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****** WEDNESDAY,SEPTEMBER 2, 2020 ~VOL. CCLXXVI NO.54 WSJ.com HHHH $4.00

DJIA 28645.66 À 215.61 0.8% NASDAQ 11939.67 À 1.4% STOXX 600 365.23 g 0.3% 10-YR. TREAS. À 7/32 , yield 0.672% OIL $42.76 À $0.15 GOLD $1,968.20 À $0.60 EURO $1.1913 YEN 105.96 Trump Visits Kenosha Amid Tensions Over Shooting TikTok’s What’s News AI Code Snarls Business&Finance Talks for eal talks forTikTok’s DU.S. operations have hit asnag over the ques- U.S. Deal tion of whether the app’s core algorithms canbein- cluded as part of adeal. A1 Bidders are unsure if  A swift recovery in fuel China’s new export consumption by U.S. driv- restrictions cover the ers is petering out, posing new challenges to the oil video app’s algorithms market, economy and global energy industry. A1 Deal talks for TikTok’s U.S.  U.S. factory output operations have hit asnag continued to grow in Au- over the question of whether gust, but the picture for the app’s core algorithms can employment wasmixed. A2 be included as part of a deal, according to people familiar  Severaldozen former with the matter. McDonald’sfranchisees sued the burgergiant, alleg- ing it sold Black owners By Liza Lin, subpar stores and failed to Aaron Tilley

/REUTERS and Georgia Wells support their businesses. B1

 Tesla said it plans to MILLIS Thealgorithms,which de-

raise up to $5 billion LEAH termine the videos served to through stock offerings CALL FORORDER:President Trump said violencesparked by the policeshooting of JacobBlakeinthe Wisconsin city usersand areseen as TikTok’s from time to time. B1 amounted to ‘domestic terror’and touted lawenforcement.Hetalked with local businesspeople while surveying damage. A3 secret sauce, were considered part of the deal negotiations  TheS&P 500 and Nas- up until Friday, when the Chi- daq climbed to fresh highs, nese government issued new gaining 0.8% and 1.4%, re- restrictions on the export of spectively,while the Dow artificial-intelligencetechnol- advanced 0.8%. B11 Fuel Rebound Loses Steam ogy, according to people famil-  Zoom Video’s stock iar with the matter. soared 41% aday afterthe Nowboth sides aretrying companyreported another to figure out whether the or- big jump in usersand raised BY AMRITH RAMKUMAR advancebusiness-reopening tinue at itscurrent pace, espe- leum ExportingCountries and der means the algorithms itsfinancial forecast. B2 plans, rising cases in other cially with manyAmericans companies from Exxon Mobil need Chinese government ap- Aswiftrecoveryinfuel partsofthe countryare fuel- avoiding public transportation Corp.toChevron Corp.curb- proval fortransfer,and if so,  South Korean prosecutors consumption by U.S. drivers ing caution among consumers. because of coronavirus con- ing supply in response to the whetherBeijing would sign indicted Samsung’sdefacto is petering out, posing new Manycompanies have de- cerns and seeking to take va- industry turmoil. Oil has re- off. Thecomplexity involved leader,alleging he manipu- challenges to the oil market, layedplans to reopen offices, cations beforesummer ends. mained in anarrow trading has reduced the chances that a lated stock prices and vio- economyand global energy while manyschool districts Combined with otherdata rangefor two months follow- deal could be completed soon. lated capital-marketslaws. B1 industry. and colleges around the coun- pointsshowing that improve- ing aswiftrebound after TikTok’sparent company,  AT&T is exploring the Afterdemand forgasoline tryare opening with hybrid or mentsinconsumer spending prices in April briefly dropped ByteDanceLtd., has said it potential sale of its digital surged from mid-April to late remoteinstruction, taking a and hiring arecooling,the below$0for the firsttime. would comply with the Chi- advertising operations. B3 June,consumption has stayed biggerbiteout of fuel demand. slowerincrease in fuel de- As aresult, fuel prices also nese government order,and is relatively flat in thepast two Thetrend is athreat to the mand illustrates that the next have remained flat recently,a trying to get clarity from Bei-  TheNYSE’splan to let months and remains well be- economybecause people tend phase of the economic recov- boon forthose consumers jing on howtoproceed with a firms raise capital through lowits prepandemic levels, to spend moremoney when erycould be moredifficult. who areable to take advan- sale if the newrestrictions ap- direct listingsisonpause af- government datashow. The they aremoving around and Thestalled demand re- tage at thepump but athreat ply to its algorithms, some of teramaneuver by an insti- fizzling rebound highlightsthe engaging with businesses. bound is helping keep U.S. to energy companies whose the people said. tutional investor group. B10 lingering effects of coronavi- Some analyststhink gasoline crude-oil prices stuck in the spending cutsand layoffs Forbidders, the idea of buy- rusprecautions and travel re- demand will need to rise for low$40s per barrel, even with could add to the pressureon ing TikTok without the algo- World-Wide strictions.Evenassome states the economic recovery to con- the Organization of the Petro- PleaseturntopageA2 PleaseturntopageA6

 Developing nations are at risk of being leftfar Chinese Demand Lifts Copper short of the Covid-19 vac- Black Candidates Gain Copper prices hit a two-year high Tuesday on evidence that cine supplies they need as China’s economic recovery pushed ahead in August, richer countries securebil- extending a recent rally for the industrial metal. B11 lions of doses even before the drugspassfinal clinical Copper storedinLondon Metal Priceofthree-month New Political Ground trials,health expertssay. A1 Exchange-approvedwarehouses copper forwards in London*  Trump, in a visit to Ke- 700thousand metric tons $7,000 ametric ton BY AARON ZITNER Eight Black candidates,all Democratsand one is Republi- nosha, Wis., said violence sparked by the policeshoot- Democrats, wonseatsinma- can: Will HurdofTexas,who is Blackcandidates have be- jority-whiteorplurality-white retiring this year. ing of JacobBlakeamounted 600 6,500 gunwinning moreHouse seats districts, some in which 70% This year, at least 26 Black to “domestic terror” and and statewide offices,such as to 80% of residentsare white, candidates—22 Democratsand called for greater support 500 attorney general, in places including in New York’s Hud- four Republicans—have won for law enforcement. A3 6,000 wheremost voters arewhite— son Valley and the suburbs primaryelections in additional  Facebook said it took 400 adeparturefromdecades in outside Chicagoand Denver. districtswith large shares of down recently created ac- whichBlack political power Manybenefited from the whiteresidents. While most counts and pages linked to 300 5,500 wasrooted largely in minority year’s record voterturnout, have tough challenges in No- a Russian group that U.S. communities. whichwas the highest in a vember,atleast 10 areinraces authorities have accused 200 Officials and political ana- century for midterms and es- considered competitiveby of interfering in the 2016 5,000 lystssay these recent victories pecially helped Democratsin nonpartisan analysts. One, presidential election. A4 100 could position Black candi- suburbs near big cities. MondaireJones,isheavily fa- dates to win the highest state- The wins brought to 14 the voredtowin in asolidly Dem- Barr put newcurbs on gov- wide offices. There have been number of Black House mem- ocratic district in New York. ernment surveillanceofpolit- 0 MONTHLY 4,500 only two elected Black gover- bersrepresenting largely One forcebehind the ical campaigns,the latest fall- 2011 '15'20 Jan. Aug. out from areport that found norsinU.S.historyand six whiteconstituencies,upfrom changeisAmerica’sheight- BlacksenatorssinceRecon- eight in the prior Congress, ened partisanship.Votersin problems with the way the *Prices through 2p.m. ET Tuesday Source:FactSet struction. and raised the totalnumber of both parties are more willing FBI sought to monitor an ex- The2018 midterm elections Black lawmakersinthe House to back whoever wins their Trump campaign adviser. A4 were alandmark in the House. to arecord52. Of those,51are PleaseturntopageA10  Mnuchin urged Con- gress to appropriate more money to fight the effects Everyone Is Watching the Skies, of the pandemic, saying he INSIDE Rich Nations Snap Up was ready to resume nego- And Seeing UFOs tiations at any time. A2 OL

 Sen. Ed Markey beat Rep. iii PO First Vaccine Doses S JoeKennedy III, amember of

the famed political dynasty, Sightings are rising and 2020 shapes up /PRES BY SAEED SHAH in the Massachusetts Sen- capacity, experts said.

to be a banner year for close encounters LANDIS Meanwhile,aninitiative ateDemocratic primary. A4 Developing nations areat backed by the World Health Or-  Manhattan prosecutors HLEY

AS risk of being leftfar short of ganization intended to pool can’t obtain Trump’s tax BY TE-PING CHEN “I waslike, ‘Oh my God, I the Covid-19 vaccine supplies global resourcestoefficiently returns during a pending sawaUFO,’ ” says Ms.Levine, SPORTS they need as richer countries buyand distributethe vaccine appeal, a three-judge In the wake of the coronavi- 26,anannyinthe Detroit George Hill sat. The securebillions of doses even equitably acrossthe world will panel ruled. A4 rus, sportsstadiums have area. “I mean, it wasdefinitely Milwaukee Bucksand before the drugspassfinal clin- struggle to obtain enough doses fallen silent,shopping malls unidentified.” ical trials,health expertssay. fordevelopingcountries to in-  France’sMacron pressed the NBAstood by Lebanon’sleaderstoform a have been turned intoghost With morepeople at home, TheU.S., the European oculateeventheir most vulner- him. A14 government and deliver towns, and barshaveemptied. this is shaping up to be aban- Union, Japan and the U.K. able citizens,expertssaid. But the skies—depending who ner year forextraterrestrial have agreed to purchase at On Tuesday, the Trump ad- long-delayed overhauls. A8 you ask—have got- encounters, accord- least3.7 billion doses from ministration said it wouldn’t ten a lot busier. ing to datafromthe Western drugmakersdevelop- supportthe initiative. “The CONTENTS Personal Journal A11-12 Hannah Levine nonprofit National ing vaccines, according to an- United States will continue to Arts in Review... A13 Property Report... B6 Business News.. B3,5 Sports...... A14 wasoutside with UFO Reporting Cen- nouncementsfromthe compa- engageour international part- Crossword...... A14 Technology...... B4 her dog around ter, which reports nies and countries in recent ners to ensure we defeat this Heard on Street.B12 U.S. News...... A2-6 midnight in April sightingsthis year /REUTERS months.That tally includes virus, but we will not be con- Markets...... B11 Weather...... A14 NG

when she sawacu- areup51% so far SO optionsavailable foraddi- strained by multilateral organ-

Opinion...... A15-17 World News...... A7-8 Y

rious yellowlight We prefer UAP over the same pe- AL tional doses. China and India, izations influenced by the cor- glide acrossthe sky riod in 2019.Among two countries with large vac- rupt World Health > and vanish, one that didn’t re- 5,000 incidents recorded this BUSINESS cine-making industries,are Organization and China,” said semble aplane.Puzzled, she year,20% occurred in April as Tesla is planning to also expected to direct much Judd Deere, deputy presssec- pulled up anight-skyapp on much of the nation remained raiseupto$5billion of theirproduction to their retary at the White House. her phone to check whether it in lockdown. own vast populations. PleaseturntopageA8 might be a satellite or the In- At Peter Davenport’s home through stock That is likely to tie up s 2020 Dow Jones & Company, Inc. All Rights Reserved ternational SpaceStation, but in Harrington, Wash., the offerings. B1 nearly all of the immediate  New Covid-19 cases in U.S. nothing came up. PleaseturntopageA10 global vaccine manufacturing decline to June levels...... A6 P2JW246000-4-A00200-1------XA

A2 | We dnesday, September 2, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS FactoriesRamp Up,but LayoffsRaise Concern

BY PAUL HANNON of output posted areading of the coronavirus. The U.S.,China and Germanyare leading the manufacturing powerhouse,also recorded a AND DAVID HARRISON 56 in August, up from 54.2 in An ISM indexofnew orders recovery,but some countries areseeing fresh declines stronger recovery,asits PMI July,ISM said. posted areading of 67.6 in Au- in activity as newinfections surge. rose to 52.2 in August from 51.0 U.S. factoryoutput contin- Butfirms continued to cut gust, the fastest paceofgrowth in July,the highest in almost ued to grow in August, accord- employment, reflecting awari- sinceJanuary2004. Purchasing managersindexesfor manufacturing two years. Even with arevival ing to apair of surveysre- nessabout futureprospects Tim Fiore, who runs the 55 in previouslyweak export or- leased Tuesday, but the picture and health concerns that have ISM’smanufacturing surveys, dersinChina and Germany, s EXPANDING U.S. foremployment wasmixed, a prompted employers to tryto said he had been surprised by manufacturersineach country China possible sign of lingering un- put morespacebetween each the surge in newordersinAu- 50 reported they were cutting certainty about the coronavirus worker on production lines. gust and had high hopes forthe Germany jobs. pandemic among American Aseparatesurvey published coming months.“Idon’t see Spain Thereduction in factory manufacturers. by datafirm IHS Markit, how- whythis wouldn’t continue, 45 t CONTRACTING Vietnam payrolls outside the U.S. was Sluggish employment, if sus- ever,found employment in U.S. maybe not at this strength,” he widespread, with only Myan- tained, could pose athreat to factories growing at the fastest said. “I think we’reonagood mar and Turkey seeing arise in the recovery just as the econ- pacesinceNovember 2019 path.” 40 manufacturing employment. omyisstarting to pick up fol- while overall output grew at Mr.Fioresaid he expected That suggestsmanufacturers lowing several months of pan- thefastest pacesinceJanuary employment to pick up as out- aredoubtfulthat the August re- demic-related lockdowns.Other of last year.The firm said its put growsbut thereweresigns 35 covery in output will be sus- manufacturing powerhouses U.S. manufacturing indexwas of concern, particularly in in- tained. Therewerealso set- such as Chinaand Germany 53.1 in August, up from 50.9 in dustries such as airplane manu- backs in factoryoutputsfor 30 also sawcontinued contraction July.Areading above50indi- facturing that had been hard countries that have seen sharp in factoryemployment. catesanincrease in activity hitbythe pandemic. 2019 ’20 rises in newinfections,and the Asurvey of purchasing man- over the previous month, while “It’sgetting betterbut I’m Sources: IHS Markit (Spain, U.S., Vietnam); IHS Markit/BME (Germany);Caixan (China) reintroduction of some restric- agersinmanufacturing com- areading belowthat mark very concerned nowabout the tions that had previouslybeen piledbythe Institutefor Sup- pointstoadecrease. permanent layoffs,” he said. jobs in the U.S. than therewere said itsCaixin Purchasing Man- lifted. They included Spain, ply Management found that Both surveysfound that de- Boeing Co.has already said beforethe pandemic,when the agersIndexfor Chinese manu- Vietnam and the Philippines. U.S. factoryoutput grew in Au- mand had picked up as the it would cut 19,000 jobs and sector counted almost 12.9mil- facturing rose to 53.1 in August —Eun-Young Jeong gust at the fastest pacesince economycontinued to reopen warned in July that moremay lion jobs,according to the La- from 52.8, pointing to the fast- contributed to this article. November 2018,driven by a following the lockdowns im- be on the way. bor Department. est expansion in activity since surge of newdemand and posedinthe spring and early Overall, thereare almost Othercountries also sawa January2011.  Heard on the Street: Factory faster export orders. An index summer to slowthe spread of 800,000 fewermanufacturing rebound in output. IHS Markit Germany, Europe’sindustrial strength in the pandemic... B12

Estimatedmonthly difference U.S. crude-oil futures price Demand betweenglobal oil supply and Coronavirus lockdowns intensify $75 abarrel Mnuchin Presses global oil demand* 50 For Gas 25 million barrels aday 25 Congress to Offer 0 Is Slowing –25 –50 More Relief Funds ContinuedfromPageOne 20 2019 ’20 the economy. “The easy work has been Motorgasoline suppliedbyU.S.energy companies BY PAUL KIERNAN rect paymentstohouseholds. done,” said Noah Barrett,an Mr.Mnuchin said he and energy analyst forJanus Hen- 10 million barrels aday WASHINGTON—Treasury WhiteHouse chief of staff derson Investors. “That last SecretaryStevenMnuchin Mark Meadows “conceded…in 10% to 15% of lost demand is 8 urgedCongresstoappropriate an effort to getadeal done” to going to be really hardtoget 15 moremoney to combat the ef- put more money on the table back.” fectsofthe coronavirus pan- for cities and states. He is cautious about the 6 demic,saying at ahearing on House Speaker NancyPelosi oil-pricerecoverybecause of Tuesdaythat he wasready to said last week that Democrats the questions about demand. 4 Weekly sit down with Democratic wouldn’t be willing to accept U.S. motor gasoline sup- 2019 ’20 leaderstoresume negotia- anything lessthan a$2.2 tril- plied by energy companies,a 10 tions at anytime. lion package. Asked by Rep. proxyfor demand, stayed at Formorethan amonth Maxine Waters (D., Calif.) roughly 8.6million barrels a Performancesince theend of July 2019 sincekey provisions of the whether he would support a dayfor two months through 20% landmark CaresAct expired, deal of that size, Mr.Mnuchin mid-August beforejumping to S&P500 Democratsand Republicans said, “I do not support $2.2 9.2million barrels aday dur- 0 have been at loggerheads over trillion.” ingthe week ended Aug.21, the sizeand content of an- In astatement later Tues- according to the Energy Infor- 5 –20 otherrelief package. House day, Mrs. Pelosi said that in a mation Administration. DemocratsinMay proposed phone call with Mr. Mnuchin, That is up from alow in –40 an additional $3.5 trillion of she raised aseries of concerns April of around 5million bar- relief,while SenateRepubli- that Democratshaveabout the –60 Energy sector rels aday but well belowthe cans rolled out a$1trillion administration’s positions on figure of 9.7million barrels a 2019 ’20 bill in July.Without anew the next relief package. She dayfrommid-March, before 0 agreement, joblessworkers blamed Republicans forbeing lockdownstook hold in much have gone without a$600 fed- unwilling to compromise. of the country. eral supplement to weekly un- “Sadly this phone call made It also is belowlast sum- employment insurancesince clear that Democrats and the mer’sdriving-season peak of July 31, and afederal eviction WhiteHouse continue to have closeto10million barrels a moratorium expired on July serious differences under- day. Demand fordistillatefuel 25,leaving millions of tenants standing the gravity of the sit- including diesel has followeda –5 at risk of losing theirhomes. uation that America’sworking similar pattern, while con- 2020 ’21 TheTrump administration is families are facing,” she said. sumption of jet fuel is still *Negativenumbers mean demand is exceeding supply; projections beyond July 2020 moving to halt evictions As the monthslong impasse weak with air travel limited. Source:JPMorgan Chase (supply and demand); FactSet (futures, performance); Energy Information Administration (motorgasoline) through the end of the year in hasworn on, the WhiteHouse “Weare at this tenuous an effort to slowthe spread of point whereprices have re- Covid-19,senior administration coverednicely from the abyss officials said on Tuesday, add- The White House we were in afew months ago ingthat it wasrelying on the but arestill at very challeng- authorityofthe Centersfor also laid out ing levels forthe industry,” Disease Control and Prevention antieviction said Jennifer Rowland,senior to take measures deemed nec- energy analyst forEdward essarytomitigatethe spread of measures. Jones. communicable diseases. Investorssay that unless In Tuesday’shearing before demand picksup, even more acongressional panel, Mr. energy companies will be Mnuchin suggested the gapbe- has sought to use executive forced to file forbankruptcy tween the two sides maybe powertosoftenthe blowto or pursue mergers and acqui- narrowing and mentioned a families and workers. sitionsinthe months ahead. new, higher number forthe ad- Under the measures laid out Morethan 30 North American ministration’sproposed ceiling by the WhiteHouse officials energy exploration-and-pro- forafollow-on bill: $1.5trillion. Tuesday, tenantsare eligible ductioncompanies filed for Thesecretaryalso indicated forrelief from eviction fornot bankruptcy in the firstseven that the Trump administration paying theirrent if they earn months of the year,according GES has softened itsopposition to a lessthan $99,000 ayear,or to lawfirm Haynes and Boone. IMA Democratic proposal to appor- $198,000 foracouple filing

Consulting firm RystadEn- ETTY tion moremoney forstate and jointly.Tenantsmust showthey ergy projectsthat about 150 /G local governments. have takenall possible steps to morewill seek chapter 11 “Whether it’sone trillion or seek government assistance

bankruptcy protection through SENFELD one-and-a-half trillion, again, anddeclarethat Covid-19-re- 2022without higher prices. RO let’snot getcaught on anum- lated financial hardships are

“The whole industryisreel- ALEXI ber,” Mr. Mnuchin said. He thereason they aren’t able to ing,” said Regina Mayor, who Fuel prices have remained flat recently, a boon for drivers who are able to take advantage at the pump. added that Democratsand Re- payrent. They must also de- leads KPMG’senergy practice. publicans agree that more clarethat they would become “It will take through the end cautious with drilling newrigs ingscall last month. Marathon financial markets, Exxon was money is needed forgrantsfor homelessorwould be forced to of 2021 at the earliest to fully and denting profitsfor refin- and other refinerssuch as replaced on Monday in the small businesses,enhanced un- moveintocongregatehousing see anything likewhat we had ersthat turn oil intofuel. Phillips 66 and ValeroEnergy blue-chipDow Jones Indus- employment insuranceand di- facilities if evicted. in 2019 forfuel demand.” “We’reseeing aslowrecov- Corp.are processing less trial Average. Chevron remains Shares of energy producers ery, which is headed in the crude and limiting spending. in the 30-member stock index. have fallen 25% from apeak right direction, but we’rejust Marathon last month “It’semblematic of the hitinearly June.The energy anticipating that it could take agreed to sell itsgas stations struggles that the energy sec- sector is lagging behind even awhile to getback to normal,” to the ownersofthe 7-Eleven tor has faced,” Janus Hender- as gains in technologyshares Michael Hennigan,chief exec- convenience-storechain for son’sMr. Barrett said of the powerthe S&P 500 to records. utiveofrefiner Marathon Pe- $21 billion. change. “The lack of interest Thedemand uncertainty is troleum Corp., said on the In areminder of the energy in owning alot of these stocks forcing producerstoremain company’smost recent earn- industry’swaning influence on is still pretty high.”

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THE WALL STREET JOURNAL. **** We dnesday, September 2, 2020 | A3 U.S. NEWS California Trump, in Kenosha, Backs Police Moves to BY REBECCA BALLHAUS Curb AND CATHERINE LUCEY President Trump said re- cent violencesparked by the Evictions policeshooting of aBlack man in Kenosha, Wis.,amounted to BY CHRISTINE MAI-DUC “domestic terror” in avisit to the embattled city,wherehe California’slegislature called for greater support for passed abill lateMonday law enforcement. granting renterswho arefi- Thepoliceshooting of Ja- nancially affected by the cobBlaketouched off both Covid-19 pandemic a reprieve peaceful daytime demonstra- from evictions,which were set tions in Kenosha and nightsof to resume on Wednesday violence,property destruction when prior relief expires. and clashes that led to the fa- Thebill passed with su- talshooting of two protesters permajorities in both houses of by an out-of-stateteenager the Democratic-controlled leg- and that left areas of the city

islatureand addresses what in ruins.Mr. Blakeremains GES

advocates had said wasaloom- hospitalized and paralyzedaf- IMA ing wave of evictions. terawhiteofficer shot him

Democratic Gov.Gavin seven timesinthe back on GETTY

Newsom, who craftedthe com- Aug. 23. SE/ promise with legislativelead- Democratic local and state ers, tenant advocates and land- officials had asked Mr.Trump lordgroups last week, to stay away, expressing con- ANCE-PRES FR immediately signed the bill cern that his visit could fur-

intolaw.Ittakes effect imme- ther inflame tensions. ENCE diately. Mr.Trump has made public AG Backers sayitwill help keep safety acentral theme of his YÜCEL/ California’s17million renters re-election campaign and ex-

housed as the state’seconomy pressed skepticism that KEREM remains largely closed during broader underlying issues Trump supporters and protesters confronted one another in Kenosha, Wis., on Tuesday, the day the president came to visit. the pandemic. The measure were a factor in the unrest. would forestall until Feb. 1 On Tuesday, Mr.Trump said recent weeks have faced off wrongdoing must be fully in- wasn’t intended to heal the Tensions rose in Kenosha evictions fortenantswho de- he didn’t believepolicevio- over who cankeep America vestigated, but also sug- community. after Mr. Blake’s shooting, as clare that they have lost in- lencewas asystemic problem, safe and who is to blame for gested the media wasdistort- “He’snot going to be talk- well as in Portland, Ore., come because of the impact of saying it wasmoreamatterof the summer’s unrest. ing incidentsofmisconduct ing to the victim’sfamily.He’s where a right-wing protester Covid-19 on the economy. some officers“choking” under In an addressonMonday, by lawenforcement. “You can going to speak to asubset of wasfound shot and killed late All back rent owedbythe the pressure. He didn’t di- Mr. Biden accused Mr. Trump do an incredible job for people involved.That’snot Saturdayafter acaravan of tenant from March 1 through rectly answeraquestion about of fomenting violence, calling years, and then youhaveone what you do when you’re try- Trumpsupportersclashed Aug. 31 of this year would be whether he believes systemic him a “toxic presence.” bad apple or something hap- ing to heal,” Mr. Perez said. with protestersinthe city.Po- converted to consumer debt racism exists. At a roundtable discussion pens that’sbad, and that’s Mr.Trump didn’t meet with liceare investigating aman and couldn’t be used as “I keep hearing about in Kenosha with local law en- thenightly news forthree Mr.Blake’sfamily while in Ke- who calls himself amember of grounds foreviction. To re- peaceful protests, and then I forcement, city officials and weeks,” he said. nosha and said he hasn’t spo- antifa on social media in the ceive continued protection, a come intoanarealikethis,” businessowners, Mr.Trump As the recent protestshave ken with them. He said Mon- killing of the protester. tenant would have to payat Mr.Trump said of his visit, was critical of the recent vio- thrust race relations into the daythat the family “wanted to As the general election least 25% of their cumulative which included stops at a lence in the city but made no spotlightofthe presidential have lawyersinvolved, and I campaign intensifies, Wiscon- rent between Sept. 1 and Jan. burned-out building and a mention of Kyle Rittenhouse,a campaign, Mr.Trump attacked thought that was inappropri- sin is akey state forboth Mr. 31. Theremaining balance torched store. “By and large, 17-year-old from Illinois who “reckless, far-leftpoliticians,” ate, so I didn’t do that.” Trump and Mr.Biden, the would also become consumer this is not peaceful protests.” waschargedlast week with who he said “continue to push Wisconsin Gov. Tony Evers former vicepresident. Mr. debt, which landlords could Mr.Trump said his admin- first-degree intentional homi- the destructive message that and Kenosha MayorJohn Trump narrowly wonthe pursue in small-claims court istration would give$1million cide and other countsafter he our nation and our lawen- Antaramian, both Democrats, statein2016,and Democrats starting March 1 of next year. to Kenosha law enforcement, opened fire on protesters, forcement areoppressiveor had asked Mr.Trump to re- see it as apickup opportu- Eviction relief wasone of $4 million to help small busi- prosecutorssaid, killing two racist.” consider the trip,expressing nity.Mr. Trump waslast in the most hotly contested is- nesses and $42 million to sup- people and wounding another. Democratsaccused Mr. concern that it could exacer- the statetwo weeks ago. Mr. sues in the statehouse during port public safety in the state. On Monday, Mr.Trump sug- Trump of having political mo- bate the tensions in the com- Biden hasn’t been theresince the final weeks of the legisla- Mr.Trump’svisit to what is gested that Mr.Rittenhouse tivations behind his Wisconsin munity.But Mr.Trump said 2018,but has said he would tive session, which waseven akey stateinthe presidential was acting in self-defense. trip.Democratic National Mondaythat he wanted to appear in battleground states, morechaotic than usual due to election comes as he and Dem- Thepresident said Tues- CommitteeChairman Tom “see the people that did such a including Wisconsin, afterLa- the coronavirus pandemic. ocratic candidateJoe Biden in daythat allegations of police Perezsaid Mr.Trump’svisit good job for me.” bor Day. Assemblyman David Chiu, a Democrat from SanFrancisco, called the revised proposal an “imperfect solution to acolos- Teen ChargedinKilling Seen as Hero to Some sal problem.” He had proposed giving renters up to a year to pay back rent after the Covid BY JOE BARRETT thing to maketheir voices ery resource in their disposal man who wasapproaching him “He wastrying to retreat emergency ends. heard,” she said of whyshe or- for a proper legal defense.” and was moving to grab his from a mob that was enraged TheCalifornia Apartment Kyle Rittenhouse—the 17- ganized the group.“And we Mr.Rittenhouse,currently AR15-style rifle. He killed a that he was trying to put out Association, which represents year-old chargedinthe killing will continue to provide the in custody in Lake County,Ill., second unarmed person, who firesthat the arsonistshad landlords statewide,called the of two people in Kenosha, platform to allow that.” was chargedThursdaywith six hit him with askateboardand set.” he said. “They started re- eviction relief measure a bal- Wis.,during unrest last A conservative legal group criminal counts,including attempted to take his gun, as lentlessly hunting him.” anced approach that would week—is emerging as ahero called the Fightback Founda- first-degree intentional homi- Mr.Rittenhouse waspursued Mr.Pierce didn’t respond to give small landlords a chance to some on the right, with a tion helped organize Mr. Rit- cide, first-degree reckless ho- by acrowd and fell to the a request for comment. to stay solvent. heftylegal fund and ahigh- tenhouse’slegal team and is micide,recklessly endangering ground, according to the com- “I want to be very clear: We Tenantsliving in cities or profile defense team. raising money forhis defense, safety and possession of a plaint. And he firedonathird should not tolerateviolence counties with stricter eviction President Trump also has according to L. Lin Wood, an person who wascarrying a against anyperson,” said moratoriums related to the suggested that he might have Atlanta attorney who said he weapon, hitting that person in Democratic Wisconsin Gov. pandemic,such as those in acted in self-defense. helped set up the foundation. Legal fund swells for the arm. Tony Evers. “The individual or SanFranciscoand LosAnge- Several legal funds have Mr.Wood didn’t respond to His lawyerssay he wasact- individuals whose actions re- les, would remain protected been set up forMr. Ritten- arequest forcomment on teen who fatally shot ing in self-defense and that he sulted in this tragic lossoflife under the local measures until house’s defense. Tuesday. two during protest and some friends had come to must be held accountable.” they expire. GiveSendGo.com, which de- Agroup called Republicans Kenosha to protect the busi- Asked about Mr.Ritten- Morethan adozenstates scribes itself as “the No.1Free United, made up of studentsat in Kenosha, Wis. nessofsomeone who had house,Mr. Trump suggested have passed emergency rules Christian Fundraising Site” Arizona State University,said called them for help. Mondaythat he mayhave seekingtohalt evictions and had raised morethan on itswebsitethat it is donat- “Kyle,he’sagood kid, he’sa acted in self-defense. foreclosures during the coro- $332,000 as of Tuesdayafter- ing half of all proceeds col- lifeguard,” attorney John “He wastrying to getaway navirus pandemic,according noon, saying on itswebpage lected this fall to Mr.Ritten- dangerous weapon. He has yet Pierce said on Tucker Carlson from them, Iguess, it looks to adatabasefromthe Na- that Mr.Rittenhouse “just de- house.Amanda Reyes,who to enter a plea. LiveMondaynight. “Kyle actu- like, and he fell, and then they tional ConferenceofState Leg- fended himself from abrutal helps administer the group’s His legal team has said he ally took a first-aid kit down- very violently attacked him,” islatures.Nationwide,millions attack by multiple membersof Facebook site, said it had raised drovefromhis home in Illinois town because he thought some thepresident said. “I guesshe of people areatrisk of evic- the far-leftist group Antifa.” $11,000 so far and donated half to Kenosha to help defend a demonstratorsmight be in- wasinverybig trouble,he tion as effortstopassaddi- Thegroup plans to continue to the Fightback Foundation. businessamid widespread pro- jured and in fact he brought a would have been, he probably tional stimulus assistance in raising money for Mr. Ritten- “Normal people areupset tests and arson after a white weapon because Kenosha had would have been killed, but it’s Congress continue to stall. house’s defense despite criti- with the lawlessness,” she said Kenosha policeofficer shot Ja- become a war zone.” under investigation.” Mr.Chiu said legislators cism and threatstothe organ- in aprivateFacebook message cobBlake,aBlack man, in the Mr. Pierce said Mr. Ritten- Asked by areporter if pri- would need to re-examine the ization, said Heather Wilson, to areporter.“Everyone has a back seven times on Aug.23. house wastreating an injured vate citizens should be inter- issue of evictions when the co-founder of GiveSendGo, in right to self-defense,and when In the criminal complaint, protesterwhen he gottrapped vening likethat, Mr.Trump legislature begins anew ses- an email. they areaccused of acrime prosecutorsalleged Mr.Ritten- beyondpolicelines as protest- said: “I’dliketosee lawenforce- sion in January. “Peoplewant to do some- they should have access to ev- house firstkilled an unarmed ers began pursuing him. ment take care of everything.” After Strike Threat, New Yo rk City Delays Reopening of Schools

BY KATIE HONAN will return to school buildings frustration that testing AND LESLIE BRODY on Sept. 8, but the firstday of wouldn’t be mandatoryfor all in-person schooling forchil- beforeschool. But otherswere Just days before New York dren will be pushed from Sept. relieved to avoid apossible City schools were supposed to 10 to Sept. 21, the mayorsaid. strikethat would cost them reopen, the city said Tuesday The start of remote educa- their pay, plus fines,for every it would delay the start of in- tion will also be delayedfrom day off the job. person learning by morethan Sept. 10 to Sept. 16,when all Thesafety plan requires a week, after reaching a last- students will start three days anystudentsorstaff who test minutedeal with the teachers of online orientation on safety positivefor the virus to quar- union that avertsthe threat of rules,using technologyand antine fortwo weeks,and city a strike. tackling an unusual academic tracing teams will go to the The nation’s largest school year. school to determine the district wasone of the few big UFT President Michael Mul- spread. districtstrying to open on- grew had been pushing forthe Theprincipals union had

time with studentsback in the GE testing of all staff and stu- previouslypushed to delayin-

classroom. It plans to let some IMA dentsbeforeallowing them to person learning until lateSep- studentstakeclasses online enter schools.The deal re- tember.Groups of principals ETTY

from home everyday,while /G quires medical monitoring, from neighborhoods also

others learn remotely part of ANO with random monthly testing pleaded with elected officials IS

theweek and go intoschool CC of 10% to 20% of studentsand to postpone.Some saythey

some days,under what is LO staff, city officials said. Test- still have ventilation problems called a hybrid model. ing will start Oct 1. in their buildings, lack enough

Thecity’s turbulent path to MICHAEL Mr.Mulgrew said he backed masks to giveall staff,and reopening has been tracked by A teacher prepared packs of supplies for students at a Manhattan elementary school last week. off his demand foruniversal face teacher shortages. districtsaround the country testing beforeschool’sopening “Wewanted moretime but wrestling with their own plans Tuesday’splan followed leadership wasscheduled to threat astunt and provoca- afterepidemiologiststold the it’salot betterthan Sept. 10,” forbringing back students. weeks of sparring between hold astrike-authorization tion. Astrikewould have been union that such testing was said Mark Cannizzaro,presi- Some schoolshaveopened Mayor Bill de Blasio, a Demo- vote on Tuesdayifnodeal was the firstfor the union since useful but the resultswould dent of the Council of School only to close again after new crat, andunion officials.The reached. In recent days,Mr. de 1975. soon go out of date. Supervisorsand Administra- coronavirus cases. United Federation of Teachers Blasio called the UFT’s strike Under the deal, teachers Some teachersexpressed tors, of the new start date. P2JW246000-6-A00400-17FFFF5178F

A4 | We dnesday, September 2, 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 Sen. Markey Subpoena On Trump Wins Primary Documents Over Kennedy Is Blocked BY CORINNE RAMEY VeteranMassachusetts safely Democratic,making vic- Manhattanprosecutors tory in the primarythe main can’t obtain President Trump’s Democrat fends off hurdle to winning aseat. taxreturns during apending challenge from the While Mr.Markey is the in- appeal,athree-judgepanel cumbent, his success repre- ruled, handing atemporary political dynasty scion sentssomething of an upset: win to Mr.Trump in his bid to When Mr.Kennedy entered shield financial documents BY ANDREW DUEHREN theraceabout ayear ago, from acriminal investigation. AND NATALIE ANDREWS polls showedthe 39-year-old Theruling,fromthe Second well ahead of Mr.Markey.But U.S. Circuit Court of Appeals Sen. Ed Markey defeated morerecent opinion polling in New York, is the latest de- Rep.Joe Kennedy III in the gaveMr. Markey asubstantial velopment in a yearlong fight Massachusetts Senate Demo- lead over Mr.Kennedy,the re- between Mr.Trump and Man- cratic primary, beating back a sult of aremarkable political hattanDistrict Attorney Cyrus member of the famous politi- transformation forthe vet- VanceJr.,who is conducting a caldynasty in avictoryfor the eran. S financial investigation intothe 74-year-old incumbent and the Mr.Markey placed his work PRES president and his company.

progressivegroups that on the Green NewDeal, awide- TED Thethree-judgepanel heard backed him. ranging proposal to shiftthe CIA arguments in the case earlier SO

Mr.Kennedy conceded to U.S. economyaway from fossil AS on Tuesday. The court sched- Mr. Markey on Tuesday night fuels entirely,atthe center of A/ uled argumentsoverthe ap- UP

afterthe incumbent built a his campaign. His work on cli- KR peal for Sept. 25. comfortable lead. With about matechangehelped him win JaySekulow, alawyer for three-quartersofprecinctsre- the backing of well-known pro- Mr.Trump,said he was CHARLES

porting,Mr. Markey was gressives,including Rep.Alex- S; pleased with the court’s deci- ahead 54% to 46%. andria Ocasio-Cortez (D., N.Y.), sion. Aspokesman forMr. “Obviously these results who have typically endorsed PRES Vance declined to comment. were not the ones we were challengers, not incumbents. TED In court papers, Mr. Vance, hoping for, but to everyone Mr.Kennedy repeatedly lev- OCIA a Democrat, has said he is in- SS

who fought with us,for every- iedattacks against elementsof /A vestigating possible bank or

one who stood with us,for ev- Mr. Markey’s decadeslong re- YER insurancefraud.Hehas also

eryone who believed in us and cord that are out of step with DW requested documents related gave us their sweat and their modern Democraticpolitics, to hush-money payments tearsand their heartsand including his votesauthorizing made to two women who MICHAEL

their souls to this fight, I am warinIraqand approving a P: claim they had affairswith Mr. so proudofwhat we accom- 1994 crime bill critics say led TO Trump,which he has denied. OM

plished,” said Mr.Kennedy,the to the disproportionateim- FR In August 2019,agrand son of former House member prisonment of Black people.In Sen. Ed Markey,top, declared victory overRep. Joe Kennedy III, above,who conceded the race Tuesdaynight. juryconvened by Mr.Vanceis- JoeKennedy II and the grand- the final weeks of the race,Mr. sued asubpoena to Mr. son of former NewYork Sen. Kennedy positioned himself as Those criticisms largely John F. Kennedy and TedKen- tral part of the state, and the Trump’saccounting firm for Robert F. Kennedy. the heir to his family’s legacy rolled off Mr.Markey,though, nedy to Senate seats and Joe country, such as negotiating eight yearsoftax returns and Incumbents held on to on racial justice, and he drew and he built acoalition of edu- Kennedy II to aHouse seat. the newtrade deal among the other records. In September poweracrossthe stateTues- the endorsement of several of cated, liberal and young voters Mr.Kennedy’s lossleavesa U.S.,Mexicoand Canada. Mr. 2019,the president sued the day, as Democratic voters his colleagues in the House, to powerhim to re-election. At blemish on that record,and he Morse attacked Mr.Neal by district attorney,arguing he picked Rep.RichardNeal over including Speaker Nancy times,hedared to offer glanc- becomes the first member of saying he hasn’t gone far wasimmune from criminal in- an insurgent challenger who Pelosi (D., Calif.). ing criticisms of the Kennedy thefamily to fail in an effort enough in his support forlib- vestigation while in office. argued Mr.Neal wasn’t pro- Throughout his campaign, family,contrasting his own to win aracefor elected office eral policies such as Medicare That case made itsway to gressiveenough forthe dis- Mr.Kennedy acknowledged working-classbackground with in theirhome state. Twoyears forAll and the Green NewDeal. the U.S. Supreme Court, which trict. The71-year-old chairman that on major policyissues he Mr.Kennedy’s family privilege. after delivering the Demo- Mr.Morse also said Mr. this July rejected Mr.Trump’s of the powerful Ways and differed little with Mr.Markey, “Tonight’svictoryisatrib- cratic response to President Neal should have been more claim of absoluteimmunity Means Committeebeat Alex instead presenting himself as utetothose young people and Trump’sState of the Union, aggressive in obtaining Presi- and sent the case back to the Morse,the 31-year-old mayor amorehands-on leader during their vision, they will save us if Mr.Kennedy is at least tempo- dent Trump’stax returns.The lower court. of Holyoke, Mass.,tocontinue atime of compounding na- we trust them,” Mr.Markey rarily out of politics. Ways and Means Committeeis Afterthe trial judgeagain representing the district that tional crises.Mr. Kennedy said. In the House race,Mr. Neal suing the TreasuryDepart- dismissed the case,Mr. Trump he has served since1989. chargedthat Mr.Markey TheKennedy name has long campaigned on his past accom- ment for the documents, and asked the appeals panel to All of the congressional dis- didn’t spend enough time in been the equivalent of political plishmentsand what he has thecase is unlikely to be re- block the subpoena during the trictsinMassachusetts are Massachusetts. gold in Massachusetts, lifting done forthe western and cen- solved before the election. case’sappeal. His lawyershave said they arenolonger making the argument about absolute immunity but arguing the sub- U.S. Tightens Campaign-SurveillanceRules poena is overbroad and issued in bad faith. On Tuesday, JudgeJohn M. BY SADIE GURMAN formation about his relation- wiretaps areaccurateand Walker Jr.questioned howone ship with the Central thorough and that the recently determines that asubpoena is Attorney General William IntelligenceAgency. TheFBI imposed changes areworking, toobroad when the scope of Barrput newrestrictions on opened an investigation into Mr.Barr said in his memo.A theinvestigation isn’t public. government surveillanceof Mr.Pagein2016 as it examined senior FBI official will head He said thedistrict attorney’s political campaigns,the latest potential links between the that office. subpoena asked forinformation fallout from an inspector gen- Trump campaign and Russia. “A robust internal compli- from numerous entities and eral report that found prob- President Trump and his al- anceprogram is critical to en- parent companies and included lems with the way the FBI lies have long complained that sure faithful compliance with activities in Europe and Dubai. sought to monitor aformer agents surveilled Mr. Page in- thelaws, policies and proce- “It has the feeling of over- Trump campaign adviser. appropriately.Congressional dures that govern agency ac- breadth, but there’snoway to One new rule requires offi- Republicans have also argued tivities,” Mr. Barr wrote. measure,” the judgesaid. S cials from the Federal Bureau that FBI officials should have Theattorney general has Carey Dunne,general coun- of Investigation to consider PRES warned the Trump campaign been avocal critic of the Rus- sel forMr. Vance, said because

warning a political candidate, TED about Moscow’s efforts to in- sia investigation,which led to many financial transactions go elected official, aides or staff- CIA fluenceTrump associates dur- the convictions of five Trump through NewYork,the district SO

ersthat aforeign government AS ing abriefing likethe kind Mr. advisersand the indictment of attorney’s officeconductssuch might be targeting them be- Barr’s memo recommends. two dozenRussians,including probes routinely.Hesaid the

fore seeking awarrant from RIEDEL/ Thechanges build on those Russian intelligenceofficers. allegations the officeisinves- the Foreign IntelligenceSur- already being implemented by Theprobe didn’t establish any tigating were also in public re-

veillancecourt to secretly tap CHARLIE FBI Director Christopher Wray conspiracybetween the Trump ports. “Wewould be remiss their communications. AttorneyGeneral William Barr put newrestrictions on FBI monitoring. that aim to tighten the process campaign and Moscow,nor did nottobeexploring all these If the agencyoptsnot to do by which agentsseek warrants it draw aconclusion about allegations that have been so,the FBI director must doc- exercise itssurveillanceau- inspector general who reviewed and conduct surveillance. He whetherthe president ob- made,” Mr. Dunne said. ument the reasoning for such thorities in amanner that pro- the bureau’sinvestigation into said the bureau worked closely structed justiceduring the in- William Consovoy,alawyer a decision in writing. The ap- tectsthe civil liberties of Russian interferenceinthe 2016 with Mr.Barr in developing vestigation. forMr. Trump,said if the doc- plication must go through sev- Americans,avoids interference presidential election. the latest rules. Mr.Barr has suggested that umentswerehanded to the eral layers of review, including in the political processand While the watchdog deter- The FBI has said it is look- a separatereview of that probe grand juryduring the appeals asignoff from the attorney complies with the constitution mined that probe wasopened ing foranoutside,private-sec- being led by Connecticut’sU.S. process, that harm to the pres- general. and laws of the United States,” justifiably, he found 17 signifi- tor auditor to review its pro- attorney,John Durham,has un- ident couldn’t be undone. Another newpolicysetsup Mr.Barr said in announcing cant errorsoromissions in ap- cedures formaking foreign coveredother problems,but he Mr.Dunne said that if a an internal officewithin the the policies. plications to surveil former intelligencesurveillancere- hasn’t elaborated. court later denied access to the FBI to morebroadly scrutinize Therules,which Mr.Barr Trump campaign adviser Carter quests. As part of that investiga- documents, prosecutorscould the bureau’snational security outlined in apair of memos,are Page.They included afinding Meanwhile,aseparate, new tion, aformer FBI lawyer convene anew grand juryor work. the latest in anumber of that the FBI had withheld po- office within the FBI will rou- pleaded guilty to altering a destroy the documents. “The “The American people must changes to the JusticeDepart- tentially exculpatorymaterial tinely auditthe bureau’sna- document used to seek the toothpastecan be put back into have confidencethat the ment’ssurveillanceprocedures aboutMr. Page from the sur- tional security activities to continued surveillance of Mr. the tube sufficiently to protect United Statesgovernment will in response to the findingsofan veillancecourt and omittedin- makesureits applications for Page. people’srights,” he said. Facebook Pulls More Deceptive Accounts Tied to Russian Group

BY SARAH E. NEEDLEMAN down in areport Tuesday, the to getFacebook’sapproval to tenceofthe ‘Kremlin’shand’ civil-rights advocates that al- said it removed three large latest of several effortstoim- runU.S.ads,hesaid. Much of that is provoking conflictsand legethe companyhas done too networks of accounts, Pages Facebook Inc.took down re- provethe quality of itsplat- itseffortsweretied to awebsite dividing American society and little to policehateful and and Groups forengaging in co- cently created accountsand forms.Assisting in the effort called PeaceData.net, forwhich the entireWestern civiliza- other problematic content. In ordinated inauthentic behavior, pages linked to aRussian group wasGraphika, an independent the IRAallegedly tried to recruit tion,” the spokesman said. July groups including the Anti- bringing the totalnumber of that U.S. authorities have ac- research firm that contracts freelancejournalistsaswriters. Facebook wasamong several Defamation League and the networks it has removed since cused of interfering in the 2016 with Facebook on investiga- TheU.S.intelligencecommu- NAACPenlisted hundreds of 2017tomorethan 100.The presidential election, the so- tions intoforeign social-media nity has determined Moscow in- companies to halt spending on firstnetwork it removed was cial-media giantsaid Tuesday. manipulation. terfered in the 2016 presidential The Russian group Facebook’splatforms to pres- from the IRAand so wasthe Thedetection of the opera- TheRussian-led networks election to help Donald Trump sure it to do more. latest, the companysaid. tion aheadofNovember elec- were lesssignificant than the win the WhiteHouse,and offi- largely targeted Facebook has acknowledged Facebook said it began look- tionsshowthat the Internet IRA’spast effortstosow dis- cials warned last month of a foreign audiences, some shortcomingsand ing intothe IRAafter receiving ResearchAgency, a“troll farm” cord on Facebook,said Na- broad Russian effort to damage pointed to newpolicies,addi- information from the Federal indicted by federal authorities thaniel Gleicher,Facebook’s Democratic nominee JoeBi- Fa cebook said. tional spending andother ef- Bureau of Investigation. in 2018,remains athorn in head of security.“Their opera- den’sbid forthe presidencythis fortstoaddressthe groups’ “Weconsider strategic en- Facebook’sside.But the com- tional security has improved, year.Russia has denied interfer- concerns.The company has gagement with U.S. technology panysaid the recent effort’s but their impact is getting ing in American elections. said it has morethan 35,000 companies,which includes shar- small reach—totaling 13 ac- smaller,” he said. “For all their Aspokesman from the Rus- U.S. tech giantscriticized in a people working on safety and ing threat indicators, to be criti- countsand two pages—shows increased efforts, they’renot sian embassy in Washington, report released last year by the security—manywith expertise cally important in combating Facebook is getting betterat beingterribly successful.” D.C.,said Facebook’sallega- U.S. Senatecommitteefor help- in lawenforcement, national malign foreign influenceac- detecting foreign political ma- Mr.Gleicher said the Russian tions areanti-Russia propa- ing to spread misinformation security,counterterrorism in- tors,” an FBI spokeswoman said. nipulationeffortsbeforesuch group used English but largely ganda. “Such speculation is de- during the2016 presidential telligenceand academic re- —Jeff Horwitz content spreads widely. targeted foreign audiences and signed to convincethe campaign.Morerecently Face- search in radicalization. and Dustin Volz Facebook revealed the take- had asmall following.Itfailed American audienceofthe exis- book has been under fire from In the newreport, Facebook contributed to this article. P2JW246000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | A5 U.S. WATCH U.S. NEWS

ECONOMY “Part of having a healthy so- Fed’s Brainard Says ciety is understanding that hu- Filibuster Rule Changes Weighed man beings seek affection,” Mr. Stimulus Still Needed DeSantis said. Nearly two-thirds of facilities BY SIOBHAN HUGHES A top Federal Reserve official in Florida haven't had new cases AND LINDSAY WISE said the economy faces substan- since Aug. 11, said Mary May- tial risks, including the prema- hew, who led a task force that WASHINGTON—Demo- ture withdrawal of government last week recommended a cratic senators are discussing spending to support growth, and lengthy set of rules, giving wide rule changes that would cur- would require continued stimu- leeway for nursing homes on tail the powerofthe minority lus from the central bank. how to implement them. party to block legislation but The risk of permanent layoffs —Associated Press stop short of completely kill- and business bankruptcies will ing off the filibuster,which rise the longer uncertainty re- OHIO some party leadersand activ- lated to the coronavirus pan- istsare eager to jettison if demic remains high, said Fed Ex-Speaker Says He they win back control of the governor Lael Brainardin a Will Plead Not Guilty chamber in November. speech Tuesday. Under current rules,sena- “With the recovery likely to The former speaker of the tors canfilibuster,orblock, face [virus]-related headwinds Ohio House said Tuesdaythathe most bills from being brought for some time, in coming would plead notguiltytoacor- to avoteunlessthree-fifths of months it will be important for ruption charge following his ar- all members—at least 60— GES

monetary policy to pivot from rest in a$60 million federal brib- vote to proceed. With polls IMA stabilization to accommodation,” ery probe earlier this summer. showing Democratsinastrong

Ms. Brainard said. Rep. Larry Householder,aRe- position to retake the Senate, GETTY She said the centralbank’s publican, returned to the State- momentum is mounting to adoption of arevamped policy- house forthe firsttime sincehis eliminate or lower that initial

setting framework lastweek July 21 arrest. He is scheduled threshold to 51 votes,equal to MODEVILLA/

would playanimportantrole in foracourt appearanceThursday the simple majority needed to SO

its abilitytoprovide continued and confirmed he has alawyer passabill. Doing so would en- CHIP support. The changes arede- after anearly monthlong search able the party to more easily Sen. Jeff Merkley is leading talks that include lowering the 60-vote threshold to advance legislation. signed to shift expectations by foranew attorney. pursue its policy goals. signaling thatinterestrates will “I believe in the justice sys- In the past, many senators lativeagenda makes eliminat- That would requiresenatorsto and statehood forD.C., forex- remain lowerfor longer than they tem, and I believe if everything of both partiesdefended the ing it necessary. be physically present and de- ample.Republicans worry would in prior businesscycles. works the way it’s supposed to, filibuster as atool to promote Themath is tight, with batingonthe floor to keep a statehood would result in two —Nick Timiraos the truth will come out,” Mr. compromise and counter the Democratsuncertain to line up bill from coming up foravote. more Democratic senators. Householder said, after arriving other party,and viewedend- the 51 votesneeded to end the Today’srules don’t even re- President Trump has repeat- FLORIDA for a regularly scheduled House ing it as shortsighted because filibuster if they win anarrow quirethe 41 filibustering sena- edly called forSenateMajority session. “And as I’ve said, I’m in- a party newly in power might majority in November. A Wall tors to be in the chamber to Leader Mitch McConnell (R., Nursing Home nocent, and I intend to abso- quickly undo the other’s laws Street Journal survey of all 47 Ky.) to eliminatethe legislative Visitor Ban Ends lutely defend myself.” and pass its own. membersofthe Democratic filibuster while the GOP is in Mr.Householder and others Now, prominent Democrats caucus found at least five law- Mitch McConnell control, saying the 60-vote Florida Gov. Ron DeSantis areaccused of helping shepherd aresignaling newopenness, makers who currently oppose threshold wasimpeding legisla- said he would lift the state’s ban energy-companymoneyfor per- including Sens.Chris Coons such amove, potentially calls the legislative tion on immigration and other on visiting nursing homes that sonal and political use as part of (Del.) and Dick Durbin (Ill.), as enough to stop the filibuster move a defining part issues he wantstopursue.But has cut off vulnerable seniors an effort to passlegislation. The well as Vermont Independent from being killed outright. Mr.McConnell, who ended the from family members since mid- other defendants have pleaded Bernie Sanders. Democratshavebeen con- of the U.S. Senate. filibuster on confirmation for March over fears of spreading notguilty. Sen. Michael Bennet (D., ducting informal discussions Supreme Court nominees in the new coronavirus. —Associated Press Colo.) didn’t support ending about the fateofthe filibuster, 2017tobypassDemocratic op- the filibuster as apresidential and SenateMinority Leader position to now-JusticeNeil candidate, but nowsays it is ChuckSchumer (D., N.Y.)re- block a bill from advancing. Gorsuch, has repeatedly dis- an option. peatedly has said that nothing Mr.Merkley said other pro- missed calls to eliminatethe “Ifpeople continue fortheir is off the table.The outcome posals would reducethe filibuster forlegislation. ownpolitical reasons to make of those conversations will be amount of time allowedfor Mr.McConnell calls the leg- it impossible for the majority crucial to shaping the coun- debate; classifymoretypes of islativefilibuster adefining to exercise itswill, filibuster try’spolicylandscape next legislation as immune to fili- part of the Senate. reform may have to be on the year should Mr.Biden become busters(only budget-related Sen. John Barrasso (R., S table,” he said. president and Democratsre- bills arenow immune); and re- Wyo.)said that Democrats,

PRES Former President Obama re- gain control of the Senate. storeabipartisan amendment who ended the filibuster on ju-

TED cently called forending the fili- “I’m inviting folks to put processtoguarantee members dicial and executivenomina- buster to passvoting-rights forwardeverything they of the minority party the op- tionsin2013,havepaid for OCIA

SS laws,areversalfromhaving have,” said Sen. Jeff Merkley portunity to help shape legis- that decision afterRepubli- /A argued to keep it when he was (D., Ore.), who is leading dis- lation on the Senate floor. He cans took back powerand ARD asenator. cussions within the caucus. suggested that Democrats would regret removing the GU

T Democratic presidential He said ideas include lower- might consider forbidding fili- legislativefilibuster as well. AS

CO nominee JoeBiden,who served ing the 60-votethreshold to busterson“fundamental con- “They lived to ruethe S.

U. 36 yearsinthe Senate, says he advancelegislation and forc- stitutional” issues,enabling day.…And we will remind them SEA SIGHT:The CoastGuardwas monitoring arelease from an oil-well would prefer to preserveit, un- ing senatorstoreturn to tradi- simple majority passagefor of that beforewetakethe platform about 3miles offshoreCorpus Christi, Texas, on Tuesday. lessGOP resistancetohis legis- tional “talking filibusters.” billsrelated to voting rights vote” to change the rules.

TheEssential Leadership Playbook

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A6 | We dnesday, September 2, 2020 ** THE WALL STREET JOURNAL. U.S. NEWS New Covid-19 Cases Decline To June Levels

BY ALLISON PRANG to delay the start of school to AND STEPHANIE ARMOUR bettersafeguardstudentsand teachers. TheU.S.recorded itssmall- Colorado CollegeinColo- est number of daily coronavi- rado SpringsonTuesdayre-

rus cases in months, continu- versed course forits fall plan, GES

ing aslowdowninnew telling studentsthat classes IMA infections. and activities would go remote

Newreported infections na- forthe rest of the calendar GETTY

tionwide fell below34,000 on year.The school already quar- SE/ Monday, according to datacom- antined some residencehalls, piled by Johns Hopkins Univer- afterbringing only first-year ANCE-PRES

sity,the lowest such figure students to campus to start FR sinceJune 22.While Covid-19 the school year.Classes began

cases remain elevated com- Aug.24, and the school had GENCE pared with the earliest days of aimed to bring all studentsto /A SO the summer,they have been campus forthe next block of

trending down in recent weeks. classesthat began Sept. 21. PREZIO NewYork City schools, About 800 studentswere SEPH

which had planned amix of re- living on campus as of Aug. JO moteand in-person instruc- 25,one dayintoclasses; 11 New reported infections nationwide fell below 34,000 on Monday, the lowest such figure since June 22. A line for testing in Boston. tion, will nowstart in-person studentsliving on campus and learning on Sept. 21,instead of one staff member,who had had recorded 36 since the be- adding that thefederal gov- In Florida, wherecases Including the backlog of Sept. 10 as earlier planned, been working on campus,have ginning of August. ernment won’t send them di- have been falling for the past Questresults, the statehad MayorBill de Blasio said Tues- tested positivesincemove-in, As part of itspush to re- rectly to schools. few weeks, Gov. Ron DeSantis 7,643 newcases and apositiv- day. Studentswill start school a school spokeswoman said. open schools, the Trump ad- TheU.S.has 6.06 millionto- directed the state’sDepart- ity rate of 6.8% forAug.31, ac- remotely on Sept. 16 beforere- Colorado Collegenow aims ministration is planning to talconfirmed cases of Covid-19 ment of Health and Division of cording to the health depart- turning in-person, giving the to bring studentsback in Jan- ship rapid, point-of-caretests and morethan 184,200 deaths, EmergencyManagement to cut ment. district more time to ensure uary. to governorsinmid-Septem- according to Johns Hopkins ties with Quest Diagnostics Taking out the Quest re- the hybrid approach works and In recent days Temple Uni- ber,said Adm. BrettGiroir,as- data. World-wide,the tally of Inc., alleging the testing com- sults, the state had 3,773 new to preparefor asafereopening. versity in Philadelphia paused sistant secretaryfor health at coronavirus cases stood at panyfailed to report in a cases and a positivity rate of Some schools returned to in-person classes fortwo the Department of Health and 25.6 million, with morethan timely manner the resultsof 5.9%. campus last month only to weeks,hoping to stem out- Human Services. 852,000deaths. almost 75,000 Covid-19 test Quest attributed the delay close after struggling to con- breaks of the virus there. Cali- The administration is pur- Forthe last dayofAugust, results—some dating back to to atechnical problem, but tain the virus.Colleges and fornia State University,Chico, chasing150 million point-of- California had morethan 6,500 April. Thegovernor,inpre- said in anewsrelease that the universities are facing similar shifted to remote instruction care tests from AbbottLabora- newcases and Texas had more pared remarks,said, “Todrop issuedidn’t affect reporting of battles.New York statehas forthe 10% of classes that tories and will ship 48 million than 3,000,according to Johns this much unusable and stale test resultstohealth-carepro- approved schools reopening in were supposed to be in-person amonth, Adm. Giroir said. Hopkins.Florida, Georgia, Illi- dataisirresponsible.” The vidersorpatients.The com- every region in the state, but and urged students to vacate Governorswill decide howand nois,Missouri, North Carolina health department said the panysaid it has performed principals and teachersunions residencehalls aftercase whether to deploythe tests andTennessee each reported datawas largely more than and reported about 1.4million in NewYork City have pushed countsrose; the school said it within their states,hesaid, over 1,000new cases. two weeks old. Covid-19 tests in Florida. Room Ventilation Considered Crucial in Curbing Virus

BY CAITLIN MCCABE Aerosol scientists, mechanical engineersand other researcherssay schoolsand businesses should focus on improving ventilation droplets, transmittedby to helpprevent Covid-19’sspread.The followingsuggestionsfor twoclassrooms, one withanair-conditioningsystemand another coughing,talking or sneezing, Addthis to the Covid-19 without, areacollectionofsomeofthe bestpractices thatexperts recommend. which people nearby canin- prevention toolbox: strong hale.The droplets, which tend ventilation. Without air conditioning With air conditioning to fall to the ground quickly, Afterurging steps like canalso splatteronsurfaces handwashing, masking and so- Open windows and doors tointroduce outdoorair. Keep HVAC systems, suchasthis unitventilator, running that bystanderstouch and cial distancing,researchers Aim forcross-ventilation via windows on opposite walls. frequently,and start earlier thanusualtoallowmoretime transfer to their mouths, sayproper ventilation indoors If unsafetoopen completely,6inches canstill help, forairflow and filteringbeforethe school daybegins. noses and eyes. should join the list of neces- aHarvardUniversityresearcher says. Other scientistsargue asig- sarymeasures.Health scien- Installwindow fans Increasseeooututdoorair nificant role is playedby tistsand mechanical engineers smaller particles invisible to Fans placedinside openwindows can Increasese the HVAC system’s have started issuing recom- the naked eye, called aerosols, increase airflow.Two fans, blowing supply of outdoorair to as mendationstoschools and that linger in the air and fresh air in from one window, much assttheh systemcan businesses that wish to reopen travel. A recent study—which while pushingair out from handle innoorrder to forhow oftenindoor air needs Fresheshhaaiairir found that particles extracted another, maybehelpful. reducereliaianncceeoonn to be replaced, as well as almost 16 feet from hospital- Avoid positioningthat recirculated air. guidelines for the fans, filters ized Covid-19 patients could would blowair andother equipment needed infect cells in a lab—suggests directly from to meet the goals. aerosols as a potential source one person “Wedidn’t focus on it of spread, aerosol scientists to another. enough initially,” said Abraar say. The study, posted on the Karan, adoctor at Brigham preprint server medRxiv, 6’ and Women’sHospital in Bos- hasn’t been peer reviewed. ton who treated Covid-19 pa- “Based on the evidence we tients.“We told everyone to have on hand, it seems wildly stay home. We weren’t think- Addad airaiirir irresponsible to me not to rec- ing about people congregating purifiefierr Addair ommend strategies” forensur- in public spaces.” Portabbllee purifier ingstrong ventilation, said Jo- Driving the thinking is purpurifiriifiefierfieersswwititithh Consider several seph Allen,director of Harvard mounting evidencethat the HEPA filtfiltersccaaann Upgrade air- purifiers for University’s HealthyBuildings newcoronavirus is transmit- Placement matters prododuucceesseeveralairi conditioningfilters larger rooms. program. tedthrough the air among Place air purifiers chachangessppeerr hohour. Mosst Choose HVAC filtersthatcan remove Change HEPA Acoronavirus outbreak at a people with prolonged expo- centrally and in places filtteerroonlnlyyssmmaallll spaces. alarge portion of airborneparticles, filtersregularly choir rehearsal in Washington sure to the pathogen. Espe- withoutgood ventilation Schooolls should ensurepurifiers suchasaMERV 13.Ifsuch afilter is while wearinga statewas likely exacerbated cially troublesome,epidemiol- to maximizeair cleaning. areappropriately sized relative incompatible, choose the most efficient mask,goggles by poor ventilation,astudy ogistsand other scientistssay, to the classroroomom. filter,mechanical engineeringexperts say. and gloves. showed. Some 53 of 61 attend- is evidencefromnumerous in- ees were confirmed or door outbreaks suggesting the Sources: WSJresearch; Joseph Allen, HealthyBuildings program at HarvardUniversity; The American SocietyofHeating, Refrigerating and Air-Conditioning EngineersEpidemic Task Force strongly suspected to have virus’sability to spread to oth- AlbertoCevantes, Josh Ulick/THE WALL STREET JOURNAL Covid-19,including two who ersevenwhen close contact is died. avoided. room should aim to have air dowfans,using portable air spaces.But in aging schools watchdog.Repairscan be Doorswereclosed at the Theprecise role that air- replaced with clean air be- purifierswith high-efficiency nationwide,strengthening costly. Denver Public Schools church’sfellowship hall where borne transmission plays is tween four to six times an particulateair filters, and up- ventilation may be difficult. said it planstospend nearly the March rehearsal took still being debated by partsof hour to dilute Covid-19 parti- grading heating,ventilation About 41% of U.S. public- $5 million beforestudentsre- place, the study, published on the scientific community. Yet cles that might accumulate. andair-conditioning systems school districtsneed to update turn to improveHVACsystems apreprint server in June, proponentsofaerosol trans- That canbedone,aerosol to meet certain standards. or replacetheir HVAC systems across roughly 185 buildings. found. One of the authorssaid mission saythe evidenceso scientistsand building engi- Some businesses have be- in at least half their schools, Public-health officials and the research team believes far argues forthe need to keep neerssay,through strategies guntaking such steps,includ- representing about 36,000 scientistsstudying the virus that afurnacewasn’t likely clean air flowing in indoor that introduceoutdoor air and ing malls and gyms in New schools nationwide,according arestill working to betterun- operating formost of the re- spaces where people gather. filter indoor contaminants. York, where reopening guide- to a report published in June derstand howCovid-19 is hearsal, providing no filtration Ideally,they say, public Those include opening win- lineslist enhanced air filtra- by the U.S. Government Ac- transmitted. Some argue it is or outdoor air supply through spaces likeastandardclass- dows and doors, installing win- tion as mandatoryfor the countability Office, afederal predominantly spread by large the system when it was off.

gested that one of the suitors September or have it shut out lystsattributepart of the sures howthey interact with national-security grounds and TikTok could still buy TikTok forits of the U.S. market entirely.The app’sgrowthtoapowerful the videos,then feeds that has scrutinized TikTok. usersand develop newalgo- administration has cited censor- core algorithm that is built to data back into the algorithm. Chinese Foreign Ministry rithms for the app. ship and data-security concerns quickly recommend different This allows the system to spokesmanZhao Lijian re- Deal Talks Theissue highlightshow the as reasons to forcethe sale. types of content to people de- serveupvideos each user is spondedtoaquestion about a participantsinthe high-profile Chinese commentatorshave pending on their preferences. likely to find compelling. potential TikTok sale at areg- deal talks areinthe middle of described the Trump adminis- Eugene Wei, aSan Fran- “When yougazeintoTik- ular media briefing on Monday Hit Snag aglobal tug of warbetween tration’sdemand as an at- cisco-based startup investor Tok, TikTok gazesintoyou,” by accusing the U.S. of using two superpowers that have tempt by the U.S. government and former tech executive, said said Mr.Wei, who has worked “economic-bullying and politi- each issued strict demands. to appropriateChinese tech- at Facebook Inc.’s Oculus and cal-manipulation tactics ContinuedfromPageOne Twomain groups arenow nology in aforcedfiresale. Amazon.comInc.“To see it as against non-U.S. companies.” rithms completely changes the vying to buy part of TikTok: Beijing retaliated on Friday, A large portion of merely a novelty meme video Withholding the core algo- outlook on what the companies Microsoft Corp.has teamed up when the Chinese government app forkids is to misswhat is rithm wouldn’t necessarily arebidding for, other people with Walmart Inc., and Oracle added content-recommenda- the value of TikTok itsmuch greater disruptive spell the end of TikTok’s U.S. familiar with the situation Corp.has formed partnerships tion technologytoits list of is in its suggestion potential.” operations, as software engi- said. They believealarge por- with some of ByteDance’sin- export restrictions. Oneofthe people familiar neers could still rebuild it us- tion of the value of TikTok is in vestors, including Sequoia Theaddition wasspecifi- algorithms. with Beijing’sthinking said the ing TikTok’suser dataasa the suggestion algorithms that Capital, General Atlantic and cally to addressapossible sale goal of the newrestrictions is current training dataset, ac- keep usersglued to the app. Coatue Management LLC. by TikTok of its core technol- to delay the deal to allow the cording to Mr.Wei. But that Aperson close to the talks ByteDanceisasking $30 ogytoaU.S.company, people Chinese government to have a processmight take time and likened TikTok without itsal- billion forTikTok’sU.S.opera- familiar with the government’s TikTok’ssuccess is adirect re- sayaswell as to subject it to a could lead the app to lose us- gorithms to afancycar with a tions,The Wall Street Journal thinking said. sult of ByteDance’smasteryof level of Chinese government ers to rivals, he said. cheap engine.Adifferent per- has reported, though talks on TikTok has soared in popu- artificial intelligence. Using a scrutinysimilar to that im- Facebook Inc.’sInstagram son close to the bidderssaid valuation were fluid and con- larity in the U.S. over the past processknown as deep learn- posed by the Committeeon recently introduced a service that not getting the algorithms tinuing as of late last week. couple of years, recently ing,ByteDancehas trained its Foreign Investment in the U.S. called Reels that copies many would be asurprise,and was TheTrump administration reaching 100 million monthly algorithms to deliver highly Thepanel within the U.S. of TikTok’s core features. skeptical that the deal would has ordered the Chinese com- usersinthe U.S.,fromabout 11 personalized content. TreasuryDepartment has —Raffaele Huang proceed without them. panytounload the platform’s million in early 2018,the com- Theplatform serves users forced the unwinding of sev- and Cara Lombardo Other people have sug- American operations by mid- panyhas said. Industryana- newvideos one by one,mea- eral Chinese acquisitions on contributed to this article. P2JW246000-2-A00700-1------XA

THE WALL STREET JOURNAL. ** We dnesday, September 2, 2020 | A7 WORLD NEWS U.S.,Japan to ResetRelations AfterAbe China’smilitary buildup and American bases Beijing Boosting arekey teststoties Nuclear Warheads between the nations China’sstockpile of nuclear ShinzoAbe worked relent- weapons numbers in the “low lessly at building close ties 200s,” the Pentagon told Con- with U.S. leaders,atTrump gress, giving its most precise Towerand on the golf course estimate to date of Beijing’s with President Trump, and nuclear capabilities. beforethen in Hiroshima and The number is afraction of Pearl Harbor with President the warheads the U.S. and Obama. Russia have deployedand keep in their stockpiles. By Alastair Gale in But the report projected Tokyo and William China’snuclear arsenal will at Mauldin in Washington leastdouble in the next de- cade as Beijing expands and ThelossofMr. Abe,who is updatesits triad of land-based stepping down because of missiles, missile-carrying sub- poor health afterdriving U.S.- GES marines and bombers. Japan relations fornearly IMA “China’snuclear forces ap- eight years, will be one of the pear to be on atrajectory to GETTY

biggest challenges as the al- SE/ exceed the sizeofa‘minimum lies tackle China’smilitary deterrent’ as described in the expansion and negotiateare- PLA’s ownwritings as asmall

newalofthe agreement under ANCE-PRES quantityofnuclear weapons to which Tokyoshares the costs FR strikeenemyurban targets,”

forbasing U.S. troops in ENCE said the report, using the acro-

Japan. AG nymfor the People’sLiberation U/ In aphone call on Mon- Army. PresidentTrump has in- day—their37th sinceMr. sistedany arms-control treaty

Trump became president— TRIBALLEA coverChinese and Russian the two leadersthanked each Y warheads.

other for their trust and CHARL —Michael R. Gordon friendship,according to the Cabinet secretary Yoshihide Suga briefed the press Monday. Mr. Suga is viewed as the clearest option to continue Mr. Abe’s policies. Japanese side.OnTwitter, Mr.Trump said the U.S.- minister afteravoteinPar- Mr.Sugawould be the And he took aleading role in Japan remains averystrong has said he expectsU.S.allies Japan relationship had never liament in mid-September, clearest option forcontinuity building regional alliances andcapable American ally,” to significantly increase their been betterand called Mr. Mr.Sugalikely would imme- with Mr.Abe.The harder with other major democracies said Nicholas Burns, aformer contributions,something Abe the nation’sgreatest diately gettowork develop- question is whether he would such as Australia and India to undersecretaryofstate and Japan opposes. prime minister. ing arelationship with Mr. be able to replicatethe de- augment the U.S.-Japan part- adviser to the Biden cam- “Ifwepay more, then the Aclose aide to Mr.Abe, Trump. partingleader’s creativity nership and counter China’s paign. U.S. forces in Japan will be- Yoshihide Suga,emergedon “Japanese leadershave andpersonal conviction in rise. Japan’snew leader will come something likemerce- Tuesdayasthe front-runner learned that’sthe best way to guiding Japan’spro-U.S.pol- He hadawarm personal have to navigatesensitive naries,and Idon’t think any- in the race to succeed him af- surviveand thriveonthe icy. relationship with Indian militaryissues. one wantstodothis,” terwinning support from ma- world scene: Having the U.S. “The consensus among PrimeMinister Narendra In June,Tokyo scrapped a Defense Minister Taro Kono jor factions in the ruling Lib- leader on their side,” said LDP heavyweightsisthat no- Modi,who tweeted Friday plan to introduceaU.S.mis- said in arecent interview. eral Democratic Party.But IchiroFujisaki, aformer Jap- body canmatch Prime Minis- that “the India-Japan part- sile-defense system and said Mr.Fujisaki, who as adip- while Mr.Sugaiswell known anese ambassador to the U.S. terAbe in terms of maintain- nership has become deeper it would look at alternatives, lomat joined previous talks in Japan as abehind-the- Japan’sapproach toward ing arelationship with andstronger than ever be- such as developing itsown over military cost sharing, scenes enforcerofMr. Abe’s the U.S. isn’t likely to change. President Trump and the fore.” ability to destroy foreign mis- said he didn’t think the latest policies,hehas little diplo- Support forthe allianceis United States, as well as in- TheU.S.open-seas policy sile launch sites. round would precipitateacri- maticexperience. strong within the government ternational leaders,” said Sa- of a“Free and Open Indo-Pa- Laterthis year,the U.S. sis,evenifitdoes test the In araretrip to the U.S. and has been bolstered by the tohiroAkimoto, president of cific,” acounter to China’s and Japan areslated to begin diplomaticskills of the new last May, Mr.Sugamet Vice rise of China and North Ko- the Sasakawa PeaceFounda- “One Belt,One Road” strat- talks on anew agreement primeminister. President MikePenceand rean militarythreats. tion USA. egy, wasfirst proposed by concerning howmuch Japan “Weknowthat Mr.Trump SecretaryofState Mike Asurvey by public broad- As prime minister,Mr. Abe Mr.Abe. pays forthe American mili- always throwsastrong ball Pompeo to discussNorth Ko- caster NHK this year showed overcame strong parliamen- “I wouldn’t think the U.S. tary presenceinthe country in thebeginning,” he said. rea’sabduction of Japanese 73%ofJapanese want the al- tary opposition to givethe has to worryabout Japan of about 54,000 troops. “The Japanese will engagein citizens in the 1970s and liancemaintained or militarynew powers to aid drifting away from us; we Thecurrent pact expires negotiations and trytocome ’80s.Ifhebecomes prime strengthened. theU.S.insome conflicts. have to worryabout whether next March, and Mr.Trump up with arealistic figure.” WORLDWATCH

MIDDLE EAST EUROPE TURKEY Israel, U.A.E. Sign Beijing’s Diplomatic Alleged Terrorist Bilateral Deals Push Falters Leader Is Detained Israel and the United Arab Chinese diplomatic offensive Turkish policehave detained Emirates agreed to promote bi- to improve ties with Europe and an alleged topcommander of the lateral trade and business activ- counter U.S. influence has failed Islamic Stategroup in Turkey,as ity as they move to normalize to yield clear gains so far. well as 11 suspected collaborators, ties, but pushed discussion over On the lastleg of atwo-week Turkish officials said Tuesday. the thorny issue of the sale of fence-mending tour of the conti- Interior Minister Suleyman advanced U.S. military hardware nent, Chinese Foreign Minister Soylu identified the suspect as to the Emiratis to a later stage. Wang Yi stopped in Germanyon Mahmut Ozden and described Adelegation of Israeli and Tuesday, having met with skepti- him as the “so-called emir” of American officials wasinthe cism even in friendlier countries. the militant group in Turkey. U.A.E. capital foratwo-dayvisit China is eager to pre-empt the Policeseized the suspect’s to discussareas of collaboration formation of aU.S.-Europe front computer and other digital mate- after ahistoric U.S.-brokered dip- againstBeijing. rial which revealed thatthe group lomatic breakthrough between So far, Europe has avoided took orders from “Iraq or Syria” the twocountries lastmonth. picking sides, but strains have and planned to kidnap Turkish pol- On Tuesday, the officials begun to show following claims iticians and to takethem to Syria. signed a deal to create a joint that China covered up the initial The group also planned to attack committee to establish coopera- Covid-19 outbreak and could be businesses, he said. tion on various fronts—from fi- using Huawei Technologies Co.’s Mr. Soylu said that informa- nancial services and joint invest- equipment to spy on data trans- tion obtained from an IS mili- ments to combating terror fers. Beijing’s curtailing of rights tant, who was detained in a raid financing and money laundering. in Hong Kong, its reported mass in Istanbul last month while re- Besides economic activity, of- internment of Muslim minorities portedly planning to conduct an ficials said the two sides also and threats against Taiwan have attack in the city, led to Mr. discussed flights, visas, health, also contributed to the chill. Ozden’s arrest. culture, tourism, space and sci- In Germany, Mr. Wang caused Turkey has suffered a string ence and trade. outrage by threatening a Czech of attacks by Islamic State mili- But the talks centered only lawmaker for visiting Taiwan, tants over the past five years, on civilian affairs, leaving open which China considers its terri- including an attack at an Istan- the difficult question of whether tory. He would “pay a heavy bul nightclub during New Year Greatminds Israel would agree to the U.S. price for his shortsighted behav- celebrations in the early hours of selling F-35 stealth jet fighters ior,” China’s Foreign Ministry 2017. The attack killed 39 peo- Annibale gatti to the Emiratis. cited Mr. Wang as saying. ple, most of them foreigners. — Dov Lieber —Bojan Pancevski —Associated Press Monumental work. Impeccable artistry. History’s geniuses. This monumentalmasterpiece celebrateshistory’sgreatest minds, from BeethoventoBach, da VincitoMichelangelo and Shakespeare to Homer. In all, over40legendary composers, philosophers, artistsand writersare clearlydepicted. Expertly composed by Italianfrescopainter Annibale Gatti, this original oilentitled TheMasterLight of AllOur Seeing wascommissioned in memory of oneofthe most influentialAmerican poetsofthe 19th century, Sidney Lanier,and waslatergiftedtoJohns Hopkins University.Thisimpressivepaintingisjoinedbyits stunning original giltwood frame, carved with symbolsofart,music, literature andscience. Signed (lower right).Circa 1887.Canvas: 3 1 1 45”hx64/4”w;Frame:59/2”h x79/2”w. #31-0259

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A8 | We dnesday, September 2, 2020 **** THE WALL STREET JOURNAL. WORLD NEWS Macron, in Lebanon, Urges Change Germany Expects French president visits ravaged nation, ties aid V-Shaped to enacting overhauls, forming government Rebound

French President Emmanuel BY TOM FAIRLESS Macron pressed Lebanon’s leaderstoform agovernment FRANKFURT—Germany’s within two weeks and deliver economy is recovering faster long-delayedoverhauls,prom- than wasanticipated afew ising international aid in re- months ago, helped by a mild turn that would help the na- and short coronavirus lock- tion staveoff an economic down, alarge-scale fiscal stim- collapse. ulus and Berlin’sclose trade links with China, according to By Sune Engel new government forecasts. Rasmussen in London Thecountry’sgross domes- and Nazih Osseiran tic product should contract in Beirut 5.8% this year,a0.5 percent-

OL age-point improvement on PO

On Tuesday, Mr.Macron S earlierforecasts and on par met with the president, Michel with thedecline recorded in Aoun, andother political lead- the wake of the 2008 financial ON/PRES ers, manyofwhom are ac- crisis,the economyministry cused by protestersofcorrup- said Tuesday. tion and mismanaging the LEMOUT Germany’sgrowthupgrade country. The night before, he reflectsthe nation’ssuccess in EPHANE

met legendaryLebanese singer ST cushioning Covid-19’seco- Fairouz,asymbol of unity in a French PresidentEmmanuel Macron, right, and Arnaud Tranchant, aFrench navalofficer,surveyed damage at the port of Beirut on Tuesday. nomic toll because of alight fractured society,for arare lockdown that leftmost facto- photo opportunity. Macron, who is leading inter- Lebanon’sHezbollah move- foreign exchangedried up and lowedastockpile of poorly ries and offices open,large- In apress conference, Mr. national efforts to help Leba- ment,whose stronghold is the currency devalued 80%. stored combustible chemicals scale testing that helped keep Macron said international aid non after a deadly Aug. 4 ex- near theIsraeli border,isa Yetearly hopes that the ex- to blowup. Theexplosion virus casualties lowand heavy would be withheld if Leba- plosiondevastatedlarge parts political party but also consid- plosion might lead to apoliti- killed at least 180 people, in- government spending that non’sleadersfailed to enact of central Beirut and provoked ered a terrorist movement by calreckoning and fundamental jured morethan 6,000 and left kept the pocketsoffurloughed comprehensiveoverhauls of widespread anger that forced theU.S.and manyEuropean changehavelargely been thousands of homes in ruins. workerstopped up during the the system. theLebanese government to countries. dashed. Hoursbeforethe ar- “He increased the problem downturn. “I will not giveablank resign. Western officials fear that, rival of Mr.Macron, Lebanese even more,” Roy Boukhari, 27 Europe’slargest economy, check,” Mr. Macron said. “To- Acollapse in Lebanon could as Lebanon’s best armed and leadersappointed Mustapha yearsold, said of the French traditionally reliant on inter- dayisnot about going back to send scores of refugees toward most battle-trained group, Adib,aformer chief of staff president’sinitiativetospeed national trade,also is benefit- business as usual.” Europe.Lebanon hostssome Hezbollah would farebetterin and ambassador to Germany, up Lebanon’scabinet forma- ingfromamarked rebound in TheFrench president’strip 1.5million Syrian and Palestin- a failed state compared to ri- as the country’snew prime tion process. Participating in a China and other Asian coun- reflectsEurope’svested inter- ian refugees, according to the val parties. minister. demonstration Tuesdaytode- tries.ExportstoChina, Ger- estsinastable Lebanon, ana- United Nations, and relies on TheBeirut blast gravely ex- Thetiming of Mr.Macron’s nounceLebanon’snewly desig- many’slargest trading partner, tion beset by recent street international funding to do so. acerbated adeep economic visit, his second since the ex- nated prime minister,Mr. increased 15.4% in June com- protestsoverits ruling class, a ALebanese descent into crisis in Lebanon. Afterpro- plosion, has enraged some Boukhari added, “Weexpected pared with the same month a currencyinfreefall and ten- chaos would also hamper tests last year that were trig- Lebanese who see it as a [Macron] to...keep pressuring year earlier,the federal statis- sions on itsborder with Israel. Western effortstofight ter- geredbydeteriorating living stamp of approval forapoliti- them somehow, but it didn’t tics officesaid last month. Ex- The stakes are high for Mr. rorism in the Middle East. standards,remittances shrank, cal elite whose ineptitude al- work.” portstothe U.S. dropped 20.7%during the same period. “Overall we expect to be looking at aV-shaped eco- Pandemic Puts Yo ung French WorkersataLoss nomic recovery,” German EconomyMinister PeterAlt- maiersaid. The shallower re- BY BENOÎT MORENNE Youth Unemployment Rates to their head count, said Ma- cession “means businesses thieuPlane,aneconomist at have room to breathe,and PARIS—Young workersin 50% the French Economic Observa- many jobs won’t be lost.” France, who have suffered from tory,anindependent research German unemployment fell chronically high unemployment center.The number of such forasecond straight month in formorethan adecade,are hires decreased by 36% nation- August afteradjusting forthe 40 Spain

nowbearing the brunt of the JOURNAL ally between the firstand sec- season, and the number of em- economic fallout from the coro- ondquartersof2020,accord- ployedpeople rose in July, REET

navirus pandemic. ST ingtogovernment figures. suggesting a turning point in 30 In France, it is lessexpen- LL Twomillion joblessyouths the labor market too, accord- WA sivetofireyoung people than U.S. would cost the country€30 bil- ingtodatapublished Tuesday. older workers, who tend to THE lion in lost taxes, revenue and Businesssurveyspublished R

have contractswith heftier job FO 20 France stateaid, or 1.4% of itsgross Tuesdayunderscored howfrag- S

protections. Government fur- CA domestic product, according to mented the recovery has been

lough programs arealso financ- LU PwC. Currently,about one mil- in Europe.They suggest that U.K. ing the payrolls of companies 10 lion youths between the ages of themanufacturing industryis that retain workers with per- 16 and 25 arejoblessand aren’t expanding in Germanyand It-

manent contractsuntil the end VILLA/HANS Germany pursuing studies. aly,but contracting in France of the year forsome sectors, in- Even under normal circum- andSpain. Economies such as 0 cluding tourism and culture. EMILIO stances,young people in strug- Spain and the U.K. areexpected Manyyoung workers, in- 2015 ’20 gling neighborhoods see their to contract roughly twiceas stead, work on short-term or access to the job market hin- much as Germanythis year. MARZIO Note:For people under 25 years old temporarycontractsthat com- Hawa Diakitesentmorethan 300 job applications in recent months. Source:Eurostat deredbyalack of professional Household spending has panies areeither scrapping or networks and discrimination in proven particularly resilient in notrenewing as they attempt wave,” said SarahLhuillier,a wealthier city centers. youths.“We won’t leave any the recruiting process, said Germanydue to government- to cushion themselves from the consultant at acommunity-aid Now, the youngest and youth without an option,” Mr. JackyChatelain,aformer direc- stimulus programs that areby economic shocks triggeredby organization in Pantin, on the poorest areseeing the pan- Castex said. torofthe Association forthe far the largest in Europe.Ber- the coronavirus.Overthe first outskirtsofParis. demic unwind what little prog- One-quarter of employees Employment of Executives. linhas propped up businesses half of the year,the employ- Thejob cutsare expected to ress they had made in recent from suburbs the government Hawa Diakite, a20-year-old and households via direct pay- ment rate forpeople under 25 hit hardest among young work- yearstoestablish themselves deems “priority neighbor- student, said she spent four ments, tax relief and loan droppedbyalmost three per- erswho liveinthe banlieues, in the job market. Such eco- hoods”—areas with ahigh con- months sending morethan 300 guarantees; subsidized millions centagepoints, to 26.6%, its thelow-income suburbs that nomic scarring could take centration of low-income popu- job applications to companies of furloughed jobs,and in- lowest level since1975, accord- arehome to manyofthe coun- yearstoheal. lations—areonshort-term foranapprenticeship contract, vested billions in digitization, ing to INSEE, the national sta- try’sminority communities.It Prime Minister Jean Castex contractsand areoverwhelm- which allows young people un- electric cars,battery develop- tistics agency. Economistsand wasyoung people from the recently announced a€6.5bil- ingly young,according to gov- der 25 to alternateperiods of ment and charging stations. social workersexpect tens of banlieues who stepped in to fill lion (about $7.6 billion at the ernment data. studywith periods of employ- Those interventions were thousands of young people with manyessential jobs during the time) plan that offersgrantsto Companies, which have in- ment. In lateJuly,she found a made possible by years of ac- lowqualifications to find them- lockdown this spring when gro- companies that hireyoung peo- creasingly relied on these con- job at alocal gymthrough a cumulated budget surpluses selves unemployedinthe fall. cery stores and other shops ple under 26 and partly funds tracts,are shedding them be- friend of herbrother’s.“Ihad and ultralowgovernment bor- “We’rebracing forthe needed manpowerinthe 120,000 contractsfor unskilled fore moving on to deeper cuts lost hope,” shesaid. rowing costs. FROM PAGE ONE

Therush to develop avac- Early Prescription worrisome going forward.” funds arestill buying their cine capable of preventing or TheU.S.has announced deals vaccines themselves. Poor States Rich countries have preordered the production of blunting the coronavirus and for1.6 billion doses,the EU for TheEUonMondaysaid it drug makers. then securesupplies has largely 1.5billion doses,the U.K. for would contribute€400 million Face Dose bypassed attemptsatglobal co- 380 million doses,and Japan for ($476 million) to the Covax ordination. No vaccine is yet AstraZeneca/ at least280 million doses,for at initiative.The EU has said it through trials,soitisunclear Oxford least eight different vaccines would distribute some of the University Shortfall which aregoing to be effective 1.6B doses U.S. from various companies,ac- vaccine it has purchased to immunizations.Manyofthem cording to aseries of announce- poorer countries. will requiretwo shots, meaning Pfizer/ mentsfromthose countries. The Trump administration ContinuedfromPageOne that if the entireglobe’spopu- BioNTech Manyofthese have been has said it hasn’t ruled out China, which has four vac- lation were to be vaccinated with Moderna Inc., Pfizer Inc. distributing some vaccine cines in final-stagetrials,isalso with them next year,anun- and AstraZenecaPLC,the doses to other countries.Like not participating in the initia- precedented and unachievable Moderna/ three Western companies with other countries cutting unilat- tive.Seeing the vaccine supply amount would be required, of NIAID vaccines in final-stage trials. eral deals,itdisputed it is 1.5B doses EU getting booked up,some devel- up to 14 billion doses. Manywealthycountries are preventing doses from going Johnson & oping nations have already TheWHO-backed initia- Johnson paying forvaccines to be manu- to the developing world. made deals with the country. tive—known as Covax—initially factured now, even before the In aJune pressbriefing,a Thepatchwork pattern of envisioned most if not all coun- resultsoffinal trials areknown. senior administration official Sanofi/GSK 0.4B doses U.K. coverage that is likely to emerge tries contributing to acommon They have accounted forsome said, “Let’stakecareofAmeri- as wealthier countries vaccinate fund to buy collectively so Curevac vaccines not proving effective cans first. To the extent there 0.3B doses widely while poorer countries countries aren’t competing Novavax Japan by buying far moredoses than is surplus,wehaveaninterest remain exposed could prolong against each other.Itestimated Valneva the sizeoftheir populations in ensuring folks around the border closures and trade and global capacity formanufactur- Note:Estimates, as of Aug. 31; deals from other countries and economies notshown. from multiple suppliers. world are vaccinated.” travel disruption while allowing ing Covid-19 vaccines at two Sources: the companies; governments “The default that countries Developingcountries are the virus to thriveinmany billion to four billion doses be- areheading towardsisnonco- trying to leveragewhatever places and remain aglobal fore the end of 2021. money it will have. forpoorer countries so far,or operation,” said Thomas Bol- relationships they can. In re- threat, health expertssaid. Vaccines would then be dis- Countries have pledged over about 10% of itsgoal. lyky, director of global health cent days,India agreed to sup- “Next year is ayear of tributed globally firsttoprotect $1 billion toward the fund’s “Weofcourse prefer amul- at theCouncil on Foreign Rela- ply some Covid-19 vaccine to scarce resources. Whatever we the planet’smost vulnerable goal of $5.4 billion—the amount tilateral approach,” said Seth tions think tank. neighboring Bangladesh.Brazil have,itwon’t be enough to populations, from health-care it believes is necessarytoget Berkley,chief executiveofGavi, By Monday, the deadline has arranged to buy 100 mil- vaccinateeveryone,” said workerstothe elderly,and later one billion doses fordeveloping the global vaccine alliancethat set by Covax forsigning up,92 lion dosesfromAstraZeneca, Mariângela Simão,assistant to moregeneral populations. countries.Intotal, the fund is is helpingorganizethe project. developing countries had ap- while the company has also director-general at the WHO. Instead, manycountries seeking $18 billion. It has set a “The problem with everycoun- plied, along with 80 richer agreed to Argentina and Mex- “It is in everybody’s self-inter- with the means have struck in- deadline in early October to re- trydoing bilateral deals is that countries willing to provide fi- icomaking 250 million doses est to collaborateglobally be- dividual deals with vaccine ceivethe initial pledges.The manycountries will getleftout, nancing, including Germany under license.Most developing cause we need this pandemic makers beforethe Covax ini- initiativesays it has secured fu- and youwill also have an ineffi- and Japan. However, many of countries,however, don’t have controlled in all countries.” tiative even knows how much tureaccessto100 million doses cient use of resources, which is the richer countries providing the resourcesofBrazil. P2JW246000-0-A00900-1------XA

THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | A9

October 5, 2020 and February9,2021 |Online

The Wall Street Journal’sfifth annual Global Food Forum will bring together leadersinagribusiness, food production, consumer products, economics and governmenttoexplorethe transformative trends shaping the global businessoffood. Our focus in October: howthe food industryhas been disruptedbythe coronavirus pandemic and the challenges and opportunities thatlie ahead as companies,markets, consumersand the industryadapt.

TopicsInclude

Big Revival forBig Food? |How the pandemic has changed Food and Agri-foodtechInvesting |Whereinvestors see consumer habitsand whatthe post-Covid-19 futurelooks special opportunitytoaccelerateimprovements in the likefor big brands. food systemthrough investmentintechnology.

Building aMoreResilientFood System |The food supply From Health Crisis to Economic Crisis to Food Emergency | chain and howthe currentdisruption will shape practices The food crises developing acrossvulnerable regions in the future. as the global economygoes through contraction, trade and supply chains aredisrupted, and incomes and local GroceryShopping Will NeverBeThe Same |How the production of food fall. pandemic has permanently shiftedconsumer grocery shopping behavior—and whatthatshiftlookslike. U.S.-China Trade |Will the U.S. fully reclaim itsstatus as atop food supplier to the world’ssecond-largesteconomy?

SpeakersInclude

Steven A. Cahillane HannekeFaber Mark A. Clouse Chairman and CEO President, Foods and President and CEO Kellogg Company Refreshment Campbell Soup Company UnileverN.V.

Ann M. Veneman AndreNogueira Jacqueline Pieters ExecutiveDirector, President and CEO Global Head Banking UNICEF (2005–10) JBS USA forFood U.S. Secretary of Rabobank Agriculture(2001–05)

Arif Husain, Ph.D. Claire VictorE.Friedberg Chief Economist and Babineaux-Fontenot Founder and Chairman, Director,Food Security CEO FoodShot Global Analysis and Trends Feeding America Founder and Service Managing Partner, UN World Food NewEpoch Capital Programme

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A10 | We dnesday, September 2, 2020 ** THE WALL STREET JOURNAL. FROM PAGE ONE

ground, says Matthew Hayes, duo recently spottedasilvery, UFO an instructor at Northern stationaryobject in the sky, LakesCollegeinAlberta, Can- toohigh up to be adrone.A ada, who studies public fasci- self-identified NASA geek who Sightings nation with UFOs.Henotes previouslyserved in the Air that interest in the phenome- Force, Mr.Champagne is used non firstarose during the Cold to identifying satellites and Spike War, amid deep public anxiet- the like, but this one left him ies about the world and its baffled. newdestructivetechnologies. “We’d be foolish to believe ContinuedfromPageOne “In atime of crisis,welook we’rethe only existenceout phone rings all day long, and elsewhere for salvation, even there,” he says.Hetyped up a into the night. Mr. Davenport if it means looking to the description of the experience hasserved as the group’sdi- stars,” he says. so he wouldn’t forget it. rector since1994, collecting AJanuarypoll by Ipsos,a Those intrigued by UFOs firsthand accountsthrough his research firm, found that 57% gotaboost in August when the websiteand by phone,answer- of Americans think thereisin- Pentagon announced atask

ing 25 to 50 calls aday.The S telligent lifeonother planets, forcetostudy “unidentified

group is an independent, two- PRES while 45% believe UFOs exist aerial phenomena,” or UAPs, man shop that consistsofMr. and have visited Earth. and detect anythat could pose

Davenport and awebmaster, ZUMA On arecent dayonhis anational security threat. The S/

both volunteers, whose work AS porch in WhiteBluff,Tenn., U.S. government has previ- is well known among the UFO- /T Hunter Clark, 32, wassur- ously looked intothe topic,in- watching community. prised to see two swift-moving cluding astudy by the Air

“It’saherculean task,” says SMITYUK dots in the night sky that ap- Force, Project Blue Book,that

Mr. Davenport, 72, who turns YURI peared consecutively,traced began in 1952 and ended in off the phone’sringer at night Satellites have caused false reports of UFO sightings, according to one watcher. the same path, then vanished. 1969 without finding evidence to try to get some sleep. “It’s “I’m alogical person, very that UFOs sightingswerein literally taken over my life.” and the topic getting high- being built by SpaceX to pro- accounts. matter-of-fact,” says Mr.Clark, fact extraterrestrial vehicles. Reports of aliens haunting lighted by podcaster JoeRo- vide internet access has meant He is loath to speculate who lost his construction-in- Ravi Kopparapu, aNASA the skies have waxedand gan and the History Channel, many more false sightings. about the reasons why sight- dustryjob amid the pandemic. planetaryscientist who re- waned over the years. Interest which has devoted anew show “One might think an in- ings have increased lately. He “But I’venever seen an object cently penned an op-ed in Sci- in extraterrestrials boomed in to the subject. crease would be exciting to says he glimpsed his firstUFO disappear in asnap of afinger entific American calling for the 1990s,fueled in part by Most Americanswho wit- me,but from my vantage at theage of six while riding like that.” moreresearch intoUFOs,says pop-culturephenomena such nesssomething strangenever point, it’sjust morework,” in acar with his parents. He He didn’t report what he he and his co-author sat on as “The X-Files” and “Men in report it, says Mr. Davenport, says Mr.Davenport, who edits served in theU.S.Armyand sawtoMr. Davenport’sgroup, the piecefor ayear and ahalf Black.” who cautions that most of the reportsfor grammar and clar- helped found abiotech firm in but discussed it on social me- beforepublishing,fearfulofits Talk of UFOs has gotten a reportshaveanother identifi- ity and sifts out obvious the 1980s beforetaking on his dia. reception. “There’sagreat ta- boost in recent months, with able cause: adrone,for exam- hoaxes beforeposting them current role,which occupies Jeff Champagne,40, acon- boo associated with UFOs,” he the Navy releasing three archi- ple,oraplane.Inparticular, online,adding that he im- him full-time. sultant, says that while in the says,adding that he prefers val videos of unidentified fly- he says,the 2019 launch of the plores people to use spell What we see in the skies backyard with his wifeintheir the term UAPbecause it ing objectsglimpsed by pilots Starlink satelliteconstellation check when they writetheir tends to mirror reality on the suburb of SanAntonio,the sounds more academic.

HouseWins Black Fourteenof52Black House membersrepresent majority- Candidates or plurality-whitedistricts. Wonseatin2018 Gain Seats 85% whiteindistrict Delgado (N.Y.-19): 82.9% 80 Neguse (Colo.-2): 81.5 GES ContinuedfromPageOne Underwood (Ill.-14): 77.3 party’s primary, no matterthe IMA 75 candidate’sraceorethnicity. GETTY 70

In addition, voters’atti- SE/ tudes toward race have changed over the decades. 65 Hayes(Conn.-5): 66.5

Moreminority candidates are ANCE-PRES Cleaver, II (Mo.-5): 63.4 willing to run, and a growing FR Omar (Minn.-5): 62.7 60 BluntRochester:

set of organizations that sup- ENCE (Del.-All): 61.8 port Black candidates,outside AG Y/ McBath(Ga.-6): 59.2 the parties themselves,is 55

CLAR Carson (Ind.-7): 51.5 helping them raise money and A. 50 Beatty(Ohio-3): 50.1 build campaign expertise. McEachin (Va.-4): 48.9 THY In 2018,Rep.Lauren Under- Allred (Texas-32): 48.3 wood (D., Ill.) became the first TIMO 45 Watson Coleman Black representativefor her (N.J.-12): 45.6 Chicago-area district, where 40 Horsford*(Nev.-4): 43.1 77%ofresidentsare white. /REUTERS; TS Theseat wasonceheld by Re- *Previously held seatfrom2013to2015 BER Source:U.S. Census publican House Speaker Den- RO nis Hastert. A “There’sbeen this tradi- SHU arenow serving acrossthe JO

tional concept of electability, P: U.S., the most at any time for which Ithink wasrooted in an TO either office, afterwinning OM

emphasis on being homoge- FR elections in recent years. Four nous,” shesaid. “I think that Lauren Underwood, above, second from right, joined Congress in 2019. Mondaire Jones, below, is running for a seat in New York. of the attorneysgeneral won the electoratehas demon- in states wherethe Black pop- strated instead that they’rein- residentsare white. She said a House district that is about ulation is belowthe national terested in supporting candi- voters acknowledgeher race 70%white, then carried 60% average: Minnesota, Nevada, dates that sharetheir values.” but don’t dwell on it. of thestatewide vote in his Kentucky and Indiana. Ms.Underwood, 33 years “This is about bringing my firstSenateracewhile win- Black officeholdersnow ac- old, said she found she had to whole self and having conver- ning only 10% of the Black count forabout 12% of House addressher ageand gender sations that aresometimes vote,exit polls reported by members, of attorneysgeneral morethan her race when she tough,’’ she said. “When Italk news media showed. andoflieutenant governors— wasrunning.“Iwould, like, to white men who are Demo- A majority-white Salt Lake about the same as the 13% Black steel against racism,” she crats, who areRepublicans, City-area district elected Mia shareofthe U.S. population. said, but she felt it never ma- everyone wantsthe same Love, a Republican of Haitian In the House today, at least terialized. thing,but we have differences ancestry, to the House in 2014 110 members, including 10 Re- on the way we getthere. But and 2016.The only Black Re- publicans,are nonwhiteor everyone wantsthe goals of publican woman to ever serve identifyinpart with aracial ‘Beyond race’ opportunityand prosperity in Congress, she narrowly lost or ethnic minority, according Democratic Rep.Kweisi and leading a better life.” a bid for re-election in 2018. to House records. That’sabout Mfume,aformer NAACPpresi- Burgess Owens,aBlack Re- one-quarter of the total. dent who represents a major- publican running for a House One open question is ity-Black district encompass- seat in Utah, says it demeans General elections whether voters are becoming ingmuch of Baltimore, said, himtothink voters consider David Lublin, aprofessor of lesssensitivetorace—or more “Morepeople,Ithink,are his race.“Race is the last with their party’s most ardent Black lawmakerswho defeated government at American Uni- so.Rep.Alexandria Ocasio- looking beyond race and class thing that Ithink about out progressives have wonpri- Republicans in 2018 in largely versity, said a Black nominee Cortez (D., N.Y.) said she saw and aretrying to find away to here,’’hesaid. “Now, obvi- maryconteststhis year in sev- white districts and face com- of either party todaywill carry elements of both being true, select people based on ideas. ously,Istand out in acrowd…. eral heavily Democratic dis- petitive racesfor re-election about the same support in a with some white voters seek- But Icould be wrong.This But the principles I stand for, trictswith large shares of this November.None of the general election as awhite ing out candidates of color. could be a blip.” the values,iswhat Ifocus on.” minority voters. They include four is a member of the Con- candidate. In 2018,Andrew “I believethat whiteDemo- Voters consistently sayin Mr.Owens,aformer busi- Jamaal Bowman of New York gressional ProgressiveCaucus, Gillum, aBlack Democrat, won cratic voters arestarting to polls that they would back a nessman and 10-season NFL and Cori Bush of St.Louis, which about half of the other about the same number of become moreconscious about qualified candidateofadiffer- veteran, said his childhood in both of whom defeated long- Black membershavejoined, votes in his unsuccessful race their role in delivering racial ent race.Barack Obama car- the segregated South of the time Democratic incumbents and two have joined acentrist forFlorida governor as did Bill justiceinthe United States,” ried overwhelmingly white 1950s and ’60s taught him the on aplatform including sup- caucus,the NewDemocrat Co- Nelson,awhiteDemocrat said Ms. Ocasio-Cortez. “And states to win the WhiteHouse, same values that areimpor- port for Medicare for All and alition. seeking re-election to the Sen- we’restarting to see among and JoeBiden this year chose tant to his overwhelmingly the Green NewDeal climate Black Republicans have also ate on the same ballot. Their some white voters a desire to Sen. Kamala Harris as his run- white district. initiative. benefited from party unity, vote totals divergedbyabout 1 upliftcandidates of color who ning mate, in part on the “Weare all different,” he Ms.Underwood of Illinois is though theirnumbersinthe percentage point. arefighting forprogressive premise that she would ener- said. “What makes us Ameri- striking alessideological pro- Houseare much smaller.In Six Black attorneysgeneral causes.” gize Black voters while draw- caniswhat we do have in file,asare the three other South Carolina, Mr.Scott won and six lieutenant governors Rep.James Clyburn (D., ing support acrossracial lines. common. Thereason Ifeel S.C.), the third-ranking House She is the firstBlack woman comfortable in Utah is it’sthe Democrat, remembersthe day and first woman of Asian de- culture I grew up in: It’s edu- in 1992 when he wasgetting scent to be nominated forvice cation, faith and family.” breakfast acrossfromthe president by a major party. Winning aHouse seat South Carolina capitol, and his Yettraditionally,Black law- hasn’t been the political step- elevator stopped at afloor makersinthe House have pingstone forBlack candidates wheretwo whitewomen were largely represented districts in the way it has been for waiting. with large concentrations of whitepoliticians.Morethan “They looked at me and Black and other minority vot- 40 white members of today’s would not getonthe eleva- ers. Manywerecreated under Senatehaveastint in the tor,’’ Mr. Clyburn said. “And I provisions of the Voting House on their résumés. No had just gotten elected to Con- RightsAct that bar states Black House member has ever gress the night before.’’ from diluting minority voting wonelection directly to the Mr. Clyburn said he would power. Black candidates in re- Senate or the governor’s of- not have expected that, nearly cent decades occasionally won fice.Sen. Tim Scott(R.,S.C.) three decades later,awhite, in largely white districts, but wasacongressman when his Republicansenator—Mitt not often. With the recent state’sgovernor appointed RomneyofUtah—would march

wins,73% of Black House him to the upper chamber.He GES in aprotest to support Black

membersrepresent districtsin later won a full term. IMA Lives Matter. which minority residentsout- Some Black candidates have “I would never saythat number whites. benefited from aleftward shift GETTY people look beyond race.I S/ Among those running for in theDemocratic Party,which would saythat people become

election in November,Desiree has become moreprogressive THOMA moretolerant,’’ he said. “Two

Tims,32yearsold, wonthe as moreconservativewhite B. governorshavebeen elected Democratic primary in a Day- voters leave the party for the now…and 20 years from now,

ton, Ohio, area House district GOP. MICHAEL it will be 10 Black governors. wherenearly three-quartersof Black candidates aligned Cori Bush of St. Louis defeated a longtime Democratic incumbent in the primary this year. These things evolve.” P2JW246000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, September 2, 2020 | A10A GREATER NEW YORK N.J. Relaxes Immigrant-Licensing Law

Undocumentedpeople day. Thereare about 475,000 in June, and the state Assem- Gurbir Grewalsaid. In some states, the relaxed ginning of the Covid-19 immigrants residing in New bly—also controlled by Demo- “By welcoming all qualified requirementsapply only to pandemic,said Democratic can get professional or Jersey illegally,according to crats—passed it in July. individuals intoour profes- certain positions.Florida for state Sen. Nellie Pou, a spon- occupational permits the PewResearch Center. Democrats led the passage sional ranks,wenot only ben- instance, permits immigrants sor of the legislation. “This eliminates aroad- of the measure and it also re- efit from their contributions residing in the countryille- “They really had the oppor- forthe firsttime block.Therehad been many ceived some Republican sup- to our economy, we arebuild- gally to apply forthe statebar tunity to be ready and able to put up against our immigrant port. ing and strengthening commu- under certain circumstances. step up when our stateneeded BY JOSEPH DE AVILA families and communities, Thereare morethan 200 nities acrossour state,” he In Arkansas, state law allows them the most,” Ms.Pou said. againstour Dreamers,” said jobs in NewJersey that re- added. DACArecipientstoapply for “Weshould be able to give New Jersey Gov. Phil Mur- Mr.Murphy, referring to recip- quirealicense,according to At least 10 other states nursing licenses. thoseopportunities to folks physigned legislation allowing ientsofthe federal Deferred the NewJersey Department of have passed laws making it In NewYork,the state that areprepared and ready to illegal immigrantstoobtain Action for Childhood Arrivals Labor and Workforce Develop- easier forimmigrantstoqual- BoardofRegentspermits go.” professional or occupational program. “This is yet another ment. Those positions include ifyfor occupational and pro- DACArecipientstoobtain a State Assemblyman Raj licenses for the first time. one that will be removed.” social workers, dentistsand fessional licenses,according to professional teaching license Mukherji, aDemocrat who co- NewJerseyans cannolon- Mr.Murphy, aDemocrat, firefighters. the National Conferenceof and other education-related sponsored the bill, said the gerbedenied alicense fora made the commentsand “Today, NewJersey is re- State Legislatures. certifications,ifthey have met newlaw would help fill critical position such as ateacher or signed the legislation during a moving barriersthat pre- California and Nevada allow all other requirements. labor shortages in the fields of nurse based on their immigra- Zoom video call joined by vented talented, hardworking anyone to obtain occupational NewJersey granted emer- education and health care tion status if they meet the statelawmakersand advocates individuals from realizing and professional licenses re- gencylicenses to qualified “where we can’t fill these jobs other job requirements, ac- for immigration rights. theirfull potential as vital gardlessofimmigration status health-careand medical work- and wherewedon’t have cording to the measurethe The Democratic-controlled members of the state’s work- as long as they meet other re- ers, regardless of their immi- enough NewJerseyans that governor signed intolaw Tues- stateSenateapproved the bill force,” stateAttorney General quirements. gration status, during the be- are trained.” NYPD Protesters in New York City Want Lawmakers to Extend a Halt on Evictions To Boost Labor Day Weekend Patrols

BY SHAN LI AND BEN CHAPMAN

TheNew York PoliceDe- partment will increase patrols during the Labor Dayweekend to combat acontinuing rise in violent crime,law-enforce- ment officials said Tuesday. TheNYPD will dispatch hundreds of additional officers along the traditional route of theWest Indian Dayparade, they said. Thecelebration usu- ally takesplaceinBrooklyn during theholidayweekend, but has been canceled because of bans on large gatheringsto prevent the spread of Covid-19. GES Thepatrolsare meant to IMA discouragecrowdsfromform-

ing,including forJ’Ouvert, a ETTY /G

related celebration that nor- GO mally takesplacebeforethe NTIA

parade,the officials said. Both SA

events have seen violent inci- M. L

dents in previous years. AE CH

Some of the deployed offi- MI cers will getovertime pay, the TAKING IT TO THE STREETS: Demonstrators marched during a ‘No Evictions, No Police’ national day of action on Tuesday in New York City. Housing groups want law- officials said, despite the city enforcement to stop removing people from their homes due to evictions. A moratorium on evictions in New York state due to the pandemic is set to expire Oct. 1. cutting nearly $1 billion in funding to the NYPD’sbudget. MayorBill de Blasio,who approved the budget earlier this summer,said Mondaythat City to Lower Speed Limit on Nine Major Streets the NYPD cutshaveresulted in lessovertime and fewerpolice patrols during apandemic that BY AKANE OTANI children to return to school,” has put people out of work. Chief Hofmann said. “Everything’s been thrown NewYork City will lowerthe Along with lowering the into disarray, and we have to speed limit by 5miles an hour speed limit on major arteries, build it back up,” he said. on nine major roads acrossthe city officials said they would NewYork City has seen a five boroughs,officials said continue to expand New York rise in shootingsand other vi- Tuesday, responding to an in- City’s vast network of speed olent crimes during the crisis. crease in fatal traffic accidents cameras.The city estimates it Theviolencehas intensified this year that they sayhas been is installing 60 speed cameras during the summer,with many caused by recklessdriving. amonth. By the end of 2021, it incidents occurring on week- Theofficials said they saw hopes to have 2,000 cameras ends. an increase in speeding viola- up and running, according to From Jan. 1through Aug. tions when the coronavirus Ms. Trottenberg. 29,city officials recorded pandemic hit NewYork in Localrepresentatives said 1,003 shootings, up 88% from March. they welcomed the change. 533 shootingsduring the same Lockdown restrictions to Councilman Rafael Sala- period last year, according to control the spread of infections S mancaJr.,aDemocrat who rep-

NYPD data. Policecounted likely led to driverstaking ad- PRES resentsthe South Bronx,said

1,230shooting victims from vantageofemptier roads,they TED that as achild, he remembers Jan. 1 through Aug. 29, an in- said. Nowthat much of the city CIA hearing locals call the intersec- SO

crease of 96% from 627shoot- has reopened and traffic has AS tion of Bruckner Boulevardand ing victims during the same returned, officials arecon- II/ HuntsPoint Avenue the “high- time last year. cerned that driversare still ig- way to heaven”—a referenceto

Homicidesrose by 34% to noring posted speed limits. ANKLIN the large number of fatalities 290 between Jan. 1and Aug. “Speeding has been rampant FR that occurred there. 30,compared with 217during in NewYork City.Ithas been ANK Elderly residentsand those FR the same period in 2019. rampant all around the coun- Northern Boulevard in Queens is among NYC roads where the speed limit will be reduced by 5 mph. with disabilities oftenhave NYPD officials said the de- try, and unfortunately it is hav- struggled to safely crossthe partment originally planned to ing an effect on all the great deaths on itsstreetsby2024. During the coming weeks, lyn;and Targee Street on area’svast streetswithout get- hire1,000 newofficersthis progresswe’vemade toward While fewerpedestrians and the city will post signs declar- StatenIsland, officials said ting caught in traffic,headded. summer but couldn’t because Vision Zero,” Polly Trotten- cyclistshavebeen killed in ing a25mph speed limit on Tuesday. While “changing the speed of the funding cuts. berg, the city’s Department of traffic accidentsthis year com- partsofRiverside Drivein Thecity also will lowerthe limit from 30 to 25 might Thedepartment imple- Transportation commissioner, pared with the same period in Manhattan; Bruckner Boule- speed limit forRockaway Bou- seem inconvenient forresi- mented a new policy on Mon- said at anewsconference. 2019,deaths involving motor- vard and Webster Avenue in levardinQueens to 35 mph dentsofthe South Bronx,at daytoboost weekend patrols, Under Vision Zero, an initia- vehicle driversand passengers the Bronx; Northern Boulevard from 40 mph. the moment, it is the right while keeping costs in check. tivelaunched by MayorBill de have risen, said Nilda Hofmann, in Queens; Flatbush Avenue, Thechanges areneeded, thingtodo, because pedes- Two-thirds of uniformed of- Blasio in 2014, the city is try- the NewYork PoliceDepart- ShoreParkway ServiceRoad “especially in this month, trian safety is a priority,” Mr. ficers belowthe rank of captain ing to eliminateall traffic ment’schief of transportation. and Dahlgren Place in Brook- when we hopefully expect our Salamanca said. who nowhaveweekends off will be reassigned to work on Saturdayand Sunday, according GREATERNEWYORKWATCH to an internal memo reviewed by TheWall Street Journal. One-thirdofofficerswill keep CONNECTICUT March 2019, resulting in the ar- suspended two fraternities and

their current schedules. GES rests of three dozen students— a sorority for violating pandemic

The changes were made to IMA Report Scrutinizes including nine children under 12 rules, becoming the latest cam- addressincreased violence, Arrests of Students years old—on misdemeanor pus of the State University of ongoing protests, Covid-19 re- GETTY charges, according to the report New York to crack down on stu- strictions and the reduction in SE/ Waterbury school officials re- by Child Advocate Sarah Eagan. dent behavior in efforts to stop overtime funding,according to lied heavily on citypolicetore- Waterbury Public Schools said the spread of the coronavirus. the memo. The policy will re- spond to the behavioral troubles it would “continue to reviewand AlettersentbySUNY ANCE-PRES

main in effect until further no- FR of prekindergarten and elemen- implementservices and supports Geneseo PresidentDenise Battles tice, the memo said. tary-school students with disabil- forour most vulnerable students.” said nine students were sus- ENCE

NYPD Commissioner Der- AG ities during the 2018-19 school —Associated Press pended, along with the Theta Chi

motShea said in atelevision Y/ year,apracticethe statechild and Zeta Beta Xi fraternities and

appearancelast week that the CLAR advocate called “problematic” in WESTERN NEW YORK the Sigma Delta Tausorority.

newstaffing policywould give A. areport released Tuesday. SUNY Oneonta recently shut

the department the latitude to THY Police were called to schools Frats Suspended for down in-person classes for two

put moreofficersonstreet pa- TIMO for prekindergarten through Breaking Virus Rules weeks after more than 100 peo- trols wherethey aremost COLORFUL: Two Lena Henke works are among the installations at a eighth grade nearly 200 times ple tested positive. needed. public sculpture park that opened Tuesday at Rockefeller Center. from September 2018 through The state college at Geneseo —Associated Press P2JW246000-2-A010B0-1------NS

A10B | We dnesday, September 2, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet Coffee Shops Keep Brewing, Minus Perks

Thanks to game comes down to quality, the pandemic, speed and price. much of the Greg Zamfotis, founder romance is and CEO of Gregorys Coffee, gone from the says his New York-based New York City minichain is poised to thrive coffee scene these days. given its longstanding busi- At the typical cafe, you’re ness model: quality coffee confronted by a table served quickly and effi- jammed in the doorway ciently in small locations at where a cashier waits behind prices comparable to Star- a Plexiglas shield like a bank bucks. teller. There’s no place to sit. Since the start of the pan- And feel free to burn that demic, he has expanded con- old-fashioned, cardboard loy- tactless payment to all his alty punch card that got you cafes and upgraded the com- a free drink after 10 visits— pany’s app to encourage it might be crawling with more online ordering. The covids! measures reduce transaction The years leading up to time, human contact and la- the coronavirus pandemic bor costs. were a golden era for the While he has yettore- city’s coffee scene. No mat- open six of his 26 NewYork ter where you ventured— locations,heisforging ahead

from Staten Island to the JOURNAL with plans to add several South Bronx—you’d find a newcafes in the city.“We REET

cute espresso bar newly ST expect to come out of this

launched by some overcaf- LL with morestoresthan we feinated entrepreneur. WA started,” Mr.Zamfotis says.

According to Yelp, the THE Perhaps what people re- R

number of New York City FO ally want these days is aglo- coffee shops rose 29% in the rified espresso-drink vending

three years between March HANEY machine.Soon they’ll have it. A

1, 2017, and March 1, 2020, LIS Truebird, aBrooklyn startup to 3,890 locations—most of offering afully automated them small, local operations. At the once highly profit- servation ever. Sweet Habit in Astoria, service, all that glorious— espresso bar,says it’splan- That’s more than five new able Waverly Place location Cafe owners say a store’s Queens—a stayed-put kind of and high-rent—atmosphere ning the public launch this cafes a week! in Manhattan’s West Village, performance these days de- neighborhood—says sales counts for nothing. fall of itscontactless“micro- Even as rent and labor for example, sales fell from pends largely on location. this summer are the best he But online sales of its cafe,” which works in combi- costs went berserk, it about $2,500 a day before Some Midtown coffee shops has seen since he opened in bagged beans, roasted in nation with amobile app. seemed there was always the pandemic to roughly that rely on office workers March 2019. Brooklyn’s Williamsburg, While it has been in the room for another shop. $800 now—about half what have seen sales fall 90%, for Customers who used to have quadrupled as more works for years, the device And now? is required to break even, he example. Locations in resi- grab a morning coffee before customers seek to brew their has won increased interest Coffee, they say, is reces- says. heading into their Manhat- favorite coffee at home. from investors and potential sion-proof. And indeed, the tan office job are now work- partners since the start of city’s specialty coffee shops nd while he has been Cafesare still selling ing from home and stopping ts business wholesaling the pandemic, says Josh are hanging in there. Since A able to renegotiate the by several times a day. beans to hotels and res- Feuerstein, CEO and co- rent in some locations, “Business picked up fast I March, only 129 have closed cupsofjoe,but seats taurants has declined, founder. permanently, according to labor costs remain high be- and loyaltycards are after May,” he says. but still helps sustain the op- Cafes still relying on hu- Yelp. But they are struggling. cause safety measures have In June, the city eased eration. Beans now account mans to make coffee, mean- And in the new normal, doubled the average per-or- hardtocome by. some lockdown restrictions for 70% of overall sales, up while, simply hope to survive some models are performing der transaction time. and began a phased reopen- from 55% before Covid-19. the year. Will people stand better than others. “It’s not possible to run a ing of its economy. “It’s not enough, but it’s outside waiting for their The experience of Joe Cof- business like that without Owners say it also helps if more than nothing,” says latte when the weather turns fee, one of the city’s largest running into the red,” Mr. dential neighborhoods, you roast your own beans. owner and founder Steven cold and blowy? locally owned chains, is typi- Rubinstein says. meanwhile, are typically Devoción, a minichain Sutton. “It’s going to be a very cal. But he is paying the price earning a third of their pre- with three locations in So what sort of cafe is hard and interesting winter,” Founder and CEO Jona- to retain employees and cus- pandemic revenue, though Brooklyn and Manhattan, has likely to thrive if the pan- says Mr. Ramadhi. “I believe than Rubinstein says he has tomers. There is, after all, a much depends on whether stood out for its large, lav- demic drags on? Sad to say, if I can survive this winter, I so far reopened 15 of his 20 lot at stake. “People need the neighbors stayed put or ishly decorated spaces with when coffee is sold at the can survive anything.” New York locations, but coffee,” he says, making skipped town. lots of seating. Now that door, ambience and commu- many are losing money. what may be the truest ob- Iraklis Ramadhi, owner of business is reduced to door nity count for little. The [email protected]

Medicine in theRaw Healthcare Starts with HealthyFood.

Since1985, we’vebeencooking and home-delivering nutritious, individually tailored meals to people living with serious illness in the NYCmetropolitan area. Being sick and hungry is acrisis. Youcan help. Donate,volunteer,orjustlearn more at glwd.org

godslovewedeliver @godslovenyc God’sLove We Deliver is amember of the Food is Medicine Coalition (FIMC). To learn moreabout FIMC’s work around the country,visit fimcoalition.org P2JW246000-0-A01100-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | A11

School Tensions Strain Families, Friends

In person? Remote?Pod? ‘It has caused greatrifts in Y

MIL relationships,’ FA T

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RU reduceconflict. BY ION AT TR US ILL P: TO OM FR

BY ANNE MARIE CHAKER bating whether to send their TheRichardsons eventually tional services for special- port—can result in fights and kids to school in person, re- decided their youngest would needs children, and negotia- hurt feelings. More than one- he challenges of fig- motely,oranother alterna- attend preschool in-person, tions over which household third of parents with school- uring out school this tive, clashing over safety,so- thanks to small classsizes and can provide a better learning age children said it was at Over 25% year have created cialization and child care. newly instituted precautions, environment. least somewhat likely that of parents new tensions in Kris- Friends arenavigating com- while their first-grader would Ex-spouses Stephen Dysard they will form a pod, in an Ip- found Ttin and Brian Rich- plications that have arisen do classes virtually.But that and Tanesha Watts have tus- sos poll of 251 people. ardson’s relationship. from makeshiftnew arrange- resolution created another sled over school for their two Some friends arehoping to school Ms.Richardson wanted mentslikepairing up to cre- conflict. daughters. Mr. Dysard wants staveoff conflict by putting decisions their children to attend ate DIY learning pods. Ms.Richardson wantstopair to send them in-person four the terms in writing.“We are ‘very classes in-person, but Mr. “It has caused great rifts in with another family to form a days a week rather than the treating it likeabusiness Richardson worried it wasn’t relationships,” says Kathryn pod forher first-grader,helping district’s all-virtual alterna- transaction,” says Katie Hill, stressful’ safe. “Thereare still all these Smerling, a New York City to provide child care and social- tive. “I know the virus is an is- a41-year-old startup adviser question marks,” he recalls therapist. She says she is ization. When she told her hus- sue, but with the girls being in Dayton, Ohio,who plans saying.They working with at least a half- band she planned to host the so young, the interaction in to host aschooling pod for have since dozen families on some of pod at their home everyday, school is important,” says Mr. her children and two other tussled over these issues. Family members Mr.Richardson worried it Dysard, a 28-year-old auto families. the details are arguing over socialization might put toomuch strain on technician in Monroe, N.C. The families have agreed to of hosting a versus seclusion, in-person her.“I’m like, ‘Don’t sign up for Ms. Watts worries about put all the details—from school “pod” learning versus remote, and that if youdon’t have to,’ ” says her daughters’ exposure risk, scheduled hours to fees to with another the risks of children bringing Mr.Richardson, an attorney. preferring they do virtual meal preparation—on paper in family at the virus home from school. However challenging such learning from home. The par- the coming weeks. “If it’s not their home. More than one-fourth of negotiations are for married ents met in-person twice to working, we’ll talk about that,” “That was nearly 4,000 parents said that partners, it can be even more discuss it and exchanged some says pod-member Amanda another back-to-school decision-mak- stressful for divorced parents, testy text messages, they both Malusky Krauss, a 42-year-old fight we ing has been “very stressful,” say marital lawyers. Nicole say. Eventually, Mr. Dysard forensic accountant. “It’s not had,” says according to a new survey by Sodoma, a family attorney in won out. “I gave in,” says Ms. worth affecting a friendship.” The Lao-Scott Ms.Richard- Pittsburgh-based consumer re- Charlotte, N.C., says that Watts, a 26-year-old freelance They’re approaching the first family is son, asales and marketing search firm CivicScience. Dr. school-related decisions have photographer in Savannah, Ga. six weeks as a trial period. navigating kids’ chief in Richmond, Va. Smerling advises families that become a central topic for cli- School tensions are infil- “We know there’s a lot of school and care. Theuncertainty around no decision has to feel perma- ents in recent weeks. trating friendships, too. At- things that might not go school is bringing new nent. “It’s important to know She has helped them navi- tempts to create school pods— right,” says Ms. Hill. stresses to marriages and that you can and should be gate conflicts over increased an agreement to pair up for Podformation cancreate friendships.Parentsare de- flexible,” she says. child support payments, addi- socializing and learning sup- Pleaseturntothenextpage

Opt for quiet corners with natural Left,EricaSemanoff Howto light or areas away from foot traf- turnedaplayroom into fic when deciding on a study spot. aclassroom forher Consider using dividers to visually children. Bottom, SetUpfor separate space and keep areas Kathleen Walsh created around desks as neat as possible. astudy alcove forher “Visual clutter is something that 11-year-old daughter. Learning can cause distraction,” Ms. Wood says. Taking off the door of a At Home closet to create a cozy work space ences,Ms. Walsh ad- can work in a pinch, she adds. vises that students take alunch break to BY ALINA DIZIK Keep acousticsinmind. Families eat in the kitchen. Al- arenow installing heavier doorsor lowing her 4th-and he back-to-school shopping simply adding aseal to the bottom 7th graderstoeat list is a bit more complicated of adoor to keep out noise,says mealsintheir rooms T SteveHaas,anacoustical consultant this year, especially for par- last spring turned out ents who need to re-create a class- in Milford, Conn. Some rooms can to be “sodisgusting,” room at home. benefit from simple fabric-covered she adds. Parentswho quickly cobbled to- screens hung on walls or carpetsto Depending on the gether study stations in the spring keep sound from reverberating. level of help students arespending time planning out require, parentsofele- morepermanent spaces this fall. Use visual and audible cues to mentaryand middle- Manyare adding work zones in the help students stay on task. Place a school studentsmay home—sometimes eking out space cubby next to a child’s desk so Think creatively when address- gling. In some cases, a tray to also need to reimagine their own in hallways or closets—and differ- they can retrieve items between ing distractions. For instance, chil- carry supplies from one area to setups.EricaSemanoff set up adesk entiating furnituresetups based on periods, display the day’s calendar dren who may not be able to con- the next can help keep little ones forherself in the playroom-turned- children’sagesand incorporating on a bulletin board or use a pro- centrate when learning in their focused if they get tired of sitting classroom of her two children, Sean, gadgetsthat makevirtual learning grammable color-changing light to own bedrooms may benefit from at a desk. 10 and Sophia, 12, so she cancasu- feel like(slightly) lessofadrag. signal that class is in-session, says using a sibling’s desk during the Consult the children. Tara Bla- ally keep an eyeonthem through- “A lot of our customershavebeen Matt Wallaert, a behavioral scien- day, Mr. Wallaert suggests. zona’s son Tyler, 9, picked out his out the day. “I canbring my laptop struggling with, howdoyou createa tist with a background in teaching. If space permits, set up second- own accessories including a mouse in, and sit thereand listen,” says workspacefor the whole ary shared work areas, says Kath- pad and a gamer’s headset with a Ms.Semanoff,abridal-jewelryde- family,” says Alessandra leen Walsh, a New York interior retractable microphone, which signer in Doylestown, Pa. Wood, vicepresident of designer. A kitchen table or entry- made the setup more exciting to style at Modsy,aSan Fran- way can double as a tutoring or him. “It’s all about creating little High School ciscoonline interior-design homework zone. Beanbags or things that they think are novel,” Setups forolder studentsbegin to servicewhereclientsre- other comfortable seating can al- says the 37-year-old public-rela- look morelikethose of their par- cord video of their rooms low children to focus on offline as- tions executive from Orinda, Calif. ents, says LizaUtter,mother of two to getavirtual setup. signments such as reading. Doing high school students, who allows some work outside can help. “One Middle School them to work from their rooms Start with asense of common request is building in a Manytweens will be mortified if with their doorsclosed. Though she place. Most students will change of scenery,” she says. their stuffed animals peek through respectstheir privacy, Ms.Utter LSH

WA benefit from feeling like Tailoring the setup based on during English class, so keep back- doesn’t allowthem to work in paja- they have a place to go, age helps, too. grounds forvideo calls in mind, mas or from their beds.“Ilook at whether it’s a couple of says Ms.Walsh. If possible,face this time to teach lifeskills and THLEEN

KA steps to a different sec- Elementary School computer cameras toward doors, good habits,” says Ms.Utter,ade- ; tion of their own bed- In younger grades, project-based walls or bookcases rather than sign-firm founder in LosAngeles. room or a walk down the learning calls for more than just a beds.Some studentsmay want to With longer presentations,audio

SEMANOFF hall. Getting dressed, screen. Use clear containers so put aring light, acircular lamp that and video capabilities mayalso brushing teeth and eating children can find markers, scissors minimizes shadows,ontheir desk to need an upgrade,Mr. Haas adds.An BEN

P: breakfast beforehand can and other craft supplies. Provide a look morepolished when they ap- external cameraand microphone TO make their home class- footstool under the desk to help pear on their classmates’ computer canbeadded to alaptop setup and OM

FR room feel more official. them sit without their feet dan- screens.Based on her ownexperi- used forprojectsorpresentations. P2JW246000-0-A01200-1------XA

A12 | We dnesday, September 2, 2020 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS Families Face School Tensions ON

ContinuedfrompageA11 EPHENS

ST stresses between spouses, too. When Christine Lao-Scott told her husband Christopher MARIAH ; that she wanted to form a YO

MA schooling pod with other families,hebalked. Why

ANNA couldn’t they continue to IY managethingsontheir own, GES; he argued, and whywould IMA they need to paya“pseudo-

ETTY educator”? /G She countered that manag-

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FR not possible” without some form of child care, says Ms. WISE Lao-Scott, an attorney who OCK

CL lives in Silver Spring, Md. He has sincecome around, BY ALLISON POHLE fee for this fall, even though the he says,and nowtries to be CollegeFees doors to the athletic and recre- supportiveofhis wife’sefforts hen Mariah Ste- ation facilities are closed. Virtual as they continue to consider phenson received fitness classes, meditation offer- families. the bill for her fall ings and other online events like It hasn’t been easy: The semester at Tow- SparkPushback trivia nights, however, are avail- three other families she was Wson University in able. “They’re doing what they ready to join with all backed Maryland, she did have to do to continue to get their out in the weeks beforeschool a double take. Even though fall money from students like us,” Ms. wasabout to begin. “It felt like sports have been suspended, she In thePandemic Mayo says. herding cats,” she says. saw a $499 athletics fee on her Therelationship between stu- statement. dentsand schools has become ad- Ms.Stephenson already is jug- getting an inferior learning experi- and fee revenue is critical to their versarial when it comes to money, gling interest paymentsonher stu- enceand that they were unable to survival,” Prof. Gándara says. says Michael Sorrell, president of dent loans,rent foranoff-campus use services they couldn’t access. That is thecase at California Paul Quinn College, ahistorically apartment and acar payment. The Most colleges have declined to State University,which enrolled Black school in Dallas.Part of the 22-year-old transferred from alocal reduce tuition, says Kevin Mc- morethan 480,000 students reason, he says,isbecause students community collegeinJanuarybe- Clure, associate professor of acrossthe statelast year.The want acompletecollegeexperience, cause she wanted an on-campus ex- higher education at the University school’soperating budget primar- both in and out of the classroom, perience, completewith attending of North Carolina Wilmington. ily comes from the state’sgeneral with desirable dorms and dining football games,and the chanceto “I’ll be the firsttosay that the fund and student tuition fees. options,prompting some schools to makefriends in campus clubs.But system that we have in the U.S. for This year,the university’s base competeagainst each other to offer now, as she finds herself paying for paying forcollegeisbroken,” says budget has been decreased by the best facilities.But he says ad- The Richardsons have debated services she can’t access,she’swon- Denisa Gándara, an assistant profes- $299 million because of Covid-19’s ministratorshavefew sourcesof school options for their kids. dering whyshe transferred at all. sor of education policyand leader- effect on California’seconomy, funding. Ms. Stephenson is one of many ship at Southern Methodist Univer- California State University Chan- “States have disinvested, and students in a tug of war with col- sity in Texas.“But the question of cellor TimothyWhitewrote in a that makes it tough, [and] families leges over tuition and fees, spur- whether colleges and universities lettertofaculty and staff.He are squeezed tighter than ever,” ring questions as students head should reducetheir tuition and fees added that therehavebeen, and Mr. Sorrell says. Reducing School- back to school in a pandemic: is abit more will continue As well as petitions and emails Related Conflict What exactly are they paying for, complicated to be,layoffs to their colleges,studentshave why is it so expensive, and is it because you acrossthe also challenged universities to Parents and family advisers worth it? can’t talk university demonstratetheir value in court. suggestwaystominimize Manystudentsatpublic and pri- about prices system, as Earlier this year,morethan 100 tensions. vate institutions saythey shouldn’t without talk- well as other lawsuitswerefiled by students have to payfull tuition if instruc- ing about planned cost- seeking refunds aftertheir Talk it out. Try to communi- tion is online.Manycolleges main- costs.” saving mea- classes moved online.The suits cate your point of view in a tain that, regardlessofthe mode of On aver- sures.Ina claim the schools failed to give calm, clearheaded way. Try to delivery, the ultimatevalue lies in age, 60% to statement, the studentsthe educational experi- express where you are coming the education they provide.They 70% of a col- university encethey paid for. But attorneys from. Don’t knock down or also saythat fees arenecessaryto lege’s spend- said if stu- forsome of these schools argue pass judgment on someone maintain services that draw stu- ing goes to- Mariah Stephenson, left, and Iyanna dentswant fa- that, by offering remoteinstruc- else’s point of view. dentsinthe firstplace. ward salaries Mayo were charged athletic fees even cilities and tion, schools areholding up their According to a 2019 Federal Re- and benefits though many programs are suspended. programs to end of the bargain. Walk in their shoes. Try to serve report, 55% of people under for employ- be available in Despite the budgetary chal- see why another person might the ageof30who went to college ees, including faculty and staff the futurethey need to payfor lenges, a small number of schools, feel differently. took on some debt fortheir educa- such as dining workers, Prof. Gán- them during the pandemic. including Princeton University, tion. Manystudentssay their edu- dara says. Because health-insur- “Students pay campus manda- Williams College, Spelman College Think creatively. Think of re- cation should be discounted if they ance premiums are rising, colleges tory fees regardless of whether and Lyon College, have announced sources that you may not aren’t getting the on-campus col- find themselves with increased they are a full-time student, part- decisions to lower tuition and, in have considered in the past: A legeexperiencethey signed up for. costs, she adds. time student, online student or a some cases, eliminate fees for the neighbor, a retired teacher in In asurvey of morethan 13,000 In addition, universities now student studying abroad—and coming semester. “The tuition re- the family, an energetic teen studentsbythe study guide plat- have many other expenses related even if they do not expect ever to ductions are designed to attract who can help with homework. form OneClass, 93% of studentssaid to providing instruction during the use the programs or facilities they students, to keep students, and People often like to help. Don’t tuition should be loweredifclasses pandemic, such as technology for support,” it said. stay competitive at the price be afraid to reach out. go completely online this fall. remote classes, and health and Iyanna Mayo, a fifth-year senior point,” says Prof. McClure, of the Some collegestudentsare using safety expenses for campuses pro- at California State East Bay’s Hay- University of North Carolina Wil- Be flexible. Know that no de- social media and petitions to advo- viding some in-person teaching. ward campus who is majoring in mington. cision has to be permanent. cate forreduced costs. In July and This comes as colleges are con- health sciences, says she sees edu- Ms. Stephenson will likely end Take comfort knowing that if August, about 450 Change.orgpeti- tending with reduced state fund- cational institutions as “businesses up relying on her student loans to something doesn’t feel right, it Y

tions,manyofwhich nowhave ing, fewer alumni donations and first.” All her classes this semester cover the fees for services she’s can be changed. The situation MIL

thousands of signatures,werebe- less revenue from housing and din- are online, yet her tuition remains not getting at Towson University. in schools and in public health FA N

guntoseek lowertuition and fees ing plans, especially if their cam- the same as last semester, and she “I’m going to miss being able to is fluid and evolving, so be pre- SO at colleges and universities.The pe- puses aren’t open to students. is being charged a $52.50 athletic enjoy the full college experience,” pared to roll with changes

tition creatorsoften said they were “For some institutions, tuition fee and a $97.50 recreation facility she says. RICHARD

 Joe Young started buying of these cars. I remember one night, Chevrolet Corvettes in the 1970s. I was at a Bob’s Big Boy and my  The split window was only found friends were giving me grief be- on the Corvette in 1963. cause I had three 1957 Corvettes. I still wanted to build a hot-rod 1957 Corvette. My buddies were making independent suspension sports car. fun of me when suddenly they It had a split window in the back. stopped and pointed. Right behind People complained that you could me came up a 1957 Corvette hot not see out of it, so by 1964, the rod that had been built out exactly split window was gone. I don’t think how I wanted. I bought that car the people thought much about it at next morning. the time. Some hotrodders modified Of all the Corvettes, one stands their cars to get rid of the split win- out. When you talk to car collectors dow. That would (2) turn out to be quite a mistake.

JOURNAL In 1975, I bought that red REET

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EMIL so valuable, and others not. So I MY RIDE |A.J.BAIME started learning. I set goals for my- self. Like, I wanted His Love of CorvettesHas Lasted 45 Years a coupe and a roadster of a cer- Joe Young, aretiredpublisher living my mother, with the intention of of the second generation of the tain model year I loved. The only today, a lot of them say that it was in LosAngeles,onhis Chevrolet Cor- buying Corvettes, fixing them up, Corvette (the model was first problem was, I never flipped any of the 1963 Corvette split window that vette collection, as told to A.J. Baime. and flipping them. launched in 1953), the first branded them. I was buying them and build- started the craze for collecting Later, in 1975, my dad and I were with “Sting Ray,” and the first with ing them out as higher-performance 1960s cars, because the split win- Early in 1975, I bought a 1968 Cor- driving down the street when we a coupe body style. Chevy set out vehicles. I was fortunate enough to dows were so rare and so success- vette for $3,000. I wrecked that car, saw this red Corvette. He said, to build a car with independent rear be making enough money. ful in their time. Over the decades, and then I sold what was left of it “There’s a split window!” I said, suspension and a beefed-up motor Today there are 31 Corvettes in the prices have climbed rapidly. for $4,000. It didn’t take a financial “What’s a split window?” He that could be successful on the my man cave, the oldest being from I still have the split window I genius to know: There was some- started to tell me what a split win- racetrack and as a production car. 1957 and the newest from 2004. I bought in 1975. I can still remember thing about these Corvettes. I de- dow was all about. Some people call this 1963 Corvette can’t help but laugh when I think first laying eyes on it—45 years ago. cided to borrow some money from The year 1963 was the first year the first real American production about the stories of how I got some I can’t believe it’s been that long. P2JW246000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | A13 ARTS IN REVIEW BALLET CO ANCIS FR N SA

BY ROBERT GRESKOVIC DANCE REVIEW Madison Keesler and Benjamin Freemantle in ‘Dance of Dreams,’ midanonrush of dance directed by Benjamin Millepied programming that’s been streaming during Elegant UrbanEtudes the current pandemic, just north of SanFrancisco. Her Ait’snot hardfor some- limber,bare-leggeddancing has her thing special to get Inspired by the score for ‘Vertigo,’ a short film from the San Francisco scraping and kicking up her terrain missed. It would be most unfortu- while she works in her running nateifSan FranciscoBallet’s Ballet showcases dances shot in striking locations around the city shoes as articulately as anyexpert “DanceofDreams” were to be lost female dancer in pointeshoes and in the flood. tights. Launched on Aug.13, the 6-min- Messrs.Tomasson and Mr. likely take away from these dances mentsshine with clarity,his solo’s Mr.Wheeldon wraps up the film, utefilm simply but splendidly Millepied don’t tell us much in in sneakersand casual clothes,all choreographic accentsplaying with catching Herrmann’smorefree-spir- showcases six SFB dancersasthey their two-minute, split-screen in- chosen by the dancers, arenewed Herrmann’sprelude-likemusic by ited mood with aduet forsoloist perform four affecting choreo- troduction, but at least they don’t awe forthe expressivity of ballet’s way of little hesitations and medi- Madison Keesler and principal graphic studies made especially for tell us overmuch about the “mean- finesse—shown with inherent for- tative, hovering moves that some- dancer Benjamin Freemantle framed them. Justin Peck,resident chore- ing” of the nonnarrativechoreo- mality by SFB’sbeautifully times employsoftly emphatic kicks by the rotunda of SanFrancisco’s ographer of NewYork City Ballet; graphic etudes.“DanceofDreams” schooled dancers, three women and and smoothly released arabesques. PalaceofFine Arts, also featuredin Dwight Rhoden, founder and direc- has itsown ineffable poetics,which three men. Mr.Rhoden’sduet forcompany “Vertigo.” Herrmann’smusic has a torofComplexions Contemporary individual viewers arelefttofind Dancing on the hardly foot- soloistsEllen Rose Hummel and liftthat seems to impel these danc- Ballet; Janie Taylor,dancer and forthemselves when they watch friendly surfaces of outdoor San Daniel Deivison-Oliveiraarguably ersintotheir gamboling and bound- stager with L.A. DanceProject; and and, as seems probable,rewatch Franciscoinathletic shoes doesn’t has the most evocativeofset- ing circuits, initially individually Christopher Wheeldon, artistic as- the film. hinder these performersfrom tings—the Golden GateBridgeap- and finally intimately coupled be- sociateofthe RoyalBallet, each To inspirethese choreographers working their feet scrupulously pearing,almost likeamirage, be- fore separating as if lost loves. worked remotely—three from New and to provide his film with music, through ballet’sprecise,academic yond the dancers, their movements Perhaps the comment sections York and one from LosAngeles— Mr.Millepied chose “Scène positions.The moreIlook at these enlivened by the breezesstirring available to viewers of this stream- with FaceTime and Zoom aiding in D’Amour” from BernardHerr- dances,the moreI’m drawntoad- the foggyair.The ultraviolet hue of ing film might prompt alternative the process. mann’sscore forAlfred Hitchcock’s mireballet’sinimitable footwork the duskyblue light regularly title suggestions.“Danceof SFB artistic director Helgi To- “Vertigo” (1958), memorably set in seen hereatits finest despitethe tinges the whitenessofthe danc- Dreams” doesn’t quitecaptureits masson commissioned the work, SanFrancisco. Thecity settingsfor lack of satin toeshoes on the ers’ sneakers, which their unerr- displayofballet’sparticular beauty. selecting itschoreographersas the individual dances—two solos women and softleather slipperson ingly neat foot positions makeex- well as the film’sdirector,Benja- and two duets—provide aworld the men. travivid. SanFrancisco Ballet min Millepied, who worked from and light all their own. Mr.Peck’sdancefor principal Ms.Taylor’s solo forprincipal DanceofDreams LosAngeles.Mr. Millepied, founder Film buffs will perhaps relate dancer Joseph Walsh leads off, dancer Frances Chung picks up the Available through the end of the and head of L.A. DanceProject, the physical whirl oftenfound in bringing Mr.Walsh intothe sunken soaring sonorities of Herrmann’s year on SF Ballet @Home,You- chose the project’smusic and San the choreographytothe haunting concreteterraceofthe SanFran- “Scène” from Mr.Rhoden’sdance, Tube,Facebook andIGTV. Franciscolocations.Both canbe swirl established by Saul Bass’s ciscoArt Institute. There, his which closes with Ms.Hummel in a heardtalking about “Danceof film-title sequenceand poster for white-soled sneakersmakehis floating lift. It finds Ms.Chung laid Mr. Greskovic writes about dance Dreams” on acompanion clip. “Vertigo.” Balletbuffs will just as grounded steps and traveling mo- out on asandy shoreinSausalito, for the Journal.

TELEVISION REVIEW |JOHN ANDERSON ‘Raised by Wolves’: ASnarling Sci-Fi Provocation

or all the science contained in “RaisedbyWolves,” created by Fscience-fiction, there’salways Aaron Guzikowski, is aprovoca- been agerm of theologyem- tion. And an utterly absorbing one. bedded within it, agenre-specific Thestoryline is involved,but commandment: Man shall not play keeps avieweroff-balanceina God. Nothing good ever comes of good way.Itlooks great. And defying divine will. Even if we’re Mother,the lethal android “necro- not quitesurewhat divine will is. mancer” with the abundanceof And what if we’re too sure? maternal instinct, is the most What if there’stoo much God? memorable female/female-like Among the manyquestions posed spaceentity sinceSigourney by the hotly anticipated “Raised by Weaver’s Ripleyin“Alien”—or the Wolves” is whetherthe world will alien in “Aliens.” Which maynot end not with abang,orawhimper, be so strange, sinceone of the ex- but in prayer—with religious zeal- ecutiveproducers, and the direc- otssanctimoniously following their torofthe firsttwo episodes,is belief system intocatastrophe.Of RidleyScott. course,whether this particular Thepacing of the 10-part series

moment in historyisthe time to could be quicker,but the dramatic, X

ask that particular question is cer- cinematographic and musical as- MA

tainly aquestion. pectsof“Raised by Wolves”— HBO In the middle of the next cen- whichwill makeits debut with Travis Fimmel as Marcus, who is part of the exodus from Earth after it has been torn apart by religious war tury, the series proposes,the three episodes,anew one to follow Earth is leftuninhabitable by are- each Thursday—aredelivered with ligious warinvolving fundamental- such seamless, dread-inducing care is also the seat of the Catholic Forher part, Mother assumes a (Niamh Algar), and achild, Paul istsand atheists, which necessi- that viewers might willingly sus- Church, and if therewereany mis- crucifixion pose when flying over (Felix Jamieson), whom they’ve tatesflight to another planet pend their disbelief regarding the taking the “Mithraists” forother- Kepler,crash-landing the hijacked moreorlessadopted while on (Kepler-22b, areal planet, one on religious goings-on. But nothing than-Christians,their dialogue is Ark intoamountain and making board. But the most endearing which NASA believes watermight could be that distracting forlong. liftedfromboth the Old and New MithraistsevaporateinPollock-like charactersare Father and exist). But beforethe Ark of Thefundamentalists, who dur- Testamentsand during an onboard splashes of blood. (“I would study Mother—Ms.Collin is incandes- Heavencan bring the cultiststo ing Campion’schildhood have been ceremonyseen in flashback,men their remains,” Father says,“if you cent—not just because they exhibit their destination, asmaller craft making their way—in suspended in priestly garmentsdistribute leftany.”)But during those times, human traitsorstrength of char- containing two androids—Mother animation—toward Kepler-22b what look suspiciously likeCom- Mother also resembles the hood acter,but because,asatheists, (Amanda Collin) and Father (which is actually 600 light-years munion hosts. ornament of a1930s Buick.So they represent the nonaggressors, (Abubakar Salim)—arrives there, away from Earth circa 2020), are Howthe evidenceoflifeon there’sarisk of reading toomuch albeit in ashowwith afairly ag- along with six human embryos described as Mithraists. Which other planetsmight be reconciled intoit. gressivepoint of view. “Raised by that will become the planet’sfirst would makethem believersinare- with aliteral reading of Genesis is Thecomplexities of “Raised by Wolves” is afascinating watch, but sextet of atheists. Over the ensu- ligion rooted in Zoroastrianism not something that happens to Wolves” extend beyond belief sys- mayhaveviewers asking ques- ing decade,fivewill die,leaving and followedinimperial, pre-Con- come up,atleast during the open- tems to the charactersthemselves. tions.Like, where’sthe line be- only Campion (the terrific Winta stantine Rome.According to leg- ing episodes.What the Apocalypse Not everyone is who or what they tween excitement and incitement? McGrath) to await the arrival of end, Rome wasfounded by Romu- would mean if therewereother appear initially to be—including the Ark.And the presumed re- lus and Remus,who were raised by planetstoescape to isn’t spelled Marcus (Travis Fimmel), who ar- Raised by Wolves sumption of religious warfare. wolves (a she-wolf,anyway). Rome out either. rives on Kepler with his wife, Sue Begins Thursday, HBO Max. P2JW246000-0-A01400-1------XA

A14 | We dnesday, September 2, 2020 THE WALL STREET JOURNAL. SPORTS He Sat. The Bucks and NBAStood by Him.

George Hill’s protest set into motion a wave of boycotts and postponements that rippled across the sports world

BY BEN COHEN It quickly became apparent that exasperated NBAplayers were eorge Hill wassup- overwhelmed by frustration and posed to be getting bubble fatigue.The fury that ani- ready forthe NBA mated this summer’s protests playoffs when he found filled the bubble as teams openly G considered an improbable possibil- himself in an unex- pected placeurging the people ity: aboycott. around him to changethe world. They didn’t realizethat Hill had It’snot oftenthat NBAplayers the same idea. He woke up givecommencement addresses Wednesdayfeeling disgusted—and during the season. It’sevenless feeling likehewasn’t going to oftenthat they’realso membersof play. He confided in Bucks coach the graduating class. But forone MikeBudenholzer that morning dayin2018,ashis team wasdeep but deliberately waited to inform intoaplayoff run, basketball could his teammates.They found out wait. Hill wasback at Indiana Uni- when the game was20minutes versity-Purdue University India- away. napolis to collect his degree,and With the clock ticking down, as he wanted to shareafew lessons the Orlando Magic went through that he had learned in the 10 warm-ups,something remarkable yearssinceheleftschool. washappening inside the Bucks’ “You candowhatever you locker room. choose to do,” Hill said in his Hill talked. TheBucks listened. speech, “evenwhen it’snot ex- Sterling Brown, the son of apolice pected of you.” officer who has sued the city of What he told his fellowgradu- Milwaukee foralleged policemis- ates that daywould resonatelast conduct, said he would sit with his week: His protest of an NBAplay- teammate. Antetokounmpo made off game in response to the police the call forthe whole team. They shooting of another Black man set would not be taking the court. intomotion an extraordinarywork “None of those guys knew,” Hill stoppage acrosssports. said. “But all those guys stood by TheMilwaukee Bucks’ boycott my side.” wasasunexpected as the man be- Hill took abig risk in deciding hind it. Hill doesn’t fitthe mold of not to play. The atraditional leader.Heisaquiet, George Hill, above,was behind the Bucks,the NBAand private, veteranNBA role player Bucks’ decision to boycottanNBA much of the sports who talks slowly and thinks delib- playoff game lastweek. Right, Bucks world followed. erately.The most revealing thing players kneel during the anthem. “Weneeded a about him is the way he spends moment to his time away from the basketball ovich oftencalled Hill his favorite breathe,” LosAn- court: Hill owns an 850-acreranch player—in front of Tim Duncan geles Clippers in Texas with exotic animals rang- and Manu Ginóbili. He’ssaid that coach Doc Rivers ing from antelopes to zebras. pulling the triggeronthe 2011 said. “It’snot lost But in aleague of gigantic per- trade that sent him to the Indiana on me that George sonalities,atatime when sports Pacers forarookie named Kawhi Floyd didn’t get have never been so political, Hill Leonardwas the toughest decision that moment. But wasthe person responsible for he made in his decades with the we did. And we starting awaveofdisruptions that Spurs. took it.” rippled acrossthe country. He’snot the only person with a When the Bucks “When he speaks,” said Ron surprising appreciation forHill. emergedthree Hunter,his collegecoach, “you When he attended aBucks game hourslater,after knowit’ssomething that’sboiling last year,former President Clinton Brownand Hill inside him.” wasasked forhis read astatement It had been sim- impressions of Gi- on behalf of the mering ever since annis Antetokoun- team, not everyone he watched awhite The Milwaukee mpo.Healso in the NBAwas policeofficer kneel Bucks’ boycott was gushed about some- pleased with him. on aBlack man’s one else.“They got Hill’swalkout neck foreight min- as unexpected as George Hill,” Clin- blindsided execu- utes and realized the man behind it. tonsaid. “George tives—and rankled that George Floyd Hill is reliable,he’s IUPUI to be near his family as his grow up,” Antetokounmpo,who other players.They gathered that S could have been agreat team player, great-grandfather wasdying.His happens to be league’sMVP,said night to discusscollectively how PRES

George Hill. As civil he adds value to ev- five yearswith the Pacers remain this week. they could leverageattention into TED unrest swept the country, he was eryplaceheeverplays.” the longest he’splayedanywhere Themost tumultuous week of action and whether they would CIA SO

tormented by pain. With the NBA John Byers, the former recre- in his NBAcareer.Then he was the league’smost turbulent sea- continue the season. AS restart approaching,one question ation director of the Indianapolis traded to the Jazz, signed with the son—a series of eventsthat in- Hill wasn’t surehimself.Hewas naggedathim: Should he play? church whereHill playedsportsas Kingsand traded again to aCleve- cluded strategizing with former still contemplating leaving the TERRILL/

“I think there’sbiggerissues alankychild and painted the lines land team with LeBron James. President Obama and rebukefrom bubble and returning to the real J. and biggerthingstotackle in life of the football field at dawn, said Cleveland traded him to Mil- President Trump—began when the world. But afterhis teammates right nowthan abasketball his personality wasinfectious waukee,another title contender Kenosha, Wis.,policeshot Jacob stood by him, Hill stayed with MARK

game,” he said in June. oncepeople gottoknowhim. with the game’sbest player, and Blakeinthe back seven times on them. GES;

Hill’sfirst NBAteam wasbuilt “He didn’t have abig voice,” Hill re-signed with the Bucks last Aug.23. Threedays later,when the IMA around that premise.Hewas Byerssaid. “But he had abig pres- summer.Heled the league in 3- Hill watched the short video Bucks returned to their locker draftedbythe SanAntonio Spurs ence.” point shooting percentagethis clip of another Black man in Wis- room on Saturday, he wasready to GETTY X/

and coached by GreggPopovich, Thetrade to Indiana brought season forateam with the NBA’s consin. He wasdevastated. play. His coaches hope that he’s CO the five-time champion who fre- Hill back to wherehehad spent best record—and he wasare- “Weshouldn’t have even came remembered fornot playing. C. quently uses his news conferences almost his entirelife. He wasa spected presenceinalocker room to this damn place, to be honest,” “Ifthere’sone thing Iwant him KEVIN

to comment on racial injustice. high-school basketball star in a that would become the siteofbas- he said last Monday. “I think com- to be known for, it’swhat he’sdo- P: (“IfIjust did basketball,” he once statethat reveresthem, and he re- ketball history. ing heretook all the focalpoints ing now,” Hunter said. “He’sgoing TO OM

said,“I’dbebored to death.”)Pop- jected biggerschools and picked “That’swho Iwant to be when I off what the issues are.” to leave amark on history.” FR

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THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | A15 OPINION Trump’s 1980 Strategy for 2020 BOOKSHELF | By David A. Shaywitz

In Pittsburgh TheDemocratic convention Some speakersatthe Republi- omy, undermine American val- Mistaking Novelty on Monday, emphasized Mr.Biden’s canconvention spokeofthe ues,and condone violencein the Demo- strengths but did little to ad- pandemic in the past tense, the streets. cratic presi- dresshis weaknesses—most while the president boasted In everyU.S.election with dential nomi- notably,the perception that about all he has done and an incumbent president on ForProgress neerespond- he and his party have failed promised an effectivevaccine the ballot, two questions mat- POLITICS ed forcefully to draw asharp line between by theend of the year.Hedid termost: Has the incumbent & IDEAS to President peaceful protest and the vio- not dwell on the dismal real- president performed well The Innovation Delusion Trump’s lencethat has marred some ityofthe present, including enough to merit another four By William charge that of the demonstrations follow- 1,000deaths from Covid-19 a yearsinoffice? If not, is the By Lee Vinsel and Andrew L. Russell A. Galston “no one will ing the killing of George dayand newcases running at challenger asafechoicetore- (Currency, 260 pages, $28) be safeinBi- Floyd.Mr. Biden had nothing twicethe level recorded in placehim? den’sAmerica.” JoeBiden to sayabout this during his Mayand June. In 1980,most Americans o you ever get the feeling that everyone around sought to turn the tables,ar- acceptancespeech at the con- disapproved of President ‘D you worships the wrong gods?” So ask Lee Vinsel guing that Mr.Trump wasthe vention, or about the false Carter’s performance. But the and Andrew L. Russell in thefirst pages of “The principal source of the chaos charge that he supportsde- Voters weren’t president’scampaign worked Innovation Delusion.” They areconsumed by this question, and insecurity so manyAmer- fundingthe police. Sincethe hardtodepict his challenger convinced that Americahas been seduced by the false ican areexperiencing.“Does end of the convention, the happy with Carter, as dangerously ignorant on charms of innovation, causing us to chase novelty and anyone believetherewill be Democratic nominee has ad- who tried to make domestic policyand areckless pursue disruption while neglecting maintenanceand lessviolenceinAmericaif dressed both these issues, adventurer who might start a infrastructureinboth the public and privatesectors. We Donald Trump is re-elected?” culminating in his Pittsburgh Reagan look too risky. nuclear war. It took Ronald end up discounting the value of “the ordinarywork that Mr.Biden asked. “He can’t speech. Reagan’s performanceatthe keeps our world going.” Anyone compelled to “ideate” at stop the violence—because for Thepolitical balancesheet two candidates’ only debate acorporatebreakout session cansurely relate. yearshehas fomented it.” is becoming clear.Mr. SincelateMarch, public to convincethe electoratethat Agitated by Walter Isaacson’s triumphalist portraits in That theDemocratic nomi- Trump’spersonal strengths approval of hishandling of he would be asafereplace- “The Innovators” (2014), Messrs. Vinsel and Russell, nee felt compelled to deliver include his reputation foref- thepandemic has declined ment. scholars of the history of technology, became increasingly this speech reflectstwo im- fectively managing the econ- steadily and is now39%, com- Four decades later,another troubled by what they sawasabroad cultural emphasis portant featuresofthe cam- omybeforeCovid-19,his solid pared with 58% disapproval, unpopular president is trying on “the shiny and new.” They started to wonder why no paign: the differencebetween and fervent base of support, according to FiveThirtyEight. to disqualifyhis challenger as one ever celebrates the “bureaucrats, standards engineers, the party conventions and the his continuing outsider appeal In an NPR/PBS NewsHour/ athreat to everything Ameri- and introverts” who manage to keep established systems president’semerging re-elec- despitenearly four yearsas Marist poll,only 37% said that cans care about—their jobs, running smoothly. We live in tion strategy. president, and his imageasa Mr.Trump would do abetter theirliberties,their values, an inverted world, they say, Republicanstrategistsac- strong and decisiveleader.His job dealing with this chal- their defense against foreign where “our society’s knowledged Mr.Trump’svul- personal weaknesses: Only lenge; 53% believeMr. Biden foes,and even their safety in charlatans have been cast as nerabilities and addressed 42% of Americans believethat would do better. If the princi- their homes and neighbor- its heroes, and the real heroes them. Numerous speakerstold he caresabout people like pal issue in this election is the hoods.The election hangson have been forgotten.” stories of privatekindnessto them, and even fewer—36%— pandemic,Mr. Trump will whether Mr.Trump cancon- In this dystopian view, we’ve softenhis public imageofnar- believethat he is honest and lose.And it won’t be close. vinceenough voters that his mistaken novelty for progress cissistic self-regard. Other trustworthy. In one poll be- No wonder Mr.Trump is so opponent representsarisk and, in the desperatepursuit speakersexplicitly countered fore the convention, half of all eager to shiftthe focus to they can’t affordtotake—or of growth, confused true inno- the charge that he is aracist. Americans said they think the other issues.During the Re- whether Mr.Biden canuse the vation—creating things that Mr.Trump’sdaughter Ivanka president is aracist. ManyRe- publican convention, the main presidential debates to con- work—with fraudulent “inno- did her best to turn his rough- publican women believe that line of attack wasthat, de- vinceAmericans that isn’t vation-speak.” The result is, as edged demeanor and unbri- he is driving women away spitehis moderatereputation, true. the authors put it, an “unholy dled Twitterfeed intovirtues. from their party. JoeBiden is aTrojan horse marriage of Silicon Valley’s These were defensivemea- Mr. Trump is also vulnera- forthe left, tooweak to stand Holman W. Jenkins, Jr.is conceit with the worst of Wall sures.They were also proba- ble on some issues,especially up to the extremistswho away. Street’s sociopathy.” Champions bly effectivefor some voters. his handling of the pandemic. would createasocialist econ- of change—like the late Harvard professor and father of disruptive innovation, Clay Christensen, and the influential thinkers at IDEO, the Palo Alto, Calif., design firm—have garnered hefty consultant fees while offering, the authors The Failed Experiment of Covid Lockdowns contend, little of true substance in return. Despite the frenetic pursuit of innovation stoked by the fear of missing By Donald L. Luskin not by the mandates put in heaviest caseloads.And it searcherstohavediscovered out, “we should resist the notion that anyone on this planet placebygovernment officials, makes no differenceifthe this statistical relationship.We knows how to increase the rate and quality of innovation.” ix months intothe but rather by observing what analysis includes other poten- firstpublished aversion of Privileging innovation, the authors note, costs us all. S Covid-19 pandemic,the people in each jurisdiction ac- tial explanatoryfactorssuch as these findingsinApril, around Localities find it far easier to attract federal funding for U.S. has nowcarried out tually did, along with their population density,age,eth- thesame time similar findings new infrastructure projects than to secure support for two large-scale experimentsin baseline behavior beforethe nicity,prevalenceofnursing appeared in these pages.In maintaining what already exists. And the funding for new public health—first, in March lockdowns.This is captured in homes,general health or tem- July,apublication of the Lan- development typically comes without the resources for and April, the lockdown of the highly detailed anonymized perature. Theonly factor that cetpublished research that downstream maintenance, saddling municipalities with economytoarrest the spread cellphone tracking datapro- seems to makeademonstrable found similar resultslooking unmanageable future obligations. Better for communities of the virus,and second, since vided by Google and others differenceisthe intensity of acrosscountries rather than first to fix what’s broken, Messrs. Vinsel and Russell argue, mid-April, the reopening of the andtabulated by the Univer- mass-transit use. U.S. states.“Alonger time and practice preventive maintenance. In any case, resources economy. Theresultsare in. sity of Maryland’sTransporta- We ranthe experiment a prior to implementation of any should be focused on what matters: Transit riders, one Counterintuitivethough it may tion Instituteintoa“Social second time to observethe ef- lockdown wasassociated with survey revealed, care most about service frequency and be,statistical analysis shows Distancing Index.” fectsoncaseloads of the re- alowernumber of detected travel time, not power outlets and Wi-Fi. that lockingdownthe econ- opening that began in mid- cases,” the study concludes. Theauthors’ most emphatic recommendations involve omydidn’t contain the dis- April. We used the same Those findingshavenow been talent—and our perception of it. When we overvalue innova- ease’sspread and reopening it Newdatasuggest that methodology, but started from enhanced by sophisticated tion, they say, we forget that the vast majority of engineers didn’t unleash asecond wave each state’speak of lockdown measures of actual social dis- will wind up maintaining existing systems,not coming up of infections. social distancing and and extended to July 31. Con- tancing,and datafromthe re- with the next Facebook.While we revere and reward data Considering that lockdowns reopening haven’t firming the firstexperiment, opening phase. scientistsand algorithm developers, we overlook the humble areeconomically costly and therewas atendency(though Thereare experimental con- IT workerswho keep our networks humming.Manystudents createwell-documented long- determined thespread. fairly weak) forstatesthat trols that all this research who might find “morejoy,meaning,and pleasure” working term public-health conse- opened up themost to have lacks.Thereare no observable in maintenanceroles areshunted toward innovation careers quences beyond Covid, impos- the lightest caseloads.The instances in which therewere suretomakethem miserable.Arebalancing of our priorities ing them appearstohavebeen Measuring from the start of states that had the big summer either totallockdowns or no is in order,Messrs. Vinsel and Russell contend. alarge policyerror.Atthe be- the year to each state’spoint flare-ups in the so-called “Sun- lockdowns at all. But there’sno ginning,when little wasknown, of maximum lockdown—which belt second wave”—Arizona, escaping the evidencethat, at officials acted in waysthey rangefromApril 5toApril California, Florida and Texas— minimum, heavy lockdowns Thevastmajorityofengineerswill wind up thought prudent. But nowevi- 18—itturns out that lock- are by no means the most were no moreeffectivethan maintaining existing systems and keeping them denceprovesthat lockdowns downs correlated with a opened up,politicized head- light ones,and that opening up were an expensivetreatment greater spread of the virus. linesnotwithstanding. alot wasnomoreharmful going—thank goodness.Weovervalue thenew. with serious side effectsand no Stateswith longer,stricter Thelesson is not that lock- than openingupalittle.So benefit to society. lockdownsalso had larger downs made the spread of where’sthe sciencethat would TrendMacro, my analytics Covid outbreaks.The five Covid-19 worse—although the justifythe heavy lockdowns While the authors stubbornly dispute former Harvard firm, tallied the cumulative places with theharshest lock- rawevidencemight suggest manypublic-health officials President Larry Summers’s (reasonable) assertion that “a number of reported cases of downs—the District of Colum- that—but that lockdowns arestill demanding? great nation can walk and chew gum at the same time”— Covid-19 in each stateand the bia, NewYork,Michigan, New probably didn’t help, and With the evidencewenow canboth innovateand maintain—they do managetomake District of Columbia as aper- Jersey andMassachusetts— opening up didn’t hurt. This possess, even themost risk- at least afew encouraging observations.The Defense centageofpopulation, based had the heaviest caseloads. defies common sense.Inaverse and single-minded pub- Department, they note, recognizes the value of infrastruc- on datafromstate and local It could be that strict lock- theory, the spread of an infec- lic-health officials should hesi- ture, allocating 40% of itshalf-a-trillion-dollar budget to health departmentsaggre- downswereimposed as are- tious disease ought to be con- tate beforedemanding the operations and maintenancein2015.The Air Forcespecifi- gatedbythe Covid Tracking sponse to already severeout- trollable by quarantine.Evi- next lockdown and causing the cally designates “maintainer” roles and aggressively recruits Project. We then compared breaks.But the surprising dently notinpractice, though next economic recession. forsuch positions.Also earning praise: local leaderslike that with the timing and inten- negativecorrelation, while sta- we areaware of no researcher Chuck Marohn, acivil engineer and the founder of Strong sity of the lockdown in each tistically weak,persistseven who understands whynot. Mr.Luskin is chief invest- Towns,agrass-rootsorganization focused on encouraging jurisdiction. That is measured when excluding states with the We’renot the only re- ment officerofTrendMacro. municipalities to approach infrastructuremoreprudently. Impassioned do-it-yourself advocates,the authorsapplaud the proliferation of repair-focused websites and instructional videos.Their affectionatedescription of the zenofhome Britain’s Military Prepares for New Threats repair will connect with manyreaders(though perhaps not the claim that “pool maintenanceisinfact ajoyfultask”). By Ben Wallace moored 200 yardsaway on the then conquer the might of ating in agrayzone of hybrid They celebratecommunity skill-sharing clinics,wheretools HMS Whelp.That moment Japan. Thetrust built through warfare. Thereview will help and adviceare exchanged, and criticizetech companies like laid awreath recently at marked the end of deadliest the sweat andblood of soldiers, the U.K. createamoremodern, Apple formaking product repair difficult and expensive. I the SoldiersMemorial at conflict in human historyand sailorsand airmen wasmade integrated and resilient mili- They even find some kind wordsfor venture-backed start- the RoyalMilitaryAcademy the start of apolitical integra- stronger by the pairing of two tary,one that is moreadept at ups that tackle maintenance, even if thesecompanies couch Sandhurst alongside an Ameri- tion focused on preventing fu- political giants, President operating in the newest do- their mission in the languageofdisruption. canofficer cadet. Second Lt. turehostilities. Franklin D. Roosevelt and Prime mains of spaceand cyber. While the authors’ emphasis on maintenance resonates, Roger KilgorefromRahway, As aformer soldier,Iam Minister Churchill. It wasan Expect to find the U.K. an and their take-down of innovation theater feels well- N.J.,had come to the United moved by PrincePhilip’srecol- unprecedented partnership, even stronger North Atlantic deserved, they may be preaching to the choir. Leading Kingdom on an international ex- lectionofevents. He described born of deeply held beliefsin Treaty Organization partner. technology companies may talk innovation, but they changeprogram and wasgradu- in an interview allied prisoners democracy, justice, tolerance Britain already makes the larg- already compete (as the writers themselves acknowledge) ating from thetraining acad- of warwho came aboardHMS andliberty. est financial contribution of any on reliability and uptime—striving for standards like the emythat British armyofficers, TheU.K.isstill the U.S.’s European ally to NATO andcon- “five nines,” meaning that service is available 99.999% of including Sir Winston Churchill, most reliable,capable and tributes significantly to the alli- the time and down no more than five minutes a year. have attended since1801. World War II ended committedally.Our forces ance’sReadinessInitiative, The authors describe three phases to innovation cycles— As agraduateofthe acad- servetogether around the which aims to have morebattal- invention, maintenance and decay—but they omit perhaps emymyself,IspoketoLt. Kilg- 75 years ago, and the world: defeating Islamic State ions and vessels ready to deploy the most important step: implementation, the process of oreabout our similar experi- U.K. is still the most in the Middle East, defending on short notice. TheHMS figuring out how a raw but promising advance might be put ences and also the significance free and open seas in the Queen Elizabeth aircraftcarrier to use. New technologies really can make the world better, of this year’s VictoryOver reliable U.S. ally. South Pacific,and protecting last year conducted exercises though how they will deliver their benefits can be hard for Japan Daycommemorations. the bordersofsovereign na- with U.S. forces off America’s the originator to perceive. (Thomas Edison expected that Some 75 yearshavepassed, tionsinEastern Europe. East Coast. his phonograph player would be used for recording wills.) but veterans from the U.S. and Whelp with “tearspouring As theU.K.defense secre- Gen. Dwight Eisenhower’s The hustle and hype around emerging technologies, so easy U.K. alikeunderstand that down their cheeks.” It is are- tary,Iwant this partnership to words, delivered aftervictory, to ridicule, reflect the chaotic effort to identify something freedom depends on continu- minder of theenormous suf- endureand meet newthreats, still resonate: “Ifwekeep our of real value. More often than not, it is pragmatic, curious ing to work together. fering and sacrifices made by a from global terrorism and hos- eyes on this guidepost then no frontline workers—“lead users,” in innovation-speak—who One of Britain’sWorld War generation in World WarII. tile states to pandemics and difficulties along our path of make the incremental advances that fulfill the promise and II survivors, PrincePhilip, Britain’s14th Armyworked climatechange. That’swhy the mutual cooperation canever realize the potential. While maintainers ably sustain the knows this only toowell. When closely with U.S. forces deep in U.K. is conducting the deepest be insurmountable.” Iknowit’s current status quo, implementers forge the next one; both the Japanese signed formal the jungles of Burma, to take and most radical reviewofits amessageLt. Kilgorewill take deserve to share in the recognition we insist on showering surrenderdocumentsaboard only one example of the ex- security,defense,development with him as he embarks on exclusively upon “innovators.” the USS Missouri on Sept. 2, traordinaryclosenessofour and foreign policysincethe what I’m surewill be aglitter- 1945,the DukeofEdinburgh militarycooperation. Together end of the Cold War. Thefront ing career in the U.S. Army. Dr. Shaywitz, a physician-scientist, is the founder of and futurehusband of Queen our chiefs of staff designed the line is no longer limited to Astounding HealthTech, a lecturer in the Department of Elizabeth II, then afirst lieu- strategythat would end the physical ground, and resurgent Mr. Wallace is the U.K.’s Biomedical Informatics at Harvard Medical School, and an tenant in the RoyalNavy, was war—first defeat Germany, stateaggressorsare nowoper- secretary of state for defense. adjunct scholar at the American Enterprise Institute. P2JW246000-0-A01600-1------XA

A16 | We dnesday, September 2, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR A Virus Progress Report We Remember Trump’s Economy Differently

ehatetobethe bearer of good peaked around July 24 and had fallen about 60% Regarding your editorial “Remem- influenceofnumerous increases in news,but heregoes: Theso-called by Aug. 15. ber the Trump Economy?” (Aug.26): stateand local minimum-wagere- W second virus wave is receding and Thebest news is that the virus is killing Thetrueexplanation forthe differ- quirements, forwhich neither Obama encebetween the Obama and Trump or Trump administrations canclaim has been far lessdeadly than fewerAmericans than it did economies is federal GDP expendi- credit. the firstinthe spring thanks It’s no time to be during thespring.Arizona, tures.Inthe two yearsfollowing the GEORGE PROVENZANO to bettertherapies and gov- complacent, but the Florida andNew York City 2017tax cuts, federal GDP expendi- Lewis and Clark Community College ernment preparation. Nobody have all recorded about the tures increased at an averagequar- Godfrey, Ill. is suggesting we should now summer surge has eased. same number of cases per cap- terly rate of 3.9%. In contrast, the let it rip,but the progress ita. NewYork City’s per capita Obama administration wascon- Idid aquick check of the perfor- should giveAmericans more death rate is about 5.6 times strained by the teaparty to reduce manceofour investment portfolio confidencethat schools and businesses canre- higher than Florida’sand four times higher than federal GDP expenditures in six of during the eight yearsofPresident open safely. Arizona’s. eight years. Without that antigrowth Obama and the firstthree yearsof Most states experienced flare-ups of varying Covid-19 patientsinthe South and West have influencethe previous administra- President Trump.The averagereturn degrees this summer as people gathered and been somewhat younger than in the Northeast tion’seconomymight have been one on our investmentsduring each of the strongest in U.S. history. Trump year was64% morethan the travelled more. But outbreaks were worseinthe this spring, but death rates have been lower ROBERTDEPORRES-RAS ROIduring each Obama year.Despite South and West, forreasons that deservemore across all age groups. States report data using Oak Brook, Ill. being aJournal subscriber,Iamnot study but could include high ratesofco-morbid- differentage bands,which canmakedirect asophisticated investor.Iamare- ities and more multigenerational households. comparisons difficult. But we calculatethat the Indexvalues from business-opti- tired navalofficer who is abuy-and- Some U.S. nationals and migrant workers also case fatality rate among adultsunder age44is mism and consumer-confidencesur- hold investor who seldom makes any brought the virus from Mexico. about 75% lower in Arizona than in New York veys arecompletely irrelevant when changes to our portfolio.Isthereany But the U.S. seven-dayrolling averageofnew City.Among those over 75,the case fatality rate placed against government dataon question whom we will be voting for cases has fallen by about 40% from itspeak on is about 16% in Florida, 19% in California and actual economic performance. in November? July 25.Hospitalizations and deaths in hot 36% in New York City. RealGDP grew 2.4% during Presi- CDR. JOHN HILDEBRANDT, USN (RET.) spotspeaked at about the same time in appar- Moretesting is probably identifying lessse- dent Obama’sfinal three yearsinof- Palm Coast,Fla. ent contradiction to epidemiological models vere cases,but in-hospital death rateshavealso fice and 2.5% during the firstthree yearsofPresident Trump’sterm— Bill Clinton’s1992 campaign line, that have predicted two-tothree-week lagsbe- improved. One reason is better (and earlier) hardly areversalofthe “secular stag- “It’sthe economy, stupid,” ringses- tween cases, hospitalizations and deaths. treatment including less intensive ventilation nation” youassert occurred in the fi- pecially true today. President Hospitalizations aredownby62% in Texas, and therapies likeremdesivir.DoctorsinTexas nal yearsunder Obama-Biden. Trump’spolicies have consistently 60% in Florida, 48% in Utah, 45% in California, and Arizona have said they prepared for their Moreimportant, under President delivered higher wages, lowerunem- and 44% in Louisiana from their peaks,which all states’ surge by seeking advicefromdoctorsin Trump,achieving sustained increases ployment and betteroverall economic occurred between July 21 and 24.Arizona’shos- New York City. in nonresidential grossprivatedo- growth “BC” (beforeCovid), and Iex- pitalizations began increasing in lateMay,aweek Statesalso aredoing abetterjob protecting mestic investment—a primaryobjec- pect similar results“AD” (afterdis- or two earlier than in most states,and have fallen their elderly and vulnerable populations,so tivefor the 2017Tax Cutsand Jobs ease) when he is re-elected. 78%sincetopping out July 12. therehavebeen relatively fewerdeaths in nurs- Act—hasn’t happened. Thethree-year RANDY KELLY Arizona has made so much progress that New ing homes.Florida with 21.5million people has averageincrease in this mighty and Cardiff-by-the-Sea, Calif. volatile growth engine was3.3%for York Gov.Andrew Cuomo removed it from his reported 4,759nursing-home deaths,and Cali- President Obama’slast three years Youciteseveral of President quarantine list last week.Notably,hospitaliza- fornia with 39.5 million has recorded 4,078 and 4.5% forPresident Trump’sfirst Trump’seconomic accomplishments tions have been falling at about the same rate compared to New Jersey’s 6,752 (8.9 million) three.Asurge in capital spending in but fail to mention the growing bud- in Texas, Florida and Arizona as in the Northeast and Massachusetts's 5,903 (6.9 million). the firsthalf of 2018 accountsfor getdeficit. Thedeficit to GDP ratio this spring.Asecond shutdown wasn’t needed Covid cases have been rising in some Mid- most of the difference. In the subse- from FY 2016 to 2019 has grown to crush these outbreaks. west states,but the flare-ups so far arewell be- quent 18 months,the impactsofcor- from 3.1% to 4.6%. Perhaps deficits Hospitalizations have declined somewhat low the spring Northeast debacle or the surge poratetax cutsoncapital expendi- aren’t aconcern, and we need to ac- more slowly in California despiteGov.Gavin in the South and West. Flare-ups areinevitable tures have definitely petered out. cept the Modern MonetaryTheory Newsom’s second lockdown in mid-July.By until avaccine is widely available,especially in Percent changes in aggregateexpen- approach. then cases and hospitalizations were already places where there have been few cases. No- ditures forstructures and equipment JIM SMEDRA flattening in Southern California as manypeo- body is suggesting the U.S. has achieved herd were negativeatthe end of 2019. Grand Prairie, Texas Finally,innoting 2018-19 as two ple were showing moreprudence. Yetit’snota- immunity and should nowdeclarevictory. yearsof50-year lows in the unem- TheTrump economywill long be ble that hospitalizations have fallen twiceas Americans will have to behave cautiously for ployment ratesand of accelerating remembered forborrowing record fast in Southern California counties that re- many more months, but it’s still worth taking median weekly earningsfor full-time amountsofmoney to sustain growth. opened in the spring as in BayAreacounties. stock of progress. workersinall race and ethnicity JOSEPH CARSON Their prolonged lockdowns maymerely have Moreand faster testing such as the low- groups,you fail to acknowledgethe Westport, Conn. delayedinfections. cost rapid antigen test by AbbottLaboratories Deaths appear to be falling moreslowly,but that the Food and Drug Administration ap- statereportsare oftendelayed. Manyfatalities proved last week will allowmoreschools and nowbeing reported occurred over multiple days workplaces to reopen. Thepolicygoal should Nikki Haley Refutes Identity Politics Theory a week or two ago. Florida and Texas recently be to mitigate the virus’s damage while allow- began reporting fatalities by the datethat they ing Americans to return to some semblance TunkuVaradarajan is correct to Because she won’t runasawoman call some of the critics of Nikki Ha- with all those allusions to glassceil- occurred, and their datashowthat deaths of normalcy. ley’s views and use of her middle ings, role models or identity politics. name and husband’ssurname as “rac- She will runinstead likeaGolda Meir, ist” (“TheSmearing of Nikki Haley,” aMargaretThatcher,anAngela Hong Kong’s Boat People op-ed, Aug.28). Merkel or even an IndiraGandhi, the Thereal problem hereisthat firstfemale prime minister of the ong Kong once was a refuge for Viet- the illusion of evading justicebyseeking shelter rather than demonizing capitalist countryofAmbassador Haley’s par- namese and mainland Chinese who fled on the island [of Taiwan] or elsewhere.” Beijing Americaasborn and bred in racism, ents. Her slogan might be: “Votefor H their homeland on boats in pursuit of may want to make a chilling example of these Nikki Haley stands up forAmerica’s me because of what Iwill do foryou freedom. Now Hong Kongers are fleeing their unlucky fugitives. values as ensconced in the Declara- and not forwhat Iam.” Americans are own city in the same way, and not all of them Many in Hong Kong fear this is a harbinger tion of Independenceand our Consti- wise enough to notethat difference. tution. She believes in America’scon- Watchfor Haley’s comet in 2024. make it to safety. of what’s to come as the Chinese Communist tinuing promise as the land of MARK CASTELINO TheChinese Coast Guardlast week inter- Party tightens its grip on the city. Taiwan re- opportunity foranyone willing to Mahwah, N.J. cepted a boat carrying a dozen Hong Kongers, cently opened an officetohelp Hong Kong refu- work forit. As anyone,regardlessof who ranged in age from 16 to 33, trying to sail gees “whose safety and liberty areimmediately color,becomes the target of scorn if to Taiwan. Some of the boat people faced seri- threatened forpolitical reasons,” and U.K. they don’t toethe line of liberal-pro- Covid-19 Plasma Treatment ous chargesrelated to pro-democracyactivism Prime Minister Boris Johnson has pledged a gressiveorthodoxy regarding race and Could Offer Even More Hope or their role in last year’s protests. pathway to citizenship formillions of residents “social justice,” the criticism isn’t re- At least one, democracy supporter Andy Li, of Britain’s former colony. Immigration attor- ally about race.Itisabout Ms.Haley’s The FDA’s clearance for treating wasarrested in August under the newnational- neys, overseas real-estatesalesmen and reloca- positiveviews of Americaand her re- hospitalized Covid-19 patients with security lawand faces up to lifeinprison if con- tion companies say they’ve seen a surge in in- fusal to wallowinchronic grievance convalescent plasma is a positive victed. Hong Kong has long prided itself on an terest by Hong Kongers seeking to leave. and victimhood. step, but restricting the therapy to TOM O’HARE hospitalized patients misses an op- independent judiciary, but the accused under- China Daily slammed Taiwanese leadersfor Charlestown, R.I. portunity to reduce hospitalization standably fear that the Communist Party will having “openly encouraged lawbreakersin and death rates (“Plasma Treatment dictatefromnow on what happens in the Hong Hong Kong to evadethe consequences of their What astellar portrayal of America for Covid Gets FDA Clearance,” Page Kong courts as it does in China. actions,” and this summer Foreign Ministry at the Republican National Convention One, Aug. 24 and the editorial “The TheChinese Coast Guardarrested the 12 for spokesman Wang Wenbin said China may not by adaughter of Indian immigrants, FDA’s Good Plasma Decision,” Aug. unlawfully crossing the border.Little is known recognize“as valid travel documents” the Brit- who Ipredict will be the firstfemale 25). Convalescent plasma is not more about their fate, except that they are detained ish National Overseas passportsgranted to president of this great country. Why? or less effective depending on in the mainland. On Mondaythe state-run China Hong Kongers. Last week’sHong Kong boat peo- whether the patient happens to be in Daily wroteinanEnglish-languageeditorial ple areamong the firsttorisk their lives to es- the hospital when receiving the treat- that “Hong Kong lawbreakers should give up cape, but they won’t be the last. California Fails Basics but ment; however, the therapy is likely Gets an A for Indoctrination to be less effective if given late in the course of the disease. For many, the Regarding Williamson M. Evers’s hospitalization requirement likely will Benjamin Franklin, ‘Person of Concern’ “‘Critical’ Ethnic Studies Returns to delay use of the therapy until a time California” (op-ed, Aug. 28): The revi- it will be less effective or encourage republic,ifyou cankeep it.” Benjamin ident of the Pennsylvania Society forPromoting sion of the proposed mandatory eth- early hospitalizations so that the pa- Franklin’s1787quip about the govern- the Abolition of Slavery,but anyone who believes nic-studies class curriculum receives tient can receive the treatment. The ‘A ment Americans would have is proba- the report is aconsidered historical exercise and thoughtful critique. California’s K-12 hospitalization requirement functions bly the most popular Found- not an Orwellian effort in ideo- educational system ranks well below as a disguised rationing device for a ing-era wisdom still with us. D.C. also proposes to logical reprogramming has the national average, behind a major- limited supply of convalescent Maybenot forlong.Asifto cancel Washington been takenin. ity of states in fourth- and eighth- plasma—but at a huge cost in effi- proveFranklin’sinsight about Thecommitteewantsthe grade reading and math, so it seems ciency and effectiveness. puzzling why California seeks to ex- RICHARD O. DUVALL the tendencyofrepublics to and Jefferson. Franklin School historic land- pand its objective before achieving Alexandria, Va. self-destruct, aDistrict of Co- mark renamed and recom- satisfactory results in its schools’ ba- JAMES COBEY, M.D. lumbia panel has identified mends that D.C. petition the sic function by introducing a form of Washington Franklin, among other Founders, as a “person federal government to “remove, relocate, or mission creep. It seems if you can’t of concern,” and recommended his name be re- contextualize” afederally owned Franklin teach reading and math, try ethnic moved from D.C. property. statue.Itoffersthe same recommendation for studies. Based on the author’s analy- Pepper ... The astonishing proposals come from a the federal Washington Monument—yes, the sis, it appears the state has con- And Salt Washington, D.C.,government committee monument to the man who wonAmerica’sinde- cluded even comprehensive studies formed by MayorMuriel Bowser to re-examine pendence. are too challenging, so the California THE WALL STREET JOURNAL the names of schools, statues and parks in the Some otherschool names the committee Department of Education has decided wake of protests. Thecommitteesubmittedits wantsscrubbed: Thomas Jefferson,author of the to further concentrate that topic on the low-hanging fruit of ethnic-griev- report Monday, and Ms.Bowser tweeted “I look Declaration of Independencethat declared all ance studies, and even then to focus forward to reviewing and advancing their rec- men arecreated equal; Francis ScottKey,author on misguided racial grievance while ommendations.” of the Star-Spangled Banner; Alexander Graham ignoring the enormous contributions The committee says it hunted for historical Bell,inventor of the telephone; and James Mon- of the Irish, Jews, Germans and oth- figureswith “key disqualifying histories,in- roe, who negotiated the Louisiana Purchase and ers to America. cluding participation in slavery, systemic rac- wasAmerica’sfifth President. This further confirms a growing ism, mistreatment of,oractions that sup- Manybackersofthe summer’s protest move- conclusion that education is far too pressed equality for, persons of color, women ment saythey want to perfect the Founding important to delegate to government. and LGBTQ communities and violation of the principles, not demolish them—and that they JAMES W. BENEFIEL DC Human Right Act.” Thebureaucratsworked support the removal of Confederatestatues for Dunedin, Fla. with uncharacteristic dispatch, taking six weeks that reason. That’s the image Democrats pre- Lettersintended forpublication to render the judgment of historyon1,330 sented at their national convention. If it’strue, should be emailed to [email protected]. properties named for people. then Biden Democratsshould be the firstto Please include your city, stateand Thecommitteedoesn’t explain itscase blast the district’seffortstodishonor the peo- telephone number.All letters aresub- “She’s quickly grasping the value against Franklin, but we canassume he was ple who created the Constitution they are ject to editing,and unpublished letters of money. Her imaginary friend cannot be acknowledged. judged foronceowning slaves. He waslater pres- sworn to protect. is named PayPal.” P2JW246000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | A17 OPINION Prosperity Rides on a Republican Senate

By Phil Gramm legislativeagenda and in 2017pro- 329,100 fewerGeorgians living in And Mike Solon vided the Republican support to pass poverty,arise in homeownership, the Trump growth agenda. and arecordlow unemployment henBarack Obama While the Biden campaign insists rate.The Republican Senatedeliv- swept the 2008 elec- that Americans simply don’t under- ered the lowest annual unemploy- tions,his long coat- standhow great the Obama-Biden ment ratesonrecordin26statesin- tails helped flip eight economywas and whyweshould wel- cluding Alaska, Arkansas,South W S Republican Senate come itsreturn, government datasay Carolina, Tennessee and Texas.

seatstothe Democrats, giving the otherwise.Seven yearsafter the NEW No senator has meant moretohis Obama-Biden presidencythe Senate’s 2007-09 recession began, real per cap- G home statethan Majority Leader most progressivesupermajority since itaincome wasupbyonly 3.1% while Mitch McConnell of Kentucky. Home- FDR.With all 60 SenateDemocrats jobgrowthstalled, up only 0.8%. By OOMBER ownership fell by 5% in Kentucky voting in unison for President comparison under President Clinton, /BL when Democratscontrolled the Sen-

Obama’svision, they passed Obama- income wasup13.3% and job growth ADES ate, but rose by 2.8% since2014. The Carewithout asingle Republican wasup8.9%seven yearsafter the poverty level has fallen by 87,000 af-

vote.The newDemocratic senators 1990-91 recession began. Seven years ADE-RHO terrising by 40,000 while Democrats also made possible the adoption of afterthe 1981-82 recession started, in- held the Senate. Afterfalling by ANDR

the $787 billion stimulus bill in 2009 come wasup27. 5% and job growth A $5,077,median Kentuckyincome has

and the Dodd-Frank Act of 2010, wasup14.1% under President Reagan. AND risen by $9,128.Not sinceHenryClay

which vastly expanded government TheObama-Biden recovery wasargu- AM has aSenateleader from Kentucky control of American financeand gave ably the weakest recovery in Ameri- Majority Leader Mitch McConnell (R., Ky.) and Sen. Joni Ernst (R., Iowa). done so much forhis stateand the the president the nearly unfettered canhistoryoutside the Depression nation. ability to promulgateregulation era. And voters knewit. When the comes fell by $8,802 and the poverty EveryGOP senator up forre-elec- Good policies produced good acrossthe entireeconomy. SenatevanguardofMr. Obama’seco- rolls swelled by 11,887,costing Sen. tion in 2020 canmakeasimilar case. times,with nationwide record lows in nomic transformation stood forre- Mark Begich his job. During the term of Sen. Thom Tillis, unemployment forblacks,Hispanics, election in 2014, the 117polls measur- What does theGOP classof2014 NorthCarolina’smedian household women and the disabled. Poverty ADemocratic majority ing the president’seconomic approval have to showfor itssix yearsinof- income rose $3,697 while the state’s ratesfor blacks and women hit record rating averaged minus-13.9%. fice?Consider Colorado Sen. Cory poverty population fell by 250,900.In lows,with wagesand wealth rising would be arubber stamp In the only polls that counted, Gardner.Inthe six yearsthe Demo- taking aDemocratic seat in 2014, faster forthose at the bottomthan foraPresident Biden’s voteropinion became action. When cratscontrolled the Senate, employ- Sen. Joni Ernst helped deliver 3.9 forthose at the top. Abad bug,not the Democratic Senateclassof2008 ment in Colorado fell by 138,000 jobs, times as much median household in- badeconomic policies,shut down ruinous economic agenda. stood beforevotersin2014, the lat- but from his election through 2019 come growth forIowans as during progress. But howcan even the most estcensus datashowedthat Colo- Colorado added 400,000 jobs.Median the previous six years. Thenumber of delusional voterimagine that pros- rado’s real median household income household income rose by $8,332. Iowans living in poverty fell and perity could be restored to the pre-vi- In building their progressiveworld had fallen by $2,829 over the previ- Electing Mr.Gardner and aRepublican homeownership rose. ruslevel by adopting theBiden-Sand- without compromise or restraint, ous six years, and the number of Col- Senatemeant morejobs,moreincome ForArizonans,whereSen. Martha ers-Warren agenda, which is far more SenateDemocratsdelivered the oradans living in poverty had risen and lesspoverty in Colorado. McSally wasappointed in 2019 to fill socialist than the failed progressivism weakest postwarrecovery, as em- by 114,883. Sen. Mark Udall lost. Maine wonbig when Sen. Susan the vacancyoriginally created by of the Obama era? And cananybody ployment and income growth stag- In North Carolina median house- Collins wasre-elected in 2014tohelp John McCain’sdeath, job growth realistically denythat such an agenda nated nationally, especially in their hold income had fallen by $5,698 and flip the SenatetoRepublican control. surgedseven timesasfast as under will be implemented if Mr.Biden is ownhome states.Sowhen those 406,055 moreNorth Carolinians offi- Household income,which had fallen the Democratic Senate. TheRepubli- elected president and the Democrats Democratic senatorscame up forre- cially became poor,costing the late by $828 whilethe Democratsheld canSenatehelped 215,500 Arizonans take over the Senate? election in 2014, voters neither for- and much-loved Sen. KayHagan her the Senatemajority,has risen by escape poverty,increased home- Fortunately in Americaweget to gotnor forgave. Five incumbent seat. Arkansas households haden- $3,761 since2014. Instead of 25,200 ownership,and pushed median choose,and the choicehas never Democratslost and Republicans won dured a$3,181 drop in income as more Mainersfalling intopoverty, householdincome up by $9,989. been clearer. four open seatsheld by Democrats. 84,348 fell intopoverty.Sen. Blanche 31,300 escaped it. Afterfalling by 4%, Sens.David Perdue and Kelly Loeff- With the House controlled by Repub- Lincoln lost. Atypical Louisiana fam- homeownership rose by 4%. And ler cantell Georgians that aRepubli- Mr. Gramm is aformer chairman licans after2010,flipping the Senate ilylost $3,475 and 139,609 more peo- Maine enjoyedthe lowest annual un- canSenatemeant nearly six times as of the Senate Banking Committee. Mr. in 2014further weakened the capac- ple were poor,dooming Sen. Mary employment rate ever recorded in manynew jobs,almost twicethe Solon is apartner of U.S. Policy Met- ity of President Obama to push his Landrieu. In Alaska household in- 2019. growth in median family income, rics. Spare Us More of the Arrogance of ‘Expertise’

Mitch McConnell’s guidancebut rather see longstanding health-caremandates aretwo obvious creases in violent crime have brought that it’s the job of the president, not short speech at the traditions,existing institutions,pop- examples.But there’salso the more calls from the public formorepolic- the scientists, to decide what has to be GOPconvention last ular opinion and the likeasobstacles general nannystate mentality ema- ing,while professional activistscall done.And while decisions on aCovid week didn’t receivea to overcome in pursuing their grand nating from liberals who tell youthat fordecarceration and reduced funding response or anyother issue should be tonofattention, but visionsofhow thingsshould be. politicians,bureaucratsand academ- forlaw enforcement. Low-income mi- informed by people with expertise, in his understated In an influential 1945 essaytitled ics knowbetterthan youdohow to norities want to choose wheretheir their views should be weighed against UPWARD way the Senatema- “The UseofKnowledgeinSociety,” liveyour lifeand raise your children. children areeducated, but eliteorgan- those of othersand not accepted MOBILITY jority leader articu- theAustrian economist Friedrich Theresult is fewerdecisions made izations likethe NAACPoppose char- uncritically. latedone of the less Hayekdescribed two types of knowl- through democratic processes,and terschools. In his classic 1980 book,“Knowledge By Jason L. obvious issues at edge. One was“scientific knowledge,” morechoices determined by an intel- Theinfluenceofthe intellectual and Decisions,” Thomas Sowell ex- Riley stakeinNovember. by which he meant theoretical or ligentsia that suffersfew if anyconse- classonour politics is not anew phe- panded on Hayek’sinsight and warned “This election is technical expertise.The other was quences forbeing wrong. nomenon—a popular book in the about the “grave implications” of these incredibly consequential formiddle “unorganized knowledge,” which he 1960s by the psychiatrist Karl Men- trends.The “locus of decision making America,” said Mr.McConnell, aKen- defined as “the knowledgeofthe par- ninger wastitled “The Crime of Pun- has driftedaway from the individual, tuckyRepublican and the only top ticular circumstances of time and When did Democratsstop ishment”—but it has grownsteadily. the family and voluntaryassociations congressional leader in either party place.” With respect to the second And given that liberals arefar less of various sorts, and toward govern- who’s not from California or New kind of knowledge, he observed, trusting people to know skeptical of scientific knowledge—as ment,” he wrote. “And within govern- York.Democratspreferthat “all of us “practically everyindividual has some what wasbestfor them seen most recently in their response ment, it has moved away from elected in flyovercountrykeep quiet and let advantageoverall others,” including to the pandemic—this trend is likely officials subject to voterfeedback,and them decide howweshould liveour the so-called experts. Hayekwas ex- and their children? to accelerateifDemocratswin back toward moreinsulated government in- lives,” he said. “They want to tell you plaining the overriding problem with theWhiteHouse. stitutions,such as bureaucracies and when youcan go to work,when your centrally planned economies,which is In an interviewwith ABC News last the appointed judiciary.” kids cangotoschool. They want to that no matterhow intelligent the Experiencetells us that the best week,Joe Biden criticized President On itssurface, Mr.McConnell’s taxyour job out of existenceand then people in charge,they’renot omnipo- way to raise children is with amother Trump fornot being moredeferential speech wasaplea to support GOP Sen- send youacheck forunemployment. tent and thereforecan’t possibly and father in the home,and the most to the scientific community.“This is atecandidates in November.Under- They want to tell youwhat kind of knowthe ever-changing wantsand effectiveanti-poverty program in exis- about telling the American people the neath,heseemed to be saying that caryou candriveand what sourcesof needs of vast numbersofindividuals tenceisgetting married beforehaving truth, letting the scientistsspeak,lis- even if youcan’t stomach four more information arecredible.” in the marketplace. kids.Yet prominent commentatorslike tening to the science...and stepping yearsofDonald Trump, it would be a Mr.McConnell wasimploring vot- Atroubling trend in recent decades David Brooks insist that the nuclear out of the way,” he said. “Let the ex- mistake to giveDemocrats—and the erstothink twicebeforethey turn has been the transfer of decision- family is nowpassé and that the black pertsgoout and let the American peo- expert intellectuals they hold up as government over to Democratic elites making authority to expert intellectu- underclassneeds slavery reparations, ple knowwhat the truth is and what our betters—control of the White who don’t look to ordinarypeople for als.Environmental regulations and not fewerfatherless households.In- hastobedone.” Some of us believe House as well as Capitol Hill. The Remdesivir Patent Isn’t State Property

By Sally C. Pipes of the drug to meet America’sneeds. retained patentsfor government- patent to address “health or safety than $1 billionGilead has committed And they claim that its price, about funded research and rarely licensed needsnot reasonably satisfied” by to the drug. early three dozenattorneys $3,100 forafive-daycourse,istoo them to privatefirms.Most discover- the patent holder or licensee. Thefederal government’sown ex- N general areattempting alegal high. ies languished in federal labs,which Therehavebeen six cases in pertsdon’t believethey have alegiti- act of theft. This month, at- But their argument is flawed. The didn’t have the capacity,expertise or which activistspetitioned the gov- mateclaim to remdesivir.Asthe torneysgeneral from 31 states, lawdoesn’t givethe government the incentivetocommercializethem. ernment to employ march-in rights chief patent counsel forthe U.S. American Samoa, Guam and the Dis- right to seize the intellectual prop- But afterBayh-Dole,innovation in hopes of reducing drug prices.All ArmyMedical Research and Develop- trict of Columbia sent a letter to the erty behind remdesivir.Evenifit flourished. Thelaw is responsible for ment Command put it, “Although heads of the U.S. Department of did, there’slittle evidencethe U.S. is the development of morethan 150 USAMRIID”—the U.S. ArmyMedical Health and Human Services,the Na- facing a shortage of the drug. new vaccines and drugs in the past Attorneys general want to Research InstituteofInfectious Dis- tional Institutes of Health and the Theargument advanced by the at- 40 years. eases—“performed extensiveand Food and Drug Administration ask- torneysgeneral relies on the concept To ensurethat federally funded seizeGilead’sright to its critical screening and testing forthe ing the federal government to revoke of “march in” rights, aproduct of the patent-holders licensed their intel- drug,but government did company, testing acompound and Gilead Sciences’patentfor remdesi- Bayh-DoleAct of 1980.The lawal- lectual property to “responsible” pri- finding that it is indeed an effective vir,anantiviral drug shown to re- lows universities and nonprofitsthat vate firms, Bayh-Dole gave the gov- littletohelp create it. antiviral compound doesn’t qualify ducemortality in patientswith receivefederal funding to patent ernment the right to “march in” and USAMRIID as ajoint inventor of the Covid-19. their inventions and license the in- allowcompetitorstouse apatented compound.” The attorneys general effectively tellectual property to private firms design, under two conditions.Licens- sixhavefailed. As the NIH opined in Further,it’sludicrous to declare assert that remdesivir belongstothe with the financial capability and ees that failed to commercializethe one 2004 case,“Theextraordinary that “Gileadisunable to assurea government because taxpayers know-howtoturn them intotangible inventions within areasonable time remedy of march-in is not an appro- supply of remdesivir sufficient to al- helped fund itsdevelopment.They products. could see those patentsrevoked.The priate means of controlling prices.” leviate the health and safety needs of allegethat Gilead can’t makeenough BeforeBayh-Dole,the government government could also appropriatea Thenew allianceofattorneysgen- the country,” as the complainant at- eral hopes the seventh time is the torneysgeneral do.The company charm. But the factsare against agreed to sell 500,000 courses of Notable & Quotable them. treatment to the federal government PUBLISHED SINCE 1889 BY DOWJONES&COMPANY First, Gilead’sscientistsare en- through September.That amountsto Rupert Murdoch Robert Thomson From John Cochrane’s Grumpy tirely responsible for the invention morethan 92% of itsproduction ca- Executive Chairman, News Corp Chief Executive Officer, News Corp Economist blog,Aug. 31: of remdesivir.The predecessor com- pacity.That’sinaddition to the more Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher pound that eventually led to remde- than 190,000 courses the company Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: So we enter another week envel- sivir was initially devised as poten- donated this spring. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; oped in smoke, hereinCalifornia. ... tial treatment forhepatitis Cand By the end of the year,Gilead Jason Anders, Chief News Editor; Louise Story, Chief Natalie Cerny, Chief Communications Officer; Can youimagine the public and polit- respiratorysyncytial virus,which is plans to producemorethan two mil- News Strategist, Product &Technology Officer Kamilah Mitchell-Thomas, Chief People Officer; EdwardRoussel, Chief Innovation Officer; ical reaction if this were caused by a common in children. lion courses of treatment. That Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer private-sector activity? Thegovernment didn’t getin- should allow for plenty of remdesi- Features &Special Projects; Andrew Dowell, Asia; Imagine foraminutethat Jeff Be- volved untillater,when it teamed up vir, given that it’s only appropriate AnthonyGalloway, Video &Audio; Brent Jones, OPERATING EXECUTIVES: Culture, Training &Outreach; AlexMartin, Print & Jason P. Conti, General Counsel; zosand Mark Zuckerberghad amany with Gilead to test whether the drug for a fraction of Covid-19 patients. Writing; Michael W. Miller, Features &Weekend; TracyCorrigan, Chief Strategy Officer; thousand acreranch in Northern Cali- waseffectiveagainst Ebola. Thepub- Attorneysgeneral aresupposed to Emma Moody, Standards; Shazna Nessa, Visuals; Frank Filippo, Print Products &Services; fornia, but fordecades they refused lic helped fund that work,but it had be the toplaw-enforcement officers MatthewRose, Enterprise; Michael Siconolfi, Kristin Heitmann, Chief Commercial Officer; Investigations; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; to do anyproper management and let to: The government limits access to in their domains. By calling for pat- Thomas SanFilippo, Customer Service; kindling pile up.Suppose that when lethal pathogens likethe Ebola virus, ent expropriation, these officehold- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; massivefires erupted everyyear,they understandably. ersare proving their allegianceto Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; relied on heroic volunteersand pris- Later, Gilead collaborated with ac- the rule of law is selective. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International onersbeing paid afew dollarsaday ademic and government institutions WALL STREETJOURNAL MANAGEMENT: Professional Information Business: Joseph B. Vincent, Operations; Christopher Lloyd, Head; to go trytoput out the flames.... to test remdesivir against coronavi- Ms. Pipes is president and CEO of LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Suppose one of the few remaining oil ruses like SARS and MERS. But the the Pacific Research Institute and

EDITORIAL AND CORPORATEHEADQUARTERS: refineries were covering the statein totalgovernment expense forre- author of “False Premise, False 1211 Avenue of the Americas, New York, N.Y., 10036 smokefor amonth at atime every search adjacent to remdesivir,about Promise: The Disastrous Reality of Telephone 1-800-DOWJONES year.Orifitwereautomobile exhaust. $70million, is afraction of the more Medicare for All.” P2JW246000-0-A01800-1------XA

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S&P 3526.65 À 0.75% S&P FIN À 0.22% S&P IT À 1.86% DJ TRANS À 1.17% WSJ $ IDX À 0.01% LIBOR 3M 0.251 NIKKEI (Midday) 23208.55 À 0.30% See more at WSJ.com/Markets Black Ex-OwnersSue McDonald’s Tesla

Chain denies claim it nois,accused McDonald’sof McDonald’sdenied the alle- Tuesdaymorning that he per- prived plaintiffs of thesame To Offer steering Black franchisees to gations of discrimination sonally takesseriously anyalle- rightsenjoyedbywhitefranchi- was discriminatory, restaurantsinundesirable loca- against franchisees and said gations that the company sees,” according to the com- steered franchisees tions in inner cities foryears. they didn’t reflect the com- hasn’t lived up to itsvalues. plaint. Thesuit seeks compen- $5 Billion Those restaurantsweredestined pany’swork as apartner in the “Based upon ourreview,we satorydamages forownersof to subpar locations to fail, and oftenhad lowersales small-businesscommunity. disagree with the claims in this $4 million to $5 million per and higher operating costs, ac- “Weare confident that the lawsuit and we intend to storefor the morethan 200 lo- In Stock BY HEATHER HADDON cording to the lawsuit. factswill showhow committed strongly defend against it,” said cations they onceoperated. TheBlack former franchisees we aretothe diversity and Mr.Kempczinski in the mes- McDonald’ssaid the allega- Several dozenformer saytheir annual averagesales equal opportunity of the sage, viewedbyThe Wall Street tions that it evaluates Black BY DAVE SEBASTIAN McDonald’s Corp.franchisees of $2 million were $700,000 McDonald’ssystem, including Journal. franchisees differently were sued theburgergiant, alleging belowthe national averagefor across our franchisees,suppli- According to the lawsuit, the false.Itsaid the totalnumber Tesla Inc.said it planned to it unfairly treated Black owners U.S. McDonald’sownersbe- ersand employees,” the com- number of Black operatorsin of ownersfell amid consolida- raise up to $5 billion through by selling them subpar stores tween 2011 and 2016,according panysaid in astatement on the U.S. fell to 186 this year tion in thepast several years, stockofferingsfromtime to and failing to support their to the suit. Manyofthe 52 for- Tuesday. from ahigh of 377in1998 be- but that Black franchisees as a time as the electric-vehicle businesses. mer ownersfrom18states, in- McDonald’sChief Executive cause of what it described as proportion of the roughly 2,000 maker,which has enjoyeda Thelawsuit, filed Monday cluding Georgia, Texas and New Chris Kempczinski said in a thecompany’sracial discrimi- U.S. restaurant ownersremain surging shareprice, makes an- night in the U.S. District Court York,said they lost their busi- video messagetoU.S.employ- natorypractices.“McDonald’s largely unchanged. It added other investment push. forthe Northern District of Illi- nesses in the past four years. ees,franchisees and suppliers intentionally and covertly de- PleaseturntopageB2 Thereturn to capital mar- kets comes afterthe stock split 5-for-1onMonday, send- Covid-19 coverage-dispute ingitupsharply.The planned lawsuitsfiledinthe U.S. fundraising representsroughly 1,000 claims (cumulative) 1.1% of Tesla’s$464 billion market capitalization, accord- ing to FactSet. 750 1,077 Tesla has enjoyedastrong as of rundespitethe pandemic that Aug. 25 temporarily shut itslone U.S. 500 carplant in Fremont, Calif., as local authorities battled the 250 spread of the Covid-19 disease. In July,the companyposted a fourth-consecutiveprofitable 0 quarter forthe firsttime in its April Aug. 17-year history, defying Wall Street analystswho expected a Top10statesbyCovid-19 loss. But reaching that point coverage-disputelawsuitsfiled hasn’t been easy.Inits quest to Calif. 130 become the firstmassproducer of electric cars, Tesla burned Fla. 130 cash to raise production and Pa. 123 overcome logistical hurdles. Ill. 84 TheSilicon Valley car maker, which had about $8.5 N.J. 81 billion in debt at the end of Ohio 72 the latest quarter,has at times CK

Texas 67 TO struggled with alack of liquid- RS ity,particularly during expan- N.Y. 65 TE

UT sion periods when it intro- Wash. 41 SH duced new models and added A/

Ala. 24 EP production capacity. A/ ThecompanyinJuly said it Note:About 5% of the lawsuits seek some type RCI of coverage other than business-interruption, GA wasplanning to open asecond such as event-cancellation insurance. NE U.S. car factory to be located GE

Source:Covid Coverage Litigation Tracker at the EU in Austin, Texas,with produc- UniversityofPennsylvania Carey LawSchool Policyholders have largely been losing legal fights to be coveredfor pandemic-relatedclosures. Abarbershop thatreopened in California. tion slated to start next year. It already is working on its first European car plant, out- side Berlin,and has signed a InsurersGain on Businesses in Virus Rulings loan agreement with Chinese banks to expand its car plant in Shanghai. BY LESLIE SCISM ruption coverage disputes. with itspolicyholders. trict of Columbia, and in seeking to forceaninsurer to Tesla, which this year be- Still, policyholdersscored In the rulings, the judges federal courtsinTexas and payaCovid-19 claim. Thepoli- gandelivering itsModel Y U.S. property insurershave success in afederal court in sympathizewith businesses’ California, according to a cyholder’s lawyer withdrew sport-utilityvehicle,also is wonaflurryofjudicial rulings Missouri, boosting effortsto plight, but most so far support Covid-19 litigation-tracking ef- the case beforethe judgeis- working on several new vehi- backing up their rejections of interpret property insurance insurers’ legal arguments. fort at the University of Penn- sued awrittenopinion. cle types, including itsCy- claims forbusinesses’ lost in- as covering claims from the Insurerssay the policies are sylvania Carey LawSchool. On “Weare at an importantin- bertruck pickup and Semi come during government-or- coronavirus. intended to help policyholders Thursday, afederal magistrate flection point,” said Randy Ma- truck. dered shutdowns,dimming Acrossthe U.S.,restau- as they recoverfromevents, judgerecommended the dis- niloff, an attorney at White& DavidWhiston, an analyst policyholders’ hopes of pay- rants, hair salons,retailers such as fires, that lead to re- missal of alawsuit brought by Williams LLP,who represents forMorningstar Research, said mentstohelp them rebound. and other businesses areseek- pairsand rebuilding,and were aMiami restaurant. insurers. “Ifthe scorecontin- therewill likely be manymore In recent weeks,insurers ing policyproceeds to deal never intended to covervirus- Those actions followaMay uestobelopsided, the deci- factoriesrequiring heavy capi- have wonmorerulingsthan with the hugeeconomic cost related claims. hearing in which aSouthern sions will become astrong talspending,and with the policyholdersasthe courtsbe- of the shutdowns,inone of So far insurershavepre- District of NewYork federal headwind forpolicyholders run-up in itsstock Tesla can gin to work through morethan the biggest fightsthe insur- vailed in statecourtsinCali- judgesaid she would rule trying to convincejudges to tapwhat almost amountsto 1,000 Covid-19 business-inter- anceindustryhas ever waged fornia, Michigan and the Dis- against amagazine publisher PleaseturntopageB11 PleaseturntopageB2 Local TV Stations INSIDE Samsung Leader Indicted Team Up to Launch In a Second Financial Case

Streaming Service BY ELIZABETH KOH

South Korean prosecutors BY LILLIAN RIZZO footing in the streaming indicted the de factoleader of world, industry analysts have the Samsung conglomerate, Anew streaming service said. LeeJae-yong,onchargesalleg- featuring more than 200 TV Syncbak has been testing ing he manipulated stock prices stations launched Tuesday, the service for months, Chief and violated the country’scapi- part of an effort by local-TV Executive Jack Perrysaid. tal-marketslaws, raising the groups to make their content One of the earliest tests possibility that the businessty- morebroadly available and happened in February, when BUSINESSNEWS coon could return to prison. generate additional advertis- Syncbak helped Heritage Driverless-truck The52-year-old Mr.Lee, ing revenue. Broadcasting,asmall Michi- who wasnamed along with 10 startups trytomake OL VUit—pronounced “ViewIt” gan-based broadcast station currentand former Samsung PO —letspeople stream all of owner, live-stream more than inroads into executives in the prosecution’s S Gray Television Inc.’sTVsta- 10 hoursofasnowmobile freighthauling. B3 case,won’t be arrested as part tions in 93 markets and some race—which drew viewers of the indictment. But he will

of Meredith Corp.’s17sta- from 107 marketsacrossthe have to stand trial in aSeoul HONG-JI/PRES

tions,aswell as dozens of U.S. and globally. district court. Atrial date KIM closely held stations.The ser- People who came acrossthe hasn’t yetbeen set. Prosecutors allege Samsung Vice Chairman Lee Jae-yong, shown in vice, which wascreated by serviceduring the testing Mr.Lee,agrandson of Sam- May, violated South Korea’s capital-markets laws for a merger. streaming-technologycom- came back to it 17 times a sung’sfounder,isalready on pany Syncbak Inc., will be ad- month on average, Mr.Perry trial foraseparate—though re- ing auditing laws. revolves around the2015 supported and free of charge said. lated—case over a2017bribery Aspokesman forSamsung mergeroftwo Samsung affili- to viewers. “We’reaiming to be the conviction that is in an appeals declined to comment. ates—CheilIndustries Inc.and Local TV stations have seen Netflix of live, local and free,” court and earlier landed him in AfterTuesday’sindictment, Samsung C&T Corp., which their viewership rise during he said. prison. lawyersfor Mr.Lee accused in- prosecutorshavesaid strength- the pandemic,but the surge Syncbak,which is partly Theprosecutors’ Tuesdayin- vestigatorsoftargeting him ened Mr.Lee’scontrol over wasaccompanied by acutback backed by Gray, won’t pay lo- dictment will likely unfold in and said, “Thereisnothing new partsofthe family-led empire. in advertising spending.Politi- cal TV stations for their con- courtsovermultiple yearsand worth refuting.” Investigatorshad focused on cal advertising is expected to tent, but the stations will re- the prospectsofthe case head- “The prosecution, whichis perceived irregularities in makeupfor some of those ceive most of the advertising ing to the country’sSupreme against the will of the people Cheil’sownership stakeinSam- losses this year. revenue generated by the ser- Courtare high, legal experts anddisregards the reasonable sung Biologics Co.beforethe Localbroadcastershave vice, the company said. MARKETS say. Major violations of South judgment of the judiciary, is deal went through. also suffered from the con- Beyond Gray and Meredith, Pandemic shutdowns Korea’scapital-marketslaws not only against the legal bal- In 2018,South Korea’sFi- tinuing shift from traditional VUit’slaunch partnersinclude and wearing of masks call forsizable fines and canre- ance but also undermines the nancialServices Commission pay-TV services to streaming MorganMurphyMedia and sult in prison sentences of sev- public’strust in the prosecu- said Samsung Biologics deliber- platforms—a phenomenon Northwest Broadcasting, hurtthe shares of eral years, those expertssay. tion,” the statement from Mr. ately breached accounting rules known as cord-cutting—and which wasrecently acquired cosmeticsmakers. B11 Mr.Lee wasalso charged Lee’slawyerssaid. in amovethat encouraged the have been slowtofind their PleaseturntopageB2 with breach of trust and violat- Thecase brought Tuesday PleaseturntopageB4 P2JW246000-4-B00200-1------XA

B2 | We dnesday, September 2, 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 Estée Lauder...... B11 R Zoom Shares Shoot Up 41% Activision Blizzard.....A2 F Reinvent Technology Airbnb...... B12 Facebook...... A6 Partners...... B4 Ryder System...... B3 Alphabet...... B3,B11 Frontier Amalgamated Metal Communications...... B3 S Trading...... B11 AfterRobustProfitReport G Samsung Group...... B1 Amazon.com...A6,B6,B11 Gray Television...... B1 Shannon Waltchack....B6 AMC Entertainment.B12 Slack Technologies...B10 H AT&T...... B3 Spotify Technology...B10 BY MICAH MAIDENBERG Avalonbay Communities Huawei Technologies..B5 Sunac China...... B12 ...... B6 Hudson's Bay...... B6 T Zoom Video Communica- B I Take-Two Interactive tions Inc.’sstock soared aday Barclays...... B2 Ike Robotics...... B3 Software...... A2 after the video-chat company BDO USA...... B3 Imax...... B12 Tesla...... B1 that has gained popularity Boeing...... A2 L Toll Brothers...... B6 during the pandemic reported ByteDance...... A1 U another big jump in usersand L Brands...... B11 raised its financial forecast. C Lenovo Group...... B5 Ulta Beauty...... B11

Shares of the company S China Evergrande...... B12 Urban Outfitters...... B3 M ended Tuesdayup41% at CIM Group...... B6 V PRES Marathon Petroleum..A2 $457.69, giving the companya Cincinnati Financial..B11 Verizon Communications McDonald's...... B1 ZUMA Cinemark...... B12 market value of about $131 bil- Meredith...... B1 ...... B3 Cineworld Group...... B12 lion. Shares rose as much as Microsoft...... A6 W Coatue Management..A6 47%earlier in the trading ses- JOURNAL/ Coty...... B11 N Walmart...... A6,B11 sion. Zoom completed apublic Walt Disney...... B12 offering in April of last year, QUE D Netflix...... B11 NFI Industries...... B3 Whitman Family pricing shares at $36 each. Deloitte & Touche...... B3 Development...... B6

On Monday, the SanJose, LBUQUER O Deutsche Post...... B3 Wirecard...... B3 Calif., company beat expecta- /A E Oracle...... A6 WPP...... B3 tions forits July quarter,re- LES P SA Edward Jones...... A2 Z porting aprofitof$185.7 mil- RO Equity Residential...... B6 Phillips 66...... A2 Zoom...... B2,B11,B12 lion on sales that had E. increased about fivefold from TO BER

the year earlier to $663.5 RO million. The company’s video chat has become a critical tool for businesses and schools during the pandemic. INDEX TO PEOPLE Thecompany’svideo-chat application, whereusersjoin Zoom’s market caphas surgedduring the pandemic and has investors on a call Monday. B J Pincus, Mark...... B4 so-called meeting rooms, has surpassedIBM in value. Zoom said yesterdayitwill Bough, Stephen...... B11 Jae-yong, Lee...... B1 R emerged as a critical tool for generateatleast $2.37 billion Market capitalization Braun, Markus...... B3 K Reiser, Michael...... B11 companies with workforces in revenue for its current fis- Brown, Ike...... B3 scatteredout of closed offices, cal year, up from an expecta- Kempczinski, Chris.....B1 Roje, Alexandra...... B11 $150 billion C Ruzicka, Eric...... B6 individuals reaching friends tion earlier this year that it L and families during Covid-19 would record at least$1.78 bil- Christensen, Sven...... B6 S 125 Zoom Latek, Kevin...... B2 quarantines and fororganiza- lion in revenue. Conforti, Frank...... B3 Shemesh, Avi...... B6 $129.1B Lesser, Brian...... B3 tions likeschools and medical “Numbersare going up and Connor, Martin...... B6 Stratton, John...... B3 100 Cooper, Sam...... B11 Loyd, Shannon...... B11 institutions. the forward guidance frankly W D M Zoom said it has morethan IBM looksconservative,” analysts Waltchack, Derek...... B6 370,000 customerswith more 75 at Stifel said. Dentice, Tom...... B2 Marsalek, Jan...... B3 $109.9B Wei, Eugene...... A6 than 10 employees and that One of Zoom’schallenges is Mayor, Regina...... A2 E Welch, Mike...... B3 the number of its most lucra- 50 addressing security concerns. Easterbrook, Steve.....B2 McDonald, Kirk...... B3 Whitman Lazenby, tive customers doubled com- Earlierthis year the company Musk, Elon...... B2 Matthew...... B6 Ezra, David...... B11 pared with the year before. 25 hired security consultantsas F - H P Woodrow, Alden...... B3 In its latest quarter, execu- hackersand online trolls Y Friedman, Bryce...... B11 Pawlowski, John...... B6 tives said the company 0 gained unauthorized access to Hoffman, Reid...... B4 Perry, Jack...... B1 Yuan, Eric...... B2 brought on Exxon Mobil Corp. meetings—a practiceknown as as aclient, while Activision 2019 2020 “Zoombombing.” Executives Blizzard Inc. hired it to mod- Source:FactSet said yesterdaythe company ally tired by the lack of prog- ernizethe game company’s had recently completed a 90- Ex-Owners ress by my company,” wrote communications systems. ployees to keep up with poten- everybusinesscustomer’s dig- day review of its security and Mr.Denticein1996 to the Zoom recently launched a tial demand. It hired 500 staff ital transformation, because privacy practices. chairman of the National Black lineup of videoconference de- in the latest quarter. you want to support employ- SeeBias at McDonald’sOperatorsAssocia- vices that use itssoftware and The pandemic “completely ees no matterwherethey are,”  Heard on the Street: Strong, tion at the time. is pushing to hiremoreem- accelerated every enterprise, Chief ExecutiveEric Yuan told but unpredictable...... B12 Black ownerssaid in the McDonald’s lawsuit that they sawimprove- mentsintheir businesses in the actively trading the markets which rose 13% on Monday, Tesla’s market capitalization yearssoon afteraparity agree- TeslatoSell during the Covid-19 pandemic. fell 4.7% to $475.05onTues- ContinuedfrompageB1 ment wasmade between the Individual investorshavepiled day after the company said it $500 billion that the former franchisees who companyand franchisees into pricey yetpopular stocks would issue more shares. Tuesday aresuing the companyoperated around 1996.But by 2002, the $5 Billion like Tesla through fractional- Tesla said it has entered an $442.7B restaurantsinavariety of com- National Black McDonald’sOp- share trading. equity distribution agreement 400 munities,and manyretired after eratorsAssociation went back Theelectric-vehicle maker in with Goldman Sachs &Co., regularly making profits. to the companytonegotiatefor In Stock Februaryraised morethan $2 BofA Securities Inc., Barclays Thelawsuit comes at asen- more, according to aletterin- billion from astock sale to help Capital Inc., Citigroup Global sitivetime forMcDonald’s, cluded in the suit, and progress bolster itsbalancesheet. MarketsInc., Deutsche Bank 300 which is under pressuretoad- further stalled in recent years. ContinuedfrompageB1 Chief ExecutiveElon Musk, Securities Inc., MorganStanley dressconcerns about itswork- “The trajectoryofthe treat- free money. who is the largest owner of &Co.,Credit Suisse Securities placeculture. In January, two ment of African American own- Theshares have risen Tesla stock,has had acompli- (USA), SG Americas Securities, 200 Black executives who saythey ersismoving backwards,” nearly sixfold this year,includ- catedrelationship with fund- Wells FargoSecurities and experienced racial discrimina- wroteLarryTripplett, head of ing aroughly 80% rise since raising.With ashowman’sflair, BNP Paribas Securities Corp. tion filed alawsuit against the the National Black McDonald’s the company’s stock-split an- he has been successfulin Those banks,which will act company,allegations OperatorsAssociation, in alet- nouncement on Aug. 11. drumming up investor enthusi- as salesagents, will getacom- 100 McDonald’shas denied. tertothe companylast year, Raising capital over time is asm in Tesla, while also ex- mission of up to 0.5% of gross McDonald’swas among the also included in the complaint. agood way to involveindivid- pressing areluctancetoissue proceeds from each sale of Tesla companies that pledged to James Ferraro, one of the ualinvestors, Craig Irwin, se- stock over concerns it would shares,aswell as reimburse- 0 boost racial diversity following lawyersrepresenting the fran- nior research analyst at Roth dilutevalue forexisting share- ment forcertain expenses.The the policekilling of George chisees,said 17 plaintiffs origi- CapitalPartnersLLC,said. holders. companysaid it could terminate 2019 ’20 Floyd in May. In July,Mr. nally signed on to the lawsuit Millions of Americans are Thecar maker’s shares, the agreement at anytime. Source:FactSet Kempczinski said the company in February, amonth afterthe would increase racial diversity separate suit filed by the two acrossemployees,franchisees Black executives alleging they and suppliers. were demoted amid ahostile McDonald’sisalso embroiled climatefor Black executives in alegal battle with former and franchisees at McDonald’s. CEO SteveEasterbrook.The Black ownersand their at- company filed alawsuit against torneyshad been in discussion him seeking to recoup tens of with McDonald’sabout negoti- ating asettlement afterthey notified the companyofanim- The company has pending lawsuit in June,but talks brokedown, Mr.Ferraro been under pressure said. Morefranchisees joined in over concerns about the weeks afterthat, he said. McDonald’s declined to com- workplace culture. ment on anynegotiations be- fore the suit’sfiling. Thesuit accused McDonald’s of providing misleading finan- millions of dollarsitpaid in cial information to Black own- severanceand benefits, alleging erstoinducethem to purchase he lied to the boardabout sex- the least desirable locations ualrelationships with employ- and required them to invest in ees beforehis ouster last No- rebuilds or renovations within vember.Daniel Herr,anshort time frames not required /REUTERS attorney forMr. Easterbrook, of whitefranchisees. GES said in afiling two weeks ago In one example outlined in IMA that McDonald’s lawsuit was the suit, aBlack owner in the AL

meritlessand misleading.Mr. Atlantaareaasked McDonald’s ORIENT Herr didn’t comment directly to payfor an armed security The electric-car company’sreturn to capital markets comes after the stock split 5-for-1 this week. Visitors at ashowinChina’sKunming city. on Mr.Easterbrook’salleged re- guardand reducehis rent given lationships within the company. thestore’s location. McDonald’s Therelationship between refused, according to the suit. television stations across the pact on digitaladvertising, broadcast segmentsand deliv- McDonald’sand itsBlack fran- Another Black owner wasonly Local TV U.S.,last year launched STIRR, which opens up a new source ersthem on streaming ser- chiseesbecame strained over given the option by McDonald’s an advertising-supported of revenue. vicesincluding ViacomCBS theyears. McDonald’sbegan to purchase locations within streaming service that fea- Syncbak,which started in Inc.’s CBS All Access,Hulu, selling restaurantstoBlack en- Walmart stores,though these Teams Up tures its own local content as 2009,takes over-the-air and fuboTV, among others. trepreneurs50yearsago, ear- locations tend to have lower well as general entertainment lier than manyother chains.In sales,according to the suit. channels. the late1990s,however, McDonald’ssaid the com- To Stream ManyofNexstar Media McDonald’scame under pres- panydoesn’t placefranchisees Group Inc.’sbroadcast stations surefromBlack ownerstodo intostores, and ownershave areavailable forstreaming moretohelp them boost the ability to select the loca- ContinuedfrompageB1 over so-calledskinnybundle sales—and companyexecutives tionsthey want to purchase. by Apollo Global Management services such as Alphabet agreed, according to the suit Most sales of restaurantsoccur Inc. Inc.’s YouTube TV and Disney filed Tuesday. directly between franchisees, Kevin Latek, an executive Corp.’sHulu +LiveTV. Nexstar TomDentice, aformer and McDonald’smakes storefi- vice president at Gray,de- owns 196 stations in 114U.S. McDonald’sexecutivevicepres- nancial dataavailable to own- scribed VUit as “a way to in- markets. ident, wroteinaletterincluded ersbeforeapurchase,the com- crease our audienceand reve- VUit will use Syncbak’spro- in the suit that the company’s panysaid. nue. It seems like a win-win.” prietaryadvertising platform, philosophyonfranchising had McDonald’ssaid while some Other local TV station own- allowing local advertisersto resulted in manyBlack owners operatorsofall raceshaveex- ershaveworked to improve reach audiences beyond spe- TV AY

buying stores that didn’t allow ited their stores amid chal- their streaming game in recent cific stations.Itwill also serve GR forthe same level of success as lenges,ithelps all of itsfran- years. Sinclair Broadcast as an outlet forlocal busi- This year’s Iditarod Sled Dog Race from Gray Television’s KTUU in other operators. “I am person- chiseestry to succeed. Group Inc., the owner of 191 nesses to have aheavier im- Anchorage, Alaska, was added to the VUit streaming service. P2JW246000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY We dnesday, September 2, 2020 | B3 BUSINESS NEWS AT&T Weighs Sale of Digital Ad Business

The companylooksat business intoaleading ex- across thousands of websites, mostly on nonvideo displayads, changefor TV ads as the me- targeting their desired audi- and wasslowtoacquirevideo- Frontier Appoints debt-cutting proposal backed differentoptions to dium movedtoonline stream- ences.AT&Texecutives hoped ad inventory. Premium stream- by bondholders. Those bond- help bolsterits debt- ingservices.Discussions areat to appeal to marketersbycom- ing-TV publisherswerereluc- ExecutiveChairman holders named Mr. Stratton a an early stageand maynot ulti- bining the unit with TV ad tant to sell their ad inventoryin board observer in May and laden balancesheet mately result in asale,which is spaceonchannels such as TNT Xandr because they regarded picked him for the executive unlikely to fetchmorethan the and CNN as well as itsdata AT&T’s streaming assetsas Frontier Communications chairman seat. BY DREW FITZGERALD amount AT&T paid forAppN- about wirelesssubscribers. competition, one of the people Corp. named John Stratton as The appointment is ex- AND PATIENCE HAGGIN exus in 2018,the people said. TheDallas companyput a said. AT&T launched itsown its executive chairman, tapping pected to become effective An AT&T spokesman declined high priority on theadopera- HBO Max streaming service in a longtime telecom operator to once the Norwalk, Conn., com- AT&T Inc.isexploring the to comment. tions,which the company May. lead the internet provider as it pany completes its trip potential sale of itsdigital ad- Afterbulking up with large carved out intoaseparatedivi- Xandr chief Brian Lesser quit looks to win back customers’ through bankruptcy. vertising operations,asign the acquisitions,the media-and- sion called Xandr in honor of the unit earlier this year as trust after bankruptcy. Frontier’s reputation among telecommunications companyis telecom conglomerateisexplor- the original AT&T’s progenitor, AT&T folded itsassetsinto The former Verizon Com- customers has suffered in re- curbing itsambitions to become ing alternatives forseveral of Alexander Graham Bell. But the WarnerMedia. Thelongtime ad- munications Inc. executive’s cent years as its network of aforce on Madison Avenue,ac- itsassetstobolster itsdebt- unit failed to yield the explosive vertising executivejoined AT&T appointment signals Frontier’s digital subscriber lines failed to cording to people familiar with laden balancesheet, some of revenue growth itsowners in 2017tolaunch and runthe ambitions to keep growing if deliver the data rates broad- the matter. the people said. TheWall Street hoped to generateand often advertising unit.Interim ad- federal and state regulators band customers have come AT&T acquired the biggest Journal reported Fridaythat struggled with technical prob- tech chief Kirk McDonald left approve its reorganization plan. to expect. component of those operations, AT&T is discussing selling most lems familiar to tech companies theunit in August foradgiant A federal judge last month ap- The company serves about AppNexus,for about $1.6billion of itsshrinking DirecTV satellite that invest billions of dollarsa WPP PLC.WarnerMedia still re- proved a plan that could move three million internet custom- in 2018 under aplan to chal- business with private-equity year in their ad exchangetech- tains some ad-selling opera- the business out of bankruptcy ers in 25 states, a legacy of its lengeheavyweightssuch as firms. nology. tionstied to itspay-TV chan- by early 2021. creation from the remnants of Google owner Alphabet Inc.for AppNexus operates one of Xandr generated about $2 nels. Frontier filed for bankruptcy several smaller local phone apieceofthe multibillion-dollar the largest online ad exchanges, billionofrevenue in 2019,up Mike Welch, an AT&T vet- protection in April to imple- companies. digital ad marketplace. Execu- automated marketplaces that 16% from the previous year. eran, became head of Xandr in ment a prearranged $10 billion —Drew FitzGerald tives planned to expand the allowadvertisers to buy space Theunit’sbusinessfocused August. German Robot-Truck Startups Seek Freight Inroads

Lawmakers BY JENNIFER SMITH making over-the-road service morecompetitivewith inter- As autonomous trucking modal rail-truck service, which To Probe edges closer to market, technol- is typically cheaper,hesaid. “I ogyprovidersand their potential think automated trucking is go- customersare testing competing ing to biteintothe intermodal Wirecard strategies forhow driverlessbig market.” rigscould help them make Tapping intobig carriers’ lo- BY RUTH BENDER money in the real world. gistics networks and opera- Several startups arebuilding tional expertise means Ikecan BERLIN—German lawmakers out prototype fleetsand haul- focus on the technologypiece— said Tuesdaythey would launch ing freight forbig shippersthat systems engineering,safety and aparliamentaryprobe intothe hope autonomous trucks could technical challenges such as government’sfailuretouncover help cut transportation costs computer vision—said Chief Ex- the Wirecard AG scandal, aset- andspeed up deliveries.Other ecutiveAlden Woodrow. back forChancellor Angela companies with self-driving “They aregoing to help us Merkel’sadministration ahead trucking technologyare trying makesurewebuild the right

of next year’s general election. to plug intoexisting operations, TICS product, and we aregoing to More details have emerged striking agreementswith truck BO help them preparetoadopt it RO

showing that government agen- makersand large trucking IKE and be successful,” said Mr. cies,led by securities regulator fleetsthat they believecould An Ike Robotics technician works on the sensor of a Ryder truck to make the vehicle self-driving. Woodrow,who worked on self- BaFin,had ignored redflags eventually buythousands of au- driving trucks at Uber Technol- about Wirecard foryearsbefore tonomous tractors. software subscription model. rail transport, is evaluating las area and Houston, said NFI ogies Inc.beforeco-founding the fintech company’scollapse. Transport operators Ryder Those fleets, along with oth- howautonomous trucks would President IkeBrown. Ikein2018. Theprobe representsanes- System Inc., NFI Industries ersthe startup didn’t name,are integratewith itsdedicated Because autonomous trucks Thequestion of whether au- calation of the scrutinyofany Inc. and the U.S. supply-chain collectively reserving the first trucking operations moving wouldn’t be bound by rules tonomous truck businesses will role the coalition government armofGerman logistics giant 1,000 heavy-duty trucks pow- freight from customers’ ware- that limit most commercial seek to drivearound existing op- playedinthe scandal. It will al- Deutsche Post AG areworking ered by Ike’stechnology, the houses to retail stores.Self- driversto11hoursbehind the eratorsorwork with trucking’s lowlawmakerstoobtain gov- with IkeRobotics Inc., aSan companies said Tuesday. drivingbig rigscould handle wheel, “Wecould use that as- array of equipment suppliersand ernment documentsthat were Francisco-based startup that NewJersey-based NFI, longer highway portions of set, thetruck,almost on a24- logistics providersisgrowing as previouslyinaccessible and plans to offer itsautomated whose services include port those regional runs,such as the hour basis,” Mr.Brown said. self-driving technologygets question witnesses under oath. trucking technologythrough a trucking and intermodal truck- 250-mile trip between the Dal- That would lowerthe costs, closer to widespread adoption. Theinvestigation is bad news forOlaf Scholz, Ms. Merkel’s financeminister, ADVERTISEMENT whose officeoversees BaFin. Theprobe is nowsuretodog Mr.Scholz,his party’s nominee TheMarketplace forthe chancellery, in the run- To advertise: 800-366-3975orWSJ.com/classifieds up to the September 2021 bal- lot. Ms.Merkel, who lobbied for PUBLIC NOTICES the German paymentsgroup in S

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($2.3billion) in cash on itsbal- ST ancesheet had gone missing Urban Outfitters gave auditors access to some Anthropologie stores. 2Ad% AP' XUQ% N# YAR%) ]=dN>%j <"( bGbG( <<)GG 85_5 `N=AdUNP N# YAR%) -jU%'( -jAPS( +AjjUi( YWjUL%j @aA=N>iNP ``\ and probably didn’t exist. cg" \AjS 8L%PM%( YMUd% cgG$ ^%K CNjS( ^C 0J LUjdMAR RUPS dN RUL% AM=dUNP mer executives,including for- RemoteWorking Poses :Wdd;i)ee#jU%'#jAPS5K%>%J5=NQeQ%%de"OG-U#dWF448M=dUNP9 )6+3* #17 8/17.)./1* /4 )06 #(8)./1$ mer Chief ExecutiveMarkus <5 XW% iAR% iWARR >% A;M>RU= AM=dUNP dN dW% WUkW%id 3MARU#U%' >U''%j5XW% 4NRRAd%jAR KURR >% iNR' Ai A>RN=S( AP' KURR PNd >% 'ULU'%' Nj iNR' UP API R%ii%j AQNMPdi5 Braun, of commercial fraud and b5 XW% iM==%ii#MR >U''%j Ad dW% 8M=dUNP #Nj dW% _%HHAPUP% \R%'k%' 4NRRAd%jAR QMid >% ;j%;Aj%' dN ;Mj=WAi% ARR N# dW% _%HHAPUP% \R%'k%' 4NRRAd%jAR5 XW% \R%'k%' 4NRRAd%jAR KURR >% iNR' dN dW% >U''%j dWAd QAS%i dW% WUkW%id AP' >%id >U' Ad dW% 8M=dUNP5 market manipulation. Mr.Braun ChallengetoAuditors c5 YM>T%=d dN dW% =NP#U'%PdUARUdI Akj%%Q%Pd( ;AjdU%i QAI N>dAUP A''UdUNPAR UP#NjQAdUNP =NP=%jPUPk dW% \R%'k%' 4NRRAd%jAR #jNQ dW% =NPdA=di >%RNK5 and some of the othershavede- !5 XN ;AjdU=U;Ad% UP dW% 8M=dUNP( UPd%j%id%' ;AjdU%i Aj%j%3MUj%' dN iM>QUd AP UP'U=AdUNP N# UPd%j%id AP' =NQ;R%d%' >U''%j 3M%idUNPPAUj%dKN >MiUP%ii'AIi ;jUNj dN dW% 8M=dUNP dNk%dW%j KUdW A2%;NiUd( KUdW APAdUNPARRIVj%=NkPUH%' dUdR% =NQ;API '%iUkPAd%' >I dW% Y%=Mj%' \AjdI :dW% 1XUdR% 4NQ;API/9( UP dW% AQNMPd N# "7 N# dW% *Pd%j%id%' 6U''%j.i N;%PUPk nied wrongdoing. BY MARK MAURER nies need to file their annual >U' AQNMPd :iM>T%=d dN Aj%3MUj%Q%Pd dWAd *Pd%j%id%' 6U''%ji KURR WAL% dN iM>QUd AP A''UdUNPAR 2%;NiUd N# "7 #Nj AP UP=j%Ai%' >U'9 dKN >MiUP%ii'AIi ;jUNj dN dW% 8M=dUNP :dW% But lawmakershavefocused reports. 1Z%3MUj%' 2%;NiUd/9 >I =%jdU#U%' Nj >APS =W%=S Nj >I KUj%djAPi#%j N# UQQ%'UAd%RI ALAURA>R% #MP'i UP A==Nj'AP=% KUdW UPidjM=dUNPi ;jNLU'%' >I dW% Y%=Mj%' \AjdI5XW% Z%3MUj%' 2%;NiUd iWARR >% j%#MP'%'( KUdW UPd%j%id %AjP%'( U# API(>IdW% Y%=Mj%' \AjdI KUdWUP #UL% :"9 >MiUP%ii'AIi N# j%=%U;d N# dW% 6ARAP=% #jNQ dW% A;;RU=A>R% YM==%ii#MR 6U''%j :Ai '%#UP%' on whythe government, despite Verifying companies’ financial One of the jobs of an auditor >%RNK9 UP dW% %L%Pd dWAd :U9 iM=W >U''%j Ui PNd dW% YM==%ii#MR 6U''%j Nj Ui PNd '%iUkPAd%' Ai A>A=SVM; >U''%j UP A==Nj'AP=% KUdW dW% d%jQi ;jNLU'%' >%RNK Nj :UU9 U# iM=W >U''%j Ui '%iUkPAd%' Ai A>A=SVM; >U''%j AP' Ui PNd MRdUQAd%RI dW% YM==%ii#MR 6U''%j5 warningsfrommedia reports statementsremotely is putting is to locateinformation and evi- "5 XW% iAR% KURR >% =NP'M=d%' >I _U=WA%R 85 -UP%( RU=%Pi%' AM=dUNP%%j :RU=%Pi% PN5 %UPk iNR' NP AP 1#* .* &06+6 .*/>AiUi( KUdW ARR #AMRdi( AP' dW%j%UiPNKAjjAPdI >I dW% Y%=Mj%' \AjdI j%RAdUPk dN dUdR%( ;Nii%iiUNP( 3MU%d %PTNIQ%Pd( Q%j=WAPdA>URUdI(#UdP%iiNjdW% RUS% UP dWUi 'Ui;NiUdUNP5 Y%=Mj%' \AjdI QAS%i PN kMAjAPd%%( j%;j%i%PdAdUNP Nj KAjjAPdI(%J;j%iiNjUQ;RU%'( Ai dN dW% %JUid%P=% Nj PNP%JUid%P=% N# waslikely inflating itsprofit tors already under pressurefor well-being.However, auditing RU%Pi( dW% 3MAPdUdI(3MARUdI(=NP'UdUNP Nj '%i=jU;dUNP N# dW% \R%'k%' 4NRRAd%jAR( dW% LARM% N# dW% \R%'k%' 4NRRAd%jAR( dW% 2%>dNj.i jUkWdi UP dW% \R%'k%' 4NRRAd%jAR Nj API NdW%j QAdd%j5 and engaging in money launder- failingtoconduct basic checks standards don’t spell out how XW% djAPi#%j N# dW% \R%'k%' 4NRRAd%jAR KURR >% QA'% KUdWNMd j%=NMji% AP' KUdWNMd j%;j%i%PdAdUNP Nj KAjjAPdI N# API SUP' >I dW% Y%=Mj%' \AjdI dN dW% YM==%ii#MR 6U''%j(AP' iM>T%=d dN ARR '%#%Pi%i >I dW% Y%=Mj%' \AjdI5XW% YM==%ii#MR 6U''%j iWARR >% j%i;NPiU>R% #Nj dW% ;AIQ%Pd N# ARR djAPi#%j dAJ%i( idAQ; 'MdU%i AP' iUQURAj dAJ%i UP=Mjj%' UP =NPP%=dUNP KUdW ing,had failed to scrutinizeit. andspot accounting issues. thejob gets done.Inaremote- dW% ;Mj=WAi% N# dW% \R%'k%' 0PdUdI5 g5 XN ;AjdU=U;Ad% UP dW% 8M=dUNP( %A=W ;Nd%PdUAR >U''%j QMid >% ;WIiU=ARRI ;j%i%Pd AP' '%QNPidjAd% dN dW% iAdUi#A=dUNP N# dW% 8k%Pd dWAd Ud :U9 WAi dW% #UPAP=UAR Q%APi dN =RNi% “Instead of finally providing Typically auditorsmeet with work setting,auditorshavecome NP API >U'( :UU9 Ui %UdW%j AP 1A==j%'UdNj UPL%idNj/:Ai '%#UP%' UP ZMR% "G< N# Z%kMRAdUNP 2;jNQMRkAd%' MP'%j dW% FPUd%' YdAd%i Y%=MjUdU%i 8=dN#RUkAdUNPi dWAd iAdUi#U%i dW% P%d KNjdW AP' RU3MU'UdI =NL%PAPdi j%3MUj%' >I dW% _%HHAPUP% `NAP 8kj%%Q%Pdh :UL9 KURR ;jNLU'% AP %PLUjNPQ%PdAR UP'%QPUdI Akj%%Q%Pd #Nj dW% stonewalling…delivering infor- companies in their offices,visit Some have looked at goods _%HHAPUP% `NAP 8kj%%Q%Pdh AP' :L9 NdW%jKUi% iAdUi#U%i dW% iMUdA>URUdI idAP'Aj'i i%d >I dW% Y%=Mj%' \AjdI5XW% Y%=Mj%' \AjdI j%i%jL%i dW% jUkWd :A9 dN j%T%=d ARR >U'i '%d%jQUP%' >I Ud UP Udi kNN' #AUdW dN >% MP3MARU#U%' Nj MPA==%;dA>R% >U'i( :>9 dN d%jQUPAd% dW% iAR% Nj dN A'TNMjP dW% iAR% dN iM=W NdW%j 'Ad%( L%PM% AP'eNj dUQ% Ai dW% Y%=Mj%' \AjdI QAI mationinslices or not at all,” factories and warehouses,and and materials through alive '%%Q ;jN;%j(>IAPPNMP=%Q%Pd ;jUNj dN dW% 'Ad% N# iAR% Nj Ad dW% ;RA=% AP' NP dW% 'Ad% N# iAR% :>Md ;jUNj dN dW% idAjd N# dW% >U''UPk Ad dW% iAR%9( AP' API iM>i%3M%Pd A'TNMjPQ%Pd said Lisa Paus,amember of rely on personal interactions video feed on acellphone to in- dW%j%N#(KUdWNMd #MjdW%j ;M>RU=AdUNP( AP' :=9 dN UQ;Ni% API NdW%j =NQQ%j=UARRI j%AiNPA>R% =NP'UdUNPi M;NP dW% iAR% N# dW% \R%'k%' 4NRRAd%jAR Ai dW% Y%=Mj%' \AjdI QAI '%%Q ;jN;%j5 XW% Y%=Mj%' \AjdI #MjdW%j j%i%jL%i dW% jUkWd dN j%idjU=d ;jNi;%=dUL% >U''%ji dN dWNi% KWN KURR j%;j%i%Pd dWAd dW%I Aj%;Mj=WAiUPk dW% \R%'k%' 0PdUdI #Nj dW%Uj NKP A==NMPdi #Nj Germany’slowerhouse of par- and observations to makeas- spect items,said Julie Bell UPL%idQ%Pd AP' PNd KUdW ALU%K dN dW% 'UidjU>MdUNP Nj j%iAR% N# iM=W \R%'k%' 0PdUdI(dNL%jU#I dWAd dW% =%jdU#U=Ad% #Nj dW% \R%'k%' 0PdUdI dN >% iNR' >%Aji AR%k%P' iM>idAPdUARRI dN dW% %##%=d dWAd iM=W UPd%j%idi WAL% PNd >%%P j%kUid%j%' MP'%j dW% Y%=MjUdU%i 8=d( AP' QAI PNd >% 'Ui;Ni%' N# UP LUNRAdUNP N# dW% ;jNLUiUNPi N# dW% Y%=MjUdU%i 8=d5 XW% Y%=Mj%' \AjdI liament, the Bundestag,for the sessments. During the corona- Lindsay, executivedirector of j%i%jL%i dW% jUkWd dN =j%'Ud >U' ARR Nj API ;NjdUNP N# Udi i%=Mj%' UP'%>d%'P%iidW%P NMdidAP'UPk MP'%j dW% `NAP 8kj%%Q%Pd5 Greens. viruspandemic,they areleft theCenter forAudit Quality, $5 XW% \R%'k%' 4NRRAd%jAR KURR >% iNR' #Nj =AiW Ad iM=W ;jU=% AP' NP iM=W NdW%j =NQQ%j=UARRI j%AiNPA>R% d%jQi Ai dW% Y%=Mj%' \AjdI QAI '%d%jQUP%5 XW% QUPUQMQ >U''UPk UP=j%Q%Pdi KURR >% &U''UPk UP=j%Q%Pdi Aj%AddW% 'Ui=j%dUNP N# Y%=Mj%' Thedecision came aftera with phoneand video calls. whichrepresentspublic-com- \AjdI AP' 8M=dUNP%%j5+UkW%j >U'i KURR =NPdUPM% dN >% %Pd%jdAUP%' MPdUR dW% Y%=Mj%' \AjdI WAi '%d%jQUP%' dWAd Ud WAi j%=%UL%' dW% WUkW%id >U' #jNQ A[MARU#U%' 6U''%j5XW% Y%=Mj%' \AjdI KURR >% ;%jQUdd%' dN >U' Ad dW% iAR% AP'( PNdKUdWidAP'UPk API j%3MUj%Q%Pd W%j%UP dWAd dW% iAR% N# dW% \R%'k%' 4NRRAd%jAR >% #Nj =AiW( dW% Y%=Mj%' \AjdI QAI =j%'Ud >U' ARR Nj API two-dayclosed-door hearing led “It’sbeen aprettyhardfive pany auditors. Auditorsverify ;NjdUNP N# dW% NMdidAP'UPk >ARAP=% N# dW% AQNMPdi 'M% dN dW% Y%=Mj%' \AjdI >I dW% 2%>dNj MP'%j dW% _%HHAPUP% `NAP 8kj%%Q%Pd AP' >%=NQ% dW% ;Mj=WAi%j N# dW% \R%'k%' 4NRRAd%jAR5 by parliament’s financecommit- months,” said Bill Eisig,assur- the inventory’swhereabouts O5 XW% Y%=Mj%' \AjdI KURR '%d%jQUP% dW% WUkW%id >U' Ad dW% 8M=dUNP #Nj dW% \R%'k%' 4NRRAd%jAR :dW% 1DUPPUPk 6U'/95 XW% Y%=Mj%' \AjdI j%i%jL%i dW% jUkWd dN i%R%=d dW% i%=NP' WUkW%id AP' >%id >U' Ad dW% 8M=dUNP Ai A>A=SVM; >U''%j #Nj dW% \R%'k%' 4NRRAd%jAR :dW% 16A=SVM; 6U''%j/95 0A=W ;AjdI iM>QUddUPk ADUPPUPk 6U' :%A=W( A1YM==%ii#MR 6U''%j/9 QMid tee. Membersquestioned gov- ancemanaging partner at BDO usinglocation-sharing mobile '%RUL%j dW% >ARAP=% N# Udi DUPPUPk 6U' :dW% 16ARAP=%/9 >I KUj%djAPi#%j Nj =%jdU#U%' #MP'i KUdWUP d%P :MiUP%ii'AIi N# dW% 'Ad% N# dW% =NP=RMiUNP N# dW% 8M=dUNP5 *# API YM==%ii#MR ernment officials on topics USA LLP.Heexpected his hours applications. Thepracticeis 6U''%j #AURi dN ;AI dW% 6ARAP=% >I dW% \AIQ%Pd 2%A'RUP%( Udi Z%3MUj%' 2%;NiUd KURR >% #Nj#%Ud%' dN dW% Y%=Mj%' \AjdI Ai RU3MU'Ad%' 'AQAk%i5 -NRRNKUPk iM=W '%#AMRd( dW% Y%=Mj%' \AjdI QAI i%RR dW% \R%'k%' 4NRRAd%jAR dN dW% j%i;%=dUL% 6A=SVM; 6U''%j:i9( U# API(KUdWNMd #MjdW%j PNdU=%5 ranging from financial oversight on the job would go down be- morecommon forcompanies R% ;AIQ%Pd UP #MRR N# dW% A;;RU=A>R% DUPPUPk 6U' >I dW% A;;RU=A>R% YM==%ii#MR 6U''%j Nj 6A=SVM; 6U''%j(dW% 8k%Pd KURR =AMi% dN >% '%RUL%j%' dN dW% A;;RU=A>R% and the role of former German cause he wasn’t traveling as with largeinventories such as YM==%ii#MR 6U''%j Nj 6A=SVM; 6U''%j(NjUdi '%iUkP%%i( ARR N# dW% \R%'k%' 4NRRAd%jAR dWAd Ud WNR'i UP ;WIiU=AR Nj '%RUL%jA>R% #NjQ5 +6,(6*)* 4/+4(+)06+ .14/+3#)./1 intelligenceofficials in lobbying much. Instead, he spent hours manufacturersand retailers, -MjdW%j UP#NjQAdUNP =NP=%jPUPk dW% \R%'k%' 0PdUdI(dW% j%3MUj%Q%Pdi #Nj N>dAUPUPk UP#NjQAdUNP AP' >U''UPk NP dW% \R%'k%' 0PdUdI AP' dW% X%jQi N# YAR% =AP >% #NMP' Ad forWirecardtopotential con- poring over theevidence. Mr. she said. KKK5"OG-U#dW8L%F445=NQ5 8RR UP3MUjU%i =NP=%jPUPk dWUi ^NdU=% N# YAR% AP' dW% d%jQi AP' =NP'UdUNPi N# dW% iAR% iWNMR' >% QA'% dN) 8P'j%K 65 `%LUP%( -jU%'( -jAPS( +AjjUi( YWjUL%j @aA=N>iNP :d%R%;WNP%) :bFlorian Toncar.Fabio de Masi, Certain elementsofanaudit rary.Some auditorshave anotheropposition lawmaker, have become more difficult deferred taking stock until said the probe wasnecessaryto during the pandemic.Auditors later.Thereisnoprescribed pressurethe government to im- saycounting inventoryorcom- time limit forthis,but every provefinancial oversight. panygoods is tough when they dayofdeferral makes the pro- ADVERTISE TODAY Ms.Merkel last week called can’t visit clients’ sites to as- cess moredifficult. forlight to be shed on the sessinventoryfirsthand.Audi- Urban Outfitters Inc.re- Wirecard scandal but said she tors and companies have to fig- cently permittedanon-sitein- hadn’t known about the allega- ureout howtoperform ventorycheck. Deloitte & (800)366-3975 tions that have sincecome to physical inventorychecks be- Touche LLP,the company’sau- light when she interceded on fore the last dayoftheir fiscal ditors, visited some of itsAn- Formoreinformation visit: Wirecard’s behalf during avisit year,which is oftenDec.31. thropologie stores and distribu- to China in late2019.Bythat Such reviews of inventory tion centersinJuly,when most wsj.com/classifieds time,several mediainvestiga- andaccounting estimates are of the stores had reopened fol- tions about the company’sal- necessaryfor auditorstogive lowing earlier lockdown orders, legedfraudulent practices had financial statementsaclean bill Chief Financial Officer Frank ©2020Dow Jones &Company,Inc.All Rights Reserved. already appeared. of health, which public compa- Conforti said. P2JW246000-0-B00400-1------NS

B4 | We dnesday, September 2, 2020 NY THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Samsung Tech Veterans Plan Leader Blank-Check IPO Indicted BYCOLIN KELLAHER SPACshavealready raised around $30 billion this year. ContinuedfrompageB1 LinkedIn co-founder Reid In itsfiling with the SEC,

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have alleged Mr.Lee wasin- /Z panyZyngaInc., to form a or geographic location, it plans

volved in orchestrating ac- TO blank-check companyaimed at to focus itssearch in the con- counting malpractice. Samsung taking atechnologystartup sumer internet, mobile gaming

has rejected anyallegations of /NURPHO public while shepherding it or broader technologysectors. wrongdoing. through the challenging cycles Reinvent said itsfounders Over the past several JUNG of invention and reinvention. aim to serveaslong-term

months,prosecutorsconducted CHRIS Reinvent Technology Part- partnerswith the management morethan 50 search-and-sei- Mr. Lee, seen in June, had already served a year in prison for a separate conviction before being freed. nersonMondayfiled with the team of a technology startup zurerequestsand summoned U.S. Securities and Exchange to build the businessasapub- morethan 400 Samsung em- that prosecutorsignored the he has runthe conglomerate companyhad paid afriend of Commission to raise $600 lic companywhile pursuing in- ployees and executives for panel’sguidance, though it has sincehis father,Samsung Chair- South Korea’sthen-President millioninaninitial public novation through cycles of questioning.They also at- no binding power. man LeeKun-hee,became inca- Park Geun-hye to securegov- offering. creating newproductsand tempted to arrest Mr.Lee in Samsung sought several pacitated afteraheart attack in ernmentsupport foramerger Messrs. Hoffman and Pincus adapting itscoreproductsand June, though adistrict court timestoneutralizeits legal 2014. All key decisions and in- between the two Samsung affil- said they formed Reinvent services to continue growing. blocked that move. challenges,heeding ajudge’s vestmentsrequireasignoff iates.South Korea’s national with hedge-fund manager Mi- “Wewent through our own Thedecision to pressfor- recommendation in the sepa- from the younger Mr.Lee,who pension fund cast adecisive chael Thompson to be anew invention and reinvention ward with an indictment was rate briberycase to createa goes by “Jay Y.” in the West. vote in support of the merger. kind of venture-capital partner cycles while public at Zynga an unusual movebySouth Ko- compliancecommitteeand Mr.Lee has spent nearly the Mr.Lee has denied the forone of the manytechnol- andLinkedIn, and it wasn’t rean prosecutorsafter apanel, apologizetothe public. past four yearsmired in politi- charges. He wassentenced to ogycompanies set to go public easy,” Messrs. Hoffman and made up of outside expertson In an apologyearlier this caland legal scandals,largely five yearsinprison and spent a over the next few years. Pincus said. legal and other matters,recom- year,Mr. Lee vowedhetied to the 2015 merger that year behind barsin2017and Reinvent joins this year’s Reinvent said it plans to mended the case focused on wouldn’t passcontrol of the consolidated his ownership 2018.His sentencewas later surge in blank-check compa- sell 60 million equity units at the mergerbedropped in June. companytohis children and stakeand tightened his grip on suspended and he wasfreed nies,also known as special- $10 apiece, with each unit con- Thepanel, formed in 2018 to that thecompanywould rem- the conglomerate. from prison.Then last year, purpose acquisition companies, sisting of one share and one- reviewhigh-profile cases,was edy other shortcomings, such Mr.Lee wasfirst indicted in South Korea’sSupreme Court or SPACs, which turn the tradi- fourth awarrant to buy an- convened at Mr.Lee’srequest as discouraging unions. 2017 on chargesofbribery, em- overturned thelowercourt’s tional IPO model on itshead other share for $11.50. to weigh in on the legitimacyof Mr.Lee is formally the vice bezzlement and perjury, when decision and remanded the case by going public beforeacquir- —Maureen Farrell the probe.Itwas the firsttime chairman of Samsung,though prosecutorsasserted that the forretrial. ing abusiness. Newlistingsof contributed to this article.

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THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | B5 TECHNOLOGY

This announcementisneither an offertopurchasenor asolicitation of an offertosellShares(as definedbelow), andthe provisions hereinare subjectintheir entiretytothe provisions of theOffer (asdefinedbelow). TheOffer is made solelybythe OffertoPurchase, datedasofSeptember 2, 2020,and therelated Letter of Transmittal andany amendments or supplementsthereto, andisbeing made to allholders of Shares.The Offerisnot beingmadeto(norwill tendersbeacceptedfrom or on behalf of)holders of Shares in anyjurisdiction in whichthe making of theOffer or theacceptancethereofwould notbeincompliancewiththe securities,“blue sky”orother laws of such jurisdiction. In thosejurisdictionswhereapplicablelaws requirethe Offertobemadebyalicensed brokerordealer, theOffer will be deemed to be made on behalf of Purchaser (asdefined below) by oneormoreregisteredbrokers or dealers licensed underthe laws of such jurisdiction to be designated by Purchaser. Notice of OffertoPurchasefor Cash AllOutstandingSharesofCommonStock of MomentaPharmaceuticals,Inc. at $52.50 netper share, in cash, Pursuant to theOffer to Purchase,dated September 2, 2020 by /REUTERS VigorSub,Inc. ONICS

CTR awhollyowned subsidiaryof ELE

SUNG Johnson&Johnson AM S The Galaxy ZFold 2, unveiled Tuesday, has areinforcedfolding hinge. VigorSub,Inc., aDelawarecorporation (“Purchaser”) andawhollyowned subsidiary of Johnson&Johnson,aNew Jersey corporation(“Johnson & Johnson”), is offering to purchaseall of theoutstandingsharesofcommonstock,par value$0.0001per share(the“Shares”),ofMomenta Pharmaceuticals, Inc.,aDelawarecorporation (“Momenta”), at aprice of $52.50 perShare,net to thesellerincash, withoutinterestand less anyrequired withholdingtaxes (the “Offer Price”), upon theterms andsubject to theconditionsset forthinthe OffertoPurchase, datedasofSeptember2,2020(as it maybeamended or supplemented from time to time,the “Offer to Purchase”)and in therelated Letter of Transmittal(the“Letter of Transmittal” and, together with theOffer Samsung Hopes to Purchaseand otherrelated materials, as each maybeamended or supplemented from time to time,the “Offer”). Tenderingstockholderswho arerecordownersoftheir Shares andwho tender directlytoAmericanStock Transfer &Trust Company,LLC,the depositary andpayingagent forthe Offer(the“Depositary”),will notbeobligated to paybrokerage fees or commissions or,exceptasotherwise provided in Instruction6ofthe Letter of Transmittal, stocktransfertaxes with respecttothe purchaseofSharesbyPurchaser pursuant to theOffer.Stockholders whoholdtheir Shares throughabroker, dealer,commercialbank, trustcompany or othernominee should consult with theseinstitutionsastowhether To Turn Tide on they charge anyservice fees or commissions. THE OFFERAND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00MIDNIGHT, Foldable Phones NEWYORKCITYTIME, AT THEEND OF THEDAY ON SEPTEMBER30, 2020 UNLESS THEOFFER IS EXTENDED OR EARLIERTERMINATED.

TheOffer is beingmadepursuanttothe Agreement andPlanofMerger, datedasofAugust19, 2020,byand amongJohnson &Johnson,Purchaser BY ELIZABETH KOH mentsbut described it as still andMomenta(as it maybeamended from time to time,the “MergerAgreement”).The Merger Agreement provides,among otherthings,thatassoonas practicablefollowing theconsummationofthe Offerand subjecttothe satisfaction or waiver of specifiedconditions, Purchaser will be merged with and seeming “alarmingly fragile.” into Momenta(the“Merger”) in accordance with Section251(h)ofthe Delaware GeneralCorporation Law(the“DGCL”) withoutavoteonthe adoption SEOUL—The foldable phone Samsung,based on internal of theMergerAgreement by Momentastockholders, with Momentacontinuingasthe survivingcorporation in theMergerand therebybecomingawholly wassupposed to upend the tests, claimed the Galaxy Fold ownedsubsidiaryofJohnson &Johnson.Atthe closingofthe Merger,eachShare outstandingimmediately priortothe effectivetimeofthe Merger (other than (a)Sharesowned by Johnson&Johnson,Purchaser,Momenta, or by anyoftheir directorindirectwhollyowned subsidiaries,ineachcaseatthe smartphone industry,but so could be opened and closed commencement of theOffer andimmediately priortothe effectivetimeofthe Merger,(b) Shares irrevocablyacceptedfor purchasepursuanttothe Offer far it has flopped. some 200,000 times before or (c)Sharesowned by anystockholderswho have properly andvalidly demandedtheir appraisalrightsincompliancewithSection 262ofthe DGCL)will be automaticallyconverted into theright to receive theOffer Price, withoutinterestand less anyrequired withholdingtaxes.Asaresultofthe Merger, Pitched last year as novel in- breaking. But CNET, the tech- Momentawill ceasetobeapubliclytradedcompany andwill become awhollyowned subsidiary of Johnson&Johnson.The termsofthe Merger Agreement troductions to astaid industry reviewsite, found the hinge aremorefullydescribedinthe OffertoPurchase. over the past decade,folding stopped working after120,000 TheOffer is conditioned upon,among otherthings,(a) theexpirationorterminationofany waitingperiodapplicabletothe transactions contemplated by theMergerAgreement under theHart-Scott-Rodino AntitrustImprovementsAct of 1976,asamended, andthe absenceofany voluntaryagreement phones promised portability folds.ASamsung spokesman between Johnson&Johnson andMomenta, on theone hand,and theU.S.Federal TradeCommissionorthe U.S. Department of Justice, on theother hand, with displays that opened up to declined to comment on dura- pursuant to whichJohnson &Johnson andMomentahaveagreed nottoconsummatethe Offerorthe Merger (the “Antitrust Condition”), (b)that, as of immediately priortothe Expiration Time(as defined below),the numberofSharesvalidly tendered andnot validlywithdrawn in accordance with the the sizeoftabletsyet when bility issues. termsofthe Offer, andreceivedbythe Depositary in accordance with theprocedures setforth in Section251(h)ofthe DGCL (asdescribedinmoredetail closed could still perform most So far,Samsung has shipped in theOffer to Purchase),togetherwiththe Shares then ownedbyJohnson &Johnson,Purchaser andtheir respective affiliates (ifany), representatleast a functions of asmartphone. only one million foldable- majority of allthenoutstandingSharesonafully-dilutedbasis (the “Minimum Condition”), (c)the absenceofany lawororder issued by anygovernmental authoritythathas theeffectofmakingthe transactions contemplatedbythe Merger Agreement illegal or theeffectofprohibiting or otherwisepreventing Butjust as devicemakers screen unitssinceitstarted thetransactionscontemplatedbythe Merger Agreement (the “Restraint Condition”), (d)the absenceofany pendinglegal proceedingunder anyU.S. were expecting sales to surge, selling the devices last fall,ac- antitrustlaw broughtbyagovernmental authoritythatchallengesorseeks to make illegal,prohibitorotherwise preventthe transactions contemplatedby the global coronavirus pan- cording to Canalys, the major- theMergerAgreement,orthatseeks to impose anyBurdensome Condition(as defined in theOffer to Purchase) thereon(the“Litigation Condition”), (e) the absenceofaCompany Material AdverseEffect(as defined in theOffer to Purchase) that is continuingasofimmediately priortothe Expiration Timeand demichit and sheared away ity of which were the com- (f)thatthe Merger Agreement hasnot been terminated in accordance with itsterms.The Offerisalsosubject to otherconditionsasdescribedinthe Offerto early enthusiasm. Buyersstuck pany’ssecond foldable offering, Purchase(collectively,the “Offer Conditions”).See Section15—“Conditionstothe Offer” of theOffer to Purchase. Neitherthe consummationofthe Offer northe Merger is subjecttoany financing condition. at home didn’t need amulti- the lower-priceGalaxy ZFlip. TheOffer will expire at 12:00midnight, NewYorkCitytime, at theend of theday on September30, 2020,which is thedatethatis20businessdaysafter functional gadget on-the-go, Samsung nowrepresents thecommencementofthe Offer(the“Expiration Time”), unlessPurchaser hasextendedthe Offerpursuanttoand in accordance with theterms of the while lockdowns closed many aboutthree-fifths of the na- Merger Agreement (inwhich eventthe “ExpirationTime” will mean thelatesttimeand date at whichthe Offer, as so extended by Purchaser,will expire). Thetimeofacceptancefor paymentbyPurchaser of allSharesvalidly tendered andnot validlywithdrawn in theOffer pursuant to andsubject to the retail shops wherebuyerscould scent foldable market. Huawei conditionsofthe Offerisreferred to as the“Acceptance Time”. be wooed by the flashyphones Technologies Co.and Lenovo up close.The economic shocks Group Ltd.’s Motorola arethe THEBOARD OF DIRECTORSOFMOMENTA UNANIMOUSLYRECOMMENDSTHATMOMENTA also have leftfewerpeople two other notable rivals,with STOCKHOLDERS ACCEPT THEOFFER ANDTENDERTHEIR SHARES PURSUANT TO THEOFFER. craving ahigh-pricedevice. shipmentsof500,000 and Globally,1.74million fold- 200,000,respectively,accord- Theboard of directors of Momenta, amongother things,has unanimously(a) determinedthatitisinthe best interestsofMomenta and itsstockholders, anddeclareditadvisable, forMomenta to enterintothe MergerAgreement,(b) approved theexecution anddeliveryby able devices were shipped ing to Canalys. Momentaofthe MergerAgreement,the performancebyMomenta of itscovenants andagreementscontained thereinand theconsummation from the firstlaunch last Sep- Phone makershad expected of theOffer andthe Mergerand theother transactionscontemplatedthereby upon theterms andsubject to theconditionscontained therein tember through June 30,ac- initially modest sales,but even and(c) resolved,subject to theterms andconditionsset forthinthe MergerAgreement,torecommendthatthe stockholders of Momenta accept theOffer andtender theirSharestoPurchaser pursuant to theOffer. cording to market tracker those forecastshaveprovento TheMergerAgreement containsprovisionsthatgovern thecircumstances in whichPurchaser is permittedorrequired to extend theOffer.The Merger Canalys. That is afraction of be lofty.Samsung had originally Agreement provides that if,asofthe then-scheduled Expiration Time, anyofthe OfferConditionsother than theMinimum Conditionisnot satisfied or prepandemic forecastsand a aimed forsix million foldable- hasnot been waived, Purchaser may(and, if requestedbyMomenta, must)extendthe Offeronone or moreoccasions foranadditionalperiodofupto 15 business days perextension,orany longer period as maybeapprovedbyMomenta, to permit thesatisfactionofall OfferConditions. In addition,if, as of rounding error in an industry deviceshipmentsin2020; half- thethen-scheduledExpirationTime, allofthe OfferConditionsexceptthe Minimum Conditionare satisfied or have been waived, such that theMinimum that shipped 1.28 billion way through the year,they have Conditionisthe only OfferCondition that is notsatisfied, Purchaser may(and, if requestedbyMomenta, must)extendthe Offeronone or moreoccasions foranadditionalperiodofuptoten business days perextension,orany longer period as maybeapprovedbyMomenta, to permit theMinimum Conditionto smartphones during the 12 hit one-tenth of that target. be satisfied (providedthatPurchaser is notrequired to extend theOffer in thesecircumstances on more than three occasions, butmay,inits sole discretion, months ended that same date. Thedisappointment comes electtodoso).Purchaser also must extend theOffer as required by applicable legalrequirements andany rule,regulation, interpretation or position of the Thelatestentrant arrived at a tough time forthe indus- U.S. Securities andExchangeCommissionorits stafforthe Nasdaq GlobalSelectMarketthatisapplicabletothe Offer. However, in no eventwill Purchaser be required to extend theOffer beyond January19, 2021 (or, in theevent that anyofthe AntitrustCondition,the RestraintCondition (solely in respectofany Tuesdaywith Samsung Elec- try.Overall smartphone sales antitrustlaw)orthe Litigation Conditionhas notbeensatisfiedasofthatdate, April19, 2021). If Purchaser extendsthe Offer, theextension will extend the tronics Co.’sunveiling of the slumped20% in the firsthalf time that tenderingstockholderswill have to tender (orwithdraw) theirShares. Purchaser expresslyreservesthe righttowaive anyofthe OfferConditionsand make anychanges to theterms andconditionsofthe Offer, includingthe Galaxy ZFold 2, the second iter- of theyear,according to re- OfferConditions. However, withoutthe priorwritten consent of Momenta, Purchaser is notpermitted to (a)waive or modifythe Minimum Condition, ation of itsflagship foldable- search firm Strategy Analytics. theAntitrust Conditionorthe RestraintCondition,(b) change theformofconsiderationpayable in theOffer,(c) decreasethe OfferPrice, (d)decrease the screen model. It has arein- At one point, morethan half of numberofSharessoughttobepurchased in theOffer,(e) extend theOffer or theExpirationTimeexceptaspermitted under theMergerAgreement,(f) impose conditionstothe Offerother than theOffer Conditions or (g)amend anytermorcondition of theOffer in anymannerthatisadverse to theMomentastockholders. the major telecom carriers’ Anyextension,terminationoramendment of theOffer will be followed as promptly as practicablebypublicannouncementthereof, andsuch stores in the U.S.,akey market announcementinthe case of an extensionwill be made no laterthan9:00a.m., NewYorkCitytime, on thenextbusinessday afterthe previously forpremium smartphones like scheduledExpirationTime. Becausethe Merger will be effectedinaccordancewithSection 251(h) of theDGCL, no stockholder vote will be required to consummatethe Merger. foldables,closed just as new Followingthe Acceptance Timeand subjecttothe satisfaction of theremainingconditionsset forthinthe Merger Agreement,Purchaser andMomenta $2,000 offeringslikethe Galaxy ZFlip will consummatethe Merger as soonaspracticable.Purchaser does notexpectthere to be asignificantperiodoftimebetween theAcceptanceTime andthe consummationofthe Merger. and the new-generation Motor- Forpurposesofthe Offer, Purchaser will be deemed to have accepted forpayment,and therebypurchased, Shares validlytendered andnot validly The price of the Galaxy Z Fold ola Razr were hitting shelves. withdrawnas, if andwhenPurchaser givesoralorwritten notice to theDepositary of Purchaser’s acceptance forpayment of such Shares pursuant to the 2 with a 7.6-inch main display Huaweihad to scale back Offer. Upon theterms setforth in theMergerAgreement andsubject to theOffer Conditions,payment forSharesacceptedfor paymentpursuanttothe Offer will be made by depositofthe OfferPrice forsuchShareswiththe Depositary,which will actasagent fortenderingstockholdersfor thepurpose of receiving the global release of its Mate payments from Purchaser andtransmittingpaymentstotenderingstockholderswhose Shares have been accepted forpayment.IfPurchaser extendsthe Xfoldable phone—launched in Offer, is delayedinits acceptance forpayment of Shares or is unable to accept Shares forpayment pursuant to theOffer forany reason,then, without prejudice to Purchaser’s rights under theOffer andthe Merger Agreement,the Depositary may, nevertheless, on behalf of Purchaser,retaintendered Shares, November and sold for andsuchSharesmay only be withdrawntothe extent that tenderingstockholdersare entitled to withdrawal rights as describedinthe OffertoPurchaseand forced folding hingeand a $2,400—because of a U.S. ex- as otherwiserequired by Rule 14e-1(c) under theSecuritiesExchangeAct of 1934,asamended (the “ExchangeAct”). Under no circumstanceswill interest be larger7.6-inch main display. The port ban that restricted itsac- paid on theOffer Pricefor anyShares, regardless of anyextension of theOffer or anydelay in making paymentfor Shares. In allcases,payment forSharestendered andacceptedfor paymentpursuanttothe Offerwill be made only after(a) timelyreceipt by theDepositary priceremains the same as its cess to Google’s popular soft- of certificatesfor such Shares (“ShareCertificates”) or timelyconfirmation of thebook-entrytransferofsuchShares(“Book-EntryConfirmations”) predecessorat$2,000. ware lineup.EveninChina, into theDepositary’s accountatThe Depository TrustCompany (“DTC”) pursuant to theprocedures setforth in theOffer to Purchase, (b)aLetter TheSouth Korean tech gi- where the phone is available, of Transmittal, properly completedand duly executed, with anyrequired signatureguarantees(or,inthe case of abook-entrytransfer, an Agent’s Message(as defined in theOffer to Purchase) in lieu of theLetterofTransmittal)and (c)any otherdocuments required by theLetterofTransmittal. ant, having invested billions in sales have been weak.The Accordingly, tenderingstockholdersmay be paid at different timesdependingupon when ShareCertificates or Book-Entry Confirmationswithrespect developing foldable technol- company has lost tens of mil- to Shares areactuallyreceivedbythe Depositary. Shares tendered pursuant to theOffer maybewithdrawn at anytimeprior to theExpirationTimeand,unlesstheretofore accepted forpayment by Purchaser ogy, has alot riding on making lionsofdollarsonthe MateX pursuant to theOffer,may also be withdrawnatany time afterOctober31, 2020,which is the60th dayafter thedateofthe commencement of theOffer. the newhandsetsasuccess. rollout, according to aHuawei Forawithdrawaltobeeffective,awritten notice of withdrawal must be timelyreceivedbythe Depositary at oneofits addressesset forthonthe back Thecompanykicked off the executive’scommentsreported coverpageofthe OffertoPurchase. Thenoticeofwithdrawalmustspecifythe name of thepersonwho tendered theSharestobewithdrawn,the number of Shares to be withdrawnand thenameofthe registered holder of such Shares,ifdifferentfromthatofthe person whotendered such Shares.IfShare mainstream offerings of such by Chinese media. CertificatesevidencingSharestobewithdrawn have been delivered or otherwiseidentified to theDepositary,then, priortothe physical releaseofsuch phones last year with the first Part of the drawback for ShareCertificates,the serial numbers shownonsuchShare Certificatesmustbesubmitted to theDepositary andthe signature(s)onthe notice of withdrawal Galaxy Fold, though it experi- foldable phones is the price. In must be guaranteed by an Eligible Institution(as defined in theOffer to Purchase),unlesssuchShareshavebeentendered forthe accountofanEligible Institution. If Shares have been tendered pursuant to theprocedurefor book-entry transfer as setforth in theOffer to Purchase, anynoticeofwithdrawalmust enced an inauspicious debut. an industrywherealready also specify thenameand numberofthe accountatDTC to be credited with thewithdrawn Shares.See Section4—“Withdrawal Rights”ofthe OffertoPurchase. In April2019,days before high smartphone prices were WithdrawalsofSharesmay notberescinded. AnyShareswithdrawn will thereafter be deemed nottohavebeenvalidly tendered forpurposesofthe Offer. However, withdrawnSharesmay be re-tendered followingone of theprocedures describedinthe OffertoPurchaseatany time priortothe Expiration Time. the Galaxy Fold was set to hit pushing people to delayup- Allquestions as to theformand validity (includingtimeofreceipt)ofany notice of withdrawal will be determinedbyPurchaser,inits shelves, several tech reviewers grades,the sticker shock of sole discretion,whose determination will be final andbinding. None of Johnson&Johnson,Purchaser,Momenta, theDepositary, Innisfree reported their test unitshad foldable phones has dissuaded M&AIncorporated(the“InformationAgent”) or anyother person will be underany duty to give notice of anydefects or irregularities in any notice of withdrawal or incurany liability forfailure to give anysuchnotification. malfunctioned,with screens all but ardent early adopters, Therewill notbea“subsequentofferingperiod” (asdefinedinRule14d-1ofthe Exchange Act) forthe Offer. cracking, bulging or blacking said ShengtaoJin, aCanalys Theinformation required to be disclosedbyparagraph (d)(1) of Rule 14d-6ofthe GeneralRules andRegulations promulgatedunder theExchangeAct is contained in theOffer to Purchaseand is incorporated herein by reference. out. Samsung delayed the re- analyst. Momenta hasprovidedPurchaser with itsstockholder list andsecurity position listings forthe purposeofdisseminatingthe Offerto lease forabout five months, Most consumershavenever Purchase, theLetterofTransmittaland otherrelated materialstoholders of Shares.The OffertoPurchaseand theLetterofTransmittal though criticisms remained af- seen or held afoldable phone. will be mailed to recordholders of Shares whosenames appear on thestockholder list provided to Purchaser by Momentaand will be furnished,for subsequenttransmittaltobeneficialownersofShares, to brokers, dealers, commercial banks, trustcompanies andsimilar terthe relaunch. Thephone- Theinability to handle the nomineeswhose names, or thenames of whosenominees, appear on thestockholder list or,ifapplicable, whoare listed as participants in a repair website, iFixit, which newdevicesin-person at clearing agency’s security position listingfor subsequenttransmittaltobeneficialownersofShares. had found design weaknesses stores meant few gotthe TheexchangeofSharesfor theOffer Pricepursuanttothe Offerorthe Merger will be ataxable transactionfor U.S. federal income taxpurposes. SeeSection 5—“MaterialUnitedStates Federal Income TaxConsequences” of theOffer to Purchasefor amoredetaileddiscussionofthe taxtreatment with the initial Galaxy Fold chancetosee the appeal, said of theOffer andthe Merger. EachholderofSharesshouldconsult with itstax advisorastothe particular taxconsequencestosuchholderof test units, noted the revamped TomKang,aresearch director exchanging Shares forcashinthe Offerorthe Merger. TheOffer to Purchase, theLetterofTransmittaland theother relatedtender offerdocuments containimportant information.Holders of device’s additional reinforce- for Counterpoint Research. Shares should carefullyreadsuchdocuments in theirentiretybeforeany decision is madewithrespect to theOffer. Questionsorrequestsfor assistance or copiesofthe OffertoPurchase, theLetterofTransmittal,the notice of guaranteed delivery andother tender Foldable phone shipments arestill afraction of the overall offermaterials maybedirectedtothe InformationAgent at itstelephone numbers andaddress setforth below. Such copieswill be furnishedpromptlyat Purchaser’s expense. Stockholdersmay also contact brokers,dealers,commercialbanks,trust companies or othernomineesfor assistance concerning smartphone market. theOffer.Exceptasset forthinthe OffertoPurchase, neitherJohnson &Johnson norPurchaser will payany fees or commissions to anybrokerordealer or to anyother person (other than to theDepositary andthe InformationAgent)inconnectionwiththe solicitation of tendersofSharespursuanttothe Global smartphone Foldable phone shipments by Offer. Brokers,dealers,commercialbanks,trust companies andother nomineeswill,upon request, be reimbursed by Purchaser forcustomary mailing and handling expenses incurred by them in forwardingthe Offermaterials to theircustomers. shipments* vendor and model 700 thousand TheInformation Agentfor theOffer is: 1.28 billion 600 Lenovo /Motorola 500 Razr 2019 400 Huawei Innisfree M&AIncorporated 300 Mate Xs 501Madison Avenue,20thFloor Mate X Foldable phones 200 NewYork, NewYork10022 1.74 million (0.14%) Stockholders maycalltollfree:(888)750-5834 Samsung 100 Banksand Brokersmay call collect: (212) 750-5833 GalaxyZFlip *Total shipments between 3Q 2019 and 0 GalaxyFold September2,2020 2Q 2020 3Q 4Q 1Q 2Q Source:Canalys 2019 ’20 P2JW246000-0-B00600-2------XA

B6 | We dnesday, September 2, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT Retail TenantsFaceEviction as Bans End Landlords move against businesses that struggle to pay rent in pandemic

BY ESTHER FUNG

Proceedingsfor the eviction of retail tenantsare picking up acrossthe countryascourts reopen and states’ moratori- umsonevictions areexpiring or getting curtailed as the economyreopens. In Miami, aluxury-shop- ping-center landlordbegan le- galproceedingstoevict Saks FifthAvenue two weeks agofor nonpayment of rent amounting to $1.9million as of early July. JOURNAL

In other partsofthe coun- REET try, smaller retail landlords ST LL

also have filed lease termina- WA tion andeviction notices to THE

restaurants, bridal shops,en- R tertainment operatorsand co- FO working tenantsthat haven’t

paid rent and weren’t able to CARDONA come to mutually agreeable A

modifications to their leases. ANDR Before the pandemic,most of ALEJ these disputes end up getting

resolved beforethe sheriff MARIA throwsthem out, but lawyers The landlord for the upscale Bal Harbour Shops in Miami is seeking to evict Saks Fifth Avenue for nonpayment of rent amounting to $1.9 million as of early July. said they areseeing higher vol- umes of disputes which could landlordpartners, MatthewLa- Rent-collection rate Datex Property Solutions,a boring space, such as direct rants, due to the Covid-19 pan- lead to moreevictions. zenby and the Whitman family from retailtenants real-estatedatafirm that competitorsorother uses of demic. “Wehope and think that the have not acted in good faith. tracks rent collection on thou- common-area space. But for In Minneapolis,Eric Ru- outcome of the lawsuit is that Not only have they chosen not 100% sands of properties acrossthe some,negotiations reached a zicka, apartner at Dorsey & Saks would come to itssenses to adequately assume their fair country. stalemateand landlords said Whitney LLP,said his lawfirm and payits rent in full. If Saks shareofthe damages created During the coronavirus- they have no choicebut to re- has commenced around 30 80 still doesn’t do so,we’ll have a by the global health crisis still shutdown period that started sort to litigation. evictionfilingsfor commercial whole host of other options for gripping our nation, they have mid-March and extended to as “It’sanunfortunatebut nec- tenants, including restaurants, thespace,” said MatthewWhit- used the pressand legal sys- 60 lateasAugust in some cities, essarytool to enforce the children’splayzones and bridal man Lazenby,chief executive temtobully tenants,” said a tenantshave implored their lease,” said Derek Waltchack, shops that were hurt by the officer of Whitman FamilyDe- Saks FifthAvenue spokes- landlordsfor deferrals and partner at Shannon drop in tuxedo rentals for velopment,aprivatecompany woman, adding that the com- 40 lowerrents to stay in business. Waltchack,areal-estateland- proms. that owns the ritzy Bal Har- panyhas been able to work Statesalso imposed moratori- lordbased in Birmingham, Ala., He expectsmost cases to be bour Shops in Miami. with other landlords “toamica- ums on commercial-real-estate with morethan 400 tenants resolved beforetrial and that Saks FifthAvenue has a bly and logically sharethe 20 evictions,which offered tempo- across64properties.“We also many of his landlordclients ground lease with the outdoor losses incurred during the pan- rary respiteuntil they expire. have to balancethe expense of still have adesiretowork mall and pays percentagerent, demic.” NewYork Gov.Andrew Cuomo securing newtenantsversus thingsout. So far,only one,a or apercentageofsales as “For many years, Saks has 0 extended the state’smorato- working with our tenantsand restaurant, has an eviction trial rent. Compared with fixed been asignificant part of the March April MayJune July rium until Sept. 20 from apre- providing some rent deferrals.” dateset forlateSeptember. rents, such lease structures al- successofBal Harbour Shops, Source:Datex PropertySolutions viously extended Aug.20dead- Mr.Waltchack said his firm “Landlords need to figure ready have built-in protections andweexpect to continue to line. has takenlegal action against out which tenantsare going to if sales fall. “It’sperplexing,” be part of that success fora rivals. Landlords said they have more tenantsfor missed rent thriveand makethe center said Mr.Lazenby.Bal Harbour long time to come,” the While overall retail rent col- modified tens of thousands of payments, mostly barsand res- betterand which ones have Shops wasclosed from mid- spokeswoman added. Thelux- lections have improved to 77% leases over the past few taurants, compared with ayear been struggling already,” said March until the thirdweek of ury-department-storeoperator, in July from around 54% in months,including deferrals or ago. He added that the major- Mr.Ruzicka. “Ifitwas agood May, and Saks FifthAvenue re- whose parent company Hud- April, some tenants, particu- discountsinexchangefor lease ity of his tenantswould subse- relationship beforecoronavi- corded stronger sales in June son’sBay Co.went privatein larlyfromthe apparel, fitness extensions or other conces- quently paythe rent laterather rus, it’sasalvageable relation- this year compared with last early March, had ahardtime and theater categories,have sions, such as the removal of than getevicted. ship.” year,hesaid. beforeCovid-19 competing continued to struggle with pay- clauses that prohibited certain He said his firm lost 10 ten- —Jim Oberman “Unlikethe majority of our with online upstartsand other ments, according to datafrom types of tenantsinthe neigh- ants, mostly barsand restau- contributed to this article. Apartment BuildingsAttract Investors Demand for Houses

BY PETER GRANT Boosts Confidence Some investors are willing to paynear-prepandemic prices forrental apartment For Home Builders buildingsdespitethe weak economy’s downward pressure BY NICOLE FRIEDMAN 500 over the same period, ac- on occupancies and rents. cording to FactSet. Consider one of the biggest Asurge in homebuying de- Home buildersalso arebene- multifamily deals of 2020 an- mand and limited inventoryfor fiting from demographic nounced MondaybyLos Ange- existing homes is spurring con- changes,asyounger millennials les-based CIM Group:its pur- struction to help fill the gap. areentering their early 30s and chase of Southern Towers,a Home buildersattribute accounting foragrowing por- 2,346-apartment property in- their robust sales to lowinter- tion of home sales.Booming de- cluding five 16-storytowers in est rates, ashortageofexisting mand also has pushed sales of Alexandria, Va. homes forsale and consumer previouslyowned homes to Thepricewas about $505 willingnesstomovefarther multiyear highs. million, which is in the range from city centersinexchange Housing demand has out- of what market participants formorespace. paced supply foryears, but the expected Southern Towers to Newsingle-family-home housing shortagehas become go forpre-Covid, according to sales rose 13.9%inJuly from even more acuteinthe existing- people familiar with the mat- June to aseasonally adjusted home market in recent months ter. One of these people said annual rate of 901,000,the as the pandemic has made that CIM is paying a discount highest level sinceDecember some sellersreluctant to list OUP

in the single percentagepoints GR 2006,according to the Com- theirhomes.Atthe current

off the highest nonbinding bid CIM merce Department. Single-fam- sales pace, therewere3.1 that the seller received before Southern Towers in Alexandria, Va., fetched a price not far from a bid the seller got pre-pandemic. ily housing starts, ameasureof months of existing homes avail- the pandemic hit. U.S. home building,rose 8.2% in So what gives? Southern real-estateinvestment trusts, Southern Towers,the Caru- Towers because they arelo- July from June to the highest Towers has held itsvalue such as Equity Residential and thers and Snell families, put catedon40.5acres with two seasonally adjusted annual rate The pandemic has partly because it is located in a AvalonBay Communities Inc., theproperty on the market large swimming pools,tennis sinceFebruary. relatively strong employment enjoyedbuoyant shareprices. last year through CBRE Group courtsand other amenities. “The demand feels really made some sellers market. It is close to Washing- Thingsare different now. Inc. CIM was one of the pro- This outdoor spacewill be par- good right now,” said Martin reluctant to list ton, D.C.,and the Pentagon as Even stronger marketsare spectivebuyersthat looked at ticularly attractiveduring the Connor, chief financial officer of well as the second headquar- seeing declines of about 5% in the deal before Covid-19 hit, pandemic,especially forten- Toll Brothers Inc.“Thelonger their homes. ters Amazon.com Inc.isdevel- effectiverent rates, which butmoved to the sidelines in antsofaffordable housing that it goes,the morecomfortable oping in Northern Virginia. takesintoaccount landlord the early weeks of the pan- don’t have money forexpensive we arethat it’sgot longer legs.” Just as important, the aver- concessions likemonths of demic’seconomic shock waves. vacations or second homes. Thestrength in the home- agerent at Southern Towers is free rent when leases are CIM has adjusted its cash Mr.Pawlowski of Green building sector underscores the able forsale at the end of July, about $1,400 amonth fora signed,according to John flow projections forSouthern Street says that rental apart- uneven natureofthe economic according to the National Asso- one-bedroom apartment, arel- Pawlowski,ananalyst with Towers because of the reces- mentsare looking attractive recession,which has hit low- ciation of Realtors. In compari- atively lowpricefor the re- Green Street Advisors. sion and the likelihood of to investorspartly because al- wage workersespecially hard. son, thenew-home market had gion. Demand tends to be In harder-hit markets, like higher delinquencies. Land- ternativeinvestments, like While millions of workershave 4.0months’ supply available at stronger formoreaffordable NewYork and SanFrancisco, lordsinthe short term “may buying bonds,producesuch a lost their jobs,those who are the end of July,according to the apartmentsduring arecession effectiverentsare down 15% not be able to raise rents as lowreturn. “Corporatebonds still employedhave savedmore Commerce Department. because alarge number of to 20%.Shares of public REITs much,” Mr.Shemesh said. “You areyielding in the low3% money due to the pandemic and When Stephanie and Sven renterswho areworried about have fallen about 30% since mayhavemorepeople with is- range,” he said. cantakeadvantage of record- Christensen moved to Grand their jobs trade down from mid-Februarywhen Covid-19, sues that lost their job,which An apartment portfolio lowmortgageinterest rates. Haven, Mich., this year forMr. more expensive units. the illnesscaused by the new we believewill be impactful” might have yields in the mid- Home builders’ positiveout- Christensen’sjob,they couldn’t Southern Tower rentsare at coronavirus,began spreading to landlords’ bottomlines. to-high 5% range. “That spread look is asharp turnaround from find anything on the market alow level forthe region, said in the U.S.,Mr. Pawlowski said. But CIM is making up for looks pretty juicy right now,” early spring,when coronavirus that fittheir needs.They de- AviShemesh,aprincipal and But the sale prices of apart- lower-than-expected revenue he said. lockdowns forced construction cided to build anew house in- co-founder of CIM, aprivate- ment buildingsare holding up with a loan from Freddie Mac But Mr.Pawlowski warned sites to halt in some partsof stead. “We’re super,super ex- equity firm with $30 billion of relatively well. In healthier with a rate of Libor plus a lit- that thesharp decline in the the countryand buildersswiftly cited,” Ms.Christensen said. mostly real-estateassetsun- markets, values have only tle morethan 2percentage shares of the public apartment cut spending on land acquisi- But “wewould have much pre- der management. “You have a fallen in the single digitsin points, reflecting today’s low REITssuggest that stock inves- tions and newprojects. U.S. ferred to find ahouse that lot moretakers.” percentageterms,Mr. Paw- interest rates. Debt makes up tors believethereismorerisk home-builder confidencerose in would work forusthat we In the yearsleading up to lowski said. In harder-hit mar- morethan 60% of the pur- in multifamily than privatein- August to match the record could just buy and moveinto.” the coronavirus pandemic, kets likeOrlando and Houston, chase price, arelatively high vestors. He pointed out that the high last reached in 1998,up In response to the strong de- rental apartmentswereone of the decline has been in the amount of leveragefor CIM, disconnect between the public from an eight-year lowinApril, mand, home buildersare raising the hottest property types low-double-digit range, he said. which the firm was willing to and privatevaluations has ex- according to the National Asso- prices.The median sales price thanks to lowvacancies and “Apartment values have accept because of the lowrate tended forabout six months. ciation of Home Builders. of anew house sold in July was rent increases that typically not seen much of ahit in the and the long term, Mr. Shem- “That suggests that there’s TheS&P HomebuildersSe- $330,600,up7.2% from ayear outpaced inflation. Prices of privatemarkets,” Mr.Paw- esh said. risk [for privateinvestors], lect IndustryIndexisup17.89% earlier. apartment buildingssoared, lowski said. CIM also believes demand and they’renot out of the this year as of Tuesday, exceed- —Mark Maurer and the public multifamily Theformer ownersofwill stay strong forSouthern woods yet,” he said. ing the 9.16% rise in the S&P contributed to this article. P2JW246000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, September 2, 2020 | B7 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. BancoBilbaoViz BBVA 2.88 -0.01 s Carvana CVNA 227.19 11.23 DigitalRealty DLR 153.56 -2.09 FleetCorTech FLT 249.99 -1.46 IcahnEnterprises IEP 49.95 0.17 LivongoHealth LVGO 142.33 5.03 NomuraHoldings NMR 5.17 0.01 Market listed securities. Prices are composite dd-Indicates loss in the most recent BancoBradesco BBDO 3.65 0.09 CaseysGenStores CASY 176.24 -1.61 DiscoverFinSvcs DFS 52.97 -0.11 s Floor&Decor FND 75.47 2.23 Icon ICLR 186.82 0.41 LloydsBanking LYG 1.39 -0.05 Nordson NDSN 189.78 3.29 quotations that include primary market trades four quarters. BancodeChile BCH 16.69 -0.08 s Catalent CTLT 90.68 -1.82 DiscoveryB DISCB 38.50 2.00 FomentoEconMex FMX 58.59 0.26 s IDEX IEX 182.08 1.85 LockheedMartin LMT 386.81 -3.45 NorfolkSouthern NSC 215.30 2.77 as well as trades reported by Nasdaq BX FD-First day of trading. BancSanBrasil BSBR 5.42 0.25 Caterpillar CAT 146.05 3.74 DiscoveryA DISCA 21.42 -0.65 FordMotor F 6.83 0.01 s IllinoisToolWks ITW 201.02 3.47 Loews L 36.17 0.31 NorthernTrust NTRS 82.08 0.19 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing BcoSantChile BSAC 15.44 0.06 Celanese CE 105.17 4.02 DiscoveryC DISCK 19.36 -0.61 Fortinet FTNT 130.52 -1.48 Illumina ILMN 347.84 -9.38 s LogitechIntl LOGI 75.84 1.06 NorthropGrum NOC 340.38 -2.23 Cboe, NYSE National and Nasdaq ISE. standards BancoSantander SAN 2.20 -0.03 Centene CNC 61.37 0.05 Disney DIS 133.55 1.68 Fortis FTS 39.68 -0.36 s Immunomedics IMMU 44.20 -0.36 Lowe's LOW 167.59 2.90 NortonLifeLock NLOK 23.82 0.30 The list comprises the 1,000 largest lf-Late filing BanColombia CIB 30.19 2.13 CenterPointEner CNP 20.00 -0.07 s DocuSign DOCU 268.80 45.80 Fortive FTV 73.59 1.48 ImperialOil IMO 16.54 0.11 s lululemon LULU 391.16 15.49 Novartis NVS 86.87 0.81 companies based on market capitalization. q-Temporary exemption from Nasdaq CentraisElBras EBR FortBrandsHome FBHS 85.74 1.66 Incyte INCY 92.97 -3.38 Lumentum LITE 86.28 0.28 Novavax NVAX requirements. BankofAmerica BAC 25.71 -0.03 6.74 0.26 DolbyLab DLB 69.99 0.14 105.08 -5.26 Underlined quotations are those stocks with Lyft LYFT 29.43 -0.24 t-NYSE bankruptcy BankofMontreal BMO 62.56 -1.01 CenturyLink CTL 10.65 -0.10 DollarGeneral DG 199.90 -1.98 FoxA FOXA 27.44 -0.19 Infosys INFY 12.67 0.07 NovoNordisk NVO 65.89 -0.15 large changes in volume compared with the BankNY Mellon BK 37.21 0.23 CeridianHCM CDAY 83.68 4.16 DollarTree DLTR 93.68 -2.59 FoxB FOX 27.49 -0.08 IngersollRand IR 36.21 1.15 LyondellBasell LYB 68.46 2.98 Novocure NVCR 84.68 1.93 issue’s average trading volume. v-Trading halted on primary market. vj-In bankruptcy or receivership or BkNovaScotia BNS 42.53 -0.69 Cerner CERN 72.47 -0.90 DominionEner D 77.82 -0.62 Franco-Nevada FNV 148.97 -1.51 Inphi IPHI 115.36 1.38 s NuanceComms NUAN 31.29 1.33 Boldfaced quotations highlight those issues being reorganized under the Barclays BCS 5.60 -0.22 CharlesRiverLabs CRL 216.05 -2.90 Domino's DPZ 410.15 1.19 FranklinRscs BEN 21.02 -0.04 Insulet PODD 223.21 4.96 M N Nucor NUE 46.64 1.18 whose price changed by 5% or more if their Bankruptcy Code, or securities s FreeportMcM FCX 16.18 0.57 Intel INTC 50.79 -0.16 BarrickGold GOLD 29.33 -0.32 CharterComms CHTR 617.24 1.63 Donaldson DCI 50.88 0.52 M&T Bank MTB 103.56 0.30 Nutrien NTR 37.47 0.60 previous closing price was $2 or higher. assumed by such companies. FreseniusMed FMS 42.06 -0.32 InteractiveBrkrs IBKR 53.30 0.28 s BauschHealth BHC 16.19 -0.43 CheckPoint CHKP 126.64 0.38 Dover DOV 111.42 1.58 MGM Resorts MGM 22.77 0.27 NVIDIA NVDA 552.84 18.02 ICE ICE 106.52 0.29 BaxterIntl BAX 85.55 -1.52 Chegg CHGG 76.58 2.84 Dow DOW 47.27 2.15 MKS Instrum MKSI 120.21 0.68 s G H I InterContinentl IHG 58.52 0.56 O P Q Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and BectonDicknsn BDX 240.84 -1.93 Chemed CHE 514.88 -2.23 DrReddy'sLab RDY 59.12 0.95 MPLX MPLX 17.89 -0.38 BeiGene BGNE 236.30 -5.27 CheniereEnergy LNG 53.74 1.69 DraftKings DKNG 36.93 1.57 IBM IBM 123.40 0.09 changes in the closing prices from 4 p.m. the previous day. GCI LibertyA GLIBA 81.54 0.76 MSCI MSCI 377.56 4.29 OGE Energy OGE 31.39 -0.47 Berkley WRB 62.63 0.58 CheniereEnerPtrs CQP 36.38 0.19 Dropbox DBX 21.32 0.15 IntlFlavors IFF 124.74 0.95 GDS Holdings GDS 83.49 2.55 MagellanMid MMP 38.11 0.10 ONEOK OKE 27.15 -0.33 BerkHathwy B BRK.B 218.55 0.51 Chevron CVX 83.08 -0.85 DukeEnergy DUK 79.21 -1.13 IntlPaper IP 37.52 1.25 Tuesday, September 1, 2020 Net Net GFLEnvironmental GFL 17.63 -0.62 MagnaIntl MGA 50.51 1.90 OReillyAuto ORLY 473.20 7.57 BerkHathwy A BRK.A 327440-120.00 s Chewy CHWY 69.43 8.36 DukeRealty DRE 38.56 0.01 Interpublic IPG 17.74 -0.02 Net Stock Sym Close Chg Stock Sym Close Chg GSXTechedu GSX 94.69 9.29 ManhattanAssoc MANH 98.71 1.46 OakStreetHealth OSH 46.06 1.43 BerryGlobal BERY 53.11 1.57 ChinaEastrnAir CEA 20.41 0.10 Dun&Bradstreet DNB 25.63 0.27 Intuit INTU 347.18 1.79 Stock Sym Close Chg Allstate ALL 92.96 -0.04 ApolloGlbMgmt APO 48.17 1.30 Galapagos GLPG 130.91 -2.25 ManulifeFin MFC 14.89 0.14 OccidentalPetrol OXY 12.48 -0.26 BestBuy BBY 113.50 2.59 ChinaLifeIns LFC 12.14 -0.04 Dunkin' DNKN 76.18 0.10 s IntuitiveSurgical ISRG 741.57 10.73 AllyFinancial ALLY 22.91 0.03 s Apple AAPL 134.18 5.14 Gallagher AJG 105.69 0.39 MarathonPetrol MPC 34.97 -0.49 s Okta OKTA 224.50 9.13 A B C BeyondMeat BYND 135.24 -0.61 ChinaMobile CHL 34.72 -0.31 DuPont DD 57.26 1.50 InvitatHomes INVH 28.77 0.14 AlnylamPharm ALNY 130.41 -2.23 ApplMaterials AMAT 61.89 0.29 Gaming&Leisure GLPI 37.24 0.89 Markel MKL 1087.82 0.99 s OldDomFreight ODFL 204.13 2.10 BigCommerce BIGC 111.99 -5.81 ChinaPetrol SNP 45.05 -0.83 s DynatraceDT 47.09 2.86 IonisPharma IONS 54.27 -0.23 s Alphabet A GOOGL 1655.08 25.55 Aptargroup ATR 119.50 1.11 Gap GPS 17.77 0.38 MarketAxess MKTX 490.42 4.48 Ollie'sBargain OLLI 94.62 -0.92 ABB ABB 25.79 0.29 s Bilibili BILI 52.25 5.00 ChinaSoAirlines ZNH 26.72 0.51 ENI E 18.52 -0.08 iQIYI IQ 22.73 1.08 s Alphabet C GOOG 1660.71 26.53 Aptiv APTV 87.05 0.93 Garmin GRMN 104.00 0.39 Marriott MAR 103.09 0.18 OmegaHealthcare OHI 31.09 0.12 AcadiaPharm ACAD 38.08 -1.51 Bill.com BILL 98.33 -0.65 ChinaTelecom CHA 32.28 -0.25 EOG Rscs EOG 45.21 -0.13 s iRhythmTechs IRTC 226.70 6.52 Alteryx AYX 121.85 1.02 Aramark ARMK 27.83 0.27 Gartner IT 130.06 0.24 Marsh&McLen MMC 115.48 0.57 Omnicom OMC 53.02 -1.07 ADT ADT 11.10 0.45 Bio-Techne TECH 257.44 1.98 ChinaUnicom CHU 7.17 0.09 s EPAM Systems EPAM 334.78 7.68 IronMountain IRM 29.94 -0.15 AlticeUSA ATUS 27.67 0.09 ArcelorMittal MT 12.62 0.06 s Generac GNRC 193.25 3.27 MartinMarietta MLM 207.86 4.99 ON Semi ON 21.75 0.38 AECOM ACM 39.65 0.14 Bio-RadLab A BIO 509.66 1.07 s Chipotle CMG 1372.22 61.94 E*TRADE ETFC 54.40 0.30 ItauUnibanco ITUB 4.47 0.21 Altria MO 43.12 -0.62 ArchCapital ACGL 31.60 0.06 GeneralDynamics GD 150.19 0.84 s MarvellTech MRVL 39.19 0.41 OneConnectFinTech OCFT 21.48 -0.09 AES AES 17.91 0.16 Bio-RadLab B BIO.B505.15-14.50 Chubb CB 124.86 -0.14 EastmanChem EMN 76.61 3.50 AlumofChina ACH 6.22 0.19 ArcherDaniels ADM 45.14 0.38 GeneralElec GE 6.19 -0.15 J K L Masco MAS 59.36 1.06 OpenText OTEX 45.97 0.59 Aflac AFL 36.70 0.38 Biogen BIIB 279.75 -7.89 ChunghwaTel CHT 36.58 -0.34 Eaton ETN 103.43 1.33 s Amazon.com AMZN 3499.12 48.16 AresMgmt ARES 40.47 0.02 GeneralMills GIS 63.12 -0.83 Masimo MASI 223.65 -0.35 Oracle ORCL 57.66 0.44 AGNC Invt AGNC 14.08 -0.03 BioMarinPharm BMRN 76.00 -2.03 Church&Dwight CHD 95.33 -0.50 eBay EBAY 53.65 -1.13 Ambev ABEV 2.35 0.10 arGEN-X ARGX 226.86 -4.41 GeneralMotors GM 29.79 0.16 s JD.com JD 82.49 3.85 Mastercard MA 356.90 -1.29 Orange ORAN 10.92 -0.21 ANGI Homesvcs ANGI 14.28 0.40 ChurchillDowns CHDN 177.76 3.00 Ecolab ECL 201.66 4.58 Amcor AMCR 11.24 0.18 AristaNetworks ANET 224.10 0.65 BioNTech BNTX 57.81 -3.44 s Genmab GMAB 37.57 -0.19 Joyy YY 86.55 1.11 MaximIntProducts MXIM 69.35 0.91 Orix IX 62.14 -0.02 s Ansys ANSS 343.89 4.88 s Ciena CIEN 58.60 1.83 Ecopetrol EC 11.92 0.53 Amdocs DOX 61.55 0.32 ArrowElec ARW 78.67 0.11 BlackKnight BKI 85.48 1.38 Genpact G 41.48 -0.70 JPMorganChase JPM 100.14 -0.05 s McCormickVtg MKC.V 204.75 0.45 OtisWorldwide OTIS 64.05 1.15 ASETech ASX 4.17 0.06 Cigna CI 176.15 -1.22 EdisonInt EIX 51.81 -0.67 Amedisys AMED 241.78 -0.12 AscendisPharma ASND 144.06 -4.12 BlackRock BLK 596.24 2.05 Gentex GNTX 27.26 0.21 JackHenry JKHY 164.36 -1.06 McCormick MKC 205.93 -0.27 OwensCorning OC 69.52 1.88 ASML ASML 386.90 12.72 CincinnatiFin CINF 80.00 0.59 EdwardsLife EW 85.91 0.07 Amerco UHAL 366.35 11.46 AspenTech AZPN 130.75 3.72 Blackstone BX 53.72 0.77 GenuineParts GPC 95.66 1.22 JacobsEngg J 91.44 1.17 McDonalds MCD 212.69 -0.83 PG&E PCG 9.12 -0.14 AT&T T 29.47 -0.34 s Cintas CTAS 335.31 2.07 Ameren AEE 78.48 -0.63 Assurant AIZ 123.15 1.59 Boeing BA 172.10 0.28 ElancoAnimal ELAN 28.77 -0.29 GileadSciences GILD 65.83 -0.92 JamesHardie JHX 22.17 -0.28 McKesson MCK 150.22 -3.22 PLDT PHI 29.60 0.01 Azek AZEK 41.23 1.75 CiscoSystems CSCO 42.03 -0.19 AmericaMovil AMX 12.32 0.15 AstraZeneca AZN 55.38 -0.62 BookingHldgs BKNG 1928.86 18.41 Elastic ESTC 109.92 1.34 GSK GSK 38.96 -0.64 JazzPharma JAZZ 135.45 1.06 MedicalProp MPW 18.55 -0.03 PNC Fin PNC 111.60 0.40 AbbottLabs ABT 106.55 -2.92 Citigroup C 51.20 0.08 AmericaMovil A AMOV 12.13 ... Athene ATH 36.26 -0.30 BoozAllen BAH 88.41 0.35 ElbitSystems ESLT 134.61 0.28 GlobalPayments GPN 179.67 3.05 J&J JNJ 151.52 -1.89 Medtronic MDT 107.52 0.05 POSCO PKX 39.06 0.42 AbbVie ABBV 92.24 -3.53 CitizensFin CFG 26.17 0.30 AmerAirlines AAL 13.10 0.05 s Atlassian TEAM 196.41 4.65 BorgWarner BWA 41.58 0.99 ElectronicArts EA 138.29 -1.18 s Globant GLOB 184.72 7.14 JohnsonControls JCI 41.18 0.45 MelcoResorts MLCO 18.78 -0.74 s PPD PPD 34.35 0.01 CitrixSystems CTXS 145.23 0.03 Abiomed ABMD 307.33 -0.29 AEP AEP 77.82 -1.01 AtmosEnergy ATO 97.43 -2.39 BostonBeer SAM 880.49 -1.49 EmergentBiosol EBS 110.84 -3.21 GlobeLife GL 82.03 -0.45 JuniperNetworks JNPR 24.57 -0.43 MercadoLibre MELI 1209.26 40.67 PPG Ind PPG 124.00 3.60 Clarivate CCC 29.94 0.50 Accenture ACN 240.02 0.09 AmerExpress AXP 102.47 0.88 Autodesk ADSK 253.51 7.81 BostonProps BXP 85.36 -1.51 EmersonElec EMR 70.13 0.66 GoDaddy GDDY 84.24 0.56 KB Fin KB 31.33 0.38 Merck MRK 84.43 -0.84 PPL PPL 27.43 -0.20 Clorox CLX 220.09 -3.41 ActivisionBliz ATVI 83.33 -0.19 AmericanFin AFG 66.58 -0.27 Autohome ATHM 85.07 4.83 BostonSci BSX 41.47 0.45 Enbridge ENB 32.25 0.23 GoldFields GFI 12.60 -0.43 s KE Holdings BEKE 54.00 2.71 MetLife MET 38.50 0.04 PRA HealthSci PRAH 106.00 -0.91 Cloudflare NET 39.74 1.48 Adobe ADBE 527.95 14.56 AmHomes4Rent AMH 28.65 0.01 Autoliv ALV 78.48 0.14 BrightHorizons BFAM 135.74 2.73 EncompassHealth EHC 65.56 0.32 GoldmanSachs GS 205.46 0.59 KKR KKR 36.26 0.44 s MettlerToledo MTD 975.89 5.11 s PTC PTC 95.44 4.03 Coca-Cola KO 49.12 -0.41 AdvanceAuto AAP 156.39 0.08 AIG AIG 29.15 0.01 ADP ADP 138.53 -0.56 BristolMyers BMY 60.97 -1.23 EnelAmericas ENIA 7.20 0.09 Graco GGG 58.76 0.74 KLA KLAC 207.95 2.81 MicrochipTech MCHP 112.35 2.65 Paccar PCAR 87.05 1.21 Coca-Cola Euro CCEP 41.00 -0.16 AdvMicroDevices AMD 92.18 1.36 AmerTowerREIT AMT 248.03 -1.12 AutoZone AZO 1222.43 26.12 BritishAmTob BTI 33.92 0.15 EnergyTransfer ET 6.29 -0.13 Grainger GWW 367.42 1.99 KSCitySouthern KSU 184.30 2.26 MicronTech MU 45.76 0.25 PackagingCpAm PKG 104.22 2.98 s s Cognex CGNX 70.02 0.83 AgilentTechs A 101.12 0.70 AmerWaterWorks AWK 140.17 -1.17 Avalara AVLR 139.99 7.58 s Broadcom AVGO 359.54 12.39 EnphaseEnergy ENPH 78.71 1.48 Grifols GRFS 15.80 -0.23 Kellogg K 69.24 -1.67 Microsoft MSFT 227.27 1.74 PagSeguroDig PAGS 43.80 1.66 CognizantTech CTSH 66.97 0.11 AgnicoEagle AEM 81.15 -1.35 AmericoldRealty COLD 38.59 0.24 Avalonbay AVB 158.20 0.14 BroadridgeFinl BR 139.35 1.95 Entegris ENTG 68.86 1.97 Grubhub GRUB 72.49 0.14 KeurigDrPepper KDP 29.95 0.12 MidAmApt MAA 116.55 -0.57 PaloAltoNtwks PANW 258.50 1.09 s ColgatePalm CL 78.09 -1.17 AirProducts APD 302.73 10.47 Ameriprise AMP 157.16 0.36 Avangrid AGR 47.52 -0.52 BrookfieldMgt BAM 33.95 0.21 Entergy ETR 97.69 -1.45 GuardantHealth GH 93.23 -2.27 KeyCorp KEY 12.53 0.21 MiratiTherap MRTX 149.87 0.50 PanAmerSilver PAAS 35.57 -0.59 Comcast A CMCSA 45.05 0.24 s AkamaiTech AKAM 119.03 2.60 AmerisourceBrgn ABC 94.30 -2.73 Avantor AVTR 22.57 ... BrookfieldInfr BIP 43.99 0.44 EnterpriseProd EPD 17.58 0.02 Guidewire GWRE 117.52 5.21 KeysightTechs KEYS 99.74 1.22 MitsubishiUFJ MUFG 4.19 0.01 ParkerHannifin PH 211.77 5.76 CommerceBcshrs CBSH 58.92 -0.65 Albemarle ALB 97.39 6.38 Ametek AME 102.02 1.32 AveryDennison AVY 117.66 2.85 BrookfieldPropREIT BPYU 11.54 0.01 Equifax EFX 168.69 0.42 HCA Healthcare HCA 134.20 -1.52 KilroyRealty KRC 57.01 -1.51 MizuhoFin MFG 2.74 ... Paychex PAYX 76.26 -0.21 SABESP SBS 9.08 0.38 t Albertsons ACI 13.94 0.15 Amgen AMGN 250.86 -2.46 BCE BCE 42.61 -0.40 BrookfieldRenew BEPC 50.16 -0.76 Equinix EQIX 789.80 0.02 HDFC Bank HDB 51.27 1.67 KimberlyClark KMB 154.26 -3.50 MobileTeleSys MBT 9.49 0.17 PaycomSoftware PAYC 307.52 8.06 ConagraBrands CAG 37.83 -0.53 Alcon ALC 56.98 -0.36 Amphenol APH 110.79 0.99 BHP Group BHP 56.79 1.73 Brown&Brown BRO 46.69 0.29 Equinor EQNR 16.06 0.01 HD Supply HDS 40.39 0.73 KinderMorgan KMI 13.87 0.05 Moderna MRNA 63.32 -1.57 ConchoRscs CXO 51.14 -0.84 Paylocity PCTY 150.69 3.44 AlexandriaRlEst ARE 166.54 -1.84 AnalogDevices ADI 118.76 1.88 BHP Group BBL 46.92 1.79 Brown-Forman B BF.B 72.60 -0.57 Equitable EQH 21.10 -0.09 HP HPQ 19.26 -0.29 KingsoftCloud KC 35.60 1.12 MohawkInds MHK 91.93 -0.40 s ConocoPhillips COP 37.16 -0.73 PayPal PYPL 208.93 4.79 AlexionPharm ALXN 112.68 -1.54 Anaplan PLAN 62.49 1.24 BJ'sWholesale BJ 44.56 0.15 Brown-Forman A BF.A 65.66 -0.82 EquityLife ELS 66.90 0.61 HSBC HSBC 21.24 -0.39 KinrossGold KGC 8.76 -0.12 MolinaHealthcare MOH 186.03 1.06 s ConEd ED 69.65 -1.69 Pegasystems PEGA 132.72 4.25 s Alibaba BABA 298.00 10.97 AngloGoldAsh AU 29.15 -0.36 BP BP 20.77 -0.16 Bruker BRKR 42.68 0.66 EquityResdntl EQR 56.78 0.33 s HUYA HUYA 29.58 0.86 KirklandLakeGold KL 52.54 -0.67 MolsonCoorsB TAP 37.01 -0.63 s ConstBrands A STZ 185.94 1.46 Peloton PTON 83.67 7.00 AlignTech ALGN 305.43 8.45 AB InBev BUD 57.62 -0.53 B2Gold BTG 6.50 -0.24 Bunge BG 45.47 -0.15 ErieIndemnity A ERIE 213.49 0.05 Halliburton HAL 16.23 0.09 Knight-Swift KNX 46.32 0.86 MomentaPharm MNTA 52.15 -0.02 ConstBrands B STZ.B 182.95 0.56 PembinaPipeline PBA 24.90 0.16 Alleghany Y 557.88 3.32 AnnalyCap NLY 7.39 0.04 Baidu BIDU 126.93 2.36 BurlingtonStrs BURL 201.63 4.70 EssentialUtil WTRG 41.91 -0.59 HartfordFinl HIG 41.04 0.59 KoninklijkePhil PHG 47.73 0.24 Mondelez MDLZ 58.20 -0.22 ContinentalRscs CLR 17.08 -0.10 s PennNational PENN 57.93 6.83 Allegion ALLE 102.10 -1.29 Anthem ANTM 273.08 -8.44 BakerHughes BKR 13.88 -0.40 CACI Intl CACI 237.00 2.81 EssexProp ESS 215.21 -1.30 Hasbro HAS 81.90 2.96 KoreaElcPwr KEP 8.81 0.27 s MongoDB MDB 250.72 16.92 Cooper COO 309.40 -4.98 Pentair PNR 45.58 0.44 AlliantEnergy LNT 53.48 -0.67 Aon AON 202.65 2.66 Ball BLL 81.97 1.60 CBRE Group CBRE 47.77 0.74 EsteeLauder EL 220.99 -0.73 HealthpeakProp PEAK 27.46 -0.18 KraftHeinz KHC 34.14 -0.90 MonolithicPower MPWR 272.62 5.49 Copart CPRT 104.02 0.70 Penumbra PEN 212.99 3.84 CDW CDW 112.59 -1.06 Etsy ETSY 125.05 5.35 Heico HEI 111.98 2.06 Kroger KR 35.40 -0.28 MonsterBev MNST 84.84 0.98 Corning GLW 32.85 0.39 PepsiCo PEP 139.19 -0.87 CF Industries CF 33.41 0.78 EverestRe RE 217.87 -0.66 Heico A HEI.A 91.32 1.94 s L Brands LB 31.54 2.14 Moody's MCO 296.07 1.43 Corteva CTVA 29.44 0.89 PerkinElmer PKI 119.39 1.67 CGI GIB 71.54 1.35 Evergy EVRG 52.66 -0.56 HenrySchein HSIC 65.16 -1.28 LHC Group LHCG 208.25 -0.19 MorganStanley MS 52.58 0.32 CoStar CSGP 873.44 24.84 Perrigo PRGO 51.36 -0.94 CH Robinson CHRW 99.22 0.92 EversourceEner ES 83.66 -2.05 Herbalife HLF 49.91 0.76 Line LN 50.85 -0.05 Morningstar MORN 164.96 4.81 Dividend Changes s Costco COST 351.38 3.72 PetroChina PTR 34.66 0.15 CME Group CME 173.78 -2.09 ExactSciences EXAS 73.73 -1.56 Hershey HSY 148.42 -0.22 LKQ LKQ 31.82 0.08 Mosaic MOS 18.70 0.47 s CoupaSoftware COUP 344.42 16.68 PetroleoBrasil PBR 8.68 0.51 CMS Energy CMS 60.22 -0.27 Exelixis EXEL 21.58 -0.64 Hess HES 45.94 -0.10 LPL Financial LPLA 82.80 0.64 MotorolaSol MSI 153.77 -0.98 Credicorp BAP 131.24 0.76 PetroleoBrasilA PBR.A 8.52 0.51 Dividend announcements from September 1. CNA Fin CNA 32.12 -0.05 Exelon EXC 36.33 -0.58 HewlettPackard HPE 9.47 -0.20 L3HarrisTech LHX 177.72 -3.02 Mylan MYL 15.50 -0.88 CreditAcceptance CACC374.07-12.73 Pfizer PFE 36.88 -0.91 CNH Indl CNHI 7.99 0.09 Expedia EXPE 99.25 1.10 Hill-Rom HRC 92.49 -1.30 LabCpAm LH 174.11 -1.64 NICE NICE 233.96 4.11 Amount Payable / CreditSuisse CS 10.85 -0.12 PhilipMorris PM 79.04 -0.75 CNOOC CEO 112.33 -0.83 s ExpeditorsIntl EXPD 89.68 1.29 Hilton HLT 91.71 1.35 LamResearch LRCX 340.56 4.22 NIO NIO 20.12 1.09 Company Symbol Yld %New/Old Frq Record Cree CREE 63.99 0.89 Phillips66 PSX 58.79 0.32 CRH CRH 37.91 0.81 ExtraSpaceSt EXR 106.85 0.30 Hologic HOLX 59.22 -0.50 LamarAdv LAMR 67.64 -1.59 NRG Energy NRG 34.17 -0.24 s CrowdStrike CRWD 143.69 17.96 Pinduoduo PDD 91.36 2.42 Increased CRISPR Therap CRSP 93.42 -0.04 ExxonMobil XOM 39.43 -0.51 HomeDepot HD 285.94 0.90 LambWeston LW 61.33 -1.52 NVR NVR 4186.88 18.54 CrownCastle CCI 162.10 -1.15 PinnacleWest PNW 71.54 -1.81 CSX CSX 78.04 1.58 F5Networks FFIV 131.10 -1.23 HondaMotor HMC 25.44 -0.14 LasVegasSands LVS 49.65 -1.06 NXP Semi NXPI 128.20 2.44 Eaton Vance Global Income EVGBC 3.3 .0314 /.0302 M Sep04 /Sep02 CrownHoldings CCK 78.38 1.53 s Pinterest PINS 38.36 1.57 CVS Health CVS 60.28 -1.84 FMC FMC 110.15 3.29 Honeywell HON 167.97 2.42 Lear LEA 116.09 2.16 Nasdaq NDAQ 134.82 0.40 Mannatech MTEX 3.5 .16 /.125 Q Sep29 /Sep15 CubeSmart CUBE 31.56 -0.06 PioneerNatRscs PXD 102.98 -0.95 CableOne CABO 1834.04 -6.29 Facebook FB 295.44 2.24 HorizonTherap HZNP 75.47 0.35 Leidos LDOS 89.70 -0.79 NationalGrid NGG 56.16 -0.32 Cummins CMI 211.06 3.81 PlainsAllAmPipe PAA 7.12 0.04 Reduced CabotOil COG 18.59 -0.38 FactSet FDS 351.08 0.68 HormelFoods HRL 50.69 -0.29 Lennar B LEN.B 61.73 2.43 NatlRetailProp NNN 35.50 0.06 CureVac CVAC 56.85 1.77 Polaris PII 103.90 2.86 s CadenceDesign CDNS 113.98 3.07 s FairIsaac FICO 444.71 23.92 DR Horton DHI 73.36 1.99 Lennar A LEN 78.13 3.31 Natura&Co NTCO 18.87 0.95 Eaton Vance TABS 5-to-15Y EVLMC 2.1 .0171 /.0177 M Sep04 /Sep02 CyrusOne CONE 82.43 -1.10 Pool POOL 329.92 2.08 CaesarsEnt CZR 46.86 1.06 Farfetch FTCH 28.50 0.81 HostHotels HST 11.28 0.05 LennoxIntl LII 286.69 6.36 NatWest NWG 2.84 -0.09 PostHoldings POST 86.28 -1.74 CamdenProperty CPT 91.00 0.06 s Fastenal FAST 49.49 0.63 HowmetAerospace HWM 17.54 0.02 LiAuto LI 18.29 1.99 s nCino NCNO 98.04 5.09 Stocks D E F PrincipalFin PFG 42.88 0.77 CampbellSoup CPB 51.40 -1.21 Fastly FSLY 95.40 2.56 HuanengPower HNP 16.60 -0.05 LibertyBroadbandC LBRDK 141.58 1.49 NetApp NTAP 46.68 -0.71 China HGS Real Estate HGSH 1:2 /Sep02 Procter&Gamble PG 138.18 -0.15 CIBC CM 79.60 0.25 DISH Network DISH 34.57 -0.95 FederalRealty FRT 79.53 0.29 s Huazhu HTHT 45.36 0.63 LibertyBroadbandA LBRDA 139.55 1.36 NetEase NTES 491.79 4.58 Progressive PGR 93.87 -1.17 CanNtlRlwy CNI 105.28 0.70 DTE Energy DTE 117.79 -0.88 s FedEx FDX 225.46 5.62 Hubbell HUBB 146.37 1.45 LibertyGlobal C LBTYK 22.70 -0.31 Netflix NFLX 556.55 26.99 Foreign Prologis PLD 101.50 -0.36 CanNaturalRes CNQ 19.95 0.28 Danaher DHR 208.38 1.91 Ferrari RACE 195.57 0.82 s HubSpot HUBS 314.25 14.57 LibertyGlobal A LBTYA 23.27 -0.10 Neurocrine NBIX 115.76 -0.66 Bank Of Nova Scotia BNS 6.5 .69047 Q Oct28 /Oct06 Proofpoint PFPT 115.39 5.72 CanPacRlwy CP 295.50 -0.18 Darden DRI 87.14 0.47 FiatChrysler FCAU 10.89 -0.14 Humana HUM 414.85 -0.32 LibertyFormOne A FWONA 35.91 -0.27 NewOrientalEduc EDU 151.00 4.37 Canadian Natl Railway CNI 1.7 .43999 Q Sep30 /Sep09 PrudentialFin PRU 68.00 0.23 Canon CAJ 16.48 -0.68 Datadog DDOG 85.77 2.22 FidNatlFin FNF 33.00 0.17 JBHunt JBHT 140.97 0.43 LibertyFormOne C FWONK 38.69 -0.29 NYTimes A NYT 43.72 0.39 Prudential PUK 31.96 -0.30 PetroChina ADR PTR 4.7 1.26356 SA Nov09 /Sep14 CanopyGrowth CGC 16.41 -0.11 DaVita DVA 87.34 0.58 FidNatlInfo FIS 152.35 1.50 HuntingtonBcshs HBAN 9.44 0.03 LibertyBraves A BATRA 19.15 -0.44 NewellBrands NWL 15.73 -0.25 PublicServiceEnt PEG 51.00 -1.24 CapitalOne COF 68.58 -0.45 s Deere DE 217.69 7.63 FifthThirdBncp FITB 20.85 0.19 HuntingIngalls HII 150.33 -1.19 LibertyBraves C BATRK 19.00 -0.43 Newmont NEM 67.02 -0.26 PublicStorage PSA 213.40 1.00 Special CardinalHealth CAH 49.34 -1.42 DellTechC DELL 66.37 0.29 58.com WUBA 55.69 0.33 s IAA IAA 53.08 0.76 LibertySirius C LSXMK 35.78 -0.21 NewsCorp B NWS 15.10 0.03 PulteGroup PHM 46.05 1.46 Carlisle CSL 132.43 1.48 DeltaAir DAL 30.71 -0.14 FirstRepBank FRC 113.37 0.46 ICICI Bank IBN 10.88 0.14 LibertySirius A LSXMA 36.00 -0.31 NewsCorp A NWSA 15.18 0.06 Qurate Retail Series A QRTEA ... 1.50 Sep14 /Aug31 Qiagen QGEN 50.73 -0.23 Carlyle CG 26.61 0.80 DentsplySirona XRAY 44.85 -0.02 FirstSolar FSLR 78.42 1.83 IdexxLab IDXX 398.49 7.43 LibertySirius B LSXMB 36.62 -5.03 NextEraEnergy NEE 277.13 -2.04 Qurate Retail Series B QRTEB ... 1.50 Sep14 /Aug31 Qorvo QRVO 131.48 3.21 CarMax KMX 108.58 1.65 DeutscheBank DB 9.52 -0.01 FirstEnergy FE 28.26 -0.33 IHS Markit INFO 81.15 1.23 EliLilly LLY 147.30 -1.09 s Nike NKE 114.84 2.95 s Qualcomm QCOM 122.01 2.91 Carnival CCL 16.51 0.03 DexCom DXCM 422.19 -3.22 Fiserv FISV 99.37 -0.21 ING Groep ING 8.04 -0.05 LincolnNational LNC 36.15 0.10 Nikola NKLA 41.00 0.19 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and s QuantaServices PWR 52.57 1.32 Carnival CUK 13.91 -0.07 Diageo DEO 130.71 -3.69 FiveBelow FIVE 114.42 4.97 IPG Photonics IPGP 160.82 -0.91 s Linde LIN 256.94 7.20 NiSource NI 21.39 -0.77 ratio; SO: spin-off. CarrierGlobal CARR 30.30 0.45 DiamondbkEner FANG 38.48 -0.48 Five9 FIVN 129.86 2.42 IQVIA IQV 165.13 1.38 LiveNationEnt LYV 57.20 0.40 Nokia NOK 4.73 -0.17 Continued on Page B8

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B8 | We dnesday, September 2, 2020 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B7 Net 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 StockSym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg RitchieBros RBA 58.85 0.40 SareptaTherap SRPT 142.04 -4.38 SnapOn SNA 151.33 3.06 SyneosHealth SYNH 61.82 -1.28 TelefonicaBras VIV 9.05 0.32 Trimble TRMB 53.41 1.00 VICI Prop VICI 23.37 1.03 WEX WEX 163.46 3.75 Wipro WIT 4.28 -0.02 QuestDiag DGX109.65 -1.59 RobertHalf RHI 53.44 0.24 Schlumberger SLB 18.63 -0.26 s SOQUIMICH SQM 33.31 1.95 Synnex SNX 127.87 0.72 Telefonica TEF 3.85 -0.10 Trip.com TCOM 30.65 0.41 VailResorts MTN 220.29 2.62 W.P.Carey WPC 69.64 0.27 Wix.com WIX 299.71 5.08 Quidel QDEL 158.37-17.59 s RocketCos.RKT 30.71 2.71 SchwabC SCHW 35.80 0.27 SolarEdgeTech SEDG 223.76 2.61 s Synopsys SNPS 225.34 4.04 TelekmIndonesia TLK 19.68 -0.25 TruistFinl TFC 39.17 0.36 Vale VALE 11.50 0.50 WPP WPP 40.77 -1.62 Workday WDAY 241.75 2.04 Rockwell ROK 233.94 3.41 ScottsMiracleGro SMG 170.08 1.55 s SolarWinds SWI 21.63 0.60 Sysco SYY 60.10 -0.04 s 10xGenomics TXG 113.73 -0.89 Twilio TWLO 273.24 3.48 ValeroEnergy VLO 52.47 -0.12 Wabtec WAB 68.91 2.36 WynnResorts WYNN 86.28 -1.17 R S RogersComm B RCI 41.60 -0.02 Sea SE 161.80 8.99 Sony SNE 79.50 0.86 Tenaris TS 11.45 -0.21 Twitter TWTR 41.15 0.57 VarianMed VAR 173.80 0.13 t WalgreensBoots WBA 36.76 -1.26 XP XP 51.03 1.64 s Roku ROKU 179.27 5.79 Seagate STX 47.07 -0.92 Southern SO 51.81 -0.37 T U V TencentMusic TME 15.93 0.30 TylerTech TYL 347.62 2.31 Vedanta VEDL 7.21 0.20 s Walmart WMT 147.59 8.74 XPO Logistics XPO 90.28 2.01 RELX RELX 22.38 -0.28 Rollins ROL 55.72 0.58 SealedAir SEE 40.26 0.96 s SoCopper SCCO 48.52 0.42 Teradyne TER 85.35 0.38 TysonFoods TSN 62.64 -0.16 s VeevaSystems VEEV 294.08 11.81 WarnerMusic WMG 29.88 0.22 XcelEnergy XEL 68.55 -0.92 s RH RH 340.84 10.29 TAL Education TAL 78.20 4.39 RoperTech ROP 436.41 9.22 SeattleGenetics SGEN 153.66 -4.68 SouthwestAir LUV 37.91 0.33 s Tesla TSLA 475.05-23.27 UBS Group UBS 12.19 0.04 Ventas VTR 41.87 0.66 WasteConnections WCN 100.09 0.06 Xilinx XLNX 105.31 1.15 RPM RPM 86.45 1.68 TC Energy TRP 46.63 -0.03 RossStores ROST 91.27 0.19 SempraEnergy SRE 122.25 -1.40 s Splunk SPLK 223.59 4.26 TevaPharm TEVA 9.49 -0.38 UDR UDR 34.60 -0.21 VeriSign VRSN 215.78 0.98 WasteMgt WM 113.64 -0.36 XPeng XPEV 21.61 1.11 RaymondJames RJF 75.50 -0.22 TD Ameritrade AMTD 38.69 0.31 s TexasInstruments TXN 144.96 2.81 Waters WAT 212.02 -4.24 RoyalBkCanada RY 75.79 -0.33 SensataTechs ST 42.23 0.59 Spotify SPOT 291.75 9.59 UGI UGI 34.24 -0.29 VeriskAnalytics VRSK 187.69 1.02 Xylem XYL 81.73 1.55 RaytheonTech RTX 60.68 -0.32 TE Connectivity TEL 98.51 1.91 Textron TXT 39.40 -0.03 Watsco WSO 247.53 2.54 RoyalCaribbean RCL 68.51 -0.33 ServiceCorp SCI 45.83 0.18 s Square SQ 166.66 7.10 Uber UBER 34.30 0.67 Verizon VZ 59.16 -0.11 YamanaGold AUY 6.09 -0.11 RealPage RP 63.98 1.36 Telus TU 18.47 0.06 s ThermoFisherSci TMO 433.73 4.75 Wayfair W 306.83 10.27 RoyalDutchA RDS.A 29.20 -0.48 s ServiceNow NOW 497.19 15.17 StanleyBlackDck SWK 165.34 4.04 Ubiquiti UI 185.78 4.03 VertxPharm VRTX 275.49 -3.63 Yandex YNDX 67.83 -0.40 RealtyIncome O 62.45 0.42 TIM Part TSU 13.93 0.89 ThomsonReuters TRI 77.75 1.38 Weibo WB 38.45 1.15 RoyalDutchB RDS.B 27.64 -0.46 ShawComm B SJR 18.73 0.04 Starbucks SBUX 86.05 1.58 UltaBeauty ULTA 232.88 0.70 ViacomCBS B VIAC 27.70 -0.15 YumBrands YUM 96.15 0.30 RegencyCtrs REG 39.40 -0.31 TJX TJX 55.27 0.48 3M MMM WellsFargo WFC 24.05 -0.10 s 164.80 1.78 ViacomCBS A VIACA 30.61 0.07 RegenPharm REGN 592.68-27.25 RoyalGold RGLD 133.17 -3.15 SherwinWilliams SHW 686.04 14.99 StateStreet STT 68.58 0.49 T-MobileUS TMUS 116.90 0.22 Unilever UN 58.13 0.13 YumChina YUMC 58.29 0.58 Tiffany TIF 123.49 0.99 Vipshop VIPS 16.33 -0.18 Welltower WELL 58.13 0.61 RegionsFin RF 11.63 0.07 RoyaltyPharma RPRX 41.60 0.22 ShinhanFin SHG 25.25 0.33 SteelDynamics STLD 30.10 0.58 TRowePrice TROW 139.18 -0.03 Unilever UL 59.64 0.06 ZTO Express ZTO 35.27 1.74 Toro TTC 77.62 2.34 Visa V 213.35 1.36 s WestPharmSvcs WST 281.75 -2.21 ReinsGrp RGA 91.88 0.20 Ryanair RYAAY 81.74 0.84 s Shopify SHOP 1134.32 67.90 Steris STE 158.77 -0.87 TaiwanSemi TSM 81.55 2.30 UnionPacific UNP 195.80 3.36 ZaiLab ZLAB 81.06 1.69 TorontoDomBk TD 49.65 -0.21 Vistra VST 18.76 -0.47 WesternDigital WDC 37.34 -1.08 RelianceSteel RS 107.01 2.14 SAP SAP 166.36 0.95 Sibanye-Stillwater SBSW 12.44 0.13 STMicroelec STM 30.50 0.25 TakeTwoSoftware TTWO 172.50 1.31 UnitedAirlines UAL 36.01 0.01 ZebraTech ZBRA 287.16 0.63 Total TOT 39.24 -0.33 VMware VMW 141.28 -3.16 WesternUnion WU 23.60 0.01 RenaissanceRe RNR 183.97 0.23 s S&P Global SPGI 368.39 1.97 SimonProperty SPG 67.20 -0.65 StoneCo STNE 52.81 1.81 TakedaPharm TAK 18.55 -0.06 UnitedMicro UMC 3.64 0.10 s Zendesk ZEN 103.10 6.72 ToyotaMotor TM 132.30 -0.13 Vodafone VOD 14.49 -0.28 WestlakeChem WLK 61.19 1.87 Repligen RGEN 155.16 0.25 SBA Comm SBAC 306.62 0.55 SiriusXM SIRI 5.83 -0.04 Stryker SYK 198.03 -0.13 s TandemDiabetes TNDM 116.09 3.37 UPS B UPS 162.65 -0.97 WestpacBanking WBK 12.56 -0.18 s Zillow C Z 88.44 2.68 TractorSupply TSCO 149.02 0.19 VornadoRealty VNO 35.07 -0.76 RepublicSvcs RSG 93.29 0.57 SEI Investments SEIC 52.57 0.21 Skyworks SWKS 146.46 1.61 SumitomoMits SMFG 5.91 0.03 Target TGT 150.55 -0.66 TradeDesk TTD 501.39 20.09 UnitedRentals URI 182.54 5.49 s Zillow A ZG 88.26 2.98 VoyaFinancial VOYA 51.06 -0.85 WestRock WRK 32.07 1.74 ResMed RMD 178.91 -1.87 SK Telecom SKM 22.85 -0.12 SlackTech WORK 34.30 1.46 SunComms SUI 149.79 0.71 TataMotors TTM 9.77 0.03 Tradeweb TW 58.09 0.80 US Bancorp USB 36.69 0.29 Weyerhaeuser WY 30.78 0.47 ZimmerBiomet ZBH 140.48 -0.40 s Vroom VRM 73.87 5.24 RestaurantBrands QSR 54.92 0.78 SS&C Tech SSNC 64.58 0.86 Smartsheet SMAR 59.42 4.89 SunLifeFinancial SLF 42.00 0.23 TeckRscsB TECK 11.90 0.38 TraneTech TT 120.20 1.81 UnitedHealth UNH 312.83 0.28 WheatonPrecMet WPM 52.98 -0.39 Zoetis ZTS 162.05 1.95 VulcanMatls VMC 122.22 2.22 RexfordIndlRealty REXR 47.65 -0.33 StoreCapital STOR 27.18 0.14 SmithAO AOS 49.33 0.36 SuncorEnergy SU 16.13 0.10 TeladocHealth TDOC 224.20 8.51 TransDigm TDG 503.78 4.11 UnivDisplay OLED 174.94 -0.56 Whirlpool WHR 178.27 0.55 s ZoomVideo ZM 457.69132.59 ReynoldsCnsmr REYN 33.32 0.09 SVB Fin SIVB 256.16 0.78 Smith&Nephew SNN 40.87 0.22 s SunRun RUN 58.27 1.72 TeledyneTech TDY 314.89 1.28 TransUnion TRU 87.93 1.21 UniversalHealthB UHS 110.57 0.22 W X Y Z Williams WMB 20.96 0.20 ZoomInfoTech ZI 38.42 -0.40 s RingCentral RNG 310.20 19.43 s Salesforce.com CRM 281.25 8.60 Smucker SJM 117.96 -2.22 Suzano SUZ 9.55 0.42 Teleflex TFX 398.35 5.40 Travelers TRV 114.69 -1.35 VEREIT VER 6.82 0.10 Williams-Sonoma WSM 88.06 0.30 s Zscaler ZS 159.36 16.02 RioTinto RIO 62.21 0.98 Sanofi SNY 49.94 -0.64 Snap SNAP 22.41 -0.18 SynchronyFin SYF 24.86 0.05 Ericsson ERIC 11.52 -0.13 s Trex TREX 155.68 6.19 VF VFC 66.56 0.81 WEC Energy WEC 93.59 -0.49 WillisTowers WLTW 208.37 2.84 Zynga ZNGA 9.07 0.01

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret USBdIdxInstPrem 12.60 +0.03 7.3 FPA Funds MFS Funds Instl PRIMECAP Odyssey Fds STIGradeAdml 11.01 +0.01 4.3 TotIntBdIxInv 11.56 +0.02 2.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity Advisor I FPACres 32.27 +0.25 -1.6 IntlEq 27.68 +0.02 -0.6 AggGrowth r 48.82 +0.13 8.7 TotBdAdml 11.67 +0.04 7.3 USGro 63.41 +1.25 47.4 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s NwInsghtI 39.56 +0.55 21.0 Franklin A1 Northern Funds Schwab Funds TotIntBdIdxAdm 23.11 +0.04 2.8 WellsI 27.87 +0.03 3.6 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- Fidelity Freedom CA TF A1 p 7.72 ... 2.9 StkIdx 40.53 +0.31 10.5 1000 Inv r 79.03 +0.60 11.1 TotIntlAdmIdx r NA ... NA Welltn 44.82 +0.18 4.7 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes FF2020 16.60 +0.08 5.6 IncomeA1 p 2.12 -0.01 -6.3 Nuveen Cl I S&P Sel 54.61 +0.41 10.6 TotStAdml NA ... NA WndsrII 36.40 +0.20 0.7 xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete FF2025 14.75 +0.08 5.6 FrankTemp/Frank Adv HYMunBd NA ... NA TSM Sel r 61.60 +0.48 10.1 TxMCapAdml NA ... NA VANGUARD INDEX FDS price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not FF2030 18.27 +0.11 5.5 IncomeAdv 2.10 -0.01 -6.3 Old Westbury Fds TIAA/CREF Funds TxMIn r 13.47 -0.01 -3.8 IdxIntl NA ... NA tracked. NS-Fund didn’texistatstart of period. Freedom2020 K 16.59 +0.09 5.6 FrankTemp/Franklin A LrgCpStr 16.03 +0.19 6.4 BdIdxInst 11.72 +0.04 7.1 USGroAdml 164.34 +3.23 47.5 SmValAdml NA ... NA Freedom2025 K 14.72 +0.07 5.6 Growth A p 135.65 +1.46 20.9 Parnassus Fds EqIdxInst 25.75 +0.22 10.3 ValAdml 41.98 -0.03 -8.7 TotBd2 11.59 +0.04 6.9 Freedom2030 K 18.25 +0.11 5.6 RisDv A p 74.45 +0.59 7.5 ParnEqFd 52.45 +0.44 12.0 VANGUARD ADMIRAL WdsrllAdml 64.58 +0.36 0.8 TotIntlInstIdx r NA ... NA Tuesday, September 1, 2020 Freedom2035 K 15.38 +0.10 5.2 FrankTemp/Franklin C PGIM Funds Cl Z 500Adml 326.38 +2.45 10.6 WellsIAdml 67.53 +0.10 3.6 TotItlInstPlId r NA ... NA Net YTD Net YTD Net YTD Freedom2040 K 10.78 +0.08 5.1 Income C t 2.15 -0.01 -6.6 TotalReturnBond NA ... NA BalAdml 42.54 +0.27 9.8 WelltnAdml 77.41 +0.33 4.8 TotSt NA ... NA Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fidelity Invest FrankTemp/Temp Adv PIMCO Fds Instl CAITAdml 12.29 ... 3.2 WndsrAdml 64.52 +0.04 -9.8 VANGUARD INSTL FDS Balanc 27.55 +0.19 13.0 GlBondAdv p 9.80 ... -5.2 AllAsset NA ... NA CapOpAdml r 169.05 +0.44 7.2 VANGUARD FDS BalInst 42.55 +0.27 9.8 American Century Inv HiYBlk 7.53 ... 0.5 US CoreEq1 26.83 +0.21 4.5 Guggenheim Funds Tru BluCh 158.87 +2.73 47.5 HiYld 8.85 +0.01 1.1 DivAppIdxAdm 35.69 +0.22 6.5 DivdGro 31.40 +0.08 3.7 DevMktsIndInst 13.49 -0.01 -3.8 Ultra 74.63 +1.46 43.1 HiYldBd Inst 7.53 ... 0.6 US CoreEq2 24.10 +0.20 2.7 TotRtnBdFdClInst 29.88 +0.09 12.1 EMAdmr NA ... NA Contra 17.75 +0.22 30.3 InvGrdCrBd NA ... NA INSTTRF2020 25.50 +0.12 5.8 DevMktsInxInst 21.09 -0.01 -3.8 American Funds Cl A BlackRock Funds A US Small 31.74 +0.36 -8.8 Harbor Funds EqIncAdml 72.61 -0.04 -7.1 ExtndInst NA ... NA ContraK 17.78 +0.22 30.4 TotRt NA ... NA INSTTRF2025 26.18 +0.13 5.9 AmcpA p 37.18 +0.35 12.7 GlblAlloc p 20.44 ... 9.6 US SmCpVal 28.18 +0.35 -17.7 CapApInst 111.80 +1.85 47.6 ExplrAdml 105.29 +1.55 8.3 GrwthInst 125.04 +1.79 33.9 CpInc r 10.12 +0.05 1.7 PIMCO Funds A INSTTRF2030 26.57 +0.15 5.8 AMutlA p 42.70 ... -0.8 BlackRock Funds Inst USLgVa 32.84 +0.08 -13.9 Harding Loevner ExtndAdml NA ... NA InPrSeIn 11.56 +0.01 9.7 DivIntl 43.60 +0.10 7.7 IncomeFd NA ... NA INSTTRF2035 26.94 +0.15 5.6 BalA p 29.55 +0.10 5.1 StratIncOpptyIns 10.09 ... 3.0 Dodge & Cox IntlEq 24.81 +0.08 NA GNMAAdml 10.78 +0.02 3.6 InstIdx 315.44 +2.36 10.6 GroCo 32.82 +0.59 53.7 PIMCO Funds I2 INSTTRF2040 27.30 +0.17 5.5 BondA p 14.15 +0.04 9.6 Bridge Builder Trust Balanced 95.46 +0.07 -3.7 Invesco Funds Y GrwthAdml 125.03 +1.79 33.9 InstPlus 315.46 +2.36 10.6 GrowCoK 32.89 +0.59 53.8 Income NA ... NA INSTTRF2045 27.59 +0.18 5.4 CapIBA p 59.81 -0.01 -3.8 CoreBond 11.01 +0.03 7.7 Income 14.84 +0.05 7.5 DevMktY 46.84 +0.82 2.7 HlthCareAdml r 92.49 -0.81 8.4 InstTStPlus 74.50 +0.62 10.3 PIMCO Funds Instl CapWGrA 54.03 +0.35 4.3 CorePlusBond 10.72 +0.03 7.6 Intl Stk 37.84 +0.09 -13.2 InvGrBd 12.31 +0.03 8.3 JPMorgan I Class HYCorAdml r 5.86 +0.01 1.7 INSTTRF2050 27.64 +0.17 5.4 MidCpInst NA ... NA IncomeFd NA ... NA EupacA p 59.53 +0.54 7.0 Intl Eq 11.92 +0.03 -0.6 Stock 173.26 +0.12 -8.3 LowP r 46.85 -0.01 -6.4 CoreBond 12.45 +0.04 NA InfProAd 28.37 +0.03 9.7 INSTTRF2055 27.76 +0.18 5.5 MidCpIstPl NA ... NA Price Funds FdInvA p 63.76 +0.46 4.9 LargeCapGrowth 20.02 +0.20 26.5 DoubleLine Funds Magin 12.77 +0.17 25.2 EqInc 18.04 +0.06 NA IntlGrAdml 138.18 +1.50 34.4 LifeCon 22.12 +0.10 6.1 SmCapInst NA ... NA BlChip 165.49 +2.91 33.1 GwthA p 63.72 +0.54 24.6 LargeCapValue 12.93 +0.05 -4.7 CoreFxdIncmI NA ... NA OTC 17.67 +0.24 38.2 JPMorgan R Class ITBondAdml 12.69 +0.03 9.2 LifeGro 37.90 +0.23 5.7 STIGradeInst 11.01 +0.01 4.4 HI TrA p 9.73 +0.01 0.5 ClearBridge TotRetBdI NA ... NA Puritn 26.09 +0.23 15.5 CoreBond 12.47 +0.04 NA DivGro 55.48 +0.27 4.7 ITIGradeAdml 10.67 +0.03 8.8 LifeMod 30.34 +0.16 6.0 STIPSIxins 25.63 -0.01 3.8 ICAA p 41.89 +0.26 7.2 LargeCapGrowthI 69.33 +0.82 27.0 Edgewood Growth Instituti SrsEmrgMkt 21.67 +0.39 5.0 CorePlusBd 8.82 +0.02 NA EqInc 27.53 -0.04 -13.0 LTGradeAdml 12.05 +0.12 13.2 PrmcpCor 27.73 +0.12 -0.7 TotBdInst 11.67 +0.04 7.3 IncoA p 22.43 +0.01 -1.8 Columbia Class I EdgewoodGrInst 50.80 +0.57 31.9 SrsGlobal 12.82 +0.04 -2.7 Lord Abbett A EqIndex 93.91 +0.71 10.4 MidCpAdml NA ... NA STAR 30.07 +0.22 10.7 TotBdInst2 11.59 +0.04 6.9 N PerA p 56.07 +0.24 18.6 DivIncom I 24.06 +0.07 -0.4 Fidelity SrsGroCoRetail 27.58 +0.50 55.4 ShtDurIncmA p 4.18 ... 1.3 Growth 95.46 +1.56 30.1 MuHYAdml 11.74 -0.01 2.2 TgtRe2015 16.04 +0.07 5.7 TotBdInstPl 11.67 +0.04 7.3 NEcoA p 53.88 +0.74 17.8 Dimensional Fds 500IdxInstPrem 122.61 +0.92 10.6 SrsIntlGrw 18.99 +0.09 8.4 Lord Abbett F HelSci 90.92 -0.61 11.7 MuIntAdml 14.72 -0.01 3.4 TgtRe2020 34.39 +0.15 5.7 TotIntBdIdxInst 34.68 +0.06 2.9 NwWrldA 76.89 +0.98 9.0 5GlbFxdInc 10.87 ... 1.3 Contrafund K6 18.66 +0.23 29.0 SrsIntlVal 8.96 +0.01 -9.5 ShtDurIncm 4.18 ... 1.4 LgCapGow I 57.94 +0.86 31.5 MuLTAdml 12.10 -0.01 3.7 TgtRe2025 21.00 +0.11 5.8 TotStInst NA ... NA SmCpA p 67.31 +0.79 14.4 EmgMktVa 25.07 +0.34 -12.1 ExtMktIdxInstPre 68.87 +0.64 7.9 TotalBond 11.55 +0.03 7.7 Metropolitan West MidCap 103.45 +1.08 8.5 MuLtdAdml 11.23 ... 2.6 TgtRe2030 38.56 +0.22 5.8 ValueInst 41.98 -0.03 -8.7 TxExA p 13.47 -0.01 2.7 EmMktCorEq 20.75 +0.34 -3.8 IntlIdxInstPrem 40.89 -0.14 -4.8 Fidelity SAI TotRetBd 11.66 +0.02 7.8 NHoriz 81.20 +1.46 36.8 MuShtAdml 15.95 ... 1.6 TgtRe2035 23.79 +0.13 5.6 WCM Focus Funds WshA p 47.16 +0.13 -1.0 IntlCoreEq 12.78 -0.02 -6.5 MidCpInxInstPrem 23.61 +0.21 0.5 TotalBd 11.04 +0.03 7.1 TotRetBdI 11.66 +0.03 8.1 R2020 23.35 +0.14 5.7 PrmcpAdml r 151.80 +0.86 5.3 TgtRe2040 41.29 +0.25 5.5 WCMFocIntlGrwIns 21.94 +0.19 16.0 Baird Funds IntSmCo 17.63 -0.01 -6.5 SAIUSLgCpIndxFd 19.09 +0.14 10.4 Fidelity Selects TRBdPlan 10.97 +0.03 8.0 R2025 18.88 +0.13 6.2 RealEstatAdml NA ... NA TgtRe2045 26.06 +0.16 5.5 Western Asset AggBdInst 11.89 +0.02 7.7 IntSmVa 16.59 -0.07 -14.1 SeriesOverseas 11.34 +0.02 5.2 Softwr r 26.51 +0.38 37.9 MFS Funds Class I R2030 27.55 +0.20 6.4 SmCapAdml NA ... NA TgtRe2050 41.96 +0.27 5.5 CoreBondI NA ... NA CorBdInst 12.22 +0.03 7.6 LgCo 27.11 +0.20 10.5 SmCpIdxInstPrem 20.05 +0.21 -4.5 First Eagle Funds Growth I 163.61 +2.14 28.7 R2035 20.28 +0.16 6.6 SmGthAdml NA ... NA TgtRet2055 45.55 +0.29 5.5 CorePlusBdI NA ... NA BlackRock Funds TAUSCoreEq2 20.53 +0.17 2.7 TMktIdxInstPrem 99.46 +0.78 10.1 GlbA 58.09 +0.15 0.2 ValueI 41.62 +0.06 -5.9 R2040 28.90 +0.25 6.8 STBondAdml 10.90 +0.01 4.5 TgtRetInc 14.75 +0.05 5.8 CorePlusBdIS NA ... NA

New Highs and Lows | WSJ.com/newhighs 52-Wk % 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 Stock Sym Hi/Lo Chg

HibbettSports HIBB 34.85 2.3 MongoDB MDB 254.76 7.2 SPS Commerce SPSC 83.01 3.0 Synopsys SNPS 226.21 1.8 Vroom VRM 75.49 7.6 ChinaSXTPharm SXTC 0.27 -7.2 1847Goedeker GOED 5.65 -5.2 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE HookerFurniture HOFT 26.39 7.1 MountainCrestRt MCACR 0.40 ... SVMK SVMK 26.08 3.8 TG Therap TGTX 26.10 4.3 Walmart WMT 149.59 6.3 ChinaXiangFood PLIN 0.96 -3.8 PacificDrilling PACD 0.23 -0.5 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low Huazhu HTHT 46.17 1.4 NanoXImaging NNOX 37.73 29.7 Saia SAIA 141.09 4.5 Talend TLND 46.80 10.2 WescoPfdA WCCpA 27.81 0.1 ColumbiaFin CLBK 10.27 1.0 PainReform PRFX 6.10 -15.8 in the latest session. %CHG-Daily percentage change from the previous trading session. HubSpot HUBS 315.80 4.9 NationalBeverage FIZZ 86.27 2.4 SailPointTechs SAIL 40.80 3.4 TandemDiabetes TNDM 116.80 3.0 WestPharmSvcs WST 287.45 -0.8 ConsldWater CWCO 11.49 -4.1 PanaceaAcqn PANA.U 10.72 -1.4 HudbayMinerals HBM 4.70 4.2 nCino NCNO 101.83 5.5 Salesforce.com CRM 281.93 3.2 TasekoMines TGB 0.99 1.3 Workiva WK 61.18 3.4 CypressEnvl CELP 2.17 -7.2 PanhandleOil&Gas PHX 1.80 -3.7 Tuesday, September 1, 2020 HutchisonChina HCM 34.57 2.5 NexGenEnergy NXE 2.04 -3.3 SchmittIndustries SMIT 4.97 6.9 TechTarget TTGT 41.99 5.7 Yext YEXT 20.29 1.4 DuckCreekTech DCT 37.24 -3.0 PioneerBancorp PBFS 8.02 3.1 IAA IAA 53.18 1.5 Nike NKE 114.90 2.6 SenecaFoods B SENEB 48.50 3.2 10xGenomics TXG 115.90 -0.8 Zendesk ZEN 103.97 7.0 ECMOHO MOHO 1.83 -3.7 PredictiveOncology POAI 0.84 -14.1 52-Wk % 52-Wk % 52-Wk % IAC/InterActive IAC 136.68 1.4 NuanceComms NUAN 31.57 4.4 ServiceNow NOW 497.25 3.1 Tenable TENB 40.12 6.0 Zillow A ZG 88.82 3.5 EastRscs ERESU 9.86 0.1 PropSolnsWt PSACW 0.33 ... Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg IDEX IEX 182.56 1.0 NVIDIA NVDA 559.75 3.4 SherwinWilliams SHW 686.04 2.2 Tesla TSLA 502.49 -4.7 Zillow C Z 89.21 3.1 EnteraBio ENTX 1.12 -12.5 PrudentialBncp PBIP 9.66 2.3 IllinoisToolWks ITW 201.13 1.8 OdysseyMarine OMEX 7.16 21.5 CCNeubergerII PRPB.U 10.20 -0.6 ExpeditorsIntl EXPD 89.75 1.5 ShockwaveMed SWAV 65.36 2.6 TexasInstruments TXN 145.06 2.0 ZoomVideo ZM 478.00 40.8 Espey ESP 16.53 -4.7 RaveRestaurant RAVE 0.42 -10.4 Immunomedics IMMU 45.69 -0.8 Okta OKTA 228.58 4.2 CadenceDesign CDNS 114.03 2.8 FairIsaac FICO 451.23 5.7 Shopify SHOP 1146.91 6.4 ThermoFisherSci TMO 435.75 1.1 Zscaler ZS 159.81 11.2 FedNat FNHC 8.21 -2.1 ReconTech RCON 0.93 -5.7 Highs InnovativeIndProp IIPR 126.64 1.6 OldDomFreight ODFL 204.97 1.0 CapstarSpacWt CPSR.WS 0.69 13.9 Fastenal FAST 49.53 1.3 SilvercorpMetals SVM 8.91 -0.8 TopBuild BLD 164.59 6.7 FreelineTherap FRLN 15.25 -1.2 RockwellMedical RMTI 1.26 2.3 InspireMedical INSP 124.65 3.7 1-800-FLOWERS FLWS 32.36 7.2 Ansys ANSS 345.40 1.4 CapstarSpacA CPSR 9.91 1.3 FedEx FDX 226.55 2.6 SiTime SITM 81.60 14.1 TortoiseAcqn SHLL.U 58.85 22.9 Lows GreencityAcqnWt GRCYW 0.17 -12.4 SINOPEC SHI 20.30 0.2 InstalledBldg IBP 93.96 8.2 OntrakPfd OTRKP 25.25 -0.1 AXT AXTI 6.20 7.3 Carvana CVNA 235.00 5.2 FifthThirdPfdB PNFPP 26.99 -0.2 Smith&Wesson SWBI 22.06 15.6 TortoiseAcqnWt SHLL.WS 21.80 28.4 HappinessBiotech HAPP 1.96 -3.1 SeanergyMaritime SHIP 0.45 -3.9 AcutusMedical 38.93 7.3 IntuitiveSurgical ISRG 742.44 1.5 OrionEnergySys OESX 7.09 9.9 AcastiPharma ACST 0.21 -10.1 AFIB Catalent CTLT 95.70 -2.0 FirstHorizonPfdC FHNpC 26.58 -0.6 SOQUIMICH SQM 33.34 6.2 TortoiseAcqn SHLL 48.97 24.2 Histogen HSTO 1.82 -4.5 ShilohIndustries SHLO 0.26 -33.4 AegonNts2049 AEFC 26.67 0.3 Invitae NVTA 36.74 4.9 PPD PPD 34.99 ... ADiTxTherap ADTX 2.68 -0.6 Chemed CHE 521.78 -0.4 FirstHorizonPfdD FHNpD 26.70 -0.7 SolarWinds SWI 21.72 2.9 Trex TREX 156.63 4.1 IBEX IBEX 13.95 -12.3 Shineco TYHT 2.52 -4.6 AgilentTechs A 101.29 0.7 iRhythmTechs IRTC 232.58 3.0 PTC PTC 95.59 4.4 AdvEmissions ADES 3.80 3.4 Chewy CHWY 70.35 13.7 FirstMidBncpPfdC FMBIO 26.551.0 SoCA Ed pfD SCEpD 28.96 -0.1 TrineAcqnWt TRNE.WS 2.87 12.8 Immatics IMTX 9.05 -2.0 Spire SR 56.86 -1.9 AirProducts APD 303.17 3.6 JD.com JD 83.00 4.9 PacBiosciCA PACB 7.25 7.5 SoCopper 49.19 0.9 Tupperware 18.06 10.4 Albertsons ACI 13.55 1.1 LongviewAcqnWt 0.81 -3.8 SunBiopharma 2.76 -10.7 ChickenSoupNts CSSEN 25.25 1.2 FirstMidwestPfdA FMBIP 26.570.5 SCCO TUP LGVW.WS SNBP AkamaiTech AKAM 119.09 2.2 KE Holdings BEKE 54.00 5.3 Palomar PLMR 115.88 3.1 Splunk 224.95 1.9 TurquoiseHill 1.20 6.5 AmerElecPwrUn AEPpC 47.85 -1.1 Mack-Cali 12.27 -1.7 TorchlightEner 0.27 -7.5 Chipotle CMG 1373.50 4.7 FirstService FSV 128.00 1.9 SPLK TRQ CLI TRCH Akouos AKUS 24.88 7.8 Kadant KAI 123.89 6.0 PanaceaAcqnA PANA 10.65 6.5 SportsmansWrhs SPWH 18.18 11.6 TurtleBeach HEAR 20.95 5.0 ArdmoreShipping ASC 3.66 1.1 MountainCrestRt MCACR 0.25 ... ToughBuiltInds TBLT 0.64 -1.8 Cintas CTAS 336.90 0.6 FiverrIntl FVRR 127.32 3.9 Alibaba BABA 298.00 3.8 KensingtonCapA KCAC 9.98 0.5 ParTechnology PAR 40.83 9.0 SproutSocial SPT 40.78 4.8 TwistBiosci TWST 71.97 2.6 AtlasFinancial AFH 0.20 -47.2 NanoVibronix NAOV 0.63 -5.5 UrbanTea MYT 1.62 -7.7 Cloudera CLDR 13.97 4.9 Floor&Decor FND 75.60 3.0 Alphabet A GOOGL1659.22 1.6 KensingtonCapWt KCAC.WS 1.16 4.6 PayPal PYPL 209.88 2.3 Square SQ 170.46 4.4 USCopperIndex CPER 19.11 -1.2 BP Prudhoe BPT 1.92 -7.1 NewYorkCityReit NYC 13.11 -0.4 UrstadtProp A UBA 9.18 1.1 Cognex CGNX 70.07 1.2 FoleyTrasimII BFT.U 10.16 1.2 Alphabet C GOOG 1665.73 1.6 KornitDigital KRNT 65.69 5.8 Pegasystems PEGA 132.72 3.3 StewartInfo STC 45.39 5.9 VaronisSystems VRNS 126.81 1.8 BlueCity BLCT 13.05 -4.8 9F JFU 1.46 -3.8 VOC Energy VOC 1.45 -1.9 Costco COST 351.49 1.1 FortunaSilver FSM 7.45 -1.0 Amazon.com AMZN3513.87 1.4 Kubient KBNT 5.26 11.0 Peloton PTON 84.63 9.1 SunPower SPWR 12.46 6.6 VeevaSystems VEEV 294.99 4.2 CamberEnergy CEI 0.48 -7.2 NorthwestNat NWN 49.81 -2.4 VarexImaging VREX 10.46 -5.2 CoupaSoftware COUP 353.46 5.1 ForumMergerIIWt FMCIW 7.24 11.9 Ameresco AMRC 35.042.2 KubientWt KBNTW 1.57 43.5 PennNational PENN 59.10 13.4 SunRun RUN 58.47 3.0 VirtuFinancial VIRT 27.17 3.3 CapitolFedFin CFFN 9.27 0.5 OncoCyte OCX 1.15 -4.0 WalgreensBoots WBA 36.50 -3.3 CrowdStrike CRWD 144.68 14.3 FreedomHolding FRHC 24.09 1.1 AmerEqInvLifePfB AELpB 25.78 1.1 L Brands LB 31.56 7.3 PershingSquare PSTH.U 22.40 0.4 SuperiorGroup SGC 24.73 5.1 VivintSolar VSLR 31.97 3.3 ChinaJoJoDrug CJJD 1.05 -0.9 OncternalTherap ONCT 1.98 -6.6 ZomedicaPharm ZOM 0.10 0.3 Apple AAPL 134.80 4.0 Deere DE 217.72 3.6 FreeportMcM FCX 16.20 3.7 Lantronix LTRX 5.48 -3.0 Pinterest PINS 38.67 4.3 AtHomeGroup HOME 23.92 22.1 DenisonMines DNN 0.56 4.2 Freshpet FRPT 115.99 1.1 Linde LIN 257.05 2.9 ProtoLabs PRLB 155.76 5.9 AtlUnionPfdA AUBAP 26.45 0.8 Descartes DSGX 62.45 2.4 GameStop GME 7.82 14.5 LiveOakBcshs LOB 22.92 1.7 PublicStoragePfK PSApK 27.64 -0.1 Atlassian TEAM 199.50 2.4 DocuSign DOCU 271.44 20.5 Generac GNRC 194.35 1.7 LivePerson LPSN 63.53 5.6 Qualcomm QCOM 122.57 2.4 Exchange-Traded AutoWeb AUTO 5.97 -7.6 Domo DOMO 46.03 9.7 Genmab GMAB 38.57 -0.5 LiveRamp RAMP 58.93 5.3 QuantaServices PWR 52.87 2.6 BANKRATE.COM® MMA, Savings and CDs BRP DOOO 57.38 5.8 DouYuIntl DOYU 17.80 4.8 Globant GLOB 185.96 4.0 LogitechIntl LOGI 76.08 1.4 RH RH 345.46 3.1 Bandwidth BAND 172.33 5.0 DycomInds DY 64.43 4.0 Gogo GOGO 8.00 43.4 lululemon LULU 391.38 4.1 RackspaceTech RXT 22.75 -1.6 Portfolios Bilibili BILI 52.65 10.6 Dynatrace DT 47.68 6.5 GooseheadIns GSHD 111.11 7.8 MarvellTech MRVL 40.21 1.1 Rapid7 RPD 66.53 2.9 Average Yields of Major Banks Tuesday, September 1, 2020 BlackKnight BKI 85.73 1.6 EPAM Systems EPAM 335.72 2.3 GrafIndlWt GRAF.WS 4.87 31.5 Materialise MTLS 43.19 5.8 RedBallAcqn RBAC.U 10.49 1.0 EchoGlobalLog ECHO 28.08 2.4 GreenVisionAcqnRt GRNVR 0.60 11.4 Bonso BNSO 3.76 8.4 McCormickVtg MKC.V 208.57 0.2 RegalBeloit RBC 101.09 2.2 Largest 100 exchange-traded funds, Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR BostonSciPfdA BSXpA 118.01 1.0 eGain EGAN 14.09 5.0 GreenVisionAcqnWt GRNVW 0.53 37.5 Medallia MDLA 37.90 4.7 RingCentral RNG 317.84 6.7 latest session BrighthousePfdB BHFAO 27.92 ... EncoreCapital ECPG 48.52 5.4 HUYA HUYA 29.67 3.0 MettlerToledo MTD 981.77 0.5 RocketCos. RKT 31.00 9.7 National average BroadcomPfdA AVGOP1277.33 3.2 Evogene EVGN 2.80 32.4 HamiltonBeach HBB 22.83 3.8 Michaels MIK 11.67 2.2 Roku ROKU 185.44 3.3 Broadcom AVGO 362.07 3.6 eXpWorld EXPI 46.00 2.2 HannonArmstrong HASI 43.79 1.2 MitekSystems MITK 13.22 4.0 S&P Global SPGI 369.77 0.5 Tuesday, September 1, 2020 Savings 0.10 0.06 0.06 0.10 0.15 0.23 0.26 0.23 0.38 Closing Chg YTD Jumbos 0.22 0.07 0.07 0.11 0.16 0.25 0.29 0.24 0.40 ETF Symbol Price (%) (%) Weekly change CommSvsSPDR XLC 63.78 0.82 18.9 Savings 0.00 -0.01 -0.01 -0.01 0.00 0.00 0.00 0.01 0.00 CnsmrDiscSelSector XLY 151.66 1.05 20.9 Jumbos 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 ADVERTISEMENT CnsStapleSelSector XLP 65.65 0.11 4.2 EnSelectSectorSPDR XLE 35.41 –0.67 –41.0 FinSelSectorSPDR XLF 25.13 0.28 –18.4 FT DJ Internet FDN 204.82 3.24 47.2 Consumer Savings Rates BusinessReal Estate&Auctions HealthCareSelSect XLV 107.29 –0.90 5.3 IndSelSectorSPDR XLI 78.60 1.02 –3.5 Below are the top federally insured offers available nationwide according to Bankrate.com's To advertise: email [email protected] or WSJ.com/classifieds InvscQQQI QQQ 299.92 1.71 41.1 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please InvscS&P500EW RSP 111.97 0.51 –3.2 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. iSh3-7YTreasuryBd IEI 133.60 0.09 6.2 iShCoreDivGrowth DGRO 41.29 0.41 –1.9 High yield savings AUCTIONS ALABAMA iShCoreMSCIEAFE IEFA 61.47 0.07 –5.8 Yield iShCoreMSCIEM IEMG 54.23 1.74 0.9 Bank Bank Yield iShCoreMSCITotInt IXUS 59.76 0.66 –3.5 Phone number Minimum (%) Phone number Minimum (%) .2"/ 2,*"*2 "(3*1)+, iShCoreS&P500 IVV 354.06 0.94 9.5 iShCoreS&P MC IJH 193.99 0.74 –5.7 Money market and savings account Six-month CD ,20*2-!2. %#' $#$# ,20*2-!2. $&' $#$# '"#%$&!'"#%$&! iShCoreS&P SC IJR 74.82 1.15 –10.8 Vio Bank $100 0.91 State Bank of India California $1,000 0.65 iShS&PTotlUSStkMkt ITOT 79.33 0.90 9.1 (888) 999-9170 (877) 707-1995 $81 6/ A+1 &<.-1,A "131:1>64;18A #<.71>, $% #8,6 6+*#*6 2/36 iShCoreUSAggBd AGG 118.42 0.21 5.4 TAB Bank $0 0.90 NBKC Bank $1,000 0.65 iShSelectDividend DVY 84.66 –0.04 –19.9 *:<)><9>1 68 (+)7<-60, %6.A+ !+6.1 )8 ???? 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F(K+ C3?OK+KO&(R- G(?F2 iShIntermCorpBd IGIB 61.21 0.29 5.6 iShJPMUSDEmgBd EMB State Bank of India California $1,000 0.15 Colorado Federal Savings Bank $5,000 0.90 '06:)8=.A7 :#A=6< D8 9/?/44?444 <3N" ?G?3D 3NN"5 ;C?@3NN"2 OR@ ;5; ++!;!8$"5!%?!;!8$"5!%? 114.01 0.67 –0.5 COK+2A N8?R <$NN3 8$ORA ?OB+ C?@3NN" iShMBSETF MBB 110.52 0.03 2.3 (877) 707-1995 (877) 484-2372 &=--6.D6<826;);- ")< 95?B3/?444 iShMSCI ACWI ACWI 83.06 0.86 4.8 BN"?2 F(K+ (K2 NFR2H(K?OR@ FO$&)(R Washington Savings Bank $500 0.10 Marcus by Goldman Sachs $500 0.85 iShMSCI EAFE EFA 65.05 0.11 –6.3 (978) 458-7999 (855) 730-7283 ,20*2-!2. $&' $#$# B$N2?K5 '(-+)?R@ &(KB+?RA -3OR(K? $%$% +&(+&( ')!*,')!*, iShMSCIEmgMarkets EEM 45.30 1.71 1.0 BNHRK?32A <(R(2+?@ CO2?"?RK5 Q(K+ O iShNasdaqBiotech IBB 133.02 –1.90 10.4 Two-month CD Two-year CD 83(GOK?IIOB3?$O&?);)>=> ")< 81 9B?,/4?444 iShRussell2000 IWM 157.21 1.15 –5.1 '06:)8=.A7 $#A=6< D8 9@?/44?444 iShRussellMid-Cap IWR 59.29 0.90 –0.6 VirtualBank $10,000 0.15 First Internet Bank of Indiana $1,000 0.86 #&-" +(!*-,)$" #$)%'-% &=--6.D6<(26;);- *)< 9,/4?444 #"#" +&+&('( ')!*,)!*, iShRussellMCValue IWS 83.63 0.54 –11.8 (877) 998-2265 (888) 873-3424 iShS&P500Growth IVW 246.62 1.38 27.4 iShS&P500Value IVE 116.18 –0.03 –10.7 Three-month CD Five-year CD :!"?!53!B 4, iShShortCpBd IGSB 55.04 0.07 2.6 BrioDirect $500 0.50 TAB Bank $1,000 1.10 &". %$&".!+-%"$ )"$-+)- 76B?A!88! iShShortTreaBd SHV 110.70 –0.01 0.2 (877) 369-2746 (800) 355-3063 &6"4 '916. $*::,"6%79:! (.") #'&"!$%%$ iShSilver SLV 26.14 –0.34 56.7 NBKC Bank $1,000 0.35 First Internet Bank of Indiana $1,000 1.06 *."#'. iShTIPSBondETF TIP 127.05 0.06 9.0 /+.-%)%/+-%"$ (913) 341-1144 (888) 873-3424 %$,%-'( 5+3)88-)3--- # ///);6"42916.)",0 iSh1-3YTreasuryBd SHY 86.49 –0.02 2.2 4*,,,*,14*'))) iSh7-10YTreasuryBd IEF 121.82 0.33 10.5 Goldwater Bank $5,000 0.35 Discover Bank $2,500 1.05 iSh20+YTreasuryBd TLT 163.86 1.14 20.9 (480) 281-8200 (800) 347-7000 >%?!B%6?>$%686=2?>$%882(2$5 iShRussellMCGrowth IWP 178.41 1.62 16.9 AUCTIONS AUCTIONS iShUSTreasuryBdETF GOVT 27.96 0.31 7.8 JPM UltShtIncm JPST 50.83 0.02 0.8 High yield jumbos - Minimum is $100,000 9@$56A0$%!- &4/'1 PIMCOEnhShMaturity MINT 101.88 0.00 0.3 SPDR BlmBarcHYBd JNK 105.83 0.48 –3.4 Money market and savings account Six-month CD %!"& !$#"#! %!"& !$#"#! SPDRBloomBar1-3MTB BIL 91.54 ... 0.1 Connexus Credit Union 1.15 Live Oak Bank 0.65 SPDR Gold GLD 185.05 0.12 29.5 (800) 845-5025 (866) 518-0286 SchwabIntEquity SCHF 32.03 0.19 –4.8 "#!!(&'" ARIZONA CFG Community Bank 0.90 Merrick Bank 0.65 "$!%(&' SchwabUS BrdMkt SCHB 83.98 0.85 9.2 SchwabUS Div SCHD 57.46 0.31 –0.8 (888) 205-8388 (866) 638-6851 SchwabUS LC SCHX 84.91 0.88 10.5 VirtualBank 0.90 State Bank of India California 0.65 SchwabUS LC Grw SCHG 121.66 1.29 30.9 (877) 998-2265 (877) 707-1995 )'(* / SchwabUS SC SCHA 72.16 1.36 –4.6 Schwab US TIPs SCHP 61.89 0.11 9.3 One-month CD One-year CD ,#-& *"!!-$%.+ / SPDR DJIA Tr DIA 286.79 0.88 0.6 Lone Star Bank 0.20 Colorado Federal Savings Bank 0.90 29;2=1 37 4, &)8A3,5-"+/(+6> SPDR S&PMdCpTr MDY 354.10 0.77 –5.7 (;++; '5!<<;= &* SPDR S&P 500 SPY 352.60 0.94 9.6 (713) 358-9400 (877) 484-2372 '-0. !6-+-)0 '-0. :?@65 SPDR S&P Div SDY 96.60 0.25 –10.2 State Bank of India California 0.15 Marcus by Goldman Sachs 0.85 *?@5?D@- $.?B+.< $@(%0$/.F).F %563!?,, $"++6<;*# TechSelectSector XLK 125.91 1.91 37.4 (877) 707-1995 (855) 730-7283 UtilitiesSelSector XLU 58.57 –1.15 –9.4 VirtualBank 0.10 Ally Bank 0.80 %?DB;?7/;< *.@7/D) $0F7%0E 81#0 %"!2 ',108)9**&$ #8"07- (/8!; VanEckGoldMiner GDX 41.67 –1.42 42.3 .3646..4+5:6 VangdInfoTech VGT 335.96 2.38 37.2 (877) 998-2265 (877) 247-2559 $;B7 18 24, *0@9&!#E 6@9 39 VangdSC Val VBR 116.70 1.00 –14.9 VangdSC Grwth VBK 221.16 1.20 11.3 Two-month CD Two-year CD %# *#,$#3 '4:6# *+ 9>3 40 VangdDivApp VIG 131.54 0.73 5.5 Lone Star Bank 0.20 BankDirect 1.00 3..*-0$+ 21%0,&#$0+ !2KE *AE7+@B3 B+@@F9# B+*AEA5+@4I VangdFTSEDevMk VEA 41.93 0.14 –4.8 INVESTMENT PROPERTIES (713) 358-9400 (877) 839-2737 "&(0 /!1') *' UEEF#A5+/ A9/ #EAGF9# @A9/ F9 8+BA VangdFTSE EM VWO 45.08 2.01 1.4 State Bank of India California 0.15 First Internet Bank of Indiana 0.86 VangdFTSE Europe VGK 54.36 –0.11 –7.2 '2K954I (877) 707-1995 (888) 873-3424 *?77? ';"LL? Z*MR0LL"M@V H, VangdFTSEAWxUS VEU 51.97 0.60 –3.3 -9+C5,C3>' *@ -9A5GC3>' *@ VangdGrowth VUG 242.97 1.53 33.4 VirtualBank 0.15 Comenity Direct 0.85 F?/ '"L37?V D, -93:5*,3>' *@ -9:56C 3>' *@ VangdHlthCr VHT 205.70 –0.85 7.3 (877) 998-2265 (833) 755-4354 +9X3RM9"V A( $!- (%"$'&) VangdHiDiv VYM 83.73 –0.07 –10.6 */!H.7F!7.F9&.E 10@9&!#2 .DA=3 VangdIntermBd BIV 93.74 0.28 7.5 Three-month CD Five-year CD VangdIntrCorpBd VCIT "+/475 -. 29BF5+ 2E >F/ 29@F9+ 96.40 0.21 5.6 BrioDirect 0.50 TAB Bank 1.10 $)#*&)!' &"(%* VangdLC VV 164.49 0.85 11.3 A5 10@9&!#9+5J2ECI72= VangdMC VO 182.09 1.25 2.2 (877) 369-2746 (800) 355-3063 &%( $$!#" )*' VangdMBS VMBS 54.35 0.05 2.2 Goldwater Bank 0.35 First Internet Bank of Indiana 1.06 VangdRealEst VNQ 81.81 0.07 –11.8 (480) 281-8200 (888) 873-3424 >..O>.QO>..2 VangdS&P500ETF VOO 324.02 0.93 9.5 Discover Bank 0.25 Discover Bank 1.05 VangdST Bond BSV 83.09 3.1 0.06 (800) 347-7000 (800) 347-7000 /9779"TL!.@7/D)OXRT5,MX;MRX8 /+. %**"#,&*0 VangdSTCpBd VCSH 83.00 0.07 2.4 &* %,FU#H F#HBEF C# HU' *CEIO.SS=6>.Q==:,'AO (DDI(D.I(DD1 VangdSC VB 160.30 1.16 –3.2 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of I#UAW )O *,** ,-' HU' Q1

THE WALL STREET JOURNAL. We dnesday, September 2, 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 28645.66 s215.61, or 0.76% Trailing P/E ratio 28.12 18.76 3526.65 s26.34, or 0.75% Trailing P/E ratio * 36.19 22.30 11939.67 s 164.21, or 1.39% Trailing P/E ratio *† 37.98 23.52 High, low, open and close for each P/E estimate * 25.89 17.10 High, low, open and close for each P/E estimate * 26.74 17.65 High, low, open and close for each P/E estimate *† 33.93 21.13 trading day of the past three months. Dividend yield 2.14 2.34 trading day of the past three months. Dividend yield * 1.75 1.95 trading day of the past three months. Dividend yield *† 0.74 1.04 All-time high 29551.42, 02/12/20 All-time high 3526.65, 09/01/20 All-time high: 11939.67, 09/01/20

Current divisor 0.15198707565833 29000 3550 11900

27500 3400 11250

26000 3250 10600

24500 3100 9950 Session high 65-day moving average DOWN UP 65-day moving average Session open Close 23000 65-day moving average 2950 9300 t

Close Open t 21500 2800 8650 Session low Bars measure the point change from session's open 20000 2650 8000 May June July Aug. May June July Aug. May June July Aug. *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 6:30 p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 814,002,315 15,334,515 Industrial Average 28659.26 28290.72 28645.66 215.61 0.76 29551.42 18591.93 9.7 0.4 9.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 471,740,316 7,155,080 Transportation Avg 11325.93 11100.84 11316.69 131.34 1.17 11322.00 6703.63 13.3 3.8 6.5 Most-active issues in late trading Decl. volume* 337,326,585 7,827,122 Utility Average 801.50 791.13 794.08 -9.14 -1.14 960.89 610.89 -7.8 -9.7 2.3 Volume After Hours Issues traded 3,085 265 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 35948.26 35599.44 35940.29 278.73 0.78 35940.29 22462.76 20.8 8.8 11.9 Advances 1,878 126 SPDR S&P 500 SPY 5,877.2 352.82 0.22 0.06 353.07 351.82 Barron's 400 742.17 731.57 742.17 8.32 1.13 746.64 455.11 14.8 1.4 4.7 Declines 1,120 132 PIMCO Enh Shrt Maturity MINT 3,631.5 101.89 0.01 0.01 101.91 101.88 Unchanged 87 7 Invesco QQQ Trust I QQQ Nasdaq Stock Market 3,589.9 300.56 0.64 0.21 300.72 294.88 New highs 112 5 Nasdaq Composite 11945.72 11794.78 11939.67 164.21 1.39 11939.67 6860.67 51.6 33.1 22.9 Apple AAPL 3,466.5 134.26 0.08 0.06 462.24 127.38 New lows 16 5 Nasdaq 100 12300.44 12132.78 12292.86 182.16 1.50 12292.86 6994.29 61.5 40.8 27.1 Bank of America BAC 2,901.8 25.69 -0.02 -0.08 25.72 25.65 Closing Arms† 1.19 0.83 At Home Group HOME 2,859.0 19.95 -3.38 -14.49 24.65 19.16 S&P Block trades* 5,439 144 AMC Entertainment Hldgs AMC 2,403.3 6.69 0.62 10.21 7.11 6.01 500 Index 3528.03 3494.60 3526.65 26.34 0.75 3526.65 2237.40 21.3 9.2 12.5 Nasdaq NYSE Arca iShares iBoxx $ HY Cp Bd HYG 2,195.5 85.22 0.07 0.08 85.22 85.13 MidCap 400 1941.28 1912.55 1941.03 14.49 0.75 2106.12 1218.55 4.5 -5.9 3.8 Total volume*3,486,737,121 237,848,585 SmallCap 600 909.39 893.49 909.34 10.55 1.17 1041.03 595.67 0.4 -11.0 2.4 Percentage gainers… Adv. volume*1,989,956,598 169,651,549 Decl. volume*1,476,817,551 67,282,903 Other Indexes ION Geophysical IO 100.2 2.20 0.29 15.18 2.44 1.92 Issues traded 3,506 1,427 Russell 2000 1578.58 1554.19 1578.58 16.71 1.07 1705.22 991.16 7.2 -5.4 3.7 Planet Green Holdings PLAG 94.0 2.35 0.27 12.98 2.43 2.08 Advances 1,847 960 NYSE Composite 13113.93 13004.17 13113.74 68.14 0.52 14183.20 8777.38 3.6 -5.7 3.2 AMC Entertainment Hldgs AMC 2,403.3 6.69 0.62 10.21 7.11 6.01 Declines 1,546 448 CrowdStrike Holdings CRWD 488.4 153.79 10.10 7.03 154.70 143.69 Value Line 482.36 475.94 482.34 3.85 0.80 562.05 305.71 -3.1 -12.6 -2.4 Unchanged 113 19 Caleres CAL 317.2 9.35 0.60 6.86 10.49 8.00 NYSE Arca Biotech 5478.81 5347.23 5361.98 -116.05 -2.12 6142.96 3855.67 25.4 5.8 8.2 New highs 208 215 NYSE Arca Pharma 675.84 661.18 664.83 -8.78 -1.30 675.14 494.36 13.7 1.7 7.9 ...And losers New lows 43 26 KBW Bank 77.61 75.77 76.99 0.26 0.35 114.12 56.19 -15.8 -32.1 -6.3 At Home Group HOME 2,859.0 19.95 -3.38 -14.49 24.65 19.16 Closing Arms† 0.89 0.99 § PHLX Gold/Silver 156.90 150.45 152.40 -1.81 -1.18 161.14 70.12 52.1 42.5 19.0 Shoe Carnival SCVL 124.4 31.25 -4.73 -13.15 36.20 30.20 Block trades* 16,339 1,191 § PHLX Oil Service 35.97 35.22 35.91 0.20 0.55 80.99 21.47 -42.1 -54.1 -33.6 Jamf Holding JAMF 201.5 37.40 -3.78 -9.18 43.37 36.20 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2305.51 2264.89 2304.68 44.25 1.96 2304.68 1286.84 55.9 24.6 27.2 iShares Core MSCI EM IEMG 1,294.9 51.46 -2.77 -5.11 54.25 51.46 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 26.59 25.02 26.12 -0.29 -1.10 82.69 11.54 32.9 89.6 37.1 TUP Tupperware Brands 50.8 17.36 -0.63 -3.50 18.04 17.36 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.13 World The Global Dow 3099.91 4.09 –4.7 Jounce Therapeutics JNCE 7.53 2.69 55.58 10.00 2.79 117.0 Applied UV AUVI 8.60 -3.00 -25.86 12.99 5.15 ... 0.47 DJ Global Index 447.39 2.11 3.1 Gogo Inc. GOGO 7.37 2.23 43.39 8.00 1.33 75.9 Neuronetics STIM 4.73 -1.14 -19.42 12.20 1.25 -54.9 DJ Global ex U.S. 252.92 0.25 0.10 –4.0 Zoom Video Communications ZM 457.69 132.59 40.78 478.00 60.97 395.0 Vir Biotechnology VIR 33.89 -6.59 -16.28 75.00 11.65 ... Americas DJ Americas 819.90 6.53 0.80 7.8 Liberty Oilfield Services LBRT 8.75 2.30 35.66 12.42 2.17 -19.3 Wilhelmina International WHLM 2.61 -0.50 -15.97 12.92 2.35 -51.8 Brazil Sao Paulo Bovespa 102167.65 2798.50 2.82 –11.7 Evogene EVGN 2.74 0.67 32.37 2.80 0.75 70.2 PainReform PRFX 6.74 -1.26 -15.75 8.00 6.10 ... Canada S&P/TSX Comp 16644.99 130.55 0.79 –2.5 Nano-X Imaging NNOX 35.75 8.19 29.72 37.73 20.26 ... UroGen Pharma URGN 21.32 -3.77 -15.03 37.08 13.12 -35.7 Mexico S&P/BMV IPC 37487.99 647.26 1.76 –13.9 Tortoise Acquisition Cl A SHLL 48.97 9.53 24.16 48.97 9.50 397.2 ScanSource SCSC 21.40 -3.29 -13.33 39.01 13.78 -20.5 Chile Santiago IPSA 2586.08 –9.79 –0.38 –22.5 At Home Group HOME 23.33 4.22 22.08 23.92 1.20 248.2 Ambow Education ADR AMBO 2.30 -0.35 -13.21 4.81 1.10 -8.7 Eastman Kodak KODK 7.30 1.32 22.07 60.00 1.50 206.7 Trevi Therapeutics TRVI 3.50 -0.53 -13.15 8.50 1.33 -16.7 EMEA Stoxx Europe 600 365.23 –1.28 –0.35 –12.2 Odyssey Marine Expln OMEX 6.89 1.22 21.52 7.16 2.10 50.8 Unum Therapeutics UMRX 2.49 -0.37 -12.94 3.72 0.30 43.1 Eurozone Euro Stoxx 360.84 0.26 0.07 –10.7 Belgium Bel-20 3314.23 –18.30 –0.55 –16.2 Build-A-Bear Workshop BBW 3.13 0.55 21.32 5.68 1.01 31.0 Sundance Energy SNDE 1.83 -0.27 -12.86 23.78 1.00 -85.4 Denmark OMX Copenhagen 20 1310.48 –10.76 –0.81 15.4 DocuSign DOCU 268.80 45.80 20.54 271.44 45.52 476.7 Global Blue Group Holding GB 8.55 -1.22 -12.48 15.93 8.00 -17.1 France CAC 40 4938.10 –9.12 –0.18 –17.4 Patriot National Bancorp PNBK 6.89 1.10 19.00 14.29 3.83 -47.8 IBEX IBEX 14.02 -1.97 -12.32 18.49 13.95 ... Nautilus NLS Chicken Soup Soul Ent A CSSE Germany DAX 12974.25 28.87 0.22 –2.1 13.85 2.00 16.88 15.91 1.20 949.2 13.13 -1.83 -12.23 17.90 4.66 45.7 Lawson Products LAWS 41.85 5.95 16.57 58.28 24.52 16.0 GreenPower Motor GP 17.35 -2.40 -12.15 23.45 0.82 564.7 Israel Tel Aviv 1395.31 1.15 0.08 –17.1 Italy FTSE MIB 19595.02 –38.67 –0.20 –16.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 552.22 3.02 0.55 –8.7 Russia RTS Index 1274.50 15.90 1.26 –17.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 55927.69 451.58 0.81 –2.0 Spain IBEX 35 6956.89 –12.59 –0.18 –27.1 Apple AAPL 151,735 -4.6 134.18 3.98 134.80 51.06 Hartford Schr Tax-Aware HTAB 887 17326 21.75 0.07 22.81 19.19 Sweden OMX Stockholm 700.01 1.54 0.22 2.8 NIO ADR NIO 136,972 0.3 20.12 5.73 20.97 1.19 Franklin FTSE Switzerland FLSW 753 14629 28.55 -0.21 28.96 20.77 Eastman Kodak KODK AMCI Acquisition AMCI Switzerland Swiss Market 10188.85 53.29 0.53 –4.0 106,065 448.2 7.30 22.07 60.00 1.50 607 2736 10.33 0.58 10.92 9.85 J.Jill JILL 97,904 6118.9 0.54 40.44 2.58 0.31 Gogo Inc. GOGO 70,973 2409 7.37 43.39 8.00 1.33 Turkey BIST 100 1085.19 6.58 0.61 –5.2 General Electric GE 92,858 7.7 6.19 -2.37 13.26 5.48 SPDR Portfolio Europe ETF SPEU 253 1511 33.81 -0.76 36.84 22.69 U.K. FTSE 100 5862.05 –101.51 –1.70 –22.3 U.K. FTSE 250 17604.60 –183.73 –1.03 –19.6 Tesla TSLA 89,330 22.7 475.05 -4.67 502.49 43.67 Tenzing Acquisition TZAC 200 1466 10.70 0.47 13.00 9.57 American Airlines Group AAL 72,652 -24.2 13.10 0.38 31.67 8.25 Franklin FTSE Japan ETF FLJP 902 1411 25.76 0.16 26.72 18.52 Asia-Pacific Gogo Inc. GOGO 70,973 2408.7 7.37 43.39 8.00 1.33 iSh US Consumer Services IYC 465 1158 257.64 1.20 257.66 150.00 Australia S&P/ASX 200 5953.40 –107.06 –1.77 –10.9 Itau Unibanco Holding ADR ITUB 65,550 119.7 4.47 5.00 9.41 3.48 GreenPower Motor GP 1,684 889 17.35 -12.15 23.45 0.82 China Shanghai Composite 3410.61 14.93 0.44 11.8 Advanced Micro Devices AMD 55,759 -8.5 92.18 1.50 92.64 27.43 iShares S&P SC 600 Growth IJT 1,137 888 186.75 1.22 200.15 115.36 Hong Kong Hang Seng 25184.85 7.80 0.03 –10.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.71 India S&P BSE Sensex 38900.80 272.51 –5.7 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23138.07 –1.69 –0.01 –2.2 Singapore Straits Times 2538.55 6.04 0.24 –21.2 Track the Markets South Korea Kospi 2349.55 23.38 1.01 6.9 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12703.28 0.89 5.9 global stock indexes, bond ETFs, 111.83 currencies and commodities at Currencies Thailand SET 1305.57 –5.09 –0.39 –17.4 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23175 0.01 Argentina peso .0135 74.2512 24.0 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1853 5.3953 34.2 Czech Rep. koruna .04536 22.047 –2.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7654 1.3066 0.6 Denmark krone .1600 6.2494 –6.2 notes and bonds major U.S. trading partners Chile peso .001297 771.30 4.3 Euro area euro 1.1913 .8395 –5.9 A consumer rate against its 5-year CDs Colombiapeso .000272 3675.85 12.0 Hungary forint .003344 299.06 1.3 Ecuador US dollar 11unch Iceland krona .007250 137.93 13.9 benchmark over the past year 2.50% Bankrate.com avg†: 0.65% 8% Mexico peso .0459 21.7755 15.0 Norway krone .1141 8.7618 –0.2

WSJ Dollar index Uruguay peso .02349 42.5650 14.6 Poland zloty .2714 3.6848 –2.9 One year ago s Washington Savings Bank 0.95% 2.00 Russia ruble .01357 73.715 18.8

Federal-funds t Euro Asia-Pacific 2.00% Lowell, MA 978-458-7999 4 s Sweden krona .1151 8.6849 –7.3 1.50 Australian dollar .7374 1.3561 –4.8 target rate Switzerland franc 1.0997 .9093 –6.0 t Colorado Federal Savings Bank 1.00% China yuan .1464 6.8284 –1.9 1.50 0 Turkey lira .1357 7.3694 23.9 Greenwood Village, CO 877-484-2372 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0362 27.6500 16.8 Tradeweb ICE India rupee .01370 73.004 2.3 1.00 CFG Community Bank 1.05% UK pound 1.3383 .7472 –0.9 Tuesday Close 0.50 –4 Indonesia rupiah .0000686 14570 4.9 Baltimore, MD 888-205-8388

t s Yen Japan yen .009438 105.96 –2.5 Middle East/Africa t 0.50 First Internet Bank of Indiana 1.06% 0.00 –8 Kazakhstan tenge .002391 418.27 9.5 Bahrain dinar 2.6522 .3771 ... Five-year CD yields Macau pataca .1254 7.9735 –0.6 Egypt pound .0630 15.8711 –1.1 Indianapolis, IN 888-873-3424 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2414 4.1425 1.3 Israel shekel .2977 3.3596 –2.7 S O N D J F M A M J J AS TAB Bank 1.10% New Zealand dollar .6759 1.4795 –0.4 Kuwait dinar 3.2754 .3053 0.7 maturity 2019 2020 Ogden, UT 800-355-3063 Pakistan rupee .00604 165.585 6.8 Oman sul rial 2.5972 .3850 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.598 –4.2 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7346 1.3613 1.1 Saudi Arabia riyal .2666 3.7510 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008435 1185.58 2.6 South Africa rand .0601 16.6517 19.0 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 2.00 -1.00 Sri Lanka rupee .0053798 185.88 2.5 Yield (%) 52-Week Total Return (%) Taiwan dollar .03405 29.368 –1.8 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.25 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03208 31.170 4.7 WSJ Dollar Index 87.56 0.01 0.01 –2.24 Libor, 3-month 0.25 0.25 0.23 l 2.16 -1.06 U.S. Treasury, Barclays 2481.160 0.480 0.500 1.910 0.400 7.14 5.28 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.24 0.24 0.23 l 0.78 -0.02 Five-year CD, annual yield 0.65 0.67 0.65 l 1.74 -0.80 U.S. Treasury Long, Barclays 4882.600 1.310 1.290 2.370 0.980 13.64 11.39 Commodities 30-year mortgage, fixed† 3.12 3.04 3.03 l 4.22 -0.67 Aggregate, Barclays 2281.610 1.150 1.160 2.460 1.020 6.66 5.22 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.58 2.59 2.58 l 3.57 -0.45 Fixed-Rate MBS, Barclays 2229.890 1.230 1.240 2.690 0.930 4.61 3.70 Jumbo mortgages, $510,400-plus† 3.16 3.06 3.06 l 4.71 -1.14 DJ Commodity 636.19 0.96 0.15 647.86 433.70 6.97 -0.95 High Yield 100, ICE BofA 3181.834 4.305 4.268 10.740 4.235 2.591 3.831 Five-year adj mortgage (ARM)† 3.28 3.20 3.06 l 4.78 -0.01 TR/CC CRB Index 153.34 0.13 0.08 187.39 106.29 -9.37 -17.46 Muni Master, ICE BofA 587.320 1.029 0.955 3.441 0.838 3.716 3.942 New-car loan, 48-month 4.18 4.26 4.17 l 4.65 1.17 Crude oil, $ per barrel 42.76 0.15 0.35 63.27 -37.63 -20.73 -29.97 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 906.279 4.643 4.673 7.480 4.523 4.185 4.072 Natural gas, $/MMBtu 2.527 -0.103 -3.92 2.862 1.482 7.17 15.44 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1968.20 0.60 0.03 2051.50 1452.10 27.32 29.53 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Plus, deeper money-flows data and email delivery of keystock-market data. Available free at WSJMarkets.com P2JW246000-2-B01000-1------XA

B10 | We dnesday, September 2, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE NYSE’s Direct-Listing Plan Is Put on Hold

BY ALEXANDER OSIPOVICH the maneuver, raised concern SEC’sstaff had approved the Thecouncil must submit its public on the NYSE. tant resource immediately that the NYSE’splan would let plan last week,opening the petition in the coming days. An NYSE spokesperson said available to issuersand inves- TheNew York Stock Ex- companies circumvent protec- door to a new, cheaper alter- TheSEC’srules don’t spell out Tuesdaythat the exchange tors,” the spokesperson said. change’splan to let companies tions built intothe initial pub- nativetothe IPO forcompa- howlong the SEC’scommis- would ask the SEC to move In adirect listing,acom- raise capital through direct lic offering process, ultimately nies seeking to go public. sionershavetoreview the pe- quickly and allowits proposed pany floatsits shares on a listingsisonpause afteran harming investors. But the council’smaneuver tition, but similar reviews in expansion of direct listingsto stock exchange, but without influential group of institu- Thecouncil filed anotice has at least temporarily closed the past have draggedonfor go forward. “The ability to raise hiring banks to underwritethe tional investorstook an un- with the Securities and Ex- the door again. The SEC noti- months.Potentially the com- capital with an NYSE direct list- transaction as in an IPO. Spo- usual regulatorystepinalast- change Commission on Mon- fied the NYSE in aletteron missioners could reverse last ing representsaninnovative tifyTechnology SA used the ditch effort to block the plan. day that it would petition for the agency’swebsitethat its week’sdecision and prevent newpath to the public markets, processtogopublic in 2018, TheCouncil of Institutional areview of the plan by the approval of the plan had been companies from using the new and we intend to ask the SEC to followedbySlack Technolo- Investors, which wasbehind SEC’scommissioners. The stayed until further notice. type of direct listing to go liftits stay to makethis impor- gies Inc. last year.

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 Oct 140.625 141.825 139.425 140.650 .025 17,566 Dec 1.1093 1.1144 1.1020 1.1028 –.0076 644 Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Sept 3493.25 3530.00 s 3484.25 3527.00 28.00 2,688,708 Contract Open Oct 105.325 105.875 104.750 105.475 .175 116,558 Sept .7377 .7414 s .7359 .7368 –.0021 131,617 Dec 3483.75 3520.50 s 3474.25 3516.50 28.00 84,627 Open High hi lo Low Settle Chg interest Dec 109.000 109.550 108.475 109.150 .175 70,477 Dec .7380 .7416 s .7362 .7370 –.0020 1,580 Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Sept 1927.30 1942.60 1906.70 1940.00 14.20 57,926 Sept 3.0325 3.0605 s 2.9980 3.0095 –0.0315 4,906 Oct 54.000 55.200 53.800 55.025 1.425 93,889 Sept .04558 .04605 .04553 .04578 .00016 128,545 Dec 1925.30 1933.00 1905.70 1931.90 10.10 9 Dec 3.0505 3.0945 s 3.0140 3.0285 –0.0330 136,682 Dec 55.450 56.050 55.225 55.775 .650 55,878 Dec .04510 .04557 .04505 .04529 .00016 4,025 Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Sept 12109.75 12328.75 s 12093.00 12312.50 198.50 240,318 Sept 1961.70 1986.30 1961.70 1968.20 0.60 1,182 Sept 931.00 933.00 898.10 928.50 .50 583 Sept 1.1941 1.2015 s 1.1905 1.1913 –.0027 678,656 Dec 12102.00 12315.50 s 12079.25 12298.00 198.50 4,680 Oct 1965.90 1992.50 1961.20 1970.80 0.30 62,836 Nov 739.50 745.00 728.50 728.50 –19.00 2,456 Dec 1.1964 1.2038 s 1.1928 1.1936 –.0027 15,875 Mini Russell 2000 (CME)-$50 x index Dec 1973.70 2001.20 1969.20 1978.90 0.30 402,774 Milk (CME)-200,000 lbs., cents per lb. Sept 1560.30 1580.90 1549.80 1578.50 17.20 501,087 Feb'21 1983.40 2008.20 1977.60 1986.80 0.30 36,479 Aug 19.77 19.81 19.76 19.81 .04 6,048 Index Futures Dec 1554.80 1577.30 1546.40 1575.10 17.30 1,134 April 2001.00 2011.60 1983.60 1991.60 0.20 18,824 Oct 17.70 18.33 17.62 18.27 .41 4,173 Mini Russell 1000 (CME)-$50 x index June 2011.30 2013.80 1990.10 1995.40 …8,434 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index Sept 1943.70 1961.00 s 1943.20 1961.00 14.80 8,432 Palladium (NYM) - 50 troy oz.; $ per troy oz. Sept 2,735 2,735 2,735 2,735 12 114 Sept 28379 28654 28257 28622 206 82,221 U.S. Dollar Index (ICE-US)-$1,000 x index Sept ...... 2277.20 31.80 394 Dec 2,664 2,684 2,651 2,666 12 106,611 Dec 28207 28522 28132 28493 204 871 Sept 92.17 92.40 t 91.73 92.34 .21 28,945 Oct …… …2280.90 31.80 ... Coffee (ICE-US)-37,500 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index Dec 92.14 92.41 t 91.75 92.34 .20 2,248 Dec 2268.70 2344.70 2264.20 2311.10 31.80 9,168 Sept 132.25 132.30 130.80 131.90 2.10 246 Sept 3504.60 3529.20 s 3484.80 3526.90 28.00 32,212 March'21 2317.20 2325.20 2294.80 2312.10 30.40 118 Dec 130.45 132.70 129.35 131.40 2.35 119,032 Dec …… …3516.60 28.10 2 Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Source: FactSet Sept ...... 950.50 14.80 48 Oct 12.66 12.80 12.54 12.60 –.06 358,034 Oct 938.30 970.50 935.10 952.70 14.80 46,822 March'21 13.28 13.43 13.19 13.24 –.04 269,984 Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Sept 28.350 29.050 27.860 28.486 0.049 3,978 Nov 27.01 27.12 27.00 27.00 –.20 1,943 Dec 28.430 29.235 27.835 28.645 0.051 144,034 Jan'21 26.80 26.80 26.80 26.80 –.20 1,963 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks Oct 42.83 43.43 42.72 42.76 0.15 354,093 Oct 64.94 65.61 64.88 64.66 .25 117 Nov 43.12 43.70 43.04 43.08 0.18 211,972 Dec 65.09 66.44 65.04 65.40 .24 120,900 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 43.42 43.98 43.37 43.41 0.20 271,326 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds March'21 44.26 44.74 44.19 44.33 0.27 131,360 Sept 110.75 114.65 110.75 112.15 –1.65 706 Total Total June 44.86 45.31 44.77 44.95 0.31 179,664 Nov 117.00 118.00 113.15 115.15 –1.65 6,676 Dec 45.43 45.85 45.24 45.56 0.35 193,450 return YTD total Yield (%) return YTD total Yield (%) NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High Oct 1.2250 1.2480 1.2213 1.2308 .0135 106,461 Mortgage-Backed Bloomberg Barclays Dec 1.2709 1.2910 1.2661 1.2733 .0101 51,039 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Barclays Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Sept 216-250 219-180 215-140 219-100 1-08.0 39,974 7.0 U.S. Aggregate 2229.89 3.8 Mortgage-Backed 1.230 0.930 2.690 Oct 1.2224 1.2444 1.2194 1.2247 .0110 129,712 Dec 219-310 222-150 218-050 222-050 1-08.0 989,882 2281.61 1.150 1.020 2.460 Dec 1.1837 1.2053 1.1802 1.1885 .0120 52,591 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2172.11 3.4 Ginnie Mae (GNMA) 0.710 0.290 2.660 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Sept 177-010 178-040 176-100 178-000 20.0 13,358 Oct 2.628 2.675 2.504 2.527 –.103 225,916 Dec 175-130 176-150 174-210 176-110 20.0 1,136,089 3377.36 7.3 U.S. Corporate 1.930 1.820 4.580 1317.98 4.0 Fannie mae (FNMA) 1.420 1.110 2.690 Nov 2.918 2.965 2.857 2.901 –.019 208,195 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Intermediate 2022.85 3.9 Freddie Mac (FHLMC) 1.400 1.080 2.710 Dec 3.251 3.304 s 3.228 3.266 .012 112,759 Sept 139-110 139-190 139-065 139-185 5.5 81,384 3068.62 6.0 1.280 1.230 4.400 Jan'21 3.360 3.408 s 3.339 3.375 .020 130,417 Dec 139-065 139-145 139-010 139-140 6.0 3,298,340 4992.68 9.6 Long term 2.980 2.730 4.930 587.32 3.8 Muni Master 1.029 0.838 3.441 March 3.166 3.204 s 3.148 3.185 .018 93,116 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% April 2.829 2.839 s 2.798 2.823 .004 79,589 Sept 125-287 125-305 125-265 125-302 1.0 88,100 694.06 7.7 Double-A-rated 1.430 1.300 3.360 415.68 4.2 7-12 year 0.999 0.771 3.447 Dec 126-005 126-025 125-297 126-022 1.2 3,213,917 Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 890.01 6.3 Triple-B-rated 2.300 2.210 5.350 472.04 4.2 12-22 year 1.502 1.224 3.690 Sept 110-136 110-139 110-131 110-135 –.1 87,647 High Yield Bonds ICE BofA 22-plus year Corn (CBT)-5,000 bu.; cents per bu. Dec 110-151 110-154 110-145 110-150 –.1 1,967,288 454.77 3.2 2.241 1.765 4.123 Sept 347.75 350.00 342.75 349.50 1.00 5,638 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 470.70 0.8 High Yield Constrained 5.327 5.151 11.400 Global Government J.P. Morgan† Dec 356.25 358.75 351.00 358.00 .25 801,519 Sept 99.9150 99.9225 99.9150 99.9200 .0025 117,614 Oats (CBT)-5,000 bu.; cents per bu. Oct 99.9250 99.9300 99.9250 99.9250 .0000 226,995 407.30 -7.0 Triple-C-rated 11.830 10.735 19.071 611.97 5.0 Global Government 0.590 0.390 1.060 Sept 276.00 276.00 276.00 278.00 3.75 2 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Dec 274.50 279.00 273.50 278.75 3.75 4,704 Sept 100-045 100-200 100-030 100-190 6.0 91,503 3181.83 -0.4 High Yield 100 4.305 4.235 10.740 865.46 7.7 Canada 0.760 0.590 1.740 Soybeans (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100% Sept 948.00 956.50 945.00 955.00 3.75 1,206 Global High Yield Constrained 409.87 2.4 EMU§ 0.314 0.109 0.794 Sept 99.7650 99.7725 99.7625 99.7675 … 1,434,543 425.19 0.9 5.353 4.893 11.310 Nov 951.50 959.50 942.75 954.75 1.25 397,592 Dec 99.7100 99.7150 99.7050 99.7150 … 1,009,722 Soybean Meal (CBT)-100 tons; $ per ton. 322.66 -1.8 Europe High Yield Constrained 3.893 2.464 8.183 778.30 2.6 France 0.080 -0.160 0.430 March'21 99.7950 99.8000 99.7900 99.8000 … 1,009,196 Sept 304.40 305.70 302.50 302.80 –1.80 2,314 June 99.8100 99.8150 99.8000 99.8150 .0050 946,448 U.S Agency Bloomberg Barclays 544.64 1.6 Germany -0.290 -0.740 -0.050 Dec 311.70 313.70 308.80 310.80 –1.70 178,704 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 1864.29 5.3 U.S Agency 0.510 0.480 2.040 294.46 -1.2 Japan 0.310 -0.070 0.320 Sept 33.00 33.35 33.00 33.12 .16 2,207 Currency Futures Dec 32.92 33.44 32.67 32.88 .02 183,190 Japanese Yen (CME)-¥12,500,000; $ per 100¥ 1624.08 3.9 10-20 years 0.380 0.350 1.950 607.42 1.9 Netherlands -0.200 -0.540 0.080 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept .9447 .9472 .9421 .9439 –.0009 144,269 Sept ...... 12.25 –.24 41 4283.85 12.3 20-plus years 1.450 1.170 2.480 1073.16 6.8 U.K. 0.680 0.390 1.180 Dec .9459 .9482 .9433 .9449 –.0010 1,852 Nov 12.28 12.35 12.20 12.23 –.13 9,771 Canadian Dollar (CME)-CAD 100,000; $ per CAD Wheat (CBT)-5,000 bu.; cents per bu. 2887.19 5.6 Yankee 1.480 1.430 3.500 906.28 2.8 Emerging Markets ** 4.643 4.523 7.480 Sept .7667 .7696 .7642 .7649 –.0029 129,496 Sept 542.50 559.25 539.25 555.75 11.50 528 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dec 550.00 568.50 548.25 564.00 11.75 218,206 Dec .7670 .7697 .7644 .7650 –.0029 8,031 Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Sept 467.75 488.50 467.75 483.50 13.00 654 Sept 1.3367 1.3483 s 1.3358 1.3385 .0006 173,224 Dec 475.00 490.75 473.00 485.50 10.25 157,504 Dec 1.3375 1.3489 s 1.3365 1.3391 .0006 5,879 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Global Government Bonds: Mapping Yields Sept 140.475 141.550 139.125 140.125 –.175 5,010 Sept 1.1071 1.1116 1.0991 1.0999 –.0076 53,631 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, September 1, 2020 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 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.125 U.S. 2 0.117 t l 0.121 0.113 1.512 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.625 10 0.673 t l 0.706 0.535 1.500 months. 5.750 Australia 2 0.256 t l 0.260 0.279 0.730 13.8 13.9 -78.2 Tuesday Tuesday Tuesday 2.500 10 0.983 t l 0.993 0.828 0.895 31.0 28.7 -60.5 Energy Aluminum, LME, $ per metric ton *n.a. Wheat,No.1soft white,Portld,OR-u 5.2850 Copper,Comex spot 3.0095 Food 0.000 France 2 -0.603 t l -0.580 -0.628 -0.820 -72.0 -70.1 -233.2 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.500 Iron Ore, 62% Fe CFR China-s 125.5 0.000 10 -0.113 t l -0.095 -0.200 -0.407 -80.1 -190.7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 235 Beef,carcass equiv. index -78.6 Metals Steel, HRC USA, FOB Midwest Mill-s 520 choice 1-3,600-900 lbs.-u 187.90 0.000 Germany 2 -0.669 t l -0.646 -0.713 -0.916 -78.7 -76.7 -242.8 select 1-3,600-900 lbs.-u 172.40 Fibers and Textiles 0.000 10 -0.414 t l -0.394 -0.521 -0.698 -108.7 -110.1 -219.9 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6382 Engelhard industrial 1990.00 Burlap,10-oz,40-inch NY yd-n,w 0.6200 Butter,AA Chicago 1.4650 1.000 Italy 2 -0.098 t l -0.078 -0.029 -0.194 -21.5 -19.9 -170.6 Cotton,1 1/16 std lw-mdMphs-u 0.6016 Handy & Harman base 1972.35 Cheddar cheese,bbl,Chicago 144.50 0.950 10 1.047 t l 1.097 1.014 1.034 37.4 39.1 -46.7 Handy & Harman fabricated 2189.31 Cotlook 'A' Index-t *n.a. Cheddar cheese,blk,Chicago 180.25 LBMA Gold Price AM *Closed Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 103.00 0.100 Japan 2 -0.114 t l -0.108 -0.142 -0.309 -23.1 -22.9 -182.1 Wool,64s,staple,Terr del-u,w n.a. LBMA Gold Price PM *Closed Coffee,Brazilian,Comp 1.2068 0.100 10 0.045 t l 0.053 0.015 -0.277 -62.8 -65.3 -177.7 Krugerrand,wholesale-e 2049.22 Grains and Feeds Coffee,Colombian, NY 1.7593 Maple Leaf-e 2068.92 Eggs,large white,Chicago-u 0.8050 0.400 Spain 2 -0.461 s l -0.462 -0.407 -0.579 -57.8 -58.3 -209.1 Barley,top-quality Mnpls-u n.a. American Eagle-e 2068.92 Flour,hard winter KC 14.80 l Bran,wheat middlings, KC-u 1.250 10 0.390 t 0.409 0.333 0.102 -28.3 -29.8 -139.8 Mexican peso-e 2383.71 88 Hams,17-20 lbs,Mid-US fob-u 0.46 Corn,No. 2 yellow,Cent IL-bp,u 3.3600 Austria crown-e 1934.39 Hogs,Iowa-So. Minnesota-u 59.92 0.500 U.K. 2 -0.075 t l -0.053 -0.065 0.400 -19.2 -17.4 -111.2 Corn gluten feed,Midwest-u,w 103.6 Austria phil-e 2068.92 Pork bellies,12-14 lb MidUS-u 1.2442 l Corn gluten meal,Midwest-u,w 410.3 4.750 10 0.299 t 0.317 0.105 0.480 -37.4 -38.9 -102.1 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.7876 Cottonseed meal-u,w 233 Source: Tullett Prebon Engelhard industrial 28.7500 Hominy feed,Cent IL-u,w 95 Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 28.4310 Meat-bonemeal,50% pro Mnpls-u,w 183 Steers,feeder,Okla. City-u,w 150.46 Handy & Harman fabricated 35.5390 Oats,No.2 milling,Mnpls-u 3.0375 Fats and Oils Corporate Debt LBMA spot price *Closed Rice, Long Grain Milled, No. 2 AR-u,w n.a. Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in (U.S.$ equivalent) *Closed Corn oil,crude wet/dry mill wtd. avg.-u,w 44.0000 Sorghum,(Milo) No.2 Gulf-u,k 5.3300 that same company’s share price. Coins,wholesale $1,000 face-a 21892 SoybeanMeal,Cent IL,rail,ton48%-u 303.20 Grease,choice white,Chicago-h n.a. Other metals Soybeans,No.1 yllw IL-bp,u 9.3550 Lard,Chicago-u n.a. Investment-grade spreads that tightened the most… LBMA Platinum Price PM *Closed Wheat,Spring14%-pro Mnpls-u n.a. Soybean oil,crude;Centl IL-u 0.3414 Spread*, in basis points Stock Performance Platinum,Engelhard industrial 961.0 Wheat,No.2 soft red,St.Louis-u 5.8700 Tallow,bleach;Chicago-h n.a. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg Palladium,Engelhard industrial 2328.0 Wheat - Hard - KC (USDA) $ per bu-u 4.9550 Tallow,edible,Chicago-u n.a. National Penn Bancshares … 4.250 Sept. 30, ’24 85 –12 n.a. … … KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; Citigroup C 3.875 March 26, ’25 94 –11 107 51.20 0.16 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; K=Prices are now in $ per HP HPQ 6.000 Sept. 15, ’41 276 –10 286 19.26 –1.48 bushel *Data as of 8/31 Source: Dow Jones Market Data Total Capital International TOTAL 3.750 April 10, ’24 27 –10 35 ...... Morgan Stanley MS 3.625 Jan. 20, ’27 60 –9 69 52.58 0.61 Daimler Finance North America DAIGR 1.750 March 10, ’23 58 –8 n.a...... Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks HSBC Holdings HSBC 4.250 Aug. 18, ’25 158 –8 n.a. 21.24 –1.80 BNP Paribas US Medium–Term Note … 4.250 Oct. 15, ’24 105 –7 n.a...... Money Rates September 1, 2020 …And spreads that widened the most Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Eaton ETN 2.750 Nov. 2, ’22 30 728103.43 1.30 guide to general levels but don’t always represent actual transactions. Caterpillar Financial Services … 1.450 May 15, ’25 39 646… … American Honda Finance HNDA 0.875 July 7, ’23 41 6n.a...... Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Mitsubishi UFJ Financial MUFG 3.195 July 18, ’29 117 6113 4.19 0.24 July index Chg From (%) Credit Suisse … 1.000 May 5, ’23 30 534… … level June '20 July '19 High 0.1000 0.1000 3.0000 0.1000 Commercial paper (AA financial) Low 0.0500 0.0500 2.0500 0.0100 Broadcom AVGO 2.250 Nov. 15, ’23 80 482359.54 3.57 90 days n.a. 0.13 2.53 0.04 U.S. consumer price index Bid 0.0800 0.0800 2.1200 0.0100 Enel Finance International ENELIM 4.625 Sept. 14, ’25 110 4110 ...... Offer 0.1100 2.5000 0.0500 GE Capital International Funding … 4.418 Nov. 15, ’35 345 4337 … … All items 259.101 0.51 1.0 0.1100 Libor Core 267.703 0.53 1.6 Treasury bill auction One month 0.15563 0.17025 2.06688 0.14925 High-yield issues with the biggest price increases… Three month 0.25113 0.25100 2.16413 0.23375 4 weeks 0.080 0.080 2.060 0.000 Bond Price as % of face value Stock Performance International rates Six month 0.30325 0.30813 2.08525 0.28913 13 weeks 0.105 0.100 1.945 0.000 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg One year 0.43263 0.44000 2.07413 0.43263 26 weeks 0.115 0.120 1.870 0.080 Week 52-Week Tenet Healthcare THC 8.125 April 1, ’22 111.350 3.28 108.250 28.42 0.85 Latest ago High Low Secondary market Euro Libor Embarq … 7.995 June 1, ’36 121.280 1.36 120.578 … … One month -0.543 -0.544 -0.360 -0.621 Liberty Media … Prime rates 8.250 Feb. 1, ’30 109.000 1.29 107.228 ...... Fannie Mae Three month -0.506 -0.517 -0.142 -0.539 Sprint Capital … 6.875 Nov. 15, ’28 128.954 1.20 127.500 ...... U.S. 3.25 3.25 5.25 3.25 30-year mortgage yields Six month -0.470 -0.465 -0.052 -0.491 Canada 2.45 2.45 3.95 2.45 One year -0.373 -0.366 0.008 -0.441 Occidental Petroleum OXY 6.200 March 15, ’40 96.250 1.00 96.250 12.48 –2.04 30 days 1.880 1.863 3.388 1.751 Japan 1.475 1.475 1.475 1.475 Spirit Airlines SAVE 4.450 Oct. 1, ’25 80.250 1.00 n.a. 17.59 –1.62 60 days 1.937 1.918 3.403 1.804 Secured Overnight Financing Rate Navient NAVI 5.500 Jan. 25, ’23 104.280 0.77 103.064 9.13 0.44 Policy Rates Other short-term rates 0.09 0.08 5.25 0.01 Teva Pharmaceutical Finance Netherlands … 2.800 July 21, ’23 96.750 0.75 96.180 … … Euro zone 0.00 0.00 0.00 0.00 Switzerland 0.00 0.00 0.50 0.00 Value 52-Week …And with the biggest price decreases Week 52-Week Latest Traded High Low Britain 0.10 0.10 0.75 0.10 Latest high low ago CF Industries CF 5.375 March 15, ’44 122.770 –1.83 123.050 33.41 2.39 Australia 0.25 0.25 1.00 0.25 DTCC GCF Repo Index Carnival CCL 3.950 Oct. 15, ’20 –0.88 n.a. 16.51 Call money Treasury 0.132 33.650 6.007 0.002 99.250 0.18 Overnight repurchase 2.00 2.00 4.00 2.00 MBS 0.132 88.100 6.699 0.011 L Brands LB 6.875 Nov. 1, ’35 102.125 –0.63 102.750 31.54 7.28 U.S. 0.10 0.10 3.40 -0.07 CIT CIT 6.125 March 9, ’28 117.275 –0.60 n.a. 19.46 –1.07 U.S. government rates Notes on data: Sensata Technologies ST 5.625 Nov. 1, ’24 109.000 –0.54 108.980 42.23 1.42 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Sprint Communications … 6.000 Nov. 15, ’22 108.625 –0.50 108.800 ...... and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Discount widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is ZF North America Capital ZFFNGR 4.750 April 29, ’25 105.520 –0.43 106.000 ...... Springleaf Finance Corporation … 7.125 March 15, ’26 114.500 –0.38 114.375 … … 0.25 0.25 2.75 0.25 as of August 31, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal-funds rates Federal funds are Tullett Prebon rates as of 5:30 p.m. ET. *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. Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more Effective rate 0.0900 0.0900 2.3600 0.0600 Tullett Prebon Information, Ltd. Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data P2JW246000-5-B01100-1------XA

THE WALL STREET JOURNAL. ***** We dnesday, September 2, 2020 | B11 MARKETS Manufacturing Data Send IndexesHigher

BY ANNA HIRTENSTEIN since1986. Share-priceand indexperformance, Tuesday the sharp output cutsthat ac- tended period, though it recov- AND BEN EISEN TheNasdaq Composite companied coronavirus lock- ered losses throughout the rose 164.21 points, or 1.4%, to Zoom Video downs, but have continued to day. TheS&P 500 and Nasdaq 11939.67, the technology- Communications parejobs in the faceofanun- Federal Reserveofficial Compositerose to fresh highs heavy index’s42nd record certain outlook. RichardClarida’s comments aftermanufacturing data close of 2020. Germany, Europe’sindus- Mondaythat employing yield- showedthe economycontin- TheDow Jones Industrial Netflix trialpowerhouse,recorded a curvecontrol wasafuturepos- ues to bounceback from the Averagerose 215.61points, or stronger recovery,with the sibility,and that alow unem- coronavirus shutdown. 0.8%, to 28645.66, just over Nvidia purchasing managersindex ployment rate won’t be a U.S. manufacturing activity 3% away from February’sre- rising to the highest level in sufficient triggertoraise inter- accelerated in August, grow- cord. S&P500 almost two years. But even est rates, had weighed on the ing forthe thirdstraight Theeconomic rebound has Technology sector with arevivalinpreviously currency. month and topping the expec- some investorspreparing for weak export orders, manufac- “While confidencecan be tations of economists, accord- amorenormalized investing turersreported that they were takenfromthe rapid recovery ing to datafromthe Institute environment that could favor Nasdaq Composite cutting jobs.The pan-continen- in the manufacturing sector, forSupply Management. beaten-down sectorslike talStoxxEurope 600 fell 0.3%. it’sall about dollar weakness Thegrowth transports. DowJones AgaugeofChina’smanufac- currentlyand this will be the TUESDAY’S wasdriven by Brian Barish,chief invest- Industrial Average turing activity forlast month driving factor forafurther MARKETS newdemand ment officeratCambiar In- rose to itshighest level in rally,” said SamCooper,avice and faster ex- vestors, said his firm has S&P500 nearly adecade,supported by president of market risk solu- port orders, though the pic- been taking profitsonsome strong domestic and external tions at SVBFinancial Group. turefor hiring wasmixed, a holdings of highflying tech 0% 10 20 30 40 demand and faster production In bond markets, the yield pair of surveysreleased on companies,including Ama- Source:FactSet activity.Itmarked the fourth on 10-yearTreasurys fell to Tuesdayshowed. zon.com and Google parent consecutivemonth that the 0.672% from 0.695% on Mon- “The continuation of this Alphabet.Both have marked Walmart rose $8.74, or 6.3%, higher,with Netflix climbing Caixin China purchasing man- day. recovery is being priced in al- sharp gains in recent months, to $147.59ahead of the launch $26.99,or5.1%, to $556.55. agersindexheld above50, the Gold rose early Tuesday, but ready,” said Esty Dwek, head making their shares look ex- of Walmart+,a$98-a-year Zoom Video Communica- mark separating contraction gaveback much of itsgains of global market strategy at pensivetosome. membership that includes free tions jumped 41%,or$132.59, from expansion. TheShanghai throughout the session. It Natixis Investment Managers. “Weare in spectacular val- grocerydelivery, adiscount on to $457.69after the video- CompositeIndexended the ended slightly higher at “Aslong as it keeps going,I uation territory,” Mr.Barish gasfromWalmart parking lots chatting software developer dayup0.4%. At midday $1,968.20 atroyounce. Itsre- think marketscan continue said. He is considering invest- and the ability to check out via raised itsoutlook forthe year Wednesday, Japan’sNikkei In- cent gains have been partly advancing.” ing in hospitality companies, amobile phone in stores. L forthe second time in recent dexhad risen 0.3%. due to the weaker dollar as the TheS&P 500 climbed 26.34 which stand to gain as the Brands climbed $2.14, or 7. 3%, months. Thedollar weakened early precious metal is priced in the points, or 0.8%, to 3526.65, economyreopens. to $31.54. Dataout from partsofAsia in the session amid expecta- greenback,according to Steph- opening September with are- Some of Tuesday’sbiggest Technologycompanies also and Europe showedthat facto- tions that U.S. interest rates ane Monier,chief investment cord afterits best August gainersincluded retailers: helped lead the S&P 500 ries areslowly recovering from will remain lowfor an ex- officer at LombardOdier. Cosmetics Stocks Sag Amid Mask-Wearing

BY VERONICA DAGHER 61%, because of the impact of Covid-19 on consumer prefer- The coronavirus pandemic ences,the companyreported. is changing the faceofthe Ulta’s stock has been vola- makeup business, but sales are tile.Shares sank to $128.52on expected to bounceback once March 18 but rebounded to thereisavaccine. $252.08 on June 5. On Tues- As more women work from day, Ulta shares closed up 0.3% home and wear masks when to $232.88. they go out, their desirefor EstéeLauder shares sank to color cosmetics such as lip- $144.38 on March 23 but the stick and blush has plum- stock’srebound has generally meted. It has accelerated two been steady since mid-May. trends in the industry: a focus Shares closed Tuesdaydown on skin care and “try-on” tech- 0.3% to $220.99. nology. Forboth stocks,and other With no clear end dateto beauty companies such as coronavirus restrictions in Coty Inc., skin care has been a sight, makeup sales arelikely bright spot. Some consumers to remain depressed and will have used having moretime at continue to weigh on the re- home to develop skin-carereg-

sultsofbeauty companies. imens using facecreams,lo- S Last week, Ulta Beauty Inc. tionsand serums. PRES reported that makeup sales, “The lipstick indexhas been

which accountsfor about half substituted by the moisturizer ZUMA G/

of the retailer’s revenue,are index,” Fabrizio Freda,chief TP still belowpre-pandemic lev- executiveofEstéeLauder,said China accounts for about half of global consumption of the metal. A copper smelter in Jinhua, China. els. It declined to 43% of the on the company’searnings retailer’s sales in itsfiscal sec- call. ond quarter,down4percent- Burgeoning online sales Chinese Demand DrivesUpCopper agepointsfromlast year.De- have also been agrowthdriver spiteweak makeup sales,the formanybeauty companies. companyposted better-than- Ulta said e-commerce sales BY JOE WALLACE paceinalmost adecade. terminant of copper prices be- metal supplies.The amount of expected profit, as consumers soared morethan 200% in its Theweakening dollar has cause the world’ssecond-larg- copper stored in warehouses made fewertrips to the store fiscal second quarter.The use Copper prices hit atwo- given copper prices an extra est economyaccountsfor approved by the London Metal but spent morewhen they of technologythat enables year high on evidencethat boost of late by making com- around half of global con- Exchangefell to 89,350 metric shopped. Ulta said it earned consumers to virtually “try China’seconomic recovery modities cheaper forconsum- sumption of the metal. The tons last week,the smallest 73 centsashareonsales of on” makeup or take makeup motored ahead in August, ex- ersoutside the U.S.,bolstering Caixin Chinapurchasing man- volume sincelate2005,ac- $1.2 billion, down 28% from a classesisalso helping these tending a recent rally for the demand. TheWSJ Dollar In- agersindexrose to 53.1 in Au- cording to FactSet. Not all year ago. companies stay engaged with industrial metal. dex, which tracks the U.S. cur- gust from 52.8inJuly.It copper is housed in exchange Makeup sales were already consumersonline. Three-month copper for- rencyagainst abasket of oth- marked the fourth straight sheds,but they represent a softening forabout the past Demand formakeup forthe wardsonthe London Metal ers, fell forafifth consecutive monthinwhich the gauge snapshot of the amount of the two yearspartly because of coming holidayseason maybe Exchange,the benchmark in month in August. topped 50, the mark separat- metal available globally. some consumers’ increasing softifsocial distancing cur- international metal markets, “China is structurally short ing contraction and expansion. Nonetheless, copper prices preference for a more natural tails in-person parties and jumped 2.3% of copper,they need to import China imported arecord have outstripped levels justi- look.According to research consumers’ spending is re- COMMODITIES to $6,830 a it,” said Robin Bhar, an inde- 555,000 metric tons of refined fied by the balancebetween firm Mintel, U.S. retail sales duced. In addition, agenerally metric tonin pendent metals consultant. copper in July,according to supply and demand, said Tom of color cosmetics arepro- downbeat outlook for travel morning trading beforeslip- “So aweaker dollar,and a Citigroup.Analystsatthe U.S. Mulqueen,head of research at jected to be down 10.6%in maycontinue to dampen ping back.That wastheir stronger renminbi, plays right bank expect trade datato AmalgamatedMetal Trading. 2020. makeup sales at airport duty- highest level sinceJune 2018. into their hands.” showimportsslipped in Au- Aggressivestimulus effortsby Alack of blockbuster free stopsfor the rest of the Nickel, zinc,lead and other in- RobustChinese demand for gust, in part because rising central banks have prodded in- makeup trends—such as con- year,some analystssay. dustrial metals also advanced. rawmaterials hasfueled a prices for refined metal have vestorstopile intobetson touring, which helped boost The hope is that much of Copper futures fell 1.1% to rally in industrial commodities prompted an increase in pur- commodities,hesaid, while industrysales about five years this mayabateoncethe pan- $3.0285 apound on New in recent months.Purchases of chases of scrap.Still, they demand outside China remains ago—hasn’t given consumers demic ends. Certain shifts York’s Comex exchange, pull- copper,oil and iron orehave forecast that Chinese demand tepid. much to getexcited about. caused by the pandemic are ing back from recent two-year rebounded after sliding when will push the international “Whenthose funds do flip Now, fewersocial occasions, likely to remain, however, es- highs. much of the Chinese economy copper market intoadeficit in and start selling, who’s going remotework and increased de- pecially if changes such as In August, metal prices were wasshut down earlier this 2021, meaning consumption to be theretoabsorb that?” mands forwomen with chil- working from home areper- spurred by datashowing that year to control the coronavi- would exceed production. Mr. Mulqueen said. dren arefurther curbing inter- manent. Chinese manufacturing activity rus pandemic. TherevivalinChinese de- —Will Horner est in products. Consumers’ increased appe- last month grew at itsfastest Chinese growth is akey de- mand has already depleted contributed to this article. In the past, women typi- titefor skin-careproductsis cally continued to buy small likely to still grow,says Erinn items such as lipstick during Murphy, managing director at they say, violateacardinal Thebusinessisappealing the plaintiffs—hair salons, an economic downturn. That Piper Sandler &Co. Curbside Insurers principle of insurance: Large the Aug.6ruling against it, he barsand restaurants—“have wasevenwhen they couldn’t pick up,wherecustomersbuy numbersofpolicyholderspool said. plausibly alleged that Covid-19 affordfar moreexpensivelux- items online and pick them up their risk to finance a few In their lawsuits, plaintiffs particlesattached to and dam- uriessuch as vacations.Inthe outside the store, is poised to Win Fights losses in agiven year,while aredrawing on past rulingsin aged their property,which industry, this is known as the continue,too. policyholderssuffer losses si- which judges concluded that made theirpremises unsafe “lipstick index.” Masks appear Still, this sector relies on multaneously during apan- thingslikewildfiresmoke, gas- and unusable.” to have shiftedthat behavior. touch. So long as health and Over Virus demic. oline vaporsand carbon mon- Now, as the case proceeds, On itsrecent fiscal fourth- safety concerns persist, con- Many policies specifically oxide created property dam- theplaintiffs must document quarterearningscall, beauty sumersmay be lesslikely to exclude claims stemming from age. the natureand extent of giant EstéeLauder Cos.also trynew brands and experi- ContinuedfrompageB1 viruses.Among challenges for Still, in atypical example so Covid-19 on the relevant prop- pointed to weaker makeup ment with newproducts, ana- see the issues differently.” policyholdersinpolicies with- far,U.S.District JudgeDavid erty to gettheir claims paid, sales.Estée’smakeup sales fell lystssay. However, policyholders’ out the specific exclusions, Ezradismissed acase brought thejudgesaid. lawyerssay that manystates business-income coverage typ- by SanAntonio-area barber “The initialdecisions indi- have yettorule,and appeals ically requires “direct physical shops afterconcluding that a cate,onthe whole,these cases could undo some of insurers’ lossordamage” to have direct physical lossrequires a canultimately be resolved con- earlywins. caused the interruption. Over “distinct, demonstrable,physi- sistent with insurers’ under- “Thereare afew states that the years, manycourtshave calalteration of the property.” writing intent as reflected in have favorable lawoncertain interpreted this to mean tangi- Theplaintiffs will appeal. the languageofthe policies,” key issues,and manydonot,” ble or structural damageto “Webelievethat our clients said BryceFriedman,alawyer said AlexandraRoje, apartner property. have suffered physical loss,” with Simpson Thacher &Bart- with Lathrop GPM LLP,who To clear this hurdle,ahotel said their lawyer,Shannon lett, who representsinsurers. representspolicyholders. Until company, the Inns by the Sea, Loyd. Plaintiffs beg to differ.

GES the states morefavorable to assertsinits lawsuit in Monte- Insurersgenerally contend Mr.Reiser,the lawyer in the

IMA policyholdersdeliver rulings, reyCounty,Calif., that the cor- that anydanger posed by the California case,ishoping fora “wewon’t knowwhich way the onavirus is a“hazardous phys- coronavirus canbewiped away quick response from the appel- ETTY

/G wind is blowing,” she said. ical substancethat permeates with household cleaners. latecourt. Business-interruption cov- the air and sticks to surfaces, In two cases in federal court “Thousands of entrepre- GADO erageisasubset of property and causes both physical loss in Missouri, ajudgerejected neursand small-businessown- DEL insurance, and with limited ex- of and damagetoproperty,” insurer Cincinnati Financial ersare facing permanent clo- DEE ception insurerssay they Michael Reiser,one of the ho- Corp.’smotion to dismissthe sure or bankruptcy based on VID

DA didn’t collect premiums forvi- telier’s lawyers, said in an in- litigation. dubiouscoveragedenials,” he Coty skin carehas helped offset makeup losses. Its Kylie Cosmetics line. rus-related claims.Pandemics, terview. JudgeStephen Bough said said. P2JW246000-0-B01200-1------XA

B12 | We dnesday, September 2, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY ‘Tenet’ Suspense Builds for Box Offices

Moviegoers don’t seem inclined to go see just anything. For the- ater operators, the question re- mains on whether they will go see the right thing. The past weekend brought a mix of data points on that end. An X-Men spinoff from Walt Disney called “The New Mutants” gener- ated just $7 million in box-office sales in the U.S. and Canada. That was with about 52% of U.S. screens having reopened following months of closures from the coronavirus pandemic, according to estimates from Comscore. Given that movie attendance today requires masks and buffer-zone seating, it seems a subpar movie with a critic score of 33% on Rotten Tomatoes just S wasn’t enough to get even devoted PRES moviegoers into seats. Aquality movie,though, maystill ZUMA

IA/ have some draw.Following several

AS delays brought on by the pandemic, A

SIP the highly anticipated Warner Bros. The central government’s focus on real estate makes it clear that it understands the threat that the sector’s leverage poses to China’s prosperity. thriller “Tenet” opened in 41 inter- national marketsand grossed about $53 million over the weekend. Many who went also seemed willing to Debt PressesTwo Chinese Developers payupfor the experience: IMAX re- ported Mondaythat “Tenet” gener- ated about $20,000 per screen even with attendancelimited to about Beijing urges companies to lowerleverage,but cash-starvedlocal governments need their land purchases 50% of normal capacity on average. IMAXticketsgenerally command a premium of 40% or moretoregular Two of China’s most heavily lev- ministry last month corralled de- 2019, to just shy of 250 million with such sales making up around ticket prices. eraged developers are struggling velopers to discuss lofty debt lev- square meters. Between the end of a third of their revenue. Since Theater chains such as AMC, in the stock market, and new at- els. According to state media, the 2015 and the end of 2019, the com- those municipalities shoulder most Cinemark, Cineworld and IMAX tention from Beijing on their tow- meeting highlighted three “red pany bought land at a rapacious of China’s domestic government have all been banking heavily on ering debt levels will put them un- lines” for developers to avoid: a li- pace, its reserves of land growing spending and remit taxes to Bei- “Tenet” to bring moviegoers back, der more pressure. But the central ability to asset ratio of more than by 750%. jing, they cannot simply be starved so the strong international results government’s efforts don’t address 70%, a net debt to equity ratio of On the one hand of course, that of funds. were an encouraging sign ahead of a key problem in the country’s over 100%, and cash to short-term sounds like a positive thing. The Sunac and Evergrande had been the movie’s U.S. opening this economic model: Cash-starved debt ratio of less than 100%. some of the largest purchasers of weekend. local governments need indebted Evergrande and Sunac are the land in recent years. Without ma- But the U.S. also has been property developers to buy largest developers where debt Sunac and Evergrande jor changes to the Chinese fiscal harder hit by the pandemic than their land. metrics are worse than the framework, that burden will just many nations, which could leave Shares in China Evergrande reported redline level on had been some of the be shuffled to other players. domestic moviegoers more skittish Group and Sunac China Holdings every count. largest buyers of land in Beijing’s focus on real estate to return. After falling sharply ear- are down 19% and 30% respec- What is perhaps most notable is makes it clear that the central lier this year, shares of the three tively this year. That partly re- that these poor debt metrics per- recent years. government understands the major listed theater chains, along flects poor half-year results. In the sisted this year even in the context threat that the sector’s leverage with IMAX, have run up an aver- first half of 2020, Evergrande’s net of slowly growing or declining poses to China’s prosperity and age of 41% over the past month profit was cut nearly in half rela- land banks. Evergrande’s land re- stability. But it has yet to offer any compared with the S&P 500’s 7% tive to the first six months of serves declined by more than 50 companies are heavily indebted, so meaningful incentives to improve gain. AMC’s share price jumped 2019, while Sunac’s grew by 6.5%, million square meters in the first borrowing less to buy land seems the system: Merely telling Chinese more following Tuesday’s close af- down from 57.1% year-over-year six months of the year, reaching a like a good idea on the face of it. developers they are too heavily in- ter the company said it expects to growth in 2019. 3½ year low. But what’s good for the longer- debted, when their voracious land have 70% of its U.S. theaters open But the dismal stock perfor- Sunac’s land bank is still grow- term health of the companies may purchases have been crucial to by the end of the week. The do- mances also reflect new, unwel- ing, but at a far slower pace: The not be good for the system in gen- funding local governments, mestic debut of “Tenet” will bring come attention from Beijing: company’s land bank has increased eral. Somebody needs to buy land won’t work. some fresh drama yet. China’s central bank and housing by less than 6% since the end of from China’s local governments, —Mike Bird —Dan Gallagher Zoom Is Soaring Among the Clouds Manufacturing Shows

Whatever else Zoom Video high end of the company’s pro- 36% of the company’s revenue in Strength in the Pandemic Communications may be, it is jected range, while the previous the second quarter compared with most certainly no longer a fad. period’s revenue beat the high end 20% in the fiscal fourth quarter When the videoconferencing of guidance by 63%. before the pandemic. wunderkind closed its last fiscal All of which indicates that None of that will matter to in- Manufacturing is usually one of Consumer spending, monthly year in January, it was generating Zoom’s business remains highly vestors while business is booming. the worst places to be when a re- a little over $600 million a year in unpredictable—and thus very un- Zoom’s share price—already up cession strikes. But not this time. Services Goods revenue. Six months into the pan- cloud-like. Subscription-based 378% for the year—surged another The Institute for Supply Man- $900 billion demic, that number has skyrock- software business models are pop- 41% Tuesday. The nine-year-old agement on Tuesday said that its eted to $1.3 billion for the trailing ular with investors both for their company is now worth $129 bil- index of manufacturing rose to 56 800 12-month period ended July 31. high growth potential and their lion, about $19 billion more than in August from 54.2 in July, ex- 700 For the full fiscal year ending in predictability. Most enterprise 109-year-old IBM. tending its rebound from March, 600 January, Zoom raised its forecast software contracts are annual in Zoom’s fast growing base of when it fell to 41.5. Anything over by 33% to around $2.4 billion. nature and billed up front, mean- large customers, including the re- 50 represents expansion. 500 That would propel Zoom from ing cloud providers generally col- cent addition of oil giant Exxon The ISM index is a diffusion in- 400 one of the smallest listed pure- lect the revenue before they have Mobil, will no doubt prove sticky. dex, based on the share of survey 300 play cloud software companies to to report it. But Zoom isn’t just an But given its growing base of respondents who say business is one of the largest—all in the space enterprise play; its user-friendly small users paying by the month, getting better versus those saying 200 of a year. And that assumes the service and relatively modest price the company expects a higher rate it is getting worse, so it is only a 100 most recent forecast is even in the of $15 a month also make it the of customer churn going forward. loose measure of manufacturing ballpark. Zoom has substantially easy choice for small businesses Zoom is no fad, but it remains im- growth. But there is little doubt 0 underestimated its own perfor- and consumers. Zoom said Monday possible to know just how many that American factories are in fine Jan. 2020 July mance since the pandemic struck. that revenue from customers with small Zoomers will stay on the fettle, benefiting from a surge in Note:Seasonally adjusted Revenue for the second fiscal 10 employees or fewer—including service when they no longer have consumer spending on goods that Source:Commerce Department quarter came in 33% above the individual consumers—represented to. —Dan Gallagher has far outpaced the rebound in spending in the far larger services,such as movie theaters, services sector. and even in instances wherere- Commerce Department figures strictions have been lifted, many released last week that showed consumersare uncomfortable about OVERHEARD monthly spending on goods, which returning to their old routines. fell by about 15% from February to Meanwhile, despite the severe April, was 6.1% above its February hit the economy took during the Real-estate searches arelooking Whitefish, Mont.—atownwith less level in July. Spending on services, spring, and despite an unemploy- alot differentlately. than 8,000 residents, according to on the other hand, was still 9.3% ment rate that as of July was Foryears, home values have 2018 U.S. Census data. Meanwhile, below its February level in July. It above 10%, stimulus payments and been greatly influenced notonly by arecentZillowsurvey found re- is a change from what has hap- generous unemployment benefits finished squarefootage and acre- mote workers could be compelled pened in past recessions, where provided people with plenty of age, but also by walk scores and to move if ahome offered them services spending usually holds up money to spend—probably more community. The pandemic is turn- things likededicatedofficespaceor while goods spending falls and than they would have if the ing those factors on their head. alessdense area. takes a long time to recover. Covid-19 crisis hadn’t struck. Much Airbnb, forexample, is touting Those who paid up beforethe These flip-flopping fortunes are of that money was diverted to its ability to let users to work from pandemic to livewithin walking dis- being driven by a variety of fac- spending on manufactured goods. anywhere,nomatterhow remote, tanceofsocietyare bitteratbest. tors. First, manufacturers are ben- Whether people will continue to after years of inviting its guests to One NewYork dweller paying a efiting from pent-up demand that have the wherewithal to keep buy- “livelikealocal.” Lastweek, it said premium to livenear theaters, bars doesn’t have as much of an effect ing goods, buoying manufacturers, it would provide its employees with and restaurants suggestedher rent on services industries. is an open question—one that may stipends fortheir ownescape from be loweredtoreflect thatevery- People arenow buying the cars hinge on whether Congress and its San Franciscobase. thing has closed. Forher neighbor- they were making plans to buy be- the White House are finally able to Airbnb says some of the fastest- hood amenities, she tweeted, “I will fore the Covid-19 crisis struck,but cobble together another stimulus growing locations forlong-term gladly pay…ahundred bucksa thereisnocatch-upspending on package this month. For now, GES staysare Western Maine and month.” the haircutsorrestaurant meals though, cutting metal is a better IMA they missed. Second, in many business to be in than cutting hair.

GETTY places thereremain restrictions on —Justin Lahart