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***** TUESDAY,MARCH 9, 2021 ~VOL. CCLXXVII NO.55 WSJ.com HHHH $4.00

DJIA 31802.44 À 306.14 1.0% NASDAQ 12609.16 g 2.4% STOXX 600 417.25 À 2.1% 10-YR. TREAS. g 12/32 , yield 1.594% OIL $65.05 g $1.04 GOLD $1,677.70 g $20.30 EURO $1.1846 YEN 108.89 ReviewofSecurityatCapitol Finds Gaps in Staffing, Training Nasdaq What’s Falls Into News Correction Business&Finance As Yields he Nasdaq fell intocor- Trection territory, losing Take Off 2.4% as aselloff in U.S. govern- ment bonds that has sapped Investors rotate out of demand fortech shares con- tinued. TheDow,meanwhile, tech stocksintocyclical gained 1% amid amarket rota- shares, pushing the tion intocyclical sectors. The S&P 500 shed 0.5%. A1,B11 Dowindustrials higher  Apollo said it is buying the BY ANNA HIRTENSTEIN portion of Athene it doesn’t AND AMBER BURTON already own, in a move to consolidatethe firm’sown- Technologystocks continued ership of itshighly success- S fallingMonday, pulling the Nas- ful insurance affiliate. A1

PRES daq Compositeintocorrection  Greensill filed forinsol- territory, as aselloff in U.S. vencyprotection, days after TED government bonds extended OCIA

regulatorstook over itsbank- SS into asixth week and sapped

ing unit and Credit Suisse /A demand forthe oncehighflying ER

froze investment funds ST shares.

critical to itsoperations. A1 KA TheNasdaq dropped 310.99 YN points, or 2.4%, to 12609.16,ex-  GameStop’sboardnamed OL tending the declines from its Chewy co-founder and CAR WIRED: Members of the National Guard at the fence surrounding the Capitol on Monday as a task force recommended Feb. 12 record to morethan GameStopinvestor Ryan Co- changes in security, including an increase in police officers and creation of a rapid-reaction force after the Jan. 6 riot. A4 10%. Risingbond yields dent hen to lead apanel dedicated the allureofgrowthstocks like to transforming the retailer. B1 those of big tech companies.  Zoom Video’s CEO trans- Apple shares dropped $5.06, ferred roughly 40% of his or 4.2%, to $116.36, extending ownership in the company, a their declines forthe year to stakevalued at about $6 bil- CDC RelaxesSafetyGuidance 12%. Netflix and Facebook lion, afterZoom shares more posted declines of morethan than tripled last year. B1 3%, while Tesla,another inves- torfavorite, shed $34.95,or  A candidate for Tegna’s 5.8%, to $563.Shares of the boardwithdrew his nomina- ForFullyVaccinated People electric-vehicle maker have tion, citing potential conflicts dropped morethan 20% in of interest and an incident he 2021. says demonstrated cultural in- BY BRIANNA ABBOTT continue to take precautions travel guidance unchanged. demic firstshut down much Meanwhile,arotation in the sensitivity by the firm’sCEO. B1 in most circumstances to pre- “Our guidancemust balance public lifeand businessas stock market continued: The  Amazon-backed Deliveroo People who are fully vacci- vent the spread of the virus the risk to people who have usual acrossthe country. New DowJones Industrial Average took the firststeptolist on nated against the newcorona- that causes Covid-19.People been fully vaccinated, the risks cases,hospitalizations and surged306.14points, or 1%, to the London Stock Exchange. B1 virus cangather privately in who arefully immunized to those who have not yetre- deaths related to Covid-19 have 31802.44 following progresson small groups without masks or should continue to wear masks ceived the vaccine,and the im- fallen in recent weeks following anew fiscal stimulus bill that  American Airlines said physical distancing,the fed- and keep their distancefrom pact on thelargercommunity awinter surge,and the effort brightened economic prospects. it would raise $7.5 billion eral Centers for Disease Con- othersinpublic or while visit- transmission of Covid-19,” CDC to inoculatepeople against the Theblue-chip index—which is backed by itsfrequent-flier trol andPrevention said, re- ing unvaccinated people at Director Rochelle Walenskysaid. PleaseturntopageA6 weighted moreheavily toward program to repayaloan from laxing safety guidelines for higher risk forseverecases of Theupdated guidancecomes cyclical sectors—surgedas the federal government. B3 inoculated individuals under Covid-19, the CDC said. as government officials,busi-  House aims to pass modified PleaseturntopageA2  Christian Louboutin is some circumstances. Theagencysaid vaccinated nesses and individuals tryto coronavirus aid bill soon..... A2 selling a24% staketoExor, The CDC said Monday that people should continue to hold map apath back toward nor-  Your Health: Navigating daily  Treasury bond yields rise an investment firm controlled fully vaccinated people should off on long trips and leftits malcy, one year afterthe pan- life after vaccination...... A9 after stimulus gains...... B11 by Italy’s Agnelli family. B3 World-Wide Apollo INSIDE Many PowerBills Rose  People who are fully vac- cinated against the corona- To Solidify AfterDeregulation

virus cangather privately in GES

small groups without masks or IMA physical distancing,the CDC

Ownership ETTY

said, relaxing safety guidelines /G In nearly every statetheyoperatein, retail

forinoculated individuals un- AFP

der some circumstances. A1 H/ energy firms have charged morethan utilities Of Athene SC  TheHouse looked on track BO BY SCOTT PATTERSON tration data found.

to passthe latest version of DGER BY MIRIAM GOTTFRIED AND TOM MCGINTY Retail energy companies the $1.9trillion coronavirus RO AND LESLIE SCISM buy electricity from genera- relief package later this week, JASONGAY BUSINESS&FINANCE Twenty years ago, a new tors—power-plant operators, as liberal Democratsswal- Apollo Global Management breed of energy companies wind farms, solar-power lowedtheir frustration with Roger Federer,tennis’s The cooling in the tech Inc.said it is buying the por- promised consumers that de- firms—and sell it to consum- the Senate’schanges. A2 mostdecorated men’s market testsstar stock tion of Athene Holding Ltd. it regulation of the electricity ers, usually over the local  Atask forcereviewing se- doesn’t already own, in amove player, returns to the picker Cathie Wood industry would cut their utilities’ wires. Giving con- curity at the U.S. Capitol af- to consolidatethe investment court. A12 and her firm. B1 power bills. sumers a choice between ter the Jan. 6assault rec- firm’sownership of itshighly The opposite happened. their old utilities and new ri- ommended adding hundreds successfulinsuranceaffiliate. U.S. consumers who vals, the argument for dereg- moreofficerstothe Capitol ForApollo,which owns 35% signed up with retail energy ulation went, would create Policeand other measures. A4 of Athene already and has a companies that emerged competitive pricing. long-term agreement to man- from deregulation paid $19.2 But in nearly everystate,  Texas Lt.Gov.Patrick Greensill Collapses, ageits assets, the mergeris billion more than they would they have chargedmorethan called on the state’sgrid op- erator and regulator to re- aimed at simplifying the rela- have if they’d stuck with in- their incumbent utilities in PleaseturntopageA8 verse$16 billion in electricity tionship andbetteraligning Filesfor Protection cumbent utilities from 2010 overchargesflaggedbyanin- the interestsofboth compa- through 2019, a Wall Street nies’ shareholders. It values Journal analysis of U.S. En-  Texas official seeks reversal dependent market monitor. A6 Athene at $11 billion. LONDON—Greensill Capital venture-capital investors. ergy Information Adminis- of electricity overcharges... A6  NewYork’s attorney gen- Themovealso representsthe filed forinsolvencyprotection Greensill specialized in sup- eral appointed two veteran latest step in Apollo’s bid to im- on Monday, days afterregula- ply-chain finance,atype of lawyerstolead an investiga- proveits governanceinthe tors took over itsbanking unit short-term cash advanceto tion intoalleged sexual ha- wake of revelations of ties be- and Credit Suisse Group AG companies to stretch out the rassment by Gov.Cuomo. A3 tween co-founder and Chief Ex- time they have to paytheir bills.  Biden signed an execu- ecutiveLeon Black and dis- By Julie Steinberg, Thefirm wasoncevalued at $4 tive order directing his ad- graced financier Jeffrey Epstein. Duncan Mavin billion based on investments ministration to reviewpoli- Apollo co-founder Marc and Patricia from SoftBank Group Corp.’sVi- Rowan, the architect of the sion Fund. Thecollapse marks a cies related to howschools Kowsmann firm’sinsurancestrategy, is high-profile blowfor the mam- handle allegations of sexual preparing to assume the CEO froze investment funds that moth Japanese investor. Plans change. harassment and assault. A3 role.Mr. Black said in January were critical to the startup’s Founded by Australian-born  Juryselection in the mur- he would step down in the operations. LexGreensill,the company der trial of an ex-policeofficer wake of aboardreview of his The unwinding has rippled billed itself as atechnology PowerStore accused of killing George Floyd ties to Epstein, who killed him- to holdersofthe Credit Suisse startup that competed with wasput on hold afterpros- self in his Manhattanjail cell funds, German municipalities traditional banks such as Citi- ecutorsfiled foradelay. A3 in 2019 afterbeing indicted on that deposited money with group Inc.and JPMorganChase PleaseturntopageA4 Greensill’s bank, and aduo of PleaseturntopageA7 adapts.  Atelevised interview with PrinceHarryand Meghan Markle has thrust the British Storage that’salwaysin monarchyintothe center What’s Fido Thinking? Put Down the Phone Already of adiscussion over the role sync with the needs of of race in British society. A16 iii your business. Pet psychics claim to relay animals’ inner monologues CONTENTS Opinion...... A13-15 Arts in Review.... A11 Personal Journal A9-10 Business News...... B3 Sports...... A12 BY MICHAEL M. PHILLIPS On atypical visit, Ms. among the ranch hands. Capital Journal...... A4 Technology...... B4 O’Harawill report that ageld- Ranch owner Bernadette Crossword...... A11 U.S. News...... A2-6 Once or twice a year, Terri ing is concerned that human Spillane takesthese reports Heard on Street.B12 Weather...... A11 O’Haravisitsaranch in Little- staff membersget intoaccount when Markets...... B11 World News...... A7,16 ton, Colo., to talk with the ani- dangerously under- managing the prop- mals. foot around the erty.The ranch is a > Ms. O’Hara strolls through feeding stations.The sanctuary for res- the barn, mingles with the miniaturesteer is cued horses,and herdand sitsdownwith the miffed that the male Ms.Spillane says Learn moreat poultry. She says she drinks in pighas afemale com- they line up to un- DellTechnologies.com/PowerStore telepathic images that reveal panion andhedoesn’t. burden themselves s 2021 Dow Jones & Company, Inc. All Rights Reserved animals’ inner thoughts, be Thealpacas divulgethat Pleaseturnto they profound or mundane. cliques areforming Let’s chat pageA8 P2JW068000-6-A00200-1------XA

A2 | Tuesday, March 9, 2021 ****** THE WALL STREET JOURNAL. U.S. NEWS House Aims to Pass Modified Aid Bill Soon

BY KRISTINA PETERSON House Majority Leader gresslast year passed roughly on the American Rescue Plan that passed the SenateSatur- periodic payments. Currently AND ANDREW DUEHREN StenyHoyer (D., Md.) had ini- $4 trillion in aid sincethe be- and getting it acrossthe finish day.The WhiteHouse over the millions of very low-income tially said the House would ginning of the pandemic. line,” said WhiteHouse press weekend said Mr.Biden sup- households don’tget the full WASHINGTON—TheHouse take itsfirst procedural vote “This bill is not about re- secretaryJen Psaki. ported thechamber’s changes credit because they don’t pay looked on track to passthe lat- on the bill Monday, but pro- sponding to Covid. It is about TheHouse approved an ear- to the bill. enough taxorearn enough in- est version of the $1.9trillion cessing the bill’sSenatepaper- exploiting the final stretch of a lier version of the relief pack- “The biggest source of dis- come to take advantageofit. coronavirus relief package work pushed the vote slightly public health crisis in order to agelatelast month, then appointment and frustration is Counting the child credit, later this week,asliberal Dem- later in the week,aides said. enact alongstanding liberal watched in irritation as an in- the lack of the minimum wage the $1,400 paymentsand other ocratsswallowedtheir frustra- Thelegislation would pro- wish list foryearsintothe fu- crease in the minimum wage to increase,but people arenot taxprovisions,the bill provides tion with the Senate’schanges vide $300 in weekly unemploy- ture,” Sen. PatToomey (R., Pa.) $15 an hour wasstripped from going to vote against the bill a20% boost in after-tax in- and prepared to approvethe ment benefitsthrough Sept. 6, said afterthe bill passed the it due to the Senate’srules. because something good come to the lowest-earning bill forasecond time. send $1,400 direct paymentsto Senate. Last week,centristsinthe Sen- wasn’t in it,” Rep.RoKhanna 20% of households,according Democrats, who hold aslim manyAmericans,direct $350 Democratic leaderscan af- atepushed to phase out the (D., Calif.)said Monday. to aTax PolicyCenter estimate majority in the House,will billion to stateand local gov- ford to lose no morethan four $1,400 stimulus checks more Thebill includes an expan- released on Monday. need to stay largely united be- ernments, fund vaccine distri- Democratic votesifall Republi- quickly forsome households sion of thecredit that would Thepackageshould allow hind the legislation given the bution and expand the child cans vote against the bill again. and reduced the weekly federal send money to households,in- the U.S. economytoreturn to absenceofany GOP support, taxcredit,among other aid. Only two Democratsjoined all unemployment benefitstocreasing the benefit to $3,000 full employment in 2022, Trea- providing an early test for Republicans have denounced Republicans to vote against the $300,downfrom$400 in the achild from $2,000 while add- surySecretaryJanet Yellen party leaders. TheHouse is ex- the packagefor being too relief bill last month, both original House bill. ing a$600 bonus forchildren said Monday. “Weexpect the pected to narrowly pass the costly and unnecessaryasthe morecentrist lawmakers: Reps. Progressives said that de- under age6. resourcesheretoreally fuel a bill TuesdayorWednesday, economyrecovers, and forin- Kurt Schrader of Oregon and spitethe Senate’schanges, TheDemocratic plan would very strong economic recov- sending it to the WhiteHouse cludingspending not directly JaredGolden of Maine. they still found plenty to rally increase the credit, makeiten- ery,” Ms.Yellen said in an in- forPresident Biden’ssignature. related to the pandemic.Con- “Our focus continues to be around in the final legislation tirely refundable and authorize terviewonMSNBC. U.S. WATCH TaxChangeAffects Some Filed Returns

BY RICHARD RUBIN in Garden City,N.Y.“You’re laughing.Wecry.” Congressisabout to change Beyond all that, the IRS is apieceofthe taxcode affect- working through abacklog of ing the returns being filed by 2019 returns and has been as manyas40million Ameri- struggling with some errone- cans—a month after the tax-fil- ouslyissued notices. ing season started. Beforethe latest proposals Themove, approved by the on unemployment insurance, SenateonSaturday and IRS Commissioner Charles Ret- headed forHouse passageon tig said ablanket extension of Tuesdayaspart of the corona- theApril 15 deadline wasun- virus relief bill,would exempt necessary. ATreasuryDepart- thefirst $10,200 of 2020 un- ment spokeswoman declined to employment benefitsfromin- comment. TheIRS doesn’t come forhouseholds that made comment on pending legisla- under $150,000.That could tion. Taxpayers in Texas and

S save households about $25 bil- Oklahoma already have until

PRES lion, but implementing the June 15 because of the storms

TED changewould be achallenge in those states.

CIA forthe Internal Revenue Ser- “Facing enormous strain SO vice, and it could lead to dis- andanxiety,taxpayers need AS ruptions. flexibility now,” Rep.Richard

URKE/ As of late February, the IRS Neal (D., Mass.), chairman of RO had received morethan 45 mil- thetax-writing House Ways TT

MA lion taxreturns,some of which and Means Committee, and TAKING SIDES: Weatta Frazier Collins on MondayinFeasterville, Pa., kissed astatue of her father,Joe Frazier,fighting Muhammad Alion will nowlikely have to be Rep.Bill Pascrell (D., N.J.)said the 50th anniversary of their title fightinMadison SquareGarden in NewYork City. Frazier wonthe bout, billed as the ‘Fightofthe Century.’ amended. Andthe IRS will in astatement Monday. need to reprogram itscomput- Former IRS Commissioner WASHINGTON GEORGIA amillion Georgians used the op- Cherry said the agency planned to erstoinclude the new, retroac- John Koskinen said that after tion in November as the coronavi- come up with newstandards tivechangeaspeople file re- the lawisenacted, the agency Venezuelans in U.S. Bill Curbing Absentee rus pandemic raged. “thatcan protect migratory birds turns to take advantageofit. would likely have to stop ac- Get Protected Status Voting Passes Senate Democratsinthe chamber and provide certainty to industry.” That is happeningduring an cepting taxreturns foratleast said the bill is adirect reaction to —Associated Press already messy taxseason com- afew days so it canreprogram The Biden administration said Georgia’sstate Senate nar- former PresidentDonald Trump’s plicated by the coronavirus and test itscomputer systems. it would granttemporary legal au- rowly passed aRepublican-backed false claims about election fraud KANSAS pandemic,remotework and a Unemployment insurance thorization to Venezuelans in the bill thatwould end no-excuse ab- and would disproportionately af- pile of other tax-lawchanges. has generally been considered U.S. without permission, allowing senteevoting Monday. fect voters of color. Coach Leaves After “We’retrying to stay on top taxable income.But staterules potentially hundreds of thousands Senate Bill 241 would limit ab- —Associated Press Misconduct Claims of this—on topofeverything forwithholding from unem- of people to remain in the country. senteevoting to people 65 and else we’retrying to stay on top ployment benefitsvary, and The Temporary Protected Sta- older,those with aphysical dis- INTERIOR DEPARTMENT LesMiles is out as the Univer- of,” said Jack Dalton,anac- advocateswerewarning that tus designation, which lasts for18 abilityand people who will be out sityofKansas’ head football countant at the Richards Group millions of people would face months and can be renewed, of- of town on Election Day—ending Policy Is Reversed coach days after he wasplaced on in Puyallup,Wash. He said his surprise taxbills. fers Venezuelans in the U.S. work broad no-excuse absenteevoting On Migratory Birds administrativeleave amid sexual firm had contacted six or seven Some Democrats, including permits and temporary protections introduced by the Republican-led misconduct claims from his tenure clientswhose returns were al- Sen. Richard Durbin of Illinois againstdeportation. Venezuelans Legislaturein2005. It would also The Biden administration on at Louisiana StateUniversity. most ready to file and told andRep.Cindy Axne of Iowa, who enterthe U.S. after March 8 requireanIDfor those who are Mondayreversed apolicy imposed Kansas announced Mr.Miles’s them they would have to wait. had been pushing forthe tax can’tqualify forthe program, ase- able to vote absentee, among under PresidentDonald Trump departureMondaynight, describ- Some lawmakersand tax exemption, but party leaders nior administration official said. As manyother changes. thatdrastically weakened the gov- ing it as amutual agreement. preparersare pushing forade- left it out of the firstversions manyas320,000 people could be The bill passed by avoteof ernment’spowertoenforce acen- Lastweek, LSU released alaw layinthe April 15 taxdeadline. of the relief bill. eligible forthe program. 29-20 and nowgoes to the tury-old lawthatprotects most firm’sreviewabout the univer- Last year,the IRS delayedthe Senatorsadded the proposal The decision—which follows a House formoredebate.Bills must U.S. birdspecies. sity’shandling of misconduct deadline until July 15. latelast week as part of an nearly identical move by President get at least29votes foramajor- Mr.Trump ended criminal pros- complaints. It alleged Mr.Miles “Itmakes it really hardon agreement to securethe vote Donald Trump in his final hours in ityinthe 56-member Senate. ecutions againstcompanies re- “tried to sexualizethe staff of the taxpractitioners,” said of Sen. Joe Manchin (D., office—is the firstmajor policy Republican Senate Majority sponsible forbirddeaths that studentworkers in the football Wayne Landau, an accountant W.Va.). move in the Biden administration’s Leader MikeDugan, the chief could have been prevented. The program,” saying he wanted them pressurecampaign againstthe sponsor of the bill, said asurge in move halted enforcementprac- to look acertain way. The report Venezuelan regime of President absenteeballots during the last tices under the Migratory Bird revealed LSU’sthen-athletic direc- CORRECTIONS  AMPLIFICATIONS Nicolás Maduro. election cycle caused aburden on Treaty Act. torurged firing Mr.Miles in 2013. —Michelle Hackman county election offices. Morethan Interior spokesman Tyler —Associated Press Achart with aPageOne ar- second in the U.S. behind the ticle on Wednesdayabout Asian Transportation Security Admin- Nasdaq Composite growth as pandemic lockdowns economies showedquarterly istration in screening crowds Nasdaq end. grossdomestic product forthe forweapons and other threats. 14200 “The main market element is U.S.,U.K.and China for2020 ABusinessNewsarticle on what’shappening in the yield and forecastsfor 2021. The Mondayabout the company’s 14000 Falls Into market:The U.S. tech side is chart incorrectly labeled the plans to go public said Evolv 13800 suffering from the current nor- fourth quarter of 2020 as the wassecond world-wide behind malization in the cost of capi- firstquarter of 2021. the TSA, based on incorrect in- Correction 13600 tal,” said Samy Chaar,chief formation from the company. economist at LombardOdier. Thelast name of Meghan 13400 “The market is currently ac- Markle,the DuchessofSussex, Noticetoreaders ContinuedfromPageOne -10% knowledging that we’reinare- wasmisspelled as Merkle in Wall Street Journal staff much as 652 points earlier in 13200 covery.Flows arerebalancing oneinstanceinaWorld News membersare working remotely the session, setting an intraday to betterreflect this cyclical re- article on Mondayabout aCBS during the pandemic.For the record beforepulling back. 13000 covery.” interviewconducted by Oprah foreseeable future, please send TheS&P 500 fell 20.59 Among other stocks,General Winfrey. reader commentsonly by email points, or 0.5%, to 3821.35, 12800 Electric rose 57 cents, or 4.2%, or phone,using the contacts pulled lowerbylosses in the Correction level to $14.17. TheWall Street Jour- EvolvTechnology says it is below, not via U.S. Mail. tech, communication services 12600 nal reported that the industrial andhealthcaregroups. conglomeratewas nearing a Readers can alert The Wall Street Journal to any errors in news articles by In the bond market, the 12400 $30 billion deal to combine its emailing [email protected] or by calling 888-410-2667. yield on benchmark 10-year Feb. 12 March aircraft-leasing businesswith U.S. Treasurys ticked up forthe Ireland’sAerCap. fourth consecutivesession to Source:FactSet Investment firm Athene THE WALL STREET JOURNAL 1.594%, itshighest sinceFebru- Holding gained $2.92, or 6%, to (USPS 664-880) (Eastern Edition ISSN 0099-9660) ary2020,from1.551% Friday. In the weekend and faces avotein underlying strength of the U.S. $51.80,after it said it would (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) addition, manyinvestorsare the House as early as Tuesday. economy, growing expectations combine in an all-stock deal Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 continuing to keep an eyeon Theadditional fiscal spending that the stimulus gets fully with Apollo Global Manage- Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. the paceinwhich ratesgoup. is expected to bolster the pace passed, plus inflation expecta- ment. Postmaster: Send address changes to The Wall Street Journal, “Even though we gotsome- of economic recovery and boost tions rising because of oil: Overseas,the pan-continen- 200 Burnett Rd., Chicopee, MA 01020. what of arespitefromthe ris- inflation. As the outlook bright- These areall likely to continue talStoxxEurope 600 rose 2.1%, All Advertising published in The Wall Street Journal is subject to the applicable rate card, ing-rate reaction, we do think ens,money managersare mov- to push bond yields higher.” led by banking stocks. copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., that’sreally important to keep ing out of government bonds Tech stocks have been re- In Asia, the Shanghai Com- 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final an eyeon,” said Lisa Erickson, and technologystocks and into treating in recent weeks as vac- positedropped 2.3% and Hong acceptance of the advertiser’s order. the head of traditional invest- sectorssuch as banks and en- cination programs advanceand Kong’sHang Seng Indexde- Letters to the Editor: Fax: 212-416-2891; email: [email protected] mentsatU.S.Bank Wealth ergy that arelikely to rebound economic datapoint to the re- clined 1.9% as investorsgrap- Need assistance with your subscription? Management. “Certainly the with the economy. covery being under way.The pled with signsthat Chinese By web: customercenter.wsj.com; By email: [email protected] trajectoryfor ratesisupasthe “Stimulus checks intopeo- Nasdaq CompositeIndexde- policy makerswill take more By phone: 1-800-JOURNAL (1-800-568-7625) economyreopens,soalot of it ple’sbank accountswill be a clined morethan 2% last week, action to rein in debt and pre- Reprints &licensing: just depends on the speed and big propeller of growth, given losing ground forathirdcon- vent asset bubbles from form- By email: [email protected] By phone: 1-800-843-0008 thepaceofhow quickly rates the consumer in the U.S. makes secutiveweek.That is because ing.Early Tuesday, the Shang- WSJback issues and framed pages: wsjshop.com go up.” up such abig part of U.S. investorsare betting that the hai benchmark wasdown1.2% President Biden’s$1.9tril- growth,” said Shaniel Ramjee,a largest media, communications but the Hang Seng wasup Our newspapers are100% sourcedfromsustainably certified mills. lion Covid-19 relief plan was multiasset fund manager at Pic- and online-shopping companies 0.9%. U.S. stock futures were up GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS approved in the Senateover tetAsset Management. “The will log aslowerpaceof 0.6%. P2JW068000-2-A00300-1------XA

THE WALL STREET JOURNAL. ** Tuesday, March 9, 2021 | A3 U.S. NEWS New Yo rk Jury Selection on Hold in Minneapolis Names BY JOE BARRETT Lawyers AND DEENA WINTER MINNEAPOLIS—Juryselec- tion in the murder trial of a For Probe former policeofficer accused of killing George Floyd wason hold Mondayafter prosecutors Of Cuomo filed foradelaypending an ap- peal to the MinnesotaSupreme BY JIMMY VIELKIND Court over an additional AND CORINNE RAMEY charge of third-degree murder. It wasn’t immediately clear NewYork Attorney General howquickly the Minnesota Letitia James appointed for- Court of Appeals would take mer acting ManhattanU.S.At- to consider the motion to de- torney Joon Kim and employ- laythe start of the high-pro- ment-discrimination attorney file case,which has brought Anne Clarktolead an investi- tightsecurity measures and gation into alleged sexual ha- protesters to downtown Min- rassment by Gov.Andrew neapolis. Cuomo. District Judge Peter Cahill, Theappointment on Monday who is overseeing the trial, of two veteranlawyersmarked sent prospective jurors home S

an important newdevelopment forthe dayMondaybut held PRES

in the controversy enveloping an afternoon hearing during TED

the Cuomo administration since which the two sides went over CIA SO

several women have accused anumber of pretrial condi- AS the governor of inappropriate tions.The prosecution and de- Former Minneapolis police officer Derek Chauvin was in court on Monday. He is facing charges in the death of George Floyd. touching and remarks. fense said they had agreed to Mr. Kim and Ms. Clark will eliminate16ofthe first50 murder issue was resolved. gust. Lawyersfor all four have motion to reinstate the third- subdual, restraint and neck be given the powertoissue prospectivejurorsbut didn’t “We’re not trying to delay made filingssaying they aren’t degree murder charge,saying compression.” Thecounty au- subpoenas,conduct deposi- say why. this case. We want to try this guilty. the ruling didn’t apply to the topsy also indicated Mr.Floyd tionsand analyze relevant The judge said he expected case,but we want to tryit Thestate had initially Chauvin case because it could suffered from heart disease data and information as they juryselection to continue right and we only have the chargedMr. Chauvin with still be appealed to the state and had drugs in his system. investigate the circumstances Tuesdayunlessthe Court of ability to try it once,” he told third-degree murder,which in- Supreme Court. Thestate’s Thedefense has argued surrounding the sexual-harass- Appeals intervenes. JudgeCahill on Mondaymorn- volves arecklessact that highest court did later accept that the drugs and heart dis- ment allegations,including On Friday, the Minnesota ing.Mr. Frank said that pro- threatens the lives of others. the appeal by attorneysfor ease caused Mr.Floyd’s death, CourtofAppeals said Judge ceeding without aresolution Thestate later added the sec- Mr.Noor,who wasconvicted noting the medical examiner Cahill must reconsider his de- of the mattercould open the ond-degree murder and man- of third-degree murder and found no evidenceofinjuryto Attorney general cision to exclude the third-de- case up to an appeal later, or slaughtercharges. JudgeCa- manslaughter. his neck and back. gree murder charge. Eric Nel- simply wastethe court’stime. hill in October dismissed the The appellate court on Fri- Thepotential delayinthe taps a former acting son, the attorney forthe Juryselection wasexpected third-degree charge on dayrejected JudgeCahill’sar- trial comes as manygovern- U.S. attorney and an former officer on trial, Derek to last at least two weeks, grounds that the statuteap- gument and said that Judge ment buildingsdowntown Chauvin, said in court Monday with opening arguments plies only when morethan one Cahill must accept the Appel- have been boarded up or employment lawyer. that he planned to appeal that scheduled forMarch 29.The person is threatened by the lateCourt’sdecision as prece- walled off with jersey barriers ruling to the state’shighest trial itself is expected to take act. dent when it wasissued. Still, and barbed wire. As many as court. two to four weeks. On Feb. 1, the Court of Ap- Judge Cahill might ultimately 2,000National Guardtroops MatthewFrank,Minne- Mr. Chauvin is facing more peals issued adecision on a reject athird-degree murder and 1,100 policeofficerswill how Mr. Cuomo’s administra- sota’s assistant attorney gen- serious charges of second-de- third-degree murder charge in charge if the defense puts be on hand toward the end of tion handled them, the attor- eral, said the third-degree gree murder—unintentional, ashooting case by another of- forth adifferent argument, ac- the trial to try to prevent the ney general’s office said. murder charge,ifultimately while committing afelony— ficer, former Minneapolis po- cording to the appellate possibility of rioting and loot- “Weare committedtoan included, would be integral to and second-degree manslaugh- liceofficer Mohamed Noor, court’s opinion. ing,which took hold of the independent and thorough in- howprosecutorspresent their ter. Threeother former offi- finding that the recklessact Thecounty medical exam- city last summer. vestigation of the facts,” Ms. case, beginning with juryse- cers have been chargedwith could apply even when only iner ruled Mr. Floyd’s death a Protesterswerealso plan- James,aDemocrat likeMr. lection.Mr. Frank asked the abetting second-degree mur- one person was threatened. homicide,and listed the cause ning demonstrations to coin- Cuomo, said in a statement. Court of Appeals to delay the der and manslaughter,and are JudgeCahill later that as “cardiopulmonaryarrest cide with the start of jury se- Mr.Kim, apartner at firm trial until the third-degree expected to facetrial in Au- month rejected a prosecution complicating lawenforcement lection. ClearyGottlieb Steen &Hamil- tonLLP,was acting U.S. attor- ney for the Southern District of NewYork from March 2017 Free-Speech Cases to January2018.During his time leading the office, Mr. Kim oversawthe trial and con- viction of LasVegas gambler GivenWider Path William “Billy” Walters, who wasfound guilty of insider trading and sentenced to five BY JESS BRAVIN that represented Mr.Uzuegbu- years in prison. nam, appealed to the Supreme Ms.Clark is apartner at WASHINGTON—TheSu- Court. Vladeck,Raskin &Clark PC, preme Court expanded the lia- Writing for the court, Jus- whereshe practices employ- bility that public institutions ticeClarenceThomas said ment law. facefor infringing free-speech nominal damages historically

Threewomen have said the S rights, ruling on Monday that had been available in English governor asked about their they could still lose judgments and American law even when PRES personal lives and behavedin- even if they previously re- plaintiffs already had obtained UMA

appropriately toward them /Z pealed the challenged policies. the substantiveresultsthey

while they worked on his staff. NG Thedecision in the case,by sought. Ana Liss, 35, told TheWall SC a 8-1 vote, allows plaintiffs to “By permitting plaintiffs to

Street Journal last week that ANE/ obtain aformal judgment in pursue nominal damages Mr.Cuomo oncekissed her CR their favor and nominal dam- whenever they suffered aper- VID

hand while she wasgetting up DA ages forpast violation of sonal legal injury, the common from her desk at the Capitol. Cecily Myart-Cruz, president of United Teachers Los Angeles, shown last August. rights whose monetary value lawavoided the oddity of priv- Mr.Cuomo said Sunday is hard to quantify. Although ileging small-dollar economic that he never meant to make nominal damages typically are rightsoverimportant, but not anyone uncomfortable.HeUnion PressesProvisions asymbolic $1, such judgments easily quantifiable,nonpecuni- asked people to reserve judg- canalso put the loser on the aryrights,” JusticeThomas ment untilthe completion of hook for the plaintiff’s attor- wrote. Ms. James’s review. The gov- neys’ fees. Chief Justice John Roberts ernor also rebuffed calls for Before L.A. Schools Open Monday’s case came from alonedissented, itself arare his resignation by Republicans Lawrenceville, Ga., where au- event. He argued that allowing and agrowing number of his thorities at Georgia Gwinnett ajudgment afterthe chal- fellow Democrats in Albany. BY CHRISTINE MAI-DUC grades by March 31. With 9% Ms.Myart-Cruz has said College repeatedly frustrated lenged policyhad been with- “These areserious allega- of California public-school stu- guidelines from the Centers studentChikeUzuegbunam’s drawn amounted to the court tions that demand a rigorous LOSANGELES—California dentsinthe LAUSD, the union forDisease Control and Pre- effortstoproselytizehis providing an advisoryopinion andimpartial investigation,” leaders say they are ready to could put asignificant dent in vention, whose director said Christian faith. on adisputethat no longer ex- said Mr.Kim, in astatement startreopening schools,but in Mr.Newsom’sgoal of having staffvaccinations aren’t re- AfterMr. Uzuegbunam sued isted. Such advisoryopinions, provided by the attorney gen- LosAngeles,whether and kids return to in-person learn- quired forasafereturn to the college, however, adminis- rather than decisions on live eral’soffice. Ms.Clark said the when that happens is largely ing next month. campuses,don’t go far enough tratorsdropped the restric- controversies,exceed the people of NewYork deservean up to the teachers union. With about 550,000 stu- to mitigaterisk in large,urban tions. court’s authority, he wrote. exhaustiveand independent As in much of the U.S.,many dents, Los Angeles trails only districts such as Los Angeles. Afederal district judgedis- “Until now, we have said investigation. parentsinLos Angeles areea- NewYork City among the The Los Angeles dispute is missed the suit as moot, since that federal courtscan review DebraKatz,alawyer repre- gerfor children to return to in- country’slargest school dis- wearing on some parents. “It the policythe plaintiff wanted thelegality of policies and ac- senting one of Mr.Cuomo’s ac- person classes,particularly as tricts. New York’s public high just feels right nowlikethis is invalidated had been re- tionsonly as anecessaryinci- cusers, Charlotte Bennett, said the region’sCovid-19 case rates schools areexpected to reopen nevergoing to end if the stan- scinded. dent to resolving real dis- the appointment of Mr.Kim plummet afterone of the worst March 22 for some in-person dardissohigh forgoing Afederal circuit court in putes,” Chief Justice Roberts and Ms.Clark shows the attor- surgesinthe countrylatelast learning. The city aims to re- back,” said Lisa Fedak,asocial Atlantaaffirmed that decision, wrote. “Going forward, the Ju- ney general’s office “is taking year.Los Angeles Unified sume full-time in-person in- worker and former president and lawyerswith AllianceDe- diciarywill be required to per- this matter very seriously.” School District Superintendent struction at all public schools of the parent-teacher organi- fending Freedom, an advocacy form this function whenever a Sunday, SenateMajority Austin Beutner,who wantsele- in September. zation at Ivanhoe Elementary group forreligious interests plaintiff asks for a dollar.” Leader Andrea Stewart-Cous- mentaryschools to open next Cecily Myart-Cruz, president School in the city’s Silver Lake ins, aDemocrat,became the month, recently secured 25,000 of UTLA,has called the state’s neighborhood. highest-ranking statelaw- vaccine doses from the state— reopening plan “a recipe for “UTLA is trying to protect maker to call for Mr. Cuomo’s enough forall the teachersand propagating structural racism” theteachersatall costsand Campus Sex-Assault resignation. staff who work with children in because,she said, wealthier it’s at the kids’ expense,” said Assembly Speaker Carl sixth grade and below. schoolswith morewhitestu- Ms.Fedak,who added that she Heastie, a Democrat, said Mr. But United TeachersLos dentsare in areas with lower marched alongside the Policy to Get Review Cuomo should “seriously con- Angeles has remained non- Covid-19 case countsand could school’steachersduring its sider whether he caneffec- committal, and it is unclear reopen safely morequickly.In 2019 strike. tively meet theneeds of the whether it will agree to return an interview, she said stateand Mr.Beutner,the district su- BY ANDREW RESTUCCIA tion’smandatethat students people of New York.” to work before the end of the local elected officials should perintendent,has been largely shouldn’t facediscrimination on school year.The union says have set aside vaccine doses aligned with UTLA on vaccines WASHINGTON—President the basis of sex, sexual orienta- that in addition to the vacci- forteachersearlier and said and safety measures such as Biden signed an executiveorder tion or gender identity,orin nations for school staffers, it she believes much of the push air filtersand regular Covid-19 on Monday directing his admin- the form of sexual harassment wants Los Angeles County to to reopen schools is to relieve testing. istration to reviewpolicies re- or sexual assault. It calls on the reach alowerrateofcoronavi- working parents, not to do But on Monday, he said the lated to howschools handle al- education secretarytosuspend, rus spread and for schools to what is best forchildren. district had done everything legations of sexual harassment revise or rescind policies that institutesafety protocols in- “Noweducatorsare the necessarytoallowstudentsto and assault, and he singled out don’tmeet that standard. cluding social distancing,per- ones that have to prop up the return to school and he forpossible changes aTrump TheTrump administration sonal protectiveequipment for whole economy in California? wanted to givefamilies aclear administration regulation that TitleIXregulation boostspro- teachers and staff, and better I beg to differ,” she said. timeline on when that would bolsters protections forthose tections forthose accused and ventilation in buildings. UTLA asked its35,000 happen. accusedofsexual misconduct. gives schools moreflexibility in OL

PO Theprovisions UTLA is de- memberstovotethis past “Weneed acompleted Theorder requires an Educa- which standardofevidencethey S manding go beyond those in a week on whether to refuse to agreement with United Teach- tion Department and Justice use to determine guilt. It allows

/PRES $6.6 billion aid package— return unlesstheir demands ers Los Angeles,” Mr. Beutner Department reviewofexisting both the accused and accuser to signed by Gov.Gavin Newsom aremet. About 91% of respon- said, adding that he expectsa policies within 100 days.Itsays submit evidenceand participate

WENIG last week—that would dock dentsendorsed the union’spo- deal this week. the reviewshould weigh in cross-examination in livepro-

SETH some money from schools that sition, with 70% of the mem- —Jennifer Calfas whether the policies areconsis- ceedings, and both parties can Gov. Andrew Cuomo don’t reopen elementary bership casting ballots. contributed to this article. tent with the Biden administra- appeal aschool’sruling. P2JW068000-5-A00400-17FFFF5178F

A4 | Tuesday, March 9, 2021 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 Political Outrage Machine Runs at Full Tilt

Works storeinArizona got litical consultantshavemade makes it harder forlawmak- 2020 cycle,well morethan trend, says Mr.Wehner.On intoawild brawlSaturday aton of money in recent de- erstocompromise, because double four yearsearlier. the left, Sen. Bernie Sanders over social distancing,the cades blanketing the country they knowthe ferocity of the Other forces feed the rantwo highly competitive video of which immediately with television ads telling attacks they’ll faceifthey do trend. Social-media networks presidential campaigns fueled went viral. voters,essentially,that so.That leavesalot of the have become outragema- in some measurebyoutrage. As all that suggests, the Washingtonisbroken, their playing field to activistson chines of their own, drawing national mood seems to be representativeispart of the the leftand right, whose ac- agrowing shareofthe citi- nthe other hand, Pres- one of outrage. Thereare le- reason, and they should be tions in turn only anger their zenryintothe fighting.Inthe ident Biden wonby CAPITAL JOURNAL gitimatereasons to be angry, mad about it. ideological foes all the more. parlanceofsocial-media O promising to push By Gerald F. Seib yetsomething else also is at It’sakind of perpetual-mo- sites,aperson who disagrees back against this tide of out- work here: the emergenceof ushing this messageis tion outragemachine. with youisn’t merely wrong rage,perhaps offering hope akind of perpetual outrage profitable, made all the There’salot of fuel de- but “asinine.” Those on the of breaking the cycle.Yet he machine,made up of people P Twomonths afterthe Jan. moresobythe emer- votedtokeep this machine leftare communistsand so- contributed to the heat last 6mob attack on the Capitol, and institutions with avested genceofnational online going.The Wesleyan Media cialists, those on the right week by accusing governors ugly fencing still surrounds interest in stoking political fund-raising that enables Project found that morethan arefascistsand nazis.That lifting coronavirus mask the area, and Capitol Police anger.Political consultants even obscurecandidates to 4.9million television ads also feeds aprofitable busi- mandates of engaging in “Ne- have asked National Guard and the candidates who hire use ideologically chargedap- aired in House,Senateand ness. anderthal” thinking.Mean- troops to remain on patrol them, online advertising peals to raise millions from presidential racesinthe Meantime,outragehas be- while,Republicans areout- fortwo more firms,social-media compa- distant donorsinterested 2020 cycle,morethan twice come virtually the business ragedthat, despitetalk of months.In nies,cable-television hosts— only in bringing anew com- the volume of ads in the 2012 model of some cable televi- unity and bipartisanship, Minneapolis, all profit one way or the batant intothe fight. The and 2016 cycles. sion shows.Journalistshave Democratshavepushed authorities are other from stoking anger. WashingtonPost recently Those TV ads aresupple- learned that stoking the out- through his $1.9trillion virus erecting their “What is it that causes told the storyofaRepublican mented by aflood of online rage cantranslateintoalot aid bill on entirely party-line ownbarbed- people to want to be in a congressional candidatewith ads,which areespecially ef- moreonline clicks and views votesinCongress. wirefences in stateofperennial outrage?” virtually no chanceofwin- fectiveatstoking anger be- fortheir articles and videos. John Podesta, aformer anticipation of trouble asks Pete Wehner,who wasa ning in adeeply Democratic cause they convey messages Former President Donald Democratic WhiteHouse around the trial of the for- political adviser to former Baltimoredistrict who never- targeted at individual voters Trump was, of course,amas- chief of staff,argues that Mr. mer policeofficer accused of President George W. Bush. thelessraised morethan $8 with known profiles suggest- teratstirring outrage, and Biden’sapproach still could killing George Floyd. “They areeager to be of- million nationally—nearly ing their own, personal hot he rode the resulting wave all be an “analgesic.” Yetthe fe- Asian-Americans arethe fended.” half of which went to asingle buttons.Figures from Kantar the way intothe White verruns high. What’sneeded targetsofanescalating se- It’shardtoknowwhereto media firm. Media indicatethat spending House.But it didn’t start aresome examples of politi- ries of physical assaults. Four find answers,but let’sbegin This helps produceanun- on digital political ads bal- with him; he wasmorean calfigures who succeed with- women at aBath andBody with political advertising.Po- virtuous cycle.The outrage looned to $1.7billion in the “accelerant” of an existing out the outrage. GOP Sen. Blunt Won’t Runin’22

BY SIOBHAN HUGHES In 2016, Mr. Blunt’s Demo- AND LINDSAY WISE cratic challenger, former Mis- souriSecretaryofState and Republican Sen. Roy Blunt Armyveteran Jason Kander, of Missouri said he wouldn’t attacked the Republican as a runfor re-election in 2022, Washingtoninsider. Mr.Blunt the latest in aseries of retire- narrowly defeated Mr.Kander. mentsplanned by veteranlaw- Mr.Blunt’sdeparturepaves makersasthe GOP reorients the way foracrowded and itself following the lossofthe competitive GOP primary. White House and both cham- Last week,beforeMr. bers of Congress. Blunt’sannouncement, former Mr.Blunt, aclose ally of Missouri Gov.Eric Greitens S SenateMinority Leader Mitch said he was weighing a possi- PRES McConnell, announced his de- ble political comeback in

TED cision in avideo and press CIA statement Monday, surprising SO

AS his colleagues and heralding Sen. Roy Blunt,

TIN/ the end of a long political ca- the No. 4

MAR reer that included senior lead- Senate

YN ership roles in both chambers. Republican,

UEL Mr. Blunt is the No. 4 Sen- was first CQ

JA ate Republican. A former his- elected to the National Guardmembers near the Capitol on Thursday. Atask forcehas called formorepoliceamong other measures to securethe complex. tory teacher,heserved as Mis- body in 2010. souri’stop election official beforebeing elected to the ReportUrges Capitol SecurityOverhauls U.S. House in 1996 and the 2022. Mr.Greitens,aRepubli- Senatein2010.Hebuilt arep- can, resigned from the gover- utation as adeal maker,nego- norship in 2018,plagued by le- BY ALEXA CORSE sponse to the attack by the handle security following the ThePentagon is considering tiating bills to boost medical galtroubles and asex scandal. AND ELIZA COLLINS pro-Trump mob. assault, which leftfivepeople aCapitol Policerequest to ex- research funding and mental Other Republicans consid- To addressthe shortcom- dead, including apoliceoffi- tend fortwo moremonths the health services. ered possible contendersin- WASHINGTON—Atask force ings, the task forcerecom- cer, and morethan 100 offi- current deployment of Guard Mr.Blunt’slast race,in2016, cludeMissouri Secretaryof reviewing security at the Capi- mendsadding 854 newoffi- cers injured. troops, which was to end Fri- wasmade challenging by the State Jay Ashcroft, Reps. Ann tolfollowing the Jan. 6assault cers with avariety of Security at the Capitol has day, adefense official said last rise of former President Donald Wagner, Billy Long and Jason recommends adding hundreds specialties including intelli- remained high sincethe at- week. Trump,whose frequent calls to Smith, stateAttorney General moreofficerstothe Capitol genceanalysts. It also urgeda tack,which came as Congress Gen. Honoré’s security re- “drain the swamp” created tur- Eric Schmitt, state Treasurer Police, creating arapid-reac- dedicated “quick reaction wascertifying President Bi- viewwas focused on the bulencefor long-serving Repub- ScottFitzpatrick,and Lt.Gov. tion forceand using retract- force” to respond to crises den’selection victory, with law House side of the Capitol, licans.Astring of Republicans MikeKehoe,aswell as retired able fencing at the complex. that would draw from federal enforcement warning that though the task forcesaid whocompeted successfully in Nascar driver Carl Edwards. In itsreview released Mon- lawenforcement agencies or threats are likely to continue. manyrecommendations could that cycle have said they won’t Former Democratic Sen. day, the task force, led by re- the National Guard. Just under 5,200 National be applied broadly.The 13- runagain, including Sens.Pat Claire McCaskill, who lost re- tired Lt.Gen. Russel Honoré, While the task forcewas Guardtroops remained on pagereport said that improve- Toomey of Pennsylvania, Rob election in 2018,made it clear found that inadequatestaffing, billed as independent, itsrec- duty as of Monday, augment- ments to security would need Portman of Ohio,RichardBurr she wouldn’t runfor office equipment and training hob- ommendations arelikely to ingCapitol Police, according to be balanced with ensuring of North Carolina and Richard again. Mr.Kander also tweeted bled theCapitol Police’sre- add to debateoverhow to to defense officials. access by the public. Shelby of Alabama. that he wouldn’t run.

daycalls foreach outstanding risk-averse, and in manycases Athene’schairman and CEO, SELL YOUR RARE TIMEPIECES Apollo to Class A share of Athene to be older, people. said theinsurer had astrong ImmediateCash AdvancesAvailable exchanged for 1.149 shares of Athene wasbuilt under for- 2020 despitethe coronavirus Apollo,reflecting aroughly mer American International pandemic.Still, he said, “de- Buy Rest 16.5% premium over Athene’s Group Inc.executiveJames spiteall our success and the closing price on Friday. Belardi who,funded by Apollo, numerous competitiveadvan- Theall-stock deal will re- acquired fixed-annuity blocks tageswepossess, it is clear and Of Athene sult in Apollo shareholders of business cheaply in the af- rather unfortunate” that some owning about 76%ofthe com- termath of the financial crisis. shareholdershavebeen wary of bined company, with Athene Theinvestment firm wascon- buying the stock.The mergeris ContinuedfromPageOne investors owning the rest. tracted to choose investments the “logical next step” for federal sex-trafficking charges The deal would have more to back up Athene’sobliga- Athene to addressthose con- involving underage girls. than doubled Apollo’s reported tions to pay consumers. cerns and become stronger and Apollo said Mondaythat its earnings in 2020, the compa- Mr.Belardi quickly made morecreditworthy, he said. boardhad votedtoabandon nies said. Shareholderswill Athene amajor driver of con- Athene’s focus on fixed an- the firm’sdual-classshare getafixed annual dividend of solidation acrossthe U.S. life- nuities—whichpay buyersin- structureand adopt a“one- $1.60 per share. insuranceindustry, acquiring terest over aperiod of years— share, one-vote” regime—a Apollo is hoping the efforts tens of billions of dollarsofas- dovetails with Apollo’s moveithad said it wasconsid- will help bolster itsshare expertise in credit investing. ering and that it expectswill price, which has flaggedamid Insurersprofitbyearning Patek Philippe,Extremely Rare andFineRef.2499withConfirmed pave the way forits inclusion investor concerns over Athene has grown more on investments backing Special OrderedBlackDial, 3rdSeries, Ed.WengerSACase in theS&P 500 index. Thein- whether Mr.Black’sEpstein theproductsthan what they Sold for: $459,000 vestment firm has outlined a ties would keep image-con- into one of the U.S.’s ultimately payout to their ScheduleYourComplimentary number of other changes lately, scious pension funds and other biggest holders of customers. State insurance-de- AuctionEvaluationToday including the appointment of institutions from investing partment guidelines steer in- more independent directors. moremoney with the firm. surerstoward investment- VideoorSociallyDistanced Consultations Available fixed annuities. Apollo’s successfulforay Apollo currently manages more grade securities,but Auction Deadline intoinsurancehas prompted than $450 billion and set a companies have some leeway nearly everyother publicly goal in 2019 of bringing that to in building their portfolios. June 1 April 5 traded firm that has tradition- $600 billion within five years. sets. As of last year,ithad $150 Over the past decade,many ally focused on private equity Shares of Apollo were down billion in net invested assets. insurers have been unloading CATALOG INQUIRIES to trytoreplicateitinsome about 4% Monday, while those It went public in 2016 and their annuity businesses at Visit HA.com/Catalogsto JimWolf fashion. In July,KKR &Co. of Athene climbed by about 6%. had amarket capitalization of cut-rate prices because ul- receive aComplimentary 214.409.1659 made public a deal to buy in- Investors have long fretted just over $10 billion beforethe tralow interest ratesinthe Catalog,enter WS61139 [email protected] surer Global Atlantic Financial about Apollo’s dependenceon mergerplans were announced. U.S. since the global financial CAREERS Group Ltd., sharply boosting having Athene as itslargest In Athene’s early years, crisis have made it tougher to Heritage Auctions is hiring! We haveopportunities throughout itsassetsunder management. asset-management client, rep- Apollo owned 17%, but con- make money. the companyincluding within ourTimepiecesand Jewelrycategories. Forprivate-equity firms resenting about 40% of assets trolled45% of the vote in an Athene has been in the van- Please visit HA.com/Careers to apply. looking to bulk up,such assets under management and gener- arrangement that led some guardinpicking up the scraps. are particularly attractive be- ating about 30% of its fee-re- prospectiveshareholdersin Working with Apollo as itsas- cause insurancecompanies lated revenue. the insurer to balk due to con- set manager, the concept was like Athene typically seek far ForAthene,the combina- cerns over conflictsofinterest. that it could earn moreinvest- moremodest returns than tion is thelatestevolution Apollo in 2019 raised itsstake ing customers’ money than buyout investors, who have sinceitwas founded in 2009 in Athene to 35% and elimi- traditional insurerscould,

DALLAS |NEW YORK |BEVERLY HILLS |SAN FRANCISCO|CHICAGO|PALMBEACH gotten accustomed to double- with Apollo’s backing.The in- nated the insurancecompany’s thanks to the greater access it LONDON |PARIS |GENEVA|AMSTERDAM |HONG KONG digit annual gains,opening up surer has grownintoone of supervotingshares.Athene enjoys to higher-yielding so- awider array of options for the nation’sbiggest holdersof also took a7%stake in Apollo. called alternativeinvestments. Paul R. Minshull#16591. BP 12-25%;see HA.com.Licensed by the City of NewYork #1364738/9-DCA Complimentary catalogs areavailable whilesupplieslast. 61139 deploying the cash. fixed annuities, a retirement- On aconferencecall to dis- —Dave Sebastian Thedeal made public Mon- savingsproduct favoredby cussthe deal, Mr.Belardi, now contributed to this article. P2JW068000-0-A00500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | A5

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A6 | Tuesday, March 9, 2021 ** THE WALL STREET JOURNAL. U.S. NEWS CDC Issues Texas Official Post-Shot Guidance Seeks Reversal

ContinuedfromPageOne Of Overcharges virus is ramping up. Public-health officials say BY RUSSELL GOLD commission spokesman said people should remain cautious therewas precedent forasin- as vaccines continue to roll Texas Lt.Gov.Dan Patrick gle commissioner providing out, as Covid-19 cases and called on the state’sgrid oper- quorum to conduct business. hospitalizationsremain at S ator and regulator to reverse Soon afterblackoutsstarted,

high levels and moretransmis- PRES $16 billion in electric over- the commission, whose mem-

sible variantspotentially com- TED chargesthat an independent bersare appointed by Texas plicate the pandemic’s trajec- market monitor said resulted Gov.GregAbbott, ordered en- OCIA

tory.President Biden said last SS from last month’s blackouts. ergy prices to go to the maxi- week that the U.S. would have /A Thepush by Texas’ second- mum level of $9,000 per mega-

enough vaccines forall Ameri- ANES most-powerful stateelected watt-hour.This was intended can adults by the end of May. RG official comes after the chair- to spur generatorstoproduce VA

Morethan 92 million DO man of the Public Utility Com- electricity but ended up being Covid-19 shots have been ad- mission of Texas said he financially devastating for MIAN

ministered acrossthe U.S.,ac- DA wasn’t inclined to go back and many market participants,in- cording to CDC data. More More than 18% of the U.S. population has received at least one dose of a Covid-19 vaccine. repriceelectricity markets, cluding generators, wind farms, than 18% of the U.S. popula- comparing that challengeto retail powerprovidersand mu- tion has received at least one Newly reported coronavirus fectively they might prevent facilities or other densely popu- unscrambling eggs. nicipal electric companies. dose of aCovid-19 vaccine,ac- cases in the U.S. have continued infection and transmission, lated workplaces don’t need to “Correcting this $16 billion The market monitor, Poto- cording to CDC data, and just to decline recently,along with but growing evidencesuggests quarantine,but should continue error will requireanadjust- mac Economics, said the util- over 9% of the population has hospitalizations,asmorepeo- that vaccinated people areless to be tested, either following an ment, but it is the right thing itycommission and the grid gotten two shots. ple receivevaccinations.Hospi- likely to getinfected and po- exposureorasapart of screen- to do,” said Mr. Patrick, a Re- operator should have stopped Theseven-day averageof talizations due to Covid-19 tentially lesslikely to spread ing programs,the CDC said. publican. “It will ultimately the pricing order afew min- daily doses administered has acrossthe countrytotaled the virus, the CDC said. Vaccinated people are also benefit consumers.” utes beforemidnight on Feb. risen to 2.2 million, according 40,212, the lowest level since “Anyone who is fully vacci- lesslikely to getinfected dur- An independent market mon- 17,rather than letting it run to aWall Street Journal analy- Oct. 20,according to the Covid nated, regardless of their un- ing activities such as eating itor who reportstothe utility through Feb. 19. sis of CDC data. Tracking Project. Sunday’stotal derlying risk,can feel more indoors at restaurants or go- commission said in areport last Mr.Patricksaid the utility Thepresident has urged is down nearly 70%fromJan. 6, confidencethat they canavoid ing to the gym, the CDC said, week that Texas kept wholesale commission and the Electric people to wear masks and when hospitalizations peaked severe illness from Covid-19,” though people should still fol- prices artificially high formore Reliability CouncilofTexas,the maintain social-distancing at 132,474. said AjaySethi,aninfectious- lowsafety precautions in than 30 hourslonger than nec- state’sgrid operator,have30 guidelines,while some cities TheU.S.reported 40,340 disease epidemiologist at the those circumstances.The essary, creating at least $16 bil- days from the end of the black- and states such as Texas have newconfirmed cases forSun- University of Wisconsin-Madi- agencyalso said fully vacci- lion in overcharges. outstocorrect pricing errors. recently said they would day, according to the latest son. But, he said, “Wehaveto nated people with Covid-19 On Monday, one of the Aspokeswoman forMr. Ab- loosen such restrictions.Mr. datacompiled by Johns Hop- recognizethat some people symptoms should isolate three commissionersresigned bottsaid the governor “con- Biden, aDemocrat, plans to canpick up the virus and themselves from othersand without explanation, the sec- tinues working collaboratively deliver his firstprime-time transmit to others.” gettested, even though the ond one to do so sincethe with the Legislaturetofind addressThursdaytomark the The CDC still Aperson is considered fully risk of infection is low. blackouts. That leaves only meaningful and lasting solu- one-year anniversaryofinitial vaccinated two weeks afterre- Dr. Walensky said that the one sitting commissioner, Ar- tions to the impactsofthe re- nationwide shutdowns stem- advises vaccinated ceiving the second dose of the CDCwill continue to update thur C. D’Andrea. Autility cent natural disaster.” ming from the pandemic. people against two-shot vaccines made by itsguidanceasmoreevidence In itsguidance, the CDC Pfizer Inc.and BioNTech SE as becomes available. said people who arefully vac- nonessential travel. well as by Moderna Inc., or two Fornow,the CDC said, ev- cinated canvisit with unvacci- weeks aftergetting the single eryone should avoid large gath- nated membersofasingle dose of the Johnson &Johnson erings regardlessoftheir vacci- householdwithout wearing vaccine,according to the CDC. nation status.The CDC didn’t masksormaintaining social kins University.Sunday’sfig- Vaccinated individuals don’t update itstravelguidance for distancing as long as everyone urewas down from the need to quarantine or receivea vaccinated individuals,which

in that household is at lowrisk 58,062 cases reported the Covid-19 test afterbeing ex- includes avoiding nonessential S

forseverecases of Covid-19. previous day. posed to the virus if they don’t travel and wearing masks on NEW If the unvaccinated people Thenation’s death toll from have anysymptoms,the CDC planes,buses,trains and other G come from multiple house- confirmed Covid-19 cases has said. However, the CDC said public transportation.

holds,the CDC said, everyone topped 525,000, according to that people living together in “Wewould liketogivethe OOMBER should take precautions such as Johns Hopkins data. nonmedical facilities such as opportunity forvaccinated

meeting outside,wearing Theauthorized vaccines are prisons should continue to grandparentstovisit their chil- NEILL/BL masks and maintaining at least highly effective at preventing quarantine and gettested fol- dren and grandchildren who are OPER

six feet of distance. Theagency severe cases of Covid-19 that lowing exposuretoCovid-19, healthyand who arelocal, but CO said all people should avoid could lead to hospitalization even aftergetting vaccinated. our travel guidanceiscurrently Soon after blackouts started, a commission ordered energy prices biggergatherings fornow. or death. It is unclear howef- Vaccinated employees at such unchanged,” Dr.Walenskysaid. to go to the maximum level of $9,000 per megawatt-hour.

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THE WALL STREET JOURNAL. ** Tuesday, March 9, 2021 | A7 WORLD NEWS Many Russians SayNotoGetting Vaccine Residents have hefty dose of skepticism as In St.Petersburg, a Covid-19 rages, even as Jab at Government Sputnik V sells abroad The pandemic and how BY GEORGI KANTCHEV long it might last isn’t a con- cern for Vadim Ivanov, a 55- MOSCOW—Last summer, year-old driver for St. Peters- Russia was the first nation to burg’s city maintenance announceits approval of a department. He doesn’t trust Covid-19 vaccine.Dozens of the government or the countries from MexicotoIran healthcare system and be- have sinceordered millions of lieves the Covid-19 threat is doses of the shot, known as overblown.

Sputnik V. S “I’m not getting a vaccine But at home,Russia’svacci- because I don’t believe in the nation campaign has sputtered PRES coronavirus; it’s all about de-

in the midst of one of the ZUMA ception,” said Mr. Ivanov, who world’shighest levels of vac- S/ doesn’t usually wear a mask AS

cine hesitancy. While the vac- /T and rarely practices social dis- cine is free and widely avail- OV tancing. “People say it’s all

able,only 3.5% of Russians have ILNIK nonsense, it’s all far-fetched, received at least one shot, com- AS it’s all invented.” KR

pared with 32.1% in the U.K., V To speed the rollout, Rus- according to Our World in Data, sian authorities scrapped pri- aproject based at OxfordUni- ANISLA ority vaccination groups and ST versity that tracks the global A temporary Covid-19 vaccination site was largely unused in Moscow’s Gagarinsky shopping center in February. opened the inoculation cam- vaccine rollout. In the U.S.,it’s paign to everyone in January. about 18%. Recent surveys ITMO University and general Respondents who would geta updates in English and main- fullytested yetand [the mass “There is no shortage of showthat lessthan athirdof partner of healthcareinvest- Covid-19 vaccine,ifavailable taining aTwitteraccount for vaccination campaign] is in vaccines,” Dmitry Peskov, a Russiansare willing to getthe ment firm ATEM Capital. “In the Sputnik V. U.S. officials say fact atrial being carried out Kremlin spokesman, recently Sputnik Vvaccine. end, the big risk is that it will Agreestrongly Somewhat Russian intelligenceagencies en masse on the residentsof told reporters. “But one can- Behind the skepticism are prolongthe pandemic here.” have mounted acampaign to Russiawithout their knowl- not say that there is a rush” lingering doubtsabout Sputnik Thechallenges of rolling Brazil* 72% 16% undermine confidence in edge,” said Tatyana Andreyeva, to get a shot, he said. Offi- V’srapid development and an the shot out acrossRussia’s U.K. 67 22 Pfizer Inc.’sand other West- a39-year-old human-resources cials expect demand for Sput- ingrained distrust of authority vast land massinthe midst of Mexico* 62 23 ern vaccines,using online director from Kaliningrad. She nik V to increase as more stemming from the country’s harsh winter conditions have publicationsthat in recent said she won’t getinoculated. Russians learn about the ad- Soviet past. Polls showmany also hampered the campaign. Canada 55 24 months have questioned the Ms.Andreyeva’s10-year-old vantages of the vaccine. Russiansbelievethe coronavi- On Thursday, Mr.Putin said Italy 54 26 vaccines’ development and son gotsick with Covid-19 in Russian President Vladi- rusisaman-made biological nine of Russia’s85regions Spain 54 26 safety.The Kremlin denies October but recoveredquickly mir Putin, who regularly weapon. At the same time,sur- hadn’t begun vaccinating. these allegations. without infecting the rest of the praises the vaccine on na- veys indicateastrong current TheSputnik Vshot has faced U.S. 47 24 Morethan 40 other countries family.“Idonot consider Covid tional television and extols it of Covid-19 disbelief in Russia. challenges from the start. It China* 44 41 have authorized Sputnik Vfor to be aserious and highly con- in his conversations with for- While coronavirus infec- wasapproved in August, just a Australia 43 30 emergencyuse.European Union tagious disease,” she said. eign leaders, has yet to be tions in Russia have been fall- few months afterdevelopment membersSlovakia and Hungary Globally,Russians vaccinated. The Kremlin has ing,the slowacceptanceofthe started and beforelarge- Germany 43 25 have approved Sputnik Vand on rank among the biggest vac- said Mr. Putin plans to get a vaccine leavesthe countryvul- scale clinical trials were con- S. Korea 31 47 Thursday the bloc’smedicines cine skeptics.AnIpsos survey vaccine during the late sum- nerable to anew surge.Russia ducted.Then, as Russia began S. Africa* 31 30 regulator began aformal assess- released in February showed mer or early autumn. has had morethan four mil- to roll it out in December,pro- ment that could lead to an au- that 42% of Russians would get “The government needs to France lion infections,the fourth- duction problems meant the 31 26 thorization of the shot. avaccine,compared with 71% do a better job at communi- highest in the world. Vaccine country could deliver only a Japan 19 45 Many Russians remain un- in the U.S. and 57% in France. cating the benefits of the hesitancyrisks undermining fraction of the doses that offi- Russia* 17 25 convinced. A survey released Besides doubtsabout Sput- vaccine,” said Anton Gopka, the government’sgoal of inoc- cials had initially promised. by the independent pollster nik Vitself,some analystscite dean of faculty of technologi- *Mayrepresentmoreurban, educated, or ulating around 60% of the Apeer-reviewedstudy,pub- affluentpopulation. Note:Ipsossurvey Levada Center this week ageneral lack of trust in au- cal management and innova- population by summer. lished in Februaryinthe Lan- conducted Jan. 28–31, MOE: ±3.5pct. pts. showed that only 30% of Rus- thorities and the health system. tions at St. Petersburg’s “Wewereonpar with every- cet, aBritish medical journal, sians arewilling to getaSput- Just 37% of Russians aresatis- ITMO University and general body else in developing the vac- showedthe vaccine was91.6% production. Indeed, some ana- nik V shot, down from 38% in fied with the quality of their partner of healthcare invest- cine,but we’renow behind in effectiveinpreventing symp- lystsexpect aglut of vaccines December,with manycit- healthcaresystem, compared ment firm ATEM Capital. administeringit,” said Anton tomatic Covid-19 and had no if demand doesn’t pick up. ing concern over possible with aglobal averageof65%, “And of course people would Gopka, dean of faculty of tech- seriousside effects. Russian Abroad, Russia has con- side effects and doubts about according to a2019 Gallup poll. get more comfortable if the nologicalmanagement and in- drug manufacturers, mean- ducted apublic-relations cam- the clinical trials. —Valentina Ochirova head of state took it.” novations at St.Petersburg’s while,haverecently stepped up paign, including posting video “The vaccine has not been contributed to this article. FROM PAGE ONE Greensill Files for Protection

ContinuedfromPageOne &Co. Greensill’sgoal wastoof- fersupply-chain financeto

companies that had fallen be- /REUTERS lowthe radar of traditional

banksthat preferred larger, BIMMER more-established clientele. BIAN

In atypical supply-chain fi- FA nancedeal, Greensill would pay Germany’s financial regulator named a special representative to acompany’ssupplierssooner oversee day-to-day operations of Bremen-based Greensill Bank. than they would normally ex- pect, but at adiscount. The sill’sclientsaren’t able to pay recently appointed aspecial companythen would pay back their supply-chain finance representativetooversee day- Greensill the full amount down loans.Morethan 50% of the to-day operations of Bremen- the road. Thesupplier would borrowers in the Credit Suisse based Greensill Bank. getpaid early,the company funds were based in the U.S. Apreliminarytally shows would have moreflexibility over As part of itsinsolvency that as much as €700 million itscash, and Greensill would be process, Greensill is in talks to of Greensill Bank’sdeposits, leftwith asmall profit. sell itscoreoperations to equivalent to $830 million, out Instead of holding the cash Apollo Global Management and of atotal of €3.6 billion, or advances—which typically get itsinsuranceaffiliateAthene $4.3 billion, weren’t covered renewedevery 60 or 120 Holding Ltd. foraround $100 by deposit insurance, accord- days—on itsbalancesheet like million, TheWall Street Jour- ing to aperson familiar with atraditional bank,Greensill nal previouslyreported,citing thebank.Some of those de- spun most of them intobond- people familiar with the matter. positswereheld by German like securities, or notes. Greensill’sloans were mostly municipalities,which were at- Investment funds managed short-term, and some custom- tracted to Greensill forits by Credit Suisse and GAMHold- erswithout access to cash will slightly higher interest rates. ing AG scooped up those notes, need to find alternatesources German banks have increas- providing professional investor of financing in the coming ingly been passing on negative clientswith what appeared to weeks and months.Apollo will rates to their customers. be alow-risk way to ekeout use Athene Holding to fill in “Weare shocked,” said Jona- higher returns than could be the funding gapfor some,but than Berggötz,mayor of Bad gained in bank accountsor not all, of Greensill’sclients. It Dürrheim, atinyspa town in the money-market funds.The funds has been reaching out to Black Forest that had €2 million served as off-balance-sheet fi- Greensillclientsinrecent days, deposited in Greensill Bank. nancing forGreensill. the Journal has reported. “Wewill use everyopportunity Greensill’soperations seized Greensill’soperations have to getour money back,” he said. last week when Credit Suisse grownrapidly in recent years. Threeother towns in Ger- stopped investorsfrommoving Thenumber of staff ballooned many said they face losses of money in or out of the $10 bil- to morethan 1,000 employees in €6 million to €38 million each. lion in supply-chain invest- 2020 from 600 the year earlier. Executives at Grant Thorn- ment funds. GAMfollowedsuit It has also been on an acquisi- tonU.K.will oversee Green- thenextday with its$800 mil- tion spree,picking up astring of sill’s insolvency procedure. lion fund. Both have said they fintech businesses in the past 18 would wind down the funds. months,including Finacity TheCredit Suisse movewas Corp., Earnd and Omni Latam. triggeredafter Greensill lost SoftBank’sVision Fund was Crafted in gold &platinum coverage from credit insurers set to writedownits $1.5bil- that provided protection in case lion Greensill investment, the Rush! Service the startup’sclientsdefaulted. Journal previouslyreported, Available Theinsurancewas crucial citing aperson familiar with because it made Greensill’sas- the matter. Thestartup’sother setsappear safer to Credit big outside backer,private-eq- Suisse’sinstitutional investors, uity firm General Atlantic,held some of whom arerestricted aroughly 7% stakeinGreensill. from putting cash into riskier Further pain wasbeing felt investments. in Germany, whereGreensill Immortalize Your Anniversary TheCredit Suisse and GAM owned asmall bank.The coun- in Roman Numerals! funds could facelosses if Green- try’sfinancial regulator,BaFin, JOHN-CHRISTIAN.COM 888.646.6466 P2JW068000-0-A00800-1------XA

A8 | Tuesday, March 9, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

ning threegenerations of fam- year forasession with their Ms.Vogel, 27,found the ses- Fido Has ily dogs. But Mr.Huwaldt, a21- parents’ Lab-pit bull mix,Char- sion entertaining and comfort- year-old financestudent, lie.Charlie struck Ms.Vogel as ing.“Idon’t understand howit doesn’t find it plausible that unusually needy and wondered works,” she says.“But Ialso Something someone three states away can if he washappy.Mr. Vogel, 24, understand that thereare many have aconversation with adog washesitant, but his sister thingsthat we cannever un- by looking at itsphoto. eggedhim on. “Weshould just derstand.” To Say That said,hefinds it harm- tryit,” she recalls saying. Ms.Cunliffe, based in Vero less enough. His father,retired They wanted to keep the Beach, Fla., didn’t return calls structural engineer Michael Hu- session secret from their par- or emails requesting comment. ContinuedfromPageOne waldt, 72,isveryattached to his ents, so they closeted them- Her websiteadvertises30-min- on Ms.O’Hara’svisits. “There MEYERS dogs. Asession with Ms.O’Hara selves in abedroom in the fam- utesessions for$65,along with

were horses we didn’t realize PHER makes the passageoftime and ily home in Valhalla, N.Y.,gave her work as an “angel therapy were having an issue,” says Ms. TO dogs lesspainful, “evenifit’s Charlie abone with some pea- practitioner.”

Spillane,65yearsold. “Or they CHRIS notscientific whatsoever,” the nut butterand put Ms.Cunliffe She writes she learned to

knewother horses were having JON younger Mr.Huwaldt says. on speaker phone. communicatewith angels from an issue,and they wanted to Animal communicator Terri O’Hara has a waiting list. “Why question agood thing?” Ms.Cunliffereported that Doreen Virtue,then atop-sell- talk about it.” Therewas an incident years Charlie said he’sa“happy boy” ing NewAge author.In2017, In humans’ long quest to sessions with guinea pigs. “On communicator Anna Twinney agowith Muddy,anagedchoc- and everyone thinks he’shu- Ms.Virtue became aborn-again communicatewith their be- average, they have lesstosay,” usually holds sessions over the olateLab who,Ms. O’Haracon- man, according to the Vogels. Christian and disavowedthe lovedpets, some arecasting she acknowledges. phone,while looking at apho- veyed, wanted his ashes spread She asked him if people talk to practiceofcalling upon angels. doubtsaside and turning to an- Ms.O’Hara, 61, says she be- tograph of the animal. Ms. in the mountains he sawfrom him and Ms.Cunliffesaid he Ms.Virtue also turned imal communicators—some- ganhearing animals as achild. Twinney says she has talked to the yard.The elder Mr.Hu- responded, “Yep,all the time.” against pet psychics.Partly it times called pet psychics. She stopped admitting it in her horses in Dubai from her home waldt didn’t think the moun- As he chewedhis bone loudly, wasbecause one of them re- Ms.O’Hara, who lives in Eu- teens.Her parentsdied when in North Carolina. She has done tains were visible from Muddy’s Ms.Cunliffenoted he said his ported that her elderly dog, gene,Ore., has athree-week shewas in her late20s,and, in-person work with sloths in favoritespot, so he squatted teeth weren’t giving him any Gigi,was asking forafriend. waiting list forappointments overwhelmedbythe prospect CostaRica. Sloths,she says, down to getadog’s-eye-view. problems. Ms.Virtue and her husband ad- and countsmorethan 10,000 of three deaths in short succes- talk faster than they move. Sure enough, he could see the Ms.Cunliffealso conveyed opted Feather,who turned out animals among her clients. Last sion, she turned to an animal Predictably,animal commu- mountains. “There’snoway she that Charliegetsbored when to have separation anxiety. month, she gaveawoman the communicator to talk to her nicatorsrun intotheir shareof could have made that up or everyone stares at their Gigi died in 2017, leaving the hardnewsthat the family dog terminally ill dog.She immedi- skeptics. known that,” he says. phones.“Really? You’regoing couple alone with ahigh-main- preferred to livewith her soon- ately recognized that same Kyle Huwaldt’sfather has SiblingsJulie and Jeremy to look at that again?” she re- tenancePomeranian. “I wish we to-be-ex-husband. ability in herself. engaged Ms.O’Haraonand off Vogelhired animal communica- layedhim saying.“Come on, hadn’t listened to that pet psy- She has even held telepathic LikeMs. O’Hara, animal fornearly two decades,span- torBrenda Cunliffeearlier this let’sgoback outside,Dad.” chic,” Ms.Virtue says.

regulated provider is still utility charged was variable, Power Bills overseeing the contract. when it actually wasafixed Mr.Allegretti said manyre- rate,according to the Connect- tail firms would prefer to send icut agency’sinvestigation. Di- Have Risen the bills themselves,which he rect Energy agents would at said would help develop their timesdescribe themselves as brands with consumers. “an energy adviser...working For Many Watchdog groups,state at- with your electric company,” torneysgeneral offices and rather than saying they stateconsumer advocates have worked for a competitor, ac- ContinuedfromPageOne complained about the retail cording to the investigation. each of the five yearsfrom powerindustry’ssales prac- An NRGspokeswoman said: 2015 through 2019,the Journal tices foryears, saying some use “We are a fierce advocate for analysis found. TheJournal’s lowteaser ratestoattract con- consumer protection, and we analysis of powerprices in 13 sumerswho don'tunderstand support action that holds sup- states and the District of Co- that ratescould go up eventu- JOURNAL pliersaccountable.The alleged

lumbia excluded other states ally or illegally switch people REET violations pertaining to Xoom whereretail companies sup- to their servicewithout con- ST Energy and Direct Energy oc- plied lessthan 1% of residential sent. Big retail companies such LL curred prior to their acquisi- WA electricity in 2019. as NRGEnergy Inc.concede tion by NRG.” THE

Consumersonretail plans therehas been bad behavior by R NRGCEO Mauricio Gutierrez paid $1.9billion extrainPenn- some competitorsand saythey FO said in awrittenstatement to sylvania and $1.7billion in areworking to improvethe in- the Journal that while thereare NewYork during the 10-year dustry’sreputation, such as ef- some “non-reputable actors” in DEMCZUK period examined by the Jour- fortstomakecustomer bills the retail energy industry, the nal. In 2019,consumerspaid moretransparent. solution “isnot to deprivecus- $3.1 billionmoreinD.C.and Some retailershavetargeted tomersofchoices but instead GABRIELLA the 13 states together,the big- the elderly as well as poor and Jessie Medley, 76, says he didn’t realize his power source had been switched to a retail provider. taking meaningfulsteps to em- gest single-year differenceever oftenheavily minority neigh- powerand inform customersof over what they would have borhoods whereelectricity bills nowranges from relatively Cumulativeextracosttoretail consumers, utilities became their rightsand options.” paid their utilities.Onaverage account forlargershares of in- smallplayers likeGenie En- electricity consumersover responsible forcollecting un- acrossD.C.and the states,re- come.“Low-income customers ergy Ltd., which owns IDTand whattheywould have paidto paid residential customer bills. tail electricity cost 14%more aremuch morereceptivetothe is publicly traded with astock- regulatedutilities,2010-19 Theretail powercompanies Minority impact than utilitypowerin2019,an message, ‘Hey youcan save market value of about $200 payasmall feefor the service. Minorities oftenrepresent a all-time high. some money here,’ ” said Mr. million, to the nation’sbiggest $20 billion Because they were no longer disproportionateshareofretail In Texas, residential con- Allegretti. Rules that encourage players in the electricity in- responsible forunpaid bills,re- energy consumers. About 12% sumerswho signed up with re- retail firms’ ability to market dustry,such as NRGEnergy tail powercompanies didn’t of NewYork City’s households tailerspaid $12.6billion more theirservices to low-income and Exelon Corp.NRG has 15 have to worryabout the risks areinZIP Codes whereBlack in the 10 yearsthrough 2019 communities givecustomersin grownsharply in recent years of signing up residential con- andHispanic people makeup than if they hadpaid utilities’ those neighborhoods the ability with acquisitions of rivalsup- sumers, said Mr.Allegretti, the morethan half of the popula- rates, according to the Journal’s to take advantageofthe cost pliers such as Xoom Energy 10 industryconsultant. ThePOR tion,but those ZIP Codes ac- analysis.Texas also deregulated savingsthey promise,hesaid. and Direct Energy Services rule,hesaid, “makes the retail counted for47% of the retail electricity generation and al- LLC. supplier completely indifferent suppliers’ electricity custom- lows the wholesale-market More than 230 retail pro- 5 as to the credit risk of certain ers, according to the Journal’s pricethat powerplantscharge Mr. Medley’s switch viders reported selling resi- customers, and that includes analysis of datafromthe U.S. to go as high as $9,000 amega- Laurel Peltier,anenviron- dentialelectricity in 2019, low-income neighborhoods.” Census Bureau and research 0 watt-hour in times of scarcity, mental writer in Baltimore, was with the biggest 20 accounting Many retail energy compa- done in 2016 by the Public morethan 400 times the 2020 helping alocal church’sparish- for 75% of retail sales. 2010 ’12 ’14 ’16 ’18 ’19 nies useteaser ratestoper- Utility LawProject, acon- averagepriceof$21.18. Prices ionerswith financial issues in Deregulation of retail elec- suade households to switch to sumer advocacyorganization. Note:For 13 states and the District of Columbia. hit that caponfivedays during 2016 when shesaw some had tricitywent further in Texas Source:WSJ analysis of U.S. Energy their services.Variable rates Those customerspaid $63 the Februarydeep freeze,and skyrocketing electricity bills. than anyother state. Nearly Information Administration data oftenkick in several months million morefor their electric- some retail customerswho had “I’m looking at these bills,and 60% of residentsare required after service begins. ity that year than they would opted forvariable-rateplans I’m confused,” she said. She re- to shop fortheir electricity on watt-hours, 28% of all residen- They sometimesuse decep- have if they had chosen to be were immediately hit with alized many—oftenminorities the retail market, with no op- tial electricity. tivemarketing practices—such served by the regional utility, thousands of dollarsofcharges. or cash-strapped elderly con- tion of remaining with atradi- Beforederegulation, acon- as promising to deliver long- Consolidated Edison Inc., the Retail power providers say sumers—had signed up with tional utility. Because retailers sumer usually had one option term cheap power—then raise analysis shows. their ability to buy and sell retailersand were paying much don’t sell in the areas that are forelectricity: Buy from the ratesafter afew months,ac- Illinois in a2018 lawsuit poweratthe best prices al- morethan if they had signed served by utilities in Texas,it regulated-monopoly utility. cording to regulators, cus- said IDTcarried out a“partic- lows them to get cheaper en- up with Baltimore Gas &Elec- isn’t possible to makedirect Government officials let the tomer complaintsand multiple ularly egregious marketing ergy and curbs the utilities’ tric Co., the incumbent utility. rate comparisons; the Journal utilities charge enough to cover lawsuitsagainst some compa- scheme that disproportion- monopoly power. They also One she helped recently analysis compared Texas’ costsand makeamodest profit. nies in the industry. In online ately impacted African-Ameri- saycompetitivemarketsfor was retiree Jessie Medley, 76. statewide averagecost of Theretail energy industry descriptions of their power canconsumersonthe South electricity canspark innova- Ms.Peltier determined that powersold in the deregulated began in the 1990s.Eventually, plans,the companies typically andWest sides of Chicago.” tion in the powerpackages over threeyears, Mr.Medley areas with the statewide aver- at least 18 states deregulated disclose they have the right to IDT“bombarded customers they provide,including the op- had paid retail energy supplier agecost of full-serviceutilities. retail residential electricity to raise prices,but the details are with false claims of lower tion to purchase plans that in- IDTEnergy Inc.morethan In D.C. and the other 12 de- varying degrees. often vague and buried in the electricity rates and savings,” clude clean-energy supply,giv- $2,000 in excess of what he regulated states in the Jour- Theretail powerindustry fine print. the Illinois attorney general’s ing consumers more choices. would have paid the utility.He nal’s analysis, residents could largely languished untilabout Mr.Allegretti and other in- office said in a news release. Electricity deregulation said he didn’t realizehehad still opt to stay with their in- adecade ago, when manyof dustrybackerssay residential Thestate’s investigation worked forbusiness. Federal been switched to IDTbecause cumbent utilities. In 2010, re- those states adopted aregula- customers need better educa- found that nine of 10 ZIP datashowitled to substantial his bills still said BGE, which tailersinD.C.and those states tion called “purchase of receiv- tion from the industryand Codes with the highest IDT savingsfor commercial and in- washandling collection forthe supplied 32 million megawatt- ables,” or POR.Under the rule, regulatorsabout howthe re- enrollmentswereinneighbor- dustrial power customers. retail energy company. hoursofresidential power, or which regulatorsimplemented tail-electricity market works hoods wherethe population Regulated utilities, while Mr.Medley,who is on Social about 10% of the total. In 2019, as away to encourageretailers and howitcan benefit them. wasmorethan 90% Black.Ina cheaperfor consumers, have Security and frequently gets they sold 86 million mega- to sell their servicetomore In Massachusetts,the state settlement, IDT, which didn’t struggled in manystateswith meals from alocal food pantry, attorney general’sofficein admit wrongdoing, agreed to issues around reliability and said an IDTsales representa- Overcharged 2019 said residentsinthe past refund $3 million to morethan maintenance. Consumerswho tive told him he would save four yearshad filed morethan 176,000 customers. arepaying morefor power money if he switched plans.He Retail electricityprovidersin13statesand the District of 1,000 complaints about retail A2019 analysis commis- through retail electricity suppli- said he didn’t agree to change Columbia in 2019 charged$3.1billion morethan whatregulated energy suppliersengaging in sioned by the Connecticut Of- ersstill rely on thesame power plans and didn’t sign any utilities would have.Retail providersinTexasheld nearly 60% of “aggressiveand deceptivetac- fice of Consumer Counsel grid and usually the same forms,but he wasswitched the state’selectricity market and chargedthe mostinmarkups tics.” Retail provider Starion looked at one month of retail powerplantsthat customersof anyway.After aMaryland Pub- overtheir regulatedcompetitors. Energy Inc., in response to a supplier bills in select commu- the regulated utility use. lic ServiceCommission investi- complaint by the Massachu- nities in which people of color Consumerscan benefit from gation determined IDT $2.0 billion setts attorney general’soffice, made up morethan half the the deregulated marketplace couldn’t verifycertain infor- agreed in August 2020 to pay population. In those communi- by strategically shifting to mation about Mr.Medley’s de- Texas up to $10 million for promis- ties,the poorest households— Cost difference: $1.7billion supplierswith the lowest cision to sign up fortheir ser- Market share: 57.5% ing big savings while instead families that gotassistance prices.“People who areeffec- vice, the companyagreed to raising prices through vari- from the statefor their electric 1.5 tive at shopping are going to repayMr. Medley $2,635.10. able-rate contracts. bills known as “hardship cus- getthe best price,” said Daniel An IDTspokesman said that AStarion representative tomers”—paid premiums on Allegretti,aconsultant forthe the companyconsidered Mr. said it honored its settlement their bills that were on average RetailEnergy Supply Associa- Medley’s enrollment valid and agreement and is focused on nearly 50% higher than other tion, an industry trade group, that his monthly bills identified serving its current customers customersfor retail providers. 1.0

and aformer employeeofEn- IDT. Mr.Medley’s bills,which DIFFERENCE with new products. Susan Baldwin, an indepen- ronCorp., which helped spawn the Journal reviewed, were de- NRG’s Xoom Energy LLC is dent consultant and expert in ST the retail energy industry. livered by BGE and promi- adefendant in aNew York U.S. energy policywho has fre- Many customers aren’t ex- nently displayedthe name of CO class-action lawsuitover quently testified in stateregu-

pertsatreading the fine print theutility as well as IDT. AIL claims it overchargedcustom- latoryproceedingsonbehalf of 0.5 in contracts that let retailers Thespokesman said a ers for gas and electricity. consumer advocates,did the

RET Md. Penn. raise rates in ways they don’t Maryland Public ServiceCom- N.J. Ill. Connecticut’sutility regula- analysis and has done studies expect, consumer advocates mission rejection of an enroll- Maine N.Y. tory authority in 2019 fined of retail energy companyprac- Ohio say. In most deregulated ment “doesn’t necessarily R.I. D.C. Direct Energy $1.5 million for tices in several other states. states,retailers’ customersget mean fraud wasinvolved” and engaging in unfair and decep- Shesaid billing datashows 0 Del. Mass. their power bills from the in- that the commission rejects Conn. tivemarketing practices, that people of color tend to use N.H. cumbent utility,rather than enrollmentsfor avariety of 0% 25% 50% 75% among other things. retail energy companies and directly from the retail pro- reasons,such as incorrect for- Agentsfor Direct Energy, paymorefor their power. “The RETAIL MARKET SHARE vider, leaving the perception matting of paperwork. also owned by NRG, told con- most vulnerable consumersare forsome consumersthat the Theretail powerindustry Source:WSJ analysis of U.S. Energy Information Administration data sumersthat the rate alocal harmed the most,” she said. P2JW068000-2-A008A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, March 9, 2021 | A8A GREATER NEW YORK NYC High Schools to Reopen March 22

About 55,000 students son and fully remotestudents, Thecity’s seven-dayaver- the agency said. ageCovid-19 positivity rate are expected to return Thereopening of high was6.39% as of Friday, city and number will grow; schools follows the resump- data showed. tion of some in-person in- NewYork City has bol- sports return in April struction at middle schools on stered itstesting capacity in Feb. 25.The city’s Department schools in recent weeks by hir- BY LEE HAWKINS of Education has set a goal of ing additional staff to conduct resuming full-time in-person weekly Covid-19 testing forthe NewYork City public high instruction at all public reopening of more schools. schools will reopen on March schools in September,asthou- Department of Education 22 forsome in-person learn- sands of staffershavebeen officials said school sportswill ing,after being closed for vaccinated and safety and return in mid-April, beginning months because of Covid-19 testing plans have been for- with strength conditioning for restrictions. malized. student athletes. Competitive About 55,000 students and Callingthe middle-school play will resume in Mayand 17,000 school staff areex- reopening very successful, forthe firsttime will continue pected to return to 488 high MayorBill de Blasio said he is throughout the summer,the schools,the city’s Department pushing to bring even more DOE said, and both in-person of Education said Monday studentswho areopting to re- and remotelearnerswill be el- S morning.Intotal, thereare main in remoteclasses back igible.Weekly testing and 282,000 high-school students beforethe end of the school PRES mask-wearing will be manda- in the DOE’ssystem. Under the year. TED tory, and spectators won’t be

plan, about half of high TheDemocratic mayorsaid OCIA allowed, the agency said. SS

schools will be able to serve at apress conferenceonMon- /A Mr.deBlasio said he hopes “all or most” of their students day that reopening schools is that resuming sportswill five days aweek,and the critical to New York City’s re- boost student morale, noting number will continue to in- covery from the pandemic.He WILLENS that therewill be an emphasis THY

crease in thecoming weeks, said studentsneed “tobeback KA on moving sportsoutdoors. He the agencysaid. High-school whereloving,caring adults, West Brooklyn Community High School last October. All city public schools were shut in November. asked parentstorespect the staff will return to buildings trained professionals,are DOE’srules barring spectators. on March 18 and 19 to prepare there to support them.” students. Thecity had set that schools to reopen forsome in- Some high-school buildings “This is about giving the for the reopening. Mr.deBlasio closed all pub- threshold forclosureinthe person learning,but the have never opened this aca- kids achancetoparticipate, Additionally,the DOE’s lic schools in November after summer,when cases were low. mayorkept middle- and high- demic year because of ventila- and then as thingsget health- sportsprogram, the Public the city’s Covid-19 positivity City officials later reconsid- school studentsremoteuntil tion concerns.But in many ier and healthier, the city will Schools Athletic League,will rate surpassed 3%, leading to ered the threshold and in De- the recent reopening an- cases classes were relocated be able to open it up even resume sportsfor both in-per- fully remotelearning forall cember allowedelementary nouncements. elsewhere. more,” he said. LIRR Service Cuts Lead to Crowding

BY PAUL BERGER which uses weight sensors to tell ridershow full each caris Long Island Rail Road en- before a train arrives. acted new service reductions Thestate-controlled MTA, on itstrains Mondaymorning, which also runs Metro-North leading to some rider com- Railroad and New York City’s plaintsabout overcrowding subway and bus systems, has andconcerns about alack of lost billions of dollars during social distancing forCovid-19. the coronavirus pandemic be- Thestate-controlled Metro- cause of adropinrevenue politan Transportation Au- from fares and taxes. thority,which runs LIRR,said Theauthority,which wasin the newtimetable reflectsa a fiscal crisis before the pan- 25% systemwide reduction. demic,has received $8 billion JOURNAL Servicealready had been cut in federal relief so far.Itex-

REET by 20%because of the pan- pectstoreceiveafurther $6.5 ST demic. billion in the Biden adminis- LL

WA State transportation offi- tration’s latest Covid-19 relief cials say the schedule change bill.Yet, it still needs to re- THE

R reflectsweekdayridership, ducecoststobalanceits al- FO which is about 75%lowerthan most $18billion operating pre-pandemic levels as many budget. white-collar employees have Metro-North Railroad, BLESENER

H continued to work remotely. which has recoveredmore RA

SA Some commutersonMon- slowly than LIRR,isrunning Changes to admission to New York City public school gifted and talented programs raised concerns that standardized testing dayposted photographs and 63% of itspre-pandemic ser- promoted racial disparities. Above, students in a pre-K class at P.S. 105 in the Bronx. Below, a student at P.S. 124 in Manhattan. messages on social media ask- vice. MTA officials are debat- ing howthey were supposed ing whether to reduceservice to maintain social distancing on the subway,which cur- NewEntryCriteria Draw Criticism when people are forced to sit rently has a ridership of 70% or stand close together. below normal levels. State Sen. Todd Kaminsky, a MTA officials estimate the Long Island Democrat, said new LIRR timetable will save BY LEE HAWKINS Researchersused an eye- the crowding undermines New about $16 million in annual tracking devicethat “measures York’sattemptstorestorecon- running costs. Mr.Eng said When Clayton Broomes Jr.’s the trajectoryofyour eyeand fidenceinpublic transporta- theservicereductions will 11-year-old son was a 4-year- canpinpoint down to apixel tion. “Making it unpleasant, save millions morebygiving old pre-K student, he scored in on the screen, down to 1,000th undignified and a potentially trackworkersmoretime to the 97th percentile on the as- of asecond, exactly where unsafeexperiencedoes not perform daytime repairsand sessment test forentryinto you’relooking,” Mr.Gilliam make sense,” he said. upgrades to the LIRR system.

NewYork City’s elementary- GES said in an interview. Gerard Bringmann, chair- MTA officials have empha-

level gifted and talented pro- IMA Teachersshowed“aten- manofthe Long Island Rail sized that trains and buses gram,following in the foot- dencytomoreclosely observe Road Commuter Council, an have good ventilation and are ETTY

steps of his older brother,who /G Black students, and especially advocacygroup,said the real- safeduring.But researchers

scored a 99. ANO boys,when challenging behav- ity is that nowmanyriders are still trying to discern the IS

And while they have their CC iors are expected,” he said. had to wait 30 to 60 minutes risk of infection from an air-

test-taking skill in common, LO When asked which children between trains during the borne virus, especially as the the Broomes brothersare quite required the most attention, morning rush hour. region reopens.

different. Theyounger sibling MICHAEL 42% of the teachersidentified MTAofficials said the Joshua Stein, ahealthcare always has been chatty and te- the Black boy, followedby34% crowding wasn’t as bad as so- attorney,returned to commut- naciously inquisitive, while the said he plans to participate mutes, Mr. Broomes said. identifying the whiteboy.Both cial media made it appear. ing on the LIRR from Valley now14-year-old older brother when the city hostspublic- Thegiftedand talented pro- Black and whiteteachersex- Phil Eng,the president of Stream to his officeinMan- has never been atalker but feedback sessions to devise gram admitschildren in kin- hibited the same degree of im- LIRR,said 77%ofrush-hour hattan in September. finishes the Rubik’scube fast. newadmissions criteria, dergarten, and studentscan plicit bias, he said. trains were less than half full Mr.Stein, who is 36 years Mr.Broomes doubts something Mayor Bill de Bla- remain enrolled through the “Whatwefound wasthat and that crowding waslimited old, said his trains have been whether the 4-year-old ver- sio has said he would do. eighth grade,depending on when teachersthink of abe- to afew services or wasiso- getting progressively busier, sion of his younger son would Mr.Broomes and other sup- the school. havior problemintheir kid, lated to certain cars. but he felt comfortable until now get into the program un- porters of testing believe the Under the newprocess, theimagethat pops intothe Mr.Eng said the railroad Mondaymorning,when his car der the city Department of Ed- program could diversifybyad- families began informing head is a Black child, espe- will addone train on each of became morecrowded than ucation’s new admissions cri- ministering the test to all stu- teachersabout their interest cially aBlack boy,” Mr.Gilliam the Ronkonkoma and Babylon usual. teria, which areshifting away dentsinthe city,instead of in the program beginning said. “So the real question now branches Tuesdaymorning Mr.Stein said so many from testing.“Icould see him only to those whose parents Mondayand nominating their is this: When ateacher thinks and add cars to one train on seatsonhis train were occu- being totally misjudged be- sign them up. children using a DOE form. about agiftedkid, what image the Long Beach Branch to alle- pied that people chose to cause of his behavior,” he said. The DOE also could place Educatorsfromtheir child’s nowpops in their head? And viate crowding. stand. “Tome, asafeplan is NewYork’snew admissions the program in moreneighbor- pre-K program will completea it’s probably not aBlack boy.” Mr.Eng also urgedridersto having plenty of room in the policyisstirring concerns hoods whereminority families questionnairethat determines Ian Rowe,chief executiveof check the LIRR TrainTime app, cars,” he said. from parentslikeMr. Broomes. if thestudent is eligible to en- Vertex Partnership Academies, TheDepartment of Educa- terthe lottery foraseat. anetwork of Bronx-based pub- tion recently announced that NYCpreschoolers When children aredeemed eli- lic charter high schools launch- this year, preschoolerswill be gible forthe program through ing in 2022, said the new selected by lottery based on will be selected by the questionnaireoraremote guidelines “introduceawhole letters of recommendation lottery forgiftedand interview, they will be added host of subjectivefactorsthat from preschool teachers, in- to the lottery, the DOE said. could limit opportunities for steadofstandardized testing. talented programs. Some educatorssay the kids who have the aptitude to Recommended children will be newprocess is moresubjec- be able to succeed.” enrolled intothe lottery in May. tivethan atest and that could TheDOE said that itsEarly Thecity made the hurt—not help—minority stu- Childhoodteam’swork on ad- changes—which aretemporary live, said Mr.Broomes,whose dents’ chances. dressing concerns about im- forone year while it devises a Brooklyn-based family traveled In a 2016 study,the Yale plicit bias isn’t new, and thou- permanent plan—due to its two hoursaday by train for University Child Study Cen- sands of teachers and leaders S concerns that administering their sons to attend classes at ter’sWalter Gilliam and his have participated in implicit- NEW

standardized testing promoted the Anderson School on Man- team showed135 preschool bias awareness workshops. G racial disparities. hattan’sUpper West Side. teachersvideos of four chil- Black and Hispanic students “Equityisatthe center of It also could raise aware- dren in aclassroom—all young in 2019-20 made up 57% of OOMBER work,” said DOE spokeswoman nessabout the program in mi- actors—and asked them to de- public-school kindergarten

Katie O’Hanlon,adding that nority communities, as many tect “challenging behavior” students citywide, but only GLE/BL

the agency is looking to “dis- of thesefamilies oftendon’t within theclass, which com- 14%ofthose in giftedpro- NA mantle longstanding historic knowabout the program or of- prised aBlack boyand girl and grams,according to city data.

barriers” to the giftedand tal- ten opt to send their children awhiteboy and girl. In reality, Most children in giftedclasses MICHAEL ented program. to highly ranked charter all students in the video were were whiteorAsian, according LIRR commuters in August. Weekday ridership on the railroad is Mr. Broomes, who is Black, schools to avoid long com- well behaved. to DOE data. about 75% below pre-pandemic levels. P2JW068000-2-A008B0-1------NS

A8B | Tuesday, March 9, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK WATCH

ROCHESTER year-old Ayden Wolfe lying un- conscious and unresponsive in Prude’s Family Files the living room. The boy was Lawsuit Against City taken to Harlem Hospital, where he was pronounced dead. Attorneys for the five children Ryan Cato, 34, was arrested of Daniel Prude, a Black man late Sunday on charges of mur- who died after being restrained der and endangering the welfare by police during a mental-health of a child, police said. It wasn’t episode, announced a federal clear if he had an attorney. lawsuit Monday against the city Chief Harrison said Ayden’s of Rochester and at least six po- body was covered with bruises lice officers, alleging wrongful both old and recent. He said the death and civil-rights violations. boy died of “fatal child abuse The family claims in the law- syndrome.” suit in U.S. District Court that —Associated Press both the actions of the Roches- ter police and an “attempted BROOKLYN cover-up” by the department and city government violated Mr. Two Police Officers Prude’s constitutional rights, at- Grazed by Bullets torneys for the family said. A grand jury in February de- Two New York City police of- clined to bring criminal charges ficers were grazed by bullets in against the officers. a shootout with a man who had

S City spokesperson Justin Roj, just shot his roommate in both

PRES when asked for comment Mon- legs, police officials said Monday.

TED day, said he hadn’t been notified The initial shooting happened of the lawsuit. He didn’t respond around 9 p.m. Sunday in an OCIA

SS later in the day after Prude fam- apartment in the Prospect-Lef- /A ily attorneys outlined their ferts Garden neighborhood of AY

BR claims in a news conference. Brooklyn, the officials said.

PHIL —Associated Press Three officers and a sergeant ‘The Queen’s Gambit’ was a streaming favorite on Netflix. A planned musical based on the story eventually could land on Broadway. arrived at the shooting scene, MANHATTAN Chief of Department Rodney Harrison said. A man who Man Charged After emerged from the apartment ‘Queen’s Gambit’ Makes Move Boy Dies of Abuse pulled a .38-caliber revolver and fired three times at the officers, A 10-year-old boy was fatally Chief Harrison said. The officer Musical in works after produced films and Broadway Beth Harmon told acrossa popularity of the streaming abused by his mother’s compan- closest to the gunman turned shows,said Mondaythat it span of several years, that series.The challenge, say ion in Harlem, the New York Po- his body to the side and a bullet company buys rights had acquired the stage rights could go beyond the Netflix Broadway veterans,isthat the lice Department said. grazed his bulletproof vest and to the novel on which to Walter Tevis’s“TheQueen’s series and extend to the stage. series might not provetohave The mother’s boyfriend called lodged itself inside his jacket, Gambit,” the 1983 novel upon “A good storyisagood had the same lasting impact 911 on Saturday from an apart- Chief Harrison said. Another offi- Netflix showwas based which the Netflix showwas story,” she said. by the time the theatrical ad- ment in the St. Nicholas Houses, cer was grazed in the shin by a based. Adrienne Becker, chief If it makes it way to Broad- aptation opens. Chief of Department Rodney bullet, he said. The gunman was BY CHARLES PASSY executiveofficer of the com- way in the next few years, And yet, a“Queen’sGam- Harrison said Monday. When the taken into custody, police said. pany, said aBroadway-tar- “The Queen’sGambit” musical bit” musicalcould signal a officers arrived, they found 10- —Associated Press TheNetflix miniseries “The getedmusical wasinthe would be something of an ex- change to Broadway’s ap- Queen’s Gambit” became one works,though she couldn’t say ception to howBroadway proach, said JoeChristopher,a of thestreaming favorites of when it would be completed works in terms of timing. vicepresident with RWSEn- the past year,with viewers re- or who would create it. Most shows connected to tertainment Group,aNew sponding enthusiastically to Nevertheless, Ms.Becker films don’t emerge until at York-based companythat spe- itsstory of afemale chess said the reaction to the Netflix least a decade or even a gen- cializes in theater and live champion making her way in a series shows the potential for eration afterthe movie was events. “The industry is obvi- male-dominated field. the storytobetheatricalized. released. Such wasthe case ously lookingtostrikewhile The show, which attracted “There’ssomething special with anumber of cinematic- the iron is hot,” he said. an audienceof62million speaking to people acrossgen- based musicals,including The announcement comes households in the first28days ders, across age,” she said. “Beetlejuice,” “Tootsie” and at atime when Broadway has afterits October 2020 release, Ms.Becker and Susan “Pretty Woman,” that opened been put on hold fornearly a

also sparked anew interest in Schulman, the literaryagent in recent years. The idea, ac- year because of the coronavi- /REUTERS the game and aboom in the who representsthe family cording to theater profession- ruspandemic,though produc- sale of chess sets. trust of the lateMr. Tevis,de- als, is that aBroadway show’s ers are beginning to look at Now, comes the next move: clined to provide anyfinancial marketing cantap intoafilm’s the coming fall and winter as a MCDERMID a“Queen’sGambit” musical details of the theatrical rights classic status and appeal. reopening period.Manyinthe AN

that eventually could land on agreement. Ms.Schulman said While the “Queen’sGambit” industryhavecontinued devel- BREND Broadway. she felt therewas potential for musical would be derived di- oping shows with the idea that SHATTERING BARRIERS: An installation depicting a broken glass LevelForward, an enter- “The Queen’sGambit,” with its rectly from the novel, it is Broadway inevitably will re- ceiling surrounds the Fearless Girl statue across from the New tainment companythat has storyoffictional chessgreat clearly aiming to play off the turn to itsbooming ways. York Stock Exchange in honor of International Women’s Day.

NewJersey Gold Coast Living Special AdvertisingFeature

The Wall Street Journal’spopular special advertising feature will fuel the conversation around the Hudson Waterfront’sup-and-coming new projects, while celebrating the attractions and diverse culture of living on NewJersey’sGoldCoast. Distributedtoour Greater New York audience, this section providesatargeted opportunity to reach serious property seekerswithaneye toward space, lifestyle and luxury.

Publish: April 30 •Close: March19• Section: Mansion

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Photo: Journal Squared/KRE ©2021Dow Jones &Company, Inc. All Rights Reserved. P2JW068000-0-A00900-1------XA

HEALTH & WELLNESS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | A9

YOUR as getting the disease, Dr. Sax HEALTH says. Adolescents get and transmit SUMATHI Covid-19 similarly to young adults, REDDY while younger children don’t get symptomatic disease as often and don’t appear to transmit as much. any people hope “Every family and every group of that getting a friends is going to make decisions Covid-19 vaccine based on their own risk tolerance,” will mark an imme- says Dr. Sax. M diate return to Immunocompromised individu- normal: no more als and their families should be masks, no more distancing, safe in- morecareful, as vaccines in general door dinner parties and big hugs canbelesseffectiveinthem, says with friends. Dr.Sax. The reality is more compli- Dr.Wen says she recommends cated. For now, people who have that families continue to take pre- gotten their shots must navigate cautions during playdates when the decision-making in a world where adults arevaccinated but the kids the vaccinated and unvaccinated aren’t. “Ifthose families arealso as- will coexist for months, even sociating with other families,that’s within the same household. ariskyscenario that Iwould not So what should and shouldn’t recommend at this time,” says Dr. youdo? TheU.S.Centersfor Dis- Wenofindoor gatherings. “They ease Control and Prevention issued could be an asymptomatic carrier guidelines Monday. Fully vaccinated who then spread it to their chil- people cangather indoorswith oth- dren. And if the children arein erswho arealso fully vaccinated school or daycare, therecould be without taking extraprecautions, additional spread from that.” the CDC said. And vaccinated peo- ple maygather with oneother un- Can a fully vaccinated family meet vaccinated family without masks with unvaccinated people indoors and distancing as long as the un- without masks? vaccinated membersare healthy The CDC guidelines say yes, they and aren’t at risk fordevelopinga can, so long the unvaccinated peo- moreserious case of Covid-19.But ple are from one household and the CDC urgedfully vaccinated peo- have no risk factors that put them ple to continue taking precautions at risk of developing severe in public,and in medium or large Covid-19. privategatherings. Gregory Poland, director of the “There are some activities that Mayo Vaccine Research Group in fully vaccinated people can begin Rochester, Minn. says this could be to resume now in the privacy of potentially risky because unvacci- their own homes,” said CDC direc- HowtoAssess Risks nated people may not disclose tor Rochelle Walensky. “Every- their medical risks and may not one—even those who are vacci- even be aware they have any. nated—should continue with all There’s not a lot of data of vaccine mitigation strategies when in pub- efficacy among people who are lic settings.” After Getting Va ccinated very elderly, on chemotherapy, or The CDC and most experts immunocompromised, he notes. agree that until we are closer to herd immunity—when a substan- What activities should I prioritize tial majority of the population is Scientists offeradviceonnavigating daily lifeafter Covid vaccination after I get vaccinated? protected through vaccination or Schedule anyroutine medical and natural infection so the virus can’t health appointmentsthat you’ve spread easily—mask wearing, so- son shot—it’ssafetomeet indoors been putting off,Dr. Wensays.Get cial distancing and avoiding with other fully vaccinated people your colonoscopy,mammogram or crowded, indoor gatherings should without masks or distancing. dental cleaning.Schedule an elec- be standard practice in public Gathering with other vacci- tivesurgery.“Anything likethat you spaces. The CDC guidelines note nated people is “scientifically very should resume because youare well that evidence increasingly sug- safe,” says Paul E. Sax, clinical di- protected,” says Dr.Wen. gests that vaccinated people are rector of the division of infectious potentially less likely to transmit diseases at Brigham and Women’s Whatabout travel? the virus through asymptomatic Hospital in Boston. Nothing is The CDC guidelines did not update infections, but there are also out- 100% effective but “gathering with its travel recommendations. Once standing questions on the duration other vaccinated people is pretty you are vaccinated, traveling itself of the vaccines’ protection and the darn close,” he says. is lower risk, says Dr. Wen, as is effect of emerging variants. “I don’t think people should run staying at a hotel or going to res- “Particularly for these several to a crowded bar where people are taurants, so long as you follow months where immunization cov- shouting at each other,” he says. safety protocols. But continue to erage is low, we’re still learning “But the kind of socializing that is be cautious about how you meet about the vari- part of human with people once you arrive at ants, and we nature and that your destination, she says, particu-

GES still need to Is travel OK? Visiting has been put on larly if they aren’t vaccinated or

IMA know about this hold for a lot of live in an area that has high trans- onward trans- grandparents? What people—that can mission rates.

GETTY mission, the resume.”

SE/ about unvaccinated public health The larger Is it safe for my elderly parents to messaging re- kids? Experts weigh in. the group, the A medic shows his vaccination record card. The CDC issued guidelines travel for a visit? ally is to main- riskier the inter- Monday on what people should and shouldn’t do after getting vaccinated. Dr.Wen says fully vaccinated peo- ANCE-PRES

FR tain these be- action, because ple,including healthygrandparents, haviors,” says you can’t verify should be encouraged to travel as ENCE Chris Beyrer, a professor of epide- that everyone is vaccinated and servative, saying there should be cents under 16 years old. “This is long as they take the appropriate AG miology at Johns Hopkins you don’t know what their expo- no limits on the size of gatherings going to be one of those issues precautions,such as wearing masks Bloomberg School of Public Health. sures are, says Leana Wen, an for fully vaccinated individuals. that families are going to have to when in public.“Thetravelitself is

KHANNA/ “Until we get out of this. We’re emergency physician and public “They can have dinner parties. grapple with and be prudent very lowrisk,” says Dr.Wen. “If AN not out of it yet.” health professor at George Wash- They can go to restaurants. They about,” says Dr. Beyrer. they followprecautions likewear- Here are recommendations ington University in Washington, can go to the movies,” she says. The CDC guidelines say people ing amask,the risk of them con- CHAND from scientists on how to assess D.C. The CDC guidelines say pre- But she notes that even vaccinated who are fully vaccinated can visit tracting the coronavirus and pass- the risks. cautions such as wearing masks people will need to follow mask indoors with one other unvacci- ing it on to the rest of the family is and social distancing should be and distancing requirements in nated household without wearing extremely lowand the benefit is Is it OK forvaccinatedpeople to taken for medium and large gath- those public settings until we masks or maintaining social dis- huge. People areeager to see their

MORSE/REUTERS; meet with other vaccinatedpeople? erings despite the vaccination sta- reach herd immunity. tance if the unvaccinated people families.” TheCDC guidelines and experts tus of individuals. are at low risk for severe Covid-19. But still weigh the specifics of agree that oncefully vaccinated—at Monica Gandhi, an infectious What if the adults are vaccinated There’s a significant difference your situation. If youhaveanun- GAELEN

P: least two weeks afteryour second disease physician and professor of but the kids aren’t? between young children and ado- vaccinated older teen and afrail, el- TO dose of the Pfizer or Moderna vac- medicine at the University of Cali- There is currently no authorized lescents or teens in terms of both derly grandparent, consider more OM

FR cines or the single Johnson &John- fornia, San Francisco, is less con- vaccine for children and adoles- transmission of the virus as well precautions,says Dr.Poland.

PERSONAL app for users to track the time they vestigated whether the health ben- Adults in England who livein plants and soil. Those include or- ASK spend in nature. efits to being on a golf course can coastal areas “tend to be happier ganic compounds,pollen, fungi and JOURNAL Take golf courses, for instance. be attributed to nature itself,” Dr. and healthier than similar individu- bacteria thatcontributetothe di- Those count as nature because they Minson says. als inland,” according to astudy versityofmicroorganisms humans are green space. Numerous studies publishedinthe journal Environ- need forarobustand diverse mi- have associated golf with improved The details mentInternational in 2019.That crobiome—all the tinyliving things THE BENEFITSOFNATURE health. But is that because of the Beach time?Itisgood foryour maybepartly because theywere on us and in us exercise or the nature? “No re- physical and mental health, accord- morephysically active. Theytook thatprotect us In response to our recent search I’m aware of has directly in- ing to agrowing body of research. morewalks. The differenceinon- Time from disease.So story about the health bene- land physical activity between justbreathing in nature fits of spending time in na- those living lessthan 5kilome- forest air may seems good ture, readers wanted to ters—oralittle over3miles—from help strengthen for your health, know: What type of nature the coastand those living more our immune but scientists counts? than 50 kilometerswas equal to systems,accord- don’t know cycling 14 to 40 minutes aweek ing to a review exactly why. The bottom line at 9.4miles an hour, the research- published in Lots of studies indicate it is good ersfound. Februaryinthe for you to spend time in the woods. Thatwasn’t the only reason, International But what about the beach? The though, according to the study. Journal of Environmental Research garden? On a motorcycle? What People living inland near “blue andPublic Health. about a golf course? What if you spaces”—riversand lakes—also re- The benefits don’t just occur in don’t walk the golf course but ride ported greaterhealth andhappi- forests. Scientists define nature as in a cart? What if you’re having a nessthatwasn’t associatedwith all sorts of environments dominated really frustrating game? physical activity. by living material, from a small ur- Though hundreds of studies con- No, you don’t have to be exercis- ban park to the wilderness, accord- vincingly suggest that spending ing to reap the benefits of nature. ing to research. Their definition of time in nature is good for health The practicethe Japanese call “nature exposure” ranges from and longevity, scientists still don’t “forestbathing” is strongly linked plants in a room to camping trips to know exactly why. “What really is it to lowerblood pressure, heartrate virtual reality. about ‘nature’ that makes us and stress hormones and de- Thatmeansyou arelikely to get healthier? We can’t nail it down to creased anxiety, depression and fa- some naturebenefits from garden- one thing that is true for all people,” tigue.Italso is linked to decreased ing, kayaking or even on amotorcy- says Christopher Minson, a Univer- inflammation. Manyscientists be- cle,assuming it’s out in the country, GES sity of Oregon physiology professor lieve the benefits aren’t due justto says Dr.Minson. Alot moreresearch IMA and chief science officer of Na- clean air and lessnoise,but the is needed to knowjusthow much.

GETTY tureQuant, a startup working on an substances released from trees, —Betsy Morris P2JW068000-0-A01000-1------NS

A10 | Tuesday, March 9, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

ANATOMY OF AWORKOUT | JEN MURPHY

AWorkout Benoit Duboscq coached Olympians That Builds Michelle Kwan and Evan Ankle Strength Lysacek Fitness starts with a good ‘foundation’

igure skaters com- core and roof will resist the bine power and storm. Thestronger and grace to execute moreflexible the ankle joint feats of physics is,the moreitwill act as a F like the triple axel, shock absorber forthe a 3½-rotation skater’s knees,hips and move where the athlete spine.” lands backward on the op- As we move, the foot is posite foot. “It’s like a pro- the firstpart of the body to fessional basketball player hit the ground, whether taking off on one foot then landing on iceorstepping rotating in the air to dunk a ontothe sidewalk,hesays. ball and land the other foot Having agood amount of on ice while wearing a flexibility in the ankle joint sneaker attached to a 5 mil- to reducethe impact when limeter-thick blade,” says we makecontact with the

Benoit Duboscq, a Redondo ground is extremely impor- (8) Beach, Calif.-based sports- tant. “A good warm-up will performance consultant lubricate, activate, and pre- JOURNAL with U.S. Figure Skating and pareour calf muscles and the United States Olympic ankle jointsfor acceleration REET ST

Committee. and deceleration in order to LL

“Skatersneed asolid minimizethe impact,” he WA

foot and ankle foundation to says.This workout will not THE be efficient in their move- only strengthen and acti- R FO ment,” says Mr.Duboscq, vate your ankle jointsbut who has coached Olympians also your hips and core BANKS

including Michelle Kwan muscles,says Mr.Duboscq. ER and Evan Lysacek.“Think of ForMr. Duboscq’sfull LT it likeahouse.The stronger workout, please visit WA VID

itsfoundation the betterits wsj.com. DA

THE WORKOUT your heels.Restyour lefthand by your leftside and move the right hand acrossthe body to meet it. Standing PNF Rotation Slowly pivot onto the leftfootas Why: “The moremovementwe youbring both hands up and canget from ourhips and middle acrossthe body to the upper right spine when we twist, the less side above the head. Your body stress we put on our neck,low should form adiagonal line from back and knees,” says Mr.Du- hands to leftfoot. Slowly bring the boscq. This ProprioceptiveNeuro- hands and leftfootdowntothe muscular Facilitation (PNF)exer- starting position. The motion is cise lubricates the spine and similar to agolf swing or areverse engages the oblique muscles. wood chop.Repeat10times on each side. How: Stand with your feet parallel and hips-width apart.Gently bend Option: Hold a water bottle or your knees and put your weightin kettlebell for an added challenge.

Step Up to Balance

Why: As we walk forward we need to push ourselves off the ground, he says. “The step-up will help our body to produce more ground reac- tion force when we are mak- ing contact with the earth,” says Mr. Duboscq. “This is one of my favorite exercises to give my figure skaters. It sounds simple but tells us a lot about our balance, coordi- nation and leg and hip strength.”

How: Stand in front of a low step or stair. Step the left foot onto the stair. Push down through the heel of the left foot as you step the right foot up to hover just above the step. Hold for one second then bring the right foot down to the ground. When you come down, try to land with a toe-to-heel mo- tion. The left foot will re- main on the step. Repeat 6 to 10 times on each leg.

Options: If the balance is challenging, step both feet up and work up to hovering the opposite foot. You can also hold a wall or railing for support. Increase the height of the step for a greater challenge or hold a book or weight with both hands and raise it above the head as you step up. Test Your Ankle Mobility Sit on the floor with your legs stretched out in front of you. Point and flex both feet to gauge your ankle mobility and note any differences be- tween sides.

Ankle Squat

Why: If you find your heels lifting off the ground when you perform a squat it’s most likely because your ankles can’t flex enough, says Mr. Duboscq. This variation of a squat will work ankle strength and mobility.

How: Stand with your toes 1-inch away from awall. Keep your arms by your sides,palms facing straight ahead. Instead of sinking your hips down and back as youwould in anormal squat, think of driving your an- kles forwardsothatyour knees touch the wall, or come as close as possible without your heels lifting offthe ground. This will notbeabig movement. Avoid the knees knocking inward.Repeat10to20times. P2JW068000-0-A01100-1------XA

THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | A11 ARTS IN REVIEW

CULTURAL COMMENTARY Streaming forAudiophiles Spotify announced it would offer higher-quality sound. But will you really hear the difference?

BY MARK RICHARDSON

nFeb.22, streaming audio platform Spotify announced SpotifyHi- Fi,which will bring Ohigher-resolution sound to itscustomersinse- lect territories.The details of the offering—pricing,whereand when it will be available—arestill to come,but industrywatchershave been speculating about the possi- bility of ahigher-resolution offer- ing from Spotifyfor several years. CD-quality streaming became widely available in 2015,when Tidal launched Tidal Hifi, and platforms likeQobuz,Deezerand Amazon Music followedsuit. Spo- tifyannounced their offering with apromotional video featuring singer Billie Eilish andher pro- ducer brother Finneas O’Connell discussing the powerofhigh-reso- lution audio in the contextof their work,explaining howtheir CK TO songsare filled with small but im- portant details that canbeob-

scured by inferior reproduction. SHUTTERS “High-quality audio just means A/

moreinfo,” Ms.Eilish says in the ON/EP clip.“There’sjust thingsyou will JE

not hear if youdon’t have agood UNG sound system.” YO Is she right? Ms.Eilish’s2019 HA album, “When We All Fall Asleep, AP; WhereDoWeGo?”—writtenby the singer and her brother and

produced by Mr.O’Connell—is an AN/INVISION/

intriguing mix of forceful bassand NJU SA

delicatevoices,with Ms.Eilish’s Y whisperyvocals close to your ear WILL

and alow-end that massages your P: temples.A“good sound system”— TO OM

especially well-made speakersand FR headphones—will render these el- ementswith the requisiteforce necessarily theretobeconsumed study at Montreal’sMcGill Uni- Billie Eilish and Finneas O’Connell and detail, but the precise role of carefully or critically.Last year, versity,suggestsuntrained listen- performing at a Spotify party, higher-resolution audio in that the companysaid that roughly erscan’t distinguish between dig- above; the app on a phone, left processisharder to parse.Purely two-thirds of the listening time on ital files compressed at 320kbs, in terms of itssonic character, the serviceisspent on playlists, currently the highest Spotifyset- SpotifyHi-Fi, formost people, either those created by Spotifyor ting,and CD files.Apopular on- sound quality and streaming may probably won’t makemuch of a by itsusers. line quiz posted by NPR in 2015 be just howfar ahead of itstime difference. Rather,the company’s Sincethe introduction of the found that asmall but statisti- the compact disc was. In 1981, the addition of the serviceissignifi- long-playing record in 1948,au- cally significant number of users year beforethe commercial re- cant because it nods to the idea diophiles have mostly turned to canidentifyuncompressed audio, lease of the firstCD, aman named that quality matters and music is albums,asopposed to singles or though only 1% of respondents MarcFiner,Sony’sdirector of important, subtly reframing the the radio.This is the group that picked the highest-resolution file product communications,went platform as atool foractive has been loudest in calling for everytime. from one record label to the next rather than passivelistening. Spotifytoimprovethe resolution The change subtly So it’sreasonable to assume showing what the newtechnology While one initial promise of of itsstreaming offering.Spotify that asmall percentageofpeople, could do.Hecarried with him a streaming media wasthat it Hi-Fiwill be of most concern to reframes the platform as if they have the right playback CD copy of an album by another would replacethe record collec- these committedalbum listeners, a tool for active, rather equipment, will hear the differ- Billy—the 1978LP“52nd Street,” tion, allowing each subscriber in- rather than the majority of those encebetween SpotifyHi-Fiand by aveteran singer-songwriter stant access to amassiveand who arelistening to playlists. than passive, listening lossy streaming at itshighest set- born William Joel. As relayedin ever-expanding pool of music,it Will they hear adifference? If ting.And perhaps two of those RobertBarry’s2020 book “Com- also created anew kind of radio. you’vefollowedthe ebb and flow will be Billie Eilish and Finneas pact Disc,” Mr.Finer reported that Streaming services differentiate of conversations among those who O’Connell, especially if they are the label heads were astonished between “lean back” listeners, value high-quality sound, you tures frequency. TheCDstan- listening to the music they made by the clarity of the album’ssec- who want to hit playand be knowconsensus about anything re- dard—a bit depth of 16 and asam- together.Alargerpercentageof ond track,“Honesty,” when heard served by music they likewithout garding quality is hardtocome by. pling rate of 44.1kHz—is people will only think they hear a via this newsystem. Improbably, going through the hassle of find- And that’snot to mention con- described as “lossless,” while difference, because their aware- 40 yearslater,the technical stan- ing and selecting songs, and “lean fusion regarding the terms “hi-fi” compressed formatssuch as mp3 nessofthe quality of the file they dardinplaceduring those play- in” listeners, who areactively en- and especially “hi-res” when it and OggVorbis (the latterisused arelistening to informs their opin- back sessions is,instreaming me- gagedwith each listening deci- comes to audio.With Spotify’san- by Spotify) alter the datainfavor ion of howitsounds.Still, if you dia, still considered state-of-the- sion. nouncement, “hi-fi” means “CD of smaller files and arecalled arewired acertain way as alis- art. The“lean back” streaming lis- quality.” Digital audio dataisde- “lossy.” Thedegree to which these tener,the idea that youmight be tenersoftodayare analogous to scribed in terms of itsbit depth, alterations areaudible is amatter missing something cannag at you. Mr. Richardson is the Journal’s radio listeners. While Spotifyde- which captures relativevolume, of some debate. Themost striking fact about rock and pop music critic. Follow liversmusic on demand, it’snot and itssample rate,which cap- Some research, such as a2009 latter-daydiscussions about him on Twitter @MarkRichardson.

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A12 | Tuesday, March 9, 2021 THE WALL STREET JOURNAL. SPORTS

BY RACHEL BACHMAN Oregon’s$270Million Track ost collegetrack and field stadiums are basic structures.The MUniversity of Arkan- Nike co-founder Phil Knight gifted a storied stadium’s sas’sJohn McDon- nell Field, one of the topoutdoor renovation to his alma mater. It was still controversial. track and field facilities in the na- tion, cost about $34 million includ- ing its1998 construction and sub- sequent renovations.Even adjusting forinflation, McDonnell cost afraction of what big schools routinely spend to renovatetheir football stadiums. Then thereisthe University of Oregon’sHayward Field, a100- year-old facility that will soon re- open afterreceiving astunning, amenity-rich renovation. Theover- haul, really areconstruction, fea- turesastone base that refers to the state’sCascade mountain range and acurling,transparent overhang supported by timber beams meant to echo firforests. It glistens with modern training facilities,ahealth clinic and even abarbershop. Theofficial cost of the renova- tion: $270,047,937,according to an Oregon athletics financial report. Yetthe university doesn’t actu- ally knowprecisely howmuch the project cost. Because of the privacy preferences of itslead donor and mastermind—Nikeco- founder and Oregon alum- Above, a view inside Hayward Field at the University of Oregon. Left, Phil nus Phil Knight, the uni- Knight is believed to have donated more than $1 billion to the school. versity’s frequent benefactor—that figure is ures listed forcapital gifts of facili- the backstretch. Ihope that is not an estimateprepared for ties in athletic-department records true.Noone despised them more the university by an ap- are“third-party appraised values than Bill Bowerman.” praiser. upon the facility’s completion and Bowerman would have preserved “I never talk about how gifttothe University.” the stadium’shistoric main seating much on gifts,” Knight Other Knight-donated buildings area, Mooreand othersargued. The said in an email response include an academic center forath- fight over that alone wassofierce to questions from The letes opened in 2010 and that an that, Knight said in that 2018 inter- Wall Street Journal. Al- appraiser estimated cost nearly view, “When those bulldozers in though morethan 50 $42 million. AKnight-funded July knock that East Grandstand other people gavetothe 145,000-square-foot football com- down, Iamthe most reviled man in HaywardField project, plexthat opened in 2013 wasap- Eugene.” Nonetheless, down it Knight confirmed that he praised at $95 million. One of went. and his wife, Penny, were Knight’sfew disclosed donations Theproject even spurred apub- the biggest donors. The was$100 million to help finance lic disagreement between Knight Knight family’s wealth is Oregon’s$227million basketball and Tinker Hatfield, the famed Nike estimated by Forbes at arena, opened in 2011. designer of manyofthe Air Jordan morethan $50 billion. Disagreementsabout what Bow- shoe models,who wasinvolved Thenew HaywardField erman would have wanted, in part, with the HaywardField project could hold ahome meet drovefriction about the Hayward early on. as soon as next month if Field renovation. If in 1965 adonor Knight, in the recent email to health conditions permit. It’sset to Rosebud. nearly 25,000,according to the uni- had offered to expand Hayward the Journal, wrote, “Tinker and I host the U.S. Olympic track and The83-year-old Nikechairman versity,although Oregon track Field and build world-classtraining arefine.” In an email to the Jour- field trials,postponed forayear emeritus still reveresthe lateBill meetsrarely filled the 10,500 ca- facilities,Bowerman would have nal, Hatfield concurred. because of the pandemic,inJune, Bowerman, the championship coach pacity in the old Hayward. gladly accepted, Knight suggested “I disagree with aspectsofthe and the world track and field cham- who led Knight, askinnymiler for Therenovated facility includes to the Register-Guardnewspaper of ‘new’ design but overall Phil and pionships in 2022. the Ducks in the late1950s, and indoor warm-up and training areas, Eugene,Ore., in June 2018. his team have built abeautiful, JimmyStanton, UO athletics se- later co-founded Nikewith him. It aweight room and lounge, amu- Opponentsdisagreed that Bow- modern home not only forOregon nior associateathletics director, wasBowerman’sexperimentswith seum, classroom and lab spacefor erman would have embraced the Track but the entiresport,” Hat-

communications,said the Hayward the family waffle iron that inspired the department of human physiol- stadium as it wasrebuilt. Former field wrote. “I certainly hope that S renovation “exceeded itsgoals” and Nike’s1970s waffle trainer shoe. ogyand asportsclinic.Giant mu- Oregon runner,two-time Olympic the magic of the old HaywardField “setsthe standardfor track and “Iftherewas no Bill Bowerman, rals of athletes splash acrossthe marathoner and Bowerman biogra- finds it way back to the new PRES field facilities both nationallyand therewould have been no me,” stadium walls.The on-sitebarber- pher KennyMooresaw the design venue.” TED CIA

in the world forthe next several Knight has said. shop burstswith Oregon-themed as disloyaltoone of Nike’sguiding Knight made one adjustment at SO

decades.” Thereverence forBowerman décorand afoosball table features principles: “Remember the man”— the behest of Bowerman’sthree AS H/

Thescale and expense of Hay- made the overhaul of Hayward twirling Duck-mascot figurines. that is,Bowerman. sons,agreeing not to name atorch- SC

ward’s renovation wasexceeded Field particularly fraught. It had Knight is far and away Oregon’s “When Icast my eyes over the shaped silver toweradded to the PIET only by the fractious road it took to housed countlessAll-Americans, biggest donor,but the exact plannedtransformation of Hayward stadium afterBowerman. The10-

completion—including impassioned fostered the legend of fierce, amount he’sgiven is unknown to Field, all Ican see is aperversely storytowerdepictsBowerman and CHRIS

protestsfromOregonand Nikelu- floppy-haired runner StevePrefon- the public.Heusually steershis do- ignorant ‘remembering’ of the man, four Oregon athletes. GON;

minaries. taine,hosted NCAA championships nated construction projectswith a the character and wishes of the “Therewas astrong group of ORE

Knight loves all thingsOregon, and six U.S. Olympic trials. large degree of autonomyand def- man,” Moorewrote in a2018 letter track boosterswho did not likethe OF and is believed to have donated Knight pushed foramodern, erencefromuniversity officials, to the Eugene City Council. newdesign,” Knight wroteinthe morethan $1 billion to the univer- epic Haywardrenovation, as he had then donates the buildingstothe Reached by email recently,Moore email. “Manyofthem have come sity,including $500 million in 2016 with previous athletic buildingshe school. called his lettera“loving warning” around, and Iwould expect moreto UNIVERSITY

to launch anew sciencecampus. funded at Oregon. Thefinal product “Privatedonation recordsfrom and said that the “stadium’scur- be on boardwhen thereisanac- P: Athletics,however, areatthe heart includes permanent seating for donorsare not disclosed,” UO’s rent horseshoe shape seems to tual track meet there. Iamproud TO OM

of his life, and HaywardField is his 12,650 with capability to hold Stanton said. He added that the fig- stiffen the hated north winds on of the result.” FR

It was him, all right. to look at it. That’s normal, be- Roger Federer. Look- cause when you realize that you ing fit, looking rested, can’t play at the top level any- seemingly ready to go, more, and the knee doesn’t allow though this was an- you to do that, then you have to other one of those have that conversation. But this is Zoom media calls, so who can re- not the time to think about that.” ally judge? The idea is to test Federer’s The familiar-looking gentleman body at early-season tournaments in the square on the screen said he in Doha and Dubai, evaluate, and was eager to get back at it. then ramp up for Wimbledon, “I feel like there’s still some- which is back on after a 2020 can- thing left,” the 39-year-old Federer cellation, then the Summer Olym- said. pics in Tokyo, the U.S. Open, and This was what tennis wanted— Federer’s Laver Cup event in Bos- needed—to hear. This week, ton in September. Federer will play an ATP tourna- Maybe he’ll play a little more. ment in Doha, Qatar, his first com- Maybe a little less. Clay? “I really petitive action in more than a don’t know yet.” year. Over the past 13 months, He will be 40 when the U.S. Federer has endured a knee sur- Open takes place in late summer. gery, watched the planet sink into His last competitive match was a a pandemic, endured a second sur- January 2020 semifinals loss to gery on the same knee, and Roger Federer hits a Novak Djokovic in Melbourne, and watched a ton of tennis played serve during the 2020 his last major tournament victory without him on TV. Australian Open. was Australia 2018. In terms of “I watched quite a lot, actually,” collected majors, Federer now he said. “I’m not just spending shares the lead car with 34-year- hours and hours in front of the TV JASONGAY old Rafael Nadal, who also has 20. watching all the matches, but a lot Meanwhile, the 33-year-old Djok- of highlights, and making sure I ovic—who has now passed stay up to speed….I want to know Roger Federer Returns to the Tennis Court Federer’s mark with 311 weeks as what’s going on.” World No. 1—is gaining hard in the The sport missed him. It’s rear view, with 18. tempting to say it was weird to which is why the fans—the Fed- chose to spin it optimistically—in you’ll get to see the one and only Federer is aware, naturally. “I see tennis continue on in Federer’s heads—pack the rafters wherever the early rounds, he said, the quiet Federer play tennis in a socially think what Novak and Rafa have absence, but this whole pandemic- he plays, because they know they stadiums wouldn’t matter as much, distant arena. done as of late, again is extraordi- era stretch has been absurdly may never see someone play ten- because he was accustomed to Because he’s been gone so long, nary,” he said. “They are not 25, weird—Dominic Thiem and Alexan- nis like him again. playing practice matches in pri- and because the right knee had to either, themselves.” der Zverev played a U.S. Open final Except the fans aren’t packing vate, and besides, there were go- be worked on twice—swelling con- How Federer fares in this re- in front of 14 people and three pi- anything right now, because, well, ing to be some fans in Doha, up to tinued after the first procedure, so turn, who knows? Even he doesn’t geons; not having Federer was you know. 2,000 on center court, perhaps, they went in again—Federer was seem terribly certain. “Honestly, if about the 100th-weirdest thing I asked Federer how he ex- and maybe that would be noisy asked, as he often is, about retire- I can complete a match, several

GES about tennis in these past seven pected he’d adapt to the low- enough to make it fun. ment, and if he’d pondered the matches….I will be happy leaving

IMA months. crowd vibe, and he said he’d “Even if it’s just 100 people— end. Though he acknowledged the the court, because I know I played But the tennis lunatics know thought about this, watching all like, playing music in a little bar surgery redo had laid him low (“I a tournament again,” he said. “Ex-

GETTY what I mean. The game’s not the that tennis on TV, including the with 100 people, it can make a couldn’t believe I had to do a sec- pectations are really low, but I same without its most decorated empty U.S. Open final, and it had great atmosphere,” he said. ond one”) he’d not gotten there. hope I can surprise myself, and men’s player, the man with 20 ma- made him feel bad for the players. There you go. Maybe you once “Retirement was never really on maybe others.”

DENHOLM/ jor titles, those balletic ground- “Playing for so much, in front of got lucky and saw Dylan play the cards,” he said. “If the knee It will have to suffice. Roger M strokes and the barely flappable nobody,” is how he put it. “Abandoned Love” for a tiny keeps bothering me for months Federer is back playing tennis. It AHA

GR mien. Federer feels irreplaceable, As he does, though, Federer crowd at the Other End. Maybe and months to come, then we have feels like enough. P2JW068000-0-A01300-1------XA

THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | A13 OPINION Pence Goes From Hero to Villain BOOKSHELF | By Leslie Lenkowsky

That didn’t nal websiteinwhich Mr.Pence only hasMr. Pencenot con- “Pence” and “Big Lie.” Competing last long. called election integrity a“na- tested Mr.Biden’svictory, he Ditto forCNN’sflimsy fact Only a tional imperative.” NewYork officially certified the Electoral checks on the bill’scontent. To month ago, a magazine described this as Collegevotes—even though he take but one example,CNN Journal edito- “MikePence’sBlueprint for wasunder enormous pressure says Mr.Pence’sclaim that Loyalties rial noted the Permanent Authoritarian from Mr.Trump to “stopthe “voter ID would be banned MAIN “strangenew Rule.” CNN chimed in with a steal” by not doing so.Sowho from coast to coast” is false. STREET respect for “fact check” headlined: “Pence has the real dishonesty issues Theactual provision, CNN Reclaiming Patriotism in an Age of Mike Pence” echoes Trump’sBig Lie in dis- here—and why? pointsout, “requires states to By William emanating honest op-ed on election CNN gives ahint when it allowvoterswho do not show Extremes McGurn from Amer- rules.” describes Mr.Pence’sarticle as ID to instead submit asigned By Steven B. Smith ica’sprogres- The“Big Lie” is Mr.Trump’s “mostly filled with attacks on a statement under penalty of sivequarters. It wasstrange contention that he is the real Democratic elections reforms perjuryattesting to their iden- (Yale, 237 pages, $28) because it comes afterfour winner of the2020 election. bill known as HR 1.” They are tity and eligibility to vote.” yearsofpresenting Mr.Pence Mr.Biden has himself likened right that Mr.Pence’sop-ed But this is adistinction lmost two decades ago, I received a letter from a as areligious kook and Donald Mr.Trump to Nazi propaganda wasmostly about H.R.1, which without adifference. If states A young man serving in AmeriCorps, the civilian Trump flunky. At one point minister Joseph Goebbels and cannot stop people without national service program. At the time, I headed the even hiswife, Karen, came un- the idea that if youtell alie big identification from voting, agency that ranthe program. After9/11, President Bush der fire forthe high crime of enough andoften enough, peo- For criticizing H.R.1, anyvoter ID lawiseffectively had called on Americans to serve their country, to “fight teaching art part-time at a ple will come to believeit. nullified. evilbydoing good,” as he put it, and he mentioned small Christian school that ad- Here’show the lead sen- he is accused of WhereMr. Pence’sarticle joining AmeriCorps.The response almost overwhelmed the heres to atraditional viewof tence in the CNN fact check spreading Donald gets specific about “irregulari- AmeriCorps budget. marriage. explains it: “In an opinion arti- ties,” moreover,it’storaise a My correspondent was not buying it. He wrote that we All this changed Jan. 6. On cle published on Wednesday, Trump’s ‘big lie.’ legitimatebeef: States“set in government were wrongly assuming that AmeriCorps that day, Vice President Pence former Vice President Mike asidelawsenacted by state members were motivated by “a strong sense of patriotism certified JoeBiden’s victoryin Pencedid something he used legislatures in favorofsweep- and love for America.” But he lacked “such patriotism,” he the Electoral College, return- to do in office: echo alie from passed the House last week ing changes ordered by gover- said. He believed that the United States had many failings, ing to the Capitol to finish the former President Donald without asingle Republican nors, secretaries of state, and and he had joined AmeriCorps to battle them. He thanked job even aftersome Trump Trump in aslightly moreso- vote.This is an 800-pagebill courts” to their election laws. my agency for allowing him the “opportunity to take up supportershad roamed the phisticated way.” TheCNN that, as Mr. Pence writes, He further—and rightly—notes this fight.” halls chanting,“Hang Mike piececoncedes that Mr.Pence “mandates the most question- that H.R.1’sproponents“want As Steven B. Smith shows Pence.” Overnight, he found wrotenothing about election able and abuse-prone election to silenceand censor anyone in “Reclaiming Patriotism in himself extolled as the “hero” “fraud.” He also didn’t argue rules nationwide,while ban- whowould daretocriticize an Age of Extremes,” history whohad savedAmerican de- that anything happened that ning commonsense measures theirunconstitutional power provides more than a few mocracyfromthe mob.AtMr. could have changed the elec- to detect, deter,and prosecute grab.” In short, if Mr.Penceis examples of Americans who Trump’ssubsequent impeach- tion outcome.Still, the CNN election fraud.” avillain again, it’sfor the were both patriotsand ment trial, House managers fact check assertsthat Mr. Proponentshope to push crime of suggesting the Ameri- critics—the combination is, sang Mr.Pence’spraises. Pence’s“vaguer claim about the bill through without areal canpeople areentitled to “a one might say, atradition. TheJournal editorial sug- ‘votingirregularities’ ” leftit debatebyconflating anyone substantivediscussion in Con- In his short but wide-ranging gested this newrespect forMr. “wide open forreaderstoin- who has anyconcerns at all gress” beforethis sweeping survey,Mr. Smith, apolitical Pencewouldn’t last. Indeed it terpret as an endorsement of aboutthe 2020 election with bill is passed intolaw. philosopher at Yale hasn’t. Trump’sfraud lie.” those endorsing Mr.Trump’s Thegood news is that Mr. University,explains howa Thesame man hailed only a Buthere’sthe thing with claim that it wasstolen from Penceisn’t likely to let these distinctively American version fewweeks agoasanAmerican Mr.Pence’sarticle: Contraryto him. In the same way,any Re- latest criticisms from the left of patriotism developed and Cincinnatus is todayback to the claim of dishonesty in publican effort to ensure that bother himtoo much. That’s why it is still valuable in an being just another Trump CNN’sheadline,thereisnoen- voters arewho they saythey because he never took their agewhen other conceptions toady.The triggerwas an op- dorsement at all of Mr. areisdismissed as “voter praise seriously either. of loyalty compete with it. ed last week forthe Daily Sig- Trump’selection claims.Not suppression.” Just google Write to [email protected]. To the AmeriCorps member, and to many others, patriotism has meant not so much love of country as unquestioning devotion to it. The idea is neatly expressed by the phrase “My country, right or wrong,” often How Do Yo u Solve a Problem Like Korea? attributed to naval officer Stephen Decatur but actually said in the 1870s by Missouri Sen. Carl Schurz, who added: TheJournal task of developing a gram keeps the dy- “if right, to be kept right, and if wrong, to be set right.” reportsthat North Koreastrat- nasty safefrom Through most of history, and in many places today, Kim Jong Un’s egy, the Biden team S foreign military group loyalty lacks this element of critique or dissent.

authorized bi- needs to understand PRES pressure,and a What matters most are ties of birth, belief, custom and

ographyisout that even severe TED world-class system language. The classic example of such loyalty, Mr. Smith

and aKorean- sanctionsare un- CIA of repression insu- notes, is ancient Sparta, whose citizens were socialized languageedi- likely to work.For SO lates the rulers under a strict set of laws that stamped out individuality GLOBAL AS tion has been yearssanctions pro- from domestic dis- and bound them together even unto death, as at the Battle VIEW VIA uploaded to ponentshavear- content. Thenu- of Thermopylae.

By Walter VICE the web. The gued that if the U.S. clear arsenal leads Amore“humane” and “benevolent” sense of patriotism

Russell Mead SER

authorsare, could only getfull S anxious foreigners began to emerge in the 17th and 18th centuries,Mr. Smith unsurpris- Chinese coopera- to court the Kims, argues.Itsprang from the “civilizing effects” of increased NEW ingly, bullish on Mr. Kim. The tion,North Korea elevating the dy- commerce among the European nations,which cultivated REA

closing section (“Spinning the would have no KO nasty’s importance an enlargedset of relations that fostered prosperity; it World Under the Axis of Sov- choicebut to accept North Korea’s Kim Jong Un in itsown eyes and didn’t depend on personal attributes such as nationality ereignty and Justice”)hails some kind of denu- those of itsser- or religion. In this context, patriotism remains avirtue, Mr. Kim’s summits with lead- clearization process. howeversevere, will not bring vants. And in effortstolimit but alesser one: It is simply,asAdam Smith explained, a ersincluding Donald Trump, This is unlikely. China, an- this country to heel. further progressinthe weap- sense of gratitude to one’scountryfor being able to live Xi Jinping,Vladimir Putin and noyed as it often is by North Pyongyang doesn’t only onsprogram, foreignersoffer within such asystem. South Korea’sPresident Moon Korea’sunpredictable and dis- shrug off sticks; it turns up its resourcesthat enhancethe re- To this modern sense of patriotism, Mr.Smith empha- Jae-in.Summing it up,the au- ruptiveapproach to politics, nose at carrots. Formorethan gime’spowertoreward its sizes,the framersofAmerican government added the thorsgush that “therehas would never agree to sanc- ageneration, Chinese leaders supporters. idea of consent. Americans,the framersbelieved, should neverbeen atime when all tions stringent enough to risk have tried to persuade North Thehuman costsare ap- be grateful forthe laws,institutions,traditions and other the world has been this fo- destabilizing aneighboring Koreatoembracethe eco- palling, but if your goals are aspectsofthe “ethos” that nurtured their liberties—not cused on our people’sgreat- country. More important, the nomic policies that have made to maintain the Kim dynasty’s because they had inherited them but because they had nessand dignity in our 5,000- Kims arenot easily swayed by China the second largest econ- totalcontrol over the country chosen them. Theopening paragraph of “The Federalist year history.” economic pressure. In an ef- omyinthe world. South Korea andthe totalindependenceof Papers” proclaims that the key question facing “the people fort to contain Covid, Pyong- has repeatedly offered help. North Koreaasastate,the of this country” is whether good government canbeestab- yang has voluntarily imposed While the Kims occasionally model demonstrably works. lished by “reflection and choice” or “accident and force.” Pyongyang shrugs off an isolation on itself far more flirt with minor changes,they TheKim dynasty’s strategy That is why, according to Mr. Smith, deliberating and devastating than sanctions adamantly refuse to introduce to maintain the status quo at deciding are at the “core” of American patriotism. To be a sticks and turns up its ever could be.Trade with reforms that would put North home is deeply destabilizing loyal citizen is to engage in the process, difficult though it nose at carrots. Biden Chinaisdown80%. GDP is Koreaonthe Asian path to internationally. Between en- may be, of trying to make the American government and down an estimated 10%. Grain growth. hancingits nuclear arsenal, the “ethos” of American life better able to protect national has few options. production is slated to fall one From the standpoint of the improving itsmissile delivery values such as liberty and equality. Since many opinions million tons belowthe 5.5mil- Kim dynasty (and that is the systems and experimenting exist about the “right” and “wrong” ways to do so, the lion tons required to feed its only perspectivethat matters with unconventional weapons patriot can never rest. And critics can be patriots too. They are not wrong. North populace. Major factories have in NorthKorean politics), this ranging from cyber to bio, Korea, with a gross domestic closed due to shortages of makes sense.Aclosed com- North Koreabecomes a product estimated at lessthan spareparts, and blackoutsare mand economydominated by steadily greater concern. And Todaybothnationalism and cosmopolitanism $26 billion and apopulation widespread. the militaryestablishment ce- as the situation in the Indo- aretesting theverydefinition of allegiance of 26 million, puncheswell Despiteall this,the govern- ments the dynasty’s absolute Pacific becomes morevolatile, aboveits weight. Kim Jong Un ment is signaling itsdetermi- power. Opening the economy the danger that North Korean to one’scountry. doesn’t see himself as the nation to stand fast until the would inevitably dilutethe dy- actions could launch a wider crackpot leader of afailed pandemic ends.Not forthe nasty’s authority by allowing war can only grow. state. He sees himself as a firsttime,Pyongyang is dem- foreign investors and foreign Forall these reasons,the Mr. Smith sees nationalism and cosmopolitanism as the winner,the uncontested onstrating that it will impose ideas to make their presence Biden administration would two main alternatives to patriotism in today’s world. The leader of a tiny state that by massivesuffering on itspopu- felt. like to persuade or constrain first, which he defines as an unquestioning allegiance to ruthlessdedication has forced lation to pursue itsgoals.Per- TheKims,itseems clear,do North Koreatochangecourse. one’scountry, he deems inherently “exclusionary”—one the greatest powers in the haps this determination would not want aflourishing civilian But unlessitcan shakeKim has either the right kind of national identity or not. In its world to deal with it as an crack in the faceofevendirer economy. Themilitarization of Jong Un’s conviction that his extreme form, it invites us-against-them battles for equal. conditions,but amassfamine the economy and the perma- strategyisabrilliant success, dominance. As forcosmopolitanism, it envisions aworld As another American ad- did not forcethe regime to nent scarcity of resources the Biden administration, like of allegiances to no specific country but rather to a set of ministration struggles with abandon its nuclear program concentratepoweratthe cen- its predecessors, has no win- humanitarian ideals that transcend borders, as though the thedifficult and thankless in the 1990s.Sanctions alone, ter. Thenuclear-weapons pro- ning cards in its hand. interests and traditions of people in particular places don’t matter. Both nationalism and cosmopolitanism are, Mr. Smith rightly says, not so much alternatives to patriotism as distortions of it. Warren’s Tax Enriches Foreign Billionaires Yet Mr. Smith has relatively little to say about how patriotism can compete with its rivals. If it depends on By Scott A. Hodge Yet Tax Foundation econo- bought by foreign investorsat their citizenship by imposing “reflection and choice,” what happens when the public is mistsdiscovered asurprising the discounted prices.Thus, a40% exit tax. While some less capable of reflecting and choosing, or less willing? en. Elizabeth Warren consequencewhen we ranthe whileawealth taxwouldn’t rich families could decide they Going back to the framers themselves, the traditional S thinks millionaires and proposal through our general shrink the U.S. economy canlivecomfortably abroad American response has been to call on schools to prepare billionaires aretoo rich equilibrium taxmodel last much, it would changewho with the remaining 60% of a young people for citizenship. (Just last week an and has introduced legislation year. The model showed that owns U.S. assets. What Jeff $100 billionfortune,others impressively broad-based group, including six former to taxaway some of their despitebeing amassivetax, Bezos, Warren Buffettand maystayhome and simply education secretaries, offered a blueprint for teaching wealth. Her Ultra-Millionaire Mark Zuckerberg sell, Jack liquidatesome of their assets studentstobemoreengaged citizens in ademocracy.) TaxAct of 2021 would levya Ma, Carlos Slim and the sultan to paythe tax. But if foreign But generally, as Mr. Smith notes, the current intellectual 2% annual taxonnet wealth Guess who’d get a of Brunei might buy—and investorssnap up those assets atmosphere, not least in the universities, makes teaching above$50 million and an addi- they’d be exempt from the at fire-sale prices,itstill puts civics and history more difficult. tional 1% above$1billion. But bargain when wealthy U.S. wealth tax. those assetsout of reach of Mr. Smith suggests another possibility, borrowing an the biggest beneficiaries would Americans have to To be sure, American mil- the U.S. wealth tax. Either idea from William F. Buckley Jr., who argued that young be foreign billionaires. lionaires and billionaires way the taxhas defeated its people should be asked to show their “gratitude” to the According to estimates con- unload their assets. would trytofind waysto purpose. United States by devoting a period of time to national ducted forMs. Warren by Uni- avoid the tax. ManyEuropean It is theoretically possible service. But existing programs, like AmeriCorps, provide versity of California-Berkeley countries abandoned their that Ms. Warren’s wealth tax little evidence that national service does much to enhance economistsEmmanuel Saez raising nearly $300 billion a wealth taxesbecause their could reduceinequality in civic knowledge and patriotic sentiments. Perhaps it is and Gabriel Zucman,only year, the tax had only a mod- rich citizens moved to coun- Americaonastatistical basis. enough that Mr. Smith superbly illuminates the about 100,000 families,orest impact on gross domestic tries that didn’t levysuch But theremust be abetter distinctiveness of the American idea of patriotism and “lessthan 1out of 1,000,” product. How can that be? taxes. Since1996,the number way of achieving that goal reminds us of how important patriotism is, and how would paythe tax, which they Themodel predicted that of European nations with a than by redistributing wealth essential to making America better. estimatewould raise “around wealthyU.S.citizens would wealth taxhas dwindled to from American billionaires to $3 trillion over theten-year sell their assetsatfire-sale four from 14. foreign ones. Mr. Lenkowsky, a professor emeritus of public affairs budget window2023-2032, of prices to paythe tax. Because TheWarren bill would at- and philanthropic studies at Indiana University, served as which $0.4 trillion would come the U.S. is an open economy, tempt to discouragewealthy Mr.Hodge is president of chief executive of the Corporation for National and from thebillionaire1%surtax.” manyofthese assetswould be American from renouncing the Tax Foundation. Community Service from 2001 to 2003. P2JW068000-0-A01400-1------XA

A14 | Tuesday, March 9, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Bad Judgment and Biden’s Pentagon Who’ll Be Left After the Seuss Cancellation?

nother Biden nominee with a record of Twitterwas that “Trump has started awar with Regarding MichaelSaltsman’s “The intemperatetweetsisatrisk of sinking Iran in Iraq.” War never came. Next Cancellation Target: Dr.Seuss,” A in the Senate, and the press is compar- When the U.S. decided to move its Embassy op-ed, March 2): Dr.Seussisyet an- other victim of the so-called “liber- ing him to Neera Tanden, the in Israel to Jerusalem, Mr. als” and “progressives.” Thebook

Colin Kahl is the wrong GES President’swithdrawnfirst Kahl declared “Trump’s Jeru- burnersand totalitarians in waiting pick to lead the OfficeofMan- choice to be chief salem decision further isolates continue to be carelessly portrayed IMA agement and Budget. Yetwho- the US” and warned of a“third by the centrist and conservativeme- ever replaces Ms.Tanden is Defense strategist. Intifada,” or Palestinian upris- dia as “liberals” and “progressives.” GETTY unlikely to change the trajec- ing.Yet the Embassy move Today’sliberals and progressives’ cal- ON/ OLS

tory of the Biden Administra- strengthened America’sties culated linguistic somersault is de- T OT

tion’s progressive policies. with itsclosest Middle Eastern ally.The Trump signed to pigeonhole their opponents. SC ThePentagon nomination of Colin Kahl,a Administration’swider Mideast rebalancing to- Afterall who canbeagainst social dogmatic proponent of the Iran nuclear deal, is ward Israel and the Gulf states helped broker justiceand in favorofracism? showing minorities as friendly,fun another story. A no vote in the Senate Armed closer Arab-Israeli ties,culminating in the 2020 Thefutureofour democratic insti- people,not “others” to exclude and tutions is at risk and, Iamafraid, is fear. Services Committeecould push the Administra- Abraham Accords. approaching the precipicethat is ELAINE HEEREN tion toward aMideast approach that better Mr.Kahl described the accordsinhis hearing leading to ideological rigidity where Vero Beach, Fla. serves America’s national interest. as the “culmination of aset of trends,frankly, anyone who mayhold adifferent President Biden has tapped Mr.Kahl forun- that have been in the region forabout adecade.” opinion or ask pertinent questions Whydothe canceling elitefeel dersecretary of defense for policy, one of the Yethedoesn’t recognizehow U.S. courtship of will be “canceled,” stigmatized, ostra- they must protect us from anything most important non-cabinet jobs in the federal Iran candestabilizethe region. He doesn’t seem cized and, likethose canceled in the that might possibly be upsetting? Life government. While the SecretaryofDefense to have revised his thinking on the 2015 nuclear old Soviet Union, considered anon- is full of these events. Learn to deal. handles high-level defense politics,and the dep- agreement at all, though even some proponents person. SUSAN SOMMERVILLE uty secretarymanages the department day-to- of the deal acknowledgethat the Trump Admin- Antonio Gramsci, aco-founder of Columbus, Ohio day, the undersecretary plays the leading role istration’s sanctions on Iran packed morepunch the Italian Communist Party,wrote setting strategy—including representing the than they thought possible. about 100 yearsago that to capture To learn to read is to learn to ex- poweryou don’t need an armed revo- pand one’smind and enable critical department at National Security Council depu- Senatorslast week also pressed Mr.Kahl on lution, yousimply need to undermine thinking.But firstyou must spark the ties meetings. the idea of a“no-first use” nuclear policy, which the existing culture: “The conquest of interest of the young,beginning Mr. Kahl’s strategic Mideast misjudgments would damage the credibility of American de- cultural powercomes beforepolitical reader.The joining of the National have been pronounced. In 2015 as Mr. Biden’s terrence and which Joe Biden endorsed when powerand this is achieved through Education Association with SeussEn- national security adviser, Mr. Kahl argued for Mr. Kahl was his adviser. Mr. Kahl didn’t give a the concerted action of intellectual terprises in 1997 to promotechild- sanctions relief on Iran, declaring they “are not clear position in a written answer to the com- ‘organic’ call-outs. Infiltrated intoall hood literacywas an acknowledg- going to spend the vast majority of the money mittee,though at the hearing he said he op- of the communication, expression, ment of that fact. Todaythe NEA has on guns,most of it will go to butter.” In the posed it. One 2017tweet also seems to suggest and academic media.” been absorbed intothe far-leftcul- event, Tehran took advantageofthe windfall to skepticism of America’splanned Ground-Based That objectivehas been achieved; turethat forgives no past indiscre- increase itsfinancing forproxies in Syria, Leba- Strategic Deterrent missile system. those responsible to safeguardAmer- tion no matterhow repentant the ica’smost cherished freedoms have, perpetrator.The ability of children to non and Yemen. Democratic administrations lean moreondi- instead, become the willing execu- read has become secondarytowhat Outofgovernment Mr.Kahl relentlessly as- plomacy and soft power than Republican ad- tioners. they areallowedtoread—for fear sailed the Trump Administration’s reorienta- ministrations, and that’s clearly team Biden’s MARIO CARUSO they maylearn to read between the tion of Iran policy, tweeting in 2019 that preference. But with the State Department Marlboro, N.J. lines. “hawks” in Congress “won’t be satisfied until stacked with liberal internationalists, and John JIM BARBER they get the war they’ve pushed for decades.” Kerryas a cabinet-level climate envoy, it’s im- TheGerman writer,Heinrich Mesa, Ariz. Democrat JoeManchin,the swing vote on portantfor the Pentagon to provide acounter- Heine,famously opined that: “Where In “The Descent of Man,” Charles Armed Services who opposed the Iran deal and perspective. they burn books,they will also ulti- Darwin clearly communicated his applauded President Trump’s 2018 withdrawal, Mr.Kahl’snomination is in jeopardy forbom- mately burn people.” Howright he ideas of the superiority of the white might be interested in whether Mr.Kahl thinks bastic tweetslikehis claim that “every Republi- was. race when he deemed the “savages” he is a warmonger as well. canSenator” who supported arms sales to Saudi ALEXANDER W. ROSS JR. to have “insufficient powers of rea- Mt. Laurel, N.J. soning” and “low morality.” Iwonder Mr. Kahl seems unable to see the strategic Arabia “shares ownership of the world’sworst howhehas avoided cancellation. I benefitstoU.S.interestsincontaining Iran. He humanitarian crisis.” But thereare sound policy Beforethe cancel culturedoes in would venturetoguessthat if there sees only apocalyptic risks.After the U.S. strike reasons forthe Senatetoexercise itsadvice and Dr.Seuss, maybe we should consider is enough evidencetocancel Dr. that killed Iranian terror commander Qasem So- consent powertodemand amorehard-headed that this beloved creator of “The Seuss, then Darwin’sdemise is long leimani,who had the blood of thousands of strategic thinker forthis crucial national-secu- Sneetches” sawhis cartoonish depic- overdue. Americans on his hands,Mr. Kahl’sreaction on rity post. tions of minorities,which look so BETH RUTHERFORD wrong today, as actsofinclusion, Fond du Lac, Wis. An Airbus-Boeing Tariff Truce

rade disputes cantakeyearstoresolve, mission President Ursula vonder Leyenreached Rubio Calls for Rare-Earth Industrial Policy and even friendly nations cause each an agreement to suspend tariffs linked to the Rare-earth minerals areintegral to would convene private-market actors T other needlesspain in the meantime. Boeing-Airbus disputefor four months.This pro- manyofAmerica’smost important ad- to establish arare-earth cooperative. Givethe Biden Administration vides some time to negotiate vanced manufacturing industries.Hard This arrangement would focus the credit for reducing that pain Biden deserves credit but still keep pressureon, espe- drives,electric vehicles,critical de- powerofAmerica’sfreeenterprise and by reaching atruce with the for limiting harm over cially as both firms areailing fense technologies and countlessother defend our national security in the European Union over the Boe- afterthe Covid-19 pandemic. consumer devices all requirethem. To- process. ing-Airbus subsidy fight. the subsidy dispute. This is good news forbusi- day, the U.S. is largely dependenton When we talk about an international Thedisputebegan during nesses and consumersonboth China’sgovernment-backed rare-earth “freemarket,” we have to remember the George W. Bush Adminis- sides of the Atlantic. manufacturing industry. Such areli- that the Chinese Communist Party is a tration,when Washingtonfiled aWorld Chinese President Xi Jinping,who relishes anceposes serious national and eco- playerwith ambitions to overtake nomic security concerns.Yet your edi- Americaasthe world’sstrongest na- Trade Organization case against the Euro- conflict between the U.S. and Europe,won’t torial (“RareTruths About China’s tion. Competing on such an unlevel pean aerospacegiant alleging $22billion in be thrilled. Atrans-Atlantic disputeover Rare Earths,” March 4) plays down the playing field will requireingenuity in illegal subsidies.Brussels hit back,arguing aerospaceisparticularly harmful, as Beijing risks and oversimplifies what is our policymaking to defend American that Boeing had received some $23 billion in has been investing heavily to break intothe needed to restart and sustain adomes- firms and workersfrommanipulations illicit assistance. industrydominated by Boeing and Airbus for tic rare-earth mining industry, sug- of the market by China. Europeans aren’t shyabout their support for decades. gesting the failuretodosoboils down SEN. MARCO RUBIO (R., FLA.) industrial policy, and Boeing’srelationship with This isn’t the end of Washington’s conflict to environmental regulations. Miami stateand federal governmentsisn’t exactly with Europe over trade.The WhiteHouse is Ihavelong supported slashing arm’slength. Over the yearsthe WTOhas found leaving tariffs on steel and aluminum imports overly burdensome regulations.But in Boeing and Airbus have failed to implement rul- in place, which means retaliatory EU levies on this case,the holdup has far moreto The Covid Unemployment ings on prohibited subsidies. American whiskey and Harley-Davidson motor- do with the expensivestartup costs Aid Bonanza Is Killing Us associated with rare-earth mineral re- Thefight hit anew lowwhen the Trump Ad- cycles will stay too. Lifting the metal tariffs finement and metallurgy,aswell as Regarding Mitt Romney’s “Biden’s ministration imposed $7.5 billion in tariffs on would offer a reprieve to American and Euro- the fear that, onceupand running, Stimulus Bill is a$1.9Trillion Clunker” French wine,Italian cheese and other European pean firms and send the right message ahead Beijing will undercut the market (op-ed, Feb. 24)and Casey B. Mulligan goods afterthe WTOruled that the EU had pro- of aerospace talks. through massivesubsidies that would and Stephen Moore’s“HowManyJobs vided illegal support to Airbus.The EU retaliated There’snoguarantee that trade negotiators, end up crushing the ability of private Will the ‘Stimulus’ Kill?” (op-ed, Feb. with around $4 billion in taxesonAmerican prod- even operating in good faith, will resolveanis- American companies to compete. 26): Thestimulus is indeed throwing uctsliketobacco and liquor afterasimilar ruling sue that has persisted through four presiden- That’snot aproblem we cansolve sand in the gearsofmanyrestaurant involving Boeing.The WhiteHouse escalated in cies.But afteryearsofself-defeating trade pol- solely by cutting regulations. owners. While Iapplaud Congress’sin- Donald Trump’sfinal weeks with 25% tariffs on icy, the Boeing and Airbus news is reason Thankfully,solutions exist. My RE- tention to support individuals in need, previouslyexempt European wines. enough to pop achampagne bottle—French or Coop 21st CenturyManufacturing Act this is best done without disincentiv- Last week President Biden and European Com- Californian. izing work and strangling small busi- nesses.Although our two family- Political Propaganda, Race owned restaurantsinVermont pay And Public-Health Scares employees well abovethe minimum Tax Forgiveness for Loan Forgiveness wage,sincethe first$600 stimulus T.D. Jakesreportsthat black Ameri- checks were mailed last spring,hiring ou almost have to admire how Demo- don’t realizeit. That’sbecause Democratscon- cans think the Covid vaccine is are- has been nearly impossible.Our job cratshaveused the pandemic and bud- veniently didn’t exempt cancelled student debt prise of the Tuskegee syphilis experi- postingsonmultiple online platforms, Y get reconciliation to realize their pro- from taxes when they created these plans in ment (“Prayerand ScienceLed Me to social media and the local newspapers gressive ambitions. Consider 2010 using budget reconcilia- the Vaccine,” Houses of Worship,Feb. return zero interested applicantsweek aprovision that SenateDemo- Democrats grease the tion to passObamaCareand 26). Of course they do.For months lib- afterweek.These areflexible jobs, crats snuck into the $1.9 tril- take over student loans. erals have been shouting that whites with advancement opportunity and a budget wheels for areguilty of “supremacy” and that mi- reasonable wage.Inspeaking with lion spending bill teeing up as Exempting cancelled debt writing off student debt. norities should getvaccines before other restaurant ownersaround the much as $1.6trillion in stu- from taxation would have in- anyone else.And just likethe syphilis country, I’vefound they universally re- dent-loan forgiveness. creased the budgetarycost and experiment, it costsnothing to partici- port the same problem—too many ASenaterevision to the made it harder to passthe bud- pate. Can we really blame black Amer- jobs,not enough candidates. original House bill exemptsstudent loans dis- getreconciliation test. Democratsalso underes- icans formistaking aracially priori- SONDRA PAPANEK chargedthrough 2025 from federal income timated howmanyborrowers with hugeloan tized program for, well, racism? Manchester, Vt. taxes. TheIRS treatsmost cancelled debt as balances,especially those with graduatedegrees, None of this surprises me,but then taxable income that must be reported in the would enroll in these plans and getslammed again, Igrewupinthe U.S.S.R. The year the discharge occurs, and this is amajor with heftytax bills yearslater. statealways wanted us to do some- Pepper ... obstacle to the left’splans to issue blanket The goal of the current Senate Democratic thing,and the firstthing it did wasof- And Salt loan forgivenessbyexecutivedecree. gambit is to remove the immediate legal and feritfor free.Now the same thing is happening again, and all my friends in THE WALL STREET JOURNAL President Biden last year promised to cancel practical obstacles to blanket loan forgiveness Russia aretelling me that the vaccine $10,000 per borrower. Senate Democrats are by President Biden. Discharging debt without is aworld oligarchs’ plot to kill peo- urging him to forgive$50,000 apiece, and some legislation would in the short term hurt bor- ple.The problem in both countries is progressives want to cancel all $1.6 trillion in rowers stuck with large taxbills.This concrete the same: Seeing one’sfellowcitizens outstanding federal student debt. injurymight provide the legal standing forbor- payfull priceshows that goods have ThePresident doesn’t have the legal author- rowers to challengeMr. Biden’sforgivenessas value.And disconnecting markets ity to do so on his own and, even if he did, mil- an illegal use of executive power. But if Con- bringsback all the worstfeatures of lions of borrowers would be stuck with enor- gresswaives taxesondischargedstudent debt, stateplanning. mous taxbills that in manycases would exceed no borrower can claim a concrete injury. ALEXANDER KARAPETYAN their annual loan payments. A starting lawyer The House plans to vote on the Senate bill Berkeley, Calif. making $100,000 would owe about $12,000 in as early as this week.Perhaps coming after Lettersintended forpublication should taxes on $50,000 of cancelled debt. that: Tax-free debt forgivenessfor grad stu- be emailed to [email protected]. Please Millions of borrowers enrolled in income- dents, while those who didn’t attend collegeor include your city, state and telephone based repayment plans that allowthem to dis- worked to payoff their loans getstuck with the number.All letters aresubject to “Just think, one day we might charge debt aftermaking modest paymentsfor taxpayer bill. Democrats finally discover a tax editing,and unpublished letters cannot be living on Mars—still in be acknowledged. 20 yearswill facethis taxbomb—and most cut for the affluent that they like. our parent’s apartment.” P2JW068000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | A15 OPINION Fed Policy Is Smothering Private Lending

By Judy Shelton 2008 while readily ac- sheet through massive crease itsholdingsofTreasurysecu- commodating the purchases of Treasury rities and agency mortgage-backed he Federal Reserve’s Fed’s expressed satis- securities.“We could securities “atleast” at itscurrent seeming willingnessto faction with an “ample raise interest ratesin pace ($1.44 trillion annually). Cou- provide inexhaustible fi- reserves” regime.Bank 15 minutes if we have pled with theFed’smechanism for T nancing of U.S. govern- lending to small busi- to,” her predecessor, instantly raising the interest paid to ment debt is raising con- nesses has remained Ben Bernanke, told banks on reserves—approved as an cerns about futureinflation. Record- lowthroughout the CBS’s “60 Minutes” in emergencymeasurein2008,the ad- breaking growth in the money postcrisis years, with December 2010.“So ministered rate is nowthe Fed’spri- supply from the Fed’s quantitative- the largest declines in therereally is no prob- mary lever—the dilemma for banks easing bond purchases threatens small-businesslending lem with raising rates, is whether to continue their risk-free price stability. But an even greater at largebanks,as tightening monetary interaction with the Fedortakea risk—one that goes to the heart of shown in a2018 re- policy, slowing the chance on private borrowers. economic opportunity under demo- port commissioned by economy, reducing in- America’sfutureasafree-market cratic capitalism—is the effect of Fed the Small BusinessAd- flation,atthe appro- economydepends on surmounting a decisions on private bank lending. ministration. priate time.” fundamental quandary: All entrepre- Banking institutions have tradi- Theswitch is un- Jerome Powell, Ms. neurial endeavor that is potentially tionally provided the pipeline that derstandable.The cost Yellen’ssuccessor, productive is inherently risky. It is routes loanable capital to businesses of regulatorycompli- likewise appearsun- the nature of capitalism. Neverthe- and households.Yet commercial ance is ahugedisin- daunted by inflation less, access to financial capital is vi- banks areincreasingly opting to re- centivefor banks,and risk.Speaking before talfor improving aperson’spros- ducethe shareoftotal assetsde- selling government- Congresslast month, pectsfor economic prosperity—an votedtoloans while expanding their backed securities to he highlighted the essentialaspect of achieving the holdings of Treasury debt and gov- the Fedand piling up need to improvelabor- American dream. ernment-backed mortgagesecurities. reserves canturn out market conditions, TheFed must avoid turning banks to be aprofitable busi- KLEIN noting that “the high intogovernment utilities through its VID

ness model. DA level of joblessness carrot-and-stick approach of provid- Banks, leeryofmaking But the implications has been especially se- ing incentives for the accumulation forproductiveeconomic growth als. Velocity of the Fed’sbroadest vere forlower-wageworkersand for of reserve balances while enforcing riskyloans in thereal should givepause to Fedofficials, money measure, M2, has fallen pre- African-Americans,Hispanics and complianceparametersthat discour- economy, do business with who might ask themselves why cipitously, from 1.806 in the fourth other minority groups.” agerisk-taking.The goal is to stimu- banks have chosen to retain reserve quarter of 2008,beforethe Fed But the Fedhas maneuvered itself late, not stultify, productiveeco- thecentral bank instead. balances in their Federal Reservede- launched itsfirst round of quantita- intoanuntenable policyposition by nomicactivity—the kind that raises positoryaccountsatsky-high levels, tiveeasing,to1.134 in the fourth embracing atolerancefor inflation— output and justifies increased wages. $3.15 trillion at present, despitethe quarter of 2020. which hurtslow-income workersthe Workersdobest when banks find it The25largest U.S. banks cur- Fed’selimination of all reservere- So will inflation nowrise because most—that is anathema to itsprice- profitable to invest in privateenter- rently hold 45.7% of their assets in quirements in March 2020. If com- of the extraordinarymonetarystim- stability mandate. If the objectiveis prise,tobecome reliable partners loansand leases,according to Fed mercial banks tapped those re- ulus aimed at coronavirus relief? “I to restore the pre-pandemic condi- with the people who aspiretocreate data released Friday, down from serves—which areavailable to be cantell you, we have the tools to tions of high employment, increasing products and provide services. 54.1% this time last year.Meantime, lent out—to provide funding to pri- deal with that risk if it materializes,” wage gains and improved productiv- Thedecisions of the central bank their year-over-year holdingsof vate borrowers,itcould facilitatero- TreasurySecretaryJanet Yellen told ity—which particularly benefited mi- aremeant to support, not to sup- Treasuryand agencysecurities in- bust growth. CNN last month, sounding likeacen- norities—the Fedshould refrain plant, thereal economy. TheFed’s creased 33.5%. This reflectsmore- Whether banks will increase pri- tral banker.“Themost important from policies that discouragebanks killing-with-kindnessapproach risks stringent borrowing standards and vate lending,however, is akey factor risk is that we leave workersand from making loans to job-creating permanentscarring of banking rela- diminished loan demand. But it also in determining inflation prospects. communities scarred by the pan- small businesses.Productivebusi- tionships by curtailing access to reveals asubtle yetpersistent Money growth is a function of both demic and the economic toll that it’s ness growth, which was spurred by credit. No wonder the movement to change in how banks operate. money supply and velocity; when taken.” taxcutsand deregulation under the democratizefinanceisbeing pur- Banks have pulled back from mak- banks makeloans,putting credit Ms.Yellen, who chaired the Fed Trump administration, requires ac- sued increasingly through nonbank ing risky loans in favor of engaging into the money supply, the number from 2014to2018,knows about the cess to credit. institutions. moredirectly with the Fed—avoiding of timesone dollar is spent to buy tools.She wasaFed official through- Yetbanks must nowtakeinto the type of lending that spawned goods and services goes up as more out the postcrisis period, when the consideration Mr.Powell’stestimony Ms. Shelton, an economist, is au- stricter regulatorystandards after transactions occur between individu- central bank enlargedits balance that the Fedwill continue to in- thor of “Money Meltdown.” Meghan and Harry: Aristocratic Victims for Our Times

pations forthe masses,demanding Oprah Winfrey wasthereasthe fa- bined in their personalities in fact the niently forget that the arrival of sympathy, issuing acall forthe ordi- cilitator.She is awoman of excep- relaxed informality of their German Meghan wasgreeted by the same nary people to do bettertoacknowl- tional talent and character who over- heritageand the sunnywarmth of press—andthe same masses—with FREE edgetheir ownsinfulness. came crushing hardship in early life their adopted English homeland, so, joyous acclaim, that she waspor- EXPRESSION Economic inequality is greater to achievedeserved success.When we canassume Meghan’sdistinctly trayed as somewherebetween Grace By Gerard Baker than it has been in decades,and wid- she speaks—or in this case facilitates NewWorld style probably went over Kelly and Diana Ross. ening still further afteragreat reces- adiscussion—about hardship,weare likesupermarket kibble in the corgis’ But that’sthe beauty of the new hen some futurehistorian, sion and aglobal pandemic.The well-advised to listen. breakfast bowl. And while claims dispensation: Youcan always blame W or perhaps some honest par- poorest neighborhoods in this coun- about ayearning forprivacycan be systemic injustice. Meghan maybe odist of our modern mores, try, manyofthem dominated by eth- takenwith apinch of salt coming pointing the finger at unnamed roy- seeks an event that captures the in- nic minorities,are beset by levels of Our elites parade their from an actresswith apenchant for als forher victim status,but we version at the core of our continuing violent crime and disorder not seen self-publicity that wasnotable even knowthat’sjust aproxyfor the cultural revolution, he should exam- in ageneration. Educational opportu- grievances before us, by thestandards of her profession, widerevil that, improbable as it ineclosely the television spectacle nities forthose most blighted are demanding sympathy and it’salso true that the British press seems,makes her the victim. Even as that airedonCBS Sundayevening. drowning in asea of neglect, ideolog- canbeaggressively intrusiveinways yousit thereinyour alabaster pal- There they were, assembled ical rectitude and acquiescencetothe remorse from the masses. anyone would find painful. aces,your Silicon Valley boardrooms dreamily in the verdant grounds of a demands of teachersunions.All the But the personal struggles,real as or your elegantly appointed dressing California mansion, poster victims of while,weare forced to listen as chief they are, aren’t the subject matterof rooms,you canpoint to the real our irredeemably unjust system: the executives,tenured academics,Holly- ThedukeofSussex—the name the lesson we areenjoined to learn cause of society’s inequity: the sixth in line to the throne of the wood celebrities and nowaprince provides aclue—had no such misfor- from them. Theex-royalcouple have Trump- and Brexit-voting hordes United Kingdom, his wife, aso-so ac- and his wifelectureusabout what tune of birth, though he did suffer enough wit to understand that their with theirunenlightened views on tresswho nonethelessenjoyedcon- aresupposed to be the real systemic the unspeakable grief of losing his ownhardships don’t occasion many immigration, crime,the climate, siderable fortune beforeshe married flawsinour society: the terrible leg- mother at ayoung ageinviolent and tearsoutside their lachrymose celeb- Western history. intothe highest levels of the English acyofAmerican history; sexism, rac- public circumstances,anevent that rity friends. And it’sone of the ironies of our aristocracy, alongside one of the ism and “transphobia”;the endless surely leftthe deepest of psychic Instead they frame themselves as leading social-justicerevolutionaries, most successfultelevision celebrities stream of microaggressions caused scars. victims of much largersocietal evils. fighting to overturn the social order. on the planet, bemoaning the injus- by an errant word,acontentious Even the duchess, the squeakiest Harryand Meghan have seized the When youhaveonyour side the peo- tices that have befallen them in asys- writer or the illustrations in the Dr. of the wheels,commands some sym- moment to sign on fully to the woke ple who control most of the nation’s temically cruel society. Seussbooks. pathy. Thecostsofmarrying aroyal creed, ascribing their trials to that corporations,newsrooms,universi- You’dstruggle to find abetter None of this is to denythat our aresometimes overlooked. Whatever original sinofracism, not just from ties,celebrities,the federal govern- metaphor forone of the dominant three figures, up thereontheir little theirvirtues,the Windsorswill never theroyal family itself,but from the ment—along with adukeand aduch- narratives of our age: our elites pa- Californian CalvaryonSunday, have, be known foranopennessofmanner British press, feeding the ugly preju- ess—can youreally be that rading their grievances and preoccu- likeall of us,had to bear their crosses. or spirit. They seem to have com- dices of the masses.They conve- oppressed? Japan Can Lift the Covid Cloud From the (Delayed) 2020 Olympics

By Jonathan Kolatch draconian steps Tokyo2020 stake- thorities detailing all anticipated ac- playbooks all end with this hastily in- enough vaccine to immunize60mil- holders—athletes and their staffs,in- tivities during your first14days in serted qualifier: “All of the rules out- lion by July.Japan has been unex- apan blunted the international ternational sportsfederations,the thecountry—whereyou will stay, lined in this Playbook will apply, pectedly lethargic with itsvaccine J outcry over its 83-year-old accredited pressand broadcasters— whereyou will go, howyou will get whether or not youhavereceived the roll-out, but it has the technical so- Olympic chief’s comment that areexpected to take to ensurea“safe there, whom youwill meet. (2) Dur- vaccine.” Thevaccines makethe play- phistication to ramp up vaccination “women talk toomuch” by replacing and successful” Olympics.With minor ing your stay in Japan, youmust books obsolete. Thereisanalterna- and surpassthis goal. YoshiroMori with awoman, Seiko variation, they all read the same: leave your accommodation only to go tivetoasterilized Olympics. It would be a small matter to re- Hashimoto. But it will requirea90- Minimize contact with people.But to official games venues and limited quirevaccination forall Olympic par- degree turn forTokyo to mount what cananOlympics withoutinteracting additional locations.(3) Don’t use ticipants. Major sporting nations it calls “anOlympics to unitethe people be the global festival the public transport without permission. Participants will be subject have vaccination programs in mo- world.” games purport to be? (4)Don’t visit venues as aspectator. tion. Forathletes and other members Forbetterthan half ayear,Tokyo Here arethe restrictions the ac- (5) Stayaway from tourist areas, to strict controls—most of the Olympic family,ahologram 2020—it retains itsoriginal name, credited media, Iamong them, are shops,restaurants, barsand gyms. of which vaccination has canbeplaced on accreditation though it will open ayear late, in asked to accept, under potential pen- (6) Youmust have medical and repa- badges as proof of vaccination. For July—and the International Olympic alty of “withdrawalofyour accredita- triation insurancefor the entirepe- rendered unnecessary. spectators, proof of immunity canbe Committeehavebeen brainstorming tion.” Other“Olympic family” partici- riod of your stay. presented with their event tickets. over howtopreservethe Summer pantsare asked to honor similar Is incarceration an Olympic ideal? Japan nowrequires all foreignersen- Games under aCovid cloud. There- restrictions: Japanese hotel rooms areoften as Israel’sHealth Ministryhas begun tering the countrytodownload a sult is four “playbooks” outlining the (1) Shareaplan with Japanese au- small as 110 squarefeet; functioning issuing “Green Passes” certifying im- Covid-19 Contact App called Cocoa. in Tokyowithout using the subways munity to anyone who’s received two Proof of inoculation caneasily be is impossible.With seating at Olym- Covid inoculations or recoveredfrom added to the Cocoa system. All spec- pic eventslikely to be reduced by the disease.Apasspermitsthe tators at the 2014 Winter Olympics PUBLISHED SINCE 1889 BY DOWJONES&COMPANY 50%, journalists—and other partici- holder to visit malls and gyms,attend in Sochi, Russia, were required to Rupert Murdoch Robert Thomson pants—will spend most of their time sporting and cultural events, and stay carryaSpectator Pass together with Executive Chairman, News Corp Chief Executive Officer, News Corp penned in their cages. Most athletes in hotels.When the system is fully eventtickets. Tokyo2020 canput in Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher don’t win medals,but mingling with operational, passholderswill be free placeasimilar passcarrying proof of Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: other Olympians is amemoryofa to moveinand out of the countryun- inoculation. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; lifetime.Instead they’ll be expected encumbered. TheGreen Pass canbe By next June,enough of Japan and Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; to leave Japan within afew days after loaded ontoasmartphone.Last week the outside world will be vaccinated News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; their events. the leadersofDenmark and Austria to hold aviable Olympics without the Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer Although 80% of Japanese favor metwith Prime Minister Benjamin need forstringent policing.Cumber- Andrew Dowell, Asia; AnthonyGalloway, Video & cancellation or postponement of their Netanyahu to discussreciprocal some 72-hour swabtestscan be re- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; Olympics,the government and the GreenPassagreements, astepto- duced. Airlines and airportscan gear Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; IOC aredetermined to hold the event. ward what Mr.Netanyahu calls a up forasurge in travel. This canbe Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; Thereasons arelargely economic:for “Green Passport.” Japan’sgreatestcontribution to the Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News the IOC,billions of dollarsinincome Asimilar model canbeadopted in Covid-19 recovery.Unlesssimilar Thomas SanFilippo, Customer Service; that fund their programs; forTokyo Japan. Atwo-month stateofemer- steps aretaken world-wide,separat- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; 2020,sponsorship and admission gencythat expired March 7reduced ing those who areimmune from Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; fees that defray mounting Olympic averagedaily infections to around those who remain vulnerable,we’ll Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International costs. Thegames will proceed even if 1,100. (In Tokyoand three neighbor- remain in the Covid quagmirefor WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: stands remain empty. ingprefectures with high infection years. LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Yetwhen the playbook rules were rates, the emergencywas extended to

EDITORIAL AND CORPORATEHEADQUARTERS: written, no one knewthat hundreds March 21.) Vaccination, which began Mr. Kolatch writes on China, Japan 1211 Avenue of the Americas, New York, N.Y., 10036 of millions would be vaccinated be- latelast month, will reduceinfections and the Middle East and is author of Telephone 1-800-DOWJONES fore the opening ceremony. TheCovid further.Japan has already purchased “At the Corner of Fact &Fancy.” P2JW068000-5-A01600-1------XA

A16 | Tuesday, March 9, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS Interview Attracted Millions Of Viewers

BY JOE FLINT

GES About 17.1 million people IMA watched Oprah Winfrey’s Sun-

GETTY daynight interview with Prince

SE/ Harryand DuchessofSussex Meghan Markle on CBS,making it one of the most-watched

ANCE-PRES events of the TV season but still FR well behind the Super Bowl. The two-hour interview, in GENCE

/A which Ms.Markle disclosed AS that she had been suicidal af-

-OLIV terjoining the royalfamily,

LEAL also blew up on social media and in the British press. NIEL

DA The17. 1million audience, Members of the British monarchy watched a Royal Air Force flyover from Buckingham Palace in 2019. Members of the royal family repeatedly have condemned racism. which is based on preliminary Nielsendata, likely will grow when final numberscome with delayedand online viewing Couple StirsDebateonRacism in U.K. addedtothe mix.The inter- viewtrailed the Super Bowl, which drew morethan 90 mil- BY MAX COLCHESTER whether racism drovethe couple Dukeand DuchessofSussex were pulled down in British the conversation is way fur- lion viewers on CBS last month. to relocatefromthe U.K. to the announced they were quitting cities,but Mr.Johnson said ther down theline” than in The show’s performance is LONDON—An interviewby U.S. last year,PrinceHarryre- as front-line royals and moving Britain shouldn’t “edit or cen- the U.K.,said KennyImafidon, on par with NBC’s“Sunday PrinceHarryand Meghan Mar- plied“it wasalarge part of it.” to North America. Last month sor our past.” the managing director of Night Football” ratingsfor last kle,inwhich the couple said a Buckingham Palacedidn’t they were stripped of all royal Polls find that amajority of ClearViewResearch, which season and topped the perfor- member of the royal family comment on the interview. A patronages and titles. Britons don’t regard their coun- conducted the polling on be- mance of most entertainment askedhow dark their unborn number of opposition Labour “The royalfamily really blew tryasracist—an Ipsos Mori poll half of the parliamentary programs.Italso easily beat child’sskin would be,has Party lawmakerscalled fora it on this one.Itcould have last year showedthat 89% group. The fact that racism is NBC’stelecast last week of the thrust the British monarchy probe by the palace. been aPRcoup likenoother,” would be happy fortheir child lessovert in Britain “can make Golden Globes,which drew 5.4 into the center of an uncom- “It is biggerinasense than said GregoryClaeys, aprofes- to marrysomeone from another people believethat those is- million viewers. fortable discussion over the just the royalfamily because sor at the University of London. ethnic group.But Black people sues don’t exist.” Theinterview’sratings role of race in British society. that experienceofracism, I in the U.K. feel they aren’t During hisinterviewwith showthat thereisstill astrong In atwo-hour interview am sad to say, is tooprevalent treated equally,surveysshow. Ms.Winfrey,PrinceHarrysaid fascination with the British with OprahWinfrey,Prince still in 21st-centuryBritain,” Prince Harry and A report commissioned by that he believed Britain isn’t a royalfamily in the U.S. One of Harryand Meghan Markle, said Keir Starmer,the leader the U.K. parliamentaryhuman- bigotedcountry, but criticized the most popular shows on knownbytheir titles as the of the Labour Party. Meghan Markle say rights committee in the wake theBritish pressassuch. “Un- Netflix Inc.’sstreaming plat- Duke and DuchessofSussex, Prime Minister Boris John- bias helped push of George Floyd’s May2020 fortunately if the source of in- form is “The Crown,” adrama said they experienced racism son declined to discuss death in Minneapolis police formation is inherently cor- tracking the royalfamily dur- beforeand afterthey were whether the palaceshould them to leave U.K. custody found that morethan rupt…then that filtersout into ing Queen Elizabeth II’sreign. married. Theconversation launch an investigation. 75%ofBlack Britons don’t be- the rest of society,” he said. Farfewerpeople watched stirred questions as to whether Theinterviewisadamag- lievetheir human rightsare Soon afterthe couple Sunday’sprogram than previ- the British monarchyand the ing denouement to what was equally protected compared started dating in 2016,Kensing- ous much-anticipated inter- countrythey represent have could have been one of the “For the countryasawhole it with white people. tonPalacemade ararepublic views.Some 70 million tuned done enough to tackle discrim- monarchy’sgreat modernizing is sending amessagethat is Black people represented statement on behalf of Prince in to Barbara Waltersinterview ination against Britons of color. acts, analysts say. retrograde and xenophobic.” just 1.5% of managers and se- Harryasking the presstoleave with MonicaLewinskyin1999. TheDuchessofSussex, who TheentranceofMs. Markle, Thefallout is playing out nior officials in the U.K.,ac- Ms.Markle alone,citing “the Television has become much is biracial, said beforethe an American actresswho has against the background of last cording to research last year racial undertones of comment morefragmented in the past birthofher son Archie that been divorced, intothe House year’s Black Lives Matterpro- by Businessinthe Community, pieces: the outright sexism and 20 years, making big audiences therewere“concerns and con- of Windsor in 2018 could have tests, which proved deeply di- amembersgroup created by racism of social media trolls.” harder to attain except forma- versationsabout howdark his represented anew chapter in visiveinthe U.K. as it grap- the PrinceofWales.About 3% Membersofthe British jor news or sporting events. skin might be when he’sborn” effortsbythe monarchyto pled over whether the country of the British population is monarchyrepeatedly have For Ms. Winfrey, the inter- with amember of the royal makeitmoreaccessible,apro- should apologizefor itsempire Black.Sixty-fiveout of 650 condemned racism. Some view and its ratings show she family.Neither she nor Prince cess that started in the wake of and role in the slave trade. membersofParliament are royalwatcherssaid the allega- canstill draw ahugeaudience Harry identified the person. PrincessDiana’sdeath in 1997. Several statues of promi- from ethnic minorities. tions areunlikely to harm the and is seen as the go-toperson Asked by Ms.Winfrey Howeverwithin two yearsthe nent people linked to slavery “In the U.S. thereishistory, royal institution. for big-event conversations. Self-EmployedEuropeans Fall Throughthe Cracks

Just beforethe Covid-19 has benefited: In many coun- Beforethe pandemic struck, pandemic,Floriana Tremiterra tries,manyself-employedand around 14% of the EU’s work- paid off most of the debt on temporaryworkershavefallen forcewas self-employed, com-

three restaurantsshe co-owns through the cracks. pared with 6% of the U.S. S

in Milan and treated herself to Afterayear of pandemic-re- workforce,according to gov- NEW a 20-day vacation in Kenya. lated restrictions,manywork- ernment data. G erswho thought of themselves Acrossthe EU,governments

By Margherita as securely affluent noware supported struggling compa- OOMBER Stancati in Rome and sinkingtoward hardship.Amid nies by covering between 60%

Paul Hannon in London aslowvaccine rollout and the and 100% of furloughed em- IGLIA/BL

prospect of aprolonged eco- ployees’ pay. Self-employed AV

Then her lifebegan to un- nomic downturn, the erosion workershaveoften had to MAR

ravel. When Italy locked down of prosperity forsome Europe- meet stricter criteria to re- CO in March 2020,she had to close ans is likely to continue. ceivemoremodest support, her restaurants. Government Some countries have tried according to areview of Eu- GIANMAR aid has coveredonly afraction to fill the gaps,for instanceby rope’slabor-market policyre- A customer at a cafe in Milan waited on an empty street to pick up a takeout order last week. of her losses sincethen. issuing emergency relief pay- sponses carried out by Euro- “A lifetime’sworth of work mentsand covering some of found in a coming paper. pandemic,compared with 15% missed revenue forbusinesses around €100.She no longer collapsed beforeme,” said the the lost earningsofthe self- European government aid of employedworkers. The such as restaurants. goes to the hairdresser,nor 50-year-old, who has been liv- employed. But such assistance generally has been conditional study,bythe German Institute That didn’t make up forMs. shops forclothes.“I’m spend- ing off her savingsfor nearly a has generally been far more on self-employedworkers forEconomic Research, also Tremiterra’slosses.Bythe end ing as little as Ican,” she said. year.Inthree months’ time, limited than that provided to meeting ahigh threshold for found that wherethe pandemic of last summer,Ms. Tremi- While European govern- she said, she won’t be able to regular employees. income loss. Those eligible for has hurt businesses,the aver- terraand her three business mentsrestricted and some- affordthe rent on her Milan “Almost forthe firsttime support oftenreceived flat- ageincome losswas three partnerscould no longer af- times outright banned layoffs, apartment. “The situation is therehas been an effort to rate payments, rather than times as high forself-employed ford the combined monthly that didn’t help workerson becoming moreand moreseri- covergroups of workers, such sums proportionatetotheir workersasfor employees. rent on their restaurantsof temporarycontracts. Although ous,” she said. as the self-employed, that income.And because most Ms.Tremiterrahasn’t paid €32,000,equivalent to they were ofteneligible for While the U.S. has focused on weren’t previouslycovered,” support programs forthe self- herself an income in over a $38,000,and suspended most furlough benefits, that wasn’t expanding unemployment bene- said Tina Weber,aresearcher employedare newand com- year,eversinceher restaurants of their payments. To save enough to safeguardtheir fits,Europe’spandemic-relief ef- with Eurofound, an agency of plex, financial assistancehas were firstsubject to repeated money on staff costs, Ms. jobs. In the second quarter of fortshavebeen to stop compa- the European Union. “But the oftenbeen delayedbybureau- forced closures.Revenue and Tremiterrabegan doing the 2020,the number of tempo- nies from shedding employees, level of coverage, the ease of cracy or hard to obtain at all. government aid helped cover cooking, as well as serving at rary contractsinthe EU fell by includingthrough wage subsi- access and the level of gener- Astudy published in June just asmall part of costs. tables forthe few customers 4.3million, or 17%, from a dies,expanded furlough plans osity doesn’t comparewith found that 60% of self-em- Italy has introduced mea- who showed up. year earlier,making up the andrestrictions on layoffs. that of full-time or part-time ployedpeople in Germanyde- sures including payments She has capped her per- bulk of jobs lost in the region, But not everyone in Europe employees.” clared alossofincome in the equivalent to up to 20% of sonal monthly food budget at according to Eurofound. WORLDWATCH

EQUATORIAL GUINEA Nguema Mbasogo said Sunday. considered the dangers, but ulti- CHINA By Monday, clinics had run mately trusted in God to protect Death Toll Rises to out of beds, according to state Iraqis. Car Sales Soar After At Least 98 in Blasts media. The country’s Health Min- Several events during the Pandemic Slump istry said more than 600 were pope’s visit to Iraq, which in- Hundreds of rescue workers hospitalized. Officials said they cluded a Mass with 10,000 peo- China’s car sales surged in and volunteers fanned out expect the death toll to climb. ple in a soccer stadium, drew February from a year earlier across devastated neighbor- On Monday, the main opposi- crowds of people with wide- when the country was at the hoods in Equatorial Guinea’s tion partyaccused Mr.Obiang of spread flouting of rules on so- height of the coronavirus pan- largest city on Monday, search- mishandling the crisis, which it cial-distancing and mask-wear- demic and consumers were ing for survivors a day after a said wasrevealing the poor state ing. Apart from the Mass, some locked down in their homes. series of massive explosions in of the oil-rich country’shealth- gatherings formed as Iraqis tried Retail sales of passenger cars the Central African nation killed caresystem. to get a glimpse of the pontiff. lastmonth morethan quadrupled at least 98 people. —Nicholas Bariyo “I thoughtsomuch, Iprayed to 1.18 million vehicles compared Television footage showed so much overthis, and finally I with the year before, the China pickup trucks, taxis, vans and VATICAN made adecision,” Pope Francis Passenger CarAssociation said ambulances crisscrossing the said Mondayashereturned to Tuesday. The jump reflects the MAHE/REUTERS port cityofBata, carrying people Pope Defends Trip Rome. “I said: He who leads me lowsales during the same period who had been wounded in Sun- To Iraq Amid Risks to decide as Idid will takecare lastyear.Sales plummeted 79% EPHANE

ST day’sblasts. The explosions were of the people. And so Imade the in February 2020 as manycities BOUND FOR PARIS: An oak tree to be used to rebuild the spire triggered by improperly stored Pope Francis responded to decision, but after prayer and were locked down and factories and roof of Paris’s Notre Dame Cathedral destroyed by fire in dynamitekept in amilitary base, public-health concerns about his with mindfulnessofthe risks.” and dealerships were shut. 2019 is measured Monday in the Bercé forest in France. PresidentTeodoroObiang trip to Iraq by saying he had —Francis X. Rocca —Yoko Kubota P2JW068000-4-B00100-1------XA BUSITECHNOLNEOGY: CHAT STSSARTUP DISCO&FRD STEERS CLEARINOF ADVERANTISING B4 CE

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S&P 3821.35 g 0.54% S&P FIN À 1.29% S&P IT g 2.46% DJ TRANS À 0.68% WSJ $ IDX À 0.50% LIBOR 3M 0.183 NIKKEI (Midday) 28800.81 À0.20% See more at WSJ.com/Markets Zoom CEOTransfersa40% Stake GameStop Appoints After stock surge, from two trustsfor which Mr. 40% of the company’svoting Zoom’s shareprice, which areco-trustees—gaveabout 18 Yuan and his wifeare co-trust- powerbeforelast week’s rallied from below$100 in million shares to unspecified founder and his wife ees, according to a securities transactions,according to In- early 2020 to above$500 in recipientsonMarch 3, accord- Strategy shift shares valued filing made late on Friday. siderScore, which analyzes late2020,closed around $337 ing to the securities filing.The In astatement, aZoom stock transactions by corpo- on Friday. The stock fell 7.9% trusts had held the stock as at about $6 billion spokeswoman said “the distri- rate insiders. Thegifts to $310.93Monday. TheSan Class B shares, which get 10 Committee butions were made in accor- amounted to about 6% of the Jose,Calif., companyhas a votesapiece, that could be B Y T HEO FRANCIS dancewith the terms of Eric company’sshares outstanding, market valuation around $100 converted to ClassAshares, Yuan and his wife’strusts, and InsiderScoresaid. billion. whichhaveasingle vote. BY SARAH E. NEEDLEMAN Zoom Video Communica- areconsistent with the Yu- TheCovid-19 pandemic Born in China, Mr.Yuan “He converted ClassBto AND MICAH MAIDENBERG tions Inc.founder Eric Yuan ans’stypical estateplanning turned Zoom’s video-meeting worked as an engineer at Cisco ClassAtodothis so that transferred roughly 40% of his practices.” Thecompanydidn’t serviceintoahousehold name Systems Inc.beforeleaving to greatlyimpactshis voting GameStop Corp.’sboard ownership in the company he saywho nowcontrols the and the companyintoanin- start Zoom in 2011. He took it power,” said Ben Silverman, tapped Chewy Inc.co-founder runs, a stake valued at about shares. Mr. Yuan and his wife vestor darling.The company’s public in asplashyIPO in 2019 InsiderScore’sdirector of re- Ryan Cohen to lead acommit- $6 billion, afterZoom’sshares didn’t respond to requestsfor success landed the 51-year-old and likesome other tech found- search. Afterthe transactions, teededicated to transforming more than tripled last year. comment. entrepreneur on the Forbes ers kept outsizecontrol with the CEO’svoting powerappears the retailer. Thetransaction wasre- Mr.Yuan wasthe com- magazine list of billionaires, supervoting shares. to have declined to just short of Themovecomes as corded as two gifts of nearly pany’sbiggest shareholder and he wasnamed Time maga- Twotrustsbearing the 27%, InsiderScoreestimated. GameStopfaces pressuretode- nine million shares apiece, to with a15% stakeinthe value zine’sBusinessperson of the namesofMr. Yuan and his —Jim Oberman liverresultsthat measureupto unspecified recipientsand of the companyand about Year in December. wife—and forwhich the couple contributed to this article. itsrecently inflated shareprice that wasdriven up by online trading mobs. GameStopsaid Mondaythat Market’s Cooling Off TestsStarStock Picker the newStrategic Planning and Capital Allocation Committee will be led by Mr.Cohen, who last year bought alarge stake BY MICHAEL WURSTHORN 30% Share-priceand Shortinterestasapercentage in GameStop and began push- indexperformance of ETFsharesoutstanding* ing the companytorevampits Thestock market’sswift businessmodel.Heisjoined on turn againsttechnologyand 25 10% the newcommitteebyAlan At- other growth stocks has tal, Chewy’s former topopera- handed star stockpicker 8 tions executive, and Kurt Wolf, Cathie Wood and her firm, 20 ARK Genomic an executiveatinvestment firm ARK Investment Manage- 6 Revolution ETF Hestia Capital Management ment LLC,their toughest test LLC who also has been agitat- yet. 15 4 ing forchangeatGameStop. Thefirm’sfiveexchange- Thecommitteewill “con- ARKInnovation ETF traded funds all have declined 2 PleaseturntopageB4 morethan 23% sinceearly 10 February, stung by asharp 0 rise in government-bond Jan. 2021 Feb. March yields.The flagship ARK Inno- 5 Tegna vation ETFhas suffered the steepest declines,falling 31% S&P500 from itsFeb.16high. In com- 0 Board parison, the Nasdaq Compos- ARK Autonomous Technology &Robotics ETF iteIndexhas dropped more ARK Fintech Innovation ETF than 10% over the same pe- –5 Nominee riod. ARK Next Generation Internet ETF Knownas“Mamma Cathie” by individual investorson–10 Withdraws Reddit’sWallStreetBetsforum, ARK Innovation ETF Ms. Wood touts in videos and ARK Genomic Revolution ETF BY LILLIAN RIZZO podcasts her strategyofin- –15 vesting in what she calls dis- Jan. 2021 Feb. March Acandidatefor broadcaster ruptivecompanies—ones that Tegna Inc.’sboardhas with- she contends aredestined to drawnhis nomination, citing changethe world and grow Percentage of stocks ownedbyARK Investment Management thathavefallen andrisen overpastmonth vs.the S&P500† potential conflictsofinterest tremendously.Her betsrange ARK InvestmentManagement andanincident that he says from investor favorites like demonstrated cultural insensi- Apple Inc.and Tesla Inc.to FALLEN 88.4%11.6% RISEN tivity by the company’schief pandemic winnerssuch as S&P500 executive. Roku Inc.and Square Inc.to Adonis Hoffman,amedia at- little-known 3D-printing firm 41.2%58.8% torney,consultant and former StratasysLtd.and Israeli ther- official at the Federal Commu- apeutics company Compugen Sources: FactSet (performance); S3 Partners (short interest); the company(holdings)*Data as of March 5†ARK holdings data as of March 5; prices as of Monday nications Commission, indi- Ltd. catedonMarch 3that he would Those gambles paid off higher andinvestorsaban- added. short positions to bet that ARK took sizable positions no longer be acandidatefor handsomely last year,when doned the growth trade en “I think that’sbeen part of ARK’sfunds and some of its in manycompanies that were the board, according to astate- Tesla jumped morethan 700%, masse. the reason forARK’ssetback,” holdings will decline further. considered winnersduring ment from him that wassent to Squareadded 325% and Roku Speaking on CNBC Monday Ms.Wood said. Of the 164 stocks held much of the Covid-19 pan- the Tegna board. rose nearly 150%, helping afternoon, Ms.Wood added Among the factorscom- acrossARK’sfivefunds,145 demic last year.But anumber Mr.Hoffman said he may ARK’sETFsmorethan double. that thesharp rise in bond pounding the pain forARK are aredownoverthe past month, of the stocks held by ARK gen- have conflictsofinterest, since Ms.Wood earned wide ac- yields hasshaken up inves- aseries of highly concentrated according to daily holdings eratelittle or no profits, in- he serves as astrategic adviser claimasthe hottest stock tors,leading to “a lot of con- positions,including small data compiled by DowJones cluding Rokuand Teladoc to numerous companies,some picker on Wall Street, but her fusion and alittle bit of paral- companies in which Ms. Market Data. That is farworse Health Services Inc., as well as of which areTegna’sdirect star has fallen over the past ysis.” Arapid rotation into Wood’sfirm owns asignifi- than the S&P 500.Fewerthan electric-vehicle manufacturer competitorsorbusinesspart- two weeks as long-term inter- value stocks out of growth cant chunk of the stock.Bear- half of itsconstituentshave Workhorse Group Inc.and ners,according to his state- est ratessuddenly marched stocks isn’t helping,she ish investorsalso aretaking declined over the same period. PleaseturntopageB11 PleaseturntopageB2 Amazon-Backed INSIDE Return of Indoor Dining Also Deliveroo Plans IPO BringsUncertaintytoOwners

BYBEN DUMMETT record highs,London has S slipped behind, with astock BY HEATHER HADDON Deliveroo,backed by Ama- market heavily weighted to- PRES

zon.com Inc., took the first ward slower-growth banks and TED Ayear intothe pandemic, step on Monday to list on the resources companies. CIA restaurants’ wish is coming SO

London Stock Exchange, seek- Deliveroo plans to issue AS true:State and local govern-

ing to replicatethe stock-mar- dual-classshares that would EN/ mentsare allowing them to ketsuccess of U.S. rival Door- keep founder and Chief Execu- OW seat and servecustomersin-

Dash Inc.asthe pandemic tiveWill Shu in control for CLIFF doorsagain. But that comes fuels demand foronline food three years. That pavesthe with itsown challenges. deliveries. way for Deliveroo’s shares to FASHION Everystate in the country Theanticipated initial pub- qualifyfor inclusion in the Italy’s Agnelli nowpermitssome level of in- lic offering,detailed in afiling London Stock Exchange’sblue- family purchases door dining.Evenheavily re- Monday, would be one of the chip FTSE indexesfollowing strictivestatesincluding Michi- GES

highest-profile listingsthis theexpected approval later nearly aquarterof gan, Illinois and California are IMA year in the U.K. It is expected this year of new rules. Christian Louboutin. B3 reversing dine-in bans that ETTY

to value Deliveroo at around Deliverooand other food- were imposed latelast year to /G $10 billion, according to peo- delivery companies in Europe trytocurb asurge in coronavi- HEINS

ple familiar with the mat- and the U.S. areexperiencing a ruscases. T OT

ter. Thefiling didn’t disclose surge in businessashome- Some restaurant operators SC howmuch the companyin- bound consumers, tired of pre- said thenew uncertainties rep- A diner in New York City, where restaurants have reopened. tends to raise. paring home-cooked meals,or- resent another daunting phase Operators are unsure how much food to buy or staff to retain. Deliveroo, whose delivery der in. Last year,Deliveroo’s of thepandemic,and one they bikes arealmost as common a net revenue surged54% to can’t foresee ending soon. Those Science. About 37% of consum- food ordering and staffing. sightonthe streetsofLondon £1.2 billion, equivalent to whose businesses survived the ersplanned to dine in a “I feel likeI’m ayo-yo,” said as the city’s black cabs and around $1.7billion. Mean- past year said they arestrug- restaurant in the following Mr.Foss, whose personal sav- double-deckerbuses,counts while,the company’slossnar- gling to predict howmanypa- week,roughly equal to levels ingsare tied to the restaurant. Uber Technologies Inc.’sUber rowed to £223.7 million from trons will come back,and how measured during the fall, the “I don’t think I’m going to feel Eats and Just Eat Takeaway £317. 3 million. fast. They also have no template late Februarysurvey found. likemyfeet areonsolid ground NV among its competitors. The company is betting on forhow much food to buy,staff Chicagorestaurant EL Ideas forayear.”

Deliveroo’s listing will be a that revenue growth generat- IONQ to retain and which pandemic- reopened forindoor dining on Forthe independent opera- test case for coming changes ing market interest in the of- related changes to keep. Valentine’sDay weekend, and tors who runthe majority of to London’sstock market list- fering following strong inves- COMPUTING Manycustomersremain hes- the robust businesssurprised U.S. restaurants, navigating a ing rules,that aremeant to tordemand forDoorDash’s Startup IonQ plans its itant: 53% of Americans are co-owner Phillip Foss.Soon af- reopening is oftenanerve-rack- help the London Stock Ex- IPOlatelast year.Ahead of stock-market debut comfortable with the prospect ter, sales slumped again. For ing process, ownerssaid. changebettercompeteagainst that issue, the San Francisco- of eatingatarestaurant now, Michelin-starred EL,which now Smaller chains and stand-alone New York and Hong Kong for based companyreported its through a$2billion while the rest said they needed also has aside businessofbar- eateries typically have a tech IPOs.Asbig tech has revenue morethan tripled in SPAC deal. B5 moretime,according to con- becue to go, the unpredictabil- smaller financial cushion com- driven U.S. stock marketsto PleaseturntopageB4 sumer polling firm Civic- ity complicates menu planning, PleaseturntopageB2 P2JW068000-4-B00200-17FFFF5178F

B2 | Tuesday, March 9, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Exelon...... B12 N AerCap...... A1,B12 EXOR...... B3 Netflix...... A1 Amazon.com...... B12 F NRG Energy...... A8,B12 American Airlines...... B3 Facebook...... A1,B4 O Apax Partners...... B10 Finxera...... B5 Oracle...... B12 Aphria...... B12 FirstEnergy...... B5 P Apollo Global...... A1,A2 G Apple...... B1 Pfizer...... A6 ARK Investment GameStop...... B1,B11 Ping An Insurance....B11 Management...... B1 GAM...... A2 Priority Technology.....B5 Athene...... A1,A2 General Atlantic...... A2 General Electric...A1,B12 S B Genie Energy...... A8 Shang Xia...... B3 Beam Therapeutics...B11 Grant Thornton U.K....A2 Sleep Number...... B3 BioNTech...... A6 Greenoaks Capital Snap...... B4 Brazos Electric Power Management...... B4 Snap-On...... B5 Cooperative...... B12 Greensill Capital...... A1 SoftBank...... A1 C Green Thumb Industries Square...... B1 Calpine...... B12 ...... B12 T Canopy Growth...... B12 H - I Tegna...... B1 Christian Louboutin....B3 Hermès...... B3 Tiffany...... B3 Christie's...... B10 IonQ...... B5 Tilray...... B12 JOURNAL Cisco Systems...... B3 J Trulieve Cannabis.....B12 Compugen...... B1 Twitter...... B4,B10 REET Container Store...... B3 Johnson & Johnson....A6 ST

Just Energy...... B12 Two Headed Dog...... B2 LL Cresco Labs...... B12 Tyson Foods...... B2 Cronos...... B12 K WA U - V

Curaleaf...... B12 Kering...... B3 THE D Kweichow Moutai.....B11 United Airlines...... B3 R L Van Haren...... B3 FO Dealer-FX...... B5 Vistra Energy...... B12 Delta Air Lines...... B3 La-Z-Boy...... B3 UNG Dine Brands Global.....B2 Louis Dreyfus...... B2 W YO Discord...... B4 LVMH...... B3 Workhorse...... B11 NA dMY Technology Group M Wuliangye Yibin...... B11 RA III...... B5 A Tyson Foods worker uses a robot to package and track poultry at a plant. Warehouse inventory can be checked by smartphone. Macquarie...... B12 Y - Z E McAfee...... B4 Yves Saint Laurent.....B3 EL Ideas...... B1 Microsoft...... B12 Zoom Video Evolv Technology...... A2 Moderna...... A6 Communications..B1,B3 Poultry Trading Enters Digital Age

BY JULIA-AMBRA VERLAINE market order forchicken, sales- poultryand digital platforms noticed that the componentsin INDEX TO PEOPLE people need to call warehouses forsales teams to identifycon- abreakfast sandwich took many Ashley Honey spent his ca- acrossthe country. Improving sumption trends.Employees different stops to gettome,” A Foss, Phillip...... B1 Prabhu, Aneesh...... B12 reer surrounded by glowing the technologycould ultimately arealso nowequipped with said Mr.Spradley.“Thousands Attal, Alan...... B1 G R screens,swinging hundreds of bringdownthe cost of process- datathey canlook up on smart- of milesare involved bringing B Greensill, Lex...... A2 Rowan, Marc...... A1 millions of euros or yenaround ing and distributing food across phones that gives updates on together ingredientsand pack- Belardi, James...... A4 H S the globe at akeystroke. the country. warehouse inventory, transpor- agingfor one of our breakfast Black, Leon...... A1 Nowheislooking to deploy Tyson is tackling this by de- tation and even animal welfare. sandwiches.Ifwecan reduce Honey, Ashley...... B1 Silverman, Ben...... B1,3 Burleson, Lindsay RaeB2 Shmulik, Mark...... B4 those cutting-edgetools on an- ploying technologythat in- “Twoyearsago when Iwas that mileageusing technology I C Shu, Will...... B1 other asset class: chicken parts. cludes robotic arms to package preparing foraboardmeeting I then costswould come down.” Immelt, Jeff...... B12 Citron, Jason...... B4 Staudt, Tom...... B1 If Mr.Honey has his way,the Clinton, Doug...... B4 K T multibillion-dollar market for Cohen, Ryan...... B1 Kartholl, William...... B11 Tsai, Robin...... B11 poultryand meat will soon join Culp, Larry...... B12 Kashner, Elisabeth....B11 W the electronic revolution that D Kelly, Aengus...... B12 Wladis, Jeremy...... B2 shiftedfinancial marketsfrom Dalton, Jack...... A2 Kerr, Derek...... B3 Wood, Cathie...... B1 crowded pitsoftradersonto de Masi, Niccolo...... B5 L - P Y stacks of humming servers. In F Landau, Wayne...... A2 Yuan, Eric...... B1 charge of strategyand partner- Flannery, John...... B12 Peyton, John...... B2 Yu, David...... B12 ships acrossthe Americas at NewZealand-based Nui, which builds electronic trading plat- ended Feb. 21 compared with forms fortrading dairyand Indoor thecorresponding week last meat, he aims to take market year,according to industry-re- sharefromfood-product giants search firm NPD Group. such as Interrabyautomating Dining Has As of this week,22states thetrading of everything from areletting restaurantsoperate primerib to pigs’ ears. at full capacity,according to Foragricultural giantslike Challenges the Restaurant Association. San TysonFoods Inc., moving mil- Franciscorestored limited in- lions of pounds daily of meat and door dining last week forthe poultryproductsfromfarmersto ContinuedfrompageB1 firsttime sinceNovember. vendorsworld-wide still requires pared with big chains,opera- Texas,the statewith the sec- phone calls,spreadsheetsand tors said. Small operatorstend ond-most restaurantsand bars personal relationships with mid- to have lessleverageintheir in the countryafter California, dlemen who take acut. Broker supply contractsand can’t is removing all occupancyre- fees canadd up,and it is hardto spread their financial burdens strictions and allowing custom- getreliable up-to-the-minute acrossmultiple locations. erstoforgo mask requirements. pricing information. Unlikeother “It’sout the window, the idea Some epidemiologistshave markets, inventoryand supply of projecting your sales,” said said restaurant capacity limits aren’t available on acentralized LindsayRae Burleson,co-owner arebeing liftedtoo fast, too database. of the TwoHeaded Dog,abar soon. Federal officials also have ScottSpradley,chief tech- andrestaurant in Houston. cautioned against removing cor- nologyofficer at Tyson, the To survivelimitsonindoor onavirus-related restrictions too second-largest processor of dining,some ownerssunk quickly,asvirus variantscircu- chicken, beef and pork in the thousands of dollarsintoto-go lateand signs suggest that prog- U.S.,said large transactions operations, outdoor patios and ress has leveled off.Last week, with some partnersstill require other means of selling.Owners researcherswith the U.S. Cen- afax machine.Tofill asuper- The Professional’s aredebating what to keep as ters forDisease Control and Pre- they trytounderstand custom- vention reported that counties ers’ mind-sets. that allowedon-siterestaurant TheRestaurant Group, dining had arise in Covid-19 Tegna Gateway to the owner of NewYork City,Wash- cases and deaths in the weeks ington, D.C.,and North Carolina afterward. Limiting in-person eateries,isjuggling aspectrum dining and mandating masks can Nominee of services,including limited help reducevirus transmission indoor dining,patioserviceand and deaths,researcherssaid. World’sMarkets to-gosales across10of11res- While indoor-dining restric- Withdraws taurantsstill operating.Owner tions benefited some fast-food Jeremy Wladis is also running chains’ to-gobusiness, many two dozenonline-only brands casual-dining restaurant com- ContinuedfrompageB1 startedout of the company’s panies experienced losses,de- ment, acopy of which wasre- kitchens to trytostayafloat spitebeefing up their own viewedbyThe Wall Street during the pandemic. takeout options. Journal. Starting at $0 Commissions “It’schaos,” said Mr.Wladis, Some restaurant operators Mr.Hoffman, who is Black, who said he has tried to keep believethey canoperatesafely also said in thestatement that 1 his staff employedevenwhen and said that manycustomers he wasdisturbed by an interac- on US listed stocksand ETFs hourshavebeen unpredictable. have returned when they tion in 2014with Tegna CEO “Everytime youthink you opened their doors. Dave Lougee.The men were knowsomething,itchanges.” John Peyton,chief executive seated at the same table at an RestaurateurslikeMessrs. of Dine Brands Global Inc., industryevent and spokeover Wladis and Foss said they real- said the Applebee’sparent is lunch. Afterward, Mr.Lougee izethey arefortunatetostill confident in itsability to keep mistookMr. Hoffman forava- have businesses to run. U.S. res- customersand workerssafe, let, offending Mr.Hoffman. At taurantsand barshavelost bil- and that the return of indoor the time of the incident, Mr. lions of dollarsinsales during dining is crucial. When astate Lougee waspresident of Gan- the pandemic because of the has increased indoor-dining ca- nett Co.’sbroadcasting unit, dine-in restrictions,asconsum- pacity,the improvement to the which waslater renamed ersspent moreatsupermarkets company’ssales is almost im- Tegna. and ateathome.Morethan mediate, he said. “I have serious concerns 110,000 restaurantsand bars “We’vebeen planning for whetherLougee and Icould closed forgood or temporarily the return to our restaurants function as colleagues at Tegna last year,according to the Na- formonths,” Mr.Peytonsaid. or affordeach other the level of tional Restaurant Association. Reopeningshaven’t always professional comity and respect Ordersatsit-down chains translated intoacompletere- required of awell-functioning were 37% lowerinthe week boundfor restaurants. board,” Mr.Hoffman said in the In Florida, which allowed statement that went to Tegna’s Arecentsurveyshows restaurantstoreturn to full oc- board. In an email to Tegna consumersare going back to cupancyinSeptember,several employees on Monday, which a restaurants. chain ownerssaid sales have Tegna spokesman provided ibkr.com/prof bounced back.But statewide when askedfor comment on Sharethatplans to eatata restaurant reservations remain the matter, restaurant in the next week roughly 20% lowerthan the Mr.Lougee described and 40% previous year,according to on- took responsibility forthe inci- Feb. 28 line booking siteOpenTable, dent.“Mr.Hoffman wasunder- 39% andrestaurant operatorssaid standably offended and upset. I 30 tourist centerssuch as Orlando immediately apologized to him aresluggish. and felt terrible,” Mr.Lougee Ms.Burleson, the Houston wrote. “I don’t condone racism Interactive Brokers Rated #1 ... Again 20 barowner,isfor nowkeeping of anykind, Itakefull responsi- Best Online Broker 2021 by Barron’s* capacity at 50% to help custom- bility forthis mistake, and am 10 ersand workersfeel safe. Ms. truly sorryfor the pain I Burleson has takenonodd jobs caused Mr.Hoffman.” to trytoget by until the sum- Mr.Hoffman waspart of a Member -NYSE, FINRA, SIPC -*Interactive Brokers rated #1, Best Online Broker according to 0 mer,when she hopes sales will slateoffour directorsnomi- Barron’s Best Online Brokers Survey of 2021: February 26, 2021. For more information see,ibkr.com/ improve. Her entiresavings nated in JanuarybyStandard info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. [1] IBKR Lite provides commission- 2020 ’21 free trades in US exchange-listed stocksand ETFs routed to select market makers. IBKR may charge have gone intokeeping her es- General LP.The hedgefund, non-commission related fees. For more information, see ibkr.com/liteinfo Note:Dataare based on online polls with a tablishment alive, she said. which has a9%stake in Tegna, 03-IB21-1442CH1433 minimum of 2,500 responses per week. Margin of error: +/-1percentage point. “Ifthis goes away,all Ihave is waging aproxybattlewith Source:CivicScience is adog,” Ms.Burleson said. thebroadcaster. P2JW068000-0-B00300-1------NS

THE WALL STREET JOURNAL. NY Tuesday, March 9, 2021 | B3 BUSINESS NEWS Recycler American Borrows on Flier Club CarbonLite Loyalty program used Filesfor as collateral to raise $7.5 billion to repay Chapter 11 federal pandemic loan

BY ALEXANDER GLADSTONE BY MICAH MAIDENBERG

CarbonLite Holdings LLC, American Airlines Group which bills itself as the world’s Inc. said it would raise $7.5 largest plastic bottle recycler, billion backed by itsfrequent- sought bankruptcy protection flier program to repay a loan

Monday, citing disruption that the carrier took out from S stemming from the coronavi- the federal government after PRES rus pandemic. the coronavirus pandemic dec-

CarbonLitefiled achapter 11 imated air travel. ZUMA petition in the U.S. Bankruptcy Theairline on Mondaysaid Court in Delaware,covering it would issue $5 billion in the company’smain facility in notes and seek a$2.5billion TRIBUNE/ Riverside,Calif., and other re- term loan backed by AAdvan- GO

cycling plantsinTexas and tage,its loyalty initiativefor CHICA

Pennsylvania that supply ma- customers, to securethe KIM/ jor beveragemakerslikeCoca- funds. Both DeltaAir Lines J.

Cola Co., Nestle Waters North Inc.and United Airlines Hold- JOHN AmericaInc.and PepsiCo. ings Inc.also have tapped An American Airlines counter at O’Hare airport in Chicago. Frequent-flier programs offer cash flow separate from ticket sales. Thebankruptcy petition their respectivefrequent-flier listed $50million and $100 programs to land financing. stand to benefit from every ing won’t add to the airline’s poned vacations and other lei- decide our liquidity needs for million of estimated liabilities Carriershavefound the rel- swipe of aco-branded card, debt but will replacea$7. 5 suretrips. U.S. carriershad the year based on the pace of andbetween $10 million and atively stable cash flows that whether customersare buying billion secured loan it had their worstyear ever in 2020, the recovery as well as to $50 million of estimated assets. their frequent-flier programs plane tickets or clothing. Air- takenout from the govern- forcing them to build up cash evaluatealternatives to draw- CarbonLitesaid the bring in to be arich source of lines have said this revenue ment underthe Cares Act. while waiting forarecoveryin ing” from that facility,hesaid Covid-19 pandemic temporar- collateral for financing. has held up better than ticket American had drawn$550 demand. then. ily slowedproduction because Airlines mainly earn money salesastraveldemand dried million under that loan, the DerekKerr, American’sfi- Last June,United said it of employeeillness, and from frequent-flier programs up last year. companysaid in January. nancechief,said in January would borrow $6.8 billion us- caused a nine-month delay in by selling miles to banks and American said it would use Airlines have been among the carrier had recently ex- ing itsfrequent-flier program. openingthe Pennsylvania fa- retailersthat then award them the financing it expectsto the businesses hit hardest by tended the final draw datefor DeltainSeptember announced cility because of travel restric- to customers who sign up for raise to payback funds it the spread of the coronavirus, the Cares Act loan from late that it would raise $9 billion tions that made it difficult to credit cardsand makepur- borrowedfromthe Treasury as companies slashed work-re- March to lateMay.“This ex- secured by SkyMiles,its loy- obtain certain equipment. chases.That means airlines Department. Thenew financ- lated travel and people post- tension gives us more time to alty initiative. Founded by plastics entre- preneurLeon Farahnik,Car- bonLite claims to be the larg- est producer of food-grade CompaniesFeel PressureFromRising Costs recycled plastic in the world, recycling morethan seven bil- lion plastic bottles a year. BY KRISTIN BROUGHTON also have increased due to ergy market data firm. Container Storeisweighing Thecompanyhas contracts “We’ve chosen to take this surging online ordersand Jeff Miller, the chief finan- whether to raise prices on in place that delay the timing necessarystepduring atime Consumers could expect to shortages in shipping contain- cial officer of Container Store some of itsproducts, Mr. of when itsfoam supplierscan of unprecedentedchallenge see prices on goods from mat- ers. Group Inc. which sells plastic Miller said. “It’salways on the passonhigher input prices. and expect to emerge from re- tresses to storagecontainers Costsfor some petrochemi- storageboxesand other home- table,” Mr.Miller said. The But the company nonetheless organization even more increase as finance chiefs try cals,which areused forcon- organization tools,said the companysaid it could also ne- expects to feel an impact, Mr. strongly positioned forthe fu- to offset higher costs for raw sumer goods such as medical rising cost of polypropylene gotiatewith itsvendorsorad- Callen said. ture,” Mr.Farahnik said in a materials. equipment and mattressfoam, could put pressure on the re- just itssourcing to compen- La-Z-Boy Inc., the Monroe, statement. Companiesacrossarange began to increase in late2020 tailer’s grossmargin. That fig- sate for the higher costs. Mich.-based furniturecompany, Thecompany’stop unse- of industries aregrappling andwent higher afterproduc- ureonaconsolidated basis fell Sleep Number Corp., the began raising prices by low- to cured creditorsare trade ven- with higher prices forcom- erstemporarily shut down op- 90 basis pointsto57.9% in the Minneapolis-basedmattress mid-single digit percentages on dorsand utilities,with Nestle modities such as lumber and erations during the recent thirdquarter ended Dec.26 seller, has already decided to newfurnitureordersinOcto- Waters North Americaowed steel, whichare rising in re- winter freeze in Texas. Prices compared with a year earlier, increase prices this year to ber, said CFOMelinda Whit- $27.2 million and NiagaraBot- sponse to greater demand forpolypropylene,atype of due in part to higher shipping offset the higher cost of cer- tington. Ms.Whittington, who tling LLC owed $20.4 million. from consumers who are plastic, have surged 22% over costs. Sales rose 20% during tain chemicals,financechief will take over as chief executive Thelaw firm Pachulski spending more money for ap- the past month in the spot the thirdquarter to $275.5 DavidCallen said. “Wehave in April, said the increases Stang Ziehl &Jones LLP is pliances,carsortoremodel market, to $2,398 per metric million, driven by the home- not put them in placejust yet, were made in response to bankruptcy counsel forCar- their homes. tonasofMarch 5, according improvement boom spurred by but we will definitely be doing higher prices on chemicals, bonLite. Freight and shipping costs to S&P Global Platts,anen- the pandemic. that,” Mr. Callen said. wood and steel. S NEW G OOMBER LAINE/BL THAN NA Christian Louboutin wedge high heels in Paris. The luxury shoe brand is known for its red soles. Italy’s Agnelli Family Buys 24% of Christian Louboutin

BY MATTHEW DALTON clientele that included ac- block Yves Saint Laurent tresses SarahJessicaParker from selling amonochrome PARIS—Christian Loubou- and Gwyneth Paltrow. red shoe. tin,the high-pricestiletto The investment is the first TheEuropean Court of Jus- brand known forits shoes’ red time apublic valuation has ticeruled in 2018 that the soles,isselling a24% staketo been attached to Christian color could be protected in the an investment firm controlled Louboutin, showing it is as European Union. That decision by Italy’s Agnelli family,ina one of the biggest high-end led to aDutch court ruling deal that values the French brands that has yettobe that the shoemaker Van companyat€2.3billion, equiv- scooped up by luxurycon- Haren couldn’t makeared- alent to $2.73 billion. glomerates such as LVMH soled shoe. Exor NV, controlled by the MoëtHennessy Louis Vuitton Theinvestment comes as heirsofindustrial magnateGi- SE or Kering SA,the parent of Exor has sought to use its ex- anni Agnelli,will pay€541 mil- Gucci. LVMH earlier this year pertise in Ferrari and Mr. El- lion for the stake in Christian sealed the biggest deal ever in kann’s connections to expand Louboutin, the two companies the luxuryindustrywith its in luxury goods. In December, said Monday. Thebrand is $15.8 billion purchase of Exor and Hermès, the French basedinParis and has 150 American jeweler Tiffany& luxuryhandbag company, boutiques around the world. Co. jointly invested in Shang Xia, Thedeal gives one of the “I have admired over the aChinese luxury-goods com- most recognized names in lux- yearsChristian’stalent in cre- pany. Exor invested €80 mil- uryfootwear an infusion of ating oneofthe world’sgreat, lion as part of the deal. capital to expand itsopera- independent global luxury tions,particularly in China. brands,” Mr. Elkann said. Announcement of Bidding ForExor, the investment is Christian Louboutin has ex- The MilitaryPolice of the State of São Paulo, part of a push to grow in lux- panded over the yearsinto Brazil, announces to the companies concerned in this area of activity,the opening of ury goods, a spokesman said. other product categories rang- INTERNATIONAL TRADING SESSIONS WITH The firm, led by John Elkann, ing from menswear to hand- PRESENTIAL ATTENDANCE, the type lowest agrandson of Mr.Agnelli, is bags. But the brand’s soul re- price,toREGISTER PRICE forthe Mobile Transceivers,Single Band VHF,P25 (APCO also the controlling share- mains itsred sole.As Project 25) standard -Phase 1and Phase 2, holder of luxury sports-car Christian Louboutin has according to the TECHNICAL SPECIFICATIONS companyFerrari NV.Exor’s grown, it has wagedlegal bat- described in the public notice.The attendance meeting of the public bidding will takeplace at biggest holding is autogiant tles to protect itsdistinctive 09h10 AM (LOCAL TIME) on March 22, 2021, at Stellantis NV,which owns Fiat color from imitators. AU.S. Cruzeiro do Sul Avenue,260, (DTIC) Canindé, and Peugeot among other federal appeals court ruled in São Paulo /SP-Brazil.The official announcement and our attachments are available to interested brands. 2012 that the company was parties,without charge on the websites: Franco-Egyptian designer entitled to trademark protec- or by request Christian Louboutin founded tion for the color—which the by e-mail: ; Phone Number:(+55)11-3327-4307 /3327-4301. his eponymous brand in Paris brand calls China Red—if it is VLADIMIR GOULARTDECARVALHO in 1991 with a small salon. He used just on the sole. But the Captain Chief of Tenders and quickly attractedacelebrity court rejected an effort to Contracts Section P2JW068000-4-B00400-1------NS

B4 | Tuesday, March 9, 2021 NY **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Chat Startup Steers Clear of Ads McAfee To Sell Revenue soars at ing ads to the whole customer base,” said Doug Clinton,man- Discordwith its aging partner at investment Enterprise monthly user base and research firm Loup Ven- tures. “It’sriskytorely on reaching 140 million keeping consumerspaying Security over long periods of time,but BY SARAH E. NEEDLEMAN beautiful if it works.” Othercommunication plat- Business Chat startup Discord Inc. forms,such as Signal Messen- rode asurge in popularity to gerLLC andFacebook’s BY MICAH MAIDENBERG soaring revenue and alofty WhatsApp,also don’t mone- valuation despitelacking the tizethrough ads.Signal is a McAfee Corp.said it would one thing found on most suc- nonprofit that relies on dona- sell itscybersecurity business cessfulsocial-networking plat- UNCH tions.Facebook planned to in- forcompanies for$4billion in

forms: advertising.Its chief CHCR troduce ads to WhatsApp last cash as it looks to focus on TE

executivesays don’t expect R year but reversed course. consumer needs fordigital se- that to change. FO Discorddoubled itsvalua- curity.

Discordnearly tripled its GES tion in December to $7 billion Agroup led by Symphony

revenue last year solely by IMA afterraising $100 million in a TechnologyGroup,aprivate- selling subscription access to funding round led by venture- equity firm focused on soft- exclusiveperks forusers. By GETTY capital firm Greenoaks Capi- ware providers, will purchase contrast, the companies be- tal, which already was an in- the unit, McAfeesaid in a WHITE/

hind otherfreeonline hang- Y vestor in the company. Overall, statement on Monday. outs—including Facebook Inc., Discordraised roughly $480 Theenterprise-security

Twitter Inc.and Snap Inc.— KIMBERL million, according to Crunch- businessgenerated about primarily sell targeted ads CEO Jason Citron says Discord balked at its peers’ ad model because ads would be too intrusive. base data. Mr.Citron said he $1.35billion in revenue for builtaround sharing users’ isn’t thinking about taking the McAfee’s2020 fiscal year, personal information. Average time spent in January U.S. monthly visitsonDiscord catedtotopics such as house company public right now. roughly flat year over year,ac- In an interview, Discordco- on social networks per U.S. via desktop and mobile web plantsorcryptocurrency. They Most Discordserversare cording to a filing. founder and CEO Jason Citron, adult user canchat by text, audioor private, whereas other social Based on itslast fiscal 36 yearsold, said the company 700 million video,and most of Discord’s platforms feature mainly public year,the companywill shed balked at the ad model favored serversare invite-only.Users dialogue.Though Discordis about46% of revenue when Facebook 15 hours, 44 mins. by itspeersbecause ads would 600 canopt to pay$9.99 monthly primarily forconsumers, some the sale is complete. Roughly be toointrusive. People use Dis- or $99.99annually forNitro, a businesses have set up servers two-thirds of the company’s cord to hold conversations in 500 subscription that provides to sharenewsand provide cus- 6,900 employees work forthe real time,hesaid, as opposed Discord 4hours, 41 mins. perks such as special emojis tomer support, as well as for enterprise unit, Chief Finan- to passively reading,making or 400 and enhanced video resolution. their employees to communi- cial Officer Venkat Bhamidi- commenting on posts. He said Mr.Citron said Discord cate with each other. pati said. Twitter 2hours, 20 mins. he thinks consumersdislike 300 plans to continue to lean on Discordistesting morepaid Shares of McAfeejumped ads and don’t want their data itsbase of devoted usersto features, including original 13% on Monday to $23.87. shared with brands. 200 help it become profitable as multiplayergames and digital Thecybersecurity deal is 1hour, 42 mins. “Wereally believewecan Snapchat vaccines roll out and virus re- stickers. expected to generateaspecial build productsthat makeDis- 100 strictions lift. Userswill often Likeother social platforms, dividend of $4.50 ashareand cord morefun and that people buy Nitrosubscriptions forthe moderation challenges loom, reducethe company’sdebt by will payfor them. It keeps our Reddit 1hour, 19 mins. 0 serversthey belong to as a and the companyhas struggled $1 billion. incentives aligned,” he said. Jan. way to showsupport, he said, at timestorein in bad actors, TheSan Jose,Calif.-based Forastartup likeDiscord, 2020 adding: “It’salmost likegiving as it doesn’t monitor users’ companyhas shiftedits strat- trying to monetizethrough ads Sources: VertoAnalytics (social time spent); SimilarWeb (monthly visits) your friends agroup hug or conversations.“Privacyisbuilt egytoconcentrateonoffering would be difficult, analyst Mark taking them out to lunch.” intoour product from the security productsfor consum- Shmulik with AB Bernstein robust alternativetoexisting year,the companygenerated Subscription-based busi- ground up,” Mr.Citron said. ers, McAfeesaid. Thecon- said. “You’rethen competing options at the time.Discord’s $130 millioninrevenue,up ness models are attractive to Discorduses acombination sumer businessproduced with the big incumbentsin appeal expanded to include from nearly $45 million in 2019, tech investors, analystssay, of machine learning, employ- around $1.56 billion in revenue Google,Facebook and the other groups of high-schoolersdoing according to aperson familiar because they canprovide con- ees and volunteer moderators in the company’s most recent social platforms foraddollars homework together,friends with the company’sfinances. sistent, and thus predictable, to weed out behaviorsthat vi- fiscal year.That is up from and that’snoeasy task,” he watching amovie over ashared Still, Discordsaid it isn’t revenue.But the strategyis olateits rules of conduct. A $1.3 billion during the year said. “It is aheavy lift.” screen and individual investors profitable.The majority of its dependent on usersliking a trust and safety team of about earlier. SanFrancisco-based Discord from Reddit Inc.’sWallStreet- growth has been through platform enough to commit to 45 staffers, or 15% of Discord’s McAfeesaid in itslatestan- gotits start in 2015 as aplat- Bets community,which gained word-of-mouth, though in re- recurring paymentsfor ser- totalworkforce,proactively nual report that itspersonal form that made it easy forvid- notoriety due to itsrole in the cent months the companysaid vices or products. seeks out efforts by people to protection serviceoffersfami- eogame enthusiaststochat GameStopfrenzy. it has invested in promoting “You’re banking on making form serversthat wouldn’t be lies and individual consumers while playing online games to- Discordsaid it has doubled itself to college students. morerevenue from asmall welcome on itsplatform. “We private and safe wireless ser- gether.Mr. Citron, an avid itsmonthly user base to about Discordusersform groups subset of passionate custom- have zero tolerancefor hate vices,identity production and gamer and game developer, 140million as daily lifemoved called serversthat consist of erswilling to payfor the prod- andonline extremism,” Mr. security related to their de- billed itstechnologyasamore online in the pandemic.Last friends or communities dedi- uct than youcould from show- Citron said. vices. Deliveroo Plans Its dog•ger•el Stock Debut

/'dôgrl/ ContinuedfrompageB1 the summer and fall from the noun year-earlier periods. DoorDash went public in

I’ve nevermet you, butIloveyou more THENATIONAL DISASTER December on the NewYork S Stock Exchangeand on the SEARCH DOG FOUNDATION PRES Than waveslovesanduponthe shore. Strengthening disaster response first day of trading its shares

in Americabyrescuingdogsand surged86% from the IPO price ZUMA AndsoI’llnever stop searchingfor you, to $189.51. Thestock has since N/ partnering them with first responders LO to save lives. Be Part of theSearch™ fallen to $133.41 as part of an VA That’s whyI’m here. overalldecline in technology /A today. Call (888)4K9-HERO, visit NG issues. If you’re ever trapped underrubble, SearchDogFoundation.org, or writeto TIN

SDF, 6800 Wheeler CanyonRoad, Deliveroo’s challengeis JUS Ipromise to findyou there. SantaPaula,CA93060. guarding against adropin Deliveroo delivery bikes are a common a sight on London streets. food-deliverydemand, assum- ing afull rollout of Covid-19 sion didn’t apply to itsUber the competition. Last year,the vaccines allows people to Eatsfood-deliverybusiness. U.K.’s Just Eat mergedwith gather freely again in public But labor activistssay it setsa Netherlands-based Take- places. potential precedent forothers away.com in a$11.1 billion Competition and potential in the U.K. who work forcom- deal. Then the newly created legal challenges to the em- panies in the gig economy, Just Eat Takeaway.com struck ployee model used by gig- whereapps distributeindivid- a$7. 3billion stock deal to buy economyoperatorscould also ual tasks to apool of people Grubhub Inc. in the U.S. threaten the company’sout- that the app makersregardas Astock-market listing of- look. independent contractors. fers Deliveroo an opportunity It operates in 12 markets To generatenew sourcesof to be an acquirer,some inves- across Europe,Asia and the revenue,Deliveroo has been tors have said. Asurging stock Middle East,whererestau- expanding itsnetwork of de- pricewould makeitcheaper rantsincluding BurgerKing, livery-only kitchens that res- for the company to buy rivals KFC and Taco Bell depend on taurantsuse to preparemeals by using its stock as currency itscouriers. Thecompany, forfood delivery. An Amazon- to fuel growth. however, in 2019 abandoned led investment in the company TheLondon-based startup the German market amid esca- of $575million last year is had a valuation of more than lating competition. partly funding that effort. The $7 billion, based on a private TheU.K.’stop court ruled companyalso deliversgrocer- fundraising in January. In ad- last month that agroup of for- ies forchains such as Aldi, dition to Amazon, existing mer Uber driverswereentitled Morrisons and Waitrose. shareholders include Durable to aminimum wage and other Food-deliverycompanies CapitalPartners LP and Fi- benefitswhile working forthe are seeking scale through ac- delity Management &Re- company. Uber said that deci- quisitions to gain an edgeover search Co. LLC.

roughly 10% stakeinGameStop GameStop’sstock skyrock- GameStop in November,urged the com- eted in Januarywhen an online panytoshiftaway from its community encouraged hordes bricks-and-mortar business of people to buy shares in it and Focuses on model and instead focus on e- other heavily shorted compa- commerce.Hejoined the board nies.While GameStop’sshares in January. have fallen sincecresting at Strategy Mr.Wolf has owned $483,it’sremained well above Delta GameStopshares since2012. In theroughly $17pricepoint it ActiveSearch Dog 2019,heteamed up with an- hadatthe start of the year. PhotographedbyShaina Fishman ContinuedfrompageB1 other investment firm to re- In recent yearsGameStop at SDF’sNational Training Center. tinue to focus on identifying ac- vamp GameStop’sboardand has struggled to turn aprofit in tions that cantransform booststock buybacks.Hewas the faceofmounting competi- GameStopintoatechnology elected to the boardlast year tion from online retailerssuch businessand help createendur- aftercriticizing the Grapevine, as Amazon.comInc., as well as ing value forstockholders,” the Texas,companyfor squander- changing consumer habits. companysaid. ing shareholders’ money. Afterreporting losses in five Messrs. Cohen and Wolf In another wild trading day of the past six quarters, have been pushing forchange forGameStop, itsshares GameStophas said it expectsto at the retailer forsome time. jumped 41%, or $56.76, to post aprofitfor the quarter Mr.Cohen, who disclosed a $194.50 on Monday. ended Jan. 30. P2JW068000-0-B00500-1------XA

THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | B5 BUSINESS NEWS

This announcement is neither an offertopurchasenor asolicitationofanoffer to sell Shares (as defined below). TheOffer (as defined below)ismadesolely pursuanttothe OffertoPurchase datedMarch 9, 2021 and therelatedLetterofTransmittal and anyamendments or supplementsthereto and is being madetoall holders of Shares.The Offerisnot being madeto, norwill tendersbeaccepted from or on behalf of,holders of Shares in anyU.S.orforeign jurisdictioninwhich themakingofthe Offeroracceptancethereof would notbeincompliance with thelawsofsuchjurisdiction. In thosejurisdictions wherethe applicable laws require that theOffer be madebyalicensedbroker or dealer,the Offerwillbedeemedtobe madeonbehalf of Purchaser(as defined below)byone or more registeredbrokersordealers licensed under thelawsofsuchjurisdictiontobedesignatedbyPurchaser. Notice of OffertoPurchasefor Cash AllOutstanding Shares of Class ACommonStock, Class BCommonStock andClass CCommonStock of Pluralsight, Inc. at $22.50 NetPer ShareofClassACommonStock IONQ CEOPeter Chapman wasdirector of engineering forAmazon Prime. $0.0001Net PerShare of ClassBCommonStock $0.0001Net PerShare of ClassCCommonStock StartupIonQ Plans by Lake Merger SubI,Inc. Its Public Debut awhollyowned subsidiaryof Lake Holdings,LP In $2 Billion SPAC alimited partnershipaffiliated with

BY SARA CASTELLANOS ing quantum [computing] VistaEquityPartnersFundVII,L.P. come out of the labs and get Quantum-computing into the digital economy.” Lake Merger SubI,Inc., aDelawarecorporation (“Purchaser”) andawhollyowned subsidiary of Lake Holdings,LP, aDelawarelimitedpartnership (“Parent I”), is offering to purchase startup IonQ Inc.plans to By 2023, 20% of global or- all outstandingshares of ClassAcommon stock, parvalue $0.0001per share(the“ClassACommon Stock”), of Pluralsight, Inc.,aDelawarecorporation (“Pluralsight”), ClassBcommon stock, parvalue $0.0001per share, of Pluralsight(“ClassBCommon Stock”)and ClassCcommon stock, parvalue $0.0001per share, of Pluralsight(“ClassCCommon Stock” andtogether merge with blank-check firm ganizations,including govern- with ClassACommon Stockand ClassBCommonStock,the “Shares”),atapurchaseprice of $22.50 per shareofClass ACommon Stock(the“ClassAOffer Price”), $0.0001per share dMY TechnologyGroup Inc. ments and companies, are ex- of ClassBCommon Stock(the“ClassBOffer Price”)and $0.0001per shareofClass CCommon Stock(the“ClassCOffer Price” andtogether with theClass AOffer Priceand theClass B III, which would makeitthe pected to budget forquantum- OfferPrice,orany higher amountsper sharethatmay be paid pursuanttothe Offer, the“OfferPrices”),ineachcase, net to thesellerincash, withoutinterest, andsubject to deductionfor anyrequired withholdingtaxes, uponthe termsand subject to theconditionsset forthinthe OffertoPurchasedated March9,2021(as it maybeamended or supplemented from timetotime, first publicly traded company computing projects, up from the“OffertoPurchase”)and in therelated letter of transmittal(as amendedorsupplemented from timetotime, the“Letter of Transmittal” andwhich,togetherwiththe OffertoPurchase, focused on commercializing lessthan 1% in 2018,according constitutesthe “Offer”). Parent Iisaffiliated with VistaEquityPartnersFundVII,L.P., aCaymanIslands exempted limitedpartnership.Tendering stockholders whose Shares areregistered in theirnames andwho tender directlytoPurchaser will notbecharged brokerage fees or similarexpenses on thesaleofShares forcashpursuanttothe Offer. Tenderingstockholderswhose quantum-computing hardware to Gartner. Shares areregisteredinthe name of theirbroker, bank or othernominee shouldconsult such nominee to determineifany fees mayapply. and software. If the deal goes through, CollegePark,Md.-based IonQ will have raised $734 THEOFFERAND WITHDRAWALRIGHTSWILLEXPIREATONE MINUTEAFTER 11:59P.M.,NEW YORK IonQ on Mondaysaid it in- million in funding sinceits CITY TIME,ATTHE ENDOFAPRIL 5, 2021,UNLESSTHE OFFERISEXTENDEDOREARLIER TERMINATED. tends to file paperwork in founding in 2015,including about aweek with the Securi- $300 million through its TheOffer is beingmadepursuanttothe Amended andRestatedAgreementand Plan of Merger,dated as of March7,2021(the“Merger Agreement”), by andamong Parent I, Lake Guarantor, LLC, aDelawarelimitedliability company (“Parent II”and together with Parent I, the“Parent Entities”),Purchaser,LakeMergerSub II,LLC,aDelawarelimitedliability ties and ExchangeCommission planned mergerwith dMY company andwhollyowned subsidiary of Parent II (“Merger SubII” andtogether with theParentEntitiesand Merger SubI,the “Buyer Parties”), Pluralsight, andPluralsight Holdings,LLC,a to go public on the New York TechnologyIII and another Delaware limitedliability company andsubsidiaryofPluralsight,pursuanttowhich,following theconsummationofthe Offerand thesatisfactionorwaiverofeachofthe applicable conditions Stock Exchangethrough aspe- $350 million in privateinvest- setforth in theMergerAgreement, (a)Purchaser will mergewithand into Pluralsight(the“Company Merger”),withPluralsight continuing as thesurviving corporationinthe Company Merger and(b) Merger SubIIwill mergewithand into Holdings (the “Holdings Merger”and together with theCompany Merger,the “Mergers”),withHoldings continuing as thesurviving company in cial-purpose acquisition com- ment funding from Hyundai theHoldings Merger.Asaresult of theCompany Merger,eachissued andoutstandingShare (other than Shares held by Pluralsightorthe BuyerParties or anywhollyowned subsidiary thereof, panydeal valuing the com- MotorCo.;Breakthrough En- or anystockholderswho have properly exercised theirappraisal rights underSection 262ofthe Delaware GeneralCorporation Law(the“DGCL”))will,byvirtueofthe Company Merger bined entity at about $2 ergy Ventures, an investment andwithout anyactiononthe part of theholderthereof,becanceledand convertedintothe righttoreceive an amount in cash equaltothe applicable OfferPrice,without interestand less any required withholdingtaxes.Asaresult of theCompany Merger,Pluralsight will cease to be apubliclytradedcompany andwill become whollyowned by Parent I. TheMergerAgreementis billion. The deal will need ap- organization led by Bill Gates morefully described in theOffer to Purchase. proval from the SEC and SPAC and focused on climate Purchaser will notberequired to consummate theOffer unless all of thefollowing conditions aresatisfiedatone minuteafter 11:59p.m.New York Citytime(the“Expiration Time”) at theend of April 5, 2021(the“Initial Expiration Date”and such date or such subsequent date to whichthe expiration of theOffer is extended in accordance with theMergerAgreement, shareholders. change; and others. The com- the“Expiration Date”):(a) thenumber of Shares validlytendered(within themeaning of Section251(h)ofthe DGCL)and notvalidlywithdrawn (excludingany Shares tendered pursuant “It is kind of aground- pany also has raised $84 mil- to guaranteed delivery procedures that have notyet been delivered in satisfaction of such guaranteeinaccordance with Section251(h)ofthe DGCL,but includingany shares of ClassA breaking moment in history,” lion in venture-capital funding. Common Stockissued pursuanttoaPubco OfferRedemption(as defined in theOffer to Purchase) andtenderedintothe Offerinaccordance with theterms of theMergerAgreement), together with theShares ownedbyParentIorany whollyowned subsidiary of Parent Iequalsatleast one vote morethan50% of theaggregate votingpower of all issued andoutstanding said Peter Chapman, chief ex- Quantum computersaim to Shares (includingany shares of ClassACommon Stockissued pursuanttoaPubco OfferRedemption),asofthe Expiration Time,but excludingany Shares held in treasury by Pluralsight ecutiveofIonQ and formerly harnessthe powerofquantum as of theexpirationofthe Offerorany otherShares acquired by Pluralsightprior to theexpirationofthe Offer(including(i) anyshares of ClassBCommon StockorClass CCommon Stock director of engineering for physics to sort through avast surrenderedtoPluralsight andcancelled in connection with aHoldings Unit Redemption (includingany PubcoOffer Redemption)and (ii) anyshares of ClassACommonStock acquired in connection with taxwithholdingorpayment of theexerciseprice forthe exerciseofPluralsight options or otherequityincentive awards)(the“Minimum Condition”); (b)the number of Amazon.com Inc.’sAmazon number of possibilities within shares of ClassACommon Stockand Company BStock validlytenderedand notvalidlywithdrawn pursuanttothe Offer(includingany shares of ClassACommon Stockissued pursuantto Prime business. afraction of asecond to come aPubco OfferRedemptionand tendered into theOffer in accordance with theterms of theMergerAgreement) equals at leastone sharemorethan50% of all issued andoutstandingshares of ClassACommon Stockand ClassBCommon Stockasofthe Expiration Time,excluding(forpurposesofboththe numeratorand thedenominator of such calculation) anyshares of ClassA IonQ is competing against up with a probable solution. Common Stockand ClassBCommon Stockknown by certainexecutiveofficers of PluralsighttobeheldbyaCompany Excluded Party(as defined in theOffer to Purchase) as of such time, several companies,such as In- Themoney raised from the andexcludingany shares of ClassACommon Stockand ClassBCommon Stockheldintreasury by Pluralsightasofthe expiration of theOffer or anyother shares of ClassACommon ternational BusinessMachines transaction will be used to StockorClass BCommon Stockacquired by Pluralsightprior to theexpirationofthe Offer(including(i) anyshares of ClassBCommon Stocksurrendered to Pluralsightand cancelledin connection with aHoldings Unit Redemption (includingany PubcoOffer Redemption)and (ii) anyshares of ClassACommon Stockacquired in connection with taxwithholdingorpayment Corp., MicrosoftCorp., Alpha- help IonQ manufactureaquan- of theexerciseprice forthe exerciseofPluralsight options or otherequityincentive awards (the “SpecialMajority Condition”); (c)the representationsand warranties madebyPluralsight bet Inc.’s Google and D-Wave tum-computing machine that in theMergerAgreementare accurate,subject to themateriality andother qualifications setforth in theMergerAgreement; (d)Pluralsight has performedand complied with in all material Systems Inc., trying to com- works at room temperature respects itsobligations required to be performed andcompliedwithbyitonorprior to theExpirationTime; (e) sinceDecember 11,2020,there has notbeen aCompany Material Adverse Effect (asdefinedinthe OffertoPurchase) that is continuing;(f) Pluralsighthas delivered acustomary officer’s certificate with respecttocertain of theOffer Conditions;(g) no temporary mercializequantum computing and is about the sizeofan restrainingorder,preliminaryorpermanent injunction or otherjudgmentororder issued by anycourt of competentjurisdiction or otherlegal or regulatoryrestraint or prohibitionpreventing using various technological Xboxvideogame console,Mr. theconsummationofthe Offerorthe Mergerswill be in effect,nor will anyactionhavebeen takenbyany governmental authorityofcompetent jurisdiction,and no statute, rule,regulation approaches.Noscalable,com- Chapman said. That would be or order will have been enacted, entered,enforced or deemed applicable to theOffer or theMergers,thatineachcaseprohibits,makes illegal,orenjoins theconsummationofthe Offerorthe Mergers; (h)the waitingperiods (and anyextension thereof) applicable to theconsummationofthe Offerorthe Mergersunder certainantitrust laws andforeign investment laws have expired mercial-grade quantum com- significantly smaller than or otherwisebeen terminated,orall required consents,directionsorordersrequired to consummate theOffer andthe Company Merger pursuanttosuchlawshavebeen obtained; and(i) the puter has been built yet. early-stagemachines on the absence of aterminationofthe Merger Agreementinaccordance with itsterms.These conditions to theOffer (the “OfferConditions”)are described in theOffer to Purchase. Parent I(on behalf of theBuyer Parties) canwaive some of theconditionstothe Offerwithout theconsent of Pluralsight. Parent I(on behalf of theBuyer Parties) cannot,however,waive theMinimum “The race forquantum market today, without requir- Tender Conditionorthe SpecialMajority Conditionwithout theconsent of Pluralsight. computing is real,” said Mat- ing the supercooling necessary Thepurpose of theOffer is forParentI,through Purchaser,toacquire controlof, andultimatelythe entireequityinterestin, Pluralsight. Followingthe consummation of theOffer, thewBrisse,research vice to achievequantum mechanical Purchaser intendstoeffectthe Company Merger as promptlyaspracticable,subject to thesatisfactionofcertain conditions. Followingcareful consideration,the boardofdirectorsofPluralsight has: (a)determinedthatitisinthe best interestsofPluralsight andits stockholders, anddeclared presidentattech research effects. IonQ expectsthe device it advisable, to enterintothe Merger Agreementand consummatethe Offerand theCompany Merger,uponthe termsand subject to theconditionsset forthinthe Merger firm Gartner Inc. “We’re see- to be completed in 2023. Agreement; (b)approvedthe executionand delivery of theMergerAgreementbyPluralsight,the performancebyPluralsight of itscovenantsand otherobligations under the Merger Agreement, andthe consummationofthe Offerand theCompany Merger upon theterms andsubject to theconditionsset forththerein;(c) resolved to recommendthat thestockholdersofPluralsight acceptthe Offerand tender theirSharestoPurchaser pursuant to theOffer;and (d)resolvedthatthe Company Merger shallbeeffected under Section 251(h) of theDGCLand thatthe Company Merger shallbeconsummated as promptlyaspossibleafter the OfferAcceptanceTime(as defined in theOffer to Purchase). Services and Microsoft. It ex- TheMergerAgreementcontemplates that theCompany Merger will be effected pursuanttoSection 251(h) of theDGCL, whichpermits completion of theCompany Merger upon the The Combination Is collective ownershipbyParentI,Purchaser andany othersubsidiaryofParentIofone vote morethan50% of theaggregate votingpower of thethen-outstandingShares, andifthe Company pects to generate more than Merger is so effected pursuanttoSection 251(h) of theDGCL, no stockholdervotewill be required to adopt theMergerAgreementorconsummatethe Company Merger.Following the Called a No-Brainer $1 million in revenue this year, purchaseofShares in theOffer,ParentIand Purchaser expecttoconsummatethe Company Merger in accordance with Section251(h)ofthe DGCL,and do notexpectthere to be asignificant Mr. Chapman said. periodoftimebetween theconsummationofthe Offerand theconsummationofthe Mergers. Subjecttothe provisionsofthe Merger Agreementand applicable law, Purchaser expresslyreservesthe right, at anytime, to (a)increase anyapplicable OfferPrice,(b) waiveany Offer Blank-check company dMY Conditionother than theMinimum Conditionorthe SpecialMajority Conditionand (c)makeany otherchanges to theterms andconditionsofthe Offernot inconsistent with theterms of IonQ’s technological ap- was established last year and theMergerAgreement, providedthatPluralsight’s consentisrequired forPurchaser to (i)decrease anyapplicable OfferPrice,(ii)changethe form of considerationpayable in theOffer, proach involves commercializ- is co-headed by Niccolo de (iii)decreasethe number of Shares sought to be purchased in theOffer,(iv)impose conditionsorrequirements to theOffer otherthanthe OfferConditions, (v)terminate, accelerate,extend or otherwisechangethe expiration date of theOffer,exceptasdescribed in theOffer to Purchase, (vi) amendormodifyany of theterms of theOffer in amannerthatadversely affectsthe ing university lab research on Masi, formerly chief executive holdersofShares, or that would, individuallyorinthe aggregate, reasonablybeexpectedtoprevent or materiallydelay theconsummationofthe Offerorthe Mergers, or preventormaterially trapped ions, which naturally of videogame company Glu delaythe ability of theBuyer Partiestoconsummatethe Offerorthe Mergersor(vii) provide anysubsequent offering period(within themeaning of Rule 14d-11 of theExchangeAct). Purchaser is required to extend theOffer beyond itsthen-scheduledExpirationDatefor anyperiodrequired by anylaw,rule, anyinterpretationorpositionofthe SEC, theSEC stafforany rules exhibit the quantum mechani- Mobile Inc., which is being ac- andregulations of TheNASDAQGlobalSelectMarketapplicable to theOffer.Inaddition, Purchaser may, withoutrequiringthe consentofPluralsight or anyother person,extendthe Offerfor cal effects needed for the ma- quired by Electronic Arts Inc. oneormoreperiods of up to 10 business days each(or such longer periodasPurchaser mayagree to with Pluralsight),ifatthe then-scheduled Expiration Date anyofthe OfferConditionshave chines to work, Peter Chap- He called it a no-brainer to notbeen satisfied or waived by Purchaser;provided, once all OfferConditionsare satisfied (other than theMinimum Condition, theSpecialMajority Conditionorany OfferConditionsthat by theirnatureare to be satisfied at theExpirationTime),Purchaser mayonlyextendthe Offerfor up to threeperiods foratotal amount of no more than eightbusinessdaysfollowing themost man, chief executive of IonQ, work with IonQ, in part be- recently scheduledExpirationDateatwhich all OfferConditions(otherthanthe Minimum Condition, theSpecialMajority Conditionorany OfferConditionsthatbytheir nature aretobe said. cause of the talent the com- satisfied at theExpirationTime) aresatisfied(or such longer periodasPurchaser mayagree to with Pluralsight). The company has given pany has been able to attract. In anycase, Parent andPurchaser will notbe(a) required to extend theOffer beyond 11:59p.m., Pacific time, on July 12,2021(the“TerminationDate”)or(b) permitted to extend theOffer beyond theTerminationDatewithout theprior written consentofPluralsight. about 20 million software de- IonQ, which has about 60 TheMergerAgreementdoesnot contemplateasubsequent offering periodfor theOffer. velopers access to its current employees, recently hired Dave Anyextension,delay,termination, waiver or amendmentofthe Offerwill be followedaspromptlyaspracticable by public announcement thereof, andsuchannouncementinthe case of early-stage quantum-comput- Bacon as vice president of an extensionwill be madenolater than 9:00 a.m.,New York Citytime, on thenextbusinessday afterthe previously scheduledexpirationofthe Offer. Upon theterms andsubject to theconditionsofthe Offer, Purchaser will accept forpayment andpay forall Shares that arevalidlytenderedand notvalidlywithdrawn at or priortothe ing device through partner- software. He formerly led Expiration Time.For purposes of theOffer,Purchaser will be deemed to have accepted forpayment Shares tendered when,asand if Purchaser givesoralorwritten notice of Purchaser’s ships with cloud-computing Google’s quantum-computing acceptance to American StockTransfer&Trust Co., LLC, thedepositaryfor theOffer (the “Depositary”). Purchaser will payfor Shares accepted forpayment pursuanttothe Offerby depositofthe purchaseprice therefor with theDepositary, whichwill actasagent fortendering stockholders forthe purposeofreceiving payments andtransmittingsuchpaymentsto service providers Amazon Web software team. tenderingstockholders. Under no circumstanceswill Purchaser payinterest on theconsideration paid forSharespursuanttothe Offer, regardless of anyextension of theOffer or anydelay in making such payment. In order to take advantageofthe Offer, youmusteither(a) complete andsignthe Letter of Transmittalinaccordance with theinstructionsinthe Letter of Transmittal, have your signature guaranteed (ifrequired by Instruction1tothe Letter of Transmittal),mail or deliverthe Letter of Transmittal(or amanuallysignedfacsimile copy)and anyother required documentstothe Depositary,and either deliverthe certificatesfor your Shares alongwiththe Letter of Transmittaltothe Depositary or tender your Shares pursuanttothe procedures forbook-entrytransferset CORPORATEWATCH forthinthe OffertoPurchase; or (b)requestyourbroker, dealer,commercialbank, trustcompany or othernominee to effect thetransactionfor you. If your Shares areregisteredinthe name of abroker, dealer,commercialbank, trustcompany or othernominee,you must contactsuchbroker, dealer,commercialbank, trustcompany or othernominee to tender your Shares.Ifyou desiretotenderyourShares, andcertificates evidencing your Shares arenot immediatelyavailable or youcannotdeliver such certificatesand all otherrequired documentstothe Depositary or youcannotcomplywiththe procedures forbook-entrytransferdescribed in theOffer to Purchase, in eachcaseprior to theExpirationTime, youmay tender your Shares by following the FIRSTENERGY ing funds managed by Stone procedures forguaranteed delivery setforth in theOffer to Purchase. Shares tendered pursuanttothe Offermay be withdrawnatany timeprior to theExpirationTime. Thereafter,tenders of Shares areirrevocable,exceptthattheymay also be Point Capital LLC and Finxera’s withdrawnpursuanttoSection 14(d)(5) of theExchangeAct afterMay 8, 2021, whichisthe 60th dayafter thecommencementofthe Offer, unless such Shares have already been accepted Interim Chief management team, will keep forpayment by Purchaser pursuanttothe Offer. their equity positions in the Foryourwithdrawaltobeeffective,awritten or facsimile transmission notice of withdrawal with respecttothe applicable Shares must be timelyreceivedbythe Depositary at one of its Becomes Permanent addressesset forthonthe back coverofthe OffertoPurchase, andthe notice of withdrawal must specifythe name of thepersonwho tendered theShares to be withdrawn, thenumber of combined entity, the companies Shares to be withdrawnand thenameofthe registered holder of Shares, if differentfrom that of thepersonwho tendered such Shares.Ifthe Shares to be withdrawnhavebeen delivered to FirstEnergy Corp. on Monday said. Sanjoy Goyle, Finxera’s co- theDepositary, asignednoticeofwithdrawalwith(except in thecaseofShares tendered by an Eligible Institution(as defined in theOffer to Purchase))signatures guaranteed by an Eligible said it named Steven Strahchief founder and chief executive, and Institutionmustbesubmitted before therelease of such Shares.Inaddition, such notice must specify, in thecaseofShares tendered by delivery of certificates, theserialnumbersshown on the specificcertificates evidencing theShares to be withdrawnor, in thecaseofShares tendered by book-entrytransfer, thenameand number of theaccountatthe Book-Entry TransferFacility executive, removing the interim Praveer Kumar, the co-founder (asdefinedinthe OffertoPurchase) to be credited with thewithdrawn Shares.Withdrawals maynot be rescinded, andShares withdrawnwill thereafter be deemed notvalidlytendered. tag he has carried since October. and technology chief, will take However, withdrawnShares mayberetenderedatany timebeforethe Expiration Time by again following anyofthe procedures described in “The Tender Offer—Section3—Procedures for The Akron, Ohio, electric util- on prominent roles, the compa- Acceptingthe Offerand TenderingShares”ofthe OffertoPurchase. Pluralsighthas provided Purchaser with itsstockholder list,security position listings andcertain otherinformation regardingthe beneficialownersofShares forthe purposeof ity holding company said Mr. nies added. The companies said disseminatingthe Offertoholders of Shares.The OffertoPurchase, therelated Letter of Transmittaland otherrelated materialswill be mailed to record holdersofShares andwill be Strah is joining its board and they expect the deal to close in furnishedtobrokers,dealers,commercialbanks,trust companies andother nomineeswhose namesappearonPluralsight’s stockholderlistor, if applicable,who arelistedasparticipantsin aclearingagency’s security position listingfor subsequent transmittaltobeneficialownersofShares. continues as president, a post the third quarter. In general, your exchange of Shares forcashpursuanttothe Offerwill be ataxable transactionfor U.S. federalincometax purposes andmay also be ataxable transactionunder applicable he has held since May 2020. —Dave Sebastian state, localorforeign income or othertax laws. See“TheOffer—Section 5—Certain Material United States FederalIncome TaxConsequences”ofthe OffertoPurchasefor amoredetailed Mr. Strah stepped in as in- summaryofthe material U.S. Federalincome taxconsequences of thesaleofShares in theOffer andthe Company Merger. Eachholder of Shares shouldconsult itsorhis or herown tax advisor regardingthe United States federal income tax consequences of theOffer andthe Company Merger to it in lightofits,his or herparticularcircumstances, as well as theincomeorother terim CEO after the company SNAP-ON tax consequences thatmay ariseunder thelawsofany United States local, stateorfederal or non-UnitedStatestaxingjurisdictionand thepossibleeffectsofchanges in such tax laws. fired Charles Jones following an Subject to applicablelaw as applied by acourt of competentjurisdiction, Purchaser will determine, in itssolediscretion, allquestions as to theformofdocuments andthe internal review related to gov- Canadian Software validity,eligibility (includingtimeofreceipt)and acceptancefor paymentofany tender of Shares,and itsdetermination will be final andbinding. Theinformation required to be disclosedbyparagraph (d)(1) of Rule 14d-6promulgatedunder theExchangeAct is containedinthe OffertoPurchaseand is incorporated herein by reference. ernment investigations of the Maker Is Acquired TheOffer to Purchaseand therelated Letter of Transmittal containimportant informationthatshouldbereadcarefully before anydecisionismadewith respect to theOffer. company’s potential role in an al- Questionsand requests forassistanceand copiesofthe OffertoPurchase, theLetterofTransmittal andall othertenderoffer materialsmay be directedtothe InformationAgent,atits addressand telephone numbersset forthbelowand will be furnishedpromptlyatPurchaser’s expense. NeitherParentInor Purchaser will payany fees or commissionstoany brokerordealer leged state bribery scandal. Snap-on Inc. acquired Dealer- or anyother person (other than to theInformation Agentand theDepositary, as described in theOffer to Purchase) in connection with thesolicitationoftenders of Shares pursuanttothe —Colin Kellaher FX Group Inc., a Canadian com- Offer. Brokers, dealers,commercialbanks,trust companies andother nomineeswill,uponrequest, be reimbursed by Purchaser forreasonableand necessary costsand expenses incurred by pany that makes software for them in forwardingmaterials to theircustomers. PRIORITY TECHNOLOGY car manufacturers and dealers, TheInformation Agentfor theOffer is: Snap-on said Monday. Deal to Purchase Kenosha, Wis.-based Snap-on, Finxera Is Set a tool and repair company, said it paid $200 million in cash to Payments-technology com- buy Dealer-FX. Snap-on said the pany Priority Technology Hold- transaction would expand its of- 1407 Broadway ings Inc. agreed to buy banking- ferings to the automotive indus- NewYork, NewYork10018 as-a-service company Finxera try in its repair systems and in- (212)929-5500 Holdings Inc. for $425 million in formation segment. or cash and stock. Dealer-FX’s fiscal 2020 reve- Call Toll-Free 1-800-322-2885 The deal comprises $375 mil- nue was about $37 million. The lion in cash and $50 million Pri- acquisition won’t have a mean- Email:[email protected] ority Technology stock, the com- ingful effect on Snap-on’s 2021 March9,2021 panies said Monday. earnings, Snap-on said. Finxera shareholders, includ- —Matt Grossman P2JW068000-0-B00600-1------XA

B6 | Tuesday, March 9, 2021 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. ConEd ED 69.50 1.20 Facebook FB 255.31 -8.97 IPG Photonics IPGP 197.51 -8.99 MKS Instrum MKSI 151.00 -2.00 Orix IX 85.22 -0.19 Sanofi SNY 46.59 ... Twitter TWTR 63.48 -3.47 Market listed securities. Prices are composite dd-Indicates loss in the most recent ConstBrands A STZ 220.63 3.62 FactSet FDS 315.90 1.65 IQVIA IQV 187.80 -0.98 s MPLX MPLX 26.00 0.22 OtisWorldwide OTIS 65.22 0.35 SantanderCons SC 26.62 0.60 TylerTech TYL 398.28 -2.78 quotations that include primary market trades four quarters. ContextLogic WISH 15.94 -1.83 FairIsaac FICO 429.86-14.88 IcahnEnterprises IEP 60.15 0.82 MSCI MSCI 402.63-12.09 OwensCorning OC 81.76 0.94 Sasol SSL 14.58 0.18 s TysonFoods TSN 73.69 0.98 as well as trades reported by Nasdaq BX FD-First day of trading. s ContinentalRscs CLR 30.79 -0.95 Farfetch FTCH 53.50 -2.01 Icon ICLR180.22 0.39 MagellanMid MMP 45.00 0.12 OzonHoldings OZON 50.13 -4.69 s Schlumberger SLB 29.71 0.64 UBS Group UBS 15.68 0.05 Cooper COO 385.48 -2.69 Fastenal FAST 44.66 -0.52 IDEX IEX 198.74 0.78 s MagnaIntl MGA 88.60 0.80 PG&E PCG 11.16 0.31 SchwabC SCHW 64.46 -0.56 UDR UDR 43.45 0.90 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing s Cboe, NYSE National and Nasdaq ISE. standards Copart CPRT 103.99 -2.40 FateTherap FATE 79.16 -4.49 IllinoisToolWks ITW 213.40 3.39 ManulifeFin MFC 21.45 0.29 s PNC Fin PNC 178.82 2.36 ScottsMiracleGro SMG 198.61 -2.37 s UGI UGI 41.02 0.36 Corning GLW 37.61 0.15 FederalRealty FRT 109.20 3.44 Illumina ILMN 383.62-15.23 MarathonOil MRO 12.38 -0.60 s POSCO PKX 70.25 0.88 Sea SE 206.05-23.71 s US Foods USFD 38.35 0.35 The list comprises the 1,000 largest lf-Late filing s companies based on market capitalization. q-Temporary exemption from Nasdaq Corteva CTVA 44.90 0.06 FedEx FDX 251.34 -5.95 s ImperialOil IMO 24.16 0.49 MarathonPetrol MPC 57.16 -0.16 PPD PPD 33.81 -0.95 Seagate STX 74.56 1.18 UWM UWMC 8.16 -0.52 requirements. CoStar CSGP 792.31 -6.38 Ferguson FERG119.49 -1.21 Incyte INCY 77.84 -2.42 MaravaiLifeSci MRVI 34.74 -0.85 PPG Ind PPG 146.10 3.49 Seagen SGEN 148.68 -0.67 Uber UBER 53.20 -2.34 Underlined quotations are those stocks with Markel MKL 1130.45 23.61 t-NYSE bankruptcy Costco COST 311.42 -5.90 Ferrari RACE 188.52 -0.38 Infosys INFY 17.98 -0.30 PPL PPL 28.31 0.06 SempraEnergy SRE 122.91 3.74 Ubiquiti UI 323.24 4.16 large changes in volume compared with the s MarketAxess MKTX 512.97 8.60 s v-Trading halted on primary market. CoupaSoftware COUP 267.55-18.25 FidNatlFin FNF 38.38 0.90 IngersollRand IR 50.55 1.06 PRA HealthSci PRAH143.47 -2.97 SensataTechs ST 58.84 -0.39 UltaBeauty ULTA 345.77 12.40 issue’s average trading volume. Credicorp BAP 152.70 -2.81 FidNatlInfo FIS 144.52 3.38 Inphi IPHI 145.80 -4.85 Marriott MAR 150.44 3.52 PTCPTC 118.85 -6.66 ServiceCorp SCI 47.84 0.34 UltragenyxPharm RARE 115.00 -3.50 vj-In bankruptcy or receivership or Marsh&McLen MMC 117.35 0.34 Boldfaced quotations highlight those issues being reorganized under the CreditSuisse CS 13.80 -0.09 s FifthThirdBncp FITB 37.74 0.97 Insulet PODD 235.95-16.05 Paccar PCAR 93.44 -0.71 ServiceNow NOW 464.05-22.91 UnderArmour A UAA 22.93 0.27 Cree CREE 94.12-12.37 s FirstHorizon FHN 17.14 0.04 Intel INTC 59.85 -0.89 MartinMarietta MLM 334.10 4.31 PackagingCpAm PKG 138.43 3.48 ShawComm B SJR 18.78 0.02 UnderArmour C UA 19.11 0.37 whose price changed by 5% or more if their Bankruptcy Code, or securities MarvellTech MRVL 40.06 -1.45 previous closing price was $2 or higher. assumed by such companies. CrowdStrike CRWD 179.75 -3.37 FirstRepBank FRC 172.73 5.63 InteractiveBrkrs IBKR 75.86 0.66 PagSeguroDig PAGS 49.44 -3.66 SherwinWilliams SHW 688.11 12.42 Unilever UL 53.98 -0.04 CrownCastle CCI 146.77 -3.38 FirstEnergy FE 33.37 0.16 ICE ICE 113.74 -1.23 Masco MAS 54.85 0.56 PalantirTech PLTR 22.52 -1.43 ShinhanFin SHG 31.34 0.66 UnionPacific UNP 210.89 1.18 CrownHoldings CCK 96.29 -0.55 s Fiserv FISV 121.50 1.81 InterContinentl IHG 70.42 1.46 Masimo MASI 224.63 -5.58 PaloAltoNtwks PANW 331.48 -3.25 Shopify SHOP 1072.43-58.58 UnitedAirlines UAL 54.06 3.54 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and CubeSmart CUBE 37.11 0.65 FiveBelow FIVE 186.43 3.07 IBM IBM 124.81 1.98 s Mastercard MA 371.33 10.45 ParkerHannifin PH 298.81 -1.18 Sibanye-Stillwater SBSW 18.28 -1.23 UnitedMicro UMC 8.03 -0.58 changes in the closing prices from 4 p.m. the previous day. s Cummins CMI 268.81 2.95 Five9 FIVN 153.81 -7.29 IntlFlavors IFF 131.23 -2.49 MatchGroup MTCH 145.56 -0.73 Paychex PAYX 93.20 1.08 s SignatureBank SBNY 226.66 4.04 UPS B UPS 160.87 -3.53 CureVac CVAC 79.79 -2.90 FiverrIntl FVRR 196.41-21.67 s IntlPaper IP 55.70 1.55 MaximIntProducts MXIM 85.03 -3.46 PaycomSoftware PAYC 366.23 -9.30 SimonProperty SPG 111.70 0.53 UnitedRentals URI 302.60 1.64 FleetCorTech FLT 283.67 1.36 s s McAfee MCFE 23.87 2.68 s US Bancorp USB Net Net CyrusOne CONE 65.00 -0.48 Interpublic IPG 28.54 0.66 Paylocity PCTY 167.08 -7.91 SiriusXM SIRI 5.91 0.02 54.05 1.58 Monday, March 8, 2021 Flex FLEX 16.40-0.43 McCormick MKC 84.15 -0.28 UnitedHealth UNH 350.17 3.07 Stock Sym Close Chg Stock Sym Close Chg Intuit INTU 370.42-11.79 PayPal PYPL 226.09-12.96 Skyworks SWKS 161.20-12.24 Net D E F Floor&Decor FND 90.05 1.29 IntuitiveSurgical ISRG 684.90-28.47 McCormickVtg MKC.V 84.18 0.22 Pearson PSO 11.04 0.43 SlackTech WORK 40.03 -0.42 UnitySoftware U 92.75 -1.07 Stock Sym Close Chg ArcelorMittal MT 24.66 0.10 Bunge BG 78.46 0.74 FomentoEconMex FMX 73.08 -0.62 InvitatHomes INVH 28.49 0.07 McDonalds MCD 209.11 1.74 Pegasystems PEGA 114.72 -6.36 s SmithAO AOS 63.72 1.24 UnivDisplay OLED 199.81 10.73 DISH Network DISH 34.83 1.02 ArchCapital ACGL 37.22 0.85 s BurlingtonStrs BURL 304.16 24.81 s FordMotor F 12.65 0.38 iQIYI IQ 25.76 -0.31 McKesson MCK 176.09 0.98 Peloton PTON 101.35 -3.78 Smith&Nephew SNN 37.94 -0.59 UniversalHealthB UHS 134.58 3.24 DTE Energy DTE 124.74 1.58 MedicalProp MPW 21.43 0.19 A B C s ArcherDaniels ADM 57.76 0.17 CBRE Group CBRE 76.69 -0.59 Fortinet FTNT 166.21 -1.36 IronMountain IRM 36.57 0.78 PembinaPipeline PBA 28.98 0.38 Smucker SJM 119.77 1.43 VEREIT VER 38.11 0.30 Danaher DHR 212.38 -5.97 Medtronic MDT 116.67 -1.59 AresMgmt ARES 52.49 1.33 CDW CDW 155.14 0.66 Fortis FTS 40.56 0.85 ItauUnibanco ITUB 4.60 -0.24 PennNational PENN 109.28 1.05 Snap SNAP 52.89 -4.54 VF VFC 81.50 2.73 ABB ABB 30.00 0.30 s Darden DRI 143.03 2.37 MelcoResorts MLCO 21.23 -0.68 arGEN-X ARGX 295.79 6.04 s CF Industries CF 49.58 2.46 Fortive FTV 68.84 1.72 s Pentair PNR 59.90 2.22 s SnapOn SNA 218.23 0.94 VICI Prop VICI 28.54 -0.68 AcadiaPharm ACAD 45.78 -3.20 s DarlingIngred DAR 75.10 1.57 MercadoLibre MELI 1369.54-100.70 s AristaNetworks ANET 267.83 -5.23 CGI GIB 76.93 0.04 FortBrandsHome FBHS 86.96 1.20 J K L Penumbra PEN 263.75 -3.16 Snowflake SNOW 213.99-25.74 VailResorts MTN 315.76 7.29 AECOM ACM 58.61 0.35 Datadog DDOG 77.52 -4.68 s Merck MRK 74.17 1.04 AscendisPharma ASND 141.26 -5.65 CH Robinson CHRW 91.81 -2.22 FoxB FOX 40.02 0.98 People'sUtdFin PBCT 18.75 0.36 SOQUIMICH SQM 49.79 -1.25 Vale VALE 17.22 -0.52 AES AES 26.28 0.29 DaVita DVA 107.61 2.07 s JD.com JD 85.36 -5.26 s MetLife MET 60.37 0.66 s AspenTech AZPN 146.48 -3.02 s CME Group CME 214.04 0.12 FoxA FOXA 42.33 1.04 PepsiCo PEP 132.13 -0.90 SolarEdgeTech SEDG 246.71 -2.72 ValeroEnergy VLO 80.56 1.53 s Aflac AFL 50.78 0.83 DeckersOutdoor DECK 316.97 0.58 Joyy YY 109.25 -7.35 AstraZeneca AZN 48.19 0.13 CMS Energy CMS 56.15 0.78 Franco-Nevada FNV 108.92 -0.55 MettlerToledo MTD 1038.47-22.12 PerkinElmer PKI 121.56 -2.49 VarianMed VAR 175.81 -0.04 s AGCO AGCO 133.27 -0.13 Deere DE 353.70 3.87 s JPMorganChase JPM 152.91 2.00 Sony SNE 100.25 -3.89 s Athene ATH 51.80 2.92 s CNA Fin CNA 45.57 1.19 FranklinRscs BEN 26.48 0.01 MicrochipTech MCHP 136.75 -8.69 PetroChina PTR 39.36 0.24 s Vedanta VEDL 12.49 0.30 AGNC Invt AGNC 16.33 0.42 s DellTechC DELL 85.11 -0.24 JackHenry JKHY 151.00 -0.78 Southern SO 59.61 1.26 Atlassian TEAM 223.42 -4.79 s CNH Indl CNHI 15.71 0.64 FreeportMcM FCX 34.43 -0.59 MicronTech MU 85.05 -3.88 PetroleoBrasil PBR 7.21 -0.55 VeevaSystems VEEV 241.17-13.62 Ansys ANSS 293.55-14.48 DeltaAir DAL 47.88 1.67 JacobsEngg J 118.25 2.73 SoCopper SCCO 72.53 -1.21 AtmosEnergy ATO 91.64 -0.07 CNOOC CEO 121.76 2.07 FreseniusMed FMS 34.70 0.11 Microsoft MSFT 227.39 -4.21 PetroleoBrasilA PBR.A 7.21 -0.66 s Ventas VTR 56.83 1.69 s APA APA 23.17 -0.08 s DentsplySirona XRAY 61.90 1.90 JamesHardie JHX 28.47 -0.50 s SouthwestAir LUV 60.55 3.63 Autodesk ADSK 253.10-14.29 CRH CRH 46.98 0.46 Futu FUTU 123.00-17.41 MidAmApt MAA 134.23 0.32 Pfizer PFE 34.35 -0.04 VeriSign VRSN 188.85 -4.92 ASETech ASX 7.19 -0.16 s DeutscheBank DB 13.15 0.44 JazzPharma JAZZ 161.41 -3.34 s Splunk SPLK 131.03 -5.74 Autohome ATHM 96.34-13.76 CRISPR Therap CRSP 113.62 -1.03 Middleby MIDD 165.88 1.61 PhilipMorris PM 86.36 0.20 VeriskAnalytics VRSK171.65 3.53 ASML ASML 502.19-24.85 DevonEnergy DVN 24.57 -1.04 J&J JNJ 157.40 1.30 MiratiTherap MRTX Spotify SPOT 258.33-16.65 s Autoliv ALV 96.20 2.20 CSX CSX 92.53 0.90 G H I 191.33 0.75 s Phillips66 PSX 88.47 1.12 Verizon VZ 56.79 0.79 AT&T T 29.99 0.37 DexCom DXCM 352.06-12.03 s JohnsonControls JCI 60.22 1.02 MitsubishiUFJ MUFG 5.46 0.14 SquareSQ201.87-14.57 s ADP ADP 180.42 2.16 C3.ai AI 83.61-11.54 Pinduoduo PDD 137.60-19.22 VertxPharm VRTX 213.58 1.60 AbbottLabs ABT 115.63 -1.62 Diageo DEO 162.07 -2.15 GDS Holdings GDS 84.50 -5.50 JonesLang JLL 177.29 0.11 MizuhoFin MFG 2.96 ... StanleyBlackDck SWK 186.60 1.99 AutoZone AZO 1241.11 20.86 CVS Health CVS 71.73 1.10 PinnacleWest PNW 78.25 1.95 s ViacomCBS B VIAC 83.66 9.42 AbbVie ABBV 106.11 -0.59 DiamondbkEner FANG 84.17 -1.10 GFLEnvironmental GFL 31.84 0.28 JuniperNetworks JNPR 23.96 0.15 MobileTeleSys MBT 8.11 -0.40 Starbucks SBUX 105.03 -0.17 Avalara AVLR 134.59-11.55 CableOne CABO 1828.97 28.97 Pinterest PINS 62.49 -5.65 s ViacomCBS A VIACA 83.68 9.45 Abiomed ABMD 285.92-15.30 DigitalRealty DLR 132.18 0.18 GSXTechedu GSX 85.94 -5.45 s KB Fin KB 43.62 1.99 Moderna MRNA 123.47 -8.72 s StateStreet STT 80.50 1.08 Avalonbay AVB 183.91 6.26 CadenceDesign CDNS 119.68 -7.01 s PioneerNatRscs PXD 162.09 -1.50 Viatris VTRS 13.83 -0.08 Accenture ACN 249.39 -0.12 DiscoverFinSvcs DFS 97.92 -0.10 Gallagher AJG 125.33 1.22 KE Holdings BEKE 47.08 -5.35 s MohawkInds MHK 187.27 1.16 s SteelDynamics STLD 48.07 2.35 Avangrid AGR 47.56 1.48 s CAE CAE 30.58 0.04 PlainsAllAmPipe PAA 9.67 -0.09 Vipshop VIPS 40.64 -0.58 ActivisionBliz ATVI 89.21 -3.37 DiscoveryB DISCB 68.77 0.70 GameStop GME 194.50 56.76 KKR KKR 47.08 0.18 MolinaHealthcare MOH 217.24 -2.31 Stellantis STLA 17.11 0.38 Avantor AVTR 26.83 -0.49 CaesarsEnt CZR 95.07 1.76 t Playtika PLTK 26.35 -1.74 s Visa V 220.27 4.86 Adobe ADBE 421.20-19.63 s DiscoveryA DISCA 67.25 3.00 Gaming&Leisure GLPI 41.59 -0.92 KLA KLAC 274.04-21.83 MolsonCoorsB TAP 47.67 1.51 Steris STE 172.65 -4.50 s AveryDennison AVY 183.04 5.77 CamdenProperty CPT 103.10 0.41 PlugPower PLUG 38.11 -1.19 Vistra VST 18.88 1.06 AdvanceAuto AAP 176.50 4.99 s DiscoveryC DISCK 55.00 2.00 s Gap GPS 28.88 1.57 KSCitySouthern KSU 210.57 -1.12 Mondelez MDLZ 55.15 -0.43 STMicroelec STM 33.30 -1.70 AxonEnterprise AXON 138.59 -4.45 CampbellSoup CPB 47.25 0.66 s Polaris PII 134.22 4.74 VMware VMW 143.63 -0.26 AdvMicroDevices AMD 73.96 -4.56 s DisneyDIS 201.91 11.92 Garmin GRMN 122.52 0.10 Kellogg K 59.38 0.14 MongoDB MDB 287.05-21.12 StoneCo STNE 69.33 -7.34 BCE BCE 45.58 0.58 s CIBC CM 97.18 0.35 Pool POOL 328.34 -1.88 Vodafone VOD 17.49 -0.22 s Aegon AEG 5.03 0.13 DocuSign DOCU 192.84-11.47 Gartner IT 186.60 3.13 KeurigDrPepper KDP 32.47 0.94 MonolithicPower MPWR 302.05-30.86 Stryker SYK 236.00 -4.03 BHP Group BHP 75.79 -0.58 CanNtlRlwy CNI 113.35 0.98 PrincipalFin PFG 60.16 1.48 VornadoRealty VNO 47.86 3.06 AffirmHldgs AFRM 74.31 -6.83 DolbyLab DLB 98.70 0.14 Generac GNRC 294.81-12.22 KeyCorp KEY 21.22 0.56 MonsterBev MNST 85.14 -1.28 s SumitomoMits SMFG 7.28 0.12 BHP Group BBL 61.90 -0.27 CanNaturalRes CNQ 30.46 -0.60 Procter&Gamble PG 127.31 1.33 VulcanMatls VMC 169.10 1.68 AgilentTechs A 116.08 -0.06 DollarGeneral DG 181.98 3.27 s GeneralDynamics GD 172.69 2.17 KeysightTechs KEYS 132.23 -2.47 Moody's MCO 289.48 2.04 SunComms SUI 142.99 -0.29 BP BP 26.54 -0.23 CanPacRlwy CP 363.06 0.40 Progressive PGR 91.02 1.46 AgnicoEagle AEM 56.74 -0.43 DollarTree DLTR 108.07 3.99 s GeneralElec GE 14.17 0.57 KimberlyClark KMB 133.15 1.56 MorganStanley MS 81.10 0.23 SunLifeFinancial SLF 50.56 0.71 Baidu BIDU 232.68-29.04 Canon CAJ 21.72 0.64 Prologis PLD 95.95 -1.42 W X Y Z AirProducts APD 266.88 3.06 DominionEner D 72.00 2.14 GeneralMills GIS 57.76 0.98 s KimcoRealty KIM 19.60 0.58 Morningstar MORN 235.54 -1.13 SuncorEnergy SU 22.01 0.02 BakerHughes BKR 24.33 -0.02 CanopyGrowth CGC 30.86 -0.31 s PrudentialFin PRU 92.72 2.06 Airbnb ABNB 180.81 1.00 Domino's DPZ 333.51 3.27 GeneralMotors GM 54.98 1.23 KinderMorgan KMI 16.22 0.35 Mosaic MOS 30.70 0.63 SunRun RUN 47.55 -4.92 WEC Energy WEC 86.33 1.85 Ball BLL 82.59 0.38 s CapitalOne COF 128.69 0.99 s Prudential PUK 41.64 0.02 AkamaiTech AKAM 97.28 0.15 t DoorDash DASH 133.41-18.07 Genmab GMAB 31.24 -0.51 KingsoftCloud KC 47.22 -5.11 MotorolaSol MSI 179.21 0.34 Suzano SUZ 12.98 -0.45 WEX WEX 216.33 2.36 BancoBilbaoViz BBVA 5.73 0.01 CardinalHealth CAH 54.70 1.21 PublicServiceEnt PEG 57.10 1.35 s AlaskaAir ALK 67.99 3.10 s Dover DOV 131.78 1.72 Gentex GNTX 35.62 0.32 KinrossGold KGC 6.44 -0.11 NICE NICE 217.33 -4.07 s SynchronyFin SYF 40.64 0.54 W.P.Carey WPC 68.05 0.35 BancoBradesco BBDO 3.81 -0.11 Carlisle CSL 155.88 4.63 PublicStorage PSA 238.65 3.60 Albemarle ALB 140.69 -3.19 s Dow DOW 63.44 0.53 s GenuineParts GPC 116.87 4.12 KirklandLakeGold KL 33.76 -0.46 NIO NIO 35.21 -2.90 Synopsys SNPS 218.49 -9.31 s WPP WPP 63.45 0.90 BancodeChile BCH 23.34 -0.04 Carlyle CG 35.20 0.65 PulteGroup PHM 47.41 1.67 Albertsons ACI 17.12 -0.63 DrReddy'sLab RDY 60.75 -0.55 GileadSciences GILD 64.75 0.13 Kohl's KSS 56.90 1.31 NRG Energy NRG 41.63 1.78 s Sysco SYY 81.70 -0.09 Wabtec WAB 74.37 -0.21 BancSanBrasil BSBR 6.72 -0.43 s CarMax KMX 129.17 5.97 Qiagen QGEN 46.25 -1.27 Alcon ALC 67.07 -0.87 DraftKings DKNG 60.50 0.98 GSK GSK 34.97 0.06 KoninklijkePhil PHG 53.63 -0.56 NVR NVR 4699.76 75.14 WalgreensBoots WBA 48.48 1.28 BcoSantChile BSAC 24.43 0.08 Carnival CCL 26.69 0.60 Qorvo QRVO 162.90 -8.52 AlexandriaRlEst ARE 160.35 2.00 Dropbox DBX 23.76 0.28 GlobalPayments GPN 203.33 5.04 KoreaElcPwr KEP 10.13 -0.18 NXP Semi NXPI 171.00 -9.90 T U V Walmart WMT 127.88 -1.24 BancoSantander SAN 3.64 -0.04 Carnival CUK 23.14 0.56 Qualcomm QCOM 123.20 -6.55 AlexionPharm ALXN 150.06 -0.04 DukeEnergy DUK 90.22 1.69 Globant GLOB 192.38 -8.23 KraftHeinz KHC 38.67 0.82 s Nasdaq NDAQ 144.99 0.29 WarnerMusic WMG 34.63 -0.42 BanColombia CIB 33.01 -0.40 CarrierGlobal CARR 37.06 0.12 QualtricsIntl XM 34.60 0.09 TAL Education TAL 68.84 -7.20 Alibaba BABA 226.69 -7.20 DukeRealty DRE 38.89 -0.07 s GlobeLife GL 99.47 2.15 Kroger KR 34.74 0.30 Natera NTRA 93.27 -9.72 WasteConnections WCN 102.21 0.46 s BankofAmerica BAC 37.13 0.20 Carvana CVNA 241.19-20.35 QuantaServices PWR 83.34 0.22 TC Energy TRP 45.65 0.62 AlignTech ALGN 496.07-40.39 Dun&Bradstreet DNB 21.96 -0.29 GoDaddy GDDY 72.21 -3.49 L Brands LB 55.24 -0.44 NationalGrid NGG 57.78 0.15 WasteMgt WM 121.73 3.05 BankofMontreal BMO 85.93 0.58 Catalent CTLT 101.51 -3.04 QuantumScape QS 46.87 2.48 TE Connectivity TEL 127.15 -2.89 Alleghany Y 635.08 2.21 DuPont DD 75.20 1.17 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Tapestry TPR 43.95 2.04 s WestAllianceBcp WAL 96.92 0.73 AlticeUSA ATUS 32.49 -0.60 eBay EBAY 53.49 -0.27 s HCA Healthcare HCA 189.21 5.50 s Lear LEA 180.38 3.66 NewellBrands NWL 25.20 0.56 s RalphLauren RL 126.55 4.35 BentleySystems BSY 42.95 -4.22 Cerner CERN 70.17 -0.22 s TargaResources TRGP 34.32 -0.23 WesternDigital WDC 68.86 0.79 s Altria MO 46.90 1.78 Ecolab ECL 211.59 3.68 HDFC Bank HDB 81.19 -1.09 Leidos LDOS 92.00 1.28 Newmont NEM 56.39 -0.35 RaymondJames RJF 117.60 0.03 s Berkley WRB 74.68 1.72 CharlesRiverLabs CRL 270.97 -2.85 Target TGT 176.87 4.26 WesternMidstrm WES 19.47 -0.50 AlumofChina ACH 11.99 0.28 Ecopetrol EC 13.03 -0.29 s HP HPQ 30.16 0.41 Lennar B LEN.B 70.32 1.59 NewsCorp B NWS 23.23 -0.27 RaytheonTech RTX 75.61 0.43 s BerkHathwy A BRK.A3885606960.00 CharterComms CHTR 612.38-11.65 TataMotors TTM 21.67 -0.65 s WesternUnion WU 25.11 1.02 Amazon.com AMZN 2951.95-48.51 EdisonInt EIX 57.39 -0.31 HSBC HSBC 31.42 0.78 Lennar A LEN 88.12 2.14 NewsCorp A NWSA 24.24 -0.13 RealPage RP 86.92 ... s BerkHathwy B BRK.B 257.61 4.46 CheckPoint CHKP 112.40 -1.85 TeckRscsB TECK 21.20 -0.15 s WestlakeChem WLK 93.09 3.69 Ambev ABEV 2.56 -0.15 EdwardsLife EW 80.32 -1.40 s Halliburton HAL 24.36 0.52 LennoxIntl LII 292.22 9.14 NextEraEnergy NEE 70.86 0.16 RealtyIncome O 60.44 0.48 BerryGlobal BERY 59.42 0.63 Chegg CHGG 81.61 -5.94 TeladocHealth TDOC 176.65-13.04 WestpacBanking WBK 19.11 -0.28 Amcor AMCR 11.76 0.15 ElancoAnimal ELAN 32.23 1.10 s HartfordFinl HIG 54.79 1.17 s LeviStrauss LEVI 24.78 0.71 s NielsenHoldings NLSN 26.26 1.31 s RegencyCtrs REG 59.18 1.50 BestBuy BBY 106.57 3.72 CheniereEnergy LNG 73.20 0.55 TeledyneTech TDY 390.13 2.98 s WestRock WRK 53.18 2.50 Amdocs DOX 78.03 0.76 Elastic ESTC 111.20-12.35 Hasbro HAS 97.29 2.50 LiAuto LI 21.33 -1.13 Nike NKE 134.56 1.21 RegenPharm REGN 463.19 1.62 BeyondMeat BYND 135.30 -3.00 CheniereEnerPtrs CQP 40.73 -1.02 Teleflex TFX 400.35 -1.35 Weyerhaeuser WY 34.04 0.28 Amedisys AMED244.43 3.18 ElectronicArts EA 127.21 -5.39 HealthpeakProp PEAK 30.24 0.43 LibertyBroadbandC LBRDK 150.09 -2.50 NiSource NI 22.04 0.18 RegionsFin RF 21.32 0.41 Bilibili BILI 98.59-20.25 s Chevron CVX 109.75 0.75 Ericsson ERIC 12.07 -0.06 WheatonPrecMet WPM 35.64 -0.57 s Amerco UHAL 603.06 6.62 s EmersonElec EMR 92.13 1.09 Heico HEI 123.44 0.11 LibertyBroadbandA LBRDA 146.05 -2.40 Nokia NOK 3.87 -0.01 s ReinsGrp RGA 127.61 2.16 TelefonicaBras VIV 7.60 -0.38 Whirlpool WHR 201.99 6.74 Ameren AEE 74.19 1.33 Bill.comBILL 138.81-10.19 Chewy CHWY 76.33 -6.54 Enbridge ENB 35.85 0.41 Heico A HEI.A 115.32 0.50 LibertyGlobal A LBTYA 24.15 0.27 NomuraHoldings NMR 6.20 0.15 s RelianceSteel RS 146.66 6.39 Telefonica TEF 4.65 -0.06 s Williams WMB 24.12 -0.14 AmericaMovil AMX 12.89 -0.24 Bio-Techne TECH 344.88-11.33 ChinaEastrnAir CEA 22.50 -0.88 EncompassHealth EHC 81.21 1.37 HenrySchein HSIC 64.79 2.22 LibertyGlobal B LBTYB 23.76 -1.17 Nordson NDSN 196.53 0.53 RenaissanceRe RNR 165.89 1.51 TelekmIndonesia TLK 23.02 -0.31 Williams-Sonoma WSM 131.51 3.34 AmericaMovil A AMOV 12.92 -0.28 Bio-RadLab A BIO 554.11-13.81 ChinaLifeIns LFC 10.77 0.05 EnelAmericas ENIA 7.91 0.16 Hershey HSY 151.79 1.41 LibertyGlobal C LBTYK 23.84 0.18 s NorfolkSouthern NSC 259.22 3.22 Repligen RGEN 181.48 -4.71 10xGenomics TXG WillisTowers WLTW 225.23 -2.79 AmerAirlines AAL 21.47 1.02 Biogen BIIB 270.01 -0.70 ChinaPetrol SNP 57.41 0.21 EnergyTransfer ET 8.10 -0.05 s Hess HES 73.78 -1.26 LibertyFormOne A FWONA 40.50 1.55 s NorthernTrust NTRS 101.61 1.69 RepublicSvcs RSG 95.64 1.19 141.09-14.49 Tenaris TS 23.02 -0.57 Wipro WIT 6.23 -0.15 AEP AEP 80.49 1.59 BioMarinPharm BMRN 76.59 -1.14 ChinaSoAirlines ZNH 32.44 -1.49 EnphaseEnergy ENPH 132.06-11.49 HewlettPackard HPE 14.81 0.41 LibertyFormOne C FWONK 45.60 1.23 NorthropGrum NOC 305.62 4.71 ResMed RMD 179.46 -5.59 TencentMusic TME 25.32 -0.83 Wix.comWIX 279.76-28.97 s AmerExpress AXP 150.27 2.94 BioNTech BNTX 90.29 -5.91 Chipotle CMG 1335.00 2.72 Entegris ENTG 93.99 -6.33 HighwoodsProp HIW 43.35 0.96 s LibertyBraves A BATRA 31.76 1.27 NortonLifeLock NLOK 20.97 0.78 s RestaurantBrands QSR 65.00 2.53 s Chubb CB Teradyne TER 104.20 -9.70 Workday WDAY 231.07 -5.95 s AmericanFin AFG 115.02 1.60 BlackKnight BKI 73.10 0.35 173.23 1.56 Entergy ETR 90.16 1.03 Hilton HLT 125.41 2.54 s LibertyBraves C BATRK 30.96 1.19 NorwegCruise NCLH 29.31 0.46 RingCentral RNG 315.38 -5.98 WynnResorts WYNN 133.74 0.42 AmHomes4Rent AMH 29.63 -0.15 BlackRock BLK 698.96 -3.32 ChunghwaTel CHT 39.34 -0.54 EnterpriseProd EPD 23.07 -0.09 Hologic HOLX 70.91 -1.44 LibertySirius A LSXMA 44.05 0.48 Novartis NVS 83.73 -0.28 RioTinto RIO 83.40 -0.24 Tesla TSLA 563.00-34.95 XP XP 37.54 -3.26 s AIG AIG 47.24 0.27 Blackstone BX 67.53 1.51 Church&Dwight CHD 80.83 0.87 Equifax EFX 173.14 3.39 HomeDepot HD 259.03 5.51 LibertySirius C LSXMK 44.05 0.35 Novavax NVAX 157.87-16.97 RobertHalf RHI 77.21 0.29 TevaPharm TEVA 10.69 0.17 ChurchillDowns CHDN 229.31 -0.25 XPO Logistics XPO 114.04 -2.88 AmerTowerREIT AMT 198.66 -1.34 Boeing BA 224.03 0.81 Equinix EQIX 594.92-15.64 HondaMotor HMC 29.48 0.09 EliLilly LLY 207.03 0.11 NovoNordisk NVO 68.83 -0.78 RocketCos. RKT 24.71 0.72 TexasInstruments TXN 162.11 -5.83 s Cigna CI 235.86 5.24 s XcelEnergy XEL 61.96 0.61 AmerWaterWorks AWK 133.87 -2.14 BookingHldgs BKNG 2368.74 61.64 Equinor EQNR 19.88 -0.45 Honeywell HON 207.70 1.12 s LincolnNational LNC 59.96 1.39 Novocure NVCR 127.01 -2.27 Rockwell ROK 257.87 4.78 TexasPacLand TPL 1258.00 58.00 s CincinnatiFin CINF 107.02 2.76 Xilinx XLNX 112.09 -7.86 AmericoldRealty COLD 33.90 -0.36 BoozAllen BAH 78.25 1.50 s Equitable EQH 31.54 0.86 HorizonTherap HZNP 86.77 -1.88 Linde LIN 253.68 6.04 NuanceComms NUAN 40.35 -2.23 RogersComm B RCI 47.61 0.51 Textron TXT 52.12 0.21 s BorgWarner BWA 49.71 0.87 Cintas CTAS 340.60 1.25 XPeng XPEV 26.92 -1.11 Ameriprise AMP 224.07 1.77 EquityLife ELS 60.38 0.52 HormelFoods HRL 47.90 0.18 LithiaMotors LAD 377.82 2.36 s Nucor NUE 66.37 3.45 Roku ROKU 327.19-26.35 ThermoFisherSci TMO 439.85 -7.02 CiscoSystems CSCO 47.51 1.26 Xylem XYL 100.92 0.68 AmerisourceBrgn ABC 107.51 2.68 BostonBeer SAM 1074.97-13.35 EquityResdntl EQR 70.93 2.07 DR Horton DHI 80.51 1.50 LiveNationEnt LYV 89.40 -0.41 Nutrien NTR 55.45 0.86 Rollins ROL 32.49 -0.45 ThomsonReuters TRI 85.68 -0.71 Ametek AME 123.48 1.23 s Citigroup C 72.22 1.99 HostHotels HST 16.44 0.64 3M MMM 183.77 2.97 Yandex YNDX 60.31 -3.32 BostonProps BXP 107.80 5.54 ErieIndemnity A ERIE 231.21 -3.32 s LloydsBanking LYG 2.28 0.04 NVIDIA NVDA 463.73-34.73 RoperTech ROP 385.38 8.44 YatsenHolding YSG 15.94 -1.86 Amgen AMGN 227.81 0.08 BostonSci BSX 39.52 -0.02 CitizensFin CFG 45.87 1.57 EssentialUtil WTRG 41.73 -0.90 s HowmetAerospace HWM 29.81 -0.56 LockheedMartin LMT 341.45 1.02 RossStores ROST 120.37 7.24 Toro TTC 97.97 -0.49 YumBrands YUM 104.14 -0.19 Amphenol APH 61.34 -0.22 BridgeBioPharma BBIO 59.48 -2.74 CitrixSystems CTXS 131.36 -4.11 EssexProp ESS 272.51 7.62 HuanengPower HNP 13.60 0.29 s Loews L 50.20 0.15 O P Q s RoyalBkCanada RY 90.43 1.51 s TorontoDomBk TD 63.75 0.93 YumChina YUMC 60.97 0.55 AnalogDevices ADI 144.06 -4.82 BrightHorizons BFAM 162.40 0.90 Clarivate CLVT 21.52 0.24 EsteeLauder EL 280.07-12.82 Huazhu HTHT 55.31 0.15 LogitechIntl LOGI 91.15 -4.04 RoyalCaribbean RCL 87.91 1.40 Total TOT 48.57 -0.63 Anaplan PLAN 54.36 -3.08 BristolMyers BMY 60.45 0.02 Clorox CLX 187.76 3.42 Etsy ETSY 190.26-10.04 s Hubbell HUBB 185.52 4.81 Lowe's LOW 162.92 4.34 s ONEOK OKE 49.54 -0.03 RoyalDutchA RDS.A 43.35 -0.50 ToyotaMotor TM 148.23 -0.29 ZTO Express ZTO 31.95 -3.01 AngloGoldAsh AU 21.98 0.37 BritishAmTob BTI 36.59 -0.17 CloudflareNET 61.77 -5.26 s EuronetWorldwide EEFT 160.85 -3.82 HubSpot HUBS 421.81-36.66 LufaxHolding LU 14.86 -0.35 OReillyAuto ORLY 472.90 7.05 RoyalDutchB RDS.B 41.29 -0.46 TractorSupply TSCO 161.00 5.18 ZaiLab ZLAB 127.56 -9.69 AB InBev BUD 61.32 0.36 Broadcom AVGO 421.25-28.89 Coca-Cola KO 51.64 0.85 s EverestRe RE 251.04 4.14 Humana HUM 401.07 1.68 lululemon LULU 288.94 -4.30 OakStreetHealth OSH 52.80 0.39 RoyaltyPharma RPRX 44.85 2.31 TradeDesk TTD 678.94 24.77 ZebraTech ZBRA 460.64-17.51 s s Zendesk ZEN 126.46 -6.62 AnnalyCap NLY 8.60 0.28 BroadridgeFinl BR 141.82 -0.66 Coca-Cola Euro CCEP 53.08 0.19 Evergy EVRG 56.27 0.92 JBHunt JBHT 159.39 3.76 LumenTech LUMN 14.30 0.83 OccidentalPetrol OXY 29.77 -1.46 Ryanair RYAAY 112.37 5.35 Tradeweb TW 72.45 0.52 s s s Anthem ANTM 339.59 5.99 BrookfieldMgt BAM 41.84 0.23 Cognex CGNX 75.19 -3.15 EversourceEner ES 80.62 -0.04 HuntingtonBcshs HBAN 16.61 0.38 s Lyft LYFT 64.31 0.19 Okta OKTA 208.51 -7.45 SAP SAP 123.07 -0.01 TraneTech TT 163.73 3.31 Zillow CZ 124.66-10.50 Aon AON 230.00 -2.76 BrookfieldInfr BIP 51.66 -0.01 CognizantTech CTSH 72.69 -1.02 ExactSciences EXAS 116.57 -5.07 HyattHotels H 87.46 1.21 s LyondellBasell LYB 108.76 0.87 OldDomFreight ODFL 218.65 -1.20 S&P Global SPGI 342.72 8.20 TransDigm TDG 606.30 9.37 Zillow AZG130.04 -9.93 ApolloGlbMgmt APO 47.46 -2.10 BrookfieldPropREIT BPYU 17.69 0.16 ColgatePalm CL 76.45 0.39 Exelon EXC 40.69 1.05 IAC/InterActive IAC 221.93-13.47 OmegaHealthcare OHI 37.33 -0.19 SBA Comm SBAC 242.82 0.63 TransUnion TRU 87.97 0.20 ZimmerBiomet ZBH 156.50 -2.00 Appian APPN 137.14 -7.86 BrookfieldRenew BEPC 41.25 -0.24 s Comcast A CMCSA 55.48 0.38 s Expedia EXPE 167.90 1.45 ICICI Bank IBN 16.78 -0.18 M N s Omnicom OMC 77.27 2.76 SEI Investments SEIC 59.79 1.14 s Travelers TRV 155.75 3.39 s ZionsBancorp ZION 57.62 1.83 Apple AAPL 116.36 -5.06 Brown&Brown BRO 46.35 0.31 Comerica CMA 72.17 2.29 s ExpeditorsIntl EXPD 96.40 -0.15 IdexxLab IDXX 482.60-17.10 ON Semi ON 35.99 -2.82 SK Telecom SKM 24.06 -0.38 Trex TREX 88.530.29 Zoetis ZTS 145.15 -0.53 ApplMaterials AMAT 105.68 -7.77 Brown-Forman B BF.B 69.85 -1.28 s CommerceBcshrs CBSH 78.92 2.05 ExtraSpaceSt EXR 126.61 2.81 IHS Markit INFO 93.17 2.36 M&T Bank MTB 159.17 2.82 OpenText OTEX 45.03 -0.30 SS&C Tech SSNC 65.56 -0.32 Trimble TRMB 69.54 -1.13 ZoomVideo ZM 310.93-26.50 Aptargroup ATR 137.71 3.62 Brown-Forman A BF.A 65.39 -0.71 CiaSiderurgica SID 6.24 -0.22 s ExxonMobil XOM 60.87 -0.06 II-VI IIVI 71.67 -2.94 MGMGrowthProp MGP 32.82 -0.34 OpendoorTech OPEN 20.06 -1.93 StoreCapital STOR 32.28 0.08 Trip.com TCOM 39.17 -0.57 ZoomInfoTech ZI 43.72 -2.27 Aptiv APTV 144.60 -1.57 Bruker BRKR 58.72 -0.69 ConagraBrands CAG 36.53 1.03 F5Networks FFIV 188.24 -2.20 s ING Groep ING 12.46 0.46 MGM Resorts MGM 37.85 0.71 s Oracle ORCL 72.16 2.19 SVB Fin SIVB 511.15 3.27 TruistFinl TFC 59.71 0.99 Zscaler ZS 167.84 -7.53 s Aramark ARMK 42.20 0.96 BuildersFirstSrc BLDR 44.33 0.81 s ConocoPhillips COP 58.78 0.44 FMC FMC 103.06 0.35 Invesco IVZ 24.07 0.31 MinisoGroup MNSO 22.93 -3.77 Orange ORAN 11.84 -0.04 Salesforce.com CRM 207.72 -3.04 Twilio TWLO 320.59-16.69 Zynga ZNGA 9.85 -0.46

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CapStarFin CSTR 16.74 -0.4 EuronetWorldwide EEFT 167.71 -2.3 HomeBancShares HOMB 27.78 3.6 MohawkInds MHK 192.57 0.6 RangerEnergySvcs RNGR 6.17 3.9 Triple-S Mgmt GTS 28.04 2.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American CarMax KMX 129.96 4.8 EvercoreA EVR 131.56 5.7 HomeStreet HMST 47.56 1.6 Monro MNRO 70.83 2.7 ReadyCapNts081523 RCA 25.88 -0.2 TriStateCapital TSC 26.22 3.6 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest CasellaWaste CWST 63.83 0.8 EverestRe RE 254.00 1.7 HomeTrustBcshs HTBI 25.83 2.9 Movado MOV 25.60 4.6 RedRiverBcshs RRBI 61.00 2.5 TrueBlue TBI 22.54 4.9 session. %CHG-Daily percentage change from the previous trading session. CassInfoSys CASS 48.17 4.3 EvolutionPetrol EPM 4.68 2.4 HookerFurniture HOFT 37.49 3.8 MuellerIndustries MLI 42.63 1.2 RedRobin RRGB 38.50 4.6 TrustcoBank TRST 7.68 4.1 CathayGenBncp CATY 43.89 3.9 ExlService EXLS 90.00 -1.2 HopeBancorp HOPE 15.43 3.9 MuellerWater MWA 13.77 3.4 RegencyCtrs REG 59.73 2.6 Trustmark TRMK 34.47 2.2 CECO Env CECE 9.35 8.0 Expedia EXPE 171.72 0.9 HorizonBancorp HBNC 19.81 2.5 MurphyOil MUR 20.53 -6.1 RegionalMgmt RM 37.69 -2.2 TwelveSeasII TWLVU 10.10 -0.1 Monday, March 8, 2021 CedarFairRec FUN 52.44 0.7 ExpeditorsIntl EXPD 98.80 -0.2 HowmetAerospace HWM 31.12 -1.8 MyersIndustries MYE 23.26 3.3 ReinsGrp RGA 130.12 1.7 TwinRidgeCap TRCA.U 10.21 0.3 52-Wk % 52-Wk % 52-Wk % Celanese CE 152.60 1.5 ExtendedStayAmer STAY 17.01 0.8 HubGroup HUBG 64.21 1.9 Napco Security NSSC 34.66 -1.9 RelianceSteel RS 147.33 4.6 TysonFoods TSN 74.38 1.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CenovusEnergy CVE 8.41 -1.0 ExxonMobil XOM 61.61 -0.1 Hubbell HUBB 187.71 2.7 NBT Bancorp NBTB 41.15 4.0 ReliantBancorp RBNC 25.45 2.2 UGI UGI 41.22 0.9 CenovusEnergyWt CVE.WS 4.54 3.9 FB Financial FBK 47.19 4.1 JBHunt JBHT 160.95 2.4 NL Industries NL 6.93 6.9 Renasant RNST 43.99 2.9 UMB Fin UMBF 95.31 2.7 AresCapital ARCC 19.10 1.2 BiglariA BH.A 750.05 1.4 CentralGarden CENT 51.37 3.0 FNB FNB 13.17 2.0 HuntingtonBcshs HBAN 16.83 2.3 NOV NOV 17.50 -1.5 RepublicBcpKYA RBCAA 45.32 2.0 UMH Prop UMH 18.85 3.5 Highs ArgoGroup ARGO 52.34 4.2 BloominBrands BLMN 27.97 0.8 CentralGardenA CENTA 46.34 2.5 FRP Holdings FRPH 52.98 0.5 IDEAYA Bio IDYA 21.69 7.6 NOW DNOW 11.60 2.4 RepublicFirstBncp FRBK 4.11 6.3 US Concrete USCR 65.84 10.9 ArmourResPfdC ARRpC 24.90 -0.3 BluegreenVac BXG 9.33 -3.9 CentralPacFin CPF 25.81 4.6 FS Bancorp FSBW 73.62 6.0 IES Holdings IESC 55.30 0.4 NaborsIndsPfdA NBRpA 18.90 3.1 ResideoTech REZI 30.55 -2.8 US Ecology ECOL 42.83 3.6 AAR AIR 43.46 0.8 ArrowFinancial AROW 35.50 3.8 BluegreenVac BVH 17.85 3.0 CntlValCmntyBk CVCY 20.50 4.0 FtacHeraAcqn HERAU 10.28 0.3 ING Groep ING 12.55 3.8 NaborsIndustries NBR 133.61 3.0 ResourcesConnect RGP 14.50 3.3 US Foods USFD 38.82 0.9 ABMIndustries ABM 48.39 3.4 ArrowrootAcqn ARRWU 10.19 -1.0 BlueknightEner BKEP 2.514.2 ChampionX CHX 24.30 2.6 FTS Intl FTSI 24.51 10.0 ITT ITT 88.67 0.1 Nasdaq NDAQ 147.52 0.2 RestaurantBrands QSR 65.73 4.0 US Lime&Min USLM 150.00 2.5 ACNB ACNB 32.31 2.2 AsburyAutomotive ABG 180.67 4.9 BogotaFinl BSBK 10.15 2.2 Chase CCF 122.65 2.9 FalconMinerals FLMN 5.03 5.4 iHeartMedia IHRT 16.33 1.1 Nathan's NATH 69.97 3.8 RetailOppor ROIC 16.92 3.0 US Silica SLCA 15.16 2.2 Aflac AFL 51.82 1.7 AssociatedBanc ASB 22.79 4.4 BoiseCascade BCC 56.67 4.9 ChemungFinl CHMG 44.49 -0.4 FarmersNatlBanc FMNB 16.58 5.0 ImperialOil IMO 24.62 2.1 NatlBankHoldings NBHC 42.11 2.4 RetailPropofAmer RPAI 11.98 4.5 UltaBeauty ULTA 349.21 3.7 AGCO AGCO 137.87 -0.1 Athene ATH 55.39 6.0 BonanzaCreekEner BCEI 40.79 -2.5 ChesapeakeUtil CPK 116.33 2.9 FarmlandPtrs FPI 13.77 4.3 Independence IHC 43.51 2.7 NatlEnerSvsWt NESRW 2.71 3.9 RexAmerRes REX 116.56 3.5 Umpqua UMPQ 18.63 0.9 AMC Networks AMCX 75.15 7.7 Atkore ATKR 74.33 5.4 BorgWarner BWA 50.53 1.8 Chevron CVX 110.43 0.7 FedAgriMtg C AGM 93.76 2.5 IndependentBank INDB 95.13 3.6 NatlEnerSvs NESR 14.10 5.7 RiverviewBncp RVSB 7.79 3.0 Unifi UFI 27.83 5.7 APA APA 23.85 -0.3 AtlCapitalBcshs ACBI 25.24 9.4 Brady BRC 56.24 2.6 Children'sPlace PLCE 82.74 6.1 FedAgriMtg A AGM.A 80.00 1.1 IndepBankMI IBCP 23.45 4.6 NationalFuelGas NFG 49.91 1.3 RoyalBkCanada RY 90.80 1.7 Unifirst UNF 256.65 2.9 AZZ AZZ 54.17 3.5 AtlCoastalAcqn ACAHU 10.09 0.4 BrandywineRealty BDN 13.59 4.7 Chubb CB 176.40 0.9 FiestaRestaurant FRGI 18.32 8.7 IndependentBank IBTX 77.00 0.2 NatWest NWG 5.36 0.4 RuthsHospitality RUTH 25.78 6.2 UnitedBancorpOH UBCP 15.88 5.9 Abercrombie&Fitch ANF 32.86 8.8 AtlUnionBkshs AUB 40.56 2.0 BrighthouseFin BHF 44.46 3.5 Cigna CI 237.49 2.3 FifthThirdBncp FITB 38.67 2.6 IngersollRand IR 51.61 2.1 NewJerseyRscs NJR 41.25 2.1 RyderSystem R 76.60 2.3 UnitedBkshrsWV UBSI 40.98 1.6 AcademySports ASO 28.00 9.9 AtlasPfdI ATCOpI 26.00 1.0 BrightView BV 17.38 4.1 CimarexEnergy XEC 69.35 1.4 FinInstitutions FISI 32.06 6.3 InglesMarkets IMKTA 60.55 3.1 NewparkResources NR 4.08 0.5 S&T Bancorp STBA 33.82 4.6 UtdCmtyBks UCBI 36.12 2.3 AdamsRes AE 33.80 1.3 AuroraAcqn AURCU 10.040.2 Brink's BCO 83.67 2.3 CincinnatiBncp CNNB 12.65 1.3 FirstBanCorp FBP 11.65 2.9 InsightEnt NSIT 89.66 1.4 NewtekBusSvcs NEWT 24.45 4.2 SCE IV Pfd SCEpJ 25.10 1.1 UnitedNatFoods UNFI 32.96 1.0 Aegon AEG 5.09 2.7 Autoliv ALV 97.33 2.3 BrixmorProp BRX 21.00 3.0 CincinnatiFin CINF 108.39 2.6 FirstBancorpNC FBNC 45.87 6.8 InsteelInds IIIN 35.18 5.9 NexstarMedia NXST 153.68 0.7 SITECtrsPfdK SITCpK 25.36 0.4 US Bancorp USB 54.39 3.0 AerCap AER 60.00 13.2 ADP ADP 183.64 1.2 BrooklineBcp BRKL 15.84 3.3 Citigroup C 72.84 2.8 FirstBancorp FNLC 30.23 4.6 IntegerHoldings ITGR 94.43 -0.4 NexTierOilfield NEX 5.74 -4.5 SLM SLM 16.34 0.4 UnityBancorp UNTY 22.89 4.2 AirLease AL 50.95 5.3 AutoNation AN 90.78 4.8 Brunswick BC 99.00 2.8 Citizens CIA 6.79 2.9 FirstBancshares FBMS 36.00 2.7 IntlBcshs IBOC 50.98 3.0 NicoletBankshares NCBS 83.82 4.0 SPX FLOW FLOW 69.27 4.1 Universal UVV 55.58 3.9 AlaskaAir ALK 69.17 4.8 AveryDennison AVY 185.82 3.3 BrynMawrBank BMTC 43.49 3.5 CityHolding CHCO 83.71 2.8 FirstBusey BUSE 25.87 4.7 IntlPaper IP 56.98 2.9 NielsenHoldings NLSN 26.54 5.3 Sabre SABR 16.16 4.9 UnivElectro UEIC 62.33 4.7 AlerusFinancial ALRS 31.85 3.9 AvisBudget CAR 66.02 4.1 BurgundyTechWt BTAQW 1.55 1.4 CivistaBcshrs CIVB 22.38 4.3 FirstBusFinSvcs FBIZ 26.69 1.7 InterPrivateII IPVA.U 10.16 0.8 NightDragon NDACU 10.38 0.8 Sabre6.5%Pfd SABRP 202.16 7.3 UnivLogistics ULH 26.42 1.0 AllegianceBcshs ABTX 41.82 3.7 AxonicsModul AXNX 59.18 -1.2 BurlingtonStrs BURL 304.89 8.9 Clarus CLAR 18.73 3.0 FirstChoiceBncp FCBP 24.25 4.4 InterPrivateIII IPVF.U 10.10 0.5 NorfolkSouthern NSC 264.86 1.3 SachemCapital SACH 4.73 0.2 UnivestFin UVSP 29.09 4.5 AllegiantTravel ALGT 262.87 5.8 AxosFinancial AX 49.54 2.3 BusFirstBcshs BFST 24.00 1.5 CleanHarbors CLH 90.98 2.3 FirstCitizBcshA FCNCA 812.32 3.1 InterPrivateIV IPVIU 10.05 0.3 NortheastBank NBN 29.43 2.5 SalisburyBancorp SAL 45.30 1.3 UnumGroup UNM 30.34 2.3 AllianceData ADS 106.99 1.5 BCB Bancorp BCBP 16.15 6.6 BylineBancorp BY 22.09 2.4 Coca-Cola Euro CCEP 54.37 0.4 FirstCmwlthFin FCF 15.34 4.6 Interpublic IPG 28.81 2.4 NorthernGenIIWt NGAB.WS 1.85 16.0 SallyBeauty SBH 20.43 11.4 UrbanEdgeProp UE 18.18 4.6 Allstate ALL 116.68 1.5 BK Tech BKTI 4.93 8.9 C&F Fin CFFI 51.72 6.6 Colfax CFX 50.26 -1.7 FstCmntyBcsh FCBC 29.77 3.8 Investar ISTR 21.15 3.2 NorthernGenII NGAB 10.22 -2.4 SandersonFarms SAFM 166.02 1.5 UrbanOutfitters URBN 39.43 3.8 AllyFinancial ALLY 45.21 -0.3 BOK Fin BOKF 96.20 1.3 CBIZ CBZ 33.72 2.8 ColfaxUn CFXA 205.18 -1.0 1stConstBncp FCCY 21.23 8.7 InvestorsBancorp ISBC 14.54 2.4 NorthernOil&Gas NOG 15.26 -7.5 SandySpringBncp SASR 41.77 3.6 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THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 31802.44 s306.14, or 0.97% Trailing P/E ratio 32.36 18.54 3821.35 t20.59, or 0.54% Trailing P/E ratio * 43.22 23.86 12609.16 t 310.99, or 2.41% Trailing P/E ratio *† 36.55 26.35 High, low, open and close for each P/E estimate * 20.39 16.69 High, low, open and close for each P/E estimate * 22.15 17.42 High, low, open and close for each P/E estimate *† 27.52 22.15 trading day of the past three months. Dividend yield 1.87 2.72 trading day of the past three months. Dividend yield * 1.51 2.01 trading day of the past three months. Dividend yield *† 0.80 0.98 All-time high 31961.86, 02/24/21 All-time high 3934.83, 02/12/21 All-time high: 14095.47, 02/12/21

Current divisor 0.15198707565833 32200 4050 14400

31000 3925 13800

29800 3800 13200

28600 3675 12600 Session high 65-day moving average DOWN UP Session open Close 65-day moving average 65-day moving average t 27400 3550 12000 Close Open t 11400 Session low 26200 3425 Bars measure the point change from session's open 25000 3300 10800 Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,207,671,698 27,533,712 Industrial Average 32148.04 31512.15 31802.44 306.14 0.97 31961.86 18591.93 33.3 3.9 8.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 689,991,651 14,817,344 Transportation Avg 13997.14 13656.57 13720.60 92.62 0.68 13720.60 6703.63 69.7 9.7 9.4 Most-active issues in late trading Decl. volume* 511,309,632 12,268,080 Utility Average 830.34 814.62 823.45 9.42 1.16 917.38 610.89 -3.4 -4.8 7.1 Volume After Hours Issues traded 3,364 283 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40777.31 40122.18 40139.84 -219.24 -0.54 41733.23 22462.76 43.9 2.3 12.3 Advances 1,990 129 iSh MSCI Europe Finls EUFN 12,709.0 19.10 -0.29 -1.49 19.72 19.10 Barron's 400 943.60 926.23 932.22 5.99 0.65 943.31 455.11 61.9 9.4 8.5 Declines 1,279 146 SPDR S&P 500 SPY 11,896.0 382.84 1.12 0.29 383.11 381.66 Unchanged 95 8 Apple AAPL Nasdaq Stock Market 4,822.9 116.49 0.13 0.11 121.42 109.28 New highs 461 13 Nasdaq Composite 13001.00 12599.23 12609.16 -310.99 -2.41 14095.47 6860.67 58.6 -2.2 19.3 Bausch Health BHC 4,637.1 33.08 ... unch. 33.32 33.07 New lows 15 1 Nasdaq-100 12718.58 12287.57 12299.08 -369.43 -2.92 13807.70 6994.29 54.7 -4.6 20.9 Zynga ZNGA 4,256.7 9.90 0.05 0.46 9.94 9.75 Closing Arms† 1.18 0.64 Discovery Series C DISCK 4,210.9 55.00 ... unch. 55.13 53.46 S&P Block trades* 6,555 241 Tencent Music Ent ADR TME 3,847.0 24.90 -0.42 -1.66 25.32 24.88 500 Index 3881.06 3819.25 3821.35 -20.59 -0.54 3934.83 2237.40 39.1 1.7 11.7 Nasdaq NYSE Arca Comm Svcs Select SPDR XLC 3,506.3 72.70 0.31 0.43 73.03 72.33 MidCap 400 2563.88 2514.87 2531.20 18.28 0.73 2577.70 1218.55 54.9 9.7 9.7 Total volume*5,969,762,704 348,418,293 SmallCap 600 1338.39 1306.91 1327.82 25.70 1.97 1327.82 595.67 69.5 18.7 11.6 Percentage gainers… Adv. volume*3,206,384,171 131,621,755 Decl. volume*2,707,325,213 216,351,439 Other Indexes CarParts.com PRTS 78.7 17.50 1.62 10.20 17.51 15.69 Issues traded 4,200 1,498 Russell 2000 2233.34 2192.48 2202.98 10.77 0.49 2299.00 991.16 67.7 11.6 11.9 Chico's FAS CHS 252.2 3.26 0.17 5.50 3.60 2.93 Advances 2,007 565 NYSE Composite 15471.91 15236.93 15288.38 36.55 0.24 15539.42 8777.38 35.3 5.3 6.3 Invitae NVTA 360.7 36.50 1.74 5.01 37.55 34.76 Declines 2,080 925 BJ's Wholesale Club BJ 165.3 41.88 1.24 3.05 41.88 40.01 Value Line 637.75 627.18 631.19 4.01 0.64 638.89 305.71 54.1 11.0 4.0 Unchanged 113 8 Pure Storage Cl A PSTG 55.6 19.89 0.52 2.68 20.00 19.35 NYSE Arca Biotech 5588.88 5421.69 5424.79 -111.76 -2.02 6319.77 3855.67 17.8 -5.5 4.2 New highs 474 224 NYSE Arca Pharma 686.13 675.17 677.26 0.40 0.06 725.03 494.36 13.8 -1.8 7.5 ...And losers New lows 35 41 KBW Bank 122.31 119.08 120.75 2.44 2.06 120.75 56.19 67.2 23.3 2.1 ACADIA Pharmaceuticals ACAD 919.4 27.90 -17.88 -39.06 45.78 25.00 Closing Arms† 0.81 0.92 § PHLX Gold/Silver 133.89 131.44 131.71 -1.87 -1.40 161.14 70.12 39.7 -8.7 18.6 Stitch Fix Cl A SFIX 1,052.1 53.28 -15.24 -22.24 69.68 50.05 Block trades* 31,230 1,331 § PHLX Oil Service 63.77 60.88 63.03 1.18 1.90 63.03 21.47 119.3 42.2 -22.7 Waitr Holdings WTRH 1,017.9 2.78 -0.59 -17.51 3.40 2.78 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2923.64 2759.20 2762.75 -158.00 -5.41 3238.92 1286.84 77.3 -1.2 25.4 Express EXPR 2,329.3 3.57 -0.46 -11.41 4.03 3.46 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 28.39 24.07 25.47 0.81 3.28 82.69 19.97 -53.2 12.0 15.5 MGI MoneyGram International 52.9 6.08 -0.52 -7.81 6.63 6.02 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 MSCI ACWI 654.18 –3.31 –0.50 1.2 Second Sight Medical Prod EYES 11.77 5.98 103.28 14.83 0.69 236.3 Soleno Therapeutics SLNO 1.38 -1.31 -48.70 4.39 1.30 -51.9 MSCI ACWI ex-USA 331.53 –0.68 –0.21 1.6 Express EXPR 4.03 1.57 63.82 13.97 0.57 54.4 AnaptysBio ANAB 19.51 -9.96 -33.80 35.85 12.06 17.8 MSCI World 2722.64 –5.92 –0.22 1.2 Greenwich LifeSciences GLSI 37.20 14.20 61.74 158.07 3.26 ... HighPeak Energy HPK 8.28 -2.55 -23.55 21.82 4.20 ... MSCI Emerging Markets 1308.14 –31.17 –2.33 1.3 GameStop Cl A GME 194.50 56.76 41.21 483.00 2.57 5156.8 Super League Gaming SLGG 4.68 -1.22 -20.68 9.10 1.30 64.8 Americas MSCI AC Americas 1482.86 –10.38 –0.70 1.0 Anchiano Therapeutics ADR ANCN 4.67 1.33 39.82 10.55 0.51 422.4 Ondas Holdings ONDS 9.54 -2.38 -19.97 16.00 3.75 6.0 Canada S&P/TSX Comp 18457.78 76.82 0.42 5.9 Chico's FAS CHS 3.09 0.75 32.05 3.52 0.91 -0.3 Brasil DistrGrupo Pao ADR CBD 3.87 -0.93 -19.38 4.92 2.64 0.9 Latin Amer. MSCI EM Latin America 2192.95 –61.37 –2.72 –10.6 MBIA Inc MBI 10.00 2.32 30.21 10.14 4.93 37.0 Sify Technologies ADR SIFY 3.23 -0.71 -18.02 5.89 0.56 213.6 Brazil Sao Paulo Bovespa 110611.58 –4590.65 –3.98 –7.1 Koss KOSS 18.85 4.07 27.54 127.45 0.80 1720.9 Bilibili ADR BILI 98.59 -20.25 -17.04 157.66 19.25 292.5 Chile Santiago IPSA 3221.37 –0.53 –0.02 12.7 Yellow YELL 7.50 1.61 27.33 7.75 1.29 357.3 Digital Turbine APPS 61.92 -12.08 -16.32 102.56 3.48 908.5 Mexico S&P/BMV IPC 47075.41 732.87 1.58 6.8 Gaucho Group Holdings VINO 4.30 0.92 27.22 21.45 3.00 -24.6 Inhibrx INBX 22.17 -4.22 -15.99 50.97 15.20 ... EMEA Stoxx Europe 600 417.25 8.57 2.10 4.6 Sphere 3D ANY 2.58 0.52 25.24 5.55 0.33 330.8 Direxion Dly SCOND 3 BL SOXL 27.52 -5.23 -15.97 47.85 3.57 178.4 Eurozone Euro Stoxx 417.35 9.60 2.35 5.0 Rezolute RZLT 11.25 2.25 24.96 33.50 3.10 103.4 Code Chain New Continent CCNC 4.08 -0.77 -15.88 11.62 0.70 308.0 Belgium Bel-20 3859.64 90.50 2.40 6.6 BSQUARE BSQR 4.59 0.86 23.06 11.83 0.83 282.5 SOS ADR SOS 5.50 -1.00 -15.38 15.88 0.51 282.2 Idera Pharmaceuticals IDRA Direxion CSI China Int CWEB Denmark OMX Copenhagen 20 1384.00 18.65 1.37 –5.5 5.09 0.93 22.36 6.14 0.81 266.2 60.88 -11.02 -15.33 110.93 17.00 136.9 Puhui Wealth Invt Mgmt PHCF 4.68 0.80 20.62 9.10 1.82 110.8 XTL Biopharmaceutical ADR XTLB 3.18 -0.57 -15.20 6.11 0.63 148.4 France CAC 40 5902.99 120.34 2.08 6.3 Germany DAX 14380.91 460.22 3.31 4.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1552.42 –10.04 –0.64 3.6 Italy FTSE MIB 23681.57 715.94 3.12 6.5 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 665.65 11.78 1.80 6.6 Russia RTS Index 1447.46 … Closed 4.3 OpGen OPGN 371,395 10437.4 2.68 36.73 5.76 1.52 SPDR S&P Telecom XTL 1,571 19478 92.23 1.62 100.66 48.47 South Africa FTSE/JSE All-Share 68426.17 154.98 0.23 15.2 Second Sight Medical Prod EYES 316,596 2084.6 11.77 103.28 14.83 0.69 Goldman Sachs Active EM GEM 17,486 9309 38.46 -2.58 42.31 23.10 Sundial Growers SNDL New Beginnings Acqn NBA Spain IBEX 35 8444.20 157.40 1.90 4.6 202,160 -64.0 1.18 3.96 3.96 0.14 3,759 7025 10.10 0.90 11.00 9.80 ProSh UltraPro Shrt QQQ SQQQ 183,537 143.5 16.32 8.51 162.15 11.76 Invsc Dyn Energy Expl PXE 1,863 6629 15.70 -1.69 16.21 5.44 Sweden OMX Stockholm 838.10 15.89 1.93 9.1 Apple AAPL 152,598 40.5 116.36 -4.17 145.09 53.15 NewHold Investment NHIC 5,368 5418 10.38 3.49 11.23 9.43 Switzerland Swiss Market 10830.38 222.59 2.10 1.2 Turkey BIST 100 1530.27 –11.71 –0.76 3.6 General Electric GE 142,942 77.3 14.17 4.19 14.34 5.48 iShares Global Industrial EXI 3,584 4943 111.21 0.32 112.69 59.59 U.K. FTSE 100 6719.13 88.61 1.34 4.0 NIO ADR NIO 141,505 17.3 35.21 -7.61 66.99 2.11 AMTD International ADR HKIB 1,991 2812 7.16 10.15 16.53 4.26 U.K. FTSE 250 21210.22 248.91 1.19 3.5 SPDR S&P 500 SPY 121,000 67.5 381.72 -0.50 394.17 218.26 Nuveen Enh Yd US Agg Bd NUAG 5,369 2750 24.64 -0.40 26.49 22.55 AMC Entertainment Hldgs AMC 113,073 -21.1 9.29 15.40 20.36 1.91 iSh US Oil Equip Svcs IEZ 11,198 2579 15.89 1.99 16.07 5.09 Asia-Pacific MSCI AC Asia Pacific 202.62 –3.39 –1.64 1.4 Express EXPR 109,668 375.9 4.03 63.82 13.97 0.57 Second Sight Medical Prod EYES 316,596 2085 11.77 103.28 14.83 0.69 Australia S&P/ASX 200 6739.60 28.75 0.43 2.3 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3421.41 –80.57 –2.30 –1.5 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28540.83 –557.46 –1.92 4.8 Track the Markets 0.07 India S&P BSE Sensex 50441.07 35.75 5.6 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28743.25 –121.07 –0.42 4.7 global stock indexes, bond ETFs, Singapore Straits Times 3071.16 57.31 1.90 8.0 currencies and commodities at Currencies South Korea Kospi 2996.11 –30.15 –1.00 4.3 wsj.com/graphics/track-the-markets Taiwan TAIEX 15820.11 –35.12 –0.22 7.4 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1543.76 –0.35 –0.02 6.5 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Mon YTD chg Mon YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004342 23032 –0.2 CREDIT MARKETS Argentina peso .0110 90.4990 7.6 Europe Brazil real .1702 5.8758 13.1 Czech Rep. koruna .04486 22.290 3.8 Canada dollar .7895 1.2667 –0.5 Denmark krone .1593 6.2775 3.0 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001358 736.50 3.7 Euro area euro 1.1846 .8442 3.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000277 3604.70 5.3 Hungary forint .003223 310.27 4.5 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007799 128.22 0.3 A consumer rate against its 5-year CDs Mexico peso .0465 21.5183 8.2 Norway krone .1171 8.5400 –0.4 benchmark over the past year 2.50% Uruguay peso .02256 44.3250 4.7 Poland zloty .2577 3.8809 4.0 Bankrate.com avg†: 0.45% 14% Asia-Pacific Russia ruble .01343 74.439 0.6 Sweden krona .1165 8.5860 4.4 Lone Star Bank 0.71% 2.00 Australian dollar .7647 1.3077 0.6

1.20% Houston, TX 713-358-9400 Tradeweb ICE 7 Euro Switzerland franc 1.0676 .9367 5.9 s China yuan .1532 6.5261 –0.1 Monday Close t 1.50 Turkey lira .1288 7.7669 4.4 Hong Kong dollar .1287 7.7697 0.2 Colorado Federal Savings Bank 0.75% Ukraine hryvnia .0359 27.8500 –1.8 0.90 0 India rupee .01363 73.360 0.4 Greenwood Village, CO 877-484-2372 1.00 UK pound 1.3821 .7235 –1.1 Five-year CD yields Indonesia rupiah .0000696 14360 2.2 t 0.60 TAB Bank 0.75% One year ago Japan yen .009183 108.89 5.4 Middle East/Africa 0.50 –7 s Ogden, UT 800-355-3063 t s Kazakhstan tenge Bahrain dinar WSJ Dollar Index .002380 420.17 –0.3 2.6515 .3772 0.03

t Federal-funds Yen 0.30 CFG Community Bank 0.82% 0.00 –14 Macau pataca .1249 8.0080 0.2 Egypt pound .0636 15.7285 –0.1 target rate Malaysia ringgit .2435 4.1075 2.1 Israel shekel .2992 3.3418 4.0 Baltimore, MD 888-205-8388 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7122 1.4041 0.9 Kuwait dinar 3.3005 .3030 –0.4 0.00 month(s) years A M J J A S O N D J FM First Internet Bank of Indiana 0.96% Pakistan rupee .00637 157.060 –2.1 Oman sul rial 2.5974 .3850 unch maturity 2020 2021 Indianapolis, IN 888-873-3424 Philippines peso .0205 48.702 1.4 Qatar rial .2707 3.695 1.5 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7406 1.3502 2.2 Saudi Arabia riyal .2665 3.7518 ... Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008758 1141.83 5.2 South Africa rand .0644 15.5374 5.7 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0050935 196.33 6.0 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.25 -1.25 Taiwan dollar .03534 28.298 0.7 Yield (%) 52-Week Total Return (%) Thailand baht .03246 30.810 2.6 WSJ Dollar Index 87.21 0.43 0.50 2.59 Prime rate* 3.25 3.25 3.25 l 4.25 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.18 0.18 0.18 l 1.45 -1.89 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2361.100 0.960 0.860 1.080 0.400 –3.944 4.538 Money market, annual yield 0.10 0.08 0.08 l 0.49 -0.20 Five-year CD, annual yield 0.45 0.45 0.45 l 1.27 -1.15 U.S. Treasury Long, Barclays 4136.720 2.250 2.120 2.250 0.980 –16.275 7.463 Commodities 30-year mortgage, fixed† 3.27 3.30 2.83 l 4.22 -1.20 Aggregate, Barclays 2215.360 1.550 1.430 2.310 1.020 –1.559 4.946 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.54 2.55 2.32 l 3.43 -1.39 Fixed-Rate MBS, Barclays 2214.010 1.660 1.610 2.690 0.930 0.839 4.097 DJ Commodity Jumbo mortgages, $548,250-plus† 3.32 3.33 2.85 l 4.36 -1.42 820.05 -4.30 -0.52 836.48 433.70 56.60 12.09 High Yield 100, ICE BofA 3319.954 3.979 3.743 10.740 3.261 11.624 5.386 Refinitiv/CC CRB Index -1.17 195.13 106.29 14.59 Five-year adj mortgage (ARM)† 3.18 3.19 2.85 l 3.68 -1.11 192.28 -0.60 32.78 Muni Master, ICE BofA 591.304 1.003 1.070 3.441 0.725 0.921 4.688 Crude oil, $ per barrel -1.04 66.09 -37.63 34.07 New-car loan, 48-month 4.03 4.03 4.02 l 4.50 0.51 65.05 -1.57 108.96 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 883.141 5.068 4.785 7.480 4.295 1.614 3.755 Natural gas, $/MMBtu 2.664 -0.037 -1.37 3.354 1.482 49.83 4.92 banks.† Excludes closing costs. Gold, $ per troy oz. 1677.70 -20.30 -1.20 2051.50 1477.30 0.19 -11.38 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW068000-0-B00800-1------XA

B8 | Tuesday, March 9, 2021 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 April 139.025 140.500 138.625 139.675 .650 15,062 Swiss Franc (CME)-CHF 125,000; $ per CHF Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. March 1.0744 1.0756 t 1.0673 1.0695 –.0050 50,442 March 3854.75 3878.75 3796.25 3819.25 –19.75 2,610,871 Contract Open April 118.975 119.750 118.750 119.350 .325 113,592 June 1.0756 1.0783 t 1.0702 1.0722 –.0050 3,634 June 3843.00 3868.75 3786.50 3809.25 –19.75 152,436 Open High hi lo Low Settle Chg interest June 117.925 119.350 117.875 119.150 1.150 100,240 Australian Dollar (CME)-AUD 100,000; $ per AUD Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. March .7697 .7723 .7637 .7663 –.0027 139,142 March 2510.20 2563.60 2482.40 2529.00 18.40 49,817 March 4.1035 0.0165 4,176 April 86.500 87.700 86.200 87.300 .125 81,381 June .7703 .7729 .7641 .7667 –.0027 7,453 June 2543.70 2558.10 2478.80 2524.30 18.60 20 Mexican Peso (CME)-MXN 500,000; $ per MXN May 4.1170 4.1705 3.9965 4.0930 0.0175 150,629 June 94.800 96.275 94.300 95.975 .550 65,439 Mini Nasdaq 100 (CME)-$20 x index March .04697 .04710 t .04618 .04664 –.00034 139,194 Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 12715.00 12761.25 12281.75 12297.25 –366.50 248,641 June .04652 .04666 t .04575 .04619 –.00034 17,119 March 1704.70 1705.40 t 1673.70 1677.70 –20.30 919 March 991.00 994.00 976.00 988.90 5.90 257 Euro (CME)-€125,000; $ per € June 12704.50 12751.00 12273.00 12285.75 –368.25 10,682 April 1701.60 1712.00 t 1673.30 1678.00 –20.50 302,732 May 889.00 894.80 867.00 878.90 –1.10 2,004 March 1.1919 1.1934 t 1.1846 1.1859 –.0056 648,268 Mini Russell 2000 (CME)-$50 x index May 1703.90 1712.90 t 1677.20 1679.60 –20.70 140 Milk (CME)-200,000 lbs., cents per lb. June 1.1943 1.1958 t 1.1870 1.1883 –.0057 53,752 March 2201.00 2235.80 2161.00 2200.80 11.10 551,996 June 1703.90 1714.90 t 1676.20 1680.80 –20.80 114,093 March 16.35 16.39 16.29 16.35 .05 3,829 June 2195.60 2231.90 2157.30 2197.20 11.30 6,237 Aug 1711.80 1715.70 t 1678.40 1682.90 –20.90 24,176 April 17.64 17.79 17.57 17.75 .11 3,350 Index Futures Mini Russell 1000 (CME)-$50 x index Oct 1685.00 –20.80 8,998 Cocoa (ICE-US)-10 metric tons; $ per ton. March 2163.70 2187.50 2153.10 2154.10 –12.60 10,190 Palladium (NYM) - 50 troy oz.; $ per troy oz. March 2,693 2,693 2,693 2,693 –13 538 Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index March 2310.50 –15.20 25 May 2,535 2,576 2,526 2,533 –13 97,197 March 31562 32114 s 31287 31776 311 81,267 March 91.94 92.44 s 91.87 92.33 .34 36,240 June 31452 31992 s 31173 31661 306 5,928 June 2324.00 2352.50 2306.50 2314.20 –14.90 9,264 Coffee (ICE-US)-37,500 lbs.; cents per lb. June 91.90 92.46 s 91.85 92.34 .35 6,159 Platinum (NYM)-50 troy oz.; $ per troy oz. March 129.05 129.05 129.05 129.05 .30 30 S&P 500 Index (CME)-$250 x index March 1151.10 24.00 81 May 128.25 130.95 128.00 129.15 .30 111,424 March 3813.80 3863.20 3797.60 3819.30 –19.70 29,853 April 1132.10 1158.30 1118.60 1152.30 24.00 52,977 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June …… …3809.30 –19.70 44 Source: FactSet Silver (CMX)-5,000 troy oz.; $ per troy oz. May 16.50 16.54 16.15 16.20 –.20 391,814 March 25.520 25.710 25.000 25.240 –0.017 1,759 July 15.95 15.97 15.61 15.71 –.13 198,219 May 25.400 25.965 24.970 25.269 –0.018 124,327 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 29.90 29.94 29.90 29.94 –.01 2,185 April 66.68 67.98 s 64.57 65.05 –1.04 315,138 July 30.00 30.00 30.00 30.00 …2,535 May 66.50 67.79 s 64.45 64.93 –0.99 309,331 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks June 66.00 67.29 s 64.04 64.52 –0.93 318,896 March 86.77 86.77 86.77 86.77 .56 10 July 65.36 66.61 s 63.45 63.94 –0.87 171,640 May 88.27 89.34 87.24 88.32 .56 105,391 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Dec 61.67 62.74 s 60.11 60.61 –0.61 317,761 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds March 110.60 111.00 110.60 110.45 .35 50 Dec'22 56.70 57.68 s 55.54 55.95 –0.39 130,318 Total Total May 111.30 113.20 111.30 112.45 .35 10,372 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. return YTD total Yield (%) return YTD total Yield (%) April 1.9540 1.9868 s 1.8988 1.9085 –.0355 114,377 close return (%) Index Latest Low High close return (%) Index Latest Low High May 1.9503 1.9834 s 1.8989 1.9091 –.0328 73,195 Interest Rate Futures Mortgage-Backed Bloomberg Barclays Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Barclays April 2.0826 2.1119 s 2.0314 2.0487 –.0160 109,249 March 187-100 –27.0 10,109 2215.36 -3.2 U.S. Aggregate 1.550 1.020 2.310 2214.01 -0.8 Mortgage-Backed 1.660 0.930 2.690 May 2.0800 2.1074 s 2.0302 2.0471 –.0145 92,400 June 185-030 186-180 184-260 185-200 –27.0 1,157,132 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% U.S. Corporate Indexes Bloomberg Barclays 2158.36 -0.9 Ginnie Mae (GNMA) 1.650 0.290 2.660 April 2.691 2.734 2.623 2.664 –.037 157,945 March 158-090 –15.0 4,371 3282.92 -5.0 U.S. Corporate 2.290 1.740 4.580 1308.54 -0.7 Fannie mae (FNMA) 1.670 1.110 2.690 May 2.725 2.770 2.664 2.698 –.041 218,180 June 156-170 157-040 156-080 156-240 –15.0 1,233,963 June 2.775 2.820 2.721 2.755 –.038 82,196 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3041.28 -2.3 Intermediate 1.580 1.080 4.400 2006.44 -0.8 Freddie Mac (FHLMC) 1.670 1.080 2.710 July 2.826 2.869 2.776 2.808 –.038 76,985 March 132-315 –15.0 69,044 Sept 2.841 2.880 2.791 2.819 –.040 97,075 June 132-020 132-050 131-250 131-280 –15.0 3,608,668 4702.33 -9.3 Long term 3.480 2.730 4.930 591.30 -0.7 Muni Master 1.003 0.725 3.441 Oct 2.853 2.890 2.805 2.832 –.039 126,567 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 657.72 -5.7 Double-A-rated 1.960 1.300 3.360 417.56 -1.0 7-12 year 1.054 0.712 3.447 March 124-095 124-105 124-035 124-040 –9.7 18,764 Agriculture Futures June 123-265 123-277 123-192 123-200 –11.0 3,468,335 875.52 -4.6 Triple-B-rated 2.530 2.010 5.350 477.37 -1.0 12-22 year 1.457 1.095 3.690 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Corn (CBT)-5,000 bu.; cents per bu. High Yield Bonds ICE BofA 465.00 -0.8 22-plus year 2.071 1.682 4.123 March 565.25 571.25 557.00 565.00 3.00 5,794 March 110-143 110-143 110-123 110-127 –1.7 42,408 May 549.50 556.25 537.00 547.00 1.50 743,959 June 110-128 110-130 110-110 110-112 –1.9 2,363,999 497.82 0.5 High Yield Constrained 4.426 3.955 11.400 Global Government J.P. Morgan† Oats (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. March 390.00 390.00 381.25 390.00 8.75 7 March 99.9325 99.9350 99.9300 99.9300 –.0050 111,815 476.82 4.4 Triple-C-rated 7.407 6.939 19.071 595.82 -3.2 Global Government 0.920 0.390 0.940 April 99.9300 99.9350 s 99.9250 99.9300 159,427 May 383.00 398.75 s 382.75 392.75 8.75 3,423 High Yield 100 829.73 -3.9 Canada 1.420 0.590 1.420 Soybeans (CBT)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 3319.95 -0.3 3.979 3.261 10.740 March 1437.75 3.50 704 March 91-125 –8.0 170,409 448.74 0.3 Global High Yield Constrained 4.438 4.037 11.310 n.a. n.a. EMU§ n.a. n.a. n.a. May 1441.50 1460.00 s 1431.50 1433.75 3.75 356,513 June 90-280 –7.0 2,188 Soybean Meal (CBT)-100 tons; $ per ton. Eurodollar (CME)-$1,000,000; pts of 100% 341.16 1.0 Europe High Yield Constrained 2.748 2.564 8.183 769.64 -3.0 France 0.210 -0.160 0.430 March 423.80 424.00 418.00 418.30 –1.70 1,043 March 99.8200 99.8225 99.8150 99.8150 –.0050 1,052,194 U.S Agency Bloomberg Barclays 538.24 -2.5 Germany -0.180 -0.740 -0.120 May 421.00 424.40 415.90 416.30 –1.90 184,812 June 99.8350 99.8400 99.8300 99.8350 –.0050 1,096,177 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 99.7700 99.7750 t 99.7550 99.7650 –.0100 927,110 1840.11 -1.4 U.S Agency 0.780 0.460 1.250 293.19 -0.7 Japan 0.360 0.040 0.420 March 54.22 54.40 s 53.94 54.06 .68 181 March'23 99.4550 99.4700 99.4350 99.4450 –.0300 1,046,601 May 52.15 53.23 s 52.14 52.46 .66 200,119 1611.41 -0.9 10-20 years 0.640 0.340 1.080 599.99 -2.9 Netherlands -0.070 -0.540 0.080 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Currency Futures March 12.97 .03 5 4016.94 -6.0 20-plus years 2.240 1.170 2.240 1025.97 -6.3 U.K. 1.060 0.390 1.140 May 13.18 13.34 13.16 13.25 .03 8,601 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Yankee Wheat (CBT)-5,000 bu.; cents per bu. March .9227 .9233 t .9179 .9186 –.0046 189,074 2825.70 -3.7 1.830 1.370 3.500 883.14 -5.4 Emerging Markets ** 5.068 4.295 7.480 March 659.50 659.50 642.50 646.50 –7.50 507 June .9234 .9242 t .9189 .9195 –.0046 10,023 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds May 659.75 662.75 639.50 646.50 –6.50 182,791 Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Wheat (KC)-5,000 bu.; cents per bu. March .7902 .7922 .7874 .7902 .0006 150,914 March 613.25 –4.00 32 June .7912 .7922 .7875 .7903 .0006 14,359 May 633.50 635.00 613.00 621.75 –4.50 108,965 British Pound (CME)-£62,500; $ per £ Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 1.3841 1.3866 1.3801 1.3838 –.0005 151,945 Global Government Bonds: Mapping Yields March 134.225 135.775 134.225 135.350 .750 4,181 June 1.3836 1.3870 1.3806 1.3843 –.0005 12,327 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Cash Prices | wsj.com/market-data/commodities Monday, March 8, 2021 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.125 U.S. 2 0.163 s l 0.141 0.111 0.486 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 1.125 10 1.594 s l 1.551 1.159 0.709 months. 5.500 Australia 2 0.140 s l 0.137 0.116 0.400 -1.3 0.1 -12.8 Monday Monday Monday 1.500 10 1.786 t l 1.842 1.281 0.686 19.2 27.5 -8.1 Energy Aluminum, LME, $ per metric ton *2185.0 Wheat - Hard - KC (USDA) $ per bu-u 6.4175 Copper,Comex spot 4.1035 Wheat,No.1soft white,Portld,OR-u 7.4250 0.000 France 2 -0.618 t l -0.605 -0.650 -0.720 -77.1 -74.2 -124.8 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.100 Iron Ore, 62% Fe CFR China-s 174.2 Food 0.000 10 -0.037 s l -0.051 -0.222 -0.359 -161.9 -112.6 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.950 Shredded Scrap, US Midwest-s,m 402 -163.1 Metals Steel, HRC USA, FOB Midwest Mill-s 1246 Beef,carcass equiv. index 0.000 Germany 2 -0.676 s l -0.688 -0.710 -0.858 -82.9 -82.5 -138.6 choice 1-3,600-900 lbs.-u 193.57 Fibers and Textiles 0.000 10 -0.273 s l -0.301 -0.440 -0.712 -186.8 -147.9 Gold, per troy oz select 1-3,600-900 lbs.-u 183.41 -186.7 Engelhard industrial 1694.00 Burlap,10-oz,40-inch NY yd-n,w 0.7100 Broilers, National comp wtd. avg.-u,w 0.8337 0.050 Italy 2 -0.342 t l -0.324 -0.420 0.041 -49.5 -46.1 -48.7 Handy & Harman base 1687.05 Cotton,1 1/16 std lw-mdMphs-u 0.8557 Butter,AA Chicago 1.6925 Cheddar cheese,bbl,Chicago 0.900 10 0.750 t l 0.761 0.515 1.072 -84.4 -80.7 30.5 Handy & Harman fabricated 1872.63 Cotlook 'A' Index-t *92.60 150.75 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1696.05 Hides,hvy native steers piece fob-u n.a. 173.25 0.100 Japan 2 -0.113 s l -0.119 -0.125 -0.306 -26.6 -25.6 -83.4 Milk,Nonfat dry,Chicago lb. 117.75 LBMA Gold Price PM *1696.25 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 0.100 10 0.122 s l 0.097 0.070 -0.146 -147.2 -147.1 -91.3 Krugerrand,wholesale-e 1748.34 1.2140 Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1765.16 1.7498 0.000 Spain 2 -0.433 s l -0.441 -0.522 -0.455 -58.6 -57.8 -98.3 Eggs,large white,Chicago-u 1.2350 American Eagle-e 1765.16 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.45 0.100 10 0.406 s l 0.397 0.133 0.206 -118.9 -117.1 -56.1 Mexican peso-e 2034.90 Bran,wheat middlings, KC-u 183 Hams,17-20 lbs,Mid-US fob-u 0.70 Austria crown-e 1650.81 0.125 U.K. 2 0.103 s l 0.101 -0.040 0.089 -5.0 -3.6 -43.9 Corn,No. 2 yellow,Cent IL-bp,u 5.3850 Hogs,Iowa-So. Minnesota-u 84.15 Austria phil-e 1765.16 Corn gluten feed,Midwest-u,w 191.1 Pork bellies,12-14 lb MidUS-u n.a. 4.750 10 0.756 t l 0.759 0.479 0.238 -83.8 -80.9 -53.0 Silver, troy oz. Corn gluten meal,Midwest-u,w 652.7 Pork loins,13-19 lb MidUS-u 0.9811 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Engelhard industrial 25.3000 Cottonseed meal-u,w 460 Steers,Tex.-Okla. Choice-u n.a. Handy & Harman base 25.1530 Hominy feed,Cent IL-u,w 155 Steers,feeder,Okla. City-u,w 154.63 Handy & Harman fabricated 31.4410 Meat-bonemeal,50% pro Mnpls-u,w 343 Corporate Debt Fats and Oils LBMA spot price *£18.3500 Oats,No.2 milling,Mnpls-u 3.9575 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific (U.S.$ equivalent) *25.3550 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 Degummed corn oil, crude wtd. avg.-u,w 48.5000 expectations Coins,wholesale $1,000 face-a 19605 Sorghum,(Milo) No.2 Gulf-u 8.0350 Grease,choice white,Chicago-h 0.4500 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 420.70 Lard,Chicago-u n.a. Investment-grade spreads that tightened the most… LBMA Platinum Price PM *1123.0 Soybeans,No.1 yllw IL-bp,u 14.3350 Soybean oil,crude;Centl IL-u 0.5340 Spread*, in basis points Platinum,Engelhard industrial 1142.0 Wheat,Spring14%-pro Mnpls-u 7.4175 Tallow,bleach;Chicago-h 0.4750 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Palladium,Engelhard industrial 2357.0 Wheat,No.2 soft red,St.Louis-u 6.7900 Tallow,edible,Chicago-u 0.5450 GE Capital International Funding … 4.418 3.23 Nov. 15, ’35 163 –21 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 176 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 3/5 –10 Source: Dow Jones Market Data Athene Global Funding … 2.550 2.90 Nov. 19, ’30 130 125 Walt Disney DIS 1.750 1.22 Jan. 13, ’26 39 –5 39 | Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks Citigroup C 8.125 3.45 July 15, ’39 114 –4 108 March 8, 2021 Money Rates UnitedHealth UNH 6.875 3.07 Feb. 15, ’38 76 –4 68

Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Verizon Communications VZ 4.812 3.31 March 15, ’39 100 –4 95 guide to general levels but don’t always represent actual transactions. Duke University DUKUNI 2.757 2.78 Oct. 1, ’50 47 –3 55 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low PACCAR Financial … 0.350 0.45 Feb. 2, ’24 12 –3 14 Jan. Index Chg From (%) level Dec. '20 Jan. '20 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 …And spreads that widened the most 4 weeks 0.030 0.035 0.925 0.000 Australia 0.10 0.10 0.50 0.10 U.S. consumer price index 13 weeks 0.045 0.040 0.390 0.000 Citigroup C 4.400 1.68 June 10, ’25 83 23 68 All items 261.582 0.43 1.4 Overnight repurchase 26 weeks 0.060 0.060 0.400 0.045 Core 269.755 0.20 1.4 19 U.S. 0.01 0.04 1.18 -0.07 Secondary market Societe Generale SOCGEN 4.750 2.38 Nov. 24, ’25 152 127 International rates U.S. government rates Fannie Mae Bank of Ireland BKIR 4.500 1.14 Nov. 25, ’23 98 17 80 Week 52-Week Discount 30-year mortgage yields 17 Latest High Low Bank of Montreal BMO 0.450 0.64 Dec. 8, ’23 48 32 ago 0.25 0.25 1.75 0.25 30 days 2.445 2.405 3.017 1.751 Prime rates 60 days 2.489 2.448 3.081 1.804 17 Federal funds Mitsubishi UFJ Financial MUFG 3.195 2.43 July 18, ’29 84 n.a. U.S. 3.25 3.25 4.25 3.25 Effective rate 0.0700 0.0700 1.1200 0.0600 Other short-term rates Canada 2.45 2.45 3.95 2.45 Vodafone VOD 3.750 0.80 Jan. 16, ’24 46 17 31 High 0.0800 1.1500 0.0800 Japan 1.475 1.475 1.475 1.475 0.0800 Low 0.0200 0.0200 1.0000 0.0000 Week 52-Week 16 Latest high low JPMorgan Chase JPM 6.400 3.34 May 15, ’38 102 78 Policy Rates Bid 0.0700 0.0700 1.0800 0.0100 ago Euro zone 0.00 0.00 0.00 0.00 Offer 0.0800 0.0800 1.1200 0.0500 Call money Wells Fargo WFC 4.100 1.83 June 3, ’26 98 16 70 2.00 2.00 3.00 2.00 Commercial paper (AA financial) High-yield issues with the biggest price increases… Key Interest Rates Bond Price as % of face value 90 days 0.12 0.15 2.53 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week on actively traded noninflation and inflation-indexed issues that are Libor Intesa Sanpaolo ISPIM 5.017 2.37 June 26, ’24 108.345 1.17 108.892 adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.10600 0.10925 1.01625 0.10300 Three month 0.18250 0.18425 1.45050 0.17525 0.68 release H.15. Six month 0.19625 0.20050 1.23825 0.19500 Navient NAVI 6.125 3.96 March 25, ’24 106.150 106.651 Week Ended 52-Week Week Ended 52-Week One year 0.28025 0.28363 1.06013 0.27775 0.61 Mar 5Feb 26 High Low Mar 5Feb 26 High Low Springleaf Finance … 7.125 3.74 March 15, ’26 115.364 115.970 6-month 0.07 0.05 0.68 0.05 Euro Libor Federal funds (effective) ZF North America Capital ZFFNGR 0.50 1-year 0.08 0.08 0.62 0.07 One month -0.579 -0.579 -0.360 -0.621 4.750 2.90 April 29, ’25 107.145 108.278 0.07 0.07 1.51 0.04 2-year 0.14 0.13 0.66 0.11 Three month -0.551 -0.551 -0.142 -0.574 0.39 Commercial paper 3-year 0.29 0.26 0.68 0.13 Six month -0.521 -0.518 -0.052 -0.543 Teva Pharmaceutical Finance IV … 3.650 2.67 Nov. 10, ’21 100.640 101.000 5-year 0.73 0.68 0.73 0.21 One year -0.489 -0.487 0.008 -0.511 0.38 Nonfinancial 7-year 1.16 1.08 1.16 0.39 Transocean RIG 7.500 18.36 April 15, ’31 50.875 48.563 1-month 0.06 0.06 1.60 0.06 10-year 1.49 1.42 1.49 0.55 Secured Overnight Financing Rate 2-month 0.30 0.06 0.07 1.56 0.06 20-year 2.14 2.09 2.14 0.99 Ford Motor Credit … 3.087 2.15 Jan. 9, ’23 101.678 101.750 3-month 0.07 0.07 1.84 0.07 0.02 0.01 1.20 0.01 0.30 Financial Treasury yields (secondary market) Value 52-Week Royal Caribbean RCL 5.250 3.70 Nov. 15, ’22 102.500 103.000 1-month 0.08 0.08 2.15 0.08 Latest Traded High Low 1-month 0.04 0.03 1.04 0.00 2-month n.a. n.a. 2.27 0.08 3-month 0.12 0.13 2.44 0.09 3-month 0.04 0.04 0.76 -0.01 DTCC GCF Repo Index …And with the biggest price decreases 6-month 0.07 0.05 0.67 0.05 Treasury 0.035 44.124 1.194 0.002 Discount window primary credit –1.33 TIPS MBS 0.049 21.450 1.309 0.011 Dish DBS … 5.875 3.66 July 15, ’22 102.875 104.573 0.25 0.25 1.75 0.25 5-year -1.69 -1.69 0.41 -1.84 Notes on data: … –1.02 7-year -1.18 -1.21 0.35 -1.44 Sprint Capital 8.750 3.56 March 15, ’32 147.000 149.000 Treasury yields at constant U.S. prime rate is the base rate on corporate maturities 10-year -0.71 -0.74 0.35 -1.05 loans posted by at least 70% of the 10 largest American Airlines AAL 3.750 8.59 March 1, ’25 84.000 –1.00 86.750 1-month 0.04 0.03 1.05 0.01 20-year -0.15 -0.14 0.47 -0.70 U.S. banks, and is effective March 16, 2020. 3-month 0.04 0.04 0.77 0.01 Long-term avg -0.03 -0.07 0.62 -0.50 Other prime rates aren’t directly comparable; –1.00 lending practices vary widely by location; Ford Motor F 7.450 4.23 July 16, ’31 126.750 130.125 Notes on data: Discount rate is effective March 16, 2020. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Netflix NFLX 4.375 2.34 Nov. 15, ’26 110.771 –0.99 111.523 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by March 5, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window QVC QVCN –0.68 average for overnight trades in applicable 4.375 1.79 March 15, ’23 105.086 105.150 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. –0.62 Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Navient NAVI 5.625 6.80 Aug. 1, ’33 90.252 92.375 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW068000-0-B00900-1------XA

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B10 | Tuesday, March 9, 2021 * THE WALL STREET JOURNAL. BANKING & FINANCE Buyout Firm Apax Seeks $1.5 Billion For New Tech Fund

BY PREETI SINGH pension documentsshowed. In January, Apax Digital sold Buyout firm Apax Partners portfolio companySignavio is pitching itssecond digital GmbH, asoftware-as-a-service fund focused on midmarket provider of businessprocess technologycompanies just analysis and decision-manage- weeks aftercollecting $11 bil- ment programs,toGerman lion forits latest main invest- software maker SAPSE. ment pool. Through itsdigital strategy,

S London-based Apax is seek- Apax invests$50 million to ing $1.5billion forApax Digital $150 million in companies in PRES II LP and expectstohold afirst thesoftware,dataand analyt- TED close foritinMay or June,ac- ics,technology-enabled ser- CIA

SO cording to documentspre- vices,digital marketplaces,me- AS sented by the firm’sinvestment dia and e-commerce sectors, adviser Hamilton Lane at a according to the firm’swebsite.

TERRILL/ public meeting of the Pennsyl- Apax’slatestfund is expected to J. vania Public School Employees’ make15to20investments, the RetirementSystem’sboardof pension system documentssaid. MARK Basketball fans recently sent the price of a LeBron James highlight video soaring into six figures. trustees last week.Apax hasn’t Technology-focused funds set ahardcap forthe fund, ac- expect strong market opportu- cording to the documents. nities as businesses spend more Tokens Drive Prices of Collectibles The$64.2 billion pension on software and digital trans- system’s trustees approved a formation to captureincreased $175 million commitment for online spending by consumers, BY CAITLIN OSTROFF function, an algorithm that Why are non-fungible to- tion values and track the Apax’snew digital fund during according to the pension docu- takesthis information and con- kens getting attention? movement of bitcoin between themeeting. ments. Christie’s is selling digital vertsitintoanunique identi- Thefirst non-fungible tokens accounts, the ethereum net- Apax raised $1 billion forits Overall software spending art. KingsofLeon areoffering fier.The slightest changein started appearing late2017, ac- work acts as a software plat- debut Apax Digital LP fund in world-wide will rise in coming their latest album as a collec- that information would gener- cording to research by NonFun- form wheredeveloperscan 2017 and has focused itsstrat- yearsbyabout 8.5% annually, tor’sitem—online.And NBA ateadifferent identifier.This gible.com and L’Atelier.The storecomputer code forother egyonminority investments reaching roughly $715 billion in fans recently drovethe price allows buyerstoensureanas- market has expanded in three blockchain projects. That and buyoutsofrapidly expand- 2024, according to aforecast of a LeBron James highlights set hasn’t been tampered with. yearsand attracted the atten- makes it much moreflexible, ing enterprise technologyand by research firm Gartner Inc. video into six figures. In other designs,the metadata tion of big names such as Chris- allowing it to facilitatethe ex- internet companies. Thepandemic has shiftedthe Behind all three: a new as- is stored independently. tie’sand the NBA. Rockband change of items beyond cryp- ThePennsylvania pension balanceinmanyindustries, setthat uses the technology “Think of it likeadigital KingsofLeon recently said it tocurrencies.Ethereum is used system committed$100 million leading to greater digitization backingcryptocurrencies to passport that comes with an would release an album as a to createfinancial contracts to the initial Apax digital fund “ofinternal processes,supply createunique “non-fungible asset,” said NadyaIvanova, non-fungible token, effectively and applications for comput- and$31 million to two co-in- chain, customer and partner in- tokens.” Collectorscan use the chief operating officer of BNP letting someone ownthe first ers and mobile phones. vestmentsthe firm sponsored. teractions and servicedelivery,” tokens attached to these as- Paribas-affiliated research edition of the digital collection. Theinvestmentsgenerated a Gartner said. Thechanges are setstoverifythe authenticity firm L’Atelier.“They allowfor Thenewfound attention on How big is the non-fungi- netinternal rate of return of transforming information tech of everything from artworks this trust and authenticity to digital collectibles boosted ble token market? nearly 54% and anet multiple from businesssupport “tobeing to sports highlights. be established in away that prices.The averagecost of Thenon-fungible token of 1.8times capital invested the business,” Gartner said. Bidding forChristie’sfirst we haven’t been able to do be- digitaltrading cardsonthe market balloonedover2020, through Sept. 30,according to Apax’slatestfund positions non-fungible token, adigital fore,whether it’swith physical platform Gods Unchained rose climbing to a market value of the pension system. thefirm to take advantageof collage by Mike Winkelmann, assets or digital assets.” by 69% to $18.24bythe last at least$338 million, from By the end of September, opportunities at the lowerend hit $3 million with the auction quarter of 2020 from $10.82in about $41 million in 2018, ac- Apax’sdebut digital fund had of the market, the pension doc- stillcontinuing.The creator of What do youget when you the firstquarter,according to cording to areport by Non- completed 10 investments, the umentssaid. the NyanCat meme,which buy a non-fungible token? Fungible.com and L’Atelier. features an animated cartoon Non-fungible tokens allow Thesurge in interest led to catwith aPop-Tart fora people to buy provably origi- Themarket the expansion of online mar- torso, sold an non-fungible to- nal versions of everything ketplaces. Laser Maker Coherent ken for 300 ether last month, from digital art to pop albums. ballooned over2020 equivalent to nearly $600,000 Unlikeother high-pricedigi- to amarketvalue of What is the risk in buying Plans to Accept II-VI’s Bid at the time of sale. talgaming accessories,only a non-fungible token? Hereiswhat youneed to one person cantruly owndigi- at least$338million. Cryptoassetshavegone BY COLIN KELLAHER share, while Lumentum’soffer know about this new market. talassetsbacked by non-fungi- through their shareoffrenzies is worth roughly $202.05 a ble tokens. over the years, with whipsaw- Laser maker Coherent Inc. share. Coherent noted that Lu- What is anon-fungible to- Individual investorstrading ing prices causing losses. planstoaccept arevisedtake- mentum recently raised itsof- ken and what do they do? on digital online marketplaces, datafromNonFungible.com. In 2017and 2018,many over proposal from electronic- fer, which would have valued Non-fungible tokens are such as Nifty Gateway or Theaverage cost of digital real poured money intocryptocur- componentsmaker II-VI Inc. the company at about $262 a similartobitcoin and other OpenSea, receiveatoken for estateinthe online game “The rencystartups through acon- and scrap itsdeal to be acquired share based on Friday’s clos- cryptocurrencies,with akey the asset to their single ad- Sandbox” rallied 88% over the troversial fundraising method by Lumentum HoldingsInc. ing prices,but the revised bid difference: While everybitcoin dress—the unique identifier same period, to $59.19. called initial coin offerings. Coherent said Mondaythat carries asignificantly higher created can be exchanged for foracryptocurrencyaccount Jack Dorsey, Twitter Inc.’s Such booms preceded arise in itsboarddetermined II-VI’s termination fee. one another,these can’t. As that letsother people find the chief executive officer, is auc- trading groups that manipu- new bid, which includes $170 Coherent said it has noti- the name suggests, non-fungi- account on the network. tioning off his firsttweet as a lated the priceofcryptocur- in cash and 1.0981 shares for fied Lumentum that it plans to ble tokens aremeant to be Manymarketplaces provide non-fungible token. Bidding rencies,causing losses foroth- each Coherent share, repre- terminatetheir agreement un- unique. The tokens act as vir- adigital rendering of the as- through the platform Valu- ers. The value of these digital sentsasuperior proposal to lessLumentum makes anew tual deeds, conveying owner- set, whether it is an imagefile ables had reached $2.5million collectibles depends on the as- its deal with Lumentum. proposal by Thursday. Lumen- ship of adigital asset. Each depicting awork of art or a by Monday. sumption that someone else is II-VI said its$6.5billion bid tum said it is studying its one gets uploaded to a digital video of abasketball highlight. willing to paymorefor it than for Coherent has the backing matching rights. ledger whereitconveys key Some artists, like Mr. Winkel- What is the ethereum net- youdid, analystssay,noting of private-equity firm Bain Coherent said it weighed a information: the dateitwas mann, work with the buyersof work? similarities between their big Capital, which plans to makea revised proposal from MKS In- created, when it was sold, for these tokens to displaydigital Manyofthe non-fungible gains and recent social-media- $1.5 billion equity investment strumentsInc.MKS said it how much and to whom. art in the physical world, tokens being created areon fueled frenzies in meme stocks in the combined company. was disappointed that Coher- In some designs,these bits whether that is through adigi- the ethereum network. likeGameStopand Koss that Based on Friday’sclosing ent eschewedits revised offer of information areconveyed talframe or projecting the While bitcoin’sblockchain led to heavy losses forsome prices,the II-VI bid values Co- and that it was bowing out of through acryptographic hash painting on a building. was created to store transac- individual investors. herent at about $251.93 a the three-way takeover battle.

Exchange-Traded Portfolios | WSJ.com/ETFresearch

Closing Chg YTD Closing Chg YTD Closing Chg YTD Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) JPM UltShtIncm JPST VangdTotalBd BND 84.71 –0.46 –3.9 Monday, March 8, 2021 Closing Chg YTD 50.73 –0.05 –0.1 VangdIntrCorpBd VCIT 92.68 –0.77 –4.6 VangdRealEst VNQ 87.61 0.86 3.2 ETF Symbol Price (%) (%) PIMCOEnhShMaturity MINT 101.97 –0.02 –0.1 VangdLC VV 178.57 –0.61 1.6 VangdS&P500ETF VOO 350.96 –0.49 2.1 VangdTotIntlBd BNDX 57.06 –0.17 –2.5 Closing Chg YTD VangdTotIntlStk VXUS 61.51 –1.05 2.2 SPDRBloomBar1-3MTB BIL 91.50 –0.01 –0.0 VangdMC VO 214.97 –0.18 4.0 VangdST Bond BSV 82.08 –0.21 –1.0 ETF Symbol Price (%) (%) iShJPMUSDEmgBd EMB 106.72 –1.73 –7.9 VangdTotalStk VTI 199.77 –0.49 2.6 SPDR Gold GLD 157.49 –1.04 –11.7 VangdMC Val VOE 133.08 1.44 11.9 VangdSTCpBd VCSH 82.19 –0.35 –1.3 iShMBSETF MBB 108.85 –0.17 –1.2 VangdTotlWrld VT 94.66 –0.71 2.2 ARKInnovationETF ARKK 110.26 –5.82 –11.4 SchwabIntEquity SCHF 36.84 –0.46 2.3 VangdMBS VMBS 53.61 –0.11 –0.9 VangdSC VB 210.27 0.15 8.0 VangdValue VTV 129.41 1.17 8.8 iShMSCI ACWI ACWI 92.14 –0.88 1.6 CommSvsSPDR XLC 72.39 –1.34 7.3 SchwabUS BrdMkt SCHB 93.37 –0.51 2.6 iShMSCI EAFE EFA 74.37 –0.35 1.9 CnsmrDiscSelSector XLY 157.01 0.12 –2.3 SchwabUS Div SCHD 71.10 1.33 10.9 iShMSCI EAFE SC SCZ 70.00 –0.37 2.4 EnSelectSectorSPDR XLE 53.05 0.19 40.0 SchwabUS LC SCHX 92.61 –0.63 1.8 iShMSCIEmgMarkets EEM 52.38 –2.69 1.4 FinSelSectorSPDR XLF 34.14 1.28 15.8 SchwabUS LC Grw SCHG 122.81 –2.32 –4.4 iShMSCIJapan EWJ 67.40 –1.12 –0.2 Dividend Changes HealthCareSelSect XLV 112.74 –0.25 –0.6 SchwabUS SC SCHA 98.66 0.54 10.9 iShNatlMuniBd MUB 115.62 0.10 –1.3 IndSelSectorSPDR XLI 94.42 1.05 6.6 Schwab US TIPs SCHP 60.65 –0.56 –2.3 iSh1-5YIGCorpBd IGSB 54.50 –0.33 –1.2 InvscQQQI QQQ 299.94 –2.83 –4.4 SPDR DJIA Tr DIA 318.25 0.95 4.1 Dividend announcements from March 8. iShPfd&Incm PFF 37.52 –0.29 –2.6 InvscS&P500EW RSP 137.97 0.66 8.2 SPDR S&PMdCpTr MDY 461.30 0.75 9.9 iShRussell1000Gwth IWF 230.04 –2.15 –4.6 Amount Payable / Amount Payable / iShCoreDivGrowth DGRO 46.40 0.45 3.5 SPDR S&P 500 SPY 381.72 –0.50 2.1 iShRussell1000 IWB 215.93 –0.53 1.9 Company Symbol Yld %New/Old Frq Record Company Symbol Yld %New/Old Frq Record iShCoreMSCIEAFE IEFA 70.59 –0.45 2.2 SPDR S&P Div SDY 116.78 1.57 10.2 iShRussell1000Val IWD 148.68 0.83 8.7 Algonquin Power AQN 4.1 .1551 Q Apr15 /Mar31 iShCoreMSCIEM IEMG 63.18 –2.56 1.8 TechSelectSector XLK 125.83 –2.42 –3.2 Increased iShRussell2000Gwth IWO 293.29 –1.27 2.3 Aspen Ins 5.95% Pfd. AHLpC 5.5 .3719 Q Apr01 /Mar15 iShCoreMSCITotInt IXUS 68.80 –1.08 2.4 VanEckGoldMiner GDX 31.39 –1.23 –12.9 American Tower REIT AMT 2.4 1.24 /1.21 Q Apr29 /Apr13 iShRussell2000 IWM 218.74 0.47 11.6 Aspen Ins Pfd. AHLpE 5.4 .35156 Q Apr01 /Mar15 iShCoreS&P500 IVV 383.19 –0.49 2.1 VangdInfoTech VGT 339.41 –2.58 –4.1 EastGroup Properties EGP 2.3 .79 /.66173 Q Apr15 /Mar31 iShRussell2000Val IWN 160.49 2.25 21.8 Broadcom AVGO 3.4 3.60 Q Mar31 /Mar22 iShCoreS&P MC IJH 252.77 0.77 10.0 VangdSC Val VBR 164.85 1.50 15.9 Horace Mann Educators HMN 2.8 .31 /.30 Q Mar31 /Mar17 iShRussellMid-Cap IWR 72.04 ... 5.1 Canadian Natural Res CNQ 4.2 .3712 Q Apr05 /Mar19 iShCoreS&P SC IJR 109.10 1.91 18.7 iShRussellMCValue IWS 107.60 1.10 11.0 VangdSC Grwth VBK 265.27 –1.61 –0.9 SpartanNash SPTN 3.9 .20 /.1925 Q Mar31 /Mar15 CNH Industrial CNHI ... .131 A May05 /Apr20 iShS&PTotlUSStkMkt ITOT 88.54 –0.52 2.7 iShS&P500Growth IVW 61.43 –2.12 –3.7 VangdExtMkt VXF 173.25 –0.54 5.2 Sun Communities SUI 2.3 .83 /.79 Q Apr15 /Mar31 Ericsson ADR ERIC 1.1 .12074 A Mar31 /Apr01 iShCoreUSAggBd AGG 113.83 –0.39 –3.7 iShS&P500Value IVE 139.01 1.17 8.6 VangdDivApp VIG 141.45 0.62 0.2 Harmony Gold Mining ADR HMY 1.3 .07271 SA Apr26 /Apr16 iShSelectDividend DVY 112.75 2.18 17.2 iShShortTreaBd SHV 110.51 ... –0.0 VangdFTSEDevMk VEA 48.28 –0.49 2.3 Reduced NWG iShESGAwareUSA ESGU 87.52 –0.65 1.7 iShSilver SLV 23.32 –0.17 –5.1 VangdFTSE EM VWO 51.23 –2.60 2.2 MetLife Floating Ser A METpA 4.0 .25 /.25278 Q Mar15 /Feb26 NatWest Group ADR 1.5 .08381 May04 /Mar26 iShEdgeMSCIMinUSA USMV 66.85 0.29 –1.5 iShTIPSBondETF TIP 124.56 –0.55 –2.4 VangdFTSE Europe VGK 61.72 –0.13 2.5 NXP Semiconductors NXPI 1.3 .5625 Q Apr05 /Mar15 iShEdgeMSCIUSAMom MTUM 150.00 –3.40 –7.0 iSh1-3YTreasuryBd SHY 86.23 –0.03 –0.2 VangdFTSEAWxUS VEU 59.66 –1.09 2.2 Initial Pembina Pipeline PBA 6.6 .1658 M Apr15 /Mar25 iShEdgeMSCIUSAQual QUAL 117.54 –0.14 1.1 iSh7-10YTreasuryBd IEF 113.97 –0.39 –5.0 VangdGrowth VUG 243.15 –2.05 –4.0 Riley Exploration Permian REPX 1.6 .28 May07 /Apr16 Vale ADR VALE 2.5 .61689 SA Mar22 /Mar08 iShGoldTr IAU 16.02 –0.99 –11.6 iSh20+YTreasuryBd TLT 137.83 –0.78 –12.6 VangdHlthCr VHT 220.76 –0.70 –1.3 iShiBoxx$InvGrCpBd LQD 128.55 –0.93 –6.9 iShRussellMCGrowth IWP 96.94 –2.17 –5.6 VangdHiDiv VYM 98.96 0.86 8.1 Foreign KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; iShiBoxx$HYCpBd HYG 85.99 –0.73 –1.5 iShUSTreasuryBdETF GOVT 26.27 –0.32 –3.5 VangdIntermBd BIV 88.82 –0.64 –4.3 ABB ADR ABB 2.3 .69567 A Mar29 / S2:1: stock split and ratio; SO: spin-off.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fidelity LowP r 53.61 +0.54 10.2 JPMorgan I Class Income NA ... NA ExtndAdml 131.39 -0.75 5.3 VANGUARD FDS IdxIntl 19.74 -0.24 1.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. 500IdxInstPrem132.81 -0.71 2.0 Magin 12.44 -0.18 -4.7 CoreBond NA ... NA PIMCO Funds Instl GNMAAdml 10.65 -0.04 -0.7 DivdGro 33.33 +0.23 0.3 MdCpGrAdml 88.10 -1.64 -3.5 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese Contrafund K6 18.36 -0.32 -2.8 NASDAQ r 158.41 -3.91 -2.1 EqInc NA ... NA IncomeFd NA ... NA GrwthAdml 125.08 -2.81 -4.1 INSTTRF2020 26.21 -0.14 -0.2 SmValAdml 70.81 +1.04 15.9 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, ExtMktIdxInstPre 87.90 -0.50 5.3 OTC 17.32 -0.48 -1.1 JPMorgan R Class Price Funds HlthCareAdml r 88.78 -0.25 -2.4 INSTTRF2025 27.48 -0.16 0.1 TotBd2 11.03 -0.04 -3.4 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r FidSerToMarket 13.24 -0.07 2.6 Puritn 26.58 -0.19 2.2 CoreBond NA ... NA BlChip 160.30 -3.60 -3.2 HYCorAdml r 5.92 -0.01 -0.2 INSTTRF2030 28.27 -0.18 0.5 TotIntlInstIdx r132.06 -1.62 1.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not IntlIdxInstPrem 46.22 -0.19 1.3 SrsEmrgMkt 25.22 -0.88 1.0 Lord Abbett A DivGro 60.85 +0.15 1.4 InfProAd 27.72 -0.14 -2.1 INSTTRF2035 28.99 -0.19 0.9 TotItlInstPlId r132.09 -1.62 1.7 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; MidCpInxInstPrem 28.38 -0.01 5.1 SrsGlobal 14.57 -0.18 1.6 ShtDurIncmA p NA ... NA EqInc 34.74 +0.29 11.2 IntlGrAdml 153.22 -4.60 -4.4 INSTTRF2040 29.74 -0.20 1.3 TotSt 97.14 -0.53 2.6 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. SAIUSLgCpIndxFd 20.03 -0.11 2.0 SrsGroCoRetail 22.18 -0.60 -2.6 Lord Abbett F Growth 95.93 -1.97 -1.0 ITBondAdml 12.07 -0.05 -3.8 INSTTRF2045 30.39 -0.23 1.7 VANGUARD INSTL FDS SeriesBondFd 10.39 -0.04 -3.3 SrsIntlGrw 17.23 -0.20 -3.1 ShtDurIncm NA ... NA HelSci 94.97 -1.46 -3.9 ITIGradeAdml 10.08 -0.05 -3.3 INSTTRF2050 30.49 -0.22 1.7 BalInst 44.43 -0.21 0.2 SeriesOverseas 12.21 -0.08 -1.5 SrsIntlVal 10.67 +0.02 5.7 Metropolitan West LgCapGow I 61.25 -1.19 0.1 LTGradeAdml 10.61 -0.07 -9.5 INSTTRF2055 30.57 -0.22 1.7 DevMktsIndInst 15.51 -0.08 1.7 Monday, March 8, 2021 SmCpIdxInstPrem 27.91 +0.14 11.7 TotalBond 10.97 -0.04 -2.7 TotRetBdI 10.85 -0.03 -2.7 MidCap 112.72 -0.61 -0.3 MidCpAdml 266.20 -0.50 3.8 IntlGr 48.16 -1.45 -4.4 DevMktsInxInst 24.25 -0.12 1.8 Net YTD Net YTD Net YTD Fidelity SAI TRBdPlan 10.17 -0.03 -2.8 NHoriz 77.54 -1.44 -5.8 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret TMktIdxInstPrem110.52 -0.60 2.6 MuHYAdml 11.89 ...... IntlVal 42.19 -0.02 4.8 ExtndInst 131.38 -0.75 5.3 USBdIdxInstPrem 11.99 -0.04 -3.4 TotalBd 10.43 -0.04 -2.6 MFS Funds Class I R2020 23.07 -0.11 1.4 MuIntAdml 14.72 ... -0.5 LifeCon 22.46 -0.11 -0.9 GrwthInst 125.09 -2.81 -4.1 American Century Inv Baird Funds EmMktCorEq 24.97 -0.68 2.9 Fidelity Advisor I Fidelity Selects Growth I 154.25 -3.69 -4.6 R2025 19.71 -0.10 1.8 MuLTAdml 12.09 +0.01 -0.7 LifeGro 40.72 -0.29 1.2 InPrSeIn 11.29 -0.06 -2.2 Ultra 72.67 -1.57 -4.3 AggBdInst 11.37 -0.04 -3.1 IntlCoreEq 15.10 -0.06 3.6 NwInsghtI 36.09 -0.68 -2.0 Softwr r 26.46 -0.41 -2.4 ValueI 47.63 +0.30 5.6 R2030 29.07 -0.17 2.2 MuLtdAdml 11.23 ...... LifeMod 31.69 -0.19 0.1 InstIdx 338.19 -1.82 2.0 American Funds Cl A CorBdInst 11.74 -0.04 -2.9 IntSmCo 20.96 -0.09 3.4 Fidelity Freedom Tech r 26.02 -0.81 -3.2 MFS Funds Instl R2035 21.80 -0.14 2.6 MuShtAdml 15.94 ... 0.1 PrmcpCor 31.28 -0.07 7.9 InstPlus 338.21 -1.82 2.0 AmcpA p 39.62 -0.47 1.3 BlackRock Funds IntSmVa 20.37 +0.02 6.5 FF2020 17.31 -0.11 0.9 First Eagle Funds IntlEq 30.40 -0.15 -0.8 R2040 31.36 -0.22 3.1 PrmcpAdml r162.62 -1.52 5.7 STAR 31.26 -0.23 0.6 InstTStPlus 75.88 -0.41 2.6 AMutlA p 46.51 +0.22 4.3 HiYBlk 7.76 -0.02 0.4 TAUSCoreEq2 24.53 +0.04 6.7 FF2025 15.63 -0.11 1.2 GlbA 62.75 +0.05 2.4 Nuveen Cl I PRIMECAP Odyssey Fds RealEstatAdml124.17 +1.01 3.1 TgtRe2015 15.62 -0.07 -0.7 MidCpInst 58.81 -0.11 3.8 BalA p 30.52 -0.13 1.1 HiYldBd Inst 7.75 -0.02 0.4 US CoreEq1 31.39 ... 5.8 FF2030 19.59 -0.15 1.6 Franklin A1 HYMunBd NA ... NA AggGrowth r 54.93 -1.24 2.3 SmCapAdml100.84 +0.13 8.2 TgtRe2020 34.23 -0.18 -0.2 MidCpIstPl 290.03 -0.54 3.8 BondA p 13.36 -0.04 -2.9 BlackRock Funds A US CoreEq2 28.95 +0.06 7.3 FF2035 17.00 -0.14 2.6 CA TF A1 p 7.68 -0.01 -1.3 Old Westbury Fds Schwab Funds SmGthAdml 93.26 -1.55 -0.8 TgtRe2025 21.56 -0.13 0.1 SmCapInst 100.84 +0.13 8.2 CapIBA p 64.65 -0.15 2.6 GlblAlloc p 21.62 ... 0.4 US Small 45.30 +0.67 17.9 FF2040 12.14 -0.10 3.3 IncomeA1 p 2.39 +0.01 5.2 LrgCpStr NA ... NA 1000 Inv r 84.86 -0.57 1.6 STBondAdml 10.78 -0.01 -0.6 TgtRe2030 40.75 -0.25 0.5 STIGradeInst 10.94 -0.02 -0.5 CapWGrA 60.16 -0.71 1.3 BlackRock Funds Inst US SmCpVal 43.68 +0.94 26.9 Freedom2025 K 15.61 -0.11 1.2 FrankTemp/Frank Adv Parnassus Fds S&P Sel 58.58 -0.31 2.0 STIGradeAdml 10.94 -0.02 -0.5 TgtRe2035 25.44 -0.18 0.9 STIPSIxins 25.77 -0.06 0.6 EupacA p 67.73 -1.47 -2.3 StratIncOpptyIns 10.33 -0.02 0.1 US TgdVal 29.48 +0.60 25.0 Freedom2030 K 19.57 -0.15 1.6 IncomeAdv 2.37 +0.01 5.3 ParnEqFd 54.55 -0.43 1.7 TSM Sel r 68.19 -0.37 2.6 TotBdAdml 11.19 -0.04 -3.4 TgtRe2040 44.84 -0.32 1.3 TotBdInst 11.19 -0.04 -3.4 FdInvA p 70.70 -0.67 2.2 Bridge Builder Trust USLgVa 42.39 +0.41 12.9 Freedom2035 K 16.98 -0.13 2.6 FrankTemp/Franklin A PGIM Funds Cl Z TIAA/CREF Funds TotIntBdIdxAdm 22.83 -0.02 -2.2 TgtRe2045 28.66 -0.22 1.7 TotBdInst2 11.03 -0.04 -3.4 GwthA p 66.20 -1.18 -2.0 CoreBond 10.42 -0.04 -3.1 Dodge & Cox Freedom2040 K 12.13 -0.10 3.2 Growth A p 131.72 -1.99 -2.7 HighYield 5.52 -0.01 1.0 EqIdxInst 28.49 -0.15 2.5 TotIntlAdmIdx r 33.02 -0.41 1.7 TgtRe2050 46.23 -0.35 1.7 TotBdInstPl 11.19 -0.04 -3.4 HI TrA p 10.24 -0.01 1.9 CorePlusBond 10.28 -0.04 -2.7 Balanced 111.11 +0.18 9.2 Fidelity Invest RisDv A p 79.86 +0.16 -0.4 TotalReturnBond NA ... NA VANGUARD ADMIRAL TotStAdml 97.19 -0.52 2.6 TgtRet2055 50.19 -0.38 1.7 TotIntBdIdxInst 34.26 -0.03 -2.2 ICAA p 45.89 -0.25 3.3 Intl Eq 13.61 -0.12 1.9 Income 14.29 -0.05 -2.5 Balanc 28.76 -0.16 1.7 Guggenheim Funds Tru PIMCO Fds Instl 500Adml 353.59 -1.91 2.0 TxMCapAdml201.36 -1.28 1.9 TgtRetInc 14.81 -0.06 -0.8 TotStInst 97.21 -0.52 2.6 IncoA p 24.40 +0.01 3.6 LargeCapGrowth 20.30 -0.25 -1.3 Intl Stk 46.63 -0.18 6.7 BluCh 159.73 -4.38 -2.1 TotRtnBdFdClInst 28.52 -0.12 -3.5 AllAsset NA ... NA BalAdml 44.42 -0.21 0.2 TxMIn r 15.49 -0.08 1.7 TotIntBdIxInv 11.42 -0.01 -2.2 ValueInst 50.46 +0.57 8.7 N PerA p 59.33 -1.03 -1.9 LargeCapValue 16.01 +0.15 8.8 Stock 220.41 +0.65 14.5 Contra 16.03 -0.28 -2.2 Harbor Funds InvGrdCrBd NA ... NA CAITAdml 12.22 ... -0.7 USGroAdml 160.75 -4.26 -5.4 USGro 62.06 -1.64 -5.4 WCM Focus Funds NEcoA p 57.94 -1.41 -2.6 Columbia Class I DoubleLine Funds ContraK 16.06 -0.28 -2.3 CapApInst 96.06 -2.99 -7.8 ShortT 9.84 +0.01 0.2 CapOpAdml r184.51 -2.17 3.9 ValAdml 50.46 +0.56 8.7 WellsI 28.28 +0.02 -0.2 WCMFocIntlGrwIns 23.62 -0.59 -4.6 NwWrldA 86.45 -2.54 -1.7 DivIncom I 26.86 +0.03 4.1 CoreFxdIncmI NA ... NA CpInc r 10.97 -0.04 2.9 Harding Loevner TotRt 10.25 -0.03 -2.9 DivAppIdxAdm 38.39 +0.24 0.1 WdsrllAdml 74.46 -0.05 8.4 Welltn 44.66 -0.19 0.7 Western Asset SmCpA p 79.37 -1.47 -0.2 Dimensional Fds TotRetBdI 10.52 -0.02 -1.2 GroCo 31.89 -0.89 -3.0 IntlEq NA ... NA PIMCO Funds A EMAdmr 42.39 -1.38 1.7 WellsIAdml 68.52 +0.07 -0.2 WndsrII 41.97 -0.02 8.4 CoreBondI NA ... NA TxExA p 13.52 +0.01 -0.4 5GlbFxdInc 10.89 ...... Edgewood Growth Instituti GrowCoK 31.98 -0.89 -3.0 Invesco Funds Y IncomeFd NA ... NA EqIncAdml 84.62 +0.71 6.7 WelltnAdml 77.12 -0.33 0.7 VANGUARD INDEX FDS CorePlusBdI NA ... NA WshA p 52.73 -0.01 5.1 EmgMktVa 30.23 -0.58 5.5 EdgewoodGrInst 49.93 -1.42 -3.6 InvGrBd 11.55 -0.04 -2.7 DevMktY 54.07 -1.34 1.1 PIMCO Funds I2 ExplrAdml 124.28 -0.84 3.8 WndsrAdml 79.05 +0.65 10.7 ExtndIstPl 324.24 -1.85 5.3 CorePlusBdIS NA ... NA P2JW068000-0-B01100-1------XA

THE WALL STREET JOURNAL. Tuesday, March 9, 2021 | B11 MARKETS Treasury Yields Climb on Relief Package

Ten-year note briefly 1.550%. Bond yields rise when Yields on U.S. Treasury and Treasury Inflation This suggests expectations investorsexpect faster rate in- prices fall. Protected Securities (TIPS) that a rise in inflation will be creases from the Fed. tops 1.609% before Therise in yields is also followedbythe Fedtaking ac- Yields have also been 2% settling at 1.594% as putting pressureongrowth tion and bringing inflation pushed higher by aseries of stocks,such as technology 10-year back toward the target over technical factorsincluding bill nears final vote companies, whose valuations the longer term. worries about constraints on arelinked to prevailing 1 However, if real yields bank balancesheetsand the BY PAUL J. DAVIES discount ratesfor long-term Five-year start to rise faster, especially unwinding of leveraged bets cash flows. at shortermaturities,that linked to the relativeyields of U.S. Treasuryyields jumped Thetech-heavy Nasdaq 0 would suggest market skepti- different Treasurys. following the Senate’s Compositefell 310.99points, cism over Fed policy, accord- In the past week,therehas approval of the $1.9trillion or 2.4%, to 12609.16,falling ing to Neil Shearing,group also been a big pickup in out- Covid-19 relief bill over the into correction territory. 10-year TIPS chiefeconomist at Capital right betsbyhedgefunds that weekend, which moves TheFederal Reservehas -1 Economics. yields will keep rising and President Biden’sspending been sanguine in its response That “might indicate that heftysales of Treasurys by packagecloser to being signed to rising yields because it sees the marketsdonot believethe leveraged funds that trade Five-year TIPS into law. them as asign of the brighten- -2 Fed’s commitment to keeping based on market volatility,ac- The huge stim- ing outlook forthe economy. It itspolicyrateatnear-zeroun- cording to datafromCiti- CREDIT March 2020 '21 MARKETS ulus,which faces a also targets an average infla- til it has achieved a‘broad and group’s quantitative analysts. final vote in the tion rate over time,which Source:Tradeweb inclusive’ recovery,” Mr. House as early as Tuesday, is means the central bank would Shearing said. expected to boost the U.S. allowinflation to runaboveits Galy, senior macro strategist might change its policy. Thedifferencebetween real AUCTION RESULTS economy just as vaccinations 2% target foraspell before at Nordea Asset Management. These haven’t risen as yields on five-year and 10-year Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- allowmorebusinesses to tightening monetary policy. He also pointed to the strong much as normal yields and the TIPS,which measures the clearing yield. Rates are determined by the difference reopen, driving aburst of Investorsare having trouble jobs report on Fridayand a gapbetween the two has steepnessofthe curve, has between that price and the face value. activity and a likely pickup in adjusting to this newpolicy test for the market with a big grown, which indicates higher been rising steadily since last 13-Week 26-Week inflation. framework.Thereisconfusion auctionofnew 10-year Trea- inflation expectations. Apriland reached almost 1.1 Applications $170,648,408,200 $185,907,793,200 The10-year yield briefly about where yields will settle surys coming up on Wednes- On Monday, 10-year percentagepointsonFriday. Accepted bids $59,163,278,500 $55,876,419,100 " noncomp $630,246,000 $465,477,100 rose as high as 1.610% on Mon- and some skepticism that the day. He expects10-year yields inflation expectations hit That is thesteepest the curve " foreign noncomp $266,000,000 $300,000,000 daymorning,surpassing the Fed will stick to its low-rates to move toward 1.8%. 2.24%, the highest sincethe has been sinceApril 2014. Auction price (rate) 99.988625 99.969667 1.609% hit when Treasurys and bond-buying program. Arise in real yields—or the summer of 2014. However, it slipped back to (0.045%) (0.060%) 0.046% 0.061% sold off sharply on Feb. 25,ac- “The market still hasn’t yields on inflation-protected Shorter-term inflation ex- 1.04 percentagepointson Bids at clearing yield accepted 42.37% 4.91% cording to Tradeweb. It later completely absorbed the idea Treasurys, known as TIPS—is pectations have risen even Monday. If the gapshrinks fur- 912796B24 9127964L0 Both issues are dated March 11, 2021. The 13-week dropped back to 1.594%, which of the averageinflation target- potentially moreimportant in faster,with the five-year mea- ther due to rising five-year bills mature on June 10, 2021; the 26-week bills mature wasupversus Friday’sclose of ing regime,” said Sebastien judging howand when the Fed sureexceeding 2.55% Monday. real yields,that would suggest on Sept. 9, 2021.

about 11% as of Friday, the Cooling of highest level ever,according to S3 Partners. Investorsalso areincreasingly bearish on Tech Sector ARK’sGenomic Revolution ETF, with short interest rising to nearly 9% of itsoverall Tests Wood float from lessthan 3% at the end of last year. When investorsshort an ContinuedfrompageB1 ETF, shares arecreated by Stratasys. specializedinvestment firms Analystsincluding those at knownasauthorized partici- Goldman Sachs Group Inc. pantssolely forthe purpose of

S have noted that shares of un- lending.That processinvolves profitable companies have A screenshot from a YouTube video published by ARK Financial authorized participants short- PRES been some of the hardest hit Management LLC shows Chief Executive Cathie Wood. ing the fund’sunderlying

ZUMA by the recent selloff and rec- stocks,which could be adding ommended investorslimit ing investorsabout investing “You have to think about to the short interest in some

LEVINE/ their exposuretosuch stocks. in the innovation fund’sindi- the market impact you’redo- of ARK’sholdings, Mr.Kartholl

B. Thedeclines so far have vidual holdings, given that ing with small-caps,” said Elis- said. That canlead to in- knocked shares of ARK’sflag- manyare smaller stocks that abeth Kashner,director of creased volatility of the indi-

RICHARD ship fund down to their lowest canbeprone to big swings. funds research at FactSet. vidual shares,headded. The private-equity firm backs brands including Daily Harvest. levels sincelateNovember. “You don’t have to be in “Wherethe market prices of Amongthe ARK positions Tesla countsasARK’sbig- ARKK to be hurt by the ARKK some of these lessliquid secu- with significant short interest gest position in three of its situation,” Mr.Purves said of rities were driven up rather are Workhorse Group and Brand Investor funds,coming in right around the innovation fund. quickly,they canthen be biotech firm Beam Therapeu- 10% of those ETFs’assets. Among ARK’sfivefunds,27 driven down by the same tics,coming in at 21% and ARK has a10% softcap on po- of itspositions areincompa- speed as funds flow out.” 18%, respectively,according to sitions within itsfunds. nies in whichthe firm holds Investorsare also becoming S3 data. Shares of Workhorse, VMG’s New Fund Acrossall five ETFs,Tesla ac- more than 10% of all shares morebearish on ARK’sfunds, which wasbriefly atargetof countsfor 7% of assets. outstanding,according to data creating aknock-on effect felt Reddit’sday tradersduring Square, Roku, Teladoc and the from the companies,FactSet throughout the portfolio,said the GameStopCorp.saga, are Gets $850 Million cryptocurrencybitcoin are and Dow Jones Markets Data. William Kartholl, director and down 61% over the past among some of itsother big- Most of thesestakesare in head of ETFtrading at Cowen month, while Beam has fallen gest holdings. small companies that have Inc. 41%. BY PREETI SINGH brand might start by selling Michael Purves,chief exec- market values below$5billion Short interest as apercent- —Ken Jimenez and Gunjan through agrocery chain like utiveofTallbacken Capital Ad- and fewershares available for ageofthe overall float of Banerji contributed to this Consumer-focused VMG Amazon.comInc.’sWhole visors, said he has been warn- trading on the open market. ARK’sinnovation fund rose to article. Partners,which backs such Foods to build up authentic- brands as Smashmallowand ity,hesaid, then movetoa Daily Harvest, collected $850 broader rangeofgrocery million forits latest growth stores and finally makeits Chinese Indexes Fall on Debt Woes fund in just three months,ac- way to national warehouse cording to Robin Tsai, agen- chains likeCostco Wholesale eral partner. Corp. BY JOANNE CHIU That makes thenew fund, “They arestruggling with AND XIE YU VMG PartnersVLP, more the same thingsliketeam- than 54% largerthan itspre- building,systems,supply China’smain stock bench- decessor, which corralled chains and we aretackling marks tumbled, erasing all of $550 million in 2017and had similar issues acrossthe this year’s gains, as investors an additional $150 million board,” Mr.Tsai said of grappled with signs that pol- available forinvestments brands. icymakersinBeijing will take through arelated vehicle. “The smaller deals are moreaction to rein in debt Thelatestfund’slarger great from areputation and and prevent asset bubbles. sizewill enable the firm to risk-reward perspective, but TheCSI 300—an indexof take full advantageofoppor- they also feed our ability to the 300 largest stocks listed in tunities to back brands in the do largerdeals,” he said. mainland China—fell 3.5% on health and wellnesssectors, The“tight aperture” forin- Mondaywhile the Shanghai including food and beverage, vesting has also helped VMG CompositeIndexdropped beauty and personal care,as develop relationships with 2.3%, hitting their lowest clos- well as pet productsand ser- companies of interest before ing levels in 2021. TheCSI 300 vices,Mr. Tsai said. making an investment, ac- is nowincorrection territory, TheSan Francisco-based cording to Mr.Tsai. having declined morethan 10%

firm investsinlowermidmar- “Wereally pride ourselves from arecent peak on Feb. 10, /REUTERS

ketcompanies,and follows a on being avalue-added re- just beforethe start of the Lu- NG

barbell approach to investing, source forthe general ecosys- nar New Year holiday. WA U

writing checks of $10 million tem,” Mr.Tsai said. “Welike Chinese stocks have been SH NG

or less, or $75million to $100 adding value even beforewe trending lowerinthe past few TI million, Mr.Tsai said. become formal partners.” weeks,after an earlier run-up Some of China’smostvaluable stocksled recent declines, including KweichowMoutai, aspirit maker. As examples,hepointed to and stellar 2020 performance investments in baby products that wasunderpinned by the fiscal deficit, which “effec- Indexperformance, month has given investors Thefirm writes companyUnconditional Love country’s return to economic tively makes room forauthori- year to date pause, said Thomas Kwan, Inc., which does businessas growth during the pandemic. ties to deliver policytodeflate chiefinvestment officer of checksof$10 million Hello Bello,and feminine hy- TopChinese financial regu- the bubble to avoid systemic 12% Harvest Global Investments, or less, or in the$75 giene productsprovider lators recently warned about risks,” strategistsfromCiti CSI 300 the offshoreunit of one of Honey PotCo.,which were the risk of asset bubbles form- PrivateBank said in aMonday 10 China’slargest asset manag- million range. both made just as the corona- ing in domestic real-estate research note. ers. “A correction is easily virus pandemic hit. prices and global financial Some of China’smost valu- 8 triggered,” he said. “They weren’t meeting us markets. Last week,Chinese able stocks led the recent de- Some money managersare forthe firsttime when the leadersindicated they could clines. KweichowMoutai Co., 6 currently holding morecash as VMGexpectstomakebe- crisis hit—these relationships renew their focus on curbing astate-owned maker of high- they await additional policydi- tween 12 and 15 investments had been built long in ad- debt levels nowthat the econ- pricespirits, lost nearly a 4 rection from China’scentral from itslatestgrowthfund, vance,” Mr.Tsai said. omyisonfirmer footing.China quarter of itsvalue sinceFeb. bank and clarity over the eco- he said. Mostly holding consum- wasthe only major world 10,when the Shanghai-listed 2 nomic growth outlook,said In 2019,the firm collected able-productscompanies, economy to report growth in companywas valued at around GaryZhang,apartner at Shen- $250 million foranewly VMG’sportfolio weathered 2020; it expanded 2.3%. $500 billion.Shares of Wu- 0 Shanghai zhen Grand Gold Capital Co. launched strategy, called Cat- thepandemic fairly well, Mr. At Friday’sopening of the liangye Yibin Co., another pro- Composite Wendy Liu, head of China alyst, to invest in North Tsai said. As lockdowns and National People’sCongress, the ducer of afieryliquor known –2 strategyatUBS Global Re- American early-stage, tech- other restrictions draggedon annual session of China’slegis- as baijiu, fell by asimilar mag- search, said she expectsthe nology-driven companies that last year,consumerspivoted lature, the government said it nitude.Both stocks arecompo- –4 longer-term upwardtrajectory provide consumer goods and to seeking out needed items is targeting grossdomestic nentsofthe CSI300 index. of the CSI300 indextoremain services. online,especially in certain product growth of 6% or more Moutai, the world’smost Jan. 2021 Feb. March intact. Therecent pullback is a Thebarbell approach has categories. this year.The newgoal was valuable liquor company, has in Source:FactSet consolidation of what she helped VMG become success- VMG’sportfolio companies lowerthan manyeconomists’ the past been atargetofChi- called a“slowbull market” and fulininvesting in both were quick to adapt to using predictions that China would nese authorities’ attemptsto wasdriven by large inflows createsopportunities forinves- smaller consumer brands and those channels,hesaid. “One expand by at least 8% and was cool stock-investment frenzies. intomutual funds,which have tors to buy intocompanies largercompanies as the mar- thing that’sprettypervasive takenbysome as an indicator Conversely,shares of Ping An become popular with investors with market-leading positions kethas evolved, with many is that therewas aprettybig that Beijing expectsgrowthto InsuranceGroup,which is also on the mainland. and strong earningsgrowth. businesses getting bigger shifttoselling online and our moderatewhile it takessteps part of the index, have chalked But afterasignificant in- Sheadded she still sees the faster in recent years, accord- businesses were quitepre- to curb debt-related risks. up gains over the past month. crease in valuations, a lack of broad benchmark rising about ing to Mr.Tsai. pared to actually deal with Chinese leadersscaled back Some of the earlier run-up good news coming out from 20% from current levels by the Adecade ago, asmall food that channel shift.” their targets for inflation and in Chinese stock prices overall thelegislativemeetingsthis end of this year. P2JW068000-0-B01200-1------XA

B12 | Tuesday, March 9, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY PowerCompanies In TexasStorm Stand to Gain

Largepowerconcerns will foot some bills but the coming shake-up isn’t all bad news forthem

For the biggest power compa- While these companies have bal- nies in Texas, what doesn’t kill ancesheetstoweather the storm, S them might actually help them othersare on the brink of sol- NEW

emerge stronger. vency, opening up the possibility G Largeplayers in the Texas of forced sales at distressed valua- powermarket such as VistraEn- tions. Just Energy,aretail energy OOMBER

ergy, NRGEnergy and Exelon provider,had said the financial im- /BL have all seen their market valua- pact from the storm could hamper tions fall sinceawinter storm itsability to continue as agoing

thereleftthe powersystemin concern. Another provider, Brazos SHARRETT KE

shock.Vistrashavedoff roughly Electric PowerCooperative, filed LU $1.58 billion sinceFeb.16, the day forbankruptcy on March 1. Texasfaces growing demand forelectricity making it araregrowthmarket.AnNRG facility in the stateseenin2017. afterblackoutsbegan. That is The ultimate dollar impact from roughly 1.6times the lossthe com- the storm is still a moving target. gigawatts of capacity would suffer agreements that put the generator companies such as Vistraand NRG panyexpectstoincur from this Under existing rules, the grid op- steep financial losses if nothing is on the hook for buying power from to buy financially weakened ones storm. Market capitalizations for erator spreads the cost of unset- done to unwind the peak power the market if it can’t operate when at bargain prices.The retail side of Exelon and NRGfell by $1.23 billion tled bills among other market par- prices that were set during the called upon. the powerbusinessishighly profit- and $162.1 million, respectively. ticipants. That number isn’t likely winter storm. When all of the dust settles, the able and has been atargetofac- Both areoutsizereactions com- to be completed for some time as Thereseemed to be asmall long-term impact of the shake-up quisitions forTexas powercompa- pared with actual estimated losses: market participants and regulators possibility that some scarcity pay- might not be all that bad for the nies forsome time,notes Aneesh Exelon said the impact—including iron out the fine points. mentstopowerproviders—which large power companies as long as Prabhu, analyst at S&P Global Rat- those from unpaid customer bills— Representatives of some renew- the grid operator set to the maxi- they stay solvent. So far, it seems ings. Accordingly,acquisitions of could be $750 million to $950 mil- able-energy generators indicated mum of $9,000 per megawatt- like they will. While S&P Global retail energy providersweredone lion beforetaxes,while NRGEn- in a filing with the Texas Public hour fordays—could be reversed Ratings downgraded the credit rat- at rich multiples in recent years, ergy reported arelatively muted Utilities Commission that compa- afteranindependent market mon- ing for Exelon Generation, the Ex- averaging roughly eight times impact in the order of $100 million. nies representing at least nine itor said the grid operator kept elon arm that bore the brunt of earningsbeforeinterest, taxes, de- prices high for33hourslonger the Texas impact, it remains in- preciation and amortization, Mr. Share-priceperformance than warranted. But the Public vestment-grade. Both NRG and Prabhu notes.“In distresssales, Texasblackout Utility Commission of Texas on Vistra remain one notch below in- those acquisitions could happen at 20% Fridaysignaled that such arever- vestment grade, though the latter two to three times Ebitda or maybe salisunlikely,noting that doing is on credit watch. even at book value,” he added. so could have unintended conse- One reason for optimism is that Vistra, NRG, Exelon and Calpine, quences,such as harming certain last month’s blackouts are bring- aprivatecompany, areamong the 10 NRGEnergy powerproviders. ing a lot of scrutiny to Texas’s largest generatorsinTexas and Power-market participants that market design, which could lead to collectively ownalmost half of the benefited from the peak prices will overhauls. Whatever shape those grid’stotal capacity.The remaining 0 likely not want to give up their changes take, they will likely be ownership is rather fragmented. gains. Notably, Australia’s Mac- designed to prevent more volatile It also is important to note that Exelon quarie Group bumped up its own events, which is ultimately good Texas faces growing electricity de- Vistra guidance in February to reflect the for market participants. mand while for the U.S., overall -10 windfall its commodities-trading Theother silver lining is that electricity demand has flatlined in desk got from capitalizing on gas these largercompanies will likely the past decade or so, making and electricity volatility in Texas. gain moreretail customers, both Texas a rare growth market. -20 A number of hedge counterparties because customerswill organically The Texas power market isn’t to wind farms, typically Wall migratetolarger, morestable re- for the faint of heart, but sticking Jan. 2021 Feb. March Street banks, could be owed signif- tail providersand because there it out could well be worth it. Source:FactSet icant sums, too, under financial will be opportunities forlarger —Jinjoo Lee Pot Stocks GE Deal Could Be a Breakup Too Far Aren’t All book values cantakeupto24 For General Electric, hiving off General Electric,revenue by division months to fully reflect adownturn, jet-leasing isn’t the no-brainer so taking AerCap’smoney nowmay other asset sales of recent years $150 billion be betterthan waiting. Created have been. The real question is whether he On Sunday, TheWall Street Jour- 125 should be separating Gecas at all. nal reported that the world’sNo. 1 GE has already sold alot of its Equal and No.2plane lessors might be old empire, including most of the 100 about to merge,with GE nearing a once-vast financing operations.The $30 billion-plus deal to join itsair- mammoth sizeand complexity of U.S. cannabis growers arebecom- craft-leasing businesswith Ireland’s 75 Gecas makeitanobvious next tar- Aviation ing attractivebets. Manyinvestors AerCap. Thecombined entity would get. Forthe same reason, however, still have to settle forshakier Cana- ownabout 1,900 planes,almost qua- 50 Capital the deal under consideration isn’t dian names which areeasier to buy. druple the next biggest player. Healthcare comparable to similar transactions On Tuesday, Curaleaf kicks off Manyanalystshad expected 25 Power to hiveoff GE’sformer transporta- fourth-quarter reporting formulti- Covid-19 to spark consolidation in tion and oil and gasdivisions—iso- stateAmerican cannabis companies. this corner of the aviation industry, Renewable Energy lated businesses lacking scale advan- 0 Canadian rivals Tilray, Canopy but not at the very top. If the deal Historical tagesintheir respectiveindustries. Growth, Aphria and Cronos Group happens and antitrust regulators 2011 ’15 ’20 Gecas is different not just be-

raised sales 52% year over year on clear it, moremergers could follow. Note:The jet-leasing arm is nowthe largestpart of the Capital business. cause it is so big, but also because averageduring the winter months. It would seem awin forAerCap Source:FactSet GE will still rely heavily on the jet- That is impressive,but will prob- Chief ExecutiveAengus Kelly, who engine business. This derives an ably pale in comparison to what has long targeted growth. Scale is sorsJeff Immelt and John Flannery disproportionate exposure to re- important competitive advantage American growers achieve. Curaleaf crucial in the jet-leasing market, and put his ownspin on the con- gional jets, as well as to the kind from its connection to a leasing and peers Green Thumb Industries, because it makes it easier to move glomerate. Whether it is astrategic of older aircraft being scrapped. operation. By placing large upfront CrescoLabs and Trulieve have ben- planes between different clients, as win is moredebatable,though. This is whythe deal presents orders for jets with GE engines efited from demand forcannabis in well as giving betteraccesstocapi- GE’s exposure to aviation is risks forMr. Kelly,too.Inhis last and leasing out spares, Gecas can the U.S.,amuch biggerpot market talmarketsand pricing powerwhen large even without Gecas. In 2019, earningscall he didn’t sound opti- smooth out sales and provide in- than Canada. American names are buying from Boeing or Airbus. Mr. jet engines accounted for 34% of mistic about these types of jets, centives for Boeing and Airbus to also morelikely to be profitable Kelly is abeliever in exploiting cri- total revenue, compared with 13% which he maynow have to incorpo- opt for those engines. than peersnorth of the border, ses to expand, and the pandemic in 2011. Engine manufacturers are rate intohis younger fleet as a The intangible value of this con- which overexpanded in recent years. certainly qualifies: GE Capital Avia- in the eye of the storm because trade-off forscale. nection is hard to estimate. At That makes today’sstock-market tion Services,orGecas,had operat- the retirement of older planes de- Thedeal’stiming mayalso favor some point, investors will have to valuations aconundrum. Thefour ing losses of $786 million last year. presses lucrative maintenance rev- Mr.Culp morethan might be imag- grapple with the question of when Canadian companies trade at adiz- As forGECEO LarryCulp, he enues. Gecas’ portfolio was ined given the industrybackdrop. the continuing breakup of GE no zying averagemultiple of 18 times gets to unwind another aspect of marked down by $500 million in Research by NewYork University longer makes sense. projected sales,compared with the legacyofhis ill-fated predeces- the fourth quarter, in part due to professor David Yu shows that jet —Jon Sindreu seven times forthe Americans. Theexplanation mostly lies in wherestocks arelisted. Canadians have amajor edgebecause they areallowedonU.S.stock ex- Tech Veteran Oracle’s Low Bar Is Rising changes such as the NYSE and ben- efit from aflood of investor cash. TheU.S.federal ban on pot means American growers must list on less Tech investors have been going ued names into more downtrodden and Amazon.com’s AWS cloud Oracle’s revenue per fiscalquarter, liquid exchanges in Toronto. old school of late. Oracle Corp. ones. Oracle could certainly qualify computing business have been change from ayearearlier* If U.S. federal laws change, the will be the first to educate them as the latter, with its stock com- generating of late. But it would be Canadian growers could use their on the wisdom of their bets. manding less than 14 times for- Oracle’s best growth rate in three 7.5% PROJECTIONS expensiveequity to snap up the The 43-year-old software giant ward earnings just a month ago— years. The past four quarters aver- American names.The risk forthe heads into its fiscal third quarter one of the lowest multiples in the aged a decline of 0.2%. 5.0 Canadian companies is that reforms report this week in the rare posi- software category. Investorsshould noteOracle has stop short of full legalization, leav- tion of being the hottest tech stock Oracle, however, is believed to amixed record when it comes to 2.5 ing them locked out of the attractive around. By Monday’s close, Oracle be at the beginning of an improv- pleasing Wall Street. Thestock U.S. market forseveral more years. shares had jumped 9% over the ing cycle of growth, as more of its pricedropped following eight of 0 This appearstobehow thingsare past week and are up more than traditional software business has the past 12 quarterly reports, ac- unfolding: TheSAFE Banking Act, 14% over the past month. That slowly transitioned to the cloud. cording to FactSet. Still, last year’s –2.5 legislation that would giveAmerican makes it a notable standout in a When the company reports results third-quarter report sparked the growers access to normal banking market that has suddenly taken to Wednesday afternoon, Wall Street stock’sbiggest single-daygain in –5.0 services,will probably be the first disfavoring many tech names—the expects revenue of $10 billion for morethan adecade,asbetter- reform that Democratsattempt. Nasdaq is down around 10% over the quarter ended February—up than-expected resultscame with a U.S. cannabis stocks look like a the past month. nearly 3% year over year. That boosted sharebuyback program. –7.5 better trip long-term—if investors Investors generally have been sounds anemic next to the double- This time around, Oracle’sgrowth FY2017 ’18 ’19 ’20 ’21

can get their hands on them. spooked by rising bond yields, and digit growth rates that even bigger will need to speak louder than its Note:Fiscal year ends on May31. —Carol Ryan have been rotating out of high-val- software players like Microsoft checkbook. —Dan Gallagher Source:FactSet