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Biden Chooses Secretary of State

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Biden Chooses Secretary of State P2JW328000-5-A00100-17FFFF5178F ADVERTISEMENT There’salwaysmoretodiscover about ETFs. Take acloserlook on page R10. ***** MONDAY,NOVEMBER 23,2020~VOL. CCLXXVI NO.123 WSJ.com HHHH $4.00 Last week: DJIA 29263.48 g 216.33 0.7% NASDAQ 11854.97 À 0.2% STOXX 600 389.61 À 1.2% 10-YR. TREASURY À 20/32 , yield 0.828% OIL $42.15 À $2.02 EURO $1.1856 YEN 103.85 Trump PressesOnasLegal Path to Challenge Vote Narrows Dividends What’s Restart News In Sign Business&Finance Of Hope ome large U.S. compa- Snies that halted their div- Companies predict idend paymentsinthe spring worstofpandemic’s arereversing theirdecision, a sign their leaders believe economic impact is over, the worst of the coronavi- even as cases surge ruscrisis is behind them. A1 BY THOMAS GRYTA Tech firms in smaller cities arestarting to see an uptick in Some large U.S. companies applications from candidates that halted their dividend pay- living in SaN Francisco and mentsare reversing their deci- NewYork,areas that have long sion, asign that their leaders had agrip on tech talent. A1 believethe worstofthe crisis is Auto-industry executives behind them. arefinding that stocking fewer Earlier this year,when much cars amid high demand, apan- of thecountry’seconomyshut OL demic-related legacy, has lifted PO down because of the coronavirus makers’ and dealers’ profits. B1 S pandemic,companies withdrew cash from credit lines,stopped CoStarhas takeN itsfirst /PRES AS repurchasing stock and halted major step intothe residen- dividend paymentsamid the un- tial-real-estate-databusiness NTRER certainty.The public-health by agreeing to pay $250 CO plight continues,but manybusi- million for Homesnap. B3 nesses—from factories to law OLIVER Ruby Tuesday gotspeedy NEXTSTEPS:President Trump returnedtothe WhiteHouseonSundayafter spending the dayatthe Trump National Golf firms—have learned howtoop- court approval forasale pro- Club.The president has continuedefforts to contest the outcome of the election, even as his legal options areshrinking. A4 erateduring the pandemic. Re- cess afterthe bankrupt chain tailers, fast-food restaurants and made last-minute changes carmakers aredoing better, and sought by landlords. B3 thereishope among executives that anynew restrictions to bat- Noble wascleared to exit tle the latest U.S. surge in cases bankruptcy with a plan the Biden ChoosesSecretaryofState won’t be as severe. operator of offshoredrilling “Multinationals arebeginning rigssaid had overwhelming to exhale,” said Mark Zandi, support from itscreditors. B3 BY KEN THOMAS dor to the United Nations and Blinken’sselection is expected bright StonebridgeGroup, chief economist at Moody’s Ana- OneWeb emerged from select Jake Sullivan, aState by Tuesday at the latest, peo- whereshe led the consulting lytics.“Theresumption of cor- bankruptcy protection af- WASHINGTON—President- Department veteran, to serve ple familiar with the selection firm’s Africa practice. poratedividend paymentsisaN tergetting a$1billion in- electJoe Biden intends to as nationalsecurity adviser, said. Mr.Biden, aDemocrat, Ms.Thomas-Greenfield, encouraging sign that executives vestment from the U.K. and nominateAntonyBlinken to the people said. said last week that he had also who is Black,could be the first believethat the pandemic will India’sBharti Global. B3 serveassecretaryofstate, Mr.Blinken served as Mr. settled on a pick for Treasury nominee of color by Mr.Biden, soon be behind us.” turning to a trusted diplomat Biden’s top foreign-policy ad- secretary. who has vowedtoput to- Kohl’sCorp.was one of the andforeign-policyadviserto viserduring his presidential Ms.Thomas-Greenfield gether an administration that 42 companies in the S&P 500 in- World-Wide oversee his work to rebuild campaign. He had roles as served as assistant secretary reflectsthe nation’sdiversity. dexthat suspended itsdividend U.S. relationships around the deputy secretaryofstate dur- of statefor African affairs Mr. Sullivan, a national se- to preservecash afterthe globe, according to people fa- ing President Barack Obama’s from 2013 to 2017. Beforethat curity adviser to Mr.Biden Covid-19 virus arrived. In Sep- The U.S. government miliar with the decision. second term and as national she wasambassador to Liberia while he served as vice presi- tember,financechief Jill Timm stands to lose more than Theformer vicepresident security adviser to Mr. Biden from 2008 to 2012 and held dent,was asenior policyad- said theretailer would protect $400 billion from the federal is also expected to nominate while he served as vice presi- diplomatic postingsinseveral viser to Mr. Biden’s campaign itscash reserves because of con- student loan program, an in- diplomat Linda Thomas-Green- dent under Mr. Obama. other countries.She is cur- andserved in senior roles to tinued uncertainty.“As we see ternal analysis shows, ap- field to serveasU.S.ambassa- Theannouncement of Mr. rently on leave from the Al- PleaseturntopageA4 PleaseturntopageA2 proaching the sizeoflosses incurred by banks during the subprime-mortgagecrisis. A1 Car U.S. new-vehicle sales and inventories, Average number of days vehicles change from previous year areremaining on dealer lots President-elect Biden in- Tech Talent Seeks tends to nominate foreign-pol- Buyers 10% Sales 100days icy adviser Antony Blinken to Move Off serve as secretary of state. A1 New Opportunities 0 80 Adefiant Trump continued The Lot effortstocontest the outcome of the election and anumber The pandemic is –10 60 Far From Coasts of Republicans expressed changing the way frustration with his refusal consumersshop to acknowledge defeat. A4 forautomobiles, –20 40 BY KATHERINE BINDLEY company, 75FInc., which A judge’s rebuke of the requiring dealers makes internet-connected, en- Trump campaign’schallenge to keep smaller Inventory Tech companies in smaller ergy-saving HVAC control sys- to Pennsylvania’s election inventories on –30 20 cities arestarting to see an tems. One résumé came from resultsguttedone of itsfew their lots amid uptick in applications from Facebook Inc.; another came high demand. candidates living in SanFran- from TwitterInc.The 130-em- remaining legal cases. A4 –40 0 Smaller inventories ciscoand NewYork—areas ployeefirm just hired an engi- The Trump administra- help dealerscut 2016 '20 2019 '20 that have long had agrip on neer from Sonos Inc. tion formally shut the door costs. B1 Sources: MotorIntelligence(sales, inventories); Edmunds.com tech talent. He hadseen the reverse— on the Open Skies treaty, Deepinder Singh,founder of employees leaving for Google exiting the pact while mov- aBloomington, Minn.-based and Tesla—but, he said, ing to discard the aircraft startup,had never bothered “We’venever actually seen that have enabled it. A4 trying to recruit Silicon Valley this.” The FDA cleared Regen- Not Everyone tech workers. They were too For years, high-talent tech eron’s Covid-19 antibody Coronavirus Upends expensive and didn’t want to workershavebeen drawnto drug foruse treating mild to move. In seven years, he had Silicon Valley,willing to put moderateCovid-19 patients Relishes the never gotten an applicant from up with exorbitant housing 12 yearsofage and older. A6 ARural Hospital a large tech company. prices and long commutes to Cranberry But sinceMay,morethan a benefit from the skill and ex- TheU.K. and Canada said dozenpeople on both coasts perienceoftheir colleagues, they had agreed on an interim iii have applied for jobs with his PleaseturntopageA8 trade pact onceBritain is no longer part of an EU-Canada Montana’s Crow reservation has been hit A German island trade treaty, starting Jan. 1. A18 hard, and medical staff know many of the ill wants the invasive U.S. Faces $400 Billion BY DAN FROSCH to working, not being in a JOURNAL REPORT room alone,” Ms. Long War- species off its land Wealth Management: CROW AGENCY, Mont.— rior said. Student-Loan Loss Nursing assistant Becky The Crow reservation, BY CECILIE ROHWEDDER The linksbetween love Long Warrior shuttled be- home to about 7, 200 people and money. R1-10 tween the two hospital in southern Montana, has The island of Sylt is a Ger- BY JOSH MITCHELL lion in principal and interest. rooms. Both housed family been struck by one of the man version of Nantucket, That would leave taxpayers on CONTENTS Outlook....................... A2 members stricken with nation’s worst outbreaks in with windswept beaches, TheU.S.government stands thehook for$435 billion, ac- Arts in Review... A13 Personal Journal A11-12 BusinessNews.......B3 Sports....................... A14 Covid-19. recent weeks. That has cre- quaint lighthouses and amon- to lose morethan $400 billion cording to documentsreviewed Crossword.............. A14 Technology............... B4 In one room, her grand- ated a situation at this 24- eyed clientele. from the federal student-loan by TheWall Street Journal. HeardonStreet... B10 U.S. News............. A2-6 mother stared up at her bed hospital, operated by the Except when it comes to is- program, an internal analysis Theanalysis wasbased on Markets.................. B9,10 Weather................... A14 through a large oxygen mask U.S. Indian Health Service, landers’ attitude toward cran- shows,approaching the sizeof government accounting stan- Opinion.............. A15-17 World News...... A8,18 as Ms. Long Warrior gently unlike almost any other berries.While Nantucket, off losses incurred by banks during dardsand didn’t include about squeezed her shoulder and medical facility in the coun- thecoast of Massachusetts, the subprime-mortgagecrisis. $150 billion
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