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***** TUESDAY,OCTOBER 20,2020~VOL. CCLXXVI NO.94 WSJ.com HHHH $4.00

DJIA 28195.42 g 410.89 1.4% NASDAQ 11478.88 g 1.7% STOXX 600 366.81 g 0.2% 10-YR. TREAS. g 5/32 , yield 0.760% OIL $40.83 g $0.05 GOLD $1,906.40 À $5.60 EURO $1.1772 YEN 105.43 Protesters Bring Lagos, Africa’s Biggest City, to Standstill Intel Sells What’s News Key Chip Unit for Business&Finance $9 Billion ntel reached adeal to sell Iitsflash-memorymanu- Deal with Korean facturing businesstoSK Hynix forabout $9 billion, company SK Hynix amovethat would reorient marks withdrawal the U.S. chip giant away from an area that has become in- from memory market creasingly challenged. A1 BY CARA LOMBARDO  Battery-related fires AND DANA CIMILLUCA that have led to vehicle re- calls and safety probes are Intel Corp.has reached adeal posing anew challengeto to sell itsflash-memorymanu- automakersintheir race to facturingbusinesstoSouth Ko- sell more electric cars. A1 rea’sSKHynix Inc.for about $9  ConocoPhillips agreed billion, in amovethat would re- to buy Concho for $9.7 bil- orient the semiconductor giant lion in what would be the away from an area of historical largest U.S. oil deal since importance that has become in-

the pandemic began roiling S creasingly challenged. global energy markets. B1 TheIntel unit makes NAND PRES  Pioneer Natural Re- flash memoryproductsprimar- sourcesisintalks to buy TED ily used in devices such as hard CIA

Parsley Energy,asawaveof SO drives,thumb drives and cam- consolidation takeshold in AS eras.The U.S. chip maker has

the beleaguered oil patch. B2 MBA/ been weighing getting out of

ALA the businessfor some time,  The Dow fell 1.4% amid AY driven by sagging prices for uncertainty surrounding flash memory. stimulus talks. TheS&P 500 SUND BLOCKED: Demonstrations againstpolicebrutality brought Lagos, Nigeria, to ahalt on Monday, as tens of thousands of Under the deal, SK Hynix and Nasdaq retreated 1.6% protesters closed offmajor roads throughout the sprawling commercial hub,escalating astandoff with the government.A7 plans to buy most of Intel’s and 1.7%, respectively. B1 memory business, including  Alibaba said it would pay the related memorymanufac- $3.6 billion to take control turing operations in Dalian, of SunArt, China’slargest China, the companies said big-boxretailer and amajor Monday. Intel will keep itsOp- rival to Walmart there. B1 Russian Intelligence Officers tane line of memoryproducts, an advanced type of storage  Atechnical glitch halted used heavily in datacenters. trading on exchanges owned Theoperations being ac- by Euronext at one of the quired by SK Hynix generated busiest times of the year for Face Hacking Charges in U.S. about $2.8billion in sales in European stock markets. B1 thefirst six months of this  Channing Dungey,afor- year,the companies said. That mer executiveatNetflix and BY DUSTIN VOLZ GRU, has previouslybeen linked Manyofthe cyberattacks Valeryevich Ochichenko, and representsthe lion’sshareof Disney,has been selected by U.S. authorities to cyber in- had previouslybeen attributed Petr Nikolayevich Pliskin—are Intel’soverall memorysales of to be the next chairman of WASHINGTON—Federal terferenceoperations during the to the Russian government, but believed to be residentsofRus- $3 billion during that period. Warner Bros.Television. B3 prosecutorsunsealed charges 2016 U.S. election,and one of the indictmentsunsealed on sia and couldn’t be reached to Thedeal would makeSK against six Russian intelligence the accused has already been in- Mondayare the firstU.S.crimi- comment. They areunlikely Hynix one of the world’slargest  TheFed is in no hurryto officersaccused of engaging in dicted by the U.S. in connection nal chargeslinking them to ever to be extradited to the U.S. NANDmemorymakers. SK issue adigital currency, Pow- some of the most destructive with alleged Russian hacking at- named Russian intelligenceof- TheRussian Embassy in Hynixand Intel’scombined ell said, citing unresolved cyberattacks of recent years, temptsonU.S.election systems. ficers.The defendantsare Washingtondidn’t respond to a market sharewas morethan concerns including the po- including operations that Theindictments, covering chargedwith several countsin- request to comment. 20% in the second quarter,ac- tential fortheftand fraud. A2 knocked out Ukraine’senergy activity from 2015 to 2019,re- cluding conspiracy, computer All six were placed on the cording to Taiwan-based re- grid, exposed emails from the flect howMoscow has become hacking, wirefraud and aggra- FBI’smost-wanted list. Mr. search firm TrendForce,trailing French president’sparty and increasingly aggressiveinusing vatedidentity theft. Kovalev wasalso indicted in only South Korean giant Sam- World-Wide crippled corporatenetworks in arangeofcyber weapons to Thedefendants—Yuriy 2018 by former special counsel sung Electronics Co., which a2017attack on businesses. achieveits geopolitical aims Sergeyevich Andrienko, Sergey RobertMueller in relation to held over 30% of the market.  U.S. prosecutorsunsealed Theprolific hacking unit and attempt to destabilize Vladimirovich Detistov,Pavel Russian hackingattemptson While Intel is best known for chargesagainst six Russian within Russia’smilitaryintelli- some of itsrivals,prosecutors Valeryevich Frolov,Anatoliy U.S. election systems ahead of making the central processing intelligenceofficersaccused genceservice, known as the and analystssaid. Sergeyevich Kovalev,Artem PleaseturntopageA8 PleaseturntopageA6 of engaging in some of the most destructive cyberat- tacks of recent years, includ- INSIDE ing one that crippled cor- Electric-Car BatteryFires poratenetworks in 2017. A1  Pelosi and Mnuchin edged closer on some of the policy differences ComplicateWider Rollout holding up a sweeping cor- onavirus relief package, but disputes remained. A3 BY BEN FOLDY tery is located. possible remedies,and that  Thepresidential candi- Ford Motor Co.said last safety is their primaryconcern. dates’ microphones will be Automakersare confronting week it is delaying the U.S. in- BMW said that most of the cars muted during partsoftheir anew challengeintheir race to troduction of itsEscape plug-in affected hadn’t yetbeen sold to final debateThursday, as or- sell moreelectric cars:battery- hybrid afterfireconcerns sur- customers. ganizersseek to limit inter- related firesleading to vehicle faced this summer in similar One ChevyBolt fire resulted ruptions and crosstalk. A6 recalls and safety probes. vehicles sold in Europe.Inre- in asmoke-inhalation injury, U.S. safety regulators cent weeks,Hyundai Motor Co. safety regulatorssaid. The  TheSupreme Court re- SPORTS PERSONAL JOURNAL opened aprobe this month and BMW AG have initiated other three carcompanies said fused to disturb aruling by World Series matchup Doctorswho had intomorethan 77,000 electric world-wide recalls to address they have had no injuries. Pennsylvania’shighest court is referendum on Covid-19 struggle with Chevy Bolts made by General problems with batteryfires in Researchershavesaid the that extended the battle- Motors Co.after two owners plug-in models. risks of fire in an electric vehi- ground state’sdeadline for baseball’s symptoms thatwon’t complained of firesthat ap- GM, Ford and Hyundai said cle arecomparable with those accepting mail-in ballots. A4 economics. A14 go away. A11 peared to have begun under they arestill investigating the of gasoline-poweredcars. Addi-  Thejustices agreed to the back seat, where the bat- fires’ causes and looking into PleaseturntopageA2 reviewthe administration’s construction of aborder wall with military funds and its One Man “Remain in Mexico” require- FarmersFavor Trump, ment forasylum seekers. A4  Trump said he would re- Versus the move Sudan from a list of DespiteTrade Woes countries that sponsor ter- Fax Machine rorism onceitcompletes pay- ment of asettlement to vic- iii tims of terrorist attacks. A8 Japan’s former Many believe Biden would bring stricter  TheU.S.military helped environmental regulations, higher taxes rescue U.A.E. soldiersafter defense minister a2017helicopter crash in BY JACOB BUNGE producer profits in a three- Yemen, building trust that battles old tech year roller-coaster ride that helped pave the way forthe About two months into threatened the Prestage fam- Israel-U.A.E. peacedeal. A8 BY ALASTAIR GALE the Trump presidency, Ron ily’s biggest-ever investment.  French officials vowed to Prestage clutched a shovel “He’s made things more It all startstomorrow. crack down on civic groups TOKYO—As foreign minis- and grinned at a photogra- volatile, with the saber-rat- they said were promoting terand later defense minister, pher on an Iowa cornfield. tling,” said Mr. Prestage, 65. radical Islam, days afterthe Taro Kono shouldered Japan’s He had $309 million riding “It does create a lot of angst Be frontrow. beheading of ateacher. A8 biggest global challenges, on 160 acres near the town and concern about, ‘Oh my among them China’smilitary of Eagle Grove, the site of a God, what is he doing?’ ” rise and an unpredictable U.S. future pork plant that would Yet Mr. Prestage plans to CONTENTS Opinion...... A15-17 president. help his family’s company, vote for Mr. Trump, as he Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports...... A14 Nowone mission stands be- Prestage Farms Inc., tap did in 2016. He and many Capital Journal...... A4 Technology...... B4 tween the ambitious 57-year- surging U.S. exports. other farmers say they be- Crossword...... A13 U.S. News...... A2-6 old politician and ashot at the Just weeks after bulldoz- lieve a Biden presidency Heard on Street.B10 Weather...... A13 topjob.Mr. Kono must van- ers began rolling, though, would bring stricter environ- Markets...... B9 World News...... A7-9 quish the ink stamp,the President Trump came mental regulations and printer and the fax machine. within a pen stroke of up- higher taxes, among other > These technologies,ranging ending Mr. Prestage’s plans, concerns. Many are in com- in agefromseveral decades to preparing to announce the petitive Midwestern states Sign up nowat several millennia, are holding termination of the North that might tip the election. back growth, according to American Free Trade Agree- PleaseturntopageA10 DellTechnologiesWorld.com Prime Minister Yoshihide ment. Trade battles with s 2020 Dow Jones & Company, Inc. All Rights Reserved Suga,71, who took officein Mexico, Canada and China  Trump trains focus on Florida PleaseturntopageA10 that followed cut into pork- Panhandle...... A4 P2JW294000-0-A00200-1------XA

A2 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL. U.S. NEWS FedViews Digital CurrencyWithCaution

BY YUKA HAYASHI also recognizethe important which last year totaled nearly trade-offs that have to be Recession Possibly economic output fully recover takeafter it lastmonth made $500 billion, according to the WASHINGTON—TheFederal thought through carefully.” to their pre-pandemic levels. moreexplicit its plans to hold World Bank.This year,those Reserve is in no hurrytoissue Potential benefitsinclude Ended, Clarida Says In remarks delivered virtu- interest rateslowerfor longer flowsare projected to decline adigital currency, Chairman faster and lesscostly interna- ally at a banking-industry con- than it has done in pasteco- 20%, putting afurther strain Jerome Powell said Monday, tional transactions,Mr. Powell ference Monday, Mr. Clarida nomic downturns. Most officials on the already struggling eco- citing unresolved concerns in- said. But the Fedmust also A top Federal Reserve offi- said the strong rebound in part in projections lastmonth indi- nomics. cluding the potential fortheft consider the risk of cyberat- cial said the U.S. economy reflected aggressive actions by catedtheyexpect to hold rates Mr.Powell pointed to the and fraud. tacks,counterfeiting and could stage a faster recovery policy makers at the Fed, in near zero foratleastthree importance of engaging tech- Central banks around the fraud, as well as the impact on from the coronavirus-induced Congress and the White House years. The Fedisn’texpected to nology companies and other world arestepping up re- monetarypolicyand financial recession than it did following to maintain access to credit takenew policy action at its stakeholdersindiscussing dig- search on the costsand bene- stability. the 2008 global financial crisis. and to provide relief to house- next meeting on Nov. 4-5. ital currencies.Hesaid Face- fits of central-bank digital cur- Mr.Powell said the dollar’s Fed Vice Chairman Richard holds and businesses. “Addi- Mr. Clarida said the path of book Inc.’s plan for its global rencies,which could central role in global financial Clarida said it is possible that tional support from monetary— the recovery will be shaped in money,Libra, “highlighted the supplement existing national transactions makes it essential the recession that began in and likely fiscal—policy will be part by the course of the virus, need to improve cross-border currencies.China is ahead of to get a digital currency right March already has ended, needed,” Mr. Clarida said. social-distancing responses and payments and generally suc- other nations,after rolling out whileremaining on the fron- though it could take another He didn’tgointospecifics other mitigation efforts. ceeded in focusing attention ahomegrowndigital currency tier of research and policyde- year before broad measures of about whatsteps the Fedmight —Nick Timiraos on payments-related issues, in April acrossfour cities in a velopment. Some $2 trillion including consumer protec- pilot program. worth of dollar notes arein tion, cybersecurity and pri- “We do think it’s more im- circulation, half held outside system demands these fea- seas workerswho send money Workerswho send money vacy.” portant to get it right than to of the U.S. tures,which reach far beyond back to their families in low- home payfees that average7% TheFederal Reservehas its be the first,” Mr.Powell said “Use of and trust in the dol- merely technological.” andmiddle-income countries. of the transfer amount, she ownresearch projectsunder at apanel organized by the In- lar comes from the reliable IMF Managing Director “Wehaveachancetoim- said, morethan twicethe tar- way,hesaid, including the de- ternational MonetaryFund. rule of law, strong and trans- Kristalina Georgievahigh- provecross-border payments getset by the United Nations’ velopment of ahypothetical “Getting it rightmeans that parent institutions,deep fi- lightedthe need to improve with hugebenefitsespecially sustainable development goal. central-bank digital currency we not only look at the poten- nancial marketsand an open international transactions, formanyofthe world’spoorest The issue is more pressing in tandem with researchers tial benefits of the CBDC, but capital account,” he said. “A which are currently slow and people,and thereisapressing as thecoronavirus pandemic from the Massachusetts Insti- also the potential risks and healthyand efficient payments costly,particularly forover- need to do so,” she said. disruptssuch remittances, tute of Technology. U.S. WATCH

HEALTH tack began with a verbal dispute aboard a Metro Red Line train in Flu Shots Required the downtown 7th Street and At More Colleges Metro Center station on Oct. 16. “The dispute escalated and More colleges are requiring the suspect armed herself and students, faculty and employees stabbed the victim,” police said. to provide proof they received a The employee died that night at flu vaccine as schools try to re- a hospital, the Los Angeles duce the chances of a flu out- County Metropolitan Transporta- break in the midst of the coro- tion Authority said. navirus pandemic. —Associated Press At Wayne State University in Detroit, any student or employee FLORIDA who plans to be on campus for even one day this fall or winter State Cracks Open had to get a flu vaccine or regis- Illegal Squirrel Trade ter with an exemption by Oct. 15. The school made flu vaccines Flying squirrels were being free for all students and employ- trapped in Florida, driven to Chi- ees this year. cago and shipped to South Korea, At schools with flu shot re- Florida wildlifeofficials said Mon- quirements, those who don’t get daywhile announcing charges the shot might face conse- againstseven people theysay quences. At the University of rananillegal wildlifetrafficking North Carolina at Charlotte, stu- S operation.

dents and employees must at- PRES Poachers set as manyas

test that they received a flu TED 10,000 squirrel traps in central

shot—or claim a medical, reli- CIA Florida and captured up to 3,600 gious or personal exemption. Ig- SO flying squirrels overathree-year AS noring the requirement could re- period. Theysold the squirrels to sult in being locked out of their LEE/ alicensed wildlifedealer who school email account, a univer- claimed theywerebredincaptiv-

sity spokesman said. WILFREDO ityand notwild, the Florida Fish In a sample of 86 colleges WILD RIDE: Dylan Kassner,5,took aspin on the newly paintedskate park and pump track in Florida’sHauloverBeach Park on Monday. and WildlifeConservation Com- and universities, about 14% are mission said. Flying squirrels are requiring flu shots, according to sula on Monday prompted a tsu- melts,” he said. Unimak Pass, about 80 miles LOS ANGELES aprotected species. preliminary data from the Amer- nami warning, leading some Public-safety officials in King northeast of Unalaska. The agency said the Florida ican College Health Association, schools to evacuate and send Cove sent out an alert urging “It was a pretty good shaker Woman Sought dealer received morethan an organization that researches students to higher ground. residents in the coastal area to here,” said David Adams, co- In Subway Stabbing $213,000 forthe animals. The in- health on college campuses. Paul Caruso, a geophysicist move inland to higher ground. manager of Marine View Bed ternational retail value of the —Maya Goldman with the U.S. Geological Survey, Some schools in the Kenai Pen- and Breakfast in Sand Point. A woman was being sought poached flying squirrels is esti- said an earthquake of this size insula Borough School District “We’re doing OK.” He said all Monday in the fatal stabbing of matedtobemorethan $1 million. ALASKA in this area isn’t unusual. “This is evacuated to higher ground, the guests were accounted for and a Metro employee on a subway The sevenpeople charged face an area where the Pacific Plate district said. “the structure itself is sound.” train, authorities said. atotal of 25 felonies, including Earthquake Triggers is subducting underneath the The National Tsunami Warn- “You could see the water kind Police released security cam- racketeering, moneylaundering Tsunami Warning North American Plate. And be- ing Center in Palmer said a tsu- of shaking and shimmering dur- era images showing a woman and scheming to defraud. Sixof cause of that, the Pacific Plate nami warning was in effect for ing the quake,” he said. “Our estimated to be 25 to 30 years the suspects have been arrested A reported 7.5 magnitude actually goes underneath the roughly 950 miles, from 40 truck was swaying big time.” of age walking with a distinctive and aseventh remains afugitive. earthquake off the Alaska Penin- North American Plate, where it miles southeast of Homer to —Associated Press green bicycle. Police said the at- —Associated Press

“When they do fail, they and no root cause has yetbeen batteries intothem and ramp Car Makers bring alot moretothe party, determined. up production. so to speak,” said Nick Warner, NHTSA said the agencyhas Theautoindustryisfocused principal at Energy Storage launched multiple investiga- on both bringing down emis- Probe Fires Response Group LLC,anen- tionsintothe potential safety sionsand ensuring safety,said ergy safety and testing firm in issues related to firesinvolving John Bozzella,president of the Columbus,Ohio. electric-vehicle batteries based Alliancefor AutomotiveInno- In Batteries While firescan occur after on dataitcollects. Theagency vation, the autoindustry’smain crashes, manyofthe recent in- also funds targeted research on U.S. trade group.

cidentsare notable forinvolv- S advanced-battery technology In most cases,the issues are

ContinuedfromPageOne ingelectric vehicles that were PRES andparticipates in developing related to quality problems in tionally,analystssaid these parked when the fire broke global technical regulations. the manufacturing processora

kinds of battery-related fires out. ZUMA A report the agencycommis- failuretomanagethe battery’s arerelatively rare,with an up- Forinstance, one ChevyBolt A/ sioned in 2017 said that as bat- heat or electrical energy prop- tick to be expected from the owner told federal regulators INHU tery technologymatures, safety erly,Mr. Warner said. /X growing numbersofbattery- that thevehicle wasplugged risks might also increase,as “Itcould be as simple as a

poweredcarsonthe road. intoachargerinthe driveway ZHENG manufacturerstry to maximize zero instead of aone in aline U

Still, the incidentsillustrate when the blazestarted, ac- ZO their performance. Thereport of software,” he said. thehurdles automakersface cording to the complaint The Chevrolet Bolt is one of severaltypes of electric vehicles in which concluded, however, that the Thechallenges carmakers with electric technology, partic- posted to the National High- lithium-ion batteries have caughtfire. An autoshowinToronto. risksofbattery firesare likely faceare similar to those experi- ularly in managing energy- way Traffic Safety Administra- comparable to or slightly less enced by SonyCorp., Boeing dense and flammable lithium- tion’swebsite. NHTSA investi- seven fires. Theautomaker Hyundai, Ford and BMW than in gasoline-poweredcars. Co.and othersthat encoun- ion batteries that have gators received another said the batteries canoverheat said they believethe issues are Still, electric-vehicle fires teredsetbacks with lithium-ion previouslycaused firesinlap- complaint from asecond and vent hot gases,which can related to manufacturing de- areamajor topic in the battery batteries. tops, tablets and other devices. owner and found athirdChevy then cause other partsofthe fectsfromtheir battery suppli- industry. Analystssaid the Eventually,the kinks were Global carcompanies are Bolt in an insuranceauction vehicle to ignite. Ford has now ers. LG Chem,which supplies threat of morefires looms as worked out, Mr.Warner said, racing to increase their elec- lot with asimilar burn pattern. delayedthe launch of asimilar the batteries forthe Hyundai automakersfacepressureto and the technologyhas since tric-vehicle offeringsinthe GM said that it is cooperat- plug-in hybrid Escape in the Kona, said it is participating in lowerthe costsofelectric vehi- become adominant power midstoftougher regulations ing with the probe,which cov- U.S. intonextyear. the investigation intothe fires cles,pack moreenergy-dense source. that aim to reducegreenhouse- ers2017to2020 model-year gasemissions from transporta- Bolts, and that safety is its tion. Ford has said itsrecall highest priority.The company CORRECTIONS & AMPLIFICATIONS THE WALL STREET JOURNAL means the companymust join and itssupplier have together (USPS 664-880) (Eastern Edition ISSN 0099-9660) with another automaker to put morethan 2,500 hours (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) avoid fines in Europe this year. intosafety testsofthe Bolt’s Means Cameron is 33 years Covid-19-induced recession. A Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Published daily except Sundays and general legal holidays. To meet the more-stringent battery, aspokesman said. old. APageOne article Mon- Business&FinanceNewsarti- Periodicals postage paid at New York, N.Y., and other mailing offices. requirements, the autoindustry Hyundaiisrecalling about dayabout the economyinCin- cle Saturdayabout custodian Postmaster: Send address changes to The Wall Street Journal, has placed big betsonanelec- 77,000 electric Kona SUVs cinnati incorrectly stated his banks’ quarterly earningsin- 200 Burnett Rd., Chicopee, MA 01020. trified future, committing globally afterabout adozen ageas36. correctly referred to high em- All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies about $200 billion to electrifi- battery-related fires, including ployment numbers. of which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an cation over the next four years, one in aresidential garage in BlackRock Inc. reported advertiser’s order. Only publication of an advertisement shall constitute final acceptance of the according to consulting firm Montreal, the companysaid. $7.8 trillion in assetsunder Noticetoreaders advertiser’s order. AlixPartnersLLP. Additionally,BMW said fire management forthe third Wall Street Journal staff Letters to the Editor: Fax: 212-416-2891; email: [email protected] Thelithium-ion batteries in risks related to aquality issue quarter.The ScoreinSatur- membersare working remotely Need assistance with your subscription? electric cars aresimilar to those at itsbattery supplier have led day’sExchangesection incor- during the pandemic.For the By web: customercenter.wsj.com; By email: [email protected] found in consumer electronics, it to recall about 27,000 plug- rectly said $7.8 billion. foreseeable future, please send By phone: 1-800-JOURNAL (1-800-568-7625) Reprints &licensing: whichstore large amountsof in hybrids globally. reader comments only by By email: [email protected] |Byphone: 1-800-843-0008 energy relativetotheir size. But In Europe,Fordthis sum- High unemployment num- email or phone,using the con- WSJback issues and framed pages: wsjshop.com to poweranautomobile,there mer recalled about 20,500 bers areassociated with the tactsbelow, not via U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. needs to be moreofthem, and plug-in hybrid SUVs and the demands arehigher,creat- warned ownersnot to charge Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS ingaunique risk. their vehicles afterreportsof emailing [email protected] or by calling 888-410-2667. P2JW294000-4-A00300-1030041020C

THE WALL STREET JOURNAL. **** Tuesday, October 20, 2020 | A3 U.S. NEWS SidesEdge More Schools Open In-Person Classes Closer in BY LESLIE BRODY Talksfor Afterstarting school virtu- ally because of the pandemic, some districtsare opening Stimulus doorsand allowing students back forthe firsttime. BY KRISTINA PETERSON Public schools that opened forin-person learning this House Speaker NancyPelosi month, or plan to,rangefrom and TreasurySecretarySteven suburban districtsinNorth Mnuchin edged closer on some Carolina’sWakeCounty to city policydifferences holding up a systems such as Indianapolis, sweeping coronavirus relief Des Moines in Iowa and Miami- package, but disputes remained Dade in Florida. Schools in Mondayasthe two worked to Houstonstarted to welcome see if adeal could be struck be- studentsinside Monday. fore the election. Newdaily cases of Covid-19 Over the weekend, Mrs. have been trending up nation- Pelosi, the California Democrat, wide sincemid-September,but indicated that the WhiteHouse relatively few have been found needed to reach adeal by Tues- in K-12 schools that have been dayevening with Democratsto open already.School leaders

producerelief legislation that arefinding they cansuccess- JOURNAL could passbeforethe election. fully enforce measures such as REET

“We’ll see what tomorrow mask wearing,social distancing ST

will bring,” Mrs. Pelosi said and cleaning routines. LL Mondaynight on MSNBC. Determining when and how WA

“We’regoing to trytoget to bring children back to class- THE R

something done.” rooms has been afraught pro- FO

Mrs. Pelosi’sspokesman, cess in manyplaces,asdistrict OY Drew Hammill, said on Twitter chiefs and families consider the MOLL that she hoped to “haveclarity risk of illnessagainst loneli- CKIE

on whether we will be able to ness,the need forparentsto JA passabill beforethe election” work and the fear that students Administrators greeted students as they prepared to enter Saxe Middle School in New Canaan, Conn., last week. by the end of Tuesday. might lose academic skills. While both sides said they Some districtsthat began measures and alow commu- person when our ratesare that Sincereopening forthe fall, of the Covid risks youare prob- were still working toward a with amix of online and in- nity-infection rate.Reopening high.” some districtshavereported ably taking in other settings,” deal, both Mrs. Pelosi and person learning arenow in- decisions areharder in dis- Thereisnocomprehensive scatteredclassroom quaran- Ms.Oster said. Researchers WhiteHouse chief of staff Mark creasing face-to-facedays.That trictsfacing higher virus rates, national datashowing how tinesortemporarybuilding caution the dataset reflects Meadows spokecoolly at times includes NewCanaan, Conn., budget cuts, poor ventilation manyofthe nation’s13,000- closures—including NewYork only about 213,000 children, of the other party’s priorities,a whereSuperintendent Bryan or relianceonpublic transpor- plus K-12 public school dis- City and the Cherokee County and districtswith successfulvi- sign that finger-pointing over a Luizzi is deeply aware of how tation. trictshaveopened forin-per- district in suburban Atlanta— rus-prevention steps might be lack of an agreement could be- dangerousthe newvirus can In theHighline school sys- soninstruction or howmany when the newvirus surgedin morelikely to take part in the be.His 79-year-old father died temnear Seattle,for example, students in each district have the area or wasfound among voluntaryproject. of Covid-19 in the spring. officials decided this month to contracted Covid-19. staff or students. It is hardtoknowwhich re- Finger­pointing Mr.Luizzi has been deter- remain fully remotethrough at About 415,700 children ages But generally,the risk of opening safety strategies work mined to bring studentsback least Jan. 28.Superintendent 5to17yearsold have had getting the virus at school ap- best because thereisnodata could begin swiftly forafull schedule,after they Susan Enfield told families the Covid-19,orabout 7% of U.S. pearstobelow,said Emily Os- to compareinfection ratesin if Tuesday’s startedinAugust with two or district didn’t meet the Wash- cases in which the patient’s ter, aBrown University econo- schools that take steps such as three days aweek on campus. ingtonstate threshold forcon- agewas available,according to mist collecting nationwide cutting classsizes or shorten- deadline is missed. Forthe firsttime sinceMarch, sidering reopening: fewerthan the Centersfor Disease Control data. She is working with data ing in-person schedules to out- on Thursdayits middle school 75 newCovid-19 cases per and Prevention.Sixty-one chil- scientists and educators’ asso- comes in schools that don’t. welcomed nearly all of its1,350 100,000 residentsina14-day dren in that group have died. ciations to createthe Covid-19 “This severely limitsour ability studentsback forface-to-face period. Localauthorities pre- Roughly 56 million kids at- School Response Dashboard. to giveadditional guidanceto gin swiftly if Tuesday’sdead- instruction everyday. dict awinter surge. tend prekindergarten through It showedanoverall rate of schools,” said Wendy Arm- line is missed. “The work we do in school ‘‘I am desperatetoget chil- 12th grade. about 1.5infections among strong,aninfectious-disease “There’sone person who re- really,really matters and it’s dren back in school,” Ms.En- About 49% of districts 1,000 studentsindistrictswith expert at EmoryUniversity ally hasn’t conceded anything not the same when they’renot field said Thursdayinawebi- planned to start fall with in- in-person classes during two School of Medicine in Atlanta. over the last 60 days,which here,” Mr.Luizzi said as stu- nar foreducatorsand policy person classes,27% online,and weeks in lateSeptember.It Considering information hasbeen Speaker Pelosi,” Mr. dentsinmasks hopped off or- makersrun by the American 12% in ahybrid model, accord- found 2.5infections among available so far,however, Dr. Meadows said Mondaynight on angebuses.“This is their life.” Enterprise Institute, “but Ican- ing to an August sampling of 1,000 employees. Armstrong said in amedia FoxBusinessNetwork.“This NewCanaan, awealthy not in good consciencesay to 477 districtsbythe Center on “This suggeststhe risks to briefing that “Wehavenot arbitrarydeadline that the town, has spacious school my staff and teachersand fami- Reinventing Public Education, kids from going to school are seen amassivesuperspreading speaker putforth is really grounds,money forsafety lies and kids: Come back in aresearch group. smalland they’reinthe range event” in K-12 schools. something moreabout her playing politics and trying to blame President Trump fornot dealing with this Covid relief Apprenticeships Offer Step Up for Workers package.” On acall with House Demo- cratsinthe afternoon, Mrs. BY JOSH MITCHELL Students who enteredaFAME thetop 25% of earnerswith key skills in short supply. ers, who consider past grades, Pelosi expressed some opti- programbetween 2010 and only a high-school diploma in Among the most sought-after standardized testsand de- mism,but said the two sides Notlong ago, Ricky Brown, 2016 typically earn farmore recent years, according to the aremiddle skills,said James meanor. were still discussing howmuch approaching 40 and wanting a than students with similar ManhattanInstitute, aconser- McCaslin,provost of South- James Atkinson, who over- money to provide stateand lo- raise,decided to go to college. backgrounds who attended vative think tank. central Kentucky Community sees FAME apprenticeships at calgovernments, child-carefa- After he earned a degree, his the same communitycollege. Apprenticeships have long &Technical CollegeinBowling Kentucky-based GE Appli- cilities and howtostructurea salary increased by 40%. Salary Comparison offered a path to high-paying Green, a FAME school. ances,said people feared in national plan fortesting and Mr.Brown didn’t getatra- work forhigh-school gradu- “Because the machines have the1980s that automation $100,000 contact tracing of the virus. ditional four-year degree, FAME ates buthavehistorically been become so sophisticated and would kill all of their jobs. “Wehavedifferent values. though, or even atraditional reserved forskilled trades because the margins areso Now, “Weneed people that We don’t have shared values,” two-year one.Hewent such as plumbers, carpenters thin, companies arelooking canwork on those robotics. Mrs. Pelosi said on MSNBC,al- through an apprenticeship- and electricians. for people who can do all the Sometimes it might mean though she noted that prog- style program in Kentucky. But research on apprentice- thingswedeliver,” Mr.McCas- you’regoing to lose three, ress had been made in the last Newresearch shows it is pay- 50,000 shipsbased at community col- lin said. four,fiveassemblers, but may 24 hours on the testing issue. ing off big forgraduates,who leges is limited. Schools have TheFAME program typi- gain two maintenanceworkers Over the weekend, she said, typically earn nearly six fig- NON-FAME been slowtooffer such pro- cally covers five semesters, or that arehigher skilled that are the administration had pushed ures within five yearsof grams,the conservativeAmer- two years. To enroll, students making moremoney to run to waterdownthe language graduation. ican Enterprise Institutere- must interviewwith employ- those machines.” and still leave manydecisions Mr.Brown, who dropped 0 ported in 2018,inpart up to state governments. out of high school, now earns 1year 35because of costsand lack of Mrs. Pelosi asked Demo- $72,000 ayear maintaining YEARSAFTER GRADUATION proximity to employers that cratic committeechairsto andrepairing machineryfor Source:OpportunityAmerica offer such programs. work with their GOP counter- an aluminum factoryinRus- and the Brookings Institution StudentsofFAME—a mix of parts to hash out agreements sellville,Ky. “I wanted to show newhigh-school grads and on some of the lingering is- my kids anything’s possible if contributes to the intensifying older factoryworkerswell into sues, Mr. Hammill said. you just want it and try hard debateoverhow best educa- their careers—typically spend TheWhiteHouse’slatest enough,” said the 41-year-old tion can promote income mo- two days a week in class and $1.88 trillion offer narrowed father of two. bility. three days on the factory the differencewith the $2.2 Theprogram, the Federation To date, conventional wis- floor, earning a part-time sal- trillion relief bill passed by forAdvancedManufacturing domisthat ahigh salaryre- ary. They learntomaintain House Democrats earlier this Education, began in 2010 as an quires a four-year degree. To andrepair machinery; tradi- month, but anew overall experiment among several be sure, the “collegepremium” tional subjects such as Eng- spending level hasn’t been companies,including Toyota remains near record highs: lish, math and philosophy; and agreed upon. Motor Corp.’sGeorgetown, Ky., Workerswith abachelor’s but soft skills such as work ethic Aftermonths of start-and- factory, which washaving trou- no graduatedegree earned andteamwork.After earning stop negotiations,therewas ble finding “middle-skill” work- $78,000 on average in recent an associatedegree,most skepticism among congressio- erstooperatenew technology. years, compared with $45,000 work full time forthe factories nal aides from both parties Theprogram pairsemployers forthose with only ahigh- that sponsored them. Mondaythat adeal wasnear. with community colleges.To- school diploma, according to Afterdeclining steadily be- Republicans worried that Mr. day, nearly 400 employers par- the Federal ReserveBank of tween 1979 and 2010,manu- Mnuchin wasceding toomany ticipatein13states. New York. facturing employment grew 1.3 policypointstoMrs.Pelosi in Thestudy,released Monday But manycollegegraduates million in the subsequent de- an effort to deliver adeal to by Opportunity Americaand don’t getapayoff.The lowest cade,beforethe pandemic-in- Mr.Trump,eager to securea the BrookingsInstitution, 25% of earnerswith afour- duced recession, and in the last-minutevictorytwo weeks Washington-based think tanks, year degree earned lessthan processmanyemployers found beforethe election. Democrats, meanwhile, worried that adeal struck be- German Precision Since 1869 tween Mrs. Pelosi and Mr. Households With Bank Access Rose in ’19 Mnuchin might getrejected by The New ProMare Go the GOP-controlled Senate, BY PAUL KIERNAN survey began. year-agolevels. whereRepublicans have Most of the decline reflected Thereason fornot having a With the ProMare Go, the ProMare family balked at itsspending level WASHINGTON—Thepropor- improvement in the circum- bank account most frequently has now welcomed apractical addition to and some policy provisions. tion of U.S. households without stances of households that cited by respondentsinthe SenateMajority Leader access to abank account fell in didn’t previouslyhavebank ac- FDIC’ssurvey wasinability to the collection featuring aclever bidirectional Mitch McConnell (R., Ky.) said recent yearsbut could be counts, the FDIC said. Unem- meet minimum balancere- bezel that enables wearers to quickly mark Saturday that if the adminis- driven up again by the corona- ployment is strongly correlated quirements. Manyofthe na- important moments in time. tration reached adeal with viruspandemic,according to a with lack of access to banking tion’s largest banks charge www.muhleglashutteusa.us Mrs. Pelosi, the Senate would survey released Mondaybythe services and hadfallen to 50- monthly fees unlesscustomers consider it, though he didn’t Federal Deposit InsuranceCorp. year lows beforethe pandemic maintain several hundred dol- Formoreinformation please contact: offer any guidance on timing. Theso-called unbanked rate sent the U.S. economyreeling larsormoreintheir accounts. Meanwhile,SenateRepubli- declined to 5.4% in 2019 from this year. Black and Latino households AaronFaber-New YorkCity,NY|BrentwoodJewelry -Brentwood, TN | cans prepared to bring up two 6.5% in 2017,assome 1.5mil- Officials warned that the aresignificantly morelikely to Exquisite Timepieces –Naples,FL|Joseph Gann -Boston, MA |Little bills aimed at highlighting lion households sawatleast economic disruption caused by be unbanked than whitehouse- Treasury Jewelers -Gambrills,MD|Martin Pulli -Philadelphia, PA | their support formoremodest onemember open achecking the pandemic is likely to derail holds,the survey showed. The Orlando Watch Company -Winter Park, FL |Whittens Fine Jewelers - coronavirus relief. or savingsaccount, the FDIC the trend of rising access to unbanked rate forthose groups Wilmington, DE |Worthmore Jewelers -Atlanta, GA said in the biennial report. That banking services.The U.S. job- in 2019 was13.8%and 12.2%, Muhle Glashutte USA 727-896-4278  Dow falls as stimulus rate representsthe lowest level lessrate stoodat7.9%inSep- respectively,versus 2.5% for remains uncertain...... B1 sinceatleast 2009,when the tember,morethan double its whitehouseholds. P2JW294000-4-A00400-17FFFF5178F

A4 | Tuesday, October 20, 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 ‘It’s the Economy, Stupid’: No,Not This Time

nal two weeks.That raises Theanswerstartswith ev- 2016,when Mr.Trump won. den’sargument that the economic growth. And his two questions: Why? And idencesuggesting the domi- And though it’slittle re- economycan’t improveuntil fabled rallies tend to veer could the economic issue still nanceofthe economic issue membered now, asimilar set the coronavirus is under bet- down side alleysasthey did propel him to afinal-days maybesomething of amyth, of circumstances prevailed in tercontrol, they actually see in Michigan on Sunday, turnaround? which has itsrootsinthat 2012. Voters called the econ- the pandemic as an eco- when the president’sargu- Five times this year,the 1992 campaign. It simply omythe most important is- nomic issue.That benefits ment that Michigan Demo- Wall Street Journal/NBC isn’t true that the candidate sue,and moresaid they pre- Mr.Biden. cratic Gov.Gretchen Whit- News poll has asked voters or party given bettermarks ferred Republican Mitt mer needs to do moreto CAPITAL JOURNAL who they think would be bet- on handling the economy Romney to Democratic Presi- emocratic pollster Pe- open up the state’seconomy By Gerald F. Seib terathandling the economy, wins an election, even when dent Barack Obama on han- terHart, who helps veered intochantsfromthe Mr.Trump or Democrat Joe the economyseems to get dling it. YetMr. Obama won D oversee the Journal/ crowd of,“Lock her up.” Mr. Biden. Five times they have topbilling.Votershaveother re-election. NBC News poll, says that as Trump echoed “Lock them It has been 28 yearssince named the president, by mar- issues propelling them with Then, as now, therewas a Americans already arestand- all up” just days afterthe adviser James Carville gins ranging from 7to11per- nearly equal force—and cluster of other issues that, ing in long lines to cast bal- FBI arrested agroup of men helped propel Bill Clinton to centagepoints. Plenty of sometimes they view when takentogether,rivaled lots, 2020 is ayear in which forplotting to kidnap the the presidencybyposting a Americans,inshort, appear to those as matters that also af- the economyinimportance voters see the broader governor.That put the em- sign in campaign headquar- buy the president’sargument fect their owneveryday to voters.This year the coro- course of the countryasthe phasis on adivisivemessage ters remind- that the economywas in fine economy. navirus,health care,racere- real issue.“Themassive rather than aunifying eco- ing everyone shape beforethe coronavirus Bill McInturff,aRepubli- lations,climatechangeand turnout in 2020 is occurring nomic one. there: “It’sthe hit, and that it isn’t his fault canpollster who co-directs ability to unitethe country because voters understand Perhaps Mr.Trump will economy, stu- it has plunged sincethen. the Journal/NBC News poll, also are pressing and emo- the stakes that go far,far be- find betterways in the cam- pid.” That was notes that the same set of tional matters formanyvot- yond the two candidates,” he paign’sfinal days to focus his singular orethan that, when conditions prevailed in 2018: ers. On everyone,voters says.“Hidden behind the voters on the economy, to his way of drilling M the poll asked voters Voters said they thought Re- tend to prefer Mr.Biden, pandemic arethe big issues benefit. Presidential elec- home the messagethat the just last week which publicans would do abetter sometimes by wide margins. of race,climate, gender,and tions tend to tighten in the economymatteredmoreto issue is most important to job handling the economy, Morebroadly,now as in safety.” end, as wandering voters re- voters than anything else. them, they named the econ- yetthe party lost 41 seatsin 2016,the race seems as Mr.Trump also hasn’t turn to home base,assome So far in 2020,though, it omymorethan anyother is- House elections that year.In much about astruggle over playedhis advantageonthe newvotersstream in and as doesn’t seem to be the econ- sue,including the coronavi- some respects—the shiftof the nation’scultureasabout economyparticularly well. candidates managetoframe omy. Even though voters to- rus. All of that simply serves suburban women toward the economic issues. He talks about his record of the final choicetotheir ben- daypreferPresident Trump to frame the mysteryofwhy Democrats, moreenergized Moreover,votersrelate accomplishment, but doesn’t efit. Mr.Trump gets one to handle the economyas that set of conditions isn’t minority voters,concern the health of the economyto layout manyspecifics about morebig chance, in Thurs- much as ever, he remains be- working betterfor Mr. about health care—this year the handling of the pan- what he’ddoinasecond day’sdebate, to bring the ar- hind as the race entersits fi- Trump. resembles 2018 morethan demic: If they buy Mr.Bi- term to reviveand extend gument back to the economy. HighCourtLets Pennsylvania Ease Vote-Count Rules

BY JESS BRAVIN 2016,but recent polls have AND BRENT KENDALL shown Democratic presidential nominee JoeBiden ahead. WASHINGTON—TheSu- Democratshaveturned heavily preme Court on Mondayre- to absentee ballots in response fused to disturb aruling by to the pandemic,sothe exten- Pennsylvania’shighest court sion could help Mr.Biden if bal- that extended the battleground lotsdelayedinthe mail stream state’s deadline foraccepting tilt his way.

JOURNAL mail-in ballots, awin forDemo- Mr.Trump has said he ex- cratsthat gives voters more pectsthe Supreme Court to REET

ST time to navigatepostal delays help decide the presidential

LL and avoid in-person voting. election, and pushed to confirm

WA Chief JusticeJohn Roberts JudgeAmy Coney Barrett, his

THE joined the court’sthree liberal nominee to replaceJustice R

FO memberstoleave intact a Ginsburg, in time to participate. Pennsylvania Supreme Court Mr.Trump’stwo previous ap- decision extending by three pointees,Justices Gorsuch and LLHEISER days the time forreceipt of ab- Kavanaugh, votedfor the Re- WA sentee ballots and allowing publican request to cancel the

MARK those with illegible postmarks deadline extension. JudgeBar- Mr. Trump’s strategy has been to boost turnout where he is most popular. Lisa Buchman, in Destin, Fla., is undecided in the election. to be counted if received by rett,questioned at her confir- the deadline. mation hearing last week by Thecourt’sfour morecon- Democraticsenators, said she Trump Trains Focus on Florida Panhandle servativejustices would have would consider whether to re- granted requestsbythe state cuse herself from an election RepublicanParty and two lead- case involving Mr.Trump BY MADELEINE NGO Donald Trump versus Hillary Clinton polling.The poll wasreleased ingGOP statesenatorstoblock should one arise. 2016 presidential election margin of victorybynorthern Florida afterthe Atlantic published al- the statecourt’sruling. ThePennsylvania Supreme DESTIN, Fla.—While Presi- county,percentage points legations that Mr. Trump had Thehigh court, down to Court extended the deadline af- dent Trumpand Democratic MARGIN: +25 +50 +75pts. called Americans who died in eight membersfollowing the terthe state’stop election offi- nominee JoeBiden battle over Trump wars “losers” and “suckers.” death last monthofJustice cial, the secretaryofstate,said senior and Latino voters in Florida Panhandle Clinton Mr.Trump has denied making RuthBader Ginsburg,issued no three additional days were central and South Florida, Re- Tallahassee Jacksonville the remarks. opinions explaining itsreasons. needed to account fordelays publicans say another key for John Bashara, a78-year-old When the Supreme Court di- due to the coronavirus pan- them will be maximizing sup- Air Forceveteran in Destin, vides evenly on acase,the demic and the resulting shiftto port in thePanhandle,home said he doesn’tbelieveMr. lower-court decision on appeal absentee voting.The statecourt to aswath of traditionally red Trump made those comments. remains intact. likened the movetoaccommo- counties. “The Atlantic publishes and Chief JusticeRobertswas dations ordered when anatural Mr.Trump’s re-election Map detail they say an unnamed source. joined by Justices Stephen disaster disruptsanelection. strategynationwide hasem- Trump wonFlorida Well, just take that one to Breyer,Sonia Sotomayorand TheRepublican lawsuitsar- phasized boosting turnout in by 1.2percentagepoint. Gainesville court,” Mr. Bashara said. Elena Kagan. Justices Clarence gued the U.S. Constitution bars theplaces whereheismost Republicans sayMr. Trump Thomas,Samuel Alito, Neil Gor- the stateSupreme Court from popular,and he wonsome could also pick up support such and BrettKavanaugh indi- relying on Pennsylvania lawto Barack Obama versus Mitt Romney +25 +50 +75pts. counties in northwest Florida from some conservatives who catedthat they would have adjust the deadline forabsen- by 40 and 50 percentage 2012 presidential election Romney were skeptical of his lack of granted the Republican request. teeballotsinafederal election; Obama pointsin2016.Hewon the political experiencein2016. “Hugewin forPennsylvania. only the stateLegislaturecan statebyslightly morethan 1 Much of the partyhas since Trump’slosing streak contin- set the election date, the party percentagepoint that year,so united behind him. ues,this time in SCOTUS,” argued, and thereforenobal- even modest changesinhis Lisa and Bob Woodin, who tweeted stateAttorney General lotsreceived afterNov.3 support herecould matterina movedtoFort Walton Beach Josh Shapiro, aDemocrat. should be counted. close 2020 race. Obama wonFlorida by less from Colorado two years ago, “Nowlet’shaveanelection.” Pennsylvania statutes spec- Donald Trump Jr.headlined than one percentagepoint. said they didn’t likeeither Representatives of the Re- ifythat ballotscan be counted arally in Panama City Beach presidential candidatein2016. publican lawmakersand the if received by 8p.m. on Elec- this month, andEric Trump Source:David Leip’sAtlas of U.S. Presidential Elections As Republicans,they knew stateRepublican Party couldn’t tion Day. Last month, the Penn- held an event in the same city they weren’t voting forMrs. be reached forcomment. sylvania Supreme Court, citing in September.The Trump Clinton, the Democratic nomi- Pennsylvania is among the postal delays and overwhelmed campaign has a bus tour that southwest area of the state voters in the state, according nee,but they were also hesi- most hotly disputed states in election officials, extended by will stop in Fort Walton Beach that went big forhim in 2016. to arecent Florida Depart- tant about supporting Mr. the presidential election. It nar- three days the deadline to on Tuesday. In a nod to the importance of ment of State report. In 2016, Trump,abusinessman with no rowly awarded its20electoral count ballotspostmarked by Recentpolls showanex- seniors, he touted the plan to Democrats led by about political record. They sat out votestoPresident Trump in Election Day. tremely closeracebetween develop acoronavirus vaccine, 327,000. the election. Messrs.Trump and Biden in saying it would be made free Democratssay thereisonly Four yearslater,the Wood- Florida,with the president to nursing homes,and ex- so much Mr. Trump’s support ins saythey aresupporting losing supportamong older pressed sympathyfor those af- cangrowinPanhandle coun- the president. They said they Justices to Review Border voters compared with 2016 fected by the crisis. ties where2012 Republican likethat Mr.Trump increased and the former vicepresident Republicans saypopulation nomineeMittRomney also militaryspending and pre- Wall Funding, Asylum Case trying to makeupground with growth in northwest Florida won by huge margins, only to sided over astrong economy Latinos.Florida, which has 29 could work in the president’s lose the state. for most of his tenure. BY BRENT KENDALL he could drop the Trump ad- electoral votes, is considered favor. “I think that certainly there “He’sfulfilled the thingshe AND MICHELLE HACKMAN ministration’sappeals. crucial to Mr.Trump’spath to Thepopulation of the west- areplaces whereTrump can said he wasgoing to,” said In the border-wall case,the re-election. ernmost Panhandle counties do alittle bit betterthan he Lisa Woodin, 50, an Air Force WASHINGTON—TheSu- SanFrancisco-based Ninth U.S. “When you’re dealing with has grownatarapid paceover did four yearsago,” said Steve civil servant. preme Court agreed to review Circuit Court of Appeals ruled margins potentially this small the past decade, according to Schale,aFlorida-based strate- Lisa Buchman, a52-year-old two of the Trump administra- in June that the administration in thestate,trying to squeeze data from the Bureau of Eco- gist and veteran of President realtor in Destin, said she is tion’smost visible immigration unlawfully transferred billions another 25,000 to 50,000 nomic and Business Research Obama’scampaigns.“Ialso undecided in the presidential actions: itsconstruction of a of dollarsinmilitaryfunds for votes in the Panhandle is go- at the University of Florida, thinkthereare places where election. She thinks Mr.Biden southern U.S. border wall with use in wall construction. ing to be absolutely critical to though these counties arestill Joe Biden can do better than is a“career politician,” but she military funds and itsrequire- Theadministration in itsap- success,” said BrettDoster,a smaller than some tradition- Hillary Clinton did four years doesn’t likethat Mr.Trump ment that asylum seekersat peal said the transferswerein Florida-based Republican ally Democraticcounties in ago.” hasn’t released adetailed the border wait in Mexicowhile the national interest and con- strategist. SouthFlorida. TwoTrump TheBiden campaign is mak- health-careplan.She didn’t their requestsare considered. sistent with federal law. Mr. Doster said Mr. Trump campaign officials said they ing some investmentsinthe support either candidatein Thejustices said they would Theasylum case will deter- could lose support in some view the northern part of the Panhandle,running advertise- 2016,instead writing in her hear the administration’sap- mine the fateofthe administra- other partsofFlorida, such as stateasanareawhereMr. mentstargetedatveterans own name, and this year, she pealsoflower-court rulings tion’s“RemaininMexico” pol- the Interstate4corridor in Trump canincrease his vote near militarybases. ASeptem- said she would vote forthe that found itsactions unlawful. icy, formally called the Migrant central Florida, which tends to total. ber poll from datafirm Morn- candidate that “stops the vit- Oral argumentswill likely take Protection Protocols.The policy have moreswing voters.“You Republicans sayrecent ing Consult found that Mr. riol.” placeearly next year,though made itsdebut in early 2019 as have to makethat up some- voter-registration datashow Trump led Mr.Biden among “Bothofthem have really thecases could be affected by the WhiteHouse sought solu- where,” he said. they aremaking gains in Flor- military-affiliated voters by 10 failed to step up and show next month’spresidential elec- tions to the swelling number of Mr.Trump visited Fort My- ida. Democrats currently lead points, a decline from his 18- true leadership to unitethe tion. If Democratic nominee Joe Central American families ersinLee County on Friday, a by about134,000 registered pointadvantage in 2016 exit country,” Ms. Buchman said. Biden defeatsPresident Trump, crossing the southern border. P2JW294000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | A5

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A6 | Tuesday, October 20, 2020 ***** THE WALL STREET JOURNAL. U.S. NEWS Mics to Be MutedinPart Of Debate

Candidate will be far,and one maythink they do not go far enough,” the state- silenced while the ment said.“We arecomfort- other gives 2-minute able that these actions strike the right balanceand that introduction to topics they are in the interest of the American people,for whom BY MICHAEL C. BENDER these debates are held.” AND CATHERINE LUCEY ThedebateinNashville, Tenn., will be the final meet- WASHINGTON—The presi- ing of the two candidates be- dential candidates’ micro- fore Election Day. It will be phones will be muted during moderatedbyNBC’sKristen partsoftheir final debate Welker. It was expected to be Thursdayasorganizersseek to the third debate, but the sec- GES limit the interruptions and ond debate, scheduled forOct. IMA crosstalkthat marked their 15,was canceled when Mr. previous meeting. Trump refused to agree to a GETTY Thenonpartisan Commis- virtual debateafter he con- ON/ OLS

sion on Presidential Debates tracted Covid-19. T OT

on Monday announced a plan Trumpcampaign manager SC forthe debate, which will be Bill Stepien said that Mr. The first presidential debate on Sept. 29 in Cleveland was marred by frequent interruptions, mostly by President Trump. divided intosix segments, Trump “iscommittedtode- each with adifferent topic. bating JoeBiden regardlessof debatemoderator would Mr. Trump called Dr. Fauci Mr.Trump’shandling of the afternoon rally in Arizona. “Bi- PresidentTrump and Demo- last-minuterule changes from choose the topics,” adding “a disaster” and said the na- pandemic, according to seven den wantstolock it down. He craticpresidential nominee the biased commission.” that the president didn’t want tion’sdeath toll from Covid-19 consecutive Wall Street Jour- wantstolisten to Dr.Fauci,” JoeBiden will be silenced In alettertothe commis- to “facemorequestions about would be far higher had he re- nal/NBC News polls. the president said, referring to while their opponent gives a sion earlier in the day, Mr. his disastrous Covid re- lied on advicefromthe doctor, Thefederal response to the coronavirus-related restric- two-minuteopening statement Stepien criticized possible rule sponse.” who has urgedadministration coronavirus pandemic has be- tions. He added again that he at the start of each 15-minute changes including silencing Mr.Trump is seeking to officials to rely on theguid- come acentral issue in the thinks Dr. Fauci is a nice per- segment. During the rest of microphones,saying it “is close apolling gapwith Mr. ance from public-health ex- election. son but called him a“pro- thediscussion in each block, completely unacceptable for Biden in the final days of the pertsonhow to safely reopen “Everytime he goes on moter.” the microphones will be open. anyone to wield such power.” race. the economyand bring the television there’salways a Respondingtothe presi- Afterthe firstdebateon He also complained earlier in He expressed confidence pandemic under control. bomb,but there’sabigger dent’scomments, Mr.Biden Sept. 29 wasmarred by fre- the daythat the debatewas about his chances Monday on “People aretired of hearing bomb if youfirehim,” Mr. said: “Mr.President, you’re quent interruptions,mostly by supposed to have aforeign- aconferencecall with cam- Fauci and all these idiots,” Mr. Trump said about Dr. Fauci. rightabout one thing: The Mr.Trump,the commission policy focus and asked fora paignaides that included re- Trump said, adding that Dr. Dr.Fauci, the director of American people aretired. said it would consider changeintopics.The commis- porters. Fauci, who has served under the National InstituteofAl- They’retired of your lies changes.Inastatement, it sion said that wasn’t the case. In that call, he renewedhis six administrations,was anice lergy and Infectious Diseases, about this virus.” said that neithercampaign Biden campaign spokesman criticism of Dr.AnthonyFauci, guybut also amess. “He’s didn’t respond to arequest for Mr.Biden is leading the maybefully satisfied with the T.J. Ducklo said that the “cam- the nation’stop infectious-dis- been here for 500 years.” comment. presidentinmost national plans. paigns and the commission ease expert, as deaths from Amajority of Americans Mr.Trump continued to polls, sometimes by double “One maythink they go too agreed months agothat the Covid-19 approach 220,000. have said they disapproveof criticizeDr. Fauci at aMonday digits. Moderna Expects Interim ResultsNextMonth Curbson

BY PETER LOFTUS ies showeditinduced immune Gatherings responses in study volunteers Moderna Inc.Chief Execu- and was generally safe. tiveStéphane Bancel said the Mr.Bancel said Mondaythe Restored in federal government could au- company continues to expect thorizeemergencyuse of the to produceabout 20 million company’sexperimental doses by the end of this year Wisconsin Covid-19 vaccine in December, and at least 500 million doses if the companygetspositive next year.Hesaid ramping up BY JOE BARRETT

interim resultsinNovember GES production is a challenge.

from alarge clinical trial. IMA “Unlikesometimes when AWisconsin judgeput back Mr.Bancel, speaking during youmakearecipe at home,if in placestatewide restrictions

TheWall Street Journal’san- GETTY youmissone ingredient, you on bars, restaurantsand other

nual Tech Liveconference SE/ mightdecide to still go ahead indoor spaces that had been Monday, said that if sufficient and makeyour meal, but in temporarily suspended last interim resultsfromthe study ourcase we cannot do that,” week as the state faced rising ANCE-PRES

take longer to get, govern- FR Mr.Bancel said. “Weneed all cases of Covid-19. ment authorization of the vac- the ingredientstobethereon BarronCounty Circuit Court cine maynot occur until early ENCE time to be able to makealot JudgeJames C. Bablerdenied a next year. AG of vaccine.Ifone ingredient request to extend the temporary EM/

Moderna, based in Cam- ST is missing,wecannot makea injunction issued by aSawyer bridge, Mass.,has one of the SY vaccine.” County judgelast Wednesday leading Covid-19 vaccines in TH Mr.Bancel said Moderna that putonhold an emergency

development, along with a HEAL and itscontract-manufactur- order issued by the administra- vaccine co-developed by RD ing partner LonzaLtd.expect tion of Gov.TonyEvers.The 28- FO

Pfizer Inc. and BioNTech SE. Y to produceenough doses in dayorder,which limitsgather-

LargeU.S.trials fortwo other HENR the U.S. to meet U.S. demand. ingsinpublic places to 25% of leading Covid-19 vaccines, The first interim analysis will happen when 53 people in the entire study get symptomatic Covid-19. Lonzaalso is manufacturing the capacity of aroom or build- from Johnson & Johnson and doses in Switzerland to meet ing,isnow back in placefor an- AstraZenecaPLC,havebeen study subjectsreceivethe vac- “it’shardtopredict exactly deciding in December. demand outside the U.S.,he other 20 days.Alawyer forthe paused while the companies cine and half receiveapla- whichweek because it de- If the vaccine doesn’t dem- said. Tavern League of Wisconsin investigateunexplained ill- cebo,and researchersthen pends on the cases,the num- onstrate sufficient efficacy at In August, Moderna signed said he planned to appeal. nesses among study subjects. count howmanyget symptom- ber of people getting sick,” the first interim analysis, the a$1.5billion contract with “Weare obviously disap- Mr.Bancel’scommentssug- atic Covid-19. Mr.Bancel said. companywill conduct asec- thefederal government to pointed in the ruling and the gest Moderna’stimetable isn’t Thefirst interim analysis Thecompanyalso must ond analysis when 106 cases of supply 100 million doses of catastrophic effectsitwill far off from Pfizer’s,which of the vaccine’sefficacywill monitor the safety of at least symptomatic Covid-19 occur. itsvaccine foruse in the U.S., continue to have on small said last week it expectsto happen when 53 people in the half of the study subjects for Mr.Bancel said that would with an option to supply businesses acrossWisconsin,” seek U.S. authorization of entirestudy getsymptomatic two months after vaccination likely happen in December, moredoses. said Tavern League President emergencyuse of itsvaccine Covid-19.Ifthereare signifi- before it can seek an authori- which could push back any Factoring in additional fed- Chris Marsicano. by late November. cantly fewervaccinated peo- zation foremergencyuse.Mr. FDAdecision to lateJanuary eral funding that Moderna has Thejudgesaid that there In July, Moderna started a ple than unvaccinated people Bancelsaid Moderna was or early February. received, the U.S. government wasnoindication in court fil- 30,000-person study in the among those 53 cases,the likely to reach that threshold Moderna codesigned its is paying $25 adose,Mr. Ban- ingsthat barsand restaurants U.S. to test whether the vac- companymay deem the re- in late November. If Moderna vaccine with the National In- cel said. He said that because were complying with the ca- cine safely protectspeople sultssufficient to seek gov- files foranemergencyuse au- stituteofAllergy and Infec- Modernahas never turned a pacity limits, which had only from symptomatic Covid-19 ernment authorization of thorization soon after, the tious Diseases and began hu- profit, it is appropriateto been in placefor afew days, disease, and enrollment is wider use. Food and Drug Administration man testing in March while makeareasonable profit but so he said it wasunclear nearly complete. That firstanalysis is likely maytakeafew weeks to re- also starting to expand pro- not to maximizeprofitfroma whether they were being hurt In the trial, half of the to occur in November,but viewthe application before duction of doses. Initial stud- Covid-19 vaccine. by the rule—an important fac- tor in issuing a temporary re- straining order. atemoreattractivereturns vanced memorytechnology telindicated in July that second- owned by aconsortium led by “This critically important Intel Sells from the NAND businessand called 3D XPoint. half resultswould be weaker private-equity firm Bain Capi- ruling will help us prevent the suggested it could enter intoa Thecompanies aim to get than expected and revealed fur- tal, delayedlast month one of spread of this virus by restor- “partnership” to makethat regulatoryapprovals forthe ther delays in the rollout of its this year’s most anticipated ing limitsonpublic gatherings,” Memory happen. George Davis,the Cali- transaction latenextyear, superfast seven-nanometer chip public offerings because of the said Mr.Evers,aDemocrat, fornia-based company’schief fi- which would triggera$7billion technology, which underlies fu- situation. who also urgedresidentsto nancial officer,said in March payment. Theremaining $2 bil- turegenerations of central pro- Intel’sadvancedflash mem- stay home and wear masks in Chip Unit that whilethe flash memory lion would followatfinal clos- cessing units. ory, referred to as 3D NAND be- public places when they can’t. businessshowedpromise,the ing expected in 2025.Intel is to While Intel has struggled to cause it has multiple layers of Thejudgesaid aWisconsin companyhadn’t been able to continue to makememoryat moveintomassproduction of memorycells stacked on topof Supreme Court case in May ContinuedfromPageOne generatethe profitsitwanted. itsmost advanced chips,rival each other,has been produced that struck down Mr.Evers’s unitsatthe heart of personal Intel said it would invest the Advanced MicroDevicesInc.’s forthe past five yearsinDa- much broader SaferatHome computers, the companyhas deal’sproceeds in building its Themarketfor the market shareinpersonal com- lian, aport city on the Li- order at the beginning of the deep rootsinthe memorybusi- presenceinfast-growing areas puter CPUsclimbed above17% aodong Peninsula just west of crisis didn’t clearly apply to the ness. It started as amemory likeartificial intelligenceand devices slumped in the firstquarter,morethan the Korean Peninsula. current case.That ruling de- manufacturer in the late1960s 5G networking.“This transac- amid a2018glut but doubling from five yearsear- That factoryisIntel’sonly clined to define the exact limits beforestiff competition from tion will allowustofurther lier,according to MercuryRe- majorchip-manufacturing site of the executive’sability to is- Japan’sburgeoning electronics prioritize our investmentsin has begun to recover. search. Intel holds almost all of in China and itssale to SK sue emergencyorders, but did industryinthe 1980s led the differentiated technology the remaining market share. Hynix would mark aserious re- find that the order,which companytochangecourse. wherewecan playabiggerrole Intel is set to report third- duction of the company’spres- closed manypublic businesses Themarket formemorychips in the success of our customers quarterearningsThursday. encethere. considered nonessential, had slumped in 2018 amid an over- and deliver attractivereturns the plant until the final closing. Themarket formemory TheU.S.has been raising gone toofar,JudgeBabler said. supply of thedevices, though it to our stockholders,” Mr.Swan Intel, with amarket value of chips has been shaken by U.S. pressureonChinese chip mak- But afootnotetothe ruling begantorecover latelast year. said Monday. about $230 billion, has been un- effortstocurb the rise of ing, including by requiring com- leftinplacethe statehealth de- Analystsexpect the market for Intel already pared down its der increasing pressureas China’stech industryand re- panies to obtain licenses before partment’sability to close NANDdevicestoremain strong involvementinmemorymanu- smaller rivals gain market share. strict exportstoChinese firms exporting some technologyto schools and forbid other public in the coming yearsamid asurge facturing in Januarywhen Mi- Itsstock is down about 10% such as HuaweiTechnologies China’smost advanced chip gatheringstocontrol epidem- in datastorage. cron TechnologyInc.bought this year,compared with about a Co., thecountry’sleading tele- maker,Semiconductor Manufac- ics,making it unclear whether Nonetheless, Intel Chief Ex- out Intel’sshareinajoint ven- 30% rise in the PHLX Semicon- comequipment maker. turing International Corp. achallengetothe current order ecutiveBob Swan said in April turefor about $1.5billion. That ductor index. Theshares Japanese memory-chip —Asa Fitch would succeed if it made it be- that the companyhad to gener- venturewas focused on an ad- dropped morethan 15% when In- maker Kioxia HoldingsCorp., contributed to this article. fore the high court, he said. P2JW294000-0-A00700-1------NS

THE WALL STREET JOURNAL. NY Tuesday, October 20, 2020 | A7 WORLD NEWS China Rebound Not a Certain Global Fix

Economists caution major world economylikely to has been fueled by memories Thebetter-than-expected 6.9% expand this year. Beijing Adds New and other products and services of the2008 financial crisis, increase in industrial produc- Beijing can’tcontinue TheInternational Monetary thattouch on national security. when benefits from Beijing’s tion for September improved to spend, produceand Fund expectsthe world econ- Export Restrictions Set to go into effect Dec. 1, massivestimulus program on August’s 5.6%. omytocontract by 4.4%, with the legislation mirrors regula- overflowedaround the world. Still, economiststick off a export at currentlevels the U.S. and eurozone shrinking tions the U.S. and other coun- It is also fedbydatashowing long list of reasons to be skep- by 4.3% and 8.3%, respectively. Anew lawwould allow tries use to limit sensitiveex- consumption—the last leg of tical about China’sability to BY JONATHAN CHENG Beijing celebrated the latest China to ban exports to protect ports. The Chinese leadership China’seconomic recovery— rescue the world economy. batch of data, embracing the national security, adding aver- could use it to target exports to starting to pick up steam, rais- For one thing, its stimulus BEIJING—China’saccelerat- notion that it canhelp drivea satile weapon to Beijing’sarse- the U.S. as the twonations trade ing expectations that Chinese hasbeen much moresubdued ing expansion has made it one global economic recovery. nal as it fights awar overtrade blows overeverything from so- consumerscan help offset the than in 2008,and focused not of the only countries with the “As China’s domestic econ- and technology with the U.S. cial media to semiconductors, declineinother countries as on handing cash directly to potential to liftglobal growth omyrebounds and demand The law, approvedby China-focused lawyers said. thepandemic hitsincomes. consumers—the approach in out of itscoronavirus-induced picks up, our demand for im- China’slegislatureoverthe The wording of the law, Not only were retail sales up the U.S. and other developed funk,but economistswarn the portsisalso growing,” said weekend, authorizes tightre- which spells out few specifics, 3.3% from ayear earlier in Sep- economies—butonindirect world’ssecond-largest economy Liu Aihua,aspokeswoman for strictions on the sale abroad of makes it difficult to say ex- tember—the second straight boosts such as restarting fac- isn’t likely to driveaglobal re- China’sofficial statistics bu- dual-use goods with both civil- actly how it might affect U.S. month of gains—but disposable tory activity and funneling covery as it did afterthe finan- reau. “The current rebound in ian and military applications, nu- companies. income also turned positivefor credit to companies and local cial crisis adecade ago. China’seconomyisnot only clear materials and equipment, —Chao Deng the firsttime in 2020,officials governments. On Monday, China reported conducivetoChina’sown said Monday. Forthe firstnine Chinese consumers’ ability that itseconomygrewby growth, but also plays a posi- months of the year it wasup to spend has also been con- 4.9% in the three months tiverole in promoting aglobal ForEuropean exporters, Some economistswarn that 0.6% from 2019. strained by rising debt: The ended Sept. 30 from ayear economic recovery.” China has been one of the expecting China to continue China’sfactories,which ratio of household debt to GDP earlier,accelerating from the In recent months,strong strongest overseas markets spending,producing and ex- helped drivethe initial recov- rose to 59.7%from55.8% in second quarter’s 3.2%. Accom- consumer spending in the this year.Sales in the first porting at these levels is wish- eryinthe spring,havecontin- thefirst half of the year,ac- panied by separatedataon world’smost populous country eight months of 2020 were fulthinking—especially as the ued to top expectations—pri- cording to the state-run Chi- Mondayshowing better-than- has liftedthe fortunes of West- down 1.1% in euro terms from government clamps down on marily by churning out much- nese AcademyofSocial Sci- expected growth in retail ern businesses,fromDomino’s ayear earlier,but that is far debt and global uncertainties needed medical gear and ences. That is stillfar lower sales,hiring and industrial PizzaInc.and NikeInc.toGen- betterthan the declines of pile up. work-from-home computer than the U.S.’s 76%, but the production, that bolsters eral MotorsCo. and LVMH Moët 10.7%inexportstothe U.S. Optimism that China can equipment,preventing China’s paceofthe increase will likely China’scase forbeing the only Hennessy Louis VuittonSE. and 12.7% in exportstoJapan. lead the world out of recession export machine from stalling. worry Chinese policy makers. FinesLevied Amid NewCovid Wave

When coronavirus hit last Masks have been obligatory winter,most Europeans fol- indoorsinmost settings lowedstrict lockdowns to throughout the pandemic. stanch the pandemic. Fearful In hard-hit France,Presi- and united in their fight, peo- dent Emmanuel Macron last ple in countries from Italy to week announced acurfew from the U.K. managed by summer 9p.m. to 6a.m. in the Paris re- to push infection ratesdown gion and in nine other cities,a to manageably low levels. restriction that started Satur- day. People caught outside By Noemie Bisserbe home during the curfew face in Paris, Eric Sylvers fines ranging from €135 to in Milan €3,750 forrepeat offenders. and Maria Martinez British Prime Minister Boris in Barcelona Johnson last month ordered pubs andrestaurantsacross Nowasecond wave is surg- England to close by 10 p.m. ing acrossthe Continent but and limited the number of civilobediencehas waned. In people who mayattend awed- response,governmentsare ding to 15 and other social flexing enforcement muscles gatheringstosix people.Those moreforcefully than at any caught breaking the guidance time sinceMarch. Fines for canbefined up to £200 ($260)

public-health violations that forthe firstoffense and then S had declined over the summer up to £6,400 forrepeat arerising in most countries breaches.Regional lockdowns PRES

and punishmentsfor breaking have also been introduced in ZUMA curfews, local lockdowns and more severely affected areas. quarantines arealso increasing. Liverpool, acity in north- /IP3/ “Wewon’t be issuing warn- western England, is under the IARD SC ingsanymore,” said Belgian highest-level lockdown, closing

PrimeMinister Alexander De all pubs unlessthey areserving ALEXIS Croo in a television interview substantial meals and prevent- French President Emmanuel Macron imposed a curfew from 9 p.m. to 6 a.m. in the Paris region and nine other cities. Violators face fines. Sunday. “Those who don’t fol- ing other businesses such as low the rules get a €250 fine gyms from opening.London month declared a state of deployed 7,000 policetoen- and the public wouldn’t be as Some enforcing measures [$294], to be collected imme- last week wasplaced on a emergency, allowing authori- forcethe measures.Officers tolerant. faceobstacles or backlash. The diately.” midlevel alert that prohibits ties to extend apartial lock- began checks on the afternoon In asurvey released this Netherlands recently cut fines In Italy, the first European meetingpeople from other down in Madrid, wherelocal of Oct. 9, to stop people from month by Belgian health office from €390 to €95,partly be- countrythe virus battered,of- households indoors, whether at officials had resisted fresh re- retreating to countryhomes Sciensano,41% of respondents cause the initially high level ficials began tightening anti- home or in pubs or restaurants. strictions.The measures— for a holiday weekend. said they don’t stay 1.5meters made acoronavirus health vio- Covid regulations this month On Monday, the Welsh gov- which affect nearly 4.8million Europe’s spring lockdowns apart as instructed, up from lation afelony, potentially im- as the number of confirmed ernment introduced alock- people in the capital and nine tamed coronavirus,but they 16% in May, and 17%said they peding employment, housing infections jumped. New rules down from Fridayuntil Nov.9, surrounding towns—permit also brutalized itseconomy. wouldn’t stay home if sick, and securing bank loans. The makefacemasks obligatory closing nonessential shops and travel in and out of Madrid Over the summer,aconsensus compared with just 7% in May. new, lowerlevel doesn’tgoon outdoorsinalmost all cases, telling people to stay home. only foressential purposes emergedthat even if asecond One bright spot: Only 6% of a criminal record. with fines fornot wearing one Spain, also reeling from a such as work and medical care. wave hit, blanket lockdowns respondentssaid they don’t —Valentina Pop in Brussels ranging from €400 to €1,000. recent upsurge,early this Spain’sInterior Ministry were toopainful economically wear masks as instructed. contributed to this article. Nigerian Protesters Shut Down Lagos

BY JOE PARKINSON AND GBENGA AKINGBULE

LAGOS, Nigeria—Tens of thousands of protesters brought the largest city in Af- ricatoastandstill on Monday, mounting the biggest demon- stration in atwo-week cam- paign against police brutality GES and escalating astandoff with IMA agovernment that has pledged to restore order. GETTY Groups of placard-waving SE/ protestersblocked major

roads acrossLagos,Nigeria’s ANCE-PRES

sprawling commercial capital FR and home to an estimated 20 ENCE

million people. The city’s Iba- AG dan expressway,the country’s busiest road, wasblocked by

groups chanting:“We want IBEABUCHI/

change.” Protestersclosed off ON

the city’s airport and stormed BENS the terminal. Protesters blocked major roads and closed down the airport in the commercial capital on Monday. TheLagos protestswere the largest of aseries of dem- Theescalating rhetoric gerians areunderemployedor unit and establish a new elite onstrations on Mondayacross raises the prospect of ashow- unemployedand youth unem- policeforce—SWAT—whose the West African nation of 206 down between President Mu- ployment is even higher,ac- officers would be trained by million people that appeared hammadu Buhari and aprotest cording to official statistics. the International Committee to significantly raise the tem- movement that has evolved Thecurrent protestsbegan of the Red Cross. But tensions peraturebetween demonstra- from a single-issue campaign with demands to ban anotori- have continued to rise on the tors and the government. intoamorediffuse protest ous policeunit, the Special streets across the country, as Nigeria’sarmydeployedto againstalleged government Anti-RobberySquad, or SARS, protestersvow not to with- several intersections in the cap- corruption, economic misman- which waslong accused of ex- draw until promises aredeliv- ital, Abuja, at sites of aplanned agement and nepotism. tortion, tortureand extrajudi- ered and the government re- protest, while policefired tear The protests have flared in cial killings. Thelargely peace- leases those arrested at the gas, days afterlocal authorities acontextofprofound eco- fulprotestswon the backing recent demonstrations. issued an executiveorder ban- nomic malaise,asaanoil- of celebrities and business Theprotestsare being driven ning demonstrations in the city. price crash and the impact of leaders around the world, in- by the youth in Nigeria, acoun- Protesters in Lagos accuse the coronavirus pandemic cluding the rapper KanyeWest trywith an averageage of 18 thegovernment of deploying have slammed Nigeria’s econ- and TwitterChief Executive and one of the world’sfastest- agitatorstocreateapretext omy, which is failing to keep Officer Jack Dorsey. growing populations,projected for a crackdown, a charge the pacewith rapid population Nigeria’sgovernment to overtakethe U.S. to become VISIT US NOW|OPEN TO THE PUBLIC |ADBUILDING.COM government denies. growth. More than 55% of Ni- agreed to disband the police the third-largest by 2050. P2JW294000-5-A00800-1------XA

A8 | Tuesday, October 20, 2020 ***** THE WALL STREET JOURNAL. WORLD NEWS Trump to Remove Sudan From Terror Sponsor List

President said nation will liftSudan from the State Qaeda’s1998 terrorist attacks on SponsorsofTerrorism list. At U.S. embassies in Kenyaand would pay victims of long last, JUSTICE forthe Tanzania. attacks, a precursor American people and BIG step Sudan denies complicity in al forSudan!” Qaeda’s9/11 attacks.Alawyer to ties with Israel ForSudan, the agreement foragroup of relatives of vic- mayhelp end decades of inter- tims of those events, Jack Quinn, BY ANDREW RESTUCCIA national isolation afterthe U.S. urgedCongressonMondayto AND COURTNEY MCBRIDE sanctioned it in the 1990s for reject the deal if it negatively af- harboring al Qaeda’sthen- fectshis clients’ cases. WASHINGTON—President leader,Osama bin Laden, and Earlier versions of the plan, Trump said that he would re- assistingterror groups. which depends on congressio-

moveSudan from alist of Sincethe ouster last year of nal approval, weren’t broad MULALA/REUTERS

countries that sponsor terror- itslongtime dictator,Omar al- enough in scope to satisfySen- GE OR

ism onceitcompletes payment Bashir, Sudan’stransitional ateMinority Leader Chuck GE of asettlement to victims of government has pressed to im- Schumer (D., N.Y.)and Sen. Bob Sudan agreed to pay $335 million to compensate more than 700 victims of al Qaeda’s 1998 terrorist attacks. proveits standing with the MenendezofNew Jersey,the bombings that targeted U.S. embassies in Kenya and Tanzania. The aftermath of the Kenya attack. Themove, which Mr.Trump West as it seeks billions of dol- topDemocrat on the Senate announced on TwitteronMon- larsinaid and funding to save Foreign Relations Committee. presided over the signing of a relations with Jordan and Egypt ing the George W. Bush and Ba- day, would end morethan 25 itscollapsing economy. Under federal law, Congress peaceagreement between Israel, among Arab states. rack Obama administrations. yearsofU.S.effortstoisolate TheState Department re- has 45 days to reviewadecision the United Arab Emirates and Sudanese and Israeli officials Under acompromise,Mr. Sudan and came as apossible ferred questions on Mr.Trump’s to removeacountryfromthe Bahrain.The agreement allows said in August they were hold- Trump will notifyCongress precursortothe normalization announcement to the White terror list, and canblock it thenationstobuild economic ing talks regarding anormal- that he has removed Sudan of relations between the African House,which declined to pro- through avoteinboth cham- andpolitical ties. ization of relations. from the terror list, triggering nation and Israel,amovesought vide additional details. bers. Messrs. Schumer and Me- U.S. and Israeli officials have BeforeMonday’sannounce- asecond phase of the agree- by the WhiteHouse. TheU.S.and Sudan had long nendezdidn’t respond to re- said they expect other Muslim ment, Mr.Trump’srepresenta- ment in which Sudan moves to “GREATnews! Newgovern- been working on adeal to com- queststocomment on Monday. and Arab countries,possibly in- tives forweeks had pressed Su- normalizerelations with Israel, ment of Sudan, which is making pensateterrorism victims and Mr.Trump’sannouncement cluding Sudan, Morocco and dan to normalizerelations with Mr.Hudson said. great progress, agreed to pay removethe countryfromthe comes as his administration is Oman, to join the Abraham Ac- Israel, said Cameron Hudson, —Felicia Schwartz in Tel Aviv $335 MILLIONtoU.S.terror list. Sudan has agreed to pay working to normalizerelations cordsinthe coming months.Be- who worked on issues related and Nicholas Bariyo victims and families,” the presi- $335 million to compensate between Israel and several Arab sides the U.A.E. and Bahrain, Is- to Sudan while at the State De- in Kampala, Uganda, dent said. “Oncedeposited, I morethan 700victims of al nations.Last month, Mr.Trump rael also has diplomatic partment and WhiteHouse dur- contributed to this article. Secret U.S. Mission Played Role in U.A.E.-Israel Deal

BY DION NISSENBAUM unusual militarymission ship with the Emirati leaders 15 signing ceremony, accord- helped pave the way three became an unanticipated asset ing to people in attendance, WASHINGTON—On Aug.11, yearslater forthe Israel- in the Trump administration’s the Emirati foreign minister— 2017, aUnited Arab Emirates U.A.E. peacedeal that is re- secret talks between Israel and who is the crownprince’s helicopter filled with soldiers shaping the Middle East. the U.A.E. that led to the his- younger brother and an uncle taking part in an offensive Until now, the U.A.E. and toric peacedeals—known as to the soldier the U.S. saved— againstalQaeda militants U.S. militaryhavenever ac- the Abraham Accords—signed pointed to Gen. Correa and crashed in Yemen, leaving knowledged that American last month at the White told President Trump: “That three soldiersdead and seven forces savedthe young royal House. general is part of my family.” seriously wounded, including a that day. TheAmerican at the Theaccords marked the “This would not have hap- young member of the royal center of the rescue mission biggest achievement in efforts pened without him,” said Ab- family. wasMaj.Gen. Miguel Correa,a by the Trump administration dullah bin Zayed al Nahyan. RREA

As Emirati leadersscram- gregarious PuertoRican who CO to solidify ties between Israel That wasafeeling shared bled to rescue their soldiers, nowserves as aspecial White and its Gulf neighbors, based by the White House team led

they asked the U.S. to organize House adviser and the topNa- MIGUEL on mutual interestsincoun- by JaredKushner, the presi- an urgent rescue mission. tional Security Councilofficial Maj. Gen. Miguel Correa, left, met with Crown Prince Mohammed bin tering Iran that have shifted dent’sson-in-lawand the Within hours, according to for U.S. policy in the Gulf. Zayed al Nahyanand Zayed bin Hamdan al Nahyan, in wheelchair. relationships in the Middle White House point man on U.S. military officials, Ameri- Gen. Correa, then the de- East in recent years. Middle East policy. While Mr. can special-operations forces fense attaché at the U.S. Em- months later.The rescue made the country’sruler,who also is Officials from the various Kushner and his deputy,Avi rushed to save the Emirati bassyinAbu Dhabi, coordi- Gen. Correa something of a uncle and father-in-lawofthe countries acknowledged the Berkowitz,did much of the royaland the other soldiers. In natedthe risky2017mission, heroamong Emirati leaders, wounded soldier savedbythe notable behind-the-scenes role heavy diplomatic lifting, they ways that couldn’t have been leading to acelebration of the including CrownPrinceMo- Americans that day. played by Gen. Correa. At the both said Gen. Correa playeda anticipated at the time,the young royal’shomecoming six hammed bin ZayedalNahyan, Gen. Correa’sclose relation- WhiteHouse,beforethe Sept. key role in securing the deal. France Vows to Derail Islamist Extremists

BY MATTHEW DALTON sponded to him. Both the parent and the Is- PARIS—French authorities lamist activist have been de- vowed to crack down on civic tained by policealong with 13 groups they said were promot- other people, officials said. ing radical Islam, days afteran Theattack came as the gov- extremist beheaded a school- ernment of President Emman- teacher forshowing carica- uel Macron has pledged to tures of the Prophet Muham- tamp down what he called “Is- mad in class. lamic separatism” in aspeech French Interior Minister this month. Mr.Macron said he Gerald Darmanin on Monday would propose newlawsthat said 51 associations,including would allowthe government to religious schools and mosques, ban associations that indoctri- would be visited by security natechildren, and monitor for-

OL services this week,and anum- eign investment in religious

PO berofthem dissolved. Author- organizations in France. S ities on Mondayconducted Mr.Darmanin on Monday

/PRES searches targeting 40 sus- named two Islamic associa- pected extremist individuals tions that he would seek to

HARNIK and associations,and have dissolve: the Collective opened more than 80 investi- Against Islamophobia in gations intoextremistsenti- France, or CCIF,and BarakaC- ANDREW A poster showing six wanted Russian military intelligence officers at a news conference on Monday in Washington. ment expressed online since ity, a Muslim nonprofit. the attack, officials said. Mr.Darmanin said the CCIF manuel Macron,inanoperation bition of Chemical Weapons and damagetojust three compa- “Wemust stop being na- is implicated in the teacher’s Russians that resembled the hack-and- the U.K.’s DefenceScienceand nies—HeritageValley Health ive,” Mr.Darmanin said. slaying,because the parent in leak of Democratic emails dur- TechnologyLaboratoryinSystem,aFedEx Corp.subsid- “Thereisnoreconciliation one video appealed to the or- ingthe 2016 U.S. election. search of information related to iary and alarge U.S. pharma- possible with radical Islam.” ganization to help in his cam- Indicted Thechargesalso link Mos- investigations intothe poison- ceutical manufacturer—suf- Theactions reflect tensions paign to oust Mr.Paty from cow to cyberattacks on the ing of former Russian spy Sergei feredcollectively about $1 between partsofFrance’s his job.“We have acertain 2018 Winter Olympic Games in Skripal,his daughter,and sev- billion in losses. Muslim community and au- number of elements that lead In Hacking South Korea, whereinternet eral U.K. citizens.The charges Theattack on HeritageVal- thoritiesinthe aftermath of us to think it’sanenemyof systems were disrupted during also allegethe hackerstargeted ley Health System in Pennsylva- the slaying of the teacher, 47- the republic,” he said. the opening ceremonyinappar- businesses and the government nia disrupted medical care to year-old Samuel Paty,inanat- TheCCIF denied that it pro- ContinuedfromPageOne ent retaliation fordoping bans in the nation of Georgia. some patientsand affected two tack that shocked the nation. vided help to the parent in his the 2016 election. placed on Russian athletes.The Thewidespread operation hospitals,60physician offices Officials suspect Mr.Paty’s campaign or circulated his Thechargesbecame public attack,inwhich Russia unsuc- launched in June 2017,known and 18 community satellitefa- attacker—identified as Abdoul- videos online.“That’snot only 15 days beforethis year’s presi- cessfully attempted to camou- as NotPetya, has been de- cilities,the indictment said. lakh Abouyezidvitch A.,an18- false,it’sdespicable,” the dential election, which U.S. in- flageits actions as the handi- scribed by security analysts TheGRU team known as year-old Russian national of group said the dayafter the telligenceofficials have repeat- work of North Korean hackers, Unit 74455 that wasimplicated Chechenorigin—acted after attack.The group didn’t re- edly warned is being targeted “combined the emotional matu- in Monday’schargesiscom- seeing videos made by aparent spond to arequest to com- by Moscow.Russia has denied rity of apetulant child with the NotPetya has been monly known among research- of astudent at the school de- ment Monday. Western allegations that it en- hacking skills of anation state,” ersasSandworm and widely nouncing Mr.Paty.Investiga- BarakaCityhas foryears gagesindestructivecyber op- Mr.Demerssaid. described as the viewedasamong the most ca- tors areexamining howthe been in the sightsofFrench erationsagainst other nations. Separately,the British gov- most destructive pable and dangerous hacking video spread quickly acrossso- authorities forits involvement “No countryhas weaponized ernment accused the GRUon groups in theworld. cial media and whether it was with Islamist activists. It was itscyber capabilities as mali- Mondayoftargeting the 2020 cyberattack. Earlier this year,U.S.intelli- amplified by extremist elements previouslyinvestigated but ciously or irresponsibly as Rus- Olympic and ParalympicGames genceagencies said Russia was in the Muslim community. not put on trial for financing sia, wantonly causing unprece- in Tokyoearlier this year,be- attempting to interfere in the Theparent wasangered by terrorism. Last week, several dented damagetopursue small fore their postponement.Orga- 2020 presidential election to acivics lesson Mr.Paty gave days beforeMr. Paty’s slaying, tactical advantages and to sat- nizers, logistics services and and government officials as the harm Democratic presidential on freedom of expression in itsfounder wasdetained in an isfyfitsofspite,” said John De- sponsorsweretargeted, the most destructivecyberattack.It nomineeJoe Biden. whichhedisplayedcartoons unrelated investigation of cy- mers, the assistant attorney British said. combined ransomware and Last month, President Vladi- from Charlie Hebdo,the satiri- ber-harassment. BarakaCity general fornational security. “Today’sindictmentsofGRU wiper software that destroyed mir Putin of Russia proposed calmagazine targeted in ater- declined to comment. Theattacks reached across officersreads likealaundrylist dataand damaged corporate that Moscow and Washington rorist attack in 2015,prosecu- Mr.Paty’s attacker wasborn the world, from Pennsylvania to of manyofthe most important networks mainly through acor- agree to guarantee neither na- tors said. One of the cartoons in Moscow and lived in France the Korean Peninsula. cyberattack incidentswehave rupted software updatefroma tion interferes in the other’s showedthe Prophet Muham- legally as arefugee and was In December 2015 and De- ever witnessed,” said John small firm in Ukraine.The at- elections—an offer widely criti- mad naked. known to policeonly forpetty cember 2016,hundreds of thou- Hultquist,director of intelli- tack crashed manysystems cized by cybersecurity experts Policediscovered amessage crimes as aminor,aFrench sands of Ukrainians temporarily genceanalysis at FireEyeInc., a world-wide and altered basic as one made in bad faith. the attacker sent through so- counterterrorism prosecutor lost powerincyberattacks on U.S.-based cybersecurity firm. administrativedatathat made On Monday, Mr.Demerssaid cial mediatothe parent and said.The attacker lived in a the country’senergy grid. Two Monday’scharges, returned recovering computer systems the unsealed charges“provide a an Islamist activist who were town in Normandy,morethan days ahead of the 2017presi- last week by agrand juryin difficult. useful lens forevaluating Rus- fomenting acampaign against 40 miles away from the scene dentialelection in France,the Pittsburgh, additionally accuse NotPetyacost businesses sia’soffer two weeks agofor a Mr.Paty over social media, of- of the crime.OnFriday, he Russian officers allegedly the intelligenceofficersofa around theworld billions of reset in cyber relations be- ficials said. It is unclear what lurked outside the school, offer- leaked atranche of emails be- spearphishing campaign against dollars. On Monday, authorities tween Russia and the United the content of the message ing studentsmoney to identify longing to then-candidateEm- the Organization forthe Prohi- highlighted that the alleged States.” wasorwhether they re- Mr.Paty before attacking him. P2JW294000-0-A00900-1------XA

THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | A9 WORLD WATCH WORLD NEWS

SYRIA Demonstrators also set fireto San FranciscoBorja church, which Two U.S. Officials datesfromthe mid-19th century. Met With Intel Chief Marking the anniversary of the start of last year’s mass an- Twotop U.S. officials secretly tigovernment protests, about met Syria’sU.S. and EU-sanctioned 25,000 people, some holding intelligencechief in Damascus ear- large banners calling for a new lier this summer fortalksonmiss- constitution, congregated Sun- ing Americans thatcreated divi- day in Plaza Italia. The square sions in the Trump administration, was the focal point of last year’s according to people familiar with protests, which threw one of the negotiations. Latin America’s most stable and Kash Patel, adeputyassistant prosperous nations into disarray, to PresidentTrump, and Amb. leading to more than 30 deaths Roger Carstens, the administra- and billions of dollars in damage tion’spointman on hostage ne- as hotels and supermarkets gotiations, traveled to Syria for were trashed nationwide. talkswith AliMamlouk, astead- —Ryan Dube fast ally of PresidentBashar al- Assad, who wassanctioned by CHINA-TAIWAN the U.S. and EU nearly adecade ago foralleged human-rights vio- Diplomats Fought lations, these people said. At Reception in Fiji Mr.Tice’sparents, who have long pushed the U.S. government Beijing and Taipei traded to talk directly to the Assad re- blame for a physical clash be- gime about their son, hailed a tween their diplomats in the Pa- Wall Street Journal report on the cific island nation of Fiji this meeting as apositivestep. month, an unusual flare-up as —Dion Nissenbaum China intensifies efforts to as- sert its territorial claims over CHILE the island democracy of Taiwan. CARIAN/REUTERS

Taiwan’sForeign Ministry on MAR

Violence, Looting Mondayaccused twoChinese TIN US

Erupt Before Vote Embassy officials of provoking an AG altercation thatsentaTaiwanese Former Bolivian PresidentEvo Morales, center,posed with asupporter in Argentina on Monday, aday after voters in Bolivia castballots. Protesters in Chile’scapital diplomattothe hospital with a torched twochurches, looted concussion, as the pair tried to storesand clashed with policeina forcetheir wayintoanOct. 8re- Exiled Bolivia Leader’sParty Wins Vo te spasm of violenceaweek before ception hostedbyTaipei’strade areferendum on whether to ditch officeinFiji. The Chinese Em- adictatorship-eraconstitution. bassy in Fiji counteredwith alle- BY JUAN FORERO Mr.Arce, candidateofthe tory in an election that observ- round of voting in Bolivia, a Television images from Santi- gations thatTaiwanese officials AND JOHN OTIS Movement Toward Socialism erssaid was marred by first-placefinisher needs to ago on Sundayshowedmasked had acted provocatively toward party, had won the vote. irregularities,celebrated from collect at least 40% of the vote protesters filming with their its staff and injured one of them. Aformer Bolivian presi- Aconservativeand an op- hisexile in Argentina. “Broth- and hold a10-point margin smartphones and cheering as the Fiji’s Foreign Ministry didn’t dent, Carlos Mesa, on Monday ponent of Mr.Morales and his ersand sisters, the will of the over the runner-up. spireofthe burning La Asunción respond to queries. conceded defeat to Luis Arce, movement,Ms. Áñezhasn’t people has been imposed,” he Sunday’svotewas being church crashed to the ground. —Chun Han Wong the handpicked candidateof elaborated on hersurprising said via Twitter. “This has been watched closely acrossLatin former President EvoMorales, announcement. And as of an overwhelming victory.” America, whereitwas seen as in Sunday’s presidential elec- Monday, the final resultswere At his campaign headquar- one of Bolivia’smost important tion, which tested democracy still not known. ters, Mr. Arce said, “We have sinceits return to democracy in the resource-rich country. Ms. Áñez’scommentscame recuperated democracyand, in 1982. Thetumult that led to Mr.Mesa said that quick shortly afterthe pollster Cies- morethan anything,the Boliv- Mr.Morales’sresignation in countscarried out by polling mori released the resultsofits ians have recovered hope.” November sharply divided Bo- firms showedhis main oppo- quick count of Sunday’s elec- Thevictoryamountstoa livia, alandlocked countryof11 nent,Mr. Arce,aformer econ- tion,showing Mr.Arce, a57- surprising,outright win that million, and led to Ms. Áñez’s

CK omyminister,had wonthe race. year-old former economymin- the polls hadn’t predicted for caretakergovernment,which TO Thevictoryopens the path to ister under Mr.Morales,had Mr.Morales’sMAS,asthe hasbeen criticized as corrupt Mr.Morales’sreturn to Bolivia taken52.4% of the vote.The Movement Toward Socialism andbotching itsresponse to

SHUTTERS afterlast year’s disputed elec- runner-up in Ciesmori’s quick party is best known. the pandemic.Ms. Áñez’s tions forced his resignation. count of asampling of ballots An Ipsospoll ahead of the spokesperson didn’t respond to EFE/

A- “The resultsfromthe quick in the six-candidateelection vote showed Mr. Arce leading arequest to comment.

/EP count areoverwhelming and wasMr. Mesa, a67-year-old with 34%versus 28% forMr. This election wasseen as a

LDES very clear,” said Mr.Mesa from historian who had served as Mesa. Another poll by the replayoflast October’s vote,

VA La Paz, the Bolivian capital. presidentfor 18 months be- Latin AmericaStrategic Center which wasmarked by turmoil TO The official resultsweren’t tween 2003 and 2005. forGeopolitics had Mr.Arce afterBolivians rose up against

ALBER tabulated when interim Presi- Mr.Morales,who had been winning the presidencyinthe Mr. Morales, who had already A man prayed in front of the San Francisco Borja church in Santiago, dent Jeanine Áñezsaid shortly driven from power in Novem- first round, 44.4% to 34% for ruled 14 years and was trying Chile, on Monday, the day after it was torched during protests. aftermidnight Mondaythat ber 2019 afterheclaimed vic- Mr.Mesa. To avoid asecond to win a fourth term.

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A10 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL. FROM PAGE ONE

eliminatethe need forprint- Takao Tokui, chairman of the known actresses recently de- the central city of Nagoya. One Man outs and faxes.” All Japan Seal Industry Asso- Just the cided to getmarried, her man- Manyofthe craftsmen who He said,“My job is to clear ciation, who recently met with fax agement agencyalerted media supply his shop are older and the road of obstructions to al- Mr.Kono to request that outletsbyfax.Aspokeswoman don’t use email, he said. And Versus Fax lowthe Ferraris and Porsches hankouse continue on official forthe agencysaid it didn’t the 36-year-old Mr.Ogiso said of digital innovation to speed documentssuch as contracts have plans to stop using faxes. he liked the reliability and through.” between companies. In the early stages of the physical presence of the fax. Machines Some in his own Liberal Mr.Kono,whose primary coronavirus pandemic,some “Faxing ensures that some- Democratic Party saythey are aimistoeliminatehankouse health officials were still writ- body sees what you send,” he worried oxcartsand wheelbar- from government business, has ing down Covid-19 information said. “Ifthereisastack of pa- ContinuedfromPageOne rows might getcrushed along already had to exempt Emperor on paper forms and faxing pers in front of you, it means September and gaveMr. Kono the way.Agroup of lawmakers Naruhitofromhis anti-hanko them up thechain of com- youhavethat much work to his new assignment as minis- recently submittedaletter—on drive. Thepalacelast year put mand to the health ministry. do.” terofadministrativereform. paper—tosenior government out avideo of the now60-year- In response to questions Mr.Kono wasdefense minister Prime Minister Suga,who A quarter-century of email leaderstowarn that Japan’s old monarch, wearing asuit from TheWall Street Journal, then, but he got involved. On succeeded ShinzoAbe in Sep- has yettodent manyJapanese cultureofusing personal seals and tie as he stamped his gold Mr. Kono said that it was ex- April 23, he retweeted a doc- tember,declared overhaul of bureaucrats’ preference for a in placeofsignatures wasat seal on documents. Thepalace tremely important that Japan tor’spost complaining about the bureaucracy his top chal- pieceofpaper they cantouch, risk owing to Mr.Kono’s says the emperor has two dif- makes progress in digitaliza- theprocess and alerted an- lenge and named Mr. Kono as including at Mr.Kono’s gov- “hasty and excessivemove.” ferent seals,depending on the tion and that he felt “very other official by inserting his the minister who would fixev- ernment agency. They ask for Otherssay that pressing type of document. heavyresponsibility” in his Twitterhandle.That official erything. routine communications to one’s personal seal to official For years, the government new position. said he would take up the is- Mr.Kono is one of the few take place by fax and require documents, such as amarriage has been pledging to make Above all else, the ubiqui- sue,and aweek later the politicians in Japan with a government forms to be sub- application at city hall, is an Japan moredigital, such as tous fax machine symbolizes health ministryannounced a lively Twitterpresence. In are- mittedonpaper stamped with important lifemoment. Per- the office of the prime minis- howday-to-daybusinessprac- newsystemfor online filing of cent post, he tried his hand at an ink seal known as a hanko. sonal seals,which usually dis- ter’s2017“Declaration to Be tices contrast with the nation’s coronavirus cases. poetryinmusing over defunct “Why do we need to print playaperson’sfamily name the World’sMost Advanced IT high-tech image. Although fax- Further wins maynot come technologies.Hereflected that outpaper?” Mr.Kono asked carved intothe end of a Nation.” Not much happened. ing remains common in Ger- so easily.Japan’scorporate “computer disks arenolonger rhetorically at a news confer- wooden or plastic stick, were Japan ranked 27th in the manyand in some privacy- sector is dominatedbysmall floppy” and thereis“no more ence soon after taking charge firstbrought to Japan around world for digital competitive- sensitivepartsofthe U.S. companies with modest tech- turning of the rotary phone of the issue in September. “In 2,000 yearsago via China, ac- ness this year, behind Malay- economy, such as lawyers’ or nologybudgetsand preference dial.” He didn’t mention the manycases,itissimply be- cording to historians. sia and NewZealand, and doctors’ offices,few countries for the familiar. fax machine. cause the hankoisrequired. “Weare feeling asense of down four places from 2019, find the high-pitched screech Faxmachines areirreplace- —Megumi Fujikawa So if we canput astoptothat crisis that thefrequencyof according to IMD business of an incoming fax so alluring. able, said Takayuki Ogiso, the and Chieko Tsuneoka culture, then it will naturally hankouse is decreasing,” said school in Switzerland. When one of Japan’sbest- owner of afurnitureshop in contributed to this article.

2020,then surgedback,rising Farmers 36% in September. Prestage’shog businessison track to lose money forathird Favor straight year,Mr. Prestagesaid. Mr.Trump,ifre-elected, would push forincreased farm Trump exportstoChina and improved trade terms with partnerslike the United Kingdom and the ContinuedfromPageOne European Union,aTrump-cam- ASeptember poll by agri- paign official said. He would cultural publication Farm Fu- work with Congresstoover- tures found 75%offarmers haul immigration andmakeit surveyed in July planned to easier forU.S.farmerstohire vote forMr. Trump,compared immigrant workers, she said. with 72.6% ahead of the 2016 TheUSDA’sMr. Perdue said election. that farm income has grown Mr.Trump’stenurehas been despitetrade battles and that aconundrum forfarmers. His farmersbacked Mr.Trump’sef- trade moves have opened doors fortstopush forbetterterms. formoreoftheir exports—but “The president’sstyle is have at timessent U.S. agricul- probably not the style of many tural marketsswooning and people,” he said, “but the fact provided openings forrival ‘He’s made things more volatile,’ Ron Prestage, below, says of President Trump. Yet he plans to vote for him again, saying, ‘I’ll take is he gets stuff done.” food-producing countries.His the good with the bad.’ His family company, Prestage Farms, is a major hog and turkey producer; above, a Prestage facility in Iowa. Mr.Biden has said he would environmental deregulation scale back Mr.Trump’strade soothed farmer fearsofgovern- U.S. netfarm income Farm Journal asked U.S. wars and enlist allied coun- ment overreach—but his harder farmerslastmonth: If the tries in afront against China’s Sharefromdirectgovernment line on immigration has made it payments election were held today, practices.Hehas said he tougher forsome to staff jobs. whom would youselect for would double government-loan Non-governmentincome U.S. net farm income this president?* sizes forbeginning farmers year is on track to be $102.7 $140 billion and develop regionalized sup- billion, 65% higher than 2016, Trump ply deals between farmersand according to the U.S. Agricul- 120 85% schools, hospitals and other tureDepartment. But govern- Forecast government institutions,pro- ment paymentshavecome to 100 viding farmers new markets makeupmorethan one-third for crops, produce and meat. of that, versus 21% four years 80 JOURNAL He has outlined aplan to pay

ago. To softenthe impact of REET farmersfor sequestering car- the pandemic and trade wars, 60 ST bon in soil, and likeMr. Trump, LL

Mr.Trump’sUSDAprojectsit WA has pledged to expand ethanol will payarecord$37.2 billion 40 and ruralbroadband access. Biden THE this year to farmersand ranch- R “What’senvisioned is creating

20 12% FO ers, with the administration in additional market opportuni- VE

mid-September pledging an 0 Undecided DO ties,” said TomVilsack,USDA additional $14billion in aid. IS secretaryunder the Obama ad- 2013 ’14 ’15 ’16 ’17 ’18 ’19 ’20 4% AV

Some farmerssay former TR ministration, who helped craft *Numbers don't add to 100% due to rounding Vice President JoeBiden would Sources: U.S. AgricultureDepartment(income); Farm Journal survey of 5,000 farmers and ranchers Mr.Biden’srural plan. be awelcome change, including in 43 states conducted on Sept. 3with 1,383responses (poll) Howard Hill, 76,who raises

Chris Petersen,65, who raises JOURNAL; hogs, cattle and crops near

hogsnear Clear Lake,Iowa.Mr. translating to regulations like products.China added new REET Cambridge, Iowa,said Mr.

Trump’strade moves,hesaid, the 2015 Waters of the U.S. rule tariffs amounting to 50% on ST Trump’strade fightswerenec- will driveimporterslikeChina that aimed to expand Clean U.S. pork,ontop of existing LL essarytoensurefair play, and toward producerssuch as Bra- WaterAct protections into duties.With U.S. pork made WA he praised the administration’s THE

zilorUkraine.Hefeels USDA more waterways.The rule— pricier by tariffs,German and R moves to roll back environmen-

SecretarySonnyPerdue caters some states sued, and it wasn’t Spanish pork companies raced FO talregulations.“Overall,” he moretobig farming operations implemented nationwide— to export more of theirs. said, “I’dsay ag is probably in

over small ones.Under aBiden raised alarm in farm country The tariffs hit as low crop GINNIS bettershape todaythan it was.” administration, Mr.Petersen that drainageditches and rain- prices and expanding livestock MC If Mr. Biden is elected, Mr. KC

said, farmerswould have abet- formed ponds on fields could production had U.S. farm in- P: Hill said, he worries about tershot at fair treatment by big become federally regulated. comes on track to hit their TO higher estate taxes. agribusinesses,and ruralAmer- PrestageFarms,based in lowest in over adecade,ac- OM Biden aides have said he FR icawould have betteraccessto Clinton, N.C., is among Amer- cording to the USDA.Mr. Pre- would support returning to health care.Asfor Mr.Trump, ica’sbiggest hog and turkey stagesaid he complained to dropped about $40 from July years, overall farm income in the estate-tax structurein he said, “The farmershavegot- producers, operating farms and the USDA’s Mr.Perdue: “Don’t to August 2018,according to 2018 increased about 8%. Crop place in 2009 before changes tentaken to the cleanersbyhis facilities in the Carolinas,Okla- forget who your friends are.” Iowa State University esti- prices remained low and tar- to the law. That would lower policies.” homa, Iowa and Mississippi. Mr. Perdue assured him that mates,and producersended iffs weighed on prices for the exemption and raise the His fellowMidwest farmers Mr.Trump took officein the administration trade team theyear losing about $10 a goods likemeat and milk. rate.Mr. Biden also has pro- mostly side with Mr.Trump. 2017 as the $23.4 billion U.S. understood farmers’ plight, hog.That negated anybenefit Farm bankruptcies in regions posed changing capital-gains About82% of Iowa farmersin pork industrywas primed for Mr.Prestagesaid. from Mr.Trump’stax over- covering major farm states rules in waysthat could re- aSeptember poll by agricul- growth. Profitswerestrong Mr. Perdue in an interview haul, Mr. Prestage said. climbed in 2018 to the highest quire tax payments on appre- ture-industrypublisher Farm and exportswererising,espe- acknowledged the trade tu- At the American Farm Bu- level in at least adecade,fed- ciated assets upon death, in- Journal Inc.said they intended cially to burgeoning markets mult farmersfaced, saying Mr. reau Federation’s January eral data show. stead of the income-tax-free to vote forMr. Trump and 12% likeChina. Mr.Trump began Trump’sapproach has cor- 2019 convention, Zippy Du- inheritancethat happens now. forMr. Biden; in a2016 Farm easing farmers’ concerns.In rected unfair practices and po- vall—the group’spresident Mr.Prestageworries Mr.Bi- Journal poll, 84% planned to February2017, he ordered the sitioned the farm sector to do and aGeorgia chicken and cat- Improved prospects den would givepriority to en- vote forMr. Trump,6%for Hil- EPAtoreplacethe waterrule. morebusinessabroad. Federal tle producer—acknowledged Prestage’s prospects began vironmentalism over agricul- laryClinton. In Minnesota, 87% ForPrestage’spig farms,which aid payments are made based hardships farmersfaced but looking betterinIowa. China’s ture and business. On social of farmerspolled by the Farm market around 3.8 million hogs on farms’ production, though said: “Asbad as 2018 wason deepening need forpork,exac- issues and lawenforcement, he Journal in September backed annually,that reduced poten- payments arecapped forthe the farm, 2018 will go down in erbated by adisease the USDA said, he worries Mr.Biden may Mr.Trump.AMarquette Uni- tial liabilities when spreading biggest farms,hesaid, and American Farm Bureau history estimated wiped out more followmore-liberal Democrats, versity poll of Wisconsin farm- hog manureonfields. as one of the most productive than 40% of the country’sown whom he sees drifting further ersoverthe past year found agricultural-policyyearsin hogs, brought Chinese buyers from his views on personal ac- 55% support Mr.Trump versus President Trump’s our history.” He noted the looking to order pork when countability.“You’reentitled 36% forMr. Biden. Tariff toll Trump administration’s push Prestage’s plant could supply to have what you earn,” he Four yearsago, Midwest Mr. Trump continued vow- tenure has been a to expand corn-based ethanol it. With Mr.Trump’slate-2018 said, “but not entitled to take farmersfaced sagging crop ing to terminateorreplace conundrum for use,ease environmental regu- signing of the U.S.-Mexico- it from your neighbor who prices.Cheap grain encour- Nafta,which underpinned $38 lations and exempt cattle Canada trade agreement,in- worked harder than you.” aged farmerstobuild more billion in U.S. agricultural ex- American farmers. ranchersfromhaving to use quiries came from Mexican Mr.Biden has pledged not poultryand hog barns,reduc- portsannually.Though Pre- electronic logging devices. buyers and U.S. retailers. to raise direct taxes on people ing livestock prices.Many stagesold hams and turkey to “The runway forour pa- In November 2019,after Mr. making lessthan $400,000 a farmerslooked to exports Mexican buyers, Mr. Prestage tience is going to be deter- Trump called atrade truce year,acampaign spokesman while taking on moredebt and said, aspectsofNafta con- “Every farmer, large or small, minedbythe financial situa- with China, pork exports said,and his policies on cli- looking to cut costs. vinced him it leftthe U.S. at is treated the same.” tions on our farms,” Mr.Duvall boomed.Prestage’sIowa plant mate changewould help pro- Mr. Prestage, who said he an overall disadvantage. TheUSDAinJuly 2018 out- said at the convention, refer- turned itsfirst monthly profit. tect farmers’ crops from envi- had votedfor Republicans and Mr.Trump closed 2017by lined a $12 billion program to ring to Mr.Trump’strade bat- Then in February, Mr.Pre- ronmental harm. In speeches, Democrats, hadn’t immediately signing atax overhaul he said backstop trade-hit farmers, in- tle with China, adding,“We’re stagesaid, Chinese buyers Mr.Biden has distinguished be- gravitated to Mr.Trump.The would ease burdens on U.S. cluding $559 million in gov- gonna hang with him.” called: Thecoronavirus out- tween protesting and rioting. candidatehad pledged to pull workersand family farms and ernment-funded pork pur- TheFarm Bureau doesn’t break wascutting intoChinese Mr.PrestageinAugust was out of a Pacific-region trade which aUSDAanalysis pro- chases to prop up prices. endorse political candidates,a meat consumption, and they reviewing plans to build atur- deal Mr.Prestagehad spent jected would reducehog farm- Mr.Prestagedealt with spokeswoman said. Mr.Duvall planned no further ordersfrom key plant in South Carolina—a yearspushing in Washington. ers’ average tax rate to 16.3% boutsofinsomnia, he said, said in astatement Sunday Prestageuntil the disease came safer gamble than pork,hesaid, By November 2016,though, from nearly 20%. over thegamble of opening that thegroup “works with under control. As Covid-19 because turkey is lessexport- Mrs. Clinton had also become In March 2018,helevied thenew Iowa plant during a administrations on both sides spread in meat plants,Prestage reliant. And Mr.Trump remains critical of that deal. AClinton tariffs on foreign-made steel trade war. of the aisle to improvethe spent heavily on safety gear, the safer 2020 bet, he said: “I’ll administration, Mr.Prestage and aluminum. By July,Mexico U.S. pork exportstoChina lives of farmers.” sick payand testing employ- take the good with the bad.” feared, would empowerthe En- firedback with tariffs of as fell nearly one-thirdthat year. With government payments ees.Hog futures fell morethan —Richard Rubin vironmental Protection Agency, much as 20% on U.S. pork Farmers’ per-pig returns rising to their highest in 12 one-thirdoverthe firsthalf of contributed to this article. P2JW294000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, October 20, 2020 | A10A GREATER NEW YORK Business Group Urges HealthSystemFix

Improving initiatives that spotlighted NewYork care resources. City’s deteriorating condition Jeffrey A. Kraut,the execu- for vulnerable New as aresult of the pandemic tivevicepresident forstrategy Yorkers is among the andmounting anxiety about and analytics for Northwell several quality-of-life issues. Health, said the city’s health- proposed changes Membersofthe city’s busi- care system didn’t provide nesscommunity also have said good insight intocommunities BY MELANIE GRAYCE WEST they have felt sidelined in the they were trying to help dur- city’s financial recovery. ing the pandemic.Abetter A powerful business group Membersofthe partnership datasystemisneeded, he said. representing some of New includeBank of AmericaCorp., “I wanted to knowwhere York City’s largest private-sec- Goldman Sachs Group Inc., these clusterswereappear- toremployers is calling forre- and JetBlue Airways Corp. ing,” Mr.Kraut said. “Then I forms in health-careprograms Thepartnership recom- could have worked with some and policies,including asys- mends the city establish group of my primary-care and my temtoset health standards purchasing or local-sourcing ambulatory-care network to forindoor spaces and better or manufacturing of hospital deploy increased testing ear- integration of health care with supplies. lier in the process.” social and economic initiatives During the height of the Thereport also calls foran

for vulnerable New Yorkers. Covid-19 crisis earlier this S expansion in preventivecare A report from the Partner- year,therewas amassive at thecommunity level, which PRES ship forNew York City and shortageofpersonal protec- is moreaccessible and can Deloitte Consulting,released tiveequipment forhealth-care TED help to lowerhealth-care CIA

Monday, representsanurgent workers, which drew regular SO costs. call to action to the business criticism from unions repre- AS Ms. Wylde, who began her O/ community and othersto sentingthose workers. New career at a community hospi- tackle the city’s broad public- York hospital systems turned talinBrooklyn, said the same health issues. to upfront payments, charity MINCHILL inequality issues in health care

“Covid-19 revealed the im- donations and deal-making to JOHN were well known 50 yearsago. perativetomovetowardsare- secure needed equipment. Personal protective gear was in short supply for New York City health-care workers earlier this year. Even with all the technological silient system of health where Thepartnership also rec- advancement and sophistica- the primaryfocus is to predict ommends agovernment-ac- Kathryn Wylde,president mine the overall health of New health disparities citywide by tion in health care,she said, andproactively treat illnessat credited rating system that and chief executiveofthe Yorkerssuch as access to pooling dataonsocial, eco- “westill found ourselves in acommunity level rather than would help to restoreconfi- partnership, a nonprofit, said transportation, job type or im- nomic and environmental con- basically the same situation provide reactivecarewhen an denceinthe health and safety thebusinesscommunity has migration status,can affect ditions. with hugecomorbidity prob- individual gets sick,” the re- of public spaces.Such asys- episodically been involved in the economy. Separately,the group is lems and disparity in care.” port said. temcould model the city’s res- specific policy issues such as Thereport also recom- urging the city to createa “It’sbecome the responsi- The group’s push on public taurant-grading system, said antismoking efforts. Thegroup mends moreintegrated data data system that can provide bility of all of us to makesure health follows aSeptember David Betts of Deloitte Con- previouslyhas recognized how systems acrossagencies,in- real-time insightsduring acri- we fixitand this doesn’t hap- letter to Mayor Bill de Blasio sulting. other factors that help deter- cluding one that bettertracks sis to better organize health- pen again,” Ms. Wylde said. In N.J., Family of Man Killed During Confrontation With NYPD Officers Demands Action Covid-19 Cases Are Increasing

BY JOSEPH DE AVILA

Indoor gatherings are fuel- ing anew spikeincoronavirus infections in NewJersey,as the number of newdaily cases has roughly tripled from the figuresofmid-September, health officials said. NewJersey reported 1,191 newcases of Covid-19 on Mon- day following 1,275 cases the previous day. That daily case count hovered around 300 to 400 about a month ago. Thestate’s rolling seven- dayaverage of newcases hit 1,015 on Monday. During April, the stateroutinely recorded between 3,000 and 4,000 cases a day. “Manyofthe newcases we aretracking arecoming not from our schools or businesses or manyother activities,but from privategatherings inside privatehomes,” Gov.Phil Mur- GES physaid Monday. IMA

Indoor gatheringsinprivate ETTY /G

residences arecurrently lim- GO ited to a maximum of 25 peo- NTIA

ple, under an executive order SA

signed by the governor. M. NewJersey has been scaling back restrictions put in place MICHAEL to help curb the spread of the VOICING SUPPORT: New York City Public Advocate Jumaane Williams spoke during a Monday news conference calling for the firing of police officers involved in the coronavirus,but none of those fatal shooting of Allan Feliz in 2019 during a traffic stop for a seat-belt violation. The family was joined by others who have lost loved ones in police-involved incidents. rollbacks have contributed to the newincrease in cases,said Judith Persichilli, commis- sioner of the Department of Health. Health officials,how- CityPlans forReturn of Government Workers ever,tracked 36 outbreaks from September through Oct. 5 and found 17%werelinked to indoor gatherings, she said. BY KATIE HONAN opening of itseconomy in still surveying agencies to get tion in late September. tivedirector of District Coun- “It is understandable that June,but employees,private a comprehensive tally of who However, tens of thousands cil 37,the city’s largest munic- residents want life to go back NewYork City’s govern- and public,havelargely stayed is still working remotely. of government workers, in- ipal union, said manyofhis to normal, but as we approach ment, the largest employer in away from offices. Mr. de Blasio first ordered cludingsome teacherswho memberseither couldn’t work the holidayseason, nowisthe thecity,isdevelopingaplan Astudy last month found some municipal workersto have been allowedtoteach re- remotely during the pandemic time to double down on social to bring back 25% of itswork- that only 10% of all Manhattan stay home in mid-March. That motely, remain at home. or have in recent months re- distancing, wearing face cov- erstooffices by the end of the officeworkerswereback, a number grew days later after Agencies began submitting turned to their jobs in schools, eringsand good hand hy- year,according to aperson fa- much slowerrate than in most Gov.Andrew Cuomo mandated return plans this summer to hospitals or at centersoper- giene,” Ms. Persichilli said. miliar with the matter. other large cities acrossthe that nonessential employees city officials.Atofficebuild- ated by theHuman Resources Mr.Murphysaid he hasn’t Theplan comes as most country. work remotely. ings around the city, agencies Administration. ruled out targeted restrictions city workershavecontinued to Mr.deBlasio has encour- It wasthe firsttime the areplanning changes to space Mr.Garrido said although to help bring the case count work remotely since the coro- aged smallerand mid-level city instituted awidespread out and staggerworkersfor some employees had the op- down, but he noted that the navirus pandemic struck in employerstostart bringing remote-work order. safety,according to plans that tion to work from home, they entirestate is experiencing an March. back employees as safely as Beforethe order,the city have been submitted. ended up coming into the of- uptick in cases, not just a few City officials arestill devel- possible. Some business lead- Theopen concept of some fice because of technologydif- hot spots. Indoor gatheringsin oping the plan, which could be ersalso have urgedMr. de Bla- offices could provechallenging ficulties. privatehomes aredifficult for adjusted if NewYork sees a sio to createaplan forthe Officials are aiming in buildingsatfull capacity, “I heardalot of my mem- the state to regulate, he said. large resurgence of the virus, city’s ownemployees to re- but anyinitial reopening bers saying, ‘I have one com- NewJersey’s spikeinthe person said. turn. to bring back 25% of would be at a much lower ca- puterathome and my kid is Covid-19 cases means it has Aspokesman forMayor Bill “Manyofushaveexpressed NYC employees by pacity, according to a spokes- using it for class,’ ” he said. nowmet the criteria used to de Blasio,aDemocrat, de- a hope that the mayor would man forthe Department of Aspokesman forthe mayor add states to the quarantine clined to confirm the timeline consider bringing back some the end of the year. Citywide Administrative Ser- said the city purchased thou- travel advisoryitmaintains forthe city work force’sre- of the city’s workforce—keep- vices,which manages city sands of laptops to allow em- with New York and Connecti- turn. ing in mind all of the health buildings and leases. ployees to work remotely. cut. Travelers coming to New NewYork is working out in- and safety measures,” said Some agencies already have LowerManhattan, where York,New Jersey or Connecti- dividual plans foreach city Jessica Walker, the president lacked aformal teleworking started welcoming back em- many of the city’s offices are cut from a state on the travel agency’s employees,said the of the Manhattan Chamber of policy, according to a spokes- ployees.Inthose cases,they located, has been hard hit by advisorymust self-quarantine spokesman, Mitch Schwartz. Commerce. man forthe Department of have set up staggeredlunch the absenceofgovernment for 14 days. “We’re closely monitoring NewYork City’s govern- Citywide Administrative Ser- schedules and keep in-person workers, according to business States with a positive case the dynamic public health cri- ment employs morethan vices. meetingstoaminimum. Some owners in the area. rate higher than 10 per sis and developing reopening 325,000,which includes about Some government workers, offices installed newfiltersin “The idea thereisthat even 100,000 residentsorhigher strategies accordingly,” he 269,900 civilian and peda- including policeofficersand HVAC units. if there is a small increase in than a10% test-positivity rate said. “Assoon as it’ssafe, New gogueworkers, according to firefighters, never worked re- Employees have to com- the number of people coming over aseven-day rolling aver- York City will set the standard the Independent Budget Of- motely because of their job re- pletemobile health screenings into the city,that could be a age get added to the list. forbringing the workforce fice,afiscal watchdog agency quirements. Thousands of beforereturning,and wear big help to the small busi- New Jersey’s positive case back safely,efficiently,and funded by the city. teachersalso returned to pub- masks and followsocial-dis- ness,” said Ms.Walker,the rate is currently 11.4per sustainably.” Amayoral spokeswoman lic schools when they re- tancing throughout the day. chamber of commerce presi- 100,000 residents. Thecity began a phased re- said City Hall officials were opened for in-person instruc- HenryGarrido,the execu- dent. P2JW294000-2-A010B0-1------NS

A10B | Tuesday, October 20, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK NYCEyesEasing RulesinSome Areas WATCH

BY STEPHANIE YANG NEW YORK STATE

Covid-19 hot spotsin Enforcement Begins Queens could have lockdown On Plastic-Bag Ban restrictions loosened later this week as infection rateshave NewYork’slong-delayedban declined there, NewYork City on single-use plastic bags went officials said Monday. into effect Monday. Risingcases of Covid-19 in The statelaw bans supermar- partsofBrooklyn and Queens, kets, departmentstoresand as well as in Rockland and Or- other types of businesses from angecounties,had prompted distributing the thin plastic bags the statetoimpose newre- thathave been clogging up land- strictions on those areas ear- fills, getting tangled in trees and lier this month. accumulating in lakes and oceans. In redzones,which have Single-use paper bags arestill al- the highest positivity ratesfor lowed, but counties have the op- Covid-19,the stateordered the tion of imposing a5centfee. closureofschools and nones- The lawwas supposed to go sential businesses, and it lim- into effect March 1, but stateen- ited capacity at houses of vironmental officials delayeden- worship to 25% or 10 people. forcementafter alawsuit was NewYork City MayorBill boughtbyaplastic-bag manufac- de Blasio said at anewscon- turer and conveniencestore own- ferencethat the infection rate ers. Ajudge upheld keyparts of in central Queens has im- the lawthis summer. proved substantially and there StateDepartmentofEnviron- could be action to changethe mental Conservation Commis- district’shealth regulations in sioner Basil Seggossaid last the next few days. month thatthe agency would Forother redzones,Mr. de begin enforcing the ban on Oct. Blasio said it is tooearly to 19. The environmental agency on specifywhen schools and non- Mondayconfirmed it would begin essential businesses would be enforcement. allowedtoreopen, but esti- —Associated Press mated that it maytakean- other couple of weeks. NEW JERSEY “Wedocontinue to see a S Bill Allowing Online leveling off in some of the ar- PRES eas of greatest concern,” the Raffle Tickets Vetoed mayorsaid. “Wecan getout ZUMA of this in just afew weeks if A/ Gov. Phil Murphy condition- everyone does what they need INHU ally vetoed a bill Monday that /X to do.” would have expanded charitable NewYork City’s rate of pos- YING groups’ ability to sell raffle tick- itivecoronavirus cases on NG ets online based around sporting WA Mondaywas 2.17%, and the 7- People read a notice of closure at a store in the Rego Park section of Queens, an area that has experienced a rise in Covid-19 cases. events, determining that the dayrolling averagewas 1.62%, measure was too close to inter- according to Mr.deBlasio. contingent on infection rates the beginning of October. to open at 50% of indoor ca- Threerabbis in Rockland net gambling. “Wecan stop asecond and the responses from local In Queens,the infection pacity starting Nov.6. County sued Mr.Cuomo in The Democratic governor re- wave.Right nowthe numbers communities. rate in KewGardens and For- Mr.Cuomo said he is work- federal court last week over jected a bill that would have ex- suggest we arestopping asec- “It’snot just anumber.It’s est Hills was1.4%and in Far ing with community leadersin the restrictions.Earlier this panded a two-year-old law en- ond wave,but we have to re- anumber and aset of circum- Rockaway it was0.93%. the redzones and will estab- month, federal judges rejected abling groups to hold raffles at main vigilant,” the mayor stances,ifthey areactually In Rockland County,the lish newtargetnumbersfor requestsfromCatholic and large sporting events. said. cooperating and we see the positivity rate was2.68%, and infection rateswithin those Jewish groups foranemer- Because the coronavirus pan- During aMondayconfer- numberscoming down and we in OrangeCounty the positiv- locations. gencyblock on the newstate demic has drastically reduced or encecall, Gov.Andrew Cuomo knowthereare plans to get ity rate was1.35% on Sunday. Theshutdown of specific regulations. even eliminated in-person atten- said he would announce them down further,” Mr. Over the weekend, Mr. areasinNew York City has Mr.Cuomo has defended dance at large sporting events in changes to NewYork City’s Cuomo said. Cuomo announced that movie been met with some pushback the measures as aresult of the state, some legislators pro- redzones on Wednesday, Theoverall positivity rate theatersoutside of NewYork from local leaders. Several ul- rising Covid-19 cases. posed expanding the law to let though he didn’t specifywhat in red-zone areas was3.31% City canreopen on Fridayat tra-OrthodoxJewish commu- “It is apurefunction of the people buy tickets to such raf- those changes would entail. on Sunday, according to state 25% capacity,with no more nities areinsome of the red numbers,” he said Monday. fles over the internet, regardless However, he said the zones figures. In Brooklyn’sred than 50 people in front of one zones.Membersofthese com- “This has nothing to do with of whether they were in a sta- could be adjusted and rules zone,the infection rate was screen. munities saythey have been anyparticular religion, any dium. around reopening would be 4.6%, down from about 6% at Ski resortsalso areallowed unfairly targeted. particular culture.” —Associated Press

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | A11

YOUR HEALTH SUMATHI REDDY

orethan amonth af- tergetting sick with Covid-19,Susan Weinstein wasstill Mexperiencing short- nessofbreath anda racing heartbeat. When she went to see apul- monologist in April, he said it was likely anxiety and suggested she tryXanax. “I said, ‘I don’t think so,I’m a psychiatrist,’” says Dr.Weinstein, a42-year-old in Ardsley,N.Y., who ranthe NewYork City Marathon as recently as 2018. Instead, through social media connections Dr.Weinstein found about half-a-dozenother doctors who were experiencing the same thing.All had gotten Covid and weeks later were suffering from newand perplexing symptoms, such as extreme fatigue,shortness of breath or memoryfog.Inmany cases,they faced skepticism from the doctorsthey were seeking care from. They swapped ques- tions about physicians,symptoms and potential treatmentsnearly everyday on aFacebook messen- gergroup.

Other doctors have sometimes dismissed their symptoms, or don’t know how to treat them.

“Wehavethis little support group of doctorssharing stories about medicines that work and talking about thingsthat aren’t always conventional because there’salack of treatment op- tions available,” says Dr.Wein- stein. “They helped me advocate formyself.” Doctorsand other health-care professionals areheavily repre- sented among the estimated hun- dreds of thousands of Covid pa- Covid symptoms persisted for Annie tientswho experience persistent S. Li, Jeffrey Siegelman, Jake Suett symptoms aftertheir acuteill- and Susan Weinstein. ness. Such patientsoften referto themselves as having long Covid or being long-haulers. types of conditions because if it’s There’snoreliable count of hardtoshowproof of howill howmanymedical professionals TheDoctors Whose Covid you’refeeling.It’sverychalleng- have contracted Covid, but they ing,” he says. were among the hardest hit popu- Annie S. Li, 40-year-old child lations in the spring.AJuly study psychiatrist at NYU Langone TEIN in the Lancet based on self-re- Symptoms Won’tGoAway Health and director of the chil- ported datafound that health- dren’scomprehensivepsychiatric WEINS care workershad at least athree- emergencyprogram at Bellevue AN fold increased risk of contracting Hospital Center in Manhattan, SUS

; Physicians hit hardbyCovid-19 areturning to supportgroups and calling Covid-19. started the informal Facebook One of the most frustrating ex- messenger group that Dr.Wein- SUETT attention to itslong-term effects;‘absolutely changedmyperspective’

KE periences of long-haul patientsis stein is in afterwriting about her JA finding medical care:Doctors battle with Covid in May. DR. sometimes dismisstheir symp- Siegelman. “In the emergencyde- bettersurveillanceoflong Covid breath. He wasn’t able to getadi- Dr.Lihad to take aleave of ab- toms or have no idea howtotreat partment youoften discharge and moreclinical services and re- agnostic test until four weeks senceinthe spring to focus on

GELMAN; them.For doctorsthemselves these patientstofollowupwith search. later,which wasnot surprisingly her recovery and delayedstarting

SIE who have long-term symptoms, their primarycare. I’m sureit’s Manyofthe doctorshad con- negative, but he wasgiven aclini- anew job.

SA the experiencehas been eye- easy forpatients likethat to feel nected on aFacebook group that caldiagnosis by his doctor. She says she still has alot of opening. that they’vebeen brushed off. todayhas nearly 500 members. He feels that he is slowly im- fatigue,getsbad headaches and MELIS “This has absolutely changed Very much what Ineeded was “Asthe firstwavelessened, it proving,but isn’t sureifhehas has muscle aches.She can’t exer- AR; my perspectiveasIreflect on validation even if therecouldn’t emergedthat agroup of us were just adapted to anew normal or if cise the way she used to and has

HARK what I’vedealt with,” says Jeffrey be acure. Ithink I’ll be much still very unwell,” says Ginevra he’sactually getting better. “I still recurrent sorethroat and some RA Siegelman, a40-year-old associ- moresensitivetothat going for- Read, apsychiatrist in Bristol, feel quiteeasily short of breath, I brain fog. AG

A ateprofessor of emergencymedi- ward.” U.K.,who is one of the group’sad- still getchest pains,Istill getpal- “Multitasking is something that cine at EmoryUniversity School Some doctorswith long-term ministrators. “It became clear pitations,” says Dr.Suett. “I still Iprized myself on beforeCovid SHILP of Medicine in Atlanta. He got Covid symptoms areturning to that this group of doctorswere have difficulty really thinking and nowit’smuch morechalleng- DR. Covid in early August and still has each other forsupport and advo- keen to sharetheir experiences.” very clearly.” ing,” she says. AN;

RY profound fatigue and frequent cating forgreater awarenessand Among itsmembersand one of He,likemanyothers, has been Theinformal support group heart palpitations. bettertreatment. the authorsofthe BMJ letteris unable to return to work.Hehas helped in atime of darkness, she PETE Dr.Siegelman wassupposed to Some areorganizing in afor- Jake Suett, a32-year-old anesthe- tried twicebut wasthwarted by says.“Ithink it’sthat shared, BY go back to work earlier this mal way.Inthe U.K.,agroup of tist and intensive-caredoctor in shortnessofbreath andchest ‘You’renot alone.’ You’renot.” ION

AT month but says he is still on leave doctorswho arelong Covid pa- King’sLynn, about 100 miles pain. They checkinoneach other TR with no clear return date. Instead tientsare penning letters in medi- north of London. “I knowofacouple who have about onceaweek. US

ILL he nowdoes acouple of hoursof caljournals and lobbying the gov- Dr.Suettsays he firstgot Covid tried and none of us have man- “Weweretherecheering each : officework from home. ernment. symptoms in March. “I had gotten aged,” says Dr.Suett. other on,” she says.“It wasalot LEFT “I think about the patientsI In arecent lettertitled, “From myself intothe best shape I’ve Dr.Suettsays manydoctors of encouragement, alot of ex- OM

FR see who come in with symptoms DoctorsasPatients:aManifesto been in my whole life,” he says of have had challenging experiences changing of information. More that areveryreal and Ican’t find forTackling Persisting Symptoms his pre-Covid self. getting care themselves.“Ican importantly it wasasafespace WISE anyobjectivedatatopoint me to of Covid-19,” in the medical jour- He didn’t requirehospitaliza- definitely see whyitmust be a that we knewwewerenot going OCK

CL acertain diagnosis,” says Dr. nal BMJ,39doctorscalled for tion but says he wasveryshort of nightmarefor patientswith these to getgaslighted or dismissed.”

Long-Term or manyCovid patients nosed with Covid. Her original Fwith long-term symptoms, Covid Patients mission was to mobilize recov- online support groups have ered Covid-19 patients to do- been an invaluable resource. nate plasma. Several groups have thou- Turn to Online The group now has more sands of members. In addition to than 110,000 members and has connecting patients and advo- SupportGroups become an advocacy group for cating for better care, some patients dealing with long-term groups are also launching their symptoms. The group is work- own research efforts or collaborating with research- ing with researchers and lobbying for more long-term ers. Smaller groups have formed to focus on children Covid care centers. or patients with specific symptoms, such as heart or Another popular support group is Long Haul Covid neurological issues. Fighters, which started on Facebook in April. Once it Among the most active is Body Politic, a support became clear that some Covid-19 patients weren’t get- group that started in late March as a small Instagram ting better even after three months, a second group group chat. It now has more than 14,000 sign-ups formed in June for those earlier in their illness. from people across the world and moved to Slack Each group is limited to about 5,000 members,

JOURNAL where it has organized into more than 50 channels on says Chelsea Alionar, a 37-year-old long Covid patient different topics. in Keizer, Ore., and an administrator. Ms. Alionar says REET

ST The group also launched a patient-led research there are now plans for a third group as the number

LL arm, publishing its first survey in May and currently of patients grows.

WA working on another one. “Our mission is to provide support for those whose

THE Diana Berrent, a 46-year- health has been affected by Covid-19, promote public R

FO ChelseaAlionar is old in Port Washington, N.Y., awareness and education regarding lengthy Covid re-

SH an administrator for founded Survivor Corps, a covery, and to advocate for the medical, mental NA aLong Haul Covid Facebook group and website, health, and social interests of long haul Covid survi-

LEAH Fighters group. in late March after being diag- vors,” says Ms. Alionar. —Sumathi Reddy P2JW294000-0-A01200-1------NS

A12 | Tuesday, October 20, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

author and therapist whose prac- tial to providing good care,” said tice is based in New London, Conn. Mr. Appel. The problem: “It is gen- “Here we have this practice de- erally difficult to prevent one pa- voted to honesty where this little tient from sharing another’s confi- irony occurs: In order to tell the dences with outsiders,” he said. truth, you have to lie.” Ms.Tatesaid she leftout anyone Ms. Gildiner, a former therapist, who didn’t want to be included and thinks stories rooted in real life showedthe manuscript to group are worth telling. She sought per- members, all of whose identities mission from former patients and were shielded. She took out pas- disguised their identities. “What sages that she felt robbed other pa- you make up is never as good as tientsofthe chancetotell their own reality,” said Ms. Gildiner. stories.“These people aremyfam- Professionals should not ask ily,” she said. “The idea of trading anything of patients beyond pay- away anypart of the relationship ment, some therapists say, adding just feels likeitwould be death.” that clients may not feel comfort- Lauren Wein, an editor at Simon able declining to be written about. & Schuster’s Avid Reader Press, If patients don’t end up in the worked on “Group” and “Maybe book, they may worry that the You Should Talk to Someone.” She therapist finds them boring. If said she couldn’t fact-check those they do make the cut, they might books, given the confidentiality of regret it later. the material. She is guided by in- “There’salot of disagreement in stinct and would hesitate to pur- the field—it’snot an area where sue a manuscript with an overly there’saclear ethical consensus,” heroic therapist. She tends to trust said JacobM.Ap- memoirs with pel, apsychiatrist more self-in- who writes about New books about terrogation by the profession. the narrator. “Maybe You therapy unpack the LosAngeles Should Talk to private lives of patients psychologist Someone,” amem- StanFriedman oir by LosAngeles —do they cross a line? has been on

OCH therapist Lori both sides of

BL Gottlieb,was one the patient GE of the bestselling narrative. He SER books of 2019.Ittracesthe author’s onceposted on his websiteabout a BY storyofpersonal struggles,her own divorcedmother who informed him ION

AT experienceintherapy and her ses- that she had agun at home but

TR sions with patientswhose identities would not reassurehim that she US

ILL have been hidden. Now, it’sinde- wouldn’t use it. He never sought the velopment foraTVseries.Ms. Gott- patient’spermission to sharethe lieb said she didn’t approach cur- tale.The incident wasroughly 16 rent patientsorthose she thought yearsold, he reasoned, plus he did What if Yo ur Therapist’s should not participatefor clinical not reveal her identity and her ther- reasons.She described arigorous apy had ended adecade earlier.But permission processthat included unbeknown to him, the patient still asking subjectstosign arelease read his websiteevery day. Tell‑All Is All About Yo u? specifically forthe book and talking She contacted him and told him repeatedly with them about comfort howupset she wastosee her trau- levels and privacyprotection. matic lifestory summarized in one BY ELLEN GAMERMAN author said. A third, Ms. Gildiner of mental-health care and the lu- Sometimes,the patientsare the page. He offered her counseling for added, was a musician who felt so crative cachet of self-care in all its ones writing the books,which can whatever she could afford, about atherine Gildiner’s new vindicated by the book’s portrayal forms is fueling demand. Print be trickywhen it comes to situa- $20 an hour,until she felt the issue book about her life as a of him that he showed the hard- sales of psychotherapy books are tions likegroup therapy.In“Group: wasresolved. “She didn’t believeI psychotherapist stars her cover to everyone in his family. up 18% over last year, according to HowOne Therapist and aCircle of had done anything wrong,” he said, former patients, some of “All of them were happy to be NPD Group/BookScan. StrangersSaved My Life,” amemoir “but apart of her wasupset to have Cwhom experienced strong in it,” said Ms. Gildiner, whose The writing of case histories is by Christie Tate out next week,the to facethose yearsoftherapy all at reactions after seeing memoir “Good Morning, Monster: a practice that reaches back to author reveals her interactions with onceinasummaryaccount.” their lives exposed on the page. A Therapist Shares Five Heroic Sigmund Freud, but it raises some fellowpatients in group therapy. As aformer patient, Dr.Fried- Ms. Gildiner said one patient, a Stories of Emotional Recovery” uncomfortable questions: Are While patients aren’t subjected man allowedawell-known thera- woman who had been abused as a came out last month. “The musi- enough details hidden so the sub- to the same professional confiden- pist to use one of his dreams in a child, told her that reading the cian said, ‘If this helps even one jects won’t be found out? Are so tiality requirements as therapists, professional lecturewith his iden- book brought up repressed memo- person then it’s worth it.’” many details altered that the story those who share their experiences tifying information withheld. But ries of her sadistic father and Doctor-patient confidentiality is turns untrue? What keeps thera- publicly can change the dynamic in aformer colleague heardthe lec- briefly sank her into a depression. a cardinal rule for therapists, a le- pists from embellishing their roles treatment. “The theory is that peo- tureand, knowing Dr.Friedman Another, a wealthy antiques collec- gal and professional obligation and the dramas of their patients? ple wouldn’t be honest or trans- had been the speaker’s patient, tor, was mortified by the thought that is considered essential for “A lot of therapists make their parent with their therapists if not guessed the storywas about him. of anyone ever knowing the pa- treatment. But therapists are turn- patients unrecognizable, but at for the assurance of confidential- Dr. Friedman didn’t mind. “It tient was her and vowed not to tell ing their case studies into page- some point, why not just write fic- ity, and as a result therapists was the opposite of shame,” he a soul about her literary turn, the turners. The widening acceptance tion?” asked Gary Greenberg, an might not learn information essen- said. “I was tickled.”

ANATOMY OF AWORKOUT ONE-ARM ROW WITH STRAP JEN MURPHY Why: “Rows work the muscles around the shoulder blade such as A Climbing the rhomboids and middle trape- zius, which are important for pos- Workout, ture and proper movement patterns at the shoulder complex, especially with pulling-type maneuvers,” says No Rocks Mr. DiCristino. “By doing a one-arm version you also challenge your sta- Required bilizing muscles at the spine.” How: Wrap a strap around a secure 1 limbing involves much more anchor point like a tree branch, Cthan upper-body strength, fence or banister at head height. says Zack DiCristino, a Salt You can also tie a large knot on the Lake City-based physical thera- end of a strap and place it at the pist with USA Climbing and lead top of the door, closing the door so therapist for the U.S. national the knot is on the other side as an and Olympic climbing teams. anchor, says Mr. DiCristino. Hold the It should be initiated through strap with your right hand, keeping the feet and legs with the arms the arm straight in front of you and assisting, says Mr. DiCristino. extend your left arm straight be- “It’s similar to a baseball Zack DiCristino, lead physical therapist for the U.S. Olympic climbing hind you. Your feet should be hip- pitcher,” he says. “The muscles team, at Front Climbing Club’s South Main gym in Salt Lake City. width apart and your trunk rotated below the shoulder generate the away from the strap. Slowly lean power, and the arm goes along back keeping your trunk, hips and for the ride.” In many scenarios, celeratethose motions to avoid sistancebands to exercises like legs in a straight line. The further 2 climbers rely on leg and core falling and gettheir feet back to planks and pull-ups to help cue back you lean the more challenging strength to press themselves for- the wall.” In everyday life, a the stabilizer muscles around the the exercise. Perform a row by first

JOURNAL ward and upward when they can strong core and good body shoulder to fire,and to help rein- pulling your shoulder blade back only use their hands for balance awarenesscan help youstayup- forceproper movement patterns. and down. Avoid shrugging or REET

ST on holds. right if youslip on iceorregain Having healthyshouldersmakes rounding the shoulder. As you rise, LL Astrong core helps with bal- your balanceifyou trip on the pulling on arock hold, or reaching bring your left arm forward and WA anceaswell as body control. “As sidewalk,hesays. forajar on ashelf,easier,hesays. straight in front of you, rotating

THE aclimber,you want to have your Because climbers are often If youdon’t have aresistance through your right shoulder. Slowly R

FO center of gravity in an optimal pulling or pushing with their band at home,hesuggestsusing a return to the starting position. Do

ON position at all times forbalance shoulders and arms when they pair of nylons or suspenders. A three sets of six to eight reps on

GUS and preparation forthe next climb, they need to be diligent TRXstrap canbesubstituted with each side.

FER move,” says Mr.DiCristino. about training the small stabiliz- adog leash or yoga strap.

TUG “When aclimber jumps fora ing muscles around the shoulders Option: Step one foot behind you A hold or swingsaway from the to prevent injuries, he says. To see more of the exercises in for more stability. Start with a two- 3 SHU

JO wall they need to be able to de- Mr.DiCristino likes to add re- this workout, visit WSJ.com. arm row if this is difficult. P2JW294000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | A13 ARTS IN REVIEW

MUSIC REVIEW |MARK RICHARDSON AMemo From TheBoss CLINCH NNY DA

incethe release of his Bruce Springsteen’s new album is a record tailored to longtime Theopening and closing tracks 2012 LP,“Wrecking Ball,” provide the perfect frame forthe BruceSpringsteen’scre- fans that explores aging, loss and the meaning found in music album, showing howdeath and loss ative output has mostly arethe flip-side of nostalgia, and focused on sorting they also illustratejust howfan-di- S Dream.” He wrote most of the friend’s passing, Mr. Springsteen Springsteen’s delivery and the rected this record is.“One Minute through and reframing his past. His 2014collection, songs last year—though, intrigu- realized he was the only surviving chiming arrangements carry the You’reHere,” ahaunted acoustic “High Hopes,” wasfilled with cov- ingly, three tunes date from the member of the five-person group weight. number delivered by Mr.Spring- ersand older songsthat were pol- early ’70s—and all were recorded and uses the song to reminisce The reworking of previously un- steen alone,pointsout that lifecan ished up and re-recorded. He is- at Mr. Springsteen’s home studio about their gigs and marvel at the released songs is the most provoc- end in an instant, so everymoment sued an expanded version of in New Jersey over just a few days fact that he’s still making music all ative choice here. “Janey Needs a must be cherished. Thelines “Au- 1980’s“TheRiver” in late2015 in November 2019. A film compan- these years later. “The Power of Shooter,” “If I Was the Priest” and tumn carnival on the edgeoftown and later performed the album on ion to the record by Thom Zimny, Prayer” and “House of a Thousand “Song for Orphans” were written /Wewalk down the midway arm- tour.His terrific autobiography, a frequent visual collaborator of Guitars” extend the backward- just a few years after the Castiles in-arm” conjurethe wistfulJersey “Born to Run,” followedin2016, Mr. Springsteen’s, documents the looking theme and connect to Mr. split, in some cases before Mr. Shoresetting that has served as a and during the next two yearshe recording of the album in cozy Springsteen’s earlier work—for ex- Springsteen had a recording deal. backdrop forMr. Springsteen’s presented “Springsteen on Broad- black-and-white. It will be avail- Each stretches past six minutes, work from the beginning. way,” the showabout his lifeand able Friday on Apple TV+. The re- reflecting his impressionistic The brilliant closer “I’ll See You music based on his book.Mr. sult of these sessions is a comfort- word-drunk era, when he seemed in My Dreams,” big-hearted and Springsteen’srecordfromlast ing and often moving record desperate to squeeze in every warmly optimistic, expresses ear- year,“Western Stars,” aset of tailored for Mr. Springsteen’s most thought. But the down-the-middle nest belief few artists other than string-laden character sketches loyal fans, reflecting an exchange arrangements on “Letter to You” Mr. Springsteen could pull off. It that evoked the orchestrated folk- between artist and audience that are consistent enough to absorb says that death is not the end, be- pop of the early ’70s,was an ex- only long-term connection makes the shaggy originals into the new cause memories remain, and it’s ception to this retrospective possible. record’s more disciplined aes- easy to draw lines between the trend, but he wrotemost of it in Thesonic character of “Letterto thetic. The gesture of including song and the loss of E Street com- 2010,beforehis extended season You” is quintessentially EStreet, such early work is meaningful for patriots, namely Clemons and or- of reflection. with RoyBittan’spiano and glock- those who have been following his ganist Danny Federici, who died in “Letter to You” (Columbia), Mr. enspiel providing the sparkle atop story for years, even if the execu- 2008. Mr. Springsteen, who is spry Springsteen’s 20th studio LP, out sturdy guitar work from Mr. tion smooths out its defining idio- and healthy at 71 years old and Friday, puts a bow on this phase of Springsteen, Steven VanZandt and syncrasies. probably has a lot of new music in his creative life. It’s in part a con- Nils Lofgren; Jake Clemons,nephew Hearing songs from Mr.Spring- front of him, has written a few cept album about the ability of of longtime bandmember Clarence ‘Letter to You,’ Bruce Springsteen’s steen’syouth bumping up against dozen anthems that have dented music to give meaning to exis- Clemons,who died in 2011, pro- 20th studio LP, is out Friday. newsongs about his youth gives the broader culture and will far tence—a favorite theme of his— vides blastsofsaxophone hereand the album an alluring time-stretch- outlive him. These more modest and it’s also a meditation on time’s there. ing flavor that seems designed to songs are likely to be remembered passing, how if you live long Three consecutive tracks in the ample, “Bells ring out through draw the faithful closer.During this only by those whose relationship enough you get used to saying middle of the record directly ad- churches and jails” in the latter latephase of his career,the indi- to Mr. Springsteen’s music feels goodbye to the people around you. dress music as a force for transfor- echoes imagery from early classics vidual listener’s relationship to his more familial, which, given the re- For such themes it makes sense mation. “Last Man Standing” was “Backstreets” and “Jungleland.” previous work provides the context. cord’s aims, seems just right. that Mr. Springsteen would recon- written following the death of a These melodies are so elemental So what’saffecting to adevotee vene the E Street Band, who ha- friend of Mr. Springsteen, a band- they can sometimes bleed to- mightseem cliché or even self-pa- Mr. Richardson is the Journal’s ven’t joined him for a full studio mate from his high-school rock ’n’ gether, but when the tunes are less rodic to someone who approaches rock and pop music critic. Follow album since 2009’s “Working on a roll outfit, the Castiles. With his memorable the conviction in Mr. his music with skepticism. him on Twitter @MarkRichardson.

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A14 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL. SPORTS The World Series of Opposites

A matchup between the high-payroll Dodgers and the low-payroll Rays becomes a referendum on baseball’s economics

BY JARED DIAMOND

ssuming the coronavirus pandemic allows fora normal season in 2021 Athe LosAngeles Dodgers will owe three of their players—Clayton Kershaw, Mookie Betts and Kenley Jansen—around $75million combined. TheTampa BayRays rarely paythat much to their entireroster. Yetthese two franchises,who operateonoppositeends of the sport’sdisparatefinancial spec- trum, nowfind themselves in the exact same place: squaring off fora

championship in the World Series GES

afterposting the best recordsin IMA their respectiveleagues. On the surface, it seems likea GETTY classic example of rich versus poor: W/ SHA

deep-pocketed coastal elites against A

scrappy upstartswho somehow EZR thrivedespitetheir limited re- GES; sources. It suggeststhat, while agi- IMA ant payroll certainly helps,anybody

cancompetewith enough creativity GETTY and ingenuity,evenwithout anyar-

tificial constraintsonspending. TINEZ/

But at the most precarious mo- MAR ment forbaseball’sfragile labor re- lations in aquarter-century, with NALD RO

the threat of awork stoppageafter P: the 2021 season looming large,this TO OM

matchup between the Dodgersand FR Rays serves as an inadver- tent referendum on the The Dodgers, above, and Rays, left, operate on opposing ends of Major League Baseball’s financial spectrum. game’seconomics. While fans marvel at Piratesreaching the playoffs ball Prospectus.Noteam so close to poachedthe Rays’general manager, Betts’s superhuman talent in three consecutiveseasons the bottomofthe payroll rankings Andrew Friedman.Exactly one year and the ridiculous ascen- in the middle of the last de- as the 2020 Rays has come away afterwinning the World Series for sion of the Rays’Randy cade while spendthrifts like with atitle in decades,ifever. the fourth time since2004, the Red Arozarena, officials from the LosAngeles Angels fal- That reality enables the Dodgers Soxdid the same,picking the Rays’ both sides of the negotiat- tered. He’ll citethe Rays, to enter each season all but knowing Chaim Bloom as their chief baseball ing table—not to mention the epitome of frugality, they will contend. officer. 28 other team owners—will nowwinning morepennants “Everybody wasexpecting us to ARays win—juxtaposed against assesswhat it means for in the last 12 years(two) gettothe World Series,” said Dodg- yetanother Dodgersloss—would the futureifthe small-mar- than the Yankees (one). ersutility man Enrique Hernández, only reinforce that belief,nodoubt ketRays canrise abovethe But adeeper look at the who hit acrucial home runinGame inspiring ownerstowonder how competition with their mi- landscape paintsamore 7ofthe National League Champion- Tampa Baycan win with so little croscopic budget.The Rays’ complicated picture. Though ship Series on Sunday. “Wewereex- when they cannot. Whycommit payroll, prorated forthe the Rays and A’shaveac- pecting to gettothe World Series.” $365 million to Betts,likethe Dodg- curtailed schedule,regis- complished remarkable These Rays canchangethat with ersdid in July,when the Rays prove teredatunder $30 million, thingswhile keeping their avictorythat would send shock that the key actually stems from im- lowerthan all but two costslow with arotating wavesacrossthe industry. If they proving their analytics and player teams.The Dodgersonce cast of characters, they re- pull it off,they will have beaten the development departmentsinstead? again sat near the topof main the exception. The teams with the topthree opening- ADodgerstitle,which would be the list. Dodgershavewon eight daypayrolls—the Yankees,Dodgers their firstsince1988,would empha- “You want to see teams straight division crowns and and Houston Astros—all in the same sizethe powerofsuperstarslike find success in different on Tuesdaynight will ap- postseason. Betts to carryateam over the ways. That’spart of what pear in their thirdWorld Even the richest teams nowuse hump. makes the game what it is,” Series in the past four the Rays as amodel. They runtheir Neander said the Rays don’t try Rays general manager Erik years. TheRed Soxhave organization with ruthlesseffi- to outsmart anybody.Hejoked that Neander said. “I don’t think wonfour titles this century, ciency, using adeep commitment to he went to Virginia State while youeverwant to see there the most of anyteam. The analytics and adispassionateap- manyofhis peersgraduated from be one particular cookie- Yankees have qualified for proach to roster building that allows IvyLeague schools,sohecouldn’t cutterform of success in the postseason in 22 of the them to overcome their economic do it if he tried. Nonetheless, the anything.That’snot what last 26 seasons. station. Removing all emotion from Rays represent modern baseball, not makes it fun.” Perhaps moretelling,the the equation comes at acost, pre- only because of their performance, As the only major North Ameri- your hometownsquad candojust as importanceofwealth shows up in venting fans from growing attached but because of howlittle they spend canprofessional sport without asal- well without that luxury. Commis- the most important category of all: to players whom the Rays will soon to achieveit. arycap—a hard-earned bargaining sioner Rob Manfred frequently championships.The WashingtonNa- part with, but it generates results. “Weare almost entirely focused victorythat the baseball players’ pushes that argument in his public tionalswon last year thanks to three “Our brand of baseball is not the on just doing what we think is best union will likely never relinquish— statements, rejecting the notion of pitcherswith contractsworth $140 same as the Astros or the Yankees,” forusand forour organization,” Ne- baseball’sintegrity hinges on the anycorrelation between payroll and million or more. TheRed Soxwon in Neander said. “Toshowthat there ander said. “Be it payroll, be it reve- paradigm that money doesn’t matter on-field success. 2018 with the highest budget in the aredifferent waystodothis,sure, I nue disparity,any of that stuff,we much. Sure,the wealthyDodgers, He pointstoorganizations like majors. think that’sgreat forbaseball.” don’t really spend awhole lot of NewYork Yankees and Boston Red the “Moneyball” Oakland Athletics, Teams that finished in the top When the Dodgersneeded some- time on it, because it doesn’t change Soxwill buy everyexpensivefree who have qualified forthe postsea- half of payrolls have won18ofthe body to runtheir baseball opera- anything.” agent. But don’t worry, residentsof son 11 times since2000 with consis- last 20 World Series,including 14 tions group afterthe 2014season, With four morewins,itverywell Miami, Milwaukee or Pittsburgh, tently tinypayrolls.Hementions the from the top10, according to Base- they turned to Tampa Bayand could.

From left to right, Gio Reyna Chelsea’s attack now that he has (Dortmund), Christian Pulisic (Chelsea) recovered from a hamstring prob- and Sergiño Dest(Barcelona). lem. Manager Frank Lampard con- But for the top of the young firmed that by handing him the American class, led by Christian No. 10 jersey before the start of Pulisic, this season is much more the season. serious business than your average “We all know what a fit Chris- junior year abroad. It’s the product tian Pulisic can do,” Lampard told of more players following his lead NBC. by committing earlier to a Euro- Progress has always been slow pean soccer education. for U.S. players in Europe. Dest, born in the Netherlands No American had played in any and schooled at Ajax, is now UEFA tournament until 1976, when breaking through at Barcelona. a Hungarian defector named Gyula Midfielder Weston McKennie, a 22- Visnyei appeared for a Belgian year-old Texas native who at- team in the now defunct Cup Win- tended Schalke’s youth academy in ners’ Cup. It would take another 14 Germany, has cracked Juventus’s years for an American to get a starting lineup. Tyler Adams, 21, first taste of the European Cup— scored in a Champions League the tournament that became the

quarterfinal for RB Leipzig this Champions League. S summer. And Gio Reyna is the To this day, the most career PRES newest bright young thing out of goals scored by a U.S. national the Borussia Dortmund youth sys- team player in the Champions TED CIA

tem. League is six, by DaMarcus Beasley SO AS

Reyna’s first professional assist for Rangers and PSV Eindhoven. T/

came in the Champions League You would be forgiven for for- OR round of 16 in February against getting that those ever happened. MONF Paris Saint-Germain. He’s only 17, To players like Dest, they’re an- AN

but he fully understands his cur- cient history. The moment that JO

rent purpose in life: Get the ball to truly shaped their young careers OL; PO U.S. SoccerStars MakeEuropean Run Dortmund’s towering Norwegian was much more recent: the U.S. S finisher, Erling Haaland. national team’s 2017 defeat in “We came into the first team at Trinidad that cost the team a BY JOSHUA ROBINSON of milestones, this season’s Cham- and everybody’s hungry.” the same time and ever since he’s berth at the 2018 World Cup. NOBLE/PRES pions League will set a new stan- Ten Americans in the Champi- been drilling it into my head to Though Pulisic was the only one of PHIL

ONE OF AMERICAN SOCCER’S dard. For the first time in its his- ons League is still far from a criti- ‘pass me the ball, pass me the ball, this contingent on the field that S; favorite pastimes over the past tory, European soccer’s most cal mass. It’s roughly on par with pass me the ball,’ ” Reyna told the night, the impact of that game three decades has been measuring prestigious tournament will in- the number of players in the club’s official channel. hasn’t been lost. PRES the progress of its players in Eu- volve 10 young Americans. They Champions League this year from None, however, is more estab- They view themselves today as TED CIA

rope. U.S. soccer fans—and na- play for teams such as Barcelona, Serbia, a country with the 2% of lished than Pulisic, who at 22 is part of a national team rebuild un- SO

tional team coaches—learned the Juventus, and Chelsea—and the U.S. population. And not all of somehow one of the oldest mem- der Gregg Berhalter that hopes to AS names of obscure clubs in Ger- they’re all under the age of 26. them are ready to feature right bers of this American generation. show progress in Qatar in 2022 many and Scandinavia to track the “It’s not a surprise,” said 18- away. Konrad de la Fuente, also at Following his $70 million transfer and mature in time for the 2026 RREN/ WA

few talents who had crossed the year-old Sergiño Dest, who this Barcelona, only recently started to Chelsea ahead of the 2019-20 World Cup in the U.S., Mexico and S.

pond. A promising teenager’s citi- season became the first American practicing with the first team. season and a long injury layoff, he Canada. TED zenship status could be as intrigu- to play for Barça’s first team. “I Goalkeeper Zack Steffen, at Man- became one of the stars of the Pre- “He has a plan for us,” Dest said : ing as his ball control. saw already in the youth [teams] chester City, is the club’s third mier League’s post-hiatus summer. of Berhalter. “We are the guys that LEFT OM

So for a soccer culture in search that we have a lot of good players choice. He expects to be at the heart of have to do it.” FR P2JW294000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | A15 OPINION The Myth of Moderate Democrats BOOKSHELF | By Martin Peretz

Remember Trump Country.” There’struth “I watched as JoeBiden spit moderate bona fides on frack- Middle East when Rep. in that. But just as Mr.Biden venom at an autoworker who ing,which provides thousands Conor Lamb is trying to put a moderate dared to question Joe’sinten- of jobs in western Pennsylva- wasthe faceonthe Bernie Sanders/Al- tion to dismantle the Second nia. Afterseveral contradictory poster boyfor exandria Ocasio-Cortez plat- Amendment and take your statements, Mr.Biden nowsays Balancing Act howDemo- form he has embraced, Mr. guns,” Mr.Parnell said. categorically he opposes aban MAIN cratscould Lamb has to defend himself Mr.Biden and Mr.Lamb are on fracking and would ban only STREET prevail in against charges that he has trying to have it both ways. newoil-and-gas permitson Crosswinds: The Way of Saudi Arabia Trump dis- movedleftsincetaking his Mr.Biden, forexample,isrun- federal lands.But that’sami- By William tricts? JoeBi- seat in Congress. ning on policies that would nority view in his ownparty, By Fouad Ajami McGurn den suredoes. One year ago, well before makehis administration far with hisrunning mateKamala (Hoover Institution, 222 pages, $24.95) Only two the firstvotes in the Iowa moreprogressivethan Barack Harris on record as favoring a weeks out from the election, caucuses had been cast, jour- Obama’s—while insisting to full ban. earch forrecent news articles about Saudi Arabia and the Messrs. Lamb and Biden are nalist Salena Zito—aco-au- Pennsylvania voters he’sa When Rep.Ocasio-Cortez S firstname certain to appear is that of Jamal Khashoggi, both working overtime to per- thor of “The Great Revolt: In- moderate. introduced abill to ban frack- the Saudi journalist and inside playerofSaudi power suade Pennsylvania voters side the Populist Coalition ing in February, Mr.Lamb politics who wasexiled from the kingdom, became an out- they arethe moderates they Reshaping American Poli- complained. It seems to have spoken critic of the House of Saud, and in October 2018 met claimtobe. tics”—predicted the Lamb- Joe Biden and Conor worked. When Democratsan- his gruesome end in an ambush inside the Saudi consulatein It worked forMr. Lamb 2½ Parnell matchup would prove nounced their unity platform Istanbul—an attack about which CrownPrinceMohammed bin yearsago, when he narrowly a“bellwether” race with na- Lamb show a different in July,therewas no mention Salman denies anyforeknowledge. TheKhashoggi incident was flipped Pennsylvania’s18th tional implications. “Demo- face in Pennsylvania of afracking ban. Even so,Mr. met by world-wide revulsion; it’sbeen ablowtoSaudi Arabia’s Congressional District from cratic presidential candidates Biden and Mr.Lamb belong to reputation that, in comparison to those of the kingdom’s redtoblue in aspecial elec- cannot win Pennsylvania with- than in Washington. aparty whose goal—some- neighbors, is warranted but not deserved. Everyday,for tion—and then went on to win out western Pennsylvanian times delayedbut never recon- example,moreevidencesurfaces of the top-down human- the general election in amore support,” she wrote, “and they sidered—remains to eliminate rightsabuses in Iran and the unending human wreckage favorably redrawn17th Dis- cannot win the presidency Mr.Lamb faces asimilar fossil fuels. caused by the Syrian genocide.Still, Khashoggi’sfatehas be- trict. Aformer Marine officer without Pennsylvania.” test. In his 2018 campaigns he Thequestion Pennsylvania come amorepotent symbol than either of these,emblematic and federal prosecutor,Mr. Thedistrict, she pointsout, pointedly avoided bashing voters have to ask themselves of an increasingly hardline, conservative regime that the Lamb successfully presented is amix of left-leaning upper- President Trump,but oncehe is this: Will Mr.Lamb and Mr. American foreign-policyestablishment, and much of the himself as a faithful son of middle-classsuburbs such as landed in Washingtonhevoted Biden’sopposition to aban be American public,dislikes and distrusts. western Pennsylvania focused Mt. Lebanon, with Beaver to impeach. Nowhe’strying to enough to stop one—or will it Actions don’texist outside on kitchen-table issues. He County’s union families and appeal to seniorsand subur- merely postpone the inevita- of contexts.Insisting on aless even promised to vote against ruralButler County voters banites by presenting Mr.Par- ble? This is tied to the larger myopic look at Saudi Arabia NancyPelosi forspeaker of thrownin. Thelast poll, taken nell and the GOP as threaten- question whether the word doesn’t mean excusing the House if elected, which he by On Messagefor the Parnell ing ObamaCareand Social “moderate” means anything in Khashoggi’smurder,but it did. campaign, had Mr.Lamb up Security. today’sDemocratic Party. does mean contextualizing it, This year is adifferent 45% to 44%. Morerecently Mr. In an ad Mr.Parnell rattles Certainly Mr.Lamb is not bringing to it an analytical story. Mr.Lamb nowhas are- Parnell announced he’dout- offvotes or positions he says whereMs. Ocasio-Cortez is, commitment to complexity too cord.He’salso up against a raised Mr.Lamb forthe sec- givethe lie to Mr.Lamb’sclaim but neither is he quite the in- oftenattenuated in our times. formidable Republican oppo- ondstraight quarter. to be amoderate. These in- dependent-minded moderate This is the indirect achievement nent in Sean Parnell, an Army Mr.Parnell calls his rival clude Mr.Lamb’svoteagainst he’dlikevotersinthe 17th of “Crosswinds,” aposthumous Ranger combat vetwho was “Pelosi’slittle Lamb.” During the Born AliveAct, his vote to District to believe. He remains book by Fouad Ajami that makes awarded aPurple Heart and his televised appearanceatthe block withdrawalfromthe favoredtowin re-election, sense of the Saudi kingdom on two BronzeStars forhis ser- Republicanconvention in Au- Paris ClimateAccords,and the and Mr.Biden maywell carry itsown terms—terms dense and vice in Afghanistan. gust, he also said the Demo- “F” rating he wasgiven by the the state. But Mr.Parnell’s tense with possibilities. In August, the NewYork cratic Party had “turned National Rifle Association.Still, showing so far suggestsit TheLebanon-born Ajami, Times ranapieceheadlined against” the people it used to the biggest issue is fracking. wouldn’t be wise to bet the who died in 2014atage 68,was “HowBiden Could Learn from represent, likehis lifelong Messrs. Lamb and Biden are house on either. director of Middle East Studies at Conor Lamb’sVictoryinunion Democrat grandfather. both desperatetoprove their Write to [email protected]. Johns Hopkins School of Advanced International Studies and America’smost prominent pragmatic idealist about the possi- bilities of liberalization in the Middle East. “Crosswinds,” com- pleted in 2010 and drawing on 30 yearsofanecdoteand analysis, Biden Will Make America Lead Again attemptstogaugethose possibilities in Saudi Arabia, not as an apologia forthe kingdom but as acorrectivetofacile critiques. By William McRaven Americatolead. They be- in handling the pandemic and conservative. But, Ialso be- In this work,morepenetrating than argumentativeand lieved that in spite of our po- the wildfires. They have seen lievethat black lives matter, moredeepening than sweeping,Ajami shows that behind its ntheir 1998 book,“A litical differences,our domes- us struggle with social injus- that the Dreamersdeservea deliberately opaque exterior,modern Saudi Arabia has been I World Transformed,” tic turmoil, the uglinessofour tice. They no longer think we path to citizenship,that diver- defined by the calibration of tensions between competing George H.W. Bush and democratic processand some canlead, because they have sity and inclusion areessen- forces: deep conservatism and yearningsfor modernity; the Brent Scowcroft recount the bad decisions,Americainthe seen an ineptnessand adis- tial to our national success, ferocity of radicalism and the dependability of oil revenues; eventsthat fundamentally end would do the right thing. dain forcivility that is beyond that education is the great pressures from Americatomoveleftand from Iran to move changed the world during the That we would stand up to anything in their memory. equalizer,that climatechange right. Therole of the monarchyinnegotiating these cross- Bush presidency. At the end tyranny, liftupthe downtrod- But, without American leader- is real and that the First winds implicitly repudiates the brutal despotic repressions of of the last chapter Bush ob- den, free the oppressed, and ship the world will indeed be Amendment is the corner- regional neighborslikeIranand Syria: the Saudis maybe serves:“Theimportanceof fight for the righteous. transformed, just notinthe stone of our democracy. Most authoritarians but they arealso pragmatists. American engagement has way we hope. important, Ibelievethat Pragmatiststheir neighborsmost certainly arenot: One of never been higher.Ifthe This could all changeinNo- Americamust lead in the Ajami’srevelatoryexplanations is of the negativerole played United Statesdoes not lead, We need a president vember. world with courage, convic- by the radicalism of the Iranian Revolution in shaping Saudi therewill be no leadership.. with decency and a We need apresident who tion and asense of honor and Arabia. Writes Ajami: “Therewas no kingship in Islam, .Ifwefail to liveuptoour understands the importance humility. [Ayatollah] Khomeini asserted, and this Islam in the Peninsula responsibilities,ifweshirk sense of respect. of American leadership,at If we remain indifferent to wasonly ‘American Islam,’aninstrument of the Great Satan.” therole that only we canas- home and abroad. We need a our role in the world, if we re- In response,tomaintain itsreligious identity,Saudi leadership sume,ifweretreat from our leader of integrity whose de- treat from our obligation to gaveconservativepreachers, the religious establishment, and obligation to the world in in- Now, the world no longer cencyand sense of respect re- our citizens and our allies and their enforcers (the religious policethe mutawwa)moreand difference, we will one day looks up to America. They flectsthe values we expect if we fail to choose the right morerope.Ajami uses observations gathered firsthand to paythe highest priceonce have been witness to our dis- from our president. We need a leader,then we will paythe emphasizethe acutenessofthis shift. again forour neglect and missiveness, our lack of re- president forall Americans, highest price for our neglect He focuses particularly on the revolution’simpact on Saudi shortsightedness.” spect and our transactional not just half of America. and shortsightedness. women, who in the mid-1970s were permittededucation forthe Forall the challenges the approach to global issues. This week Iwent to the I voted for Joe Biden. firsttime,only to see liberalization recede soon after. Indeed, past 20 yearsbrought on this They have seen us tear up our polls in Texas.Truth be told, I Ajami’smost sustained critique in these pages is of repressive country—for all the loss, the treaties,leave our allies on am apro-life, pro-Second Mr. McRaven, aretired gender norms,and he allows achorus of articulate, well- heartache,the hubris and the the battlefield and cozy up to Amendment, small-govern- Navy admiral, was com- educated women to speak forthemselves about restrictions errant decisions—in times of despotsand dictators. They ment, strong-defense and a mander of U.S. Special Opera- that limit their lives.Inone particularly telling line,aSaudi crisis,the world still looked to have seen our incompetence national-anthem-standing tions Command, 2011-14. woman lamentsthe lossofaworld that placed “lessemphasis on religion” and allowedone to cultivate“agenuine desirefor the modern world, acuriosity about the movies of Egypt and about the literaryoutput of Beirut, about the pop cultureof Trump’s Middle East Metamorphosis America.” Crucially,Ajami probes the political consequences of these restrictions: “Young men denied normal access to the George W. happening,and the first that key Arab leadershave well as Arab objections,em- company, and to the world, of women aredamaged”;they Bush and Ba- thing he did waspoint me to embraced the idea that bet- bracingTurkey,aNorth At- “desireand despise women at the same time,” which resultsin rack Obama recent polls by the Zogby terrelations with Israel are lantic Treaty Organization both “sexual repression and compensatorymilitant zeal.” both tried to organization and 12th annual critical to their states’ secu- ally,despiteMr. Erdogan’s transform the ASDA’A BCW Arab Youth rity and even survival. ambitions,and dropping Middle East. Survey,which interviewed It is Turkey even more sanctions against Iran as part An exploration of theSaudi temper that has GLOBAL Neither found 4,000 young Arabs (18 to than Iran that keeps some of areturn to the 2015 nu- both the interpretative heft of scholarship and VIEW the kind of 24)in17countries. Arab leadersawake at night. clear deal. successhe President Trump’speace President Recep Tayyip Erdo- Close Arab cooperation the anecdotal brilliance of literary travelogue. By Walter sought. plan, which manylongtime ganhas aligned himself with Israel will, some in the Russell Mead But as the Middle East expertsdis- closelywith the Muslim Gulf seem to hope,help keep U.S. has re- missed as aghastly blunder Brotherhood,aregional Isla- that specter at bay. Prime Also in “Crosswinds” Ajami bringshis intricateknowledge duced itsregional footprint that would destroy the Amer- mist movement that Mr. Minister Benjamin Netan- of American geopolitics to tracing the convergenceofthis and ambitions,the Middle ican role in Middle East peace Obamaoncehoped could yahu’sagreement to defer militant zeal with America’sMiddle Eastern ventures in the East has begun to changeon negotiations,has turned out annexations of West Bank yearsafter the Iranian Revolution. In Ajami’stelling,the first itsown. One of the most re- to be relatively popular on territoryinexchangefor the Gulf Warput Saudi leadership further on the defensive cent signs of itsmetamor- the Arab street. TheZogby Arab leaders fear a relationship with the U.A.E. against reactiveIslam—spotlighting itsdependenceon phosis wasSaudi Prince survey found majorities in fa- wasagifttoboth American Americafor security despitewhat wasseen as the defiling Bandar’sblistering criticism vorofthe “Deal of the Cen- President Biden may political parties.Republicans presenceofU.S.troops on Saudi soil. Osama bin Laden—with of Palestinian leadersfor tury” in Egypt, Saudi Arabia spurn Israel and cozy could hail aforeign policy the tacit applause of the Saudi elite, some of whom funded their decades of poor deci- and the U.A.E. victoryfor Mr.Trump.For terrorism while maintaining close ties with the royalfamily sion-making. His wordsare Asked to identifywhich up to Turkey and Iran. Democratsitmeant that the and the state security apparatus—nurtured that insult all underscored by his king- countries had most increased Biden campaign and aPresi- the way to 9/11. Thebook unwinds this evolution with adeft dom’sdecision to open its their influenceinthe Arab dent Biden would not be dis- combination of exposition and earthyexample: It has the airspacetocommercial world over the past five tame terrorism by introduc- tracted by abitterintra- interpretiveheftofascholarly work and the sharp observation flightsfromTel Aviv to years, moreyoung Arabs in ing amoderateand demo- partyfight over the U.S. of aliterarywriter’s travelogue. Dubai. Takenwith the thesurvey named the U.S. cratic form of Islamist poli- response to Israeli annexa- This approach pays dividends,evenwhen it comes to United Arab Emirates shift- than anyother country. tics intothe region. That tions. Aligned with Israel, predicting afutureAjami could not see—the book unearths ing from not recognizing the (Only 16% named Russia.) dream died with Mr.Erdo- the Arabs hope their voices the Saudi government’sunease at the beginning of President Jewish statetobuilding a Fifty-six percent considered gan’sturn toward amoreau- will be heardmoreclearly Obama’spivot to Iran in 2009 and 2010.Indeed, it wasMr. warm peaceand economic America“an ally” of their thoritarian approach, the in- and their intereststaken Obama’sturn toward Iran that eventually concentrated and partnerships with Israel, it’s country, up from alow of competenceofMohamed moreseriously no matter hardened the Saudi mind: perceiving areal threat, the Saudis clear the region is moving 35% in 2018. Morsi’s government in Egypt, what happens in the Novem- began to detach from Americaand look to their owndefense away from the predictable On other issues,67% of and the continuing support ber election. and alliances,balancing lessand asserting more. Today, under sterility of the past toward young Arabs in the survey forviolencebyBrotherhood- Meanwhile,Mr. Otaiba be- the extremely assertive, sometimes recklesscrown prince, the something genuinely new. agreed that “religion plays affiliateHamas. lieves that bringing Gulf cap- presenceofthe mutawwa and the influenceofthe religious In the newMiddle East, toobig arole in the Middle ManyArableadersfear ital intothe Israeli economy establishment is much diminished. But, even as the princehas theyounger generation is East.” Seventy-six percent of that Turkey will use the and Israeli technical exper- liftedaban on women driving,hehas cracked down on women turning itsback on religious young women and 70%of brotherhood’snetworks to tise to the Gulf canhelp human-rightscampaignersand demoted pragmatic reformers radicalism, and Arab public young men supported the build support forAnkara’sre- Arab countries achieveeco- likethe former foreign minister Adel al-Jubeir. opinionismoving to accept idea of married women work- gional ambitions.Irancan nomic resultsthat will sat- Ajami cannot tell us about these developments, but his the presenceofaJewish ing outside the home. only call on the minority Shi- isfythe restlessyounger socially astute, politically savvybook leavesuswith amore state. ThePalestinians have If attitudesonthe Arab ites forreligious support, but generation. One suspects nuanced viewofthe kingdom’sevolution and of itscauses,some lost their position at the cen- street arechanging,attitudes Turkey canattract supporters Washingtonwould welcome of which canbetracedtoour doorstep.Whether Mohammed terofMiddle East politics, in the suites arechanging from the Sunni majority. having America’sGulf allies bin Salman deserves derision, support, or something in and it is Turkey and Iran, not even more.The picturethat Ironically,the current Arab displaceChina as an impor- between, Saudi Arabia did not reach itscurrent impasse by Israel, that Arab rulersare emergedfrommyconversa- nightmareisthat the next tant source of foreign invest- accident: 40 yearsofrelentlessIranian aggression and inter- most concerned to oppose. tion with Mr.Otaiba, which U.S. administration won’t ment in Israel. mittent American naivetehelped drivethe kingdom there. Last week Iasked U.A.E. wasunderscored in alater supportIsrael enough. Re- TheMiddle East has Ambassador Yousef Al talk with national security gional leadersfear that Team changed; American thinking Mr. Peretz was editor in chief of the New Republic from 1974 Otaiba to explain what was adviser Robert O’Brien,was Biden would ignoreIsraeli as will have to adjust. until 2011. P2JW294000-0-A01600-1------XA

A16 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Tax Raid in Arizona John McCain: Warrior,Politician, Maverick

rizona has long been arefugefor Ameri- than six months ayear and not paythe statetax. BartonSwaim’sreview of Mark of honor. He didn’t want to talk about cans seeking relief from high-tax Cali- Supporterssay the taxincrease would yield $1 Salter’s “The Luckiest Man” (Book- his warexperience. Instead he A fornia and states in the Northeast. But billion in newrevenue,ahugeexpansion in a shelf,Oct. 13) eschews anydiscus- showedagreat interest in me and my sion of John McCain’sactions on be- ambitions.Toward the end of our atax referendum on the ballot statewith totalexpected reve- Unions won a 20% raise half of the people of Arizona. As second dinner,Ifinally gottoask him Nov.3would whack job cre- nue of $12.5billion in 2021. Yet long-time Arizona voters could at- about his ambitions.Helooked me in atorsand makepeople rethink in 2018. Now they want that revenue estimatefor the test, McCain would flyhome every the eyeand said firmly that his goal retirement in Scottsdale or a newtax is based on static fig- six yearsand proudly trumpet his wastobepresident of the U.S. It was businessmovetoTucson. a huge tax increase. ures,which don’t take intoac- conservativeprinciples and ironclad said with such resolveand optimism Proposition 208,orthe In- count taxpayerbehavior.Itis commitment to Republicanideals that he leftmewith little doubt vest in Education Act, would likely to yield considerably only to promptly catchthe firstpost- about his lifeplan. Coincidence impose a3.5%surtax on incomes above less, as taxincreases typically do. election flight back to Washingtonto brought us together briefly 30 years $250,000,or$500,000 forjoint filers. Thecur- Thetax referendum is driven by unions seek- resume being the media’s“maver- later during his runfor president rent toprateof4.5%would rise to 8%, which ing moremoney foreducation, though as re- ick,” as if the campaign had never when he told me he never forgot the would movethe statetothe 10th highest income- cently as 2018 teacherswent on strikeand won happened. If we aretoglean any- time we spent together. thing afterreviewing McCain’s31 DAVID E.R. DANGOOR taxrateinthe country, from 11th lowest today, apay raise of 20% statewide.Republican Gov. yearsinthe Senate, it would be are- New York according to the TaxFoundation.Arizona would Doug Ducey has also increased the state’seduca- sounding reaffirmation forcongres- movecloser to California (13.3%top rate)than tion budget by $6.6 billion since2015—all with- sional term limits. Ivoted forJohn McCain in the Nevada (no income tax). out atax increase.The statecould affordthis be- RYAN RUFF 2008 election forpresident, but As ever,this is being pitched as soaking the cause economic growth and newresidentsdrove Chandler, Ariz. only because he wasthe best of two rich, but about half of the targetswould be small higher revenue. bad choices.Iadmirehim as acou- businesses that paytaxes at the individual rate, Arizona’sGoldwater Instituteestimates that In 1977John McCain accompanied rageous warrior,but his constant according to the Grand CanyonInstitute. They only 13 centsofevery dollar from Prop.208 Sen. William Cohen, as the Navy’s li- need to stand apart from his chosen employ ahugechunk of Arizona workers, and would actually go to teachers. About 75%isfor aison to the Senate, foranofficial associates smacked of extreme ego- the added taxcostswould trickle down in lower payroll increases in areas such as “student sup- visit with the Bavarian government tism. This is not aparticularly admi- payand fewerjobs. port services,” which covers an indefiniterange sponsored by major U.S. companies.I rable trait forateam player, wasgiven the task of taking care of whether it be in the militaryorin All the moresogiven that the 2017tax reform of school employees. Mr.McCain fortwo full days.Asa civilian government. limited to $10,000 the federal individual deduc- Much of the financial support for208 is com- Swede working in Germany, Ihad no JEFF PALUMBO tion forstate and local taxes. This heightens the ing from out of state, notably an outfitknown as idea who John McCain was, what he Grant, Minn. financial pain from astate taxincrease.One def- Stand forChildren, which is based in Portland, had endured, nor did my German inition of fiscal insanity would be to raise state Ore.,that has poured in $4 million. Arizona law management. John and Ispent avery Mr. Swaim writes: “You often had taxeswhen the Biden Democratsmay soon raise makes it relatively easy to put atax referendum enjoyable 48 hourstogether during the sense that McCain cared chiefly federal taxrates to heightsnot seen sincethe on the ballot, and progressivedonorsaround the which he spent most of the time ask- about his own honor and not for any 1970s. countryhope avictorywill spur anationwide ing me about my views about Ger- kind of ideological consistency.” Many EconomistsArt Laffer,Erwin Antoni and trend, as in the2018 teacher strikes. manyand Europe in general. To me, people would consider that a virtue. SteveMoore estimate that the taxincrease would Atax increase also makes no sense as the he wasarefreshingly pureand in- MARK BROWNING quisitiveAmerican with agreat sense Lyons, Colo. result in the migration to Arizona of 700,000 stateisstill trying to recoverfromits summer fewerpeople,237,000 fewerjobs created, and a Covid-19 spike. Gov.Ducey,who opposes the bal- reduction of $25.5 billion in personal income lot measure, helped keep the stateinmotion by The Senate’s Hearings on Amy Coney Barrett growth over the next 10 years. allowing key industries to reopen afterunem- Theauthorslooked at IRS dataand found ployment peaked at 13.4%inApril. But the job- Regarding your editorials “Who’s paign issues and their candidatefor that since1992 Arizona has gained morethan lessratestill stood at 5.9% in August, and Prop. Afraid of AmyConey Barrett?” (Oct. president? 201,000 taxreturns and almost $12 billion in ad- 208’stax increase would slowinvestment and 14)and “BarrettShould Refuse to BILL BUIST justed grossincome (AGI) from California. Illi- spending far intothe future. Recuse” (Oct.13): When JudgeBar- Atlanta nois has lost morethan 65,000 taxreturns to Ar- ASept. 30 poll by Suffolk University and USA rett said she will interpret the laws izona and about $5 billion in AGIoverthe same Todayfound 47%support for208 compared as they were written, she laid down AmyConey Barrett’sstraightfor- period. NewYork has lost 37,000 taxreturns and with 66%inaMonmouth poll two weeks prior. amarker.Itwould do us all agreat ward responses (sans notes) are serviceifthese hearingsforcedthe something we’vehaven’t seen much $2.3billion in AGItoArizona. But opponentsare being heavily outspent. Ari- Democratstoset out clearly and of in today’spolitical TV theater.The No doubt some of these areretirees looking zona voters have to decide if they want to set concisely their alternativeviewof agenda-oriented questionerscome forwarmer climes,but snowbirds have other their successfulstate on the tax-and-spend path what approach aSupreme Court jus- off likeintellectual midgets. stateoptions and canalso liveinArizona less to fewerjobs and slowergrowth. ticeshould take. STEPHEN MADELINE NEIL GAFFNEY Vero Beach, Fla. Chicago Iran Arms Embargo Reckoning Does it seem hypocritical forDem- Your editorial states that Demo- ocratstodemand AmyConey Barrett he international arms embargo against theend of the embargo afterit“snapped crats“aretreating thehearingslike specifyhow she would rule on future Iran expired on Sunday, underscoring back” sanctions under the terms of the 2015 acampaign rally.” Well, of course cases or precedent while they sup- T the flawsinthe 2015 nuclear deal and deal at the U.N. last month. Other countries they are. Asking JudgeBarrettques- port apresidential candidatewho tions about her jurisprudential think- will not answerquestions on court the failureofthe United Na- object, so this is another ing would be acompletewasteof packing or whom he would nominate tions on collectivesecurity.It Nowthat it has expired, case when the U.N. is more time.Her appointment is aslam to the Supreme Court or his cabinet? also raises aquestion forJoe howwould Biden contain obstacle than ally to U.S. in- dunk.Sowhy not use this priceless JIM LEHMANN Biden:How is he going to terests. airtime to promoteDemocratic cam- Ijamsville, Md. contain Iran when he vowsto Tehran’s mischief? “The United Statesispre- return to the deal? pared to use itsdomestic au- The2007 United Nations thorities to sanction anyindi- embargo prevented Tehran from buying com- vidual or entity that materially contributes to Congress’s Election Role vs. Supreme Court’s bat aircraft, tanks and other advanced weap- the supply,sale,ortransfer of conventional ons.Ending the ban in 2020 wasone of the arms to or from Iran,” SecretaryofState Mike Theconstitutionality of the stat- should be properly recognized or utes referenced by Donald B. Sten- which electoral collegevotes ought manyconcessions to Iran that the Obama-Bi- Pompeo said Sunday. bergwas not beforethe Supreme to be credited. Congresscannot rem- den Administration made to getthe deal. Mr.Biden says he’dreturn to the 2015 nu- Court in Bush v. Gore (Letters,Oct. edy this deficit by simply passing a This summer the U.S. sought an embargo clear deal if Tehran returns to compliance. He 16).Neither party in that case raised statute. It is very clear,based upon extension at the U.N. Security Council but was also promises to take atough stanceonIran’s the issue and, as aresult, the gen- the constitutional language, the Con- blocked by China and Russia. Eleven countries malign behavior in the Middle East. But how eral rule of “party presentation” ap- stitution’sstructure—reflecting the abstained, including the U.K.,Germanyand is Mr.Biden going to contain Iran’sregional plied. This rule provides that, except separation of powers—and the de- France, which areanticipating that President imperialism and support forterrorism without in extraordinarycircumstances, bates during the Constitution’sdraft- Biden will reversePresident Trump’s 2018 de- an arms embargo?Likesomuch else about Mr. courtsdonot reach out to identify ing and ratification, that the Framers cision to exit. They stayed silent despiteIran’s Biden’sagenda, that question won’t be asked and determine constitutional issues did not want Congresstoplaythe historyofpromoting terror in Europe. until afterthe election. But youcan bet it’s not raised by the parties themselves, role of a“kingmaker” in selecting TheState Department doesn’t recognize on the mind of the mullahs. and wasreaffirmed by aunanimous the president. But Congresswill be- Supreme Court only last term, in come exactly that if it has the power United States v. Sineneng-Smith to decide which electoral votesare (2020). Consequently,the Bush v. valid and which arenot. California Ballot-Harvest Boomerang Gore Supreme Court’ssilenceonthe TheSupreme Court’sdecision in question wasappropriate, and it Bush v. Gore does not support Mr. emocratsinSacramentohavebeen re- “overzealous” volunteer had wrongly labeled says nothing about what the court Stenberg’sposition. writing election laws to help their a drop box “official,” but the mistake was iso- will decide if and when the issue is DAVID B. RIVKIN JR. D party “ballot harvest.” But nowRepub- lated and fixed within hours. squarely presented. Falls Church, Va. licans have figuredout howto “Webelievethat temporar- As we argueinour Oct. 12 op-ed LEE A. CASEY playthe same game,and Dem- Democrats object as the ily holding [votebymail] bal- “The Supreme Court and the Elec- Fairfax, Va. ocratic stateleadersare GOP imitates their vote- lotsinalocked boxatachurch tion Returns,” thereisnoconstitu- threatening legal action. or local Party headquartersis tional language—either in the origi- collection methods. nal version of Article II, or in the Bugs Bunny at 80 and the In 2016 California Demo- moresecurethan aParty vol- 12th Amendment—that grantsCon- Amazing, Prolific Mel Blanc cratspassed alaw allowing unteer or paid operativehold- gressthe powertoadjudicatedis- anybody,including paid cam- ing harvested ballotscollected putes about which electoral slates While I enjoyed Will Friedwald’s paign operatives and political parties,tocol- from voters at a senior center in the back seat “Cultural Commentary: Still Wascally lect and return mail-in ballots. Twoyears of his or her car—though both are legal,” GOP At 80” (Arts in Review, Oct. 14) on laterDemocratsprohibited “disqualifying a leaders wrote. Profits Are Good, but So Are Bugs Bunny, Mr. Friedwald might ballot solely because the person returning it They’reright. TheGOP’sballot depositories Society’s Many Nonprofits have mentioned Mel Blanc’s role in did not provide on the identification envelope don’t threaten election security anymorethan his success. Blanc voiced not only his or her name,relationship to the voter, or Democrats’ door-to-door operations.Both en- I agree with Andy Kessler’s “To Bugs, but almost all of the other War- signature.” tail voters entrusting their ballotstothirdpar- Serve the Public, Seek Profits” (Inside ner Bros. characters, leaving behind View, Oct. 12) except for the unneces- an astounding body of work. Further- We oppose ballot harvesting because it in- ties.Why areDemocratic and union canvassers sary swipe that “[i]n terms of social more, Chuck Jones says in his book vitesmischief and undermines public confi- moretrustworthythan churches and gun value, nonprofits by definition an- that the decision to give Bugs a denceinelections.Democratsdismissthese shops? The GOP drop boxes also present less nounce their ineffectiveness.” Brooklyn “wiseguy” accent was made concerns and argue that ballot harvesting in- of a public-health risk. Nonprofits are misnamed, insofar by Mr. Blanc. creases voteraccess. Ballotintegrity isn’t Meantime,Democratsare as usual accusing as they’re identified by something GERALD E. KOCI among their priorities. Republicans of votersuppression. Gov.Gavin they are not. A better term would be Homer Glen Ill. In 2018 OrangeCounty Registrar Neal Kelley Newsom’s2022re-election campaign blasted to call them mission-driven organiza- reported campaign volunteers were dropping out amessagedeclaring “the GOP is terrified tions. That term changes the calcula- off hundreds of ballots. Democratsboasted that of losing—so they’rewilling to lie,cheat, and tion for measuring their value, which Pepper ... they used ballot harvesting to flip seven House threaten ourdemocracyall forthe sakeof is immense. I’m a product of mission- And Salt seats in California that year including four in gaining power.” When Democratsharvest bal- driven schools and churches, I benefit from mission-driven public broad- THE WALL STREET JOURNAL Orange County. Before this year’s March pri- lots, they areincreasing voteraccess. When casting and museums of all stripes, I mary, hospitality unions threw a“ballot party” Republicans do it, it’scheating.Glad we donate platelets to the mission-driven for workers outside of Anaheim hotels. cleared that up. Red Cross, and there are countless If they couldn’t stop these practices,Repub- Democratscontrol everystatewide office, a other examples we can all share. The licans decided to join them. They’vealso supermajority in the state Legislature, and 45 for-profit sector, where I work, is ab- learned to harvest ballots more efficiently by of 53 House seats. But they’re afraid they may solutely critical, but it can’t and setting up drop boxesatshooting ranges, pay a political price this year for bad gover- shouldn’t meet all of the public’s churches,gun shops and GOP offices.The boxes, nance that has resulted in double-digit unem- needs. which arelocked and supervised, received per- ployment, catastrophic wildfires, power out- JOEL BOON mission from the site hosts. ages,rising homelessness, watershortages and Shakopee, Minn. Democratsare suddenly alarmed. Thestate other #thirdworldproblems. Lettersintended forpublication Attorney General and SecretaryofState offices So likeleadersinone-party governments, should be emailed to [email protected]. last week sent a letter to local GOP leaders al- Democratsare using the lawtostymie their po- Please include your city, stateand leging that their “unofficial drop boxes” violate litical opponents. Whynot simply repeal ballot telephone number.All letters aresub- statelaw and threatened legal action and crimi- harvesting to reducethe chanceofabuses on ject to editing,and unpublished letters “Oh, Bob, you’ve faked your cannot be acknowledged. nal penalties.GOP leadersreplied that one both sides? way through another day.” P2JW294000-0-A01700-1------XA

THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | A17 OPINION China Deserves a Day in Court

By David B. Rivkin Jr. tentional. But Supreme Court pate, U.S. courtswould enter And Lee A. Casey precedent limitsthe excep- enforceable default judg- tion to tortsthat take place ments. If it did participate, it sDonald Trump and Joe entirely within the U.S. It would have to submit to dis- Biden debatehow to deal would cover, forinstance, an covery.Itmay be tempted to with malign Chinesebe- autoaccident in Washington cheat in this process, but A havior,Beijing’sNational but not in Beijing. modern discoverytechniques Bureau of Statistics reports There’salso an exception makethat exceedingly diffi- itseconomyhas largely recovered forterrorism, but that re- cult,and cheating would en- from the Covid-19 pandemic,growing quires either that the defen- tail further liability and judi- 4.9% year-on-year in the thirdquar- dant be designated a“state cial punishments. ter. Meanwhile American class-action sponsorofterrorism” by the TheChinese government lawyersand the attorneysgeneral of U.S.—currently only Iran, could trytoavoid complying Mississippi and Missouri aresuing North Korea, Sudan and Syria with anycourt-ordered dam- theChinese government over the are—or aspecific act of inter- ages and injunctions.But that novel coronavirus.Plaintiffs accuse national terrorism within the wouldn’t be easy.Successful Beijing of various forms of miscon- U.S. Abiological attack would plaintiffs could collect judg- duct, ranging from negligencein surely qualify, but there’sno mentsagainst Beijing by seiz- handling the original infections in evidenceofthat here. ing Chinese government- Wuhan to the recklessoperation of FSIA gives federal courts owned commercial property biolabs and even perpetrating bioter- jurisdiction over alllawsuits around the world and the pro-

rorism against the U.S. against foreign governments, E ceeds of sales of government

and it’salmost certain judges OW goods and services.Ignoring will dismissthese actions CR injunctions would lead to

Congress could change even if Beijingrefuses to par- CHAD monetaryfines and other ticipateinthe proceedings. punishments. the law to allow lawsuits Reinterpretingany of the FSIA ex- global pandemic.Beijing’sfailurein tities.Inthese pages in May, ase- Several bills featuring some of against Beijing over Covid- ceptions to coversuitsinvolving the December to comply with the 24- nior Chinese official, Xie Feng, sug- these provisions have been intro- pandemic would open the door to hour notification requirement of the gested that the virus might have ducedbySens.Tom Cotton, Josh related misconduct. further attacks on sovereign immu- 2005 International Health Regula- originated outside China. If Chinese Hawley,Martha McSally and Marsha nity.The U.S.,asovereign stateit- tionswould be an important factor officials have evidencetosupport Blackburn. Congressshould proceed self,should be carefulabout creat- to consider. anyofthese assertions,they could with caution. Thelaw is usually a Some of these claims aremore ing broad newexceptions,and Such astatutecould either create introducethem in court. In anycase, blunt and inflexible policytool, plausible than others, but all facean judges should be especially cautious, anew federal tort or givefederal their claims underscorethe need for wielded by an unelected judiciary insurmountable obstacle in court: sincethey have neither the author- courtsjurisdiction over suitsalleg- an impartial inquiry. rather than the president and Con- the Foreign Sovereign Immunities ity nor the expertise to conduct for- ing injuries under statelaw.Aswith Congresscould also withdraw im- gress, wherethe Constitution vests Act of 1976,which preventsmost eign policy. the JusticeAgainst SponsorsofTer- munity from international organiza- the powertorun foreign affairs. The lawsuitsagainst foreign countries in That said,Congresshas the rorism Act of 2016,Congressshould tions that allegedly aided and abet- political branches areaccountable U.S. courts. Litigation could be a powertolimit or withdraw aforeign authorizethe federal government to tedChina’seffortstoplaydownthe fortheir decisions in away that the way of holding China accountable, state’ssovereign immunity,and it intervene in litigation to securea virus’stransmission and the health judiciaryisnot. butonly if Congresschanges the should consider doing so in response diplomatic resolution that compen- risks.Western intelligenceservices YetCovid-19 has takenatremen- law. to Covid-19.Such changes to deal sates plaintiffs and mitigates future have suggested that Beijing gavede- dous human and economic toll FSIA makes afew limited excep- with novel problems arelegitimate harms. tailed instructions to World Health world-wide.Lawsuitsmay become a tions to immunity.Although law- and well-recognized. In Maythe Su- TheU.S.judiciaryisrespected Organization on what it should say. powerful instrument forchanging yers in these cases have cited them, preme Court held unanimously in around the world and would be a Plaintiffs could use the discovery China’sbehavior and canaid U.S. all seem clearly inapplicable.One Optai v. Republic of Sudan that bettervenue than anygovernmental processtoidentifyother govern- diplomatic and economic effortsto permitssuitsagainst foreign gov- plaintiffs in alawsuit over al Qaeda’s or international investigation for mental and private-sector collabora- accomplish the same goal. Deterring ernmentsbased on their commer- 1998 attacks on U.S. embassies in Af- getting at the truth of Covid-19.Bei- tors and hold them accountable for China from futureaberrant behavior cial activities in theU.S., or else- ricacould recoverpunitivedamages jing has accused the U.S. militaryof their Covid-related activities and requires holding it accountable for whereifthereisadirect effect in under an amendment to FSIA en- creating the virus and introducing it otherlikely offenses,such as gar- itsCovid-19-related misconduct. America. Butthese complaintsal- acted in 2008. during the 2019 MilitaryWorld den-variety corruption, committed legegovernmental, not commercial, Congress could enact anew ex- Games in Wuhan, in which aU.S. while collaborating with Beijing. Messrs. Rivkin and Casey practice negligenceorduplicity in handling ception to FSIA forcases in which a team participated. Chinese nationals They could also exploreevidence appellate and constitutional law in the epidemic. foreign statehas failed to inform, or have filed several lawsuitsinChina that Covid-19 stemmed from an acci- Washington. They served in the Thetort exception allows foreign deliberately misinformed, the global against the U.S. military, the Centers dental release from aWuhan biolab. White House Counsel’s Office and governmentstobesued forwrong- community of the nature and scope forDisease Control and Prevention Beijing wouldn’t be able to ignore Justice Department under Presidents fulactions,whether negligent or in- of alocal epidemic that becomes a and other American government en- U.S. lawsuits. If it refused to partici- Reagan and George H.W. Bush. Amy Coney Barrett and the Dogma That Didn’t Bark

intoaslur.And from the wings, the will derail the confirmation. Perhaps that could presageasharp rebuff to sives want youtobelieve. That you usual supportiveassaultsfromthe TwitterorFacebook cansomehow the ideals of limited government and canbepro-lifeand awildly success- media, amedley of mudslinging,a come to the left’srescue again and individual liberty,her confirmation— fulprofessional, amother and awife FREE susurration of sneersand jibes find some clever digital way to nul- itsprocess and itsoutcome—offers and asuperstar. EXPRESSION about the clothing,the smile,the lifythe process. the outline of arouteback foracon- Not only awoman but awoman By Gerard Baker look.All designed to warn us that Perhaps.But unlikely.Her confir- servatism that canrebuild and thrive at thecenter of amultiracial family. behind the veneer of jurispruden- mation, when it comes,may have an in adversity. JudgeBarrettdidn’t need some herewas no borking.There tial poise and Middle American de- even larger significancethan it cur- It’snot only that she will presum- carefully focus-grouped verbal for- T wasnoperfectly timed dump cency, AmyConey Barrettissome rently seems.The evidencefromlast ably be avital sixth (or fifth) vote mula to expressher empathywith of some sordid allegation theocratic medievalist monster, week is that JudgeBarrettisnot fororiginalism and restraint, which victims of racial injustice. Her mov- dredged up from 30 yearsago. primed to send women back to the will be much in need in the next few ing account of howshe wept with Therewas no anti-Catholic bigotry. kitchen, African-Americans back to yearsifanactivist government her daughter in the days after It wasthe dogma that didn’t bark— the plantations,and the country Democrats staged little threatens further inroads intoindi- George Floyd’s death wasascom- with apologies to Dianne Feinstein, back to serfdom. vidual freedom. It’sthat in her per- passionateand unifying amessage who was so well-behaved last week But it’snot working.This “Hand- moments of infamy, but it sonality and character as much as in as anyRepublican has come up with that she nowfaces acashiering maid’sTale” is as fictional as the looks as if she’s headed for her philosophy, JudgeBarrettcould in months.You couldn’t devise a from the progressive ranks for der- one with the redcloaks and white provetobeamodel forapost- more compelling statement of the eliction of her duty to kneecap bonnets. Democratsonthe Senate a smooth confirmation. Trumpian conservatism, one that obvious truth that youcan be acon- conservatives. JudiciaryCommitteeknewittoo marries the remarkable achieve- servativeand someone who believes Yettherewerelittle momentsof andmerely went through the mo- mentsfor conservatives this presi- in true equality. infamythat highlight what Demo- tions,posturing and sloganeering, merely an impeccably qualified candi- dent has secured in officewith aset She’snot running forpolitical of- cratsare really up to under the milling grist foralargeroffensive datefor aposition on the high court, of values and arhetoric bettersuited fice.Indeed she spent most of the guise of aSupreme Court confirma- on the Constitution should thingsgo exactly the kind of jurist anyconsti- to sustain those achievements. processpatiently explaining exactly tion hearing. their way at thepolls next month. tutional republic would want among At atime when the gender gap whyjudges aren’t and shouldn’t be CoryBooker asking amother of It’s not over yet. Perhaps in the itshighest legal authorities.She may seems largerthan ever,inpart be- lawmakers. But the philosophyshe twoblack children to condemn remaining week or so,the mask— also proveabeacon foraconserva- cause millions of women areturned articulates,the principles she judges whitesupremacy. Sheldon White- real or figurative—will slip,and we tivemovement navigating turbulent off by unbecoming presidential lan- by,and the values she lives by offer house’s Fully Illustrated Theoryof will gettosee the real ACBfor the anddismaying times.Ifthese turn guageand behavior,she’sapowerful importantlessons forconservatives Everything.Ahasty attempt to threat to freedom we aretold she is. out to be the dying days of the reminder that “conservativewoman” on the campaign trail as much as turn the term “sexual preference” Perhaps some last-minuterevelation Trump presidency, ahead of adefeat is not an oxymoron as the progres- conservatives on the bench. Biden’s Public Option Would Mean Massive Tax Hikes

By Lanhee J. Chen cits. But once enrollees and health- spending excluding interest on the would still approach 150% of GDP by would need to be above50%—levels And Daniel L. Heil care providersstart applying politi- debt. Keeping a public option defi- 2050. not seen since 1981. cal pressure to keep premiums low, cit-neutral would likely requirea Mr.Biden contends that taxhikes Finally,policymakerscould opt oe Biden has promised that no taxpayers would be on the hook. broad-based taxincrease that would on the rich will be sufficient to pay forapayroll taxincrease to finance J families with incomes under Medicare’s legislativehistoryis add thousands of dollarstoatypical forhis newprograms.But the num- the public option. This would keep $400,000 will see taxincreases filled with broken promises to re- middle-income family’s taxbill. bers don’t add up.Evenbeforeac- toprates below50% but would mean if he is elected president. But that’s strain spending. Without the taxhike, the public op- counting forhis other spending pro- significantly higher taxesfor middle- apromise he won’t be able to keep if If Congressfollows itspast be- tion alone would increase the federal posals—such as increasing Obama- income families.Including the 10.4% he gets his way and Congresscre- havior,the result will be acostly debt by morethan 30% of grossdo- Caresubsidies—a public option broad-based tax, the hospital insur- ates agovernment-run health insur- public option.With our co-author mestic product by 2050. would requirerecordhigh taxin- ancepayroll taxwould rise by 180%, ance plan—a public option. TomChurch, we estimate that apo- These costscouldn’t come at a creases on corporations or high-in- pushing the combined employeeand Mr.Biden and other supportersof litically realistic public option would worsetime.The federal debt has come taxpayers.Weestimatethat to employer tax to 8.1%. Taxes for the the public option argue it would be increase 10-year federal deficits by risenabove100% of GDP 10 years payfor the public option, corporate typical middle-income family would arelatively modest changetothe almost $800 billion. Over thelong sooner than expected, and the Con- rise by an inflation-adjusted$3,900 nation’shealth-caresystembecause, term, it would become the third- gressional Budget Office nowpro- to payfor the public option and unlikesingle-payerproposals,it largest government program—ac- jectsdebt to reach 195% by 2050. The middle class will keep debt below150% of GDP in would add nothing to federal defi- counting forone-eighth of future Thehigher debt will mean fewer 2050. economic opportunities forfuture eventually be taxed to pay While anyofthese taxhikes generations. The CBO predicts that for a government run would be substantial, they likely un- the economywill be about 5% derstatethe actual taxincreases PUBLISHED SINCE 1889 BY DOWJONES&COMPANY smaller in 2050 than it would be if health-insurance plan. needed to fund the public option. To Rupert Murdoch Robert Thomson policy makersreduced the debt to be conservative, we didn’t adjust for Executive Chairman, News Corp Chief Executive Officer, News Corp 2019 levels.Further additions to the how higher tax rates affect taxable Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher debt—such as another Covid relief taxrates would have to rise from 21% income or economic behavior.These Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: package—would intensifythese eco- todayto58% over the next 30 years. effectswould be particularly large Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; nomic harms. Alternatively,Congresscould raise when raising corporate tax rates or Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Avoiding these direprojections the topthree marginal taxrates.But topmarginal taxrates.Raising taxes News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; will forcefuturepolicymakersto between financing the public option on these narrow bases would lead to Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer choose between spending cuts and and keeping debt below150% of GDP, large economic distortions and dras- Andrew Dowell, Asia; AnthonyGalloway, Video & taxincreases.The math is grim. the topratewould eventually exceed tic tax avoidance. Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Even without anynew spending pro- 60%—higher than at anypoint in the Still, while illustrative, the taxin- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; grams,weestimatethat Congress past 40 years. crease scenarios should serveasa Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; would need an across-the-boardtax Instead, lawmakersmight con- warning.Campaign promises for Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News increase of 10.4%beginning in 2026 sider raising personal income taxes large newspending programs and no Thomas SanFilippo, Customer Service; to return long-term debt projections forall taxpayers.Anacross-the- new middle-class taxes are easy to GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; to CBO’s 2019 forecast. This tax in- boardtax hikewould increase all make, but the bill will come due at Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; crease would apply to all corporate, personal income-tax ratesmorethan some point. And the burden will fall Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International payroll and personal income-tax 30% by 2050. Middle-income fami- on futuretaxpayers who will be WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: rates, and it would come on topof lies would see their taxesrise by forced to pay for the broken prom- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head the scheduled taxincreases from the $2,000 a year in inflation-adjusted ises of today’s politicians.

EDITORIAL AND CORPORATEHEADQUARTERS: expiration of the TaxCutsand Jobs dollars. Middle-income taxpayers 1211 Avenue of the Americas, New York, N.Y., 10036 Actof2017. Returning to the 2019 would payamarginal federal income Messrs. Chen and Heil are fellows Telephone 1-800-DOWJONES forecast is hardly ambitious; debt taxrateof32.6%, and the toprate at the Hoover Institution. P2JW294000-0-A01800-1------XA

A18 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL.

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S&P 3426.92 g 1.63% S&P FIN g 1.57% S&P IT g 1.87% DJ TRANS g 1.08% WSJ $ IDX g 0.21% LIBOR 3M 0.209 NIKKEI (Midday) 23595.71 g 0.32% See more at WSJ.com/Markets Conoco Expands Shale Footprint DowFalls 410 as A $9.7 billion deal for footprint in the hottest oil field opportunities of environmen- the level many companies re- to join the combined company Concho marks latest in the U.S., the Permian Basin tal, social and governance quire to make money on new as an executivevicepresident of Texas and NewMexico.The matters.” shale wells. and board member. Stimulus consolidation in sector combined companywould be Theall-stock acquisition val- DevonEnergy Corp.agreed It has been abrutalyear for battered by low prices the largest U.S. oil independent, ues Concho at a15% premium last month to a$2.6billion U.S. oil companies, which are with output in thePermian sec- to itsclosing priceonOct. 13 merger with WPX Energy Inc., suffering from prolonged weak ond only to Occidental Petro- andwould giveshareholders while Chevron Corp.agreed in demand forfossil fuels during Remains BY REBECCA ELLIOTT leum Corp., according to aJP- 1.46 shares of ConocoPhillips July to buy Noble Energy Inc. the pandemic.The companies MorganChase &Co. analysis of stock foreach shareofConcho for about $5 billion.Both were had already been facing inves- ConocoPhillips has agreed Enverusdata. common stock.Bloomberg all-stock deals. tor flight after failing to gen- Uncertain to buy Concho Resources Inc. “Sector consolidation is News reported the companies “Scale has never been more erateconsistent returns,even for $9.7 billion in what would both necessaryand inevita- were close to adeal last week. important. Through this trans- as they helped liftAmerican be the largest U.S. oil deal ble,” ConocoPhillips Chief Ex- It is the latest in aseries of action, we’rejoining Concho oil production to world-lead- BY ALEXANDER OSIPOVICH since the coronavirus pan- ecutiveRyanLancetold ana- combinations in the U.S. oil with alargerdiversified en- ing totals. AND MISCHA FRANKL-DUVAL demic began roiling global en- lystsMonday. “Weboth patch, wherecompanies are ergy companywith even more As of Friday, the value of ergy markets. believeour industryneeds so- seeking to bulk up to ride out sizeand resourcestocreate PleaseturntopageB2 TheDow Jones Industrial Theacquisition gives Cono- lutions that addressthe lack weak demand and low prices, value in today’smarketsand Averagefell morethan 410 coPhillips,the largest oil pro- of scale, poor returns and, in- which have hovered around beyond,” Concho CEO Tim  Heard on the Street: Oil giant pointsMondayamid uncer- ducerinAlaska, amuch larger creasingly,the challenges and $40 abarrel sinceJune,below Leach said Monday. He is set plays offense...... B10 tainty that astimulus package canbeworked out by Election Day. Afterthe market closed, Va riation news brokethat House Speaker NancyPelosi (D., Calif.) and TreasurySecretarySteven Of ETF Mnuchinedged closer to iron- ing out some of the remaining policydifferences holding up a sweeping coronavirus relief Burns package, her spokesman said. Over the weekend, Mrs. Pelosi indicated that the White Investors House needed to reach adeal with DemocratsbyTuesday eveningtoproducerelief legis- BY MICHAEL WURSTHORN lation that could passbefore AND MISCHA FRANKL-DUVAL theelection. TheDow dropped 410.89 Jesper Lannung lost more points, or 1.4%, to 28195.42. than $100,000 in August after Theblue-chip indexhad been getting trapped in azombie up morethan 105 pointsjust investment product. afterthe opening bell. An exchange-traded note TheS&P 500 slid 56.89, or that he bet against wasde- S 1.6%,to3426.92. Thetechnol-

listed over thesummer by NEW ogy-heavy Nasdaq Composite G Credit Suisse Group AG, rele- declined 192.67,or1.7%, to gating the notetothe highly 11478.88inits fifthconsecutive illiquid over-the-counter mar- OOMBER losing session. ket. Mr.Lannung,a38-year- Investorshavebeen moni- old event planner in Milwau- SHEN/BL toring the progressoftalks be-

keewho layeredaspeculative QILAI tween lawmakersand the trade on an already complex Alibaba first bought a 36% stake in Sun Art for $2.9 billion in 2017. The chain operates under the RT-Mart and Auchan brands. WhiteHouse over astimulus product, wasforcedtocover deal. Further relief to house- his short position afterthe holds or businesses batteredby noteinexplicably surgedin Alibaba Targets Walmart in China the coronavirus pandemic price. could bolster an economic re- Theswing wassodramatic covery as the effect of previous that regulatorseventually stimulus measures wearsoff. halted trading.Credit Suisse By Investing $3.6 Billion in Rival If the deadline passes with- then liquidated the noteand outadeal, talks would be in- broughtits sharepriceback creasingly unlikely to produce to reality.Those actions,how- sweeping relief legislation ever,weretoo latetoprotect BY STELLA YIFAN XIE Market shareofChina's topfive hypermarket operatorsin2019 worth trillions of dollarswithin some investorsincluding Mr. AND BEN OTTO the next two weeks,her aide Lannung. Sun ArtRetailGroup 14.1% suggested. “This wasabsolutely HONG KONG—Chinese e- “President Trump would frightening forour family,” he commerce giant Alibaba lovetohaveastimulus package ChinaResourcesHoldings 12.8% said, adding that the loss Group Holding Ltd. said it beforethe election,” said Mi- wiped out a significant chunk would pay $3.6 billion to take chael Mullaney, director of Yonghui Superstores of the investment portfolio he control of China’s largest big- 10.4% global marketsresearch at Bos- managed forhimself and his box retailer and a major rival tonPartners. “But there’sno parents. to Walmart Inc.inthe world’s WalmartChina 10.3% political upside forPelosi to Analystssaid those circum- most populous nation. sign anything beforethe elec- stances aren’t that unusual in Hangzhou-based Alibaba, Suning.com 4.1% tion.” theETN market and could re- China’smost valuable com- Marketsare betting that a cur.Anumber of high-profile panywith a market capitaliza- Source:Euromonitor International “blue wave” election, in which implosions have sapped inves- tion in excess of $800 billion, Democratswin control of both tordemand forthe products, said Mondayitplans to double sentials during government- Alibaba will ownabout 72%of category,which according to the WhiteHouse and Congress, spurring awaveofETN clo- itsstake in SunArt Retail mandated closures of many the business, which had reve- Euromonitor countsretail out- will eventually result in alarge suresbythe banks that issue Group Ltd., which operates restaurants and eateries. The nue of 95.4 billion yuan, equiv- letswith selling spaceinex- stimulus package, Mr.Mullaney them. morethan 480 large super- country’ssupermarketshave alent to $14.2 billion, in 2019. cess of 2,500 squaremeters, said, though he added that ETNs arethe morecomplex market-departmentstoresin seen rapid growth in online In the firsthalf,Sun Art’srev- equivalent to 26,910 square such an election result could and riskier cousins of ex- China. ordersthis year and aretrying enue grew by 5% to 53.2 bil- feet. The American retailer in damp market returns in the change-traded funds.Like Thecoronavirus pandemic, to capitalize on the change in lion yuan from a year earlier. 2016 sold itsChinese e-com- long rundue to higher taxes. ETFs,they track the priceofa which kept many people con- consumer behavior. SunArt isn’t ahousehold merce website to JD.com Inc., With Covid-19 continuing to basket of stocks,bonds or fined to their homes for long Alibaba first bought a 36% name in China, but the big-box Alibaba’smain e-commerce ri- affect the economy, further fis- commodities,but they don’t periods,has accelerated ashift stakeinSun Art forabout $2.9 stores it operates sell every- val. Walmart’s chief financial calstimulus will be necessary, ownthe underlying assets by consumers to online shop- billion back in 2017.The Hong thing from groceries to clothing officersaid in the company’s said Robert McAdie,chief they track.Instead, they are ping.Likeinthe U.S.,super- Kong-listed company, which and toys and had a14% shareof earningscall in August that cross-asset strategist at BNP essentially debt issued by a market sales in China have started off as aFrench-Tai- the country’shypermarket recent sales in China were ex- Paribas. bank that matures by acer- been one of the retail indus- wanese venture, operates sales last year,according to Eu- ceptionally strong. “Without renewedfiscal tain date, similar to acorpo- try’sbright spots, thanks to stores in China under the RT- romonitor International. Alibaba, which has aboom- stimulus you’ll see anew wave rate bond. consumersstocking up on Mart and Auchan brands. Walmart, in comparison, ing and fast-growing online of unemployment, and anew Some use riskyfeatures, food and other household es- Following the latest deal, had a10% market shareofthe PleaseturntopageB2 PleaseturntopageB9 such as leverage, to magnify gains and losses.They can also seek to return the oppo- site, or inverse, of aparticu- Glitch DisruptsMajor European Exchanges larasset. Both of those fea- WSJ tures were used in the product Mr.Lannung had BY JOE WALLACE CAC40Index Amsterdam AEX Index est in astring of deals designed been shorting. TECH to build scale and cut costs, a Thesizeofthe ETNmarket LIVE A technical problem halted 5025 576 consortium led by Euronext this has declined to $8.3 billion, tradingonexchanges owned Trading month agreed to buy Borsa Ital- down morethan 70%fromits by Euronext NV,hitting activ- 5000 halted 574 iana Group from London Stock peak five yearsago. Banks are ity at one of the busiest times ExchangeGroup foraround 4975 572 abandoning the notes this of the year forEuropean stock €4.33billion, equivalent to year at the fastest paceever, markets. about $5.1 billion. 4950 570 according to FactSet, closing Monday’s glitch stopped Thedeal wasitself designed 52 productssofar and put- trading in stocks,bonds,com- to allayantitrust concerns 4925 568 ting 2020 on track to eclipse modities and derivatives on ex- about the potential bond-trad- the record 58 closures in changes in Paris,Amsterdam, 4900 566 ing dominanceofthe proposed 2018. Lisbon and elsewhere. Beforea $15 billion tie-up between LSE But some ETNs,likethe fresh problem struck later in 4875 564 and Refinitiv HoldingsLtd.Eu- Credit Suisse product, don’t the day, Euronext initially fixed ronext has made a number of dieaquick death. the cause of the outage, and 4850 562 other acquisitions in recent Banks caneither liquidate tradinginmost marketsre- years, including the purchase anotebyaccelerating its sumed by early Mondayafter- 4825 HOURLYH560 OURLY of the Irish Stock Exchangein maturation, or by delisting it, noon in Europe,aspokesman 2018. depending on howthe prod- forthe exchangeoperator said. Oct. 16 Oct. 19 Oct. 16 Oct. 19 Consolidation among Eu- uctisstructured. Laterhowever, closing auc- Source:FactSet rope’sexchanges has concen- Under the latteroption, a Stankey on tech giants’ tions didn’t take placeas trated technical risks in ahand- bank canslowly starveETNs powerand other looks planned in manyinstruments, apart from commodities.The rope’sbiggest stock exchanges fulofoperators, said Rosali of assetsonthe over-the- the operator told clients, exchangespokesman couldn’t and operates extensivecom- Pretorius,apartner in the fi- counter market, while also at the industry’s prompting it to cancel trades be reached forimmediatecom- modity and derivativemarkets, nancial-services regulation shutting off acrucial mecha- biggeststories. B4 that happened after5:30 p.m. ment on the newerissue. too. Itsfootprint in European practiceatlaw firm Simmons & PleaseturntopageB2 localtime in Paris in all assets Euronext owns some of Eu- marketsisgrowing.Inthe lat- PleaseturntopageB9 P2JW294000-4-B00200-1------XA

B2 | Tuesday, October 20, 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. Permian Energy Firms Hold Talks A Discovery...... B3 Prestage Farms...... A1 Advanced Micro Devices E Q ...... A6 E*Trade Financial...... B2 Qualcomm...... B10 BY CARA LOMBARDO energy producersseeking to ica’s top oil field. BryanSheffield along with Airbus...... B10 AND REBECCA ELLIOTT scale up amid the coronavirus Pioneer Chief Executive MikeHinson and Paul Euronext...... B1 R Alibaba...... B1 F pandemic,which has eroded ScottSheffield is the father of Treadwell in 2008 and named Amazon.com...... B4 Roku...... B4 Pioneer Natural Resources oil demand. That hascaused a Parsley’s co-founder and chair- for Mr. Sheffield’s late mater- Ford Motor...... A1 AMC Entertainment...B9 S Co. is in talks to buy Parsley collapse in U.S. benchmark oil man, Bryan Sheffield. nalgrandfather,Joe Parsley, G American Equity Semiconductor Energy Inc., according to peo- prices, which briefly plunged Based in Irving,Texas,Pio- whose hundreds of small-but- Investment Life General Motors...... A1 Manufacturing ple familiar with the matter, belowzeroinApril and have neer has amarket value of steady West Texas wells gave Holding...... B9 Goldman Sachs...... B10 International...... A6 as awaveofconsolidation sincerebounded to around $41 roughly $15 billion afterits rise to a dynasty. Apple...... B10 Group Nine Media...... B3 Sierra Club...... A3 takes hold in the beleaguered a barrel. shares dropped by nearly two- Parsley’s current CEO,Matt Arm...... A6 H SK Hynix...... A1 oil patch. Adeal would followclose thirds from ahigh in Gallagher, came over adecade AT&T...... B3,B4,B9 Halliburton...... B9 SoftBank...... B4 Thetwo oil-and-gas compa- on theheels of ConocoPhil- mid-2014. agofromPioneer.Mr. Gal- B Huawei Technologies.A6 Sun Art Retail Group.B1 nies,shale producersthat op- lips’s $9.7 billion agreement Theelder Sheffield previ- lagher is one of the youngest Bank of America...... B10 Hyundai Motor...... A1 T - U erate in the Permian Basin of Mondaytobuy Concho Re- ously ranPioneer from 1997 to chief executives in the oil Barclays...... B2 I TD Ameritrade...... B2 Texas and NewMexico, are sourcesInc.Devon Energy 2016.Hereturned to the com- patchand earlier this year BlackRock...... A2 Intel...... A1 Tesla...... B9 discussing an all-stockdeal Corp.agreed last month to a panyin2019 afterPioneer joined Pioneer in calling for BMW...... A1 J UBS Group...... B2 that could be completed by $2.6billion merger with WPX strained to meet production Texas regulatorstolimit oil Boeing...... B10 JPMorgan Chase...... B10 V theend of the month assum- Energy Inc., while Chevron goals and its costs soared un- output in the statefor the first C ing the talks don’t fall apart, Corp.agreed in July to buy der his successor. time in decades.Likerivals, M Verizon Communications Chevron...... B1 the people said. Noble Energy Inc. forabout $5 The company recently said Parsley has been working to ...... B10 Citigroup...... B2,B10 Micron Technology.....A6 Based in Austin,Texas, billion. Chief Financial Officer Richard reducedrilling and spending Comcast...... B3 Morgan Stanley...... B10 W Parsley has a market value of Buying Parsley would give Dealywould become president to keep costs low. Concho Resources N Walmart...... B1 about $4 billion. It also has Pioneer additional acreage in and chief operating officer Parsley is set to report ...... B1,B9,B10 Netflix...... B3,B9 Walt Disney...... B3 more than $3 billion of debt. the Permian, solidifying the early next year, likely setting third-quarter earningsOct. 28, ConocoPhillips B1,B9,B10 Noble Energy...... B1 WPX Energy...... B1 The combination would be company’splaceasone of the him up to eventually take over. while Pioneer is set to report Credit Suisse...... B1 O - P Z one of several tie-ups among largest oil producersinAmer- Parsley wasfounded by Nov. 4. D Occidental Petroleum.B1 Zoom Video Devon Energy...... B1 OTC Markets Group....B2 Communications...... B4 BUSINESS WATCH INDEX TO PEOPLE

A L Osteen, Joel...... B10 Aron, Adam...... B3 Lance, Ryan...... B1 R B Langley, Donna...... B3 Rolland, Christopher.B10 Leach, Tim...... B1 Bagby, Bob...... B3 Roth, Peter...... B3 M Bajaria, Bela...... B3 S C McAdie, Robert...... B1 Miller, Jeffrey...... B2 Spanbroek, Mark...... B1 Claure, Marcelo...... B4 Molchanov, Pavel...... B10 Stankey, John...... B4 Cole, Andrew...... B9 Mullaney, Michael...... B1 Sullivan, Kenneth...... B2 Coulson, R. Cromwell.B2 N - O Swan, Bob...... A6 D Neumann, Adam...... B4 V Dungey, Channing...... B3 Organ, Dennis...... B2 Vestberg, Hans...... B10

cash back to the shareholders as rapidly as we caninthis Conoco S newmodel,” Mr.Leach said, referring to the paceatwhich PRES the company’sproduction TED

Expands CIA

would decline in ayear if it SO

didn’t invest in new wells. AS Without producing new KI/

In Shale WS

wells,the combined company’s BO

output would decline by less LU ContinuedfrompageB1 than 12% ayear,ConocoPhil- ZA VID

Concho’s shares had fallen lips said. Roughly half of the DA roughly 25% in ayear,asthe combined company’s produc- Airline stocksroseMondayafter news thatthe number of people passing through TSAsecuritycheckpoints surpassed one million on Sunday. S&P 500 indexrose about 17%. tion would be in the Lower48 Both companies’ shares fell states,with afurther 15% com- HALLIBURTON Miller said. AIRLINES nearly 5% and American Airlines about3%Mondaywhile U.S. ing from Alaska and the re- Halliburton halved its struc- Group Inc. gaining nearly 1%. benchmark oil prices were rel- maining 35% from interna- Energy Firm Reports tural head countand its real-es- Rise in Travel —Matt Grossman atively flat, settling near $41 a tional positions. Loss of $17 Million tate footprintinNorth America Boosts Shares barrel. Mr. Lance said in an inter- this year,cutting costsinthe CVSHEALTH In asign of the shale indus- view that ConocoPhillips has Halliburton Co.reported a hard-hit region as it copes with The number of people who try’sproblems,Concho is sell- yet to set growth targets, but loss forits thirdquarter but the global downturn, Mr.Miller passed through Transportation Pharmacy Chain ing itself forlittle morethan would seek to at leasthold the said it sees stabilization in its said. “AsIsee it, the U.S. shale SecurityAdministration check- To Hire15,000 the roughly $8 billion it paid combined production flat. operations amid the Covid-19 industry will continue to slim points at airports surpassed one two years ago to acquire RSP Thecompanyalso intends pandemic. down,” Mr.Miller said. million on Sunday, the firstday CVSHealth Corp. said it is Permian Inc.Later,inthe first to return morethan 30% of its The Houston-based oil-field- The firm said about 30% of the figuretopped thatbench- hiring for15,000 positions in quarter of this year, the com- cash generated from opera- services companypostedaloss the equipmentused in fracking mark sinceMarch 16. the U.S. in the fourth quarter,in panywrote down the value of tions to shareholdersthrough of $17 million, or 2cents a waspermanently retired this The throughput figurefor preparation foranexpected in- itsoil and natural-gas assets regular dividends and other share, compared with aprofit of year.But asluggish recovery Oct. 18 was1,031,505, up 4.8% crease in cases of Covid-19 and by $12.6billion, one of the distributions, consistent with $295 million, or 34 centsa has begun, Miller said, noting he from the previous Sunday. the flu. largest recent impairmentsby ConocoPhillips’scurrent tar- share, ayear earlier.Revenue expects oil and gas producers The number remained 60% The pharmacy chain, which an oil and gas producer. gets.Mr. Lancesaid those pay- fell 46% to $2.98 billion. acrossthe continenttoboost belowthe levelfromthe equiva- has been offering Covid-19 test- The deal marks a strategic outshelp differentiateCono- “The paceofactivitydeclines well completions by double-digit lentSundayinOctober 2019, ing at its locations, on Monday departure for ConocoPhillips, coPhillips from other in the international markets is percentages in the currentquar- when 2.6 million people passed said morethan 10,000 of the which hasspent yearsshed- independent rivals. slowing, while the North Amer- terastheydepletetheir back- through TSAcheckpoints. newroles arefor full- and part- ding assets even as peers ConocoPhillips said it ex- ica industry structurecontinues log of drilled but uncompleted The news helped lift airline time licensed pharmacy techni- chased aggressivegrowth. pects the combined company to improve,and activityisstabi- wells. stocks, with shares of United cians. Adding Concho,which drills to be able to trim costsby lizing,” Chief ExecutiveJeffrey —Dave Sebastian Airlines Holdings Inc. rising —Dave Sebastian exclusively in the Permian, $500 million annually by would give the company a far 2022, thanks in part to lower largerfootprint in the nation’s administrativeexpenses and a The Credit Suisse-backed higher. theirclientsfrommassive top oil basin. reduction in itsglobal explora- Investors VelocityShares 3x Inverse By the end of July,the losses. For Concho, joining with a tion program. Natural GasETN skyrocketed Credit Suisse note’spricewas Hassan Chawala, a24-year- larger,morediversified rival The company also pledged pastits indicativevalue in morethan double itsindica- old textile exporter,atone would help alleviate one of the to reduce the greenhouse-gas Burned by Augustafter the bank delistedit. tive value. point faced apaper lossof major challenges forshale emissions from itsoperations Mr.Lannung said he didn’t about $250,000 on the 10- companies: Their wells gener- by 35% to 45% from 2016 lev- Daily sharepriceofETN noticeuntil early August that shareshort in his account atealot of oil and gasearly els by 2030,and eliminate Risky Note versus indicativevalue something wasoff.Prices with TD Ameritrade Holding on, but that output trails off them by 2050.Mr. Lancesaid eventually rose high enough Corp.After Credit Suisse de- $15,000 Price quickly. That leaves companies the companysupportsgovern- that his brokerage, E*Trade cided to liquidatethe ETN, on atreadmill,consistently ment measures to put a price ContinuedfrompageB1 Financial Corp., demanded unitswererevertedto$90.16 plowing money back into the on carbon, which include such nism that keeps the notes’ that he start covering his po- each, netting Mr.Chawala ground simply to maintain ideas as a carbon tax. prices in line with the indexes sition. $2,458. output. Thedeal, which is subject they track. By Aug.11, Mr.Lannung “Just looking at it could “The sizeand scale that we to shareholder approval, is ex- Because the notes arestill had closed out his shortsfor givesomeone aheart attack,” are today with an underlying pected to close early next year. trading,the banks cancon- 10,000 alosstotaling $108,990.30. A Mr.Chawala said of the initial declineratethat approaches —Dave Sebastian tinue to collect amanagement daylater,the note’sprice losses. 40%, it’shardtodistribute contributed to this article. fee on the remaining investor touched $25,000,dwarfing its If E*Trade had done the cash in the notes. indicativevalue of about $124 same,Mr. Lannung’sshorts, ETNs that account for ashare. which were mostly initiated would help Alibaba further ex- some 15%ofthe totalmarket Therunaway notecaptured at an averagepriceof$172a Alibaba pand its“NewRetail” strategy arecurrently lingering in that 5,000 the attention of the financial share, would have also been that integrates online and off- state—potentially leaving in- community as investorspuz- in the green. E*Trade didn’t line resources, the companysaid vestorsvulnerable to dra- zled over the massivegap be- respond to several requests Invests Monday. Therecould be other matic priceswingsand mam- tween whereitwas trading forcomment. synergies acrossAlibaba’sother moth losses in amarket and what it wasactually Financial executives and businesses,Mr. Zhang said. known forits thin liquidity. worth. Short sellersalone analystsinthe ETNspace In Chain Thedeal would allowAli- “I would sayit’sthe Wild racked up morethan $2 bil- said Credit Suisse mishandled 0 Indicative baba to “fast-track sales West, but the Wild West value lion in paper losses,according the situation because the growth” in fast moving con- seems rather tame as ameta- July 2020 Aug. to dataprovider S3 Partners. bank had the option to liqui- ContinuedfrompageB1 sumergoods,analystsfrom phor,” said Elisabeth Kashner, Note:Datarepresents daily closing levels. TheFinancial Industry datethe ETNatany point. retail business, has been build- Citigroup said in aresearch director of ETFresearch at Source:FactSet RegulatoryAuthority took the Other firms that were faced ing itspresenceinphysical note. They said SunArt re- FactSet. “I would saydirectly unusual action of suspending with the choiceofdelisting or grocerystoresinChina and cently reported a jump in on- to the issuing banks: Is that lar ETNand othersthat are trading of the noteonAug. liquidating ETNs,including usingthem to extend itse- line sales,and the retailer’s the storythey want to be as- delisted are anything but sta- 12. That same day, Credit Citigroup Inc., UBS Group AG commerce capabilities. past collaborations with Ali- sociated with? Is it worth ble once they enter the over- Suisse accelerated itsclosure, and Barclays PLC,opted for Thecompanyowns Fre- baba have already helped it whatever benefit they do re- the-counter market, adding effectively giving investorsa the latterinrecent months. shippo,agrowing supermar- gain new customers. tain by keeping these notes that issuersshould immedi- cash payment in line with its Theother eight ETNs the ket chain with more than 220 Having abiggernetwork of in the limbo of the pink ately closeunsupported notes indicativevalue. Swissbank delisted in June stores acrossthe countrysell- physical supermarketswill sheets?” if they have that option. Short betsagainst the fund continue to trade over the ing fresh produceand other boostAlibaba’sinventory Credit Suisse could have Problems with the natural- likely contributed to the Au- counter,wheregaps between groceries. Shopperscan visit spacefor groceries and itsde- accelerated the closureofthe gasETN started soon after gust surge,said R. Cromwell shareprices and indicative the stores in person or make livery capabilities, said Jason notethat Mr.Lannung bet Credit Suisse said in June it Coulson,president and chief values have emerged. online ordersthat aredeliv- Yu,managing director of against—theVelocityShares would delist and halt the issu- executiveofOTC Markets Shares of the Velocity- ered within hours. TheFre- Greater China at Kantar 3x InverseNaturalGas ETN— anceoffurther shares of the Group,sinceSecurities and Shares 3x InverseSilver ETN, shippo chain wasthe brain- Worldpanel. and aspokeswoman forthe noteand eight others. Before ExchangeCommission regula- forexample,wereworth child of Alibaba Chairman and Alibaba is boosting itsstake bank declined to saywhy it the announcement, itsshares tions caninsome circum- nearly double their actual Chief ExecutiveDaniel Zhang, in SunArt by purchasing the chose to delist it initially. traded at about $370, roughly stances compel short sellers value at one point in August who said sales at itsstores majority of aholding company She said that the move in line with the note’sindica- to covertheir positions after but have regained parity since that have been open at least a from France’sAuchan Retail In- wasn’t motivated by fees and tivevalue. aset period. then. year grew in double digits ternational SA.Shares of Sun that the bank takesthe sta- Some investors, likely in- But some brokerages re- “There’snothing tethering during thethree months to Art jumped 19% on Monday, bility of marketsand prece- stitutions that trade alarge frained from forcing individ- the priceofthese securities June,thanks largely to in- giving the retailer amarket dent intoconsideration when number of securities forquick ual investorstocover their to their net asset value,” said creased online ordersduring capitalization of about $11.6 deciding how to treat an ETN gains,continued to trade the wagers,waiting until Credit Ms.Kashner,adding that the the pandemic. billion. Thecompanyislikely closure. noteevenafter it wasde- Suisse adjusted the runaway situation “absolutely could” Taking control of SunArt to remain listed in Hong Kong. Analystsargue that particu- listed, pushing itsprice ETN’spriceand shielding play out again. P2JW294000-0-B00300-1------XA

THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | B3 BUSINESS NEWS Warner TV Studio Offers Cinemas a Lifeline Names Universal is releasing Christmas Day. Universal has four films on the books from its Streaming more films to theaters specialty label Focus Features, for the holidays trying including “Let Him Go,” starring Kevin Costner and Diane Lane. Executive to spur attendance SonyPictures Entertainment and Disney each have four fea- BY R.T. WATSON turefilms scheduled forthe re- As Leader mainder of the year.The only Comcast Corp.’sUniversal big-budget film still on the BY JOE FLINT Pictures is releasing substan- 2020 calendar is Warner Bros.’ tially more films to theaters “Wonder Woman 1984,” sched- Channing Dungey, aformer this holidayseason as it tries to uled forChristmas Day. creativeexecutiveatNetflix spur attendancefor troubled Universal recently tested the Inc. and Walt Disney Co., has cinemas—and boost itspush to model with itsFocus Features been selected to be the next reset distribution norms by film “Kajillionaire,” starring chairman of AT&T Inc.’sWar- making movies available sooner Evan Rachel Wood. Aftermak-

ner Bros.Television Group. foronline rental. TURES ing itsdebut in morethan 500

Ms.Dungey will take the Even as most studios have FEA theatersonSept. 25—grossing

helm early next year,the com- been canceling theatrical distri- CUS ameager $526,000 so far—the FO

panysaid Monday. She suc- bution plans for2020,Universal / movie became available as a ceeds PeterRoth, who said last said Mondayitwould send the $20 online rental on Friday.

week he would step down in romantic drama “All My Life” to FRENCH Universal began experiment- 2021 aftermorethan two de- U.S. theatersonDec.4,bringing ing with novel release models in cades running the television to eight the totalnumber of April, as theatersclosed be-

production studio. films it has slated fordomestic KIMBERLEY cause of the pandemic.Instead As head of Warner Bros. theatrical release beforethe ‘Let Him Go,’ starring Kevin Costner and Diane Lane, is set for release toward the end of the year. of waiting fortheaterstore- Television, Ms.Dungey will in- end of the year. open, thestudio made “Trolls herit one of the most prolific That is farmoretitles than World Tour” available as apre- and profitable producersof anyother major Hollywood stu- AMCShares Rise as openings are a result of the re- operations Friday, primarily in mium-priced online rental on prime-time programming.Un- dio—and nearly double Univer- cent announcement by New portions of upstate New York the same dayitwas to have hit der Mr.Roth, Warner Bros. sal’soutput during the final 2½ N.Y. State Reopens York Gov. Andrew Cuomo, al- and on Long Island. theaters. Thestudio heralded Television typically wasthe months of 2019.Likemanyof lowing movie theaters through- As a result of these open- itsmoveasasuccess. biggest supplier of content in itscompetitors, though, Univer- out much of the state to re- ings, AMC said it expects to To datethe animated feature the television industry. sal has pushed back the release AMC Entertainment Hold- open. have about 530 of its 600-the- has generated about $125 mil- Besides selling shows to the of itsbiggest titles,including ings Inc. said several AMC loca- Many businesses in the ater circuit open by the end of lion in online revenue,accord- broadcast and cable networks, the next installment in itshit tions throughout New York state have been closed or re- October. With the reopening in ing to aperson familiar with Warner Bros.makes content “Fast &Furious” franchise,until state would resume operations stricted in an effort to curb the New York, AMC said it would the matter. forstreaming services,includ- at leastnextyear. beginning Friday, lifting its spread of the new coronavirus. be operational in 44 of the 45 Initially,AMC blasted Uni- ing the Netflix show“TheKom- Universal’srelease strategy stock by 16% Monday to $3.54. AMC said it expects about states where it has theaters. versal’s“Trolls” strategy, saying inskyMethod” and Apple TV+’s will allowthe studio to test a The company said the re- a dozen locations to resume —Michael Dabaie it would no longer showUniver- newcomedy “Ted Lasso.” plan to makemovies available sal films in itstheaters. Three Ms.Dungey,who is 51 years foronline rental sooner than months later,AMC reversed it- old, joins the studio in atime ever afterthey open in theaters. businessremained hurt by a ment HoldingsInc., America’s smaller-budget films,the self,agreeing with Universal to of transition. Fordecades the By putting lower-budget combination of government- largest movie-theater company, threshold forprofitability is trim the windowbetween a studio operated with consider- films in cinemas now, Universal mandated capacity restrictions said it could exhaust itscash re- lower, making it easier fora movie’stheatrical release and able autonomyinterms of the is able to provide embattled and consumers’ reluctanceto serves by year’s end if it doesn’t studio to earn money on amix itsappearanceonline to 17 shows it made and sold. Even theaterswith morecontent return to theaters. raise additional funds or start of theatrical and online distri- days,fromabout 75.“Universal though it waspart of acom- while simultaneously carving Movie theatersare doing selling moremovie tickets. bution despitehistorically low is moving forwardreleasing out multiple opportunities to theirbest to stay afloat with While early in the pandemic movie attendance. films when few other major stu- experiment with itsnew distri- help from government subsi- many Hollywood executives Universal’sslateoffilms set dios are. That wasaspecific Channing bution model, which allows it to dies,rent forgivenessand loans. projected the domestic market forrelease during the final reason whyAMC entered into Dungey comes decide on the flywhen to move AT&T Inc.’sWarner Bros.un- waslikely to shed underper- stretch of the year includes a the agreement,” AMC Chief Ex- to Warner newfilms online.“They need successfully tried to spark a forming and undercapitalized host of small- to mid-budget ecutiveAdam Aron said. Bros. after a us; we need them,” Donna moviegoing rebound in Septem- theaters, movie studios’ busi- films boasting recognizable Thesecond-biggest theater stint of less Langley,chairman of Univer- ber,when it released the Chris- nessmodel continues to rely on stars. Theanimated “Croods: A chain in the U.S., Cineworld than two years sal’sfilm division, said,refer- topher Nolan spy thriller “Te- racking up box-officerevenue NewAge” is to makeits debut Group PLC’s Regal Entertain- at Netflix. ring to theaters. “Everyone is net” in North American with the most valuable titles. on Nov.25, ahead of Thanksgiv- ment Group, recently sus- lookingfor solutions forthe theaters. In the eight weeks Studios have put some mov- ing.The movie cost about $65 pended operations at all of its short term and long term.” since, the $200 million movie ies online to drivesubscription million to makeand featuresa domestic locations,citing alack pany,Time Warner,that in- Thecinema industryhas suf- has grossed adisappointing growth to their burgeoning voicecast that includes Nicolas of newmovies as asignificant cluded HBO, cable networks feredacataclysmic downturn $50.6 million domestically.The streaming services,asWalt Dis- Cage, Emma Stone and Ryan factor.Regal and Cinemark TNT and TBS and co-owned this year. Thecoronavirus pan- movie has fared much better ney Co.has done with “Mulan” Reynolds.The studio also plans HoldingsInc., the No.3chain in the CW Network,Warner Bros. demic forced theaterstoclose abroad, grossing $283.4 million. and the Pixar movie “Soul.” to release the TomHanks vehi- the U.S.,didn’t immediately re- Television typically did more in March. Aftermanyreopened, Last week,AMC Entertain- But when it comes to cle “News of the World” on spond to requestsfor comment. businesswith nonaffiliated platforms. SinceAT&Tacquired Time Warner and redubbed it War- nerMedia, it has made servic- ingits ownplatforms—espe- cially the newdirect-to- consumer offering HBO Max—a biggerpriority. HBO,long itsown fief,now reportsintothe newly created WarnerMedia Studio and Net- OurdreamyMurano necklace works Group,asdothe general entertainment cable channels. from Italy Consolidation of the content and production operations has MEDIA Dive into asea of deep blue beauty with our resulted in significant reduc- NINE tions in staff,and another handcrafted necklace!Our Italianmasterpiece OUP

round of layoffs is expected GR next month, people familiar Only a small fraction of American pets are covered by insurance. showsoff agorgeousdarkblueMurano with the mattersaid. In announcing Ms.Dungey’s pendantswirlingwithshimmering appointment, WarnerMedia Group Nine’s Dodo bronze andgoldentones, Studio and Networks Group chief Ann Sarnoff said Ms. suspending from sixstrands of Dungey is “a great choiceto Adds Pet Insurance lead the Television Group as it Murano glassbeads. continues to grow itsproduc- tion operationsfor HBO Max, BY SAHIL PATEL In buying intoPetplan, while also maintaining its Group Nine and the Dodo standing as the industry’slead- The Dodo, the animal-cen- won’t be starting from scratch, ing independent supplier of tric video brand of Group he said. Petplan has morethan programming to all outlets.” Nine Media Inc., has built an 250,000 paying subscribers, Ms.Dungey wasn’t available audienceofmorethan 90 mil- thecompanies said. People fa- forcomment. In astatement, lion followers acrosssocial- miliar with the businesssaid she said, “This is such an elec- media platforms.Now it is that number includes around tric time in our industry, and getting into pet insurance. 50,000 net newmemberssince we have so much opportunity Group Nine,itself backed by May 2019. available to us between Warner Discovery Inc., has takena Petplan is approaching $150 Bros.’ core businesses and HBO minority stakeinPetplan, a million in grossrevenue this Max,Icannot wait to divein.” pet insurer based in NewYork year and is profitable,accord- Thepivot inside WarnerMe- that was acquired by private- ing to those people.Bycom- dia is taking placeatother equity firm WarburgPincus parison, Trupanion Inc., arival companies as well, including LLC last year. Financial terms pet-insuranceprovider,gener- ComcastCorp.’sNBCUniversal weren’t disclosed. ated $383.9 million in total and Disney,astraditional me- Group Nine’schief execu- revenue last year,ofwhich dia giantsfocus on newdirect- tive,Ben Lerer, will join Pet- $321.2 million came from its to-streaming platforms in an plan’s board. subscription business. effort to competewith Netflix, Thedeal includes an equity And the pet-insurancemar- Amazon Prime Video and oth- stake, as well as abrand-li- kethas room to grow,the ers. censing and marketing-ser- chief executives of both Group Ms.Dungey comes to War- vicesarrangement through Nine and Petplan said, noting ner Bros.after astint of less which Group Nine and The that only asmall fraction of $ than two yearsatNetflix as a Dodo will be paid to promote the nation’spetshaveinsur- 69 senior content executive. She Petplan’sofferings. Thepet in- ance plans.Industryfigures leftinthe wake of arestructur- surer will be renamed “Fetch pegU.S.ownership of dogs Plus Free Shipping ing that led to the departureof by the Dodo” in May 2021. and cats alone at well above longtime original-programming Theacquisition is the latest 100 million. Blue Murano Necklace with chief Cindy Holland. Bela Ba- effort by Group Nine,which “Petplan, as it currently is, 18kt Gold Over Sterling Silver from Italy jaria, whohad been in charge was valued at about $1 billion is asolid, high-growth busi- 1 of unscripted and international last year, to create new reve- ness, growing at double-digits 18"witha2"extender.Pendantlengthis2⁄4". Lobster clasp. content at Netflix,was pro- nue streams at atime when nowfor manyyears,” said Paul Each Murano glasspendantisuniqueand will vary. moted to newglobal TV chief. manydigital-media companies, Guyardo,chief executiveof Although Ms.Dungey left big and small, aretrying to di- Petplan. “But candidly,welack Also available in 20"$79 amid several changes under versify beyond advertising. the mainstream brand aware- Ms.Bajaria, aperson close to “For digitalmedia, Ithink nessand credibility—a part- the companysaid she resigned we all have the challengeof nership with Dodo is the most Ross-SimonsItem #920590 to pursue this opportunity and needing to be good at multiple effective and efficient way to not as aresult of the new things at once,” said Mr.Lerer. attain that awareness.” To receivethisspecial offer, use offercode: DEEPBLUE5 structure. “My belief is that the best way Sinceits acquisition by 1.800.556.7376 or visitross-simons.com/deepblue Prior to Netflix,Ms. Dungey to reinforce multiple business WarburgPincus,Petplan has spent 14 yearsatDisney in var- lines is to build great brands, invested tens of millions of In collaboration with the Italian Trade Agency,the Ministry of Foreign ious programming postsin- because a great brand can be dollarsinbuilding itsproduct THE EXTRAORDINARY Affairs and International Cooperation and Confindustria -Federorafi cluding head of ABC Entertain- leveraged in abunch of differ- and technology offerings, Mr. ITALIAN JEWELRY ment. ent ways.” Guyardo said. P2JW294000-0-B00400-1------XA

B4 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech AT&T Chief Criticizes Tech Giants WeWork Founder’s Companies like Apple, “westill have work to do to get the scaling done.” Amazon seen holding Thepandemic has altered Pact Called outsize power over morethan just AT&T’s bid for bingewatchers. It has also content on platforms hammered revenue from ad- Defunct vertising and theatrical re- BY DREW FITZGERALD leases. BY ROLFE WINKLER Mr.Stankey said that has HBO Max is attracting more given the media unit an op- A$185 million consulting viewers but is up against big portunity to hasten some long- deal that SoftBank Group tech companies with outsize planned overhauls,including Corp.signed with WeWork co- market power, the chief of the the integration of the fenced- founder Adam Neumann upon streaming video service’spar- in HBO,Turner and Warner his departurelast year is no ent said on Monday. Bros. units it inherited in the longer in place, aWeWork ex- AT&T Inc.Chief Executive acquisition. ecutivechairman said. John Stankey said the corona- “Wewanted that company “I don’t think that consulting virus pandemic showedthat to truly operateasone,” Mr. agreement is still in force,” Ex- internet providersnolonger SEN/HBO Stankey said. ecutiveChairman Marcelo act as gatekeepersfor online CLA TheAT&Tchief declined to Clauresaid of the agreement, content, with most cable and detail the status of various di- speaking at TheWall Street vestitures the companyis

fiber networks performing well JENNIFER Journal’sTech Liveconference under the crush of so many HBO Max, with offerings such as ‘Big Little Lies,’has been shut out by the Amazon and Roku app stores. weighing but said such activity Monday. “I think Adam may Americans working and study- is something anygood man- have violated some of the parts ing remotely this year. service. channel AT&T acquired agement team should consider. of the consulting agreement, so But the CEO said tech giants John Stankey AT&T is working to grow through its2018 purchase of TheJournal reported earlier that’snolonger in effect.” like Amazon.com Inc.and Ap- spoke the premium channel’ssub- Time Warner,and mixes li- this year that the companywas Mr.Claure, who is also atop ple Inc.should be scrutinized remotely at scriber base while convincing censed series like“Friends” exploring the sale of itsDi- executiveatSoftBank,declined fortheir powertorestrict the The Wall existing viewers to switch to and“TheBig Bang Theory” recTV satellitebusiness as well to elaborateonhow Mr.Neu- kinds of apps and services al- Street the Max app,which offers with HBO’slibraryoforiginal as some advertising assetsthat mann mighthaveviolated the lowedontheir platforms. Journal’s Tech moretowatch andprovides TV series. oncemade up itsXandr unit. agreement, saying it waspart “Wherethe bottlenecks are Live event. AT&T with betterprofits than About 4.1 million customers “In terms of us acquiring of continuing litigation. Mr. sometimes occurring arein the slimmer HBO lineup of- had activated HBO Max at the something,that’snot what our Neumann leftunder acloud fol- these commercial agree- ing market poweraboveand feredthrough cable partners end of June,asliver of the focus is right now,” he said. lowing the office-spaceopera- ments,” Mr.Stankey said dur- beyond what’s reasonable for like Comcast Corp. roughly 36 million subscribers tor’sbotched attempt at an ini- ing The Wall Street Journal’s innovation?” HBO Max joined acrowded paying forany form of HBO. tial public offering last fall. annual Tech Live event Mon- HBO Max has been hemmed arena of newvideo apps from Asked Mondayabout how WSJ As part of the former day, which the pandemic in for the past few months by Amazon,Apple and Walt Dis- the streaming servicehas per- TECH startup chief’s exit package,

forced online this year.“We disagreements with Amazon neyCo. vying forviewers’at- formed, Mr.Stankey said the LIVE SoftBank agreed to buy about should ask ourselves,isthat and Roku Inc., which so far tention when it launched in appwas “well beyond our ob- For more on The Wall Street $1 billion of stock from Mr. friction somebody really feel- have refused to open their app lateMay.Itisasupersizever- jectiveofhaving over an hour Journal’s virtual conference, Neumann, refinancea$500 ing their oatsand maybe hav- stores to the newstreaming sion of the premium cable of engagement,” adding that visit techlive.wsj.com million debt, and payhim $185 million to consult. WeWork em- ployees and otherscriticized thepaymentsasasweetheart Zoom Mulls Ways to Draw More Paying Users deal forthe co-founder. Aspokesman forMr. Neu- mann didn’t respond to are- BY AARON TILLEY Bawa said at the WSJTech Live the free service, but Zoom is one the companyviews as an company’sstock has surged questfor comment. It couldn’t conference. lookingfor other waystopo- investment in growth. “For us, morethan 700% this year. be learnedhow much, if any, of Zoom Video Communica- Beforethe pandemic,Zoom tentially getacut of the busi- it’salong game,” Ms.Bawa Theincreased attention also the $185 million has already tions Inc.plans to capitalize waslargely focused on servic- nesses transacted on itsservice. said. “The moreand morewe highlighted shortcomings. been paid. morebroadly on itsmassive ing large enterprise customers. “We’renot quitesurehow canbuild our user base and es- Zoom, early in the pandemic, Mr.Neumann sued SoftBank surge in popularity but is still Almost overnight, the app be- that’sgoing to work,” Ms.Bawa tablish trust with folks likeyou, struggled to deal with “Zoom- in the spring afterthe company assessing howbest to target came adaily tool forindividuals said, with decisions likely next the moresort of legswehave bombing”—wherepeople gain failed to followthrough on its smaller consumers, Chief Oper- and businesses of all sizes to year. as acompany.” unauthorized access to ameet- commitment to buy nearly $1 ating OfficerAparna Bawa said makeitthrough the pandemic. During thepandemic,Zoom Even without getting the us- ing and sharehate-speech or billion in stock it had agreed on. Monday. Thecompanylast week un- use grew to morethan 300 mil- ersofits free servicetopay, pornographic images.Zoom re- “Weprobably were alittle “Westill arewatchingand veiled itsOnZoom serviceto lion daily meeting participants the pandemic has supercharged sponded by adjusting default tooaggressivewith WeWork,” waiting to see what the eco- help such people and busi- from 10 million latelast year. Zoom’searningsascompanies settingsfor users, but Zoom- added Mr.Claure, when asked nomics look like.Wewant to nesses bettercharge forevents, Cateringtothe millions of embraced theservicetocon- bombings still happen. whetherSoftBank had drawn makesurethat the customer such as piano lessons taking people who nowuse Zoom free nect with employees and cli- Ms.Bawa said amistakethe anylessons.“We probably al- base that we’reserving finds it placeonits platform. OnZoom to stay in touch with work, ents. In August, Zoom raised its companymade at the time was lowedthe entrepreneur to work helpful, it’spriced at the right is available only to paying cus- family andfriends has come full-year outlook forthe second not doing moretoeducateus- toofreely without having the point, it’sbeneficial to all,” Ms. tomersfor now, not those using with acost, she said, but it is time during the pandemic.The ersonhow to use the platform. rightSoftBank involvement.” TheWall Street Journal CMO Network Summit

November 10,2020, 10:00 a.m–1:40 p.m. ET |Online Event

FEATURED SPEAKERSOVERVIEW

JeffCharney TheCMO Networkwill gather as theshockwavesfromCovid-19continueto CMO reshapemarketing, purchasing habits andthe global economy. CMOs face an ProgressiveCorp. unprecedentedset of challenges,which have been exacerbatedbythe global Ann Mukherjee health crisis.Disruptionfromtechnology is accelerating, theneedfor growth is Chairman and CEO,North America paramountand thecalltodrive greaterworkforce diversitygrows louder.Join Pernod Ricard us forhonestand candid conversations with thoughtleaders,aswedig into Monique Nelson thestrategyneededtonavigatetoday’s complexbusinessenvironment.We CEO will host sessions on awiderange of topicssuchashow therole of theCMO is Uniworld Group evolving, finding growth during an economic slumpand managing your career Mark Penn during an ongoingpandemic. Chairman and CEO MDC Partners; former adviser to Bill and HillaryClinton

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THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | B5

AREALDEFENSE. P2JW294000-0-B00600-1------NS

B6 | Tuesday, October 20, 2020 NY THE WALL STREET JOURNAL. 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. ColumbiaSportswr COLM 92.53 -0.14 ExxonMobil XOM 33.42 -0.68 ICICI Bank IBN 11.29 0.33 Lumentum LITE 83.31 0.58 OldDomFreight ODFL 196.90 -3.68 S&P Global SPGI 341.15 -7.02 Tradeweb TW 58.04 -0.54 Comcast A CMCSA 44.33 -1.23 F5Networks FFIV 132.28 -0.42 s IdexxLab IDXX 419.27 -4.48 Lyft LYFT 24.63 -0.90 Ollie'sBargain OLLI 92.42 -2.57 SBA Comm SBAC 307.78 -2.47 TraneTech TT 127.50 -3.71 Market listed securities. Prices are composite dd-Indicates loss in the most recent CommerceBcshrs CBSH 58.52 0.23 FMC FMC 107.87 -1.04 IHS Markit INFO 81.05 -0.27 LyondellBasell LYB 77.05 0.04 OmegaHealthcare OHI 29.41 -1.13 SEI Investments SEIC 56.29 0.60 TransDigm TDG 484.16 -7.83 quotations that include primary market trades four quarters. ConagraBrands CAG 37.47 -0.44 Facebook FB 261.40 -4.53 ING Groep ING 7.34 -0.03 Omnicom OMC 50.84 -1.64 SK Telecom SKM 22.37 -0.30 TransUnion TRU 84.72 -2.51 as well as trades reported by Nasdaq BX FD-First day of trading. ConchoRscs CXO 47.26 -1.34 FactSet FDS 333.93 -5.63 Invesco IVZ 13.91 -0.13 M N ON Semi ON 26.21 0.14 SS&C Tech SSNC 64.11 -0.42 Travelers TRV 111.84 -1.48 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing ConocoPhillips COP 32.70 -1.07 FairIsaac FICO 432.43 -4.97 IPG Photonics IPGP 186.50 3.19 OneConnectFinTech OCFT 19.75 ... StoreCapital STOR 26.75 -0.39 Trex TREX 76.16-1.04 Cboe, NYSE National and Nasdaq ISE. standards ConEd ED 80.79 -0.91 Farfetch FTCH 27.41 0.41 IQVIA IQV 164.05 -0.51 M&T Bank MTB 97.96 -2.15 OpenText OTEX 41.74 -0.10 s SVB Fin SIVB 270.63 -2.58 Trimble TRMB 51.97 -0.37 The list comprises the 1,000 largest lf-Late filing ConstBrands A STZ 180.64 -0.84 Fastenal FAST 44.43 -0.83 IcahnEnterprises IEP 50.67 -0.70 MGMGrowthProp MGP 26.70 -0.80 Oracle ORCL 59.62 -0.67 Salesforce.com CRM 255.01 -3.54 Trip.com TCOM 30.19 0.28 companies based on market capitalization. q-Temporary exemption from Nasdaq Cooper COO 348.42 -5.28 Fastly FSLY 83.50 -1.17 Icon ICLR 204.00 0.12 MGM Resorts MGM 20.80 -0.44 Orange ORAN 10.97 -0.15 Sanofi SNY 50.14 -0.13 TruistFinl TFC 41.57 -0.08 requirements. Copart CPRT 115.26 -1.92 s FedEx FDX 281.97 -1.90 s IDEX IEX 189.74 -2.99 MINISOGroupHolding MNSO 20.88 -2.30 Orix IX 63.92 -0.08 SantanderCons SC 20.70 0.08 Twilio TWLO 329.59 3.12 Underlined quotations are those stocks with Corning GLW Ferrari RACE 189.37 -3.15 IllinoisToolWks ITW 202.42 -4.22 MKS Instrum MKSI 114.26 0.01 OtisWorldwide OTIS 64.36 -0.67 SareptaTherap SRPT 140.79 -1.63 Twitter TWTR 45.82 0.01 large changes in volume compared with the t-NYSE bankruptcy 34.60 -0.58 v-Trading halted on primary market. s Corteva CTVA 33.52 -0.56 FiatChrysler FCAU 12.51 -0.08 Illumina ILMN 321.26 -5.05 MPLX MPLX 16.77 -0.20 OwensCorning OC 74.26 -1.20 Schlumberger SLB 15.01 0.04 s TylerTech TYL 394.14 -4.38 issue’s average trading volume. CoStar CSGP 836.01-24.62 FidNatlFin FNF 32.16 -1.30 s Immunomedics IMMU 87.61 0.05 MSCI MSCI 362.67 -2.94 PG&E PCG 10.82 0.29 SchwabC SCHW 38.89 -0.40 TysonFoods TSN 58.31 -1.40 vj-In bankruptcy or receivership or MagellanMid MMP 36.15 -0.57 Boldfaced quotations highlight those issues being reorganized under the Costco COST 375.56 -5.98 FidNatlInfo FIS 139.78 -4.10 ImperialOil IMO 12.49 0.07 PNC Fin PNC 109.99 -1.49 ScottsMiracleGro SMG 163.79 -2.39 UBS Group UBS 11.75 0.13 CoupaSoftware COUP 301.96 -5.22 FifthThirdBncp FITB 23.05 -0.22 Incyte INCY 87.76 -2.87 MagnaIntl MGA 53.64 0.22 POSCO PKX 44.97 0.63 Sea SE 162.84 -2.36 UDR UDR 32.14 -0.87 whose price changed by 5% or more if their Bankruptcy Code, or securities ManhattanAssoc MANH 99.88 -2.07 UGI UGI previous closing price was $2 or higher. assumed by such companies. Credicorp BAP 120.46 0.42 FirstRepBank FRC 125.92 -0.86 Infosys INFY 15.14 -0.37 PPD PPD 36.73 0.23 Seagate STX 52.15 0.71 33.65 -0.74 CreditSuisse CS 10.62 0.40 s FirstSolar FSLR 83.43 -0.75 IngersollRand IR 36.60 -0.62 ManulifeFin MFC 14.02 -0.21 s PPG Ind PPG 134.32 -2.84 Seagen SGEN 198.22 -2.71 Uber UBER 34.22 0.50 s Cree CREE 73.93 2.64 FirstEnergy FE 31.73 0.04 Inphi IPHI 120.37 0.07 MarathonPetrol MPC 28.25 -1.12 PPL PPL 27.77 -0.82 SealedAir SEE 41.38 -0.26 s Ubiquiti UI 200.18 1.28 CrowdStrike CRWD 144.66 -0.68 Fiserv FISV 98.74 -2.48 Insulet PODD 248.52 0.19 Markel MKL 954.22-17.40 PRA HealthSci PRAH 108.36 -1.64 SempraEnergy SRE 127.97 -0.14 UltaBeauty ULTA 235.45 -6.55 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and MarketAxess MKTX changes in the closing prices from 4 p.m. the previous day. CrownCastle CCI 164.32 -2.58 s FiveBelow FIVE 136.36 -1.52 Intel INTC 54.58 0.42 539.26 1.19 PTC PTC 86.44 -1.18 SensataTechs ST 46.85 -0.44 Unilever UN 60.90 -0.71 CrownHoldings CCK 82.16 -1.10 s Five9 FIVN 145.23 -0.43 InteractiveBrkrs IBKR 49.34 -1.10 Marriott MAR 93.94 -3.82 s Paccar PCAR 91.06 1.12 ServiceCorp SCI 43.42 -0.70 Unilever UL 61.80 -0.96 CubeSmart CUBE 33.56 -0.72 FleetCorTech FLT 241.55 -8.04 ICE ICE 98.45 -2.85 Marsh&McLen MMC 113.03 -1.91 s PackagingCpAm PKG 117.26 -2.33 s ServiceNow NOW 521.95 -2.92 UnionPacific UNP 205.66 -4.19 Monday, October 19, 2020 Net Net Cummins CMI 221.15 -1.65 s Flex FLEX 14.590.46 InterContinentl IHG 53.20 -0.91 MartinMarietta MLM 256.70 -2.27 PagSeguroDig PAGS 38.74 -0.72 ShawComm B SJR 17.53 0.02 UnitedAirlines UAL 35.50 1.34 MarvellTech MRVL 41.85 -1.11 UnitedMicro UMC Net Stock Sym Close Chg Stock Sym Close Chg CureVac CVAC 53.50 1.06 Floor&Decor FND 81.74 -3.51 IBM IBM 125.52 -0.41 PalantirTech PLTR 9.57 -0.14 SherwinWilliams SHW 681.83-13.49 5.28 0.07 Masco MAS 55.87 -1.59 UPS B UPS 172.10 -2.34 Stock Sym Close Chg CyrusOne CONE 77.18 0.27 FomentoEconMex FMX 55.48 -2.20 IntlFlavors IFF 113.55 -2.72 PaloAltoNtwks PANW 242.34 -4.02 ShinhanFin SHG 25.06 0.49 ArchCapital ACGL 29.89 -0.96 Bruker BRKR 41.89 -0.30 FordMotor F 7.59 -0.08 IntlPaper IP 46.69 0.15 Masimo MASI 235.74 -1.56 PanAmerSilver PAAS 32.02 -0.86 Shopify SHOP 1069.00 1.79 UnitedRentals URI 187.44 -5.50 s ArcherDaniels ADM 50.31 0.52 Bunge BG Mastercard MA 331.67 -7.73 54.60 0.01 D E F Fortinet FTNT 128.82 -2.72 Interpublic IPG 17.74 -0.52 ParkerHannifin PH 221.57 -1.29 Sibanye-Stillwater SBSW 11.79 -0.64 US Bancorp USB 38.97 -0.17 A B C s MaximIntProducts MXIM 72.32 -0.77 AresMgmt ARES 44.40 -0.27 BurlingtonStrs BURL 203.42 -7.14 Fortis FTS 40.87 -0.52 Intuit INTU 335.27 -5.88 Paychex PAYX 81.93 -1.80 SimonProperty SPG 63.91 -0.91 UnitedHealth UNH 324.22 -5.68 McCormickVtg MKC.V 196.91 -3.20 arGEN-X ARGX 264.17 -5.73 CBRE Group CBRE 47.58 -1.03 DISH Network DISH 26.56 -1.10 Fortive FTV 65.77 -1.37 IntuitiveSurgical ISRG 736.12-16.56 s PaycomSoftware PAYC 383.12 1.32 SiriusXM SIRI 5.73 -0.11 UnitySoftware U 89.30 -3.26 ABB ABB 26.51 -0.23 McCormick MKC 197.53 -1.86 AristaNetworks ANET 221.63 -3.82 CDW CDW 128.86 -1.76 DTE Energy DTE 118.17 -1.13 FortBrandsHome FBHS 86.92 -3.34 Invitae NVTA 48.39 1.36 Paylocity PCTY 191.57 -1.23 Skyworks SWKS 151.14 -2.01 UnivDisplay OLED 189.46 -1.43 AcadiaPharm ACAD 41.49 -1.12 McDonalds MCD 226.00 -3.37 ArrowElec ARW 83.70 -0.48 CF Industries CF 28.88 -0.40 DadaNexus DADA 35.00 -1.91 FoxA FOXA 26.02 -0.84 InvitatHomes INVH 27.67 -0.27 PayPal PYPL 200.06 -4.39 SlackTech WORK 32.25 ... UniversalHealthB UHS 110.35 -2.54 ADT ADT 7.62 -0.32 McKesson MCK 152.42 -4.25 AscendisPharma ASND 156.57 -1.90 CGI GIB 68.46 -0.52 Danaher DHR 223.83 -3.62 FoxB FOX 26.25 -0.87 IonisPharma IONS 47.20 0.07 Pegasystems PEGA 129.21 -1.53 Smartsheet SMAR 57.65 1.49 VEREIT VER 6.55 -0.10 AECOM ACM 45.97 -0.47 MedicalProp MPW 17.68 -0.37 AspenTech AZPN 131.94 -1.10 CH Robinson CHRW 100.00 -0.23 Darden DRI 96.61 -2.33 Franco-Nevada FNV 137.48 -2.33 iQIYI IQ 22.52 0.13 Peloton PTON 133.01 1.68 SmithAO AOS 54.96 -0.41 VF VFC 72.54 -3.28 AES AES 19.90 ... 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QSR 56.24 -1.24 AmericanWell AMWL 34.88 -0.66 BlackRock BLK 634.89-22.49 Chipotle CMG 1335.59 -4.09 EnterpriseProd EPD 17.12 -0.09 Hess HES 36.60 -1.46 LibertyGlobal A LBTYA 21.28 -0.53 NorfolkSouthern NSC 213.67 -5.08 Telefonica TEF 3.58 -0.04 XP XP 42.11 -0.11 ReynoldsCnsmr REYN 30.93 -0.31 AmericoldRealty COLD 36.33 -0.96 Blackstone BX 54.91 -0.87 Chubb CB 116.92 -2.34 Equifax EFX 158.58 -4.76 HewlettPackard HPE 9.35 -0.13 LibertyGlobal C LBTYK 21.00 -0.57 NorthernTrust NTRS 85.41 -1.97 TelekmIndonesia TLK 18.50 -0.35 XPO Logistics XPO 96.04 0.03 RingCentral RNG 282.87 2.92 s Ameriprise AMP 169.04 -0.91 Boeing BA 167.11 -0.24 ChunghwaTel CHT 36.77 0.02 Equinix EQIX 810.00 -7.69 HighwoodsProp HIW 32.39 -0.88 LibertyFormOne A FWONA 32.65 -0.69 NorthropGrum NOC 311.33 -4.91 10xGenomics TXG 163.07 -0.63 XcelEnergy XEL 71.69 -1.44 RioTinto RIO 59.23 -0.82 AmerisourceBrgn ABC 97.80 -1.72 BookingHldgs BKNG 1653.02-14.85 Church&Dwight CHD 92.34 -0.85 Equinor EQNR 14.16 -0.01 Hilton HLT 87.55 -1.95 LibertyFormOne C FWONK 35.53 -0.65 NortonLifeLock NLOK 20.70 -0.40 TencentMusic TME 14.15 -0.10 Xilinx XLNX 116.38 -1.64 RitchieBros RBA 62.44 -1.67 Ametek AME 107.55 -2.30 BoozAllen BAH 79.95 -2.30 ChurchillDowns CHDN 169.24 -4.72 Equitable EQH 19.89 -0.37 Hologic HOLX 67.01 0.11 LibertyBraves A BATRA 20.60 -0.28 Novartis NVS 85.79 -0.40 Teradyne TER 86.67 0.08 XPeng XPEV 19.84 -1.93 RobertHalf RHI 55.43 -1.23 Amgen AMGN 230.71 -5.01 BorgWarner BWA 38.66 -0.03 Ciena CIEN 41.27 -0.54 EquityLife ELS 63.00 -0.88 HomeDepot HD 283.73 -3.93 LibertyBraves C BATRK 20.32 -0.18 Novavax NVAX 102.05 -4.99 Terminix TMX 46.96 -0.32 Xylem XYL 90.42 -1.10 Amphenol APH 113.10 -2.06 BostonBeer SAM 931.26-15.58 Cigna CI 171.66 -6.24 EquityResdntl EQR 50.71 -1.14 HondaMotor HMC 24.42 0.18 LibertySirius A LSXMA 34.37 -0.02 NovoNordisk NVO 70.78 -0.24 RocketCos.RKT 20.74 -1.17 Tesla TSLA 430.83 -8.84 Yandex YNDX 56.95 -1.04 AnalogDevices ADI 122.61 -1.03 BostonProps BXP 76.00 -1.67 CincinnatiFin CINF 77.67 -0.91 ErieIndemnity A ERIE 225.74 -3.26 Honeywell HON 171.59 -3.27 LibertySirius C LSXMK 34.14 -0.14 Novocure NVCR 132.34 -4.62 Rockwell ROK 244.46 -4.57 TevaPharm TEVA 9.29 -0.12 YumBrands YUM 97.25 -1.28 Anaplan PLAN 61.56 -0.86 BostonSci BSX 37.77 -0.67 Cintas CTAS 341.32 -7.08 EssentialUtil WTRG 41.55 -0.30 HorizonTherap HZNP 78.46 -1.17 EliLilly LLY 142.80 -3.32 s NuanceComms NUAN 34.29 -0.65 RogersComm B RCI 40.00 -0.62 TexasInstruments TXN 150.76 -2.36 YumChina YUMC 52.80 -0.68 AngloGoldAsh AU 26.37 -0.28 BrightHorizons BFAM 156.06 -2.22 CiscoSystems CSCO 39.30 -0.86 EssexProp ESS 199.06 -2.98 HormelFoods HRL 49.02 -0.52 LincolnNational LNC 33.72 -0.06 Nucor NUE 48.97 -0.36 Roku ROKU 222.14 -0.18 Textron TXT 35.49 -0.78 ZTO Express ZTO 28.80 -0.04 AB InBev BUD 55.53 0.11 BristolMyers BMY 60.77 -0.47 Citigroup C 42.90 -0.29 EsteeLauder EL 222.34 -1.79 DR Horton DHI 75.79 -1.30 Linde LIN 229.87 -3.21 Nutrien NTR 40.08 -0.14 Rollins ROL 59.22 -0.55 ThermoFisherSci TMO 461.29 -7.30 ZaiLab ZLAB 87.47 -2.97 AnnalyCap NLY 7.10 -0.14 BritishAmTob BTI 33.68 -0.39 CitizensFin CFG 26.64 0.03 Etsy ETSY 148.37 0.78 HostHotels HST 10.67 -0.28 LithiaMotors LAD 266.98 -7.79 NVIDIA NVDA 539.91-12.55 RoperTech ROP 424.90 -8.99 ThomsonReuters TRI 81.93 -0.84 s ZebraTech ZBRA 291.57 -1.43 Anthem ANTM 292.21 -4.66 Broadcom AVGO 375.77 -2.88 CitrixSystems CTXS 134.84 -3.42 EverestRe RE 197.29 -3.51 HowmetAerospace HWM 18.61 0.02 LiveNationEnt LYV 53.97 -0.63 RossStores ROST 90.96 -4.16 3M MMM 169.55 -1.42 Zendesk ZEN 112.49 0.26 Aon AON 209.19 -3.69 BroadridgeFinl BR 141.79 -1.55 Clarivate CCC 30.50 -0.17 Evergy EVRG 54.60 -0.32 HuanengPower HNP 15.64 0.09 LivongoHealth LVGO 143.31 1.39 O P Q RoyalBkCanada RY 72.97 -0.73 Tiffany TIF 122.19 -0.53 Zillow C Z 98.45 1.34 ApolloGlbMgmt APO 38.98 -1.48 BrookfieldMgt BAM 33.69 -0.05 Clorox CLX 212.50 -2.49 EversourceEner ES 91.08 -0.34 Huazhu HTHT 41.63 0.01 LloydsBanking LYG 1.35 ... RoyalCaribbean RCL 59.71 0.88 TopBuild BLD 181.61 -4.86 Zillow A ZG 98.82 0.95 Apple AAPL 115.98 -3.04 BrookfieldInfr BIP 46.31 -0.55 Cloudflare NET 58.27 -0.02 ExactSciences EXAS 107.14 3.82 Hubbell HUBB 146.09 1.52 LockheedMartin LMT 383.71 -2.79 OGE Energy OGE 31.54 -0.02 RoyalDutchA RDS.A 25.04 -0.23 Toro TTC 85.52 -0.96 ZimmerBiomet ZBH 142.00 -4.93 ApplMaterials AMAT 62.05 -0.95 BrookfieldPropREIT BPYU 13.59 0.07 Coca-Cola KO 49.62 -0.41 Exelixis EXEL 22.57 -0.66 HubSpot HUBS 311.64 0.38 Loews L 34.94 -0.80 ONEOK OKE 28.29 -0.61 RoyalDutchB RDS.B 23.86 -0.43 TorontoDomBk TD 45.11 -0.68 Zoetis ZTS 159.99 -3.56 Aptargroup ATR 115.15 -1.20 s BrookfieldRenew BEPC 67.78 1.25 Coca-Cola Euro CCEP 37.67 -0.65 Exelon EXC 41.86 -0.23 Humana HUM 433.08 -4.64 LogitechIntl LOGI 80.03 0.20 OReillyAuto ORLY 463.75 -3.26 RoyalGold RGLD 119.60 -2.87 Total TOT 32.64 -0.36 s ZoomVideo ZM 568.34 9.34 Aptiv APTV 99.40 1.20 Brown&Brown BRO 46.46 -0.99 Cognex CGNX 68.70 -0.18 Expedia EXPE 92.14 1.43 JBHunt JBHT 123.94 -4.10 Lowe's LOW 175.13 -2.57 OakStreetHealth OSH 51.63 -2.05 RoyaltyPharma RPRX 40.27 -1.54 ToyotaMotor TM 130.88 0.24 ZoomInfoTech ZI 44.16 1.53 Aramark ARMK 27.97 -0.20 Brown-Forman A BF.A 67.54 -1.12 CognizantTech CTSH 72.20 -1.16 ExpeditorsIntl EXPD 92.56 -0.73 HuntingtonBcshs HBAN 9.52 -0.15 lululemon LULU 336.46-13.49 OccidentalPetrol OXY 9.82 -0.27 Ryanair RYAAY 83.93 0.98 TractorSupply TSCO 150.98 -2.11 Zscaler ZS 153.17 -1.68 ArcelorMittal MT 14.15 -0.12 Brown-Forman B BF.B 74.34 -1.61 ColgatePalm CL 79.21 -1.10 ExtraSpaceSt EXR 113.73 -0.90 IAA IAA 56.87 -1.34 LumenTech LUMN 9.61 -0.25 Okta OKTA 242.09 -1.86 SAP SAP 152.51 -2.61 TradeDesk TTD 618.29 13.29 Zynga ZNGA 8.99 -0.17

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(800)366-3975 6DC .6-+C 0J/ L6IF, +/ LIFM 0I+J +JM2/*-+ 6,6FM /4HM2+I/D 4C +JM ,6FM /4HM2+I/D 1M61FIDM E6C4ML/-M)M- 46--M1 L-/E 6,,M-+IDK@ 6+ +JM ,6FM JM6-IDK Formoreinformation visit: /- +JM-M6L+M-@ 6DC /4HM2+I/D+/+JM 2/D,*EE6+I/D 6D1 .M-L/-E6D2M /L +JM 6..FI264FM ,6FM +-6D,62+I/D 2/D+ME.F6+M1 4C +JM 6..FI264FM .*-2J6,M 6K-MMEMD+ wsj.com/classifieds 0I+J 6,*22M,,L*F 4I11M-B,A@ ID2F*1IDK +JM +-6D,LM-/L+JM 1M4+/-,7 6,,M+, +/ +JM ,*22M,,L*F4I11M-B,A@ L-MM 6D1 2FM6- /L 6FF FIMD,@ 2F6IE,@ ID+M-M,+,@6D1 MD2*E4-6D2M, .*-,*6D+ +/ ,M2+I/D, &"&B'A@ (('&@ 6D1 (('^@6,6..FI264FM@ /L +JM ©2020Dow Jones &Company,Inc. 46DG-*.+2C2/1M? All Rights Reserved. P2JW294000-0-B00700-1------XA

THE WALL STREET JOURNAL. Tuesday, October 20, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 28195.42 t410.89, or 1.44% Trailing P/E ratio 26.78 19.35 3426.92 t56.89, or 1.63% Trailing P/E ratio * 38.21 23.50 11478.88 t 192.67, or 1.65% Trailing P/E ratio *† 36.72 24.05 High, low, open and close for each P/E estimate * 24.32 17.89 High, low, open and close for each P/E estimate * 25.90 18.15 High, low, open and close for each P/E estimate *† 32.15 21.75 trading day of the past three months. Dividend yield 2.18 2.32 trading day of the past three months. Dividend yield * 1.72 1.93 trading day of the past three months. Dividend yield *† 0.74 1.03 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3650 12100

28000 3525 11450

27000 3400 10800

26000 3275 10150 Session high DOWN UP Session open Close 65-day moving average 65-day moving average t 25000 3150 9500 Close Open

t 65-day moving average 24000 3025 8850 Session low Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *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* 833,837,802 13,487,590 Industrial Average 28711.93 28139.40 28195.42 -410.89 -1.44 29551.42 18591.93 5.1 -1.2 6.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 185,460,698 5,285,843 Transportation Avg 12000.19 11680.99 11708.09 -128.34 -1.08 11988.83 6703.63 9.9 7.4 5.8 Most-active issues in late trading Decl. volume* 613,328,091 7,918,120 Utility Average 889.53 875.12 877.60 -6.92 -0.78 960.89 610.89 1.1 -0.2 5.5 Volume After Hours Issues traded 3,146 268 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 35964.34 35146.39 35212.38 -547.20 -1.53 36434.12 22462.76 14.5 6.6 9.9 Advances 827 89 SPDR S&P 500 SPY 8,125.8 343.91 1.90 0.56 344.08 341.82 Barron's 400 768.30 751.14 752.20 -10.07 -1.32 767.01 455.11 9.6 2.7 3.1 Declines 2,215 165 Hertz Global Holdings HTZ 6,257.6 2.20 0.03 1.38 2.34 2.15 Unchanged 104 14 Sabra Healthcare REIT SBRA Nasdaq Stock Market 5,504.0 13.89 0.19 1.39 13.89 13.70 New highs 86 7 Nasdaq Composite 11778.11 11454.57 11478.88 -192.67 -1.65 12056.44 6860.67 40.6 27.9 20.2 General Electric GE 5,399.8 7.31 0.02 0.27 7.33 7.24 New lows 21 1 Nasdaq 100 11962.47 11606.48 11634.35 -217.82 -1.84 12420.54 6994.29 46.5 33.2 24.1 Vanguard Real Estate ETF VNQ 4,770.0 79.70 0.14 0.18 79.70 79.32 Closing Arms† 1.08 0.67 Aptinyx APTX 3,262.7 6.98 3.32 90.71 7.38 3.66 S&P Block trades* 5,124 118 Wells Fargo WFC 2,886.5 22.60 0.06 0.27 22.60 22.52 500 Index 3502.42 3419.93 3426.92 -56.89 -1.63 3580.84 2237.40 14.0 6.1 10.2 Nasdaq NYSE Arca Ford Motor F 2,769.2 7.60 0.01 0.07 7.61 7.58 MidCap 400 2013.87 1970.88 1973.81 -23.53 -1.18 2106.12 1218.55 1.3 -4.3 2.7 Total volume*3,437,003,142 192,114,428 SmallCap 600 931.80 912.02 913.09 -10.62 -1.15 1041.03 595.67 -4.8 -10.6 0.2 Percentage gainers… Adv. volume*1,587,189,923 47,776,105 Decl. volume*1,815,833,384 143,763,958 Other Indexes Aptinyx APTX 3,262.7 6.98 3.32 90.71 7.38 3.66 Issues traded 3,570 1,405 Russell 2000 1647.05 1612.22 1613.63 -20.18 -1.24 1705.22 991.16 4.1 -3.3 2.4 Emcore EMKR 282.4 3.99 0.68 20.54 4.85 3.48 Advances 1,060 251 NYSE Composite 13247.75 12999.41 13018.51 -150.81 -1.15 14183.20 8777.38 -0.5 -6.4 1.7 Allscripts Healthcare MDRX 627.5 10.98 0.46 4.37 10.98 10.51 Declines 2,398 1,135 Comerica CMA 56.1 43.00 1.78 4.32 43.00 40.21 Value Line 491.51 482.09 482.53 -5.25 -1.08 562.05 305.71 -7.5 -12.6 -3.9 Unchanged 112 19 Nokia ADR NOK 1,385.6 4.34 0.16 3.83 4.48 4.15 NYSE Arca Biotech 5513.06 5375.65 5395.25 -85.72 -1.56 6142.96 3855.67 24.2 6.5 8.3 New highs 121 23 NYSE Arca Pharma 662.51 647.59 648.70 -8.74 -1.33 675.64 494.36 10.5 -0.8 5.0 ...And losers New lows 32 8 KBW Bank 78.51 76.92 77.00 -1.07 -1.37 114.12 56.19 -25.1 -32.1 -8.2 BELLUS Health BLU 351.4 2.22 -0.10 -4.31 2.35 2.02 Closing Arms† 0.51 0.49 § PHLX Gold/Silver 149.22 144.31 144.36 -2.73 -1.85 161.14 70.12 62.6 35.0 19.1 IBM IBM 1,283.8 121.88 -3.64 -2.90 126.99 121.63 Block trades* 14,671 913 § PHLX Oil Service 29.21 28.11 28.23 0.04 0.13 80.99 21.47 -56.6 -63.9 -40.3 Velodyne Lidar VLDR 59.6 14.98 -0.36 -2.35 15.49 14.85 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2432.89 2379.26 2385.85 -13.91 -0.58 2433.48 1286.84 47.3 29.0 24.9 Expeditors Intl of Wash EXPD 58.3 90.59 -1.97 -2.13 92.56 90.59 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 29.69 27.04 29.18 1.77 6.46 82.69 11.54 108.4 111.8 42.7 SQQQ ProSh UltraPro Shrt QQQ 1,035.8 21.40 -0.45 -2.06 21.85 21.37 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 World The Global Dow 3034.01 –10.77 –0.35 –6.7 Kaixin Auto Holdings KXIN 8.15 6.08 293.72 13.40 0.40 388.0 Abraxas Petroleum AXAS 2.19 -0.70 -24.33 11.00 1.80 -65.8 DJ Global Index 441.59 –3.31 –0.74 1.7 BioSpecifics Technologies BSTC 88.69 27.67 45.35 88.69 42.00 86.8 Westwater Resources WWR 4.62 -1.14 -19.79 14.50 0.25 27.3 DJ Global ex U.S. 252.76 0.70 0.28 –4.1 Greenland Technologies GTEC 3.54 1.04 41.60 10.39 1.12 -65.8 CHF Solutions CHFS 6.98 -1.46 -17.26 57.00 6.80 -83.6 Americas DJ Americas 800.72 –12.13 –1.49 5.2 Front Yard Residential RESI 13.44 3.48 34.94 13.69 6.01 12.2 Catalyst Biosciences CBIO 5.38 -1.03 -16.00 8.94 3.43 -0.7 Brazil Sao Paulo Bovespa 98657.65 348.53 0.35 –14.7 Natuzzi ADR NTZ 5.66 1.45 34.44 5.80 0.37 241.0 Highway Holdings HIHO 3.76 -0.67 -15.12 4.95 1.55 121.2 Canada S&P/TSX Comp 16274.07 –164.68 –1.00 –4.6 Renren ADR RENN 5.75 1.27 28.35 6.23 0.45 166.2 American Equity AEL 27.49 -4.81 -14.89 34.25 9.07 14.0 Mexico S&P/BMV IPC 37685.74 –190.75 –0.50 –13.4 Ocean Bio-Chem OBCI 16.44 2.80 20.53 22.55 3.10 377.7 Pioneer Power Solutions PPSI 2.63 -0.46 -14.89 9.43 0.90 -22.9 Chile Santiago IPSA 2502.43 –6.05 –0.24 –25.0 Altisource Asset Mgmt AAMC 23.87 3.95 19.83 32.24 10.20 54.0 Aerie Pharmaceuticals AERI 9.92 -1.72 -14.78 26.26 9.86 -49.4 Liquidia Technologies LQDA 3.41 0.55 19.23 12.10 2.65 -24.9 Organogenesis Hldgs Cl A ORGO 4.12 -0.64 -13.45 8.34 2.47 -44.8 EMEA Stoxx Europe 600 366.81 –0.67 –0.18 –11.8 Aemetis AMTX 4.50 0.71 18.73 4.87 0.37 350.0 Hertz Global Holdings HTZ 2.17 -0.33 -13.20 20.85 0.40 -84.6 Eurozone Euro Stoxx 361.67 –0.27 –0.07 –10.5 Belgium Bel-20 3262.30 –2.30 –0.07 –17.5 Nuverra Envtl Solutions NES 2.92 0.46 18.70 6.45 0.94 -14.1 USA Truck USAK 9.15 -1.29 -12.36 12.85 2.36 19.8 Denmark OMX Copenhagen 20 1410.26 –7.63 –0.54 24.2 MoneyGram International MGI 4.83 0.74 18.09 5.25 1.15 6.6 Kaleido Biosciences KLDO 7.75 -1.06 -11.99 11.89 2.82 47.0 France CAC 40 4929.27 –6.59 –0.13 –17.5 Midatech Pharma ADR MTP 2.36 0.36 18.00 7.20 0.86 -65.8 CVD Equipment CVV 4.22 -0.57 -11.90 7.47 1.95 31.6 Aurora Cannabis ACB Integrated Media Tech IMTE Germany DAX 12854.66 –54.33 –0.42 –3.0 4.71 0.69 17.16 47.28 3.93 -89.4 4.01 -0.54 -11.87 13.31 2.60 -43.1 Tilray TLRY 6.48 0.92 16.55 25.69 2.43 -71.1 Loop Industries LOOP 6.92 -0.93 -11.79 13.96 6.05 -38.5 Israel Tel Aviv 1363.61 –1.59 –0.12 –19.0 Italy FTSE MIB 19374.21 –15.46 –0.08 –17.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 565.25 –2.93 –0.52 –6.5 Russia RTS Index 1135.12 2.32 0.20 –26.7 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 55161.03 113.77 0.21 –3.4 Spain IBEX 35 6860.20 10.53 0.15 –28.2 Hertz Global Holdings HTZ 396,654 1433.0 2.17 -13.20 20.85 0.40 South Mountain Cl A SMMC 12,694 18972 11.96 15.56 12.05 9.25 Sweden OMX Stockholm 736.83 1.74 0.24 8.2 Kaixin Auto Holdings KXIN 234,691 11469.4 8.15 293.72 13.40 0.40 BioSpecifics Technologies BSTC 1,625 4991 88.69 45.35 88.69 42.00 General Electric GE Gl X MSCI China Finl CHIX Switzerland Swiss Market 10184.36 –22.77 –0.22 –4.1 130,606 37.1 7.29 0.00 13.26 5.48 893 4881 15.02 1.97 16.87 11.74 Apple AAPL 119,777 -30.8 115.98 -2.55 137.98 53.15 Direxion CSI300 CN A 1X CHAD 1,012 4392 20.18 0.95 32.00 19.90 Turkey BIST 100 1205.37 12.64 1.06 5.3 NIO ADR NIO 114,913 3.2 27.63 -2.98 29.40 1.36 Front Yard Residential RESI 14,429 3454 13.44 34.94 13.69 6.01 U.K. FTSE 100 5884.65 –34.93 –0.59 –22.0 U.K. FTSE 250 17866.08 43.17 0.24 –18.4 BOQI Intl Medical BIMI 91,402 33634.6 2.68 38.14 8.20 1.50 Replay Acquisition RPLA 2,327 3156 10.15 0.00 10.60 9.50 ProSh UltraPro Shrt QQQ SQQQ 72,015 28.2 21.85 4.85 162.15 18.95 Opthea ADR OPT 350 1552 13.15 6.91 19.26 12.61 Asia-Pacific SPDR S&P 500 SPY 67,630 0.3 342.01 -1.52 358.75 218.26 VicSh USAA Core Interm Bd UITB 528 1405 54.10 -0.08 54.95 48.91 Australia S&P/ASX 200 6229.40 52.61 0.85 –6.8 Senmiao Technology AIHS 53,594 1116.0 1.41 79.16 2.35 0.26 Simplify US Convexity SPYC 217 1315 24.77 -2.24 26.42 23.25 China Shanghai Composite 3312.67 –23.69 –0.71 8.6 AT&T T 52,025 55.6 26.88 -1.65 39.70 26.08 Kismet Acquisition One KSMT 545 1312 9.68 0.10 9.70 9.67 Hong Kong Hang Seng 24542.26 155.47 0.64 –12.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.12 India S&P BSE Sensex 40431.60 448.62 –2.0 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23671.13 260.50 1.11 0.1 Singapore Straits Times 2543.57 10.55 0.42 –21.1 Track the Markets South Korea Kospi 2346.74 5.21 0.22 6.8 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12908.34 1.24 7.6 global stock indexes, bond ETFs, 157.97 currencies and commodities at Currencies Thailand SET 1208.75 –24.93 –2.02 –23.5 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23177 0.02 Argentina peso .0129 77.5668 29.5 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1783 5.6077 39.5 Czech Rep. koruna .04318 23.159 2.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7580 1.3193 1.6 Denmark krone .1582 6.3222 –5.1 notes and bonds major U.S. trading partners Chile peso .001270 787.60 6.5 Euro area euro 1.1772 .8495 –4.7 A consumer rate against its 5-year CDs Colombiapeso .000260 3844.75 17.2 Hungary forint .003227 309.85 4.9 Ecuador US dollar 11unch Iceland krona .007194 139.00 14.8 benchmark over the past year 2.50% Bankrate.com avg†: 0.62% 10% Mexico peso .0472 21.2005 12.0 Norway krone .1073 9.3234 6.2 Uruguay peso .02331 42.9050 15.5 Poland zloty .2573 3.8863 2.5

Colorado Federal Savings Bank 0.80% One year ago 2.00 WSJ Dollar index s Russia ruble .01285 77.807 25.4 t Asia-Pacific 1.60% Greenwood Village, CO 877-484-2372 5 Sweden krona .1133 8.8281 –5.8 1.50 s Australian dollar .7069 1.4146 –0.7 Yen Switzerland franc 1.0989 .9100 –5.9 Washington Savings Bank 0.80% China yuan .1497 6.6822 –4.0 1.20 0 Turkey lira .1269 7.8816 32.5 Lowell, MA 978-458-7999 1.00 Hong Kong dollar .1290 7.7502 –0.5 Five-year CD yields Ukraine hryvnia .0351 28.4500 20.2 Tradeweb ICE India rupee .01363 73.360 2.8 t 0.80 TAB Bank 0.85% UK pound 1.2947 .7724 2.4 Monday Close 0.50 –5 Indonesia rupiah .0000681 14695 5.8 Ogden, UT 800-355-3063 s Middle East/Africa t Euro Japan yen .009485 105.43 –3.0

t Federal-funds 0.40 0.00 Kazakhstan tenge .002336 428.14 12.1 Bahrain dinar 2.6522 .3771 ... target rate CFG Community Bank 0.90% –10 Macau pataca .1252 7.9885 –0.4 Egypt pound .0637 15.7029 –2.2 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2415 4.1405 1.2 Israel shekel .2954 3.3851 –2.0 N D J F M A M J J A S O First Internet Bank of Indiana 0.96% New Zealand dollar .6605 1.5140 1.9 Kuwait dinar 3.2690 .3059 0.9 maturity 2019 2020 Indianapolis, IN 888-873-3424 Pakistan rupee .00615 162.667 4.9 Oman sul rial 2.5974 .3850 ... Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0206 48.548 –4.3 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7366 1.3576 0.9 Saudi Arabia riyal .2666 3.7509 –0.01 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008768 1140.56 –1.3 South Africa rand .0605 16.5170 18.0 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.00 Sri Lanka rupee .0054230 184.40 1.7 Yield (%) 52-Week Total Return (%) Taiwan dollar .03479 28.746 –3.9 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 5.00 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03204 31.210 4.9 WSJ Dollar Index 88.42 –0.19–0.21 –1.27 Libor, 3-month 0.21 0.23 0.21 l 1.96 -1.15 U.S. Treasury, Barclays 2468.160 0.540 0.550 1.870 0.400 7.89 5.31 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.22 0.22 0.22 l 0.73 -0.10 Five-year CD, annual yield 0.62 0.62 0.62 l 1.53 -0.84 U.S. Treasury Long, Barclays 4796.570 1.410 1.440 2.370 0.980 17.00 11.04 Commodities 30-year mortgage, fixed† 3.05 3.03 2.93 l 4.22 -0.81 Aggregate, Barclays 2274.860 1.190 1.210 2.410 1.020 7.11 5.18 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.55 2.53 2.48 l 3.57 -0.62 Fixed-Rate MBS, Barclays 2224.470 1.290 1.310 2.690 0.930 4.26 3.68 Jumbo mortgages, $510,400-plus† 3.11 3.12 2.93 l 4.42 -1.27 DJ Commodity 653.30 0.78 0.12 653.76 433.70 6.57 1.71 High Yield 100, ICE BofA 3191.739 4.471 4.430 10.740 4.235 2.466 3.626 Five-year adj mortgage (ARM)† 3.23 3.25 2.85 l 4.61 -0.17 TR/CC CRB Index 151.61 0.13 0.09 187.39 106.29 -13.23 -18.39 Muni Master, ICE BofA 585.283 1.118 1.117 3.441 0.838 4.144 3.792 New-car loan, 48-month 4.14 4.14 4.14 l 4.56 1.08 Crude oil, $ per barrel 40.83 -0.05 -0.12 63.27 -37.63 -23.41 -33.13 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 897.167 4.709 4.696 7.480 4.523 3.892 3.579 Natural gas, $/MMBtu 2.795 0.022 0.79 2.881 1.482 24.89 27.68 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. 1906.40 5.60 0.29 2051.50 1452.10 28.60 25.46 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW294000-0-B00800-1------XA

B8 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL.

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 Cattle-Live (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN March'21 3463.25 3486.00 3402.25 3413.00 –39.50 22,910 Oct 107.050 107.350 103.800 104.000 –3.150 5,054 Oct .04744 .04748 .04736 .04736 –.00004 18 Mini S&P Midcap 400 (CME)-$100 x index Contract Open Dec 108.550 108.750 104.700 105.150 –3.475 106,919 Dec .04708 .04721 .04667 .04676 –.00036 120,478 Dec 1994.20 2010.20 1966.10 1970.00 –24.10 56,865 Open High hi lo Low Settle Chg interest Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € March'21 …1998.10 1968.00 1968.50 –24.10 ... Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 69.725 72.800 s 69.325 71.425 1.625 91,029 Oct 1.1715 1.1788 1.1704 1.1783 .0064 2,044 Mini Nasdaq 100 (CME)-$20 x index Oct 3.0975 3.0975 3.0820 3.0810 0.0160 929 April'21 73.600 73.625 71.650 72.325 –1.325 46,499 Dec 1.1735 1.1808 1.1717 1.1782 .0049 629,666 Dec 11816.75 11950.50 11591.25 11650.25 –147.75 216,425 Dec 3.0605 3.1080 3.0570 3.0860 0.0185 139,884 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'21 11848.00 11940.00 11587.00 11641.50 –148.00 1,776 Gold (CMX)-100 troy oz.; $ per troy oz. Nov 536.00 552.90 534.00 550.70 16.70 1,680 Index Futures Mini Russell 2000 (CME)-$50 x index Oct 1907.30 1907.80 1904.30 1906.40 5.60 1,177 Jan'21 465.00 482.30 464.60 482.30 19.00 1,087 Mini DJ Industrial Average (CBT)-$5 x index Dec 1630.60 1648.40 1607.60 1611.30 –15.80 541,164 Dec 1903.20 1923.40 1900.20 1911.70 5.30 448,728 Milk (CME)-200,000 lbs., cents per lb. Mini Russell 1000 (CME)-$50 x index Feb'21 1912.70 1930.80 1908.50 1919.30 5.30 49,123 Dec 28496 28669 28025 28100 –308 91,659 Oct 21.36 21.43 s 21.34 21.42 .04 4,716 March'21 28424 28570 27944 28011 –304 1,942 Dec 1940.30 1953.00 1908.80 1911.60 –31.00 8,926 April 1918.30 1936.40 1915.80 1925.00 4.90 23,804 Nov 21.00 21.67 s 20.96 21.65 .73 5,183 S&P 500 Index (CME)-$250 x index U.S. Dollar Index (ICE-US)-$1,000 x index June 1920.00 1941.20 1920.00 1929.90 4.80 16,650 Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 3483.00 3495.70 3428.80 3422.70 –39.50 15,465 Dec 93.72 93.78 93.20 93.43 –.25 26,172 Dec 1930.20 1947.50 1929.80 1938.20 4.80 7,842 Dec 2,373 2,437 2,372 2,425 64 71,880 March'21 …… …3413.00 –39.60 26 March'21 93.69 93.69 93.19 93.39 –.25 628 Palladium (NYM) - 50 troy oz.; $ per troy oz. March'21 2,366 2,428 2,366 2,420 61 70,247 Mini S&P 500 (CME)-$50 x index Oct …… …2348.30 15.20 ... Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 3471.00 3496.50 3410.75 3422.75 –39.50 2,403,234 Source: FactSet Dec 2347.80 2367.00 2342.70 2357.50 15.20 9,504 Dec 106.55 108.65 105.60 106.05 –1.20 90,836 March'21 2361.10 2373.40 2354.70 2365.70 14.70 378 March'21 109.15 111.40 108.50 108.95 –1.05 72,239 Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Oct 863.10 873.80 850.00 858.60 –5.70 144 March 14.47 14.75 14.36 14.72 .29 444,967 Bonds | wsj.com/market-data/bonds/benchmarks Jan'21 867.70 880.90 852.80 863.50 –5.80 50,087 May 13.83 14.03 13.73 14.01 .21 158,123 Silver (CMX)-5,000 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Oct 24.755 24.815 24.755 24.657 0.288 241 Jan 27.55 27.75 s 27.36 27.75 .39 1,828 Tracking Bond Benchmarks Dec 24.290 25.120 24.215 24.698 0.293 127,383 March 27.56 27.75 s 27.56 27.70 .17 2,773 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cotton (ICE-US)-50,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Nov 40.69 41.22 40.54 40.83 –0.05 55,666 Dec 70.00 71.22 70.00 71.16 1.24 126,117 highs and lows for different types of bonds Dec 40.92 41.46 40.77 41.06 –0.06 420,294 March'21 70.85 71.92 70.78 71.83 1.27 65,350 Total Total Jan'21 41.21 41.73 41.06 41.34 –0.08 225,988 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. return YTD total Yield (%) return YTD total Yield (%) March 41.84 42.25 41.64 41.90 –0.05 147,533 Nov 114.70 117.20 114.60 116.85 1.75 3,306 close return (%) Index Latest Low High close return (%) Index Latest Low High June 42.42 42.82 42.24 42.50 –0.01 207,930 Jan'21 114.25 116.40 114.05 116.00 1.50 6,478 Dec 43.07 43.32 42.77 43.01 0.02 225,011 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Interest Rate Futures Mortgage-Backed Nov 1.1766 1.1833 1.1508 1.1581 –.0210 64,002 2274.86 6.7 U.S. Aggregate 1.190 1.020 2.410 2224.47 3.6 1.290 0.930 2.690 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Dec 1.1798 1.1889 1.1597 1.1665 –.0183 102,451 U.S. Corporate Indexes Bloomberg Barclays 2169.97 3.3 Ginnie Mae (GNMA) 0.720 0.290 2.660 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 218-220 218-260 217-020 218-080 –22.0 982,726 Nov 1.1650 1.1758 1.1554 1.1623 –.0065 57,780 March'21 218-250 217-070 215-160 216-170 –22.0 4 3372.50 7.2 U.S. Corporate 1.970 1.820 4.580 1314.05 3.7 Fannie mae (FNMA) 1.490 1.110 2.690 Dec 1.1483 1.1600 1.1415 1.1485 –.0050 113,914 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 174-240 174-270 173-300 174-160 –13.0 1,202,622 3069.07 6.0 Intermediate 1.310 1.230 4.400 2016.77 3.6 Freddie Mac (FHLMC) 1.470 1.080 2.710 Nov 2.641 2.890 2.638 2.795 .022 86,751 March'21 176-080 176-100 175-120 175-280 –15.0 7,083 Long term 585.28 3.4 Muni Master 1.118 0.838 3.441 Dec 3.205 3.311 3.205 3.280 .009 169,140 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 4972.88 9.2 3.030 2.730 4.930 Dec 139-010 139-015 138-240 138-295 –4.5 3,239,854 Jan'21 3.359 3.437 3.348 3.414 .009 203,358 690.55 7.3 Double-A-rated 1.490 1.300 3.360 413.28 3.6 7-12 year 1.119 0.771 3.447 March 3.209 3.274 3.200 3.256 .007 135,445 March'21 138-175 138-230 138-140 138-185 –4.5 3,919 April 2.928 2.976 s 2.915 2.960 .012 85,715 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 890.31 6.4 Triple-B-rated 2.330 2.210 5.350 469.82 3.7 12-22 year 1.611 1.224 3.690 Oct 2.984 3.030 s 2.984 3.015 .014 89,345 Dec 125-257 125-260 125-222 125-242 –2.0 3,120,746 March'21 126-020 126-060 126-017 126-035 –2.5 925 High Yield Bonds ICE BofA 452.59 2.7 22-plus year 2.347 1.765 4.123 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Agriculture Futures 472.09 1.1 High Yield Constrained 5.292 5.151 11.400 Global Government J.P. Morgan† Dec 110-136 110-137 110-131 110-136 –.1 1,958,541 Corn (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 413.51 -5.5 Triple-C-rated 11.075 10.735 19.071 615.74 5.6 Global Government 0.530 0.390 1.060 Dec 401.75 406.75 400.75 405.25 3.25 744,620 Oct 99.9100 99.9125 99.9100 99.9100 .0000 217,332 March'21 406.50 411.25 405.50 410.50 3.50 326,007 Jan'21 99.9250 99.9300 99.9250 99.9250 .0000 176,471 3191.74 -0.1 High Yield 100 4.471 4.235 10.740 865.86 7.7 Canada 0.760 0.590 1.740 Oats (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Global High Yield Constrained 419.02 4.7 EMU§ 0.080 0.059 0.794 Dec 294.00 298.00 s 294.00 297.50 3.00 4,545 Dec 101-240 101-260 101-205 101-240 –8.5 131,268 425.66 1.0 5.380 4.893 11.310 Eurodollar (CME)-$1,000,000; pts of 100% March'21 297.25 300.00 s 294.50 299.00 3.00 726 323.93 -1.4 Europe High Yield Constrained 3.860 2.464 8.183 794.07 4.6 France -0.120 -0.160 0.430 Soybeans (CBT)-5,000 bu.; cents per bu. Oct 99.7775 99.7800 99.7775 99.7914 .0139 244,598 Nov 1051.25 1058.25 1047.75 1054.25 4.25 227,644 Dec 99.7600 99.7650 99.7550 99.7650 .0050 988,559 U.S Agency Bloomberg Barclays 554.67 3.5 Germany -0.510 -0.740 -0.050 Jan'21 1051.00 1058.75 1048.25 1054.00 3.75 312,558 March'21 99.7900 99.7950 99.7900 99.7950 … 1,035,341 5.3 U.S Agency Japan Soybean Meal (CBT)-100 tons; $ per ton. June 99.8000 99.8050 99.7950 99.8050 …865,420 1863.98 0.520 0.470 1.950 295.15 -1.0 0.290 0.040 0.320 Dec 370.50 375.50 s 368.70 373.20 5.70 152,996 1624.19 3.9 10-20 years 0.390 0.340 1.850 619.07 3.9 Netherlands -0.400 -0.540 0.080 Jan'21 363.90 368.80 362.30 367.20 5.10 80,756 Currency Futures 20-plus years U.K. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 4274.19 12.0 1.540 1.170 2.480 1097.04 9.2 0.530 0.390 1.180 Dec 33.04 33.12 32.28 32.53 –.46 153,842 Oct .9480 .9496 .9479 .9486 –.0002 390 2887.85 5.6 Yankee 1.490 1.430 3.500 897.17 1.7 Emerging Markets ** 4.709 4.523 7.480 Jan'21 33.03 33.10 32.30 32.53 –.45 87,944 Dec .9495 .9503 .9483 .9490 –.0004 168,737 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Nov 12.37 12.48 12.36 12.45 .07 6,176 Oct .7593 .7604 .7580 .7586 .0001 168 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Jan'21 12.62 12.67 12.58 12.65 .08 3,603 Dec .7582 .7605 .7581 .7587 …116,769 Wheat (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Dec 631.00 636.75 s 620.25 627.00 1.75 216,156 Oct 1.2928 1.3023 1.2912 1.2995 .0063 304 March'21 628.00 633.00 s 619.00 626.00 2.50 74,148 Dec 1.2905 1.3028 1.2901 1.2948 .0013 143,989 Global Government Bonds: Mapping Yields Wheat (KC)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Dec 565.50 568.75 s 555.25 563.00 4.25 111,347 Dec 1.0947 1.1018 1.0927 1.1005 .0061 48,452 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in March'21 571.75 576.00 s 563.00 570.00 3.75 64,204 March'21 1.0974 1.1043 1.0959 1.1036 .0061 135 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Oct 137.950 137.975 134.100 134.600 –3.500 1,868 Oct .7101 .7114 .7077 .7094 .0009 261 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Jan'21 129.650 129.750 124.375 125.225 –4.100 21,052 Dec .7080 .7116 .7059 .7065 –.0022 134,836 Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.149 s l 0.145 0.141 1.578 0.625 10 0.766 s l 0.746 0.701 1.753 Cash Prices | wsj.com/market-data/commodities Monday, October 19, 2020 2.250 Australia 2 0.155 s l 0.150 0.190 0.785 0.6 0.5 -79.3 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 1.000 10 0.760 s l 0.734 0.899 1.111 -0.6 -1.2 -64.2 separate from the futures price on an exchange, which reflects what the commodity might be worth in future months. 0.000 France 2 -0.713 t l -0.696 -0.631 -0.619 -86.2 -84.1 -219.7 Monday Monday Monday 0.000 10 -0.340 s l -0.347 -0.218 -0.082 -110.5 -109.2 -183.5 Energy Aluminum, LME, $ per metric ton *1865.5 Wheat - Hard - KC (USDA) $ per bu-u 5.7300 Copper,Comex spot 3.0810 Wheat,No.1soft white,Portld,OR-u 5.9250 0.000 Germany 2 -0.783 t l -0.770 -0.690 -0.667 -93.2 -91.5 -224.5 Iron Ore, 62% Fe CFR China-s 119.4 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Food 0.000 10 -0.623 t l -0.618 -0.481 -0.379 -138.9 -136.4 -213.2 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 Steel, HRC USA, FOB Midwest Mill-s 653 Beef,carcass equiv. index 1.000 Italy 2 -0.336 s l -0.356 -0.169 -0.241 -50.1 -181.9 Metals choice 1-3,600-900 lbs.-u 179.41 -48.6 Fibers and Textiles select 1-3,600-900 lbs.-u 163.40 1.650 10 0.723 s l 0.657 0.973 0.926 -4.3 -8.8 -82.7 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.6787 Burlap,10-oz,40-inch NY yd-n,w 0.6175 Engelhard industrial 1912.00 Butter,AA Chicago 1.4975 0.100 Japan 2 -0.138 s l -0.142 -0.147 -0.239 -28.7 -181.7 Cotton,1 1/16 std lw-mdMphs-u 0.6741 -28.7 Handy & Harman base 1905.60 Cheddar cheese,bbl,Chicago 225.50 Cotlook 'A' Index-t Handy & Harman fabricated 2115.22 *74.65 Cheddar cheese,blk,Chicago 274.00 0.100 10 0.026 s l 0.023 0.015 -0.150 -74.0 -72.2 -190.3 Hides,hvy native steers piece fob-u LBMA Gold Price AM *1908.20 36.000 Milk,Nonfat dry,Chicago lb. 114.00 Wool,64s,staple,Terr del-u,w LBMA Gold Price PM *1905.05 n.a. Coffee,Brazilian,Comp 1.0043 0.400 Spain 2 -0.558 t l -0.558 -0.510 -0.441 -70.7 -70.3 -201.8 Krugerrand,wholesale-e 1985.05 Grains and Feeds Coffee,Colombian, NY 1.5468 1.250 10 0.162 s l 0.120 0.288 0.243 -60.4 -62.6 -151.0 Maple Leaf-e 2004.14 Eggs,large white,Chicago-u 1.0450 American Eagle-e 2004.14 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.85 0.500 U.K. 2 -0.068 t l -0.049 -0.107 0.547 -21.7 -19.4 -103.1 Mexican peso-e 2309.32 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u 0.65 Austria crown-e 1873.91 Corn,No. 2 yellow,Cent IL-bp,u 3.8150 Hogs,Iowa-So. Minnesota-u 76.21 4.750 10 0.173 t l 0.184 0.186 0.711 -59.3 -56.2 -104.2 Austria phil-e 2004.14 Corn gluten feed,Midwest-u,w 123.4 Pork bellies,12-14 lb MidUS-u 1.7965 Silver, troy oz. Corn gluten meal,Midwest-u,w 429.0 Pork loins,13-19 lb MidUS-u 1.0739 Source: Tullett Prebon Engelhard industrial 24.8000 Cottonseed meal-u,w 295 Steers,Tex.-Okla. Choice-u 108.00 Handy & Harman base 24.6060 Hominy feed,Cent IL-u,w 98 Steers,feeder,Okla. City-u,w 142.50 Corporate Debt Handy & Harman fabricated 30.7580 Meat-bonemeal,50% pro Mnpls-u,w 220 Fats and Oils LBMA spot price *£18.9000 Oats,No.2 milling,Mnpls-u 3.1300 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific (U.S.$ equivalent) *24.3600 Rice, Long Grain Milled, No. 2 AR-u,w 28.50 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 expectations Coins,wholesale $1,000 face-a 18576 Sorghum,(Milo) No.2 Gulf-u 6.0525 Grease,choice white,Chicago-h 0.2950 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 372.20 Lard,Chicago-u n.a. Investment-grade spreads that tightened the most… LBMA Platinum Price PM *870.0 Soybeans,No.1 yllw IL-bp,u 10.3300 Soybean oil,crude;Centl IL-u 0.3316 Spread*, in basis points Platinum,Engelhard industrial 871.0 Wheat,Spring14%-pro Mnpls-u 6.8925 Tallow,bleach;Chicago-h 0.3200 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Palladium,Engelhard industrial 2357.0 Wheat,No.2 soft red,St.Louis-u 6.3700 Tallow,edible,Chicago-u 0.3600 UnitedHealth UNH 2.950 1.12 Oct. 15, ’27 36 –11 46 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; H=American Commodities Brokerage Co; Canadian Natural Resources CNQCN 6.750 4.72 Feb. 1, ’39 317 –8 335 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 10/16 Source: Dow Jones Market Data Bank of America BAC 3.300 0.45 Jan. 11, ’23 26 –6 28 NBCUniversal Media … 5.950 2.72 April 1, ’41 117 –6 n.a. Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks Delta Airlines, Inc. Retirement Plan … 4.500 3.83 Oct. 20, ’25 349 –6 352 –6 Money Rates October 19, 2020 Mitsubishi MITCO 2.500 0.83 July 9, ’24 50 n.a. Morgan Stanley MS 3.125 0.47 Jan. 23, ’23 29 –5 35 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Procter & Gamble PG 2.450 0.72 Nov. 3, ’26 38 –5 38 guide to general levels but don’t always represent actual transactions. …And spreads that widened the most Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Bank of Montreal BMO 19 Sept. index Chg From (%) 3.300 0.73 Feb. 5, ’24 40 40 Switzerland level Aug. '20 Sept. '19 0.00 0.00 0.50 0.00 Treasury bill auction Svenska Handelsbanken SHBASS 3.900 0.52 Nov. 20, ’23 33 10 n.a. Britain 0.10 0.10 0.75 0.10 4 weeks 0.090 0.090 1.720 0.000 Australia 0.25 0.25 0.75 0.25 ANZ New Zealand International ANZNZ 1.900 0.51 Feb. 13, ’23 32 8 n.a. U.S. consumer price index 13 weeks 0.100 0.095 1.630 0.000 7 All items 260.280 0.14 1.4 Overnight repurchase 26 weeks 0.115 0.110 1.610 0.080 Philip Morris International PM 2.625 0.49 March 6, ’23 30 16 Core 269.054 0.11 1.7 U.S. 0.08 0.11 1.91 -0.07 Secondary market UBS Group Funding … 4.125 1.26 April 15, ’26 93 6 90 International rates BPCE BPCEGP 2.750 0.57 Jan. 11, ’23 39 5 37 U.S. government rates Fannie Mae 5 Week 52-Week 30-year mortgage yields DuPont de Nemours DD 2.169 1.77 May 1, ’23 159 158 Latest High Low Discount ago 30 days 1.909 1.969 3.388 1.751 American Tower AMT 3.000 0.67 June 15, ’23 48 4 n.a. 0.25 0.25 2.50 0.25 Prime rates 60 days 1.935 1.994 3.403 1.804 Federal funds High-yield issues with the biggest price increases… U.S. 3.25 3.25 5.00 3.25 Other short-term rates Effective rate 0.0900 0.0900 1.8400 0.0600 Bond Price as % of face value Canada 2.45 2.45 3.95 2.45 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1000 1.9000 0.1000 Week 52-Week Low 0.0500 0.0500 1.7700 0.0100 Latest ago high low Teva Pharmaceutical Finance Netherlands … 3.150 4.96 Oct. 1, ’26 90.770 1.30 91.200 Policy Rates Bid 0.0800 0.0800 1.7800 0.0100 American Airlines AAL 3.750 March 1, ’25 0.75 54.000 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1100 0.1000 1.8200 0.0500 Call money 21.12 52.000 2.00 2.00 3.75 2.00 CF Industries CF 5.375 3.75 March 15, ’44 125.250 0.50 123.030 Commercial paper (AA financial) Ford Motor F 7.450 5.15 July 16, ’31 118.750 0.50 117.625 Key Interest Rates 90 days n.a. 0.12 2.53 0.04 Navient NAVI 6.750 5.58 June 25, ’25 104.765 0.50 104.014 Data are annualized on a 360-day basis. Treasury yields are per annum, Libor Gap GPS 8.375 3.07 May 15, ’23 113.000 0.42 112.625 on actively traded noninflation and inflation-indexed issues that are One month 0.14338 0.14425 1.82300 0.13950 CIT CIT 5.000 1.49 Aug. 15, ’22 106.271 0.38 103.750 adjusted to constant maturities. Data are from weekly Federal Reserve Three month 0.20863 0.22888 1.96050 0.20863 Dish DBS … 7.750 5.77 July 1, ’26 109.500 0.31 110.500 release H.15. Six month 0.25425 0.24288 1.93988 0.23375 Week Ended 52-Week Week Ended 52-Week One year 0.33975 0.34763 2.01200 0.33500 …And with the biggest price decreases Oct 16 Oct 9High Low Oct 16 Oct 9High Low Euro Libor American Airlines AAL 3.375 7.62 May 1, ’27 78.500 –1.13 n.a. Federal funds (effective) 6-month 0.12 0.12 1.65 0.06 One month -0.562 -0.563 -0.360 -0.621 1-year 0.13 0.13 1.60 0.12 0.09 0.09 1.85 0.04 Three month -0.536 -0.527 -0.142 -0.540 Royal Caribbean RCL 5.250 10.48 Nov. 15, ’22 90.500 –1.00 90.000 2-year 0.15 0.15 1.64 0.11 Commercial paper 3-year 0.18 0.19 1.66 0.13 Six month -0.512 -0.497 -0.052 -0.515 Plains All American Pipeline PAA 6.650 5.93 Jan. 15, ’37 107.460 –0.83 108.215 5-year One year -0.464 -0.444 0.008 -0.464 Nonfinancial 0.31 0.33 1.73 0.21 Netflix NFLX 5.375 2.97 Nov. 15, ’29 119.000 –0.72 119.630 7-year 0.52 0.55 1.84 0.39 1-month 0.08 1.88 0.07 0.09 10-year 0.74 0.78 1.91 0.55 Secured Overnight Financing Rate 2-month 0.10 0.09 1.82 0.07 Ball BLL 4.000 1.73 Nov. 15, ’23 106.750 –0.60 107.530 20-year 1.29 1.34 2.20 0.99 0.09 0.08 1.88 0.01 3-month 0.11 0.10 1.84 0.09 Xerox XRXCRP 4.800 5.11 March 1, ’35 96.854 –0.37 97.750 Value 52-Week Financial Treasury yields (secondary market) 1-month 0.09 0.09 2.15 0.08 Latest Traded High Low *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. 1-month 0.10 0.09 1.72 0.00 2-month n.a. 0.12 2.27 0.09 DTCC GCF Repo Index Note: Data are for the most active issue of bonds with maturities of two years or more 3-month 0.12 0.11 2.44 0.11 3-month 0.11 0.10 1.63 -0.01 Source: MarketAxess 6-month 0.12 0.12 1.61 0.06 Treasury 0.116 41.200 1.914 0.002 Discount window primary credit TIPS MBS 0.122 57.750 1.950 0.011 0.25 0.25 2.50 0.25 5-year -1.21 -1.20 0.41 -1.34 Notes on data: Treasury yields at constant 7-year -1.11 -1.09 0.35 -1.22 U.S. prime rate is the base rate on corporate Dividend Changes maturities 10-year -0.96 -0.92 0.35 -1.05 loans posted by at least 70% of the 10 largest 1-month 0.10 0.09 1.75 0.01 20-year -0.57 -0.50 0.47 -0.70 U.S. banks, and is effective March 16, 2020. Dividend announcements from October 19. 3-month 0.11 0.10 1.66 0.01 Long-term avg -0.41 -0.35 0.62 -0.50 Other prime rates aren’t directly comparable; lending practices vary widely by location; Amount Payable / Amount Payable / Notes on data: Discount rate is effective March 16, 2020. Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Increased Foreign on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by October 16, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Clarus CLAR 0.7 .025 /.02489 Q Nov20 /Nov09 America Movil ADR AMX 2.8 .17715 SA Oct23 / discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window average for overnight trades in applicable IDACORP IDA 3.3 .71 /.67 Q Nov30 /Nov05 Banco Bradesco Ord ADR BBDO 3.6 .00308 M Dec11 /Nov05 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. VF Corp VFC 2.7 .49 /.48 Q Dec21 /Dec10 Banco Bradesco Pref ADR BBD 4.5 .00339 M Dec11 /Nov05 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as BrasilAgro ADR LND 2.8 .11173 A Oct19 / Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. Reduced Core Laboratories CLB 0.3 .01 Q Nov17 /Oct26 yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor NuSTAR 7.625% Nts 2043 NSS 10.1 .4454 /.4478 Q Jan15 /Dec31 Infosys ADR INFY 1.6 .13591 SA Oct23 / Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off. P2JW294000-5-B00900-1------XA

THE WALL STREET JOURNAL. ***** Tuesday, October 20, 2020 | B9 MARKETS Euro Optimism WanesasVirus CasesRise

Speculative positions mentstoimplement stricter that the €750 billion, equiva- politan areas acrossthe coun- pointtopolls that predict is clinging on to that.” containment measures that lent to $878.81 billion, recov- try. Last week, the Czech Re- Democratic nominee JoeBiden Butifrising Covid-19 cases betting on rise against arelikely to weigh on eco- eryfund won’t be enough public shut schools, will win the presidency. A Bi- lead to more hospitalizations the dollar are at a nomic activity. should the rise in cases curtail restaurants and bars through den win, and Democratic con- and stricter measures,the Thenumber of net specula- the resumption of economic early November. trol of Congress, could usher eurocould come under further two-month low tivecontractsbetting on the activity.Funds won’t be dis- Therise in cases has also in larger fiscal stimulus and pressureaseconomic fore- euro’srise against the dollar tributed untilnextyear and weighed on central and East- more predictable foreign pol- casts recede. BY CAITLIN OSTROFF wasabout 10,300 as of Oct. 13, could be delayed. ern European currencies,with icy, both factorswhich could “There’s all of these issues according to dataonFriday Fresh lockdown measures the Hungarian forint falling cause the dollar to weaken bubbling under the surface Investor confidencethat the from the CFTC.While the con- could also cause eurozone 2.2% against the eurolast against other currencies. and the euro’sbeginning to re- eurowill continue to sensus is still forthe euroto grossdomestic product to week,its worstweek since On Monday, the WSJ Dol- flect that,” Ms. Foley said. strengthen against the dollar rise,the level of positioning slow. Florian Hense, an econo- June.The Polish zloty declined lar Index, which measures the is waning as Europe combats toward that has fallen from mist at Berenberg, revised his 1.7% and the Czech koruna fell greenback against a basket of AUCTION RESULTS rising Covid-19 cases. August highs of anet 37,000 fourth-quarter growth forecast 0.9%. currencies,fell 0.2%. Theyield Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- Net speculativepositions by contracts. to 1% from 2.5% due to the ris- “Wehad this feeling that on 10-year Treasurynotes clearing yield. Rates are determined by the difference hedgefunds that the eurowill Over the summer,investors ing level of Covid-19 cases and Europe managed the firstcor- ticked up to 0.760% from between that price and the face value. rise against began betting the euro would restrictions. onavirus wave quite well and 0.743% Friday. the dollar are strengthen against the dollar TheU.K.has introduced a that led to arally.Tomenow, “That’skept aglass-half-full 13-Week 26-Week CURRENCIES Applications $169,136,704,000 $161,820,645,200 at atwo- afterthe European Union three-tiered system of lock- it does appear the market is view of risk assets and that’s Accepted bids $60,910,114,000 $57,526,924,400 month low, ac- passed arecoveryfund to pro- down measures forEngland souring on that view,” said one of the reasons that euro- " noncomp $705,189,600 $499,076,900 " foreign noncomp $500,000,000 $416,000,000 cording to datafromthe Com- vide grantsand loans to mem- and moved London to the sec- Jane Foley,head of foreign-ex- dollar hasn’t fallen more,” said Auction price (rate) 99.974722 99.941861 modity Futures Trading ber nations and new Covid-19 ond-highest alert tier on Sat- change strategy at Rabobank. Chris Turner,head of foreign- (0.100%) (0.115%) 0.101% 0.117% Commission. In recent weeks, cases fell. urday. Francehas declared a Pushing against amuch exchangestrategyatING Bids at clearing yield accepted 25.75% 72.32% newCovid-19 cases have Butanuptick in cases and stateofemergencyand set a weaker euroversus the dollar Bank. “It’s potentially a posi- 9127963V9 9127962Q1 climbed in Europe,overtaking newrestrictions could nightly curfew forthe Paris have been developmentsinthe tive path for the U.S. and the Both issues are dated Oct. 22, 2020. The 13-week bills mature on Jan. 21, 2021; the 26-week bills mature on the U.S. This has led govern- heighten investor concerns region and eight other metro- U.S. Investorsincreasingly global economy, and the euro April 22, 2021.

the market open by morethan Dow Falls European an hour and ahalf.The LSE subsequently blamed asoft- ware configuration issue. Over 410 Trading Euronext’strading halt came at theheight of earningsseason forEuropean companies.Inves- Points Disrupted tors Mondaywereparsing quar- terly resultsfromcompanies in- cluding French food producer ContinuedfrompageB1 ContinuedfrompageB1 Danone SA and Dutch conglom- wave of delinquencies and de- Simmons LLP. erateKoninklijkePhilips NV. faults,and that will certainly “Euronext has become are- Trading in French, Portu- weigh on growth,” he said. ally important exchangegroup,” guese and Dutch stocks stopped An advanceinmajor U.S. Ms.Pretorius said. “You’vegot shortly before4a.m. ET,less stockindexeshas stalled in re- one crucial set of pipes,asit than an hour afterthe start of cent days,leaving the S&P 500 were,falling over and it has the the session, according to Fact- lessthan 4.5% belowthe record potential to have massivereper- Set market data. Stocks started it reached in early September. S cussions on the market.” to trade again shortly before7 NEW

Last week, G Theoutageisthe latest in a a.m. ET,the datashow. Futures MONDAY’S stocks eked out series of shutdowns on the contractsfor milling wheat, a MARKETS muted gains as world’sbiggest exchanges,de- benchmark in European agricul- investorsreck- OOMBER spiteeffortsbyoperatorsto tural markets, began to trade at /BL oned with persistently high strengthen their systems.Elec- around 6:30 a.m. ET instead of ORES

Covid-19 cases and political un- FL tronic-trading volumes have theallottedtime of 4:45 a.m., certainty. soared and exchangeowners according to FactSet. GIO

Investorsare also keeping a SER have said they arecontending Monday’sshutdown “took close eyeoncorporateearn- Shares jumped 16% after AMC said it would resume operations in New York state beginning Friday. with mounting risks associ- pretty long to recover, which ings. Netflix, Tesla and AT&T ated with cyberattacks. wasasurprise,” according to areamong the major compa- beat Wall Street analysts’ fore- said it instead reached apart- that had halted trading in some The Tokyo Stock Exchange Mark Spanbroek, chairman of nies reporting financial results casts. nership with Brookfield Asset markets. halted stocks trading earlier in the FIA European Principal in the coming days. Shares of AMC Entertain- Management. Theyield on 10-year Trea- October, blaming faulty hard- TradersAssociation, which rep- “It’sgoing to be all about ment jumped 50 cents, or 16%, Overseas,Chinese officials surynotes ticked up to 0.760% ware involved in transmitting resentsmarket-makers. The the guidance, and the guidance to $3.54after the movie-the- said that grossdomestic prod- from 0.743% on Friday. priceinformation. Trading re- morning outagecaused minimal has largely been better than ater operator said it would re- uct expanded by 4.9% in the In commodities,U.S.crude- sumed the next dayand an ex- disruption because it didn’t co- expected, certainly in the U.S.,” sume operations at some loca- thirdquarter from ayear ear- oil futures slipped 0.1%, or 5 ecutivesaid therewas no evi- incide with the expiration of de- said Andrew Cole,head of mul- tions in NewYork state lier,putting China’seconomy centsabarrel, to settle at denceofhacking. rivativecontracts, which could tiasset in London at Pictet As- beginning Friday. back toward itsprecoronavirus $40.83. In July 2015,aglitch forced have led to confusion about the setManagement. “Everybody ConocoPhillips shares slid trajectoryhalf ayear afterthe Thedollar fell. TheWSJ the NewYork Stock Exchange priceatwhich contractssettled, knows earningsthis year are $1.07,or3.2%, to $32.70 after pandemic gutted itseconomy. Dollar Index, which measures to halt trading fornearly four said Mr.Spanbroek.But the going to be pretty horrid from the oil giant agreed to acquire Investorshad amixed reac- the currencyagainst abasket hours, and in February2019, failureofthe closing auctions ayear-on-year perspective, so Texas shale driller Concho Re- tion to the data, as the growth of 16 others, dropped 0.19 per- U.S. futures-exchangeoperator ledtounnecessaryvolatility in when we start to think about sources in a$9.7billion all- figure fell short of expecta- centagepoint, or 0.2%, to CME Group Inc.halted trading prices toward the end of the earnings, it’sincreasingly 2021 stock deal. Concho shares fell tions.The Shanghai Compos- 88.42. forthree.The London Stock session, he added. that matters,” he said. $1.34, or 2.8%, to $47. 26. iteIndexfell 0.7%, while Hong At middayTuesdayinTo- Exchangesuffered an outage —Pat Minczeski Halliburton shares fell 8 American Equity Invest- Kong’sHang Seng Indexrose kyo, the Nikkei wasdown0.3%, in August 2019 that delayed contributed to this article. cents, or 0.7%, to $12.17after ment LifeHolding shares tum- 0.6%. the Hang Seng wasup0.1% and theoil-field-services company bled $4.81, or 15%, to $27.49. Thepan-continental Stoxx the Shanghai Compositewas reported aquarterly lossof$17 ThecompanyonSundayre- Europe 600 dropped 0.2%. Eu- down 0.4%. U.S. stock futures Exchange-Traded Portfolios | WSJ.com/ETFresearch million. That wasdownfroma jected atakeover offer by Mas- ronext NV,which operates ex- were up 0.3%. profit of $295 million in the sachusetts Mutual LifeInsur- changes acrossEurope,said it —Chong Koh Ping contributed Largest 100 exchange-traded funds, latest session same period last year but it ance and Athene Holding,and had resolved atechnical issue to this article. Monday, October 19, 2020 Closing Chg YTD Closing Chg YTD ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) iSh1-3YTreasuryBd SHY 86.44 ... 2.1 iSh7-10YTreasuryBd IEF 52-Wk % 52-Wk % 52-Wk % CommSvsSPDR XLC 59.69 –1.79 11.3 121.05 –0.16 9.8 New Highs and Lows | WSJ.com/newhighs iSh20+YTreasuryBd TLT 160.78 –0.38 18.7 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CnsmrDiscSelSector XLY 150.97 –1.23 20.4 iShRussellMCGrowth IWP 182.85 –1.11 19.8 CnsStapleSelSector XLP 65.31 –1.30 3.7 iShUSTreasuryBdETF GOVT 27.79 –0.14 7.1 LarimarTherap LRMR 21.25 -2.0 QuantaServices PWR 63.89 -0.1 AscendantDigA ACND 9.76 -0.9 FinSelSectorSPDR XLF 24.61 –1.52 –20.0 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Lazydays 18.89 -1.0 AscendantDigWt ACND.WS 1.15 -3.7 JPM UltShtIncm JPST 50.78 ... 0.7 LAZY Renren RENN 6.23 28.3 FT DJ Internet FDN 197.47 –0.78 41.9 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest LennoxIntl LII 297.00 -3.4 SPS Commerce SPSC 88.43 -1.0 AuroraCannabis ACB 3.93 17.2 PIMCOEnhShMaturity MINT 101.96 –0.01 0.4 GSActiveBetaUSLC GSLC 69.67 –1.48 7.7 session. %CHG-Daily percentage change from the previous trading session. LincolnElectric LECO 102.70 -0.1 SVB Fin SIVB 278.78 -0.9 BurgundyTechA BTAQ 9.68 0.1 SPDR BlmBarcHYBd JNK 104.90 –0.21 –4.2 HealthCareSelSect XLV 106.21 –1.58 4.3 LiveOakAcqnWt LOAK.WS 3.05 -1.6 ServiceNow NOW 533.37 -0.6 CCNeubergerPrinII PRPB 9.92 ... SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 IndSelSectorSPDR XLI 80.59 –1.24 –1.1 LiveOakAcqnUn LOAK.U 13.40 ... ShockwaveMed SWAV 79.74 -1.1 CHF Solutions CHFS 6.80 -17.3 SPDR Gold GLD 178.39 0.05 24.8 Monday, October 19, 2020 InvscQQQI QQQ 283.80 –1.63 33.5 LiveRamp RAMP 60.90 2.7 Shutterstock SSTK 61.73 -1.0 CONSOL Coal CCR 2.80 -5.7 SchwabIntEquity SCHF 31.79 –0.41 –5.5 InvscS&P500EW RSP 111.89 –1.33 –3.3 52-Wk % 52-Wk % 52-Wk % MSA Safety MSA 147.00 -1.8 SilvergateCapital SI 18.08 4.7 CVR Energy CVI 11.41 -3.1 SchwabUS BrdMkt SCHB 81.92 –1.37 6.6 iSh3-7YTreasuryBd IEI 133.21 –0.06 5.9 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MarinePetrol MARPS 8.70 95.6 Snap SNAP 29.08 3.0 Canon CAJ 15.46 -1.7 SchwabUS Div SCHD 57.98 –1.28 0.1 Celsion CLSN 0.56 -7.9 iShCoreDivGrowth DGRO 40.76 –1.43 –3.1 MaxarTech MAXR 32.42 5.9 SocialCapHedIV IPOD.U 12.27 1.0 SchwabUS LC SCHX 82.63 –1.45 7.6 CohnRobbins CRHC.U 9.98 -0.2 iShCoreMSCIEAFE IEFA BrilliantAcqnRt BRLIR 0.33 36.6 FiveBelow FIVE 141.39 -1.1 MercadoLibre MELI 1298.81 1.0 SocialCapHedVI IPOF.U 10.65 0.5 61.06 –0.36 –6.4 SchwabUS LC Grw SCHG 118.03 –1.60 27.0 CorbusPharm CRBP 1.02 -8.1 Highs BrookfieldRenew BEPC 68.32 1.9 Five9 FIVN 148.96 -0.3 MerchantsBancorp MBIN 21.98 0.7 SolarEdgeTech SEDG 316.78 2.3 iShCoreMSCIEM IEMG 54.36 –0.20 1.1 Schwab US TIPs SCHP 61.45 –0.19 8.5 CAI Intl 31.09 9.2 FiverrIntl 184.99 3.4 CoreCivic CXW 7.62 -1.5 CAI FVRR MiratiTherap MRTX 203.77 -1.9 SouthMtnA SMMC 12.05 15.6 iShCoreMSCITotInt IXUS 59.39 –0.39 –4.1 SPDR DJIA Tr DIA 282.03 –1.38 –1.1 AcademySports ASO 14.20 -0.7 CC Neuberger I PCPL.U 11.50 3.2 Flex FLEX 15.283.3 MobileIron 7.40 -0.8 CorEnergyInfr CORR 5.20 -4.1 MOBL SouthMtnWt SMMCW 2.50 25.4 iShCoreS&P500 IVV 343.22 –1.50 6.2 SPDR S&PMdCpTr MDY 359.82 –1.15 –4.1 AcmeUnited ACU 26.12 4.7 CSW Industrials CSWI 89.04 -0.2 FormaTherap FMTX 52.75 -2.9 MolinaHealthcare MOH 213.78 -1.9 SouthMountainUn SMMCU 12.95 11.1 CumberlandPharm CPIX 2.94 -2.3 iShCoreS&P MC IJH 196.88 –1.12 –4.3 AdaptHealth 29.61 1.7 DyneTherapeutics DYN 15.60 -1.5 SPDR S&P 500 SPY 342.01 –1.52 6.3 AHCO CambiumNtwks CMBM 24.00 3.0 FreedomHolding FRHC 28.81 -0.2 MoneyGram MGI 5.25 18.1 StaarSurgical STAA 68.55 12.0 iShCoreS&P SC IJR 75.00 –1.09 –10.6 Aemetis AMTX 4.87 18.7 Eargo EAR 33.25 4.1 SPDR S&P Div SDY 95.84 –1.49 –10.9 CapitalOnePfdK COFpK 25.26 -0.8 FreeportMcM FCX 17.84 -0.1 MongoDB MDB 273.01 -0.8 SterlingCnstr STRL 17.82 ... iShS&PTotlUSStkMkt ITOT 77.55 –1.50 6.7 EasternBankshares EBC 11.74 -0.2 TechSelectSector XLK 118.90 –1.83 29.7 AffiliatedNts60 MGRB 26.49 -0.2 CellectBiotechWt APOPW 1.70 181.9 Freshpet FRPT 126.60 -0.3 MontesArchimedes MAACU 9.94 0.1 StitchFix SFIX 34.21 3.3 EquityCommnwlth EQC 26.40 -2.0 iShCoreUSAggBd AGG 117.75 –0.12 4.8 UtilitiesSelSector XLU 63.46 –0.84 –1.8 AgilentTechs A 107.62 -1.1 CeridianHCM CDAY 91.53 -1.0 FrontYardRes RESI 13.69 34.9 Morningstar MORN 186.88 -1.2 StoneCo STNE 60.05 -1.4 FedNat FNHC 5.68 -2.6 iShSelectDividend DVY 85.53 –0.95 –19.1 VanEckGoldMiner GDX 39.16 –1.68 33.7 AlbertonAcqn ALAC 11.35 4.7 ChartIndustries GTLS 85.90 -1.7 Gogo GOGO 11.97 -3.0 NationalVision EYE 42.09 1.1 SummerInfant SUMR 24.00 7.2 GileadSciences GILD 60.21 -2.3 iShEdgeMSCIMinEAFE EFAV 68.28 –0.31 –8.4 AldeyraTherap ALDX 8.70 -1.9 ClearPtNeuro CLPT 8.91 -5.5 Goldfield GV 5.13 -8.0 Natuzzi NTZ 5.80 34.4 SunPower SPWR 19.38 3.2 VangdInfoTech VGT 320.80 –1.53 31.0 GoHealth GOCO 11.55 ... iShEdgeMSCIMinUSA USMV 64.44 –1.51 –1.8 Alibaba BABA 313.81 -0.7 CodeChainNew CCNC 4.10 108.2 Group1Auto GPI 130.75 -1.8 Nautilus NLS 25.80 3.0 SuperiorGroup SGC 28.58 -4.2 VangdSC Val VBR 118.03 –1.18 –13.9 GoresV Wt GRSVW 1.10 31.7 iShEdgeMSCIUSAMom MTUM 150.28 –1.48 19.7 AlignTech ALGN 343.21 -2.9 Corteva CTVA 34.54 -1.6 Grubhub GRUB 85.53 -1.3 Nelnet NNI 68.44 -0.8 SwitchbackEnerA 16.49 5.8 VangdSC Grwth VBK 228.00 –1.02 14.7 SBE GulfportEnergy GPOR 0.22 -16.5 iShEdgeMSCIUSAQual QUAL 105.71 –1.59 4.7 AlussaEnergy ALUS.U 10.74 0.9 Covetrus CVET 27.70 2.0 HavertyFurn A HVT.A 26.13 -1.4 NetfinAcqnA NFIN 12.91 1.3 VangdExtMkt VXF 137.84 –1.01 9.4 TRowePrice TROW 148.88 -1.9 HighPeakEner HPK 5.21 -6.7 Ameresco AMRC 41.751.0 Cowen COWN 20.35 -3.7 HookerFurniture HOFT 30.40 -1.7 NetfinAcqn NFINU 16.00 -3.4 iSh5-10YIGCorpBd IGIB 60.93 ... 5.1 VangdDivApp VIG 132.06 –1.58 5.9 TarsusPharm TARS 23.50 6.9 HothTherap HOTH 1.73 0.6 AmerElecPwrUn AEPPZ 55.75 4.5 Cree CREE 77.19 3.7 HorizonAcqnA HZAC 10.42 -1.0 Nevro NVRO 155.29 -0.6 iShGoldTr IAU 18.13 0.11 25.0 VangdFTSEDevMk VEA 41.38 –0.43 –6.1 10xGenomics TXG 166.31 -0.4 InterceptPharm ICPT 32.15 -7.3 Ampco-Pitt AP 4.77 -0.4 Crocs CROX 53.31 0.9 HoulihanLokey HLI 64.94 -1.8 NewFortressEner NFE 52.17 2.2 iShiBoxx$InvGrCpBd LQD 135.08 –0.19 5.6 VangdFTSE EM VWO 44.60 –0.31 0.3 TexasRoadhouse TXRH 74.76 -1.7 Mack-Cali CLI 11.52 -1.9 Ampco-PittsWt AP.WS 0.70 3.6 CymaBayTherap CBAY 8.71 2.7 IdexxLab IDXX 431.15 -1.1 NiuTech NIU 33.51 -4.3 iShiBoxx$HYCpBd HYG 84.33 –0.35 –4.1 VangdFTSE Europe VGK 53.16 –9.3 Textainer TGH 16.45 12.3 MetenEdtechX METX 3.58 -3.4 –0.47 Amrep AXR 6.49 0.2 DanaherPfdA DHRpA 1550.13 -1.0 IEC Elec IEC 9.98 0.1 NuanceComms 35.65 -1.9 iShJPMUSDEmgBd EMB 111.48 –0.58 –2.7 NUAN TriumphBancorp TBK 43.64 1.4 MotionAcqnUn MOTNU 9.85 0.1 VangdFTSEAWxUS VEU 51.39 –0.33 –4.4 ArcherDaniels ADM 51.47 1.0 DarlingIngred DAR 45.56 1.0 ITTechPkg ITP 1.39 50.7 iShMBSETF MBB 110.18 –0.05 2.0 Oblong OBLG 4.85 14.2 Trupanion TRUP 95.53 0.9 NewYorkCityReit NYC 11.15 4.0 VangdGrowth VUG 232.74 –1.51 27.8 Arconic ARNC 23.86 0.5 iShMSCI ACWI ACWI 81.64 –0.98 3.0 DeckersOutdoor DECK 267.10 -3.6 IDEX IEX 193.80 -1.6 oneA AONE 11.03 1.1 Tucows TCX 76.89 1.1 OncternalTherap ONCT 1.64 0.3 VangdHlthCr VHT 207.09 –1.66 8.0 AresMgmt ARES 45.44 -0.6 DragonVictory LYL 3.70 55.8 Immunomedics IMMU 87.68 0.1 PG&EUn PCGU 109.79 2.7 TurmericAcqn TMPMU 10.10 0.2 oneWt AONE.WS 1.61 -15.0 iShMSCI EAFE EFA 64.50 –0.37 –7.1 VangdHiDiv VYM 82.86 –1.42 –11.6 AthiraPharma ATHA 21.54 13.9 DuckCreekTech DCT 47.69 -3.4 Infr&EnerAltern IEA 9.13 4.4 PPG Ind PPG 138.40 -2.1 TylerTech TYL 404.23 -1.1 OptheaADR OPT 12.61 6.9 iShMSCIEmgMarkets EEM 45.43 –0.29 1.2 VangdIntermBd BIV 93.19 –0.16 6.8 AtlStreetAcqn ASAQ 9.70 0.8 DuluthHoldings DLTH 17.08 2.0 Infr&EnerAltWt IEAWW 0.59 -3.3 Paccar PCAR 91.60 1.2 Ubiquiti UI 207.24 0.6 PartnersBancorp PTRS 4.97 -3.8 iShMSCIJapan EWJ 58.97 0.12 –0.5 VangdIntrCorpBd VCIT 95.93 –0.12 5.0 Atlassian TEAM 215.84 2.6 Dunkin' DNKN 88.30 0.6 Insmed INSM 37.62 2.8 PacBiosciCA PACB 15.02 4.0 UplandSoftware UPLD 45.99 0.4 PeabodyEnergy BTU 1.51 -7.3 iShNatlMuniBd MUB 115.31 ... 1.2 VangdLC VV 159.84 –1.56 8.1 Autodesk 268.44 ... 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B10 | Tuesday, October 20, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Jet Trade War Makes Less Sense Now

Aviation bailouts and the threat posed by China are fresh reasons for the U.S. and the EU to stop squabbling over subsidies

The 16-year-long legal battle legal basis to act, because the Forone,the grounding of the Aboveall, U.S. and European ne- ated a more competitive market. over commercial planes between Washington state tax breaks given 737MAX jet leftBoeing in aweaker gotiatorsare increasingly aware of The Boeing-Airbus spat has led the U.S. and the European Union to Boeing used to calculate the $4 position than in 2004, when it had the need to untie their hands to the WTO to spend years establish- didn’t make much sense to begin billion figure were repealed earlier astrong incentivetokeep itsrival facethe threat of China’sstate- ing that government money did in- with. It is even more absurd amid this year. The EU signaled it is away from U.S. defense contracts. owned Comac.Major Chinese air- deed serve to create cheaper, safer the rise of China as an aerospace willing to go ahead anyway. The lines areowned by the government, and more efficient planes that power and 2020’s bailout of the U.S. has threatened to retaliate. ensuring ordersfor itsnew C919 made consumers better off, with aviation industry. If the legal dispute is reopened, SinceChina won’tgive jet—the development of which the perverse purpose of penalizing TheWorld Trade Organization the Covid-19 crisis poses new pit- probably contravened WTOrules. this outcome. has authorized governmentson falls. Airbus was bailed out, and so up itsambitions, Airbus The core of the issue is the Since China won’t give up its both sides of the Atlantic to impose were the clients of both plane and Boeing would benefit aerospace industry doesn’t lend it- ambition to emulate Airbus, both retaliatorytariffs.Ayear ago, it al- makers—the airlines. The EU self to textbook free markets. Man- Western firms would benefit from lowedthe U.S. to slap $7.5 billion a would likely revive issues excluded from ending hostilities. ufacturers benefit from govern- a cessation of hostilities. They year in tariffs on European imports from the latest WTO decision, such ment military spending as well as should be aiming to shape new because plane maker Airbus re- as research money given to Boeing enormous economies of scale that plurilateral rules that are more le- ceived illegal financing to launch by NASA and the Department of require large upfront investments nient toward the development aid newjets. This past week,itgranted Defense. The political climate sur- Now, it has alot to lose from tariffs, and impede entrants. Like other endemic to the industry, while still the EU the right to levyits owntar- rounding the U.S. election is an even if most arelikely to be applied technology-rich companies, they policing China’s anticompetitive iffs,worth $4 billion, in response to added complication. to nonaviation products. Plus,Air- mostly compete by inventing bet- procurement practices. unlawful aid received by Boeing. Yetnegotiations arecontinuing bus has de-escalated by agreeing to ter products, not by lowering The alternative could be many Both sides are locked in a star- and thereismuch to suggest that, set debt paymentsgranted by prices. The rise of Airbus, which more years of fruitless legal bat- ing contest. U.S. Trade Rep. Robert whatever the election outcome,the Franceand Spain linked to itsA350 would have been unlikely without tles. Lighthizer argued the EU has no starsare aligning foranaccord. plane in line with market rates. product-specific subsidies, has cre- —Jon Sindreu

Wall Street revenue forbiggestbanks,quarterly 5G iPhones Pack New $25 billion

INVESTMENT BANKING FIXED INCOME EQUITIES 20 Surprise for Qualcomm

15 It’shardfor Apple Inc.tospring on stagefor the event. But acom- asurprise these days,but the com- panythat stands to benefit even 10 pany’srecent iPhone 12 unveiling moreinthe near term is Qualcomm, had asmall shocker: Old adversary which makes the modem chips that Qualcomm is getting an extra connect smartphones to their net- 5 charge. works.Inareport Monday, Susque- Four newiPhone 12 models were hanna analyst Christopher Rolland 0 introduced last week,with two of wrotethat mmWavehandsetsbring them—the iPhone 12 and iPhone 12 an extra$18 adevice to Qualcomm. 2019 ’20 2019 ’20 2019 ’20 Pro—hitting stores on Friday. All He estimates this will driveanaddi- Note:Includes Bank of America, Citigroup, Goldman Sachs Group, JPMorgan Chase and Morgan Stanley will include the 5G next-generation tional $350 million to Qualcomm’s Source:Jefferies wirelessstandard, catching some revenue forits fiscal year that ends analystsoff-guard. They hadpre- in September 2021. dicted that the high cost of chips That adds to the boost the chip Wall Street Firms Draw Skeptics and limited availability of networks maker already wasexpected to see would driveApple to include 5G from the newiPhones.Qualcomm only in the higher phones. had been shut out of the Apple busi- Instead, Apple turned itsevent nessfor the last few iPhone genera- into afull-throated embraceof5G. tions due to abitterlegal battle be- The companies’ shares don’t reflect solid recent performance It gaveparticular attention to the tween the companies,but Apple’s variant known as millimeter wave, need for5Ghelped driveasettle- or mmWave, which deliversthe ment last year. Investors just don’t seem to be- WolfeResearch analyst Steven Chu- hedging and other activity that could highest speeds but is also sharply Analystscurrently expect Qual- lieve the good times can continue bak. “A lot of the regulatoryhead- help makeupfor alack of volatility limited in rangeand availability.All comm’schipset revenue to jump for Wall Street. winds arealready baked in.” in core interest ratesset near zero. of the newiPhones will be compati- 27% year over year forthe fiscal Take Goldman Sachs. Last week There are some reasons activity Analysts peppered Goldman’s ble with mmWavestandard, even fourth quarter ended in September, it reported record quarterly earn- could still be relatively good. A earnings call with questions about though Verizon is the only U.S. car- with a60% surge projected forthe ings per share, which were 75% postelection U.S., especially if its own M&A. Markets are a bit rier using it extensively. December quarter.Those estimates better than consensus forecasts. It there is a change in party control, fuzzy on this: Investors sometimes That hasmade the iPhone 12 haven’t budged sincelast week’s had its highest quarterly return on could see a flurry of corporate ac- act as if they don’t like dilutive ac- launch avaluable commercial for iPhone unveiling,which should leave equity, an annualized 17.5% rate, in tivity to adapt to changes in tax, quisitions for banks, yet can be Verizon; Apple even had the car- Qualcomm some room forasurprise a decade. Yet in the days since, the spending and regulatory policy. frustrated when they don’t do rier’s chief executive, Hans Vestberg, of itsown. —Dan Gallagher stock has edged lower, by more That will likely mean revenue op- them. This dynamic may weigh on than 2% since its report. portunities for investment banks. Goldman’s shares for now. It could In the first three quarters of Even an economy on pause could keep Morgan Stanley shares from this year, across Bank of America, see companies need to rework fully realizing the benefits of its Citigroup, Goldman Sachs, JPMor- complex structured debts they own deals, with E*Trade Financial gan Chase and Morgan Stanley took on this year, including with and Eaton Vance, for a while. investment banking and trading equity, perhaps through special- Goldman Sachs is trading at revenues are up 34% versus a year purpose acquisition companies. around nine times next-12-month

earlier, according to figures com- Theelection does bring risks to earnings, down abit from whereit GES

piled by Jefferies analysts. activity,astradersmay reel in po- began the year,according to Fact- IMA Theyearsofdepressed revenue sitions to account forpolicyrisk. Set. MorganStanley remains just

that accompanied the last economic But corporates areforging ahead, under 10 times.This is despitesurg- GETTY

recovery maybelingering in the with morethan $1 trillion worth of ing returns and, in MorganStanley’s SE/ minds of investors. Wall Street mergerdeals struck globally in the case,acquiring ahigher-multiple banks suffered from an onslaught thirdquarter,according to Refini- business. Banks in theS&P 500 ANCE-PRES

of newregulation, as well as de- tiv. Those deals will generateadvi- overall trade at roughly 12 times. FR pressed trading volumes as Federal sory revenue forbanks when they Virtually all bank stocks areon Reservebond-buying suppressed close next year.M&A revenues are sale,but alot of that is predicated ENCE market volatility.But while this the only Wall Street businessdown on credit risk and depressed inter- AG

year maybeanomalous,itdoesn’t this year,according to Jefferies. est income,wherecapital-markets- APPLE/ mean thereisn’t room forlong- Goldman Sachs noted that next centric banks arelessexposed. Four new iPhone 12 models were introduced last week. term improvement. “The question year’s transition away from the Li- Goldman and MorganStanley seem should be what is the expectation bor rate benchmark will be big for to be in abetterposition to outper- of growth off ayear like2019,” said clients. That cangenerateissuance, form expectations. —Telis Demos OVERHEARD With Concho,ConocoIsPlaying Offense Big technology companies re- Now one vendor of a Bluetooth ally want to sell you a connected speaker will undercut them both— speaker device. Special promo- in exchange for your soul. When an industryisinaswoon, Share-priceperformance since2005,according to areport tions made them so cheap that it Televangelist Joel Osteen nor- M&A tends to serveadefensive sinceJuly 20 from PavelMolchanov, analyst at is hard to justify buying a com- mally sells his Bluetooth-con- function forthe hunter,the hunted, Raymond James. pact Bluetooth speaker of similar nected Inspiration Cube for and oftenboth. ConocoPhillips’s –6.9% Concho Concho’s shareholdershaverea- quality, even if that is all you in- $39.99. The device contains “over Resources $9.7 billion purchase of Concho Re- sons to be excited. Themerger tend to use it for. Amazon was 400 inspiring and uplifting mes- sources looks much morelikeanof- would reducethe company’slever- recently selling its third-genera- sages” that are “personally se- fensivestrategy. –16.4 Chevron ageand giveitaccesstoConoco’s tion Echo Dot for $30, down from lected by Pastor Joel!” But now ConocoPhillips has agreed to ac- moregenerous dividend policy. For $50, on Prime Day. Not to be out- anyone making a donation to his quirethe smaller companyinanall- Conocoshareholders, Concho brings done, you can buy a Google megachurch, America’s largest, –16.9 ConocoPhillips stock transaction that values Con- attractiveshale economics: Its2021 Nest Mini from Target for can get one. The default cho at amodest 15% premium to its free cash flow break-even point is a dollar less. setting is $50 and asks closing priceonOct. 13. Buyer’s re- –21.4 Exxon Mobil below$30 abarrel, while Conoco’s The price of the donors to become a morse seems unlikely fornow:Ana- is just below$35 abarrel, according hardware isn’t really “Champion of Hope.” lystsatRBC surveyed Conocoinves- to RBC.The deal looks likeanoffen- the point, of course: Even a $1 donation—and tors who would have been –24.1 EOGResources sivestrategyfor another reason: In Amazon and Google your personal details for comfortable with a20% premium. adeparturefromU.S.peers, the hope to get more than likely future solicitations— If shareholdersapprovethe deal, combined companyannounced a that upfront amount out will get you one of the de- –37.4 Occidental the combination would createthe Petroleum target to reach net-zeroemissions of the bargain. Your per- vices, which can largest independent oil-and-gas from operations by 2050.The move sonal information be used to listen companywith an enterprise value of Source:FactSet could be akey differentiator forthe and shopping to even the un- XM roughly $60 billion. Thecompanies combined companyinaninvestment dollars, and holiest audio if SIRIUS

estimatethat the combination of oil-and-gas exploration stocks in climatethat has seen big institu- your em- that is more R would createsynergies of about the S&P 500 and have maintained tions dump the industrytomeet en- brace of your speed. FO $500 million ayear by 2022. their investment-grade status. vironmental mandates. their eco- Now that GES Times aretough in the business, Conocohas a$7billion-plus cash At atime when European peers system, is inspired. IMA but the combination isn’t born out position and recently announced a aredoubling down on green goals could be GETTY

of desperation foreither company. return to itsshare-buyback pro- and U.S. peershavemainly focused highly Joel S/

While shares of both have plum- gram. Notably,Conocohas long on shareholder returns,straddling valuable. Osteen BIES meted this year, both companies prized discipline over growth.The both could differentiatethe enlarged

have outperformed abroad basket deal would be itslargest purchase company. —Jinjoo Lee BONNIE