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****** TUESDAY,NOVEMBER 3, 2020 ~VOL. CCLXXVI NO.106 WSJ.com HHHH $4.00

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 Walmart has ended its FR

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track of its inventory. B1 CL In Pennsylvania on Monday, President Trump spoke at a rally at the Wilkes-Barre/Scranton airport; Joe Biden attended a rally in Monaca; Vice President  Factories across the Mike Pence, along with his wife, Karen, and daughter Charlotte were in Latrobe; and vice-presidential candidate Sen. Kamala Harris was in Pittston. globe bounced back strongly in October, as manufactur- ers hired more people and ramped up production. A2 Trump,Biden FightItOut to theEnd  U.S. stocks rose, with the Dow, S&P 500 and against abackdrop of concerns states were steeling themselves Trump spent the closing days of astate,Ohio,that shifteddeci- Nasdaq gaining 1.6%, 1.2% Election officials steel over the vote-counting process foradrawn-out vote-counting the campaign questioning ex- sively behind Mr.Trump and and 0.4%, respectively. B11 forvotecountasthe and the prospect of legal chal- processdue to the massivein- tended vote counting,threaten- Republicans in 2016.  Fines forwrongdoing on candidateshit astring lenges ahead. crease in early votes. ing legal action in key states and “Tomorrow we canend the Wall Street and other secu- Aday out from Election Day, AWall Street Journal/NBC suggesting therecould be fraud presidencythat has divided rities-related cases hit are- of battleground states Mr.Biden kept his focus on News poll conducted on Sunday or possible violence. Research- this nation,” theformer vice cord $4.6billion this year. A2 Ohio and Pennsylvania, while found that support forthe two ershavefound instances of ab- president said later at arally BY CATHERINE LUCEY Mr.Trump hoped to boost his candidates in agroup of 12 bat- sentee voterfraud, but studies in Pittsburgh. “Folks at home  TomHayes,the ex-trader AND KEN THOMAS support with adash across tleground states has remained showitisn’t widespread. would know: Tomorrow we can convicted of rigging Libor,will North Carolina, Pennsylvania, unchanged in recent days,with TheBiden campaign has re- PleaseturntopageA6 be released from prison on President Trump and Demo- Wisconsin and Michigan. Nearly Mr.Biden leading Mr.Trump, jected Mr.Trump’scomments, Jan. 29 afterserving five years cratic nominee JoeBiden of- 100 million ballotshavealready 51%to46%. stressing votesmust be counted.  Gerald F. Seib: A time for of an 11-year sentence. B1 fereddueling visions forthe fu- been cast, through in-person Democratsand Republicans “One moreday!” Mr.Biden patience...... A4  The SEC adopted a rule tureonMonday, closing out the early voting or mail-in ballots, were bracing forpotential legal declared at adrive-in rally in  Swing-state poll sees no late to help companies raise 2020 presidential campaign and election officials in many clashes over the results, as Mr. Cleveland, seeking to recapture shift...... A5 capital without going pub- lic, the latest in a series of measures likely to further bolster privatemarkets. B10 Vienna Terrorist Attack KatzenbergLed  J.C. Penney cleared the way to sell itself out of bankruptcy to lenders and Quibi to landlords,settling with a Leaves Three People Dead group of holdout creditors. B2 Threepeople were killed World-Wide andseveral others seriously Hollywood Flop injuredinaterrorist attack GES

that started in an area around IMA  Trump and Biden offered asynagogue in the Austrian dueling visions forthe future, capital Vienna, policeand gov- GETTY The short, expensivelifeofentertainment’s closing out the 2020 presi- ernment officials said. SE/ boldeststartup dential campaign against a backdrop of concerns over

By Bojan Pancevski, ANCE-PRES

the vote-counting process Ruth Bender FR BY BENJAMIN MULLIN days, Quibi announced it was and the prospect of legal and William Boston AND LILLIAN RIZZO shutting down. challenges ahead. A1,A4-A6 GENCE Quibi, short for “quick /A  Judges rejected Republican Policeshot and killed one When Jeffrey Katzenberg bites,” one of Hollywood’s GER challenges to rules forcasting gunman and said they couldn’t and Meg Whitman were de- most ambitious startups, HLA

and counting ballotsinTexas rule out whether therewere SC veloping plans for a new aimed to revolutionize enter- and Nevada, as courtscontin- other attackerswho could still streaming-video service tainment with short-form uedtoconsider voting battles LAND

be on the loose.Interior Min- RO called Quibi, they got a content designed specifically on the eveofElection Day. A3 ister Karl Nehammer said the Police searched a man at the site of the attack on bars and warning from advisers. Make for mobile phones. Investors entirecity should be consid- restaurants, close to a synagogue in central Vienna, late Monday. sure it can be seen on TVs,  Threepeople were killed who poured $1.75 billion into and several othersseri- ered dangerous. not just phones. this idea did so largely be- Mr. Nehammer said the at- containing the attack. comment on who was behind The two executives didn’t ously injured in aterrorist cause they trusted the gut tacker killed by police, who Aspokesman forVienna’s the terror act, it comes aftera follow the recommendation, attack in central Vienna, of- instincts and vision of Mr. wasarmed with an assault ri- emergencyservices said more series of bloody attacks that according to people familiar ficials said. An assailant Katzenberg, the movie mogul fle, wasanIslamic State sym- than 15 people were injured, have shaken France in recent with the matter, and de- wasdescribed as an Islamic who founded Quibi, and Ms. pathizer. including several who were se- weeks, marking the return of signed the service exclu- Whitman, the former CEO of State sympathizer. A1 Thepoliceoperation was riously hurt. Apoliceman was violenceonthe terror-scarred sively for people on the go. Hewlett Packard and eBay,  Gunmen stormed Afghani- focused on six locations in undergoing surgery afterbe- continent afteraperiod of rel- The company eventually whom he recruited as chief stan’sKabul University,killing central Vienna wherethere ing shot. ative calm. changed course after launch- executive. at least 19 people and wound- had been gunfireMonday Theattacker who waskilled On Mondaynight, people ing, and in October, it re- Instead, they witnessed ing 22 others. ISIS’slocal affil- night. by police wore a fake suicide fled the area in central Vienna leased TV apps for some of one of the fastest collapses iateclaimed responsibility. A8 Thearmywas deployedto vest, Vienna MayorMichael while the attack in an area the biggest streaming-media in the entertainment busi- guardbuildingswhile the en- Ludwig said. around asynagogue wasunder platforms. ness. According to inter-  In the U.S.,federal data tirepoliceforce focused on While authorities wouldn’t PleaseturntopageA8 It was too late: Within PleaseturntopageA12 showmen represent about two-thirds of Covid-19 deaths among middle-aged peo- ple,and similar trends A Pint and have emergedoverseas. A7 Turbulence Trips Up  Stategovernments strug- Some Printer gling with the pandemic have Mortgage IPO Flurry paid tens of millions of dollars to big consulting firms forhelp, Toner, Please but in some cases have seen BY ORLA MCCAFFREY and delivering hefty profitsfor iii only modest benefits, if any. A7 home lenders.  Arecent U.S. Air Force Mortgagelendershoping to Formuch of 2020,healthy British pubs purchase of Chinese-made take advantageofasurpris- demand formortgages and a ingly prosperous year arefac- surgeinpublic listings—the drones has fueled concerns became popular ing abig challenge: rising mar- IPO market is on pacetore- about the use of technology that lawmakersconsider a ketturbulence. cord itsbest year sincethe remote offices TheAugust market debut of tech boom of 1999 and 2000— threat to national security. A3 Quicken Loans parent Rocket created ideal conditions for BY JEM BARTHOLOMEW  TheTreasurydialed back Cos.kicked off aflurryof nonbank mortgagelendersto itsestimates forgovernment planned public listingsfor raise capital through public LONDON—U.K.pubs are borrowing through the end of mortgagecompanies,marking listings. But avolatile autumn shutting down again. This time, the year as negotiations over amajor reversal foragroup in the marketsunderscores the it isn’t just the ale drinkers another large fiscal stimu- that just two yearsago was risks still looming over the who aregetting shut out. lus bill remain stalled. A3 under significant pressure.At mortgagesector. It’salso the workerswho least six of the 30 largest U.S. Theinitial offeringsoftwo made the pub their newremote The cloud CONTENTS Opinion...... A17-19 mortgagelendershavegone major lenders, Caliber Home officespace. Arts in Review... A15 Personal Journal A13-14 Business News.. B3,5 Sports...... A16 public this year or areseeking Loans Inc.and AmeriHome In one of the quirkiest rein- Capital Journal...... A4 Technology...... B4 to,according to industry-re- Inc., planned for this past ventions of the pandemic,Brit- Crossword...... A15 U.S. News.... A2-3,5-7 search group Inside Mortgage Thursday, were delayedasma- ish pubs threw open their thatadapts. Heard on Street.B12 Weather...... A15 Finance. jor U.S. stock indexessuffered doorsnot to beer-swilling pa- Markets...... B11 World News...... A8-9 Housing demand and the through their sharpest retreat trons,but to workerssuffering broader financial marketshave since the early days of the cabin fever. Some have gotten Simplify your multi-cloud world and > been remarkably resilient dur- pandemic.Nonbank firms typi- accustomed to it. adjust capabilities when youneed to ing arecession that has put cally lack the deposit bases Working from home has with the Dell Technologies Cloud. millions of people out of work. that givebanks asteady been trickyfor MatthewEd- Mortgagerates have hit their source of funding,potentially wards. He’stried it all: bump- lowest level on record during leaving them vulnerable to an ing elbows at the kitchen table, Learn moreatDellTechnologies.com/Cloud s 2020 Dow Jones & Company, Inc. All Rights Reserved the coronavirus downturn, economic crisis. perching his laptop on awin- spurring arefinancing boom PleaseturntopageA2 PleaseturntopageA12 P2JW308000-4-A00200-1------XA

A2 | Tuesday, November 3, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Factories Rebound as Demand Rises Wall Street FinesHit BY PAUL HANNON that the panelistsare primarily Purchasing managersindexesfor manufacturing month this year,which in the AND DAVID HARRISON hiring is all very positive.” latter wasaided by afirst rise 60 Areading above50indicates India in export orderssinceJanuary. Record Factories acrossthe globe that activity is increasing,while But with newrestrictions be- ▲EXPANDING Germany bounced back strongly in Octo- areading belowpointstoade- 55 ing put in place to combat ris- ber,asmanufacturershired clineinactivity. Italy ing infections in some partsof In 2020 morepeople and ramped up Datafirm IHS Markit, in a 50 U.S. the world, the paceofthe eco- production of consumer goods separate survey Monday, said South Korea nomicrecoveryisexpected to BY DAVE MICHAELS in hot demand despiterising itsPMI forthe U.S. rose to 53.4 45 slowsignificantly in the final coronavirus infections. in October from 53.2 in Septem- threemonths of the year. WASHINGTON—Fines for Fresh surveysofpurchasing ber,driven by apickup in new “Going forward, much will wrongdoing on Wall Street and managersfor manufacturers orders. Businesses said they 40 naturally depend on the extent other securities-related cases showedacontinuing divide be- were optimistic even though ▼CONTRACTING to which the economycan re- hitarecord$4.6billion this tween companies that aremak- they remained concerned about 35 main open and functioning in year,despiteapandemic that ing products—from cars to elec- the pandemic. the faceofrising virus case shutteredcourtsfor months tronics—and companies Figuresreleased over recent 30 numbers,” said Chris William- and sent government enforcers providing face-to-faceservices weeks showthat the global son, chief businesseconomist at home to do their jobs. that people areshunning. economycame back strongly in 25 IHS Markit. The feat was driven by the Thesurveysreleased Mon- the three months through Sep- TheOctober surveysofpur- resultsofafew large cases,in- dayindicated that manufactur- tember from the hugedeclines 2019 ’20 chasing managerssuggest that cluding $1.2 billion that amo- ing continued to reviveasthe in output recorded in the sec- Sources: IHS Markit (U.S., Italy,India, South Korea); IHS Markit/BME (Germany) boostmay be fading,particu- bile-messaging company, Tele- fourth quarter began, especially ondquarter,while not making larly in Europe.IHS Markit said gram Group Inc., agreed this in global powerhouses such as up all of the losses suffered dur- manufacturing expand at avery house,reported the biggest rise makersofbusinessequipment year to repay investors to re- the U.S. and Germany. ing the most stringent period of robust pace, but this momen- in activity sinceMarch 2018, and machineryhad fared better solvearegulatorylawsuit over TheInstitutefor Supply lockdown in most countries. tumcannot last indefinitely, while newordersposted the than makersofconsumer goods itssale of acryptocurrency. Management said itspurchas- Over recent months,manu- particularly without the support largest increase sincethe sur- forthe month. “Thereseems to Telegram neither admittednor ing managersindexrose to 59.3 facturing output has been aided of fiscal relief,” said Oren Klach- veyofpurchasing managersbe- have been agood deal of expen- denied the claims. in October from 55.4 in Septem- around the world by the kin, lead U.S. economist at Ox- ganin1996. ditureswitching away from The number of newly filed ber,the sixth straight month of strength of household demand ford Economics,inanotetocli- In manycountries,factories consumption of certain services SEC actions in 2020,however, expansion. Firms reported a forgoods,incontrast to weak ents. “Looking ahead, we expect cut jobs in asign that they are towardsgoods,” wroteErik F. declined 23% from the previ- surge in newordersascus- demand forservices that re- manufacturing’srecoveryto far from confident the recovery Nielsen, chief economist at Uni- ous year,which officials attri- tomer inventories shrank.Sup- quireproximity to other people. shiftintoalowergear,con- will continue into2021. But Credit Bank,inaclient note. buted to the interruption in ply-chain problems continued to In itsbreakdown of third- strained by the virus’ recent re- therewas also some fresh hir- Businesses in the U.S. are casework caused by coronavi- constrain production but at a quarteractivity Thursday, the surgenceand lessgenerous fis- ing aftermonths of job cuts, also wary about uncertainty rus. slowerrate, the report said. U.S. Commerce Department said calsupport.” with factories in China, Viet- surrounding the election. Mr. TheSecurities and Ex- Firms also reported in- household consumption of In Europe,IHS Markit said nam, Turkey,Spain, Italy and Fioresaid he expected the pace changeCommission brought creased hiring forthe firsttime goods wasup6.9%inthe third itsPMI forthe eurozone rose to theCzech Republic reporting a of expansion to pick up again in 405 newactions in the fiscal in 14 months.“Thesentiment is quarter from the previous year, 54.8inOctober from 53.7 in rise in employment. December. year ended Sept. 30, the low- still very strong,” said Timothy while consumption of services September,reaching a27- In Asia, factories in Thailand est tally over the past six Fiore, who runs the ISM’sman- wasdown7.2%. month high. Germany, the cur- and South Koreareported an in-  Heardonthe Street: Economy years, according to an annual ufacturing survey.“Thefact “It’sveryencouraging to see rencyarea’s exporting power- crease in activity forthe first faces a winter chill...... B12 report issued Mondaybyregu- lators. Some long-fought civil in- Share-priceand indexperformance median of $311,800. mortgages they make. If the vestigations were settled dur- Mortgage Rocket raised about $1.8bil- housingmarket sours, banks ing the year. Wells Fargo & 40% lion in itsAugust IPO.It could cut their funding—which Co.paid $500 million to the soared from itsinitial offering doomed some nonbanks in the SEC to end a probe related to IPO Boom priceof$18 to morethan $31 last crisis.The coronavirus re- the bank’slong-running fake Rocket Cos.,the parentofQuicken in thefirst month of trading cession has been achallenge. accounts scandal. Loans,wentpublic in August. butclosed Mondayat$18.93. Nonbank lendersare “al- But a$400 million fine Hits Snag Guild HoldingsCo. raised ways, frankly,looking for against Goldman Sachs Group 20 about $98 million in itslate money,” Mr.Cecala said. Inc., related to the bank’swork October listing.Itclosed at Nonbanks servicemanyof foracorrupt Malaysian gov- ContinuedfromPageOne $14.63 Monday, compared with their mortgages,which in good ernment fund known as 1MDB, “If you’re a smaller private itsoffering priceof$15. times means they collect pay- wasannounced weeks after companyand you’vegot a S&P500 United Wholesale Mortgage mentsfromborrowers and the close of the government’s chancetoraise capital, you and FinanceofAmericaEquity hand them to investorsthat fiscal year and will be in- take it,” said Guy Cecala,chief 0 Capital LLC have outlined ownthe loans. cluded in 2021’s figures. executiveofInside Mortgage planstogopublic through When the pandemic hit, SEC officials nonetheless Finance. mergers with special-purpose lawmakersinstructed mort- said they hadanastonishing In ayear of major stock- acquisition companies. gage servicerstoallowstrug- market swings, mortgage Rocket Cos. Caliber, which delayedits gling homeownerstopause companies have been helped –20 planned public offering,said it theirmonthly paymentson The$4.6billion tally by thelow-rateenvironment. would evaluatethe right time government-backed mortgages In July,the averagerateona Sept. Oct. Nov. forthe listing “asmarket con- foruptoayear. came despiteafall in 30-year fixedmortgage fell Nonbanks’ shareof Toplendersbyshareof ditions develop.” AmeriHome, But that also meant that thenumber of newly below3%forthe firsttime in mortgage market originations,Jan. 1-Sept.30 whose listing also wasdelayed, servicerswerecaught in the almost 50 yearsofrecord- declined to comment. middle: Servicersstill typically filed SECactions. keeping.The Federal Reserve 60% Nonbank The S&P 500 fell 5.6% last have to front paymentstoin- has signaled it expectstokeep week,slammed by newcorona- vestorsevenwhen borrowers interest ratesnear zero Origination Quicken Loans virus infections in the U.S. and aren’t paying.The govern- through 2023. 7.6% fresh lockdowns in Europe. ment, though, has takensteps year,citing work to combat Thelow rateshavejuiced Thespateofnonbank public to protect mortgagecompanies scams related to false corona- refinancingsinamarket that 40 Wells Fargo offeringshighlightsabroader from being on the hook fora virus medicines and personal already was flourishing the 6.0 shiftinthe mortgagemarket. year’s worth of payments. protectiveequipment. The year before the pandemic. Sincethe financial crisis, Some of the recent offerings agencyhas opened nearly 150 Mortgagelendersare expected United Wholesale Mortgage banks have takenalarge step have included ambitious probes related to coronavirus- to originatearecord$3.2tril- back from mortgage lending. growth targets. Rocketsaid it related conduct, Enforcement Servicing 4.6 lion worth of mortgages this 20 Nonbanks have stepped in, is- wantstocontrol 25% of the Director Stephanie Avakian year, according to the Mort- PennyMac Financial suing a record 59% of U.S. mortgagemarket within ade- said in September. gage Bankers Association,a mortgages in 2019,according cade,upfromlessthan 10% to- The SEC battled a series of 41% increase from 2019. 4.5 to Inside MortgageFinance. day. court challenges to itsen- But mortgages,and in par- Nonbanks also made alarge Some banks areskeptical of forcement authority in recent JPMorgan Chase ticular refinancings, arehighly 0 shareofmortgages in the run- the nonbanks’ ambitions. years, which made it harder cyclical. TheMBA expectsrefi- 3.5 up to the 2008 crisis,though “We’recertainly not rolling forthe agencytorecoup funds nancingstomakeup55% of 2005 ’10 ’15 the mortgages they maketo- over hereand giving up mar- forinvestorsand to sue mortgage originations this daytend to be much morecon- ket share,” said Bruce Van wrongdoersinits ownadmin- Sources: FactSet (share-price, indexperformance); Urban Institute(servicing); year,and they have been abig Inside Mortgage Finance(origination, toporiginators) servative. Saun, CEO of Citizens Finan- istrativecourts. Theagency part of business fornonbanks, Thenonbanks don’t have cial Group Inc., a regional said Mondayitmay seek particularly Quicken. ketfor yearstocome.There wealthier people buying sec- the depositsordiverse busi- bank.“Whether they cande- higher civil penalties in some What’smore, manywould- already wasashort supply of ond homes in morerural areas ness lines that givebanks a liver market-sharegains and cases, in order to counter the be buyersare being locked out homes forsale beforethe pan- or houses with morespace. steady source of funding. consistent revenue forthe lon- effect of a Supreme Court de- of homeownership,which demic,and nowmanyofthem Home prices,asaresult, are Instead, they rely largely on gerterm is still an open ques- cision that trimmed itsability could alter the mortgagemar- arebeing snapped up by still rising and recently hit a lines of credit to fund the tion.” to order other types of fines. U.S. WATCH CORRECTIONS  AMPLIFICATIONS

NEW YORK CHICAGO months of protests. The material burros frequent, Riverside LesCraig,apartner in a by McDonald’sCorp.founder needs a protected space with County Animal Services said. venture-capital firm, moved RayKroc. Three People Killed Fire in Apartment winter coming, said Shameka The deaths, which began in from BaltimoretoBozeman, In Small-Plane Crash Leaves One Dead Parrish-Wright, co-chair of the mid-October, have mostly oc- Mont., in 2015.ABusiness&Fi- Audiobook narrator January Kentucky Alliance Against Racist curred in the Reche Canyon area nancearticle Mondayabout LaVoysaid of her work: “My Authorities on Mondayfound An apartment fire in a south and Political Repression. She in the western foothills of the tech workersrelocating to chest and diaphragm aresoreat the wreckage of asmall plane Chicago suburb killed a 49-year- said the Roots 101 African San Jacinto Mountains. About Western mountain communities the end of the day.” AJournal from North Carolina thatcrashed old woman and sent residents American Museum is an appro- 500 burros live in the area 60 incorrectly said he moved from Reportarticle Mondayabout in western NewYork aday ear- jumping out of windows early priate place. miles east of Los Angeles. SanFrancisco. making acareer as anarrator lier,killing all three people Monday as flames engulfed the Museum founder Lamont Col- Equine influenza is a highly incorrectly quoted Ms.LaVoy as aboard, the Chautauqua County three-story building, authorities lins said the memorial space will contagious virus specific to Kalispell, Mont.,islocated saying,“My chest diaphragm is Sheriff’s Officesaid. said. be upstairs in a room overlook- horses, mules and donkeys. It near Flathead Lake.The 2020 soreatthe end of the day.” The twin-engine Grumman The fire in the Cook County ing the Ohio River, honoring vic- spreads rapidly through aero- BuyersGuide in Friday’sMan- American GA-7 wasfound near village of Lansing, which was re- tims of police brutality and peo- solized droplets created by sion sectionincorrectly said Noticetoreaders the town of Ellicottinanarea ported shortly after 3 a.m., also ple who died protesting. coughing or by contamination of Bigfork Lake. Wall Street Journal staff between Route380 and Route injured two other tenants, while Ms. Taylor, who was 26 years surfaces, Animal Services said. membersare working remotely 60, the officesaid. three police officers were old, was a Black emergency State veterinarian Alisha Ol- TheHappy Canyonarea of during the pandemic.For the The sheriff’s officeidentified treated at hospitals and re- medical worker. She was shot mstead said owners should California’sSantaYnezValley foreseeable future, please send the dead as Allen Fuller,Valerie leased. five times by Louisville police on avoid traveling with their horses wasincorrectly called Happy reader commentsonly by email Holmes and Linda Edwards. No The fire’s cause remains un- March 13. Her death, along with if they believe they have been Valley in aMansion article Fri- or phone,using the contactsbe- other details were released. der investigation by Lansing’s the police killing of George Floyd, exposed, and visitors with dayabout aranch onceowned low, not via U.S. Mail. The crash siteisabout amile police and fire departments and sparked months-long protests. horses shouldn’t come onto their eastofChautauqua County the Illinois State Fire Marshal’s —Associated Press properties. Readers can alert The Wall Street Journal to any errors in news articles by Jamestown Airport, wherethe Office. —Associated Press emailing [email protected] or by calling 888-410-2667. plane washeaded after leaving —Associated Press CALIFORNIA Burlington AlamanceRegional Airport in North Carolina, the KENTUCKY Burros Fall Victim to THE WALL STREET JOURNAL Federal Aviation Administration Equine Flu Outbreak (USPS 664-880) (Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) said. The FAAand National Memorial for Taylor Editorial and publication headquarters: 1211 Avenue of the Americas, NewYork, N.Y. 10036 Transportation SafetyBoardwill Headed to Museum An equine influenza outbreak Published daily except Sundays and general legal holidays.Periodicals postage paid at NewYork, N.Y.,and other mailing offices. investigate. has killed about three dozenwild Postmaster:Send addresschanges to The Wall Street Journal, 200 BurnettRd., Chicopee, MA 01020. AllAdvertising published in The Wall Street Journal is subject to the applicable rate card, copies of which areavailable from the Advertising Services Department, DowJones &Co. Weather mayhave been a A memorial for Breonna Tay- burros in the inland region of Inc.,1211 Avenue of the Americas, NewYork, N.Y. 10036. The Journal reserves the rightnot to accept an advertiser’s order.Only publication of an advertisementshall constitutefinal factor in the plane’sdisappear- lor will be moved from a down- Southern California and authori- acceptanceofthe advertiser’s order. ance. The Jamestown area was town park into a nearby mu- ties expect the number to rise. Letters to the Editor: Fax: 212-416-2891; email: [email protected] experiencingwind gusts of about seum in Louisville. Horse owners are being Need assistancewith your subscription? By web: customercenter.wsj.com; By email: [email protected] |Byphone: 1-800-JOURNAL (1-800-568-7625) 25 to 30 mph with lightsnow The outdoor memorial honor- urged to consult their veterinari- Reprints &licensing: By email: [email protected] |Byphone: 1-800-843-0008 Sundaynight. Airtraffic control- ing Ms. Taylor with a mural, ans, get booster vaccines for WSJback issues and framed pages: wsjshop.com lers lost contact with the plane posters, artwork and other me- previously vaccinated animals Our newspapers are100% sourcedfromsustainably certified mills. shortly before6p.m. Sunday. mentos is currently at Jefferson and move them away from GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS —Associated Press Square Park, the base for fence lines in areas where wild P2JW308000-4-A00300-1------XA

THE WALL STREET JOURNAL. **** Tuesday, November 3, 2020 | A3 U.S. NEWS Chinese Drone Purchase Stirs SecurityWorry

BY BRETT FORREST could be conducted, which law- AND GORDON LUBOLD makerssaid appeared to be at odds with last year’s law. TheU.S.Air Forcerecently Other Mavic 2drones have bought dozens of Chinese-made been used overseas in intelli- drones to use fortesting and gence, surveillanceand recon- training,according to officials naissanceoperations,but that is and recordsofthe purchase,fu- “the exception rather than the eling concerns about continued rule,” the militaryofficial said. Defense Department use of Lawmakerssaid they are (2) technologylawmakersconsider concerned about the use of the athreat to national security. drones forpurposes that might

TheAir ForceSpecial Opera- runcounter to the legislation AN/REUTERS

tions Command, the service’s passed and signed intolaw. GU

highly trainedcommando divi- “It’sveryconcerning that the BING sion, bought 57 drones in Sep- AirForce would choose to make Of the firstnearly $5 billion paid out in aU.S. farm-relief program, justover1%ofrecipients received at leastone-quarter of the funds. tember from Da-Jiang Innova- this purchase,which seems to tions,orDJI, the world’slargest be in conflict with the spirit of maker of unmanned aerial sys- these provisions,” said Sen. Rick As Federal Help Flows to Farmers, tems,based in Shenzhen. They Scott(R.,Fla.). Messrs. Murphy will be used to train airmen on and Scottsponsored the drone howthey could be used against legislation included in last the U.S. or itsallies and howto year’s spending bill. Nation’s Largest Reap Most of It defeat them, officials said. ASenateaide expressed con- Air Forceofficials said the cern that anyinformation col- drones arecost-effectiveand lected by the drones could be useful,and aDJI spokesman transmittedtoBeijing,exposing BY JESSE NEWMAN Clint Gorden,a24-year-old Gorden. “You’vegot to have have barred some large farms said they don’t pose arisk of vulnerabilities of the U.S. or its farmer who growscorn and land” to makeeverything else from receiving paymentsand datalossortheft. allies. As federal aid to the U.S. soybeans on asmall 600-acre work,hesaid. capped howmuch otherswere Critics have said the drones Navy Cmdr.Tim Hawkins,a Farm Belt surges, afraction of farm in central Illinois,says Today, large and midsize paid, Mr.Johansson said. could be used to gather infor- special operations command farmersare reaping abig por- the $23,000 in relief he re- farms makeup10% of all U.S. Some smallfarms received mation aboutthe U.S. military spokesman, said that the mili- tion of the government largess. ceived in recent yearshas farms,operate52% of the na- moreper acreintrade aid and critical infrastructure, or in tary employs cybersecurity The Trump administration been aboon. Still, Mr.Gorden, tion’sfarmland and generate than some large farms.Farms other instances of espionage software and strict guidelines is expected to payfarmers who also has ajob selling 79% of the value of American structured as corporations or and datacollection, sending the when usingsuch drones. morethan $37 billion this year, seed,estimates it will take agricultural production,said other types of entities canre- information back to China. “Weensurethe commercial, ahistoric sum largely intended him 20 yearsfor his farm to U.S. AgricultureDepartment ceivepaymentsfor multiple “Why would we allowthe U.S. off-the-shelf unmanned aerial to help those hit by trade wars grow to asizewhereitis chief economist Robert Johan- members, boosting per-entity government to purchase drones systemsour special operations and the pandemic.Ofthe first profitable enough alone to sson. Theaid programs “have paymentsintothe millions. from China?” Sen. Chris Murphy forces use do not compromise nearly $5 billion paid out un- sustain him, in large part be- been effectiveinhelping many Some arguethat alternate (D., Conn.) said. “Doing so al- national security,” he said. der apandemic-relief program, cause it is difficult to compete farms of all sizes stay in farm- methods forcalculating pay- lows Beijing to gather sensitive Themilitaryofficial said that just over 1% of recipientsre- forland with biggerfarmers. ing rather than going out of ments, likethose based on datafromusand rewardsanad- the Air Forcecan covera ceived at least one-quarter of “The way farming is going, business,” he said. revenue,would help ensure versaryatthe expense of our drone’scameras forcertain op- thefunds,or$1.2 billion, ac- youcan’t do it small,” said Mr. Payment and income limits that moresmall, medium and erations and that the military cording to aWall Street Jour- diversified farmersreceivethe doesn’tuse these drones in in- nal analysis of federal data. aid they need. Such an ap- stanceswherethey could cap- Totalpaymentstothose re- proach is favoredbymany tureimagerythat mayunder- cipients, made from lateMay smaller-scale farmerswho sell 57 mine theU.S.orits allies.They to lateJune,averaged$311,000, directly to customers, includ- maynot be connected to any afigure26times the average ing in local marketswhere Number of drones the Air Force military computer network or $12,000 paid to the bottom prices maybehigher,orwho recently purchased from DJI used near “sensitivesites,” the 75%ofrecipients. producegoods that fetcha militaryofficial said. Thedisparity reflectsade- premium price. ADJI spokesman said the cadeslong transformation in TheNational Sustainable drones aredesigned to safe- theU.S.farm sector,wherea AgricultureCoalition, which ownAmerican manufacturers.” guardinformation. small number of farms now representsmorethan 100 Legislation included last year “Our drone technologyis producethe majority of the farm and food groups,began in adefense-policybill prohib- safeand securefor customers country’sagricultural goods. calling forsuch aresponse ited federal agencies from pur- who have sensitivedata,” said Like many farm safety-net shortly afterthe pandemic hit, chasing Chinese drones.But the Adam Lisberg, the DJIspokes- programs,recent aid payments writing letters to the USDA bill provided the Pentagon with man. “DJI drones includevali- have largely reflected farms’ and helping draftlegislation an exemption to use such air- dated dataprotections to make production. Proponentssay aid foranalternativeaid pro- craftfor training and intelli- sureyour datastays only with tied to afarm’soutput is alog- gram. gencepurposes in the U.S. and you.” ical way to support the sector. Dozens of U.S. senatorsalso overseas. In October,DJI in amemo to Largefarms producemore, can urgedthe department to TheAir Forceoperates U.S. lawmakersstatedthat “national suffer heavier losses and de- Bigger Slice adopt arevenue-based ap- unmanned fleetsworld-wide security is being used as apre- pend moreonincome from the proach to benefit abroader and trains pilotstocontrol text foreconomic protection- farm, versus smaller farmers As agricultural production has shiftedtolarger farms, group of farmers. drones used forsurveillance ism,” and characterized the ban who oftenrely on off-farm jobs their shareofannual safety-net payments has grown. Additional coronavirus re- and combat purposes.Some of as away to “givethe American to help support their families, Total U.S. commodity-relatedprogram payments lief pledged by the Trump ad- thosedrones consist of small industryaleg up.” they say. ministration in September aircraftsuch as Reapersor Thereare no known cases of Consolidation, brought on 0210 030 40% took steps to addresssuch Global Hawks—which canrange datacollected on aDJI drone by technological advances and Less than 1991 concerns,incorporating new in weight up to several tons— being dispatched to China, Mr. benefitsthat followscale, $10,000 2015 methods forcalculating pay- compared with the hand-held Lisbergsaid. means that as agricultural pro- $10,000 to ments and expanding eligibil- DJIMavic 2drones. “Thereisnoreceiver that duction has shiftedtolarger $149,999 ity to morecrops. TheSpecial Operations Com- sends your stuff to Beijing,” said farms,so, too, has federal sup- U.S. farmland values and mand haspurchased and used a George Howell, an analyst at port. $150,000 to rental rateshaveheld up in $349,999 rangeofChinese-manufactured, Rain Research, which studies the Some smaller farmerssay recent yearsdespiteapro- off-the-shelf drones,including defense industry. “But youdon’t the disparities makeiteven $350,000 to longed downturn in the farm those made by DJIaswell as want to getinthe habit of buy- harder forthem to compete, $499,999 economy. TotalU.S.farm in- drones produced in European ing these forthe military. To be including because they believe $500,000 to come is down sharply from its countries,amilitaryofficial said. up in arms about something like government paymentscan help $999,999 peak in 2013,but the average An internal Special Opera- this is agood messagetosend.” shoreupfarmland rental rates value of U.S. cropland has in- $1,000,000 tions Command memo in June Theprocurement form the and land values.Some econo- or more creased 8% and rental rates approved the use of DJIdrones AirForce submittedfor the 57- mistsbelievethe aid payments have grown2%overthe same fortraining,analysis and other drone purchase stated that the affect land values; otherssay Nonfamily period, federal datashow. Low operationsbut didn’t spell out Mavic2ismorecost-effective such an impact remains un- interest rateshavehelped the kinds of operations that than anyother viable device. clear. Source:USDA buoyland values. Judges DenyGOP Vote-Rule Challenges Borrowing Estimates

BY BRENT KENDALL racy of practices adopted to Republicancandidates—al- JudgeHanen said the plain- Cut as Aid Talks Stall AND SARA RANDAZZO count mail-in ballots in Clark leged Harris County’s drive- tiffs, who filed the lawsuit last County,home to LasVegas through operations,conducted week,didn’t bring their case BY KATE DAVIDSON $947 billion projected in Au- Judges rejected Republican and the majority of the swing at 10 locations,aren’t autho- in atimely fashion. He did, gust. challenges to rules forcasting state’spopulation. “Thereis rizedbythe state’selection however, question whether WASHINGTON—TheTrea- All told, the government ex- and counting ballots in Texas no evidence that any election code. They claimed the drive- drive-through voting wasal- suryDepartment dialed back pects to issue about $1.1 tril- andNevada, as courtscontin- worker did anything outside of through balloting violates the lowable on Election Dayitself. its estimates for government lion less in newdebt during ued to consider voting battles the law, policy, or procedures,” federal Constitution because TheTexas Supreme Court borrowing through the end of the second half of the year on the eve of Election Day. the judge wrote. thestate legislatureissup- also rejected similar claims the year as negotiations over than anticipated in August. In Houston, a federal judge Judge Wilson also said the posed to decide the manner of against Harris County. anotherlarge fiscal stimulus Asenior Treasuryofficial on Mondaydenied achallenge plaintiffs didn’t have standing elections for federal offices. TheRepublican challengers bill remain stalled. emphasized that estimates by four GOP plaintiffs to about to bring the challengebecause Drive-through voting,cre- filed an immediatefederal ap- TheTreasuryonMonday were subject to revision, given 127,000 early in-person ballots they didn’t showthey were ated in thewakeofthe peal. estimated that the govern- the high uncertainty over the cast in drive-through voting harmed. Morevoting battles areon- ment would borrow $617bil- size, shape and timing of an- throughout Democratic-lean- Adifferent Nevada judge going,and newcases continue lion from October through De- other relief bill. ing Harris County,acase that ruled Monday partly in favor Activists in Texas to arrive. cember,downfromits $1.216 Aftermonths of starting had some voters worried they of another lawsuit filed by Re- Civil-rightsgroups said late trillion estimateinearly Au- and stopping,talks between might have to makeareturn publicans against Clark County failed to get 127,000 Monday they would file alaw- gust. TreasurySecretarySteven trip to the polls. officials,seeking detailed in- drive­through early suit in aNorth Carolina fed- Senior Treasuryofficials Mnuchin and House Speaker U.S. District Judge Andrew formation on the handling and eral court against the Ala- said they continue to assume NancyPelosi (D., Calif.) over a Hanen said he didn’t believe counting of ballots. ballots thrown out. manceCounty sheriff and that Congress eventually will roughly $2 trillion stimulus the plaintiffs had standing to Thelawsuitsare among a chief of policeinGraham, N.C. pass another economic-relief deal have stalled. bring alawsuit because they host of Republican legal chal- In adraft of the filing,the packagewith about $1 trillion Thetwo sides remain far alleged only general griev- lenges related to mail-in bal- plaintiffs alleged that police in newspending—the same as- apart on the pricetag and pol- ances against the drive- loting and other procedures Covid-19 pandemic,allowed disrupted amarch to an early- sumption they made in Au- icyissues,including aid for through procedures in the craftedaround the countryto residentstocast ballotswith- voting location and intimi- gust—but that much of that states and cities and liability county, which includes Hous- expand voting options during out leaving their vehicles, via dated and discouraged march borrowing would likely be protections for businesses. ton. Thejudgealso said that the public health crisis.Citing portable voting machines han- participants from voting. pushed back to early 2021. Congresshas authorized even if thelawsuit were a need for secure and orderly dled by elections officials that TheGraham policesaid Officials estimated net mar- roughly $3.6 trillion in new proper,hewould still denythe elections,Republicans have ar- greeted each incoming car. they arrested eight people at ketable borrowing from Janu- spending since March to help bid to invalidate the ballots. gued that the newmeasures Harris County criticized the the rally,and that the demon- arythrough March would total combat the impactsofthe In Nevada, stateJudge aretoo permissiveand at odds lawsuit as alast-minutebid to stration blocked traffic and $1.127 trillion. pandemic, which brought the James Wilson ruled against with state laws. createchaos,saying itsdrive- was“deemed unsafeand un- Meanwhile,borrowing from U.S. economytoastandstill the Trump campaign and the TheTexas plaintiffs—a GOP through procedures were safe, lawful.” July through September was earlier this year,triggering Nevada Republican Party law- activist, a state House repre- convenient and approved by —Alexa Corse much lessthan expected— widespread business closures suit that challenged the accu- sentativeand two other Texas the Texas secretary of state. contributed to this article. $454 billion, compared with and layoffs. P2JW308000-4-A00400-17FFFF5178F

A4 | Tuesday, November 3, 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. POLITICS While Awaiting Result,aTime forPatience

that the presidential race early and incompletereturns. would tighten as Nov.3drew In the meantime,the nearer,which is what appears chances of unrest and even to be happening in key states. violenceare very real, partic- That is only natural because ularly if stoked by harsh the countryisnarrowly di- rhetoric.Inthe last dayor videdalong partisan lines and so,both senior Trump cam- because manypartisans natu- paign adviser Jason Miller CAPITAL JOURNAL rally return to home base in and Republican National By Gerald F. Seib the end. Chairwoman Ronna McDaniel That meansthe oddities of have chargedthat Democrats casting ballotsthis year,in will attempt to “steal” the As apeople,Americans the midst of apandemic,will election with legal maneu- have many, manyvirtues— help shape the narrative— vers to count illegitimatebal- but patienceisn’t necessarily and that the rush to reach a lots. Meantime,the group

one of them. Yetpatience is conclusion that increasingly S DemocracyNow has set up a

what this election week will has marked American elec- PRES websitewith guidanceon require. tion nightsneeds to be sus- howtotaketothe streets

Indeed, it’s pended because of the way ZUMA peacefully to prevent a no exaggera- Americaisvoting. Trump “coup.”

tion to say DOLPH/ These arewords normally that, forthe he presidential race heardinThirdWorld coun-

next week or will be decided in a ANDREW tries,not in the world’smost T A voter asked for help at the Cuyahoga County Board of Elections in Cleveland on Sunday. important democracy. That’s so,the domes- dozenswing states, tic tranquility mentioned in wherepeople arevoting in whyoffices and stores are the preamble to the Constitu- entirely newways.InaWall Trump over Mr.Biden by a to count mail-in ballotsuntil Tuesdaynight and intothe boarding up windows in an- tion maydepend on this pa- Street Journal/NBC News striking 37 percentagepoints, the dayafter the election. weehoursofWednesday ticipation of unrest. tience. weekend poll of voters in 66% to 29%. This kind of quirkiness morning.Fivepivotal states— Theheroes in this week’s those swing states,astun- So in the places that will didn’t mattermuch in past Florida, Georgia, North Caro- merica’scompetitors drama will be political lead- ning 71% said they already decide the election, the dis- elections,when the early and lina, Ohio and Arizona—have and adversaries—Rus- systems in placetogiverea- A erswho tell their ownparti- had cast ballotsorplanned parity between the early vote mail-in voteswereasmall sia, China and Iran sans to be calm, to wait until to do so;32% said they were and the Election Dayvotewill portion of the total, and in sonably early countsthat in- specifically—want the kind of all the votesare counted, and voting early by mail and 39% be dramatic.And that takes manycases could be assumed clude early and mail-in vot- turmoil that’snow possible. to accept the outcome when early in person. us to the oddity of the cur- to track the choices made by ing.Three key states— They mayhaveafavoritein they are. Similarly,the occa- Those voting early arefar rent American voting system. voters casting ballotsinper- Michigan, Pennsylvania and the race,but their fondest sion requires media figures morelikely to be supporters In manystates, the votescast son. Neither characteristic Wisconsin—don’t. In some desireisthat America’sde- acknowledging in clear terms of Democrat JoeBiden than the earliest—by mail—arethe holds true this time. cases,mail-in ballotsthat ar- mocracyappear to be in what they don’t yetknow Republican President Trump. ones counted last, while the What that means, specifi- riveafter Election Dayitself shambles and no longer a and what they must wait to Early voters said they fa- votescast last, in person on cally,isthat the in-person will be counted, provided they model forthe world. find out beforedrawing con- voredMr. Biden by 60% to Election Day, arethe ones vote totals,which in many were mailed on time. In the midst of it all, most clusions. 38%. counted first. cases will be reported first, So therecan be no clear local and stateelection offi- Throughout this gut- Thepictureisvastly dif- Indeed, officials in seven figure to be far morefavor- victor until all this dust set- cials arededicated to simply wrenching election year,the ferent among the 27% who counties in the potentially able forthe president than tles,evenif, as some reports doing their jobs right—if just only pre-election prediction said they plan to vote on decisivestate of Pennsylvania will the final count. have suggested, Mr.Trump given the time and the offered in this spacehas been Election Day. They favorMr. have said they won’t even try So here’swhat to expect on maydeclarevictorybased on chance. Historic Early Voting: Nearly 100 Million Ballots Cast Before Election Some states have already received moreearly ballots than theydid in the 2016 presidential vote

By DannyDougherty and Chad Day million early States and D.C. 100 million ballots have have topped Heading into Election Day, moreAmericans have cast early ballotsthan been cast 2016 early ever before. The unprecedentedinflux of early balloting, in person and 98.1 48 72% so far voting levels especially by mail, is presenting achallenge forlocal election officials. Howtheyhandle it is likely to figureintowhether voters will seea Percentage of the 137 million Total number of early votes 80 protracted wait forresults beyond Election Dayinthe presidential race, ME votesinthe 2016 presidential especially from closely foughtbattleground states. As of 6p.m. election thathas already 500K 1M 3M 5M 11.2M yesterday VT NH been cast before Election officials already talk about ‘Election Week’rather than ‘Election today’selection Day’ and urge voters to expect alengthycountinclose contests as WA ID MT ND MN WI MI NY CT MA 60 normal. States have racedtoramp up the count, such as buying extra machines or adding extra staff to tabulate votes. Thoserule changes are OR UT WY SD IA IL IN OH PA NJ RI 2016 EARLY VOTE setting off partisan court battles in keystatesthatwill determine which votescountand areadding uncertaintyasvoterscastballots in droves. CA NV CO NE MO KY WV DC MD DE 40 Hawaii Texas AZ NM KS AR TN VA NC SC Hawaii and Texas have already OK LA MS AL GA National early vote Mail-in voting exceeded their exceeded 2016 level total popular AK HI TX FL Note:Includes 50 states and D.C.which have reported 20 votesin2016. Early in-person early voting counts. Massachusetts, Missouri, Ohio and ELECTION DAY The charts area voting exceeded Wyoming only provide aggregate early voting totals. snapshotofvotes 2016 level Data as of Nov. 2. castasof6p.m. Sources: AssociatedPress (early vote); Federal Election yesterday. Commission (2016 presidential popular vote total) Oct. Nov. 0

Oct. 2020 Nov.

Early voting as ashare of 2016 popular vote, by state Mail votes Early in-person votes Total popular vote in 2016

Ala. Alaska Ariz. Ark. Calif. Colo. Conn. Del. D.C. Fla. 14%ofthe 2016 vote has already been cast

Oct. Nov. Ga. Idaho Ill. Ind. Iowa Kan. Ky. La. Maine Md.

Mass. Mich. Minn. Miss. Mo. Mont. Neb. Nev. N.H. N.J.

N.M. N.Y. N.C. N.D. Ohio Okla. Ore. Pa. R.I. S.C.

S.D. Tenn. Utah Vt. Va. Wash. W.Va. Wis. Wyo. Note:Massachusetts, Missouri, Ohio and Wyoming only report total aggregate early voting. Sources: AssociatedPress,the states

Additional design by Erik Brynildsen/WSJ Early-Vo te Processes Could Show Election-Night ‘Mirage’

BY ALEXA CORSE results, after polls close. ballots, votescast on Election Election Dayresultswill in- Election nightresultsare al- President JoeBiden and other AND CHAD DAY Mail ballotsrequiremore Day and mail ballots. clude both. waysunofficial, and states Democratsasmoremail bal- time to open, verifyand other- Thepandemic-driven turn “You’regoing to see amix routinely take days to weeks lots are counted. Theearly ballotsbeing cast wise process, and so some to mail ballots by manyvoters of both at the end of the day,” to certify election results. Hawkfish, aDemocratic in record numbersthis elec- states add them to results is compounding the burden on said Ms. Benson, a Democrat, This year,surveyshave datafirm started by former tion arecounted at varying later.Some of those states,in- election workers, officials say, in remarks to reporters. shown Democratsare more NewYork City MayorMichael times in different states,so cluding Pennsylvania, don’t lengthening the time needed Election officials acrossthe likely to vote early—either in- Bloomberg, detailed in are- partial results showing which start opening and counting to tally resultsinsome states. countryare cautioning Ameri- person or through the mail— port the potential for what it presidential candidateismail ballotsuntil Election Day. In Michigan, Secretaryof cans to be patient—and not and Republicans aremore called a“Red Mirage,” show- ahead Tuesdaynight arelikely Arizona, Florida, Iowa and State Jocelyn Benson said read toomuch intoearly re- likely to vote in person on ing Mr.Trump leading in some to fluctuate. Ohio plan to include most mail Monday that the stateesti- sults—as they handle an un- Election Day. swing states on election night Early voting generally falls and early in-person ballotsre- mates that it will take through precedented flood of mail bal- That has led to projections but then losing days later. intotwo kinds—voting by mail ceived beforeElection Day Fridayfor all ballotstobe lotsamid the coronavirus amongelection analyststhat Stateswhereearly ballots and voting in person prior to among the resultsreleased on counted, given the roughly 3 pandemic. in some states whereElection are included in initial results Election Day. Those early in- Tuesday night. million absentee ballotsbeing Theflowofresultsonelec- Dayballotsare reported first, might not see a“Red Mirage,” person votesare oftenin- As aconsequence, results cast. Election officials will tion night is always subject to early results may show a lead or even might see the inverse cluded in the initial partial re- announcedafter polls close count both absentee and in- many factors, including some forPresident Trump or Repub- with Mr. Biden holding a lead sultsposted by manystates, areapatchwork of partial tal- person votesonparallel tracks localities reporting vote lican candidates only to see that then shrinks as more along with some Election Day lies,combining early in-person starting Tuesday, she said, so countsearlier than others. that give way to former Vice votes are tallied. P2JW308000-6-A00500-1------XA

THE WALL STREET JOURNAL. ****** Tuesday, November 3, 2020 | A5 U.S. NEWS What to Watch—and When Before 8 p.m. (EST)

Florida (29 electoral votes): could ultimately advance to run- winning White House candidate Competitiveraces that As the first set of polls starts to offs. in all but two elections. The startclosing close, there isn’t a more impor- North Carolina (15 EV): In president won Ohio in 2016 by Presidential

tant state to keep an eye on the past half-century, this state 8.1 percentage points, carrying 7:00 p.m.: FL GA NH SC S

than this one. Out of more than has backed only two Democrats 80 of 88 counties and securing PRES 50 million ballots cast in presi- for president: Southerner Jimmy the widest margin for a Republi- 7:30 p.m.: NC OH Senate UMA

dential elections in this state Carter in 1976 and Barack can nominee in nearly three de- Other states thatstart closing /Z Obama in 2008. But changing cades. To win the state, Demo- TZ

By John McCormick, demographics are giving Demo- crats have said they need to IN KY VT VA WV KUR CK

crats hope, as more nonwhite boost turnout among Black and JA Andrew Duehren Senate races and Luis Melgar and college-educated voters urban voters in the “three C’s”— Early voters lined up for blocks in Des Moines, Iowa, on Saturday. Seat held by move to the state. Democratic Cleveland, Columbus and Cincin- from 1992 through 2016, fewer presidential nominee Joe Biden nati—while also performing bet- Democrat Republican than 18,000 votes separate the will need strong turnout from ter than Hillary Clinton did in the Swing-State Poll total votes between the two those voters to outweigh the state’s rural areas. parties in all of those elections. state’s rural areas, which remain New Hampshire (4 EV): This Solid Lean Tossup Lean Likely Solid Most of the state’s polling heavily Republican. Election offi- statehad the second-closest Dem. Dem. Rep. Rep. Rep. places will close at 7 p.m., but cials start counting mailed bal- margin in the 2016 presidential Sees No Late Shift those in part of the Panhandle lots, which must be postmarked election, with Mrs. Clintonwin- Number of electoral votes remain open until 8 p.m. Results by Election Day and received by ning it by lessthan four-tenths 131 538 from early in-person and mailed Nov. 12, as soon as they arrive. of apercentage point. State BY ANDREW RESTUCCIA centagepointsinWisconsin ballots are expected to be re- In the Senate race between election officials have ex- and by 17 pointsinFlorida and ported first because election of- Democratic challenger Cal Cun- pressedoptimism in having Total electoral votesbyrating Support forPresident Pennsylvania, helping to de- ficials are allowed to process ningham and Republican Sen. their results reported on elec- Trump and former Vice Presi- liver narrow victories,the that portion of the vote well Thom Tillis, polling has tightened tion night. 188 dent JoeBiden in agroup of group found. ahead of time. since Mr. Cunningham, who is South Carolina (9 EV): Dem- 123 battleground states has re- Thenumber of undecided Georgia (16 EV): Polls close married, apologized for exchang- ocrat Jaime Harrison is hoping 78 77 mained unchanged in recent voters in swing states in this 48 at 7 p.m., but election officials ing flirtatious and sexually sug- to ride ahistoric fundraising 24 days,according to anew Wall election cycle is small. Just 1% have said it could take a couple gestive text messages with a surge to victory againstRepub- Street Journal/NBC News poll of voters in the new poll said of days for all of the mailed bal- public-relations strategist. North lican Sen. LindseyGraham in Solid Likely Lean Tossup Likely Solid that found little evidenceof they weren’t surefor whom lots to be scanned and tabu- Carolina could be the tipping this traditionally Republican Dem. Dem. Dem. Rep. Rep. the kind of last-minuteshift they would vote. lated. Beyond the presidential point in the battle for Senate bastion. If Democratsunseat Note:Some states crossmultiple time zones toward Mr.Trump that helped And most voters’opinions contest, Georgia voters will also control. Mr.Graham, their path to win- or have multiple closing times. him win four years ago. areset in stone.Only 1% of weigh in on two competitive U.S. Ohio (18 EV): Since 1896, ning amajorityinthe Senate Sources: Cook Political Report (ratings); Thepoll, conducted on Sun- Trump supportersand 1% of AssociatedPress (times) Senate races, both of which Ohioans have sided with the becomes wider. dayin12statesinwhich the Biden supportersinthe swing election is most competitive, states said therewas afair finds Mr.Biden leading,51% to chancethey would change 46%, essentially unchanged their minds,arock-bottomfig- 8 to 9 p.m. from a survey late last week. urethat echoes previous polls. Thenew survey under- Mr. McInturff, the Republi- Competitiveraces that long votedfor Democrats, while scored an important difference canpollster,said Mr.Biden startclosing Macomb went forMr. Trump by between Mr.Trump’sfirst has been buoyedbygreater Senate morethan 11 percentage points campaign forthe WhiteHouse support among swing voters,

8:00p.m.: AL KS ME MI PA (2) in 2016 after twicebacking Pres- and his re-election fight.After particularly whitewomen, S identObama. Republicans see watching Mr.Trump forfour than wasMr. Trump’s2016 TX Presidential PRES the Senate race between Demo- years, voteropinions of the challenger, Hillary Clinton.

Other states thatstart closing TED cratic Sen. Gary Peters and Re- president have been set for “The difference is the two CIA publican John James as one of months, and the race appears Democratic candidates.Sen. AR CT DE DC IL MD MA MS SO the fewopportunities forthe to have little of the late vola- Clinton had substantial nega- AS

MO NJ ND OK RI SD TN Y/ GOP to flip aseatthis cycle. tility that marked 2016. tives with whiteswing voters, AT Texas (38 EV): Mr.Trump “Weset out to find whether and Biden’s negatives are no- BUK

Senate races F. wonthis stateby9percentage or not we could look forlate where near as bad,” he said. Seat held by T points in 2016, but Democrats breaks to anycandidate, and Another difference, accord- BER

Democrat Republican RO pointtoBetoO’Rourke’sclose instead what we found is a ing to Mr.Horwitt, is that vot- Maine GOP Sen. Susan Collins, left, facesoff with Democrat SaraGideon. race againstRepublican Sen. Ted pretty stable structureofhow erscan nowjudgeMr. Trump’s Cruz in 2018, as well as their this election looks in our poll- record. “Trump’s record is on Pennsylvania (20 EV): Elec- presidential elections, and Demo- wins in anumber of House seats ing,” said Republican pollster the ballot in away that it Solid Lean Tossup Lean Likely Solid tion officials have indicatedit cratssee this race as amust-win and shifting demographics, as Bill McInturff,who conducted wasn’t in 2016,” he said. Dem. Dem. Rep. Rep. Rep. could be days beforetheycom- to takecontrol of the Senate. evidencetheyare growing more the survey with Democrat Jeff pletethe countbecause of a Republicans arehopeful thatthe competitiveinthis state. Repub- Horwitt. Number of electoral votes surge of mail-in ballots. Mr.Biden independentimage Ms. Collins lican Sen. John Cornyn is favored In the 2016 election, many The Wall Street Journal/NBC News 211 538 poll wasbased on telephone inter- will need large margins in Philadel- has cultivated overher long ten- to hold his seatagainstMJHe- pollstersmissed the 11th-hour viewsof800 registeredvotersin phia and the surrounding suburbs, urewill carry her to victory. gar,the Democratic Senate can- shiftamong undecided voters swing states.Itwas conducted on as well as in Pittsburgh. President Alabama (9 EV): Former Au- didate and an AirForce veteran. toward Mr.Trump.The Ameri- Nov. 1, 2020, by the polling organiza- Total electoral votesbyrating tions of Bill McInturff of Public Opin- Trump, who in 2016 put Pennsyl- burn Universityfootball coach Kansas (6 EV): Democratsare canAssociation forPublic ion Strategies and Jeff Horwittof 188 vania in the Republican column in TommyTuberville, aRepublican, hoping to re-create their success Opinion Research found that Hart Research Associates. The states apresidential contestfor the first is expected to unseatDemo- in 2018, when LauraKelly de- about 13% of voters in Wiscon- included were Arizona, Florida, Geor- 123 gia, Iowa,Maine, Minnesota, Michi- 78 77 time since1988, hopes to expand cratic Sen. Doug Jones in this feated Republican Kris Kobach to sin, Florida and Pennsylvania gan, North Carolina, NewHampshire, 48 hissupport in rural areas. deep-red state. become the governor of Kansas. decided on their candidate in Nevada, Pennsylvania and Wisconsin. 24 Interviews were conducted in English Maine (4 EV): Sen. Susan Michigan (16 EV): Mr.Trump But running statewide as aDem- the week before the last elec- and Spanish. The margin of error is Solid Likely Lean Tossup Likely Solid Collins, aRepublican, facesthe wonthis battleground in 2016 by ocrat mightprove moredifficult tion.Those voters supported plus or minus3.5 percentage points. Dem. Dem. Dem. Rep. Rep. closestelection of her Senate ca- lessthan 11,000 votes, or 0.22 with Mr.Trump on the ballotina Mr.Trump by nearly 30 per- Note:Some states crossmultiple time zones reer as she seeksafifth term percentage point, the narrowest presidential election year.Barbara or have multiple closing times. againstDemocrat SaraGideon, outcome in the nation. Twoim- Bollier,aformer Republican, is Sources: Cook Political Report (ratings); the speaker of the Maine House. portantcounties to watch: running as aDemocrat against AssociatedPress (times) Maine is typically ablue statein Wayne and Macomb. Wayne has Republican Rep. Roger Marshall. TV Networks Prepare 9 to 10 p.m. For Drawn-Out Night BY BENJAMIN MULLIN the election. NBC News and Wisconsin (10 EV): Demo- 45,000 votesofwinning Min- of Colorado,New Mexicoand Competitiveraces that CNN said they would fact-check cratshope to build on advan- nesota four years ago.Ifhe Nevada, all of which tilted their startclosing TV news networks have statementsabout the voting re- tages in Wisconsin’stwo larg- wins this state, it mightwell wayinrecentpresidential elec- Senate honed aplaybook forelection- sultsorallegations of election estcities—Milwaukee and suggestheisgoing to have a tions as moreliberal voters 9:00p.m.: AZ CO MN WI night coverage over the years. fraud. Madison—while boosting sup- very good night. movedinand the Latino elec- Anchorsanalyze what each side “Votes arefacts. If someone Presidential port in suburban areas and cut- The statecurrently has a toratesbecame moreactive. needs to do to win. Experts declares victoryprior to receiv- ting into Mr.Trump’sbacking in Democratic governor,two Dem- Boosting turnout in heavily Other states thatstart closing zoom in on touch-screen maps ing 270electoral votesand rural ones. Mr.Trump wonthis ocratsrepresentthe statein Democratic Phoenix and win- LA NE NM NY WY to showhow votesare coming prior to CNN able to project a statein2016 by fewerthan the U.S. Senate,and fiveofits ning suburban swing voters in.Everyone is cautious fora winner,wewill makesureto 23,000 votesout of almost eightmembers of the U.S. outside the citywill be central Senate races few hoursuntil awinner is de- makethose factsclear to the three million cast, making the House areDemocrats. The to the fightinArizona. Seat held by clared. audienceaswedoeach and ev- outcome the third-narrowest Whoeverwins Maricopa Democrat Republican This year called forawhole eryday,” CNN political director among states he won. County,home to Phoenix and newgame plan. David Chalian said in astate- He wasthe firstRepublican Trump in 2016was morethan half of Arizona’sres- Giving viewers apictureof ment. sinceRonald Reagan in 1984 to idents, is likely to win the the race will be morechalleng- CBSNewsPresident Susan carry the state. Atop reason thefirst Republican state. Latinosmakeupabout a Solid Lean Tossup Lean Likely Solid ing than ever because of the Zirinskysaid the network often cited forMr. Trump’svic- to win Wisconsin thirdofthe county’s popula- Dem. Dem. Rep. Rep. Rep. various waysvotes arebeing would report on candidates’ tory wasadropinturnout tion. Sen. Martha McSally,a cast and when they arebeing claims,but will provide neces- Number of electoral votes among Black voters, who are sinceReaganin1984. Republican, lost Maricopa counted. Theunprecedented in- sarycontextand counter any- concentrated in Milwaukee. The County in 2018, when Sen. 90 538 crease in early-voteturnout thing inaccurate, including Center forAmerican Progress, KyrstenSinema, aDemocrat, and mail-in balloting has intro- about the results. Thenetwork aliberal think tank, estimated beather statewide. But Ms. Total electoral votesbyrating duced newvariables forthe won’t makeprojections until its an 18.9-percentage-pointdrop president’scampaign invested McSally wasappointedtothe networks’ “decision desks” to ownjournalistsare satisfied. statewide between 2012 and in the statemuch moreheavily state’sother Senate seatand 188 sort through. “Webelieveinthe election sys- 2016, morethan four times the than four years ago.His allies nowfaces former astronaut 123 It is adistinct possibility tem,” Ms.Zirinskysaid. “We national decline. Returns in Mil- also have argued thathis law- Mark Kelly,aDemocrat. 78 77 they won’t be able to declarea believeinthe state’sability to 48 waukee County will givean and-order message would find Colorado (9 EV): Members 24 winner on Tuesdaynight—or runanelection in spiteofthe early indication of whether Mr. resonanceinthe state’ssubur- of both parties sayRepublican possibly fordays—so guiding overwhelming number of mail- Biden has reversed thatde- ban and rural areas after pro- Sen. Cory Gardner is likely to Solid Likely Lean Tossup Likely Solid theaudiencethrough uncer- in ballots.” cline. testsoverGeorge Floyd’skilling lose to former Democratic Gov. Dem. Dem. Dem. Rep. Rep. tainty could be the chief task. Arnon Mishkin,who runs Minnesota (10 EV): The in Minneapolis policecustody in John Hickenlooper in this Sen- Note:Some states crossmultiple time zones “We’regoing to trytoavoid the decision desk forFox News, statehasn’tbacked aGOP can- late May. atecontest.Colorado has or have multiple closing times. predictions,” said NBC News said he is prepared forthe pos- didate forpresidentsince1972, Arizona (11 EV): Democrats trended increasingly blue in re- Sources: Cook Political Report (ratings); President Noah Oppenheim. sibility that initial resultscould AssociatedPress (times) but Mr.Trump came within hope Arizona follows the path cent years. “We’re going to trytoavoid offer an incompletepicture. clinging to anykind of narra- StateslikeFlorida and Texas, tive storyline.” whichreport early votesfirst, Network newsrooms are could lean Democratic at the 10 p.m. and Later gaming out scenarios that beginningofthe night, and could lead to amisleading ini- states likePennsylvania, which Competitiveraces that Number of electoral votes Iowa (6 EV): This state LasVegas,will likely account tial pictureinmultiple states.A report Election Dayvotefirst, startclosing 106 538 wasn’t supposed to be abat- formorethan two-thirds of “red mirage,” apotentially mis- could lean Republican, Mr. Senate tleground this year,after Mr. the state’svote. In 2016,Mrs. leading lead forPresident Mishkin said. FoxNewsparent 10:00p.m.: IA MT NV Trump wonitby9.4 percent- Clinton wonthe county with Trump,could occur in states Fox Corp.and Wall Street Jour- Presidential Total electoral votesbyrating agepointsin2016.But poll- 52.4% of the vote to Mr. that count in-person Election nal parent News Corp share ing has suggested acloser Trump’s41.7%. Dayvotes first, while a“blue common ownership. Other states thatstart closing 188 race this time.Republican Montana (3 EV): While reli- mirage” would be apotentially TheAssociated Press, whose AK CA HI ID OR UT WA 123 Sen. Joni Ernst faces Demo- ably redinrecent presiden- misleading lead forDemocrat election calls areused by a 78 77 crat Theresa Greenfield, a tial contests, Montana has a JoeBiden in states that started rangeofnewsorganizations,is Senate races 48 former businesswoman, in historyofelecting Democrats counting mail-in ballotsbefore gathering dataonvoting with 24 Seat held by one of the most competitive statewide.Democratic Gov. Election Day. NORCatthe University of Chi- Democrat Republican Solid Likely Lean Tossup Likely Solid Senateraces of the cycle. SteveBullock will trytoun- Several networks saythey cago using amethodologyde- Dem. Dem. Dem. Rep. Rep. Nevada (6 EV): Among the seat Republican Sen. Steve areprepared to push back on veloped with FoxNews. The presidential battleground Daines in this contest pitting anyfalse or misleading claims other major TV networks have Note:Some states crossmultiple time zones or have multiple closing times. states,Nevadahas the high- two candidates with records by thecandidates.Mr. Trump their ownoperation to gather Solid Lean Tossup Lean Likely Solid Sources: Cook Political Report (ratings); est unemployment rate at of statewide victories against hasmade claims,without evi- voting datatouse in making Dem. Dem. Rep. Rep. Rep. AssociatedPress (times) 12.6%. Clark County,home to each other. dence, of widespread fraud in their projections. P2JW308000-4-A00600-1------XA

A6 | Tuesday, November 3, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS Handful of Races to Decide Senate Initiatives On Ballots Democrats’ financial Democrats Majority Republicans the theme that helped them edge gives them more flip the House in 2018—health 45 seats 45 5 41 seats care.Inthe 14 most competi- In Dozens pathways to regain a tive Senateraces,morethan majorityfromthe GOP Safe or notupfor reelection LeansDem. Tossup Leans Rep. Safe,likely or notupfor reelection twiceasmanybroadcast-televi- COMPETITIVE RACES sion spotsmention health care Of States than anyother topic,according BY SIOBHAN HUGHES to ad tracker Kantar/CMAG. BY JACOB GERSHMAN AND LINDSAY WISE Democrats used the recent N.H. Maine Mont. fight over confirming Justice Should Uber driversbe Republicans and Democrats Minn. Amy Coney Barrettto the Su- treated as employees? Should Ore. enter Election Dayinafight W.Va. preme Court to underline the people be free to smokemari- forcontrol of the Senate, with Idaho S.D. theme, pointing to oral argu- juana? Is thewolf afriend or key races tightening during a Wyo. Mich. mentsset fornextweek in a foe? final push to turn out voters case challenging the Afford- These areamong the many at the close of the chamber’s Neb. able Care Act. questions voters will be decid- most expensivecontestsin Ill. Del. “It’shealth care—it’sthe ing by public referendum this Colo. history. Kan. Va. No.1issue,ithas been even week along with who should Republicans arefighting to beforethe pandemic,” said occupy theWhiteHouse and hang on to their narrow 53-47 N.C. Sen. Catherine Cortez Masto control Congress. Tenn. advantage. Democratsneed to Ariz. Okla. (D., Nev.), who is chairwoman Citizens,advocacygroups gain four seatstotakecontrol N.M. Ark. S.C. of the SenateDemocrats’ cam- and lawmakersthis election if President Trump is re- Miss. Ala. paign arm. year have put morethan 100 elected, or three if Joe Biden Republicans need to boost measures on theballotsof34 wins the presidency. Texas La. TwoSenate turnout in the election’s final states,according to Ballotpe- A total of 14 seats are now seats areup days,asDemocratshave dia. Proposed changes to state Alaska considered competitive, as re- in Georgia. racked up votesearly by rally- constitutions and laws touch cord small-dollar donations ing more of their partisans to on arangeoftopical issues, have enabled Democratstoex- send in ballotsorshowup from abortion and votereligi- pand the map of close races early at the polls. bility to drug legalization and from just 11 during the sum- Sources: Aggregatedraceratings from Cook Political Report, Inside Elections with Nathan L. Gonzales and In Iowa,North Carolina and prison slavery. mer.Ofthe total, strategists Larry Sabato's Crystal Ball at the UniversityofVirginia Center forPolitics Maine,moreDemocratsthan As usual, some of the most have zeroed in on ahandful of Republicans have votedsofar consequential and controver- GOP-held seatsinMaine,Iowa, come a political ground zero. nowfocused on asuper PAC raise money,” said Sen. Lind- through absentee ballotsor sial policydebates arebefore North Carolina and Georgia as Fornow,both parties are that is supporting Sen. Susan sey Graham (R., S.C.), who has early in-person voting,accord- California voters. most likely to determine con- focused on Tuesday’selections Collins (R., Maine) against raised $70million sincethe ing to the U.S. Elections Proj- Theheavyweight among trol of the Senate. Republicans in Iowa,North Carolina and Democrat Sara Gideon. startof2019,morethan any ect. AfterMr. Trump ques- them is Proposition 22,aballot concede that Sen. Cory Gard- Maine, which areamong the Ms.Collins has been hit other Republican, and still has tioned the validity of mail-in measureonwhether Uber ner will likely lose his seat in most expensiveSenateraces hardbythe fundraising dis- been outraised by Democrat voting,Republicans arerelying Technologies Inc., Lyft Inc., Colorado and areworried in the country. In each race, a parity,raising $24million Jaime Harrison,who has on their supporterstovoteon DoorDash Inc. and other gig- about Sen. Martha McSally’s Democratic challenger has from 2019 through Oct. 15,a raised $109 million—a record Election Day. economycompanies should be seat in Arizona. Democratsex- raised morethan twiceas period over which Ms.Gideon for any Senate candidate. “It’srisky,” said JessicaTay- exempted from anew statelaw pect to lose the Alabama seat much as the Republican in- has raised almost $70million. One race whereRepublicans lor, who tracks Senateraces that entitled their driversto held by Sen. Doug Jones. cumbent. In each race,outside Overall, Republican candidates gotsome recent good news forthe Cook Political Report. stronger employeeprotections TwoSenateseatsinGeor- Republican-aligned groups in the 14 most competitive was in Iowa. Republican Sen. “What’sthe weather going to and costlier benefitssuch as gia areupfor grabs this week have stepped in to makeupfor Senateraces collectively Joni Ernst has pulled ahead of be like? Does someone wake up overtime payand paid sick and both could end without an advertising deficit. raised $377million through Democrat Theresa Greenfield, sick? Do they not want to wait leave.The gig giantshave anycandidategetting more “Itreally depends if those Oct. 15,compared with $636 46% to 42%, in aDes Moines in those big lines if they’renot spent around $200 million—a than 50% of the vote, trigger- three—Iowa,North Carolina, million forthe Democratic Register/Mediacom poll con- as motivated? It’sriskywhen it record sum foraCalifornia bal- ing runoffs that could leave Maine—sink or swim,” said candidates plus the indepen- ducted between Oct. 26 and comes down to one dayinstead lot initiative—campaigning for the control of the Senatein ScottReed,who recently dent in theAlaska race,ac- Oct. 29.But Democratsin- of weeks,which is what Demo- the measure, far outspending question until Jan. 5. If the stepped down as senior politi- cording to Federal Election volved in Senatecampaigns cratshavedone.” laborunions opposing it. Senateissplit 49-49 after calstrategist at the U.S. Commission reports. say the race is competitive. —Julie Bykowicz California voters arealso de- Election Day, Georgia will be- Chamber of Commerce and is “Me breathing helps him Democratsare running on contributed to this article. ciding whether to allowmore local governmentstoestablish stricter rent controls over some older residential proper- House ResultstoOffer CluesonOverall Vo te ties.Republicans and real-es- tate interestshaveurged voters to reject the measure,ashas BY KRISTINA PETERSON Democratic Gov.Gavin AND NATALIE ANDREWS Newsom, while other state Democratsare in favor. Polls showDemocratsare Elsewhere, at leasttwo mea- favoredtoexpand their con- sures deal with abortion. A trol of the House on Tuesday Louisiana proposal would night. Hereiswhat we will be amend the state’sconstitution watching to giveusasense of to makeclear that no such S howthingsare shaping up right to the procedureisrecog- throughout the night: PRES nized. Should amoresolidly A bellwether: Both parties TED conservativeU.S.Supreme CIA

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stateAssemblywoman Chris- JOHN MICHAEL states restrict abortions at the tina Hale and GOP stateSen. Democratic candidate Christina Hale, left, is facing Republican Victoria Spartz in an Indiana race thatcould signal suburban GOP weakness. same point in pregnancy, ac- Victoria Spartz could come in cording to the abortion re- on the early side. lost in 2018,forcing Demo- Armyveteran PeterMeijer,a open seat, Democratsare GOP candidateMarjorie Taylor search group Guttmacher Insti- Republican defense: Demo- cratstospend significantly to Republican, is running against hopeful that acompetitive Greene,for example,isconsid- tute. Colorado is among a cratstook back manyGOP- defend these first-term law- Democrat Hillary Scholten. Senateracetherecould help in ered ashoo-in foraconserva- handful that lack anylaw link- held suburban seatsin2018. makers. Watchthe race in Republicans expect GOP the House race,whereKath- tive district in Georgia. Some ing fetalage to restrictions. Foranindication of whether Oklahoma City between Demo- Reps. MikeTurner of Ohio and leen Williams is running closer raceswherethe Repub- Thelegalization of recre- Republicans will be able to cratic Rep.KendraHorn and Michael McCaul of Texas to against Republican Matt licans could see their female ational marijuanaisonthe bal- fend off further Democratic Stephanie Bice, aGOP state winre-election in districtsMr. Rosendale. ranks grow include former lot in Arizona, Montana, New gains,keep an eyeontwo lawmaker whom Republicans Trump won handily. If Demo- AGOP silverlining: They Rep.Claudia Tenney in New Jersey andSouth Dakota. Cur- races: Missouri GOP Rep. Ann think canoust the incumbent. crats flip those two districts, areexpected to send moremi- York,Ashley Hinson in Iowa rently,11statesand the District Wagner’s re-election bid in the Similarly,Republicans are it is likely to signal ablue norities and women to Wash- and Michelle Fischbach in of Columbia have made it legal suburbs of St.Louis against hopeful Burgess Owens can wave in the country. ington this year. There are 94 Minnesota. foradultstopossesslimited state Sen. Jill Schupp and the beat Democratic Rep.Ben Mc- Sign of abluer wave: In GOP women running in the Meanwhile,64Black GOP amountsfor personal use. race to replace retiring Geor- Adams in Utah. Arkansas,GOP Rep.French general election, a record for candidates ran for the House Colorado voters aredeciding gia GOP Rep.Rob Woodall. Sign of a blue wave: Polls Hill is facing a tougher-than- the party,breaking itsprevi- this year,with about half mak- whether to release gray wolves Democrat Carolyn Bourdeaux show some racesare tight in expected race against state ous high mark of 53 GOP ing it to the general election. intothe state’swestern wild- came close to unseating Mr. places that Mr.Trump wonin Sen. Joyce Elliott in a district women who made it through Among those with the best lands,wherethe predator once Woodall two years ago and is 2016.They include two open that Mr.Trump wonby11 the primaryelections in 2018. shot at winning areGOP state roamed beforeitwas largely the slight favoriteagainst GOP seatsheld by Republicans: Vir- points. Running forhis 25th Two years ago, only one new lawmaker ByronDonalds,fac- exterminated morethan 70 candidate Rich McCormick in ginia’sFifth District, where term, GOP Rep. Don Young is Republicanwoman was ing Democrat Cindy Banyaiin yearsago. Their numbershave the Atlanta suburbs. Democrat Cameron Webb is in arematch against Alyse elected to Congress, Rep.Carol Florida;Mr. Owens in Utah; returned to about 6,000,and Democratic defense: Re- running against Republican Galvin, an independentrun- Miller of West Virginia. But and Wesley Hunt, the GOP they arenolonger endangered publican groups have invested BobGood, and in Michigan’s ning as the Democratic nomi- Republicans areexpected to challenger to Democratic Rep. in the continental U.S.,but millions to win back seatsthey ThirdDistrict,whereU.S. nee in Alaska. In Montana’s exceed that number this year. Lizzie Fletcher in Texas. they remain rare in Colorado.

the coronavirus pandemic,eco- showhim ahead. Campaign man- Afederal judgeonMonday Mr.Trump than afterearly and key states,manypolls showMr. Campaigns nomic disarray and racial up- ager JenO’Malley Dillon pre- rejected achallengebyTexas Re- mail-in ballotsare counted. Trump within striking distance. heaval. Despitethe tumult, Mr. dicted that “under no scenario publicans to drive-through vot- TheJusticeDepartment said Pennsylvania, one of three Biden has held asolid lead in will Donald Trump be declared a ing in Democratic-leaning Harris Mondayitissending personnel Great Lakesstatesthat Mr. Make Their most national polls,asmuch of victor on election night.” County,which includes Houston. to monitor voting-rightsissues Trump flipped to redin2016,is the public focus remained on On TwitterMonday, Mr. Thelawsuit had created uncer- in 44 jurisdictions across18 the primaryfocus forMr. Bi- Mr.Trump and his handling of Trump said the extended dead- tainty forabout 127,000 votes states,aroutine measurethat den, who has made aplayfor Final Lap the pandemic. lines in Pennsylvania “will allow that have been cast. has takenonincreased signifi- the state’sworking-classvoters In congressional races, Dem- rampant and unchecked cheat- TheJournal/NBC News poll cance, given heightened con- by stressing his Scranton roots ocratswerehoping to expand ing” andwill “induceviolence cerns this year about voterin- and modest upbringing. ContinuedfromPageOne theirHouse majority,with Re- in thestreets,” adding: “Some- timidation and suppression. Mr.Biden’scampaign said he put an end to apresidency publicans fighting to keep con- thingmust be done.” Election The president has Thecandidates’ final cam- would makestops in Scranton that has failed to protect the trol of the Senate. officials saythey employsafe- paign schedules reflected their and Philadelphia on Tuesday nation.” TheRepublican president guards to prevent voting fraud. spent the closing strategies to reach 270Electoral ahead of his election night Mr.Trump again pitched has spent the closing days Twitterflaggedthe tweet as days questioning Collegevotes.Mr. Trump is eventinhis hometownofWil- himself as apolitical outsider, questioning vote counting that potentially misleading. looking to boost turnout with mington, Del. Mr.Trump,who telling acheering crowd in Fay- could take longer than normal, While news organizations vote counting. thewhiteworking-classvoters appeared in Scranton on Mon- etteville,N.C.: “Do youwant to as states used early voting as a might call araceifacandidate whodelivered the WhiteHouse day, plans to spend Election be represented by acareer poli- safety measurebecause of the is clearly ahead, resultsare con- to him in 2016 and is trying to Dayatthe WhiteHouse. tician who hates youorbyan pandemic.InFayetteville,Mr. sidered unofficial until all votes hit as manystatesaspossible. Thecandidates continued to outsider who will defend you Trump onceagain criticized the arecounted and certified, a Sundayshows Mr.Biden’ssup- Mr.Biden is seeking to generate clash on the pandemic that has likeyou have never been de- Supreme Court fordeclining to processthat oftentakes weeks. portersare morelikely to say enthusiasm among minority vot- upended the campaign and fended before?” disturb extended ballot dead- Some key states haven’t yetbe- they arevoting early or al- ersincities and is focused more daily lifeasmuch of the coun- LaterfromAvoca,Pa., he told lines in Pennsylvania and North guntallying early votesand ready have.Meanwhile,Mr. intently on afew battlegrounds. trysees asurge in coronavirus enthusiastic rallygoersthat they Carolina, saying it “putsour have said they would report re- Trump’sbackersare more Polling suggeststhat Mr.Bi- cases,with morethan 230,000 didn’t resemble the “crowdsof countryindanger.” sultsWednesdayand beyond. likely to vote in person on den has morepathstovictory dead and the nation surpassing asecond-placefinisher.” TheBiden campaign has Pennsylvania’schief election of- Election Day. That meansitis than Mr.Trump,who needs to nine million infections. Thefinal blast of campaign warned against anyattempt by ficial has said the statemight likely that the firstbatch of re- keep much of his 2016 territory —Eliza Collins activity concludes an extraordi- Mr.Trump to prematurely de- need until Fridaytocount most sultsfromElection Dayin to win. Still, while polls show and Andrew Restuccia narypolitical year,marked by clarevictoryifearly vote results of the state’sballots. some states will look betterfor Mr.Biden has an edgeinsome contributed to this article. P2JW308000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Tuesday, November 3, 2020 | A7 U.S. NEWS Covid ImpactFalls HeavilyonMiddle-AgedMen

BY JON KAMP thirds of Covid-19 deaths deaths among people at least from 40 to 69 years old. Data study,researchersfocused abiological problem we’re AND JASON DOUGLAS among middle-aged people,and 85 yearsold, the most affected there also show men are 62% mainly on patientsbeyondmid- missing true patterns of vul- similar trends have emerged agegroup.This is astage in of the hospitalized population dle ageand found distinctions nerability,” Dr.Richardson When Brian Peters and his overseas.Scientistssay there lifewhen thereare far fewer aged 40 to 69,and nearly in howmales and females re- said. This includes racial dis- 80-year-old mother both fell ill areaconstellation of likely rea- men still alive, sincewomen three-quartersofthe sickest spond to Covid-19 infections, parities such as worse with Covid-19 last May, she sons,including health problems livelonger.Thereare also patients in that age bracket. including women’sstronger ac- Covid-19 outcomes forminor- seemed to facethe greater risk. like high bloodpressureand di- morewomen in nursing Thechancefor severeill- tivation of virus-fighting T- ity women than whitemen, Lilah Peters’s ageand her abetes that men tend to have homes, which have been dev- ness and death with Covid-19 cells,and weak activation of shesaid. Death recordshave diabetes were two factorsthat moreoften and that canlead to astated by Covid-19 outbreaks. risessteeply with agebut is these cells correlated to worse already shown minorities are canamplifythe disease.Mr. worseoutcomes. also closely tied to underlying outcomes in men. Men had enduring adisproportionate Peters,who lived with her in But researchersalso are health. Multiple studies have higher levels of certain inflam- hit from the disease. Sergeantsville,N.J., wasthree homing in on potential biolog- found people with conditions matoryproteins that canbuild In Chicago, Keila Cruz lost decades younger,slightly over- ical factors, including women’s including diabetes,cardiovas- to alevel that damageslungs both her maternal grandfather weight but otherwise in good moreable immune systems. 66% cular disease and hypertension andother organs. and her father to Covid-19 this health,according to his girl- And research has shown men tend to be at greater risk of a SarahRichardson,who di- spring.AmericoOquendo,who friend, Diana Robertson.Both are more prone to poor hand Men makeupahigher shareof badoutcome if they catchthe rectsthe Gender Sci Labat had pulmonarydisease,diabe- mother and son were hospital- hygiene,lax mask-wearing Covid deaths in middle age virus—conditions that men are HarvardUniversity,believes tesand failing kidneys, died in ized at the same time,went on habitsand delaying medical morelikely to have in general, male Covid-19 deaths are April at age84, while Joel ventilatorsand died 11 days care.Identifying the factorsat or at earlier ages. driven by external factorslike Cruz,who also had diabetes apart. playisimportant, health ex- Beyond underlying health, job-based exposureand under- andfailing kidneys, died at “Tomehewas avery perts say, to help guide effec- Overall, however, men make differences in immune systems lying health problems. Statis- home in early June, just days healthy49-year-old man,” Ms. tiveprevention and treatment. up about 54% of U.S. deaths, between the sexesmay be guid- tics canalso be skewed, Dr. before his 55th birthday. Robertson said of her boy- “Thisismorethan asignifi- and asignificantly higher por- ing some of the disparity in how Richardson said: Forexample, Ms.Cruzand her mother friend, agentle father of two cant trend. This clearly is are- tion in middle age. Thedeath- people respond to Covid-19,sci- front-line female health work- survived Covid-19 infections, she planned to marry. She ality that this disease is more certificatedatathrough late entistssay.The Xchromosome, ers tend to be healthy, to fare though her mother washospi- caught Covid-19,too,but had aggressiveinmen than October showmen makeup which women have two of and well when sick and to be talized and developed asthma. mild symptoms.“Ithought if women,” said LawrenceYoung, nearly 66% of morethan men one,contains manyimmu- tested frequently,which can Ms. Cruz, 30, misses her dot- he gotit, he’ll come out of it. I professor of molecular oncol- 42,000 Covid-19 deaths occur- nity-related genes,while the fe- createabiggerpool of posi- ing,outgoing father and is still wassowrong.” ogy at the University of War- ring among people between male sexhormone estrogen tivetests. Men with other coping with the sudden losses. Mr.Petershad an additional wick, in England. their mid-30s and mid-60s. plays arole in moderating the kinds of occupational exposure “It’sveryhardtoprocess so risk factor forabad Covid-19 Covid-19 has hit women In Europe,the European body’s immune response,said maybetested lessand be less much in such a short amount outcome: He wasaman. hardtoo.U.S.death-certificate Center forDisease Prevention Prof.Young,fromthe University healthy at baseline, she said. of time,” Ms.Cruzsaid. “To In theU.S., federal data datashowwomen makeup and Control says men repre- of Warwick. “I’m very concerned that if lose my father wastolose a showmen represent about two- about 60% of all Covid-19 sent 73%ofdeaths of those In a recent Yale University we continue to look at this as part of myself.” Europe’sNew Control Idea: Testing Everyone

BY DREW HINSHAW whether such atesting pro- gram like Slovakia’s might European governments be- help them handle a pandemic set by an autumn wave of that is spreading toofast for Covid-19 areturning to mass disease surveillancesystems testing,insome cases screen- to track,said Herman Goos- ing swaths of their population sens,aprofessor of microbiol- at once,inabid to contain a ogyatthe University of An- pandemic that has forced na- twerp and an adviser to the tions intolockdowns they government. The concept has can’t sustain. been discussed at North Atlan- In theU.K., Boris Johnson tic Treaty Organization meet- said Saturdaythat his govern- ingsand among the heads of ment is considering testing government within the Euro- entiretowns or cities and has pean Union as well. asked the armytowork out Theidea of testing an en- thelogistics forsuch an un- tire community at once has a dertaking. The government is mixed reception among epide- also buying up millions of miologistsinEurope,some of People waited for Covid-19 results on Saturday in Bratislava during nationwide testing in Slovakia. Below, a nasal swab in Bratislava. rapid antigen tests, atype of whom question whether it is test that has been criticized an efficient use of teststhat Last month, it tested nearly over itsaccuracybut is cheap could be used forfrequent nine millionresidentsofthe and quick. screening of high-risk person- coastal city of Qingdao over Last weekend, the U.K. gov- nel: hospital workers, police three days after12cases ernment sent advisers to Slo- officersornursing-home staff. emerged. Thegovernment also vakia, according to officials in World Health Organization tested the city of Kashgar, that Central European country, guidelines encourage govern- with 4.7 million people, after to survey one of Europe’smost ments to track individuals on detecting a single asymptom- ambitious testing programs. acase-by-case basis,rather atic case. On Saturdayand Sunday, than ask hundreds of thou- China used PCRtests, which Slovakia attempted to test its sands or millions of people to look forviral RNA and are entireadult population,orev- be tested at once. But case-by- considered highly accurate. eryresident between 10 and case detection has broken In Europe, labs processing 65.Cases have been surging in down in most of Europe,in that kind of testsare overbur- the country, which borders part because thereare too dened, with dayslong backlogs. one of Europe’s worst-hit na- manycases forcontact tracers Instead, governmentsare buy- tions,the Czech Republic,and to sort through. ing up cheaper and quicker— has been in alockdown for Thesurge in testing also but lessprecise—antigen tests just over a week. doesn’taddressone of Eu- that don’tneed to be sent to a

“You’re in such a bad state rope’sdilemmas in the corona- lab and canshowresults (2)

youhavenothing to lose,” said virus pandemic: People who within 10 to 30 minutes.The GES

Slovak Defense Minister Jaro- areexposed to Covid-19 usu- antigentestsauthorized by IMA slavNad, whose armyman- ally disobey orders asking the U.S. Food and Drug Admin- aged the logistics for the na- them to stay home for10days, istration miss anywhere from GETTY tionwide testing. according to recent studies. 2% to 16% of infections. SE/ About 3.6million people “Testing itself does not stop “I thinkreally the bottom got tested, out of the roughly thevirus from spreading,” said line is the playbook on this ANCE-PRES

four million people in the age Emma Hodcroft, amolecular has not yetbeen written,” said FR range, with 38,000 testing epidemiologist at Switzerland’s former U.S. Centersfor Dis-

positive.“It wasalmost im- University of Bern. “Testing ease Controland Prevention GENCE possible for us to organize it, givesyou atool in which you Director TomFrieden. “No one /A but it looks like somehow we canhelp people to makegood thing is going to makethis go succeeded,” he said. behavioral decisions.” away.” SIMICEK In Belgium, authorities have China has contained out- —Max Colchester

asked health expertstomodel breaks by testing entirecities. contributed to this article. VLADIMIR States Hire Consultants for Covid Help, See Mixed Results

BY JEAN EAGLESHAM even higher—comprehensive engulfing itsantiquated benefits ernized itssystem,” aletter nia lawmakers, which said there McKinsey also did work for AND KIRSTEN GRIND dataonstates’ spending aren’t system—a system Deloitte has from dozens of local lawmakers had been asolid improvement Massachusetts,some of which yetavailable. billed the statemillions forover this year said. David Chiu,a in the numbersofclaimants appeared to involvelittle more State governmentsstrug- “They’reseeing this massive the years, part of morethan Democratic member of the paid over the past few months. than forwarding others’ mate- gling with the coronavirus pan- economic opportunity arising $250 millionofwork forthe state’sAssembly,said it is “in- Aspokeswoman forCalifor- rial along.ResearchersatHar- demic have paid tens of millions from agrave public-health employment department. This credibly concerning that [the nia’sEmployment Development vard University prepared re- of dollarstobig consulting problem and they’restepping in spring,the firm wasawarded a employment department] has Department said it has pro- portsfor the state’shealth firms forhelp. to take advantage,” said Caro- new$5million contract to help continued to go back to acon- cessed morethan 15.2 million department tracking population Theconsultantspromised to line Buckee,anassociateprofes- upgrade systems to paypan- tractor that has awell-docu- claims during the pandemic— movements. Consultantsat help the states tackle problems sor of epidemiologyatHarvard demic benefits. Deloitte also farmorethan the 3.8 million McKinsey used the reportsver- including delivering medical University’s T.H. Chan School of wonan$11.1 million, two-month during 2010,the year with the batim in material forthe gover- equipment and staffing call cen- Public Health. contract to supply call-center The full amount of highest number of claims dur- nor,according to aperson fa- ters that handle worker bene- Consulting firms said they staff to quickly increase the em- ing the previous recession. miliar with thework. fits.Insome cases,stateshave areresponding to stategovern- ployment department’scapac- money received by NewYork Gov.Andrew While the researcherswere seen only modest benefits, if ments’ requestsfor help. Bos- ity.InAugust, the statein- the firms is likely Cuomo’sofficeawarded McKin- grateful thegovernor received anyatall, forthe extracost, tonConsulting Group,for ex- creased the contract to $42.6 sey a$9.9million contract in the data, they were puzzled why TheWall Street Journal found ample,said that when the million. even higher. March to advise the state on is- the paid consultantswere through interviews and public- pandemic hit,the firm “rapidly It didn’t fixeither problem. sues related to Covid-19,the ill- needed to sharedataamong recordsrequests. mobilizedsubstantial expertise Thedepartment’stwo call cen- nesscaused by the newcorona- stateofficials,this person said. Twomajor consulting firms, and resourcestohelp states ters—including one partly virus.That included 18 weeks of TheofficeofGov.Charlie Baker McKinsey &Co. and Deloitte managethe crisis.” staffed by Deloitte—areover- mented historyofbungling un- “leadership counseling” at didn’t return arequest to com- Consulting LLP,together have States have been largely left whelmed, an official statere- employment-insurancework, $42,500 aweek. ment. woncoronavirus-related con- alone by the federal govern- port in September found. And a notjust forCalifornia but for Thework waslater reduced AMcKinsey spokesman de- tracts valued at at least $182 ment to tackle the pandemic hugebacklog of unresolved other states.” to seven weeks at $27,000 a clined to respond to specific million from states,morethan and related issues.Their strug- claims,tallying morethan amil- ADeloitte spokesman said week,aspart of acost-cutting questionsand pointed to its double their tally of federal cor- gles to enlist consultantstohelp lion, wasgrowing by at least thefirm has been “proud to effort that sawthe overall fee website, wherethe firm details onavirus contracts, according to them—atahigh pricetotaxpay- 10,000 everyday,the report help stand up,scale and sup- roughly halved, according to a itsCovid-19 work acrossthe aJournal analysis of public re- ers—shows howchallenging said. port,” stateand federal support response to apublic-records re- U.S. cordsand news releases. that autonomyhas been. Deloitte clearly has “not suc- programs during the pandemic. quest. Representatives forMr. —Lisa Schwartz Thefull amount of money re- California turned to Deloitte cessfully resolved [the depart- Thespokesman referenced a Cuomo,aDemocrat, didn’t re- and Andrea Fuller ceived by the firms is likely to help handle aflood of claims ment’s]ITchallenges or mod- September response to Califor- spond to requeststocomment. contributed to this article. P2JW308000-6-A00800-1------XA

A8 | Tuesday, November 3, 2020 ****** THE WALL STREET JOURNAL. WORLD NEWS Gunmen Kill 19 at UniversityinKabul

Islamic State affiliate of negotiations. TheTaliban in recent claims responsibility; weeks have mounted aseries spate of attacks raises of attacks that have exposed the challenges facing the Af- new security concerns ghan security forces in main- taining security as the U.S. BY EHSANULLAH AMIRI withdraws. On Sunday, an Af- ghan armycommander was Gunmen stormed Afghani- killed in aTaliban roadside stan’s Kabul University as it bombinginthe north of the hosted an Iranianbook fair, country. killing at least 19 people and While the government has wounding 22 others, in the insisted that itspriority in second attack claimed by Is- anynegotiation is anation- lamic State in recent weeks on wide cease-fire, the Taliban— an educational center in the whose main leverageistheir country. ability to inflict pain on gov- Monday’sattack in the Af- ernment forces and civilians— ghan capital involved three have refused calls foratruce. gunmen who were killed after TheTaliban’sdisplayofmili- asix-hour battle with security tary strength is an attempt to forces,according to Tariq Ar- gain leverageinthe talks,Af- ian, Afghanistan’sInterior ghan and Western officials Ministryspokesman. He pro- say. vided few other details. It wasn’t immediately clear

Theattack forced thou- BHANI/REUTERS if Monday’sattack targeted sands to flee the sprawling SO the Iranian book fair,the

campus through itsthree OMAR opening of which in the morn- gates. “It waschaos,” said Afghan security forces leaving the site of a deadly attack Monday at Kabul University, which was hosting an Iranian book fair. ing wasattended by several Mohammad Arif, auniversity dignitaries. lecturer. groups online.The Afghan In- on Afghanistan’s honor, prog- about Kabul’sability to secure stalled, jeopardizing the peace Afghan officials declined to IslamicState’s local affili- terior Ministrydidn’t respond ress and bright future,” he the countryafter aU.S.troop process.The two sides quickly comment about the exhibition ateclaimed responsibility for to arequest to comment. said. drawdown. Thefirst direct found themselves at odds over being apossible target. Mr. the attack, according to Site Afghan President Ashraf Theattack coincides with a talks between Afghanistan’s procedural differences,includ- Arif,who wasamong attend- IntelligenceGroup,which Ghani condemned the attack rise in violencenationwide government and the Taliban ing which religious school of eesatthe book fair,said no monitorsand tracks radical in aspeech. “This is an attack that has raised questions beganinSeptember but have thought should form the basis onewas hurt.

center of Vienna and asked persed, running intothe bars,” bookshop forEnglish-speaking huddled inside, a person who criminal police. Three Slain people to stay away from all he said. “Then Isaw them run expatriatesonMarc-Aurel answeredthe phone said, add- Mr.Nehammer,the interior public places and avoid public into the bars after the people Strasse, a few hundred yards ing,“Isaw nothing.Wehave minister,said that people transport. and Icould hear the gunfire. It from the synagogue, when he no idea what’s going on.” should stay at home on Tues- In Vienna Schlomo Hofmeister,the was a living nightmare.” heard three or four gunshots. People were trapped for day if possible. chief rabbi in Vienna, said he He said the attack didn’t “Everyone froze foramo- hoursinbars, restaurants, “If you don’t have to leave firstthought someone had set appear to be targeting the ment.Ithought it might be theatersand other venues. the house forwork,please Attack off fireworks over the Danube synagogue. “The people were fireworks,” Mr.Sekerka said. Only aftermidnight people stay at home if possible,” Mr. River that winds through the the targets; they were going “But then Iheardanother shot started leaving the center,es- Nehammer said. “Avoid the city’s restaurant and nightlife afterthe people,not the syna- and we realized this was corted by police. center. Parents who can keep ContinuedfromPageOne district. Then he realized it gogue,” he said. something else.” Austrian Chancellor Sebas- thechildren at home,please way.Inthe attack,people in was gunfire and he rushed to Footagecirculating on so- He said everyone reacted tian Kurz said his government do so,they will be excused barsand restaurantsespe- the window, seeing at least cial media showedaman quickly.Staff told customersto deployedthe armytohelp po- from school.” cially seated outside were two gunmen dressed in white dressed in whiteshooting ari- moveinside and locked the lice secure the city. Mr.Deutsch, the head of the firedupon, Mr.Nehammer garb,wearing black ski hats flewhile running down a door.Apoliceofficer came by a “Wewill never be intimi- Jewish community,said all told Austrian television. and white face masks, shoot- street in what appeared to be short time later and told them dated by terrorism, and we Jewish sites including syna- “Weare still battling armed ing into the crowds sitting at the vicinity of the synagogue. to turn off the lightsand stay will decisively counter these gogues and schools,aswell as terrorists,” he said. the cafes outside. Another video showedpeo- inside.Staff moved the roughly attacks with all means avail- kosher restaurantsand shops, Oskar Deutsch, president of “Itwas awarm night, the ple tending to aperson lying 15 customerstothe basement, able,” he said. would be closed on Tuesday. the Viennese Israelitecommu- last nightbeforethe corona in apool of blood in front of a wherethey waited forpoliceto Aspokesman forVienna po- Thesynagogue around nity,said the synagogue had lockdown, which starts[Tues- restaurant located across the givethem the all-clear. licesaid that 250 special po- whichthe Mondayattack been closed at the time of the day], and people were sitting road from the synagogue. At restaurant Krah Krah, liceforcesweredeployedat started has been under police shooting,which started outside.They were running MattSekerka wastending near thesynagogue,waiters the scene,along with many guard since 1981, when Pales- around 8 p.m. local time. and shooting right intothe to customersonthe terraceof immediately shut the door more other officers including tinian terrorists attacked the Police sealed off the entire crowdsand then everyone dis- Pickwick’s, acafe-bar and when they heardgunshotsand antiterror specialistsand house of worship.

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THE WALL STREET JOURNAL. ** Tuesday, November 3, 2020 | A9 WORLD NEWS Snowden Putin, ErdoganStrain EU Unity To Seek BY YAROSLAV TROFIMOV Russian AND LAURENCE NORMAN PARIS—Thetwin threat of Russia’sand Turkey’s assertive Passport autocracies on the European Union’sdoorstep is testing the BY THOMAS GROVE ability of the bloc’s members to find a common front in an MOSCOW—Edward increasingly unstable neigh- Snowden, the former U.S. intel- borhood. ligencecontractor who has TheBaltic and Nordic been living in exile in Russia states,aswell as Poland, are forthe past seven years, said focused on the formidable he would seek aRussian pass- danger posed by neighboring port and dual citizenship to en- Russia, and have traditionally sureheremains with his first vieweddistant Turkey—a child, whoisdue to be born in member of the North Atlantic the countrytoward year-end. Treaty Organization—as an Mr.Snowden leaked files re- ally that could shore up their garding U.S. and international own defenses. surveillance programs to the On the EU’ssouthern flank, pressin2013 shortly after Greeceand Cyprus,nations leaving the country, sparking a historically friendly to Russia, debateabout national security consider Turkey their princi-

and individual privacy. TheU.S. pal threat—and have been bol- OL

government has sincecharged stered by France in their re- PO him with theftofgovernment cent confrontation with S property and two countsofvi- Ankaraoverthe delimitation

olating espionagelaws. of exclusiveeconomic zones in KIN/PRES Writing on Twitter,the for- the eastern Mediterra- OV mer contractor on Mondaysaid nean. Italy and Spain aremore GOL VEL

adecision to apply fordual accommodating to Turkey, PA Russian citizenship,together while Germany, backed by key Russia’sVladimir Putin, left, and Turkey’s RecepTayyip Erdogan, seen in March, have complicateddiplomacy within the European Union. with his U.S.-born wife, Lind- EU officials in Brussels, sayMills,was made to remain has tried to walk amiddle Islamist terrorist attacks that on the sidelines of this tus- months. TheEUimposed addi- same time,anumber of EU close to their son, who his law- line,maintaining an open dia- roiled Franceinrecent weeks. sle—highlightingEurope’s tional targeted sanctions member states have interests yertold Russian statenews logue with Ankara. “The threat from Turkey is growing need, and apparent against some of Mr.Putin’sin- in Turkey.” agencyTasswould gain Rus- Allthis tension burst into moreimmediatethan from inability, to take care of its ner circle in October over the Still, he added, attitudes to- sian citizenship.Mr. Snowden the open this fall, as Cyprus Russia. In Erdoganweare own security. poisoning of opposition leader ward Ankaraare hardening received permanent residency held up EU sanctions for over dealing with aloose cannon, “Europe over the past de- Alexei Navalny. acrossthe board, too: “Wesee in the countryinOctober. amonth against Belarus,a with someone who is unpre- cades has become so detached “Weare in abizarreparaly- a change in tone toward Tur- “After yearsofseparation Russian ally,saying the bloc dictable,” asenior French offi- from the real world of inter- sis with Russia which is actu- key. We see more EU member from our parents, my wifeand also needed to respond to Tur- cial said. “Wehavenoillusions national relations and foreign ally quite convenient for gov- states approaching Turkey Ihavenodesiretobesepa- key’s challenges against Greek about [Russian President policythat it finds it hardto ernmentsacrossthe spectrum with a more critical eye.” ratedfromour son. That’s and Cypriot sovereignty.Cy- Vladimir] Putin either,but Pu- adequately deal even with its —the hard-linersand those Yet, though the authoritar- why, in this era of pandemics prus agreed to the sanctions tin is not unpredictable.” two biggest immediateneigh- whofavor asofterapproach. ian natureofboth govern- and closed borders, we’re ap- in October,after German Adding fuel to the fire,Tur- bors,” said Dmitri Trenin, di- To an extent, we canforget mentsisclear,treating Turkey plying fordual US-Russian cit- Chancellor Angela Merkel per- key in recent weeks also sent rector of the Carnegie Mos- that Russia is there,” a senior the same way as Russia would izenship,” Mr.Snowden wrote. suaded her colleagues to give itsships intowhat Greeceand cow Center.“From the EU EU diplomat said. be amistake, said Nathalie “Lindsayand Iwill remain Turkey time to defuse tensions Cyprus consider their ownwa- standpoint, both arebad, and No such consensus existson Tocci, director of the Institute Americans,raising our son until asummit of European ters,and ferried Syrian mili- it is not important which is Turkey—at least not yet. of International Affairsin with all the values of the leaders slated for Dec. 10. tantstoAzerbaijan to partici- worse. Thereal issue is that “In the EU,thereisadiffer- Romewho advises the Euro- Americawelove—including Since then, however, Turk- pateinaTurkish-backed Europe has no tools,tech- ent approach toward Turkey pean Commission. the freedom to speak his mind. ish leader Recep Tayyip Erdo- campaign to seize the disputed niques or strategyfor dealing and Russia,” Cypriot Foreign “I really struggle to see And Ilook forwardtothe dayI ganproclaimed that French Nagorno-Karabakh region. with either.” Minister Nikos Christ- where it is that we have con- canreturn to the States, so the PresidentEmmanuel Macron These moves have left Ms. EU economic sanctions on odoulides said. “Some mem- vergent interestswith Russia. whole family canbereunited.” needed “mentaltreatment” Merkel’s diplomatic initiative Russiahavebeen in place berstatesemphasizethe fact But there are cases where we President Trump said in Au- because of his alleged hostility largely discredited. German of- sincethe 2014annexation of that Turkey is aNATOmem- have fairly convergent inter- gust he wasconsidering par- to Islam and called for a boy- ficials nowaccept that EU Ukraine’sCrimean peninsula ber state, that it is an EU can- estswith Turkey,and by not doning Mr.Snowden, shifting cott of French goods.French sanctions on Turkey maybe- and invasion of itsDonbas re- didatemember state, that it recognizing that we risk push- from hisprevious rhetoric in officials sayTurkish incite- come inevitable. gion, and have been unani- plays an important role re- ing Turkey into Russia’s lap,” whichhecalled him atraitor. ment contributed to a series of The U.S. has largely stayed mously extended everysix garding migration. At the she said. Lebanese Flee Faltering Economy WORLDWATCH CENTRAL AMERICA POLAND BY ISABEL COLES AND NAZIH OSSEIRAN Hurricane Predicted to Prime MinisterSeeks Bring Major Flooding TalksWith Protesters BEIRUT—Lebanon’s multi- ple crises,compounded by the Hurricane Eta strengthened Poland’sprime ministerap- massive explosion at the Bei- into a Category 4 storm with fe- pealed fortalkswith the leaders rutport in August, have rocious winds as it churned to- of massiveproteststhatwere plunged the middle class into ward the Caribbean coast of triggered by the tightening last poverty and the poor intodes- Central America, threatening to month of the nation’sstrict abor- titution, driving some to leave bring significant damage and tion lawand arecontinuing de- the countryand those who re- flooding to Nicaragua and neigh- spiteaCovid-19 resurgence. main to struggle for a way to boring Honduras. Hours beforethe latest round survive. The storm was located about of nationwide marches began Lebanese have long moved 70 miles from the Nicaraguan Monday, the head of the right- abroad in times of crisis,send- port of Puerto Cabezas around 7 wing government, Prime Minister ing home billions in remit- p.m. ET Monday, with maximum Mateusz Morawiecki, made a tances that helped keep this sustained winds approaching video appeal to protesters and op- tinyMediterranean country 150 miles an hour, the U.S. Na- position leaders. “I ask youtosit afloat. Now, anew exodus is tional Hurricane Center said. down together fortalks.,” he said. under way. The center said the storm LaterMonday, he met with PeterIngea said his com- could strengthen further before parliamentleaders, but the main pany,Intermove, had been making landfall early Tuesday in opposition partyand leftists were packing up homes of Lebanese /REUTERS northeastern Nicaragua, south of absent. His requestdidn’tstop moving abroad at arateofone AKIR the border with Honduras. After protesters with signs calling for AZ to two a day since the Aug. 4 hitting land as a major hurricane, abortion rights from blocking explosion, compared with just MED Eta is expected to weaken streets in Warsawand other cit- one to two aweek over the quickly and move later in the ies forthe 12th straightday. MOHA same period last year. A blast in Beirut’s port in August caused wide damage, adding to the strain Lebanese have felt. week across Honduras. —Associated Press “Wehaven’t stopped,” Mr. Nicaragua’s disaster manage- Ingea said. The economy is set to con- panies say. “In light of the Thepriority of the political ment agency declared a red alert ETHIOPIA Nearly all his cli- tract 25% this year, according state’s absence,” said Rostam classisn’t fixing the country’s Monday for the northeastern re- entshavedual nationality or to the International Monetary Yamoq,CEO of Smart Security, finances but self-preserva- gion of the country. Death Toll Mounts money abroad. Fund. “nobody feels secure.” tion, said Alain Bifani, afor- —Anthony Harrup In School Violence Forothers, bailing out is Importshavehalved be- In October,Lebanese politi- mer director general at the harder,especially when the cause Lebanese spending cians nominated former Prime Ministry of Financewho re- TURKEY Survivors of amassacreby coronavirus pandemic has power has been wiped out by Minister Saad Hariri to return signed this year in protest at rebels in western Ethiopia on Sun- hardened borders. thecollapse of the local cur- to power forafourth term, al- politicians’ handling of the fi- Two Girls Rescued daycounted54bodies in aschool- The agency responsible for rency, which has shed more most exactly ayear afterhe nancial crisis. From Quake Debris yard,the latest attack in which securing Lebanon’sbor- than 80% of its value against resigned under pressure “What they want is to cre- members of ethnic minorities have dersrecently uncovered anet- the dollar since last year. from nationwide protests atethe newnormal, which is a Rescue workers dug two girls been deliberately targeted, Am- work at Beirut’sairport that Accounting forinflation, against apolitical establish- country that doesn’t look like out alive Monday from the rub- nesty International said Monday. wassmuggling people to the IMF estimated annual ment manyblame forthe Lebanon at all, with a middle ble of collapsed apartment build- Human-rights groups are ask- Spain. grossdomestic product per country’s demise. classthat wascrushed or ings three days after the region ing why federal soldiers left the Themost desperateare pil- capitawould shrink to the Mr.Hariri has pledged to forced intoexile,” Mr.Bifani was jolted by an earthquake area just hours before attackers ing intoboatsbound forCy- equivalent of $10,900 in 2020 said. that killed scores of people. moved in and targeted ethnic prus—a perilous voyagethat from $14,500 in 2019. Some aretaking big risks to Onlookers applauded and Amharas. Ethiopia’s prime minis- until this year wasalast re- “It is not simply afinancial ‘There’s no longer a flee Lebanon’s gloom. wept as ambulances carrying ter, Abiy Ahmed, denounced the sort forrefugees fleeing war crisis,” said former Labour Even before the economic the girls rushed to the hospital killing of people based on iden- in neighboring Syria. Accord- Minister Charbel Nahas,who middle class,’ the crisis,Mohammed al-Ghan- in the hard-hit city of Izmir. The tity, adding that security forces ing to the United Nations, 30 nowheads apolitical group Lebanese Food dour struggled to find work overall death toll in Friday’s had been deployed to the area. migrant boatsdeparted Leba- seeking acomplete overhaul of and put food on the table for quake reached 87 on Monday af- Ethiopia’s government blamed non forCyprus between July the political system.“The Bank’s head said. his wife and seven children. ter teams found more bodies a rebel group, the Oromo Libera- and October. whole institutional framework In August, he invested his amid toppled buildings in Izmir. tion Army, for the attacks. The While the majority of the of society and the economy remaining hopes and savings Nearly 1,000 people were in- group hasn’t commented. passengerswereSyrians,Leb- has fallen down.” in aboat, undertaking the 155- jured, mostly in Turkey, by the —Associated Press anesewerethe second-largest White-collar workerswho unlock foreign aid to help re- mile crossing to Cyprus with quake that was centered in the group. lost jobs or income arenow vivethe economy. TheLeba- the aid of a GPS. Aegean Sea. The death toll in- Manyfeel stuck in Leba- among those requesting boxes nese government failed to Unlikeotherswho have per- cluded two teenagers on the non. Rami Zahr, a 32-year-old from food banks. agree to conditions with the ished en route, the family Greek island of Samos. Crafted in gold &platinum Rush! DJ who has been joblesssince “There’snolonger amiddle IMF to secureamultibillion- made it safely acrossthe Med- Idil Sirin, 14 years old, was re- Service the coronavirus and the eco- class,” said Soha Zaiter,the dollar bailoutthis year. iterranean, only to be sum- moved from the Izmir rubble af- Available nomic implosion killed Beirut’s head of theLebanese Food Theinternational commu- marily deported back to Leba- ter being trapped for 58 hours. nightlife, would liketoleave Bank. nity andGulf nations,Leba- non by Cypriot authorities a Seven hours later, rescuers Lebanon. But a banking crisis Thewealthyare fortifying non’shistorical patrons,also week later,plunging Mr.al- working on another toppled preventshim withdrawing their homes against arising appear to have grownweary Ghandour intoevengreater building extricated 3-year-old Elif enough money to leave the tide of crime. With trust in of investing in Lebanon with despair. Perincek, whose mother and two country. “Weare stuck here banks gone, people are stash- little to show for it. “Weare belowzero,” he sisters had been rescued two because our money is ing their money at home. Lebanon’spolitical classhas said at hishome in Tripoli, days earlier.The child spent 65 trapped,” he said. Sales of alarm systems, se- yettoimplement aforensic au- Lebanon’spoorest city.“If the hours in the wreckage of her Your Anniversary Immortalized Few see Lebanon’s outlook curity cameras and safes are dit of itsspending,seen as the middle classhas nothing, apartment. In Roman Numerals brightening soon. booming,local security com- firststeptoward overhauls. what’sgoing to happen to us?” —Associated Press JOHN-CHRISTIAN.COM 888.646.6466 P2JW308000-0-A01000-1------XA

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betterthan the officeare the Pubs nationwide were closed hollandaise sauce. encerooms.Just take the 15th- Pub Was pub-kitchens full English break- from March until July,the first “It’ssomething I’m prepared centuryPunchbowl &Ladle in fastsand locally brewedales time Britswerewithout them to payfor maybe onceafort- county Cornwall, Britain’sboot- forwhen he’soff the clock. in documented history. Pubs night,” said Mr.Ruthven, 33,to tip coastline that gestures out Popular as Mr.Edwards’sworking digs kept serving during the Blitz help support local businesses. toward the Atlantic.“They’ve have raised suspicious eye- andGreat Plague of 1665. Prices vary.The King’sHead gotthese snug areas and you brows. “Oh, you’reworking at They enjoyedarush of cus- charges £20 forfour hours, in cangointothese opposite An Office the pub,eh?” his family has tomersoverthe summer when London’sborough of Camden, ‘breakout’ rooms,” said James asked. But he said with no TV the virus waned. Ye Olde Ale the Lion &Unicorn bills £15 for Melville,managing director of it is the most productivehehas Theresurgenceofthe virus & the same; acouple of miles apublic-relations firm based in ContinuedfromPageOne been in months.After the pubs has led to tighter restrictions Wi-Fi away in Islington, John Salt Truro, Cornwall. dowsill forZoom calls,evenre- close again this week,“it’ll be again. Starting Thursday, the charges £10,and at the On hearing the newrestric- clining on abeanbag in the back to me at one end of the U.K. will hibernatefor at least bour Party staffers, the Bull & Culcheth Arms in the town of tions, Mr.Melville decided to pink flamingo-themed bedroom kitchen table and my wifeat four weeks in itssecond na- Gatewas aretreat from work- Warrington, northwest Eng- work at the pub Mondayand of his 5-year-old daughter.He the other Iimagine,” he said. tional lockdown.That means ingatMr. Littleton’sparents’ land, customerspay £12 forfive Tuesdaytosupport the local found his solution in working “Pub desking,” as King’s pubs must closeentirely until house,wherethey arecrashing hours, with all prices including pubbeforeitcloses. from thepub. Head General Manager Gary Dec.2—blocking Britsfrom while their apartment gets a lunch plus teaand coffee. Pub-working doesn’t come Mr.Edwards,head of techni- Willison calls it, collectsextra their newoffices. face-lift. “There’sthis dispute Publican Phil Daley said each without itspitfalls.“It’svery caloperations at afilmmaking revenue during ausually quiet For38-year-old Stefanie about who’s responsible for pub deliversaunique package. tempting to stick around and company, pays £20,equivalent stretch of the day. Mr.Willison Stead, aself-employedarchi- changing the catlitter,” he said. Forhis,the Lion &Unicorn, replacecoffee with alcohol,” to around $26,for four hours opens at 10 a.m. to serve tect living in the cobble-street Ms.Kneafsey used to work namedafter George Orwell’s said the 47-year-old. He said it of Wi-Fi, ahot lunch, bottom- brunch, but in normal times town of Otley in Yorkshire, the remotely with her laptop from essayonEnglishness, that took him great strength to re- lesscoffee and apint of beer in many pubs areclosed until North Bar Social pub wasthe acafe. BeforeCovid, it felt odd means gluten-free entrees,a sist the urge. the cozy chair by the roaring noon,when officeworkers perfect sanctuarytoescape her to bring alaptop to apub,and spacious garden and—most im- But the main concern for fire at theKing’sHead pub in might dip in foraquick one, husband’sthumping dancemu- she said people would glareat portant—making friends with manypub deskersisn’t the WinchmoreHill, north London. known as a“cheekypint.” sic while he worked at home. her with eyes that said, “What the pub’sshaggy labradoodle temptation of chugging pints “It’slikebeing in the office, Publandlords,known as Afteraproductiveday working areyou doing?” Eddie. but persuading bosses they to be honest with aslightly publicans,need the business. at herpub office, Ms.Stead Hunter Ruthvenpaid £15 for “Cuddles off Eddie is worth aren’t. “My line manager is nicerenvironment,” said the Coronavirus leftthem “fighting treated herself to apint of hard four hoursatapub table at the £15 alone,” said Mr.Daley,43. probably going to want to have 41-year-old. His workstation fortheir very survival,” said cider.“It felt likesuch are- Bull &Gate, including Wi-Fi, Some pubs transform seam- aZoom meeting this after- beforethe pandemic is adimly Emma McClarkin, of the British ward,” she said. unlimited teaand coffee and a lessly intothe ageofZoom, noon,” said Mr.Littleton on his lit room without windows in a Beer and PubAssociation. ForMegan Kneafsey and pub-cooked lunch. He ordered with cushioned alcoves shape- recent visit. “I need to explain leakySoho townhouse.Even “Pubs have had to adapt.” Robert Littleton, engaged La- eggs and smoked salmon with shifting intomodern confer- whyI’m sitting in apub.”

“I’veseen this movie before Quibi’s and it is adisaster.” She threatened to quit unless thingschanged, adding that Dramatic shehad accomplished alot and had “nothing to prove.” Ms.Whitman and Mr. Finale Katzenberg ultimately found common ground. As Quibi’sbusinesschal- ContinuedfromPageOne lenges mounted over this sum- views with current and former mer,Quibi considered apro- employees,investors, advisers posal to slash spending on and production partners, Quibi marketing substantially.Mr. failed because the duo’s famed Katzenberg rejected that idea instincts proved wrong. andapproved an advertising Mr.Katzenberg and Ms. blitz on TV,billboards and dig- Whitman misjudged which ital media, according to aper- programming and technology son familiar with the delibera- featureswould appeal to tions. young consumers, the people Mr.Katzenberg would said. They bet, incorrectly, sometimes point out Netflix that the servicewould ride a spent millions to promotethe wave of stay-at-home stream- action drama “Extraction.” ing afterlaunching at the peak Those around him said Quibi of the coronavirus pandemic. shouldn’t compareitself to And Mr. Katzenberg’s spend- Netflix. ing on advertising leftlittle fi- Formonths,executives were nancial wiggle room when the considering moving Quibi to a

company was struggling. CK freemium model, people close In awrittenstatement, Mr. TO to the companysaid. Ms.Whit- Katzenberg and Ms. Whitman man and Mr.Katzenberg were

said, “Quibi wasabig idea and SHUTTERS waiting forresultsfromatrial

therewas no one who wanted A/ runinAustralia. Ultimately,the to makeasuccess of it more /EP companydecided not to pursue than we did. We exhausted all that strategy, in part because it URENT

options and came to the diffi- LA would have been tooexpensive. cult decision to wind down the By September the company business.” They said they were had performed afew “hack-a- ETIENNE proud of the work Quibi pro- Quibi CEO Meg Whitman and founder Jeffrey Katzenberg at the International Consumer Electronics Show in Las Vegas in January. thons,” in which employees duced. were encouraged to bring Ms.Whitman said the com- Downloads of Quibi spiked afterthe app waslaunched News, Mr. Katzenberg helped their ideas to help the com- pany likely failed because its but quickly fell off. select the anchor and insisted pany attract customers. ‘Profound apology’ idea wasn’t strong enough and the host wear asuit and sit Quibi ramped up efforts to Daily downloads of Quibi's app “We offer a profound apol- the timing wasn’t good. behind adesk,astyle some getits TV streaming apps dis- ogytoour employees,inves- A spokeswoman said Quibi 400,000 people involved thoughtwas tributed so moreviewers tors and partnerswho be- had sound financial planning stiff and wasstriking the could watchthe servicein lieved in Quibi and made the and programming that got 350,000 wrong tone forayouth-fo- their homes during the pan- business possible,” they said. good reviews from critics,and cused app. demic.Previously,Quibi cus- Quibi’sfailuresuggests said technology features such 300,000 Mr. Katzenberg, who made tomershad to cast content thereare limitstothe con- as the TV apps were always on May27 Oct. 21 hisname as the head of Dis- from their phones to their TV sumer appetitefor new the road map—just not the 250,000 AT&T Inc.’sWarnerMedia Quibi says it is ney’s movie studio in the through Chromecast or Ap- streaming options.Tocom- first priority at the launch. launches HBO Max. shutting down. 1980s and 1990s,shepherding ple’sAirplay, aclunkyprocess. pete, newplayers can’t afford Afterclosing a$1billion 200,000 animated hitssuch as “The Thetech team built an app for July 15 to have aflawedidea or shaky funding round in 2018,Mr. Lion King” and “Beauty and Apple TV,Android TV and Am- 150,000 Peacock,NBCUniversal’s execution, especially when Katzenberg and Ms. Whitman streaming service, the Beast,” had grand visions azon’sFireTVdevices, ready- their rivals—Netflix Inc.to went on ahiring spree to launches nationally. forQuibi. He wanted aname ing it formid-October,accord- NBCUniversal’s Peacock to bring in toptechnologyand 100,000 that would be used as a com- ing to Quibi engineers. Walt Disney Co.’sDisney+— mediatalent, recruiting em- mon noun, like “Kleenex,” ac- TheQuibi spokeswoman have brand recognition and ployees from Netflix,Hulu and 50,000 cording to aperson familiar said the companywanted to deep libraries of programming. Snap Inc.They pitched the with the company’s branding. getaversion out that could be During apresentation to service as a revolutionary fu- 0 Executives floated several pro- used by customers as quickly Quibi investorsonOct. 21, Mr. sion of Silicon Valley and Hol- April 6May June July Aug. Sept. Oct. posed names,including “Ijji” as possible. Katzenberg called the com- lywood that would ride the Source:Sensor Tower and “Omakase,” which is used Meanwhile,the company pany’sfailurea“crushing dis- rising tide of mobile viewing. to describe high-quality sushi, launched an effort to explorea appointment,” according to a From the start, executives Whitman decided to push some employees viewedas before settling on Quibi. sale.Pitches to NBCUniversal, person familiar with the call. and advisersdebated whether ahead with a launch in April, out-of-touch, the attendees Though Quibi didn’t last Amazon and Facebook Inc. Quibi finished with 450,000 Quibi wassetting itself up despitethe pandemic,partly said.Healso mentioned that long,the companyhad its went nowhere. Quibi ulti- paid subscribers, nowhere properly.Inaddition to recom- because the companyhad al- his company, WndrCo LLC, shareofinternal drama. There mately hired AlixPartners, a near the 7.4million it wastar- mending that Quibi should be ready committed to advertis- nearly invested in the com- wasasection of astairwell in restructuring firm, people fa- geting in the firstyear,ac- made available on TVs, outside ingcampaigns and had high pany that became TikTok but Quibi’sofficebuilding where miliar with the matter said. cording to people familiar advisersand some Quibi em- fixedcostsoncontent and passed, a statement that puz- some employees went to cry, with its finances. Not enough ployees also recommended, to staff,people close to the com- zled some staffers, who won- some of the people said. people were willing to paythe no avail, that the serviceallow panysay.Bythe end of the dered whyhewould volunteer Manyother employees ‘Trolls’ tune $4.99-per-month feewhen social-sharing featuressimilar second quarter,Quibi expected the fact that he missed out on spokehighly of their experi- At an all-hands video call their free trials ended. to Alphabet Inc.’s YouTube at itscumulativespending on agreat deal,one of them said. enceatthe company. Soon af- on Oct. 21, Quibi told its Quibi anticipates it will launch. TikTok, a service that content, marketing and sala- In acompanypresentation, ter Quibi announced its shut- roughly 250 employees it have spent morethan $1 bil- letsusersshareshort home ries to cross$930 million, executives promoted astrat- down, morethan 30 Quibi would be closing and they lion of the money it raised videos, has boomed. Intellec- documentsreviewedbyThe egythey called “Quibi 2.0” employees expressed positive would be paid severance. Mr. through the beginning of 2021, tual-property protections in Wall Street Journal show. that involved “belt-tightening” feelingsonLinkedIn such as Katzenberg suggested employ- and projected it would have at professional Hollywood con- Other streaming companies, and “businessscenario plan- pride in building the service ees listen to “Get Back Up least $750 million in cash on tent makesharing difficult. including Netflix,Amazon.com ning.” Executives acknowl- and praise fortheir colleagues. Again,” asong from the hand at theend of October, Quibi eventually created afea- Inc.’sPrime Video and Dis- edged Quibi had alarge pool “Say what you will about the soundtrack of “Trolls,” to lift the people said. Roughly $350 turethat allowedusersto ney+, sawasurge in usage idea,the timing,orthe busi- their spirits, according to peo- million will go back to Quibi’s share stills from its shows. when the pandemic began and ness strategy, but this was an ple familiar with the call. earliest investors, including Quibi focused its energies, people found themselves stuck ‘There was no one absolutely world class team,” Quibi is nowlooking to sell Disney, Comcast Corp.’s NBC- and much of itsmoney,onlin- at home. one employee wrote. off as much of itscontent as Universal and SonyCorp., as ing up a string of big content Mr.Katzenberg hoped Quibi who wanted to make TheQuibi spokeswoman possible to other TV or well as Ms.Whitman and Wn- deals.Liam Hemsworth agreed would getasimilar lift, people a success of it more said that asummaryofanem- streaming platforms. drCo,Mr. Katzenberg’s holding to make“Most Dangerous close to the companysaid. It ployeesurvey prepared in Feb- Of itsremaining cash, Quibi company. Game,” a show about human- didn’t. Downloads of the app than we did.’ ruary, beforethe launch, has set aside $358 million to Thecompanyconsidered al- hunting, while Anna Kendrick were anemic afterthe April showedthat the company wind down the company, peo- ternatives to liquidation, in- starredin“Dummy,” ashow launch and the subscriber scored high in areas including plefamiliar with itsfinancials cluding ashifttoa“free- about a living sex doll. count was paltry. Mr. Katzen- “commitment to the company” said. Over $50 million is being mium” model, wheremost In March, the reality of the bergstruck an optimistic note of inactiveusers, but said “the and “job satisfaction.” held in reservetocover avari- content would be free except coronavirus pandemic began internally,somanyemployees content is resonating.” Quibi Months aftershe joined, ety of expenses,such as Quibi’s for certain premium features. to set in. CBS and Quibi held a were surprised and disap- then gottowork on features Ms.Whitman sent Mr.Katzen- property lease and litigation Topexecutives ranthe num- dinner at aMediterranean res- pointed when he gaveanin- that would allowusersto berganemail laying out her risks—including from apatent bers. They found that sustain- taurant in New York to cele- terviewinMay to the New stream shows on their TVs, ul- complaints about his behavior. and trade-secrets lawsuit ing that approach would re- bratethe launch of “60 in 6,” a York Times saying that the timately heeding advisers’ pre- She said he wastreating her brought by Eko, an interactive quireabout $2.4billion of Quibi newscast developed with launch had problems. launch warnings, the firstof like an underling, demeaning video company, the people capital by 2024, including CBS meant to help “60 Min- Mr.Katzenberg tried to an- which was available in May. employees and micromanaging said. Ekofiled papersWednes- about $400 million next year, utes” reach younger audiences. sweremployees’ concerns at Mr.Katzenberg, afamously the company, according to a dayasking aLos Angeles fed- people closetothe situation Several CBS stafferscon- an all-hands meeting in May, fastidious executive, gave co- person familiar with her con- eral court to requireQuibi to said. Quibi also explored asale tracted Covid-19, and health attendees said. He said he was pious input on the shows cerns. “This cannot continue set aside at least $101.9million or partnership with another officials informed them they confident lifewould return to Quibi wasdevelopingwith as no onewill knowwho’s in and forbank accountsand media company. were among the firstbatch of normal and people would be partner companies,according charge and everyone will think other assetsconnected to the In apublic letterOct. 21, known cases in the city. CBS back standing in line at the to people familiar with the they have two bosses who technologytobefrozen. In a theday Quibi announced its News declined to comment. drycleaners, wherethey could matter. While developing a don’t ever set the same direc- statement, Quibi said Ekowas shutdown, Mr.Katzenberg and Mr.Katzenberg and Ms. watchQuibi—the sort of line daily news show with NBC tion,” Ms.Whitman wrote. abusing the legal system. P2JW308000-2-A012A0-1------NS

THE WALL STREET JOURNAL. ** NY Tuesday, November 3, 2020 | A12A GREATER NEW YORK In N.Y. ,SuburbanElectorate Is Changing

Some newarrivals to Registeredvoters who moved spending afew months on residencebeing on Long Island their registration to acounty Long Island and enrolling their until learning that she would communities on Long in the pasttwo years, by party daughter at alocal school. be able to vote in the tight “In terms of the congressio- race between Mr.Zeldin and Island and beyond say Democratic Republican nal race, I do think it makes a the Democratic challenger, their votescountmore No party Minor parties big difference, and formoreof Nancy Goroff. 025,000 50,000 the local racesaswell,” said “The race is so close be- BY JIMMY VIELKIND Mr.Canales,aregistered Dem- tween Goroff and Zeldin that

GES Suffolk AND STEPHANIE YANG ocrat, referring to his newvot- our vote would have agreater IMA Nassau ing residence. impact and might make a dif-

The pandemic has this year GETTY Courtshaveruled that vot- ference,” said Ms.Hum, areg- Westchester

accelerated the trend of regis- SE/ erswith two homes canchoose istered Democrat and chair of teredvotersmoving from New Orange to vote at anyresidenceto the Department of Urban York City to itssuburbs,accord- which they have alegitimate, Studies at Queens College. Dutchess ing to enrollment dataanalyzed ANCE-PRES significant and lingering attach- While data show more vot- FR by TheWall Street Journal. Ulster ment. Suffolk County Republi- ershavebeen moving to Long Themigration includes peo- canCommitteeChairman Jesse Island and the Hudson Valley GENCE Rockland ple who already had second /A Garcia said Democratshave in the past six months than in homes in the Hudson Valley Putnam spent yearsencouraging voters preceding semiannual periods, and the Hamptons and decided ANCUR to shifttheir registrations to their exact motivations to changetheir voting resi- BET Columbia vacation homes,primarily in couldn’t be determined. Data

dence, as well as people who KENA the Hamptons.Hesaid he from L2 also don’t indicate Greene permanently relocated from Voters are facing a tight race in the congressional district that hoped the recent uptick in where in the state they previ- the city. And it involves more includes Southampton, N.Y. The village in late September. Source:L2Political crime in NewYork City and the ously had been registered. Democrats than Republicans, pandemic would makethem LeeMiringoff,alongtime enrollment-data show. at HofstraUniversity.“What’s months,according to L2 Politi- has said that his connection to lesspartisan when they arrived. Hudson Valley resident and di- As Election Dayap- happening this year has accel- cal, anonpartisan firm that the Trump administration “We’remaking apitch: You rector of the Marist College proached,political expertssaid erated the trend.” collectsvoter records. helped securepersonal protec- escaped NewYork City fora Institutefor Public Opinion in the recent migrantscould give One race to watchinvolves That two-year figure in- tive equipment for his region reason, because of the way the Poughkeepsie,said it is rea- aboost to Democratic candi- the re-election bid of U.S. Rep. cludes 13,383 enrolled Demo- and that he has been willing to Democratic majority and the sonable to conclude that the dates running in competitive LeeZeldin, aRepublican run- cratsand 7,046 enrolled Re- reach across the aisle. left-progressivesocialistshave pandemic wasamotivating electionsfor the U.S. House ning forafourth term repre- publicans; the rest of the Jason Canales,alawyer runthat city intothe ground,” factor and that manyofthe and NewYork stateSenate. senting the FirstCongressional voters weren’t membersofa who is 41 yearsold and lived Mr.Garcia said. “We’reasking newvoterswerecoming from “IfLong Island is the quint- District in the eastern part of political party or were en- in NewYork City for16years, them to give us a chance.” New York City. essential swing suburb,ittells Long Island’sSuffolk County, rolled in minor parties,said moved to Southold with his TarryHum, 59,and her hus- “They could also be people youthat these places between including the Hamptons.Inthe L2.Mr. Zeldin wonhis 2018 husband and 4-year-old daugh- band this year bought asec- with the concerns of being city and countryhavebeen past two years, 29,251 voters re-election campaign against terthis year afterthe pan- ond home in Suffolk County’s older,orhaving kids in trending from reliably redto moved their registrations from Democrat Perry Gershon by a demic hit the city.They still Riverhead.Ms. Hum, who lives school,” he said. “It has more blue,” said LawrenceLevy, ex- other areas of the stateinto little more than 11,000 votes. have an apartment on the Up- in Hastings-on-Hudson in to do with lifecycle than Dem- ecutivedean of the National thecongressional district, in- Mr.Zeldin didn’t respond to per East Side,but registered to Westchester County, said she ocratsorRepublicans jumping Center forSuburban Studies cluding 10,688 in the past six arequest forcomment, but vote in Suffolk County after wasambivalent about the new ship.” Beefing Up Security, Boarding Up Businesses Little Appetite For Parties on Election Night

BY CHARLES PASSY Max Rose and Republican challenger Nicole Malliotakis Theelection-night gather- have plans to speak with re- ingisone of the most time- portersduring the evening in honoredpolitical rituals. StatenIsland. Thetypically boisterous af- Mr.Rose has scheduled his fair,held traditionally in aho- eventinthe parking lot of a telballroom or alocal restau- catering hall, while Ms.Mall- rant or catering hall, allows iotakis intends to hold hersin candidates to gather with the parking lot outside her their supportersahead of the campaign headquarters. returns—and forthe celebra- It isn’t an ideal setup,rep- tion that would ensue if the resentatives of both cam- outcome proves positive. paigns said, but they added But this year,the ritual is that thereislittle alternative. being upended because of “This whole year has not

GES safety concerns related to been likeany other year,”

IMA Covid-19. said Jonas Edwards-Jenks,a Throughout the NewYork spokesman forMr. Rose. ETTY

/G metropolitan area, candidates Meanwhile,Rob Ryan, a arescrapping plans forlarge spokesman forMs. Malliota- GADO gatheringsonTuesday, opting kis,recalled the pre-pandemic DEL instead in some cases just to way of gathering on election DEE watchreturns from home or a night. VID

DA campaign officewith afew “I think it’sprobably better ELECTION UNEASE: Police and security guards were on hand Monday at Rockefeller Center as workers used plywood to cover crucial people. having it in the hotel ball- windows. Fears of unrest on or after Election Day have establishments and buildings around New York City taking precautions. Leadersoflocal political room,” he said, adding that clubs and committees,who theweather could be chilly. oftenhost election-night Cameron Koffman, who ran events on their ownorintan- an unsuccessfulprimarycam- dem with candidates,also are paign earlier this year as a GREATERNEWYORKWATCH going the low-key route. Democratic candidatefor New “It’sashame,but it’sin- York’s73rdAssembly District dicativeofthe times,” said on Manhattan’sEast Side, NEW JERSEY JayJacobs,chair of the New sees abenefit to trying things York State Democratic Com- adifferent way,however. Police Weigh Action mitteeand the Nassau County Mr.Koffman turned his Over Trump Caravan Democratic Committee. primary-night gathering into Mr.Jacobs plans to host an avirtual one,going so far as A caravan of President Trump election-night event forboth to invitesupporterstoorder supporters could be issued sum- groups at aLong Island cater- monses for obstructing traffic ing hall, but attendanceisbe- on the Garden State Parkway, ing capped at 50 people in ‘It’s a shame, but New Jersey State Police officials keeping with NewYork state’s said Monday. pandemic-related crowd limit. it’s indicative of the Col. Patrick Callahan, superin- Normally,the event would times,’ says one tendent of the State Police, said draw hundreds,Mr. Jacobs law-enforcement officials are re- said. Democratic leader. viewing video footage of Sun- TheNew York Republican day’s incident and will determine State Committeeissimilarly whether summonses are war- planning asmall election- ranted. He called the stunt “in- night gathering to be held at food forthe event from the credibly irresponsible and dan- itsofficeinAlbany, according same localgourmet market gerous.” to committeespokeswoman with aspecial discount his “There are plenty of ways for GES JessicaProud. campaign arranged. people to make their voices IMA In the past, Ms.Proud said, Mr.Koffman said avirtual heard, but when they endanger the event has been held at a gathering makes it easier for the lives of those traveling our GETTY NewYork City hotel. elderly or out-of-townsup-

highways and byways, there re- KEITH/ “Covid has upended every- porterstojoin in the festivi- ally is no excuse for it,” Col. Cal- thing normal,” Ms.Proud ties,sohethinks such events lahan said at a news conference. said, referring to Covid-19, could be welcomed even in a EPHANIE

State troopers cleared up the ST the illnesscaused by the new post-pandemic world. situation as quickly and safely Trump supporters blocked traffic on the Gov. Mario M. Cuomo Bridge and other locations on Sunday. coronavirus. “You cancreateafeeling of as possible, he said. They didn’t Party leadersand repre- togetherness,” he said. issue citations or summonses CONNECTICUT limit will revert to 50%, down MANHATTAN sentatives forcandidates said Thelack of larger, in-per- because it would have taken lon- from 75% under the Phase 3 re- the issue isn’t just safety con- son gatheringscan be ablow ger to clear the traffic jam. Governor Reinstates opening that started last month, Burned Body Found cerns.With anticipation that forhotels,cateringhalls and Caravans of Trump supporters Some Restrictions with eight people maximum at In Subway Tunnel resultsfor various races other venues,which have tra- also snarled traffic on other ma- each table. They also will have might not be completeon ditionally counted on election jor roadwaysinand around New Connecticut is reimposing to close by 9:30 p.m., but can A decomposed body was election night because of the night as being areliable York CityonSunday, including on some restrictions on businesses continue takeout and delivery found in a subway tunnel near large number of mail-in votes, source of revenue. the Gov. Mario M. Cuomo Bridge, and gatherings as coronavirus past that time. Officials said it is Wall Street, police said. thereisn’t the same pressing Then again, these estab- which connects Rockland and rates continue to increase in the part of an effort to stop bars Track workers discovered the need to gather,officials said. lishmentsare suffering finan- Westchestercounties, and the state, Gov. Ned Lamont said. from masquerading as restau- body at around 1:30 a.m. Mon- Still, candidates arecon- cially in other waysbecause Bronx-Whitestone Bridge, con- Also Monday, state judicial rants. Bars haven’t been allowed day near the Wall Street station scious of the fact they need of thepandemic. necting the NewYork Citybor- officials postponed a plan to re- to reopen in Connecticut. on the 2 and 3 line, a police to makeashowing of some Kathleen Duffy, aspokes- oughs of the Bronx and Queens. sume jury trials because of ris- Religious gatherings will con- spokesperson said. The body kind, particularly forthe me- woman for MarriottInterna- New Jersey Gov. Phil Murphy, ing virus cases. tinue to be limited to 50% of a was found between the tracks. dia. tional Inc.’shotels in New a Democrat, also condemned the Mr. Lamont, a Democrat, said building’s capacity, but the limit It was burned and badly decom- In the case of the hotly York City,said the current caravan’s actions. “What hap- the latest rules will take effect on the number of people will de- posed, and had been there for contested race in NewYork’s challengegoes far beyond pened yesterday put innocent at 12 a.m. Friday. He said neigh- crease from 200 to 100. Mr. La- some time, police said. The med- 11th Congressional District, election-night revenue. people, who were not part of it, boring Massachusetts is ex- mont encouraged people to par- ical examiner’s office will deter- which encompasses StatenIs- “It’sabout bringing busi- in harm’s way,” he said. pected to take similar steps. ticipate in virtual services. mine the cause of death. land and partsofBrooklyn, nessback to NewYork,” she —Joseph De Avila Restaurants’ indoor capacity —Associated Press —Associated Press both Democratic incumbent added. P2JW308000-2-A012B0-1------NS

A12B | Tuesday, November 3, 2020 NY ** THE WALL STREET JOURNAL.

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HEALTH & WELLNESS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, November 3, 2020 | A13

CanVitamin DHelp FightCoronavirus?

Studies under way around the world are examining if the ‘sunshine vitamin’ is useful in preventing or treating Covid-19

BY STEPHEN FIDLER grams daily. Susan Lanham-New, a with ahigh dose of calcifediol, a under way in Spain. At Domino Park in Brooklyn, N.Y., professor of human nutrition at derivativeofvitamin Dthat is Until there is proof, few doctors soaking up the sun—and Vitamin D, esearchers around the Surrey University in England, says easily absorbed through the gut. will say vitamin D shields against which also can be taken in forms globe are investigating most people will get about three Acontrol group of Covid patients Covid. But nearly half of Ameri- including gel capsules, left. whether vitamin D, micrograms a day through their didn’t getcalcifediol but other- cans suffer from vitamin-D defi- known as the sunshine vi- diet, the other natural source be- wise received the same best-avail- ciency—which intensifies in win- Rtamin, can help reduce ing summer sunlight. able therapy. ter—and would benefit from causality, ” said Roger Bouillon, people’s risk of catching Vitamin D can interfere with In Córdoba, of 50 patientswho taking supplements to help bolster emeritus professor in endocrinol- the new coronavirus and even aid the effectiveness of a handful of received calcifediol, two entered the body’s immune system. ogy at the University of Leuven in in treating patients with Covid-19. drugs, but its main “Vitamin D does support the Belgium and one of the authors of Evidencefromstudies using risks occur when immune system, I wouldn’t debate the Córdoba study. Vitamin Dtoprevent or treat levels in the blood that,” says Julian Tang, a clinical Vitamin Disaso-called prohor- Covid isn’t conclusivebut some get too high. All Findings virologist and physician at the mone that afterprocessing by the findingsare promising,authori- three authorities University of Leicester in England. liver and kidneysisconverted intoa ties say. Dozens of studies now agree on a safe up- thus far are “The debate is around how much hormone that actsindifferent ways under way arelooking intopossi- per limit of 100 promising of a role vitamin D plays in pro- on cells in the immune system. ble links between vitamin-D defi- micrograms daily, tecting you from Covid-19 or influ- Among other things, it helps avoid ciencyand coronavirus. One,pub- and that doses be- but not enza via that immune boosting.” bone disorders, such as ricketsin lished online in JAMA in yond that don’t Vitamin D deficiency is associ- children and osteoporosis. September,used data from 489 yield any extra conclusive. ated with many Covid-19 risk fac- Some foods, such as oily fish, patientsinChicago. It showedthe benefit. Taking tors. It is rife among Black, His- have vitamin D but most diets GES risk of testing positivefor the dis- very large doses panic and South Asian people who don’t contain enough to avoid defi- IMA ease was1.77times higher for over time can do harm, authorities intensivecareand none died. Of are also more susceptible to the ciencies. While sunlight synthe-

GETTY people with adeficiencycom- warn, leading to excessive blood 26 in the control group,13en- new coronavirus and suffer worse sized through the skin is the pri- S; pared with those with adequate calcium levels and damage to the teredintensivecareand two died. outcomes than whites. mary natural source of Vitamin D,

NEW levels of vitamin D. liver and kidneys. Thetwo groups were chosen at A lack of vitamin D also is it has to be ultra-violet light with G Medical and nutrition agencies Studies like the one in Chicago random, but those in the calcife- linked in many studies with a host a wavelength of between 290 and in the U.S., the European Union suggest low vitamin D levels are diol-treated group were on aver- of conditions such as hypertension 310 nanometers. Light of that OOMBER and the U.K. have recommended associated with a greater risk of ageslightly healthier—although and diabetes that increase people’s wavelength doesn’t penetrate the BL

T/ that adults supplement diets with catching Covid but they don’t also older. chances of catching Covid-19 and, atmosphere in northern latitudes VEL vitamin D, particularly in winter. demonstrate that it is the cause of Because it is so small, the if they get it, of suffering more se- in winter. TER The U.S. and EU have suggested that greater risk. study isn’t conclusive. But it has rious symptoms and death. As a rule of thumb, Prof. Lan-

WES 15 micrograms daily are needed to Apilot study at ahospital in encouraged effortstoseek ade- “I could make a list of 50 dis- ham-New says, “Your shadow has optimize health. The U.K. recom- Córdoba, Spain, goes further,sug- finitiveanswerusing large ran- eases: If you are D deficient, then to be shorter than your height to NINA

P: mends 10 micrograms to avoid a gesting the nutrient mayhelp domized controlled trials,the in- you have a higher risk of all these make vitamin D.” Sunbathing on a TO deficiency. The U.S. recommends treat Covid. There, patientshospi- dustrygold standard. Two, each diseases but that’s an association bright December day in New York OM

FR that people over 70 have 20 micro- talized with Covid were treated involving up to 1,000 patients, are and doesn’t prove anything about City’s Central Park won’t cut it.

which is why Save the Children’s The Riseof Five Resources effort is a three-month test pilot. For Direct Donors “We knew there would be skepti- DirectCash cism,” says Betsy Zorio, vice presi- GiveDirectly: Gives cash assis- dent of U.S. programs and advo- Donations tance directly to people living cacy. “There’s an immediate in poverty and to Americans reaction that people will use the To Families affected by the pandemic. money for alcohol, tobacco or #GiveTogetherNow: A rapid- drugs.” So far, she says, that response effort to get cash as- hasn’t been the case. BY BETSY MORRIS sistance into the hands of Areview of 19 studies by the families most affected by the World Bank in 2014backs her up. osette Denis got an unusual pandemic. Thereview found that when peo- kind of Covid relief last spring: ple living in poverty receivecash J Family Independence Initia- $1,000 deposited directly into aid,they spend significantly less her Venmo account just as her tive: Uses predictive technol- on alcohol, tobacco and tempta- family was about to fall off a cliff. ogy to, among other things, tion goods. Thefamily’s income froze in distribute cash transfers to Mr. Faye is more concerned April aftershe and her partner, families. about fraud than abuse. The non- John Mack, an exterminator in New The 1K Project: Directly profit uses fingerprints to ensure York City,werehospitalized with matches a family affected by the identity of recipients and pre- Covid. As she laysick in bed, they the pandemic with a family vent double-dipping in Africa. It fell behind on rent, carinsurance, committed to giving them keeps tabs on field officers there her electric bill. She wasdowntoa $1,000 for three months. by tracking their phones. Employ- gallon of milk and cold cutsinher Juvelyn Godizano,above,with her ees make confirmation calls to re- refrigerator forher four young son, Jucyrus,and Josette Denis,near PowerOf: A source of vetted cipients. “Fraud is part of doing daughtersstill at home. rightinpurple,with her family. funds that provide direct sup- business,” he says. Anybody who The money arrived with so little port to communities and indi- tells you otherwise “is closing fanfare that she thought it was a viduals hurt by the pandemic. their eyes or not measuring well.” scam. In fact, it was a just-in-time say that digital cash transfer [giv- Mr. Faye believes that to solve delivery from GiveDirectly.org, a ing] was on the fringe,” says Victo- poverty, it’s critical to know what’s nonprofit that sends mobile money ria Vrana, a deputy director on the forward to something greater,” she working. GiveDirectly collaborates straight to those in need. The gift philanthropic partnerships team says. “I’m so grateful.” with leading researchers and aca- stabilized the family until Mr. for the Bill and Melinda Gates The Covid-relief effort, called demics to test and measure every- Mack could go back to work. “I Foundation. “It has really come to Project 100+, has been buoyed by a thing, including the impact of cash dropped to my knees and prayed,” the forefront.” She is head of the who’s who of Silicon Valley, includ- assistance on cortisol levels and she says. “It gave us back that foundation’s initiative that re- ing personal contributions from how it compares with a workforce- sense of control.” searches and explores ways to in- Twitter CEO Jack Dorsey and Sun- training program in Rwanda. Direct giving—by individual do- crease giving by individual donors. dar Pichai, CEO of Google’s parent, Mr. Faye and another co- nors to struggling households, lo- Long lines at food banks have Propel, maker of a smartphone Alphabet. founder, Paul Niehaus, first asked cal restaurants, essential workers, shown why “more people would app, Fresh EBT. The app enables Other charities have also Google for $200,000 in 2012 to complete strangers—has exploded want the freedom of cash than to low-income families to manage fi- jumped in. GiveTogetherNow.org, help GiveDirectly open an office in during the pandemic. Crowdfund- be given powdered milk in a box nances and balances in the federal was formed by two organizations Uganda. At that point, Jacquelline ing at sites like GoFundMe has somebody else chose for them,” Supplemental Nutrition Assistance for the purpose of distributing Fuller, a Google vice president and surged. So has fundraising by giv- says Michael Faye, co-founder and Program. After a screening survey, cash assistance. president of the company’s philan- ing circles: groups of friends and president of GiveDirectly. participants elect to sign up for Save the Children, which for thropic arm, told Mr. Faye: “Dude. ON

GR neighbors who pool money for GiveDirectly has morethan qua- the cash assistance. years has sent cash to families in Ask for more. You need to think

NE specific causes. drupled the funds it has raised this Juvelyn Godizano was months the midst of crises overseas, has bigger.” She thought his idea could IS

AV But one of the biggest surprises year to $215 million, with 64% of away from getting her GED when begun testing the concept in the help billions. Another factor in her

TR in pandemic generosity is the in- that money coming from individu- the pandemic closed day care and U.S. by sending prepaid Visa cards enthusiasm: “They’re very evi- S; crease in direct digital cash grants als.For most of the past decade, forced the single mother of a 2- to 750 American families already dence-based. We don’t get enough

PILLA to families or households in need. the nonprofit has focused on Africa. year-old into food lines in San enrolled in its programs in rural of that in the philanthropic sec- E

OS Increasingly, donors are making This year,italso spearheaded a Francisco. She struggled to finish Kentucky and rural California. It tor,” she says. She is now on Mr. that choice instead of giving food $100 million-plus push to getcash classes on a smartphone, but one opted for cash because in-kind aid Faye’s board of directors. EMIR

P: or clothing, or sending money to to Covid victims in the U.S. quiz would take three hours. The like food vouchers can be limiting. Google.org has since contributed TO traditional nonprofits. It worked with two other organ- GiveDirectly cash enabled her to Cash is easier to abuse than over $14 million in funding and en- OM

FR “Until the pandemic, I would izations, Stand for Children and buy a laptop. “It helped me to look food stamps or clothing donations, gineering support to GiveDirectly. P2JW308000-0-A01400-1------XA

A14 | Tuesday, November 3, 2020 THE WALL STREET JOURNAL. PERSONAL JOURNAL. | HEALTH & WELLNESS

ANATOMY OF AWORKOUT | JEN MURPHY CoreWorkThat Keeps an NFL Team Running

The Jacksonville Jaguars use an exercise called the bird dog for balance and stability

IT’S HARD NOT TO marvel when your core is weak,you compen- youwatch ChrisConley, awide satebyrecruiting other muscles, receiver on the Jacksonville Jag- which canlead to lowback pain uars, extend his arms to makea and injury. Astable core is just as tough catch and keep sprinting important as astrong core,says down the field. His secret? Ac- Mrs. Ettel, 25,and in her third cording to Cassie Ettel, the team’s season with the Jaguars. “Injuries associateathletic trainer,it’sa typically occur when rangeofmo- strong,stable core. tion and strength arenot equal,” “The core plays avital role in she says.“This canoccur when a the body’s mechanics and athletic defensivelineman tries to makea performance,” she says.“It’sthe tackle or when anormal person link between the upper and lower lifts abag of groceries intotheir body and forms the foundational car.” Astable core also leads to support forall movementsofthe an increase in balance, strength limbs.Trying to generate and power. powerfromaweak core is like Bird dog is a foundational trying to build ahouse on afoun- exercise and preseason staple that dation of sand.” trains core stabilization, Mrs. Thecorereferstomorethan Ettel says. just six-pack abs.Italso includes the muscles along your spine,pel- For the full core workout Mrs. Ettel vis and sides of the torso. When recommends, please visit WSJ.com. Cassie Ettel is an associate athletic trainer with the Jacksonville Jaguars. She demonstrates the exercise, below. (4) JOURNAL REET ST

LL The Exercise: Bird Dog field when players need to extend opposing limbs as they Try to maintain a flat back and level hips. Think about

WA reach to make a catch. In addition to targeting the abdominal someone pulling your extended arm and leg to find length

THE Why: Ideal for people with desk jobs, this drill helps open muscles, you’re also working the low back and glutes. in the body. Return to start and switch sides. Perform 10 R

FO up the hip flexors and improve posture, both of which help reps per side. to reduce lower-back pain, Mrs. Ettel says. This exercise How: Start on your hands and knees with a flat back. Slowly staple trains players to stabilize their core while simultane- extend your right arm straight out in front of you, in line with Options: Add two pulses of your arm and leg at the top or LLHEISER ously moving the arms and legs. This translates on the your head, and your left leg behind you in line with your hip. challenge your balance by raising the same arm and leg. WA MARK

your blood...If youhave a Fitbit or another device, youwill visibly seeyour heartratestart going down within aminute or so.”  Restorative Inversion Purpose: Encourage circu- lation and restore energy mat on the floor lengthwise, so that Time: 3-5 minutes when you lie back, it is supporting Equipment: your head, neck and upper spine. Chair, bench or couch; blanket or Your lower back should be free and cushion; optional resistance band or your pelvis on the ground. Rest your strap for the thighs arms out to the side and let gravity pull your shoulders downward. Lie on the floor with your feet up, “Your shoulders don’t need to touch resting your calves on a chair, bench the ground, but you do need to be or sofa, and your knees bent at 90- relaxed,” Ms. Cruikshank says. “If it degrees. Rest your arms out at your feels too high, make the towel-roll sides or on your belly. If you have thinner.” lower back pain, place a pillow un- Count to four as you breathe into der your pelvis. your belly, and exhale to the count By elevating the legs above the of six. heart, this position uses gravity to encourage blood flow but at less  Plank Jacks risk of injury than more challenging Purpose: Raise heart rate for a car- inverted poses like headstands. dio stress release “Close your eyes, feel your body Time: 5 minutes drop into the floor, releasing all ten- Equipment: None sion in your back and letting the ground support you,” Ms. Cruik- Start in a push-up position, hands shank says. shoulder-width apart, don’t lock your elbows. With your legs ex- FiveWaystoSoothe Election DayStress tended, jump your feet out to the sides then back together, like a How to relax with some cardio, yoga, stretching and deep breathing jumping jack move. Do for 60 sec- onds, rest for about 30 seconds. Do three reps. If wrist pain is an issue, BY HILARY POTKEWITZ stress-relieving exercises to help  Diaphragmatic Breathing lean on your forearms instead. you make it through Election Day. Purpose: Counteract the body’s “This getsyour whole body en- mericans are feeling more stress response  Upper Back Release gagedand fires up your heartrate,” Aanxious about this election—  Child’s Pose Time: 2-5 minutes Purpose: Release tension in shoul- says Kristin McGee, who recently more than two-thirds of peo- Purpose: To relax and focus inward Equipment: None ders and chest helpedlaunch Peloton’syoga pro- ple across the political aisle say the Time: 2-3 minutes Time: 2-3 minutes gram. “It’s also agreat way to keep election is a significant source of Equipment: A blanket or yoga mat; To help regulate your physical Equipment: A rolled up bath towel your mind focusedonthe move- stress, according to the American a dish towel or hand towel; pillow stress response throughout the day, or yoga mat (or pool noodle) mentand notlet your brain wan- Psychological Association. optional wellness and mindfulness author der to things youcan’t control, like

(3) All that sitting and staring into Deepak Chopra recommends taking Position a rolled-up towel or yoga the election.”

GES laptops or smartphones isn’t help- Kneel on a blanket or yoga mat and frequent breaks from all things po-

IMA ing our stressed-out state, says Tif- gently sit back litical—say, every hour fany Cruikshank, founder of Yoga onto your heels. or two—for a short

GETTY Medicine. She spent seven years at If your hips are breathing and mindful-

(2); Nike headquarters helping execu- tight, place a pil- ness session. tives and professional athletes man- low on your Find a quiet place, APHY

GR age stress through acupuncture and calves for a preferably in a room

TO yoga. “It’s much harder to take a full higher seat. Fold without a screen, and

PHO breath when you’re bent over a your torso for- settle into a comfort- E desk or a screen,” she says. ward. Position a able position, seated AM

FR Slouching compresses the dia- rolled-up dish or lying down. Breath-

UID phragm, leading to shallower towel as a head- ing through your nose, FL : breaths, she says. Shallow breath- rest, hitting at inhale to the count of ing, in turn, can cause tension in the the brow line. “As an acupuncturist, four, pause for a count of two, and RIGHT

P shoulders, chest and back muscles. that’s the place we’d put the first exhale to a count of six. TO “It’s part of the reason back pain of- needle to ease anxiety,” Ms. Cruik- “This is the simplestway to get OM

FR ten goes along with stress,” she shank says. Resting the forehead on immediate relief,” Mr.Choprasays. says. the towel-roll puts pressure on the “Nasal breathing has huge advan- WISE What can you do about it? We same spot, she says. Close your tages.Itcan decreaseyour breath OCK

CL talked to a few experts about eyes and relax into each exhale. rate and increaseoxygenation in P2JW308000-0-A01500-1------XA

THE WALL STREET JOURNAL. Tuesday, November 3, 2020 | A15 ARTS IN REVIEW

MUSIC REVIEW Bold and TimelyBlues

Shemekia Copeland’s album joins calls for justice with hope for peace

BY BARRY MAZOR one of 2018’sstrongest albums in track, “Clotilda’sonFire,“asshe that boundary-busting field, the relates the storyofthe last slave hemekiaCopeland was Nashville-produced “America’s ship to arriveonthese shores,in performing in 1989,at Child” (Alligator Records). That 1859.(Itssunken hulk wasfound in age10, and by her teens collection’stone wasset by its Mobile Bayin2019.) “We’restill wasopening forher fa- sharp,pounding opening number, livin’,” she reminds us,and then Sther,Texas blues star “Ain’t Got Time forHate.” adds,after atelling pause,“with JohnnyCopeland; she re- Oct. 23 marked the release of her ghost.” Thesinger’s determi- leased the firstofher 10 consis- her Covid-delayedfollow-up al- nation and the album’sstep-by- tently lauded and awarded albums bum, “Uncivil War” (Alligator), step march toward some encourag- in 1998.Her commanding,R&B-in- which like“America’sChild” fea- ing resolution aremarked by the flected voiceand consummate turesanumber of songswrittento very next track,“Walk Until I song readingshavetaken her to order and mood forMs. Copeland Ride,” which is in the uplifting the topofthe contemporaryblues by her manager,John Hahn, and mode of 1960s civil-rightsmove- field, and in 2011 the album’spro- ment soul anthems,and the folk- she wasliterally ducer,the in-de- rock-influenced title track that fol- handed the crown mand singer- lows that. “Howlong must we Koko Taylor had songwriter and fight this uncivil war,” she asks, held as “Queen of guitar aceWill “the same old wounds that we the Blues” at the Kimbrough. It’sa opened before?... Nobody wins…an ChicagoBlues testament to the uncivil war.”

Festival. regard in which While these newnumbersare S Ms.Copeland’s musicians hold forceful, it’sthe recording’scover RD CO

ferocious vocal her,and the songsthat especially reveal the al- RE R

powerisnoted breadth of bum’sbroad intentions.“GiveGod TO GA

and praised so of- sounds incorpo- the Blues,” atrenchant work fea- LI

tenthat it’spossi- ratedinthe mu- turing an irresistible bassline,ob- AL E/

ble to missthe sic,that the serves that “God don’t hatethe IT

sweet-tempered, flabbergasting Muslims; God don’t hatethe Jews, WH KE

kindhearted na- array of rock, God don’t hatethe Christians—but MI turethat lies not soul, country we all giveGod the blues.” Its Shemekia Copeland, above; her new album is ‘Uncivil War’ far from that surface—a trait she and blues guitaristsonthe set in- three songwriters—Shawn Mullins, shares with soul queen Mavis Sta- cludes—in addition to Mr.Kim- Phil Madeiraand Chuck Cannon— ples.Her firm but affable tempera- brough—Jason Isbell, SteveCrop- have all recorded it previously; the the opening track.) And forsome Most telling of all is the album ment has helped makeMs. Cope- per,Duane Eddy,JerryDouglas, Shemekia Copeland take is at once gender-bending table turning, closer,averysweet, exuberant land an adept ambassador for Christone “Kingfish” Ingram and cheeky, blues-inflected and espe- we’reprovided atriumphant, soul- take on “LoveSong,” an original blues and R&B—most recently as Webb Wilder. cially pointed. fulversion of the Rolling Stones’ by Ms.Copeland’sfather.Itat the charming host of this year’s That Ms.Copeland continues to Powerinpersonal relationships “Under My Thumb.” That song has onceexpresses lovefor him, for virtual Blues Music Awards and of be both unyielding in her calls for is dealt with just as boldly.Her oftenbeen singled out as apartic- the blues,and forgetting together her ownweekly SiriusXM radio justice—personal and social—and slow, deliberatetakeonJunior ularly outrageous demonstration with friends to sing.Itprovides an show, “B.B.King’sBluesville.” Cou- hopeful about the possibilities for Parker’s 1961 R&B hit “In the Dark” of sexism; the Copeland version re- upbeat, touching resolution to the pled with her musical flexibility reconciliation seems positively letsthe cheating,drinking culprit minds us that it’sperfectly possi- consequential ride that this power- and ambition, that disposition also gutsyinthis time of division and, know, in no uncertain terms,that ble forawoman to sing this “now fulset takesuson. contributed to her reaching out as the title song putsit, frequent he’ll faceareckoning sooner or I’m in charge” song to aman—and from the blues world to the “uncivility.” Theferocious side is later.(Mr.Cropper’s guitar sears that it exemplifies amood, not Mr. Mazor reviews country and broader Americana audience, with heard, forexample,inthe opening on this one,asMr. Isbell’sdoes on necessarily alifephilosophy. roots music for the Journal.

TELEVISION REVIEW |JOHN ANDERSON RMS Titanic in 1912

An UnansweredSOS not the gala event that’sof- tendepicted—the Olympic, “ABANDONING THE TITANIC” ganceoftechnology—something asister WhiteStarship and isn’t the first time that the long- that can’t help but be refreshed acomparable marvel, had running series “Secrets of the from generation to generation. gotten all the attention Dead” has dealt with maritime his- But “Abandoning the Titanic” when it set sail in 1911. The tory’s most famous disaster, and it isn’t only about rehashing the al- Titanic wasn’t full, because probably won’t be the last. The leged inadequacies of Capt. Ed- acoal strikehad disrupted “unsinkable” ship might have gone ward Smith, or the errors of judg- shipping and travel plans to a watery grave in 1912. But its ment made up and down the line, almost up to departure boatload of questions has never or any of the what-ifs that have al- time.About 50 people had stopped bobbing to the surface. ways been part of the Titanic tale. bought ticketsand not While still afloat, the RMS Ti- It’s about the “mystery ship” that sailed. Theship wasAmeri- tanic,the pride of the WhiteStar failed to respond to the Titanic’s can-owned despiteflying a line,represented the stateofthe SOS, despite the Marconi operator Britishflag.What’sperhaps art in sea travel and shipbuilding. sending “frantic pulses of Morse most fascinating about Famously—and disastrously—there Code into the unseeing night,” as ject. Still, the music throbs,Mr. ship—is actually answered. And “Abandoning the Titanic,” though, weren’t enough lifeboatsonboard narrator Jay O. Sanders puts it so Sanderstakes amore-than-judg- the name of Stanley Lord—captain arethe interviews with anumber during her maiden voyagefrom dramatically. The other ship was mental tone,and no one under- of another relatively nearby ship, of descendantsofTitanic survivors. Southampton, England, to New only a few miles away. And that’s states the miscalculations and/or the Californian, and the scapegoat Their recollections maybesecond- York because,ofcourse,they where it stayed. missteps of the Titanic crew.Most of the earliest Titanic inquiries—is hand, but they provide areal con- wouldn’t be needed. Theiceberg Theapproach of “Abandoning of the umbrage, however, is re- cleared. nection to astory as big as myth. disproved that theory, and oncethe the Titanic” seems abit over- served forthe ship in the distance. Predictably enough, “Abandon- RT

ship went down it became asymbol wrought forPBS,though it’stame To this viewer’ssurprise,the ing the Titanic” is out to debunk Secrets of the Dead: Abandoning UA not just of classstruggle,privilege compared with howDiscoveryor question at the heart of the the debunkable wherever it can. the Titanic ST O. G.

and incompetencebut the arro- Historywould treat the same sub- show—i.e.,the identity of that Thesendoff from Southampton was Wednesday, 10 p.m., PBS. F.

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A16 | Tuesday, November 3, 2020 THE WALL STREET JOURNAL. SPORTS Baseball Preps for aLong Winter

Ownership and the players’ union need to figure out how to play in 2021 amid a frigid employment market

BY JARED DIAMOND maining class are all 30 or older, highlighted by J.T. Realmuto, t took less than 24 hours af- Trevor Bauer, George Springer, ter the conclusion of the Marcus Semien, Marcell Ozuna and World Series for a top front- D.J. LeMahieu. office executive to send a re- More concerning is an ava- I lanche of middle-tier free agents sounding message about what baseball players should ex- all becoming available at once as pect this offseason. clubs slash costs, resulting in a lot “Revenues are going down,” of supply and a lot less demand. said John Mozeliak, the St. Louis The purge has already begun, with Cardinals’ president of baseball teams declining the options of sev- operations. “So it will be most eral quality players at rates that likely [that] payroll will go down.” probably would have been picked Mozeliak’s comments last week up under normal circumstances. were the clearest sign yet of what These include Charlie Morton, people across the industry have Adam Eaton and Kolten Wong, suspected ever since the coronavi- among others. rus threw the league’s financial It has stoked fears of a limited landscape into a state of unprece- market for veteran free agents, fol- dented turmoil. Owners are earn- lowing what the union sees as a ing less money, and they will at- disturbing new reality. tempt to pass those losses onto “What we’ve seen the last five their highest-paid employees—also to six years is dramatically differ- known as the batters and pitchers ent than what we saw for 50 years on the field. before,” Clark said. “We have to This anticipated period of wide- assume that this is not a trend, spread retrenchment comes at a but the norm.” critical moment for the sport’s To change that in the next CBA, fragile labor relations, which have Clark is focused on several priori- deteriorated in recent years to ties. Chief among them is the issue their lowest point since the strike of competitive integrity and devis- of 1994. ing ways to ensure that teams at- Ownership and the players’ tempt to field a successful roster union need to figure out how to each year, rather than tank in a proceed with a second pandemic bid to rebuild. This could involve season in 2021, replaying a negoti- Major League Baseball sustained about $3 billion in operating losses while staging a shortened season in 2020. rewarding low-revenue franchises ation that sparked a bitter dispute that win with better access to tal- this past summer. They must navi- The Los Angeles Dodgers gave su- business and baseball depart- ers’ expectation is to have a full ent, either in the draft or with ad- gate what is shaping up to be a de- perstar outfielder Mookie Betts a ments. Nobody knows how long 162-game season, even if contin- ditional resources through revenue pressed employment market in contract extension worth $365 mil- it’ll be before state governments ued virus protocols are required. sharing. light of massive economic uncer- lion in July, during the heart of allow for packed stadiums again or Owners might see things differ- Similarly important, the union tainty, which will further stoke the the first wave of the pandemic. In when fans will feel comfortable ently if restrictions on large gath- hopes to ensure that younger play- animosity and mistrust that exists September, MLB reached a new buying tickets in droves. Given erings are still in place. They could ers are compensated relative to between the two sides. And they media rights deal with Turner those unknowns, the union is ask to play fewer games, poten- their performance. Currently, play- have to do all this against the Sports for $3.75 billion. Billionaire readying for another fight about tially prompting another negotia- ers make close to the league mini- backdrop of a collective bargaining hedge-fund manager Steven A. Co- what next season might look like. tion. mum for the first three of years of agreement that expires in 13 hen just completed his purchase of “There are going to be chal- What the union won’t entertain their careers and don’t become months, with the threat of a work the New York Mets for around lenges against the backdrop of the is another discussion about pay free agents until after six. That’s stoppage looming. $2.4 billion. unknown,” Clark said. “What I am cuts, something management ini- how New York Mets first baseman “We still believe it’s factually These are not moves that indi- 100% certain of is that fans have tially sought this year before ulti- Pete Alonso was renewed for just accurate to suggest that teams cate the game is in any sort of zero interest in hearing about mately consenting to full prorated over $650,000 this season despite that are committed to winning long-term trouble. those disagreements.” salaries after ferocious pushback hitting a rookie-record 53 home have an interest in players that But commissioner Rob Manfred Clark was alluding to the from players. runs in 2019. can help them do that,” Tony has spent the past month trying to union’s fierce negotiation with the “Amid a very difficult 2020 year In light of the financial question Clark, the executive director of the lay the groundwork for a winter of league over how to resume play for everyone, the best way to have marks created by the pandemic, Major League Baseball Players As- austerity. earlier this year after spring train- the most efficient and effective MLB could look to delay CBA nego- sociation, said in a recent inter- He told The Wall Street Journal ing shut down in March. conversation moving forward is tiations by proposing a short ex- view in Arlington, Texas, the site in September that MLB sustained Those discussions spilled into going to be transparency across tension rather than engage in full- of the World Series. about $3 billion in operating public view, resulting in hostile the board,” Clark said. blown talks. At this point, there’s “While acknowledging that losses while staging a shortened rhetoric that seemed to intensify Before the season starts again, no indication that the players 2020 was a challenging year, com- season in empty stadiums. In-per- by the day. The sides never arrived there is the issue of free agency. would be amenable to such an ar- mitments to players that can help son attendance, including ticket at an agreement, with Manfred in- Though last winter saw a spending rangement. you win games have less to do sales, parking fees and conces- stead exercising his right to im- bonanza—Stephen Strasburg, Ger- “Nothing has fundamentally with this year and more to do with sions, account for roughly 40% of pose a 60-game schedule on the rit Cole and Anthony Rendon changed as to what our concerns a healthy industry and how the in- the league’s revenues. (MLB did players. (The MLBPA is expected signed contracts worth a combined are based on what we’re seeing terests of teams are positioned have a small number of fans in the to file a grievance this winter al- $814 million—this year’s group happening in the industry,” Clark

moving forward,” Clark said. ballpark for the final rounds of the leging that MLB didn’t make a lacks that sort of high-end talent. said. “That commitment to win- /REUTERS AJ

Baseball’s prognosis for the fu- postseason.) good-faith effort to play as many Betts removed himself from the ning we believe is going to mani- IR ture still appears healthy, in spite Owners have laid off hundreds games as possible.) pool by committing to the Dodg- fest itself in an industry that bene- JA

of all the virus-induced upheaval. of employees throughout their Next year, Clark said, the play- ers. The best players in the re- fits teams, players and fans.” KEVIN

JASONGAY The Championship of Crescent Drive

Let’sgoback to late older guyacrossthe street with the for this, she thinks. March. Morristown, N.J. black Corvette. Turns out Will and Patrick are Early days of the pan- “It looks likethe Batman car,” up forthe math. They’reupfor all demic.Lockdown, quar- says Patrick. of it. They’recompetitiveathletes, antine,whatever you One morning,Ken looks out the and they loveVirus Ball. They start want to call it. Everyone’sma- windowatthe two garbagebarrels to understand negativenumbers, rooned at home,including Ken in front of his house and the Bryan too. Tuesdaybecomes their favorite Thompson, a60-year-old lawyer house.Tuesdayisgarbageday on dayofthe week. who lives on astreet called Cres- Crescent Drive. Everyone rolls out “It gavemesome time away cent Drive, in ahouse he and his two barrels forpickup—a gray one from my parents,” Will tells me wife, Karen, aschoolteacher, fortrash, ablue one forrecyclables. matter-of-factly.“Ididn’t have bought 33 yearsago, and raised a Kenhas an idea foragame. hockey.” family. Maybe the boys acrossthe street Will and Patrick’sparents, Bill Crescent Drivesounds likeanice would liketoplay. and Laurie Bryan, aredoing their placetolive. Neighborsknoweach He calls it “Virus Ball.” ownwork-from-home juggling act. other by name.Kids playstreet VirusBall is asimple sport. Basi- Bill is in insurance, and Laurie does hockey,soccer, basketball and all cally,it’saseries of soccer-style talent recruiting.They’realso run- that stuff.BeforeCovid-19 arrived, penalty kicks,kicked from across ning avirtual schoolhouse,likepar- when the weekend hit, somebody the street, with the trash cans serv- entsall over the country. on Crescent Drivewould plant a VirusBall “was basically our “beer flag” in their front lawn, and only other interaction,” says Laurie. it wasasignal forall the adultsto It is a game born of “It wasareally good distraction for

come over forabeer. all of us.” ON It’sthat kind of place. anxious times. Only feet Thegame becomes averygood But in March, lifeisprettyside- thing.Amid asurreal stretch, when are involved, and it’s THOMPS ways, even on Crescent Drive. Ken people arelocked down, nervous, REN

Thompson is stuck working at socially distant. craving normalcy—contact with KA home,and he keeps looking out the friends and neighbors, and atrace Will Bryan and Patrick Bryan, front, beat Ken Thompson for the trophy. windowatthese two blond-haired of former lives—VirusBall is a kids acrossthe street. Their names blissfully normal event. Ball” T-shirtsfor himself and the tual—and they’replaying hockey. areWill and Patrick Bryan. Will is ing as goal posts. Kenkicks the ball Theseason goes on formonths. boys.Then he makes atrophy, be- As forthe VirusBall World 8, Patrick is 6, and they’respending from his side of the street, and Will EveryTuesday, rain or shine,Ken, cause he thinks “Virus Ball” should Championship trophy, it sitsnextto the early weeks of the pandemic and Patrick take turns kicking the Will and Patrick wander out and have aproper championship,with the goldfish tank in the Bryan playing sportsnonstop in their ball from their side of the street. playamatch. proper hardware. home. front yard—that is,when they’re It is agame born of anxious “Honestly,Ithought it would Achampionship match is set for “Everybody’s having conversa- not stuck inside attending virtual times.Only feet areinvolved in Vi- just be acouple of weeks,” says Bill lateOctober. tions about hownothing good hap- school in the dining room. rusBall, and it’ssocially distant. Bryan. The“VirusBall” title game is a pened in 2020,” Kensays.“This Kendoesn’t knowthe Bryanboys Remember what it waslikeinthe Neighborsare mystified. ”I doozy.By“doozy,” Imean it’sa wasalittle whimsical. Ithought, very well. He knows their dad, Bill early days of this pandemic.People would see the trash cans getlined completeblowout. Will and Patrick ‘It’ll createsome memories fora Bryan, whom he watched grow up arepanicked about catching it from up,and foracouple of weeks,I overcome ashakystart to pepper Covid scrapbook that arenot un- in that exact home acrossthe almost everything they do. didn’t really knowwhat wasgoing Kenwith astring of Pythagorean pleasant.’ ” street. Ken’sown kids areadults, Meanwhile,Ken, who’s abit of on,” says Frank Monfalcone,who Points, and they win in ablowout. On Saturday, Halloween day, Ken out of the house.Ken has gotthis math nerd, can’t help but imple- lives next door to the Bryans. Thefinal scoreis25-8. goes forajog around the neighbor- big job,asageneral counsel at a ment an arithmetic angle: players When summer rolls around, Ken When the match is over,Ken hood, and when he gets back to big company, and he’snot as will getpositivepointsfor goals, and Karenhead down to their sum- goes intohis house and emerges Crescent Drive, he sees 6-year-old pluggedintoneighborhood action negativepointsifthey miss. He mer placeonthe Jersey Shore. This with the trophy. Patrick out front of his house,in as he used to be.Hejokes that he’s even institutes agimmick called should be the end of VirusBall. But It’sthe firsttrophyWill and Pat- his hockey uniform. turning intothe curmudgeon of “Pythagorean Points,” in which they then Kenstartsdriving back from rick have ever earned. “Do youknowwhat I’m dressed Crescent Drive. gettwo pointsifthey scorefroma the shoretoCrescent Drive—an Today, lifegoes on at Crescent up as?” Kenasks. “I’vetried to cultivateanimage specially designated spot in the hour’s drive, each way—just to get Drive, as does the lingering pan- Patrick looks him up and down, as the grumpy old guywho yells at grass. (They canalso lose two the weekly contest in. demic.Ken is still working from but says nothing. kids to getoff of his lawn,” he says. pointsifthey miss.) “My wifethought Iwas insane,” home,though he’sstarting to visit “I’m dressed up as the 2021 Vi- “Although Idon’t actually do that.” Karenisn’t sureabout her hus- Kensays. the officealittle bit. Will and Pat- rusBall Champion,” Kensays. Will and Patrick don’t knowKen band’smath mission. “I wasproud,” Karensays. rick areback in school—this week, Patrick doesn’t flinch. well, either.Tothem, he’sjust the These kids aren’t going to be up Kenisall-in. He makes “Virus Will’sinclass, Patrick’sgone vir- “In your dreams.” P2JW308000-2-A01700-1------XA

THE WALL STREET JOURNAL. ** Tuesday, November 3, 2020 | A17 OPINION What Pollsters Miss About Trump BOOKSHELF | By Michael Barone

MattTowery “How manyyoung people the rallies will prove particu- Snapshots thought he’d do youknowwho will answer larly helpful in getting people retired from acall from an unknown num- out in the ruralareas where the polling ber on their cellphones and the president needs everylast business. But happily spendthe next 20 vote. Of the Electorate this election minutes answering ques- “Many people are passion- MAIN year has him tions?” he asks. ateabout voting against STREET feeling alittle Firms such as InsiderAd- Trump,” Mr.Towery says. Lost in a Gallup likeMichael vantage may be better at re- “But the crowdsTrump is By William Corleone.Just sponding to this challenge, be- drawing says thereare people By W. Joseph Campbell McGurn when he cause they use amix of who will walk over hot coals (California, 318 pages, $29.95)

thought he techniques to get answers to S to vote for Trump.”

was out, he says, they pulled their polls.Hecalls these PRES Even those who detest the riping about polling goes back along time,evento him back in. firms “cowboypollsters,” and president must concede his the days beforeGeorge Gallup published the first UMA

/Z G Mr.Towery,apracticing at- says that unlikethose who pace has been incredible.In random-sample opinion poll in October 1935—as many torney living in Florida, is a work forthe networks and big the last three days beforethe yearsaway from us in 2020 as that firstpoll wasfromthe ONIS former columnist with Cre- pressoutlets, these aregener- election, Mr.Trump scheduled Compromise of 1850.And truth to tell, it doesn’t seem atorsSyndicateand founder ally independent operators KLEP 14 rallies.Previous Republican intuitively obvious that the responses of arandomly chosen

andchairman of InsiderAd- basedoutside NewYork and CHRIS presidential candidates who group of 800 people should come reasonably close,in19 vantage, apolitical news site. Washington. He says the At- would lose their races— cases out of 20,tothose you’dget if youcould interview If people areeager to hear his lanta-based Trafalgar Group, Towery says the Midwest will George H.W. Bush,Bob Dole, everyone in anation of 209million adults. Even sharp math take on this election, it’sbe- which also gotitright in be areal battle forthe presi- John McCain—looked re- studentsdon’t always knowmuch about statistics and cause in 2016 Mr.Towery was 2016, is another example of a dent to hold. But thereare signed to the inevitable as probability.Sothe griping goes on. cowboy pollster. other trends he thinks the ma- they headed intoElection Day. Some of it reflectsamisunderstanding of what polling is. In the final days of Mr. jor polls maybemissing. Whatever else youcan say It’snot prediction: Polls areasnapshot takenatapoint in A self-described Trump’s2016 run, Mr.Tow- Start with the black vote. about him, Donald Trump is time,not amovie previewofwhat you’ll see later.That erywrote amemo outlining Though he knows Republicans leaving it all on the field. fundamental point is oftenlost or at least misplaced by ‘cowboy’ thinks the whyhethought the polling have foryearsbeen predicting On SundayJohn Fetterman, W.Joseph Campbell in “Lost in aGallup: Polling Failurein president will defy wasoff,ranging from over- aswing in the black vote only Pennsylvania’slieutenant gov- U.S. Presidential Elections,” an otherwise fast-moving narra- weighting forDemocratic vot- to be disappointed when it ernor, told CNN that “Donald tivehistoryofsome attemptstogaugepublic opinion amid expectations and win. erstounderweighting for doesn’t come in, he says 14% Trump is doing thingsthat electoral politics.“Election polls arenot always accurate male and whitevoters. Sean or 15% forMr. Trump isn’t im- have never been done in prophecies,” Mr.Campbell writes early on. He notes that Hannity read it on the air in possible this year,which Pennsylvania politics in terms “polling failures tend to producebroadly similar effects— among the very few pollsters one of his last radio shows would be up from 8% in 2016. of the rawbarnstorming” surprise,anger,bewilderment and frustration at their failing who called it forDonald beforethe election. Most He’s also now seeing a move- across small counties.Mr. to provide the American Trump.Onthis election eve, polls,the memo said, “were ment toward Mr.Trump from Fetterman earlier tweeted a public with accurateclues with most polls and models beingweighted based on a young voters who aretired of Reuters photoofahuge about the most consequential againpredicting all but cer- conventional turnout in a being locked up at home be- Trump rally the daybeforein of all U.S. elections.” Surprise, tain defeat forMr. Trump,I very unconventional year and cause of Covid-19 and see Mr. Butler,Pa., and appended a anger,bewilderment, frustra- ask Mr.Towery if he’sstill thereisa‘Trump vote’that Biden as the candidateof warning to his fellowDemo- tion: This sounds likethe confident the president will most pollstersjust arenot shutdowns.The momentum, crats: “The President is popu- response to the result of the pull out another victory. able to capture.” Mr.Towery says,has clearly lar in PA.Idon’t care what 2016 election in the city “I am,” he answers,“and Itsconclusion: “I fully ex- shifted to the president. the polls say.” where Mr.Campbell teaches, I’m increasingly confident.” pect Donald Trump to win He also holds a contrarian Mr.Towery cheerfully ad- Washington(which voted91% Mr.Towery dismisses polls this election and in a manner viewofthe president’srallies. mits he has been wrong be- forHillaryClinton and 4% for showing hugeleads forJoe that will leavepollstersand Unlike media elites and Belt- fore.Ifhe’swrong this time, Donald Trump). Biden because the stateraces pundits stunned.” way political observerswho he says he’ll ride off into the But Mr.Campbell’sgaze will be tight and their models Mr.Towery sees similar dismissthese people and their sunset.But he doesn’t think goes far beyond the Beltway aren’t that good at “picking weaknesses in this year’s poll- MAGA hats, Mr.Towery thinks he’s wrong. “I think the poll- andback further in historythan up the averageguy on the ing.Yes,the president has lost the rallies will pay huge divi- stersand punditswho had the astonishing election night street.” Cellphones have only support from seniorsand dends on Election Day. this ablowout forBiden are four yearsago. He is well aware made it harder to get a good women, and while InsiderAd- “Trump has an instinct for notgoing to be very happy that the national polls in 2016 representative sample, espe- vantage’slast Pennsylvania what ashowman needs to later this week.” were close to the results; the pre-election Real Clear Politics cially from young people. poll has Mr.Trump ahead, Mr. show,” he says.Hebelieves Write to [email protected]. averageshowedHillaryClinton ahead by 3.3%, close to her 2.1% plurality in the popular vote.Polls in some states were further off.Still, Nate Silver’sFiveThirtyEight gaveDonald Trump a29% chanceofwinning,and 29% chances happen The World Still Watches America about one-thirdofthe time.Mr. Campbell quotes RCP’s Sean Trende saying,rightly,that 2016 “wasn’t afailureof Forthe 58th making this fall. fences that protect our inher- the U.S. system. Therise of the polls....Itwas afailureofpunditry.” time since Theworld’slove-haterela- ited institutions. social media and populist Thesubject of “Lost in aGallup” is not so much election George Wash- tionship with the U.S. is about Some well-meaning Ameri- skepticism about the wisdom polling as itseffectsonpolitical journalism. Mr.Campbell, a ingtonheaded morethan militarymight and cans think that our many and beneficence of scientific, prolific author and acommunications professor at American to NewYork policyideas.For all the talk flawsundermine the powerof cultural and financial elites is University,admitsupfront that he is not concerned with forhis first about decline and the sup- our example to the world. not limited to America. The “jargonand the opaque methodological arcana that pollsters GLOBAL inauguration, posedcollapse of American That is notthe whole story. U.S. is not the only country and polling expertsare keen to invoke.” Thebook is ahistory VIEW U.S. voters soft power, the U.S. remains Foradmirersofliberty around that struggles with legacies of of mistakes and overcompensating formistakes.Polling arechoosing the unrivaled divaonthe the world, the example of our slavery,racism and religious pioneersGallup,Elmo Roper and Alexander Crossley, after By Walter the president, global stage—the most arrest- democracyisall the more divisions.The economic chal- bragging howclosely the past three elections matched their Russell Mead and again the ing figure,ifnot always the compelling because the faults lenges of the information rev- poll numbers, all showedThomas Deweyleading Harry eyes of the most sympathetic one,whose of U.S. society areout in plain olution—upending some in- Truman in 1948.Having gotthat wrong,they fudged their world are firmly fixed on the antics keep all transfixed. view.The historyofAmerican dustries, plunging millions of resultstoproject aclose race in 1952. Wrong again! spectacle. Americaisthe world’sbig- democracyisnot astory of families into uncertainty and In fact, their numbersmay have been within error This is partly because gest billboard. Nothing that sages and philosopher kings. distress, creating powerful margin both times.Gallup showedDeweyup49.5%-44.5% American policystill matters. happens herestays here; ev- newfirms and offering un- in his last 1948 poll and stopped interviews eight days before Will Donald Trump or JoeBi- erything spreads.IfBlack precedented opportunities to the election. Polls at the time were conducted in person, with den be strong enough to man- Lives Matter protests against Fears of waning soft some—aren’t happening only resultsmailed in, in anation withoutuniversal telephones ageadeteriorating U.S.-China police brutality spring up in here. And, of course,Covid-19 and with areliable postal service. Alast-minutepoll would relationship—and smart Minnesota, protestersinLa- power aside, the U.S. is not restricted to America. have been prohibitively expensive. In 1952, Gallup and Roper enough to still preservethe gos, Nigeria, take note. If U.S. remains the example Morethan who wins the showedDwight Eisenhowerleading Adlai Stevensonbyclose elements of cooperation that riotersstart demolishing Con- U.S. election, the world cares to his 11% popular-votemargin. But Gallup assigned all the benefit both parties? What federatememorials,statues of of free democracy. that Americamakes itssystem undecideds to Stevenson and projected a tie, while Roper, role will the president playin slave tradersgointothe river work,despitepolarization and an Adlai fan, kept his resultstohimself. the global recovery from the in Britain. And if Americans immense stress. Thesuccess pandemic? Will he embrace elect anationalistpopulist to TheU.S.story is rich with ex- or the failureofthe U.S. ex- international institutions like the presidency, his rhetoric amples of racism, political periment in self-governance Poll numbersdon’t existapart from complex the World Trade Organization and his ideas will be repeated corruption, hypocrisy and continues to matter, hugely, human responsesinspecific contexts—and at and agreementslikethe Paris and sometimes distorted out crassmaterialism.America forbillions of people who climateaccords,orwill he un- to the farthest ends of the has leftundone thingsithave never visited America, specific pointsintime.Theyaren’t predictions. dermine them? Howwill he earth. Forgood or forbad, the ought to have done and done read the U.S. Constitution or deal with rancorous countries U.S. matters. thingsitought not to have studiedAmerican history. If like Russia, Turkey and Iran? Americaisanexperiment done.Its critics have never democracyweretofail here, Mr.Campbell devotes much attention, justifiably,tothe Will he side with traditional in self-governance. TheU.S.is lacked for material. itspromise forthe rest of the 1980 election. Formonths,polls showedaclose race between allies in Europe and the Mid- a “government of the people, U.S. history is not a tale of world would be blighted and incumbent JimmyCarter and elderly (age69) challenger dle East, or will he look for by the people,for the people,” preternaturally virtuous peo- diminished for generations. Ronald Reagan. But when the exit polls—invented by polling newrelationships in an eraof as Lincoln put it. No aristoc- pleovercoming temptations Voting maynot seem like innovator Warren Mitofsky, also the inventor of random digit- shifting geopolitics? Will he racy,nocultural or techno- that lesser nations cannot re- the most heroic of tasks, and dialing phone interviewing—showedReagan well ahead, NBC open America’sborderstomi- cratic elite, no religious hier- sist. If it were, the American patiently accepting adisap- projected his victory, to almost everyone’sastonishment. grants, or will he try to slam archyeverquitemanages to example would not be conta- pointing result even lessso. But were the polls actually wrong? Theauthor quotes the them shut? govern Americans.(Though gious.But if boobs likeuscan But the regular and peaceful Carter and Reagan pollsters, Patrick Caddell and Richard Not only U.S. voters care manyhavetried, and some makedemocracywork,then performanceofthese hum- Wirthlin, saying that opinion shiftedstrongly to Reagan about these issues.Sodopeo- arestill trying.) And no thereisachancefor people to drum duties,solong takenfor afterthe candidates’ single debateseven days beforethe ple around the world whose smooth-tongued demagogue make it work anywhere. granted in American life, still election and after Mr. Carter’s return to Washington the lives will be directly affected has ever persuaded us to dis- All countries facethe chal- has the powertoelectrifythe next weekend to tend to the Iran hostagecrisis.Both poll- by thechoiceAmericans are mantle the constitutional lenges that are stress-testing world. sterstold me the same thing back in the 1980s.Their story makes sense. Reagan’s “are you better off than you were four years ago?” debate line (stolen, though no one then realized it, from Franklin Roosevelt’s 1934 pre-election The Green Alternative to Red and Blue fireside chat) worked in his favor, and Mr. Carter’s job rating, buoyed upward all year by his efforts to free the By Ted Rall den administration,” Mr.Haw- pendent, he said therewas no “Morning Joe.” Thewhole time hostages, was liable to collapse when he failed. kins tells me.“If we getaBi- credible path to the White wasspent on whether he’sa The1980 election wasone of only four,Mr. Campbell fyou lean left, you’re den administration, we don’t House outside the two major spoiler.“If I’dbeen in the de- notes,when polls showedvotersexpected the losing I probably voting forJoe Bi- getsolutions to those prob- parties.Mr. Hawkins thinks bates and covered, Ithink I’d candidatetowin. Twootherswerethe 1960 and 2000 den. Howie Hawkins would lems.Those areexistential progressives who work within be acontender.Medicarefor elections,close contestsall along,inwhich incumbent vice likeyou to reconsider.Mr. threats.” the system getassimilated by All. Ending these endlesswars. presidentsintimes of contentment lost to attractive Hawkins,67, is aformer team- He allows that Mr.Biden it: “Weneed to advanceour Our platform is morepopular challengers(JFK and George W. Bush). Thefourth is 2016, ster and construction worker would do abetterjob than Mr. solutions directly to the Amer- than what Trump and Biden in which apolitical pressfailed to notethat itsalmost andthe Green Party’s presi- Trump responding to the coro- ican people.When yougointo areoffering.” unanimously preferred candidate was considered honest dentialnominee.Aself-de- navirus pandemic.But “the the Democratic Party,you ForMr. Hawkins,it’sim- and trustworthybyonly about 30% of voters. scribed anticapitalist and eco- want to changeit, it changes portant forthose ideas to be Which is to saythat poll numbersdon’t exist apart from socialist, Mr.Hawkins is you.” represented outside the Dem- complexhuman responses in particular contexts.Overthe running on Medicarefor All, Democrats say a vote Forexample? “With the ocrats’ big tent. “The left years, pollstershavedeveloped questionstoenable citizens the Green NewDeal and a$20 GreenNew Deal, AOCand needs to act and speak forit- and even journaliststobetterunderstand those responses minimum wage. for Biden is a vote other Democratstook the slo- self instead of going intothe and contexts. Techniques have changed too. By the 1970s, Democratshaverallied for democracy. Howie ganofwhat wasthe signature world’ssecond most enthusi- in-person interviewing wasreplaced with cheaper and faster around the assumption that policyofthe Green Party fora astic capitalist party and try- telephone interviewing,inanation with universalland- Donald Trump is athreat to Hawkins disagrees. decade and diluted the content ing to getawordinedge- line telephones and apopulation that answeredthe phone. American democracy. Mr. ...and extended the deadline” wise,” he says.“The By the 2010s it wasclear that we no longer lived in such a Hawkins countersthat the fornet-zerocarbon emissions [Democratic] establishment nation, and pollstershaveadjusted with cellphone and president representsacontin- rest of it, from my point of “from2030 to 2050.There’s letsprogressives give internet polling.Despitelowerresponse rates, reliability uation of long-standing poli- view,thereare no solutions no real solution there.” speeches.They likethat be- doesn’t seem to have suffered. Griping of course continues, cies. “We’ve got life-or-death there.” On matters of warand Third-party candidates cause it bringsprogressives and polling remains an imperfect tool. But, as “Lost in a issues: our climateemergency, peace, Mr. Biden may even be don’t getinterviewedmuch. in. But the decisions aremade Gallup” shows,“polling failures” arelessthe fault of an equality crisis with work- achangefor the worse: “He “We’vebeen blanked out by by the corporatewing.” pollstersthan of journalists—and ordinarycitizens—who ing-classlifeexpectancies in has awhole historyofbeing a the corporatemedia,” Mr. take them as proving morethan they can. decline, anew nuclear arms hawk.” Hawkins complains.The Green Mr.Rall is apolitical car- race.Donald Trump has con- When I asked Bernie Sand- nominee received three min- toonistand author of “Politi- Mr. Barone, senior political analyst at the Washington tinued in that regard what was ersin2016 whyheran as a utes of mainstream TV expo- cal Suicide: The Fight for the Examiner, was vice president of the Peter D. Hart Research going on under the Obama-Bi- Democrat rather than an inde- surethis year,onMSNBC’s Soul of the Democratic Party.” Associates polling firm in 1974-81. P2JW308000-0-A01800-1------XA

A18 | Tuesday, November 3, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR Ranked-Choice Vo ting Is Second Best The American Experiment Is Alive and Well

lectoral reforms oftendon’t have the re- Ungerhas highlighted some of the “bizarreout- Andrew Michta’s“TheAmerican One reason the young were never sultsproponentsforesee—witnesscam- comes” the iterated counting system delivers. Experiment Is on LifeSupport” (op- subjected to the foundational American E paign-financerules that empower Forexample,inathree-candidaterace, it’spossi- ed, Oct. 27) is hyperbolic to the point ideal of the American dream, or never of absurdity.Hemagnifies the foolish believed in it, is because we grew up wealthycandidates,or“inde- ble that it if all supportersof Voters in Alaska and wordsand destructiveactions of ami- watching families searching forthis pendent” redistricting bodies candidateAlisted him first, he nuscule,marginal minority on the left American dream, detained at the bor- that also gerrymander.Soitis Massachusetts weigh a would lose in the second to suggest that they represent an exis- der,endlesswarsoften killing innocent with ranked-choicevoting round—but if some of them tential threat to our very way of life. people in the Middle East and leaders (RCV), an idea that has taken wonky election change. strategically listed him third, In the process, he ignores the far we can’t believeintorepresent us. hold in two dozenmostly lib- he would win, because adiffer- greater threat posed by an unaccount- EVA GROSSMAN eral cities.OnTuesdayRCV ent candidatewould be able,antidemocratic president. Presi- Temecula, Calif. will faceits biggest electoral test to dateasvot- knocked out in the firstround. dent Trump claims he is all that ersinAlaska and Massachusetts decide whether Whether such cases would occur oftenin stands between the good people of Mr.Michta’sdiagnosis is correct. to adopt it statewide. practiceislessrelevant than the effect the com- Americaand the forces of Bolshevik It’sunsettling that once-radical per- As the name implies, ranked-choice voting plexsystemwould have on voterconfidence. For chaos,which will surely overwhelm spectives on American historyare fast them if aDemocrat is elected. What becoming the norm. Yetnot everyone means voters rank candidates in order of prefer- a2017 paper in the journal Politics and Policy, rot! Failing right-wing regimes have in academia imbibes the neo-Marxist ence.Lessintuitiveishow this produces asingle political scientist LindsayNielson had volun- fallen back on this canardfor over a theorythey’reforce-fed. On campus,a winner.Itworks likethis: Thecounting pro- teersdomock traditional and ranked-choice centurytodistract from their incom- small but vocalminority see in the ceeds in anumber of “rounds.” In the first electionsand surveyed them about the experi- petence. But it won’t work.Weare not American storyanimperfect but fun- round, the candidate who has the fewest first- ence. She found “weak support forthe supposi- 1932 Weimar Germany. Therepublic damentally good project that’sworth choicevotes is eliminated. Forvoterswho tion that RCVrules could increase support for isn’t under siegebyaleft-wing mass defending. ranked that candidatefirst, their second choice election winners.” She also found respondents movement on the precipiceoftaking Doing so isn’t easy in universities becomes their first choice. A second round of were significantly lesslikely to sayRCV was power. Iamconfident that voters will controlled by the left, but manyyoung counting follows, and the candidate with the “fair” than plurality voting. see through the ruse and removeits people cravethe perspectives they fewest first-choice votes is eliminated again. As forthe idea that RCVwill moderatepolitics, messenger,and that aresponsible new don’t getinthe classroom. To that end The process is over when one candidate has a SanFranciscoState University political scientist administration will proveMr. Michta’s there’sagrowing movement of schol- (and President Trump’s) argument to arsand activistsworking to provide a majority of first-place votes. Jason McDaniel followedmayoral voting patterns be the nonsense it is. correctivetodecades of neo-Marxist Got it? It’sconfusing.But proponentsclaim in cities that adopted RCVand those that didn’t. MARK MESSENBAUGH domination. Instead of deeming higher ahost of benefits. First, they appeal to moder- RCVled to “greater racial divisions at the ballot Lafayette, Colo. education alost cause,weshould make ates by arguing RCVraces would be lessdivisive boxbetween whiteand Asian voters,and quite surestudentsgrapple with arguments as the winning candidatewould need to have possibly also between whiteand Black voters,” Mr.Michtaisanalarmist. The that defend the American ideal rather broader appeal. he wrote in a2018 paper forthe California Jour- Covid pandemic has exposed the than denounceit. They also appeal to moreideological voters— nal of Politics and Policy. Facedwith amorecon- structural problems that lowunem- DANIEL J. SAMET, PH.D.CANDIDATE especially on the left—by arguing that they can fusing set of options,votersmay be “morelikely ployment numbersand high stock- University of Texas at Austin expresstheir views with moreprecision in a to rely on candidatetraits.” market prices had helped to hide.Mil- ranked-choicesystem. If states used ranked- In a2019 paper,Mr. McDaniel also found RCV lions of Americans livepaycheck to Mr.Michtamight have extended his paycheck with little or no reserves to denunciation of American collegestu- choicevoting in presidential elections,for exam- leads to a“significant decrease in voterturnout fall back on. In most cases,their dentsand faculty by stating that “their ple,left-wing alternatives likeRalph Nader in of approximately 3-5 percentagepointsinRCV health care is inadequate. Alarge per- ignoranceofhistoryisthe hallmark 2000 and Jill Stein in 2016 would be lessthreat- cities.” College-educated progressives mayap- centageofAmericans canmoreorless of” most Americans at everyperiod of ening to Democrats. Their voteswould presum- preciatethe chancetolist morechoices.But for hold itsown in such an economy, but history. Each generation has itsown ably have gone to Al Goreand HillaryClinton in voters who favorone candidatebut don’t spend another large percentagecannot. This memoryand views historythe way it the second round. as much time gaming out political possibilities, situation is untenable. wishes.Arthur Schlesinger Jr.won the No one knows forsurethe long-term impact it is aburden they would rather avoid. We have adisagreement about Pulitzer Prizein1946for “The Ageof of RCVonfederal or stategeneral elections. Thereisresearch pointing in both directions howAmericamight work best, not a Jackson,” with one referencetothe Maine wasthe firststate to use it at that level on RCV, and theremay be circumstances where Leninist plot to deconstruct the Cherokee Nation and none to the Trail in 2018.Democratic challenger JaredGolden it makes sense—such as within parties in American experiment. To use an ap- of Tears. No one wasinterested in trailed the Republican incumbent in Maine’s crowded primaries. propriateLenin quotation foronce: Wounded Knee or the fateofthe Na- “What is to be done?” Americaisa tiveAmericans.Recently the Journal 2nd Congressional District by 2,000 votesin But rather than makeU.S.politics kinder and work in progressand will always be rantwo superb book reviews on the the initial tally,but he wonbyabout 3,000 gentler,weworrythe effect of wider adoption in need of improvement and change. destruction of America’sIndigenous voteswhen thirdand fourth choicecandidates would be to tear at existing divides.Major par- Let’sspend lesstime talking about people as they tried to ward off the were included. ties could be weakened to the benefit of moreex- American exceptionalism and more U.S. westward expansion. Actually, Mr. We don’t need empirical evidencetoknow treme candidates.Pressuregroups and the most time finding constructiveways to Michta’scommentsare a“hallmark of RCVwould makeelections moredifficult to navi- sophisticated slices of the electoratecould in- solvethose obvious problems staring the current crisis”:partisan, ill-in- gate when trust in democratic institutions is al- crease their dominance. And political legitimacy us in the face. formed and shrill. ready low. Columbia computer scientist Stephen would suffer at atime we can’t affordit. MICHAEL RICHARDS SOL GITTLEMAN Purcellville, Va. Lexington, Mass. Another Alliance Trump Didn’t Break

oe Biden has hit Donald Trump,sometimes U.S. satellitedata, thebest in the world, can Don’t Expect AccuratePredictions From Fed fairly,for alienating U.S. allies.But one ex- identifyChinese troop movementsand guide Iunderstand whyLawrenceB.Lind- helpful. Iagree that President Trump’s J ample of abilateral relationship that has precisionweapons.ManyofIndia’scurrent sey has acertain fondnessfor the Fed- policies have had some positiveim- strengthened on Mr.Trump’swatch is with In- weapons areRussian. But this agreement could eral Reserve, but Iquestion his desire pactsonthe economy. I’m curious dia, as demonstrated by amilitaryintelligence- encourageIndia to buy moreinteroperable to focus on anypredictions made by though, what were Mr.Lindsey’s fa- sharing pact signed last week. American and allied systems,especially as Mos- economistsatthe Fed(“TheTrump voriteeconomistspredicting President Under the Basic Exchangeand Cooperation cow moves closer to Beijing. Boom Is Real,” op-ed, Oct. 26). He cer- Trump’stariffs would do forour econ- Agreement, the U.S. will sharemaps and data- American interestsinAsia have traditionally tainly knows the predictions of econo- omy? Trade deficitswent up,not bases from the Defense Department’sNational focused on Western Pacific countries likeJapan mistsatthe Fed(or anywhereelse) on down. President Trump wascom- unemployment or GDP arerarely cor- pelled to approverecordamountsof Geospatial-IntelligenceAgency(NGA).That and Korea. But in 2018 the U.S. changed the rect. This is another reminder that too aid to the agriculturesector.What could strengthen India’sdefenses against itstra- name of itsPacific Command to the Indo-Pacific much is expected from the Fed. It does Mr.Lindsey think about the pres- ditional rival, Pakistan. But moreimportant to Command, reflecting South Asia’sstrategic sig- clearly has little control over employ- ident’sfondnessfor significantly the U.S.,itwill help NewDelhi balanceBeijing’s nificanceincompetition with Beijing.China has ment, so it’sfoolish to think predic- higher deficit spending (beforethe bid to dominateAsia. leased land in the Maldives and SriLanka and tions on unemployment by Fedecono- Covid-19 crisis)? TheFed probably has Indian leaderssincethe Cold Warhavebeen depends on the Malacca Strait, adjacent to the mistscarryany moreorlessweight some predictions on what record post- wary of strategic partnerships,but Prime Minis- Indian Ocean, formost oil imports. than those of economistsonWall warfederal debt-to-GDP ratios might terNarendraModi has signed three militaryco- China’sdiplomatic and militaryactions over Street, corporateAmericaorany de- eventually do to our economy, but I operation agreementswith the U.S. since2016. the last year have grownincreasingly menacing, cent university. won’t be taking them tooseriously. Chinese President Xi Jinping can’t be happy,but with itsthreatsagainst Taiwan perhaps the most Economics is part scienceand part STEVE WIERHAKE his actions areaccelerating the trend. China has acuteproblem forthe next U.S. President. Yet art. Thescienceportion seems more Punta Gorda, Fla. useful in measuring thingsthat have built up itsnaval presenceinthe Indian Ocean, Washington’scloser cooperation with NewDelhi already occurred. Theart portion can defied maritime lawinthe South China Sea, and shows that, even as Beijing throwsits weight be interesting,but only marginally Democrats Duckworth and pressed territorial claims along India’snorthern around, China is spurring aformidable coalition border,leading to adeadly clash in June. to resist. Jefferson on Free Speech U.S. Speech Trends Frighten Regarding your editorial “Twitter’s Older Cuban-Americans Censorship Method” (Oct. 29): Sen. Europe’s Covid Hospital Lesson TammyDuckworth says that “there’s Thanks to MaryAnastasia O’Grady, no both sides when one side has cho- uropeans areback under lockdown as an- lead to moredeaths later from untreated dis- Journal readersare beginning to un- sen to reject truth,” she exemplifies a other virus surge threatens to over- eases.Europe’sproblem isn’t merely that Covid derstand what so manyCuban-Ameri- widespread misconception that only E whelm their hospitals,which even before hospitalizations areincreasing faster than in the cans aretalking about today. What is true speech meritsprotection as free happeningherenow,weexperienced speech. This assertion contrasts the pandemic were sick and U.S. Hospitalizations in the 60 yearsago in Cuba (“HowFree sharply with our Founders’ views of malnourished. This is aside ef- National health care has U.S. have increased by aquar- Speech Dies,” Americas,Oct. 26). The free speech. Thomas Jefferson put it fect of government-run health led to funding caps and teroverthe past two weeks intellectuals,with great passion, un- best in an 1820 letter, referring to the care and awarning to the U.S. compared to adoubling in Ger- knowingly helped Fidel Castroclaw establishment of the University of Vir- Morethan half of the ICU too few ICU beds. manyand the United Kingdom. his way to powerinthe 1950s with ginia, when he wrote, “weare not beds in Franceand two-thirds But European hospitals are “false democracy” ideals and afraid to followtruth wherever it may in Paris areoccupied by Covid also straining because they speeches (supported by upper-class lead, nor to tolerateany error so long patients. “Atthis stage, we knowthat whatever have toofew beds. intellectuals,academics and media) as reason is leftfreetocombat it.” A we do,nearly 9,000 patientswill be in intensive According to an August study in the Journal while suffering under the Batistare- system of speech that is genuinely care by mid-November,which is almost the en- of Critical Care, the U.S. has 34.7ICU beds per gime.Manyofthese people wound free protectstruth and error and re- up either executed or languishing in quires no higher authority to arbitrate tirety of French capacities,” President Emman- 100,000 population compared to 29.2 in Ger- appalling prisons foryears. Themost between them. uel Macron explained last week as he ordered a many, 15.9 in Belgium, 11.6inFrance, 9.7inSpain, important lesson we canlearn from JEFF BURK second national lockdown. 6.6 in the U.K. and 6.4inthe Netherlands.Hospi- Cuba’sexperienceisthat Fidel Castro Houston Hospitals acrossEurope areclose to their lim- tals in Europe’snational health systemsoperate ranhis communist revolution all the its. TheNetherlands is sending some patientsto under global budgetsthat keep atight capon while promising democracy. We Cu- Germany, but Chancellor Angela Merkel warned hospital funding. bans swallowedithook,line and Pepper ... last week that “ifthe tempo of infections stays This resultsinchronic under-investment and sinker,not realizing what would hap- And Salt the same,wewill reach the capacity of our rationed care in normal times with patientshav- pen in the end. Practically all my Cu- health-caresystemwithin weeks.” ing to wait longer fortreatments and screenings. ban-American friends of my age(up- THE WALL STREET JOURNAL Some U.S. hospitals arealso dealing with a Hospitals arelean because they can’t affordto per 80s) agree about the similarity to Covid surge,and morecould be stretched if it maintain sparebeds and staff.Paris hospital today’ssituation in America. AUGUSTO VILLALON continues through the winter.Field hospitals workersthis month protested that government St. James City, Fla. have been set up in Wisconsin and El Paso.But budget cutshavecut ICU beds by half in the last hospitals in hardest-hit regions currently have 10 years. far morecapacity than those in Europe. During Europe’sspring surge,treatmentin CORRECTION Covid patientsoccupy 27% of ICU beds in manycountries wasrationed,asitoften is,by SouthDakotaand 38% arestill available.Virus age. Older and frailer patientsweredenied ad- Donald Trump would be the fourth patientstakeupabout 40% of hospital beds in El mission to Italian ICUs. TheSundayTimes re- elected President in a century to be Paso—still lessthan in Europe’shot spots. Other ported last week that U.K. patientsoverage 80, denied a second term. The Oct. 31 ed- areas of Texas that were slammed harder during and some over 60 with underlying conditions, itorial, “The Trump Referendum,” the summer nowhavesparecapacity.Covid pa- were lefttodie.Patients over the ageof80made misstated the number. tientsoccupy only 4% or so of hospital beds in up 60% of the U.K.’s deaths,but only 2.5% of Lettersintended forpublication SanAntonio,Houston and Austin. thoseinthis agegroup who were hospitalized should be emailed to [email protected]. UnlikeinEurope,hospitals in U.S. hot spots received intensivecare. Please include your city, stateand continue to perform preventivescreeningsand TheAmerican lefthas long idealized Europe’s telephone number.All letters aresub- electiveprocedures.Delaying these reduces the government-run health care because it’sless ject to editing,and unpublished letters “You’re fortunate. cannot be acknowledged. quality-of-lifefor non-Covid patientsand may costly,but patientspay ahigh price. Stubble looks really good on you.” P2JW308000-0-A01900-1------XA

THE WALL STREET JOURNAL. Tuesday, November 3, 2020 | A19 OPINION Georgia May Decide the Senate Majority

By Barton Swaim vacant for a couple of days. third and final debate. The accusa- Democratic campaign eventshave tion wasunfair,but the pull-out Atlanta mostly been “drive-in rallies.” People made him look weak. eorgia has the distinction, listen to speeches on carradios and In 2017 Mr. Ossoff, then only 30, or the misfortune,ofhold- honk instead of clapping. At a rally lost aspecial election forthe U.S. ing two competitive Sen- forMr. Warnock in Fort Valley,about House, but I suspect he is a savvier G ate elections on the same half the attendees mingled as if it politician than his opponent antici- day. The normally sched- were an ordinarycampaign stop.The pated. Southern Democratssooften uled election has Sen. David Perdue, almost exclusively African-American lose federal elections because they aRepublican, running forre-election crowd wasdelightful; agentleman trytoo hardtoingratiate themselves against Democrat JonOssoff,are- named Gus led me around and intro- with party big-shotsinWashington, porter and media entrepreneur.The duced me to friends as “Wall Street.” journalistsinNew York and wealthy other is aspecial election. When But it was hard to get near the can- donors in Silicon Valley. These hap- JohnnyIsakson announced his resig- didatetotalk to him—even selfies less Democrats spend their general nation from the Senatein2019,Gov. had to be six feet apart—and Iwon- elections talking about abortion, Brian Kemp appointed Kelly Loeffler dered if all the Covid fuss wasinhib- transgender rightsand climate

to the office. State lawrequires a iting the work of campaigning. AIM change, and they geteasily trounced

special election on Nov. 3, in which Idid find one traditional event on SW by Republicans. Mr. Ossoff appears N

all candidates from anyparty appear the Democratic side: Mr.Ossoff,Mr. TO determined not to makethat mis-

Warnock and the rapper Common BAR take. drew acrowd of about 75 to the Jon Ossoff, the Rev. Raphael Warnock and Common campaign in Jonesboro. He speaks in broadterms about When theupper chamber parking lot of a“plant based” burger voting rightsand health care but joint in Jonesboro called the Slutty Collins and Ms.Loeffler have both event Ispoketoalocal developer, rarely sounds like a thoroughgoing convenesonJan. 3, at least Vegan. Campaign advisories stressed been on conventional campaign JohnnyBlankenship.Hehad come to progressive. At adrive-in rally in Co- one of thePeach State’s the need to wear masks and socially tours, stopping at three or four hear Ms.Loeffler,hetold me,because lumbus I asked him if he supported distance, but these directives were places a day. No drive-in events for he hadn’t decided which Republican theGreen NewDeal. His one-word seatswill likelybevacant. haphazardly heeded. All wore masks, the Republicans. The two have also to vote for. “I likeher,” he said, “but response: “No.” Iasked him if he or at least wrapped them across spent weeks running brutal ads I’m not sureshe’s”—he searched for would support amovetoadd jus- their chins likeAmish beards,but against each other,which could end the word—“authentic?” tices to the Supreme Court. His an- on the same ballot. There are three most people gaveuponsocial dis- up dooming both their chances in a That is notacriticism youwould swer: “I don’t support adding jus- main contenders: Sen. Loeffler,afor- tancing.OnceMr. Warnock began to run-off election. likely makeofMr. Collins.Heisa tices just because youdon’t likethe mer financial executive; Republican preach—he is agiftedorator—weall Still, conventional wisdom would fast-talking fulminator who—it’sfair judicial philosophy of recently con- Rep. Doug Collins; and the Rev. Ra- squeezed in as tightly as any crowd betonMs. Loeffler making the run- to say—is not averse to the sound of firmed justices.” It’sashrewd an- phael Warnock, pastor of Ebenezer at a Trump rally. off and winning the election. Ms. his ownvoice. He speaks with a swer: A lot could turn on the words Baptist Church in Atlanta. Thename Slutty Vegannicely Loeffler has spent far moreonthe heavy north Georgia accent and “just because.” Under Georgia’s unusual election captures modern progressivism’s race than Mr.Collins.She is strik- knows howtoget acrowd excited. In Punditsoften speak of Georgia laws,acandidateineither race must combination of baby-boomer permis- ingly attractive and commands the Cedartown, asmall city near the Al- turning blue as though it were proof receiveanoutright majority to win. sivenessand millennial piety: attention of any room she’s in. But abama border, Mr. Collins defended of progressivism’snascent appeal in Failing that, the two topfinishers polyamorous marriagebut also plas- she speaks with a kind of placid re- hisrecordonguns so aggressively the South. But Democratic momen- will face each other in a Jan. 5 run- tic straw bans.The same discor- serve, as if she doesn’t quiteknowif that alistener exclaimed, “You a tum in Georgia is simply amatterof off.With the GOP vote split, Mr. danceshows up in the public-health she wantsthe job,and she doesn’t shootin’ star,Doug Collins!” Iheard math: Atlanta is a fast-growing me- Warnock,aDemocrat, will almost attitudinizing of Democraticcam- sound remotely Southern (she was no outbursts at Loeffler events. tropolis of six million in amostly ru- certainly manageaplurality but not paigns. If the candidates genuinely born and raised in central Illinois). Theday before, Messrs. Ossoff ralstate of 10.5 million. Georgia may amajority.The Ossoff-Perdue race is believed theirparty’s alarmism on Ms.Loeffler frequently stresses and Perdue had participated in a not go blue in 2020, but it’s getting so closethat neither maybreak 50%. Covid, they wouldn’t hold public herhumble origins.“Igrewupona public debate. Mr.Ossoff savagedhis sluttier and morevegan all the time. All of which means that when the events.Yet they do,for the excellent farm” and “waitressed my way opponent so badly on an accusation Senatereconvenes on Jan. 3, at least reason that they want to win. through college,” she told asmall au- of insider trading while in the Sen- Mr. Swaim is an editorial page one of Georgia’s seats will likely be As forthe GOP candidates,Mr. dienceinDouglasville.After that atethat Mr.Perdue pulled out of the writer at the Journal. Trump Is Terribly Flawed, but the Alternative Is Simply Terrible

solutism from ideologues,especially Youdon’t have to believeasingle nation’s fragile social contract. through its history. on the left. As Americans choose word of the media’shysterical hy- Yetfor all his faults, forall the le- TheDemocratshavespent four their leadersfor the next four years, perbole about Donald Trump these gitimatefearsstokedbythe last four yearsfalsely accusing their oppo- FREE radical Democratsand their vocal last four yearstothink that this years, it’s not immoral or irrational nents of mounting a coup, but now EXPRESSION enablersinthe media, academia and president is seriously lacking in the to think that the incumbent still rep- threaten an assault on many of the By Gerard Baker leading cultural institutions have character of the men and women resentsabetteralternativetowhat’s pillarsofthe constitutional order. never been morecertain about any- whohavemade this countrythe on offer. They’vespent the last six months wish Iwas as cocksureof thing in their lifetimes of steadily di- greatest nation on earth. This is an improbable but singular conniving at brazen lawlessnessand ‘I anything as Tom Macaulayis minishing intellectual curiosity. success in forging the basis of anew allying themselves with proponents of everything,” the second Yetonthe right toothere’sa conservatism that has involved an of an ideologythat rejectsthe na- Viscount Melbourne is supposed to growing tendencytonarrow down a He may do more damage to economic record of tax cutting and tion’s values, while compelling alle- have said. Thewearyobservation of complex choice to simple verities. deregulation that had begun to re- giance and silencing those who dis- aVictorian prime minister about an It would be nicetothink that the the nation’s frayed fabric. storethe nation’sself-confidence sent. Their elevation of ideologies of intellectually self-assured political world presented us with such simple But the Democrats seem and dynamism beforethe virus hit; a race,gender and other “identity” is- rival and the most famous historian choices: that the alternatives on of- recasting of national interest that sues consciously pitsAmericans of his ageisagood starting point to fer on the ballot paper—or in life— committed to tearing it up. has made a decisive break with de- against one another in potentially ponder the stateofAmerican poli- areclearly labeled “good” and “evil.” cades of futile international engage- ruinous ways. tics on Election Day 2020. But those of us who graduated from ment and needless American sacri- So admit it. It’snot arich choice. We liveinanage of Macaulays. kindergarten knowthat picking one You don’t have to think he’s Hit- fice;arebalancing of the judiciary On the one hand, aflawedman who Everyone,itseems,iscocksureofhis from the other involves discernment ler’sheir to be alarmed by his evi- toward much-needed restraint up to may yet do more damage to the na- beliefs,absolutely certain about the and judgment, not revelation. dently cavalier disregardfor small and including the Supreme Court. tion’s frayed fabric. On the other, a choicethe nation faces this week. Conservatives especially should matters likethe independenceofthe It’s about aboveall recognizing party that seems committedtotear- American democracystands at a bring a little skepticism to the car- judiciary, the proper use of executive the alternative. Voters after all are ing it up. crossroads.One way lies renewal toonish morality tale that has de- power, or the truth. not being asked to choose between Most readers of these pages will and recovery,salvation from the based our modern politics.We You don’t have to think he takes Donald Trump and Abraham Lincoln. have made areasoned judgment and forces of darkness, alast-ditch affir- should vow to be a little more Mel- personal joyinincarcerating chil- The alternative today is a candi- decided the risks associated with mation that the U.S. canbere- bourne and a little less Macaulay. dren in cages to worry that his un- date who sits vacantly smiling and four moreyearsare worth taking deemed afterall. Theother is the For the truth—the irony—is that derdeveloped capacity forhuman slightly bewildered atop aparty given the alternative. But acknowl- one-way path to perdition, an accel- for all the absolute conviction that empathyhas made him especially that, in itsradical platform, its edging the uncertainties associated erating descent into an abyssal un- so many people bring to the choice unfit for the crises of the past year. emerging leadersand itsideological is not only intellectually and morally derworld of misrule,repression and in this election, only the intellectu- Youdon’t have to believehe’sBull associations,representsasustained mature. It will help us all to learn to corruption. ally or morally blindfolded could not Connor to worrythat his rhetoric challengetothe shared ideals that live with a result that so many will We should expect this kind of ab- be consumed by doubts about it. and manner have done harm to the have defined the United States find unpalatable. Woke Universities Lead America to a Primitive State

By John M. Ellis That’sbad enough in itself,but 19% of people under 45 passed, lated, informed debate. They wel- creasingly ideological. Socialist dic- worseyet is that this social regres- while 74%ofthose over 65 did, comed eccentric opinions,expanded tatorships and banana republics nthis election season it’sal- sion began on collegecampuses,of meaning even elderly people who the boundaries of thought and hold their universities under strict I most impossible to find pro- all places,beforespreading to the learned the material morethan 40 learning in everysphere, prepared political control; it’sastonishing Trump bumper stickersorsigns national culture. On one-party yearsago cansummon it from studentsfor citizenship by rooting that theU.S.seems to be joining anywhereinmytown. Thereason campuses,radical-leftfaculty have memorybetterthan recent grads. them in their society’s government that club. is notlack of support but fear of established apolitical orthodoxy Similar studies have found are- Race relations in Americaare vandalism, or worse: People nation- that student mobs enforce,and the gression in knowledgeofU.S.his- devolving under the same progres- wide have been physically assaulted political cultureofthe nation is tory.Today’suniversities arepre- Higher education now siveleadership.Campuses areina and even threatened with lossof poisoned as thosestudentstake siding over anationwide reversion constant stateofhysteria about their livelihoods fornoother rea- home with them their professors’ to civic illiteracy. That’sadisaster stands formob rule,civic “systemic” racism, with small son than that they plan to vote as habit of seeing opinions that differ forthe country, but it suitscampus ignoranceand contempt armies of diversity administrators onehalf of the countrydoes,and from theirsasanevil not to be radicals.Awell-informed citizenry always eager to jump at the slight- political goals arenow commonly tolerated. would hardly wish to be governed fortruthand free inquiry. est infraction, real or imagined. pursued by violent means.With Theleft-wing political orthodoxy by people whose ideological kin Whydoes invisible campus racism this our civilization seems to be re- is also taking the placeoftradi- have reduced so manycountries to need such zealous policing? If radi- gressing to amoreprimitivestage tional civics.Recent graduates economic and political deserts. and history, and trained students calleftistscan persuade enough of itsdevelopment—a time when knowmuch lessabout U.S. govern- America’suniversities were once fornonpartisan serviceinthe spe- people that Americaisrottenatits disputes were settled by forcein- ment than older Americans do.In the leading edgeofanadvanced cialized professions an advanced core with racial prejudice, they’ll stead of rules,and beforethe First 2018 the Woodrow Wilson National culture, reinforcing and expanding societyneeds. gain traction fortheir program of Amendment guaranteed the right to Fellowship Foundation gave a sam- thecountry’sbest features. They None of that persiststoday. Far radical social transformation. speak freely on the social and polit- ple of Americans atest based on steered differences of opinion away from being the leading edgeofan Power-hungryradicals whip up ra- ical issues of the day. theexam forU.S.citizenship.Only from rancor and toward well-regu- advanced culture, the universities cial tensions wherenone exist be- drag Americaback toward amore cause their authority depends on primitivestate.They have contempt social division. Notable & Quotable forthe restraintsand rules that de- In the past, universities were in- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY fine society,such as political neu- dispensable in maintaining Ameri- Rupert Murdoch Robert Thomson Byron York writing for the Wash- trality in nonpolitical institutions. canculture, but nowthey under- Executive Chairman, News Corp Chief Executive Officer, News Corp ington Examiner, Nov. 1: Forradicals,politics takesprece- mine and sicken it. Thepublic Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher denceovereverything,and every should learn to see through the pa- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: In recent Pennsylvania polling, field within social scienceand the tina of prestigethat still covers Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; [Republican pollsters] tried this: humanities eventually degrades into eliteschools,and should assessre- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; They asked voters whether they amerechannel to spread progres- alistically the damagethese schools News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; would “likely” or “definitely” vote siveorthodoxies. aredoing today. That damage goes Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer forTrump or Biden. Laterinthe sur- In an advanced society,journal- beyond afailuretodevelop gradu- Andrew Dowell, Asia; AnthonyGalloway, Video & vey, they asked voters if they knew ists have the vital job of keeping ates whothink independently.Uni- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; anyone who is likely to vote for the citizenrywell-informed so that versities nowattack the most basic Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; Trump but tooembarrassed to admit the government canbeheld to ac- principles of American society, and Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; it. Then, forthe ones who answered count. Only in less-developed cul- do so with lavish taxpayersupport. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News yes, they asked, “And would that be tures is the presscommonly under We should decide howbest to cut Thomas SanFilippo, Customer Service; you?” If the answerwas yes, they firm political control. But since them off. GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; checked back to see what that per- America’suniversity journalism Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; son had said about their intention to programs arenow overwhelmingly Mr.Ellis is aprofessor emeritus Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International vote; if they said they would “defi- left-activist, we noweffectively of German literature at the Univer- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: nitely” vote forTrump,they were have the politicized pressofanun- sity of California, Santa Cruz and LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head not counted. ...The ones who re- developed nation. Thesame holds author of “The Breakdown of

EDITORIAL AND CORPORATEHEADQUARTERS: mained, about 2.5% to 3% of voters forschoolteachers, at presentalso Higher Education: How It happened, 1211 Avenue of the Americas, New York, N.Y., 10036 in Pennsylvania, qualified as possible trained by campus radicals,which the Damage It Does, and What Can Telephone 1-800-DOWJONES shy Trump voters. is making public school systems in- Be Done.” P2JW308000-0-A02000-1------XA

A20 | Tuesday, November 3, 2020 THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. ***** THE WALL STREET JOURNAL. Tuesday, November 3, 2020 | B1

S&P 3310.24 À 1.23% S&P FIN À 1.94% S&P IT À 0.34% DJ TRANS À 0.99% WSJ $ IDX À 0.001% LIBOR 3M 0.220 NIKKEI 23295.48 À 1.39% See more at WSJ.com/Markets Beijing Summons Ant Before IPO Twitter’s

Jack Ma and fellow days beforethe financial tech- statements didn’t provide de- nomic development and shares is scheduled to begin in Dorsey nologygiant’sstock is set to tails on the conversation. provide inclusivefinancial ser- both markets on Thursday. executives vow to begin trading publicly. “Views regarding the health vices to ordinary citizens. Theregulators’ meeting back regulators’ views ThePeople’sBank of China, and stability of the financial Theowner of popular mo- with Messrs. Ma, Jing and Hu Survives the China Banking and Insur- sector were exchanged,” Ant bile paymentsand lifestyle is the culmination of long-sim- on the financial sector ance Regulatory Commission, said, confirming the meeting app Alipayisclose to complet- mering tensions between Ant theChina Securities Regula- of financial regulatorswith ing initial public offeringsin and Chinese authorities, said BY JING YANG tory Commission and the State Mr.Maand the Hangzhou- Hong Kong and Shanghai that Andrew Polk,apartner at con- Review Administration of Foreign Ex- based company’smanagement would raise at least $34 bil- sulting firm Trivium China. China’scentral bank and its changesaid in statementsthat team. lion—the largest sum ever “These meetingsare usually securities,banking and for- they had summoned Mr.Ma, “Ant Group is committedto raised by acompanylisting for held quietly behind closed BY GEORGIA WELLS eign-exchange regulators met who is the controlling share- implementing the meeting the firsttime.Both offerings doors,” Mr.Polk said. “The with billionaireJack Ma and holder of Ant, as well as Exec- opinions in depth,” the com- have been heavily oversub- fact that they arepublicized Jack Dorsey’s job as chief the top two executives of Ant utive Chairman Eric Jing and panysaid, adding it would em- scribed by large and small in- means the regulators want to executive of Twitter Inc. ap- Group Co.onMonday, just Chief ExecutiveSimon Hu.The braceregulation, promoteeco- vestors. Trading of Ant’s PleaseturntopageB11 pearssafe. Twittersaid in asecurities filing on Mondaythat aboard committeeformed this spring Ex-Trader recommended that the current management structureremain in place. The announcement In Libor gives Mr.Dorsey areprieveaf- terhis leadership of the com- panydrewscrutinyearlier this Rigging to year from ElliottManage- ment Corp., which is known as one of Wall Street’stoughest Be Freed activist investors. Thefiling said the commit- tee is suggesting changes to BY JEM BARTHOLOMEW Twitter’sboardstructure, which would giveinvestors LONDON—Tom Hayes, the moresay,and that it would

former bank trader convicted S continue to evaluatemanage-

of global interest-raterigging, NEW ment’sperformance. will be released from prison G Twitterand Elliottreached on Jan. 29 afterserving five an agreement in March in

years out of an 11-year prison OOMBER which the companyagreed to sentence. appoint two board members KarenTodner,his attorney, andcommit to $2 billion in

said Mondaythat Mr.Hayes GERSHEN/BL sharebuybacks.The agree- had been moved to Ford Open E ment included the formation YM

Prison, close to the South JA PleaseturntopageB4 Coast of England from the Cruise-line operators raised funds to help bolstertheir finances during the pandemic. Passengers on aRoyal Caribbean ship in Miami in March. higher-security Erlestoke Prison last year in preparation forrelease.U.K.prisonerstend Walmart to servearound half their sen- Convertible-Bond IssuanceSoars tence. Ditches Plan The40-year-old Briton was found guilty by a jury in 2015 on eight counts of conspiracy As InvestorsEnjoySolid Returns For Robots to defraud forhis role in at- tempting to rig interest-rate In the Aisles benchmarks while working at BY CAITLIN OSTROFF Carnival's convertible-bond Topissuersofconvertible Number of convertible UBSGroup AG and Citigroup AND PAUL J. DAVIES pricesinceissue as apercent- bonds this year,byproceeds bonds issuedglobally* BY SARAH NASSAUER Inc.The high-profile case was ageoffacevalue the firstcriminal conviction of Companies hit hard by the Walmart Inc.has ended its 500 an individual forrigging the coronavirus pandemic flooded 250% effort to use roving robotsin widely used London interbank the market this year with the NextEra storeaisles to keep track of its offered rate, or Libor. most convertible bonds since Energy inventory, reversing ayears- Mr.Hayes wasoriginally 2007. Investors who scooped 400 long push to automatethe task sentenced to 14 yearsinprison up these securities have been with the hulking machines af- before this was reduced to 11 rewarded with strong returns. Delivery terfinding during the corona- 200 Hero yearsonappeal. He pleaded Travel and hospitality com- viruspandemic that humans not guilty to all charges. panies including Carnival 300 canhelp getsimilar results. At his sentencing in 2015, Corp., Southwest Airlines Co. Southwest Theretail giant has ended authorities portrayed Mr. and RoyalCaribbean Group Airlines itscontract with robotics com- Hayes as the ringleader of an raised $147 billion through 200 pany Bossa Nova Robotics international scheme to skew Oct. 30 globally from the sale 150 Inc., with which it joined over the Libor benchmark,which of bonds that canbeex- Carnival the past five yearstogradually underpins interest ratesonev- changed forstocks,using them add six-foot-tall inventory- erything from mortgages to as acheap way to stay afloat 100 scanning machines to stores. giant corporateloans,toen- through the pandemic. That Walmart had made the robots hancethe profitability of his compared with issuanceof Electricite afrequent topic of conversa- de France trading positions. $108 billion of such bonds by 100 0 tion at media and investor TheCriminal Cases Review the same point in 2019. events in recent years, hoping Commission, which investi- Almost athirdofthe May2020Oct. $0 2,000 4,000 2006 '10'15 '20 the technologycould help re- gatespossible miscarriages of roughly $450 billion convert- *Issuanceisthrough Oct. 30 for2020 ducelabor costsand increase justice and can refer cases to ible bondsoutstanding were Source:FactSet (price); Refinitiv (top issuers, bonds issued) sales by making sureproducts the Court of Appeal, is actively issued this year.Companies arekept in stock. looking intoappeal forms filed began stepping up the paceof panies,whose stocks were stock.Likebonds,they have a threshold, the holder cancon- Walmart ended the partner- in January2017. TheCCRC’s such sales in April, following a among the most beaten up, coupon that pays aset interest vert the bond to stock,scoop- ship because it found different, averagecase takesaround one tumultuous month that saw turned to these securities in rate for a period, providing a ing up a tidy profit. sometimes simpler solutions year to review, said spokes- investorspull money out of the months through June. steady return. But unlikea Theinterest ratesthat com- that proved just as useful, said manJustin Hawkins,but the even thesafest assets. Travel, Convertible bonds areahy- bond, if the company’sstock panies need to payonconvert- people familiar with the situa- complexity of Mr.Hayes’scase tourism and hospitality com- brid between abond and a pricerises aboveacertain PleaseturntopageB11 PleaseturntopageB4 has meant alonger review process. “The shame is that Tom is PERSONAL TECHNOLOGY | By Joanna Stern going to have served all of his sentencebeforehegetstothe stagewherehis case canbe referred back to the Court of This Election, ExerciseYour RightNot to Be Social Appeal and hopefully is even- tually overturned,” said Ms. Todner. Please join OVER.” Nowhide this folder cial-media platforms because partsofthe park—tocontrol But if the park is really ex- Mr.Hayes served around me on your deep inside your phone. of it. Facebook,Instagram, the chaos. pected to be so crazy and full three years of his sentence at smartphone’s Congratulations! Youhave Twitter, YouTube,they’reex- Facebook is prepared to of troublemakers, maybe—I Lowdham Grangeprison, home screen. done your job as aresponsi- pecting it all: misinforma- use technologytoslowthe don’t know—just don’t go to which has the second-highest Locate the ble citizen of the United tion, voterintimidation, talk spread of viral posts. Insta- the park! Youhavecontrol, security level, before moving social-media StatesofAmerica. of election-related violence, gram temporarily removed regardlessofhow these com- to Erlestoke. apps youfind most irresist- Youmay have heardthere youname it. Think of it like the “Recent” tab from panies’ algorithms and tricks On Mr. Hayes’s release, his ible.(Formeit’s Twitter and is a U.S. presidential election an amusement park.For this hashtag pages to prevent the trytomanipulateyou. Which lawyer said he would pursue Instagram.) Placethem in a happening this week.You special event, the companies spread of misinformation. bringsustomyrules forthe an appeal as well as “try and newfolder entitled “DO NOT mayhavealso heardthat an have added lotsofsafety Twitterput restrictions week ahead: get his life back together.” USEUNTIL ELECTION IS epic messisforecast on so- measures—even closed off around itsretweet feature. PleaseturntopageB4 Law Firms’ Clients Want Proof of Diversity INSIDE

BY SARA RANDAZZO fulwork.Firms that don’t Stern, who leads an associa- and 10% underrepresented mi- have good answers might lose tion of minority- and women- norities.Other companies ask Lawfirms have spent years out on bonuses or not get owned law firms. “People are firms foranaccounting of di- promising to hireand promote hired. calling up saying,‘Showme versity figureswithout setting moreBlack lawyers. Their cor- “What gets done is what the Black lawyers…showme specific targets. porateclientsare nowpres- gets rewarded,” said Shannon the Black law firms.’ ” About 2% of partnersat suring them to show results. Klinger,chief legal officer of At Microsoft, lawfirms in U.S. lawfirms and lessthan Companies including Mi- pharmaceutical company No- thecompany’spreferred net- 5% of attorneysinthe lower crosoft Corp., U.S. Bancorp, vartis AG, which withholds work canearn back as much as ranks areBlack,figures that BUSINESSNEWS HEARD ON STREET Uber Technologies Inc.and 15%oflegal fees if diversity 3% of their fees as abonus if have barely budged forde- Rental-car companies The crackdown on Intel Corp.are asking the law benchmarks aren’t met. they hit diversity targets. cades,according to the Na- aregetting aliftfrom Google threatens a firms they hiretodetail how Client demands swelled this Starting in January, Intel will tional Association forLaw manydiverse lawyersthey year,driven by the national hireonly U.S. lawfirms whose Placement, or NALP.Inlaw rising used-car prices material revenue employand whether those debate about race and equity. U.S. equity partnerships are schools, Black students make and moretraveling. B3 stream forApple. B12 lawyersare assigned meaning- “Lightning struck,” said Joel made up of at least 21% women PleaseturntopageB5 P2JW308000-5-B00200-1------XA

B2 | Tuesday, November 3, 2020 ***** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

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

A Dunkin' Brands...... B11 McKinsey...... A1 Demand for Wipes, Disinfectant Alorica...... A7 E Microsoft...... B1 Mondelez International Alphabet...... B12 Eaton...... B5 ...... B2 Amazon.com...... B11 Elliott Management...B1 In Pandemic Powers Clorox Profit AmeriHome...... A2 News Corp...... B2 F Amici Partners...... B3 Novartis...... B1 Ant Group...... B1 Facebook...... B1,B11 R FIC Restaurants...... B3 BY SHARON TERLEP developed aspray disinfectant tively well from both shut- higher Mondayat$216.03. Apple...... B12 Rocket...... A1 AND DAVE SEBASTIAN product capable of covering downs in China at the start of Clorox also firmed up its AT&T...... A3 Finance of America Root...... B5 Equity Capital...... A2 large,difficult-to-reach spaces, the year and adrop-off in sales guidance. It expectsfiscal Aurelius Capital Royal Caribbean.....B1,B5 Management...... B2 Fox...... A5 Clorox Co.’ssales jumped and it is selling well among to businesses as offices and 2021 earningsof$7.70 ashare S 27%, thefastest growth in at businesses trying to stay open restaurantsclosed. to $7.95ashare, reflecting a Avis Budget Group.....B3 G Safran...... B11 leasttwo decades,driven by as virus cases proliferate Thesales growth also 5% to 8% increase from the B Goldman Sachs...... A2 Simon Property GroupB2 Americans’ continuing scram- around the U.S.,wheretotal marked an end to woes in Clo- prior year. It expects sales to Booking Holdings...... B11 Greensill Capital...... B10 SoftBank...... B10 ble forcoronavirus-killing confirmed cases exceed 9.2 rox’s household unit. Sales,par- rise 5% to 9% forthe fiscal Bossa Nova Robotics..B1 Guild...... A2 Southwest Airlines....B1 cleaning products. million, according to data ticularly of trash bagsand year.The companyhad ex- Boston Consulting H Standard Chartered..B10 Thecompanysaid it is be- compiled by Johns Hopkins charcoal, took ahit last year pected sales flat to up in the Group...... A1 ginningtocatchupwith de- University. when the companyraised low single digits. Sun Capital Partners..B3 BRIX...... B3 Hertz...... B3 mand fornamesakedisinfecting Clorox is asmaller,more prices and consumersdefected Theseven-day averageof Brookfield Property Hewlett Packard T wipes and sprays,while adding U.S.-focused companythan ri- to rival brands. newdaily cases in the U.S. is Enterprise...... B10 Partners...... B2 Telegram Group...... A2 production capacity and hiring vals such as Procter &Gamble Overall, the companyre- nowthe highest the country C I Twitter...... B1, B4, B11 third-party manufacturersto Co.and Lysol maker Reckitt ported profit doubled to $415 hasseen, at 81,336,according Caliber Home Loans...A2 Inspire Brands...... B11 U reducelingering shortages. Benckiser Group PLC.P&G’san- millionfor the three months to Johns Hopkins data, as the Clorox is “still not at apoint nual sales were morethan $70 that ended Sept. 30.Sales were virus continues to spread. Carnival...... B1 Intel...... B1 Uber Technologies wherewecan meet ongoing el- billion, while Clorox’s revenue $1.92 billion, up from $1.51 bil- Some regions around the world Citigroup...... B1,B10 J ...... A6,B1,B3,B5 Clorox...... B2,B11 evated demand,” said ChiefEx- last year was$6.7billion. lion in the same quarter last arealso seeing aresurgencein J.C. Penney...... B2 UBS...... B1 ecutiveLinda Rendle,who In manyways,those dynam- year and beating Wall Street Covid-19 cases,with European D United Wholesale L started the topjob in Septem- ics helped Clorox during the estimates. countries imposing fresh lock- Mortgage...... A2 Da-Jiang Innovations.A3 ber.“Maximizing supply con- pandemic,insulating it rela- Shares closed morethan 4% downs. Lemonade...... B5 U.S. Bancorp...... B1 Deloitte Consulting....A1 tinues to be our toppriority. Lyft...... A6,B3 Desktop Metal...... B5 W We’releaving no stone un- DirecTV...... A3 M - N Walmart...... B1 turned.” DoorDash...... A6 Manheim...... B3 Wells Fargo...... A2 Thecompanysaid it expects sales growth due to Covid-19 to remain elevated compared with the prior year but to slowdown INDEX TO PEOPLE in 2021. Thesales surge went beyond B H Perrin, Maxime...... B11 cleaners. As people stayed Boise, April Miller...... B5 Hawkins, Justin...... B1 Pichai, Sundar...... B12 home,Clorox also had big sales C Hayes, Tom...... B1 R gains forproductsfromKings- Cecala, Guy...... A2 J Renzi, Mark...... B2 ford charcoal to Hidden Valley Chalian, David...... A5 Jjingo, Janine...... B5 Russell, Kevin...... B11 dressing and Glad trash bags. Chosy, James...... B5 K S Clorox ended September Cohn, Jesse...... B4 Katzenberg, Jeffrey....A1 Stern, Joel...... B1 with $860 million in cash and S Crenshaw, Caroline...B10 Klinger, Shannon...... B1 cash equivalents, up from $150 T NEW D M million ayear earlier.Execu- G Dargan, Catherine...... B5 Thompson, Duvol...... B5 Ma, Jack...... B1 tives laid out plans Mondayto Dorsey, Jack...... B1 Todner, Karen...... B1 Mahamedi, Abdi...... B2 use the windfall to branch into OOMBER Durban, Egon...... B4 W Marsh, LaKeisha...... B5 newregions and product cate- /BL F Mishkin, Arnon...... A5 Whitman, Meg...... A1 gories.Their goals include Wollensack, Amy...... B5 Furner, John...... B4 O - P beefing up aunit that sells MORRIS

G Oppenheim, Noah...... A5 Z cleaning productstobusinesses UL PA Greensill, Lex...... B10 Patterson, Chaka...... B5 Zirinsky, Susan...... A5 and growing an international VID

wipesbusiness. DA For instance, the company The companyexpects sales growth due to Covid-19 to remain elevatedcompared with the prior year. Mondelez Gains in Emerging Markets

BY ANNIE GASPARRO stance,Mondelezhas alarge companysaid. tions and currencyfluctua- gumand candy businessthat “Some markets are still tions, rose 6.3%. “Weexpect Mondelez International has been hurt by people going challenged, particularly where this elevated consumption to Inc.said sales of itssnacks and out less often and making our portfolio skewstowards continue forawhile,” Mr.Van candy areimproving in emerg- fewertrips to convenience gumand candy,” said Chief Ex- de Putsaid, referring to the ing marketsafter months of stores. ecutiveDirk VandePut. pandemic’scourse in the U.S. CK

TO lockdowns and economic tur- In recent months,Monde- Global revenue rose 5% in Likeother U.S. food compa- moil from the pandemic. lez’ssales in some developing itsthirdquarter to $6.6 billion, nies,Mondelezhas invested Themaker of Oreo cookies, countries,such as China, India topping analysts’ expectations. moreinits brands amid strong SHUTTERS Trident gumand Triscuit andBrazil, have improved, the Comparable sales rose 5.3% in demand forgroceries in hopes A/

EP crackerswas hit this year as companysaid Monday. But emerging marketsand 3.8%in of persuading consumersto O/ Covid-19 squashed demand in sales in others, including Mex- developed countries.InNorth stick with itsproductsfor the Asian and Latin American icoand partsofthe Middle America, that metric,which long haul. Shares fell 1% to

MABANGL countries.InMexico, forin- East,are still declining,the excludes the impact of acquisi- $53.71inafter-hourstrading. G. JOHN The chain is racing to completethe transferofits remaining storesto mall landlords Simon and Brookfield beforeholidayshopping season. Depp Loses Libel Case Against British Paper

PenneyReachesPact BY MAX COLCHESTER domestic violence and ruled “Domestic abuse victims Sun. that, of those,two didn’t oc- must never be silenced and we “This decision is as per- LONDON—Movie star cur. thank the judgefor his careful verseasitisbewildering,” Mr. On Restructuring Sale Johnny Depp lost a libel case “I have found that the great consideration and thank Am- Depp’sU.K.law firm, Schil- Monday against a British tab- majority of alleged assaultsof berHeardfor her couragein lings, said Monday, adding loid newspaper that published Ms.HeardbyMr. Depp have giving evidence to the court,” that theactor would appeal BY ALEXANDER GLADSTONE The settlement announced an article calling him awife- been proved to the civil stan- said aspokesperson forThe the case. Monday bringsconsensus to beater over his treatment of dard,” the judge, Andrew Ni- J.C. Penney Co.cleared the the bankruptcy case and posi- his former wife, Amber Heard. col, ruled. way to sell itself out of bank- tions Penney to complete the An English judgesaid he Thecivil standard—a lower ADVERTISEMENT ruptcy to lendersand land- restructuring sale well ahead found the 57-year-old actor bar than the “beyond reason- lords,settling with agroup of of theholidayshopping sea- had abused his former wifeto able doubt” requirement for TheMarketplace holdout creditorsled by Aure- son, the companysaid in court the extent that she frequently criminal cases—means that lius Capital Management LP papers. feared forher life. Mr. JudgeNicol decided it was To advertise: 800-366-3975orWSJ.com/classifieds that wanted abiggersliceof Simon and Brookfield beat Depp’slawyerssay he will ap- moreprobable than not that the pie from the company’sre- out competition from private- peal the decision. the alleged assaultstook place. BUSINESSOPPORTUNITIES CAREERS structuring. equity firm SycamorePartners In 2018,The Sunpublished Ms.Heard, 34, gaveevi- Thesettlementsresolved and Saks Fifth Avenue owner an article alleging Mr.Depp dencesaying that Mr.Depp’s objections to aplanned re- Hudson’sBay Co.toacquire was a wifebeater in an article behavior waslargely theresult *#'.)"( +&.(!"%# !-*(35$<'55 (79#'75 structuring under which the Penney’s retail assets. abouthis casting in the film of drug and alcohol abuse.She "- -))/(+* $) !2&#(%. 5@66 -5>0: (=,;2@,,@, 7%5--0*4 3#*-)'+5%0)* department-storechain’sretail Penney filed forbankruptcy “Fantastic Beasts.” alleged that at various times 6/12*),)4$ -0'+&( &/> '/2.74 *<++/55/<)5 operations and most of its in May, after the coronavirus Theactor sued fordefama- during theirrelationship he ", (+$.%.-$.01'-.!-.2)+$!2$ #$ 7*53&3*53*: !(*:%0.:(% stores will be acquired by pandemic accelerated the tion in the English High Court, slapped her, threw her to the !01. 5% 10.8 &.04 %04@ A9=?,;)@ 5/6@, landlords Simon Property troubles affecting department sparking aclosely watched ground and verbally abused $(2/1)1#0!,+"(-%2'+ 6305$ 98%*+$,35 "2%0+*+*- "4+*.3 ')1/ ! 0&#*$0'*#%.. ! Group Inc.and Brookfield stores. court case in London that laid her. 5@2) "@??@. -7@,=4@ ?0+ Property Partners LP for Assuming the sale to Simon barethe couple’stempestuous During thecourt case,Mr. !7<-475"2<0045+#)1:<+;#)=9:<+ $/5/0 <.7 ,4!5/048 2<0045+#)1:<+;#)=9:<+ roughly $800 million. and Brookfield is approved by relationship and sawMs. Depp denied that he wasavio- E#%B'# @OBE !#%#E,Q C,A S& /5GT>F) 3>MMPF) P7<58) 5N %)/046 &0#045 3*#)#6# 3(.7<;4 the U.S. BankruptcyCourt in Heardgivedetailed evidence lent person and gaveevidence 4HI4 ">P7M 1) 15G9+ 9P:) J5 8))J /5G2 BMP7" J>0 Corpus Christi, Texas,the abouther former husband’s saying that Ms.Heardhad N 3N5;)7 T)93 N)+G<) JT) COMMERCIAL REAL ESTATE The settlement with >85G7J 5& J>0 /5G3>/2 500 of Penney’s 650 stores Mr.Depp sued News Group surancepolicyshould the mar- %>7P)9 ($LR$LLR$$HK ?><: holdout creditors outright. Thelenderswill then Newspapers Ltd., which owns riagefail and that she wasa ($LRK.6R.LKI *>9>7<) D59>N2 =>9>7<)M59>N351)N2<58 &#'*% %*$(%(') lets the $800 million buy the remaining stores as TheSun and is part of News gold digger. well as distribution centers, Corp.The Wall Street Journal Following the verdict, Ms. *"==5-!)#@ &-745-A6> deal go through. leasing them to the landlords. is also owned by News Corp. Heard, whotestified on the E%&B'% #!'O"% C,A%D %,744):. !5:A5- Penney had about 850 loca- The allegations of violence newspaper’s behalf, said out- '&C("#)$+>58/ *D&>;&%;" 'A25)!A tionswhen it filed forbank- spannedthe period between side court, “I just wanted to C,A "#C#$,C#O! DCE,C%$#%D ?2;333 %/C(A*04#8+ 056,75 ."+"!15 3-74/5 ,2 .4 )&( 250 *5"0 ruptcy,and has closed some 2013 and 2016, when the cou- moveonwith my life…Iwould 231 7!!<4#:!6; As part of the proposed for good. ple split. Thejudgesaid he have preferred not to be here deal,top lendersagreed to Theretailer is racing to looked at 14 cases of alleged in court.” 7<=:=(1:99=1 -0:(<<:C,A:'BC:1 '<""7!B; $59#+ buy the remaining stores in transfer ownership ahead of 333.+24*),5/;824)/*)6)4;*.4); !,-$+"!$!,,, return for forgiving $1 billion the holidayshopping rush, of Penney’s $5 billion in debt which typically makes up 3**-/(1 "'))*%./2+ !*(,*% while leasing the locations to roughly 20% of annual U.S. re- $C09<- &0)8#C:)<=)8)=;#B 95<. %831*!& @6"B 1% Simon and Brookfield. tail sales but faces unique %: relius had opposed the com- Covid-19 pandemic. 4<#

pany’s proposed breakup, ar- Already under pressure S $6:#DC9%2#<<95 E>E+>17+AA,/ (38"&3 27.9 <9: @:66 guing it would funnel a from the rise of e-commerce 90 4#2(01'+,*()1$/(.&.')

PRES AA<.67)$8/>*#!C'8> disproportionateamount of and shifting consumer trends, value to asubset of participat- bricks-and-mortar retailers TED CIA CAREERS ing lendersled by H/2 Capital have been hit further by so- SO RESIDENTIAL REAL ESTATE Partners LLC. cial-distancing mandates and AS

Tensions between the rival shoppers’ fear of contagion. ONE/ )#-,$&-+%+*-%! '"*,( 0= "!&:8&#' ,(!': '4F E1=("7,=6:4?B#+ !*, groups boiled over last week Retailbankruptcy filings ST $# GHI"=)I 8,/A.9;)15 >D(46$#G8< C--'C *E:1== EBF(1:F?7E 47 47( E")( /4F)(F4'B#( when alawyer forthe H/2-led this year include apparel /KEY 4/,./,&E- :H)&)1- -!.-,E0/, .A2%H1%J .F4.(FB6, 3F(1B<"(9E+ <(F6 E(-=?)()+ 9"B#%00 1-F(E4'01BB1B?-@ 44F(EB 1/?BB"7$ 47( E")( 4' consortium accused the other companies aiming to restruc- WEY E,&3-31/*.&)J @HE" -!E-)CHB-')/@%?

A -3I-/0CE/1' -!1"&)I-C9 H)B-CE*-)E&)3 B#( .F4.(FB6, .7(1-F(347"7$17)10 :"7?B(E faction of “economic terror- turetheir balancesheetsin 2,/'-,&I-F,*C9 &)3 .,-.&,&=/) B4 )497B497 2"B-#&(=)+ !*, 01"7( ="<"7$"7

ism” forthreatening to stymie chapter 11 and companies left ANDR /0 F)&)1H&% CE&E-*-)EC &)3 0//E)/E-C5 !477(-B"-?B, ,/<)9- 2,0=4===1 7*&H% ,-CA*- E/ H)0/+AC%HI"=)II,/A.51/* asale to Simon and Brook- with no choicebut to liqui- ALEX (6;; $% 5>=,3 7.,+>>,7 field. date. Actor Johnny Depp plans to appeal Monday’s decision. P2JW308000-2-B00300-1------XE

THE WALL STREET JOURNAL. ** Tuesday, November 3, 2020 | B3 BUSINESS NEWS Friendly’s, Rental-Car Firms Enjoy Rebound Again in BY NORA NAUGHTON Chapter 11, Rental-car companies, crushed by acollapse in book- ingsatthe onset of the Covid-19 To Be Sold pandemic,are nowgetting alift from two unexpected sources: BY AISHA AL-MUSLIM rising used-car prices and more people looking to travel by car. Theoperator of Friendly’s When the newcoronavirus restaurant chain has filed for outbreak hit the U.S. in force chapter 11 bankruptcy, saying this spring, the rental-car in- the 85-year-old businesscould dustrysustained adual blow:a fetchlessthan $2 million as steep drop-off in businessas the coronavirus pandemic people and companies canceled wreaks havoconin-person travel plans and anosedivein dining nationwide. resale values fortheir fleets. Thechain, known forice Thedrop-off in used-car prices cream and hamburgers,sought wasparticularly damaging for

protection on Sundayinthe HertzGlobal Holdings Inc., S U.S. Bankruptcy Court in Wil- helping to push the 102-year- NEW

mington, Del., the second oldcompanyintobankruptcy. G chapter 11 filing forFriendly’s But over the summer,the in-

since its purchase by private- dustry’sfortunes began to re- OOMBER

equity firm SunCapital Part- verse. Used-car prices snapped /BL ners in 2007. back andevenhit record levels

Friendly’s operator FIC in August as dealersgrewtight MORRIS

Restaurants Inc.said it on inventory. That wascrucial UL agreed to sell itsassetsto forrental-car firms because PA VID

Amici PartnersGroup LLC,an they regularly turn over their DA investor group affiliated with fleetsand aresensitiveto Avis said reservations fell 60% after travel restrictions in March but it posted a $45 million third-quarter profit as used car prices surged. BRIX Holdings LLC,aDallas changes in resale values. restaurant franchising com- Customers, wary of air gettowork,and some compa- Avis BudgetGroup net Average used-car pricein their lowest levels in history, pany with a portfolio that in- travel, rented vehicles as an al- nies areevenpaying forthat in- income/loss the U.S. according to vehicle-auction cludes the brands Red Mango, ternativetousing ride-hailing stead of public transportation.” operator Manheim Inc., dent- Smoothie Factory, RedBrick apps operated by Uber Tech- While the outlook is im- $200 million $19,000 ing the value of daily rental Pizza and Souper Salad. nologies Inc.and Lyft Inc., ex- proving,rental-car bookings fleets. ForHertz,plummeting The nearly $2 million cash ecutives and analystssay. are still down compared with 100 18,000 used-car values meant it had to deal—subject to certain ad- These trends helped Avis last year,and firms continue makeadditional paymentson justments, including assump- Budget Group Inc.swing to a to cut costs, executives say. 0 17,000 itsfleetstocover depreciation, tion of certain liabilities,con- profit of $45 million in the third Thecar-rental firms’ recov- precipitating itsbankruptcy. tractsand leases—will keep quarter,reversing losses in the eryillustrates howbusinesses As the economyreopened most Friendly’s locations open firsthalf of the year.Privately arequickly adapting to new –100 16,000 this summer,people fleeing cit- but will cover only a fraction held Enterprise HoldingsInc. routines and lifestyles created iesand wanting personal trans- of thecompany’snearly $89 also said it hasbenefited from by the health crisis. Beforethe –200 15,000 portation rushed to buy used million debt load. Thepro- an uptick in leisuretravel, with outbreak,the rental-car indus- vehicles,and preowned prices posed sale is subject to bank- bookingsimproving over the trywas fending off threatsto surged, rising morethan 30% –300 14,000 ruptcy-court approval. summer and customersrenting itsbusiness, including alossof from ApriltoSeptember. Founded in 1935,Friendly’s vehicles forlonger periods. customerstoUber,Lyftand “Rental-car companies sud- started as an ice-cream shop Both Avis and Enterprise say otherride-hailing firms.But –400 13,000 denly were in averyideal po- in Springfield, Mass. TheWil- they plan to resume buying ve- now manyAmericans areavoid- sition,” said Jonathan Banks, braham, Mass.,chain has hicles to updatetheir fleetsaf- ing shared transportation,cre- –500 12,000 an automotiveanalyst with re- about 50 company-owned res- tersome downsizing earlier in ating an openingfor the rental- search firm J.D. Powerwho 2019 ’20 2019 ’20 taurantsand roughly 80 more the year.Hertz,still in bank- carcompanies,Mr. Woronka tracks vehicle valuations. that are franchised. ruptcy and recently delisted said. Ridership is slowly return- Sources: S&P Capital IQ (Avis); J.D. Power(prices) By June,reservations for SunCapital acquired from the NewYork Stock Ex- ing forUber and Lyft but re- rental cars began to rebound, Friendly IceCream Corp.in change, this summer pointed to mains belowpre-pandemic lev- Ms.James said that having her Avis said reservations fell andthe rise in resale values 2007 forabout $337.2 million. record used-car prices as aiding els,the companies have said. ownspacemakes her feel safer 60% aftertravelrestrictions helped rental-car companies TheFriendly’s operator filed effortstowhittle down the Michelle James,aquality en- than flying during the pan- were issued in March, and the moreprofitably downsize forchapter 11 in 2011 but Sun company’sfleet to raise cash. gineer foranautomotivesup- demic.“Iwould just rather be rental-car companyimple- their fleets, executives and an- Capital remained the owner.In “We’re starting to see new plierinOhio,said that in June in acar by myself,” she said. mented furloughs and job cuts. alysts say. 2016,Sun Capital sold usagecases forrental cars,” she started renting vehicles Reservations forrental cars Avis also began aggressively Avis executives credited the Friendly’s manufacturing and said ChrisWoronka,ananalyst from Enterprise forher busi- collapsed in the spring when selling off aportion of itsfleet company’sthird-quarter net retail ice-cream businessto forDeutsche Bank.“In big cit- ness trips,driving to Alabama widespread lockdowns this spring at depressed prices. profit in large part to the Dean Foods for $155 million. ies, people arerenting cars to and Michigan in recent weeks. squashed the travel industry. Used-car values in April hit strength in the used-car market. HEL/REUTERS SC RIET S TTHIA MA VW can conduct as many as 2,400 Covid tests a day. A factory in Zwickau, Germany, in September. European Companies Say They Are Prepared for New Lockdowns

BY WILLIAM BOSTON notfundamentally changing pened, but from aselfish point AND SAABIRA CHAUDHURI what we’re doing because we of viewIhavetwo children to didn’t fundamentally go back feed and Christmas presents This time, a large chunk of to the way thingswerebe- to buy,” said the 25-year-old Europe Inc. is ready. fore,” Daimler AG Chief Execu- Ms. Middleton. Facing strict lockdowns in tiveOla Källenius told report- TheBritish Retail Consor- three of the continent’sbig- erslast month. Anyone who tium,atrade body,said the gest economies,businesses can work from home, does. last lockdown cost nonessen- across Europe arehunkering Shutdowns arealso now tial retail businesses £1.6 bil- down again and girding for a morelimited than in the lion, equivalent to $2.1 billion, tough end to 2020.But unlike spring.Authorities arelargely aweek in lost sales.Emma earlier this year,when lock- targeting barsand restaurants, McClarkin, chief executive of downs took most companies and limiting the ability of peo- the British Beer &Pub Associ- by surprise,executives in sev- ple to socialize. Therestric- ation, said the new lockdown eral big industries saythey are tions vary from countryto would triggerawaveofper- moreprepared, and expect country, but in most places, manent shutdowns and called less disruption. schools,offices,grocery stores for government grants. “This Manufacturershavehad and big factories remain open. could be the final straw for months to institute, test and Authorities hope they can lift thousands of pubs and brew- tweak measures aimed at the restrictions after about a ers,” she said. keeping factories humming month. Thenew lockdowns Formanylarge manufactur- andstaff at asafedistance come when China’seconomyis ers, though, the supply-line from each other.Manylarge in full recovery mode,too, problems and scramble to re- office-centered companies boosting demand at European tool factories forsocial dis- never brought manystaff back factories. tancing arebehind them. intoheadquarters, making the Companieshardest hit by Several German carmakers adjustment to anew lockdown the newrestrictions arein had ahead start preparing for easier. sectors that have been strug- lockdowns early this year,with Airbus SE Chief Executive gling all year,including retail, lessons learned at their Chi- Guillaume Faurysaid last week restaurantsand tourism. Small nese operations.Volkswagen he wasconfident of delivering businesses and those geared AG quickly adopted a100-point planes through the current rise toward services areagain on catalog of measures to prevent in coronavirus cases and gov- the front lines of the pan- the spread of the disease while ernment lockdowns.Hesaid demic’s economic carnage. keeping assembly lines run- thecompany—with manufac- Lauren Middleton, abeauty- ning.Those measures,includ- turing sites in Germany, France salon owner in Leeds,in ing half-hour buffersbetween and the U.K.,all three nowthe northern England, says the shifts to minimizeworker con- subject of newrestrictions— lockdown comes ahead of the tact, were never relaxed. The wascaught off guardearlier holidayparty season. She was companyalso has the capacity this year.“Thesituation today fully booked between mid-No- to conduct as manyas2,400 is different,” he said. “We are vember and Christmas Eve. testsaday. prepared.” “I understand from ahealth —Benjamin Katz This time around, “we’re point of view why it has hap- contributed to this article. P2JW308000-4-B00400-1------XA

B4 | Tuesday, November 3, 2020 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

and that he also serves as Exercise Dorsey CEO.His split duties have raised questions about his ability to suitably focus on the Right to Not Survives issues facing Twitter, wherehe has oftenbeen amorehands- off leader than some of his Be Social Review peersaround Silicon Valley. SinceElliottbegan scrutiniz- ing Twitter in lateFebruary, the ContinuedfrompageB1 ContinuedfrompageB1 company’sstock has risen Don’tuse social media of the newcommitteetostudy about20%. Twitterhas in- Thefirst rule of election Twitter’sleadership,which ef- creased itsuser base about 23% social media is: Youdon’t use fectively created a probation sincethe fourth quarter of election social media. We period forMr. Dorsey to prove 2019,outstripping itspledge should all take the occasional himself to the newinvestors. earlier this year to increase the social-media break in our The committee was led by user base by morethan 20% lives—right now’sagreat Patrick Pichette,Google’sfor- this year and beyond. time. mer chief financial officer who Both of those figureswere My colleague Christopher earlier this year wasnamed trending higher beforelast Mims inspired me to go this Twitter’slead independent di- week,when Twitterposted its somewhat extreme route. He rector.Jesse Cohn,Elliott’s slowest user growth in years.

entered intoafriendly bet to CEBOOK head of U.S. equity activism, Twittershares dropped 21% stay off social media until FA and Egon Durban,co-CEO and the dayafter it reported earn- Nov.16. I’m planning to stay managing partner of Silver ings.

off forthe next few days. TWITTER; Lake, served on the commit- Mr.Dorsey’s next major test Thereare acouple of rea- Twitter, Facebook and Instagram launched newsections of their apps with vetted election information. tee. Silver Lake made asizable is Twitter’shandling of the sons formydecision. First, investment in Twitterearlier election. doomscrolling.The algo- feature allowyou to stop morethan Ishould. Not this Facebook and Instagram this year. In lateOctober,Twitter rithms aredesigned to keep seeing postsfromspecific week. have acurated Voting Infor- Twitterhad previouslysaid faced scrutinyfromlawmakers us hooked and in times of people youfollowinyour mation Center.YouTube will the newboardcommittee forthe company’sdecision to high, collectivenational anxi- feeds.Twitterallows youto Don’tbelieve everything link to Google’selection-re- would announce its findings block usersfromsharing links etyIcan’t look away.Not do that and mutespecific OK,soeventhat’stoo sultspage, and when polls beforethe end of the year. to apair of NewYork Post sto- even with the help of screen words. YouTube doesn’t have much? Youdoyou, but first, close it will showlive Representatives forthe com- ries about JoeBiden’sson, and app timersthat warn me amutefeature, but youcan do your homework. streams of coverage from au- panyand Elliot declined to Hunter Biden. Mr.Dorsey’s when my time’salmost up. signal that youaren’t inter- This is the strategyofmy thoritativenewspartners. comment. arm’slength leadership meant Second, even Ihavefallen ested in certain recom- friend, whom youalso might Mr. Dorsey splits his time he wasn’t involved in theini- foramanipulated video and mended content and manage knowasThe Wall Street Don’tbeajerk between Twitter and Square tial discussions about that atweet with news that your recommendations and Journal’soriginal Personal Finally,the most obvi- Inc., afinancial technology move, TheWall Street Journal proved not to be true.Inthe search results. Tech columnist. ous—but needed—rule came company he also co-founded has reported. next few days,whereunvet- “My No.1rule is to be su- from Kelly Mendoza,senior tednewswill be moving Don’tshare per carefulabout what you director of education pro- faster,why even putmyself OK,soifyou can’t possi- shareand what youbelieve grams at Common Sense Ed- has concerns about howshop- in that situation? Luckily, bly leave behind 5,000 of on social media,” said Walt ucation. She oversees the Walmart persreact to seeing arobot thereare reputable news your closest friends while Mossberg, nowaboard Digital Citizenship curricu- working in astore,said one of outletsthat cangiveusfac- the fateofour nation hangs member of the News Literacy lum used by schools nation- these people. tual, up-to-the-minuteinfor- in the balance, Iurgeyou at Project, anonprofit that of- wide. Ditches Walmart said in January mation. least to stop sharing. fers free information and “Weteach kids that adif- that the Bossa Nova robots Thebest way to rid your Sure,the platforms them- classes in media literacy. ferenceofopinion doesn’t would be in around 1,000 of its lifeofall these apps is to de- selves have rolled out tools Even the most innocuous- need to mean adifferenceof Robot Plan 4,700 U.S. stores. Over the letethem from your phone to trytoprevent youfrom sounding postsabout topics character.Don’t attack some- past two yearsthe retailer has or movethem intoahidden sharing misleading and inac- likethe election or Covid-19 one just because they have a said it would bring moreauto- folder.Ifyou go with the lat- curateinformation. should be checked with “lat- different opinion on what ContinuedfrompageB1 mation to stores,characteriz- ter, don’t forget to turn off But whyeventakethe risk eral reading.” That’swhere should be done.Keep alevel tion. As moreshoppersflock ing the machines as robot notifications. right now? What does your youseek out additional in- head,” shesaid. to online deliveryand pickup “sidekicks” forstore workers Worried about howyou’ll link and meme sharing really formation on the same topic There’sdiscourse and then because of Covid-19 concerns, akin to R2-D2 from the “Star keep in touch? One option: do? Get youafew more from other authorsand pub- there’sdivision. Walmart has more workers Wars” movies.The Bossa Nova “Get your friends to collec- likes? Finally changeCousin lications. And sadly,social platforms walking the aisles frequently robotswereinabout 500 tively agree to only text, Fred’smind? My colleague Nicole arepushing Americans to be to collect online orders, glean- stores when the partnership emailorcall forafew days,” TheNetflix documentary Nguyen recommends Ground- ever morepolarized—not in ing newdataoninventory ended, said aWalmart spokes- said Martin Skladany, apro- “Social Dilemma” tells only News,aservicethat shows our opinions on issues,mind problems,said some of these woman. fessor of lawand technology one side of the powerofso- youhow manyoutletshave you, but in howwefeel people.The retailer is pursu- Walmart continues to use at Penn State Dickinson Law. cial media, but it should res- coveredtop stories at a about opposing groups. ing waystouse those workers other robotsinstores,such as Some of youmay be won- onatewith manyofus, espe- glance. Youcan all but guarantee to monitor product amounts floor scrubbersthat move dering: Can’t youjust mute cially itsdepiction of our And if you’relooking on high levels of vitriol, anger and locations,aswell as other through aisles alone. all election-related stuff? lives being controlled by al- the platforms themselves for and attacks on social media automation technology, ac- Bossa Novalaid off around Sure,that’sanoption if gorithms and sharing re- trusted info, Twitterhas in the next few days. cording to the people familiar 50% of itsstaff afterthe con- youloveplaying Whac-A- wardsdesigned to feed our added an elections section on So yes, all together now: with thesituation. tractwith Walmart ended, ac- Mole.Facebook’s snooze fea- primal emotional needs.For itsExploretab,with only Long pressonthose apps In addition, Walmart U.S. cording to aperson familiar ture and Instagram’s mute the record:Iusually share news from vetted outlets. and movethem far,far away. chief executiveJohn Furner with the situation.

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THE WALL STREET JOURNAL. Tuesday, November 3, 2020 | B5 BUSINESS NEWS More Startups Take Fast Track to Listings

Boom in blank-check year,that calculus has changed deals valuing venture-backed to raise ever largerfunds and good culture.” we would have otherwise,” said due to successfultech initial companies at $1 billion or more fuelingthe secondarymarkets Most of the younger start- Arjun Aggarwal,vicepresident companies, tech rally public offerings, high prices in reaching arecordinthe second forprivatestock.Any reversal ups arelisting this year via of product and businessdevel- help spur shift away tech stocks generally,and the quarter,according to PitchBook or weakening of that trend SPACs. Almost two dozenven- opment at DesktopMetal Inc. popularity of special-purpose DataInc. could affect venture-capital ac- ture-backed tech companies Founded in 2015,Desktop from staying private acquisition companies,or At the same time,moreear- tivity,especially in later stages. have signed deals to be ac- Metal makes 3-D printing SPACs, that lowersome of the lier-stagecompanies have been Some entrepreneurschoos- quired by SPACs, according to equipment and expectstogen- BY YULIYA CHERNOVA hurdles of traditional IPOs. finding their way to public ing to go public earlier are an analysis of datafromDea- eratebetween $15 million and “It’snow lessexpensiveto markets. wary of the disappointing stock logicand PitchBook as of Oct. $25 million in revenue this Frothypublic marketshave raise capital in the public mar- Digital insurancestartup performance of older compa- 23.Their median ageisabout year,downfrom$26 million in been chipping away at the kets than the privatemarkets,” Lemonade Inc., founded in nies that went public last year, seven yearsold. Some have lit- 2019,according to itsinvestor long-heldviewthat venture- something that hasn’t hap- 2015,was the youngest venture- such as Uber Technologies Inc. tle or no revenue. presentation. Itsdeal with backed tech companies should pened in along time,said backed tech companyinmore “They did all the growth Manymoretech startups are blank-check companyTrine Ac- stay privateaslong as possible. TomaszTunguz,apartner at than two yearstohold an IPO with VCsand then they heaved being approached by SPACsthat quisition Corp.and related Over the past decade,many RedpointVentures. when it went public in July,ac- themselves on the public mar- haven’t found an acquisition transactions would value Desk- tech entrepreneurscouldn’t be Still, the median ageofven- cording to Mr.Ritter’sdata. ketthat didn’t appreciate target yet, VCssay.About 165 of topMetal at up to $2.5billion. bothered to go public,astep ture-backed tech companies Venture-backed Root Inc., which them,” said Daniel Schreiber, the SPACsthat went public in DesktopMetal considered accompanied by extracost, reg- holding IPOs this year is ama- started selling autoinsurance chief executiveand co-founder 2019 and 2020 and have raised thetrade-offs in going public, ulatoryoversight and the stock ture12years, according to data just four yearsago, followed of Lemonade,who declined to about $53.6 billion areinthat such as moreonerous reporting market’sstress. They hadan compiled by JayRitter, apro- suit with an IPO last week. name the specific companies he camp,according to Dealogic. requirements, according to Mr. ever-expanding availability of fessor of financeatthe Univer- In recent years, the trend of had in mind. He added another “AsSPACs started to become Aggarwal. But the advantages privatecapital fortheir funding sity of Florida. And the late- companies staying privatelon- concern:“When youget to be moreprevalent, we sawanop- of raising cash that the com- needs. stageventuremarket remains gerhas reshaped the venture that big without being trans- portunity to makethat leap [to panycan use to competebetter But in the second half of this robust, with the number of market,pushing venturefirms parent, Idon’t think it instills the public markets] earlier than outweighed the negatives.

aggressive—trying to persuade pared with 17%for whiteasso- Clients Ask other general counsel to hire ciates,according to astudy Black lawyers. In lateJuly,af- this year by the NALP Founda- AKERMAN terseeing several Black law- tion, an industryresearch For Legal yers post career frustrations group, and legal recruiting ENTER);

(C on LinkedIn, Mr.Patterson firm Major, Lindsey & Africa.

OM gathered 30 Black general Lawfirms were morelikely to FL counsel and 30 Black law-firm attributethe exit of Black law- Diversity & partnersonatwo-hour video- yers to problems with their

GHER conferencecall to talk about work compared with white,

ContinuedfrompageB1 MEA ways to help. Asian or Latino lawyerswho

up lessthan 8% of totalenroll- TE, “Therewas alot of momen- leave, the study found.

ment, compared with about SLA tum forsomething likethis,” Morethan 150 lawfirms BURLING

13% of the U.S. population, and & he said. andcorporatelegal depart- ARPS, aremorelikely to attend N In anygiven year,ahandful mentshavepledged to in- TO lower-ranked schools largely of the nation’slargest law crease diversity by joining an VING ADDEN,

ignored by the most presti- CO SK firms have no Black partners. initiativethat requires em- gious law firms. From left: Attorneys Catherine Dargan, Janine Jjingo and LaKeisha Marsh were recruited for a deal. Elitelaw firm Cravath,Swaine ployerstofield aminimum While lawfirms have im- &MooreLLP,which has 500 proportion of diverse candi- proved at recruiting minority perienceand ability rather Walden University in a$1.5 Wollensack: “Ok,soI’venever lawyers, has had one Black dates forevery hireand pro- associates, Black lawyers say than being minimized, dimin- billion acquisition, Mr.Patter- experienced this.Just pausing partner in itscenturylong his- motion. It is known as the they aren’t given enough high- ished or judged based on the son recruited experienced on 4black women partnersin- tory.OnThursday, it named Mansfield Rule,named forAr- profile work to ensureaplace color of our skin.” Black lawpartnersinthe three volved in this deal.” two more. Aspokeswoman for abella Mansfield, the first on the partnership track and Chaka Patterson,the general specialty areas he needed: Ms.Dargansaid the the firm said diversity and in- woman admittedtopractice aren’t handed client relation- counsel of nursing- and medi- mergers and acquisitions,fi- makeup of the team wasun- clusion is “a priority and work law in the U.S. ships in the same way as cal-school operator Adtalem nance and regulatory law. like any she had been on dur- in progress.” James Chosy,the general white colleagues. Global Education, decided this He turned to M&A lawyer ing her 25-year career. April Miller Boise,the gen- counsel of Minneapolis-based “You’ll see the same associ- year he had heardtoo many Catherine Dargan, aHarvard Manycompanies don’t want eral counsel at power-manage- U.S. Bank, said he signed up atestaffed on all the great times that big-money deals can Lawclassmatefromthe law to take the risk of hiring peo- ment company Eaton Corp., his department for the Mans- cases and think,‘WhyamInot only be trusted to the same firm Covington&Burling LLP; ple they have never worked said manylaw-firm leaders field Rule, run by a San Fran- getting those same opportuni- cadreofmostly whitelawyers Janine Jjingo, a finance part- with before,Ms. Marsh said, have historically attributed the cisco-basedgroup called Di- ties?’ ” said Duvol Thompson, who have handled such assign- ner at Skadden, Arps,Slate, which limitsopportunities for departureofBlack and other versity Lab, and urged all the apartner at Holland &Knight mentsinthe past. Such think- Meagher & Flom LLP; and his up-and-coming lawyersofminority lawyerstorecruit- lawfirms he hires to do the LLP. He recently helped com- ing “reinforcesthe status quo,” longtime regulatorylawyer, color.“Youwon’t knowwhat ment and betterjobs.She said same. pile asurvey of 60 Black male said Mr.Patterson, who is LaKeisha Marsh at Akerman you’recomfortable with unless fewerlawyerswould leave if “For aprofession that’s lawyers that concluded: “The Black. LLP. youstepout and trysome- they were offered attractive supposed to be all about consistent challengeisat- When his Chicago-based During the team’sfirst thing different,” she said. opportunities. equality,opportunity and jus- tempting to rise through the companyset out this spring to video call, Ms.Dargansent a Mr.Patterson said he has Attrition ratesfor minority tice,” he said, “weshould be ranks based on knowledge, ex- buy for-profit online educator notetoher lawpartner Amy been assertive—andattimes associates were 22%, com- first, not last.” Royal Caribbean Extends Hiatus

BY DAVE SEBASTIAN entsanopportunity forthe op- That pencilsinJanuaryasthe eratorstogeneraterevenue af- earliest the ships canstart RoyalCaribbean Group on terthey reported billions of sailing again in the U.S. Mondayjoined Norwegian dollarsinlosses this year,when CDC Director Robert Redfield Cruise Line HoldingsLtd.in the pandemic snarled the tour- had recommended in September canceling all sailings through ism industry. But the condi- extending the no-sail order into the end of the year,extending tional order requires operators Februarybut wasoverruled at a itshiatus sincecoronavirus to conduct mock sailings, WhiteHouse meeting of the outbreaks occurred on cruise among other measures,towin Coronavirus Task Force, The ships earlier this year. sailing approval, the CDC said. Wall Street Journal reported. Theextension of thesailing It is unlikely that cruise op- WhiteHouse officials didn’t pausecame afterthe U.S. Cen- eratorscan resume sailingsin want to see the industryfurther ters forDisease Control and Pre- the remaining two months of damaged and lose morejobs in vention let itscruising ban ex- the year,analystssay.The hubs likeMiami, according to a pireSaturday.Cruise operators CDC’sconditional order for person familiar with the matter. would need to apply forcondi- cruise sailingsrequires opera- Carnival Corp.didn’t imme- Ourdiamond tennis necklace: tional permitsfor each ship to tors to apply forasailing per- diately respond to arequest 3caratsofdazzle start sailing again, the CDC said. mit at least 60 days before it forcomment regarding its Thelifting of the ban pres- starts passenger operations. sailings. Sparklingfromevery anglewith 3.00 ct.t.w. diamonds in sterling silver, ourtennisnecklacemakes atimeless statement. Thegorgeousgraduated design canbedressed up or down, makingitthe perfectaddition to the collection of anydiamond lover!

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B6 | Tuesday, November 3, 2020 THE WALL STREET JOURNAL.

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THE WALL STREET JOURNAL. Tuesday, November 3, 2020 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 26925.05 s423.45, or 1.60% Trailing P/E ratio 26.64 20.34 3310.24 s40.28, or 1.23% Trailing P/E ratio * 37.25 23.48 10957.61 s 46.02, or 0.42% Trailing P/E ratio *† 36.81 25.28 High, low, open and close for each P/E estimate * 22.26 18.15 High, low, open and close for each P/E estimate * 25.01 18.55 High, low, open and close for each P/E estimate *† 30.25 22.25 trading day of the past three months. Dividend yield 2.29 2.24 trading day of the past three months. Dividend yield * 1.79 1.89 trading day of the past three months. Dividend yield *† 0.76 0.99 All-time high 29551.42, 02/12/20 All-time high 3580.84, 09/02/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 29000 3650 12100

28000 3525 11450

27000 3400 10800

Session high 26000 3275 10150 DOWN UP Session open Close 65-day moving average 65-day moving average t 25000 3150 9500 Close Open t 65-day moving average Session low 24000 3025 8850

Bars measure the point change from session's open 23000 2900 8200 July Aug. Sept. Oct. July Aug. Sept. Oct. July Aug. Sept. Oct. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 890,831,526 10,480,604 Industrial Average 27043.48 26691.28 26925.05 423.45 1.60 29551.42 18591.93 -2.0 -5.7 4.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 749,091,609 5,572,265 Transportation Avg 11281.82 11091.21 11216.42 110.23 0.99 11988.83 6703.63 2.1 2.9 4.7 Most-active issues in late trading Decl. volume* 138,396,933 4,349,327 Utility Average 877.34 861.29 876.56 18.79 2.19 960.89 610.89 2.3 -0.3 5.3 Volume After Hours Issues traded 3,170 264 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 34159.98 33629.29 33962.43 420.51 1.25 36434.12 22462.76 7.8 2.8 8.3 Advances 2,275 157 SPDR S&P 500 SPY 9,338.5 330.35 0.15 0.05 330.66 326.27 Barron's 400 734.22 725.61 733.29 13.56 1.88 767.01 455.11 4.6 0.1 2.3 Declines 797 98 Pinterest PINS 4,998.0 59.07 0.69 1.18 60.00 58.38 Unchanged 98 9 Apple AAPL Nasdaq Stock Market 3,377.8 108.47 -0.30 -0.28 108.85 108.10 New highs 32 2 Nasdaq Composite 11071.08 10830.95 10957.61 46.02 0.42 12056.44 6860.67 29.9 22.1 17.7 PayPal Holdings PYPL 3,031.5 176.85 -10.91 -5.81 190.75 174.00 New lows 29 3 Nasdaq 100 11222.52 10957.11 11084.76 31.81 0.29 12420.54 6994.29 35.0 26.9 21.1 Coca-Cola KO 2,895.3 48.69 0.07 0.14 48.82 48.36 Closing Arms† 0.59 1.41 iQIYI ADR IQ 2,733.2 25.20 0.01 0.04 25.37 25.04 S&P Block trades* 5,138 123 Advanced Micro Devices AMD 2,601.6 74.60 -0.10 -0.13 74.74 74.40 500 Index 3330.14 3279.74 3310.24 40.28 1.23 3580.84 2237.40 7.5 2.5 8.7 Nasdaq NYSE Arca Finl Select Sector SPDR XLF 2,545.3 24.33 0.02 0.08 24.36 24.28 MidCap 400 1939.20 1915.99 1937.11 36.93 1.94 2106.12 1218.55 -2.9 -6.1 1.9 Total volume*3,203,060,257 276,870,064 SmallCap 600 895.44 883.66 895.39 18.80 2.14 1041.03 595.67 -9.4 -12.3 -0.4 Percentage gainers… Adv. volume*1,953,025,090 228,653,574 Decl. volume*1,202,255,592 47,674,331 Other Indexes JAKKS Pacific JAKK 2,380.5 5.80 1.05 22.11 6.75 4.83 Issues traded 3,616 1,424 Russell 2000 1568.59 1540.86 1568.59 30.11 1.96 1705.22 991.16 -1.8 -6.0 1.6 Arista Networks ANET 152.2 240.50 24.38 11.28 243.00 211.50 Advances 2,354 1,217 NYSE Composite 12675.13 12535.93 12662.17 232.88 1.87 14183.20 8777.38 -5.2 -9.0 0.8 Halozyme Therapeutics HALO 513.0 31.00 2.60 9.15 32.05 28.00 Declines 1,156 196 Cardlytics CDLX 62.3 82.60 6.14 8.03 84.50 76.46 Value Line 469.87 460.71 469.87 9.16 1.99 562.05 305.71 -12.4 -14.9 -4.5 Unchanged 106 11 Cirrus Logic CRUS 112.7 71.90 5.27 7.91 76.00 66.63 NYSE Arca Biotech 5265.91 5136.95 5225.51 12.62 0.24 6142.96 3855.67 15.7 3.1 8.0 New highs 30 8 NYSE Arca Pharma 625.60 618.21 624.97 11.89 1.94 675.64 494.36 3.1 -4.4 5.4 ...And losers New lows 59 4 KBW Bank 79.32 76.78 78.94 2.01 2.61 114.12 56.19 -26.8 -30.4 -8.3 SolarEdge Technologies SEDG 267.3 216.69 -51.03 -19.06 271.19 213.00 Closing Arms† 1.25 1.87 § PHLX Gold/Silver 144.70 140.72 144.69 4.37 3.11 161.14 70.12 52.9 35.3 21.2 Aurinia Pharmaceuticals AUPH 400.5 13.85 -1.65 -10.65 15.50 12.96 Block trades* 15,708 1,236 § PHLX Oil Service 29.31 27.57 29.14 1.41 5.08 80.99 21.47 -59.2 -62.8 -39.7 Pacific Biosciences CA PACB 82.1 12.35 -0.90 -6.79 13.25 11.97 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2281.45 2238.71 2260.07 13.92 0.62 2433.48 1286.84 30.9 22.2 20.9 PayPal Holdings PYPL 3,031.5 176.85 -10.91 -5.81 190.75 174.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 38.78 36.13 37.13 -0.89 -2.34 82.69 11.54 189.4 169.4 55.2 BRKR Bruker Corp 74.8 42.00 -2.03 -4.61 46.23 39.50 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 1.72 World The Global Dow 2936.28 49.78 –9.7 Endurance International EIGI 9.41 3.60 61.96 9.48 1.31 140.1 MICT MICT 1.80 -1.32 -42.31 8.45 0.44 153.5 1.24 DJ Global Index 426.15 5.21 –1.8 Digital Ally DGLY 3.04 0.75 32.75 7.10 0.64 137.5 Liquidia Technologies LQDA 3.34 -1.28 -27.71 12.10 2.65 -32.1 DJ Global ex U.S. 244.17 3.04 1.26 –7.4 Par Pacific Holdings PARR 7.94 1.50 23.29 25.69 5.72 -66.4 NuZee NUZE 10.40 -3.35 -24.36 51.57 5.05 -68.5 Americas DJ Americas 771.76 9.28 1.22 1.4 Renren ADR RENN 4.56 0.86 23.24 6.23 0.45 108.2 Jounce Therapeutics JNCE 6.82 -1.50 -18.03 11.72 2.85 75.8 Brazil Sao Paulo Bovespa 93952.40 … Closed –18.8 AnPac Bio-Medical ADR ANPC 3.92 0.71 22.21 12.18 3.15 ... Universal Security UUU 2.53 -0.54 -17.59 5.11 0.30 248.0 Canada S&P/TSX Comp 15696.87 116.23 0.75 –8.0 TimkenSteel TMST 4.59 0.72 18.60 8.00 2.16 -29.6 KBL Merger IV KBLM 9.09 -1.86 -16.99 11.50 8.01 -14.2 Mexico S&P/BMV IPC 36987.86 … Closed –15.1 Aurora Cannabis ACB 4.73 0.68 16.79 47.04 3.71 -89.1 Equillium EQ 5.28 -1.07 -16.85 27.05 2.20 42.9 Chile Santiago IPSA 2459.69 21.49 0.88 –26.3 Tilray TLRY 6.66 0.95 16.64 24.10 2.43 -69.9 Ever-Glory Intl Group EVK 1.93 -0.39 -16.81 6.76 0.61 -38.2 Lumber Liquidators LL 25.75 3.63 16.41 29.60 3.77 175.7 Marin Software MRIN 2.08 -0.39 -15.79 5.70 0.77 10.6 EMEA Stoxx Europe 600 347.86 5.50 1.61 –16.3 IRSA-Inversions GDR IRS 4.23 0.56 15.26 7.58 2.57 -15.4 Rexahn Pharmaceuticals REXN 1.83 -0.32 -14.88 4.26 1.26 -0.5 Eurozone Euro Stoxx 339.42 6.12 1.84 –16.0 Belgium Bel-20 3077.58 34.22 1.12 –22.2 ProPhase Labs PRPH 8.34 1.10 15.19 11.18 1.20 376.6 Ikonics IKNX 3.91 -0.66 -14.44 7.38 2.83 -36.2 Denmark OMX Copenhagen 20 1335.78 11.87 0.90 17.6 Covanta Holding CVA 10.44 1.36 14.98 16.13 6.57 -29.4 Progenity PROG 4.27 -0.72 -14.43 15.92 4.24 ... France CAC 40 4691.14 96.90 2.11 –21.5 Genocea Biosciences GNCA 2.39 0.31 14.90 5.75 1.10 -9.5 Tenneco TEN 7.38 -1.24 -14.39 16.29 2.21 -52.6 Adaptimmune Therap ADR ADAP Zedge Cl B ZDGE Germany DAX 11788.28 231.80 2.01 –11.0 5.15 0.64 14.19 13.40 0.71 368.2 2.92 -0.49 -14.37 3.86 0.66 40.4 ProQR Therapeutics PRQR 4.20 0.51 13.82 10.98 3.60 -45.2 CASI Pharmaceuticals CASI 2.04 -0.31 -13.19 3.57 1.15 -36.3 Israel Tel Aviv 1345.12 15.35 1.15 –20.1 Italy FTSE MIB 18400.03 456.92 2.55 –21.7 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 543.91 10.03 1.88 –10.0 Russia RTS Index 1069.33 2.73 0.26 –31.0 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 52618.04 933.34 1.81 –7.8 Spain IBEX 35 6585.60 133.40 2.07 –31.0 NIO ADR NIO 264,004 141.5 33.32 8.96 34.94 1.58 InterPrivate Acquisition IPV 7,345 7331 10.02 1.31 10.27 9.15 Sweden OMX Stockholm 692.93 9.42 1.38 1.8 Titan Pharmaceuticals TTNP 137,277 1287.5 0.11 -22.31 0.55 0.11 Invsc S&P Intl Dev Mom IDMO 9,936 5784 29.24 1.07 31.05 19.72 Apple AAPL Pacer Lunt LC Alternator ALTL Switzerland Swiss Market 9791.68 204.53 2.13 –7.8 122,205 -29.2 108.77 -0.08 137.98 53.15 409 4090 24.61 1.55 26.05 22.94 General Electric GE 108,352 6.6 7.52 1.35 13.26 5.48 Deerfield Hlthcr Tech Cl A DFHT 210 3559 10.12 0.20 11.11 9.90 Turkey BIST 100 1133.59 21.22 1.91 –0.9 SPDR S&P 500 SPY 85,466 21.4 330.20 1.12 358.75 218.26 Inspire Tactical Bal RISN 777 3442 25.20 0.85 27.45 24.81 U.K. FTSE 100 5654.97 77.70 1.39 –25.0 U.K. FTSE 250 17180.52 –33.86 –0.20 –21.5 ProSh UltraPro Shrt QQQ SQQQ 85,068 30.5 24.95 -0.32 162.15 18.95 Invsc DWA Basic Matls MomPYZ 198 3204 58.99 3.71 63.15 34.23 DBV Technologies ADR DBVT 74,501 12376.9 1.76 23.08 13.49 1.35 Endurance International EIGI 18,129 2635 9.41 61.96 9.48 1.31 Asia-Pacific Finl Select Sector SPDR XLF 64,993 17.6 24.31 1.89 31.38 17.49 Gl X SuperDiv EM SDEM 257 2442 9.62 0.41 14.20 8.14 Australia S&P/ASX 200 5951.30 23.72 0.40 –11.0 Ford Motor F 59,783 -1.3 7.71 -0.26 9.58 3.96 JPMorgan U.S. Div ETF JDIV 125 2361 23.83 2.46 28.40 16.20 China Shanghai Composite 3225.12 0.59 0.02 5.7 Bank of America BAC 59,475 1.8 24.08 1.60 35.72 17.95 Invesco S&P 500 High Beta SPHB 7,340 2185 43.64 3.24 48.66 24.48 Hong Kong Hang Seng 24460.01 352.59 1.46 –13.2 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 0.36 India S&P BSE Sensex 39757.58 143.51 –3.6 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 23295.48 318.35 1.39 –1.5 Singapore Straits Times 2443.13 19.29 0.80 –24.2 Track the Markets South Korea Kospi 2300.16 33.01 1.46 4.7 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 12591.31 0.36 5.0 global stock indexes, bond ETFs, 44.97 currencies and commodities at Currencies Thailand SET 1202.16 7.21 0.60 –23.9 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Mon YTD chg Mon YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004315 23178 0.02 Argentina peso .0127 78.6819 31.4 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1741 5.7434 42.9 Czech Rep. koruna .04295 23.281 2.7 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7566 1.3218 1.8 Denmark krone .1563 6.3979 –4.0 notes and bonds major U.S. trading partners Chile peso .001303 767.70 3.8 Euro area euro 1.1641 .8591 –3.7 A consumer rate against its 30-year mortgage, Rate Colombiapeso .000258 3869.35 17.9 Hungary forint .003175 314.94 6.6 Ecuador US dollar 11unch Iceland krona .007111 140.63 16.1 benchmark over the past year 2.50% Bankrate.com avg†: 3.08% 10% Mexico peso .0468 21.3767 12.9 Norway krone .1046 9.5581 8.9 Uruguay peso .02325 43.0200 15.8 Poland zloty .2530 3.9527 4.2 East Boston Savings Bank 2.63% 2.00 WSJ Dollar index

One year ago Asia-Pacific Russia ruble .01242 80.539 29.8 30-year fixed-rate s 4.00% Boston, MA 800-657-EBSB t 5 Sweden krona .1123 8.9056 –4.9 tmortgage 1.50 s Australian dollar .7057 1.4170 –0.6 Yen Switzerland franc 1.0879 .9192 –5.0 Prairie State Bank and Trust 2.75% China yuan .1494 6.6915 –3.9 3.00 0 Turkey lira .1187 8.4236 41.6 Mt Zion, IL 800-597-2977 1.00 Hong Kong dollar .1290 7.7502 –0.5 Ukraine hryvnia .0349 28.6500 21.0 TBK Bank, SSB Tradeweb ICE India rupee .01342 74.510 4.4 2.00 2.85% 0.50 –5 UK pound 1.2919 .7741 2.6 10-year Treasury Monday Close s Indonesia rupiah .0000683 14640 5.5 Dallas, TX 214-365-6900 t Euro Japan yen Middle East/Africa t note yield .009546 104.75 –3.6 1.00 Dearborn Federal Svgs Bk 2.88% 0.00 –10 Kazakhstan tenge .002296 435.49 14.1 Bahrain dinar 2.6522 .3771 ... Macau pataca .1252 7.9885 –0.4 Egypt pound .0636 15.7333 –2.0 Dearborn, MI 313-565-3100 1 3 6 1 2 3 5 7 10 20 30 2019 2020 0.00 month(s) years Malaysia ringgit .2405 4.1575 1.6 Israel shekel .2931 3.4115 –1.2 N D J F M A M J J A S ON Teachers Federal Credit Union 2.88% New Zealand dollar .6635 1.5072 1.5 Kuwait dinar 3.2670 .3061 1.0 maturity 2020 Farmingville, NY 631-698-7000 Pakistan rupee .00625 160.100 3.3 Oman sul rial 2.5972 .3850 0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0207 48.418 –4.5 Qatar rial .2747 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7328 1.3647 1.4 Saudi Arabia riyal .2666 3.7504 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008825 1133.11 –1.9 South Africa rand .0618 16.1929 15.7 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0054189 184.54 1.8 Yield (%) 52-Week Total Return (%) Taiwan dollar .03500 28.575 –4.5 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03213 31.120 4.6 WSJ Dollar Index 88.83 0.0010.001 –0.82 Libor, 3-month 0.22 0.22 0.21 l 1.96 -1.17 U.S. Treasury, Barclays 2458.430 0.580 0.560 1.870 0.400 7.28 5.18 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.21 0.19 0.19 l 0.71 -0.11 Five-year CD, annual yield 0.60 0.61 0.60 l 1.45 -0.87 U.S. Treasury Long, Barclays 4738.810 1.480 1.460 2.370 0.980 14.88 10.58 Commodities 30-year mortgage, fixed† 3.08 3.03 2.93 l 4.22 -0.86 Aggregate, Barclays 2267.320 1.240 1.210 2.410 1.020 6.43 5.05 Monday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.64 2.55 2.48 l 3.57 -0.60 Fixed-Rate MBS, Barclays 2224.800 1.340 1.350 2.690 0.930 3.96 3.66 Jumbo mortgages, $510,400-plus† 3.03 3.08 2.93 l 4.42 -1.26 DJ Commodity 633.75 3.85 0.61 657.83 433.70 0.28 -1.33 High Yield 100, ICE BofA 3174.180 4.793 4.598 10.740 4.235 1.330 3.462 Five-year adj mortgage (ARM)† 3.22 3.23 2.85 l 4.61 -0.25 TR/CC CRB Index 145.91 1.18 0.81 187.39 106.29 -19.43 -21.47 Muni Master, ICE BofA 585.083 1.157 1.122 3.441 0.838 3.969 3.911 New-car loan, 48-month 4.13 4.13 4.13 l 4.56 1.11 Crude oil, $ per barrel 36.81 1.02 2.85 63.27 -37.63 -34.90 -39.72 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 n.a. n.a. 4.829 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 3.244 -0.110 -3.28 3.354 1.482 14.99 48.20 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1890.40 13.00 0.69 2051.50 1452.10 25.36 24.41 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW308000-0-B00800-1------XA

B8 | Tuesday, November 3, 2020 THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Jan'21 134.000 134.550 132.450 134.050 –.075 23,827 March'21 1.0940 1.0952 1.0911 1.0913 –.0035 154 Mini S&P 500 (CME)-$50 x index Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD Dec 3260.00 3323.50 3243.25 3300.50 35.75 2,401,075 Contract Open Dec 108.675 108.675 107.325 108.550 .250 100,721 Nov .7024 .7057 t .6993 .7049 .0020 293 March'21 3252.25 3313.00 3234.25 3290.75 36.00 29,268 Open High hi lo Low Settle Chg interest Feb'21 110.800 110.800 109.400 110.525 .125 66,921 Dec .7021 .7059 .6992 .7050 .0020 135,213 Mini S&P Midcap 400 (CME)-$100 x index Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN Dec 1895.40 1935.00 1883.00 1932.10 36.50 56,152 Nov 3.0635 3.0900 3.0610 3.0735 0.0300 2,066 Dec 65.725 66.050 64.100 65.950 .375 80,043 Nov .04788 .04702 .04648 .04660 –.00040 56 March'21 …1921.80 1887.10 1930.60 36.50 ... Dec 3.0430 3.0965 3.0280 3.0770 0.0295 127,293 Feb'21 65.600 65.600 64.275 65.300 –.250 51,588 Dec .04692 .04695 .04630 .04646 –.00040 122,602 Mini Nasdaq 100 (CME)-$20 x index Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € Dec 11034.50 11212.00 10942.25 11063.25 17.00 216,173 Nov 1872.90 1891.70 1872.90 1890.40 13.00 906 Nov 498.50 514.90 495.00 507.00 11.40 583 Nov 1.1647 1.1659 t 1.1626 1.1635 –.0013 1,918 March'21 11039.50 11199.00 10934.00 11053.25 17.25 1,989 Dec 1877.00 1896.10 1873.30 1892.50 12.60 417,610 Jan'21 491.90 508.50 485.90 502.80 9.40 1,470 Dec 1.1655 1.1667 1.1632 1.1642 –.0013 622,775 Mini Russell 2000 (CME)-$50 x index Jan'21 1891.00 1891.00 s 1891.00 1895.70 12.20 3 Milk (CME)-200,000 lbs., cents per lb. Dec 1537.00 1568.20 1526.00 1564.70 27.90 519,546 Feb 1885.30 1903.20 1881.00 1899.70 12.50 60,686 Oct 21.58 21.59 21.58 21.59 …4,851 Index Futures Mini Russell 1000 (CME)-$50 x index April 1891.30 1908.00 1887.60 1904.80 12.40 27,020 Nov 23.81 23.91 23.36 23.90 .62 5,544 Dec 1841.60 1854.70 1822.40 1842.50 21.00 8,880 June 1893.10 1912.40 1891.80 1909.40 12.50 18,812 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index U.S. Dollar Index (ICE-US)-$1,000 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 2,271 2,284 2,237 2,257 –36 55,712 Dec 26372 26939 26172 26796 402 91,292 Dec 94.10 94.32 93.99 94.15 .10 26,203 Nov …...... 2214.30 4.00 ... March'21 2,300 2,300 2,247 2,264 –41 76,661 March'21 26241 26830 26084 26698 402 3,453 March'21 94.11 94.17 93.97 94.11 .10 673 Dec 2214.20 2270.50 2196.00 2220.40 3.20 8,555 Coffee (ICE-US)-37,500 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 103.90 104.90 102.35 102.80 –1.60 86,634 Dec 3303.90 3321.70 3246.10 3300.50 35.80 15,010 March'21 …… …3290.70 35.90 26 Nov 844.50 856.00 843.90 855.80 11.20 32 March'21 106.30 107.30 105.00 105.35 –1.50 80,742 Source: FactSet Jan'21 846.00 866.00 838.20 859.50 11.10 50,219 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Silver (CMX)-5,000 troy oz.; $ per troy oz. March 14.24 15.04 14.23 14.97 .61 444,423 May 13.28 13.94 13.28 13.88 .49 165,680 Nov 24.015 24.200 24.010 24.006 0.389 243 Bonds | wsj.com/market-data/bonds/benchmarks Dec 23.635 24.260 23.460 24.033 0.387 119,090 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan 28.14 28.30 s 28.14 28.30 .24 1,839 March 28.00 28.18 s 28.00 28.06 .06 2,968 Dec 35.24 37.15 33.64 36.81 1.02 378,990 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks Jan'21 35.50 37.50 34.04 37.18 1.03 245,364 Dec 68.75 69.09 68.06 68.73 –.19 111,976 Feb 36.07 37.92 34.50 37.63 1.06 130,024 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March'21 69.70 69.97 68.91 69.72 –.06 85,343 March 36.37 38.37 35.00 38.08 1.08 144,588 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds June 37.50 39.47 36.26 39.24 1.17 204,925 Nov 118.10 118.10 118.10 118.10 .15 134 Total Total Dec 38.84 40.74 37.70 40.58 1.31 238,307 Jan'21 114.05 115.90 112.70 115.10 .75 8,650 return YTD total Yield (%) return YTD total Yield (%) NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 1.0740 1.1208 1.0252 1.1123 .0264 123,669 Interest Rate Futures Jan'21 1.0755 1.1302 1.0349 1.1222 .0276 56,225 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 2224.80 3.6 Mortgage-Backed 1.340 0.930 2.690 Dec 1.0215 1.0618 .9702 1.0520 .0198 135,192 Dec 214-080 216-110 213-200 215-250 25.0 993,913 2267.32 6.4 U.S. Aggregate 1.240 1.020 2.410 Jan'21 1.0165 1.0558 .9666 1.0468 .0196 54,522 March'21 212-210 214-210 212-010 214-040 25.0 114 U.S. Corporate Indexes Bloomberg Barclays 2170.15 3.3 Ginnie Mae (GNMA) 0.820 0.290 2.660 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 3.374 3.393 3.214 3.244 –.110 170,902 Dec 172-050 173-060 171-310 172-240 9.0 1,210,896 3354.91 6.6 U.S. Corporate 2.030 1.820 4.580 1314.31 3.7 Fannie mae (FNMA) 1.530 1.110 2.690 March'21 173-220 174-150 173-070 174-010 10.0 12,596 Jan'21 3.490 3.505 3.342 3.375 –.094 208,123 3061.63 5.7 Intermediate 1.370 1.230 4.400 2017.05 3.6 Freddie Mac (FHLMC) 1.510 1.080 2.710 Feb 3.441 3.448 3.303 3.332 –.084 85,175 Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 3.297 3.316 3.188 3.219 –.065 132,476 Dec 138-055 138-155 138-045 138-095 2.5 3,080,226 4924.88 8.2 Long term 3.100 2.730 4.930 585.08 3.4 Muni Master 1.157 0.838 3.441 April 3.040 3.052 s 2.971 3.002 –.015 74,552 March'21 137-265 138-030 137-245 137-290 2.5 18,301 3.5 7-12 year Oct 3.096 3.118 s 3.051 3.080 …95,787 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 684.24 6.4 Double-A-rated 1.570 1.300 3.360 413.08 1.156 0.771 3.447 Dec 125-190 125-225 125-185 125-192 … 3,168,006 5.9 Triple-B-rated 469.70 3.7 12-22 year 1.663 1.224 3.690 Agriculture Futures March'21 125-287 126-000 125-287 125-290 –.2 9,900 885.63 2.380 2.210 5.350 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% High Yield Bonds ICE BofA 453.22 2.8 22-plus year 2.359 1.765 4.123 Corn (CBT)-5,000 bu.; cents per bu. Dec 110-134 110-137 110-130 110-130 –.5 1,994,944 Dec 396.00 397.75 393.00 397.50 –1.00 661,038 March'21 110-130 110-137 110-130 110-130 –.6 913 468.47 0.3 High Yield Constrained 5.701 5.151 11.400 Global Government J.P. Morgan† March'21 401.00 402.25 397.50 401.75 –1.50 451,411 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 410.07 -6.3 Triple-C-rated 11.530 10.735 19.071 614.22 5.4 Global Government 0.560 0.390 1.060 Oats (CBT)-5,000 bu.; cents per bu. Nov 99.9125 99.9150 99.9100 99.9125 –.0025 156,129 Dec 297.50 299.50 292.00 292.50 –4.75 4,389 Jan'21 99.9250 99.9300 99.9250 99.9250 .0000 163,290 3174.18 -0.6 High Yield 100 4.793 4.235 10.740 863.22 7.4 Canada 0.800 0.590 1.740 March'21 295.25 297.75 292.25 293.25 –2.00 1,253 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Soybeans (CBT)-5,000 bu.; cents per bu. Dec 101-050 101-095 100-310 101-065 7.5 139,998 422.69 0.3 Global High Yield Constrained 5.689 4.893 11.310 419.46 4.8 EMU§ 0.075 0.059 0.794 Nov 1053.50 1053.50 1042.00 1050.75 –5.75 6,308 Eurodollar (CME)-$1,000,000; pts of 100% Jan'21 1054.50 1056.75 1045.00 1052.25 –4.00 381,960 321.20 -2.3 Europe High Yield Constrained 4.116 2.464 8.183 794.55 4.7 France -0.130 -0.160 0.430 Nov 99.7750 99.7775 99.7725 99.7725 –.0050 152,286 Soybean Meal (CBT)-100 tons; $ per ton. Dec 99.7600 99.7600 99.7550 99.7550 –.0050 1,037,707 U.S Agency Bloomberg Barclays 555.25 3.6 Germany -0.740 -0.050 Dec 378.60 384.10 373.80 375.10 –3.50 137,588 -0.520 March'21 99.7900 99.7950 99.7900 99.7900 –.0050 1,049,884 Jan'21 371.90 376.30 368.60 369.90 –1.70 88,446 June 99.8000 99.8050 99.7950 99.7950 –.0050 858,218 1861.83 5.2 U.S Agency 0.520 0.470 1.950 294.80 -1.1 Japan 0.300 0.040 0.320 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Dec 33.48 33.61 33.02 33.19 –.42 135,910 1623.60 3.9 10-20 years 0.380 0.340 1.850 619.64 4.0 Netherlands -0.410 -0.540 0.080 Jan'21 33.36 33.42 32.89 33.08 –.38 98,794 Currency Futures 4243.17 11.2 20-plus years 1.590 1.170 2.480 8.2 U.K. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 1087.55 0.590 0.390 1.180 Nov 12.49 12.55 12.48 12.55 .02 199 Nov .9556 .9565 .9531 .9541 –.0014 269 2873.13 5.1 Yankee 1.520 1.430 3.500 n.a. n.a. Emerging Markets ** n.a. n.a. n.a. Jan'21 12.37 12.38 12.26 12.30 –.07 8,737 Dec .9561 .9568 .9533 .9544 –.0013 185,024 Wheat (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Dec 593.25 609.50 591.00 607.50 9.00 210,124 Nov .7492 .7567 .7481 .7558 .0049 110 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan March'21 596.00 609.25 592.75 608.00 8.00 86,930 Dec .7512 .7568 .7481 .7559 .0049 117,936 Wheat (KC)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ Dec 537.25 556.00 535.50 553.00 11.75 106,024 Nov 1.2904 1.2943 1.2856 1.2902 –.0057 732 Global Government Bonds: Mapping Yields March'21 543.75 560.50 541.75 558.00 10.25 70,647 Dec 1.2937 1.2947 1.2855 1.2904 –.0057 144,427 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Nov 137.825 138.250 135.500 136.975 –.425 4,316 Dec 1.0920 1.0923 1.0874 1.0881 –.0036 50,602 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago Cash Prices | wsj.com/market-data/commodities Monday, November 2, 2020 0.125 U.S. 2 0.160 t l 0.176 0.129 1.560 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— 0.625 10 0.846 t l 0.879 0.698 1.716 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 2.250 Australia 2 0.125 s l 0.123 0.173 0.839 -5.3 -72.1 months. -3.6 1.000 10 0.834 t l 0.841 0.796 1.109 -3.8 -60.7 Monday Monday Monday -1.2 Energy Aluminum, LME, $ per metric ton *1820.5 Wheat - Hard - KC (USDA) $ per bu-u 5.6800 0.000 France 2 -0.721 s l -0.721 -0.659 -0.595 -88.1 -89.7 -215.5 Copper,Comex spot 3.0735 Wheat,No.1soft white,Portld,OR-u 5.9500 0.000 10 -0.350 t l -0.336 -0.261 -0.063 -119.6 -121.5 -177.9 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 59.500 Iron Ore, 62% Fe CFR China-s 119.1 Food Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750 Shredded Scrap, US Midwest-s,m 281 0.000 Germany 2 -0.800 t l -0.787 -0.705 -0.652 -96.0 -96.3 -221.2 Metals Steel, HRC USA, FOB Midwest Mill-s 700 Beef,carcass equiv. index 0.000 10 -0.637 t l -0.624 -0.534 -0.383 -148.3 -150.3 -209.8 Fibers and Textiles choice 1-3,600-900 lbs.-u 176.12 Gold, per troy oz select 1-3,600-900 lbs.-u 159.22 1.000 Italy 2 -0.340 s l -0.344 -0.255 -0.185 -50.1 -52.0 -174.5 Engelhard industrial 1891.00 Burlap,10-oz,40-inch NY yd-n,w 0.6250 Broilers, National comp wtd. avg.-u,w 0.6909 1.650 10 0.719 t l 0.721 0.793 0.995 -12.7 -15.8 -72.1 Handy & Harman base 1889.90 Cotton,1 1/16 std lw-mdMphs-u 0.6573 Butter,AA Chicago 1.4100 Cheddar cheese,bbl,Chicago 0.100 Japan 2 -0.120 t l -0.119 -0.133 -0.272 -29.5 -183.2 Handy & Harman fabricated 2097.79 Cotlook 'A' Index-t *76.70 253.00 -28.0 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1875.80 Hides,hvy native steers piece fob-u n.a. 278.00 0.100 10 0.046 s l 0.040 0.021 -0.180 -80.0 -83.9 -189.5 Milk,Nonfat dry,Chicago lb. 109.50 LBMA Gold Price PM *1881.85 Wool,64s,staple,Terr del-u,w 3.22 Coffee,Brazilian,Comp 0.400 Spain 2 -0.584 t l -0.572 -0.515 -0.410 -74.8 -197.0 Krugerrand,wholesale-e 1968.20 0.9736 -74.4 Grains and Feeds Coffee,Colombian, NY 1.5161 Maple Leaf-e 1987.13 1.250 10 0.125 t l 0.136 0.226 0.269 -72.1 -74.3 -144.7 Eggs,large white,Chicago-u 1.0150 American Eagle-e 1987.13 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.55 0.500 U.K. 2 -0.067 t l -0.027 -0.026 0.528 -20.3 -103.2 Mexican peso-e 2289.79 -22.7 Bran,wheat middlings, KC-u 128 Hams,17-20 lbs,Mid-US fob-u 0.76 Austria crown-e 1858.03 4.750 10 0.220 t l 0.263 0.248 0.666 -62.6 -61.6 -105.0 Corn,No. 2 yellow,Cent IL-bp,u 3.8400 Hogs,Iowa-So. Minnesota-u 70.54 Austria phil-e 1987.13 Corn gluten feed,Midwest-u,w 128.4 Pork bellies,12-14 lb MidUS-u n.a. Source: Tullett Prebon Silver, troy oz. Corn gluten meal,Midwest-u,w 458.8 Pork loins,13-19 lb MidUS-u 0.9751 Engelhard industrial 23.9500 Cottonseed meal-u,w 320 Steers,Tex.-Okla. Choice-u n.a. Corporate Debt Handy & Harman base 23.9750 Hominy feed,Cent IL-u,w 102 Steers,feeder,Okla. City-u,w 131.94 Handy & Harman fabricated 29.9690 Meat-bonemeal,50% pro Mnpls-u,w 263 Fats and Oils Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific LBMA spot price *£18.1900 Oats,No.2 milling,Mnpls-u 3.0600 expectations (U.S.$ equivalent) *23.6250 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 42.0000 Coins,wholesale $1,000 face-a 18353 Sorghum,(Milo) No.2 Gulf-u 6.0750 Grease,choice white,Chicago-h 0.2800 Investment-grade spreads that tightened the most… Other metals SoybeanMeal,Cent IL,rail,ton48%-u 374.10 Lard,Chicago-u n.a. Spread*, in basis points LBMA Platinum Price PM *852.0 Soybeans,No.1 yllw IL-bp,u 10.3450 Soybean oil,crude;Centl IL-u 0.3419 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Platinum,Engelhard industrial 858.0 Wheat,Spring14%-pro Mnpls-u 6.7600 Tallow,bleach;Chicago-h 0.3250 Palladium,Engelhard industrial Wheat,No.2 soft red,St.Louis-u Tallow,edible,Chicago-u 2218.0 6.2250 0.3300 Siemens Financieringsmaatschappij SIEGR 6.125 0.82 Aug. 17, ’26 45 –16 52

KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Anglo American Capital AALLN 4.875 1.52 May 14, ’25 115 –13 n.a. M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 10/30 Source: Dow Jones Market Data Ohio National Life Insurance OHNAT 6.875 6.65 June 15, ’42 504 –13 n.a.

ING Groep INTNED 4.100 0.63 Oct. 2, ’23 44 –9 47 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks UBS Group Funding … 4.125 1.20 April 15, ’26 83 –9 n.a. Money Rates November 2, 2020 Westpac Banking WSTP 2.000 0.27 Jan. 13, ’23 8 –9 8 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Bank of Ireland BKIR 4.500 Nov. 25, ’23 –8 guide to general levels but don’t always represent actual transactions. 1.55 136 142 Bank of Montreal BMO 3.300 0.70 Feb. 5, ’24 33 –8 39 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low Sept. index Chg From (%) …And spreads that widened the most level Aug. '20 Sept. '19 Switzerland 0.00 0.00 0.50 0.00 Treasury bill auction Britain 0.10 0.10 0.75 0.10 4 weeks 0.080 0.085 1.620 0.000 Park Aerospace … 5.500 4.65 Feb. 15, ’24 427 32 403 U.S. consumer price index Australia 0.25 0.25 0.75 0.25 13 weeks 0.095 0.100 1.565 0.000 16 All items 260.280 0.14 1.4 Overnight repurchase 26 weeks 0.110 0.110 1.580 0.080 Morgan Stanley MS 4.100 0.78 May 22, ’23 58 56 Core 269.054 0.11 1.7 U.S. 0.07 0.08 1.65 -0.07 Secondary market Anheuser–Busch Inbev Finance ABIBB 4.625 3.40 Feb. 1, ’44 178 13 182 International rates U.S. government rates Fannie Mae Bank of Nova Scotia BNS 2.200 0.86 Feb. 3, ’25 49 8 n.a. Week 52-Week Discount 30-year mortgage yields Latest ago High Low 7 0.25 0.25 2.25 0.25 30 days 1.929 1.933 3.388 1.751 Credit Suisse Group Funding … 4.550 1.42 April 17, ’26 104 100 Prime rates 60 days 1.956 1.960 3.403 1.804 Federal funds Toyota Motor Credit TOYOTA 0.500 0.32 Aug. 14, ’23 12 7 U.S. 3.25 3.25 4.75 3.25 24 Canada Effective rate 0.0900 0.0900 1.6200 0.0600 Other short-term rates 2.45 2.45 3.95 2.45 Total Capital International TOTAL 3.750 0.64 April 10, ’24 28 6 28 Japan 1.475 1.475 1.475 1.475 High 0.1000 0.1000 1.6500 0.1000 Low 0.0500 0.0500 1.5800 0.0100 Week 52-Week Latest high low Adobe ADBE 1.700 0.35 Feb. 1, ’23 15 5 Policy Rates Bid 0.0800 0.0800 1.6000 0.0100 ago 4 Euro zone 0.00 0.00 0.00 0.00 Offer 0.1000 0.1000 1.6300 0.0500 Call money High-yield issues with the biggest price increases… 2.00 2.00 3.50 2.00 Bond Price as % of face value Key Interest Rates Commercial paper (AA financial) Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week 90 days 0.13 0.08 2.53 0.04 Data are annualized on a 360-day basis. Treasury yields are per annum, Genworth Holdings GNW 4.800 6.96 Feb. 15, ’24 93.750 2.25 93.499 on actively traded noninflation and inflation-indexed issues that are Libor adjusted to constant maturities. Data are from weekly Federal Reserve One month 0.14050 0.15150 1.80475 0.13950 Ford Motor F 7.450 4.93 July 16, ’31 120.750 1.62 119.750 Three month 0.22013 0.22225 1.96050 0.20863 release H.15. 1.58 Six month 0.24600 0.24625 1.92625 0.23375 Netflix NFLX 4.375 2.52 Nov. 15, ’26 110.316 109.100 Week Ended 52-Week Week Ended 52-Week One year 0.33238 0.33200 2.01200 0.32763 Oct 30 Oct 23 High Low Oct 30 Oct 23 High Low Royal Caribbean RCL 7.500 9.85 Oct. 15, ’27 88.350 1.57 89.000 6-month Federal funds (effective) 0.11 0.11 1.62 0.06 Euro Libor 1-year 0.12 0.13 1.59 0.12 One month -0.563 -0.566 -0.360 -0.621 United Airlines Holdings UAL 4.875 9.27 Jan. 15, ’25 85.000 1.03 86.250 0.09 0.09 1.83 0.04 2-year 0.16 0.16 1.64 0.11 Three month -0.535 -0.528 -0.142 -0.540 3-year 0.19 0.20 1.66 0.13 0.81 Commercial paper Six month -0.526 -0.507 -0.052 -0.526 CF Industries CF 5.150 3.43 March 15, ’34 118.312 119.230 5-year 0.36 0.36 1.73 0.21 Nonfinancial One year -0.474 -0.457 0.008 -0.474 7-year 0.59 0.58 1.84 0.39 Tenet Healthcare THC 6.750 4.48 June 15, ’23 105.530 0.78 106.750 1-month 0.10 0.09 1.73 0.07 10-year 0.82 0.83 1.91 0.55 2-month 0.10 0.11 1.74 0.07 Secured Overnight Financing Rate 20-year 1.37 1.39 2.20 0.99 Sprint S 0.75 3-month 0.13 0.13 1.84 0.09 0.09 0.08 1.65 0.01 7.125 2.53 June 15, ’24 115.766 116.150 Financial Treasury yields (secondary market) Value 52-Week 1-month 0.09 0.08 2.15 0.08 …And with the biggest price decreases 1-month 0.08 0.08 1.61 0.00 Latest Traded High Low 2-month 0.10 0.08 2.27 0.08 3-month 0.10 0.10 1.58 -0.01 3-month 0.13 0.12 2.44 0.11 DTCC GCF Repo Index Navient NAVI 5.625 7.46 Aug. 1, ’33 85.091 –0.63 6-month 0.11 0.11 1.58 0.06 87.270 Discount window primary credit Treasury 0.126 74.850 1.720 0.002 TIPS MBS 0.133 51.400 1.763 0.011 Bombardier BBDBCN 6.125 13.86 Jan. 15, ’23 85.750 –0.63 86.921 0.25 0.25 2.25 0.25 5-year -1.26 -1.23 0.41 -1.34 Notes on data: Treasury yields at constant 7-year -1.10 -1.10 0.35 -1.22 United Airlines Holdings UAL 4.250 9.83 Oct. 1, ’22 90.500 –0.56 92.750 maturities 10-year -0.88 -0.91 0.35 -1.05 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest Embarq … 7.995 6.29 June 1, ’36 116.750 –0.50 1-month 0.08 0.08 1.64 0.01 20-year -0.48 -0.48 0.47 -0.70 U.S. banks, and is effective March 16, 2020. 119.000 3-month 0.10 0.10 1.61 0.01 Long-term avg -0.35 -0.35 0.62 -0.50 Other prime rates aren’t directly comparable; lending practices vary widely by location; Springleaf Finance … 7.750 2.74 Oct. 1, ’21 104.461 –0.47 104.750 Notes on data: Discount rate is effective March 16, 2020. Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates Secured Overnight Financing Rate is as of Hughes Satellite Systems … 6.625 4.88 Aug. 1, ’26 108.625 –0.38 110.720 on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by October 30, 2020. DTCC GCF Repo Index is discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Depository Trust & Clearing Corp.'s weighted –0.36 average for overnight trades in applicable United States Cellular USM 6.700 3.66 Dec. 15, ’33 131.500 133.000 primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. dollars. Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; Federal-funds rates are Tullett Prebon rates as Elanco Animal Health ELAN 3.912 1.98 Aug. 27, ’21 102.350 –0.28 102.645 Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid of 5:30 p.m. ET. yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; Note: Data are for the most active issue of bonds with maturities of two years or more please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Source: MarketAxess P2JW308000-0-B00900-1------XA

THE WALL STREET JOURNAL. Tuesday, November 3, 2020 | B9 BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, s-New 52-week high. NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low. s Farfetch FTCH 32.00 3.87 JacobsEngg J 99.12 4.12 NewellBrands NWL 18.91 1.25 RaymondJames RJF 78.46 2.02 Telus TU 17.04 -0.07 UBS Group UBS 11.94 0.25 Wabtec WAB 61.68 2.38 Market listed securities. Prices are composite dd-Indicates loss in the most recent Fastenal FAST 44.52 1.29 JamesHardie JHX 24.87 0.49 Newmont NEM 64.73 1.89 RaytheonTech RTX 55.75 1.43 TJX TJX 51.74 0.94 UDR UDR 32.79 1.55 WalgreensBoots WBA 35.79 1.75 quotations that include primary market trades four quarters. Fastly FSLY 65.11 1.60 JazzPharma JAZZ 147.25 3.15 NewsCorp A NWSA 13.29 0.16 RealtyIncome O 59.64 1.78 T-MobileUS TMUS 110.39 0.82 UGI UGI 33.25 0.91 Walmart WMT 140.40 1.65 as well as trades reported by Nasdaq BX FD-First day of trading. FedEx FDX 266.98 7.51 JFrog FROG 70.49 -1.94 NewsCorp B NWS 13.19 0.17 RegencyCtrs REG 36.20 0.61 TRowePrice TROW 128.97 2.31 Uber UBER 34.81 1.40 WarnerMusic WMG 26.24 -0.29 (formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing Ferrari RACE 183.18 4.76 J&J JNJ 138.69 1.58 NextEraEnergy NEE 75.13 1.92 RegenPharm REGN 548.58 5.02 TaiwanSemi TSM 85.71 1.84 Ubiquiti UI 185.36 -0.25 WasteConnections WCN 99.55 0.23 Cboe, NYSE National and Nasdaq ISE. standards FiatChrysler FCAU 12.62 0.33 JohnsonControls JCI 43.94 1.73 Nike NKE 122.39 2.31 RegionsFin RF 13.76 0.46 TakeTwoSoftware TTWO 154.03 -0.89 UltaBeauty ULTA 210.78 4.01 WasteMgt WM 110.67 2.76 The list comprises the 1,000 largest lf-Late filing FidNatlFin FNF 31.96 0.67 JuniperNetworks JNPR 19.67 -0.05 Nikola NKLA 18.58 0.27 ReinsGrp RGA 102.50 1.48 TakedaPharm TAK 15.74 0.35 UltragenyxPharm RARE 95.53 -4.97 Waters WAT 222.22 -0.60 companies based on market capitalization. q-Temporary exemption from Nasdaq FidNatlInfo FIS 123.97 -0.62 KB Fin KB 37.31 1.58 NiSource NI 23.45 0.48 RelianceSteel RS 110.92 1.93 TandemDiabetes TNDM 108.00 -1.00 UnderArmour C UA 12.78 0.55 Watsco WSO 228.93 4.79 Underlined quotations are those stocks with requirements. FifthThirdBncp FITB 24.11 0.89 KE Holdings BEKE 69.82 0.07 Nokia NOK 3.27 -0.10 RenaissanceRe RNR 163.40 1.68 Tapestry TPR 23.63 1.40 UnderArmour A UAA 14.46 0.62 Watsco B WSOB228.40 3.90 large changes in volume compared with the t-NYSE bankruptcy FirstRepBank FRC 127.22 1.08 KKR KKR 35.05 0.90 NomuraHoldings NMR 4.63 0.17 Repligen RGEN 170.14 3.57 Target TGT 154.39 2.17 Unilever UN 57.54 0.98 Wayfair W 255.64 7.61 issue’s average trading volume. v-Trading halted on primary market. FirstSolar FSLR 88.89 1.85 KLA KLAC 202.23 5.05 Nordson NDSN 197.00 3.57 RepublicSvcs RSG 89.86 1.69 TataMotors TTM 9.08 0.31 Unilever UL 57.81 0.98 Weibo WB 41.61 0.06 vj-In bankruptcy or receivership or FirstEnergy FE 29.93 0.21 KSCitySouthern KSU 178.12 1.98 NorfolkSouthern NSC 215.06 5.94 ResMed RMD 196.80 4.86 TeckRscsB TECK 13.55 0.41 UnionPacific UNP 179.24 2.05 WellsFargo WFC 21.90 0.45 Boldfaced quotations highlight those issues being reorganized under the Fiserv FISV 97.29 1.82 Kellogg K 63.94 1.05 NorthernTrust NTRS 79.05 0.78 RestaurantBrands QSR 51.76 -0.24 TeladocHealth TDOC 190.40 -6.06 UnitedAirlines UAL 33.78 -0.08 Welltower WELL 56.74 2.97 whose price changed by 5% or more if their Bankruptcy Code, or securities FiveBelow FIVE KeurigDrPepper KDP 27.04 0.14 NorthropGrum NOC 296.63 6.81 ReynoldsCnsmr REYN 29.59 1.35 UnitedMicro UMC 5.22 -0.08 previous closing price was $2 or higher. assumed by such companies. 131.85 -1.49 TeledyneTech TDY 313.38 4.23 WestPharmSvcs WST 271.40 -0.67 Five9 FIVN 144.19 -7.53 KeyCorp KEY 13.43 0.45 NortonLifeLock NLOK 20.94 0.37 RingCentral RNG 257.55 -0.79 Teleflex TFX 319.97 1.74 UPS B UPS 159.55 2.44 WesternDigital WDC 37.03 -0.70 FleetCorTech FLT 230.53 9.62 KeysightTechs KEYS 104.74 -0.13 Novartis NVS 79.77 1.69 RioTinto RIO 57.41 0.64 Ericsson ERIC 11.26 0.05 UnitedRentals URI 192.67 14.38 WesternUnion WU 20.33 0.89 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Flex FLEX 13.76-0.39 KimberlyClark KMB 134.35 1.76 NovoNordisk NVO 65.03 1.14 RitchieBros RBA 63.21 2.58 TelefonicaBras VIV 7.45 0.09 US Bancorp USB 39.74 0.79 WestlakeChem WLK 70.93 3.31 changes in the closing prices from 4 p.m. the previous day. Floor&Decor FND 74.81 1.81 KinderMorgan KMI 11.89 -0.01 Novocure NVCR 112.16 -9.94 RocketCos. RKT 18.93 0.70 Telefonica TEF 3.40 0.08 s UnitedTherap UTHR 133.98 -0.25 WestpacBanking WBK 12.55 -0.15 FomentoEconMex FMX 53.50 -0.27 KingsoftCloud KC 29.67 0.62 NuanceComms NUAN 31.50 -0.41 Rockwell ROK 245.39 8.27 TelekmIndonesia TLK 17.35 0.26 UnitedHealth UNH 312.10 6.96 WestRock WRK 39.11 1.56 RogersComm B RCI Monday, November 2, 2020 Net Net FordMotor F 7.71 -0.02 KinrossGold KGC 8.20 0.23 Nucor NUE 48.87 1.11 41.10 0.49 10xGenomics TXG 136.05 -0.85 UnitySoftware U 94.13 -0.75 Weyerhaeuser WY 28.12 0.83 Fortinet FTNT KirklandLakeGold KL 46.23 0.61 Nutrien NTR 41.59 0.91 Roku ROKU 206.88 4.48 UnivDisplay OLED 193.83 -4.48 Net Stock Sym Close Chg Stock Sym Close Chg 110.59 0.22 TencentMusic TME 14.75 -0.13 WheatonPrecMet WPM 46.71 0.60 Fortis FTS 39.76 0.26 Knight-Swift KNX 37.85 -0.14 NVIDIA NVDA 503.23 1.87 Rollins ROL 58.15 0.30 Teradyne TER 89.70 1.85 UniversalHealthB UHS 113.88 4.33 Whirlpool WHR 192.73 7.77 Stock Sym Close Chg BankofAmerica BAC 24.08 0.38 Cloudflare NET 52.05 0.08 Fortive FTV 63.32 1.72 KoninklijkePhil PHG 46.83 0.33 RoperTech ROP 380.94 9.60 Terminix TMX 46.75 -0.34 VEREIT VER 6.36 0.16 Williams WMB 18.77 -0.42 BankofMontreal BMO 60.11 0.64 Coca-Cola KO 48.62 0.56 FortBrandsHome FBHS 84.58 3.71 KoreaElcPwr KEP 8.90 0.26 O P Q RossStores ROST 88.59 3.42 Tesla TSLA 400.51 12.47 VF VFC 68.77 1.57 Williams-Sonoma WSM 92.12 0.91 A B C BankNY Mellon BK 35.10 0.74 Coca-Cola Euro CCEP 36.17 0.46 FoxA FOXA 27.40 0.88 KraftHeinz KHC 31.67 1.08 RoyalBkCanada RY 70.56 0.57 TevaPharm TEVA 8.80 0.08 VICI Prop VICI 23.64 0.69 WillisTowers WLTW 179.57 -2.91 BkNovaScotia BNS 42.04 0.48 Cognex CGNX 67.62 1.72 OGE Energy OGE 31.77 1.00 ABB ABB 24.93 0.64 FoxB FOX 26.89 0.75 Kroger KR 32.06 -0.15 RoyalCaribbean RCL 57.02 0.60 TexasInstruments TXN 145.60 1.01 VailResorts MTN 230.29 -1.75 Wipro WIT 4.77 -0.07 Barclays BCS 5.51 -0.02 CognizantTech CTSH 70.80 -0.62 ONEOK OKE 29.23 0.23 AcadiaPharm ACAD 45.64 -0.81 Franco-Nevada FNV 138.42 1.87 L Brands LB 33.02 1.01 RoyalDutchA RDS.A 26.67 1.12 Textron TXT 37.72 1.92 Vale VALE 10.72 0.15 Wix.com WIX 253.24 5.92 BarrickGold GOLD 27.16 0.43 ColgatePalm CL 80.16 1.27 OReillyAuto ORLY 441.46 4.86 AECOM ACM 46.96 2.12 FranklinRscs BEN 19.59 0.84 LHC Group LHCG 217.07 0.52 RoyalDutchB RDS.B 25.08 0.93 ThermoFisherSci TMO 480.55 7.43 ValeroEnergy VLO 39.90 1.29 Workday WDAY 205.48 -4.64 BauschHealth BHC 17.34 0.84 Comcast A CMCSA 41.40 -0.84 OakStreetHealth OSH 46.81 -0.78 AES AES 20.00 0.50 FreeportMcM FCX 18.24 0.90 Line LN 51.25 -0.23 RoyalGold RGLD 121.46 2.65 ThomsonReuters TRI 79.02 1.17 VarianMed VAR 172.54 -0.26 WynnResorts WYNN 75.85 3.42 BaxterIntl BAX 78.67 1.10 Comerica CMA 47.21 1.70 OccidentalPetrol OXY 9.65 0.52 Aflac AFL 35.52 1.57 FreseniusMed FMS 38.10 -0.13 LKQ LKQ 32.95 0.96 RoyaltyPharma RPRX 37.58 0.88 3M MMM 162.94 2.98 VeevaSystems VEEV 268.04 -2.01 XP XP 41.12 1.04 BectonDicknsn BDX 234.79 3.66 CommerceBcshrs CBSH 63.86 1.61 Okta OKTA 203.86 -5.97 Ryanair RYAAY 82.51 1.91 AGNC Invt AGNC 13.99 0.02 LPL Financial LPLA 80.53 0.60 Tiffany TIF 130.92 0.08 Ventas VTR 40.97 1.50 XPO Logistics XPO 90.43 0.43 BeiGene BGNE 299.00 2.48 ConagraBrands CAG 35.60 0.51 OldDomFreight ODFL 193.75 3.38 SAP SAP 105.83 -1.00 Ansys ANSS 311.23 6.86 G H I L3HarrisTech LHX 170.40 9.29 Toro TTC 83.12 1.02 VeriSign VRSN 189.20 -1.50 XcelEnergy XEL 71.78 1.75 BentleySystems BSY 35.78 0.72 ConchoRscs CXO 43.77 2.26 OmegaHealthcare OHI 29.74 0.93 S&P Global SPGI 327.92 5.19 ASETech ASX 4.63 0.06 LabCpAm LH 207.23 7.46 TorontoDomBk TD 44.59 0.36 VeriskAnalytics VRSK 182.15 4.18 Xilinx XLNX 118.48 -0.21 Berkley WRB 62.00 1.88 GCI LibertyA GLIBA 79.27 -1.96 Omnicom OMC 48.72 1.52 SBA Comm SBAC 293.52 3.15 Verizon VZ 57.70 0.71 ASML ASML 365.21 5.20 ConocoPhillips COP 30.23 1.61 LamResearch LRCX 350.95 8.87 Total TOT 31.75 1.42 XPeng XPEV 20.72 1.34 BerkHathwy B BRK.B 204.31 2.41 ConEd ED 79.78 1.29 GDS Holdings GDS 86.01 1.97 ON Semi ON 24.36 -0.73 SEI Investments SEIC 49.56 0.41 VertxPharm VRTX 207.42 -0.94 AT&T T 27.34 0.32 LamarAdv LAMR 65.37 3.41 ToyotaMotor TM 133.24 1.95 Xylem XYL 88.59 1.45 BerkHathwy A BRK.A 3063753874.99 GFLEnvironmental GFL 19.75 0.61 OneConnectFinTech OCFT 20.35 0.21 SK Telecom SKM 21.11 0.05 ViacomCBS A VIACA 30.76 0.90 AbbottLabs ABT 107.48 2.37 ConstBrands A STZ 176.39 11.16 LambWeston LW 65.67 2.22 TractorSupply TSCO 133.40 0.19 Yandex YNDX 56.88 -0.69 BerryGlobal BERY 47.33 0.70 GSXTechedu GSX 65.51 -0.91 OpenText OTEX 36.40 -0.33 SS&C Tech SSNC 59.90 0.68 ViacomCBS B VIAC 29.60 1.03 AbbVie ABBV 88.25 3.15 ConstBrands B STZ.B 169.12 -0.88 LasVegasSands LVS 49.17 1.11 TradeDesk TTD 559.16 -7.29 YumBrands YUM 95.25 1.92 BestBuy BBY 115.72 4.17 Galapagos GLPG114.53 -1.95 Oracle ORCL 56.45 0.34 StoreCapital STOR 26.74 1.04 Vipshop VIPS 21.36 -0.04 Abiomed ABMD 254.85 2.97 Cooper COO 320.52 1.47 Lear LEA 122.93 2.12 Tradeweb TW 56.35 1.87 YumChina YUMC 52.65 -0.58 Gallagher AJG 106.53 2.82 Orange ORAN 11.28 0.04 BeyondMeat BYND 143.56 1.13 Copart CPRT 113.40 3.04 Leidos LDOS 85.73 2.73 s SVB Fin SIVB 306.98 16.28 s Visa V 184.74 3.03 AcceleronPharma XLRN 102.36 -2.22 Orix IX 61.74 2.90 TraneTech TT 137.55 4.80 ZTO Express ZTO 29.33 0.35 Bilibili BILI 44.46 -0.21 CoreLogic CLGX 76.40 -0.53 Gaming&Leisure GLPI 37.49 1.14 Lennar B LEN.B 58.97 2.08 Salesforce.com CRM 232.45 0.18 Vistra VST 17.74 0.37 Accenture ACN 220.19 3.28 OtisWorldwide OTIS 62.14 0.86 TransDigm TDG 494.43 17.02 ZaiLab ZLAB 81.94 -0.11 Bill.com BILL 96.72 -3.28 Corning GLW 32.47 0.50 Gap GPS 20.83 1.38 Lennar A LEN 72.51 2.28 Sanofi SNY 46.41 1.11 VMware VMW 127.00 -1.73 ActivisionBliz ATVI 76.40 0.67 OwensCorning OC 68.11 2.64 TransUnion TRU 79.76 0.10 ZebraTech ZBRA 293.07 9.43 Bio-Techne TECH 260.00 7.59 Corteva CTVA 33.48 0.50 s Garmin GRMN 109.89 5.87 LennoxIntl LII 283.58 11.92 SantanderCons SC 21.19 0.85 Vodafone VOD 13.81 0.30 AdaptiveBiotech ADPT 45.84 -0.24 PG&E PCG 9.65 0.09 Travelers TRV 123.92 3.21 Zendesk ZEN 109.97 -0.97 s Bio-RadLab A BIO 591.02 4.60 CoStar CSGP 850.88 27.27 Gartner IT 125.02 4.92 LeviStrauss LEVI 15.83 0.05 SareptaTherap SRPT 137.29 1.38 VornadoRealty VNO 32.50 1.77 Adobe ADBE 444.94 -2.16 PLDT PHI 27.00 0.05 Trex TREX 71.742.20 Zillow C Z 89.16 0.54 Biogen BIIB 248.99 -3.08 Costco COST 364.39 6.77 Generac GNRC 212.57 2.42 LiAuto LI 22.88 2.71 Schlumberger SLB 15.58 0.64 VoyaFinancial VOYA 48.77 0.84 AdvanceAuto AAP 151.38 4.10 PNC Fin PNC 114.45 2.57 Trimble TRMB 50.74 2.61 Zillow A ZG 89.79 0.46 BioMarinPharm BMRN 73.42 -1.01 CoupaSoftware COUP 247.29-20.41 GeneralDynamics GD 136.09 4.76 LibertyBroadbandC LBRDK 138.19 -3.52 SchwabC SCHW 41.26 0.15 VulcanMatls VMC 149.44 4.60 AdvMicroDevices AMD 74.70 -0.59 POSCO PKX 47.86 1.55 Trip.com TCOM 29.32 0.56 ZimmerBiomet ZBH 132.52 0.42 BioNTech BNTX 87.10 1.74 Credicorp BAP 117.36 2.68 GeneralElec GE 7.52 0.10 LibertyBroadbandA LBRDA 137.29 -3.26 ScottsMiracleGro SMG 155.34 5.29 AgilentTechs A 105.24 3.15 PPD PPD 32.70 -0.18 TruistFinl TFC 43.48 1.36 Zoetis ZTS 162.89 4.34 BlackKnight BKI 88.94 0.99 CreditSuisse CS 9.63 0.22 GeneralMills GIS 59.73 0.61 LibertyGlobal A LBTYA 18.79 -0.19 Sea SE 159.67 1.97 W X Y Z AgnicoEagle AEM 80.98 1.69 PPG Ind PPG 135.18 5.46 Twilio TWLO 273.38 -5.59 ZoomVideo ZM 453.00 -7.91 BlackRock BLK 614.87 15.66 Cree CREE 63.86 0.26 GeneralMotors GM 34.55 0.02 LibertyGlobal C LBTYK 18.44 -0.22 Seagate STX 48.57 0.75 AirProducts APD 286.69 10.45 PPL PPL 28.11 0.61 Twitter TWTR 39.47 -1.89 WEC Energy WEC 103.14 2.59 ZoomInfoTech ZI 36.95 -1.04 Blackstone BX 51.33 0.91 CrowdStrike CRWD 124.47 0.63 Genmab GMAB 33.97 0.31 LibertyFormOne A FWONA 33.23 -0.07 Seagen SGEN 168.51 1.71 AkamaiTech AKAM 95.81 0.69 PRA HealthSci PRAH 99.52 2.08 TylerTech TYL 387.44 3.06 W.P.Carey WPC 63.90 1.29 Zscaler ZS 134.43 -1.32 Boeing BA 148.60 4.21 CrownCastle CCI 159.48 3.28 Genpact G 35.66 1.29 LibertyFormOne C FWONK 36.11 -0.02 SealedAir SEE 40.49 0.90 Albemarle ALB 96.84 3.63 PTC PTC 86.88 3.00 TysonFoods TSN 57.63 0.40 WPP WPP 39.36 -0.59 Zynga ZNGA 9.27 0.28 BookingHldgs BKNG 1604.13-18.37 CrownHoldings CCK 89.56 3.76 Gentex GNTX 28.29 0.62 LibertyBraves A BATRA 20.44 -0.26 SempraEnergy SRE 127.62 2.26 Albertsons ACI 14.66 -0.03 Paccar PCAR 88.83 3.45 BoozAllen BAH 81.19 2.69 CubeSmart CUBE 34.08 0.15 GenuineParts GPC 93.52 3.09 LibertyBraves C BATRK 20.27 -0.20 SensataTechs ST 44.79 1.08 Alcon ALC 57.15 0.31 PackagingCpAm PKG 117.87 3.38 BorgWarner BWA 35.60 0.62 Cummins CMI 227.68 7.79 Gerdau GGB 3.89 0.08 LibertySirius C LSXMK 35.14 0.54 ServiceCorp SCI 47.40 1.09 AlexandriaRlEst ARE 154.92 3.40 PagSeguroDig PAGS 37.49 0.88 BostonBeer SAM 1038.74 -0.44 CureVac CVAC 47.08 -1.70 GileadSciences GILD 58.53 0.38 LibertySirius A LSXMA 35.03 0.46 ServiceNow NOW 476.00-21.57 AlexionPharm ALXN 114.83 -0.31 PalantirTech PLTR 10.54 0.41 BostonProps BXP 76.05 3.64 CyrusOne CONE 71.09 0.04 GSK GSK 34.40 0.98 EliLilly LLY 131.63 1.17 ShawComm B SJR 16.52 0.02 Alibaba BABA 310.84 6.15 PaloAltoNtwks PANW 221.85 0.66 Dividend Changes BostonSci BSX 34.55 0.28 GlobalPayments GPN 160.36 2.62 LincolnElectric LECO 104.93 3.11 SherwinWilliams SHW 709.30 21.32 AlignTech ALGN 458.44 32.36 PanAmerSilver PAAS 32.80 1.00 BrightHorizons BFAM 156.06 -1.99 D E F Globant GLOB 179.37 -1.24 LincolnNational LNC 36.37 1.27 ShinhanFin SHG 27.99 1.08 Alleghany Y 565.33 18.40 ParkerHannifin PH 218.02 9.66 Dividend announcements from November 2. BristolMyers BMY 59.49 1.04 GlobeLife GL 83.25 2.16 Linde LIN 228.58 8.24 Shopify SHOP 914.99-10.44 Allegion ALLE 101.51 3.01 DISH Network DISH 25.82 0.33 Paychex PAYX 83.30 1.05 BritishAmTob BTI 32.22 0.34 GoDaddy GDDY 72.09 1.35 LithiaMotors LAD 239.38 9.81 Sibanye-Stillwater SBSW 12.52 0.65 AlliantEnergy LNT 56.69 1.41 DTE Energy DTE 125.70 2.28 PaycomSoftware PAYC 360.60 -3.49 Amount Payable / Broadcom AVGO 351.25 1.62 GoldFields GFI 11.78 0.85 LiveNationEnt LYV 50.23 1.43 SimonProperty SPG 64.71 1.90 Allstate ALL 90.90 2.15 DadaNexus DADA 32.22 -0.79 Paylocity PCTY 180.56 -4.96 Company Symbol Yld %New/Old Frq Record BroadridgeFinl BR 140.77 3.17 GoldmanSachs GS 190.20 1.16 LloydsBanking LYG 1.40 -0.01 SiriusXM SIRI 5.78 0.05 AllyFinancial ALLY 27.60 0.92 Danaher DHR 232.44 2.90 PayPal PYPL 187.76 1.63 BrookfieldMgt BAM 30.03 0.25 GoodRx GDRX 46.83 -1.56 LockheedMartin LMT 352.42 2.29 Skyworks SWKS 142.12 0.83 AlnylamPharm ALNY 124.91 1.94 Darden DRI 91.84 -0.08 Pegasystems PEGA 113.40 -2.48 Increased BrookfieldInfr BIP 43.65 0.75 Graco GGG 62.66 0.76 LoewsL37.33 2.65 SlackTech WORK 25.05 -0.53 Alphabet A GOOGL 1624.32 8.21 DarlingIngred DAR 43.84 0.84 Peloton PTON 113.44 3.23 AbbVie ABBV 5.9 1.30 /1.18 Q Feb16 /Jan15 BrookfieldPropREIT BPYU 14.85 0.10 Grainger GWW 363.23 13.21 LogitechIntl LOGI 85.08 0.43 Smartsheet SMAR 49.39 -0.46 Alphabet C GOOG 1626.03 5.02 Datadog DDOG 88.33 -2.42 PembinaPipeline PBA 20.96 0.03 Arbor Realty Trust ABR 9.6 .32 /.31 Q Nov30 /Nov16 s BrookfieldRenew BEPC 69.74 2.97 Grifols GRFS 17.22 0.24 Lowe's LOW 160.23 2.13 SmithAO AOS 52.85 1.16 Alteryx AYX 122.25 -3.10 DaVita DVA 89.07 2.82 PennNational PENN 53.03 -0.95 RILY Q Brown&Brown BRO 44.50 0.99 Grubhub GRUB 73.63 -0.33 s LufaxHolding LU 13.80 0.95 Smith&Nephew SNN 35.11 0.04 B. Riley Financial 5.7 .375 /.30 Nov24 /Nov10 AlticeUSA ATUS 26.78 -0.17 DeckersOutdoor DECK 254.90 1.53 Pentair PNR 50.70 0.94 Brown-Forman B BF.B 70.86 1.15 GuardantHealth GH 105.09 -1.57 lululemon LULU 315.50 -3.79 Smucker SJM 116.66 4.46 Cmnty Bankers Acqu ESXB 4.2 .06 /.05 Q Dec01 /Nov20 Altria MO 36.48 0.40 Deere DE 231.70 5.79 Penumbra PEN 248.17-12.86 Brown-Forman A BF.A 64.69 1.94 Guidewire GWRE 95.69 -0.42 Snap SNAP 40.79 1.40 Eaton Vance Global Income EVGBC 3.5 .03 /.0294 M Nov05 /Nov03 AlumofChina ACH 5.45 ... DellTechC DELL 60.29 0.03 LumenTech LUMN 8.88 0.26 Bruker BRKR 44.03 1.49 HCA Healthcare HCA 130.60 6.66 PepsiCo PEP 135.15 1.86 SnapOn SNA 163.81 6.28 Amazon.com AMZN 3004.48-31.67 DeltaAir DAL 30.22 -0.42 Lumentum LITE 81.42 -1.27 Forward Air FWRD 1.3 .21 /.18 Q Dec10 /Nov25 Bunge BG 58.07 1.34 HDFC Bank HDB 59.04 1.60 PerkinElmer PKI 132.64 3.09 Snowflake SNOW 252.23 2.21 Ambev ABEV 2.18 0.04 DentsplySirona XRAY 47.70 0.51 Lyft LYFT 24.50 1.67 Piper Sandler PIPR 1.8 .375 /.30 Q Dec11 /Nov24 BurlingtonStrs BURL 192.58 -1.00 HD Supply HDS 41.64 1.78 Perrigo PRGO 45.61 1.74 s SOQUIMICH SQM 37.91 0.90 Amcor AMCR 10.85 0.42 DeutscheBank DB 9.64 0.39 LyondellBasell LYB 71.91 3.46 Postal Realty Trust Cl A PSTL 5.6 .215 /.205 Q Nov30 /Nov16 CBRE Group CBRE 52.67 2.27 HP HPQ 18.41 0.45 PetroChina PTR 29.02 0.56 SolarEdgeTech SEDG 267.72 10.03 Amdocs DOX 57.23 0.85 DexCom DXCM 312.00 -7.58 PetroleoBrasil PBR Power Integrations POWI 0.7 .11 /.105 Q Dec31 /Nov30 CDW CDW 126.45 3.85 HSBC HSBC 21.41 0.43 M N 6.72 0.09 SolarWinds SWI 20.85 0.42 s Amedisys AMED 254.38 -4.62 Diageo DEO 130.78 0.60 PetroleoBrasilA PBR.A 6.67 0.06 CF Industries CF 28.07 0.46 Halliburton HAL 12.80 0.74 s Sony SNE 85.50 1.84 Amerco UHAL 351.45 4.29 DigitalRealty DLR 145.95 1.65 Pfizer PFE 36.23 0.75 Reduced CGI GIB 61.08 -1.09 HartfordFinl HIG 39.34 0.82 M&T Bank MTB 106.04 2.46 Southern SO 59.01 1.56 Ameren AEE 83.21 2.09 DiscoverFinSvcs DFS 67.21 2.20 PhilipMorris PM 71.63 0.61 CH Robinson CHRW 87.34 -1.09 Hasbro HAS 82.40 -0.32 MGMGrowthProp MGP 27.13 0.68 s SoCopper SCCO 54.21 1.87 Eaton Vance TABS 5-to-15Y EVLMC 2.0 .0161 /.0177 M Nov05 /Nov03 AmericaMovil AMX 11.92 ... DiscoveryB DISCB 34.00 1.30 Phillips66 PSX 47.96 1.30 CME Group CME 152.28 1.56 HealthcareAmer HTA 24.89 0.59 MGM Resorts MGM 20.97 0.40 SouthwestAir LUV 38.40 -1.13 Weyerhaeuser WY 1.8 .17 /.34 Q Dec18 /Dec04 AmericaMovil A AMOV 11.68 -0.02 DiscoveryA DISCA 21.12 0.88 Pinduoduo PDD 91.62 1.64 CMS Energy CMS 64.35 1.02 HealthpeakProp PEAK 28.25 1.28 MinisoGroup MNSO 19.30 0.20 Splunk SPLK 191.34 -6.70 AEP AEP 91.23 1.30 DiscoveryC DISCK 19.13 0.81 PinnacleWest PNW 81.07 -0.50 CNA FinCNA 31.66 1.87 Heico HEI 108.63 3.58 MKS Instrum MKSI 112.17 3.78 Spotify SPOT 231.60 -8.29 Initial AmerExpress AXP 93.40 2.16 Disney DIS 120.13 -1.12 Pinterest PINS 58.38 -0.57 CNH Indl CNHI 8.09 0.32 Heico A HEI.A 96.23 2.73 MPLX MPLX 18.00 0.79 Square SQ 155.23 0.35 Regional Management RM ... .20 Dec04 /Nov17 AmericanFin AFG 77.07 2.13 DocuSign DOCU 201.56 -0.69 PioneerNatRscs PXD 82.80 3.24 CNOOC CEO 93.40 1.28 HenrySchein HSIC 62.22 -1.36 MSCI MSCI 356.85 7.01 StanleyBlackDck SWK 168.71 2.51 AmHomes4Rent AMH 28.38 0.11 s DolbyLab DLB 77.90 2.82 PlainsAllAmPipe PAA 6.50 0.25 CRH CRH 36.78 1.63 Herbalife HLF 45.53 0.39 MagellanMid MMP 35.83 0.29 Starbucks SBUX 85.97 -0.99 Stocks AIG AIG 32.45 0.96 DollarGeneral DG 209.52 0.81 Pool POOL 357.29 7.46 CRISPR Therap CRSP 86.16 -5.66 Hershey HSY 140.78 3.32 MagnaIntl MGA 51.34 0.23 StateStreet STT 59.68 0.78 Forum Energy Technologies FET 1:20 /Nov10 AmerTowerREIT AMT 233.49 3.84 DollarTree DLTR 91.12 0.80 ManulifeFin MFC 13.73 0.15 PrincipalFin PFG 39.71 0.49 SteelDynamics STLD 31.89 0.41 CSX CSX 81.76 2.82 Hess HES 38.04 0.82 PSHG AmerWaterWorks AWK 154.30 3.79 DominionEner D 81.66 1.32 Procter&Gamble PG 138.50 1.40 Performance Shipping 1:10 /Nov02 CVS Health CVS 58.08 1.99 HewlettPackard HPE 8.91 0.27 MarathonPetrol MPC 31.30 1.80 Steris STE 181.57 4.38 AmericanWell AMWL 25.10 -0.71 Domino's DPZ 376.03 -2.29 Progressive PGR 94.40 2.50 Summit Midstream Partners SMLP 1:15.000014 /Nov10 CableOne CABO 1760.65 28.79 HighwoodsProp HIW 30.52 0.75 Markel MKL 960.03 27.23 STMicroelec STM 31.10 0.56 AmericoldRealty COLD 36.24 0.01 Donaldson DCI 48.20 0.70 Prologis PLD 101.87 2.67 CabotOil COG 17.42 -0.37 Hill-Rom HRC 90.40 -0.67 MarketAxess MKTX 538.79 -0.06 StoneCo STNE 52.95 0.41 Ameriprise AMP 164.45 3.62 Dover DOV 114.87 4.16 PrudentialFin PRU 65.93 1.91 Foreign CadenceDesign CDNS 110.51 1.14 Hilton HLT 88.00 0.19 Marriott MAR 92.90 0.02 Stryker SYK 202.78 0.77 AmerisourceBrgn ABC 98.94 2.87 Dow DOW 47.82 2.33 Prudential PUK 24.60 0.17 Fortress Techs Pfd. B FTAIpB 10.7 .50 Q Dec15 /Dec01 CaesarsEnt CZR 46.66 1.84 Hologic HOLX 70.56 1.74 Marsh&McLen MMC 104.89 1.43 SumitomoMits SMFG 5.67 0.13 Ametek AME 102.27 4.07 DrReddy'sLab RDY 65.92 1.11 PublicServiceEnt PEG 58.49 0.34 Gilat Satellite Networks GILT .36 Dec02 /Nov12 CamdenProperty CPT 94.51 2.27 HomeDepot HD 270.74 4.03 MartinMarietta MLM 270.99 4.64 SunComms SUI 139.14 1.51 Amgen AMGN 220.21 3.27 DraftKings DKNG 35.72 0.32 PublicStorage PSA 232.81 3.74 CampbellSoup CPB 47.68 1.01 HondaMotor HMC 24.23 0.61 MarvellTech MRVL 36.89 -0.62 SunLifeFinancial SLF 40.30 0.48 Imperial Oil IMO 4.7 .1651 Q Jan01 /Dec03 Amphenol APH 115.07 2.23 Dropbox DBX 17.97 -0.29 PulteGroup PHM 42.15 1.39 SuncorEnergy SU 11.75 0.46 CIBC CM 75.67 1.05 Honeywell HON 173.61 8.66 Masco MAS 54.74 1.14 Itau Unibanco Holding ADR ITUB 3.3 .00268 Dec11 /Nov03 AnalogDevices ADI 118.48 -0.05 DukeEnergy DUK 93.82 1.71 Qiagen QGEN 48.66 1.22 SunRun RUN 54.18 2.16 CanNtlRlwy CNI 102.47 3.02 HorizonTherap HZNP 73.67 -1.26 Masimo MASI 225.36 1.54 Mercer International MERC 4.0 .065 Q Dec30 /Dec23 Anaplan PLAN 54.47 -0.88 CanNaturalRes CNQ DukeRealty DRE 39.04 1.05 Mastercard MA 289.97 1.33 Qorvo QRVO 127.94 0.58 Suzano SUZ 8.78 0.12 16.19 0.24 HormelFoods HRL 49.46 0.77 NMM Q AngloGoldAsh AU 25.28 2.14 Dun&Bradstreet DNB 26.05 0.21 Qualcomm QCOM 123.97 0.61 SynchronyFin SYF 25.96 0.94 Navios Maritime Ptrs 3.3 .05 Nov13 /Nov09 CanPacRlwy CP 313.60 14.47 DR Horton DHI 69.18 2.37 MaximIntProducts MXIM 69.82 0.17 AB InBev BUD 52.24 0.33 s Dunkin' DNKN 106.19 6.48 s QuantaServices PWR 66.45 4.02 Synnex SNX 137.18 5.54 Shaw Communications B SJR 5.5 .0741 M Dec30 /Dec15 Canon CAJ 17.77 0.32 HostHotels HST 10.94 0.46 McAfee MCFE 16.46 -0.30 AnnalyCap NLY 7.24 0.15 DuPont DD 58.80 1.92 QuestDiag DGX 124.84 2.70 Synopsys SNPS 215.78 1.92 Yamana Gold AUY 1.9 .02625 Q Jan14 /Dec31 CanopyGrowth CGC 20.93 2.15 HowmetAerospace HWM 17.85 0.60 McCormickVtg MKC.V 183.75 5.00 Anthem ANTM 278.25 5.45 Dynatrace DT 34.50 -0.81 Quidel QDEL 248.41-19.88 Sysco SYY 57.09 1.78 CapitalOne COF 75.68 2.60 HuanengPower HNP 14.88 -0.04 McCormick MKC 185.17 4.66 Aon AON 180.64 -3.37 ENI E 14.92 0.94 Special CardinalHealth CAH 47.52 1.73 Huazhu HTHT 39.32 -0.31 McDonalds MCD 212.56 -0.44 ApolloGlbMgmt APO 38.42 1.56 EOG Rscs EOG 35.15 0.91 R S T U V FHI Carlisle CSL 128.36 4.49 Hubbell HUBB 149.94 4.43 McKesson MCK 152.03 4.54 Federated Hermes 4.4 1.00 Nov13 /Nov06 Apple AAPL 108.77 -0.09 EPAM Systems EPAM 313.70 4.75 Carlyle CG 25.39 0.47 HubSpot HUBS 290.88 0.81 MedicalProp MPW 18.62 0.80 RELX RELX 20.37 0.64 TAL Education TAL 66.34 -0.12 ApplMaterials AMAT 60.33 1.10 EastmanChem EMN 83.32 2.48 CarMax KMX 89.08 2.64 Humana HUM 408.58 9.30 Medtronic MDT 102.43 1.86 RH RH 341.13 5.90 TC Energy TRP 38.96 -0.50 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and Aptargroup ATR 118.19 4.10 Eaton ETN 107.34 3.55 MelcoResorts MLCO Carnival CCL 13.55 -0.16 JBHunt JBHT 122.43 0.69 16.01 -0.11 RPM RPM 88.11 3.44 TE Connectivity TEL 99.50 2.62 ratio; SO: spin-off. Aptiv APTV 97.88 1.39 EatonVance EV 60.43 0.64 MercadoLibre MELI 1215.86 1.81 Carnival CUK 11.62 -0.18 HuntingtonBcshs HBAN 10.81 0.37 Aramark ARMK 28.40 0.66 eBay EBAY 47.87 0.24 Merck MRK 76.71 1.50 s CarrierGlobal CARR 35.10 1.71 HuntingIngalls HII 149.50 2.02 ArcelorMittal MT 14.00 0.40 Ecolab ECL 188.85 5.26 MetLife MET 38.70 1.31 Carvana CVNA 185.01 -0.34 s IAA IAA 57.99 1.40 ArchCapital ACGL 31.37 1.16 Ecopetrol EC 9.36 0.11 MettlerToledo MTD 1043.25 45.34 CaseysGenStores CASY 167.83 -0.74 ICICI Bank IBN 11.56 1.01 ArcherDaniels ADM 48.56 2.32 EdisonInt EIX 57.55 1.51 MicrochipTech MCHP 105.11 0.03 Exchange-Traded Portfolios | WSJ.com/ETFresearch Catalent CTLT 88.53 0.76 IdexxLab IDXX 431.05 6.23 AresMgmt ARES 42.10 -0.20 EdwardsLife EW 72.60 0.91 MicronTech MU 49.71 -0.63 Caterpillar CAT 163.27 6.22 IHS Markit INFO 82.32 1.45 arGEN-X ARGX 249.49 1.36 ElancoAnimal ELAN 31.83 0.82 Microsoft MSFT 202.33 -0.14 Closing Chg YTD Celanese CE 117.50 3.99 ING Groep ING 7.16 0.34 AristaNetworks ANET216.12 7.22 Elastic ESTC 99.24 -2.17 MidAmApt MAA 119.84 3.21 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Cemex CX 4.16 0.01 Invesco IVZ 13.48 0.37 ArrowElec ARW 79.80 1.91 ElectronicArts EA 119.81 -0.02 MiratiTherap MRTX 216.11 -1.03 Centene CNC 62.38 3.28 IPG Photonics IPGP 190.65 4.69 Schwab US TIPs SCHP 61.08 0.32 7.9 ArrowheadPharm ARWR 58.22 0.92 EmersonElec EMR 67.96 3.17 MitsubishiUFJ MUFG 4.05 0.11 Monday, November 2, 2020 Closing Chg YTD CenterPointEner CNP 21.47 0.34 IQVIA IQV 155.13 1.14 SPDR DJIA Tr DIA 269.20 1.56 –5.6 AscendisPharma ASND 162.49 -0.86 Enbridge ENB 27.49 -0.07 MizuhoFin MFG 2.56 0.08 ETF Symbol Price (%) (%) CentraisElBras EBR 5.44 -0.03 IcahnEnterprises IEP 50.75 1.31 Closing Chg YTD SPDR S&PMdCpTr MDY 353.07 1.96 –5.9 AspenTech AZPN 111.09 1.28 EncompassHealth EHC 63.05 1.74 MobileTeleSys MBT 7.83 0.01 ETF Symbol Price (%) (%) CeridianHCM CDAY 84.09 -2.13 Icon ICLR 186.33 6.03 iShMSCI ACWI ACWI 79.00 1.10 –0.3 SPDR S&P 500 SPY 330.20 1.12 2.6 Assurant AIZ 129.93 5.56 EnelAmericas ENIA 6.68 0.18 Moderna MRNA 67.11 -0.36 Cerner CERN 71.87 1.78 IDEX IEX 178.76 8.37 CommSvsSPDR XLC 59.17 –0.05 10.3 iShMSCI EAFE EFA 62.19 1.30 –10.4 SPDR S&P Div SDY 95.07 2.82 –11.6 AstraZeneca AZN 50.62 0.46 EnergyTransfer ET 5.17 0.02 MohawkInds MHK 114.69 11.50 CharlesRiverLabs CRL 232.82 5.12 IllinoisToolWks ITW 202.08 6.20 CnsmrDiscSelSector XLY 143.99 0.71 14.8 iShMSCIEmgMarkets EEM 45.28 1.27 0.9 TechSelectSector XLK 111.14 0.25 21.2 Athene ATH 32.42 0.34 EnphaseEnergy ENPH 103.83 5.74 MolinaHealthcare MOH 198.85 12.38 CharterComms CHTR 588.43-15.39 Illumina ILMN 292.88 0.18 CnsStapleSelSector XLP 63.25 1.59 0.4 iShMSCIJapan EWJ 58.85 1.05 –0.7 UtilitiesSelSector XLU 63.75 2.20 –1.3 Atlassian TEAM 184.29 -7.33 Entegris ENTG 77.05 2.28 MolsonCoorsB TAP 37.55 2.29 CheckPoint CHKP 115.51 1.95 ImperialOil IMO 13.96 0.63 FinSelSectorSPDR XLF 24.31 1.89 –21.0 iShNatlMuniBd MUB 115.09 0.15 1.0 VanEckGoldMiner GDX 38.63 3.04 31.9 AtmosEnergy ATO 95.51 3.84 Chegg CHGG 72.88 -0.56 Entergy ETR 105.34 4.12 Mondelez MDLZ 54.34 1.22 iSh1-5YIGCorpBd IGSB 54.81 0.05 2.2 Incyte INCY 84.44 -2.20 FT DJ Internet FDN 186.35 –0.35 33.9 VangdInfoTech VGT 298.61 0.21 22.0 Autodesk ADSK 240.74 5.20 Chemed CHE 481.46 3.14 EnterpriseProd EPD 16.40 -0.17 MongoDB MDB 224.18 -4.29 iShPfd&Incm PFF 36.29 0.61 –3.5 Infosys INFY 14.25 -0.02 GSActiveBetaUSLC GSLC 67.07 1.09 3.7 VangdSC Val VBR 116.84 2.40 –14.8 Autohome ATHM 98.41 2.86 CheniereEnergy LNG 47.05 -0.82 Equifax EFX 141.85 5.25 s MonolithicPower MPWR 315.26 -4.34 iShRussell1000Gwth IWF 210.77 0.57 19.8 IngersollRand IR 35.98 1.04 HealthCareSelSect XLV 103.49 1.80 1.6 VangdSC Grwth VBK 218.62 0.85 10.0 Autoliv ALV 76.00 0.20 CheniereEnerPtrs CQP 36.37 0.32 Equinix EQIX 738.32 7.08 MonsterBev MNST 77.92 1.35 iShRussell1000 IWB 184.93 1.14 3.6 VangdExtMkt VXF 131.97 1.24 4.7 Inphi IPHI 137.85 -1.91 IndSelSectorSPDR XLI 77.92 2.70 –4.4 ADP ADP 161.46 3.50 Chevron CVX 72.15 2.65 Equinor EQNR 13.36 0.53 Moody's MCO 265.93 3.03 iShRussell1000Val IWD 118.91 1.87 –12.9 VangdDivApp VIG 127.61 1.49 2.4 Insulet PODD 215.97 -6.28 InvscQQQI QQQ 269.98 0.22 27.0 AutoZone AZO 1141.15 12.17 Chewy CHWY 60.79 -0.81 Equitable EQH 21.94 0.45 MorganStanley MS 49.38 1.23 iShRussell2000 IWM 155.82 1.78 –5.9 VangdFTSEDevMk VEA 39.93 1.22 –9.4 Intel INTC 44.46 0.18 InvscS&P500EW RSP 109.91 2.23 –5.0 Avalara AVLR 142.77 -6.28 ChinaEastrnAir CEA 19.69 0.04 EquityLife ELS 60.17 0.98 Morningstar MORN 195.01 4.63 iShRussellMid-Cap IWR 58.74 1.71 –1.5 VangdFTSE EM VWO 44.37 1.28 –0.2 InteractiveBrkrs IBKR 47.82 0.25 iSh3-7YTreasuryBd IEI 132.84 0.02 5.6 Avalonbay AVB 145.34 6.21 ChinaLifeIns LFC 10.94 ... EquityResdntl EQR 49.31 2.33 Mosaic MOS 19.56 1.06 iShRussellMCValue IWS 83.59 2.44 –11.8 VangdFTSE Europe VGK 50.30 1.43 –14.2 ICE ICE 94.66 0.26 iShCoreDivGrowth DGRO 39.63 1.72 –5.8 Avangrid AGR 50.23 0.89 ChinaMobile CHL 31.43 0.70 ErieIndemnity A ERIE 235.93 3.06 MotorolaSol MSI 163.47 5.41 iShS&P500Growth IVW 56.47 0.53 16.6 VangdFTSEAWxUS VEU 50.04 1.28 –6.9 InterContinentl IHG 50.83 -0.31 iShCoreMSCIEAFE IEFA 58.81 1.12 –9.9 Avantor AVTR 23.41 0.14 ChinaPetrol SNP 40.78 1.45 EssentialUtil WTRG 41.83 0.63 Mylan MYL 15.14 0.60 iShS&P500Value IVE 112.56 1.97 –13.5 VangdGrowth VUG 221.54 0.35 21.6 IBM IBM 112.91 1.25 iShCoreMSCIEM IEMG 54.20 1.37 0.8 AveryDennison AVY 141.70 3.31 ChinaSoAirlines ZNH 26.41 -0.41 EssexProp ESS 217.00 12.41 MyoKardia MYOK 223.28 -0.25 iShShortTreaBd SHV 110.67 –0.02 0.2 VangdHlthCr VHT 201.08 1.48 4.9 IntlFlavors IFF 105.07 2.41 iShCoreMSCITotInt IXUS 57.75 1.14 –6.7 AxaltaCoating AXTA 25.64 0.53 ChinaTelecom CHA 31.87 0.47 s EsteeLauder EL 223.85 4.19 NICE NICE 229.60 1.34 iShSilver SLV 22.41 1.91 34.4 VangdHiDiv VYM 81.07 1.92 –13.5 IntlPaper IP 45.05 1.30 iShCoreS&P500 IVV AxonEnterprise AAXN 97.95 -0.95 ChinaUnicom CHU 6.21 0.02 Etsy ETSY 126.44 4.85 s NIO NIO 33.32 2.74 331.36 1.14 2.5 iShTIPSBondETF TIP 125.37 0.37 7.5 VangdIntermBd BIV 92.69 0.18 6.3 Interpublic IPG 18.92 0.83 BCE BCE 40.46 0.24 Chipotle CMG 1188.54-12.94 EverestReRE 207.00 9.92 NRG Energy NRG 32.17 0.55 iShCoreS&P MC IJH 193.20 1.97 –6.1 iSh1-3YTreasuryBd SHY 86.39 –0.00 2.1 VangdIntrCorpBd VCIT 95.45 0.20 4.5 Intuit INTU 316.42 1.74 BHP Group BHP 48.09 -0.02 Chubb CB 134.62 4.71 Evergy EVRG 56.31 1.11 NVR NVR 4029.27 76.18 iShCoreS&P SC IJR 73.54 2.11 –12.3 iSh7-10YTreasuryBd IEF 120.19 0.17 9.0 VangdLC VV 154.00 0.96 4.2 IntuitiveSurgical ISRG 675.98 8.90 BHP Group BBL 38.99 0.12 ChunghwaTel CHT 38.25 0.47 EversourceEner ES 90.59 3.32 NXP Semi NXPI 137.31 2.19 iShS&PTotlUSStkMkt ITOT 74.84 1.07 3.0 iSh20+YTreasuryBd TLT 158.58 0.75 17.1 VangdMC VO 179.11 1.69 0.5 InvitatHomes INVH 27.66 0.40 BP BP 16.10 0.62 Church&Dwight CHD 87.90 -0.49 ExactSciences EXAS 121.89 -1.94 Nasdaq NDAQ 123.18 2.19 iShCoreUSAggBd AGG 117.22 0.18 4.3 iShRussellMCGrowth IWP 174.30 0.70 14.2 VangdMBS VMBS 54.08 0.03 1.7 IonisPharma IONS 46.77 -0.18 B2Gold BTG 6.56 0.12 ChurchillDowns CHDN 153.05 3.90 Exelixis EXEL 20.61 0.13 NationalGrid NGG 59.66 0.21 iShSelectDividend DVY 85.06 2.48 –19.5 iShUSTreasuryBdETF GOVT 27.64 0.15 6.6 VangdRealEst VNQ 78.42 2.39 –15.5 iQIYI IQ 25.19 0.49 Baidu BIDU 134.05 1.00 Ciena CIEN 39.15 -0.24 Exelon EXC 40.96 1.07 Natura&Co NTCO 15.94 -0.01 iShEdgeMSCIMinEAFE EFAV 66.28 1.21 –11.1 JPM UltShtIncm JPST 50.75 0.02 0.6 VangdS&P500ETF VOO 303.31 1.16 2.5 iRhythmTechs IRTC 212.00 0.55 BakerHughes BKR 15.71 0.94 Cigna CI 174.84 7.87 Expedia EXPE 94.72 0.57 NatWest NWG 3.04 -0.15 iShEdgeMSCIMinUSA USMV 62.55 1.44 –4.6 PIMCOEnhShMaturity MINT 101.91 –0.00 0.3 VangdST Bond BSV 82.74 0.02 2.6 IronMountain IRM 26.52 0.46 Ball BLL 90.20 1.20 CincinnatiFin CINF 72.22 1.48 ExpeditorsIntl EXPD 88.62 0.25 nCino NCNO 69.20 -1.32 iShEdgeMSCIUSAMom MTUM 142.35 0.79 13.4 SPDR BlmBarcHYBd JNK 104.11 0.25 –5.0 VangdSTCpBd VCSH 82.66 0.02 2.0 ItauUnibanco ITUB 4.10 0.01 BancoBilbaoViz BBVA 2.91 0.02 Cintas CTAS 320.37 5.82 ExtraSpaceSt EXR 115.85 -0.10 NetApp NTAP 44.94 1.05 iShEdgeMSCIUSAQual QUAL 102.32 1.26 1.3 SPDRBloomBar1-3MTB BIL 91.53 –0.00 0.1 VangdSC VB 159.62 1.60 –3.6 BancoBradesco BBDO 3.12 0.02 CiscoSystems CSCO 35.90 ... ExxonMobil XOM 33.99 1.37 J K L NetEase NTES 84.33 -2.46 iSh5-10YIGCorpBd IGIB 60.59 0.27 4.5 SPDR Gold GLD 177.91 0.97 24.5 VangdTotalBd BND 87.55 0.14 4.4 BancodeChile BCH 16.12 0.37 Citigroup C 42.21 0.79 F5Networks FFIV 131.23 -1.71 Netflix NFLX 484.12 8.38 iShGoldTr IAU 18.07 1.01 24.6 SchwabIntEquity SCHF 30.71 1.29 –8.7 VangdTotIntlBd BNDX 58.35 0.10 3.1 BancSanBrasil BSBR 5.56 0.02 CitizensFin CFG 28.03 0.78 FMC FMC 106.95 4.21 JD.com JD 82.32 0.80 Neurocrine NBIX 95.98 -2.69 iShiBoxx$InvGrCpBd LQD 133.97 0.39 4.7 SchwabUS BrdMkt SCHB 78.95 1.14 2.7 VangdTotIntlStk VXUS 51.68 1.39 –7.2 BcoSantChile BSAC 14.48 0.60 CitrixSystems CTXS 114.43 1.16 Facebook FB 261.36 -1.75 Joyy YY 94.65 3.27 NewFortressEner NFE 36.48 0.35 iShiBoxx$HYCpBd HYG 83.72 0.24 –4.8 SchwabUS Div SCHD 56.75 2.23 –2.0 VangdTotalStk VTI 168.73 1.04 3.1 BancoSantander SAN 2.09 0.08 Clarivate CCC 27.83 0.08 FactSet FDS 311.18 4.68 JPMorganChase JPM 100.25 2.21 NewOrientalEduc EDU 161.36 0.98 iShJPMUSDEmgBd EMB 109.80 0.16 –4.2 SchwabUS LC SCHX 79.62 1.16 3.7 VangdTotlWrld VT 79.97 1.24 –1.3 BanColombia CIB 25.73 0.24 Clorox CLX 216.03 8.78 FairIsaac FICO 390.85 -0.60 JackHenry JKHY 151.77 3.52 NYTimes A NYT 40.47 0.81 iShMBSETF MBB 110.12 0.02 1.9 SchwabUS LC Grw SCHG 112.28 0.34 20.8 VangdValue VTV 104.48 1.82 –12.8

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

GooseheadIns GSHD 128.91 3.0 NorthernGenesisAcqnWt NGA.WS 1.60 52.5 Celsion CLSN 0.43 -0.2 GreenwichLife GLSI 3.42 ... NabrivaTherap NBRV 0.48 -1.3 Root ROOT 21.77 -1.2 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE GreenVisionAcqn GRNVU 11.93 6.5 O2MicroIntl OIIM 6.95 -1.4 Lows Check-Cap CHEK 0.27 -8.9 HolicityWt HOLUW 0.85 -5.5 Neovasc NVCN 0.80 -12.9 RuhnnHolding RUHN 2.26 -3.4 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low HavertyFurn HVT 26.62 4.0 ProvidenceService PRSC 122.00 3.3 CodiakBioSci CDAK 8.40 1.0 HorizonAcqnWt HZAC.WS 0.75 -2.5 NeuroBoPharm NRBO 4.82 3.0 Safe-T SFET 0.90 -1.2 AconS2Acqn STWOU 9.64 0.3 in the latest session. %CHG-Daily percentage change from the previous trading session. IAA IAA 60.62 2.5 QuantaServices PWR 66.94 6.4 CohnRobbinsA CRHC 9.70 -0.5 HorizonAcqnII HZON.U 9.99 ... NewYorkCityReit NYC 10.90 0.1 SagaComm SGA 16.25 -0.2 AEternaZentaris AEZS 0.29 -4.4 Immunovant IMVT 45.30 2.2 R1RCM RCM 18.67 3.7 CumberlandPharm CPIX 2.77 -0.5 HothTherap HOTH 1.60 -1.2 NorthernOil&Gas NOG 3.55 ... SCWorx WORX 1.01 -4.0 AIkidoPharma AIKI 0.47 -3.9 Monday, November 2, 2020 IndlTechWt ITACW 0.96 24.1 RegalBeloit RBC 104.99 6.3 D8 Holdings DEH.U 9.90 -0.4 Inhibrx INBX 15.20 -6.3 oneA AONE 9.97 -1.2 ShiftTech SFT 8.70 -0.4 InterPrivate 10.27 1.3 ArcLightClean ACTCU 9.87 -0.5 DHI Group 1.66 1.2 IntercorpFinSvcs 20.26 -2.4 SocialCapHedV 10.18 ... 52-Wk % 52-Wk % 52-Wk % IPV RothCHAcqnIWt ROCHW 1.69 11.2 DHX IFS OrchardTherap ORTX 3.76 -1.5 IPOE.U InterPrivateWt IPV.WS 1.22 54.2 ArteloBiosci ARTL 0.45 5.2 Dynatronics DYNT 0.57 -1.6 IterumTherap ITRM 0.45 -2.9 SupernovaPtrs SPNV.U 10.05 0.4 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg SVB Fin SIVB 308.16 5.6 Orphazyme ORPH 8.89 -1.7 InterPrivate IPV.U 10.67 3.8 Avinger AVGR 0.21 -5.3 ECMOHO MOHO 1.29 -5.1 JaguarHealth JAGX 0.19 -3.7 Teligent TLGT 0.46 -10.3 BrookfieldRenew BEPC 69.81 4.4 DolbyLab DLB 77.90 3.8 Saia SAIA 153.25 2.5 PA Reit PEI 0.40 0.2 LatticeSemi LSCC 35.93 0.5 AvitaTherap RCEL 19.54 -3.6 E.MergeTechA ETAC 9.60 0.1 JawsAcqnWt JWS.WS 1.26 -3.6 Thryv THRY 8.10 -5.3 SanJuanBasin SJT 3.33 -3.7 PhoenixTree DNK 1.41 -19.8 Highs BrookfieldRenew BEP 57.01 5.1 DuddellStreet DSACU 9.88 0.5 LifeSciAcqnUn LSACU 17.47 4.3 BEST BEST 2.46 -3.5 EntasisTherap ETTX 1.58 2.5 JupiterWellnessWt JUPWW 0.39 -27.3 TitanPharm TTNP 0.11 -22.3 ShattuckLabs STTK 27.25 3.9 PliantTherap PLRX 19.43 -2.1 BurgundyTechWt BTAQW 0.65 0.1 Dunkin' DNKN 106.28 6.5 LiveOakBcshs LOB 38.93 1.9 BenitecBiopharm BNTC 2.58 -3.0 Express EXPR 0.57 -4.8 JupiterWellness JUPW 5.40 -10.0 TreanInsurance TIG 10.44 -2.4 AcmeUnited ACU 28.77 -0.4 SOQUIMICH 38.83 2.4 Progenity 4.24 -14.4 CSW Industrials CSWI 89.25 3.7 EnduranceIntl EIGI 9.48 62.0 LufaxHolding LU 13.92 7.4 SQM BioCardia BCDA 1.92 -2.0 FSDPharma HUGE 1.33 -2.8 LAIX LAIX 1.63 -10.8 PROG trivago TRVG 1.27 -5.9 AllegroMicro ALGM 19.80 7.9 CarrierGlobal CARR 35.13 5.1 EnvivaPartners EVA 44.03 1.4 LuxHlthTech LUXAU 10.80 0.5 Sony SNE 85.92 2.2 BiondVaxPharm BVXV 2.68 -9.3 FoleyTrasimeneA WPF 9.74 -0.7 LexiconPharm LXRX 1.05 -5.4 RaMedicalSys RMED 0.17 -3.6 TymeTechs TYME 0.85 ... AlmadenMinerals AAU 1.15 16.5 CemtrexPfd CETXP 3.51 6.5 EsteeLauder EL 237.82 1.9 Metlife pfA METpA 25.41 ... SoCopper SCCO 54.29 3.6 BowXAcqnWt BOWXW 1.00 -0.8 FoleyTrasimeneWt WPF.WS 1.20 7.3 LongviewAcqn LGVW.U 9.95 ... RecroPharma REPH 1.49 -5.0 UTStarcom UTSI 0.83 -11.6 AltimarAcqn ATAC.U 9.95 0.5 ColonnadeAcqnA CLA 9.95 ... Farfetch FTCH 33.98 13.8 MonolithicPower MPWR 326.91 -1.4 Strattec STRT 30.60 3.8 CBL Assoc CBL 0.09 -40.8 Galecto GLTO 13.32 ... MetenEdtechX METX 2.65 -7.7 ReinventTechPtrs RTP.U 10.66 0.8 VPC Impact VIHAU 9.86 -0.4 Amedisys AMED 264.77 -1.8 Cowen COWN 22.70 -0.2 FirstMidBncpPfdC FMBIO 28.10-0.3 NIO NIO 34.94 9.0 Timken TKR 62.83 5.2 CaliforniaRscs CRC 12.61 -5.1 GigCapital2Rt GIXr 0.19 -20.0 MicroFocus MFGP 2.78 -2.4 Revlon REV 3.96 2.4 VastaPlatform VSTA 10.94 -0.1 Bio-RadLab A BIO 609.45 0.8 Daseke DSKE 7.36 0.6 Garmin GRMN 109.90 5.6 NewBeginnings NBA.U 10.03 0.1 TraneTech TT 137.56 3.6 CapstarSpacA CPSR 9.66 0.1 GoresHoldingsV GRSVU 9.97 -0.7 MonocleAcquisition MNCL 8.68 -4.9 RingEnergy REI 0.48 -5.9 WashingtonPrime WPG 0.55 -1.4 BluescapeOpps BOAC.U 9.97 0.5 DasekeWt DSKEW 0.34 -9.8 GatosSilver GATO 6.95 2.4 NorthernGenesis NGA 10.04 2.3 UnitedTherap UTHR 135.00 -0.2 CatabasisPharm CATB 1.25 1.5 GreatAjaxNts24 AJXA 23.21 0.9 MonoparTherap MNPR 4.31 ... RockwellMedical RMTI 0.83 -0.3 Zomedica ZOM 0.07 -4.3

Mutual Funds Data provided by Net YTD Net YTD Net YTD Net YTD Net YTD Net YTD Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret SeriesOverseas 10.72 +0.10 -0.6 Fidelity Selects IntlEq 26.16 +0.43 -6.1 1000 Inv r 74.63 +0.90 NA TotIntlAdmIdx r 27.77 +0.36 -5.7 USGro 57.48 +0.18 33.6 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. SmCpIdxInstPrem 19.96 +0.38 -4.9 Softwr r 23.76 +0.08 23.6 Old Westbury Fds S&P Sel 51.38 +0.63 NA TotStAdml 82.18 +1.02 4.5 WellsI 27.33 +0.22 2.2 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnoteseand s TMktIdxInstPrem 94.20 +1.17 4.3 Tech r 26.02 +0.07 36.1 LrgCpStr 15.43 +0.17 2.4 TSM Sel r 58.34 +0.72 NA TxMCapAdml 172.31 +2.13 5.2 Welltn 43.29 +0.39 1.6 apply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply,12b-1. r- USBdIdxInstPrem 12.38 +0.02 6.6 First Eagle Funds Parnassus Fds TIAA/CREF Funds TxMIn r 12.84 +0.19 -7.9 WndsrII 35.42 +0.57 -2.0 Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand rapply. v-Footnotes Fidelity Advisor I GlbA 56.21 +0.79 -3.0 ParnEqFd 50.26 +0.50 7.4 EqIdxInst 24.37 +0.30 4.4 USGroAdml 149.00 +0.47 33.7 VANGUARD INDEX FDS xand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Notavailable due to incomplete NwInsghtI 36.42 +0.18 11.4 Franklin A1 PGIM Funds Cl Z VANGUARD ADMIRAL ValAdml 40.76 +0.80 -10.8 IdxIntl 16.60 +0.21 -5.8 price, performanceorcostdata. NE-Notreleased by Lipper; data under review. NN-Fund not Fidelity Freedom CA TF A1 p 7.64 -0.01 2.4 TotalReturnBond 14.74 +0.03 NA 500Adml 305.76 +3.73 4.0 WdsrllAdml 62.86 +1.02 -1.9 SmValAdml 50.17 +1.22 -13.6 tracked. NS-Fund didn’texistatstart of period. FF2020 16.27 +0.13 3.5 IncomeA1 p 2.08 +0.01 -6.8 PIMCO Fds Instl BalAdml 40.93 +0.33 6.1 WellsIAdml 66.21 +0.55 2.3 TotBd2 11.47 +0.02 6.1 FF2025 14.42 +0.12 3.3 FrankTemp/Frank Adv AllAsset NA ... NA CAITAdml 12.22 -0.01 3.0 WelltnAdml 74.75 +0.68 1.7 TotIntlInstIdx r 111.04 +1.43 -5.7 FF2030 17.81 +0.17 2.8 IncomeAdv 2.06 +0.01 -6.7 HiYld 8.73 +0.02 0.5 CapOpAdml r 164.52 +1.59 4.3 WndsrAdml 63.80 +1.22 -10.8 TotItlInstPlId r 111.07 +1.44 -5.7 Monday, November 2, 2020 Freedom2020 K 16.26 +0.13 3.5 FrankTemp/Franklin A InvGrdCrBd 11.01 +0.03 NA DivAppIdxAdm 34.65 +0.55 3.9 VANGUARD FDS TotSt 82.15 +1.02 4.4 Net YTD Net YTD Net YTD Freedom2025 K 14.40 +0.12 3.3 Growth A p 128.37 +1.32 14.4 TotRt 10.88 +0.02 NA EMAdmr 36.90 +0.33 1.4 DivdGro 30.44 +0.51 0.5 VANGUARD INSTL FDS Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret RisDv A p 71.25 +1.33 3.1 Freedom2030 K 17.80 +0.17 3.0 PIMCO Funds A EqIncAdml 70.65 +1.33 -9.0 INSTTRF2020 24.93 +0.17 3.4 BalInst 40.93 +0.33 6.1 Guggenheim Funds Tru IncomeFd 11.71 +0.01 NA American Century Inv BlackRock Funds TAUSCoreEq2 19.73 +0.31 -0.9 Freedom2035 K 14.92 +0.16 2.0 ExplrAdml 104.21 +1.39 7.2 INSTTRF2025 25.48 +0.20 3.0 DevMktsIndInst 12.86 +0.19 -7.8 TotRtnBdFdClInst 29.64 +0.04 11.7 PIMCO Funds I2 ExtndAdml 100.18 +1.35 5.7 Ultra 66.76 +0.38 28.0 HiYBlk 7.45 +0.01 0.2 US CoreEq1 25.61 +0.37 0.1 Freedom2040 K 10.43 +0.13 1.7 INSTTRF2030 25.77 +0.23 2.6 DevMktsInxInst 20.09 +0.28 -7.9 Fidelity Invest Harbor Funds Income 11.71 +0.01 NA GNMAAdml 10.73 +0.01 3.4 ExtndInst 100.17 +1.34 5.7 American Funds Cl A HiYldBd Inst 7.45 +0.02 0.1 US CoreEq2 23.14 +0.35 -1.1 INSTTRF2035 26.03 +0.25 2.1 Balanc 25.58 +0.23 9.2 CapApInst 99.40 +0.22 NA PIMCO Funds Instl GrwthAdml 114.08 +0.63 22.4 GrwthInst 114.09 +0.63 22.4 AmcpA p NA ... NA BlackRock Funds A US Small 31.62 +0.62 -9.0 INSTTRF2040 26.29 +0.28 1.6 BluCh 139.95 +0.60 35.4 Harding Loevner IncomeFd 11.71 +0.01 NA HlthCareAdml r 88.80 +1.33 4.1 InPrSeIn 11.44 +0.04 8.9 AMutlA p NA ... NA GlblAlloc p 19.75 ... 5.9 US SmCpVal 28.02 +0.68 -17.9 INSTTRF2045 26.48 +0.30 1.1 Contra 16.23 +0.08 19.2 IntlEq 24.12 +0.36 1.3 Price Funds HYCorAdml r 5.79 +0.01 1.3 InstIdx 295.52 +3.59 4.0 BalA p NA ... NA BlackRock Funds Inst USLgVa 32.05 +0.65 -15.5 INSTTRF2050 26.53 +0.30 1.2 ContraK 16.26 +0.08 19.2 Invesco Funds Y BlChip 151.72 +0.58 22.0 InfProAd 28.07 +0.08 8.8 InstPlus 295.54 +3.60 4.0 BondA p NA ... NA StratIncOpptyIns 10.04 ... 3.0 Dodge & Cox INSTTRF2055 26.63 +0.30 1.2 Bridge Builder Trust CpInc r 9.91 +0.03 0.2 DevMktY 45.69 +0.48 0.2 DivGro 53.38 +0.82 1.1 IntlGrAdml 135.70 +2.01 32.0 InstTStPlus 70.31 +0.88 4.5 CapIBA p NA ... NA Balanced 92.97 +1.14 -5.6 IntlVal 32.96 +0.48 -12.2 CapWGrA NA ... 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B10 | Tuesday, November 3, 2020 ** THE WALL STREET JOURNAL. BANKING & FINANCE Citigroup Greensill to Sell ItsFleetofPlanes Names Head SoftBank-backed ernanceasitlooks to raise and valuations typically fluc- ersinthe U.S.,Japan and Aus- cash from investors. tuate throughout discussions. tralia and do businessinChina Of Consumer finance firm tightens Gabriel Caillaux,aGreensill Credit Suisse Group AG and and India. Greensill has more its governance as it director and co-president of Citigroup are advising Green- than 1,000employees globally. Banking private-equity firm General sill on the fundraising,accord- Greensill’sboarddecided looks to raise capital Atlantic, said recent changes, ing to some of the people. the planes were an extrava- BY DAVID BENOIT including the plane sales,were Spokespeople forthe banks ganceand an obstacle to the BY JULIE STEINBERG “mandated by the entire declined to comment. creation of an environmental Citigroup Inc.named anew AND DUNCAN MAVIN board, and it’s all been led by Greensill hopes to follow policy, according to the people leader forits global consumer Lexaspart of the evolution of theprivatefundraising with familiar with the company. bank and said itschief risk of- LexGreensill, the founder the business.” an initial public offering SoftBank, its largest external ficerwill leave,two changes of SoftBank Group Corp.- Mr.Greensill, an ex-Citi- within two years and is look- investor, supports the moves, that highlight howthe incom- backed Greensill Capital, re- group Inc.banker,founded the ing foranew auditor ahead of the people said. ing chief executive, Jane Fra-

cently agreed to arequest companyin2011. Greensill CK that, according to the people Greensill’srelationship with ser, canstart making her mark from his board: Sell the com- provides a type of cash-man- TO familiar with the company. SoftBank came under the spot- on the bank. pany’s fleet of private planes. agementtool known as sup- As part of itsgovernance light earlier this year.Credit Ms.Fraser,the head of Citi-

Thefour planes—two Piag- ply-chain finance. It pays acli- SHUTTERS changes,Greensilll added ase- Suisse executives became con- group’sconsumer bank, will gios,aDassault Falcon and a ent’ssuppliersearlier than nior adviser and anonexecutive cerned about potential conflicts become CEO in February,

Gulfstream 650—embodied the they would normally be paid, TUTTLE/ director to itsboardinrecent of interest afterSoftBank in- when Michael Corbat retires.

firm’sascent in recent years butatadiscount. Theclient IAN months and is forming acom- vested $700 million in Greensill- Ms.Fraser is tapping one of as afast-growing playerina pays back Greensill the full Lex Greensill mitteetoaddressreputational related funds runbythe Swiss her toplieutenants, Anand relatively tame part of finance amount later.Supply-chain fi- issues,according to aGreensill bank. SoftBankultimately re- Selva, to replaceher as head that helps companies manage nancetook off afterthe people familiar with the com- spokesperson. Greensill named deemed itsstake and the bank of the consumer bank,accord- their cash flow. 2008-09 financial crisis and is pany. It is aiming fora$7bil- Patricia Russo,chair of the pledged to take steps to protect ing to an internal memo from Greensill hit trouble in re- prized by companies forits fi- lion valuation, double the valu- boardfor HewlettPackardEn- investorsinthe Vision Fund. Mr. Corbat and Ms. Fraser. cent months.Several Greensill nancial flexibility. ation it achieved in afunding terprise Co., as senior adviser, Supply-chain financehas Theconsumer bank has clientsfaced financial difficul- Thecompanycountsformer round in October 2019.Soft- and TracyClarkeasnonexecu- attracted notice from the U.S. long been viewedasanarea ties, while partner companies U.K. Prime Minister David Bank is likely to invest asmall tivedirector.Ms. Clarkewill Securities and ExchangeCom- whereCitigroup could in- scaled back their relationships, Cameron as asenior adviser. amount this round, said one of join next year aftershe retires mission and ratings firms for crease profits. Mr.Selvahas TheWall Street Journal has SoftBank’sVision Fund in- the people. as chief executiveofficer for itspotential to disguise acom- runU.S.consumer operations, reported. In Germany, regula- vested about $1.5billion in the AGreensill spokesperson Europe and Americas at Stan- pany’s level of debt. which includes both the retail tors questioned abank Green- companylast year,while Gen- said that it is raising money to dardChartered PLC. TheFinancial Accounting bank and credit cards, since sill owns over worries it is too eral Atlantic put in $250 mil- accelerateits growth amid ris- Greensill Bank,the lender in Standards Board, the private 2018. exposed to a single client. lion in 2018. ing demand forits financing Germany, owns the planes and organization that setsac- Mr.Selva, who wasprevi- Thesale of the planes is Greensill recently met with tools during the pandemic. leases them to Greensill Capi- counting standards, votedlast ously in Asia for Citigroup, is part of the board’seffortsto potential investorsand hopes ASoftBank spokesperson tal, aperson familiar with the month to explore greater dis- a leader behind the bank’s fo- recast the company’sprofile to raise between $500 million declined to comment. companysaid. Executives used closure requirements regard- cus on digital consumer offer- and tighten itscorporategov- and $600 million, according to Talks are at an early stage, them to meet with sharehold- ing the arrangements. ings,largely shunning the heavier focus on branches that defined some rivals.For in- stance, he spearheaded agree- SEC Eases Rules on Funding for Private Firms ments with Google and Ameri- canAirlines Group Inc.to create new banking products. BY PAUL KIERNAN within as little as 30 days of out by Congressand regulators. itsonthe amount of money noting that the higher fund- He has been at Citigroup since one another,rather than six Critics—including the SEC’s that smaller companies can raising limits“maymakeit 1991. WASHINGTON—TheSecuri- months currently. two Democratic commission- raise via exemptions.For exam- easier for smaller, higher-risk Ms.Fraser and Mr.Corbat ties andExchangeCommission Thevotemarks the regula- ersand consumer advocates— ple,startups will be able to col- issuerstoaccesscapital also said that Brad Hu, the adopted arule to help compa- tor’slatestmovetohelp small said the movewill further un- lect up to $5 million through through these exemptions.” longtime chief risk officer,will nies raise capital without go- and medium-sizecompanies dermine the nation’spublic online crowdfunding initiatives, Critics of the trend toward step down at the end of the ing public,the latest in aseries raise money in privatemarkets, marketsfor stocks and bonds, up from $1.07 million currently. growing privatemarketssay year.The memo said the move of measures likely to further following an August rule that which have been dwarfedby Participantsincrowdfunding that promising young compa- wasMr. Hu’schoiceand bolsterprivatemarkets. expanded the pool of so-called privatemarkets. TheSEC esti- initiatives will be able to invest nies—for example,Facebook in praised his tenure. Commissionersvoted 3-2 accredited investors deemed mates that $2.7trillion was the greater of their annual in- the late2000s—have been able Fixing the risk-management on Monday to expand several able to “fend forthemselves” raised in exempt offeringslast come or net worth, rather than to remain privatefor years, de- systems that regulatorsre- exemptions to federal securi- without the SEC’sprotections. year,versus $1.2 trillion in the lesser of the two.Compa- priving individual investorsof cently slammed will be per- ties laws that require issuers Chairman JayClayton said public offerings. “Today’srule nies also will be allowedto the chancetoshareintheir haps Ms.Fraser’s biggest chal- to register with the SEC and the rule would “increase effi- significantly expands private- gaugeinvestor interest without growth. At the same time,other lenge. publish financial statements ciencyand facilitatecapital for- market access to investors running afoul of restrictions on privatefirms such as We Co. Thechangewill allowMs. and other key information be- mation.” He said it would re- without first putting in place advertising privateofferingsto have been able to attain multi- Fraser to put in placeher own fore accepting investors’ duceregulatorycostsand appropriateinvestor protec- nonaccredited investors. billion-dollar valuations without pick in ajob that would be money.Companies also will be burdens forcompanies by tions,” SEC commissioner Car- SEC economistssaid the providing their investorswith central to patching up the allowed to make such exempt streamlining apatchwork of se- oline Crenshawsaid. changes “mayincrease aggre- the information required by bank’srelationships with regu- offerings, as they are known, curities-lawexemptions carved Therule also increases lim- gate potential investor losses,” SEC registration requirements. lators. P2JW308000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Tuesday, November 3, 2020 | B11 MARKETS Stock IndexesJump on EveofElection

U.S. stocks rose Monday control of the Senateand S&P500 sectorsperformance, Monday Shares of Amazon dropped worseunder lockdown restric- ahead of an election that will House by the same major party. $31.67,or1%, to $3,004.48 a tions,hesaid. shape the government’sre- That would lead to moreclarity Energy share, while Facebook shares In Asia, Japan’sbenchmark sponse to the coronavirus pan- on additional stimulus pack- Materials fell $1.75,or0.7%, to $261.36. Nikkei 225added 1.4%, while demic and economic downturn. ages and newlegislation on Shares of Clorox Co.rose Hong Kong’sHang Seng rose TheDow Jones Industrial health care and taxes. Industrials $8.78, or 4.2%, to $216.03after 1.5%. “It’sabit of arelief rally,” Real Estate it reported quarterly sales that “Investorsare viewing Asia Hans Olsen, chief investment beat analysts’ expectations, as asafehaven ahead of agood By Jem Bartholomew officerofFiduciaryTrust Co., Utilities continuing gains from pur- probability that we could see a and Alexander said of Monday’sgains.“We’re chases of wipes,disinfectants contested election,” said David Financials Osipovich coming to the end of the elec- and personal-careitems during Chao,Invesco’sglobal market tion cycle,and we’reonthe Health Care the Covid-19 pandemic. strategist forAsia-Pacific ex- Averagejumped 423.45points, vergeofresolving the uncer- Dunkin’ Brands Inc.shares cluding Japan. or 1.6%, to 26925.05, rebound- tainty.” Consumer Staples rallied $6.48, or 6.5%, to Oilprices rebounded after ing afterits worstweek since Last week’s5.6%slide in the Technology $106.19. InspireBrands Inc., sinking to five-month lows last

March. Theblue-chip indexwas S&P 500 prompted some bar- S& the owner of Arby’s,said at the week.Futures on Brent crude, Consumer Discretionary up as much as 541 pointsin gain shopping by investors, set- P5 end of last week that it would the global oil benchmark,

morning trading,beforeparing ting the stagefor Monday’sre- Communications Services 00 acquireDunkin’ for$8.8 billion gained 2.7% to settle at $38.97 gains. bound, analystssaid. The in one of the largest restaurant abarrel. Last week the gauge 0% 123 TheS&P 500 climbed 40.28 broad-based indexisdown Source:FactSet deals in years. fell morethan 10%, logging its points, or 1.2%, morethan 7. 5% from the record In Europe,the pan-continen- worstweek sinceApril, on con- MONDAY’S to 3310.24. The it reached in early September, forconsumer goods and capital Onuekwusi, fund manager and talStoxxEurope 600 rose 1.6%, cerns that renewedcoronavirus MARKETS Nasdaq Compos- beforeitwas draggeddownby equipment has driven amanu- head of retail multiasset funds led by stocks in Germanyand restrictions would sap energy iteadded 46.02 aselloff in tech stocks and jit- facturing rebound aftercorona- at Legal&General Investment France. Thegaugeand the Euro demand. points, or 0.4%, to 10957.61, lag- ters over the election. virus-related disruptions de- Management.“That hastobea Stoxx50failed to showprices —Frances Yoon ging behind theother major in- “Wecould see some buying pressedoutput this spring. positivefor the economyand forabout an hour aftermarkets contributed to this article. dexesdue to declines in big back,with some investorssee- Overseas, newlockdown marketsoverall.” opened Mondaydue to issues technologystocks. ing this as abuying opportu- measures introduced in the All of the S&P 500’s11sec- with indexcalculation, accord- Former Vice President Joe nity given the hugeselloff that U.K.,France, Germany, Ireland, tors ended Mondaywith gains, ing to operator Deutsche Börse AUCTION RESULTS Biden is leading President we had last week,” said Sean Austria and Belgium to contain with energy and materials Group,inthe latest technical Here are the results of Monday's Treasury auctions. All bids are awarded at a single price at the market- Trump by 10 percentagepoints Markowicz, strategist at Schro- the pandemic have been less stocks the strongest perform- snafutohit European markets. clearing yield. Rates are determined by the difference among voters nationally,al- der Investment Management. restrictivethan some investors ers. Tech and communications Investorsare operating on between that price and the face value. though Mr.Biden’slead is NewdatashowedU.S.fac- expected, and forashorter du- stocks were among the weaker the assurancethat govern- tighterinthe battleground tory activity expanded at afast ration. Schools by and large re- sectors. mentsare prepared to pump 13-Week 26-Week Applications $159,331,311,900 $160,141,654,500 states that arelikely to decide clip in October.The Institute main open, and governments Twitter Inc.tumbled $1.89, stimulus intothe economy, said Accepted bids $62,539,888,100 $59,065,921,600 the election, according to a forSupply Management said its have expressed hope the new or 4.6%, to $39.47ashare, add- Alan Custis,managing director " noncomp $673,329,500 $459,487,600 " foreign noncomp $357,000,000 $173,000,000 newWall Street Journal/NBC purchasing-managersindex restrictions will be liftedwithin ing to itslosses aftera21% of Lazard Asset Management. Auction price (rate) 99.975986 99.944389 News poll. came in at 59.3 last month, weeks. slide on Friday. Thecompany Therealso is abetterunder- (0.095%) (0.110%) 0.096% 0.112% Investorshavebeen hoping beating expectations from “They aredefinitely what I’d reported slowuser growth last standing of howtocope with Bids at clearing yield accepted 79.65% 34.39% foradefinitiveresult in the economistspolled by TheWall call lockdown light: not as week. Amazon.com Inc.and the coronavirus,and markets 9127963W7 9127965A3 Both issues are dated Nov. 5, 2020. The 13-week bills presidential race,helping avoid Street Journal, who predicted stringent as what we sawin Facebook Inc.also lost ground knowwhich companies are mature on Feb. 4, 2021; the 26-week bills mature on acontested outcome,and clear it to be 56.0. Strong demand the firstwave,” said Justin aftersharp drops on Friday. likely to perform betteror May 6, 2021. Oil PricesGyrate As Demand Faces Lockdown Threat

BY DAVID HODARI reportsthat oil companies in Russia discussed with Energy Oil prices ended higher Minister Alexander Novak the Monday, paring early declines possibility of maintaining cur- but extending arecent period rent supply curtailmentsfor a of volatility as widening re- longer period. Thereports strictions on economic activity eased some fear among ana-

in Europe threaten to hit de- lyststhat the Organization of /REUTERS mand forfuel. the Petroleum Exporting Coun- U.S. crude futures fell as tries and allies likeRussia OUNY ZIT much as 6% overnight before mightease output cutstoo

ending the dayup2.8%at quickly and glut the market. ISMAIL $36.81abarrel. Prices slid 10% Still, some analystsare wor- Libya’s oil supply is rapidly recovering after an eight-month blockade, and daily production exceeds forecasts. Storage tanks in the country. last week— ried about excess supply if pro- COMMODITIES their largest duction stays steady and de- the continent wasemerging Despiteasignificant second North African producer’s sup- this week’selection is known. weekly drop mand slides.Prices slumped from lockdown. wave of coronavirus infections ply hasrecovered to 800,000 Analystshavespent recent sinceApril—and have fallen to last week following the intro- Traders’ anxietiesabout a breaking over the oil market in barrels aday—already above weeks discussing the impact their lowest level in five duction of newlockdown mea- fall in oildemand as infection recent weeks,production has the 700,000-barrel figure the that avictoryfor former Vice months with the coronavirus sures designed to stem the sec- ratesrise were supplemented remained on an upwardtrajec- International Energy Agency President JoeBiden could denting travel and limiting ond wave of coronavirus by acocktail of factorsrelating tory.The number of activeoil forecast forthe end of 2020. have on U.S. relations with crude consumption. They infections in Europe.British to supply and volatility around rigs in the U.S. jumped to its Thecountry’snational pro- Iran andthe sanctions cur- started the year above$60, PrimeMinister Boris Johnson Tuesday’sU.S.election. highesttotal sincelateMay, ducer expectsproduction of 1.3 rently stymieing the country’s briefly fell below$0inlate over theweekend set alock- Manytradersare bracing for according to oil-field services million barrels aday by early oil production. Aprildue to aglut, then re- down in Englandstarting this moreswingsinriskier invest- companyBaker Hughes on Fri- next year,according to Regardlessofwhether Iran bounded around $40 this Thursday. That step came after ments, with the memories of day. Bloomberg. ends up re-entering the oil summer. France, Germany, Belgium and President Trump’sunexpected In Norway,anend to the la- ExtraLibyan supply typi- market, the fear of that pros- Even though oil turned posi- othersrecently clamped down election win in 2016 still fresh. bor disputeatthe country’s cally deliversablowtoprices pect will be enough to tiveMonday, the big swings on travel and leisureactivities. “It’sproduction numbers, vast Johan Sverdrup field because the crude is easy to strengthen the alliancebe- were reminiscent of the volatil- TheEuropean measures are it’sCovid-19 numbers, it’sthe means production therecould transport and high quality, tween Russia and Saudi Arabia, ity that roiled energy markets set to shave around two million election,” said RobertMonte- hit arecordhigh of 470,000 traderssaid. Thecountry’s said EdwardMorse,global early in the year.Analysts barrels aday off oil demand, fusco, abrokeratLondon- barrelsaday this month, ac- speedy return to the market is head of commodities research worrythat slumping demand said Damien Courvalin, head of basedcommodities trading cording to Eugen Weinberg, raising questions about at Citi.That development could will combine with higher pro- energy research at Goldman firm Sucden Financial. “There’s head of commodities research whether the Organization of prompt amoreconservative duction to again oversupply the Sachs.That equates to around going to be alot of volatility at Commerzbank. the Petroleum Exporting Coun- approach to relaxing produc- market and crash prices, 2% of pre-coronavirus global this week.” That is in addition to Libya’s tries and itsallies canbolster tion curbs in the coming prompting outsizemoves in demand andwould take Euro- Brent crude,the global rapidly recovering supply.After prices,said Mr.Montefusco. months,hesaid. both directions. pean oil demand back to levels gaugeofoil prices,rose 2.7% to negotiating an end to an eight- OPEC policy will be in the —Amrith Ramkumar Monday’sgain came after last seen in May, when much of $38.97abarrel Monday. month blockade on itsoil, the spotlightwhen the result of contributed to this article.

pon of 11.5%, twicethe cost of come moreimportant. Invest- Beijing Convertible the convertible. ment bank proprietary-trading Theterms of Carnival’scon- desks aregone and leverage vertible-bond sale gaveinves- forriskytrades is much Summons Bonds See tors the option to swapeach harder to getfor hedgefunds. security for100 shares at $10 Mr.Perrin is along-term apiece, when the stock was holder lookingfor deals that AnttoTalks Big Gains trading near itslowest this will do well over many years, year.Four months later,after rather than ashort-term the stock priceapproached trader or arbitrage specialist ContinuedfrompageB1 ContinuedfrompageB1 $15,Carnival redeemed nearly hunting for quick profit. That send amessage: We arenot ible bonds tend to be lower $900 million of these bonds means this year he has missed going to back down from Ant; than on regular bonds,sincethe early by offering investors112 out on some sharp,quick re- if anything,weare going to /REUTERS investor gets achancetoprofit shares priced at $14.02 apiece turns,but he isn’t convinced NG

become more aggressive.” SO if the sharepricerises.That has foreach note, which have a all the deals will still look as Y

Ant, whose Alipaybusiness AL made them attractivefor com- $1,000 facevalue. attractive in a few years. wascarved out of e-commerce The fintech company has differed with China over regulation. panies that became strapped That allowedholdersofthe “I don’t think cruise compa- giant Alibaba Group Holding forcash as the pandemic halted nies areout of the woods,” Mr. Ltd. in 2011, has become a loans that Ant facilitated tended by senior Chinese flightsand cruises and closed Perrin said. “I don’t see book- powerful and disruptive force amounted to the equivalent of leaders, current and former shopsand restaurants. Travel, tourism ingspicking up substantially.” in modern-dayfinancein $314 billion as of June. regulators, as well as business “In hindsight, the best way He has favoredcompanies China. Thecompanybills itself PartsofAnt’sbusinesses executives. to playthe [convertibles] mar- and hospitality such as Southwest Airlines, as a technology services pro- come under the oversight of “Wecannot regulatethe fu- ket wastobuy everything that companies looked to French aerospacegroup Safran vider,but it has fundamentally China’sbanking,insuranceand ture with yesterday’s means,” came out because of the stock SA,and Booking Holdings’ changed the way hundreds of securities regulators, which the 56-year-old Ant co-founder market’sV-shape recovery,” these securities. Booking.com, ayounger,higher- millions of Chinese citizens have in the past sought to said at the forum. “There’sno said Maxime Perrin, client growth tourism company. spend, save,invest and borrow slowthe company’sgrowth systemic financial risks in portfolio manager at Lombard “The issuancehas been money. and limit itsdirect competi- Chinabecause there’snofi- Odier Investment Management. enormous,historic in nature,” More than one billion peo- tion with commercial banks nancialsysteminChina. The Convertible bonds in the convertible notes to book said Kevin Russell, chief invest- pleinChina—or over 70%of and other traditional financial risks arealack of systems,” Reuters Qualified Global Con- some profits, even if it meant ment officer at UBS’shedge- the country’spopulation—use institutions. Mr. Ma said. vertible Indexare up almost giving up on some of the po- fund unit,O’Connor.“We saw Alipay, which handled more In September,the country’s China’sVicePresident 22% this year. tential upside. this rush of issuance, and we than $17trillion in digital pay- central bank introduced new Wang Qishan, central bank A$2billion convertible- Hedgefunds and invest- ramped up our exposureto mentsinthe year to June.A rules that classified Ant and governor Yi Gang and his pre- bond issuancebyCarnival in ment bank’sproprietary-trad- take advantageofthat.” unit of Ant manages the coun- some other conglomerates as decessor,Zhou Xiaochuan,also early April with a5.75% cou- ing desks used to dominate Mr.Russell said he put try’slargest money-market financial-holding companies, spokeatthe three-daysummit pon now trades at more than themarket. They would buy some sparecash intothe mar- mutual fund, which has more requiring them to put up more that concluded on Oct. 25. 155% of itsfacevalue, convertible bonds, then trade ketand wound down some than 650 million individual in- capital to back payments, Mr. Ma’s recent comments according to FactSet, after the equity and credit risks junk-bond exposuretoadd vestors. lending and other finance likely didn’t go down well with shares in the cruise-line oper- linked with them separately, moreconvertibles. Alipay also facilitates con- businesses they own. regulators, who are“upping ator rebounded strongly from oftenusing derivatives and le- He has sold some positions sumerand businesslending, Last month, Mr. Ma gave a the ante,” said Mr.Polk of their lows. verage to exploit small differ- lately to cement gains,but is and sells investment products controversial speech about fi- Trivium. In thesame month, Carni- ences in values. optimistic forfurther strong and insurance. Thebalances of nancial regulation at aconfer- —Xie Yu valissued $4 billion of regular Nowadays,longer-term buy- performance as markets re- consumer and small-business ence in Shanghai that was at- contributed to this article. corporatebonds with acou- and-hold investorshavebe- main volatile. P2JW308000-0-B01200-1------XA

B12 | Tuesday, November 3, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY U.S. Economy Faces a Winter Chill

Rising coronavirus cases, falling temperatures and dwindling financial resources could mean bleak months ahead

Covid cases are rising, cold Employees at food services and weather is on its way and, for drinking places many American households and small businesses, financial re- 14 million sources are running out. The next RECESSION few months could be tough. While the economystill isn’t 12 close to afull recovery from the pandemic,ithas rebounded im- pressively.Last Thursday, the Com- 10 merce Department reported that grossdomestic product grew 7.4% in the thirdquarter from the prior 8 quarter,and economistsexpect that the October employment re- port, due Friday, will showanother 6

month of job gains.The growing S danger,however, is that the coun- NEW 4 tryisfacing aset of challenges G that could set it back on itsheels.

To begin with, thereisthe chal- OOMBER 2

lengethat never left: Covid. Aftera /BL period during the summer that sug-

gested the virus might be coming MORRIS 0 under some semblanceofcontrol, it UL is extending itsgrip onceagain. PA Jan. 2020 VID

Theseven-day averageofnew cases DA Note:Seasonally adjusted in the U.S. has lately been hitting Covid is gaining ground in the U.S. and thereisadanger thatcolder weather and the holidays will send caseshigher. Source:Labor Departmentvia St.Louis Fed newhighs,and the danger is that the combination of colder weather Restaurantsall over have Other businesses,including re- economists note that surveys show next rent payment. andfamily gatheringsduring the adapted to the pandemic by expand- tailersthat made adjustmentssuch 7% of households with mortgages Only when the Covid crisis ends Thanksgiving and Christmas holi- ing outdoor dining,helping them as moving merchandise to the and 41% with student loans were will many businesses and house- days will send cases higher still. As recoversome of their lost sales and sidewalk,also could facecold- either making reduced payments holds be pulled back from the aresult, morestate and local offi- hireback employees.InSeptember, weather challenges.But the more- or skipping them entirely at the brink. Meanwhile, another round cials could dial restrictions back up therewere3.8 million morepeople pressing problem formanysmall start of this quarter. Student-loan of stimulus could help them get again, while manyconsumersmight working at food services and drink- businesses,inparticular,isthat forbearance under the $2 trillion through what is looking to be a ratchet up their wariness. ing places than in April, according they arerunning out of time.Much stimulus plan passed last spring, hard winter. But the likelihood of a Rising Covid cases aren’t the to the Labor Department, account- of the money they received from and since extended by an executive significant stimulus package being only problem colder weather will ing forabout athirdofthe recovery the federal government earlier this order, expires at the end of De- passed in Congress’s lame-duck bring. An analysis by small-busi- in the job market. year through the $669 billion Pay- cember. Mortgage forbearance is session following Election Day is ness payroll and benefits provider But in most partsofthe country, check Protection Program has by set to expire either 180 or 360 looking iffy and, especially if Joe Gusto finds that areas with aver- not manypeople will be eager to nowbeen exhausted. Thepatience days after being granted. Many Biden wins Tuesday’s election, age November temperatures below dine al frescointhe cold. That of landlords,who typically have renters are in especially difficult might not come at all until after 50 degrees account for 45% of pri- raises the risk that morerestau- debt to service, is wearing thin. straits. In a recent Census Bureau the inauguration in late January. vate-sector employment, and some rantswill go under and moreres- Many households are also run- survey, 10% said they had no confi- That is a long time to wait. of those jobs could soon be at risk. taurant workerswill lose their jobs. ning out of rope. Goldman Sachs dence in their ability to make their —Justin Lahart ForTech, Licensing Is the Gorilla in the Room Elections Don’t Apple and Google avoid discussing search arrangement that is now in regulators’ crosshairs Change Apple Inc. and Google have paying Apple an estimated $8 bil- never been wild about discussing lion to $12 billion ayear if it their arrangement over web doesn’t feel it gets anybenefit from Everything search. At some point, they may it. And Apple has long touted the have no choice. long-term growth potential of its TheJusticeDepartment formally services business, which would take Thereisanold Washingtonadage unveiled itscase against Google on asignificant hit if the payments that personnel is policy. So when- Oct. 20.Akey focus is the deals the from Google disappear. ever anew administration or Senate

internet giant strikes with device GES Apple,for itspart, doesn’t seem majority comes to town, formany

makerstoensureprominent place- IMA to be sitting still. TheFinancial investorsand their portfolios,the ment of itssearch engine.Those Times recently reported that the big question is what will happen in deals account foralarge portion of GETTY companyisdevelopingits ownin- some key regulatoryposts. the traffic-acquisition costspaid out SE/ house search alternativetoGoogle. Forexample,regardlessofelec- by parent company Alphabet Inc., That would be an ambitious en- tion results,holdersofshares in big which nowtotal morethan $30 bil- deavor—and not acheap one. banks who arehoping forstepped ANCE-PRES

lion ayear and have grownatarate FR But Apple has been taking alot up capital returns could continue to of 18%annually during the past five of tech in-house lately,which helps see one key person in place: the ENCE

years. AG explain whyits R&D spending has Federal Reserve’sViceChair forSu- Apple is widely believed to get The crackdown on Google threatens a very material revenue stream for Apple. grownanaverage of 18% annually pervision Randal Quarles. the lion’sshareofthat, though nei- over the past five yearsand hit a Likethe Fedchair,the bank su- ther companyhas disclosed the Hence, the government’scrack- Pichai,CEO of Alphabet, repeated record $18.8 billion forthe fiscal pervision head is apresidential amount. Thefurthest Apple has down on Google threatens avery the company’snow-standardtalking year ended September.Building its nominee,but Mr.Quarles’sterm in gone is to credit “licensing” as one material revenue stream forApple, point that companies such as Apple ownsearch engine could help Apple that vice-chair role doesn’t end until of three topdriversofgrowthofits as well as asource of lucrativetraf- “choose us because we arethe best replacethe revenue lost from October 2021. Bank regulation often $53-billion-a-year services business ficfor Google.Both were asked search provider.” Google’sfees if that deal gets changes at aslowpace, but thanks in itsquarterly filings. But even about it during their respective Both have apoint: Thegovern- quashed, though Mr.Cook has fre- to Covid-19 therewill be some po- that is telling; licensing has been ei- conferencecalls lateThursday. Ap- ment’slawsuit will likely take a quently dinged the privacy-invasive tential important moves in the near- ther the largest or second-largest ple Chief ExecutiveTim Cook would year or moretoplayout, and natureofonline advertising busi- term, such as whether to extend contributor to growth within Ap- only saythat he thinks the govern- Google’ssearch dominancedoesn’t nesses.Sometimes,being right dividend and buyback restrictions. ple’sservices segment forthe past ment’slawsuit against Google is “a just come from paid placement doesn’t paythe bills. Housing-market investors, mean- five fiscal years. long way from conclusion.” Sundar deals.But Google would hardly be —Dan Gallagher while,may be watching the Su- preme Court. In December,the high court is set to hear argumentsona case that in part considersthe pres- ident’spowertoremovethe director Virus Likely to Open an East-West Gap of the Federal Housing Finance OVERHEARD Agency. TheFHFAisthe regulator of Fannie Mae and Freddie Mac and is in the midst of aplan to recapital- Asharp economic gapislikely to Year-to-dateperformance four months,according to EPFR izethem via retained earningsand Election Day is imminent in open between countries wherethe in U.S. dollar terms data. It’stoo soon to extrapolate public stock offerings. FHFAdirector the U.S. For those who are virus has either been reduced to im- that Asia will be amajor beneficiary, Mark Calabria’sterm ends in 2024. 20% somehow unaware of this fact, perceptible levels or is under rela- MSCI all but it is clear that the case forin- But manycourt-watchersare eyeing consumer brands are happy to tivecontrol,and those whereit country vesting in Europe has soured. aSupreme Court decision in June provide a reminder. isn’t. That will also become increas- 10 Asia, Even taking the U.S. market, a that the director of the Consumer excluding “Your vote can shake or stir ingly visible in financial markets. Japan minor shifthas happened. U.S. eq- Financial Protection Bureau could be the election,” reads the signage Purchasing managers index data 0 uity market outperformancepeaked removed by the president forany of an Absolut Vodka delivery for October, released Monday, was MSCI U.S. against Japan and Koreainearly reason, and wondering if this setsa truck in one advertisement encouraging: Taiwan and China’s September.The MSCI China is out- precedent forFHFA. –10 MSCI posted to social media. “The surveys remain in solid growth Japan performing the MSCI USAbyabout Beyond financial regulation, in- biggest drop is tomorrow,” Adi- territory, and South Korea re- –20 17%indollar terms forthe year. vestorsmay be unusually interested das said in an email to custom- ported an expansion for the first MSCI all Thelonger investorsexpect it will in what would happen with person- country ers on Monday, referring to a time since January. Japan’s figure –30 Europe take avaccine to roll out in large nel at agencies with some potential limited time apparel product is still narrowly below recovery numbers,the wider the gapbetween market-moving matters currently in release. territory, but not by much. equity marketswherethe pandemic front of them, such as the Food and Even Hertz, which filed for All maysuffer from disruptions –40 is roughly under control and where Drug Administration, with authority bankruptcy in the spring, has in exportstothe Western world in Jan. 2020 it isn’t will yawn. Investorsare will- to approveaCovid-19 vaccine. gotten in on the act. “Get a coming months,but unlikeinEuro- Note:Through Oct. 30 ing to look past afew quartersof Theheads of bodies likethese free day to perform your civic pean countries,arepeat of this Source:FactSet miserable earnings. But lowerearn- that legally serve“at thepleasureof duty when you book 2+ days spring’seconomic disruption is un- ingsexpectations over alonger pe- the president” or report to acabinet from one of our neighborhood likely—although not impossible. who wasgoing to be worseaffected. riod will drag on stocks’ fair value. secretaryoften resign when admin- locations,” reads one Cases have been reduced to near- This time,the outlook is differ- In outbreak countries, those istrations change. However, that is promotion. zero or lowlevelsand held there. ent and measured, which will allow consumer discretionary, travel and not always the case,evenwhen No matter the outcome of In March, it still wasn’t clear forgradual differentiation among recreation companies that are less thereisobvious political pressure. Tuesday’s election, U.S. voters which countries were simply un- countries,sectorsand companies. able to pivot to online sales will ManyAmericans areworried that can look forward to at least luckywith the timing of outbreaks In the week of Oct. 22-28, Japa- suffer most of all relative to Asia- the election resultswon’t be imme- one positive change: the possi- and which genuinely had agrip on nese equity funds sawinflows of Pacific peers. Investors looking for diately clear this week.Onseveral bility of something else on things. Marketswereintumult: Per- $3.7 billion, the strongest sincemid- opportunities to trade on the East- key regulatorymatters,clarity may the airwaves. ceived safety,sentiment and liquid- January, while European equities West divergence would do well to take much longer still. ity matteredmorethan precisely sawtheir heaviest withdrawals in start looking there. —Mike Bird —Telis Demos