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**** MONDAY,MARCH 30,2020~VOL. CCLXXV NO.74 WSJ.com HHHH $4.00

Last week: DJIA 21636.78 À 2462.80 12.8% NASDAQ 7502.38 À 9.1% STOXX 600 310.90 À 6.1% 10-YR. TREASURY À 1 26/32 , yield 0.744% OIL $21.51 g $1.12 EURO $1.1139 YEN 107.94 In Central Park, a Field Hospital Is Built for Virus Patients Trump What’s News Extends Distance Business&Finance Rules to edical-supplies makers Mand distributors are raising redflagsabout what April 30 they sayisalack of govern- ment guidanceonwhereto send products, as hospitals As U.S. death toll passes competefor scarce gear amid 2,000, experts call for the coronavirus pandemic. A1 GES staying apart amid

 Washingtonisrelying on IMA the Fed, to an unprecedented need formoretesting

degree in peacetime,topre- GETTY servebusinessbalancesheets SE/ President Trump said he was as Congressreloads the cen- extending the administration’s tral bank’sability to lend. A4

ANCE-PRES social-distancing guidelines  Manyactivist investorsare FR through the end of April as the walking away from campaigns U.S. death toll from the new GENCE

or settling with firms early as /A coronavirus surgedpast 2,000 some demands seem less over the weekend.

pertinent in altered times. B1 ANCUR BET  Thestock market’s unri- By Rebecca Ballhaus,

valed swingsthis month have KENA Andrew Restuccia OPEN ARMS: The Samaritan’s Purse charity set up an emergency field hospital in Central Park on Sunday near Mount Sinai Hospital, ignited even more interest and Jennifer Calfas which it said would be used to care for coronavirus patients. The 68-bed respiratory care unit is expected to open Tuesday. in the volatility trade. B1 Aftersaying fordays that he  Thesportsbusiness was washoping to open up the coun- brought to a standstill by tryinthe coming weeks,Mr. the coronavirus and now Crisis Spurs Vast Change in Jobs Trump,speaking in the White faces a reckoning. B1 HouseRose Garden on Sunday, said the peak of the death rate  Gilead will stop consid- wasexpected to hit in two ering most individual emer- BY RUTH BENDER fruit and vegetables.Mean- seeking nearly 500,000 new weeks.“Nothing would be worse gencyrequestsfor itsexper- AND MATTHEW DALTON while in Germany, McDonald’s staffmembersinthe coming than declaringvictorybeforevic- imental coronavirus drug Corp.islending staff to two THE weeks. tory is won,” he said. TheU.S.by amid heavy demand. B3 The coronavirus pandemic big grocerychains desperate CORONAVIRUS In Europe—wheresocial- far leads the world in cases of is forcing the fastest realloca- for workers. safety nets mean fewer work- thevirus,passing 142,000 over World-Wide tion of labor sinceWorld War BeckyFrankiewicz, presi- PANDEMIC ers have lost their jobs—gov- the weekend, according to Johns II, with companies and govern- dent of ManpowerGroup North ernments aretrying to move Hopkins University.  Trump said he was ex- ments mobilizing an army of America, a staffing company, workerstowherethey are Theadministration said this idled workersintonew activi- said the workforce shifts were Doctors and nurses most needed. month that for15days it was tending the administration’s become patients, A3 social-distancing guidelines ties that areurgently needed. shaping up to be the largest Germanypassed laws last instructing all people to avoid through the end of April as Around the world, former her companyhad seen sinceit Fast-growing outbreak week to giveincentives to nonessential travel, sit-down the U.S. death toll from the hotel, restaurant and airline was founded in 1948. takes toll in Spain, A11 people put on Kurzarbeit—a restaurantsand gatheringsof coronavirus surged past staff aremoving to grocers, on- “Tens of thousands of jobs government program where morethan 10 people,among line retailersand hospitals as open up overnight,” she said. Sports: The pointguard unneeded workers stay home other steps.Meanwhile,gover- 2,000 over the weekend and theycalled Fauch, A16 states raced to get more partsofthe economyare closed “Wehavetomovewithin on abouttwo-thirds of their norsand mayors nationwide help. A1, A4, A6, A8-A12 to prevent the spread of the hours.” pay—to take up side jobs in have rolled out their ownre-  Massachusetts is ask- disease—andessential goods In the U.S., the pool of po- industries likehealth care and strictions,shutting schools and ing some nursing homes to andservices arestrained. tential workers has exploded. Though at the same time, farming.MalteVoigts,who manyretail businesses. evacuate elderly residents Theshifts also include A record 3.28 million people big companies that have seen runs afarm in the eastern Monday will mark the 15th so the facilities can treat some governmentsurging fur- applied forunemployment pandemic-fueled spikes in de- German stateofBrandenburg, dayofthat recommendation. coronavirus patients. A8 loughed workersand students benefits,the government re- mand, including Walmart Inc. has been slammed with phone Thepresident said his earlier  Spain and Britain’s to join in planting and picking ported last week. and CVSHealth Corp,are PleaseturntopageA10 PleaseturntopageA4 health systems are under extreme pressure. A11 Pandemic Prompts a Truce  The pandemic is forcing Big Week of Bills Is Due, the fastest reallocation of Some companies, struggling to stay afloat, have rushed to labor since World War II, add poison pills and other defensive measures even as with idled workers being activist investors are holding their fire. B1 mobilized into new, ur- Testing Economy’sResilience gently needed activities. A1 Poison-pill plans at companies with headquarters in the U.S.  U.S. officials are using 15 plans cellphone location data, hop- ing to betterunderstand us- Companies must decide what to pay and what they can put off ers’ movementstosee how they may be affecting the 10 spread of the coronavirus. A9 Congresshas passed a$2trillion rescue plan shape howdeeply the economy is damaged by but beforethose funds start to flow,American the coronavirus pandemic.  Thousands of digital-gun companies from the owner of asingle liquor “Rent is due.Utilities aredue.Credit card files were made publicly storeinBoston to corporategiantslikeMacy’s bills aredue April 1,” said Hadley Douglas,who available,including blueprints has laid off two workersfromher liquor busi- 5 for3-D-printer-made guns. A3 By Ruth Simon, Esther Fung, Suzanne ness, TheUrban Grape.“Thedeadline is loom- Kapner and Heather Haddon ing large and it is petrifying.” She said her landlordturned down arequest to temporarily JOURNAL REPORT Inc.must decide what to do about April’sbills: payhalf the rent but said to keep in touch as it 0 C-SuiteStrategies: Which obligations do they payand which can wasfocusing firstonsmaller,harder hit busi- 2017 ’18 ’19 ’20 Working at Home R1-14 they put off?How manyemployees canthey af- nesses. Note:DataasofMarch 27 ford to keep on the payroll? Can they geta Millions of Americans aresuddenly out of Source:Deal PointDataLLC NOTICE TO READERS break on rent? work and manybusinesses have already closed The World Health Organiza- Thedecisions they makethis week could PleaseturntopageA10 tion has said it is safe to handle newspapersduring the coronavirus pandemic. America Falls to Pieces Over The Wall Street Journal’s Distributors Seek Federal Help printing plants anddelivery Shortage of Jigsaw Puzzles services,though, aretaking precautions,frequently iii On Where to Ship Health Goods cleaning equipmentand fa- cilities while reducing human Demand risesaspandemic keepsmillions contact with the newspaper. BY REBECCA BALLHAUS city could run out of supplies Whitaker, chief executiveof Adigital version of the print at home,but getting them isn’t easy AND ANDREW RESTUCCIA after a week, saying in a CNN the Advanced Medical Tech- edition also canbeviewedat interview on Sunday that the nologyAssociation, atrade as- https://www.wsj.com/itp. WASHINGTON—Producers city would “need are-enforce- sociation that representspro- BY MICHAEL M. PHILLIPS Of the top10items that and distributorsofmedical ment” after that to address a ducers of medical devices. shopperssearched foronAma- supplies acrossthe country crisis that is certain to last CharlieMills, chief execu- CONTENTS Markets...... B9,10 As if thingsweren’t bad zon.comlast Tuesday, nine areraising redflagsabout much longer. tiveofMedline Industries Inc., Business&FinanceB2,6 Opinion...... A17-19 BusinessNews...... B3 Outlook...... A2 enough, nowthere’sashortage were antivirus cleaning sup- what they sayisalack of Companyexecutives said alarge privately held manu- Coronavirus A4,6,8-12 Sports...... A16 of jigsawpuzzles just pliesorpersonal- guidancefromthe federal gov- they are ill-equipped to make facturer and distributor of Crossword...... A16 Technology...... B4 when we need them hygiene products ernment about where to send decisions about which hospi- medicalsupplies based in HeardonStreet... B10 U.S. News...... A2-3 most. (read: toilet paper). their products, as hospitals tals and states should firstre- Northfield,Ill., said as the Life & Arts.....A13-15 Weather...... A16 Thecoronavirus No.7was “puzzles competefor desperately ceivetheir medical supplies companyworks to ramp up its pandemic has forced foradults.” needed masks and ventilators and arecalling on the govern- production of supplies,itis > millions of Americans Morepeople to combat the spread of the ment to step in. being inundated with orders. to hunker down in their were hunting des- novel coronavirus. “It’sreally the allocation He said he would welcome the homes and find waysto perately forjigsaw Theissue is taking on piecethat’smost important to government having a “strong entertain themselves.A Puzzling puzzles that day greater urgencyassupplies us right now because we just say” in how to respond. lot of them arethinking than Clorox wipes. run short in hard-hit regions. cannot and never will have a “All of our customersare s 2020 Dow Jones & Company, Inc. All Rights Reserved the same thought: jigsawpuz- That should be good news NewYork City MayorBill de windowintowhat the most wanting more,” Mr.Mills said. zle. PleaseturntopageA2 Blasio,for example,said the urgent need is,” said Scott PleaseturntopageA6 P2JW090000-0-A00200-1------XA

A2 | Monday, March 30, 2020 THE WALL STREET JOURNAL. U.S. NEWS

THE OUTLOOK | By Eric Morath and Paul Kiernan ECONOMIC CALENDAR

Jobs Report Will Mask Virus’s Heft Economic data out this week areexpected to reflect efforts to contain—and rebound from—the he March employment the labor market in the first UnemploymentRate ees were morelikely to be coronavirus pandemic. report will showahit two weeks of the month, able to work remotely—caus- Tuesday: China’sofficial man- T ufacturing index forMarch is ex- to the U.S. job market when the U.S. wasstruggling 10% RECESSION ing the averagetorise. due to the novel coronavirus to ramp up testing forthe vi- pected to showfactory activity Forecast pandemic,but it is unlikely to rus. That wasbeforethe num- he coming report is has recoverednotably amid the March 2020,3.7% showthe depth of the crash ber of virus-related infections 8 also subject to unusual government’sstrong push for because the datareflect the and deaths jumped and sev- T work resumption. statistical distortions. month’sfirst weeks. eral governorsordered nones- Survey responses could be Germanyreleases joblessfig- Economistssurveyed by sential businesses to close, 6 lowifbusinesses have closed. ures forMarch, the firstlarge TheWall Street Journal ex- forcing layoffs of millions of Statistical models that European country to do so. Econ- pect Friday’sreport to show Americans,including waiters, smooth seasonal patterns and omists expect arise in the num- U.S. employers shed 56,000 hotel staff,autoworkersand 4 predict the paceatwhich ber of people without work as jobs from payrolls—snapping dental hygienists. businessclose and open could some businesses scaled back, arecord113-month stretch of Friday’sreport is “not go- be worthless. And some of but the initial increase is forecast job creation—and the unem- ing to really capturethe sig- 2 the people who lost their jobs to be relatively modest, nudging ployment rate edged up to nificant damageout there maybecounted as out of the unemploymentto5.1% from 5%. 3.7% from a50-year lowof that occurred,” said Joseph labor force, rather than un- Wednesday: The Bank of 3.5% in February. Brusuelas,chief economist at 0 employed, because they aren’t Japan’squarterly tankan corpo- Both predictions,froma RSM US LLC.“Investorsand 2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 ’18 ’20 actively seeking work at a rate-sentimentsurvey likely will survey of eight economists policymakersshould just Note:Seasonally adjusted, March 2020 figurereflects forecastofsurveyed economists time when the virus has shut showthe impact of the pan- latelast week,are far less throw it out. It’sjust are- Source:Labor Department, The Wall Street Journal businesses and manyare re- demic even as disruptions in the direthan the picturedrawn membranceofthingspast.” sponsible forcaring forchil- country have been lesssevere by the record 3.3million If the shutdowns continue agepoint forevery 1.5million “Thereisthe chancewe dren or ill family members. than in China and South Korea. Americans who filed forun- forafew moreweeks,the initial joblessclaims.Given could see depression-likeun- Some economistsare brac- In the U.S., the Institutefor employment benefitsfrom April jobs report, scheduled last week’srecord-shattering employment numbersbythe ing foradarker report on Fri- Supply Management’sMarch March 15 through 21, after forrelease May8,could show unemployment claims,the job- time we’rethrough,” Mr. day. Joel Naroff,chief econo- manufacturing survey will offer manygovernment authorities the greatest one-month dete- lessratewill likely approach Brusuelas said. mist at Naroff Economic an indication of howsupply-chain ordered closures of swaths of rioration of the labor market at least 6% in April and exceed TheLabor Department’s Advisors, forecaststhe data disruptions and businessclosures the economytostemthe vi- on record. 10% by midsummer,Mr. survey of employers asks for will show1.25 million jobs areaffecting factory activity. rus’sspread. Brusuelas said, adding the their establishment’shead were shed and the unemploy- ISM’srelease caps afull dayof That’sbecause the March epending on howthe numberscould keep climbing. count forthe payroll period ment rate jumped to 5.2%. purchasing manager indexes report, likenearly all Labor pandemic evolves,the That’sbecause ahuge that includes March 12. If a “I knowI’m on the high from acrossAsia and Europe. Department employment re- D number of American workers worker waspaid forany por- Thursday: Millions more report released in May side,” he said. “But the jobless- ports, is based on surveys could showunemployment areemployedinservicein- tion of that period, they are claims datatell me alot more Americans areexpected to have asking about the week or pay soaring toward double digits dustries that have been shut- counted as being on apayroll. workersgot laid off early in claimed unemploymentinsurance period that includes the 12th and morethan one million tered. Leisureand hospital- EricaGroshen, the former the month than people real- benefits in the latest weekly re- dayofthe month. Asurvey of jobs slashed. That would ity—hotels,restaurants, arts commissioner of the Bureau ized.” Mr.Naroff said business port. households that determines mark the largest one-month and entertainment—employed of Labor Statistics,said un- closures and layoffs in hard-hit Friday: The U.S. employment the unemployment rate asked drop in payrolls sinceJapan 16.9 million Americans as of derlying datainthe report areas such as NewYork City report forMarch is expected to Americans if they reported to surrendered to the U.S. in February, Labor Department could giveclues to the virus’s occurred early enough to get captureonly part of the job work during the week of September 1945,prompting datashow. emerging impact. Watchfor counted in this report. losses thatbegan to mountto- March 8-14.Ifrespondents the countrytowind down its While millions of workers employment cutsintempo- Likemanyeconomists, he ward the end of the month. were paid forasingle hour of wartime efforts. areworking remotely now, rary-help jobs and the num- sees the March dataasthe tip The ISM’sMarch nonmanufac- work that week—even if they Futurejobs reportscould just 34% of American jobs can ber of hoursworked. It’spos- of the iceberg. He predictsthe turing survey is likely to reflect were subsequently laid off— be even worse. plausibly be performed at sible wage growth could tick economycould shed upward the impact of canceled travel, they arecounted as employed. Arule of thumb,Mr. home,University of Chicago up,because the firstwaveof of 10 million jobs during the closed businesses, stay-at-home As aresult, the March jobs Brusuelas said, is that unem- economistsJonathan Dingel job cutshit lower-wagework- pandemic,and the unemploy- orders and social distancing on report will primarily reflect ployment rises by 1percent- and Brent Nieman estimate. erswhile better-paid employ- ment rate will top14%. U.S. serviceproviders. U.S. WATCH

STORMS CALIFORNIA Tornadoes Spotted Publisher of Bezos In South, Midwest Story Faces Lawsuit

Strong storms that brought Michael Sanchez, the brother tornadoes, high winds, hail and of Jeff Bezos’girlfriend, is alleging rain to parts of the Midwest and in alawsuit thatthe publisher of South caused extensive damage the National Enquirer defamed in some areas but no deaths, of- him when it claimed he wasthe ficials said Sunday. source of the tabloid’s2019 ex- Tornadoes were spotted in posé about the Amazon.com Inc. Arkansas, Illinois and Iowa as founder’s extramarital affair.The thunderstorms swept through lawsuit, filed in federal court in the area on Saturday. High LosAngeles, centers around the winds and a possible tornado publication of aJanuary 2019 ar- were also reported in Indiana. ticle in the National Enquirer ex- The National Weather Service posing an affair between Mr.Be- said it was still assessing the zos and Lauren Sanchez, Mr. damage and determining the Sanchez’ssister. strength of the tornadoes. Mr. Sanchez alleges that Na- Among the places hit were a tional Enquirer parent American mall in Jonesboro, Ark., and an Media Inc. issued “a false and apartment building in the north- defamatory press release” in eastern Iowa community of Oel- March 2019 saying Mr. Sanchez wein. tipped off the tabloid about the In Jonesboro, most stores at affair and “provided all of the The Mall at Turtle Creek were materials” for its investigation. AR closed because of coronavirus Mr. Sanchez says he wasn’t CAZ

AL concerns, which helped minimize AMI’s source about the affair

LIA the number of injuries from the and didn’t leak nude photos. TA

NA tornado. Through a spokesman, AMI The sole remaining Ravensburger adult puzzle at Sullivan’s Toys & Art Supplies in Washington, D.C. “There are 18 injuries in this said Mr. Sanchez “sold the Na- event ... and two were admitted tional Enquirer the story about zlers. “The demand is pretty but will hand off puzzles curb- pended sales from itsown to the hospital. No fatalities, his sister’s secret affair and was Everyone infiniteright now,” says Mr. side.About 30 times aday,a websiteinorder to redirect its thank God,” Craighead County the sole source for its reporting.” Francke. “The challengeisto masked-and-gloved Sullivan’s remaining puzzle supply to Judge Marvin Day said on Sun- AMIsaid the lawsuit wasfriv- find waystoget it to consum- agentgoes on adeliveryrun Target, B&N and mom-and-pop day. olous and motivated by greed. Is Buying ers.” around theneighborhood to toystores. Ravensburgersays “The rescue effort is com- —Jacob Gershman Theworld’sbiggest store, drop off toys at customers’ itsfactories in Europe arerun- plete and we have started Amazon.com, has stopped ac- doors. Half of those deliveries ning at full capacity,and it’s cleanup and recovery,” added Puzzles cepting puzzle shipmentsinfa- includejigsawpuzzles,when hoping more stock will arrive Judge Day, who is the county’s CORRECTIONS  vorofhousehold staples and they’reavailable. in theU.S.nextmonth to re- top executive officer. medical supplies.Amazon says “It’sthe classic,” says Nata- plenish itsown websiteand The Jonesboro Municipal Air- AMPLIFICATIONS ContinuedfromPageOne it plans to expand itsstock as lia Alcazar,the store’sgeneral Amazon, onceitreopens its port and a Busch Agricultural forFilip Francke, chief execu- capacity permits, given “exten- manager.“Youcan’t really beat warehouses to puzzle deliver- Resources rice mill also suffered tiveofRavensburgerNorth sivehealth and safety mea- apuzzle on anysort of day.” ies. heavy damage when the tornado Canadian Prime Minister America. Itsparent, privately sures” the companyhas ad- This weekend, though, Sulli- Secondarypuzzle dealers struck, Judge Day said. Justin Trudeau has said he held German puzzle giant Ra- opted. But the companywon’t van’sstock randowntoits last have rushed to fill the hole in The tornado also derailed a hasn’t been tested forthe cor- vensburgerAG, is the world’s saywhen it will start accepting adult puzzle,anintimidating, the supply chain. Union Pacific train in Jonesboro. A onavirus.APageOne article largest purveyor of jigsawpuz- jigsawpuzzles again. 631-piecemonochrome,gold The1,000-piece“Catch a railroad spokeswoman said about on Saturdayabout British zles and does $600 million in Target Corp.and Barnes & rectangle from Ravensburger’s Wave” puzzle—featuring asea- 112 cars derailed, releasing an un- Prime Minister Boris Johnson businessayear in puzzles,toys NobleInc.still accept deliver- Krypt series.The storesold out scape with asurfer, sea turtle disclosed flammable liquid and testing positivefor the virus and other products. ies,Ravensburgersays. of the all-silver and all-black and dolphins—listsfor $20.99 paintthatUnion Pacific said incorrectly said Mr.Trudeau Jigsaws were on an upswing Barnes&Noble has closed versions earlier in the week. on the Ravensburgerwebsite. wasn’thazardous. had tested negative. even before the coronavirus. 450out of 620storesnation- “We’vebeen waiting on an Apop-up notedeliversthe bad Workers cleaned up the site Still, they usually reside in the wide,but Chief Executive order,” says Ms Alcazar.“Right news: “Due to unexpected de- and train operations resumed on Readers can alert The Wall Street Journal to any errors in news articles afterthought zone on Amazon, James Daunt says online jigsaw nowwehaveno1,000-piece, mand, we areunable to fulfill Sundaymorning. by emailing [email protected] or ranked between 2,000 and shoppersare making up the no 2,000-piece, no 5,000-piece. ordersatthis time.” APennsyl- —Associated Press by calling 888-410-2667. 3,000 among search terms,ac- difference. B&N salespeople vania puzzle reseller,though, is cording to asource familiar will also deliverpuzzles to offering “Catch aWave” for with the data. Even as recently people waiting in their cars ‘Right now we have $48.99and $12.25 in shipping THE WALL STREET JOURNAL as March3,adult puzzles were outside of the stores. elsewhereonline. (USPS 664-880) (Eastern Edition ISSN 0099-9660) just the 1,435th most-searched “Demandhas far exceeded no 1,000­piece, no “Dad’sShed,” anostalgic (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) item, the source said. supply,” Mr.Daunt said Sun- 2,000­piece, no look at dad sheds in 500 large- Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036 Now, as people runthrough day. “We’reprettymuch selling format pieces,listsfor $18.49. Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. their Netflix backlog and seek it as we getitin.” 5,000­piece.’ Areseller is offering one for Postmaster: Send address changes to The Wall Street Journal, an activity to sharewith the Customerswith time on $54.95 (free shipping). 200 Burnett Rd., Chicopee, MA 01020. few people they dareget their hands arelooking forfat- “Dragon Kingdom,” which All Advertising published in The Wall Street Journal is subject to the applicable rate card, within 6feet of,jigsaw-puzzle terbooks and more-compli- featureshalf-a-dozendragons copies of which are available from the Advertising Services Department, Dow Jones & Co. Inc., demand has takenoff. catedpuzzles,Mr. Daunt says. That’swhat we need right and two castles,isonthe sec- 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order. Only publication of an advertisement shall constitute final Ravensburger’ssales in “This helps them spend time now.” ondarypuzzle market for acceptance of the advertiser’s order. North Americaoverthe past moreproductively and hope- Everyother phone call to $46.99, plus $12.25 in shipping, Letters to the Editor: Fax: 212-416-2891; email: [email protected] two weeks areup370%year- fully with moreentertainment the storeisaninquiryabout asteep markup from the Need assistance with your subscription? over-year,the companysays. than Netflix and Apple TV can puzzles,and the callerswant $20.99(plus shipping) list By web: customercenter.wsj.com; By email: [email protected] On asingle day, March 26, provide,” he says. one that’sgoing to take awhile price. By phone: 1-800-JOURNAL (1-800-568-7625) sales were 10 times what they Manysmall toystores to put together.“They need “It’sreally hardtofind a Reprints &licensing: were ayear earlier.Ravens- around the countryhaveshut something to keep the whole puzzle in the market,” says Mr. By email: [email protected] By phone: 1-800-843-0008 burger is seeing Christmas their doorsdue to health con- family occupied,” Ms.Alcazar Francke. WSJback issues and framed pages: wsjshop.com numbersatEaster. cerns or government edicts. says.The only ones leftonthe Thecompany, he suggests Yet137-year-old Ravens- Sullivan’sToys &Art Sup- shelves,though, areway-too- dryly,might have to stretch its Our newspapers are100% sourcedfromsustainably certified mills. burgerfinds itself with fewer plies,inWashington, D.C., easy children’s puzzles. output capacity by leaving one GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS waystoget puzzles to puz- doesn’t allowcustomersinside, Ravensburgerhas sus- pieceout of each puzzle. P2JW090000-5-A00300-1------XA

THE WALL STREET JOURNAL. ***** Monday, March 30, 2020 | A3 U.S. NEWS Electric Ve hicles Dinged by State Fees A

BY SCOTT CALVERT TR

Morestatesare imposing MALHO special registration fees on AV UR

electric vehicles,sparking GA complaintsthat the levies un- S;

dermine effortstoget con- PRES sumerstoembrace alterna- UMA

tive-fuel cars. /Z Twenty-eight states charge OS NT

from $50 to morethan $200 a SA

year forplug-in electric cars, CUS and 14 states have annual fees MAR

forplug-in hybrids that also P: usegasoline,according to the TO OM

nonpartisan National Confer- FR enceofState Legislatures. A nurse waits to be tested at Elmhurst Hospital in Queens, N.Y. Dr. Gaurav Malhotra (below), who works in a hospital in Mount Kisco, N.Y., has the new coronavirus. Thefees aremeant to make up forthe fact that electric-ve- hicle ownersdon’t buy gasand thus don’t paygas taxesthat Doctors, Nurses Become Patients states rely on forroad work. Thefees aregenerally in addi- tion to standardvehicle regis- BY JANET ADAMY worrythe virus is difficult to monitor that his wifebought tration fees. avoid oncewaiting rooms and at Walgreens.Atnight he gets “There waspractically no Days aftercaring forahand- hallways become crowded with overcome with eerie febrile fee in place just a few years fulofsuspected coronavirus patientscarrying it. hallucinations wherehehears ago, and we’veseen this mas- patientsinmid-March, Gaurav “I gotinfected even wearing anurse call him to see apa- sivegrowth,” said Kristy Hart- Malhotrasaid he wasstrug- all of my protectiveequip- tient. But the only patient in man, NCSL’s energy program gling to breathe just from ment,” said Shelley Urquhart,a theroom is him. director. climbing one flight of pulmonaryand critical-care Dr.Malhotrasaid the sever- In 2019,plug-in vehicles stairs. Feverish night sweats nurse practitioner at Norton ity of his illnessscaredhim. made up just 2% of U.S. sales, soaked hisclothes. Audubon Hospital in Louisville, ACrossFitdevotee with no or about 330,000 cars and The40-year old hospitalist Ky., who tested positivefor the underlying medical conditions, trucks out of about 17 million at Northern Westchester Hospi- virus last week. he came home from anight overall. Butofficials arepre- talinMount Kisco, N.Y.,knew Ms.Urquhart, 36,and three shiftearlier this month and paring forafuturewhen afar he hadcontracted Covid-19. doctorsall noticed they had sensed his temperaturewas higher shareofdriverswon’t So he sat hiswifedownto symptoms of the virus after rising.The next night he was be fueling up at the pump,Ms. makesuretheir will wasinor- treating one of her hospital’s sweating.Hesent his wifeto Hartman said. der.Then he turned to manag- firstCovid-19 patientsfor respi- load up on Gatorade and went To promoteelectric-vehicle ing his case from their bed- ratory failure, she said. Holed Navy Hospital Ships serve pharmacies and physical- to his hospital foracoronavi- purchases,amajority of states room. With no access to up in herbedroom, she trades therapy facilities. rustest at their employeetest- offer hefty taxincentives and intravenous fluids,hedowned text messages with the sick cli- SenttoBothCoasts Each accommodates more ing area, which offered aquick other perks. bottles of Gatorade.Hede- nicians about howthey are than 1,000 medical staff and turnaround. Some states offer incentives murred when his bossasked if managing fevers,sorethroats, crew, assigned from existing Twodays later,the results and impose fees,which sends he should come to the hospital, chest tightnessand gastrointes- Designed to treat scores of naval hospitals. came back negative. conflicting signals to consum- in part because he didn’t want tinal distress. They have talked servicemen injured in war, the While the ships are de- “There’snoway Idon’t have ers, said Genevieve Cullen, to expose his co-workers. about howittook at least a U.S. Navy’s two hospital ships signed to deal with war inju- this thing,” he said to himself. president of the Electric Drive “Part of our job is to deal week to gettest results, which have been deployed to New ries, they have been mainly de- “I’venever felt this bad be- Transportation Association, with death on adaily basis,” showedthree of them had con- York and California to help out ployed on disaster relief and fore.” So he went back fora whichincludes automakers, said Dr.Malhotra, who tested firmed cases,she said. with the coronavirus pandemic. humanitarian missions, includ- second test, and that came suppliersand other industry positive forthe virus earlier A Norton Healthcare The USNS Mercy docked in ing in the wake of the 2004 back positivefor Covid-19. players. Tesla Inc., General this month. “Nowitwas me do- spokeswoman said it has robust Los Angeles on Friday and the tsunami in the Indian Ocean, Dr.Malhotrasaid he wore Motors Co.and Nissan Motor ing it about myself.” prevention and screening initia- USNS Comfort will arrive in where they treated more than an N95 mask and surgical Co.are members. Dr.Malhotraisamong the tives to protect patientsand Manhattan on Monday to pro- half a million people. gown while giving suspected “Oftenthose fees areinef- growing number of clinicians employees from the spread of vide extra beds for non- The Comfort was sent to coronavirus patientsintrave- fect penalizing efficiencyand nationwide who suspect they the disease,including frequent Covid-19 cases, as pandemic the Gulf of Mexico in 2005 in nous antibiotics and oxygen. innovation,” Ms.Cullen said. contracted the virus on the job. handwashing and proper use of patients swarm land-based the aftermath of Hurricane Ka- At least one of them tested AConsumer Reportsanaly- They aregrappling with such protectiveequipment. hospitals on both U.S. coasts. trina, treating more than 1,000 positivefor Covid-19,hesaid. sis last year found 11 states issues as the lack of protective Acrossthe U.S.,some of the New York is particularly patients. It provided showers, If those patientsdidn’t giveit charge electric-vehicle owners gear,how they could have sickestdoctorsare using their hard hit by the pandemic, with meals and beds to relief work- to him, he suspectsthat he morethan what atypical avoided the virus when treating owncoronavirus cases to plead almost 60,000 confirmed ers after the Sept. 11, 2001, picked it up elsewhereatwork. driver of anew gas-powered patientsand howtoget treated foraccesstoexperimental cases as of Sunday. terrorist attacks in New York “It wasn’t likeIwas walking themselves.And likethe rest of drugsfromtheir hospital beds. Built in the 1980s, the twin City. around in the hospital gowned the public,they arefrustrated Yisachar Greenberg, acardiac vessels are converted super- “It’s the first time we de- up 24-7,” he said. “It’stough Fees are meant to by the testing process. electrophysiologist at Maimoni- tankers, stretching to 894 ployed a hospital ship stateside forhealth-careworkersto Northwell Health,his hospi- desMedical Center in Brooklyn, feet—the length of about three specifically for a response to a avoid it because it’sstaying in make up for the loss tal’sparent company, has 40 wroteonTwitterearlier this football fields. global pandemic,” said André B. the environment.” of gas­tax revenue doctorswho have tested posi- month that he had received hy- They each can provide Sobocinski, a historian for the When he firstcame down tivefor the virus at its19hos- droxychloroquine,azithromycin 1,000 beds, 12 operating U.S. Navy Bureau of Medicine with the virus,Dr. Malhotra used to fix roads. pitals,spokesman TerryLynam and zinc,but that his condition rooms, intensive-care units, a and Surgery. said his children disinfected said. Thecompanyis“doing as wasworsening. CT scanner, blood banks, full- —Costas Paris the door handles.But oncehis best we can” to keep workers “I am desperatecan anyone wifeand daughter developed safe and has an adequatesup- help me getthe drug from mild symptoms,that stopped. carpays in gastaxes.Among ply of protectiveequipment, he Gilead Remdesivir please help,” vidual cases.Maimonides Medi- One Central Massachusetts On Friday, their suspicions them is Georgia, which has the said, though workersare being read one of his tweets. calCenter didn’t comment on interventional cardiologist who were confirmed when his nation’s highest fee at $213, asked to reuse N95 masks. Gilead Sciences Inc.has thesituation. tested positivefor the virus wife’stest resultsshowedshe according to NCSL. Shortages of masks,surgical said it would begin late-stage Some doctorswith lessseri- earlierthis month said he is also has the virus.When Dr. Atlanta resident Christo- gowns,faceshields and other studies this month forremdesi- ous though still severecases managing his severecase from Malhotracalled the urgent- pher Matos-Rogersand his crucial equipment areheighten- vir,which has been identified saythey arereluctant to take amattressonthe floor of his care clinic forhis daughter’s husband both driveTeslas.Mr. ing medical workers’ concerns as apossible treatment. A up abed in their hospital since home office. To makesurehis results, they said her test or- Matos-Rogers, 35 years old, that they can’t protect them- Gilead spokesperson said the they canrely on their own oxygen doesn’t dip danger- der had been canceled. The said they canaffordthe fees selves from the virus.Some companydoesn’t discussindi- skills. ously low, he attached afinger clinic offered no explanation. but he thinks $75 to $100 a year would be afair amount. “It’sverypunitive, and it’s exorbitant compared to asimi- Public Blueprintsfor Digital Guns Test NewLimits lar gascar,” he said. Ms.Hartman, who lives in Colorado,said when she BY BRETT FORREST seem to makemuch sense!” bought an electric Nissan Leaf Mr.Wilson again published last year,she received a$7, 500 AU.S.technologycompany the plans on his site, before19 federal taxcredit, a$5,000 made thousandsofdigital-gun stateattorneysgeneral brought statetax credit and a$3,500 files publicly available,includ- suit against him in Seattle fed- rebatefromanelectric utility. ingblueprintsthat would en- eral court. U.S. District Judge She also paid a$50 recurring able userstomakeplastic guns Robert S. Lasnik issued an in- stateregistration fee. with three-dimensional printers. junction ordering Mr.Wilson to States with fees span the Cody Wilson,adirector of take down the plans. political spectrum and include the company, Defcad,has Mr.Wilson said he had been California, which has by far wagedamultiyear legal battle waiting foralong-planned the most electric vehicles and against the federal government transfer of 3-D-gun oversight offersincentives including a over the right to share3-D-gun- from ITAR to the Commerce rebateofupto$7,000.Itbe- related materials.This wasthe Department to go through be- gan charging a $100 fee for thirdtime he has released such fore reissuing the blueprints.

purchases of 2020 model-year files but the firsttime he has S Commerce Department over- cars. abided by U.S. foreign-export sightisinsome respectsmore Jonathan Williams, chief controls online,using what he PRES lenient than that of ITAR. economist for the American said aredigital-verification TED But when anew suit was CIA

LegislativeExchangeCouncil, tools to ensurelegal down- SO brought in Seattle federal court which advocates forfreemar- loads. AS last year,Mr. Wilson charted a Y/

kets,said the fees areappro- Mr.Wilson said he believed GA newcourse.

priate. “Let’smakesureevery- his release of the files would be ERIC Instead of openly publishing body who uses the roads pays “impervious” to legal challenge Cody Wilson holding a 3-D-printed gun called the Liberator at his shop in Austin, Texas, in 2018. the plans,hesaid he would something toward keeping and would help normalizethe nowfirst vetpeople who would them up,” he said. distribution of such material D-printed guns and the techni- Mr.Wilson said he is fight- exportsregulated by the Inter- liketodownload them, ensur- Gas taxesare states’ largest foreasy download. caldatafor them is that they’re ing the imposition of limitson national Traffic in Arms Regu- ingthat they areU.S.citizens revenue source forfixing and Mr.Wilson is offering access not traceable,” said Kelly Samp- personal freedoms and that he lations,aU.S. control on the ex- or legalresidents. maintaining roads and bridges. to the files foranannual feeof son, counsel at Brady: United expectspeople to download the port of defense and military Mr.Wilson’sproposed sys- Therelativevalue of gastaxes $50,characterizing his service Against Gun Violence, agun- 3-D-gun files not necessarily to technology. temcan’t prevent people who has fallen due to factorslike as “Netflix for3-D guns.” control group.“It’sahugeloop- manufactureguns,but “asa Mr.Wilson engaged in a download blueprintsfromshar- improved fuel efficiencyand Hisopponentscondemned hole and opportunity forpeople form of internal resistance.” lengthylegal fight with the fed- ing them with others, including the federal government’sshift- the action, saying that he is by- who would otherwise be unable “For me,this is apolitical eral government, ultimately with those outside the U.S. ing moreinfrastructurecosts passing federal gunlaws, in- to access firearms.” battle,” Mr.Wilson said. prevailing in 2018 when the Nevertheless, Mr.Wilson to states,according to arecent cludingthose providing for Federal lawgenerally per- Mr.Wilson alarmed lawmak- State Department amended its said hisapproach adheres to National GovernorsAssocia- background checks of gunbuy- mits the manufactureofguns erswhen his company, Defense policyand allowedthe files to export rules.“I’m acompliant tion report. ers. Foes arealso concerned forpersonal use. Distributed,published 3-D-gun be posted, issuing Mr.Wilson a part of the system,” he said. Thereport said an annual about the proliferation of 3-D- TheState Department, design files in 2012. In 2013, license to do so. Defcadhas made 3,680 files flat feeonelectric vehicles can printed guns,which don’t have which oversees the distribution the State Department ordered President Trump waded into available.Mr. Wilson said the disproportionately affect low- serial numbers, making it diffi- of 3-D-gun blueprints, has the him to take down the plans. the discussion that summer, site will ultimately offer more income driversand that “ex- cult forlaw-enforcement offi- responsibility of scrutinizing TheObama administration writing on Twitterthat he was than 25,000 files,the great ma- ceptionally high” fees risk cers to track them should they Mr.Wilson’snew effort. The reasoned that the files could be “looking into3-D Plastic Guns jority of which will be fortradi- slowing adoption of the tech- be involved in acrime. department declined to com- downloaded by foreign nation- being sold to the public.Al- tional guns and guncompo- nology. “The biggest concern with 3- ment. als and were thus classified as ready spoketoNRA,doesn’t nents. P2JW090000-4-A00400-17FFFF5178F

A4 | Monday, March 30, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Fed Now Armed With Greater Firepower

Central bank gets eas the central bank has nor- unsparingly criticized the cen- TheFed can’t lend directly mally regarded as matters best tral bank and the man he to companies but, with the ap- lending responsibility lefttoelected officials. picked to lead it, Jerome Pow- proval of the Treasurysecre- that is typically left up “Congressisthe Fed’sboss ell.Ten yearsago, Congress tary,itcan createspecial facili- and Congresshas mandated curbed the very emergency- ties that extend credit. The to elected officials them to lend to areas of the lending authorities lawmakers Treasuryhas kicked in $10 bil- economythat they were previ- arenow asking the Fedtouse, lion foreach of five facilities, BY NICK TIMIRAOS ously uncomfortable doing,” afterpopular outrageoverhow including two that will support S said JuliaCoronado,aformer the central bank exercised marketsfor large firms’ debt. TheFederal Reservequickly Fedeconomist and founder of those powers following the fail- PRES Thenew Treasuryinfusions

deployedahalf-dozenemer- economic-advisoryfirm Ma- ures of Bear Stearns and Amer- TED arelikely to support another gencylending programs over croPolicyPerspectives. ican International Group Inc. CIA facility the Fedhas said it SO

thepast two weesks to ensure TheFed has essentially un- TheFed’slongstanding re- AS would createtolend to poten-

cash keeps coursing through limited powertolend during a luctancetocoordinatewith fis- TIN/ tially thousands of midsize

the U.S. financial system. Now, crisis as long as officials con- calpolicydates to an accord MAR businesses,likely through the

Congresswantsittogomuch sidertheir loans well-secured. with the TreasuryDepartment YN banks that canborrow directly

further,approving $454 billion By providing the TreasuryDe- in 1951. It wasreached afterthe UEL from the Fed—a massiveopera- CQ

to reload the Fed’sown ability partment with asizable pot of Fedoverrode the Truman ad- JA tional enterprise unlikeany- to lend. money,Congresshas given the ministration’sdemands to The Federal Reserve, which is headed by Jerome Powell, has long thing the central bank has Washingtonisrelying on the central bank moreflexibility to maintain pegsthat had fixed been reluctant to coordinate with fiscal policy. done. Fed, to an unprecedented de- ramp up lending because the yields on Treasurysecurities to Thecentral bank is also gree in peacetime, to preserve Treasurywill agree to absorb support the economyduring makersare signaling both a Congress, so the individual and looking intoways to prevent business balancesheetsafter initiallosses. and afterWorld WarII. vote of confidenceinthe cen- the institution areseen as ob- higher borrowing costsfrom elected officials and privatein- “This is an opportunity to le- “There is along historyof tral bank while potentially jective; in the best sense,tech- exacerbating strains forstate dustryhaveput the economy verage the unlimited balance coordination between the Fed, shielding themselves from nocratic; and independent of and local treasuries. intothe equivalent of amedi- sheet of the Fed,” Sen. Pat theadministration, and Con- blame fordifficult decisions the hyper-partisanship” in As these facilities are cally induced coma to stop the Toomey (R., Pa.) told reporters gressending in abad place,” that lie ahead, said Mark Spin- Washington, said Mr.Spindel. launched, officials arelikely to spread of the coronavirus pan- last week.“It’stotally unprece- said Claudia Sahm, aformer del,aWashington-based invest- TheFed’sinitial response facetrickyquestions about how demic. dented. We’rehoping that it’sa Fedeconomist nowatthe ment manager who co-wrotea borrowedfromthe programs much further to intervene in Theeconomic-rescue legisla- mechanism to keep business WashingtonCenter forEquita- book on the Fed’shistorical re- developed by former Chairman credit markets, especially now tion President Trump signed on alive.” ble Growth, aliberal think lationship with the White Ben Bernanke, who during the that they will have morefunds Fridayasks the Fedtocharge Themovetoentrust the Fed tank.“That showshow severe House and Congress. 2008 financial crisis brokethe available to take losses.Exist- headlong intocredit and fiscal with moreresponsibility marks the situation is.” “ToJay’s credit, he has seal on lending authorities the ing facilities have limited lend- policy, by financing businesses, an about-facefor both Con- By outsourcing moreofthe worked extensively to forge Fedhadn’t employedsince ing to the highest-rated bor- states and cities.These arear- gressand Mr.Trump,who has crisis response to the Fed, law- that connectivetissue with Great Depression. rowers. In Washington, GES IMA $2 Trillion in Aid ETTY /G AFP Was Just a Start ZYNSKI/ AC KRZ BY JACOB M. SCHLESINGER about $100 billion, had tax MIL

KA AND JOSHUA JAMERSON creditsfor employers offering paid sick leave,and increases As lawmakerslast week to unemployment benefitsand JOURNAL; completed arecord-shattering food assistance. Thephase-

REET economic-rescue packageesti- three packageofroughly $2- ST mated at $2 trillion, SenateMi- trillion,completed Friday, in- LL nority Leader Chuck Schumer cludes checks to households, WA (D., N.Y.)predicted: “This is bailouts forairlines and other THE

R certainly not the end of our distressed industries,and loans FO work hereinCongress—rather and grantsfor small business. the end of the beginning.” One question hanging over UCHA

ZA Legislatorsfromboth par- what is already being called

ON ties,administration officials, “Phase Four” is whether that economists,think tanks and spirit of urgencyand compro- ALLIS

P: lobbyists arealready roughing mise cancontinue as the down- TO out the contoursofanother turn advances.Or, will Wash- OM

FR emergency-spending package— ingtonreturn to the Downtown Los Angeles streets were empty on Sunday as coronavirus cases continued to increase in the city. perhaps largerthan the last— polarization that has oftenpar- to trytokeep the coronavirus alyzedCongressinrecent Coronavirus Daily Update crisis from turning intoa21st- years—especially as the No- Guidelines centuryGreat Depression. vember elections erode incen- Manyexpect the debatetobe- tives forcross-party coopera- 142,106 2,479 gin in earnest by lateApril. tion? Extended As of 8:22 p.m. EDT “There’stalk of amulti-tril- Another concern: Legislating March 29 U.S. cases U.S. deaths lion-dollar program, given the amid travel restrictions and the sizeofthe shutdown,” says risk that moreinCongress To April 30 Stephen Moore, afellowatthe come down with the disease. 721,584 33,958 149,122 conservativeHeritageFounda- Policymakersand econo- tion. “There’sageneral recog- mistswill need to assessin ContinuedfromPageOne World-wide cases World-wide deaths World-wide recoveries nition that we need something coming weeks whether the commentsthat he hoped to “re- big to getsome juiceintothe most recent packagedoes open” the U.S. by Easter on April Source: Johns Hopkins University Center for Systems Science and Engineering economy,” adds Mr.Moore, an enough to tide over companies 12 were “just an aspiration.” outside economic consultant to and workersthrough the end Mr.Trump extended the the Trump administration and of theshutdown—whenever guidelines as coronavirus pa- some congressional Republi- that occurs—or whether pro- tientsbesieged hospitals in New cans. longed closures requirean- York and other cities and the Theideas being floated in- other dosageofthe same medi- U.S. death toll from the Covid-19 clude extending last week’s cine. disease caused by the virus packagetomakethe benefits Theaid in the latest mea- reached 2,479bySundaynight, last longer,aswell as plugging sure wascalculated to help according to Johns Hopkins. likely holes in the hastily as- small businesses coverabout Nearly 800 of the deaths were sembledbill. One item in par- eightweeks of payroll. That in NewYork City,the U.S. epi- ticular cited by both President center of the pandemic,and Trump and Democratic leaders NewYork state’stotal death toll is adesirefor moremoney to The contours of surpassed 1,000 on Sunday, ac- shoreupstate government cording to city and statefigures. budgetscollapsing under lost another emergency­ Globally,the death toll quin- taxrevenuesand newspending spending package tupled over the past two weeks demands. to 33,958 on Sunday, with more Acommon theme from are being discussed. than two-thirds of the fatalities economistsand legislators in Europe,according to Johns acrossthe political spectrum: Hopkins.Deaths reached nearly People made donations of protective equipment outside the United Center in Chicago. Thelatestmeasurewas mainly 10,800 in Italy,which has suf- about keeping U.S. commerce should be sufficient if the econ- feredthe most fatalities. going to see places likeDetroit EmergencyManagement sentenceand fines of up to on lifesupport while it endures omylargely reopens by late Public-health expertshave and other cities starting to get Agencybrought 80 tons of $500. amedically induced coma. That May. But that is still far from said extended social distancing intotrouble.” personal protectiveequip- In Rhode Island, Gov.Gina is,paying businesses and work- certain.Alonger quarantine is needed until the U.S. devel- Both Democratic and Repub- ment to NewYork Sunday, in- Riamondoissued an executive ersrevenuesand wageslost mightrequire, at aminimum, ops avigorous testing regime to lican governorshighlighted se- cluding 130,000 N95 respira- orderonSaturday mandating during the shutdown. Anext renewalofthe same assistance. identifyand isolatecases.Wide- vere shortages of equipment tors,1.8 million facemasks that travelersfromany state phase would likely pivot from “It wouldn’t makealot of spread testing is still along way that medicalprofessionals on and gowns and 10.3 million that come to Rhode Island self- stabilization to stimulus—pro- sense to keep the ecosystem of off,and labs noware struggling thefront lines need to do their gloves.FEMA has scheduled quarantine for14days upon ar- viding the patient arobust reg- commerce alivefor two with supply issues that arefur- jobs,including masks,face 19 additional flights, and Mr. rival. An initial executiveorder imen of physical therapy in an months,just to kill it in nine ther hampering the ability to shields and gowns. Trump said he hopes to have that specifically targeted New attempt to getthe economy weeks by not extending that identifycases.The coronavirus One particular point of con- 51 flightsintotal. Yorkerswas rescinded. back to full health. program,” said Michael Strain, canbespread when people are cern is the scarcity of ventila- NewYork’sdeath toll of over Other countries also moved Actionsofar has been an economist at the right-lean- asymptomatic. tors used to help restore 1,000 wasupfrom728 on Sat- to put lockdown measures in “about mitigation,” House ing American Enterprise Insti- Mr.Trump said he didn’t an- breathing capability among se- urday. Thenumber of positive place. Italian officials warned Speaker NancyPelosi (D., Ca- tute, who has been working ticipaterelaxing the guidelines verely stricken patients. cases in the statehas risen to that itsstrict measures will lif.) said at aThursdaypress with GOP lawmakersoncrisis- beforeApril 30 even forregions “We’veput in orderswith nearly 60,000,morethan 40% likely be extended, as data conference. “Next, we’ll go response measures. lessaffected by the virus. the national stockpile,” said of the nation’stotal number of aren’t suggesting the spread of from emergencymitigation to Abiggerdebateisemerging AnthonyFauci, director of Louisiana Gov.John Bel Ed- confirmed cases.Atleast 8,500 the contagion has peaked. In recovery…togrowthe economy over whether Congressneeds the National InstituteofAllergy wards, aDemocrat, speaking on people arehospitalized from Russia, Moscow authorities or- and createmorejobs.” to do more, even if thedisease and Infectious Diseases,said on CBS.“But we’vealso pursued complications from coronavirus dered an indefinitecitywide As the coronavirus has rav- crestsbylatespring.Some CNN Sundaythat projections he manufacturersand vendors in the state. quarantine,compelling all resi- aged U.S. businessoverthe conservatives who supported has examined showedthe dis- trying to placeordersfor about Mr.Cuomo extended on Sun- dentstoremain in their homes. past month, lawmakershave the latest measurewill likely ease would kill between 100,000 12,000 ventilators.” daythe state’sclosureofnon- Mr.Trump also said he was reacted with uncharacteristic be morehesitant about further and 200,000 people in the U.S. “I think thus far we’vere- essential businesses and ban on instructing his administration speed andunity to trytocon- action, worried that the crisis and infect possibly millions. ceived 192,” Mr.Edwards said. gatheringsfor two moreweeks, to take steps to provide incen- tain the damage. In just three mightturn intoapermanent “What we’retrying to do is NewYork Gov.Andrew until April 15. tives to keep restaurantsopen, weeks,adivided Congresshas expansion of government inter- not let that happen,” Dr.Fauci Cuomo said states were trying Other states have moved to includinginstructing the Trea- passed three major pieces of vention in the privatesector. said at theWhiteHouse press to buy the same supplies from limit the number of NewYork- suryDepartment and the Labor legislation to addressthe pan- At the signing ceremonyfor briefing Sunday. thesame companies,bidding ersfleeing their homes there Department to examine rein- demic. the latest bill, Mr.Trump on Dr.Fauci said Sundaythere up theprices in the process. forvacation homes elsewhere. stating corporatetax deduc- Phase one,which President Fridayalso indicated therewas would be millions of cases this “Unfortunately we’recom- In Florida, Gov.Ron DeSan- tionsfor the cost of business Trump signed March 3, pro- WhiteHouse support forfur- year in the U.S. and that infec- peting against everyother tis instructed all people enter- mealsand entertainment. vided $8.3 billion in fresh ther stateaid “because the tion rateswould begin increas- stateinthe United Statesfor ing the statefromthe New —Talal Ansari, funds forhealth agencies and states have been hurt very ing outside of NewYork soon. these same things,” Mr.Cuomo York tri-stateareatoself-quar- Michael C. Bender and testing,and forsmall-business badly.” “Wehaveaverydifficult said Sunday. antine for14days.Aviolation Thomas M. Burton loan subsidies.Phase two,en- —Kate Davidson problem here,” he said. “We’re Mr.Trump said the Federal could mean up to a60day jail contributed to this article. acted March 18 and worth contributed to this article. P2JW090000-0-A00500-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | A5

OUR COMMITMENT TO AMERICA

PRATT INDUSTRIES THANKS OUR 10,000 GREATEMPLOYEES WHOARE PART OF THE FOOD-PACKAGING SUPPLYCHAIN KEEPING OUR SUPERMARKET SHELVES STOCKED

Sincerely,

Anthony Pratt Chairman of Pratt Industries & The Pratt Foundation

Pratt Industries is one of the largest corrugated boxmanufacturers in the United States. Our boxessave money and save the environment. www.prattindustries.com P2JW090000-2-A00600-1------XA

A6 | Monday, March 30, 2020 ** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC Neediest Americans Feel thePinch Student Borrowers Fight to quell outbreak strains the safety net, Can Halt raising risks for people who face biggest peril Payments

BY DOUGLAS BELKIN BY JOSH MITCHELL AND KATE KING The economic-stimulus America’s safety net is fac- package offersrelief formost ing itsbiggest test in decades of the 43 million Americans as steps to curb the spread of who owe atotal of $1.5trillion the coronavirus hit the econ- in federal student debt. omyand the most vulnerable. Thelaw allows most bor- In Seattle,among the first rowers to stop making monthly U.S. cities wherethe virus was paymentsthrough Sept. 30,

detected, aflood of people (2) with no financial penalties.In- have flocked to homelessshel- terest will be suspended, so ters,slammed suicide hotlines each borrower’sbalancewill and packed food pantries.Peo- JOURNAL freeze, and the account will re-

ple at the center of the rush REET main in good standing. saythe wave is only beginning ST Thebill covers student loans LL

to build and that already they WA made directly by the federal arestruggling to meet demand. government and aportion of THE

Calls to Crisis Connections, R thosemade by privatelenders the Seattle area’s hotlines for FO and guaranteed by the govern- suicide,domestic abuse and ment under aprogram that substanceabuse,havejumped ended in 2010.Loans made un- BLESENER

25% to about 25,000 a month H der the federal guarantee pro- RA

sincethe virus wasfirst re- SA gram that areheld by commer- ported, said ExecutiveDirector cial institutions won’t qualify. Allie Franklin.She said she Holy Apostles Soup Kitchen in Thetypical family spends worked two graveyardshifts Manhattan’s Chelsea $179 amonth on payments, ac- in recent days because there neighborhood has launched a cording to aJuly 2019 report by weren’t enough volunteers or distribution campaign aiming the JPMorganChase Institute. staff to man the phones. to deliver hot meals to New TheInstitutefor CollegeAccess Manyofthe callershave Yorkers in need who have been and Success, astudent advocacy never reached out forhelp, affected by the coronavirus group,estimates the suspension Ms.Franklin said. Some are pandemic. of paymentswill free up some isolated, unable to go to $50 billion forfamilies over church or work or other com- their 70s, Prof. Culhane said. roughly six months. munity events and arefeeling Thevirus will forcethem into Thelaw goes further than a depressed. Those with addic- hospitals at aratetwo to three policythat President Trump tions call to find out which times higher than otherstheir announced earlier this month treatment facilities or Alcohol- ageifthey contract it, he said. to allowborrowers to suspend ics Anonymous meetingsare To createenough shelter payments fortwo months,in- open. And laid-off workers space, the nation needs terest-free.Administration offi- with little savings are calling 400,000 newbeds,ProfCul- cials said federal lawempow- to ask wherefood banks are hane said. ered the administration to and how they work. In NewYork City,where makethe changewithout con- “Wehavepeople entering MayorBill de Blasio’s adminis- gressional approval, but some the social safety net who have tration wasstruggling to house education experts, such as afi- never used it before,” she said. alarge homelesspopulation be- nancial-aid consultant Mark “What if this goes on for fore the pandemic,officials are Kantrowitz, questioned the ad- months?” has been explaining to friends shelters, was largely filled to people needing to be screened trying to cut overcrowding and ministration’slegal authority. Theeconomic shutdown is and co-workershow to use its capacity,said Marty Hartman, for symptoms, she said. provide isolation housing for Congressional Democrats hitting the poor and working services.She believes she may director of the shelter.Now, Beds,which areusually 2 those who contract the virus. had pushed unsuccessfully fora classwith the most force, espe- soon followher ownadvice. 25 newfamilies areshowing feet apart, nowhavetobe Josh Dean, executivedirec- provision in the stimulus bill to cially in cities with growing in- “Weall livepaycheck to pay- up daily, she said. spaced at least 6feet apart to torofthe advocacygroup Hu- reduceeach federal borrower’s come gaps and disproportion- check,” she says of her peers. In atypical week,200 to protect against the spreading man.nyc,said manyplaces that balancebyatleast $10,000 ately high homeless populations. Seattle has about 11,000 300 volunteershelp runthe of the virus.That means each offered the homelessuse of while suspending payments. “I gotmyfirst unemploy- homelesspeople,ofwhom shelters, which have 800 beds facility canaccommodateonly showers and restrooms have In one sense,the bill for- ment check.Ever,” said Heather about 3,500 aresheltered, said spread across10locations.But about half as manypeople. closed or arenolonger offer- gives aportion of debt for Scott, a43-year-old restaurant Prof.Dennis Culhane,who because of the coronavirus,no About 70,000 of the na- ing those services. some borrowers.The roughly manager in Seattle who lost her studies homelessnessatthe volunteersare coming,Mrs. tion’s575,000 homelesspopu- “People areonthe streets sixmonths of foregone pay- job two weeks ago. Thecheck University of Pennsylvania. Hartman said. Thedemand on lation liveinLos Angeles.The and really struggling to find mentswould count as on-time will coverher rent and not Before the virus was first de- the paid staff is greater than largest cohort areintheir 50s, basic needs at atime when paymentsfor borrowers en- much else.She has volunteered tected, Mary’sPlace, the city’s ever,with surfaces needing to but their physical health is of- personal hygiene is so impor- rolled in programs that forgive at afood bank foradecade and largest system of homeless be disinfected regularly and tenmoreinline with people in tant,” Mr. Dean said. debt afteraperiod. Global Hunt forProtectiveGearGetsUnusual Assist

BY ROB COPELAND effortslikethis one.The room- who helped getthem hooked in large U.S. health-caresystems, mates arejuggling their day to getsupplies to NewYork representatives said. SAN FRANCISCO—Jake jobs to lend ahand to health- stateinjust 48 hours. Thetechnologyindustryis Medwell and Drew Oetting, care providersand government Theteam, which includes by fortune of geographypar- roommates in this city’s Rus- agencies that areshort of the investor Robin Chan, calls ticularly well positioned to sian Hill neighborhood, usually needed supply.Dressed in themselves “Operation Masks,” help.Most of the industry’s start each morning with an in- hoodies at standing desks set which they incorporated as a biggest names areinthe San tense partner workout and up on the kitchen island, they charity. It isn’t taking fees for FranciscoBay Area, wherelo- shotsofapple cider vinegar. scour the globe forhidden itsefforts. calregulations put in placefor This past Tuesdaybegan with troves,negotiatepricing with “This is atsunami,” Mr. wildfireseason mandatethat afrantic phone call from the the sometimes unseemly char- Chan said, “and we arejust try- large employers keep protec- State Department. actershoarding them and help JOURNAL ing to build some rowboats.” tion gear on hand. Facebook

Thegovernment wanted sur- arrangedelivery. REET TheDepartment of Health Inc.donated some 720,000 gical masks—hundreds of mil- Their negotiations arecar- ST and Human Services estimated masks from what founder LL

lionsofthem, to satisfyapo- ried outinhectic phone calls WA this year that the U.S. could Mark Zuckerbergcalled its tentially catastrophic shortage and WhatsApp messages,with need morethan 3.5billion face “emergencyreserve.” THE

at home andabroad forprotec- occasional appeals of “bro,” R masks if apandemic took hold Themysteries around where tivegear against the coronavi- and “dude,” mixed with some FO domestically,which it did with the supplies might be hidden—

rus. Messrs. Medwell and Oet- pidgin Spanish. They call LSKI avengeancethis month. and who is able to getthem— JA

ting,30-something venture strangers“buddy.” Mr.Oetting, BU Operation Masks is one of a have sparked something of a capitalistswith investments üin borrowing from the parlanceof handful of unlikely effortsto parlor game in Silicon Valley, CHEL

logistics companies,haveina Silicon Valley,summarizes the RA spring up in just the past with industryexecutives team- week cobbled together an oper- task as “hacking together sup- Drew Oetting, left, and Jake Medwell, right, on a Zoom call with week.Two Yale University ing up,and occasionally com- ation that hasbecome an im- ply.” Both saythey aremoti- their partner, Robin Chan, are lending a hand to health providers. dropoutsrun anonprofit or- peting,toland orders. probable gateway to hundreds vatedbyasense that their ganization called Helena that RecentlyMr. Medwell heard of millions of protective sup- businessskills canbeapplied with them about supplies al- “This is not atime to be risk- is dispatching former soldiers from alongtime contact in plies stored away in ware- to agreater purpose. most every hour she isn’t averse.” to check out depotsofgoods in Mexico claiming to have 90 houses,factories and garages CathyRoss, deputy director asleep.The firstshipment of It cantakecalling in ade- warehouses in the NewYork million masks hidden in stor- acrossfour continents. of the Hawaii Department of 200,000 top-line masks is due cade of favors to getthe goods. metropolitan area.Another age, and wanting to knowwhat Aworld-wide hunt for Health,says when firstintro- to arriveinthe statethis week One contact introduced them group, Project N95,isamass- pricehecould expect. masks,gloves and other equip- duced to the team, she was from China. “It has been fast last week to the former presi- ing little-known suppliersin Mr.Medwell responded, ment restsinpart on ragtag skeptical, but nowisincontact andfurious,” Ms.Rosssaid. dential candidateAndrew Yang, China and elsewheretostock “People will payanything.”

sent last week abreakdown of othersinthe industry. New supplies aremoreurgently ingthis pandemic invokedthe lacked totalcontrol over Suppliers their inventories of masks, York Gov.Andrew Cuomo said needed elsewhere. DPA to order the company to whether to invoke the DPAto ventilators and other medical last week the state needs at Theadministration has make ventilators, accusing GM issue prioritization guidanceto supplies to the Federal Emer- least 30,000 ventilators. broad authority to direct the of “wasting time” in negotia- companies,saying the White Want U.S. gencyManagement Agency, Theadministration has faced allocation of such supplies. It tions.GM said it already was Housetask forceoncoronavi- according to adocument re- criticism in recent weeks from could invoke the Defense Pro- moving to makethe machines ruswas involved in thosedeci- viewedbyThe Wall Street governorsand health-care duction Act to do so—but as soon as possible. sions,acongressional aide said. Guidance Journal, and have been wait- workersfor its reluctanceto some companies said the law “I don’t think we have to On the call, administration ing forthe agencytoadvise makefull use of the Defense isn’t needed. They arepre- worryabout General Motors officials said the WhiteHouse them on which areas aremost Production Act,aKorean War- now,” Mr.Trump said Sunday. had opted not to invoke the ContinuedfromPageOne urgently in need of supplies. eralaw that allows the presi- But the president’sorder to Defense Production Act to ac- “The federal government TheWhiteHouse referred a dent both to order companies to Companies await GM on Fridayfocused on pro- quireand direct the distribu- might be in abetterposition request forcomment to FEMA. prioritizethe production of cer- duction, not distribution. Earlier tion of supplies and equipment to decide where it would go.” Aspokeswoman forFEMA de- tain goods and to control where FEMA direction on in the week,the Trump admin- to certain areas because it President Trump met on clined to giveatimeline for those goods aredistributed. which areasare most istration announced that Navy hadn’t found the need, echoing Sundaywith executives from when the agencywould pro- Governorshavecalled on RearAdm. John Polowczyk remarks by the president in re- about ahalf-dozenmedical vide allocation guidanceto Mr.Trump to invoke the lawto urgently in need. would head up asupply-chain cent days.When officials were supplies producersand distrib- companies.“We have been ensurenot just production, but task forceatFEMA intended to asked what the administration utors—including Mr.Mills—as able to makeconnections with also the efficient distribution of bolster the supply of medical viewedasthe threshold forin- well as executives from United multiple companies,but due to scarce supplies to areas most equipment. He said the agency voking the law, they were un- Parcel ServiceInc.and FedEx the large volume of response, in need, and to keep states pared to followthe govern- wasworking with companies to able to answer, the aide said. Corp., to discusshow to ad- thetask forceisstill reading from competing against each ment’sguidelines without the “makebetterallocation deci- “The Trump administration’s dressthe shortageofsupplies. through the offers,” she said. other forlifesaving equipment. law’smandates,but so far sions and understand whereit refusal to use all the tools at its So far, Mr. Trump’s admin- Hospitals acrossthe U.S. are Producersand distributorsof such guidancehas been scarce. is and whereitneeds to go.” disposal to getcritical supplies istration hasn’t provided the running out of the masks, those supplies said that in the On Sunday, Mr.Trump FEMA officials told congres- to frontline medical workersis companies with formal guid- gowns,ventilatorsand other absenceofguidancefromthe praised General MotorsCo., sional committees in atele- itslatestfailuretoaddressthis anceabout wheretodistribute equipment they need to treat federal government, they have saying it wasdoing a“fantas- phone briefing on Wednesday public health and economic cri- their products, leaving them to patients diagnosed with coro- continued to send their regular tic job” producing ventilators. that they had sought the data sis,” said Sen. Ron Wyden of Or- make such decisions on their navirus and protect staff,said shipmentsofmedical supplies, His comments came two days from distributorsofmedical egon, the topDemocrat on the own. Hundreds of companies hospital officials,doctorsand without knowing whether those afterhefor the firsttime dur- supplies but suggested they SenateFinanceCommittee. P2JW090000-0-A00700-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | A7 P2JW090000-4-A00800-1------XA

A8 | Monday, March 30, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC States RestrictTravelersFromHot Zones

Florida, Rhode Island, on out-of-statetravelers. In morethan those reported in and Connecticut to avoid non- executiveorder directing travel- passengersflying to Texas from particular,they have targeted otherhard-hit countries such essential travel for14days. ersfromthe NewYork tri-state Miami, Atlanta, Detroit, Chi- Texas force those those coming from NewYork, as Italy,China and Spain. More Wendy Parmet, apublic- area to self-isolatefor 14 days.A cago, Washingtonstate and from places hard hit thepandemic’sU.S.epicenter, than 59,000 of the cases come health lawprofessor at North- violation could mean up to a60- California to quarantine for14 andsurrounding states.State from NewYork.Neighboring easternUniversity in Boston, dayjail sentenceand fines of up days,expanding aprevious or- by virus to self-isolate leaderssay the measures are NewJersey has reported more said travel restrictions or mea- to $500.Checkpointsfor vehicu- der he made fortravelersfrom needed to combat the spread of than 13,000 infections,the sec- sures at the statelevel canbe lar traffic were set up on Inter- NewYork and itssurroundings BY JENNIFER CALFAS the virus. ond-highest of anystate. discriminatory. She said the state10and 95 intothe state. and NewOrleans. AND TALAL ANSARI In states like Rhode Island President Trump had floated Constitution gives the powerto “I think it’sanissue when you He also expanded restrictions andFlorida, statepoliceand the possibility of aquarantine regulateinterstatetraveland have folks who areinthe hot on travelersbyroad from any Localgovernmentsacross membersofthe National Guard on NewYork,New Jersey and commerce to the federal gov- zone,then leaving the hot zone part of Louisiana. the countryare imposing travel have been pulling over out-of- partsofConnecticut, but ernment, not the states. to come to different partsofthe Rhode Island Democratic restrictions on people from statedrivers, asking fortheir walked back the idea Saturday. “Each stateturning intoits country,” Mr.DeSantis said over Gov.Gina Raimondo issued an hot-spotsofthe newcoronavi- destination and ordering them Mr.Trump cited NewYorkers ownfortressisdeeply problem- the weekend. He said passengers executiveorder Saturdayman- rus in the U.S.,forcing them to to self-quarantine,among other fleeing to Florida as areason atic. Certainly it flies in the landing at Florida airports dating that out-of-statevisitors self-isolate, stopping vehicles methods used to enforce the forthe potential measure. faceofmorecontemporaryun- would be met by the National self-quarantine for14days with out-of-state plates and newmeasures. Instead of aforcedquaran- derstandingsofprivileges,im- Guardand the statehealth au- upon arrival. Aprevious execu- urging them to stay away. Thenumber of confirmed tine,the Centersfor Disease munities andright to travel,” thority to be screened and given tive order targeted residentsof GovernorsinRhode Island, newcoronavirus cases in the Control and Prevention issued a shesaid. instructions about self isolation. NewYork statespecifically.The Florida andTexas,among oth- U.S. on Sundaysurgedpast newadvisory urging residents In Florida, Republican Gov. On Sunday, Texas Gov.Greg National Guardwill help ensure ers, have tightened restrictions 142,000,tens of thousands from NewYork,New Jersey Ron DeSantis last week issued an Abbott, aRepublican, ordered compliance. Nursing Homes Shift to Treatment Centers Army Set

BY JON KAMP To Pay AND ANNA WILDE MATHEWS Massachusetts is asking Recruits some nursing homes to evacu- atetheir elderly residentsso the facilities cantreat coronavi- Early ruspatients,the newest effort to find places to treat the in- BY MICHAEL M. PHILLIPS fected as their surging numbers AND BEN KESLING begin overwhelming hospitals. One nursing home in TheArmyisplanning to put Worcester,the state’ssecond- some newenlistees on the pay- largest city,has begun moving roll even beforethey ship out residentstoother nursing facil- forboot camp,anunusual stop- ities in the area. Thestate also gaptomaintain recruiting amid said it is asking other homes to the coronavirus pandemic. become dedicated sites forcor- Contagion fearshavedis- onavirus treatment by similarly rupted the Army’sschedule for transferring residents. shipping recruitstobasic train- “We understand this is not ing,stranding some volunteers an easy thing to ask residents, who have already quit civilian families,and nursing facilities jobs andgiven up apartment

to do,” stateHealth and Hu- S leases in anticipation of begin- man Services SecretaryMary- ning their militaryservice. lou Sudderssaid in aletterto PRES To protect those who face nursing facilities on Friday. TED such apredicament, the Army

Privateinsurersand the OCIA plans to paythose in need of a SS

state’s Medicaid program are /A private’ssalary—$1,604 a coordinating to establish fi- month—to stay home until

nancing structures to support WENIG health concerns subside and

the effort, she said. SETH theserviceisinaposition to Otherstateshavealso be- Residents of St. Joseph’s Senior Home in Woodbridge, N.J., are being transferred to another facility after several tested positive. accept the recruits. TheArmy gunlooking at nursing homes is considering abonus payment to relievethe strain on hospi- nursing-home residentshave and uninfected residentsapart. tation and Skilled Nursing from hospitals.Nursing homes to be awarded when the recruit tals.New York told nursing drawnstrong objections from MattSalmon, chief executive Center in Worcester wasun- maychoose to take the pa- finally leavesfor boot camp. homes on Wednesday they are majornursing-home industry of Salmon Health and Retire- der way over the weekend and tients, however, if their facili- “It’sthe right thing to do— required to accept coronavi- groups.Policies likeNew ment, which owns the Worces- expected to be completed by ties meet certain requirements. these people quit their jobs,” rus-infected patients who are York’s, industrygroups say, put ter, Mass.,home that is evacu- Wednesday, Mr. Salmon said. TheAmerican Health Care Maj.Gen. Frank Muth, head of dischargedfromhospitals but nursing-home residentsatrisk ating residents, said the move Theplan is forstaff to stay Association andAMDA, the ArmyRecruiting Command, may be still convalescing. of being infected and dying. wasanguishing,but he couldn’t on sitetocarefor coronavi- Societyfor Post-Acuteand told The Wall Street Journal. Indiana has considered a New York has said protect- think of asolution that would rus-infected patients who are Long-Term CareMedicine, Gen. Muth said the moveis similarmove, according to ing nursing-home residentsis avoid putting seniorsatrisk. stable enough that they don’t said they opposed NewYork’s unprecedented forthe Army draft guidance viewed by The apriority during the coronavi- “My worstfear is having need an acute-carehospital moveastoo dangerous forresi- and predicted that hundreds Wall Street Journal. Thestate rus outbreak. mass outbreaks in nursing but still need medical help. dentsand preferred approaches of recruitscould qualifyfor said itshealth department is TheMassachusetts Senior homes acrossthe statebecause Other states aretaking adif- likeLouisiana’s, which involves earlysalaries,depending on working with the long-term CareAssociation, which repre- we arerequired or need to take ferent tack.Louisiana, which cooperation between hospitals the course of the disease. care industrytoensurese- sentselder-carefacilities in the Covid-positiveresidents,” Mr. hasarapidly growing number and nursing homes. Across the armed forces, niorsare caredfor during the state, said it supported the Salmon said in avideo on Face- of Covid-19 patientsand several Covid-19 has been spread- the virus has led the services fight against the virus. plan there—struck between the book.Covid-19 is the disease outbreaks in elder-carefacili- ing rapidly in nursing homes. to think of waystomaintain Effortstointroducecorona- state, the Worcester nursing caused by the coronavirus. ties,said nursing homes gener- Thereare cases in at least 147 the flow of newrecruits, main- virus patientsintothe same fa- home and hospitals—because it Moving residents from the ally aren’t allowedtoaccept nursing homes,according to tain training and keep up its cilities housing frail, vulnerable will keep coronavirus patients company’sBeaumont Rehabili- coronavirus-infected patients the federal government. force strength. TheArmyisplanning to re- call some former soldiersto duty under new authority Ohio Governor HasNoRegrets About EarlyMove granted by President Trump,a defense official said Saturday. Mr.Trump signed an executive BY JOE BARRETT pearstobemaking some order Fridayauthorizing the headway in curbing the spread Armyand other services to call Ohio had yettoreport a of the virus,the full economic up reserviststoactiveduty as single case of Covid-19 in early toll ashutdown will take on needed, including those on in- March when Gov.MikeDe- this swing stateremains un- dividual ready reserve. The Wine faced awrenching deci- clear. category includes troops who sion. “Ifyou’vewatched hispress have leftthe serviceand no TheArnold SportsFestival, conferences,you knowhe’sre- longer drill or train. an annual weightlifting extrav- S ally wrestled with these deci- This marks only the fourth aganzaand expo in Columbus, PRES sions,” said MikeDawson, a time the authorization has

Ohio,was set to open. But TED politicalconsultant and for- been used sinceWorld WarII, with some 60,000 spectatorsa CIA merlongtime aide to Mr.De- according to the Pentagon. SO

dayfor four days rubbing el- AS Wine.“He’strying to do the Likeother services,Marine

bows with 20,000 athletes CH/ best thing forthe stateno Corps recruitershavesus- from 80 countries,local health AT matterthe political conse- pended in-person interviews officials were raising alarms. DISP quences.” and areconducting their re- On March 5, afterresis- Mr.DeWine has earned bi- cruiting efforts by phone and MBUS

tancefromfestival organizers, LU partisan praise forhis han- the stategot acourt order to CO dling of the crisis—and even a shut down the expo expected loyalfollowing of people Contagion fears to start that day. It lost out on watching his folksy daily press much of the $53 million in WETH/THE conferences in which the have disrupted the economic activity expected grandfatherlygovernor thanks CHENO Army’s schedule for

from the event. AL people forhelping to “bend

ForMr. DeWine,itwas the DOR the curve,” referring to the basic training. firstinaseries of tough calls Mike DeWine, entering the Ohio Statehouse on Sunday, has ordered a series of closures in his idea that slowing the spread he wasforcedtomakebe- state, often before harder-hit states, to prepare for an expected surge in cases of Covid-19. of the virus will prevent acat- tween what he considers astrophic collapse of the med- short-term economic gain and high-school wrestling to can’t let up toosoon or he’s tine for14days. ical system. social media. And onceMa- the long-term health of Ohio’s March Madnesscollegebas- coming at us,” Mr.DeWine Mr.DeWine,73yearsold, With the expected caseload rines arrivefor basic training, residents. But in the weeks ketball. He closed schools.He said. grew up working in his fam- peak still at least amonth they arebeing isolated fora that followed, officials around restricted barsand restau- AmyActon,head of the ily’s seed businessinYellow away,hesaid it is tooearly to period to ensurethey don’t the countrywould be grap- rantstotakeout and delivery state’sDepartment of Health, Springs, Ohio.Hewent on to talk about easing restrictions have symptoms of the virus. pling with similar trade-offs. and he canceled the state’s said theclampdown on eco- serveinthe U.S. House,asthe so that people getback to Facedwith possible person- “Now, it seems likekind of primaryvia apublic-health or- nomic activity has already re- state’slieutenant governor,in work. nel shortages,the Navy an- ano-brainer,but it wasavery der the night beforeitwas set duced the expected impact on the U.S. Senateand as state Some small-businessown- nouncedthis week that it is tough decision at the time,” to take place. Recently, he or- the state’shealth system by attorney general. ersthink the governor should offering incentives to sailors said Mr.DeWine in an inter- dered residents to stay home. 50% to 75%. Ohio has 1,137 In one of his daily public heed the president’sadvice to at seaand in other key jobs to view. “It has ahugeeconomic On Thursday, the economic confirmed cases,276 hospital- news briefingslast week and a loosen restrictions sooner extend their enlistmentssix to impact and people really look impact of those decisions be- izations and 19 deaths.For subsequent interview, he said rather than later. 12 months past impending dis- forwardtoit. But the morewe gantocome intofocus,asthe now, these numbersare lower the economyand people’s “WhenIheardfirst about charge dates. Soaring unem- looked at it, the moreit state reported 187,780 new than those from neighboring health aren’t mutually exclu- theban, Iwas mad because I ployment caused by the coro- looked likesomething that joblessclaims,the second Michigan andPennsylvania. siveconsiderations. have 31 employees,” said Pete navirus crisis maymake would really exacerbatethe highest in the countryand al- As of Friday, the stateex- “You’vegot to take care of Russell,owner of Pete’s Res- recruiting easier forthe Army situation.” most half the number of pected to see as manyas people first,” he said. “Ifpeo- taurant in Canton, Ohio,which in the year ahead. Over the past three weeks, claims forall of last year. 10,000 new cases a day at the ple aredying at ahigh rate is serving takeout only.He But the main effect of the Mr.DeWine,aRepublican, has So far,those figuresaren’t peak,evenwith the restric- and hospitals areoverflowing, thinks restaurantsshould be crisis so far has been to fuel ordered a series of closures— leading to second thoughts. In tions.The peak is expected to that’snot going to do any- able to reopen afterEaster,in worrywithin the militarythat oftenbeforeharder-hit states fact, the statesays it is mak- come in early to mid-May. thing foryour economy.” line with President Trump. would-be recruitsmay be less and well ahead of the majority ing progressonstemming the Mr.DeWine said Friday But amid those decisions, “Wash your hands,guys. eagertojoin an institution in of his fellowgovernors,in- tide of Covid-19 infections. that the statedoesn’t have a thereisstill asense that the Don’t touch your face. If which social distancing isn’t al- cluding manyRepublicans.He “We’vegot this monster restriction on people coming governor is worried about you’resick,stayhome.Ithink wayspractical and that the in- closed other sporting events down on themat andwe’re in from other states,but he whether he is making the our media has caused alot of duction of those who have put to spectators, everything from trying to keep him down. We did urge them to self-quaran- right calls.And while he ap- unnecessarypanic.” their hands up maybedelayed. P2JW090000-0-A00900-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | A9 THE CORONAVIRUS PANDEMIC Phone Data A Financial Adviser’s New Routine As the new mostly millennials who were coronavirus early in careersorincollege forces big during the financial crisis. Used to Track changes in Manyhavenow experienced how we their firstbear market as in- work, The Wall Street Jour- vestors. nal is looking at how differ- These clientshavecalled to ent people are coping with talk about howtorespond, but Movement the stresses and risks. For few panic.“Ican count on my earlier articles in the series, hand the number of people visit wsj.com/makingitwork. I’vehad to talk down from the BY BYRON TAU help measurethe pandemic’s cliff,” he said. economic impact by revealing BY JOHN D. STOLL Mr.Boneparth is no WASHINGTON—Govern- the drop-off in retail customers stranger to working from his ment officials acrossthe U.S. at stores,decreases in automo- Just as Douglas Boneparth Westfield, N.J.,tudor.Ananny areusing location datafrom bile miles driven and other eco- was hunkering down for self- is typically on duty so that Mr. millions of cellphones in abid nomic metrics. isolation with his wifeand two Boneparth and his wife to betterunderstand the move- TheCDC has started to get daughters, the Securities and Heather,acorporategeneral mentsofAmericans during the analyses based on location data Exchange Commission called. counsel, cangivetheir jobs coronavirus pandemic and how through an ad hoc coalition of His firm, Manhattan-based adequateattention even when they maybeaffecting the tech companies and datapro- Bone Fide Wealth, recently be- working from home. spread of the disease. viders—all working with the came a registered investment On manydays,however, he Thefederal government, WhiteHouse and othersingov- adviser,and the government commuted to shared-office through the Centersfor Disease ernment, people said. wanted an introductoryaudit. spaceat7World Trade Center Control and Prevention,and TheCDC and the White This interaction is routine in lowerManhattan. Before stateand local governments House didn’t respond to re- and within the normal course heading to NewYork,he’d have started to receiveanalyses questsfor comment. of business. The second week drop the kids off at day care, about the presenceand move- Thegrowing relianceonmo- of March, however, wasany- check emails and social media, ment of people in certain areas bile-phone location datacontin- thing but normal.Itwas sneak in aworkout, and make

drawnfromcellphone data, ues to raise concerns about pri- among the ugliest forstocks in TH an espresso.

people familiar with the matter vacy protections,especially historyand aperiod of esca- AR He spent his time in the car said. Thedatacome from the when programs arerun by or lating concern about the new and on the train listening to BONAP

mobile advertising industry commissioned by governments. coronavirus. S electronic music and podcasts, rather than cellphone carriers. Wolfie Christl, aprivacyac- “Wewerejust about to including “Invest Likethe

Theaim is to createaportal tivist andresearcher,said the quarantine,the market is just DOUGLA Best” and “Animal Spirits.” He forfederal, stateand local offi- location-data industrywas getting annihilated, and I’m on Douglas Boneparth at home with one of his two daughters. would grab adrink at JoeCof- cials that contains geolocation “covidwashing” what aregener- the phone with aregulator,” fee before jumping on calls. datainwhat could be as many ally privacy-invading products. the 35-year-old financial ad- ment allocations and portfolio 2020 was shaping up as a re- “I have averycharmed as 500 cities acrossthe U.S., “In the light of the emerging viser said in an interviewSat- mixes, but not real-time inter- cord beforethe crisis.Hecur- commute,” he said. He often one of the people said. disaster,itmay be appropriate urday. “That’ssomething that vention. This changes in vola- rently advises 115 households broke for lunch and spent af- Thedata—stripped of identi- to makeuse of aggregateana- was completely unexpected.” tile times. on more than $50 million in ternoons on marketing plans, fying information likethe name lytics based on consumer data It is just one of many com- Mr.Boneparth nowplots investments. writing,appearing on net- of aphone’sowner—could help in some cases,evenifdatais plications the pandemic and a the market daily against its “The way we came out of works like CNBC or Fox Busi- officials learn howcoronavirus being gathered secretly or ille- volatile market has dealt Mr. Feb. 19 peak,monitoring its the gate this year had me ness, and catching up with cli- is spreading and help blunt its gally by companies,” said Mr. Boneparth. performanceand calculating looking at averygood prob- entsorprospects. That advance. It shows which retail Christl. “Astrueanonymization Theschedule has been lem and Iwondered if Ihad to routine is indefinitely on hold. establishments, parks and other of location dataisnearly im- scrambled. Long-term plan- bring on another adviser,” he Now, he travels from home public spaces aredrawing possible,strong legal safe- ning andportfolio reviews Portfolio reviews said. “I don’t think that prob- workspacetohome work- crowdsthat could risk acceler- guards aremandatory.” The with clientspreviously took lem exists anymore.” space, often planting himself ating transmission,according safeguards should limit how placeduring the traditional have been moved to Why? “Thereisamassive at thekitchen table,and some- to people familiar with the the datacan be used and en- workday. They have been evenings, after kids public-health crisis [that] timesescaping to adownstairs matter. sureitisn’t used later forother moved to evenings, afterhis needs to be solved beforepeo- officethat doubles as apod- In one such case,research- purposes,hesaid. kids are tucked into bed. are tucked into bed. ple’s finances,” he said. cast studio.Ms. Boneparth’s ersfound that NewYorkers Privacyadvocates arecon- Mr. Boneparth now spends Marketingeffortsare also mother is staying with the were congregating in large cerned that even anonymized traditional businesshours sidelined. Mr. Boneparth still family to help while the kids numbersinBrooklyn’sProspect datacould be used in combina- monitoring markets, making makes certain public appear- are home. Park and handed that informa- tion with other publicly acces- trades and fielding urgent “drawdowns,” or howmuch in- ances,and he blogsand The new arrangement isn’t tion over to local authorities, sible information to identify calls.“My weekly schedule vestmentsfall from their tweets, but he doesn’t have perfect. one person said. Warning no- and track individuals. wasblocked out niceand highs.Clientscan tie investing time formoreformal advertis- “I could have my daughter tices have been posted at parks Some companies in the U.S. neat,” he said. “All of asudden strategies to the magnitude of ing efforts—and in-person having ameltdown when the in NewYork City,but they ha- location-data industryhave that gets smashed into these drawdowns. meetings are impossible. S&P 500 hitsathreshold and I ven’t been closed. made their dataoranalysis pieces.” Client acquisition—a major Mr.Boneparth cut his teeth have gottomakeanother Thedatacan also reveal available forthe public to see Professionals likeMr. driver of revenue growth—is during the 2007-09 recession, trade,” he said. “Or my wife general compliancewith stay- or made their rawdataavail- Boneparth set up semi-auto- also on anew timetable.Mr. moving to New York in Octo- mayneed an extraset of at-home or shelter-in-placeor- able forresearchersorgovern- mated systemsthat require Boneparth has been adding ber 2008.Hespent the decade hands and the market is clos- ders, according to experts, and ments. routine monitoring of invest- dozens of clientsayear,and sinceassembling aclientele of ing in 20 minutes.”

WALLS GONE BRAINS UNLEASHED CURES FOUND POSSIBILITIES ENDLESS

Discoverthe stories at thisisbreakthrough.com Nicole Restauri, MD P2JW090000-4-A01000-1------XA

A10 | Monday, March 30, 2020 **** THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC

need 45,000 workersinMarch, ways. Jason Kirsch, who oper- gain by sharing employees. “Exceptional times require workers. Workers 80,000 on topofthat in April, ates theCorner Market & One afterthe other this exceptional solutions,” said Ni- French agencyMistertemp’ and another 80,000 in May, as Pharmacy, outside Washing- month, German states were colás de Lope, spokesman for group is currently moving foreign seasonal workerscan’t ton, recently hired four out-of- ordering restaurants to shut. the board of Aldi Nord. thousands of workerswho Shift Roles come this year. work restaurant workersand a Thetwo grocerychains,onthe The worker sharing echoes used to work in carplants, Economistsdon’t expect the bartender to restock shelves otherhand, have been compet- similar moves takeninChina’s construction or the event in- sector hiring booms to offset and help with other tasks. He ing with other food retailers state-controlled economyear- dustryintoroles as packers, In Crisis the millions of job losses fore- has received about two dozen to hirethousands of tempo- lier in the crisis. logistics-center forkliftdrivers cast in the months to come. applications. rary helpers. When the virus prompted or cashiers. Cross-sector shifts Many of the job shifts will “I canliterally have some- Thecompanies negotiated a shutdowns of Chinese cities, makeupabout athirdofthe ContinuedfromPageOne prove temporary. onecome in in the morning pact in afew days,afast-food chains,restaurants jobs theagencyiscurrently calls from locals wanting to Still, for some, it is forcing and have them working by the McDonald’sspokeswoman and other leisurecompanies working to fill, mostly in food help in the fields. are-evaluation of the notion afternoon,” Mr. Kirsch said. said. McDonald’semployees lent staff to e-commerce busi- and online retailing,Chief “Therewerecooks,waiters, of asafe, future-proof job by Marks &Spencer PLC,a were allowedtoswitch to nesses facing spiking demand Marketing Officer Jean-Loup music teachers, physiothera- revealing which sectorsare British clothing and grocery short-term contractsatthe forhome deliveries,said Fang Wirotius said. pists, scaffold buildersand genuinely essential. chain, has moved morethan chains. Ruan, partner at Boston Con- Souber Abdoullahi Nour,a sales managers,” said Mr.Voi- Afterlosing her job at a 4,600 staff from itsin-store Most contractsrun foran sulting Group,who advises 22-year-old businessstudent gts, who usually employs 150 company that processes pay- cafesand clothing department initial two months,with an Chinese companies on person- from the French city of to 170 seasonal workers from roll forthe restaurant industry to itsgrocery business. The option forworkerstoreturn nel issues. Rennes, lost his temp job at a Poland and Romania, now this month, Shae Wall, a37- companyistrying to match to their McDonald’sjobs once That allowed companies to Peugeot factory. Now, he pre- blocked because of border clo- year-old in Oklahoma City,is workers to similar jobs. the crisis is over. avoid big layoffs,while allow- pares orders in a retail ware- sures.“Iwas completely taken looking foranew career in TheGerman chiefs of Aldi Thechains told McDonald’s ing them to restaff quickly house. aback.” health care. Nordand Aldi Süd, two family- they needed 3,000 workers. once demand picks up again. “Weare getting moreor- AgricultureMinister Didier It is “virus proof,” she said. owned discount grocery McDonald’semployees bring Temporary-work agencies ders than we can deliver,” he Guillaume of France said last Thelabor reallocation man- chains,and McDonald’s transferable skills,sotraining have become a key driver be- said. “So,Ifeel Iwill have week that the country’sfarms ifestsitself in big and small quickly realized they could all is minimal. hind the effort to reallocate work for some time.”

letting him delaycertain sales America taxpayments; American Express Co.has agreed to waivefees and interest if he delays his Struggles $270,000 corporatecredit card bill forone month. “Right noweverything is on With Bills the table because we areinsur- vival mode,” Mr.Bemiller said. “Weare reaching out to all ven- ContinuedfromPageOne dorsand creditorsand asking under ordersfromstate and lo- forhelp and trying to delaypay- calgovernmentstoclose to pre- mentsasmuch as possible.” vent the spread of the virus. A Mr.Bemiller has reduced his record 3.28 million Americans ownsalary. He hopes to defer filed forunemployment benefits paymentsonhis mortgage, stu-

in the week ended March 21. JOURNAL dent loans,credit card bills and TheU.S.restaurant industry otherexpenses,but hasn’t had has lost $25 billion in sales since REET time to work on that yetbe- ST

March 1, according to asurvey LL cause he’sbeen focused on the

of 5,000 ownersbythe National WA business,which provides all of

Restaurant Association. Nearly THE hisfamily’s income. R

50,000 stores of major U.S. retail FO

chains have closed, according to V the companies. Skipping rent

An estimated $20 billion in SMIRNO “The universal adviceweare monthly retail real estateloans giving tenantsisdon’t payyour GENE aredue as early as this week,ac- Tom Bemiller, CEO of Aureus Auto Body, right, and Dylan Mace working on a car. The shop remains open, but business has plummeted. rent and see what happens,” cording to Marcus &Millichap,a said Derek Wolman, partner at commercial real-estateservices said Andy Howard,chief execu- CorporateContagion we believewill help ensureboth lawfirm Davidoff Hutcher &Cit- and consulting firm. Manyre- tiveofHuey Magoo’s Restau- parties remain viable business ronLLP,which oftenrepresents tailersand restaurantshavesaid rants, who is pleading fora Uncertaintyfromthe coronavirus pandemic promptedU.S. partners through this unprece- bars, restaurantsand hotels in they arenot going to paytheir break on rentsfor his Orlando, companies to withdraw their financial targets dented time,” aNikespokes- leasenegotiations.Hesaid this April rents, which in turn poses Fla., chicken tenderschain. Frequency of guidancewithdrawalbyindustry woman said. is especially true in NewYork athreat to the $3 trillion com- Residential andcommercial Number of companies TapestryInc., the parent of state, wherethereispending mercial mortgagemarket. landlordssay they have been 021 3+ Coach and Kate Spade,extended legislation that would give90 Economic activity in the U.S. flooded with requestsfromindi- AIRLINES U.S. and European storeclosures days of rent forgivenesstoresi- and other developed countries viduals and businesses saying through April 10,but is continu- dentialand commercial tenants could be loweredbyaquarter, they will struggle to paytheir United Airlines is first in transport sector ing to paystore workers. “What who suffered financially as are- theOrganization forEconomic rent forApril and beyond. to pull its financial guidance will be important as we come sult of Covid-19. Cooperation andDevelopment “I feel likeI’m running triage out the other end is to have a In Detroit, Bedrock,adevel- said Friday. in aretail hospital out of my committedteam of people,” said oper and property owner cre- Companies of all sizes are apartment," said Ami Ziff,direc- Chief ExecutiveJide Zeitlin. ated by billionaireDan Gilbert, feeling the squeeze,especially torofnational retail forTime Mr.Zeitlin said the company is offering free rent to more retailersand restaurantsthat Equities Inc., which owns 122re- Feb. 24 March 11020is in negotiations with landlords than 100 small businesses and have closed their doorsduring tail centers, including shopping about rent forgivenessand is restaurantsfromApril to June. the outbreak.NikeInc.isasking centers, malls and street-front looking at other expenses to cut “Hopefully,they sense we’reinit to payhalf itsrents. TJ Maxx is retail locations in 25 states. aside from labor. to help them,” said MattCullen, delaying paymentstoits suppli- HOTELS, T.J. Maxx and RossStores chief executiveofBedrock.Last ers. Victoria’sSecret and Men’s RESTAURANTS&LEISURE Inc.havecanceled orders week,Michigan ordered all non- Wearhouse have furloughed April 1 through mid-June and aredelay- essential businesses to close. thousands of workers. Cheese- Mortgagefirms arebracing ing paymentstosuppliers, ac- Smaller landlords who don’t cake FactoryInc.closed 27 of forawaveofmissed payments cording to people familiar with have enough reserves to tide the company’slocations and fur- starting April 1asborrowers the situation. AT.J.Maxx them through aprolonged pause loughed 41,000 hourly workers, lose their jobs.Fannie Mae and Feb. 24 March 11020spokeswoman declined to com- in rent collection saythey arein nearly 90% of itstotal staff. Freddie Mac saythey will offer ment. Aspokeswoman forRoss aprecarious state. deferrals on home mortgages Eightcompanies Stores didn’t respond to are- “Why is the landlordthe first and postpone foreclosures.Auto withdrew guidance quest forcomment. line in bailing them out?,” said ‘Stress and strain’ dealerssay consumersare call- on March 19 Financial pressures arepar- Corey Bialow, asmall property RETAIL Tyson Evans,a23-year-old ing to put off their April lease or ticularly intense forsmall busi- owner.Heowns astake in 12 line cook forCheesecakeFactory loan payments. ness owners. In atypical com- properties in different states in- in Indianapolis,Indiana, said he Guy Hillel, 47 yearsold, got munity,about half of small cluding NewJersey and Massa- and fellowworkerswere laid off from his job as afood businesses had lessthan two chusetts. stunned to learn about the fur- and beveragemanager at a weeks of cash liquidity,accord- He said he will be on the loughs.Hesaid they believed the Times Squarehotel earlier this Feb. 24 March 11020ingtoa2019 report by the JP- hook foradditional costsbeyond companywould continue to em- month afterthe property closed Morgan Chase Institute. mortgages such as real estate The BayArea ploythem despiteadropin due to the outbreak.Heiseligi- taxes, maintenanceand insur- first of many business. He is nowfiling forun- ble for$504 aweek in unem- anceand will have to dip intohis mandatedto employment. ployment benefits, afraction of Survival mode savingstopay forthese.“I’m shelter in place “Wekeep this companygo- what he wasearning. Pennsylvania deemed auto personally on the hook.” ing,” said Mr.Evans,who is cur- Mr.Hillel, who has awifeand Sources: companyfilings via MyLoglQ (withdrawals); S&P (industries) repair an essential business, Jodi Rodriguez, until re- rently living with his parents two children, says it isn’t which allowedTom Bemiller,the cently director of retail and and worried about paying bills enough to coverthe family’s ex- America’slarge,marquee re- 120 days.Nevertheless, Mr.Gen- chief executiveofThe Aureus salesfor Ovenly,aNew York including his phone,grocery and penses.Hehas called credit-card tailersare also struggling. nette wroteinthe letter, the re- Group,tokeep open his three City-based wholesale and retail prescriptions.Hehas started an companies to negotiatepayment Macy’s Chief ExecutiveJeff tailer mayneed to begin fur- repair shops in the Philadelphia bakerythat laid off all of its72 online petition to urge the chain extensions,and tried unsuccess- Gennette told supplierslast loughing some of its130,000 area. Revenue is down 35% this employees,filed forunemploy- to keep paying furloughed work- fully to delayhis monthly car week that while he had hoped to employees. month, he said. ment March 18. ers. loan forhis family’s Volkswagen reopen stores by April 1, that Nike hasoffered to pay50% “Customer aftercustomer is She wrotealettertothe Denise Burger, a64-year-old Tiguan sport-utility vehicle. washighly unlikely.“While our rent on its384 closed U.S. telling us Iamnot going to get landlordofthe building she’s CheesecakeFactoryserver in Es- “It’sextremely stressful,” Mr. digital businessand call centers stores,landlords say, and when my carfixed until this blows lived in for11years, asking fora condido,Calif., said she was Hillel said. “It’scrazy: I’m more remain open, we have lost the the stores reopen, apercentage over,” said Mr.Bemiller. temporarydiscount on the rent counting on the 36 hoursof exhausted nowthan Iwas before majority of oursales,” Mr.Gen- of sales in lieu of anyrent for12 Mr.Bemiller said his priority on her NewYork apartment. Ms. work the companyhad sched- when Ihad ajob.” nette wroteinaletterreviewed months.Nikeexecutives said is to payhis 25 employees and Rodriguez owns arental prop- uled forher beforethe furloughs Thefederal economic stimu- by TheWall Street Journal. they will continue to paywork- hissuppliers. His bank is work- erty in Florida, but the tenant is came down. Ms.Burgersaid lus program passed last week Macy’shas suspended itsdiv- erswhile the stores areshut. ing to determine whether it can amake-up artist who isn’t cur- she’sbeen contacting her mort- will provide direct paymentsto idend and drawndownits credit “Weare currently honoring retool the terms of his com- rently working.“I’m unsure gage and credit card companies Americans as well as loans to line to bolster itscash. It has re- all existing contractswith our pany’s$450,000 loan to allow whether she is going to payor to tryand postpone payments. large and small companies.The duced payfor executives.It’s landlords.Incollaboration with forinterest-only paymentsand not,” Ms.Rodriguez. “This pandemic has put much bill includes $350 billion to help also canceling some ordersand our real estatepartners, we pro- hasincreased itscredit line by “The hardest part right now stressand strain on me,” said small businesses keep people on has doubled the amount of time vided aproposal looking at near $50,000,enough to covertwo is health insurance,” said Ms. Ms.Burger, who is single and their payrolls. it gives itself to paysuppliers, to and long term approaches that weeks of payroll. Pennsylvania is Rodriguez,noting that coverage has worked forthe companyfor Foremployees,itincreases through Ovenly ends March 31. six yearsinajob she loved. current unemployment benefits Even businesses that have California-based Cheesecake by $600 aweek forfour months. had gains arefacing uncer- Factorysaid it would continue It also provides one-time checks tainty.Ms. Douglas,the Boston to provide health insurancefor of $1,200 to Americans with ad- liquor storeowner,said in-store employees until June 1, and pro- justed grossincome up to sales areup130% over what she vide them adaily meal from $75,000 forindividuals and had budgeted, morethan offset- theirrestaurantsthat remain $150,000 formarried couples; ting the collapse of her catering open fortake-out orders. individuals and couples areeligi- and event business. She’skeep- CheesecakeFactoryhas noti- ble foranadditional $500 per ing aclose eyeoncash flow and fied landlords that it won’t pay child. expenses,worried that she,her April rent. “Due to these ex- Treasury SecretarySteven husband or one of their em- traordinaryevents, Iamasking Mnuchin said the Trump admin- ployees might getsick,that foryour patienceand, frankly, istration aims to send out direct worker illnesses could disrupt your help,” wroteChief Execu- paymentstoindividuals in three JOURNAL her supply chain or that the

tive David Overton. weeks and that banks should be REET statecould order liquor stores Owners of independent and able to originatesame-dayloans ST to close. LL

smallrestaurant chains have forsmall businesses in as little WA “Everyorder we put in is also asked their landlords for as aweek. nerve-wracking because we are THE

rent relief,with mixed re- Many businessownersand R so worried about getting stuck sponses.Some saylandlords are individualssaid they have little FO with product we can’t sell,” she offering them defermentsof in theway of cash reserves or added. “Weare open todaybut ORENTE

several months,whereas others savingsfor bills that come due LL that doesn’t mean we will be

haven’t gotten much help yet. in the next few days.Some won- OR open next week.”

“Landlords,ifthey areoverly der whether the aid will be VICT —Peter Grant and Chip Cutter greedy,they could be losing us,” enough. Cowgirl in New York, now closed. The restaurant industry lost $25 billion in sales since March 1. contributed to this article. P2JW090000-0-A01100-2------XE

THE WALL STREET JOURNAL. Monday, March 30, 2020 | A11 THE CORONAVIRUS PANDEMIC HealthSector In Spain Feels More Stress

BY GIOVANNI LEGORANO most quadrupled to 6,528,the AND XAVIER FONTDEGLÒRIA world’ssecond-highest death toll from the disease afterItaly. BARCELONA—In Spain, the On Saturday, Prime Minister countrywith the world’ssec- PedroSánchezsaid his govern- ond-highest death toll from the ment would tighten lockdown newcoronavirus,the pandemic measures by forcing all work- S is leaving health services on ersinnonessential sectorsto the brink.Infected patientsare stay at home for two weeks PRES leftfor days in wheelchairsbe- starting on Monday. TED CIA

cause thereare no beds,and Theoutbreaks arelargely SO

protectiveequipment formedi- clustered around Madrid and AS calpersonnel is so scarce that Catalonia,which account for some arefashioning gowns out half the totalinfections and

of garbagebags. morethan two-thirds of deaths. ARMANGUE/ Over the past two weeks, By Sunday, nearly 4,900 people T

Spain has suffered one of the were in intensivecare, asixfold BERNA fastest-growing outbreaks. increase from 10 days earlier. Apriestwearing aprotectivefacemask oversawafuneral at aMadrid cemetery on Friday. The cityhas been racked by the coronavirus outbreak. That hascaught itshealth sec- Theregions of Madrid and torlargely unprepared,medical Catalonia each had roughly 600 arequest forcomment. The hospital gym and the waiting tivegear but said it continues to According to authorities, personnel say, echoing similar beds available in intensive-care health department of Catalonia, room. New patients now wait work to ensurethe supply of around 15% of known cases in problems in Italy andoffering unitsbeforethe outbreak,but the region that is home to Bar- outside in atemporarytent in such materials to all regions. Spain—or about 9,400—are acautionarytale of what other arenow treating double that in celona, reiterated it is working the ambulance parking lot. Thegovernment has recently health workers, compared countries could faceasthe these units, according to to equip health-careprofes- Authorities in Spain have bought almost 700million with roughly 8% in Italy. pandemic accelerates. Spain’shealth ministryand the sionals properly and ordered takenoverprivatehospitals masks and 11 million gloves,as Last week,the Spanish gov- “Wedidn’t learn the lessons Catalan Society of Intensive protectiveequipment as soon andturned hotels intomake- well as 950 ventilators, ma- ernment said it wasadding from Italy. We didn’t prepare and Critical CareMedicine. as thefirst case wasdetected shifthealth-carefacilities.In chines that arecritical to treat- 50,000 medical workers, in- for the epidemic and the sys- At some hospitals,patients in the region in February. Madrid, authorities aresetting ing the most serious cases of cluding retired doctors, recent tem is now overloaded,” said are kept waiting for up to 24 TheCatalan health depart- up a5,500-bed militaryfacility coronavirus infections. graduates and students. Ángela Hernández, deputy hours, medical personnel said. ment also said sports centers in aconferencecenter. Health workersworrythat “No one smiles anymore. Ev- general secretary of Madrid’s “The ministryisworking to near four main hospitals in Bar- Doctorsand nurses saythere theshortageofadequatepro- eryone works tons of hours,” Amyts, a doctors’ union. cooperateinproviding materi- celona would be adapted to ac- has been aserious shortageof tection mayhelp explain why said Anna Serrabou, adoctor at In the past week alone,total als to all regions,” Spain’s commodateupto600 patients. medical and personal protective the virus has infected so many the emergencyunit in Moisès infections in Spain almost tri- health ministry said. La PazHospital in Ma- equipment.The Spanish Health health workersinSpain, which Broggi Hospital near Barce- pled, reaching 79,000 on Sun- Thehealth department for drid has doubled itsemer- Ministrydeclined to comment in turn has reduced the number lona. “People call us heroes,but day, while deaths have al- Madrid’s region didn’t reply to gencyroom by taking over the on specific shortages of protec- of available medical personnel. in fact we feel powerless.” Southern Italy BracesasOutbreakTravels From North

BY MARGHERITA STANCATI recent letteraddressed to the Cumulativecoronavirus cases tients with Covid-19,the respi- AND GIULIA PETRONI central government. “Thereis in Italy,byregion ratory disease caused by the the real possibility that there virus. Drawing lessons from ROME—As the coronavirus will be atragedy in theSouth, Lombardy’s experience, they outbreak ravaging Italy’s on topofLombardy’s.” are trying to add as many in- wealthynorth advances down Thehistorical divide be- Milan tensive-care beds as they can the peninsula, Italy’s poorer tween northern Italy,the and to isolateCovid-19 pa- south is preparing for battle, country’sindustrial heartland, tientsinhospitals dedicated well aware that the conse- and the economically deprived almost exclusively to them. quences therecould be even south, also applies to the qual- In Apulia, the heel of Italy’s CK

more dire. ity of health care.Italy’s six TO Rome boot, 10 of the 57 local hospi- Thedisease firsterupted in southernmost regions arein tals have been entirely reorga- Naples Lombardy,the affluent region the bottomseven places of the nized to focus on coronavirus around Milan that is now the central government’smost re- SHUTTERS cases.The region recently A/

worst-hit zone of the global cent ranking of local public /EP added 106 beds in intensive

pandemic with 5,944recorded health-caresystems.Campania CO care to its existing 304 beds, CASES deaths—more than China. is one of two regions seen as FUS and has set manyaside for O 40,000

But newcases arerising failing basic criteria. CIR Covid-19 patients. acrossItaly,including in itsde- Economic hardship under Two police officers in Naples assisted an elderly man as he waited in 10,000 But the global shortagein pressed south, wherehospitals lockdown is also agrowing line to withdraw pension funds from a post office on Saturday. supplies is making it difficult arelessequipped to deal with worryinthe south. Many to source essential equipment ahealth emergency. Themost small businesses and workers not even flour,” the woman south, compared with thou- 1,000 such as ventilators and medi- affected southern city is Na- in the poorest areas have few shouted at policeofficerswho sands in the north. cal-grade face masks for doc-

ples,one of the most densely savingsand have had no in- intervened. Thecouple leftaf- The national lockdown has Note:AsofMarch 28 tors and nurses.Alot of the populated places in Europe come for nearly three weeks. terapasserby gavethem cash. sloweddownthe spread of the Source:Italian government equipment promised to south- with nearly one million people In the city of Palermo in Sic- Fear of social unrest virus,but it hasn’t stopped it. ern regions has never arrived, squeezedinto46squaremiles, ily,policeweredeployedout- prompted Italy’s government In Italy’s six southernmost re- around 1,592, to morethan because Italy’s central govern- and itssurrounding region of side major supermarketsafter to pledge on Saturday that it gions,home to around 17 mil- double by mid-April. They ment remains focused on the Campania.The authorities in reportsthat agroup of people will financefood vouchersfor lion people,some 5,269 people worrythat their hospitals disaster in the north. Naples areterrified that what tried to loot groceries.Mean- poor families. have tested positivefor the won’t have enough beds to “Almost everything has gone happened in northern Italy while awidely shared video One advantagethe south newcoronavirus,morethan treat allpatients who need in- to Lombardy,” said Michele could repeat itself. from Bari showedacouple hadoverthe north is more three times as manyasin tensivecare, as is happening Emiliano,the governor of Apu- “In the South, the situation banging on the doorsofalocal time to prepare. When the na- Japan, one of the firstcoun- in Lombardy. lia, who says he spends most of is about to explode dramati- bank,begging forasmall loan. tionwide containment mea- tries hit by the virus. Public-health authorities in his daytrying to track down cally. The next 10 days here “I only want €50 ($56). I sures were introduced on In Campania alone,local the south arenow doing ev- medical supplies to buy.“We are will be hell,” VincenzodeLuca, only want to eat. Come see my March 10,therewerejust a authorities saythey expect the erything they cantoprepare preparing forwar,but we don’t Campania’sgovernor,said in a kitchen, there’snothing there, few hundred cases in the number of cases, currently at forthe expected surge in pa- have all the necessarytools.” Creaking U.K. Health System Gears Up

BY MAX COLCHESTER Health expenditureper Going into the pandemic, three weeks,but preparation at AND ALISTAIR MACDONALD person, 2018 U.K. hospital bed numbershad the NHS hasn’t been smooth. halved in three decades to TheNHS has “been caught nap- LONDON—Avast convention U.S. 140,000,according to the King’s ping and we aretrying really center in east London is being Fund, ahealth care charity. hard to catchup,” said Alan turned intoasprawling hospi- Germany Morethan 90% of hospital beds Courtney,ananesthetist who talthat canhandle up to 4,000 were occupied forall but four had just finished ashiftatahos- patients. Thousands of retired France days of the 2017-18 winter,ac- pital on England’ssouth coast. nurses and doctorsare being cording to the British Medical Staff at his hospital have draftedback to work.The army U.K. Association,the doctors’ trade told patientswith nonemer- is delivering protectiveclothing union. “Italways runs right on gencysurgery appointments to dozens of hospitals around Italy the edge,” Mr.Edwards said. that their procedures had to be thecountry. Sincethe NHS wasfounded canceled, including manywith As the new coronavirus $0 $5,000 $10,000 in 1948,the averageannual real cancer.“It is not adecision spreads here, Britain’stightly increase in funding has been takenlightly,but we need the Source:Organization forEconomic Cooperation funded National Health Service and Development 3.6% ayear,according to the beds,” he said. is taking drastic action to man- Institutefor Fiscal Studies.Be- While alot of focus has been ageacrisis that some worry protectiveclothing,with one tween 2010 and 2018 the in- on alack of equipment, the real will overwhelm it. NHS supplier reaching out to crease droppedto1.3%asthe issue is manpower, said Mr. Howthe NHS deals with an hardwarestorestodonatepro- government mended itsfi- Ham. As staffget ill or burn expected flood of patientswill tectivemasks.The NHS is also nances afterthe financial crisis. out, the NHS is going to have to test whether arelatively low- struggling to ramp up mass TheU.K.had 2.1 acutehospi- increasingly lean on volun- cost, state-run health care sys- testing forthe coronavirus. talbeds—those whereapatient teers—and retirees. temthat is free at the point of But in disasters, the NHS has receives treatment forsevere Last week,U.K.Health Sec- deliveryprovesmoreresilient advantages: It is highly central- injuries or illnesses—for every retary MattHancock called for than itsU.S.equivalent. ized and so canmakewholesale 1,000 inhabitants. That is aquarter of amillion volun- Britain’s72-year-old health changes to the way it operates. among the lowest among mem- teerstohelp the NHS.More serviceisbeloved in the coun- This means “the NHS is very bersofthe Organization for than double that number re- try, providing free care forall. good in acrisis,” said Nigel Ed- Economic Cooperation and De- sponded in just over two days. It offersacontrast with the wards, chief executiveofthe velopment, according to 2017 Aweekend appeal forretired mostly private-sector U.S. sys- Nuffield Trust, ahealth think data, andcompares with 2.4 health workerstoreturn to Thepromise temthat candeliver gold-stan- tank.This allowedittocancel beds per 1,000 in the U.S. Other work had by Tuesdaysecured dardcarebut is expensiveand thousands of operations to free estimates,however, suggest almost 12,000 volunteers, in- inside Hazel furnishes uneven coverage up bed space. It is also prepar- that the numbersofbeds capa- cluding almost 2,700doctors acrossthe population. TheBrit- ing to marshal half amillion ble of handling the most seri- andmorethan 6,000 nurses, is greaterthan ish system is limping intothe volunteerstohelp deliver medi- ous intensive-carecases arefar Mr.Hancock said. crisis following 10 yearsofgov- cines to peoples’ homes and higher stateside,and U.K. hos- PamCampbell wasdue to thepoverty ernment belt-tightening. ferrythe infirm to hospitals. pitals have just 8,000 ventila- retirenextmonth afterserving “This is areal problem at Furthermore, the provision tors—although the government as anurse forfour decades.In- aroundher. the moment,” said Chris Ham, a of free health care should en- says afurther 8,000 will be ac- stead the 63-year-old volun- former director of strategyat sure people who aresick don’t quired in coming weeks. teered to head back to the front Britain’sDepartment of Health. continue work and spread the Britain is still at a relatively line to help.“It is not aques- CHILDFUND.ORG “The chickens arecoming home virus because they can’t afford early stage in the spread of cor- tion if Iamgoing to getcorona- to roost.” Already,doctorsare treatment or worryabout pay- onavirus,with expertssaying in- virus but when,” she said. “Part complaining about alack of ing medical bills. fections should peak in about of me is like, ‘Bring it on.’ ” P2JW090000-0-A01200-1------XA

A12 | Monday, March 30, 2020 THE WALL STREET JOURNAL. THE CORONAVIRUS PANDEMIC India Puts Old Stamp on NewFight Australia’s University Authorities, citizens use low-tech weapons Budgets to enforce quarantines as outbreak spreads Take a Hit

BY VIBHUTI AGARWAL BY RACHEL PANNETT AND ERIC BELLMAN SYDNEY—A group of first- NEW DELHI—Theminister year studentsgathered around of health forthe Indian stateof astudy table at the University Maharashtraneeded away to ANDE/REUTERS of Sydney on arecent after- YD

assurethat international arriv- WA noon to work on an assignment als at risk forcoronavirus went fortheir global business intoisolation and stayed there. HANT course.Nearly half the group AS

His agencydidn’t have the PR wasmissing. resourcestoquarantine all of S; Afew weeks intothe start of

them. It didn’t have ahigh-tech PRES their fall semesters, Australian way to monitor home seclusion. universities aremissing tens of ZUMA

But his team realized India does S/ thousands of students, ahar- have an abundanceofsome- binger of troubles Western uni- thing else: indelible ink used to PRES versities mayencounter if keep the country’s900 million IFIC global travel restrictions keep AC voters from casting multiple studentsfromstarting classes ballots. Applied to their hands when the fall semester begins aftervoting,ittakes about two VERMA/P in the Northern Hemisphere. weeks to wash away. ManyChinese students KUMAR

Soon passengersatthe T couldn’t return to the country Mumbai airport coming back afterthe Lunar NewYear holi- from countries with high num- ABHA days because Australia im- PR

bersofinfections were having P: posed aban on Chinese arrivals the back of their hand stamped TO on Feb. 1. India, another large OM

“Home Quarantined,” forall to FR source of foreign students, has see should they ventureout. Low-tech steps to fight the outbreak include social distancing at a Prayagraj grain market, above, and a hand stamp for a traveler. sinceasked itscitizens not to “This is our contribution to travel. ManyWestern universi- combating coronavirus,” the tial items such as food and most people’s phones. ties,including those in the U.S., minister,Rajesh Tope,said. “If pharmaceuticals areallowed Agroup of Indian health Europe and Australia, have be- anybody tries to evadeor to open. All but essential of- workersand tech entrepre- come increasingly reliant on break quarantine,they can ficesare closed, with workers neursisusing Twitter, YouTube revenue from foreign students, now be caught.” ordered to stay in their homes and Facebook to teach hospitals who oftenpay moreintuition. As coronavirus infections except to shop for essentials. howtouse plumbing supplies TheUniversity of Sydney, have rapidly climbed over the Still, the number of con- and 3-D printerstoreplacebro- one of the country’smost pres- past week,doctorsand citi- firmed cases has risen sharply kenventilator valves andbuild tigious universities,has halted zens areturning to low-cost to 909 and deaths had climbed splitters that could theoreti- plans forbuilding projectsnot methods to trytoprotect its to 19 as of Saturday. Authori- cally be used to attach up to already under way and frozen 1.3 billion-strong populace. ties sayitwill be at least a eight people to one machine. staff recruitment and travel, as China has peeked intopeo- week beforethey know “Weneed inexpensive, easily it faces amorethan $100 mil- ple’ssmartphones and used whether the shutdown has available and rapidly scalable lion budget shortfall due to the millions of surveillancecameras helped slow the spread. solutions,” said Sonal Asthana, coronavirus.Asmanyas12,000 to monitor them. Singaporehas ManyIndians areconfused, aBangaloretransplant surgeon of the university’s students developed apps to let people and some are scared, but few who is one of the doctorspar- were unable to makeitback for knowifthey have crossed paths can say they are surprised by ticipating in the project. the firstsemester,the univer- with someone who has tested the arrival of the coronavirus. It is tooearly to measure sity estimates.Itexpectsto positive.India has turned to They have been bombarded by whether India’sfrugalinnova- knowthe actual number onceit moreaffordable alternatives another adaptation of existing Prime-time news shows were other essential businesses that tions areworking.Evenrich that canwork in itsvibrant but technology. interrupted three times in one remain open have tackled the countries with the best infra- sometimes chaotic democracy. Weeks ago, the government day recently for back-to-back challengewith asimilar spirit. structureand technologyhave Thepandemic forced Herethe country’sproud asked wireless carriers to in- news conferences from the With most transportation struggled to find solutions. tradition of cleverly making do sert ataped coronavirus prime minister,the chief min- shut down, including domestic Some low-tech tricks have al- tens of thousands of with what is available—a tal- health advisoryafter callers ister of Delhi and health-min- flights, buses and trains,the ready flopped. foreign studentsto ent known in Hindi as ju- dial and beforethe call con- istry officials. railways ministryunveiled PoliceinMeerut, acity gaad—is contributing to its nectsonevery mobile phone When he met with his cabi- plans to turn unused railcars northeast of New Delhi, tried stay home. fight against the virus. in the country. Therecorded net on Wednesday, Prime into isolation wards. using Twitter to shame quar- India’sresponse—including message, which startsjar- Minister NarendraModi didn’t Villagerswho don’t have antine jumpersbytweeting anationwide shutdown that is ringly with acough, talks use videoconferencing.In- access to soap and can’t afford images of them holdingup the largest of itskind in the about how to protect against stead, he hadhis ministers’ sanitizer are boiling water to signs that say, “I’m afriend of conductsanaudit at the end of world, perhaps in human his- the coronavirus. chairs set up several meters wash their hands.Alack of af- coronavirus.I’m against the the month when fees would be tory—is proving to be a rela- “There is no other medium apart from each other. fordable facemasks means safety of society.” due.Some of these students tively low-tech affair. that reaches so manypeople During a speech, Mr. Modi that many in NewDelhi are That didn’t stop thousands areattempting to continue So far, at least, it appears in such a quick way,” said Ra- suggested Indians watching wearing bandannas across of migrant laborers—who gen- their studies remotely,while to be largely working to keep jan Mathews,director general pledge to support nine poor their faces. erally don’t use Twitter—from otherswereforcedtowith- people in crowded cities home. of the Cellular OperatorsAsso- families,helping those who Foreasy identification of fleeing the cities on foot. They draw. Streetsare mostly deserted in ciation of India. “Just about will struggle most during the quarantined homes,India formed long lines along the At Australia’stop eight uni- the usually bustling partsof every Indian has a cellphone, shutdown.The government is doesn’t use apps,but rather highways out of Mumbai and versities,1in10studentsis Delhi, the capital, and Mum- so the reach is pretty wide.” also planning to implement a government-issued stickers. NewDelhi, choosing to walk from China, the highest ratio in bai, the nation’s financial and Indian authorities have also $20 billion packageofbasic When authorities do use rather than risk being stuck in the developed world. S&P media center. gone old school, spreading the aid to the poor. apps, they are careful to take the crowded megacities with Global Inc.recently warned of a Only shops that sell essen- messagethrough television. Storeowners, banks and advantageofthose already on no work or food. $2 billion revenue lossfor the country’suniversities because Chinese studentscan’t attend the firstsemester. NewDelhi Aims to Keep Migrant WorkersinFold TheReserveBank of Austra- lia has estimated that services exports—of which education is BY RAJESH ROY India, acountryof1.3 bil- abig part—will fall 10% in the lion, initially sawaslowprog- firstquarter alone,shaving NEW DELHI—India scram- ress of the deadly coronavirus, around half apercentagepoint bled to squelch an exodus of but health officials fear it has off the GDP growth rate. desperatemigrant workers begun to spread rapidly in re- What’shappening here from itscities,warning they cent weeks. could be aprelude of thingsto could be sent to quarantine Thetotal number of con- come forU.S.universities in camps and assuring that food firmed cases during the past the fall semester.The U.S. and other staples would be two weeks has increased more hosted nearly 1.1 million inter- provided forthose who have than eightfold to 1,024asof national studentsinthe lost jobs. Sunday, with 27 deaths,ac- 2018-19 school year,the latest Even as Prime Minister Na- cording to datafromthe Min- in astring of record-breaking rendra Modi underscored the istryofHealth and Family yearsgoing back morethan a need to comply with the na- Welfare. decade,according to the Insti- tionwide lockdown to slowthe India’scentral government, tuteofInternational Education, spread of the coronavirus, he which last week passed a aU.S.nonprofit group.

acknowledged the burden the S $22.5billion package of aid Most hadalready returned

shutdown of nonessential PRES forsome 800 million poor In- to the U.S. from their winter businesses and mandatoryso- dians,asked Indian states to breaks by Feb. 2, when the U.S. cial distancing is having on TED provide shelter,food and med- restricted travel from China. OCIA

livelihoods,particularly for SS ical care to migrant workers, Thetravelbans areone of a

the poor. /A as well. number of financial threatsthe UP

“I extend aheartfelt apol- AR They areunsureoftheir education sector faces because

ogytoall countrymen. I SW futuresinbig cities as they of the coronavirus.AsU.S.col- strongly feel from the core of feel the lockdown could be leges and universities nation-

my heart that youwill forgive MANISH extended further,leaving wide shut down dorms and me—sincesome decisions had Migrant workers crowded a bus heading out of New Delhi on Friday, after a lockdown was imposed. them with no food and with dining halls,shiftedtoremote to be takenresulting in myriad rent to pay. instruction and moved stu- hardships for you,” he said in tional shutdown of nonessen- sential or not. jammed intobuses some cities Thefederal government has dentsback home,manyfami- his second nationwide address tial businesses and govern- Within days,hundreds of provided to transport them directed stateauthorities to lies have asked if therewould in the span of a week. ment offices on Tuesday. thousands of migrant laborers beyondmunicipal borders, take legal action against land- be afee refund. India canceled all long-haul Thegovernment has al- struck out on foot fortheir wherethe bulk of them were lords who asked migrantsto —Yin Yijun, Melissa Korn and train service a week ago, and lowedunrestricted transporta- homes, ofteninvillages hun- leftlittle choicebut to con- vacate the premises during the Vipal Monga contributed to Mr.Modi announced the na- tion of all goods, whether es- dreds of miles away.Other tinue on by walking. lockdown period. this article. WORLDWATCH

NORTH KOREA siles were fired around 6:10 a.m. RUSSIA in Venezuela, including shares in based TNK Trading International SAUDI ARABIA local time from near the eastern the production enterprises of SA, or TTI, to its financial black- Pyongyang Test-Fires coastal city of Wonsan before Rosneft Plans to Sell Petromonagas, Petroperija, Bo- list for allegedly helping Venezu- Ballistic Missile Shot TwoProjectiles splashing into the waters be- All Venezuela Assets queron, Petromiranda and ela sell its oil in violation of U.S. Down Over Riyadh tween Korea and Japan. The Petrovictoria, in oil-service enter- sanctions. There was no immedi- North Korea launched two projectiles flew about 140 miles In an unexpected move, Rus- prises and trading operations,” ate reaction from Caracas. Saudi Arabia’s air defenses apparent short-range ballistic and about 19 miles high. sian state oil giant Rosneft said the company said Saturday in a The government of President shot down ballistic missiles fired missiles off its east coast Sun- The prior three tests have it would halt all activities in Ven- statement posted on its website. Nicolás Maduro, reeling from an at the capital Riyadh and the day, South Korea’s military said, also involved what Seoul as- ezuela and sell all its assets re- The Russian government con- economic depression and low oil city of Jizan along its southern as Pyongyang continues to test sumes to be short-range mis- lated to activities in the country. firmed it acquired assets from output amid U.S. sanctions, took border with Yemen, according to weapons amid a lull in disarma- siles. “Today, Rosneft entered into Rosneft, the official state news another hit this week as U.S. Saudi officials, who blamed Iran- ment talks with the U.S. North Korea hasn’t conducted an agreement with a company agency RIA Novosti reported. prosecutors indicted the leader backed Houthi forces in Yemen. The Sunday launch repre- a nuclear test or launched an in- 100% owned by the Government The announcement comes and unveiled a $15 million re- Two people in Riyadh were sented the fourth test this tercontinental ballistic missile in of the Russian Federation on the less than three weeks after the ward for his capture for alleged slightly injured by shrapnel, the month by the Kim Jong Un re- more than two years. sale of shares and termination Trump administration added a narcotics trafficking. official Saudi news agency said. gime. The two presumed mis- —Timothy W. Martin of its participation in all projects subsidiary of Rosneft, Geneva- —Ann M. Simmons —Summer Said P2JW090000-2-A012B0-1------NS

A12B | Monday, March 30, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Apollo, Other Theaters Turn to Virtual Auditions

BY AMBER BURTON of manytheatersinNew York Hangouts and Zoom. She said statethat have been pushed to the acceptance process won’t Forthe firsttime in the handle what is traditionally a change,and so far adatefor Apollo Theater’s 86-year his- liveprocess from the other the liveshows hasn’t been set. tory,the Harlem music hall will side of a screen. Patricia Buckley, co-execu- exclusively host online video Kamilah Forbes, the execu- tiveartistic director alongside auditions forits renowned Am- tive producer at Apollo The- Leslie Noble at Franklin Stage ateurNight because of the cor- ater,said recent eventshave CompanyinupstateNew York, onavirus shutdown. forced her and her team to also sees the benefitsofonline TER

Thetalent competition, think more digitally. The the- auditions during this time.An THEA O

which traditionally is held live ater hascanceled about 20 actressherself,Ms. Buckley OLL

everyWednesdaynight liveperformances through recently filmed an audition at AP

throughout the year,brings April 12, in accordancewith home for a regional theater. AN/

people together from all over the state’smandate. But she “I sort of riggedupasitua- AZR the world in front of anotori- sees the positives. tion wheremyfriend called

ously boisterous crowd. Con- “What Ithink we will see is me on one phone and Iwas SHAHAR testants in the adult category almost probably awider array shooting with another phone, C.P. Lacey performed at the Amateur Night talent competition at the Apollo Theater in February. compete to win $20,000. of contestantssubmitting,” and she was reading the lines Though some audition said Ms. Forbes. off cameratome,” she said. Marcus Dean Fuller,the ex- He said that the digital au- plague outbreaks. tapes have been allowedinthe “I think having just worked “Itturned out great. And I ecutiveand artistic director at ditions have eliminated “geo- “I thinkwhat Shakespeare past for regional and interna- in theater,weunderstand that thought, ‘Oh, this is good to Saratoga ShakespeareCom- graphic borders” and opened understood and what probably tional contestants, all per- getting in front of apanel of know for the future.’ ” pany, said: “I told my staff and the companyuptoalarger his times taught him, and formershavebeen encouraged judges is sometimes some of Ms.Buckley said she thinks Itell everybody we talk to,we field of talent that wouldn’t what we probably stand to re- to submit audition videos of the most intimidating part of the biggerissue is the ques- aremoving forwardwith opti- have been able to trek to Sara- member,isthat we need each their chosen discipline by Vi- being atheater actor or per- tion of howtomoveforward mism.” toga or Manhattan. They have other,” he said. “The act of live meo and YouTube.People typ- former,etcetera. So to be able with so much uncertainty. Thetheater had planned to received well over 200 video theater, unlike on a screen, it ically perform avariety of tal- to do it from the comfort of Franklin Stage hasn’t made host liveauditions in New auditions thus far,and he said bringspeople together in a entsfromsinging and dancing your own home—there’s plus any final decisions regarding York City this year fortwo it might be the new norm. community and it helps us see to comedy and masteryofmu- sides to it,” she said. cancellations or postpone- plays,but it wasinstructed by Mr.Fuller pointstothe fact ourselves and see each other. sical instruments. Her team plans to review mentsfor the summer theater theActors’ Equity Association that Shakespearewrote many It builds empathyinatime TheApollo Theater is one audition videos usingGoogle season. to implement video auditions. of his greatest works during when we need it most.” Summer Camps Scramble to Deal With Uncertain Future

BY LESLIE BRODY Even some campersare leery. everyone beforearrival for bar visiting days,limit chil- That includes 13-year-oldLee programs that generally range dren with medical conditions With parentsand children Walker Watson in Manhattan, from one to eight weeks. and requireextranursing cooped up in self-isolation in wholoves laser tag, trampo- DarleneCalton, adirector staff.Concerns about germs

theNew York City area, many line and spy games at his S of Camp Netimus,asleep- might also affect howchildren

aredreaming of summer camp sleep-away camp in the Pocono PRES away camp for145 girls in the gettocamp,such as foregoing to take abreak from each other. Mountains in Pennsylvania. Poconos,said topic No.1with the use of buses. TED

But whether camps can “Right now, in light of CIA parents at orientation will be Travel restrictions could

open is unclear. what’shappening,I’m not sure SO howstaffershandle infectious hamper the hiring of interna- Leaders of sleep-away and Iwant to go to camp,” he said. AS disease. tional counselors—oftena daycamps saythey hope they “You never knowwherepeople “Wehaveprotocols forthat mainstay because they enjoy canoperateand will followthe have been. If one person has because onceachild gets a summer jobs in America—but

guidance of federal, state and coronavirus,we’ll have to go RD-JOURNAL/ cough it cangothrough camp domestic collegestudents local health authorities as home anyway.” CO likewildfire,” she said. “Ifkids could be moreavailable due to rules maychangerapidly. Because of registrations be- cansafely go to camp,they the cancellation of summer UM/RE

Manysay that during the cor- fore March, some camp lead- FLA will be knocking down the abroad programs, they said.

onavirus crisis, with all of its erssay enrollment has re- N doors.” An association representa- RO

stressand school closures, mained roughly steady,but AA Officials at the American tive said member camps fol- children will need the camara- they aren’t getting the typical Many parents are in a wait-and-see mode on summer-camp plans. Camp Association, which has lowsafety guidelines from the derie,sportsand adventures round of calls from parents morethan 3,100 member Centersfor Disease Control of camp more than ever. whowaited until spring to deadlines. such as taking temperatures camps with about 10.4 million and Prevention,and he hadn’t Families of all income levels makeplans.Manyparentswho Camp leaders say they are regularly.Some hope rapid campers, saysummer camps yetseen anynew federal or depend on camps for child signed up early have delayed preparing for extra scrubbing testsfor the virus will be are a $3.6 billion industry na- statedirectives specifically for care and fun, but manyparents sending final payments. Some of facilities and stricter health available before opening day, tionwide.They saythe virus summer camps sinceopenings areinawait-and-see mode. camps arebeing flexible about checks for children and staff, ofteninlateJune,toscreen might delay camps’ openings, were still months away.

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THE WALL STREET JOURNAL. **** NY Monday, March 30, 2020 | A12A GREATER NEW YORK Lockdown OrdersExtended Until April 15

Virus death toll surges of the firstcases in the county, On Saturday, Ms.Raimondo had been released from the signed a new executive order and number of cases hospital. extending the self-quarantine in stategrowsbymore In an executiveorder requirement to people from signed Saturday, Mr.Cuomo any state. than 7,000 in single day postponed the Democratic Some upstateNew York presidential primary and sev- counties have told downstate BY JIMMY VIELKIND eral special elections from residentsnot to travel there, April 28 to June 23.The state even if they have second homes NewYork Gov.Andrew also ordered that women giv- in the area. Rensselaer County Cuomo on Sundaysaid nones- ing birth in hospitals could be ExecutiveSteve McLaughlin, a sential businesses must re- joined by apartner.Some hos- Republican, signed an order main closed and that gather- pital systems had previously Fridayrequiring anyvisitors ingswill be banned until April banned visitors, even for from NewYork City,Long Is- 15 as the death toll from the women in labor. land and Westchester and new coronavirus surged over The weekend also featured Rocklandcounties to register the weekend. aback-and-forth between with officials and quarantine Morethan 500 people in President Trump, Mr. Cuomo for14days. the statedied from the dis- and leadersofother states “If you’re doing this to es- ease between Fridayand Sun- over whether there should be cape NewYork—you’retrying day, bringing the overall toll travel restrictions on people to getout of ahot zone—I un- to over 1,000—the highest for whohavebeen in or around derstand,” Mr.McLaughlin anystate in the nation. The NewYork City,siteofmore said.“But don’t come to an totalincludes aNew York Po- than half of the state’s cases. area and potentially infect it. liceDepartment detectiveas Mr.Trump on Saturdaysaid Keep the area you escaped to

well as several health-care Z/REUTERS he wasconsidering an “en- as safe as you can.” workers. forceable quarantine” forNew State lawmakersalso con- As of Sunday, 59,513 people MUNO York,New Jersey andCon- tinued talks around astate

were infected with the virus ARDO necticut, but his administra- budget that must be in place

in the state, representing an EDU tion instead issued a“strong by March 31. Democratic lead- increase of morethan 7,000 in Gov. Andrew Cuomo said that New York is still working to increase hospital capacity. travel advisory” for the area. ers of the state Assembly and asingle day. One of the new Mr.Cuomo said the advisory Senatesaid Sundaythey patientsisPatrickFoye, chair- of infections,which officials orders that ban gatherings of forthis particular time,” Mr. was“consistent with every- would passresolutions allow- man of the Metropolitan estimateisatleast two weeks anysize, keep nonessential Cuomo said. thing we’re doing.” ing legislatorstovotere- Transportation Authority,who away.New York City Mayor government workers at home He said restrictions had Rhode Island Gov.Gina Rai- motely. has been working from home, Bill de Blasio said atemporary andclose nonessential busi- helped slow the spread of the mondo last week ordered state Discussion continued about the agencysaid in astate- hospital wasbeing built in nesses past Easter,onApril 12, coronavirus inearlier hot policetostopdriverswith Mr.Cuomo’s plan to reduce ment. part of Central Park in Man- and Passover,which begins spots,including the NewYork license plates as Medicaid spending by $2.5 TheDemocratic governor hattan and will be completed April 8. Theordershad differ- Westchester County city of they entered the stateand billion, somethinghefirst said the state was still work- Tuesday. entend dates,and arenow all NewRochelle.State officials specifically ordered NewYork- proposed in Januaryasessen- ing to increase hospital capac- Mr. Cuomo said he was ex- effective until April 15. said LawrenceGarbuz,a50- erstoself-quarantine for14 tial to plugging a$6.1billion ityinpreparation forthe peak tending aseries of executive “Density is the enemyhere, year-old lawyer who was one days upon entering the state. deficit. Homeless AreEspeciallyVulnerable,Advocates Warn

BY PAUL BERGER

Advocatesare calling on NewYork City to provide hotel rooms fortens of thousands of homelesspeople so they can practicesocial distancing and self-quarantine in the epicenter of thenation’s newcoronavirus crisis. TheLegal Aid Society,apub- lic-interest lawfirm, warned in alettersent to the city Thurs- dayand reviewedbyThe Wall Street Journal that failing to act nowwill endanger shelter residentsand workersand con- tributetothe spread of the dis- ease. According to city officials, about 59 homelesspeople across40shelter locations had been confirmed to have the vi- rusasofFridaymorning.At least two morehomelesspeo- pleliving on the streetshave

also tested positive. CK

Thefirst coronavirus-related TO death of ahomelessperson was recorded on March 24.Since SHUTTERS

then, at least one morehome- A/ lessperson has died. Aspokesman forthe city’s LANE/EP Department of Social Services, TIN

in astatement, didn’t respond JUS directly to the LegalAid Soci- People lined up Saturday to receive a free meal from the Bowery Mission in Manhattan. The homeless have few options for social distancing, advocates say. ety letter. “Acrossgovernment, we areworking in lockstep dur- said. causing asurge in demand for “There’sahumanitarian cri- russymptoms in aseparate In his statement, the city’s ing unprecedented times to im- Advocatessay the city faces beds as transient people are sis unfolding in NewYork City room. spokesman didn’t answerques- plement unprecedented solu- acrisis within acrisis as the vi- forced out of crowded living likewehavenever seen be- It has also set up 500 isola- tions about whether symptom- tions at ascale and speed never russpreads through the na- spaces and as jails and prisons fore,” she said. tion unitsatfour locations out- aticpeople had been prevented beforeseen,” he said. tion’slargest homelesspopula- reducetheir populations. Advocatesare particularly side the shelter system. So far, from accessing isolation units Thespokesman said the city tion, most of whom have few Manyofthe city’s homeless concerned about the 19,000 city officials say, 110 people or had been sent back to shel- is trying to find nursing staff options forsocial distancing. people areparticularly vulnera- people who,according to the have been housed there. ters wherethey couldn’t isolate and thousands of thermometers Thereare almost 80,000 ble,advocates say, because they Coalition forthe Homeless, live Ms.Nortz though says some themselves. to implement temperature homelesspeople living in New have higher-than-average rates in dormitories forsingle adults. of the criteria the city has set TheLegal Aid Society,inits checks and screeningsathome- York City, according to the lat- of underlying conditions,such Some dormitories sleep dozens foraccesstothe isolation shel- letter, says the city is failing to less intakecentersand shelters. est federal estimate.Most of as lung disease, diabetes and of people in aroom. Theaver- terunitshaveprevented people properly screen residentsorto He said the city has put in those people liveinshelters compromised immune systems. agedormitory, according to the from accessing them. Her provide basic cleaning supplies. placeprotocols to transfer with varying degrees of pri- Shelly Nortz,deputy execu- city,sheltersbetween eight to grouphas identified other It warns that by failing to pro- homelesspeople experiencing vacy,ranging from communal tive director forpolicyatthe 12 people in aroom. cases wherepeople who are tect dormitoryresidents’ symptoms to ahospital or to dining areastoshared bath- nonprofit Coalition forthe Thecity says it has told presumed to have coronavirus health, the city is violating a placethem intoisolation. rooms and dormitories. Homeless, said the virus looks shelter providersthat wherever have been sent back to shelters court order to provide safe “Nowisnot the time to fear- TheLegal Aid Society warns set to sweep through the com- possible they should isolate wherethereisn’t aplacetoiso- sheltertohomelesssingle monger and point fingers,” he that the coronavirus crisis is munity. people experiencing coronavi- late. adults.

STATESTREET | By Jimmy Vielkind Critics Complain State Budget Is Being Crafted in Secrecy

Advocacy March 15 as the coronavirus as well as elected leaders in campaign director for Citi- and emails, and you’re hop- Research Group, a watchdog groups of all spread. Legislators voted on both parties, including New zen Action. ing your message is being organization. “We’re now en- stripes are a handful of bills on March York City Mayor Bill de Bla- The Alliance for Quality heard,” Mr. Sampson said. tering a black hole of infor- concerned 18, but remain scattered sio, believe the bail law Education, which advocates Leaders of the state Sen- mation where even light they have around the state. The tradi- should be amended to let for greater school funding, ate and Assembly, both of can’t escape. It’s as dark as been shut out tional avenues of influence judges consider public safety held a virtual news confer- which are controlled by dark can be. Unless you’re of the state budget negotia- adapted by necessity. when deciding whether to ence on Friday to urge legis- Democrats, didn’t release hiring the hot-wired lobby- tions set to conclude this On Friday, Citizen Action lators to raise taxes on the their own draft budgets to ists, it’s hard to find out week, a deal one longtime of New York, a progressive wealthy rather than cut ser- counter the $178 billion what’s going on.” watchdog said is taking advocacy group, held a “car ‘We’re now entering vices. spending plan Gov. Andrew Mr. Cuomo has appeared shape in “unprecedented se- rally” where people honked Brian Sampson, president Cuomo unveiled in January. regularly in the Capitol to crecy.” on the street outside the a black hole of of the Associated Builders Instead, the Democratic offer updates on the state’s The state Capitol in March Capitol to protest any information…It’s as and Contractors, Empire governor has been talking di- response to the coronavirus normally teems with lobby- changes to the state’s new State Chapter, said the con- rectly with Assembly outbreak, and he has fielded ists, citizens and officials bail law, which eliminated darkasdarkcan be.’ tractors he represents had to Speaker Carl Heastie and some budget questions. The from around the state push- cash bail for most misde- fall back on letter-writing Senate Majority Leader An- coronavirus has had big im- ing to be heard as the bud- meanor and nonviolent fel- and social-media campaigns drea Stewart-Cousins. This pacts on the state economy get comes together. State ony offenses. to lobby lawmakers. Contrac- practice of three people in a and decreased revenue pro- legislators’ days are sched- For most of January and hold defendants before their tors are battling against room is common in Albany, jections by around 15%. uled to the minute, and peo- February, the group held trials. building-trade unions over a but without rank-and-file “This is the easiest budget ple seeking their attention weekly rallies inside the “To roll back the bail law provision that would lawmakers close by, regular we’ve done,” Mr. Cuomo can be lucky to get in a few building, arguing that the now or down the line is to broaden the definition of briefings have been rele- joked to a legislator recently moments during a chance law—which took effect Jan. set up for devastation in the public works that require a gated to conference calls. and recounted during a pub- encounter near the floor of 1—has reduced economic and face of this pandemic,” be- higher, prevailing wage rate. “Albany in the best of lic radio interview. “We have the chamber. racial disparities in the crim- cause it is difficult to con- “It’s obviously been very times is secretive,” said Blair no money.” All that ceased when the inal justice system. tain the virus in jails, said difficult. You’re relying on Horner, a longtime leader of building closed to visitors on Law-enforcement officials Erin George, the civil rights phone calls, text messages the New York Public Interest [email protected] P2JW090000-0-A01300-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | A13 LIFE&ARTS

BY RAY A. SMITH But employees generally shouldn’t give off an appearance of slacking o getready forawork The NewDress Code off just because they are home. video conferencecall “Everyone should maintain pro- last Tuesday, Eliza- fessionalism,” said Aliza Licht, a beth DiGeorgio ap- marketing consultant and author plied afull faceof For Working at Home of career-advice book, “Leave Your T Mark.” She recommends employ- makeup,fixed her hair and put on aniceshirt. But before ees get dressed—at least from the she joined the call, she had to talk waist up—and put on makeup as if her husband, also working from Virus spread has made deciding what to wear, pants or no, difficult they were going to the office. “I home,intowearing pants. think when you get dressed, you’re “I had to inform him more confident, you that pantswerenot op- perform better,” she tional, and that he could said. Whether it is with not walk through behind co-workers, on client me,people would be calls or in external able to see him,” said meetings, “You still Ms.DiGeorgio,a53-year- have to bring it,” she old Jacksonville,Fla., said. resident who works in “I still get up at the real estate, referring to same time every morn- her husband, who was ing, take a shower, put wearing basketball on my makeup and get shorts. “It wasneces- dressed for work, even sary. Thedifferencebe- though I am not leav- tween just aconversa- ing the house,” said tion andavideo call kind Emily Reeves Dean, a of changes some stuff.” 41-year-old digital mar- Deciding what to keter in Little Rock, wear when working Ark. Her look is usually from home has become something professional harder than it used to on top with leggings be due to coronavirus- and slippers. “I do sev- mandated social-dis- eral video calls each tancing. Often in the day, and I just want to past, at least one partic- make sure I look like I ipant on the video call am making an effort was based in an office for the people that where a dress code was have to see me big on in effect. But with virtu- their screens.” ally everyone telecom- Some employees are muting, working from making exceptions in home is now a sartorial the interest of boosting Wild West, with no morale during a stress- dress code and employ- ful time. ees juggling more than Martyn Rothwell, right, works from home in an outfit that amuses his wife Amy, left. She recently found herself in a similar situation. Tim Gill, a35-year- just work. old professor at the Uni- “I had to do aconferencecall versity of North Carolina at Wil- with no pantsonlast week because How to Look Your Best on a Video Work Call mington, woke up from anap on my toddler fell in apuddle,” said March 23 to find his wife, Aiola, AmyRothwell, the businessdevel- n Use Jewel Tones: Anne D. Stills, of tone deaf,” said Aliza Licht, a mar- closed, Ms. Stills suggests women conducting alecturefor 17 students opment lead at acoaching and con- presidentofthe Association of Image keting consultant and author of career- brush their hair into a ponytail. For on videoconferencing platform sulting firm in Bolton, England. Consultants International’sNew York advice book, “Leave Your Mark.” women with short hair, “just comb it Zoom wearing a“Friends” T-shirt Shortly beforeher 11 a.m. video tri-state chapter,recommends back and put a lovely headband on and purple Mardi Gras beads.“Ijust businesscall on March 20,Ms. blouses, button-downs or pullover n Keep It Professional: “I would say it.” Makeup is a must, she said. “The decided to kind of dresscasually Rothwell, 36,took her 18-month-old sweaters. Search your closet forjewel ‘neat casual’ is the WFH dress code camera will definitely make you look that dayfor the classjust to kind of son out forsome fresh air. tones, which “can makeyour skin right now,” said Ms. Rath. “One thing washed out.” normalizethe situation and loosen “He fell in apuddle,and Ihad to glow.” Meanwhile, colors thatflatter to be mindful of however is wrinkles, the atmospherefor my students, carryhim home,and Iwas covered all skin and hair colors include teal, as they can be amplified over video.” n Setting: “If theydon’twantpeople because Iknoweveryone is scared in mud,” she said. In normal times, turquoise, true red, navy,periwinkle She’s not a fan of being dressed on to necessarily see their homes, Zoom and anxious,” said Ms.Gill, 35,an grandparentswould look afterthe and blush. Patterns “can be distract- top, but not on bottom. “What if you has abackground feature,” said Ms. academic adviser at the school who boy. Nowrunning latefor the call, ing and makethe viewerdizzy.” have to jump up from your laptop to Stills. Zoom says the featureworks teaches freshman seminar classes. she scrambled to wash her face, let your dog out of the room while on bestwith agreen screen and uniform Suzanne Park,whose firstnovel, wear aclean sweater,fix her hair in n Ditch the Tie: “Itwould look odd a video call? Your underdressed bottom lighting. Ms. Stills recommends “The Perfect Escape,” comes out in aponytail, and apply some lipstick. forsomeone to showuptoaZoom half may have an unintended reveal.” women “wear acolor thatcontrasts April, recently walked in on her But, she said, “I couldn’t find any meeting in afull suit and tie,” said well with the background.” Adds Ms. husband, Trevor Foucher,asoft- other jeans,soIhad no pantson.” Julie Rath, founder and presidentof n Grooming: “If you’re typically clean- Rath, “It’salso good to avoid wearing ware engineer,participating in a Ms. Rothwell unintentionally Rath &Co. Men’sStyle Consulting. shaven, a little scruff is fine,” Ms. Rath the same color as your background. work conferencecall wearing asa- wore a popular work-from-home “A neatbutton-up shirt would be an said. “Overall, use common sense and Otherwise, youcan blend in and look fari hat. “I caught glimpses of the style with work-appropriate apt replacement.” good judgment based on whom you’re likeafloating head.” call and some of them had on hats,” clothes on the visible upper half of meeting with and what you want to said Ms.Park,who lives in LosAn- the body, while wearing sweats, n Don’t Be Extra: Now might not convey. And make sure to take a look n Lighting: “You have to have good geles.Therewerefurryhats, fedo- leggings, shorts, pajama pants or be the time to join calls in flashy in the mirror before you go online.” lighting, and that light is not behind rasand even “some Daniel Boone underwear. It is a style her hus- designer clothing or something over you, the light is in front of you,” said type of hats. Ijust walked out.” band, Martyn, an auditor, wears. the top. “It’s the fashion equivalent n Hair and Makeup: With salons Ms. Stills. For a March 23 videoconference THWELL “He has to wear a shirt and tie for call, Nicholas De Salvo, who runs a RO

Y work, so he will wear the shirt and digital marketing agency in Port- AM tie with boxers” when on video in for and I’m very excited to do it said in an interview. “So Iwent with shorts for the next scheduled land, Ore., thought wearing a calls, Ms. Rothwell said, adding while wearing a dress shirt and no back and changed intosweatpants.” call. “I’m certainly not going to sweatshirt he bought from an em-

THWELL; the look makes her laugh. pants!” tweeted Nick Puschnig, a Mr. Puschnig, who typically put on dress pants if I don’t have ployee who designs them would be RO Numerous Twitter users have 37-year-old accountant in Milwau- wears button-down shirts and to.” a mood booster.

TYN bragged about the subversiveness kee, recently. dress pants to his office, said his The disruption also means some Then the employee, web de-

MAR of conducting video meetings in “I wasgoing to wear abutton- work-from-home look so far con- people aren’t looking as crisp as signer Jake Olsen, popped up on : their underwear or pajama bot- down shirt with sport shorts, but sists of sweatpants, a hooded usual because they haven’t been the call, wearing the same sweat- LEFT toms. “Not gonna lie—I have a unfortunately the meeting gotcan- sweatshirt and a baseball hat. able to visit barbers, hairdressers, shirt. “It was a fun moment,” Mr. OM

FR meeting today that I have to Skype celed so Ididn’t gettodoit,” he He plans to wear his dress shirt nail salons, gyms and dry cleaners. De Salvo said.

Whatabout older adults who don’t HowOlder Adults Can have family? This is atime when community— large and small—can step up to help support older adultswho don’t Cope and FightIsolation have family.The community in the apartment buildingswheresome- one lives,oranext-door neighbor. GES new specialty in the field of psy- We have a student organization BY CLARE ANSBERRY IMA chology and was developed to on our campus, a local chapter of

WITH THE NEW coronavirus tar- meet the special needs of older GETTY “Adopt a Grandparent.” Our stu- geting older adults, how can they adults. The field is relatively ; dents are no longer here in St. best cope, and how can their adult small—about 4% of all psycholo- Louis, but the organization is talk- children help them? gists are geropsychologists, says ing with administrators to see how UNIVERSITY

Brian Carpenter, who is a pro- Dr. Carpenter, president of the So- N our students can send pictures of fessor at Washington University in ciety of Clinical Geropsychology. TO themselves, cards, letters and vid-

St. Louis, Mo., has given those In an edited interview, Dr. Car- SHING eos to stay in touch with them.

questions a lot of penter discusses how WA thought. He is a gerop- older adults can cope : Howcan older adults manage the sychologist, which during the pandemic. LEFT uncertainty around the virus? OM

means he specializes in FR If older adultscan keep their fo- treating older adults. Whatare your con- cus on what they candotopromote He’s also the son of cerns about impact of a subset of older adults who will beneficial than email. All are more their physical and mental well-be- parents ages 77 and 78, the coronavirus on not have access to or know how to effective than nothing at all. ing,that canhelp reduceanxiety.It who live in upstate older adults and their use those technologies. canalso be helpful forolder adults New York. mental health? Is thereanything people shouldn’t to think about what they candofor “I’ll admit I’ve been Older adultsunder- Whatcan adult children do? talk about? other people—makeaphone call, one of those ‘bossy’ stand that exposureto I would love it if family mem- No,but Ithink youwant to be send an email, yell down the hall to adult children who has the coronavirus places bers would ask their parents: How deliberate. Youdon’t want to call up another friend who is self-quaran- lectured his parents them at greater risk do you want to stay in touch? How and talk about all the alarming sta- tining.Again, afocus on what we about social-distancing Brian Carpenter is a than younger people. often? What time? By what mode? tistics youread all morning.Iwould all candocan help reversethe kind and hygiene, but have geropsychologist. So thereisahigher What do you want to talk about? be deliberatewith people of all ages. of pessimism and hopelessness also shared recommen- level of threat and What do you not want to talk that’satthe root of so manymen- dations about stress management, sense of worryamong older adults. about? Just asking can be informa- Howcan youprotect your parents tal-health symptoms. staying physically active while at Thesecond issue involves social tive and empowering. without infantilizing them? home, how to stay engaged intel- connection. We do worryabout so- We’re going to see a lot of in- Whatdoolder adults need most in lectually. So I hope I’m practicing cial isolation and loneliness, which Arephone calls or video calls better? teresting negotiations in families these uncertain times? what I’m preaching!” he says. canhavedirect physical conse- Those two technologies serve about who is doing what for whom Theolder adultsItalk to want to In general, older adultsare resil- quences on our biologyand reduce different purposes and might be and why. Adult children may be knowthey arenot alone.Some of ient and shouldn’t be treated as immune functioning. most effectively used in combina- trying to be helpful by offering them want to knowthis will end. frail and helpless, even if thepan- tion. There are times when you re- support and services. Maybe that’s They know it will be different after demic has takenits greatest toll on Cantechnology help people feel ally want to see someone and to protect their parents. this is over,and therewill be anew those 65 and older,says Dr.Carpen- moreconnected and lessisolated? check in on someone and see how But maybe it’s also to allay their normal. ter, who is 55.“They’vedeveloped a We are still trying to figure out they look. There are other times own anxiety and give them a sense Ithink thereare also older adults series of strategies and skills over whether and how technology is go- when a very brief phone call to ask they are doing something helpful. who recognizethis as one event in a their lifetime to help them maintain ing to be a solution to this. I know “How are you doing? Do you need There’s nothing wrong with that. lifethat has unfolded over manyde- their well-being even in the faceof a lot of older adults who group anything?” is enough. In terms of But they need to pause and ask, cades.They take moreofphilosophi- chronic illnessand lifetransitions chat and make video conference therapy, video therapy is more “Am I doing this for my parents or calperspective. They have the op- likeretirement,” he says. calls that younger people are using beneficial than telephone therapy for me or for both of us?” Be hon- portunity to help younger people Geropsychology is a relatively to stay in touch. But there will be and telephone therapy is more est about it. think about it in that way,too. P2JW090000-0-A01400-1------XA

A14 | Monday, March 30, 2020 THE WALL STREET JOURNAL. LIFE & ARTS

WHAT’SYOUR WORKOUT? |JEN MURPHY They’re Getting ExerciseWhere TheyCan Find It

Afamily finds ways to getoutside forfitnessand relaxation as coronavirus limitstheir options.

LIKE MANY PEOPLE, Seth Sach- could skin uphill. son has been struggling with how Lifts are closed at Aspen’s four to exercise responsibly and safely ski resorts, but Aspen Skiing is during the coronavirus pandemic. one of the few companies still al- “We’reall on lockdown, but lowing locals to skin uphill—also getting out in naturewith family known as alpine touring—at their has been apositiveduring all of own risk and safe distance. Mr. this,” says Mr.Sachson, 50,the ex- Sachson had been avoiding skiing ecutivedirector of the Aspen Ani- in the backcountry, which poses mal Shelter and aresident of Old higher avalanche danger, instead (3) Snowmass, Colo.“It has let us feel taking advantage of groomed trails

connected in ahardtime.” on Aspen’s mountains. JOURNAL Public officials are imploring Ms. Patterson was already an REET

people exercis- uphill enthusi- ST ing outside to be ast. Mr. Sachson LL careful during A family of uphill ski dusted off old WA the coronavirus gear and bought Seth Sachson with his wife, Bryna Patterson, their THE R

pandemic. enthusiasts decides to his nephew a daughter, Henri Rose Sachson, and their dogs. The family FO

Crowds recently take a break from the splitboard—a hiked uphill with Ms. Patterson's cousin, Penelope ORD forced govern- snowboard that Thornton in Aspen, Colo. They have decided to stay off ment officials in sport for now. could be split the mountain and go on long walks on safe trails. CLIFF VID

California to lengthwise, DA close parks and each half worn hiking trails, and like a ski to as- Vail and other resorts in Colo- cend the mountain, and reattached rado’s Front Range have ended up- to ride down. hill skiing because of overcrowd- Ms.Patterson’sthree cousins, ing. ages 15,17and 28,are staying Pitkin County Open Space and with their grandparentsinAspen Trails director Gary Tennenbaum until thingscalm down. They warned on March 25 that if people joined theuphill crew,and were ignore social-distancing require- skinning almost daily,working to ments and hang out in crowds keep 6feet apart—about the while doing outside activities, they length of skis—and maintaining will leave public land managers no extracaution due to the absence choice but to take drastic actions. of ski patrol and overstressed Mr.Sachson had loggedone hospitals. dayonthe slopes this season be- On Friday, SnowsportsIndus- fore Aspen Skiing Co.closed oper- tries Americalaunched asocial ations by order of Colorado Gov. media campaign urging skiersto JaredPolis on March 15.Mr. Sach- stay off mountains fornow.Mr. son’swife, Bryna Patterson, aski Sachson says he and his family instructor,isnow out of ajob. plan to transition to long walks on safetrails to avoid being part of the problem. week to care for the remaining likesprinting up amountain. You that he’sfound he canhit his run- “Legally,uphill is dogs and cats, but he says the cri- definitely sweat.” ner’s high skinning,he’slooking for- allowed, but ethi- sis has provided a wake-up call to Ms. Patterson gets an extra ward to next winter season. cally we’refeeling what’s important in life: family workout by carrying her daughter, it’snot what we and health. Henri Rose, in a backpack. Mr. The Diet should be doing “I enjoy getting outside with Sachson owns nine dogs and tries Mr.Sachson gatherseggsfromhis right now,” he our 9½-month-old daughter and to bring around five at a time on chickens each morning and makes says.“Thereare have always encouraged Seth to their treks, which average two to scrambled eggs on toasted English other waystoget make time to exercise with me,” three hours. muffins forbreakfast. Veganprotein fresh air that Ms. Patterson says. “Now that he The family had been gradually barsand dried mangoprovide sus- pose lessrisks.” is not crazy busy at work, we are climbing higher, ascending Elk tenancewhile skinning.Mr. Sachson Mr.Sachson actually enjoying quality time to- Camp, a route on Snowmass says rehydrating regularly is impor- normally gains 5 gether.” mountain with 2,878 feet of eleva- tant while exercising at altitude. pounds each win- tion gain. In light of concern over Family lunch is tomatosoup with ter. Shorter day- The Workout injury in a time of limited health French bread. Sea basswith butter- light hoursand 13- Aspen sitsalmost 8,000 feet care, they have recently restricted nut squash, broccolini and aspara- A worker carries signs touting the rules of social hour work days abovesea level. Thegroup started outings to shorter ascents and de- gusistypical fordinner. distancing on Buttermilk Mountain. leave him little op- skinning on what Mr.Sachson scents on Buttermilk Mountain. portunity to enjoy says is the area’seasiest moun- Now they are hiking local trails The Gear and Cost Thenight following the announce- the outdoors. As people areurged tain, Buttermilk,togiveout-of- and walking at a local golf course. Mr. Sachson wears lightweight ment, his 17-year-old nephew, Jer- to stay home and practice social townersachancetoacclimateto Mr.Sachson is adistancerunner North Face snow pants and a T- emyTrattler, intended to flyfrom distancing to slowthe spread of the altitude.Some of their first and says if it hadn’t been foralull shirt and Obermeyer down snow- Miami and stay with the couple coronavirus,visitations and adop- routes tackled around 1,500 feet in work,hewouldn’t have learned shirt ($160). If he hikes up the and snowboardoverspring break. tions have been temporarily sus- of elevation gain. “It wasreally to loveskiing uphill. “It kicks your mountain, he wears Scarpa run- Mr.Sachson told him to cancel, pended at the shelter. hard,” Mr.Trattler says.“You butt,” he says.He’salways pre- ning shoes with Stabilicers winter but his nephewsuggested they He is still working seven days a aren’t going fast, but the effort is ferred summer sports, but says now traction cleats ($50).

HobbyLobbyPresidenttoReturn Antiquities to Iraq and Egypt

BY KELLY CROW Oxyrhynchus collection at the time. Mr. Green said his team HOBBYLOBBY’S president Steve bought fragments from Dr. Obbink Greensaid he is in the processofre- in 2010 and 2013, but last summer patriating 11,500 antiquities to the he and the Bible museum told the Iraqi and Egyptian governments, society it suspected some of its bowing to what he called justified fragments might have been stolen. criticism from scholarsand authori- They invited society scholars to ties over the waysheamassed a pore over images of its papyri col- vast collection forthe Museum of lection and identify any stolen the Bible in Washington, D.C. fragments, and 13 resulting pieces Mr. Green, who is also chairman were returned last fall. of the museum’s board, said the Through his lawyer, Mr. Obbink Bible museum is helping his family confirmed Friday that Oxford is in- collection coordinate the return of vestigating him but said the “alle- around 5,000 ancient papyrus gations made against me that I fragments and 6,500 ancient clay have stolen, removed or sold items objects because the artifacts lack owned by the Egyptian Exploration reliable provenance, or ownership Society” are “entirely false,” add- histories. Artifacts without a paper ing, “I would never betray the trail are worrisome because they trust of my colleagues and the val- could have been previously looted ues which I have sought to protect or stolen. Hobby Lobby President Steve Green; a tablet once on view at the Museum of the Bible that is being repatriated to Iraq. and uphold throughout my aca- “One area where I fell short was demic career in the way that has not appreciating the importance of erything from illuminated manu- detained several dealersinconnec- erything else. He and the museum been alleged.”

BIBLE the provenance of the items I pur- scripts to Elvis Presley’s Bible. Yet tion with the case.The 3,800 ob- have also installed strict protocols The society said it has cut ties

THE chased,” Mr. Green said. When he even before the museum opened jectswerereturned to Iraq two for future acquisitions. with Dr. Obbink while it investi-

OF started collecting biblical-era an- its doors, its curators said they yearsago, the museum said. Of the pieces being repatriated, gates the matter further. No one tiquities in 2009, “I knew little were fielding troubling inquiries Almost all of the ancient Egyptian only one object—a clay tablet de- has been arrested or charged with about the world of collecting.” from antiquities scholars and U.S. papersbeing repatriatednow are tailing some of the epic poem of the theft. MUSEUM “The criticism of the museum Customs agents about their bene- scraps,and some of the clayobjects Gilgamesh, the Sumerian king— Roberta Mazza, a papyrologist resulting from my mistakes was factor’s collecting habits. arebullae,orsmall round tokens an- was ever exhibited at the Bible at the University of Manchester

JOURNAL; justified,” he added. Thesagacame to light in July cient Sumerian families imprinted museum, the museum said. and a society trustee, was one of The planned repatriation will 2017when Hobby Lobby paid $3 with their seals likeasignatureand Last fall, Mr. Green and the mu- the first scholars to decry Mr. REET

ST likely serve as a coda to one of million to settle aU.S.government attached to legal documents. seum also returned 13 ancient Green’s collecting methods in lec-

LL the art world’s biggest antiquities lawsuit that alleged that the crafts Mr. Green said the Bible mu- fragments of biblical passages that tures at scholarly conferences on

WA scandals in recent years, sparking companyhad smuggled 3,800 Iraqi seum is still discussing ways its were allegedly stolen from the art crime and biblical literature.

THE international investigations and antiquities intothe countrybyin- curators could keep studying the Oxyrhynchus collection, an Egyp- She said she was also one of the R

FO casting a shadow over the Oklaho- correctly labeling them as ceramic pieces after they are returned to tian papyrus trove owned by the scholars invited to help discuss

SS man’s efforts to transform his own tile samples.Mr. Green had bought cultural authorities in Iraq and Egypt Exploration Society and some of its missing artifacts. VO Bible-collecting hobby into a that group of objectsfromdealers Egypt. He said the rest of the an- stored at the University of Ox- “It took too long, but I do be- world-class museum. in Israel and the United Arab Emir- cient and pre-modern materials in ford’s Sackler Library. lieve Mr. Green and the museum EPHEN

ST The Bible museum he helped ates seven yearsearlier in a$1.6 his collection have now been re- Mr. Green said his team bought want to straighten things out,” Ms. : create and open three years ago million deal the U.S. Department of searched to be sure they contain the pieces in good faith from an Mazza said. “Now we just have to LEFT still sits a few blocks away from Justicelater describedasbeing the necessary records, but prove- Oxford classics professor, Dirk Ob- be sure the objects go back to OM

FR the National Mall, stocked with ev- “fraught with redflags.” Israel later nance research continues on ev- bink, who also helped oversee the their rightful owners.” P2JW090000-0-A01500-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | A15 LIFE & ARTS

THE STAYING INSIDE GUIDE—ART Through aScreen, Sharply

BY ERIC GIBSON

ARTMUSEUMS’ collection data- bases, slideshows of highlights, and tours available on their web- sites are wonderful resources. But with these institutions now closed I wondered if, as well, there was a kind of substitute art experience to be found on them. Could the virtual world offer the same close- quarters, in-depth encounter with a single object that is the essence of the bricks-and-mortar visit? Taking into account the standard caveat that a reproduction is no substitute for the original, the an-

swer is yes. A number of videos, MUSEUM ranging in length from 90 seconds GETTY

to 10 minutes, offer encounters as ; immediate and engaging, albeit in NY RS,

a different way, as those you get /A

before a display case. Herewith a RIS selection of some of the best. PA SE, TIS MA Some museum websites H. offer close encounters SION CES

with the masterpieces SUC T;

you’re missing. AR OF MUSEUM

Under the directorship of AN

Thomas P. Campbell, the Metropol- OLIT itan Museum of Art invested heav- OP

ily in the museum’s web resources, METR

an effort that is paying handsome THE

dividends now. Start with “The P: Chinese Garden Court” on its You- TO OM

Tube channel, a tour of its recon- FR struction of a Ming Dynasty gar- den courtyard with Maxwell WISE OCK

Hearn, the museum’s chairman of CL the department of Asian art. The Met’s Chinese Garden Court, above; still from ‘The Making of a Roman Silver Cup,’ below left; Henri Matisse’s ‘The Yellow Dress’ (1929-31), below right Through Mr. Hearn’s eyes, a rarified oasis within a bustling informative, dium also allows cross-cutting to museum becomes a magical, multi- and took ad- other Matisses in the museum’s layered environment—and not just vantage of dig- collection whenever Mr. Fisher because his opening sentence, ital imagery’s wants to make a comparison. “The garden transports us to an- ability to re- Some videos throw light on the other world,” is so welcome now. veal stunning, murkier cornersofart history. So He “reads” it, explaining that, nose-to-the- celebrated is the Frick Collection more than a tranquil domestic en- glass close-ups forits magnificent paintingsby clave, the garden serves as “a win- with no loss of Rembrandt andothersthat most dow onto how the Chinese think definition. But visitorsare likely unaware of its about nature.” The shifting view- the best are collection of Limoges enamels— points as we navigate its perime- those where metal objects, ranging from trip- ter mimic “the experience of the curators’ enthusiasm punches scribes as “one of the tychs forprivatedevotionto strolling through real mountains, through their resting-state schol- most exquisitepieces of pitchers, produced during the Re- where every twist and turn brings arly detachment. Discussing Neo- Roman silver to sur- naissance. On his tour of these ob- a new view.” The animated con- classical artist Jacques-Louis Da- vive.” It certainly seems jects, available on YouTube, Frick tours of the rocks “were seen as vid’s drawing depicting the so.Wewatch as aflat Director Ian Wardropper charac- embodiments of nature’s creative anguished reaction of Brutus’ wife metal disc is trans- terizes it as “a hundred yearsof energy.” And bamboo’s ability “to on being presented with the bod- formed intoatwo-han- an enormously inventiveproduc- bend in heavy winds without ies of her dead sons, department dled cup so elaborately tion which is essentially unique to breaking” symbolized “an honor- of drawings and prints curator decorated it even Franceduring this time period and able person’s ability to endure Perrin Stein tells us that “when I boastsrelief sculpture. [notable for] the brillianceofits hardships without losing his or her saw this for the first time, I felt So manyseparatepro- colorsand the charm with which integrity.” myself react as a mother.” cesses were involved in it’srendered.” Something to check More of the same is available at We admireartworks in muse- itscreation—wewitnesshammer- tisse’s “The Yellow Dress” out when the doorsreopen. “82nd & Fifth,” one of the many ums,but oftenknowlittle about ing,annealing,lost waxcasting, (1929-31), giving us some surpris- offerings on the Met’s site, where howthey came intoexistence. So soldering and gilding,among oth- ing insights into the artist’s cre- Mr. Gibson is the Journal’s Arts in curators discuss their favorite ob- avideo on the Getty’s YouTube ers—that when, at the end, the ative process. He starts out by ex- Review editor and the author of jects. (It is also available as an channel, “The Making of aRoman narrator declares the finished cup, plaining that it is “a picture in “The Necessity of Sculpture: app.) As you would expect given Silver Cup,” is awelcome opportu- shown onscreen, to be “a testa- transition…really showing Matisse Selected Essays and Criticism, the encyclopedic nature of the col- nity to enlarge our understanding ment to the expert craftsmanship struggling.” The brushstrokes “are 1985-2019” (Criterion). lection, the topics, periods and of an object in the collection of of ancient artisans,” youcan only a little bit tentative,” and “you can Editors’ note: “The Staying In- cultures range widely. There are the Getty Villa while experiencing agree. see evidence of things that were side Guide” is anew ArtsinReview even weapons—one curator dis- it in adifferent way.Using 3-D im- On the Baltimore Museum of going on underneath” that had feature in which editorsand critics cusses a crossbow. The video com- aging,ittakes us step by step Art’s YouTube channel, Jay Fisher, been painted over or, like the recommend waystocontinue en- mentaries I sampled were well- through the creation of afirst- deputy director of curatorial af- hands, moved. Here too, close-ups gaging with artsand cultureduring written, accessible and centurycup,what the narrator de- fairs, deep dives into Henri Ma- are an important tool, but the me- aperiod of social distancing.

‘BAGHDAD CENTRAL,” the im- Waleed Zuaiter as Muhsin Al-Khafaji possible-to-stop-watching six-part in ‘Baghdad Central’ series on Hulu, is aMiddle East- ern western in the “High Noon” takesthe job working forthe tradition, though that hardly does widely hated coalition because it justice. Yes, there’sasolitary Temple dangles acarrot—dialysis herowith the cardsstacked forMuhsin’sdaughter Mrouj (July against him. High-stakes gam- Namir), which she canget only in bling.Evenasaloon. But the set- the Green Zone.Accesstothe ting is Baghdad during the Iraq Green Zone will also help his War, wherethe evildoerscome in search forSawsan. avariety of not only shapes,sizes Adapted from ElliottColla’s and hat colors, but ethnicities, 2014novel by Stephen Butchard profit motives and watery alle- (the directorsare AliceTroughton giances.The cultural landscape is and Ben Williams), “Baghdad Cen- amorphous.The evil is highly cali- tral” featuressome deliciously brated. Thegood is loosely de- loathsome villains who aren’t tra- fined. When youcan find it. ditionally villainous but by con- You find it most often in trast makeMuhsin seem even Muhsin Al-Khafaji (Waleed morenoble.Corey Stoll (“House Zuaiter), a Baghdad police inspec- of Cards”)isthe American mili- tor with a checkered past—or so it tary officer Parodi, who hates ev- is widely believed: Truth is as slip- eryone and everything about the pery as the motives in “Baghdad conflict and remains stubbornly Central,” which begins with Sad- blind to Muhsin’swisdom; Clara dam Hussein still in power and Khouryisthe fecklessprofessor Muhsin’s feisty elder daughter, Zubeida Rashid, who gets her fe- Sawsan (Leem Lubany), waxing de- TELEVISION REVIEW |JOHN ANDERSON male studentsinvolved in some- fiant: “Let them come, the Ameri- thing they can’t getout of.Both cans. It will mean freedom.” Sawsan and Mrouj should listen This is in March 2003.Before to their father. the end of the year,and afterthe Cowboys in the GreenZone I have it on good authority that dropping of the bombs,Sawsan “Baghdad Central” is a faithful re- will be missing,having gone to creation of the Iraqi capital circa work forthe U.S.-led coalition an American of Palestinian de- ings with the invaders/liberators. novels (among them “GorkyPark,” 2003, but it really doesn’t matter. along with several collegeclass- scent, had to flee Kuwait when But he maintains his dignity. He “Polar Star” and “Red Square”) It feels true. The old is crumbling, mates and gotten involved in Saddam invaded in 1990, because makes dangerous enemies. His re- who navigates,not always nimbly, the new is slipshod, the center of what will remain, formuch of the he held both American and Jorda- sponse to corruption is defiance. both Soviet and post-Soviet Rus- gravity seems to have evaporated series,amurky, insurgent plot nian passports. His portrayal of “Baghdad Central” mayremind sian corruption. Muhsin has to ex- overnight. The cast is largely of against the powers that have sud- Muhsin is worldly rather than some viewers of the popular series ecuteasimilar balancing act. After Middle Eastern origin. Much of the denly come to be. weary, though the inspector does “Foyle’sWar,” whose herowas an his arrest and torture—mistaken truth, it should be noted, lies in But neither power nor politics seem worn down by the arrogance English detectiveduring World identity,he’stold—Muhsin is en- Mr. Zuaiter’s performance, and one is really the strength, or point, of of the Americans, the superiority WarII—a policeman trying to listed by aBritish official, Frank is grateful that the series leaves it- “Baghdad Central,” which is al- of the British, the delusionally maintain lawand order while a Temple (Bertie Carvel), who argues self open to a sequel. It’s reassur- ways being driven by Mr. Zuaiter righteous criminality of his neigh- much largerevent wasabsorbing quiteconvincingly that what Iraq ing to think that he—and Muhsin and his singular performance. borhood jihadists, and the naïve everyone’sattention. But the char- needs just then is Iraqi policeoffi- Al-Khafaji—will be back. Muhsin is a role that feels lived in, idealism of his own daughters. He acter who kept coming to my mind cers.(Mr.Carvel, smirking under perhaps for good reason: As his of- has known humiliation—he experi- wasdetectiveArkady Renko, the Frank’svoluminous mustache,does Baghdad Central LU

ficial biography tells us, the actor, ences no shortage of it in his deal- heroofeight Martin Cruz Smith smack of PeterSellers.)Muhsin Hulu HU P2JW090000-0-A01600-1------XA

A16 | Monday, March 30, 2020 THE WALL STREET JOURNAL. SPORTS The Point GuardTheyCalled Fauch

His teammates in high school looked to Dr. Anthony Fauci for leadership. They’re still doing it more than 60 years later.

BY BEN COHEN

Thebasketball team at Regis High School had a1-16recordasthe play- ersentered arival’sgym in the win- terof1958 fullyexpecting to leave with yetanother loss. Theother team’sstarwas afutureNBA coach who would one dayrun the New York Knicks.Regis wasled by adi- minutivefuturedoctor who would one dayrun the National Instituteof Allergy and Infectious Diseases. “Nobody gaveusachance,” said John Zeman, aRegis alumnus.“Ev- eryone figureditwas going to be a blowout.” But therewas one teenager who looked at this demoralizing collec- tion of dataand came to awildly optimistic conclusion. “Tonysaid no,” he said. “We’re going to win this game.And we did.” Tony,the team captain better known as Fauch, ashort kid with a thick Brooklyn accent who led his overmatched team to ahighly im- probable victoryinthe biggest game of his life, nowanswers to aname that most Americans have come to recognize: Dr.AnthonyFauci. Theinfectious disease specialist

who has long been regarded as ana- (4) tional treasure has become asource HOOL

of trust forhundreds of millions of SC people over the last month. He is the raspy voiceofreason. Fauci’s HIGH GIS

deep expertise,avuncular demeanor RE and direct style of communication Above, Dr. Anthony Fauci, center, ties his shoes as the captain of his high school’s basketball team. He scored 10.2 points per game during his senior year, have turned adistinguished 79-year- according to the school yearbook. He was known as an excellent ballhandler and pesky defender. More than 60 years later, he’s become America’s point guard. old immunologist intothe world’s unlikeliest celebrity. As the point guardofthe U.S. re- his former colleague MikeGoldrich game,according to the school year- Theexact details of what hap- sponse to public health scares,Fauci oncereplied: “Tony, howcould you book,but his teammates saythose pened in this one magical game have understands that crisis reveals char- possibly be the captain of abasket- statsweredeceptive. Theteam been forgottentohistory. But the acter.But so does high-school bas- ball team?” But he also knows that would have fallen apart without him. game itself wasunforgettable be- ketball. Theway that abunch of some people aresmaller than their “The leader doesn’t always scorethe cause of the final score: Regis 64, teenagerscome together as ateam heights. Fauci wasalways bigger. most points,” Zeman said. “He was Fordham Prep 51. at such aformativetime canbea Here’sthe scouting report on the leader.” Theupset wassuch aseminal powerful forcethat shapes the rest Fauci: classic point guard, excellent “He wasn’t ayeller,and he wasn’t event that Fauci’steammates believe of their lives.And one win canstick ballhandler,peskydefender.Six of arah-rah-rah guy, but everybody it must have leftapermanent mark with youforever. his classmates and teammates de- looked up to him,” said TomMc- on him. This is someone who’s lived “I don’t knowhow he could forget scribed him as atenacious competi- Corry, aclassmateand futurecol- through the AIDS epidemic and the it,” said Bob Bastek,his Regis class- torinshort shortsand striped swine flupandemic,cared person- mate. socks whose feistinesson ally forEbola patientsand nowfinds Fauci, who keeps aminiaturebas- the court defied some ‘The leaderdoesn’t himself dealing with avirus that has ketball hoop in his office, has been partsofhis personality long been his worstfear.But they called “myhero” by Bob Cousy and and reflected others. “He always scorethe most insist he would remember this one “the GOAT” by Stephen Curryfor his wasready to drive points. [Fauci] wasthe high-school basketball game. role in this pandemic,which would through whoever wasinhis “I would bet alot of money on have delighted achild who grew up way,” said Bob Burns. leader.’ it,” Burns said. playing sportsand worshiping Joe “He wasjust aball of fire,” Fauci couldn'tbereached to remi- DiMaggio,Mickey Mantle and Duke Zeman said. “He would literally drib- nisceabout his high-school basket- Snider.When he earned ascholar- ble through abrick wall.” ball career. ship to Regis,aneliteJesuit school ThereisnoevidenceofTony lege-basketball coach. “He worked It would take morethan six de- in NewYork forboys with academic Fauci literally running through a hardand he wasveryunselfish— cades forthe other team’sstar and leadership potential, the free tu- brick wall. But the Regis gym kind of the way he shows now. He playertofind out the name of Re- ition wasworth the fantastic schlep: wasbrick-lined until his ju- really is the same person.” gis’scaptain. Fordham Prep’sstar abus in Brooklyn to alocal train to nior year.Bythe time he Regis’splayers needed his leader- that season wasanall-city guard the expresstrain to the IRTtothe wasasenior,Fauci wasanat- ship as they crammed intoasubway named Donnie Walsh who playedat Upper East Side of Manhattan. He cine stems from my keen interest in ural choice forteam captain. caronthe way to arival school in the University of North Carolina, learned to finish his Latin and Greek people,inasking questions and solv- He also happened to be one of the Bronx one afternoon. They also coached the DenverNuggets and homework on the commutetoget a ing problems,” he said in 1989 fora Regis’sbest players.Fauci wasthe could have used talent. built the Indiana Pacers and his few hoursofsleep at night. “Basket- National Institutes of Health oral outside threat, and his pal Artie It had been alousy season. They hometownKnicks.Not until last ball wasimportant,” said Jim history. But therewas another way Guarino wasthe inside force. “It was hadonly wonone game.Fordham week did he discover that he also Higney,the team manager.“Home- forhim to scratch that itch before likeMuttand Jeff with Guarino and Prep had come to Regis afew weeks crossed paths with adoctor he now work wasmoreimportant.” medical school: basketball. Fauci,” said George Garces, one of earlier and wonby16points. And admires on television. “I am sure Fauci always knewhewanted to When he learned that Fauci was the school’sthree cheerleaders. therewas no reason to believethis Regis is proud to have him as an be adoctor.“My interest in medi- the captain of his basketball team, Fauci scored 10.2 pointsper night would be anydifferent. alumnus,” Walsh said in an email.

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THE WALL STREET JOURNAL. Monday, March 30, 2020 | A17 OPINION Innovate From Yo ur Couch BOOKSHELF | By Lyman Stone

By nowyou phal fruit, likeNewton’sapple to itself foryears. sponded: “My computer only Power mayhaveread and Washington’scherrytree). In 2007 Travis Kalanick, stays up forafew minutes and about how So much discoveryand prod- having just sold acompany, the replacement had a2-3 Isaac Newton, uct creation happen away from was“between assignments,” week deliverytime.” What? whileshelter- work,when youhaveabso- as they call joblessnessinSili- Someone please deliver Woza In Numbers ing in place lutely nothing bettertodo. conValley.Sitting around new machine. Innovation INSIDE during the Themind wanders, problems bored with his friend Garrett awaits. VIEW 1665 closure arepuzzled over,and ideas Camp,they brainstormed cool Here’sashortlist of what The Sum of the People of the Univer- start popping intoyour head, businessideas.“Let’sgobuy the next Wozniak,Kalanick or By Andy sity of Cam- ofteninthe strangest places Newton might work on during By Andrew Whitby Kessler bridgefor the andtimes. this lockdown: Design 3-D (Basic, 356 pages, $30) bubonic Google famously instituted Downtime has enabled printed partsfor ventilators plague,used his free time to “20% time,” whichlet employ- scads of breakthroughs andother medical equipment ndrew Whitby’s “The Sumofthe People: Howthe Census discover gravity and invent cal- ees spend afifth of their time to preparefor the next epi- A Has Shaped Nations,Fromthe Ancient World to the culus.And howduring the clos- on personal projectsthat bene- in tech. Nowyou can demic.Adapt forhome use the Modern Age” is an excellent primer on the historyof ing of London theatersdue to fitedGoogle.But by 2015 only polymerase chain reaction census-taking,achieving the rare combination of offering plague in 1606,William Shake- 10%ofemployees used their join in thenextround. teststhat identifyRNA signa- appealing writing fornonexpertsand high-quality research spearehad nothing bettertodo 20% time.Former Googler Ma- tures found in avirus.Re- forspecialists. From ancient Confucian ideas about governance and wrote“King Lear” and rissa Mayerclaimed it wasmore search howtocreateavaccine to the contested identities of the West Bank inhabitants, “Macbeth.” Those guys didn’t like120% time.Too bad. 10 Mercedes S-Classes,let’sgo in weeks using DNA fragments. Mr. Whitby traces afascinating storyofwhy and how even have Wi-Fi. Youdo, plus In 1993 Ihelped take public hire20drivers, let’sget park- Code to simplifysharing of governmentshavecounted their people.But perhaps the extratime.Beproductive. Avid Technology, which cre- inggarages and let’smakeit videoconferencenotes.Get most remarkable partsofhis book areits two chapterson Most of us work with our ated early digitalvideo-editing so us and 100 friends could telemedicine right. Plan online population registries and administration records. Farfrom nose to the grindstone: devel- tools,initially on superfast but push abuttonand an S-Class learning with real interactive being astaid historyofaccountancy, the storycoversthe oping drugs, selling homes, expensiveworkstations cost- would roll up,for only us,” Mr. discussions. French resistance, precision marketinggluten-free potato ing$25,000 to $50,000.After Kalanick told me.“This wasn’t Remote-operated factories. airstrikes and Kristallnacht. chips, restocking toilet-paper seeing demos,Apple had sent about building ahugecom- Direct-toconsumer-sales.Vir- Manycountries todayuse shelves,prescribing blood- Avid afew prototypes of its pany, this wasabout us and tual travel. More-efficient mail population registries and pressure medicine,teaching newMacintosh model and our hundred friends being and packagedelivery. Machine other administrativerecords— calculus,manufacturing respi- helped the companyport soft- baller in SF.” Nonetheless, learning,maybe using Google’s such as databases of drivers’ rators—heck,evenknocking ware to cheaper Macs.But it Uber wasborn. TensorFlow, forearly warning licenses,tax filingsormarriage out weekly columns.Werarely wastoo slow, which is whyno That reminds me of astory of futurevirus outbreaks.And licenses—toreplacemuch of come up forair and ask if there one else wasediting video on SteveWozniak told me about someone please fixhealth-care the work of conducting acensus. is abetterway of doing all personal computers. theApple I. He had the Basic record interoperability,sorely In the U.S.,the debateoverthe this.Manyjobs have long been One of Avid’sco-founders, computer languageworking on absent in this crisis. use of these recordshas been ripe fordisruption, and now engineer Eric Peters, told me it, but everytime he powered Most exciting arenew heated, with the constitutional they’rebeing upended in real he washome sick forafew up he had to load it by typing a wavesofproductivity not yet clause requiring an “actual time.Productivity—doing the weeks around then. He took few thousand 8-bit hexadeci- imaginable.Likeitornot, we enumeration” of the population right thingsthe right way—is apart the Mac II, studied its malnumbers. So he created a have this forced lull. Iknow being widely understood to progress, is wealth creation, is bus signals,and figuredout $75cassette-playerinterface, your mind is wandering,solv- requireafull count. Progressives, what pays forgovernment howtocheat the operating but couldn’t finish it until he ing critical real-world puzzles. meanwhile,haveargued foracentralized stimulus.Actually,economic system, getting enough band- washome and had extratime What areyou fixing? Email me population registry, rather than simply asking growth is the sum of each of widthbetween the processor to sit down and write the your coronavirus lockdown people about their citizenship.AsMr. Whitby shows us, ourproductivity stories. and the graphic-cardslotsto needed code.Last week I productivity story, big or historyraises important questions about this latterapproach. Howtofind it? Well, I’m a edit video.Avid dramatically emailed him formoredetails. small. Firstprize: abox of When the Nazis tried to identifyJewsintheir firstcensus, sucker fororigin stories (ex- loweredcostsfor TV and film In what maybethe ultimate Cracker Jack. we aretold, the result wassounreliable that they soon cept those involving apocry- production and had the market case of cosmic irony, he re- Write to [email protected]. replaced it with apopulation register created from member listsofJewish organizations,which they matched to government records. Eventually,effortstotrack the population based on border records, birth and death AMLO Defies Medicine and Economics certificates,tax and employment records, and other government documentsbecame acrucial part of the Nazi Mexican Pres- ideological attack on him. fresh capital ought to be pri- Of particular concern is apparatus in Germany and especially the Netherlands, ident Andrés Thegovernor of the stateof orities.The president is tak- AMLO’suse of riggedreferen- which in the 1930s had the world’smost thorough registry. Manuel López Puebla, amember of Mr.López ing Mexicointhe opposite dums to drivehis economic EffortstosabotageNazi statistical projectstherefore Obrador, Obrador’s Morena party, said direction. nationalism. formed akey elementofresistancethroughout the occupied known as last week that Covid-19 is an Goldman Sachs’s Latin Thenew MexicoCity air- territories.Itwas not acensus,but anascent system of AMLO,has illnessofthe wealthy. “If Americaresearch team ob- port—which wasnearly 40% population registration, that enabled the Nazis to verify AMERICAS been criti- you’re rich you’re at risk, but served on Fridaymorning that completewhen Mr.LópezOb- identities,locateJewsand dissidents, and systematically cized at home if you’repoor,no, well us poor, Chile has launched “sizeable rador took office—was can- control the population. And so when the Nazis declared By Mary and abroad we areimmune.” That seemed monetary and fiscal stimuli,” celed afteranOctober 2018 Luxembourg“free” of Jews,they did so without the help Anastasia forhis dismis- an irresponsible statement while in Brazil therehavebeen referendum. With only 1.2% of of acensus,sinceLuxembourgers had sabotaged the census- O’Grady sive approach given that NewYork is home “forceful actions to alleviate registered voters turning out taking.Repression comes not in the form of acensus to the global to hundreds of thousands of frictions in funding markets” and polling stations placed enumerator but an identification card. coronavirus wildfire, which is poblano migrants, manyof and “the fiscal response is also strategically in the president- Mr.Whitby,anOxford-trained economist and datascientist, now spreading in his country. whom likely journeyed to Mex- likely to be sizeable despite elect’sstrongholds,his gov- provides avivid and informativeaccount of modern census- But when the smokeclears, icoafter the virus brokeout ernment later used the re- taking,but his book contains aperplexing narrativestrand: Mexicans mayfind even more andbeforetravelbans were sultstoput the kibosh on the the laughable viewthat Christian religious ideas meaningfully fault with his handling of the put in place. Mexico implements project. prevented the rise of modern censuses.Toread this book,one economythan with his Mr.LópezObrador has now This month it deployeda would think that early modern states did not take censuses Covid-19 policies. changed his tune.Schools and social distancing late similar strategy in Mexicali to because of some ominous stories in the Bible about census- Theevidencesuggeststhat government offices areclosed in the game without a denypermitsnecessaryfor taking.The much moreplausible explanation is that such states Asia learned from the 2003 and the public is urgedtolimit the completion and operation had limited capability and did not see much to gain from popu- SARS outbreak and wassome- physical contact with others. plan to help business. of a $1.4 billion Constellation lation countsnot oriented toward taxation or militaryends. what prepared forthis virus. But it’s late in the game for a Brands brewery promising 750 PolicymakersinEurope,the country with a large informal jobs.The companyhad com- U.S. and Canada were caught economy, wherethose who limitedfiscal room.” Mexico, plied with all itscontractsand Fear that census data might be used against off guard, with inadequate don’t work don’t eat. So while on the other hand, the report had already invested $900 religious minorities—as they were in the testing capacity and no plan to emphasizing good hygiene and said,has chosen a“very lim- million in the newplant. Turn- isolate carriers. isolation forthe symptomatic ited monetaryeasing and non- outwas around 3.5%, and poll- 1930s—is not a superstition to be mocked. Nowthe U.S. is playing pub- mighthaveoncehelped, lock- existent fiscal expansion.” ing stations were again lo- lic-health catch-up,and there downs, whatever their merit, Mr.LópezObrador prom- catedtofavor opponentsof aresigns that “social distanc- arenot likely to be an effec- ises cheap credit forsmall the project. Worsethan being wrong about the Bible,Mr. Whitby’s ing” maybeworking.New York tive prescription. businesses and income sup- Less noticed by the media account of religion is also wrong about censuses.His central Gov.Andrew Cuomo reported The big risk is that a weak port forthe informal sector, wasaMorena effort in Con- argument, that Christianity retarded the advent of census- on Wednesdaythat in his state public hospital system will be but thereare few details. gresslast week to forceNetflix taking,isfalse.The failureofthe firstproposal foraBritish the virus hospitalization rate overwhelmed and thereisstill What is more,the risk of in- and other streaming services census in 1753 is Mr.Whitby’s main example of the supposed wasonthe decline. no contingencyplan. Mexicans solvencycutsacrossthe econ- to carry30% Mexican content. opposition of Christianity to census-taking.Hedescribes how For weeks Mr. López Obra- have to hope that ayoung omy. As Goldman Sachs wrote, Themeasuredid not pass, but the bill passed the House of Commons but faced resistancein dor’s policywas to defymedi- population bearsupbetter countries “embracing larger it sent another strong mes- the House of Lords, whereitwas defeated. Mr.Whitby relates cal-community advicetolimit than aging Italy. It’s also true and faster policyresponses” sagetoinvestorsthat the howafew membersofparliament tried to whip up religious physical contact with others. that the fatality rate remains will be “betterpositioned to party preferseconomic na- fervor against it. But Mr.Whitby’s source forthis story, the At a notable press conference inconclusivewithout more emerge from the coronavirus tionalism to the rule of law. book “AntecedentsofCensuses From Medieval to Nation in early Marchhescoffed at testing to measurethe asymp- crisis earlier and in better Arecession maybeinevita- States” (2015), says the bill failed primarily because “landed thecaution. “One must em- tomatic spread of the disease. shape to recover, at leastpar- ble.But recovery at least interestswerestronger in the House of Lords.” Religious brace, nothing happens,” he Luck on the health front, tially,fromthe severeslump partly depends on smart pol- argumentswerearhetorical flourish used by elites to protect said,crossing his arms and however, won’t be enough to in economic activity.” icy. If Mr.LópezObrador themselves from the taxesthey feared acensus would enable, patting his shoulders. In the ward off damagetothe econ- Compounding this miscal- doesn’tchangetack,heis but these religious argumentsfailed to persuade enough days that followedhewent omy, which will be hit hard culationisthe government’s likely to run his ship aground people.Parliament’selected house passed the bill, only for about kissing babies and by the U.S. shutdown. Avoid- persistent hostility toward and harm moreMexicans than the propertied peersofthe House of Lordstokill it. Moreto working crowdsasifthe infec- ingwidespread bankruptcies investment in atime when any virus could. the point, the authors, Rebecca Jean Emigh, Dylan Riley and tion wasnothing morethan an and keeping the door open to capital is desperately needed. Write to O’[email protected]. Patricia Ahmed, saythat “dissenting clergy” were part of a “powerful alliance” advocating foracensus later in the century. Theobstacle to census-taking in Britain wasnot God but mammon. The Virus Makes Homeschoolers of Us All Mr.Whitby also cites the 20th-centurystatistician A.B. Wolfe’sdiscussion of past censuses to assert that census-taking By Matthew Hennessey schoolershad questions.How sureand the other social dys- over.This is an Industrial Age wasrarebeforethe 19th century. But Wolfewrote that citizen long will this last? What are functions that thrivewherever model of education. It’sapoor listswere“plentiful” around Europe by the 1400s,especially in anyfamilies have they expected to do? As they the young congregate. fitfor the Internet Era. the city-states of Italy and Germany, with acompletecensus of M found themselves run- flocked to social media looking Parentsmay be anxious Education has managed to Nurembergconducted in 1449 and an attempt to institutea ning pop-up home- forscheduling guidanceand about spending so much face staveoff innovation foravari- census covering the entireHoly Roman Empirein1500.Regular schools.Most studentswill re- emotional reassurance, they time with grumpy,hormonal ety of reasons.Inertia is one— Sicilian censuses stretch back to 1501, allowing forcenturies of turn to traditional classrooms found acornucopia of curricu- teenagers. But most adolescent most people have ahardtime relatively completedemographic analysis. when the crisis passes.But lar options.Aneconomyof attitude is socially acquired.Af- reimagining something as ba- Nor wasthe Anglophone world an exception. In 1704, some families—perhaps high-quality online educational terafew weeks of homeschool- sic as school. Some might ar- the revolutionaryPuritan government of Maryland both many—will come away from materials has sprouted in the ing,parentsmay find they like gue, fairly,that it’sunwise to conducted apopulation census and passed alaw stripping this involuntaryexperiment their kids much better. As the conduct alarge-scale experi- Catholics of their political liberties: Evidently religious with anew appreciation for attitudes adjust, they maysee ment on the nation’schildren. fundamentalism wasnoinhibition to census-taking.New home-based education. They Education has long academic progresstoo. Teachersunions arepolitically Jersey took acensus in 1726,Rhode Island in 1708 and New mayevendecide that home- This moment has been a strong and uninterested in York as early as 1698.But besting them all, Virginia, astate schooling is not only aplausible been resistant to long time coming.Our lives are anything that threatens their that spent most of the 18th centurythrowing Baptistsin option, but asuperior one. change, but it can’t far different todaythan 25 or power. prison fortheir dissent from Anglicanism, took censuses in When the scope of the 50 yearsago, but schools ha- But nowthe pandemic is 1624,1634, 1699 and 1701. In the NewWorld, the population of Covid-19 epidemic became dodge the pandemic. ven’t changed much. In many forcing us to behave almost as which wasdisproportionately composed of devotedly religious clear,and mayors and gover- places they’veincorporated if an asteroid were hurtling to- people seeking areligious utopia, regular census-taking norsstarted closing schools, iPads,smartboards,classweb- ward the earth. An existential arrived early on and wasevidently uncontroversial. youcould feel acollective past decade.All youneed is a sites,and the like, but those threat canshakeupthe estab- Thereisaninteresting storytotell about religion and sense of panic rising among laptop,headphones and aquiet aremerely tools; the educa- lished order in unexpected censuses,but it isn’t one that featuresreligious people as thenation’s parents. Some corner of the house,and your tional blueprint is essentially ways. Maybe the coronavirus superstitious villains.Rather,it’sastory of howreligious schools sent kids home with a kid canstudy everything from the same as it wasin1900. cansucceed whereSilicon Val- concerns about privacyand freedom of consciencecreated week’sworth of work and a calculus to ancient Greek. Children aredivided by age ley has failed. If moreAmeri- checks against invasivepopulation registersorlax privacy promise to check in. Others Homeschoolerslikemywife group intogrades,seated in cans come to see the viability protections.The legitimatefearsamong religious minorities quickly set up virtual class- and me have known about rows,and taught by acreden- and value of home education, that government datamight be used against them—as they rooms using Zoom, Google these options forawhile.It’s tialed teacher who stands fac- it could be asilver lining in a were against the Jews in the 1930s—is not asuperstition to Hangoutsand other online possible forateenager to do ing them likeanorchestracon- very dark cloud. be mocked but aprincipled and prudential defense of basic meetingapps.Some simply college-prep work in acom- ductor.Lessons aredelivered in liberties against some futureoverweening state. said: Good luck. We’ll see you fortable,low-pressureenviron- 35-minutemorsels.Never mind Mr.Hennessey is the Jour- in afew weeks. ment free of vaping,bullying, if thingsare going well—when nal’s deputy editorial features Mr.Stone is an adjunct fellow at the American Enterprise Thenewly minted home- emotional warfare, peer pres- the bell ringsthe learning is editor. Institute and aresearch fellow at the Institute for Family Studies. P2JW090000-4-A01800-1------XA

A18 | Monday, March 30, 2020 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Real Cure for Coronavirus Deliberately Infecting Volunteer Responders

overnmentsare frantically trying to combined with an antibiotic used to treat up- Michael Segal’s“Expose FirstRe- contain and combat the coronavirus, per respiratoryinfections with good results sponderstothe Coronavirus” (op-ed, G and those effortsare important, but the (see Jeff Colyer nearby). Generic manufactur- March 25) and Holman Jenkins’s same-day“TheHappy FewAre the world’sbest hope is privatein- ersare ramping up produc- Privateresearchand Cured” (BusinessWorld) consider novation. Cutting-edgediag- tion of themedicines forex- the possibility of allowing volunteers nostic testsand treatments innovation offer perimental use. to develop immunity to Covid-19 by areadvancing,and govern- Gilead has begun testing its being intentionally infected and let- ment should encouragethe promising newleads. experimental antiviral drug ting the disease runits course,with

trend. remdesivir on morethan 1,000 the intent that onceone has devel- JEREMIAH/REUTERS

President Trump recently patients, and six trials arenow oped immunity thereisnolonger AN EF

orderedthe Food and Drug Administration to underway globally.The drug wasn’t effective concern about being infected or in- ST “slash redtape likenobody’s ever done before” against Ebola, but studies on miceand monkeys fecting others. Iwould be very inter- FDNY Emergency Medical Technicians to makemedicines approved forother illnesses showitmay work betteroncoronaviruses.Early ested in volunteering.Being in my available forcoronavirus patients. TheFDA is resultsfromclinical trials could be available in 50s,I’m probably not aprime candi- happen and canwash our hands of date, but I’dgladly sign anyliability the whole thing.Inthe meantime,I famously cautious,and safety is important. But weeks.Gilead last week said it is broadening ac- waivers. Inever studiedmedicine, plan to catchuponsome reading. drug regulatorsneed to be morenimble during cess to the drug and ramping up production. but IhaveaPh.D.inphysics,soI MICHAEL ALBERT apandemic with millions of lives at risk. Even apparent dead ends in drug development could probably be taught to do Robbinsville, N.J. TheFDA wasslowtoapprovetestsbyprivate sometimeslater yieldbreakthroughs. something useful. andpublic health labs,though recently it has ap- Scientistsare also looking to repurpose thera- Of course,Istrongly expect noth- Dr.Segal has identified arational proved apoint-of-caretest by small diagnostic pies forinflammatoryconditions.Ofparticular ing to come of this,asour society nationalresponse to the inevitable companyCepheid that canreturn resultsin45 interest is the rheumatoid arthritis drug Kevzara has largely lost theability to ratio- spread of coronavirus.Beforethere minutes.Inthe biggest breakthrough so far,Ab- by Regeneron and Sanofithat inhibitsthe mole- nally discussrisk,evenwhen volun- wasavaccine,parentsused to have bottLaboratories has received approval fora cule “interleukin 6,” which is believed to cause tarily assumed. It’ssomuch more chickenpoxparties to expose the test that it says canshowpositiveresultsinfive acuterespiratoryinflammation in severely ill pa- satisfying to point fingersand find whole neighborhood to this conta- minutes. Thecompanyhopes to start delivering tients. Thedrugmakersare beginning trials in the scapegoats. People still areexposed gious,usually mild, disease at atime to risk,and oftenexcessiverisk,but convenient to most. kitsthis week,ramping up production to 50,000 U.S. and other hard-hit countries. the rest of us who aren’t affected pi- WALTER L. MILLAR, M.D. testsaday. Most medicines nowbeing takenoff the shelf ously expressshock that such things Poway, Calif. Purdue University biomedical engineershave arealready known to be safeinhumans,sotrials created ahandheld paper devicesimilar to a nowcan determine if they areeffectiveagainst home pregnancytest that canbeused to test a the coronavirus,and at what dosageand dura- Cuba Avoids an Honest Coronavirus Policy variety of viruses and return resultsin40min- tion. Government regulatorsshould allowadap- utes.Some notethat at-home testscould pro- tivetrial designs that let researchersenroll Regarding Mary O’Grady’s “Repres- Church is speaking out. Agroup of ducemorefalse negatives,sinceinfected indi- more patientsinbeneficial treatmentsrather sion in the Time of Coronavirus” nuns and priestsreleased adocu- viduals maymakeblunders. But the FDAshould than requiring acontrol group to suffer. (Americas, March 23): It is difficult to ment calling on the regime to take consider this risk against the lowercost and At least ahalf dozenbiotech firms and uni- imagine a worse situation for Cubans. urgent measures to slowdownthe Last month the regime announced spread of the virus including: “That strain on the health-caresystem. versities areworking on antibody treatments that soap, detergent and disinfectant entryoftourism intothe countrybe Theagencyshould also fast-track reviewof from blood collected from recoveredpatients. wouldn’t be available for at least two stopped, that social isolation be de- afinger-prick antibody blood test by diagnostics These treatmentswill take moretime to develop months. creed,” educational centersbetem- firm Biomericathat canreturn resultsinasfew but maybemoreeffectiveacrossabroader pop- Despite government efforts, Cu- porarily suspended and that work be as 10 minutes and canshowifaperson wasre- ulation. Stanfordresearchersare experimenting bans can no longer be kept ignorant done from home. cently infected even in the absenceofsymptoms. with theCrispr gene-editing tool to stop corona- of the outside world due to the inter- They also called on the bishops to This would allowhospitals and workplaces to virus from hijacking human cells. net. As a result there have been pro- suspend religious gatheringsinclud- identifypeople who were infected and mayhave iii tests about the handling of the crisis ing masses.Inother countries the already developed resistancetothe virus. Dozens of vaccines arealso being developed by figurehead President Miguel Díaz- church has turned to TV and radio Importantly,these testscould prevent sick and tested but probably won’t be available for Canel. After announcing Cuba was broadcastsfor the Eucharist, but in people—some of whom maynot be infected with months if they work.The nearer-term hope is closing its borders, thousands of Cuba all stations areowned by the tourists fled. regime.Perhaps the newcardinal the coronavirus—from flooding ERs. Screening that expanded testing canslowthe spread while Some Cuban teachers, ignoring of- and the pope could convinceRaúl large groups would also provide amoreaccurate experimental treatmentsrelievethe symptoms ficial pronouncements indicating Castrotoallowchurch access to the understanding of the virus’sprevalenceand se- and reducethe demand forscarceventilatorsand schools would remain open, closed a electronic media nowthat churches verity.Screening sick people only maycause the ICU beds.Ifevensome therapies nowintesting school. Ministry of Education authori- areclosed until the crisis is brought virus’sfatalityratetoappear higher than it is, help,governmentsmay feel betterabout easing ties insisted the students are required under control. leading to moredraconian government re- economic and travel restrictions. to attend classes and should bring “a JOHN SUAREZ sponses. Global commerce has allowedthe coronavi- small piece of soap” to school. Executive Director Academic institutions and drugmakers are rustospread faster and further.But healthy Thesituation continues to deteri- Center for a Free Cuba also dusting off dozens of drugstotest on the competition among drugmakersand scientists orate. Even the Roman Catholic Falls Church, Va. novel coronavirus.Asmall group of French pa- around the world is also accelerating innovation tientsweregiven an anti-malaria treatment to stop the virus. Penicillin Took a Long Time to Get to Market Thomas Allen Coburn Thereisapersonal “rest of the terthe war, apatentfor masspro- story” to Safi Bahcall’swonderful duction of penicillin wasgranted oliticsisalifetime career formost in age.” (The full interview is at wsj.com.) “TheHistoryofPfizerand Penicil- in May1948toDr. Andrew American government, and then there TomCoburn had both of those qualities, lin, and Lessons forCoronavirus” Moyer—one month beforeIcon- P areexceptions likeThomas Coburn.The which he used to take on important causes that (op-ed, March 21). He is right that tracted typhoid feveratage 7in Oklahoma obstetrician who challenged both political par- Alexander Fleming discovered pen- June 1948.Istill remember the became aSenator and then re- The doctor and Senator ties.Hecampaigned against icillin mold in 1928 but couldn’t doctor saying to my parents, turned to aproductiveprivate parochial spending and waste, makeenough of it formoretest- “Well, we aregoing to have to try was the model of a ing.Then Mr.Bahcall tells howin abrand newmedication.” The life died Saturday of prostate but unlikemost Senatorshe citizen legislator. 1939 Howard Florey’sOxfordUni- medication? Penicillin. cancer at age72. He waswhat did the homework on the de- versity group recoveredenough Iwondered whypenicillin was America’sFoundersimagined tails.His investigation of penicillin to treat asingle patient. branded anew drug formein1948 in self-governing citizen legis- fraud in the Social Security Then World WarIIbegan. By June if it wasfirst discovered in 1928. lators, and that mentality made him far more disability program wasamodel of Congressio- 1942 therewas only enough peni- NowIrealizediscoveryisonly 50% consequential than the usual congressional nal oversight. cillin in the U.S. for10patients. of the battle won. Theother 50% is seat-fillers. Coburn challenged his ownparty on spend- But by 1944 therewere2.3 million getting it to market. Coburn worked in his family’s optical-lens ing earmarks,making famous the “bridgetono- doses available to treat the ROBERT HILL firm beforegoing to medical school and setting where” in Alaska that led to abroader earmark wounded at Normandy.Finally,af- Boise, Idaho up an ob/gyn practice. He ran for the House in ban. He took on special-interest tax subsidies 1994 in part to oppose the Clinton effort for and defeated the ethanol tax credit almost by government health care,served three terms and himself. He took aparticular interest in health Waiver for Marijuana Is No Laughing Matter retired before running for Senate in 2004 for care and offered aroadmap forRepublicans for Regarding your editorial “Cali- lawfromproviding the medicine my what he said would be no morethan two terms. free-market reform to reduce the tax subsidy fornia’sPot Dispensation” (March kids need, marijuana retailersmust He continued to see patientsonweekends and foremployerinsurancethat is skewedtothe af- 24): Is medical pot an essential be considered amedical necessity. Mondays in Oklahoma until the Senatedeclared fluent; he wanted to use the savingstoprovide coronavirus business? Youbetter Fornow,haircutsand teeth it a (preposterous) conflict-of-interest. taxcreditsfor lower-income workerswhose believeitis. As the mother of 10- cleaning canwait. Medicine cannot. “I don’t think Washingtoncan fixWashing- bosses don’t offer insurance. The Trump Ad- year-old twins with severeautism, JONI HILL ton,” Coburn told our colleague JoeRagoin ministration could do worsethan campaign on who requirepediatrician-recom- Hacienda Heights, Calif. 2014after announcing his retirement two years a version of it this year. mended specific medical-grade can- early when his cancer recurred. “You’realways Manyconviction politicians accomplish little nabinoid oil to function daytoday, Iserved in the U.S. Armyduring going to have this built-in conflict of getting re- because they care more about looking princi- access to this medicine is abso- Operation Iraqi Freedom in 2003, lutely essential. and likecountlessother fellowvet- elected. Parochial interestswill trump the best pled than advancing their principles. Coburn Keeping cannabis accessible isn’t erans,Isuffer from symptoms of interests of the nation, and the actors will do wasdifferent because while firm in his convic- just about appeasing “potheads.” post-traumatic stressdisorder.Med- what’sexpedient to be popular.Itdoesn’t have tions he wasalso pragmatic in forming alliances Dispensaries and deliveryservices ical cannabis is an essential part of to be that way. There’s hundreds of thousands to getthingsdone.American politics would be areevery bit as essential as the my health and self-care. I’m grateful if not millions of people who could do these jobs healthier, and government would be less de- corner Walgreens.And as long as that my governor recognizes that well. All it requires is common sense and cour- structive, if we had more Tom Coburns. pharmacies areprevented by federal and has ensured safeand reliable access to my medicine as we navi- gate this very uncertain time. Coronavirus Goes Underground The Medically Trained Get Please consider the 22 veterans Hand-Washing Reminders who commit suicide everyday and the devastating impact of the opioid oday’s lesson in howbad governance minutes. Cue a barrage of smartphone photos “TheUnsung Pioneer Of Hand- epidemic beforeyou makelight of makes adifficult coronavirus situation showing packed trains. washing” (Review, March 21) about this important medicine. T worsecomes courtesy of London Mayor NowMr. Khan is blaming blue-collar work- hand hygiene is morerelevant today AARON AUGUSTIS Sadiq Khan. No sooner had Londoners widely ers, and especially construction workers, forhis than ever.Unfortunately,itisoften San Rafael, Calif. started to heed government advicetoavoid un- ownmistake. “It remains the case that too underappreciated by health-care necessary travel than Mr. Khan stepped in to manyofthe people using TfL services at the providers. Even with direct observa- makesurethose who do ventureout still must busiest times work in construction,” he said tion, handwashing is performed only Pepper ... cram next to each other like sardines. Wednesdayinresponse to complaintshis ser- alittle over 50% of the time.When And Salt Thebottleneck is on London’sfamous Under- vicereductions had caused crowding.Hewants a“secret shopper” performs moni- ground network,which the government is keep- Prime Minister Boris Johnson to shut down yet toring,compliancedips intothe 30% THE WALL STREET JOURNAL ing open to allowvital medical and grocery another industry. range. Automated electronic hand- hygiene monitoring relies on an workers to commute. Earlier official advice to That’s consistent with the broader Labour RFID chip on the provider’s ID everyone else to stay home helped make the Party strategy in the U.K. Their plan seems to synced to the sanitation dispenser. system safer.Ridership on the Tube,asit’salso be to assume the worstquarantine-busting in- Failuretouse the dispenser upon known, fell by 50% in the week beforethe lock- tentions of the blue-collar voters who used to entering the patient room is re- down was imposed last Monday, the Guardian be Labour’s base and then demand stricter lim- corded. Behavior is changed. Out- reported March 19.Much emptier trains en- itsonthe economythan Mr.Johnson’salready come is improved. abled those who must commutetomaintain the stringent measures. WILLIAM A. THOMPSON III, M.D. recommended distance from others. This amounts to a case of “nudging” gone Birmingham, Ala. Mr. Khan, alas, couldn’t take this yes for an terribly wrong. Mr. Khan hoped less transport answer from the public. Tube operator Trans- service would trigger less demand. Instead he Lettersintended forpublication should port forLondon (TfL),which reportstothe La- badly misjudged what counts as “essential” in be addressed to:The Editor,1211 Avenue of the Americas, NewYork, NY 10036, bour Party mayor, responded to decreased rid- the lock-down economy—including the fact that or emailed to [email protected]. Please ership by slashing frequencies and closing construction workersmight feel aneed to con- includeyour cityand state. All letters around 40 out of 270stations.Lines that might tinue working to support their families for as aresubject to editing,and unpublished “This is your captain speaking, see one train every two minutes during a nor- long as the national government allows. Is the letters canbeneither acknowledged nor everyone relax. It’s not an iceberg, returned. mal rush hour now run trains only every 10-15 crowded-Tube result their fault, or his? it’s plastic.” P2JW090000-0-A01900-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | A19 OPINION The Road Back to Normal: More, Better Testing

By Scott Gottlieb That will requireasystemthat cande- plastic wells in which samples are And Lauren Silvis tect when the virus is spreading.The prepared, and the synthetic sticks system would have three components: used to swabnoses. mericans areafraid of the First, asentinel surveillancesys- Some testing companies,such as health risks from Covid-19. tem, which collectshigh-quality data Abbottand Cepheid, control their en- But manyalso rightfully from specific locations and cantest a tiresupply chain, but most don’t. A worryabout when the in- statistically representativesample of Government cangivepreferential re- tense restrictions on move- patientstodetect whereand when imbursement—i.e.,pay more—for im- ment and activity will end. Address- the virus maybespreading.Such a portanttesting productsthat arepro- ing both concerns will requiresetting system could help find small pockets duced in the U.S. And reagents, swabs up arobust testing system that can of infection beforethey multiply into andother testing productsall need to

catchoutbreaks beforethey become largeroutbreaks. GES be added to the national strategic

difficult to manage. Second, rapid and reliable diagnos- IMA stockpile. April will be ahardmonth as the tic tools.Insurancecoverageshould Oncewebreak the current epi- epidemic spreads acrossthe nation. be mandatory, and the Centersfor GETTY demic,and learn wherecoronavirus Thepriorities aremaintaining the Disease Control and Prevention is dormant, Americans cangradually health-caresystem, preserving life, should giveflexible guidancethat en- MOORE/ leave their homes,return to work,at-

courages doctorstotest liberally.If JOHN tend school and congregate. Certain youhaveany signs or symptoms of A National Guardsman at a Bronx, N.Y., testing site Saturday. measures aren’t going away soon: Rapid diagnosis, targeted Covid-19,you getatest right away Youwon’t crowd intoelevatorsorsee with no out-of-pocket payment. tients aday.That number will keep Innovation is expanding screening manyself-servicebuffets. Airlines surveillance and boosting Third, coronavirus serologytests, growing.Based on recent data, some capacity.OnFridaythe Food and Drug will advertise their deep cleanings. lab supplies will help beat which screen blood forthe antibodies 750,000 coronavirus testshavebeen Administration authorized atest by But the lockdowns will end—and the that confer immunity afterexposure conducted in the U.S.,with about AbbottLabs that cantell if someone goal should be making surethese in- back the coronavirus. to apathogen.This is essential for 125,000 people testing positive. This is infected with Covid-19 in as little as trusiveinterventions aren’t neces- tailoring interventions to stop local capacity canberepurposed to rou- five minutes.The test is runonthe sary again. spread. If youknowthat alarge per- tine surveillance oncethe epidemic same small, portable platform Abbott protecting the vulnerable,and sup- centageofpeople have been exposed has abated. uses in itstestsfor fluand strep Dr.Gottlieb is aresident fellow at portingthe economy. Theepidemic and developed some immunity,it But the sentinel surveillancesystem throat. This newdevice should make the American Enterprise Institute and maycalm down by July and August, mayallowfor less-restrictivemea- doesn’t exist. Congressneeds to build point-of-caretesting easy and com- aboard member of health-care com- but Covid-19 is likely to be seasonal sures.These testscan be added to it with dedicated funding,perhaps as monstarting next week. panies. He was commissioner of the and could return with avengeancein routine blood drawswith no addi- part of the next stimulus package. This One weak link in expanded screen- Food and Drug Administration, the fall. tional hassle forthe patient. will also requireanefficient data-col- ing has been community testing 2017-19. Ms. Silvis is asenior vice Howdowecrack the current out- Thetechnologyfor doing all these lection system that allows cases to be sites.The other is supply chain. president at Tempus Inc. and was the break,develop aplan to return to nor- thingsisathand. Sometime this identified and tracked in real time Thereare enough testing platforms, deputy director of the FDA’s medical mal life, and ensurethat the virus week,weestimate, Americawill be without overburdening providerswith which areexpensive. But labs are device center and the agency’s chief neverposes the same threat again? able to test morethan 100,000 pa- dataentryand case reports. running out of liquid reagents, the of staff from 2017-19. More Promising Data on a Coronavirus Treatment

By Jeff Colyer emergedfromCovid treatment. Dur- forpatients at risk of thelatteref- reportsofothers. Manybelievethat Covid-19 is no different. If this regi- ingthe initial Chinese outbreak,Wu- fect. Potential mental-health effects patients who can’t be in a trial men’spromise is borne out by more n the fight against Covid-19 han doctorsobserved that patients should be closely observed. should be allowedtodecide,incon- data, and if supply is ramped up, I though we might look forwardin with lupus—a disease forwhich HC All drugshaveside effects, and sultation with aphysician, whether then we canexpand treatment. doom, one daywewill look back- is acommon treatment—did not HC’soverall record is safe. Yes, this to use this treatment. This is hap- Formyentirecareer,Ihavetaken ward in awe.Inanarticle last week, seem to develop Covid-19.Of178 hos- is an “off label” use.But that isn’t pening in some U.S. practices. aconservativeapproach to medicine. Idiscussed apromising drug combi- pital patientswho tested positive, unusual, either.One study showed In aperfect world with unlimited Idon’t want to givefalse or prema- nation to treat the disease.Thereis none had lupus and none were on 21% of U.S. prescriptions were for supplies,any infected patient could turehope.All of this is subject to nownew datasupporting this treat- HC.None of this Wuhan hospital’s off-label use. receivetreatment. With limited sup- further refinement as moreinforma- ment. Sincethen, Kansas City area dermatologydepartment’s80lupus These drugsare still needed to plies,weshould treat the sickest first tion arrives.But likewise Ican’t ig- physicians,including JoeBrewer, Dan patientswereinfected with the novel treat malaria, lupus and other dis- and be strategic about it. We should norethe available evidence. This ap- Hinthorn and me,continue to treat coronavirus.The Wuhan doctorshy- eases,which makes it important not consider this regimen forhighly ex- pearstobethe best widely available manypatients,and some have shown pothesized that this maybedue to to exhaust supplies treating Covid-19 posed people such as health-care option fortreating Covid-19 andnot improvement. Major medical centers long-term use of HC.They treated 20 patients. Yetthis is ahistoric pan- workersand firstresponders. These merely easing the suffering from the including the University of Washing- Covid-19 patientswith HC.Their re- demic,and treatment with HC and heroes in the waragainst Covid-19 disease.Itwould be irresponsible not tonand MassGeneral have added hy- sult:“Clinical symptoms improvesig- AZ shows considerable promise.That deserveprotection. to pursue this option aggressively. droxychloroquine to treatment op- nificantly in 1to2days.After five is reason to increase supplies quickly. Early treatment is always better, tions.Sohere’sanupdate, aresponse days of chest CT examination, 19 What arethe next steps? whether forcancer,diabetes or infec- Dr.Colyer is apracticing physi- to some questions that have come cases showedsignificant absorption NewYork statehas started alarge tion. Theinvitroresults, field expe- cian.Heserved as governor of Kan- up,and suggestions based on the lat- improvement.” controlled clinical trial, and thereare rience and French trial suggest sas, 2018-19. est information. Second, consider AZ—the antibi- otic marketed as Z-Pak—combined with HC.The French study showed Hydroxychloroquine and that 57% of 14 Covid-19 patientsre- The Coronavirus Debt Threat azithromycin continue to ceiving HC without AZ tested nega- tivefor the virus on anasal swabon By Carmen M. Reinhart emerged. External debt, both private makes sense.Ifthe capacity to gener- show results for patients. daysix.But 100% of the six patients And Kenneth Rogoff and public,had continued to climb. ateincome is suspended while in who received both HC and AZ tested Formost countries,central bank for- lockdown,debt repaymentsshould negativeonday six.Comparethat sthe pandemic lockdown con- eign-exchangereserves aresignifi- also be placed on hold temporarily. What is the treatment? with 16 infected patientsatanother A tinues,governmentsand cen- cantly off their peaks.For manycom- As an emergencymeasuretoliftdis- Physicians areusing two drugsin hospital who didn’t receiveeither tral banks in the world’slarg- modity producers, repaying hard- cretionaryincome and maylimit last- combination—hydroxychloroquine treatment: only 12% tested negative est economies areresponding with currencydebt, mostly in dollars, will ing damagetoindividual and corpo- and azithromycin, which I’ll abbrevi- on daysix.These aresmall samples, stimulus programs aimed at limiting be impossible as commodity prices rate credit scores,such proposals can ateHCand AZ—totreat patients but significant. the damagewhile holding societies flirt with historic lows and investors be integrated with stimulus policies. with advanced Covid-19 symptoms. Theauthorsofthe French study together.But as the paralysis persists showmoreaversion to risk. But the problem brewing outside We use aregimen reported in are- last week published the resultsofan and deepens,the odds of arapid “V- Forcountries that don’t rely on the richest advanced economies must cent open-label trial in Marseille, additional 80 hospitalized patients shaped” economic recovery diminish. commodity exports, the situation is also be addressed. Acomparable cri- France, which wasupdated March 26, receiving acombination of HC and Our 2009 book,“This Time Is Dif- hardly better. Thepandemic has bit- sis-relief measuretodeal with sover- andwhich doctorsmay modifyinany AZ.Byday eight of treatment, 93% ferent,” documentsfinancial crises tenintoglobal trade and all manner eigns hit by the pandemic needs to given case. showedanegativenasopharyngeal over eight centuries.Acentral theme, of manufacturingsupply chains.For be worked out with the IMF and What is the evidence? swabfor the virus.“This allowedpa- controversial at the time of the countries that depend on tourism, World Bank.The largest creditor for ForHC, two bodies of evidence tientstorapidly be dischargedfrom global financial crisis,isthat reces- manyofthe world’spoorest coun- support itspotential in treating highly contagious wardswith amean sions that areaccompanied by severe tries is China, which will also have to Covid-19: in vitro(test tube) studies length of stay of five days,” the au- financial crises aredeeper and recov- Developing nations, come to the table.Ecuador is acase andinitial clinical reportsfromthe thorswrite. “Other teams should ur- eries slowerthan conventional “busi- in point. Thecountryhas among the field. Afterthe 2002-03 global out- gently evaluatethis cost-effective nesscycle” recessions.Weakening fi- too, will soon face a highest coronavirus infection ratesin breakofSARS,acoronavirus related therapeutic strategy, to both avoid nancial-industrybalancesheetsand health emergency and its Latin America, and itsrevenue from to the one that causes Covid-19,anin the spread of the disease and treat the inefficiencies associated with oilexportshas collapsed. vitrostudy conducted by doctors patientsassoon as possible before widespread default, personal and economic consequences. If the economic paralysis extends from the Centersfor Disease Control severerespiratoryirreversible com- corporate, inflict severedamageon toolong,advancedeconomies won’t and Prevention identified chloroquine plicationstakehold.” Iagree. economic activity.This is oftenam- be spared. Consider Italy’s predica- (a relativeofHC) as an attractiveop- What arethe risks? plifiedbyincreased uncertainty and the immediateprospectsare espe- ment. With adebilitating collapse in tion forprevention and treatment. If TheWorld Health Organization risk-aversion. cially grim. Privatefinancing for output, limited fiscal capacity,and a added beforethe virus wasintro- listsboth HC and AZ as essential Thecurrent collapse is poised to emerging marketshas come to ahalt, direhumanitarian problem, is it re- duced, the drug washighly effective medicines,“considered to be the shatterrecords forcrisis depth. Du- and multilateral government lenders ally supposed to devotescarcere- in preventing cellular infection. Even most effectiveand safetomeet the ration is still an open question. such as the International Monetary sourcestodebt repayment instead of later application markedly inhibited most important needs in ahealth sys- We have ranked crises since1870 Fund don’t have nearly the resources hospitals? Other countries in Europe infection. Another contemporaneous tem.” These drugshavebeen in use by severity,combining the magnitude to fill the gap. mayfacethe same dilemma. In Italy’s study showedsimilar results. As for formanyyears—HC since1955 and of the initial contraction with the As the pandemic continues to in- case the response is lessclear-cut Covid, a Chinese study published AZ since1988.Only the combination time it took to return to the precrisis terrupt normal economic lifearound than foremerging markets, as much March 9showedHChas excellent in is new. Fornow it isn’t well under- peak in per capitagross domestic the world, the number of countries at of Italian debt is held by domestic vitroeffects. Other recent information stoodwhy the mix is so effective. product. oncefacing an acutescarcity of fi- residents, not foreign investors. suggestspotential antiviral mecha- Theclinical information service At the moment, even in ascenario nancial resourcesand ahealth emer- Our research has shown that het- nismsofHCand chloroquine. Lexicomp liststhe interaction be- of rapid recovery,dataindicatethat gencywill increase dramatically.In erodoxsolutions to unsustainable Thebedrock of all infectious med- tween HC and AZ as CategoryB, manycountries—including the U.S.— some of those cases,emergencypoli- debt, including debt forgivenessand icine,fromdevelopingtreatments for which means the majority of patients areheading forcontractions in the cies to cope with the pandemic will restructuring,havebeen widely prac- specific infections to treating indi- requirenospecial caution. Long-term firsthalf of 2020 that areunprece- take priority over the repayment of ticed by both advanced and develop- vidual patients, is in vitrolaboratory HC use canhaveadverse effects. dented in thesheer depth of their debt. Defaultswon’t be limited to ing economies over the past two cen- testing and patient trials.Covid-19 is Chronic use cancause eyeproblems, “sudden stops,” as measured by peak- privatepersonal and corporatedebt. turies.For the moment, the worst-hit no exception. Current laboratory Heartbeat arrhythmia is occasionally to-trough declines in per capitaGDP. Argentina, Venezuela and Lebanon households,companies and govern- datasuggest that HC should work. observed. Increased electrocardio- Even arelatively quick exit from will soon have company. mentsneed an outright moratorium. Clinical information has also gram tracking maybeappropriate theeconomic standstill in China, An urgent question is howtofig- partsofEurope and the U.S. wouldn’t ureout the inevitable debt reschedul- Ms. Reinhart is aprofessor of in- avert crises in manymiddle- and ing that will be needed in manycor- ternational finance at Harvard. Mr. low-income countries—or adeep nersofthe global economy. There Rogoff is aprofessor of economics at PUBLISHED SINCE 1889 BY DOWJONES&COMPANY global recession. Economic growth have been calls foradebt morato- Harvard and aformer chief econo- Rupert Murdoch Robert Thomson had been falling in manyemerging rium forsmall businesses and home- mist at the International Monetary Executive Chairman, News Corp Chief Executive Officer, News Corp marketsbeforethe novel coronavirus ownersinadvancedeconomies.This Fund. Matt Murray William Lewis Editor in Chief Chief Executive Officer and Publisher Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Natalie Cerny, Chief Communications Officer; Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; Notable & Quotable: Tom Coburn, RIP News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; Thorold Barker, Europe; Elena Cherney, News Christina VanTassell, Chief Financial Officer From Joseph Rago’s Weekend In- Alaska. Dr.Coburn suggested spend- aconflict of interest. “Somebody’s Features &Special Projects; Andrew Dowell, OPERATING EXECUTIVES: terview with then-Sen. Tom Coburn ing the money on aNew Orleans going to come to me foraPap smear Asia; AnthonyGalloway, Video &Audio; Kenneth Breen, Commercial; AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; (R., Okla.) in the Journal, Feb. 1, 2014. bridge damaged by Hurricane Ka- to influencemyvote?” he says.“I Features &Weekend; Emma Moody, Standards; TracyCorrigan, Chief Strategy Officer; Coburn died Friday at 72: trina. Eighty-two senatorsvoted mean, givemeabreak.” Shazna Nessa, Visuals; MatthewRose, Enterprise; Frank Filippo, Print Products &Services; against him. So Dr.Coburn offered his services Michael Siconolfi, Investigations; Nikki Waller, Live Kristin Heitmann, Chief Commercial Officer; Journalism; Stephen Wisnefski, Professional News NancyMcNeill, Corporate Sales; In 2000,Dr. Coburn kept his cam- His colleagues retaliated by trying free of charge.Two yearsago he Thomas SanFilippo, Customer Service; paign promise to limit himself to to prevent Dr.Coburn from practicing stopped, when the yearly $40,000 to GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; threeterms in the House and retired. medicine.Inthe House,hewas in the $80,000 paymentsfor malpracticein- Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International He returned in 2005,disgusted by the habit of flying home to Muskogee on surancebecame toomuch of afinan- Barron’s Group: Almar Latour, Publisher George W. Bush spending bingeand weekends and seeing patientsMon- cial drain. WALL STREETJOURNAL MANAGEMENT: Professional Information Business: especially the Medicareprescription- daymornings, and he wasallowedby Such affrontsexplain whyDr. Co- Joseph B. Vincent, Operations; Christopher Lloyd, Head; LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head drug benefit. He promptly made him- Senaterules to charge his patients burn is leaving the Senate. ...“Iknow

EDITORIAL AND CORPORATEHEADQUARTERS: self asenator non gratabyexposing enough to coverhis expenses.But in myself well enough to knowmypa- 1211 Avenue of the Americas, New York, N.Y., 10036 vanity-project spending likethe $223 2005,the SenateEthics Committee tiencehas worn thin, of continuing to Telephone 1-800-DOWJONES million “bridge to nowhere” in ruled that the arrangement would be push bouldersupaniceflow,” he says. P2JW090000-0-A02000-1------XA

A20 | Monday, March 30, 2020 THE WALL STREET JOURNAL.

Home.

Awordthat todaytakes on awhole newmeaning.

In these troubled times, home can be so muchmore than aphysical space.

Homeisour workplace, our daycare, our school, our gym.

But above all things, home is ashelter.

Aplace wherewecan retreatto, whereweare protected, shielded, securefromthe outside world.

Aplace wherewecan be our realest selves.

Andwhile these days it can be difficulttofeel confined, remember what home is.

Asanctuary. Ahaven. Aplace wherewewill weather astorm that, likemanyothers, also shall pass.

#StayHome

Realtor.comisdonating$100,000 to FeedingAmerica® to help people most in need duringthe current crisis. P2JW090000-2-B00100-1------XA BUSITECHNOLNEOGY: ONLINE-HIRINGSSMARKETPL&FACE CUTS A INTHIRD OF ITANS STAFF B4 CE

© 2020 Dow Jones & Company. All Rights Reserved. ** THE WALL STREET JOURNAL. Monday, March 30, 2020 | B1

Last Week: S&P 2541.47 À 10.26% S&P FIN À 11.84% S&P IT À 10.50% DJ TRANS À 12.60% WSJ $ IDX g 3.75% LIBOR 3M 1.450 NIKKEI 19389.43 À 17.14% See more at WSJ.com/Markets Activists Hold Fire Amid Pandemic Volatility Bets Grow BY CORRIE DRIEBUSCH to end his campaign to oust the sell itsAltran shares to the known as proxyseason, when bad foreveryone.” entireboard of beleaguered oil French consulting firm. they have the opportunity to Activisthedgefunds,for Being ashareholder activist company Occidental Petro- Elliott—like Mr.Icahn and nominatedirectorsahead of their part, arestruggling with Popular, investor isn’t such agood look leum Corp., settling instead for Starboard, one of the most annual meetings that tend to the whipsawing stock market. right now. two seats and asay in choosing feared activistsincorporate take placeinthe spring. An indexoftheir performance Executives are struggling to athird. America—is seeing moreop- This year,however, it falls as tracked by datagroup HFR was Riskier keep their companies afloat StarboardValue LP reached portunitiesfor behind-the- companies arefocused on keep- down by about 11% through the and their workersemployedas asettlement with Box Inc.that scenes,“constructive” waysto ing employees safe and making end of February, the most up- BY GUNJAN BANERJI the coronavirus spreads,and will put three independent di- work with companies,aperson payroll as revenue dissipates. to-dateinformation available.A AND MISCHA FRANKL-DUVAL activists’ demands in many rectorsonthe cloud-software familiar with the mattersaid. “Companies right noware greater drop could be coming cases seem lesspertinent than company’sboard. That could mean helping shore struggling to keep workforces in March, as the S&P 500 has One of this year’s hottest they didjust afew weeks ago. ElliottManagement Corp. up their finances by buying up together,” said EdwardMcCar- fallen more than 14%. trades is betting on stock vola- That hasled manyofthe inves- recently ended itsopposition to the companies’ beaten-down thyofD.F. King &Co.,who Some activistswith concen- tility.Itisalso one of the riski- tors to walk away from cam- Capgemini SE’s bid for Altran bonds or equity. canvasses shareholderstotrated portfolios areunder est. paigns or settle them early. Technologies SA,saying in a Theshiftcomes at anor- gather votesinproxycontests. even more pressure. Mantle Tradersbig and small have Last week,Carl Icahn agreed regulatoryfiling it is willing to mally busy time foractivists, “Totakeaway from that is just PleaseturntopageB9 sought to profit from the mar- ket’swild swings. They aredo- ing so through derivatives and PERSONAL TECHNOLOGY exchange-traded productsthat By Joanna Stern tend to profit when markets areshaky. Some of the invest- mentspromise heightened ex- posuretovolatility and often Give Old gain in value when stocks fall andturbulencerises. It is the latest iteration of a Gadgets long-running obsession with

S trading volatility sincethe last

PRES financial crisis,when betting on New Life the speed and severity of mar- TED ketmoves started to take off OCIA

SS amongretail and institutional At Home /A investorsalike. AR

ST This month’smoves have Calling all been unrivaled in the stock Marie Kondo market’shistory, igniting even

defiers! Yes, MERIDIAN moreinterest in the trade.The

you, who /THE S&P 500 has swung an average fought the of 5.2% everyday,the highest good fight and on record and surpassing refused to part with that MERRITT moves during the financial cri- ULA

dusty laptop in your base- PA sis,according to DowJones ment that we both know Market Data. sparks absolutely no joy. In the Fast-Food Lane Thehead-spinning stretch Fellowgadget hoarders, formarketsincludes the index’s nowisour time.Inthe past Americans still prefer drive-through to getting their food delivered. fastest-ever drop from arecord week,I’veturned a10-year- Spending on to-gofood foryearperiod ending in February Shareprice intoabear market—defined as old laptop intoaspeedy a20% fall from the peak.U.S. Chromebook,aneight-year- stocks logged their worstweek 0% old iPad intoavideo-chat ma- Carryout Drive-Through Delivery sincethe financial crisis this chine and a15-year-old TV month, then proceededlast 2017 intoasecond monitor.Who’s -10 week to stagethe biggest three- laughing now, Marie? dayrebound sincethe 1930s. TheGreat Stay-at-Home McDonald's Manyare expecting the gyra- Experiment of 2020 hasleft 2018 -20 tions to continue as investors YumBrands tech retailerslooking likethe better understand the depth of morning afterBlack Friday. thedownturn stemming from Restaurant Manyelectronics won’t ship -30 thecoronavirus pandemic. 2019 Brands from Amazon until the end of International In thecoming week,inves- April. And, sure, newplus- -40 tors will getfresh reads on $800 Apple laptops and tab- manufacturing and consumer lets canbeyoursASAP, but 2020 confidence. Newdatareleased this crisis has manyofusre- -50 Fridayshowedameasureof thinking our splurgeybehav- consumer sentiment dropped $0 billion 50 100 150 200 March 2March 16 ior.Soinstead, to improve sharplyinMarch. that newhome office/class- Source:NPD Group (spending); FactSet (share-price) Therecent swings—and per- room/yoga studio,let’sall try haps the fear of the unknown what the gadget makers ahead—make volatility wagers would rather we didn’t: Dig RestaurantsBank on Drive-Through moreenticing. out old tech instead of assum- AssetsunAder management ing we need to buy newstuff. forone such product, the Veloc- Afew safety rules before BY HEATHER HADDON ery. Big chains such as pulling up to drive-through franchiseesand promotions for ityShares Daily2xVIX Short- we start: If the gadget is McDonald’s Corp., Restaurant chains in hisareahas light- drive-through and deliveryin- Term Exchange-Traded Note, cracked or badly shattered, Thedrive-through, anearly Brands International Inc.’s ened,but they arefar busier stead. which goes by the ticker TVIX, don’t take anychances.Wait 90-year-oldAmerican inven- BurgerKing and YumBrands than the local OliveGarden and Some franchiseesofrestau- hit arecord$6.1billion on to getitrepaired or recycle it. tion,may be fast-food restau- Inc.’sKFC that already makeup Red Lobster. rant chains with drive-throughs March 19,FactSet datagoing If abattery has bulged, same rants’ best shot at surviving to 70%ofsales at the drive- “The lack of traffic feels al- areslapping up signs,and com- back to 2014show. Similarly,as- thing.Ifsomething can’t be the coronavirus lockdown. through arebetterpositioned most postapocalyptic,” Mr. panies aresending out tweets setsinthe iPathSeries BS&P updated to the latest soft- Even thosecompanies that to weather thecrisis. Harris said. to let skittish customersknow 500VIX Short-Term Futures ware,check with the manu- have the drive-through option Customerscan order food in Some companies with drive- they areopen forbusinessand ETN,orVXX,hit at least atwo- facturer to makesureitat saythey will still likely endure adrive-through without com- throughs areretooling opera- safetopatronize. They aretry- year high of $2.6billion that least gets security patches. hundreds of millions of dollars ing intoclose contact with a tions as they shiftnearly all of ing to maintain drive-through- day. This month, VXXhas been So now, with Swiffer in sales losses in the coming server or entering adining their businessthere. servicetimes while having among the most popular ex- sheetsinhand, let’sresusci- months afterofficials across room, minimizing exposureto Drive-throughs nowaccount crewspracticesocial distanc- change-traded productsinthe tate some old tech! the countryhavebanned dine- the virus. foraround 90% of U.S. sales at ing. Yum’sTacoBell is featur- entire U.S. stock market. in eating to trytocurb the MattHarris,a33-year-old Wendy’s Co., compared with ing itsdrive-through workers It is easy to see their allure. Old Laptops spread of the newcoronavirus. assistantprofessor from Kan- abouttwo-thirds beforethe in promotionalcampaigns. While stock marketsaround the You know that Chrome- Yetdrive-through is one of sas City,Mo.,said drive- pandemic.The Dublin, Ohio, Thebasics of the drive- world have plunged this year, book your child has? the few ways to reach custom- through seems likeone of the chain is redirecting the cash it through arelargely unchanged volatility has soared to levels Google’s Chrome OS is based ers in nearly everyU.S.state, safest options to getfood. He hadplanned to use foranew from their early 20th-century never seen. Through Friday, the PleaseturntopageB4 along with carryout and deliv- hasnoticed the lines of cars national breakfast offering to PleaseturntopageB2 PleaseturntopageB9 Sports Business Reels From Coronavirus Fallout INSIDE

Thestory of international ersonthe planet stuck in their sportsoverthe past decade was homeswith nowheretowork one of unlimited growth, unre- out, as theleague officebraces strained spending and unwaver- foranincalculable financial hit. ing popularity. Major League Baseball on Fri- dayagreed to float players a By Ben Cohen, $170 million advanceontheir Joshua Robinson salaries as they come to grips and Joe Flint GES with apotentially long shut- AP IMA down. Theleagues areexamin-

Coronavirus brought the GETTY ing howtocome back and play

sportsbusiness to an immediate SE/ even beforefans arereintro- standstill. Theboom times went duced to the equation—possibly bust overnight. ushering in an eraofempty are- ALLEN/INVISION/ G ANCE-PRES

Now, forthe investorswho nas as sound stages forsports GRE plowedtheir fortunes intoteam FR broadcasts.

ownership and the leagues that ENCE “I just don’t knowhow we BUSINESSNEWS

have gotten used to agusher of AG canimagine asporting event O/ Concertindustrygoes money,the crisis risks turning without fans,” LosAngeles Lak-

PINT silentasthe health

intoareckoning. O erssuperstar LeBron James The cancellation of the said on apodcast last week. crisis forces toursto cancel world-wide. B3

March Madness college-basket- VINCENZ “There’snoexcitement. There’s ball tournament already has Cristiano Ronaldo of Italian club Juventus playedbeforeemptyseats beforeall of soccershut down. no crying.There’snojoy.” caused the NCAA to reduceits Mr.James also balked at the annual distribution to member from the delayofthe Olympics public interaction is nowassoci- hugesums of money that even concept of aneutral-sitepost- OBITUARY institutions by nearly two- could be in the rangeof$800 ated with fear. savvyfinancial officerscan’t season with playersquaran- PegBroadbent, finance thirds,from$600 million to million. Theconsequences acrossthe wrap their minds around. tinedinabubble at the same chief of Jefferies, $225 million. Amateur sports Some team ownersbelieve businessare only beginning to National Basketball Associa- hotel, and scoffed at the possi- bodies in the U.S. tried unsuc- the biggest problem facing come intofocus.Every day tion teams have closed the bility of plowing ahead to the helpedbuild up the cessfully to join the congressio- sportsismorephilosophical without sportscoststhe leagues doorstotheir practicegyms, playoffs without completing the investmentbank. B9 nal bailout because their losses than financial. It is the idea that and broadcasting networks leaving the most talented play- PleaseturntopageB2 P2JW090000-2-B00200-1------NS

B2 | Monday, March 30, 2020 NY ** 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. Chains A Fundera...... B6 R AG Mortgage G Ravensburger...... A2 Investment Trust...B10 General Motors.....A3,A6 Restaurant Brands Rely on Airbus...... B4 Gilead Sciences.....A3,B3 International...... B1 Altran Technologies....B1 H Rémy Cointreau...... B10 Amazon.com...... A2 Roku...... R7 Heineken ...... B10 American Express.B4,B6 S Driver Lane American Media...... A2 I Santander Consumer Anheuser-Busch InBev iPath Series B S&P 500 B10 USA Holdings...... B6 VIX Short-Term ContinuedfrompageB1 Anschutz Entertainment Futures ETN...... B1 SoftBank Group...... B4 Space Exploration Group...... B3 J origins in the U.S. But some of Applebee's...... B2 Technologies...... B4 the biggerchains,including J. Alexander's Holdings Aramark...... B9 Square...... B6 McDonald’s and BurgerKing, B B2 Starboard Value...... B1 Jefferies Financial T have each spent tens of mil- Bank of America...... B6 Group...... B9 lions of dollarsinrecent years Box...... B1 Target...... B4 JPMorgan Chase...... B6 to equip their drive-throughs Burger King...... B1 K Tesla...... A3 C Texas Roadhouse...... B2 with digital menu boards be- Korn Ferry...... R11 Twilio...... B4 cause manyconsumersstill Capgemini ...... B1 L Capital One Financial.B6 U prefer ordering from their cars Carlsberg...... B10 LD3...... B6 United Airlines Holdings to dining in or the newerphe- LendingClub...... B6 Cheesecake Factory....B2 B4 nomenon of delivery. Constellation BrandsB10 Live Nation GES Entertainment...... B3 V McDonald’s, in atelevision Credit Suisse Group...B9 IMA VelocityShares Daily 2x D M ad that made itsdebut last Mantle Ridge...... B1 VIX Short Term ETN B1 week,said: “We’ll be taking ETTY Darden Restaurants...B2 Vizio...... R7 /G Davide Campari-Milano . McDonald's...... B1 your order in the drive-

W GERS B10 N through.... Just likewehavefor Defcad...... A3 Nissan Motor...... A3 Walt Disney...... B2 the last 65 years, we canstill RO Defense Distributed...A3 Northwell Health...... A3 Wellington Management VID

be here to take your order.” DA D.F. King...... B1 B4 Norton Healthcare...... A3 Fast-food-deliverysales are The chain increased its cash balance to $4.5 billion after borrowing an additional $1 billion. Diageo...... B10 O Wendy's...... B1 Dine Brands Global.....B2 World Wrestling growing but arestill small Occidental Petroleum.B1 Entertainment...... B2 E Okapi Partners...... B9 compared with the amount menu. Now, the companyis drew down $525 million from plebee’s parent company Dine eBay...... B9 On Deck Capital...... B6 Y customersspend on carryout temporarily removing items itscredit line.Yum said it ex- Brands Global Inc., aredraw- Elliott Management...B1 OneWeb Global...... B4 Yum Brands...... B1 and drive-through, which are from itsmenus and suspending pectsthe virus to depressits ing down on credit lines,while Evercore...... B9 P Z morefamiliar to manydiners all-daybreakfast to further same-storesales by the mid- casual-dining chains Cheese- F Pernod Ricard...... B10 ZipRecruiter...... B4 and don’t come with added simplifyoperations. to-high single digitsinits cur- cake Factory Inc.and J. Alex- fees.Consumersspent $83 bil- Even at thedrive-through, rent quarter and moresointhe ander’s Holdings Inc.havefur- lion in drive-throughs in the businessisweaker as consum- next period. loughed thousands of workers year through February, com- ersstayhome.Franchisees for “No one is going to make because of plunging dine-in INDEX TO PEOPLE pared with lessthan $20 billion McDonald’s, BurgerKing,KFC, money at this time,” said David traffic sincethe virus hit. forrestaurant delivery, accord- Taco Bell and Restaurant Barr, owner of 30 KFCand Ed Doherty,owner of 150 A H Oetting, Drew...... A6 ing to industryfirm NPD Brands International’sPopeyes Taco Bell locations acrossthree restaurantsthat include Ap- Adjriou, Abdelak...... B10 Hartman, Kristy...... A3 Procope, Jonelle...... R14 Group. Louisiana Kitchen, said their southeastern states. plebee’sand Paneralocations, B Hecht, Jared...... B6 S McDonald’s, which intro- customer trafficwas 10% to Restaurantswithout drive- said his totalsales plummeted Barr, David...... B2 K - L Sachson, Seth...... A14 duced itsfirst drive-through in 30% lowerinthe past week. throughs,particularly casual- at hisNew Jersey andNew Boneparth, Douglas....A9 Kantrowitz, Mark...... A6 Sahm, Claudia...... A4 Arizona in 1975, wasalready Manyownerssaid they were dining chains,facethe most se- York restaurantsbyaround C Kashner, Elisabeth...... B9 Sampson, Kelly...... A3 making around 70%ofits sales closing stores early and reduc- rious threat to their existence. 85%after the dine-in bans Lasnik, Robert...... A3 Sanchez, Michael...... A2 Chan, Robin...... A6 in the U.S. to customersorder- ing staff hoursbecause of sales Some dine-in chains,such as rolled out. Little of his sales M Spindel, Mark...... A4 Christl, Wolfie...... A9 ing from their cars beforethe declines. Texas Roadhouse Inc., areset- beforethe coronavirus came Cozad, Kyle...... R5 Matos-Rogers, Sterling, Steph...... A4 Cullen, Genevieve...... A3 Christopher...... A3 W coronavirus crisis erupted. In McDonald’sincreased its ting up improvised drive- from takeout. D - G Medwell, Jake...... A6 Whitaker, Scott...... A1 the past year it has tried to cut cash balanceto$4.5billion af- throughs to trytokeep up “Therewas absolutely no Mills, Charlie...... A1 Doherty, Ed...... B2 Williams, Jonathan....A3 drive-through times via invest- terborrowing an additional $1 some business. Others, includ- sales,” said Mr.Doherty,who Dorsey, Jack...... B6 O - P Wilson, Cody...... A3 mentssuch as speed-of-service billion, and Yum, also the par- ing OliveGarden owner Darden said he has laid off 7,000 of his Glossop, Edward...... B10 O'Day, Daniel...... B3 Wyler, Greg...... B4 timersand by paring down its ent companyofPizza Hut, Restaurants Inc.and Ap- 8,000 employees.

“People will literally be doing SportsTake anything to watchus,” he said in an email. “They won’t even necessarily be basketball fans. ACostly They just will be starving for newcontent, and we will be theretofeed them.” Timeout Fornow,the broadcasters’ pain is obviousintheir thread- bareTVschedules.CBS had ContinuedfrompageB1 been gearing up forits two regular season. showpieceeventsofthe spring When soccer’sEnglish Pre- in the NCAA Tournament and mier League shut down with theMasters. Nowitisoffering Liverpool just two wins from viewers the cold comfort of po- clinching the title,team star liceprocedurals.NBC Sports’ Virgil vanDijk sounded asimi- weekend schedule would nor- lar note: “Ifwewon it in an S mallybepacked with liveEng-

empty stadium and the fans PRES lish soccer. Instead it aired re-

weren’t there, I’dbeguttedfor TED runs of dog shows.

them. No one wantstoplay CIA games without the fans.” SO AS

That approach hasn’t worked S/ Schedule rethink

in countries that were hit hard NEW Thenetworks might have the by the virus beforethe U.S. oppositeproblem in the fall: too South Korea’sbasketball league much inventory. TheKentucky MORNING

wassuspended on Feb. 29 and S Derby has been delayedfrom

canceled last week,while Japan LLA the firstSaturday in Mayto

playedaweekend of basketball DA September.The French Open

games without spectatorsbe- /THE wasmoved from June to Octo- fore deciding to cancel. TheChi- ber.

nese Basketball Association LANDIS Thereisagrowing sense went dark in Januaryand still that the global sportshiatus HLEY

hasn’t returned. AS could be an opportunity to do TheNational Football League The NBA’s suspension of its season, announced March 11, could alone cost broadcasters ABC, ESPN and TNT $692 million. thingsdifferently when the has been mostly spared, for games return. Some areasking now, by sheer accident of tim- trend line than the NBA. Thesix think we should be having a being and sustainability of the however, is howquickly things whether the baseball season re- ing,but that will changeifshel- teams sold between 2011 and bakesale forthe owners,” said clubs we manage, which are change.Hoursbeforethe NBA ally needs to be 162games long tering in placeremains the May2014went forthe average the former chairman of Fox faced with areal existential suspended itsseason, ESPN or if the NBAcalendar should norm or the virus is still roaring priceofroughly $400 million. Sports, David Hill. threat,” he said. “No one is im- President JimmyPitaromet be pushed back so that it in the fall. English soccerwent Thefour teams that have Expertsaren’t expecting a mune,and timing is of the es- with the company’sexecutives doesn’t conflict with the NFL’s. from beaming livegames worth changedhands sincethen sold fire sale of franchises valued in sence.” to discusshow the virus might One idea came from Wayne morethan $8 billion in broad- foranaverage of $1.85 billion. the billions.But foranyone who Women’ssportsalso could disrupt the network’sschedule. Rooney, the former Manchester cast rightsinto190 countries to Those astronomical valua- wasconsidering cashing out in be among the biggest losers. Af- Then, they found out the season United forward, who proposed zero in the spaceofaweekend. tions were driven almost com- the near term, the uncertainty terabanner 12 months that wasonhold when they read the shifting the entireEuropean pletely by hugeincreases in the created by the coronavirus sawfemale athletes command news on their ownnetwork. soccercalendar to operateJan- priceoftelevision rightsover could be apowerful argument record television audiences and Thenextday,ESPN’sprogram- uarytoOctober instead of Au- Calculating losses thepast 15 years. TheNFL sold againstit. makebig strides in their fight ming team scrawled various hy- gust to Mayfor acouple of sea- Thelast sportsdomino to itsannual broadcast rightsfrom “I don’t knowiftherewill be forequal pay, this is the worst potheticals on awhiteboardto sons.The idea would be to fall wasthis summer’s Olym- 2007 to 2013 foranaverage of anyinventorygoing forward,” possible time to go dark.The fill the gaps in the schedule. betterline up with the next pics.After weeks of wobbling,it $1.9billion aseason. From 2014 said SteveHorowitz, apartner U.S. women’snational soccer Could they getthe rightstoair World Cup. finally tipped last week,when to 2022, that number is $3.1 bil- at aleading sportsinvestment team planned to capitalizeon WrestleMania from World Theshutdown of sports the International Olympic Com- lion. TheNBA isn’t far behind, bank,Inner Circle Sports. “But its2019 World Cup victoryby Wrestling Entertainment, Inc.? when the NBAsuspended its mitteebegrudgingly agreed to with broadcastersspending seizing the spotlight at the To- What aboutairing aseven-hour season wasthe moment when it postpone the TokyoGames until about $2.7billion annually for kyoOlympics andbuilding a marathon of TomBrady game hit manyAmericans that life next year.The costsofmain- the rights. At least a dozen moresustainable domestic pro- footage? Wasthe network’snew wasabout to be very different. taining Olympic infrastructure fessional league. documentaryonMichael Jordan Therestart of sportsmight be a during what could be aglobal English soccer ready to release early? signal that the worstisover. Broadcastblues recession will almost certainly teams could face “Weneed sports,” Mr.Cuban taxabudget that already had Television executives are Futureinplay said, “asmuch as sportsneeds swelled to $25 billion. scrambling to figure out howto bankruptcy. As baseball, basketball and NBA optimists fans.” Mediaanalyst Michael Na- protect that investment if their hockey trytofigureout what NBACommissioner Adam —Benjamin Mullin contributed thanson forecast that if the NBA prized asset stays off the air. the rest of 2020 looks like, so Silver has spoken several times to this article. were to shut down the season Thereiswidespread agree- faritisbusinessasusual for with Mr.Pitaroand WarnerMe- and cancel the playoffs,itwould ment amongTVprogrammers if an NFL or NBAteam came on the NFL.The heavyweight dia News and SportsChairman cost Walt Disney Co.’sESPN that the coronavirus pandemic the market tomorrow,the list of American sportsleague struck a Jeff Zucker sincethen, and and ABC $481 million and War- qualifies as an “act of God” and interested people would still be newlong-term labor agreement some network executives are nerMedia’s TNT $211 million in meetsthe requirementsfor a long—and none of them would with itsplayers earlier this optimistic that the NBAseason lost ad revenue—and that forcemajeureclause.But it is look back with anyregret.” month and nowturns itsatten- canstill be concluded this year. comes in aseason when the unlikely that TV programmers That could be adifferent tion toward newTVdeals,even Onescenario floated in conver- WARNING OF RESUMPTION NBAitself wasalready bracing will invoke such clauses,for two storyacrossthe Atlantic,where though the current pactsstill sations is the possibility of tele- PUBLIC COMPETITION INTERNATIONAL Nº 20200001 fora$400 million hit from a reasons,according to people fa- thereissomuch professional have afew seasons lefton vising the NBAplayoffs without ORIGINATING IN SETUR standoff with China over a miliar with executives’ thinking. soccerthat manyteams were them. spectatorstoprotect players The Secretariat of Staffgoes public the RESUMPTION gives Public tweet from ateam executive Major networks don’t want to clinging to survival even before While talks between the net- and fans from contracting the competitionInternational #20200001 of that supported protestersin damage their relationships with the pandemic.Lower-tier clubs works and their current rights coronavirus. interest Secretariat of Tourism, whose purpose the restoration work for the Hong Kong. leagues,which arelong-running already have called on the lav- holdersare still in the prelimi- Dallas Mavericks owner implementation of Rodovia CE-341, Thefinancial effectson and serveasone of the few re- ishly funded Premier League to narystage,the NFL doesn’t be- Mark Cuban predictstherewill From: Paracuru -entr.BR-222 (Croatá), with alength of 28.57 km, according to teams could be felt forfar lon- maining linchpins forthe cable organizeabailout. At least a lievethe health crisis will have be apremium on content from specifications contained in the Notice and its Annexes. gerthan the pandemic.Even bundle.And with rightsdeals dozenteams operating on pa- anyimpact on itsfuturecon- sportsleagues likethe NBA REALIZATION: at 9am(nine) Hours, with serious challenges to the expiring soon, including the per-thin margins could face tracts,one network executive when thereare games again. day 19 in May in 2020,Bids on Center – Avenida Dr.José Martins Rodrigues, 150, sports-businessmodel, includ- NFL’s,TVprogrammersare ea- bankruptcy without one.Ina said. These conversations are As people around the world Edson Queiroz. CEP: 60811-520 ingthe shrinking cable-televi- gertopreserveasmuch good- lettertoclub heads around Eu- continuing apart from the exhaust their Netflix queues, (Barbara Alencar Administrative Center) Phone: 85-3459-6374 /6376 -Fax: sion market, the industryasa will as possible going intothose rope on Thursday, Andrea Ag- threat poised to disrupt the and with the production of 85-3459.6522, e-mail: [email protected]. whole had grownoverthe last negotiations. nelli,chairman of Italian giant 2020-21 season and the poten- movies and television shows ef- The Note Clarification02ADendo 01 decade.Driven by skyrocketing Themajority of ownersin Juventus,called the situation tial financial impact of lost fectively shut down, he expects it's yours attachments, findsm-If availables on the site of SEPLAG media rights, team valuations the major American leagues are “the biggest challengeour game games.These rightsdeals are therewill be enormous demand (www.seplag.ce.gov.br). hadtraveled in only one direc- wealthyenough that they will and industryhas ever faced.” seen as post-pandemic business forsomething newtowatch. In, 24/03/2020 Maria Betânia Saboia Costa tion: up. be able to absorb ahit without “Weare all football execu- by the NFL—at least fornow. NBAgames could help solve CCC Vice President In no league is thereaneater having to dump assets. “I don’t tivesresponsible forthe well- One lesson of the pandemic, that problem. P2JW090000-0-B00300-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | B3 BUSINESS NEWS Virus Drug Boom in Concerts Is CutShort Demand As pandemic spurs Strains tour cancellations, manyfear rescheduling Gilead won’tbefeasible

BY JOSEPH WALKER BY ANNE STEELE

Gilead Sciences Inc.will Theconcert industrywas stop considering individual supposed to have itsbest year emergencyrequestsfor itsex- ever,highlighted by toursin- perimental coronavirus drug, cludingthe Rolling Stones, El- except in certain circum- tonJohn and Post Malone. stances,asitgrapples with Now, it is hardtosay when the overwhelming demand, the next showwill take place. S

company said Saturday. Afterayearslong explosion PRES

Themoveispart of the in liveevents—propelled by TED

drugmaker’s overhaul of the musicians’ relianceontouring CIA SO

processfor doctorsrequesting income and fans’ willingnessto AS emergencyuse of the experi- paytop dollar—the global live- mental drug remdesivir outside music businesswas on track to of clinical trials.Gilead said it generate$28.8 billion in reve- is making the changes because nue in 2020,according to Price- KI/INVISION/ WS it can’t handle all the requests waterhouseCoopersLLC. ABO

it is getting,and hoping the re- But because of the novel GR B

vamping will eventually speed coronavirus,the industrynow RO up the processand expand ac- faces adecimated summer con- Tours including Post Malone had raised expectations that the live-music industry would have its best year ever. cess to morepatients. cert season followedbythe Gilead and other researchers monumental challengeofre- be ablip from which LiveNa- Global revenue from live being able to reschedule shows if it is unable to stageeventsin are conducting clinical trials of scheduling thousands of shows, tion could recovercome the music ticket sales and forthe second half of the year. the second quarter.The com- remdesivir in patientshospital- putting it in line forits tough- critical summer season. sponsorship Aperson close to the company panyisintalks with JPMorgan ized by the virus.Initial study est year sincethe 2008 finan- Butthe outlook dimmed as said it is prioritizing fitting the Chase &Co. to amend the credit datawill be available in the cial crisis.The list of postpone- stateand local authorities $30 billion biggest summer toursintothe agreement, according to aper- coming weeks,Gilead Chief Ex- mentsgrows by the day: Pearl started banning large events last three months of this year, son familiar with the matter. ecutiveDaniel O’Daywrote in Jam, Billie Eilish,Zac Brown andissuing shelter-in-placeor- 25 andfilling othersintothe be- When it comes to cash to an open letter posted on the Band, Celine Dion. ders. Theuncertainty over how ginningofnextyear. fund ongoing operations,Light- company’swebsite. LiveNation Entertainment long such policies will last calls Manyinthe industryremain Shed Partnersanalyst Brandon Not all patientscan getinto Inc., the biggest playerinthe intoquestion whether aramp- 20 skeptical about howwell mass Rosssaid the companycould the studies,either because industry, could have the most up in touring will even be feasi- rescheduling will work,consid- makeitthrough September they don’t meet the clinical el- to lose.AsofDec.31, the com- ble this year. 15 ering venue availability and with next to no events, and igibility criteria or aren’t be- panysaid it had cash and cash “The challengefor us is to consumer demand. could tapits estimated $2 bil- ing treated at a hospital par- equivalentsworth $2.5billion, makesurewetakeadvantage “Ifall the toursthat were lion deferred revenue balance. 10 ticipating in the trials.For enough to keep the lightson of pent-up demand,” said Tim going out this summer tried to But if event cancellations severely ill patientswho can’t forseveral months,evenamid Leiweke, chief executiveofen- movetothe fall all these acts stretchthrough the end of getintoastudy,doctorscan widespread postponementsor tertainment and sport-facilities 5 would be cannibalizing them- 2020,LiveNation mayneed to makea“compassionateuse” cancellations,people familiar firm Oak View Group. selves and venues,” said pro- take on moredebt or raise eq- request forunapproved drugs, with themattersay. Oak View’s network of motion veteranRandy Phillips, uity. 0 which have to be evaluated on “Weare fortunatetohave nearly 30 arenas is focused on adding that rebookingswould ForAEG,controlled by bil- 2014 ’15 ’16 ’17 ’18 ’19 ’20 a case-by-case basis. the resourcestomakeit rescheduling toursinthe sec- be further complicated by the lionairePhilip Anschutz,main- Note:Datafor 2020 wasprojected beforethe coronavirus pandemic. Gilead has provided remde- through this intermission pe- ond half of this year and into Source:PwC return of the NBAand NHL, taining itsnetwork of seven sivir to morethan 1,000 riod, even if it goes longer than 2021.Manydates areonhold, whose now-sidelined teams arenas around the world, in- Covid-19 patients through its expected,” LiveNation Presi- Mr.Leiwekesaid, but won’t be year,amphitheater shows and playinthe same arenas as ma- cludingthe Staples Center in compassionate-use program, dent JoeBerchtold said. “Ulti- announceduntil “we’reconfi- festivals areseasonally depen- jor pop acts. LosAngeles and the O2 in Lon- Mr.O’Daywrote.Going for- mately we’reable to adapt and dent we’rethrough the curve dent.Meanwhile,the stadium Even in cases wherenew don, through months without ward,however, Gilead will aremoving most shows,not andonthe way back.” showsthat were expected to dates areset, concert promot- events could be especially only consider individual re- losing them.” LiveNation typically gener- make2020 ablockbuster may ersmight offer fans the choice costly. questsfor pregnant women Spring is aquiet time in the ates most of itsrevenue be- no longer be possible this year. of refund, acostly processin Another cloud is that an eco- and children. Forall other pa- live-music business, so it tween April and October,par- TheRolling Stones post- which fees to the promoter and nomic recession will leave reg- tients, Gilead is setting up an wasn’t catastrophic when Live ticularly from its59outdoor poned their AEG-promoted sta- ticketing companyare lost after ular concertgoersshort on cash “expanded access” program Nation and itsnext-largest ri- amphitheaters, the company’s dium tour,originally slated to twicethe work. well afterquarantines are under which doctorsand hos- val, closely held AnschutzEn- most profitable venues. runfromMay to July,without Investorsworrythat Live lifted. And thereisthe question pitals canapply foremergency tertainment Group,suspended While concertsatindoor setting newdates. Nation could break adebt-to- of howlong it maytakefor use formultiple severely ill shows through the end of venues likearenas or theaters Executives at LiveNation earningsratiocovenant on fans to be comfortable joining patients at a time. March. Analystshoped it would canberescheduled anytime of have remained upbeat about loans worth up to $1.85 billion large crowdsagain.

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B4 | Monday, March 30, 2020 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Call CentersStrain Under Load

BY SHARON TERLEP AND SARAH KROUSE

America’sbiggest companies areracing to overhaul cus- tomer-serviceoperations that areill-equipped to have em- ployees working from home REUTERS amid apandemic. U/ Manycustomerswho call the hotlines of airlines,retailersand JOURNAL DUVIGNA financial-services firms,among REET ST GIS

others, encounter hourslong LL RE

OneWeb had raised $3.4 billion from SoftBank and other investors. wait times,hearing recorded WA messages saying help is cur- THE

rently unavailable.Some compa- R nies ask that customersmanage FO Satellite Web Startup NS

their issues online or suggest PO that they hold off on seeking as- SICA

Files for Bankruptcy sistancealtogether. JES Over the past three decades, Customer wait times can be hours long as the centers, filled with staff in normal times, thin out. BY ANDREW SCURRIA duction initiatives as major ad- companies’ call centersand cus- AND ANDY PASZTOR vances reducing the time and tomer-help centershaveshifted expense of satellitemanufac- overseas and arenow concen- Overseas Sites Are spread. ways to stay-at-home man- Satelliteventure OneWeb turing. trated in regions of the world India ordered a complete dates. Global Ltd. has filed forbank- Last summer,Mr. Wyler hardhit by the newcoronavirus. Especially Hard-Hit lockdown Tuesday of its 1.3 bil- Further complicating mat- ruptcy afterraising morethan hosted ahigh-profile celebra- Meantime,customer-serviceset- lion citizens. Earlier this month, ters: Call centers are some- $3.4 billion from SoftBank tion of itsnewly opened Florida ups in the U.S.,often densely police and army troops worked times technological holdouts, Group Corp., Airbus SE and factoryfeaturing adelegation packed with employees,are ei- Manyofthe biggestU.S. to seal off the Philippine capital with many still reliant on tradi- other investorstobuild asatel- of senior U.S. government and ther shutting down or downsiz- corporations, from Target Corp. of Manila and the surrounding tional on-premises, business- litenetwork that would beam industryleadersfromboth ing amid containment efforts. to American Express Co., have area, home to more than 12 telephone systems, rather than cheap internet connectivity sides of the Atlantic.The up- Companies trying to set up operations in either or both the million people. portable, cloud-based services, from space. beat speeches highlighted the employees to work from home, Philippines and India, which are Where working from home said Gregg Johnson, chief exec- London-based OneWeb filed company’sambitious goal of both in the U.S. and abroad, have the largestproviders of call-cen- in the U.S. can be glitchy and utive of call-tracking and ana- forchapter 11 protection to providingbroadband services to figure out howtoensurese- terwork to American compa- frustrating for call-center work- lytics firm Invoca. wait out the current instability to hundreds of millions of peo- curenetworks and phone lines. nies. The Philippines has out- ers, it is impossible for many American companies em- in financial marketswhile mar- ple without such connectivity. Businesses arescrambling for paced India, with morethan one overseas, analysts say. Workers ploy roughly 2.9 million cus- keting the companyfor sale,ac- Earlierthis month, OneWeb temp workersand using botsto million call-centerworkers, and are often poor and lack laptops tomer-service workers, up 30% cording to papersfiled in the successfully launched asecond help filter callerswho need alive continues to grow,according to or internet connections. In the from a decade earlier, according U.S. BankruptcyCourt in White group of satellites.Fledgling person from those who canbe the IT &BusinessProcess As- Philippines, containment efforts to the U.S. Bureau of Labor Plains,N.Y. serviceinAlaska wasslated to helped in other ways. sociation of the Philippines. aren’t uniform across regions, Statistics. Data are lacking on Bolstered by agroup of for- start this year or early 2021, “Atevery company…all the Both nations have been af- so workers face varying chal- how many U.S. jobs have been midable financial and technical creating apotentially impor- call-center folks aregetting an fected by the coronavirus lenges, from blocked-off road- shifted overseas. backersfromJapan to Europe tant testing ground forvarious email from the CEO saying, and championed by satelliteen- ground stations,mobile receiv- ‘What’sthe plan if Ihavetova- trepreneur Greg Wyler,One- ersand community hot spots. cate’” workersfromthe office, “You have these big rooms as flightsare grounded. Companies that equip call Webhas been touted as a Mr.Wyler has argued that said PatGibbons,marketing with 1,000 people sitting afoot JavonJohnson, aprofessor at centerswith technical infra- leader in seeking to provide his ventureenjoyedacompeti- chief forcustomer-servicecon- and ahalf from each other,and the University of Nevada, LasVe- structureand cloud services say global internet connectivity via tiveadvantage over rivals,in- sulting firm Walker Information the moment something like gas, recently drovetothe airport the delugeofcalls to consumer- aconstellation of low-Earth-or- cluding Mr.Musk’s SpaceEx- Inc.Mr. Gibbons said he had [Covid-19] pops out, you’vegot to speak to a United Airlines facing businesses began with bit satellites. ploration Technologies Corp., stopped taking on newclientsto to thin them out,” said Rick Holdings Inc.customer-service travelersand has shiftedtocon- Thecompanypioneered low- because it could rely on afunc- free up resourcesfor existing Bloom,CEO of Support.com, a agentinperson aftereffortsto sumerscalling makersofin-de- cost, automated production of tioning factory. Thefull con- ones. Sunnyvale,Calif., firm that pro- recover$2,000 spent on can- mand productssuch as toilet such satellites,fueled by fund- stellation of morethan 600 sat- So far,human contact is in vides customer-servicesoftware celed flightsprovedfruitless. paper and patientscalling ing from Japan’sSoftBank and ellites wasanticipated to short supply.The American Ex- and staff forcompanies who United’scall volumes initially health systems, among others. other investors, including aero- connect to other regions in press Co.login pageistopped outsource and is hiring hun- doubled amid the coronavirus “The needs of howtodeal spacegiant Airbus,Qualcomm later years. with amessage, in redletters, dredsofworkerstokeep up spread, acompanyspokes- with that needed to be mas- Technologies Inc.and the gov- Months beforethe world- warning of long wait times and with demand. woman said. Thecompanyen- sively reconfigured in real ernment of Rwanda. wide coronavirus contagion, encouraging people to “use our Internet providersfaceanin- listed employees from acrossits time,” said Jeff Lawson,chief Thebankruptcy filing raises however, OneWeb changed its digital tools.” British Airways’ flux of demand as American business, including senior exec- executiveofcloud-communica- newquestions about the finan- businessmodel in the faceoffi- customer-serviceline to manage workersand schoolchildren utives,totakecustomer calls. tions company Twilio Inc. cial viability of such broad- nancial and marketing chal- flight reservations has playeda shifttoworking and learning Call volume has sincedeclined, “Therewas the trickle,and then band-via-satellite projects lenges.Instead of primarily pur- messagetocall back later or online.Airlines arebeing inun- shesaid, while call wait times therewas the wave,and then largely targeting developing re- suing consumersand small visit the company’swebsite. dated with calls from customers have almost returned to normal. therewas atsunami.” gions.Entrepreneur Elon Musk businesses lacking internet con- and Jeff Bezos, founder of Am- nections in developing regions, azon.comInc., areamong those Mr.Wyler and his team sketched pursuing the same markets. out astrategyofinitially serving ZipRecruiter Cuts a Third of Its Staff OneWeb said it had ex- cruise lines,aviation and other hausted itsfinancing to build established marketsable to pay out an orbiting constellation of higher servicefees. BY TOMIO GERON geographyand industry,” said through candidates.But many the company are taking up to roughly 70 spacecraftand was Therevisedmarketing con- ZipRecruiter Chief Executive companies have stopped hir- 50% pay cuts. seeking morecapital just as the cept reflected higher-than-an- Online-hiringmarketplace Ian Siegel. “The U.S. economy ing amid the uncertainty. Many startups are seeking coronavirus pandemic roiled fi- ticipated development costs ZipRecruiter Inc.iscutting is hurting and we regretfully ZipRecruiter executives told to cut costs as they prepare nancial marketsand shut and alonger deployment back roughly athirdofits have to do what is necessary the affected employees that foradrastic decrease in reve- swaths of the global economy. schedule.Industryofficials staff to trim costsamid the to make sure we are there for companies have drastically cut nue as aresult of the eco- SoftBank is OneWeb’slargest have said OneWeb needed to pandemic,according to people the great American comeback their hiring,and ZipRecruiter nomic fallout from the pan- creditor,owed$903 million, raise another $2 billion to build familiar with the situation. story to come.” expectstosee itsrevenue drop demic.Some venture andshareholder,according to out itsground network and es- SantaMonica-based ZipRecruiter had roughly belowprojections,the people investors, such as Sequoia court papers. tablish partnerships with lo- ZipRecruiter notified hundreds 1,200 full-time employees be- familiar with themattersaid. Capital, have urgedtheir com- OneWeb set up amanufac- caldistributors. of employees on Fridayvia fore the layoffs,one of these Theexecutives said the com- panies to preparefor apro- turing site near Florida’sKen- In court papers, OneWeb Zoom calls, as many of those people said. Thelayoffs and panyisn’t running out of cash, longed downturn. nedy SpaceCenter able to turn said it had reached adeal with affected were working re- indefinitefurloughs represent but is making the layoffs to con- ZipRecruiter has raised out satellites forroughly $1 SoftBank to use cash on hand motely, about pending layoffs more than 400 of employees, servecash, these people said. roughly $219 million in fund- million apiecewhile initiating to payfor immediatechapter 11 and furloughs,according to the person said. CEO Ian Siegel, in aFace- ing from WellingtonManage- work on ground stations and expenses. OneWeb ceased non- the companyand people famil- Jobseekerscan use book comment, wrote that he ment, IVP and other venture- inexpensiveantennas designed essential operations beforefil- iar with the conversations. ZipRecruiter to search and ap- made all the terminations per- capital firms,and waslast fordevelopingcountries.Air- ing forbankruptcy,going to 74 “Our customer base looks ply forjobs and employers can sonally over Zoom. He also valued at $1.5 billion in 2018, bus executives praised the pro- from 531 full-time employees. like the U.S. economy by size, post job listingsand look said he and other founders of according to PitchBook.

Turn it intoamini TV by Retired downloading videos and The Solid Marble streaming-video apps. Devices Get Old Smartphones Wireless Charger Manyofmytablet tips ap- #94656 ply to old phones.Consider-

A New Life JOURNAL ing,however, that the Apple TV remoteiseasier to lose

Perfect Classy Charger REET than an AirPod in an airplane Looks great on my granite ST

ContinuedfrompageB1 LL seat, Iopted to take my old, counter. —John on an open-source operating WA cracked iPhone 6and turn it system called Chromium OS, intoanextracontroller. and it works well on comput- Iwas able to use Apple’s ERN/THE

ers with less horsepower ST ownRemoteapp forthat, but than a tricycle. thereare loads of options de- ANNA

Google doesn’t offer JO pending on howyou mix and Chrome OS to install on A homemade stand makes an old iPad a portable video-chat center. match your devices.Rokuand older machines, but a com- Amazon’sFireTVhaveAn- pany called Neverware offers T400s,which still had work- features, youmight missse- droid and iOSapps that sup- CloudReady, a version of ing Wi-Fi, the Chrome curity updates.Apple releases port wirelessremotefeatures. Chromium that runs a browser sailed along patches forolder devices if it One very important thing: Chrome-like browser with all smoothly.Iwrote some of feels they arecritical. An- Disable iMessageand your the Google web apps you’d this column on the ThinkPad droid is much trickier because other Apple services. Last Special Offer want. You just can’t run An- keyboard. They don’tmake thereare so manydifferent thing youwant is constant droid apps, like on newer keyboards likethey used to. phone and tablet brands. pop-up messages. $20OFF Chromebooks. (Like Google’s My biggest issue? Thelap- As formyneighbor’s bat- Other thingsyou could do Chrome browser and top’sbattery barely holds a tery problem? It wasslowto with an old smartphone: any purchase of $99 or more use code WSCHARGE Chromebooks in general, the charge anymore. charge but seemed OK after Turn it intoasecurity by 6/14/20 privacy issues of using the that. Ibought her a 10-foot camerawith an app like web while logged in with a Old Tablets Lightning cord,soshe can Manything or AlfredCamera. Google account still apply.) My neighbor had lefther keep it pluggedintothe wall. Turn it intoagaming Thegreat news:Once 2012 iPad fordead in her at- Thereare lotsofthingsto and entertainment machine. you’veinstalled CloudReady tic.It’snow aliveand well. do with an old iPad but I Browse allour chargers on an old Mac or Windows She’dsaid it wastoo slow opted to makehomemade Old TVs PC,the only thing you’ll be to do anything and the bat- tablet stands and turn it into That oldTVofyoursmight andphoneaccessories missing is that new-laptop tery wasshot. Thefirst issue avideo-chat machine that’s not have a4K, HDR display, smell. Thebad news: Install- Isolved by restoring the iPad always ready forFaceTime but it could still makeagreat ing the software takessome to factorysettings. Save pho- with the grandparents. Iin- second monitor foryour new Online: www.hammacher.com/phone expertise and about an hour. tosand anything else that’s stalled Zoom, Google Hang- home office. You’ll just need Theprocess requires a important, then go to Set- outsand WhatsApp,for more the right dongles.Ineeded an newerWindows computer, tings/General/Reset/Erase All video-chat options. HDMI-to-USB-C dongle to Toll Free: 1-866-409-5548 Mac or Chromebook,which Content and Settings. Iup- Other thingstodowith an hook my MacBook Proupto youuse to load the software graded to the latest system old tablet: an old 40-inch Toshiba TV I ontoan8GB-or-largerUSB supported on the device— Turn it intoasecond had in the closet. Given the Hammacher Schlemmer drive. Afteryou go through good old iOS10, in this case. monitor using Apple’sown fact that it basically magnifies Guaranteeing theBest, theOnly, andthe Unexpected for 172 years. that process, youinstall the Thereare downsides to be- Sidecar tool or an app like everything on my Proscreen, software on the old laptop. ing on an older system. Not Duet (though check the re- Ifound it best to use it for On my 2009 LenovoThinkPad only do youmissthe latest quirements). watching videos. P2JW090000-0-B00500-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | B5 P2JW090000-0-B00600-1------XA

B6 | Monday, March 30, 2020 THE WALL STREET JOURNAL. BUSINESS & FINANCE Lenders Tighten Approval Standards

BY ANNAMARIA ANDRIOTIS said in aregulatoryfiling this able to use it when youneed AND PETER RUDEGEAIR month. it.” Small-businesslendersalso Ms.Coyle hasn’t submitted Banks andfinancial-technol- aregetting stingier with the extradocumentstoOn ogyfirms arestarting to credit. On Deck recently Deck and said LD3 is weighing toughen approval standards stopped making newloans to other options.Until the effects fornew loans to consumers movie theaters, hotels and of the coronavirus on itsbusi- and small businesses. nightclubs.Italso made other nesswereclearer and the com- LargeU.S.lendersincluding changes to “significantly pany had abetteridea howthe JPMorganChase &Co., Bank tighten underwriting stan- federal government would be of America Corp., Capital One dards,” the companysaid in a aiding smallbusinesses,LD3 Financial Corp.and Santan- regulatoryfiling last week. didn’t want to exploreaddi- derConsumer USAHoldings On Deck informed LD3 Inc., tional loans or lenders. Inc.are among the companies an auto-transport businessin On Deck said it placed a reviewing and revising certain Berthoud, Colo., last week,that “temporary hold” on LD3’s lending criteria, according to its$35,000 line of credit with credit line “inaccordancewith people familiar with the mat- YLE a24.9% annual percentagerate our disaster management pro- CO ter. Planned moves include ap- had been suspended, said co- cedures.” “By submitting up-

proving fewerconsumerswith DEBBIE owner Debbie Coyle.LD3 had dated financial information, lowercredit scores,asking for LD3, an auto-transport business in Colorado, is weighing its options after a credit line was put on hold. drawnonthat line intermit- this hold canberemoved, and moreincome documentation tently since2017, letting On we have discussed this with andplacing lowerspending defaultssoaring.The moves But lendersare reluctant to institutions at around the Deck recoup what it wasowed the customer who indicated limitsonnew credit cards. suggest at best apause and at take on additional risk from same time,asign consumers from LD3’schecking account they have no need foraddi- American Express Co.has worstanend to six-plus years newcustomers. arereaching forcredit lifelines everyweek,and had paid off tional credit at this time,” it scaled back financing offersto of abull runincredit, where “Even people who applied while they canstill getthem. alloutstanding balances by said. small businesses,according to financial firms have been eager [for credit] in the last two To makematters worse, early February. SquareCapital, the lending people familiar with the mat- to lend and underwriting stan- weeks aremorevulnerable manyAmericans were over- On Deck asked LD3 on arm of the paymentsprocessor ter. Fintech lenders Square dards forcredit cards, auto [now]than when they ap- stretched beforethe pandemic, March 20 to submit three runbyJack Dorsey,made loan Inc.and On Deck Capital Inc. loans and personal loans have plied,” said Brian Riley,direc- tapping credit cards, auto months of bank statements offerstosome small-business said this week they would do been relatively loose. torofcredit advisoryservices loansand student loans as and ascreenshot of itsbusi- customersearlier this month thesame. Lendersare scrutinizing ap- at Mercator AdvisoryGroup. costssoared over the past de- nesstransactions over the pre- but then didn’t fund them About half adozenlenders plications forcredit cardsand Loan solicitations by email cade but incomes largely failed vious few weeks if it wanted when customerstried to acti- that have found borrowers personal loans in particular have dropped forcredit cards to keep pace. On Deck to consider reopening vate them in recent days. through Fundera Inc., an on- because consumersoften turn and personal loans,according LendingClub Corp., an on- the credit line,according to ASquareCapital spokes- line marketplacefor small- to them when they areina to market-research firm Com- line lender that is oneofthe emails reviewedbyThe Wall woman said loan offersare ex- business loans,havepaused bind. They areusually unse- petiscan. AmEx,Bank of Amer- largest providersofpersonal Street Journal. On Deck told piring sooner in light of more newextensionsofcredit, said cured, which means lenders icaand JPMorganhavesent al- loans, said last week it would LD3 it had chosen to “mitigate recent datathe lender gleans FunderaCEO JaredHecht. have little recourse if abor- most no card solicitations in approvefewerloans from first- risk exposure” to businesses from processing customers’ “Lendershavezeroidea how rowerdefaults, and they can more than aweek. time applicants, requiremore that had little or no activity on payments. to assessrisk in this environ- be the firstloans people stop Thechanges could be most verification of income and em- their credit lines in the previ- At AmEx,manysalespeople ment,” Mr.Hecht said. “There paying when money is tight. painful forlow-wageworkers ployment status,and reduce ous 30 days. tasked with calling small busi- is no modelthat canpredict Many lenders said they such as wait staff and hotel approval ratesto“higher-risk “The thing that’sfrustrating nesses to offer cardshavebeen todayifIlend $1, will Iget would work with existing bor- employees uncertain when borrowerpopulations.” to me is the lack of support of told to stand down, according paid back?” rowers who ask forhelp.Some their next paycheck will arrive. “Like many other busi- small businesses that arehurt- to people familiar with the Lendersare concerned that lendersare increasing card Some lenderssay they have nesses during this period, we ing right now,” said Ms.Coyle, matter. Thecompanyalso has rising unemployment and apo- spending limitsordelaying noticed consumersapplying arefocused on retaining our 55 yearsold. “The whole point reduced itsnumber of loan of- tential recession will send loan due dates on loans. forcredit at several financial best customers,” the company of having acredit line is to be fers to small businesses.

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-P0QK0M K0 (LP !/'+(^ *P( O/+(L K0 (LP S/(KRP^ dented: Theindexhas swung KEARNEY 5.2% on averageeach dayin The NYSE floor wasshut lastweek but electronic trade continued. EA2 .8< ./6A -A5393<* =>1= /D1" ?41;%=;8@ 6](I>( *C DC< ,CDCS,(K March, on course to topthe 9(&(D*ID<>KC@<"(!@ ,C:D>(] @($I@*!D$ <"!> DC IGC:< <"!> DC(* 3(<<](E(D"C:]* G( *!@(,<(* ?*E!D!><@I(]J able three-dayrally last week, they arecoping with the coro- market crash—then-SEC chair- fPO/+P (LP X/0/+gfHP Y+PM/+c X^ 3//Q* g( (LP 60K(PQ manyinvestorsare still anxious navirus pandemic.“Maybe man David Ruder told reporters :(g(P* kK*(+KR( !/'+( O/+ (LP :/'(LP+0 kK*(+KR( /O SPe ;P,'P*(* O/+ (LP S/(KRP g0Q !HgK1 Z/+1 *L/'HQ as the U.S. death toll climbs and close aday or two…Calm the that trading might be halted. j/+I` kg0KPH manystatesare in lockdown. waters,ifyou will,” Sen. Joe It wasn’t, but some exchange !/'+(+//1 GF!` C\\ D .$=;#% @>#:4" 0D $DB=;hD" 1@ 1$41@@ 1$=;#% #% G_@CC_?BG_\?B\ well. Closing stock markets tryagree.Executives from some age90, later said the comment 0D>14C #C =>D 6D==4D'D%= ,41@@+ /D1" ?41;%=;8@@>#:4" 0D eee^4gHP:PR'+K(KP*UK(KMg(K/0^R/1 could triggeracascading series of the world’slargest asset had been amistake. $DB=;hD" 1@ ,41@@ 8D!BD@D%=1=;7D@ C#B =>D 6D==4D'D%= ,41@@+ of consequences that would ulti- managerstold the Bank of Eng- “You could actually be caus- W0,'K+KP*` /(LP+ (Lg0 +P,'P*(* O/+ (LP S/(KRP g0Q g0Q UPgQ !/'0*PH *L/'HQ fP g--/K0(PQ g* !Hg** !/'0*PH mately harm investors, financial land’snew governor in acon- ing morechaos by trying to O/+ (LP :P((HP1P0( !Hg**% bKKKa eLP(LP+ (LP #R(K/0 *L/'HQ !HgK1 Z/+1` *L/'HQ fP 1gQP (/ UPgQ !/'0*PH> executives and academics say. ferencecall earlier this month close the U.S. marketsdown,” fP QK*1K**PQ eK(L -+PJ'QKRP gMgK0*( kPOP0Qg0(*` g0Q "[;S:7[WS UW7=3W7i "[;Y[; . =>D 8D4D1@D@ @!D$;hD" 1%" "D@$B;0D" ;% =>D 6=;!:41=;#% With the stock market that financial marketsshould TerrenceDuffy, chairman and Y;=::T#SS UU< closed, investorswould be un- close fortwo weeks,although a chief executiveoffutures-ex- g0Q #M+PP1P0( /O :P((HP1P0( Qg(PQ ZPf+'g+c C` F\F\ g* V/L0 !^ "+/e0P` [*,^ g1P0QPQ ZPf+'g+c F\` F\F\ bg0Q K0 (LP S/(KRPa *L/'HQ GFCG #&P0'P /O (LP #1P+KRg*` DD(L ZH//+ able to sell securities in their majority of those on the call changeoperator CME Group fP M+g0(PQ% bK&a eLP(LP+ (LP -+/-/*PQ D 6D==4D'D%= ,41@@ 0& "Dh%;=;#% 1@ @D= C#B=> ;% =>D C:44 -#=;$D #C interest to keep the markets when World WarIbroke out in on U.S. stock exchanges forup bWa 0)I36I I) (I1=6.; ADVERTISE TODAY and ExchangeCommission. daytostopafinancial panic. jority of trading in stocks,op- $/1 $+./5 :6))/= (650 ,41@ ->?4/,@4>, -> "2->-,4 14/;A1<4 =-,. '6?<3C (+;6>=73+ @#%; (800)366-3975 /,"!)4 14,A1>/3 #44+->0 5"1,-4/ ->,414/,46 -> )I> 0<+ -BA *6336I.5C> NewYork Stock Ex- 1933,afar greater shareofthe This means that as the NYSE Formoreinformation visit: ->?4/,->0 -> %;1,. *"+;," 2"1@)">63 $4,A1>/ '+=30<4=>+ "0=))6.? &./J;0>C change, owned by Interconti- U.S. population owns stocks, and other exchanges have 0"->46 ,.1;A0. <"/. 14>, ;1 /."14<1;5 )4"/43 wsj.com/classifieds 87B8 (:<.">04 ;5,-;>/ "?"-)"!)43 ,AG9E8K98GEA nental Exchange Inc., and Nas- which means manymore closed their floors in recent ';1 "66-,-;>") ->2;1@",-;> /449 H6;602 FFFD%I4J1!+.+.D4I1 daq Inc.havealso said they are households would be affected. weeks due to coronavirus,trad- ,,,7395;0)/-65<372;< ©2020Dow Jones &Company,Inc. 960)491395;0)/72;< 0I.C:3I4J10+.+.D4I1 All Rights Reserved. committedtokeeping their ex- Some on Wall Street fear that ing has continued with few no- changes open. even mentioning theidea of ticeable effects. P2JW090000-0-B00700-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | B7 MARKETS DIGEST

Dow Jones Industrial Average S&P 500 Index New to the Market Last Year ago Last Year ago 21636.78 s2462.80, or 12.84% last weekTrailing P/E ratio 16.83 17.94 2541.47 s236.55, or 10.26% last week Trailing P/E ratio * 20.11 21.24 Public Offerings of Stock High, low, open and close for each of P/E estimate * 15.12 15.89 High, low, open and close for each of P/E estimate * 15.82 17.03 the past 52 weeks Dividend yield 3.02 2.24 the past 52 weeks Dividend yield * 2.41 1.96 IPOs in the U.S. Market All-time high 29551.42, 02/12/20 All-time high 3386.15, 02/19/20 None expected this week

Current divisor 0.14744568353097 30000 3400 Lockup Expirations Below, companies whose officers and other insiders will become eligible 28000 3200 to sell shares in their newly public companies for the first time. Such 65-day moving average sales can move the stock’s price. 65-day moving average 26000 3000 Lockup Offer Offer amt Through Lockup expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision 200-day moving average March 30Oct. 2, ’19 Viela Bio Inc VIE 19.00 150.0 87.4 180 days 24000 2800 Oct. 2, ’19 Aprea Therapeutics Inc APRE 15.00 75.0 131.7 180 days Week's high Oct. 2, ’19 Frequency Therapeutics Inc FREQ 14.00 100.5 41.3 180 days DOWN UP 22000 200-day moving average 2600 Monday's open Friday's close Sources: Dealogic; WSJ Market Data Group t Friday's close Monday's open 20000 2400 IPO Scorecard t Performance of IPOs, most-recent listed first Week's low 18000 2200 % Chg From % Chg From Company SYMBOL Friday3s Offer 1st-day Company SYMBOL Friday3s Offer 1st-day Bars measure the point change from Monday's open IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close 16000 2000 Imara 15.98 –0.1 6.5 Passage Bio 12.53 –30.4 –43.6 MA M J J A S O N D J F M MA M J J A S O N D J F M IMRA March 12/$16.00 PASG Feb. 28/$18.00 DFP Healthcare Acquisitions 9.85 –1.5 –3.4 Zhongchao 2.41 –39.7 –39.7 Primary NYSE weekly volume, in billions of shares t DFPHU March 9/$10.00 ZCMD Feb. 24/$4.00 market t Composite Financial Flashback 36 Flying Eagle Acquisition 10.02 0.2 –3.7 dMY Technology Grp 9.90 –1.0 –4.3 24 The Wall Street Journal, March30, 2000 FEAC.U March 6/$10.00 DMYT.UT Feb. 21/$10.00 12 TheNasdaq compositeplunged189.22, or 3.91%, to 4644.67, LifeSci Acquisition 9.85 –1.5 –3.9 East Stone Acquisition 9.87 –1.4 –1.4 0 as the push continuedtotakeprofits in technology highfliers. LSACU March 6/$10.00 ESSCU Feb. 20/$10.00 MA M J J A S O N D J F M The DowJones Industrial Average rose 82.61to11018.72. GFL Environmental 14.96 –21.3 –11.0 Churchill Capital III 10.15 1.5 –3.4 GFL March 2/$19.00 CCXX.UT Feb. 14/$10.00

Major U.S. Stock-Market Indexes Nasdaq Composite Sources: Dow Jones Market Data; FactSet Latest Week 52-Week % chg s 622.86, or 9.05% Other Stock Offerings High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann. last week Dow Jones Secondaries and follow-ons expected this week in the U.S. market Industrial Average 22595.06 18213.65 21636.78 2462.80 12.84 18591.93 l 29551.42 -16.6 -24.2 1.7 None expected this week Transportation Avg 8148.98 6504.56 7699.18 861.46 12.60 6703.63 l 11304.97 -26.0 -29.4 -4.8 7700 Utility Average 786.14 593.52 758.93 112.80 17.46 610.89 l 960.89 -2.5 -13.7 2.6 Off the Shelf Total Stock Market 26536.78 21961.48 25585.47 2480.17 10.73 22462.76 l 34631.28 -12.4 -22.6 1.8 “Shelf registrations” allow a company to prepare a stock or bond for Barron's 400 547.69 455.11 525.37 56.44 12.04 455.11 l 746.64 -23.5 -28.3 -5.3 7300 sale, without selling the whole issue at once. Corporations sell as conditions become favorable. Here are the shelf sales, or takedowns, Nasdaq Stock Market over the last week: 6900 Nasdaq Composite 7809.82 6631.42 7502.38 622.86 9.05 6860.67 l 9817.18 -2.9 -16.4 8.7 Takedown date/ Deal value Nasdaq 100 7913.11 6771.91 7588.37 594.08 8.49 6978.02 l 9718.73 2.8 -13.1 12.2 Issuer/Industry Registration date ($ mil.) Bookrunner(s) 6500 S&P Baudax Bio Inc March 24 $25.0 JMP Securities LLC, 20 23 24 25 26 27 Healthcare Dec. 6,319 Oppenheimer Inc 500 Index 2637.01 2191.86 2541.47 236.55 10.26 2237.40 l 3386.15 -10.3 -21.3 2.8 March Cel-Sci Corp March 23 $7.7 Aegis Cptl MidCap 400 1472.09 1181.96 1422.92 164.19 13.04 1218.55 l 2106.12 -25.0 -31.0 -5.6 DJ US TSM Healthcare Aug. 3,318 SmallCap 600 701.58 577.38 669.88 65.29 10.80 595.67 l 1041.03 -28.7 -34.4 -6.8 s 2480.17, or 10.73% Alexco Resource Corp March 25 $5.2 Cormark Securities Inc, Mining Aug. 24,318 Cantor Fitzgerald & Co Other Indexes last week Howard Hughes Corp March 27 $100.0 BofA Securities, JPM, WFS Russell 2000 1180.32 966.43 1131.99 118.10 11.65 991.16 l 1705.22 -26.5 -32.2 -5.9 Real Estate/Property March 27,320 NYSE Composite 10556.90 8664.94 10187.21 1054.05 11.54 8777.38 l 14183.2 -19.8 -26.8 -3.7 Value Line 369.37 298.42 351.87 38.19 12.17 305.71 l 562.05 -34.0 -36.3 -11.7 26250 NYSE Arca Biotech 4438.35 3820.13 4339.93 367.92 9.26 3855.67 l 5313.05 -15.4 -14.4 7.0 Public and Private Borrowing NYSE Arca Pharma 563.67 488.45 550.70 35.54 6.90 494.36 l 670.32 -8.6 -15.7 2.4 24500 Treasurys KBW Bank 70.39 55.40 67.61 7.05 11.64 56.19 l 114.12 -27.7 -40.4 -9.2 PHLX§ Gold/Silver 93.26 70.78 81.81 11.69 16.67 66.14 l 111.51 7.1 -23.5 -1.4 Monday, March 30 Thursday, April 2 22750 PHLX§ Oil Service 28.09 22.30 24.82 1.943 8.49 21.47 l 102.39 -73.8 -68.3 -46.5 Auction of 13 and 26 week bills; Auction of 4 and 8 week bills; PHLX§ Semiconductor 1574.62 1280.75 1488.75 190.21 14.65 1286.84 l 1979.5 6.7 -19.5 14.0 announced on March 26; settles on April 2 announced on March 31; settles on April 7 CBOE Volatility 76.74 36.24 65.54 -0.50 -0.76 11.54 l 82.69 378.0 375.6 73.7 21000 20 23 24 25 26 27 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data March A Week in the Life of the DJIA Alook at how the Dow Jones Industrial Average component stocks International Stock Indexes Commodities and did in the past week and how much each moved the index. The DJIA Currencies gained 2,462.80 points, or 12.84%, on the week. A$1change in the Latest Week 52-Week Range YTD YTD Region/Country Index Close % chg Low Close High % chg Last Week price of any DJIA stock =6.78-point change in the average. To date, a Close Net chg % Chg % chg $1,000 investment on Dec. 31 in each current DJIA stock component World The Global Dow 2444.65 10.74 2138.97 3300.22 –24.8 • DJ Commodity 473.97 7.80 1.67 -26.21 would have returned $22,936, or aloss of 23.55%, on the $30,000 DJ Global Index 333.35 10.32 292.30 • 444.78 –23.2 TR/CC CRB Index 123.88 -0.0004-0.0003 -33.32 investment, including reinvested dividends. DJ Global ex U.S. 199.03 9.85 174.38 • 267.54 –24.5 Crude oil, $ per barrel 21.51 -1.12 -4.95 -64.77 Americas DJ Americas 585.01 10.59 512.68 796.10 –23.1 The Week’s Action • Natural gas, $/MMBtu 1.634 0.030 1.87 -25.35 Brazil Sao Paulo Bovespa 73428.78 9.48 63569.62 • 119527.63 –36.5 Pct Stock price Point chg $1,000 Invested(year-end '19) Gold, $ per troy oz. 1623.90 139.90 9.43 6.87 chg (%) change in average* Company Symbol Close $1,000 Canada S&P/TSX Comp 12687.74 7.05 11228.49 • 17944.06 –25.6 70.51 66.99 454.34 Boeing BA $162.00 Mexico S&P/BMV IPC 33799.49 –1.37 32964.22 • 45902.68 –22.37 U.S. Dollar Index 98.31 -4.51 -4.39 1.99 $500 25.24 38.40 260.43 Home Depot HD 190.55 879 Chile Santiago IPSA 2281.10 4.11 2045.49 • 3865.98 –31.6 WSJ Dollar Index 93.17 -3.63 -3.75 4.03 23.40 15.78 107.02 Nike NKE 83.23 824 EMEA Stoxx Europe 600 310.90 6.09 279.66 • 433.90 –25.2 Euro, per dollar 0.8978 -0.0371 -3.97 0.68 19.71 14.61 99.09 American Express AXP 88.73 715 Stoxx Europe 50 2639.82 5.59 2383.14 • 3539.12 –22.4 Yen, per dollar 107.94 -2.88 -2.60 -0.64 17.71 14.62 99.16 United Technologies UTX 97.15 652 Eurozone Euro Stoxx 297.02 6.52 261.53 • 421.34 –26.5 U.K. pound, in dollars 1.24 0.0808 6.94 -6.13 Euro Stoxx 50 2728.65 7.07 2385.82 3865.18 –27.1 17.36 35.86 243.21 UnitedHealth Group UNH 242.45 828 • 52-Week Austria ATX 1985.97 5.12 1630.84 • 3301.38 –37.7 Low Close(l) High % Chg 15.81 9.39 63.68 Chevron CVX 68.78 577 Belgium Bel-20 2862.79 3.29 2528.77 • 4198.31 –27.6 DJ Commodity 14.40 19.93 135.17 Goldman Sachs GS 158.34 693 France CAC 40 4351.49 7.48 3754.84 6111.24 –27.2 451.81 l 647.86 -23.67 • 14.27 6.54 44.36 Intel INTC 52.37 879 Germany DAX 9632.52 7.88 8441.71 • 13789.00 –27.3 TR/CC CRB Index 120.34 l 189.66 -32.58 13.25 12.64 85.73 IBM IBM 108.03 814 Greece Athex Composite 550.85 –0.77 484.40 • 948.64 –39.9 Crude oil, $ per barrel 20.37 l 66.30 -64.23 12.86 4.21 28.55 Exxon Mobil XOM 36.95 Israel Tel Aviv 1281.24 4.14 1171.21 • 1751.79 –23.9 Natural gas, $/MMBtu 1.602 l 2.862 -38.62 537 Italy FTSE MIB 16822.59 6.93 14894 25478 –28.4 12.12 10.42 70.67 Walt Disney DIS 96.40 667 • Gold, $ per troy oz. 1269.30 l 1674.50 25.59 Netherlands AEX 464.93 7.63 404.10 • 629.23 –23.1 11.78 4.51 30.59 Coca-Cola KO 42.81 780 Portugal PSI 20 3942.86 7.43 3596.08 • 5435.85 –24.4 U.S. Dollar Index 94.90 l 102.82 1.05 11.66 10.44 70.81 Travelers TRV 99.95 735 Russia RTS Index 955.34 3.37 832.26 • 1646.60 –38.3 WSJ Dollar Index 89.47 l 97.02 3.39 10.45 15.52 105.26 McDonald’s MCD 164.01 835 South Africa FTSE/JSE All-Share 42946.83 6.64 37963.01 • 59544.80 –24.8 Euro, per dollar 0.8742 l 0.9352 0.72 10.41 9.94 67.41 Caterpillar CAT 105.44 Spain IBEX 35 6777.90 5.19 6107.2 • 10083.6 –29.0 719 Yen, per dollar 102.37 l 112.20 Sweden OMX Stockholm 529.96 4.93 478.95 • 732.67 –22.2 -2.62 10.03 14.73 99.90 Visa V 161.56 861 Switzerland Swiss Market 8996.37 4.32 8160.79 • 11263.01 –15.3 U.K. pound, in dollars 1.15 l 1.33 -4.51 9.14 7.63 51.75 JPMorgan Chase JPM 91.13 658 U.K. FTSE 100 5510.33 6.16 4993.89 • 7686.61 –26.9 9.04 3.22 21.84 Cisco Systems CSCO 38.82 815 Asia-Pacific Real-time U.S. stock 8.99 12.35 83.76 Microsoft MSFT 149.70 952 quotes are available on Australia S&P/ASX 200 4842.40 0.54 4546.0 • 7162.5 –27.6 8.07 18.50 125.47 Apple AAPL 247.74 846 WSJ WSJ.com. Track most- China Shanghai Composite 2772.20 0.97 2660.17 • 3270.80 –9.1 7.56 7.74 52.49 Procter & Gamble PG 110.17 887 .COM active stocks, new Hong Kong Hang Seng 23484.28 2.98 21696.13 • 30157.49 –16.7 6.69 8.35 56.63 3M MMM 133.24 762 India S&P BSE Sensex 29815.59 –0.34 25981.24 41952.63 –27.7 highs/lows, mutual • 6.51 1.89 12.82 Pfizer PFE 30.90 797 Japan Nikkei Stock Avg 19389.43 17.14 16552.83 • 24083.51 –18.0 funds and ETFs. 4.08 1.12 7.60 Dow DOW 28.56 531 Malaysia FTSE Bursa Malaysia KLCI 1343.09 3.05 1219.72 • 1691.00 –15.5 Plus, get deeper money-flows data and Singapore Straits Times 2528.76 4.90 2233.48 • 3407.02 –21.5 email delivery of key stock-market 2.73 3.27 22.18 Johnson & Johnson JNJ 123.16 850 South Korea Kospi 1717.73 9.68 1457.64 • 2267.25 –21.8 data. 1.87 0.97 6.58 Verizon VZ 52.77 868 Taiwan TAIEX 9698.92 5.03 8681.34 12179.81 –19.2 • All are available free at 0.52 0.37 2.51 Merck MRK 71.73 795 Source: FactSet; Dow Jones Market Data WSJMarkets.com –3.85 –4.39 –29.77 WalMart WMT 109.58 926 –5.21 –2.42 –16.41 Walgreens WBA 44.00 753

*Based on Composite price. DJIA is calculated on primary-market price. Consumer Rates and Returns to Investor Benchmark Yields and Rates Source: Dow Jones Market Data; FactSet. U.S. consumer rates Selected rates Treasury yield curve Forex Race A consumer rate against its 5-year CDs Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. Currencies benchmark over the past year notes and bonds major U.S. trading partners Bankrate.com avg†: 0.93% U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Colorado Federal Savings Bank 1.75% 3.00% One year ago 8% Fri YTD chg Fri YTD chg 2.00% Greenwood Village, CO 877-484-2372 t 2.50 Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)

Barclays 1.85% 2.00 WSJ Dollar index Americas Vietnam dong .00004233 23623 1.9

4 s t 1.50 Wilmington, DE 888-710-8756 1.50 Argentina peso .0155 64.3290 7.4 Europe Five-year CD yields Czech Rep. koruna .04069 24.579 8.4 1.00 Goldman Sachs Bank USA 1.90% Tradeweb ICE Friday Close 1.00 0 Brazil real .1961 5.0998 26.9 Canada dollar .7151 1.3984 7.7 Denmark krone .1492 6.7022 0.6 New York, NY 855-730-7283 t 0.50 Chile peso .001196 836.00 13.1 Euro area euro 1.1139 .8978 0.7 Federal-funds s 0.50 American Express National Bank 2.00% –4 s Colombiapeso .000249 4020.34 22.5 Hungary forint .003125 320.05 8.4 target rate t 0.00 Yen Euro New York, NY 866-805-8663 Ecuador US dollar 11unch Iceland krona .007218 138.55 14.4 0.00 –0.50 –8 Mexico peso .0427 23.3919 23.6 Norway krone .0954 10.4874 19.5 A M J J A S O N D J F M Discover Bank 2.10% Poland zloty .2455 4.0731 7.4 1 3 6 1 2 3 5 710 30 2019 2020 Uruguay peso .02297 43.5300 17.2 2019 2020 Santa Barbara, CA 800-347-7000 month(s) years Asia-Pacific Russia ruble .01270 78.741 26.9 Sweden krona .1010 9.9021 5.7 Australian dollar .6161 1.6231 13.9 Yield/Rate (%) 52-Week Range (%) 3-yr chg maturity Switzerland franc 1.0517 .9508 –1.7 China yuan .1409 7.0964 1.9 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Turkey lira .1549 6.4540 8.5 Hong Kong dollar .1290 7.7516 –0.5 Ukraine hryvnia .0357 27.9994 18.3 Federal-funds rate target 0.00-0.25 1.00 l 2.25 India rupee .01325 75.472 5.8 0.00-0.25 -0.75 UK pound 1.2447 .8034 6.5 Corporate Borrowing Rates and Yields Indonesia rupiah .0000620 16140 16.3 Prime rate* 3.25 3.25 3.25 l 5.50 -0.75 Middle East/Africa Spread +/- Treasurys, Japan yen .009264 107.94 –0.6 Libor, 3-month 1.45 1.20 0.74 l 2.60 0.30 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .002242 446.10 16.8 Bahrain dinar 2.6547 .3767 –0.1 Money market, annual yield 0.35 0.37 0.35 l 0.78 0.01 Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1252 7.9848 –0.4 Egypt pound .0635 15.7444 –1.9 Malaysia ringgit .2311 4.3276 5.8 Israel shekel .2805 3.5656 3.2 Five-year CD, annual yield 0.93 1.05 0.93 l 2.03 -0.35 U.S.Treasury,Barclays 0.610 0.82012.97 5.77 New Zealand dollar .6030 1.6584 11.6 Kuwait dinar 3.1934 .3131 3.3 30-year mortgage, fixed† 3.84 4.01 3.52 l 4.34 -0.31 U.S. Treasury Long,Barclays 1.290 1.56033.19 13.37 Pakistan rupee .00605 165.340 6.7 Oman sul rial 2.5960 .3852 0.1 15-year mortgage, fixed† 3.32 3.40 2.95 l 3.73 -0.01 Aggregate,Barclays 1.670 2.180n.a. 39 127 8.27 4.64 Philippines peso .0196 51.123 0.8 Qatar rial .2757 3.628 –0.4 Singapore dollar .7007 1.4272 6.0 Saudi Arabia riyal .2663 3.7559 0.1 Jumbo mortgages, $510,400-plus† 4.09 3.54 l 4.71 Fixed-Rate MBS,Barclays 1.360 2.280n.a. 35 132 6.85 4.05 3.90 -0.78 South Korea won .0008246 1212.73 5.0 South Africa rand .0567 17.6300 25.9 Five-year adj mortgage (ARM)† 3.53 3.57 3.32 l 4.78 0.13 High Yield 100,ICE BofA 8.613 9.994 808 271 1018-8.94 0.13 Sri Lanka rupee .0053112 188.28 3.8 Close Net Chg % Chg YTD % Chg New-car loan, 48-month 4.40 4.42 4.38 l 4.81 1.06 Muni Master,ICE BofA 1.687 3.441 15 -12 19 4.673.93 Taiwan dollar .03312 30.196 0.9 Thailand baht .03074 32.530 9.3 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 6.519 7.149 573 277 662 -5.29 0.37 WSJ Dollar Index 93.17 –0.82–0.88 4.03 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Sources: Tullett Prebon, Dow Jones Market Data P2JW090000-0-B00800-1------XA

B8 | Monday, March 30, 2020 THE WALL STREET JOURNAL. CLOSED‑END FUNDS

Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo Prem12 Mo 52 wk measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret Unlike open-end funds, closed-ends generally do not BlRck Core Bond BHK 14.25 13.80 -3.2 5.2 PIMCO IncmStrFd PFL NA 8.46 NA 9.7 BR MuniYld CA Qly MCA 15.06 13.06 -13.3 3.9 buy their shares back from investors who wish to cash Gabelli Healthcare GRX 9.88 8.31 -15.9 -16.3 1WS Credit Income NA NA NA NS in their holdings. Instead, fund shares trade on a stock BR Credit Alloc Inc BTZ 12.39 11.50 -7.2 6.4 PIMCO IncmStrFd II PFN NA 7.62 NA 9.5 BR MuniYld MI Qly MIY 15.21 13.28 -12.7 4.1 AlphCntrc Prime Merid In NA NA NA NS exchange. NA signifies that the information is not Gab Utility GUT 3.80 6.25 +64.5 1.8 J Han Income JHS 14.07 13.61 -3.3 4.6 Putnam Mas Int PIM 4.10 3.90 -4.9 8.3 BR MuniYld NJ MYJ 15.13 13.61 -10.0 4.7 available or not applicable. NS signifies fund not in GAMCOGlGold&NatRes GGN 3.11 2.90 -6.8 -22.4 Angel Oak Str Crdt:Inst NA NA NA 6.6 existence of entire period. 12 month yield is computed MFS Intmdt MIN 3.89 3.59 -7.7 9.2 Putnam Prem Inc PPT 4.53 4.15 -8.4 8.3 BR MuniYld NY Qly MYN 13.89 12.25 -11.8 3.8 Prem12 Mo by dividing income dividends paid (during the previous J Han Finl Opptys BTO 18.73 19.14 +2.2 -35.3 Western Asset Inf-Lk Inc WIA Wells Fargo Multi-Sector ERC 10.51 9.53 -9.3 10.1 twelve months for periods ending at month-end or NA 10.55 NA 3.3 EVCAMuniBd EVM 12.33 10.57 -14.3 4.0 Fund (SYM) NAV Close /Disc Yld Neuberger Brmn MLP & EI NML 2.38 1.98 -16.8 -72.3 during the previous fifty-two weeks for periods ending Western Asset Inf-Lk O&I WIW NA 9.97 NA 3.7 World Income Funds Eaton Vance NY Muni Bd ENX 13.08 11.55 -11.7 3.9 at any time other than month-end) by the latest NubrgrRlEstSec NRO 3.45 3.28 -4.9 -27.6 Axonic Alternative Inc NA NA NA 3.5 month-end market price adjusted for capital gains Loan Participation Funds Abrdn AP IncFd FAX 4.14 3.38 -18.4 5.1 InvCaValMuIncTr VCV 13.01 11.13 -14.5 4.3 Nuv Dow 30 Dyn Overwrite DIAX 13.32 12.32 -7.5 -26.3 Blackstone/GSO FR EI D NA NA NA 6.4 distributions. Apollo Senior Floating AFT NA 11.18 NA 8.1 BrndywnGLB Glb Inc Oppts BWG NA 10.25 NA 6.0 InvPAValMuIncTr VPV 13.62 12.14 -10.9 4.7 Source: Lipper Nuveen Engy MLP Tot Rtn JMF Blackstone/GSO FR EI I NA NA NA 6.7 1.27 1.52 +19.7 -82.4 BR Debt Strategy DSU 9.37 8.13 -13.2 7.9 EtnVncStDivInc EVG NA 10.75 NA 6.9 Friday, March 27, 2020 InvTrInvGrNYMu VTN 13.85 12.00 -13.4 4.4 Blackstone/GSO FR EI T NA NA NA 6.2 Nuveen Nasdaq 100 Dyn Ov QQQX 19.42 18.41 -5.2 -10.9 MS EmMktDomDebt EDD 6.36 5.32 -16.4 8.9 52 wk BR F/R Inc Str FRA 11.26 9.80 -13.0 7.0 Nuveen CA AMT-F Qual MI NKX 16.12 13.69 -15.1 3.9 Blackstone/GSO FR EI T-I NA NA NA NS Prem Ttl Nuv Real Est JRS 7.75 6.91 -10.8 -27.8 PIMCO Dyn Crd & Mrt Inc PCI NA 16.74 NA 10.6 BlackRock Floatng Rt Inc BGT 10.92 9.37 -14.2 6.8 Nuveen CA Val NCA 10.58 9.70 -8.3 3.2 Blackstone/GSO FR EI U NA NA NA NS Fund (SYM) NAV Close /Disc Ret Nuveen Rl Asst Inc & Gro JRI 11.81 10.18 -13.8 -31.2 PIMCO Dynamic Income PDI NA 23.11 NA 10.3 Blackstone / GSO Strat BGB NA 10.03 NA 9.8 NuveenCAQtyMuInc NAC 15.61 13.38 -14.3 4.2 Blstn Commnty Dev 9.10 NA NA 3.4 General Equity Funds NuvS&P500DynOvFd SPXX NA 11.56 NA -19.6 PIMCO Income Opportunity PKO NA 19.57 NA 8.9 Blackstone/GSO Sr Flt Rt BSL NA 10.97 NA 8.5 Nuveen MD Qual Muni Inc NMY 14.59 12.50 -14.3 3.8 BNYM Alcntr Glb MS Cr Fd 69.36 NA NA NS Adams Diversified Equity ADX 14.37 12.40 -13.7 -6.1 NuvSP500BuyIncFd BXMX 10.97 10.20 -7.0 -16.5 PIMCO Stratg Inc RCS NA 6.33 NA 9.4 Eagle Point Credit ECC NA 7.98 NA 17.8 Nuveen MI Qual Muni Inc NUM 15.69 13.36 -14.9 3.7 CLIFFWATER CL FD;I 9.88 NA NA NS Boulder Growth & Income BIF 10.79 9.18 -14.9 -11.7 ReavesUtilityIncome UTG 27.08 28.06 +3.6 -11.3 Templeton Em Inc TEI 8.80 7.55 -14.2 8.9 EtnVncFltRteInc EFT NA 9.57 NA 7.9 NuvNJ Qual Muni Inc NXJ 15.92 13.31 -16.4 4.3 CNR Strategic Credit 7.87 NA NA 7.4 Central Secs CET NA 27.08 NA -1.4 RMRRealEstInc RIF 13.40 10.61 -20.8 -37.8 Templtn Glbl Inc GIM 6.29 5.45 -13.4 6.8 EV SenFlRtTr EFR NA 9.47 NA 7.8 Nuveen NY AMT/Fr Qual MI NRK 14.37 12.45 -13.4 3.9 FedProj&TrFinanceTendr 9.79 NA NA 4.1 CohenStrsCEOppFd FOF 9.76 9.24 -5.3 -18.7 Tortoise Enrgy Infra Crp TYG NA 2.39 NA -88.5 EVSnrIncm EVF NA 4.35 NA 7.1 WstAstEmergDebt EMD NA 10.48 NA 8.7 FS Global Crdt Opptys D NA NA NA 6.9 Tortoise Ess Asst Inc Tm TEAF NA 9.85 NA -46.8 Nuveen NY Qual Muni Inc NAN 14.91 12.70 -14.8 3.9 EVTxAdvDivIncm EVT NA 17.06 NA -17.3 FT/Sr Fltg Rte Inc 2 FCT 10.89 9.19 -15.6 7.4 Western Asset Gl Cr D Op GDO NA 13.67 NA 7.1 Garrison Capital Inc GARS NA 1.80 NA NA Tortoise Midstream Enrgy NTG NA 0.99 NA -91.9 Nuveen OH Qual Muni Inc NUO 17.05 14.52 -14.8 3.4 GabelliDiv&IncTr GDV 16.60 14.67 -11.6 -26.4 FT/Sr Fltg Rte 2022 TgTr FIV 7.72 6.85 -11.3 4.0 National Muni Bond Funds Schrdrs Opp Inc;A 21.76 NA NA NS Income & Preferred Stock Funds Nuveen PA Qual Muni Inc NQP 15.40 13.30 -13.6 4.1 Gabelli Equity Tr GAB 3.80 4.45 +17.1 -18.5 Highland Income HFRO 12.55 8.52 -32.1 7.7 AllBerNatlMunInc AFB NA 12.85 NA 3.9 Schrdrs Opp Inc;A2 NA NA NA NS CalamosStratTot CSQ 9.94 9.90 -0.4 -13.4 Nuveen VA Qlty Mun Inc NPV 14.52 12.82 -11.7 3.6 GeneralAmer GAM 32.39 27.76 -14.3 -11.0 InvDYCrOpp VTA 9.31 8.05 -13.5 7.5 BlckRk Inv Q Mun BKN 15.51 14.90 -3.9 4.3 Schrdrs Opp Inc;I 21.76 NA NA NS CohenStrsLtdDurPref&Inc LDP 20.20 20.06 -0.7 -8.6 PIMCO CA PCQ NA 14.13 NA 4.7 JHancockTaxAdvDiv HTD 18.97 17.79 -6.2 -23.4 InvSnrIncTr VVR 3.72 3.19 -14.2 6.7 BlackRock Muni 2030 Tgt BTT 24.93 22.12 -11.3 3.0 Schrdrs Opp Inc;SDR 21.76 NA NA NS CohenStrsSelPref&Income PSF 20.97 22.99 +9.6 -6.9 PIMCOCAMuniII PCK NA 8.43 NA 4.1 Librty AllStr Eq USA 5.06 4.89 -3.4 -11.2 Nuveen Credit Strat Inc JQC 6.19 5.28 -14.7 17.5 BlackRock Muni BFK 13.58 12.45 -8.3 4.7 Invesco Sr Loan A 5.30 NA NA 4.8 FirstTrIntDurPref&Inc FPF 18.36 16.79 -8.6 -17.3 BlackRock Muni II BLE 14.04 12.67 -9.8 4.7 52 wk Royce Micro-Cap Tr RMT 6.39 5.65 -11.6 -24.4 NuvFloatRateIncFd JFR 8.15 7.17 -12.0 7.9 Prem Ttl Invesco Sr Loan C 5.32 NA NA 4.1 JHanPrefInc HPI 15.03 16.40 +9.1 -22.0 Royce Value Trust RVT 11.01 9.92 -9.9 -21.7 NuvFloatRteIncOppty JRO 8.10 7.00 -13.6 8.0 BlckRk Muni Inc Qly BYM 14.81 13.29 -10.3 4.1 Fund (SYM) NAV Close /Disc Ret Invesco Sr Loan IB 5.30 NA NA 5.1 JHPrefIncII HPF 14.76 15.82 +7.2 -21.9 Source Capital SOR 35.46 31.17 -12.1 -11.0 Nuveen Senior Income NSL 4.82 4.14 -14.1 8.0 BR MuniAssets Fd MUA 13.41 13.13 -2.1 4.0 Specialized Equity Funds Invesco Sr Loan IC 5.30 NA NA 4.9 HnckJPfdInco III HPS 13.20 14.03 +6.3 -19.2 Tri-Continental TY 23.90 20.92 -12.5 -14.3 PionrFltRate Tr PHD 9.05 7.60 -16.0 6.5 BR MuniEnhanced MEN 11.63 10.62 -8.7 4.2 Bluerock Total Inc+ RE:A 30.34 NA NA 6.4 Invesco Sr Loan Y 5.30 NA NA 5.1 J Han Prm PDT 11.02 12.20 +10.7 -20.6 Specialized Equity Funds High Yield Bond Funds BR MuniHoldings Qly MFL 13.93 12.34 -11.4 4.1 Bluerock Total Inc+ RE:C 29.03 NA NA 5.7 Sierra Total Return:T NA NA NA 6.6 LMP CapInco SCD NA 8.39 NA -26.9 BR MH Qly 2 MUE Aberdeen Glb Prem Prop AWP 4.99 4.38 -12.2 -20.4 AllianceBernGlHiIncm AWF 10.61 9.35 -11.9 6.9 13.36 11.95 -10.6 4.2 Bluerock Total Inc+ RE:I 30.86 NA NA 6.7 High Yield Bond Funds Nuveen Pref & Inc Opp JPC 7.39 7.05 -4.6 -20.2 BR MuniHoldngs MHD 15.87 15.62 -1.6 4.5 Adams Natural Resources PEO 9.90 8.49 -14.2 -45.6 Barings Glb SD HY Bd BGH 12.31 10.94 -11.1 10.8 Bluerock Total Inc+ RE:L 30.13 NA NA 6.2 Griffin Inst Access Cd:A NA NA NA 6.9 Nuveen Fd JPS 7.59 7.06 -7.0 -15.7 BR MuniVest Fd MVF 9.08 8.20 -9.7 4.7 Griffin Inst Access Cd:C GI NFJ DivInt&PremStr NFJ 11.02 9.71 -11.9 -13.0 BR Corporate HY HYT 9.21 8.44 -8.4 8.5 Clarion Partners REI D NA NA NA NS NA NA NA 6.8 Nuveen Pref & Inc Term JPI 18.64 17.85 -4.2 -15.0 BR MuniVest 2 MVT 14.26 13.60 -4.6 4.6 Griffin Inst Access Cd:F NA NA NA 6.8 ASA Gold & Prec Met Ltd ASA NA 10.84 NA 5.9 BlackRock Ltd Dur Inc BLW 13.52 12.02 -11.1 7.0 Clarion Partners REI I NA NA NA NS Nuveen TxAdvDivGr JTD 12.20 11.30 -7.4 -23.5 BR MuniYield Fd MYD 13.99 12.92 -7.6 4.6 Griffin Inst Access Cd:I NA NA NA 6.8 BR Enh C&I CII 14.14 13.04 -7.8 -11.9 BNY Mellon Hi Yield Str DHF 2.53 2.19 -13.4 9.0 Clarion Partners REI S NA NA NA NS TCW Strat Income TSI NA 5.03 NA -3.4 BR MuniYield Qlty MQY 15.50 13.94 -10.1 4.2 Griffin Inst Access Cd:L NA NA NA 6.9 BlackRock Energy & Res BGR 7.04 5.96 -15.3 -46.4 Brookfield Real Asst Inc RA 16.89 14.75 -12.7 11.8 Clarion Partners REI T NA NA NA NS Convertible Sec's. Funds BR MuniYld Qlty2 MQT 13.61 12.25 -10.0 4.0 PIMCO Flexible Cr I;A-2 NA NA NA NS BlackRock Eq Enh Div BDJ 7.38 6.53 -11.5 -16.8 CrSuisHighYld DHY 2.00 1.74 -13.0 9.5 FS Energy Total Return A 5.32 NA NA -49.5 AdvntCnvrtbl&IncFd AVK NA 10.69 NA -20.2 BR MuniYld Qly 3 MYI 14.18 12.69 -10.5 3.9 FS Energy Total Return I 5.32 NA NA -49.4 PIMCO Flexible Cr I;A-4 NA NA NA 9.2 BlackRock Enh Glbl Div BOE 9.66 8.34 -13.7 -16.1 DoubleLine Inc Sol DSL NA 12.85 NA 9.8 GI Conv & Inc NCV 3.94 3.53 -10.4 -38.9 BNY Mellon Muni Bd Infra DMB 13.57 12.00 -11.6 4.4 NexPointHCOpp;A 13.56 NA NA -13.5 PIMCO Flexible Cr I;Inst NA NA NA 10.0 BlackRock Enh Intl Div BGY 5.26 4.53 -13.9 -12.2 First Tr Hi Inc Lng/Shrt FSD 13.69 11.87 -13.3 9.0 AGI Conv & Inc II NCZ 3.53 3.13 -11.3 -38.9 BNY Mellon Str Muni Bond DSM 7.84 6.99 -10.8 5.0 NexPointHCOpp;C 13.36 NA NA -14.1 PionrILSBridge NA NA NA 0.0 BlackRock Hlth Sciences BME 35.52 35.64 +0.3 -4.6 IVY HIGH INCOME OPP IVH 11.44 10.19 -10.9 9.4 AGI Eqty & Conv Inc NIE 20.40 18.79 -7.9 -6.1 BNY Mellon Strat Muni LEO 8.09 7.33 -9.4 4.9 NexPointRlEstStrat;A 13.76 NA NA -27.2 WA Middle Mkt Dbt NA NA NA 8.5 BlackRock Res & Comm BCX 6.17 4.93 -20.1 -34.3 NeubHgYldStrt NHS 9.48 8.53 -10.0 8.8 CalamosConvHi CHY 9.04 8.45 -6.5 -14.4 DWS Muni Inc KTF 12.22 10.47 -14.3 4.2 NexPointRlEstStrat;C 13.90 NA NA -27.4 WA Middle Mkt Inc NA NA NA 8.9 BlackRock Sci&Tech Tr II BSTZ 18.50 17.25 -6.8 NS NexPointStratOppty NHF 16.59 8.00 -51.8 14.9 CalmosConvOp CHI 8.58 8.02 -6.5 -13.2 EVMuniBd EIM 13.75 12.13 -11.8 3.9 NexPointRlEstStrat;Z 13.90 NA NA -26.8 Other Domestic Taxable Bond Funds BlackRock Sci&Tech Trust BST 29.27 29.57 +1.0 0.5 Nuveen Crdt Opps 2022 TT JCO 7.43 7.62 +2.6 5.7 World Equity Funds EVMuniIncm EVN 13.50 11.70 -13.3 4.3 PREDEX;I 26.08 NA NA 4.0 Am Beacon Apollo TR:T 9.03 NA NA NS BlackRock Utl Inf & Pwr BUI 17.89 17.25 -3.6 -13.9 Nuveen Global High Inc JGH 12.97 11.18 -13.8 7.8 Aberdeen Emg Mkts Eq Inc AEF 5.97 5.09 -14.7 -27.9 EVNatMuniOpp EOT 20.73 19.23 -7.2 4.1 PREDEX;T 26.15 NA NA 4.1 Am Beacon Apollo TR:Y 9.03 NA NA 2.9 CBRE ClrnGlbRlEst IGR 6.16 5.30 -14.0 -22.9 Nuveen HI Nov 2021 Tgt JHB 8.74 8.54 -2.3 5.1 Aberdeen Tot Dyn Div AOD 7.51 6.71 -10.7 -11.4 InvAdvMuIncTrII VKI 11.51 10.17 -11.6 4.8 PREDEX;W 26.15 NA NA 4.1 Am Beacon SP Enh Inc:T 8.19 NA NA NS CLEARBRIDGE ENGY MDS OPP EMO NA 1.31 NA -84.8 PGIM Global High Yield GHY NA 11.13 NA 8.6 Calamos GloDynInc CHW 5.94 5.69 -4.2 -20.8 Invesco MuniOp OIA 7.21 6.77 -6.1 4.8 Principal Dvs Sel RA A NA NA NA NS Am Beacon SP Enh Inc:Y 8.20 NA NA 5.0 CLEARBRIDGE MLP&MDSTM TR CTR NA 1.52 NA -82.6 PGIM High Yield Bond ISD NA 11.37 NA 8.5 Cdn Genl Inv CGI NA 18.97 NA -19.2 InvescoMuOppTr VMO 12.91 11.54 -10.6 4.7 Principal Dvs Sel RA Ins NA NA NA NS BR Credit Strat;Inst 8.35 NA NA 4.6 ClearBridge MLP & Midstm CEM NA 1.94 NA -82.9 PioneerHilncmTr PHT 7.15 6.45 -9.8 8.2 EV TxAdvGlbDivInc ETG NA 12.15 NA -15.4 InvescoMuTr VKQ 12.91 11.35 -12.1 4.8 Principal Dvs Sel RA Y NA NA NA NS BlackRock Mlt-Sctr Oppty 68.54 NA NA 7.6 Cntr Cst Brkfld MLP&EI CEN 1.12 1.17 +4.5 -82.0 Wells Fargo Income Oppty EAD 7.08 6.16 -13.0 9.1 EtnVncTxAdvOpp ETO NA 17.48 NA -19.8 InvescoQual Inc IQI 13.07 11.45 -12.4 4.7 Resource RE Div Inc:A 9.31 NA NA -4.2 BlackRock Mlt-Sec Opp II 70.43 NA NA NS ChnStrInfr UTF 19.88 18.00 -9.5 -20.9 WstAstHIF II HIX NA 4.92 NA 8.7 Carlyle Tact Pvt Cred:A FirstTr Dyn Euro Eq Inc FDEU 10.24 9.27 -9.5 -28.3 InvTrInvGrMu VGM 13.31 11.66 -12.4 4.7 Resource RE Div Inc:C 9.31 NA NA -4.8 NA NA NA 7.8 Cohen&SteersQualInc RQI 10.26 8.91 -13.2 -24.9 Western Asset Hi Inc Opp HIO NA 4.14 NA 7.5 Carlyle Tact Pvt Cred:I Gabelli Multimedia GGT 4.78 5.42 +13.4 -25.5 InvescoValMunInc IIM 15.87 13.81 -13.0 4.5 Resource RE Div Inc:I 9.70 NA NA -3.9 NA NA NA 8.4 CohenStrsREITPref RNP 18.40 16.50 -10.3 -14.3 Western Asset Hi Yld D O HYI NA 11.88 NA 6.8 Carlyle Tact Pvt Cred:L NA NA NA 8.1 GDL Fund GDL 9.82 7.81 -20.5 -14.4 MAINSTAY:MK DEFTR MUN OP MMD NA 19.33 NA 4.8 Resource RE Div Inc:L 9.31 NA NA -4.4 Cohen&Steers TotRet RFI 10.90 10.67 -2.1 -13.1 Other Domestic Taxable Bond Funds Carlyle Tact Pvt Cred:N NA NA NA NS Highland Global Alloc HGLB 8.28 4.43 -46.5 -61.0 NeubrgrBrm NBH 14.51 13.48 -7.1 4.7 Resource RE Div Inc:W 9.45 NA NA -4.1 Columbia Sel Prm Tech Gr STK 17.55 18.27 +4.1 -0.9 Ares Dynamic Crdt Alloc ARDC Carlyle Tact Pvt Cred:Y NA NA NA 8.2 India Fund IFN 15.96 13.66 -14.4 -27.2 NA 10.52 NA 8.8 Nuveen AMT-Fr Mu Val NUW 16.55 15.31 -7.5 3.6 SharesPost 100;A 30.40 NA NA 1.9 DNP Select Income DNP 8.05 10.05 +24.9 -6.6 SharesPost 100:I CION Ares Dvsfd Crdt;A NA NA NA 5.4 Japan Smaller Cap JOF NA 6.97 NA -13.7 Barings Corporate Inv MCI NA 11.02 NA 7.2 Nuveen AMT-Fr Qlty Mun I NEA 15.17 13.25 -12.7 4.3 30.57 NA NA 2.1 Duff&Ph Uti&Infra Inc Fd DPG 10.23 8.98 -12.2 -33.4 SharesPost 100:L 30.24 NA NA 1.6 CION Ares Dvsfd Crdt;C NA NA NA 5.4 MS ChinaShrFd CAF 21.52 18.04 -16.2 -19.7 BlackRock Mlt-Sctr Inc BIT 12.97 11.61 -10.5 9.2 Nuveen AMT-Fr Mu CI NVG 16.29 14.25 -12.5 4.7 EtnVncEqtyInc EOI NA 12.34 NA -7.5 USQ Core Real Estate:I 25.60 NA NA 4.1 CION Ares Dvsfd Crdt;I NA NA NA 5.4 MS India IIF 15.52 12.60 -18.8 -39.6 BlackRock Tax Muni Bd BBN 23.09 21.79 -5.6 5.5 Nuveen Enh Muni Val NEV 14.68 13.31 -9.3 4.4 EtnVncEqtyIncoII EOS USQ Core Real Estate:IS 25.60 NA NA 4.1 CION Ares Dvsfd Crdt;L NA NA NA 5.4 NA 13.87 NA -9.4 New Germany GF 13.50 11.62 -13.9 -13.9 DoubleLine:Oppor Crdt Fd DBL NA 17.04 NA 7.0 Nuveen Int Dur Mun Term NID 13.41 12.98 -3.2 3.6 Versus Cap MMgr RE Inc:I 26.89 NA NA NE CION Ares Dvsfd Crdt;U NA NA NA NS EVRskMnDvsEqInc ETJ NA 8.26 NA -0.6 Templeton Dragon TDF 19.45 16.63 -14.5 -6.4 Duff&Ph Util Cor DUC 8.83 8.31 -5.9 4.8 Nuv Muni Credit Income NZF 15.68 13.88 -11.5 4.8 Versus Capital Real Asst 24.12 NA NA -1.1 CION Ares Dvsfd Crdt;W NA NA NA 5.4 ETnVncTxMgdBuyWrtInc ETB NA 12.16 NA -14.7 Templeton Em Mkt EMF 12.82 10.90 -15.0 -21.1 EVLmtDurIncm EVV NA 10.10 NA 7.8 NuvMuniHiIncOpp NMZ 12.89 12.19 -5.4 5.0 Wildermuth Endwmnt:A 13.49 NA NA 5.5 CNR Select Strategies 10.91 NA NA 0.0 EtnVncTxMgdBuyWrtOpp ETV NA 11.96 NA -12.2 Wells Fargo Gl Div Oppty EOD 4.10 3.73 -9.0 -19.9 Franklin Ltd Dur Income FTF 8.42 7.56 -10.2 11.6 Nuveen Muni Val NUV 10.37 9.64 -7.0 3.5 Wildermuth Endwmnt:C 13.08 NA NA 4.7 GL Beyond Income 1.10 NA NA NE EvTxMnDvsEqInc ETY NA 9.34 NA -9.7 Prem12 Mo J Han Investors JHI 13.81 12.07 -12.6 7.2 Nuveen Quality Muni Inc NAD 15.43 13.43 -13.0 4.3 Wildermuth Endowment:I 13.62 NA NA 5.9 KKR CREDIT OPPTY;I NA NA NA NS EtnVncTxMgdGlbB ETW NA 7.28 NA -18.2 Fund (SYM) NAV Close /Disc Yld KKR Income Opportunities KIO NA 10.20 NA 10.4 Nuveen Sel TF NXP 15.88 14.86 -6.4 3.4 Income & Preferred Stock Funds Lord Abbett Cred Opps Fd 8.01 NA NA NS EVTxMnGblDvEqInc EXG NA 6.55 NA -11.7 U.S. Mortgage Bond Funds MFS Charter MCR 7.97 7.00 -12.2 8.9 Nuveen Sel TF 2 NXQ 15.12 13.97 -7.6 3.3 A3 Alternative Cr 10.33 NA NA NS Lord Abbett Cred Opps Fd 8.02 NA NA 7.6 First Trust Energy Inc G FEN 10.06 9.21 -8.4 -52.8 BlckRk Income BKT 6.08 5.83 -4.1 6.8 Nuveen Taxable Muni Inc NBB 20.10 19.01 -5.4 5.4 PIMCO MuniInc PMF NA 12.24 NA 4.7 Calamos L/S Eqty and DI CPZ 15.71 14.10 -10.2 NS Palmer Square Opp Inc 13.60 NA NA 5.8 First Tr Enhanced Eq FFA 12.62 12.64 +0.2 -8.9 Invesco HI 2023 Tgt Term IHIT 7.75 7.52 -3.0 5.7 PIMCO Corp & Inc Oppty PTY NA 13.37 NA 9.6 PIMCOMuniIncII PML NA 12.58 NA 5.1 Destra Multi-Altrntv;A 11.83 NA NA -8.4 Resource Credit Inc:A NA NA NA 7.7 FirstTrEnergyInfra FIF 9.65 8.66 -10.3 -40.6 Nuveen Mortgage and Inc JLS 17.44 15.29 -12.3 6.2 PIMCO Corp & Inc Strat PCN NA 13.62 NA 8.6 Pimco Muni III PMX NA 10.65 NA 4.8 Destra Multi-Altrntv;C 11.37 NA NA -9.1 Resource Credit Inc:C NA NA NA 6.9 FirstTrMLPEner&Inc FEI 5.19 4.62 -11.0 -55.3 Investment Grade Bond Funds PIMCOHilnco PHK NA 4.90 NA 11.4 PioneerHilncAdv MAV 11.85 10.00 -15.6 4.1 Destra Multi-Altrntv;I 12.05 NA NA -8.1 Resource Credit Inc:I NA NA NA 7.9 PioneerMunHiIcmT MHI 12.81 10.78 -15.8 4.7 Destra Multi-Altrntv;L 11.53 NA NA -8.8 Resource Credit Inc:L NA NA NA 7.4 Putnam Mgd Inc PMM 7.61 6.97 -8.5 4.8 Flat Rock Opportunity 15.59 NA NA -11.5 Resource Credit Inc:W NA NA NA 7.7 Insider-Trading Spotlight Putnam Muni Opp PMO 13.11 11.86 -9.5 4.8 Variant Altrntv Inc:Inst 26.96 NA NA 10.7 Thrivent Church Ln&Inc:S NA NA NA 3.3 Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys RiverNorth Mgd Dur Mun I RMM 17.54 16.88 -3.8 NS Variant Altrntv Inc:Inv 26.96 NA NA 10.4 World Income Funds Western Asset Mgd Muni MMU NA 11.57 NA 4.7 new information about the prospects of a company. Insiders are required to report large trades to the SEC Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:A 21.44 NA NA 5.0 Westn Asst Mu Def Opp Tr MTT NA 18.51 NA 4.0 Destra Int&Evt-Dvn Crd:I within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by Calmos Dyn Conv and Inc CCD 16.15 15.83 -2.0 -10.5 21.46 NA NA 5.2 Single State Muni Bond World Equity Funds Destra Int&Evt-Dvn Crd:L 21.43 NA NA 4.7 Thomson Financial on March 27, and year-to-date stock performance of the company BlackRock CA Mun BFZ 14.63 12.27 -16.1 3.5 ACAP Strategic:A 19.49 NA NA 18.8 Destra Int&Evt-Dvn Crd:T 21.41 NA NA 4.5 KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer BR MH CA Qly Fd Inc MUC 15.01 13.15 -12.4 3.7 ACAP Strategic:W 14.49 NA NA 19.7 National Muni Bond Funds CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner BR MH NJ Qly MUJ 15.07 13.38 -11.2 4.3 BMO LGM Front ME;I 5.99 NA NA -33.5 PIMCO Flex Mun Inc;A-3 10.32 NA NA NS I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: BR MH NY Qly MHN 14.48 12.58 -13.1 3.8 CalamosGlbTotRet CGO 8.59 9.45 +10.0 -18.9 PIMCO Flex Mun Inc;Inst 10.32 NA NA NS unknown VP: vice president Excludes pure options transactions BR MuniYld CA MYC 15.02 13.17 -12.3 3.6 Loan Participation Funds Tortoise Tax-Adv Soc Inf 9.35 NA NA 4.6 Biggest weekly individual trades Based on reports filed with regulators this past week Borrowing Benchmarks | WSJ.com/bonds No. of shrs in Price range ($) $ Value Date(s) Company Symbol Insider Title trans (000s) in transaction (000s) Close ($) Ytd (%) Money Rates March 27, 2020 Buyers Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a guide to general levels but don’t always represent actual transactions. Mar. 18-20 Dell Technologies DELL M. Dell CEO 828 26.16-36.83 26,254 38.75 -24.6 Week —52-WEEK— Week —52-WEEK— Mar. 19-23 HD Supply Holdings HDS L. Wolfe DI 314 23.59-28.08 8,618 27.23 -32.3 Inflation Latest ago High Low Latest ago High Low Feb. index Chg From (%) Mar. 20-23 Cardlytics CDLX C. Sosin BI 282 29.52-30.94 37.00 -41.1 8,457 level Jan. '20 Feb. '19 Low 0.0500 0.0500 2.4400 0.0500 Commercial paper (AA financial) Bid 0.0500 0.0500 2.4400 0.0500 Mar. 19 C. Sosin BI 100 30.54 3,054 90 days 2.44 0.58 2.58 0.58 U.S. consumer price index Offer 0.1000 0.2500 2.5000 0.0800 Mar. 23-25 NGM Biopharmaceuticals NGM D. Goeddel DOI 301 11.63-12.49 3,581 13.08 -29.3 All items 258.678 0.27 2.3 Treasury bill auction Libor Mar. 23-25 P. Svennilson DOI 301 11.63-12.49 3,581 Core 267.268 0.48 2.4 Mar. 19-20 D. Goeddel DOI 292 11.59-11.77 3,405 4 weeks 0.000 0.030 2.400 0.000 One month 0.98938 0.92850 2.49450 0.61163 International rates 13 weeks 0.290 2.410 0.000 Three month 1.45013 1.20413 2.60350 0.74050 Mar. 19-20 P. Svennilson DOI 292 11.59-11.77 3,405 0.000 26 weeks 0.080 0.300 2.415 0.080 Six month 1.07200 0.99425 2.66913 0.73538 Week 52-Week Mar. 23 Equity Commonwealth EQC G. Spector DI 100 28.84 2,884 31.90 -2.8 One year 0.96850 0.93350 2.76188 0.74350 Latest ago High Low Secondary market Mar. 19 NexPoint Residential Trust NXRT J. Dondero PI 73 37.47 2,739 26.65 -40.8 Prime rates Fannie Mae Euro Libor Mar. 18-20 Limbach Holdings LMB B. Pratt B 665 3.65-3.71 2,456 2.69 -28.8 U.S. 3.25 3.25 5.50 3.25 30-year mortgage yields One month -0.402 -0.476 -0.402 -0.621 Mar. 23 Eyenovia EYEN S. Grant B 903 2.06 1,859 2.85 -36.4 Canada 2.95 2.95 3.95 2.95 30 days 2.413 3.012 3.857 2.328 Three month -0.289 -0.353 -0.289 -0.539 Japan 1.475 1.475 1.475 1.475 60 days 2.476 3.081 3.884 2.353 Six month -0.241 -0.290 -0.241 -0.491 Mar. 19-20 Assured Guaranty AGO A. Feldstein CI 90* 18.08-21.50 1,748 25.74 -47.5 Policy Rates One year -0.188 -0.211 -0.184 -0.441 Mar. 20-23 Amerco UHAL M. Shoen BI 6225.42-253.36 1,519 288.24 -23.3 Other short-term rates Euro zone 0.00 0.00 0.00 0.00 Value 52-Week Mar. 20-23 E. Shoen PI 6225.42-253.36 1,519 Switzerland 0.50 0.50 0.50 0.50 Latest Traded High Low Week 52-Week Britain 0.10 0.10 0.75 0.10 Mar. 23 Hudson Pacific Properties HPP J. Glaser DI 76 16.67-16.74 1,259 24.21 -35.7 Latest ago high low Australia 0.25 0.25 1.50 0.25 DTCC GCF Repo Index Mar. 23-24 GMS GMS R. Ross D 109 10.75-12.24 1,213 15.49 -42.8 Overnight repurchase Call money Treasury 0.050 46.530 6.007 0.050 MBS 0.068 49.650 6.699 0.063 Mar. 23 Accelerate Diagnostics AXDX J. Schuler DOI 173 5.89 1,018 8.00 -52.7 U.S. 0.04 0.04 3.40 0.04 2.00 2.00 4.25 2.00 U.S. government rates Notes on data: Sellers U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Mar. 13 Knight-Swift Transportation KNX G. Knight ODI 1,305 30.99 40,442 31.97 -10.8 widely by location; Discount rate is effective March 16, 2020. DTCC GCF Repo Index is Depository 0.25 0.25 3.00 0.25 Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in Mar. 19 DocuSign DOCU E. Salem DI 372 78.60 29,267 82.57 11.4 Federal funds billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Mar. 23 Netflix NFLX R. Hastings CEO 57 343.45-365.07 20,349 357.12 10.4 Effective rate 0.1700 0.2800 2.4800 0.1700 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; High 0.4000 0.5000 3.0000 0.4000 Tullett Prebon Information, Ltd. Mar. 20-24 PagerDuty PD E. Kurzweil DI 1,061 18.51-18.66 19,663 16.30 -30.3 Mar. 24-25 J. Tejada CEOI 400 17.30-19.04 6,935 Mar. 24-26 Uber Technologies UBER G. Camp DI 510 24.32-28.38 13,543 27.28 -8.3 Cash Prices WSJ.com/commodities Friday, March 27, 2020 Mar. 24 Black Knight BKI W. Foley CB 250 53.57 13,393 57.04 -11.5 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future Mar. 19 Zoom Video Communications ZM S. Subotovsky DI 73 119.70-122.34 8,852 151.70 123.0 months. Mar. 23 Datadog DDOG D. Fougere O 270 31.18-33.63 8,671 34.55 -8.5 Friday Friday Friday Mar. 24-26 Credit Acceptance CACC D. Foss B 31 258.99-308.60 8,402 285.30 -35.5 Energy Palladium,Engelhard industrial 2363.0 Wheat,No.2 soft red,St.Louis-bp,u 6.0200 Feb. 21 FleetCor Technologies FLT D. Krantz O 22 308.40 6,634 196.18 -31.8 Palladium,Engelhard fabricated n.a. Wheat - Hard - KC (USDA) $ per bu-u 4.9175 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 53.550 Aluminum, LME, $ per metric ton *1507.5 Wheat,No.1soft white,Portld,OR-u 6.1000 Mar. 19 Coupa Software COUP R. Siboni D 41 140.00-150.00 6,000 146.47 0.2 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Copper,Comex spot 2.1970 Food Iron Ore, 62% Fe CFR China-s 85.9 Mar. 20-23 CrowdStrike Holdings CRWD G. Kurtz CEO 122* 46.38-50.13 5,928 58.79 17.9 Metals Shredded Scrap, US Midwest-s,m 280 Beef,carcass equiv. index Mar. 18-19 NexPoint Residential Trust NXRT J. Dondero PI 180 30.66-33.60 5,610 26.65 -40.8 Gold, per troy oz Steel, HRC USA, FOB Midwest Mill-s 548 choice 1-3,600-900 lbs.-u 211.08 Mar. 23-24 J. Dondero PI 189 22.97-27.71 4,826 Engelhard industrial 1624.00 select 1-3,600-900 lbs.-u 201.14 Engelhard fabricated n.a. Fibers and Textiles Broilers, National comp wtd. avg.-u,w 0.8368 Mar. 19-20 GCI Liberty GLIBA R. Duncan D 100 43.00-44.48 4,411 55.36 -21.9 Handy & Harman base 1617.30 Butter,AA Chicago 1.4875 Burlap,10-oz,40-inch NY yd-n,w 0.5700 Handy & Harman fabricated 1795.20 Cheddar cheese,bbl,Chicago 134.00 Mar. 24 iRhythm Technologies IRTC K. King CEO 53 80.00 4,240 81.78 20.1 Cotton,1 1/16 std lw-mdMphs-u 0.4758 LBMA Gold Price AM *1620.10 Cheddar cheese,blk,Chicago 159.00 Cotlook 'A' Index-t *63.55 Mar. 20 Copart CPRT D. Englander DI 70 60.05 4,229 70.30 -22.7 LBMA Gold Price PM *1634.80 Milk,Nonfat dry,Chicago lb. 92.00 Hides,hvy native steers piece fob-u n.a. Krugerrand,wholesale-e 1705.18 Coffee,Brazilian,Comp 1.2095 * Half the transactions were indirect **Two day transaction Wool,64s,staple,Terr del-u,w n.a. Maple Leaf-e 1721.58 Coffee,Colombian, NY 1.6897 p - Pink Sheets American Eagle-e 1721.58 Grains and Feeds Eggs,large white,Chicago-u 2.2450 Mexican peso-e 1984.87 Flour,hard winter KC 15.45 Buying and selling by sector Austria crown-e 1610.14 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u n.a. Austria phil-e 1721.58 Bran,wheat middlings, KC-u 85 Hogs,Iowa-So. Minnesota-u 64.21 Based on actual transaction dates in reports received this past week Silver, troy oz. Corn,No. 2 yellow,Cent IL-bp,u 3.2950 Pork bellies,12-14 lb MidUS-u n.a. Engelhard industrial 14.3500 Corn gluten feed,Midwest-u,w 110.0 Pork loins,13-19 lb MidUS-u n.a. Sector Buying Selling Sector Buying Selling Engelhard fabricated n.a. Corn gluten meal,Midwest-u,w 471.7 Steers,Tex.-Okla. Choice-u 120.00 Handy & Harman base 14.3920 Cottonseed meal-u,w 260 Steers,feeder,Okla. City-u,w 142.38 Basic Industries 2,329,263 624,110 Finance 11,677,671 21,911,220 Handy & Harman fabricated 17.9900 Hominy feed,Cent IL-u,w 98 Fats and Oils Business services 91,894 3,344,039 Health care 1,663,509 14,216,446 LBMA spot price *£12.0500 Meat-bonemeal,50% pro Mnpls-u,w 225 (U.S.$ equivalent) *14.4150 Oats,No.2 milling,Mnpls-u 3.0050 Corn oil,crude wet/dry mill wtd. avg.-u,w 38.7500 Capital goods 00Industrial 718,507 4,289,723 Coins,wholesale $1,000 face-a 13713 Rice, Long Grain Milled, No. 2 AR-u,w 25.88 Grease,choice white,Chicago-h 0.2300 Consumer durables 583,003 2,171,059 Media 868,027 1,258,284 Other metals Sorghum,(Milo) No.2 Gulf-u 7.7413 Lard,Chicago-u n.a. LBMA Platinum Price PM *742.0 SoybeanMeal,Cent IL,rail,ton48%-u 324.60 Soybean oil,crude;Centl IL-u 0.2668 Consumer nondurables 543,438 10,589,988 Technology 5,557,187 13,723,556 Platinum,Engelhard industrial 735.0 Soybeans,No.1 yllw IL-bp,u 8.7000 Tallow,bleach;Chicago-h 0.2950 Consumer services 7,678,301 42,858,484 Transportation 1,070,348 2,688,152 Platinum,Engelhard fabricated n.a. Wheat,Spring14%-pro Mnpls-u 6.7700 Tallow,edible,Chicago-u n.a. Energy 2,321,955 3,681,015 Utilities 926,026 375,019 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co; M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 3/26 Sources: Thomson Financial; WSJ Market Data Group Source: WSJ Market Data Group P2JW090000-2-B00900-1------XA

THE WALL STREET JOURNAL. ** Monday, March 30, 2020 | B9 MARKETS

Activist STREETWISE | By James Mackintosh Investors There’ll Be Debt to Pay After Crisis Hold Fire Moral haz- 50-year U.K. inflation-linked Debt repaymentafter major wars offer an example of what’sto tal,” Mr.King says.One option ardisdead. giltsand gold. come afterthe virus crisis. is the wealth taxes advocated ContinuedfrompageB1 Central banks by some Democrats, including Ridge LP,run by aformer lieu- have printed his crisis is different in U.K. government debttoGDP Sen. Elizabeth Warren. tenant of William Ackman who record manyways the previous 300% Napoleonic World World tends to hold positions for amountsof T one,but the argument ut it is politically easier wars WarI WarII many years, has been buffeted money to save financiersand about inflation is the same. to deal with debt with by asteep decline in shares of allowindebted governments Will governmentschoose aus- B the help of the central Aramark Corp.Mantle Ridge to keep spending.Inflation is terity and higher taxestopay bank.Financial repression can owns aroughly 18% stakeinthe inevitable. off the heavy debt incurred 200 be used to keep interest rates food-servicegiant, whose If all that sounds familiar, fighting the crisis? This route belowthe inflation rate,re- shares have fallen by morethan it’sbecause those were the doesn’t lead to inflation, but ducing the value of govern- 50% this year as schools and views of buyersofgold and it’spolitically difficult. In- ment debt in real terms but other institutions acrossthe other inflation protection in stead, Ruffer expectsgovern- costing savers and bondhold- countryshut down. 2009.They were wrong then, mentstotakethe easy option 100 ers—and risking higher infla- “Any single major bet is a but they’reatitagain—and and rely on central banks, tion. TheFed tried this policy bold move,” said Bill Anderson this time they might be right. perhaps even by directly fi- afterWorld WarII, capping of Evercore Inc., one of the top Consider Ruffer,abearish nancing government spend- bond yields forsix yearsand activism-defense bankers. “And British investment house.It ing,arecipe forinflation being subservient to the Trea- forthe short term, anybold has been warning foralong throughout history. Such “he- 0 suryDepartment, beforeas- movecan be scary.” time that the monetaryre- licopter money” is widely serting itsindependence. While this proxyseason may gime that has held forde- thought to be apossibility for 1700 1800 1900 2000 “Financial repression is a be quieter than usual, it could cades wascoming to an end, the Federal Reserve, which Note:2020-21 forecasts from FitchRatings given,” says Frederik Du- give way to abusy period for and thinks the coronavirus has already reduced interest crozet, asenior economist at corporateraidersshould share crisis means itstime finally ratestozero. geredbyveryloose fiscal and easy money and hugegovern- Pictet Wealth Management prices remain lowand the chal- has come.“Inflation and de- Still, in 2008,Ruffer was monetarypolicies,” he told ment deficits, but growth con- and close observer of the lenges companies nowfacelin- flation arenot opposites,” wrong that deflation would be me.“Thebest-case scenario tinued. ECB.Most countries will be ger. says AlexLennard, investment followedbyinflation. It’spos- relies upon great soundness Stephen King, senior eco- able to cope with the addi- Not all activistsare retiring director at Ruffer.“Youcan sible that governmentsmight of fiscal policies,great effec- nomic adviser to HSBC,points tional debt without extreme from the battlefield. Some pri- emerge from quitedeflation- onceagain muddle through, tivenessofstructural policies to the repayment of debt after measures,hethinks,although vately arguethat in acrisis it aryenvironmentsintovery relying on thedeflationary and acombination of mone- the world wars as an example Italy maystruggle without matters even more to have rapid inflation.” forces unleashed by the inter- tary policyand of micro- and of the different options ahead. pan-European debt sharing,a good managers,making it nec- Ruffer’s investorshave net and globalization to keep macro-prudentials (regulatory AfterWorld WarII, rapid eco- version of which has already made money this year in prices from rising—but it will policy) of extreme efficiency.” nomic growth and aregime of been proposed by French crashing markets thanks to its be harder this time. deliberately lowinterest rates President Emmanuel Macron. Jeff Smith’s extensiveuse of options to Jean-Claude Trichet, for- eadded: “Itslikelihood that allowedgovernmentsto Forinvestors, the short- Starboard protect against stock-price mer president of the Euro- will be in the hands of borrow cheaply—financial re- term swingsinmarketshave Value falls.They did well in the pean Central Bank,says the H our futuremasters. As pression—helped reducethe been so extreme that it’shard nominated 2008 crisis,too.But their most-optimistic debt scenario regardsfiscal policies,what burden of debt. By contrast, to think beyond afew days, directors at long-run bet is that the over- is that inflation rises only wasobserved sincethe afterWorld WarI,several let alone the yearsoverwhich the online hang of debt from the current back to the 2% target, but [2008] global financial crisis largedebtor countries re- the postcrisis debt resolution market eBay. shutdown will prevent central ratesstaywell belowthat for does not bode well forthe duced debt through default or will playout. But it’sworth banks raising ratestocombat averylong time.That would necessaryfuturesoundness.” hyperinflation. TheU.K.’s considering now, because the consumer pricerises,meaning help to reducethe value of Thelesson of historyis fierce austerity as it insisted portfolio needed to cope with essaryincertain situations to inflation running in the mid- government debt in inflation- that it could go either way. on astrong pound hurt the central banks either letting presson. to-high single digits. adjusted terms,with holders Theresult in the U.S. after economyand failed to deal inflation rip or imposing fi- Starboard, led by Chief Exec- Mr.Lennardsays Ruffer of the bonds suffering. 2008 wasmoreakin to what with the debt burden. nancial repression would be utiveJeff Smith, recently pub- last week bought 30-year in- “Other scenarios would be happened in Japan afterits “It’squitepossible that, in quitedifferent to one de- lished alettertoeBay Inc.’s flation-linked Treasuryswhen much moredramatic,includ- housing and stock-market the aftermath of all this,there signed to profit from areturn boardconfirming an earlier they declined in price, adding ing either asequenceofde- bubbles burst in 1990: Infla- will be attemptstoclawback to what has counted as nor- Wall Street Journal report that to alongstanding position in faultsorhyperinflation trig- tion never took off despite money from holdersofcapi- mal since2009. it has nominated directorsto the board of the online market- ting placeand urging it to search Exchange-tradedproducts thatbet on volatilityhave surgedthis year. Amaturosaid. “Panic is hitting foranexternalCEO.Starboard Volatility the market.” Jefferies acknowledged the unique pe- 1,500% Mr.Amaturosaid his small riod the world is in, with Peter stakewon him afew thousand CFO Dies, Feld, managing member of the Trades Get dollars, which he plans to save company, signing the letter in case he needs extracash dur- “Best regardsand stay healthy.” ing the coronavirus slowdown. Stricken by In itsresponse,eBaysaid it Riskier 1,000 And despitethe gains,the wasdisappointed that Star- VelocityShares swingshavebeen tough to Coronavirus boarddecided to announceits Daily 2x VIX stomach. nominations “amidst the global ContinuedfrompageB1 Short-Term ETN “It is an emotional roller- BY LIZ HOFFMAN Covid-19 pandemic while the productswereup633% and coaster when youdoown it. You 500 boardand management aretry- 235%, respectively,year to date. ProShares Ultra worry: Is it going to be up to- The56-year-old chief finan- VIX Short-Term ing to focus on the business, TheS&P 500,meanwhile,has Futures ETF morrow,orisitgoing to be cial officerofinvestment bank employeehealth and safety, fallen 21% over that period.Its down?” Mr.Amaturosaid. Jefferies has died from the and the important CEO search sharp swingscontinued last iPathSeries B Theproduct, forexample, coronavirus,the firm said Sun- S&P500 VIX Short- andportfolio reviewthat are week even as the indexleapt 0 jumped 40%March 18,only to day. He is the firstsenior Wall underway.” 10% afteramonth of punishing Term Futures ETN fall 20% the next day. Street executiveknown to have “With the volatility and the declines. Jan. Feb. March If volatility edges lower, that succumbed to the disease. virus,it’sgoing to be slower Through this tumult, even Source:FactSet could luretradersback intothe TheNew York-based firm this spring,sure, but that traditionally safer investments popular short-volatility trade to announcedPeg Broadbent’s doesn’t mean 2020 is awash- likegold and government bonds moves to profit from big jumps about $50,000 trading the vola- profit from calming markets, death Sundaymorning and out,” said BruceGoldfarb,head have fallen at times alongside in volatility canbetrickyeven tility product, asizable portion which canbeequally treacher- named Teri Gendron,currently of Okapi Partners LLC,a stocks. forseasoned traders. of her portfolio.“Ishould have ous. Forexample,one popular CFOofJefferies’sfinancial-ser- proxy-solicitation firm that As other assetshavefallen, Among those drawntothe cut my losses,” she said. short-volatility product gained vices arm, as interim successor. helps activistsand companies rising volatility has drawnin- trade is Shweta Agrawal, aretail Credit Suisse Group AG 6.2% over the past week as trad- “His decency, calmnessand communicatewith sharehold- vestorswho might not other- trader based in Dayton, Ohio. states in disclosures forthe erspiled intoit, while along- drywit were always there, al- ers. wise tradethe products, says Sheinitially wasattracted to TVIX product that itsvolatility volatility wagerdropped 16%. waysmaking thingsbetter,” Either way,manycompanies Greg Taylor,chief investment TVIX because it appeared to productsare meant forsophisti- In an episode from February Jefferies Chief ExecutiveRich aretaking no chances.Some officer at Purpose Investments. buck the trend of the rest of the catedinvestorsand should be 2018 that came to be known as Handler and President Brian areseeking standstill agree- “When thingsstart to calm market. used forshort-term trading. “Volmageddon,” exchange- Friedman wrote mentswith activistsorsettle- down, the volcan movefast and “Itlooked likeitwas going Buying and holding the product traded productsthat had exe- OBITUARY in ajoint state- mentsthat they might not oth- come out of the market quicker againstthe market. Everything likely will lead to significant cuted the popular short-volatil- PEG ment. “Wewill erwise have agreed to,advisers than anything else,” Mr.Taylor wasgoing down, and TVIX was losses,and the long-term value ity trade collapsed as about of BROADBENT miss him terri- say. said. “People trading the vol going up,” Ms.Agrawalsaid. of the product is “zero,” the turbulence hit markets. Many bly.” Othersare attempting to de- ETNs and ETFs right now, I But in an unusual move, firm said. said theirbig unwind exacer- AU.K.native laytheir annual meetings. think,havetobereally careful TVIX recently has fallen even as JoeAmaturo, aWarwick, bated volatility. who worked in the firm’sNew Still others, fearfulthat ri- because those gains candrop U.S. stocks plunged. Forexam- N.Y.,project manager,said he Issuersofsuch exchange- York office, Mr.Broadbent— vals or activistsmay take ad- quitequickly,” he said. ple, the product fell 6% March initiallybought shares of TVIX traded productsaim to ensure Pegwas short forPeregrine— vantageoftheir beaten-down Theproductsare notoriously 20 as the S&P 500 dropped earlierinthe year as he grew theirreturns track the perfor- startedhis career at aprede- stockprices to take big stakes riskytobet on. In the past, crit- 4.3%. Something similar hap- wary of the epic runinU.S. manceofunderlying indexes. cessor firm to they canuse to wield influence, ics have said the productscan pened Monday.AsTVIX kept stocks.Ithad been adragonhis Thelargerthe product and PricewaterhouseCoopersand arerushing to adopt poison sowmorehavoc and createdis- falling in value,Ms. Agrawal portfolio,until recently. moreextremethe market spent 16 yearsatMorganStan- pills,with implementation of tortions in markets. Holding kept buying,surethat it would “I added morebecause we moves,the biggerthose trades ley,wherehis wife, Hayley,was thedefense tool lately spiking them canchip away at aportfo- rebound. aregoing intoabig downturn in canbe—and the greater their alongtime executive. He had to arateunseen in years. lio’s returns and timing their Ms.Agrawalsaid she lost our economic situation,” Mr. potential impact. been CFOatJefferies since 2007,making him one of Wall Street’slongest-serving finance THE TICKER | Market events coming this week chiefs and one of only afew still in the job who had weath- ered the 2008 recession. Monday Feb., expected up 0.7% Jan., previous $45.34 Paul Wirth, MorganStan- Feb., expected $39.30 ley’s deputy CFO, called Mr. Nomajorevents scheduled ISM mfg. index Broadbent reserved but genu- Feb., previous 50.1 Earnings expected ine and hard-working.Hehad a March, expected 44.0 Tuesday Estimate/Year Ago($) loyalenough following at the Wall Street firm that manyof Mort. bankers indexes Acuity Brands 1.87/1.99 Chicago PMI CarMax 1.12/1.13 his subordinates later followed Purch., previous down 15% him to Jefferies. Feb., previous 49.0 Refinan., prev. down 34% Walgreens Boots March, expected 40.5 Alliance 1.46/1.64 As the coronavirus has spread acrossthe world, much Earnings expected Consumer Confidence of itsdestruction has been Estimate/Year Ago($) Friday bornebyolder people or by Feb., previous 130.7 PVH 1.81/1.84 March, expected 110.0 workerswho interact with the Nonfarm payrolls general public—health-care Earnings expected Thursday Feb., previous 273,000 providers, storeownersand others whose jobs mean they Estimate/Year Ago($) March, expected -56,000 Conagra Brands 0.49/0.51 EIA report: natural gas can’t easily isolatethemselves. McCormick 1.03/1.12 Previous change in stocks in Unemployment rate Mr.Broadbent wasneither. billions of cubic feet He wasthe CFOofalarge down 29 Feb., previous 3.5% March, expected 3.7% white-collar companythat, like Wednesday most, has been largely working Factory orders remotely forthe past few EIA status report Jan., previous down 0.5% ISM nonmfg index weeks. Previous change in stocks in Feb., previous 57.3 millions of barrels Feb., expected up 0.3% It couldn’t immediately be Crude oil up 1.6 March, expected 45.7 determined when Mr.Broad- GES Initial jobless claims

Gasoline down 1.5 IMA bent fell ill or whether he had Distillates down 0.7 Previous 3,283,000 Earnings expected underlyinghealth conditions Expected 2,650,000 Estimate/Year Ago($) ETTY that might have contributed to /G Construction spending Constellation Brands his death. Coronavirus is espe- Int’l trade deficit in billions Jan., previous up 1.8% 1.64/1.84 MEYER cially dangerous forpeople with compromised immune * FACTSET ESTIMATES EARNINGS-PER-SHARE ESTIMATES DON’T INCLUDE EXTRAORDINARY ITEMS (LOSSES IN

PARENTHESES)  ADJUSTED FOR STOCK SPLITNOTE: FORECASTS ARE FROM DOW JONES WEEKLY SURVEY OF MADDIE systems and pre-existing lung ECONOMISTS Walgreens is expected to post earnings of $1.46 ashare, down from $1.64 ayear earlier. or other health problems. P2JW090000-0-B01000-1------XA

B10 | Monday, March 30, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Watch This Corner of the Mortgage Market Closely

Among the hardest-hit victims of nancial crisis playbook. funding market troubles have been Nowbanks aremuch morepro- mortgageinvestment firms.What tectiveoftheir balancesheets, both happens to them will shed light on through their owncaution and what maybeinstore forthe rest of tighter regulation. Plus,the Fedhas the market. made amassiveearly commitment Ahandful of real-estateinvest- to the market, including forcertain ment truststhat buy mortgages or mortgageassets, well ahead of a mortgage-backed securities,called banking crisis. mortgageREITs, have reported mar- If banks areindeed lenient with gin calls by the banks that finance the mortgageREITs, it is ahopeful them. These firms aredoubly ex- sign forthe containment of risk to posed to the market right now. First, individual companies,for banks’ their core assetshaveseen spreads risk management, and forthe Fed’s REUTERS widen, liquidity plungeand prices backstopping success. U/ drop.Second, they typically leverage However, the priceofthis stability themselves by using the repurchase also could mean prolonged disruption DUVIGNA agreement or repo market, where morebroadly.For example,one mort- GIS

RE the cost of financing has been vola- gage firm, TwoHarborsInvestment, Liquor companies, such as Pernod Ricard, make 5% to 10% of total sales in duty-free hubs such as airports. tile,especially forterms longer last week announced it had sold most than overnight. of itsportfolio of nonagencymort- Given that mortgageREITsare gage securities,which arethose that Downturn to Test TasteinDrinks required to payout their cash to don’t have FedorFannie Mae or shareholders, as part of their favor- Freddie Mac backing.That furnishes able taxtreatment, they typically the firm with cash to fund the rest of have little cash in reserve. When itsportfolio and likely keeps it in banks makemargin calls,they ei- good stead with itsfinanciers. Shares of liquor brands fall lessthan brewers, but long recession could change that ther have to raise cash or pledge But moremoves likethat might moreloans or securities. also represent the drying up of Investorsare showing aprefer- short term. Beer companies are later in the year.Intheory, they This dynamic leavesbanks in a funding sourcesfor partsofthe encefor liquor stocks over beer in slightly moreexposed to lockdowns should recoup some lost sales in the tough position. Wavesofselling by mortgagemarket, putting that the global health crisis.Adrawn-out that areclosing barsand restau- thirdand fourth quarters, provided these firms only contributetolower much morepressureonthe Fedand recession might changetheir tastes. rantsglobally.ABInBev and Hei- lockdowns arelifted. Liquor is prices.But accepting or seizing more Congress’seffortstospread money Shares of listed liquor companies neken make34% and 38% of sales slightly seasonal, with demand collateral also would put pressureon around directly. fell when the Covid-19 outbreak through the so-called on-trade re- picking up around Thanksgiving their balancesheets. Big dealer —Telis Demos emergedinChina, but they have spectively,based on analysis at Citi. and Christmas. banks’ books arealready working sinceoutperformed their beer peers. That compares with 37% at Rémy Exposuretotravelretail is an- overtime as the Fedtries to push li- Performancesince October 2019 On average, Diageo, Pernod Ricard, Cointreau and 29% forDiageo and other issue.Liquor companies make quidity out to the broader market. 20% Rémy Cointreau and Davide Cam- Campari. As brewers have ahigher 5% to 10% of totalsales in duty-free So far,firms appear to have pari-Milano have lost 15% of their percentageoffixed coststhan dis- hubs such as airports, based on Citi mostly been able to work out with 10 stock-market value this year.Brewers tillers—notably because bulkier, estimates,while beer companies do their banks waystoforestall the Anheuser-Busch InBev, Heineken, lower-value beer is moreexpensive little businessinthis channel. In a forced turnover or liquidation of as- 0 Carlsberg and Constellation Brands to transport—the drop in sales has profit warning last week,Jameson sets. In one case, AG MortgageIn- aredown30% by comparison. an outsizeimpact on profit margins. maker Pernod Ricardsaid it as- vestment Trust received margin –10 Worries about AB InBev’s huge Heineken and AB InBev have big sumes travel retail sales will be calls and had sought to block asale debt burden drag down the beer businesses in marketsincluding down 80% until the end of June. of itssecurities held by abank.On –20 companies’ average, and a30-day Brazil, Mexicoand Vietnam, where Liquor stocks tend to do well Fridaythe companysaid it had sold S&P500 –30 ban on short selling in Francemay the spread of Covid-19 is at an ear- when economic growth is strong some securities itself to coverrepo S&P500 Financials Sector flatterParis-listed Rémy Cointreau lier stage. On-trade consumption in and consumersare trading up to obligations and wasinfurther dis- –40 WSJUSMortgage REITs and Pernod Ricard. But thereare emerging marketscould drop 94% premium brands.Beer consumption cussions with financing counterpar- underlying forces at playtoo: in April if thereisafresh wave of is usually moredefensiveduring ties forforbearance. –50 Rémy’s sharepricehas rallied 23% compulsorylockdowns,according to downturns.Ifthe global economy If real-estateinvestorsare able over the past two weeks because of Bernstein estimates.This would hit sufferslasting damageinthe pan- to successfully work through these –60 itsexposuretoChina, wherebars Pernod Ricard’slarge Indian busi- demic,investorswill be tempted to challenges,itmay be agood illus- Oct. 2019 ’20 and restaurantsare reopening. nesstoo,however. switch drinks. tration of howthe Covid-19 crisis Liquor stocks look safer in the Liquor companies mayfacepain —Carol Ryan isn’t exactly following the 2008 fi- Source:FactSet

MARKETS Some Emerging Markets at Brink of Default

BY AVANTIKA CHILKOTI ICE Dollar IndexEcuador’s 10.75%-coupon Average yield of country’s dollar 2017 unwind itsasset-purchase pro- AND CAITLIN OSTROFF $1 billion bond due March 2022 debtminus U.S. Treasury yields* $157B gram. Then, too, emerging marketsstruggled to payback Awithdrawalofcapital 104 125 cents on thedollar Lebanon dollar debt as theircurrencies from emerging marketsis 98.91percentagepoints tumbled. threatening to createawave Governmentsindeveloping of debt defaultsasgovern- 102 100 Ecuador economies have ramped up mentsstruggle with falling oil 60.63 foreign-currencyborrowing in prices and the rapidly spread- recent yearsasinternational ing coronavirus. 100 75 Argentina 2019 capital markets opened up to As investorsfled emerging- 34.39 $123B emerging marketsand bor- market bonds in recent weeks rowing coststumbled amid 98 50 in favorofhaven assets, bond Zambia foreign investors’ search for yields forthe most vulnerable 43.62 higher returns. economies have skyrocketed. Emerging marketsbor- 96 25 Angola The yield on a dollar-denomi- rowed$122.6billion through nated Angolan government 17.10 sovereign dollar-denominated bond maturing in November 94 0 bonds last year,according to 2025 jumped to nearly 30% on 2019 2020 2019 2020 the latest Dealogic estimates, Fridayfromunder 7% at the Differenceof10pct.pts. up from $63.3 billion in 2009. beginning of March. And the has historically Nearly $24billion of sovereign preceded defaults. yield on acomparable Nige- emerging-market dollar-de- rian bond maturinginJune nominated bonds areset to 2022has jumped to almost mature this year. 12% from 4%. Emerging-marketssovereign 2009 Thedollar’s recent rally has They areamong 18 coun- dollar-denominateddebtissuance, yearly compounded worries about tries whose dollar-denomi- $63B the sustainability of that debt, nated bonds aretrading at dis- as astronger greenback makes tressed levels,with yields that it moreexpensivefor coun- aremorethan 10 percentage triestomakeinterest pay- pointsaboveU.S.Treasurys, mentsonsuch bonds and according to research firm loans, especially at atime Capital Economics.That 2020 their overseas revenue may spread has historically her- $28B also be declining.The ICE Dol- aldeddefaults, though price 2000 2007 Through lar Index, which tracks the changes don’t necessarily $28B $17B March 27 dollar against abasket of cur- mean a country will default. rencies,this month climbed to “The chancesofawaveof itshighest sinceJanuary2017. sovereign defaultsisthe high- Such concerns have est it’severbeen,” said Ed- prompted investorstopull ward Glossop, emerging-mar- fundsout of emerging mar- kets economist at Capital kets’stock and bond markets, Economics. and led to arout in some cur- Governments, already sad- rencies. dled with high medicalcosts Ecuador,meanwhile,has al- 2000 2005 2010 2015 2020 and the expense of shoring up ready come to the brink of de- their economies, could face a *EMBIbondspreads overTreasurysasofMarch 23 fault. Thepriceofits dollar- public backlash if they tryto Sources: FactSet (dollar index, bond price); Refinitiv,Capital Economics (spreads); Dealogic (issuance) denominated government repayinternational bondhold- bonds maturing in March 2022 erswhen their local popula- averageintheir projected eco- erstoconsider suspending theglobe.“Therewill be re- ing travel and business activ- fell to 27 centsonthe dollar tions aresuffering,Mr. nomic growth this year—on debt paymentsfromsome of luctancetoinvest in [emerg- ity, will pose a burden on the Fridayfrom43.13 centsonthe Glossop said. March19requested awaiver the world’spoorest nations, ingmarkets] if youstart to weakest economies,analysts dollar a week earlier, accord- Themost vulnerable in- on $44 billion in interest pay- which include Zambia, Nigeria, see countries,one by one,de- said. For oil producers, which ing to FactSet, after lawmak- clude Zambia, Angola, Nigeria mentsontheir sovereign and Ghana. fault,” said Abdelak Adjriou, have seen the priceofcrude erscalled foratemporarysus- and Ghana. Ecuador has begun bondsand public debt for Theweakest emerging mar- portfolio manager at American tumble by morethan half to pension of external debt restructuring its debts. Vene- 2020.They arealso seeking an kets makeuponly asmall part Century Investments. below $30 a barrel, the situa- repaymentsfromthe oil ex- zuela, Argentina and Lebanon emergency$100 billion stimu- of most emerging-market Thespread of coronavirus tion is exacerbated. porter. had started defaulting on sov- lus packagetocounter the bond portfolios.But astring across Africa, South Asia and The current market rout is This week,the government ereign bonds even before the economic impact of the virus. of sovereign defaultscould Latin Americaislikely to beginning to echo past crises, said it would pay$325 million pandemic hit markets. A few days later, the Inter- trouble some global investors, weigh heavily on the regions’ including the 1997-98 Asian fi- to redeem a2020 bond but A group of African finance nationalMonetaryFund and who have piled intoemerging- overstretched public-health nancial meltdown and the ta- would put off making an addi- ministers—confronting a 2 to World Bank made aprelimi- market debt in recent yearsas systems. Measures to contain per tantrum of 2013 as the tional $200 million in coupon 3percentage-point decline on naryrequest to bilateral lend- bond yields tumbled across the outbreak, such as curtail- Federal Reserveprepared to payments by 30 days. P2JW090000-0-R00100-1------XA C‑SUITEJOURNSTAL REPORRAT TEGIES

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, March 30, 2020 | R1

BY ALEXANDRA SAMUEL coffee shop whereIusuallyspend at least three workdays aweek.But it is possible, I’ve ow do you balance produc- because Ialreadyhavesome basic habits tivity with health and well- in placethatensurehome-based work being when you’re working doesn’t compromise my well-being. from home,rather than at Here are my secrets: the office? Worked It is aquestion manypeo- Let go of the pleare nowgrappling with eight-hour day. H forthe firsttime,asCovid-19 If you’re working in an office, much of your eight- closes manyworkplaces and sends people hour “workday” is made up of meetings in which From intothe relativeisolation of the home office. you’re mostly listening, in addition to water-cooler But in our house,itisbusinessasusual: I’ve chat, collegial conversations and random interrup- worked from home for the most of the past tions.When I’ve worked at an office, I’ve considered 22 years, and for the past four, my husband it a good day if I get 4 hours of decent work time. and Ihaveworked from home together.(And Sincemysolo workdays areuninterrupted, Ican get more done in 5 hours than I’d accomplish in 8 Home for we still like each other!) hoursatthe office. Conversely,ifIconsistently work But I’ll be honest: Thefirst time Ifound morethan 5or6hoursatastretch, Ican get really myself working from home,inmymid-20s, burned out and isolated. Ihad atough time.And sincethen, to make So Itry nottoget hung up on whether theclock 22 Years. sureIdon’t sink intoany morefunks,I’ve on thewall says 5p.m.; my workdayends when I’ve been very conscientious about staying con- completed the work Ineed to get done,and if I reach my limit or get restlessbeforethen, Itakean nected to the outside world, balancing my extended break or get outside for a walk. productivity with what’sgood formymen- Ialso trytobook in videoorphone calls to make Here’s talhealth. sureIget humaninteraction. On days when Idon’t That is more challenging for me now, just have many business calls, I try to call at least one as it is foreveryone else: Ireallymissthe friend or family member in the midafternoon, when my productivity starts to flag. If Ihave brainless taskslikeclearing out my inboxorinvoicing clients, Itakecareofthatlater in the evening, afterI’vehad What I’ve achancetorefresh and interact with somehumans. Choose three things a day. Learned. When youaren’tusing the businessday to decide when work starts and ends,you need someother structurethatlets youknowwhen you’ve put in a PleaseturntopageR2 The rules change when you move from an office to your spare room. Here’s how to be both productive and healthy.

INSIDE JON KRAUSE REVAMPED BOOT CAMP Novel FIBBING AT WORK NEXTACT The Navy changed how Apollo’s Vision Idea Many people lie— it trains recruits after Manypeople dread to get hired, to get The storied two deadly accidents. commuting to work. ahead, to avoid Harlem theater That included rethink­ This man usedhis time on the train to burning bridges. is looking to ex­ ing what it means to writefivenovels. It does a lot of pand its reach. be tough. R4-5 R10 damage. R12-13 R14 P2JW090000-0-R00200-1------XA

R2 | Monday, March 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

Secretsof RemoteWork

ContinuedfrompageR1 day’swork.SoIliketopick my top three priorities foreach day, and share those three commitments with acol- league (orgroup of colleagues)early in the day, via chatoremail, so Ihave asense of accountabilityfor whatI get done.Istart my daybyjotting down majoritems like: Create the spreadsheet with the listofall the variables forour data project;write first draftofremote-work story;send all outstanding invoices. Sure, you’ll have other emails to ad- dressorcalls to answer, but those three big things will be the center of your day, and you’ll fit the other stuff in around the edges.Atthe end of the day, shareyour accomplishments (evenifonly one or zero out of three) with the colleagues you’re using as ac- countabilitypartners. Theydon’t have to be people youwork with; theycan be friends who commit to this practice so youall stay sane while working from home.This won’tonly help you focus your days,but will giveyou a sense of communityand support for your daily work effort.

Choose a newtime- managementsystem. back into the groove of work, so it is the lack of body-language cues or cof- soloafewyearsago,Iexperimented easiertoget back intothe flowofmy fee-line greetings suddenly makes you with afew differentmood-tracking and If you’re going to enjoythe advantages primary responsibilities. feel lessconnected to your colleagues, daily-reflection apps thatpromptedme of letting go of the eight-hour day, you Of course,thereare practical rea- and fraysthe unspoken bonds of trust to reflect on my mood and my emo- need adifferentway of managing your sonswhy youmay notbeable to just that let us work effectively together. tional stateatleastonceaday. time and ensuring you’re working at an go offline foraday or even an entire If youcan, slowdownjustabit Nowthatkind of reflection has be- appropriate pace. afternoon. Whatyou can do is plan on now that you’re at home, take a few come part of my morning ritual: Idoa Your daily “three things” canbepart tackling mostofthose emails and minutes at the beginning and end of kind of self-scan eachmorning to see of thatsystem, but it is also helpful to messages during the windows when each web conference or video call to whatkinds of emotions aresitting in setupsome other structures to help you’re in full-on work mode,and then just connect with your colleagues as my body (onceyou get usedtothis yousee whereyour time goes.The tack on acouple of short surgical actual humans.Ask them howthey kind of practice, it really does feel productivity expert MikeVardy came strikes at other times in the dayor aredoing, or fortheir besttips for quitephysical),and if it seems likeI’m up with theterm “time theming” to evening, to handle time-sensitivemes- coping with acooped-up existenceor loworanxious,Itry to exercise earlier describe the idea of committing cer- sages thatcan’t wait foryour next justshareapiece of your ownper- in the dayand eatmorecarefully so I tain days,times or weekstospecific work window. sonal news. don’t ride ablood-sugar roller coaster. tasksortypes of tasks; youcan create These little investments in relation- Ialso talk to atherapistevery couple aseparate“time theming” calendar in- ships payenormous businessdivi- of weeks, and my husband and Ihave side your calendar app,and use thatto Be aregular. dends,because people aremoreeffec- an evening check-in everyday. plan and visualizewhich parts of the tive at collaborating when they trust dayorweekyou’re going to spend on Until recently, I was a regular at one oneanother,and actual human con- differenttypes of work. particular coffee shop, where I know versation builds trust. Just as impor- Schedule It also canbeveryuseful to install a thecafeownersand enough of my tant, these interactionswill makeyou standing dates. time tracker like Timing.app or Manic- fellowregularstogivemeasense of feel moreconnected and help combat Time on your computer, which runs in community and a little collegial chit- your own sense of isolation. Justasremote work sets your baseline the background and letsyou seewhere chat.Now thatI’m working entirely physical activity to zero,itsets your your time has gone.You canevenbuild from home, I try to be a regular in a baseline social interaction to zero (well, simple rules so that you get visual re- fewdifferentonline contexts:Face- Wear a not counting anyone you live with). ports that break your time down into book groups,Twitterlists and Slack fitnesstracker. I’ve found it very helpful to have productivevs. unproductivetime.Take channels forpeople in my field and for standing datesthatensureIhave alook at howyou’ve usedyour time,ei- soloworkers, so Ihave asense of col- somesocial interaction everyweek, ther once a day or once a week, and it legialityand asounding boardfor pro- The last time I switched from office even if Idon’t get organized enough to will help you find an appropriate pace fessional issues. work to remote work,Igained20 makeplans.These days,thatconsists that preserves both your productivity Evenifyou’ve previously and your sanity. been sparing or surgical in the way youuse your company’s Out of Office Slack or Teams conversations, The biggeststruggles and benefits of working remotely,according to people who do it regularly: Respect and work nowisthe time to start actu- ally hanging out therealittle, Biggeststruggles Biggestbenefits with your natural and maybe even commit to energy cycles. joining in the just-for-fun chan- 20% 18% 12% 32% 26% nels onceortwiceaday;itwill Collaboration and Notbeing able Distractions Abilitytohave a Flexibilityto When you’re working in an office, you help youstaymoreconnected communication to unplug at home flexible schedule work anywhere have to showupand put in aregular to your larger team. Youcould day’swork whether you’re bursting with also consider frequenting a energy or burned-out and in desperate fewofthe broader online com- need of abreak.When you’re working munities in your industryor from home,you have moreflexibilityto professional field, even if work with these natural cycles—as long you’ve neverdone thatbefore; 5% as youdon’t let them rattle you. it maybeawhile beforeyou 20% 10% 11% 7% Other Abilityto Iusedtofreak out wheneverIhit a cangotoatrade showorcon- Loneliness Being in adifferent 21% Ability Nothaving spend to solowork slump,likethe dayorweek ference, and this will help you time zone than teammates to commute time work after a big project or a vacation, when build or sustain comparable re- 5% 3% with from lationships online. Taking family home “Seeing” the same people in 7% vacation Staying motivated time the same context,day in and Other Think about day out, provides a vital sense how to build and of continuityand community, Finding reliable Wi-Fi 3% and makes it possible to dive Buffer.com, StateofRemote Work report, 2020,based on asurvey of 3,521remote workers around the world sustain relationships deeper,intomoreinteresting in the era of conversations,because we social distancing. aren’t starting from square one each pounds in the first year, just because of a4p.m. walk with one or two day. Those networksare moreimpor- my baseline levelofactivity went friends,every single day, so that Iget tant than ever now, so I stay logged from moderate(walking from parking outside and seesomeone outside my into severaldifferentSlack work- lottooffice, walking from desk to cof- immediate family.(Don’tworry, we Ijustcouldn’t focus or get much done. spaces and even leave the dreaded feemaker,walking out to lunch and practicesocial distancing.) During these crisis times,slumps are notifications turned on! back)tozero. Wear astepcounter Ialso scheduledastanding morning alittle lesspredictable:Some morn- Yes, it is alittle distracting, but and commit to a minimum daily step videocall with anew colleague.Itisn’t ings Iwakeupreally worried, and just hearing from clients and colleagues in count; takeawalk early enough in the somethingI’d do in amoreconven- can’tfocus,but one daythis week I real time helps me feel likeI’m still day that if you haven’t hit your step tional work situation, but rightnow,it went into overdrive, pulledmyfirst all- part of alarger workplaceand profes- count, youcan plan on running the ensures we both get afocusedstart nighterinadecade,and exhausted sional community. laundryupand down the stairsafew to our days,and even moreimportant, myselffor the next day. moretimes,orfind another errand to it is helping us build acollegial rela- NowI’velearned to accept these get yourself moving. tionship whilefighting isolation. downturns,soinstead of worrying that Take time Remember,tackling remote work in they mean I’ll neveragain get anything to reconnect. ahealthyway is askill, justlikeany done, I use these natural ebbs to take Set up mental- other professional skill. It is going to care of personal tasks(booking awhole Whether you come from an office health check-ins. takealittle time,and alittle prac- bunch of catch-up calls for the day af- wherecollegial chitchatispart of the tice—but by prioritizing your well-be- terIfinish abig piece of work,orusing meeting routine,orfromashop with When you’re working from home— ing, as well as your productivity,you alistlessday to cook awhole bunch of alet’s-get-straight-to-businessculture, andespecially if you’re doing that mayevendiscoverthatyou actually meals forour freezer).OrIuse them to nowisatime to think carefully about while living alone—it is really crucial prefer working from home. takecareofthose work projects Inever how you can build and sustain colle- to have somekind of structurefor have time forwhen I’mondeadline,like gial relationships when you have ex- checking in on your ownmental Dr.Samuel is atechnology

updating my email filtersorreorganiz- actly zero in-person contact.Evenif health and well-being, so youdon’t researcher andthe author of “Work SE AU

ing my files.Ifind these organizing you normally function at a brisk pro- get lostinasea of work and dead- SmarterWith Social Media.” She KR taskshelp clear my mind and get me fessional distance, you may find that lines. When Ireturned to working [email protected]. JON P2JW090000-0-R00300-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | R3 P2JW090000-0-R00400-1------XA

R4 | Monday, March 30, 2020 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Monday, March 30, 2020 | R5 JOURNAL REPORT | C-SUITE STRATEGIES JOURNAL REPORT | C-SUITE STRATEGIES

pushed to subsequent training tire divisions if recruitsdon’t ronments, such as technicians Theagencyalso said the service periods. displayteamwork.Some who fail who dispose of sea mines,torpe- had not put in placeeffective In each of the13barracks that getone chancetoretakethe test does and other explosives. methods forevaluating the impact house recruitsatGreat Lakes, with another division; othersare Warrior toughness “is likehit- of those adjustments,suggesting “we literallytoreout computer discharged. ting control-alt-deleteonacom- the Navy still needs to figure out labs,removedall the desks and puter,” Mr. Caverly says. how to track its progress. turned them intoship decks to Pause and refocus At the Olympic-sizeswimming practicebasic war-fighting com- The Navy has also begun to see pool at Great Lakes, all recruits Ready, Relevant Learning petencies,” says Adm. Sands. the limitsofits longtime “tough must passatest showing they TheNavyisn’t just thinking about Commanders, who lead boot- it out” approach. Boot camp is canjump off a10-foot-high plat- training at boot camp.Its officers, camp divisions of around 88 re- still acrucible,and it is designed form, swim afull length of the likemanycompanymanagers, are cruitsand areresponsible for accordingly. Recruitsare yelled pool, floatontheir stomachs for talking about lifelong learning—a their performance, nowassess at, insulted,brokendown. Be- five minutes,and turn their uni- contrast to the service’s longtime their divisions’ weaknesses and tween 10% and 12% drop out be- forms intoflotation devices. “oneand done” attitude toward use blocks of time once devoted training. Sailors received follow- to online learning to have their up training as theyprogressed recruits drill skills like patching through their trades,but the Navy pipes or tying knotstoanchor gotcomplacent about assessing and moor a ship. proficiencyand refreshing peo- “Think of apitcher who ple’s skills as equipment wasmod- throwsthousands,ifnot hun- ernized or missions changed, Adm. dreds of thousands,ofpitches,so Cozad says. he knows the precise feel, the The Navy is slowly integrating precisehand movementsofa an approach called Ready, Rele- good pitch. That’s whatwe’re vant Learning.Most sailorsget trying to do now,” says Rear specialized training right after Adm. Kyle Cozad, who oversees boot camp,and depending on all education and training forthe one’s rating, or occupation, there Navy. “We’redoing reps and sets is usuallyfollow-up training in the to develop muscle memory.” setting thatmakes the most sense, “Theassumption is thatthere’s such as on boardships or at a complexity to these tasks,soyou base. will probablyhavemultiple cycles TheNavyisrevising itstraining of failureonyour waytosuccess,” methods for more than 75% of its says ElliottMasie, atraining-and- approximately 80 occupations,be- development expertwho has vis- ginning with operations special- ited boot camp at GreatLakes and ist—which Navalinvestigators oncebrought adelegation of lead- called out fortraining deficiencies ersfromfirms likeAccenture, thatcontributed to the 2017 colli- Walmartand McDonald’s to ob- sions. servethe Navy’s training meth- The Navy’s review team found ods. “They don’t just tolerateit; that operations specialistswere theystructureinfailure.” unprepared to manageships’navi- Recruitsspend two days in- gation systems and operatesur- side the U.S.S. Marlinspike, afa- face radars to monitor what was cility at GreatLakes containing a happening in the waters around life-size replica of the deck of a ships.Their training also hadn’t surface ship and aclassroom been updatedregularlytoinclude outfitted with ropes and bollards, information about newconsoles the poststowhich ships aretied. and technology used to steer. There, recruitspracticetying Thematerial and the delivery lines, relaying orders, getting a methods at post-boot camp train- Recruits at Naval Station Great Lakes north of Chicago hold up their phones on Feb. 12, 2020. They are permitted to make one call to loved ones upon arrival before turning in their devices. ship under wayand bringing it Recruits use visualization to increase confidence before swim exercises, ing foroperations specialistshave back to port. Theonlything top, and practice taking on and off firefighting equipment, bottom. been modernized away from rote missing is water. memorization to practical applica- McCain.The incidentsleftthe The33-member reviewteam de- During practiceonthe replica, tion, says Lt.J.Ray Norris,who serviceand itssailorsreeling, termined that the incidents were instructorsring abell every time fore graduation; the attrition Some of them cannot swim and runs the school at GreatLakes After a pair of deadly collisions in 2017, the unable to avoid the conclusion preventable and faulted, among recruitsmakeamistake. Each rate has increased 3 percentage have never been in a pool. wherenew graduatesget their Navy transformed the way it trains recruits. thatsomething had gone terribly other things, failures in training bell signalsanerror thatcould pointssincethe boot-camp It is a test recruits have done firstspecialized training forthe Howthe Navy wrong in the Navy’s operations. sailorsinthe fundamental skills of result in a sailor tumbling over- changes were implemented. for some time. Now, though, be- rating. There are lessons here for every business. Such problems can build into seamanship. boardinareal-lifesituation, says But the Navy is redefining fore the test, an instructor reads “It would be like, ‘Look at this, crises when organizations of any William Haines,agunner’s mate toughnessinthe wake of the aWarrior Toughnessbriefing hold it in your memoryuntil we stripe fail to face brutal truths, Reps and sets who attended boot camp last deadlyaccidents. One explana- that involves visualizing the ex- test youonitonFriday.’Theydata says Jim Collins,the author of TheNavyisnow focusing hardon summer. tion forthe incidentswas that ercise and doing deep breathing. dumped as soon as theylefthere,” Revamped Boot Camp “Good to Great” and other books basics.Officersand administrators Whenhis division firstat- officerspushed to followorders, Does it work? As in the past, he says. on management. Mr.Collins was have rewritten60% of boot camp’s tempted the exercise of bringing and didn’t question bad deci- some recruitspanic when they Now, 80% of the curriculum is avisiting scholar from 2012 to two-month curriculum, tightening aship to port, the bell rang 27 sions,eventhough theydidn’t hit the water, come up gasping hands-on work with simulations 2013 at the U.S. MilitaryAcad- standards and emphasizing funda- times, he says, and the division have enough resourcestodo forair and arepulled to the side andinteractivecourseware and emyatWest Point, wherehe mentals like firefighting, damage blewits allotted25-minutedead- what they were told. by instructorswielding long 20%islectures,with moreengag- studied leadership and military control such as plugging leaks and line.After that, “we promised So, the Navy is absorbing re- poles.Manycan’t completethe ing lessons built around scenarios BYLAUREN WEBER also raising the bar forrecruits manyofthe same challenges pri- culture. day-to-dayequipment repairs, and our instructor we would do it in search about resilienceand full length and aresent to a experienced in the fleet. to pass, leading to higher attri- vate-sector employers face,in- In the case of the Navy,con- standing watch. under 20 minutes,with no safety mindfulnessand folding thatinto smaller pool forremedial “We’retaking 18-year-olds that reat Lakes, Ill.—Four nightsaweek, tion but better-prepared sailors. cluding overbearing bureaucracy, gressional investigatorsand mili- “If youcan’t fight afire, you’re strikes. And we did,” he says. aprogram called Warrior Tough- classes—and, as before, theyare don’t know anything about being young people arrive by the busload at And it is aiming to deliver con- resistancetochange, cultural tary officershad warned repeat- notgoing to be asailor,” says Rear allowedtotakethe test multiple an operations specialist, the most the Navy’s Recruit Training Command tinuous training to personnel driftand leadership upheaval. edlyofoverworked sailors, Adm. Jamie Sands,the Navy SEAL times. vital job on the ship,and in 34 in this town north of Chicago. As they over the course of their careers Navy SecretaryRichardSpencer, inadequate training and budget who wastapped in spring 2019 to In previous years, says Capt. days we’re sending them to a de- file off the bus at dusk,theyare greeted to keep their skills sharp. for instance, was fired last year cuts in the yearsleading up to command severaltraining pro- Teaching resilience has become a priority. Erik Thors, who oversees boot stroyer,” says Lt.Norris. “And by shouted commands: “Run, female! during aconflict with the White the two collisions,due largely to grams,including boot camp. camp,1.6%ofrecruitswere probablywithin amonth of get- Run, male! Move your ass! Youwill not The deep end House over the disciplining of a an overcommitment of Navy “We’ll remediate you, we’ll try to “swim failures.” That number has ting there, they’re qualified, profi- move this slowagain forthe next eight TheNavy’sefforts maynot look Navy SEAL. ships to overseas missions. get you there, but if you can’t get dropped to 0.4%. cient, making recommendations to weeks!” liketypical corporatetraining— In this case, the Navy’s boot- Those warningsweremostly there, youcan’t be asailor.” Adm. To graduate,recruitsmust ness, which wasimplemented in “Statistically, we see better a captain during a mission.” G They’ll stay awake for 24 hours, be- passanall-night test called “bat- the summer of 2018 and is now On the ships,sailorscan only especially at themassiveboot camp initiativeofferslessons for ignored by Navy leaders. In Sep- Sands keeps a copy of the Navy’s physical-fitnessscores, more ingoutfitted with uniforms and sized forshoes,taking camp,wheremorethan 40,000 companies in howtoput their tember 2017,the Government Ac- report on his desk at all times to tle stations,” proving their skills integrated into nearly every as- push-ups, faster run scores,” he take afull load of responsibilities urine testsand receiving vaccinations.Men’s heads will be recruitsarriveannuallyinwaves practices under amicroscope, countability Office noted that it remind him thatwhen the service in an environment designed to pect of boot camp. says. “Warrior Toughnesstaps oncetheyare qualified, aprocess shaved. They’ll all learn howtorespond to orders, address of up to 900 aweek.Few corpora- recognize when big changes are had made 11 recommendations in sends poorlytrained sailorsout to look and feel likethe deck and “We’veall been told in the into the mental block and helps thatcan involveoraland written superiors and carry themselves like sailors. tions keep newemployees awake needed, and then makethe often prior yearsrelatedtothe Navy’s sea, lives are lost. hull of awarship.Aswater floods past to suck it up and push people realizetheycan do aheck tests, as well as senior sailorssign- These eight weeks look dramaticallydifferent todaythan for24hoursafter theyshowup, difficult adjustments. There are readiness, and onlyone had been “This isn’t summer camp,” says through a burst pipe, they must through,” says Senior Chief Petty of alot morethan theythought.” ing off on alist of competencies. they did three years ago. or yell at them the moment they fewcompanies thatwouldn’t implemented. TanyaMojica, aboatswain’s mate, identify and repair the leak and Officer Warren Caverly, who pre- Adm. Sands and othersat TheNavyhopes itsimproved train- Discussions about reforming boot camp began in 2016,but arriveorshave their heads. benefit, for instance, from mak- In itsfavor,the militaryhas a a few days after graduating from move boxesofammunition to viouslyran the gymwherere- GreatLakes saytheyare hearing ing will speed up thatprocess.

theypicked up urgencyfollowing apair of deadlycollisions Still, the militaryhas long ing their training both morerele- tradition of evaluation and self- (7) boot camp in August. “This is your dry storage. In another area, an cruits do daily fitness drills and anecdotally from officers in the It also hopes thatthe tighter at sea in 2017.The Navy has sinceoverhauled the training been a source of inspiration and vant and effective. Forthe Navy, correction, says Mr.Collins. life.” explosion is followedbysmoke tests. Recruitsare taught to fleet that sailors are arriving on focus on standards,resilienceand

thattransforms civilians intosailors. Theaccidentsrevealed fascination for business leaders, as formanyemployers,the moti- “They’re very open about learn- JOURNAL Thesingle biggest changethe andalarms; dummies stand in mentallyand physicallyrecali- ships with astronger set of fundamentals will help the service amilitaryculturethathad lapsed intocomplacencyand nor- and at its best the service mani- vation to act onlygathered ur- ing from things,” he says. “It Navy has made to boot camp is forsailorswith injuries,some fa- brate—pause and refocus—if skills.But it maytakeyearsto avoid collisions like those back in REET

malized recklesslevels of risk,according to Navy investiga- festsqualities executives tryto gencyinthe face of catastrophe. goes back to the gravity of the ST immersing recruitsinexperiential tal. Therecruitsput out firesand theyare struggling,and encour- develop amorecomprehensive 2017. tors—so the servicehas gone back to basics,cutting down on foster in their organizations: At the Department of Defense, mission and the fact of what’sat LL learning to simulate,ascloselyas extract the wounded. aged to talk about problems they view on the changes’ impact. “Whenyou take ownership of classroom learning while beefing up hands-on training in dedication to a mission and rig- the largest employer in the U.S., stake.” WA possible,conditions aboardaship Battle stations used to be are having. According to a2019 GAOre- the problem, you can start to ad- THE

seamanship and responding to emergencies. orous discipline.What’smore, training itsworkforce and main- In this case, it took 17 casual- R in times of peaceorwar.Recruits more of an exercise with coach- All boot camp officers, instruc- port, senior Navy officials esti- dress it,” Adm. Sands says. The service is also scrapping some old ideas about the the armed forces—with more taining its culture is a matter of ties to force a grim reckoning. FO nowreceive177 hoursofhands-on ing from instructors; it is nowan tors and recruit division com- mated it would take 16 years to

Navy’s culture. Among other things, it is moving past a than 1.3 million active-duty ser- lifeand death. In 2017,17sailors AreportwrittenbyNavyoffi- OCK learning during their eight weeks, evaluation of skills,and failure mandersattend five 90-minute determine whether changes to Ms. Weber is a reporter for The SC “tough it out” mentality—which mayhaveled to excessive vice membersand hundreds of died in collisions involving the cials soon afterthe 2017 colli- up from 160 hours in 2017. Class- just beforethe finish line isn’t classestaught by psychologists, training forsurface-warfare offi- Wall Street Journal in New York. GLA

risk-taking—to a system based on helping trainees focus thousands of reservistsand civil- U.S.S. Fitzgeraldand, two sionsoffered an unstinting ap- OR room instruction fell, as elements uncommon, officerssay.Onrare chaplains and servicemembers cers,high-ranking sailorswho She can be reached at and stay resilient in the face of challenges and crises.Itis ian employees—struggle with months later, the U.S.S. John S. praisal of whathad gone wrong. YL were removed, condensed or occasions,commandersfail en- whowork in high-pressureenvi- driveships,had been effective. [email protected]. TA

Recruits, left, learn to giveinstructions overradio during atraining exerciseinside the U.S.S. MarlinspikeatNavalStation GreatLakes.Recruits, right,stepoff atowertwo-by-twointothe training pool. Recruits, left, listen to an instructor during a class at boot camp. The color guard, right, carries flags from all 50 states during a graduation ceremony on Feb. 14, 2020. P2JW090000-0-R00600-1------XA

R6 | Monday, March 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

that, we have seen all these core shifttowards people willing to pay brands coming back to growth again. more moneyatthe premium end. About two yearsback,welaunched WSJ: What does thecoronavirus out- our dark rums—Bacardi4,Bacardi 8, breakmeanfor that strategy? Bacardi10—and we just launched MR.MADHAVAN: Forquarterone,we Bacardi16. have cut back on our spends thatare consumer-facing.Europe was[gear- WSJ: Sincethe coronavirus ing up for] summer.You had alot of outbreak, is thepremiumization festivals,and if yougoaround Eu- trend continuing? rope,people liketosit outside,watch MR.MADHAVAN: Absolutely. In the people.Thatisnot going to happen in U.S.,people aremoving to very cheap quarterone.Whatweare doing is productsortoveryexpensiveprod- putting some of thatmoneytoward ucts. Themidpriceproductsare get- reaching out to people within the dig- ting abeating.People who arewant- ital space. So,getting morepeople on ing to save forarainyday aresaying, Instagram, on Facebook on YouTube “Iwill downgrade,” but alot of people through some of the communications sitting at home aresaying, “Letme thatwehave. treatmyself to the best cocktail, or a We were working with e-commerce nicebottle of wine and enjoythat sites in Europe and the U.S. before, with the family.” but we areseeing evenmore[online purchases] nowthatpeople arecall- WSJ: Younger people drink less ing forgroceries to be delivered than their parents and grandpar- home,including ingredientsfor cock- ents.What does that mean forBac- tails.Ifyou want to makeeight mar- ardi and forthe spirits industry? garitas,theygiveyou the ingredients MR.MADHAVAN: Tenyears, 20 years foreight margaritas delivered to your back,when youlooked at the spirits doorstep. industry,you had the youth drinking to getdrunk.Wedon’t see thatany- WSJ: What impact has thecoronavi- more. Youare seeing people being in rus outbreakhad on your sales? control. They want to have drinks MR.MADHAVAN: Initially, it wasim- thatprovide them with the taste, but pacting us moreinplaces likeChina they’re very conscious about the calo- and global travel retail, and sinceour ries.Therefore, you’re seeing the rise businesses weren’tverylarge in of thingslikevermouth, likespritz. China, it didn’t have such an impact. In March, we’veseen alargerhit in Western Europe.Inthe U.S.,you’re seeing ahugespikeinthe sales in the liquor stores,the grocerystores, 27.9% Kroger,Costco,those kind of outlets. Peoplewerestocking up in anticipa- Expected annual tion of thelong term. You’re seeing growth in consumption similar trends around the globe. of low/no alcohol spirits, While restaurantshaveclosed down, 2018-2023. the grocers, the liquor stores aresee- ing hugespikes in sales. ‘In the U.S.,people aremoving to very cheapproducts or very expensiveproducts,’ says Mahesh Madhavan. Theglobal percentageofour sales coming from liquor stores,grocers, 23.2% large formatted stores is in the region tails and newexperimentstomake of 75%. Then the balancecomes from Expected annual growth drinking at home moreconvenient. restaurants, bars, pubs,etc. in consumption of low/no I’ll Drink In this edited interview, Mr.Mad- alcohol ready-to-drink havantalks about his plans forBac- WSJ: Do youthink it will balance beverages, 2018-2023. ardi during the pandemic—and after. out, or will yousee anet drop? Source: IWSR Drinks Market Analysis 2020 MR.MADHAVAN: Ithink we will see aslight drop.The unknown is,how ToThat.Not. Boosting share long is this going to continue?Ifitis Cautious times WSJ: Bacardi’s U.S. and global share three months,weare prepared forit. WSJ: Is behavior going to change had been falling forseveral years, If it goes six months to ayear,we’ll in thelong run? but recently has begun to turn have to re-evaluate our strategies. around. Could youtalk about that MR.MADHAVAN: Having seen SARS Bacardi’s CEO on how the coronavirus is dip and what you’ve been doing WSJ: Many other spirits have premi- and severalother similar issues in affecting sales and marketing strategies, and, about it? umization, withconsumerswilling to Asia,Icertainlybelieve thatinthe why younger people are drinking less alcohol MR. MADHAVAN: Some of our core spend morefor higher-qualityspirits. shortrun, people will be wary and brands weren’tdoing very well, and Rum is latetothat party.Why? not go out. But in the long run, the partofitwas to do with the fact MR.MADHAVAN: When youlook at human being is greatatforgetting the BY JENNIFER MALONEY thatweweren’t consistent in our categories likescotch, theyhad to past. It’sapartofhealing.Ihaveno messaging with consumers. Bacardi come from Scotland, tequila had to doubt youwill see music festivals eforethe coronavirus outbreak,Bacardi Ltd. Chief changed itspositioning practically come from Mexico. Whenyou look at come back.You will see people going ExecutiveMahesh Madhavanwas grappling with a every year between 2001 and 2017, rum, youhad ruminthe Philippines, back to restaurantsand dining.You’ll fundamentalproblem forthe spiritsindustry: Anew and the brand reallydidn’t stand for in India, in the Caribbean. Nobodyde- see people going back to bars. In fact, generation of consumerswas drinking farlessthan anything with the consumer. Since fined whatrum should be.Therefore, we believe thatwhen thingsopen up, theirparentsdid. 2017, what we have said is that we youhad rumbeing produced as a people aregoing to party so hardlike B Now he’s facing another challenge. Apandemic has will remain consistent in terms of cheap spirit, catering to the masses. we’veneverseen before. closed bars and restaurantsaround the world, prompting arise in our brand messaging, and we have Now people areputting alot more online alcohol purchases and worries thatconsumer behavior may startedtodothat. We put more emphasis on the source. Ms.Maloney is aWall Street be foreverchanged. Fornow,though, Mr.Madhavanisforging moneybehind advertising.Weare Youare seeing consumerssaying, Journal reporterinNew York.She ahead with strategies Bacardiput in placebeforethe crisis.Among also seeing moreinnovation coming “Ilikemyrum coming from the Ca- canbereached at other things, it’slooking to improved marketing,lower-alcohol cock- intothe pipeline.Onthe back of ribbean.” Therefore, youare seeing a [email protected].

uted to customersinIndia, other Challenging Times forRecycling: First, SoutheastAsian countries and the U.S.

China’s Ban. NowIt’sthe Coronavirus WSJ: What is happening in your recycling business since Waste Management’s finance chief MS.RANKIN: We’vemade greatstrides the coronavirus crisis? on how the company is changing on moving forwardwith thatfee-for- MS.RANKIN: The volumes thereseem its pricing model service model and areseeing tremen- to be holding strong. Whatweare see- dous value from that. In 2019,our im- ing is atransferofwaste from our pact to the revenue line from declining commercial customerstoour residen- BY NINA TRENTMANN commodityvalues wasover$300 mil- tial customers. lion, and in spiteofthat, we were able Waste Management Inc.isdealing with an ex- to manage the overall profitabilityof WSJ: Have you seen a change in traordinaryamount of changeinits recycling busi- the business to essentially flat. terms of prices for recycled goods? ness. Two yearsago,China decided to ban imports MS.RANKIN: We have seen thedo- of mixed paper and plastic and introduced limits WSJ: How is your effort to mestic demand hold up and even to forscrap metal, upending global recycling markets. make communities pay for some extent increase from third par- Thedisruption forced WasteManagement, the larg- more for your service going? ties who use recycledcontent in their est residential recycler by volume in the U.S.,tore- MS.RANKIN: On the residential side, manufacturing processes. That is im- examine its strategy. we tend to have longer-term con- pacting commodityprices and driving China’s shifthas removedamajor source of de- tracts,three to fiveyears, sometimes them higher.Wesee thatassome- mand forrecyclables,driving down their prices.It even 10 years. While we canproac- thing thatmightbenefit the near term. also resulted in higher processing costs, as many tively engage with the customer, countries around the world followedthe Chinese ex- there’snot necessarily going to be WSJ: Are conversations with munici- GEMENT

ample and set higher quality standards forimports greatreceptivity[to renegotiate palities about paying more for recy- MANA E

of recycled goods.WasteManagement responded by terms while acontract is still run- cling as a service continuing, given ST

asking municipalities to paymorefor recycling ser- ning]. The customer says, “We want Many behind thatcommitmentbecause it that municipalities don’t have a lot WA vices,the so-called fee-forservicestrategy. to wait until our contract is up so that communities will be shared by morepeople in of visibility into what their finances With thattransition still in progress, the newcorona- we canrenegotiate.” We’rekind of remain terms of the incremental costs. What might be looking like in a few JOURNAL; virusstruck.The Wall Street Journal spokewith Dev- halfway through that process. committed we can do is give communities infor- months’ time? ina Rankin, WasteManagement’sfinancechief,about to recycling, mation and insightabout the environ- MS. RANKIN: In this current environ- REET ST

the company’snew strategyand howithas been af- WSJ: Are communities cutting says Devina mental value and benefits thatare ment, we’renot going to be focusedon LL

fected by the pandemic.Edited excerptsfollow. back on recycling if prices increase? Rankin.. created from our recycling program. actively pursuing contract renegotia- WA

What is the company doing to try tions.That’snot the rightthing forus THE R

WSJ: Howhas China’s decision to stop taking some to convince municipalities and WSJ: Where is all this recycling go- to be doing. We’regoing to be focusing FO recycledgoods affectedthe economics of recycling? residential customers to keep ing? What happens now that Waste on taking care of our customers with MS.RANKIN: At the peak,approximately 30% of our recycling even though there might Management can no longer export a sensitivity that’s appropriate, given DERBALLA

recycledcommodities were going to China. Today, it’s be a price increase? recyclable products to China? what everyone has on their plate. N below 3%. We certainly saw downward pressure on MS. RANKIN: What we have seen is MS.RANKIN: Waste Management YA BR

commodity prices. thatcommunities remain fairly stead- has successfully identifiedalternative Ms. Trentmann is a news editor at P: fast in their commitmenttorecycling. outlets for all of its recycled content. The Wall Street Journal’s CFO TO WSJ: What is Waste Management doing about I think larger communities are going The Waste Managementvolumes re- Journal in New York. She can be THE low prices for recyclables? to be better equipped to really stand directedfromChina have been distrib- reached at [email protected]. OM FR P2JW090000-0-R00700-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | R7 JOURNAL REPORT | C-SUITE STRATEGIES Behind Roku’s Ad‑Supported Streaming Strategy

The company’s CMO also talks about how viewing habits have changed with more people at home

BY PATIENCE HAGGIN

onnected-TV giant Roku Inc.isbetting big on ad-supported streaming.With mil- lions of people sud- denlysequestered at home,itmay be just C the right time. Streaming hoursare up.Viewers spent about 40% moretime stream- ing both ad-supportedand sub- scription TV March 16 through 22, compared with the previous week, according to data from Vizio Inc., a competing streaming-content ser- viceand maker of smartTVs. Rokudeclines to sharedataor discusswhether the streaming boom has benefittedad-supported content. But, in 2019,its mone- tized video-ad impressions more than doubled, according to filings with the Securities and Exchange Commission. Thefilingsalso showthatRoku added viewers,reportedhigher time whole area of fitnessand well-be- MR.ANDERSON: Overall, Ithink to spend on subscriptions,and  spent viewing and increased itsrev- ing has gone up. Spirituality and streaming will supporteach of the they supplement with free TV. Free TV remains compelling enue per viewer. uplifting programming is increas- businessmodels in media. But to many consumers, says LikeApple TV,Rokuoffersa ing,and programming thathas to some parts of the industryhave WSJ: Youmakealot of moneyoff Matthew Anderson. plug-in devicethatletsyou watch do with education, learning,proj- overlooked just howcompelling ads. Several other ad-supported anystreaming service, including ects you can do with your kids. free TV is to manyconsumers. The businesses likeFacebook are the RokuChannel, launched in Peopleare using time particu- opportunity to watchsomething warning that withthe economic ation thatpeople areinnow. 2017.The channel is also available larlylater in the dayasareal without having to payadditionally downturn, they expect brands will One solution thatour ad team through an app forcomputersand break,watching thingsthatare is something thatwesee canbuild parebacktheir marketing bud- has done is we have these interac- mobile devices. just entertaining,sometimes very avery, very big audience. gets. Is Roku seeing that? tivepop-up overlays thatcould go Rokuhas pioneered newadfor- lightheartedprogramming,some- MR.ANDERSON: It’snot about over an ad. So,hypothetically, if it mats designed forstreaming video. times family oriented. the amount of moneythat’sbeing were a restaurant ad that showed Last fall, the companystarted plac- spent, it’sthe options or solutions people enjoying it, youcould do an ing pop-up interactivebanners WSJ: If those aresome of the thatmanyCMOs arethinking interactiveoverlaythatsaid, over some commercials,giving us- shifts,what is Roku doing about it? 41% about. “Here’salink to ahome delivery ers a way to interact with the ad. MR.ANDERSON: We’veput to- Alot of people have invested service” or something thatbridges One example: acoupon thatearned gether an umbrella initiativethat The week-over-week heavilyinsports [advertising] your creative ad. viewers adiscounted movie-rental we’recalling Home Together increase in total time and those sports arenot happen- credit from Fandango. [launched last week] to help peo- spent watching ing right now. Is thereaway of WSJ: EveryRoku contains trackers Chief Marketing Officer Mat- plefind programming relevant to streaming content in the reaching people who are no lon- sending dataonwhat youwatch to thewAnderson discussed Roku’s being at home with your family. A U.S. on March 18. geraccessible via [traditional] companies including Google and strategy. Edited excerpts follow: big portion of thathas been to Source: Samba TV sports? What we’ve seen is that Facebook.Doyou think that con- work with our partners to make some of the people who were sumers areconcernedabout their WSJ: What changes in viewing morevideo available forfree. We sports viewers in Februaryare TVswatching them? habits have you seen in the past went to alot of our toppremium- WSJ: The ad load fordigital streaming thingslikenews, films MR.ANDERSON: Iwould want you few weeks? subscription partners, likeShow- TV is lighter than it is fortra- and lifestyle content. So they’re to be very,veryclear thatthe TV is MR.ANDERSON: Thefirst big time or Smithsonian, and we’ve ditional TV.How many ads are still very, very much engaged. not physically watching anybody. changeisabig increase in viewing gotten extended free viewing pe- people willing to watchin Second, I’veheardfroma As a platform, we’re able to build hoursinthe middle of the day. Tra- riods or extended free trials. streaming video? number of chief-marketing-offi- in things likeopting in and opting ditionally, you’dhaveTVviewing MR.ANDERSON: When we cerpeersthatinsome cases out, and we areverywell-placed to thatwas very heavy in the morning WSJ: So far, many of themost launched the RokuChannel, we people areverymuch wanting to give the user a lot of control over and very heavy in primetime. popular streaming services have made averydeliberatedecision advertise,but their creativead what they choose and what infor- We’reseeing thatbetween noon been ad-free.Yet Roku’s media to have about half the ad load of mayfeel lessappropriate.Imag- mation we are able to use or not. and six is showing the largest in- business is betting on ad-sup- traditionalTV. And todayabout ine if your ad is about young creases. Primetime still remains ported streaming video. Why is 70%ofRokucustomersregularly people being out together or Ms. Haggin is a reporter for The the largest overall hours. the company confident that con- stream free TV or ad-supported something.You couldn’t really Wall Street Journal in New York. Afternews, we’reseeing other sumerswant to go backtowatch- video on demand. Every family runthatadwithout it feeling Email her at categories that have been up. The ing ads? has apoint up to which theywant likeitwasn’t reflecting the situ- [email protected].

‘We’re always looking Group’s ElektraRecords before releasing singles and connecting term of the artist and not taking the for career JimmyIovine recruited him to join the visuals.Itwas reallyabout, shortcuts, because it will all payoff artists,’ says Universal Music Group’s Interscope “Howare we thinking about Spo- in the end and thingsbecome much says CEO Geffen A&M—parent of iconic label tify and Apple and YouTube and bigger. John Janick. Interscope Records—as president Amazon and everybodyelse?” Another thing we talk about alot, and chief operating officer in 2012. Consistentlyputting out records, which sounds corporate, but it’sac- Mr. Janick took over from Mr. Io- making suretherewas avideo tuallyreallyprotecting the artist, is vine as chief executive in 2014. with everything,making surewe howyou’rebuilding the brand of the Under Mr.Janick’stenure, Inter- had the right touring strategy artist globally. Beforestreaming,you scope’s roster has expanded to in- and just building her fanbase would compartmentalizeeach terri- cludehitmakersacrosspop,rock and streaming. tory,and youcould roll thingsout and hip-hop/R&B.Thereare the su- We talked earlyon—should we and figure out your strategyineach perstars—Lady Gaga, Kendrick La- be going to radio with [Ms.Eil- territory. Now,there’snobarriers, mar and Eminem.But alineup of ish’s breakout SoundCloud hit] so oncesomething is out and it’s some of the hottest newer artists, “Ocean Eyes?” We purposely happening, it goes everywhere. including global breakout star Bil- didn’t do that. Youwant to build lie Eilish,DaBaby, Summer Walker an artist where kids are talking WSJ: How do you break an artist and the late rapper JuiceWrld, has back to youand help prop up the in the streaming era? helped the label dominate the artist, so by the time yougoto MR.JANICK: In the past, youused to charts over the past year. certain gatekeepers, it’ssome- be able to have [18-month album] In aconversation with TheWall what undeniable. cycles.Now youhavetoconsistently Street Journal, Mr.Janick dis- On streaming,you have to be putting out music.DaBabyhas cussed Ms.Eilish and staying on build everything around it. What’s put out an album probablyalmost top in streaming. Edited excerpts our strategyindigital advertising, every six months forthe past few follow. Instagram, TikTok,video? years, and each one just keeps get- ting biggerand bigger. He’s working A patient approach WSJ: Your time at the top of his assoff,dropping music con- WSJ: Let’s talk about the Gram- Interscope has tracked along stantly, playing shows all the time. BY ANNE STEELE mys, where Billie swept the four the rise of streaming music. Billie,weweredropping asong The Label top categories. What strategies What is the role of a label in pretty much every two to three ohn Janick couldn’t have on Interscope’s part do you think building an artist’s career in months with a video. That’s what’s Behind imagined that starting an in- helped get her there? the age of streaming? What’s worked for them. Lady Gaga, dependent record company MR.JANICK: Thestrategywas pa- changed about the label’s role

from hiscollegedorm room tience and then putting her in all in this era? WSJ: How important is market JOURNAL would preparehim forthe the right places at the right time, MR.JANICK: ForInterscope, share, and what is Interscope’s Eminem, REET

Jcurrent heyday of the stream- likegetting the season premiereof we’realwayslooking forcareer strategy for holding and growing ST ing era. [“SaturdayNight Live”]. Ithink we artists. It’s finding those artists market share? LL

Billie Eilish WA Mr.Janick launched his Fueled by thought outside the boxinthe that may be slightly left of cen- MR.JANICK: Market shareisanim- THE

Ramen label as a freshman in 1996, as sense that, how were we going to ter. Youmovepeople to them in- portant piece, especiallyinthe R

And More FO the music business entered its darkest build her in the streaming world? stead of moving them to the peo- streaming world because there’sa period of rampant piracyand plummet- ple.It’sabout moving culture. It’s pot of money, and whateveryour John Janick on ing CD sales. He built the business by WSJ: How much of this about building acareer.When market shareisinstreaming,that’s WELSH ALEX how Interscope leveraging the internet, going online to development strategy was youtalk about Billie or DaBaby how much money is coming to you. ; seek out fans for his artists, including about streaming? or Summer or anyofthese other KU has dominated RO Fall OutBoy,Panic! At the Discoand MR. JANICK: We were a bit ahead artiststhatwe’ve brokeoverthe Ms. Steele is a Wall Street Journal P: the charts Paramore. of the curve on what we were do- last couple of years, it has been reporter in Los Angeles. Email her TO He went on to lead Warner Music ing with Spotifyand howwewere about thinking about the long at [email protected]. OM FR P2JW090000-0-R00800-1------XA

R8 | Monday, March 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

With Delivery Alerts,Later Is OftenBetter

BY HEIDI MITCHELL

The waiting is the hardestpart,orsothe TomPettysong goes.But maybe the waiting doesn’t have to be so hard. Thatmay be alesson foronline retail- ersfromresearch conducted by Robert Bray,anassociate professor of operations managementatthe Kellogg School of ManagementatNorthwestern University. Dr.Braydiscoveredkeeping customersin- formedatthe end of the deliveryprocess canhave morevalue than at the begin- ning, with benefits such as mitigating frustration and enhancing positivefeel- ings toward acompany. In his research,Dr. Bray looked at roughly 12.5 million package deliveries in China originating from avarietyofship- persbut all serviced through the logistics arm of Alibaba, China’s e-commerce giant similar to Amazon.com. The deliveries featured arange of four to 10 alerts sent through asmartphone Only 2Left, app to customers, giving customersthe abilitytocheck on the status of their de- liveryinreal time.After receiving their packages,customersthen ratedtheir ex- periences from 1to5. So Order Now! Deliveries with low-satisfaction scores (1 to 2) showedflurries of messages were sentatthe beginning of the process, with fewertoward the middle and end. The highest-satisfaction scores were awarded (But DoYo u?) fordeliveries thatalerted customersfre- quently near the time theysignedfor their packages,evenwhen comparing shipments thattook exactly same amountoftime to deliver. When online retailers alert able,lowerquality,obsoleteordis- should induce “time urgency” by Emphasizing late-stage communication, continued. And in the case of items launching sales eventsthatlast just Dr.Braysays, exploits whatpsychologists consumers they are low on typicallybought in largerquanti- ashortperiod in addition to posting call the “peak-end effect,” in whichpeople stock, it can push people to ties,such as partyware, lightbulbs the scarcity message. Aseller could judge an experiencemostly by whathap- buy right away. But only and batteries,wefound thatscar- display a countdown clock showing pens at the end, rather than by the total under certain conditions. city messages canactuallyhurt the hoursand minutes until the sale sum. It makes sense, Dr.Braysays: “When sales by making shoppersbelieve ends as away to nudgeshoppersto thereisafireworksshow, youmakethe theywon’t be able to buyasmuch buy right away. big, exciting displaythe finale,because of aproduct as theywant. Amazon, during flash-sale events, that’s whatpeople remember.” BY CHRISTOPHER S. TANG That said, any retailer can enjoy will let shoppersknowwhatper- In fact,Dr. Bray calculatesthatshifting the advantages of scarcity messages centageofthe items have been ashipment’saverage alert from very early nyone who hasbought a while avoiding the negatives—if they claimed and include acountdown on, when the deliveryisaround 20% com- book on Amazon.comor do it right. Hereare some of the showing when the event will end— plete, to laterinthe process, when it is made other online pur- steps they should consider. say, “in 1hour and 5minutes.” In around 80% complete, has the equivalent chases is familiar with the some cases, Amazon will also offer effectofshaving 27 hoursfroma100- Amessage: “Only2leftin faster shipment free if shopperscan hour deliverycycle in terms of the levelof stock—order soon.” Spotlight quality commit to making apurchase within satisfaction reported by customers. These days,because of the corona- The key, with durable goods in par- a few minutes. By intensifying time It’s like“saving awhole dayonafive- virus crisis,customersare finding all ticular,istouse additional measures urgency, these mechanisms can in- dayshipping schedule,eventhough no ac- sorts of products with little or noth- to amplifythe shoppers’ psychologi- crease sales rates, research shows. tual time is saved,” Dr.Braysays. ing leftinstock.This doesn’t reflect a cal trigger to buy immediately. For Dr.Braycautions that, while transpar- marketing strategyfromthe sellersof instance, retailerscan counter the ency is appreciated, frequent, early alerts these products. impression that a product is unde- Offer a bundle canset expectationsunreasonably high. In morenormal times,however, With clearanceitems,itcan be hard “Starting with lots of feedback raises such “quantity scarcity” messages can to getrid of the last fewitems in hopes, andending with lulls in activity serveavaluable purpose foronline stock using scarcity messages alone dashes them,” Dr.Braysays. merchants. Because online shopping because shoppersmay think these The professor offers somewaystopo- makes it easytocompareprices, 69% clearanceitems areundesirable or tentially translate his supply-chain-man- many potential buyers will put off lowquality.Sellerscould trypack- agement findings to nondeliverysitua- of Americans have aging the clearanceitemwith com- tions. If individuals could restructure shopped online. plementaryproductsthatmove updatestogiveclients morefrequent faster,and selling the bundle at a feedback toward the end of,say,the com- Source: NPR/Marist poll, 2018 lowerpricethan the two items to- pletion of areport,thatcould impact gether. overall satisfaction,hesays. Similarly, Go to www.wsj.com/news/ sirable or lowquality by sharing In January, forexample,Amazon companies could put moreeffort into experience-report customer ratingsand reviews,post- bundled itsremaining inventoryof making the “lastmile” of anyproject hap- ing the number of shopperslooking seasonal Christmas Poinsettia Party pen quickly,with lots of transparency,and at the item at a given moment and plateswith Hefty plastic cups,a leave out frequentupdatesofnonactivity making apurchase decision while the number of unitssold in the past year-round seller.Similarly, book- at the beginning. they check out prices elsewhereor day. To ease concerns that the item sellerscould post ascarcity mes- “Judgmentusually comes afterthe

wait foradiscount to be offered. is being discontinued (perhaps be- sage about the number of copies process, notduring it,” he says.“Which S

Scarcity messages giveshoppersan cause it wasunpopular),the mer- leftofabook writtenbyanauthor means youwanttohave astrong finale.” NEW extra nudge to buy without delay by chant can state whether the item is yearsago and bundle thatbook G making them fear theymight missout being replenished. with apopular book writtenbythe Ms.Mitchell is awriter in Chicago. She if they don’t. When posting scarcity messages, same author. [email protected]. OOMBER /BL But do such messages reallywork? travel siteBooking.com, forinstance, One final, if obvious,point: Don’t My research—with Sungho Park, shows the information about the lie.Sellerscan’t affordthe lossof HARRER Elliot Rabinovich, and Rui YinofAri- number of people whoviewedthe trust if consumersfind thatthe no- zona StateUniversity—found that room during the past hour, as well tices of scarcity aren’t true.Even ANDREW scarcity messages work best with the number of rooms booked at that when theyare true,the credibility of : time-sensitiveand perishable prod- hotel during the day. Amazon might the scarcity messages cansuffer— TO PHO ucts such as hotel rooms or plane tell shopperswhen extracopies of a and shopperscan gettired of seeing tickets, as well as unique items like book will be available in addition to them—if they are used too often. GNOLA;

collectibles or limited editions. the “2items left” message. (Amazon TO

They arelesseffectivewith dura- declined to comment.) Dr. Tang is a UCLA distinguished TIN

ble goods such as home-improve- professor and Edward W. Carter MAR

ment productsorkitchenware, in chair in business administration at BY

partbecause theycan giveshoppers Instill a sense of urgency the UCLA Anderson School of ION AT

the impression thatthe product is Because durable goods areneither Management. He can be reached TR beingpushed because it is undesir- time-sensitivenor perishable,sellers at [email protected]. US ILL

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R10 | Monday, March 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

Ken Wells, a former Wall Street Journal editor, near his home in Chicago.

HowIWrote Five Novels

While Commuting couldn’t talk to them on the train days,all going back and forthonNJ anymore. They took this in better Transit. “Meely,” acoming-of-age humor than I’dexpected. And when story setinthe Louisiana bayous, theyrealized Iwas actuallydoing would in 2000 become my first For years, I got Then came the real shock: I started whatIsaid Iwas doing,they published novel(and remains in nowhere with my to makeprogress. Daybyday,the cheered me on (as did, by the way, print20yearshence).Four other efforts. Then I realized digitalpages piled up.Therewas the friendly NJ Transit conductors train novels would follow, includ- something thrilling about that—I who punched my tickets each day). ing,finally, thatfirst one, “Craw- I was spending a lot of washaving an honest breakthrough Thereweredistractions.Some- fish Mountain”—literally20years time on the train. So I and it suddenly bolstered my confi- times I’dfind myself bracketed by afterI’d startedit. started typing. dence. Forthe firsttime sinceIhad loud guys talking smack about sports, I’m oftenasked howIwas able to begun my novel, I knew with great or frustrated workerscomplaining reconcile my two worlds—my day certainty that I was going to finish about their bosses,orthe suit in the job as an editor and writer on a BY KEN WELLS it. Then it dawned on me—duh. I seat next to me yelling intohis cell- newspaper deeplycommittedtofact, wasaguy who worked best under phone about his deal gone bad. and that guy on the train, lost in a hen I took ajob in New deadline pressure. Iwas finallymak- My temptation wastocomplain or world he wasspinning from his York City at the ageof ing progressonmynovel because changeseats but then Isaid to my- imagination with no real boundaries 44, Ihad work Iloved, a my commutewas imposing adaily self, “Suck it up.” As ajournalist, I’d or rules. growing familyand a deadline. writtenstories under intense dead- In fact, Ifound my two worlds to Wsecret disappointment. Andonthose rare days when I line pressureinnoisynewsrooms and be complementary, not conflicting. Ihad alwayswanted to writeanovel. wasstuck,Icould go back and revise filed features from warzones with Beingsteeped in my novels on my Foreight yearsI’d draggedaman- passages that I knew needed work. gunfireexploding in the streetsbe- waytothe office, Ididn’t have to uscript around and fitfullypecked Or Icould work moreonmylength- lowmyhotel room. Howcould Ilet think about work or the stresses of away at it. But morningswith my wife ening plot outline. I realized that if yakking employees or loudmouthed the coming day. And onceatwork—a and young daughters were busy, and youjust kept pecking away,you tradersdistract me now? job Iliked amid colleagues Iadmired my job as an editor and writer at this would reach acritical massofmate- So Ikept my head down and kept in anewsroom thatbustled with en- paper was demanding. By the time I rial thatassured thattherewould be typing. ergy—Iarrived refreshed. Ifound it slogged home after eight to 10 hours no wasted days. cathartic to flush my mind of my fic- at the office, Iwas usuallytoo beatto Iunderstood this wasnoguaran- tional preoccupations and do some- write another sentence. teethatmynovel would find apub- thing useful in the real world. Howwould Ieverfind the time and lisher.But youcan’t evenstart to Imoved from New Jersey to Man- energy to write? collect rejection slips (and I would 9.9 billion hattan in 2009,trading the comforts My move came with a commute. I collect many) until you have some- of the train forthe jostle of the sub- wascaptivetoatrain thatshuttled thing that can be rejected. The number of trips way. I have to admit it was a rocky me back and forth from my home in It all felt likeprogress. And it was Americans took on public transition in terms of my writing. suburban New Jersey,toHoboken, cost-free.Iwas spinning the drudge transportation in 2018. Typing while strap-hanging? Sorry, N.J.,whereIhopped aferrytomyjob of commuting intoaliteraryen- Source: American Public but I couldn’t do it. in lowerManhattan. Thetrain ride deavor without quitting my day job Transportation Association But by then it no longer mattered. was about 50 minutes each way. or sacrificing my home life. My TheNJTransit timetable had be- Aweek or two intomycommute, sense of accomplishment put a come my internal timetable.These two thingshad become clear: Iwould spring of confidenceinmystep. I Ifound thatmorningsweregen- days,IliveinChicago, and Iwriteat be spending alot of time on the train. washappier at home and morere- erallymoreproductivethan the re- asmall desk in asmall officewith a And the ride wasprettycomfortable. laxed and energetic at the office. turn commute. In the morningsI distracting view of the water. Yes, I One dayithit me: Could Iwritea Therewas also something deeply wasfresh; in the evenings, it de- occasionallypause and look out of novel on the train? satisfying about my ability to finally pended. But therewerealso nights the window, but five to six days a hewreligiouslytoaschedule.Ste- of sublime progress. Iknewthat week,Itype away foratleast acou- On a roll phen King riffing on Sinclair Lewis things were wildlyexceeding ex- ple of hours. At the moment, I’m re- Istarted doing calculations.IfIsub- oncecoarselysummed up the secret pectations when, about two-thirds vising anovel and working on a tracted, say, 10 weeks ayear forva- of all successful writers as the abil- through the draftofthe novelIhad pitch for a nonfiction book. cation, businesstraveland sick days, ity to keep “assinchair.” Now I been laboring over,another story Iamgratefulfor all thattime I that meant I’d have 42 weeks, or 210 knew precisely what they’d meant. popped intomyhead. It wasso had on the train, and the five novels weekdays ayear,towork on my Forme, it wasbuttintrain seat, compelling thatIput the firstnovel I wrote. novel. If Icould writetwo single- eyes on the laptop,eye on the prize. aside and began to writethe book But the real takeaway from all spaced pagesaday,orabout 1,000 I had to make some adjustments thatwould become “MeelyLa- those yearsofcommuting wasalot words—which didn’t seem thatambi- to makemyrolling officework for Bauve.” more than those novels. It was the tious—surely at the end of 12 months me.Tomaximizemywriting time, discipline Ilearned on the train that Icould end up with close to a400- I’d arrive at the station 10 minutes End of the line made all the difference—and has

page manuscript. earlytoboot up my laptop.That Iwas in my character’s head so proved to be the most permanent JOURNAL My startwas fitful. Ispent the way, as soon as Iboarded, I’dbe completelythatone night on the gift.Ittaught me howtokeep my REET

firstseveraldaysinanexercise that ready to type. homeward leg Imissed my stop and buttonthe seat, long afterthe train ST

didn’t in my mind reallycount: typ- Then therewerethe colleagues re-entered reality at the end of the has left the station. LL ing my well-worn pages intothe who rode the train with me. Before line in some sleepytowninupstate WA THE

compact laptop I’dbought. But it my experiment began we’d oftensit New York about 30 miles from Mr. Wells is a writer in Chicago. R

forced my head back into the setting together and talk sports, politics or home.The cabride home wasgar- His latest book, “Gumbo Life: Tales FO

of my noveland it forced me to think journalism. So Ihad to find away to ishlyexpensive. from the Roux Bayou,” was SNIC hardabout the plot, which needed a gentlyinform my pals that, though I And worthevery penny: Ifin- published last year. He can be KA lot of refinement. held them in the highest esteem, I ishedthatnovel in 20 delirious reached at [email protected]. VID DA P2JW090000-0-R01100-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | R11 JOURNAL REPORT | C-SUITE STRATEGIES

MANAGEMENT TOP250  Tolerance of ambiguity RICK WARTZMAN AND is a quality shared by top executives at many of KELLYTANG the most effective firms, research shows.

Adapt sponsibility tend to display “affilia- tion”—apreferencefor aligning with alargerteam toward amutual goal. But thatisn’t atrait with as much relevancefor firms thatexcel And in financial strength or employee engagement and development. “Communicates effectively” is a competencythat’swidespread Thrive among senior executives at compa- nies that outstrip the field in em- ployee engagement and develop- ment.But thatisn’t the case for The most-successful leadersatthe most innovativecor- businessleadersare the porations. Forcompanies trying to improve ones who canbeflexible in a certain area, keeping in mind in an uncertain world such nuances when recruiting,hir- ing and developing leaderscould provide an edge. That’s whyit’s important not to rely simply on a wenty-five yearsago, candidate’sreputation or evenpast Peter Druckerbegan Ferry’s psychometric assessments the five categories.Six hundred and “Toleranceofambiguity” has accomplishmentsbut to use meth- to noticeone thing ex- of thousands of individual execu- fortyfirms met this requirement. the single strongest positivecorre- ods grounded in science, such as ecutives could count tives,are tolerant of ambiguity and Meanwhile,aspartofamuch lation with companies thatrank psychometric testing, job simula- on: They couldn’t are adaptable. largerdatabase,Korn Ferryhas highest in innovation, social re- tions and structured behavioral in- T count on much. Having to interpret vagueor measured the presenceof56differ- sponsibility and financial strength. terviews,which zero in on howa “Uncertainty—in the economy, contradictorysignals and being ent traits, driversand competen- It comes in at No. 2 for firms that person handled previous work situ- society,politics—has become so forced to continually transform a cies among morethan 8,500CEOs, are tops in employee engagement ations. great as to render futile,ifnot business “would overwhelm or ex- other C-suiteofficersand execu- and development. Korn Ferryalso looked at nega- counterproductive, the kind of haust alot of people,” says Evelyn tives running businessunitsat515 “Adaptability” is No.2for com- tivecorrelations—relationships be- planning most companies still Orr, vicepresident and chief oper- panies thatrank highest in cus- tween two variables in which one practice: forecasting based on ating officer of the Korn Ferry In- tomer satisfaction and social re- increasesasthe other decreases. probabilities,” he wrote. stitute. “But it energizes others. sponsibility and No.3for those Thetwo leadership qualities with by He wasn’t saying thatbusiness These leadershaveafearlessness.” Coronavirus shows thatshine in innovation and finan- farthe biggest negativecorrelation leadersshould stop mapping out TheDrucker Institute’sstatisti- value of flexibility. cial strength. to topperformancewere “focus”— their objectives,anticipating hur- calmodel serves as the foundation Asimilar pattern wasfound for marked by afondnessfor detail and dles,scheduling check-ins on major forthe Management Top250,an other attributes captured by Korn exactitude—and “structure,” in initiatives and so on. But anyplans, annual ranking produced in part- Ferry. “Risk-taking,” “indepen- which someone is motivated by pro- Mr.Drucker advised, “must not be- nership with TheWall Street Jour- dence,” “openness to differences,” cess and procedure. come astraitjacket” in aworld with nal. Rooted in Mr. Drucker’s most of those 640 companies. “Traits” “trust,” “power,” “curiosity” and This makes good sense.Such aparamount need forflexibility. essential teachings, it evaluates a arepreferences core to who aper- “builds effectiveteams” were all rigid tendencies are, after all, the Based on our latest research, company’s “effectiveness”—thatis, son is; “drivers” arewhatmoti- among the 10 most prevalent quali- flip side of being comfortable with whichthe Drucker Institutecon- “doing the right things well.” The vatessomeone; and “competencies” ties demonstrated by executives at hazinessand reacting with nimble- ducted with organizational-consult- 2019 list waspublished in Novem- areobservable skills thatmay come the companies scoring highest in at ness—the most prominent hall- ing firm Korn Ferry,this principle ber. naturallybut canalso be acquired least four of the five Drucker cate- marks of an effectiveleader in our continues to hold true today—and We analyzed820 large, publicly and sharpened with experience. gories.(“Power” doesn’t describe turbulent times. has become all the moresalient in traded companies last year through In combining the two setsofre- aleader who favors acommand- lightofthe coronavirus pandemic the lens of 34 indicatorsacrossfive sults, aclear picturematerialized: and-control approach; rather,itre- Mr. Wartzman is the head of the that has upended industries in ev- areas: customer satisfaction, em- Theleadersofthe best-performing fers to an executive driven by re- KH Moon Center for a erysector of the economy. ployee engagement and develop- firms in each of the five areas cov- sponsibility and influence.) Functioning Society, a part of the Thecompanies thatscore high- ment, innovation, social responsibil- ered by the Drucker rankingsex- Thereare keydifferences,too. Drucker Institute. Ms. Tang is the est on our Drucker Institutegauge ity and financial strength. To be hibit manycommon qualities from Forexample,leadersatcompanies institute’s senior director of

CK of corporate effectiveness are led ranked, acompanyhad to have at among the 56 that Korn Ferry ex- thatscore especiallywell in cus- research. Email them at

TO by those who,according to Korn least two valid indicatorsfor each of amined. tomer satisfaction and social re- [email protected]. IS

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R12 | Monday, March 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES LiThese We Tell at Work— AND THE DAMAGE THEYDO

Lying at our jobs feels so harmless. But honestly, it isn’t.

BY TESSA WEST Thesolutions aresimple: for an entire organization. Hiring managersshould check As aresult, as pressureto ost of us be- résumésmorecarefully, in- work untenable work sched- lieve thatev- cludingdates and education. ules rises,employees feel that eryday inter- Whenchecking with refer- their survival forces them to actions are ences,theyshould makeit lie about using policies de- marked by clear whattheyhope to learn. signed to improvework-life honest con- And theyshould ask all refer- balance. That means working M versations. ences the same questions to during time off,such as tak- We recognizethatpeople lie, enable clear comparisons ing businesscalls during a butwedon’t think theylie to acrosspotential employees. child’s soccergame or work- us.Atwork,wereserveour ing during paternity leave. harshest social punishments— Whatdoes this mean for ance policies as theyare in- humiliation, exclusion and a Lying to getahead employees?For those who tended, such policies need to lossofstatus—forthe tellersof Oncesomebodygetsinside an canwork during their time be mandatory,used by every- big lies. organization, the lies onlyin- off,itmeans greaterproduc- oneequally(including senior Yetdespiteour moral objec- crease—to getaraise,take leaders),and not easilyabused. tionstodishonesty,lying is in- credit forsomebodyelse’s Flexible policies tend to be the crediblycommon: Most people idea, and coverupmistakes, best kind. If good policies are lie around two to four times a to name three of the most in place and no one is honestly day. And the workplaceisno common. 75% taking advantageofthem, or- exception. Lying begins at the And the higher people ganizations need to take a applicationstage and ends at climb in an organization, the of hiring managers close look to figure out why. the exit interview, with lotsof moreoften theylie. One sur- find lies on Theremight be perverse incen- dishonesty in between. vey found thatamong 1,000 résumés. tives to lie about howtheyare Manyofthe lies we tell feel employees,37% of managers used. harmless. But the conse- tell alie onceaweek or more Source: CareerBuilder Then there’sthe second kind quences arefar from it. Dis- (compared with 28% of entry- of lie,people who claim they honesty cankill healthyteam levelemployees telling one). areworking during actual dynamics,encouragemanipula- Most people feel thatthe tivity.Fewermeetings, more working hourswhen theyare tion and deception, and keep lies theytell to getahead at time to getstuff done! not. People lie about howmany honest people from getting work arejustified. Thesame But not everyone is aware hourstheywork in aweek,on ahead. What’smore, the habit survey found thatlying to im- of howtomisuse these poli- the order of about 5% to 10%. of telling lies,evenlittle ones, proveyour chances to receive cies,nor do theyhavethe One study found thatthe is contagious.Itdoesn’t take araise or promotion wasseen luxuryofdoing so.Onlypeo- higher the number of hours long forahabit to become a as “not at all justifiable” by ple with external supportsys- people claimed theywork,the norm, and anorm to become a only32% of women and 23% tems at home (such as those biggerthe lie—those who culture. of men. Lying to avoid being who canaffordnannies) have claimed to work 75 hoursa reprimanded wasatleast the option of working during week usuallyworked about 50. somewhatorslightlyjustifi- paternity leave.And onlypeo- Theaverage person spends Lying to land the job able,according to 76%of ple who have big networks, 1.5tothree hoursaday at Lying at work starts beforethe women and 81% of men. mentorsinsenior leadership work on “privateactivities” job evenbegins—in the appli- Thesolution isn’t neces- positions and parentswho (70% of U.S. internet traffic cation stage. Résumé pad- sarilytopunish those who lie taught them the ins and outs passing through porn sites is ding—inflating or simplymak- to getahead, but to reward of workplacepolitics know done working hours, and 60% ing up accomplishments—is those who arehonest. howtotakeadvantageof of all online purchases are surprisinglycommon. One Shifting from an outcome- such policies. made during working hours.) study found that75% of hiring based reward structuretoa And whathappens to those Peoplemight be telling their managershavecaught acandi- process-based one is one way who areleftinthe dark,who bosses theyare working hard date lying on arésumé,typi- to remove dirty competitive don’t lie?Theysimplycan’t on that newassignment, but callyabout their education or practices.Leaderscan reward competewith those who do. on the averageeight-hour qualifications,despiteitbeing team membersfor supporting Aftertwo weeks of actually workday, there’sabout a20% easytofact check (which only one another.Leaderswho ad- not working while on parental chance theyare lying. about50% of companies do). mit mistakes serveaspower- leave,for instance, people Onceagain, though, it’sthe Résumé paddersaren’tlimited fulrole models forothers maycome to be seen by col- people who don’t lie who are by status; entry-levelemploy- who areafraid to come for- leagues and bosses as not hurtthe most. They’rethe ward. committedtothe job.They ones who aremorelikelytobe Together,these changes oftencome back from leave to exhausted. When youtake canshiftthe norms of an or- find their job has been given “down time” during working 2to4 ganization away from acul- to someone else who “filled hours—taking anap or work- ture of dishonesty. in” whiletheyweregone. ingout during aconference The number of lies In manyorganizations, call—youare able to getahead most people tell daily. these people oftenbelong to without feeling burned out. Lying to achieve groups thataren’twell-repre- To changethis cultureofly- Source: Journal of Personality and work-lifebalance Social Psychology sented among senior leader- ing,companies need to first When it comes to work-life ship (orthe companyatall): take a step back and ask them- balance, dishonesty cutstwo women in male-dominated selvestwo questions: One, ees and aspiring CEOs alike ways.First, people work professions,first-generation whatdoes it reallytaketosuc- pad their résumés. when theyclaim to be taking employees whose parents ceed here? (For instance, how Theconsequences of résumé time off.And second, they didn’t work white-collar jobs, manyhoursaweek of work in padding extend farbeyond the take time off when theyclaim racial and ethnic minorities theoffice?). And two,doour risk of discovery. Forcompa- to be working. who don’t getthe same work-life-balancepolicies actu- nies,there’sthe obvious risk of Both do harm, especiallyto amount of informal leader- allyalign with whatittakes to hiring employees who areill- the people who don’t lie. ship as their whiteco-work- succeed? equipped forthe job.Beyond Let’sconsider the first— ers. In manycompanies,the be- that, those who were willing to claiming to take time off Theresult is aleakypipe- haviorspeople think theyneed risk their career and their rep- when youare actuallywork- line with an unknown cause. to engageintosucceed arein utation to land the job might ing.This canhappen when Senior leadersask them- direct contradiction with the also be willing to do so to keep companies have paid-time-off selves, “Whyare talented on-paper work-life-balancepol- it. And in organizations where policies,such as parental people leaving when we have icies.The chances arethese lying on arésumé to getahead leave, “on paper only.” greatworkplacebalancepoli- companies have adishonesty

becomes standardpractice, High achievers areoften cies?” problemontheir hands. SE AU

other unsavory workplace unwilling to take advantageof If employees aretohon- Companies then need to KR practices arelikelytofollow. those policies,setting the tone estlyembracework-lifebal- align their policies with what JON P2JW090000-0-R01300-1------XA

THE WALL STREET JOURNAL. Monday, March 30, 2020 | R13 JOURNAL REPORT | C-SUITE STRATEGIES

it takestosucceed. If,for exam- people actuallycareabout). ATangledWeb ple,anorganization involves But forserious issues,bosses fast-paced decision making in need to put afew practices in When, whyand howoften people tell whitelies at work teams,and the reality is,itis placetoencouragetheir teams simplynot possible to take three to givehonest feedback.Pro- Howoften do youtell whitelies at work? When whitelies at work are months completelyoff and jump viding anonymity,atleast ini- Onceaweek Onceevery Onceamonth Onceevery few justified, by gender right back in without severely tially, canhelp build trust. or more fewweeks months or less Extremely or very justifiable disrupting team flow,then it’s Have employees talk among Somewhatorslightly justifiable pointlesstohaveathree-month themselveswithout the bossin 7% 9% 8% paid parental leave,nomatter the room, then have one person Notatall justifiable 28% 30% howwonderfulthatlooks on pa- deliver major themes to the 37% per.Instead, thatcompanymight bosswithout singling out peo- To avoid hurting aco-worker's Entrylevel Associate Manager feelings givepeople the option of taking ple. 41% 36% 36% 65% 33% 2% two days off at work forlonger People arelesstempted to Women stretches of time,orshorter sugarcoat feedback if it is 23% 24% 62 36 2 workdays. asked for,and specific.Bosses 19% Men Companies must be honest should encouragetheir employ- with themselvesabout howtheir ees to have moreagencyinthe To attend ajob interviewwithout policies affect employees’ feedback processbycoming notifying your currentemployer chances,oremployees won’tbe prepared to feedback meetings To whom areyou mostlikely to lie?Byrespondents' job level 44 42 13 honest usersofthose policies. with alist of whattheywant to To subordinate To co-worker at the same job level To supervisor Women getfeedback on. This type of 42 45 13 feedback is easier to give, feels Men Lying with feedback 18% 19% lessthreatening to receive, and 34% Oh, the feedback conversation. is moreuseful. 34% To takeaday off without using We all have to have them, but 41% vacation or sick days Entrylevel Associate Manager most of us don’t find them par- 51% 28 48 24 ticularlyuseful (onlyabout 26% Lying during Women 31% of employees do). Whendone the exit interview 40% 29 50 22 Exit interviews arethe most 32% Men common strategyorganizations use foridentifying problems in To improveyour chances of receiving Many people the workplace; 91% of Fortune Whatdays of the week were you* mostlikely to tell whitelies? araise or promotion 500companies and 87% of mid- 18 50 32 simply aren’t sizecompanies conduct them. Wednesday Women honest about But forlotsofreasons (fear of SundayMondayTuesday ThursdayFridaySaturday 28 50 23 retribution, alack of motiva- Men why they’re tion to care), people simply leaving a job. aren’t honest about whythey To avoid being reprimandedfor a leave. Most bosses think their mistake direct reports quit because they 17 59 24 want moremoney(89%),but Women 2% 35 37 7415 well, these conversations canlay most people quit because they 25 56 19 the groundwork forimprove- feel liketheir bossdoesn’t ap- *For people who said theyweremorelikely to tell whitelies on aparticular day Men ment. But harsh truths violate preciate them. Source:SimplyHired, based on asurvey of morethan 1,000 full-time salaried employees social norms,and so people Theirony is,the moreterri- avoid telling them. And atoo- ble the boss, the lesslikelypeo- niceculturecan create problems, ple aretoreportthem. Ex- because it createsanenviron- bosses have the potential to do honesty—if people arelying on find mentorsinsenior leader- network to buffer them from a ment wherepeople who need to alot of good, but also alot of their wayout, then chances are ship positions who aren’t their potential reputation-thrashing improvehavenoidea how. damage, to employees who are theyhavetold plenty of self- bosses.And theyshould set up ex-boss, theyare morelikelyto Some norms arebest changed looking foranew job.The risk protective lies all along the networking programs to help be honest about whytheyare from the topdown, and creating to one’s reputation is reason way. While thereare plenty of employees who feel isolated. leaving.And theyare more acultureofhonest feedback is enough to lie during an exit in- ways to fixthe exit interview, All these thingswill help likelytonot want to leave in the one of them. Bosses canmodel terview—especiallyfor lower- the real solution has to come a people startwith honesty and firstplace. the behavior by starting small— levelemployees who don’t have lot sooner than that. Compa- continue on the same path. asking employees,for example, strong networks outside of nies should startbyimproving Whenpeople feel comfortable Dr.West is an associate forfeedback on wherethe next their current jobs. thefeedback process, as noted being honest about the prob- professor of psychologyatNew companyparty should be,orwho Theexit interviewisthe above.Theyshould create lems theyfaceduring their York University. She canbe should caterlunch (trivial things bellwether of workplacedis- structures foremployees to jobs,and theyhaveastrong [email protected]. Leverage keyconnections. Learnwhat’s changing. Lead beyond thebottomline.

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R14 | Monday, March 30, 2020 THE WALL STREET JOURNAL. JOURNAL REPORT | C-SUITE STRATEGIES

formers. Whenthese artistsap- WSJ: You’ve canceledorpostponed peared on the stage, theyweren’t showsthroughApril 12 due to thecor- legends—people think that—but this onavirus.What does it mean to be enabled them to hone their skills facing months without ticketrevenue? and to perform and be seen. MS.PROCOPE: Thecoronavirus will Ourmost recent strategic plan re- likelydisproportionately affect artists, allyhelped us to further charta organizations and communities of course.We’re putting astake in the color,which have fewerresourcesthan ground: The vision is to create this legacyinstitutions.However, all per- 21st century performing-arts canon forming-arts presenterswill face hard- thatisgoing to focus on the African- ship as ticket revenues stop forthis pe- American narrative. riod. We areworking to assessthe We still want to nurtureemerging impact of this crisis on theopening The artists—to givethem an opportunity andoperation of our theaters in the to make a name. But in this new vi- Victoria. Ourcommitment to the proj- sion,wereallywant to be ahome ect and to the community remains. forartists. We want to develop rela- Apollo’s tionships with them so thattheyde- WSJ: Is thereinevitably atension be- cide to bring their projectshereand tweensupporting emerging workand work on them. And these projects filling seats? maybethingsthatallowthem to MS.PROCOPE: That goes back to be- Next Act push the envelope, to do something ing anot-for-profit. We raise the different. lion’s share of our nearly $16 million Ourfirst artist in residenceisTa- budget.Our programming isn’t de- Nehisi Coates. Ourexecutivepro- pendent on box-officerevenue.And to The Harlem ducer took his book “Between the have this kind of financial supportfor theater wants to World and Me” and adapted it for be a home for the stage, and Jason Moran, who is aMacArthur genius and heads up TIN more African- the jazzprogram at KennedyCenter, ‘We commission. American artists did the original music forthe adap-

MONDES We collaborate,’ CEO tation. That is an example of what OLE Jonelle Procope says. we mean by establishing this 21st NIC centurycanon: It took awork thatis tremendouslyimportant to our com- postponement of numerous events, munity and to the broader commu- BY TED ALCORN leaving arts venues acrossthe coun- nity and showcased it in acom- programming—thatallows youtotake trygrappling with unprecedented pletely different way. a little more risk. or over 85 years, the Apollo has been challenges. knownprimarilyfor the performances Jonelle Procope,the Apollo’s WSJ: Howisthe Apollo overcoming WSJ: What makes theApollo well- given in its storied 1,500-seat theater in president and CEOsince2003, spoke theobstacles facing blackperformers? suited to operate these new spaces? the Harlem neighborhood of Manhattan. with The Wall Street Journal about MS.PROCOPE: We commission. We MS. PROCOPE: We know how to run CountlessAfrican-American musicians,in- thenonprofit’splanned expansion collaborate. We can identify artists theaters.But also because of the cluding Billie Holiday, Ella Fitzgerald, Ste- and the importanceofhelping Afri- whose work we think deserves to be Apollo brand, the ability to attract Fvie Wonder and Lauryn Hill, have can-American artiststhrive. Here supported, or theywill knowthat others to come and use the spaces. launched their careers there, and the stage on 125th are edited excerpts: they can come to us and talk about That artist maybeperforming in Street continues to attract morethan aquarter-million what they want to do. other venues,but we maycommission visitors annually. WSJ: Howhas theApollo’s vision of Youhavetobeproactive: If you somethingthat’sunique to the Apollo, But this fall, the Apollo plans to raise the curtain on its role changed over time? want to present this type of work, and it gives that artist the opportu- two small theaters just up the block at the Victoria, a MS.PROCOPE: When the Apollo youhavetoprovide supportand a nity to work in a different way. long-vacant movie complexthatisbeing restored and opened itsdoorsin1934, the owners safe place for artists to create it. And Ijust want to underscore: developed intoamixed-use spacewith residential focused on creating a variety show We’redoing adifferent kind of work. units, ahotel and acultural-arts facility.Apollo plans that would showcase the talent of WSJ: To what degree will yoube Ours is focused on the African-Ameri- to use the new99- and 199-seatstagestogive African-Americans. The Apollo was supporting these artists? cannarrativeand African diasporic  artists of color a place to incubate new proj- one of the few theaters that wasn’t MS.PROCOPE: It could be aperfor- artists. We’renot trying to be all CEO Jonelle ects, including plays, music and dance, and it segregated,thatallowedpeople of mancespacetoworkshop your work. things to all people. Procope is recentlyannounced $3 million in grantsto color to sit in the theater, as well as It’s also a grant. And if we can help overseeing the commission such work. be on the stage. them getoff the ground and begin to Mr. Alcorn is a writer in New York. opening of two This moment of growth comes as the coro- So, the Apollo was a place of op- work on it, theycan then go out and He can be reached at new venues. navirus pandemic forces the cancellation and portunity forAfrican-American per- get further support. [email protected].

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