Motor Co., General Mo- THE EXTRAORDINARY of Economic Development and Confindustria-Federorafi were down 2.6%. Successive monthly declines tors’ joint-venture partner. ITALIAN JEWELRY When auto sales last grew reduced China’s overall auto —Raffaele Huang in China, the market was rid- sales to 25.8 million vehicles contributed to this article. B4 | Tuesday, May 12, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Twitter to Label Disputed Virus Posts

All users, including tech platforms pulled it down. the virus, effective treatments ing the labels. spokeswoman said. YouTube Twitter said it would either The companies are also un- and the government response, Part of the challenge for so- said it removed the “Plan- remove the tweet or add a la- government officials, der scrutiny by users, regula- with false claims circulating cial-media companies combat- demic” video and removes rebel. For disputed claims Twit- are subject to review tors and governments to prove widely. ing misinformation is how in- uploads of the video when it is ter plans to add a warning or they can handle misinforma- Twitter said Monday that flammatory or disputed posts alerted to their existence. label, and for unverified by trust, safety team tion ahead of the November the new labels would apply to can spread in real time, before The labels Twitter applies claims the company plans to election. tweets posted before this new companies have a chance to to disputed messages will link take no action. The company BY GEORGIA WELLS The survey from Gallup and policy, and will apply to all us- add labels or take action. to external sources or a Twit- said it may add new labels as the Knight Foundation shows ers, including government offi- A 26-minute video from a ter-curated page providing ad- needed. Twitter Inc. said it would that fears about virus-related cials. Its internal trust and documentary called “Plan- ditional information related to The new labels build on a start adding labels to tweets misinformation are bipartisan: safety team, in coordination demic,” which is filled with the claims in the tweet, Twit- policy Twitter announced in that have disputed informa- 73% of Republicans and 82% of with outside partners, will be unsubstantiated claims, racked ter said. March to broaden the com- tion about the coronavirus, a Democrats call it a major responsible for determining up millions of views last week Depending on the type of pany’s definition of harm to step that comes as a new sur- problem. whether to apply any labels. before social-media sites took misleading information, Twit- include content that goes vey shows that 78% of Ameri- Almost 70% of those polled Facebook Inc. similarly adds decisive action. It continues to ter may also apply a warning against guidance from authori- cans believe that misinforma- said social media was among labels to certain posts, but pop up as users develop new to tweets that will inform peo- tative sources of public-health tion about the virus is a major the two main sources of misin- only after they have been tricks to get around the block- ple that the information in the information. Twitter said it problem. formation, while 54% cited the rated as false by outside fact- ages. tweet is in conflict with pub- would remove content when it The move is the latest of Trump administration. The ad- checking groups that the com- A spokeswoman for Twitter lic-health experts’ guidance, has a clear call to action that many efforts from Silicon Val- ministration didn’t immedi- pany has partnerships with. said that when users started the company said. could pose a risk to people’s ley to try to slow the spread of ately respond to a request for Last month, the company said posting links to “Plandemic,” Twitter said it would health. false claims related to the comment. that in March, it added warn- Twitter marked links to the choose to take action based on Twitter also said that it will pandemic, with mixed results, The survey noted the World ings to about 40 million posts video as unsafe. Twitter also three broad categories: mistake steps to not distribute including last week when a Health Organization said the related to Covid-19, and that took steps to block the video leading information, disputed broadly the messages that it conspiracy-laden video racked global pandemic has spawned 95% of users didn’t click on from trending or appearing claims and unverified claims. labels, helping to limit how up millions of views before the a separate “infodemic” about the disputed content after see- prominently in searches, the For misleading information, quickly they can spread. With Studios in a Freeze, Fox Rustles Up Fall TV Shows

BY JOE FLINT vices, such as Netflix Inc., the children of the original Amazon.com Inc.’s Prime show’s main characters. An- The Fox network released Video and Disney’s Hulu. other hot prospect is “Rebel,” its schedule on Monday for This year, the negotiations which is inspired by the movie the fall TV season. This year are especially fraught, given “Erin Brockovich.” that qualifies as a major the uncertainty about what NBC will hope to fill the achievement. networks will have available to void left by the departure of The coronavirus pandemic broadcast and what the state “The Good Place” with a new has ground to a halt most tele- of the U.S. economy will be in Ted Danson comedy produced vision production, leaving the fall. Many advertisers have by Tina Fey about a rich busi- broadcasters without much in pulled money out of television nessman who becomes mayor new programming and making or delayed spending. of Los Angeles. it difficult to forecast what CBS has said it plans on Two dramas that Fox they can put on the air in Sep- bringing back 23 current planned to launch in the tember, when the TV season shows next season when pro- spring, “Next,” a thriller about starts. duction resumes, a move in artificial intelligence, and Fox Broadcasting Co., a keeping with its generally con- gothic drama “The Filthy unit of Fox Corp., had slightly servative approach to launch- Rich,” will instead debut in the more clarity than others, in ing new programs. For now, fall. Fox also bought rights to part because some of its top the network has ordered three air episodes of the police shows are animated produc- new shows: “Clarice,” inspired drama “L.A.’s Finest,” which tions that have been able to by the movie “The Silence of has until now only been avail- continue making new episodes the Lambs”; a reboot of “The able to Charter Communica-

during the crisis. Its schedule WILLY SANJUAN/INVISION/ASSOCIATED PRESS Equalizer”; and “B Positive,” a tions Inc. subscribers. includes new seasons of “The The network expects to resume production in August for ‘The Masked Singer.’ romantic comedy from Chuck Fox said it also anticipates Simpsons” and “Family Guy.” Lorre, whose credits include having new episodes of the hit Fox is also expecting to re- comCBS Inc.’s CBS are rushing unveil their fall schedules to Advertisers typically com- “The Big Bang Theory.” “9-1-1” and its spinoff, “9-1-1: sume production in August for to come up with their own fall advertisers in splashy presen- mit to spending billions on ABC, which is losing its Lone Star.” its top-rated reality show, lineups and aren’t expected to tations. They are the precur- network programming. The longtime hit “Modern Family,” Fox Corp. and Wall Street “The Masked Singer,” which is make any programming an- sor to negotiations when the sales pitch has gotten tougher has a sequel to its 1980s yup- Journal parent News Corp also on the schedule. nouncements this week. networks sell a big chunk of for networks, as viewers turn pie-angst drama “thirtysome- share common ownership. Walt Disney Co.’s ABC, Normally this is the time of their commercial time for the away from traditional televi- thing” in the works called —Suzanne Vranica Comcast Corp.’s NBC and Via- year the broadcast networks TV season. sion in favor of streaming ser- “thirtysomething(else)” about contributed to this article.

SavetheDates:ExploreNapaValley and Bordeaux with WSJ. Magazine

At WSJ. Magazine and luxury travel-planning company Indagare we are remaining vigilant and cautious, butarestilloptimisticthattherewillbeatimewhenwecanallgatherandexploreonceagain.Weinviteyou tojoinusontwoextraordinarytravelofferingsthisfall:exclusiveInsiderJourneystoBordeauxandNapa Valley.GuestswillenjoytastingsatrarelyvisitedprivatecellarsandmealsatMichelin-starredrestaurants— allinthecompanyofinternationallyacclaimedvintners,celebratedchefsandesteemedtastemakers.

PleasevisitIndagare.com/WSJMagazineorcallusat646.780.8383formoreinformation.Whenthetime is right, we hope you’ll decide to join us on these special journeys.

Bordeaux, France napa Valley, caliFornia SeptemBer8-13,2020 octoBer15-18,2020 © 2020 w js & , . ghs sv. h b hw b, s g v 68160 THE WALL STREET JOURNAL. ***** Tuesday, May 12, 2020 | B5 BUSINESS NEWS Nevada Solar Farm, Backed by Buffett, Wins U.S. Approval

BY TIMOTHY PUKO tion workers and produce emissions-free power to off- WASHINGTON—The Inte- set the greenhouse-gas out- rior Department has given fi- putof83,000cars. nal approval for what it says “That project would be a will be the largest solar- major producer of energy,” power project in the U.S., a $1 Mr. Bernhardt said. “I’m glad billion installation in Nevada that we’re getting this out, that could power about and it’s really part of our ef- 260,000 households—enough fort to foster jobs.” to cover the residential popu- Construction was origi- lation of Las Vegas. nally set begin one month af- The project has financial ter final approval, with the

backing from NV Energy Inc., first phase expected to be TAYLOR GLASCOCK FOR THE WALL STREET JOURNAL a unit of Warren Buffett’s completed within a year, and At the Braidwood Generating Station near Chicago, a reactor refueling that takes place every 18 months went ahead with extra precautions. Berkshire Hathaway Inc., full operation by 2023. and Quinbrook Infrastructure Mr. Bernhardt warned, Partners, a private-equity however, that the coronavirus firm. pandemic might delay that The two companies signed timeline. Nuclear-Plant Staff Navigate a 25-year deal last year to While President Trump has take the solar farm’s output shrugged off dire scientific of 690 megawatts. warnings about global warm- Major business consumers ing, the administration has Dangers of Atom and Virus have been clamoring for more also proposed cutting red wind and solar power to help tape on environmental reviews and says Gemini fits BY JOE BARRETT this peaks and will go away.’ “We’re very focused on the to enter parts of the plant that with its priority of facilitating Within hours of having that task at hand,” he said. “We’re normally hold 10 people, Mr. The Gemini Solar investment in important in- BRACEVILLE, Ill.—The coro- thought, we realized that this essential workers. It wouldn’t Keenan said. Those would have frastructure projects. navirus pandemic has put much wasn’t going to play out.” be fun to be sitting at home in to be reduced to four at a time. Project will be built “This project will create of life and business on hold, but As critical infrastructure, the the dark.” With new health screenings on 7,000 acres of jobs that our community some things can’t wait—such as plant has contingencies for all At Braidwood, which came and cleanings put in place, needs as it deals with the refuelings at a nuclear-power kinds of disasters. Its latest online in 1988, the two reactors shifts were staggered, so fewer federal land. current pandemic,” NV En- plant. pandemic plan was developed power a total of 2.5 million workers would wait in line. ergy said. It is a mammoth undertak- in 2008 after the bird-flu out- homes and businesses. Each Planners were able to reduce Gemini is unique among ing involving thousands of break, but it would have to be one is taken offline for refuel- the peak head count by 300 the country’s largest solar maintenance jobs and an influx reworked and used for the first ing every 18 months on a stag- people and cut the length of slow climate change and projects in that it includes of hundreds of workers over a time in a real pandemic. A gered schedule in the spring the refueling to 15 days from lower bills. major battery capacity to few weeks—all tightly choreo- search of pandemic gear in and fall when power demand is 16, Mr. Keenan said. In the end, Nevada last year joined keep feeding the grid over- graphed and within the con- storage at the plant turned up lower. During refueling, one- the plant’s workforce of 700 several states that have night, an emerging trend fines of a single plant. In other 27,000 masks, some of which third of the reactor’s uranium swelled to around 2,000 during passed laws committing to among new solar projects, ac- words, a potential breeding were sent to other plants and rods are replaced with new the refueling and the number of emissions-free power, man- cording to an arm of energy- ground for a pandemic. the rest used locally. ones. While the reactor is shut maintenance tasks was pared dating that half of its elec- consulting firm Wood Mack- At the Braidwood Generating For some workers, given the down, the power-generating back to 11,000 from 13,000. tricity must come from re- enzie. “It’s just a monstrous Station outside Chicago, plan- dangers of nuclear work, stan- side of the plant undergoes ex- Restructuring the refueling newables by 2030. project,” said Colin Smith, an ning for the refueling began dard gear is even more strin- tensive maintenance. operation came at an already Interior Secretary David analyst at Wood Mackenzie. two years ago but had to be re- gent than what the Centers for With more than 1,000 work- difficult time for the industry. Bernhardt signed approval “I see it as the next step. vamped quickly when the coro- Disease Control and Prevention ers expected for the refueling, Nuclear-power plants have Monday for what is called the We’re going to keep seeing navirus hit, said John Keenan, recommends for the pandemic. Braidwood managers began go- been losing market share in re- Gemini Solar Project to go bigger and bigger solar.” site vice president for the On a recent day, Brian Hale, a ing over every detail of the cent years and remain under forward on 7,000 acres of fed- Berkshire is also invested plant. radiation-protection technician, planned outage. The goal was severe financial strain amid eral land in the desert 33 in the biggest operating U.S. “In the beginning of March, donned double gloves, two body to push off any jobs they could stiff competition from natural miles northeast of Las Vegas, solar farm, Solar Star, a 586- our world started to change,” suits and an air-filtering hood to other years, reduce the num- gas, wind and solar power. Still, the Interior Department said. megawatt project outside Los said Mr. Keenan in an interview as he and five co-workers wres- ber of workers on the site and Braidwood and the other five The Interior Department Angeles. Quinbrook focuses at the plant from behind a face tled a 70-foot-long seal from the revamp anything that would in- nuclear plants run by Exelon touts the project as a boon to on lower carbon and renew- mask. “My initial reaction was, edges of a pool of radioactive volve too many people crowded Corp. in Illinois provide more the economy and the environ- able-energy infrastructure, ‘Boy, our outage isn’t until April water. After removing the in- together. than 50% of the state’s electric- ment, with the potential to with offices in Houston, the 20. We’ll have plenty of time to ner-tube-like seal, they chopped Some clear bottlenecks ity and 90% of its carbon-free employ up to 900 construc- U.K. and Australia. see how this goes. Hopefully it up and stuffed it in barrels. emerged, such as airlocks used production. HP HP gave employees in Wuhan, China, a welcome back kit with masks, gloves and hand sanitizer.

month in New York City. To so- video screens, so people will be Offices cially distance hot desks, half able to maintain social distanc- the chairs are being subtracted, ing while attending meetings. and WeWork is removing 30,000 Interpublic is also working Revamp conference-room chairs around with building managers where it the world to keep people from leases office space to ensure congregating, said Hamid Hash- worker safety. One suggestion: For Return emi, WeWork’s chief product putting tape on the floor of ele- and experience officer. vators to outline boxes. If there Cushman & Wakefield, a real- isn’t an empty block, a passen- ContinuedfrompageB1 estate-services firm, is bringing ger cannot ride. mask while working and isn’t a version of its “Six-Feet Office” “It’s like musical chairs,” said rushing to reopen its offices, concept launched in Amsterdam Casey Tinnesz, Interpublic’s se- even if state and local officials to offices in Los Angeles and nior director of crisis manage- give clearance to return, a New York City. The plan fea- ment. spokeswoman said. tures plexiglass dividers be- At one of Interpublic’s agen- At its headquarters in River- tween desks and circles on the cies, if only two or three staffers woods, Ill., near Chicago, Dis- floor to indicate how far apart ride an elevator at one time, it is cover Financial Services is workers should be. estimated it would take two to leaning toward reseating em- McCann Worldgroup, one of three hours to get staffers to ployees at every other worksta- Interpublic Group’s largest ad their floors, which requires tion. “We’ll essentially put X’s on agencies, is considering assign- staggered work start and end desks and chairs” not to be used, ing different letters to people in times to avoid congestion. said Andy Eichfeld, Discover’s many of its U.S. offices, allowing Squarespace Inc. says some chief human-resources officer. each group to come into the of- of its offices will only be able to Some hallways and stairwells fice on different days of the take one person per elevator will become one-way, and many week. Open-floor-plan layouts ride. To avoid a lobby pileup, conference rooms will stay shut. are under review. Qualtrics, a unit of German soft- If the company opts to check the McCann’s New York office ware giant SAP SE, will invite temperature of every arriving will close its bar and cafeteria some workers to commit to tak- employee, Mr. Eichfeld’s team is for the rest of 2020. Instead, the ing the stairs. considering how to stagger ar- company has ordered dozens of When HP Inc. reopened its rival times to avoid people con- microwaves and refrigerators so offices in Wuhan, China, a few gregating in building lobbies, people can bring in their lunch. weeks ago, allowing a limited awaiting the test. The appliances will go in en- number of employees to return, Co-working giant WeWork larged kitchen areas being the computer and printer maker once prized density, making cor- erected on every floor. Everyone gave everybody a welcome back ridors narrow on purpose so will be expected to use the kit with three new office essen- that people were more likely to cleaning supplies stationed tials: masks, gloves and a bottle bump into each other and chat. nearby to wipe down communal of hand sanitizer. It rented out access to its “hot buttons and door handles. U.S. office workers can ex- desks”—large, shared tables Another ad agency, FCB, is pect the same, said Tracy Ke- with no assigned seating—at getting rid of disposable cups, ogh, HP’s chief human-resources many of its more than 700 utensils and condiments. The officer. global locations for between agency is enlarging its confer- —Konrad Putzier $300 and more than $600 a ence rooms and installing more contributed to this article. B6 | Tuesday, May 12, 2020 ***** THE WALL STREET JOURNAL. BUSINESS NEWS Coty Bids to Sell Hair-Care Unit to KKR

BY SHARON TERLEP at the same price of $6.24 a lion in hard-hit retailers. Pri- AND MIRIAM GOTTFRIED share, a 20% premium to vate-equity firm General At- Coty’s closing price on Friday. lantic is also teaming up with Coty Inc. said it is in exclu- The preferred shares will carry veteran credit investor Tripp sive talks with private-equity a 9% coupon, the company Smith to try to raise a $5 bil- firm KKR & Co. on a $3 billion said. lion vehicle to back struggling deal that would carve out Private-equity firms, armed companies that were previ- Coty’s professional-beauty and with record levels of unspent ously growing, The Wall Street hair-care businesses and give cash to do deals, have been ea- Journal reported. the struggling beauty giant a ger to provide rescue financ- Coty on Monday posted a much-needed infusion of cash. ing to companies hobbled by net loss of $271.6 million, or The deal, which Coty ex- the coronavirus pandemic. 36 cents a share, compared pects to complete late this Last month, Silver Lake and with $12.1 million, or 2 cents a year or in early 2021, would Sixth Street Partners invested share, in the comparable quar- turn Coty’s most stable unit $1 billion in Airbnb Inc. to help ter last year. into a separate, jointly owned the home-sharing platform Adjusted losses were 8 business. Coty said it is still shore up its business after a cents a share. Analysts polled working out details of the wave of cancellations. Silver by FactSet had expected the transaction, including which Lake then joined with Apollo company to break even on an

brands would be part of it. RICHARD B. LEVINE/ZUMAGlobal PRESS Management Inc. to in- adjusted basis. That unit includes the Wella, The beauty company would carve out the business that includes Clairol in the $3 billion transaction. vest around $1.2 billion in Ex- Sales fell 23% to $1.53 bil- Clairol, OPI and Good Hair Day pedia Group Inc., another lion. Analysts were targeting brands. Coty has been struggling cause of the pandemic have looking to sell that collection hard-hit travel industry player. $1.56 billion. Sales in the KKR also is immediately in- for years after its $12 billion hammered the beauty indus- of brands, which account for Apollo, which also invested Americas and the Europe, Mid- vesting $750 million in the acquisition of P&G’s beauty try. Estée Lauder Cos., argu- nearly one-third of its annual $300 million to aid Vistaprint- dle East and Africa regions fell company amid plunging sales business, which included the ably the industry’s strongest revenue. Coty said Monday owner Cimpress PLC, has 15% and 22%, respectively, because of the coronavirus hair-care and professional competitor, reported an 11% that its mass-beauty business seized the opportunity pre- amid lockdowns and store clo- pandemic and persistent de- brands now part of the KKR sales decline and a $6 million in Brazil will remain with the sented by the downturn, plow- sures. In Asia Pacific, sales fell clines in beauty brands it ac- deal, as well as mass-market loss for its most recent quar- company. ing $41 billion into invest- 37%. quired in 2016 from Procter & beauty brands like CoverGirl ter. Under the deal disclosed ments across its businesses in Coty also said it plans to re- Gamble Co. that have seen sales plummet In Coty’s most recent quar- Monday, KKR would own a the first quarter and putting duce fixed costs by $700 mil- Wells Fargo analyst Joe as consumers turn to niche ter, like-for-like sales fell 17% 60% stake in the carved-out an additional $10 billion to lion, or a quarter of its fixed- Lachky said the KKR deal has and higher-end brands. Coty in the consumer beauty busi- company and get two board work in the month of April cost base, over the next 30 “a lot of moving parts,” which last year took a $3 billion ness, while the luxury unit re- seats, Coty said. Upon the alone. months. The company will sus- appear to include both a rich write-down on the former P&G ported a 26% decline and the deal’s closing, Coty will issue More such deals are on the pend its dividend until at least price for the future carve-out brands. professional beauty division another $250 million in con- horizon. Mall owner Brookfield April 2021. and a high interest rate on the Shutdowns and halted fell 14%. vertible preferred shares on Asset Management Inc. has Coty shares closed down 8% KKR investment. travel around the world be- Coty in October said it was top of the initial $750 million said it plans to invest $5 bil- to $4.78 on Monday.

ware it sells to drug companies UFC Owner Endeavor Obtains $260 Million Loan to Shore Up Business to facilitate online interactions Drug Sales with doctors. In April, companies conducted more than 316,900 re- To Doctors mote meetings with doctors and sent about seven million emails to them globally, com- Go Virtual pared with 4,900 remote meetings and 1.2 million emails in ContinuedfrompageB1 January, according to Veeva. principal with consulting firm Drugmakers tried some of ZS Associates. “The launch suf- these virtual tactics prepan- fers a lot. That back-and-forth, demic, but with limited suc- the learning that happens in cess. Doctors engaged less the first six months, is not go- with the virtual interactions ing to happen.” than in-person visits, industry The virtual drug launch is a officials say. big shift from the industry’s While nearly half of U.S. longtime sales and marketing doctors allowed in-person vis- approach. Before the coronavi- its from sales representatives rus, an FDA drug approval just before the pandemic, 10% sent sales representatives fan- opened emails from company ning out across the U.S. to representatives, according to tout the benefits of a product ZS, which advises drug compa- physicians might not know nies on sales strategies. about otherwise. Due to the challenges, some The representatives often companies have postponed the brought free lunches for launch of new drugs. doctors, nurses and office staff Bristol-Myers Squibb Co. to gain precious face time for is delaying the launch of mul- their pitches. And the tiple-sclerosis treatment representatives dropped off or Zeposia partly so its sales arranged shipment of free representatives can meet with drug samples, which doctors doctors face to face because

JASEN VINLOVE/REUTERS gave away to patients. of the amount of education in- But drugmakers ordered volved, said Chris Boerner, Endeavor Group Holdings Inc. ple said. fans Saturday and continues to UFC, is on track to boost profit representatives to remain at the company’s chief commer- has secured a $260 million term The financing should help alle- bring in revenue through a deal by between $150 million and home due to the new corona- cial officer. loan to help shore up the enter- viate concerns surrounding En- with ESPN. $200 million this year, the people virus. At the same time, hospi- Bristol said last week it tainment company’s business, deavor, which owns Hollywood’s Endeavor has rolled out a se- familiar with the matter said. tals and doctor’s offices have hopes to launch the drug in which has been hammered by largest talent agency and has a ries of cost-cutting measures, in- Private-equity firm Silver Lake barred visitors to minimize June, and virtual tools will the coronavirus pandemic, ac- substantial live-events business. cluding layoffs, pay cuts and fur- first took a stake in Endeavor in the spread of the virus. likely be a part of the launch cording to people familiar with The company’s revenue has fallen loughs affecting roughly a third 2012 and has invested roughly To adapt to the new reality, “You do miss something in the matter. roughly 70%, excluding the Ulti- of its staff. Chief Executive Ari $2 billion in the company, which many drugmakers have can- nonpersonal engagement you The borrowing, which will sup- mate Fighting Championship Emanuel and Executive Chairman has acquired 27 businesses—from celed the restaurant dinners in get from an in-person conver- plement an existing $2.8 billion mixed-martial-arts promoter, Patrick Whitesell have also said beauty pageants to bull riding. which they pay physician ex- sation, whether it’s being able term loan, will carry an interest since the pandemic put film pro- they would go without pay this Endeavor, which pulled a perts to discuss a new drug’s to read the room, being able rate of just under 11%. JPMorgan duction on hold and caused con- year. planned initial public offering last benefits and risks with other to understand what’s really on Chase & Co. is acting as the lead certs and sporting events to be As a result of these efforts, year after public-market debuts doctors, switching to virtual the mind of the customer,” Dr. arranger on the new loan, and canceled, the people said. Endeavor, which had just over by others soured, may try its events. And representatives Boerner said. credit investor Oaktree Capital Endeavor owns 51% of UFC, $400 million in earnings before hand again after the coronavirus are trying to talk with doctors “There’s simply no replace- Group LLC has agreed to pur- which held the first of several interest, taxes, depreciation and crisis has passed, the people said. via videoconference. ment for that.” chase the largest piece, the peo- planned televised fights with no amortization in 2019, excluding —Miriam Gottfried Veeva Systems Inc. has —Denise Roland seen a surge in use of the soft- contributed to this article.

ADVERTISEMENT Revenue Slumps at Caesars, Eldorado

The Marketplace BY MICAH MAIDENBERG To advertise: 800-366-3975 or WSJ.com/classiﬁeds Caesars Entertainment Corp. and Eldorado Resorts ANNOUNCEMENTS BUSINESS OPPORTUNITIES Inc. detailed the damage that casino closures in response to the pandemic had on their businesses in the first quarter, with both casino companies reporting double-digit declines in revenue. Caesars said revenue fell about 14% for the January through March stretch to $1.83 billion. Eldorado reported $473.1 million in revenue for BUSINESS OPPORTUNITIES the first quarter, off almost 26% year over year. ! "# $$% “While we posted our best operating performance since 2008 in the first two months of the quarter, circumstances changed dramatically in March JOE BUGLEWICZ/BLOOMBERG NEWS as we temporarily shut down all Casinos across the country, including on the Las Vegas Strip, were forced to close in mid-March. of our casino properties” in line with efforts to contain the coro- Casinos have closed down dated closure of all our proper- expects the deal to close by the navirus pandemic, Caesars Chief around the country, as owners ties by March 18,” Eldorado end of June, in line with the Executive Tony Rodio said. comply with public-health ef- Chief Executive Tom Reeg said. company’s anticipated timeline ! The company, which had forts aimed at slowing the The company had about 23,900 before the pandemic. Eldorado 38,000 slot machines, 2,700 ta- spread of the virus. Last week, slot machines plus other games is in the process of Federal ble games and other betting MGM Resorts International said at its facilities as well as Trade Commission approval for options at its properties it might lay off some of the roughly 11,300 hotel rooms as the deal, and gambling regula- ! " # around the country as of the roughly 63,000 workers it has of the end of last year. tors in Indiana, New Jersey and $% & ' ! ( end of last year, moved to close furloughed starting in August. Last year, Eldorado said it Nevada must also sign off. (! !%! & !# !'!& its owned properties in North Eldorado’s facilities also got would buy Caesars for about Caesars said it lost $66 mil- ! #( & !) & (& * # &* (! !%! & America on March 17. It said it off to a strong start in January $8.58 billion in cash and stock. lion from operations in the pe- ! " furloughed about 90% of its and February, but those gains Mr. Reeg, on a conference riod.Eldorado reported a net workforce at those locations as were “offset by Covid-19 recall with Wall Street analysts loss of $175.6 million, or $2.25 well as corporate employees. lated weakness due to the man- on Monday, said the company a share. THE WALL STREET JOURNAL. Tuesday, May 12, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 24221.99 t109.33, or 0.45% Trailing P/E ratio 20.44 17.47 2930.19 s0.39, or 0.01% Trailing P/E ratio * 24.68 22.05 9192.34 s 71.02, or 0.78% Trailing P/E ratio *† 27.96 23.65 High, low, open and close for each P/E estimate * 22.28 15.64 High, low, open and close for each P/E estimate * 22.75 17.08 High, low, open and close for each P/E estimate *† 26.73 20.89 trading day of the past three months. Dividend yield 2.73 2.32 trading day of the past three months. Dividend yield * 2.08 1.93 trading day of the past three months. Dividend yield *† 0.97 1.04 All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 All-time high: 9817.18, 02/19/20

Current divisor 0.14579812049809 30000 3500 10500

27500 3250 9750 65-day moving average 65-day moving average 65-day moving average 25000 3000 9000

22500 2750 8250 Session high DOWN UP

Session open t Close 20000 2500 7500 Close Open t 6750 Session low 17500 2250

Bars measure the point change from session's open 15000 2000 6000 Feb. Mar. Apr. May Feb. Mar. Apr. May Feb. Mar. Apr. May *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,004,322,606 24,177,549 Industrial Average 24366.21 24070.22 24221.99 -109.33 -0.45 29551.42 18591.93 -4.4 -15.1 5.0 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 259,763,024 15,561,353 Transportation Avg 8310.93 8165.56 8234.18 -98.32 -1.18 11304.97 6703.63 -20.1 -24.5 -3.1 Most-active issues in late trading Decl. volume* 741,530,469 8,420,863 Utility Average 763.64 748.28 761.83 -2.28 -0.30 960.89 610.89 -3.2 -13.3 3.0 Volume After Hours Issues traded 3,009 271 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 29818.85 29388.09 29663.42 -7.37 -0.02 34631.28 22462.76 2.5 -10.2 6.2 Advances 1,007 113 SPDR S&P 500 SPY 13,180.7 292.64 0.14 0.05 293.01 292.08 Barron's 400 621.94 610.64 617.45 -3.63 -0.58 746.64 455.11 -8.4 -15.7 -1.2 Declines 1,913 144 Capri Holdings CPRI 12,697.7 14.31 ...... 14.79 14.31 Unchanged 89 14 STORE Capital STOR -0.35 Nasdaq Stock Market 11,737.5 19.93 -0.07 20.10 19.93 New highs 34 3 9192.34 0.78 20.2 14.5 109.24 Nasdaq Composite 9241.92 9053.17 71.02 9817.18 6860.67 2.4 CymaBay Therapeutics CBAY 9,338.1 3.85 2.01 4.18 1.84 New lows 14 1 9298.92 0.85 27.0 17.9 Nasdaq 100 9346.27 9155.21 78.57 9718.73 6978.02 6.5 DexCom DXCM 8,874.4 421.35 -0.01 -.002 422.80 417.68 Closing Arms† 1.49 0.28 Novavax NVAX 7,596.8 33.30 8.80 35.92 38.90 24.07 S&P Block trades* 5,281 198 Dropbox DBX 4,280.9 22.94 ...... 22.98 22.76 500 Index 2944.25 2903.44 2930.32 0.52 0.02 3386.15 2237.40 4.2 -9.3 7.0 Nasdaq NYSE Arca Dominos Pizza DPZ 4,133.7 378.49 1.00 0.26 378.63 375.00 MidCap 400 1676.76 1643.14 1663.48 -12.70 -0.76 2106.12 1218.55 -11.4 -19.4 -1.3 Total volume*3,861,415,963 235,478,282 SmallCap 600 766.27 747.96 756.76 -14.11 -1.83 1041.03 595.67 -19.0 -25.9 -3.6 Percentage gainers… Adv. volume*2,333,893,233 61,313,787 109.24 Decl. volume*1,512,706,790 162,554,035 Other Indexes CymaBay Therapeutics CBAY 9,338.1 3.85 2.01 4.18 1.84 37.84 Issues traded 3,333 1,401 Russell 2000 1333.85 1303.53 1321.24 -8.40 -0.63 1705.22 991.16 -13.2 -20.8 -1.7 YRC Worldwide YRCW 1,219.3 2.04 0.56 2.20 1.50 35.92 Advances 1,483 507 NYSE Composite 11345.43 11205.40 11281.37 -72.98 -0.64 14183.20 8777.38 -9.9 -18.9 -0.8 Novavax NVAX 7,596.8 33.30 8.80 38.90 24.07 Declines 1,788 877 408.13 -1.27 -22.0 -7.9 II-VI IIVI 289.0 45.15 8.91 24.59 45.75 36.24 Value Line 413.39 403.70 -5.26 562.05 305.71 -26.1 Unchanged 62 17 5569.48 3.74 27.2 15.8 Granite Point Mtg Trust GPMT 131.3 5.32 0.89 20.09 5.50 4.40 NYSE Arca Biotech 5585.08 5344.12 200.80 5569.48 3855.67 9.9 New highs 119 21 NYSE Arca Pharma 651.16 637.26 649.81 10.82 1.69 670.32 494.36 14.4 -0.6 8.0 ...And losers New lows 15 18 KBW Bank 69.78 68.14 68.51 -2.63 -3.70 114.12 56.19 -28.7 -39.6 -9.3 Genfit ADR GNFT 125.7 11.00 -11.00 -50.00 12.94 7.10 Closing Arms† 0.54 1.44 § PHLX Gold/Silver 122.36 117.11 118.09 -4.00 -3.27 122.30 66.14 71.6 10.4 12.1 Eventbrite EB 57.3 9.48 -1.05 -9.97 10.90 9.00 Block trades* 21,492 961 § PHLX Oil Service 30.30 29.27 29.91 -0.47 -1.55 88.60 21.47 -64.6 -61.8 -41.6 Taubman Ctrs TCO 127.3 40.00 -2.90 -6.76 44.09 40.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 1788.87 1756.64 1774.31 -1.30 -0.07 1979.50 1286.84 25.9 -4.1 19.4 Tencent Music Ent ADR TME 338.9 10.72 -0.69 -6.05 11.49 10.70 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 31.46 26.97 27.57 -0.41 -1.47 82.69 11.54 34.2 100.1 37.5 INO -5.63 Inovio Pharmaceuticals 3,469.6 11.23 -0.67 12.56 10.61 Arms of less than 1 indicates buying demand; above 1 Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 2630.47 –0.38 World The Global Dow –10.01 –19.1 Cellect Biotechnology ADR APOP 3.95 1.58 66.67 6.89 0.40 11.3 Recro Pharma REPH 5.08 -3.34 -39.67 19.21 4.76 -36.3 373.62 –0.03 DJ Global Index –0.12 –13.9 MyoKardia MYOK 96.90 35.81 58.62 104.26 42.65 111.1 ArcelorMittal ADR MT 9.17 -2.25 -19.70 18.89 6.64 -46.9 214.34 –0.05 DJ Global ex U.S. –0.10 –18.7 Mediaco Holding MDIA 5.60 1.85 49.33 17.00 1.10 ... China Liberal Educ Hldgs CLEU 4.01 -0.89 -18.16 5.42 4.01 ... 33.23 107.6 -16.67 -56.8 Americas DJ Americas 676.92 –0.20 –0.03 –11.0 Cytokinetics CYTK 20.99 5.24 21.69 7.73 Rocky Mountain Chocolate RMCF 4.10 -0.82 9.75 3.77 31.75 260.6 -15.95 -65.4 Brazil Sao Paulo Bovespa 79064.60 –1198.75 –1.49 –31.6 Quidel QDEL 208.95 50.35 210.81 52.49 Xenia Hotels Resorts XHR 7.59 -1.44 22.74 6.28 Canada S&P/TSX Comp 15103.22 136.66 0.91 –11.5 Novavax NVAX 24.50 5.77 30.81 26.34 3.54 325.3 Hebron Technology A HEBT 11.18 -1.96 -14.92 14.99 0.60 1304.5 Mexico S&P/BMV IPC 37631.89 8.21 0.02 –13.6 Amyris AMRS 3.49 0.81 30.22 5.26 1.40 -17.9 Horizon Bancorp HBNC 9.26 -1.59 -14.65 19.48 7.42 -43.5 Chile Santiago IPSA 2666.94 –6.44 –0.24 –20.1 Core Molding Technologies CMT 3.50 0.81 30.11 8.23 1.03 -53.3 Direxion S&P Biotech Bear LABD 4.74 -0.81 -14.59 28.82 4.70 -81.0 AMC Entertainment Holding AMC 5.32 1.22 29.76 13.75 1.95 -60.0 Scorpio Bulkers SALT 17.16 -2.90 -14.46 72.05 16.46 -60.3 EMEA Stoxx Europe 600 339.70 –1.35 –0.39 –18.3 Macrogenics MGNX 26.32 5.98 29.40 27.94 4.04 62.0 NantHealth NH 2.29 -0.37 -13.91 3.25 0.45 241.4 Eurozone Euro Stoxx 319.91 –2.47 –0.77 –20.8 28.88 -77.9 -13.71 -69.4 Belgium Bel-20 3060.00 1.34 0.04 –22.6 Jumia Technologies ADR JMIA 5.89 1.32 29.25 2.15 Chatham Lodging Trust CLDT 6.04 -0.96 20.20 3.44 28.45 -48.8 -13.68 8.3 Denmark OMX Copenhagen 20 1187.63 17.32 1.48 4.6 Amneal Pharmaceuticals AMRX 4.56 1.01 10.04 2.27 Puxin ADR NEW 6.56 -1.04 11.58 3.62 26.85 -62.7 -13.50 -51.6 France CAC 40 4490.22 –59.43 –1.31 –24.9 WAVE Life Sciences WVE 10.11 2.14 39.98 6.61 VS 2x VIX Short Term TVIX 143.17 -22.35 1000.00 38.33 CREX 24.10 25.5 RM -13.30 -46.7 Germany DAX 10824.99 –79.49 –0.73 –18.3 Creative Realities 3.45 0.67 4.36 0.52 Regional Management 12.97 -1.99 34.93 10.42 LiqTech International LIQT 5.30 1.02 23.83 10.69 2.95 -32.2 Sifco Industries SIF 2.20 -0.33 -13.04 5.62 1.89 -24.9 Israel Tel Aviv 1445.53 –6.16 –0.42 –14.1 Italy FTSE MIB 17381.36 –57.94 –0.33 –26.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 520.33 –0.24 –0.05 –13.9 Russia RTS Index 1136.34 … Closed –26.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 50202.85 –800.74 –1.57 –12.1 212,595 72.12 5287 -0.10 Spain IBEX 35 6672.20 –110.90 –1.63 –30.1 Remark Holdings MARK 1406.4 1.79 1.95 0.25 FlexShares Core Sel Bd Fd BNDC 1,018 26.34 27.48 23.71 105,326 29.76 4060 -1.38 Sweden OMX Stockholm 600.47 –2.41 –0.40 –11.8 AMC Entertainment Holding AMC 1466.0 5.32 13.75 1.95 Principal Shareholder Yd PY 313 25.48 34.78 18.78 SPDR S&P 500 SPY 78,271 0.02 Xtrkr MSCI USA ESG Ldrs USSG 2603 0.00 Switzerland Swiss Market 9689.71 24.36 0.25 –8.7 -54.4 292.50 339.08 218.26 1,849 27.01 31.47 20.12 Ford Motor F 75,511 -23.7 5.12 -2.29 10.56 3.96 Invsc S&P 500 Value Mom SPVM 229 1992 30.71 -1.87 43.85 23.31 Turkey BIST 100 97792.23 –52.97 –0.05 –14.5 General Electric GE 71,576 -31.5 6.19 -1.59 13.26 5.90 Recro Pharma REPH 7,656 1854 5.08 -39.67 19.21 4.76 U.K. FTSE 100 5939.73 3.76 0.06 –21.2 U.K. FTSE 250 16271.49 23.55 0.14 –25.6 Seanergy Maritime Hldgs SHIP 69,403 143.4 0.15 -1.95 1.69 0.12 DLH Holdings DLHC 481 1602 5.53 -3.66 6.10 3.00 Bank of America BAC 68,547 -21.6 22.58 -4.20 35.72 17.95 MyoKardia MYOK 7,784 1525 96.90 58.62 104.26 42.65 Asia-Pacific Advanced Micro Devices AMD 68,131 -16.2 55.74 4.79 59.27 26.03 DexCom DXCM 23,463 1478 421.36 3.91 428.00 113.63 Australia S&P/ASX 200 5461.20 70.12 1.30 –18.3 Kitov Pharma ADR KTOV 57,399 839.4 0.49 7.60 1.08 0.22 Act II Global Acquisition ACTT 3,620 1414 10.07 1.21 10.44 9.20 China Shanghai Composite 2894.80 –0.54 –0.02 –5.1 Cellect Biotechnology ADR APOP 57,376 6699.0 3.95 66.67 6.89 0.40 Davis Select Worldwide DWLD 895 1307 21.65 -0.44 26.42 16.70 Hong Kong Hang Seng 24602.06 371.89 1.53 –12.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 31561.22 –0.26 India S&P BSE Sensex –81.48 –23.5 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 20390.66 211.57 1.05 –13.8 Singapore Straits Times 2611.31 19.43 0.75 –19.0 Track the Markets CURRENCIES & COMMODITIES South Korea Kospi 1935.40 –10.42 –0.54 –11.9 Compare the performance of selected Taiwan TAIEX 11013.26 111.84 1.03 –8.2 global stock indexes, bond ETFs, 1287.30 1.68 currencies and commodities at Currencies Thailand SET 21.28 –18.5 WSJ.com/TrackTheMarkets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004287 23325 0.7 Argentina peso .0148 67.3595 12.5 Europe Consumer Rates and Returns to Investor TreasuryBenchmark yield Yields curve Forex Race Brazil real .1719 5.8187 44.8 Czech Rep. koruna .03929 25.455 12.3 andYield to Rates maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7138 1.4010 7.9 Denmark krone .1449 6.9013 3.6 U.S. consumer rates Selected rates Chile peso .001215 823.20 11.3 Euro area euro 1.0809 .9252 3.8 notes and bonds major U.S. trading partners 18.8 9.6 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000257 3898.01 Hungary forint .003090 323.67 Ecuador US dollar 11unch Iceland krona .006810 146.85 21.3 benchmark over the past year 26.4 17.3 Bankrate.com avg†: 3.51% 4.00% 8% Mexico peso .0418 23.9348 Norway krone .0971 10.2976 Uruguay peso .02263 44.1800 19.0 Poland zloty .2371 4.2180 11.2 Prairie State Bank and Trust 3.00% One year ago Asia-Pacific Russia ruble .01357 73.677 18.7

4.00% 3.00 4 Yen 5.4 Mt Zion, IL 800-597-2977 t s Sweden krona .1013 9.8762

Australian dollar .6490 1.5408 8.1 t Switzerland franc 1.0276 .9731 0.6 ESL Federal Credit Union 3.13% China yuan .1409 7.0990 2.0 30-year ﬁxed-rate 3.00 2.00 0 Turkey lira .1413 7.0756 18.9 Rochester, NY 716-336-1000 Hong Kong dollar .1290 7.7506 –0.5 mortgage Ukraine hryvnia .0372 26.8487 13.4 Tradeweb ICE Monday Close India rupee .01317 75.916 6.4 2.00 MidWestOne Bank 3.13% 1.00 UK pound 1.2334 .8108 7.5

t –4 s s Indonesia rupiah .0000671 14895 7.3 t Iowa City, IA 800-247-4418 WSJ Dollar index Euro Japan yen .009288 107.66 –0.9 Middle East/Africa 10-year Treasury 1.00 Cambridge Savings Bank 3.25% 0.00 –8 Kazakhstan tenge .002376 420.86 10.2 Bahrain dinar 2.6482 .3776 0.2 note yield –0.4 –1.9 Cambridge, MA 888-418-5626 1 3 6 1 2 3 5 710 30 Macau pataca .1253 7.9839 Egypt pound .0635 15.7451 0.00 2019 2020 Malaysia ringgit .2307 4.3340 6.0 Israel shekel .2849 3.5104 1.6 3.25% month(s) years J J A S O N D J F M A M East Boston Savings Bank New Zealand dollar .6077 1.6455 10.8 Kuwait dinar 3.2332 .3093 2.0 maturity 2019 2020 Boston, MA 800-657-EBSB Pakistan rupee .00625 159.900 3.2 Oman sul rial 2.5968 .3851 0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0199 50.370 –0.7 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7057 1.4171 5.3 Saudi Arabia riyal .2662 3.7566 0.1 l Interest rate Last ( )Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008174 1223.41 5.9 South Africa rand .0543 18.4215 31.6 3.8 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.25 -0.75 Sri Lanka rupee .0053112 188.28 Yield (%) 52-Week Total Return (%) Taiwan dollar .03347 29.876 –0.1 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 l -0.75 3.25 3.25 5.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03106 32.200 8.2 WSJ Dollar Index 94.05 0.50 0.53 5.01 Libor, 3-month 0.43 0.50 0.43 l 2.53 -0.75 U.S. Treasury, Barclays 2462.740 0.560 0.530 2.370 0.490 13.06 5.74 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.31 0.31 0.31 l 0.78 -0.02 1.360 32.12 Five-year CD, annual yield 0.84 0.85 0.84 l 1.97 -0.46 U.S. Treasury Long, Barclays 4808.520 1.230 2.790 0.980 13.01 Commodities 30-year mortgage, fixed† 3.51 3.57 3.51 l 4.22 -0.55 Aggregate, Barclays 2218.350 1.390 1.350 2.930 1.310 9.74 5.05 Monday 52-Week YTD Pricing trends on someClose raw materials, Net chg % Chg or commodities High Low % Chg % chg 3.06 l -0.20 15-year mortgage, fixed† 3.05 2.95 3.63 Fixed-Rate MBS, Barclays 2221.990 1.070 1.070 3.100 0.930 7.40 4.17 3.58 l -1.02 DJ Commodity 490.98 -4.55 -0.92 647.86 433.70 -18.59 -23.56 Jumbo mortgages, $510,400-plus† 3.64 3.54 4.71 6.611 –4.130 High Yield 100, ICE BofA 2886.828 6.931 10.740 4.516 1.177 122.67 -1.66 -30.94 Five-year adj mortgage (ARM)† 3.23 3.21 3.21 l 4.78 -0.20 TR/CC CRB Index -2.07 187.39 106.29 -33.97 Muni Master, ICE BofA 568.063 1.634 1.820 3.441 0.959 3.582 3.635 24.14 -2.43 -60.45 New-car loan, 48-month 4.30 4.32 4.26 l 4.81 1.20 Crude oil, $ per barrel -0.60 63.27 -37.63 -60.47 1.826 0.16 -30.33 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 810.851 6.070 6.323 7.480 4.523 –1.118 1.301 Natural gas, $/MMBtu 0.003 2.862 1.552 -16.58 banks.† Excludes closing costs. 1695.30 -0.85 30.40 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. -14.60 1756.70 1272.00 11.57 Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com B8 | Tuesday, May 12, 2020 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Contract Open Contract Open Contract Open Futures Contracts Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 2902.75 2930.25 2875.00 2908.00 –5.00 36,506 June 95.650 96.125 92.025 92.675 –1.975 84,410 May .04188 .04239 .04167 .04177 –.00031 1,006 Mini S&P Midcap 400 (CME)-$100 x index Contract Open Aug 100.800 100.800 97.200 97.200 –3.000 84,187 June .04191 .04221 .04144 .04158 –.00031 95,835 June 1669.50 1687.80 1639.80 1663.30 –10.30 70,528 Open High hi lo Low Settle Chg interest Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € Sept 1643.20 1682.10 1640.30 1661.50 –11.00 1 Copper-High (CMX)-25,000 lbs.; $ per lb. May 67.100 67.750 66.225 66.325 –.975 2,125 May 1.0842 1.0851 1.0803 1.0811 –.0033 2,079 Mini Nasdaq 100 (CME)-$20 x index May 2.4090 2.4275 2.3710 2.3820 –0.0265 2,216 June 61.325 62.975 59.800 60.275 –1.425 49,951 June 1.0840 1.0858 1.0808 1.0817 –.0033 530,674 June 9194.75 9339.00 9118.50 9279.00 60.75 190,661 July 2.4095 2.4300 2.3670 2.3800 –0.0260 95,155 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Sept 9180.00 9321.00 9102.25 9262.75 60.25 1,890 Gold (CMX)-100 troy oz.; $ per troy oz. May 344.10 349.00 331.00 331.00 –11.60 101 Index Futures Mini Russell 2000 (CME)-$50 x index May 1702.30 1704.50 1690.20 1695.30 –14.60 2,413 July 365.00 373.70 350.60 353.80 –11.20 1,575 June 1327.10 1341.70 1297.30 1315.10 –13.90 515,162 June 1706.00 1713.80 1692.10 1698.00 –15.90 292,900 Milk (CME)-200,000 lbs., cents per lb. Mini DJ Industrial Average (CBT)-$5 x index Sept 1315.00 1338.20 1296.00 1313.10 –13.90 4,845 24228 24471 23973 24124 –162 68,508 Aug 1718.10 1726.60 1705.00 1711.30 –15.30 115,215 May 11.58 11.84 11.58 11.71 .16 4,603 June Mini Russell 1000 (CME)-$50 x index 24256 24376 23900 24038 –156 805 Oct 1722.60 1730.00 1709.60 1715.20 –15.50 16,100 June 13.83 14.43 13.83 14.43 .75 4,977 Sept June 1596.20 1619.60 1596.20 1611.70 .60 8,195 Dec 1727.70 1734.20 1714.20 1720.90 –14.30 56,684 Cocoa (ICE-US)-10 metric tons; $ per ton. S&P 500 Index (CME)-$250 x index U.S. Dollar Index (ICE-US)-$1,000 x index 2,481 2,481 2,481 2,481 63 3 2918.10 2946.20 2890.40 2922.80 –5.60 103,374 Feb'21 1732.00 1734.60 1720.80 1724.00 –14.50 10,043 May June June 99.86 100.35 99.69 100.27 .50 29,858 2,395 2,474 2,388 2,463 63 77,057 …… …2913.80 –5.70 11 Palladium (NYM) - 50 troy oz.; $ per troy oz. July Sept Sept 99.75 100.30 99.75 100.26 .48 811 May … ...... 1822.80 7.00 ... Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index June 1844.40 1914.50 1805.00 1828.10 7.00 4,401 May 108.20 108.20 108.20 108.95 –1.15 436 June 2920.75 2947.00 2889.75 2922.75 –5.75 3,196,517 Source: FactSet 111.25 112.90 109.65 110.75 –.90 78,463 Sept 1843.40 1901.00 1809.40 1827.60 6.60 2,465 July Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. 10.33 10.45 10.10 10.12 –.17 342,578 May ...... 776.70 –8.00 8 July 10.55 10.64 10.31 10.34 –.16 225,262 July 789.00 800.60 774.20 781.30 –8.00 41,880 Oct Bonds | WSJ.com/bonds Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Silver (CMX)-5,000 troy oz.; $ per troy oz. 25.90 25.90 25.90 25.90 … 1,707 May 15.585 15.585 15.585 15.636 –0.104 1,992 July Sept 25.91 25.91 25.91 25.91 –.01 2,574 July 15.755 15.920 15.510 15.680 –0.098 104,132 Tracking Bond Benchmarks Cotton (ICE-US)-50,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 55.75 57.15 55.75 56.63 .36 91,346 June 24.49 25.58 23.67 24.14 –0.60 206,986 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 57.25 58.11 57.15 57.63 .01 54,062 July 25.91 26.73 24.79 25.08 –1.09 326,486 highs and lows for different types of bonds 27.82 28.30 26.55 26.76 –1.29 210,660 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Aug 117.65 117.65 114.25 115.55 –3.90 7,250 Total Total 29.28 29.65 27.98 28.10 –1.41 243,001 July Sept Sept 118.20 118.20 115.75 116.65 –2.65 1,636 return YTD total Yield (%) return YTD total Yield (%) Oct 30.09 30.58 28.95 29.05 –1.43 124,572 close return (%) Index Latest Low High close return (%) Index Latest Low High 31.67 32.09 30.47 30.57 –1.37 317,664 Dec Interest Rate Futures NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays June .9016 .9168 .8657 .8687 –.0306 70,653 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 4.2 2221.99 3.4 Mortgage-Backed 1.070 0.930 3.100 July .9400 .9516 .8995 .9025 –.0371 57,513 June 219-310 220-070 217-140 217-170 –2-12.0 1,056,238 2218.35 U.S. Aggregate 1.390 1.310 2.930 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 217-120 218-200 215-300 215-310 –2-12.0 5,192 U.S. Corporate Indexes Bloomberg Barclays 2175.95 3.6 Ginnie Mae (GNMA) 0.700 0.490 3.070 June .9600 .9820 .9157 .9242 –.0280 76,812 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% July .9705 .9881 .9300 .9389 –.0240 66,947 June 179-220 179-260 178-150 178-160 –1-06.0 997,309 3123.88 -0.5 U.S. Corporate 2.840 2.220 4.580 1310.34 3.4 Fannie mae (FNMA) 1.210 1.110 3.110 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 178-050 178-090 177-000 176-310 –1-07.0 5,495 2012.31 3.4 1.190 1.080 3.110 June 1.838 1.890 1.803 1.826 .003 194,528 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 2900.56 0.3 Intermediate 2.330 1.760 4.400 Freddie Mac (FHLMC) 2.089 2.125 2.064 2.085 .008 199,969 138-300 139-020 138-195 138-200 –10.5 3,286,121 July June 4452.76 -2.0 3.720 2.950 4.930 568.06 0.4 Muni Master 1.634 0.959 3.441 Sept 2.215 2.242 2.192 2.213 .006 124,629 Sept 138-210 138-255 138-120 138-120 –10.5 104,994 Long term 2.304 2.325 2.278 2.299 .003 99,904 Oct 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 654.23 2.3 Double-A-rated 1.920 1.670 3.360 399.82 0.2 7-12 year 1.607 0.924 3.447 Jan'21 3.016 3.055 3.011 3.023 .001 77,996 June 125-192 125-222 125-142 125-145 –5.5 3,484,090 April 2.547 2.578 2.547 2.564 .011 69,595 Sept 125-140 125-177 125-095 125-097 –5.7 134,621 803.62 -2.9 Triple-B-rated 3.470 2.570 5.350 453.40 0.1 12-22 year 2.055 1.224 3.690 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Agriculture Futures June 110-084 110-094 110-067 110-070 –1.7 2,372,538 High Yield Bonds ICE BofA 430.46 -2.3 22-plus year 3.012 1.765 4.123 Sept 110-124 110-140 110-112 110-115 –2.0 74,867 423.96 -9.2 High Yield Constrained 7.973 5.151 11.400 Global Government J.P. Morgan† Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 320.00 322.25 318.00 318.50 –.50 710 May May 99.9500 99.9500 99.9475 99.9500 .0025 231,542 348.41 -20.4 Triple-C-rated 17.896 10.735 19.071 607.98 4.3 Global Government 0.640 0.390 1.370 July 320.75 322.75 317.25 318.50 –.75 602,887 July 99.9500 99.9550 99.9450 99.9500 .0000 223,909 Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 2886.83 -9.6 High Yield 100 6.611 4.516 10.740 860.20 7.0 Canada 0.830 0.590 1.850 July 299.75 304.00 s 299.75 302.25 3.25 2,492 June 105-310 106-020 105-210 105-220 –11.0 70,399 399.44 -0.2 0.573 0.109 0.948 Dec 264.00 267.00 260.75 266.50 3.00 991 Eurodollar (CME)-$1,000,000; pts of 100% 383.05 -9.1 Global High Yield Constrained 7.968 4.893 11.310 EMU§ Soybeans (CBT)-5,000 bu.; cents per bu. May 99.6525 99.6600 99.6325 99.6350 –.0200 445,355 296.43 -9.8 Europe High Yield Constrained 5.814 2.464 8.183 766.31 1.0 France 0.240 -0.160 0.570 May 857.00 857.00 851.50 852.25 3.50 413 June 99.6700 99.6800 99.6550 99.6550 –.0150 1,641,356 July 854.00 861.25 848.50 855.00 4.50 318,472 Sept 99.7250 99.7300 99.7050 99.7150 –.0150 1,546,398 U.S Agency Bloomberg Barclays 549.08 2.5 Germany -0.380 -0.740 0.070 99.7150 99.7300 99.7000 99.7100 –.0100 1,129,844 Soybean Meal (CBT)-100 tons; $ per ton. Dec 4.5 May 288.10 288.80 287.10 286.30 –.40 390 1849.64 U.S Agency 0.650 0.610 2.480 296.53 -0.5 Japan 0.240 -0.070 0.260 291.40 294.30 290.00 290.30 –.50 175,846 Currency Futures July 1614.68 3.4 10-20 years 0.480 0.450 2.380 607.10 1.9 Netherlands -0.180 -0.540 0.190 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 26.03 26.35 26.03 26.19 –.04 212 May May .9362 .9376 .9281 .9281 –.0094 713 4201.72 10.2 20-plus years 1.590 1.170 2.950 1106.78 10.1 U.K. 0.460 0.390 1.450 July 26.57 26.84 26.29 26.49 –.05 177,068 .9378 .9380 .9283 .9285 –.0095 153,439 June 2726.36 -0.1 2.180 1.920 3.500 810.85 -8.0 6.070 4.523 7.480 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Canadian Dollar (CME)-CAD 100,000; $ per CAD Yankee Emerging Markets ** 1751.00 1751.00 1750.00 1681.00 11.00 74 May May .7159 .7194 .7122 .7132 –.0046 967 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds July 1524.00 1545.50 t 1524.00 1540.00 7.00 7,292 June .7177 .7194 .7121 .7132 –.0046 111,066 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Wheat (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ May 537.75 537.75 529.00 524.75 –4.75 33 May 1.2424 1.2436 1.2284 1.2330 –.0081 1,523 July 524.00 528.00 516.25 517.25 –4.75 188,087 June 1.2407 1.2439 1.2283 1.2332 –.0080 157,842 Wheat (KC)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Global Government Bonds: Mapping Yields May 504.00 504.00 495.50 496.00 –8.00 23 June 1.0301 1.0319 1.0279 1.0289 –.0022 38,003 July 482.50 486.25 474.00 475.00 –5.00 123,775 Sept 1.0364 1.0344 1.0309 1.0316 –.0023 84 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session May 128.025 128.250 123.475 123.650 –4.250 2,914 May .6519 .6560 .6457 .6483 –.0043 390 Aug 137.000 137.125 132.525 132.675 –4.275 15,278 June .6524 .6563 .6456 .6484 –.0043 124,772 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -101234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.181 s l 0.161 0.220 2.270 1.500 10 0.728 s l 0.690 0.729 2.468 Cash Prices |WSJ.com/commodities Monday, May 11, 2020 2.000 Australia 2 0.234 s l 0.229 0.225 1.325 5.4 6.8 -94.6 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 2.500 10 0.971 s l 0.901 0.910 1.740 24.2 21.1 -72.8 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. 0.000 France 2 -0.524 s l -0.561 -0.525 -0.549 -70.5 -72.2 -281.9 Monday Monday Monday 0.000 10 -0.016 s l -0.032 0.105 0.345 -74.5 -72.2 -212.3 *n.a. 4.8750 Energy Aluminum, LME, $ per metric ton Wheat - Hard - KC (USDA) $ per bu-u 0.000 Germany 2 -0.753 s l -0.773 -0.650 -0.619 -93.3 -93.3 -288.9 Copper,Comex spot 2.3820 Wheat,No.1soft white,Portld,OR-u 6.1150 54.650 87.9 0.000 10 -0.507 s l -0.532 -0.347 -0.042 -123.6 -122.1 -251.0 Coal,C.Aplc.,12500Btu,1.2SO2-r,w Iron Ore, 62% Fe CFR China-s Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.500 Shredded Scrap, US Midwest-s,m 261 1.000 Italy 2 0.530 t l 0.535 0.657 0.581 34.9 37.5 -168.9 Steel, HRC USA, FOB Midwest Mill-s 494 Beef,carcass equiv. index 1.350 10 1.880 s l 1.814 1.597 2.690 112.5 22.2 Metals choice 1-3,600-900 lbs.-u 307.85 115.2 Fibers and Textiles Gold, per troy oz select 1-3,600-900 lbs.-u 291.54 0.100 Japan 2 -0.170 t l -0.166 -0.177 -0.153 -35.0 -32.6 -242.3 Broilers, National comp wtd. avg.-u,w 0.6842 Engelhard industrial 1704.00 Burlap,10-oz,40-inch NY yd-n,w 0.5700 s l Butter,AA Chicago 1.3525 0.100 10 0.011 0.000 -0.002 -0.045 -71.8 -68.9 -251.3 Handy & Harman base 1702.75 Cotton,1 1/16 std lw-mdMphs-u 0.5363 Cheddar cheese,bbl,Chicago 130.00 Handy & Harman fabricated 1890.05 *n.a. 0.400 Spain 2 -0.192 t l -0.183 -0.044 -0.349 -37.3 -34.4 -262.0 Cotlook 'A' Index-t Cheddar cheese,blk,Chicago 138.75 LBMA Gold Price AM *n.a. 26.500 Hides,hvy native steers piece fob-u Milk,Nonfat dry,Chicago lb. 85.75 0.500 10 0.798 s l 0.790 0.777 0.978 6.9 10.1 -149.0 LBMA Gold Price PM *n.a. 3.15 Wool,64s,staple,Terr del-u,w Coffee,Brazilian,Comp 1.0639 Krugerrand,wholesale-e 1762.28 0.500 U.K. 2 0.012 s l -0.004 0.037 0.751 -16.9 -16.4 -152.0 Grains and Feeds Coffee,Colombian, NY 1.5906 Maple Leaf-e 1779.23 0.8850 4.750 10 0.272 s l 0.239 0.305 1.138 -45.7 -45.1 -133.0 1779.23 Eggs,large white,Chicago-u American Eagle-e Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 14.40 2051.06 Mexican peso-e Bran,wheat middlings, KC-u 92 Hams,17-20 lbs,Mid-US fob-u n.a. Source: Tullett Prebon 1663.95 Austria crown-e Corn,No. 2 yellow,Cent IL-bp,u 2.9750 Hogs,Iowa-So. Minnesota-u 69.85 1779.23 Austria phil-e Corn gluten feed,Midwest-u,w 115.2 Pork bellies,12-14 lb MidUS-u n.a. Corporate Debt Silver, troy oz. Corn gluten meal,Midwest-u,w 498.3 Pork loins,13-19 lb MidUS-u 2.0118 Engelhard industrial 15.5500 Cottonseed meal-u,w 250 Steers,Tex.-Okla. Choice-u 115.00 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in Handy & Harman base 15.4150 Hominy feed,Cent IL-u,w 110 Steers,feeder,Okla. City-u,w 144.31 that same company’s share price. 19.2690 353 Handy & Harman fabricated Meat-bonemeal,50% pro Mnpls-u,w Fats and Oils LBMA spot price *n.a. Oats,No.2 milling,Mnpls-u 3.3725 Investment-grade spreads that tightened the most… (U.S.$ equivalent) *n.a. Rice, Long Grain Milled, No. 2 AR-u,w 28.75 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.7000 Spread*, in basis points Stock Performance Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Coins,wholesale $1,000 face-a 14456 Sorghum,(Milo) No.2 Gulf-u 7.9200 Grease,choice white,Chicago-h 0.2900 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 291.80 Lard,Chicago-u n.a. General Motors Financial … 4.150 June 19, ’23 444 –61 498 … … LBMA Platinum Price PM *n.a. Soybeans,No.1 yllw IL-bp,u 8.4200 Soybean oil,crude;Centl IL-u 0.2509 Capital One NA … 2.150 Sept. 6, ’22 162 –41 211 ... … 760.0 n.a. 0.3475 Platinum,Engelhard industrial Wheat,Spring14%-pro Mnpls-u Tallow,bleach;Chicago-h Centerpoint Energy CNP 2.500 Sept. 1, ’22 94 –24 n.a. 18.18 –2.21 1840.0 Wheat,No.2 soft red,St.Louis-bp,u 5.3900 Tallow,edible,Chicago-u 0.4200 Palladium,Engelhard industrial H.J. Heinz … 4.875 Feb. 15, ’25 319 –24 362 … … … 6.800 May 15, ’38 404 –23 450 ...... KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Petro–Canada 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 5/8 Jefferies … 4.150 Jan. 23, ’30 370 –22 362 … … Source: Dow Jones Market Data AbbVie ABBV 2.900 Nov. 6, ’22 94 –21 102 87.90 4.69 Daimler Finance North America … 1.750 March 10, ’23 285 –20 n.a...... Borrowing Benchmarks | WSJ.com/bonds …And spreads that widened the most 6.600 April 1, ’36 590 50 n.a. 22.80 –4.72 May 11, 2020 General Motors GM Money Rates Bank of America BAC 3.300 Jan. 11, ’23 115 29 118 22.58 –4.20 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a DXC Technology DXC 4.125 April 15, ’25 362 28 364 16.70 –5.38 3.750 July 22, ’25 600 27 589 ...... guide to general levels but don’t always represent actual transactions. Owl Rock Capital … Walt Disney DIS 4.700 March 23, ’50 220 26 185 107.77 –1.27 Inflation Week —52-WEEK— Week —52-WEEK— Northern States Power XEL 2.900 March 1, ’50 148 25 115 60.13 –0.30 Latest ago High Low Latest ago High Low … 1.800 Feb. 6, ’25 130 21 n.a. … … March index Chg From (%) Paccar Financial 0.50 0.50 0.50 0.50 0.0800 0.0800 2.5000 0.0500 4.500 March 15, ’23 1077 20 1004 ...... level Feb. '20March '19 Switzerland Offer Park Aerospace Holdings … Britain 0.10 0.10 0.75 0.10 U.S. consumer price index Australia 0.25 0.25 1.50 0.25 Treasury bill auction High-yield issues with the biggest price increases… 0.095 0.095 2.385 0.000 All items 258.115 –0.22 1.5 4 weeks Bond Price as % of face value Stock Performance 0.125 0.110 2.360 0.000 Core 267.312 0.02 2.1 Overnight repurchase 13 weeks Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg 0.155 0.130 2.355 0.080 U.S. 0.08 0.10 3.40 -0.07 26 weeks 6.250 April 15, ’23 27.250 6.00 21.400 ...... International rates Callon Petroleum … U.S. government rates Secondary market AMC Entertainment Holdings AMC 10.500 April 15, ’25 85.000 5.00 83.500 5.32 29.76 Week 52-Week Peabody Energy BTU 6.375 March 31, ’25 56.938 2.69 56.840 3.70 0.00 Latest High Low ago Discount Fannie Mae Crestwood Midstream Partners … 5.625 May 1, ’27 77.500 2.50 65.000 ...... 0.25 0.25 3.00 0.25 30-year mortgage yields Prime rates Springleaf Finance … 5.375 Nov. 15, ’29 82.500 2.25 84.000 ...... 2.264 2.281 3.680 2.256 U.S. 3.25 3.25 5.50 3.25 30 days EnLink Midstream Partners … 4.850 July 15, ’26 71.900 2.15 62.000 ...... 2.45 2.45 3.95 2.45 Federal funds 2.313 2.332 3.690 2.293 Canada 60 days F 6.625 Oct. 1, ’28 87.250 2.00 81.500 5.12 –2.29 Effective rate 0.0700 0.0600 2.4300 0.0600 Ford Motor Japan 1.475 1.475 1.475 1.475 6.950 March 1, ’33 53.000 1.93 58.563 11.53 –5.65 High 0.1500 0.1500 3.0000 0.1400 Other short-term rates L Brands LB Policy Rates Low 0.0500 0.0300 2.3800 0.0200 …And with the biggest price decreases Euro zone 0.00 0.00 0.00 0.00 Bid 0.0500 0.0500 2.4000 0.0100 Week 52-Week Latest ago high low Rayonier A.M. Products … 5.500 June 1, ’24 44.500 –6.00 52.125 … ... … 8.750 Dec. 1, ’21 68.573 –5.18 81.019 ...... Call money Bombardier L Brands LB 6.750 July 1, ’36 65.600 –3.65 n.a. 11.53 –5.65 Key Interest Rates 2.00 2.00 4.25 2.00 Mountain Province Diamonds … 8.000 Dec. 15, ’22 59.000 –3.00 62.000 ...... Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial) Allegheny Technologies ATI 5.875 Dec. 1, ’27 80.063 –2.97 81.250 7.50 –9.53 on actively traded noninflation and inflation-indexed issues that are 90 days 0.19 n.a. 2.58 0.19 QEP Resources QEP 5.250 May 1, ’23 40.035 –2.63 40.250 0.84 1.02 adjusted to constant maturities. Data are from weekly Federal Reserve Eldorado Gold … 9.500 June 1, ’24 105.063 –2.42 n.a...... Libor release H.15. RHP Hotel Properties RHP 4.750 Oct. 15, ’27 83.720 –2.28 86.250 28.35 –9.74 0.19088 0.26275 2.44188 0.19088 Week Ended 52-Week Week Ended 52-Week One month May 8 May 1 High Low May 8 May 1 High Low Three month 0.43350 0.50088 2.52513 0.43350 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. 0.65888 0.70450 2.58763 0.65888 Note: Data are for the most active issue of bonds with maturities of two years or more 0.15 Six month Federal funds (effective) 6-month 0.13 2.46 0.06 0.76563 0.82863 2.67225 0.74350 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data 0.16 One year 0.05 0.04 2.41 0.04 1-year 0.17 2.37 0.15 0.17 2-year 0.21 2.28 0.17 Euro Libor Commercial paper 3-year 0.22 0.26 2.24 0.22 0.34 One month -0.430 -0.425 -0.360 -0.621 Nonfinancial 5-year 0.37 2.27 0.34 0.53 Three month -0.225 -0.174 -0.142 -0.539 Dividend Changes 1-month 0.14 0.19 2.42 0.14 7-year 0.53 2.37 0.51 0.67 -0.117 -0.081 -0.052 -0.491 2-month 0.25 0.25 2.42 0.25 10-year 0.64 2.47 0.61 Six month Dividend announcements from May 11. 3-month 0.39 0.42 2.45 0.39 20-year 1.09 1.03 2.70 1.00 One year -0.048 -0.051 0.008 -0.441 Amount Payable / Amount Payable / Financial Treasury yields (secondary market) Value 52-Week Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record 1-month 0.10 0.11 2.43 0.08 1-month 0.09 0.09 2.39 0.00 Latest Traded High Low 2-month 0.16 n.a. 2.46 0.16 Initial 3-month 0.12 0.11 2.38 -0.01 Increased 3-month 0.20 n.a. 2.46 0.20 DTCC GCF Repo Index Brookfield Infrastructure BIPC 4.1 .485 Q Jun30 /May29 6-month 0.15 0.13 2.39 0.06 4.65% Fltg. Rate STRATS GJO 2.9 .0358 /.02584 M May15 /May14 Treasury 0.118 46.200 6.007 0.002 Chesapeake Utilities CPK 2.0 .44 /.405 Q Jul06 /Jun15 Discount window primary credit TIPS Stocks 0.25 MBS 0.130 65.550 6.699 0.011 Glatfelter GLT 3.8 .135 /.13 Q Aug01 /Jul03 0.25 3.00 0.25 -0.37 Edwards Lifesciences EW 3:1 /Jun01 5-year -0.37 0.51 -0.55 Microchip Technology MCHP 1.7 .3675 /.367 Q Jun04 /May21 -0.42 Notes on data: Treasury yields at constant 7-year -0.46 0.55 -0.52 PennyMac Finl Svcs PFSI 1.6 .12 /.03 Q May28 /May18 Foreign -0.43 maturities 10-year -0.48 0.60 -0.48 U.S. prime rate is the base rate on corporate Algonquin Power AQN 4.5 .1551 Q Jul15 /Jun30 -0.26 RLI Corp RLI 1.3 .24 /.23 Q Jun19 /May29 1-month 0.09 0.09 2.43 0.01 20-year -0.32 0.79 -0.32 loans posted by at least 70% of the 10 largest AXIS Capital Holdings AXS 4.3 .41 Q Jul15 /Jun29 -0.10 3-month 0.12 0.11 2.43 0.01 Long-term avg -0.19 0.92 -0.19 U.S. banks, and is effective March 16, 2020. Reduced AXIS Capital Pfd. E AXSpE 5.7 .34375 Q Jul15 /Jun29 Other prime rates aren’t directly comparable; Falcon Minerals FLMN 17.9 .025 /.135 Q Jun08 /May25 BCE Inc BCE 5.9 .59705 Q Jul15 /Jun15 Notes on data: lending practices vary widely by location; Kingstone KINS 3.4 .04 /.0625 Q Jun15 /May29 Brookfield Infrastructure BIP 4.6 .485 Q Jun30 /May29 Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Discount rate is effective March 16, 2020. DTCC Manhattan Bridge LOAN 8.4 .10 /.11 Q Jul15 /Jul10 Essent Group ESNT 2.2 .16 Q Jun12 /Jun02 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by GCF Repo Index is Depository Trust & Clearing GLOG Q New Senior Invt Group SNR 18.8 .065 /.13 Q Jun19 /Jun05 GasLog 4.9 .05 May28 /May18 discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Corp.'s weighted average for overnight trades in GasLog Partners GLOP 33.5 .125 Q May21 /May18 ProAssurance PRA 1.2 .05 /.31 Q Jul08 /Jun11 primary credit rate is charged for discounts made and advances extended under the Federal applicable CUSIPs. Value traded is in billions of Pembina Pipeline PBA 7.6 .1502 M Jun15 /May25 GJP M Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; U.S. dollars. Federal-funds rates are Tullett STRATS Dom Res Ser 05-06 3.6 .0615 /.06352 May15 /May14 Ritchie Bros RBA 1.9 .20 Q Jun17 /May27 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET. THL Credit TCRD 28.2 .10 /.21 Q Jun30 /Jun15 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Special Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; Farmland Ptrs Pfd. B FPIpB 6.8 .375 Jul01 /Jun30 please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. S2:1: stock split and ratio; SO: spin-off. VirnetX Holding VHC 1.00 May26 /May18 THE WALL STREET JOURNAL. Tuesday, May 12, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. 325.29 -7.62 8.31 -0.18 67.54 0.47 100.57 -1.13 21.79 0.50 48.35 -0.16 t CreditAcceptance CACC FiatChrysler FCAU IHS Markit INFO MKS Instrum MKSI PilgrimPride PPC TJX TJX Arca, NYSE American and Nasdaq Stock Market -New 52-week low. CreditSuisse CS 8.18 -0.23 FidNatlFin FNF 25.35 -0.49 ING Groep ING 5.32 -0.17 MPLX MPLX 17.49 -0.23 s Pinduoduo PDD 54.94 0.34 T-MobileUS TMUS 96.72 -1.80 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Cree CREE 45.83 -0.82 FidNatlInfo FIS 128.24 0.01 IPG Photonics IPGP 153.77 1.71 MSA Safety MSA 121.68 -0.73 PinnacleWest PNW 73.65 -0.22 TRowePrice TROW 112.67 -1.39 that include primary market trades as well as quarters. CrowdStrike CRWD 76.23 -0.47 FifthThirdBncp FITB 17.19 -0.90 IQVIA IQV 138.65 1.00 s MSCI MSCI 347.25 13.67 Pinterest PINS 18.61 -1.18 TaiwanSemi TSM 52.40 -0.51 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. 159.79 2.09 51.57 -0.74 50.43 0.30 42.72 -0.23 132.59 2.74 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing CrownCastle CCI 58.com WUBA IcahnEnterprises IEP MagellanMid MMP PioneerNatRscs PXD 84.44 -5.55 TakeTwoSoftware TTWO CrownHoldings CCK 60.73 -2.34 FirstAmerFin FAF 46.38 -0.67 Icon ICLR 161.08 2.20 MagnaIntl MGA 38.90 -0.79 PlainsAllAmPipe PAA 8.24 -0.14 TakedaPharm TAK 17.67 0.02 Nasdaq ISE. standards s The list comprises the 1,000 largest companies lf-Late filing CubeSmart CUBE 25.88 -0.87 FirstIndRlty FR 36.21 -0.61 IDEX IEX 153.56 -1.14 ManhattanAssoc MANH 77.12 0.35 PlanetFitness PLNT 58.10 -2.12 TandemDiabetes TNDM 90.99 3.21 based on market capitalization. q-Temporary exemption from Nasdaq Cummins CMI 161.81 0.52 FirstRepBank FRC 102.68 -1.23 IllinoisToolWks ITW 161.89 0.88 ManulifeFin MFC 12.22 -0.05 Pool POOL 227.73 3.08 Target TGT 120.18 4.35 Underlined quotations are those stocks with requirements. CyrusOne CONE 74.12 0.59 FirstSolar FSLR 42.87 -1.29 Illumina ILMN 320.31 10.44 MarathonPetrol MPC 32.70 -0.33 PostHoldings POST 88.96 -0.68 TechData TECD 139.06 -0.99 large changes in volume compared with the t-NYSE bankruptcy FirstEnergy FE 40.42 -0.18 s Immunomedics IMMU 32.89 0.28 Markel MKL 858.67 -11.04 PrincipalFin PFG 36.61 -1.60 TeckRscsB TECK 8.82 -0.32 s issue’s average trading volume. v-Trading halted on primary market. DEF Fiserv FISV 101.73 -3.05 ImperialOil IMO 14.98 -0.28 MarketAxess MKTX 505.05 20.73 Procter&Gamble PG 115.31 -0.64 TeladocHealth TDOC 190.62 14.12 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being FiveBelow FIVE 91.51 1.01 Incyte INCY 99.33 3.41 Marriott MAR 82.31 -4.86 73.17 -1.10 TeledyneTech TDY 334.65 1.93 DISH Network DISH 25.93 0.20 Progressive PGR whose price changed by 5% or more if their reorganized under the Bankruptcy Code, s Five9 FIVN 105.18 0.65 Infosys INFY 9.00 -0.17 Marsh&McLen MMC 104.09 0.11 88.88 -1.09 Teleflex TFX 347.45 7.15 DTE Energy DTE 98.73 -2.53 Prologis PLD previous closing price was $2 or higher. or securities assumed by such companies. FleetCorTech FLT 236.90 -3.10 IngersollRand IR 29.09 -0.08 MartinMarietta MLM 170.53 -6.06 123.51 2.34 Ericsson ERIC 8.44 -0.06 Danaher DHR 161.71 0.28 Proofpoint PFPT Flex FLEX 9.88 -0.13 Ingredion INGR 82.19 -1.92 MarvellTech MRVL 26.34 -0.51 59.76 -0.28 TelefonicaBras VIV 8.07 -0.39 Darden DRI 73.93 -0.79 ProsperityBcshs PB Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FlirSystems FLIR 48.70 0.61 Inphi IPHI 112.24 1.46 Masco MAS 41.54 -0.60 57.05 -1.93 Telefonica TEF 4.60 -0.01 s Datadog DDOG 55.69 3.96 PrudentialFin PRU changes in the closing prices from 4 p.m. the previous day. FlowersFoods FLO 22.43 0.06 s Insulet PODD 224.73 7.10 s Masimo MASI 250.39 13.25 27.71 -0.62 TelekmIndonesia TLK 21.26 -0.04 DaVita DVA 81.13 0.37 Prudential PUK FomentoEconMex FMX 67.39 -0.35 Intel INTC 60.13 0.46 Mastercard MA 281.23 -1.21 48.20 -0.57 10xGenomics TXG 82.10 -0.86 Deere DE 134.89 -2.11 PublicServiceEnt PEG FordMotor F 5.12 -0.12 ICE ICE 94.10 0.58 MatchGroup MTCH 79.94 -0.05 186.93 -3.41 TencentMusic TME 11.41 0.38 Monday, May 11, 2020 Net Net DellTechC DELL 43.37 -0.28 PublicStorage PSA s Fortinet FTNT 140.46 3.62 InterContinentl IHG 43.71 -1.65 MaximIntProducts MXIM 54.60 0.48 29.42 -0.46 Teradyne TER 63.11 -1.98 Net Stock Sym Close Chg Stock Sym Close Chg DeltaAir DAL 22.01 -0.71 PulteGroup PHM Fortis FTS 38.61 0.39 IBM IBM 122.59 -0.40 McCormickVtg MKC.V 165.39 2.53 s 42.90 0.07 Tesla TSLA 811.29 -8.13 Stock Sym Close Chg DentsplySirona XRAY 40.31 -0.34 Qiagen QGEN Assurant AIZ 98.40 -0.40 CNH Indl CNHI 5.62 -0.03 Fortive FTV 58.82 -0.45 IntlFlavors IFF 132.63 -1.84 McCormick MKC 164.85 0.82 101.90 -1.10 TevaPharm TEVA 11.45 0.16 DeutscheBank DB 6.93 -0.20 Qorvo QRVO AstraZeneca AZN 53.95 0.66 CNOOC CEO 111.09 -1.57 FortBrandsHome FBHS 54.20 -1.89 IntlPaper IP 33.07 -1.28 McDonalds MCD 180.88 -0.35 80.48 -0.08 TexasInstruments TXN 114.88 -0.12 DevonEnergy DVN 12.46 -0.24 Qualcomm QCOM ABC Athene ATH 27.01 -0.29 CRH CRH 28.60 -0.85 FoxA FOXA 25.67 -0.33 Interpublic IPG 16.69 -0.63 McKesson MCK 140.26 4.29 32.97 -1.39 Textron TXT 25.82 -1.48 s DexCom DXCM421.36 15.86 QuantaServices PWR 18.29 -0.04 Atlassian TEAM 176.60 0.41 CSX CSX 65.91 -0.20 FoxB FOX 25.45 -0.28 Intuit INTU 287.84 7.48 MedicalProp MPW 17.72 -0.18 110.93 -1.29 ThermoFisherSci TMO 340.39 7.38 ABB ABB Diageo DEO 140.12 1.01 QuestDiag DGX 50.89 0.17 AtmosEnergy ATO 96.78 -0.55 CVS Health CVS 63.84 0.72 Franco-Nevada FNV 141.21 -2.17 IntuitiveSurgical ISRG 539.10 1.33 Medtronic MDT 98.74 -0.29 s 208.95 50.35 ThomsonReuters TRI 68.20 -0.05 ACADIA Pharm ACAD DiamondbkEner FANG 41.02 -1.06 Quidel QDEL 34.98 -1.16 Autodesk ADSK 184.40 0.11 CableOne CABO 1910.10 65.61 FranklinRscs BEN 19.57 0.37 InvitatHomes INVH 25.32 0.39 MelcoResorts MLCO 16.30 -0.44 3M MMM 145.73 -2.78 AECOM ACM DigitalRealty DLR 144.36 -0.70 12.40 -0.47 Autohome ATHM 80.86 0.19 CabotOil COG 19.35 -1.16 FreeportMcM FCX 8.98 -0.23 IonisPharma IONS 56.18 1.78 s MercadoLibre MELI 781.11 -3.41 Tiffany TIF 128.28 -0.28 AES AES DiscoverFinSvcs DFS 40.46 -2.26 RS 35.41 -0.85 Autoliv ALV 60.50 -0.64 s CadenceDesign CDNS 83.00 0.54 FreseniusMed FMS 39.81 0.82 iQIYI IQ 17.90 0.37 Merck MRK 77.91 1.51 Toro TTC 65.34 1.00 Aflac AFL 41.01 -2.36 23.15 0.01 12.31 -0.40 ADP ADP 144.61 -1.39 CaesarsEnt CZR 9.67 -0.03 DiscoveryB DISCB IronMountain IRM 24.04 -0.53 MercurySystems MRCY 90.85 0.20 RELX RELX TorontoDomBk TD 41.26 0.30 AGNC Invt AGNC 20.33 -0.76 69.30 0.47 265.85 2.83 AutoZone AZO 1053.88 -4.02 CamdenProperty CPT 87.27 -1.19 DiscoveryA DISCA GHI ItauUnibanco ITUB 3.88 -0.10 MetLife MET 33.97 -1.25 RPM RPM Total TOT 34.81 -1.61 Ansys ANSS 18.49 -0.87 69.41 -2.67 4.58 -0.03 s Avalara AVLR 102.55 6.11 CampbellSoup CPB 51.96 0.70 DiscoveryC DISCK MettlerToledo MTD 716.93 -2.64 RalphLauren RL ToyotaMotor TM 123.62 0.52 ASETech ASX 107.77 -1.39 GCI LibertyA GLIBA 63.84 -0.01 157.24 -6.72 59.53 -0.21 Disney DIS JKL MicrochipTech MCHP 88.30 -1.40 RaymondJames RJF 66.61 -0.22 TractorSupply TSCO 109.08 1.87 ASML ASML 304.39 -0.01 Avalonbay AVB CIBC CM s 62.62 -0.30 41.87 -0.61 82.85 0.84 DocuSign DOCU 120.65 4.09 GDS Holdings GDS 48.20 -0.05 RaytheonTech RTX 57.36 -1.31 305.33 -10.17 AT&T T 29.38 -0.41 Avangrid AGR CanNtlRlwy CNI 17.55 0.34 46.72 -0.06 MicronTech MU TradeDesk TTD DolbyLab DLB 57.87 -0.21 GFLEnvironmental GFL JD.com JD 186.74 2.06 66.39 0.16 s 59.94 1.76 AbbottLabs ABT 96.07 2.37 Avantor AVTR 18.09 0.81 CanNaturalRes CNQ 16.36 -0.05 89.97 -2.73 Microsoft MSFT RealPage RP Tradeweb TW s DollarGeneral DG 183.04 6.68 GSXTechedu GSX 39.63 -2.35 JPMorganChase JPM 87.90 3.94 AveryDennison AVY 108.81 -0.45 CanPacRlwy CP 229.87 0.87 s MidAmApt MAA 113.01 -2.56 RealtyIncome O 54.02 -0.84 TraneTech TT 80.98 -3.41 AbbVie ABBV 77.91 -0.14 Galapagos GLPG 231.25 14.13 JackHenry JKHY 186.75 3.96 194.61 7.54 AxonEnterprise AAXN 84.92 -1.21 Canon CAJ 20.85 0.18 DollarTree DLTR MitsubishiUFJ MUFG 3.91 -0.05 ReataPharm RETA 164.31 2.08 TransDigm TDG 348.96 -3.65 Abiomed ABMD 79.24 0.84 Gallagher AJG 86.86 0.46 JacobsEngg J 78.57 -1.40 s 105.10 3.31 BCE BCE 40.75 -0.02 CanopyGrowth CGC 14.97 -0.37 DominionEner D MizuhoFin MFG 2.29 ... RegencyCtrs REG 40.58 -1.38 TransUnion TRU 77.91 -1.20 AcceleronPharma XLRN 377.49 8.38 GLPI 28.62 0.72 JamesHardie JHX 14.33 0.25 187.75 -0.81 BHP 40.30 -1.12 CapitalOne COF 59.50 -2.70 Domino's DPZ Gaming&Leisure MobileTeleSys MBT 8.63 -0.13 574.11 10.71 Travelers TRV 95.51 -1.83 Accenture ACN BHP Group 80.83 -0.51 JazzPharma JAZZ 114.32 3.88 RegenPharm REGN s 33.35 -1.20 53.24 3.36 Donaldson DCI 45.25 0.60 Garmin GRMN s Moderna MRNA 66.90 7.65 9.81 -0.51 s TREX 117.42 2.33 ActivisionBliz ATVI 75.46 2.32 BHP Group BBL CardinalHealth CAH JNJ 149.11 0.41 RegionsFin RF Trex 23.50 -0.53 DouglasEmmett DEI 29.84 0.32 Gartner IT 118.98 -3.60 J&J 80.90 -3.96 37.11 0.11 Adobe ADBE 371.42 3.91 BP BP Carlisle CSL 118.48 -1.50 28.56 -1.24 MohawkInds MHK ReinsGrp RGA 92.01 -3.00 Trimble TRMB DOV 90.72 -1.51 Generac GNRC 103.85 -0.01 JohnsonControls JCI 125.94 1.09 B2Gold BTG 5.21 -0.28 Carlyle CG 24.58 0.28 Dover MolinaHealthcare MOH 178.86 3.31 RelianceSteel RS 91.33 -1.54 Trip.com TCOM 24.61 -0.51 AdvanceAuto AAP 33.90 -0.43 GeneralDynamics GD 133.81 -1.54 JonesLang JLL 100.01 -4.17 55.74 2.55 BWX Tech BWXT 58.37 -0.22 CarMax KMX 75.96 -0.73 Dow DOW MolsonCoorsA TAP.A 60.97 0.02 161.13 0.76 TruistFinl TFC 34.42 -1.82 AdvMicroDevices AMD 51.57 -0.79 6.19 -0.10 JuniperNetworks JNPR 23.80 0.12 RenaissanceRe RNR 2.36 -0.01 99.55 -0.22 13.85 -0.36 DrReddy'sLab RDY GeneralElec GE MolsonCoorsB TAP 38.54 -0.35 s s Twilio TWLO186.61 6.92 Aegon AEG Baidu BIDU Carnival CCL 60.81 1.05 KB Fin KB 26.47 -0.45 Repligen RGEN 128.13 5.28 s Dropbox DBX 22.94 1.06 GeneralMills GIS 50.79 -0.11 29.69 -0.24 AgilentTechs A 81.27 1.56 BakerHughes BKR 14.62 -0.39 CarrierGlobal CARR 18.35 -0.01 26.40 -0.26 Mondelez MDLZ RepublicSvcs RSG 82.05 0.74 Twitter TWTR DukeEnergy DUK 81.66 -0.12 GeneralMotors GM 22.80 -1.13 KKR KKR s 187.44 10.95 AgnicoEagle AEM 64.55 -1.34 Ball BLL 63.37 -1.19 Carvana CVNA 100.67 0.58 168.78 -2.72 MongoDB MDB 169.28 6.53 TylerTech TYL 335.61 5.38 33.89 -0.03 s Genmab GMAB 28.25 0.73 KLA KLAC s ResMed RMD 232.67 -0.81 BancoBilbaoViz BBVA 2.87 -0.07 CaseysGenStores CASY 147.99 -3.83 DukeRealty DRE MonolithicPower MPWR 210.50 -0.77 52.59 0.92 TysonFoods TSN 60.76 0.37 AirProducts APD 65.37 -0.63 34.88 -0.78 KT KT 9.54 -0.17 RestaurantBrands QSR 101.89 0.74 2.86 -0.18 s CTLT 73.21 1.25 Dunkin' DNKN Genpact G MonsterBev MNST 66.40 0.62 UBS Group UBS 9.75 -0.20 AkamaiTech AKAM BancoBradesco BBDO Catalent 25.65 -0.37 KSCitySouthern KSU 134.20 -2.43 RexfordIndlRealty REXR 40.69 -0.15 108.61 -3.50 DuPont DD 46.20 -0.73 Gentex GNTX 253.06 1.31 37.78 -0.56 Albemarle ALB 64.41 0.16 BancodeChile BCH 17.00 -0.44 Caterpillar CAT 63.26 -0.42 Moody's MCO 34.12 0.55 UDR UDR 33.50 2.28 GenuineParts GPC 75.99 -0.45 Kellogg K 39.83 -0.25 ReynoldsCnsmr REYN Alcon ALC 54.19 0.13 BancSanBrasil BSBR 4.26 -0.09 Celanese CE 80.01 -2.71 Dynatrace DT 26.93 0.59 MorganStanley MS s UGI UGI 30.39 -0.50 18.55 -0.36 GileadSciences GILD 80.80 3.31 KeurigDrPepper KDP RingCentral RNG 275.03 8.30 AlexandriaRlEst ARE 151.80 -0.20 BcoSantChile BSAC 15.90 -0.82 CenovusEnergy CVE 3.67 -0.19 ENI E Morningstar MORN 144.18 1.06 Uber UBER 31.64 -1.15 49.84 -1.61 GSK GSK 42.07 0.16 KeyCorp KEY 10.70 -0.58 RioTinto RIO 45.47 -1.48 101.34 4.00 BancoSantander SAN 2.06 -0.07 Centene CNC 67.54 1.66 EOG Rscs EOG MotorolaSol MSI 130.14 -1.13 Ubiquiti UI 187.37 -1.25 AlexionPharm ALXN 77.05 -0.20 KeysightTechs KEYS 101.07 0.38 RBA 42.85 -1.46 22.58 -0.99 18.18 -0.41 EPAM Systems EPAM 228.03 4.73 GlbBloodTherap GBT Mylan MYL 16.95 -0.62 RitchieBros 230.36 0.29 Alibaba BABA 205.40 4.21 BankofAmerica BAC CenterPointEner CNP 58.99 -1.51 46.43 -0.95 UltaBeauty ULTA 3.83 -0.12 ETFC 40.98 -0.23 GlobalPayments GPN 172.69 -2.35 KilroyRealty KRC 175.50 -1.00 RobertHalf RHI 49.08 0.29 AlignTech ALGN 214.30 4.27 BankofMontreal BMO 48.98 -0.10 CentraisElBras EBR E*TRADE 138.57 0.06 NICE NICE Unilever UN 33.76 -1.33 GlobeLife GL 75.11 -2.64 KimberlyClark KMB Rockwell ROK 193.36 0.91 Alleghany Y 512.98 -17.52 BankNY Mellon BK 34.45 -0.89 CenturyLink CTL 9.67 -0.27 EastWestBncp EWBC NRG Energy NRG 32.50 -0.27 Unilever UL 52.20 0.32 61.73 -0.80 GlobusMedical GMED 48.35 -1.16 KimcoRealty KIM 10.09 -0.81 RogersComm B RCI 41.38 0.45 Allegion ALLE 101.68 -0.59 BkNovaScotia BNS 38.08 0.02 CeridianHCM CDAY 66.15 0.89 EastmanChem EMN NVR NVR 3055.83 -63.84 UnionPacific UNP 156.85 -1.41 81.08 -1.17 GoDaddy GDDY 75.47 0.42 KinderMorgan KMI 15.36 0.01 Roku ROKU 132.18 5.52 AlliantEnergy LNT 47.08 -0.91 Barclays BCS 5.06 -0.21 Cerner CERN 68.44 -0.31 Eaton ETN NXP Semi NXPI 102.56 -2.28 UnitedAirlines UAL 23.97 -1.45 GoldFields GFI 7.87 -0.24 s KingsoftCloud KC 25.97 2.13 s 42.45 0.16 101.84 1.05 BarrickGold GOLD 26.02 -1.37 CharlesRiverLabs CRL 164.24 4.68 eBay EBAY 42.13 -0.02 Nasdaq NDAQ 109.24 1.65 Rollins ROL UnitedMicro UMC 2.55 -0.02 Allstate ALL 183.16 -2.23 KinrossGold KGC 6.90 -0.12 364.12 5.76 15.13 -0.65 16.88 0.07 CharterComms CHTR 510.74 -4.54 Ecolab ECL 196.08 -1.68 GoldmanSachs GS NationalGrid NGG 57.35 -0.22 RoperTech ROP UPS 93.91 -0.92 AllyFinancial ALLY BauschHealth BHC 46.57 0.24 41.03 -2.00 UPS B 88.93 0.85 107.99 1.00 Ecopetrol EC 10.55 -0.16 Graco GGG KirklandLakeGold KL NATI 37.86 -0.17 RossStores ROST 90.75 -0.71 116.52 -3.06 AlnylamPharm ALNY 142.43 6.30 BaxterIntl BAX CheckPoint CHKP 38.49 0.76 NatlInstruments UnitedRentals URI s 56.82 -0.23 Grainger GWW 286.59 1.14 Knight-Swift KNX 12.88 -0.31 61.72 0.39 Alphabet A GOOGL 1403.59 19.25 BectonDicknsn BDX 262.05 7.57 Chegg CHGG 61.17 -1.96 EdisonInt EIX NatlOilwell NOV RoyalBkCanada RY US Bancorp USB 33.35 -1.40 225.05 7.21 Grifols GRFS 20.00 0.25 KoninklijkePhil PHG 42.73 -0.58 2.78 -0.12 Alphabet C GOOG 1403.26 14.89 BeiGene BGNE 163.26 6.45 Chemed CHE 437.42 11.13 EdwardsLife EW NatlRetailProp NNN 31.18 -1.84 RoyalBkScotland RBS UnitedTherap UTHR 115.66 2.23 20.77 0.93 GpoAvalAcc AVAL 3.94 -0.14 KoreaElcPwr KEP 8.72 -0.37 38.07 -1.85 Alteryx AYX 128.40 -2.25 Berkley WRB 50.98 -0.75 CheniereEnergy LNG 44.45 -0.05 ElancoAnimal ELAN Natura&Co NTCO 11.64 -0.80 RoyalCaribbean RCL UnitedHealth UNH 288.69 1.69 71.62 -0.10 GuardantHealth GH 94.72 6.57 KraftHeinz KHC 29.33 -0.23 AlticeUSA ATUS 23.73 0.33 BerkHathwy B BRK.B 174.64 -2.19 CheniereEnerPtrs CQP 32.33 -0.44 Elastic ESTC NetApp NTAP 44.01 -0.89 RoyalDutchA RDS.A 32.76 -1.15 UnivDisplay OLED 148.65 -1.90 136.72 -1.76 Guidewire GWRE 96.99 -0.25 Kroger KR 33.73 0.39 Altria MO 36.42 -0.32 BerkHathwy A BRK.A 261601-3678.83 Chevron CVX 93.37 -2.10 ElbitSystems ESLT Netease NTES 356.11 -3.66 RoyalDutchB RDS.B 31.05 -0.98 UniversalHealthB UHS 98.47 -3.59 117.37 0.75 HCA Healthcare HCA 104.14 -3.78 Line LN 49.12 -0.50 Amazon.com AMZN 2409.00 29.39 BerryGlobal BERY 42.32 -1.54 Chewy CHWY 39.05 -0.36 ElectronicArts EA Netflix NFLX 440.52 4.97 RoyalGold RGLD 132.84 -3.59 VEREIT VER 5.30 -0.18 38.52 -2.07 LKQ LKQ 25.39 -0.89 2.09 -0.06 BestBuy BBY 78.02 -0.61 ChinaLifeIns LFC 10.23 0.08 EmersonElec EMR 56.02 -0.08 HDFC Bank HDB Neurocrine NBIX 113.57 4.17 Ryanair RYAAY 54.57 -3.67 VF VFC 57.30 -0.93 Ambev ABEV LPLA 65.35 -0.79 130.82 -2.69 37.92 -0.56 Enbridge ENB 32.94 0.90 HD Supply HDS 29.16 -0.40 LPL Financial 125.30 -2.35 115.28 -1.47 16.70 -0.39 Amcor AMCR 8.83 -0.14 BeyondMeat BYND ChinaMobile CHL 179.40 -1.55 NewOrientalEduc EDU SAP SAP VICI Prop VICI 28.68 -0.32 48.24 0.23 EncompassHealth EHC 68.36 0.38 HP HPQ 15.42 -0.24 L3HarrisTech LHX 36.10 0.31 176.14 -1.90 Amdocs DOX 63.36 0.03 Bilibili BILI ChinaPetrol SNP 168.87 1.61 NYTimes A NYT S&P Global SPGI 300.68 3.03 VailResorts MTN 79.21 -4.41 6.39 -0.06 EnelAmericas ENIA 7.89 -0.29 HSBC HSBC 25.49 -0.14 LabCpAm LH 12.03 -0.38 8.23 -0.29 Amedisys AMED 178.03 -2.01 Bill.com BILL ChinaUnicom CHU 262.23 -3.17 NewellBrands NWL SBA Comm SBAC 296.56 4.70 Vale VALE s 279.56 9.06 s 933.93 8.10 EnelChile ENIC 3.69 0.02 Haemonetic HAE 105.19 -1.11 LamResearch LRCX 431.12 4.52 65.57 -0.35 Amerco UHAL 294.67 -6.62 Bio-Techne TECH Chipotle CMG 66.45 -1.80 NewMarket NEU SEI Investments SEIC 51.91 0.01 ValeroEnergy VLO s 470.35 14.00 101.83 -0.12 EnergyTransfer ET 7.69 0.05 Halliburton HAL 10.58 -0.12 LamarAdv LAMR 62.95 -1.60 121.36 2.66 Ameren AEE 70.83 -0.03 Bio-RadLab A BIO Chubb CB 59.66 -1.88 Newmont NEM SK Telecom SKM 18.57 -0.25 VarianMed VAR s 475.29 11.15 36.36 -0.74 s EnphaseEnergy ENPH 59.58 2.30 HartfordFinl HIG 34.93 -1.42 LambWeston LW 10.98 -0.27 s 197.66 5.32 AmericaMovil AMX 12.69 -0.06 Bio-RadLab B BIO.B ChunghwaTel CHT 48.50 -2.44 NewsCorp B NWS SS&C Tech SSNC 57.33 -1.17 VeevaSystems VEEV 73.99 0.64 56.94 0.24 HAS 68.60 -1.10 LasVegasSands LVS AEP AEP 79.17 -0.69 Biogen BIIB 328.01 13.99 Church&Dwight CHD Entegris ENTG Hasbro NewsCorp A NWSA 10.70 -0.23 20.00 0.02 Ventas VTR 29.04 -1.06 25.54 0.14 Lear LEA 103.80 2.43 StoreCapital STOR AmerExpress AXP 85.33 -4.17 BioMarinPharm BMRN 96.47 1.27 Ciena CIEN 48.53 0.57 Entergy ETR 96.22 1.21 HealthcareAmer HTA NextEraEnergy NEE 227.38 -2.35 VeriSign VRSN 212.15 2.11 23.74 -0.51 Leidos LDOS 102.07 -0.63 SVB Fin SIVB 179.23 -6.62 AmericanFin AFG 63.54 -2.20 BioNTech BNTX 49.98 0.74 Cigna CI 188.99 -0.28 EnterpriseProd EPD 17.76 -0.04 HealthpeakProp PEAK NielsenHoldings NLSN 13.94 -0.21 VeriskAnalytics VRSK 160.71 1.14 72.93 0.73 Lennar B LEN.B 39.88 -0.83 Salesforce.com CRM 182.67 6.77 AmHomes4Rent AMH 24.68 -0.15 BlackKnight BKI 73.54 0.84 CincinnatiFin CINF 53.85 -1.88 Equifax EFX 147.54 -1.84 Heico A HEI.A Nike NKE 90.93 0.47 Verizon VZ 56.40 -0.60 90.36 -0.07 Lennar A LEN 53.00 -1.01 Sanofi SNY 48.20 0.12 AIG AIG 27.55 -0.10 BlackRock BLK 493.11 -5.67 Cintas CTAS 214.38 -3.83 Equinix EQIX 678.00 -0.16 Heico HEI NiSource NI 23.49 0.22 s VertxPharm VRTX 285.28 13.65 55.47 1.44 LennoxIntl LII 186.70 -4.78 SantanderCons SC 15.10 -0.69 AmerTowerREIT AMT 238.23 -0.13 Blackstone BX 53.16 0.29 CiscoSystems CSCO 43.32 0.33 Equinor EQNR 13.58 -0.19 HenrySchein HSIC NobleEnergy NBL 9.60 -0.43 ViacomCBS A VIACA 21.02 0.17 39.62 -1.61 LeviStrauss LEVI 12.40 -0.44 SareptaTherap SRPT 135.83 7.83 AmerWaterWorks AWK 119.49 2.01 Boeing BA 128.91 -4.53 Citigroup C 44.07 -2.25 Equitable EQH 17.15 -0.70 Herbalife HLF Nokia NOK 3.57 -0.01 ViacomCBS B VIAC 18.04 -0.04 132.95 -0.24 LibertyBroadbandA LBRDA 123.04 -1.59 Schlumberger SLB 17.36 -0.69 AmericoldRealty COLD 35.35 0.14 BookingHldgs BKNG 1411.00 -19.83 CitizensFin CFG 21.08 -1.12 EquityLife ELS 61.24 -0.12 Hershey HSY NomuraHoldings NMR 3.97 -0.13 Vipshop VIPS 17.22 0.04 47.13 -1.35 LibertyBroadbandC LBRDK125.90 -1.21 SchwabC SCHW 35.84 -0.67 Ameriprise AMP 123.87 -1.74 BoozAllen BAH 72.64 -0.34 s CitrixSystems CTXS 154.02 3.04 EquityResdntl EQR 63.51 -0.71 Hess HES Nordson NDSN 167.68 1.36 Visa V 183.56 -1.53 9.73 -0.52 LibertyGlobal C LBTYK 21.07 -0.32 84.45 0.08 AmerisourceBrgn ABC 90.64 2.55 BorgWarner BWA 29.26 -0.13 Clarivate CCC 23.37 -0.32 ErieIndemnity A ERIE 172.50 3.77 HewlettPackard HPE NorfolkSouthern NSC 174.06 -0.69 ScienceApplicat SAIC VistraEnergy VST 18.32 -0.58 103.97 -0.23 LibertyGlobal B LBTYB 32.20 -0.82 137.88 -1.94 Ametek AME 83.24 -1.08 BostonBeer SAM 481.13 -1.09 Clorox CLX 205.81 1.76 EssentialUtil WTRG 40.16 -0.14 Hill-Rom HRC NorthernTrust NTRS 74.77 -1.22 ScottsMiracleGro SMG VMware VMW 141.12 0.81 LibertyGlobal A LBTYA 21.54 -0.20 s 62.91 0.42 Amgen AMGN 242.74 7.92 BostonProps BXP 83.86 -3.05 Cloudflare NET 28.12 1.86 EssexProp ESS 242.92 -3.73 Hilton HLT 68.30 -3.89 NorthropGrum NOC 327.47 -0.18 Sea SE Vodafone VOD 14.02 -0.10 LibertyFormOne C FWONK 29.90 -0.81 49.86 -1.20 Amphenol APH 87.10 -2.46 BostonSci BSX 37.78 -0.40 Coca-Cola KO 45.54 -0.57 EsteeLauder EL 169.95 -3.20 HollyFrontier HFC 30.21 -1.00 NortonLifeLock NLOK 21.50 0.22 Seagate STX VornadoRealty VNO 36.74 -2.67 LibertyFormOne A FWONA 28.36 -0.88 AnalogDevices ADI 108.42 -1.41 BrightHorizons BFAM 113.09 0.73 Coca-Cola Euro CCEP 38.28 -1.12 s Etsy ETSY 80.28 -0.43 Hologic HOLX 52.81 0.82 Novartis NVS 86.59 1.66 SeattleGenetics SGEN 160.96 3.29 VoyaFinancial VOYA 42.98 -1.91 LibertySirius C LSXMK 32.49 -0.40 Anaplan PLAN 43.52 1.20 Bristol-Myers BMY 62.66 1.61 Cognex CGNX 58.47 0.95 EuronetWorldwide EEFT 89.26 -3.15 HomeDepot HD 236.56 2.13 NovoNordisk NVO 63.98 1.22 SempraEnergy SRE 124.80 0.57 VulcanMatls VMC 97.11 -4.00 LibertySirius A LSXMA 32.87 -0.31 AngloGoldAsh AU 25.19 -0.98 BritishAmTob BTI 38.10 0.20 CognizantTech CTSH 55.55 -1.61 s Everbridge EVBG 155.10 1.23 HondaMotor HMC 23.98 0.01 Novocure NVCR 64.68 2.43 SensataTechs ST 35.89 -0.82 LibertySirius B LSXMB 33.33 -1.69 AB InBev BUD 42.73 -0.61 Broadcom AVGO 275.40 0.37 ColgatePalm CL 69.38 0.01 EverestRe RE 178.99 2.19 Honeywell HON 134.28 -2.63 NuanceComms NUAN 20.66 0.68 ServiceCorp SCI 39.46 0.95 WXYZ s EliLilly LLY 158.55 5.04 AnnalyCap NLY 6.03 -0.18 BroadridgeFinl BR 119.26 2.45 Comcast A CMCSA 36.16 -0.38 Evergy EVRG 55.76 -1.74 HorizonTherap HZNP 45.50 2.06 Nucor NUE 40.63 -1.57 s ServiceNow NOW 383.65 6.39 LincolnElectric LECO 77.63 -1.06 WABCO WBC 135.00 1.05 Anthem ANTM 272.37 -1.96 BrookfieldMgt BAM 33.67 0.27 Comerica CMA 32.18 -1.71 EversourceEner ES 77.02 -0.77 HormelFoods HRL 47.85 0.61 Nutrien NTR 34.61 -0.90 ShawComm B SJR 16.58 0.08 LincolnNational LNC 35.28 -1.37 s WEC Energy WEC 85.32 -0.36 Aon AON 192.01 2.25 BrookfieldInfr BIP 42.29 1.83 CommerceBcshrs CBSH 57.74 -1.11 ExactSciences EXAS 83.95 1.94 DR Horton DHI 48.53 -1.06 NVIDIA NVDA 322.62 10.12 SherwinWilliams SHW 558.84 9.16 Linde LIN 186.86 -1.55 WEX WEX 131.91 -1.70 Apache APA 12.03 -0.42 Brown&Brown BRO 37.95 0.35 SABESP SBS 7.14 0.01 Exelixis EXEL 27.42 1.42 HostHotels HST 10.17 -0.89 ShinhanFin SHG 23.88 -0.71 LiveNationEnt LYV 40.59 -1.37 W.P.Carey WPC 61.76 -0.83 ApartmtInv AIV 36.93 -0.91 Brown-Forman A BF.A 61.72 0.42 ConagraBrands CAG 33.41 -0.11 Exelon EXC 37.28 -0.15 HowmetAerospace HWM 11.76 -0.86 OPQ s Shopify SHOP 750.34 41.37 LivongoHealth LVGO 53.59 -0.37 WPP WPP 36.47 -1.56 ApolloGlbMgmt APO 45.08 1.15 Brown-Forman B BF.B 66.79 0.82 ConchoRscs CXO 56.42 -2.22 Expedia EXPE 67.62 -1.65 Huazhu HTHT 33.29 0.08 7.31 -0.47 LloydsBanking LYG 1.46 -0.05 OGE Energy OGE 30.53 -0.52 Sibanye-Stillwater SBSW 54.65 -2.67 Apple AAPL 315.01 4.88 Bruker BRKR 39.06 0.23 ConocoPhillips COP 42.27 -0.81 ExpeditorsIntl EXPD 75.08 0.25 Hubbell HUBB 121.49 -0.98 Wabtec WAB LockheedMartin LMT 376.56 -1.84 ONEOK OKE 31.38 0.05 SignatureBank SBNY 102.07 -0.98 54.01 0.20 34.67 -1.86 72.64 -1.54 91.88 0.19 HUBS 183.54 -0.71 WalgreensBoots WBA 41.71 0.04 ApplMaterials AMAT Bunge BG ConEd ED ExtraSpaceSt EXR HubSpot 30.01 -1.01 OReillyAuto ORLY 398.90 -3.61 SimonProperty SPG 55.08 -2.94 106.31 -1.22 176.09 -2.98 163.30 -2.76 45.74 -0.44 380.04 2.54 Loews L Walmart WMT 123.67 0.73 Aptargroup ATR BurlingtonStrs BURL ConstBrands A STZ ExxonMobil XOM Humana HUM s 51.10 -0.29 OXY 15.03 0.01 5.66 -0.09 103.20 -0.05 LogitechIntl LOGI OccidentalPetrol SiriusXM SIRI 93.58 0.91 Aptiv APTV 66.71 -1.44 CACI Intl CACI 247.11 -0.12 ContinentalRscs CLR 14.00 -1.09 F5Networks FFIV 148.47 -0.55 JBHunt JBHT s 174.33 4.95 WasteConnections WCN Lowe's LOW 113.39 -0.84 Okta OKTA Skyworks SWKS 110.41 -0.81 100.50 -0.47 Aramark ARMK 24.39 -1.69 CBRE Group CBRE 40.82 -0.78 Cooper COO 307.82 3.30 FMC FMC 91.50 -1.98 HuntingtonBcshs HBAN 8.23 -0.43 s WasteMgt WM lululemon LULU 245.62 7.63 OldDomFreight ODFL 155.75 2.99 SlackTech WORK 31.26 0.10 ArcelorMittal MT 9.17 -2.25 CDK Global CDK 40.73 -0.05 Copart CPRT 82.80 -0.99 Facebook FB 213.18 0.83 HuntingIngalls HII 178.11 -2.47 Waters WAT 189.31 2.33 Lumentum LITE 80.80 -0.41 OldRepublic ORI 15.34 -0.41 Smartsheet SMAR 56.96 0.54 25.26 -0.69 CDW CDW 104.97 -3.57 Coresite COR 124.13 1.24 FactSet FDS 285.64 9.56 HyattHotels H 49.98 -3.11 Watsco WSO 163.92 1.40 ArchCapital ACGL LYFT 31.36 -1.37 OmegaHealthcare OHI 26.29 -1.29 43.94 -0.85 35.43 -0.96 27.46 -1.57 21.30 -0.32 370.58 -0.52 36.05 -2.66 Lyft SmithAO AOS s Wayfair W 190.27 2.22 ArcherDaniels ADM CF Industries CF Corning GLW FairIsaac FICO IAA IAA 56.06 -0.39 53.60 -1.51 LyondellBasell LYB Omnicom OMC Smith&Nephew SNN 40.33 -0.31 t 24.78 -0.65 arGEN-X ARGX 149.44 0.39 CGI GIB 63.94 -1.17 Corteva CTVA 24.38 -1.60 Farfetch FTCH 16.17 -0.04 IAC/InterActive IAC 240.12 5.25 15.66 -1.46 WellsFargo WFC ON Semi ON Smucker SJM 116.90 0.82 AristaNetworks ANET 224.58 6.57 CH Robinson CHRW 74.40 0.60 CoStar CSGP 663.80 6.38 s Fastenal FAST 39.74 0.69 ICICI Bank IBN 8.35 -0.67 13.12 -0.20 Welltower WELL 42.06 -2.49 MN OneConnectFinTech OCFT SNAP 18.09 -0.14 ArrowElec ARW 64.24 -1.22 CME Group CME 184.17 2.64 Costco COST 310.33 4.39 FederalRealty FRT 75.25 -2.87 ICL Group ICL 3.51 -0.16 Snap Wendy's WEN 21.12 -0.32 OpenText OTEX 39.80 0.24 124.84 -2.49 142.98 5.47 55.48 0.19 s 209.31 15.43 117.56 -2.88 90.37 -1.61 99.34 -5.53 SnapOn SNA s 210.25 10.24 AscendisPharma ASND CMS Energy CMS CoupaSoftware COUP FedEx FDX IDACORP IDA M&T Bank MTB Oracle ORCL 53.53 -0.04 WestPharmSvcs WST 99.93 -0.60 28.99 -0.47 141.92 -3.74 160.05 0.18 s 299.45 11.55 SolarEdgeTech SEDG 122.94 4.62 AspenTech AZPN CNA Fin CNA Credicorp BAP Ferrari RACE IdexxLab IDXX MGM Resorts MGM 14.65 -0.94 ORAN 11.46 -0.09 WesternDigital WDC 42.39 -1.81 Orange SolarWinds SWI 17.60 0.60 Orix IX 59.32 0.63 WesternUnion WU 19.31 -0.62 SonocoProducts SON 48.04 -1.58 OtisWorldwide OTIS 51.81 -1.14 WestlakeChem WLK 42.57 -0.95 Sony SNE 65.97 0.46 OwensCorning OC 42.29 -1.33 WestpacBanking WBK 10.09 -0.12 Southern SO 55.81 0.40 | WSJ.com/ETFresearch PG&E PCG 11.30 -0.29 WestRock WRK 25.97 -1.03 Exchange-Traded Portfolios SCCO 33.87 -0.58 PLDT PHI 23.13 -1.08 SoCopper Weyerhaeuser WY 19.35 -0.50 26.09 -1.11 PNC Fin PNC 102.12 -2.91 SouthwestAir LUV WheatonPrecMet WPM 42.63 -0.75 Closing Chg YTD Closing Chg YTD 158.71 5.47 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) POSCO PKX 35.42 -1.87 Splunk SPLK Whirlpool WHR 108.67 -3.93 156.02 3.87 PPD PPD 27.49 0.05 Spotify SPOT Williams WMB 19.53 0.06 iShShortTreaBd SHV 110.79 –0.02 0.3 VangdSC Val VBR 98.72 –1.71 –28.0 74.90 -1.15 Monday, May 11, 2020 Closing Chg YTD PPG Ind PPG 90.42 -1.56 Square SQ Williams-Sonoma WSM 68.29 -0.02 iShTIPSBondETF TIP 120.98 –0.35 3.8 VangdSC Grwth VBK 184.38 0.88 –7.2 StanleyBlackDck SWK 113.58 -3.75 Closing Chg YTD ETF Symbol Price (%) (%) PPL PPL 25.25 -0.86 WillisTowers WLTW 200.00 2.65 86.63 –0.03 2.4 VangdDivApp VIG 113.70 –0.11 –8.8 91.69 1.15 Starbucks SBUX 75.87 -2.00 123.34 –1.8 iSh1-3YTreasuryBd SHY PRA HealthSci PRAH Wipro WIT 3.02 -0.07 ETF Symbol Price (%) (%) iShEdgeMSCIUSAMom MTUM 1.39 35.89 –0.03 –18.5 58.76 -1.46 iSh7-10YTreasuryBd IEF 121.19 –0.28 10.0 VangdFTSEDevMk VEA PTC PTC 72.22 0.67 StateStreet STT s Wix.com WIX 165.83 5.88 CnsmrDiscSelSector XLY 117.00 –0.22 –6.7 iShEdgeMSCIUSAQual QUAL 92.15 0.16 –8.8 36.32 –18.3 24.30 -1.07 iSh20+YTreasuryBd TLT 162.70 –0.78 20.1 VangdFTSE EM VWO –0.49 Paccar PCAR 68.83 -0.47 SteelDynamics STLD WooriFin WF 19.65 -0.89 XLP 58.04 –0.14 –7.8 iShGoldTr IAU 16.21 –0.61 11.8 45.94 –21.6 51.85 -0.51 CnsStapleSelSector iShRussellMCGrowth IWP 146.59 0.62 –3.9 VangdFTSE Europe VGK –0.54 PackagingCpAm PKG 97.50 -0.64 Stericycle SRCL Workday WDAY 166.58 1.03 EnSelectSectorSPDR XLE 38.10 –1.75 –36.5 iShiBoxx$InvGrCpBd LQD 125.55 –0.88 –1.9 43.92 –0.18 –18.3 27.73 -0.90 STE 152.78 4.53 iShUSTreasuryBdETF GOVT 27.89 –0.25 7.5 VangdFTSEAWxUS VEU PagSeguroDig PAGS Steris WynnResorts WYNN 82.67 -4.27 FinSelSectorSPDR XLF 21.86 –1.93 –29.0 iShiBoxx$HYCpBd HYG 79.39 –0.45 –9.7 186.30 0.67 2.3 PaloAltoNtwks PANW 218.26 4.30 STMicroelec STM 24.93 -0.52 25.35 0.24 JPM UltShtIncm JPST 50.32 ... –0.2 VangdGrowth VUG XP XP FT DJ Internet FDN 155.87 0.69 12.0 iShJPMUSDEmgBd EMB 102.21 0.55 –10.8 193.06 2.01 0.7 PanAmerSilver PAAS 21.57 -0.79 StoneCo STNE 27.13 -0.97 68.14 -0.26 PIMCOEnhShMaturity MINT 100.66 0.01 –0.9 VangdHlthCr VHT XPO Logistics XPO 29.24 –0.85 –18.8 iShMBSETF MBB 110.96 –0.23 2.7 76.90 –0.53 –17.9 ParkerHannifin PH 158.38 -2.62 Stryker SYK 193.64 1.56 60.13 -0.18 FT ValDivFd FVD 97.98 –0.43 –10.6 VangdHiDiv VYM XcelEnergy XEL 69.33 0.10 –12.5 SPDR BlmBarcHYBd JNK Paychex PAYX 66.31 -0.80 5.19 0.01 HealthCareSelSect XLV 101.12 1.72 –0.7 iShMSCI ACWI ACWI VangdIntermBd BIV 90.74 –0.23 4.0 SumitomoMits SMFG Xilinx XLNX 86.45 -0.41 SPDRBloomBar1-3MTB BIL 91.54 0.01 0.1 274.29 2.26 137.87 3.70 InvscQQQI QQQ 226.87 0.89 6.7 iShMSCI EAFE EFA 56.79 –0.09 –18.2 90.21 –0.39 –1.2 PaycomSoftware PAYC SunComms SUI Xylem XYL 62.53 -0.47 159.42 –0.62 11.6 VangdIntrCorpBd VCIT 120.92 3.50 94.89 –1.19 –18.0 iShMSCI EAFE SC SCZ 50.00 0.24 –19.7 SPDR Gold GLD Paylocity PCTY SunLifeFinancial SLF 34.38 -0.42 s AUY 5.07 -0.17 InvscS&P500EW RSP VangdLC VV 135.20 0.13 –8.5 143.96 -1.00 YamanaGold SchwabIntEquity SCHF 27.57 ... –18.0 PayPal PYPL SuncorEnergy SU 16.97 -0.13 40.18 -0.56 InvscS&P500LowVol SPLV 49.10 –0.69 –15.8 iShMSCIEmgMarkets EEM 36.60 –0.65 –18.4 VangdMC VO 152.49 –0.35 –14.4 Yandex YNDX 69.12 –0.03 –10.1 Pegasystems PEGA 90.95 0.95 SUZ 8.15 -0.17 iSh3-7YTreasuryBd IEI 133.25 –0.13 6.0 iShMSCIJapan EWJ 52.84 0.96 –10.8 SchwabUS BrdMkt SCHB 54.51 –0.27 2.5 Suzano YumBrands YUM 86.37 0.19 VangdMBS VMBS Peloton PTON 42.80 -0.20 17.73 -0.89 112.63 0.02 –1.1 SchwabUS Div SCHD 50.78 –0.06 –12.3 SynchronyFin SYF YumChina YUMC 48.92 0.37 iShCoreDivGrowth DGRO 36.09 –0.44 –14.2 iShNatlMuniBd MUB VangdRealEst VNQ 73.90 –1.45 –20.4 PembinaPipeline PBA 23.76 0.91 SchwabUS LC SCHX 69.87 ... –9.0 SyneosHealth SYNH 57.16 0.28 s ZTO Express ZTO 32.45 1.30 iShCoreMSCIEAFE IEFA 53.28 0.02 –18.3 iShPfd&Incm PFF 34.25 –0.03 –8.9 VangdS&P500ETF VOO 268.82 0.01 –9.1 Pentair PNR 34.50 -0.60 94.14 0.53 1.3 Synnex SNX 89.41 -1.93 s 69.98 4.00 iShCoreMSCIEM IEMG 43.68 –0.64 –18.8 iShRussell1000Gwth IWF 178.08 0.76 1.2 SchwabUS LC Grw SCHG 82.57 –0.07 2.4 191.72 12.65 ZaiLab ZLAB VangdST Bond BSV Penumbra PEN Synopsys SNPS 161.58 1.41 235.26 -7.66 161.89 0.08 –9.3 Schwab US TIPs SCHP 59.00 –0.29 4.2 11.58 -0.48 ZebraTech ZBRA iShCoreMSCITotInt IXUS 50.58 –0.12 –18.3 iShRussell1000 IWB VangdSTCpBd VCSH 80.84 –0.02 –0.2 People'sUtdFin PBCT 51.70 -1.59 242.56 –0.44 –14.9 Sysco SYY Zendesk ZEN 78.74 0.87 iShCoreS&P500 IVV 293.45 –0.00 –9.2 iShRussell1000Val IWD 108.55 –0.95 –20.5 SPDR DJIA Tr DIA VangdShortTermTrea VGSH 62.22 –0.05 2.3 PepsiCo PEP 134.38 0.15 303.64 –0.70 –19.1 93.39 0.91 Zillow C Z 55.76 2.79 iShCoreS&P MC IJH 166.23 –0.69 –19.2 iShRussell2000 IWM 131.70 –0.50 –20.5 SPDR S&PMdCpTr MDY VangdSC VB 134.50 –0.53 –18.8 PerkinElmer PKI 53.40 0.76 TUV Zillow A ZG 55.11 2.42 iShCoreS&P SC IJR 62.23 –1.83 –25.8 iShRussell3000 IWV 169.45 –0.02 –10.1 SPDR S&P 500 SPY 292.50 0.02 –9.1 VangdTotalBd BND 86.68 –0.31 3.4 Perrigo PRGO PetroChina PTR 35.24 0.22 TAL Education TAL 54.13 -0.67 ZimmerBiomet ZBH 117.99 -3.87 iShS&PTotlUSStkMkt ITOT 65.36 –0.09 –10.1 iShRussellMid-Cap IWR 49.87 –0.42 –16.4 SPDR S&P Div SDY 86.48 –1.13 –19.6 VangdTotIntlBd BNDX 57.00 –0.25 0.7 PetroleoBrasil PBR 6.56 -0.30 TC Energy TRP 46.92 0.85 ZionsBancorp ZION 29.21 -1.51 iShCoreUSAggBd AGG 116.11 –0.30 3.3 iShRussellMCValue IWS 71.43 –1.41 –24.6 TechSelectSector XLK 95.41 0.66 4.1 VangdTotIntlStk VXUS 45.35 –0.09 –18.6 PetroleoBrasilA PBR.A 6.25 -0.26 TD Ameritrade AMTD 36.94 -0.95 Zoetis ZTS 126.39 0.92 78.37 –1.25 –25.8 193.12 0.53 –0.3 UtilitiesSelSector XLU 55.92 –0.43 –13.5 147.49 0.01 –9.9 iShSelectDividend DVY iShS&P500Growth IVW VangdTotalStk VTI Pfizer PFE 38.10 0.88 TE Connectivity TEL 74.61 -2.14 ZoomVideo ZM 166.48 11.08 64.86 0.42 –13.0 104.84 –0.71 –19.4 33.89 –2.78 15.7 69.91 –0.01 –13.7 iShEdgeMSCIMinEAFE EFAV iShS&P500Value IVE VanEckGoldMiner GDX VangdTotlWrld VT PhilipMorris PM 71.28 -0.72 Telus TU 16.53 0.13 Zscaler ZS 76.96 2.94 iShEdgeMSCIMinUSA USMV 59.20 –0.30 –9.8 iShShortCpBd IGSB 53.54 –0.04 –0.2 VangdInfoTech VGT 253.14 0.69 3.4 VangdValue VTV 96.97 –0.64 –19.1 Phillips66 PSX 76.67 -0.39 TIM Part TSU 11.18 -0.35 Zynga ZNGA 7.94 0.17

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CyberOptics CYBE 31.50 2.2 HorizonTherap HZNP 45.90 4.7 Moderna MRNA 67.67 12.9 RetractableTechs RVP 6.09 4.0 USAutoPartsNtwk PRTS 5.40 6.0 BerkshireHills BHLB 10.98 -6.3 The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Cytokinetics CYTK 21.69 33.2 HoulihanLokey HLI 63.52 1.5 MomentaPharm MNTA 35.13 4.7 RingCentral RNG 276.61 3.1 VOXX Intl VOXX 5.87 9.9 Brink's BCO 38.10 -7.0 and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest CytomXTherap CTMX 14.86 1.5 IdexxLab IDXX 300.58 4.0 MongoDB MDB 189.25 6.2 Rollins ROL 42.80 0.4 VectoIQAcqnWt VTIQW 7.49 32.4 BrooklineBcp BRKL 8.83 -4.8 session. % CHG-Daily percentage change from the previous trading session. DLH Holdings DLHC 6.10 -3.7 Immunomedics IMMU 33.37 0.9 MonolithicPower MPWR 213.50 -0.4 SapiensInt SPNS 29.24 1.8 VectoIQAcqnUn VTIQU 30.98 23.3 CONSOL Coal CCR 4.40 -2.9 Datadog DDOG 57.18 7.7 ImmunovantWt IMVTW 5.60 33.0 MyoKardia MYOK 104.26 58.6 Schrodinger SDGR 57.37 12.5 VectoIQAcqn VTIQ 21.53 23.4 ChinaLiberalEduc CLEU 4.01 -18.2 VEEV 200.36 2.8 Monday, May 11, 2020 DexCom DXCM 428.00 3.9 ImmunovantUn IMVTU 27.60 16.2 Natera NTRA 47.49 6.9 ScienjoyWt SJOYW 0.30 -28.5 VeevaSystems Corts JCPen JBS JBN 0.82 2.3 DocuSign DOCU 121.84 3.5 Immunovant IMVT 22.91 12.3 NeuBaseTherap NBSE 9.63 6.8 Sea SE 63.79 0.7 VertxPharm VRTX 286.82 5.0 FirstCmwlthFin FCF 7.81 -6.9 52-Wk % 52-Wk % 52-Wk % DollarGeneral DG 184.95 3.8 Insulet PODD 228.79 3.3 NewbornAcqnRt NBACR 0.16 33.3 SeresTherap MCRB 5.59 12.7 Wayfair W 192.73 1.2 GreatWesternBncp GWB 13.63 -10.7 WMK 59.39 4.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Electromed ELMD 19.73 11.4 iRhythmTechs IRTC 134.34 5.2 NovaMeasuring NVMI 42.50 0.6 ServiceNow NOW 388.50 1.7 WeisMarkets HMN Fin HMNF 14.50 -1.2 EBS 85.59 4.7 JKHY 187.89 2.2 NVDA 324.50 3.2 SHOP 752.50 5.8 WestPharmSvcs WST 210.98 5.1 HWMp 51.00 -4.6 ATRC 46.53 2.2 CTLT 74.09 1.7 EmergentBiosol JackHenry NVIDIA Shopify HowmetAeroPfd AtriCure Catalent ENPH 59.98 4.0 KC 26.89 8.9 OCFCP 25.29 0.5 IPOC.U 10.40 0.9 Wix.com WIX 166.50 3.7 AUDC 34.95 1.2 APOPW 0.40 543.7 EnphaseEnergy KingsoftCloud OceanFirstPfdA SocialCapHedII LeeEnterprises LEE 0.73 -3.6 AudioCodes CellectBiotechWt 82.62 -0.5 22.48 9.3 176.39 2.9 10.55 1.8 YamanaGold AUY 5.33 -3.2 Highs AVLR 103.65 6.3 CENT 36.34 1.5 Etsy ETSY KiniksaPharm KNSA Okta OKTA SocialCapHedIII IPOB.U MetroCityBkshs MCBS 9.00 -1.9 Avalara CentralGarden ZTO Express ZTO 32.75 4.2 ACM Research ACMR 54.36 15.4 BAND 112.49 1.7 CENTA 33.64 1.2 Everbridge EVBG 158.34 0.8 KinsaleCapital KNSL 137.38 -0.4 OldDomFreight ODFL 157.40 2.0 SpartanNash SPTN 18.67 4.4 OrganiGram OGI 1.40 -2.8 Bandwidth CentralGardenA ZaiLab ZLAB 70.65 6.1 AMCI Acqn AMCI 10.25 0.8 TECH 281.77 3.3 ECOM 13.00 7.9 Fastenal FAST 39.88 1.8 LogitechIntl LOGI 51.63 -0.6 OraSureTechs OSUR 18.27 6.0 SproutSocial SPT 23.89 5.4 PenneyJC JCP 0.15 -9.1 Bio-Techne ChannelAdvisor ZentalisPharm ZNTL 38.03 3.7 AcaciaComms ACIA 69.13 0.1 BIO.B 475.29 2.4 CHGG 63.90 -3.1 Fastly FSLY 35.96 -1.4 MSCI MSCI 349.04 4.1 OricPharm ORIC 34.70 4.3 SproutsFarmersMkt SFM 26.59 5.3 RecroPharma REPH 4.76 -39.7 Bio-RadLab B Chegg Zynex ZYXI 21.85 17.3 AcceleronPharma XLRN 107.67 3.3 Bio-RadLab A BIO 471.27 3.1 ChemoCentryx CCXI 56.49 2.8 Five9 FIVN 106.94 0.6 Macrogenics MGNX 27.94 29.4 PFSweb PFSW 6.06 13.8 Stamps.com STMP 221.73 6.6 S&T Bancorp STBA 22.99 -6.0 ActivisionBliz ATVI 75.97 3.2 BiosigTech BSGM 10.95 16.2 ChinaJoJoDrug CJJD 2.90 4.8 FlyingEagle FEAC 10.10 -0.5 MarketAxess MKTX 517.93 4.3 PapaJohn's PZZA 84.25 2.3 SturmRuger RGR 60.06 -0.2 SeacorMarine SMHI 2.16 -5.0 AkebiaTherap AKBA 13.17 7.3 Broadvision BVSN 4.43 -0.5 Chipotle CMG 942.83 0.9 Fortinet FTNT 142.36 2.6 Masimo MASI 251.51 5.6 Pinduoduo PDD 55.78 0.6 TG Therap TGTX 20.68 7.4 Lows ScorpioBulkers SALT 16.45 -14.5 AlaskaCommSys ALSK 2.43 2.2 BrookfieldInfr BIPC 46.91 7.9 CitrixSystems CTXS 155.10 2.0 GAN GAN 15.20 4.4 MastechDigital MHH 18.80 9.2 Qiagen QGEN 43.39 0.2 TandemDiabetes TNDM 91.85 3.7 AGBA AcqnWt AGBAW 0.03 -43.3 StarBulkCarriers SBLK 4.47 -7.5 AlbertonAcqnRt ALACR 0.35 215.0 CEVA CEVA 36.79 -0.9 Compugen CGEN 16.31 1.1 Genmab GMAB 28.68 2.7 MercadoLibre MELI 805.84 -0.4 Quidel QDEL 210.81 31.7 Tradeweb TW 60.24 3.0 Aegion AEGN 13.19 -6.0 SteelConnect STCN 0.56 -9.7 AllogeneTherap ALLO 34.22 6.3 CadenceDesign CDNS 83.58 0.7 CoupaSoftware COUP 212.12 8.0 HainCelestial HAIN 30.85 2.0 MeridianBiosci VIVO 18.58 3.6 Remark MARK 1.95 72.1 Trex TREX 118.38 2.0 AmeriWt AMRHW 0.01 -62.8 WellsFargo WFC 24.60 -2.6 ArcturusTherap ARCT 48.80 23.5 CarrierGlobal CARR 18.75 -0.1 CueBiopharma CUE 28.35 -0.4 HalozymeTherap HALO 25.21 5.1 MinervaNeurosci NERV 12.66 9.2 Repligen RGEN 129.65 4.3 Twilio TWLO 189.97 3.9 AuroraCannabis ACB 7.05 -8.1 ZionsBancorpWt ZIONW 0.08 -44.0

Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Mutual Funds Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret ExtMktIdxInstPre 54.57 -0.14-14.5 SrsEmrgMkt 17.03 -0.06-17.5 EqInc 15.93 -0.11-17.5 Income NA ... NA DivAppIdxAdm 30.87 -0.04 -8.3 WdsrllAdml 54.82 -0.32-15.1 WndsrII 30.89 -0.18-15.2 Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. IntlIdxInstPrem 35.16 -0.06-18.2 SrsGlobal 10.81 -0.01-17.9 JPMorgan R Class PIMCO Funds Instl EMAdmr 30.33 +0.04-17.8 WellsIAdml 63.45 -0.28 -3.3 VANGUARD INDEX FDS 19.88 -0.12-15.9 19.94 +0.37 12.3 12.14 -0.04 3.5 NA ... NA 65.81 -0.42-16.5 68.99 -0.14 -7.1 42.35 -0.83-27.8 e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e MidCpInxInstPrem SrsGroCoRetail CoreBond IncomeFd EqIncAdml WelltnAdml SmValAdml 8.55 -0.01 2.2 86.60 +0.04-10.9 11.35 -0.03 4.0 and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, SAIUSLgCpIndxFd 15.77 ... -8.8 SrsIntlGrw 15.79 -0.01 -9.9 CorePlusBd Price Funds ExplrAdml WndsrAdml 57.10 -0.79-21.0 TotBd2 81.65 -0.22-14.4 14.57 -0.01-18.2 12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r SeriesOverseas 9.44 -0.03-12.4 SrsIntlVal 7.55 -0.05-23.7 Lord Abbett A BlChip 128.12 +1.21 3.0 ExtndAdml VANGUARD FDS TotIntl 10.83 -0.01 3.5 71.74 -0.02 -9.5 apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not SmCpIdxInstPrem 16.74 -0.11-20.4 TotalBond 11.01 -0.03 1.9 ShtDurIncmA p 4.05 ... NA DivGro 47.61 ...-10.4 GNMAAdml DivdGro 27.37 -0.07-10.3 TotSt 95.88 +0.58 2.4 available due to incomplete price, performance or cost data. NE-Not released by Lipper; TMktIdxInstPrem 81.63 -0.02 -9.6 Fidelity SAI Lord Abbett F EqInc 24.57 -0.21-22.9 GrwthAdml INSTTRF2015 22.33 -0.03 -2.9 VANGUARD INSTL FDS data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. USBdIdxInstPrem 12.35 -0.04 4.6 TotalBd 10.52 -0.03 1.2 ShtDurIncm 4.05 ... NA EqIndex 77.96 +0.01 -8.7 HlthCareAdml r 86.49 +1.03 1.3 INSTTRF2020 22.90 -0.03 -5.0 BalInst 37.49 -0.04 -3.7 5.46 ... -6.6 11.54 -0.02-18.1 Fidelity Advisor I First Eagle Funds Lord Abbett I Growth 73.70 +0.46 0.5 HYCorAdml r INSTTRF2025 23.13 -0.03 -6.5 DevMktsIndInst 26.96 -0.06 4.2 18.04 -0.02-18.1 NwInsghtI 31.25 +0.11 -4.4 GlbA 50.93 -0.42-12.1 ShtDurInc p 4.05 ... NA HelSci 84.39 +2.17 3.6 InfProAd INSTTRF2030 23.19 -0.02 -7.7 DevMktsInxInst Monday, May 11, 2020 99.20 +0.34 -3.5 81.64 -0.22-14.4 Fidelity Freedom FPA Funds Metropolitan West IntlStk 15.92 +0.03-14.6 IntlGrAdml INSTTRF2035 23.23 -0.02 -8.9 ExtndInst Net YTD Net YTD Net YTD 12.29 -0.03 5.0 95.89 +0.58 2.4 FF2020 14.68 -0.02 -6.6 FPACres 28.73 -0.25-15.1 TotRetBd 11.28 -0.04 NA LgCapGow I 45.30 +0.41 2.8 ITBondAdml INSTTRF2040 23.26 -0.01-10.1 GrwthInst Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret 10.17 -0.02 2.9 10.98 -0.03 4.2 FF2025 12.90 -0.02 -7.6 Franklin A1 TotRetBdI 11.28 -0.03 NA MidCap 86.26 +0.04 -9.5 ITIGradeAdml INSTTRF2045 23.22 -0.02-11.3 InPrSeIn 41.98 -0.05-12.3 14.75 -0.02-22.0 11.11 -0.13 3.4 261.88 +0.05 -8.7 American Century Inv WshA p IntSmCo FF2030 15.75 -0.03 -9.1 CA TF A1 p NA ... NA TRBdPlan 10.61 -0.03 NA N Inc 9.54 -0.02 -0.8 LTGradeAdml INSTTRF2050 23.26 -0.01-11.3 InstIdx 54.75 +0.43 5.0 Baird Funds 14.21 -0.07-26.6 188.81 -0.78-14.0 InstPlus 261.89 +0.05 -8.7 Ultra IntSmVa Freedom2020 K 14.66 -0.03 -6.7 IncomeA1 p 2.00 -0.01 NA MFS Funds Class I NHoriz 64.58 +0.95 8.8 MidCpAdml INSTTRF2055 23.35 -0.01-11.3 AggBdInst 11.52 -0.03 3.6 22.50 +0.01 -8.7 MuHYAdml 11.10 +0.01 -4.3 InstTStPlus 61.40 -0.01 -9.5 American Funds Cl A LgCo Freedom2025 K 12.87 -0.03 -7.7 FrankTemp/Frank Adv ValueI 37.02 -0.27-16.7 OverS SF r 9.07 -0.01-18.9 IntlVal 29.51 -0.09-21.4 32.12 +0.11 -4.3 CorBdInst 11.75 -0.03 2.5 22.25 -0.08-13.7 MuIntAdml 14.28 +0.02 -0.4 MidCpInst 41.71 -0.17-14.0 AmcpA p US CoreEq1 Freedom2030 K 15.73 -0.03 -9.0 IncomeAdv 1.98 -0.01 NA MFS Funds Instl R2020 20.51 -0.02 -7.2 LifeCon 20.28 -0.03 -3.1 38.64 +0.09-10.7 BlackRock Funds 20.01 -0.09-15.1 MuLTAdml 11.65 +0.02 -1.0 MidCpIstPl 205.70 -0.85-14.0 AMutlA p US CoreEq2 Freedom2035 K 12.97 -0.02-11.3 FrankTemp/Franklin A IntlEq 23.34 -0.12-16.2 R2025 16.34 -0.01 -8.1 LifeGro 32.65 -0.03 -9.7 26.99 -0.03 -4.9 HiYldBd Inst 6.92 ... -9.1 26.53 -0.38-24.0 MuLtdAdml 10.99 ... -0.1 SmCapInst 64.45 -0.35-18.5 BalA p US Small Freedom2040 K 8.98 -0.02-12.5 Growth A p 108.92 +0.52 -3.0 Nuveen Cl I R2030 23.56 -0.01 -9.0 LifeMod 27.01 -0.03 -6.4 13.71 -0.03 5.6 BlackRock Funds A 23.36 -0.62-32.0 MuShtAdml 15.80 ... 0.3 STIGradeInst 10.74 -0.01 1.0 BondA p US SmCpVal Fidelity Invest RisDv A p 62.75 +0.12 -9.6 HYMunBd 15.91 +0.05 -9.9 R2035 17.16 -0.01 -9.8 PrmcpCor 23.53 ...-15.7 GlblAlloc p 18.24 -0.03 -4.9 29.19 -0.36-24.0 PrmcpAdml r126.67 +0.48-12.1 STIPSIxins 24.84 -0.01 0.6 CapIBA p 55.53 -0.02-11.4 USLgVa 17.66 -0.02 -4.9 FrankTemp/Franklin C Oakmark Funds Invest R2040 24.23 -0.01-10.5 25.96 -0.05 -5.0 BlackRock Funds Inst AMgr50% RealEstatAdml104.78 -1.59-19.7 STAR TotBdInst 11.43 -0.03 4.4 CapWGrA 45.59 +0.03-12.3 Dodge & Cox 23.47 -0.04 -4.1 2.03 -0.01 NA OakmrkInt 16.61 -0.22-33.4 Value 31.02 -0.10-18.2 14.74 -0.02 -2.9 MultiAstIncome 10.09 ... -6.6 Balanc Income C t SmCapAdml 64.45 -0.36-18.5 TgtRe2015 TotBdInst2 11.35 -0.03 4.0 EupacA p 47.41 -0.23-14.8 Balanced 85.88 -0.89-13.9 113.76 +0.76 5.6 PRIMECAP Odyssey Fds 30.88 -0.04 -5.1 StratIncOpptyIns 9.56 ... -3.2 BluCh FrankTemp/Temp Adv Old Westbury Fds SmGthAdml 64.78 +0.50 -7.1 TgtRe2020 TotBdInstPl 11.43 -0.03 4.4 FdInvA p 54.86 +0.01-11.2 Income 14.13 -0.04 1.7 13.90 +0.11 2.1 10.03 -0.04 -4.4 13.34 +0.02-11.5 Growth r 35.58 +0.20-13.1 18.56 -0.02 -6.5 Bridge Builder Trust Contra GlBondAdv p LrgCpStr STBondAdml 10.83 ... 3.2 TgtRe2025 TotIntBdIdxInst 34.24 -0.05 1.2 GwthA p 50.94 +0.27 -0.4 Intl Stk 32.07 -0.29-26.4 13.92 +0.11 2.1 Schwab Funds 33.64 -0.04 -7.7 CoreBond 10.67 -0.03 3.4 ContraK Guggenheim Funds Tru Parnassus Fds STIGradeAdml 10.74 -0.01 1.0 TgtRe2030 TotIntlInstIdx r 97.47 -0.06-18.2 HI TrA p 8.89 -0.01 -9.8 Stock 150.87 -2.02-20.6 8.97 -0.02-11.2 28.04 -0.10 4.3 43.19 +0.06 -7.9 45.11 +0.01 -8.7 20.51 -0.02 -8.9 CorePlusBond 10.26 -0.02 2.0 CpInc r TotRtnBdFdClInst ParnEqFd S&P Sel STsryAdml 10.85 -0.01 3.0 TgtRe2035 TotItlInstPlId r 97.49 -0.06-18.2 35.92 +0.07 -8.7 DoubleLine Funds 50.57 -0.01 -9.6 ICAA p Intl Eq 10.05 ...-16.2 GroCo 23.80 +0.44 11.4 Harbor Funds PGIM Funds Cl Z TSM Sel r TotBdAdml 11.43 -0.03 4.4 TgtRe2040 35.16 -0.03-10.1 TotStInst 71.78 -0.02 -9.5 20.42 -0.04-11.3 NA ... NA NA ... NA IncoA p LargeCapValue 11.09 -0.11-18.6 CoreFxdIncmI GrowCoK 23.84 +0.44 11.5 CapApInst 80.74 +0.97 6.6 TotalReturnBond TIAA/CREF Funds TotIntBdIdxAdm 22.82 -0.03 1.2 TgtRe2045 21.92 -0.02-11.3 ValueInst 37.82 -0.25-18.4 13.98 -0.02 4.6 10.55 -0.01 NA 11.49 -0.03 4.3 IntBdA p Dimensional Fds TotRetBdI InvGrBd 11.76 -0.04 2.7 Harding Loevner PIMCO Fds Instl BdIdxInst TotIntlAdmIdx r 24.37 -0.02-18.2 TgtRe2050 35.30 -0.02-11.2 WCM Focus Funds 44.04 +0.07 -6.8 N PerA p 5GlbFxdInc 10.81 -0.01 0.7 Edgewood Growth Instituti LowP r 40.40 -0.30-19.3 IntlEq 20.25 -0.14-14.9 AllAsset NA ... NA VANGUARD ADMIRAL TotStAdml 71.77 -0.02 -9.5 TgtRet2055 38.32 -0.03-11.3 WCMFocIntlGrwIns 17.72 +0.03 -6.3 40.46 +0.28 5.0 270.99 +0.04 -8.7 NEcoA p 43.94 +0.26 -3.9 DFARlEst 33.16 -0.47-18.6 EdgewoodGrInst Magin 10.22 +0.07 0.2 Invesco Funds Y TotRt NA ... NA 500Adml TxMCapAdml151.01 +0.05 -8.5 TgtRetInc 13.72 -0.02 -2.0 Western Asset 37.48 -0.05 -3.7 NwWrldA 60.95 -0.18-13.6 EmgMktVa 21.61 -0.08-24.7 Fidelity OTC 13.21 +0.08 3.3 DevMktY 37.88 -0.13-16.9 PIMCO Funds A BalAdml TxMIn r 11.52 -0.02-18.2 TotIntBdIxInv 11.41 -0.02 1.2 CoreBondI NA ... NA 11.97 +0.01 -0.1 SmCpA p 54.10 +0.15 -8.0 EmMktCorEq 17.13 -0.03-21.1 500IdxInstPrem101.73 +0.01 -8.7 Puritn 22.22 +0.04 -2.0 JPMorgan I Class IncomeFd NA ... NA CAITAdml USGroAdml 120.41 +1.15 8.1 WellsI 26.19 -0.12 -3.4 CorePlusBdI 11.86 -0.05 NA TxExA p 12.99 +0.02 -1.7 IntlCoreEq 10.88 -0.02-21.0 Contrafund K6 14.66 +0.11 1.3 SAIUSQtyIdx 14.28 +0.13 -2.7 CoreBond 12.13 -0.03 3.5 PIMCO Funds I2 CapOpAdml r140.15 +0.61-11.2 ValAdml 37.82 -0.25-18.4 Welltn 39.95 -0.08 -7.2 CorePlusBdIS 11.85 -0.06 NA B10 | Tuesday, May 12, 2020 ***** THE WALL STREET JOURNAL. BANKING & FINANCE China Sees Surge in Off-the-Books Debt Beijing used to rein in Local government ﬁnancing- bond payments. vehicle bonds outstanding The city of Tianjin sold 2 bil- these bonds, but now lion yuan of five-year and 10- it seems to be focused 10 trillion yuan year bonds in April, with cou- pons of 3.79% and 4.2% on shoring up growth respectively, with some pro- 8 ceeds helping to extend its BY XIE YU metro network. Some local state-owned companies in this China’s regional bosses are 6 port city near Beijing have run ramping up infrastructure into financial trouble, including spending, falling back on an old commodities trader Tewoo remedy to boost economic ac- 4 Group Co., which has inflicted tivity as the coronavirus pan- losses on holders of dollar demic curbs consumption and bonds. industrial production. 2 Another dilemma for policy Off-balance-sheet entities are makers is that they want to end selling bonds to finance proj- the notion that debts like these 0 ects such as investing in ware- enjoy unspoken state support— houses, expanding underground 2010 ’15 ’20 but without causing too much metro networks, building data market disruption. Note: Onshore bonds as of year-end. 2020 centers or renovating shanty- YUE YUEWEI/XINHUA/ZUMA PRESS ﬁgure as of May 6. 1 trillion yuan=$141.1 billion. “Last year was a watershed towns. These bonds are ostensi- Tianjin sold bonds in April, in part, to help extend its metro network. Passengers at a metro station. Source: Wind year for credit risk in China,” bly an arm’s-length way for cit- said Logan Wright of Rhodium, ies and other levels of local structure splurge that helped bonds, which would be a record, said Ms. Lu at S&P. payment ability being able to is- pointing to defaults by financ- government to fund infrastruc- China ride out the last big in a coming stimulus package. In 2014, authorities tried to sue new bonds recently.” ing vehicles, state-owned enter- ture programs. global downturn, but which also The surge in off-the-books ban such bonds, but they later In the debt-laden southwest- prises and banks. Such episodes These vehicles—known to in- helped push leverage to worry- funding by local government loosened restrictions, given the ern province of Guizhou, a vehi- would tend to undermine the vestors as local government fi- ing levels. vehicles suggests a softer pressure to sustain economic cle controlled by the municipal idea of an implicit guarantee, nancing vehicles or LGFVs— Now, however, the country’s stance toward these tools, too, growth and with few alterna- government in the city of Zunyi and the risk-taking that such raised 1.46 trillion yuan ($206 leadership has shifted stance from central authorities. tives for repaying the vehicles’ sold 670 million yuan ($95 mil- assumptions encourage among billion) in January to April this somewhat from trying to rein in This year’s surge of deals is existing debts. With benchmark lion) of bonds in March. The 10- investors. year, according to S&P Global debt to shoring up growth. swelling the total stock of this borrowing costs for the central year bonds from the Zunyi Mr. Wright said slowing Ratings. That is the busiest While it has deployed stimulus potentially troublesome debt, government falling as the Peo- Transportation and Tourism In- growth and falling local govern- start to the year in the rating measures less aggressively than with net new issuance making ple’s Bank of China has loos- vestment Group pay a coupon ment revenues would push de- company’s records, which go some other big economies, it up more than 55% of the total. ened monetary policy, investors of 8% and will fund a logistics faults for local-government fi- back to 2005. has taken steps such as easing A previous boom last year, in searching for higher-yielding in- center that will use big data nancing entities even higher S&P analyst Gloria Lu fore- monetary policy and cutting contrast, was primarily about vestments have also snapped up and cloud-computing technol- this year. He said authorities cast full-year issuance would taxes. It might also step up for- refinancing existing debts. bonds from higher-risk regions. ogy to sort parcels. could put off some defaults by top last year’s record of 3.4 tril- mal infrastructure funding via In all, borrowings by such lo- “Investors are moving down Zunyi had the highest finan- forcing investors to show for- lion yuan. so-called special bonds—which cal-financing vehicles make up the credit spectrum as they cial stress of any Chinese city, bearance instead, but added: Beijing has previously taken can only be sold by the central about 9.5% of China’s total yuan hunt for more attractive yields,” with debts of 13.7 times fiscal “There are certainly limits, a tougher line on these debts, government, provinces and a bonds outstanding, which stand said Ivan Chung, a Hong Kong- income, research last year by which relies on the tension or over which it has little direct few municipalities. Nomura at about 102.3 trillion yuan, ac- based analyst at Moody’s Inves- Rhodium Group found. Compa- balance between how much oversight and which have often economist Lu Ting estimates cording to Wind. While some tors Service. “We’ve been nies owned by local govern- new credit you will be able to fed wasteful spending. They Beijing will approve issuance of have sold debt offshore, most of watching some regions tradi- ments elsewhere in Guizhou create, and how healthy your were part of an earlier infra- as much as $7 trillion of special their borrowings are in yuan, tionally considered weak in re- province have defaulted on banking system will be.” Pemex Bets Big on Oil as Sector Pulls Back Electricity BY ROBBIE WHELAN Shifting Fortunes crude production fell by an av- Prices Sink erage of 4.4% each year in the Investment and production have fallen at Mexico's Pemex while PARAÍSO, Mexico—About 20 same period, from 3.4 million rising at Brazil's state-run oil company. miles offshore of this indus- barrels a day to 1.7 million, As Use Falls trial port in southern Mexico, Pemex Brazil’s Petrobras while proven reserves fell by Petróleos contractors for Capital expenditures on Crude oil production, more than half. S. Mexicanos are busy drilling exploration and production in barrels a day Over the same time span, ContinuedfrompageB1 exploratory wells in the Xikin Brazil’s Petrobras, Latin Amer- prices have become common- oil field. $30 billion4 million ica’s other state-owned oil gi- place. In auctions for the Ger- Trying to increase produc- ant, spent $254 billion on ex- many-Luxembourg market on tion might seem like business ploration and development, the European Power Exchange, as usual for the state-run oil 3 while maintaining reserves at prices turned negative five times 20 giant, if not for this: At today’s a roughly constant level and in the year through April. prices, the company would increasing production by 45%. The crunch is shifting the 2 take a loss of roughly $9 on Of Pemex’s entire portfolio math of electricity production in each barrel of oil it lifts from of more than 200 active fields, favor of renewable energy 10 the ocean floor at Xikin. 80% would incur losses at a sources. Coal plants, among the 1 Oil companies across the price of $35 a barrel of Brent costliest to run in the U.S., typi- globe are cutting back on drill- crude, Welligence said. cally deliver bursts of power to ing, idling refineries and One potential solution is for the grid when demand increases. 0 0 combing budgets for savings, Mexico to shift more of the Much of that electricity isn’t 2002’10 2019 2002 ’10 2019 trying to cope with a rout in XINHUA/ZUMA PRESS risk of developing its fields to needed right now. Forty percent oil prices and the collapse in Andrés Manuel López Obrador Source: the companies the private sector. of the world’s electricity could demand for energy during the In the first quarter, Pemex’s be generated from low-carbon coronavirus pandemic. Mexico coupled with prioritizing Pe- 2019, to $10.8 billion. For able refining business. production rose to 1.76 million sources—nuclear, wind and solar is doing the opposite. Pemex, mex, is of a piece with Mr. Ló- 2020, the company plans to Fitch downgraded the com- barrels a day, 3.4% higher than power, plus other renewables— as the company is known, is pez Obrador’s response to the spend more, around $11 billion, pany’s debt to junk last June. the average daily production this year, according to the IEA. spending more money to drill pandemic. While scores of even with the exchange rate Pemex has a debt pile of more during 2019. But some analysts Electricity prices were falling new wells, eke oil out of aging countries unveil stimulus pack- falling from just under 20 pe- than $100 billion, more than said too much of the com- before the pandemic due to a fields, revamp its six unprofit- ages for businesses and con- sos to around 24 pesos early any oil company in the world. pany’s production is coming surfeit of cheap natural gas, said able refineries and construct a sumers, Mr. López Obrador has this year. The company also The downgrades will likely from aging fields and smaller Paul Cusenza, chief executive of new one for $8 billion. balked at ramping up spending plans to double the number of limit Pemex’s access to debt discoveries, where it is costlier Nodal Exchange, which runs a Increased spending at Pe- for such a program in Mexico. wells drilled to 423. markets. to recover oil. market for power futures. A 30% mex comes as Mexico cuts Instead, he is focusing much Two weeks ago, Pemex re- Oil analysts say the presi- Pemex needs to reduce its drop in U.S. gas prices over the back on other outlays under of the country’s limited finan- ported a loss of $23 billion— dent’s strategy amounts to debt burden, reduce produc- past year—accelerated by the re- nationalist President Andrés cial firepower on Pemex, mak- roughly 2% of Mexico’s gross throwing good money after tion costs and make its capital cent crash in energy markets— Manuel López Obrador’s “re- ing good on a vow to reverse a domestic product—for the first bad. Pemex is “tossing money investments more efficient, pushed electricity prices down. publican austerity” policy. long slide in production and quarter, a period before the into the fire, basically, devel- said Lucas Aristizabal, a senior Electricity takes an intricate After slimming the federal use the state firm as an eco- price of oil crashed. That oping virtually every discov- director for Latin America route from the station where it is budget last year, the govern- nomic engine in a country comes on top of an $18 billion ered field regardless of its with Fitch Ratings. generated to the device it pow- ment in late April unveiled fur- miredinslowgrowth.The loss last year. profitability,” said Pablo Med- But in Tabasco, the state ers, hurtling down a 160,000- ther salary cuts for top offi- idea, he once said, is to “save In April, Moody’s down- ina of Houston analytics firm where Mr. López Obrador was mile network of high-voltage ca- cials, eliminated 10 deputy Pemex in order to save Mex- graded the firm’s debt to two Welligence. born and where the new refin- bles that crisscross the U.S. minister positions and can- ico.” levels into junk territory, cit- Between 2004 and 2019, the ery began construction last Wholesale prices are largely celed year-end bonuses for Pemex’s total investment in ing the collapse in oil prices, state-run firm spent $164 bil- summer, the influx in invest- set a day ahead of time. Re- public employees. exploration and production in- high debt loads and an exces- lion on capital expenditures to ment has been welcomed by gional authorities forecast how The strategy of austerity, creased 25% between 2018 and sive emphasis on the unprofit- develop new oil fields. Pemex’s businesses and union leaders. much electricity will be needed at every hour the following day, based on factors like the The company included a go- weather. Producers bid to gener- Pioneer of ing-concern warning in its ate that power. Smaller trades third-quarter securities filing BlackRock’s Biggest Investor, take place on the day itself, fine- last year but was able to re- tuning supply to meet demand. Shale Mulls move the language after pur- A bump in prices that takes suing a distressed-debt ex- PNC, to Sell Off Its 22% Stake place each weekday morning as change. New York City gets to work now Bankruptcy Chesapeake’s shares fell 12% BY DAWN LIM PNC could start selling its BlackRock’s reach today comes an hour later, and is less Monday. The company was in AND ORLA MCCAFFREY stake in days. BlackRock said spans markets from exchange- pronounced because offices danger of being delisted before it plans to repurchase some of traded funds to fixed income aren’t opening at the same time. ContinuedfrompageB1 a reverse stock split in April. BlackRock Inc.’s largest the shares. to private equity. It controls The city’s electricity prices were Whiting Petroleum Corp., Chesapeake and one of its shareholder, PNC Financial Its exit ends a chapter in shareholder votes on behalf of less than half their average for which filed for chapter 11 in largest bondholders, mutual- Services Group Inc., said it is which BlackRock was owned the funds it runs. the time of year at the end of April, was the first major shale fund company Franklin Re- exiting from its stake in the by several banks and opens a PNC’s stake shrank over the April, according to Nodal Ex- driller to be done in by the oil- sources Inc., have hired law firm, ending a lucrative years- new era. years as banks such as Merrill change. Electricity usage has price crash. firms to prepare for a possible long wager on the world’s The firm is no longer be- Lynch and British bank Bar- started to creep up in states re- Many of these companies restructuring, The Wall Street largest money manager. holden to other bank backers clays PLC invested in the firm. laxing restrictions. Still, main- were in a financially precarious Journal has reported. PNC owns a roughly 22% and has itself dislodged some As those other banks cut land U.S. demand was 5% lower position long before oil con- On Friday, Chesapeake said stake in BlackRock. banks to become a central their stakes in asset-manage- in early May than it would have sumption fell off a cliff and in a securities filing that execu- PNC bought its BlackRock power on Wall Street. ment businesses to shed risks been without quarantine efforts, prices tumbled with it, with tives could earn cash retention shares in 1995 for roughly The deal also releases some after the 2008 financial crisis, said Platts analyst Manan Ahuja. one futures contract careening payments in exchange for waiv- $240 million, but its stake of the regulatory burdens that PNC remained an investor. The world will consume 5% below zero in April for the first ing their rights to this year’s shrank over the years. PNC got come with large-bank owner- “BlackRock’s long track re- less electricity this year than in time. In fact, oil and gas was equity and bonus awards, a a steady stream of fees and ship. BlackRock won’t face the cord of strong performance 2019, the IEA forecasts. It the most distressed U.S. sector move that often precedes bank- profits from the asset man- same restrictions it has faced and growth has created signif- equates to more than 1,000 tera- at the end of 2019, according to ruptcy. ager’s robust growth in the in casting shareholder votes in icant value since PNC acquired watt-hours in lost demand, S&P Global Ratings, with Those cash payments would last decade as BlackRock financial companies and cer- our stake in the company,” enough to power France and roughly 28% of the bond issues total about $25 million, split sucked up a growing share of tain other industries. PNC Chief Executive William Germany combined. of junk-rated companies trad- between 21 people. money flowing into index and It also won’t face the same Demchak said. Electricity prices fall in ing at distressed levels. That Corporate governance data exchange-traded funds. regulatory burdens on bal- “As good stewards of share- spring, before rising when air soared to about 70% as of late firm Equilar Inc. said it was un- The stake has yielded hand- ance-sheet holdings of private- holder capital, we have consis- conditioners are turned on for April. clear how much each executive somely. PNC’s shares in Black- equity funds and other kinds tently reviewed options to un- summer. The shutdown exacer- Chesapeake’s debt totaled would receive. Rock are valued at $17 billion of alternative investments. lock the value of our bated that seasonal slump, $9.5 billion as of year-end, S&P Chesapeake Chief Executive today. Based on that paper The $6.5 trillion asset man- investment,” he added. “We slashing New York City’s elec- Global Market Intelligence data Doug Lawler would need to for- valuation alone, and not ager’s rise is emblematic of feel the time is now right to tricity demand by 14%, accord- show. Its bonds due in August feit 2020 compensation valued counting the rich stream of how asset managers have do just that.” ing to the New York Indepen- traded at around 5 cents on the at more than $2 million, Equi- dividends it has reaped, that gained ground on the biggest The sale will boost the dent Service Operator, which dollar Friday. lar said. translates to a 70-fold gain. Wall Street banks. bank’s capital levels. runs the state grid.

wsj_20200512_b010_p2jw133000_5_b01000_1______xa2020.crop.pdf 1 12-May-20 06:06:03 THE WALL STREET JOURNAL. ***** Tuesday, May 12, 2020 | B11 MARKETS Nasdaq Rises, S&P Inches Up, Dow Falls

Stocks were little changed making progress in returning to as investors weighed the bene- normal, and market sentiment fits of reopening the economy will be sensitive to any signs of against concerns that such fresh outbreaks, said Christo- steps could lead to fresh waves pher Smart, chief global strate- of coronavirus infections and gist at Barings. renewed lockdowns. “The next few weeks are going to be very bumpy and very By Avantika Chilkoti, important in parsing out what Alexander Osipovich the recovery is going to look and Chong Koh Ping like,” Mr. Smart said. “We’re going to have to live with the The Dow Jones Industrial uncertainty of that two-steps-

Average fell 109.33 points, or forward, one-step-back news PATRICK T. FALLON/BLOOMBERG NEWS 0.4%, to 24221.99, paring losses flow.” Shares of Cardinal Health gained 6.7% after it posted quarterly results. Protective equipment for the company is delivered from Taiwan. after dropping as much as 261 In a sign that the economic points after the opening bell. damage may be more extensive stock-market volatility, the Share-price and index change, Monday The S&P 500 inched up 0.39 than the recent rebound in Cboe Volatility Index, is hover- point, or less than 0.1%, to stock markets suggests, factory ing near its lowest level since 0% 1 2 3 4 5 6 7 2930.19. The furloughs across the U.S. are February. Cardinal Health MONDAY’S Nasdaq Com- becoming permanent closings. Much of the recent rebound MARKETS posite climbed Those factory shutdowns are has been driven by tech stocks. Pﬁzer 71.02, or 0.8%, likely to further erode an indus- The technology-heavy Nasdaq Merck to 9192.34, with heath-care and trial workforce that has been on Monday notched its sixth technology stocks powering shrinking as a share of the consecutive day of gains, its Apple much of the gains. overall economy for decades. longest winning streak since Alphabet States including California, It is unclear whether re- December. New York and Ohio have moved opening closed businesses will Investors hunting for win- Amazon.com to restart commerce in recent spark the revival of economic ning bets have lifted Apple, Facebook days, with encouragement from activity that policy makers which climbed $4.88, or 1.6%, the White House, as have some hope for. to $315.01 and Microsoft, Health-care sector European and Asian countries. In the U.K., authorities could which rose $2.06, or 1.1%, to The reopenings are being reverse any decision to reopen $186.74, less than 2% below its Technology sector watched closely by investors, businesses if cases tick up, and record from February. S&P 500 +0.02% with worries they could spark the public could be unwilling to The technology sector of the new flare-ups and offer limited visit shops and restaurants S&P 500 climbed 0.7% Monday, Source: FactSet benefits. even when the government al- second only to health care, South Korea is serving as a lows them to reopen, Richard which rose 1.7%. pany said first-quarter profit Elsewhere, China’s central In other markets, the bench- cautionary tale after the big- McGuire, head of rates strategy Shares of drug-distributor was down sharply as many of bank said it would roll out mark Stoxx Europe 600 index gest one-day increase in new at Rabobank, cautioned. Cardinal Health gained $3.36, its hotels were forced to close. more measures to support the fell 0.4%. At midday Tuesday in infections in a month prompted “Allowing them to get back or 6.7%, to $53.24, making the Under Armour dropped 97 world’s second-largest economy Tokyo, the Nikkei was down the government to warn that to business as usual doesn’t company the best performer in cents, or 9.7%, to $9.01 after it and keep monetary policy flexi- 0.2% and Hong Kong’s Hang the nation must brace for a sec- mean they are likely to,” he the S&P 500, after the company reported wider-than-expected ble. The People’s Bank of China Seng Index was down 1.6%. U.S. ond wave. said. reported stronger-than-ex- losses than forecast for the said Sunday that it would focus futures were lower. U.S. stocks are likely to be Stocks have rallied since pected quarterly results. first quarter. The sportswear more on maintaining economic On Monday, the WSJ Dollar volatile as investors monitor bottoming in late March, a sign Marriott International company has laid off workers growth and jobs, while ensur- Index, which compares the dol- the reopenings for signs of many investors are betting on a shares dropped $4.86, or 5.6%, in shops and distribution cen- ing poverty elimination by the lar to a basket of 16 currencies, which states and cities are quick recovery. A measure of to $82.31 after the hotel com- ters to slash costs. end of the year. rose 0.5%.

Bond issuance by banking sector Europe U.S. Crude Futures Give Up Early Gains $120 billion $120 billion 2019 2020 BY AMRITH RAMKUMAR 100 100 Oil prices closed lower after 80 80 a volatile session Monday, pausing a recent rebound even 60 60 after Saudi Arabia and other producers said they would 40 40 deepen supply cuts to support beleaguered energy markets. 20 20 U.S. crude futures for delivery in June ended the day 0 0 down 2.4% at Jan. Feb. March April May* Jan Feb March April May* COMMODITIES $24.14 a bar- *Through May 11 rel. Prices Source: Dealogic have risen recently with parts of the world lifting lockdown measures and fuel consumption German Bank Aims slowly climbing. At the same time, global production cuts are driving bets on long-term supply shortages after the world To Increase Capital reopens for business. Brent crude futures for July delivery, the global gauge of oil

BY PATRICIA KOWSMANN build up those reserves again. prices, slid 4.3% to $29.63 a FAYEZ NURELDINE/AGENCE FRANCE-PRESSE/GETTY IMAGES AND CAITLIN OSTROFF European banks are likely barrel. Saudi Arabia said it would lower June oil output, news that for a time drove up market prices. to reduce their reliance on Despite recent supply cuts, Deutsche Bank AG is taking bond markets in coming years many investors remain con- lowing month after expiration. statement that the kingdom will Countries to the agreed-upon advantage of the stabilization as they can access cheaper cerned that fuel demand will Whoever was left holding lower its June oil supply to 7.5 production cuts. in European debt markets to credit from the ECB through remain low. While consumption the contracts was likely unable million barrels a day, citing an As de facto head of the car- sell new bonds and boost its its loan program, dubbed tar- has started increasing, analysts to find available storage, forc- energy ministry official. The cut tel, Saudi Arabia’s moves to cut capital buffers. geted longer-term refinancing are worried that a second spike ing them to sell. will add another 1 million bar- supply also could instill further The German lender is sell- operations, or TLTROs, Mr. in global coronavirus cases The turmoil forced many in- rels a day to its existing produc- confidence in the output curbs. ing €1.25 billion ($1.35 billion) Kinmonth said. The ECB has later in the year could again vestors to stop owning near- tion cuts. The move follows last Kuwait and the United Arab in unsecured bonds due in reduced the rate it is charging dent demand. dated futures contracts and in- month’s agreement to a coordi- Emirates also signaled they will May 2031. The debt is rated banks for loans, starting in Additionally, muted con- stead own futures for delivery nated global supply cut after a deepen supply cuts next month. below investment grade. The June, to as much as minus 1%, sumption of jet fuel and gasoline several months from now. That March feud between Saudi Ara- The production curtailments bank is also offering to buy which means that the mone- has rapidly pushed up the trend could drive more volatil- bia and Russia raised oil pro- come with many North Ameri- back as much as tary authority will pay banks world’s oil stockpiles, resulting ity in the June U.S. crude fu- duction while demand crashed. can companies also lowering CREDIT €2 billion in se- to borrow the money. in a lack of available storage. tures contract set to expire The excess supply has sent supply and the number of rigs MARKETS nior debt by the Bond sales by European The shortage of storage space next week, traders say. oil prices collapsing, forcing drilling for oil in the U.S. falling end of this week banks have started to drop. pushed one U.S. crude futures More actively traded U.S. suppliers around the world to sharply. that can no longer be used to They sold $36 billion of debt price to minus-$37.63 a barrel crude futures for July delivery quickly shut in wells and lower At the same time, some ana- meet regulatory requirements. in April, compared with $44 on April 20. The contract was fell 4.2% to $25.08 a barrel output. Monday’s move by lysts remain unsure about over- The move will allow the billion a year earlier, accord- set to expire on April 21, and Monday. Saudi Arabia could ease some all compliance levels with the lender to improve its capital ing to Dealogic. U.S. banks last holders must either sell the con- Oil reversed gains from ear- investor concerns about com- agreement and whether the structure as credit markets month raised $37 billion, up tracts or accept physical barrels lier in the day that came after pliance within the Organization cuts will be enough to bring have stabilized and premiums from almost $32 billion in of oil in Cushing, Okla., the fol- the Saudi press agency said in a of the Petroleum Exporting supply and demand in balance. are lower, according to Tom April 2019. In the U.S. credit Kinmonth, a fixed-income markets, the yield on the 10- strategist at Dutch bank ABN year Treasury rose to 0.724% AMRO Bank NV. from 0.679% Friday. Volatility Drops to Lowest Since February Deutsche Bank is taking advantage of a decision by the European Central Bank to allow AUCTION RESULTS BY GUNJAN BANERJI Other measures of volatil- their exposure to stocks as Cboe Volatility index lenders to use lower-quality se- Here are the results of Monday's Treasury auctions. ity are also receding. market swings have calmed, All bids are awarded at a single price at the market- 8 curities to meet capital re- clearing yield. Rates are determined by the difference Market volatility has Futures contracts linked to according to Deutsche Bank quirements. The ECB eased its between that price and the face value. abated after a painful stretch the VIX have fallen over the strategists. requirements in March to en- of turbulence, flashing a past week, indicating that in- These types of funds make 13-Week 26-Week sure the flow of credit to busi- Applications $193,062,020,400 $165,479,964,100 green light for some funds to vestors’ expectations of vola- buying and selling decisions nesses and households after Accepted bids $68,891,635,300 $59,049,524,600 buy U.S. stocks. tility in coming months have based on market volatility. 6 governments’ efforts to curtail " noncomp $673,886,500 $464,766,000 The Cboe Volatility Index, tempered. The jarring swings seen in " foreign noncomp $359,000,000 $300,000,000 the pandemic delivered a blow Auction price (rate) 99.968403 99.921639 or VIX, fell Monday to 27.57, Meanwhile, major U.S. March sent a sell signal to (0.125%) (0.155%) to the region’s economy. 0.127% 0.157% its lowest level since Feb. 26. stock indexes have rebounded some of these systematic in- Deutsche Bank last month Bids at clearing yield accepted 66.49% 56.55% That was before the stock at least 30% from their lows vestors, The Wall Street Jour- 4 warned the capital cushion it 912796TD1 9127962Z1 market suffered its most vol- in March, as the world-wide nal reported, adding to the Both issues are dated May 14, 2020. The 13-week bills has to absorb future losses— mature on Aug. 13, 2020; the 26-week bills mature on atile month in history in coronavirus pandemic began volatility that month. known as the CET1 ratio—will Nov. 12, 2020. March and the VIX jumped to to result in lockdowns and “As [volatility] continues shrink and may fall “modestly THREE-YEAR NOTES a fresh record high, topping businesses closing world- to decline, [volatility-control] and temporarily” below the Applications $129,083,753,800 its prior peak hit during the wide. funds have continued to raise Accepted bids $64,211,663,800 bank’s target of at least 12.5% " noncompetitively $29,005,000 2008-09 global financial cri- A gauge of swings in the equity exposure, now almost due to losses on loans that are " foreign noncompetitively $3,100,000 sis. U.S. Treasury market has also doubling from the March Auction price (rate) 99.686264 souring. The regulatory mini- (0.230%) The options-based gauge fallen. lows but still just a little over mum for the lender is 10.4%. Interest rate 0.125% tends to rise when markets The falling volatility is a half of pre-crisis levels,” Bids at clearing yield accepted 29.24% Investors remain concerned Cusip number 912828ZP8 are falling as investors reach signal for some funds to buy. Deutsche Bank strategists Jan. ’20 March May that the lower the levels fall, The notes, dated May 15, 2020, mature on May 15, for options contracts to pro- So-called volatility-targeting wrote in a research note on the more difficult it will be to 2023. tect their portfolios. funds have been increasing Friday. Source: FactSet B12 | Tuesday, May 12, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS & COMMENTARY Disruptive Food Brands Get a Taste of Their Own Medicine

Supermarkets give shelf space to big-name products as funding decreases for challengers

Seeking comfort while shelter- share of growth shrank to 5%. ing at home, shoppers are reach- Lack of scale is now a disadvan- ing for Hershey Bars rather than tage. Supermarkets have reduced gluten-free energy balls. That is the range of products they offer to bad news for challenger brands, ensure everyday essentials are whose healthy snacks were taking available. That plays to the

market share from global food strengths of global manufacturers IMAGE OF SPORTS/NEWSCOM/ZUMA PRESS companies until very recently. like Nestlé and P&G who can de- The chain sells more memberships than it has space for, counting on most people rarely showing up. Discussing their latest quarterly liver orders in bulk. In the short results, executives at Nestlé, Kraft term at least, small brands are be- Heinz and Procter & Gamble all ing elbowed off the shelves. said consumers are returning to The asset-light business model old-fashioned brands that had pre- favored by insurgent brands also Budget Gym Defies Gravity viously fallen out of favor. Her- has downsides. As they use third- shey noted that its confectionery party manufacturers rather than products gained 3 percentage owning factories, these companies Planet Fitness has yet to feel the burn as competitors strain points of market share over the struggle to increase capacity when past month or so. As consumers there is a big rise in demand. They hoard nonperishable food, goods are also competing with deep- Restaurants are from Mars and Share-price performance, year to date such as processed cheese and pocketed rivals for constrained lo- gyms are from Venus, if the stock 20% canned soup that had been losing gistics services. Third-party trans- market is to be believed. out to healthier alternatives are port costs have increased by 20% Planet Fitness, the largest recording their strongest sales in certain markets. listed U.S. gym chain, is defying 0 in years. Even if the distribution squeeze gravity when many of its competi- It isn’t yet clear if the trend will is temporary, startups may not tors are in danger of going bank- stick, but the shift is significant. have the cash to survive for long. rupt, and when other businesses –20 Challenger brands have been tak- Funding for these kinds of busi- hurt by Covid-19 are faring more Planet ing market share from global food nesses is drying up. World-wide, poorly. Compared with eat-in Fitness Darden Restau- Darden manufacturers for several years. In the number of venture-capital in- chains such as –40 January and February this year, investments in consumer brands fell rants, Brinker International and Restaurants surgent brands—defined as those 26% in the first quarter of 2020 Bloomin Brands, owners of Olive Brinker International that are growing more than 10 compared with the same period of Garden, Chili’s and Outback Steak- –60 times faster than their category— last year, PitchBook data shows. house, respectively, the recently captured 35% of the year-over-year Even before the crisis, investors rapidly growing gym chain has growth in the consumer industry, had moved on to other hot sectors seen its shares fall by around half –80 according to consulting firm Bain such as health care and software. as much, about 22% year to date. Jan. Feb. March April May & Co. In March and April, their Last year, venture capitalists Yet Planet Fitness is no more handed over 54% less cash to con- likely to see a resurgence in foot Source: FactSet Share of global growth sumer brands than in 2018, ac- traffic. A poll by the University of in consumer products cording to data tracked by Maryland and the Washington Post soon as gyms reopen, whether or rate of 1.5% a month may rise due Goldman Sachs. last month found Americans were not they show up. to members miffed at being Challenger brands* Big brands† Of course, entrepreneurs are even less likely to feel comfortable But the 130 franchisees that charged as gyms were closing. 2015-19 nothing if not nimble and can fo- going to a gym than dining in a own most of the chain’s roughly Planet Fitness didn’t respond to cus on selling their goods online. restaurant, with only movie the- 2,000 gyms are savvier than its requests for comment. It and other 33% 67% The problem for food brands in aters spurring more anxiety. members. Deprived of dues, many gyms have drawn the ire of attor- particular is that over 90% of sales The explanation is the budget are deferring both renovation and neys general in multiple states still happen in bricks-and-mortar gym’s business model is based more new construction, according to about charging customers and January-February 2020 stores in most markets. Challeng- on inertia than demand. With low management on last week’s earn- then requiring that they show up ers with a well-established online monthly fees drafted from custom- ings call. Those are just as impor- in person amid lockdowns to can- 35% 65% sales channel may fare better in ers’ bank accounts, it sells more tant to the parent’s bottom line as cel memberships. Calls to several the current reversal. memberships than it has space for, its royalty on membership dues. Planet Fitness clubs around the Meanwhile, big food brands counting on most people rarely The chain’s ability to attract U.S. on Monday offered no way March-April 2020 have an unlikely opportunity to re- showing up. Canceling is a hassle in new members is central to its still- even to leave messages. gain some of the ground they lost normal times. It drafted March dues rich valuation, though. As a value Investors assume Planet Fitness 5% 95% in recent years. They might even from many members as it was in option it did well compared with can get back on track as soon as buy up struggling rivals on the process of shutting, offering peers during the last recession, lockdowns are lifted, but they may *Challenger brands are deﬁned as those growing the cheap. credit toward future use. It will rec- but sign-ups may suffer if corona- be shocked by how flabby it turns more than 10 times faster than their category. —Carol Ryan ognize those deferred revenues as virus fears linger. Its high attrition out to be. —Spencer Jakab

OVERHEARD Emerging-Market Debt Is Cheap for Good Reason A patent case argued in the Court to convene from afar for the name like “.com.” Booking argued Supreme Court last week could first time ever via a teleconference. consumers today largely associate travel. The case included a live audio feed the word “booking” with their Investors tempted to dip their find increasingly difficult to mimic. Online travel company for the public for the first time. brand given its history as a pio- toes into cheap-looking emerging- Commodity exporters have been Booking Holdings Inc. It also could offer a tempera- neer in the field of online travel market dollar bonds should exercise hit by the plunge in oil prices. Saudi faced off against the ture check for how U.S. au- bookings. The patent office coun- caution: The debt is cheap for a rea- Arabia said Monday that it will triple U.S. Patent and Trade- thorities currently view big tered that a generic term can’t be son. Developing economies have its value-added tax to 15% from 5% mark Office vying for technology companies. monopolized, citing competition probably not seen the worst of the from July 1 and will suspend one of its ability to trade- With the industry recently and consumer-protection policies coronavirus fallout. its generous cost-of-living welfare mark its web name under regulatory fire for pri- as support for its refusal to grant As investors reach for yield, they payments from next month. Booking.com. The vacy and antitrust issues, its the trademark. will do the same thing they always But any benefit for commodity pandemic forced services are now saviors as The case carries some obvious do, move into riskier assets. But the importers is being eclipsed by the the historically Americans shelter at home. irony: the Supreme Court relying coronavirus poses an even more economic ravages of the virus. In- technology-aller- The Booking case ques- on high technology to convene a dire threat to developing nations dia, a major net importer of oil, is gic Supreme tions whether a com- case that could strengthen the in- than to the U.S. or Europe. Many suffering. Its public-support package pany can protect a dustry’s hand. Another irony: the governments are reaching the limit runs to just 0.7% of gross domestic generic term when fight to trademark the word of the financial assistance they can product, according to Capital Eco- paired with a “booking” when hardly anyone is offer their economies. nomics, and the lockdown is shaking domain booking anything at all. There is a fundamental unfair- its already troubled financial sector. ness at work. Advanced economies Some differentiation is important: issuing debt in their own currencies Not all emerging markets are alike. are broadly able to play economic The largest, China, has demonstrated policy on easy mode. Increases in some level of ability in controlling its

GETTY IMAGES/ISTOCKPHOTO state spending don’t trigger con- financial cycle, due to strict capital cerns about solvency, nor do low in- controls and large domestic savings. terest rates typically trigger steep Foreign investors haven’t bailed out Never Say Never on Negative Rates collapses in currency values. of its government bond market this In the event of a surge in cases year, thanks to its recent inclusion in as social-distancing measures are bond indexes and attractive yields. Futures markets imply the Fed- ers might move in this direction In circumstances where risk-taking relaxed, developed economies will But every emerging market among eral Reserve will end up taking in- when they meet next month, prom- has been quashed more as a result react with fresh stimulus and rescue the largest 20 economies has seen terest rates negative. Investors ising to keep rates near zero until of health concerns than economic measures that poorer nations will both household and nonfinancial cor- should be careful not to view that employment has rebounded sub- ones, that might not work. porate debt increase as a portion of as an inevitability. But neither stantially and inflation has climbed Finally, the implied negative Change in option-adjusted spreads, GDP in the past decade. Most have should they think it impossible. back to its 2% target or higher. Be- rates in the futures markets might year to date increased government debt levels, Last week, futures markets began yond its own toolbox, the Fed be due to technical factors as op- too, and many lack large pools of do- 4 percentage points pricing in the Fed taking overnight would like Congress and the White posed to anything else. UBS inter- mestic capital that would be needed rates into negative territory by the House to spend even more to help est-rate strategists contend that Emerging Markets to raise leverage sharply higher with- end of this year. With Fed officials the economy through the crisis. hedging strategies banks are em- 3 External Debt out a rise in interest rates. pushing back against the idea, those The Fed is also worried that the ploying against the possibility of Sovereign & As things stand, around a quarter Corporate bets have moderated but haven’t risks of a negative-rate policy, by rates going below zero are behind Plus Index of emerging-market sovereign dol- gone away, with futures now point- which commercial banks would have the move. Essentially, because nega- 2 lar debt is at risk of falling into dis- ing to rates going negative by June to pay to keep money overnight with tive rates could be so costly for a tressed territory, according to HSBC of next year. the Fed, would outweigh the benefits. bank, it is willing to pay up to in- 1 analysts. Even with the most opti- The Fed’s reluctance to go nega- Moreover, as with other mone- sure against that risk, leading to an US Corporate mistic assumptions regarding the tive is understandable. For starters, tary-policy actions, any ability of outsize effect on futures pricing. Index current crisis, it is hard to see what the central bank has other tools negative rates to boost the economy That said, the severity of what the 0 advantages the asset class has. that it could deploy first. The most would, in these particular circum- pandemic crisis is doing to the econ- Most emerging markets were likely of these is a much more stances, be muted. That is because omy can’t be overstated, and the lon- poorly prepared financially to –1 forceful use of forward guidance—a the point of negative rates would be ger it persists, the more likely the Fed weather the storm. As cheap as it promise to keep rates low for an ex- to increase risk-taking, inducing will throw everything it has at it. And Jan. Feb. March April May looks, emerging-market debt writ tended period—than it has deployed businesses and households to bor- everything includes negative rates. Note: ICE BofA indexes large is no bargain. in the past. Indeed, Fed policy mak- row and spend more, and save less. —Justin Lahart Source: FactSet —Mike Bird