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***** THURSDAY,JANUARY14, 2021 ~VOL. CCLXXVII NO.11 WSJ.com HHHH $4.00
DJIA 31060.47 g 8.22 0.03% NASDAQ 13128.95 À 0.4% STOXX 600 409.07 À 0.1% 10-YR. TREAS. (Reopening), yield 1.089% OIL $52.91 g $0.30 GOLD $1,853.60 À $10.70 EURO $1.2160 YEN 103.87 What’s Trump Impeached Again News Presidentisaccused Business&Finance of inciting insurrection; S 10 Republicans join ntel ousted CEO Swan PRES
Iafteraperiod of tech- UMA Democratsinvote /Z
nologymissteps,market- NP
sharelosses and pressure /C WASHINGTON—TheHouse from hedgefund Third TV votedtoimpeach President Point. Thechip giant said Trumpfor an unprecedented HOUSE he would be succeeded by second time on Wednesday, al- VMwarechief Gelsinger. A1 leging that he encouraged a HOUSE; mob to storm Congress as part TheU.S.isexpected to let
WHITE of alast-gasp effort to over- Americans continue to invest turn Democrat JoeBiden’s in Alibaba, Tencent and Baidu THE election win.
afterweighing the firms’ al- GES;
leged ties to China’smilitary IMA against the potential economic By Natalie Andrews, Kristina Peterson impact of banning them. B1 GETTY and Rebecca Ballhaus Canada’sCouche-Tard,a SE/ big operator of convenience Thevotewas 232 to 197,
stores, said it made a$19.66 ANCE-PRES with all Democratsjoined by
billion offer forFrench hy- FR 10 Republicans voting in favor, permarket chain Carrefour. B1 in aHouse chamber secured GENCE by National Guard troops sta- Citigroup is restructuring /A EB tioned throughout the Capitol
itsbusinesses that manage LO and its grounds. money forthe wealthy, as in- UL
SA Democrats’ push to im- coming CEO Fraser moves to : peach the Republican presi-
put her stamp on the bank. B1 LEFT dent just beforeheisset to OM
BlackRock’s Novick will FR leaveofficereflectsmanylaw- transition from her role as makers’ deep anger at Mr. vice chairman to become a WISE Trump’smonthslong campaign senior adviser,taking asec- OCK to challengethe resultsofthe CL ond stab at retirement. B10 Clockwise from left: House Speaker Nancy Pelosi presides over the debate; President Trump in a video released after the election, making false claims vote; and House Minority Leader Kevin McCarthy, who criticized Mr. Trump for the riot but opposed impeachment. about election fraud and try- TheS&P 500 and Nas- ing to twist the arms of state daq posted gains of 0.2% officials as well as Vice Presi- and 0.4%, respectively, dent MikePencetostayin while the Dowfell 8.22 House’s Rebuke of President power, culminating in his sup- points, or lessthan 0.1%. B11 porters’ violent actions. Federal regulators “Weknowthat the presi- asked Tesla to recall about dent of theUnited Statesin- 158,000 vehicles over Deepens Republicans’ Divide citedthis insurrection, this safety concerns tied to the armedrebellion, against our failureoftouch screens. B2 country,” House Speaker NancyPelosi (D., Calif.) said. Connecticut is actively BY SIOBHAN HUGHES tryMr. Trump afterthe House’s cision on howIwill vote and I an insurrection at the Capitol, “He must go—he is aclear and investigating how Amazon impeachment vote Wednesday, intend to listen to the legal ar- with Rep.KevinMcCarthyof present danger to the nation sells and distributes digi- WASHINGTON—TheCapitol Majority Leader Mitch McCon- gumentswhen they arepre- California, the House GOP that we all love.” tal books, according to the riot and the impeachment of nell hasshown agreater impa- sented to the Senate,” Mr. leader,joining 196 Republicans In video commentsreleased state’sattorney general. B6 President Trump have divided tiencewith Mr.Trump than his McConnell (R., Ky.) wroteina in voting against impeachment. on the WhiteHouse Twitter Europe’santitrust watch- the GOP from the topdown, House counterpartshave. Mr. messagetohis colleagues. TenRepublicans crossed the PleaseturntopageA4 dog approved the LSE’s with the party’s two congres- McConnell, whohad warned Rank-and-file senatorswill aisle to join Democratsinfavor $15 billion deal to acquire sional leaders, stateparty offi- againstthe GOP president’s start picking sides as early as of impeachment. Raw nerves, troops on guard financial-data company cials and longtime donorstak- drivetochallengePresident- next week,when the processof “The president bearsrespon- in Capitol...... A4 Refinitiv,with conditions. B3 ing different stances on elect JoeBiden’svictory, de- setting up atrial begins. sibility forWednesday’sattack Facebook feared posts could punishing the president as his clined on Wednesdaytorule HouseRepublicans largely by mobrioters,” Mr.McCarthy spread violence...... A6 World-Wide term ends. out convicting Mr.Trump. worked to shield Mr.Trump said on the House floor GOP faces rift with corporate In the Senate, which must “I have not made afinal de- from formal chargesofinciting PleaseturntopageA6 donors...... A7
TheHouse voted to im- peach Trump for asecond time,alleging he encouraged U.S. Covid Deaths Set Record amob to storm Congressas Intel’s Board Ousts CEO, The U.S. reported 4,327 Covid-19 deaths on Tuesday, the part of alast-gasp effort to nation’s highest daily death toll of the pandemic. A3 overturn Biden’selection win. Thevotewas 232 to 197,with Daily Covid-19 deaths in U.S. Jan.12 all Democratsjoined by 10 Re- 4,327 Capping Turbulent Period 4,000 deaths publicans voting in favor. A1 TheCapitol riot and the impeachment have divided BY ASA FITCH folds afterIntel ceded last year firm that owns astake in Intel the GOP,with the party’s two 3,000 the title as the U.S.’s most valu- through one of itsfunds. congressional leaders, state Intel Corp. ousted its chief able semiconductor companyto Mr.Swanjoined Intel in party officials and donors executiveinasurprise move rival Nvidia Corp.and fell fur- 2016 as chief financial officer. taking different stances on Seven-dayaverage that pivotsthe semiconductor ther behind rivals in churning He wasnamed interim CEO two punishing the president. A1 2,000 giantcloser to itsengineering outthe most advanced chips. yearslater and formally given TwitterCEO Dorsey de- rootsafter aperiod of technol- TheSantaClara, Calif.-based the topjob in January2019. fended the firm’sdecision ogymissteps,market-share companyisalso considering a Daniel Loeb, CEO of hedge to ban Trump’spersonal ac- losses and pressurefroma broader embraceofthird-party fund ThirdPoint LLC, in aDe- count but expressed concern 1,000 hedge fund. chip makersrather than relying cember letter to Intel Chair- about the risks of compa- Intel said on Wednesday on itsown factories. man Omar Ishrak wrotethat nies having toomuch power CEO Bob Swan would be suc- “This is incredibly impor- the company’swoes could un- over public discussion. A6 ceeded by VMwareInc.chief tant strategically to what Intel dermine the U.S. tech industry PatGelsinger effectiveFeb.15. is looking to accomplish and be and urgedthe chip maker to Iran has taken asignificant 0 step toward possible nuclear- Feb. Jan. Mr.Gelsinger,who wasonce defined moreasatechnology consider alternatives.That in- 2020 2021 PleaseturntopageA2 arms production, starting work Intel’stechnologychief, has innovator and operator,” said on an assembly line to makea Source:Johns Hopkins University served as CEO of the business- David Bahnsen,chief invest- software provider since 2012. ment officer at the Bahnsen Heard on the Street: New key material used in warheads, Theleadership transition un- Group, awealth-management chief has no quick fix...... B12 the U.N. atomic agency said in a confidential report. A1 Israeli warplanes carried out strikes in eastern Syria, Iran Works in one of the country’s China’sEconomy deadliest raids on sites used by Iran-backed militias. A9 To Produce Powers Ahead Ateam of WHO specialists THE THREAT arrived in the city of Wuhan KeyMaterial to learn what progressChina has made in determining ForBomb In year when world reeled, China to report howthe novel coronavirus OF EXTORTION firstspread to humans. A8 growth, plus expanded role in trade BY LAURENCE NORMAN Thefederal budget gap AND MICHAEL R. GORDON China ended the Year of liftedbyits quick recovery IS REAL. widened in the firstthree months of thefiscal year,as Covid in manyways stronger from Covid-19—keeps gain- government spending contin- Iran has takenasignificant than it started, accelerating ing momentum, making it a step toward possible atomic- itsmovement toward the biggerdriver of global com- Don’t Negotiate.Mitigate. ued to outpacerevenues. A2 weapons production, starting center of aglobal economy panies’ earnings. Michigan prosecutors work on an assembly line to long dominated by the U.S. And the countryhas solid- investigating the Flint water manufactureakey material ified itsstanding as a force crisis chargedformer Gov. used at the core of nuclear By Stella Yifan Xie, in global financial markets, Snyder with two countsof warheads,the United Nations Eun-Young Jeong with arecordshareofinitial willful neglect of duty. A3 atomic agencysaid in aconfi- and Mike Cherney public offeringsand second- dential report on Wednesday, arylistingsin2020,large Anew kindofadversary is on the rise, using CONTENTS Opinion...... A15-17 raising the stakes in Tehran’s While the U.S. and Europe capital inflows intostocks extortion to threaten businesses across Arts in Review... A13 Personal Journal A11-12 Banking &FinanceB10 Sports...... A14 standoff with Washington wait forvaccine rolloutsto and bonds,and indexesthat the world. Without the right protection, Business News...... B3 Technology...... B4 ahead of President-elect Joe getfully back on track, China far outperformed even the yours couldbenext. See how NETSCOUT Crossword...... A14 U.S. News...... A2-7 Biden’sinauguration. is the only major economy U.S.’s strong showing. Heard on Street.B12 Weather...... A14 TheInternational Atomic expected to report growth Theupshot is aworld visibility can detect and help mitigate these Markets...... B11 World News..... A8-10 Energy Agency, in areport for for2020,helping it close the morereliant on China for complex threats. member states viewedbyThe gapwith the U.S. growth than ever before. For > Wall Street Journal, said Iran It has expanded itsrole in 2020,China’seconomyisex- goNETSCOUT.com/extortion has told the watchdog that it global trade and shored up pected to account for16.8% has started manufacturing itsposition as the world’s of global grossdomestic PleaseturntopageA9 factoryfloor,despiteyearsof PleaseturntopageA10 U.S. effortstopersuade com- s 2021 Dow Jones & Company, Inc. All Rights Reserved Israeli warplanes hit eastern panies to invest elsewhere. U.S. ban targets forced labor Syria...... A9 China’sconsumer market— in Xinjiang...... A10 P2JW014000-0-A00200-1------XA
A2 | Thursday, January 14, 2021 THE WALL STREET JOURNAL. U.S. NEWS FTC’sPowerOverIll-GottenGains Tested
BY BRENT KENDALL farious activity,doesn’t explic- TheFTC in civil proceedings convicted, he has the dubious the statute, notwithstanding a maybeonthe FTC’sside be- itly giveitthe right to seek fi- obtained ajudgment ordering distinction of being the subject long historyoferror,” Mr.Pat- cause the 50-year-old statute WASHINGTON—Supreme nancial judgments as well. Mr.Tucker and several corpo- of an episodeof“Dirty Money” tillo said. came at atime when courts Court justices voiced mixed “Ifitisamistake, it has rate defendantstopay $1.3bil- on Netflix,” she said. What re- FTC lawyer Joel Marcus said had a“freewheeling” approach views about whether aU.S. been around for50years,” said lion, the largest litigated award course,she asked, might the the commission didn’t have an that gavegovernment agencies consumer-protection agency JusticeStephen Breyer,adding it had ever obtained. He is FTC have if it lost the case? alternativeenforcement ap- likethe commission broad im- has broad authority to demand that courtssometimes have to challenging the FTC’sauthority Lawyer Michael Pattillo,rep- proach that would work well to plicit powers.“Shouldn’t we that defendants who cheat or let “bygones be bygones.” to pursue the monetaryjudg- resenting Mr.Tucker,said the accomplish the same goals.The construe this statuteinthe en- deceivethe public must return But JusticeBreyeralso said ment on behalf of consumers. commission had other waysof commission has argued that its vironment in which Congress themoney they gain from that the FTC in recent yearshad Justice Brett Kavanaugh powertoseek financial recover- passed it?” he asked. activity. been seeking to recovermoney cited the need forstability in ies in court along with injunc- Other justices said histori- Justices acrossthe ideologi- in cases that weren’t necessar- the lawand past Supreme ‘If it is amistake,it tionswas acoretool that had calmaterials indicatedthat in calspectrum acknowledged ily egregious,which raised Court precedent as reasons the allowedittorecoup billions of the 1970s even some FTC offi- Wednesdaythat the Federal concerns about fairnesstothe court could side with the FTC, has been around for dollars, which it returned to cials didn’t believethey had Trade Commission fordecades business community. though he also expressed con- 50 years,’said Justice consumerswhen possible. the power that later commis- has been going to court to seek Thecourt spent about an cern about government agen- Mr.Marcus said Congress sions claimed to enjoy. financial redressfromcompa- hour considering the matterin cies exercising sweeping pow- Stephen Breyer. couldn’t have meant forthe Businessgroups including nies and individuals who alleg- acivil case stemming from a ersthat weren’t explicitly FTC only to stop unlawful con- the U.S. Chamber of Com- edly engageinscams and unfair multibillion-dollar payday-loan granted by lawmakers. duct against consumers“while merce and the trade associa- businesspractices.And until re- scheme operated by business- “Why isn’t the answerhere letting the violator keep his sto- tion forthe pharmaceutical in- cent years, lowercourtshad man and race-car driver Scott forthe agencytoseek this new seeking financial penalties on len money.” dustryfiled amicus briefs uniformlyruled that the FTC Tucker. authority from Congress?” he behalf of consumers, but argued Chief JusticeJohn Roberts supporting Mr. Tucker’s posi- hadthe powertodoso. Mr.Tucker wasconvicted in asked. the FTC firstneeded to provide said that if Congresspassed the tion. Consumer groups and a But manyofthe same jus- 2017 forcharging illegally high JusticeAmy Coney Barrett fair noticetobusinesses about same lawfor the FTC today, the coalition of 29 states filed am- tices also suggested the text of interest ratesand lying to con- suggested Mr.Tucker mayhave what typesofconduct areon wording likely wouldn’t be icus briefs supporting the FTC. the relevant 1973law,which sumersabout the costsoftheir valid legal argumentsbut the wrong side of the legal line. good enough to grant the com- Aruling in the case,AMG gives the FTC the right to seek loans,and later sentenced to wasn’t exactly asympathetic “It’sthe court’sduty to give mission the powers it has been Capital Management v. FTC,is court injunctions against ne- morethan 16 yearsinprison. defendant. “I mean, he’sbeen the correct interpretation of exercising.But he said history expected by June. U.S. WATCH Budget FTC Health Firm Settles Deficit Over Data Sharing Widened The Federal Trade Commission reached asettlementwith Flo Health Inc., the developer of a In Quarter widely used period and fertility- tracking app, overallegations that BY KATE DAVIDSON it improperly shared personal data with Facebook and others, includ- WASHINGTON—Thefederal ing whether users were ovulating. budget gapwidened in the The data shared by FloHealth firstthree months of the fiscal often allowedonline ads to be year,asgovernment spending targeted to those users,despite continued to outpacerevenues FloHealth’spromises thatthe in- while the economy slowly re- formation would be kept private, covers from the pandemic-in- The Wall Street Journal found in duced downturn.
a2019 article. S TheU.S.TreasuryDepart-
The FTC’svoteonthe pro- PRES ment said Wednesdaythe defi- posed settlementwas 5-0, the cit from October through De- TED agency said Wednesday. The pro- cember totaled a record $573 OCIA
posed settlementwith the FTC, if SS billion, a61% increase from it becomes final following public /A theyear-earlier period. Fed- comment, would requireFlo eral outlays rose 18%, to $1.4 TIMES Health to obtain an independent trillion, driven higher primar- reviewofits privacy practices and TTLE ily by automatic safety-net get users’ consentbeforesharing SEA spending such as joblessbene- their health information, the fits,nutrition assistanceand agency said. The companyalso health care.Total receiptsheld mustnotify consumers of the steady,at$803 billion, the FTCcharges thatitshared con- RINGMAN/THE Treasury said. EVE
sumers’ personal information ST Forthe 12 months ended in without their consent, commis- DRENCHED: Abulldozerwas encircled by floodwaters from the Snoqualmie River near Fall City, Wash., on Wednesdayfollowing astorm. December,the government ran sioners said. a$3.3trillion deficit, more AFlo spokesperson said the WASHINGTON on the National SecurityCouncil provided the latest evidencethat location forthe newheadquar- than triple the shortfall ayear companycooperated with the under PresidentBarack Obama, the pandemic dealt asetback to ters of the U.S. SpaceCommand, earlier and roughly 15.8%of FTC, adding, “Weare committed Biden to Nominate then served as U.S. ambassador the economic recovery in recent delivering acovetedprizetoan U.S. gross domestic product. to ensuring thatthe privacy of Power for USAID to the U.N. from 2013 to 2017. months. area with along aerospacehis- Government spending our users’ personal health data is —Brett Forrest The Fed’scharacterization of tory and vibranteconomy. surgedlast year as Congress absolutely paramount.” President-elect Joe Biden will economic conditions representeda Secretary of the AirForce Bar- authorized measures to com- The companyemphasized that nominate former journalistand ECONOMY downgrade from its previous baraBarrettchose the city bat the coronavirus pandemic it didn’tshareusers’ names, ad- ambassador to the United Nations Beige Book report,released Dec. 2, among six finalists, including Col- and cushion the economy, and dresses or birthdays,and thatits Samantha Powertolead the Slower Growth Seen when policy makers described orado Springs, Colo., and Cape federal revenues declined as agreementwith the FTCwasn’t U.S. Agency forInternational De- In 2020’sFinal Weeks economic growth as “modestor Canaveral, Fla. businesses closed and millions an admission of wrongdoing but velopment, transition officials said. moderate.” The Departmentofthe Air of Americans lost their jobs. alloweditto“avoid the time and The president-elect will elevate The U.S. economygrew“mod- —Paul Kiernan Forceisexpected to makeafinal TheLabor Department said expense of litigation and...deci- the role of USAID administrator estly” in the final weeksof2020, decision on the headquarters in last week that the U.S. lost sively put this matter behind us.” to membership in the White as aresurgenceinCovid-19 cases ALABAMA the spring of 2023. The other five 140,000 jobs in December, Flodidn’tstopdisclosing this House’sNational SecurityCouncil, prompted activityinsome sectors finalists will remain potential al- ending a seven-month streak data until its practices were re- the officials said. to slow, aFederal Reservereport Huntsville Picked ternativesites. Until apermanent of jobcreation as virusout- vealed in the 2019 Wall Street Ms. Powerwon the 2003 Pu- said Wednesday. For Space Command location is ready,Colorado breaks prompted anew round Journal article, according to the litzer Prizefor her book, “A Prob- The Fed’speriodic compilation Springs will remain the com- of business restrictions. FTC. lem From Hell,” on the U.S. policy of anecdotesfrombusinesscon- Military officials selected mand’sprovisional headquarters. Lawmakersauthorized an- —John D. McKinnon response to genocide. She worked tacts, known as the Beige Book, Huntsville, Ala., as the preferred —Arian Campo-Flores other $908 billion economic re- lief packagelast month, but Treasuryofficials said the gov- company’sboardofdirectors pany’s founding in 1968 by ernment didn’t begin distribut- Intel Parts lacks significant semiconductor RobertNoyce and Gordon ing the money—including stim- technologyexpertise. Moore, whose prediction about ulus checks—until this month. Mr.Gelsinger has previ- the paceofadvancement in In the firstthree months of Ways With ously been linked to the Intel semiconductors, known as the fiscal year,which began CEO role.In2013,when the Moore’sLaw,has poweredone Oct. 1, spending on nutrition companywas hunting fora of the greatest economic ad- assistance and other Agricul- Its CEO newboss, Mr.Gelsinger said vancementsinworld history. tureDepartment programs he was flatteredtobeconsid- Still, Mr.Gelsinger isn'tex- rose 37%; Medicaid spending ered but wanted to remain at pected to deliver overnight suc- climbed22%; Medicarerose /REUTERS ContinuedfromPageOne VMware.When the job came cess,Bernstein Research analyst 8%;and Labor Department CUS cluded selling some of its ac- open again,prompting specu- Stacy Rasgon said in anote. Re- outlays,which include jobless quisitions and splitting itsde- MAR lation he would be tapped, Mr. versing Intel’smarket-share benefits, increased 16-fold, to EVE
sign and manufacturing ST Gelsinger tweeted he wasn’t losses and fixing technological $80 billion from $5 billion a operations—amovethat Bob Swan, seen last year, joined the company in 2016 as CFO. leaving VMwareand that “the problems will take time,hesaid. year earlier. would end Intel’slong-held future is software!!!” status as the U.S.’s leading in- moreproduct delays and lost telhad made acquisitions that In an email to Intel employ- tegrated semiconductor maker. market sharetoAdvancedMi- failed andthat the company’s ees Wednesday, Mr. Gelsinger CORRECTIONS THE WALL STREET JOURNAL “After carefulconsider- croDevicesInc., onceadistant boardhad allowedmanagement wrote: “To come back ‘home’ (USPS 664-880) (Eastern Edition ISSN 0099- 9660) (Central Edition ISSN 1092-0935) ation,the boardconcluded rival. Intel also wasdumped by to “fritteraway” advantages. to Intel in the role of CEO dur- AMPLIFICATIONS (Western Edition ISSN 0193-2241) that nowisthe right time to Apple Inc.asthe supplier for “Stakeholderswill no longer ing what is such acritical time Editorial and publication headquarters: 1211 makethis leadership changeto itsMac computer processors. toleratesuch apparent abdica- for innovation, as we see the Avenue of the Americas, NewYork, N.Y. 10036 draw on Pat’s technology and Intel has fallen behind Tai- tions of duty,” Mr.Loeb wrote. digitization of everything ac- Among the American fugi- Published daily except Sundays and general legal holidays.Periodicals postage paid at NewYork, engineeringexpertise during wanSemiconductor Manufac- He also expressed concern Intel celerating,will be the greatest tives whom Cuba has harbored N.Y.,and other mailing offices. this critical period of transfor- turing Co.and South Korea’s waslosing chip design talent. honor of my career.” is awoman convicted in the Postmaster:Send addresschanges to mation at Intel,” Mr.Ishrak Samsung Electronics Co.inthe TheU.S.has become in- Mr.Gelsinger led VMwareto 1973 killing of aNew Jersey The Wall Street Journal, 200 BurnettRd., said in a statement. race to makecutting-edgechips. creasingly concerned about steadily rising sales,roughly state trooper. A U.S. News ar- Chicopee, MA 01020. Intel shares rose 7% in Nas- TSMC makes chips under con- losing itstechnologyedge, par- doubling them during his ten- ticle on Tuesdayabout the AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, daq trading on Wednesday. tract forsome Intel competi- ticularly in chip-making,ina urethere. Thecompanybecame Trump administration putting copies of which areavailable from the Intel disclosed the CEO tors,including Nvidia and AMD. tech Cold Warplaying out part of Dell Technologies Inc.in Cuba back on the list of coun- Advertising Services Department, DowJones & Co.Inc., 1211 Avenue of the Americas, NewYork, changejust beforethe window Intel said last year it would against China. U.S. lawmakers 2016 with Dell’sacquisition of tries considered statespon- N.Y. 10036. The Journal reserves the rightnot to closed fornominations to its consider outsourcing the man- moved last year to help finance EMC Corp.Healso forged part- sorsofterrorism said the accept an advertiser’s order.Only publication of an advertisementshall constitutefinal board, potentially heading off ufacturing of some of itsmost- domestic chip-making capacity. nerships with Amazon.comInc. woman wasaccused of killing acceptanceofthe advertiser’s order. apublic fight with ThirdPoint. advanced chips.The company Thequestion of what the and otherstoprofitfromthe the trooper but didn’t indicate Letters to the Editor: Intelsaid itsleadership change signaled it would provide an best qualifications aretolead a growth of cloud computing. that she had been convicted. Fax: 212-416-2891; email: [email protected] wasn’t driven by ThirdPoint. updateonits plans next week tech companylikeIntel has Palo Alto, Calif.-based VM- Need assistancewith your subscription? By web: customercenter.wsj.com; Mr.Loeb welcomed the when it postsfinancial results. long been ahot-buttonissue. ware said financechief Zane Noticetoreaders By email: [email protected] move. “Swanisaclassact and Despite the setbacks, Intel Tesla Inc.CEO Elon Musk reig- Rowe would serveasits in- Wall Street Journal staff By phone: 1-800-JOURNAL (1-800-568-7625) did the right thing forall stake has said it expects to post re- nited last year the debatewhen terim CEO while it conductsa membersare working remotely Reprints &licensing: By email: [email protected]; holdersstepping aside forGel- cord sales for2020,boosted he told TheWall Street Journal search forapermanent suc- during the pandemic.For the By phone: 1-800-843-0008 singer,” he wroteonTwitter. by pandemic-erademand for “theremight be toomany cessor to Mr. Gelsinger. foreseeable future, please send WSJback issues and framed pages: ThirdPoint’saction came at PCs and cloud computing. In- M.B.A.s running companies.” ForMr. Gelsinger,the move reader comments only by wsjshop.com the end of ayear that sawIntel telshares retreated around Manyanalystsand investors marks areturn to acompany email or phone,using the con- Our newspapers are100% sourcedfrom shares retreat while the stock 17%last year when the stock had been clamoring fora wherehespent most of his ca- tactsbelow, not via U.S. Mail. sustainably certified mills. in rivals soared. Nvidia nowhas in many of its rivals soared. stronger engineering back- reer.Hejoined Intel in 1979 amarket capitalization about ThirdPoint has said it has a ground among Intel’sleader- and had athree-decade run. Readers can alert The Wall Street Journal to any errors in news articles GOTATIP FORUS? $100 billion higher than Intel’s. roughly $1 billion stakeinIntel. ship given itstechnologystrug- He is to be Intel’s eighth by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS During the year,Intel suffered In his letter, Mr.Loeb wroteIn- gles.All but one member of the chief executivesincethe com- by calling 888-410-2667. P2JW014000-4-A00300-1------XA
THE WALL STREET JOURNAL. **** Thursday, January 14, 2021 | A3 U.S. NEWS Covid-19 Changes in Rollout Spark Concerns Deaths in BY JARED S. HOPKINS U.S. Hit AND PETER LOFTUS Changes by the federal gov- ernment to speed up Covid-19 Record for vaccinations will increase doses available but might not help strapped health departments Single Day andhospitals givemoreshots morequickly,public-health and BY MELANIE GRAYCE WEST hospital officials said. U.S. health officials said The U.S. reported its high- Tuesdaythat states should ex- est daily death toll of the pan- pand vaccine eligibility to peo- demic,asanew holidaysurge ple 65 yearsand older,aswell in coronavirus cases brings as those with pre-existing more people intohospitals health conditions,alarge across the nation. group that most states didn’t Therewere4,327 Covid-19 expect to inoculatefor weeks. deaths recorded acrossthe TheU.S.will also stop hold- countryonTuesday, according ing back second doses,revers- to aWall Street Journal analysis ing the strategysincethe roll- of datakept by Johns Hopkins out began last month. University.The death tally Moredoses could be helpful eclipses aprevious one-dayhigh in bolstering supplies that have of 4,194set on Jan. 7, and a been limited so far,public- spring high of 2,598 set April 15 health expertsand hospital offi-
when the virus swept through cials said, but the changes might /REUTERS NewYork City.Overall, more not achievethe goal of acceler- than 380,000 people in the U.S. ating the paceofvaccinations. have died from the coronavirus Part of the concern, the MCDERMID sincethe start of the pandemic, health and hospital officials AN
according to Johns Hopkins. said, is whether hospitals and BREND At the current pace, the total local health departmentsal- People line up as health-care workers and the military distribute the vaccine at the Jacob K. Javits Convention Center in Manhattan. number of deaths will rise ready strained by Covid-19 above400,000 next week, surgesand the vaccine rollout icy, said it would help get experts and officials, because will nowconsider whether and tions such as front-line health roughly equaling the number of canhandle vaccinating a shotsmorequickly to people at of factorsincluding ahigh howitcan implement the new workersand nursing-home res- American militarypersonnel larger group of people earlier higher risk of severeCovid-19, number of health workers on federal guidelines. idents. Thepanel said adults who died during World WarII, than expected. including the elderly and peo- vacation during the holidays Maryland Gov.LarryHogan 65 yearsand older should be- or the population of Tampa, Fla. “Itmay speed the paceup ple with medical conditions. and the time that local health expressed concern, during a gin vaccinations only after NewYork has nowrecorded temporarily,but it isn’t adding “Weneed doses going to departments and clinics have news conferenceTuesday, that doses were given to essential morethan 40,000 deaths,ac- that much vaccine to the pool wherethey’ll be administered needed to fine-tune appoint- issues seen in states vaccinat- workersand adults75years cording to the Journal analysis of supply,” said Dr.Marcus quickly and wherethey’ll pro- ment systems. ing adults 65 years and older and older who wanted them. of Johns Hopkins data. Thema- Plescia, chief medical officer tect the most vulnerable,” Mr.AzaronTuesday such as phone systems crash- Amesh Adalja, asenior jority of those deaths occurred of the Association of State and Health and Human Services blamed shortcomingsatthe ing could arise if his stateim- scholar at Johns Hopkins Cen- in the spring.Acrossthe U.S., Territorial Health Officials. Secretary Alex Azar said. state level, such as governors plemented the changes. terfor Health Security,said the per-capitadeath rate per “The morewecan do this in a President-elect JoeBiden is micromanaging. “I don’t want to cause more blending the top few priority 100,000 is highest in NewYork systematic,organized and log- expected to discussonThurs- Some local vaccine planners problems by throwing out the groups—rather than waiting City,followedbythe stateof ical way, the better off in the day his plans for fighting the said they were caught off system that’s, while slow, to finish vaccinating each one NewJersey,according to data long runofending this pan- virus and improving the vacci- guardbythe federal govern- working OK,” said Mr.Hogan, a beforemoving on—would give from the U.S. Centersfor Dis- demic.” nation rollout. ment’slatestchanges.“This is Republican, who added that states more flexibility to give ease Control and Prevention. Morethan 110 million people So far about 10.3 million awholesale changeout of the Maryland is administering out sparedoses and avoid Therise in deaths follows a ages 16 yearsto64havehigh- doses manufactured by Pfizer blue aftermonths of planning,” about 16,000 vaccinations daily. waste. nowwell-understood path risk medical conditions,and Inc. and BioNTech SE and by said James Garrow,spokesman Mr.Hogan said he wanted YetDr. Adalja and other from arise in hospitalizations, about53million people are Moderna Inc. have been ad- forthe Philadelphia Depart- to avoid long lines forvaccines public-health expertsex- which follows a rise in cases, ages 65 yearsand older,ac- ministered out of 29.4 million ment of Public Health. and doses running out while pressed concern that stateand said Amanda Castel,aprofes- cording to the U.S. Centersfor distributed, the most recent Thecity is still in the first people are waiting. localhealth departmentsdon’t sor in the epidemiologyde- Disease Control and Prevention. federal figures show. phase of vaccinating health- In December,CDC advisers have the staff and vaccination partment at the Milken Insti- Federal health officials,an- The rollout has started care workersand nursing-home recommended that initial sup- sites to administer moreshots tuteSchool of Public Health at nouncing the newvaccine pol- sluggishly,according to health residents, Mr.Garrow said, and plies go to high-risk popula- faster. George WashingtonUniversity. Dr.Castel said that some of the deaths seen nowmight be fallout from the Thanksgiving Former Governor ChargedinFlint WaterCrisis holidays, while the new cases beingreported arefromthe December holiday surge. BY KRIS MAHER of the worst lead contamina- stateand local officials,includ- appointed to hear of the deci- “The numbersthat we are tions of amunicipal watersys- ing some who had pleaded no sion by prosecutors. “After seeing noware extremely so- Michigan prosecutorsinves- tem in U.S. history. S contest to misdemeanor morethan two yearsoflitiga-
bering,” said Dr.Castel. “The tigating the Flint drinking water Thecharging document, a PRES charges. Ms.Nessel said that tion, we failed to see a credi-
numbersare not heading in the crisis chargedformer Gov.Rick bare-bones filing made TED the prior investigation had ble pieceofevidenceasitper- right direction, and they arean Snyder with two countsofwill- Wednesdayinstate court in CIA been “bungled.” Mr.Snyder tained to Mr. Croft,” he said. SO
indication that our response fulneglect of duty on Wednes- Flint,listsonly the two AS wasn’t among those individuals. Flint was switched back to has not been adequate.” day, according to court records. charges, and refers to April 25, At the same time,Ms. Nessel Lake Huron water in October Theimpact of newvariants Mr.Snyder,aRepublican 2014, as the “offense date.” launched anew investigation, 2015,but Mr.Snyder declared of Covid-19—particularly avari- who wasgovernor from 2011 to That day, Flint officials held a JOURNAL/ ledbySolicitor General Fadwa an emergencyinFlint in De- ant firstidentified in the U.K. 2019,has previouslybeen criti- ceremonyatthe city’s water Hammoudand Wayne County cember 2015 as the crisis con- FLINT that is believed to be up to 70% cized forcontributing to the plant to switch its water sup- Prosecutor KymWorthy. tinued to unfold. Thewater THE
moretransmissible—might be city’s watertroubles,which ply to the Flint River. Y/ Aspokeswoman forMs. switch wasalso blamed foran
reflected in the newcase num- stemmed from a2014decision Brian Lennon, a lawyer for MA Nessel’sofficedeclined to outbreak of Legionnaires’ dis- KE
bers. Those newvariants, cou- by an emergencymanager he Mr.Snyder,said Wednesday JA comment. ease that killed 12 people in pled with alarge proportion of appointedtoswitch the city’s eveningthat prosecutors Ex-Michigan Gov. Rick Snyder One individual against 2014 and 2015. people who areasymptomatic, watersource to the Flint River hadn’t provided a copy of the whom chargesweredropped— Testing during the crisis continue to spread the virus, as acost-saving measure. chargesorconfirmation ahead Mr. Lennon said. the former director of the Flint showedthat the percentageof said Dr.Castel. When the city and state of an arraignment scheduled In 2019,Michigan Attorney Department of Public Works, children citywide with ele- “Those aretwo factorsthat failed to properly treat the for Thursday. General Dana Nessel effectively Howard Croft—is expected to vatedblood lead levels areadding to this dramatic in- watertoprevent corrosion, “Webelievethereisnoevi- ended an earlier criminal probe be chargedagain, according to roughly doubled to 4.9% from crease in cases that we are lead leached intothe drinking dencetosupport anycriminal when her officedismissed his lawyer,Jamie White. 2.4% afterthe city changed its seeing,” she said. water in the city, causing one charges against Gov. Snyder,” chargesagainst anumber of Mr. White said he was dis- drinking-water source. Stimulus Package P /A
TER FacesaBumpyPath GIS -RE BY RICHARD RUBIN checks,pandemic-related AND KRISTINA PETERSON health spending and expanded
JOURNAL New Year,
E unemployment insurancetied AT
ST WASHINGTON—Democrats to economic conditions in- New Jewelry take control of the White stead of calendar deadlines. /THE House and Senatethis month Democratsagree broadly—
WLER with alarge economic-relief but not universally—that a FO packageand $2,000 stimulus priority is to increase the L. checks atop their agenda. But $600 checks approved in De- TIN
JUS their slim majorities and proce- cember to $2,000,and they Rep. Emanuel Welch faces a significant budget shortfall. dural constraintswill challenge promised to do so if they won their ability to design and pass the Senaterunoffs in Georgia. those measures quickly. Nowthat Democratshave New Illinois Speaker Theweeks ahead arecritical wonthe Georgia races, they forthe newDemocratic majori- must decide whether the ties as they trytodeliver on checks areastand-alone mea- Is Ally of Predecessor campaign promises and shore sureorwhether other policies up an uneven economic recov- ride with them. They will have BY JOE BARRETT Wednesdaywas the start of a ery. This period will test Presi- to gaugewhat they canpass newtwo-year term of the Legis- dent-elect JoeBiden’srhetoric with Republican votesand Illinois Democratsonlature about bipartisanship as Demo- what itemswill be reserved Wednesdaychose stateRep. Mr. Welch was able to gain cratsdetermine howmuch they for a more partisan and cum- Emanuel “Chris” Welch to suc- enough support in afinal will work with Republicans and bersome process, known as ceed longtime stateHouse Democratic caucus meeting howthey use the limited but budget reconciliation, that can Speaker Michael Madigan. just minutesbeforethe start powerful legislativetools they rely on a simple majority and Chain City Collection Mr.Welch, aMadigan ally of the new session, according have to muscle their agenda only Democratic votes. They %,<($&:L 530+ !$): from the Chicagosuburbs,be- to people familiar with the through without the other maytakeafirst runatabipar- came the firstBlack House matter. party.Mr. Biden will release his tisan bill and movetorecon- =J
A4 | Thursday, January 14, 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 Raw Nerves, Discord, Troops on Guard A military zone forms as Congress assigns the blame for last week’s violence
BY ANDREW DUEHREN AND LINDSAY WISE
WASHINGTON—As the House weighed removing Pres- ident Trump from officefor last week’sviolent riot, a smallarmywas on hand to makesureanother attack didn’t happen. Hundreds of National Guard troops and policeofficerswere stationed throughout Capitol Hill on Wednesday, aweek af- teramob of the president’s supporters overwhelmed po- lice,ransacked the building and leftfivedead. Some troops rested by statues of American iconsinside the Capitol, laying their assault- style weapons beside them on the marble floors. Others stockpiled riot shields and gas masks.Five-ton armored trucks cut off traffic in the surrounding neighborhood. CK TO Already largely void of visi- tors and staff because of the
coronavirus pandemic,the SHUTTERS A/
halls of American democracy EP
were transformed into a mili- O/ tary zone,with many lawmak- ALZ SC
ersand staff on Capitol Hill LO
stillreeling from last week’s JIM violence. House Majority Leader Steny Hoyer, at right, walked past National Guard troops trying to get some sleep inside the Capitol. Much of the physical dam- age from the attack, when ri- around the Capitol complexaf- otersforcedlawmakerstode- Guardsmen Will 20,000 members of the Na- terthe siegeand went up to laythe ratification of Joe tional Guard that will be here the officers, as manyashe Biden’selection victory, had Number 20,000 in the footprint of the District could find, and thanked them been repaired by Wednesday. of Columbia,” acting chief of fortheir braveryand courage. Glasswas replaced on the the Washington, D.C. Metropol- He has apersonal relationship door near the House chamber The number of National itan Police Department Robert with some of them, and later where a Capitol Police officer Guardsmen securing Washing- J. Contee III said. checked up on them by phone. shot one of the rioters, who ton ahead of Wednesday’s in- Defense officials reached “One of them brokedown laterdied, and broken furni- auguration is expected to reach the newfigureasroughly to me and said he was trying ture and debris were swept at least 20,000, two military 6,500 Guardsmen already acti- to hold the crowd back and away. officials said, more than three vatedbegan positioning places eventually they overwhelmed But forlawmakers, manyof times the original planned. such as inside the Capitol. him and the crowd wasjust whom policerushed to secure The increase reflects grow- Some of those guardsmen walking over him and they locations during the attack, ing demands on the National were armed. Others restedon were beating him,” Mr.Crow theeventsoflast week were Guard from various govern- the floor near the Capitol, some said. still raw. ment and police agencies in of them finishing 16-hour shifts. When Rep. Brian Mast (R., “They mayhavebeen hunt- charge of securing the city be- Guardsmen from at least20 Fla.),also acombat veteran, ing forPenceand Pelosi to tween now and Wednesday’s states will makeupthe 20,000 came acrossNational Guard stagetheir coup,but every /REUTERS inauguration. Those requests figure, the officials said. troops on Wednesday, he chat- TS oneofusinthis room right are expected to lead the Pen- There are expected to be at ted with them before offering BER
nowcould have died,” said RO tagon to sign off on the new least 10,000 Guardsmen in the them abrief tour of the build- Rep. Jamie Raskin (D., Md.), A figure, the officials said. city by this weekend, defense ing.Other lawmakersbrought one of the House impeachment SHU “You can except to see officials said. pizza to the troops.Bythe af- JO managers, referring to Vice Members of Congress departed Wednesday after voting on the somewhere upwards beyond —Nancy A. Youssef ternoon, some of the National President MikePenceand impeachment of President Trump. Guard troops inside the Capi- House Speaker Nancy Pelosi. tolhad started to moveout- Rep.Zoe Lofgren (D., Calif.), peached by the House twice. S.C.), in her firstspeech on the heretheir lives would have chamber to offices,signs on side. Mr. Mast said the heavy who worked as a staffer dur- “What happened this time House floor,said she had sent been in danger,too,the two the wall thanked Capitol Police militarypresencewithin the ing the impeachment inquiry wasinplain view. Imean, he her children home last week most precious people in my officers for their service dur- Capitol made him “assad as intoRichardNixon before incited aright-wing mob of in- before the attack because she life,” Ms. Mace said. ing the attack.One officer, anything could makemein serving in Congressfor Bill surrectioniststocome and wasconcerned about violence Capitol Hill has seen anum- Brian Sicknick, died afterhe this world.” Clintonand Mr.Trump’sim- overturn constitutional govern- in Washington. She said the ber of other changes sincethe washit in the head with afire “Tosee the foundation of peachments, said Mr. Trump’s ment aweek ago,” Ms.Lofgren impeachment processwas too attack: House leadership has extinguisher.Riotersinjured our democracy attacked…sad statements encouraging sup- said. “You don’t need along in- rushed forher to support, required memberstogoother officers. is not an appropriate word, it porterstomarch on the Capi- vestigation to find that out.” though she said she holds Mr. through ametal detector be- Rep.Jason Crow (D., Colo.), goes well beyond that. It’ssad, toldidn’t requireextensive in- Republicans opposed to im- Trump accountable forthe vi- fore coming to the floor, amilitaryveteran who had it’sdisgusting,it’sdespicable, vestigation. Mr.Trump peaching Mr.Trump said they, olence. though several Republicans been among those trapped in it’sunpatriotic,pick your became the first president in too, were shaken by the at- “Not only were our lives in have skipped the screening.In theHouse gallery, said in an words,” said Mr.Mast, who American historytobeim- tack.Rep.NancyMace(R., danger but if my kids were atunnel connecting the House interviewthat he walked voted against impeachment.
Congress held to certifyMr. Trump Biden’s win and sending law- makersand aides fleeing from the chamberswith just mo- Impeached mentstospare. Thevote comes 13 months after Mr. Trump’sfirst impeachment in Again late2019 over his effortsto pressUkraine to investigate Mr.Biden. No Republicans ContinuedfromPageOne joined Democratsinvoting for account afterthe vote,Mr. those two articles of impeach- Trump didn’t mention im- ment, and only one GOP sena- peachment but called on the torvoted to convict.Mr. public “toovercome the pas- Trump denied wrongdoing. sions of the moment, and join The action marks the fast- together as one American peo- est impeachment vote assem- ple.” He also said his move- bled in the nation’shistory
ment has no room formob vi- GES and makes Mr.Trump the first
olence and asked followers to IMA president to be impeached in ease tensions ahead of the in- two separateproceedings. auguration on Jan. 20. GETTY House Democratsintroduced “Violence and vandalism SE/ thearticle of impeachment have absolutely no placeinour Mondayand passed it country, and no placeinour Wednesdayafter unsuccess- ANCE-PRES
movement,” Mr.Trump said. FR fully urging Mr.Pence and In astatement Jan. 6during members of the cabinet to in- ENCE
the Capitol attack,inwhich he AG voke the 25th Amendment to
had urged the rioters to go KI/ remove Mr. Trump.
home,Mr. Trump said: “We OWS Unlikepast impeachments, loveyou, you’reveryspecial.” therewerenodepositions or Republicans,some of whom SMIAL investigations by congressional criticized Mr.Trump’sactions, AN committees.Instead, manylaw-
said Democrats were rushing BREND makerscited firsthand accounts to impeach because of their House Speaker Nancy Pelosi signed the article of impeachment against President Trump after it passed on a vote of 232 to 197. of the attack,aswell as public longstanding animosity toward statementsbythe president, in the president and would just comments preceding the siege said. Mr.Trump viewedthe house of Washington, Tom could join Democrats, and Sen- arguing forimpeachment. further divide the country. acontinuation of what he has number of Republican votes RiceofSouth Carolina, Fred ateMajority Leader Mitch Mr.McConnell made clear he Rep.KevinMcCarthyofCal- described as aDemocratic forimpeachment as not as bad UptonofMichigan and David McConnell (R., Ky.) said doesn’t plan to start aSenate ifornia, the House GOP leader, witch hunt. as expected, according to peo- Valadao of California. Wednesdayhehadn’t decided trial immediately,but it isn’t said Mr.Trump “bearsrespon- House Democrats’ article of ple familiar with his thinking. The10votes from the mi- how to vote on the matter. knownwhen it would start. sibility” forthe Capitol riot impeachment accuses Mr. Rep.Liz Cheney of Wyo- nority partyare the most for Mr.McConnell said any Mr.Biden indicated he but said he opposed impeach- Trump of incitement of insur- ming,the No.3House Republi- anypresidential impeachment, vote would take placeafter doesn’t want impeachment to ment, calling forcensurein- rection and alleges that he can, wasthe only member of topping the five cast by Demo- Mr. Biden becomes president be Congress’ssole focus as his stead. “A vote to impeach “willfully made statements herparty’s leadership to back cratsfor some articles in the next week. If the Senate con- administration begins.“This would further divide this na- that, in context, encouraged— impeachment. Theother Re- 1998 Bill Clinton impeachment. victs Mr. Trump, it could also nation also remains in the grip tion, avotetoimpeach will and foreseeably resulted in— publicans who votedtoim- Thefinal congressional vote, by a simple majority, to of adeadly virus and areeling further fan the flames,the lawless action at the Capitol, peach were geographically and word on Mr.Trump’slegacy ban the president from ever economy,” he said Wednesday. partisan division,” he said. such as: ‘Ifyou don’t fight like ideologically diverse: Reps.An- will rest in the hands of the seeking officeagain, as he has “I hope that the Senateleader- Thepresident has accepted hell you’renot going to have a thonyGonzalezofOhio,Jaime Senate,set to be split 50-50 publicly contemplated. ship will find away to deal no responsibility forthe Capi- country anymore.’ ” HerreraBeutler of Washington, later this month, whereatwo- Wednesday’svotewas held with theirConstitutional re- tolriot and has denied wrong- Thepresident and some re- John KatkoofNew York,Adam thirds majority is required to seven days after riotersin- sponsibilities on impeachment doing,calling the effortstore- maining aides watched the Kinzinger of Illinois,Peter convict Mr.Trump.Some GOP vaded the Capitol building,de- while also working on the other movehim from officeover his vote unfold on TV, an adviser Meijer of Michigan, Dan New- senatorshavesignaled they laying the joint session of urgent businessofthis nation.” P2JW014000-0-A00500-1------XA
THE WALL STREET JOURNAL. Thursday, January 14, 2021 | A5
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A6 | Thursday, January 14, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS Facebook ActedonWarning Signs Dorsey Voices BY JEFF HORWITZ AND DEEPA SEETHARAMAN Concern on As footage of a pro-Trump mob ransacking the U.S. Capi- tol streamed from Washing- Precedent ton, D.C., on Jan. 6, Facebook Inc.’sdatascientistsand exec- BY LIZ WOLLMAN utives sawwarning signs of further trouble. Twitter Inc.Chief Executive User reportsofviolent con- Jack Dorsey defended the tent jumped morethan 10-fold company’sdecision to ban from the morning,according PresidentTrump’spersonal to documentsviewedbyThe account but expressed concern Wall Street Journal. Atracker about the risks of companies for user reports of false news having toomuch powerover surgedtonearly 40,000 re- public discussion. S portsanhour,about four S In aseries of tweetslate
times recent daily peaks.On NEW Wednesday,Mr. Dorsey said PRES Instagram,the company’spop- G that theusual check on any ular photo-sharing platform, TED oneplatform’sdecision on OCIA OOMBER
views skyrocketed forcontent SS regulating content is that peo- /BL from authorsin“zero trust” /A ple have the option to go else- countries,reflecting potential where. “This concept was HARNIK efforts at platform manipula- HARRER challenged last week when a tion by entities overseas. number of foundational inter- ANDREW
Facebook’s platforms were ANDREW net tool providersalso decided aflame, the documents show. CEOMark Zuckerbergwas personally involved in the decisions. COOSheryl Sandbergsaid Facebook has no plans to lift its Trump ban. not to host what they found One Instagram presentation, dangerous,” he wrote. While circulated internally and seen stifling political discussion, risk location” forpolitical vio- Facebook would extend itsban ment on its internal delibera- the actions might be justified by the Journal, was subtitled consistent with Chief Execu- lence, according to documents of Mr.Trump through at least tions over the handling of con- in the current moment, he “Why businessasusual isn’t tiveMark Zuckerberg’slong- viewedbythe Journal. The the inauguration. tent related to the riot, which added, “over the long term it working.” standing admonition that the designation triggeredemer- Laterthat morning it de- left five people dead. will be destructive to the no- Companyleadersfeared a companyshouldn’t be an arbi- gencymeasures to limit poten- letedone of the most active At aReutersconferenceon ble purpose and ideals of the feedback loop,according to teroffreespeech—and his tially dangerous discourse on pro-Trump political groups on Monday, Facebook Chief Operat- open internet.” people familiar with the mat- aversion to a showdown with its platforms. Facebook,the #WalkAway ing Officer Sheryl Sandbergsaid Thecommentscame as ter, in which the incendiary the president. Next, Facebook announced it Campaign, which wascited re- the companyhas no plans to lift other tech companies continue events in Washingtonriled up “Hanginthereeveryone,” wasbanning the president for peatedly forbreaking Face- itsTrump ban. While the Capi- to roll out limitsonMr. already on-edge social-media wroteChief TechnologyOffi- 24 hours. Internally,employees book’srules last year but tolmob had mobilized on social Trump’soptions forcommuni- users—potentially leading to cer Mike Schroepfer in a post kept pushing,according to never takendown, according media,Ms. Sandbergsaid the cating online.Snapchat parent more strife in real life. reviewed by the Journal, ask- to aperson familiar with the attack waslargely organized on Snap Inc., which locked his ac- Facebook ultimately de- ing forpatience while the situation. other digital platforms. count indefinitely last week, cidedonaseries of actions companyfigured out howbest Company leaders By Monday, Facebook said it “Our enforcement is never said Wednesday it would ban over the past week that, taken “to allow for peaceful discus- would prohibit all content con- perfect, so I’m suretherewere him permanently as of Jan. 20 together,amount to itsmost sion and organizing but not continue to grapple taining the phrase “stopthe still thingsonFacebook,” said in the interest of public safety aggressiveinterventions calls for violence.” with how to police steal”—a slogan popular among Ms.Sandberg. “I think these and based on his attempts to against President Trump and “All due respect, but ha- Trump supporterswho back his events were largely organized spread misinformation, hate his supporters. And they show ven’t we had enough time to its platforms. effortstooverturn the elec- on platforms that don’t have speech and incite violence. the companycontinuing to figure out howtomanagedis- tion—and that it would keep our abilities to stop hate, don’t On Tuesday, YouTube sus- grapple with how best to po- course without enabling vio- the emergencymeasures that it have our standards and don’t pended Mr. Trump’s channel. liceits platforms while still al- lence?” responded one em- had activated the dayofthe have our transparency.” The video-sharing unit of Al- lowing forpolitical discussion. ployee, one of many unhappy postsseen by the Journal. Capitol assault in placethrough While niche platforms have phabet Inc.’sGoogle said it The issues have consumed responses that together gath- “You mayfeel likethis is Inauguration Day. surgedinpopularity among waslocking the channel forat Facebook formuch of the ered hundreds of likes from not enough, but it’sworth Mr.Zuckerberg, who has manyofthe groups associated least seven days afterthe Trump administration and are colleagues. “We’ve been fuel- stepping back and remember- grown more involved in poli- with the riot, distortions companyremoved videos it likely to persist forthe near ing this fire foralong time ing that this is truly unprece- tics over the last four years, about the election that fedthe said violated itspolicies future, as it navigates compet- and we shouldn’t be surprised dented,” Mr.Schroepfer re- has been personally involved violencehavealso been preva- against content it believes ing criticism from some that it that it’s now out of control.” sponded early Thursday in the decisions,people famil- lent on mainstream platforms, could incite violence. does toolittle to curb prob- By midafternoon on Jan. 6, morning.“Not sureIknowthe iar with the matter say. sayanalystsincluding Jared Facebook Inc.suspended lematic content and from oth- Mr. Zuckerberg and other se- exact right set of answers but One person familiar with Holt, avisiting research fellow Mr.Trump indefinitely last ersthat itsmoderation efforts nior executives had takentheir we have been changing and the discussions said the at the Atlantic Council’s Digi- week and at least through the veer into censorship. firststeps: TwoofMr. adapting everyday—including changes were already being talForensic Research Labwho rest of his term, and Twitter In the chaotic hours as the Trump’spostscame down, and yesterday.” planned but that Wednesday’s has tracked extremists’ activi- banned himpermanently after Capitolsiegeunfolded, Face- Facebook privately designated Beforethe open of business events “sped it up by 10x.” ties related to the election and pro-Trump riotersinvaded the book executives were wary of the U.S. a“temporaryhigh- Thursday, Mr.Zuckerbergsaid Facebook declined to com- transition of power. U.S. Capitol.
ment that he waskeeping an futureofthe presidency, but Party Is open mind followedaNew also to the party,” Sen. Lindsey York Times report that he has Graham (R., S.C.)said in a concluded that Mr.Trump statementWednesday. “The Split Over committedimpeachable of- millions who have supported fenses and believes that the President Trump and his movetoimpeach him will agenda should not be demon- Response makeiteasier to removeMr. ized because of the despicable Trump from the party.Mr. actions of aseditious mob.” Hisfirst footballseason, Isaiah McConnell’sofficedeclined re- AWall Street Journal survey ContinuedfromPageOne peated requeststoconfirm or of morethan 20 Republican Wednesday. But he said that denythe story. Mr.McConnell Senateoffices found that only told us,‘Wear ajerseywithmy voting forimpeachment hasn’t signaled even to his five GOP senatorswerepre- “would further divide this na- closest Senateallies howhe pared to totally oppose the pro- tion, avotetoimpeach will will vote, Republicans said. ceedings, putting Mr.Trump’s name on it.Iwanteveryoneto further fan the flames,the Some Republicans viewMr. defendersinarareminority partisan division.” McConnell’smoves as agreen position. Sen. Marco Rubio (R., know you’re here forme.’ Intraparty divisions are lighttoother Republicans that Fla.),who on Wednesdaytold showing up in frays over he won’t put barriersinthe Telemundo that impeachment Darnell and Denna, adopted 16-year-old Isaiah whether to impeach Mr.Trump way of aconviction, opening up proceedingsagainst Mr.Trump and howtodefend him; over the possibility of astampede are“likepouring gasoline on a whetherRepublicans aredis- away from the president. fire,” and “itthreatens to make qualified from leadership roles him amartyr.” if they back impeachment; and Some 12 Republicans had no even over whether to abide by Republican response.Ofthem, Sen. Chuck newregulations to go through Grassley (R., Iowa)told the Des magnetometersbeforeentering intraparty divisions Moines Register this week that the House chamber,arestric- are showing up in even if Mr.Trump weren’t im- tion imposed to ensurethose peached, “there’sverylittle op- entering aren’t carrying guns or multiple frays. portunity forhim to lead the other prohibited items. RepublicanParty.” Rep. Jim Jordan (R., Ohio), Republicans who stick with aleader of Mr.Trump’sde- Mr.Trump could facefinancial fense, said that Rep. Liz Che- “Leader McConnell has been consequences,assome donors ney (R., Wyo.)—a potential fu- consistently clear-eyed about steer clear of supporting them. ture rival to Mr. McCarthy as the attack on the Capitol,” said That could affect Mr.McCarthy, the party’s topHouse leader— Sen. Ben Sasse(R.,Neb.), who whose rise in leadership has waswrong to support im- has said that he would consider been fueled by both his alle- peaching Mr. Trump and that anyarticles of impeachment. giancetoMr. Trump and his she should step down from her “AsI’vesaid sincebeforethe fundraising prowess. position as the head of the Capitolwas cleared, the Presi- Chris Hartline,aspokesman House Republican conference. dent wasderelict in his duty forthe National Republican “I’m notgoing anywhere,” and lies have terrible conse- SenatorialCommittee, dis- she said in response.“Our na- quences.” missed the idea that fundrais- tion is facing an unprecedented, Still, some Republicans are ing would be affected. “We sincethe Civil War, constitu- warning that anydrivetopush have no interest in engaging tional crisis.That’swhat we Mr.Trump out of the party with nonsense from DC consul- need to be focused on.” could have consequences. tantswho have no idea what In Arizona, the stateRepub- “TomyRepublican col- they’retalking about,” he said. lican Party wasreadying avote leagues who legitimizethis pro- —Lindsay Wise on whether to censureGOP cess,you aredoing great dam- andKristina Peterson Gov.Doug Ducey,former Sen. agenot only to the country, the contributed to this article. Jeff Flake and Cindy McCain, the wifeofthe lateSen. John McCain, fortheir perceived lack of fealty to Mr.Trump.In Washingtonand around the country, several large corpora- tions have said they would stop donating campaign funds to Re- publicans who backed Mr. Trump’schallenges to the elec- tion results. Thestakesare highest in the Senate, which nowmust decide whether to convict Mr.Trump of high crimes and misdemean-
LEARNABOUT ADOPTING ATEEN ors, potentially triggering a REUTERS ADOPTUSKIDS.ORG T/
YOUCAN’T IMAGINETHE REWARD subsequent vote on whether to OT
bar him from holding futureof- SC
fice and in effect sidelining him ERIN as aforce in the party. Democratic Rep. Jamie Raskin, left, spoke with Republican Rep. Mr. McConnell’s announce- Liz Cheney in the U.S. Capitol on Tuesday. P2JW014000-5-A00700-1------XA
THE WALL STREET JOURNAL. ***** Thursday, January 14, 2021 | A7 U.S. NEWS Prosecutors Go After Most Visible Rioters
BY ARUNA VISWANATHA fied by arelativeasthe man AND SADIE GURMAN hanging from the balcony, said in aFacebook post that he was Several membersofthe pro- also the firstperson to sit in Trump mob that stormed the HouseSpeaker NancyPelosi’s U.S. Capitol last week have re- chair, prosecutorssaid. They ported their owninvolvement noted in charging documents to lawenforcement this week, that he wasactually photo- officials said Wednesday, as graphed in achair reserved for prosecutorsracetocharge doz- Vice President MikePence. ens of the most visible partici- “I gotcaught up in the mo- pantsinthe attack and con- ment,” Mr.Colt told alocal tele- tinue to dig intowhat kind of vision station, according to the planning went intoit. documents. An attorney forMr. GES Lawyersfor several of the ri- Colt couldn’t be reached for IMA otershavecalled lawenforce- comment.
ment to disclose information Prosecutorsalso announced GETTY abouttheir clients’ participa- the arrestsoftwo off-duty tion in the breach in an effort Rocky Mount, Va., policeoffi- MEE/
to avoid moreserious criminal cers,Jacob Fracker and Thomas MCNA
chargesand potentially negoti- Robertson, who they said were WIN ateplea deals,law-enforcement photographed making an ob- A man hanging from the balcony in the Senate chamber during the Jan. 6 attack has been identified as Josiah Colt and arrested. officials said. scene gestureinfront of a In dozens of cases filed since statue of RevolutionaryWar of- pictureand what plans arebe- Prosecutorsinitially pursued shotgun, several large-capacity ring to anybombs that he had the riot, prosecutorshavetar- ficerJohn Stark in the Capitol. ing assembled to thwart poten- cases using evidencethat was magazines,hundreds of rounds knowledgeof. getedsome of the most visible Prosecutorssaid Mr.Robert- tial attacks. already public.Now investiga- of ammunition, acrossbowwith Law-enforcement agentsare participantswhose effortswere son in asocial-media post said: TheFBI and National Coun- tors arealso going through bolts, several machetes,smoke investigating whether the pri- broadcast widely on social me- “CNN and the Left arejust mad terterrorism Center on Wednes- travel, financial and other re- devices and astun gun. marypurpose of the bombs was dia. They announcedthe arrest because we actually attacked daycirculated among law-en- cords, including footagefrom “The amount of weapons to distract and divert officers WednesdayofaVirginia man the government who is the forcement agencies abulletin body-worn cameras of officers, suggestsanintent to provide who were rushing to the scene, whowas photographed on the problem and not some random warning that partisan griev- to understand what kind of them to others, as no one per- the officials said. scene wearing asweatshirt small business. Theright IN ances pose the greatest domes- planning other participantsmay son could reasonably use so Theaggressivelaw-enforce- bearing the words“Camp ONE DAYtook the f***** U.S. tic terrorism threat in 2021, a have undertaken, officials said. manyatonce,” prosecutors ment response to the attack, Auschwitz.” Among othersar- Capitol. Keep poking us.” law-enforcement official said. wroteinamemo urging ajudge and the visible presenceof rested wasaman from Idaho Mr.Fracker made remarks in Thebulletin also said that last to detain the man, Lonnie Coff- thousands of heavily armed na- who wasidentified from photos anow-deleted Facebook post week’sCapitol breach could One person was man, 70,who told investigators tional guardsmen in the na- showing him hanging by one acknowledging he wasthe per- serveasadriver of futurevio- he is from Falkville,Ala. Alaw- tion’scapital this week,appear hand from the Senatebalcony. sonphotographed, prosecutors lence, the official said. found to have 11 yerfor Mr.Coffman, who faces to have deterred some support- Thetwo men arecharged said. “Not likeIdid anything il- In astatement Wednesday, Molotov cocktails a17-count indictment, couldn’t ersofviolent action against a with violent entryordisorderly legal,” the post said. “y’all do President Trump called for be reached. Bidenpresidency, including at conduct on Capitol grounds, what youfeel youneed to.” Americans to engagein“NO vi- in his pickup truck. In court documentsoutlining rallies promoted forSunday. among other counts. Theaffida- Lawyersfor the two men olence, NO lawbreaking and NO chargesagainst him, prosecu- “I Would NOT go to these vit filed in support of the arrest couldn’t be identified. vandalism of anykind.” tors appeared to link Mr.Coff- events,” aposter going by of 56-year-old Robert Packer Thenew cases come as Theacting U.S. attorney in man to apair of pipe bombs “Tusco” said on the sitethedo- cites media reportsthat identi- Washingtonand cities across Washingtonsaid Tuesdaythat a In one sign that investigators outside the Republican and nald.win, wheresome partici- fied him as the man in the the country bracefor the possi- group of senior national-secu- believetherewas at least some Democratic national committee pantssaid they planned to sweatshirtreferring to the Nazi bility of morearmed protests rity prosecutorswereexamin- advanceplanning by some offices not far from the Capitol. storm the Capitol ahead of the concentration camp,and says and violenceinthe days before ingpotential chargesofsedi- membersofthe mob,including Mr.Coffman’struck was riots. “They do NOT have veri- an informant contacted lawen- President-elect JoeBiden’sin- tiousconspiracyagainst some those who had militarytraining, parked on the same block as fied sponsors, and will likely be forcement afterrecognizing auguration. Biden officials said of the people involved in plan- prosecutorsdisclosed in court theRepublican National Com- non-peaceful. It’slikely atrap him as aroutine customer at a Wednesdaythat the president- ning and carrying out the Jan. 6 documentsthat one of the riot- mittee,the documentsshow, to bait conservatives,” the storeinNewport News,Va. An elect received abriefing from breach of the Capitol. Apolice erswas found to have 11 Molo- and he asked officerswho ar- poster said. attorney forMr. Packer couldn’t Federal Bureau of Investigation officer and arioter were killed tovcocktails and aweapons col- rested him whether they had lo- —Dan Frosch, Ian Talley be identified forcomment. andU.S.Secret Serviceofficials in the rampage and three others lection in his pickup truck that catedthe explosives,though he and Erin Ailworth Josiah Colt, who wasidenti- to learn moreabout the threat died of medical emergencies. included:ahandgun, arifle,a later denied that he wasrefer- contributed to this article. Republican PartyFaces RiftWithCorporateDonors
BY BRODY MULLINS part by asmall group of billion- platform WinRed this cycle.But AND CHAD DAY airedonors, some of whose Democrats’ ActBlue platform is policyviews on issues likefree moreestablished. Over the WASHINGTON—Thechal- trade and immigration don’t 2020 cycle,Democratic candi- lengebysome Republicans to alignwith big businesses and dates and committees that re- the 2020 election resultslast thepositions they advocatein port to the Federal Election week is fueling ariftbetween Washington. Commission raised morethan theparty and big companies Mr.Trump wonthe White $4 billiononActBlue. and could acceleratechanges to House in 2016 aftercampaign- Themoves by corporatedo- the GOP’sfundraising base. ingonrenegotiating or exiting norsinthe past week have In the week sincemorethan trade deals and making immi- worried some Republicans. 100 Republicans objected to the gration laws tougher,positions AidestoMr. McCarthy, the certification of President-elect that manyincorporateAmer- Republican leader who voted JoeBiden’swin, at least a icaopposed. He wonalarge against the election certifica- dozenU.S.corporations said number of ruraland sparsely tion, scrambled last week to re- they would reconsider donating populated communities in 2020 assuremajor contributors, ac- money from their political-ac- by biggermargins than in 2016, cording to GOP donorswho
tion committees to lawmakers S while his margins slipped in ex- received calls.
who sided with President NEW urbs and suburbs,wherecol- Several large donorstothe Trump’schallengetothe re- G legedegrees areplentiful and Congressional Leadership Fund, sults. Dozens morehavesaid incomes arerelatively high. asuper PACbacked by Mr.
they arehalting all political OOMBER Some Republicanfundrais- McCarthythat supportsHouse BL
giving in response to the events O/ ersand lobbyistssaid they Republicans,say they arere- last week,when supportersof AG thinkthey will start giving considering donations—or will DR
Mr.Trump attacked the Capitol AL again onceMr. Biden and the halt contributions—tothe po- as lawmakerswerecertifying House Minority Leader Kevin McCarthy headed to the floor of the House on Wednesday. Democratic-controlled Con- litical group and otherslikeit. Mr.Biden’svictory. gressbegin advancing an Texas-based gascompany TheRepublican Party has al- Democrats, datafromthe Cen- tee, which is runbySen. Rick “Lawmakers’ actions leading agenda that could include new ValeroEnergy Corp., which do- ready seen itsshareofcorpo- terfor ResponsivePolitics indi- Scott(R.,Fla.), who objected to up to and during last week’sin- taxesand regulations. nated $1.75 million to Mr. rate PACdonations shrink com- cates. Between the 2012 and the certification of Mr.Biden’s surrection will weigh heavy in RobertKelner,alongtime McCarthy’sgroup in the 2020 pared with eight yearsago, 2020 elections,Republicans election. Outside political ourevaluation of futuresup- Republican lawyer and cam- election, said it would pause all according to datafromthe non- have seen declines in the share groups,such as one affiliated port,” Americans forProsperity paignfinanceexpert, said the political contributions,includ- partisan Center forResponsive of donations to candidates, with HouseMinority Leader CEO and Americans forPros- GOPisn’t nearly as dependent ingtosuper PACs,for the next Politics.Inthe 2012 election, PACs and party committees Kevin McCarthy(R.,Calif.), are perity Actionsenior adviser on corporatemoney as it was few months. afterthe GOP had woncontrol from employees in the securi- also expected to take ahit. Emily Seidel said. beforeCongressbanned unlim- Marathon Petroleum Corp. of the House during the Obama ties andinvestment, finance, On Tuesday, anonprofit ad- Together,the moves by ited corporatedonations to po- said it would “pause all contri- administration, Republicans re- businessservices and real-es- vocacy group and apolitical en- some partsofcorporateAmer- litical parties in the early butions while we re-evaluate” ceived 63% of the $365 million tate sectors. tity tied to the conservativebil- icaare accelerating fundraising 2000s.Evenso, the donation howitmakes political dona- totalgiven by businessPACs. In In the Senate, some Republi- lionaireCharles Koch said they changes forthe Republican pauses by manylarge corporate tions.Marathon contributed $1 2020,Republicans got57% of canlobbyistsand businessex- would evaluatefuturesupport Party.The GOP wasalready PACs will likely getparty lead- million to the Congressional corporatePAC donations. ecutives said they areworried of politicians based on their ac- getting an increasing shareof ers’ attention, he said. Leadership Fund in the last Employees in some key busi- aboutfacing backlash if they tions last week leading up to itsfundraising from online do- TheGOP is seeing growth in election. nesssectorshavealso shifted steercompanyPAC donations the assault on the Capitol by norsand relying on help from itsonline fundraising,raising $2 —Lindsay Wise their political giving toward to the GOP’scampaign commit- thepro-Trump mob. outside groups funded in large billion online through payment contributed to this article. Arizona GOP Will Vo te on Censures as Infighting Escalates
BY ELIZA COLLINS the party’s resolution commit- nounced what she described tions,but she has been critical Republicans therehave nominee,criticizing his record teeand will be brought before as continuous insultsand per- of the party’s establishment been at odds over whether to on immigration and health- TheArizona Republican the entirestate committeeon sonal attacks.“She’sshown wing in the past. She ran side with Mr.Trump on his care issues.Mr. McCain was Party will vote next week on a Jan. 23. howattacking Republicans like against Mr.McCain forthe claims that theelection was re-elected to the Senatein measurethat would censure Theproposed censures for me can impact elections—her GOPSenatenomination in stolen. Therehas been no evi- 2016.Mr. Trump criticized Mr. GOP Gov. Doug Ducey, former each person refertowhat involvementinboth Senate 2016. denceofwidespread fraud. McCain repeatedly, including Sen. Jeff Flake and Cindy Mc- some party memberssay is elections to replaceJeff Flake Aspokesman forMr. Ducey AuditsinArizona’sfour most afterhedied in 2018.Mrs.Mc- Cain, the wife of the late Sen. executiveoverreach by Mr. and my husband John McCain, declined to comment. Mr. populous counties found no Cain endorsed Mr.Biden and John McCain, the latest sign of Duceyinhis response to the two regular targetsofher per- Flake didn’t respond to are- proof of widespread discrep- joined histransition team’s infighting in the state party. pandemic,Mrs.McCain’ssup- sonal attacks,resulted in Dem- quest to comment. ancies, according to reports advisory board. Theresolutions,which if port forsame-sexmarriage, ocrat wins,” Mrs. McCain said. Arizona Republicans have released by the Arizona secre- “These three resolutions re- passed would expressdisap- and Mrs. McCain’sand Mr. “AsChairman of the AZGOP been racked by infighting since tary of state’soffice. Some in veal discontent among some of proval but have no formal Flake’s endorsementsofPresi- she managed to turn Arizona Election Day, when voters in the party have also said that ourelected memberswith how consequences,come as the dent-elect JoeBiden in the blue in November forthe first the statenarrowly choseMr. Mr.Ducey’s response to the certain prominent Arizona Re- stateGOP is distancing itself 2020 election,among other time since 1996.” Biden over President Trump pandemic hasbeen toore- publicans have purportedly from manyofthe Republican things. Ms.Ward, who is up forre- and sent Mark Kelly to the U.S. strictive. actedadversely to the inter- Party’s longtime establish- In astatement, Mrs. McCain election to her post on Jan. Senate, meaning both of the Arizona Republicans in estsofRepublican voters,” Ar- ment figures. Thethree cen- criticized Arizona GOP Chair- 23,hasn’t said howshe will state’sseatshave flipped to 2014censured Mr.McCain, the izona GOP spokesman Zach sureresolutions easily passed woman Kelli Ward and de- vote on the censureresolu- Democratsintwo years. 2008 Republican presidential Henrysaid. P2JW014000-5-A00800-1------XA
A8 | Thursday, January 14, 2021 ***** THE WALL STREET JOURNAL. WORLD NEWS WHO Begins Probe Into Covid’s Origins
After long delay, U.N. barek, a food-safety scientist on the 10-person WHO team of health team arrives in experts. city of Wuhan, early “We have to look at every- thing that went in and out of center of outbreak that market in November and December” of 2019,hesaid. BY DREW HINSHAW “Was the disease brought into AND JEREMY PAGE that market through infected humans,infected animals or In July,China’sgovernment infected goods?” and the World Health Organiza- TheChinese Center forDis- tion drew up aplan to figure ease Control and Prevention,or out howthe novel coronavirus China CDC,has said it found firstspread to humans.Six traces of thevirus in environ- months on, China has yettore- mental samples,taken from veal what it has found—or how sewers,stalls and other partsof
much of the work it has done.A GES the market, but not in anyofthe
team of WHO specialistslanded IMA animal samples it took.But the in the city of Wuhan on Thurs- infected animal or meat could
dayonamission to find out. GETTY have been sold or removed long
Under the plan, Chinese sci- SE/ beforedisease-control person- entistswill comb through hos- nel arrived, expertssay. pital records, test samples of Chinese officials said early sewage and blood donations, ANCE-PRES last year that they were tracing FR interviewearly victims and the suppliersofwild meat in
map food and people at the ENCE the market, but they haven’t market in Wuhan where most AG publishedany information on URI/
of the earliest cases were FO that or an epidemiological map
identified. WHO researchers AS that they said they would pro- saythey don’t have aclear un- S ducewith details on animals’ lo- OLA
derstanding of the progress NIC cation or which patientsvisited made by Chinese scientists. A woman and child outside a shopping mall in Wuhan, where most of the earliest cases of the novel coronavirus were identified. which section of the market. Inside China, officials have TheChina CDC said last Jan- said little about what studies adifferent coronavirus out- uaryitsuspected the virus had or dataits scientistsplan to break—and offer some sense of Bats Likely Source, Yunnan province. bats to humans through an- spread to humans from awild showthe WHO team, or which closureonhow apandemic The strain of SARS-CoV-2 other mammal, perhaps minks, animal being sold as meat in sites it will visit. that has sickened at least 92 Scientists Say that is most closely related to or cats who can spread the vi- the market, and that identifying “Manyofthem areexcellent millionpeople and devastated those bat-dwelling coronavi- rus without showing symp- the creaturewas “only amatter scientists, and they have been the global economybegan. ruses was found more readily toms: A study in Wuhan last of time.” quiteactive, but it’sverydiffi- But the investigation is also Generally, scientists believe in southern China at the start year found that 13.7% of do- In July,the WHO and China cult to getthe full pictureof politically fraught forChina, that SARS-CoV-2, the virus of the outbreak, suggesting mestic and stray cats tested draftedaplan under which Chi- what has been done,” said Fa- whose officials have repeat- that causes Covid-19, de- that outbreak may have begun for Covid-19 antibodies came nese researcherswould conduct bian Leendertz,amember of edly suggested that the virus scended from one of the thou- there, not Wuhan, said Peter back positive. in-person interviews,test blood the mission and amicrobiolo- originated in another country, sands of coronaviruses lurking Forster, a geneticist at the Uni- All told, the WHO has iden- sample testsand reviewlung X- gist who was able to pinpoint or in multiple places around in bats: Two of its closest versity of Cambridge. tified some 500 different spe- rays kept in hospitals across the bat-infested tree where the world, theories Beijing has known relatives are found in The virus, WHO researchers cies that could potentially have China—stepsthat could show West Africa’s 2014 Ebola epi- asked the WHO to consider. bats in southwestern China’s say, most likely spread from infected the first person. when andwherethe outbreak demic likely began. “It makes WHOresearcherssaid those firstbegan. sensetosimply go there, sit scenariosseem unlikely but Sincethen, such research all at one table together.” should be explored if anynew Feng,aspokesman forChina’s arrived. It will be asked to sold there. has either stalled or Chinese The WHO has said its mis- data point in that direction. National Health Commission, quarantine fortwo weeks,time One major question is authorities have kept the re- sion isn’t about placing blame. Chinese authorities have told anewsconferenceon itsmembersexpect to spend whether the virus firstcrossed sultsconfidential, as Beijing “Let’ssee whereare the gaps, delayedthe trip several times, Wednesday. He added that the videoconferencing with their intothe human population has repeatedly accused the whydothey exist, arethey prompting ararepublic spat WHO would conduct similar Chinese counterpartstowork from theanimals present in U.S. and other Western coun- technical or whatever,and between the WHO and one of investigations in other coun- out aschedule forthe two themarket—or if the market tries of politicizing the issue. makeaplan to fill those gaps,” its most powerful members. tries as needed, but didn’t weeks afterthat. wasjust an early superspread- On Wednesday, Feng Zijian, said Dr. Leendertz. “China is also willing to provide any details. Theteam is expected to ing event that sickened deputy director of the China Formonths,the U.N. agency continue carrying out close Chinese statemedia re- visit the now-closed Huanan enough people forauthorities CDC, told reportershehad no has negotiated with Beijing for cooperation on this with the ported that the WHO’steam—a market in Wuhan, wheremany to notice. Theremay have newinformation to shareabout permission to enter China, re- WHO and international ex- mix of biologists, epidemiolo- of the earliest cases were been hundreds of mild or as- the investigation intothe source viewresearch and formulatea pertstocontributetothe gists, and livestock specialists identified, to getasense of ymptomatic cases that pre- of the coronavirus,but said, plan forthe next round of stud- global search forthe origins of from Europe,East Asia, the howpeople interacted with ceded the outbreak at the “work on tracing the origins is ies.Answers could help prevent the novel coronavirus,” Mi Middle East and Australia—had each otherand the products market, said PeterBen Em- continuously moving forward.”
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THE WALL STREET JOURNAL. Thursday, January 14, 2021 | A9 WORLD WATCH WORLD NEWS
ITALY RUSSIA Hundreds of Mafia Navalny Says He Will Suspects Go on Trial Return to Russia Italy’slargestmafia trial in de- Top Kremlin critic Alexei Na- cades began Wednesday, as au- valny says he plans to go home thorities try to rein in one of the to Russia next weekend despite world’srichestand most powerful the authorities’ threats to put crime syndicates: the ‘Ndrangheta. him once again behind bars. The 325 defendants face Mr. Navalny, who has been charges including murder, extor- convalescing in Germany from tion, drug trafficking, money an August poisoning with a
laundering and other crimes in nerve agent that he has blamed GES
connection with the shadowy on the Kremlin, charged that IMA ‘Ndrangheta, whose wealth and Russian President Vladimir Putin
international reach has eclipsed was now trying to deter him GETTY that of Sicily’s Cosa Nostra in re- from coming home with new le- SE/ cent decades. gal motions. The trial, which began with The Kremlin has repeatedly ANCE-PRES
formalities, is taking place in a denied a role in the opposition FR bunkerlike courtroom in the leader’s poisoning.
town of Lamezia Terme in Ca- —Associated Press GENCE labria, the ‘Ndrangheta’s home /A region in Italy’s deep South. INDONESIA MAREY
Prosecutors hope it will mark a A turning point in the fight against Search for Cockpit LA JA the ‘Ndrangheta by targeting the Recorder Continues Israeli troops conducted amilitary drill in the Golan Heights on Wednesday, when the country’swarplanes engaged in deadly raids in Syria. leadership of one of its most prominent clans and exposing Divers searching for a how the organization has infil- crashed jet’s cockpit voice re- Israeli WarplanesHit Eastern Syria trated local politics and business. corder were sifting through mud The ‘Ndrangheta has steadily and plane debris on the seabed risen to become one of the between Indonesian islands on BY FELICIA SCHWARTZ member of the security cabi- tions by Israel and Washington have seen sinceIrancame to world’s most powerful drug-traf- Wednesday to retrieve informa- AND NAZIH OSSEIRAN net. Buthedeclined to com- for an Iranian response to at- the region,” he said. ficking syndicates, controlling tion key to learning why the Sri- ment on the latest strike. tacks attributed to Israel and Theairstrikes destroyed a over 80% of Europe’s cocaine wijaya Air jet nosedived into the TEL AVIV—Israeli war- Israel in recent years has the U.S. last year.Those in- shipment of missiles that had trade. Its tentacles extend to the Java Sea over the weekend. planes carried out airstrikes conducted an air campaign in cludethe killingsofIranian arrived at a command center Americas, Africa and Australia. Indonesian navy divers on early Wednesdayineastern Syria,which it has also ex- RevolutionaryGuards Maj.Gen. in Aiyash on the outskirtsof The organization’s estimated Tuesdayrecoveredthe flightdata Syria, killing dozens of people panded intoIraqand Lebanon, Qassem Soleimani and nuclear the city of Deir Ezzour,Mr. annual revenues are $55 billion, recorder from the jet thatdisap- according to independent war aimed at stopping what Israeli scientist Mohsen Fakhrizadeh Abu Layla said. Thebase is according to prosecutors. peared Saturdayminutes after monitors, in one of its deadli- officials sayare Iranian efforts and an attack at Iran’sNatanz used as alogistical hub to The trial’smain target is the taking off from Jakarta with 62 est raids on sites used by Iran- to entrench itself militarily and uranium-enrichment facility. transfer weapons and support Mancuso clan, apowerful forcein people aboard. The information backed militias. moveweapons to allied groups “Both Israel and the U.S. to pro-Iran factions in the Calabria, known forits longstand- on both black boxeswill be key Thestrikes took placeatsev- in the region. Israel struck 50 areoperating under the as- area, he said, adding that the ing partnership with Colombian to the crash investigation. eral locations,including in and targetsinSyria in 2020,ac- sumption that Iran’s retalia- striketook placebeforethe cartels. The prosecution’sstar A signal that may be from near thecities of Deir Ezzour, cording to datareleased by Is- arms transfer took place. witnessisaMancuso clan mem- the cockpit voice recorder was Mayadeen and al-Boukamal on rael’smilitaryinDecember. “The Israelis have terrifying ber,anephewofthe family’spa- detected near where the flight the Syria-Iraq border,Syria’s Thelatestraid comes in the Targets included reconnaissanceabilities over triarch, who turned informant. data recorder was recovered. statenewsagencySANA re- final days of the Trump presi- the Iranians that they show- —Margherita Stancati —Associated Press ported. Thestrikes targeted dency, possibly in an attempt to government areas, cased,” he said. “The message Syrian government positions, draw attention to what Israel weapons depots and from the Israelis is clear: We weapons depotsand pro-Iranian calls Iran’smalign influencein areeverywhereand we see ev- militias,according to Syrian the region beforePresident- proIranian militias. erything you do.” statemedia and Suhaib Jaber, elect JoeBiden takesofficeand Iran didn’t immediately whoheads Euphrates Post, an looks to re-engagewith Tehran, comment on the Israeli raid. independentwar monitor. some analystssaid. Tehran says itsmilitarypres- Around 40 membersof Amos Yadlin, aformer head tion is in the works, and they enceinSyria is part of what it forces allied with Syrian Presi- of Israeli military intelligence aretaking steps to promote describes as an axis of resis- dent Bashar al-Assad were and nowexecutivedirector of caution, vigilance, defense, tanceagainst Israel and is killed in the strike, said Omar TelAviv University’s Institute and deterrence—perhaps in meant to deter attacks on Iran. Abu Layla, who heads the ac- for National Security Studies, coordination with one an- Mr.Hanegbi, the Israeli tivist network Deir Ezzor24. said the overnight raid was other,” Mr. Yadlin said. community-affairsminister,
/REUTERS Israel’smilitarydeclined to thefourth attributed to Israel Thestriketook placeshortly said that whileIranhas no comment on the strike. sincemid-December,afaster after1a.m. Wednesday, Mr. border with Israel, itsstrategy TNER
RA “Israel is determined to pacethan in the months be- Abu Layla said, and Iran-backed in the past two decades has
BAZ prevent Iranian militaryen- fore when Israel waslaunch- Afghan and Iraqi militias oper- been to keep Israel tied up ELECTION TENSIONS: Bobi Wine, opposition candidate in Thursday’s trenchment in Syria,” said ing a strike every few weeks. ating in theregion borethe with proxygroups along its Uganda presidential vote,spokeWednesdayinBowaduring the Tzachi Hanegbi, Israel’s com- He said the uptick must be brunt of the attack.“This is the borderswith Syria, Lebanon funeral of his driver,who he said waskilled by securityforces. munity-affairs minister and a considered against prepara- most intense bombardment we and Gaza.
swiftly to drop sanctions on stepsbeforeitiscapable of Iran Speeds Iran and return speedily to the building anuclear-tipped inter- nuclear accord without laying continental ballistic missile.It down conditions.Bythreaten- would need to be able to build a Its Nuclear ing major newsteps on ura- warhead compact enough to be nium metalproduction and carried on such amissile and scalingback U.N. inspectors’ manufactureare-entryvehicle Efforts access to Iran, Tehran could to prevent the weapon from ex- leave Mr.Biden with adifficult ploding in flight. Iran might choice—a rapid return to the still need yearstomaster those ContinuedfromPageOne deal or amajor confrontation. skills,some analystsbelieve. equipment it will use to pro- After the killing of leading Iran has denied ever working duceuranium metal at asitein Iranian nuclear scientist on nuclear weapons,but West- Isfahan in the coming months. Mohsen Fakhrizadeh—in an ern officials and the IAEA have Uranium metal canbeused attack Tehran has blamed on said Tehran had astructured to construct the core of anu- Israel—Iran’sparliament in weapons program until 2003. clear weapon. Iran hasn’t December called on the gov- Over the past year,the IAEA made uranium metal so far,se- ernment to start enriching has sought to locateanatural nior Western officials said. The uranium up to 20% purity and uranium-metal disc,present in IAEA said Tehran had given it to begin producing uranium Iran in the early 2000s,which no timeline forwhen it would metal within five months if the is no longer accounted for. do so.Still, the development U.S. doesn’t drop itseconomic That ledtoaprotracted stand- brings Iran closer to crossing sanctions.Israel has declined off,which sawIAEA inspectors the line between nuclear oper- to comment on the killing of banned from visiting two Ira- ations with apotential civilian Mr.Fakhrizadeh. Iran said last nian sites formonths. use,such as enriching nuclear week it wasstarting to pro- TheIAEA said in areport in fuel forpower-generating re- duce20% enriched uranium. 2013 that Iran had told the actors, and nuclear-weapons Under the 2015 nuclear agencyitintended to build a LONG LIVE LOVE work,something Tehran has deal, Iran had agreed to a 15- facility to produceuranium- long denied ever carrying out. year moratorium on uranium metal ingots, but it waswidely MINTON Iran’sambassador to the andplutonium metallurgical believed aproduction line was IAEA,Kazem Gharib Abadi, production. Iran was allowed never completed. wroteonTwitterthat Iran to work on advanced fuel for Western officials said the would produceuranium metal, research reactors, one of the work on the newIranian ura- writing it would allowthe de- few civilian uses for uranium nium-metal production line is velopment of anew fuel for metal, but only after10years. being done by acompany the Tehran civilian research When enriched to weapons called Sureh, asubsidiaryof reactor.Iranhas said it would grade of about 90% purity, the Atomic Energy Organiza- take four to five months to in- uranium metal plays acentral tion of Iran, which is under U.S. stall the equipment to produce role in atomic weapons,form- sanctions and wasunder sanc- auranium powder from which ing the core of the device tions from the European Union uranium metal is made. which, when triggered, setsoff forits nuclear-related work. TheIranian government has achain reaction that creates Thework is taking placeat moved methodically over the the nuclear explosion. an Iranian nuclear facility in past 18 months to expand its Even with the production of Isfahan, near the Uranium nuclearactivities.Since the uranium metal, Iran would need Conversion Facility,which is Trumpadministration with- to completemanyadditional under regular IAEA inspection. Intricatetechnique.Famed maker. Ceramicmasterpiece. drew from a2015 interna- Atourdeforce of ceramicart, pâte-sur-pâte porcelain is tional accord limiting Iranian regarded as oneofthe greatestceramic accomplishments of nuclearactivities and began the19th century. Entitled L’Amour estMort/Vive L’Amour (Love imposing sweeping economic is Dead/LongLiveLove),thisplaquebythe great Minton artist sanctions,Iranhas begun Marc-Louis Solonisaparticularlystunningexample of the stockpiling moreenriched ura- 1 nium and takenother steps multi-layeredart form.Signed. Circa1880. Plaque:8”h x15/2”w; 7 3 barred under the nuclear deal. Frame: 14 / 8 ”h x22/8”w. #31-0233 Making uranium metal is also prohibited by the deal, which GES also involves theU.K., France, IMA Germany, China and Russia. Mr.Biden, aDemocrat, has GETTY said he wantstoresume diplo- SE/ macywith Iran and is looking
foraway to return to the nu- ANCE-PRES
clear agreement, which was FR reached when he wasvicepres- ident. But reviving the interna- GENCE /A 622 RoyalStreet,New Orleans,LA•888-867-9583 •[email protected] •msrau.com tional pact could facestiffer
opposition if Iran conductsnu- OGIES Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. clear weapons-related work. Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. CHNOL
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A10 | Thursday, January 14, 2021 ** THE WALL STREET JOURNAL. WORLD NEWS U.S. Ban Targets Forced Labor in Xinjiang
BY EVA XIAO minorities into aregionwide of cotton in 2019,orabout 85% our members’ accelerated com- ing them to closely monitor help companies audit their sup- network of internment camps. of China’stotal production, ac- mitment in this region,” the their supply chains forpoten- ply chains in Xinjiang.Compa- TheTrump administration Companies face increasing cording to the National Bureau groups said.“Theindustryis tial exposure to forced labor. nies lookingovertheir supply on Wednesdaybanned imports scrutinyovertheir supply of Statistics of China. TheU.S. pioneering and implementing Customs officials who sus- chains also facethe challengeof of cotton and tomatoproducts chains in China. The new ban imported roughly $9 billion in newtechnologies and innova- pect aproduct wasmade with tracing Xinjiang cotton, which from Xinjiang,the broadest U.S. could have asignificant im- cotton productsfromChina and tiveapproaches to decipher forced labor canissue withhold- is oftenmixed with rawmate- ban yettotargetallegations of pact especially in the apparel $10 million in tomatoproducts wheresupply chains aresus- release ordersfor agentstostop rial from other Chinese regions forced-labor practices in the sector,which has faced anum- in the past year,according to ceptible to forced labor,” partic- that cargofromcertain suppli- beforebeing spun intoyarn. northwest Chinese region. ber of customs restrictions Brenda Smith, executiveassis- ularly in Xinjiang,they added. ersataU.S.port. Stopped ship- Last year, U.S. Customs is- U.S. Customs and Border amid concern about forced la- tant commissioner at the Cus- Ketchup producer Kraft mentswould triggeraprobe sued nine withhold-release or- Protection said agentshave bor linked to the camps. toms agency’sOfficeofTrade. Heinz Co. has one supplier in intohow the goods were made ders against Chinese entities, been instructed to detain ship- Beijing has denied such al- Four trade associations— Xinjiang,but none of those to- and potentially steep fines. eight of which were linked to ments containing these prod- legations and calls the camps the American Apparel and matoproductsare exported to Companies whose ship- forced-labor allegations in ucts,including those routed vocational training centers. A Footwear Association, the Na- or used in the U.S.,said a mentshavebeen seized will Xinjiang. through or assembled in third spokesperson for the Chinese tional Retail Federation, the companyspokesman. “Conse- have to provide proof showing Under such an order issued countries in products such as Embassy in Washingtoncalled Retail Industry Leaders Asso- quently, we do not anticipate the absenceofforcedlabor,or in November on cotton prod- apparel or tomato sauce. the forced-labor allegations ciation,and the U.S. Fashion anyimpact” from Wednesday’s that forced labor conditions uctsproduced by the Xinjiang TheU.S.and other Western groundlessand criticized IndustryAssociation—to- order, he said, adding that all have been mitigated, through Production and Construction governmentshavecriticized Wednesday’sorder as an at- gether said they looked for- KraftHeinz suppliersare regu- documentation such as payroll Corps,astate-owned paramili- Beijing for human-rightsabuses tempt by the U.S. to suppress ward to working with U.S. larly audited by a third party. recordsand third-party audits, tary organization known as in Xinjiang,wherethe Chinese Xinjiang enterprises. Customs,while urging the The Trump administration Ms. Smith said. XPCC, U.S. Customs detained government has rounded up China is one of the world’s agency to share the evidence has pressured U.S. companies That could runintoobstacles 43 shipments valued at more Turkic-speakingUighursand topcottonproducers. Xinjiang that led to the new ban. with businesses linked to Xin- as some independent auditors than $2 million, Ms.Smith other predominantly Muslim produced 5million metric tons Wednesday’sorder “matches jiang over the past year,push- have said they would no longer said.
97%ofChina’slargerenter- China’s prises had reopened, according to Zhang Weihua,anofficial with China’sNational Bureau Economy of Statistics. Other companies,including consumer electronics manufac- Powers On turers, saw stronger-than- usual export orders. In Novem- ber,China’sexportsgrewat ContinuedfromPageOne their fastest pace in nearly product, adjusted forinflation, three years, resulting in are- according to forecastsby cord trade surplus of $75bil- Moody’s Analytics.That’sup lion that month. It dipped abit from 14.2% in 2016,beforethe in December. U.S. and China entered atrade Some buyersofChinese war. TheU.S.isexpected to goods weren’t eager to resume makeup22.2%, virtually un- sourcing there, worried they changedfrom22.3% in 2016. hadbecome toodependent. China’s2020 increase in its But they found other alterna- shareofglobal GDP—1.1 per- tives weren’t as good. centagepoints—is itslargest In Australia, CongaFoods in asingle year sinceatleast recently launched aline of lo- the 1970s. cally made vinegarstoreduce Thecountryisscheduled to importsfromEurope and tap report fourth-quarter and an- into growing consumer de- nual growth on Jan. 18,amo- mand fordomestically made ment that’slikely to confirm products.The companyneeds itsascendancy. glassbottles forthe vinegar
Thegains areatestament /REUTERS from Chinabecause no suit- NG
to China’ssuccess in contain- SO able bottles aremade in Aus- ing Covid-19 and getting its Y tralia, said David Valmorbida, AL businesses humming again. The world is more reliant on China for growth than ever before. Above, shoppers in Shanghai last spring director at the company. Thecountry’sstimulus pro- “Ifwewould have areliable grams,which were smaller as clearly yes,” said Saul Eslake, a Foreign directinvestment MSCI stock indexes tions,including,insome cases, production source in Australia aportion of the overall econ- former chief economist at Aus- in China tracking workers’ connections of the required bottles that are omythan in the U.S.,focused tralia and NewZealand Bank- China World U.S. to affected regions. priced competitively,then we 120 billion yuan on restoring factoryproduc- ing Group Ltd. 30% Manylocal governments, in- would definitely prefer to buy tion and keeping small busi- In theU.S., the Trump ad- cluding the city of Foshan, dis- that locally,” Mr.Valmorbida nesses from going bust, with ministration’stariffs on China 100 20 patched shuttle buses to bring said. relatively little direct support were meant to addressimbal- migrant workersstranded in KlevaHealth,aSan Fran- forconsumers. ancesinthe global economy 80 10 villages back to factories once cisco-based startup that sells That strategy paid off when, andlevel theplaying field be- the virus was gone. Larger at-home Covid-19 testing kits, unusually in arecession, U.S. tween the two countries. 0 manufacturers, such as Fox- needed large numbersofsaliva consumerskept spending Instead, Chinaisexpected 60 conn TechnologyGroup, which collection tubes last summer. heavily.Chinese factories were for2020 to record the biggest –10 assembles Apple Inc.products David Yu,the company’s31- ready to servethem. That surplus in itscurrent ac- 40 in China, offered workersbo- year-old founder,said he ini- helped support Chinese jobs count—the broadest measure –20 nusesupto$430 per person tially decided to go with tubes and China’s own consumer of a country’s transactions 20 to come back to work. made in Canada but aban- spending through the rest of with the rest of the world—in –30 Chen Xin,co-founder and doned the plan afterfinding theyear. historyfor anycountry, ac- general manager of Foshan that ones made in southeast- Chinaalso benefited be- cording to Capital Economics, 0 –40 Nuobio Electrical Appliance ern China were lessexpensive cause it is hardfor foreign aresearch firm. Jan. 2020 April July Oct. Jan. 2020 April July Oct. Co., said he personally worked and moreaccurate.
manufacturing firms to relo- Still, measured as a per- 1billion yuan= $155 million on his company’s assembly Thecompanyisawaiting cate,evenafter pandemic dis- centageofworld GDP,China’s Source:China's Ministry of Commerce (investment); Refinitiv (indexes) line along with two partners approval from the U.S. Food ruptions leftmanyexecutives account surplus wasevenbig- andtheir wives to ensureor- and Drug Administration to wanting to diversifytheir sup- gerin2007 and 2008. 1980s to bring newproductsit fore the pandemic came into ders forair purifiersweremet sell the testing productstoav- ply chains.Companies have to China continues to face could sell in the South Korean full swing,according to Oxford during the pandemic.Local au- erageAmericans. weigh losing the network ef- some big economic challenges, market. Increasingly,though, Economics. thorities made surethe factory fect of having so manyother including an aging population selling itsproductsinChina is Thegain wasdriven in part passed inspections beforere- suppliersnearby,aswell as the and rising labor costs, which what matters most to itsbot- by China’squick pivot to sell opening, the 37-year-old Mr. Keyconsumers risks of moving elsewhereafter makemanufacturing moreex- tomline. personal protectiveequipment, Chen said. Consumer spending in China has proved so reliable. pensive. Arecent rash of Orion’soperating profitsin such as masks and respirators, By mid-March, nearly all of China bounced back by the ANovember survey by credit defaultsbystate-owned China jumped 28% in the first whose sales have surgeddur- Nuobio’s roughly 50 suppliers fall. China’spersonal luxury- HSBC HoldingsPLC of more enterprises has added to long- three quarters of last year ing the pandemic. had resumed production, he goods market is expected to than 1,100 global corporations standing worries over debt. compared with the same pe- Beijing forcefully intervened said. All arelocated within 50 have grown7.6%in2020,even found that 75%, including 70% Andits momentum in manu- riod ayear earlier,thanks to to contain Covid-19 and help kilometersofthe factory. as the global market con- of U.S. companies,expect to facturingcould ebb this year, the introduction of newprod- keep factories and businesses “That’sthe biggest advantage tracted 20%, according to re- increase their supply-chain if other parts of the global uctsintothe market, including open. It sealed off large parts that China offers. Nowhere search firm Euromonitor Inter- footprint in China over the economybegin firing on all glutinous ricecake-inspired of the countryand barred peo- national. next two years. cylindersagain. Choco Pies. China sales ac- ple from leaving their homes “While the rest of the world Some economistssay the counted for48.2% of Orion’s forextendedperiods,moves China boosted itsrole has stopped spending,the Chi- country’sstate-led economic overallrevenue in 2019,com- that would be difficult in coun- nese have carried on,” said Trade tensions model has blunted private-sec- pared with 38.7%in2010. tries with morefreedoms. as theworld’sfactory Fflur Roberts, Euromonitor’s Forthe rest of the world, torinnovation that is poten- About 4,600 people have floor and expanded its head of luxury-goods research. China’ssuccess is adouble- tially vitaltoChina’sfuture. died in China as aresult of the While foreign direct invest- edged sword.Chinese demand Since Covid-19 emerged, Factories restarted pandemic, according to the part in global trade. ment, such as by businesses has been agodsend forbusi- however, China’seconomyhas Foryears, economists country’shealth ministry, al- forproduction assetsabroad, nesses that sell to China, in- been resilient, bolstering Bei- warned that China’srising la- though that number is thought intothe U.S. and Europe plum- cluding commodity producers jing leaders’ belief that their bor costs, deepening debt and to be underreported by some meted in the firsthalf of this as well as auto makers and system offersamoredepend- ebbing productivity gains researchers. In the U.S.,the else canyou find such acom- year,itlargely held steady in luxury-goods companies that able alternativetoWestern would imperil itsstatus as the death toll is close to 380,000. prehensiveand close-knit sup- China, whereitwas up 6.3% lost saleselsewhere. democraticcapitalism, espe- world’sfactoryfloor.The trade It ordered state-owned ply-chain network,” Mr.Chen through November,compared China’srenewedstrength cially during timesofcrisis. warand higher tariffs further banks to halt debt collection said. with the previous year’s 11 has also leftbusinesses more TheU.S.remains the cut intoChina’sadvantages. on affected businesses and in- With consumersinthe West months,according to China’s exposed to acountrywhose world’sNo. 1economy, with But China’sshareinglobal dividuals while offering fresh spending moretime at home, commerce ministry. leadershavemade clear they the largest consumer market, a exportsofgoods is still grow- credit to small firms at ordersfromoverseas surged, Money has flowedinto want to reduceChina’sreli- much higher standardofliving ing.Itwas 15.4%inNovember, cheaper-than-usual rates. Lo- and Nuobio benefited. The China in other ways, adding anceonforeign companies in and acurrencywhose impor- the most recent month for calofficials required factory company’ssales rose about momentum to itslong-term favorofbuilding up moreof tancedwarfsthat of the Chi- which datawas available,com- ownerstomeet tough stan- 20% in 2020. goal of building up important itsown corporations. nese yuan. America’sGDP is pared with 13.7%late2019,be- dards to ensuresafeopera- By early April, morethan domestic financial centers. In Australia, nearly 42% of 50% greater than China’s. Chinese markets, including in the country’sgoods exports TheU.S.isalso grappling Shareofglobal GDP* Consumer spending China's shareofglobal Hong Kong,accounted for43% went to mainland China in Oc- with extreme political stress. exports of goods of the world’spublic listings 100% China U.S. tober,near the all-time This year,it is expected to UP 171.2% SINCE 2010 UP 35.2% last year,according to data monthly high from earlier in grow around 3%-4%, but its Other $14 trillion 20% from Refinitiv. the year, before slipping to economylikely won’t getback Foreign holdingsofChinese 80 37% in November,according to to its2019 sizeuntil the sec- 12 bonds hit arecord3.25 trillion Commonwealth Bank of Aus- ond half of the year,according yuan, or about $503 billion, in 15 tralia. to some economists’ forecasts. 10 December,up49% in ayear, While Chinese buying of China is expected to grow 60 according to datacompiled by Australian iron orehas helped as much as 9% this year,ac- 8 Bond Connect Co. cushion the Pacific nation’s cording to MorganStanley es- 10 TheMSCIChina index, economy, which experienced timates. 40 6 which includes Chinese com- itsfirst recession in 29 years, “China will alwaysremain panies listed at home as well it has also added uneasiness— our main market,” said Chung China 4 as those that trade in New 5 especially when China imposed Yong-soo, director of the 20 York or other locations,rose restrictions on importsofAus- global businessmanagement 27%indollar terms last year. U.S. 2 tralian beef,barley and wine division at South Korean snack TheMSCIACWorld indexis afterCanberrapushed for maker Orion Corp., best known 0 0 0 up 14%inthe same period, and morescrutinyofCovid-19’sor- foramarshmallow-filled treat MSCI’sU.S.benchmark added 2010 ’12 ’14 ’16 ’18 ’20 2010 ’12 ’14 ’16 ’18 ’20 2010 ’12 ’14 ’16 ’18 ’20 igins. called “ChocoPie.” 19%. “Havewebecome tooreli- The company launched a *Figures arecalculatedbased on real GDP in U.S. dollar terms. 2020 figures areestimates —Quentin Webb contributed ant on China? Theansweris tie-up with PepsiCo Inc.inthe Sources: Moody's Analytics (shareofGDP); Euromonitor (consumer spending); OxfordEconomics (global exports) to this article. P2JW014000-4-A010A0-1------NS
THE WALL STREET JOURNAL. **** NY Thursday, January 14, 2021 | A10A GREATER NEW YORK More Vaccine Sites Open as Cases Rise
Covid-19 variantboosts will be opening up shotsto people 65 and over,and to peo- urgency of push; New ple between the ages of 16 to Jerseyexpands 64 who have serious medical conditions,starting Thursday. vaccination eligibility “It is based on the anticipa- tion, not guarantee,but antici- BY MELANIE GRAYCE WEST pation of increased deliveryof AND JOSEPH DE AVILA vaccines,asthe federal govern- ment will no longer be holding NewYork stateisinafoot- back doses,” Mr.Murphysaid race between quick distribution Wednesday. of the Covid-19 vaccine and the Expanding vaccinations to a spread of the coronavirus,Gov. wider population will be alo- Andrew Cuomo said Wednes- gistical challengefor the state. day, acontest made moreur- Thereare about 1.47 million gent by anew variant identi- NewJerseyans who are75 fied in cases acrossthe state. yearsorolder,and thereare So far,the statehas detected severalhundred thousand peo- 15 cases of the highly transmis- ple with serious medical condi- sible variant originally identi- tions between the ages of 16 fied in the U.K. Twoofthose and64, Mr.Murphysaid. cases include residentsof Thegovernor said NewJer- Queens and Manhattanwho sey is ready.“We have set the were initially diagnosed with infrastructure we need to do Covid-19 in December,accord- this job,and we arenow ready ing to NewYork City MayorBill to begin ramping up our vacci- de Blasio. nation effortsexponentially.” Morethan 530,000 New Morethan 1.2 million people
Yorkershavebeen diagnosed /REUTERS have already registered with with Covid-19 sinceThanksgiv- thestate to receivethe vac- ing,according to Johns Hopkins cine.The statewill contact University data. State data MCDERMID those that nowqualifytoin- showedmorethan 8,900 New AN form them howthey can
Yorkerswerehospitalized for BREND schedule an appointment, Mr. Covid-19 acrossthe stateon On Wednesday, state officials opened a mass coronavirus-vaccination site at the Jacob K. Javits Convention Center in Manhattan. Murphysaid. Tuesday, returning the stateto Theinitial rollout of the highs last seen in early May. steps,including confusion over expected to open this week. coming back until youget your Already,some county health vaccine has been bumpy.There AWall Street Journal analy- howtosign up foravaccine Mr.deBlasio said NewYork appointment,” he said. “But I departmentsinNew York ha- has been hesitancybysome sis of Johns Hopkins data andaninitial decision to nar- City would vaccinate1million have no patiencefor the federal ven’t been able to meet current health-careand long-term-care shows that 40,020 NewYorkers rowly define the categories of residentsbythe end of the government and the manufac- demand and have canceled up- workerstotakethe shot, and have died as of Tuesday, aso- people who could firstbevacci- month. Thecity has continued turers. We need them to deliver coming Covid-19 vaccination manyput off taking adose be- bering milestone forthe state. nated, which included many to open vaccination locations, alot more.” appointments. fore the holidays,state health Themajority of those deaths people who ultimately refused including several that run24 Mr.Cuomo has echoed the In Jefferson County,inup- officials have said. occurred in thespring. vaccination. Nowamonth in, hoursaday and possibly one at call forgreater vaccine distri- stateNew York near Water- So far, the statehas admin- SinceSept. 1, therehave stateand local officials have Yankee Stadium in the Bronx. bution from the Trump admin- town, the local health depart- istered nearly 265,000 doses of been 7,063 deaths, according to pushed to expand the effort. But Mr.deBlasio warned istration. Some 7million New ment canceled two vaccine the vaccine,Mr. Murphysaid. the Johns Hopkins data. Gov. State officials on Wednes- that even with the normal sup- Yorkersare eligible forthe clinics scheduled forthis week, It has been allocated nearly Andrew Cuomo said Wednes- dayopened mass-vaccination plies expected to arrive, the Covid-19 vaccine now, but the according to astatement from 655,000 doses,according to daythat the staterecorded an- sites at the JacobK.Javits city will runout of vaccine at stategetsroughly 300,000 the public-health department. the U.S. Centersfor Disease other 165 deaths on Tuesday. Convention Center in Manhat- some pointnextweek unless doses of the vaccine each week, In the statement, the health Control and Prevention.The Thevaccination rollout in tan, the statefairgrounds near thereisamajor resupply. the governor said. department said the shipments number of doses administered the stateand in NewYork City, Syracuse and asitein “I want everyone who’s get- TheTrump administration of vaccine weren’t received by the statehas likely been un- seen as avital component in Westchester County.Asiteon ting an appointment to under- said Tuesday it would no lon- from the state. dercounted due to areporting the fight to end the pandemic, Long Island at Jones Beach and stand there’salot of demand, gerhold back second doses of Meanwhile,inNew Jersey, lagwith some health-carefa- has been plagued with mis- another in the Albanyareaare to be alittle bit patient, to keep the vaccine. Gov.Phil Murphysaid the state cilities,officials have said. Ya ng Joins Nursing Homes See Surge in Virus Deaths Crowded BY LESLIE BRODY said Stephen Hanse,president died afterbeing transferred to fection rates. Employees get said theagencywas expedit- AND TOM MCGINTY of the New York State Health hospitals and the federal gov- tested frequently but can ing distribution of vaccines to Mayoral Facilities Association, which ernment didn’t start manda- spread the virus asymptomati- nursing homes,after afederal Afterasummertime slow- represents nursing homes. tory reporting until late May. cally before getting back test program forthe facilities down, the coronavirus cut a “There needs to be better Nursing homes complained resultsthat showthey carryit. moved too slowly. Contest deadly trail through NewYork education” about the value of in March they couldn’t get “It takessolittle forthis to At the 120-bed Crouse Com- nursing homes in December, vaccinations,hesaid, because enough masks,gowns and wiggle itsway intoafacility, munity Center in Morrisville, BY KATIE HONAN killing morethan 200 resi- some workersdistrust govern- other protectiveequipment. and it’ssuch avulnerable pop- southeastofSyracuse,there dentsstatewide in each of the ment regulatorsorwant to Many also expressed outrage ulation,” said Maggie Barnes, were 28 Covid-19 deaths in the Former presidential candi- last three weeks of the month, wait to see the effectsofdoses at astate rule that required spokeswoman for the nursing three weeks ended Dec.27, ac- dateAndrew Yang officially according to federal data. on othersbeforerolling up them to admit hospital pa- home at IraDavenport Memo- cording to federal data. Itsad- jumped into the race to be Covid-19 killed thousands of their sleeves. rial Hospital in southwestern ministrator didn’t reply to re- NewYork City’s next mayorin New York nursing-home resi- Jill Montag,aspokeswoman NewYork.“And then you’re quests for comment. acampaign video released dentsinthe earliest months of forthe stateDepartment of More than 200 N.Y. chasingit, playing defense Joanne Lamb worried about Wednesday, joining acrowded the pandemic,beforethe Health, said the agencywas rather than offense.” her71-year-old brother,Walter field of candidates vying to death toll plunged to an aver- reaching out to communities to residentshave died in The120-bed center had 18 Koennecke, an avid gardener lead the nation’s largest city. ageofabout 16 aweek from dispel vaccine hesitancy, saying each of thelastthree Covid-19 deaths in the three whohas cerebral palsy and Mr.Yang,aDemocrat, trav- July through October,accord- the shot is safeand effective. weeks ended Dec.27, afterhav- lives at the Crouse Center. He els around NewYork City in the ing to datathe homes submit- She said some nursing home weeksofDecember. ing none sincethe spring,ac- recently survived the corona- video,which wasdirected by tedtothe Centersfor Disease staff delayedgetting shotsun- cording to federal data. “De- virusbut his roommate, who Brooklyn-bornfilmmaker Dar- Control and Prevention and til afterthe holidays in case cember wasverytough and had it too, died, she said. renAronofsky. He outlines pro- the Centers for Medicare and they experienced mild side ef- disheartening,” Ms.Barnes said, Her family hasn’t been able posals forthe city to take back Medicaid Services. fects, and increasing numbers tients recovering from corona- noting that the center had no to visit him in almost ayear control of itssubway,which is State officials and nursing- arechoosing to getthem. virus. The state reversed that viruscases last weekend. “The because of rules to prevent in- currently operated by the state- home operatorssay they hope Since the pandemic began, policy in May. staff has pulled off aherculean fection. She said the center’s runMetropolitan Transporta- the latest surge in deaths will therehavebeen morethan Now, nursing home officials effort protecting residents.” staff is doing its best but the tion Authority.And he calls for be knocked down by the vacci- 8,100 confirmed and presumed saythey have protective To the center’s frustration, entireinstitution is feeling the the creation of acitywide uni- nation campaign under way, Covid-19 deaths of nursing equipment, but the masks and it has runout of vaccines,she pain of so much loss. versal basic income,which was and most residents are clam- home residents, according to gowns,along with frequent said. “We’retrying to get “Sometimes youhaveto acornerstone of his unsuccess- oring forthe shots. But at state data. New York and fed- cleaning andrestrictions on more. Everybody is trying to take your terror and put it in fulpresidential campaign. In some facilities, less than half eral tallies don’t match up be- visitors, still don’t prevent the get more,” Ms. Barnes said. your back pocket,” she said. theprogram he envisions,half of staff membershavesaid cause the state’sdataexcludes virus from sneaking in from Aspokeswoman forthe —Jon Kamp amillion NewYorkerswould they want to be vaccinated, nursing-home residentswho communities seeing high in- stateDepartment of Health contributed to this article. receive$2,000 to $5,000 ayear, according to the campaign. Mr.Yang is expected to hold anewsconferenceabout Trump’s Hometown his campaign Thursday, ac- cording to his campaign. He joins one of the most Moves to Sever Ties crowded candidatefields in years, as morethan two dozen people have officially regis- teredwith the city’s Campaign With His Business Finance Board. Thecity’s next mayorinher- itsfinancial and public-health BY BRIAN SPEGELE way or form, and we areimme- challenges from Covid-19, diately taking steps to terminate whichhas killed morethan NewYork City MayorBill de all Trump Organization con- 25,000 NewYork City resi- Blasio moved to cancel three tracts,” Mr.deBlasio,aDemo- dents since the spring. contractswith the Trump Or- crat, said in anewsrelease. Mr.Yang also entersata ganization following the Theannouncement follows a crucial point in the shortened deadly U.S. Capitol riot that has similar movebythe PGAof campaign season, which will led organizations big and small America on Sundaytocancel for the first time have a June to cut ties with President plans to hold the 2022PGA
primaryinstead of one in Sep- Trump and his family business. Championship at the Trump GES
tember. Thecity said Wednesday National Golf Club Bedminster IMA Mayoralcandidates on that it would begin the process in NewJersey,citing risks to Wednesdaybegan releasing of terminating agreementswith the PGA’sbrand of being asso- GETTY theirlatestfundraising data the Trump Organization to op- ciated with Mr.Trump. ahead of a Friday deadline to eratetwo ice-skating rinks and Thecity cited the cancella- file with the Campaign Fi- acarousel in Central Park,as tion as areason forending the HERSHORN/ nanceBoard. Thecity’s cam- well as the Trump Golf Links at Trump Organization golf course RY GA paign-financeprogram nowof- FerryPoint golf course in the contract in the Bronx,saying The Trump Organization’s contract for ice rinks in Central Park had been set to expire in April. fers an $8-to-$1 matching fund Bronx. the deal had called forthe program limited only to do- Revenue from the businesses course to attractmajor champi- Organization over $30 million,” ing forsome $17million of its came as the House of Represen- nors living in NewYork City. is relatively small. Themayor’s onship events, which wasun- it said in astatement. “This is overall revenue of at least $446 tatives impeached Mr.Trump Contributions from individual movetoremoveMr. Trump’s likely afterthe riot. nothing morethan political dis- million in 2019,according to forasecond time,overhis role donors are capped at $2,000, companyfromoperating the TheTrump Organization crimination, an attempt to in- Mr.Trump’sfinancial disclo- in the eventsthat led to the and only the first$250 of that well-known sites in the presi- said it would fight the city’s de- fringeonthe FirstAmendment sure forms. Capitol riot. money is matchable. dent’shometownismoresym- cision. and we plan to fight vigor- Theagreementsfor the Mr.Trump said Tuesdayhe An official with Mr. Yang’s bolic. “The City of NewYork has ously.” Trump Organization’soperation had no regretsabout his re- campaign said he would take “The City of NewYork will no legal right to end our con- Theassetsaffected by the of the icerinks had been set to marks to supportersthat are part in the public matching not be associated with those un- tracts and if they elect to pro- move aresmall partsofthe expireinApril. nowatthe heart of Democrats’ fund program. forgivable actsinany shape, ceed, they will owe TheTrump Trump Organization, account- NewYork’scancellation impeachment effort. P2JW014000-2-A010B0-1------NS
A10B | Thursday, January 14, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK NYC to End Preschooler Gifted Test WATCH
CONNECTICUT BY LEE HAWKINS State GOP Chairman NewYork City’s Depart- Resigns Abruptly ment of Education will admin- ister the preschooler test for Connecticut Republican Party admission to gifted-and-tal- Chair J.R. Romano, a strong sup- ented elementaryprograms for porter of President Trump, has the final time this spring,Mayor resigned abruptly for reasons he Bill de Blasio said Wednesday. hasn’t made clear, saying “the The city and the DOE have decision is what’s best for the issues with the program in its organization to move forward.” current form, but because Mr. Romano announced his manyfamilies have prepared departure in an email to fellow for the test it will be given in GOP members Tuesday, ending April, Mr.deBlasio said.After his third two-year term six that, the DOE will go through months early. “anintensivepublic engage- “It is time for a new voice to ment process” in thespring be heard from the Connecticut and the summer to determine Republicans,” he wrote. the future of gifted-and-tal- Mr.Romano didn’tgivespecific ented testing, he said. reasons forhis resignation during Thedecision is part of a an interviewWednesday, saying broader push by the mayor only,“It’stime forsomeone new. and city officials to re-evaluate It’stime foranew voice.” gifted-and-talented, academic —Associated Press screening and admissions pro- grams.While critics have NEW JERSEY called the testing the starting point forsegregation in public Sports Bets Neared schools,manyparentshave $1 Billion Last Month
said that drastically overhaul- GES
ing or abolishing the programs IMA New Jersey took nearly $1 would take opportunities away billion worth of sports bets in ETTY
from their children, including /G December, an encouraging finish
students of color. ANO to a year in which coronavirus IS
“This approach to testing is CC closures and restrictions sent
not something Ibelievein. It’s LO overall gambling revenue down not something the chancellor nearly 17%. believes in. It’ssomething that More than $6 billion worth of MICHAEL has caused alot of frustration Pre-K students at Yung Wing School P.S. 124 on Wednesday. The city will re-evaluate gifted-and-talented screening and programs. bets were placed last year in for so many families,” Mr. de New Jersey. Blasio said. offers to families beforethe tary-level giftedprograms and sentativeofthe diversity that Figures released Wednesday Anyfutureassessment or 2021-22 school year begins. testing. Before the announce- we liveinand that has been CORRECTIONS by the New Jersey Division of program won’t be asingle PlaceNYC warned that if ment, manyparentsfeared the fault of the mayor’s. The Gaming Enforcement show the test, as the mayor said he be- the elementary-level gifted that theDOE would use the disparity is on him.” AMPLIFICATIONS state’s nine casinos and three lieves the DOE has “anoppor- programs aredrastically over- Covid-19 pandemic—which Opponentssay the program horse tracks that accept sports tunity to do something so hauled or abolished, families makes it difficult to test chil- disadvantages studentsinfam- bets took in more than $996 much betterthat canreach so might moveout of the city, dren in person—as an excuse ilies that can’t affordtutoring The Howard Hughes devel- million worth of such wagers in many more kids.” switch their studentstoprivate to scrap the giftedprograms or simply don’t knowabout the opment proposal includes af- December. “But we’regoing to work schools,opt forthe charter- for kindergarten altogether. test, and perpetuates stereo- fordable rental units that are Slot and table-games revenue closelywith stakeholdersto school lotteryorbeforcedto On Wednesday, Ms.Chu said types about students’ potential. available to people making for the casinos, including inter- get this right,” he added. hiretutors. But “poor kids who the fact that the test will be ad- Black and Hispanic students 40% of NewYork City’s Area net betting, was $2.64 billion in One of those stakeholdersis need to be academically chal- ministered this spring is “a sigh in 2018 made up 63% of kin- Median Income,which is 2020. When sports betting reve- the advocacygroup Parent lenged will be hurt the most,” of relief” forthe droves of par- dergarten studentscitywide, $102,400 forafamily of three. nue is added, New Jersey saw Leadersfor Accelerated Cur- said co-president YiatinChu. entswho had been waiting for but only 18% of those in gifted ADec.31article incorrectly more than $2.88 billion in reve- riculum and Education, known City officials in December the decision, but blamed Mr.de programs,according to city said the affordable units nue for the year. as PlaceNYC.The group re- issued long-awaited newde- Blasio forthe disparities that data.Most children in gifted would be available to those That represented a decline of cently presented the DOE with tails about academic screening have led him and other critics classes were white or Asian. making 40% of the South 16.9% in a year in which the ca- an open letterthat demands and admissions forselective to consider ending the testing. NewYork City Schools Street Seaport’s median area sinos were closed for 3½ that theagencykeep gifted middle and high schools. “Werecognizethat we need Chancellor RichardCarranza income, which is $150,000. months. Even when they were programs in placewith no Anumber of families across to do more to expand the ac- has said test scores at such a allowed to reopen in July, they changes,set adatefor testing the city had been pushing the cess to morestudents young age often reflect privi- Readers can alert The Wall Street had to restrict operations to 25% Journal to any errors in news articles in the firstthree months of Education Department to an- throughout NewYork City,” legeand coaching rather than by emailing [email protected] or of capacity. 2021 and provide admissions nounceits plan forelemen- Ms. Chu said. “It is not repre- intellectual ability. by calling 888-410-2667. —Associated Press
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© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, January 14, 2021 | A11
Clockwise from left, ‘House of Masks’ by Genieve Figgis, ‘Liberty Porcelain’ by Salman Toor and ‘Vitruvian Doodle’ by Mr. Doodle.
times its high estimate. Ms. Figgis entered the auction market in 2018, and since then all but two of her 71 offerings have found buyers—including 59 pieces last year alone. One of the main drivers appears to be her popular- ity in Asia, spurred initially by an October 2019 show of her work in Almine Rech’s Shanghai gallery.
JADÉ FADOJUTIMI (1993) Still just 27 years old, this Brit- ish painter and recent Royal Col- lege of Art grad became the youn- gest artist to join the Tate’s collection last year. Her 2018 can- vas, “I Present Your Royal High- ness,” is on view at Tate Britain. Auction Record: Phillips New York sold her 2017 “Lotus Land” for $378,000 in December. It had been expected to sell for up to $60,000. Before landing a high-profile spot at the start of the Phillips sale, this London-based artist had already amassed a roster of muse- ums and collectors. She has exhib- its teed up at the Institute of Con- temporary Art in Miami and an invitation to show in the coming Liverpool Biennial.
AYAKO ROKKAKU (1982) Born in Chiba, Japan, this self- taught artist has skyrocketed since she began finger-painting flowers on sheets of cardboard in 2002 and later won prizes at Takashi Yo ung Artists Rising Murakami’s Geisai art fair. She is part of the new Hi-Lite art move- ment, a group whose colorful, flat works reference pop culture. During thePandemic Auction Record: In December, Taiwan’s Ravenel auctioned her 2007 piece, “The Sisters,” for $416,268, above its $177,000 high BY KELLY CROW auctioned at the same houses the estimate. year before, the firm said. Asian collectors are bolstering ollectors charged after Collectorsholed up at home wor- demand for the painter, who works by young, un- ried about their health and safety ranked third last year in terms of tested artists last year but had time and money to pursue auction sales for artists under 40, even as overall global artiststhey covetedbeforethe crisis. with 81 pieces selling for a com- auction sales fell by as Thetrophyset had asteady bined $7.3 million, according to C Artprice, a Paris-based database much as a quarter—a year,with Picassoand Vincent Van phenomenon many dealers had Gogh faring well, but only one work that tracks global auction results. never seen before the pandemic. by Francis Bacon topping $85 mil- During past downturns, emerg- lion. Otherswerelargely absent, MR. DOODLE (1994) ing artists saw their prices tempo- such as Claude Monet, whohad 47 Sam Cox, a British artist who rarily plummet or their works dis- pieces up forbid in 2019,including goes by Mr. Doodle, has risen in appear from auction catalogs as a“Haystacks” that sold for$111 mil- Luhring Augustine, and his first status lately with his Keith Haring- collectors retreated to the safety lion. This past year,only 18 Monets museum solo show is on through style street art. His version in- of familiar names like Alberto surfaced at auction and the priciest April 4 at the Whitney Museum of cludes cartoonlike faces that in- Giacometti and Pablo Picasso. In wasa$4.7million landscape. SALMAN TOOR (born 1983) American Art in New York. habit a dense, black-and-white web the Covid era, blue-chip heavy- Supply was an important factor This Pakistani artist, who now of interlocking designs. weights held their own but the fe- in how artists did at auction. Some lives in New York, paints luxuriant GENIEVE FIGGIS (1972) Auction Record: In August, To- verish bidding pooled at the mar- collectors and their estates were scenes of brown men in hauntingly This Irish painter was discov- kyo Chuo auction house sold a ket’s most speculative end, with wary of putting works on the divergent scenarios. ered six years ago by artist Rich- 13.5-foot-wide painting from 2019, newcomers like Matthew Wong block during a pandemic and held Auction Record: Last month, ard Prince, who used social media “Spring,” for $994,238, eight times and Amoako Boafo reaching ca- off, the auction houses said. But Christie’s in New York sold his to hail her Rococo portraits of top- its high estimate. S
Y’ reer-high amounts. art adviser Anthony Grant said the 2015 “Rooftop Party with Ghosts hat dandies and powdered-wig la- In 2020,atleast 135 of the art-
THEB Last year, auction sales for art- situation didn’t faze collectors 1,” for $822,000—nearly five times dies with ghoulish, blurred faces. ist’sworks came up forauction,
SO ists 40 and younger at the top snapping up rising-star artists, and its high estimate. Ms. Figgis has exhibited in several mainly at houses in Asia, wherehe
(2); three houses surged 54% to $51 their confidence could portend a Collectors are paying premiums museums including the Irish Mu- is well known. When Sotheby’s ex- million, according to ArtTactic, a bounceback once in-person sales for storyteller painters whose can- seum of Modern Art. hibited Mr.Doodle’sart in 2019,all London-based research firm. That resume this year or next. vases encompass rich histories, Auction Record: Last month, 52 works were snapped up mainly PHILLIPS
P: contrasts with 2020’s 39% drop in Here is a look at five contempo- and Mr. Toor’s style is emblematic Phillips and Poly Auction teamed by Asian collectorsfor between TO sales, to $857 million, for the rary artists who enjoyed a breath- of that, said Mr. Grant. In June Mr. up to sell her 2019 “Wedding $3,500 and $65,000 apiecebefore OM
FR broader swath of contemporary art less year at auction. Toor joined a powerhouse gallery, Party” for $569,010, more than five the showevenopened.
ties on your first Covid-related ers you abroad, so that if you end or older beforehitting the slopes. Tips forSmart cancellation, what about a 2021 up in a hospital overseas, the Other thingstocheck: Do local cancellation when everyone books health system there will get paid. authorities allowyou to shelter at a knowing the risks? Medicare, for example, doesn’t pay hotel or forceyou to agovernment- for health care outside the U.S. in runfacility if youbecome infected? 6 Traveling in 2021 3. Check health requirements most cases—you’ll need supple- And look at what’sstill shut down. Assume you’ll have to meet health mental insurance or travel insur- Is the resort fully open? requirementsfor different destina- ance that includes health-care THE MIDDLE 1. Book now tions,evenondomestic trips.Al- coverage. 5. Use loyalty points SEAT Yes, plenty of uncertainty remains. ready manycountries and even Stay abreast of changing test There may be deals to be had us- SCOTT But savvytravelerseager to get some U.S. states requirenegative and vaccination requirements for ing miles and points, because busi- McCARTNEY moving again have already booked ness travel will continue to be de- manyofthe best spotsatprime pressed, leaving empty first-class destinations,traveladvisers say. and business-class airline seats ikechildren making listsfor Prices areprobably going up as and hotel suites. Santa, anxious travelersare morepeople getmorecomfortable In addition, tickets and hotel L with traveling later this year.In reservations booked with points plotting vacations forthe second half of 2021, hoping it will manycases,cancellation penalties are sometimes easier to refund if be safetogobythen. Manyhave continue to be waived—though you plans change, and you don’t have already booked. Some arewon- mayend up with alot of money cash tied up in vouchers if things dering if they’realready toolate. tied up in creditsand vouchers. do go wrong. When the calendar changed to “We don’t anticipate seeing anew year,Jack Ezon, co-founder many deals for the second half of 6. Go with the flow and managing partner of high-end 2021,” says Keith Waldon, founder Schedules aregoing to change. It’s NewYork travel advisoryEmbark and director of Departure Lounge, important to not only avoid close Beyond, says adelugeofbooking an Austin, Texas, travel agency. connections and build acushion requestspoured in forsummer- Another factor: Cancellation pol- intoyour schedule,but also go into time trips to Europe.“It’sasif icies arelikely to gettougher as de- travel this year with aflexible atti- people areasking us forpermis- mand startstocome back,Virtuoso tude.Travelisgoing to take lon- sion to gettheir lives back,” CEO MatthewUpchurch says. ger—therewon’t be as manydirect he says. flights. And youprobably should A study by home-rental firm 2. Check refund terms have abackup plan just in case. Vrbo found 82% of customers al- Booking trips forthe second half of Millions of travelers are eager to get back on planes later this year. But MikeMcCormick, former execu- ready had travel plans for 2021. 2021 isn’t without risk—delays in after vaccinations, precautions and preparations are still in order. tivedirector of the Global Business Even though coronavirus infec- vaccination distribution or new Travel Association, suggestshaving tions and deaths continue to esca- variantsofthe virus could prompt contact information in your phone late, luxury-travel firm Virtuoso lotsofshutdowns and closures,and Covid teststoavoid quarantine.You international destinations at forall of your travel providers. says inquiries about trips started with that trip cancellations.Check- might even see hotels and airlines travel.state.gov. Other smart preparations: Mon- to climb as soon as vaccines were ing cancellation terms is crucial. requirenegativetest resultsoreven itor news about your destination approved last year. You may be rebooking with a vaccination. 4. Research your destination for the inevitable changes that will Many travelers rebooked can- credit from an earlier canceled Rules began changing in the Youneed to do morethan collect come between booking and travel, celed 2020 trips for dates in 2021 trip. But what are the terms on U.S. on Tuesday. The Centers for restaurant recommendations.Re- says Mr. McCormick, co-founder of
S and 2022. In addition, there’s mas- your new reservation? If you have Disease Control and Prevention search local requirementsthat may Travel Again, a group backed by sive pent-up demand for travel. to cancel the new reservation, will require a recent negative test differ from national rules in coun- travel companies that’s advocating PRES But travel has changed. It will does the credit expire at the origi- for all passengers arriving from tries.For afew months,Greek is- for uniform safety standards. And UMA require more paperwork, prepara- nal expiration, or a new, longer ex- abroad, including U.S. citizens, lands closed to touristsevenwhen think carefully about ground trans- /Z tion and patience. Here’s a step- piration date? And while your air- starting Jan. 26. Greecewas open, forexample.As- portation. Mr. Waldon suggests CHIU by-step guide to resuming your line, hotel, home rental or cruise Some countries may require pen, Colo., requires anegative avoiding random taxis and guides
RINGO travel carefully and safely. may have waived fees and penal- proof of health insurance that cov- Covid-19 test result foranyone 10 you haven’t carefully vetted. P2JW014000-0-A01200-1------NS
A12 | Thursday, January 14, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT
ness about her own sexuality and Regé-Jean Page ‘Bridgerton’ Series subsequent education is central to (top left) Phoebe the story. Dynevor (center) Such success is noteworthy and a gaggle of given that breakout screen hits are debutantes in the rare for romances with “HEA”—in- Netflix romance. Heats Up Romance dustry shorthand for Happily Ever After. While TV and movie adapta- tions of young-adult love stories abound, Hollywood has been slow to fill the opening left by the de- cline of adult rom-coms. “Friends who write fiction say, ‘Everything I write gets optioned and nothing gets made,’ and some- how I got this one deal and not only did it get made, it got made just beautifully,” said Ms. Quinn, whose real name is Julie Pottinger. Interest in the genreappears to be growing.Ms. Quinn’sfilm agent Lucy Stille has started ex- ploring Hollywood’sappetitefor historical romances by other writ- ers. Over the summer,the produc- tion companyled by NBC’sAlRo- kerannounced it washelping develop aseries from the “Bless- ings” novels by romancewriter Beverly Jenkins. “I don’t think that media com- panies until ‘Bridgerton’ have made use of the incredible finan- cial power of romance,” said Mary Bly, who writes as Eloisa James. She is fielding interest in possible BY ELLEN GAMERMAN adaptations of her romance novels. Romance novelists include he new Netflix adapta- women with polished resumes. Ms. tion of the racy “Bridg- Pottinger is a Harvard graduate erton” books has sent who studied at Yale University’s pop culture into a School of Medicine before leaving T swoon, putting a main- early to focus on writing.Ms. Bly stream stamp of ap- is a Harvard-educated Shakespeare proval on romance novels some- scholar. times dismissed as trash and Rhimes is Vanessa Riley, whose books in- boosting a literary genre that has the force clude the “Advertisements for suffered setbacks in recent years. behind the Love” series, received her PhD in “Bridgerton,” which debuted last show, the mechanical engineering from Stan- month,isbased on bestselling au- first ford University. Heidi Bond, who thor Julia Quinn’sromanceseries scripted se- as Courtney Milan wrote the set in the Regencyera.The love ries to 500,000-word “Brothers Sinister” storyabout awayward dukeand a come out series, clerked for the former U.S. high-society bachelorette starring a of her 2017 Supreme Court Justice Sandra Day multiracial cast is projected to production O’Connor. Georgia politician Stacey stream to morethan 63 million deal with Abrams wrote eight romance nov- households over itsfirst four which has been struggling to re- Netflix. els in the 2000s under the pen weeks,according to Netflix.The tain its power in the publishing Netflix’s ‘Bridgerton’ The “Grey’s name Selena Montgomery. show, which hit number one on the world. Recent years have marked a Anatomy” In anxious times, such stories Netflix chartsin76countries,has steady decline in print and e-book series is giving the and “Scandal” creator known for offer an escape. Chris Van Dusen, vaulted Ms.Quinn’sroughly 20- sales of romance novels, which romance business drawing passionate audiences is an creator of the eight-episode year-old novels to the topofthe went from more than 98 million ardent fan of the “Bridgerton” “Bridgerton” series and a protégé general fiction bestseller lists. units sold in 2012 to 41 million in another jolt of energy. novels. of Ms. Rhimes, wanted to deliver a “Hollywood studios are full of 2020, according to NPD BookScan, As “Bridgerton” took off, an in- bright and vibrant world. “There’s male producers, directors, writ- whose figures do not reflect sales ternet cry went out for Regé-Jean a youthfulness and a joyfulness ers,” said Amy Pierpont, editor in of self-published titles. Page, who plays “Bridgerton” there,” he said. chief of Forever and Forever Novelists, publishing executives The pandemic has helped coun- heartthrob Simon, to become the “Bridgerton” could take ro- Yours, romance imprints of Grand and literary agents point to a ter this decline, with an uptick in next James Bond. YouTubers raved mancenovels further out of the Central Publishing. “The idea that range of challenges. Big retail sales over the last year. Romance about his good looks and spoofed shadows.“‘Guilty pleasures’ is a the same value that’s applied to chains have stopped putting as novels made up more than one in the show’s period drama manner- phrase that’sused alot—I don’t superhero movies would be ap- many mass-market paperbacks on every six adult fiction print and e- isms. Etsy sellers started market- understand whypleasureis plied to stories that center around their shelves, they say, while the book purchases in 2020, more than ing “Bridgerton” Valentine’s Day guilty,” said Betsy Beers, an exec- women’s lives has just not hap- consolidation of printing plants any category after general fiction, cards carrying a character’s mol- utiveproducer of the series. pened on a consistent basis.” has complicated distribution ef- according to NPD BookScan. ten declaration—“I burn for you”— “What is wrong with actually
(3) The success of “Bridgerton” forts. Others say less expensive Netflix’s “Bridgerton” series is and a $700 dress inspired by reading abook and enjoying it couldn’t have come at a better digital self-publishing has cut into giving the romance business an- Daphne, the virgin played by and getting transported to an-
NETFLIX time for the romance industry, sales by traditional publishers. other jolt of energy. Shonda Phoebe Dynevor whose clueless- other world?”
WHATTOSTREAM man says they took to heart in In the film, Malcom X(Kingsley “WandaVision.” Ben-Adir) takesthe morerevolu- “Our storyisabout this love tionaryapproach while SamCooke Marvel, story, and that is as human as can (Leslie Odom Jr.) prefersa“more be,” he says.“And whether you’rere- prudent approach to working within Covid Heists ally good at athletics,oryou’rereally the system to bring about change.” good at art, or youhappen to be a “I would hope the audience superhero, all of these thingsare sort doesn’t come down feeling likeone and Brits of second to this core human rela- is unequivocally right,” Mr.Powers tionship.And so we aretrying to tell says.“Because Idon’t believeone BY CHRIS KORNELIS astory that, youknow, if it couldn’t point of viewisunequivocally happen in real life, it can’t happen on right.” NewRelease: ‘WandaVision’ the show.” (Disney+) Escapism: ‘Locked Down’ “WandaVision,” the firstoriginal Family Hour:‘All Creatures Great (HBO Max) Marvel series forDisney+, picks up and Small’ “Locked Down,” anew film star- after“Avengers: Endgame,” and finds (PBS,PBS.org) Elizabeth Olsen and Paul Bettany in ‘WandaVision,’ coming to Disney+. ring Anne Hathaway and Chiwetel the charactersWanda Maximoff and In the firstepisode of “All Crea- Ejiofor that’sstreaming on HBO Vision plopped intothe golden ageof tures Great and Small,” ayoung miered in the U.K. last year—says FridayonPrime Video,isset Max,isabout acouple that remains television, living in asuburb that veterinarian named James Herriot, he wanted to lean abit moreinto against the backdrop of areal-life in the same home as they’resplit- maynot be everything that it ap- straight out of school, catches the the darknessfromthe books. He meeting between Malcolm X, Jim ting up because,well, Covid. He’s pears. train in Glasgow in pursuit of his also wanted to dig deeper into Brown, SamCookeand Muhammad been furloughed and she’sbeen Wanda (Elizabeth Olsen) has the firstjob—and what turns out to be characterslikeHerriot’sboss, Sieg- Ali in 1964. In the film, the four tasked with firing some of her col- powertobend reality,and Vision anew life—in the YorkshireDales. fried Farnon (Samuel West), and men discusstheir careers, their leagues.Asthey stare, talk and rage (Paul Bettany), is aphilosophical Herriot is playedbyNicholas Ralph, the women in the story, such as lives and the roles that they playin at each other, they begin to pick up half-human, half-robot. Theseries, ayoung actor straight out of Mrs. Hall (Anna Madeley), who furthering equality forAfrican- some of the pieces of their relation- which premieres Friday, is in part, an school, who hopped atrain in Glas- runs the house that’shome to the Americans. ship and fasten together aplan that homagetoclassic family TV series. gowtoshoot the series,his firstTV veterinarypractice. “For me the Kemp Powers,who wrotethe involves stealing adiamond. Director MattShakman says the cre- job.“It wasabit of lifeimitating storyofthat house has always screenplay—as well as the stageplay “Locked Down” manages to be atorsenlisted expertsfromthe sit- art,” he says. been about aslightly unconven- on which it is based—says he uses both apostcard from the pandemic comgenre, hiring alaugh track ex- Theseries,which airsSunday tional family,all finding something the four men as avatarsfor the ongo- and an escape from it. “It’sescap- pert, forexample,and even nightsonMasterpieceonPBS and in one another that they slightly ing conversation in the Black com- ism in that they decide to do this consulting Dick VanDyke. is streaming free at PBS.org, is lacked and that’swhat bringsthem munity: “Howdoweexist as Black outrageous thing,but these are One of the thingsMr. VanDyke based on the book of the same together,” he says. people in this society that is many charactersthat everyone canrelate
S told the director wasthat part of name by James Herriot (pen name times hostile toward us? Howdowe to,” says director Doug Liman. “It’s “The Dick VanDykeShow’s” bound- forJames Alfred Wight), inspired NewRelease: ‘One Night makeour way in this world? And not in the Marvel Cinematic Uni- UDIO
ST aries was“if it couldn’t happen in by his lifeasarural veterinarian. In Miami’ what, if anysocial responsibility do verse, it’sinour universe howitex-
VEL real life, it wouldn’t happen on the Ben Vanstone,who created the (AmazonPrime Video) we have as,asBlack people who are istsright now, not as it existed a
MAR show.” This is something Mr.Shak- series—a surprise hit when it pre- “One Night In Miami,” streaming also Americans.” year ago.” P2JW014000-0-A01300-1------XA
THE WALL STREET JOURNAL. Thursday, January 14, 2021 | A13 ARTS IN REVIEW
The hall, left, was built by Skidmore, Owings & Merrill inside the James A. Farley building, below, west of Penn Station.
American railroads once cele- brated their engineering. There is an exhilarating sense of spatial generosity. The escala- tors are not pushed against the wall, as at Penn Station, but stand boldly in the center of the space, with ample room around and be- tween them, each clearly marked by a tall quasi-obelisk. Passengers no longer need huddle before a single timetable but are sur- rounded by multiple signs giving train information. But if the space is free and flowing, it is also comprehensible. The trusses overhead run parallel to the tracks and give the hall a pleasing axial order: To the west are the twin ticket counters of Amtrak and the Long Island Rail GES Road, and to the east a startlingly IMA comfortable waiting room (re-
ETTY served for ticketed passengers). /G
TT The two levels of retail space (as
PLA yet unoccupied) that surround the hall are not so much industrial hall as suburban mall, with the attrac- SPENCER
S; tive but weightless luster that con- temporary fashion demands. PRES In the making of agracious and
ZUMA functional public space, Skidmore,
G/ Owings&Merrill has succeeded splendidly.But aspaceismade
THENBER great not only by itsshape and
RO materials but by itsplacement. L.
A Likeapassageofmusic,itbecomes sublime only when it falls intothe DEBR
P: exact right placeinasequence. TO And Moynihan Hall is not organi- OM
FR cally integrated within the tangled knot of the lines of Amtrak,the LIRR and NJ Transit, aformless ARCHITECTURE REVIEW and piecemeal accretion acentury in the making.Until it is (which seems far in the future, despite countlessvisionaryproposals), the Upping theWaiting Game hall will remain an orphan. And yet, as I stepped onto the waiting escalator to return home, I Moynihan Train Hall, the expansion of Penn Station, imbues rail travel with some grandeur could enjoy what every New Yorker has been missing for nearly BY MICHAEL J. LEWIS gifted classical architects. The arrow that sends yououtside, Their mandate was to make an ele- 60 years: the experience of de- buildings were elevated directly whereyou must makeyour way gant and functional train hall out scending to my train under a radi- New York above the tracks of the Pennsylva- acrossEighth Avenue.Infact, one of the post office’s mail sorting ant canopy of light. Moynihan Hall here is a certain class of nia Railroad, whose tunnel under canget therewithout going out- room, and this they have done has liberated us from what was buildings that only the the Hudson River made the com- side,bynegotiating the concourse handsomely, rectifying all that was the most degrading experience of public should judge. plex possible. of the Long Island Rail Road, al- malignant about Penn Station. any public building in America (if When it comes to a great The original Penn Station was though the path is so labyrinthine What was cramped and dank is there’s a worse one, I’d like to Turban train station, for demolished in 1964, right down to that youare as likely to find the now bright and spacious: a sky- know); if for nothing else, it de- instance, the opinion of its train platforms, and in its place Minotaur as Moynihan Hall. lighted 225,000-square-foot hall serves hosannas and alleluias. the critic scarcely matters. Is it was built Madison Square Garden. Moynihan Hall is the creation spreads grandly beneath three spacious and bright enough? Do The decapitated station below de- of Skidmore, Owings & Merrill, the mighty scissors trusses, survivors Mr. Lewis teaches architectural its paths of movement make sense, livered a thoroughly nasty travel architects who were first handed of the original building, whose riv- history at Williams and reviews are they instantly legible? Does it experience, not only for passen- the Penn Station problem in 1997. eted steel plates remind us that architecture for the Journal. treat its passengers with basic hu- gers on Amtrak (which replaced man courtesy, or as livestock to be the bankrupt Penn Central) but driven along into their pens? The also for those on the Long Island passenger alone can tell. And so to Rail Road and NJ Transit. Depart- assess New York’s Moynihan Train ing passengers stood shoulder to Hall, which opened on New Year’s shoulder in their shapeless corral, Day, I traveled there as an Amtrak watching the big timetable per- passenger, having deliberately read form its coy fan dance of delay nothing about it in advance. I upon delay, until the announce- wanted to be surprised. ment of the track launched the The new $1.6 billion train hall frenzied crush toward an escalator is housed in the former main post wide enough for one. Having expe- office, on Eighth Avenue, just to rienced it once, you never forgot the west of Penn Station. It is a it—like the running of the bulls in fluke that a building was there to Pamplona, but in a cellar and with absorb the station’s excess capac- less dignity. ity; buildings, unlike opera singers, Depending whereyou exit your do not usually have stand-ins wait- train, youcan still emerge inside ing in the wings. But it was once Penn Station, which will continue the practice to build major train to remain in operation. ThereI stations and post offices in tan- found myself last week and began dem, the same tracks carrying searching forthe passagetothe both passengers and mail. New Moynihan Train Hall. As it hap- York paired Penn Station (1910) pens,thereisnone; trains can with the James A. Farley Post Of- moveinastraight line between the fice (1913/1934), both by McKim, two buildingsbut youcannot. It Mead & White, America’s most takessome time to find the meek
TELEVISION REVIEW |JOHN ANDERSON FROM JUNE CLEAVER, Edith seems to be the same set, with the Bunker and Clair Huxtable to Mor- furniture moved around. It’s an ticia Addams, Peg Bundy and underpopulated program, although In Need of aParentalAdvisoryLabel Marge Simpson, the TV mom as an there’s something heartening, too, institution has been a source of about imagining everyone off cam- warmth, solace and neuroses. era in face masks, distancing and While the characters in question trying to get a show on the air. were usually busy being moms, The other thing that seems appar- there have been empty-nesters, ent is how difficult it will be to too, and ones with no sense of sustain sufficient energy with boundaries: Endora (“Bewitched”) mom in the center ring. All the would arrive unannounced in a mothers cited above were side- puff of smoke; Marie Barone (“Ev- kicks, or part of an ensemble, but erybody Loves Raymond”) lived Ms. Sedgwick seems positioned to next door, though one could hardly carry most of the burden, and ever tell. other than Jean being meddlesome In “Call Your Mother,” Kyra or looking for a sex life—or deliv- Sedgwick plays Jean Raines, intru- ering mawkish soliloquies about sive mother extraordinaire: When the importance of family—there she can’t get her son, Freddie aren’t any obvious avenues to be (Joey Bragg), on the phone for followed. On the other hand, only four days she packs her bags and the one episode was available for leaves for Los Angeles. Are her re- review, so they might fool us all. located children happy to see her? Let’s hope. Is it sunny in L.A.? What’s clear, There is a potential love inter- partly through Ms. Sedgwick’s por- est—Danny (Patrick Brammall) her trayal—a mix of Midwest nice and “host,” in the Airbnb sense, who East Coast anxious—is that Jean is warns that his dog has a tendency as eager to leave Iowa as her kids to hump. “So do I,” Jean replies, were, especially after a decade or and Danny, to his credit, looks so as a single parent and nothing taken aback. I have to admit I was else to do. startled, likewise, when Jean calls Two things are immediately evi- a belligerent driver at the airport dent in the pilot for the show, a “dick.” Much worse can be heard which was created by Kari Lizer almost everywhere on television, (“The New Adventures of Old but on a network show? It’s still a Christine”). One, it’s a pandemic little shocking. What would Carol production: The airport where Brady have thought? Jean says goodbye to her pal
ABC Sharon (Sherri Shepherd) is just a Call Your Mother Kyra Sedgwick, Rachel Sennott and Joey Bragg in ABC’s new sitcom ‘Call Your Mother’ facade; every apartment in L.A. Wednesdays, 9:30 p.m., ABC P2JW014000-0-A01400-1------XA
A14 | Thursday, January 14, 2021 THE WALL STREET JOURNAL. SPORTS Harden Traded JASONGAY To the Nets Bill BY BEN COHEN
JAMES HARDEN, KEVIN DURANT and Kyrie Irving now play for the same NBA team. What could go wrong? Belichick’s The Brooklyn Nets made the most consequential move in their franchise’s history on Wednesday and created a team of superstar players and temperamental per- sonalities when they completed a DayOff blockbuster trade for Harden, the Houston Rockets’ virtuosic scorer and the league’s former Most Valu- able Player. A coaching legend But uniting Harden with Durant and Irving to declare themselves makes a choice, title contenders is also incredibly risky now and could be even more leading to an costly in the future. The haul of draft equity heading uncharacteristically to the Rockets includes Brooklyn’s quiet week unprotected first-round draft picks in 2022, 2024 and 2026, when Harden, Durant and Irving are no longer under contract, and the right to swap picks with the Nets in 2021, 2023, 2025 and 2027. Houston is also getting Victor Oladipo from the Indiana Pacers and another first-round pick in
2022 after expanding the deal to GES
send Caris LeVert and Jarrett Al- IMA len from the Nets to the Indiana
Pacers and Cleveland Cavaliers. GETTY H/
The dizzying trade during an es- AS
pecially chaotic week in the NBA ROG M
involves four teams, four draft JI picks, four pick swaps and four in- triguing players—and one huge bet Bill Belichickhas a spot in hiscalendar.The taciturn cable ones never feel clean. about the decision he made this from the Nets. dayoff.Eveninplacid coach, who coined workplace-fe- IguessBelichick could use his week,because it’sthe correct one. Harden, who barged his way out times,this would be tish phrases like“Do Your Job” dayoff to go to Nantucket, where TheGrumpy Lobster Boat Captain of Houston, can be seen as incredi- news,because this is and oncechanted “No days off!” he vacations,not long agospent a maynot be everyone’sfavorite bly overqualified basketball insur- the part of year when at achampionship celebration, pandemic draftathis seaside din- sportspersonality,and he’scer- ance: He protects the Nets in case the Grumpy Lobster Boat Captain has given himself an uncharacter- ing room table,assisted by his tainly operated likethat—stub- anything happens with Durant, is ordinarily in his wheelhouse, istic gift: free time. adorable Alaskan Klee Kai. born, oftenchilly,with scant re- who is coming off a torn Achilles hauling pots, steering in ahard, What to do? Maybe he could take achilly gard formedia blowhards or injury, or Irving, who is mysteri- cold rain, trying to guide his New Belichick could go intothe of- spin on his boat, which is called public feeling,and it’swhat made ously away from the Nets for per- England Patriotstothe Super fice,because the Patriotshave VIII Rings, ahomagetohis accu- this choice, ahardnotohis friend sonal reasons. Bowl forthe five hundred bil- plenty of work to do fornextsea- mulated Super Bowl jewelry. the president, such news. Recent NBA history shows how lionth zillionth jillionth time. son. He’dprobably scout quarter- Beforethat, Belichick’sboat Thestatement Belichick re- a deal for one disgruntled super- Alas,the Patriotswerenot Su- backs,sinceitappearsCam New- wasnamed VII Rings, and pre- leased sounded passive, almost star changes everything. per Bowl material this season, not tonmay be one-and-done in New sumably beforethat, VI Rings. robotic,but the end result was The Toronto Raptors won the even playoff material. Their 2020 England. The Belichick is that he did the right thing. 2019 title by trading for Kawhi season ended meekly,almost two Patriotshave both the archi- He’ll be back. Leonard when he wanted out of weeks ago, with amodest triumph other deficits, Belichick’s résumé is a tect of afoot- Belichick’srésumé is astunning San Antonio. over the calamitous Jets.Itwas and their com- ball dynasty one—he transformed both afran- The Los Angeles Lakers won the NewEngland’sseventh win petition is im- stunning one—he and amark for chise and asport, and he remains 2020 title by trading for Anthony againstnine losses,the franchise’s proved. The transformed both a the boat paint- the standard. Davis when he was done with New firstlosing record in 20 years. Jets arestill ing industry. Only afool would arguethe Pa- Orleans. Now the Nets hope it’s Not very good. Not at all Patri- the Jets,but franchise and a sport. Maybe triotswon’t ascend again, or that their turn. ots. the Dolphins Belichick could apresidential honor has slipped Still, Belichick expected to be arebetter, and do other things away forgood. busy this week.Hewas supposed the Buffalo with his free Youdon’t think another White to be in Washington, D.C.,tobe Bills,divisional champs,have time. House,maybe even the incoming awarded the Presidential Medal of plowedintothe playoffs,ahot Maybe he could help the Jets one,will push to drape amedal Freedom, the nation’shighest ci- upset pick forthe Super Bowl. find anew head coach. He’sheld around the neck of aman who has vilian honor,fromthe outgoing It doesn’t help that knowing that position before, for20orso wonmoreSuper Bowls than any- President Trump.Aseveryone that you-know-who is in the play- minutes. one—and, when asked to choose knows now, he won’t. offs,too,under center forTampa Maybe he could figure out between personal recognition and On Monday, word arrived that Bay, afteramelancholy departure what’sgoing on with Kyrie Irving, his nation, chose the latter? GES Belichick wasdeclining the medal. from the Patriots. Fewknowmore who’s takenanunexplained sab- It’sachoicebiggerthan afoot- IMA In astatement, Belichick made about TomBrady than Bill batical from the NBA. ball game.Belichick will be re-
ETTY referencetothe “tragic events” Belichick, and it stands to reason Maybe Belichick could call his membered forthis. /G last week at the U.S. Capitol, and that nobody is probably lesssur- old employee, Tom, and wish him As fornow,he’sgot the dayoff. said “remaining true to the peo- prised that Brady is still out there luck. It has to be weird. And yetIsus- MBERS ple,team and countryIloveout- slinging it, expertly,inconsequen- Idon’t knowifhe’ll do anyof pect that when he looks out at CHA weigh the benefitsofany individ- tial games,atage 43. that. that freshly empty spot on the EPH
ST ual award.” But Ibet it’sawkward. Probably the most satisfying calendar,Bill Belichick will feel James Harden is joining the Nets. NowBelichick has an empty Splitsare messy.Eventhe ami- thing Belichick could do is think full.
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AV IANMOANA RAE Kansas City 46 32 c3528sn Amsterdam 38 29 c3830s SanJuan 84 72 pc 84 73 pc BACKCHANNEL ART Las Vegas 68 44 s6647s Athens 55 45 pc 52 45 sh Seoul 40 27 pc 48 16 c 36 Suffers from a 62 5, in the NBA HELENA MINI 17 Like an active KCAR HANDSPRING Little Rock 57 35 pc 49 30 s Baghdad 69 48 c6943pc Shanghai 62 42 pc 64 36 pc fear of icicles? surfer? 63 Pole staff GREETS RO ISTER LosAngeles 85 56 s8558s Bangkok 86 66 pc 89 69 pc Singapore8376sh8476t BYLAWNIALL ERR 41 Hill, in Hebrew Miami 71 59 sh 72 62 c Beijing 43 23 c408s Sydney8971c 84 65 pc 19 Coffee container 64 Butcher shop LIVERPOOL Milwaukee 38 32 r3525sf Berlin 36 30 sf 32 24 sf Taipei City 72 56 s7460s AL ITEPEETEAMO Tokyo5541s 49 43 c 42 One, on aone buys TAKETEARSVPED Minneapolis 34 29 sn 34 23 sn Brussels 37 29 c3426s 20 Ring setting, FINGERLAKE EONS Nashville 55 36 pc 48 31 pc BuenosAires 81 69 s7973t Toronto3834c 39 30 r sometimes 43 Outback order 65 Snake’sroute DOOR SNEERS NewOrleans 67 48 s5940s Dubai 75 61 pc 76 60 pc Vancouver 46 40 pc 46 39 pc BOWBODYOFWATER
NewYork City 47 36 pc 48 43 c Dublin 48 33 pc 45 42 c Warsaw3017sf2413sf s OU IORALB OGLED Oklahoma City 54 32 s4928pc Edinburgh 37 29 r3831pc Zurich 39 28 c3017sn Solvethis puzzle online and discussitatWSJ.com/Puzzles. ATTTEXAS KEELS P2JW014000-4-A01500-1------XA
THE WALL STREET JOURNAL. **** Thursday, January 14, 2021 | A15 OPINION Is Nancy Pelosi a Mad Genius? BOOKSHELF | By Sally Satel
We read, cor- have seen within days of Mr. dent’snominees or proposals Mr.Trump’sabandonment of ADose rectly,that Trump’sinauguration that his is delusional. Asecond Senate Vice President MikePencees- the countryis declared daily warwith “fake trial will obsessand consume tablishes that the notion of being torn news” might turn out more the whole world. Fornow,Mr. Trumpian loyalty is aone-way apart by hy- votesfor her than forhim. So Biden’sagenda is Mrs. Pelosi’s highway.) Of Dissent perpartisan feed the beast. agenda. China’sXiJinping is Republicans cannot avoid WONDER politics,by Four yearslater,after giv- no doubtcalibrating Mr.Bi- coming to terms with the LAND the invasion ing Mr.Trump no rest or calm, den’sinternal strength as well. Trump base.That portion of Drug Use for Grown-Ups of the Capitol she watched turnout (and TheRepublican Party and the hisbase that Mr.Trump said, By Daniel last week,by Democratic fundraising) conservativemovement need to with great insight in early By Carl L. Hart Henninger the summer’s driven by anti-Trump animus turn Donald Trump himself into 2016,would have let him shoot (Penguin Press, 290 pages, $28) urban riots, propel JoeBiden intothe pres- history. And then getonwith someone on FifthAvenue,is and by the second impeach- idency.Mr. Biden wasanonde- discovering what Trumpism likely to shrink below30%. But n a referendum in November, Oregon became the first ment of President Trump. script candidateleading what wasand wasnot. It wasinpart if half of them refuse to turn I state to decriminalize the possession of small amounts While these matters preoccupy had become anondescript po- out for Republican candi- of heroin, cocaine, methamphetamine and LSD. The citizens concerned about the litical party,asits listlesspri- dates—Mrs. Pelosi’sgoal—Re- move was inspired by a 2001 law in Portugal that removed futureoftheir republic,as marydebates made clear. The House speaker publicans maynot win forthe incarceration as a penalty for drug possession. To judge by they should, bear in mind a Theunexpected Georgia next two presidential election “Drug Use for Grown-Ups,” Carl Hart welcomed this news, lessemotivetruism about de- Senaterunoffs,which the knows one political cycles and lose manycongres- which came too late for him to mention in his provocative mocracy: Allpolitical battles Democratswon because of be- reality: Increase our sional seats. and enlightening book.Heopens with the announcement: must endwith voterturnout. low-normal Republican turn- As always,Mr. Trump has to “I am an unapologetic drug user.” ForNancyPelosi,getting out in key counties,was frost- vote, suppress theirs. calculatehis ownself-interest. Mr. Hart, a professor of psychology and a neuroscientist out the vote defines reality. ing on the cake of Mrs. Pelosi’s His return to activepolitics at Columbia University,assertsthat “recreational drugs From that vantage, the House insight that nothing the Demo- looks lesslikely,asheisforced canbe used safely to enhance many vital human activities.” speaker would have no trouble cratshad on offer exceeded acult of personality broadly re- to attend full-time to protect- He bases his claim on decades of research on the behavioral interpreting the key eventsin Donald Trump’sability to pro- lated to the idea of the “forgot- ingthe Trump brand and his and physiological effects of drugs in humans, coupled with America’srecent political his- ducevotes forher party. tenman.” But beyond that, the fragile financial empire, such his personal use. Thanks to drugs, he says, “I am a happier tory. Afterthe invasion of the details of the Trump movement as who will loan him the and betterperson.” He asks that we think about drugsin In 2016,Donald Trump de- CapitolbyMr. Trump’ssup- aren’t so clear. money to roll over his mort- amore nuanced way, even at a time when opioid abuse is feated HillaryClinton because portersfollowing his speech Is Trumpism really protec- gage debt. Themost sobering still headline news. Thus his book represents a calculated the Democratslost count of on theNational Mall,aless tionism and isolationism? Does blow of all maybethe PGA’s risk—namely, that by portraying drug use as so potentially the votesinPennsylvania, bloodlessormoreresponsible blue-collar populism exclude decision to cancel its2022 rewarding for responsible Michigan and Wisconsin. speaker would have concluded the suburbs from itscoalition? championship at theTrump users, it may inadvertently Then-Minority Leader Pelosi that nothing would better Whydid Mr.Trump appeal to Bedminster golf course in New seduce non-grown-ups into would have seen that Mr. serve the country than to minority voters?Does eco- Jersey. hazardous use. Trump,howeverpersonally movepast the Trump presi- nomic opportunity emerge pri- If it were still possible to Mr.Hart reportsthat his anathema, turned outnearly dencyasquickly as possible. marily from aproductivepri- think in America’sbest, long- views about drugshave 63 million votes. Conclusion: But whychangestrategy? vate economy, the Reagan term interests, the most evolved over theyears. Next time,producemoreturn- With the impeachment vote, model—or,assome post-Rea- statesmanlikething Mr.Biden Growing up near Miami as a out than Mr.Trump. Speaker Pelosi is abandoning ganiteconservatives nowar- could do would be to pardon teen in the early 1980s,acity AcrossMr. Trump’sfirst not only Mr.Biden’spresumed gue, should it be led by federal Donald Trump and movethe then overrun with crack term, Mrs. Pelosi has at times rationale forhis campaign— spending and taxcreditsfor countrypast itscurrent de- cocaine,hesaw drugsasa looked like themad queen of normalcy—but also putting at families and education? structivedisorders. raging menace. In graduate Trump derangement syn- risk the newpresident’slegis- So long as Mrs. Pelosi can He won’t. Thefuries would school he began studying drome.But consider: Speaker lativeagenda. Mr.Biden’s keep Mr.Trump aloft, this nec- scream. ThePelosi calculus is neuroscience. “IfIcould stop Pelosi would also have noticed statement that the Senate essarydebateoverTrumpism that the system’scontinued people from taking drugs, that thedislikeofMr. Trump’s could spend ahalf daycon- will be largely suppressed. Or pain hurtsthe other side more. especially by fixing their operating style kept his oppo- ducting atrial of the im- it will defaulttodebilitating These days,I’m not so sure broken brains,” he told himself, sition moreagitated than is peached president and ahalf litmus testsofloyalty to the about that. “I could fixthe poverty and usual in politics.She would dayapproving the newpresi- 45th president. (On that score, Write [email protected]. crime in my community.” In pursuit of this mission, he tried to provethe dangersofdruguse.But over time he concluded that the marijuana, cocaine and methamphetamine that he gave(with the approval of various ethics committees) to his Trump Has One Thing Left to Do subjects, themselves experienced drug users, wasnot as harmful as he had expected. No matterthe drug,his subjects By Karl Rove publicans and Democrats. TheFederal Bureau of In- wasrestored. He released a overwhelmingly said that they felt “morealtruistic, Both Mr. Trump and John- vestigation warns that armed videocalling rioters“very empathetic,euphoric,focused, grateful, and tranquil.” onaldTrump won’t be son had been impeached and protestsare planned forevery special” people and saying,“I “Drug Use for Grown-Ups” has the soul of a manifesto. D thefirst president to acquitted. Mr.Trump faced statecapitol from Jan. 16 until love you.” It was the next af- Mr. Hart wants to show us that “government bans on skip his successor’s in- chargesofabuse of powerre- at leastJan. 20,and at the ternoon before he finally de- recreational drugs violate the spirit and promise of the auguration. garding Ukraine, while John- U.S. Capitol from Jan. 17 to 20. nounced violence—and re- nation’sfounding document.” Putting it morepersonally, Theoriginal boycotterwas sonwas accused of violating This is supposedly the work of portssay he regretshaving he writes: “It is my birthright to use substances in my John Adams.After avicious the TenureofOfficeAct, the Boogaloo movement—gun- done so. pursuit of happiness.” Though aregular user of heroin, campaign, Adams leftWash- which required congressional toting extremistswho advo- Sincethen Mr.Trump’s Mr.Hart says that he is “not an addict,” adding: “I have ington at 4 a.m. on Inaugura- approval to remove a cabinet cate asecond civil warand statementshavebeen insuffi- never failed to meet my obligations as a result of the drug tion Day, March 4, 1801, on member. Both impeachments support Mr.Trump’sreten- cient. “You always have to or its effects.” The same is true for most other heroin thefirst stagecoach home to were motivated largely by tion, regardlessofthe election avoid violence,” he said on users, he says, citing data showing that addiction affects Massachusetts.Eight hours other factors: Democratic an- outcome.Thereare also ordi- Tuesday, beforespending only 10% to 30% of those who regularly use heroin and later, blue-coated militiamen gerthat Mr.Trump was naryAmericans spun up by nearly 10 times as many methamphetamine, among other drugs. snappedtoattention and an elected, and Mr.Johnson’sop- Mr.Trump’sspurious election wordscomplaining that Twit- The alleged enslaving nature of drugs—you use it and artillerycompanyfired a position to congressional Re- claims,who want to express tershut down his account. Pa- you’re hooked—is one of many misperceptions that Mr. round as Thomas Jefferson publicans’ movetoimpose on thetic.OnWednesdayhesent Hart tries to dispel. Each of his chapters presents a tutorial emergedfromhis boarding the defeated South state gov- out astatement: “In light of on the pharmacology and physiological effects of a houseatNew Jersey Avenue ernmentsdominated by men He’s wrong to skip the reportsofmoredemonstra- particular class of drug, including opioids, amphetamines, and CStreet. TheU.S.marshal loyaltothe union and black tions,Iurgethat theremust psychedelics, cocaine and cannabis. forMaryland then walked Jef- suffrage. inauguration, but he be NO violence, NO lawbreak- Take methamphetamine. Contrary to the image of ferson, membersofCongress, Both men, likethe two can still discourage ing and NO vandalism of any “meth” users as frenzied people out of control, Mr. Hart foreign diplomatsand local PresidentsAdams,served only kind.” Butanemail is apoor shows that they can modulate their use in response to residentsseveral hundred one term. Johnson wasig- any further violence. substitutefor apersonal ap- incentives. In one experiment, he gave regular users a yardsnorth to the Capitol for noredatthe 1868 GOP con- peal in atelevised Oval Office sample of the drug and then offered them $1 if they would the swearing-in ceremony. vention, beaten at the Demo- address. stop smoking it. Most didn’t, but when the reward was John QuincyAdams made craticone,and succeeded by their anger.They’ll all be ManyAmericans who voted raised to $5, almost all stopped and took the cash. inauguralabsences afamily Ulysses S. Grant.Mr. Trump wearing MAGA paraphernalia forPresident Trump were Relatedly,Mr. Hart observed that regular marijuana use tradition. In March1829,he was defeated at the polls and and waving Trump flagsand sickened by the violent, sedi- had “virtually no disruptive effects on the complex mental departed the WhiteHouse the then in more than 50 court- signs.Some will be carrying tious attack on our Capitol. abilities,” including “reasoning and abstraction.” Perfor- day before Andrew Jackson’s rooms as his lawyersfailed to weapons.Ifmoreviolenceand Americawas humiliated in the mance on a test of vigilance even improved. He shows that swearing-in. Likethe 1800 present credible evidenceof disruption occur,the presi- eyes of the world. The nation the effectsofadrugoften depend on the dose,the mode election, the 1828 campaign widespread fraud. dent’salready tattered reputa- is reeling and on edge. And of administration (e.g., swallowed, inhaled, injected), even was particularly nasty. In skipping his successor’s tion will be further shredded. this awful drama hasn’t fully the user’s expectations of what the effect would be like. Thereare similarities be- inauguration, Mr.Trump is Mr.Trump must do what played out. tween Mr.Trump and Andrew acting selfishly, unwisely and he hasn’t yetdone—forcefully Mr.Trump candoone good Johnson, the last president unpatriotically.The U.S. needs tell his followers not to partic- thing as he exits office: go on Forpeople whocan control their impulsesand who refused to participate in presidents to model good be- ipateinprotestsordisrupt TV to discouragesupporters regulatetheir emotions—so it is argued—the use marking the peaceful transfer havior.Itisn’t even in Mr. Mr.Biden’sinaugural, and from becoming accomplices to of power. Though both were Trump’sinterest; Americans urge them to join him, their moreviolence. Letushope he of drugs, including heroin, canhavegood effects. elected as Republicans,nei- applaud people who aregra- president, in condemning vio- does,but Ihavelittle confi- ther Mr. Trump nor Johnson, cious in defeat and dislike lence and disorder. dence he will. Abraham Lincoln’s running sorelosers. But there’sno Americans knowMr. Trump Mr. Hart makes clear that he sanctions drug use by mate in 1864, was a longtime changing Mr. Trump’s mind. didn’t act while a police offi- Mr. Rove helped organize responsible people only—those who can delay gratification, party member.Johnson wasa Thereis, however, one ac- cer was beaten to death, a ri- the political-action committee control their impulses and regulate their emotions. For Southern Democrat who op- tion the president should take oter was shot and killed, and American Crossroads and is individuals who have a history of addiction or mental posed secession. Mr.Trump to servethe countryand keep Congress was shut down. In- author of “The Triumph of illness, or who are currently in crisis, he warns that the wasacelebrity real-estatety- his reputation from sinking stead, he sat in the Oval Office William McKinley” (Simon & risk of a bad outcome makes drug use not worth it. coon who had supported Re- even lower. watching television until order Schuster, 2015). As persuasive as Mr. Hart can be, it is impossible to avoid certain doubts or cautions. The vexing paradox is that the very individuals who feel compelled to use intoxicantstoexcessare oftenthose least psychologically The Promise and Peril of Facial Recognition equipped to handle them. One has to keep in mind, too, that Mr.Hart, in his experiments, administered By Floyd Abrams the public internet that are including faceprints. These help to identifyperpetrators pharmaceutically puredrugs at controlled doses in asafe And Lee Wolosky available to anyuser from any areofdubious constitutional- of crime as well as victims of environment—conditions not to be takenfor granted in computer around the world ity,sincethe Supreme Court abuse,and to apprehend ter- real life. ederal, stateand local withoutthe consent of the hasmade plain that “the cre- rorists, both foreign and do- As apsychiatrist, Iknowthat some people canbe F law-enforcement agen- person photographed. ation anddissemination of in- mestic.Such investigativeuse responsible usersofeventhe most feared drugs. But the cies areusing facial-rec- Licensed clientsofClear- formation arespeech within should be conducted on an af- pill mills of Appalachia and the needle-strewnstreetsof ognition technologytoiden- viewAI—which arelimited to the meaning of the First ter-the-crime basis,unlikein SanFranciscoshowhow devastating unfetteredaccessto tify the membersofthe mob law-enforcement agencies— Amendment.” China, wherefacial-recogni- drugscan be.Mr. Hart promotes treatment and harm that assaulted the U.S. Capitol canrun aphotoofanuniden- In the absenceoffederal tion is used forreal-time sur- reduction (e.g., clean needles,safe-injection rooms, last week. tified person through regulation, ClearviewAIhas veillancebythe state. testing forcontaminants), but he doesn’t offer adetailed Elsewhere, facial recogni- takensolid steps to self-regu- Responsible privatecompa- blueprint forkeeping drugsaway from the people whose tion and artificial intelligence late. It currently makes its nies,such as banking and fi- lives canberuined. areincreasingly being used Agencies are using the app available to lawenforce- nancial institutions,should be He does discussthe difficult relation between drugs fornefarious purposes—in- technology to identify ment only.Without the app, permittedtoaccessfacial-rec- and neighborhoods.“Ioncewholeheartedly believed that cluding by China to persecute youcannot access the data- ognition technologies to pre- drugsdestroyed certain black communities,” he recalls. minorities and to identify the Capitol rioters. base.This year,ClearviewAI vent identity theftand other- But nowhethinks that living in destroyed communities Hong Kong dissidents. implemented acomprehensive wise deter criminality. primed people to use drugs. Afterall, when struggling We represent ClearviewAI, audit function to requirethat Facial-recognition technol- ruralwhites succumbed to prescription opioids,the the U.S. facial-recognition ClearviewAI’sdatabasefor everysearch done by lawen- ogyisheretostay. China problem waslargely understood as aresponse to living in startup that became contro- after-the-crime investigations. forcement is annotated with a demonstrates itsdangers, but hollowed-out towns and running on merely the fumes of versial ayear agowhen itsex- ClearviewAIuses algorithms crime type and case number. itsuse afterthe Capitol insur- the American Dream. istencecame to light in the to createfacial vectors, or Forits part, ClearviewAI rection shows itspromise. On Feb. 1, Oregon will implement its new law. For its media. ClearviewAImaintains “faceprints,” of the photo’s would welcome federal regu- citizens and the handful of states now considering a similar adatabaseofbillions of pub- subject. lation that would unravel the Mr. Abrams is senior coun- ballot initiative, “Drug Use for Grown-Ups” is an excellent licly posted photographs that Thequestion forpolicy tangle of sometimes inconsis- sel at Cahill Gordon &Reindel guide to what can go right with such a move. The question have been lawfully down- makersishow to regulatethis tent and unconstitutional LLP in New York. Mr. Wolo- is how to address the individuals who can’t handle the loaded from the Internet, technologytoallowits legiti- stateand local laws.Congress sky, apartner at Jenner & freedom the author envisions for them. whereusersposted them on mateuse and prevent abuse. should authorize, with proper Block, is aformer U.S. ambas- public websites,including so- Apatchwork of stateand local safeguards,use by lawen- sador and national security Dr. Satel is a visiting professor of psychiatry at Columbia cial media. ClearviewAIlaws seek to restrict or even forcement and national-secu- official under Presidents. Clin- University’s Vagelos College of Physicians and Surgeons downloads photographs from prohibit the use of biometrics, rity authorities.This would ton, Bush and Obama. and a resident scholar at the American Enterprise Institute. P2JW014000-4-A01600-1------XA
A16 | Thursday, January 14, 2021 **** THE WALL STREET JOURNAL. OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR The Seven-Day Impeachment When Media Censorship Only Runs One Way
emocratsrushed through their second censureasanalternativetoimpeachment, but Regarding your editorial “ThePro- around forinflaming emotions which impeachment of President Trump on he’stoo late. Mr.McCarthyhas been following, gressivePurge Begins” (Jan. 11): caused the riot at our nation’sCapi- D Wednesday, with less than a week left not leading.Atleast Ms.Cheney is forthright. President Xi Jinping of the Chinese tol. Big Tech’scurrent arbitrarystan- Communist Party shutsdownGoogle, dardfor censorship shares the beforeheexitsthe Oval Of- Nine other Republicans joined The best outcome now is Facebook and TwitterinChina, blame.Passions were inflamed by fice.The exercise is mostly her as impeachment passed, blocking information to 1.4billion Twitter’sblatant attempt to hide the about making apolitical state- to make this the end 232-197. people.TwitterCEO Jack Dorsey truth in regard to the NewYork ment sinceitwill have no iii closes the sitting president’saccount, Post’sstory on Hunter Biden. Twitter other practical effect, though with no Senate trial. What next? No oneseems blocking information to his 88 mil- stoked the flames as much as Presi- it might stir up morepublic to know, which is also whyim- lion direct followers plus countless dent Trump did. angerand discord. peachment should die in the othersvia redistribution. Amazon In addition, the extreme leftgot We’re on record as saying Mr.Trump com- House.Mr. McConnell said Wednesdaythere blocks books based on their authors’ the “go” signal this summer regard- mittedanimpeachable offense in inciting sup- will be no Senatetrial beforeMr. Biden is inau- political viewpoint. Google and Apple ing riotous behavior.The extreme porterstomarch on Congresswith agoal of gurated. Howcould therebe—unlessthe Sena- block Parler.Twitterblocked the New right heardthe message. overturning the election as the electoral votes tors want to denyMr. Trump time to prepare York Post, though they later relented. VIRGINIA DAILY What master arethey serving? Houston were counted. He maynot have directly incited adefense? That meansatrial would have to Has House Speaker NancyPelosi violence, but he still promoted an assault on take placewhen Mr.Trump is aprivatecitizen, considered that President Trump’s88 Youhavemissed the mark entirely. the democratic transfer of power. fending off creditorsand perhaps prosecutors million Twitterfollowers is alarger Thereisnochance, none whatsoever, Mr.Trump wassoself-deluded that he from Mar-a-Lago. group than the 81 million-plus JoeBi- that the social-media giantswill be- seems to believethis waspossible,and he en- Mrs. Pelosi hasn’t said when or if she’ll den voters? come the government’sbest friends couraged his supporterstobelieveittoo.Vice turn over thearticle of impeachment to the BILL RAGSDALE when it comes to censorship.This is President MikePenceand SenateMajority Senate. Chuck Schumer becomes Majority Woodland, Calif. America, not Russia or China. Leader Mitch McConnell resisted at acrucial Leader on Jan. 20,and he seems prepared to We aren’t talking about dissenting moment and savedthe day. hold atrial against aman who will then be a Youraise the issue of websites be- opinions here. We aretalking about iii former President. ing forced to host content they dis- hatemongering,inciting violence, Mr.Trump will soon be gone,Joe Biden TheConstitution is far from clear that this agree with. However, the editorial spreading lies and deceptions and fails to mention howthis unethical opinions without anybasis in facts. will take power, yetDemocratsare still pre- is permitted, and the only precedentswe’ve government involvementwould vio- This kind of rhetoric tearsatthe occupied with Donald Trump. On Tuesday seen arefor aCabinet member (in 1876) and latethe FirstAmendment. very fabric of our country. Theover- they issued an ultimatum to Mr.Pencetoin- ajudge(in 2010). In the firstthe Senateacquit- This is exactly whySection 230 of whelming majority of the people of voke the 25th Amendment and depose Mr. tedafter resignation, and in the second the the Communications DecencyAct, this countryare exceedingly tired of Trump or they’d impeach. Mr.Pencerightly trial wasnever held afteraconviction in crimi- which allows websites to host the this.Wewant healing,courtesy,kind- refused and on proper grounds: the 25th nal court. Mr.Trump’slawyersare suretoliti- content of otherswithout assuming ness—not violence. Amendmentwas meant foraPresident who gate the issue,which could drag out the start the liability,must be protected. Sec- Your citation of the FirstAmend- is incapacitated. Only asingle Republican of atrial forweeks or months. tion 230 remains one of the best ment is misguided at best, harmful at votedfor the gambit. Some Democratsclaim that atrial is neces- tools in America’sarsenal against worst. Taking this kind of hatemon- Then WednesdayDemocratssprinted to the sarytoadd the sanction that Mr.Trump can dangerous content and using it as a gering out of the mainstream should political tool to cajole tech to the be applauded. It has no placeinthis floor to impeach: No hearings, no fact-finding, never runfor officeagain. “The President must short-term whims of politicians country. no chancefor defense.Towhat end? One goal be impeached and convicted, and he must be would be nothing short of adisaster. ROBERT ORISTAGLIO seems to be simply to taghim as the only Presi- prevented from ever attempting to seize Repealing Section 230 would force Boynton Beach,Fla. dent impeached twiceand to declarethat Mr. poweragain,” said Rep.Jim Clyburn on websites to either hypermoderate, Trump’sactions areunacceptable.Inthat case Wednesday. decimating the ability of everyday Imagine ascenario in which water the House vote should be enough. Everyone But that sanction is attached in the Im- Americans to sharetheir news and and electric utilities stop delivering votedhis conscience, and that should be the peachment Clause to removal from office. The views online,ornot moderateatall their services to businesses or con- end of it. precedent of an ex post presidential trial and let dangerous content stay up. sumerswhose opinions they disagree On that point, by the way,some House Re- should also givepause to Americans who want While therewill never be consensus with. Thesocial-media and tech com- publicans areembarrassing themselves.Trum- to end the politics of endlessrecrimination. over the specific actions takenbythe panies aredoing the same,aswe pian Membersare denouncing Liz Cheney,the Our guessisthat Mr.Trump is finished as ase- largersocial-media websites,remov- speak.Congressneeds to condemn ing their ability to engageinreason- and legislateastoptothis behavior, thirdranking House Republican, forvoting to rious presidential contender—unlessDemo- able moderation isn’t the right path not support it. impeach. Some want her bounced from the cratstry to rehabilitatehim with atrial that forward. BRUCE MORRISON leadership,but if that’swhat they think,they looks vindictive. Doing so would blindly hurt both Indianapolis don’t deserveher. iii progressives and conservatives all GOP leadersaren’t whipping the impeach- Thereal Democratic goal maybetokeep the the while,ironically,undermining our Unilaterally dumping an entirepo- ment vote,which means Memberscan vote impeachment trial in the air foraslong as they cultureoffreespeech and expression. litical world viewforcesthe radicals their conscience. Ms.Cheney isn’t forcing any- cantodivide Republicans.But the longer this CARL SZABO to look forattention elsewhere, if one else to vote to impeach and she believes dragson, the morethe public mayconclude it’s Washington they can’t scream in public in plain Mr.Trump committedanoffense against de- apartisan exercise that serves no constructive Mr. Szabo is general counsel for sight. It raises the question of mocracy. She mayalso believe—and she’s purpose.Itcould even stir abacklash. As mem- NetChoice, atrade association. whether Twitterisnow inciting peo- right if she does—that the GOP needs to dis- ories fade,and progressives driveapurge of ple to violencebyimposing adraco- Ifind it interesting that you’ve nian silenceon74million people and tanceitself from behavior likeMr. Trump’s conservatives acrosspolitics and culture, don’t chosen to interpret recent actions by expecting that to be the end of it. last week.You canbet that if aDemocratic be surprised if Mr.Trump uses atrial in 2021 social-media and technologycompa- Marginalized groups (American con- President precipitated the eventsoflast week, or 2022totry and resurrect himself. nies as a“progressivepurge.” An- servatives) with no way to meaning- Reps. Jim Jordan and Andy Biggs would be Democratsare nowtriumphant in Washing- other viewisthat these privatecom- fully engageinwidespread communi- leading the impeachment charge.Instead ton. If they really want to calm political tem- panies aredoing exactly what they cations will find other avenues to they’rescolding Ms.Cheney. pers, they’ll drop an impeachment trial and let believeisinthe best interest of their become relevant. Kevin McCarthy, the House GOP leader, Mr.Trump slink away to Florida.They cantake corporations and their shareholders. Ibelievethis act by Twitter, et al., hasn’t helped his reputation in the last week. the high road and getonwith their agenda. Mr. Surely chaosand social disorder did nothing to dial back the super- He joined the 147House Republicans who chal- Biden could even take credit forsuggesting it aren’t asatisfactory businessmodel. heated political environment. Ibe- lenged the election resultsevenafter the mob and his approval rating would soar.The shame To the extent that their businessac- lieveitrapidly advanced plans by tivity facilitates this disorder,itis radicals to makeabig noise the only occupation of the Capitol.Hewaited far too is that Democratsseem so obsessed with Mr. entirely appropriatethat they elimi- other way they can. They were mak- long to sayMr. Trump playedarole in the de- Trump that they arethe ones who can’t let him natetheir participation—capitalism ing noise online by shouting,mostly bacle.Hefinally said Wednesdaythat he favors go even afterthey’vewon. at itsbest. to each other.With no voice, they JAMES L. NAUGHTON still have to scream. So howdoyou Sausalito, Calif. think they’ll getattention? Thank Yo u, Pat Cipollone FRANK CARROLL Thereisalot of blame to go PuebloWest, Colo. ith Donald Trump in his final presi- don in court. Thecase might travel up to the Su- dential days,the hardest job in the preme Court, which could put newlimitsonthe W world maybeWhiteHouse counsel. capacious languageofthe Pardon Clause in the So here’sanoteofthanks for Constitution. On the Increasing IrrelevanceofU.S. Coins TheWhiteHouse PatCipollone,who is staying Mr.Trump did one good Stephen Moore’s“AmericaIsWill- money,sowhy would anyone bother on the job when the easier counsel has thehardest deed Wednesdayinfinally issu- ing to Payfor Change” (op-ed, Dec. to carrycoins around in their daily routewould be to resign to ing aclear statement calling for 30) on the American coin shortage lives? This is even moretruetoday, outside applause. job in America. no violent protests: “In light of only addresses part of the problem when we have debit and credit cards, No one canpredict what Mr. reportsofmoredemonstra- with coin circulation in our country. and smartphone payapps. Trump will do in the next tions,Iurgethat theremust be Thereal elephant in the room is the Thesmallest euronoteisfiveeu- week,and he oftenignores the adviceofhis law- NO violence, NO lawbreaking and NO vandalism fact that no one carries coins around ros, and thereare coins forone and yers while heeding the horrendous counsel of of anykind. That is notwhat Istand for, and it is anymorebecause they have become two euros,aswell as the usual cent opportunistslikeRudy Giuliani. Case in point: not what Americastands for. Icall on ALL Ameri- essentially worthless. Our politicians denominations.Weshould do the Mr.Trump’sapparent belief that Vice President cans to help ease tensions and calm tempers.” Mr. areloath to admit that decades of same,with the possible exception of MikePencecould overturn the stateElectoral Trump later elaborated in video remarks from the inflation have made American coin- the elimination of the pennyand the ageworth lessthan Monopoly nickel. Collegevotes on Jan. 6. Oval Office, and whoever encouraged these state- KURT HARRIS Mr.Trump could continue to makebad deci- mentsdid apublic service. Rockford, Ill. sions,such as pardoning himself as he leavesof- Everyofficial has to search his conscience Open Science Is Essential fice.That would increase the odds that the Biden amid Mr.Trump’sactions,and outside moral For Trust in Skeptical Age Theshortageofcoins could be JusticeDepartment would look forsome charge judgment is easy andoften wrong.Manygood greatlyalleviatedifthe countryem- to makeagainst Mr.Trump to challengethe par- people aretrying to prevent morebad decisions. Regarding Andrew Wheeler’s “Why braced “transparency” in pricing, We’re Ending the EPA’s Reliance on i.e.,the countryshould include all Secret Science” (op-ed, Jan. 5): How taxesinthe announced price, as EU An Antitrust History Lesson odd that anyone would oppose trans- membersand other civilized coun- parency in science while at the same tries do.The merchant would then time claiming to be scientific. avoid pricing aproduct at $34.56, iveyearsago the Federal Trade Commis- have sinceclosed hundreds of stores as more Of course data and studies that and the populacewouldn’t need so sion broke up the Staples-Office Depot businesses and consumershavebought office support public policy should be pub- manycoins. F merger attempt. Its dubious complaint supplies online.Asmoredocumentsgodigital, lic. Concern about the privacy of PETER V. MINI is worth revisiting nowasSta- people need lessink,file fold- study participants sounds like a red Providence, R.I. ples tries again to gethitched How trust busters ers, Post-it Notes,etc. herring. In sensitive legal or political to OfficeDepot to compete botched the Staples- Their corporatebusinesshas documents, such information is either with Amazon. also been gobbled by Amazon, redacted or undisclosed from the Pepper ... Staples’sprivate-equity Office Depot merger. which advertises that it serves start. Witness the many cases with And Salt owner SycamorePartnersthis 55 of the topFortune 100 com- parties named John Doe. week proposed to buy Office panies.Because of itsscale, Public access to scientific research THE WALL STREET JOURNAL Depot for$2.1 billion—a song compared to the Amazon cancharge lowerprices.HenceSycamore is even more important now when Big Pharma, Big Tech and political $6.3 billion deal the FTC killed. TheFTC had is nowtrying to rekindle the merger. correctness dominate our professions complained the mergerwould effectively cre- Government antitrust cops toooften stifle and education system. The peer re- ateanoffice-supply monopoly,narrowly defin- competition in the name of protecting it. Recall view that used to check scientific ing the competitivemarket as large corporate howthe JusticeDepartment’sforay against Ap- work is now often compromised by contracts. ple’sdeals with book publisherssolidified Ama- industry, money or ideology. Amazon, the government argued, wasmerely zon’se-books monopoly.Too oftenregulators This rule is a good start. Science a bit supplier to big businesses and its higher fail—or refuse—tosee howtechnologyisdisrupt- needs more transparency, not less. costscouldn’t possibly allowittocompete. Lol. ing marketsand creating newcompetitors. TERESA R. MANNING As we argued at the time (“Protecting Big Busi- As another case in point, this week Visa National Association of Scholars ness”), the FTC’s job is to protect consumers, dropped itsbid forfintech platform Plaid after New York not corporations.Inany case OfficeDepot and opposition from the JusticeDepartment. Plaid Lettersintended forpublication should Staples still faced plenty of competition from would have helped Visa adapt to the consumer be emailed to [email protected]. Please Costco, Amazon and Walmart. shifttoonline paymentsand competewith the include your city, state and telephone Federal judgeEmmet Sullivan agreed with likes of Square, Stripe, Paypal and Apple Pay. number.All letters aresubject to “I’ve decided to move forward the FTC and enjoined the merger. Sycamorethen One reason Big Tech has grownbiggerisshort- editing,and unpublished letters cannot with not exactly knowing be acknowledged. took Staples private. Both office-supply retailers sighted antitrust intervention. where we’re going.” P2JW014000-0-A01700-1------XA
THE WALL STREET JOURNAL. Thursday, January 14, 2021 | A17 OPINION Xavier Becerra’s Nonprofit Problem Google’s Fake Union Insults By James Piereson religious foster-careagencies that And Naomi Schaefer Riley find homes forsome of the most vul- nerable children but saythat certify- The Labor ofederal agencyworks as ing ahome with agay couple vio- much with nonprofits as lates their religious principles. the Department of Health Mr.Becerrahas little regard for Movement N and Human Services. the protections the FirstAmendment That is onereason Xavier affords to religious organizations. Becerra, President-elect Biden’spick Asked at his 2017confirmation hear- By Ron Holland to lead the agency, will faceopposi- ing in Sacramentoabout proposed tion.His record,asCalifornia attor- California regulations that would he “union” formed by workers ney general since 2017 and in Con- have restricted statefunds forreli- T last week at Google parent gressfor nearly aquarter-century, giouscolleges that mandated theol- companyAlphabet isn’t really has been one of hostility to non- S ogyclasses or aBible-based code of alabor union in the traditional
profit institutions andthe donors PRES conduct, Mr.Becerrasaid: “The pro- sense. Rather it’s a pressure group
who support them. TED tection forreligion is forthe individ- funded by the Communications
In the House Mr.Becerraoften ac- CIA ual, and so Ithink it’simportant to WorkersofAmerica, which will pro- SO
cused charitable foundations of fail- AS distinguish between protections that vide staff and support to generate ing to donatefunds equitably.“At youare affording to the individual to negativepublicity about manage- some point, the numbersdon’t lie exercise his or her religion freely, ment at theMountain View,Calif., and someone needs to do something, ONCELLI/ versus protections youare giving to company. Theso-called Alphabet
especially when you’reusing the tax- PEDR some institution or entity who’s es- WorkersUnion is composed of fewer
payers of America’smoney to do RICH sentially bootstrapping the First than 800 workersamong Alphabet’s your philanthropic work,” Mr. Bec- California Attorney General Xavier Becerra, Biden’s HHS secretary-designate. Amendment protections on behalf of roughly 250,000 employees and con- erratold the Council on Foundations somebody else.” tractors, some of whom are techni- in 2008. He asserted that therewas arepermittedtoclaim deductions for under Mr.Becerra, who wasap- This is wrong.The FirstAmend- cally employed by completely sepa- “disproportionategiving ...skewed gifts to anyInternal Revenue Service- pointed her successor when she ment applies to religious organiza- rate entities,some of which are against people of color.” verified charitable organization, moved to the Senate) of systemati- tionsaswell as the individuals in already unionized. ranging from schools and soup kitch- cally failing to maintain the confiden- them. Theidea that the religious lib- TheAWU describes itself as a ens to museums and symphonyor- tiality of donorstononprofit advo- erty guaranteed by the Constitution “minority” or “membersonly” They don’t spend donors’ chestras.The IRS has identified 29 cacy groups.The Supreme Court doesn’t apply to the operation of union, but such things are unlawful types of organizations that qualify. agreed last week to hear two cases churches,mosques,synagogues and underfederal labor law. Alphabet money on his priorities. As Their purposes canbeeducational, challengingthese actions on First religious schools,defies legal prece- has no obligation to meet with, rec- Biden’s health secretary, religious,scientific,literaryoreven Amendment grounds. dent, to saynothing of common ognizeoraffordthe AWU—or the athletic. Theexemption is arecogni- Many foundations fund medical sense. CWA—anyspecial rights. Thegroup he could trytocoerce them. tion that the public good arises from research, schools and religious or- Religious organizations runmany has no legal authority to bargain aplurality of different efforts. The ganizations that benefit people of all of America’shospitals,nursing with Alphabet, and there is no rea- claim that charities must serveapar- races. Oftentheir missions were laid homes,senior centers, foster and son the company should do so. Notcontent merely to criticize, ticular definition of the public good out beforeMr. Becerrawas born. Mr. adoption agencies,after-school pro- Mr.Becerrathreatened to use fed- destroys the rationale forthe exemp- Becerrahas disdained donor intent grams and hospices.Mr. Becerra eral powertoget his way.“We’renot tion. as a“convenient excuse” used by phi- seems to want the powertocast Alphabethas no legal trying to mandate something,” Mr. Mr.Becerraispart of agrowing lanthropiststogivetotheir favored their principles aside in favorofhis Becerratold the council, “but we chorus on the far lefttrying to use causes,likesaying “the devil made ownideological mission. He holds obligation to recognizeor will if you don’t act.” the taxcode to redirect charitable me do it.” But foundation money is manyviews of this kind, well out- negotiatewiththe well- He referred to the tax exemption giving toward causes it finds worth- privatemoney and foundation lead- side the American mainstream, and forcharitable foundations as a“$32 while.In2008 he supported the ershaveamoral and even legal obli- would have broad discretion to act funded pressuregroup. billion earmark” and cited an “obli- ideas behind California legislation gation to disperse it in the way do- on them as health and human ser- gation to makesurethose $32 bil- that would have required foundations norshavedirected. vices secretary. Privatefoundations lion that would have gone to the fed- to report the racial composition of Mr.Becerrahas also set his sights and religious organizations arecor- Areal union has ademocratic eral government are used for a . . . theirboards,staff and, most impor- on religious nonprofits. In 2019 Mr. rect to be wary of his appointment. mandate, with amajority of employ- public good.” tant, grantees.The intent wasto Becerraled agroup of states in try- ees voting to designateittheir ex- Therehas never been anyrequire- shame donorsintoshifting their con- ing to stop the Trump administra- Mr. Piereson is asenior fellow at clusiverepresentativetobargain ment that charitable funds be allo- tributions.Asimilar dynamic is at tion from exempting religious organ- the Manhattan Institute.Ms. Riley is with their employer. Realunions catedaccording to the “public good,” work in the policies of the California izations from rules barring aresident fellow at the American En- represent agroup of employees, whoever defines that, or to anypar- attorney general’soffice(firstunder discrimination based on sexual ori- terprise Institute and asenior fellow with atruecommunity of interest, ticular cause.People and institutions Kamala Harris in 2011-17and then entation or identity.These included at the Independent Women’s Forum. bound by job location and classifica- tion and with legal standing to nego- tiate for better wages and working conditions. When Mob Inciters Become Lions of the Left The union movement in the U.S. arose to addressworkplaceconcerns By Helen Andrews arrived in Chicagointending to in- Chicagoknowing it would be a gitimatepolitical procedures should far morepressing than the ones cite violence. TheYouth Interna- bloodbath. Threeyearsearlier,Rubin be something everyone canagree on. faced by Alphabet employees.For he Chicago Seven were coun- tional Party,orYippies—young radi- had reacted with pleasureatanOak- But it’shardtocommit to that basic highly paid white-collar tech em- T tercultural heroes in the cals with whom some of the Seven land, Calif., protest when ayoung principle when the left is still mak- ployees to co-opt the union label— 1960s.They thumbed their associated—handed out flyers with man wasalmost runoverbyatroop ing rosy biopics about men who did whileother workersstill fight for noses through one of the country’s maps of the convention venue,as train, reportedly saying, “If he dies, exactly that. safe workplaces, livable wages and most notorious political trials,taunt- well as local hotels,with the annota- it will be great publicity!” Former Ironically,the Chicagoprotesters essential benefits—is an insult to the ing the judgeand making amockery tion: “Break in Break in Break in. ... comrades suspected Rubin had fan- ended up getting what they wanted. American labor movement. of the proceedingswith flippant Security precautions taken by Con- tasies of being America’s Lenin. Humphrey wasnominated, but by It is hardly surprising that the courtroom pranks.Aaron Sorkin vention bigwigsare afarce.” Mr.Da- Allbut one of the bands booked 1972the Democrats(and the Repub- tech industryhas shown little inter- wroteand directed amovie about vis, whom Mr. Sorkin’s film depicts forthe festival dropped out when it licans) had altered their nomination est in a unionized workforce. Most them last year,“TheTrial of the Chi- as the niceone,incontrast with wild looked as if Mayor Richard J. Daley processtogivegreater powertothe tech workers are highly skilled and cago 7,” which will probably win a men Hoffman and Rubin, told a re- would refuse to grant the Yippies a average voter rather than party in- enjoygenerous payand benefits. The few Oscars. porter that storming the convention permit, which also reduced turnout. siders, just as the NewLeftwanted. dangerous conditions and unfair One thing people forget about the hall was“obviously not out of the Mr.Sorkin’smovie depictsthe Daley After all, they had a point. The old work practices that unions were cre- Chicago Seven is that most of them question.” machine’s dithering about the per- method was undemocratic. ated to combat simply don’t exist in were guilty.JerryRubin admittedas mits as an example of underhanded It would be good forthe republic an environment where the average much later: “Wewanted disruption. behavior,but by keeping the number if themillions of Trump voters who employeemakes morethan We planned it. ...Wewereguilty as An AaronSorkin film of protesters low, it spared Chicago harbor doubtsabout the election $250,000 and receives Cadillac hell. Guilty as charged.” a far worse disaster. If hundreds of were able to extract similar conces- health-care, tuition reimbursement Thecrime they were accused of celebrates theChicago thousands of protestershad been in sions.Tightening up voting proce- andother benefits—including free wascrossing statelines to incitea Sevenfor plotting an attack the streets, storming the convention dures and reducing the use of mail- food. riot. Thedefendantsbelieved that hall would have been arealistic pos- in ballotswould makeelections less The AWU is asking the public to Vice President Hubert Humphrey’s on aparty convention. sibility. vulnerable to fraud. But any legiti- accept an unrealistically dismal pic- 1968 nomination forpresidencywas America came very close to see- matepointsthey had will nowbeig- tureoflifeatGoogle.Alphabet regu- illegitimate. Nominations in those ing the nominating convention of a nored, thanks to the double standard larly comes out on topinsurveysas days were decided not by primaries In the event, no one did storm the majorpolitical party violently dis- that has existed sincethe 1960s: one of the best places to work and but by backroom deals among party convention hall. But that wasinpart rupted, potentially altering itschoice Only one side of politics gets to ro- hasabetterrecordthan most on powerbrokers.The antiwar move- because turnout forthe protest was of nominee.Those worst-case sce- manticizeits violent revolutionaries. workplaceissues.Inthe SanFran- ment believed that amoredemo- much smaller than expected. Rubin narios didn’t materialize, but as the It would be better if neither did. cisco Bay Area, where I live, Google cratic processwould have produced originally predicted 500,000 attend- prosecutorsargued, should the revo- and other tech companies have been acandidateopposed to the Vietnam ees forthe Yippies’ “Festival of Life,” lutionaries have gotten away scot- Ms. Andrews is author of “Boom- catalysts for change, requiring ven- War. which wasn’t outlandish considering free just because their plans were ers: The Men and Women Who dorsand staffing partnerstopay Thequestion waswhether the vi- that they hoped to book big-name thwarted? Promised Freedom and Delivered Di- workersaminimum $15 an hour,and olent clashes between protestersand musical actslikeJanis Joplin and Opposing violent disruption of le- saster.” provide them with medical insur- police outside the 1968 Democratic Bob Dylan. (In 1969, Woodstock at- ance, paid time off and sick leave.By National Convention in Chicagowere tractedmorethan 400,000 people.) anymeasure, this is an extraordi- an unfortunateconsequenceof Mr. Davis more soberly planned for narily unlikely target for“union” ac- peaceful marching that gotout of up to 100,000. Humor Begins to Clear My tivity. hand, or whether the organizersin- Actual turnout was one-tenth of TheAWU claims it wantstoinflu- tended for things to get violent. that. Buses chartered by Mr.Davis’s ence Alphabet’s business decisions In February1970, ajuryconvicted organization to bring protesters Family’s Covid Brain Fog on topics ranging from government the five ringleaders—Rubin, Abbie from out of town went empty.Word contractstothe development of arti- Hoffman,Tom Hayden,David Del- had gone out that the Chicago pro- By Mike Kerrigan thing,” Finn replied. “It’s not going ficial intelligence. Perhaps that’sa linger andRennie Davis.Peaceful test would be a bad scene. to help.” I doubt she’d have felt the noble goal. Yet, Alphabet employees protest is one thing,but attempting Rolling Stone publisher Jann ovid-19 descended on my need to explain herself further were already have been loudly pushing, to disrupt alegitimateelection pro- Wenner wroteacolumn urging read- C household the week before I not standing conspicuously by the through petitions and similar cam- cedurebyviolent intimidation is erstoboycott the convention, accus- Christmas, afitting end to tea kettle, but there I was. paigns,avariety of progressive neveracceptable.After last week’s ing Hoffman of “exploiting rock and 2020.The symptoms,while misera- “It’sthis brain fog,” Devin in- causes.The companyhas responded incursion at the Capitol, canthe rest roll for his own power trip.” An old ble forthose of us afflicted, could sisted. “I can’t seem to makehim un- to many of them, giving employees of us finally agree? friend of Rubin’s wrote an open let- have been much worse. Iam, after derstand.” Itried to suppressasmile exactly what they want. It’s hard to Federal prosecutorshad good rea- terinthe alternativepress accusing all, gratefully able to writethis over my Earl Grey,but Icouldn’t. see a “union” doing any better. son forthinking the defendantshad him of enticing naive protesters to piece. Finn’sperception of his mom’scross- Either the AWUseeks to violate Thekids,spring chickens,are multiplying tendencywas wryly federal labor laws by forcing Alpha- back in fine fettle, but recovery for funny, in a“when you’reholding a bet to recognize and bargain with a my wife, Devin, and me has been hammer,everything looks likea minority unionoritisadopting the PUBLISHED SINCE 1889 BY DOWJONES&COMPANY somewhat slower. Thelingering nail” kind of way.Moremirthful, “union” label as pretense forapres- Rupert Murdoch Robert Thomson symptom has been amaddeningly though,was the inferencethat be- surecampaign, knowing that the mi- Executive Chairman, News Corp Chief Executive Officer, News Corp persistent brain fog. fore Covid-19 she routinely relaxed nority union provides no legal bene- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher Forher,this manifestsmainly in 3 by the fire,performing multivariable fitand is unlikely to advanceits Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: p.m. feeling like3a.m., dayafter calculus. cause anymorethan the status quo. Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; bone-wearying day. In my case, it’s Devin is abrilliant woman, far Either way, the AWU harms the la- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; less general grogginess and more a smarter than I, but makenomistake. bor movement. Real unions need the News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; specific inability to see the humor I Neither of us,inheadier times be- powerofthe collectivetoprotect Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer oncesaw all around me.But the fore brain fog, wasinimminent dan- their workplace rights. Andrew Dowell, Asia; AnthonyGalloway, Video & events of a recent evening give me gerofbringing home the prestigious “This is not the companywewant Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; hope we’re both turning a corner. Fields Medal formathematics.For to work for,” the AWU’sfounders Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; On thenight in question, Devin the firsttime in weeks,life’sordi- say. If so,they should leave.Tech Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; wasdragooned intohelping our son nary events made me laugh. employees areinhigh demand Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Finn, asixth-grader,with his math Thefact that Devin rose to the acrossSilicon Valley and elsewhere. Thomas SanFilippo, Customer Service; homework.Based on what Iover- parenting occasion means she is fi- There’sawide variety of technology GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; heard while passing the kitchen ta- nally shaking off the grogginess. The being built, to suit every individual Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; ble,fractions were involved.Finn fact that her teachable moment and political taste. Certainly, there Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International was struggling with a concept, and amused me means the world is be- areother tech companies offering WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Devin was offering assistance that, ginning to look funnyagain. Thefog employees generous stock options, LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head while loving, was of dubious value. is lifting. health care and wages.
EDITORIAL AND CORPORATEHEADQUARTERS: “All youneed to do is cross-multi- 1211 Avenue of the Americas, New York, N.Y., 10036 ply,” Devin instructed. Mr. Kerrigan is an attorney in Mr. Holland is employment part- Telephone 1-800-DOWJONES “That’syour answerfor every- Charlotte, N.C. ner at McDermott Will &Emery LLP. P2JW014000-0-A01800-1------XA
A18 | Thursday, January 14, 2021 THE WALL STREET JOURNAL. P2JW014000-4-B00100-1------XA BUSITECHNOLNEOGY: QUALCOSSMM BUYS CHIP&FMAKER NUVIAINFOR $1.4 BILLIONANB4 CE
© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Thursday, January 14, 2021 | B1
S&P 3809.84 À 0.23% S&P FIN g 0.15% S&P IT À 0.65% DJ TRANS g 0.61% WSJ $ IDX À 0.25% LIBOR 3M 0.241 NIKKEI (Midday) 28849.01 À 1.38% See more at WSJ.com/Markets Deal Aims to MergeGlobal Grocers Citigroup’s Next CEO PARIS—Canada’s Alimenta- Amergerwould combine its first store in 1960—is one 15.5% in Paris on Wednesday. Wednesday, saying Couche- tion Couche-Tard Inc.said it two companies with very dif- of Europe’slargest groceryre- Couche-Tardshares were Tard approached the company. hasmade a€16.1 billion offer, ferent formatsand geographi- tailers. It also operates hyper- down 10.05% in Toronto. Couche-Tardsaid therewas Sets Sights equivalent to $19.66billion, to calfootprintsintoa$53 bil- markets and supermarkets in Jefferies analyst James Gr- “no certainty at this stagethat buy French hypermarket chain lion giant, making it the Asia andLatinAmerica. The zinic said he wasalittle blind- these exploratory discussions world’sthird-largest grocery 31-year-old Couche-Tardisthe sided by the talks,saying it will result in any agreement.” On Wealth By Noemie Bisserbe, retailer,behind Walmart Inc. largest independent conve- washardtomap out synergies If the companies merge, Saabira Chaudhuri and Lidl owner Schwarz niencestore operator in North because overlap between the Couche-Tardwould have the and Ben Dummett Group. Retailers are in a rush America by number of stores, retailersisvirtually nonexis- controlling hand, analystssay. Businesses to find newways to getfood operating underbrands such tent. He described the talks as Thegrocery-storeland- Carrefour SA,aslarge retailers to customers ordering online as the Corner Store, Circle K amajor departurefrom scape has seen astring of BY DAVID BENOIT come under pressuretotrans- as the spread of Covid-19 has and Holiday. It also operates a Couche-Tard’sstatedstrategy large deals over the past few form their bricks-and-mortar massively accelerated online network of gasstations in Eu- of maintaining return on capi- yearsascompanies look to Citigroup Inc.isrestruc- footprint amid pandemic re- groceryshopping,including rope and has stores thereand tal employed at above 15%. compete with Amazon.com turing itsbusinesses that strictions on shopping anddis- click-and-collect. elsewhere in the world. Carrefour announced the Inc.and traditional rivals that manage money forwealthy ruption from tech giants. Carrefour—which opened Carrefour shares were up talks in the early hoursof PleaseturntopageB2 customers, one of the firstbig moves by incoming chief exec- utive Jane Fraser to put her PERSONAL stamponthe bank. TECHNOLOGY Blank-Check Startups Reward TheNew York bank is com- bining intoanew unit itshigh- By Nicole Nguyen endprivatebank forthe ultra- rich and itswealth-management offeringsfor the lessaffluent, Choose an EarlyInvestors With Steady Returns Ms.Fraser and departing CEO Michael Corbat said in amemo to employees Wednesday. Encrypted Shares of special- Trading in 39 SPACsthatannounced deals Until now, Citigroup’spri- Peak gain of 228%, purposeacquisition in 2020’sfourth quarter shows SPACs vate bank—which serves cli- 58 days after ents with more than $25 mil- companies often tend to risefollowing such disclosures announcementby Chat App RMG Acquisition lion in assets—was runbythe surge afterthey bank’sinstitutional clients 20 deals announcedeals to Stock performancesinceannouncement 200% group.The consumer-wealth For Privacy takestartups public, operations,including the Citi- Initially gainedand remainedpositive Gold brand, were managed by benefiting the Twoapps— Initially lostbut arenow positivegains the retail bank.Those offer- earliestinvestors Signal and Declined ings, which requireaminimum Telegram—are who cansell to lock balanceof$50,000 in Citi- currently the in quick profits. groupaccounts, generally No.1and No.2 15 served customerswith as free app down- much as $10 million in assets. loads in Apple’sApp Storeand Number of SPAC By creating aunified Citi Google’sPlayStore.Millions mergersannounced 150 Global Wealth business, the of usersflocked to the chat by month* bank’sexecutives aretrying to apps in recent weeks,accord- servecustomersalong the en- ing to datafromApptopia and LiveOak tire spectrum. Theidea is for Sensor Tower. Thereare afew 10 Acquisition PleaseturntopageB2 factorsbehind the surge. One is concern over apri- vacy-policyupdatefor the Facebook Inc.-owned Whats- CIIG Newborn Two Sides App. Meanwhile,the deplat- Merger Acquisition forming of President Trump from social networks follow- 5 100 Spar Over ing the U.S. Capitol riot has driven people to seek commu- nication tools without moder- Theranos atorsand external visibility. RMG On Jan. 7, Tesla Inc.Chief Acquisition ExecutiveElon Musk tweeted, InterPrivateAcquisition Evidence 0 “Use Signal.” Asubsequent Oaktree Acquisition flood of userscaused the 2015 ’16 ’17 ’18 ’19 ’20 ’21 BY SARA RANDAZZO app’s phone-number verifica- 50 tion system to break tempo- Total quarterly SPAC holdings Before blood-testing com- rarily.Days later, Twitter Inc. by sizeofinvestorholdings‡ pany Theranos Inc.collapsed, CEO Jack Dorsey published a founder Elizabeth Holmes was $60 billion screenshot of Signal at the top Investors the darling of Silicon Valley’s of the App Storecharts, along holding startup world. She graced with aheart emoji. At the lessthan magazine covers,drewcom- same time,influential ac- 40 $100M parisons with Apple Inc.co- countsonParler, the social founder SteveJobs, and, fora network popular among con- $100M– while,sat on afortune valued servatives,called on followers 20 $999M at $4.5 billion. to movetoTelegram. 0 Now, federal prosecutors What do Signal andTele- $1Bor charging herwith criminal 0 gram have in common? Both more fraud want jurorstohear arechat apps that offer end- 4Q ’19 1Q ’20 2Q 3Q TRADING DAYS SINCE ANNOUNCED DEAL 70 DAYS about that wealth and adora- to-end encryption outside of *U.S.-listedSPACs; 2021 figures as of Jan. 12 †Data as of Jan. 12;The number of companies in the average decreases as the trading days increase. tion at a coming trial. tech companies’ grasp.En- Sources: Dealogic (mergers); DowJones Market Data (performance); WSJanalysis of SPAC Research data (holdings); SPAC Research (investmentvalue) Ms. Holmes and California crypted messaging apps like prosecutorsare sparring over Signal and Telegram canoffer BY AMRITH RAMKUMAR lander’s Millennium Manage- Wall Street’srecent exuber- combining with Social Finance what details ajudgewill allow moresecurity,privacyand ment,can earn lofty returns ancehas engulfed SPACs, with Inc. to take the financial-tech- intothe trial in July,with featuresthan plain text mes- Sudden excitement about without much risk. daytradersand large institu- nologycompanypublic. fightsovernot only her saging—but their encryption the flurryofstartups going Here is howthe trade typi- tions alikepouring money into SPACsare oftenvolatile wealth, but also testimony methods and datacollection public through blank-check cally works: Hedgefunds give shell companies pursuing start- around such announcements, from Theranos patientswho vary.WhatsApp and Apple companies is enriching some of theSPACmoney foraslong as ups tied to themes such as but those that unveiled deals in received inaccurate blood re- Inc.’siMessageoffer end-to- the biggest players in finance, two yearswhile it looks fora green energy or sportsbetting. the last three months of 2020 sults andinternal emails pros- end encryption, but within particularly hedgefunds. mergertarget. In return, they RecentSPACs have surgedim- on averageclimbed 5.4% on the ecutorssay showthe company their respectiveecosystems. Thegains come through the getaunique right to withdraw mediately afterannouncing dayofthose announcements trying to evadelab inspectors. Awell-implemented en- unique rightsgiven to early in- their investment beforeadeal deals to take startups public, and traded 16% higher one In all, U.S. District Judge cryption protocol makes mes- vestorsinspecial-purpose ac- goes through that minimizes giving thehedgefunds oppor- monthlater,according to a Edward Davila is set to weigh sages and calls visible only to quisition companies,orSPACs, anylossonthe trade.Atthe tunities to sell and turn quick DowJones Market Dataanaly- morethan 20 dueling motions the sender and the intended which look to acquirepromis- same time,the potential return profits. sisoftrading in 39 such com- seeking clarity on what jurors recipient. Themessage’scon- ing startups and take them forearly investorsishugeifthe One example came Jan. 7, panies.The last 16 SPACsthat canhear as both sides ready tent looks likegibberish to ev- public. As the vehicles become SPAC shares rise because they when shares of the venture have one month of trading fol- forwhat is expected to be a eryone else,including the app morepopular,the hedgefunds also initially receiveshares and capitalist Chamath Pali- lowing adeal announcement lengthytrial that has been re- maker,the government and that invest in them early on, warrantsgiving them the right hapitiya’sSocial Capital Hedos- have all risen in that span. peatedly delayedbecause of your internet-serviceprovider. such as Magnetar Capital, to buy moreshares at aspeci- ophia HoldingsCorp.Vad- Even if SPAC shares fall, the coronavirus pandemic. PleaseturntopageB4 Glazer Capital and Israel Eng- fied priceinthe future. vanced 63% afteritsaid it is PleaseturntopageB11 PleaseturntopageB6 INSIDE China Tech Giants Seen Avoiding Blacklist
The U.S. government is ex- according to people familiar Mnuchin prevailed. State Department and Penta- pected to let Americans con- with the matter. U.S. investors Theadditions to the list gonagreed that the companies tinue to invest in Chinese have until November to divest will be submittedtoCongress should be classified as linked technologygiants Alibaba their holdings of any firm on and released publicly as soon to Chinese military, intelli- the list. as Wednesday, said two of the gence and security services. By Jing Yang, TheU.S.nolonger plans to people familiar. Until the last minute, many Dawn Lim add the three firms,which AState Department spokes- in the State Department and and Gordon Lubold have about $1.4trillion in com- woman referred queries to the Pentagon believed that this bined market capitalization, to Defense Department. “Because agreement made acompelling Group Holding Ltd., Tencent the list. Nine other Chinese thelist is not final, we will not case forthe companies to be Holdings Ltd. and Baidu Inc., companies will be added, as comment on pre-decisional ac- included in the list oncead- afterweighing the firms’ al- well as morethan 100 subsid- tions,” a Defense Department ministrativekinks were ironed leged ties to China’smilitary iaries of companies already on official said. Treasurydidn’t out, said the people familiar against the potential economic the list, the people said. immediately comment. with the matter. impact of banning them. Thedecision caps off a U.S. government officials Mr.Mnuchin disagreed. NewYork-listed Alibaba and weekslong battle that pit agreed to keep the three com- Without aclear consensus,the Baidu,and Hong Kong-listed Treasuryofficials,who feared panies off the list following a group couldn’t proceed with Tencent, were among adozen widespread selloffs and eco- meeting of topofficials on adding the companies to the COMMODITIES companies being examined for nomicfallout, against State Tuesdayafternoon, according list. Mr.Mnuchin has said that Shrinking stockpiles of U.S. grains have sent inclusion in aDefense Depart- Department and Pentagon offi- to people familiar with the he believed including such ma- prices forcorn, soybeans and wheat soaring. B11 ment list of firms deemed to cials seeking atougher line matter. Afterreviewing classi- jor companies would destabi- support China’smilitary, intel- againstBeijing.Inthe end, fied material, membersofthe lize marketsand createeco- ligence and security services, TreasurySecretarySteven National Security Council, PleaseturntopageB2 P2JW014000-4-B00200-1------XA
B2 | Thursday, January 14, 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 - B Facebook...... A2,B1 Pfizer...... A3 Tesla Faces 158,000-Vehicle Recall Advanced Micro Devices G - H Polar Asset ...... A2,B12 GameStop...... B2 Management...... B11 Affirm...... B2 Glazer Capital...... B1 Poshmark...... B3 Airbnb...... B2,B3 Harlem Capital...... B6 Premier...... A3 Over Effect of Screens on Safety Alibaba...... B1 Hasbro...... B6 Q - R Alphabet...... B6 HSBC...... B11 Qualcomm...... B4 Amazon.com...... B6 I - J RealReal...... B3 BY REBECCA ELLIOTT Apple...... B1,B4,B6 Redfin...... B12 AND BEN FOLDY Baidu...... B1 Intel...... A1,B12 Refinitiv...... B3 Barclays...... B11 JPMorgan Chase...... B6 Rio Tinto...... B11 BioNTech...... A3 K - L Federal regulatorsasked Roblox...... B2 BlackRock...... B10 Klarna...... B2 Tesla Inc.torecall about Blend Labs...... B2 Kraft Heinz...... A10 S - T 158,000 vehicles over safety Boeing...... B2 Lenovo...... B2 StockX...... B3 concerns in what would BP...... B11 Linden Advisors...... B11 Taiwan Semiconductor amount to one of the biggest C - D London Stock Exchange Manufacturing...... B12 safety actions by the electric- Carrefour...... B1 Group...... B3 Target...... B3 Citigroup...... B1 M - N Tencent...... B1 vehicle maker. ContextLogic...... B3 Magnetar Capital...... B1 Tesla...... B1 TheNational Highway Traf- Couche-Tard...... B1 Megvii Technology...... B2 Theranos...... B1 ficSafety Administration asked CVS Health...... B6 Millennium Third Point...... A1 Tesla in aletterdated Wednes- Dollar General...... B6 Management...... B1 ThredUp...... B3 CK daytorecall some Model Slux- TO DoorDash...... B3 Twitter...... B1 Moderna...... A3 urysedans and Model Xsport- E - F Mytheresa...... B3 V - Z Nuvia...... B4 utility vehicles.NHTSA asked
eBay...... B3 Verizon...... B6 SHUTTERS
EMC...... A2 O - P Vivendi...... B4 forthe recall because touch A/
Equinox Media...... B4 Opendoor Technologies VMware...... A1,B12 screens on the vehicles canfail /EP Etsy...... B12 ...... B12 Zillow...... B12 afterafew yearsofuse,affect- ing safety functions such as de- GUNTHER
fogging and backup cameras. CJ Some car-safety recalls run The action is a relatively large recall for Tesla, which has far fewer cars on the road than others. INDEX TO PEOPLE into millions of vehicles. Though modest by historic roughly 205,600 of them in the andcould cost $300 million to Tesla didn’t respond to are- A - B Fulton, Kate...... B10 Musk, Elon...... B1,B2 numbers, the action would rep- U.S.,according to market-re- $500 million to address. quest forcomment. Chief Exec- Amon, Cristiano...... B4 G - H N resent arelatively large recall search firm Motor Intelligence. Tesla in 2018 recalled utiveElon Musk has empha- Balwani, Ramesh...... B6 Garayo, Jorge...... B10 Novick, Barbara...... B10 forTesla, which has far fewer Tesla doesn’t break out itssales 123,000 Model Scars over a sized Tesla’sfocus on safety Boss, Sandy...... B10 Gelsinger, Pat...... A1,B12 P - R cars on the road than some ri- by region. finding certain corroding bolts and complained in the past the Bruno, John...... B4 Ghamsari, Nima...... B2 vals.The Silicon Valley car SamAbuelsamid,ananalyst in cold-weather climates could companyreceives outsizeat- C - D Gulati, Manu...... B4 Palihapitiya, Chamath B1 Pfefferkorn, Riana...... B4 maker delivered nearly 500,000 at Guidehouse Insights,said the lead to apower-steering fail- tention forincidentsthat other Colantuoni, John...... B12 Holmes, Elizabeth...... B1 Horneman, Megan....B11 Ravdonikas, Mike...... B4 vehicles globally last year, recall request wassignificant ure. automakersalso face. Cook, Tim...... B6 Rowe, Zane...... A2 Corbat, Michael...... B1 I - K S - T Cound, Joanna...... B10 Ishrak, Omar...... A1 Davila, Edward...... B1 Karfunkel, George...... B3 Sels, Willem...... B11 Devitt, Scott...... B12 Kassam, Altaf...... B11 Swan, Bob....A1,B11,B12 GameStop’s Shares Gain New Impetus Dorsey, Jack...... B1 Khanna, Rohan...... B10 Tucker, Scott...... A2 Dye, Alan...... B3 L - M W - Y E - F Levchin, Max...... B2 Williams, Gerard...... B4 BY MICAH MAIDENBERG spond to an increase in price vestors, and those shares canbe joined GameStop’sboard.Four Englander, Israel...... B1 Loeb, Daniel...... A1,B12 Woog, Carl...... B4 forastock they bet would drop loaned morethan once, accord- other membersofthe board, in- Fink, Larry...... B10 Mies, Andrew...... B11 Yang, Yuanqing...... B2 Investorswho bet that by purchasing shares in order ing to Dr.Angel. “When yousee cluding itscurrent chairwoman, shares of GameStop Corp. to avoid losses. the high short interest, you don’t plan to stand forreelec- would fall shiftedpositions Manytradersbelieved know the bearsare circling,” he tion to the boardatthe com- change-traded funds that track Wednesday, sending the strug- GameStop’sshares were set to said. “These areoften compa- pany’sannual meeting, China Tech those benchmarks,and their gling videogame retailer’s stock decline.Asofthe end of last nies wherethereare big differ- GameStopsaid then. market values have soared in soaring to itshighest levels in year,short interest in the ences of opinion about the com- Assuming theboardtransi- recent years. Alibaba’sNew years. stock—expressed as apercent- pany’sprospectsgoing tion occursasexpected, the Trio Seen to York-listed American deposi- GameStopshares rose 57% to ageofGameStopshares avail- forward.” companygoing forwardwould tary receiptsclosed 4.3% $31.40 on Wednesday, marking able fortrading—exceeded GameStop declined to com- have nine directors, with five of higher on Wednesday, while asteep climb from ayear ear- 138%,making it the second- ment. those people tied to sharehold- Avoid Ban Tencent ADRs rose 2.9%. lier,when the stock wasvalued most shorted companybythat GameStop has around 5,000 ers, including the former Chewy E-commerce giant Alibaba, at just $4.61ashare. metric with amarket value of at physical stores globally,and executives plus representatives whichraised $25 billion in a That recovery—fueled in least $1 billion, according to some investorshavequestioned linked to other investors. ContinuedfrompageB1 listing on the New York Stock part by thecompany’san- datafromFactSet. the storebase.Traderswho bet Mr.Cohen has said he wants nomic fallout, said aperson Exchange in 2014, still holds nouncement two days agothat It is fairly rare that short in- that GameStopshares would GameStoptohavefewerstores familiar with the matter. the record forthe largest U.S. it would add Chewy Inc.co- terest would exceed shares weaken overlooked the com- and build up itsdigital opera- Alibaba and Tencent are initial public offering.Baidu, founder Ryan Cohen and two of available to trade on the public pany’s businessselling used tion. His investment firm owned China’smost valuable publicly which operates apopular Chi- his former colleagues to its markets, said James Angel, a items at itsphysical stores,said almost 13% of the company’s listed companies.Treasuryhas nese search engine, has been board—created aso-called Georgetown University profes- Wedbush Securities analyst Mi- stock,according to asecurities been concerned about the cap- listed on the Nasdaq Stock short squeeze that droveshare sor who studies financial mar- chael Pachter. filing dated Monday, up from ita-marketsimpact of extend- Market since2005.Tencent, prices sharply higher,according kets. Such positions canbuild On Monday,Mr. Cohen and 10% when Mr.Cohen sent alet- ing the ban, which has already which owns the popular to some analysts. A short up because tradersare able to two other former executives at tertoGameStop’sboardlast roiled investorsand prompted WeChat social media app and squeeze occurs when tradersre- borrow shares from other in- Chewy,anonline pet retailer, November calling forchanges. stock exchanges and index is the world’slargest video- providers to drop some com- game companybyrevenue, panies,and U.S. investment has ADRsthat trade in the U.S. will take over when Mr.Corbat about using Citigroup’scom- the newgroup,the memo bankstodelist some deriva- over-the-counter market. Citi Adjusts retires next month. Finding mercial bank and global rela- added. He will report to both tive products. In recent years, government waysfor the two partsofCiti- tionshipswith companies to Paco Ybarra, head of the insti- Baidu,Alibaba and Tencent officials and many businesses group,its institutional and funnel executives intowealth- tutional group,and Anand have long been synonymous have come to regard China as ItsWealth consumer businesses,towork management products. They are Selva, recently named head of with China’sinternet and their a bigger economic and politi- moreclosely together is ex- especially interested in attract- the consumer business. growing clout in the world’s calrival. However, Wall Street pected to be near the topof ing morecustomersinAsia— “Making wealth manage- second-largest economy. They remains enthusiastic and in- Businesses her agenda as CEO. wherethe bank has aconsumer ment a key differentiator and areheavyweightsinpopular vestorscontinue to plow Expanding Citigroup’s and credit-cardbusiness. source of enhanced returns for global stock indexesand ex- money into China. wealth-management offerings Thenew unit will be led by Citi will be akey elementof ContinuedfrompageB1 to morecustomersisofpar- Jim O’Donnell,aCitigroup vet- our strategygoing forward,” the bank to getclientsearlier ticular interest to Ms. Fraser, eran who has been the global Ms.Fraser and Mr.Corbat said Thelack of overlap between and keep them as they grow who was named head of Citi- head of salesfor the institu- in the memo.“Putting the full Deal Aims the companies is,however, a richer,earning morefees in the group’sconsumer bank in late tional bank’smarketsgroup, forceofour firm behind an of- positiveinterms of gaining process. 2019.Earlier in her career,she the memo said. He will spend fering in this way reflects the regulatoryapproval forany The combination bears the led the private bank. the coming months designing approach we’retaking to To Forge deal. Walmart initially tried to fingerprintsofMs. Fraser,who Bankexecutives have talked the strategyand makeup of transforming our bank.” sell its Asda stake to another U.K. grocer,but the deal col- Big Grocer lapsed in 2019 afterBritain’s CORPORATEWATCH regulator blocked it saying it could lead to higher prices for ContinuedfrompageB1 consumers. LENOVO GROUP have increased online invest- Analystsraised concerns the ments. French government—which has Planned Listing Manygrocers have also ahistoryofblocking foreign Sends Stock Soaring struggled with being squeezed takeoversofFrench firms— in the middle as discounters could be hostile to an acquisi- Lenovo Group Ltd. is capitaliz- such as Aldi,Lidl and Walmart tion of Carrefour.Carrefour is ing on twobooming markets, Chi- and upscale chains such as one of the nation’slargest em- nese stocksand the global PC in- Amazon’s Whole Foods chain ployers,with about 105,000 dustry,tolistinShanghai. have done well. Throughout employees in France. Thegroup The companyisthe world’s S
theCovid-19 pandemic, most employs morethan 321,000 largestmaker of personal comput- PRES
grocershavebenefited as con- people world-wide and owns ers and is known foracquiring TED sumerscook and eat at home. 12,225 stores in morethan 30 IBM’sThinkPad unit and the Mo- OCIA
Thesector’s latest deal in- countries.Ithas been working torola Mobilitysmartphone busi- SS volves Walmart, which is cur- to cut costsand invest in build- ness. The news thatLenovo /A
rently awaiting regulatoryap- ing up itse-commerce offerings would join the STAR Market, URIER CO
proval to sell amajority stake in recent yearsunder the lead- China’sanswertothe Nasdaq, Y in Britishgrocery chain Asda ership of AlexandreBompard, boostedits Hong Kong-traded IL DA GroupLtd.for $8.8 billion to a who became chief executivein shares, which on Wednesdayhit
privateinvestment group that 2017. Thestrategyhas held it in their highestlevel since2015. /THE
also owns abusinessrunning good stead through the pan- Aseries of Chinese technology ARD
thousands of convenience demic. Carrefour posted its companies recently listedinmain- ODD ST
stores in gasstations.That deal best performanceinatleast land China or in Hong Kong, amid T OT
isn’t looking to merge the two two decades in the thirdquar- heightened tensions with the SC businesses,but is expected to terof2020. U.S. Beijing encouraged companies Boeing’s drone unit agreed to pay $25 million to settle civil-fraud allegations. see Asda open convenience Couche-Tard’sapproach to join the fledgling STAR Market, stores in gasstations. showedthat “atthe current also known as the Scienceand BOEING Operations Command required $49. The shares closed at $97.24. Asimilar path could be fol- shareprice, Carrefour is cheap Technology Innovation Board, by new parts and materials. Under The enthusiastic reception for lowedinthe event of adeal and that the turnaround story introducing morerelaxed listing Jet Maker to Settle provisions of the Federal False Affirm shares could indicate that between Couche-Tardand Car- is moving in the right direc- rules and other requirements com- Drone Lawsuit Claims Act, the government took 2021 will be similar to 2020. refour,according to one per- tion,” analystsatFrench bank pared with other Chinese markets. over a civil suit filed by the Thatwas the most lucrativeyear son familiar with the matter. Société Générale said. Lenovo and Megvii Technology Boeing Co.’sdrone unit has whistleblower, who will get more on record forpublic offerings in Ltd., an artificial-intelligence agreed to pay$25 million to set- than $4.6 million of the total. terms of moneyraised, driven in startup specializing in facial recog- tle civil-fraud allegations thatit Boeing didn’t acknowledge any part by the success of compa- nition, will be among the first overcharged on morethan half a wrongdoing. nies likeDoorDash Inc. thathave companies to makeuse of a dozencontracts signed with the —Andy Pasztor benefited during the pandemic structureknown as aChinese de- U.S. Navy and special forces be- from the stay-at-home economy. positary receipt to raise funds. tween 2009 and 2017. AFFIRM HOLDINGS Affirm lets online shoppers In a filing late Tuesday, Len- Announced Tuesdaybythe payfor purchases in install- ovo said it planned to sell stock JusticeDepartmentand Penta- Shares Skyrocket ments,and it finances products equivalent to up to 10% of its gon investigativeagencies, the AfterMarket Debut including PelotonInteractiveInc.’s enlarged ordinary share count. settlementstems from whistle- stationary bikes. Merchants rang- Its shares jumped 9.7% on blowerclaims by athen-official Shares of Affirm Holdings ing from Walmart Inc. to Expedia Wednesday, giving it a market of the unit, Insitu Inc., thatit Inc. surged in the company’s Group Inc. offer customers the value of nearly $14 billion. knowingly charged new-part trading debut on Wednesday. opportunitytofinancethrough Lenovo plans to use the funds prices for“lessexpensiverecy- The buy-now, pay-laterfintech Affirm. It and similar companies forresearch and development, cled, refurbished, reconditioned firm, trading on the Nasdaq un- including Afterpay Ltd. have ben- GREN/REUTERS strategic investments and to re- and/or reconfigured parts.” der the symbol AFRM,jumped efited during the pandemic, with HEL plenish working capital. According to the Justice De- as high as $103 shortly after it manyconsumers reluctantto
CHRIS —Joanne Chiu partment, the contracts with the began trading around midday, far takeoncredit-carddebt. Circle K is one of Couche-Tard’s convenience store brands. and Yifan Wang Navy and the Pentagon’s Special above its initial offering priceof —Orla McCaffrey P2JW014000-4-B00300-1------XA
THE WALL STREET JOURNAL. **** Thursday, January 14, 2021 | B3 BUSINESS NEWS Kodak Director Cuts Stock Donation
BY MARK MAREMONT
An Eastman Kodak Co. di- rector appearstohavecut the sizeofhis large and well- timed donation of Kodak stock to areligious charity,which came amid asharp surge in the company’sstock pricelast year,according to anew secu- rities filing. In the Tuesdayfiling,Kodak director George Karfunkel said he donated two million of his
6.3million Kodak shares on S July 29,leaving him with about 4.4 million shares. The PRES newdocument seemingly con- TED tradictsasecurities filing OCIA SS
from August. The earlier fil- /A
ing showedMr. Karfunkel and CHIU
his wife on July 29 donated a W. significantly largersum—three H.
million Kodak shares—toCon- RINGO gregation Chemdas Yisroel in The retailer said it would close storesonThanksgiving this coming holidayafter 2020’srevised promotional calendar provedeffective—and customers and employees liked it. Brooklyn, N.Y.,acharity Mr. Karfunkel helped found. That donation left the couple with about3.3 million shares,the WebGives Target aHolidayBoost filing said. Mr.Karfunkel and officials of the charity didn’t respond to Target’s comparable sales, BY SARAH NASSAUER day season with notable mar- productsthat areincreasingly sales will emerge Fridaywhen requeststocomment. AKodak change from previous year ketsharegains acrossour en- in demand as moreshoppers the U.S. releases retail sales spokesman said the company Target Corp. said Wednes- tireproduct portfolio,” Target stay home.Manyofthe top figures for December. Holidaysales: 17%* doesn’t comment on financial 25% day that winter holiday sales Chief Executive Brian Cornell performershad robust e-com- Also on Wednesday, Target transactions of boardmembers. rose solidly as moreshoppers said in a statement. merce businesses already in said it would close stores on Theoriginal donation oc- bought goods online,adding to Target has invested heavily placebeforethe pandemic and Thanksgiving this coming holi- curred at aturbulent time for 20 aseries of strong results from in recent yearstoexpand its arenow benefiting as more day after 2020’s revised pro- Kodak’sstock.OnJuly 29, the retailer during the online businesslargely by shopping shifts online. motional calendar proved ef- Kodak’sstock sharply surged 15 Covid-19 pandemic. sourcing online ordersfrom Earlier this week Lululemon fective, said aspokesman. and closed at itshighest level Comparable sales,those stores’shelves.Around 95% of AthleticaInc.raised itsfourth- Customersand employees since2014. TheRochester,N.Y., 10 from stores or digital channels Target sales in the period quarter financial guidance af- liked the change, so it will be companyand afederal agency operating foratleast 12 were sourcedfromstores, the terastrong holidayseason as repeated this year,the spokes- had just announced the one- months,rose 17%inNovember company said. moreshoppersbought athletic man added. Most retailers time photographygiant wasin 5 and December from ayear Retailers arereporting gear and comfortable clothing. closed stores this past Thanks- line to receivea$765million earlier.Store-based sales in- mixed holiday results. Other retailersare suffering giving. loan from the WhiteHouse to 0 creased 4.2%, while digital Target and other large re- from the change in consumer Manyretailerskicked off help manufacturedrugs forthe sales more than doubled dur- tailershavegenerally per- behavior.Bed Bath &Beyond the latest holiday deal season fight against coronavirus. –5 ing that period, driven by formed well during the pan- Inc.’s comparable sales rose as early as the firstweek of U.S. International Develop- 1Q 1Q 1Q 1Q same-dayonline pickup and demic.Most of the top 2% in the three months ended October,with moredeals mar- ment FinanceCorp.subse- FY2017 ’18 ’19 ’20 delivery orders, the company performersare retailersthat Nov.28fromayear earlier, ketedonline to reducecrowd- quently put the loan on hold said. either stayed open during with online sales up and in- ing in stores and lessen pres- *Firsttwo months of 4Q afterthe deal came under con- Note:Fiscal year ends in February “The momentum in our early lockdowns or those that store sales down. sureontheir e-commerce gressional and regulatory Source:the company businesscontinued in the holi- sell food, home goods or other Aclearer pictureofholiday supply. scrutiny. Mr.Karfunkel and his wife’s originally reported giftofthree million shares remains one of PoshmarkPricesIPO Above Target at $42 the largest ever to areligious group.Using the averageofthe stock’shigh and lowonJuly 29 BY CHARITY L. SCOTT from $17reusable Starbucks debut at avaluation of roughly and over and $2.95 forsales broader apparel sector in re- of $38.75, which is howthe In- cups to $3,000 Louis Vuitton $1.6 billion. All of these com- under that price. Thecompany cent yearsasyounger consum- ternal Revenue Servicevalues Poshmark Inc.the online handbags. While manytradi- panies follow online consign- is able to keep itscostsdown ersgravitatetoward resale to stockgifts,the donation was marketplacefor secondhand tional apparel companies ment company The RealReal by not purchasing inventory. quickly refresh their closets worth $116.3 million. There- goods,will start trading Thurs- struggled to survive, Posh- Inc., which went public in 2019 Poshmark calls itself a“so- with trendy and covetedpieces vised donation would be worth day, the latest e-commerce site mark wasprofitable forthe andnow sportsamarket value cial marketplace” and attributes without breaking the bank. $77. 5million, by the same met- to tapthe buoyant initial public firsttime in its10-year history of about $2.3 billion. itssuccess to keeping shoppers Thetotal resale market was ric.Kodak stock closed at $7.99 offering market while bricks- in the quarter ended June 30. While TheRealReal focuses engaged by cultivating an expe- $28 billion in 2019 and is ex- on Wednesday. and-mortar stores have been Thecompany, based in Red- exclusively on high-end goods, riencethat feels morelike pected to increase to $64 billion hard hit by the coronavirus wood City,Calif., follows Con- Poshmark sellerscan list browsing Instagram than atra- by 2024, according to research pandemic. textLogic Inc., the parent of e- goods that retail at arangeof ditional retail site. Thecom- from GlobalDatacommissioned The original Poshmark said it priced its commerce marketplace Wish, price points, as well as hand- panysaid its31.7million active by thredUP.The same report IPO at $42 ashare, giving the which has traded belowits IPO made items.LikeRealReal and usersspent roughly 27 minutes projectedthat the online sec- donation occurred companyaninitial valuation of price of $24 after a rocky de- sneaker marketplace StockX aday on itsplatform in 2019, ondhand market would expand at a turbulent time morethan $3 billion. The butlast month. Theinvestor LLC, Poshmark has also insti- according to the Securities and in 2020,evenasthe broader re- shares priced abovethe target skepticism is an anomaly in an tutedanauthentication pro- ExchangeCommission filing. tail sector shrank. for Kodak’s stock. rangeof$35 to $39.The busi- otherwise booming IPO mar- cess forluxurygoods.Posh- Poshmark defines an active The$42 pricefor Posh- nesswas valued at $1.25 billion ket that has seen sky-high val- mark limits authentication to user as anyone who has visited mark’sIPO,which is being man- in 2019. uations and large gains from items valued at $500 or more. the marketplaceinthe previous aged by agroup of eight banks Anumber of digital market- tech companies including TheRealReal and thredUP 12 months. led by MorganStanley,Gold- Alan L. Dye, an attorney at places,including Poshmark, Airbnb Inc.and DoorDash Inc. areonline consignment ser- Thecompanygenerated rev- man Sachs and Barclays,would Hogan Lovells and co-author of reported more people selling ThredUP Inc., an online vices,while Poshmark is amar- enue of $192.8million in the allowthe companytoraise abook on securities disclo- goods in spring 2020 as away thrift storeand Poshmark ketplacemoreakin to eBay Inc., nine months ended Sept 30,up morethan $277million, accord- sures,said the newfiling raises to generate extra income and competitor,filed confidentially which allows sellerstolist, sell 28% from the previous year, ing to itsSEC filing.The com- questions about the original staveoff boredom during to go public in October, while and ship their merchandise di- according to itsIPO filing. panywill be listed on the Nas- giftand when it mayhavebeen widespread lockdowns. Posh- luxuryretailer Mytheresa rectly to buyers. Poshmark col- Secondhand retail has daq Stock Market under the revised. “Ifyou’vemade an ef- mark sellerslist everything Group set plans this week to lectsaflat 20% feefor sales $15 gained relevanceinthe symbol POSH. fectivegift, it means youno longer ownthose shares.If part of the giftissomehowre- scinded, that would be asepa- LSE, Refinitiv Deal Wins EU Antitrust Approval rate reportable transaction,” he said. Thefilingsdon’t showa separatetransaction. BY BEN DUMMETT proval forthe tie-up.London dies,risked deterring competi- “Something just doesn’t add AND VALENTINA POP has long been Europe’sbiggest tion fortrading and clearing up,” he said. financial center,anchored in interest-rateswaps because of Aspecial committeeof Europe’santitrust watchdog part by the LSE. Theconces- the high barrierstoentrythat Kodak’sboardinSeptember approved London Stock Ex- sions—in placefor 10 years— would-be competitorsfaceand found several governanceis- changeGroup PLC’s$15 billion center on the LSE granting their customers’ reluctanceto sues at the companysurround- deal to acquire Refinitiv Hold- equal access to itsvenue datato switch trading venues or clear- ing the announcement of the ings Ltd. with conditions,re- all existing and futurecompeti- inghouses to settle trades. government loan but said moving akey hurdle in the tors,continuing clearing ser- TheLSE is adominant player none of the issues involved company’sbid to challenge vices in line with EU regulations in the settling of interest-rate breaking any laws. BloombergLP, S&P Global Inc. despiteBrexit and the sale of swaps traded off an exchange— As part of itsprobe,the and other industryheavy- BorsaItaliana Group.The con- the largest category of deriva- special committeeexamined weightsoffering financial data. cessions also include adispute tives globally,according to the whether Mr.Karfunkel’sshare Wednesday’sdecision by resolution system forthirdpar- commission. Refinitiv gives it giftmight have violated in- the European Commission ties to go to if the LSE doesn’t access to itsTradewebtrading sider-trading laws or Kodak’s ends amonthslong probe into comply with itscommitments. VILLE/REUTERS platform forinterest-ratederiv- ownpolicies related to stock the risks of the deal. The Following Britain’sbreakoff MEL atives. That could have allowed BY
trading by insiders, and deter- probe centered on concerns from theEuropean Union,the TO the combined entity to require mined it didn’t. the deal could givethe LSE bloc is under pressuretobol- The deal is expected to create a financial data heavyweight. tradersthat use the LSE’sclear- However, the gift“wasnot undue market powerover ster the capabilities of the con- ing facility to also trade those advisable from acorporategov- trading and clearing govern- tinent’sfinancial institutions, the largest providersofdata heavy influencetrading of gov- derivatives on Refinitiv’s plat- ernanceperspective,” the re- ment bonds, interest rate de- some analystssay.The reme- to Wall Street. ernment bonds in Italy,one of form to boost business. port said, because Kodak’spol- rivatives,and the sale of fi- dies forthe LSE deal highlight TheLSE didn’t comment be- Europe’slargest debt markets, To addressthis type of po- icywas designed in part to nancial datasuch as stock- that pressure: It potentially un- yond confirming the decision. through itsownership of Borsa tential anticompetitivebehav- avoid putting the companyina and bond-price quotes. dercutsthe exchange’sability to It expectstoclose the deal by Italiana with Refinitiv’s major- ior, the commission is prevent- position whereinsiders“could LSE is betting the Refinitiv generateadditional revenue theend of March following re- ity-owned bond trading plat- ing the LSE from using its be perceived to have potentially deal, firstannounced in 2019, from the proposed deal in areas ceipt of “a small number of form, Tradeweb. But to appease leverageclearing swaps to force committedinsider trading.” will help it createafinancial such as clearing and trading merger control and financial the commission, the U.K.-based customerstoalso trade swaps Thecommitteeput the datajuggernaut. It has been di- government bonds and deriva- regulatoryauthority approvals.” exchangeoperator agreed in over itsplatform. That could gift’s sizeatthree million versifying itsoperations away tives,and cross-selling dataand “Today, we canapprovethe October to sell the Milan-based represent alossinrevenue for shares and said Mr.Karfunkel from stock trading and other other productsbetween itscus- proposed acquisition,” said exchangetopan-European rival the potential benefit of rival de- first notified the company of traditional exchangebusinesses tomersand those of Refinitiv. European Commission Vice- Euronext NV for€4.33 billion, rivativetrading and clearing the giftonAug.3,later assur- toward clearing and higher- The concessions also come President Margrethe Vestager, equivalent to $5.27 billion, mit- platforms in continental Eu- ing itsinvestigatorsthat it margin dataservices that feed as competition in the data in- “because LSEG offered com- igating the commission’scon- rope.Still, the concession is was a bona fide donation. the rise of quantitativetrading dustryisstiffening,represent- mitmentsthat will ensurethat cerns over the LSE gaining ex- consistent with the LSE’slong- Thecommitteerecom- and passiveinvesting. ing another challengetothe the markets will remain open cessivemarket shareand time stanceofallowing traders mended that Kodak revise its Still, the largest exchange LSE. In November,S&P Global and competitive.” pricing powertrading Euro- to clear and trade derivatives policies to require that insid- companyinEurope by market Inc.agreed to acquireIHS Themergerasitwas ini- pean government bonds. on different venues as away of ersget preclearancefor any value agreed to several conces- Markit Ltd. for about $44 bil- tially planned would have Theregulator had also indi- attracting business by offering gifts of Kodak stock. sions to win regulatoryap- lion, bringing together two of brought together the LSE’s catedthe deal, without reme- customersgreater flexibility. P2JW014000-0-B00400-1------XA
B4 | Thursday, January 14, 2021 THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech Universal Music Strikes App Deal Qualcomm Buys Chip BY ANNE STEELE well as the pause on touring Most everything—pedaling, andliveshows,haveweighed punching,kicking,squatting, Vivendi SE’s Universal Mu- on the music business. At the running—is done to the beat Startup for sic Group has licensed the same time,videogaming,social of music,which helps translate world’slargest music catalog video on apps likeTikTok and the in-person experiencetoa to EquinoxMedia LLC’sVariis digital fitnesshavetaken off— digital format. $1.4 Billion digital fitnessapp,allowing each with opportunities labels, “These classesare likego- userstowork out at home to publishersand other copyright ing to aconcert—60 people in BY ASA FITCH hitsbyTaylor Swift, Lady ownersare eyeing formusic. the dark rocking back and Gaga, Ariana Grande,Billie Eil- Thedigital fitnessmarket forth, riding together to the Mobile-phone chip giant ish and the Weeknd. hastaken off with Peloton In- beat, boxing sequences to the Qualcomm Inc.said Wednes- The agreement comes as teractiveInc.’sstationary rhythm,” says Mr.LaRose.“It’s daythat it has agreed to ac- themusic industryincreas- bikes, Lululemon Athletica our job to re-createthe real- quireachip startup founded by ingly looks to newpartners Inc.’s purchase of Mirror,Ap- lifeexperiencewherewecan former Apple Inc.engineers, across social media, video- pleInc.’s introduction of Fit- in an on-demandworld.” adding to a wave of deals re- games and fitnessfor revenue ness+,aswell as upstartslike “Music is akey part of what making the semiconductor in- beyond streaming.The pan- Supernatural VR and Hydrow. looks likeisgoing to be a dustry. demic has accelerated the EquinoxMedia launched its booming digital fitnessmar- Qualcomm said it plans to growth of at-home fitness Variis mobile app in March, ket,” says Michael Nash, Uni- buy Nuvia Inc.and use the
apps,which have relied on mu- giving Equinox bricks-and- MEDIA versal’sexecutivevicepresi- two-year-old company’stech- X sic as adrawtolive-streamed mortar gymmembersfreeac- dent of digitalstrategy. nology in itsflagship smart- UINO
andon-demand classes led by cess to virtual classes just as EQ Theglobal digital fitness phones,driver-assistancesys- remoteinstructors—who have stay-at-home ordersand lock- An Equinoxfitnessapp will access the world’slargestmusic catalog. market is estimated to explode tems,laptops and networking become much likeinfluencers down restrictions were sweep- from about $6.7 billion in 2017 infrastructure. Theproposed and DJsintheir ownright. ing through cities acrossthe Theapp offersclasses clubs in NewYork,on-demand to $27.4 billion by 2022, ac- all-cash transaction is valued at While streaming on music country. It also began selling across the SoulCycle, Pure classes arefilmed in the studio cording to investment bank about $1.4billion, Qualcomm services likeSpotifyand Apple itsSoulCycle at-home bikes for Yoga,Rumble Boxing,Preci- that waspreviously home to Lincoln International. Through said,beforeworking capital Music has increased during $2,500.InOctober,Variis be- sion Run and Equinoxbrands, “The Daily Show,” and arein- licensing music to services and other adjustments. pandemic lockdowns, closed came nationallycommercially plus other partner brands. tended to be cinematic,says such as Variis,the revenue for Nuvia’sexpertise in designing venues,restaurantsand retail- available to nonmembersfor While SoulCycle and Equinox EquinoxMedia Chief Executive music will match that paceof central processing units, Qual- erswheremusic is played, as $40amonth. classes arestreamed livefrom Jason LaRose. growth, Mr.Nash says. comm said, would help it boost chip performanceand poweref- ficiency—characteristics that PERSONAL TECHNOLOGY | By Joanna Stern arevital to success in the hot 5G-networking market that Qualcomm has made apriority. TheSan Diegochip company CES 2021 Tech Tackles Covid-19 Protection is also bolstering itstalent pool with the planned acquisition, adding Nuvia’sstaff and three Good news,everyone,I’m founders, GerardWilliams III, still breathing.Atleast, that’s Manu Gulatiand John Bruno. what my smart mask says. Mr.Williams waslead chip ar- In fact, it tells everyone chitect at Apple beforedecamp- around me,via asmall color- ing to start Nuvia two yearsago. customizable LED light. (I Mr.Gulati and Mr.Bruno both chose purple.) It illuminates worked at Apple and Alphabet when it’srecording my respi- Inc.’sGoogle unit beforeNuvia. ratory cycle. “The Nuvia team areproven Look,doIhavethe coolest innovators,” said Cristiano mask at the supermarket? Amon, Qualcomm’spresident 100%. Do Ineed it? 100% not. whothis month wasnamed to Theconnected $150 AirPop replaceSteve Mollenkopf as Active+ mask,which I’vebeen chief executiveatmidyear.
testing forthe past few days, JOURNAL Awaveofdeal making wasannounced this week at acrossthe U.S. semiconductor REET
what cannow only be called ST landscape is transforming the
CPS—the Covid Protection LL industry amid strong demand Show. Bye-bye, CES! WA forlaptops,videogames and
It wasbound to happen. /THE datacenters. That demand has
Everyyear,tech companies US sent shares in some companies and entrepreneursshowupat SS surging,helping them gain fi- WA the showinVegas with new nancial muscle to do deals.
ideas of howgadgetscan KENNY Nvidia Corp., whose shares solveour everyday problems. The MaskFone, left, has a built-in microphone and headset for phone calls; the AirPop Active+ mask, center, records breathing info. more than doubled last year, Thebiggest differencethis has overtaken Intel Corp.as year? Everyone seems focused ecological and pathogenic Killing the Germs course—mydesk air has a Covid. “Temperature is es- America’shighest-valued chip on the same problem. Well, threats—essentially pollution, “I’m sorrythis column was “good” rating,according to sentially worthless—no mat- company. Thegraphics-chip that and everyone showedup wildfires and disease. late. My keyboardand mouse the $200 LG PuriCareMini ter how you measure it,” Dr. maker agreed last year to pay via the web. The showisen- Thequarter-sizedoodad in- were being disinfected.” Air Purifier I’vebeen using.I Eric Topol, a cardiologist $40billion forArm Holdings, tirely digital. tegrated intothe front of the Thankfully my editor under- canfireupthe milk-carton- and executive vice president the British designer of mobile- But Idon’t put all the mask has sensorsthat capture stands the importanceofdis- sizedevice using my iPhone at Scripps Research, says. As phone chips backed by Soft- Covid-19 prevention gear—ev- breathing-related data, tem- infection. and getareport of the cur- he explained in my column a BankGroup Corp., in what erything from smart air-puri- peratureand humidity.It Targus’s UV-C LED Desktop rent air quality.It’smeant for few months back, most peo- would be the industry’sbiggest fierstotemperature-taking pairsvia Bluetooth to your Disinfection Light,designed to your carorcubicle. ple diagnosed with Covid-19 deal if it goes through. video doorbells—intothe smartphone to tell youyour sit between your monitor and Is that LG toobig foryou? don’t have elevated tempera- Nuvia’sCPUs—and Qual- same category as the smart breathing rate,how much pol- keyboard, turns on every TheLuftDuo,which itsmaker tures, and you can spread comm’schips,which power fork (a real CESproduct I lutantswereblocked, the air- hour,blasting UV light forfive claims is the world’ssmallest the virus long before show- hundreds of millions of mobile oncereviewed) or the smart quality indexand more. Since minutes to destroy bacteria, molecular purifier,isshorter ing a fever. phones—arebased on Arm toothbrush (another real CES it knows howlong you’ve viruses,fungus or mold. than acan of soda. It doesn’t One gadget Dr.Topol technology. product Ioncereviewed). This worn the mask,itcan tell you That’sthe time needed to get connect to smartphones,soI doesn’t think is worthless? Advanced MicroDevicesInc. year’s devices areaimed at when to changeits filter.The to 99% reduction of those have to walk over to it to TheBioIntelliSense BioButton, has said it plans to buy rival helping us understand avery snap-in filtersare good for40 things, aTargusspokesman changesettings. Lifeishard. an FDA-cleared medical-grade chip maker Xilinx Inc.inanall- clear and present danger. hoursofwear. says.Happen to be typing a wearable patch that tracks stock deal valued at $35 billion. Even better, some arebuilt to Though Ifeel likeasuper- very important email? Itsmo- Sensing the Temperature temperature, respiratoryrate, Those proposed tie-ups landed annihilateit. heroevery time Iput the tion-activated sensorswill Option 1? Station someone sleep and heart rate. afterAnalog Devices Inc.in Sincethe best part of CES mask on, it’stoo much data keep the potentially harmful at your front door to take On “display” at CESthis July agreed to paymorethan is touching and feeling the forme. (I also had abuggy light off until youare away temperatures,likethey do at week,the patch canbeused $20 billion forMaxim Inte- gadgets, Ihad companies ship firstunit, but the replacement from keyboard. Disinfection my son’sschool. to spot Covid-19 symptoms— grated ProductsInc. some of these to the CPS 2021 is working fine.) If you’rein- doesn’t come cheap: Targus Option 2? Install the Plott possibly even early.Originally Qualcomm’sstock has risen showfloor—aka my base- terested, the mask begins plans to sell it by April for Ettie,avideo doorbell with an developed to monitor patients about70% over the past year, ment. Hereare some of my shipping in February. Or you $299. infrared thermometer.Just in avariety of configurable fueled in part by growing de- thoughtsonwhat is,and isn’t, canget a “dumb” version—no Theissue with testing any likeaRing doorbell, it con- ways, it has abattery lifeof mand forsuperfast 5G phones. worth it. sensor—for $56 right now. UV sanitizer,including those nectstoanapp so youcan see 30 to 90 days.Itested asimi- Thedeal, which requires fed- Ican recommend acheaper smartphone-tanning beds? who’s on your doormat. But lar patch for avideo about us- eral regulatoryapproval in the Masking the Tech connected mask that I’vebeen Your devices don’t look any unlikeRing,itshows that per- ing wearables to spot or diag- U.S.,isapivot forNuvia, which Iwouldn’t buy the $150 testing forafew months.The cleaner afterward. (My key- son’sbody temperature. The nose Covid-19. began in 2019 as astealth AirPop Active+ but that $50 MaskFone is no morethan boardstill has what appears device, expected later this It will be on sale to the startup working on CPUsfor doesn’t mean Idon’t appreci- aMotorola Bluetooth headset to be dried honey mustardon year for$300,isintended for general public next week for computer serversthat it ex- ateit. Six yearsago, company draped through amask,but it the “H” key.Don’t judge.)The homes and businesses.The approximately $60. pected would challengemarket founder Chris Hosmer wasliv- does maketalking on the basic scienceisproven,but nonworking prototype Ibor- There’sreally only one leadersIntel and Advanced Mi- ing in China, wherehis young phone while masked amore youhavetoaccept the claims rowedlooks cool but is cer- problem with agadget like croDevices. Thecompanyraised daughter suffered acuterespi- pleasant experience. Plus,it’s at facevalue. tainly biggerthan other con- that: Sinceyou wear it under $240 million in itssecond fund- ratory reactions to noxious great forrunning: Theearbuds What else needsagood nected doorbells. your clothes,nobody will ing round in September and was air.Heset out to build amask stay in because they’reat- cleanse? Theair around your Just bear in mind, fever knowyou’reaCovid-busting expecting to start testing its that addressed human-made, tached to the ear loops. desk.Not my desk,of isn’t a clear indicator of badass. firstsilicon chips this year.
means the code canbescruti- criticized forpublishing only As with Facebook Messen- Woog told me the updateaf- the content of the messages. Choose an nized forflaws and verified by select partsofits code for ger, encryption must be fectsonly userswho commu- researchers. It has apps for public review. “Telegram may turned on foreach chat. Tele- nicatewith businesses on the iMessage Android, iPhone,iPad, Mac, have weaker cryptography gram cancollect metadata app.Soon businesses will be Pros:LikeWhatsApp, iMes- Encrypted Windows and Linux,and pri- than Signal, but it’shardto such as IP addressand device allowedtoretain customer sage has amassiveuser vacy-minded featureslikeex- knowbecause they have been information, which the com- communications on aFace- base—it’sthe default messag- piring messages.The app somewhat shady about get- panysays in its privacypolicy book-hosted platform. The ing platform on the billion- Chat App added anumber of user- ting outside audits,” said Ri- is used to prevent spam and changedoesn’t affect users plus activeiPhones and iPads friendly featuresoverthe past ana Pfefferkorn, aresearch abuse. who opted out of sharing around the world. While you year,including group video scholar at Stanford’sCenter some datawith Facebook in mayknowitbyits app,Mes- ContinuedfrompageB1 chat foruptoeight partici- WhatsApp 2016,hesaid. sages,iMessageisthe plat- It’simportant to notethat pants. (Group chatscan host Pros: WhatsApp uses Sig- Additionally,Mr. Woog ex- form itself,which manages encryption doesn’t prevent up to 1,000 participants.) Encryption doesn’t nal’speer-reviewedencryp- plained that while Apple’sApp end-to-end encrypted texts, the recipient from forwarding Cons: Even though it’shav- tion protocol, which keeps the Storeprivacylabel identifies images and voicenotes—the your messageortaking a ing amoment, it isn’t as prevent a recipient contentsofmessages secret “location, contactsand user blue-bubble interactions.(Ap- screenshot, or from someone widely adopted as WhatsApp from forwarding between itsovertwo billion content” as “DataLinked to ple’sFaceTime is also en- seeing messages by gaining andiMessage. And while Sig- users. Theapp is feature- You,” that information isn’t crypted end-to-end.) access to your phone. nal is adding featuresregu- your message. rich—location sharing,custom necessarily being collected. Cons: Theplatform works Sincechat apps aren’t com- larly,itdoesn’t have Whats- wallpapers, the ability to star Datasuch as IP addressand only on Apple devices.Mes- patible with one another,you App’stextformatting or individual messages,and approximatelocation arehelp- sages from Android users— have to getall your friends, location sharing. more. fulininvestigating abuse,he the chatswith those green family and colleagues on the forInternet and Society. Cons: Thedesktopapp said. bubbles—aren’t encrypted. same app—or constantly hop Telegram Telegram spokesman Mike doesn’t work when your Still, the app is owned by Apple does retain some between them. Pros: Telegram supportsup Ravdonikas said the app’sen- phone isn’t connected to the Facebook,and shares some in- metadata. Apple checks to see to 200,000 membersina cryption and API are“fully internet. Thereare also new formation with itsparent if the phone numbersyou en- Signal group,which is whyitserved documented and open forre- privacyconcerns.Arecent up- company, including your terare iMessagecompatible. Pros: Signal is widely re- as the go-toapp forprotesters view by security experts.” datetoits terms of service phone number and mobile-de- Thenumber,along with date garded as the most private in Hong Kong,Iranand Be- However, the code forthe and privacypolicycaused an viceinformation. WhatsApp and time of the lookup,isde- app.Its encryption is open larus.The app has unique fea- app’sback-end server isn’t uproar among userswho could, with awarrant, see leted after30days.Acom- source,which is considered a tures, likesorting contactsby public.Asupport page states didn’t want their datashared who you’remessaging,but it panyspokeswoman said Apple best practiceamong cyberse- when they were last seen. that all code “will be released with Facebook. doesn’t keep those records can’t determine whether any curity professionals.That Cons: Telegram is often eventually.” WhatsApp spokesmanCarl proactively.And it can’t see communication took place. P2JW014000-0-B00500-1------XA
THE WALL STREET JOURNAL. Thursday, January 14, 2021 | B5
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B6 | Thursday, January 14, 2021 ** THE WALL STREET JOURNAL. BUSINESS & FINANCE Amazon E-Book Business Probed Chain Will Pay Staff BY JEFFREY A. TRACHTENBERG sued in 2019.The Tech Trans- gressively monitor this mar- TheConnecticut investiga- fornia arelooking into AND DANA MATTIOLI parencyProject, anonprofit kettoprotect fair competition tion is one of several ongoing Amazon’sbusinesspractices, that investigates technology forconsumers, authors, and probes intothe Seattle-based the Journal has reported. To Receive Connecticut is actively in- platforms,obtained the sub- othere-book retailers,” Mr. company’smarket power. In Amazon is the dominant vestigating how Amazon.com poena through an open re- Tong said in astatement. October,the House Antitrust U.S. e-book retailer,account- Inc.sells and distributes digi- cordsrequest and shared it Thepublisherscited in Subcommitteecompleted a ingfor 76%ofdigital books Va ccine talbooks,according to the with The Wall Street Journal. Connecticut’sAmazon sub- 16-month investigation into sold in the U.S. in September, state’sattorney general, the Amazon declined to com- poenainclude HarperCollins Amazon and other technology according to CodexGroup BY SARAH KROUSE latest of several stateand fed- ment. Aspokeswoman forMr. Publishers, which likeThe companies,concluding that LLC,abook audienceresearch eral probes intothe tech gi- Tong said the companyhas Wall Street Journal is owned Amazon has amassed “mo- firm. Rival sellersofdigital Dollar General Corp. is of- ant’s business practices. cooperated with the sub- by News Corp; Lagardere nopoly power” over sellerson books include Apple,Alphabet fering employees adeal: Go The investigation is exam- poena. SCA’s Hachette Book Group; itssite. Inc.’sGoogle and Barnes & getaCovid-19 vaccine and re- ining whether Amazon en- Connecticut has previously Penguin Random House,aunit TheU.S.JusticeDepart- Noble. ceive four hours of pay. gagedinanticompetitivebe- takeninterest in the e-book of closely held German media ment in 2019 launched a Thee-book market has Theretailer,which has havior in the e-book business business. In 2012, the U.S. companyBertelsmann SE; Si- broad investigation of the been controversial foryears. 157,000 employees,isamong through itsagreementswith JusticeDepartment alleged in mon &Schuster, the book market power of large tech- Amazon kick-started the busi- the first large U.S. employers certain publishers, Connecti- acivil antitrust lawsuit that publishing arm of ViacomCBS nologycompanies including nesswhen it introduced its to incentivizestaff to be vacci- cut Attorney General William five major publishersand Ap- Inc.; and Macmillan. Penguin Amazon, and the Federal Kindle e-reader in November nated, asign that companies Tong said in a statement. ple Inc.had worked together Random House has agreed to Trade Commission has over- 2007,alaunch that offered with essential workers see Connecticut asked Amazon to raise e-book prices.Con- acquire Simon &Schuster, sight of Amazon as part of a digitalbestsellersfor $9.99. massinoculation as critical in to provide documents related necticut, along with Texas,led pending regulatoryapproval. broader look intothe business Thediscounted offering overcoming the pandemic. to itsdealingswith five of the asimilar legal effort by a Allthe publisherscited in practices of big tech compa- helped Amazon build market Grocerystores, airlines and largest U.S. book publishers, group of states. the subpoena declined to com- nies.Inaddition to Connecti- share, but publishersbelieved transit companies are jockeying according to asubpoena is- “Our officecontinues to ag- ment. cut, investigatorsfromCali- it hurt the industry. forpriority access to Covid-19 vaccines fortheir workers, hoping to protect them from Thecompanydissolved in spections. rising case countsnationally Theranos 2018. Attorneysfor Ms.Holmes andgivecustomersassurance, Prosecutorsargued in are- and Mr.Balwani didn’t respond which in turn buoys business. cent court filing that Ms. to requestsfor comment on the Some big employers have Founder in Holmes wasmotivated to com- emails and text messages. said they want as manywork- mit the alleged crimes to keep Theranos replaced itslab di- ersaspossible to be vacci- up herwealth and fame.They rector with Mr.Balwani’sder- nated but will stop short of re- Spotlight mention asix-figuresalaryand matologist, who kept up his quiring staff to getshots. companyperks liketravelon full-time practiceand primarily Verizon Communications Inc. privatejets, luxuryhotel stays stopped by during lab inspec- told staff this week it won’t ContinuedfrompageB1 and access to multiple assis- S tions,according to court filings. requirethem to getvacci-
TheU.S.attorney’s officein tantstodoher personal bid- PRES Thedermatologist didn’t have a nated, and CVS Health Corp.,
the Northern District of Califor- ding.Her lifestyle,government UMA degree or boardcertification in whose pharmacistsare distrib- nia in June 2018 accused Ms. lawyerssay,included aluxury /Z pathologyorlaboratoryscience uting vaccines and are them- Holmes andformer Theranos sport-utility vehicle and renting TO but met federal and statere- selves eligible for doses, said president and chief operating an expensivehome. quirementstobealab director. it encourages but doesn’t NURPHO
officerRamesh “Sunny” Bal- “The evidenceattrial will O/ Ms.Holmes is trying to keep mandate shots.
wani of misleading Theranos in- showthat these benefitswere CA out of court aspreadsheet of Manyhourly workersface vestorsand patientsabout the meaningful to defendant, who AN text messages the government challenges in getting to vac-
company’stechnology, which closely monitored daily news to YICHU says were sent between her and cine appointments, from child- purported to test foravariety cultivateher image,” prosecu- Elizabeth Holmes seen in November 2019 at court in California. Mr.Balwani, whom she dated care needs and transportation of health conditions with asin- tors wrote. foraperiod while the two ran limitations to scheduling con- gle finger prick and afew drops Ms.Holmes countered in case at trial. They includeinter- November 2014: “I am feeling the company. straintsfromholding multiple of blood. court filingsthat she took asal- nal companycommunications pressured to vouch forresults She’salso challenging agov- jobs. Some retail workers are Thechargesfollowedase- arythat waslowerthan those sent before regulator inspec- that Icannot be confident in.” ernment motion that argues she wary of seeking medical ser- ries of articles in TheWall of otherTheranos executives tionsabout limiting auditors’ Mr.Balwani said in an email to shouldn’t be able to defend her- vices because they receivethe Street Journal revealing that and modest in comparison with access to the lab. Ms.Holmes the next daythat self by saying Silicon Valley minimum wage and oftenlack thecompanyran few testson chief executives of multibillion- In one 2013 email, Ms. the lab director should be fired. startup foundersfrequently ex- access to work-sponsored itsown proprietarymachines, dollar companies.Letting in the Holmes asks “ifthe path for He resigned amonth later. aggerate or makedramatic health insurancecoverageor which produced unreliable re- details of her wealth and life- walking the auditorsinand In atextmessagearound the promises to attractmoney,ar- paid time off. sults, and instead performed style, including her salaryand downstairshas been cemented same time,also included in the guing the request is far too “We felt the right thing to most of the testswith commer- stakeinthe company, her law- so we avoid areas that cannot court filingsbyprosecutors, Ms. vague. do wastobreak down these cial analyzers bought and some- yers argued, “invites the juryto be accessed.” Ms.Holmes said Holmes said to Mr.Balwani, Prosecutorsalso areasking barriers to vaccination,” said times altered from other com- convict Ms.Holmes based on in acourt filing that such “Fundamentally we need to the judgetoallowthem to in- Todd Vasos,Dollar General’s panies. improper emotional appeals.” emails have no bearing on the stop fighting firesbynot creat- troduceevidenceofthe real-life chief executive, adding that he Ms.Holmes and Mr.Balwani, Prosecutorsfiled manyother accuracyofTheranos’stests. ing them.” She repeatedly said consequences of Theranos’sal- didn’t want expenses associ- who will faceaseparatetrial af- documentsincourt latelast In one email that prosecu- in exchanges with Mr.Balwani leged actions,including that the ated with childcare, transit or terMs. Holmes’sconcludes, week,revealing details that tors included in their filings, that shewas praying forgood companyreceived customer lost work hourstokeep work- have pleaded not guilty. they hope to use to build their Theranos’slab director wrotein resultsfromthe regulator in- complaintsthat went ignored. ers from getting shots.
MAY11-13, 2021
WSJ.COM/FUTURE
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THE WALL STREET JOURNAL. * Thursday, January 14, 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 31060.47 t8.22, or 0.03% Trailing P/E ratio 30.82 21.63 3809.84 s8.65, or 0.23% Trailing P/E ratio * 41.17 25.46 13128.95 s 56.52, or 0.43% Trailing P/E ratio *† 40.01 28.05 High, low, open and close for each P/E estimate * 25.49 19.50 High, low, open and close for each P/E estimate * 25.45 19.65 High, low, open and close for each P/E estimate *† 31.25 24.05 trading day of the past three months. Dividend yield 1.94 2.19 trading day of the past three months. Dividend yield * 1.57 1.82 trading day of the past three months. Dividend yield *† 0.74 0.97 All-time high 31097.97, 01/08/21 All-time high 3824.68, 01/08/21 All-time high: 13201.98, 01/08/21
Current divisor 0.15198707565833 32200 3750 13100
31000 3625 12650
29800 3500 12200
65-day moving average 28600 3375 11750 Session high 65-day moving average DOWN UP 27400 3250 11300 Session open Close 65-day moving average t Close Open t 26200 3125 10850 Session low Bars measure the point change from session's open 25000 3000 10400 Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. *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* 944,270,752 53,006,955 Industrial Average 31153.37 30992.05 31060.47 -8.22 -0.03 31097.97 18591.93 7.0 1.5 6.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 386,519,927 18,556,552 Transportation Avg 13079.67 12899.24 12971.81 -79.97 -0.61 13051.78 6703.63 15.9 3.7 4.5 Most-active issues in late trading Decl. volume* 532,953,563 34,046,923 Utility Average 857.73 840.05 855.74 16.41 1.96 960.89 610.89 -4.5 -1.0 7.8 Volume After Hours Issues traded 3,240 284 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40201.59 39896.60 40067.51 37.28 0.09 40122.82 22462.76 19.1 2.2 11.6 Advances 1,670 136 iShares iBoxx $ HY Cp Bd HYG 12,848.1 87.27 … unch. 87.28 87.22 Barron's 400 900.52 893.16 893.74 -6.44 -0.72 900.18 455.11 21.0 4.9 6.3 Declines 1,496 136 DPW Holdings DPW 9,779.9 6.73 2.54 60.62 6.92 4.15 Unchanged 74 12 SPDR S&P 500 SPY Nasdaq Stock Market 4,882.7 380.46 0.67 0.18 380.71 379.66 New highs 278 17 Nasdaq Composite 13171.15 13051.06 13128.95 56.52 0.43 13201.98 6860.67 41.8 1.9 21.8 NIO ADR NIO 3,543.7 62.38 0.23 0.37 62.89 62.06 New lows 20 Nasdaq 100 13008.85 12878.02 12973.63 81.54 0.63 13105.20 6994.29 43.6 0.7 24.3 Volt Info Sci VOLT 3,387.0 2.68 -0.60 -18.29 5.55 2.67 Closing Arms† 1.35 2.06 Apple AAPL 2,917.6 130.80 -0.09 -0.07 131.09 130.75 S&P Block trades* 5,723 342 Churchill Cap Corp. IV CCIV 2,541.7 17.59 0.87 5.20 17.61 16.35 500 Index 3820.96 3791.50 3809.84 8.65 0.23 3824.68 2237.40 15.8 1.4 11.0 Nasdaq NYSE Arca Invesco QQQ Trust I QQQ 2,227.1 316.19 0.15 0.05 316.28 315.90 MidCap 400 2451.72 2424.96 2426.08 -22.80 -0.93 2448.88 1218.55 16.9 5.2 7.3 Total volume*6,985,495,512 193,301,937 SmallCap 600 1217.07 1203.00 1205.16 -10.30 -0.85 1215.46 595.67 17.3 7.7 7.5 Percentage gainers… Adv. volume*4,374,241,811 90,639,550 Decl. volume*2,575,082,118 101,042,394 Other Indexes DPW Holdings DPW 9,779.9 6.73 2.54 60.62 6.92 4.15 Issues traded 3,898 1,454 Russell 2000 2131.42 2109.72 2111.97 -15.99 -0.75 2127.96 991.16 25.5 6.9 9.9 Virgin Galactic SPCE 1,914.1 30.35 2.79 10.12 30.53 27.38 Advances 1,740 705 NYSE Composite 15045.54 14931.12 14983.61 -26.68 -0.18 15010.29 8777.38 6.6 3.2 4.1 Green Dot Cl A GDOT 55.2 59.73 3.05 5.38 59.99 56.68 Declines 2,065 730 Churchill Cap Corp. IV CCIV 2,541.7 17.59 0.87 5.20 17.61 16.35 Value Line 602.05 597.44 597.78 -4.15 -0.69 601.93 305.71 7.5 5.1 0.8 Unchanged 93 19 SOS ADR SOS 459.6 2.44 0.11 4.72 2.50 2.31 NYSE Arca Biotech 6006.45 5946.81 5952.11 -51.37 -0.86 6142.96 3855.67 14.5 3.7 9.9 New highs 428 223 NYSE Arca Pharma 705.39 699.18 702.28 3.26 0.47 706.11 494.36 5.1 1.9 7.6 ...And losers New lows 617 KBW Bank 109.20 107.64 108.55 -0.57 -0.53 110.92 56.19 -1.4 10.9 -1.3 Volt Info Sci VOLT 3,387.0 2.68 -0.60 -18.29 5.55 2.67 Closing Arms† 0.50 0.91 § PHLX Gold/Silver 145.35 142.30 142.33 -2.41 -1.67 161.14 70.12 37.6 -1.3 16.9 Virco Manufacturing VIRC 123.5 2.75 -0.30 -9.84 3.98 2.74 Block trades* 58,246 980 § PHLX Oil Service 54.19 51.96 52.38 -1.36 -2.54 75.65 21.47 -30.5 18.1 -31.7 Plymouth Industrial REIT PLYM 289.4 14.19 -0.51 -3.47 15.20 14.18 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3020.73 2980.15 2991.95 3.93 0.13 2991.95 1286.84 59.8 7.0 31.3 Party City Holdco PRTY 289.1 7.20 -0.24 -3.23 7.49 7.13 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 24.18 21.92 22.21 -1.12 -4.80 82.69 12.10 78.8 -2.4 29.8 JWN Nordstrom 96.7 36.38 -1.20 -3.19 37.62 35.30 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 0.28 World MSCI ACWI 661.49 1.84 2.4 Affirm Holdings AFRM 97.24 48.24 98.45 103.00 49.00 ... Asia Pacific Wire Cable APWC 3.82 -0.99 -20.50 4.83 0.89 143.4 0.38 MSCI ACWI ex-USA 337.55 1.29 3.4 Live Ventures LIVE 23.90 11.40 91.20 33.99 3.49 211.6 Acutus Medical AFIB 28.51 -5.50 -16.16 38.99 22.26 ... MSCI World 2739.87 5.47 0.20 1.9 Motorsport Games MSGM 35.00 15.00 75.00 38.00 20.00 ... Provention Bio PRVB 16.66 -2.80 -14.37 20.05 4.72 8.3 MSCI Emerging Markets 1364.07 10.50 0.78 5.6 Foresight Autonomous ADR FRSX 6.80 2.70 65.85 7.90 0.46 491.3 Harbor Custom Development HCDI 3.05 -0.46 -13.11 8.36 3.01 ... Americas MSCI AC Americas 1492.06 2.94 0.20 1.7 GameStop Cl A GME 31.40 11.45 57.39 38.65 2.57 581.1 Liminal BioSciences LMNL 5.05 -0.76 -13.08 31.45 3.51 -55.7 Canada S&P/TSX Comp 17934.74 –51.06 –0.28 2.9 Volt Info Sci VOLT 3.28 1.10 50.46 3.30 0.65 15.9 Forward Pharma ADR FWP 6.66 -0.99 -12.94 12.72 4.61 7.6 Latin Amer. MSCI EM Latin America 2505.75 12.67 0.51 2.2 Acorda Therapeutics ACOR 6.12 1.88 44.34 15.30 2.53 -52.1 GeoVax Labs GOVX 4.66 -0.64 -12.08 60.00 2.30 -84.5 Brazil Sao Paulo Bovespa 121933.08 –2064.92 –1.67 2.4 Cassava Sciences SAVA 11.45 3.27 39.98 12.99 1.63 35.5 Marathon Patent Group MARA 23.00 -3.15 -12.05 28.37 0.35 2228.4 Chile Santiago IPSA 3186.99 40.08 1.27 11.5 Ammo POWW 7.28 1.86 34.32 8.98 1.00 522.2 Dolphin Entertainment DLPN 4.07 -0.54 -11.71 12.45 1.63 24.8 Mexico S&P/BMV IPC 45740.15 –211.62 –0.46 3.8 Scully Royalty SRL 7.68 1.96 34.27 11.50 3.53 -33.0 Esperion Therapeutics ESPR 26.91 -3.37 -11.13 76.98 23.90 -54.1 EMEA Stoxx Europe 600 409.07 0.46 0.11 2.5 Synlogic SYBX 3.18 0.78 32.50 3.99 1.35 1.0 Rayonier Advanced Matls RYAM 7.08 -0.81 -10.27 8.63 0.90 83.4 Eurozone Euro Stoxx 406.46 0.81 0.20 2.2 Summit Midstream Partners SMLP 17.58 3.86 28.13 55.05 7.50 -65.3 American Superconductor AMSC 25.89 -2.89 -10.04 31.78 4.40 241.6 Belgium Bel-20 3725.66 –4.17 –0.11 2.9 Research Frontiers REFR 3.95 0.84 27.01 5.70 1.66 30.4 Big 5 Sporting Goods BGFV 11.62 -1.28 -9.92 13.95 0.65 195.7 China Green Agriculture CGA R.R. Donnelley Sons RRD Denmark OMX Copenhagen 20 1463.44 10.16 0.70 –0.1 6.50 1.37 26.71 6.93 1.77 62.1 2.19 -0.24 -9.88 3.60 0.72 -34.0 Matrix Service MTRX 15.36 3.13 25.59 21.60 7.11 -27.1 Lantern Pharma LTRN 15.55 -1.70 -9.86 24.84 10.40 ... France CAC 40 5662.67 11.70 0.21 2.0 Germany DAX 13939.71 14.65 0.11 1.6 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1585.75 13.68 0.87 5.8 Italy FTSE MIB 22743.65 97.58 0.43 2.3 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 644.38 0.80 0.12 3.2 Russia RTS Index 1486.77 1.81 0.12 7.2 Castor Maritime CTRM 688,150 1500.0 0.37 26.96 2.60 0.11 Live Ventures LIVE 4,679 65998 23.90 91.20 33.99 3.49 South Africa FTSE/JSE All-Share 63474.53 –60.57 –0.10 6.8 Zomedica ZOM 469,332 319.6 0.98 -24.92 1.48 0.06 Hudson Executive Inv Cl A HEC 15,103 5479 11.06 -3.91 12.19 9.66 Sundial Growers SNDL iSh ESG Aware U.S. Agg Bd EAGG Spain IBEX 35 8361.10 15.20 0.18 3.6 295,689 5.7 0.66 -1.50 3.88 0.14 4,731 5343 56.13 0.31 57.30 52.25 Exela Technologies XELA 227,108 4059.6 0.94 47.89 1.15 0.09 NuCana ADR NCNA 9,489 4271 6.40 19.85 10.59 3.81 Sweden OMX Stockholm 794.21 3.41 0.43 3.4 Biolase BIOL 211,274 1161.2 0.92 -11.54 1.38 0.21 Ammo POWW 37,109 3409 7.28 34.32 8.98 1.00 Switzerland Swiss Market 10846.88 –28.37 –0.26 1.3 Turkey BIST 100 1559.28 9.75 0.63 5.6 Naked Brand Group NAKD 157,777 15.6 0.47 -11.59 2.62 0.07 CPS Technologies CPSH 12,448 2449 7.46 9.06 8.75 0.88 U.K. FTSE 100 6745.52 –8.59 –0.13 4.4 Plug Power PLUG 151,966 312.8 69.50 5.27 73.90 2.53 ERShares Entrepreneur 30 ENTR 215 2212 28.19 0.36 29.15 14.00 U.K. FTSE 250 20616.31 –96.65 –0.47 0.6 GameStop Cl A GME 143,936 1177.4 31.40 57.39 38.65 2.57 Select Interior Concepts SIC 1,256 2137 7.43 5.84 9.40 1.25 Northern Dynasty Minerals NAK 129,285 634.9 0.60 23.16 2.49 0.31 KemPharm KMPH 3,039 1895 6.15 2.50 22.08 1.94 Asia-Pacific MSCI AC Asia Pacific 209.16 1.34 0.65 4.6 Intel INTC 123,072 232.4 56.95 6.97 69.29 43.61 Ondas Holdings ONDS 2,875 1890 12.28 25.05 14.97 3.75 Australia S&P/ASX 200 6686.60 7.52 0.11 1.5 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3598.65 –9.69 –0.27 3.6 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 28235.60 –41.15 –0.15 3.7 Track the Markets India S&P BSE Sensex 49492.32 –24.79 –0.05 3.6 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28456.59 292.25 1.04 3.7 global stock indexes, bond ETFs, Singapore Straits Times 2977.51 0.34 0.01 4.7 currencies and commodities at Currencies South Korea Kospi 3148.29 22.34 0.71 9.6 wsj.com/graphics/track-the-markets Taiwan TAIEX 15769.98 269.28 1.74 7.0 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1547.31 7.46 0.48 6.8 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004336 23065 –0.1 CREDIT MARKETS Argentina peso .0117 85.5423 1.7 Europe Brazil real .1887 5.2993 2.0 Czech Rep. koruna .04648 21.515 0.2 Canada dollar .7876 1.2698 –0.3 Denmark krone .1634 6.1185 0.4 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001355 737.80 3.8 Euro area euro 1.2160 .8224 0.5 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000288 3477.29 1.6 Hungary forint .003372 296.54 –0.2 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007774 128.63 0.7 A consumer rate against its New car loan Mexico peso .0504 19.8561 –0.1 Norway krone .1180 8.4727 –1.2 benchmark over the past year 2.50% Uruguay peso .02353 42.4950 0.3 Poland zloty .2678 3.7345 0.04 Bankrate.com avg†: 4.03% 10% Russia ruble .01354 73.863 –0.2 s Asia-Pacific Euro Sweden krona .1198 8.3499 1.5 First Command Bank 2.75% One year ago 2.00 Australian dollar .7732 1.2933 –0.5 New car loan Switzerland franc 1.1266 .8876 0.3 4.60% Fort Worth, TX 888-763-7600 t 5 China yuan .1546 6.4681 –1.0 t 1.50 Turkey lira .1350 7.4080 –0.4 s Hong Kong dollar .1290 7.7537 0.01 First Savings Bank of Hegewisch 2.75% Ukraine hryvnia .0355 28.1500 –0.7 4.20 0 Yen India rupee .01367 73.168 0.2 Chicago, IL 773-646-4200 1.00 UK pound 1.3638 .7332 0.2 Tradeweb ICE Indonesia rupiah .0000711 14060 0.1 3.80 Cambridge Savings Bank 3.24% Japan yen Middle East/Africa Wednesday Close 0.50 –5 s .009628 103.87 0.5 Cambridge, MA 888-418-5626 t WSJ Dollar Index Kazakhstan tenge .002387 418.99 –0.6 Bahrain dinar 2.6525 .3770 –0.01 Prime rate 3.40 Macau pataca .1251 7.9930 0.03 Egypt pound .0639 15.6575 –0.6 t PNC Bank 3.34% 0.00 –10 Malaysia ringgit .2472 4.0445 0.5 Israel shekel .3197 3.1279 –2.6 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7179 1.3930 0.1 Kuwait dinar 3.2979 .3032 –0.3 3.00 month(s) years F M A M J J A S O N D J Frost Bank 3.74% Pakistan rupee .00623 160.483 0.1 Oman sul rial 2.5974 .3850 ... maturity 2020 Houston, TX 800-513-7678 Philippines peso .0208 48.009 –0.01 Qatar rial .2747 3.641 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7536 1.3269 0.4 Saudi Arabia riyal .2665 3.7518 ... Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009106 1098.12 1.1 South Africa rand .0655 15.2559 3.8 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051948 192.50 3.9 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03571 28.000 –0.3 Yield (%) 52-Week Total Return (%) Thailand baht .03333 30.000 –0.1 WSJ Dollar Index 85.20 0.21 0.2 0.24 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.24 0.23 0.20 l 1.84 -1.48 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2433.960 0.670 0.650 1.760 0.400 6.498 5.077 Money market, annual yield 0.10 0.19 0.10 l 0.50 -0.24 Five-year CD, annual yield 0.55 0.56 0.55 l 1.40 -0.97 U.S. Treasury Long, Barclays 4571.260 1.690 1.680 2.270 0.980 12.427 9.366 Commodities 30-year mortgage, fixed† 2.97 2.85 2.83 l 4.22 -1.06 Aggregate, Barclays 2274.210 1.200 1.210 2.310 1.020 6.301 5.253 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.41 2.33 2.32 l 3.43 -1.06 Fixed-Rate MBS, Barclays 2229.020 1.270 1.320 2.690 0.930 3.457 3.808 DJ Commodity Jumbo mortgages, $548,250-plus† 3.02 2.87 2.85 l 4.36 -1.41 764.62 -1.33 -0.17 765.95 433.70 20.41 4.52 High Yield 100, ICE BofA 3327.289 3.641 3.538 10.740 3.538 3.570 4.909 Refinitiv/CC CRB Index 0.24 182.89 106.29 4.41 Five-year adj mortgage (ARM)† 3.06 3.15 2.85 l 3.69 -1.11 175.19 0.14 -4.11 Muni Master, ICE BofA 595.457 0.870 0.839 3.441 0.838 4.290 4.580 Crude oil, $ per barrel -0.30 58.54 -37.63 9.05 New-car loan, 48-month 4.03 4.02 4.02 l 4.50 0.77 52.91 -0.56 -8.48 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 919.322 4.507 4.399 7.480 4.295 3.434 4.381 Natural gas, $/MMBtu 2.727 -0.026 -0.94 3.354 1.482 28.63 7.40 banks.† Excludes closing costs. Gold, $ per troy oz. 1853.60 10.70 0.58 2051.50 1477.30 19.43 -2.09 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW014000-1-B00800-1------XA
B8 | Thursday, January 14, 2021 * THE WALL STREET JOURNAL.
COMMODITIES wsj.com/market-data/commodities
Futures Contracts Contract Open Cash Prices Wednesday, January 13, 2021 Open High hilo Low Settle Chg interest These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Metal & Petroleum Futures May 2,450 2,489 2,442 2,457 959,741 Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future Contract Open Open High hi lo Low Settle Chg interest March 121.40 126.00 121.40 125.25 3.85 102,492 months. May 123.80 128.00 123.50 127.25 3.80 48,269 Wednesday Wednesday Wednesday Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Jan 3.6355 3.6370 3.6115 3.6170 0.0120 1,779 March 15.55 15.98 15.51 15.84 .38 397,428 Energy Aluminum, LME, $ per metric ton *2025.5 Wheat,No.1soft white,Portld,OR-u 6.4900 March 3.6460 3.6495 3.6050 3.6170 0.0115 156,986 May 14.70 15.04 14.65 14.95 .34 207,998 Copper,Comex spot 3.6170 Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 55.100 Iron Ore, 62% Fe CFR China-s 169.0 Food Jan 1858.00 1858.60 1852.70 1853.60 10.70 229 March 28.60 28.60 28.60 28.61 .01 2,919 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.400 Shredded Scrap, US Midwest-s,m 460 Beef,carcass equiv. index Feb 1855.00 1863.00 1849.10 1854.90 10.70 311,120 July 28.90 28.90 28.90 28.90 …2,445 Steel, HRC USA, FOB Midwest Mill-s 1090 choice 1-3,600-900 lbs.-u 181.88 March 1860.00 1864.30 1852.70 1856.80 10.70 757 Cotton (ICE-US)-50,000 lbs.; cents per lb. Metals March 81.70 82.08 s 80.76 80.92 –.78 122,430 Fibers and Textiles select 1-3,600-900 lbs.-u 169.71 April 1858.60 1866.50 1853.20 1858.80 10.60 168,725 Gold, per troy oz June 1862.80 1869.80 1856.80 1861.90 10.50 39,883 May 82.35 82.83 s 81.62 81.77 –.68 56,719 Broilers, National comp wtd. avg.-u,w 0.8176 Burlap,10-oz,40-inch NY yd-n,w 0.6500 Aug 1867.20 1871.00 1859.60 1864.60 10.50 13,877 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Engelhard industrial 1861.00 Butter,AA Chicago 1.2875 Cotton,1 1/16 std lw-mdMphs-u 0.7892 Palladium (NYM) - 50 troy oz.; $ per troy oz. March 121.65 124.90 121.15 124.60 3.55 8,763 Handy & Harman base 1858.85 Cheddar cheese,bbl,Chicago 158.00 May 123.30 125.25 122.35 125.05 3.00 911 Cotlook 'A' Index-t Jan 2391.80 20.90 1 Handy & Harman fabricated 2063.32 *86.90 Cheddar cheese,blk,Chicago 191.00 March 2394.50 2409.00 2378.50 2397.10 20.90 9,286 LBMA Gold Price AM *1861.85 Hides,hvy native steers piece fob-u n.a. Milk,Nonfat dry,Chicago lb. 118.75 Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures LBMA Gold Price PM *1841.25 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1365 Jan 1105.90 43.00 357 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Krugerrand,wholesale-e 1930.14 Grains and Feeds Coffee,Colombian, NY 1.6988 April 1077.50 1113.10 1067.00 1110.70 42.90 57,919 March 204-080 206-280 204-030 206-170 2-21.0 1,060,206 Maple Leaf-e 1948.70 Eggs,large white,Chicago-u 0.7750 Silver (CMX)-5,000 troy oz.; $ per troy oz. June 204-290 2-21.0 3 American Eagle-e 1948.70 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 16.85 Jan 25.545 25.545 25.500 25.520 0.136 364 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Mexican peso-e 2245.66 Bran,wheat middlings, KC-u 150 Hams,17-20 lbs,Mid-US fob-u 0.64 March 168-110 169-220 168-080 169-120 1-06.0 1,156,596 March 25.655 25.785 25.170 25.572 0.137 137,230 Austria crown-e 1822.15 Corn,No. 2 yellow,Cent IL-bp,u 5.1400 Hogs,Iowa-So. Minnesota-u 65.72 June 167-260 1-04.0 52 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Corn gluten feed,Midwest-u,w 162.2 Pork bellies,12-14 lb MidUS-u Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria phil-e 1948.70 1.3652 Feb 53.31 53.93 s 52.58 52.91 –0.30 196,671 Corn gluten meal,Midwest-u,w 596.0 March 136-135 136-275 136-120 136-245 12.0 3,359,902 Silver, troy oz. Pork loins,13-19 lb MidUS-u 0.8229 March 53.34 53.94 s 52.60 52.96 –0.28 361,520 Cottonseed meal-u,w 440 June 135-245 13.0 575 Engelhard industrial 25.6000 Steers,Tex.-Okla. Choice-u 111.00 April 53.27 53.85 s 52.54 52.92 –0.24 168,807 Hominy feed,Cent IL-u,w 118 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman base 25.4940 Steers,feeder,Okla. City-u,w 154.69 May 53.07 53.68 s 52.41 52.81 –0.19 110,693 Meat-bonemeal,50% pro Mnpls-u,w 330 March 125-157 125-207 125-145 125-197 4.2 3,240,421 Handy & Harman fabricated 31.8680 June 52.84 53.44 s 52.21 52.63 –0.14 252,884 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Oats,No.2 milling,Mnpls-u 3.7325 LBMA spot price *£18.7800 Fats and Oils Dec 51.07 51.59 s 50.61 51.06 0.11 283,903 March 110-135 110-140 110-132 110-136 1,974,734 Rice, Long Grain Milled, No. 2 AR-u,w 26.88 (U.S.$ equivalent) *25.5250 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Sorghum,(Milo) No.2 Gulf-u 7.3450 Corn oil,crude wet/dry mill wtd. avg.-u,w 45.6000 Coins,wholesale $1,000 face-a 18832 Feb 1.5997 1.6158 s 1.5832 1.5989 .0022 74,607 Jan 99.9125 99.9125 t 99.9100 99.9100 164,334 SoybeanMeal,Cent IL,rail,ton48%-u 454.60 Grease,choice white,Chicago-h 0.3600 March 1.6031 1.6174 s 1.5843 1.6002 .0017 74,959 Feb 99.9200 99.9200 t 99.9150 99.9150 159,766 Other metals Soybeans,No.1 yllw IL-bp,u 13.9600 Lard,Chicago-u n.a. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% LBMA Platinum Price PM *1049.0 Wheat,Spring14%-pro Mnpls-u 7.3875 Soybean oil,crude;Centl IL-u 0.4331 Feb 1.5584 1.5756 s 1.5344 1.5488 –.0042 83,393 March 96-085 14.5 119,965 Platinum,Engelhard industrial 1087.0 Wheat,No.2 soft red,St.Louis-u 7.0550 Tallow,bleach;Chicago-h 0.4050 March 1.5584 1.5740 s 1.5339 1.5467 –.0051 101,781 Eurodollar (CME)-$1,000,000; pts of 100% Palladium,Engelhard industrial 2406.0 Wheat - Hard - KC (USDA) $ per bu-u Tallow,edible,Chicago-u n.a. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Jan 99.7875 99.7900 t 99.7750 99.7775 –.0075 243,109 6.5075 Feb 2.737 2.826 2.708 2.727 –.026 115,789 March 99.8100 99.8200 t 99.8100 99.8150 .0050 1,084,295 March 2.690 2.773 2.671 2.689 –.018 278,483 June 99.8150 99.8250 t 99.8150 99.8250 .0100 963,908 Sept 99.8050 99.8150 99.8050 99.8150 .0100 803,549 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; April 2.679 2.758 2.676 2.688 –.011 107,751 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 1/12 May 2.705 2.772 2.700 2.707 –.009 69,032 Currency Futures Source: Dow Jones Market Data Sept 2.845 2.894 2.828 2.848 .006 47,808 Oct 2.854 2.914 2.852 2.868 .005 106,010 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Jan .9637 .9659 .9617 .9627 –.0005 748 Agriculture Futures March .9644 .9667 .9622 .9633 –.0005 189,087 Canadian Dollar (CME)-CAD 100,000; $ per CAD Bonds | wsj.com/market-data/bonds/benchmarks Corn (CBT)-5,000 bu.; cents per bu. Jan .7866 .7886 .7846 .7876 .0015 613 March 524.00 541.50 s 522.25 524.50 7.25 802,695 March .7867 .7888 .7847 .7877 .0015 150,795 Tracking Bond Benchmarks May 526.75 544.00 s 524.50 527.75 8.75 350,866 British Pound (CME)-£62,500; $ per £ Oats (CBT)-5,000 bu.; cents per bu. Jan 1.3675 1.3701 1.3613 1.3631 –.0033 577 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March 362.25 366.25 358.50 361.75 –.25 3,712 March 1.3667 1.3707 1.3616 1.3635 –.0034 149,436 highs and lows for different types of bonds May 358.50 358.75 353.75 355.25 –1.25 538 Swiss Franc (CME)-CHF 125,000; $ per CHF Total Total Soybeans (CBT)-5,000 bu.; cents per bu. March 1.1298 1.1319 1.1269 1.1281 –.0014 49,932 return YTD total return YTD total Jan 1433.50 1438.25 s 1410.75 1411.00 –11.00 199 June 1.1293 1.1348 1.1300 1.1311 –.0014 145 Yield (%) Yield (%) close return (%) Index Latest Low High close return (%) Index Latest Low High March 1424.00 1436.50 s 1403.25 1406.25 –12.00 389,247 Australian Dollar (CME)-AUD 100,000; $ per AUD Jan .7772 .7781 .7722 .7742 –.0029 600 Soybean Meal (CBT)-100 tons; $ per ton. Mortgage-Backed Bloomberg Barclays March .7775 .7785 .7725 .7745 –.0029 143,024 Broad Market Bloomberg Barclays Jan 470.50 472.80 463.00 462.40 –8.80 521 Mexican Peso (CME)-MXN 500,000; $ per MXN Mortgage-Backed March 466.50 471.40 s 456.20 457.10 –8.30 174,242 2274.21 -0.7 U.S. Aggregate 1.020 2.310 2229.02 -0.1 1.270 0.930 2.690 Jan .05042 .05058 .05030 .05033 –.00013 84 1.200 Soybean Oil (CBT)-60,000 lbs.; cents per lb. March .05020 .05032 .04994 .05001 –.00013 150,884 U.S. Corporate Indexes Bloomberg Barclays 2176.33 -0.1 Ginnie Mae (GNMA) 1.070 0.290 2.660 Jan 43.62 44.02 t 42.93 42.68 –.45 196 Euro (CME)-€125,000; $ per € March 42.65 43.43 41.96 42.18 –.45 196,881 Jan 1.2219 1.2224 1.2142 1.2156 –.0047 1,821 3422.23 -1.1 U.S. Corporate 1.850 1.740 4.580 1316.52 -0.1 Fannie mae (FNMA) 1.340 1.110 2.690 Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 1.2223 1.2240 1.2156 1.2171 –.0047 670,033 Intermediate 2020.09 -0.1 Freddie Mac (FHLMC) 1.330 1.080 2.710 Jan 12.88 .27 1 3100.54 -0.4 1.170 1.080 4.400 March 12.84 13.14 s 12.84 13.12 .27 9,380 Index Futures 5081.98 -2.1 Long term 2.930 2.730 4.930 595.46 -0.04 Muni Master 0.870 0.838 3.441 Wheat (CBT)-5,000 bu.; cents per bu. Mini DJ Industrial Average (CBT)-$5 x index March 665.00 680.75 s 656.25 660.50 –4.50 192,298 693.42 -1.2 Double-A-rated 1.520 1.300 3.360 421.64 -0.02 7-12 year 0.861 0.771 3.447 March 30956 31060 30869 30959 –15 84,060 July 650.00 660.50 s 642.00 647.50 –3.50 88,861 June 30888 30938 30763 30847 –13 141 913.71 -0.9 Triple-B-rated 2.100 2.010 5.350 481.82 -0.1 12-22 year 1.277 1.224 3.690 Wheat (KC)-5,000 bu.; cents per bu. S&P 500 Index (CME)-$250 x index March 622.00 639.50 s 617.75 625.75 3.25 115,965 March 3807.30 3806.70 3777.30 3803.80 9.30 15,968 High Yield Bonds ICE BofA 468.57 -0.003 22-plus year 1.920 1.765 4.123 July 627.50 643.25 s 622.75 630.50 2.50 46,088 Mini S&P 500 (CME)-$50 x index 496.11 0.1 High Yield Constrained 4.310 4.236 11.400 Global Government J.P. Morgan† Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 3792.00 3813.50 3776.50 3803.75 9.25 2,565,879 Jan 132.650 134.175 t 132.000 133.575 .350 3,262 June 3780.50 3802.50 3766.75 3793.50 9.50 12,136 462.39 1.2 Triple-C-rated 8.062 8.014 19.071 611.08 -0.7 Global Government 0.620 0.390 1.030 March 133.200 134.825 t 132.675 134.325 .350 21,691 Mini S&P Midcap 400 (CME)-$100 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. March 2441.20 2452.40 s 2420.40 2422.40 –24.20 54,552 3327.29 -0.1 High Yield 100 3.641 3.538 10.740 855.12 -1.0 Canada 0.960 0.590 1.650 Feb 112.475 112.775 111.625 112.250 –.225 77,971 June … 2434.70 –23.60 n.a. 447.52 0.03 Global High Yield Constrained 4.347 4.250 11.310 419.58 -0.3 EMU§ 0.079 0.010 0.794 April 117.750 117.950 116.675 117.475 –.175 107,444 Mini Nasdaq 100 (CME)-$20 x index March 12882.50 13003.00 12820.75 12972.25 82.00 230,621 Hogs-Lean (CME)-40,000 lbs.; cents per lb. 339.36 0.5 Europe High Yield Constrained 2.750 2.464 8.183 791.03 -0.3 France -0.080 -0.160 0.430 June 12884.50 12987.00 12810.50 12958.25 81.75 1,659 Feb 67.975 68.000 t 66.700 66.850 –1.650 52,829 Mini Russell 2000 (CME)-$50 x index U.S Agency Bloomberg Barclays Germany April 73.050 73.325 72.125 72.950 –.575 67,508 550.43 -0.3 -0.430 -0.740 -0.100 March 2122.90 2132.70 s 2104.80 2110.70 –15.10 552,309 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 2117.80 2127.60 s 2101.20 2106.30 –15.20 267 1862.46 -0.3 U.S Agency 0.540 0.460 1.850 295.25 0.01 Japan 0.290 0.040 0.320 Jan 822.00 822.00 t 810.00 810.00 –12.00 76 Mini Russell 1000 (CME)-$50 x index 10-20 years March 649.80 677.40 634.90 671.50 21.60 1,789 March 2152.60 2160.30 s 2143.80 2154.50 2.70 8,065 1624.56 -0.2 0.420 0.340 1.740 616.28 -0.3 Netherlands -0.360 -0.540 0.080 Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index 4227.17 -1.2 20-plus years 1.730 1.170 2.390 1078.35 -1.6 U.K. 0.660 0.390 1.130 Jan 16.35 16.43 16.27 16.31 –.08 3,599 March 89.98 90.44 89.89 90.33 .27 34,052 Feb 18.54 19.19 18.45 18.90 .22 3,470 June 89.98 90.40 89.88 90.31 .27 678 2911.64 -0.8 Yankee 1.470 1.370 3.500 919.32 -1.5 Emerging Markets ** 4.507 4.295 7.480 Cocoa (ICE-US)-10 metric tons; $ per ton. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds March 2,498 2,538 2,486 2,499 188,085 Source: FactSet ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Macro & Market Economics Global Government Bonds: Mapping Yields Watching the Gauges: U.S. Supply and Demand Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Inventories, imports and demand for the week ended January 8. Current figures are in thousands of barrels or selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points and demand data are available monthly only. Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Inventories, 000s barrels Imports, 000s barrels per day 0.125 U.S. 2 0.145 l 0.145 0.121 1.586 0.875 10 1.089 t l 1.136 0.892 1.846 Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Current change week ago avg avg Current change week ago avg avg 5.500 Australia 2 0.113 s l 0.110 0.098 0.813 -2.8 -3.5 -78.0 Crude oil and 1.000 10 1.082 t l 1.121 0.996 1.225 -1.2 -1.4 -62.5 petroleum prod 1,334,270 ... 1,344 1,296 1,344 1,280 8,026 ... 6,902 8,370 7,446 10,047 0.000 France 2 -0.638 t l -0.618 -0.719 -0.547 -77.9 -76.3 -214.0 Crude oil 0.000 10 -0.314 t l -0.258 -0.382 0.096 -139.2 -175.4 excluding SPR 482,211 -1,900 485 429 490 456 6,239 ... 5,369 6,552 5,625 7,630 -140.9 Gasoline 245,476 ... 241 258 240 255 383 ... 445 443 500 708 0.000 Germany 2 -0.707 t l -0.687 -0.777 -0.585 -84.8 -83.2 -217.7 Finished gasoline 21,821 2,100 25 27 25 27 126 ... 16 10 86 33 0.000 10 -0.518 t l -0.465 -0.633 -0.159 -161.2 -159.9 -200.9 Reformulated 52 ... 00 00 0... 00 00 Conventional 21,769 ... 25 27 25 27 126 ... 16 10 86 33 0.050 Italy 2 -0.348 t l -0.310 -0.436 0.067 -48.9 -45.5 -152.6 Blend. components 223,655 ... 216 231 215 228 256 ... 430 433 414 675 0.900 10 0.591 t l 0.671 0.560 1.379 -50.4 -46.4 -47.2 Natural gas (bcf) 3,330 ... 33 32...... 0.100 Japan 2 -0.125 t l -0.123 -0.144 -0.133 -26.6 -26.8 -172.5 Kerosene-type 0.100 10 0.032 t l 0.037 0.013 0.000 -106.3 -109.7 -185.0 jet fuel 37,300 ... 39 40 37 42 50 ... 149 29 110 148 0.000 Spain 2 -0.511 s l -0.535 -0.636 -0.359 -68.0 -195.2 Distillates 163,205 1,900 158 147 156 151 346 ... 302 202 428 275 -65.2 Heating oil 7,583 ... 811813 0... 44 21157 1.250 10 0.059 t l 0.114 0.000 0.479 -103.5 -102.1 -137.2 Diesel 155,622 ... 150 136 148 138 346 ... 257 200 417 218 0.125 U.K. 2 -0.106 t l -0.070 -0.112 0.491 -24.7 -21.5 -110.2 Residual fuel oil 30,673 ... 30 29 31 36 220 ... 72 329 101 177 4.750 10 0.309 t l 0.355 0.173 0.779 -78.5 -78.0 -107.2 Other oils 285,665 ... 294 282 293 256 639 ... 384 636 529 883 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Net crude, petroleum products, incl. SPR 1,972,355 ... 1,982 1,931 1,982 1,947 -114 ... -1,597 74 -1,237 3,405 Corporate Debt Weekly Demand, 000s barrels per day Natural gas storage Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals Current change week ago avg avg Investment-grade spreads that tightened the most… Spread*, in basis points Total petroleum Natural gas, Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week lower 48 states 4250 product 19,607 ... 17,054 19,042 18,767 20,654 –25 t Weyerhaeuser WY 7.375 2.14 March 15, ’32 105 n.a. Finished 3250 Telefonica Emisiones TELEFO 5.213 3.57 March 8, ’47 174 –12 192 Burlington Resources … 7.400 2.25 Dec. 1, ’31 115 –11 n.a.
motor gasoline 7,532 ... 7,441 8,558 7,781 9,036 t –9 2250 Bristol–Myers Squibb BMY 7.150 0.37 June 15, ’23 22 n.a. Kerosene-type Five-year average Oglethorpe Power OGLETH 5.950 3.65 Nov. 1, ’39 182 –9 n.a. jet fuel 1,468 ... 917 1,727 1,200 1,706 for each week Santander UK SANUK 2.875 0.59 June 18, ’24 38 –9 46 Distillates 3,609 ... 2,941 3,185 3,580 3,947 1250 American Express AXP 4.050 2.56 Dec. 3, ’42 71 –8 71 Residual fuel oil 239 ... 197 412 210 277 Credit Agricole ACAFP 3.750 0.50 April 24, ’23 35 –7 35 Propane/propylene 2,104 ... 1,702 1,490 1,713 ... 250 Other oils 4,654 ... 3,857 3,670 4,284 ... J F M A M J J A S O N D …And spreads that widened the most 2020 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. DuPont de Nemours DD 2.169 1.90 May 1, ’23 175 40 146 Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Protective Life Global Funding … 0.473 0.52 Jan. 12, ’24 31 13 31 UnitedHealth UNH 3.700 0.83 Dec. 15, ’25 35 10 n.a. Exchange-Traded Portfolios | WSJ.com/ETFresearch Delta Air Lines DAL 2.000 1.99 June 10, ’28 n.a. 8 n.a. Banco Bilbao Vizcaya Argentaria BBVASM 1.125 1.02 Sept. 18, ’25 52 7 55 Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Cenovus Energy CVECN 6.750 4.30 Nov. 15, ’39 247 7 248 7 Schwab US TIPs SCHP 61.77 0.21 –0.5 Goldman Sachs GS 4.000 0.72 March 3, ’24 50 n.a. Wednesday, January 13, 2021 Closing Chg YTD ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 310.63 –0.04 1.6 Citigroup C 3.875 0.39 Oct. 25, ’23 24 6 22 Closing Chg YTD SPDR S&PMdCpTr MDY 441.73 –0.95 5.2 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 54.62 0.22 5.7 SPDR S&P 500 SPY 379.79 0.27 1.6 High-yield issues with the biggest price increases… ARKInnovationETF ARKK 141.72 0.52 13.8 iShMSCIJapan EWJ 69.20 0.29 2.4 SPDR S&P Div SDY 109.35 –0.38 3.2 CommSvsSPDR XLC iShNatlMuniBd MUB 117.08 0.03 –0.1 TechSelectSector XLK 129.88 0.64 –0.1 Bond Price as % of face value 65.45 0.35 –3.0 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week CnsmrDiscSelSector XLY 168.16 –0.01 4.6 iSh1-5YIGCorpBd IGSB 55.12 0.09 –0.1 UtilitiesSelSector XLU 62.62 1.95 –0.1 CnsStapleSelSector XLP 66.21 0.15 –1.8 iShPfd&Incm PFF 38.16 1.46 –0.9 VanEckGoldMiner GDX 35.64 –1.11 –1.1 iShRussell1000Gwth IWF 241.91 0.48 0.3 CF Industries CF 5.150 3.11 March 15, ’34 121.875 1.13 122.875 EnSelectSectorSPDR XLE 43.20 –0.78 14.0 VangdInfoTech VGT 355.56 0.50 0.5 iShRussell1000 IWB 215.82 0.24 1.9 VangdSC Val VBR FinSelSectorSPDR XLF 31.32 –0.06 6.2 150.44 –0.84 5.8 Occidental Petroleum OXY 6.450 5.42 Sept. 15, ’36 110.809 1.06 107.000 iShRussell1000Val IWD 141.43 –0.09 3.4 VangdSC Grwth VBK 281.82 –0.41 5.3 HealthCareSelSect XLV 116.98 0.27 3.1 iShRussell2000Gwth IWO 305.90 –0.47 6.7 VangdExtMkt VXF 173.53 –0.51 5.4 Genworth Financial GNW 6.500 7.33 June 15, ’34 92.997 1.00 90.750 IndSelSectorSPDR XLI 89.69 –0.86 1.3 iShRussell2000 IWM 209.75 –0.71 7.0 VangdDivApp VIG 142.11 –0.14 0.7 InvscQQQI QQQ 316.04 0.68 0.7 PulteGroup PHM 7.875 2.85 June 15, ’32 148.682 0.95 148.906 iShRussell2000Val IWN 141.28 –1.06 7.2 VangdFTSEDevMk VEA 48.64 –0.18 3.0 InvscS&P500EW RSP 131.77 –0.33 3.3 iShRussellMid-Cap IWR 71.02 –0.52 3.6 VangdFTSE EM VWO 52.59 0.32 4.9 … 0.93 iShCoreDivGrowth DGRO 45.84 0.13 2.3 Ford Motor Credit 3.096 2.09 May 4, ’23 102.250 101.480 iShS&P500Growth IVW 64.00 0.50 0.3 VangdFTSE Europe VGK 61.89 –0.31 2.7 iShCoreMSCIEAFE IEFA 70.98 –0.15 2.7 0.84 iShS&P500Value IVE 131.73 –0.05 2.9 VangdFTSEAWxUS VEU 60.49 –0.02 3.6 Telecom Italia Capital TITIM 6.000 4.00 Sept. 30, ’34 120.976 121.625 iShCoreMSCIEM IEMG 65.40 0.20 5.4 iShShortTreaBd SHV 110.51 ... –0.0 VangdGrowth VUG 254.00 0.38 0.3 iShCoreMSCITotInt IXUS 69.55 0.03 3.5 iShSilver SLV 23.44 –1.18 –4.6 VangdHlthCr VHT 232.06 0.25 3.7 …And with the biggest price decreases iShCoreS&P500 IVV 381.16 0.25 1.5 iShTIPSBondETF TIP 126.97 0.22 –0.5 VangdHiDiv VYM 95.05 0.06 3.9 iShCoreS&P MC IJH 241.77 –0.97 5.2 iSh1-3YTreasuryBd SHY 86.33 –0.01 –0.1 VangdIntermBd BIV 92.09 0.29 –0.8 Cleveland–Cliffs CLF 6.250 6.89 Oct. 1, ’40 93.100 –1.93 n.a. iShCoreS&P SC IJR 98.98 –0.88 7.7 iSh7-10YTreasuryBd IEF 118.40 0.35 –1.3 VangdIntrCorpBd VCIT 96.49 0.36 –0.7 Sprint Capital … 6.875 2.89 Nov. 15, ’28 127.750 –0.75 130.625 iShS&PTotlUSStkMkt ITOT 88.15 0.09 2.2 iSh20+YTreasuryBd TLT 152.65 1.13 –3.2 VangdLC VV 178.58 0.25 1.6 iShCoreUSAggBd AGG 117.36 0.32 –0.7 iShRussellMCGrowth IWP 105.81 –0.53 3.1 VangdMC VO 213.77 –0.29 3.4 Genworth Holdings … 4.900 7.50 Aug. 15, ’23 94.000 –0.50 93.129 iShSelectDividend DVY 100.80 –0.07 4.8 iShUSTreasuryBdETF GOVT 27.10 0.28 –0.5 VangdMBS VMBS 53.98 0.11 –0.2 Teva Pharmaceutical Finance … 6.150 5.35 Feb. 1, ’36 108.250 –0.50 107.000 iShESGAwareUSA ESGU 87.62 0.25 1.8 JPM UltShtIncm JPST 50.79 –0.02 ... VangdRealEst VNQ 83.16 1.22 –2.1 iShEdgeMSCIMinUSA USMV 67.60 –0.01 –0.4 PIMCOEnhShMaturity MINT 102.07 0.02 0.0 VangdS&P500ETF VOO 349.03 0.25 1.6 Howmet Aerospace HWM 5.950 4.12 Feb. 1, ’37 121.281 –0.47 121.450 iShEdgeMSCIUSAMom MTUM 167.46 0.35 3.8 SPDR BlmBarcHYBd JNK 108.89 0.28 –0.0 VangdST Bond BSV 82.78 0.06 –0.1 iShEdgeMSCIUSAQual QUAL 116.47 0.03 0.2 SPDRBloomBar1-3MTB BIL 91.51 ... –0.0 VangdSTCpBd VCSH 83.15 0.10 –0.1 Bombardier BBDBCN 6.125 6.60 Jan. 15, ’23 99.125 –0.43 98.700 iShGoldTr IAU 17.62 –0.34 –2.8 SPDR Gold GLD 173.37 –0.43 –2.8 VangdSC VB 205.56 –0.60 5.6 Ford Motor F 6.625 4.09 Oct. 1, ’28 116.625 –0.37 n.a. iShiBoxx$InvGrCpBd LQD 136.52 0.78 –1.2 SchwabIntEquity SCHF 37.16 –0.16 3.2 VangdTotalBd BND 87.39 0.26 –0.9 iShiBoxx$HYCpBd HYG 87.27 0.30 –0.0 SchwabUS BrdMkt SCHB 93.05 0.15 2.3 VangdTotIntlBd BNDX 58.44 0.40 –0.2 American Airlines AAL 5.000 14.72 June 1, ’22 88.250 –0.30 88.000 iShJPMUSDEmgBd EMB 113.63 0.47 –2.0 SchwabUS Div SCHD 66.35 –0.38 3.4 VangdTotIntlStk VXUS 62.26 –0.02 3.5 iShMBSETF MBB 110.11 0.05 –0.0 SchwabUS LC SCHX 92.63 0.18 1.8 VangdTotalStk VTI 198.98 0.11 2.2 *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. iShMSCI ACWI ACWI 93.01 0.06 2.5 SchwabUS LC Grw SCHG 128.89 0.44 0.4 VangdTotlWrld VT 95.11 0.08 2.7 Note: Data are for the most active issue of bonds with maturities of two years or more iShMSCI EAFE EFA 74.98 –0.13 2.8 SchwabUS SC SCHA 95.12 –0.66 6.9 VangdValue VTV 122.97 0.07 3.4 Source: MarketAxess P2JW014000-0-B00900-1------XA
THE WALL STREET JOURNAL. Thursday, January 14, 2021 | B9 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. LibertyFormOne C FWONK 39.61 -0.51 s PayPal PYPL 244.90 7.26 Ryanair RYAAY 107.49 -0.39 TRowePrice TROW 157.20 -1.11 s Uber UBER 59.40 0.86 WarnerMusic WMG 35.74 0.83 Market listed securities. Prices are composite dd-Indicates loss in the most recent G H I LibertyBraves A BATRA 25.59 -0.59 Pegasystems PEGA 131.83 -0.67 SAP SAP 128.06 -1.34 TaiwanSemi TSM119.23 -3.77 Ubiquiti UI 243.76 -9.47 WasteConnections WCN 102.77 -0.22 LibertyBraves C BATRK 25.33 -0.51 s Peloton PTON 167.42 11.38 S&P Global SPGI 312.05 -3.81 TakeTwoSoftware TTWO 199.50 0.35 UltaBeauty ULTA 294.01 -0.21 WasteMgt WM 116.21 -0.19 quotations that include primary market trades four quarters. GDS Holdings GDS 101.41 -1.76 LibertySirius B LSXMB 43.00 0.94 PembinaPipeline PBA 26.83 -0.08 SBA Comm SBAC 265.42 4.21 TakedaPharm TAK 18.06 -0.21 UltragenyxPharm RARE 134.71 -2.93 Waters WAT 264.80 -1.71 as well as trades reported by Nasdaq BX FD-First day of trading. GFLEnvironmental GFL 29.19 0.11 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing LibertySirius A LSXMA 41.03 -0.72 s PennNational PENN 104.21 -1.74 SEI Investments SEIC 60.01 -1.23 Tapestry TPR 34.03 -1.31 UnderArmour C UA 15.91 -0.42 Watsco WSO 235.37 -4.28 GSXTechedu GSX 53.50 7.29 Cboe, NYSE National and Nasdaq ISE. standards LibertySirius C LSXMK 40.92 -0.46 s Pentair PNR 58.44 -0.04 SK Telecom SKM 25.38 0.20 s Target TGT 196.82 -2.28 UnderArmour A UAA 18.45 -0.42 Wayfair W 309.10 29.45 Gallagher AJG 117.93 -0.61 The list comprises the 1,000 largest lf-Late filing EliLilly LLY 185.50 6.70 Penumbra PEN 223.01 9.42 SS&C Tech SSNC 68.80 -1.72 TataMotors TTM 16.27 -0.28 Unilever UL 59.17 0.08 Weibo WB 41.40 -0.24 Gaming&Leisure GLPI 40.40 -0.13 companies based on market capitalization. q-Temporary exemption from Nasdaq LincolnNational LNC 51.66 -0.63 PepsiCo PEP 142.59 1.16 StoreCapital STOR 30.82 0.50 TeckRscsB TECK 19.00 -0.62 UnionPacific UNP 216.61 -2.03 WellsFargo WFC 33.80 -0.14 requirements. Gap GPS 22.23 -1.07 Underlined quotations are those stocks with Linde LIN 267.73 1.11 PerkinElmer PKI 151.52 -0.46 s SVB Fin SIVB 442.19 -4.53 TeladocHealth TDOC 231.79 1.70 UnitedAirlines UAL 44.43 0.35 Welltower WELL 63.81 2.72 t-NYSE bankruptcy Garmin GRMN 120.79 -1.23 large changes in volume compared with the LithiaMotors LAD 315.86 -8.55 PetroChina PTR 33.40 0.90 Salesforce.com CRM 218.18 2.66 TeledyneTech TDY 386.96 4.45 UnitedMicro UMC 8.89 0.16 WestPharmSvcs WST 298.00 -0.49 v-Trading halted on primary market. Gartner IT 165.23 -3.35 issue’s average trading volume. LiveNationEnt LYV 73.32 -0.05 PetroleoBrasil PBR 11.21 -0.51 Sanofi SNY 48.04 -0.31 Teleflex TFX 397.75 0.69 UPS B UPS 163.11 -0.80 WesternDigital WDC 49.47 -0.43 vj-In bankruptcy or receivership or Generac GNRC 252.63 -6.42 LloydsBanking LYG 1.94 -0.03 PetroleoBrasilA PBR.A 10.98 -0.58 Schlumberger SLB 25.46 -0.68 Ericsson ERIC 11.74 -0.10 UnitedRentals URI 254.45 -7.69 WesternUnion WU 22.39 -0.02 Boldfaced quotations highlight those issues being reorganized under the GeneralDynamics GD 152.63 -0.87 LockheedMartin LMT 345.49 3.64 Pfizer PFE 36.86 -0.32 SchwabC SCHW 59.51 -1.69 TelefonicaBras VIV 8.42 0.04 US Bancorp USB 49.51 -0.14 WestlakeChem WLK 87.44 -3.09 whose price changed by 5% or more if their Bankruptcy Code, or securities GeneralElec GE 11.57 -0.21 Loews L 47.14 0.22 PhilipMorris PM 81.21 0.14 ScottsMiracleGro SMG 224.72 -1.46 Telefonica TEF 4.84 0.40 UnitedHealth UNH 355.04 -2.33 WestpacBanking WBK 15.96 0.04 previous closing price was $2 or higher. assumed by such companies. GeneralMills GIS 55.39 1.02 LogitechIntl LOGI 103.72 1.79 Phillips66 PSX 71.77 -1.97 s Sea SE 226.78 8.30 TelekmIndonesia TLK 24.73 -0.08 UnitySoftware U 151.13 4.14 s WestRock WRK 46.94 -0.31 s GeneralMotors GM 48.73 0.91 Lowe's LOW 169.83 0.84 Pinduoduo PDD 164.80 -4.68 Seagate STX 59.89 0.86 s 10xGenomics TXG 175.52 7.83 UnivDisplay OLED 245.95 -1.33 Weyerhaeuser WY 32.16 -0.55 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and s Genmab GMAB 42.83 1.70 LufaxHolding LU 14.32 -0.68 PinnacleWest PNW 77.93 1.51 Seagen SGEN 176.69 -3.68 Tenaris TS 17.09 -0.51 UniversalHealthB UHS 135.68 -1.89 WheatonPrecMet WPM 41.16 -1.46 changes in the closing prices from 4 p.m. the previous day. Genpact G 40.88 -0.55 lululemon LULU 352.14 -4.79 s Pinterest PINS 72.76 -2.31 SempraEnergy SRE 121.15 3.15 TencentMusic TME 21.15 -0.31 VEREIT VER 35.60 0.06 Whirlpool WHR 191.97 7.69 Gentex GNTX 36.03 -1.51 LumenTech LUMN 10.79 0.07 PioneerNatRscs PXD 130.93 -4.19 SensataTechs ST 55.52 -0.90 Teradyne TER 136.02 -1.07 VF VFC 85.57 -1.98 Williams WMB 22.24 -0.19 GenuineParts GPC 105.89 -2.41 Wednesday, January 13, 2021 Net Net Lumentum LITE 107.29 -1.64 PlainsAllAmPipe PAA 10.27 0.09 ServiceCorp SCI 49.70 -0.36 Tesla TSLA 854.41 4.97 VICI Prop VICI 25.27 0.04 s Williams-Sonoma WSM 119.93 1.68 Stock Sym Close Stock Sym Close Gerdau GGB 5.03 -0.13 Net Chg Chg Lyft LYFT 49.78 -0.90 PlainsGP PAGP 10.58 0.02 ServiceNow NOW 521.71 8.50 TevaPharm TEVA 11.55 -0.17 VailResorts MTN 284.54 0.76 WillisTowers WLTW 204.27 4.32 GileadSciences GILD 61.54 -0.54 s Vale VALE 18.15 -0.56 Stock Sym Close Chg s BentleySystems BSY 52.00 -1.29 CreditSuisse CS 13.96 -0.11 LyondellBasell LYB 97.14 -2.07 s PlugPower PLUG 69.50 3.48 ShawComm B SJR 17.69 -0.06 TexasInstruments TXN 171.41 -0.89 s Wipro WIT 6.45 -0.07 GSK GSK 37.68 0.22 ValeroEnergy VLO 57.70 -1.81 Berkley WRB 66.56 -0.69 Cree CREE 119.59 -0.95 Pool POOL 373.72-11.28 SherwinWilliams SHW 728.14-11.02 Textron TXT 48.94 -0.81 Wix.com WIX 253.51 -7.32 GlobalPayments GPN 199.05 -1.49 M N VarianMed VAR 175.48 -0.20 A B C s BerkHathwy A BRK.A 3531942734.00 CrowdStrike CRWD 226.42 -7.17 PrincipalFin PFG 52.70 0.14 ShinhanFin SHG 31.38 0.78 ThermoFisherSci TMO 501.71 2.94 Woodward WWD 124.33 -2.31 Globant GLOB 212.67 -4.93 Shopify SHOP 1199.82 11.58 Vedanta VEDL 9.85 -0.28 BerkHathwy B BRK.B 234.51 1.48 CrownCastle CCI 152.69 2.23 M&T Bank MTB 146.71 -2.94 Procter&Gamble PG 137.26 0.21 ThomsonReuters TRI 79.45 0.24 Workday WDAY 229.07 3.45 s ABB ABB 30.27 -0.07 GlobeLife GL 95.91 0.26 Sibanye-Stillwater SBSW 16.42 0.07 VeevaSystems VEEV 282.00 -1.14 BestBuy BBY 113.22 -1.49 CrownHoldings CCK 98.39 -0.39 MGMGrowthProp MGP 30.86 -0.15 Progressive PGR 94.93 -0.14 3M MMM 166.28 -0.23 WynnResorts WYNN 107.90 -2.10 AcadiaPharm ACAD 53.31 -0.26 GoDaddy GDDY 81.82 0.56 s SignatureBank SBNY 153.72 3.25 Ventas VTR 48.10 1.40 s Bilibili BILI 119.31 3.87 Cummins CMI 240.87 -1.16 MGM Resorts MGM 30.04 -0.25 Prologis PLD 95.41 0.70 Toro TTC 100.11 0.58 XP XP 39.73 -0.77 AECOM ACM 53.75 -0.27 GoldFields GFI 9.19 -0.20 SimonProperty SPG 88.87 3.44 VeriSign VRSN 199.40 0.82 Bill.com BILL 134.50 -1.50 CureVac CVAC 98.25 -3.55 MinisoGroup MNSO 30.59 -0.50 Proofpoint PFPT 135.50 -4.00 TorontoDomBk TD 58.73 -0.14 XPO Logistics XPO 119.38 -5.21 s AES AES 26.88 0.86 GoldmanSachs GS 302.94 0.73 SiriusXM SIRI 5.89 0.01 VeriskAnalytics VRSK 196.88 0.24 Bio-Techne TECH 330.58 -3.43 CyrusOne CONE 70.73 1.83 MKS Instrum MKSI 166.96 -4.09 PrudentialFin PRU 82.24 -0.05 Total TOT 45.59 0.40 XcelEnergy XEL 65.01 1.61 Aflac AFL 46.09 -0.09 GoodRx GDRX 43.33 -0.46 SiteOneLandscape SITE 168.21 -5.37 Verizon VZ 57.06 -0.20 Bio-RadLab A BIO 604.32 -5.72 MPLX MPLX 24.91 0.06 Prudential PUK 38.54 -0.55 ToyotaMotor TM 150.65 -1.10 Xilinx XLNX 141.17 -5.50 s AGCO AGCO 114.67 0.03 Graco GGG 74.29 -1.36 Skyworks SWKS 157.89 -0.29 VertxPharm VRTX 227.10 -2.28 Bio-RadLab B BIO.B 605.65 31.50 D E F MSCI MSCI 438.40-14.79 PublicServiceEnt PEG 58.68 1.33 TractorSupply TSCO 153.18 1.43 XPeng XPEV 51.66 -2.64 AGNC Invt AGNC 15.52 -0.04 Grainger GWW 388.49-13.17 SlackTech WORK 42.29 0.15 ViacomCBS A VIACA 43.52 1.35 Biogen BIIB 266.67 -0.72 MagellanMid MMP 46.10 -0.26 PublicStorage PSA 224.79 2.55 TradeDesk TTD 785.45-20.15 Xylem XYL 105.21 -0.62 s Ansys ANSS 375.58 2.31 DISH Network DISH 32.38 -0.66 Grifols GRFS 19.25 0.11 Smartsheet SMAR 68.88 -0.06 s ViacomCBS B VIAC 43.12 1.34 BioMarinPharm BMRN 81.94 0.82 MagnaIntl MGA 75.13 -0.99 PulteGroup PHM 42.56 -0.10 Tradeweb TW 66.34 1.36 Yandex YNDX 68.99 -0.61 s ASETech ASX 7.13 0.38 DTE Energy DTE 121.83 2.57 Grubhub GRUB 79.31 -3.71 SmithAO AOS 58.32 -0.46 Viatris VTRS 18.40 0.16 BioNTech BNTX 102.61 -2.84 ManulifeFin MFC 19.18 0.20 Qiagen QGEN 53.33 0.37 TraneTech TT 150.95 -0.99 YatsenHolding YSG 18.83 -0.34 s ASML ASML 514.06 0.13 DadaNexus DADA 41.22 -3.96 s GuardantHealth GH 159.36 -0.71 Smith&Nephew SNN 43.21 0.76 Vipshop VIPS 28.59 -0.76 BlackKnight BKI 84.39 -1.11 MarathonPetrol MPC 44.32 -1.26 Qorvo QRVO 180.07 -2.25 TransDigm TDG 611.01 -6.90 YumBrands YUM 107.15 -0.52 AT&T T 28.61 -0.14 Danaher DHR 239.84 -0.85 Guidewire GWRE 127.26 -1.66 Smucker SJM 111.55 0.32 Visa V 209.35 0.49 s BlackRock BLK 779.75 2.01 Markel MKL 1015.52-11.67 Qualcomm QCOM 157.42 2.97 TransUnion TRU 93.64 -0.02 YumChina YUMC 58.41 0.22 AbbottLabs ABT 112.15 3.31 Darden DRI 124.86 -2.47 HCA Healthcare HCA 170.47 -1.77 s Vistra VST 21.80 0.24 Blackstone BX 63.97 1.39 MarketAxess MKTX 536.32 7.64 QuantaServices PWR 74.77 -1.49 Snap SNAP 53.43 -3.02 s Travelers TRV 142.25 1.83 ZTO Express ZTO 29.94 -0.34 s AbbVie ABBV 112.45 2.67 s DarlingIngred DAR 66.30 -0.52 s HDFC Bank HDB 75.66 0.85 VMware VMW 133.20 -9.71 Boeing BA 207.21 -1.20 Marriott MAR 126.51 -0.88 QuestDiag DGX 125.45 -0.77 SnapOn SNA 171.59 -2.67 s Trex TREX 92.160.28 s ZaiLab ZLAB 153.65 2.33 AbCelleraBio ABCL 43.88 3.93 Datadog DDOG 104.85 -0.73 HP HPQ 25.71 -0.20 Vodafone VOD 17.45 0.29 BookingHldgs BKNG 2182.42-13.92 Marsh&McLen MMC 113.48 0.48 Quidel QDEL 197.94 -5.25 Snowflake SNOW 296.55 3.20 Trimble TRMB 70.02 -1.89 ZebraTech ZBRA 412.45 4.50 Abiomed ABMD 323.71 -0.96 DaVita DVA 120.76 -3.04 HSBC HSBC 27.42 -0.59 VulcanMatls VMC 161.60 -4.60 s BoozAllen BAH 91.36 -1.33 MartinMarietta MLM 305.03 -9.78 SOQUIMICH SQM 58.88 -1.18 Trip.com TCOM 32.98 0.32 Zendesk ZEN 147.11 -5.55 Accenture ACN 257.08 -0.44 s DeckersOutdoor DECK 324.34 -8.28 Halliburton HAL 21.57 -0.56 R S BorgWarner BWA 40.15 -1.02 MarvellTech MRVL 50.24 -0.40 SolarEdgeTech SEDG 335.40-10.90 TruistFinl TFC 52.08 -0.17 Zillow C Z 143.23 -3.09 ActivisionBliz ATVI 89.77 0.52 s Deere DE 301.22 -0.87 HartfordFinl HIG 51.90 0.04 Sony SNE 103.89 -0.14 W X Y Z BostonBeer SAM 923.43 4.78 Masco MAS 56.06 -0.46 RELX RELX 24.86 -0.14 s Twilio TWLO 369.00 -6.15 Zillow A ZG 149.88 -2.33 AdaptiveBiotech ADPT 63.49 1.03 DellTechC DELL 71.23 -5.52 Hasbro HAS 99.25 0.13 Southern SO 59.71 0.89 BostonProps BXP 92.09 0.63 Masimo MASI 276.27 -1.84 RH RH 503.09 -5.72 TwistBiosci TWST 168.41 5.57 WEC Energy WEC 87.86 2.59 ZimmerBiomet ZBH 162.95 3.12 Adobe ADBE 472.05 0.40 DeltaAir DAL 40.45 0.15 HealthcareAmer HTA 28.28 1.62 SoCopper SCCO 70.24 -1.57 BostonSci BSX 36.06 0.73 Mastercard MA 346.33 3.41 RPM RPM 87.75 -1.45 Twitter TWTR 47.22 0.18 WEX WEX 211.88 2.16 ZionsBancorp ZION 49.79 -0.57 AdvanceAuto AAP 171.76 -4.91 DenaliTherap DNLI 76.20 -1.54 HealthpeakProp PEAK 29.44 0.83 SouthwestAir LUV 47.99 -0.14 BridgeBioPharma BBIO 65.68 -2.96 s MaximIntProducts MXIM 95.43 -0.39 RalphLauren RL 112.94 -1.57 TylerTech TYL 421.99 -2.68 W.P.Carey WPC 66.59 0.27 Zoetis ZTS 161.95 -4.17 AdvMicroDevices AMD 91.78 -3.58 DentsplySirona XRAY 59.51 -0.44 Heico HEI 138.02 0.94 Splunk SPLK 170.65 3.64 BrightHorizons BFAM 156.24 -3.45 McAfee MCFE 18.83 -0.66 RaymondJames RJF 101.88 -1.65 TysonFoods TSN 64.09 0.08 WPP WPP 54.33 -1.23 ZoomVideo ZM 364.63 7.82 Aegon AEG 4.19 -0.12 DeutscheBank DB 11.72 -0.09 Heico A HEI.A 122.18 0.56 s Spotify SPOT 347.06 0.05 BristolMyers BMY 64.73 -0.70 McCormick MKC 93.26 0.81 RaytheonTech RTX 70.50 -1.02 UBS Group UBS 15.11 -0.25 s Wabtec WAB 82.70 -0.88 ZoomInfoTech ZI 45.02 1.01 AgilentTechs A 126.98 0.01 DevonEnergy DVN 19.13 -0.58 s HenrySchein HSIC 73.88 0.09 Square SQ 230.92 3.40 BritishAmTob BTI 37.91 0.53 McCormickVtg MKC.V 93.01 0.66 RealPage RP 86.72 -0.06 UDR UDR 38.25 0.72 WalgreensBoots WBA 48.94 0.98 s Zscaler ZS 207.08 1.18 AgnicoEagle AEM 70.10 -0.33 DexCom DXCM 362.55 2.38 Hershey HSY 149.92 0.54 StanleyBlackDck SWK 173.43 -3.04 Broadcom AVGO 451.21 1.82 McDonalds MCD 212.09 0.49 RealtyIncome O 57.78 -0.03 US Foods USFD 35.73 -0.38 Walmart WMT 147.45 -1.52 Zynga ZNGA 9.81 0.24 AirProducts APD 290.67 7.61 Diageo DEO 160.18 0.69 Hess HES 62.10 -1.74 Starbucks SBUX 102.89 0.07 BroadridgeFinl BR 154.22 -0.54 McKesson MCK 183.40 0.13 Redfin RDFN 78.07 -2.69 s Airbnb ABNB 169.99 9.19 DiamondbkEner FANG 61.54 -1.33 HewlettPackard HPE 12.17 0.03 StateStreet STT 78.66 -1.76 BrookfieldMgt BAM 38.19 -0.53 MedicalProp MPW 21.21 0.53 RegencyCtrs REG 46.37 1.62 AkamaiTech AKAM 101.68 ... DigitalRealty DLR 133.15 1.64 HighwoodsProp HIW 39.36 1.35 SteelDynamics STLD 40.73 -1.05 BrookfieldInfr BIP 50.63 -0.29 Medtronic MDT 118.72 1.43 RegenPharm REGN 511.90 6.15 Albemarle ALB 179.92 -2.58 DiscoverFinSvcs DFS 96.99 1.66 Hilton HLT 111.87 -0.46 Steris STE 194.10 2.04 BrookfieldPropREIT BPYU 17.06 0.15 MelcoResorts MLCO 17.11 -0.74 RegionsFin RF 18.16 -0.10 Albertsons ACI 17.12 0.02 DiscoveryB DISCB 37.51 -0.39 Hologic HOLX 77.85 0.20 STMicroelec STM 41.01 -0.10 Dividend Changes BrookfieldRenew BEPC 59.57 0.11 MercadoLibre MELI 1798.19-11.90 ReinsGrp RGA 113.63 -2.46 s Alcon ALC 69.79 2.08 s DiscoveryA DISCA 36.69 1.39 HomeDepot HD 274.05 -2.28 StoneCo STNE 79.58 -0.30 Brown&Brown BRO 46.28 -0.57 Merck MRK 82.34 -0.75 RelianceSteel RS 132.12 -3.09 AlexandriaRlEst ARE 168.90 4.89 s DiscoveryC DISCK 31.75 1.18 HondaMotor HMC 28.03 0.03 Stryker SYK 243.20 3.99 Brown-Forman B BF.B 75.64 -0.42 MetLife MET 50.33 0.13 RenaissanceRe RNR 167.02 -1.08 Dividend announcements from January 13. AlexionPharm ALXN 156.44 0.85 Disney DIS 176.12 0.13 Honeywell HON 207.02 -1.86 SumitomoMits SMFG 6.74 0.01 Brown-Forman A BF.A 70.73 -0.52 MettlerToledo MTD 1216.63 -3.85 Repligen RGEN 207.97 1.64 Alibaba BABA 235.30 9.70 DocuSign DOCU 255.85 -6.80 HorizonTherap HZNP 77.10 -1.63 SunComms SUI 141.30 -0.90 Amount Payable / Bruker BRKR 58.04 -1.04 MicrochipTech MCHP 150.70 1.38 RepublicSvcs RSG 94.44 -0.81 AlignTech ALGN 551.14 -1.74 DolbyLab DLB 95.12 -0.55 HormelFoods HRL 44.01 -0.06 SunLifeFinancial SLF 47.70 0.01 Company Symbol Yld %New/Old Frq Record BuildersFirstSrc BLDR 38.60 -0.90 MicronTech MU 79.91 0.45 ResMed RMD 216.48 -0.40 Alleghany Y 623.36 -3.54 DollarGeneral DG 218.22 -0.16 DR Horton DHI 68.72 0.29 SuncorEnergy SU 18.51 -0.37 s Bunge BG 70.43 0.74 Microsoft MSFT 216.34 1.41 RestaurantBrands QSR 63.18 0.53 Allegion ALLE 117.01 -2.87 DollarTree DLTR 112.47 -1.71 HostHotels HST 14.75 0.16 SunRun RUN 90.63 -2.81 Increased BurlingtonStrs BURL 258.10 -4.59 MidAmApt MAA 126.42 1.73 RingCentral RNG 387.71 -0.09 AlliantEnergy LNT 48.75 0.72 DominionEner D HowmetAerospace HWM 28.13 -0.74 Suzano SUZ 11.30 -0.22 Broadmark Realty Capital BRMK 8.0 .07 /.06 M Feb12 /Jan29 CBRE Group CBRE 61.81 -1.23 72.24 0.71 Middleby MIDD135.71 -5.47 RioTinto RIO 81.76 -2.26 Allstate ALL 108.88 -0.90 HuanengPower HNP 15.19 0.52 s SynchronyFin SYF 37.41 0.85 MSB Q CDW CDW 134.95 0.53 Domino's DPZ 381.86 -3.64 MiratiTherap MRTX 201.96 -4.06 RocketCos. RKT 19.93 0.30 Mesabi Trust 5.2 .46 /.36 Feb22 /Jan30 s AllyFinancial ALLY 39.56 1.19 s Huazhu HTHT 46.05 0.94 s SyneosHealth SYNH 75.05 0.44 s CF Industries CF 45.29 -0.45 DoorDash DASH 198.00 6.01 MitsubishiUFJ MUFG 4.81 0.01 Rockwell ROK 262.42 -3.05 STAG Industrial STAG 4.7 .1208 /.12 M Feb16 /Jan29 s AlnylamPharm ALNY170.93 5.28 Hubbell HUBB 165.66 -6.26 Synopsys SNPS 257.14 -1.44 CGI GIB 79.31 0.46 Dover DOV 127.12 -2.48 MizuhoFin MFG 2.79 -0.01 RogersComm B RCI 47.95 0.45 HubSpot HUBS 400.32 -6.75 Sysco SYY 76.14 -2.23 Initial Alphabet A GOOGL 1747.25 9.82 CH Robinson CHRW 95.71 -2.19 s Dow DOW 60.03 -1.01 MobileTeleSys MBT 9.07 -0.10 s Humana HUM 416.02 -6.45 Roku ROKU 408.60 -6.69 Alphabet C GOOG 1754.40 7.85 CME Group CME 197.95 -3.54 DrReddy'sLab RDY 71.76 -0.29 Moderna MRNA 124.06 -0.49 Del Taco Restaurants TACO 1.6 .04 Feb23 /Feb02 JBHunt JBHT 149.22 0.19 Rollins ROL 39.86 -1.65 T U V AlticeUSA ATUS 35.22 -0.22 CMS Energy CMS 57.77 1.40 DraftKings DKNG 54.63 1.24 s MohawkInds MHK 149.67 -1.20 HuntingtonBcshs HBAN 14.87 -0.03 RoperTech ROP 413.15-16.84 Foreign Altria MO 41.09 0.16 CNA Fin CNA 39.80 -0.05 DropboxDBX 22.12 -1.49 MolinaHealthcare MOH 228.59 -9.30 RossStores ROST 119.16 -2.00 TAL Education TAL 65.81 0.30 IAA IAA 63.15 -2.94 AON Q AlumofChina ACH 8.89 -0.09 s CNH Indl CNHI 13.55 -0.12 DukeEnergy DUK 91.56 2.63 MolsonCoorsB TAP 52.29 0.44 Aon 0.9 .46 Feb12 /Feb01 ICICI Bank IBN 15.28 0.07 RoyalBkCanada RY 85.44 0.13 TC Energy TRP 43.22 0.81 Amazon.com AMZN 3165.89 45.06 CNOOC CEO 97.73 3.06 DukeRealty DRE 38.64 0.48 Mondelez MDLZ 57.37 0.05 ArcelorMittal Nts 2023 MTCN 2.4 .34375 Q Feb18 /Feb03 IdexxLab IDXX 497.58 0.85 RoyalCaribbean RCL 72.25 -0.22 TE Connectivity TEL 129.91 0.38 Ambev ABEV 3.08 -0.11 CRH CRH 44.62 -1.34 Dun&Bradstreet DNB 25.64 -0.31 MongoDB MDB 375.81 5.01 IHS Markit INFO 85.45 -1.33 RoyalDutchA RDS.A 40.66 -0.53 Telus TU 20.64 -0.09 Amcor AMCR 11.43 -0.20 CRISPR Therap CRSP 193.84 3.50 DuPont DD 83.49 -2.87 MonolithicPower MPWR 388.22 -3.30 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and II-VI IIVI 87.53 0.32 RoyalDutchB RDS.B 38.76 -0.58 TJX TJX 68.13 -0.27 Amdocs DOX 70.20 -0.11 CSX CSX 94.64 -1.25 Dynatrace DT 43.67 0.77 MonsterBev MNST 91.87 -2.12 RoyaltyPharma RPRX T-MobileUS TMUS ING Groep ING 9.59 -0.17 49.97 0.53 128.50 -0.19 ratio; SO: spin-off. Amedisys AMED 289.68 -6.14 ENI E 22.06 -0.10 Moody's MCO 274.25 0.19 C3.ai AI 143.14 9.16 s Invesco IVZ 19.52 -0.06 Amerco UHAL 475.64 -5.67 EOG Rscs EOG 60.47 -1.97 MorganStanley MS 75.56 -0.24 CVS Health CVS 74.92 -1.34 IPG Photonics IPGP 240.50 -7.11 Ameren AEE 75.50 1.26 CableOne CABO EPAM Systems EPAM 333.54 1.81 Morningstar MORN 217.00 -5.49 1977.39-25.11 IQVIA IQV 189.36 -0.06 AmericaMovil A AMOV 14.38 0.14 CadenceDesign CDNS 134.12 0.40 EastWestBncp EWBC 61.07 -0.39 s Mosaic MOS 28.10 -0.36 IcahnEnterprises IEP 55.88 0.29 AmericaMovil AMX 14.46 -0.19 CaesarsEnt CZR 76.52 -2.56 EastmanChem EMN 106.59 -3.47 MotorolaSol MSI 174.09 -0.15 Icon ICLR 210.36 -0.96 ADVERTISEMENT AmerAirlines AAL 15.53 0.15 CamdenProperty CPT 97.08 0.48 Eaton ETN 125.41 -2.93 NICE NICE 275.00 -1.05 IDEX IEX 202.92 -4.93 AEP AEP 78.15 0.31 CampbellSoup CPB 45.43 -0.06 EatonVance EV 72.01 -0.21 NIO NIO 62.15 0.11 IllinoisToolWks ITW 207.23 -2.11 AmerExpress AXP 122.40 0.78 s CIBC CM 89.45 0.38 eBay EBAY 55.71 -0.33 s NRG Energy NRG 41.40 0.58 Illumina ILMN 362.00 0.72 AmericanFin AFG 89.24 -1.27 CanNtlRlwy CNI 113.65 -0.42 Ecolab ECL 216.96 -6.17 NVR NVR 3971.40 8.21 TheMarketplace ImperialOil IMO 21.31 -0.42 AmHomes4Rent AMH 29.43 0.13 CanNaturalRes CNQ 26.38 -0.46 Ecopetrol EC 13.97 -0.16 NXP Semi NXPI 177.42 1.34 Incyte INCY 92.74 -1.57 AIG AIG 40.72 -0.28 CanPacRlwy CP 363.43 -0.87 EdisonInt EIX 63.20 0.69 s Nasdaq NDAQ 142.49 0.57 To advertise: 800-366-3975orWSJ.com/classifieds s Infosys INFY 18.43 -0.17 AmerTowerREIT AMT 216.46 1.55 Canon CAJ 19.51 0.14 EdwardsLife EW 89.26 1.41 s Natera NTRA 113.28 2.45 IngersollRand IR 46.08 -0.98 AmerWaterWorks AWK 159.69 3.46 s CanopyGrowth CGC 32.18 1.26 ElancoAnimal ELAN 31.31 -0.97 NationalGrid NGG 59.88 1.25 Inphi IPHI 169.24 -0.33 AmericoldRealty COLD 34.87 0.14 s CapitalOne COF 112.08 1.32 Elastic ESTC 150.14 -0.65 Natura&Co NTCO 19.20 -0.07 s Insulet PODD270.40 4.58 CLASSACTION Ameriprise AMP 203.07 -1.48 CardinalHealth CAH 55.40 -0.59 ElectronicArts EA 136.34 -2.72 NatWest NWG 4.35 -0.08 Intel INTC 56.95 3.71 AmerisourceBrgn ABC 105.62 -0.90 Carlisle CSL 153.51 -2.55 s EmersonElec EMR 82.64 -1.33 NetApp NTAP 65.20 -0.96 InteractiveBrkrs IBKR 69.61 0.21 Ametek AME 121.44 -2.68 Carlyle CG 33.16 -0.25 Enbridge ENB 34.60 0.88 NetEase NTES 107.05 -0.40 ICE ICE 117.84 -0.02 Amgen AMGN 237.74 1.15 CarMax KMX 105.49 -1.01 EncompassHealth EHC 83.29 -1.17 Netflix NFLX 507.79 13.54 InterContinentl IHG 65.97 -0.86 >9CB@:D@ (D9@< DA <=B ><. B10 | Thursday, January 14, 2021 **** THE WALL STREET JOURNAL. BANKING & FINANCE BlackRock Co-Founder to Exit Lobbying Post Vice chair who showed colleagues she would leave the is in the processofgrooming its All told, BlackRock pub- liquidity even though their in- sway with regulators firm by summer. But her suc- second generation of leaders. lished 11 position papers out- vestmentsweren’t readily con- cess in getting BlackRock Mr. Fink, 68, told board di- lining lessons from Covid-19. vertible to cash. Afterthe Fi- during pandemic crisis heard by regulators made her rectorslast year that he was When bond exchange- nancial Stability Board raised shifts to adviser role too big to bail when the pan- committedtostaying on. Until traded funds traded out of those concerns in a2020 re- demic shook markets. Chief Ms.Novick departs, half of sync with the bonds inside port,she made her displeasure BY DAWN LIM ExecutiveLarryFink asked BlackRock’seight co-founders them during thepandemic- clear during avideo talk that Ms.Novick to stay on fora are running the firm. Joanna driven market crisis,some in- also featuredamember of the One of BlackRock Inc.’s few more months. Cound and Kate Fulton will vestorsworried the instru- group,which coordinates fi- most well-known co-founders, In that time,the Federal Re- lead thepublic-policygroup mentswerebroken. Ms. nancial regulation globally. Barbara Novick,istaking a servetook aggressivemea- JOURNAL while the firm looks forasuc- Novick mobilized BlackRock to “The languageused implies stab at retirement forthe sec- sures—including hiring Black- REET cessor to Ms.Novick.Sandy be loud about how ETFs were funds did not manageliquidity ond time. Rocklast March to buy bonds ST Bossrecently took over Ms. crucial vehicles forinvestors risk and goes on to speculate LL Ms.Novick led the firm’s and funds—tostaveoff col- WA Novick’sother role supervising to shifttheir bond-market ex- using the words‘may’ and public-policyefforts, building a lapseinkey financial mar- BlackRock’sshareholder inter- posurewhen banks stopped ‘could’ quite a bit to describe THE lobbying machine that allowed kets.Ms. Novick and her team R actions with companies forthe facilitating bond trades. thepotential outcomes,” Ms. BlackRock to avoid the same were on calls with officials to FO funds it runs. The firm’s roughly 20-per- Novick said in December. regulations as banks and fuel- givethem real-time market up- Over the years, Ms. Novick son public-policyteam was Morefightslie ahead for ORENTE ing itsrise intothe world’s dates and would continue to be LL wasknown to hand regulators also vocalabout howrules on BlackRock. Some members of largest money manager with on speed dial with Washington OR dataand analytical papers money funds—which buy ul- theincoming Biden adminis- $7.8 trillion under management. in the months that followed, as VICT filled with chartsand foot- trasafe, short-term debt—fell tration have pledged to beef She tried to leave last year but regulatorsdebated what Barbara Novick notes.Aviewthat she long ad- short. Ms.Novick said that the up the Financial Stability stayed on as the coronavirus needed fixing so marketscould vocated: “Ifyou start singling funds were susceptible to Oversight Council, the panel in pandemic unnerved markets. withstand the next shock. hasfaced in leaving aren’t out individual funds or firms, runs because investorswor- charge of monitoring financial She says this time it’sfor real. “You never want to runan unique to BlackRock.Many youare not getting to the ried they would facenew costs risks.Some groups arestrate- On Wednesday, BlackRock experiment likethis,and all of Wall Street firms areled by heart of what the risks really to exit oncefunds went below gizing howtoignitethe de- told employees that Ms. asudden you’reinit,” Ms. close-knit groups of senior ex- are.” If she felt aregulator akey threshold on the amount batearound whether large as- Novick,60yearsold, would Novick said. “You see product ecutives who built them into took aposition backed by of liquid assets they held. set managersshould be transition from herrole as by product and market by behemoths and arenow wres- spotty evidence, she pounced. She battedoff policymakers designated “systemically im- vicechairman to become ase- market what worked well and tling with when to hand over “They had prepared forbat- who said apotential flaw of portant.” BlackRock and other nior adviser on Feb. 1. what needs to be addressed.” thereins,and to whom. tle over time,” said aformer some mutual funds wasthat firms had persuaded regula- Roughly ayear ago, she told Thedifficulties Ms.Novick BlackRock,founded in 1988, government official. they promised investorsdaily tors against the idea. Euroareaannual inflation*10-year break-even rates† Europe Inflation Expectation Jumps U.S. 2.0% 2.0% BY ANNA HIRTENSTEIN inflation strategist at Société ucts—particularly bonds,which makerIsabel Schnabel told 1.5 Générale. lose out if prices rise toofast Der Standard newspaper that 1.5 European inflation expecta- Forecastsfor higher prices because their payoutsare typi- the central bank wouldn’t act Germany tions arerising as investors areplaying out in the bond cally fixed. Inflation often on short-term pricerises, 1.0 1.0 anticipateongoing easy mone- market.Germany’s10-year comes in belowexpectations in whichcould potentially be tary policyand aglobal eco- break-even rate,orthe differ- much of the developed world. seen in moreexpensivetravel Italy nomic rebound boosted by U.S. enceinyield between its Eurozone inflation turned and dining afterlockdowns are 0.5 0.5 fiscal spending. benchmark bond and aprice negativein2020 as the region’s lifteddue to pent-up demand. Theclosely level-linked bond, climbed economywas batteredbythe This allayedinvestors’ con- 0 0 CREDIT watched five-year, above1%for the firsttime pandemic andlockdowns.The cerns that the central bank MARKETS five-year forward sinceFebruary. Italy’s equiva- headline inflation rate stood at could consider tapering itsac- inflation swaprate lent rate hit amorethan two- minus 0.3% in November,and is commodative measures soon, -0.5 -0.5 forthe euroarearose above year high. Essentially,ahigher expected to remain at that level Mr. Khanna said. Feb. 2019 '20 Feb. 2020 '21 1.35% Tuesday, the highest in break-even rate suggestsinves- in December. Another ECB official, Philip *Change from ayear earlier in the harmonized indexofconsumer prices forall items over ayear.Itcontinued to tors expect prices to rise faster. TheEuropean Central Bank Lane,recently echoed the †Shows the spread between an inflation-linked 10-year governmentbond and the nominal hover near that level Wednes- “With the onset of vaccines, targetsannual inflation of just viewsofFederal Reserve 10-year governmentbond day. The metric shows an av- people areupgrading their below 2%, but has missed the Chairman Jerome Powell, who Sources: Eurostat(inflation); Munich Re,Bloomberg(break-evenrates) erageexpectation forpricein- growth outlooks,” said UBS mark for most of the past de- shiftedtoaverageinflation creases over five years. ratesstrategist Rohan Khanna. cade.Itcut some of itsprojec- targeting in August, meaning Break-evenshavebeen 2021. Theyield on the 10-year “This is quitearemarkable Inflation is closely tracked tions at itslast monetarypol- inflation in theU.S.can rise climbing acrossthe Atlantic. Treasurynoterose above1% move, it has surprised us,” by investorsbecause it impacts icy meeting in December. above2%without moves to TheU.S.10-year rate has been on Jan. 6for the firsttime said JorgeGarayo, arates and the valuation of financial prod- On Tuesday, ECB policy immediately rein it back in. above2%sincethe start of since March. 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 Euroseas ESEA 7.50 -7.5 Invacare IVC 10.54 ... NewellBrands NWL 24.45 0.6 Resonant RESN 5.49 15.7 SportsVentures AKICU 10.99 -0.5 UpFintech TIGR 13.77 2.4 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American ExelaTech XELA 1.15 47.9 Inventiva IVA 17.25 6.9 NextEra6.219%Un NEEpQ 56.19 7.1 RevolutionAccel RAACU 10.89 ... Spotify SPOT 370.95 ... Upstart UPST 69.48 -7.4 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest ExtendedStayAmer STAY 15.29 3.5 Iridex IRIX 5.29 24.0 NextEraEnergy NEP 83.55 -0.4 RibbitLeapA LEAP 15.43 6.3 SpringValleyAcqn SVSVU 11.76 1.3 Upwork UPWK 44.05 -3.0 session. %CHG-Daily percentage change from the previous trading session. FastAcqnA FST 10.49 1.3 Iteris ITI 7.02 7.9 NextGenHlthcr NXGN 21.84 3.8 RibbitLeapUn LEAP.U 16.25 4.8 SpringValleyWt SVSVW 2.25 19.0 Ur-Energy URG 1.16 27.6 FMC FMC 123.66 -0.3 IvanhoeCap IVAN.U 12.73 -1.9 NorfolkSouthern NSC 258.17 -0.8 RiceAcqn RICE.U 13.00 6.2 StaarSurgical STAA 92.27 -1.1 UtzBrands UTZ 23.12 5.6 RiceAcqnA 12.00 4.4 Wednesday, January 13, 2021 FS Devt FSDC 13.57 -0.5 JanusHenderson JHG 34.61 0.3 NorthMountainUn NMMCU 11.68 6.0 RICE Stantec STN 34.90 1.2 UtzBrandsWt UTZ.WS 11.55 11.4 FalconCapAcqn FCACU 12.18 1.5 JohnsonControls JCI 52.32 0.3 NorthernGenesis NGA 31.80 7.6 RigNet RNET 6.67 -2.8 StarPeakII STPC.U 13.25 -2.7 VOXX Intl VOXX 23.97 -2.5 52-Wk % 52-Wk % 52-Wk % FarPeakAcqn FPAC.U 10.75 1.4 JohnsonOutdoors JOUT 121.50 -3.1 NorthernGenesisWt NGA.WS 11.74 17.3 RiminiStreet RMNI 6.58 4.0 StrPeakEnerA STPK 38.20 -6.3 ValmontInds VMI 210.00 1.6 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FinServAcqnUn FSRVU 22.19 4.2 JuniperIndustrial JIH.U 13.50 0.6 NorthernGenesis NGA.U 37.28 9.5 Roku ROKU 423.00 -1.6 StrPeakEnerWt STPK.WS 14.41 1.3 VectoIQ II VTIQU 11.81 0.8 FinServAcqn FSRV 19.65 18.2 JuniperIndlWt JIH.WS 2.92 1.3 NorthernGenesisII NGAB.U 12.16 19.1 Roman DBDR A DBDR 10.54 1.0 StarPeakEner STPK.U 43.02 -5.6 VeecoInstr VECO 20.63 1.0 AvantiAcqn AVAN.U 11.57 3.6 CerberusTele CTAC.U 11.13 1.6 FinServAcqnWt FSRVW 5.85 13.9 KinsTech KINZU 10.60 1.4 Novocure NVCR 181.00 0.6 RomanDBDR Wt DBDRW 1.65 7.6 StarboardValueA SVAC 11.49 2.2 VenatorMaterials VNTR 5.00 -9.2 Highs AvidBioservices CDMO 13.89 4.3 Chegg CHGG 99.49 0.5 FinTechAcqnV FTCVU 10.87 0.2 KKR KKR 41.48 1.9 NovusCapital NOVSU 33.50 10.3 RothCH II A ROCC 10.45 2.0 StarboardValWt SVACW 2.99 -4.8 VentouxCCMAcqn VTAQU 10.48 0.8 Aware AWRE 4.38 8.3 Chewy CHWY 114.24 8.0 FinVolution FINV 3.38 13.9 KVH Inds KVHI 12.49 -2.9 NovusCapital NOVS 24.66 4.6 RothCHAcqnII ROCCU 11.11 1.1 Startek 8.33 1.9 Vericel VCEL 37.98 -1.3 AAON AAON 71.64 -1.8 SRT AxcelisTechs ACLS 37.64 17.5 ChickenSoupA CSSE 22.49 3.0 FiveBelow FIVE 195.54 0.4 Kadant KAI 150.55 1.0 NovusCapitalWt NOVSW 9.10 7.2 RushStreetIntWt RSI.WS 9.22 13.1 StoneMor 3.45 14.2 VerintSystems VRNT 71.43 -1.5 ABB ABB 30.53 -0.2 STON AxonEnterprise AAXN 146.06 7.6 ChinaGreenAg CGA 6.93 26.7 FlexSolInt FSI 3.70 25.4 KairosAcqn KAIRU 10.55 0.6 NuanceComms NUAN 49.75 1.3 SC Health Wt SCPE.WS 2.18 -1.0 Sunworks 11.79 -2.0 ViacomCBS B VIAC 43.43 3.2 ABMIndustries ABM 42.22 0.2 SUNW BJsRestaurants BJRI 46.14 0.2 ChunghwaTel CHT 39.96 1.3 Floor&Decor FND 105.60 ... KaleidoBiosci KLDO 12.41 2.2 Nutrien NTR 55.12 -2.2 SLM SLM 13.78 -1.0 5.84 4.4 VickersVantageI VCKAU 10.39 0.9 AconS2AcqnA STWO 10.75 1.3 SuperiorIndsIntl SUP B.RileyNts2027 RILYZ 25.55 0.4 ChurchillCapIV CCIV.U 18.25 17.9 FluxPower FLUX 22.50 4.8 KY FirstFedBncp KFFB 8.16 14.0 Orbcomm ORBC 8.08 -4.9 SVB Fin SIVB 449.92 -1.0 SupernusPharms SUPN 29.11 -1.7 Vicor VICR 103.59 -3.0 AEA-Bridges IMPX.U 11.70 1.7 B RileyFin RILY 52.29 9.4 ChurchillCapIV CCIV 17.12 18.2 FordMotor F 9.92 ... KludeInIAcqn INKAU 10.65 1.4 OaktreeAcqnIIWt OACB.WS 2.58 18.5 SVF Invt SVFAU 13.75 -1.0 VillageFarms VFF 13.99 3.8 AEA-BridgesA IMPX 10.85 1.4 SynchronyFin SYF 37.96 2.3 BTRS Wt BTRSW 4.99 0.4 ChurchillCapIVWt CCIV.WS 5.90 21.1 ForesightAuto FRSX 7.90 65.9 KodiakSciences KOD 163.48 -2.7 OasisPetrol OAS 45.80 -1.0 SageTherap SAGE 97.82 2.2 SyneosHealth SYNH 75.63 0.6 VishayPrecision VPG 37.08 -1.5 AES AES 27.06 3.3 SandRidgeEnergy SD 4.25 -2.1 BadgerMeter BMI 108.14 0.6 Chuy's CHUY 30.74 ... ForestRoadAcqn FRX.U 11.12 1.4 KornFerry KFY 49.42 -1.5 OccidentalPetrolWt OXY.WS 10.00 -1.3 TFF Pharm TFFP 19.37 6.0 VistasMediaAcqnUn VMACU 11.15 2.3 AGCO AGCO 116.19 ... Sanmina SANM 35.61 -2.3 Balchem BCPC 132.50 -5.2 CirrusLogic CRUS 94.50 1.0 FortressCap FCAX.U 10.85 7.8 Kraton KRA 36.19 -2.1 Omnichannel OCA.U 11.10 2.7 TG Therap TGTX 56.74 1.2 VistasMediaWt VMACW 1.10 4.0 AMCI Acqn AMCI 18.73 8.9 SarissaCap SRSAU 11.79 0.7 BallardPower BLDP 38.00 6.4 ClimateChgI CLII.U 14.69 9.7 FortressValueII FAII 11.68 2.0 Kulicke&Soffa KLIC 37.33 3.5 OmnichannelA OCA 10.39 1.6 TPIComposites TPIC 71.80 -2.0 ViveonHealth VHAQ.U 10.75 1.3 AMCIAcqnWt AMCIW 4.25 9.3 ScIONTechGrowthI SCOAU 10.85 0.9 BassettFurniture BSET 21.49 0.4 ClimateChgCrisWt CLII.WS 2.95 0.4 FortressValueIIWt FAII.WS 3.60 31.6 L&F Acqn LNFA.U 11.15 0.4 ON Semi ON 37.32 1.6 TWC Tech II Wt TWCTW 2.44 16.1 VoltInfoSci VOLT 3.30 50.5 Ammo POWW 8.98 34.3 Sea SE 229.98 3.8 BeaconRoof BECN 44.33 -2.3 CoffeeHolding JVA 4.89 24.4 FortressValueII FAII.U 12.24 2.9 L&F Acqn Wt LNFA.WS 2.00 0.6 one AONE.U 11.54 ... TailwindAcqnWt TWND.WS 2.00 3.8 voxeljet VJET 15.25 10.5 Ansys ANSS 378.85 0.6 SeaportGlb SGAMU 10.90 -0.4 BentleySystems BSY 53.85 -2.4 CohnRobbinsA CRHC 11.07 1.6 FortressValueIII FVT.U 11.30 0.5 L&F Acqn A LNFA 10.70 1.0 OneMain OMF 52.16 0.3 Target TGT 199.96 -1.1 Wabtec WAB 84.32 -1.1 ARC Document ARC 2.15 2.6 SecurityNatFin SNFCA 9.96 -3.6 BerkHathwy A BRK.A 353194 0.8 CohnRobbins CRHC.U 11.79 2.1 frontdoor FTDR 54.98 1.1 LG Display LPL 9.30 0.8 OneWaterMarine ONEW 35.11 1.4 TechTarget TTGT 69.20 -1.1 WattsWater WTS 129.59 0.2 ASETech ASX 7.30 5.6 10.44 ... 70.17 5.7 SeniorConnectI SNRHU 10.90 ... BigCypress BCYPU Comcast DECS CCZ FuelCell FCEL 20.94 0.5 La-Z-Boy LZB 44.19 ... OntoInnovation ONTO 54.70 -0.2 Telos TLS 34.21 2.4 WescoIntl WCC 87.63 -1.6 ASML ASML 515.61 ... Big5SportingGds 13.95 -9.9 Concentrix 120.41 1.0 ShakeShack SHAK 113.00 7.7 BGFV CNXC FusionAcqnWt FUSE.WS 3.08 12.3 LabCpAm LH 222.28 -0.1 OpenLending LPRO 38.21 2.0 10xCapVenture VCVCU 11.43 3.5 WestportFuelSys WPRT 7.40 13.1 AbbVie ABBV 113.41 2.4 Bilibili BILI 120.93 3.4 Consonance-HFW CHFW.U 11.00 0.9 SharpsCompliance SMED 11.48 -2.6 Futu FUTU 73.30 -2.6 LandcadiaIII A LCY 10.80 0.9 OwensCorning OC 83.39 -0.1 10xGenomics TXG 178.40 4.7 WestRock WRK 47.77 -0.7 Abcam ABCM 24.02 0.2 BioanalyticalSys BASI 15.17 2.0 ConsonanceWt CHFW.WS 2.50 ... SharpSpring SHSP 19.59 2.8 GOAcquisitionUn GOAC.U 11.04 0.7 LandmarkBncp LARK 26.50 -1.2 OxfordIndustries OXM 74.92 -3.1 Terex TEX 39.30 -4.6 Williams-Sonoma WSM 123.99 1.4 Abercrombie&Fitch ANF 24.28 1.9 BioAtla BCAB 46.87 9.8 Cooper COO 382.54 6.6 ShockwaveMed SWAV 133.78 5.2 GameStop GME 38.65 57.4 LandstarSystem LSTR 150.43 ... PMV Consumer PMVC.U 10.87 -0.8 Terminix TMX 55.00 -2.2 WillScotMobile WSC 26.87 -0.1 AcaciaComms ACIA 86.98 1.4 BioceresCrop BIOX 8.00 8.3 CooperT&R CTB 42.87 -1.7 ShotSpotter SSTI 45.60 0.3 Wipro WIT 6.64 -1.1 GeneralMotors GM 50.97 1.9 Lazard LAZ 45.81 0.8 PPG Ind PPG 153.06 0.5 TexasCapBcshs TCBI 68.43 0.5 AcademySports ASO 23.24 -2.2 Biodesix BDSX 24.25 6.6 CornerstoneBldg CNR 11.89 -3.7 Shyft SHYF 31.86 -1.8 WorldAcceptance WRLD 142.99 3.1 GenerationsBncp GBNY 10.25 0.5 LeoHoldingsII LHC.U 10.50 0.2 PTK Acqn PTK 11.34 2.6 TexasPacLand TPL 895.00 -5.3 AcamarPtrs ACAM 12.28 -0.6 Biolase BIOL 1.38 -11.5 Corteva CTVA 44.96 -1.0 SierraMetals SMTS 3.87 ... XPEL XPEL 60.74 0.9 GenesisParkAcqnUn GNPK.U 11.11 1.5 LifeStorage LSI 122.42 4.2 PaciraBioSci PCRX 74.24 0.6 Tilly's TLYS 10.76 0.6 AditEdTech ADEX.U 10.40 -0.7 BionanoGenomWt BNGOW 4.25 -5.5 Covetrus CVET 34.06 3.8 SignatureBank SBNY 154.59 2.2 XTL Biopharm XTLB 4.17 14.0 Genetron GTH 21.25 2.8 LifeSciAcqnII LSAQ 12.68 1.1 Patterson PDCO 34.15 1.1 TItanIntl TWI 6.95 -0.9 AdvEnergyInds AEIS 115.96 -2.2 BlackRock BLK 788.00 0.3 Cowen COWN 28.92 0.9 SilverSpikeAcqnWt SSPKW 5.42 8.6 XeneticBioWt XBIOW 3.67 45.7 Genmab GMAB 42.84 4.1 LightspeedPos LSPD 75.50 7.9 PayaWt PAYAW 4.36 3.6 TitanMachinery TITN 22.90 -2.5 AequiAcqn ARBGU 11.02 1.4 BloomEnergy BE 38.95 8.6 Crocs CROX 78.68 -1.7 SilvercrestAsset SAMG 15.50 1.0 Yeti YETI 79.86 -0.3 Gentherm THRM 70.93 -1.5 Limbach LMB 14.28 1.4 PayPal PYPL 247.44 3.1 TopBuild BLD 201.34 0.7 AequiAcqnWt ARBGW 1.99 -2.7 BlueWaterAcqn BLUWU 10.50 0.3 Cronos CRON 10.84 9.6 SkillzWt SKLZ.WS 13.15 11.0 YunhongIntl ZGYHU 10.99 3.1 Gevo GEVO 7.62 15.3 LionsGate B LGF.B 11.24 0.7 Peck PECK 16.55 6.8 TorchlightEner TRCH 1.57 10.2 AequiAcqnA ARBG 10.75 0.5 BlueLinx BXC 37.72 -1.0 D8 Holdings DEH.U 11.03 1.3 GibraltarInds 96.30 -0.7 LionsGate A 12.30 0.5 Peloton 169.00 7.3 Skillz SKLZ 27.49 7.4 YunhongIntlA ZGYH 10.63 1.3 ROCK LGF.A PTON Tortoise II A SNPR 11.89 0.5 Affimed AFMD 7.48 8.8 BoozAllen BAH 93.21 -1.4 D8 Wt DEH.WS 1.64 7.5 Glaukos GKOS 84.47 7.9 LithiumAmericas LAC 21.85 12.5 PennNational PENN 106.80 -1.6 Smith-Midland SMID 9.85 4.5 ZaiLab ZLAB 156.60 1.5 TortoiseAcqnII SNPR.U 12.70 0.6 AffirmHldgs AFRM 103.00 98.4 BowXAcqnWt BOWXW 2.14 -2.6 DFP Healthcare DFPH 11.20 3.3 GlobalPtrII GPACU 10.64 1.3 LiveVentures LIVE 33.99 91.2 PenskeAuto PAG 65.37 -3.1 Snap SNAP 57.39 -5.3 ZaniteAcqn ZNTEU 11.78 1.8 TowerSemi TSEM 29.08 0.7 Airbnb ABNB 178.62 5.7 BoydGaming BYD 49.87 -2.8 DZS DZSI 18.90 3.0 GlobalShipLease GSL 16.62 4.1 LocustWalk LWACU 10.50 0.5 Pentair PNR 59.11 -0.1 SocialCapHedIV IPOD.U 17.37 4.5 ZaniteAcqnA ZNTE 10.73 0.7 Transalta TAC 8.85 2.0 Airgain AIRG 20.24 7.3 BreezeHldgsWt BREZW 1.26 23.0 Dana DAN 22.69 -5.2 GlobalSynergy GSAQU 10.74 0.2 LuminarTechWt LAZRW 22.50 12.2 PeridotAcqnA PDAC 11.97 3.6 SocialCapHedIV A IPOD 16.16 5.6 Zedge ZDGE 7.75 16.0 Travelers TRV 142.74 1.3 AkernaWt KERNW 1.77 16.3 BrightLights BLTSU 10.75 ... Danaos DAC 34.37 -9.1 Globalstar GSAT 1.17 -5.3 LyondellBasell LYB 99.86 -2.1 PeridotAcqnWt PDAC.WS 2.95 8.0 SocialCapHedosIVWt IPOD.WS 5.68 5.8 Zscaler ZS 214.83 0.6 TrepontAcqnI TACA.U 10.58 0.3 Alarm.com ALRM 108.67 1.6 BrightSphere BSIG 21.25 0.4 DarlingIngred DAR 68.00 -0.8 GoldenFalconAcqnUn GFX.U 10.77 -0.8 MTS Systems MTSC 59.90 -0.4 PeridotAcqn PDAC.U 13.26 4.2 SocialCapHedVI IPOF.U 15.96 3.1 Zumiez ZUMZ 44.45 0.3 Trex TREX 93.170.3 AlbertonAcqnWt ALACW 1.87 6.7 BrilliantAcqnWt BRLIW 0.98 20.3 DataIO DAIO 5.28 5.1 GooseheadIns GSHD 137.28 3.1 MVB Financial MVBF 23.86 -1.2 Phreesia PHR 61.38 0.3 SocialCapHedVI A IPOF 14.90 2.5 TufinSoftware TUFN 16.27 0.8 Alcon ALC 70.15 3.1 BroadcomPfdA AVGOP 1461.41 0.5 Decarbonization DCRBU 13.48 3.1 GraniteConstr GVA 34.90 -2.9 MagicSoftware MGIC 17.49 2.1 PineIslandAcqn PIPP.U 14.02 9.7 SocialCapHedVI Wt IPOF.WS 4.62 12.2 TurmericAcqn TMPMU 10.79 1.1 Lows AllegroMicro ALGM 33.33 5.1 BroadstoneAcqnA BSN 10.31 ... DecarbonizaPlusA DCRB 12.34 4.9 GreencityAcqnWt GRCYW 0.82 -7.4 MagnaChipSem MX 18.70 -2.3 PineIslandA PIPP 12.98 9.5 SoftwareII Wt SAIIW 1.67 6.3 SoftwareII A 10.40 0.7 21 Vianet VNET 39.61 1.3 AIG Wt AIG.WS 0.04 -35.4 AllianceBernstein AB 36.19 0.1 BroadstoneAcqnWt BSN.WS 1.81 13.5 DeckersOutdoor DECK 336.32 -2.5 GreenroseAcqn GNRS 10.71 2.2 MakeMyTrip MMYT 31.99 -1.0 Pinterest PINS 76.88 -3.1 SAII Sonos 26.69 -0.4 Twilio TWLO 381.96 -1.6 CFFinanceIIIWt CFACW 1.70 15.5 Allot ALLT 15.23 0.6 BroadstoneAcqn BSN.U 11.15 1.3 DeepLakeCap DLCAU 10.90 6.7 GreenroseAcqnWt GNRSW 1.41 15.7 MalibuBoats MBUU 81.81 5.0 PioneerMerger PACXU 10.95 1.2 SONO SparkEnergy SPKE 11.32 -0.9 US Concrete USCR 57.97 -7.8 CFFinanceIII CFAC 10.54 ... AllscriptsHlthcr MDRX 16.30 1.8 Bunge BG 72.25 1.1 Deere DE 304.00 -0.3 GreenVisionAcqn GRNV 10.39 -0.1 ManhattanAssoc MANH 117.62 -2.9 PitneyBowesNt43 PBIpB 23.07 1.7 SpartacusAcqnUn TMTSU 11.62 0.8 Uber UBER 59.88 1.5 CenovusEnergyWt CVE.WS 2.69 -8.8 AllyFinancial ALLY 41.99 3.1 BurgundyTechA BTAQ 11.36 -0.1 DelwindsIns DWIN.U 11.40 0.4 GuardantHealth GH 163.42 -0.4 ManTechIntl MANT 96.99 -1.1 PlugPower PLUG 73.90 5.3 SpartanAcqnII SPRQ.U 11.92 3.8 UnionAcqnII LATNU 11.13 0.5 GenerationsBncp GBNY 9.95 0.5 AlnylamPharm ALNY 175.41 3.2 BurgundyTechWt BTAQW 2.80 14.1 DermTech DMTK 42.71 5.7 HDFC Bank HDB 75.68 1.1 MarineMax HZO 43.67 -2.5 Pontem PNTM.U 10.64 3.2 SpectrumBrands SPB 84.80 1.6 UniqueFabricating UFAB 6.85 5.9 HarborCustom HCDI 3.01 -13.1 AlphaHlthcrWt AHACW 1.41 10.0 BurgundyTechAcqnUn BTAQU 12.76 1.2 DesktopMetalWt DM.WS 8.41 -3.0 HIG Acqn HIGA.U 10.85 ... MarlinTech FINMU 10.50 4.0 PopulationHlth PHICU 11.84 0.9 SportsEntAcqn SEAH.U 11.75 2.0 Unisys UIS 22.86 1.8 LandseaHomes LSEA 8.40 -2.6 AlphaHlthcrAcqnUn AHACU 10.80 -0.1 CC Neuberger I PCPL.U 13.01 4.0 DiscoveryA DISCA 36.86 3.9 HPX Un HPX.U 11.47 1.1 MarqueeRaineAcqn MRACU 11.99 1.2 PowerIntegrations POWI 97.30 -2.0 SportsEntWt SEAH.WS 1.91 2.9 UnivElectro UEIC 57.38 -2.1 SocTelemed TLMD 6.82 -0.8 AltaEquipWt ALTG.WS 2.75 ... CC NeubergerI A PCPL 11.93 6.2 DiscoveryC DISCK 31.84 3.9 HPX Wt HPX.WS 1.86 22.0 MatchGroup MTCH 159.85 0.9 PowerFleet PWFL 9.30 -0.9 AlussaEnergyA ALUS 10.56 2.3 CC NeubergerI Wt PCPL.WS 3.50 4.1 DixieGroup DXYN 3.19 5.4 HalozymeTherap HALO 46.19 4.2 Mattel MAT 19.42 -1.2 PrimeImpactIWt PIAI.WS 1.99 3.6 AlussaEnergy ALUS.U 11.25 1.3 CCNeubergerII PRPB.U 11.25 1.1 DoorDash DASH 215.50 3.1 HamiltonLaneI HLAHU 11.15 10.1 MaximIntProducts MXIM 97.47 -0.4 PrimeImpactI PIAI.U 10.88 1.5 AmericasTechAcqn ATA.U 10.45 0.2 CCNeubergerII PRPB 10.75 0.9 Dow DOW 61.31 -1.7 HarrowHealth HROW 8.36 0.5 MediWound MDWD 4.88 9.3 PrimoWater PRMW 16.45 0.4 IPO Scorecard AmkorTech AMKR 17.72 -1.4 CEVA CEVA 57.24 2.8 DragoneerGrwWt DGNR.WS 5.53 -18.2 HealthCatalyst HCAT 47.54 1.7 MeridaMergerIWt MCMJW 1.75 9.6 PrimorisSvcs PRIM 32.28 -2.9 Amyris AMRS 9.96 -0.4 CF Acqn IV CFIVU 10.55 0.8 DragoneerGrowth DGNR.U 15.48 0.4 HealthcareSvcs HCSG 32.47 0.3 MeridaMergerCorp.I MCMJ 10.74 1.7 ProPhaseLabs PRPH 15.77 9.5 Performance of IPOs, most-recent listed first AnalogDevices ADI 161.78 -0.4 CFFinanceIII CFAC 11.61 ... DragoneerGrowthII DGNS 13.45 -0.2 Heidrick&Strug HSII 32.67 ... MesaLab MLAB 300.00 -0.5 PzenaInvtMgmt PZN 8.90 3.1 % Chg From % Chg From AnteroResources AR 7.83 -3.3 CF Industries CF 47.00 -1.0 DuckCreekTech DCT 48.59 5.5 HenrySchein HSIC 74.89 0.1 Michaels MIK 16.16 3.0 QellAcqn QELLU 14.95 8.3 Aphria APHA 10.28 6.0 C4 Therap CCCC 40.79 8.6 DyneTherap DYN 29.45 1.9 Hillenbrand HI 44.24 -1.0 ModineMfg MOD 13.99 -0.9 QuanexBldg NX 26.59 -1.7 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day ApogeeEnt APOG 37.83 2.9 CITICCapAcqnWt CCAC.WS 2.25 -5.7 EDAP TMS EDAP 6.61 -0.2 HimaxTechs HIMX 8.58 4.7 MohawkInds MHK 152.05 -0.8 Quanterix QTRX 69.40 13.8 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close ApolloStratGr APSG.U 11.71 -0.1 CMLifeSciA CMLF 12.40 3.9 E.MergeTech ETACU 11.09 0.5 HolicityUn HOLUU 10.85 1.2 MontesArchimedes MAACU 11.20 2.8 QurateRetailA QRTEA 11.89 -3.9 ApolloStratGrA APSG 10.95 -0.4 CM Life CMLFU 13.58 5.6 E.MergeTechA ETAC 10.69 0.3 HolicityA HOL 11.31 1.6 MontesArchA MAAC 10.72 1.8 R1RCM RCM 25.60 1.8 890 5th Avenue Ptnrs 10.46 4.6 ... Deep Lake Capital Acquisition 10.67 6.7 ... ApolloStratGrWt APSG.WS 2.54 1.1 CNH Indl CNHI 13.69 -0.9 Eargo EAR 62.99 10.9 HorizonAcqnWt HZAC.WS 3.00 -0.5 Mosaic MOS 29.32 -1.3 Radware RDWR 28.70 -0.7 ENFAU Jan. 13/$10.00 DLCAU Jan. 13/$10.00 Arcosa ACA 62.90 1.4 CPS Tech CPSH 8.75 9.1 EastRscs ERESU 11.36 3.4 HovnanianPfdA HOVNP 8.57 0.2 MotorsportGames MSGM 38.00 75.0 Rambus RMBS 20.47 -1.4 ArtiusAcqn AACQU 12.05 0.4 Camtek CAMT 24.06 2.4 EastRscsAcqnA ERES 10.60 2.6 HyreCar HYRE 8.80 5.6 MountainCrestRt MCACR 1.12 7.8 RangeResources RRC 9.48 1.2 Adit EdTech Acquisition 10.27 2.7 ... Fortress Capital Acquisition 10.78 7.8 ... ArtiusAcqnA AACQ 11.25 0.3 CIBC CM 89.78 0.4 EastRscsAcqnWt ERESW 1.73 23.7 IAC/InterActive IAC 200.49 -1.0 Movado MOV 21.24 -2.8 RealReal REAL 26.30 -1.2 ADEX.UT Jan. 13/$10.00 FCAX.UT Jan. 13/$10.00 Asana ASAN 38.76 4.3 CanopyGrowth CGC 33.01 4.1 EHang EH 38.97 21.0 IG Acqn IGACU 11.78 1.4 MudrickCapII MUDSU 10.65 0.4 RechargeAcqn RCHGU 11.00 0.8 AscendantDigWt ACND.WS 2.15 1.9 CapitalOne COF 113.14 1.2 8905thAvenuePtrs ENFAU 10.70 -0.4 INSU Acqn II Wt INAQW 4.33 2.3 NRG Energy NRG 41.73 1.4 RechargeAcqnA RCHG 10.45 0.8 Affirm Hldgs 97.24 98.4 ... Global Partner Acquisition II 10.43 4.3 ... AspenAerogels ASPN 19.62 1.1 CapitolInvtV CAP.U 10.88 1.4 EmersonElec EMR 84.44 -1.6 Invesco IVZ 19.89 -0.3 NV5Global NVEE 94.43 -1.1 ReinventTechA RTP 12.58 1.7 AFRM Jan. 13/$49.00 GPACU Jan. 13/$10.00 AspirCnsA ASPL 10.30 0.3 Capri CPRI 46.79 -2.1 ENGlobal ENG 8.80 10.4 iClickInteract ICLK 10.75 14.4 NanoDimension NNDM 11.45 21.6 ReinventTechPtrs RTP.U 13.46 2.7 AspirCnsWt ASPL.WS 1.65 -5.0 CareDx CDNA 84.96 1.5 Entegris ENTG 106.37 1.3 InariMedical NARI 98.09 12.7 Nasdaq NDAQ 143.50 0.4 ReinventTechZ RTPZ.U 12.40 0.4 Athlon Acquisition 10.39 3.9 ... Hamilton Lane Alliance 11.01 10.1 ... AspirCnsUn ASPL.U 10.71 0.2 Carvana CVNA 295.13 0.3 EosEnergy EOSE 31.95 -6.7 IndlTechAcqns ITACU 11.25 1.2 Natera NTRA 117.05 2.2 ReinventTechZ Wt RTPZ.WS 4.00 -4.3 SWETU Jan. 13/$10.00 HLAHU Jan. 13/$10.00 AstecIndustries ASTE 67.50 -1.2 CascadeAcqn CAS.U 10.74 1.2 EosEnergyWt EOSEW 15.50 -3.0 Infosys INFY 19.07 -0.9 NationalVision EYE 52.30 -2.0 ReinventTechZ A RTPZ 12.14 1.5 AteaPharm AVIR 50.37 11.2 CassavaSciences SAVA 12.99 40.0 EquityDistrWt EQD.WS 2.10 8.2 Infr&EnerAltWt IEAWW 6.24 -13.1 NavSight NSH.U 10.98 -0.2 RenalytixAI RNLX 22.01 18.8 Big Cypress Acquisition 10.40 4.0 ... Marlin Technology 10.40 4.0 ... AthlonAcqn SWETU 10.75 -0.6 Caterpillar CAT 200.17 -0.8 EquityDistribution EQD.U 11.65 0.5 InMode INMD 55.37 3.7 NetScout NTCT 29.70 -1.2 Renasant RNST 37.90 0.9 BCYPU Jan. 13/$10.00 FINMU Jan. 13/$10.00 AtlStreetAcqn ASAQ 10.35 0.3 Celcuity CELC 13.04 -0.1 EssaPharma EPIX 16.10 11.6 Insulet PODD 274.07 1.7 Neuronetics STIM 14.71 22.3 ReneSola SOL 24.38 -4.2 AtlStreetAcqn ASAQ.U 11.01 1.1 CellcomIsrael CEL 5.49 11.0 EthanAllen ETH 22.57 -1.8 Intra-Cellular ITCI 34.40 1.1 NewFortressEner NFE 65.90 -3.3 Rent-A-Center RCII 45.832.2 Autodesk ADSK 321.13 -1.8 CelsiusHldg CELH 60.33 0.5 EucratesBio EUCRU 10.85 1.4 Intrusion INTZ 24.69 18.6 NewbornAcqnRt NBACR 1.86 -0.6 ResideoTech REZI 25.03 -0.3 Sources: Dow Jones Market Data; FactSet YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret DoubleLine Funds CpInc r 10.82 ... 1.0 CapApInst 106.01 +0.55 1.7 PIMCO Funds A EMAdmr 43.66 +0.18 4.8 WelltnAdml 77.05 +0.09 0.6 ExtndIstPl 324.95 -1.64 5.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. CoreFxdIncmI 11.27 +0.02 -0.4 DivIntl 48.52 -0.07 1.8 Harding Loevner IncomeFd 12.08 +0.01 -0.1 EqIncAdml 81.66 +0.03 2.9 WndsrAdml 74.71 -0.29 4.6 IdxIntl 20.04 +0.01 3.3 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese TotRetBdI 10.68 +0.02 NA GroCo 34.14 +0.25 3.9 IntlEq 29.25 -0.20 2.9 PIMCO Funds I2 ExplrAdml 125.17 -1.03 4.6 VANGUARD FDS MdCpGrAdml 93.75 -0.46 2.7 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Edgewood Growth Instituti GrowCoK 34.23 +0.25 3.9 Invesco Funds Y Income 12.08 +0.01 -0.1 ExtndAdml 131.68 -0.67 5.6 DivdGro 33.16 -0.03 -0.2 SmValAdml 64.60 -0.56 5.8 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r EdgewoodGrInst 51.36 +0.02 -0.8 InvGrBd 11.83 +0.03 -0.7 DevMktY 55.20 +0.04 3.3 PIMCO Funds Instl GNMAAdml 10.72 ... -0.2 INSTTRF2020 26.51 +0.04 1.0 TotBd2 11.35 +0.03 -0.9 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not Fidelity LowP r 50.93 -0.11 4.7 JPMorgan I Class IncomeFd 12.08 +0.01 -0.1 GrwthAdml 130.79 +0.48 0.3 INSTTRF2025 27.80 +0.04 1.3 TotIntlInstIdx r134.02 +0.04 3.3 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; 500IdxInstPrem132.10 +0.30 1.5 Magin 12.90 +0.04 -1.1 CoreBond 12.20 +0.04 -0.7 Price Funds HlthCareAdml r 94.03 +0.22 3.4 INSTTRF2030 28.56 +0.04 1.5 TotItlInstPlId r134.05 +0.04 3.3 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. Contrafund K6 18.89 +0.10 0.1 NASDAQ r 164.81 +0.70 1.9 EqInc 20.33 -0.06 3.0 BlChip 165.18 +0.92 -0.2 HYCorAdml r 5.97 ...... INSTTRF2035 29.24 +0.03 1.8 TotSt 96.79 +0.09 2.2 ExtMktIdxInstPre 88.11 -0.45 5.5 OTC 17.75 +0.09 1.3 JPMorgan R Class DivGro 60.69 ... 1.1 InfProAd 28.20 +0.07 -0.4 INSTTRF2040 29.95 +0.03 2.0 VANGUARD INSTL FDS FidSerToMarket 13.19 +0.01 2.2 Puritn 26.41 +0.03 1.5 CoreBond 12.22 +0.04 -0.7 EqInc 32.48 -0.06 4.0 IntlGrAdml 167.66 +0.25 4.6 INSTTRF2045 30.57 +0.03 2.3 BalInst 44.79 +0.08 1.0 Wednesday, January 13, 2021 IntlIdxInstPrem 46.70 -0.10 2.4 SrsEmrgMkt 26.32 +0.03 5.4 Lord Abbett A Growth 96.66 +0.42 -0.3 ITBondAdml 12.47 +0.03 -0.9 INSTTRF2050 30.66 +0.03 2.3 DevMktsIndInst 15.66 -0.02 2.7 YTD YTD YTD Net Net Net MidCpInxInstPrem 27.99 -0.12 3.6 SrsGlobal 14.83 ... 3.4 ShtDurIncmA p 4.21 ... 0.1 HelSci 103.63 +0.35 4.8 ITIGradeAdml 10.39 +0.02 -0.7 DevMktsInxInst 24.48 -0.03 2.7 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret INSTTRF2055 30.74 +0.03 2.3 SAIUSLgCpIndxFd 19.92 +0.04 1.5 SrsGroCoRetail 23.64 +0.17 3.8 Lord Abbett F LgCapGow I 61.36 +0.24 0.2 LTGradeAdml 11.49 +0.11 -2.4 IntlVal 41.57 -0.15 3.3 ExtndInst 131.67 -0.67 5.6 GrwthInst 130.80 +0.48 0.3 American Century Inv Baird Funds DivIncom I 26.46 -0.04 2.5 SeriesBondFd 10.69 +0.03 -0.8 SrsIntlGrw 17.96 -0.05 1.0 ShtDurIncm 4.21 ... 0.1 MidCap 116.79 -0.56 3.3 MidCpAdml 264.58 -0.89 3.2 LifeCon 22.81 +0.03 0.6 MuHYAdml 11.98 +0.01 0.3 InPrSeIn 11.49 +0.03 -0.4 Ultra 76.50 +0.40 0.7 AggBdInst 11.69 +0.04 -0.7 Dimensional Fds SeriesOverseas 12.53 -0.02 1.0 SrsIntlVal 10.49 -0.04 4.0 Metropolitan West NHoriz 83.19 -0.47 1.1 LifeGro 41.04 +0.04 2.0 MuIntAdml 14.85 +0.01 ... InstIdx 336.40 +0.77 1.5 American Funds Cl A CorBdInst 12.07 +0.04 -0.6 5GlbFxdInc 10.90 ... 0.1 SmCpIdxInstPrem 26.72 -0.20 7.0 TotalBond 11.25 +0.04 -0.5 TotRetBdI 11.10 +0.03 -0.7 R2020 23.06 +0.01 1.4 LifeMod 32.06 +0.04 1.3 MuLTAdml 12.21 ... -0.1 InstPlus 336.41 +0.77 1.5 AmcpA p 39.49 +0.05 1.0 BlackRock Funds EmgMktVa 30.02 +0.10 4.8 TMktIdxInstPrem110.10 +0.11 2.2 Fidelity SAI TRBdPlan 10.41 +0.03 -0.7 R2025 19.68 +0.01 1.6 PrmcpCor 30.21 +0.05 4.2 MuLtdAdml 11.26 ...... InstTStPlus 75.59 +0.07 2.2 AMutlA p 45.51 +0.10 2.0 HiYBlk 7.79 +0.02 -0.2 EmMktCorEq 25.47 +0.11 4.9 USBdIdxInstPrem 12.34 +0.03 -0.8 TotalBd 10.69 +0.03 -0.6 MFS Funds Class I R2030 28.99 +0.01 1.9 STAR 31.68 +0.03 1.9 MuShtAdml 15.95 ...... MidCpInst 58.45 -0.19 3.2 BalA p 30.49 +0.02 1.0 HiYldBd Inst 7.78 +0.01 -0.1 IntlCoreEq 14.97 -0.03 2.7 Fidelity Advisor I Fidelity Selects Growth I 160.39 +0.48 -0.9 R2035 21.69 ... 2.1 TgtRe2015 15.82 +0.02 0.6 PrmcpAdml r159.70 +0.64 3.8 MidCpIstPl 288.25 -0.97 3.2 BondA p 13.69 +0.03 -0.7 BlackRock Funds A IntSmCo 20.72 -0.06 2.2 NwInsghtI 37.82 +0.15 0.3 Softwr r 26.73 +0.03 -1.4 ValueI 46.25 +0.04 2.5 R2040 31.15 ... 2.4 TgtRe2020 34.63 +0.05 1.0 RealEstatAdml117.84 +1.45 -2.1 SmCapInst 98.42 -0.66 5.6 CapIBA p 64.18 +0.15 1.9 GlblAlloc p 21.81 -0.01 1.3 IntSmVa 19.68 -0.09 2.9 Fidelity Freedom Tech r 27.72 +0.08 3.2 MFS Funds Instl PRIMECAP Odyssey Fds SmCapAdml 98.42 -0.66 5.6 TgtRe2025 21.82 +0.03 1.3 STIGradeInst 11.02 +0.01 ... CapWGrA 60.78 +0.05 2.3 BlackRock Funds III LgCo 28.56 +0.06 1.5 FF2020 17.44 +0.01 1.6 First Eagle Funds IntlEq 31.06 -0.18 1.4 AggGrowth r 56.53 +0.03 5.3 SmGthAdml 99.04 -0.44 5.4 TgtRe2030 41.17 +0.05 1.5 STIPSIxins 25.67 ... 0.2 EupacA p 71.06 -0.32 2.5 iShS&P500IdxK450.87 +1.03 1.5 TAUSCoreEq2 23.74 -0.09 3.3 FF2025 15.74 +0.01 1.9 GlbA 62.23 -0.24 1.6 Northern Funds Schwab Funds STBondAdml 10.85 ... -0.1 TgtRe2035 25.67 +0.03 1.8 TotBdInst 11.52 +0.04 -0.8 FdInvA p 70.41 -0.05 1.8 BlackRock Funds Inst US CoreEq1 30.54 -0.07 2.9 FF2030 19.71 +0.01 2.2 Franklin A1 StkIdx 42.62 +0.10 1.5 1000 Inv r 85.05 +0.11 1.8 STIGradeAdml 11.02 +0.01 ... TgtRe2040 45.17 +0.04 2.0 TotBdInst2 11.35 +0.03 -0.9 GwthA p 69.17 +0.14 2.4 StratIncOpptyIns 10.39 +0.01 0.2 US CoreEq2 27.87 -0.11 3.3 Old Westbury Fds S&P Sel 58.27 +0.13 1.5 Freedom2020 K 17.43 +0.02 1.7 CA TF A1 p 7.79 ... -0.3 TotBdAdml 11.52 +0.04 -0.8 TgtRe2045 28.84 +0.03 2.3 TotBdInstPl 11.52 +0.04 -0.8 HI TrA p 10.18 +0.01 0.6 Bridge Builder Trust US Small 41.03 -0.48 6.8 Freedom2025 K 15.72 +0.01 1.9 IncomeA1 p 2.34 +0.01 2.2 LrgCpStr 17.52 +0.03 2.2 TSM Sel r 67.93 +0.07 2.2 TgtRe2050 46.50 +0.05 2.3 Parnassus Fds TotIntBdIdxAdm 23.33 +0.04 -0.3 TotIntBdIdxInst 35.01 +0.07 -0.3 ICAA p 44.99 +0.09 1.3 CoreBond 10.71 +0.04 -0.7 US SmCpVal 37.35 -0.45 8.5 Freedom2030 K 19.69 +0.01 2.2 FrankTemp/Frank Adv TIAA/CREF Funds TgtRet2055 50.48 +0.05 2.3 TotStInst 96.84 +0.10 2.2 ParnEqFd 54.44 +0.01 1.5 TotIntlAdmIdx r 33.51 +0.01 3.2 IncoA p 24.05 +0.02 2.1 CorePlusBond 10.53 +0.03 -0.7 US TgdVal 25.51 -0.33 8.1 Freedom2035 K 17.02 ... 2.8 IncomeAdv 2.32 +0.01 2.2 EqIdxInst 28.38 +0.02 2.1 TgtRetInc 15.00 +0.02 0.5 ValueInst 47.96 +0.02 3.3 PGIM Funds Cl Z TotStAdml 96.82 +0.09 2.2 N PerA p 62.48 +0.05 3.3 Intl Eq 13.83 -0.04 3.5 USLgVa 39.51 -0.10 5.3 Freedom2040 K 12.13 ... 3.2 FrankTemp/Franklin A VANGUARD ADMIRAL TxMCapAdml201.11 +0.21 1.8 TotIntBdIxInv 11.67 +0.02 -0.3 WCM Focus Funds TotalReturnBond 14.94 +0.05 NA NEcoA p 60.18 -0.06 1.1 LargeCapGrowth 20.74 +0.06 0.8 Dodge & Cox Fidelity Invest Growth A p 136.40 +0.26 0.7 500Adml 351.73 +0.81 1.5 USGro 67.01 +0.44 2.1 WCMFocIntlGrwIns 25.28 -0.05 2.1 PIMCO Fds Instl TxMIn r 15.64 -0.02 2.7 NwWrldA 89.93 -0.16 2.3 LargeCapValue 15.11 -0.05 2.6 Balanced 105.47 -0.41 3.6 Balanc 28.78 +0.05 1.8 RisDv A p 81.62 -0.23 1.8 BalAdml 44.78 +0.07 1.0 USGroAdml 173.57 +1.16 2.1 WellsI 28.39 +0.06 0.2 Western Asset AllAsset 12.72 +0.03 2.6 SmCpA p 82.12 -0.13 3.2 ClearBridge Income 14.57 +0.04 -0.5 BluCh 168.19 +0.68 3.1 Guggenheim Funds Tru CAITAdml 12.33 -0.01 -0.2 ValAdml 47.96 +0.02 3.3 Welltn 44.62 +0.05 0.6 CoreBondI NA ... NA InvGrdCrBd 11.16 +0.05 -1.0 TxExA p 13.62 +0.01 0.1 LargeCapGrowthI 67.41 +0.05 -0.6 Intl Stk 45.81 -0.12 4.8 Contra 16.77 +0.11 0.1 TotRtnBdFdClInst 29.44 +0.13 -0.8 CapOpAdml r185.71 +0.27 4.6 WdsrllAdml 71.08 -0.18 3.5 WndsrII 40.07 -0.09 3.5 CorePlusBdI 12.43 +0.05 NA TotRt 10.53 +0.03 -0.6 WshA p 51.35 +0.02 2.4 Columbia Class I Stock 203.36 -1.33 5.6 ContraK 16.81 +0.11 0.1 Harbor Funds DivAppIdxAdm 38.57 -0.06 0.6 WellsIAdml 68.78 +0.15 0.2 VANGUARD INDEX FDS CorePlusBdIS 12.43 +0.06 NA P2JW014000-4-B01100-1------XA THE WALL STREET JOURNAL. **** Thursday, January 14, 2021 | B11 MARKETS S&P, Nasdaq Gain, but Dow Slips a Bit BY WILL HORNER Stocks have struggled fordi- Indexperformance, Wednesday viewthe economy’sprospects. “Rates arecapped where AND AMBER BURTON rection this week afternotch- Thereport indicated declines in they arenow,and the Fedhas 1.0% ing recordsinearly Januaryas retail sales and demand for effectively gotaform of yield Stocks swung between small investorsweighed the prospect hospitality and leisureservices curvecontrol in placebecause gains and losses formost of the of fresh government spending in some partsofthe country. they have acommitment to buy session, as investorsmonitored against political turmoil in “Weknowthe economyis bonds,” he said. “I don’t think the impeachment proceedings Washingtonand still rising 0.5 going to be biggeratsome we will see ratesmovemuch against President Trump. Covid-19 cases.Energy and Nasdaq Composite point, so the market is willing higher,because thereisstill a House lawmakersvoted banking stocks areamong the to look forward,” Mr.Sels said. lot of demand.” shortly afterthe stock market best performerssofar in the S&P500 “Weare still in arisk-on envi- Overseas,the StoxxEurope closed to impeach the presi- newyear as investorsbet on 0 ronment.” 600 added 0.1%. Among major dent forinciting last week’s companies that fared poorly in DowJones In corporatenews, shares of European equities,French re- Capitol riot, just days beforehe 2020 and arelikely to benefit Industrial Average Intel climbed $3.71, or 7%, to tailer Carrefour jumped 13% is due to leave office. While the as the economyrecovers. $56.95, as the chip giant said it aftersaying it wasintalks with political rancor has weighed on “Marketsare going to re- ousted Chief ExecutiveBob Canada’s Alimentation Couche market senti- main choppy forawhile,but -0.5 Swan afteractivist hedgefund Tard over apotential merger. WEDNESDAY’S ment in re- through it all, we remain cau- ThirdPoint urgedsweeping In Asia, major indexesended MARKETS cent days, tiously optimistic,” said Altaf Russell 2000 changes at the company. the daymixed. Early Thursday, manymoney Kassam,head of investment General Motors shares rose Japan’sNikkei wasup1.4%, and managersare looking past strategyfor State Street Global -1.0 91 cents, or 1.9%, to $48.73af- Hong Kong’sHang Seng wasup Washingtondevelopmentsand AdvisorsinEurope.“The terthe automaker said it was 0.3%. U.S. stock futures were up 9:30 a.m. noon 4p.m. focusing on prospectsfor more amount of fiscal stimulus that launching anew electric-truck 0.2%. fiscal stimulus. is possible will protect riskyas- Source:FactSet business. “The market is largely focus- sets, and thereisstill alot of Aselloff in U.S. government ing on the fundamentals cash on the sidelines.” back and getustobeable to is going to look different six bonds eased lateTuesdayfol- AUCTION RESULTS Here are the results of Wednesday's Treasury around aBiden administra- Meanwhile,some money reopen.” months from now,” said An- lowing strong demand foran auction. All bids are awarded at a single price at the market-clearing yield. Rates are determined by the tion,” said Willem Sels,global managersare keeping an eye U.S. inflation dataout drew Mies,chief investment of- auction of new10-year notes. difference between that price and the face value. chief investment officer at on theincoming administra- Wednesdayshowedthat con- ficerat6Meridian. “You’re On Wednesday, the yield on the 29-YEAR, 10-MONTH BONDS HSBC PrivateBanking. tion’svaccine rollout. sumerprices increased only likely going to see higher levels 10-year Treasurynoteedged Applications $61,740,735,700 TheS&P 500 ticked up 8.65 “The No.1thing that we’re moderately last month, reflect- of inflation.” down to 1.089% from 1.136% Accepted bids $26,412,625,300 " noncompetitively $3,489,200 points, or 0.2%, to 3809.84. The watching is aspeedup in the ing weak demand formany TheFederal Reserve’sbeige Tuesday. Bond yields fall as the " foreign noncompetitively $0 DowJones Industrial dropped vaccination distribution,” said goods and services. book report also came out pricerises. Auction price (rate) 95.413195 (1.825%) 8.22 points, or lessthan 0.1%, MeganHorneman,director of Some economistsexpect in- Wednesday, offering the latest Bond yields,which had ad- Interest rate 1.625% to 31060.47. TheNasdaq Com- portfolio strategyatVerdence flation to pick up the paceas collection of businessanec- vanced forseven consecutive Bids at clearing yield accepted 79.27% Cusip number 912810SS8 positerose 56.52points, or Capital Advisors. “That’sex- the economygrows faster later dotes acrossFed districtswith days,are unlikely to climb The bonds, dated Jan. 15, 2021, mature on Nov. 15, 0.4%, to 13128.95. tremely importanttoget us this year.“Theinflation picture insightsintohow companies much further,Mr. Kassam said. 2050. Shrinking Grain Benchmark for U.K. Supplies Send Stocks Gains Allure BY PAUL J. DAVIES in businessand other physical capital. Prices Soaring British stocks have enjoyed Toscafund has increased its aworld-beating rally sincethe betsonU.K.assetswith itsre- start of December,with inter- cent £1.1 billion buyout deal, BY KIRK MALTAIS Grain futures performance, national investorsbeginning to equivalent to $1.5billion, for past three months buy back intoone of their broadband companyTalkTalk. Dwindling stockpiles of U.S. least-loved countries. It has also bought largerstakes grains have sent prices for 40% TheU.K.benchmark,the in serviced offices group IWG corn, soybeans and wheat sky- FTSE 100,isupabout 8% since PLC,fashion retailer TedBaker Soybeans rocketing. Dec.1indollar terms.Al- PLC and Southend Airport, a 30 Corn Corn futures closed trading though it declined slightly on privateairport companyinthe Wheat Wednesdayup1.4%after ris- Wednesday, it is still well southeast of England. ingTuesdaybythe maximum 20 ahead of the S&P 500,MSCI Othersare skeptical that allowedbythe ChicagoBoard World and EuroStoxxindexes, sterling will rise.The pound of Trade to more than $5.17 despitethe U.K. being among has already rebounded from a per bushel. Themovefollowed 10 the hardest hit by the Covid-19 sharp drop in September.Brit- the U.S. Department of Agri- pandemic. ain’snew skeletal trade deal culture’smonthly supply and Therecent market rally also carries uncertainty about demand re- 0 doesn’t makeupfor itsstark howU.K.exportstoEurope COMMODITIES port showing underperformancesincethe will be affected longer term, corn produc- U.K. votedtoleave Europe in according to FrancescaForna- –10 tion falling short of expecta- AN/REUTERS 2016.Indollar terms,the FTSE sari,head of currencysolutions tions. Nov. 2020 Dec.Jan. ’21 GU 100 is still belowwhereit at InsightInvestment. This week’s surge carried Note:Most-activecontracts BING closed on June 23,2016,the “The economic repercus- corn to itshighest close since Source:FactSet This week’ssurge carried corn to its highestclose sinceJuly 2013. dayofthe Brexit referendum. sions of the changes likely to July 2013.Soybeans and wheat Britaindid managetocon- be implemented arelikely to be arealso trading at their high- projections forthe 2020 crop Now, demand is climbing, par- 200,000 cases on Tuesday. A clude aslim newtrade deal felt,” she said. “It’snot entirely est levels since2014this week, last summer,according to the ticularly from China, which slower-than-expected eco- with theEuropean Union on clear howmuch damagethe with soybeans abovethe $14 USDA report. needs grains to rebuild hog nomic recovery could pressure ChristmasEve,eliminating deal is going to do.” per bushel mark and wheat Stockpiles of corn are ex- herds afterculling millions in- commodities prices. fearsthat it might break away TheU.K.stock market hasn’t over $6.60per bushel Wednes- pected to fall by approximately fected by African swine fever. TheBiden administration’s from the bloc at the end of just been weighed down by day. 150 million bushels to 1.55 bil- Themoves arealso part of dealingswith China could also 2020 with all itsexportssub- Brexit. It also has manyofthe “It’sanoff-to-the-races kind lion bushels,down1.2 billion abroad recovery in so-called shiftthe outlook forcommodi- ject to tariffs and restrictions. wrong sortsofstocks. of thing,” said Jason Britt, bushels from last summer.The softcommodities.Cottonfu- ties,after the country’sten- But the bare-bones deal leaves Multinational banks,such as head of Central States Com- declineexceeded the drop pro- tures on the Intercontinental sions with the Trump adminis- much to be negotiated. The HSBC Holdings PLC and Bar- modities in Kansas City,Mo. jected by analystssurveyed by Exchangethis week aretrad- tration sparked priceswingsin Britishpound hasn’t benefited Dryweather in key growing TheWall Street Journal. The ing at their highest level in recent years. either,confounding those who regions of the U.S. and South USDA also cut itssoybean morethan two years. Sugarfu- Some market participants believethat U.K. assetsare The FTSE 100, is up Americahas hit domestic corn stockpile forecast and wheat tures hit their highest level areoptimistic that relations nowmoreattractive. production, which is expected stockpiles were adjusted lower. since2017this month. will warm. “There’sageneral As investorsmovemoney about 8% since Dec. to total14.2 billion bushels for Thepricegains mark a Manyfactorscould sap the perception that a Biden ad- into U.K. assets, they need to 1 in dollar terms, the current marketing year, sharp reversal from earlier in momentum. Thepandemic ministration will be friendlier buy the British currency, and 325million bushels lessthan the year,when the global coro- ragesonand vaccine distribu- than aTrump administration,” that should liftthe pound. Sav- ahead of S&P 500. projected last month and 1.1 navirus pandemic cast doubt tion remains slow, with new said SalGilbertie,president of vasSavouri,chief economist at billion bushels below initial about grain consumption. cases in the U.S. still exceeding Teucrium Trading. Toscafund Asset Management, a$4billion hedgefund, said he believes the pound’sfunda- clays PLC,and mining or en- whymanyinvestorshave Although SPACsare still a SPAC deal goes through, but mental value in euros is about ergy companies such as BP SPACs bought moreSPACshares. small part of markets, the trend gains in companies such as €1.30 apiece. But sinceDec.23, PLC or RioTinto PLC,domi- Eight had morethan $1 billion is another result of the unique DraftKingsInc.and Virgin Ga- it remained flat at €1.11before nate the FTSE 100.Such com- invested in SPACsatthe end of financial conditions resulting lactic HoldingsInc.are encour- rising to €1.12 on Wednesday. panies have fared badly during Offer Rich the thirdquarter last year,led from the pandemic and ul- aging moreofthose betsas Thepound has traded below the Covid-19 crisis because by Millennium,Magnetar and tralowinterest rates. Returns well. itsfair value in recent years their fortunes arelinked to Glazer,according to regulatory from the hedge-fund trade were Therisks forhedgefunds because of fearsthat Britain’s economic activity and interest Rewards filingscompiled by datapro- limited in the past because that invest early also increase if exit from Europe would be cha- rates. Banks,inparticular,have vider SPAC Research. Polar As- companies didn’t need the flex- they don’t withdraw or sell af- otic and very costly,according performed poorly foryearsdue set Management and Linden ibility offered by SPACs, it was terastock rises.Some that to Mr.Savouri. “Atsome point, to lowprofitability and the ContinuedfrompageB1 Advisors round out the top morecostly to borrow money, previouslywould sell early are therewill be abig transaction costly fines and extraregula- early investorsare protected by five. and sentiment wasmuted, ana- also adding morerisk by hold- that will makeFXtraderswake tion born mainly out of the the right to withdraw.Through- And 51 investorswho had lystssaid. But last year’s wave ing afterdeals go through. up and realizethe pound is un- global financial crisis of 2008. out the whole process, they can lessthan $100 million in SPAC of momentum made it attrac- They canalso invest when a dervalued,” he said. “We’ve Thenew U.K.-EU trade deal sell warrantsorhold on to holdingsinthe second quarter tive. SPAC raises additional money gone through the quagmireof only covers goods and not Brit- them. When SPAC shares surge, of last year held that amount or “It wasthis perfect environ- to completeadeal, aprocess political uncertainty in away ain’sbiggest exports, services. warrantsgrowmorevaluable. morebySeptember.Datafrom ment,” said Patrick Galley,a called aprivateinvestment in that the U.S. and other Euro- Thetwo sides have just begun Some analystssaid that makes the end of 2020 will be dis- SPAC investor and chief execu- public equity. pean countries haven’t yet.” negotiating on what kind of ac- the funds’ trade arareexample closed in mid-February. tiveofRiverNorth Capital Man- Glazer Capital, the third- Mr.Savouri expectsmore cess Britain’sbanking and fi- of amainstream investment Thegains forearly investors agement. largest SPAC investor as of Sep- moneytoflowfromoverseas nancial sector might gettothe that has limited pitfalls. oftencome at the expense of Even institutions including tember,morefrequently stays into British stocks and bonds, bloc. “It’safreelunch—there’sno other stakeholders, particularly Saudi Arabia’s$300 billion invested if it sees an attractive as well as intoreal assetslike —Caitlin Ostroff contributed way around it,” said Michael those who take on morerisk Public Investment Fund, which business, portfolio manager Vik property and direct investment to this article. Ohlrogge,anassistant profes- typically makelong-term in- Mittalsaid. Part of that deci- sor of lawatNew York Univer- vestments, areputting money sion hinges on whether notable Relativeperformanceofglobal stock indexes sity. Israel intoSPACs.AlbertaInvestment SPAC founderssuch as Mr.Pali- in dollar terms sinceDec.1 He and StanfordLaw Englander’s Management and Healthcareof hapitiyaand former Citigroup School’sMichael Klausner stud- Millennium Ontario Pension Plan,Canadian Inc.executiveMichael Klein are 10% ied SPACsthat mergedbetween Management entities that managepension involved. January2019 and June 2020 is a leading funds, have sizable holdings. “There weren’t as manyin- 8 andfound that hedgefunds investor in Likeearly-investing hedge stitutions of that caliber raising FTSE 100 nearly always sold their shares SPAC deals. funds,AlbertaInvestment Man- SPACsasthereare today,” Mr. or withdrew beforedeal com- agement considersselling be- Mittalsaid. 6 pletion. Theaverage annualized fore adeal goes through or Despitepocketsofvolatility, return forthose that withdrew when buying shares later in the withdrawing when attractive, investorscontinue piling in,of- MSCI World was11.6%. processafter adeal is an- said Justin Lord,director of tencreating opportunitiesfor 4 EuroStoxx Returns have likely im- nounced or goes through, public equities.Onthe other hedgefunds without even real- S&P500 proved lately given the excite- Mssrs. Ohlrogge and Klausner hand,HealthcareofOntario izing it. ment in the sector,according to argue. Pension Plan tries to avoid “There’safrothyfeel to the 2 analysts. Last year SPACs Manyofthose later posi- withdrawing,according to SPAC universe,” said RoyBeh- raised $82 billion, afigure tions aretraditional holdings Adrian Mitchell,vicepresident ren, managing member at greater than all previous years that carrymorerisk.Their per- of public equities. Westchester Capital Manage- 0 combined and nearly half of all formanceistied to aSPAC TheSaudi Public Investment ment and an investor in the capital raised in U.S.-listed ini- completing an attractivedeal Fund didn’t respond to are- space. –2 tial public offerings, according or the value of astartup rising quest forcomment. —Tristan Wyatt to Dealogic. over time afteritcombines Investorstakeonmorerisk and Kenny Jimenez Dec.2020 Jan. ’21 Themomentum explains with ablank-check firm. when they hold shares aftera contributed to this article. Note:Through TuesdaySource:FactSet P2JW014000-0-B01200-1------XA B12 | Thursday, January 14, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET FINANCIAL ANALYSIS &COMMENTARY Opendoor’sWindowSeems to Be Closing The real-estate platform appears to be losing its first-mover advantage as health crisis levels playing field for digital buyers What’s more risky than betting Opendoor Technologies on one pandemic frenzy? Auto- sharepriceand revenue mated home flipper Opendoor $28 Technologies embodies three of them at the same time. BackinSeptember,the online 26 real-estateplatform made asplash announcing itsmergerwith one of venturecapitalist Chamath Pali- Shareprice 24 hapitiya’sprized special-purpose ac- quisition companies as ameans to a public offering.The movecombined afew of 2020’shottest trends: a 22 SPAC,adisruptivetouchlesstech- Jan. 4 Jan. 11 nologyand housing fever. Together, S 2021 PRES they have brought much hype to an $10 billion unproven businessthat might have ZUMA lost akey competitiveedge. 8 Revenue BEE/ While the onset of the pandemic O temporarily derailed the iBuying ENT 6 business, which is focused on buy- AM CR 4 ing and reselling homes electroni- SA cally,morerecent trends have JR./ playedtoits strengths.Low interest 2 AKI ratesand the rise of remotework AG Est. Projections have brought newbuyersintothe KIT 0 UL 2017 ’18 ’19 ’20 ’21 ’22 ’23 market, while skyrocketing home PA prices have enticed homeownersto Low interest rates and the rise of remote work have brought new home buyers into the market. Sources: FactSet (shareprice); the company(revenue) trytocash out while demand is hot. Opendoor shares closed their business. ForOpendoor,the setup forthe roughly 80% in the firstsix months rather than another iBuying player. first day of trading on their own in Thepandemic forced the industry coming yearsdoesn’t look as ap- of 2020,while aDecember filing Sincepeaking in lateDecember, December with a market value of to temporarily shut down last spring pealing as it oncedid. Without the shows an inventorybalanceofjust Opendoor’s shares have sold off roughly $17 billion based on the due to market uncertainty.Today, diversity and scope of amorema- over $151 million at the end of Sep- around 11% as investorsreconcile number of shares outstanding the market dynamics look alot bet- ture platform, Opendoor wasforced tember.That compares with an in- the red-hot real-estatemarket with listed in a filing last month. That ter, yetOpendoor still expectsits to cut morethan one-thirdofits ventorybalanceofover$193 million lingering economic uncertainty.Still, is up from a post-money valuation revenue to have fallen 48% in 2020 workforce back in April. Zillow,by forZillowasofthe same date. For the shares areupmorethan 58% of just $3.8 billion following the and not recoverfully until 2022, ac- comparison, says it didn’t make all of 2020,Zillow’smost recent sinceMr. Palihapitiya’sSPACfirst company’s last venture raise early cording to aNovember presentation. anypandemic-related workforce forecast implies itsiBuying business announced Opendoor as itstarget. in 2019, according to PitchBook. That kind of declineisn’t necessarily cutslast year. Redfin,which in will generateabout $1.6billion in Investorsmay be aware of some Having launched in 2014, Open- the case industrywide: Revenue for 2019 derived just under one-third revenue compared with Opendoor’s of the perils of the iBuying business door had established a sizable Zillow’sHomes business, which of itsrevenue from iBuying, said it ownforecast of $2.5billion, sug- that the pandemic has laid bare. first-mover advantage in the iBuy- houses iBuying,isexpected to have laid off just 7% of itsstaff in April. gesting the pandemic has helped it They seem to be missing the degree ing market, with revenue growing grown23% in 2020,according to an- All iBuyerssold down significant and other competitorstogain sig- to which the pandemic has leveled 158% to $4.7 billion in 2019. That alyst estimates compiled by Visible amountsofinventoryoverthe past nificant ground. Still, Opendoor says the playing field forcompetitorsof compares with just $1.4 billion in Alpha, mostly because of amuch year.AnOctober regulatoryfiling it views the traditional offline trans- one of the market’snew digital dar- 2019 revenue for Zillow’s iBuying easier 2019 comparison. noted Opendoor’s inventoryfell by action as itsprimarycompetition, lings, though. —Laura Forman Etsy’s Rise Can’t Be Limitless Prices Set To Increase Online marketplace has surged during the pandemic, but offline rivals are likely to reopen this year As Crisis Crafting has turned into catnip gory,jewelry, likely aspecial-occa- for investors, but the high can’t sion purchase,and nearly 2.5times last forever. the third-largest category,everyday Fades Shares of online marketplace Etsy craftsupplies.For now, Etsy says soared on Tuesdayafter Jefferies home organization and storage analyst John Colantuoni published a were among itstop searched items Thethingsthat have kept infla- report noting continued acceleration in the firstfull week of January. tion lowduring the Covid-19 crisis in traffic trends forNovember and But Etsy’s sales arehistorically arealot different than the ones December.Etsy’sstock has more seasonal, and webtrends suggest that used to keep it low. Awhip- than quadrupled over the past year. S this year will be no different. After sawing of prices when the pandemic Theseller of homemade goods is NEW peaking the week ended Dec.5,ac- passes is something to look out for. nowvalued at morethan $23 billion, G cording to Google Trends,searches TheLabor Department on well over half the value of eBay, de- forEtsyhavesincedeclined roughly Wednesdayreported that U.S. con- spitethe fact that it is predicted to OOMBER 30% from their highs over the past sumer prices rose 0.4% in December generatelessthan 20% of the sales /BL year,though they arestill well from November,putting them 1.4% of itspeer in the fourth quarter. aboveyear-agolevels. According to abovetheir year-earlier level. Core Etsy’s sky-high valuation has HARRER SimilarWeb,search is responsible prices,which exclude food and en- been earned through its rapid forroughly 40% of Etsy’s traffic. ergy items to bettercaptureinfla- growth over the past few quarters. ANDREW It is also worth noting that users tion’strend, rose 0.1% from Novem- Sales in the second and third quar- The seller of homemade goods is now valued at more than $23 billion. who searched forEtsymost fre- ber,and were up 1.6% on the year. ters grew an average of nearly quently also searched forface TheFederal Reserve’saim is for 145% year on year and traffic and not as significantly.Together,these ated awareness for the platform masks.Itisreasonable to expect 2% inflation, and the consumer- search trends from the last two trends bode well forfourth-quarter and attracted new customers, 2021 growth should continue to moderate pricemeasures it follows runcooler months of the year suggest the results, which Etsy generally re- presents a challenging setup as the as the pandemic subsides.After the than the Labor Department’s. fourth quarter also will be stellar. portsinlateFebruary. world begins to step outside again. firstquarter,Wall Street expects Under inflation’shood, though, Traffic to Etsy’s websiterose an But investors might want to Thehome category,which ac- Etsy to averageabout 3% growth in thereare some big shifts.Prices for averageofnearly 96% in November start asking themselves whether counted fornearly 30% of gross both revenue and grossmerchandise food at home—groceries and the and December,according to Simi- year-end outperformance is now merchandise sales in the third sales forthe remainder of the year. like—remain elevated as aresult of larWeb data, which Jefferies says is baked into the stock, and just how quarter,might be particularly chal- Etsy has no doubt broadened its the pandemic,and were up 3.9% in the highest level of monthly growth long Etsy can continue to grow at lenged this year as offline competi- reach amid the pandemic and should December from ayear earlier.Mean- it has recorded from the company the meteoric pace necessary to tors reopen and consumersspend continue to be abig beneficiaryof while,prices forlodging at hotels over the past two years. Mean- maintain its valuation. moretime outside their homes,ac- what is likely to be alasting shiftto and the likeweredown11.2%. while,growthinGoogle searches Indeed, Stifel analyst Scott De- cording to Mr.Devitt.Home goods e-commerce.Still, the sticker price Those arereflections of abroader forEtsyalso appearstohaveaccel- vittdowngraded Etsy’s stock about in the thirdquarter generated more has to match the value of goods,no trend in which goods prices have erated in the last two months of a month ago, saying that while the than twicethe grossmerchandise matterhow thoughtfully made. risen on the back of stronger de- the year relativetoOctober,though coronavirus pandemic has gener- sales of Etsy’s second-largest cate- —Laura Forman mand during the pandemic while services inflation has cooled sub- stantially.Coregoods prices were up 1.7% on the year last month, which compared with aDecember 2019 Intel’s New Chief Has No Quick Fix gain of 0.1%. Coreservices prices were up 1.6%, which compared with aDecember 2019 gain of 3%. The last time core goods infla- Intel Corp. has returned to form Share-priceand indexperformance, tel’sstruggles with advancing its activist Dan Loeb of ThirdPoint, tion exceeded core services infla- with its new boss. But in many past three years chip-making processbegan before who sent alettertothe company tion was in 2011. With vaccinations other ways, there may be no going Mr.Swancame on board—and they last month citing the “vital role” now under way, raising the pros- 80% back for the storied chip maker. New7nm have deepened since. Thecompany Intel plays in national security by pect of life returning to some sem- Intel announced Wednesday that BobSwan problems said in July that itslatestprocess maintaining domestic chip-making blance of normal later this year, it namedCEO disclosed PatGelsinger will take over the chief 60 formanufacturing chips at 7nano- capabilities.Intel is expected to is worth thinking about how the executive’sreins from Bob Swan, metersran intonew problems that giveanupdateonits plans in its goods and services inflation dy- who’s effectively held the position Intel would delayproduction on that pro- fourth-quarter earningscall next namic might play out. forjust 2½ years. That is theshort- 40 cess to late2022. Rival Taiwan week,and Mr.Swanremains CEO Prices forservices might come est runofany Intel chief—about half Semiconductor Manufacturing,or until Feb. 15—suggesting that what- back with avengeance, particularly the time of his immediatepredeces- TSMC,isalready making moread- ever the companyannounces next in areas wheresupply can’t easily sor who was booted from the com- 20 vanced chips at 5nanometers. week will also chart the newCEO’s meet rising demand. When every- pany following the discoveryofan Being two generations behind a course forthe near-term future. body feels comfortable finally get- affair with asubordinate. Mr.Swan’s fast-moving rival has forced Intel to Mr.Gelsinger thus faces the ting on aplane to see family,deals tenurewas marked lessbyscandal 0 consider the option of outsourcing daunting task of either helping Intel on flightscould be hardtocome by. and morebythe other major prob- the production of some of itsmost recoverits manufacturing edge—or And goods inflation might not ease S&P500 lem he inherited—the lossofIntel’s –20 advanced chips to TSMC.That selling manyskeptics on anew path up all that much, given that the position as the world’smost ad- could help Intel close the manufac- forthe chip maker.That won’t be economywill be in bettershape as vanced chip manufacturer. 2018 ’19 ’20 ’21 turing gapthat has let Advanced easy.But as alongtime Intel engi- Covid concerns passthan it is now. As an engineer with a 30-year Source:FactSet MicroDevices—another TSMC cus- neering executive, Mr.Gelsinger Theresulting pricegyrations stint at Intel under his belt, Mr. tomer—pick up shareinthe PC and could help counter Intel’s“human would likely be in large part tempo- Gelsinger might seem more suited tel’s share price rose 7% data-center markets. But it would capital management” issue—lossof rary,but interpreting what is going to addressing this problem. And Wednesday, while VMware’s stock be ashiftfor acompanythat has talent—that Mr.Loeb also cited as a on in the moment could be hard. his most recent job running VM- slipped by the same amount. based itscompetitiveadvantage on pressing issue.Amorale boost Thebest inflation forecast right ware has made him a highly re- But Mr.Gelsinger is inheriting being an integrated manufacturer. won’t fixall of Intel’sproblems,but nowmight be that it is about to get garded leader in Silicon Valley. In- problems that have no quick fix. In- Outsourcing is also opposed by it would be astart. —Dan Gallagher confusing. —Justin Lahart;!@ ';=> 15:D($>;! $:@=#&DC@ Britain 0.10 0.10 0.75 0.10 Latest ago high low ADVERTISE TODAY DTCC GCF Repo Index K=@D&>6@9H(A $>;!HD@9F:&( *9;8>:D!55&&J!:# ><1D&6 96 !:/&5396? Australia 0.10 0.10 0.75 0.10 Call money Treasury 0.100 45.970 1.720 0.002 -&/&:1& !5 86!;>6!HD #&:&6>3&( $69; 869/!(!:# ;>3&6!>H5 39 />6!915 Overnight repurchase 2.00 2.00 3.50 2.00 MBS 0.111 45.700 1.703 0.011 !:(1536!&5!:*H1(!:# &H&*36!*>H*9:5361*3!9:A 9!HG#>5A >:( !:(1536!>H U.S. 0.08 0.11 1.65 -0.07 (800)366-3975 5>$&3D?,&>59:&( ;>:>#&;&:3 >:( 5>H&53&>;!:8H>*&? -&/&:1& !: )=)= (&*H!:&( 39 >8869E?L%+ ;!HH!9: (1& 39 F96J!:# Notes on data: Formoreinformation visit: U.S. government rates *>8!3>H *9:536>!:35?.69*&55 >H6&>(D1:(&6F>D? U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, wsj.com/classifieds Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 29:3>*3I 0&