To Curb Ma's Empire, China Weighs Taking a Bigger Stake

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***** WEDNESDAY,DECEMBER 30,2020~VOL. CCLXXVI NO.153 WSJ.com HHHH $4.00

DJIA 30335.67 g 68.30 0.2% NASDAQ 12850.22 g 0.4% STOXX 600 401.61 À 0.8% 10-YR. TREAS. g 1/32 , yield 0.934% OIL $48.00 À $0.38 GOLD $1,879.70 À $2.50 EURO $1.2251 YEN 103.53 Boeing MAX Soars Again in U.S. After 20-Month Grounding Senate What’s News Leader Blocks Business&Finance Vote on eijing is seeking to B shrink Jack Ma’s tech- nologyand financial empire Aid Boost and potentially take alarger stake in his businesses, according to Chinese officials McConnell takes steps and government advisers familiar with the matter. A1 to combine bill for  ThirdPoint pressed Intel $2,000 checks with to makesweeping strategic Trump agenda items changes afterayear in which the semiconductor giant suf- BY NATALIE ANDREWS feredmoreproduct delays and lost itsrank as America’s WASHINGTON—SenateMa- highest-valued chip firm. A1 jority Leader Mitch McConnell  American put passengers moved to derail effortsto back on Boeing’s737 MAXfor quickly passlargerstimulus the firsttime in the U.S. since checks formanyAmericans, REUTERS

the aircraft was grounded O/ blocking Democrats’ call fora nearly two yearsago follow- stand-alone vote on the pay- BELL

ing two deadly crashes. B1 CO mentssought by President Trump but opposed by most  Details of a state attor- MAR ALL CLEAR: American Airlines Flight 718, the first U.S. Boeing 737 MAX commercial flight since regulators lifted a 20- Republicans. neysgeneral lawsuit against month grounding, takes off from Miami for New York on Tuesday. The MAX was banned from passenger flights in March TheKentuckyRepublican Google shed light on the legal 2019 after two deadly crashes and has since undergone a series of software, hardware and training changes. B1 said the Senatewould address battle against the tech giant, Mr.Trump’sdemands to boost which is being accused of il- the sizeofthe checks to legally fixing prices in a2018 $2,000 from $600,but tie ad deal with Facebook. B1 them to two other of the presi-  U.S. stocks retreated dent’sconcerns that lack bi- from record levels, with To Curb Ma’s Empire, China partisan support: changes to the Dow and S&P 500 both online-speech rules and his falling 0.2% and the Nas- complaintsabout purported daq shedding 0.4%. B11 election fraud. He took steps to put all three items intoone  Kushner Cos., the family Weighs Taking a Bigger Stake bill, without scheduling avote. business of White House “This week the Senatewill senior aide Jared Kushner, begin aprocess to bring these has filed papers to raise at BY LINGLING WEI map that China’sfinancial reg- requirementsapplied to banks. son, has helped define China’s three priorities intofocus,” Mr. least $100 million by sell- ulators laid out this week, fi- That could open adoor forbig neweconomywith the two McConnell said. ing bonds in Israel. B3 Beijing is seeking to shrink nancial technologygiant Ant statebanks or other types of companies he founded—Ant Democratssaid Mr.McCon-  TheTreasuryand Fed said Jack Ma’stechnologyand finan- GroupCo. would return to its government-controlled entities andits e-commerce affiliate nell’sdecision to attach the they extended the cutoff date cial empireand potentially take rootsasanonline-payment to buy intothe firm to help AlibabaGroup HoldingLtd. checks to contentious issues forthe Main Street Lending alargerstake in his businesses, provider akin to PayPal Hold- beef up itscapital base,the of- Their businesses span pay- wasdesigned to sink the effort Program from Dec.31to according to Chinese officials ings Inc., while its more prof- ficials and adviserssay. ment services,online retail, forbiggerpayments. Jan. 8toprocess alast-min- and government advisersfamil- itable investment and loan China’snational pension cloud computing,wealth man- Such abill “will not pass utecrush to deliver loans. A2 iar with the matter, as regula- businesses would be curtailed. fund, China Development Bank agement and lending.Sepa- the House and cannot become tors zero in on the billionairein Theregulators, led by the and China International Capi- rately, Alibabaisfacing an an- law—anymovelikethis by  Politicoisacquiring E&E acampaign to strengthen over- central bank,also ordered Ant talCorp., the country’stop titrust probe that could lead Sen. McConnell would be a News,ahigh-pricesubscrip- sight of an increasingly influen- to form aseparatefinancial state-owned investment bank, to an overhaul of its business blatant attempt to deprive tion trade publication fo- tial tech sphere. holding companythat would be are already investors in Ant. and asset divestitures. Americansofa$2,000 sur- cused on the energy industry Under arestructuring road subject to the kind of capital Mr.Ma, China’srichest per- PleaseturntopageA7 PleaseturntopageA4 and environmental news. B3 World-Wide NYSE, Nasdaq Fund Pressures Intel Fight for IPOs Colorado Confirms  McConnell moved to derail effortstoquickly pass Nasdaq is on track to beat largerstimulus checks for To Make Big Moves the Big Board in IPOs for the First U.S. Case of manyAmericans,blocking second year in a row. B11 Democrats’ call forastand- BY ASA FITCH put from all investors regard- alone vote on the payments ing enhanced shareholder Moneyraised in IPOs, New Covid Strain sought by Trump but opposed Activisthedgefund Third value.Inthat spirit, we look by exchange, $150 by most Republicans. A1 Point LLC pressed Intel Corp. forwardtoengaging with in billions to makesweeping strategic ThirdPoint LLC on their ideas BY LUKAS I. ALPERT spread and contain the virus  Colorado reported the Nasdaq changes after a year in which towards that goal.” AND DANIELA HERNANDEZ at alllevels,” Colorado Gov. firstcase in the U.S. of a NewYork Covid-19 variant that wasini- theU.S.semiconductor giant Third Point’s demands fol- Jared Polis said. suffered more product delays lowyearsofengineering Stock Exchange Colorado reported the first Health officials said they tially detected in the U.K. and 100 and lost its rank as America’s struggles at Intel and growing case in the U.S. of afast- were working to identifyother led to a widespread lockdown highest-valued chip company. pressurefromrivals who out- spreading variant of Covid-19 potential cases and contacts and travel curbs there. A1 In a letter Tuesday to Intel source their chip manufactur- that was detected in the U.K. through contact-tracing proto-  The Louisville, Ky., po- Chairman Omar Ishrak, Third ing to factories in Asia—in- and led to a widespread lock- cols.Authorities said the man licedepartment is moving to Point Chief ExecutiveDan cluding Nvidia Corp., which down andtravelrestrictions is recovering in isolation and fire two detectives connected Loeb said Intel’swoes could this year surpassed Intel in 50 there. no close contactshad been to the killing of Breonna Tay- threaten the U.S. technology market capitalization. Intel Health officials said the case identified so far. lor during aMarch raid. A3 industry and urged it to con- this year pushed back produc- wasconfirmed by astate lab TheCDC said the agency  Federal prosecutorssaid sideralternatives,including tion of itsmost advanced andfound in aman in his 20s wasaware of Colorado’s re- selling some of itsacquisitions chips,was dumped by Apple in Elbert County,southeast of port of the firstU.S.case asso- they wouldn’t bring charges and splitting itsdesign and Inc.asthe supplier forits Mac Denver. Theman, who had no ciated with the U.K. variant. against two Cleveland police 0 manufacturing operations—a computer processors, and lost historyoftravel, had been PleaseturntopageA5 officersinthe fatal shooting movethat would end Intel’s market sharetoAdvancedMi- 2010 '15'20 placed intoisolation and de- of Tamir Rice in 2014. A3 long-heldstatus as the U.S.’s croDevicesInc., long adistant Note:2020dataare through Monday. tails of his case were reported  Hospitalizations rise in South  TheTrump campaign leading integrated semicon- rival. Source:Dealogic to the U.S. Centersfor Disease and West...... A5 said it wasasking the U.S. ductor maker. “Without immediatechange Control and Prevention.  Businesses hit by pandemic Supreme Court to over- Intelsaid it “welcomes in- PleaseturntopageA2 “We areworking to prevent sue insurers...... B1 turn Biden’selection victory in Wisconsin. A4  An appeals court affirmed aTrump administration pol- ‘ThereWas aPiece Missing’: Bank icyrequiring hospitals to dis- Salesforce. close secret ratesthey negotiatewith insurancefirms. A5 Push on Racial InequityPays Off  TheJusticeDepartment #1 CRM. raised the possibility that a man accused in the murder of Afteryears of efforts, Boston-based Eastern says it has ‘a long waytogo’ Daniel Pearl could be brought Ranked #1 for CRM Applications basedon to the U.S. fortrial. A16 IDC 2020H1 Revenue Market ShareWorldwide. 19.8% BY RUTH SIMON thirdofthe bank’sboard, 17%ofits manage-  TheU.S.issued newdietary ment committeeand 40% of newhires. guidelines that keep current allowances forsugar and alco- Eastern Bankshares Inc.isn’t the largest Eastern’sdriveisdecades in the making.It hol consumption unchanged, bank in Boston, or the most profitable.But in wassparked by the 1995 appointment of the rejecting recommendations to itshometown—and acrossthe country—it bank’sfirst Black director,facilitated by char- stands out as acompanywith historically itable donations that provided opportunities make significant cuts. A10 whiteleadership wheresustained effortsto forexecutives to interact with diverse com-  Died: PierreCardin,98, promoteracial diversity have takenroot. munities and spearheaded by an Irish Catho- fashion designer. B1 ... Luke Eastern’slead director and president are lic chief executivewho wasinspired in part Letlow,41, GOP congress- both Black.People of color account forone- PleaseturntopageA8 man-elect from Louisiana. A4 5.3% 4.8% CONTENTS Opinion...... A13-15 3.9% Arts in Review.... A11 Personal Journal A9-10 At MIT,Swim Like Your Degree Depends on It 3.8% Business News.B3-5 Property Report... B6 Crossword...... A12 Sports...... A12 iii Equities...... B9 U.S. News...... A2-5 2016 2017 2018 2019 2020H1 Heard on Street.B12 Weather...... A12 Covid sends school’s famous aquatics requirement online Source: IDC, Worldwide Semiannual Markets...... B11 World News...... A7,16 SoftwareTracker,October 2020.

BY JEM BARTHOLOMEW forseven semesters, despite pandemic struck.Other schools > many,manyangrytexts from with swim requirements such TheMassachusetts Institute my mom,” said Ms.Ochalek,22 as Cornell, Dartmouthand Co- of Technologyswim test—a yearsold, amechanical engi- lumbia waived their tests. MIT salesforce.com/number1CRM 100-yard paddle required to neeringmajor. took another approach: It de- CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, graduate—hung over Megan She wasabout to diveinlast cidedtogo virtual with an on- MarketingCampaign Management, Customer Service, Contact Center,Advertising,and Digital Commerce s 2020 Dow Jones & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved Ochalek forfour long years. spring—her last semester be- line “conceptual swim class” to salesforce.com, inc.,asare other namesand marks. “I procrastinated taking it fore graduating—when the PleaseturntopageA8 P2JW365000-2-A00200-1------XA

A2 | We dnesday, December 30, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS Pandemic SpeedsChanges Across Industries Cutoff Date Is Extended The economyhas recouped12million of the 22 million jobs lostin2020, with unevensetbacksand recoveries in various sectorslikely to outlastthe health crisis.Jobs delivering goods have boomed while work at restaurants and barshas suffered.For office workers, professional and technical jobs thattypically requirecollege degreeshave faredbetterthan administrativesupport roles,such as For Main Street Program thoseheld by secretaries,janitorsand securityguards who keep officesrunning.

Couriersand messengers Bars and restaurants Professional, technical services BY NICK TIMIRAOS completed Main Street loans to tions to use the facility under be processed until Jan. 8. the terms that we already had,” 20% 0% TheTreasuryDepartment As of Dec.23, the Fedhad said Eric Rosengren, president Payrolls for couriersand messengers and Federal Reservesaid they funded morethan $15 billion in of the Federal ReserveBank of increased 21.5% FebruarytoNovember hadextendedthe cutoff date loans through the program, an Boston, in an interviewearlier –5 10 forthe Main Street Lending increase from $6 billion in this month. TheBoston Fedis Program from Dec.31toJan. 8 loans funded just four weeks administering the program. –10 to processalast-minutecrush earlier, according to filingsre- Some government officials to deliver loans. leased Monday. have said the banking sector 0 Total nonfarm Treasury SecretarySteven Theprogram initially saw has weathered thepandemic payrolls –15 Mnuchin last month declined limited take-up as banks balked morestrongly than appeared to grant an extension to several at processing loansfor anew likely when the Main Street March Nov. emergency-lending programs government program. Under program wasannounced this –10 runbythe Fed, including the the program, the Fedwas will- spring,meaning it wasnolon- Administrativeand Main Street Lending Program, ing to purchase up to $600 bil- gerneeded. Othershavefaulted supportservices whichisdesigned to support lion in loans made to eligible the program forterms that 0% lending to small and midsize businesses and nonprofitsby were toostringent. –20 businesses and nonprofitsdis- banks.The Fedisbuying 95% “Ifyou needed aMain Street rupted by the coronavirus pan- of those loans from banks that loan, manybanks weren’t going –5 Total nonfarm demic. originatethem. to giveittoyou, and if you –30 Payrolls for bars and restaurants payrolls As aresult, the program Butsome banks,especially could qualifyfor Main Street, fell 17.2%FebruarytoNovember stopped accepting loans after smaller community banks,have youcould probably getabank –10 Dec.14, but it witnessed a become morecomfortable with loan,” said Hal Scott, aprofes- flood of loan submissions lead- the program, and the prospect sor at HarvardLaw School. –40 ing up to that deadline,some that it would go away at year- Main Street loans carrya –15 of whichare still being pro- endappeared to driveafinal rate of 3percentagepoints cessed. surgeindemand. aboveshort-term interbank While the virus-relief pack- “The fact that we’veseen a lendingrates andhavefive- –50 –20 age signed SundaybyPresident spikeinvolume at this time year terms.They allowborrow- March April May June July Aug. Sept. Oct. Nov. March Nov. Trump also requires the Fedto highlightsthat therecertainly erstodelayprincipal payments Note:Cumulative, seasonally adjustedchange sinceFebruary. close the emergency-lending wasdemand formanymidsize fortwo yearsand interest pay- Source:Labor Department programs this year,itallows firms and nonprofit organiza- mentsfor the firstyear. U.S. WATCH

ECONOMY emerging technology. ages, according to the complaint, Woodbridge police to seek and into their crime-solving arsenal. MASSACHUSETTS The man, 33-year-old Nijeer over allegations including false obtain an arrest warrant. Advocates say it is an effective Home Prices Rose Parks, spent more than a week arrest, civil-rights violations and Woodbridge policeand prose- new technology that has helped Legislature Overrides 8.4% in October in jail after police detained him emotional distress. cutors in Middlesex County didn’t solve many cases, but the tools Veto of Abortion Bill in February 2019 on charges of Police in January 2019 sub- respond to requests to comment. have drawn growing scrutiny in Home-price growth acceler- shoplifting, assault and drug mitted for facial-recognition NewYork statepoliceofficials, to law enforcement in part because The Massachusetts Senate ated in October, as strong de- possession related to a Jan. 26 analysis to investigators in New whom the Woodbridge police of the potential consequences of on Tuesday voted to override mand pushed home sales to a incident that year at a Hampton Jersey and New York the picture sentphotographs forfacial-recog- a false match. the Republican governor’s veto 14-year high. Inn hotel in Woodbridge, accord- from a driver’s license they had nition comparison, said their re- Many facial-recognition algo- of legislation that expands ac- The S&P CoreLogic Case- ing to a complaint filed in New collected from the suspect, ac- cordsshowedtheydidn’tprovide rithms have been shown to be cess to abortion in the state, Shiller National Home PriceIndex, Jersey Superior Court. cording to a police report. The anyleads in the case. The New less accurate on Black and other making the measure law. which measures average home The criminal case was dis- suspect later fled the crime Jerseystate policealso said its nonwhite people, heightening The Democratic-controlled Sen- prices in major metropolitan ar- missed in November 2019, ac- scene. Authorities from two information-sharing and intelli- concerns that the technology’s ate’s32-8 override came aday af- eas acrossthe nation, rose 8.4% cording to a court official in Mid- other departments responded genceunit didn’tcompleteafa- use by law enforcement could terthe Democratic-controlled in the year thatended in October, dlesex County, where that they had a “high profile cial recognition identification. contribute to racial bias in polic- House similarly votedtooverride up from a7%annual rate the Woodbridge is located. Mr. Parks comparison” to Mr. Parks, ac- Police increasingly have ad- ing. Gov. Charlie Baker’sveto107-46. prior month. October marked the is now seeking unspecified dam- cording to the report, which led opted facial-recognition software —Asa Fitch The bill, known as the RoeAct, highestannual rate of price codifies abortion rights into state growth sinceMarch 2014. law, allows abortions after 24 Sales of previously owned weeksofpregnancy in cases homes, which make up the bulk wherethe child won’tsurviveaf- of the housing market, rose in terbirth, and lowers from 18 to October to the highest level 16 the age at which women can since 2006, according to the Na- seek an abortion without consent tional Association of Realtors. from aparentorguardian. Record-low mortgage rates have Mr. Baker, in vetoing the leg- increased demand, while the islation last week, said while he supply of homes for sale has re- strongly supports many provi- mained low, especially at afford- sions of the measure, he able price points. couldn’t support expanding the The Case-Shiller 10-cityindex availability of later-term abor- gained 7.5% overthe year ended tions and permitting 16- and 17- in October,compared with a6.2% year-olds to get an abortion increase in September.The 20- without parental consent. cityindex rose 7.9%, after an an- “Beginning today, pregnant nual gain of 6.6% in September. people who once faced near-in- Phoenix had the fastest home- surmountable barriers accessing pricegrowth in the country for abortion care can now seize the the 17th straightmonth, at 12.7%, right to control their own bod- followedbySeattle at 11.7%. ies,” said state Sen. Harriette —Nicole Friedman Chandler, a Worcester Democrat and sponsor of the bill. NEW JERSEY The legislation wasopposed by the Catholic Action League, Man Sues Over Facial Massachusetts Citizens forLife, Recognition Arrest and other anti-abortion groups. “The Legislature has sent a A New Jersey man is suing clear message to Massachusetts

local authorities who he says GRI/REUTERS citizens: We work for the abor- wrongly arrested him based on a tion lobby, not for you or the ALLE

false facial-recognition match, in O public health,” Massachusetts

a case that has fueled debate CARL Citizens for Life said. over the accuracy of the fast- TRIAL RUN: People ‘flight tested’ some confetti in Manhattan on Tuesday, ahead of the New Year’s Eve celebration in Times Square. —Associated Press

race to makethe most cutting- ThirdPoint said Intel also paying executives lavishly CORRECTIONS  AMPLIFICATIONS Fund Calls edgechips.TSMC makes chips faces competitivethreatsfrom even as Intellost morethan under contract for some Intel the growth of custom chip- $60 billion of market capital- competitors, including Nvidia making by big tech companies ization this year. In some editions Tuesday, ness News article on Tuesday For Shift and Advanced Micro Devices. likeApple,MicrosoftCorp. “Stakeholderswill no lon- aU.S.Newsarticle about com- about the software vendor in- As TSMC and Samsung and Amazon.comInc. gertoleratesuch apparent ab- mercial drones misspelled the correctly gavethe figuresas gradually shrank their transis- “You must be able to offer dications of duty,” it said, firstname of Brian Wynne, $415 million and $309 million, At Intel tors in recent years,leading to new independent solutions to pointing to the company’sloss chief executiveofthe Associa- respectively. higher-performancechips,In- retain those customersrather of chip-design talent as a top tion forUnmanned Vehicle tel’sstrategytoaggressively than have them send their concern. Systems International, as Noticetoreaders ContinuedfromPageOne downsizeits circuitrystum- manufacturing away,” the let- Stacy Rasgon,ananalyst at Bryan. Wall Street Journal staff at Intel, we fear that America’s bled. In July,Intel said it enter says. Bernstein Research, said Intel membersare working remotely access to leading-edgesemi- countered newdelays in devel- Intel shares aredownmore waslikely already considering Qualtrics International Inc. during the pandemic.For the conductor supply will erode, oping itslatestchip than 17%this year.Nvidia’s the restructuring ideas Third had revenue of $550 million in foreseeable future, please send forcing the U.S. to rely more technology, which it said was stockhas morethan doubled Point wasproposing.And it the firstnine months of 2020 reader commentsonly by email heavily on ageopolitically un- roughly a year behind its ini- and AMD’sshares areupal- wasn’t clear,hesaid, howsep- and $418 million in the first or phone,using the contacts stable East Asia to power ev- tial targets. Soon after, it most as much. arating the company’schip- nine months of 2019.ABusi- below, not via U.S. Mail. erything from PCstodatacen- shook up itsengineering team, Nvidia and AMD areusing making operations from its ters to critical infrastructure including the departureof some of that investor enthusi- chip-design unit would add Readers can alert The Wall Street Journal to any errors in news articles by and more,” Mr. Loeb wrote in chief engineering officer Ven- asm to put further pressureon value forinvestors. “It doesn’t emailing [email protected] or by calling 888-410-2667. Third Point’s letter. kata“Murthy” Renduchintala. fixthe manufacturing problem, Mr.Loeb also said Intel Intel has adapted to its which is the root of everything should address the recent de- struggle to makesmaller tran- Intel shares closed that’sgoing on,” he said. THE WALL STREET JOURNAL parture of top chip designers sistorsbydevising newcir- ThirdPoint recently ac- (USPS 664-880) (Eastern Edition ISSN 0099-9660) and what he called an “in- cuitrythat makes calculations up 5% Tuesdayafter quired astake in Intel that a (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) creasingly demoralized” re- faster without needing to theletterfromhedge spokeswoman forthe hedge Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 maining engineering staff.The movetoafiner manufacturing fund said wasworth roughly Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. letter was reported earlier by process. Thecompanyhas said fund ThirdPoint. $1 billion. Theinvestor said it Postmaster: Send address changes to The Wall Street Journal, Reuters. it also remains committed to would submit nominees for 200 Burnett Rd., Chicopee, MA 01020. Intel shares closed up 5% developing new, ever-smaller election to Intel’sboardatthe All Advertising published in The Wall Street Journal is subject to the applicable rate card, Tuesdayafter ThirdPoint’s chip-making technology even company’sannual meeting copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., letter. as it considersoutsourcing op- Intel. Nvidia has agreed to buy next year if Intel wasreluctant 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 Intel this year said it would tions to getfuturegenerations mobile-phone chip design gi- to address its concerns. acceptance of the advertiser’s order. consider outsourcing the man- of chips to customersontime. ant Arm Holdingsina$40 bil- With itslarge sizeand Letters to the Editor: Fax: 212-416-2891; email: [email protected] ufactureofsome of itsmost AMD’s latest generation of lion deal in what would be the growing revenues,Intel hasn’t Need assistance with your subscription? advanced chips.The company central processing units, or largest-ever deal in the chip faced major activist-investor By web: customercenter.wsj.com; By email: [email protected] is expected to makeadecision CPUs, have eaten away at In- business. AMD said it would pressureinrecent years, even By phone: 1-800-JOURNAL (1-800-568-7625) next month on whereitwill tel’s market share in PCs and use stock to buy chip maker as some of itspeersstared Reprints &licensing: makefuturegenerations of serversthat go intobig data Xilinx Inc.ina$35 billion down calls for change. By email: [email protected] By phone: 1-800-843-0008 processors. centers. Nvidia, meanwhile, deal. Despiteits woes,Intel has WSJback issues and framed pages: wsjshop.com Intel has fallen behind Tai- dominates the burgeoning ThirdPoint, in the letter, said it expects to post record wanSemiconductor Manufac- market forartificial intelli- said the boardallowedman- sales this year,boosted by Our newspapers are100% sourcedfromsustainably certified mills. turing Co.and South Korea’s genceprocessing,whereits agement to “fritteraway” the pandemic-erademand forPCs GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS Samsung Electronics Co.inthe graphics chips excel. company’sadvantageswhile and cloud computing. P2JW365000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, December 30, 2020 | A3 U.S. NEWS PoliceMove to Colleges Pause Ph.D. Admissions

BY MELISSA KORN The popularityand employmentprospects of certain also tend to be stronger. Fire Officersin Ph.D.fields have shiftedunevenly in recent decades. In Rice University’s School The coronavirus pandemic of Humanities,one-thirdof threwdoctoral programs,like Number of Ph.D.recipients, ShareofPh.D.recipients Ph.D. students in their fourth nearly everything else,into by field of study with post-graduate plans, year or later said this fall that disarray.Now some depart- by field of study* they’re at least one semester Taylor Killing ment chairs see an opportu- 15,000 70% behind on work because of the nity for reform. pandemic; that figure was30% In what is perhaps the larg- for social-sciences students. Louisville department morethan 30 bullets. Ms.Tay- est recalibration ever in aca- All five of Rice’shumanities lor was shot and killed. demic graduateprograms, Ph.D.programs have paused fall sends notices to two Thedepartment is accusing morethan 140doctoral pro- Lifesciences Math/ 2021 admissions.Instead, the Mr.Jaynes of being dishonest grams acrossdozens of schools computer humanities school is offering involved in raid that 10,000 60 sciences in the search warrant applica- aresaying they won’t admit Engineering funding forasixth year of work sparked protests tion, said his lawyer, Thomas newstudentsfor fall 2021. Psych./ this academic year and the social sci. Clay, who plans to fight the Ph.D.programs in seven of Psychology/ next—it has until nowprovided social sci. BY ZUSHA ELINSON termination. eightIvy League schools are Education money only forfiveyears— “He did nothing wrong,” pressing pause,and so areoth- Physical/ Physical/ which will at least let students TheLouisville,Ky.,police said Mr.Clay. “I scrutinized ersatthe University of Chi- earth sci. earth sci. trytofinish up,said Kathleen 5,000 50 department is moving to fire the search warrant affidavit.” cago,University of Minnesota Humanities/ Canning,the humanities Engineering two detectives connected to Alawyer forMr. Cosgrove andUniversity of Washington. arts school’sdean. Thesociology the killing of Breonna Taylor, wouldn’t comment on the Thetriple-digit tally comes Education Lifesci. department also isn’t admitting a26-year-old Black woman, grounds for termination. from a list that the Chronicle Humanities/ newPh.D.studentsnextfall. during anighttime raid in Both men have achanceto of Higher Education is main- Math/ “Wewanted to invest in the computer arts March. contest the terminations under taining,aswell as reports sciences studentswehaveinfront of DetectiveJoshua Jaynes, the policeofficersunion con- from otherschools not in- 0 40 us,who arehere,” she said, who wrotethe search warrant, tract. Aspokesman forthe po- cluded there. 1990 ’95 ’00 ’05 ’10 ’15 2000 ’05 ’10 ’15 adding that she hopes to avoid and DetectiveMyles Cosgrove, licedepartment didn’t respond “Historians don’t really say having “a whole generation of *Percentages reflect the shareofthose who responded to survey,not the shareofall Ph.D.s. who firedhis weapon at the to requestsfor comment. ‘unprecedented,’because every- Source:National Center forScienceand Engineering Statistics, Survey of Earned Doctorates unfinished Ph.D.s” and is try- scene,received pre-termina- Agrand juryindicted for- thing has aprecedent. But this ingtomakethe extrafunding tion notices Tuesdayevening, mer DetectiveBrett Hankison sort of large-scale pausing is right abysmal as manyuniver- and making surecoursework permanent. their lawyers said. in September on three counts very strange,” said Emily Swaf- sities froze new hiring. prepares studentsfor careers. Doctoral programs have long Thekilling spurred protests of wanton endangerment for ford,director of academic and Instead of taking on anew Theadmissions suspensions been criticized as training stu- and brought heavy scrutinyon firing intoMs. Taylor’s neigh- professional affairsatthe Amer- classofaspiring Ph.D.s,scores areconcentrated in humani- dentstotakejobs that no longer the Louisville MetroPoliceDe- bor’s apartment during the ican Historical Association. of programs areextending ties and social sciencefields exist. Morethan 55,000 people partment. raid. Theformer detectivehas When the pandemic hit, city funding to current students likeAmerican studies,art his- received doctorates in 2019,ac- Ms.Taylor wasathome pleaded not guilty. lockdowns closed museums whose studies or job searches tory,English and sociology, cording to the National Science with her boyfriend when po- In June,Mr. Hankison was and libraries,and travel to far- were disrupted. While ahealth wherePh.D.studentsare Foundation,including more liceraided her apartment. Ms. fired.The policechief said flung archaeological sites be- crisis sparked the admissions funded by their universities. than 14,000 in the humanities, Taylor’s boyfriend, Kenneth that Mr.Hankison violated came impossible,essentially pause, administratorssay it Hardsciences and engineer- artsand social sciences. Walker, who later said he be- procedures when he “wan- bringing progress toward a also provides awindowfor ing,wherestudents’ expenses But sincethe 2008 financial lieved the officerswerein- tonly and blindly” fired10 Ph.D. in fields like art history some needed reflection. Depart- arelargely paid forbyexternal crisis,academic labor markets truders, shot at them. Three rounds intoMs. Taylor’s and anthropologytoament chairsare nowrevamping grants, remain untouched. The have changed dramatically, officers, including Mr.Cos- apartment. Mr.Hankison is monthslong halt. Ableak aca- curricula, trying to shorten the academic-sector employment leaving far fewertenure-track grove, responded by firing appealing his firing. demic job market turned out- time it takestoearn degrees prospectsfor those students spots for new Ph.D.s. No U.S. Charges in Tamir Rice Shooting

BY BYRON TAU JOURNAL

Federal prosecutorssaid REET they wouldn’t bring federal ST LL

chargesagainst two policeoffi- WA cers in the fatal policeshooting THE

of Tamir Rice, a12-year-old R Clevelandboy who waskilled FO in 2014 while playing with a

toygun. CARDONA Theaction closes along-run- A

ning civil-rightsinvestigation ANDR intoacase that helped spark a ALEJ nationwide conversation on po-

liceuse of forceagainst Black MARIA Americans. After being out of work for months, Melina Rodriguez is opening a day care and preschool in Miami. ‘At the end of the day, parents still have to work,’ she said. Prosecutorsinformed Tamir’s family of their decision this week and released astate- Pandemic Deepens Country’sEconomic Gap ment to the media on Tuesday, saying the boy’sdeath at the hands of two officersdidn’t There’snosingle Covid-19 tures,about the few dollarsre- meet the standardfor bringing economy. Thereare athou- maining in her bank account. federal civil-rightscharges sand. “It makes you feel like an against the police. Formanyworkerswho have animal,” said Ms.Patton, 55. To bring such charges, prose- kept their jobs and canwork This time last year, their cutorswould need to provethat from home,the coronavirus lives looked different. Ms.Pat- the officers’ use of forcewas un- has been asurprising financial tonwas working in LosAnge- reasonable and that they broke boon. They are saving money les as anannyand getting her the lawwillfully and deliber- on commuting,eating outand life back in order after a di- ately.The split-second decision vacations,and enjoying asky- vorce. Aaron, who has to open fire on Tamir,based on high stock market. Aspergersyndrome,was mak- JOURNAL the officers’ stated belief that In the uneasy middle, peo- ing friends at school.

the toygun wasareal threat, ple aretrying to hold on to REET Then in March, she gotlaid ST

didn’t meet that burden, accord- some semblanceoftheir old LL off.She struggled to find a

ing to the JusticeDepartment. lives. Parents are shelling out WA newjob,but the additional

“Although Tamir Rice’s forcarefor kids who normally THE $600 in weekly unemployment

death is tragic,the evidence would be in school. Laid-off R benefitsfrom the Cares Act in does not meet these substantial workersare branching intogig FO March kept her afloat. UN

evidentiary requirements,” the jobs.Restaurant ownersare BY When the expanded benefits department said. trying to stay afloat on take- S. were reduced, Ms.Pattonand ON

Thecity of Cleveland agreed out orders. YO Aaron, who is now18, drove to pay$6million to Tamir’s Lifeismost fragile for Andy and Ken Mallon at their new Maine vacation home, three hours from their primary home. the Nissan to Tennessee— family in awrongful-death set- those at the bottom. Manyare whereMs. Patton is from and tlement in 2016. One of the of- being kept afloat by unem- time on their hands to redeco- adifficult business even in where, she thought, it might be ficers involved wasfired for ployment benefitsand afed- rate,the stock has shot up. good times,with high fixed easier to find help.They spent lying on hisinitial application eral eviction moratorium. The Andy and Ken, an executive costsand thin profit margins. afew months in an extended-

to become apolicecadet, newstimulus bill extended assistant at afinancial firm, Manyparentshavepulled their JOURNAL stay motel, then moved into while the other wassuspended those benefits, but manyfami- have been working remotely kids out during the pandemic. the carinNovember. REET

for10days. lies areworried about what sincespring.Without commut- But Ms.Rodriguezalso knew ST Ms.Pattonhad been getting Manyactivistshavecalled comes next. ing,work lunches and other ex- she had to reinvent herself,re- LL $337 in weekly unemployment forgreater accountability for Here’salook at howthe penses,they have been saving gardlessofwhether the econ- WA from California, though her

policeand legal consequences coronavirus recession has about $1,000 amonth. omywas crashing.When the THE payments were put on hold R

forthe officersinvolved.An played out for three families. “We’reveryaware of,‘Yeah, pandemic hit, she wasteaching FO earlier this month. California’s Ohio grand jurydeclined to in- we’redoing great, we bought a dance, gymnastics and cheer- Employment Development De- dict officer TimothyLoehmann vacation home…our biggest leading at different preschools. partment said it had been in

in 2015.Two separatereports Andy Mallon trouble is that we can’t go out Her work dried up overnight. DESHAZER touch with Ms.Pattontoen- by law-enforcement officials Andy and KenMallon closed to dinner,’ ” Andy said. “There ForMs. Rodriguez,29, being M sure the issue is resolved.

thesame year concluded that on avacation home last month, areplenty of people who are stuck at home gaveher time to WILLIA Ms.Pattonhas been offered Mr.Loehmann’suse of force an 1859 farmhouse in Maine. having areally s---ty pan- think about what she wanted to Maria Patton and her son are anotherjob as anannyinDen- wasreasonable because it They lovedthe 6-foot-tall win- demic.” do next. She knows that many now living in their car. verthat begins in mid-January wasn’t possible to tell the toy dows and hardwood floors, and —AnnaMaria Andriotis daycares have gone out of busi- but can’t affordtomakethe pistol from areal handgun. figuredthey could replacethe nessthis year,though she hopes “I think it will be hardat trip.She started aGoFundMe Tamir waskilled Nov.22, greasy electric stove. that means therewill be more first, but I’m hopeful it will get page but hadn’t received many 2014, aftersomeone called 911 TheMallons,who livein Melina Rodriguez room forher center to blossom. better,” she said. “We’revery donations. to complain about aperson Medford, Mass.,started talking Melina Rodriguezhad been “Atthe end of the day, parents positive that it will work out.” During the day, Ms.Patton playing in acity park and point- seriously about buying avaca- outofwork formonths,with still have to work,” she said. —Christina Rexrode scoursjob listings, applying to ing what appeared to be apistol tion home afterthe pandemic the U.S. deep intothe pan- Theday care and preschool, groceryand department stores at passersby.The caller told the hitand zeroed in on Rockland, demic,when she had an out- which Ms.Rodrigueznamed with no luck.She and Aaron dispatcher the person was Maine,about three hoursaway. landishidea: It wastime to FirstLaunch Preparatory, is a Maria Patton go for walks or to the park. “probably ajuvenile” and that Ken’sparentslivenearby,and launch abusiness. family affair.Her mom, Alina MariaPattonand her son, Sometimes,she finds a thegun was“probably fake.” Andy has fond memories of va- Ms.Rodriguezwanted to Rodriguez,lent her money for AaronReed, drivearound the friendly person on Facebook Mr.Loehmann and officer cationing in northern NewEng- open aday care and preschool, startup costs. When they leased Nashville suburbs in the eve- who will let them come over Frank Garmback responded to land as achild. and she approached her mother abuilding in October,Ms. Rod- ning,looking forasafeplace to shower. Most of the time, the call but weren’t told that Acoronavirus boost to their forher opinion. “I thought she riguezand her husband, Jose to park. When they do, they they usewashcloths. theperson wasajuvenile or finances helped. Andy,38years wasgoing to say, ‘You’recrazy. Fernandez, spent evenings lean back the front seats of “Watching my child livelike that thecaller believed the old, is adataarchitect at a This is not the time,’ ” said Ms. there, oftenuntil 1a.m., install- theirNissan Kicks and tryto this is the worstthing Icould weapon to be fake. Mr.Loeh- websitethat sells home goods, Rodriguez,who lives in Miami. ing newwalls,ceilingsand sleep.Ms. Patton spends most ever imagine,” Ms.Pattonsaid. mann opened fire almost im- andpart of his salaryincludes “But she said, ‘Why not?’ ” bathrooms.Her brother,Javier of the night awake. “And it feels like there’s no mediately upon arriving on the companystock.With morepeo- In truth, therewereplenty Rodriguez,pitched in with She worries about being at- end in sight.” scene,killing Tamir. ple stuck at home and having of reasons not to. Child care is babysitting her two children. tacked, about falling tempera- —Orla McCaffrey P2JW365000-6-A00400-17FFFF5178F

A4 | We dnesday, December 30, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL. U.S. NEWS In Georgia, Military Voters Hold Sway Senate runoffsare in focus after support for Trump Challenges Trump fell in counties Wisconsin Results linked to armed forces WASHINGTON—The BY AARON ZITNER Trump campaign said Tuesday AND DANTE CHINNI it wasasking the U.S. Su- preme Court to overturn Pres- President-elect Joe Biden’s ident-elect Joe Biden’svictory narrow victoryinGeorgia last in Wisconsin, following asimi- month wasdriven in part by lar appeal it filed lastweek shifts toward the Democratic seeking to reverse the Demo- ticket in acollection of nine crat’s win in Pennsylvania. counties with strong ties to The appeal asks the jus- the military. tices to declare the Wisconsin As agroup,the military election “failed” and allow the counties backed President Republican-controlled state Trump.However, his victory legislature to appoint presi- margin was7.8 percentage dential electors in place of points lessthan in 2016,a those pledged to Mr. Biden, greater movement than the who won Wisconsin by more 5.3-point swing toward Mr.Bi- than 20,000 votes.

den statewide.And while voter (2) But unless the high court turnout grew by lessthan 21% S grants the campaign’s request NEW

acrossGeorgia, the number of G to expedite the case, the ap- votescast in militarycounties peal likely will be moot before rose by nearly 26%. it comes up for consideration Now, Mr.Trump’s veto of OOMBER by the justices.

the annual defense policybill is GE/BL Under Supreme Court adding newcomplications to rules, the opposing party—in GOP voterturnout efforts this case Mr. Biden’s cam- NOUVELA ahead of Jan. 5Georgia runoff paign—normally has 30 days AH

elections that will determine ELIJ after petitions are docketed control of the U.S. Senate.Mr. PresidentTrump at Fort Benning in March 2019. Sens. Kelly Loeffler and David Perdue, below, aredefending their seats in the Jan. 5vote. to file a response, after which Trump said he rejected the bill the justices schedule a dis- due to provisions that would challenging Mr.Perdue,and PresidentTrump wonmostof cussion to consider whether removeConfederatenames of Raphael Warnock, who is fac- Georgia'smilitarycounties by to hear the appeal. militarybases and limit his ing Ms.Loeffler,haveboth smaller margins than in 2016. It is unclear when the ap- abilitytowithdraw troops said they would vote to over- peal will be placed on the abroad. He also said the bill ride Mr. Trump’s veto. Trump vote margin, in pct. pts. docket. should be the vehicle forre- Brian Robinson, a Republi- Mr. Biden won’t be re- moving legal protections for canpolitical consultant in the Columbia 2020 26 quired to respond until Jan. internet platforms he says state, said either decision on Fort Gordon 2016 37 28 at the earliest, more than squelchconservativevoices. the veto override “poses po- a week after he is to be inau- 12 The$740.5billion bill tential injury’’tothe two sen- Houston gurated as the nation’s 46th passed the House and Senate ators’ standing with voters. Robins AFB 21 president. with bipartisan majorities,in- “Totakethe president’s Bryan 35 Last week, President cluding support from Sens. side on this is to say, ‘Wewere Fort Stewart 43 Trump’s campaign made a David Perdue and Kelly Loeff- wrong before when we voted similar request to expedite its ler, the two Georgia Republi- forthis legislation.’... And then Chattahoochee 14 challenge to the Pennsylvania cans defending their seatsin going the other direction, you Fort Benning 11 results, but the Supreme the runoffs. runthe risk of President All 9military 19 Court has yet to take action. Thetwo senatorsmust now Trump tweeting about you,’’ counties 27 The docket indicates the decide whether to support a Mr. Robinson said. Pennsylvania secretary of president who could help Militaryand veterans’ af- All Georgia –0.24 state has until Jan. 22 to re- boost Republican turnout in fairsare always important in a counties 5 spond, two days after Mr. the runoffs or back aveto statewith the sixth-largest Trump’s term expires. override of the bill. Thelegis- contingent of active-duty, re- Sources: AssociatedPress (votetotals); —Jess Bravin American Communities Project lation authorizes $168 million serveand civilian defense (county typology) in military construction proj- workers. But the improved ectsinGeorgia, funds foredu- Democraticperformancein veteran. But in Georgia, where who opposed Mr.Trump’sre- gin, forexample,fell by 11 per- the base in the past eight cating militarychildren and the presidential election has one-thirdofhouseholds in- election but supported Repub- centagepointsfrom2016 in years, according to the Fort enhanced hazard pay and bo- made Georgia’s military com- clude veterans, his lead was a licans forother offices. Columbia County,home to Gordon Alliance, acivic group. nuses forcertain militaryper- munities an especially impor- much narrower5percentage Political analysts and local morethan half the workersat Fort Gordon is also changing sonnel, among other things. tant part of each party’s calcu- points. Among Georgia voters Democraticofficials saythat the Army’s Fort Gordon. That the racial complexion of the Neither senator has dis- lations in the Senaterunoff in veterans’ households,he the growth of several military facility has drawnmorework- area, said Ceretta Smith,an closed a decision on the mat- elections. drew 52% to Mr. Biden’s 47%. facilities,aswell as the Penta- erswith high-tech back- Armyveteran and official in the ter, which the Senate is likely Alarge survey of 2020 It is unclear that anyshift gon’sdecision to consolidate grounds and collegedegrees Columbia County Democratic to take up this week after presidential voters, called AP in militarycommunities will be some high-techfunctions in as the Armyconsolidated digi- Party. Themilitary“is probably morethan 100 House Republi- VoteCast, found that Mr. durable,orhow it will influ- Georgia, has changed the po- tal-warfareoperations there. the most diverse organization cans joined Democrats to pass Trump led Mr.Biden by 13 ence voterchoices in the run- litical complexion of some mil- Thenew ArmyCyber Com- that youcan work for. And so the veto override on Monday. pointsnationally among offs.Manymilitarycommuni- itary counties. mand andother functions that diversity is changing the Democrats Jon Ossoff, who is households that included a ties includesuburban voters Mr.Trump’swinning mar- have added 9,000 workers to community,” she said. McConnell Congressman-Elect, Blocks Vote 41,DiesFromCovid

On NewAid BY NATALIE ANDREWS he had spoken to Mr.Letlow’s wife, Julia, and offered his Louisiana Rep.-elect Luke condolences. Other Louisiana ContinuedfromPageOne Letlowdied of Covid-19,just officials mourned the loss. vival check,” said SenateMi- days beforethe Republican “Weare devastated to hear nority Leader Chuck Schumer wasset to be sworn in as a of Luke Letlow’spassing,” the (D., N.Y.). new member of Congress, his Louisiana congressional dele- Mr.Trump signed a spokesmansaid Tuesday. He gation, including House Mi- Covid-19 aid bill intolaw on was 41. nority Whip SteveScalise (R., Sundaybut said the $600 pay- S Mr.Letlowwon arunoff La.), said in astatement.

mentsinthat packagewere NEW election this month to succeed “Lukehad such apositive toosmall and he has continued G RepublicanRep.Ralph Abra- spirit,and atremendously to push foranincrease. ham, who representsthe Fifth bright future ahead of him.” He tweeted Tuesday: “Un- OOMBER Congressional District in the Mr.Letlowannounced he less Republicans have adeath state. Mr.Letlowhad served had Covid-19 on his Facebook

wish,and it is also the right SHEN/BL as his chief of staff.Itisthe pageDec.18. He wasplaced in

thing to do,they must approve TING state’slargest district and St. Francis hospital and later the $2000 paymentsASAP. The Senate majority leader on Tuesday faced calls within his party to pass increased relief. mostly rural, covering north- transferred to Ochsner LSU $600 IS NOT ENOUGH!” eastern and central Louisiana. Health Shreveport Academic Mr.Trump’sdemands had Mr.Trump’sveto of the bipar- delaythe final NDAA vote un- cost $900 billion, and the He is survived by his wife Medical Center. set off ascramble on Capitol tisan National Defense Autho- til the weekend. proposed biggerchecks would and two young children. House About 50 Congressmembers Hill. TheHouse on Monday rization Act, afterthe House Thecall forlargerstimulus cost an additional $463 bil- Minority Leader Kevin McCar- and candidates have announced night voted275 to 134 to in- voted on Monday to override checks has injected more lion,according to the Joint thy(R.,Calif.) said on Twitter positivetestsfor Covid-19. crease the sizeofthe checks to the veto.This would be the drama intothe final days of CommitteeonTaxation. $2,000,with 44 Republicans firstvetooverride in the thecongressional session. “Congressshould continue joining almost all Democratsin Trump presidency. Democratshavepressed Re- helping workerswho’velost support. Mr.Schumer was “Failureisnot an option publicanstoback the presi- theirjobs,” Sen. PatToomey House MinorityCan then blocked by Mr.McConnell here,” Mr.McConnell said of dent’scall to increase the (R., Pa.) tweeted. “But blindly on Tuesdaymorning when he theNDAAlegislation, while stimulus checks in the pan- borrowing morethan $600 tried to bring the House bill to acknowledging Mr.Trump’s demic-aid packagetothe billion so we cansend $2,000 Demand Records the Senatefloor foravote. concerns.“Iurgemycol- $2,000 level, up from $600 checks to millions of people Democratscontinued to press leagues to support this legisla- per adult and per child forin- whohaven’t lost anyincome BY BYRON TAU ity and wanted recordsfrom the matter. tion one moretime when we dividuals with adjusted gross is terrible policy.” the Trump administration “Let’snot muddy the wa- vote tomorrow.” incomes under $75,000. Five Republicans have sig- Afederal appeals court on aboutPresident Trump’s ters,” said Sen. Bernie Sanders, Mr.Trump rejected the de- Americans were to start naled that they back increasing Tuesdayruled that members Washington, D.C., hotel on aVermont independent who fense bill over provisions that seeing $600 Covid-19 stimu- the sizeofthe stimulus checks, of theminority party in the property leased to him by the caucuses with the Democrats. remove base names honoring lus paymentsland in their including Sens.Marco Rubio House of Representatives are federal government. “Are youfor $2,000 or areyou Confederateofficersand limit bank accountsassoon as (R., Fla.), Josh Hawley (R., Mo.) entitled to demand and re- But Tuesday’sruling could not.…That’swhat the American troop withdrawals from Ger- Tuesdaynight, TreasurySec- and Deb Fischer (R., Neb.). ceiverecords from apresiden- have the effect of strengthen- people want to know.” manyand Afghanistan. He also retary Steven Mnuchinsaid. Georgia Republican Sens. tial administration without the ing Republican oversight ef- Several Republican sena- wanted lawmakerstorepeal Theeffort to boost the size David Perdue and Kelly Loeff- consent of the majority party fortsofthe incoming Biden tors,including two competing Section 230 of the Communi- of the checks wasexpected to ler,who arerunning in the in some circumstances. administration. in runoffs soon that will de- cations DecencyAct, which faceanuphill battle to pass Jan. 5 runoffs, both said they Athree-judgepanel of the Democratstook control of cide control of the Senate, said regulates online speech, as in the GOP-controlled Senate, support the president’scall to U.S. Circuit Court in Washing- the House in the 2018 mid- they would support larger part of the bill. where12Republicans would increase the stimulus checks. tondecided that minority term elections and will take checks. But most Republicans “Weak and tired Republican need to join with all members They didn’t sayifthey wanted membersofthe House Com- over the presidencyinJanu- have opposed additional ‘leadership’ will allowthe bad of the Democratic caucus to a bill with only the checks, or mitteeonOversight and Re- ary. spending on topofthe $900 Defense Bill to pass,” Mr. getthe 60 votesneeded for if they backed abill combining form, a congressional investi- As aresult, aruling sought billion signed intolaw on Sun- Trump tweeted Tuesday. the bill to advance. Republi- Mr. Trump’s requests. gativepanel, cangotocourt by Democratscould giveRe- daynight by Mr.Trump,and a Mr.Sandersobjected to Mr. cans formonths resisted in- Mr.Perdue’sDemocratic op- to enforce information de- publican lawmakersapoten- stand-alone vote on checks McConnell’sattempt to quickly creasing apandemic-aid leg- ponent JonOssoff said the mands without the support of tial newtool forinvestigating would forcethem to either put the NDAA veto override on islativepackageabove$1 senator had spent months op- the majority party in the aDemocratic administration. crossthe president or break the floor,saying he also trillion, citing worries about posing stimulus checks and House. And the Biden administration with their previous stance. wanted a stand-alone vote on spending and the deficit. The extending unemployment aid. Thelawsuit wasbrought by might appeal the ruling in an Mr. McConnell also moved the $2,000 checks.Under Sen- final aid packagethat Con- —Catherine Lucey House Democratsin2017 effort to fend off futureGOP to schedule avote to override ate rules, it could potentially gresspassed wasestimated to contributed to this article. when they were in the minor- information demands. P2JW365000-4-A00500-1------XA

THE WALL STREET JOURNAL. **** We dnesday, December 30, 2020 | A5 U.S. NEWS Moderna Hospitalizations Rise in South, West To Offer BY TALAL ANSARI Va ccine to Hospitalizations in the South and Western partsof the U.S. arecontinuing to Employees climb,aclear indication that the surge,which began in the BY PETER LOFTUS fall, hasn’t subsided. TheSouth accountsfor Moderna Inc.said Tuesday nearly 40% of the 121,235 it will offer itsnew Covid-19 Americans currently hospital- vaccine to itsown employees, ized, according to datafrom contractorsand boardmem- the Covid Tracking Project. bersinamovethe company Coronavirus-related hospital- said would provide an addi- izations in the region have tional layerofprotection to tripled since the beginning of workersinvolved in making October,rising to 46,240 on and delivering the vaccine. Monday from over 14,800 on TheCambridge, Mass.,com- Oct. 1. During that period, the pany, which has about 1,200 number of people hospital- employees,said the small quan- ized outWest has increased tities of vaccine needed forthe more than fivefold, to 32,111. program areseparatefromthe Thenumber of newcases

millions of doses Moderna has anddeaths reported across GES

committedtothe U.S. govern- theU.S.was well belowthe IMA ment. Moderna has said it ex- figuresrecorded last week, pectstoprovide about 20 mil- but experts say that delays in GETTY lion doses foruse in the U.S. by reporting due to the holidays SE/ the end of this month, and ato- might be behind the dip and talofabout 200 million by the that numbersare likely to in- ANCE-PRES

middle of 2021. crease later in the week. FR Thecompany’snew policy Datacollection and report- ENCE

would appear to allowthe vac- ing vary from statetostate, AG

cination of some people who but sincethe pandemic be- ON/

aren’t in the high-priority gan, day-to-dayhospitaliza- LL FA

groups identified by the Centers tion figureshaven’t typically T. forDisease Control and Preven- fluctuated as much on holi- TRICK

tion. TheCDC has said the first days and weekends as cases PA people who should receivethe anddeaths have. A patient recovers in an alternative care site in the parking garage of Renown Regional Medical Center in Reno, Nev., this month. limitedinitial supply of avail- Cases have been increasing able vaccine doses arehealth- in swaths of the U.S. sincefall October.Intensive-careunits Last week,Austin Public that is known forits agricul- hospitalizations in lateJanu- care workersand residentsof began, as colder weather aremorethan 80% full in Health said it wasmoving to tural production, has also had aryorearly February. long-term-carefacilities,fol- drovepeople indoors. both NorthCarolina and itsmost stringent stageofre- 0% ICU availability forovera Health-careexpertssay lowedlater by people 75 years Mixed messages about the Texas,according to datafrom strictions due to rising cases week. that when hospitals areover- and older and certain essential virus,apatchwork of man- CovidActNow, atracking sys- and hospitalizations. “Weare already seeing whelmed, not only does it af- workerssuch as policeofficers dates and “Covid-19 fatigue” temrun by agroup of public- Field hospitals aresprout- hospitals ration care,urging fect the care of patientswith and manufacturing workers. have also contributed to the health and crisis experts. ing up to managethe influx of people to stay home unlessit Covid-19 symptoms,but also TheCDC didn’t respond to are- spread, epidemiologistssay. “It’scertainly possible that patientsinSouthern Califor- is an absoluteemergency,” treatment forother illnesses quest forcomment. Holidaygatherings areex- within a week we can run out said ShiraShafir,anassociate and injuries.This leads to in- AModerna spokesman said pected to throw morefuel on of ICU beds,” Mark Escott, in- professor of epidemiologyat creased wait times in emer- the policywould help assure the fire. terim medical director and Newcases and deaths the University of California, gencyrooms,delays in trans- “ongoing operations and vac- Arkansas hit arecordnum- health authority forAustin LosAngeles.InLos Angeles ferring of patientsand cine production in the face of ber of hospitalizations last Public Health, said Monday. acrossthe U.S. were someone dies of Covid-19 scarcity of staff. apandemic.” He said that due week,according to the state’s Dr.Escottsaid the issue belowthe figures roughly every10minutes,she Some areas of the U.S. ap- to Moderna’ssize, “wehave health department, while the isn’t about hospital space, but said. pear to be getting arespite critical staff in all partsofour number of hospitalizations in rather the limited number of recorded lastweek. “It is hardtoimagine that from climbing hospitaliza- organization responding to the North Carolina increased qualified staff to handle more it could getworse and yet, we tions.Datafromthe Covid pandemic.” morethan 70%inamonth, patients. knowitlikely will, particu- Tracking Project shows hospi- Pfizer Inc.istaking adiffer- according to an analysis of “Ifwecontinue to see an larly in light of the holiday talizations in the Northeast, ent approach with the vaccine datafromthe state’sDepart- upward trend, then we are nia, home to the state’smost gatheringsthat have hap- which had been steadily it produces with BioNTech SE. ment of Health and Human going to have further discus- populous counties including pened,” Dr.Shafir said, adding climbing,hovering around It plans to vaccinate employ- Services. sion about the possibility of a LosAngeles,San Diego, Or- that the statecould see acon- 20,000 sinceDec.16. In the ees as they become eligible In Texas,the second most curfew towardsthe end of the angeand SanBernardino.The tinued increase in newcases Midwest, that figure has been per CDC guidelines,aspokes- populous state, hospitaliza- week to mitigatethat risk,” SanJoaquin Valley region, in that would peak by mid-Janu- drifting downward sincethe woman said. tions have doubled sincelate he said. the central part of the state ary, followedbyasurge in beginning of December. Cost Transparency Rule Upheld

BY MICHELLE HACKMAN FirstAmendment and went pand existing FirstAmendment beyond the statutoryintent of doctrine or to otherwise affect WASHINGTON—Afederal the Affordable Care Act. traditional or ordinaryeco- appealscourt in Washington On Tuesday, apanel forthe nomic regulation of commer- affirmed aTrump administra- U.S. Circuit Court of Appeals cial activity,” thepanel wrote. tion policyrequiring hospitals in the District of Columbia In a tweet Tuesday, Health to disclose secret ratesthey and Human Services Secretary negotiatewith insurancecom- AlexAzarcalled the court’s panies beginning on Friday, HHS Secretary ruling a“big win forAmerican marking avictoryfor one of Alex Azar patients.” President Trump’scentral called the Melinda Hatton, general health-policy initiatives. ruling a‘big counsel of the American Hos- The American Hospital As- win for pitalAssociation, said: “The sociation had sued to stop the American AHA continues to believethat initiativefromtaking effect. patients.’ the disclosureofprivately ne- But in June,afederal judgein gotiated ratesdoes nothing to the District of Columbia ruled help patientsunderstand what that the newrules were legal. unanimously upheld the dis- they will actually payfor Thehospital trade group trict court’s ruling. treatment.” appealed, arguing that the rule Thedecision not only “fits Theorganization wasre- compelling the hospitals to comfortably within existing viewing the decision to deter- publish their negotiated rates FirstAmendment precedent,” mine anynextsteps,she with insurersviolated the but also is “not intended to ex- added.

gesting it might be the new coronavirus within three days FirstU.S. form of the virus. Further ge- of arrival. netic testing confirmed that The variant’s features sug- thesample had the specific gest it is moreeasily transmis- NewStrain mutations found in the new sible,National InstituteofAl- variant, health officials said. lergy and Infectious Diseases This isn’t the firsttime a Director AnthonyFauci said Case Found newvariant has crowded out last week.Toprove that the otherssincethe pandemic variant is more transmissible started, virologistssaid. Earlier would requireadditional test- ContinuedfromPageOne this year,another variant—one ing in the lab,several otherin- Theagencysaid it expected that emergedinEurope—re- fectious-disease experts said. theretobeadditional cases in placed the original one from Such testswould assess the coming days. Wuhan, China, as the world’s whether the newvariant is Theagencyalso stressed most prevalent. Likethe new stickier andattaches to and that it is normal forviruses to U.K. variant, that one also had enterscells morereadily than changethrough mutations and amutation in the spikeprotein, other variants. that multiple versions of the which helps the virus infiltrate Scientistsmust also study virushad been documented cells.Lab-based experiments whether cells infected with the over the course of the corona- showedthat the version of the newvariantsproducemorevi- virus pandemic. coronavirus that emergedin rus, and whether infected ani- “Based on studies with other Europe earlier this year was mals passonthe virus to unin- viruses containing similar mu- betteratinfecting cells. fected ones more easily. tations,CDC believes therewill That earlierEuropean vari- Even if the variant is more be little or no impact on immu- ant only had asingle change transmissible, there is no evi- nity from natural infection or to the spikeprotein that could denceitisany moredeadly or vaccination,” the agencysaid. It affect its function, virologists resistant to vaccines,authori- urgedanyone who waseligible said. Thenew U.K. variant has ties have said. to getavaccine. 23 mutations in total, eight of As of Tuesdaymorning, Theappearanceofthe new which arerelated to the spike about 2.1 million doses of the variant comes at atime of surg- protein. Pfizer Inc.-BioNTech SE and ing cases around much of the Scientists have also identi- Moderna Inc.vaccines had U.S. On Tuesday, the number of fied aseparatevariant in been administered around the confirmed cases in the U.S. had South Africathat is becoming U.S., according to the CDC. A climbed above19.5million, ac- more common. spokesman forOperation cording to datacompiled by Thenew variant led the Warp Speed, the federal effort Johns Hopkins University,and U.K. to impose newrestric- to getavaccine to market, the death toll had surpassed tionsacrossLondon and the said Tuesdaythat effortsre- 338,000. surrounding areas of England. mained on target and that the TheColorado statelab was Several countries in Europe numberspublished by the CDC the firstinthe countryto have put travel restrictions on reflected alag in reporting identifythe variant afterana- the U.K. in place, and the U.S. from local health authorities. sal-swabtest came back miss- has mandated that travelers —Anna Wilde Mathews ing certain signatures,sug- from the U.K. test negative for contributed to this article. P2JW365000-0-A00600-1------XA

A6 | We dnesday, December 30, 2020 THE WALL STREET JOURNAL. THE YEAR 2020 IN PICTURES From the coronavirus pandemic to racial justice protests to a closely fought presidential election, the events of 2020 upended life as we knew it. Here, some of the images that defined the year. To see the full project online, go to https://www.wsj.com/graphics/2020-pictures-of-the-year/

Catastrophic wildfires tore through Australia, killing dozens of people and resulting in the deaths of A man waved the Union Jack in London on Jan. 31, the day the U.K. formally quit the European Union. millions of animals. Awildlifeworker held arescued koala on Jan. 7. DAVID MARIUZ/AAPIMAGES/REUTERS HENRY NICHOLLS/REUTERS

From left, former New York City Mayor Michael Bloomberg, Sen. Elizabeth Warren, Sen. Bernie Sanders and former Vice President Joe Biden took part in a Democratic presidential primary debate in Las Vegas on Feb. 19. MARIO TAMA/GETTY IMAGES

‘I am afraid—and then I am sometimes not. There is a moment where you enjoy the calmness of the world shutting down but then the fear of the unknown: How long will this be for? How A funeral was held for a victim of Covid-19 in Cigole, Italy, on Cleaning crews descended into New York City’s subway system different will the world be after? How will I place myself in the March 29. The Lombardy region, where the funeral took place, early on May 6 to disinfect trains in the first regularly scheduled new world? Will I even see it?’ — Lesedi Ntsane on the pandemic accounted for 58% of the country’s official coronavirus deaths at shutdown of the entire subway system in over a century of quarantine, in Brooklyn, N.Y., March 30. RUDDY ROYE FOR WSJ the time. FRANCESCA VOLPI FOR WSJ operation. GABRIELA BHASKAR FOR WSJ

Staff from LenoxHill Hospital in NewYork Citythanked people taking part in acitywide 7p.m. ritual of clapping forhealth-careworkers, on April 10. MIGUEL JUAREZ LUGO/ZUMA PRESS

People watched as Elon Musk’s SpaceX and NASA blasted two astronauts into orbit, marking the first human launch from U.S. soil ‘We’re married. I want to be with her. She took care of me for 70 years, and now it’s my turn,’ said Jack Eccles, pictured with his wife, in nearly a decade, in Cape Canaveral, Fla., on May 30. Gerry Eccles, on July 16. When nursing homes barred visitors to keep the coronavirus out, Dr. Eccles, a longtime Baptist pastor, decided JOE RIMKUS JR./REUTERS to move in. Hillcrest Convalescent Center in Durham, N.C., agreed to rent him a room so he could care for Gerry. ANDREA BRUCE FOR WSJ

Protesters marched in Washington on Sept. 23 after agrand jury indicted aLouisville, Ky., officer involved President Trump formally nominated Amy Coney Barrett to the Supreme Court during an event in the in the killing of Breonna Taylor—but made no direct charges in her death. DREW ANGERER/GETTY IMAGES Rose Garden of the White House on Sept. 26. ALEX BRANDON/ASSOCIATED PRESS P2JW365000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 30, 2020 | A7 WORLD NEWS NewCasesTestChina’sTargetedStrategy

Latest infections tirely closed off.Morethan half the city’s residentsweretested come as country and most businesses were al- prepares for Lunar lowedtostayopen. An outbreak at Shanghai’s New Year holiday Pudong International Airport in November prompted the BY SHA HUA coastal metropolis to cancel hundreds of flightsand test HONG KONG—A string of thousands of airport staff.Ex- newCovid-19 clustersposes a pertsincharge of leading the test to China’smoretargeted response effortsdebated approach toward pandemic whether it wasnecessaryto control as the countrydraws conduct citywide testsorto closer to the Lunar NewYear take alessdisruptiveapproach, holiday, typically atime when Zhang Wenhong,apublic- hundreds of millions of Chinese health expert and director of people travel to see relatives. the infectious diseases depart- Authoritiesinrecent weeks ment at Huashan Hospital in have avoided the sweeping en- Shanghai,said in an interview forced lockdowns and business with Chinesestate television closures that were put into that wasbroadcast Saturday. placeatthe beginning of the They eventually settled on year after the coronavirus first morelimited restrictions to emergedincentral China, lessen the impact on local res- sticking to moreselectiveand idents, according to SunXi- lessinvasivemeasures that aodong,deputy head of the /REUTERS kept the virus spread in check Shanghai Center forDisease

without hurting the economic PETER Control and Prevention. S recovery. Thesurgical natureofBei-

Eight locally transmittedin- THOMA jing’scurrent approach wason fections with symptoms were Travelers walking outside the railway station on Monday in Beijing, where a rash of new Covid-19 cases has been reported, prompting displayTuesdayatahigh-end found in the northeastern authorities to reintroduce some anti-virus measures. Below, a medical worker tests for the virus in the capital. residential building operated province of Liaoning on Mon- by Kempinski Hotel, whereone day, China’sNational Health residents by Tuesday, accord- by 6.8% from ayear earlier— of the residentsofthe building Commission reported Tuesday. ing to official figures. the biggest such pullback in tested positiveafter flying to Six of the patientswerede- Schools and kindergartens some four decades.But after South Korea. Afterthat case tected in the provincial capital have remained open, forexam- the coronavirus wasmostly wasreported, Beijing neigh- of Shenyang,while the other ple,though mandatorytem- broughtunder control in the borsusing the same elevator as two were found in Liaoning’s peraturechecks and mask- spring, the economyhas the patient were placed under port city of Dalian, whose 5.6 wearing have been largely bouncedback,position- atwo-week quarantine,accord-

million residents have under- reintroduced. Residential com- S ing the countrytobethe only ing to aperson living there. gone citywide testing sincethe pounds in Shunyi, the subur- major world economytogrow However, residentsliving in outbreak wasspottedinthe ban district of Beijing most af- PRES during this pandemic-hit year. other sections of the apart-

middle of the month. Over the fected by the latest wave of ZUMA Sinceimposing astrict 76- ment building have been able past two weeks,authorities in infections,havebeen asked to A/ daylockdown on the central to moveabout freely,and

Dalian have tallied up 35 set up checkpoints to control INHU Chinese city of Wuhan and shops and offices in the office symptomatic carriers, includ- the flow of residentsand visi- /X surrounding Hubei province, building linked to the apart- ing the two reported Tuesday. tors.Parks,museums and ONG wherethe pandemic wasfirst ment building have been oper- Hundreds of flightsintoand other public venues including ANZ detected, Chinese officials have ating as usual, according to HU

outofShenyang and Dalian restaurantsand shopping JU been gradually fine-tuning its people working there. have been suspended in recent malls are also being asked to pandemic control measures. “While the measures are days to prevent the further limit the number of customers. festival, so as to prevent the according to epidemiologists. When anew cluster re- strict, they’ve been consider- spread of the disease. Rather than prohibit people simultaneous massmovement TopChinese officials have emergedinWuhan in lateMay, atetolimit the inconvenience Thenational capital of Bei- from celebrating the holiday, of hundreds of millions of peo- repeatedly stressed the impor- local officials tested morethan of the residentsevenduring jing,incontrast, has been pur- set to begin Feb. 12, Beijing’s ple,who traditionally travel at tanceofbalancing pandemic nine million of the city’s resi- thequarantine period,” one suing amoresurgical ap- government has appealed to the beginning of the holiday, prevention and control mea- dentsin10days,but didn’t seal resident who is quarantining proach.Overthe past two residentstovoluntarily reduce either to see family at home or sures with the need to mini- it off from the outside world. theresaid in an interview. “I weeks,China’scapital city has privategatherings and unnec- take a vacation. mize the impact on the econ- AfterBeijing discovered new feel this thoroughnessisthe reported 16 locally transmitted essarytravel. Government- Thecoronavirus began circu- omy and people’s daily lives. cases in awholesale market in biggest factor that’s prevent- Covid-19 cases, including two backed companies and work lating in China just as the coun- China’s economy ground June,the capital wascarved up ing the spread of the coronavi- without symptoms,prompting unitswereadvisedtoallow trywas entering the Lunar New virtually to ahalt in the first intothree emergencytiersand rus in China.” authorities to test 1.7 million their employees to take stag- Year travel season in 2020— quarter of 2020,with gross only alimited number of resi- —Grace Zhu of itsmorethan 20 million geredvacations around the onefactor in itsrapid spread, domestic product contracting dential compounds were en- and Yoko Kubota in Beijing

to impose restrictions. turemorehomegrowncompa- Beijing Thetension came to ahead nies likeAlibaba that cancom- in lateOctober when Mr.Ma petewith their American openly criticized President Xi counterparts. Aims to Jinping’ssignaturerisk-con- To allayfearsofthe state trol initiative, while also slam- overreaching, the officials ming regulatorsfor stifling in- said, authorities chose adep- Curb Ma novation—in aspeech that uty central-bank governor with took placejust days before apro-market reputation to de- Ant, in whichheisthe con- tail the actions against Ant ContinuedfromPageOne trolling shareholder, wasset this week in apublicized ques- The People’s Bank of China to go public. tion-and-answerstatement. and the State Administration Beforethe speech, Mr.Xi Pan Gongsheng, the deputy for Market Regulation, which had paid little attention to governor,urged Ant to over- regulateAnt and Alibaba, Ant’splanned IPO,according to haul itsbusinessbased on didn’t respond to requestsfor aperson with knowledgeofthe market and legal principles. comment. Ant declined to regulatoryprocess.“Thanks to Still, Mr.Pan emphasized comment. Mr.Maand Alibaba Ma himself,the IPO gotonXi’s the need forthe companyto didn’t respond. radar,” the person said. “integratecorporatedevelop- But in targeting Mr.Ma, Mr.Ma’sattack on regula- ment into overall national de- China’sleadersfaceatough tors quickly backfired. It led velopment,” according to re- balancing act, trying to keep Mr.Xitopersonally call off marks released by the central entrepreneurslikehim in the initial public offering— bank on Sunday. check—without hurting the in- which was expected to be the Ant said in astatement novativespirit that has helped biggest ever and would have Sundaythat it would comply powerthe country’stechno- valued Ant at morethan $300 with regulatory requirements logical and economic rise. billion—and to instruct regula- and develop a plan and time- “No question the purpose is tors to look intorisks posed table forthe ordered overhaul. to rein in Ma Yun,” said an ad- by Mr. Ma’s empire. At aNovember meeting with viser to the antimonopoly Since then, China’s market regulators, Mr. Ma offered to committeeofChina’sState and financial regulatoryagen- have the government “take Council, the country’stop gov- anyplatforms Ant has,aslong ernment body, using Mr. Ma’s as the countryneeds it,” in an Chinesename.“It’slikeput- ‘No question the apparent effort to salvage his ting a bridle on a horse.” relationship with Beijing. Mr. It is hardtooverestimate purpose is to rein in Ma hasn’t appeared in public the role Mr.Ma’scompanies Ma…It’s like putting since his October speech. have playedinChina’secon- Meanwhile, China’s market omy. Ant and Alibaba together a bridle on a horse.’ regulator last week launched have allowedhundreds of milan antitrust investigation into lions of Chinese consumersand Alibaba,which owns athirdof businesses to makeapurchase, Ant, forallegations that the PLAYITSAFE deposit money,executeanin- cies have sprung intoaction. companyhas used itsdomi- vestment or take out aloan Officials are particularly con- nant market position to pres- ITALIANANTIQUESAFE with aswipe of the thumb. cerned about howAnt uses suremerchantstosell only on Having benefited until re- dataharnessed by itsAlipay its platforms. Ultimate security.Ingenious engineering. Immense rarity. cently from arelatively light payment app to encourage Officials arealso concerned This fully functioning Italian safe was once the most secure regulatorytouch, Mr.Ma’s banks to work with the com- about Alibaba’sthreat to tradi- way to store one’svaluables with its complex, hidden locking companies have come to chal- panyinmaking consumer and tional bricks-and-mortar retail- mechanism. Encased in wrought iron, the safe’skeyholes are lenge the state sector’s domi- small-businessloans.Ant only ers. “We’vereceived lotsof concealed behind small doors that open only when secret nanceinareas such as banking funds a fraction of the loans, complaintsabout Alibaba and money management. with the bulk of the funds squeezing out smaller rivals buttons are pressed. Then, two unique keys must be manipulated But the days of laissez-faire coming from the banks, leav- and itsinternet platforms tak- in precise order to gain access to the treasures held within. 1 1 areover. Authorities in recent ing them with the credit risks. ing away businessfromothers,” Late 18th/Early 19th century.39”w x25/4”d x61/2”h. #31-0700 months pledged to toughen But even Mr.Xi, the most aregulatoryofficial with knowl- regulation over an internet powerful leader in recent Chi- edgeofthe investigation said. View avideo of this safe at msrau.com/31-0700. sector that is growing in size nese history, faces constraints Wang Fuqiang,who owns a and impact. While some other in howfar his government can laptop storeinBeijing,is companies areunder scrutiny, go to clamp down on Mr.Ma’s among those who have felt the including popular social-media empire. pinch. His storehas seen sales app WeChat operator Tencent Chiefamong them is avoid- drop steadily as more people HoldingsLtd.and ride-hailing ing the perception of dealing a shop on Taobao,anonline firm Didi Chuxing Technology significant blowtoentrepre- shopping siteowned by Ali- Co., regulatorsfor noware fo- neurship at atime when the baba, and JD.com Inc., another cusing their attention on Mr. privatesector is seen to be large e-commerce player. Ma and his companies. losing ground to state-owned “Now, most buyerscome to 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com Mr. Ma, flashy and outspo- firms. In addition, the leader- my storetotry the laptops and ken, has long clashed with ship is worried about a back- take pictures,” said Mr.Wang, Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. regulators, particularly those lash from international inves- who has been running the Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. at the People’s Bank of China, tors at atime when Beijing storefor 17 years. “Then, they who have become wary of a wantstofend off growing would leave and buy it online.” sprawling empirethat they doubtsoverits commitment to —Bingyan Wang fear is running amok and tried amarket overhaul and to nur- contributed to this article. P2JW365000-2-A00800-1------XA

A8 | We dnesday, December 30, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

Ms.Phillips and filled many boardmembersinDecember; it One Bank’s otheropeningswith women, plans to sharethe findings people of color and members with employees,advisers and of the LGBTcommunity.He thebroader public next year. Push for placed some newrecruitson nominating committees that select advisoryboardmem- George Floyd Diversity bers,wherethey could pull In the days afterMr. Floyd’s contactsfromtheir ownnet- killing,the subject of Mr.Riv- works. ers’sweekly lettertoemploy- ContinuedfromPageOne “Itwasn’t rocket science,” ees wasfocused on the pan- by his ex-wife’sexperience said Deborah Jackson,who be- demic.Hesaid addressing Mr. coming out as gay. came Eastern’ssecond Black Floyd with senior leadersand Companies acrossthe U.S. director when she joined its employees hadn’t occurred to arepledging to hireand pro- boardin2000.“We were ex- him, until he began to see how motemoreminorities,inmany panding intomorediverse the event wasaffecting his cases saying they want to make communities.Itmade sense for Blackcolleagues.Inhis next their workplaces more repre- us to look likethe communities letter to employees and else- sentativeoftheir customers. we were serving.” where, he apologized.

George Floyd’s killing in police JOURNAL When Mr.Knoxretired in Mr.Miller,Eastern’spresi- custody in Mayled manyexec- 2018,hewas succeeded as dent,started holding roundta- REET

utives to denounceracism and ST lead director by Ms. Jackson, bles with Black employees, promise to re-examine their LL who is president of Cambridge some of whom told him there ownpolicies. WA College. Today, 34% of advi- isn’t enough diversity in their THE

Eastern’seffortssuggest R sory board members are peo- businessunits.

success requires sustained ef- FO ple of color, up from 4% a de- Mr.Riverssent aletterto fort at the toplevelsofman- cade ago. customersinsupport of Black agement. Still, the company “Weall brought our own Lives MatterinJune.The bank says thereweremissteps along CHARNEY networks,” said Vanessa Calde- also put up billboards at the the way and says itswork is RED rón-Rosado,aLatina advisory request of Black employees, JA unfinished. BobRivers, CEOofBoston-based Eastern Bank, broadened his network and the bank’sadvisory boards. boardmember who also serves who noted that Eastern had “Certainly,weare proud of on the nominating committee earlierput up billboards sup- the progresswehavemade, wasapiecemissing: We were Percentage of Eastern Bank roles ﬁlledby... and is CEO of Inquilinos Boric- portingtransgender rights. butweare mindful that we all white.” uas en Acción, aBoston non- Thebank received roughly have along way to go,” said Mr.Lukowski said he Boardofdirectors profit community development 75 calls,emails and letters BobRivers, awhiteexecutive wanted to bring on experi- 0 20 40 60 80% corporation. from unhappy customers, but who joined Eastern in 2006 enced businesspeople who 2010 Thenetworking helped East- fewerthan 10 closed accounts. Women and became CEO and chairman grew up in different environ- 2020 ern fill key slots. An advisory “I expected more. Iexpected in 2017. “It’shardwork,but it’s mentsand experienced dis- People of color 2010 boardmember introduced Mr. moresooner,” said Tanisha Sul- doable work.” crimination, and could provide 2020 RiverstoPaul Alexander, now livan, president of the NAACP Eastern has struggled to the bank with additional points the bank’schief marketing offi- Boston Branch, which moved Management committee moveemployees of color into of view. Abank “has to deal cer. Greg Shell,the bank’snew- some accountstoEastern two middle-and upper-level jobs. with alarge section of the Women est director and apartner at yearsago because of the bank’s Whitemen still lead most key community or it won’t be suc- Bain Capital,was an advisory commitment to diversity. businessunits. AfterMr. cessful,” he said. People of color 0 boardmember beforehejoined “Instead of coming out with Floyd’s killing,the bank con- At the time,aBlack woman the boardofdirectors. Mr.Riv- amessageimmediately,Bob cluded itsdiversity efforts headed human resources, “but ersworked with QuincyMiller, wanted to take amoment and Advisory boards were insufficient and instituted it wasn’t until yougot really the bank’spresident and his listen,” said Mr.Miller.“It’snot newinitiatives and plans to tie down to the teller ranks and Women heir apparent, when they both that we were lateper se,” he senior leaders’ paytowork- the branches that youfound were at M&TBank in the late added. “Weweren’t firsttothe forcediversity goals. moreofasprinkling of diver- People of color 1990s.The three men are game likeweare in so many This month, Nasdaq Inc. sity,” said Mr.Knox, then chief Black. instances.” said it aims to requiremost of executiveofAbt Associates Staff* Eastern realized earlier than Eastern’sboardhas held itslisted companies to include Inc., apublic-policyresearch manycompanies that cities like two special sessions,beginning women and people of diverse and international development Women Boston were growing moredi- with athree-hour meeting in racesorsexualities on their consulting firm at the time verse, said Jim Rooney, CEO of August at which Mr.Shell gave boards. based in Cambridge. People of color the Greater Boston Chamber of a90-minutepresentation on More than aquarter of S&P “Wendell wasveryuseful in Commerce.“That community the historyofracism. Thebank 500boards don’t have aBlack helping us to understand the *Excludes employees in managementand boardroles bank culturehas enabled them is hiring adiversity consultant or Latino director,according to need formorediversity” and in Source:the company to stay connected to the issues who will report directly to Ms. Equilar Inc., acorporate-lead- providing introductions to dif- that areaffecting their custom- Jackson, the lead director. ership datafirm. About 7.9% of ferent groups in the broader Mr.Rivers, itscurrent CEO, showedup, then came back for ersand clientsalittle better,” In the past decade,Eastern’s directorsofcompanies in the community,said RichardHol- firstjoined Eastern as itschief others. said Mr.Rooney. leadership has worked to S&P 500 areBlack and 4.1% are brook, Eastern’sCEO from banking officer and became BeforeCovid-19,Mr. Rivers Diversifying the bank’s changehow the bank spends Latino,according to Equilar. 2007 to 2016. president the following year.In wasattending ahalf-dozen workforce has proven more money.The bank launched a Therecontinue to be few In 1999,the bank began do- 2010 Eastern acquired Wain- community eventsaweek,in challenging.Eastern has no La- supplier diversity program in Black and Latino executives in nating 10% of net profitsto wright Bank &Trust Co., which addition to those sponsored by tino or Latina employees at the 2010.In2016,itspent nearly corporateleadership.Among charity.Asamutual bank,“we had supported the gay-rights moretraditional business senior vicepresident level or six months mapping invoices allU.S.companies with 100 or felt the ownerswerethe com- movement and other social-jus- groups,making suretoarrive higher.Whitemen continue to from five unitsresponsible for moreemployees, Black people munity. We felt we needed to ticecauses as part of itsmis- forthe cocktail reception to dominateunitssuch as com- most of itsprocurement. hold 3% of executiveorsenior- giveback,” said Mr.Holbrook. sion sinceits founding in 1987. network.“Iamthe only CEO mercial banking,wealth man- Building asupply chain that level roles,according to Equal Mr.Knoxencouraged East- Mr.Rivers, 56,grewupina there, by along shot, in a agement and insurance. does morebusinesswith mi- Employment Opportunity Com- ern to provide financial sup- working-classIrish Catholic bunch of cases,” said Mr.Riv- Eastern said it had long in- nority-owned companies re- mission data. port to organizations serving family in Stoughton, Mass.,and ers. “That’sacompetitivead- advertently masked deficien- quires changing the thinking of people of color.Today, East- started his banking career as a vantage.” cies in diversity by routinely purchasing managers, who are ern’sfoundation provides do- teller.His commitment to di- Mr.Riverssaid he has lumping together Black,Latino typically rewarded forbundling ‘We were all white’ nations averaging $3,500 to versity wasinfluenced by the passed along newcontactsas contracts, shaving pennies off Eastern, founded in 1818 as roughly 1,500 community final yearsofRobert F. Ken- potential candidates forthe deals and avoiding risk. alocal savingsbank serving groups,aswell as largergrants nedy,for whom he is named, bank to hireand that “business ‘It made sense for us “Spending alittle moreona Salem, north of Boston, now typically $50,000 to $100,000 andthe challenges his ex-wife opportunities would followas minority contract, or breaking has $15.5 billion in assetsand targeted to specific issues. faced aftercoming out as gay well.” He also tapped his grow- to look like the alarge contract intotwo or 89 branches in Massachusetts, Expanding Eastern’scharita- in 1997,hesaid. ing roster of contactstodiver- communities we three is not going to change NewHampshireand Rhode Is- ble effortsturned out to be When Eastern came calling, sifyEastern’stwo advisory the financial outlook of” the land and aheadquartersin good forthe bank,bringing in- Mr.Riverswas working foran boards.The advisoryboards, were serving.’ bank,Mr. Miller said. “I am not Boston’sfinancial district. vitations to attend and sponsor Omaha-based bank that had which arealegacyofEastern’s going to pay50% more. This is Women accounted for29of dinnersand other community just been acquired. Then 41,he origins as amutual bank and not ahandout,” he added. “But Eastern’sfirst 37 customers, events that would raise itspro- waspondering afutureata areseparatefromthe boardof even 10%more, foradiverse according to bank ledgers, file and open newavenues to nonprofit or government work. directors, have about 135 mem- and Asian employees as “peo- supplier,isimportant forthem though their attorneyshandled customersand potential re- During an interviewwith the bers. In exchangefor asmall ple of color.” It viewedall em- in terms of their profitability.” the paperwork because only cruits. Thebank said consum- bank’s search committee, he stipend, membersact as good- ployees as one group,rather Eastern’scharitable arm in men could open bank accounts ers, small businesses and non- said gayrightswas this gener- will ambassadorstothe local than dividing them by business 2017pledged $10 million to by law. Until itsinitial public profitshavecited itscharitable ation’s civil-rightsstruggle. community.They also serveas unit or position.That approach createanonprofit that pro- offering in October,Eastern op- and community activities as a the bank’seyesand ears, lis- obscured gaps,such as the vides strategic advisersand erated as amutual bank. reason forbringing their busi- tening forfeedback on how dearth of Latino employees in capital to established Black and Eastern had spent several nesstoEastern. Network expansion Eastern’spractices affect vari- theupper ranks and howfew Latino-owned businesses. yearstrying to build aboardof On the nonprofit side, When he returned to Massa- ous communities and looking people of color worked in cer- It has created ateam to de- directorsworthyofits ambi- “therewerehundreds of ac- chusetts,Mr. Riversstarted foropportunities the bank tain businesssegments. velop productsand services to tions to grow from alocal bank countsweended up opening broadening his network.Co- might otherwise miss. This fall, Eastern began betterserveabroader rangeof intoaregional lender when it over theyearsbecause people lette Phillips,the Black CEO of When Mr.Riversarrived, work on adetailed dashboard customers. “Because we value brought on Wendell Knox as its gottoknowus,” said Mr.Hol- her ownmarketing firm, re- most people on the boards that measures itsworkforce, thediversity of thought,” the firstBlack director in 1995. brook, the former CEO.East- membersMr. Riverscold-call- were whitemen, manyofthem hiring,promotions and em- bank also plans to hireanout- “Wehad some very experi- ern’scommunity activities also ing her with an invitation to former directorsofsmaller ployeedepartures by race and side consultant who isn’t a encedsmart people from vari- helped the bank build aprofit- lunch. Ms.Phillips invited Mr. banks Eastern had acquired. As gender,and by department and banker but has expertise in ous walks of life,” said then- able business lending to afford- Riverstoone of her multicul- longstanding membersstepped position. Eastern presented an working with diverse commu- CEO Stanley Lukowski. “There able-housing ventures,hesaid. tural networking events; he down, Mr.Riversbrought on early version of the report to nities,Mr. Miller said.

said Carrie Sampson Moore, di- friends,“I’m going to push Megan Ochalek and stretchinbackstroke. summer 2018 and 2019. MIT Floats rector of physical education youinthe Charles!” she said. Srimayi Tenali, inset, SarahDohadwala, abio- “There wasdefinitely ape- andwellness. “For those who “Ifyou drown? Youfailed.” taking MIT’s swim test. logical engineering major in riod whereIthought Iwas not were very familiar with the ac- Ms.Sampson Mooresaid her senior year,attempted graduating,” she said. “With all Virtual tivity” beforehand, she said she the conceptual swim class the real test in orientation the thingsgoing on in 2020,I hoped they’d see the benefit of wasn’t designed to teach several yearsago, but she wasjust like…if Idon’t gradu- learning technique,safety or people to swim but to “keep wasexhausted from aday atebecause of the swim test Swim Test the“historyofswimming.” studentssafeand inspire exploring the area. that’sjust kind of on par with Some studentsfound the them to learn to swim.” “Around the thirdlap I everything else.” class, which stretches around Before Covid, most took wasstarting to getreally Beforeinstructions arrived, ContinuedfromPageOne four hoursinone session, gru- the test at the end of fall ori- nauseous,” shesaid. She she wasn’t quitesurewhat a test student buoyancy. eling—especially sinceswim- entation week,when hun- climbed out. “Throwing up “conceptual swim class” would In normal times,the swim ming the actual test would nor- dredsoffreshmen descend in the pool would have been mean. “My brother wasgoing test actsasariteofpassagefor mally take about 10 minutes. on theOlympic-size pool. extremely embarrassing.” to pull me on the wagonand newMIT recruits, ensuring stu- “I wouldn’t call it exciting, Typically,they must swim Ms.Dohadwala, 22,took my dad wasgoing to spray me dentsbetterknown fortheir honestly,” said biological engi- four lengths without stop- theonline classinstead. “It with ahose” while she prac- brains canalso aceaquatics. neering student Tooba Shahid, ping or take asix-week wassuch apain in the butt,” ticed her stroke, she joked. Therequirement began in 1948 21. Likemost of her classmates, swimming course to pass. she said. “It takeslikefour Thereality of the classwas in response to drowning casu- she knewhow to swim already. In the real test, students hours. Why? Just cancel the lessphysical and moreaca- alties during World WarII. When she took the virtual hop in toes first—no div- requirement!” demic.She joined forces with

Thevirtual class, which is classinNovember,Ms. Shahid ing—to mimic falling off a TENALI Finishing school remotely classmateSrimayi Tenali,21,

just forseniors, testsstudents wasasked to design aswim- boat. “Wetry to makeitas YI at home in Wisconsin last who washome in Melbourne, with aquiz and five essayques- ming routine to be completed realistic as possible,” said spring,the clock wasticking Fla.Beforethe pandemic struck tions on subjectssuch as how later at alocal pool.She prom- Ms.Sampson Moore. SRIMA down on Ms.Ochalek’sgrad- in March, the duo had bought

one should react to trouble in ised to sharpen her butterfly Swimmerscan pick any AND uation. She wasnervous goggles and swimsuitstogether different types of water. Ques- stroke, flutterkick and jellyfish front- or sidestroke,with awaiting conceptual swim in preparation forthe real test. tionsinclude: What arethree float as soon as Covid subsided. backstrokeallowedfor the classinstructions.She They donned theswimwear OCHALEK waystoensuresafediving? Ms.Shahid procrastinated final length, and choose baggedaPh.D.offer from and video chattedwhile taking (Answer: Wateratleast 9-feet, theconceptual classsolong slow, medium or fast lanes. GAN StanfordUniversity but wor- the conceptual classtogether. ME care with funnel-shaped home she had to request an exten- This being MIT—with a ried the swim requirement In Wisconsin, Ms.Ochalek pools,and don’t drink and sion—therewas studying to do. sharp-elbowedacceptancerate and faster beforeyou realize, could scupper it. sat in front of amaritime dive.)Or, Howdoyou self-res- Aftercompleting her exam, of just 7%—manyfelt competi- I’m not agood swimmer! Ican’t She has known howtoswim painting to heighten the cueafter falling through ice? Aleena Shabbir, a22-year-old tivepressure. “The person in swim this fast!” sincekindergarten but couldn’t aquatic vibes.InFlorida, Ms. (Asafinal step,onceonthe math and computer science front of youissprinting,and Theaerospaceengineering find time between studies,her Tenali sat outside,goggles on surface, roll away from the student, who took swimming there’saperson behind you andplanetarysciencedouble- work as an undergraduatere- her head.Ms. Tenali celebrated break.) lessons when she wasyounger, also right on your toes,” said major bolted at the beginning searcher at MIT’sInternational afterwardonInstagram: Ex- “Weowe it to our students wasunconvinced youcan learn 22-year-old Kyle Morgenstein. in freestyle beforeburning out. Design Center,and preparing citedtosay “wedid not con- to teach them howtoswim,” to swim online.She joked with “And everyone’sgoing faster He had to coast the final forher internships at NASA in ceptually drown.” P2JW365000-4-A008A0-1------NS

THE WALL STREET JOURNAL. **** NY We dnesday, December 30, 2020 | A8A GREATER NEW YORK CompanyBacksLong Island WaterPush

Group tied to Dow with watercontamination and has reached out to several Chemical sues over parties forsupport. Dowhas rule, says area should provided financial support for the group, he said. switch to NYC supply Dowiscurrently being sued by 27 watersuppliersonLong BY IRENE PLAGIANOS Island, which accuse the chemical manufacturer,along with Long Island earned adis- other chemical companies,of tinction in 2016 it didn’t want: knowingly allowing 1,4-diox- Some of the region’s drinking anetopollutedrinking water. waterwas found to have Ashley Mendoza, a spokes- among the highest levels na- woman forDow,said: “We tionwide of 1,4-dioxane,a strongly believe that a water chemical the U.S. Environmen- sharing solution would pro- talProtection Agencycalls a vide thecitizens of Long Is- “likely human carcinogen” but land with sustainable,cost-ef- doesn’t regulate. fectiveaccesstoclean, As aresult, the NewYork plentiful and reliable drinking State Department of Health be- water for decades to come.” ganits own“Operation Warp Adrienne Esposito, execu-

Speed” to deal with high 1,4- JOURNAL tive director of the Citizens

dioxane levels,and approved a REET Campaign forthe Environ-

treatment system that effec- ST ment, anonprofit that has tively removes the chemical LL fought for years for the state from the watersystem, said WA to regulate1,4-dioxane,says THE

Paul Granger,the superintend- R Dow’ssupport forthe case has

ent of the Hicksville WaterDis- FO an obvious agenda. trict, one of about 50 water “It’samyopic lawsuit to help

suppliersonLong Island. Ear- MILANO industrybecause it letscompa- lier this year,the state—the nies likeDow Chemical off the firstinthe countrytoregulate hook forhaving to contribute JOHNNY the chemical—set amaximum Paul Granger,the Hicksville WaterDistrict superintendent, standing near 1,4 dioxane filtration tanks. The solventisalikely carcinogen. to help cleaning up our water,” contaminant level (MCL) in she said. It doesn’t “makesense drinking waterfor the solvent, tic tanks.Yearsofheavy indus- vironmental lawyers, Long Is- caland forcing watersuppliers agencydoes not comment on to assume that Long Island which canappear in every- try, along with residential land Pure Water, which says it to strip it from Long Island’s pending litigation.” But the de- could be 100% dependent on thing from industrial degreas- waste, has leftmanyconcerned advocates forthe region’s water, the DOH should have partment says that the new NYCwater,” said Ms.Esposito. erstolaundrydetergent. about chemicals that have po- “right to asustainable pure directed Long Island to tap regulation, created under the Theidea of connecting at But one advocacy group is tentially seeped intoits aquifer. drinking watersource,” filed into New York City’s drinking guidanceofthe Drinking Water least some of Long Island to suing to have the area use Thousands of chemicals in suit against the Department of watersupply—which flows Quality Council—a panel of NewYork City’s waterisn’t New York City’s “pristine wa- wateraren’t regulated, but Health in November, asking a from clean, upstatereser- health and scientific experts, as particularly controversial. It ter supply,” claiming the new several yearsago, the EPAdes- statecourt to revoke the MCL voirs—and study the aquifer well as government officials just may not be a quick fix. treatment system, which costs ignated 1,4-dioxane,which is because, it claims, the agency belowaprotected forested re- and watersuppliers—set pro- NewYork state’s2021 bud- hundreds of millions of dollars manufactured by DowChemi- failed to meet itslegal obliga- gion in central Long Island, tective, achievable and enforce- getincluded funding forafea- to install and run, isn’t the calCo.,an“emerging contami- tion to explore“alternative the suit argues. able standards foremerging sibility study of the issue. most efficient way to detox nant,” meaning it could pose water sources.” Thegroup also claims the contaminantsand wassubject Long Island’sNassau County Long Island’s water. health concerns.In2016,more Thegroup also has the DOHdidn’t perform acost- to extensivepublic comment. bordersQueens,and some pip- Long Island, unlikeNew than 70%ofLong Island’swells backing of Dow, which is fac- benefitanalysis and that its Nicholas Rigano,the lawyer ing links already exist, experts York City,getsits drinking wa- were found to have some trace ing dozens of lawsuitsonLong new1,4-dioxane standard, of 1 forLong Island Pure Water and officials said—though it is terfromasystemofhundreds of 1,4-dioxane,making it ana- Island over the 1,4-dioxane part per billion, isn’t based on and one of itsfounders, said unclear howmuch it would of underground wells.Much of tional hot spot forthe chemi- contamination. scientific evidence. the group is looking foraper- cost, or howlong it would the island also is unsewered, cal, according to EPAdata. Theadvocacygroup said in- Health department spokes- manent solution to Long Is- take,tomakethe systems with manyresidents using sep- Founded in part by local en- stead of regulating the chemi- man GaryHolmes said “the land’s decadeslong problems work together. ‘Son of Sam’ Law Invoked in Phony Heiress Case

BY EMMA TUCKER “Inventing Anna.” In tandem, Delvey,was sentenced to four the contract with Netflix that “This storynever ends,” Mr. the stateOfficeofVictim Ser- to 12 yearsinprison and or- will account for Citibank’s re- Spodek said. “I’m one of the New York state is using its vices,orOVS,exercised its dered to pay nearly $200,000 maining restitution money,ac- few people who actually has “Son of Sam” lawtoclawback right to confiscatethe money. in restitution and a$24,000 cording to Mr.Spodek.Netflix her back and is trying to help the profitsfromacrime,a Thestate agencyprovides fine.She is serving her sen- is sending the paymentsdi- her close this chapter and step it hasn’t takensinceat compensation and other ser- tenceatAlbion Correctional rectly to an escrow account move on.” least 2001. vices to victims of crime. Facility but is expected to be held by Mr.Spodek on Ms.So- TheOVS said that before Thelaw,which dates to 1977, In 2019,Ms. Sorokin was paroled in Februaryafter a rokin’sbehalf and monitored Ms.Sorokin, it had frozen prohibitsconvictsfrommaking convicted of second-degree stateparole boardgranted her by OVS. money in 25 cases involving a money from their crimes grand larceny,theftofservices an early release foragood S Netflix declined to givea convict profiting from acrime,

through book and movie deals. and first-degree attempted disciplinary record. PRES statement on itscontract with clawing back atotal of

State legislatorscreated the grand larceny in astate crimi- She could face deportation TED Anna Sorokin. $95,000,between 1977and the

lawafter reportsthat serial nal court in Manhattan. Prose- by U.S. Immigration and Cus- OCIA Ms. Sorokin hired an addi- 2001 amendment. Acrime vic- killer David Berkowitz,who was cutorsinthe Manhattandistrict toms Enforcement, which her SS tional lawyer,Audrey Thomas, tim, however, can also decide /A dubbed the “Son of Sam,” was attorney’s officesaid she pre- lawyer Todd Spodek said is who helped her file a motion to pursue an action under the

being offered money foratell- sented herself as awealthyGer- likely. DREW in October to release the law on their own without any all about his crimes. man heiresswith an overseas TheOVS froze $140,000 that money earmarked forCitibank involvement from OVS. Last year,the NewYork trust fund. She wasactually a Ms.Sorokin received from Net- so she could pay for her legal “Ifyou’vebeen acrime vic- RICHARD stateattorney general’soffice Russian immigrant who prose- flix in 2019,clearing the way Anna Sorokin’slifestory is being fees to fight her anticipated tim and you’vebeen through invokedthe “profitsofa cutorssaid defrauded banks, fortwo of her victims,both adapted foraNetflix series. deportation. Citibank and the thecriminal justicesystem, crime” provision of the 1977 hotels,acquaintances and apri- banks,topursue court action. OVS both opposed the motion, then the thought of having to law. The office filed a lawsuit vate-jet companytopay foran City National Bank N.A. was the other $40,000 from the which wasultimately rejected pursue another case canbe against Anna Sorokin, saying extravagant lifestyle of de- successfulinsecuring $100,000 Netflix deal. Thebank is owed by a New York State Supreme very daunting,” said Elizabeth she shouldn’t getpaid from signer clothing andblending of the frozenfunds in Septem- $70,000 in damages,which Court judge in November. Cronin,the director of OVS. streaming platform Netflix Inc. intoManhattansocial circles. ber afterfiling alawsuit in Al- will be paid out in accordance Citibank declined to com- “Our role is to makesurethat for a coming television series Ms.Sorokin, who previously banyCounty Supreme Court. with court orders. Ms.Sorokin ment on the status of the thosefunds stay available un- based on her life story called went by the name Anna Citibank N.A. laid claim to is still receiving money from funds in escrow. til they canmakethat choice.”

METROMONEY | By Anne Kadet Webcam Feeds of City’s Streets Are Surprise Hit of 2020

When travel seek unfiltered views of want webcams to monitor streaming- Manhattan. and document construction video service SkylineWebcams,which projects—such as Hudson VUit launched streams ad-supported live Yards—and government in September, feeds from morethan 1,100 agencies that use them to the coronavi- cameras around the globe, monitor traffic and other rusupended itsplans to says itsNew York City-based conditions. broadcast liveshows from its feeds sawasurge in viewers Manhattanstudio.Onawhim, during the lockdown. In Feb- verthe years, the com- employees turned the studio’s ruary, forinstance, its42nd panyhas also built a cameraout the windowto Street camdrew12,200 view- O steady following forits facethe nondescript corner of ers. In March, that number hit publicly available,ad-sup- Sixth Avenue and 39th Street. 923,623.Traffic has sincede- ported virtual tourism

The24-hour street-scene feed clined, but the feed wasstill JOURNAL streams focusing on every- quickly became the service’s drawing morethan 100,000 thing from national parks—in- REET

most popular channel, beating views amonth this fall. ST cluding afeed from acamera out dozens of livenewsand Webcam feeds have played LL installed inside the Statue of sportsbroadcasts. abig role in telling the story WA Liberty’s torch—toanoften THE

Last week,Iwatched the of the pandemic,the company R snowy intersection of Cavalier,

online feed with Jack Perry, says.Viewers firsttuned in to FO N.D.,which has received 12

the CEO and founder of VUit’s gawk at the empty streets, IAN million views.Myfavorite: A parent company, Syncbak, and then to watchthe crowds OS 24-hour feed of Andy War-

and asked him to narratethe slowly return. BEDR hol’sgrave in Bethel Park,Pa., action. NewYork City views are which has been viewed10mil-

“Theregoes three shop- the biggest draw in the web- WESLEY lion times.I’m sureMr. War- pers,” he said, as several pe- camuniverse,says Brian hol would approve. destrians traversed the cross- Cury, CEO and founder of Up- spent 2.5million hours per 1,000 video-ad views. launched the firstEarthCam But these days,people walk.Afew momentspassed. per Saddle River,N.J.-based watching,an818% increase It is simple enough to rig livefeed back in 1996 (it fea- largely like to see other peo- “Look,someone’scarrying EarthCam, which is generally over the prior year. up that some local nonprofits turedatiny1/13 megapixel ple.Mr. Perry, who travels be- their Starbucks. And there’sa regarded as the industry Thetrend has produced a offer webcams as apublic imageupdated onceamin- tween homes in Manhattan FedEx truck,” he said. “That’s leader.“When we have abig nicebump in ad revenue for service. Youcan currently ute), says it takesalot of and Cedar Rapids,Iowa, the second time it’scome event, people liketosee how the company. Afeed from watchalivefeed of the skate time and money to maintain whereheowns abar,says he’s around.” NewYork is dealing with it.” one camerainTimes Square rink at Bryant Park,the sea the company’sglobal network tried airing VUit’s39th Street In 2020,hesays,views of cangenerate$5,000 amonth, lion pool at the Bronx Zoo or of several thousand livecam- feed in his establishment in- nother words, nothing the company’sNew York Mr.Curysays. the kittencam at the Brook- eras year afteryear,which is stead of the ballgame. I washappening.But during feeds on itsown siteand It sounds likeaneasy way lyn Cat Cafe—which recently what it takestobuild an au- “It’sjust the allureofthe the pandemic,live-stream YouTube, which include to makeaquick buck.All it attracted amanic following dienceofmillions. greatest city in the world, and feeds of Manhattan Times Square, the Empire takestoget started is a$50 forElmira, aone-eyed calico, Themajority of Earth- there’sacorner,” he says. streetscapes likeVUit’s“Stu- State Building and FifthAve- HD camand abroadband and Kedi, who boreastriking Cam’sbusinessactually “Let’sjust sit and watchit!” dio 39” camhavesurgedin nue,rose 929% to morethan connection. One cantypically resemblancetoBaby Yoda. comes from privatedevelop- popularity as folks who can’t 34 million streams.People earn $2 to $4 in ad revenue But Mr.Cury, who ersand contractorswho [email protected] P2JW365000-2-A008B0-1------NS

A8B | We dnesday, December 30, 2020 NY ** THE WALL STREET JOURNAL.

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MY RIDE |A.J.BAIME 2 On the Road in 2020 Alook back at stories of vehicles and their ownersthatstood out in aturbulentyear

or many, 2020 will go in love with cars and motorcycles down as the strangest growing up in Casablanca, while 3 year in memory. One watching American television thing has remained con- shows like “CHiPs” and “Magnum F stant, however. The love P. I.” Today Mr. Baligh, the CEO and affair between Americans owner of Translingual Interpret- and their motoring machinery en- ing, takes his family (his wife Ro- dures. Every week The Wall Street salia Baligh, daughter Saadia, and Journal’s My Ride column profiles the miniature schnauzer Lola) on vehicles and owners with surpris- rides through the desert on his ing stories. Here’s a look back on 2015 Ural cT, a rugged Russian- some highlights of 2020. built motorcycle with a sidecar, known for its off-road capabilities. 1) AFerrari 458Spider Yes, the dog has special canine NamedCocoChanges Lives goggles (doggles, actually), but the After Chanterria McGilbra’s Ferrari Balighs don’t allow her to drive. story appeared in early December, she was swamped with communi- 4) A Classic Lamborghini cations. “I’m still receiving That Needs Its Own Agent emails,” she says, “LinkedIn, Face- For many car fans, the Lambor-

JOURNAL book, Instagram…” The San Fran- ghini Countach remains the most

REET cisco-based biotech consultant’s audacious auto ever to roll down a

ST story began in the shower, of all road. But Matt Farah’s 1988 Coun- LL places, where one morning the tach 5000 QV has even bigger WA word Ferrari just came to her. She street cred. It was in two photo THE

R custom-ordered a 458 Spider in shoots with Cindy Crawford. It

FO 2015 and named it Coco. From appeared in a GQ magazine lay- Y there, she launched a foundation out with Diddy, and in a video HENR to empower young women called for the band Muse. Mr. Farah, ON Prancing Ponies, named for the the co-creator of the auto- JAS Ferrari logo, and with her friends motive-enthusiast podcast 4 5 (2); launched the first all-women Fer- and YouTube channel rari rally. As she says in the col- the Smoking Tire

JOURNAL umn: “I can’t believe how much we and owner of West- have accomplished together in just side Collector Car REET

ST five short years.” Storage in Los

LL Angeles,

WA 2) A Vintage Maserati With bought

THE ‘Birdcage’ Technology R

FO Back in 1960, this Maserati Tipo 61 Birdcage appeared in its first race, BERL

Y in Germany. It was owned by the racing driver Lloyd “Lucky” Cas- EMIL ner, who called his team Camoradi (as it says on the car) for Casner

JOURNAL; Motor Racing Division. Today it is owned by Jeff O’Neill, owner of REET 6 ST the Robert Hall Winery and

LL founder of California’s Sonoma the Countach in WA Speed Festival. Mr. O’Neill has al- 2018. He drives this car fre-

THE ways had a thing for cars featuring quently—but not recently. In Sep- and wasworking in the restau- R

FO game-changing technology or engi- tember, he lent the vehicle to the rant industry. Thecar’s suspen- neering, and this rare one quali- Petersen Automotive Museum in sion started to fail, and instead of

LANGE fies. It was built with an innova- Los Angeles for an exhibition buying regular Subarucompo- M.

Y tive lightweight chassis made of called “Supercars: A Century of nents, she hunted in the higher roughly 200 small tubes. Without Spectacle and Speed.” performanceaftermarket up-

JEREM the body on, it looks like a bird- grades.“That decision changed

(2); cage—thus its name. 5) She Found Herself by my entirelife,” she explained in Souping Up Her Subaru the column, in July.Ms. Nguyen 3) This Russian Motorcycle Rebecca Nguyen waschanging en- gotinvolved in the carcommu- JOURNAL Has Room forthe Schnauzer gine oil with her father at the age nity,which led her to anew ca-

REET Rachid Baligh of Scottsdale, Ariz., of 5. In her early 20s,she owned reer trajectory. Todayshe is mar- ST and Marrakesh, Morocco, first fell this 2003 SubaruImprezaWRX keting manager at LL

WA ClassicCars.com, and helped start 7) A 1955 Thunderbird the FutureCollector Car Showin THE With Ties to R Phoenix,which drew 12,000 peo- FO Showbiz Royalty A 7 ple last Januarybeforethe pandemic hit. Meanwhile,her Subaru Model year 1955 was the first for O’HAR is modified with high-perfor- the now fabled Thunderbird, which mancejust about everything. Ford created to take on Chevy’s

CAITLIN Corvette. The moment Lonny Paul 6) All Hail the Checker Johnson saw this one, “my heart Taxi Cab in Her Driveway skipped a beat,” he said in the col- JOURNAL; A lot of car fans will recognize the umn back in March. That is saying

REET Checker as the famed taxi cab something, because Mr. Johnson is ST

LL from a generation past. Checker a Los Angeles-based singer and

WA Motors Corp. of Kalamazoo, Mich., songwriter who knows how to made taxis for much of the 20th keep rhythm. He bought the car THE

R century, ending production in roughly a year ago and learned FO

O 1982. This 1975 Checker Marathon that previous owners included was purchased new by Dave Phil- Maxene Andrews of the singing CENZ

DE lips for his wife Kay; her nickname group the Andrews Sisters, and was Kayroe, so she painted “Kay- Friz Freleng, who created or devel-

ANGELA roe’s Cab Company” on the side. oped many early Warner Bros. car-

P: “The whole thing was very humor- toon characters. Mr. Johnson is a TO ous,” she recalled in the column in regular at his favorite Sunday OM

FR January. They still have the car on morning Cars & Coffee meet-up. their working farm in High Point, “It’s so much fun,” he says. And WISE N.C.. “The Checker is doing great,” that is what the vintage car hobby OCK

CL Mr. Phillips says. is all about. P2JW365000-0-A01000-1------NS

A10 | We dnesday, December 30, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL.

BY ANDREA PETERSEN

he federal government 6% on Tuesday issued new Limit of daily dietary guidelines that calories from keep current allowances added sugars T for sugar and alcohol recommended consumption unchanged, by advisory rejecting recommendations by its committee scientific advisory committee to make significant cuts. The scientific committee, which was composed of 20 academics and doctors, had recommended 10% cutting the limit for added sugars in the diet to 6% of daily calories Current from 10% in the current guidelines, guidelines’ citing rising rates of obesity and limit the link between obesity and of daily health problems like Type 2 diabe- calories from tes, heart disease and cancer. The added sugars committee also recommended lowering the limit for alcoholic beverages for men to one drink per day from two, matching the guidance for women. It pointed to research 42% linking greater alcohol consumption to a higher risk of death. Approximate Thenew guidelines do include percentage of the scientific committee’srecom- U.S. adults ages mendation that children under 20 and older age2consume no added sugarsat who are obese all. This is the firsttime the guidelines have included recommendations forbabies and tod- dlers.Added sugarsare those NewDietaryGuidelines Reject found in processed foods—in everything from soda to breakfast cereal—as well as honey and sugar itself.They don’t include sugarsnaturally found in foods LowerSugar and Alcohol Limits likefruit and milk. The dietaryguidelines,which areupdated everyfiveyears, have required by law. urgedthe government to keep the is a lost opportunity for a stronger to 2015-16 figuresfromthe Centers awide impact: They shapeschool Food industrygroups had lob- 10% added-sugarslimit during a public health message,” said Dr. forDisease Control and Prevention. lunch programs,mold stateand bied intensely against the scien- public meeting in August. In re- Mayer-Davis, chair of the depart- About42% areobese,according to local health-promotion efforts, tific committee’sproposed new sponse to the newguidelines,the ment of nutrition at the University 2017-18 CDC data. and influencewhat food compa- limits. When asked if pressure organization’spresident and chief of North Carolina at Chapel Hill. Overall, the new Dietary Guide- nies produce. from businessgroups had played executiveKatherineLugar said in a Nigel Brockton, vicepresident of lines for Americans 2020-25 ad- The U.S. Departments of Agri- arole in the government’sdeci- statement, “America’sbeverage research at the American Institute vise people to “follow a healthy di- culture and Health and Human sion, Mr.Lipps said “tothe extent companies appreciatethe common forCancer Research, said the gov- etary pattern” that consists Services reviewed the committee’s that stakeholdersprovided input sense approach takenbyUSDA.” ernment’smovetonot reducethe primarily of vegetables, fruits, recommendations, which were re- about whether the sciencewas The alcohol industry also alcohol limit formen “isverydis- whole grains, lean meat and poul- leased in July, and decided not to being properly reviewed, we took lauded the government’s decision, appointing.The evidencefor cancer try and low-fat dairy, as well as include the lower limits because that intoconsideration,” and with a spokesman for the Beer In- is so overwhelming.” Dr.Brockton seafood, nuts and vegetable oils. “the new evidence is not substan- noted that the government re- stitute praising “maintaining the said that alcohol consumption in- They also advise limiting added tial enough to support changes to ceived morethan 106,000 com- long-standing definition of moder- creases the risk of several types of sugars, saturated fats, sodium and quantitative recommendations for mentsfromthe public.“We com- ate alcohol consumption.” cancer—including stomach, liver, alcoholic drinks and staying within either added sugars or alcohol,” mittedtoissuing guidelines based Elizabeth J. Mayer-Davis, who colorectal and esophageal cancer— recommended calorie limits. said Brandon Lipps, deputy under- on sound scienceinanopen and chaired the federal committee’s which aremorecommon in men USDA and HHS are launching a secretary for food, nutrition and transparent process. We believe beverages and added sugars sub- than in women. campaign about the new guide- consumer services at the USDA. that at the end of the day, that’s committee, said that she was “dis- Poor diet is linked to rising rates lines that centers on the tagline Mr. Lipps said that the new limits what we did,” he said. appointed that the dietary guide- of obesity and chronic illnesses in- “Make every bite count.” “Our goal GES recommended by the scientific TheAmerican BeverageAssocia- lines did not adopt the cluding Type 2diabetes.Morethan is to get Americans to make IMA committee didn’t meet a “prepon- tion, which representsdrink makers recommendation of 6%” as the 70%ofU.S.adultsages20and older healthy dietary choices every day

GETTY derance of the evidence” standard including Coca-Cola and PepsiCo, limit for added sugars. “I think it areoverweight or obese,according at every meal,” said Mr. Lipps.

apps.Some even lost touch with about what other people thought.” have a phone without internet ac- friends wasn’t the issue, because Tech Choices their best friends because of the But then she realized she was cess. As a result, she has lost most of his friends are on Snap- technologythey do or don’t use. missing out on group chatsshe en- touch with some people. “There’s chat. The problem was staying in Steer Teens’ Here is how these teens say joyedhaving over Instagram with definitely been a strain in terms of touch with too many people. technology has dictated their friends she had met through astu- keeping up relationships because He has been culling his list of friendships since the pandemic al- dent entrepreneurship program. the majority of people my age are social-media contactsinaneffort to Friendships tered their social interactions. She created anew Instagram ac- totally fine with just texting back build deeper connections with his count that didn’t have the old one’s and forth nonstop. I hate texting closest friends.“Quarantine helped In Pandemic Ian Pase, a 16-year-old from Ana- connections just so she could par- and I hate my phone,” she said. speed up that process,” he said. heim Hills, Calif., who has at- ticipateingroup chatswith those Her closest friends have been “When youreach out to too tended his public school remotely friends.“Iwas almost using it like reaching out. “If a few of my manypeople,you become over- FAMILY since the spring, prefers Snapchat aburner phone,” she said. friends had not been texting me whelmed with responding,” he said. &TECH to keep in touch with JULIE friends. “There are a lot of Athena Burns, a 13-year-old in JARGON people who I’m not super- Washington, D.C., has lost touch close friends with who I with some friends who don’t have liked talking to in class but their own phones and rely on their or many teenagers, the past we don’t have each other’s parents to set up times to text us- F year has been a blur of online social media so we can’t ing their phones. One friend,she classes, remote extracurricu- really communicate any- said, has been hard to reach be- lars and virtual holiday celebra- more,” he said. “I also have cause of that and can’t be included SE tions. The shift to small-screen liv- friends who don’t have in group texts very often. Other PA ing might not seem like a major Snapchat because their friends aren’t allowed to be on so- adjustment for teens already glued parents don’t allow them cial media, which is Athena’s pre- SHANE ; to their devices, but it has re- to have it. They use Insta- ferred way of staying in touch. She WS shaped what is most critical to gram to text each other so mainly uses TikTok to message them: their friendships. there’s kind of a discon- friends and share videos. MEADO Iinterviewedfiveteens across nect.” His best friend isn’t Athena attends a private school the countrytolearn what nearly a allowed to use Snapchat, in person now, but one of her clos-

MICHAEL year of living virtually has been like and they talk now only est friends attends school virtually. N;

TO forthem. Acommon theme is that during socially distanced Athena hasn’t been sharing as

HEL their tech choices—or those of their lacrosse practice. much with her out of respect for parentsand even their friends’ par- So why not spend more her feelings. “I don’t want her to

ANGIE ents—dictatewith whom they have time on Instagram? “Insta- feel left out,” she said.

CK; stayed in touch. That wasthe case, gram wasn’t built primarily Clockwise from top left, teenagers Mulenga Malama, Athena Burns, Aubrey Losing touch with several BLA to some extent, before the Covid-19 to message people; it was Eytchison, Aiko Ma and Ian Pase are adjusting to changed social connections. friends has made Athena regret

BIN pandemic,but it has become meant to be a photo-shar- how she left school last spring, un- RO starker sincemanyin-person inter- ing app. Snapchat was meant to She communicates with school and texting me and texting me un- aware she would be separated MA; actions came to an end in March. message people and it feels more friends mostly through iMessage til I replied, I probably never from some people for many

MALA Nearly half of the 849 teens sur- versatile,” Ian said. “It’s harder to and FaceTime.“Whereyou commu- would have gotten back to them,” months, she said. “I would have veyedbyCommon Sense Media last message someone when they’re us- nicateisdefined by whereeveryone she said. “I prefer emailing people loved to go back to that last day of spring reported feeling lesscon- ing a different form of primary else is,” she said. to pretty much any other form of school and just say goodbye to all MULENGA

: nected than usual with their friends communication than you are. It’s communication, except for maybe my friends,” Athena said. afterschools closed. Studentswho like writing a letter to someone Aubrey Eytchison’s parents didn’t talking on the phone. I will answer She added that, in the future, LEFT

P had oncetalked to certain friends who only does phone calls.” allow her to have a smartphone an email much faster than I will she plans to share her insights TO everyday in the school cafeteria until she could pay her own phone answer a text.” with people who didn’t live OM

FR suddenly lost touch with all but Aiko Ma, a17-year-old from Carl- bill. The 18-year-old home-school through 2020, to “always be their closest pals onceschools shut, isle,Mass.,disabled her Instagram student from Brentwood, Tenn., For Mulenga Malama, a 17-year- thankful that you have friends and WISE unlessthey happened to be con- account last year because,she said, has a part-time job and pays her old from San Luis Obispo, Calif., to always remember every mo- OCK

CL nected on the same social-media “I wanted to stop thinking so much phone bill now, but still chooses to the ability to stay in touch with ment you spend with somebody.” P2JW365000-0-A01100-1------XA

THE WALL STREET JOURNAL. We dnesday, December 30, 2020 | A11 ARTS IN REVIEW

Rina Sawayama performing on Dec. 1, left; A.G. Cook in 2018, above; Laura Les and Dylan Brady of 100 Gecs in Nov. 2019, below

has been to avoid the middle The best hyperpop-influenced ground,” he told the magazine album of 2020 may have been American Songwriter in Septem- “Sawayama” by Japanese-British ber. “All the music that I’m most singer Rina Sawayama. The LP fea- attracted to is either what you tures contributions by founding PC would kind of call ‘mainstream’ or Music member Danny L Harle, but it’s pretty much on that ‘avant- its scope goes beyond the music of garde’ level.” that collective. It’s an odd but ar- This constant boundary-pushing, resting fusion of floor-filling dance whereevery gesturehas to be pop and crunchy guitars that takentoits logical endpoint, turns sometimes evokes nu-metal groups hyperpop intoapotent signifier like Korn. And while it stays true forlifeinthe digital era, but to the hyperpop ethos with its CULTURAL COMMENTARY there’sasweetnessatthe heart of crass hooks and art-splatter ap- it all that allows the abrasiveness proach to genre, Ms. Sawayama is to go down easy.While the blown- a steady vocal presence with genu- AGenre’sHappyExcess out distortion and general sonic ine personality. If hyperpop con- disfigurement canbealienating, tinues to grow in popularity, we the consistent return to the simple may see this record as a turning delightsofpop makes this music point, a blueprint for how this Hyperpop takes familiar sounds, manipulates and intensifies them seem celebratory. And the artists playful and pranksterish corner of themselves,manyofwhom identify the internet can be transformed as LGBTQ,often cluster in support- into something bigger. And should BY MARK RICHARDSON based collectiveand label PC Music, of social media in the early 2010s, ivecommunities,with PC Music as that happen, a new generation of but nowreaches much further: In pushes discourse to extremes. To an early model. All of which bodes bedroom producers will figure out nDec.4,electro-pop August 2019,streaming platform stand out and be noticed, you need well forthe futureofthis style. how to subvert the existing para- outfit100 Gecs released Spotify, responding to the growing to go further than others are will- Thespecifics of the sound aredes- digm while also glorifying the anew holiday-themed popularity of 100 Gecs,created the ing to. Hyperpop is the most tined to morph over time as new parts they love. song,“Sympathy4the hyperpop playlist to highlight this prominent musical manifestation practitionerstakeitup, but the OGrinch.” Thetrack by scene.Manyofthe tracks found in of this tendency. A.G. Cook likes to central idea of pushing pop as far Mr. Richardson is the Journal’s the duo Dylan Brady the site’ssurvey,which currently build his work from exploration on as it cangowithout obliterating its rock and pop music critic. Follow and LauraLes is an impossibly fast has almost 150,000 subscribers, are these outer edges. “My main thing pleasures will remain. him on Twitter @MarkRichardson. and frenetic number that welds the created by teenagers, some as pogoing bounceofska with the ex- young as 15.It’sastyle utterly of plosivechoruses of pop-punk while this moment that is also difficult to adding athick coating of distorted pin down, sinceitiscontinuously electronics to chirpy,pitched-up mutating. vocals.Likemanysongsby100 Mr.Cook and 100 Gecs had abig Gecs,it’spolarizing,beloved by year in 2020—as did hyperpop as a fans forits infectious energy but whole.The latterreleased aremix seemingly designed to clear the album, “1000 Gecs and the Tree of room of anyone who doesn’t con- Clues,” and itstwo members, indi- nect to their aesthetic.For those in vidually and collectively,produced the lattercamp,it’sasannoying as music formorethan adozensongs music gets.The genre? It’susually by others, including British singer called hyperpop,and 100 Gecs, Charli XCXand bawdyMaryland along with London producer A.G. rapper RicoNasty.A.G.Cook,who Cook,are among itsmost visible is Charli XCX’screative director, proponents. co-produced and co-wroteher ex- Hyperpop artiststakefamiliar cellent album “HowI’m Feeling sounds from electronic pop,rap and Now,” released in May; co-wrote danceand intensifythem through and co-produced “Shiver” by Jónsi, compression, exaggerating the ele- frontman of Icelandic dream-rock mentsthat scanned as “artificial”— band Sigur Rós; and issued two al- programmed drums,Auto-Tuned bums under his ownname,the 49- vocals,the blaring synths found in track “7G” and the concise “Apple.” videogames—tocreateacartoonish These arethe most visible prod- wall of noise that embraces catchy uctsofthe genre’scurrent wave, tunes and memorable hooks.The but the scene around the sound music zooms between beauty and goes much deeper and is fueled by (3)

ugliness, as shimmerymelodies col- the digital culturecreated by teen- ES

lide with mangled instrumentation. agers. AG IM

Thegenretag wasoriginally ap- It’s been said that the internet Y TT

plied in 2014toMr. Cook’sLondon- era, especially since the explosion GE

TELEVISION REVIEW |JOHN ANDERSON ‘The Watch’:Making FantasyFun

TERRYPRATCHETT’S Discworld, stayed within their quotas,they the setting of 41 novels by the phe- were immune to arrest or prosecu- nomenally prolific author,was car- tion. Crime ratesactually dropped. ried on the back of four elephants But the effect on the Watchwas and aturtle.Its TV incarnation, devastating.Dispiriting.Dissipating. “The Watch,” is carried by Richard Just look at Vimes. Dormer,Northern Irish actor and Therevitalization of the forceis “Game of Thrones” veteran. His effectuated by several near-simulta- Commander SamVimes,aswesee neous occurrences: There-emer- in episode 1, begins his career as an genceofCarcer, of course; the intro- idealistic member of what passes duction to the WatchofConstable forapoliceforce in the Discworld Carrot (Adam Hugill), afresh-faced locale of Ankh-Morpork.But after and very tall young lad who was the emptying of “9321 bottles of raised by dwarves (and tries rather booze,” the lossof“68,242 brain cluelessly to enforce what we’d nor- cells” and the neutering of lawen- mally think of as law); and the ar- forcement by the city’s administra- rival of Lady Sybil Ramkin (Lara tion, he has become acombination Rossi), aself-possessed and very ca- of Popeyeand Keith Richards,a pable all-around forceofjusticewho scowling,ambling,slightly addle- rankles Vimes but allies with him to pated detectivewho will still rise— track down Carcerand thwart drag- albeit with considerable difficulty— ons.Along with them arethe myste- to the occasion. rious Angua (Marama Corlett), who Theadvantage of adapting some- happens to be awerewolf; the foren- one as celebrated as Pratchett, who sics expert Cheery(Jo Eaton-Kent) died in 2015,isthat his work comes and, making an occasional cameo with abuilt-in fan base.The down- appearance, Death himself (Wendell side is that said base generally Pierce). takesits dystopianfantasy very se- Thefirst episode of “The Watch” riously,evenwork as comic as will playThursdayonAMC+, then Pratchett’s. And the fans already again during atwo-episode presen- have an idea of what it should look tation Sundaynight at 8p.m. on likeand who should playwhom. I Adam Hugill, Jo Eaton-Kent and Marama Corlett in ‘The Watch’ BBC Americawith subsequent epi- am no Pratchettauthority,but Mr. sodes materializing on AMC+ and Dormer presentsamorethan ac- BBC Americaevery Sunday. “The ceptable Vimes,with his antic co- conflicted CarcerDun (Samuel Ad- nected to the dragon attacks be- Morpork authorities: Shortly after Watch” can’t be takenasseriously medic flair,the fractured cowboy ewunmi) still be alive, when Vimes sieging the city? Vimes joined the Watch, the crime- as that erstwhile Sundaynight sta- rhythms of his gait and Clint East- sawhis old friend-cum-foe fall to And what of the City Watch, ridden city decided to recognize ple,“Game of Thrones.” On the up- wood-inspired cigarsthat migrate his death 20 yearsbefore? Howcan which Pratchettmade the subject of and authorizeguilds devoted to side,it’salot morefun. from one side of his mouth to the he not have aged aday?IsCarcer’s so manynovels? Behind everytruly specific illicit pursuits—a Thieves

other as he pondersthe great ques- evilplan somehowconnected to the memorable act of predictivefantasy Guild, an Assassins Guild, aDrug- The Watch ERICA

tions of his placeand time.Among magic afoot at Unseen University? lies aserious idea, Pratchett’sbeing PushersGuild, even an Alchemists Begins Thursday, AMC+and Sunday, AM

them: Howcan the villainous but And is amissing librarybook con- the benighted wisdom of the Ankh- Guild. As long as the malefactors 8p.m., BBC America BBC P2JW365000-0-A01200-1------XA

A12 | We dnesday, December 30, 2020 THE WALL STREET JOURNAL. SPORTS

JASONGAY All IWant for Sports in 2021? You!

Please forgive the Mariah Carey homage. The return of games underlines the madness still absent from the experience.

We’ve got a day or two left in 2020, but I’m ready to close out the tab and call it a year. How about you? Usually around now, I do one of those “Best of the Year” lists, with flow- ery superlatives about sports items I witnessed, but that doesn’t feel right. Enough with 2020. I’m good. You good? I bet you are. Let me pay the check and get us out of here. I miss you all. Every last one of you. That’s my big takeaway from 2020. I want everyone back. ASAP. Sure, sports came back. In March, we went suddenly from sports, to no sports, to nothing besides cage fighting, plus soccer in Belarus, a bit of sumo, maybe darts, and then, by late summer, almost every sport was rushing back, to the point it got ridicu- lous—we had baseball, basketball and Stanley Cup games colliding with football, plus tennis, the Tour de France, horse racing and that socially distant barbecue you got invited to which was fun but also a little weird. It was hard to keep track of. Maybe you followed every minute of sports in 2020. Maybe you ig- nored it altogether. It was an unprecedented shutdown and come- back, not without challenges and curious optics—no fans in the ball- parks; Covid-19 positives; canceled games; colleges charging into football at a time col- Columnist Jason Gay writes that he the thrill. leges were still closed to, misses seeing New York Jets fans, The last full-crowd, pre- you know, college. above, out in the wild. Left, fans at Covid-19 sporting event I attended It had to be done, we the Daytona 500 in February. was the Daytona 500, in February, were told. And a good which—though I had no idea at amount of it got done— for the teams that are on a ride. the time—was a comically optimal but not all of it. The other day, I wrote about the way to say goodbye to the tradi- Let’s have a word here Buffalo Bills—how about those tional sports experience. I went for the athletes 2020 left Bills, sticking it to the Patriots with my 7-year-old son, a nascent behind. If you’re one of again on Monday night?—and Bills gear head. One hundred thousand those people who didn’t fans are enthralled about their people—not distant, not in “pod” see the sport you play surging NFL club, they really are, seating, packed in, butts to butts. come back—if your college but you can tell there’s a little bit Traffic stretched for miles. Parking or high school shut it of melancholy, too, because they was a hassle. The President of the down, or the youth soccer have this magical team and there’s United States came, did a lap program never launched, no one inside to witness it. The around the track, told the gentle- or the neighborhood 10K New York governor is making men to start their engines. The got postponed, or maybe noise about letting fans into the Florida sky opened up, and it S

it was the golf trip you’d stadium, but who knows. poured. Everyone was told to come PRES planned for half a de- Games without fans really strips back Monday. ZUMA

cade—you have my empa- the experience down to economic We came back. Racing fans saw P/

thy for a lousy situation. It stinks. I need it back. I miss the sea of spell, because if they’re not, some- necessity. It turns into a real es- my young son there—racing fans AS It’s easy to turn on the TV and humanity that makes a sporting one is going to take a photo, and tate closing. love a rookie—and they correctly CE/ AR

think sports are here, but only a event as much of a carnival as it is they’re going to be made fun of for I want it to return, as soon and sensed his dad was some kind of A. fraction are. A lot of athletes, es- a competition. I know some teams the rest of their lives. as safely as possible. I even want idiot who didn’t know a thing

pecially the ones you don’t read are bringing fans back in a limited I miss seeing Jets fans out in the stuff I used to loathe. Here’s a about racing, and so they helpfully EPHEN ST

about in the newspaper, are still way, but I crave the whole, unregu- the wild, even if Jets fans are little secret about what it’s like to pointed out things on the track his S; waiting. lated deal, the pre-games, the steamed at the Jets for biffing cover a sporting event right now: dad wouldn’t have noticed in 1,000 And none of it is the same. post-games, the tailgates and the their chance to draft Trevor Law- it’s really, really convenient. Barely years. He learned a ton. He was PRES That’s where everyone comes in. way a good college town levitates rence. Remember: “Being steamed anyone is allowed to go, so there’s enthralled. I thought he would get TED

We had a lot of time this year to on game day. I need people outside at the Jets” is a Jets fan’s natural, nowhere near the usual traffic. bored, but he never did. We left OCIA SS

think about what sports meant to the game who are not going to the resting state. I know everyone’s Parking’s a cinch. There are no full. We agreed to come back. It /A us—and when they came back, to game. I need people arguing in the making fun of the Jets on social lines. You just show up and go in. won’t be 2021. Daytona has an-

empty arenas with new protocols street about whether Alabama is media, but an online outburst can- You get out in a hurry, too. nounced it will be a limited crowd, WENIG and amended schedules, we could overrated. (They’re not.) I need not replicate the agitation you get I never thought I’d complain socially distant. SETH

see immediately what was missing, the shirtless guys making sure in the flesh from someone who’s about no traffic and easy parking, I want it all back, soon. I think P: and that was all of us. they’re in the proper order to spell been waiting since Namath. but here I am. It isn’t even a 10th all of us do. I hope to see you TO OM

The crowd. The throng. the word they’re intending to But I really miss the happy fans, of the experience. It’s missing all there. FR

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EVADEENDED DST P2JW365000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 30, 2020 | A13 OPINION The Slow Birth of Covid Realism BOOKSHELF | By David P. Barash

Italy,last asymptomatic) Covid. protect the most vulner- The Branching seen trying Anyalert person able first. to prosecute knewfromthe get-go Forall their talk that government that, amid the exigencies no cost is toogreat to scientistsfor of Wuhan, Chinese doc- save alife, the actual be- Tree of Life failing to tors were failing to de- havior of our elected of- BUSINESS forecast an tect mild cases,and that ficials has made clear WORLD earthquake, thousands of these cases that the one thing they The Story of Evolution in 25 Discoveries is nowpio- were likely being ex- believetheir careers By Holman W. neering the ported to the world. can’t tolerateisabreak- By Donald R. Prothero Jenkins, Jr. use of crimi- Whatever thehorrorsin down in hospital care (Columbia, 360 pages, $35) nalprosecu- Wuhan’s hospitals, they forCovid patientsand

tors to examine the country’s happened not because GES others. he great but grumpy biologist J.B.S. Haldane wasonce Covid-19 response.Italy as a Covid-19 is an extrava- IMA I’veinformally ad- T asked what evidencewould disproveevolution, where- countryranks lowonevery in- gantly deadly respira- opted BrownUniversity’s upon he growled: “Fossil rabbitsinthe Precambrian.” He dexofefficient, accountable tory infection. They hap- GETTY Ashish Jha as my metric wasreferring to the evolutionaryfact that complexmulticellu- governmentsand effectivele- pened because aflu-like MA/ forrealism’sgradual un- lar creatures came along later than simple,unicellular ones.A TA galsystems.Criminalizing pol- disease had been al- furling. In his latest me- bit surprising,perhaps,that one of the foremost evolutionary

icydisappointmentsand man- lowedtospread unrec- MARIO diaappearances,hein- geneticistsofthe 20th centuryimmediately reached forapa- agerial errorsisasymptom of ognized formonths in an A Covid Christmas tree variably nowstresses leontological example,but Haldane’sreply waswell-suited for this failure, not itscure. urban population unpro- unseen spread, the im- public consumption, because then—as now—when most peo- Still, the particularsofthe tected by any prior immunity thelatestexample,aJohns practicality of the lockdown ple thought of evolution, they were likely to conjureimages indictment being sought by or vaccine. Hopkins study finds that in solution, arole forherdimmu- of dinosaur fossils. relatives of early victims will Yetitinstantly became a latespring in Maryland, when nity in supplementingvaccina- Donald Protheroisaresearch associateinvertebrate ring bells formanyAmericans: U.S. journalistic trope to ac- “confirmed” cases were less tion to end the pandemic— paleontologyatthe Natural HistoryMuseum of LosAngeles the shipping of infected per- cuse anyone mentioning the than 1% of the state’s popula- even if he also occasionally County.When Ilearned he had writtenabook that examined sons to nursing homes,failure flu of “downplaying” the new tion, 10% of autopsies showed utters imprecations against 25 different discoveries relating to evolution, I assumed disease—downplaying any- evidenceofCovid infection—a these opinion pages for mak- that he,likeHaldane,would deploypaleontologyinmaking his thing being the worstsin in rate that applied equally to ing the same arguments case.Mr. Prothero’sbook is indeed tilted toward examples Can we now admit journalism. auto-accident victims and peo- months ago. from the world of ancestral creatures,but, refreshingly,also Inexplicably,authorities,in- ple who died of natural causes. When it’sover, countries guides the reader through impressivediscoveries in embry- that herd immunity cluding the World Health Or- As the pandemic has unlike Germanyand Sweden, ologyand molecular genetics. and vaccines will ganization,insisted on pro- folded, only deeper has be- which have hardly been spared “The StoryofEvolution in 25 Discoveries” is aparade of moting afatalityratethey come media revilement of any- Covid’sravages,Isuspect will self-contained vignettes, oftenincluding biographical sketches work in tandem? knewwas exaggeratedbecause one who pointed out that the be seen as theleast-bad mod- of the scientistswho made and interpreted each discovery. of the failuretoaccount for death risk wasbeing exagger- els.And forreasons American This particular storybegins (likeeverything else) with the big mild infections.Tothis day, ated,that the lockdowns were leaderswill be loath to admit: bang,followedbythe fascinat- to test patientswho couldn’t U.S. officialdom and the media not sustainable due to the They treated theirpeople like ing tale of howsciencegradu- be connected to China, failing dwell on anearly meaningless costs they imposed on people adults. They leveled with their ally came to understand the age to order lockdowns sooner, “confirmed” case count, know- who were at lowrisk,that our citizens about Covid’sinevita- of the Earth: From biblical worrying about the potential ing full well that doing so is effortswould be betterin- ble spread. They skimpedon literalism; through Lord Kelvin’s impact on businesses. innumerate and unstatistical. vested in shielding those at the baby talk,virtue signaling, famous underestimate, in the TheU.S.remains in asimi- It’samystery and my only ex- high risk of abad medical out- or anyresort (especially prev- 1890s,of20million years; to our lar phase of denial, with every planation is that they are come. alent in the U.S.) to trying to current understanding of 4.5 failurerelated to testing,mask afraid to stop because it por- Thehostility is even greater mislead asupposedly infantile billion years. Then comes a promotion, etc.,spun as a trays the disease as more nowthat these views have public for its own good. whirlwind tour of evolutionary missed chancetoextinguish deadly than it is (supporting been adopted implicitly and These countries worked no changeasitoccurs, in real time, Covid altogether.When the re- the case forurgency) and also unavowedly almost every- public-health miracles nor any among microbes,plants, insects, ality principle intrudes,here’s less prevalent than it is (sup- where in obedience to the re- miracles of the self-isolating fish, birds and mammals,obliter- suspecting the greatest failure porting the case that it can ality principle.The lockdowns sort that appealed in the an- ating the creationist canardthat will be the one we areleast somehow be contained). were unsustainable. Low-risk tipodes.Wherethey succeeded evolution hasn’t even been willing to acknowledgeor Aparade of conclusivecon- people were unwilling to wasineliciting the intelli- witnessed, let alone studied. even understand: It began traryindicatorsisnot so much maintain energetic social dis- genceoftheir people, their in- Some of the most impressive with our strangereticenceto unreported as simply uninte- tancing through the summer telligent adaptations,tomake evolutionarystories involvecommon body plans,technically acknowledgethe reality of grated intothe picturesold to andfall. Vaccines are being the Covid trial as bearable as known as homologies.Thanks to Mr.Prothero, Inow know mild (and,asitturned out, the American public.Togive rolled out nowexpressly to possible. that Aristotle firstnoticed this widespread phenomenon, of which Darwin wrote: “What canbemorecurious than that the hand of aman, formed forgrasping,that of amole for digging,the leg of the horse,the paddle of the porpoise,and A Start at Bridging the Partisan Gulf the wing of the bat, should all be constructed on the same pattern, and should include similar bones,inthe same relative As this diffi- the unpaid promissorynoteto pointofthe sword,orwith- dress: “In this present crisis, positions?” Curious indeed. And strongly suggestiveof cult year black Americans in the princi- drawalintofaith communities government is not the solu- common descent—or,for anti-evolutionists, of aCreator’s slinks to its ples of the declaration. Ibe- whose existence is protected tion to our problem; govern- insistenceonsticking with the same divine blueprint, or unlamented lieveinAmericathe way that by thepolity their members ment is the problem.” Reagan “archetype,” even when other moredirect routes should have end, Ihave Bill Clinton did when he de- scorn. never said that government been available.The Darwinian storyprovides scientific insight felt compelled clared in his1993 inaugural Thefar leftand the far would be the wrong response into why homologies occur,whereas the theological story POLITICS to ask myself: address, “Thereisnothing right offer symptoms,not so- to everyfuturecrisis.He simply reiterates that they occur. & IDEAS What do I be- wrong with Americathat can- lutions. spokeofthe problems the And on we go, to the embryonic similarities of otherwise lieve so much not be cured by what is right Then thereare political countryfaced as he took of- distantly related creatures (“ontogenyrecapitulates phylogeny”) By William that if neces- with America.” conservatives—including pop- fice 40 years ago. and then biogeography(“the sinking of Noah’sArk”), which A. Galston saryIwill There are those who don’t ulist conservatives not in As aliberal, Ibelievethat shows,among other relevant findings, that the floraand fauna fight foritthe believethat Americaeverwas, thrall to the myth of aGolden government inspired by past of islands resemble those of nearby continents—a phenomenon way America’srevolutionaries or ever can be, worthy of de- Age—who agree with political successes but chastened by that wouldn’t necessarily be expected if each had been aspecial, did, with their lives, fortunes votion. On the far left, some liberals that American princi- past failures is essentialfor independent creation. Thestory of lifecontinues,detailing how andsacred honor? And how arguethat Americaisirre- ples are sound—but disagree addressing the crises of the living thingswithin natural categories sharethose common do my beliefs comparewith deemably marked by slavery, present. Idon’t see howthe body plans,or, as Darwin put it, how“organic beingshavebeen the widening spectrum of be- conquest and genocide. They equal protection of the laws found to resemble each other in descending degrees,sothat liefs about America? are right that we should seek Fringes aside, the canbeguaranteed to all with- they canbeclassed in groups under groups.” As aresult, in- Manypopulist conserva- to understand and to teach out government action that stead of being arbitrary, our system of biological classification tives believethat Americawas historyfully,without glossing right and left can secures rightsand rights conforms perfectly with the nested, branching patterns of evo- at its best in the 1950s, when over itsbrutalities.But it is compromise based wrongs. Idon’t see howop- lutionaryrelationships demonstrated by anatomy, physiology men were men and women one thing to be honest about portunity canbeequal with- and genetics.Moreover,asMr. Protheropointsout, “iflifehad were women, manufacturing the past, another to use it as on shared principles. out agovernment that guar- been specially created rather than evolved, therewould be no dominated the economy, white proof of anational original sin antees education and training reason forthe molecular systems to reflect this pattern of simi- Christians dominated the cul- that cannever be expunged. forall and ensures that dis- larity seen in megascopic features...[and] not even Darwin ture, patriotism was unques- At the end of this road is de- with liberals about the best crimination doesn’t close the could have dreamed that the genetic code of everycell in your tioned, and divisive social is- spair—or revolution. ways of putting these princi- doorsofopportunity for body also shows the evidenceofevolution.” sues hadn’t entered the public On thefar right thereare ples intopractice. It is dia- some.Idonot see howthe agenda. those who giveAmerica’s logue between these two general welfarecan be pro- IbelieveinAmericathe original sin adifferent name— groups that offersthe best motedwithout collectiveac- Biological classiﬁcation conforms perfectly way liberals do—not as per- liberalism. They claimthat the hope for the future. tion to abateills that individ- withthe patterns of evolutionaryrelationships fect, but capable of being Declaration of Independence Iamaliberal because Ibe- uals acting on their own made “moreperfect.” Ibelieve inspired by John Lockehas lievethat the liberal under- cannot address. evidenced by anatomy, physiology and genetics. in America the way Abraham led us down the primrose standing of what needs to be Government doesn’t always Lincoln did at Gettysburg path. Apolity based on indi- done is preferable to the con- mean the federal government. when he promised anew birth vidual rightsliberates appe- servative understanding. But Nor does it mean government We meet various vestigial organs—“mutewitnesses of the of freedom built on the foun- titesand destroys morality, as aliberal, Imust remain alone. It means levels of gov- past,” Mr.Protherocalls them. These include such otherwise dationofthe Declaration of they say, and the civil lawcre- open to the possibility that ernment, ofteninpartnership inexplicable ones as the pelvis and leg bones of whales and Independence. Ibelievein ated to protect liberty be- the evidencewill proveme with privateindustryand civil snakes,the wingsofflightlessbirds,and the human coccyx Americathe way Martin Lu- comes the source of itsde- wrong.Ibelievethat many society.Asanew president (tailbone). He enumerates transitional forms galore, such as ther King Jr.did when he struction. At the end of this conservatives sharethis view. takesoffice, howbest to do Ambulocetus (“walking whale”), Tiktaalik (a critical inter- rooted his dream in the Amer- road lies theocracy, which Recallthe wordsofRonald this is thedebateweshould mediatebetween fish and amphibians) and, of course,the ican dream and denominated could only be achieved at the Reagan’sfirst inaugural adbe having. manydistinct species linking early apes and Homo sapiens— which should put to rest the assertion that such “links” are “missing.” (Therewill always be gaps,because whenever a made-to-order,in-between fossil form is discovered, this America Is Willing to Pay for Change produces two new“missing links.”) Mr.Protheroalso provides an excellent account of howevo- By Stephen Moore ing away,eveninthe digital them in forcash at coin recy- dium—scarcity and conve- lution produces highly complexadaptations—eyes, forexample— age—though it’squartersin cling kiosks.” He says that pro- nience. Those who offer these as well as how, rather than being “intelligently designed,” many aking changeused to particular that areinhigh de- duction of coins is rising now services makeagood buck so animal bodies arealmost ludicrously jury-rigged, aphenomenon M be abit of ajoke. A mand. Americans still need given the demands. to speak forbeing in the right attributable to the historical and embryological constraintsim- memorable “Saturday coins at laundromats, to pump As usual, the free market is placeatthe right time.Isn’t posed by the evolutionaryprocess.For example,only a Night Live” parody ad in 1988 air in their tires at gasstations way ahead of the government. capitalism wonderful? thoroughly incompetent designer would have made the left imagined the “First CityWide and forold fashioned parking Customersatthe Pennsylva- Butdon’t tell Rep.Alexan- laryngeal nerveofgiraffes require14extrafeet of length— ChangeBank,” which gaveits meters.It’scostly to retrofit nia-based Wawa convenience- dria Ocasio-Cortez or Sen. looping from the upper neck down to the heart and then back customersthe denominations coin-operated machines. storechain canchangetheir Elizabeth Warren.Neither has up again—or pushed the human urethrathrough the prostate, they want: “Ifyou come to us coins forbills and come away yetcommented on the black or united eating and breathing in such away as to cause death with a$100 bill, we’renot go- with afreecoffee.For one market coin collecting,but so- when people accidentally inhale while swallowing food. ing to giveyou 2,000 nickels— Covid-19 worsened week in July,the Community cial-welfarecritics Iknoware This book accomplishes anearly impossible double-task: unlessthat meetsyour partic- State BankinWisconsin gavea already howling about “price it conveysenough information to serveasanintroductory ular changeneeds.” a shortage of coins. $5 bonus forevery $100 worth gouging” that hurtslower-in- undergraduatetextinevolution while also fascinating the Nowadays getting the Capitalism is solving of coins turned in. My son tells come consumers. Will the do- general reader.Though Mr.Protherowill not changethe mind changeyou want is no laugh- me that SanFranciscoeven goodersinCongresstry to of anycreationists,his persuasiveand accessible accounts ing matter. In manycities mak- the problem. has an activesecondarymar- makeitacrime to charge five will not only delight the scientifically literatereader but may ing changehas become acash ket of enterprising entrepre- dimes or adollar bill fora influenceopen-minded fence-sitters,those teetering between cow forsome because of the neurshanging out and serving quarter? religious dogma and empirical reality. great U.S. coin shortage. Covid Don’t panic.Washingtonis as,well, “changeagents.” A Don’t laugh. Thefeds have An epigraph forthis book comes from the pioneering has limited banks hoursand coming to the rescue with its couple of quartersgofor as already set pricecaps on ATMs evolutionarygeneticist Theodosius Dobzhansky: “Nothing in shut down the retail busi- usual turtlelikeagility.Offi- much as adollar,aroll of 40 and short-term payday loans. biologymakes sense except in the light of evolution.” We can nesses that oftenreturn coins cials at the U.S. Mint concede for$11 or $12. These restrictions will only makethis wise observation moreaffirmativeand no lesstrue: to circulation. It doesn’t help that “sometimes coins arenot What we have hereisaba- hurt consumersinapinch and Everything in biology makes sense in the light of evolution. that Americans have aten- readily available.” TheMint’s sicEconomics 100 lesson on makeitharder to wash your Moreover,itmay not be toooptimistic to go further yet: In the dencytodump coins in shoe- director,David J. Ryder,has supply and demand. People clothes. light of Mr.Prothero’sfine book,the reading public is better boxesand never use them askedconsumersto“help get will paymorethan 25 centsfor equipped than ever beforetomakesense of evolution itself. again, keeping manyin-circu- coins moving by using exact aquarter forthe same reasons Mr. Moore is an economist lation quartersand pennies se- change when making pur- they pay$4toget $60 from an at FreedomWorks and aco- Mr. Barash is aprofessor of psychology emeritus at the questered. chases,taking your coins to fi- out-of-network ATMor$7for founder of the Committee to University of Washington. His most recent book is “Threats: Nickel-and-dimingisn’t go- nancial institutions,orturning aBudweiser at afootball sta- Unleash Prosperity. Intimidation and Its Discontents.” P2JW365000-0-A01400-1------XA

A14 | We dnesday, December 30, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Scapegoating Walmart EbenezerScrooge Can’t Be Made Into aHero

ne benefit of the Trump era has been Walmart notes that the DEA has suggested Phil Gramm and MikeSolon’s“In abundanceunimagined in 1843,when therelativeabsenceofdubious law- that some combinations of opioids never have Defense of Scrooge, Whose Thrift Charles Dickens wrote“AChristmas O suitsagainst business. An exception is alegitimatemedical purpose and should never Blessed the World” (op-ed, Dec.24) Carol.” Thanks to capitalism, the is awitty and intelligent defense of poorest of the poor todaycan expect the JusticeDepartment’snew be filled. Yetthe Centersfor The feds seek billions in capitalism with amoral error.The to livelonger and betterlives than suit against Walmart for fill- Medicare&Medicaid Services genius of capitalism is that it har- could aking back then. ing opioid prescriptions. penalties for filling valid continues to coverthese opi- nesses human greed to the common Scroogeistold by Marley and the Thelawsuit in federal oidcombinations and wants good—but greed itself remains asin. Ghost of Christmas Present that his court in Delaware claims that opioid prescriptions. such prescriptions to be evalu- We arereminded of this everytime a true “business” ought to be serving Walmart “failed to detect and ated basedonindividual medi- companyuses foreign slave labor to mankind. What Marley andthe spirit report at least hundreds of calcircumstances.Walmart bring down prices or calculates that don’t realizeisthat by minding thousandsofsuspicious orders” and that as filed apre-emptivesuit in October seeking clar- the lawsuitsarising from asafety one’sown businessone does serve apharmacyit“unlawfully filled thousands ity about the standards forhandling prescrip- glitch will cost it lessthan fixing the mankind. upon thousands of invalid controlled-sub- tions,but it has received no answers. danger beforeanyone gets hurt. It BENJAMIN WESTFRIED stance prescriptions.” These actions enabled TheDOJ complaint also includes morethan maybegood business, but it’sbad Plano, Texas living. opioid abuse and “helped fuel anational cri- 190 mentions of “red flags” about suspicious Capitalism is aboon to humanity, Messrs. Gramm and Solon’sde- sis,” the feds say. opioid prescriptions. It claims Walmart often but Marley wasright: Mankind re- fense of Scroogeisamusing but mis- Thecomplaint alleges violations of the Con- didn’t adequately resolvethem and sometimes mains our businessaswell, and fair- guided. They portraycapital accumu- trolled Substances Act and its accompanying knowingly filled illegitimateprescriptions de- ness, honesty and generosity should latorssuch as Scroogeasthe regulations,but it is really a160-pageexercise spite the warnings. But Walmart notes in its govern the heart even in the pursuit protagonistsofthe Industrial Revolu- in scapegoating a company because it is well- lawsuit that the Controlled Substances Act “and of profits. tion, which they reframe as the “Mar- known and has deep pockets. Walmart doesn’t itsimplementing regulations do not include the It’safallen world. No system will ketRevolution.” push pills on opioid addicts. Itspharmacistsfill concept of redflags, let alone identifyany par- fixit. Socialism errsinthinking it Thestory of the Industrial Revolu- valid prescriptions writtenbydoctorswho are ticular factors as a red flag.” canforce sinful humans to be what tion’srising productivity isn’t simply licensed by their states and registered with the Thefeds trytoside-step this problem by they arenot. Capitalism errsinthink- the sum of capital and labor.Econo- Drug Enforcement Administration (DEA). claiming that, under the Controlled Substances ing that putting sin to good use will mistslink it to high wages, easy ac- transform it intovirtue.The only cess to coal, English law, acultureof When Walmart’spharmacistscatch apre- Act andregulations,“the pharmacist’sconduct true solution to our fallen state, as tinkering,the Scientific Revolution scription that appearsfraudulent or forged, must adhere to the usual course of his or her TinyTim knew, is to “remember upon and colonialism. Thegains in produc- they aretrained to refuse to fill it and docu- professional practice as apharmacist.” The Christmas Day, who made lame beg- tivity,which allowedfor morepeople ment the incident. Walmart says it has passed complaint argues that catching and resolving gars walk,and blind men see.” to be betterfed, also made Scrooge’s tens of thousands of leads about suspicious “red flags” for opioid prescriptions is “a well- ANDREW KLAVAN Malthusian philosophyofdecreasing prescriptionstostate and federal lawen- recognized responsibility of apharmacist in the Los Angeles the “surplus population” anachronis- forcement. It'sthe job of the DEA and state professional practiceofpharmacy,” so “failing tic and morally repugnant. medical boards to investigateand revoke doc- to fulfill this responsibility” is aviolation of the “In Defense of Scrooge” is acredit DAVID BEFFERT tors’licenses and prescribing privileges if federal law. to Messrs. Gramm and Solon’sguts, Portland, Ore. there’swrongdoing. All of this raises constitutional issues based but it goes much toofar when it creditsBritain’s19th-centuryeco- Messrs. Gramm and Solon missthe Yetthe DEA rarely imposessuch restric- on a lack of legal standing. A negligence claim nomic success to miserly merchants. differencebetween alifethat is ethi- tionsonphysicians,and Walmart has no au- like the one alleged here is supposed to have Theauthorsmakenomention of the caland alifethat has meaning and thority to act on itsown. When pharmacists aspecific party claiming aspecific injury companies and people who produced purpose.Noone lays on his death have refused to fill questionable prescriptions, caused by someone specific.Those aretypically the goods and services that Scrooge bed and says to himself: If only Ihad doctorshavesometimes sued fordefamation claims by one private party against another. traded, nor of the firm bonds of fam- spent more time in the office. If only I and patientshavesometimes sued fordiscrim- The government can sue for violations of law, ily,society and nation that underlay had done afew more deals. At the ination. Several states have prohibited phar- not because someone was negligent. The gov- their productiveefforts. end of lifewelook back and regret macistsfrominterfering with the doctor-pa- ernment’sclaims of Controlled Substances Act SCOTT FITZGIBBON the meaningfulthingswemissed: If tientrelationship by second-guessing valid violations are so general that they seem con- Belmont, Mass. only Ihad been abetter husband or prescriptions. trived to add some violation of law. father. If only Ihad done more for No federal lawsupersedes these statelaws. In effect DOJ is asking the federal court to It doesn’tseem to be generally un- my community. Thechallengeisthat derstood these days,especially while we areliving our lives we get Instead, the DEA has issued informal guidance overrule state law in favor of informal federal among the young,that capitalism and so caught up in the ratracethat we on howpharmacistsshould ascertain whether guidanceand avague notion of pharmaceutical itsprofitmotivecan take credit for forget what is truly important. an opioid prescription is medically legitimate. best practices.This harassment wastypical of lifting agreat deal of mankindout of ELIYAHU KAUFMAN But this guidancedoesn’t carrythe forceoflaw the Obama erabut it’sespecially disappointing poverty and bringing riches and Dallas or regulation, and it has sometimes contra- from the Trump JusticeDepartment.The Biden dicted other federal guidance and statements Administration will be happy to run with this on opioid dispensation. prosecutorial abuse. The Vaccine Is Here.Can We End Lockdowns? In Jay Bhattacharya and Sunetra ing that, given appropriate precau- China Jails a Covid Reporter Gupta’s “How to End Lockdowns Next tionary measures, we can make Month” (op-ed, Dec. 18), hope tri- school safe for students and their Chinese court Monday sentenced 37- “Maybe I have a rebellious soul . . . I’m just umphs over fact. In arguing for an teachers. year-old Zhang Zhan to four yearsin documenting the truth. Why can’t I show the end to lockdowns once vulnerable PROF. LAWRENCE F. MARSHALL A prison for “picking quarrels and pro- truth? Iwon’t stop what I’m doing because this populations have been vaccinated, University of California San Diego voking trouble,” but her real country can’t go backwards,” their analysis assumes that there is a School of Medicine offense was telling the truth ‘Why can’t I show the Ms.Zhang said in one video binary outcome from Covid-19 infec- La Jolla, Calif. aboutthe government’searly truth?’ Zhang Zhan clip obtained by the BBC. tions: Either it kills you or it’s no mishandling of Covid. In mid-May, Ms.Zhang threat at all. Dr. Bhattacharya has unique exper- Ms.Zhang rushed to Wu- dared to ask. went missing,and her friends Follow-up studies, however, have tise as a professor of medicine and an han in early 2020 to report on learned she’d been arrested. demonstrated that long-term cogni- accomplished economist. Unlike most the coronavirus outbreak and Herlawyerssay authorities tive and behavioral problems are other medical experts, including An- common, affecting up to 20% of hos- thony Fauci, Dr. Bhattacharya is qual- the government’s response. She visited hospi- have restrained and force-fed her aftershe went pitalized survivors and up to 10% of ified to consider the effects of sweep- tals and crematoriums, interviewed terrified on a hunger strike. Zhang Keke, her attorney, patients with a much milder disease. ing Covid restrictions on health and Wuhan locals,posted morethan 120 video clips has described how she recites passages from There are a significant number of the economy. As such, he has a more on YouTube, and shared her insights with for- the Bible forcomfort but “feels psychologically Covid patients who are left with robust appreciation of the risks and eign media. On Twittershe observed that “the exhausted, likeevery dayisatorment.” Ms. chronic respiratory problems, chronic trade-offs involved with lockdowns. party flagsand redsymbols at manyneighbor- Zhang appeared in court Monday in a wheel- anosmia and cardiac sequela, and Much of our nation’s trust for an hood entrances all indicatethat epidemic-pre- chair, her lawyers said. these problems aren’t limited to the appropriate response to Covid-19 has vention isn’t important. Protecting regime sta- Officials barred journalists and foreign ob- elderly. The rest of the population is been placed in medical experts who bility that has been impacted by the pandemic servers from attending Ms. Zhang’s trial and also at risk and must be protected, have focused almost exclusively on is the actual goal.” sentencing. Beijing hopes the West is too dis- even if immediate death isn’t likely. medical imperatives. Many were un- Ms. Zhang’s reporting came as Beijing was tracted to payattention, but SecretaryofState Most Americans would love to see derqualified to consider the overall the end of our public-health mea- effect on other components of soci- trying to gaslight the world intobelieving it had MikePompeo condemned this “sham prosecu- sures, but this is far too soon. What ety. Perhaps we would all be better responded to the outbreak competently and tion and conviction” on Tuesday. Western jour- we can do is return children under 16 served if the experts would allow us transparently.She knewthe risks of contradict- nalistswho endorse Communist Party attempts to school. We have sound data show- to weigh risks and make some deci- ing the official narrative. She had reported on to intimidateWestern critics canlearn from Ms. sions on our own next time. the disappearance of other journalists. Zhang’s brave example. JONATHAN FEAZELL Can We Address Race, IQ Cincinnati McConnell at the Bridge And Intellectual Cowardice? In “An Intelligent Discussion One Solution to the Problem resident Trump has always put his per- lins also did better in Maine. Meanwhile, Mr. About Race and IQ Is Possible” (Up- Of Enemy Computer Hackers sonal interestsabovenearly everything Trump’spersonal and political unpopularity ward Mobility,Dec.16), Jason Riley is right to highlight the work of News of “Russia’s SolarWinds P else,and Republicans arepaying the po- helped to drag down incumbent Cory Gardner James Flynn. Thelateresearcher of Hack” (Review & Outlook, Dec. 19) litical price. Mr.Trump lost in Colorado. the complexgenetic and environmen- compounds my amazement that the his re-election bid to Joe Bi- The Senate leader tries With two Georgia Senate talfactorsrelating to intelligencebe- U.S. continues to connect highly sen- den, and nowhemay cost Re- to minimize the harm runoffs looming on Jan. 5, Mr. lieved, as Mr.Riley putsit, that sitive systems to the internet. I hear publicans the Senate too. Trump seems intent on hurt- “dodging difficult topics wasintellec- the response already: We can’t possi- Mr.Trump lost his re-elec- from a vengeful Trump. ing GOP chances while blam- tual cowardice.” That brings to mind bly go back—it would take so much tion bid even as Republicans ing Senateleadersinadvance cancel culture, the apotheosis of in- time to move information. Yes, it did betterdown-ballot be- if the Republican incumbents tellectual cowardice. Does the need would. But how many more times will cause morevotersliked his policies than liked lose. Never mind that he has put Republicans to shut down discussion, out of fear we be robbed blind of defense secrets him. ThePresident hewedtoalargely conser- on the spot by siding with Democrats on the or plain rage,haveits rootsinge- and other precious assets before the netic or environmental factors? We convenience of instant access begins vativeagenda as long as he needed to main- $2,000 checks. should study that, too. to seem too costly? tain GOP support. But nowthat he’ll soon Mr. McConnell tried to navigate this mud- TOM O’HARE DAVID MILLER leave Washington, he’sthrowing that over to slide from Mar-a-Lagoasbest he could on Tues- Charlestown, R.I. Springfield, Ill. punish Republicans and anyone else who re- daybyannouncing he’ll hold avoteonthe fuses to indulgehis fantasies about overturn- checks and Mr. Trump’s other demands in the Mr.Riley quotes Flynn’sremark: ing the election. future. Thebill could include the $2,000 checks, “Toadvise scholars that they should Pepper ... That’s the only explanation for his decision plus arepeal of Section 230 of the Communica- not systemically investigateraceand And Salt to join Bernie Sandersand Chuck Schumer in tions DecencyAct, plus an investigation of IQ seems to me to raise the question pushing for$2,000 Covid relief checks afterhis voter fraud. of what we areafraid of.” The THE WALL STREET JOURNAL own negotiators had settled for $600 and the This is the right policychoice, sincethe Trump erahas provided abit of clar- bill had passed Congress. Mr. Trump is trying $2,000 checks are unnecessary and the truly ity on howone might begin to an- swerthat. We aren’t afraid of the ev- to punish Mitch McConnell, the Majority needy have access to expanded joblessbenefits, idenceorthe truth about racial Leader,and John Thune,amember of the Sen- food stamps,child-caresubsidies and much differences.Weare afraid of individ- ate leadership, because they have recognized more. As forthe politics,this is damagecontrol. uals who wield great powerand that Mr. Biden won the election. Georgia SenatorsKelly Loeffler and David Per- demonstratelittle appreciation of “Can youimagine if the Republicans stole due quickly endorsed the $2,000 checks, and the finer points. Do we need to go aPresidential Election from the Democrats- Mr. McConnell will take the heat for blocking public with findingsthat we know All hell would break out,” Mr.Trump tweeted them. The Majority Leader knows most GOP will be used to substantiatedis- on TuesdayfromFlorida. “Republican leader- Senators oppose adding another $350 billion torted conclusions? ship only wantsthe path of least resistance. or more to the federal deficit while setting an BERNARD RODDY Our leaders(not me,ofcourse!) arepathetic. awful precedent for the next recession. Chicago They only know howtolose! P. S. Igot MANY We’ll see how this plays out in Georgia, but Lettersintended forpublication should Senators.” the fault hereisn’t Mitch McConnell’s. Thepo- be emailed to [email protected]. Please Actually, GOP Sen. David Perdue won more litical damage to the GOP comes from Donald include your city, state and telephone votes and a bigger vote share than Mr. Trump Trump, who is lashing out at all and sundry in number.All letters aresubject to did in Georgia, and Mr.Trump wasthe firstRe- defeat—no matterifitalso helps to elect a editing,and unpublished letters cannot “Those are photos of the men be acknowledged. publican to lose the statesince1992. Susan Col- Democratic Senate. I replaced on my way to the top.” P2JW365000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, December 30, 2020 | A15 OPINION The Oil Industry Is Stuck in Virus Alley

By Daniel Yergin carand plane.That led to aplum- panies to slash spending and cut way meting of global oil demand and a back on drilling.U.S.production go- hen will oil sustain- pricecollapse that sawprices go ing into2021 is about 11 million bar- ably breakout of the “negative,” or belowzero, as produc- rels aday—two million lowerthan “Virus Alley”—that erspaid people to take their oil away the astonishing high point of 13 mil- W $40 to $50 band that because storagetanks were filled to lion registered in February. Still, it is hasheld oil prices in overflowing. morethan double the production check formonths? That’sQuestion Therebound from negativeprices level of 2008,when the shale oil rev- No.1going into2021 foranoil in- andthe stabilization of the market olution wasabout to begin. TheU.S. dustrythat has dramatically re- wasmade possible by unprecedented remains the world’s largest oil pro- trenched and investorswho have production cutsbythe group that ducer,well ahead of Russia and abandoned the sector because of a calls itself OPEC-plus—the 13 Organi- Saudi Arabia. lack of returns.Itwill also determine zation of the Petroleum Exporting Theshale industrycontinues to when U.S. shale recovers from its Countries,led by Saudi Arabia, and a consolidateand changehow it oper- pandemic malaise and resumes group of 10 other producing nations ates because it recognizes that the growth. led by Russia. That U.S.-brokered time when growth could be the only Only ayear agoprospectslooked agreement gotoil prices up intothe focus is over.Inthe future, the in- pretty good. Optimism about the $40 to $50 rangeofVirus Alley, KI dustrywill also need to focus on re-

world economy at the beginning of blocked at one end by the virus and at OWS ducing costsand assuring investor ZL

2020 had a barrel of Brent crude at the other by the uncertain prospect KO returns.When thereisconfidence

$70. Then came apandemic that was forvaccines.Now that vaccines are TIN that prices areclearly out of Virus

here, prices have moved to the $50 MAR Alley,U.S.production will start end of the alley.But will they rise into growing again—likely in the second Prices won’t breakout of that higher band of $50 to $65 that demand?The one case study of a ebrated with aministerial barbecue half of 2021. But that growth will will enable companies to start spend- post-Covid countryisChina, where in Riyadh that wasmeant to put look very different from when the the$40 to $50rangeuntil ing and attract investors? forthe last several months oil con- their price war of last spring firmly U.S. was adding a million and a half consumption gets back to In the short term, such arebound sumption hasbeen higher than in intothe past. Still, as the months go or even two million barrels aday to will be challenged. Theresurgence 2019.Demand formotor fuel is also on, the focus of countries needing world supply.Itwill be at averydif- normal sometime next year. of the virus is again leading to shut- currently higher than last year in In- revenues will shift from staving off ferent tempo, a much more modest downs,reducing economic activities. dia and Brazil, though both arestill the disaster of another priceplunge rate. Aclear indication of this waspro- plague-ridden. Thenew year begins to gaining market share. Moreover, TheCovid pandemic marks the di- in almost no company’s—or coun- vided by the Thanksgiving holiday with totalglobal oil demand down another 1.5 million to 2 million bar- vide between the firstdecade of the try’s—emergencyplans.The general in the U.S.,when IHS Markit’s about 8% from 2019 levels.Atthis rels a day of Iranian oil production U.S. shale oil revolution and the sec- viewofsomething called SARS- weekly survey showedthat gasoline point, it seemslikely that consump- has been excluded from the market ond, which is starting now. American CoV-2 wasinitially conditioned by demand had fallen to alevel last tion will getback to whereitwas last by U.S. sanctions imposed by the shale is no longer adisruptivetech- the experienceofSARS-1inthe early seen in 1997.But on the expectation year by late2021 or early 2022. Trump administration. If the Biden nology. Rather,itisone of the major 2000s,which had about 8,000 cases of widespread vaccinations by the But risks abound next year even administration re-engages with Teh- foundations of world oil supply,with world-wide and fewerthan 800 spring,IHS Markit estimates that with widespread vaccination. OPEC- ranonthe nuclear deal, those sanc- all the attendant energy-security, deaths. global economic growth in 2021 will plus is still holding back more than tions could be eased in 2021. Or Iran economic and political benefits. But by March the highly transmis- reach 4.5%. While this will cancel seven millionbarrels aday of pro- could simply seek to test the newad- sible coronavirus wasprecipitating a out the 4% decline of 2020,small duction. Agreement was reached in ministration by restarting exportson Mr. Yergin is author of “The New world-wide shutdown, the worst businessand other sectorswill be December to bring that production its own. Map: Energy, Climate, and the Clash global recession in 74 years, and the left devastated. back gingerly,at500,000 barrels a TheU.S.shale oil industryhas of Nations” and vice chairman of IHS constriction of movement by both What will recovery mean foroil month. TheSaudis and Russians cel- been batteredbyCovid, forcing com- Markit. Revolution Consumes New Yo rk’s Elite Dalton School

By Scott C. Johnston or student of color” who participate with nonblacks by then. “Lowering Which bringsustothe pickle in bers are worried about losing their in antiracism initiatives or has his the bar is not the way to achieve which Dalton finds itself.This fall, jobs,and that no one knows when he Dalton School,anelitepri- images used in school publications. equality, and frankly, it’s insulting,” Dalton never opened forin-person the campus will reopen or what will T vate prep school in NewYork’s Financial favoritism based solely on one Dalton mother,anonymous for schooling. It wasamong the very happen when it does. Upper East Side,isexperienc- skin color seems an invitation to a fear of repercussions,tells me.She few private schools in the city that After I broke the story, Mr. Best ing something of amoral panic,and civil-rights lawsuit. adds that manyofher counterparts, didn’t. Parentshavebeen paying responded in an email to the Dalton not about whether or not to have An interesting side noteisthat suitably woke and having little $54,000tuition forZoom classes, community.Hedisputed my charac- spring sportsduring Covid-19.On themanifestospecifically distin- problem with most of the demands, and they’reunhappy.Headmaster terization of the document as “fac- Dec. 18 my blog, The Naked Dollar, guishes blacks from others“of have decided that this is wherethey Jim Best recently instructed the ulty demands” and described it as “a revealed alist of race-based de- color,” asserting that “anti-Blackness draw the line. teachers to return after the Christ- ‘thought starter’ document” and “a mandsfrom120 Dalton teachers. must be understood as distinct from mas break,but he gavethem plenty set of ideas created at aspecific mo- The Naked Dollar isn’t particularly ‘racism’ writ large.” One wonders of leeway to sayno, including if they ment in time as awell-intentioned well-known, but the storyquickly when the “ofcolor” community will Teachers of $54,000 Zoom felt “uncomfortable.” effort to help Dalton navigatethis went global. start bristling at being thrownunder Despitethe school’smotto,“Go critical issue.” He didn’t respond to Thedemands read likeamani- the bus. classes demand a lowering Forth Unafraid,” asolid majority dean emailWednesdayseeking further festotocodifypermanently the “op- • Require courses focusing on of standards and hiring of murred. Some black teachers cited comment. As forreopening class- pressed” status of black students “Black liberation and challenges to racism because they,onaverage, rooms,aDalton spokesman told the and teachers. Among them: white supremacy” and “yearly anti- a dozen diversity staffers. commutefarther and thereforehave NewYork Post: “We’reexpecting all • Expand theOffice of Diversity, racist training” for not only employ- to endanger themselves on public teacherstoreturn afterwinter Equity and Inclusion to at least 12 ees but trustees and Parent Associa- transportation. Mr.Best stood his break.” staffers. That works out to about tion volunteers. It’shardtoimagine It goes on likethis foreight ground and tightened the list of ac- Dalton has always been at the one forevery 100 studentsand parents—who are, afterall, the pages.The Dalton endowment is $64 ceptable excuses,according to some- progressiveleading edge, so being would cost at least $1.5million a school’scustomers—enduring re-ed- million, so annually it throwsoff one inside the processwho spokeon labeled “systemically racist” from year. What will they do all day? No ucation sessions forthe privilegeof about$2.5million to the school’s condition of anonymity.That insider within is apalpable irony. But it’s doubt ferret out ever subtler racist working free at the school. Adminis- operating budget. That number gets says teachersangrily responded that been clear since1789that revolu- infractions,real or imagined. Thedi- trators, faculty and staff would also blown through by pagethree.Set- Dalton was“showing itswhiteness” tions eat their own. Theuber-woke, versity industryneeds friction to be expected to “produce individual ting asideeconomics,the overall and “bowing to aright-wing con- demanding purity,come forthe survive, so it perpetually reworks public anti-racism statements.” Such theme is a leveling of outcomes. spiracy.” The fracas over reopening moderately woke first. Dalton’slead- the definition of racism. statements aren’t meant to be sim- It is telling that the manifestobe- fueled passions over the racial de- ersmay be coming to realizethis. • Reroute 50% of contributions to ple disavowals of racism, but rather gins with aquotefromaMarxist mands,which were originally issued They have heretoforebeen happy Dalton to the New York public school advocacyofthis newactivist ap- professor named Robin Kelley,some- in August. enough to burnish their woke cre- system. An effective50% taxrateon proach. one who professes admiration for Dalton is in turmoil. Thenames of dentials,but nowthey seek acomity donations—the lifeblood of anypri- • “Ensure that there is no correla- Trotsky’s“permanent revolution.” boardmembersdisappeared from they cannot achieve. vate school—is agood way of ensur- tion between astudent’s racial Should theDalton administration the school’s website within days of ing that alumni close their wallets. background and their ability to be give in to every last demand, there my reporting the story. Parents, Mr. Johnston is author of the sa- Howwill the school payall those di- successful at Dalton.” That means will be anew list tomorrow.The caught between feeling virtuous and tirical novel “Campusland” and versity officers? abolishing “tracked courses” by goal postsmovequickly in this an eroding quality of education, are blogsatTheNakedDollar.blog- • Compensate “any Black student 2023 if blacks aren’t “atparity” racket. conflicted. Several senior staff mem- spot.com. The Policy Lessons of the ‘Trump Economy’

By Jason Furman oftenmattermorethan policy. Con- Thesame point applies to other much betterthan the 1.9% annual off inferring the effectsofpolicies sider the datafor Mr.Trump’sfull yearstoo,evenifthe magnitude and rate under his predecessor.President like taxcutsfromarangeofevi- resident Trump’s supporters term. Based on the latest forecasts, causes arenot nearly as stark.For Obama’ssupporterscounter that the denceand experiencethan from a P tout the economy’spre-pan- the economywill have grownsince example,Mr. Trump’ssupporters economyadded 1.5million morejobs single example.Ifyou want to know demic performanceasevidence the beginning of 2017atanannual sometimes credit him with turning in the last three yearsofhis presi- what atax cut does,you can’t simply that taxcutsand deregulation were rate of about 1.5%, the worstperfor- the economyaround because growth dencythan it did in the firstthree look at the economyinthe three making Americagreat again. Detrac- manceofany president sinceHer- increased from 1.7% in 2016 to 2.3% yearsofMr. Trump’spresidency. yearsafter it becomes law. Taxcuts tors look at the dataand find these bert Hoover.Job growth has been in 2017. But much of the changeis Neither comparison is meaning- have short-run and long-run effects policies wanting or outweighed by even more dismal, at around three explained by an increase in the pace ful. TheObama administration in- the harmful effectsofMr. Trump’s million jobs lost over the past four of exportscaused by the 0.7per- herited negativegrowthinthe first aggressiveapproach to trade and his years. centagepoint pickup in the growth half of 2009 because of afinancial Presidentsare oftenatthe isolationist approach to immigration. These numbersare obviously rate of America’strading partnersin crisis it didn’t create. During Mr. Both views aremisguided. A meaninglessinassessing Mr. 2017. Giving Mr.Trump credit for Trump’sfirst three years, job mercy of unpredictable closer look at thedatafromthe Trump’seconomic policies given a that “turnaround” makes about as growth slowedbecause the economy factorslikethe business past four yearsexposes the folly of once-in-a-lifetime pandemic.While much sense as blaming him for“ru- wasapproaching full employment. inferring anything about apresiden- one could debatethe effect on the ining” the economywith his terrible Theeconomyoperates in periods of cycle—and pandemics. tial administration from howthe economyofthe president’smisman- four-year growth rate. businesscycles,not presidential economyperformed. Consider these agement of the public-health crisis, Lesson 2. Presidentsare oftenat terms. four lessons: no one would arguethat the GDP the mercy of the businesscycle. Lesson 3. Economic dataoften that maydiffer,and youcan’t be sure Lesson1.Presidentsoften get and unemployment numbersare re- Trump supportersliketopoint to the saymoreabout short-run, demand- whether the effect youobserveisthe credit or blame forthe economy flectiveofhis regulatoryreforms or 2.5% annual growth rate during the side policies than they do about lon- result of the taxcut, another policy even though uncontrollable events immigration restrictions. firstthree yearsofhis presidency— ger-run, supply-side effectsthat mo- or ahugerandom event likeapan- tivatemuch policymaking.The U.S. demic. Bettertostudy 20 taxcuts economydid outperform expecta- from 20 countries.Myown research Notable & Quotable tions from 2017-19,growing at an with Robert Barrofound that the tax PUBLISHED SINCE 1889 BY DOWJONES&COMPANY annual rate 0.4 percentagepoint cutswould add lessthan 0.1percent- Rupert Murdoch Robert Thomson McKay Coppins writing for the At- faster than the International Mone- agepoint to the annual growth rate Executive Chairman, News Corp Chief Executive Officer, News Corp lantic, Dec. 29: tary Fund’s October 2016 forecast. over the next decade,which is likely Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher This is alargeroutperformance lessthan the reductions due to im- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Theday afterthe 2016 election, I than most other Group of Seven migration restrictions. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; got a phone call from an old friend. countries over that period, suggest- Twisting whatever happens in the Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Neitherofushad slept much, and ing theremay have been something economytosupport prior views is News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; we spent most of the conversation U.S.-specific helping to boost an all toocommon pursuit. But this Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer exchanging shell-shocked comments growth. wishful thinking does incorporatean Andrew Dowell, Asia; AnthonyGalloway, Video & of the Can you believe this? variety. Policydid playarole.Beforethe essential truth—if your prior views Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Beforewehung up,his voicetook on pandemic struck,the Federal Re- were based on evidence, then they Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; atrace of irony. “Well,” he said, “this servehad already cut interest rates shouldn’t need much updating.Ev- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; is going to be great foryour ca- to almost their lowest level in any erything we knowfromeconomics Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News reer.” ...One cable-news anchor recession in history. And Congress says Mr.Trump’spolicies boosted Thomas SanFilippo, Customer Service; told me that praise from anti-Trump passed spending increases and tax short-term demand but slightly re- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; celebrities on Twitterhas become cutsthat were largerthan the reduced longer-term growth by re- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; likea“narcotic” forsome of his col- sponse to all but two of the reces- stricting immigration. That’sabout Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International leagues.“It’simportant to people sions sincethe 1960s.It’snowonder all we cansay forsure. WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: that George Takeilikes their mono- the economygrewfaster than pre- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head logue,” the anchor said, requesting dicted.Ifanything,the surprise is Mr.Furman, aprofessor of prac-

EDITORIAL AND CORPORATEHEADQUARTERS: anonymity to speak candidly about that the economydid not grow tice at Harvard, was chairman of 1211 Avenue of the Americas, New York, N.Y., 10036 his peers (and presumably to avoid faster still. the White House Council of Eco- Telephone 1-800-DOWJONES alienating George Takei). Lesson 4. We aregenerally better nomic Advisers, 2013-17. P2JW365000-4-A01600-1------XA

A16 | We dnesday, December 30, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Mexico Set to Decriminalize Marijuana

BY J UAN MONTES rested. Theuse of marijuana ating momentum forlegaliza- saylegalization will have only lawwill be amagic bullet that CzechRepublic,the Nether- formedicinal purposes has tion effortsworld-wide,said amarginal impact on drug will reducecrime and homi- lands, Argentina, CostaRica MEXICOCITY—Mexicois been legal since2017. Maritza Perez, director of the gangs. Nowadays,cannabis cides is being toooptimistic,” and Mexicohaveimplemented home to the world’smost pow- “Weare committedtoregu- OfficeofNational Affairsat makes up only asmall per- said AlejandroHope,asecurity some form of decriminaliza- erfuldrugcartels,who have lating cannabis. It’s a right of the Drug PolicyAlliance, a centage of the gangs’ profits, analyst and former intelligence tion as it relates to possessing terrorized the countryfor Mexicans,” said Ignacio Mier, U.S.-based advocacygroup for whose main sourcesofincome official. Mr.Hope and others small amountsofdrugs for years.But the countryis the majority leader in Mexico’s legalization. arecocaine,synthetic drugs sayMexico’sonly realistic personal use.That has led to a poised to trysomething differ- lowerhouse and amember of Because Canada and Mexico such as fentanyl and gasoline chanceatconfronting cartels is decrease in the transmission entintackling the gangsbyle- President Andrés Manuel Ló- will now have legal cannabis, theft. Cartels have also diver- through capable law-enforce- of HIVand other infectious galizing at least one of their pezObrador’s Morena party,in it will also likely lead to pres- sified intowidespread extor- ment institutions,which the diseases and reduced overdose products: marijuana. an interview. sureonthe U.S. to followsuit, countryhas failed to build. deaths,said Ms.Perez of the Mexicoisset to become the Mexico’ssupreme court she said. Mexico’sarmyhas been Drug Policy Alliance. world’s largest legal cannabis ruled in 2018 that marijuana Fifteen U.S. states have le- From farm to mostly deployedsince2006 in Activists saythe current bill market as its Congress wraps prohibitionwas unconstitu- galized recreational marijuana, taking on the increasingly doesn’t go far enough in help- up legislation in thecoming tional. including California and Illi- consumer, the pot powerful cartels.Inthat time, ing createalegal industrythat weeks to legalizepot through- Mr.Mier said lawmakers nois.Oregonrecently became market is expected the homicide rate climbed as caneffectively competewith out the supply chain, from andsenatorswill work to- the firststate to decriminalize rival gangs fought each other cartels.Under the bill, consum- farmingtodistribution and gether in January to agree on small amountsofharddrugs, to become legal. and security forces. erscould possessupto28 consumption. a common bill to put up for a even heroin and cocaine. Mexico’smovetoward legal- grams of marijuana in public Mexico’sSenatepassed abill vote in both houses. Authorities expect that izing pot is part of abroader andgrowuptoeight plants in lateNovember legalizing Thelegal changes will turn Mexico’slegalization forrecre- movement by countries to try per household. Thepossession recreational marijuana. Law- Mexico into the third country ational usewill increase com- tion of small businesses across newapproaches to tackle of morethan 28 grams would makers in the lowerhouse say in the world to legalizecanna- petition, bring prices down Mexico. abuse of harmful drugsbyus- be subjecttofines,and from they will approveabill by Feb- bis nationallyfor recreational andreducethe black market Marijuana seizures at the ersand going afterthe net- 200 grams on it would be a ruary, though they want to use afterUruguay and Canada, for drug gangs. Some 200 or- U.S.-Mexicoborder have plum- works that supply them. For crime punished with jail time. raise the amount of pot con- and the largest with a poten- ganized crime groups operate meted about 83% sincefiscal the past few decades,those Companies and individuals sumers maypossessinpublic tial consumer market of 88 in Mexico, wherearound year 2015,anindication that policies have focused almost would be able to produce, dis- beyond the Senatebill’slimit of million adults. 270,000 people have been cannabis is adeclining business exclusively on alaw-and-order tribute, sell, export and import 28 grams,orabout an ounce. Mexico’slegalization will killed since2006,mostly in forthe Mexican cartels in part approach, jailing drug users cannabis under strict guidelines Currently in Mexico, one can morethan double the number cartel-related violence, accord- because of the increasing legal and trying to disrupt the global and permitsset up by anewly possessuptofivegrams of of people globally who have ing to government estimates. market north of the border. supply chains of illicit drugs. created regulator,aprocess ex- marijuanawithout being ar- access to legal marijuana, cre- Manyanalysts, however, “Whoever thinks that this Portugal, Switzerland, the pected to be long and costly. Deadly Quake Causes Damage in Croatia, Is Felt In Nearby Countries U.S. Trial Weighed For Pearl’s Pakistani Killer

BY BYRON TAU

TheU.S.JusticeDepartment on Tuesdayraised the possibility that aman accused in the 2002 murder of Wall Street Journal reporter Daniel Pearl could be brought to the U.S. andtried hereafter aPakistani court earlier this month ordered him set free. In April, aPakistani court downgraded Omar Saeed Sheikh’sconviction on charges of murder,terrorism and ran- som to asingle kidnapping charge.Mr. Sheikh wasoriginally sentenced to death and hasbeen imprisoned forthe past 18 years. Thekidnapping S conviction carries asentenceof

PRES only seven years.

TED Pakistani authorities have

CIA been searching foraway to keep SO

AS Mr.Sheikh detained—including appealingtothe country’sSu- A strong earthquake on Tues- miles southeast of Zagreb just At least 26 people were hos- Croatian seismologist Kresi- In the capital, people ran into premeCourt to reinstatethe day killed at least seven people before 12:20 p.m. It caused pitalized, six with serious inju- mir Kuk described the earth- the streets in fear. conviction. Acting U.S. Attorney in villages near the Croatian cap- widespread damage in the hard- ries, officials said, adding that quake as “extremely strong,” far The earthquake was felt General Jeffrey Rosen said Tues- ital, causing severe damage and est-hit town of Petrinja, above. many more people remained un- stronger than another one that throughout the country and in daythat if the authorities are injuring scores of residents as Officials said a 12-year-old girl accounted for. In Petrinja, cries hit Zagreb and nearby areas in neighboring Serbia, Bosnia and unsuccessful, the U.S. waspre- emergency teams searched for died in Petrinja, a town of some could be heard from under de- the spring. Slovenia. pared to take the man intocus- the missing. 25,000 people. Six more people stroyed houses. He warned people to keep out It was felt as far away as tody andpursue the case in the The European Mediterranean were killed in nearly destroyed The Croatian military was de- of potentially shaky old buildings Graz in southern Austria, the American court system. Seismological Center said the villages close to the town, ac- ployed in the quake-hit region to and move to newerareas of the Austria Press Agency reported. “Weremain grateful forthe magnitude 6.3 quake hit 28 cording to HRT state television. help with the rescue operation. citybecause of aftershocks. —Associated Press Pakistani government’sactions to appeal such rulingstoen- surethat he and his co-defen- WORLDWATCH dantsare held accountable.If, however, those effortsdonot succeed, the United States EUROPEAN UNION rape of three other women who stands ready to take custody of were minors at the time of the Omar Sheikh to stand trial EU Member States alleged crimes, according to the here. We cannot allowhim to Approve U.K. Deal court documents. In addition, he evadejusticefor his role in facesdrug possession charges. Daniel Pearl’sabduction and European Union member Tuesday’s verdict can be ap- murder,” Mr.Rosen said. states formally backed last pealed to a higher court. Mr.Pearl wasthe Journal bu- week’s trade deal between the The former studentwas ar- reau chief forSouth Asia and U.K. and the EU setting out restedinJuly after allegations reporting in the Pakistani city of post-Brexit trade, security and againsthim surfaced on social Karachi in January2002 when economic ties. media, resulting in afirestorm of he was kidnapped and killed by The agreement, which will be criticism. Severalattempts at the Islamic extremists.Hehad been signed by U.K. Prime Minister time to contact Mr.Zaki’sfamily reporting foranarticle about Boris Johnson and the EU’s top and his lawyer were unsuccessful. religious extremistsinPakistan two officials on Wednesday, will According to accusations as part of the paper’s coverage CK

come into effect provisionally on TO posted on social media, Mr. Zaki in the aftermath of the Sept. 11, Jan. 1, pending the European would mine the pool of mutual 2001, attacks on the U.S. Parliament’s vote on the accord friends on Facebook, online Avideo of the murder was

in early 2021. The U.K. Parlia- SHUTTERS groups or school clubs for fe- released on the internet. The ment is expected to approve the A/ males to target. kidnapping and death placed /EP agreement on Wednesday. He would start with flattery, pressureonPakistan to find the —Laurence Norman IMAD then pressure the women and killersand bring them to justice. M girls to share intimate photos “Werefuse to believethat

BREXIT HAITHA that he later used to blackmail the Pakistani government and Arocket wasfired into the Mediterranean Sea from the Gaza Strip on Sundaybythe Hamas militant them with if they did not have the Pakistani people will let Turkey,Britain Reach group, which said the launch waspart of adrill to preparefor possible renewedconflict with Israel. sex with him, according to the such atravesty of justicetar- Free-Trade Accord accusations. nish theimageand legacyof GAZA STRIP and included aerial drones. EGYPT Mr. Zaki hails from a wealthy Pakistan,” Ruth and Judea Turkey and Britain signed a Aspokesman forthe militants family and studied at the Ameri- Pearl, the parentsofthe mur- free-trade agreementasthe U.K. Hamas Test-Fires said the “defensivemaneuvers” Social-Media Posts can International School, one of dered journalist,said in astate- leavesthe European Union’seco- Rockets Into Sea demonstrated their rejection of Lead to Conviction Egypt’s most expensive private ment last week.“We believe nomic orbit in 2021. the recent U.S.-brokered normal- high schools, and the American that our son’smurderers The deal, which takes effect Hamas militants in the Gaza ization accordsbetween Israel and An Egyptian court convicted a University in Cairo. should remain in jail.” Jan. 1, aims to support trade be- Strip fired asalvoofrockets into severalArabstates. The Palestin- former student at an elite uni- Many in Egypt have previ- Asenior legal official, Faiz tween the twocountries—worth the Mediterranean Sea, calling it a ians viewthe agreements as a versity of sexual misconduct ously portrayed sexual harass- Shah,prosecutor general for morethan $25 billion in 2019. military drill aimed at preparing betrayal of their cause because charges and sentenced him to ment as a problem of poor ur- the provinceofSindh, where It is one of manypost-Brexit forapossible warwith Israel. the Arab countries recognized Is- three years in prison, in a case ban youth. the case washeardThursday, trade deals Britain is pursuing The Hamas group has ruled rael without securing concessions that has fueled the #MeToo AUC officials said he left the said Mr.Sheikh would remain around the world and came days Gaza since seizing power from in the moribund peaceprocess. movement in the Arab world’s university in 2018. behind bars.Hesaid an earlier after it finalized atrade pact rival Palestinian forces in 2007. Hamas is asworn enemyofIsrael most populous country. Sexual assault and harass- ruling by the Supreme Court with the EU.Turkish Trade Min- It has fought three wars and thathas rejected attempts at a The Cairo Economic Court mentare deep-seatedproblems would be used to ensurethat. isterRuhsar Pekcan and Domin- smaller skirmishes with Israel negotiatedsolution to the conflict. convicted Ahmed Bassam Zaki, a in Egypt, wherevictims must Arepresentativefor Dow ick Chilcott, the British ambassa- since then. An informal truce Israel and Egypt have main- former student at American Uni- also fightthe undercurrentofa Jones,the publisher of The dor to Turkey,signed the pact. has mostly held in recent years. tained a blockade on Gaza since versity in Cairo, of blackmailing conservativeculturethattypi- Journal, didn’t respond to are- Britain said the deal will se- Authorities in Gaza restricted Hamas seized power. Critics of and sexually harassing two cally ties female chastitytoa quest forcomment about the cureexisting preferential tariffs movement along the coastal the blockade view it as collective women. family’sreputation. In courts, the order to free Mr.Sheikh. The forsome 7,600 businesses that road and barred fishing for the punishment of the territory’s Mr.Zaki is being tried sepa- burden of proof lies heavily on companyhas continued to ad- exported to Turkey in 2019. duration of the exercises, which two million Palestinian residents. rately in criminal court on the victims of such crimes. vocate forMr. Pearl’skillersto —Associated Press were to continue for 24 hours —Associated Press charges of rape and attempted —Associated Press be brought to justice. P2JW365000-4-B00100-1------XA BUBUSISINESS: SHIPPINGNEFACESSSNEW TURMOIL&FIN EUROPEAN EMISINSIONS TRANADING PLAN B2CE

S&P 3727.04 g 0.22% S&P FIN g 0.34% S&P IT g 0.52% DJ TRANS g 0.75% WSJ $ IDX g 0.31% LIBOR 3M 0.254 NIKKEI (Midday) 27412.24 g 0.57% See more at WSJ.com/Markets Boeing MAX Returns to U.S. Sky Terms in

BY ANDREW TANGEL MAX to service. An American plane’ssafety.“We would have duceMAX flightsFeb.11out of Investigatorslooking at the Google spokeswoman said the airline never brought the aircraft hubs in Denverand Houston. MAXcrashes in Indonesia and American Airlines Group has begun announcing aircraft back if they were not comfort- Southwest Airlines Co., which Ethiopia that led to its Inc.put passengersback on types during boarding to make able,” he said. operates an all-737fleet, is grounding largely blamed a Ad Deal Boeing Co.’s 737 MAX for the surepassengersare aware TheFederal Aviation Ad- planning to resume flying pas- flight-control system known as firsttime in the U.S. sincethe when they areflying on a ministration and global regu- sengersonthe MAXinMarch. MCAS for pushing the planes aircraft was grounded nearly MAX. American will also alert latorsbanned the MAXfrom Southwest said it hadn’t yet intofatal nosedives.While the two yearsago following two passengersifthey aresud- passenger flightsinMarch officially scheduled flights MAXwas grounded, Boeing Revealed deadly crashes. denly scheduled to flyona 2019 following two crashes in with the aircraft. and regulatorsdevisedfixes to American Flight 718 de- MAXdue to aschedule less than five months that to- A spokeswoman said a mi- the system that added parted Miami International change, she said. gether took 346 lives.The FAA nority of Southwest’scustom- multiple safeguards aimed at BY RYAN TRACY Airport around 10:30 a.m. on David Seymour, American’s liftedits flight ban last month ershaveindicated they preventing it from overpower- AND JEFF HORWITZ Tuesdayand landed at New chief operating officer,said when it approved aseries of weren’t comfortable flying on ing pilots. York’sLaGuardia Airport at gradually reintroducing the software,hardwareand train- a MAX, but most of that seg- Boeing also formulated new State attorneysgeneral said 1:10 p.m. American said the MAXwould help build cusing changes for the jets. ment said they expected to be- pilot training and revisions to in alawsuit earlier this month flight wasmostly full and that tomer confidenceand give Brazil’s GOL Linhas Aereas come morecomfortable as the flight manuals.Airline pilots that a2018 businessagreement airline President Robert Isom passengersflexibility if they Inteligentes SA earlier this aircraft flies more. must completethe training, between two digital advertising was among the passengers. initially prefer to fly on other month became the firstairline Airlines have said they plan which requires time in aflight giants, Facebook Inc.and Al- Daily round-trip flights be- aircraft.Hesaid in an inter- in the world to resume MAX to let those passengerswho simulator,beforeflying the phabet Inc.’sGoogle, wasanil- tween Miami and NewYork viewearlier this month that passenger service. areuncomfortable with flying MAX. legal price-fixing deal. Lawmak- arethe start of American’s American pilots and flight at- United Airlines Holdings on the MAXtorebook their —Alison Sider ersare calling forfurther plans to gradually return the tendants are confident of the Inc. said it plans to reintro- flights. contributed to this article. investigation. Thecompanies sayitwas aboveboard. TheWall Street Journal viewedpart of arecent unre- Tether on dacted draftversion of the lawsuit, which elaborates on allegations in the redacted complaint filed in aTexas fed- Salaries, eral district court. TenRepublican attorneys general, led by Texas’ KenPax- Location ton, sayGoogle gaveFacebook special terms and access to its ad server, aubiquitous tool for allocating advertising space Loosens acrossthe web. This and other conduct by Google,they allege in the final lawsuit, harms com- BY KATHERINE BINDLEY petition anddeprives “advertis- ers, publishersand consumers Tech workers and employ- of improved quality,greater ersalikeare beginning to transparency, increased output question location-focused pay and/or lowerprices.” scales.Ahandful of companies Previously unreported de- aremoving to abandon them JOURNAL tails from the draft, including

altogether. REET contract terms and company In setting paywithout re- ST documents, shed light on the LL

gard forlocation, tech compa- WA legal battle ahead and the rela- nies including Reddit Inc.and tionship between two tech gi- THE

Zillow Group Inc. are making R antswho have called each apotentially expensivegamble FO other competitorsevenasthey to retain talent and gain ahir- hold an ever-widening shareof

ing edge. Themovecan entail MEDLEY the digital advertising market. TE

maintaining relatively high KA AGoogle spokeswoman de- salaries of employees who are MatthewKelly,inhis MateoBar de Tapas in Durham, N.C., wonacoronavirus-relatedbusiness-interruption insuranceclaim. clined to comment on specific relocating,and adopting are- terms of the deal. vised scale fornew hires. She said the states’ “com- Though it is early,the move Businesses Struggling in Pandemic plaint misrepresentsthis agree- challenges along-held, but not ment, as it does manyother as- universal, notion that where pectsofour ad tech business. people live should determine We look forwardtomaking our what they make. SueInsurers, With Mixed Results PleaseturntopageB4 Some big tech companies including Facebook Inc. were clearearly on in the pandemic that people moving away from BY LESLIE SCISM Covid-19 coverage-disputelawsuitsﬁledinthe U.S. Superhero the BayAreatolessexpensive cities would see apay cut. Chef MatthewKelly is one Cumulativelawsuit count Top10statesbylawsuitsﬁled Payment platform Stripe Inc. of the few restaurateurs who 1,500 Strength offered one-time bonuses for hasfought property insurers Nov. 25: 1,424 Pennsylvania 177 workerswho moved out of over pandemic business re- SanFrancisco, Seattle or New strictions and won. 1,250 California 175 Fades Off York—and agreed to apay cut His establishmentsare part Florida 166 of up to 10%. of a group of restaurants that 1,000 Butapay cut forany rea- aNorth Carolina statecourt Illinois 141 Big Screen son canbebad forworker mo- sidedwith this fall. Thein- rale,said Jake Rosenfeld, aso- surerhas appealed the deci- 750 NewJersey 92 ciologyprofessor at sion, which found the plain- BY R.T. WATSON NewYork WashingtonUniversity in St. tiffs were entitled to payouts 90 500 Louis who researches pay de- underbusiness-interruption Texas 79 This Christmas weekend, termination. “Employers really coverage. millions of movie loverstuned Note:About 5% of the lawsuits have to do a bit of a dance to “I’m excited that we’ve 250 Ohio 78 seek some type of coverage other in to watchWonder Woman justifyittoworkers,” he said. made it this far,but that ex- than business-interruption, such fly acrosstheir televisions in- Workers considering more citement and the win does not Washington 50 as event-cancellation insurance. stead of on towering movie flexible work scenarios are translateintorelief until the 0 Source:Covid Coverage Litigation screens. While convenient for Missouri 38 Tracker at the Universityof themselves divided. ANovem- jobiscompleted,” Mr.Kelly April Nov. Pennsylvania Carey LawSchool some and for others the only ber survey of 600 tech work- said. way to see the movie,the cre- ersbythe job-search platform Cases such as Mr.Kelly’s most claims also haven’t met laid off about 100 employees. cally requires “direct physical atorsofthe production de- Indeed found that 60% of re- arekeeping hope alivethat their policies’ criteria. “It’sdepressing,” he said, lossordamage” to have scribe streaming as aregretta- spondentswould be willing to some small businesses mayre- Manycourtshavebacked seated in his still-open Mateo caused the interruption. The ble medium forsuperhero take apay cut to work re- ceiveinsurancemoney to help up the insurersintheir denials Bar de Tapas in Durham. “My insurerstypically interpret films. motely permanently while 40% them rebound from govern- of payouts. Of the roughly 100 hair is falling out” from the this to mean tangible damage StarGal Gadot, who plays said they wouldn’t. ment-ordered shutdowns. rulingsinsuitspitting busi- stress. to property that requires re- the main character in “Wonder Zillow, the Seattle-based In hundreds of lawsuits nesses against insurers, about Like many restaurant own- pairs or rebuilding. Woman 1984,” said in an inter- real-estatesearch company, across the country, mostly three-quartershavebeen in fa- ers, Mr.Kelly said that he has Business-interruption cov- viewthe streaming experience told its5,600 employees in Oc- smallbusinesses have sued vorofinsurers, according to a takenonanenormous amount erageisasubset of property forviewers is unlikely to tober that if they chose to re- their property-insurancecom- Covid-19 litigation-tracking ef- of debt—roughly $1.3 million insurance, and with few excep- match going to the movie the- locatefromtheir current city, panies forrefusing to payout fort at the University of Penn- in his instance—tokeep eater- tions,insurerssay they didn’t ater.“Cinemas have the ability their paywouldn’t be ad- “businessinterruption” claims sylvania Carey Law School. ies open. Two of his four res- collect premiums forvirus-re- to givefans the 360 experi- justed. “We’renot making this tied to the pandemic.Manyin- Mr. Kelly, 44, was planning taurants are currently closed. lated claims.Instead, most ence,” she said. changetosavemoney,” said surers say their policies con- to open afifth restaurant as Among challenges for poli- have included some sort of vi- Director PattyJenkins even DanSpaulding,chief people tain clear language excluding the coronavirus hit. Instead, cyholders, business-interrup- rus-specific exclusion since shot the film with special PleaseturntopageB4 virus-related claims,while he shelved those plans and tion insurance coverage typi- PleaseturntopageB5 PleaseturntopageB2 Fashion Designer Spun Gold From Licensing INSIDE

BY MATTHEW DALTON disclose a cause. the entirecosmos,byastro- name foraroll of toilet paper Inspired by the jet age, Mr. nauts,” Mr.Cardin said in if given the chance. PARIS—PierreCardin, the Cardin’sfuturistic silhouettes 2010.“My firstdesigns were That strategy is now designer whose SpaceAge and use of experimental mate- based on the moon.” frowned upon by luxury-indus- clothes made him aprogenitor rials propelled him intothe Mr.Cardin shook up the tryexecutives,who sayallow- of avant-garde fashion and public consciousnessinthe fashionindustryovermore ingabrand to be plastered on who later earned afortune— 1960s, changing howpeople than sevendecades of work. awide rangeofproductsdi- and criti- imagined the future. His de- He became one of the first lutes itsvalue.But Mr.Cardin OBITUARY cism—licens- signs of the erafeatured ellip- French couturierstosell had no regrets. PIERRE CARDIN ing his name sesand circles,clothes made ready-to-wear versions of his “Ties,swimsuits, glasses, 1922-2020 to hundreds from vinyl and accessories designs and pioneered the use luggage, everything. I did ev- of mass-mar- molded of plexiglass. In an of licensing.Starting in the erything,” Mr.Cardin said in PERSONAL FINANCE PROPERTY REPORT ket products, died Tuesday in early ’60s episode of the Space 1970s, he began to sell the 2016. “I can live in myself.” For2021, consider Outlook for the French capital region. He Agecartoon “The Jetsons,” one rights to his name widely, on PietroCostanteCardin was creating abudget Covid-19 vaccine was 98 years old. character describes her dress everything from sunglasses born on July 2, 1922, in France’sAcademyofFine as a“PierreMartian original.” and perfume to cars and Sant’Andrea di Barbarana, It- thathelps youexpect revives plans fora Arts,which announced his “I wasveryinfluenced by kitchen appliances.Mr. Cardin aly,near Venice. He and his the unexpected. B5 return to the office. B6 death, said his family didn’t the satellites,bythe moon, by oncesaid he would license his PleaseturntopageB2 P2JW365000-0-B00200-17F7DF7178F

B2 | We dnesday, December 30, 2020 THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A General Electric...... B12 Nexstar Media...... B4 European Emissions-Trading Plan ABB...... B12 Gensler...... B6 Novavax...... B12 Advanced Micro Devices I Nvidia...... A1,A2 ...... A2 Intel...... A1,A2 P Sows Division in Global Shipping Alibaba...... A1 J Panasonic...... B12 Alphabet...... B1 Pfizer...... B12 American Airlines...... B1 JGB Vegas Retail Lessee...... B5 Politico...... B3 BY COSTAS PARIS rules that will be acceptable to IMO,anamount comparable to fierce opposition from other Anschutz Entertainment all of its 174 member states. the emissions of some of the countries.The U.S. Congress Group...... B6 Johnson & Johnson..B12 Q Cooperation in the shipping “Europe candowhat it largest EU countries. passed legislation barring K Qualtrics International Ant Group...... A1 industrytocut pollution from wants, but it undercutsthe IMO member-nations have American aircarriersfrom Apple...... A2 Kayne Anderson Real ...... A2 oceangoing vessels is running collective efforts at the IMO,” broadly agreed on aplan to paying the fee. AstraZeneca...... B12 Estate...... B6 S aground in Europe. said aid Lars RobertPedersen, boost the fuel efficiencyof EU diplomats and shipping B KKR...... B6 Salesforce...... B12 TheEuropean Union is deputy secretary-general of some 60,000 oceangoing ves- executives saythereare al- Blumberg Capital Kushner...... B3 Samsung Electronics..A2 moving to bring the maritime Denmark-based industrytrade sels by 40% over the next de- ready divisions in European Partners...... B6 L Siemens...... B12 sector intoits Emissions body Bimco. “If you are push- cade and cut overall green- capitals over howthe measure Trading System, aplan that ing to have it your way,others house-gas emissions from ship can be applied. Big ship-own- Boeing...... B1 Slack Technologies...B12 LG Chem...... B12 would put a new tax on ships will react and this will only exhaust by half in 2050 coming members like Greece and Brookfield Asset Snap...... B11 Management...... B6 M that servethe continent’s push things back.” pared with 2008 levels. Germanycould see the daily Starwood Capital Group C Madison Square Garden ports. Theeffort is part of the Thedisputecastsacloud Themaritime addition to operating costsoftankers Entertainment...... B6 ...... B6 EU’sstrategytocut overall over ashipping industryhead- the EU’sEmissions Trading jump by about afifth, accord- Cincinnati Financial....B5 Mitsubishi...... A16 T greenhouse gases by more ing into the new year follow- System, which wasadopted by ing to astudy by Clarksons E Moderna...... B12 Taiwan Semiconductor than half over the next decade ing atumultuous 2020 that the European Parliament in Platou Securities,anOslo- and obliges factories,power September,will makeshipping based investment bank fo- Eastern Bankshares...A1 N Manufacturing...... A2 Exeter Finance...... A3 Terra Capital PartnersB6 plants and airlines to pay for part of the continent’seffort cused on the shipping,oil and News Corp...... B4 their emissions by buying car- to cut overall greenhouse-gas energy services sectors. F - G Third Point...... A2 The shipping New York Stock bon permits. emissions by 55% by 2030,but Shipowners, who have Facebook...... B1 Exchange...... B11 Z Theidea has divided aship- industry has long doesn’t set any specific emis- widely backed the IMO’splan, Gannett...... B4 New York Times...... B4 Zillow...... B1 ping industrythat has long operated in a special sions-reduction targetsfor the have invested heavily over the operated in aspecial regula- shipping sector. past couple of yearsinman- tory spherethat recognizes regulatory sphere. TheEUCommission, the dated cleanerfuels that cut the international natureofthe bloc’sexecutivearm, will start sulfur emissions by morethan INDEX TO PEOPLE business. That could derail talks next year to bring in the 80%. They also expect to pump yearsofwork to include ship- industry in the ETS. billions intonew propulsion A I Milkman, Katy...... B5 ping in the global antiemis- sawthe Covid-19 pandemic “The plan is vague, it systems powered by biofuels, Allbritton, Robert...... B3 Ishrak, Omar...... A1,A2 P sions efforts. disruptworld-wide supply doesn’t have set targetsfor hydrogen or batteries to meet TheEUplan still has acou- chains and batterconventional shipping and the only thing the IMO’s deadlines. Isom, Robert...... B1 B Pedersen, Eric...... A16 ple of yearstogobeforeit shipping strategies. that is clearisthat it is sad- IMO officials declined to Baker, Tom...... B5 J R could take hold, but it is already Any new regional tax rules dlingshipownersand freight comment on the EU plan, but Beshears, John...... B5 Jha, Ashish...... B6 Rahman, Tauseef...... B4 drawing criticism from Japan, will ripple acrossaglobal forwarderswith atariff,” said a said anyunilateral or regional South Korea, Russia and Brazil. economy seeking recovery in senior executiveofaJapanese plans that conflict with the Blumberg, Philip...... B6 K Ravailhe, Peter...... B6 Officials in those big trading 2021. Ships are the backbone shipping operator.“These kinds IMOwill complicateaglobal Brancato, Joseph...... B6 Kraus, Alise...... B5 Rawlinson, Nadia...... B4 countries see anycharges of world trade,moving com- of thingscan’t flybecause to- consensus to reach the Butterfield, Stewart.B12 Kushner, Charles...... B3 Rivers, Bob...... A8 added to the cost of moving modities like oil, iron ore and morrow China and the U.S. may objectives. C Kushner, Jared...... B3 Roven, Charles...... B2 goods through European sea- grains and the majority of impose their ownemissions “Shipping will do itspart portsaseffectivetariffs. manufactured goods,including tariffs,and the cost of moving on theenvironment, but you Cohen, Robin...... B5 L S It also undermines work by cars, home appliances, cloth- goods will go through the roof.” can’t expect American, Indian Costello, Jim...... B6 Seymour, David...... B1 LaSala, Chris...... B4 the International Maritime Or- ing and food. TheEUtried to bring inter- and Brazilian companies to E Loeb, Dan...... A1 Sussman, Abigail...... B5 ganization, an arm of the Oceangoing vessels also col- national airlines into the ETS contributetoEurope’seco- Ertel, Betsy...... B5 M T United Nations that is the lectively contributearound in 2012, but the movewas nomic recovery afterCovid-19, global maritime regulator,to 2.5% of allgreenhouse-gas scaled back to coveronly by paying itscarbon taxes,” H Tuttle, John...... B11 Ma, Jack...... A1 moveforwardantipollution emissions, according to the flightswithin Europe after said Bimco’s Mr. Pedersen. Hodari, Jamie...... B6 Marsh, Chris...... B12 W Hudson, Orlando...... B5 Masiello, Ryan...... B6 Witt, Michael...... B3

of heat-molded polyester. His Pierre models wore headpieces that resembled astronaut helmets. His 1964 collection Cosmo- Cardin corps featuredjumpsuits, bright colorsand bold geomet- ric shapes that jolted fashion’s Dies at 98 traditional lineup of skirts, jackets and collared shirts. Mr.Cardin’sdesigns snagged ContinuedfrompageB1 celebrities such as Lauren Ba- parents, who were impover- call and the Beatles—all four of ished by World WarI,emi- whom wore asuit without la- grated to Francewhen Mr. pels that he created—and in- Cardin was2yearsold and spired the clothing on the TV settled in Saint-Etienne,anin- show “StarTrek.” dustrial city in southeast In the late1970s,Mr. Cardin France. helped start another fashion During World WarII, Mr. trend: big,boxyshoulders. He Cardin worked as abook- drew inspiration from silhou- keeper at the Red CrossinVi- etteshesaw during atrip to chy, in central France. He went China in 1978. Items such as to Paris after the war in 1945 the Pagoda coat spawned big- and gothis start as atailor at shoulder jackets of the 1980s. Paquin, one of France’selite In thelate1960s,Mr. Car- fashion houses of the day. He din started to license his name washired by designer Chris- to hundreds of productsand ES tian Dior ayear later.In1950, maintained that he never did JAM VID

Mr.Cardin founded his own so without creativecontrol DA fashion house. over aproduct. Those included ‘Wonder Woman 1984’ producer Charles Roven said the big screen is key to superhero movies’ success with fans. In 1959,Mr. Cardin became acar,jet, pens,watches,furni- one of the firstcouturiersto ture, toiletries and dozens of The $6 Billion Man pandemic, the opening week- ing Mr.Roven arguethat with- make ready-to-wear versions other products. Streaming endtally is dismal compared outatheatrical release,the in- of hisdesigns,with acollec- Those licensing deals gen- Producer Charles Roven's DC with the firstWonder Woman dustry will be hindered in its tion forthe Printemps depart- erated revenue but over time Comics movies have hauledin film. That movie, out in 2017, ability to createfilm fran- ment store. The move caused they appeared to devalue the Diminishes big grosses at the boxoffice. grossed $103.3 million domes- chises, the business’ bedrock. an uproar in the exclusive brand. PierreCardin products Global box-office revenue tically during itsfirst week- Ms. Jenkins agrees. “These world of Parisian fashion. were increasingly found in dis- The Dark KnightRises end. Thestudio said nearly franchises arebuilt on revenue France’shaute-couturetrade count stores. Superheroes $1,080 million half of HBOMax subscribers that youcan’t really get…on body expelled him, then rein- Mr. Cardin began trying in viewed“Wonder Woman 1984” streaming alone,” she said. stated him shortly after. his later years to sell his fash- The Dark Knight on Christmas Day, but it didn’t Mr.Roven wasoriginally In the ’60s,his designs ion empire for at least €1 bil- ContinuedfrompageB1 1,010 sayhow manynew subscribers set to receiveback-end box-of- were increasingly influenced lion, the equivalent of $1.2 bil- IMAX cameras hoping to am- Batman vSuperman: the film attracted. fice participation with “The by scientific discoveries and lion. No buyersmaterialized. plify the scale of the 2½ hour Dawn of Justice AT&T Inc.’sWarnerMedia Suicide Squad,” based on DC spacetravel. Mr.Cardin had Mr. Cardin himself was un- action-packed spectacle. 873.6 describes itsnew hybrid dis- Comics characters, an agree- no tolerancefor nostalgia that surewhat his business—which Theproducer of “Wonder tributionstrategy as finan- ment now in disarray consid- Wonder Woman would make his designs seem accumulated morethan 800 li- Woman 1984,” Charles Roven, cially prudent considering the eringWarner Bros.’ newdis- old. “I am interested in mod- censing deals but had few who has made a career out of 822.3 hampered distribution land- tribution plan. ern science, planes,everything boutiques still open—was tak- producing big-budget fran- Suicide Squad scape.After the Covid-19 pan- that’satomic,sportscars,” Mr. ing in. “I don’t knowhow chisefilms,also said the big 746.8 demic began, movie theaters Cardin said in 1968. much it makes,” Mr.Cardin screen is key to superhero Man of Steel closed amid lockdown orders, He created clothes out of a told TheWall Street Journal in movies’ success with fans.But, and movie studios,including 668.0 fabric he called Cardine,akind 2011. “It’s incalculable.” in Hollywood, wherethe genre Warner Bros., Disney, Univer- has dominated the business JusticeLeague sal and others delayedreleas- for more than a decade, their 657.9 ingmanybig budget films.As allureisalso about profitabil- Batman Begins the months wore on, the par- ity, he said. 373.7 ent companies of some studios Thelongtime producer isn’t shiftedgears to use select convinced WarnerMedia’s plan Source:Box OfficeMojo films to trytoluresubscribers to debut his films,“Wonder to their direct-to-consumer Woman 1984” and next year’s cide which projectsorstudios streaming services. “The Suicide Squad” in the- to work with. Warner Bros.executives atersand on streaming service In the absenceofatheatri- said they continue to believe HBO Max simultaneously, calmodel, cash-rich tech com- in thetheatrical model and makes economic sense. panies like Netflix Inc., Ama- only plan to employ their hy- “Ifyou’remaking amovie zon.comInc.and Apple Inc. brid distribution model that costs$200 million plus have been paying filmmakers through 2021. Thestudio also and you want it to be viable,” and actorshandsomely to said it plans to makeathird it needs abig theatrical debut, makefilms and series.Warner Wonder Woman film and it said Mr. Roven. “People want Bros. agreed to payMr. Roven, will roll out with an exclusive the spectacle so that’swhy Ms.Gadot and Ms.Jenkins ex- theatrical run. youspend the money.They tratocompensatefor “Won- When a movie is a hit with come to see it. That generates der Woman 1984” premiering critics and audiences and the profits.” online and in theaterssimulta- maintains the top spot at the GES TheDCComics movies he neously.The studio had ini- boxofficefor consecutive NeverMissA IMA has produced forWarner tially planned to sharebox of- weeks,the studio behind the Story,Style or

GETTY Bros., including Batman and fice revenues with them. movie oftenramps up market-

H/ Superman films,havegrossed With nearly two thirds of ing to reach more consumers. Trend. TC

MA more than $6 billion globally. North America’stheaterscur- It can become a cultural phe-

RIS Producers, directorsand ac- rently closed, “Wonder nomenon and the momentum read more at PA tors oftentakesmaller ad- Woman 1984” grossed $16.7 also creates perpetualvalue.

O/ wsj.com/magazine

AL vancepaymentsinexchange million in North America this Typically, the theatrical reve- OF for a share in box office reve- weekend, according to Warner nues then determine how

GAR nues.Mr. Roven said theop- Bros., bringing itsworld-wide much afilm generates from

JA portunity to be a partner and totalto$85.4 million. While pay-per-view, home video and All rights reserved.1DJ7719 Pierre Cardin in 1967. His designs of the era featured ellipses and shareinthe ownership is of- the domestic debut qualified licensing deals. circles, clothes made from vinyl and accessories of plexiglass. ten how Hollywood’s elite de- as atop opening during the Many in Hollywood includ- P2JW365000-0-B00300-1------XA

THE WALL STREET JOURNAL. We dnesday, December 30, 2020 | B3 BUSINESS NEWS Kushner Cos. SeekstoSell Bonds in Israel

BY PETER GRANT sentenced in 2005 to two 10 Maryland rental-apart- years in prison after pleading ment properties with about Kushner Cos., the family guilty to tax evasion and wit- 5,500 unitsonthe block.It business of WhiteHouse se- ness tampering. could be worth as much as nior aide JaredKushner,filed Aspokesman forthe White $800 million. paperstoraise at least $100 House didn’t return a request Thecompanyhas raised million by selling bonds in Is- to comment. otherforms of capital in Is- rael. Afterjoining the Trump ad- rael in the past including Thedeal would be Kushner ministration, Mr.Kushner sold loans from Bank Leumi and Cos.’ firstcapital raise on the personal stakes in Kushner BankHapoalim,aswell as eq- Israeli bond market, as well properties to family members uity investmentsfromcom- as the largest unsecured capi- to protect against conflicts, panies likePsagot Investment talraise by the family-con- but some critics say he didn’t House and Harel Insurance trolled businessthat owns bil- go far enough. Investmentsand Financial lions of dollarsworth of Reporting couldn’t deter- Services Ltd. apartments, officebuildings mine what role,ifany,Mr. Kushner Cos.has steered and other commercial prop- Kushner will have in the fam- clear of newfundraising from erty in theU.S. S ily business afterMr. Trump sovereign investorssinceearly

Kushner Cos.filed the pa- NEW leaves office on Jan. 20. in the Trump administration G persthis month with the Is- Kushner Cos.’ bond sale in when thefamily’s effortsto rael Securities Authority and Israel would likely take place salvageits investment in the would sell the bonds on the OOMBER in thefirst quarter of 2021. office tower at 666 Fifth Ave.

Tel Aviv Stock Exchange. The UE/BL TheKushner spokesman de- in NewYork City set off a BL

companyhas raised other J. clined to saywhat the com- firestorm of criticism. At one

forms of capital in Israel in OR pany would do with the pro- point, theelder Mr.Kushner

the past from both banks and VICT ceeds.Anumber of real-estate wasnegotiating with China’s equity partners. Jared Kushner’s family drew fire over efforts to strike a deal on 666 Fifth Ave. in New York. investorshavebegun stockpil- Anbang InsuranceCo.,which “Kushner is considering the ing cash in recent months in had close ties to topChinese option of issuing bonds on the Israel’sbond market has be- Still, the move by Kushner President Trump’sson-in-law, anticipation of a wave of dis- officials. TelAviv Stock Exchange,” a come agrowing source of cap- Cos. is likely to rekindle the has playedalead role in ad- tressed sale opportunities hit- Mr.Kushner’s talks with companyspokesman said. ital forU.S.real-estatecompa- criticism of the potential con- vancing the administration’s ting the market because of Anbang neverled to adeal. “The companyhas had years nies,including Extell flicts of interest between Mr. Middle East agenda. the Covid-19 pandemic. Kushner Cos. eventually sold a of success working with Israeli Development, Silverstein Prop- Kushner’s role in the White Also, Mr.Trump this month Kushner Cos.appearstobe long-term lease of 666 Fifth institutions as both abor- erties Inc.and Starwood Capi- Houseand his family’s busi- pardoned Mr.Kushner’s father, joining this effort. This Ave. to Brookfield Asset Man- rower and a partner.” tal Group. ness. Mr.Kushner,who is also Charles Kushner,who was month, it put aportfolio of agement. Politico Expands, Buying Energy Trade Publication

BY LUKAS I. ALPERT and environmental news. traffic during an election year through the worstofthe people and is looking to add a cus on policy, market, tech- “The storyofour genera- as well as strong growth of its sharp declines in ad spending half-dozenmore, he said. nologyand sciencenews Politico is adding some en- tion going forwardisthe en- professional news offerings. as the pandemic took hold, Theinvestment in E&E about the energy industryand ergy to itsgame. vironment and howthe en- Thecompany’sannual rev- Politicosays it added staff.It News will help further diver- environment issues.Primarily Thenearly 14-year-old po- ergy sector adaptstowhat enue rose by slightly more nowemploys some 600 peo- sifyPolitico’srevenue streams targeting readersatgovern- litical news outlet is acquiring needs to be done,” Robert All- than 20%, exceeding itspre- ple in North Americaplus as it entersanoff-election-cy- ment agencies,corporations E&E News,ahigh-pricesub- britton, Politico’spublisher pandemic projections,tonearly 200 morethrough its cle political year,and its and think tanks,subscriptions scription trade publication fo- andowner,said in an inter- about $160 million globally, PoliticoEurope joint venture events business—which was runfromseveral thousand cused on the energy industry view.“It is amassivestory.” one of the people said. About with German media conglom- heavily affected by the pan- dollarstoover$100,000 an- andenvironmental news,the Politicoplans to maintain 80% of that came from itsop- erateAxelSpringer SE. demic—will likely be slowto nually.The companybrought companies said. E&E News as aseparate erations in the U.S. and Can- At the same time,Mr. All- return. in around $20 million in reve- Theterms of the transac- brand, the companysaid. ada. brittonstruggled with the Mr.Allbrittonsaid the ma- nue this year,one of the peo- tion weren’t disclosed. E&E’sprincipal founder and Thenewsoutlet will end launch of Protocol, atechnol- jority of Politico’sbusiness ple familiar with the matter Thedeal will substantially owner,Michael Witt,will re- the year with its highest-ever ogynewsstartup that comes from professional sub- said. expand Politico’sfootprint in main with the companyfor level of profitability—after launched just as the coronavi- scriptions and that most of its Politicohas moved to ex- the energy news spaceand is some time in aconsulting yearsofhovering around ruspandemic washitting the ad revenue relies on advocacy pand itsprofessional business part of abiggermovetogrow role. break even—creating the sce- U.S. Roughly half thestaff of advertising.Heexpectssuch productsinrecent years. In itsprofessional news busi- Despitethe economic im- nario forthe acquisition of 25 waslaid off afew months advertising will rise with a 2020,itadded eight newslet- ness. E&E News has some 65 pact of thecoronavirus pan- E&ENewstooccur,the per- afterits launch, but Mr.All- newpresidential administra- ters and productsfocused on reportersinnine offices demic,Politicohas had asolid sonsaid. britton said the site has man- tion, which is expected to sustainability and the canna- around the country, adding to year in 2020,according to While manydigital news aged to come in slightly above changemanyregulations. bis industry. It also launched Politico’sexisting 17 editorial people familiar with itsper- outletswere forced to slash itsprojections forthe year.It Founded in 1998,E&E of- AgencyIQ,which focuses on staffersfocused on energy formance, driven by record payand layoff staff to get has sincehired about six new fers five publications that fo- regulatorymatters.

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B4 | We dnesday, December 30, 2020 ** THE WALL STREET JOURNAL. BUSINESS NEWS

going to have options coming thecompanyanticipates the you’repaying me similar to will have to determine whether calcost of living would help it Tether on out of this.” movewill help develop amore someone who is living in a thereisafinancial upside to avoid inequities. Thesocial-media platform diverse workforce. cheaper place,’” he said. being nationallycompetitiveon Sahil Lavingia, founder of Reddit, which employs about Employers tend to conflate “Their salarygoes further pay, he added. He thinks one the 24-person e-commerce Pay, Cities 700people,made asimilar cost of living with the market than it does for me.” outcome is that companies lo- startup Gumroad, heard from movetoget rid of geographi- rate forlabor in agiven area, Ms.Peshkov with Reddit calizepay foronly some roles, hundreds of job seekers after cally based salaries in the U.S. said PeterCappelli, aprofessor said shehasn’t yetheardof and not others. “Ifyou think tweeting that he would no lon- Loosens at theend of October aftersee- of management at the Whar- complaintsfromSan Francisco about really in-demand sortsof ger consider geography when ing productivity remain high tonSchool of the University of workers calling the move un- roles wherethere’sjust not a determining wages. whilepeople were remote. Pennsylvania. “The reason that fair,due to the BayArea’shigh lot of people who candosome- Yetevenwithin his rela- ContinuedfrompageB1 Thecompanywanted to they’remaking alot of money cost of living. thing,you’regoing to paythat tively tiny team—which has officer of Zillow. “We’re mak- “eliminatethe trade-off that is because that’swherethe “Therewas actually no neg- going rate,” he said. been fully remotesince2016— ingthis changetoretain our employees would have to competition is,” he said. “If ative reaction,” she said. So far those getting rid of the movewasn’t without com- employees.” makeifweloweredtheir com- youdidn’t paythem that much “They appreciatethis over- geographic payscales seem to plications.Hesaid he removed Sincethe announcement, pensation if they moved to a at Facebook,somebody down arching philosophytopay peo- be in the minority.Some are the highest pay tier for hires around 50 employees have de- lower-cost area,” said Nellie the street at LinkedIn is going ple for impact and not where doing the opposite: In June, going forward, grandfathering cided to movetoadifferent Peshkov,Reddit’schief people to hirethem.” they live.” Slack Technologies Inc.went in one employee, and imposed state. Thecompanywill try and culture officer. While keeping salaries the Employee sentiment aside, from two nationwide paytiers caps on weekly hours worked this paymodel through at Redditpreviously had three same might help retain em- paying workerswithout taking to five as the companyexpects in order to offset some em- leastthe end of 2021. With zones of pay in the U.S., with ployees,Mr. Cappelli said, you intoaccount wherethey live moreofits employees to be ployees’ salary increases. newhires,Zillowplans to thegreat majority of itsem- can’t have the people who canadd significant cost, ac- based outside of SanFrancisco Mr.Lavingia said manyof work toward anationalized ployees—those based in New moved sitting next to col- cording to Tauseef Rahman,a and New York. the tech workershehas heard pay scale over time. York and SanFrancisco—mak- leagues doing the same exact partner in workforce strategy “Wecreated thesebands in from arebased outside the “Ifpeople think the world is ing the most. Some of Reddit’s work while making less. Alter- and analytics with Mercer. ordertoprovide transparency U.S.—in India, Nigeria, Singa- going to snap back to whereit employees in other cities are natively,the people who re- “Because youare paying na- and fairnesstoour employ- pore and Eastern Europe.He was 18 months after the pan- getting payraises as part of main in ahigh-cost area might tional rates, youare arguably ees,” said Slack Chief People anticipates that as more peo- demic starts, Idon’t think the shift, said Ms. Peshkov. resent those who have moved paying morethan what the lo- Officer Nadia Rawlinson. The plecompetefor fully remote that’srealistic,” said Mr. In addition to retaining cur- while keeping their pay. callabor market would have company decided that adjust- jobs,the going rate fortech Spaulding.“Your best talent is rent talent, Ms. Peshkov said “Employees might say, ‘Hey required,” he said. Businesses ing pay based on workers’ lo- work will come down.

sued Google in October foral- She declined to answerother Terms in legedly using anticompetitive questions about whether terms tactics to preserveits search provided to Facebook were the monopoly and could add fur- same as those provided to Google Deal ther allegations.Google says other auction participants. that suit lacks merit. “Wedon’t manipulatethe Crucial to the backdrop of auction,” she said. Revealed the Google-Facebook deal was Google addedthat at least the advertising industry’s 25 other companies participate movement toward an ad-sales in itsopen bidding program, ContinuedfrompageB1 method called header bidding. and that Facebook participates

case in court.” Header bidding helped web- S in similar auctions on rival Facebook,which isn’t a sitepublisherscircumvent platforms.“There’snothing ex- NEW

named defendant in the case, Google’sexchange forbuying G clusiveabout [Facebook’s] in- also disputed the states’ claims. and selling ads acrossthe web. volvement, andthey don’t re-

“Partnerships likethis arecom- Theexchangeauctions ad space OOMBER ceivedatathat is not similarly

mon in the industry, and we to the highest bidder during /BL made available to other buy- have similar agreementswith the split second it takesaweb- ers,” she said.

several other companies.Face- pagetoload. MORRIS Wall Street Journal pub-

book continues to invest in Header bidding allowedthe UL lisher News Corp,aGoogle these partnerships,and create publisherstodirectly solicit PA critic,was among the compa- VID

newones,which help increase bids from multiple ad ex- DA nies contacted by antitrust in- competition in ad auctions to changes at once, leading to The web giant’s pact with Facebook on ads was detailed in a state coalition’s draft antitrust suit. vestigators, along with New createthe best outcomes for morefavorable prices forpub- York Times Co., Gannett Co., advertisersand publishers. Any lishers. By 2016,about 70%of tential threat posed by header nounced it wasjoining an ad- circumventing the middleman, NexstarMedia Group Inc., suggestion that these types of major publishersused the tool, biddingand FAN,” Google advertising program, “Open Bid- Facebook could facelesscom- Condé Nast and others, people agreementsharm competition according to the states’ lawsuit. vertising executiveChris LaSala ding,” that Google offersasan petition and save money. familiar with themattersaid. is baseless,” the companysaid. Google worried abig rival wroteinaninternal document alternativetoheader bidding. Google’sexchangechargesa Google also told Facebook Sen. MikeLee (R., Utah), might embraceheader bidding, outlining 2017priorities,ac- In return, the states allegein transaction feeofabout 20%, which ad opportunities were chairman of aSenatesubcom- such as the Facebook Audience cording to the draftcomplaint. the final suit, Google gaveFace- according to the draft. likely produced by botsrather mitteeonantitrust, said the Network ad service, or FAN, In March 2017, Facebook book special treatment. Among Google chargedFacebook 5% than by consumers, and it companies should testifyunder cracking Google’sprofitable publicly endorsed header bid- other things, it allowedFace- to 10% on each transaction, didn’t charge Facebook for oath about the contract. “Ifit monopoly over ad tools,the ding.Google approached Face- book to send bids directly into separatefromanexchangefee, those impressions,according to hasn’t done so already,the Jus- states allege. TheFacebook ser- book and in September 2018 Google’swidely used software, and barred Facebook from dis- the draftsuit. Other auction ticeDepartment must investi- vicesaid it paid publishers$1.5 reached the digital advertising known as an ad server,the cussing pricing terms publicly, participants asked Google for gate these allegations,” said billion in 2018,the last time it agreement, the states allege. draftlawsuit says. the draftsays.The Google the same information but were Sen. AmyKlobuchar (D., Minn.), provided such details on itsfi- Thedraft lawsuit says Google Typically,biddersgothrough spokeswoman said 5% to 10% is denied it, the final lawsuit says. the panel’stop Democrat. nancial payouts. code-named it “Jedi Blue.” In an exchange, which sends the the standardfee in the open —John D. McKinnon TheJusticeDepartment “Need to fight off the exis- December 2018,Facebook an- winner on to Google’sserver.By biddingadvertising program. contributed to this article.

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THE WALL STREET JOURNAL. ** NY We dnesday, December 30, 2020 | B5 BUSINESS NEWS Best Not Budget Too Far Ahead in 2021

An unpredictable year funds when youneed them. Automatic deductions candoa calls for examination lot of the heavy lifting here. of spending habits on The wins a daily or weekly basis Noticing when the little things sting is helpful, but be BY JULIA CARPENTER sure to also noticewhen the tinywins feel really good. Theyear 2020 taught us to These small momentsofpride expect the unexpected. Forthe will keep your engine running. year ahead, consider making a “When you’re looking on a budget with that in mind. monthly level, saving $10 “There’s no reason to set a doesn’t seem like a lot,” Mrs. budget forthe whole year,” Kraus said. “But when you’re said Abigail thinking on a daily basis, you PERSONAL Sussman,asso- see your daily habitsand FINANCE ciateprofessor where your money goes.” of marketing at theUniversity of Chicago. The fresh-start energy “A year from nowisreally like Thepsychological torpor of 20 yearsfromnow.Time isn’t 2020 has also deprived us of normal right now.” the “fresh-start effect,” which Enter the micro budget. typically infuses milestone Instead of setting a budget birthdays and the start of a forthe year,orevenfor the newyear with alittle extra season,try structuring your specialness. Usually, this feel- spending and saving plan on a ingempowers our intention- much smaller scale. setting and helps us stick to This approach has several our goals. key advantages: You’reable to “This year is hard because bettermonitor your cash flow, of the lack of fresh starts,” pivot plans with greater ease said Katy Milkman, aprofessor and reclaim some of the “fresh at theUniversity of Pennsylva- start” energy as the new year nia’s Wharton School and au- GA

arrives. TE thor of the coming book,“How

Here’s how it works. OR to Change: TheScienceofGet- S ting From WhereYou Areto OLA

The small budget NIC Where You Want to Be.” “Ev- Choosing atime frame that eryday is the same as the day works foryour budget—say, a youtosee what’sleftoverand “It’sharder to sweep things stick to my budget?” taking mediately. beforeit. We’vemissed out on month, apay period or even a what youhavetosaveinad- under the rug,” she said. this smaller approach canillu- “Just don’t missout on the fresh starts that normally handful of weeks leading up to vance, for the next time your minate some problem areas. those bigger-pictureitems,” rejuvenate us.” abig event or purchase—is tires blow out.” Go smaller Budgeting by daymay help said John Beshears, abehav- Luckily,ashorter-term key to your success. Budgeting on asmaller If youalready budget by temper some impulse shop- ioral economist and associate budget automatically gives Tryapaycheck-to-paycheck scale also means youare pay- payperiod, experiment with ping; budgeting by week could professor of businessadminis- youseveral smalleropportuni- budget, said Alise Kraus,pres- ing closer attention to each in- budgeting by week,orevenon showyou just howlittle you tration at Harvard University. ties to reclaim that fresh-start ident of the Financial Planning dividual transaction, some of a daily basis in the days lead- use those recurring subscrip- “Ifyou’retoo narrow,you’re effect. Association of the East Bay. which get lost in the broader ing up to a big purchase. tionsyou shell out foratthe going to missimportant Starting anewallows youto Refresh your plan with every strokes of ayearly budget “This smaller-scale letsyou end of every month. events.Ifyou’retoo broad, it’s feel morefreedom and reclaim newpay period to set template. see ‘I’vealready spent this going to feel too daunting.” some of the excitement we’ve constraintswhile youhave “A lot of people overspend much this week’ and it allows Zoom out Regularly setting aside the associated with big events in money coming in at the start in a cumulative effect: lots of you to course-correct in real- Once your micro budget is money youneed foremer- the past. of each cycle. tinychoices,” Mrs. Kraus said. time,” Mrs. Kraus said. setup, youhaveascheduled gencyexpenses,tax season “I hope NewYear’s will still “Wetend to think on a With this frequent-check-in If youfind yourself fre- placetoadjust your plan. You andother longer-term finan- feel momentous—it’s the one monthly level, but budgeting system, the cumulative effect quently wondering,“Where canaudit your spending as cial events—likesaving fora that’sabiggest part of our by paycheck canbereally of those tiny choices is easier does allmymoney go before yougobut also pinpoint house or paying down debt— culture,” Prof.Milkman said. helpful,” she said. “It allows to spot. the weekend?” or “Why can’t I changes youwant to makeim- canensureyou will have the “I’m excited we have it.”

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TE A66/34K-34 KG+3.-F/. KA 6AIIQ Customers’ temperatures are checked at Mr. Kelly’s restaurant. #''D%@@D@'@@ property,” Cincinnati Financial spokeswoman Betsy Ertel said. AIIKAG63 HF/-0A03 1,G4 Virus-Hit ><@ +BN7&8 49CE .7;C (>( : A!&8L +&;$LE 6A "<'(' 2C'G7.NF0E7*N-ID11'N 6'FA7ND9 PCDOB'1 CD0 B''N@7OOA/', E7 “The prevailing viewbycourts 222CA!!&BN?;HL97)B);15N=C?LO around the countryhas been 517+A,ANF 7.1 B.0AN'00 @7OO.NAE( *AEC EC' 1'07.1@'0N'',', E7 #'#./# Businesses that an economic loss alone "/* )+ ,!(-- 0)$(' 2)&&)1(+& DN, 1'@7+'1>17OEC' PQJ:L @1A0A0K0.@@'00>.99(H doesn’t qualifyasdirect physi- /+ .(-* !)%+&# !)-)',*) caldamageorlosstoproperty, ()0()$%01)-7 17 %0 (%0# SueInsurers which is the trigger for busi- 6=;3,=+8 '2()-# <=.;+55+3 ness interruption coverage.” *1" )- 0417 /)$%01)- >1// !-" <2<82,=,< 6COB) HE) 2HF3H 9? HE) 7FO.)PCBM ,) EF-) D))O E)(7COI D/2CO)22)2 9? Therestaurants’ financial &!-" )::!9 0) ContinuedfrompageB1 losses aretobedetermined .1$+,).",!((0"&+#"'-+,",0/%0*. F(( 2CA)2 OF-CIFH) CH2 PFO*BEF(()OI)2 FO. B9P7()+C&)2 HE39/IE9/3 the SARS scareofthe early later, and could total $10 mil- #'#./#COC&F&-)G LE)HE)3 FO2,)3COI 5/)2&9O2 FD9/H ::: 2000s. lion acrossthe 16 restaurants, CAREERS FO. 9HE)3 F-FC(FD() ?/O.COIK (9BF&OI PF22 5/FO&&)2 9? ::@K TheNorth Carolina ruling said Gagan Gupta, one of the points to the types of com- plaintiffs’ lawyers. B9OO)B&OI D/2CO)22)2 H9 2HFH) 3)29/3B)2K 93 P93)M 9/3 H)FP EF2 plaintsthat mayhavethe best Nationwide, state and fed- O.G:7;!A';; 7!9!';H T,H W >@2HE)3 !/2BEF/M LA1'@E71 7> P71571DE'#D1$'3NFK 2C'PD>D17P7H rants, didn’t contain aspecific versity of Pennsylvania law 3=!B' /UE?;I 9@ !B?X'B'A9 BE=Z'9 BEA!?7XEG virus exclusion. school database.OnDec.21 9!@A W7AE79"@=!P'( 9=E(!A$ ;*'AE=!@; 7;!A$ >%0*G#F3HEF !/2E)*M #DN@C'0E'1K"'*ODN M!'NN'/ $X@CEX ;7=5'!XXEA*' W*@B?X!EA*' =!;Z BEAE$'G Mr.Kelly’s lawyersfocused alone,atleast four separate B'A9 ?XE9&@=B;J<*9!B!P'W/M<0./IF6';!$A >;FP)2 NF2B)OA9M 8D1EN'1K;!& on the absence of definitions federal courtsmade rulings. U!='&=EB'; W?=@5!(' *=!9!*EX !A?79 9@ ('5'X@?'=; !A EA <$!X' WN'EA ;@&9UE=' ('5'X@?B'A9 W('G in the policies forterms in- Threegranted insurers’ mo- X!5'=Q 'A5!=@AB'A9F RE9"'= C7;!A';; ='>7!='G >"FOB* '/A)O$9M %@@7.NE ?)'@.3+'K %NEC'O cluding“physical loss.” They tions to dismissand the fourth B'A9;H ?='?E=' 9'*"A!*EX (@*7B'A9E9!@AH *E==Q @79 ;Q;9'B 9';9!A$H W?=@5!(' >7EX!9Q E;;7=EA*' >@.#/3FO2$*M P?QK 47.EC*77,0 ;'D9EC also contended that prior denied such a motion and al- EAEXQ;!;W;7??@=9F -@=Z U!9" /1NH M/ VS*'XH >4). 6BEPC.HM 6'FA7ND9 81'0A,'NEK 2C'8"P =ANDN@AD9 4'1+A@'0 <17.5 North Carolina rulingsdon’t lowed the policyholder’s case 4=E*X'H WC7;!A';; ?=@*';; &X@U; 9@ ?'=&@=B (E9E EAEXQ;!;F@3CB 6E/2H)3M 81'0A,'NEK JD997.1'@ 4ED1 structural damage, as Cincin- lawsuitshavebeen voluntarily 9"'E??X!*ECX' (!;*!?X!AE=Q U@=Z&X@U ?=@*';; E; U'XX E; $X@CEX (E9E ?=@9'*9!@A XEU; W;9EA(E=(;F nati Financial and most other dropped, said TomBaker,a 0'>2; ME;9'=2; ('$= ?X7; )Q=; 'S? @= :E*"'G X@=2; ('$= ?X7; %Q=; 'S?F 3X'E;' &@=UE=( Q@7= 67)BCF( HEFO$2 H9 #FE9OCOI Q9/OH* Q9PPC22C9O)32 NF-) NCHA()3MQF39( insurers contend. Penn law school professor. =';7B' 9@ 8='(!9/7!;;'H 3F4F :@S 6%D8/LKH In aSeptember hearing,Mr. Some policyholdersare +D 0@*Z'&'XX'=3XEPEH /7!9'+D+#H L'U K@=ZH 8CIE)1 FO. %OHE9O*43F %)$&("+&'#/-, "*.&'!#5$5!)$2%;,<5/0!5=12$:0,= coverage under our property exhaled droplets “that attach 77+:366:8979> 2(*: 99+- "$2%;,<5/0!5=12$:0,= policy in this case does not to and cause harm to other ©2020Dow Jones &Company,Inc. apply because therewas no objects.” Theinsurer has filed All Rights Reserved. structural alteration to the a motion for reconsideration. P2JW365000-0-B00600-1------XA

B6 | We dnesday, December 30, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Return-to-OfficeIdeas Stir Again Blumberg Looks for Landlords arehoping some companies arebeginning to movetoward implementing vaccines luremillions return-to-officeplans.For ex- Assets in back to workplaces; ample,inNew York,25new tenants looking for space en- landscape has changed teredthe officemarket per Distress week in the firsttwo weeks of BY PETER GRANT December,compared with 20 a BY PETER GRANT week in November, according Office-building landlords to data firm VTS. BlumbergCapital Partners arehoping that the massive TheDecember activity is is joining the growing number of Covid-19 vaccination campaign stillfar belowwhat it would real-estateinvestment firms launched in the U.S. this be in anormal year.But the raising capital in anticipation of month will lead to millions of increase wassurprising given a wave of distressed commercial people returning to work- the holidays and the surge in properties hitting the market as places in 2021 after spending newCovid-19 cases.“After aresult of the pandemic. most of the pandemic working Thanksgiving,wethought the Thecompany, based in Coral from home. market wasgoing to shut Gables,Fla., is planning to raise But it isn’t going to be JOURNAL down,” said Ryan Masiello, $1 billion next year to buy high-

soon. Rather,awidespread re- REET VTSco-founder and chief quality officebuildingsprimar- turn probably won’t take place ST strategy officer. ily in Florida, Texas and other until the latespring or early LL Manyofthe businesses states with lowtaxes and costs WA summer of 2021 when enough considering hub-and-spoke of living compared with states

people have been vaccinated /THE strategies have started negoti- such as NewYork and Califor-

in the U.S. for the population ANT ations with co-working firms nia. Thefund managed by to come close to achieving GR like WeWork and Industrious Blumberg’sAmerican Ventures

“herdimmunity,” according to PETER forthe spokelocations,indus- division will be the company’s public-health professionals Mother,anadagency,isplanning to occupyanew 61,000-square-foot spaceinBrooklyn, N.Y.,inApril. tryofficials say. Jamie Hodari, fifthdistressed fund since1992 and executives in the real-es- chief executiveofIndustrious, but the firstone it has raised in tate industry. areas and offering employees on the paceofreturn to of- swipes. said that one sign of the new the past decade,according to Moreover, the office world the option of working there, at fice,” said areport earlier this At least 65% of the U.S. trend is the great increase in Philip Blumberg, founder and that will be reinhabited next home or in centralized head- month by Evercore ISI. population must be immune tenantsthat areplanning chiefexecutive. year will look alot different quarters—or acombination of Officerentscould fall as forthe contagion rate to fall deals in numerous buildings “In this market we expect from the one that washur- the three.Design firm Gensler much as 8% next year, accord- belowfewerthan 10 newcases rather than just one. discountsofupto35%,” Mr. riedly vacatedinmid-March already is working with ahalf ing to a forecast by commer- per 100,000 aday,which is Health considerations,of Blumbergpredicted. “It will be when the fear of Covid-19 sent dozenFortune 100 companies cial real-estateservices firm when amajor return to the ofcourse,will continue to be the the best buying opportunity much of the U.S. labor force on such “hub-and-spoke” CBRE Group Inc.That is still fice is likely to begin, public- determining factor in the pace since2010.” into lockdown. During an ini- strategies,asthey arebecom- not as far as rents fell follow- health experts say. of the return. Mother,anad- Numerous other investment tial transition period, office ing known in the officeindus- ingthe 2008 financial crisis, By latespring or early sum- vertising agency, is planning density likely will be low, try, said Joseph Brancato, co- when they droppedclose to mer,about 45% of the U.S. to occupy anew 61,000- workerswill wear masks and a chairman of the firm. 13%, CBRE said. population will likely have re- square-foot spaceinthe Gow- The firm’s CEO range of other safety precau- Manyofthe hubs and Thereturn to the office ceived vaccines, according to anus section of Brooklyn, N.Y., tions will be followed. spokes are being designed to started gathering strength last Ashish Jha, dean of theBrown in April. expects ‘the best Long-term changes in the encourageinformality,hesaid. summer when the infection University School of Public Thenationwide vaccine buying opportunity workplacewill continue for “Thingsare going to be alot rate dropped. But it went in Health.Bythat time,more launch encouraged Mother to years. Working from home and more informal afterpeople reverseduring the fall as than 25% of the U.S. popula- believethat dateisdoable, since 2010.’ other remotelocations,which have been on their couches or Covid-19 cases soared. tion will have contracted and said PeterRavailhe,chief exec- became anecessity during the working at their kitchen tables An averageofonly 22.9%of survived Covid-19,getting im- utiveofMother’s U.S. opera- pandemic,will likely remain a for the last nine months,” Mr. workersin10cities tracked by munity that way,hepredicted. tion. But the firm is being major part of the workplace, Brancato said. Kastle Systems had returned “Take45% vaccinated and “practical” about “how unpre- companies also think that his- employers and real-estate ex- Hundreds of billions of dol- to the office the week of Dec. 25% infected, and assume dictable thingsare right now,” toric opportunities await be- ecutives say. larsofoffice-building value 16. The highest rate since the some overlap between the he said in an email. “IfApril 12 cause of the havocwrought to Businesses that arehighly and mortgages depends on the pandemic hitlast spring was two—we’reeasily at 55% to comes along and we still the commercial property market competitivefor toptalent will timing and scale of the return 27.4%inmid-October,said 65% immunity,” Mr. Jha said. aren’t able to safely open our by the pandemic.Their thinking likely begin opening small sat- and howthat affectsoffice Kastle,anational-security With tens of thousands of doors, we’renot going to is that prices will plummet be- elliteoffices in metropolitan leasing and rents. “All eyes are firm that tracks access card vaccines being issued daily, rush.” cause fear of contagion has kept people away from malls,air- portsand officebuildings. Other companies that have London SpherePlannersEye Post-Pandemic Push raised or areraising distressed funds include KKR &Co., Kayne Anderson Real Estate BYRUTH BLOOMFIELD and TerraCapital Partners. Heavyweightslike Brookfield An ambitious plan by Mad- AssetManagement and Star- ison SquareGarden Enter- wood Capital Group aresitting tainment Corp.todevelop a on billions of dollarsincash futuristic globe-shaped venue and capital commitmentsthat in aLondon suburb has be- could be used forthat purpose. come mired in redtape and So far,therehavebeen few controversy. distressed property deals in the But, in an unexpected twist nine months sincethe pan- forLondon’sMSG Sphere demichit. But that isn’t sur- project, the prolonged delays prisingthis early in an eco- might actually work in itsfa- nomic downturn, analystssay. vorasachanged world Distressed sales didn’t start emergesfromthe coronavirus untilmorethan one year into pandemic in the coming the financial crisis of 2008 and years. didn’t reach their peak until Forstarters, if the 21,500- mid-2010,according to data capacity entertainment venue firm Real Capital Analytics Inc. gets permitsand opens in “It’snot something that hap- 2024or2025—as nowantici- pens overnight,” said JimCos- pated by the company—it will tello, aReal Capital Analytics likely facelesscompetition senior vice president. given the damagebeing done Signs aregrowing in the to the liveentertainment current crisis that landlords business by Covid-19. owning billions of dollarsworth Moreover,the project’slo- of commercial property are cation 7miles northeast of having trouble paying their London’scity center might debts. In November,8.2% of improveinthe pandemic’s loans that were converted into wake if the trend of working commercial-mortgage-backed from home brings lesstraffic securities were 30 days or to downtowns. more delinquent, compared At the same time,the slow planned. It is scheduled to with 2.3% one year earlier,ac- growth likely to facethe U.K. open in 2023. cording to Trepp LLC. economyasitlimps out of In London, the company Stress also is showing at the pandemic has given Mad- announced in early 2018 that banks,byfar the largest com- ison SquareGarden addi- it had purchased a4.7-acre mercial-real-estatelenders. The tional ammunition in itsef- sitebeside the 2012 Olympic risk ratingsthat banks assign fort to obtain permits. “MSG Park in Stratford.The plan to commercial-property loans Spherewill support thou- called fora295-foot-tall have been steadily rising,par- sands of good jobs and gener- venue wrapped in LED ticularly forloans backed by re- atebillions of pounds of eco- screens capable of broadcast- tail and hotels,representing a nomic benefit forLondon and ing high-definition concert deterioration of credit quality, the U.K.,” said Jayne Mc- footageoradvertisements. according to aTrepp analysis. Givern, the company’spresi- Londonersare split be- “Thirtypercent of lodging dent of development and con- tween welcoming the invest- loans arenow in categories struction. ment and being alarmed which have risk ratingsindicat- Thealtered landscape of aboutwhat would be the ing that banks expect some the MSGSphereproject shows U.K.’s largest entertainment level of loss,” said Russell howthe pandemic has arena being built in aresiden- Hughes,aTrepp vicepresident, changed the economic equa- tial area wherethousands of in an email. tion on bigreal-estatedevel- newapartmentshavesprung (2) Loans backed by office opments. In manycases, up since2012. buildingshaveperformed bet- Covid-19’simpact has been Lloyd Johnson, chairman of INMENT terthan retail and hotel loans TA mostly negative,eroding de- Newham Chamber of Com- during the pandemic.Office

mand,adding to delays and merce,strongly favors the ENTER tenantstypically sign leases of G

underminingeconomic as- plan: “It is growth, it is jobs, MS at least10yearsand most have sumptions.But the sphere it is opportunity forlocal res- Artist renderings show MSG Sphere on the outside and in. It is expected to open in 2024 or 2025. stayed current on rent even if projectdemonstrates ways identstoget involved in what most of theiremployees have that the pandemic cangive is going on, and it highlights significant impact on their Aspokeswoman forMadi- open. Some 550 music venues been working from home. along with taking away. the area,” he said. well-being,” said spokes- son SquareGarden said AEG’s in the U.K. areatrisk of per- But Mr.Blumbergpointed Madison SquareGarden Agroup formed to fight woman LindesayMace. objections were “commer- manent closuredue to the out thereare signs of distress owns numerous venues in- the proposal, Stop MSG Objections to the plan have cially motivated.” pandemic,according to the among officebuilding landlords cludingits namesakearena Sphere, says it is “terrified by also come from AEG Europe, Adecision on the project Music Venue Trust, acharity as well. Tenantsare dumping and Radio City Music Hall in the prospect” of living in the part of AnschutzEntertain- is expected to be made next to support livemusic. millions of square feet of sub- NewYork.The companyalso shadow of what it describes ment Group,which owns the year by the London Legacy “Itmay be impossible for lease spaceonthe market in is developing an MSGSphere as a“giant glowing ball,” and Staples Center in LosAngeles. Development Corp., an organ- [smaller venues] to recover manycities,putting downward at theVenetian in LasVegas. cites the potential fornoisy AEG also owns London’sO2 ization set up by the mayor from the pandemic’simpact,” pressureonrents, he noted. While the companyhasn’t re- crowdsand overcrowded Arena, amusic and liveenter- of London in 2012 to direct said Tony Rigg, alecturer in Thenew Blumbergfund will leased its budget for the Lon- trains and roads in alargely tainment venue some 6miles the continued reconstruction musicindustrymanagement seek to buy properties with val- don project, its2020 annual residential location. south of Stratford.Aspokes- of the Stratford neighbor- at the University of Central ues of morethan $50 million report estimated the LasVe- “Itisout of keeping with man said it wasunreasonable hood following that year’s Lancashire. “Many…maysim- that arepriced belowwhat it gasproject would cost $1.66 the local area, it would domi- to take aconcept “designed Olympics. ply nothavethe resourcesto would cost to replacethem billion. natethe skyline,and the light fordowntownLas Vegas” and Theliveentertainment pick themselves up and move with newdevelopment.Itwill Work began on the LasVe- pollution which will come into transpose it to aresidential world will look different when forwardoncerestrictions be- target marketsinSunbelt gasproject in 2018,aspeoples’ homes would have a area. the MSGSphereisplanned to gin to ease.” states. P2JW365000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, December 30, 2020 | B7

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Silver (CMX)-5,000 troy oz.; $ per troy oz. April 2.374 2.487 2.344 2.454 .097 107,873 June 171-090 –4.0 12 Dec 26.250 26.250 26.250 26.138 –0.322 53 May 2.398 2.499 2.375 2.473 .085 60,147 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Contract Open Oct 2.587 2.678 2.562 2.659 .078 105,817 March 137-310 137-310 137-255 137-295 3,183,984 Open High hi lo Low Settle Chg interest March'21 26.450 26.770 26.075 26.217 –0.322 145,095 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 137-015 –2.5 52 Copper-High (CMX)-25,000 lbs.; $ per lb. Feb 47.72 48.35 47.68 48.00 0.38 369,491 Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Dec 3.5660 3.5660 3.5515 3.5530 –0.0170 655 March 47.87 48.49 47.82 48.14 0.37 265,287 Dec 125-252 .2 53,016 March'21 3.5725 3.5915 3.5440 3.5555 –0.0155 159,472 Corn (CBT)-5,000 bu.; cents per bu. March'21 126-035 126-037 126-012 126-027 .2 3,168,674 April 47.98 48.59 47.96 48.25 0.38 121,297 Gold (CMX)-100 troy oz.; $ per troy oz. March 455.75 467.25 s 453.50 466.00 9.50 836,060 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% May 48.09 48.63 47.95 48.30 0.37 101,371 Dec 1881.30 1881.30 1881.10 1879.70 2.50 116 May 456.00 466.50 s 454.00 466.00 9.00 257,842 Dec 110-152 23,006 June 48.05 48.64 48.03 48.29 0.34 223,768 Oats (CBT)-5,000 bu.; cents per bu. Jan'21 1880.00 1887.60 1874.40 1880.50 2.60 1,368 March'21 110-153 110-155 110-151 110-152 1,915,797 Dec 47.37 47.89 47.34 47.57 0.30 268,816 March 337.00 340.00 336.50 339.00 2.25 3,924 Feb 1878.00 1891.30 1875.60 1882.90 2.50 403,759 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 336.00 .50 505 April 1882.10 1895.20 1880.10 1887.30 2.50 84,157 Dec 99.9100 99.9100 99.9100 99.9075 116,644 Jan 1.4830 1.4996 1.4798 1.4868 .0078 14,024 Soybeans (CBT)-5,000 bu.; cents per bu. Jan'21 99.9200 99.9200 99.9150 99.9150 155,206 June 1886.50 1898.40 1883.90 1890.30 2.50 34,838 Feb 1.4819 1.5007 1.4805 1.4877 .0079 89,596 Jan 1253.75 1298.75 s 1245.00 1295.50 40.25 33,750 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Aug 1893.20 1900.80 1888.00 1893.40 2.60 12,314 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 1255.75 1299.50 s 1246.25 1296.00 38.75 400,329 March 97-220 –.5 105,605 Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan 1.3673 1.3951 1.3660 1.3879 .0202 15,871 Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% Dec 2331.50 –7.50 2 Feb 1.3599 1.3854 1.3583 1.3783 .0176 121,645 Jan 427.00 11.70 16,654 Jan 99.8100 99.8100 99.8025 99.8050 –.0025 231,315 March'21 2343.00 2375.00 2323.00 2344.30 –7.50 8,915 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 412.30 426.40 s 408.00 424.30 11.60 185,665 March 99.8300 99.8300 99.8250 99.8300 … 1,084,191 Platinum (NYM)-50 troy oz.; $ per troy oz. Jan 2.340 2.490 t 2.282 2.467 .162 2,158 Soybean Oil (CBT)-60,000 lbs.; cents per lb. June 99.8250 99.8300 99.8250 99.8300 .0050 943,090 Dec 1055.70 13.50 22 Feb 2.350 2.486 t 2.305 2.444 .118 202,001 Jan 41.72 42.68 s 41.32 42.48 .76 17,018 Sept 99.8200 99.8200 99.8150 99.8200 .0050 789,484 April'21 1043.50 1073.40 1043.50 1062.60 13.50 53,899 March 2.350 2.477 2.313 2.439 .110 251,680 March 41.00 41.94 s 40.64 41.75 .70 208,191 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures Jan 12.00 12.24 12.00 12.21 .21 566 Japanese Yen (CME)-¥12,500,000; $ per 100¥ March 12.30 12.48 12.30 12.46 .16 9,080 Jan .9638 .9667 .9636 .9662 .0026 1,223 Bonds | wsj.com/market-data/bonds/benchmarks Wheat (CBT)-5,000 bu.; cents per bu. March .9644 .9674 .9641 .9668 .0027 192,055 March 614.25 623.25 611.50 618.50 4.25 185,067 Canadian Dollar (CME)-CAD 100,000; $ per CAD Tracking Bond Benchmarks July 607.00 615.25 604.75 611.75 4.75 78,610 Jan .7797 .7827 .7787 .7807 .0018 1,351 Wheat (KC)-5,000 bu.; cents per bu. March .7784 .7828 .7784 .7808 .0019 151,532 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March 585.00 8.00 122,187 British Pound (CME)-£62,500; $ per £ highs and lows for different types of bonds May 588.00 7.75 37,907 Jan 1.3469 1.3527 1.3456 1.3504 .0050 647 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 1.3459 1.3532 1.3459 1.3508 .0050 138,661 Total Total Jan 141.000 141.300 139.325 139.625 –1.375 9,113 Swiss Franc (CME)-CHF 125,000; $ per CHF return YTD total Yield (%) return YTD total Yield (%) March 142.675 142.900 140.750 141.225 –1.375 21,147 March 1.1274 1.1353 1.1274 1.1333 .0064 52,537 close return (%) Index Latest Low High close return (%) Index Latest Low High Cattle-Live (CME)-40,000 lbs.; cents per lb. June 1.1299 1.1381 1.1303 1.1363 .0064 82 Australian Dollar (CME)-AUD 100,000; $ per AUD Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Dec 113.200 113.550 111.900 112.050 –1.000 852 Feb'21 115.975 116.175 114.300 114.575 –1.200 111,477 Jan .7592 .7627 .7579 .7613 .0034 799 2288.26 7.3 U.S. Aggregate 1.140 1.020 2.310 2230.58 3.8 Mortgage-Backed 1.290 0.930 2.690 Hogs-Lean (CME)-40,000 lbs.; cents per lb. March .7586 .7631 .7585 .7616 .0034 135,631 Mexican Peso (CME)-MXN 500,000; $ per MXN Feb 66.775 67.750 66.050 67.200 .700 78,146 U.S. Corporate Indexes Bloomberg Barclays 2177.94 3.7 Ginnie Mae (GNMA) 0.760 0.290 2.660 Jan .04922 .05018 .04978 .05015 .00037 100 April 70.925 71.375 70.375 71.075 .325 43,714 March .04954 .04991 .04941 .04981 .00036 141,593 3450.43 9.6 U.S. Corporate 1.770 1.770 4.580 1317.30 3.9 Fannie mae (FNMA) 1.470 1.110 2.690 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Jan 884.50 896.60 858.80 888.10 3.10 709 Jan 1.2237 1.2285 1.2218 1.2262 .0044 2,107 7.3 Intermediate 2021.81 3.9 Freddie Mac (FHLMC) 1.450 1.080 2.710 3109.41 1.110 1.110 4.400 March 776.80 788.70 750.70 777.00 2.00 1,625 March 1.2234 1.2300 1.2234 1.2277 .0045 663,825 Milk (CME)-200,000 lbs., cents per lb. 5166.45 13.4 Long term 2.810 2.730 4.930 595.66 5.3 Muni Master 0.863 0.838 3.441 Dec 15.70 15.76 15.70 15.76 .06 4,050 Index Futures 701.05 8.7 Double-A-rated 1.420 1.300 3.360 421.61 5.7 7-12 year 0.848 0.771 3.447 Jan'21 16.48 16.62 16.24 16.26 –.16 3,761 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index 6.5 12-22 year 920.15 9.6 Triple-B-rated 2.030 2.030 5.350 482.35 1.257 1.224 3.690 March 2,556 2,558 2,495 2,507 –53 98,525 March 30318 30502 s 30166 30238 –67 83,747 June 30299 30369 s 30048 30117 –64 83 High Yield Bonds ICE BofA 468.50 6.3 22-plus year 1.894 1.765 4.123 May 2,491 2,491 2,442 2,451 –41 55,861 Coffee (ICE-US)-37,500 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index 494.76 5.9 High Yield Constrained 4.257 4.257 11.400 Global Government J.P. Morgan† March 123.95 125.90 123.20 125.40 2.05 111,636 March 3694.70 3746.70 s 3722.30 3719.90 –7.60 6,009 Mini S&P 500 (CME)-$50 x index 455.62 4.1 Triple-C-rated 8.391 8.375 19.071 614.63 5.4 Global Government 0.560 0.390 1.060 May 125.65 127.80 125.15 127.30 2.00 46,505 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 3731.00 3747.75 s 3714.50 3720.00 –7.50 2,478,086 June 3721.00 3736.50 s 3704.50 3709.50 –7.50 3,979 3324.38 4.1 High Yield 100 3.568 3.568 10.740 861.52 7.2 Canada 0.850 0.590 1.740 March 15.03 15.07 14.85 15.04 .06 381,548 Mini S&P Midcap 400 (CME)-$100 x index May 14.24 14.32 14.10 14.31 .08 208,179 EMU§ March 2309.10 2321.20 2268.90 2280.70 –24.40 53,702 446.94 6.0 Global High Yield Constrained 4.264 4.264 11.310 420.69 5.1 0.048 0.010 0.794 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June … 2293.10 –25.40 n.a. March 28.40 28.40 28.40 28.40 –.05 2,830 337.57 2.7 Europe High Yield Constrained 2.847 2.464 8.183 793.28 4.5 France -0.110 -0.160 0.430 Mini Nasdaq 100 (CME)-$20 x index Cotton (ICE-US)-50,000 lbs.; cents per lb. March 12845.25 12918.25 s 12808.25 12841.00 8.25 212,133 U.S Agency Bloomberg Barclays 552.38 3.1 Germany -0.470 -0.740 -0.050 March 76.70 77.25 76.36 77.01 .66 125,242 June 12834.00 12901.25 s 12794.75 12825.75 8.50 1,076 May 77.31 77.86 77.00 77.62 .62 42,223 1866.47 5.4 U.S Agency 0.490 0.460 1.880 295.25 -1.0 Japan 0.290 0.040 0.320 Mini Russell 2000 (CME)-$50 x index Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March 1996.50 2006.70 1946.60 1955.50 –39.50 533,940 10-20 years Netherlands Jan 119.15 121.00 119.15 120.75 1.35 1,450 1626.93 4.1 0.380 0.340 1.760 618.38 3.7 -0.390 -0.540 0.080 June 1997.40 2002.40 1943.20 1951.60 –39.50 20 March 122.60 124.60 122.30 124.55 2.35 8,328 4265.50 11.8 20-plus years 1.650 1.170 2.450 1092.22 8.7 U.K. 0.570 0.390 1.140 Mini Russell 1000 (CME)-$50 x index Interest Rate Futures March 2108.30 2115.90 s 2098.10 2102.20 –5.00 8,026 2931.25 7.2 Yankee 1.380 1.380 3.500 931.81 5.7 Emerging Markets ** 4.345 4.345 7.480 U.S. Dollar Index (ICE-US)-$1,000 x index March 90.16 90.17 89.79 89.92 –.36 34,582 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March 212-270 212-290 211-100 212-090 –9.0 1,026,988 June 90.10 90.10 89.83 89.88 –.36 558 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 172-280 172-280 172-050 172-210 –3.0 1,151,215 Source: FactSet Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in | selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cash Prices wsj.com/market-data/commodities Tuesday, December 29, 2020 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.125 U.S. 2 0.127 s l 0.125 0.154 1.587 months. 0.875 10 0.934 s l 0.932 0.841 1.872 Tuesday Tuesday Tuesday Wheat - Hard - KC (USDA) $ per bu-u 2.250 Australia 2 0.086 t l 0.089 0.101 0.923 -4.3 -4.0 -65.5 Energy Aluminum, LME, $ per metric ton *n.a. 6.1000 Copper,Comex spot 3.5530 Wheat,No.1soft white,Portld,OR-u 6.4000 1.000 10 0.978 t l 1.005 0.910 1.323 7.9 -55.5 4.4 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.350 Iron Ore, 62% Fe CFR China-s 162.5 Food 0.000 France 2 -0.739 t l -0.718 -0.684 -0.626 -86.8 -84.7 -220.3 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.550 Shredded Scrap, US Midwest-s,m 371 Metals Steel, HRC USA, FOB Midwest Mill-s 1009 Beef,carcass equiv. index 0.000 10 -0.347 t l -0.326 -0.341 0.048 -128.0 -125.2 -183.0 choice 1-3,600-900 lbs.-u 180.95 Fibers and Textiles select 1-3,600-900 lbs.-u 0.000 Germany 2 -0.716 t l -0.702 -0.754 -0.633 -84.4 -83.1 -221.1 Gold, per troy oz 165.22 Engelhard industrial 1880.00 Burlap,10-oz,40-inch NY yd-n,w 0.6450 Broilers, National comp wtd. avg.-u,w 0.8102 0.000 10 -0.571 t l -0.554 -0.585 -0.253 -148.0 -213.1 -150.5 Handy & Harman base 1874.30 Cotton,1 1/16 std lw-mdMphs-u 0.7426 Butter,AA Chicago 1.4925 Cheddar cheese,bbl,Chicago 0.050 Italy 2 -0.419 t l -0.412 -0.413 -0.190 -54.8 -54.1 -176.7 Handy & Harman fabricated 2080.47 Cotlook 'A' Index-t *n.a. 149.25 Cheddar cheese,blk,Chicago LBMA Gold Price AM *n.a. Hides,hvy native steers piece fob-u 45.000 163.50 0.900 10 0.555 s l 0.547 0.598 1.378 -37.9 -37.9 -50.0 Milk,Nonfat dry,Chicago lb. 113.50 LBMA Gold Price PM *n.a. Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp n.a. 0.100 Japan 2 -0.119 s l -0.125 -0.141 -0.121 -24.8 -25.4 -169.8 Krugerrand,wholesale-e 1955.82 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1974.63 n.a. 0.100 10 0.027 s l 0.021 0.030 -0.011 -90.7 -90.5 -188.9 Eggs,large white,Chicago-u 0.7650 American Eagle-e 1974.63 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.05 0.400 Spain 2 -0.625 s l -0.636 -0.592 -0.394 -75.4 -76.5 -197.1 Mexican peso-e 2275.44 Bran,wheat middlings, KC-u 148 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1846.36 1.250 10 0.053 s l 0.047 0.062 0.410 -88.1 -87.9 -146.8 Corn,No. 2 yellow,Cent IL-bp,u 4.6100 Hogs,Iowa-So. Minnesota-u 65.98 Austria phil-e 1974.63 Corn gluten feed,Midwest-u,w 152.7 Pork bellies,12-14 lb MidUS-u n.a. 0.125 U.K. 2 -0.147 t l -0.126 -0.042 0.544 -25.5 -103.3 -27.6 Silver, troy oz. Corn gluten meal,Midwest-u,w 565.2 Pork loins,13-19 lb MidUS-u 0.8266 4.750 10 0.214 t l 0.256 0.286 0.758 -72.0 -67.1 -112.0 Engelhard industrial 26.2500 Cottonseed meal-u,w n.a. Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 26.2960 Hominy feed,Cent IL-u,w n.a. Steers,feeder,Okla. City-u,w n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Handy & Harman fabricated 32.8700 Meat-bonemeal,50% pro Mnpls-u,w 300 LBMA spot price *n.a. Oats,No.2 milling,Mnpls-u 3.6300 Fats and Oils Corporate Debt (U.S.$ equivalent) *n.a. Rice, Long Grain Milled, No. 2 AR-u,w n.a. Corn oil,crude wet/dry mill wtd. avg.-u,w 41.0000 Coins,wholesale $1,000 face-a 19479 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Sorghum,(Milo) No.2 Gulf-u 6.7600 Grease,choice white,Chicago-h 0.3200 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 424.50 Lard,Chicago-u n.a. expectations LBMA Platinum Price PM *n.a. Soybeans,No.1 yllw IL-bp,u 12.8700 Soybean oil,crude;Centl IL-u 0.4348 Investment-grade spreads that tightened the most… Platinum,Engelhard industrial 1042.0 Wheat,Spring14%-pro Mnpls-u 7.0050 Tallow,bleach;Chicago-h 0.3800 Palladium,Engelhard industrial 2340.0 Wheat,No.2 soft red,St.Louis-u 6.4600 Tallow,edible,Chicago-u n.a. Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 12/28 International Business Machines IBM 4.250 2.70 May 15, ’49 102 –7 109 Source: Dow Jones Market Data

Barrick North America Finance ABXCN 5.700 2.82 May 30, ’41 114 –6 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Bristol–Myers Squibb BMY 7.150 0.39 June 15, ’23 22 –6 27

Credit Suisse … 2.950 0.62 April 9, ’25 26 –5 n.a. Money Rates December 29, 2020

Westpac Banking WSTP 2.350 0.56 Feb. 19, ’25 20 –5 26 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Canadian Natural Resources CNQCN 6.250 3.60 March 15, ’38 192 –3 204 Inflation Week —52-WEEK— Week —52-WEEK— JPMorgan Chase JPM 6.400 2.48 May 15, ’38 80 –3 75 Latest ago High Low Latest ago High Low Nov. index Chg From (%) Banco Santander SANTAN 2.749 2.40 Dec. 3, ’30 146 –3 level Oct. '20 Nov. '19 Commercial paper (AA financial) 159 Low 0.0300 0.0500 1.5800 0.0100 90 days 0.14 n.a. 2.53 0.04 …And spreads that widened the most U.S. consumer price index Bid 0.0800 0.0800 1.6000 0.0100 All items 260.229 –0.06 1.2 Offer 0.1100 0.0900 1.6300 0.0500 Libor Core 269.473 0.05 1.6 One month 0.14675 0.14325 1.76250 0.12663 Toyota Motor Credit TOYOTA 0.500 0.33 Aug. 14, ’23 16 10 Treasury bill auction 17 Three month 0.25388 0.23813 1.90838 0.20488 4 weeks 0.080 0.075 1.575 0.000 7 International rates Six month 0.25713 0.26275 1.91213 0.23375 Apple AAPL 0.750 0.34 May 11, ’23 17 14 13 weeks 0.095 0.090 1.550 0.000 One year 0.34125 0.33725 1.99625 0.32763 Week 52-Week 26 weeks 0.100 0.090 1.560 0.080 Toronto–Dominion Bank TD 0.750 0.32 June 12, ’23 15 6 18 Latest ago High Low Secondary market Euro Libor Pacific Gas and Electric … 3.750 2.43 July 1, ’28 150 5 n.a. One month -0.607 -0.595 -0.360 -0.621 Prime rates Fannie Mae Three month -0.562 -0.573 -0.142 -0.574 U.S. 3.25 3.25 4.75 3.25 Bank of Nova Scotia BNS 1.300 0.72 June 11, ’25 36 1 30-year mortgage yields Six month -0.533 -0.533 -0.052 -0.540 39 Canada 2.45 2.45 3.95 2.45 30 days 1.923 1.928 3.289 1.751 One year -0.489 -0.486 0.008 -0.501 1 Japan 1.475 1.475 1.475 1.475 Citigroup C 3.700 0.95 Jan. 12, ’26 58 n.a. 60 days 1.947 1.951 3.300 1.804 Secured Overnight Financing Rate Policy Rates 0.09 0.09 1.64 0.01 High-yield issues with the biggest price increases… Euro zone 0.00 0.00 0.00 0.00 Other short-term rates Switzerland Value 52-Week Bond Price as % of face value 0.00 0.00 0.50 0.00 Week 52-Week Britain 0.10 0.10 0.75 0.10 Latest Traded High Low Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Latest ago high low Australia 0.10 0.10 0.75 0.10 DTCC GCF Repo Index Call money Hughes Satellite Systems … 6.625 3.91 Aug. 1, ’26 113.495 1.47 109.920 Overnight repurchase Treasury 0.119 71.940 1.720 0.002 2.00 2.00 3.50 2.00 MBS 0.128 63.000 1.763 0.011 U.S. 0.12 0.05 1.65 -0.07 Springleaf Finance … 6.875 2.73 March 15, ’25 116.350 0.70 114.669 Notes on data: 0.25 U.S. government rates Teva Pharmaceutical Finance … 2.950 2.82 Dec. 18, ’22 100.250 99.938 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary QVC QVCN 4.375 1.99 March 15, ’23 105.125 0.17 105.000 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 0.25 0.25 2.25 0.25 as of December 28, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted 0.15 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Cenovus Energy CVECN 6.750 4.37 Nov. 15, ’39 130.320 127.500 Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Effective rate 0.0900 0.0900 1.6200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; HCA 0.04 HCA 5.375 2.04 Feb. 1, ’25 113.000 111.250 High 0.1200 0.1000 1.6500 0.1000 Tullett Prebon Information, Ltd. Ford Motor F 4.750 4.57 Jan. 15, ’43 102.530 100.500 …And with the biggest price decreases ADVERTISEMENT Dish DBS … 5.875 4.58 Nov. 15, ’24 104.550 –1.17 105.062 BusinessReal Estate&Auctions Teva Pharmaceutical Finance Netherlands… 3.150 3.88 Oct. 1, ’26 96.250 –0.85 96.000 To advertise: email [email protected] or WSJ.com/classiﬁeds

Fiat Chrysler Automobiles FCAIM 5.250 1.85 April 15, ’23 107.590 –0.82 107.625

Netflix NFLX 4.375 2.40 Nov. 15, ’26 110.750 –0.80 110.625 COMMERCIAL PROPERTIES

Continental Resources CLR 5.750 4.34 Jan. 15, ’31 110.875 –0.34 109.740 NOTABLE Ford Motor Credit … 3.350 2.37 Nov. 1, ’22 101.750 –0.25 C"R8;R8$ A@6GJS6FR8$ J6 ':62R=A3 101.699 COMMERICAL PROPERTIES #J RN JR9-) DR0 MK55 %AN DJAJR68N> *68F-8R-8?- DJ62-N (62 Nokia Oyj NOKIA 3.375 0.96 June 12, ’22 103.469 –0.25 n.a. ADVERTISE TODAY DA:-4 ,GNR8-NN68:/ 62 1K 2-A: -NJAJ- –0.15 %2-AJ Q2:A8=6> ':62R=A !6?AJR68N ADT Security ADT 3.500 1.71 July 15, ’22 102.712 102.269 #8NR=- NA:-N <5H.>... J6 <5M.>... OS (800)366-3975|[email protected] 'G-: B6:G9- I&>... %A::68N J6 5&.>... %OS *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. *A:: EAPA IH5TL+7TL&L+ Note: Data are for the most active issue of bonds with maturities of two years or more ©2020Dow Jones &Company, Inc.All Rights SA"A2APA E-A:J/ !!* Source: MarketAxess P2JW365000-0-B00800-17F9AF7128E

B8 | We dnesday, December 30, 2020 THE WALL STREET JOURNAL. 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. Anthem ANTM 314.33 1.44 BancoBradesco BBDO 4.77 0.09 BristolMyers BMY 61.42 0.30 Carlyle CG 31.26 -0.18 CitrixSystems CTXS 130.11 -2.91 DarlingIngred DAR 56.30 -0.20 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. listed securities. Prices are composite quotations dd-Indicates loss in the most recent four Aon AON 206.91 0.08 BancodeChile BCH 20.66 -0.16 BritishAmTob BTI 37.81 0.31 CarMax KMX 92.24 1.24 Clarivate CCC 29.69 -0.28 Datadog DDOG 98.92 -1.30 that include primary market trades as well as quarters. ApolloGlbMgmt APO 48.07 -0.29 BancSanBrasil BSBR 8.78 0.08 Broadcom AVGO 429.04 -2.84 Carnival CCL 21.43 -0.28 Clorox CLX 201.76 -0.49 s DaVita DVA 116.00 0.55 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Appian APPN BcoSantChile BSAC BroadridgeFinl BR Carnival CUK 18.50 -0.34 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing 153.81 -1.15 19.46 ... 151.37 -0.69 Cloudflare NET 76.40 -1.10 DeckersOutdoor DECK 287.45 -3.48 Nasdaq ISE. standards s Apple AAPL 134.87 -1.82 BancoSantander SAN 3.12 -0.02 BrookfieldMgt BAM 41.29 0.31 CarrierGlobal CARR 37.17 -0.59 Coca-Cola KO 54.13 -0.03 Deere DE 265.34 -2.16 The list comprises the 1,000 largest companies lf-Late filing ApplMaterials AMAT 84.27 -0.60 BanColombia CIB 40.51 0.23 BrookfieldInfr BIP 49.70 -0.02 Carvana CVNA 250.51 -0.98 Coca-Cola Euro CCEP 48.64 0.32 DellTechC DELL 71.50 -1.35 based on market capitalization. q-Temporary exemption from Nasdaq Underlined quotations are those stocks with requirements. Aptargroup ATR 135.31 -0.37 BankofAmerica BAC 30.01 -0.12 BrookfieldPropREIT BPYU 15.11 -0.20 Catalent CTLT 102.71 -0.17 s Cognex CGNX 80.56 -1.85 DeltaAir DAL 40.03 -0.12 large changes in volume compared with the t-NYSE bankruptcy s Aptiv APTV 128.07 -0.07 BankofMontreal BMO 75.83 -0.08 BrookfieldRenew BEPC 58.83 0.51 Caterpillar CAT 176.65 -1.72 CognizantTech CTSH 80.50 -0.87 DenaliTherap DNLI 84.00 -1.77 issue’s average trading volume. v-Trading halted on primary market. Aramark ARMK 37.84 0.35 BankNY Mellon BK 41.44 ... Brown&Brown BRO 46.03 0.15 Celanese CE 127.51 -0.26 ColgatePalm CL 85.03 -0.38 DentsplySirona XRAY 51.25 -1.06 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being whose price changed by 5% or more if their reorganized under the Bankruptcy Code, ArcelorMittal MT 22.98 -0.15 BkNovaScotia BNS 53.63 0.09 Brown-Forman A BF.A 73.31 0.70 Cemex CX 5.09 -0.01 Comcast A CMCSA 51.55 0.44 DeutscheBank DB 10.94 -0.25 previous closing price was $2 or higher. or securities assumed by such companies. ArchCapital ACGL 35.30 -0.03 Barclays BCS 8.04 -0.13 Brown-Forman B BF.B 78.94 0.59 Centene CNC 59.03 0.20 Comerica CMA 55.22 -0.98 DexCom DXCM 356.90 -5.41 ArcherDaniels ADM 49.45 -0.25 BarrickGold GOLD 22.91 0.07 Bruker BRKR 53.44 -0.38 CenterPointEner CNP 21.30 -0.11 CommerceBcshrs CBSH 65.68 -1.24 Diageo DEO 163.22 3.40 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and AresMgmt ARES 47.74 -0.80 BaxterIntl BAX 80.00 0.74 Bunge BG 63.44 -0.67 CentraisElBras EBR 7.07 0.03 DiamondbkEner FANG 47.00 -0.63 changes in the closing prices from 4 p.m. the previous day. s CiaSiderurgica SID 6.22 0.38 s arGEN-X ARGX 302.31 1.30 BectonDicknsn BDX 248.35 0.20 BurlingtonStrs BURL 259.15 0.83 CeridianHCM CDAY 107.06 0.39 ConagraBrands CAG 36.42 -0.20 DigitalRealty DLR 138.00 -0.61 AristaNetworks ANET BeiGene BGNE CBRE Group CBRE Cerner CERN 78.50 0.45 Tuesday, December 29, 2020 Net Net 287.50 -3.44 245.00 -7.64 62.11 -0.86 ConchoRscs CXO 56.89 -0.29 DiscoverFinSvcs DFS 88.02 -0.27 ArrowElec ARW 96.12 -1.39 BentleySystems BSY 38.55 0.45 CDW CDW 129.47 -1.59 CharlesRiverLabs CRL 248.64 1.47 Net Stock Sym Close Chg Stock Sym Close Chg ConocoPhillips COP 39.07 -0.23 DiscoveryB DISCB 31.68 0.49 ArrowheadPharm ARWR 78.04 -1.90 Berkley WRB 65.73 -0.36 CF Industries CF 36.95 -0.25 CharterComms CHTR 664.98 13.08 Stock Sym Close Chg ConEd ED 70.76 -0.50 DiscoveryA DISCA 29.69 0.24 AgnicoEagle AEM 71.18 0.44 Amcor AMCR 11.60 0.01 AscendisPharma ASND 166.60 -3.22 BerkHathwy A BRK.A 3448202219.00 CGI GIB 80.12 0.76 s CheckPoint CHKP 135.04 -2.55 s ConstBrands A STZ 217.44 -1.20 DiscoveryC DISCK 25.96 0.14 A B C AirProducts APD 268.73 0.13 Amdocs DOX 69.97 -0.54 AspenTech AZPN 129.70 1.12 BerkHathwy B BRK.B 229.57 1.16 CH Robinson CHRW 93.72 -0.95 Chegg CHGG 88.53 -3.18 t ContextLogic WISH 18.64 -0.97 s Disney DIS 177.30 -1.56 Airbnb ABNB 150.00 1.00 Amedisys AMED 288.86 -3.36 Assurant AIZ 132.53 -0.85 BerryGlobal BERY 54.96 -0.17 CME Group CME 178.86 -1.53 Chemed CHE 530.04 -8.84 DocuSign DOCU 228.16 -1.04 s ABB ABB 27.89 0.03 Cooper COO 357.27 -2.69 AkamaiTech AKAM 106.71 -0.57 Amerco UHAL 447.69 -1.72 AstraZeneca AZN 49.90 0.52 BestBuy BBY 100.76 -1.82 CMS Energy CMS 59.16 0.34 CheniereEnergy LNG 59.80 0.79 Copart CPRT 125.92 -0.80 DolbyLab DLB 95.50 -0.67 AcadiaPharm ACAD 53.78 0.61 Albemarle ALB 146.22 -3.50 Ameren AEE 76.57 -0.18 Athene ATH 41.86 -0.42 BeyondMeat BYND 125.90 -0.54 CNA Fin CNA 38.23 -0.35 CheniereEnerPtrs CQP 33.19 0.15 DollarGeneral DG 211.34 0.95 s AES AES 23.31 0.01 Corning GLW 35.64 -0.55 s Albertsons ACI 16.64 0.66 AmericaMovil AMX 14.63 0.29 Atlassian TEAM 233.15 1.35 Bilibili BILI 82.45 1.07 s CNH Indl CNHI 12.95 0.09 Chevron CVX 84.61 -0.29 Corteva CTVA 37.94 -0.41 DollarTree DLTR 109.10 1.17 Aflac AFL 43.75 -0.17 Alcon ALC 66.24 0.61 AmericaMovil A AMOV 14.61 1.11 AtmosEnergy ATO 93.16 -0.25 Bill.com BILL 138.65 -2.35 CNOOC CEO 93.75 -3.15 Chewy CHWY 90.92 -1.69 DominionEner D 73.88 0.18 CoStar CSGP 918.22 -21.28 AGCO AGCO 101.26 -0.92 AlexandriaRlEst ARE 175.16 -0.71 AmerAirlines AAL 15.86 -0.20 Autodesk ADSK 298.11 -1.54 Bio-Techne TECH 314.91 -0.88 CRH CRH 42.30 -0.23 ChinaEastrnAir CEA 21.83 0.02 Domino's DPZ 384.36 -15.82 Costco COST 372.72 1.66 AGNC Invt AGNC 15.58 -0.06 AlexionPharm ALXN 155.35 0.99 AEP AEP 81.18 -0.10 Autohome ATHM 96.62 1.44 Bio-RadLab A BIO 574.92 2.93 CRISPR Therap CRSP 157.83 -11.10 ChinaLifeIns LFC 10.95 -0.09 t DoorDash DASH 141.27 -6.62 CoupaSoftware COUP 340.49 -2.62 Ansys ANSS 360.85 -2.87 Alibaba BABA 236.26 13.90 AmerExpress AXP 118.14 -0.22 Autoliv ALV 92.27 0.12 Bio-RadLab B BIO.B574.00 1.50 CSX CSX 89.33 -1.31 ChinaMobile CHL 28.37 -1.05 Dover DOV 123.51 -0.77 Credicorp BAP 164.90 -0.10 ASETech ASX 5.74 -0.17 AlignTech ALGN 520.45 -0.41 AmericanFin AFG 85.82 -0.93 ADP ADP 174.87 -1.74 Biogen BIIB 243.46 -0.69 C3.ai AI 139.78 -6.10 ChinaPetrol SNP 45.05 -0.11 Dow DOW 54.33 0.04 s ASML ASML 484.01 3.77 CreditSuisse CS 12.79 0.03 Allakos ALLK 143.05 -9.40 AmHomes4Rent AMH 29.76 -0.09 AutoZone AZO 1177.12 -15.50 BioMarinPharm BMRN 86.18 -1.40 CVS Health CVS 67.90 -0.18 ChinaSoAirlines ZNH 29.57 0.53 DrReddy'sLab RDY 70.14 -0.28 AT&T T 28.54 -0.01 Cree CREE 97.20 -3.82 Alleghany Y 598.28 -0.86 AIG AIG 37.16 0.09 Avalara AVLR 166.00 -3.60 BioNTech BNTX 88.28 0.17 s CableOne CABO 2293.76 28.62 ChinaTelecom CHA 28.37 -0.48 DraftKings DKNG 48.11 -0.85 AbbottLabs ABT 108.33 0.54 CrowdStrike CRWD 205.93 -6.62 Allegion ALLE 113.54 -0.98 AmerTowerREIT AMT 220.48 -0.59 Avalonbay AVB 157.21 -3.12 BlackKnight BKI 87.66 -0.59 CadenceDesign CDNS 133.98 -0.78 ChinaUnicom CHU 5.91 -0.02 Dropbox DBX 22.93 -0.67 AbbVie ABBV 104.70 1.25 CrownCastle CCI 155.81 -0.44 AlliantEnergy LNT 50.48 0.17 AmerWaterWorks AWK 150.73 1.08 Avangrid AGR 45.07 -0.38 BlackLine BL 131.68 -3.46 CaesarsEnt CZR 73.37 -0.27 Chipotle CMG 1392.21 -9.28 DukeEnergy DUK 89.86 -0.39 t AbCelleraBio ABCL 39.00 -1.55 CrownHoldings CCK 98.18 0.52 Allstate ALL 107.52 0.05 AmericoldRealty COLD 36.15 0.03 Avantor AVTR 26.78 -0.14 BlackRock BLK 706.28 -3.90 CamdenProperty CPT 98.53 -0.57 Chubb CB 150.90 -0.98 DukeRealty DRE 39.44 -0.28 s Abiomed ABMD 320.93 8.02 Cummins CMI 222.69 -1.45 AllyFinancial ALLY 34.76 -0.22 Ameriprise AMP 189.07 -0.91 AveryDennison AVY 152.22 -1.72 Blackstone BX 64.54 -0.13 CampbellSoup CPB 48.42 -0.01 ChunghwaTel CHT 38.52 -0.27 Dun&Bradstreet DNB 25.87 -0.38 AcceleronPharma XLRN 125.41 -1.48 CureVac CVAC 84.87 -3.01 AlnylamPharm ALNY 130.56 -3.52 AmerisourceBrgn ABC 97.12 0.32 AxonEnterprise AAXN 123.33 -1.83 Boeing BA 216.25 0.16 CIBC CM 85.52 -0.08 Church&Dwight CHD 87.08 -0.40 DuPont DD 69.31 0.66 Accenture ACN 257.76 -1.92 CyrusOne CONE 73.38 0.21 Alphabet A GOOGL 1757.76 -16.20 Ametek AME 118.66 -1.10 BCE BCE 42.69 0.04 s BookingHldgs BKNG 2185.40 47.48 CanNtlRlwy CNI 110.08 -0.61 ChurchillDowns CHDN 195.99 -11.53 Dynatrace DT 41.88 0.33 ActivisionBliz ATVI 91.37 -0.06 Alphabet C GOOG 1758.72 -17.37 Amgen AMGN 226.87 3.22 BHP Group BHP 65.70 0.41 BoozAllen BAH 87.22 -0.41 CanNaturalRes CNQ 23.79 0.28 Ciena CIEN 52.31 -1.16 D E F ENI E 20.99 0.07 AdaptiveBiotech ADPT 59.34 -1.66 Alteryx AYX 122.33 -2.89 Amphenol APH 128.44 -1.40 BHP Group BBL 53.42 0.41 BorgWarner BWA 38.55 -0.69 s CanPacRlwy CP 347.16 2.11 Cigna CI 204.05 1.89 EOG Rscs EOG 48.67 -0.27 Adobe ADBE 502.11 3.16 s DISH Network DISH 31.70 -0.23 AlticeUSA ATUS 37.90 0.98 AnalogDevices ADI 143.66 -1.02 BP BP 21.07 0.08 BostonBeer SAM 978.70 -13.53 Canon CAJ 19.47 -0.25 CincinnatiFin CINF 86.23 -1.14 EPAM Systems EPAM 351.75 -1.88 DTE Energy DTE AdvanceAuto AAP 156.69 -2.11 Altria MO 40.73 -0.75 Anaplan PLAN 73.31 0.89 Baidu BIDU 195.07 1.99 BostonProps BXP 93.29 -1.85 CanopyGrowth CGC 24.26 -0.42 Cintas CTAS 347.37 -6.82 119.24 0.01 EastmanChem EMN 98.93 -0.62 AdvMicroDevices AMD 90.62 -0.98 AlumofChina ACH 8.58 -0.30 AngloGoldAsh AU 22.97 0.16 BakerHughes BKR 20.75 -0.13 BostonSci BSX 35.50 0.58 CapitalOne COF 96.18 -1.37 CiscoSystems CSCO 44.64 -0.28 DadaNexus DADA 35.84 -1.25 Eaton ETN 117.16 -0.56 Aegon AEG 3.89 ... Amazon.com AMZN 3322.00 38.04 AB InBev BUD 70.99 0.42 Ball BLL 92.24 0.87 BridgeBioPharma BBIO 67.62 -1.86 CardinalHealth CAH 53.50 -0.16 Citigroup C 60.91 -0.22 Danaher DHR 222.86 0.11 EatonVance EV 67.53 -0.06 AgilentTechs A 117.23 -0.60 Ambev ABEV 3.12 0.09 AnnalyCap NLY 8.46 -0.10 BancoBilbaoViz BBVA 4.95 -0.06 BrightHorizons BFAM 170.44 2.12 Carlisle CSL 155.04 -0.69 CitizensFin CFG 34.88 -0.23 Darden DRI 118.56 0.82 Continued on Page B10

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

DukeEnerDeb78 DUKB 28.70 0.4 GOAcquisitionUn GOAC.U 10.75 1.2 KratosDefense KTOS 28.18 -1.4 PMV Consumer PMVC 10.12 0.6 SouthMtnWt SMMCW 4.75 1.6 YunhongIntlRt ZGYHR 0.37 6.1 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American DukeEnerDeb73 DUKH 26.80 -0.1 GoAcqnWt GOAC.WS 1.60 15.5 L&F Acqn LNFA.U 10.50 0.3 PMV Consumer Wt PMVC.WS 1.49 0.5 SouthernNts2020C SOJE 26.46 0.2 YunhongIntlWt ZGYHW 0.86 17.5 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest EagleMaterials EXP 101.57 -0.6 GS Acqn II Wt GSAH.WS 2.85 -5.2 LG Display LPL 8.54 3.7 Pearson PSO 9.48 0.8 SpectrumBrands 78.15 -1.2 session. %CHG-Daily percentage change from the previous trading session. SPB EastStoneWt ESSCW 0.80 -5.8 GeorgiaPwrNt77 GPJA 28.64 0.6 LandcadiaIII LCYAU 11.83 2.9 PepsiCo PEP 148.77 0.3 SportsEntAcqn SEAH.U 11.25 -1.6 Lows EdwardsLife EW 92.08 -0.6 Gevo GEVO 5.15 -4.1 LandcadiaIII Wt LCYAW 2.45 18.0 PeridotAcqn PDAC.U 11.50 0.4 StepStone STEP 38.50 0.6 Arko ARKO 7.62 -8.7 Tuesday, December 29, 2020 EllingtonResiMtg EARN 13.30 0.9 GlobalPayments GPN 211.12 0.4 LevelOnePfdB LEVLP 26.81 0.2 Pinduoduo PDD 168.77 15.6 StifelFinlPfdC SFpC 28.25 -0.3 AbCelleraBio ABCL 38.00 -3.8 Emcore EMKR 5.80 10.3 GlobalShipLease GSL 12.08 -5.4 LightspeedPos LSPD 71.00 -0.7 PopulationHlth PHICU 10.60 -1.7 TJX TJX 68.89 -0.6 52-Wk % 52-Wk % 52-Wk % AIG Wt AIG.WS 0.09 -1.0 EnergyFuelsWt UUUU.WS 2.34 -1.5 GoldenFalconAcqnUn GFX.U 10.75 -0.8 LogitechIntl LOGI 96.79 2.2 PowerIntegrations POWI 82.03 -2.7 TraconPharm TCON 11.80 4.2 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg ApreaTherap APRE 5.01 -8.2 Envista NVST 33.47 ... Goldfield GV 7.00 0.3 LumentFinance LFT 3.81 -3.1 PraxisPrecision PRAX 58.49 -8.0 TechnicalComms TCCO 13.63 47.0 AzurePowerGlbl AZRE 42.54 1.5 Conx CONXU 10.65 -0.8 CleverLeaves CLVR 10.13 -4.9 EosEnergy EOSE 24.00 5.7 GreatLakesDredge GLDD 13.03 1.5 LumosPharma LUMO 32.75 5.5 PPlus GSC-2 PYT 23.55 0.2 10xCapVenture VCVCU 10.90 0.7 B.RileyNts2025 RILYM 25.55 0.6 CableOne CABO 2296.96 1.3 GrupoSimec SIM 12.00 13.9 PrimeImpactI A PIAI 10.30 -0.3 ContextLogic WISH 18.16 -4.9 Highs EosEnergyWt EOSEW 8.27 9.2 MediromHlthcr MRM 19.80 0.7 TenaxTherap TENX 2.84 85.0 B RileyFin RILY 44.87 -0.2 CanPacRlwy CP 348.73 0.6 Guidewire GWRE 129.76 -0.9 PrudentialNt58 PRS 28.60 0.2 CooTekCayman CTK 2.61 2.3 ABB ABB 28.11 0.1 EpsilonEnergy EPSN 3.89 0.5 MersanaTherap MRSN 29.09 -0.5 TitanMedical TMDI 2.04 12.6 BankofAmPfd4 BMLpJ 25.38 -0.4 CapitolInvtV CAP.U 10.35 0.4 HDFC Bank HDB 71.40 0.2 PrudentialNts2060 PFH 26.21 0.4 Cortexyme CRTX 26.66 1.8 AEA-BridgesWt IMPX.WS 1.84 -9.7 EstablishLabs ESTA 35.80 ... MonmouthRealEst MNR 17.92 -1.2 TottenhamAcqnI TOTAU 21.60 -3.0 BigRockPtrsUn BRPAU 89.00 107.0 ChardanHlthcr2 CHAQ.U 11.00 1.2 HIG Acqn HIGA.U 10.65 ... Qumu QUMU 7.80 2.7 DoorDash DASH 139.64 -4.5 AEA-Bridges IMPX.U 11.35 -2.4 EsteeLauder EL 267.20 -0.4 MonsterBev MNST 91.44 0.3 TravelCtrsNt30 TANNZ 26.06 -0.1 BioanalyticalSys BASI 10.89 -1.2 ChardanHlthcr2Wt CHAQ.WS 1.55 -1.2 HPX Un HPX.U 10.65 1.4 R1RCM RCM 24.13 -0.2 GBS GBS 8.35 -10.4 AES AES 23.62 ... ExpeditorsIntl EXPD 95.73 -0.6 Morningstar MORN 229.17 1.1 Trimble TRMB 67.93 -1.0 BionanoGenom BNGO 1.49 50.4 CheckPoint CHKP 139.26 -1.9 HealthSciences2 HSAQ 12.75 4.8 RadiusGlbInfr RADI 14.77 -0.9 Galecto GLTO 11.57 -4.8 ASML ASML 489.45 0.8 Exponent EXPO 91.01 -1.1 MountainCrestRt MCACR 1.00 -5.3 TuscanIIWt THCAW 2.95 7.8 BionanoGenomWt BNGOW 0.99 100.0 ChickenSoupA CSSE 20.98 -0.5 HighPeakEnerWt HPKEW 4.31 17.1 ReneSola SOL 12.70 -2.2 GlobusMaritime GLBS 5.54 -4.9 Abiomed ABMD 327.91 2.6 FastAcqn FST.U 10.97 0.4 NICE NICE 288.73 -0.3 TuscanIIUn THCAU 17.95 ... BookingHldgs BKNG 2200.00 2.2 ClearPtNeuro CLPT 15.30 -3.4 IPG Photonics IPGP 227.00 -1.6 RevolutionAccel RAACU 10.56 0.7 HothTherap HOTH 1.56 -4.2 AcademySports 21.23 0.5 F5Networks FFIV 178.09 -0.8 NIC EGOV 26.80 -2.9 US BancorpPfdL USBpQ 25.49 0.1 ASO BrighthousePfdB BHFAO 28.49 0.4 Cognex CGNX 83.10 -2.2 Ikonics IKNX 7.60 12.5 Roman DBDR A DBDR 10.47 -0.9 Immunome IMNM 9.37 -7.7 FTACOlympusWt FTOCW 2.32 -11.5 NatlRurUtilNt2064 NRUC 29.24 0.7 US BancorpPfdB USBpH 24.72 ... AcamarPtrs ACAM 11.74 -1.5 BrookfieldFinNts BAMI 25.64 0.3 CiaSiderurgica SID 6.29 6.5 Immersion IMMR 13.67 37.4 SCE V Pfd SCEpK 25.65 -0.4 InhibikaseTherap IKT 7.29 -18.6 FtacOlympus FTOCU 11.15 -1.3 NebulaCaravel NEBCU 13.07 0.1 AegonNts2049 AEFC 27.11 0.1 BullHornUn BHSEU 12.24 10.0 ConcordAcqn CND.U 10.48 ... InariMedical NARI 87.00 -0.2 SandbridgeAcqn SBG.U 10.80 0.2 US Gold USAU 16.49 5.4 InterceptPharm ICPT 24.47 -4.5 Albertsons ACI 16.77 4.1 BullHorn BHSE 11.10 6.5 ConstBrands A STZ 220.00 -0.5 FalconCapAcqn FCACU 11.50 0.7 IndlTechAcqns ITACU 11.16 -1.1 Net1UEPS UEPS 4.90 2.6 SchwabC SCHW 53.33 -0.8 Unisys UIS 19.60 0.5 LixteBiotech LIXT 3.00 -9.5 AllstatePfdH ALLpH 28.20 0.4 BurgundyTechWt BTAQW 1.65 2.0 CustomersBncpNt34 CUBB 26.22 2.0 FarPeakAcqn FPAC.U 10.51 -0.1 Intellicheck IDN 11.66 -1.1 Netgear NTGR 42.59 -2.9 Scienjoy SJ 11.81 -0.5 UnitedTherap UTHR 151.67 -0.3 MediromHlthcr MRM 14.03 0.7 AlphaHlthcrAcqnUn AHACU 10.55 0.4 BurgundyTechAcqnUn BTAQU 11.93 -0.1 CyberArkSoftware CYBR 167.34 -2.6 Fastenal FAST 50.47 -0.7 InteractiveBrkrs IBKR 62.95 -1.2 NewConceptEner GBR 3.50 37.9 SempraEnNts79 SREA 28.19 ... UnvlSecInstr UUU 13.94 62.3 OrientalCulture OCG 4.64 -2.1 AlticeUSA ATUS 37.91 2.7 BurgundyTechA BTAQ 10.24 -0.1 DailyJournal DJCO 378.40 7.0 Ferrari RACE 233.66 0.5 Investindustrial IIAC.U 10.52 ... NexaResources NEXA 10.02 6.0 7GC VIIAU 10.65 -0.7 VPC Impact VIHAU 10.65 -0.2 Pharming PHAR 14.08 ... ApellisPharm APLS 57.06 -2.1 BurlingtonStrs BURL 261.31 0.3 DaVita DVA 116.51 0.5 FinTechAcqnV FTCVU 10.75 -1.9 JMP JMP 3.99 3.5 NoahHoldings NOAH 45.41 1.3 ShoeCarnival SCVL 41.28 1.1 VentouxCCMAcqn VTAQU 10.35 -0.3 PhoenixNewMedia FENG 1.12 -1.6 AppFolio APPF 186.59 -1.9 CF Acqn IV CFIVU 10.45 -0.2 DecarbonizaPlusA DCRB 10.98 -0.9 FiveBelow FIVE 170.07 2.6 KKR Pfd C KKRpC 61.70 0.2 NortechSystems NSYS 7.45 4.0 SierraMetals SMTS 3.55 5.9 VeriskAnalytics VRSK 210.66 -1.1 PrimeEnergy PNRG 42.39 3.4 Apple AAPL 138.79 -1.3 CFFinanceIIWt CFIIW 2.78 -14.5 DelwindsIns DWIN.U 10.34 -0.1 FordMotor6%Nts FpC 26.76 0.5 KVH Inds KVHI 11.86 -1.0 OTRAcquisition OTRA 10.47 -0.3 SilverbackTherap SBTX 38.77 1.4 VornadoPfdN VNOpN 25.99 0.3 Q&K Intl QK 2.70 -1.1 Aptiv APTV 130.35 -0.1 CFFinAcqnIII CFACU 10.55 -0.8 DermTech DMTK 29.68 10.4 ForestRoadAcqn FRX.U 11.00 0.2 KSCitySouthern KSU 203.30 -0.6 OaktreeAcqn OAC 16.36 2.8 SiyataMobileWt SYTAW 6.30 -6.0 WD-40 WDFC 272.58 -2.1 QualigenTherap QLGN 2.87 -3.8 AssdBancPfdF ASBpF 28.90 0.4 CITICCapAcqnWt CCAC.WS 2.13 ... Disney DIS 180.20 -0.9 FusionAcqnUn FUSE.U 12.98 -0.5 KenonHoldings KEN 28.98 2.4 one AONE.U 11.49 -0.8 Smith-Midland SMID 9.40 -1.1 WheelerREITPfdD WHLRD 18.20 0.7 VenusConcept VERO 1.60 -6.2 AteaPharm AVIR 41.26 0.6 CMSEnerDeb78 CMSA 28.23 0.4 Docebo DCBO 61.51 2.6 FusionAcqnA FUSE 11.70 0.1 KeurigDrPepper KDP 32.24 ... OrbitalEnergy OEG 2.47 13.8 Sony SNE 100.83 2.5 XTL Biopharm XTLB 3.10 5.1 ViriosTherapeutics VIRI 7.21 -1.2 AtlasCrestInvt ACIC.U 11.04 1.5 CMSEnerNts2078 CMSC 28.55 0.1 DragoneerGrowthII DGNS 12.70 -6.0 FusionAcqnWt FUSE.WS 2.80 3.2 KornitDigital KRNT 92.61 -2.1 Organogenesis ORGO 7.19 7.2 SouthMountainUn SMMCU 20.39 -0.6 Xylem XYL 101.63 -0.9 VistraWt VST.WS.A 0.23 -24.2 Atomera ATOM 15.55 -0.5 CNH Indl CNHI 12.96 0.7 DuddellStreet DSACU 10.70 0.8 FuweiFilms FFHL 14.43 11.9 Koss KOSS 5.10 43.3 OrmatTech ORA 91.99 3.7 SouthMtnA SMMC 17.89 -5.8 YumBrands YUM 110.56 -0.3 VivosTherap VVOS 6.38 -6.6

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InvscS&P500EW RSP 125.83 –0.50 8.7 B:\/ [\N- 'RGB& iShS&PTotlUSStkMkt ITOT 85.66 –0.37 17.8 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 2R? 7:8\M iShCoreUSAggBd AGG 118.03 0.02 5.0 iShSelectDividend DVY 94.72 –0.60 –10.4 (800) 355-3063 (800) 799-1424 HDEF("RIZ&?II iShESGAwareUSA ESGU 85.52 –0.22 19.9 CFG Community Bank $1,000 0.62 Goldwater Bank $5,000 0.50 (&"*$@%!2-,G/GGG iShEdgeMSCIMinUSA USMV 67.20 –0.21 2.4 (888) 205-8388 (480) 281-8200 iShEdgeMSCIUSAMom MTUM 160.54 –0.29 27.9 DH,EC FEY'# - iShEdgeMSCIUSAQual QUAL 115.20 –0.10 14.1 One-month CD One-year CD 1)/DGG iShGoldTr IAU 17.91 0.22 23.5 iShiBoxx$InvGrCpBd LQD 137.92 0.04 7.8 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 iShiBoxx$HYCpBd HYG 87.05 –0.13 –1.0 (713) 358-9400 (800) 845-5025 6G6G #.EC5<+ A,) *;07;4 '!B iShJPMUSDEmgBd EMB 115.69 0.15 1.0 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 iShMBSETF MBB 110.10 0.03 1.9 (877) 707-1995 (888) 205-8388 *.3F+ iShMSCI ACWI ACWI 90.36 0.20 14.0 iShMSCI EAFE EFA 73.42 0.64 5.7 Washington Savings Bank $500 0.10 BrioDirect $500 0.65 !\V4:AV *81\& J\A4<\N YV4\N:SN& iShMSCIEmgMarkets EEM 51.02 1.49 13.7 (978) 458-7999 (877) 369-2746 iShMSCIJapan EWJ 67.32 1.25 13.6 DCLTJ2ZU>R3& 5DQ\\$ HAV1A8 iShNatlMuniBd MUB 117.16 0.02 2.9 Two-month CD Two-year CD iSh1-5YIGCorpBd IGSB 55.13 0.05 2.8 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 iShPfd&Incm PFF 38.17 –0.05 1.5 (713) 358-9400 (800) 845-5025 DH,EC FEY'# - iShRussell1000Gwth IWF 240.75 –0.21 36.9 ,6G/B6G iShRussell1000 IWB 210.47 –0.24 18.0 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 iShRussell1000Val IWD 135.03 –0.28 –1.1 (877) 707-1995 (480) 281-8200 iShRussell2000 IWM 194.43 –1.94 17.4 VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 iShRussellMid-Cap IWR 67.86 –0.64 13.8 (877) 998-2265 (833) 755-4354 6G,1#.EC5<+ #;4;7+E; !3E8. iShRussellMCValue IWS 95.44 –0.78 0.7 iShS&P500Growth IVW 63.65 –0.20 31.5 Three-month CD Five-year CD G:=<4 *81\ H\4A88:)& J\A4<\N YV4\N:SN& iShS&P500Value IVE 126.45 –0.18 –2.8 DCLTLR>?335GB&2&I3R 7:8\M iShShortTreaBd SHV 110.52 0.01 0.1 BrioDirect $500 0.50 Connexus Credit Union $5,000 1.01 iShSilver SLV 24.39 –0.16 46.2 (877) 369-2746 (800) 845-5025 HDEF("RZ6&UUI iShTIPSBondETF TIP 127.28 –0.05 9.2 Goldwater Bank $5,000 0.35 Goldwater Bank $5,000 0.95 iSh1-3YTreasuryBd SHY 86.38 ... 2.1 (480) 281-8200 (480) 281-8200 (&"*$@%!2-BG/GGG iSh7-10YTreasuryBd IEF 119.79 –0.02 8.7 iSh20+YTreasuryBd TLT 157.16 –0.13 16.0 Lone Star Bank $1,000 0.25 Comenity Direct $1,500 0.90 DH,EC FEY'# - iShRussellMCGrowth IWP 102.24 –0.66 34.0 (713) 358-9400 (833) 755-4354 ,BA/11G iShUSTreasuryBdETF GOVT 27.34 –0.02 5.4 JPM UltShtIncm JPST 50.83 0.01 0.8 High yield jumbos - Minimum is $100,000 PIMCOEnhShMaturity MINT 102.05 –0.01 0.5 6G6G #.EC5<+ !;05;4 !3E8. SPDR BlmBarcHYBd JNK 108.61 –0.04 –0.8 Money market and savings account Six-month CD "*;E SPDRBloomBar1-3MTB BIL 91.52 ... 0.1 SPDR Gold GLD 176.35 0.36 23.4 CFG Community Bank 0.72 Merrick Bank 0.50 W\4*8A)9&2DQ\\$ ,14S& DCLTJ,6I3I?& SchwabIntEquity SCHF 36.20 0.70 7.6 (888) 205-8388 (866) 638-6851 #.\)14:0\%\7S X6?I 7:8\M SchwabUS BrdMkt SCHB 90.43 –0.32 17.6 SchwabUS Div SCHD 63.49 –0.58 9.6 Luana Savings Bank 0.60 TAB Bank 0.50 HDEF("2I5&U?I SchwabUS LC SCHX 90.43 –0.25 17.7 (800) 666-2012 (800) 355-3063 (&"*$@%!2 -6G/GGG SchwabUS LC Grw SCHG 128.40 –0.28 38.2 BankDirect 0.60 BankDirect 0.50 SchwabUS SC SCHA 88.38 –1.64 16.8 (877) 839-2737 (877) 839-2737 DH,EC FEY'# - Schwab US TIPs SCHP 61.88 –0.05 9.3 ,)>/1DG SPDR DJIA Tr DIA 303.46 –0.18 6.4 One-month CD One-year CD SPDR S&PMdCpTr MDY 415.72 –1.09 10.7 SPDR S&P 500 SPY 371.46 –0.19 15.4 Lone Star Bank 0.20 Connexus Credit Union 0.71 SPDR S&P Div SDY 104.69 –0.79 –2.7 (713) 358-9400 (800) 845-5025 TechSelectSector XLK 129.90 –0.48 41.7 State Bank of India California 0.15 CFG Community Bank 0.67 FSNM)<\ *1N8:V=4SV UtilitiesSelSector XLU 61.47 –0.02 –4.9 (877) 707-1995 (888) 205-8388 VanEckGoldMiner GDX 35.74 0.14 22.1 52 'A7-N:$=\ D4N\\4& E4\ 3,&*1N8:V=4SV& H, VangdInfoTech VGT 353.01 –0.66 44.2 VirtualBank 0.10 Live Oak Bank 0.65 VangdSC Val VBR 140.52 –1.04 2.5 (877) 998-2265 (866) 518-0286 VangdSC Grwth VBK 265.35 –1.36 33.5 ZZZ;?6R;Z6?> +QSNM)<\S@-1N8:V=4SVP)S7 VangdExtMkt VXF 163.76 –1.07 30.0 Two-month CD Two-year CD VangdDivApp VIG 139.76 –0.22 12.1 Lone Star Bank 0.20 Connexus Credit Union 0.81 VangdFTSEDevMk VEA 47.43 0.79 7.6 (713) 358-9400 (800) 845-5025 D$ 8B:$ $2$M/$YRM6 6R PM$L$76 <7"RM8B6B6 $ 8B73"B+63M$M AR6>$M LR3M+$L B7( $0B+6 +R7W?3MB6R39( -$ 3L$(BLB?3<($ R79/ B7( BM$7R6 ?3BMB76$$(OI<+63M$8B/ 7R6 M$PM$L$76B+63B9 2$><+9$OIM<+$ 2BM<$L -BL$(R7FM<8 V$2$9L B7( JP63L$66L B7( &@.. <7 H>R($ XL9B7( 7R6 <7+93($(<7PM<+$O,99 <72$76RM/B7?$ 1<6>R36 7R6<+$OE7($M 7R +BL$O#3$9$+R7R8/W?3M$L L>R17 BM$PMR2<($("MR8%I, 8<9$B?$ $L6<8B6$L B7( 8B/7R6 -$ +R8PBMB-9$ B+MRLL (R1 /R38B<76B<7 6>$2$><+9$ B7( /R3M P$MLR7B9 (M<2<7? >B-<6LO *$M6B<7 RY$ML 8B/7R6 -$ +R8-<7$( VangdHlthCr VHT 221.84 0.15 15.7 (877) 998-2265 (833) 755-4354 1<6>R6>$MLO I9$BL$ 2$M<"/B7/ <7"RM8B6F>$ !$M- *>B8-$ML *R8PB7<$LO JY$ML $0P

THE WALL STREET JOURNAL. We dnesday, December 30, 2020 | B9 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30335.67 t68.30, or 0.22% Trailing P/E ratio 29.84 21.22 3727.04 t8.32, or 0.22% Trailing P/E ratio * 39.94 25.53 12850.22 t 49.20, or 0.38% Trailing P/E ratio *† 38.92 27.55 High, low, open and close for each P/E estimate * 24.68 19.09 High, low, open and close for each P/E estimate * 26.55 19.77 High, low, open and close for each P/E estimate *† 32.45 24.10 trading day of the past three months. Dividend yield 1.99 2.23 trading day of the past three months. Dividend yield * 1.61 1.82 trading day of the past three months. Dividend yield *† 0.75 0.97 All-time high 30403.97, 12/28/20 All-time high 3735.36, 12/28/20 All-time high: 12899.42, 12/28/20

Current divisor 0.15198707565833 32200 3750 12800 Session high DOWN UP Session open Close 31000 3625 12400 t

Close Open t 29800 3500 12000 Session low

28600 3375 11600

65-day moving average 27400 3250 11200 65-day moving average 65-day moving average

26200 3125 10800

Bars measure the point change from session's open 25000 3000 10400 Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 724,195,375 26,684,991 Industrial Average 30588.79 30274.24 30335.67 -68.30 -0.22 30403.97 18591.93 6.3 6.3 7.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 246,998,055 7,931,483 Transportation Avg 12599.58 12384.71 12429.48 -94.54 -0.75 12803.02 6703.63 14.0 14.0 5.4 Most-active issues in late trading Decl. volume* 469,228,917 18,678,755 Utility Average 855.90 846.47 848.89 -0.66 -0.08 960.89 610.89 -3.4 -3.4 5.5 Volume After Hours Issues traded 3,238 279 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 39303.01 38871.23 38935.62 -155.34 -0.40 39090.96 22462.76 17.9 17.9 12.1 Advances 1,085 94 SPDR S&P 500 SPY 6,704.6 371.59 0.13 0.03 371.89 371.20 Barron's 400 855.28 840.76 844.10 -8.10 -0.95 852.20 455.11 15.3 15.3 5.9 Declines 2,047 180 iShares Russell 2000 ETF IWM 5,063.3 194.54 0.11 0.06 194.64 194.35 Unchanged 106 5 Fidelity Ntl Financial FNF Nasdaq Stock Market 3,887.9 38.95 -0.03 -0.08 39.00 38.95 New highs 107 10 Nasdaq Composite 12973.33 12821.96 12850.22 -49.20 -0.38 12899.42 6860.67 43.2 43.2 23.0 Hanesbrands HBI 3,360.1 14.41 -0.03 -0.21 14.44 14.41 New lows 50 Nasdaq 100 12925.53 12816.59 12843.49 4.63 0.04 12843.49 6994.29 47.1 47.1 26.2 Apple AAPL 2,153.1 135.10 0.23 0.17 135.78 134.54 Closing Arms† 0.92 1.14 iShares MSCI Emg Markets EEM 1,944.9 51.02 ... unch. 51.04 50.97 S&P Block trades* 4,514 230 Brookdale Senior Living BKD 1,839.7 4.49 0.09 2.05 4.49 4.40 500 Index 3756.12 3723.31 3727.04 -8.32 -0.22 3735.36 2237.40 15.4 15.4 11.7 Nasdaq NYSE Arca Applied Materials AMAT 1,679.8 84.32 0.05 0.06 84.77 84.12 MidCap 400 2318.61 2273.51 2283.99 -25.53 -1.11 2315.36 1218.55 10.7 10.7 6.3 Total volume*4,661,610,404 173,379,275 SmallCap 600 1129.25 1101.52 1107.35 -17.59 -1.56 1124.94 595.67 8.4 8.4 5.8 Percentage gainers… Adv. volume*1,893,656,077 85,066,399 Decl. volume*2,737,333,887 86,555,959 Other Indexes Conifer Holdings CNFR 796.0 5.13 2.48 93.58 6.30 2.72 Issues traded 3,851 1,452 Russell 2000 2001.70 1950.82 1959.36 -36.89 -1.85 2007.10 991.16 17.4 17.4 8.5 Immutep ADR IMMP 697.9 3.11 0.27 9.51 3.20 2.80 Advances 1,064 613 NYSE Composite 14515.81 14371.87 14397.92 -7.85 -0.05 14516.73 8777.38 3.5 3.5 4.0 PDL BioPharma PDLI 477.8 2.86 0.16 5.93 2.93 2.66 Declines 2,696 805 Colony Capital CLNY 105.8 5.00 0.19 3.95 5.00 4.81 Value Line 570.74 560.93 562.96 -5.02 -0.88 568.70 305.71 2.0 2.0 0.04 Unchanged 91 34 OraSure Technologies OSUR 58.8 10.63 0.28 2.71 10.65 10.35 NYSE Arca Biotech 5909.12 5746.09 5769.22 -95.42 -1.63 6142.96 3855.67 13.8 13.8 11.0 New highs 189 200 NYSE Arca Pharma 685.49 681.58 682.74 5.77 0.85 691.70 494.36 4.5 4.5 7.8 ...And losers New lows 24 28 KBW Bank 97.17 95.98 96.10 -0.80 -0.83 114.12 56.19 -15.2 -15.2 -3.4 Osmotica Pharmaceuticals OSMT 64.5 4.01 -1.28 -24.20 5.55 4.01 Closing Arms† 0.57 0.82 § PHLX Gold/Silver 144.68 141.65 142.46 0.12 0.08 161.14 70.12 33.2 33.2 18.7 China Finance Online ADR JRJC 60.9 9.15 -1.84 -16.74 11.95 9.15 Block trades* 30,241 864 § PHLX Oil Service 44.19 42.97 43.33 -0.42 -0.95 80.99 21.47 -44.6 -44.6 -33.8 Vir Biotechnology VIR 86.6 27.50 -1.08 -3.78 28.58 27.27 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2757.72 2709.02 2738.05 -6.25 -0.23 2816.27 1286.84 48.0 48.0 29.8 Equillium EQ 323.6 5.95 -0.23 -3.72 6.38 5.55 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.72 20.99 23.08 1.38 6.36 82.69 12.10 67.5 67.5 27.9 RHE Regional Hlth Properties 61.2 3.79 -0.14 -3.56 3.94 3.50 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. WklyPctChg 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 0.33 World MSCI ACWI 643.00 2.08 13.8 Universal Security UUU 5.00 1.92 62.34 13.94 0.30 706.5 Arcturus Therapeutics ARCT 42.36 -50.06 -54.17 129.71 8.51 289.7 1.11 MSCI ACWI ex-USA 325.70 3.56 8.0 Technical Communications TCCO 5.72 1.83 47.04 13.63 1.72 13.3 Ameri Holdings AMRH 1.70 -2.00 -54.05 5.30 0.63 -24.8 MSCI World 2682.18 5.38 0.20 13.7 Koss KOSS 3.44 1.04 43.33 5.10 0.80 123.4 Monaker Group MKGI 2.36 -1.18 -33.33 4.35 0.61 9.3 MSCI Emerging Markets 1266.77 14.44 1.15 13.6 Equillium EQ 6.18 1.82 41.74 27.05 2.20 82.8 AeroCentury ACY 9.27 -4.58 -33.07 38.04 0.71 106.0 Americas MSCI AC Americas 1458.38 –2.90 –0.20 16.8 Immersion IMMR 12.94 3.52 37.37 13.67 4.23 74.2 Actinium Pharmaceuticals ATNM 8.08 -2.64 -24.63 19.47 4.71 23.7 Canada S&P/TSX Comp 17543.43 –80.45 –0.46 2.8 China Finance Online ADR JRJC 10.99 2.52 29.75 31.40 3.65 23.5 Medicenna Therapeutics MDNA 4.68 -1.29 -21.61 6.84 1.46 80.0 Latin Amer. MSCI EM Latin America 2467.63 50.41 2.09 –15.4 Great Elm Group GEG 3.33 0.71 27.10 3.66 1.31 -0.3 Inhibikase Therapeutics IKT 7.60 -1.74 -18.63 11.80 7.29 ... Brazil Sao Paulo Bovespa 119409.15 285.45 0.24 3.3 Regional Hlth Properties RHE 3.93 0.79 25.16 15.77 0.75 180.7 Good Times Restaurants GTIM 2.56 -0.56 -17.95 3.24 0.45 61.0 Chile Santiago IPSA 2871.73 12.07 0.42 –13.9 Lightbridge LTBR 4.56 0.91 24.93 8.55 1.71 1.3 Nuverra Envtl Solutions NES 2.25 -0.44 -16.36 6.45 0.94 -22.3 Mexico S&P/BMV IPC 44693.99 810.58 1.85 2.6 Nova Lifestyle NVFY 2.66 0.49 22.35 3.08 0.66 43.5 908 Devices MASS 55.98 -10.88 -16.27 74.00 43.25 ... EMEA Stoxx Europe 600 401.61 3.03 0.76 –3.4 Indonesia Energy INDO 4.63 0.84 22.09 8.71 1.55 -36.7 Kymera Therapeutics KYMR 74.00 -13.83 -15.75 91.92 25.43 ... Eurozone Euro Stoxx 400.71 0.98 0.24 –0.8 SG Blocks SGBX 5.89 1.04 21.44 9.74 1.16 87.7 The9 ADR NCTY 3.15 -0.58 -15.55 12.30 2.04 -65.5 Belgium Bel-20 3671.11 8.05 0.22 –7.2 Iridex IRIX 2.91 0.50 20.75 4.24 1.22 30.5 Alpine Immune Sciences ALPN 13.04 -2.40 -15.54 16.37 2.05 239.6 Caesarstone CSTE RMG Acquisition A RMG Denmark OMX Copenhagen 20 1475.07 2.52 0.17 29.9 12.99 2.19 20.28 15.86 7.65 -13.8 27.00 -4.94 -15.47 38.90 9.50 170.5 Cango ADR CANG 8.65 1.42 19.64 14.00 4.20 -5.5 Avalon Holdings AWX 2.72 -0.47 -14.73 4.75 1.18 41.7 France CAC 40 5611.79 23.41 0.42 –6.1 Germany DAX 13761.38 –28.91 –0.21 3.9 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1484.56 –9.87 –0.66 –11.8 Italy FTSE MIB 22259.35 –29.17 –0.13 –5.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 629.14 1.55 0.25 4.1 Russia RTS Index 1398.48 7.17 0.52 –9.7 Bionano Genomics BNGO 262,949 3407.2 1.33 50.42 1.49 0.25 Immersion IMMR 34,553 8253 12.94 37.37 13.67 4.23 South Africa FTSE/JSE All-Share 59246.40 240.33 0.41 3.8 Tenax Therapeutics TENX 230,900 132449.1 1.98 85.05 2.84 0.25 Invesco BuyBack Achievers PKW 2,497 6649 72.53 -0.38 73.33 39.13 Biolase BIOL Bull Horn Holdings BHSE Spain IBEX 35 8174.80 19.20 0.24 –14.4 170,067 2957.2 0.56 16.67 0.96 0.21 1,435 5895 10.74 6.55 11.10 9.80 Apple AAPL 120,529 3.7 134.87 -1.33 138.79 53.15 WISeKey Intl Hldg ADR WKEY 6,287 4310 7.63 19.03 18.49 3.90 Sweden OMX Stockholm 774.15 5.51 0.72 13.7 NIO ADR NIO 120,114 -29.7 46.14 4.72 57.20 2.11 Cango ADR CANG 3,638 3540 8.65 19.64 14.00 4.20 Switzerland Swiss Market 10682.04 78.55 0.74 0.6 Turkey BIST 100 1459.69 20.40 1.42 27.6 Sundial Growers SNDL 102,997 -54.1 0.46 -3.04 3.88 0.14 Innov MSCI EM Pwr Jan EJAN 297 2265 30.04 0.81 30.04 20.99 U.K. FTSE 100 6602.65 100.54 1.55 –12.5 Intel INTC 84,401 143.6 49.39 4.93 69.29 43.61 KFA LC Quality Div Index KLCD 195 2078 28.33 -0.48 29.63 17.75 U.K. FTSE 250 20897.59 350.91 1.71 –4.5 Zomedica ZOM 80,559 51.3 0.24 -3.26 0.50 0.06 Nortech Systems NSYS 136 1776 6.50 4.00 7.45 2.52 Oxbridge Re Holdings OXBR 76,872 1894.0 2.05 19.18 9.62 0.70 Caesarstone CSTE 1,909 1756 12.99 20.28 15.86 7.65 Asia-Pacific MSCI AC Asia Pacific 197.69 2.74 1.41 15.8 Alibaba Group Holding ADR BABA 69,312 232.9 236.26 6.25 319.32 169.95 East Stone Acquisition ESSC 614 1585 10.05 -0.20 10.14 9.30 Australia S&P/ASX 200 6700.30 35.53 0.53 0.2 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3379.04 –18.25 –0.54 10.8 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 26568.49 253.86 0.96 –5.8 Track the Markets 0.55 India S&P BSE Sensex 47613.08 259.33 15.4 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 27568.15 714.12 2.66 16.5 global stock indexes, bond ETFs, Singapore Straits Times 2848.14 8.00 0.28 –11.6 currencies and commodities at Currencies South Korea Kospi 2820.51 11.91 0.42 28.3 wsj.com/graphics/track-the-markets Taiwan TAIEX 14472.05 –11.02 –0.08 20.6 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1461.95 9.28 0.64 –7.5 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004325 23124 –0.2 CREDIT MARKETS Argentina peso .0119 84.0266 40.3 Europe Brazil real .1919 5.2103 29.6 Czech Rep. koruna .04675 21.392 –5.6 Canada dollar .7801 1.2820 –1.3 Denmark krone .1648 6.0698 –8.9 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001398 715.40 –3.2 Euro area euro 1.2251 .8163 –8.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000288 3474.50 5.9 Hungary forint .003358 297.79 0.8 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007838 127.58 5.3 A consumer rate against its Money Market/Savings Accts Mexico peso .0502 19.9076 5.2 Norway krone .1160 8.6188 –1.8 benchmark over the past year 2.50% Uruguay peso .02372 42.1650 13.5 Poland zloty .2700 3.7036 –2.4 Bankrate.com avg†: 0.20% 10% Asia-Pacific Russia ruble .01352 73.944 19.1 Euro s Sweden krona .1219 8.2057 –12.4 ableBanking, a division of Northeast Bank 0.50% One year ago 2.00 Australian dollar .7608 1.3144 –7.8 Switzerland franc 1.1315 .8838 –8.7 1.60% Lewiston, ME 877-505-1933 t 5 China yuan .1531 6.5309 –6.2 1.50 Turkey lira .1354 7.3865 24.2 Colorado Federal Savings Bank 0.50% s Hong Kong dollar .1290 7.7545 –0.5

t Federal-funds Ukraine hryvnia .0354 28.2500 19.3 1.20 0 Yen India rupee .01361 73.449 2.9 target rate Greenwood Village, CO 877-484-2372 1.00 UK pound 1.3503 .7406 –1.8 Tradeweb ICE Indonesia rupiah .0000708 14130 1.8 First Internet Bank of Indiana 0.50% Middle East/Africa 0.80 Tuesday Close 0.50 –5 s Japan yen .009659 103.53 –4.7 Money market Indianapolis, IN 888-873-3424 WSJ Dollar index Kazakhstan tenge .002377 420.76 10.2 Bahrain dinar 2.6525 .3770 –0.01 account yields t 0.40 Lone Star Bank 0.50% 0.00 –10 Macau pataca .1252 7.9900 –0.3 Egypt pound .0636 15.7316 –2.0 t Malaysia ringgit .2469 4.0505 –1.0 Israel shekel .3107 3.2188 –6.8 Houston, TX 713-358-9400 1 3 6 1 2 3 5 7 10 20 30 2020 New Zealand dollar .7151 1.3984 –5.9 Kuwait dinar 3.2790 .3050 0.6 0.00 month(s) years J F M A M J J A S O N D Sallie Mae Bank 0.55% Pakistan rupee .00622 160.670 3.7 Oman sul rial 2.5976 .3850 –0.01 maturity 2020 Salt Lake City, UT 877-346-2756 Philippines peso .0208 48.014 –5.3 Qatar rial .2747 3.641 –0.1 Singapore dollar Saudi Arabia riyal Yield/Rate (%) 52-Week Range (%) 3-yr chg Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data .7534 1.3273 –1.4 .2665 3.7529 0.04 Interest rate Last (l)Week ago Low 0246 8High (pct pts) South Korea won .0009158 1091.97 –5.5 South Africa rand .0679 14.7188 5.2 Corporate Borrowing Rates and Yields Sri Lanka rupee .0053191 188.00 3.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03559 28.102 –6.1 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Yield (%) 52-Week Total Return (%) Thailand baht .03327 30.060 1.0 WSJ Dollar Index 85.22 –0.27–0.31 –4.85 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month l 0.24 0.24 0.20 1.91 -1.45 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.20 0.20 0.19 l 0.58 -0.14 U.S. Treasury, Barclays 2455.400 0.580 0.580 1.800 0.400 7.608 5.137 Five-year CD, annual yield 0.58 0.58 0.58 l 1.41 -0.92 U.S. Treasury Long, Barclays 4697.350 1.540 1.520 2.340 0.980 15.789 9.673 Commodities 30-year mortgage, fixed† 2.92 2.88 2.86 l 4.22 -1.04 Aggregate, Barclays 2288.260 1.140 1.160 2.310 1.020 7.189 5.285 Tuesday 52-Week YTD 15-year mortgage, fixed† 2.40 2.38 2.37 l 3.57 -0.99 Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg Fixed-Rate MBS, Barclays 2230.580 1.290 1.300 2.690 0.930 3.880 3.701 Jumbo mortgages, $510,400-plus† 2.94 2.89 2.87 l 4.36 -1.41 DJ Commodity 723.59 6.57 0.92 725.56 433.70 12.66 12.66 Five-year adj mortgage (ARM)† 3.21 3.19 2.85 l 4.58 -0.82 High Yield 100, ICE BofA 3324.376 3.568 3.893 10.740 3.568 4.096 5.129 TR/CC CRB Index 165.37 1.24 0.76 187.39 106.29 -10.99 -10.99 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.69 Muni Master, ICE BofA 595.663 0.863 0.871 3.441 0.838 5.269 4.480 Crude oil, $ per barrel 48.00 0.38 0.80 63.27 -37.63 -21.39 -21.39 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 931.809 4.345 4.365 7.480 4.345 5.668 4.869 Natural gas, $/MMBtu 2.467 0.162 7.03 3.354 1.482 12.70 12.70 banks. † Excludes closing costs. Gold, $ per troy oz. 1879.70 2.50 0.13 2051.50 1477.30 23.71 23.71 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW365000-0-B01000-1------XA

B10 | We dnesday, December 30, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B8 Net Net Net Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg s Gallagher AJG 121.53 -1.50 Inphi IPHI 157.01 -2.22 LiveNationEnt LYV 74.51 -0.17 NetEase NTES 93.44 2.31 Pinduoduo PDD 166.19 22.39 ServiceNow NOW 545.98 2.24 TelekmIndonesia TLK 24.14 -0.19 ViacomCBS B VIAC 36.72 -0.01 eBay EBAY 50.86 0.62 Gaming&Leisure GLPI 42.05 -0.62 Insulet PODD 260.65 4.70 LloydsBanking LYG 1.93 -0.11 Netflix NFLX 530.87 11.75 PinnacleWest PNW 79.07 0.64 ShawComm B SJR 17.46 0.18 10xGenomics TXG 142.19 -4.84 ViacomCBS A VIACA 37.47 -0.19 LockheedMartin LMT 353.90 -0.28 Neurocrine NBIX Viatris VTRS 17.75 0.01 Ecolab ECL 214.47 -0.23 Gap GPS 20.08 -0.23 Intel INTC 49.39 2.32 94.00 -1.53 Pinterest PINS 68.29 0.50 SherwinWilliams SHW 730.59 1.25 Tenaris TS 15.97 -0.15 Loews L 44.06 -0.36 NewFortressEner NFE 52.90 -1.72 TencentMusic TME 18.93 0.39 Vipshop VIPS 26.08 0.29 Ecopetrol EC 13.09 0.12 Garmin GRMN 119.38 -1.35 s InteractiveBrkrs IBKR 61.56 -0.75 PioneerNatRscs PXD 110.64 -0.01 ShinhanFin SHG 30.60 0.08 s LogitechIntl LOGI 96.30 2.05 NewOrientalEduc EDU 168.01 -3.48 Teradyne TER 117.20 -0.53 Visa V 214.37 1.74 EdisonInt EIX 62.18 -0.27 Gartner IT 158.38 -0.83 ICE ICE 112.90 -0.69 PlainsAllAmPipe PAA 8.54 -0.11 Shopify SHOP 1171.61 24.55 Lowe's LOW 160.54 -1.50 NYTimes A NYT 51.51 -0.11 Tesla TSLA 665.99 2.30 Vistra VST 18.90 -0.22 s EdwardsLife EW 90.00 -0.58 Generac GNRC 221.37 -11.67 InterContinentl IHG 64.00 0.91 PlugPower PLUG 32.46 -1.11 Sibanye-Stillwater SBSW 15.74 -0.07 LufaxHolding LU 14.29 0.53 NewellBrands NWL 20.98 -0.26 TevaPharm TEVA 9.55 -0.16 VMware VMW 139.42 -2.49 ElancoAnimal ELAN 30.37 -0.29 GeneralDynamics GD 147.55 -1.17 IBM IBM 123.80 -1.02 Pool POOL 364.04 1.28 SignatureBank SBNY 133.76 -2.99 lululemon LULU 353.22 1.86 Newmont NEM 59.73 -0.09 TexasInstruments TXN 161.18 -0.29 Vodafone VOD 16.64 -0.11 Elastic ESTC 147.87 -4.43 GeneralElec GE 10.56 -0.08 IntlFlavors IFF 111.04 1.81 PrincipalFin PFG 48.39 -0.29 SimonProperty SPG 83.29 -2.19 LumenTech LUMN 9.79 -0.05 NewsCorp B NWS 17.85 -0.23 Textron TXT 47.51 -0.19 VornadoRealty VNO 35.99 -0.99 ElectronicArts EA 140.70 -0.02 GeneralMills GIS 59.15 -0.20 IntlPaper IP 48.97 -0.42 Procter&Gamble PG 138.42 -0.26 SiriusXM SIRI 6.41 0.07 Lumentum LITE 95.80 -3.14 NewsCorp A NWSA 18.02 -0.16 ThermoFisherSci TMO 462.86 2.13 VoyaFinancial VOYA 57.75 -0.32 EmersonElec EMR 79.24 -0.63 GeneralMotors GM 41.57 -0.09 Interpublic IPG 23.68 -0.11 Progressive PGR 97.69 -0.43 Skyworks SWKS 150.41 -2.81 Lyft LYFT 49.25 -0.52 NextEraEnergy NEE 75.33 -0.16 ThomsonReuters TRI 81.60 0.51 VulcanMatls VMC 142.77 -3.40 Enbridge ENB 31.83 0.03 Genmab GMAB 39.79 0.72 Intuit INTU 378.33 -2.79 Prologis PLD 97.72 -0.50 SlackTech WORK 42.24 -0.07 LyondellBasell LYB 89.49 -1.11 NielsenHoldings NLSN 20.75 0.16 3M MMM 173.85 -0.86 EncompassHealth EHC 82.40 0.04 Genpact G 41.10 -0.45 IntuitiveSurgical ISRG 814.07 8.91 Proofpoint PFPT 133.53 -3.05 Smartsheet SMAR 69.28 -1.17 W X Y Z Nike NKE 141.57 -0.86 Tiffany TIF 131.33 0.02 EnelAmericas ENIA 8.23 0.06 Gentex GNTX 33.64 -0.28 Invitae NVTA 43.94 -1.51 M N PrudentialFin PRU 76.34 -0.57 SmithAO AOS 54.71 -0.91 NiSource NI 22.34 0.04 Toro TTC 94.14 0.06 EnergyTransfer ET 6.20 -0.03 GenuineParts GPC 98.79 -1.25 InvitatHomes INVH 29.11 -0.23 Prudential PUK 37.18 0.45 Smith&Nephew SNN 42.82 0.42 WEC Energy WEC 90.31 -0.17 Nokia NOK 3.93 0.03 TorontoDomBk TD 56.29 0.25 EnphaseEnergy ENPH 170.20 -5.29 Gerdau GGB 4.71 0.10 IonisPharma IONS 57.03 -1.90 M&T Bank MTB 123.81 -1.89 PublicServiceEnt PEG 57.08 -0.24 Smucker SJM 115.33 -1.00 WEX WEX 200.08 -1.32 NomuraHoldings NMR 5.24 0.03 Total TOT 43.32 0.10 Entegris ENTG 94.37 -0.21 GileadSciences GILD 56.83 -0.06 iQIYI IQ 17.55 0.47 MGMGrowthProp MGP 31.49 -0.29 PublicStorage PSA 227.80 -1.34 Snap SNAP 51.23 2.97 W.P.Carey WPC 70.16 -0.83 Nordson NDSN 196.90 -1.51 ToyotaMotor TM 153.34 0.74 Entergy ETR 96.74 1.08 GSK GSK 36.98 0.69 IronMountain IRM 29.39 -0.14 MGM Resorts MGM 30.77 -0.52 PulteGroup PHM 44.15 -0.32 SnapOn SNA 168.86 -1.51 WPP WPP 55.07 -0.17 NorfolkSouthern NSC 233.99 -2.72 TractorSupply TSCO 143.00 -0.29 EnterpriseProd EPD 19.67 -0.07 s GlobalPayments GPN 209.77 0.79 ItauUnibanco ITUB 6.16 0.03 MinisoGroup MNSO 26.68 1.05 Qiagen QGEN 52.66 0.17 Snowflake SNOW 304.05 1.24 Wabtec WAB 72.17 -0.42 NorthernTrust NTRS 91.91 -0.57 Equifax EFX 190.75 -2.91 Globant GLOB 214.86 -1.94 MKS Instrum MKSI 150.69 -0.58 Qorvo QRVO 163.77 -2.67 SOQUIMICH SQM 48.27 -0.93 TradeDesk TTD 820.29 -12.33 WalgreensBoots WBA 39.41 -0.25 NorthropGrum NOC 300.99 -2.03 Tradeweb TW 61.74 -0.75 Equinix EQIX 708.78 -1.10 GlobeLife GL 92.16 -1.13 J K L MPLX MPLX 21.52 0.02 Qualcomm QCOM 148.49 0.75 SolarEdgeTech SEDG 307.97 -10.44 Walmart WMT 144.30 -0.92 NortonLifeLock NLOK 20.83 -0.19 TraneTech TT 142.90 -1.30 Equinor EQNR 16.69 0.28 GoDaddy GDDY 83.29 -0.30 MSCI MSCI 434.57 -1.80 QuantaServices PWR 70.62 -0.09 s Sony SNE 100.43 2.48 WarnerMusic WMG 37.22 -0.11 JD.com JD 86.14 4.53 NorwegCruise NCLH 25.39 -0.14 TransDigm TDG 607.83 -2.03 Equitable EQH 24.86 -0.21 GoldFields GFI 9.36 0.01 MagellanMid MMP 42.34 -0.07 QuestDiag DGX 118.40 -0.10 SoteraHealth SHC 27.51 -0.07 WasteConnections WCN 101.48 0.03 JPMorganChase JPM 125.01 -0.33 Novartis NVS 93.35 2.15 TransUnion TRU 98.17 -0.87 EquityLife ELS 62.00 -0.06 GoldmanSachs GS 258.01 -1.58 MagnaIntl MGA 71.88 -1.62 Quidel QDEL 181.18 -2.06 Southern SO 60.07 0.08 WasteMgt WM 116.82 -1.27 JackHenry JKHY 159.28 -0.43 GoodRx GDRX 42.15 -1.43 ManulifeFin MFC 17.65 0.05 Novavax NVAX 120.27 3.42 SoCopper SCCO Travelers TRV 138.35 -0.84 Waters WAT 245.87 -1.17 EquityResdntl EQR 58.36 -1.06 JacobsEngg J 64.27 0.74 107.23 0.41 NovoNordisk NVO 70.58 0.33 R S Trex TREX 82.80-0.76 ErieIndemnity A ERIE 242.09 -2.60 Graco GGG 71.84 -0.98 MarathonPetrol MPC 40.73 -0.05 SouthwestAir LUV 46.15 0.03 Watsco WSO 227.53 -2.44 JamesHardie JHX 29.41 0.14 Novocure NVCR 168.96 -0.83 s Trimble TRMB 65.77 -0.66 Wayfair W 233.36 -4.86 EssentialUtil WTRG 46.11 0.03 Grainger GWW 407.28 -7.02 MaravaiLifeSci MRVI 27.00 -1.82 RELX RELX 24.95 0.22 Splunk SPLK 172.24 -3.31 JazzPharma JAZZ 160.28 0.64 NuanceComms NUAN 43.66 -0.21 Trip.com TCOM 32.03 0.13 EssexProp ESS 234.84 -3.48 Grifols GRFS 18.31 -0.13 Markel MKL 992.79 0.91 Spotify SPOT 318.43 1.14 Weibo WB 39.60 1.27 J&J JNJ 154.14 0.95 RH RH 450.52 -4.55 MarketAxess MKTX 564.79 -0.98 Nucor NUE 52.08 -0.03 TruistFinl TFC 46.72 -0.81 WellsFargo WFC 29.78 -0.15 s EsteeLauder EL 262.75 -1.07 GuardantHealth GH 121.62 -5.06 RPM RPM 89.80 -0.76 Square SQ 214.00 -9.34 JohnsonControls JCI 45.90 -0.21 Nutrien NTR 47.16 0.46 Twilio TWLO 350.50 -5.16 s Guidewire GWRE 126.96 -1.15 Marriott MAR 129.00 0.68 StanleyBlackDck SWK 176.27 -1.02 Welltower WELL 63.18 0.21 Etsy ETSY 177.01 -1.11 JonesLang JLL 150.87 -1.94 RalphLauren RL 101.56 -1.88 NVIDIA NVDA 517.73 1.73 TwistBiosci TWST 138.56 -21.17 HCA Healthcare HCA 163.83 -0.17 Marsh&McLen MMC 114.80 -0.40 Starbucks SBUX 105.63 1.29 WestPharmSvcs WST 278.34 0.81 EuronetWorldwide EEFT 141.65 0.70 JuniperNetworks JNPR 22.19 -0.37 RaymondJames RJF 93.99 -0.79 s MartinMarietta MLM 274.08 -4.61 Twitter TWTR 54.36 -0.07 WesternDigital WDC 48.29 -1.77 EverestRe RE 229.33 -1.45 HDFC Bank HDB 70.72 0.12 O P Q RaytheonTech RTX 70.34 -0.29 StateStreet STT 71.94 -0.18 KB Fin KB 39.50 -1.47 TylerTech TYL 429.37 -2.56 HP HPQ 24.05 -0.22 MarvellTech MRVL 46.23 -0.75 SteelDynamics STLD 36.37 0.39 WesternUnion WU 21.58 -0.13 Evergy EVRG 53.96 0.13 KE Holdings BEKE 62.25 -0.15 RealPage RP 87.27 -0.19 TysonFoods TSN 63.50 -0.88 WestlakeChem WLK 79.86 -0.37 HSBC HSBC 25.82 -0.03 Masco MAS 54.65 -0.74 ONEOK OKE 38.13 -0.28 Steris STE 185.59 -0.13 EversourceEner ES 85.19 0.15 KKR KKR 39.43 -0.05 RealtyIncome O 60.97 -0.80 Halliburton HAL 18.64 -0.25 Masimo MASI 266.78 1.67 OReillyAuto ORLY 452.58 -4.48 UBS Group UBS 14.11 0.03 WestpacBanking WBK 14.97 0.09 ExactSciences EXAS 132.10 -3.67 KLA KLAC 254.36 -3.22 Redfin RDFN 72.34 -1.12 STMicroelec STM 36.78 -0.02 HartfordFinl HIG 47.53 -0.67 Mastercard MA 346.66 2.19 OakStreetHealth OSH 60.22 -2.13 UDR UDR 37.47 -0.55 WestRock WRK 43.07 -0.84 Exelon EXC 41.83 -0.38 s KSCitySouthern KSU 199.79 -1.30 RegencyCtrs REG 45.31 -0.45 StoneCo STNE 83.10 0.10 Hasbro HAS 93.38 0.04 MaximIntProducts MXIM 86.02 -0.55 OccidentalPetrol OXY 17.24 -0.16 UGI UGI 34.43 -0.52 Weyerhaeuser WY 33.33 -0.38 Expedia EXPE 131.30 2.82 RegenPharm REGN 484.22 1.26 Stryker SYK 240.85 2.31 Kellogg K 62.29 -0.05 US Foods USFD 32.93 -0.57 WheatonPrecMet WPM s HealthcareAmer HTA 27.28 -0.20 McCormick MKC 94.82 1.40 Okta OKTA 261.75 -1.00 41.68 -0.03 ExpeditorsIntl EXPD 94.66 -0.57 s KeurigDrPepper KDP 32.00 0.01 RegionsFin RF 15.75 -0.21 SumitomoMits SMFG 6.18 0.04 HealthpeakProp PEAK 29.76 -0.16 McCormickVtg MKC.V 95.06 0.07 OldDomFreight ODFL 194.13 -0.78 Uber UBER 52.27 0.30 Whirlpool WHR 183.20 -1.99 ExtraSpaceSt EXR 113.81 0.01 KeyCorp KEY 15.97 -0.28 ReinsGrp RGA 115.23 -0.09 SunComms SUI 149.14 0.38 Heico A HEI.A 117.15 -1.69 McDonalds MCD 212.71 -1.31 OmegaHealthcare OHI 36.75 -0.58 Ubiquiti UI 275.01 -0.25 Williams WMB 20.08 -0.06 ExxonMobil XOM 41.27 -0.47 RelianceSteel RS 118.17 -0.24 SunLifeFinancial SLF 43.91 0.01 KeysightTechs KEYS 130.01 -1.81 UltaBeauty ULTA 277.34 -0.83 Williams-Sonoma WSM 104.36 0.24 s Heico HEI 131.22 -0.82 McKesson MCK 174.18 -0.14 Omnicom OMC 62.05 -0.33 F5Networks FFIV 175.09 -1.35 KimberlyClark KMB 134.13 0.18 RenaissanceRe RNR 162.44 -0.06 SuncorEnergy SU 16.85 -0.20 HenrySchein HSIC 65.72 -0.50 MedicalProp MPW 21.70 0.05 ON Semi ON 31.66 -0.29 UltragenyxPharm RARE 147.44 -22.45 WillisTowers WLTW 207.79 -0.15 FMC FMC 112.65 ... KinderMorgan KMI 13.57 -0.07 Repligen RGEN 189.02 2.00 SunRun RUN 63.77 -4.11 Hershey HSY 151.44 -0.36 Medtronic MDT 115.57 0.44 OneConnectFinTech OCFT 20.42 -0.03 UnderArmour A UAA 16.87 -0.40 Wipro WIT 5.59 0.01 Facebook FB 276.78 -0.22 KingsoftCloud KC 43.44 -0.30 RepublicSvcs RSG 95.62 -0.80 Suzano SUZ 11.01 0.14 Hess HES 52.57 -0.26 MelcoResorts MLCO 18.69 -0.16 OpenText OTEX 45.49 -0.19 UnderArmour C UA 14.65 -0.31 Wix.com WIX 253.85 1.12 FactSet FDS 327.33 -2.69 KinrossGold KGC 7.33 0.05 ResMed RMD 211.26 -0.17 SynchronyFin SYF 33.93 -0.02 HewlettPackard HPE 11.67 -0.12 MercadoLibre MELI 1673.49 9.77 OpendoorTech OPEN 25.01 0.50 Unilever UL 60.13 1.04 Woodward WWD 121.01 0.21 FairIsaac FICO 507.51 -0.91 KirklandLakeGold KL 41.57 0.14 RestaurantBrands QSR 60.80 0.24 Synopsys SNPS 253.82 -2.34 HighwoodsProp HIW 38.54 -0.62 Merck MRK 81.42 0.97 Oracle ORCL 64.46 -0.41 UnionPacific UNP 204.42 -1.23 Workday WDAY 237.72 -4.20 Farfetch FTCH 62.82 0.41 KodiakSciences KOD 146.26 -4.81 RingCentral RNG 384.49 -2.84 Sysco SYY 72.83 -1.00 Hilton HLT 107.95 0.57 MetLife MET 46.01 -0.24 Orange ORAN 12.07 -0.03 UnitedAirlines UAL 43.74 -0.18 WynnResorts WYNN 114.31 -1.16 s Fastenal FAST 49.72 -0.33 KoninklijkePhil PHG 54.55 -0.06 RioTinto RIO 76.13 0.54 Hologic HOLX 71.74 -0.84 MettlerToledo MTD 1137.96 3.20 Orix IX 76.76 0.48 T U V UnitedMicro UMC 8.31 -0.33 XP XP 40.01 -0.17 Fastly FSLY 89.51 -0.71 KoreaElcPwr KEP 11.95 -0.17 RitchieBros RBA 69.18 -1.17 HomeDepot HD 266.19 -3.06 MicrochipTech MCHP 135.16 -1.09 OtisWorldwide OTIS 65.69 -0.31 UPS B UPS 169.03 -2.33 XPO Logistics XPO 117.22 -0.61 FateTherap FATE 92.59 -3.62 KraftHeinz KHC 34.90 -0.31 RocketCos. RKT 20.75 0.25 TAL Education TAL 68.60 0.60 HondaMotor HMC 28.22 -0.18 MicronTech MU 70.21 -0.45 OwensCorning OC 75.98 0.31 UnitedRentals URI 226.43 -0.56 XcelEnergy XEL 65.42 0.10 FedEx FDX 261.56 -1.38 Kroger KR 31.46 0.07 Rockwell ROK 246.66 -1.70 TC Energy TRP 41.06 0.24 Honeywell HON 209.13 -0.81 Microsoft MSFT 224.15 -0.81 OzonHoldings OZON 43.74 -1.17 US Bancorp USB 46.13 -0.53 Xilinx XLNX 139.90 -1.62 s Ferrari RACE 229.64 1.03 L Brands LB 37.59 -1.23 RogersComm B RCI 46.82 0.08 TE Connectivity TEL 118.15 -1.77 HorizonTherap HZNP 69.86 -0.41 MidAmApt MAA 124.25 -0.72 PG&E PCG 11.96 -0.36 UnitedHealth UNH 347.35 1.40 XPeng XPEV 41.55 3.54 FiatChrysler FCAU 17.98 -0.02 LKQ LKQ 35.34 -0.91 Roku ROKU 339.57 -0.84 Telus TU 19.93 -0.07 HormelFoods HRL 46.75 -0.47 MiratiTherap MRTX 220.94 -4.63 PNC Fin PNC 144.87 -1.67 UnitySoftware U 151.18 -5.26 s Xylem XYL 99.51 -0.86 FidNatlFin FNF 38.98 ... 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UnivDisplay OLED 229.91 -2.22 Yandex YNDX 67.51 -0.69 FidNatlInfo FIS 141.29 1.01 RoperTech ROP 419.60 -3.55 T-MobileUS TMUS 133.14 0.14 HostHotels HST 14.35 -0.21 L3HarrisTech LHX 186.29 -1.03 MizuhoFin MFG 2.56 0.04 PPD PPD 33.94 -0.09 UniversalHealthB UHS 136.18 -0.35 YatsenHolding YSG 15.85 0.24 FifthThirdBncp FITB 27.28 -0.25 RossStores ROST 121.46 -1.16 HowmetAerospace HWM 27.97 0.24 LabCpAm LH 202.20 -0.32 MobileTeleSys MBT 9.03 0.14 PPG Ind PPG 142.90 -0.27 TRowePrice TROW 148.38 0.32 VEREIT VER 37.58 -0.18 s YumBrands YUM 109.45 -0.33 FirstRepBank FRC 142.40 -0.27 RoyalBkCanada RY 82.05 0.24 HuanengPower HNP 14.28 0.01 LamResearch LRCX 473.22 -2.88 Moderna MRNA 114.39 2.99 PPL PPL 27.30 0.05 TaiwanSemi TSM 105.56 -0.59 VF VFC 84.76 -0.69 YumChina YUMC 56.84 -0.28 FirstSolar FSLR 96.98 -4.21 RoyalCaribbean RCL 71.60 -1.29 Huazhu HTHT 44.01 0.16 LamarAdv LAMR 81.46 -2.09 MohawkInds MHK 139.47 -1.02 PRA HealthSci PRAH 121.53 0.13 TakeTwoSoftware TTWO 202.45 1.33 VICI Prop VICI 25.26 -0.53 ZTO Express ZTO 27.98 0.05 FirstEnergy FE 29.71 0.09 RoyalDutchA RDS.A 36.14 0.24 Hubbell HUBB 156.79 -1.50 LambWeston LW 76.84 -0.60 MolinaHealthcare MOH 207.34 0.82 PTC PTC 117.77 -1.04 TakedaPharm TAK 18.33 0.19 VailResorts MTN 270.04 -4.52 ZaiLab ZLAB 129.77 -0.58 Fiserv FISV 111.87 -0.80 RoyalDutchB RDS.B 34.40 0.28 HubSpot HUBS 393.47 -4.03 LasVegasSands LVS 58.11 -0.87 MolsonCoorsB TAP 45.54 0.06 Paccar PCAR 85.32 -0.26 Tapestry TPR 30.11 -0.75 Vale VALE 16.84 0.11 ZebraTech ZBRA 378.04 -4.55 s FiveBelow FIVE 169.79 4.23 Humana HUM 408.05 -2.14 Lear LEA 158.83 -0.39 MolsonCoorsA TAP.A 63.48 -0.40 PackagingCpAm PKG 135.67 -1.11 RoyaltyPharma RPRX 49.59 0.35 Target TGT 175.04 -1.35 ValeroEnergy VLO 55.45 0.36 Zendesk ZEN 140.05 0.60 Five9 FIVN 173.50 -2.66 JBHunt JBHT 136.10 -0.64 Leidos LDOS 103.59 -1.19 Mondelez MDLZ 58.45 0.18 PagSeguroDig PAGS 54.15 -0.47 Ryanair RYAAY 111.90 3.27 TataMotors TTM 12.36 -0.14 VarianMed VAR 174.96 0.21 Zillow C Z 130.56 -2.12 FleetCorTech FLT 271.20 -2.24 HuntingtonBcshs HBAN 12.32 -0.14 Lennar B LEN.B 62.41 -0.39 MongoDB MDB 363.86 0.78 PalantirTech PLTR 24.66 -0.97 SAP SAP 129.95 -0.96 TeckRscsB TECK 17.64 0.02 Vedanta VEDL 8.73 -0.03 Zillow A ZG 136.43 -1.91 Flex FLEX 17.57-0.43 HyattHotels H 72.94 -0.29 Lennar A LEN 77.95 -0.39 MonolithicPower MPWR 352.19 -8.27 PaloAltoNtwks PANW 356.20 -5.28 S&P Global SPGI 321.49 3.45 TeladocHealth TDOC 198.98 1.15 VeevaSystems VEEV 275.55 0.25 ZimmerBiomet ZBH 152.45 3.56 Floor&Decor FND 94.33 -0.87 IAA IAA 64.83 -0.37 LennoxIntl LII 270.11 -2.07 s MonsterBev MNST 91.04 0.23 ParkerHannifin PH 266.13 -1.57 SBA Comm SBAC 276.00 -0.25 TeledyneTech TDY 384.91 -1.89 Ventas VTR 49.03 -0.33 Zoetis ZTS 163.12 0.73 FomentoEconMex FMX 75.66 1.00 ICICI Bank IBN 14.56 0.30 LeviStrauss LEVI 19.82 -0.51 Moody's MCO 280.73 2.76 Paychex PAYX 93.14 -1.16 SEI Investments SEIC 56.34 -0.34 Teleflex TFX 406.04 -0.52 VeriSign VRSN 215.63 -1.17 ZoomVideo ZM 353.75 2.36 FordMotor F 8.82 -0.07 IdexxLab IDXX 494.07 -0.63 LiAuto LI 28.67 1.66 MorganStanley MS 67.71 -0.34 PaycomSoftware PAYC 447.59 -16.00 SK Telecom SKM 24.85 -0.24 Ericsson ERIC 11.95 0.18 s VeriskAnalytics VRSK 205.67 -2.31 ZoomInfoTech ZI 45.64 0.37 Fortinet FTNT 147.53 -1.76 IHS Markit INFO 88.03 1.09 LibertyBroadbandC LBRDK 158.97 2.30 s Morningstar MORN 225.09 2.46 Paylocity PCTY 208.21 -3.91 SS&C Tech SSNC 71.89 -0.49 TelefonicaBras VIV 8.66 0.15 Verizon VZ 58.81 -0.17 Zscaler ZS 197.84 -1.53 Fortis FTS 41.02 0.15 II-VI IIVI 74.43 -3.76 LibertyBroadbandA LBRDA 157.99 2.21 Mosaic MOS 21.68 0.07 PayPal PYPL 231.03 -4.70 StoreCapital STOR 33.97 -0.03 Telefonica TEF 4.07 0.04 VertxPharm VRTX 233.49 1.02 Zynga ZNGA 9.61 -0.12 Fortive FTV 68.37 -0.60 ING Groep ING 9.44 -0.11 LibertyGlobal A LBTYA 24.57 0.13 MotorolaSol MSI 166.94 -2.47 Pegasystems PEGA 130.65 -2.65 SVB Fin SIVB 376.00 -2.01 FortBrandsHome FBHS 85.19 -1.21 Invesco IVZ 17.01 -0.19 LibertyGlobal B LBTYB 24.50 0.23 s NICE NICE 280.26 -0.79 Peloton PTON 150.10 -2.08 Salesforce.com CRM 222.46 -2.18 FoxB FOX 28.79 -0.09 s IPG Photonics IPGP 221.54 -3.51 LibertyGlobal C LBTYK 23.71 ... NIO NIO 46.14 2.08 PembinaPipeline PBA 23.87 -0.02 Sanofi SNY 48.26 0.33 FoxA FOXA 29.02 -0.12 IQVIA IQV 174.83 -0.49 LibertyFormOne A FWONA 39.22 0.08 NRG Energy NRG 35.55 0.32 PennNational PENN 88.27 -0.44 SareptaTherap SRPT 171.82 -2.33 Dividend Changes Franco-Nevada FNV 125.02 0.50 IcahnEnterprises IEP 50.54 -0.28 LibertyFormOne C FWONK 43.22 0.08 NVR NVR 4126.82 -29.78 Pentair PNR 51.79 -0.67 Schlumberger SLB 21.38 -0.19 Dividend announcements from December 29. FranklinRscs BEN 24.80 -0.24 Icon ICLR 193.50 2.12 LibertyBraves A BATRA 24.92 -0.38 NXP Semi NXPI 155.91 -2.26 s PepsiCo PEP 147.42 0.51 s SchwabC SCHW 52.54 -0.40 FreeportMcM FCX 24.74 0.11 IDEX IEX 195.23 -0.68 LibertyBraves C BATRK 24.79 -0.40 Nasdaq NDAQ 129.14 0.29 PerkinElmer PKI 139.83 -0.88 ScottsMiracleGro SMG 195.15 -2.17 Amount Payable / FreseniusMed FMS 41.77 0.16 IllinoisToolWks ITW 200.41 -1.97 LibertySirius A LSXMA 42.75 -0.30 Natera NTRA 99.39 -6.87 PetroChina PTR 30.97 -0.11 Sea SE 188.35 8.07 Company Symbol Yld %New/Old Frq Record G H I Illumina ILMN 366.11 -0.67 LibertySirius C LSXMK 43.03 -0.13 NationalGrid NGG 59.23 1.23 PetroleoBrasil PBR 11.05 0.06 Seagate STX 60.76 -1.76 Reduced ImperialOil IMO 19.10 0.15 EliLilly LLY 166.58 0.08 NatlRetailProp NNN 40.98 -0.88 PetroleoBrasilA PBR.A 10.85 0.07 Seagen SGEN 186.21 0.35 STRATS Tr Allstate 2006-3 GJT 1.7 .0185 /.01877 M Jan04 /Dec31 GDS Holdings GDS 91.12 1.32 Incyte INCY 85.87 -0.47 LincolnNational LNC 49.16 -0.73 Natura&Co NTCO 19.92 0.22 Pfizer PFE 37.05 0.23 SempraEnergy SRE 126.39 -0.10 GFLEnvironmental GFL 28.23 -0.08 Infosys INFY 16.76 -0.01 Linde LIN 259.42 -0.60 NatWest NWG 4.37 -0.10 PhilipMorris PM 81.87 -0.62 SensataTechs ST 51.47 -0.68 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: GSXTechedu GSX 50.69 -0.26 IngersollRand IR 44.48 -0.62 LithiaMotors LAD 284.10 -11.44 NetApp NTAP 65.05 -0.85 Phillips66 PSX 68.38 -0.95 ServiceCorp SCI 48.50 -0.42 spin-off.

MAY11-13, 2021

WSJ.COM/FUTURE

THE WALL STREET JOURNAL. * We dnesday, December 30, 2020 | B11 MARKETS StocksRetreat From Record Highs Natural Gas Setfor Market loses some momentum after December effort to boost stimulus blocked Decline

BY ANNA HIRTENSTEIN BY AMRITH RAMKUMAR AND GUNJAN BANERJI Natural-gas prices arehead- U.S. stocks slipped Tuesday, ing fortheir second consecutive halting a recent rally that has big monthly drop,stung by sent major benchmarks to warmer-than-expected weather fresh records. forecaststhat aredenting de- Stock indexesswung be- mand forthe heating fuel. tween gains Even TUESDAY’S and losses COMMODITIES though it MARKETS throughout posted an out- the daybefore sizerebound on Tuesday, the ending with small declines. front-month natural-gas futures TheS&P 500 slipped 8.32 contract has fallen 14.4%this points, or 0.2%, to 3727.04. S month. That would mark its

The Dow Jones Industrial Av- PRES second straight monthly decline

eragelost 68.30points, or TED biggerthan 14%and the largest

0.2%, to 30335.67. TheNasdaq CIA monthly drop sinceJanuary. SO

Compositedropped 49.20 AS Prices aremorethan 25% below points, or 0.4%, to 12850.22. apeak hit in lateOctober and

All three indexesclosed at re- SENNE/ have suffered four daily drops cord highs Monday. of at least 6% this month, ape- EVEN

TheRussell 2000 of small ST riod of outsizevolatility punc- companies loggedasteeper Fresh data Tuesday showed that home-price growth accelerated in October, as strong demand pushed home sales to a 14-year high. tuated by Monday’s8.5%slide decline, losing 1.9%. and Tuesday’srecovery. Stocks lost some momentum ting to hold avote, Mr. of Intel rose $2.32, or 4.9%, to Indexperformance, Tuesday Natural-gas prices oftengy- afterSenateMajority Leader McConnell said Tuesday that $49.39after activist hedge rate in the winter because de- Mitch McConnell blocked an ef- the Senatewould later address fund ThirdPoint called on it to 0.5% mand in the season is driven by fort by Democratstohold a President Trump’sdemands to consider options including howfrequently people use their vote on sending biggerstimu- boost the size of the checks. possible divestitures. heaters. Thefuel is the primary lus checks to manyAmericans. Thecoronavirus continues Shares of social-media com- 0 DowJones source of heat forroughly half Much of the latest leg of to spread through the U.S. and pany Snap added $2.97,or Industrial Average of U.S. homes, so speculativein- themarket’srally has been manyAmericans remain in 6.2%, to $51.23 afterGoldman vestorsoften position forde- S&P500 driven by U.S. lawmakers’ ef- need of economic relief. Sachs raised itspricetarget -0.5 mand andprices to rally in the Nasdaq Composite fortstopassasecond stimulus “Theremight be morestim- on the company’s shares. colder months of the year. package to help the economy. ulus,but the $2,000 mark Overseas,the pan-continen- Recentweather forecasts Trading volumes arealso typi- might be ahardone to pass,” talStoxxEurope 600 added -1.0 showwarmer temperatures cally thinner in the final days said VeronicaWillis,aninvest- 0.8%. In the U.K., where mar- spreading acrossthe U.S. in the of the year with many people ment strategyanalyst at Wells kets reopened Tuesday, the next few weeks,though, driving on vacation, which canpoten- FargoInvestment Institute. main FTSE 100 stocks bench- -1.5 an unwind of bullish betsand tially amplify market moves. One bright spot in the econ- mark rose 1.5% as investors freshpricedeclines. TheHouse of Representa- omycontinues to be housing. cheeredthe post-Brexit deal Russell 2000 “It is becoming increasingly -2.0 tives on Mondayapproved a Fresh datareleased Tuesday struck on Christmas Eve.Brit- apparent that the market will bill proposing to increase the showedthat home-price ish and European Union offi- need to gradually discount an- sizeofstimulus checks to growth accelerated in October, cialsreached an agreement -2.5 other warmer-than-normal win- $2,000 from $600,though the as strong demand pushed that includes a free-trade ac- ter,” Jim Ritterbusch,president bill’sfateremains uncertain in home sales to a14-year high. cord,bringing to an end to 9:30 a.m. noon 4p.m. of energy advisoryfirm Ritter- the Senate. Without commit- In corporatenews, shares over four yearsofuncertainty. Source:FactSet busch &Associates,said in a note. Traderswerelooking ahead to weekly government inven- NYSE’s Top Salesman Fought for IPOs in 2020 tory figuresThursday. Themost recent Energy Information Ad- ministration datafor the week BY ALEXANDER OSIPOVICH which is the NYSE’spreferred “He wascalling at atime ended Dec.18showedU.S. approach to tracking IPOs. when it didn’t seem super-ob- stockpiles of natural gaswere During arecordyear for Altogether,2020’srecord vious forany companytobe 8.4% abovetheir levels from a initial public offerings, John IPO haul of $167 billion going public,” Mr.Kawasaki year earlier and 6.5% above Tuttle spent five months urg- smashes the previous high of said. their five-year averagelevels ingcompanies to list on the $108 billionfrom1999,Dea- Raised in the suburbs of forthis time of year,another in- NewYork Stock Exchange logic data show. Detroit, Mr.Tuttle started his dication that natural gasre- from his lakeside vacation Even during the market’s professional career as aWhite mains plentiful. house in Michigan wherehe lows this spring,the NYSE at- House intern in 2002. Several Analystsexpect volatility to took refuge during the corona- tracted many special-purpose yearslater,hetook ajob in persist given shifts in weather virus pandemic. acquisition companies, which theState Department where forecastsand thinner trading Mr. Tuttle, the NYSE’s vice are vehicles that go public to he helped organizevisitsby volumes recently around the

chairman andchief commer- JOURNAL raise cash for deals. A record foreign leadersranging from holidays.OnTuesday, the front- cial officer, is the topsales- number of newSPACs went Tony Blair to the Dalai Lama. month futures forJanuaryde- REET

manfor the 228-year-old ex- ST public this year,and the NYSE He also flew to overseas hot liveryclosed up 7% at $2.467 a

change. Aformer State LL wonanoutsizeshareofthe spots, such as Juba, the now- million British thermal unitson

Department official under the WA biggest ones,including hedge- independentcapital of South their final dayofactivity before

George W. Bush administra- THE fund manager William Ack- Sudan, where he participated expiration. Moreheavily traded R

tion, his mission is to ensure FO man’sPershing SquareTontine in a U.S. delegation to the fu- futures forFebruarydelivery

that companies going public AN HoldingsLtd., which raised $4 neral of aformer rebel leader, rose 5.1% to $2.444.

choose the NYSE over its SIR billion in July in the year’s and at times wore abullet- Elsewhereincommodities AS

crosstown rival, Nasdaq Inc. Y biggest IPO. proof vest due to security con- Tuesday, U.S. crude-oil futures

During normal years, he is EMIL Nasdaq wasthe dominant cerns. added 0.8% to $48 abarrel, oftenseen on the bell podium John Tuttle builds relationships with companies well beforelistings. exchangefor SPACsuntil 2017 In 2007,aformer bosscon- staying in arecent trading abovethe trading floor,ap- when the NYSE eased itsrules vinced Mr.Tuttle to join the rangenear 10-month highs. plauding as chiefexecutives tradershad long runIPOs of But Nasdaq wonperhaps for such listings. NYSE veter- NYSE’sglobal affairsteam, a Prices started the year above celebratetheir companies’ companies that list on the the year’s most anticipated de- ans sayMr. Tuttle playeda job whose responsibilities in- $60, briefly tumbled below$0 IPOs. This, however, wasn’t a NYSE. The exchange changed but,Airbnb Inc.One sweetener key role in making the Big volved welcoming foreign forthe firsttime ever in April, normal year. itsprocedures in March so that Nasdaq used to securethe Board more SPAC-friendly, as leaderstothe Big Board. Mr. then have rebounded steadily. “While Ihad always they could be handled re- IPO,aperson familiar with the well as in developing direct Tuttle says he has hosted dreamed of the opportunity to motely. Closing the floor also situation said, wasanagree- listings, an alternativeway for morethan 100 sitting heads of spend an extended period of meant the NYSE couldn’t host ment to let some luckyAirbnb companies to go public that state at the NYSE. AUCTION RESULTS Here are the results of Tuesday's Treasury auctions. time in northern Michigan, I bell-ringingsfor companies customersspend NewYear’s doesn’t involve underwriters. Mr. Tuttle, who is 38 years All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference didn’t imagine that it would going public. Eveinageodesic dome on Data-mining giant Palantir old, nowoversees listings, between that price and the face value. involveabout 15 hoursaday Mr.Tuttle spent much of Nasdaq’s10th-floor terrace Technologies Inc.used adirect capital marketsand exchange- 52-WEEK BILLS of videoconferences,” Mr.Tut- his time telling prospectiveis- overlookingTimes Square. listing to debut on the NYSE traded productsfor the NYSE. Applications $114,705,424,300 Accepted bids $39,731,578,300 tle said in an interview. suersthat the NYSE wasmore Airbnb revealed the promotion in September. Among the talentsthat " noncompetitively $201,533,600 When the worsening pan- than just itsbuilding on 11 earlier this month. To win IPOs,Mr. Tuttle have helped him succeed, col- " foreign noncompetitively $0 Auction price (rate) 99.888778 demic triggeredahistoric Wall Street. In the end, the Nasdaq is on track to beat builds relationships with com- leagues say, is an extraordi- (0.110%) stock-market plungeinFebru- floor closure had less impact the NYSE in IPOs for the sec- panies well beforethey go narymemory. At an NYSE Coupon equivalent 0.112% Bids at clearing yield accepted 54.17% aryand March, IPOs slowed on the exchange’sIPO business ond year in arow,after the public. town-hall meeting in 2016, he Cusip number 912796A90 and many investors saw little than some observers initially Big Board led for most of the Kevin Kawasaki,global head wasasked to name all the The bills, dated Dec. 31, 2020, mature on Dec. 30, 2021. chance of a revival. feared, he said. past decade,according to Dea- of businessdevelopment at Australian prime ministers SEVEN-YEAR NOTES The NYSE, which is owned As the S&P 500 roared back logic.Companies raised $86.4 Palantir,recalled firstmeeting who had visited the exchange. Applications $145,552,785,700 by Intercontinental Exchange this spring and summer, IPOs billion in IPOs at Nasdaq in Mr.Tuttle in 2017after the He stunned the audienceby Accepted bids $67,976,515,100 " noncompetitively $5,718,700 Inc., also faced a unique chal- picked up. Firms like Quicken 2020,compared with $80.2 NYSE executive sought an in- giving their names and the " foreign noncompetitively $0 lenge because its famed trad- Loans parent Rocket Cos. and billion at the NYSE, based on troduction through one of Pal- dates of their visits. Some em- Auction price (rate) 99.747318 (0.662%) ingfloor wasclosed fortwo data-warehousing company data through Monday. antir’s investors. In April, ployees,thinking the event Interest rate 0.625% months during the pandemic. SnowflakeInc.chose the NYSE The NYSE is ahead of Nas- when Palantir began planning wasstaged, bombarded him Bids at clearing yield accepted 16.82% In athrowback to the era fortheir multibillion-dollar daqifthe tally includes new itsdirect listing,Mr. Tuttle with more questions. He cor- Cusip number 91282CBB6 The notes, dated Dec. 31, 2020, mature on Dec. 31, beforeelectronic trading,floor debuts. listingsofclosed-end funds, reached out again. rectly answered them. 2027.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net 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 DoubleLine Funds CpInc r 10.67 -0.01 9.7 CapApInst 104.22 -0.08 54.4 PIMCO Funds A EMAdmr 40.98 +0.37 13.3 WelltnAdml NA ... NA ExtndIstPl 306.19 -3.71 31.5 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. CoreFxdIncmI 11.34 ... 5.5 DivIntl 47.68 +0.46 18.9 Harding Loevner IncomeFd NA ... NA EqIncAdml 78.36 -0.17 1.9 WndsrAdml 70.48 -0.22 6.1 IdxIntl 19.33 +0.16 10.8 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI NA ... 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Contrafund K6 18.85 ... 30.6 NASDAQ r 161.30 -1.70 44.1 EqInc 19.46 -0.12 2.2 BlChip 165.11 +0.59 34.4 HYCorAdml r 5.98 +0.01 5.3 INSTTRF2035 29.14 +0.03 14.3 TotSt 94.00 -0.37 20.0 ExtMktIdxInstPre 83.03 -1.01 31.4 OTC 17.47 -0.04 46.4 JPMorgan R Class DivGro 59.39 -0.12 12.8 InfProAd 28.24 -0.02 10.6 INSTTRF2040 29.73 +0.03 14.9 VANGUARD INSTL FDS FidSerToMarket 12.81 -0.05 19.9 Puritn 25.92 -0.03 20.1 CoreBond 12.28 -0.02 8.1 EqInc 30.81 -0.10 -0.1 IntlGrAdml 159.01 +2.16 58.5 INSTTRF2045 30.25 +0.03 15.5 BalInst 44.12 -0.66 14.4 Tuesday, December 29, 2020 IntlIdxInstPrem 45.83 +0.42 8.7 SrsEmrgMkt 24.51 +0.32 22.5 Lord Abbett A Growth 96.83 +0.20 36.8 ITBondAdml 12.57 ... 9.6 INSTTRF2050 30.33 +0.03 15.7 DevMktsIndInst 15.26 +0.12 10.3 YTD YTD YTD Net Net Net MidCpInxInstPrem 26.72 -0.18 15.9 SrsGlobal 14.31 +0.14 10.5 ShtDurIncmA p 4.21 ... 2.9 HelSci 98.59 -0.90 29.8 ITIGradeAdml NA ... NA DevMktsInxInst 23.85 +0.19 10.4 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF2055 30.45 +0.02 15.7 SAIUSLgCpIndxFd 19.47 -0.05 17.3 SrsGroCoRetail 22.78 -0.13 69.8 Lord Abbett F LgCapGow I 61.17 +0.19 39.5 LTGradeAdml 11.73 -0.37 11.4 IntlVal 40.21 +0.24 8.9 ExtndInst 124.07 -1.50 31.5 GrwthInst 130.14 -0.35 39.8 American Century Inv Baird Funds DivIncom I 25.53 -0.09 6.6 SeriesBondFd 10.77 ... 7.5 SrsIntlGrw 17.76 +0.18 18.5 ShtDurIncm 4.21 ... 3.0 MidCap 111.92 -0.77 22.9 MidCpAdml 253.64 -1.52 17.0 LifeCon 23.07 +0.02 11.2 MuHYAdml 11.96 -0.02 5.2 InPrSeIn 11.50 -0.01 10.7 Ultra 75.72 -0.22 49.3 AggBdInst 11.75 +0.01 8.4 Dimensional Fds SeriesOverseas 12.44 +0.14 16.7 SrsIntlVal 10.14 +0.07 5.4 Metropolitan West NHoriz 82.27 -0.63 57.7 LifeGro 41.20 +0.04 14.9 MuIntAdml 14.86 ... 5.2 InstIdx 328.85 -5.57 17.5 American Funds Cl A CorBdInst 12.12 ... 8.6 5GlbFxdInc 10.89 ... 1.5 SmCpIdxInstPrem 24.78 -0.46 19.0 TotalBond 11.30 ... 9.1 TotRetBdI 11.16 ... 8.9 R2020 22.65 ... 12.7 LifeMod 32.38 +0.03 13.1 MuLTAdml 12.22 -0.06 6.2 InstPlus 328.86 -5.59 15.8 AmcpA p 38.76 +0.04 20.3 BlackRock Funds EmgMktVa 28.26 -0.01 1.3 TMktIdxInstPrem106.92 -0.42 19.9 Fidelity SAI TRBdPlan 10.47 ... 8.9 R2025 19.27 ... 14.1 PrmcpCor 28.69 -0.02 11.0 MuLtdAdml 11.26 ... 3.4 InstTStPlus NA ... 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B12 | We dnesday, December 30, 2020 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Consider a Return to Almost Normal

U.S. doesn’t need to reach full herd immunity from the coronavirus before public spaces can begin phased reopenings

As 2021 arrives, there is one thousands,itseems unrealistic to turning to normal. So far,the shots tientsshould help speed up areturn question that matters most: How hope forCovid-19 to vanish in the available in the U.S. areonly autho- to normal. About 54 million people soon can we escape the Covid-19 newyear.Worse,public polling has rized forpatients 16 and older. in the U.S. areage 65 andolder,ac- pandemic? suggested that some adultswon’t About two million people in the cording to the Census Bureau. If the The answer is as elusive as it is take avaccine if offered. U.S. have begun the vaccination vaccine reaches nursing homes and pressing. It is unknown what level However, the outlook for the process, according to Centersfor hospital workersquickly,ascenario of natural infection and immuniza- year ahead is much brighter than Disease Control and Prevention wherehospitalization and death tion is needed to reach herd im- those grim figures would suggest. S data. While it would take several ratesplungeseems realistic,evenif

munity in the population. It is also Eradicating Covid-19 shouldn’t be NEW yearstovaccinateevenhalf the the virus is still spreading.Addi- G unknown how many people in the necessary to begin a gradual re- adult population at that rate,the tionally,therapeutics such as anti- U.S. have already contracted the turn to schools, restaurants, con- paceshould ramp up in the months body cocktails forat-risk patients coronavirus. Whatever the answer cert halls and arenas. OOMBER ahead, as vaccine production from and at-home Covid testing should to the question, trillions of dollars While the challengeofvaccinat- Pfizer and Moderna increases. be morewidely available in the GUI/BL

in economic activity are at stake, ing alarge portion of the country TE Further reinforcementsare likely months ahead. CA

as are millions of livelihoods. is significant, it might not be as UZ on the way: Johnson &Johnson is In that scenario, the risks of re- By some metrics,thingshave daunting as it firstseems.There expected to present datafor its opening would be far smaller, es-

never been worse: U.S. hospitaliza- are roughly 333 million people in MARIE vaccine candidateearly next pecially when weighed against the A

tions areatarecordhigh, and pub- the U.S.,but not everyone will need EV month, and could be authorized for devastating economic and social lic-health expertscontinue to warn avaccine right away.For starters, About two million people in the U.S. use by regulatorsinFebruaryif impact of hobbled restaurants and that thingswill getworse before about 19 million people have acon- have begun the vaccination process. shown to be safeand effective. closed schools. A return to full, they getbetter. With morethan 19 firmed case.The true number of Other vaccines,fromcompanies unrestricted capacity in public million confirmed cases in the U.S., cases is likely much higher: Many dren makeupalarge shareofthe such as AstraZeneca and Novavax, spaces might not be realistic in achieving herdimmunity is aways patientswith confirmed cases U.S. population, and thereislittle could arriveshortly afterthat. the near future. But investors and off.After all, that figure accounts don’t showsymptoms,and some evidencethat schools arehot spots It will probably take most of the general public have reason to forjust 6% of the U.S. population. people who experiencesymptoms forspreading the virus.That sug- 2021 to roll out the vaccine to a hope that markedly better days And with daily newcases still consistent with Covid-19 choose gestsvaccinating children critical massofadults, but giving could arrive by the spring. reaching well intothe hundreds of not to seek medical attention. Chil- shouldn’t be aprerequisitefor re- priority to elderly and at-risk pa- —Charley Grant Slack Deal Shows Handcuffs on Tech Firms

One of the largest tech deals the rather generous valuation this year also shows whythere Salesforce wasalready offering, might be alot fewerofthem in the most likely competition would the future. have come from tech giantsthat Salesforce.com’s $27.7 billion arealready under intense govern- acquisition of Slack Technologies, ment scrutiny. announced this month, wasthe Amazon.comand Alphabet’s largest to datefor the hyperac- Google in particular operatelarge S quisitivecloud-software provider, cloud businesses that could have

NEW as well as the second-largest deal benefited from the addition of G so far in the software space—be- Slack’spopular messaging plat- hind IBM’sacquisition of Red Hat form. But Google is nowthe sub- OOMBER in 2018,according to Dealogic. ject of several antitrust lawsuits

AN/BL Thehigh priceSalesforce paid— from the federal government and

GU representing 26 times Slack’spro- most states,while Amazon is deal-

BING jected revenue forthe next 12 ing with itsown government As wind and solar energy grows, it will become crucial to bridge times when the wind doesn’tblowand the sun doesn’tshine. months—led manytospeculate probes intohow it competes in that the companyfaced competi- the retail and cloud-services section on the deal. tors. But that wasn’t the case.Ac- Microsoft, while not under the Green Energy Needs Storage cording to aregulatoryfiling last same level of scrutiny, wasalso an week detailing the background of unlikely bidder.The software gi- the merger, Slack Chief Executive ant has become Slack’sprimary The rapid growth of wind and dential batteries can store power storagecapacity globally,but find- Stewart Butterfield said he re- competitor with the popularity of solar power comes with a well- from rooftop solar panels, but it is ing newsites is achallenge. ceived “informal messages” from itsTeams platform, which has known problem: They don’t work so-called utility-scale stationary Green hydrogen is another solu- representatives of two large,pub- been reporting superior growth all the time. Energy storage is a solutions for wind and solar farms tion, involving “storing” renewable licly traded U.S. technologycom- numberstoSlack of late. solution investors should watch in that are really needed. They are energy by using it to runelectrolyz- panies on Nov.25—the dayThe Having itsown historywith 2021, even if it doesn’t yet lend it- often customized turnkey installa- ersthat split waterintohydrogen Wall Street Journal firstreported government crackdowns would self to stock picking. tions that provide between one to and oxygen. It is lessefficient than the talks between the two compa- also likely makeMicrosoftthink Governmentsaround the world four hours of backup power. Bat- other methods,but produces gas nies.But those reps only “ex- twicebeforespending topdollar greatlyraised their decarbonization tery packs cost nearly 90% less that is transportable and versatile. pressed adesiretodiscussthe to take out acompetitor.Other ambitions this year.Thereisgreat than in 2010 and will continue to Safety concerns have arisen over market rumors,” according to Mr. tech giantswill be making similar uncertainty about howtheir prom- get cheaper, according to research- batteries and hydrogen, but aren’t Butterfield. No actual competing calculations forthe foreseeable fu- ises will be delivered, but almost all ers at BloombergNEF. likely to trip them up: Fossil fuels bids emerged. ture. scenarios involve massivebuilding Shared chemistrywith the auto- and nuclear aren’t without risks. That isn’tasurprise.Besides —Dan Gallagher of solar and wind farms.Astheir motiveindustryisamixed blessing. One problem with the theme for shareofpowerproduction grows, it Large-scale production will help cut investorsisthat fornow it remains will become crucial to bridgethe costs, but it canalso createasupply aside businessfor big battery com- times when the wind doesn’t blow crunch. Some Korean producersre- panies such as LG Chem and Pana- and the sun doesn’t shine. cently gavepriority to vehicle bat- sonic.The same goes forelectrical Building wind and solar together teries over stationaryones,pushing equipment makers General Elec- canreducethe gaps,while gas- buyerstonew suppliersinChina. tric, ABB and Siemens,which fueled powerplantscan provide a Expensivebattery racks and site makepowerconversion systems for nonrenewable backup.Also helpful building costsalso put utility-scale the storagefacilities.Smaller,pure-

aredemand-side response agree- stationarysolutions on adifferent playcompanies with promising S ments—when big powerconsumers trajectorytocar batteries. technologyfacegreat uncertainty NEW

promise to cut usageduring pinch In addition to short-term stor- over howthe market will develop. G pointsinexchangefor lowerprices. age, thereisaneed forlonger-term Yet storage could soon become

Even with all these methods, solutions to coverdays or even a more dominant feature of the OOMBER

though, it will be necessary to months.Pumped hydro—whereex- green-energy landscape, and some /BL store excess electricity for use in cess powerisused to pump water companies’ profits. The renewables

lean times. uphill intoareservoir,fromwhere boom has weathered the pandemic MORRIS

Lithium-ion batteries similar to it canbereleased intoahydroelec- and even picked up speed. It can’t UL those that power an electric vehi- tric plant on demand—is acost-ef- be long before a technology crucial PA VID

cle are expected to provide most ficient and clean option. It cur- to their effective utilization takes DA of the new storage capacity. Resi- rently provides most utility-grade off too. —Rochelle Toplensky The high priceled to speculation thatSalesforcefaced competition on the deal. How the 2020 QE Boom Might Trip Up Central Bankers

The Federal Reserve, European $25 trillion the very least cut short the profit lower interest rate, for one. Central Bank and Bank of Japan central banks return to their fi- Much would depend on pre- have collectively expanded their Balance-sheet assets nance ministries. cisely how the fiscal authority and balance sheets by around $8 tril- 20 The important factor is the cir- the central bank relate to each lion in 2020. It took them almost cumstances in which major devel- other—politically and legally—and eight years to achieve the same oped economies might face an un- governments’ willingness to per- growth following the seizure of expected rise in inflation. There is mit accounting losses. Taxes and global financial markets in Sep- 15 a great deal we still don’t really spending are contentious in the tember 2008. know about inflationary pressure. U.S., and monetary policy often is That burstofbond buying has But if it came from an economy too. But it gets very complicated in revived adebateabout quantitative 10 European CentralBank genuinely running hot, it is very Europe since the Eurosystem is easing,and howitmight impose a likely that tax revenue would be made up of many national central fiscal cost on the countries pursu- rising anyway, more than offset- banks without a central fiscal au- Federal Reserve ing it. But the circumstances in 5 ting any expense rising from cen- thority, as noted by Chris Marsh, which to worrylook fairly limited. tral-bank losses. senior adviser at Exante Data. Thelogic goes likethis: When Economists at the Official Mon- From an investor’s perspective, the central bank buysbonds from Bank of Japan etary and Financial Institutions the issue is worth keeping an eye 0 commercial banks,the proceeds are Forum put it succinctly, saying on, but not worth losing any sleep credited to those banks in the form 2007 ’10 ’15 ’20 that the only scenario to be genu- over—at least not yet. A genuine of additional reserves parked at the Sources: FactSet; Wall Street Journal calculations inely fearful of is stagflation, inflationary upswing would be monetaryauthority.The central where growth is poor but inflation such a shift from the past several bank then pays interest on those re- But if interest rates were to the value of its long-maturity high. But, according to the think decades that the effect on central- serves.Inperiods likethe past de- rise, all that might reverse: The bondholdings would decline. That tank, there are a variety of options bank profits would likely be low cade when the market value of bond central bank would be paying might leave the central bank re- to limit the fiscal impact even in down on the list of worries, if it portfolios has swelled, that has higher interest on its reserves— quiring assistance from the fiscal that scenario: Central banks could were actually to occur. been profitable forcentral banks. very short-term liabilities—and authority to be recapitalized, or at tier their reserves so some offer a —Mike Bird