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****** WEDNESDAY,JANUARY27, 2021 ~VOL. CCLXXVII NO.21 WSJ.com HHHH $4.00

DJIA 30937.04 g 22.96 0.1% 13626.06 g 0.1% STOXX 600 407.70 À 0.6% 10-YR. TREAS. unch , yield 1.039% OIL $52.61 g $0.16 $1,850.70 g $4.20 EURO $1.2162 YEN 103.62 In , Farmers’ Protest Over New Law Turns Violent What’s News SalesRise 17%Amid &Finance Covid-19 icrosoftposted record Mquarterly sales under- pinned by pandemic-fueled Pandemic demand forvideogaming and accelerated adoption of itscloud-computing services Demand for cloud during the health crisis. A1 services, videogaming  Bootsnamed operating chief fuels earnings during Rosalind Brewerasits work-from- era CEO,making her the only Black woman leading a BY AARON TILLEY Fortune 500 company. A1 CK

 J&J said it expectstore- TO MicrosoftCorp. posted re- port pivotal resultsofalarge cord quarterly sales under-

clinical trial of itsCovid-19 SHUTTERS pinned by pandemic-fueled de-

vaccine by early next week, A/ mand forvideogaming and

as the companyposted im- I/EP accelerated adoption of its AG

proved quarterly sales. B1 TY cloud-computing services dur- ing the health crisis.  GE booked $4.4billion Theremote-work erahas in fourth-quarter cash HARISH STREET CLASH: Indian farmers clash with police in on Tuesday after breaking through barriers to escape po- been a boon for Microsoft. In flow,beating itsown pro- lice-approved routes for a tractor rally that coincided with a military parade celebrating India’s Republic Day. A16 addition to itsvideogaming jection and ending 2020 and cloud-computing prod- without burning cash, a ucts, the companyhas notched year ahead of schedule. B1 strong sales of itsSurfacelap-  Goldman slashed CEO tops as people bought devices Solomon’s2020 payby to facilitateworking from 36%, punishment forthe Senate Vote on Trial home and distancelearning. bank’sadmission last year The use of Microsoft’s Teams that it brokeU.S.lawsin workplace-collaboration soft- itsdealingswith 1MDB. B1 ware,which has been aprior- ity forChief ExecutiveSatya  PepsiCo plans ajoint ven- Signals an Acquittal Is Likely Nadella, has jumped during turewith imitation-meat the pandemic with itsoffering maker Beyond Meat to de- of such services as text chat velop snacks and drinks made BY SIOBHAN HUGHES Paul (R., Ky.) on his point of or- SasseofNebraska, Susan Col- tifythe election victoryof and videoconferencing. from plant-based protein. B1 AND LINDSAY WISE der arguing that the planned lins of Maine,Lisa Murkowski President Biden, aDemocrat. A “What we have witnessed  U.S. stocks fell,with the trial of anow-privatecitizen of Alaska and PatToomey of conviction would allowfor a over the past year is the dawn S&P 500 retreating 0.2% WASHINGTON—Nearly all violates the Constitution. Some Pennsylvania. subsequent, simple majority of asecond wave of digital and the Dowand Nasdaq Republicansenatorsquestioned cautioned, however, that their Seventeen Republicans vote to bar Mr.Trump from transformation sweeping ev- both slipping 0.1%. B13 the Senate’sauthority to hold vote Tuesdaydidn’t necessarily would have to join the Demo- holding officeagain. erycompanyand everyindus- an impeachment trial forafor- dictatehow they would vote at cratstoreach the two-thirds Mr.Paul said the try,” Mr.Nadella said Tuesday.  Warner Music is close mer president, dealing ablow the end of trial. supermajority required to con- showedthat therearen’t Thesoftware giant said fis- to agreeing to buy a mi- to Democrats’ chances of con- Theproposal wastabled, or vict Mr.Trump. enough Republican senators calsecond-quarter net income nority stake in Saudi bil- victing of incit- killed, in a55-45 vote that TheRepublican former pres- PleaseturntopageA4 rose morethan 30% to $15.5 lionaire al-Waleed ing an attack on the Capitol. clearsthe way forthe trial to ident wasimpeached by the billion. Sales advanced 17% to bin Talal’sRotana Music. B1 Forty-fiveRepublicans,in- moveforwardintwo weeks.All House on allegations of inciting  FBI’s riot investigation shifts $43.1 billion. Those figures  Private-equity giant cludingSen. Mitch McConnell 50 lawmakersinthe Demo- the mob that stormed the Capi- gears...... A5 beat ’sexpectations Blackstone agreed to pur- of Kentucky, the chamber’s GOP cratic caucus joined GOP Sens. tolonJan. 6, as Congresswas  U.S. Capitol Police knew of of net income of $12.6 billion chase Allstate Insur- leader,sided with Sen. Rand MittRomney of Utah, Ben holding ajoint session to cer- potential for violence...... A5 PleaseturntopageA6 ance Co. from Allstate Corp. for $2.8 billion. B12 INSIDE World-Wide Biden StepsUpGoal Walgreens Poaches

 Nearly all Republican senators questioned the ForVaccine Supply Starbucks No. 2 Senate’s authority to hold an impeachment trial for a WASHINGTON—TheBiden be delivered over the summer. former president, dealing administration said it would Thepurchases will provide As Its New CEO a blow to Democrats’ boost the supply of coronavi- enough supply to vaccinate300 chances of convicting rus vaccines sent to states by million Americans in atwo- Trump of inciting an at- about16% forthe next three dose regimen over the summer. Rosalind Brewer becomes only Black woman tack on the U.S. Capitol. A1 Thevaccine isn’t approved for currently leading aFortune 500 company  TheCapitol Police knew By Stephanie Armour, people under 16 yearsold. beforethe Jan. 6rally by Sabrina Siddiqui “Wenow have anational BY DANA MATTIOLI executivechairman.

Trump supportersthat the and Andrew Restuccia strategytobeat Covid-19,” CK AND CARA LOMBARDO Shares of Walgreens,which

event could turn violent, President Biden, a Democrat, TO has amarket value of about IS but the department didn’t weeks and would purchase said Tuesday. “It’scomprehen- Walgreens BootsAlliance $43 billion, rose 8% afterhours sufficiently prepare, the enough additional doses to sive. It’sbased on science, not PERSONAL JOURNAL Inc.named Starbucks Corp. afterThe Wall Street Journal acting policechief said. A5 vaccinatemost of the U.S. politics.It’sbased on truth, Stir-crazy families operating chief Rosalind firstreported the . population with atwo-dose not denial. And it is detailed.” Brewerasits next chief execu- Starbucks said Tuesdaythat  TheBiden administration book quarantine regimen by the end of the He nonethelessurged the tive, making her the only Black Ms.Brewer, itschief operating said it would boost the sup- summer. public to remain vigilant, re- getaways to beat the woman leading aFortune 500 officer and group president, ply of coronavirus vaccines Senior administration offi- ferring to the fight against the winterblues. A9 company. wasleaving both the company sent to states by about 16% forthe next three weeks cials said the federal govern- pandemic as “a wartime un- Ms. Brewer will succeed and boardofStarbucks.Before ment is working to purchase an dertaking.” Stefano Pessina,who said in joining the coffeehouse chain, and would buy enough ad- additional 100 million doses “The brutal truth is,it’sgo- BUSINESS&FINANCE July that he would step down Ms.Brewerwas CEO of Wal- ditional doses to vaccinate each of the Inc.and PleaseturntopageA6 as CEO once the drugstore mart Inc.’sSams Club division most of the U.S. population PepsiCo, Beyond Meat with atwo-dose regimen by Moderna Inc.vaccines,increas- to develop snacksand companyfound anew leader. forfiveyears. ing the totalU.S.vaccine order  Democrats weigh steps to Mr.Pessina, one of Wal- The retail veteran joined the end of the summer. A1 by 50% to 600 million from enact virus relief plan...... A4 drinksmade from greens’sbiggest individual in- Starbucks and itsboardin  TheWhiteHouse said 400 million. Officials said they  Regeneron is hopeful on plant-based protein. B1 vestors, will stay on the com- 2017. She helped shiftStar- Biden held a call with Rus- expect the additional doses to antibody drug...... A6 pany’sboardand serveas PleaseturntopageA6 ’sPutin in which the U.S. president raised concerns about arangeofissues. A16 When Life  Thepresident is ex- Playbook forVirus pected to issue an execu- Gives You Salesforce. tiveorder that would sus- pend newoil and gas Protection Evolves leasing on federal land. A4 200 Lemons... #1 CRM.  Afederal judge in iii temporarily blocked the Bi- Consensus builds around masks, air filters den administration’s100-day Novices who Ranked #1 for CRM Applications basedon pause on deportations. A3 and rapid tests as new variants emerge IDC 2020H1 Revenue Market ShareWorldwide. 19.8%  The Senate confirmed overbuy groceries Scientistsare settling on a morethan 50% of infections AntonyBlinken as secre- tary of stateina78-22 road map that canhelp critical aretransmittedbypeople online get creative vote,filling the post of sectorsofthe economysafely without symptoms. conduct business, from meat- Theplaybook comes after BY LUCY CRAYMER topU.S.diplomat. A2 packing plantstofinancial ser- months of investigations on  Italian Prime Minister vices,despitethe pandemic’s howthe coronavirus spreads SarahGalaskohas sprinkled Conteresigned, ushering in continued spread. and affectsthe body.Scien- paprika on her roast potatoes, a phase of political insta- tistscombined that with used it as agarnish on baba bility in the country. A16 By Daniela Hernandez, knowledgegained from years ganoush and added it to Sarah Toy of experiencemanaging occu- chicken. She has spooned the 5.3% and Caitlin McCabe pational-health hazards in powdered spiceintopackets 4.8% CONTENTS Personal Journal A9-10 high-risk workplaces,such as and mailed them to friends lo- 3.9% Arts in Review.... A11 Property Report... B6 3.8% Business News...... B3 Sports...... A12 Afternearly ayear of study, factories and chemical plants, cally and abroad. Crossword...... A12 Technology...... B4 the lessons include: Mask- wheretinyairborne pollutants Even so, she estimates she Heard on Street.B14 U.S. News...... A2-6 wearing,worker pods and canbuild up and cause harm. has enough paprika to last her 2016 2017 2018 2019 2020H1 Markets...... B13 Weather...... A12 good air flow aremuch more They saydifferent types of until 2040. Source: IDC, Worldwide Semiannual Opinion...... A13-15 ...... A7,16 important than surfaceclean- workplaces—taking intoac- Likemanyconsumersall SoftwareTracker,October 2020. ing,temperaturechecks and count the types of interactions over the world, Ms.Galasko, > plexiglassbarriersinplaces workershave—need slightly 46,shiftedmost of her gro- likeoffices and restaurants. different protocols. cery shopping online to avoid And morepublic-health ex- Thesafety measures have crowdsather local stores dur- salesforce.com/number1CRM pertsnow advocatewide use takenonnew urgencyinre- ing the coronavirus pandemic. CRM market includesthe followingIDC-defined functional markets:Sales ForceProductivity andManagement, of cheap,rapid teststodetect cent weeks as newinfections, In December,when she MarketingCampaign Management, Customer Service, Contact Center,,and Digital Commerce s 2021 & Company, Inc. Applications. ©2020salesforce.com, inc. Allrightsreserved.Salesforce.comisaregisteredtrademark of All Rights Reserved cases quickly,inpart because hospitalizations and deaths needed to restock on paprika, salesforce.com, inc.,asare other namesand marks. manyscientistsnow think PleaseturntopageA8 PleaseturntopageA8 P2JW027000-4-A00200-1------XA

A2 | We dnesday, January 27, 2021 **** . U.S. NEWS IMF Raises Its Forecast for Global Growth U.S. Vows

BY PAUL KIERNAN sures and forceful economic package in lateDecember,con- and Japan has allowed whereneither debt sustain- To Ease support, the IMF said. tributed to the improved fore- central banks and govern- ability nor inflation is apress- WASHINGTON—The world Theoutlook has been casts. TheIMF expectsthe U.S. ments in those regions to in- ing concern, the IMF urged economyisgearing up fora buoyed by hopes for increas- economytogrow5.1% this ject trillions of dollarsoffiscal policymakerstomaintain fis- Red Tape strong recovery from the pan- ing vaccination and improved year and Japan’stoexpand by and monetary stimulus. Their caland monetarystimulus. demic in 2021 after shrinking therapiestocombat Covid-19, 3.1%. However, it loweredits diversified, technologically ad- But forthe poorest nations, considerably lessthan initially which sparked widespread forecast forthe euroareato vanced and service-oriented many of which had high debt On PPP feared last year,the Interna- economic lockdowns last year. 4.2% growth from 5.2%. The adapted more even before the pandemic, tional MonetaryFund said It assumes “broad vaccine IMF is the global lender of last smoothly to remotework “support from the interna- BY AMARA OMEOKWE Tuesday, though it warned availability in advanced econo- resort to countries in distress. while suffering relatively less tional community through that the outlook is subject to mies and some emerging mar- Thestronger-than-expected from the shocks to tourism or grants, concessional loans,and WASHINGTON—Lenderssay exceptional uncertainty. keteconomies in summer 2021 recovery masks significant commodity prices. debt relief will be essential to manysmall applying Global output is projected and across most countries by disparities between high- U.S. grossdomestic product ensurethat these countries foradditional help under the to grow 5.5% this year,up the second half of 2022,” the skilled workersand their less- by theend of 2022isexpected arenot overwhelmed by crisis government’scoronavirus relief from the IMF’sOctober fore- IMFsaid. That is faster than educated counterparts, the to be less than 1.5% below its costs and rising ,” the program arefinding that ef- cast of a5.2% increase.Last the multilateral lender ex- IMF’schief economist, Gita projected level beforethe pan- IMF said. fortstocombat fraud are year’s estimated contraction of pected when it published its Gopinath, said in a December demic,the IMF said. That gap Thelender noted that some throwing up obstacles to get- 3.5% wassmaller than Octo- previousset of forecasts in interview. Similarly,rich coun- is expected to be 8% in ’s 90 million people globally are ting money they need to help ber’s forecast for a 4.4% con- October. tries arefaring betterthan developing economies—ex- expected to fall intoextreme stay afloat. traction. Chinawas the only Continued government poor ones as theglobal pan- cluding —and nearly 7% poverty in 2020-21, out Now, the Small BusinessAd- major economytogrow last spending measures in Japan demic nears its first anniver- in Latin Americaand the Ca- “progressmade in poverty re- ministration, which runs the year, expanding by 2.3% amid and the U.S., where Congress sary. ribbean. duction acrossthe past two Paycheck Protection Program, effectivecontainment mea- authorized a $900 billion Lowinflation in the U.S., In developing countries decades.” says help is on the way. Theissue is tied to flagsthe SBAplaced on roughly 240,000 initial PPP recipientsfor every- Pent-UpSavingsAre ExpectedtoBoost Recovery thing from clerical errorstoin- dications of possible wrongdo- ing.Those flagsare blocking BY HARRIET TORRY Howhouseholds spent haircuts, movie tickets, hotel lenders’ ability to movefor- their first stimulus check stays and electivemedical pro- ward second loans forthe bor- ManyU.S.consumersare cedures washammered by the rowers,after the program re- Saved starting 2021 flush with savings pandemic,and spending on ser- opened this month. likely to help fuel the economic 36.4% vices remains belowpre-pan- “Ifyou’vegot your fraud recovery this year. Paydowndebt demic levels.With nonessential mitigation hat on, that’snot all Thelatestfederal Covid-19 businesses closed or operating bad,” said Tony Wilkinson, aid package sent $600 checks 34.5 at limitedcapacity in manyre- chief executiveofthe National to manyhouseholds that also Essentials gions, consumershaven’t been Association of Government received relief money last year, able to spend their money as Guaranteed Lenderstrade S while moreaffluent households 18.2 freely as before—and many group.“But some of these busi- NEW

have built up pools of cash by G Non-essentials have been saving it instead. nesses arehanging on by a curbing their spending during Thepersonal-saving rate, thread and some of them 7.7 the pandemic. the portion of after-tax income needed the money yesterday.” OOMBER

Americans saved$1.4trillion /BL Donated that U.S. consumerssock away, Mr.Wilkinson said some of the in the firstthree quartersof was12.9% in November,accord- flagsare related to errorswith 3.2 2020,orabout twiceasmuch ing to the Commerce Depart- basic dataentry.

as in thesame period of the SHARRETT Note:Databased on 1,408 respondents ment.That compares with a TheSBA says it is working KE

prior year,according to analy- LU Source: FedSurvey of Consumer saving rate of 7. 5% in Novem- to remove the roadblocks. It sis by BerenbergEconomics. Shoppers at a mall in Columbus, Ohio, earlier this month. Spending, June Special Module ber2019,beforethe pandemic wastohold anational call That amount is equivalent to hit. Tuesdayafternoon to help nearly 10% of 2019 household weather theeconomic shock of to spend an even smaller share intosavingsand—barring an James Sweeney,chief econo- participating PPP lendersun- spending,estimates Beren- the pandemic.His plan, which of futurestimulus payments, unexpected emergency—hopes mist at ,says the derstand how to resolve the berg’schief economist, Holger so far is meeting resistance and use ahigher sharetopay to spend it on avacation in 2021 economic outlookbright- flags. Schmieding. from Republicans,includes down debts. California oncehegetsa ened considerably afterCon- Theagencyplans to issue “Inthis unusual recession, $1,400-per-person direct pay- Marcus Prouty said he put Covid-19 vaccine. gressapproved the second additional guidancetolenders governmentshavebeen unusu- mentstomost households and hisfirst $1,200 stimulus check Theeconomic downturn round of stimulus payments in and is telling field offices how ally generous,people have not a$400 weekly intosavingsbecause he was caused by the Covid-19 pan- lateDecember.“Thehousehold to help borrowers and lenders been able to spend the money, insurancesupplement through “slightly terrified about what demic is different from atypi- sector of the U.S. looks to be in that experiencethe holdup with and hencethey have the money September. might happen” afterhelost his calrecession that leavescon- good financial shape,” he said. second-time applications. and will to spend,” Mr. An analysisbythe Federal job as acook in March. Mr. sumerslow on funds and Lower-income households ThePPP,which reopened to Schmieding said. Oncebusiness Reserve BankofNew York Prouty,a25-year-old student in businesses cautious to rehireas aremorelikely to spend their newand returning applicants restrictions areliftedand peo- found that consumerssocked Boise,Idaho,spent the aid over demand recovers slowly. Job checks straight away.Consum- afterbeing closed sinceAugust, ple feel it is safetogoout away morethan athirdofthe subsequent months.Hehas losses have been severe in erswith lessthan $100 in their provides forgivable loans to again, “therewill be alot of firststimulus checks,which been receiving unemployment some sectors, particularly in bank accountsspent over 40% small businesses,self-employed spending—myguessisthe were sent to households as part benefitsand hopes to find a services industries.But once of their stimulus payments workersand otherstohelp beaches will be crowded, the of the $2 trillion Cares Act en- newjob this spring. vaccines aredistributed more within the firstmonth, while them weather thecoronavirus pubs will be crowded” and, “by acted in March 2020.Just un- “I savedupenough money widely and demand forservices individuals with morethan pandemic.The loans areissued Mayand June it will be in full der athirdofthe stimulus pay- whereIcould buy needed picks up,economistsexpect $4,000 in their accountsbarely through lenders, such as banks swing,” he said. ment, 29%, gotspent, while stuff,” likeanew laptop,“but employersinhigh-turnover spent adime,according to are- and credit unions,and are President Biden is calling for 36% wassaved and 35% used to most of my money goes to food sectorslikebarsand restau- cent study published by the Na- backed by the SBA. anew $1.9trillion Covid-19 re- paydowndebt. Thesurvey also and rent,” he said. He put his rantstorehirequickly. tional Bureau of Economic Re- —Ruth Simon lief package to help Americans found that consumersexpected recent $600 stimulus check Demand forservices like search. contributed to this article. U.S. WATCH GuiltyPlea Consumers Grow Is Planned More Optimistic In Va ccine Consumer confidence in the U.S. rose in January as expecta- tions for the economy and the Sabotage labor market improved, accord- ing to data from the Conference BY JOE BARRETT Board released Tuesday. The group’s consumer confi- AWisconsin pharmacist dence index rose to 89.3 in Jan- agreed to plead guilty to inten- uary from 87.1 in December. tionally attempting to spoil January marksthe firstuptick hundreds of doses of Covid-19 rise in consumer confidenceafter vaccine by leaving them unre- twoconsecutivemonths of de- frigerated on two nightslate clines forthe index. However, it last year at the hospital where remains belowthe October level he worked, according to aplea of 101.4, which wasthe highest agreement filed in federal court. S sincethe coronavirus pandemic Steven R. Brandenburgof hit the U.S., and February’spre- PRES Grafton, Wis.,indicated he

pandemic levelof132.6. TED planned to enter a guilty plea

The January increase was OCIA to two countsofattempting to SS

driven by consumers’ moreup- /A tamper with consumer prod- beatoutlook forthe economyand ucts, with recklessdisregard

jobs, suggesting theyforesee con- REEVES for the risk that another per- Y

ditions improving in the not-too- JA son will be placed in danger of distantfuture, said Lynn Franco, DISASTER: Patti Herring sorts through the remains of her home in Fultondale, Ala., on Tuesday, after it was destroyed by a tornado. death or bodily injury, accord- senior director of economic indica- ing to the agreement filed in tors at the ConferenceBoard. STATE DEPARTMENT tary of state, filling the post of the fourth member of Mr.Biden’s COMMERCE DEPARTMENT the U.S. District Court for the However, “consumers’ ap- topU.S. diplomatafter receiving cabinet to garner Senate approval Eastern District of Wisconsin. praisal of present-day conditions Senate Confirms assurances thathewould main- after Director of National Intelli- Nominee Pledges Each count carries up to 10 weakened further in January, Blinken as Secretary tain atough approach to China genceAvril Haines, Defense Sec- Tough China Stance yearsinprison, court docu- with Covid-19 still the major and reinforce ties with U.S. allies. retary LloydAustin and Treasury ments say. suppressor,” she said. The Senate on Tuesdaycon- Mr.Blinken wasconfirmed on Secretary . President Biden’s pick for Mr. Brandenburg, 46 years —Xavier Fontdegloria firmed as secre- avoteof78to22. He became Those four nominees were Commerce secretary pledged a old, intentionally removed relatively uncontroversial and tough line against Chinese trade batches of the vaccine from were confirmed comfortably and technology threats, but refrigeration on two consecu- THE WALL STREET JOURNAL CORRECTIONS with broad bipartisan support. stopped short of saying she tive nightsinlateDecember (USPS 664-880) (Eastern Edition ISSN 0099-9660) Others ahead, including Neera would continue the Trump ad- and later returned them to re- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) AMPLIFICATIONS Tanden for Office of Manage- ministration’s blacklisting of frigeration, according to the and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. ment and Budget director, Sa- Technologies Co. court papers. His goal was to 10036 mantha Power at the U.S. “We can’t have the Chinese ruin the effectivenessofthe Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. Obe Atasoup wasmis- Agency for International Devel- or really anyone having a back- vaccine,which is made by spelled as Obe Ate in an Off opment and door into our network and com- Moderna Inc. and must be Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. Duty article Saturdayabout at the Department of promising in any way our na- maintained at acertain tem- All Advertising published in The Wall Street Journal is subject to the applicable rate African recipes. Security, are expected to face tional or economic security,” perature, according to his plea card, copies of which are available from the Advertising Services Department, Dow Jones more opposition from Republi- Rhode Island Gov. Gina Rai- agreement. & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the cans over their records serving mondo said at her Senate confir- Fifty-seven people were ad- right not to accept an advertiser’s order. Only publication of an advertisement shall Noticetoreaders in the Obama administration mation hearing Tuesday. ministered the vaccine before constitute final acceptance of the advertiser’s order. Wall Street Journal staff and, in Ms. Tanden’s case, her Referring specifically to Hua- Mr.Brandenburg’sactions Letters to the Editor: Fax: 212-416-2891; email: [email protected] membersare working re- outspoken criticism of Republi- wei, Ms. Raimondo said she were discovered, the docu- Need assistance with your subscription? motely during the pandemic. can politicians. would “use the full tool kit at my ments said. By web: customercenter.wsj.com; By email: [email protected] Forthe foreseeable future, The Biden administration has disposal…to protect Americans Mr. Brandenburg admitted By phone: 1-800-JOURNAL (1-800-568-7625) please send reader comments already taken several foreign and our network from Chinese to believing in conspiracythe- Reprints &licensing: By email: [email protected] only by email or phone, using policy steps, including rejoining interferenceorany kind of back- ories and alternativehistory By phone: 1-800-843-0008 the contactsbelow, not via the Paris climate accord and de- door influenceintoour network.” and wasskeptical of the Mod- WSJback issues and framed pages: wsjshop.com U.S. Mail. ciding to seek a five-year re- Ms. Raimondo stopped short erna vaccine,according to the Our are100% sourcedfromsustainably certified mills. newal of the New START nu- of endorsing specific actions taken agreement. He had been tell- Readers can alert The Wall Street clear arms control agreement againstChinese tech companies ingco-workersofhis beliefs Journal to any errors in news articles GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS by emailing [email protected] or with Russia. by the former administration. about vaccines foratleast two by calling 888-410-2667. —William Mauldin —John D. McKinnon years, it said. P2JW027000-0-A00300-1------XA

THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | A3 U.S. NEWS Judge Blocks Deportation

Moratorium BRIAN/ RICHARD

BY MICHELLE HACKMAN would soon consider whether S; to issue a preliminary injunc- PRES WASHINGTON—Afederal tion that would block the new judgeinTexas temporarily policy for a longer period. TED blocked the Biden administra- As part of itsargument, OCIA SS

tion’s100-daypause on depor- Texas had cited an agreement /A

tations,saying it likely vio- with the Department of Home- ENT lated the executivebranch’s land Security,signed in the TM AR legal obligations forimmigra- waning days of the Trump ad- DEP tion enforcement. ministration, requiring DHS to U.S. District Judge Drew B. consult the state before mak- FIRE Tipton of the Southern District ingany changes to immigra- NDON

of Texas granted the request tion policy. LO for a two-week temporary re- Similar agreementswere NEW

straining order afterthe Texas signed with several other P: attorney general sued the new states,though legal experts TO OM

administration last Fridayto have cast doubt on whether FR ensuredeportations would they areenforceable contracts. , former Zappos.com chief executive, died from injuries suffered a fire inside this storage shed in New London, Conn. continue to be carried out. JudgeTipton didn’t rule on JudgeTipton said his order the agreement between DHS applied on anationwide basis. andTexas.Rather,hewrote Details Emerge in Hsieh’s Death Thecourt order wasthe that the Biden administra- firstlegal setback to President tion’sJan. 20 memorandum to Biden’simmigration agenda, unilaterally stop deporting im- BY KATE KING cials—including video footage, and drugs and took up a par- which already is coming under migrants already with final or- AND KATHERINE SAYRE interviews with witnesses and ticulartastefor inhaling ni- attack from Republicans,much dersofremoval likely violated 911 emergencycalls—docu- trous oxide, which can induce as former President Donald federal law. Former Zappos.com Inc. ment the night of the fire that hypoxia. Trump’spolicies were chal- Thejudgesaid the pause ChiefExecutiveTonyHsieh started with Mr. Hsieh’s fight One of Mr.Hsieh’sassis- lenged by Democratic officials. didn’t appear consistent with wasalone in alocked shed and with his girlfriend and ended tantstold policeafter the fire arequirement that such im- possibly intoxicated, sur- with the fire erupting just mo- that Mr.Hsieh had retired migrants be deported within rounded by candles,apropane mentsbeforehewas to depart from .com Inc., which Texas was likely to 90 days.Healso said the Bi- heater and other flammable forHawaii, wherehewas owns Zappos,because of den administration’smove material when the fire that scheduled to check intoare- “mental-health concerns and a prevail on some of likely violated alaw that re- killed him ignited on Nov. 18, habilitation clinic,friends told ‘midlifecrisis,’ ” although he its legal claims, the quires federal agencies to act according to fire department the Journal. hadn’t been diagnosedwith reasonably in adopting new officials. The police and fire reports anymental-health disorders, judge concluded. policies. The fire marshal classified also offer newinsightsinto according to the policereport. “The Jan. 20 memorandum the fire’s origin as undeter- Mr.Hsieh’slife, which had be- Vernon Skau,the NewLon- not only fails to consider po- minedinareport released come chaotic in the weeks and don fire marshal, wroteinhis tential policies morelimited in Tuesdaybecause he couldn’t months before his death. report: “It is possible that TheBiden administration scope and time,but it also reject anyoffour possible of the Chief Medical Examiner Mr.Hsieh’slast acts, as de- carelessnessorevenaninten- on itsfirst dayannounced the fails to provide any concrete, causes he had identified: mis- said Mr.Hsieh died of compli- scribed in the reports, match tional act by Hsieh could have 100-daydeportation morato- reasonable justification fora use of candles; aportable pro- cations of smokeinhalation with howfriends have de- started this fire,” adding that rium,which waspushed by 100-daypause on deporta- pane heater; improperly dis- and ruled the death an acci- scribed the wealthytech en- Mr.Hsieh might have been un- immigration activists and Mr. tions,” Judge Tipton wrote. carded smoking material, or dent. The full autopsy report trepreneur and author of the able to recognizeorreact to a Biden’srival in the Democratic Texas’ attorney general, “carelessnessoranintentional will be completed later this book,“Delivering Happiness,” fire if he was intoxicated. primary, Sen. KenPaxton, celebrated the de- act by Mr. Hsieh.” week but won’t be available to as engaging in increasingly Mr.Hsieh’sbeloved dog, (I., Vt.). TheDepartment of cision on .“Texas is Apoliceinvestigation found the public,the chief medical behaviors after he Blizzy,had died three days Homeland Security began en- the FIRST state in the nation no criminality associated with examiner said Tuesday. lefthis chief executivepost at earlier, and Mr.Hsieh wasde- forcing the pause Friday. to bring a lawsuit against the the fire,the NewLondon Po- Aspokeswoman forthe Zappos in August. pressed over the loss, accord- Judge Tipton, who was ap- Biden Admin. AND WE WON,” liceDepartment said Tuesday. Hsieh family declined to com- Friends of Mr.Hsieh told ing to several witnessac- pointed by Mr.Trump in 2020, he wrote. Mr. Hsieh was 46 years old ment, saying the family is “fo- TheWall Street Journal in De- counts.Thedog wasburied on issued theorder afterconclud- DHS declined to comment, when he died on Nov. 27,nine cused on their work to con- cember that he wasalways the NewLondon property,ac- ing that Texas waslikely to citing pending litigation. days after the fire at his girl- tinue Tony’s legacy.” surrounded by an entourage, cording to the reports. prevail on some of itslegal —Brent Kendall friend’shome in NewLondon, Investigation details re- that he developed afascina- —Kirsten Grind claims.The judgesaid he contributed to this article. Conn. The Office leased by NewLondon offi- tion with fire, abused alcohol contributed to this article. Home PricesGrew Faster in November Amid HighDemand

BY NICOLE FRIEDMAN cording to Asso- home prices higher.” ciation of Realtors. Economistssurveyed by Home-pricegrowthacceler- Record-lowmortgagerates TheWall Street Journal ex- ated in November,asbuyers have increased demand, while pected the 20-city indexto continued to competefor a the supply of homes forsale gain 8.8%. limited number of residences has remained low, especially The20-city indexmeasured on the market. at affordable price points. 19 cities in November due to TheS&P CoreLogic Case- TheCase-Shiller 10-city in- transaction reporting delays in Shiller National Home Price dexgained 8.8%overthe year Wayne County, Mich., accord- Index, which measures average ended in November,compared ing to S&P DowJones Indices. home prices in major metro- with a7.6%increase in Octo- Pricegrowthaccelerated in all politanareas acrossthe na- ber.The 20-city indexrose of the 19 cities. tion, rose 9.5% in the year that 9.1%, afteranannual gain of Phoenix had the fastest CK

ended in November,upfrom 8% in October. home-pricegrowthinthe TO an 8.4% annual rate the prior “The housingmarket con- countryfor the 18th straight month.November marked the tinued to hold stronger than month, at 13.8%, followedby highest annual rate of price expected throughout the last Seattle at 12.7%. SHUTTERS A/

growth since February 2014. months of 2020,” said Selma Aseparatemeasureof EP Y/

Sales of previouslyowned Hepp,deputy chief economist home-pricegrowthbythe Fed- UR

homes,which makeupthe at CoreLogic.“Homebuyers eral Housing FinanceAgency MA bulk of thehousing market, will continue to competefor also released Tuesdayfound an NNEN

rose in 2020 to their highest fewer and fewer homes avail- 11% increase in home prices in TA annual level since2006,ac- able for sale, which will drive November from ayear earlier. The supply of homes for sale has remained low, especially at affordable price points CourtApprovesFund forWeinstein Victims CDC Suggests Schools

BY JONATHAN RANDLES representing the four women Can Be Made Safe whoopposed the third-party Women who have accused releases, said approving such BY BRIANNA ABBOTT sion, all of which were students.

Harvey Weinstein of sexual GES releases would make it easier Meanwhile,between 7% and

misconduct will be compen- IMA forbankrupt companies to get The spread of Covid-19 ap- 40% of tests in the surround- sated from a $17 million fund them approved in futurechap- pearstobelimited within ing communities were coming

afteraDelaware bankruptcy GETTY ter11plans.Ms. Liu said akey schoolswhen masking and back positive. judgeapproved aplan to liqui- SE/ question raised by the settle- other safety precautions are “Attending school where date his former film studio. ment is whether the rights of implemented, according to a recommended mitigation strat- Thewomen areexpected on some of Mr.Weinstein’svic- report from the Centersfor egies areimplemented might ANCE-PRES

averagetoreceivehundreds of FR tims should come at the ex- DiseaseControl and Preven- notplacechildren in ahigher thousands of dollars or more pense of her clients’ rights to tion released on Tuesday. risk environment than existsin under the deal to liquidate ENCE pursue cases against the stu- Theresultsfromthe report, the community,” the report Weinstein Co., which filed for AG dio’s former leadership. which looked at Covid-19 trans- said. “In-person schooling for bankruptcy in 2018 afternu- JudgeWalrath said the mission in K-12 schools in Wood children has numerous health EISELE/ merous allegations of sexual plan’ssupport from most of County,Wis., suggest that and societal benefits, especially abuse and harassment against the victims was a compelling “schools might be able to safely forchildren and parentsof

Mr. Weinstein became public. JOHANNES reason to approve it. open with appropriatemitiga- lowersocioeconomic status.” Judge Mary Walrath of the Harvey Weinstein arrived at a courthouse last year. Paul Zumbro, alawyer rep- tion effortsinplace,” according Ahandful of previous studies U.S. Bankruptcy Court in Wil- resenting Weinstein Co., and to the CDC report summary. have also suggested that mington, Del., approved the to approvethe bankruptcy sions blocking them from con- DebraGrassgreen,alawyer Theschools had anumber of schools aren’t akey driver of settlement on Monday, saying plan, JudgeWalrath said she tinuing to pursue litigation representing acommittee mitigation measures in place, coronavirus spread, though data the deal provides Mr.Wein- wanted Mr.Weinstein’svic- against studio co-founder Bob composed of both victims and the report said, including an on the topic has been limited. stein’s victims with a fair and tims to decide whether they Weinstein and other former the studio’s businesscreditors, estimated masking compliance A second report published private process for obtaining thought it wasintheir best in- company directors. said aconfluenceofobstacles of morethan 92% among stu- by the CDC on Tuesday, how- compensation without having terest. Lawyerssaid Monday The mechanism challenged over insuranceproceeds and dents. Classsizes ranged from ever,found that the virus to endure years of public and that 37 women voted in favor by lawyersfor Mses.Canosa chapter11rules fordebt re- 11 to 20 students, and different spread during two high-school uncertain legal proceedings. of the plan compared with and David are known as non- payment effectively capped the cohortsofstudentsrarely in- wrestling tournamentsinFlor- Thesettlement, funded by eight who voted against it. consensual third-party re- sizeofthe compensation fund. teracted. Staff memberswere ida in early December.Follow- insurance, wasrevisedlast It wasalso backed by the leases andcan be acontrover- Thesettlement presented told to wear masks and keep 6 ing the tournaments, at least year.The deal approved by NewYork attorney general’s sial component of corporate Mondayrepresented the best feet away from others. 38 attendees,orroughly 30%, JudgeWalrath gives women office, which sued Weinstein bankruptcies. deal possible under difficult Among the 5,530 students ended up testing positive for theoption—but doesn’t re- Co. before its bankruptcy. In general, such releases circumstances,they said. andstaff membersacross17 the virus,and the virus spread quirethem—torelease Mr. Thesettlement wasop- prevent creditorsfromcon- ANew York juryinFebru- schools,atotal of 191 Covid-19 to 41 close contacts. Weinstein of potential civil lit- posed by four women, includ- tinuingtopursue lawsuits aryfound Mr.Weinstein guilty cases were reported from Aug. One contact, an adult over igation, and they would re- ing Ali Canosa, a producer on againstformer boardmem- of first-degree criminal sexual 31 through Nov.29. Based on in- 50 years old, died. All winter ceive greater compensation if the series “Marco bers,advisers or otherswith act and third-degree rape dividual case investigations, indoor and outdoor high- they choose to do so. Polo,” and actressWedil Da- ties to a bankrupt company. charges, resulting in a 23-year only seven cases,or3.7%, were school athletics in the county Beforeconsidering whether vid, who took issue with provi- Zhao “Ruby” Liu, alawyer prison sentence. attributed to in-school transmis- were suspended. P2JW027000-5-A00400-17FFFF5178F

A4 | We dnesday, January 27, 2021 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X ***** THE WALL STREET JOURNAL. U.S. NEWS Biden SettoHalt NewOil, GasLeasing

Moratorium on federal danger progressonemissions, which have fallen dramatically land seen as firststep in the U.S. in recent yearsin toward ending drilling part from adrilling boom that allowedpowerproducersto in U.S. and offshore burn moregas instead of coal. Mr.Biden has promised to WASHINGTON—The oil in- help laid off workersthrough dustryisemerging as apri- promoting cleaner sourcesof mary target of President Bi- energy. His climate plan in- den’s climatepolicy,setting cludes $2 trillion in spend- the stagefor aconfrontation ing—grants, loans and taxin- that could shape the futureof centives that would need to be the energy sector. approved by Congress—tohelp wind- and solar-powerdevel- By Timothy Puko, opers, battery makersand the Ken Thomas electric-vehicle businesses that Mr. Biden says can em-

and Andrew Restuccia S ploymorepeople in the future. NEW

Thepresident is expected to G In addition to the morato- issue an executiveorder rium on oiland gasleasing,

Wednesdaythat would sus- OOMBER Mr.Biden on Wednesdayisex- pend newoil and gasleasing pected to set agoal of protect- on federal land, people familiar ing 30% of federal land and

with the mattersay,inwhat is O’HARE/BL waterby2030,the people said. widely seen as afirst step to- Thepresident is also planning ward fulfilling Mr.Biden’scam- GHAN to re-establish aWhiteHouse

paignpledgetostopdrilling on CALLA council of scienceadvisers cre- federal lands and offshore. President Biden has said he would push the U.S. to transition away from the oil industry. Above, federal land in Lea County, N.M. ated during theObama admin- Drilling on federal lands ac- istration. Mr.Biden’splans counts for roughly 9% of U.S. Council, which representsinde- but the Trump administration nesstotargetthe industry oil and gasleases is critical,” were earlier reported by onshoreproduction, but oil in- pendent U.S. oil companies. had auctioned leases in the have surprised itsleadersand said Natalie Mebane,associate BloombergNewsand others. dustryleaderssee acurtail- “The scope and the lack of con- refuge earlier this month. analysts. Shareprices of U.S. director of policyat350.org, an The expected executive or- ment on futuredevelopment sultation with industrystake- As acandidate, Mr.Biden oil companies tumbled in the advocacygroup that wantsto der Wednesday to freeze new as asignificant threat. Oil holdershas been alarming.” had said climatechangeisone week sincethese moves,sting- limit oil production. She called oiland gasleasing builds on companies want to maximize In addition to apossible ban of the biggest crises the coun- ing the industryatatime the ordersan“important step actions Mr.Biden took during theiraccesstoland and fed- on newleases,Mr. Biden issued tryfaces,and that he would when it already faces existen- to protecting our communities, his firstday in office. He put a eral permitstohelp grow and ordersonhis firstday in office push the country to “transi- tial questions from lowprices lands,and waters,halting cor- moratorium on oil and gas sustain operations,and they last week forawide-ranging tion away from the oil indus- and growing competition from poratepollution and giveaways leasing in Alaska’s Arctic Na- plan to resist Mr.Biden’sef- reviewofpolicies that former try.” Through gasoline burned cleaner sources of energy. to CEOs.” tional WildlifeRefuge,revers- fortsthrough lawsuitsand President Donald Trump had by cars and ,oil in re- Mr.Biden has been under Industry leaderssay that is ing congressional action taken lobbying Congress. intended to ease restrictions cent yearshas become the pressurefromenvironmental- unfairly punitiveand risky. in 2017tobegin leasing in the “The early actions of the ad- on oiland other industry. country’stop source of the ists to take aggressive action, Keystone XL’s developers laid area. ministration areunilaterally Mr. Biden revoked the per- greenhouse-gas emissions that citing the oil industry’srole in off 1,000 workersimmediately TheInterior Department shutting down and restricting mit for the Keystone XL pipe- warm the planet, according to contributing to climate upon Mr.Biden’smovelast subsequently issued an order the ability of American oil and line from andmoved Environmental Protection change. They arecheering Mr. week,and tens of thousands suspending all onshoreand gasproducerstorun their op- to stop oil companies from Agency data. Biden’ssteps as along-over- more could follow if oil com- offshorefossil fuel-related au- erations,” said Anne Bradbury, drilling in Alaska’s Arctic Na- Manyofhis actions have due shifttocleaner forms of panies can’t keep drilling on thorizations for60days unless chief executiveofthe American tional WildlifeRefuge. No been expected, but the admin- energy. federal territory. Industry they areapproved by the de- Exploration and Production drilling has yetbegun there, istration’s speed and willing- “The temporaryhalt on new leadersalso saythe moves en- partment’s senior leadership. Democrats Study Steps to Enact Virus Relief Plan

BY ANDREW DUEHREN the Senate. Reconciliation typi- wage without ending the fili- relief bill, the sixth relief round would be made by congressio- as toopricey,and some are AND RICHARD RUBIN cally limitsabill to taxand buster,the Senaterule that in Congresshas takenupsince nal leaders. wary of taking up the relief spending measures,which practicemeans most legislation thepandemic began.Inacall Sen. (R., Ohio) bill under reconciliation, much WASHINGTON—Demo- means that stimulus checks, requires 60 votestoadvance. with topWhiteHouse officials said pursuing Mr.Biden’sre- lesscreating newprocedural cratsare weighing aggressive the child taxcredit and unem- “Time is of the essencetoad- Sunday, membersofboth par- lief packagethrough an expan- precedents. With just 50 seats use of existing procedural ployment insuranceinMr. Bi- dressthis crisis.We’rekeeping ties said they favoredabiparti- sive use reconciliation would and Vice President Kamala steps to enact President Bi- den’sproposal would almost all options open on the table,in- san agreement. Lawmakersdis- undercut the president’scall Harris’s tiebreaking vote in den’s coronavirus relief plan as surely fitwithin itsrestrictions. cluding using budget reconcilia- cussed anarrowerbill focused forunity and bipartisanship in the Senate, Democrats would Republicanopposition to the Some in the party want to go tion,” SenateMajority Leader on money forvaccines as a his inaugural speech. likely need unanimous support $1.9trillion proposal hardens. further,exploring waysto ChuckSchumer (D., N.Y.)said possible area of agreement that ForDemocrats, reconcilia- on the policies as well as on Republicans have balked at stretch the rules and prece- Tuesday. Democratscould begin could leave other items fora tion offersapath to achieve special procedural steps. much of Mr.Biden’splan, dentsthat have historically the reconciliation processbyin- subsequent reconciliation bill. partisan ends,one used suc- Republicans,who have ar- meaning Democratsare likely constrained what policyprovi- troducing abudget resolution as “The decision to use recon- cessfully by Republicans for gued that Mr.Biden’splan is to eventually move to aprocess sions areallowedunder the rec- early as Monday, aides said. ciliation will depend on how taxcutsin2017, but they toobig and toosoon afterDe- called budget reconciliation to onciliation process. Some see it Fornow,the Biden adminis- these negotiations go,” Mr.Bi- aren’t united on the issue. cember’s roughly $900 billion passatleast part of the legisla- as away to passparty priori- tration is urging abipartisan den told reportersMonday, Afew Democrats, likeRe- relief law,havelittle recourse tion with asimple majority in ties likeraising the minimum approach on the coronavirus while adding the decision publicans,see Mr.Biden’splan if Democrats are united.

conclusion of the trial. Trial Vote “I just think that it wasa President to Launch question on the constitutional- ity of it. Idon’t think it binds Signals anybodyoncethe trial starts,” Health-Care Agenda Mr.Thune said. But he said most Republican senatorsbe- Acquittal lievethat from aconstitutional BY STEPHANIE ARMOUR Mr.Trump had pledged to standpoint, the trial is “onre- AND SABRINA SIDDIQUI repeal the ACAand replaceit ally shakyground.” with abetteralternativebut ContinuedfromPageOne Sen. Rob Portman (R., Ohio), President Biden will begin failed to do either.Hesupported willing to convict Mr.Trump. who said Mondayhewon’t run shaping his health-careagenda key partsofalawsuit from aco- “Forty-fivevotes means the im- forre-election, said his vote by lifting certain restrictions alition of Republican-led states peachment trial is dead on ar- against tabling Mr.Paul’smo- on abortion funding and re- to invalidatethe ACA, which the rival,” Mr.Paul said. tion wasmotivated by adesire launching Affordable CareAct Supreme Court is weighing. S Democratscountered that to allowdebateonthe trial’s insurancesign-ups,moving Sen. John Barrasso (R., the trial is proper and that Re- PRES constitutionality,but he hasn’t swiftly to reassemble compo- Wyo.), the chairman of the

publicansare focusing on the TED decided whether he would con- nents of the health law weak- SenateRepublican Conference, constitutional question to avoid CIA vict or acquit Mr.Trump. ened by the former Trump ad- criticized the Obama adminis- SO

having to weigh in on the mer- AS Although Republicansena- ministration, aperson familiar tration’sACA implementation,

itsofthe case itself—and TIN/ tors have criticized the former with the planning said. while adding that Mr. Biden’s

whether Mr.Trump’sactions MAR president forhis actions on Jan. Mr.Biden on Thursdaywill health-careplans would “make

rise to the level of encouraging YN 6, manyhavesignaled opposi- sign executiveordersdirecting people paymoreand wait lon-

an insurrection against the U.S. UEL tion to voting to convict him. the reopening of enrollment ger for worse care.” CQ

government. JA Aheadofthe vote Tuesday, a on the ACA’sfederal exchanges Theabortion policyonnon- “The theorythat the Senate GOP Sen. after speaking on the Senate floor Tuesday. Wall Street Journal survey and rescinding a Trump ad- governmental agencies is can’t tryformer officials would found that at least 32 senators ministration policythat known as the MexicoCity pol- amount to aconstitutional get- have said they areopposed to a blocked federal funds to non- icy, referring to the city where out-of-jail-free card forany LeahyPlans Return isteredonJan. 7, an aide said. trial or leaning against convict- governmental agencies that it wasannounced in 1984 by president who commitsanim- He plans to be working ing Mr.Trump. provide abortion counseling or Ronald Reagan, who firstin- peachable offense,” said Senate AfterFeeling Unwell Wednesday. As chairman of the Mr.Romney,one of the five referrals, the person said. stituted it. Thepolicy, dubbed Majority Leader Senate Appropriations Commit- Republicans who votedwith Mr.Biden will also initiatea the “global gagrule” by critics (D., N.Y.). tee, Mr.Leahywill playarole in DemocratsonTuesday, wasthe reviewofaTrump administra- because it restricts organiza- This will be the fourth presi- VermontSen. Patrick Leahy PresidentBiden’sproposed $1.9 only GOP senator to vote to tion decision that cut off fed- tions that seek U.S. funding dential impeachment trial, and left George Washington Univer- trillion Covid-19 relief package. convict Mr.Trump in his im- eral funding forfamily-plan- from dispensing abortion in- Mr.Trump’ssecond, but the sityHospital hours after he was Mr.Leahy, 80 years old, is peachment trial last year over ning organizations such as formation, has been reversed firstfor apresident who has taken therefor evaluation for thirdinline forthe presidency af- his effortstopress ’s Federa- andreinstated in successive leftoffice. Arecent report from feeling unwell, an aide said. terVicePresidentKamala Harris president to announceaninves- tion of America, theperson Democraticand Republican the Congressional Research “After getting test results and House Speaker Nancy Pelosi tigation of Mr.Biden. said.The Trump administra- administrations. Service, the public-policyre- back, and after athorough exami- (D., Calif.). He is also to preside Ahead of the vote,Republi- tion cut off funding to organi- The Trump administration search armofCongress, con- nation, Sen. Leahynow is home,” overformer PresidentDonald cans met Tuesdaywith law zations that referpatients for said Mr.Trump’sdecision to cludes that whilethe matteris aspokesman said. Mr.Leahyhas Trump’simpeachmenttrial, which professor of abortions,and Planned Parent- reinstatethe policyinJanuary open to debate, the weight of been vaccinatedfor the coronavi- begins in twoweeks. the George WashingtonUniver- hood left the program known 2017was areflection of his scholarly authority agrees that rus, with the second shotadmin- —Siobhan Hughes sity LawSchool, who has ar- as Title X. An action related to views on abortion. the impeachment process, in- gued that impeachment pro- Medicaid, a federal-state pro- MalloryQuigley, vicepresi- cluding atrial, canbeapplied to ceedingsagainst aformer gram for low-income and dis- dent of communications at Su- officials who arenolonger in therewouldn’t be 17 GOP votes scheduled to begin in earnest president areatodds with the abled people,isalso expected. san B. AnthonyList, anon- office. to convict Mr.Trump. the week of Feb. 8, about a Constitution. Thedecision to While Mr.Biden agreed profit antiabortion advocacy One precedent is the 1876 “He’sgoing to allowthem to monthafter the Capitol riot inviteMr. Turley to the Tues- with some of Mr.Trump’s group, criticized the move as impeachment and trial of Secre- moveforwardatthe paceand that leftfivepeople dead, in- dayRepublican lunch wasMr. health-careinitiatives,such as Mr.Biden’spayback to abor- tary of WarWilliam Belknap, the manner that the leadersin cluding aU.S.Capitol Policeof- McConnell’s, according to Sen. ending surprise medical bill- tion providersfor campaign whoresigned afterthe House the Senatedetermined, and I ficer. Senatorsagreed on Tues- RoyBlunt of , chair- ings and some antitrust ac- donations.“It is also aslap in obtained evidencethat he had canpromise youthat we will daytothat timeline in apretrial manofthe SenateRepublican tions to curb market concen- the facetothe majority of takenkickbacks from an associ- leave the vote counting to lead- organizing resolution. PolicyCommittee. tration in the industry, the Americans who do not want ateappointed to runafrontier ersinthe Senatefromnow on,” TheHouse impeachment ar- Mr.Turley,who had testified actions coming on Thursday their tax dollars sent to abor- tradingpost. He wastried by said WhiteHouse presssecre- ticle,which passed on Jan. 13 in favorofMr. Trump during areaimed at unraveling his tion businesses,and especially theSenateand acquitted. tary JenPsaki on Tuesday. by 232-197,drewthe support of hisfirst impeachment, argued predecessor’s stamp on health not to abortion promoters Mr.Biden supportsthe Sen- Mr.Trump’sstaff declined to 10 Republicans. that Mr.Trump’sunfounded as- care. overseas,” she added. ateDemocrats’ decision to comment. Sen. of South sertions to supportersthat he Themoves arespurring The plan to expand the en- move ahead with atrial, even if House managerswalked the Dakota, the No.2SenateRe- wasthe election’srightfulwin- criticism from conservative rollment period wasreported it interfereswith his legislative articleofimpeachment to the publican, cautioned that Tues- ner,which preceded their riot- and antiabortion groups that on Sundaybythe Hill, apoliti- agenda and cabinet confirma- SenateonMondaynight, and day’svoteshouldn’t be inter- ing,wereprotected speech. have opposed the ACAand cal-news publication. tions,but he predicted in an in- senatorsweresworn in as ju- preted as aguarantee of how —Jess Bravin lauded restrictions on federal —Siobhan Hughes terviewwith CNN on Monday rors on Tuesday. Thetrial is GOP senatorswould vote at the contributed to this article. funding for abortion. contributed to this article. P2JW027000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | A5 U.S. NEWS Capitol FBI’s Riot Investigation Shifts Gears Police TheFederal Bureau of In- vestigation has marshaled Admit hundreds of agents from spe- cialized squads andfield of- ficesacrossthe countryasits To Lapses probe of the Capitol riot movestoanew phase at- BY RACHAEL LEVY tempting to build cases alleg- ing that some of the rioters WASHINGTON—TheU.S. carefully planned the attack. Capitol Policeknewbeforethe Jan. 6rally by supportersof By Rebecca Davis former President Donald Trump O’Brien, Aruna that the event could turn vio- Viswanatha lent, but the department didn’t and Erin Ailworth sufficiently prepare, the acting policechief said on Tuesday. Authorities aresifting In aclosed-door Congressio- through reams of evidence—in- nal hearing,acting PoliceChief cluding morethan 200,000 Yogananda D. Pittman said that digital tips gathered from so- by Jan. 4the Capitol Policesaw cial media, membersofthe that the rally carried “strong public,confidential informants, potential forviolence,” with ex- local news and tremistslikely to attend. footage, according to court fil- “Weknewthat militia ingsand people involved in the S groups and white-suprema- cases.Inrecent days,investiga- PRES cistsorganizations would be tors also have started receiving ZUMA

attending,” Ms.Pittman told nonpublic evidencegathered S/

the House CommitteeonAp- from morethan 500 grand jury PRES propriations, according to a subpoenas and search war- IFIC

copy of her testimony. “We rants, officials said, bolstering AC also knew that some of these effortstogain aclearer picture DIN/P

participantswereintending to of what happened on Jan. 6. RA

bring firearms and other Prosecutorsalready have LEV weapons to the event. We chargedmorethan 150 people Prosecutors already have charged more than 150 people with federal crimes related to participating in the Capitol riot on Jan. 6. knew that there was a strong with federal crimes related to potential forviolenceand that participating in the riot, and associates.Homeland security House,” Mr.Sherwin said. “The arrest is only the of civil disorder and obstruc- Congress was the target.” officials said Tuesdaythey ex- agentsand local lawenforce- Five died amid the violence starting point,” said Richard tion stemming from theriot. Ms.Pittman said on Jan. 4 pected the flood of cases to ment have also takenpart in at theCapitol, including aU.S. M. Frankel, the former special During a more than hour- her predecessor,StevenSund, slowasauthorities turn to the investigation, according to Capitol Policeofficer and a35- agent in charge of the Newark, long speech on Jan. 6, Mr. requested the Capitol Police what washappening behind the filingsand people involved. year-old militaryveteran who N.J.,FBI field office. “Now Trump repeated false claims of Board, which oversees the de- the scenes. Current and former law-en- wasshot by police. Threedied they cangoback and say, ‘Is voterfraud and called on then- partment, declareastate of “Weare going to reach a forcement officials said the ef- after suffering medical emer- this an organized effort to vio- Vice President MikePenceto emergencyand authorizeare- plateauinthe very near fu- fort wascomparable with gencies. late Congress, and do further step in and reject the election quest forthe National Guardto ture,” the acting U.S. attorney some of the largest investiga- criminal acts?’” resultsduring ajoint session support department officers. in Washington, D.C., tionsinthe FBI’srecent his- Defense lawyersinvolved in of Congress. “Because you’ll Theboarddenied the re- Sherwin, said,adding that in- tory,such as the Oklahoma Theinvestigation these cases said they expected never take back our country quest, she said, and instead told vestigatorsare increasingly fo- City bombing and the Boston manyoftheir clientstoargue with weakness. Youhaveto Mr.Sund to contact the D.C. Na- cusing on “possible coordina- Marathon attack.The result includes FBI agents they were taking their cues showstrength and youhaveto tional Guard, which she said he tion among militia groups” and has been arapid-fireseries of whonormallyhandle notfromamilitia, or from be strong,” Mr.Trump said. did. Mr.Sund also coordinated people from different states criminal complaints, arrest QAnon, or from awhitena- Mr.Trump has denied any with acting PoliceChief Robert who “had aplan to travel here and search warrants, with other matters. tionalist group, but from one responsibility forthe violence Contee at theMetropolitan Po- beforethe sixth and engagein grand juryindictmentsand person: former President Don- perpetratedbyhis supporters liceDepartment, she said. criminal conduct.” more arrests, including those ald Trump,whom Congress at the Capitol. Mr.Sund resigned in the af- Thesprawling investigation involving additional assaults impeached on a charge of in- Law-enforcement officials termath of the deadly riot as includes FBI agentswho nor- on policeofficers, expected Investigators’ next challenge citing an insurrection. said Tuesdaythe probe had did two other membersofthe mallyhandle arangeofother later this week. will be taking acascade of low- “These arelikethose high- moved past social-media posts board—the sergeants-at-arms matters,including securities Officials said they expected level criminal chargeslikeun- school football players,” whose as they examine broader con- of the House and Senate. Mr. fraud, public corruption, drugs, little to changeinthe investi- authorized entryintothe Capi- coach gets them “jumping up spiracycharges, which are Sund couldn’t be reached for and gangs, court filingsshow. gation as Biden appointees toland using them as predicate and down to getout and play moredifficult to bring and comment on Ms.Pittman’stes- FBI field offices from Ari- take over the JusticeDepart- offenses that allowagentsand football,” said Albert Watkins,a harder to prove, as they re- timony. Thedepartment’srep- zona to NewYork have fanned ment. “Ifthe evidenceisthere, prosecutorstodig further in lawyer representing Jacob quireevidencethat two or resentativedidn’t immediately out to makearrests, search and we canidentifysomeone, their attempt to build a Chansley,the self-described moreagreed to violate laws. respond to arequest forcom- homes and interviewwit- they’regoing to be chargedre- broader case forconspiracy, QAnon Shaman who faces six —Sadie Gurman ment on behalf of the board. nesses,family membersand gardlessofwho is in the White law-enforcement officials said. counts, including felonycharges contributed to this article. QUE/REUTERS MAR LA KEVIN The presidentaims to bolsterthe prevention of hate crimes againstAsian-Americans and Pacific Islanders. Biden Signs Order to End DOJ’s Use of Private Prisons

BY SABRINA SIDDIQUI tration reversed that policy, in the coming weeks would ad- AND SADIE GURMAN saying the Federal Bureau of dresspolicing practices and Prisons needed to be able to voting rights. She also said Mr. WASHINGTON—President contract with privatecompa- Biden has ordered the intelli- Biden signed aseries of execu- nies to meet itsfutureneeds. gencecommunity to compile “a FITFOR APRINCE tiveordersintended to advance Mr.Biden said the changes comprehensiveassessment” on racial equity,including action were intended to addressthe the threat posed by whitena- PRINCE’SPENDANT to phase out the federal use of criminal-justicesystem’sim- tionalism and potential policies privateprisons. pact on minorities.Some stud- to addressit. Poproyalty.Iconicstyle.Bespokedesign. Custom-made “The simple truth is,our ieshaveshown privateprisons On Tuesday, Mr.Biden or- for and worn on stage by the legendary musician Prince, soul will be troubled as long as disproportionately house Black dered his attorney general not systemic racism is allowedto people and other minorities. to renewJusticeDepartment this pendant represents an important part of pop culture persist,” Mr.Biden said in re- Another action by Mr.Biden contractswith privately oper- history and exemplifies the star’sbold sense of style. The marks at the WhiteHouse on on Tuesdaycalls on the federal ated prisons and detention fa- letters“NPG”arespelledoutindiamonds,formingthelogo Tuesday. “It’scorrosive, it’sde- government to consult with Na- cilities. of New Power Generation, the artist’sbackup band from structiveand it’scostly.” tiveAmerican and Alaska Na- Mr.Biden’sdecision to re- 3 1990 until 2013. Set in 14K white gold. Chain: 13 /4”length; “We’realso lessprosperous. tivetribes as it develops policy. versethe Trump administra- We’relesssuccessful. We’re He also issued apresidential tion’sapproach to privatepris- Pendant: 2” length. #31-2607 less secure,” he added. “We memorandum disavowing rac- ons likely affectsasmall must change.” ismand xenophobia that will percentageofthe nation’spris- Mr.Biden signed amandate be directed at Asian-Americans oners—most areheld in state directing the Department of amid the coronavirus pan- prison systems—but could sig- Housing and Urban Develop- demic.Mr. Biden called on the nal abroader effort to get ment to examine housing poli- JusticeDepartment to bolster states to followsuit. cies that disproportionately af- itsprevention of hatecrimes Thefederal prison popula- fect people of color.And he against Asian-Americans and tion—now roughly 152,000 in- took action to end the Justice Pacific Islanders. mates,according to the Bureau Department’suse of private “The presidenthas commit- of Prisons—has fallen sharply prisons in areturn to an tedthe whole of our government due to anumber of factors, Obama-erapolicy. to advanceracial justiceand eq- mainly the coronavirus pan- Then-President Barack uity forall Americans,” said Su- demic that has led to early re- 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com Obama’sJusticeDepartment in san Rice, the head of the White leases,home confinement and 2016 said privateprisons had House Domestic PolicyCouncil. deaths of hundreds of inmates. Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. moresafety and security prob- “I believeweall rise and fall to- About 14,000 inmates areheld Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. lems than those runbythe U.S. gether.Advancing equity is a in privately managed facilities. government and moved to critical part of healing and re- JusticeDepartment and Bu- phase them out. Former Presi- storing unity in our nation.” reau of Prisons representatives dent Donald Trump’sadminis- Ms.Ricesaid other actions didn’t have anycomment. P2JW027000-4-A00600-1------XA

A6 | We dnesday, January 27, 2021 **** THE WALL STREET JOURNAL. U.S. NEWS AntibodyDrug Shown To Reduce Infections

BY JOSEPH WALKER could help provide temporary fections because it canbe protection against Covid-19 as given as ashot rather than an Regeneron Pharmaceuti- the U.S. and other countries hourlong infusion. S cals Inc.said itsantibody drug grapple with limited supplies Antibody drugsare lab- reduced coronavirus infections of vaccines.The drugsare made molecules that mimic PRES

by half in people at high risk, thought to provide protection the natural antibodies created TED apreliminarysign the therapy for at least one month. by the immune system to fight CIA SO

could be given to temporarily Eli Lilly &Co. said last week off viruses. AS

prevent Covid-19. that itsantibody drug also pre- Thereissome concern that ON/ None of the patientsreceiv- vented manyinfections in a new variants of the coronavi- GENER

ing the drug developed symp- study of nursing-home patients. rus may be resistant to some RE toms from the virus,Regen- Lilly’s antibody drug,named of the drugs, and several com- Regeneron Pharmaceuticals said it would discuss with U.S. regulators the possibility of authorizing eron said Tuesday, providing bamlanivimab,and Regen- panies and academic groups its antibody drug as a temporary vaccine. Above, scientists at a company facility in New York state. an interim analysis of acon- eron’s, called REGEN-COV,are areworking to develop new tinuing study. already authorized to treat versions of the medicines that Regeneron’s findingshaven’t bos, Regeneron said. poulos, Regeneron’s president Given the drug’sperfor- Covid-19 in patientswho aren’t will work acrossnew variants yetbeen published in apeer-re- Theaverage ageofpatients and chief scientific officer. mance, Regeneron said it hospitalized. that emerge. viewedscientific journal. in the study was43, and about Separately,Lilly said inject- would discussthe possibility Uptake of the drugs, which Thedatareleased by Re- Among patientswho re- half were Hispanic and 13% ing acombination of two of its of authorizing the drug as a then-President Donald Trump generon on Tuesdaywere ceived Regeneron’sdrug, 5.4% were Black. antibodies intoinfected pa- temporaryvaccine with U.S. credited with his recovery from from astudy of people at high tested positivefor Covid-19, “These datausing REGEN- tientswith early symptoms of regulators. Completetrial data Covid-19,has been scant so far risk of infection because they compared with 10.3%ofthose COVasapassivevaccine sug- Covid-19 reduced their risk of from the study areexpected as hospitals have struggled to shared ahousehold with who received placebos.None gest that it mayboth reduce dying or beinghospitalized by early in thesecond quarter, set up infusion centers to ad- someone exposed to the virus. of the people taking the drug transmission of the virus as 70%inalate-stage, or Phase 3, the company said. minister them. Theanalysis included about developed symptoms from the well as reduceviral and disease clinical trial. Regeneron’s dataindicate TheRegeneron drug is eas- 400 of the 2,000 people en- virus,compared with about burden in those who still get —Peter Loftus that antibody-based drugs ier to use to prevent newin- rolled in the study. 3.6% of people receiving place- infected,” said George Yanco- contributed to this article.

weeks,asenior administration shots, crashing websites and cine should be able to getone by the end of June if the re- based on the sizeoftheir pop- Biden to official said. early evidencethat lower-in- by the spring.The president sultsare positiveand the vac- ulation. In December,CDC ad- Bidenadministration offi- come neighborhoods and com- said delivering on that prom- cine is authorized. visers recommended that ini- cials told governorsthat 5.7 munities of color arefalling be- ise will require boosting vac- Mr.Biden’splan would es- tial supplies go to high-risk Boost Dose million doses will be Mod- hind more affluent, whiteareas cine supply and the capacity of tablish 100 federally supported populations such as front-line erna’s vaccine and 4.3 million in getting vaccinated. facilities wherepeople canre- vaccination centersand dis- health workersand nursing- will be Pfizer’s vaccine,people Mr.Biden had said he ceive the vaccine. mobile unitstorural and home residents. Theadvisory Supply familiar with the call said. wanted to see 1million vacci- To date, about 44.4 million underserved areas acrossthe panel said adults65yearsand Theofficials also told gover- nations administered aday in doses of both vaccines have country. TheCDC will make older should begin vaccinations norsthat the sixth dose that his first100 days,and on Mon- been distributed in the U.S.,of vaccines available in local phar- only afterdoses were given to ContinuedfromPageOne Pfizer recently discovered dayhesaid the administration which 23.5 million have been macies beginning next month. essential workersand adults75 ing to take months beforewe could be extracted from its could reach 1.5million vaccina- administered, according to the He has invokedthe Defense and older who wanted them. getthe majority of Americans five-dose vials won’t count to- tions aday.Analystshad said CDC.Ofthe doses adminis- Production Act to take certain TheTrump administration vaccinated,” Mr.Biden said. ward the allocation of the com- that administering 1million tered, 13 million were Pfizer steps to expand vaccine manu- said on Jan. 12 it waschanging Even with the increase in pany’sdoses to states,those doses aday,anamount almost vaccines and 10.4 million were facturing,such as producing the distribution system, pro- dosestostatesstarting next with knowledgeofthe call said. reached under the Trump ad- from Moderna. moreequipment and materials viding allocations to states week,supplies aren’t yetsuffi- Special syringes arerequired to ministration, would put the Johnson &Johnson has said used to makeshots. He also will based on the sizeofstate pop- cient for what is needed now, extract the additional dose and U.S. on track to reach herdim- it expects to report results of boost supplies of the syringe ulations over age65and how asenior administration official some pharmacies have strug- munity to the virus in 2022. alarge clinical trial of its type that canbeused to effectivestateshavebeen in said. gled to extract it properly. Mr.Biden said Mondayhe Covid-19 vaccine by early next squeeze moredoses out of vials. getting the shotsadministered. Theadministration will also Thevaccine rollout has been wasoptimistic that anyperson week and to deliver 100 mil- Vaccines were initially allo- It also called on states to start providing states with hindered by long waitsfor who wantsacoronavirus vac- lion doses foruse in the U.S. catedtostatesinDecember open up vaccinations to adults three weeks’ advancenoticeof 65 yearsand older,but gover- their estimated vaccine alloca- norssaid therewasn’t enough tions,updated on arunning ba- supply from the reserveto sis,tohelp with their planning. keep up with the surge in de- Governorshad said allocations mand that followed. fluctuated under the Republican Mr.Cuomo said that New administration of former Presi- York was“functionally out” of dent Donald Trump, complicat- vaccines but expected new ing effortstostaff vaccination shipmentsinthe next several sites and manageappointments. days.New York’sErie County, “We’ve been going week to which includes Buffalo,an- week,and youreally can’t plan nounced it wascanceling and schedule,” New York Gov. planned vaccination clinics on ,aDemocrat, Fridayand Saturdaydue to a said on MSNBC. “It will bring lack of vaccine availability. some efficiencytothe pro- California Health and Hu- gram that we haven’t been man Services Secretary Mark able to implement.” Ghaly said Tuesdaythe stateis Membersofthe Biden ad- currently vaccinating 125,000 ministration, including federal people each weekday. Centersfor Disease Control “Welook forwardtoin- andPrevention Director Ro- creasing the cadence to make chelle Walenskyand White surethe needs of Californians House coronavirus coordinator areheardloud and clear and , briefed gover- we’re able to fill the pressing nors on the changes on a call demands on vaccines as Tuesday, people familiar with S quickly as possible,” he said. NEW

the discussion said. G The U.S. has seen 25.2 mil- TheDepartment of Health lion confirmed Covid-19 infec- and Human Services will boost tions and about 420,000 allocations next week to a OOMBER deaths,according to Johns minimum of 10 million doses a Hopkins University. week forall states and territo- SEAL/BL —Tarini Parti, Christine Mai-

ries,upfrom8.6 million doses EDDIE Duc and Jimmy Vielkind aweek,for the next three The Moderna Covid-19 shot was given Tuesday at a drive-through clinic in Texas. The U.S. plans to increase vaccine purchases 50%. contributed to this article.

chief executive.” Inc.,Walgreens shifted Microsoft’smultiyear runof topping even the $14.6 billion Brewer Is Walgreens,the largest U.S. awayfromall-out acquisitions Microsoft year-over-year sales increases. its cloud-segment delivered. drugstorechain, has been afterunsuccessfulattemptsto Sales forthe company’sAzure ForMicrosoft, the consoles, struggling to turn itself buy insurer Inc.and cloud-services have expanded arelatively low-margin busi- Tapped by around, an effort complicated pharmacy rival RiteAid Corp. Earnings rapidly.Beforethe pandemic ness, arelessimportant to its by the pandemic.Mr. Pessina, Walgreens recently outlined hit, thepaceofgrowthwas bottomline than hooking gam- an Italian billionaire, took over plans to sell much of its slowing as the businessgained ersonsubscription services Walgreens five yearsago following the wholesale pharmacybusiness Soar scale.Remoteworking ar- forits games.But the com- mergerofWalgreens and Eu- in Europe,narrowing itsfocus rested that decline.Azure pany last week misstepped ropean pharmacychain Alli- on itsU.S.namesakechain and salesincreased 50% in the when it tried to push through ContinuedfromPageOne ance Boots. the U.K. Bootspharmacy ContinuedfromPageOne quarterended Dec.31, com- apriceincrease forsome of bucks toward afocus on to-go Whererival CVShas built it- chain. and sales of $40.2 billion, ac- pared with a 48% rise for the those services. Customers re- operations during the pan- self intoahealth-carebehemoth Reduced storetraffic amid cording to FactSet. prior three-month period. volted, and the software giant demic and has worked to di- through acquisitions of phar- thecoronavirus pandemic is Microsoftshares were Azurebecame abigger reversed course hours later. versifythe company’sleader- macybenefit manager Care- exacerbating Walgreens’sretail ahead 4% in after-hours trad- source of revenue forMicro- Microsoftsaw continued ship.Starbucks said last fall it mark in 2006 and insurer struggles,and the company’s ing.The stock has gained softthan itsWindows operat- strength in its Surface laptop would tie executivecompensa- effortstotransform itself into more than 40% over the past ing system licenses in the Sep- business, with revenue rising tion to increasing minority aprovider of health-careser- year. tember quarter,said Brent 3% as the work-from-home pe- representation in itsworkforce GES vices have yettotakehold. Tech companies broadly Bracelin,ananalyst at Piper riod dragson. Theincrease, and mandated antibias train- IMA Thecompanyalso is expected have been among the biggest Sandler.Microsoftdoesn’t though,didn’t match the su-

ingfor companyleaders. ETTY to playacentral role adminis- corporate winners during the break out Azure revenue, but percharged37% sales gain in /G

In 2019,Ms. Brewerjoined FP tering the Covid-19 vaccine to pandemic and have drawn in- the companyisthe world’s the prior quarter.

the boardofAmazon.comInc. /A the U.S. public. vestor enthusiasm. Apple Inc., second-largest cloud-comput- “The pandemic has really amid pressureonthe com- In its latest quarter, the which reportsearnings ing vendor afterAmazon.com. shown the PC’s central role in panytoadd morediversity to chain’sprofitfell 25% even as Wednesday, has seen itsstock Therole of videogaming in keeping people connected, REDMOND itsboard. Amazon has been overallrevenue rose and the rise about 80% over the past Microsoft’sfortunes also has productiveand secure,” said ON

increasingly expanding into JAS companyworked to cut costs. year as people sheltering at increased under Mr.Nadella, Kyle Vikstrom, adirector of in- health care,becoming moreof Rosalind Brewer Retailpharmacysales in- home bought Mac computers in part fueled by acquisitions. vestor relations at Microsoft. acompetitor to companies creased 1.6% in the U.S.,well and .Online retailer Am- Thecompanylast year bought Revenue from licenses for such as Walgreens and CVS belowexpectations,and execu- azon.com Inc.has piled up ZeniMax Media Inc., the par- Windows software rose 1%. Health Corp.In2018,Amazon AGE: 58 tives said prescription volumes revenue,including in itscloud- entcompanyofthe popular Ms.Vikstrom said the result bought online pharmacyPill- PRIOR ROLES: Starbucks were weaker than planned. computing businessthat com- Doom videogame franchise, for beat Microsoft’s internal pro- Pack for$1billion. chief operating officer since Last year,Walgreens was petes with Microsoft’soffer- $7.5 billion.Xboxcontent and jections,inmatchingup Mr.Pessina said Ms. 2017; , 2006-2017, among the worst-performing ing. services revenue increased against astrong prior-year Brewer’sretail background, including chief of Sam’s Club, membersofthe DowJones In- Microsoftfinancechief Amy 40% in the latest quarter, quarter when customerswere especially in expanding Star- 2012-2017; Kimberly-Clark dustrial Average, with its Hood told analystsTuesday aided by the November release upgrading the software after bucks’ digital presence, makes Corp., 1984-2006 shares falling 29.4%. Theindex that further growth is ex- of two newgaming consoles, the companybegan phasing her well-suited forthe topjob BOARD MEMBERSHIPS: gained 7. 3% in 2020. pected in the current quarter. Xbox Series Xand S,tobattle out support for . at Walgreens. Amazon.com, Starbucks, Lock- Thefirst African-American Sales areprojected to come in Sony Corp.’sPlayStation 5. Microsoft said even its ad- “Weneeded someone with heed Martin (former) and and firstwoman to lead aWal- at $40.35billion to $41.25 bil- Mr.Nadella hailed the start vertising business, one of the an experienceinretail and an Molson Coors (former) mart businessunit, Ms.Brewer lion, the companysaid. Vid- forthe Xboxconsoles,marking fewsegmentsthat lagged experienceinpharmacyand, EDUCATION: Spelman Col- joined the retail giant in 2006 eogaming should see around “the most devices ever sold in early in the pandemic,is moreimportantly,experience lege, bachelor’s degree in aftertwo decades at Kimberly- 40% growth from a year ear- a launch month.” showing signs of recovery. in digital,” Mr.Pessina said. chemistry; Wharton’s Ad- Clark Corp., whereshe started lier, with Surface laptop sales Overall gaming revenue was Search advertising revenue in “She’sverythoughtfuland vanced Management Program as achemist. also enjoying double-digit in- up 51%. Microsoftsaid revenue the most recent quarter ad- very personable,she’sreason- and ’s —Sharon Terlep creases, Ms. Hood said. in the businesssegment that vanced 2% aftersuffering dou- able and she has all the quali- Directors’ College and Heather Haddon Mr.Nadella’sbet on cloud includes videogame and laptop ble-digit declines in the prior ties that areimportant fora contributed to this article. computing has been pivotal to activities rose to $15.1 billion, two periods. P2JW027000-2-A006A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, January 27, 2021 | A6A GREATER NEW YORK Senate Leader Pushes New Property Tax

Connecticut Democrat proposed taxwould raise pass a budget closing deficits SenateRepublicans came pied by hospitals and universi- sale of capital assetsfor individ- $73.5million annually that of morethan $1 billion in each outagainst the measure. Re- ties, which are tax exempt. ual taxfilersearning $500,000 Martin Looneywants would be funneled to cities for of the next two fiscal years. publican SenateMinority Cities such as Hartford and and up annually or formarried to tax homes valued at property-tax relief.Ahome- Gov. Ned Lamont,aDemocrat, Leader Kevin Kelly said Mr. Bridgeport would benefit under couples earning $1 million. owner with a $500,000 home will submit his budget pro- Looney’s proposal would hurt Mr.Looney’s plan, while wealthy Capital gains are currently $430,000 or more would payabout $50 under posal and plan to close those middle-classfamilies.“During homeownersintowns likeFair- taxedat6.99%, which is the the proposal, while ahome- budget holes in February. this pandemic,middle class field and Greenwich would face topincome-tax rate in the BY JOSEPH DE AVILA owner with a$1million prop- Thegovernor has been re- families are struggling finan- higher taxbills.Rural towns also state. Theproposed 1% sur- erty would pay about $400. luctant to go down of cially andneed our help,not would getrevenue from thenew charge would be in addition to Thetop lawmaker in the Mr.Looney said the bill raising taxes. Aspokesman for moreburdens,” Mr.Kelly said. tax, Mr.Looney said. the rate currently charged. A Connecticut state Senate is would makeproperty taxes Mr.Lamont said he opposes the Cities would receivethe Mr.Looney has also pro- similar proposal for a capital calling foranew taxonhomes moreequitable acrossConnecti- proposal and remains against bulk of the taxrevenue gener- posed anew surcharge on capi- gains surcharge failed to gain with amarket value of cut.“Manycommunities will broad-basedtax increases. ated by theproposal to help talgains,which would produce traction in thestate legisla- $430,000 or moretohelp pay benefit from it and see asignifi- Mr.Looney said he hasn’t mitigatehigh property-tax $131 millioninannual taxreve- ture in 2019. forproperty-tax relief in the cant decrease in their property- formally met with Democratic rates. Urban centerssuch as nue,aportion of which would Mr.Looney said his pro- state’scities and ruralareas. taxliability,” he said Tuesday. senatorstogaugetheir support, New Haven tend to have high also fund property-tax relief,he posal would help the governor SenatePresident Martin Theproperty-tax proposal but noted his caucus has broad property-tax ratestomakeup said. Theproposed 1% sur- keep his campaign pledge for Looney, a Democrat, said the comes as lawmakersneed to interest in property-tax reform. forthe swaths of land occu- charge would be applied to the property-tax relief. Madison Square Wintry Mix Hits the Tri-State Region Garden’s PACGives To LocalCandidates

BY KATIE HONAN Samuel of Brooklyn; Adrienne Adams,FranciscoMoyaand TheMadison SquareGarden RobertHolden of ; Keith Political Action Committeehas Powers of Manhattan; and Di- donated to seven members of ana Ayala of the Bronx.That is S

theNew York City Council, a the maximum amount of money PRES

group that will playadecisive that canbegiven foracouncil TED

role in the futureofthe arena, seat, according to Campaign Fi- OCIA city records show. nanceBoardregulations. SS /A Both MSG’sowner,James Thegroup also gave$1,000 Dolan, and the political-action to HenryButler,acouncil can-

committee have also given to didateinpartsofBrooklyn, INQUIRER candidates forcomptroller and and $500 to James Gennaro, a mayor this cycle, city records former city councilman who is show. Mr.Dolan has donated again in aspecial in the past to citywide and council election in Queens. PHILADELPHIA

borough president candidates. Rich Constable, the execu- /THE But the donations to the tive vice president of govern- council members, and two ment affairsand social impact MORENO

other candidates forcouncil at MSG, said the company, like F. seats, come at acritical time so manyothers, oftengives to SE JO forthe futureofthe famous candidates for office. GRAY DAY: Rain gear was necessary Tuesday afternoon in Ocean City, N.J., as a storm brought a mix of rain and snow, along with arena, which is eight years The PAC also gave to may- slippery road conditions, to the area. Forecasters warned that much colder temperatures are expected to move in later this week. intoits 10-year special permit oral candidates and acandi- grantedbythe City Council in datefor comptroller in the 2013 that allows it to operate. 2021 race. Thedonations also come as Thecompany’srecent focus Gov.Andrew Cuomo discussed is on anew political-action Creative Class Faces Health-Care Crunch acquiring part of the Garden committee, firstreported by forhis expanded Penn Station the news websiteThe City, project. that was formed to stop New BY KATE KING All arenas with more than York City’s post-pandemic de- 2,500 seats require a special cline, he said. Thousands of actors, musi- permit to operateinNew York “Our currentpolitical ef- cians and other creative pro- City,according to city planning fortsare focused on TheCoali- fessionals in NewYork City rules.Madison SquareGarden tion to Restore NewYork, areatrisk of losing or have al- wasgranted a50-year permit which asks each candidatefive ready lost their health-care in 1963,when it wasconstruct- questions facing NewYork City coverage because of coronavi- ing itscurrent arena on Eighth due to the pandemic—how rus-related shutdowns. Avenue in Manhattan. they plan to addressthe exo- With and other When it wasupfor renewal dus of city residents; the bud- theater closures stretching in 2013,Mr. Dolan and MSG getdeficit; job loss; safety and past 10 months,actorsand officials requested they be tourism,” Mr.Constable said. others in the industryhave granted the permit in perpetu- Mr.Holden, who represents limited options forkeeping ity.The council gavejust a10- partsofQueens,told TheWall their health insurance, which year permit, with an explicit Street Journal that the dona- is oftenprovided through directivetospend the next de- tion came unsolicited. City re- union plans that offer cover- cade finding anew home for cordsshowMSG lobbyistsmet age based on time worked. the Garden to fully expand with the councilman and his Enrollment through the Ac- Penn Station, which is under- staffersinearly 2020 to talk tors’Equity Association, neath the arena. specifically aboutthe special which covers actorsand stage

Thecurrent and futuremem- permit,but Mr.Holden said he managers, has dropped by GRI/REUTERS bersofthe city council, which didn’t recall meeting with them. nearly aquarter,with 5,509 ALLE

will be overhauled through He speculated MSGofficials memberscovered at the start of O

term limitsand coming elec- were doling out cash to coun- this year compared with more CARL tions, could decide if the Gar- cil memberswho “might be than 7, 200 at the end of 2019. A musician performed at Bethesda Terrace in Manhattan’s this past August. den stays and renews itslease. around in 2023” given so Officials estimateenroll- Thecouncil is made up of manycurrent council mem- ment will continue dropping But with Broadway sched- trustees reduced benefitsand make it through the pandemic, 51 seats, and therewill be bersare term-limited. Mr. by about10% monthly,with uled to remain closed until at increased copays and other the health plan is subsidizing changes in at least 32 of those Holden does faceaprimary just morethan 4,000 members least the end of May,she costsfor people who visit the coverage through Cobra, or the seatsthis year because of challengeinJune.“Idon’t owe coveredatthe end of March, hasn’t worked in so long that rather than raising pre- Consolidated Omnibus Budget term limits, according to the favors to anybody; nothing according to a spokesman for she will lose her health insur- miums or the threshold to Reconciliation Act, for those Campaign FinanceBoard. Are- guarantees a vote,” he said. the Equity-League Benefit ance at theend of April. Ms. qualifyfor coverage. who earned at least $13,000 in districting will also bring an- Mr.Powers said: “Atthe Funds,aseparateorganization Kinnunen has Type 1diabetes, “Our strategy was to tread wages, Mr.Estrada said. Foran other round of elections in end of the day, the best plans that governs the union mem- and estimates that without in- water, and, as much as we individual, the subsidy brought 2023, a CFB spokesman said. will be wononthe meritsand bers’ benefit programs. suranceitwould cost about possibly could, avoid passing monthly premiums down to TheGarden’sPAC gave what is best forNew York City, Membersneed to work a $5,000 amonth forthe insulin on costs directly to our musi- $184 from $919,hesaid. $1,000 to sitting council mem- nothing else.” minimum number of weeks to and basic equipment needed to cians who areout of work,” Forother workerswith little bersinfour of the five bor- Theother council members qualifyfor six months to a stay alive. She is considering Mr. Krauthamer said. savingsand no immediate oughs earlier this month: Jus- and candidates didn’t respond year of coverage,and in nor- enrolling in Medicaid when her Charlotte St.Martin, presi- prospectsfor income,signing tin Brannan and Alicka Ampry- to requests for comment. maltimes performersoften union health insuranceexpires. dent of League,a up for health insurance take on extrajobs to make “Health care foreveryone is national trade association through Cobraorstate market- sure they hit the threshold. important,” said Ms.Kinnunen, whose membersinclude theater placeplans canbeprohibitively Thefund receives 88% of its who has moved back in with owners, producersand general expensive, said Rafael Espinal, financing from employercon- her parentsinWashington managers, said the group is president of the Freelancers tributions,and officials project stateuntil the pandemic ends. Union. Theunion doesn’t offer its reserve levels will decline “For those of us with pre-ex- itsown plan, but partnerswith to $30 million by the middle isting health conditions, it’s ActorCaitlin existing health-insurancecom- of the year if liveperfor- really scarywhen that poten- Kinnunen might panies and checks out market- mances don’t return to near- tially gets takenaway or when enroll in placeoptions forits members. normal levels, compared with [coverage] plans change.” Medicaid when Open enrollment in New $120 millionbeforethe pan- Theproblem isn’t limited to her union health York closes at the end of the demic hit. As aresult, trustees the Actors’ Equity Association. insurance month, and so far the Freelanc- votedtoincrease premiums Other unions’ health funds also expires. ersUnion has seen 57% fewer and raise the eligibility thresh- arereporting declining enroll- applications submittedbyits old for coverage. ment due to the pandemic. membersthis year compared “Weunderstand that, with- Thehealth fund forAssoci- working with health funds to with last year,Mr. Espinal said. outthe ability to work,many ated MusiciansofGreater New ensuretheir long-term viability. Some people maybewaiting participantsmay not qualifyfor York,Local 802 AFM, which TheSAG-AFTRAunion, until the last minutetosign up coverage under anyrealistic representsNew York City mu- which representsworkersin forcoverage, while othershave benefit plan we could devise and sicians ranging from Metro- the television, film and media likely decided they can’t afford financially sustain,” the funds’ politan Operavioliniststo industries,was grappling with to buy insurance, he said. trustees said.“Sadly,thereis nightclub singers, is almost rising health-carecostsbefore Union officials and other nothing the Health Fund cando entirely funded by employer the pandemic.ByJuly,fore- leadersinthe creativeindustry to affect the course of the pan- contributions.Union members castsshowedaprojected defi- saythe problem requires im- demic or to acceleratethe safe need to bring in $2,000 worth cit of $141 million forcalendar mediatefederal intervention, reopening of livetheater.” of employercontributions year 2020,with reservefunds including Cobrasubsidies.The OL

PO Broadway actor Caitlin Kin- within six months to qualify on track to be fully depleted $1.9trillion relief package pro- S nunen, nominated fora2019 for six months of coverage. by 2024, said Michael Estrada, posed by President Biden

/PRES Tony award forher role as But with the lightsstill off chief executive of the union’s would subsidizeCobraenroll- Emma in the musical comedy forliveperformances,contri- health plan. ment through September. “The Prom,” washitting her butionsaren’t flowing in and To addressthe funding cri- “People areatapoint where BENNETT professional stride beforethe membersare losing coverage, sis,trustees votedtoincrease they’rechoosing whether hav- UCE pandemic.Ms. Kinnunen, 29 said Adam Krauthamer, the premiums and raise the earn- ingaroof over their heads or BR Madison Square Garden was granted a 50-year permit in 1963, yearsold, receives health in- union’spresident, who is also a ingsthreshold forcoverageeli- having health insuranceismore when it was building its current arena in Midtown Manhattan. surancethrough Actors’ Equity. health-fund trustee.The fund’s gibility.Tohelp members important,” Mr.Espinal said. P2JW027000-2-A006B0-1------NS

A6B | We dnesday, January 27, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK GREATER NEW YORK METROMONEY | By Anne Kadet WATCH Museums Become a Haven for Locals

Last week, safety signs, not to mention Funds to Divest Slavik Ku- 120 hand-sanitizer stations From Fossil Fuels harchuk trav- dispensing 20 gallons of eled from goop every week. New York City officials said Queens to So how are the museums that two pension funds for city Manhattan to faring? workers will divest themselves try something he hadn’t en- Thebig drop in admis- of an estimated $4 billion in se-

joyed since the start of the GES sions isn’t the death blow curities tied to fossil-fuel firms

pandemic: a trip to the mu- IMA one might expect, at least for to promote clean energy use. seum. He went to the Metro- the largerinstitutions.Even “The divestmentfromfossil politan Museum of Art with GETTY in anormal year,they typi- fuels is possible and necessary,” his friends to explore the SE/ cally earn lessthan 20% of said CityComptroller Scott Egyptian galleries and musi- their revenue from ticket Stringer,who joined MayorBill de cal instruments hall. His ver- sales.They take in morefrom Blasio at aTuesdaybriefing. ANCE-PRES

dict? A big thumbs up. FR endowment income,member- Messrs. de Blasio and Stringer “Now it’s the local crowd,” ships and donations,which announced Mondaythatthe the 33-year-old audio-visual ENCE officials sayhaveheld steady. boards of the NewYork CityEm- AG

technician observed, glanc- Y/ But they’re also dealing ployees’ RetirementSystem,

ing around the museum’s CLAR with a sharp drop in cafe, worth $91.4 billion, and the New

Great Hall. “It’s a unique A. restaurant and gift-shop York CityTeachers’ Retirement

feeling. I do like tourists, but THY sales. In 2019, the Metropoli- System, worth $77.4 billion, had this is cool—to have the city tan earned $85.8 million votedtoapprove fossil-fuel divest- TIMO to ourselves.” Visitor capacity at the Metropolitan Museum of Art in Manhattan is capped at roughly 5,000 a day. from these and other conces- ment. Athirdpension fund, the He’s right! But like Mr. sions, including the parking NewYork CityBoardofEducation Kuharchuk, it took me a is capped at roughly 5,000 a entry, which now features convenience. Given the al- garage, for example. That RetirementSystem, is expected to while to seize the opportu- day, says Metropolitan contactless temperature most entirely local crowd figure will see a dramatic re- vote fordivestmentsoon. nity. While the city’s big- spokesman Ken Weine, com- checks and bag screenings on-hand—the Metropolitan duction. — name museums reopened pared with the 25,000-plus conducted by glowing ma- says this segment grew from Most museums have cut last fall after a five-month guests the museum could chines to accompany the 30% to 90% of admissions— their hours to compensate. CONNECTICUT shutdown, the prospect of a welcome before the pan- lobby’s sense-assaulting au- this is our big chance to en- The Metropolitan, which visit didn’t sound enticing. demic. Admissions are fur- dio-video installation which, joy everything from van was open seven days a week, Lawmakers Consider Typically operating at 25% ther throttled to 600 from according to the museum, Gogh’s Starry Night to reduced its staff from 2,000 Sports Betting Again capacity,the museums re- 1,000 an hour to avoid en- creates “a space as a being.” Adrian Piper’s jar of personal to about 1,600, and is now quirevisitorstoreservea trance bottlenecking. fingernail clippings without closed on Tuesday and Connecticut lawmakers were time slot. There’salso the getting jostled by a pesky Wednesdays, for example. It urged Tuesdaytofinally legalize shortened hours, tempera- had no trouble snagging ‘I do like tourists, crowd of globe-trotters. also eliminated evening sports betting and internet gam- turechecks but no coat- I a Sunday afternoon res- The relaxed, communal hours. bling after years of debate,but it’s checks,nopaper maps or ervation at MoMA, which but this is cool—to feeling is its own pleasure. But if a visit fits your clear disagreementremains as to programs,nowater fountains is admitting 850 visitors an have the city to Indeed, some museum of- schedule, what are you wait- whether the state’sfederally rec- and no cafe.Imagine amu- hour, or 6,000 a day, to its ficials say people are linger- ing for? “One of our mes- ognized tribes have exclusive seum with no overpriced 150,000-square-foot space. ourselves.’ ing longer these days. sages to New Yorkers right rights to thatkind of wagering— cappuccino.Are we supposed But Sonya Shrier, the mu- “Visitors appear to be tak- now is, please come and en- an issue thathas stymied the to be satisfied with mereart? seum’s director of visitor en- ing their time more and re- joy this gem you have in state’sefforts in the past. But it’s too cold for out- gagement, says the first slot ally soaking up the contem- your backyard,” says Mr. “We can’t find anybody else door dining these days for of the day tends to sell out. Hopefully, one comes pre- plative atmosphere in the Weine. “You deserve it!” from a legal perspective that most of us, and the museums At the 560,000-square- pared. A friend who came museum,” says Ms. Shrier at doesn’t work for the tribes...who are one of the few options foot Brooklyn Museum, along to the Brooklyn Mu- MoMA. [email protected] has said they have exclusivity,” left to New Yorkers who meanwhile,special exhibits seum was a little annoyed by Ted Taylor, president of Sportech want to get out of the house. have been selling out on the closed coat check. I s for the safety issue, Venues Inc., told members of the Last week, I toured three weekends,but general admis- brought a small jacket I may I note that muse- CORRECTIONS  General Assembly’s Public Safety and was happy to discover: a sion slotsgenerally areavail- could stuff into my bag and A Committee in his pitch to allow ums were practically pandemic visit may be even able anytime,and 20% of bottled water to make up for designed for pandemic en- AMPLIFICATIONS all existing Connecticut gambling better than a regular visit. these ticketsare allottedto the disabled water fountains. joyment? operators to get into the sports- Yes, reserving a time can walk-ins.“Not everyone has Moreover, the museum re- These are huge, spare betting game. be frustrating. When I tried asmartphone or away to cently installed four contact- spaces dedicated to display- Thedeed restrictions for Mashantucket Pequot Tribal on a Friday morning to snag buy aticket online,” says less, self-cleaning vending ing objects we’re not allowed GovernorsIsland expirein Chairman Rodney Butler, how- a weekend admission to the Sara Devine,the museum’s machines featuring an array to touch. People are very 2060. A Jan. 21 article incor- ever, insisted both sports betting Metropolitan, for example, director of visitor experience. of snacks—Cheez-Its, turkey good about wearing masks, rectly said the deed expires in and internet gambling fall under every Saturday and Sunday Arriving at the designated sandwiches and beef jerky— and the museums have gone 2060. the decades-old memoranda of slot was taken. I had to set- hour, I enjoyed a minimal that would make any Brook- absolutely bananas with pre- understanding between the tle for a weekday afternoon. wait at all three museums. lyn bodega proud. cautions. The Metropolitan, Readers can alert The Wall Street state and the Mashantucket Pe- Journal to any errors in news articles Visitor capacity at the 2- And I particularly enjoyed And touring the galleries for example, has installed by emailing [email protected] or quot and the Mohegan tribes. million-square-foot museum the weirdness of the MoMA makes up for any minor in- 800 directional, health and by calling 888-410-2667. —Associated Press

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THE WALL STREET JOURNAL. ** We dnesday, January 27, 2021 | A7 WORLD NEWS U.K. Virus Strain Seen Risky for Young

Health officials struggle would increase the risk of transmission,” said Peter to understand variant Horby,chairman of the New that spreads faster, and Emerging RespiratoryVi- rusThreatsAdvisory Group. stoking more concern “Then, if it’sbeen able to spread between cells much BY JOANNA SUGDEN quicker within the lungs, then AND MAX COLCHESTER that may increase the rate of disease and the rate of inflam- LONDON—Doctorsbegan mation which may then prog- noticing the changeinDecem- ress quicker than your body ber as the U.K.’s newcoronavi- can respond to.” rusvariant spread. In hospital To determine whether the critical-careunits, they were newvariant wasdeadlier,sci- seeing moreyounger people entistslooked at datafrom and women with serious cases around 850,000 cases of the of Covid-19,adisease that has coronavirus tested in the com-

inflicted itsworst symptoms CK munity wherethey knewwhich largely on older patients and TO variant of the virus each person men. had, including between 1,400 Theshift—backed up now and1,900 people who died. SHUTTERS

by statistical studies—is part A/ “You have to comparepeople of an urgent puzzle preoccupy- who areassimilar as possible ing British public-health offi- GA/EP to each other,” said John Ed-

cials as they race to under- ABALA munds,anauthor of one of the stand astrain of the virus that studies by the London School of

is more transmissible and, ARRIZ Hygiene &Tropical Medicine. some studies indicate, could be Theresearchersmatched deadlier than earlier versions. CUNDO groups of people based on age, FA One early hypothesis,scien- Officials say a recent spike in Covid-19 cases that has stretched many U.K. hospitals is likely caused by a new variant of the virus. sexand ethnicity as well as in- tistssay,isthat one of the vi- come and wherethey lived, to rus’sgenetic mutations makes women ending up in the hos- reducethe effect that pressure it betteratinvading agreater pital. Level of Lethality also could be 30% to 40% dead- during the winter months, on hospitals might have had number of cells inside the body, Some things, doctorsand sci- lier than the previous variant. greatly accelerating hospitaliza- on death rates. leading to serious sicknessin entistssay,don’t seem to have Is Open to Debate The advisers say their con- tion rates. “Viruses generally Dr.Edmunds’sgroup found people who with previous changed with the newvariant. clusions are tentative. “Al- mutate to be more transmissi- that if two similar people had Covid-19 variantswould have Oncehospitalized, patients though there’s uncertainty, we ble and less lethal,” he said. the coronavirus,the one who had only mild or no symptoms. seem to have the same chance There is still considerable can’t always wait for certainty,” The new variant’s spread had the newvariant was David Strain, aphysician of survival as before and doc- debate around whether the said Peter Horby, chairman of has coincided with huge in- around 30% morelikely to and instructor at the Univer- tors can’t tell from symptoms new variant is in fact deadlier, the panel, the New and Emerg- creases in the number of peo- have died from the disease it sity of Exeter’s medical school whichvariant apatienthas. as some research suggests. ing Respiratory Virus Threats ple hospitalized with Covid-19 causes.Agroup from Imperial who is also treating Covid-19 In London, the southeast The newvariant, which has Advisory Group, or Nervtag. and a rise in the number of CollegeLondon found asimilar patients, said initial research and east of England, wherethe become the dominantversion Julian Tang, a clinical virolo- people dying from the disease likelihood of mortality with paintsapictureofavirus newvariant wasfirst identi- acrossthe U.K., is estimatedto gist and professor of respira- in the U.K., placing the state- the newvariant compared variant that is likeaburglar fied in atest sample from be 30% to 70% moreinfectious tory medicine at the University run health service under un- with itsancestor.University of that has become betterat Sept. 20, the mean age of pa- than earlier varieties. Lastweek, of Leicester, said more evidence precedented strain. Covid-19-re- Exeter researchersfound a91% breaking and entering—into tients admittedtointensive- agovernmenthealth advisory was needed to prove that the lated deaths in the U.K. on increase in the risk of mortal- vulnerable cells in this case. care unitsfell to 58.9 years panel said studies suggestthere new variant was deadlier, given Tuesday passed 100,000 since ity from the newvariant, “Wethink that’swhy it’s from Dec. 1toJan. 21 from wasarealistic possibilitythatit that social mixing was allowed the start of the pandemic. though that could be because making people sicker as well 61.4yearsbetween September the population it examined as being more transmissible,” and the end of November. skewsolder,Dr. Strain said. Dr. Strain said. Theproportion of women Not all doctorsare convinced ing more Covid-19 patients in variant so far doesn’t appear Another study by Public Virologistssuspect it is a admittedintoICUsrose to this is explained by mutations general, and the ratio of peo- anydifferent from that pro- Health England put the particular mutation known as 35.1% from 30.1% in the period. in thenew variant. Some think ple seems to be the same as in vokedbyits ancestors, but be- chances of dying afterinfec- N501Y on the newvariant’s Datafromthe rest of the it could also be amatterofbe- the first peak. cause the virus itself is able to tion with the newvariant spikeprotein that has en- countryshowasimilar pat- havior changes,with morepeo- He attributes the increased movearound apatient’ssys- around 65% higher than with hanced itsability to enter and tern. ple,especially younger ones, numberstothe greater trans- temmoreeasily,itcan out- the old version. infect human cells and to Through December,the pro- mixing during the holidaysea- missibility of the new variant pacethe body’s immune re- Theresultsare preliminary movemoreefficiently through portion of 18- to 54-year-olds son and becoming infected. and increased socializing over sponse, doctors suspect. and because only in around the human body. admittedtoEnglish hospitals LukeAllen, alocal doctor in the holidays. “That increases “Ifyou aregetting much 10% of all the cases in the U.K. Some doctors, such as Dr. with Covid-19 also began to Oxford, forinstance, said he thechances of their contact stronger binding youmay is the virus variant known, Strain, think that is behind the trend up,before anational lock- has been treating more youn- with us,” Dr. Allen said. need alowerinfectious dose may not be representative of rise in younger people and down wasimposed on Jan. 4. gerpatients but that he is see- Thedisease caused by the to become infected, which the population as a whole.

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WA or anight on thetown. THE R FO LF WO BI KO A resident at the Bayit Balev retirement home got a second vaccine, in Ashdod, Israel, on Monday. Israeli Mood Remains Wary, Even as More Receive Shots

BY FELICIA SCHWARTZ become the norm in society. still testing itsshot against AND DOV LIEBER The answer: not much dif- new variants. ferent to now. Public-health Early Israeli studies of the PETAHTIKVAH, Israel— restrictions remain in place virus areoffering hope.Mac- When residentsand staff at an and new variants of the virus cabi HealthcareServices’ re- assisted-livingfacility received are on the loose. search arm said it sawa60% their firstshotsofPfizer Inc.’s “The warisstill ahead of reduction in coronavirus infec- Covid-19 vaccine in December, us,” Chezi Levy, director-gen- tions two days afterthe second they threw aspontaneous eral of Israel’shealth ministry, dose wasadministered to its danceparty and shook their told Radio KanonMonday. “If patients aged over 60,aswell $ hips, while remaining six feet we don’t knowhow to behave as a60% drop in hospitaliza- 99 apart from one another. according to the regulations tions among people over 60 Now, all of the 110 elderly we’vemade,wewon’t beat two days afterthe second shot. Plus Free StandardShipping residentsand 45 staff mem- this sickness. Thevaccines It also found that of 128,600 bers at the Bayit Balev retire- alone won’t be enough.” people who received both Polished, twisted, diamond-cut tube hoop earrings ment home in acity east of In abouttwo weeks,Israel doses,just 20 people con- TelAviv have received both is expected to have given 2.5 tracted Covid-19 morethan one in 10k yellowgold. Approximately ¾” length shots of thevaccine,but the million of itsroughly nine mil- week afterthe second dose. with saddleback closures. mood is lessjubilant. As Israel lion people both their firstand Half of those people suffer from remains under lockdown, and second shots. Israeli officials chronic illnesses,they said. Enlarged to show detail. infections spread acrossthe arelooking intoafull reopen- Early datafromClalit, Is- country,areturn to normal ing of the economyifthey can rael’s largest health-care pro- still seems far off. control the newvariantsin vider,suggestsCovid-19 infec- “Wedon’t knowwhen it’s coming weeks. tion ratesbegan to decrease going to be over,” said 89- Israel imposed athirdlock- among a group of vaccine re- JTVItem: AU947 year-old Elaine Aber,who has down in December and on cipients two weeks after they To receivethisspecial offer,use code GOGOLD 23 grandchildren she hasn’t Sunday said it would shut its received the first shot. been able to hug in months. only international airport until Only now are people in Is- 866.244.1852 or visitjtv.com/craft “That’s the feeling now.” at least the end of January to rael beginning to explorewhat Israel’scitizens are at the halt the spread of newcorona- they might do with the stron- To findJTV in your area,visitjtv.com/tv. forefront of the world’smost virus variants in the country. gerimmunity brought about aggressive vaccination cam- Newcases in recent weeks by the vaccines. paign. With morethan 30% of hovered at about 9,000 a day Harriet Bark,76, said she re- itspopulation having received but have come down over the cently visited afriend’sapart- jtv.com •#JTVjewelrylove the firstdose of the vaccine past few days to around 7,000. ment at Bayit Balev and did Onecoupon code per customer;one coupon code per order. and 14%having had the second, Health officials suspect the somethingunthinkable just a Offer validthrough February24, 2021 at 11:59p ET. the country’sresidentsoffer an highly contagious U.K. variant few days before—she ripped off early glimpse of what life of Covid-19 sparked the recent her mask and placed it on the might be likeasvaccinations surge in cases.Pfizersays it is table.Her friend did the same. P2JW027000-0-A00800-1------XA

A8 | We dnesday, January 27, 2021 THE WALL STREET JOURNAL. FROM PAGE ONE

Online grocerybuying has Not wanting to wastethe boxof200 lemons in the early “I thoughtifyou canfind Shoppers gotten a huge boost from the fruit as it started to ripen, Mr. weeks of the pandemic.The low-fat ricotta at the grocery pandemic, and shoppers have Clark said he decided to make 38-year-old equity research storethen Icould makethat,” been buying largeramountsof acouple of loavesofbanana analyst in said she said Ms. Kirwan, who in Buy Too household staples, fresh pro- bread each evening and give didn’t realizeshe had added Omaha, Neb.“But because I duceand cooking ingredients, some of it away. an extrazerotothe number of didn’t have enough fat in the according to market research Early on, he said he tried lemons she wanted to stew mixture, mine turned out to be Much firms.Convenience-seeking adding extra bananas to each and makeasyrup from to help very dryand kind of .” andtech-savvymillennials loaf to use them up more ward off cold and flusymp- She now plans to buy full-fat used to be the main patrons of quickly,but found he ended up toms.She sought adviceonline milk andcream and givethe ContinuedfromPageOne online supermarkets, but now with aheavy dense bread and on what else she could do with recipe another go. sheordered anew tin at a awider rangeofpeople are decided to revert to the origi- them. “I salted them, Isugared When Kintija Puzāne had to popular online supermarket, skipping physical stores and nal recipe.Somewherearound them, Istewedthem and I be quarantined upon returning and wassurprised to receive loading up on items that can loaf five,Mr. Clark started ex- juiced them,” said Ms. Lu. to Riga, Latvia, in November, an eight-inch-tallcontainer be delivered to their doors. perimenting by adding left- Deb Kirwan, 79,has con- she began ordering groceries with 750 grams, around 1.7 Manyare novices or don’t over M&Ms and Reese’sPea- ton, Ky.“Youjust have to have verted to groceryshopping online. Shetried to purchase pounds,ofthe spice—10 times payclose attention to weights nut ButterCups from his a laugh.” online but says she has a ten- five carrots, but ended up with the amount she usually buys. and unit prices of what they are Christmas celebrations,and As part of an earlier order, dencytooverbuy because she five kilograms,oraround 11 Thetin in the picturelooked in buying.Stocking up has also even some apple slices. Ms.Haneberg, who is vegan, is worried about being short pounds, of them. the online imagetobesimilar been common; aDeloitte sur- “It’s my breakfast now,” he received six complimentary of things she needs. “Quarantine became carro- to what she had in her pantry. veylast summer found consum- said. “It’sreally grownonme.” bagsofpork rinds with her As milk cartons accumu- tine,” said the 30-year-old, “I go through anormal size erswerebuying morefood than Lisa Haneberg’slateston- online food purchases.She lated in her refrigerator before who joked at the time that everyone or two years. Why they had beforethe pandemic. line grocerysnafuincluded six tried to return them but the Christmas,Ms. Kirwan real- eating toomanycarrotswould does anormal supermarket RobertClark,a38-year-old bunches of broccoli, after she store declined, citing precau- ized that shehad agallon of turn her skin orange. She made even sell this size?” says Ms. who works in real estatein thoughtshe had ordered six tionarymeasures during the milk that would go bad if she alot of golden carrot soup and Galasko, achief operating offi- Boston, recently put in an or- “pieces” of the vegetables.The pandemic.“Icontacted people didn’t useitquickly.She de- added carrotstostews.Ms. cer at a textile company, who der he intended to be for five zucchinis that came with them who live nearby and I begged cided to trytomakericotta, Puzāne said she went through livesinLytham St.Annes in bananas from a local grocery were the size of teaspoons. them to take them,” she said. following a recipe she on them morequickly than she England. “I’m down about 100 store. He instead received a “I’venever seen zucchini so Nikkie Lu is still consuming television. It called forfull-fat expected and wasout of them grams but youcan’t even see a bag with five bunches,totaling small in my life,” said the 56- preserved lemons 10 months milk and cream, but what she in a week. “Immediately I difference.” around 30 green bananas. year-old novelist from Lexing- aftershe accidentally bought a had was 2% milk. bought morecarrots,” she said.

while performing,according to New Covid Ms.Hajinian. Those working nearest the stageunderwent testing three times aweek and Playbook wore N95 masks,she said, while cleaning and security crews, who didn’t interact with the Evolves stagecrews,worecloth masks anddidn’t undergo testing. Ms.Hajinian said she moni- ContinuedfromPageOne toredthe staff’s testing results rise acrossthe U.S. and Europe, and symptoms.“Anysymptom and potentially more-transmis- is not afailureofthis plan,” she sible variantsofthe virus said. Catching acase “and iso- spread around the globe.This lating it—that’swhat success phase of the pandemic is looks likefor us,” she said. prompting anew wave of stay- Therewerenocases,she said. at-home orders,closures and Scientists saymultilayered travel restrictions,important safety effortsare needed be- firststeps to curbing contagion. cause no single prevention Infection-prevention specialists method is 100% effective. sayknown strategies forstem- ming spread should continue to work against the newvariants, Rapid tests but that increased adherenceis One of the largest studies of even more important. asymptomatictransmission to Vaccines arerolling out, but dateshowedthat frequent test- HLICK

slowly,and access will be lim- SC ing wasessential in identifying ited mostly to high-priority infections among agroup of groups forsome time. ITLIN nearly 2,000 Marine recruitsre- KA “Wehavetostill deal with quired to socially distanceand CK;

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Early in the pandemic,testing FR people at large,we’recom- waslimited to people with pletely missing the vast major- symptoms,also partly due to WISE ity” of infections,said Michael shortages.That advicehas OCK Mina, an assistant professor of CL shifted, but ayear later,suffi- Top, a masked cashier at a worked behind a plexiglass barrier in in May. Above left, actor Nathaniel Fuller epidemiologyatthe Harvard cienttesting remains acritical performed in ‘A Christmas Carol’ in Minneapolis in November at the Guthrie Theater, which separated workers and employed frequent T.H. Chan School of Public issue. rapid testing. Above right, barriers were in place in a gym in Milan in October. Scientists warn aerosols can waft over the dividers. Health. “Wehavetochangehow Countries such as NewZea- we’redoing this.” land and othersinAsia adhered demic response focused on the thought in the early days of the such measures.This fall, the reopened. It is currently not of- While rapid teststend to be to acombination of basic miti- risk of transmission through pandemic. CDC said that masks also offer fering classes due to local regu- lesssensitivethan lab-based gation strategies from the largerespiratorydropletsthat Temperaturechecks have be- some personal protection by re- lations that mandated the clo- tests, Dr.Mina said the data start—particularly masking, typically travel afew feet and come lesspopular among some ducing awearer’s exposureto sureoffitnesscentersamid suggest they have high sensitiv- large-scale testing and lock- then fall to the ground. Busi- employers because scientists infected particles. rising Covid-19 cases. ity when people aremost likely downs that broketransmission nesses rushed to buy plexiglass nowknowthat not all Covid-19 “For Covid, those two fac- In aNovember statement fol- to be infectious. chains.They have tended to fare barriers, creating shortages. patientsget fevers.One large tors—asymptomatic spread and lowing the outbreak,Michelle In places without big surges, betterthan those that didn’t. Thebarrierscan be good at study published online in No- aerosolization—is what made August, founder of Spinco, said ahigh-tech approach is becom- In one of his firstmoves, preventing largervirus-contain- vember in the NewEngland mask-wearing so essential,” said that thecompanyhas “always ing increasingly useful: genetic President Biden signed execu- ing dropletsfromlanding on Journal of Medicine showed Megan Ranney,emergencyphy- put safety firstand [has] ex- epidemiology,ortracking tiny tive orderstorequiremasks be and infecting healthyindividu- only 13% of Covid-19 patientsre- sician and assistant dean at ceeded all recommended guide- changes in viral genomes to worn on federal property and at als. They mayoffer some pro- ported afever during thecourse BrownUniversity. lines from public health map out transmission chains.As airportsand other transporta- tection in shielding workers of their illness. Lessons canbegleaned from throughout” the pandemic.She the coronavirus replicates and tion hubs.The administration who have brief face-to-facein- Scientistsnow understand an outbreak at aCanadian spin said Spincohas also strength- moves from person to person, said it is focusing on increasing teractions with manypeople that brief encounterswith an in- studio last fall. Theoperatorsof ened and heightened its itsgenes changeslightly.Some- the availability of vaccines,and throughout the workday, such fected person canlead to the Spincostudio in , Covid-19 mitigation measures. times,those tinychanges are also stressed the importanceof as cashiersand receptionists, spread,according to an October Ontario,had manypublic-health Spinco’swebsitecurrently says unusual, and they canbepartic- widely available testing,which some occupational-health ex- case study—an advancefrom measures in place, including facemasks aremandated ularly useful in mapping trans- still lagsinlow-income and mi- pertssaid. earlier,when the rule of thumb limiting the number of bikes in throughout workoutsinthe mission events, according to nority communities. Yetinsettingslikeoffices, wastoavoid close contact for15 each classand screening staff company’sHamilton location. Justin O’Grady,aninfectious restaurantsorgyms,the role of consecutiveminutes or longer. andattendees with aquestion- It also says that Spincoisin- disease expert at the Quadram the barriersismurkier,because Thereport urgedpeople to con- stalling air purifiersinall of its Instituteinthe U.K. Two big insights activities liketalking loudly and sider not just time and proxim- studios that filter air in the By sifting through the differ- Thecurrent scientific play- breathing deeply createaerosols ity in defining close contact, but Thesafetymeasures rooms every17to21minutes. ences among morethan 1,000 book follows from two of the that canwaftonair currents also ventilation, crowding and a Airborne transmission experts viralgenomes,Dr. O’Grady and biggest research insightssince and getaround shields. person’slikelihood of generating arekey as infections, recommend that building man- hiscollaboratorsfound that a the start of the pandemic.First, Also,installing such barriers aerosols.Following the report, hospitalizations and agerspump in fresh air between particular viral variant was individuals who aren’t showing could affect airflow throughout the CDC changed itsdefinition three to six times an hour and moving through multiple nurs- symptoms cantransmit the vi- the space, environmental-health of close contact to atotal of 15 deaths rise. that they installfiltersthat are inghomes in the U.K. but not rus.Infectious-disease experts expertssaid. It is possible they minutes or moreovera24-hour proven to effectively trap and amongthe wider community. worrymost about this silent could limit proper ventilation, period. removeasubstantial number of Theunpublished datasuggested spread and sayitisthe reason making thingsworse,they said. Fresh air and effectivefilters virus-carrying particles. that transmission wasfacilitated the pandemic has been so hard “Thereseems to be an as- indoorsare important because naire. Rooms were sanitized To film astage playof“A by the movement of staff from to contain. While visibly sick sumption that particles arego- they canremovevirus particles within 30 minutes of acom- Christmas Carol” in November, one facility to another,Dr. people canpassonthe virus, ing to getstopped by the barri- beforethey have time to infect. pleted class, and towels were the Guthrie Theater in Minneap- O’Grady said. Theteam relayed datacited by the Centersfor ers, which is simply not true,” Masks offer asimilar benefit, laundered, according to astate- olis upgraded itsair filtersand the findingstogovernment au- Disease Control and Prevention said Lisa Brosseau,anindustrial by lowering the amount of par- ment provided by Elizabeth increased the rate at whichthe thoritiesand advised them to estimatethat 40% to 45% of hygienist and research consul- ticles that infected individuals Richardson, medical officer of ventilation system pumps in restrict staff moving among fa- thoseinfected never develop tant forthe University of Min- emit.Some scientistssay there health forthe city of Hamilton. outside air,said BrookeHajin- cilities during the pandemic. symptoms at all. With the new nesota’s Center forInfectious could be abenefit to doubling Masks were also required be- ian, theGuthrie’sgeneral man- “Sometimes genomic epide- viral variantsthat cantransmit DiseaseResearch and Policy. up on masks,asasecond layer fore and afterworkout classes, ager.Management staggeredar- miologyisable to find hidden more readily,the potential for Airborne particles ferrying the mayimproveboth filtration and Dr.Richardson said. rival times,and acompliance transmission linksthat tradi- silent spread is even higher,in- virus “really distributeall over fit, so long as the masks are In total, 54 people who at- officer made sureeveryone so- tional epidemiologywould fectious-disease expertssaid. the place.” worn correctly. tended workoutsoveraspan of cially distanced, wore their struggle to find,” Dr.O’Grady Secondly,researchersnow Theemphasis on intense sur- Astudy published in October several classes became infected. masksproperly and washed said. “Wecan’t stop transmis- knowthat tinyairborne parti- facecleaning has diminished as found that in countries where Another 31 cases were tied to their hands. sion, but when we find asuper- cles known as aerosols playa scientistshavecome to under- mask wearing wasthe norm or the outbreak afterspin-classat- Thetheater divided staff into spreader event…we canbring in role in the spread of Covid-19. stand that indirect transmission wheregovernmentsput in place tendees who contracted the vi- pods depending on howclose the right prevention methods to These canlinger in the air and through contaminated surfaces mask mandates,coronavirus rusthen passed it on. Thespin they must gettothe lone actor stop it from spreading further.” travel beyond 6feet. doesn’tplayascritical arole in mortality ratesgrewmuch more studio temporarily shut down on stage, who portrayed Charles —Betsy McKay contributed An early hallmark of the pan- the spread of Covid-19 as they slowly than in countries without following the outbreak and later Dickens and didn’t wear amask to this article. P2JW027000-0-A00900-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | A9

FAMILY nies to send them—or trusted &TECH loved ones—alerts of suspicious JULIE activity or charges that exceed a JARGON certain amount. Most banks allow customers to create custom alerts. You can also lower the credit cams targeting older limit on credit cards to re- adults take many forms, duce the risk of loss, or ranging from callers use only prepaid cards posing as grandchildren such as a True Link Visa. S in need of financial as- Some financial institutions sistance to emails di- recommend an app called Ever- recting people to fake bank web- Safe,which monitorsbank sites where cons collect login and investment accounts credentials. The techniques evolve acrossinstitutions and every year but the outcome is al- uses an algorithm that ways the same: Many seniors end analyzesanindividual’s up losing money. spending historytode- Theisolation manyolder adults tect changes in behav- areexperiencing during the pan- ior,such as latebill demic has exacerbated the prob- payments, changes in lem. Technologyhelps seniors interest ratesand stay connected with loved ones missed deposits. It during atime of limited social also monitorsreal- interactions but it also opens estateassetsfor newdoorstoscammers. Online title changes and puppy scams and romancescams lien filings. Thehard areonthe rise as bad actors part might be preparing seek to take advantageofpeo- yourself to allowathird ple’sloneliness, according party access to so much fi- to the National Adult nancial information—or ProtectiveServices persuading an aging par- Association. ent to do so.The subscrip- Scammers initiated tion-based servicesays it contact with older doesn’t storeaccount in- adults online more of- formation or enable money ten than they did by transfersthrough the app. phone for The app was created ever in the second quar- by Howard Tischler, a for- ter of 2020, according to an Octo- mer executive at financial-services ber report from the Federal Trade and background-check firms whose Commission. Phone scams, though, HowtoKeep Seniors mother lost her life savings to still resulted in the highest mone- scammers, and Elizabeth Loewy, tary losses. former head of the elder-abuse Older adults, defined by the unit in the Manhattan district at- FTC as those age 60 and over, Safe From Scammers torney’s office. Seniors can desig- were nearly six times as likely as nate trusted family members, ac- younger ones to report losing countants, lawyers and others also money on tech-support scams. In to receive alerts without giving all, older Americans reported Phone and online fraud targeting older adultsisthriving in the pandemic them access to account numbers fraud losses totaling $388 million or balances. through the third quarter of 2020, Ms. Loewy said it isn’t enough the latest data available from the In addition to adding a land on the mobile phones themselves: 920-666-1959 or call the AARP for seniors to monitor their credit FTC, up 23% from the same period line or mobile phone number to Apple devices running iOS 13 or fraud watch helpline at reports. “Most cases we saw in the a year earlier. the National Do Not Call Registry, later can silence unknown callers 877-908-3360. DA’s office did not start in a credit Thereare waystosafeguard people also can check with their as can Android devices running People also can request not to report and, in some cases, the fi- assetsand to prevent such scams phone company or mobile provider Android 6.0 and newer. There are receive certain kinds of U.S. mail, nancial abuse never showed up in from occurring in the firstplace. about call-blocking services. AT&T, also a number of third-party apps as well as unwanted commercial the credit report,” she said. “For Hereare some tips,based on in- T-Mobile and all offer fea- that block robocalls, available on email, through a service called example, if a dormant credit card terviews with several elder-care tures for blocking robocalls. Peo- the Apple and app stores. DMAchoice. You can opt out of re- is stolen and used, that won’t experts. ple also can block unwanted calls If you receive something that ceiving prescreened credit and in- show up in your credit report.” looks like junk mail in your inbox, surance offers by visiting http:// If your aging parents require it’s best to mark it as spam so www.optoutprescreen.com. in-home care and have cognitive Method by which people ages 60 Reportedfraud lossesfor people your email service’s spam filter Elder-care experts suggest that problems—especially if you don’t yearsandolder were initially ages 60 yearsand older recognizes it next time. people who receive in-home care live close enough to check in on contactedinafraud Even if an email looks legiti- switch to electronic bank state- them regularly—it’s a good idea to mate, it’s always best to check the ments or have their mail for- hire a care manager to oversee all Online Phone Email 1-3Q 4Q email address it came from before warded to a trusted loved one to aspects of their care. Care manag- 6,000 $500 million opening it or clicking on anything avoid having mail containing ac- ers are independent of the agency in the message. Emails sent from count information available for that provides the actual caregiving scammers usually contain various caregivers and others to see. While and act as a liaison between the numbers or symbols rather than technology has invited new scams, care recipient, family members the simple email address of a le- most fraud against seniors is still and anyone providing help. gitimate institution. The same perpetrated by caregivers and If you suspect that you or a goes for web addresses, which also family members, according to the loved one has been the victim of 3,000 250 can be spoofed. You can google the Justice Department. fraud, you can call the National El- name of the bank website where Seniors can safeguard their der Fraud hotline at 833-372-8311 you’ve supposedly been directed to money by setting up direct depos- and report it to the FTC by visit- ON see if it matches. its for income from Social Secu- ing the agency’s website or calling

BINS You can unsubscribe from mar- rity, pensions and dividends so 877-382-4357. RO keting emails. Cyber safety firm that physical checks aren’t sent to TIM NortonLifeLock shows how to do their home, where a caregiver or For more Family & Tech columns, BY 0 0 so on every major email service. others could get a hold of them. advice and answers to your most ION 2017 ’18 ’19 ’20 2018 ’19 2020*

AT When in doubt about an email, ask People should also keep an eye pressing family-related technology

TR *Through Q3 a trusted loved one, call the Senior on spending activity by asking questions, sign up for my weekly US Source:Federal Trade Commission

ILL Planet tech hotline at their bank and credit-card compa- newsletter.

Agrowing body of research shows lated to more control and motiva- of their guest room or cottage, chil- Stir-CrazyFamilies thathaving an eventtolook forward tion to deal with Covid,” says Chris- dren can attend virtual classes, with to is linked to general feelings of tian Waugh, a professor of a dedicated counselor to help them happinessand positivity. As part of psychology at Wake Forest who led to stay focused and offer screen ongoing research on theeffects of the study, which is currently under breaks and other activities. Beat the WinterBlues anticipation on emotion during the peer review for publication. In Pawlet, Vt., Marc Harrington quarantine period, researchersat Until long-distance travel is back recently sent invitations to a half- Wake Forest Universityasked 329 to normal, hotels are increasingly dozen neighboring families for a BY ANNE MARIE CHAKER ecutive of CivicScience, a Pittsburgh adult participantslastApril to fill out offering getaways for the locals. “midwinter bonfire party” on Feb. 6. consumer-research firm. The com- daily reports,rating on ascale from The Loews hotel in Chicago offers a “We’ve been cooped up for so long,” ired of being cooped up in an pany surveyed nearly 3,000 adults 0to6not only howpositively they “snowed inn” package, putting tent- says Mr. Harrington, a 51-year-old apartment and eager for a between Jan. 8 and Jan. 11, with felt,but also asking to rate on asep- and-campfire play sets in guest online-course designer. “But there is T 27% of the respondents saying they aratescale from 1to4whether and rooms with a weekday rate of also a really strong sense of a new fresh start to the new year, Karen Fine, a schoolteacher in Chi- felt the “post-holiday blues” more beginning,” he says. For months, he cago, is planning a family vaca- than last year. and his husband, Edward Guffey, a tion…to Chicago. Some families have taken matters landscape designer, have huddled in Next month, Ms. Fine, husband into their ownhands,making plans their 1840s farmhouse. Getting out Eric Fine and their children Asher, 8, forwintertime events and getaways and celebrating around a fire could Molly, 7, and Lucy, 4, will to bring back the joy. On help unify neighbors with a wide pack up the car and drive the listare celebratory range of backgrounds and views, 2 miles away to a hotel gatherings with friends, Mr. Harrington says. “I know there downtown, where they 27% neighborsand co-workers, are some divisive feelings among spent Christmas Eve in Percentage of as well as “some day” va- even friends and neighbors in this December. Plans include cations forwhen it’s safer community,” he says. “That’s one of adults surveyed swimming in the hotel to travel. Evenhotels are the goals of this, to just get people who felt the pool and watching movies ‘post-holiday retooling their offerings, together in a relaxed sort of way.” in their room. On Saturday blues’ more giving fidgetyfamilies spe- Even office parties are an antici- they’ll do some window than last year cial programs at weekday pated treat. In New York, dentist shopping on Michigan Ave- rates. Justhaving some- Robert Raimondi and his partner nue followed by an after- thing on the calendar to Marc Sclafani says they are plan- noon outing to a bowling alley. look forwardtocan perk up spirits. ning a post-vaccination party at “It will break up the monotony of In Eugene,Ore., membersofthe One Manhattan Dental. The prac- waking up everyday and it’s Ground- Cliffordfamily createdwhattheycall tice’s 20 employees, including den- hog Day,” says Ms.Fine,a40-year- a“family dream board.” The collage tists, assistants and hygienists, re- old Spanish teacher who spends illustrates activities theywould like ceived their first round of mostofher workdayalone in front to accomplish in 2021.Four-year-old vaccinations earlier this month, and of acomputer,leadingvirtual classes Tilden, who said he wants to seean the second dose will be adminis- to mostly ninth- and 10th-graders. By elephant, colored apictureofone Eric and Karen Fine recently took their children, left to right, Molly, Asher tered by mid-February. Five weeks going to ahotel, says Asher,the cou- with the help of his mom, Puja Clif- and Lucy, to a Chicago hotel, where they enjoyed a fake s'mores station. after that, Dr. Raimondi plans to ple’s third-grader,“youget abreak ford,who drew apictureofher par- throw an office party with cucum- from your house.” ents, whom she hopes to visit in ber-lime-lavender cocktails, sushi Right now, the pandemic--along Michigan. Tilden’s father,Andy Clif- howmuch theywereanticipating about $150 a night. “If your kids are and cupcakes. with social and political unrest— ford,cut-and-gluedrustic scenes to some kind of eventorgoal—whether home-schooling, they are taking “Wewill be able to unmask and have Americans going a little stir depict aweeklong camping trip. positive, negativeorneutral. Those that laptop with them anyway,” have an officeparty with Cham- crazy. And January can be hard “So far they all seem attainable,” respondents who reported anticipat- says Christian Hansen, the hotel’s pagne,” says Dr.Raimondi, who says even in normal times. “There is a says Ms. Clifford, a 36-year-old ing apositiveevent were assessedto managing director. On Lake Oconee the staff has been working with subconscious kind of depression we stay-at-home mom. have amoreoverall positiveoutlook. outside of , the Ritz-Carlton three layers of face coverings since FIN get coming off the high from the Anticipation is apowerful device “Positive anticipation of some offers a Ritz Kids Study Buddy Pro- June.“We have hired people thatwe REN

KA holidays,” says John Dick, chief ex- thatcan get us through tough times. kind of goal or future event was re- gram. While the parents work out don’t even knowwhattheylook like.” P2JW027000-0-A01000-1------NS

A10 | We dnesday, January 27, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. AStoryteller Finds HerVoiceatMarvel

BY CHRIS KORNELIS DISNEY+ S/

hen “WandaVi- UDIO sion” head writer ST

Jac Schaeffer and VEL

her team were MAR writing Marvel’s W GES; new series, they IMA worked out of a windowless office

at the studio’s headquarters. Writ- GETTY

ers weren’t permitted to bring ON/ drafts home. Manuscripts were

watermarked. Ms. Schaeffer had to HARRIS memorize a code for her “scary AZER

black hard drive.” She was afraid FR to dictate ideas into voice memos : for fear that they might find their LEFT OM

way on to the internet. FR “Marvel’s so locked up with the Elizabeth Olsen and Paul Bettany in ‘WandaVision,’ a new Marvel Studios series on Disney +. It was created for television by Jac Schaeffer, top left. secrecy, it terrifies me,” says Ms. Schaeffer, who received a “created for television” credit for the series colorful life reminiscent of “The dad told me about directing. He the walking into a room and con- I think that there’s a lot of un- and is an executive producer. Brady Bunch.” said: “You know, you’d be good at vincing people that I could do it, derestimating by, sort of, more Ms. Schaeffer—whose screen- that.” Really quickly a whole world that was much harder. And then I critical voices. I feel like people writing credits include “The Hus- opened up to me, the idea that you really rode the wave of #TimesUp who love comic book movies, ‘The sprawling tle,” a gender-reversed remake of could be in charge of all the deci- into the Marvel offices. there’s a purity to that love. Young “Dirty Rotten Scoundrels”—wasn’t sions that go into a movie. I didn’t people love them. And, especially a mythology of theMarvel obsessed by comics and superhe- know anything about showrunning How did that happen? movie like “Black Panther,” you Cinematic Universe is roes as a girl. But when doors in or running a writer’s room. And it Iwas on the set of “The Hustle” cannot argue the importance of Hollywood started opening wider wasn’t until “WandaVision” that I when the Harvey Weinstein story that film and the positive impact theultimateplayground.’ for women, she found a place at discovered that for me, that’s actu- broke. Quitequickly afterthat Iwas that it’s had. Marvel. ally the greatest job. invited to pitch on “Black Widow.” “I came to learn pretty quickly In that moment, Ifound my confi- What does writing on a Marvel ti- that the sprawling mythology of Women haven’t always had big dencetospeak up about the charac- tle let you do as a storyteller that Ms. Schaeffer’s “WandaVision,” [the Marvel Cinematic Universe] is opportunities on superhero fran- ters and my viewonthe story. It you couldn’t before? which premiered this month, is the the ultimate playground for story- chises. Did you ever wonder if a wasjust such an exciting time.It These stories are so sweeping first original Marvel Studios series telling,” she says. woman could run a superhero wasareckoning.And Ifeel likethe and so enormous in scale, there’s for Disney+. It plops Wanda Maxi- Ms.Schaeffer spokewith the tentpole like ‘WandaVision’? door can’t be closed now. All of nowhere else that you can get that moff (Elizabeth Olsen) and Vision Journal about doorsthat canno When I was very young, the these women and people of color big in terms of the sky’s the limit. (Paul Bettany), two characters longer be closed and howwriting messaging to me was I could do and marginalized people aregetting It’s whatever your brain can come from the multibillion-dollar forthe coming “Black Widow” film whatever I wanted. It wasn’t until to tell their stories.There’sstill so up with. So, that’s incredibly excit- “Avengers” franchise, into the changed her career.Edited excerpts: I was actually in the industry that much work to do.But Ibelieveit’s ing and intoxicating. At the same golden age of television. In the doors were closed. I had difficulty been several really great yearsof time, it’s not good unless the char- first three episodes, the couple has As a child, did you envision your- in the industry early on in my ca- perspective. acters feel real and there’s to gone from being perceived by self running a windowless writers’ reer. There was resistance to what it. So, there’s the fine-tuning work neighbors and colleagues as suspi- room under heavy security when I thought I could do and what I When people grouse about cine- of understanding the interior life ciously childless during the black- you grew up? wanted to do. There was also a lot mas showing mostly reboots and of these people with these enor- and-white, Dick Van Dyke era, to I loved acting when I was very of self-doubt. I knew the doing of comic book movies, does that mous exteriors. The gift, as a becoming parents of twins living a little. And when I was about 12 my the job was never in question. But bother you? writer, is to be able to have both.

Restoration. He does museum- with pistons as big as coffee cans. quality firetruck restorations. I The engine has huge torque, but I MY RIDE | A.J. BAIME dealt with him on another , think the truck only gets about 4 and one day he called me and said, miles per gallon. “I got this truck you should have.” There are a lot of records per- This Vintage Firetruck Is Still He specializes in Ahrens-Fox taining to Ahrens-Fox trucks so I trucks, and for some reason he did was able to ascertain that this one not want to tackle this project. was originally purchased by the Going Strong at 93 YearsOld The truck was missing a lot of fire department in Bloomington, parts and it wasn’t running. I Ill. I think they had it there for bought it, poked at it for a while, some 30 years. I was able to get in and when we moved to Florida, I touch with the historian at that had it shipped here so I could con- fire department, and he was very tinue working on it. happy to hear from me. I keep him Over the years, some 30 differ- up-to-date on the truck with pic- ent people helped me restorethis tures every now and then.

(2) truck.Itisnot terribly expensive Ihavedriven the truck in pa- entertainment because Idid most of rades,and it wonthe Best In Show the work myself,and Ican eventu- award at theFlorida Antique Bucket JOURNAL ally sell it. Today, it runs beautifully Brigade firetruck showtwice. Ibet

REET and it pumps water. It is an amaz- it savedalot of lives in itsday,and ST

LL ing machine.Thereare really two it is still going strong.

WA kinds of old firetrucks,

THE the kind that carryalot R of waterbecause they FO were intended forrural areas wheretherewere HANSEN no hydrants, and trucks SY used in cities and towns BET that could connect to hydrants. This one is a BOB MCMAHON, a retired Univer- That’s when I got into old Ohio. A newer iteration of this city truck.Ithas afour- sity of Southern Maine economics firetrucks. I have always loved me- company, HME Ahrens-Fox, still piston pump cast out of professor living in the Villages, chanical things. At one time, I exists, headquartered in Wyoming, bronze—a beautiful Fla., on his 1928 Ahrens-Fox N-S-4 owned a 65-foot steam tugboat. I Mich.] Today the old ones are true casting—and it wasbuilt firetruck, as told to A.J. Baime. collected old sawmill machinery classics, and the most collectible to pump athousand gal- for a while, and my wife and I of American firetrucks. lons aminute. hen my wife, Linda, and I once had five firetrucks. The 1928 I got this one in 2004. What Ahrens-Fox also retired some years ago, we Ahrens-Fox is the last of those, happened was, there is this fellow built their own engines. W This one has a 998 cu- Bob McMahon and his wife, Linda, sit in his joined the volunteer fire and the best. [Ahrens-Fox named Andy Swift in Maine, who department in Pownal, Maine. firetrucks were built in Cincinnati, owns a company called Firefly bic inch six-cylinder, restored 1928 Ahrens-Fox N-S-4 firetruck. P2JW027000-0-A01100-1------XA

THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | A11 ARTS IN REVIEW

s immigration stories TELEVISION REVIEW | JOHN ANDERSON can assume the otherworldly look, go, “Resident Alien” and charms, of a creature cut isn’t exactly an argu- loose from his reality. I have an in- ment for open borders. delible memory of him in the orig- AHarry Vanderspeigle Doctor Without Borders inal “Death at a ,” as the fi- has, after all, arrived in ancé who is inadvertently given a snowy Patience, Colo., with the ex- hallucinogenic and ends up naked press purpose of wiping out all of on a roof. He is required, similarly, humankind. His orders from home in “Resident Alien” to play much instruct him to instigate a “full ex- of Harry’s character straight-faced, tinction event.” He’s not really in- though Mr. Tudyk’s face is never terested in assimilation. quite straight and he occasionally On the other hand, he’s not ac- gets to be hilarious, such as when tually Harry Vanderspeigle: The the infinitely patient-in-Patience real Dr. Harry (Alan Tudyk), an nurse Asta Twelvetrees (Sara only occasional visitor to Patience, Tomko) and the bartender D’arcy becomes an early casualty of inter- ( Wetterlund) introduce him galactic hostilities when he’s to alcohol. “I’ll say one thing about pitched out the window of his va- whiskey,” he tells himself a little cation cabin and into the lake by later. “It’s allowing me to make an alien attacker who assumes the smart, rational decisions,” at ice will keep the late doctor fresh, which point he breaks into the and hidden, at least until spring. kid’s house and tries to kill him. That accomplished, our alien, who “There’s an alien under my bed,” has crash-landed and lost his “de- young Max tells his mom and dad vice” (the bomb that will obliter- (Meredith Garretson, Levi Fiehler), ate Earth), assumes Harry’s shape, who smile indulgently, pooh-pooh learns human language from the very idea and take him to watching on “Law & sleep with them. Close calls are a Order,” and before anything else regular part of life in Harry’s can happen is enlisted into public small-town America. service in a town offbeat enough Whiskey must affect humans to assume its strange new physi- very differently than his species, cian-psychiatrist is simply, as they Harry muses the next morning say, out there. from beneath a Jupiter-size hang- Based on the Dark Horse comics over, because if it made them feel series co-created by Peter Hogan like this they’d never drink it. and Steve Parkhouse, “Resident “Resident Alien” isn’t always Alien” carries echoes of many en- laugh-out-loud funny—there’s a tertainments past, notably the old murder case at the center of it, af- Peter Sellers movie “Being There,” ter all—but it’s got a good sense of in which the utterances of an idiot how much nonsense people will were presumed to be profound, listen to before they start blaming and the erstwhile CBS TV series the person they’re talking to. And “Northern Exposure,” whose fish- how much nonsense they’re willing out-of-water story also took place to serve up—Harry makes friends in a remote locale that needed a because he’s such a good listener, doctor and was eccentric enough and he’s a good listener because to accept more eccentricity. Harry he basically has no idea what any- (Mr. Tudyk, naturally) is not just one’s talking about. Among its vir- an oddball: Missions are subject to tues, “Resident Alien” has a gener- change, but his initial intent is to ous perspective on how much keep his identity secret, kill the the surface. ent Sheriff Mike Thompson (Corey Among all the secret weapons tolerance we humans generally one little boy (Judah Prehn) who The snag: The town’s regular Reynolds) into performing the au- inhabiting “Resident Alien” the have, even for a creature as spacey can see the homicidal alien below resident doctor has suddenly topsy. Which gets him far more in- principal one is Mr. Tudyk, who of- as Harry Vanderspeigle. Harry’s human disguise, find his turned up mysteriously dead. volved in local events—and the lo- ten provides voices for animated device, blow up Earth, and do it all Harry, who in this case is not the cal people—than is wise for a series (“American Dad!” “ Resident Alien before the real Dr. Harry bobs to killer, is dragooned by the belliger- genocidal extraterrestrial. Chicken,” “Rick and Morty”) but Begins Wednesday, 10 p.m., Syfy (3) FY SY Alan Tudyk as Harry Vanderspeigle, above left; Corey Reynolds as Sheriff Mike Thompson, above right; Judah Prehn as Max Hawthorne and Harry’s alien form, top

OPERAREVIEW BY HEIDI WALESON adelphia Channel. The film makes violent videogames—and then se- this 2006 monodrama even more gues intothe real thing,blasting DIRECTED especially for powerful than it was as staged Metallica“to keep me entertained” AMusical Treatment film have been an intriguing artis- theater. It is an immersive experi- while driving atank.Sometimes it’s tic byproduct of the Covid-19 pan- ence that takes the audience on a now; sometimes it’sthen; likethe demic, opening new interpretive terrifying dive into the mind of a soldier,we’renever entirely sure. avenues. A case in point is the veteran with post-traumatic stress Thetrailer’s windowbecomes the Of War’sWounds movie of David T. Little’s “Soldier disorder. tank window; burning toast creates Songs,” created for the Phil- As directed and performed by acloud of smokethat becomes a baritone Johnathan McCullough, bomb explosion, as Mr.McCullough with a screenplay by James Darrah tumbles out the door in battle gear and Mr. McCullough, the veteran and cries “Somebody yell cut! This Johnathan lives in an Airstream trailer ma- movie is out of control.” McCullough in rooned in an otherwise empty Even quieter moments, likethe David T. Little’s field. His home is an encampment, song about the death-notification ‘Soldier Songs’ and all the details—the “Don’t visit by two Marines,sustain the Tread on Me” flag outside; the undercurrent of dread. In an ex- bleak, claustrophobic interior with tended sequenceabout howsol- a constantly operating coffee dierscall incoming ordnance“steel maker and a handgun on the ta- rain,” the recorded spoken voices ble—scream isolation and tension. areintelligible at first, then pile on Mr. Little based the libretto of topofeach other and dissolveinto “Soldier Songs” on interviews with the noise in the veteran’shead as friends and family members who he crawls,again and again, served in conflicts from World through the field, fleeing invisible War II to Afghanistan. Their re- enemies.And that Chekhovian gun corded spoken accounts serve as in the early scene? It reappears, an essential element in its musical but it’sanopen question as to , along with the baritone whether it gets used. At the center solo part and a small, percussion- of the film, Mr.McCullough proves driven instrumental ensemble.In giftedasboth actor and singer,his the film, the camera’s multiple dead-eyed expression achilling perspectives add still more layers contrast to the anguish in his voice of meaning and sensation, and ac- and the endlesstorment caused by centuate the violent, repetitive the experienceofwar that the au- quality of the score. dience, thanks to his directorial Thetight dramatic arcstarts skills,can feel too. Corrado Rovaris with ashot of the open field led the incisiveseven-memberin- (there’sadistant booming sound strumental ensemble. PHILADELPHIA

A that could be gunfire) beforethe

PER camerazeroes in on the trailer and Ms. Waleson writes on opera for /O itsoccupant. We see what’shap- the Journal and is the author of CIER pening inside the veteran’shead as “Mad Scenes and Exit Arias: The

MER he relives his experiences.Heplays Death of the at war—as achild with toysoldiers and the Future of Opera in

DOMINIC and as an adolescent obsessed with America” (Metropolitan). P2JW027000-0-A01200-1------XA

A12 | We dnesday, January 27, 2021 THE WALL STREET JOURNAL. SPORTS Another Labor FightIsBrewing in Baseball

Major League Baseball owners want to delay opening day, while the players union prepares for a full season

BY JARED DIAMOND with the expectation that it will take place in October. ith coronavirus in- So far, no formal proposal has fections dipping been made about delaying - nationwide, one son by a month. made Wmight think Major a broader proposal in December League Baseball’s that, among other things, involved owners would feel a bit more opti- the union accepting an expanded mistic about spring training start- playoff format in exchange for us- ing in a few weeks. Instead, they ing the designated hitter in the want to delay or even shorten the National League, two rules that upcoming season, hoping that were part of last year’s health and widespread vaccine distribution safety protocols. It went nowhere. would create safer conditions for Without an accord with the players and allow fans to buy tick- union, MLB’sonly realistic to ets to attend again. delaythe season runs through fed- The Players Association, how- eral and local officials.Mayorsand ever, argues that MLB has no legal other leadersofthe communities in grounds to deviate from the 2021 Arizona that host spring training, schedule that has been set since as well as the Cactus League execu- July without its consent and ex- tivedirector,wrote Manfred alet- pects to push ahead with a full tersaying they believeitwould be slate. The union has indicated that wise to delayspring training. it has no intention of accepting a That alone isn’t enough for the deal that results in players receiv- league to take action. Manfred has ing anything less than 100% pay, the ability to suspend the CBA after they received 37% of their “during any national emergency salaries during last year’s 60-game during which Major League Base- campaign in empty stadiums. ball is not played,” which applies The brewing conflict raises the only to situations that literally prospect of Round 2 of a bitter The World Series was prevent baseball from operating. pandemic dispute from last spring, played in Arlington, Currently in Arizona, the NBA’s which threatened to derail the en- Texas, in 2020. Suns and NHL’s Coyotes are play- tire season and further damaged ing games, and the state is plan- the industry’s contentious labor ning to proceed with high-school relations. This time, the stakes are experts, and the Players Associa- It also would stop hundreds of later than the middle of November, winter sports. Meanwhile, Florida even higher: The current collective tion” about whether any schedule baseball players from descending even if it is held at a neutral site is hosting the upcoming Super bargaining agreement expires on modifications should be made. The on Arizona, the state with the with warm weather. (MLB staged Bowl with about 22,000 fans in Dec. 1, with the reality of a work MLBPA said, “While we, of course, most severe Covid-19 outbreak at the final three rounds of last attendance. stoppage in 2022 becoming in- share the goals of a safe spring this time, in a few weeks. The year’s postseason entirely in Texas The reason the owners want to creasingly realistic as trust be- training and regular season, MLB MLBPA would consider such an and California.) alter the schedule is obvious: It tween the two sides deteriorates has repeatedly assured us that it idea, one of the people familiar Even if the two sides agree, the could net them hundreds of mil- beyond its already-fractured state. has instructed its teams to be pre- with the situation said, as long as solution comes loaded with obsta- lions of dollars if they wait until Internally, MLB recognizes that pared for an on-time start.” the schedule ensures full pay. cles. Cramming lots of games into more fans can safely attend. Man- it has little recourse to unilaterally One potential compromise, peo- To do that, MLB would almost a small window leaves little room fred has said that MLB sustained impose a schedule of fewer than ple familiar with the matter said, certainly have to schedule frequent to remedy virus-induced disrup- $3 billion in operating losses last 162 games. That’s why commis- would be to push the April 1 open- double-headers—perhaps of the tions, which seem inevitable even year while staging a 60-game reg- sioner Rob Manfred has instructed ing day back by a month, while seven-inning variety that were in- after the Covid-19 vaccine becomes ular season without spectators in teams to plan for camps across Ar- still committing to the 162-game troduced on the fly last season—in available to players. Holding the attendance. In a September inter- izona and Florida to open on time. season required in the CBA. That order to keep the playoffs from ex- playoffs in November could cause view with The Wall Street Journal, In a statement, MLB said it would satisfy the union’s refusal to tending to as late as Thanksgiving. problems with baseball’s media he described the prospect of a full would “continue to consult with take pay cuts while buying time In this scenario, the league would partners, which pay billions of dol- campaign in empty stadiums “eco- public health authorities, medical for more people to be vaccinated. want the World Series to end no lars to broadcast the postseason nomically devastating.”

take placeJune the TokyoGames,scheduled to be- Theswimming trials have been Swim Trials 13-20.The top50or gin just amonth later on July 23. held in Omaha, since2008,four so finishersinthat International Olympic Committee yearsafter Michael Phelps’sbreak- meet, including leadersand Tokyoofficials insist out performanceatthe Athens Will Be Cut swimmerswho qual- the Games arestill on track.But if Olympics,and have become apop- ifyinmultiple amuch smaller event, contained ular spectacle set off by indoor py- events, will represent entirely in one country, has to rotechnics and light shows.In2016 Team USAinTokyo. makesignificant adjustments, it they drew sellout crowdsofnearly GES In Half IMA “Wefigured out raises questions about the much 200,000 spectatorsovereight days,

this wasthe best op- greater difficulty of staging an with the finals broadcast on NBC. GETTY

BY RACHEL BACHMAN tion, and that it still event with morethan 11,000 ath- Thetrials areanimportant mon- N/ allowedall athletes letes from 200 countries. eymaker,the only event operated TO WITH THE FATEOFNEXT sum- to have acrack at the Thenew swimming trials plan by USASwimming that turns a mer’s TokyoOlympics stillteeter- Olympic trials,which, assumes that Covid-19 vaccines profit, says the national governing PENNING M

ing,USA Swimming is cutting its formanyathletes is won’t be widely available,even body’s president and CEO,Tim TO blockbuster Olympic trials in half, Katie Ledecky during the 2016 U.S. Olympic trials. the pinnacle of their morethan four months from now, Hinchey. GES; an attempt to makethe event safer careers,” said Mike to athletes, coaches,volunteersand USASwimming says it can IMA and moremanageable forthe pan- June. Unger, USASwimming Chief Oper- spectators, and that continued roughly break even on the trials

demic era. Wave Iwill be akind of wild- ating Officer.“But it also then al- physical distancing will be neces- with 60% attendancefor the Wave GETTY Trials organizers, in an effort to card meet for550-650 lower- lowedustopick the best Olympic saryatwhat is usually acrowded II main event, or about 7,700spec-

spaceout the athletes at CHI seeded swimmersonJune 4-7. The team.” event forparticipantsand specta- tators.Adding the Wave Imeet TINEZ/

Health Center Arena in Omaha, toptwo finishersineach event will Theoverhaul of the event is a tors alike. gives organizersanother event’s MAR Neb., no longer will host morethan advancetothe Wave II meet and disappointment forhundreds of AUSA Swimming planning docu- worth of ticket inventorytosell, 1,700swimmersatone giant eight- competeagainst swimmersalready lower-ranked swimmerswho rel- ment says it’s“extremely likely” Hinchey says.Atthe moment, state NALD RO

dayevent, as happened in 2016.In- qualified by their faster ished the chancetocompete that anegativeCovid test will be and local officials areallowing 75% P: stead, they’ll stagetwo separate times.WaveII, the main event, will against U.S. stars. required forevery athlete and at- capacity foreventsatCHI Health TO OM

meetsatthe same Omaha arena in include about 750swimmersand It is also an ominous sign for tendee to enter the venue. Center Arena. FR

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THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | A13 OPINION Biden’s Age of Climate Decadence BOOKSHELF | By Jonathan Rose

With Sen. here. It had little discernible heading in the right direction making industry.” He finds TheLeftand the Daniel Pat- impact on the Vietnam War thanks to chips small and himselfnow in accord with rick Moyni- but it did have an impact on powerful enough to enable the latest film by Michael han’sfamous Mr. Kerry’s career. portable computing to take Moore, theleft-wing film- quip in 1980, Suppose youactually cared off. maker. Working Class it mattered about climatechange. You Followupthe 2015 petition Mr.Trump dumped the BUSINESS whether he would not throw episodic sub- from nuclear-medicine experts Paris climatedeal that impor- WORLD said Republi- sidies at things that can sur- to updatewith newscience tant greens already consid- Despised cans had be- vive only as long as youare our understanding of the ered “worthlesswords.” He By Holman W. come “the” subsidizing them. You would health risks of lowlevelsof promised to getgovernment’s By Paul Embery Jenkins, Jr. or “a” party trytoset in motion long-term ionizing radiation, which ev- foot off the coal industry but (Polity, 218 pages, $22.95) of ideas. trends that have the advan- eryliving thing is bathed in. he also promised the same for “The” might imply that the tage of being in accordance natural gas, which continues eorge BernardShaw, though aFabian socialist, brushed mantle of ideas regularly with existing trends. to displacecoal and actually Gaside anyone who called him a“friend of the working shifts between parties,but Mr.Obama, instead of the He would literallydo shrink U.S. emissions. classes.” He scoffed that he “had no other feeling forthe historyofferslittle support climate speech he gavein Unfortunately Americais working classes than an intense desiretoabolish them and for this view. Long periods of 2013,would have sought to everything differently absurdly supplied with citi- replacethem by sensible people.” Acenturyago Britain’sLabour mental stagnation seem to de- begin bargaining between if he reallycared about zens whose professed passion Party brought together the Fabians (who supplied the policy fine both parties.Noideas are Democratsand Republicans forclimatescienceisnot wonks) and the trade unions (who supplied the voters). The present in the climatespasms over howboth could realize our carbon risks. matched by a desire to know party had been founded to giveworking people avoiceinpolitics, of the Biden administration, their taxpolicygoals with a anything about it. Thepress is but gradually control passed to the university-educated, who just a doubled helping of pa- . Acarbon tax worsebut heretechnology were internationalist, technocratic and supremely confident that tronagehandoutstoestab- would spread a low-carbon in- Theoverwhelming costsim- will playapositiverole thanks they could plan the future. lished interest groups. centive through everytransac- posed on the nuclear power to the relentlessnesswith Then came two awfulshocks.Inthe 2016 Brexit referendum, Ideasbriefly flourished in tion in the economy, not just industry have less to do with which it replaces humans who the Remainerswon the affluent vote,but the working classes car- the early ,when the de- the handful that government accident avoidance than with canonly sayand do repetitive ried the Leaverstovictory. And in the 2019 parliamentaryelection, batewas between acarbon gets permission from voters containment of trivial things. the Tories swept depressed factorytowns that had heretofore taxand an inferior carbon tax, to subsidizedirectly (e.g., amountsofradiation, which Manytrueclimateworriers been safefor Labour.“Youcan’t trust the people,” snorted novelist known as capand trade, electric cars). coal plants are perversely al- have begun to register that, Howard Jacobson. That’swhat happens when the rabble are which dismayedexpertsbut Youwould implement such lowed to emit. Rethinking our when ascientific problem be- “given this newconfidenceintheir ownopinions.” pleased corporatelobbyistsby a tax in a pro-growth way to safety standards in light of to- comes areligion, it doesn’t Paul Emberymight be called bestowing an advantageon makethe example attractive day’sbetterevidencewould help. Advocates are satisfied a populist in America, but a existing emitters.Cap and to other countries whose mean,asone study putsit, to exhibit their virtue rather more accurate label is “left trade almost passed. emissions (86% of the total “expansion of nuclear electric- than do thehardwork,and conservative.” Afirefighter,union Then was and growing) will actually de- ity generation could be facili- hardthinking,toensureprac- official and lifelong Labour elected. Al Goredebouched termine the climateoutcome. tated” to fight climatechange. tical, noncorrupt results. activist, he writes forthe reso- himself of anew edict. An al- Youwould use the proceeds to If your climateconcerns On some level, the public lutely unorthodoxwebpaper Un- leged climatecrisis no longer cut taxesonwork and invest- areacircus of pretense for relies on the media and politi- Herd. And in “Despised: Whythe required anyunpopular en- ment because,asthe U.N.’s In- conformity purposes,you calelites to think seriously Modern Left Loathes theWorking ergy taxesatall. By some pro- tergovernmental Panel on Cli- won’t care about any of this. about matters that it doesn’t Class,” he suggeststhat Bernard cess not explained, the emer- mateChangedocuments, But some on the lefthave payfor the averagevoter to Shaw’senormous condescension is gencyhad become apolitical socioeconomic and technolog- started to rebel against the think seriously about. Often nowthe dominant ideologyofthe free lunch, requiring con- ical progressare the critical anticarbon cause’scaptureby the public is let down. Climate progressiveintelligentsia, which gresspersons only to do what factors steering the world pork interests. effectsand related issues of embraces everysubcategoryof they likedoing anyway,dish- away from the worst-case Donald Trump,with his cost and benefit are one such identity politics except class ingout subsidies to favored emissions path known as RCP usual noisy ambiguity,actu- case.Until this changes,the identity.The endlesssquabbling constituents. 8.5. ally seemed to be referring to biggest lie will be the lie that among fractious identity groups Theyouthful activism of What else would a“party the climatelobby,not climate the Biden administration is “serves only to fragment the working classand undermine what John Kerry, Mr.Biden’snew of ideas” do? Focus dollarson science, when he used the doing anything about the should be the primarygoal of developing common bonds and climateczar, is your model basic battery research, already term “hoax”—“it’samoney- problem of climate change. building the maximum unity required to defend itsinterests.” Somehow, “inclusivity” doesn’t include the workers. Mr.Emberyproteststhat the British tradition of vigorous de- bate—deeply rooted in union halls and worker-education classes Does Biden Want a Bill or an Issue? as well as in Parliament—has given way to “echo chambers, ‘safe spaces’ and draconian hatelegislation, all of which servethe pur- Yearsago I that the filibuster will remain about ambitious bills drafted viable path to passage. pose of suppressing unwelcome opinions and enforcing an official heardastory intact, the Senatecan make at 1600 Pennsylvania Avenue, Mr.Biden could pursue a orthodoxy.” Arguably the stifling began when Tony Blair told the about an aide committeeassignmentsand and this could stall otherwise strategythat has been ignored Labour Party that globalization wasnot open to discussion: “You presenting getorganized forthe next two attainable achievements. And for many years by presidents might as well debatewhether autumn should followsummer.” Lyndon B. years, and the legislativepro- with the looming Senate trial of both parties: Test the wa- But globalization meant the of close-knit blue- Johnson with cess canbegin. Much depends of former President Trump, ters with congressional lead- collar communities,and that pains Mr.Emberyprofoundly. POLITICS an aggres- on howthe administration which mayconsume weeks, ersofboth parties and then He grew up in the vast East London Becontree Estate. When it & IDEAS sively liberal chooses to use this opportu- the administration cannot af- work with bipartisan groups opened in the 1920s,this wasamodel public-housing project, draftofabill nity.Itproposes an additional ford to wastetime pushing for in the House and Senatetode- miraculously offering indoor toilets, running water, front and By William he wanted the $1.9trillion in additional pan- items that it has no reason- termine the limits of the pos- back gardens and public libraries.Strict regulations ensured that A. Galston president to demic relief,apackagethat able prospect of enacting—un- sible.Onimmigration, this ap- curtains were kept clean and hedges were neatlytrimmed, but send to Con- has no chanceofpassing in its lessitcares moreabout the proach could yield quick residentsaccepted these rules because they were enforced gress. Johnson read it, looked current form. In ameeting on issues than the bills. agreement on abill to protect by ademocratic local government and because they reflected up and asked: “Do youwant a Sunday,potentially coopera- from deportation young adult the thoroughly bourgeois values of the British working bill or an issue?” tiveRepublicans and moderate “Dreamers” brought to the classes.Mr. Embery, born in 1974, still knows the names of all Forpractical politicians, Democratstold National Eco- He’ll accomplishmore countryaschildren, guarantee his old neighbors: “People looked out foreach other,and there this is always the right ques- nomicCouncil director Brian their legal status,and define a wasatangible social solidarity.” tion, and it is an essential one Deese that the proposal is too if he makes arealistic path to citizenship. True,nearly everyone in Becontree waswhite. And had the forPresident Biden. Thought- large,poorly targeted, and to-do listrather than Although investment in in- 21st centurybrought no changeother than ethnic mixing,the fulprogressives understand contains measures—such as a frastructure has long enjoyed locals would have adjusted. (Whether the measureisaccepting that with Democrats’ narrow $15federal — an ambitious wishlist. broad support, disagreements aforeign neighbor,racial intermarriageorelecting nonwhites to margins in the House and Sen- that areatbest loosely related about howtofund it have pre- the European Parliament, tolerant Britain compares favorably ate, much of their agenda to the current crisis. cluded legislation.Theadmin- with other countries.) But because of globalization, all that was can’t be enacted in the next Theparticipantsinthis President Biden should istration should test the polit- solid melted intoair.The nearby Dagenham Ford plant had two years. Nonetheless, they meeting areanexpanded ver- draw lessons from the second ical viability of innovative 40,000 employees in 1953; nowthereare just 2,000.Because the believethe president should sion of the bipartisan groups year of the Obama adminis- financing mechanisms,such as stand firm and draw con- in the House and Senate that tration,aperiod Mr.Biden long-term bonds with provi- trasts. Thegoal is to expand broke the previous logjam on no doubt rememberswell. sions to payoff aportion of ABritishfirefighter seekstorevivean‘early the majorities in 2022—and Covid relief.Their compro- Much of 2010 wassquan- the debt each year.Ifthis Labour tradition that spoketothe patriotic and then pass the agenda. mise packagebecame the tem- deredinafailed effort to doesn’twork,focus on the Likeall strategies,this one platefor the legislation that passcap-and-trade climate goal of universal broadband communitarian instincts’ofblue-collar families. restsonabet about the fu- passed in lateDecember.Ifthe legislation.The opportunity access, a priority that can be turethat maynot pan out. I WhiteHouse wantstoget cost washuge, and the Re- funded with the proceeds don’t see evidenceofalatent somethingdone quickly,it publican performanceinthe from the recent spectrum auc- EU erased border controls,the area became overcrowded with progressivesupermajority, should ask these lawmakersto midterms foreclosed anyfur- tion. In asimilar vein, the ad- Eastern European immigrantswho placed aterrific strain on andIdoubt that Mr.Biden develop consensus recommen- ther movement of the admin- ministration could push for schools,day care,housing,the policeand health services.The andhis team do,either.A dations within aweek as the istration’sagenda. prescription-drug pricing re- locals blamed not the migrants, but the politicians who had no president who did would have basisfor continued discus- Comprehensiveimmigra- forms while building congres- plans fordealing with these shocks.Yet those who protested runaverydifferent campaign. sions with Mr.Deese and tion reform threatens to be- sional support foradding a were “writtenoff as racist and bigoted by apolitical and cultural So what canbedone to con- other senior administration come the cap-and-trade of the public option to the Afford- elitewho knewnothing of their lives and showedlittle willing- vinceskeptical Americans officials. Biden administration. Al- able Care Act. nesstolearn.” that the federal government TheWhiteHouse would be though the president’spro- As Ihavesaid before, early Traditionally,Becontree residentsvoted Labour.But in the canbreak through the parti- well-advised to viewthe re- posal has broad appeal within victories arelikeyeast. Suc- 2006 local council elections the British National Party,anultra- san stalematetomaketheir sponse to itsinitial Covid pro- his party,Republican support cess breeds success,bolster- right fringegroup,stunningly wonadozenseats. If youfail to livesbetter? posal as an indication of how is lesscertain. With the aboli- ing public confidenceand addressthe legitimateconcerns of working people and repeti- Nowthat SenateMinority the rest of itsagenda may tion of the filibuster appar- strengthening the president’s tively smear them as “whitesupremacists,” eventually youwill Leader Mitch McConnell has fare.Moderatemembersof ently off the table, a compre- hand forthe largerbattles drivethem intothe arms of real racists. received credible assurances both parties mayhavequalms hensiveproposal lacks a ahead. Mr.Emberyseeks to revivean“early Labour tradition that spoketothe patriotic and communitarian instinctsofthe working classand understood that we aresocial and parochial beingswith aprofound attachment to placeand adesireto Solace Is Golden, and Also Amusing belong.This will necessarily mean discussing openly issues such as globalisation, family,law and order,the nation stateand By Stephen Miller “PiersPlowman” (1377): “God person and telling him an “All youneed is love,” John national identity,immigration and welfare, and being prepared in his goodness...set him in amusing story? Merriam- Lennon said, but solaceisdif- to changeposition.” hen Irecently read solaceand in sovereign Webster doesn’t think the no- ferent from love. It is hard to Uncontrolled immigration displaces low-payworkersor W an article about “the mirth.” In the prologue to tion of solaceasamusement lovemorethan afew people, depresses their wages. Cambridgeeconomist Robert Rowthorn movies of 2020 that “The CanterburyTales,” the is obsolete. Its second defini- but it shouldn’t be hardto calculated that immigration maygrowthe national economy gaveussolace,” Iasked: How narrator says he wantsthe tion of the verb is: “tomake givesolacetoperfect strang- in the long run, but newjobs created always lag behind new canamovie givemesolace? pilgrims to tell tales “ofbest cheerful, amuse.” It quotes ers. Yetmanypeople avoid entrantsintothe labor market. Those hurt most areoften immi- Solace is giving comfort to sentenceand most solas,” by Wilkie Collins’snarrator in giving solace to friends or grantswho arrived earlier (which mayexplain why60% of U.K. people in need of it. whichhemeans they should “The Moonstone”:“In this de- family memberswho areter- migrantsand their children want to reduceimmigration, and It turns out that my rea- be entertaining. plorable state...Isolaced minally illbecause they fear whysomanyHispanics votedfor Donald Trump). Brexit was soning wasfaulty,because for myself with the most compos- they won’t knowwhat to say supported by about athirdofnonwhitevoters, who noticed that, roughly 700yearssolacehas ing pipe of tobacco Ieverre- or fear it would be inappro- under EU policy, Poles could moreeasily enter Britain than hadtwo different meanings. The word turns out to member to have smoked in priatetotell an amusing Jamaicans. TheOxfordEnglish Diction- my life.” story. Youprobably won’t agree with all of Mr.Embery’spolicy ary’sfirst definition of the have two interrelated To my mind, solaceis Themain barrier to solace prescriptions,but he will forceyou to think outside your usual noun solaceis“Comfort, con- meanings: comfort mostly about your relation- now, of course,isthe isola- political grooves.“Despised” makes acompelling case that solation; alleviation of sorrow, ship to another person: You tion that Covid-19 requires.It “global governance” is radically incompatible with democracy, distress, or discomfort” and and entertainment. givesolace. Think of those is difficult to givesolaceon- civil liberties and broadly shared prosperity.Supranational also “that which gives com- World WarIImovies in which line.Afriend died in ahospi- agencies likethe EU inevitably concentratepowerinunrespon- fort.” TheOED quotes Thomas someone hands adying sol- talfromCovid. His wifewas sivebureaucracies and concentratewealth in multinational à Kempis,who says in “The It seems odd to think of dier acigarette.Heisn’t at- distraught not so much be- corporations.The leftshould have resisted their rise,but Imitation of Christ”:“God solaceaseither an attempt to tempting to feel the soldier’s cause he died—he wasinhis conservatives toowereslowtorecognizethat globalization alone ...isthe solaceof comfort someone,which is a pain or prevent him from dy- mid-80s and had been in poor subverted everything they valued: traditional communities, manysouls.” serious undertaking,oranat- ing.Heisgiving solaceby health forseveral years—but patriotism, religious faith, stable families,unintrusivegovern- Thesecond meaning: “Plea- tempt to amuse someone by making the soldier comfort- because she couldn’t givehim ment and personal freedom. Mr.Embery’sgoal is to build asoci- sure, enjoyment, delight; en- telling agood story. Maybe able during thefinal minutes solace. ety wherecitizens no longer feel likecolonial subjectsintheir tertainment, recreation, thefirst meaning droveout of his life. owncountry. He reminds us that the British exited the EU due amusement.” This meaning, thesecond meaning because One gives solacenot only Mr. Miller is the author of to “the desirefor self-government and sovereignty”—the same whichthe OED says has been the two meaningsseem in- to the dying.The two times “Walking NewYork: Reflec- reason that the Irish and the Indians exited the British Empire. obsolete for300 years, also compatible.But arethey? I’ve stayed in the hospital, tions of American Writers goes back to the Middle Ages. Whynot think of giving nurses and doctorsgaveme from Walt Whitman to Teju Mr. Rose, who teaches at Drew University, is the author of William Langland says in solaceasboth comforting a solacebybantering with me. Cole.” “The Intellectual Life of the British Working Classes.” P2JW027000-4-A01400-1------XA

A14 | We dnesday, January 27, 2021 **** THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Law That Fueled the Capitol Riot For Unity, Biden Must Respect Trump Voters

henDonald Trump addressed sup- vote foracandidateother than the state’swin- Your editorial “Biden’s Unity Ad- lar panels and unionization of jobs in portersinWashington, D.C.,onJan. ner,may also be approaching resolution. In last dress” (Jan. 21) gives President Biden the clean-energy economy. If red-blue W 6atarally,heled them to believe year’s Chiafalo decision, the Supreme Court af- the benefit of the doubt regarding his unity is centered on Biden-Sanders desire to bring red- and blue-state unity, no thanks. NPR concluded last they could changethe 2020 firmed that statelegislatures Congress has a chance Americans together. Did anyone ex- July that a Biden presidency will ar- election outcome.Yet states have the powertolegally bind pect a call for disunity? As to rive “with bold progressive ambi- had certified results, lawsuits to repeal the 1887 electors to the state’swinning whether skepticism is appropriate, tions.” Wrapping bold progressivism had runtheir course,and the candidate, and morestates recall that six months ago he de- in red-blue unity garb is unappealing ElectoralCollegehad voted. Electoral Count Act. have done so. clared unity with Sen. Bernie Sanders to about half the country. President JoeBiden’sinaugu- Thefederal government and the progressive wing of the Dem- DANA DAVIS ration wasconstitutionally in- has also significantly ex- ocratic Party. Mr. Biden’s supporters St. Augustine, Fla. evitable. panded itssupervision of stateelections since issued a 110-page set of mutually TheTrump camp wasable to gin up false the ECA. TheVoting RightsAct of 1965 means agreeable policy plans—or as Na- It’s hypocritical to equate a mes- hope by exploiting ambiguities in the Electoral the kind of large-scale disenfranchisement that tional Public Radio called it last July, sage of unity to the reality of Presi- Count Act of 1887 (ECA). Thelaw wasintended existed in the disputed 1876Hayes-Tilden elec- “a blueprint for a progressive presi- dent Biden signing so many executive dency.” Sen. Sanders gushed that, orders on day one—more than any to resolvecontested presidential elections,but tion would be impossible. “On issue after issue, whether it was president in history, and all advanc- in the 21st centuryithas mainly been used by Thedoomsdayexception would be if astate education, the economy, health care, ing a progressive agenda. partisans in Congresstoexploit the ceremonial deliversmorethan one slateofelectors. That climate, immigration, criminal justice, This isn’t unity. This is executive processofcounting electoral votes. Some Dem- wasthe scenario raised by punditswho feared I think there was significant move- action by . to ocratstook advantageofthe ECAtocast doubt Republicanstate legislatures would help Mr. ment on the part of the Biden cam- achieve unity is to allow the legisla- on legitimateresultsin2001, 2005 and 2017, Trumpsteal the election from Mr.Biden. Yet paign.” Some of us on the right sus- ture to legislate. Force the discussion and far moreRepublicans did the same at Mr. statelawsare clear that the candidatewho wins pect that policy plans halfway into public view. Hold legislators to Trump’surging in 2021. the most votesisentitled to astate’s electors, between Sen. Sanders and President how they vote. This is the democratic In the wake of the Capitol invasion, the ECA and in 2020 no stateofficials tried to retroac- Biden have zero unifying appeal to process. is ripe foranoverhaul that reins in Congress’s tively subvert the will of their voters. red-staters. The media won’t hold President Bi- increasingly destabilizing role in presidential In the case of fightsoverstate electors, the President Biden’s record-setting den accountable over the next four first day of executive orders contrib- years. Only the next election can do elections.Repealing the lawwould makefuture judiciaryisthe best forumtoadjudicatedis- uted to a foreboding sense that red- that. challenges,evenbythe most willful candidates, putes over statelaw,voter fraud or other mis- blue unity was possible only if con- MIKE BROWN lesslikely to spin out of control. chief.This is what happened in 2000 in Bush v. servatives moved far left. For Chesterfield, Mo. iii Gore,and the Supreme Court likely would have example, “noncitizens” in the U.S. TheECA clashes with principles of federal- intervened this year if therehad been compet- (primarily people who crossed the There is only one person who can ism and the separation of powers.The Framers ing slates of electors. Another layerofadjudica- U.S. border illegally) will be included begin to create unity and calm the didn’t want the executivebranch to be beholden tion by Congressafter the vote has takenplace in the census count used to apportion waters, and that is President Biden. to the legislativebranch, so they designed an confounds morethan it clarifies.And anyrole congressional representatives. The His first step must be to call off his Electoral Collegetoelect the President indepen- forCongress, howevernarrow,inchoosing state more noncitizens hosted by a state, attack dogs. A brief statement, “Not dent of Congress. Voters in each stateregister electorsbeyondceremonial counting is an invi- the more power that state has in all 74 million Americans who voted Congress and the more federal funds for President Trump are racists,” their choicefor President by choosing aslate tation to partisan abuse. it is likely to receive. Priorities of the would have been a simple first step of electors, whose votesare then transmitted iii Biden-Sanders unity plan include in his inaugural address. to Congresstobelogged. Republicans ought to adheretothe Consti- massive investment in green infra- Unfortunately, nothing close to Yetthe ECAallows Congresstounconstitu- tution in supporting the statelegislatures’ structure, a new public-health insur- that was heard on Inauguration Day. tionally interfere with statedecisions.Members role in presidential elections against progres- ance option, Medicare-for-60 (instead GLEN ESNARD of the House and Senatecan claim electoral votes sives who aresympathetic to nationalized vot- of 65), installation of a half-billion so- Jackson, Wyo. arenot “regularly given” or “lawfully certified,” ing and parliamentarygovernment. Toobad holding up the count and disqualifying electors most of the GOP House caucus damaged its if amajority in both houses agrees. credibilitybyvoting to object to electoral TheECA’s vaguelanguagehas become ali- votes, which perpetuated Mr.Trump’smyth What Message Is Harvard Sending? Veritas? cense forCongresstoassume arole in the presi- of astolen election. Regarding William McGurn’s“Har- ther Harvardisplacating large lib- dential election processthat neither the Consti- Memberswho votedtoobject arenow facing vard AccusesElise Stefanik” (Main eral donorsorairing the unfounded tution’sframersnor the 19th-centuryauthors afierce backlash, with corporations cutting off Street, Jan. 19): Harvarddoesn’t feel grievances of the “woke” activistson of the ECAintended. Sen. pointed donations to politicians they see as undermining anyneed to list the specific offenses campus.Ineither case it is unseemly, to,among other things, political interferenceby the peaceful transfer of power. Yetthose mem- that, in itsopinion, rendered Rep. immoral and unworthyofHarvardto social-media companies in objecting to the 2020 berswereoperating under the color of aflawed (Harvard’06) unfitto flex itsmuscles and behave likethe results. Democratscited Russian interferencein statutethat has been misused forpartisan rea- sit on the senior advisorycommittee final arbiter against apoint of view 2016 and long Ohio voting lines in 2004. These sons foratleast 20 years, including in 2017by of the InstituteofPolitics at itsKen- other than itsown. Rep.Stefanik, maybelegitimateissues,but Congresscan ad- none other than the House’scurrent lead im- nedy School. Afterall, Ms.Stefanik along with Rep., Sen. dressthem through legislation. peachment manager,Rep.Jamie Raskin. wanted Congresstodetermine TedCruzand PressSecretaryKay- Theproblems the ECAtried to addressin Thevagaries of the ECAcreated toomuch whether therewas anybasis in evi- leigh McEnanydeservepraise for 1887 also weigh lessheavily today. There’sless panic beforethe election and fueled Mr. dencethat would support, or elimi- their time and servicetoour country. nate, concerns regarding our last They should notbethe targetsof of aneed to verifythat astate’s electoral count Trump’sincendiaryconduct afterwards.Ifthe presidential election. Shocking! shame and hostility.Harvardliberals is authentic when resultsare broadcast in real 117th U.S. Congresswantstofirm up the legiti- Americans onceassumed they arenomoreentitled than the rest of time than when the outcome wasdelivered to macy of election outcomes, then restoring the could trust the integrity of our elec- us,and their lofty perch cannot alter Congressbytrain or carriage. constitutional balance by repealing this dated toralprocess.Harvardnow holds reality. Theproblem of “faithlesselectors,” who legislation should be apriority. that support forhearingstoexplore MEL YOUNG if anyconstitutional issues might Boca Raton, Fla. have arisen in an unprecedented No Impeachment Surprise election is an infraction whose com- Can Harvardrevoke an M.D.’s mission requires immediatebanish- medical degree when the doctor orty-fiveSenateRepublicans voted ment to the Senate. Rand Paul of Kentucky of- ment from “the marketplaceof doesn’t agree with Harvard’spoli- ideas.” tics? What would this do to the qual- Tuesday to support a motion saying an fered the procedural motion. It was defeated That is thoughtpolicing,which is ity of medicine? F impeachment trial of aformer President 55-45, with five GOP Senators voting with the certainly one way to “unify” Ameri- ELIZABETH L. FORRESTER is unconstitutional, and the Democrats. But to convict at cans. Savannah, Ga. media areprofessing shock. Republicans why an impeachment trial requires JULIA LUTCH Haven’t they been paying at- most will vote against atwo-thirds majority,or17 Davis, Calif. Rep.Elise Stefanick should look at tention? GOP opposition to current GOP Senators. the bright side.HarvardDean Doug trying aformer President who convicting Trump. There are good arguments Harvardissending an awfulmes- Elmendorfmay have kicked her off is nowaprivatecitizen has on both sides of the constitu- sagetoits students, alumni and do- the university’s senior advisorycom- been building sinceInaugura- tional question, and Mr. nors. Thereisnot ashred of evi- mittee, but he’sgiven her aCrimson tion Day, and based on current impeachment Trump’sbehavior wasimpeachable.But if Dem- denceworthyofsanctioning Rep. Letter that will be herstotreasure evidencethe vote suggeststhe trial will end in ocrats go ahead with the trial, the likeliest re- Stefanik,yet she is vilified forsome the rest of her life. false,unsubstantiated claim of “en- DAVID J. GROSS Senate acquittal. sult is acquittal, and Mr.Trump will claim vindi- abling violenceatour Capitol.” Ei- St. Augustine, Fla. This has been predictable sinceHouse Demo- cation and sayhis second impeachment wasas cratsvoted to impeach Mr.Trump in the waning political as the first. Beforethis is over,Demo- days of his Presidencyand then waited until he cratsmay become enablersofMr. Trump’spo- Is Now the Time for National Identity Cards? wasgone beforesending the article of impeach- litical revival. Regarding Michael Segal’s “Amer- were never seen again. ica Needs a National Identity Card” A national identity card gives the Biden Out-Trumps Trump (op-ed, Jan. 21): We already have government too much control over something like it and it’s called a individual citizens. It is a terrible usinesses and workershoping forare- Themain differencebetween the Trump and “Passport Card.” It’s the size of a idea. prievefromDonald Trump'strade pro- Biden ordersisbureaucracy. Federal agencies credit card and issued by the State SYLVIA BOECKER Department. It verifies identity, na- Virginia Beach, Va. B tectionism had asurprise this week as mayissue exemptions to federal procurement tionality and place of birth, and can President Biden adopted his rules when they decide it’sin be used in lieu of a passport or a What is needed is a bottom-up ap- predecessor’s “Buy American” His ‘Buy American’ “the public interest” such as REAL ID-compliant driver’s license on proach to election integrity. My Colo- rules,only moreso. rules are even more when aproduct isn’t manufac- U.S. domestic flights. rado license has a fingerprint on it. Rules that favordomestic tured domestically or itsprice What America needs is the politi- Fingerprints alone or combined with companies in government pro- protectionist. is “unreasonable.” cal will and an efficient bureaucratic signature verification are the way to curement have been around DespiteMr. Trump’sdesire infrastructure (please see Daniel Hen- go. Couple that with better and more sincethe NewDeal. Mr.Trump to limit waivers, government ninger’s same-day, same-page “Joe Bi- frequent auditing of voter records issued three executiveorderstotoughen these agencies granted them liberally to moveahead den’s Super State” Wonder Land col- and a return to an absentee-ballot re- requirementstopromoteU.S.manufacturing. on public works and procurement, including for umn) to ensure that the card’s quest system, and we can clean up distribution is universally inclusive. the mess we just witnessed. Mr.Biden on Mondayreplaced those orderswith medical supply during the pandemic.Mr. Biden Let’s hope the template for its roll- State legislatures need to step for- his ownsupposedly tougher rules. is creating anew officewithin the OfficeofMan- out isn’t the one used for the Covid ward and assert their control over One rule would “increase the numerical agement and Budget to examine all waiver re- vaccine. this process. threshold fordomestic content requirementsfor quests, which will be posted forpublic—i.e.,po- IRA SOHN KATHARINE A. RUSSELL end productsand construction materials” and litical—review. New York Denver “increase the pricepreferences fordomestic end Federal agencies will nowhavetopassvet- productsand domestic construction materials.” ting by the WhiteHouse,labor unions and Con- No,never.Wedon’t need ana- These thresholds vary by product, but increas- gresstobuy N95 masks,smartphones and elec- tional identity card.Ilived in Greece Pepper ... ing them will makegovernment procurement tric cars.Recall howthe Trump Administration’s in the 1970s during adictatorship.Ev- And Salt moreexpensiveand onerous. steel and aluminum tariffs led to aflurryofex- eryGreek had anational identity About97% of federal purchased goods are emption requestsfromU.S.manufacturers. La- card.Itwas required foreverything THE WALL STREET JOURNAL from enrolling in collegetocashing a made by U.S. firms,but most include foreign- bor groups and U.S. steel makerslobbied against check or boarding abus.Aplain- made components. U.S. automakerssource steel exemptions,which invited counter-lobbying clothes secret-policeagent would ap- from Canada—oftenproduced from U.S. scrap from Congress. proach agroup of university students, metal—engine componentsfromMexico, and Mr.Biden’sorder comes at abad economic quietly ask fortheir I.D.cards and tell computer chips from Taiwan. Mr.Biden wants moment.Supply chains aredisrupted due to them to go the next morning to the to makefederal contractorslikeFordand Cater- worker shortages and transportation bottle- secret-policeheadquarterstoretrieve pillar buy moredomestic components. But man- necks,causing prices to increase.Scrap steel them. Because the card wasneeded ufacturersrequirespecific inputsand metal prices areup29% year-over-year and 60% since forevery aspect of life, they had to grades that areoften only made abroad. November.The Institutefor Supply Management obey.They entered the secret-police Mr.Biden says domestic content rules must be in December reported that the backlog of orders headquartersthe next morning and based on “the value that is added to the product hit atwo-and-a-half year high. Lettersintended forpublication should through U.S.-based production or U.S. job-support- Supply problems will ease as the pandemic be emailed to [email protected]. Please ing economic activity.” But much of the value from comes under control. But Mr.Biden’snew pro- include your city, state and telephone tech equipment and even modern trucks derives curement bureaucracywill still raise the costs number.All letters aresubject to from U.S. intellectual property.Will the Biden Ad- anddelaypublic works that aresupposed to be editing,and unpublished letters cannot “I really want to learn how to seem be acknowledged. ministration refuse to buy iPads made overseas? an Administration priority. like someone who plays chess.” P2JW027000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | A15 OPINION America Can Defend Taiwan Biden Gives Regulators By Elbridge Colby sancesystemtomonitor Chinese air- fields and portsofembarkation, and he Biden administration to target Chinese invasion forces A Free and faces astark reality: Over should conflict erupt. Second, buy the next four yearsit’s morelong-rangemunitions,espe- T possible that China will try cially antiship weapons,and position Heavy Hand to take Taiwan. Forthe them in the region at sea and in

firsttime since1950,Beijing may S places likeGuam, Japan and the reasonably think it has aviable mili- Philippines.This would help make By tary option to forcewhat it regards PRES theU.S.ready to blunt the initial And Joe Grogan as arenegade provincetoheel. Presi- TED wavesofthe Chinese amphibious CIA

dent has said Taiwan must SO fleet and air-assault elements. Third, veninWashington, hardly

be part of China—and has signaled AS have powerful forces further back in anyone understands what the

VIA E he intends to do something about it. the Pacific and beyond ready to rein- OfficeofManagement and Thestakesfor Americaare im- force those blunting forces. Fourth, Budget does.Yet buried in the 2½- ENCY

mense. Keeping Taiwan out of Bei- AG routinely exercise these three com- foot stack of President Biden’sfirst- jing’sgrip is crucial fordenying S ponentstogether to demonstrateto dayexecutiveordersishardevi-

China’sgoal of attaining regional he- NEW Chinese militaryplannersthat dencethat someone in the new A gemonyand eventually global pre- launching an attack would be un- administration not only understands INHU

eminence. Theisland occupies apiv- /X likely to succeed. the OMB but knows howtouse it. otal geographic position. If Taiwan TheU.S.can likewise handle a As aresult, the businessclimatein GANG

falls,China would have the ability to LI Chinese attempt to blockade or bom- this countrywill be made dramati- project militarypowerthroughout Xi Jinping with Chinese sailors, Dec. 17, 2019. bard Taiwan into . Espe- cally worse. Forget reregulation; this Asia. Japan, the Philippines, South- cially with American support, the is the beginning of hyperregulation. east Asia and the Pacific islands yes. Defeating aPLA attack would tion, especially a fait accompli that Taiwanese would be unlikely to Youprobably didn’t payattention would all be morevulnerable to be far from easy or cheap,and be- takes the island before the U.S. can buckle under such pressure, even if to “Modernizing RegulatoryRe- China’s military. ing ready to do so will involve mobilizeasufficient response.In brutal,sincethe alternativeistobe view,” a presidential memo released TheU.S.has long opposed China’s wrenching changes in the U.S. and such circumstances,Beijing might swallowedupbyXiJinping’sChina. Jan. 20.Regulatorylaw is arcane belligerencetoward Taiwan, and Taiwanese defense establishments. gamble that Americans would judge This is especially true if Taiwan had and generally boring,but itseffects states in the region would read the But it is doable. the costsand risks of ejecting an en- stockpiled enough food, energy sup- canbemonumental. Congressdefers U.S. response to an attack as a bell- It would be harder than oftenap- trenched PLA as toogreat. Butto plies and other essentials.Awell- much of the actual work of govern- wether of American reliability. For- preciated forChina to bring Taiwan pull this off,China would have to prepared U.S. could also conduct a ing—producing the rules and regula- going Taiwan’s defense would seri- to itsknees.Itistruethat Taiwan is ferry and sustain by sea and air an “Taipei sealift” to deliver the sup- tions that implement laws—tothe ously undermine America’s less than 100 miles off the Chinese armylarge enough to seizeand hold plies needed to prevent China’sfrom executivebranch. Fordecades the credibility among already nervous coast. But to subordinateTaiwan, an island with 24 million people. strangling the island’s populace. primaryprotection against an abuse Asian allies and partners. For these This might be feasible if the PLA at- Firm and resoluteU.S.action is reasons,the recently declassified tacks a Taiwan standing alone. But necessarytoprevent Asia from fall- 2018 Indo-Pacific strategy specifi- More sensors, missiles and taking aTaiwan backed up by awell- ing under Beijing’s hegemony. Cut- His idea of ‘modernizing’ cally ordered the Pentagon to imple- prepared U.S. militaryisafar differ- ting Taiwan loose would undercut ment adefense strategythat will other assets in the region ent proposition. Amphibious inva- Washington’sprecious credibility in rules is to assert they make the U.S. capable of defending will help deter China from sions against acapable,prepared the region while uncorking Chinese have benefits that are Taiwan. defense are very hard. power projection. But canAmericaevendefend Tai- a costly island invasion. To put it simply, defeating a Chi- Ensuring that the U.S. candefend ‘impossible to quantify.’ wan from a China that has become nese invasion would requirethe U.S., the island will take focus and heavy so powerful? ThePeople’sLiberation Taiwan and any other engaged par- investment from both America and Armyis growing stronger at an as- China would either have to invade ties to cripple or destroy enough Taiwan. But it canbedone.And that of this powerhas been arequire- tonishingly fast rate. The PLA Navy and occupy the island or blockade or Chinese amphibious ships and trans- will be a small price to pay to make ment that aregulation’scostsmust already has moreships than the U.S. bombard it into submission. Any of port aircrafttoprevent the PLA sureChina doesn’t getthe wrong not outweigh itsbenefits. While Navy,its air forces arethe largest in these courses would be very difficult from holding the island. Foracoun- idea—with catastrophic results. each agencydoes itsown cost-bene- the region, and Beijing also boasts if China faced asophisticated and tryspending morethan $700 billion fitanalyses based on itsown rules, the world’slargest missile force. Bei- prepared defense,especially com- ayear on defense,this is atractable Mr. Colby is aprincipal at the OMB directsthe agencies on howto jing seeks to reach technical parity bined with Taiwan’sresolutepopula- problem, if America focuses on it. Marathon Initiative. He served as do that and oversees the results. with America’s armed forces by the tion that has watched Beijing blud- But the U.S. must do four things, deputy assistant secretary of defense Thenew presidential memo tells 2020s, and surpass us by 2030. geon Hong Kong’s freedoms. urgently.First, deployanintelli- for strategy and force development, OMB howtodothat.The effectswill Despiteall this,the answeris Invasion is Beijing’s cleanest op- gence, surveillanceand reconnais- 2017-18. filter down to every federal agency. Thepresidential memo,similar to an executiveorder,isintended to “ensurethat the reviewprocess pro- On Immigration, Compromise Beats Amnesty motes policies that reflect newde- velopmentsinscientific and eco- So, wants ports, “Mr.Biden’sproposal lacks among Republicans that our asylum without ahigh school diploma, and nomic understanding, fully accounts to giveimmigration the countermeasures of increased system is being gamed by people illegal immigration stretches the for regulatory benefits that are diffi- reform ago. Good security or deterrenceatthe bor- pretending to be refugees.Why not educational and health-carere- cult or impossible to quantify,and luck,Mr. President, der that Republicans have asked for come up with alegislativecompro- sourcesofborder states.But immi- does nothaveharmful anti-regula- but recent history in exchangefor legalization.” In mise limited to addressing those grantscompetefor work,inthe tory or deregulatoryeffects” (em- is not on your side otherwords,Mr. Biden is calling two problems? main, with one another,and not phasis added). UPWARD and the timing is foramnesty nowand moreborder Most Americans thought Mr. with the native-born. They arepo- Translated from OMB-speakinto MOBILITY questionable at security at some unspecified future Trump’swall talk wascomical, but tential employees and potential English, that means throw out tradi- best. date. This is likeaboxerleading if Mr.Biden has interpreted this to customersaswell. They keep labor tional measures,use anything you By Jason L. Iwritethat as with hischin. mean that Americans don’t much marketstight and competitive canpossibly find to promotethe Riley someone who has Besides, the amnesty debateis care about border security,he’s while increasing our productivity. benefit side of the cost-benefit anal- been calling forde- largely a side issue. Simply legaliz- wrong. Voters want lawmakersto They help economiesgrow. ysis,and don’t do anything that cades forimmigration reform that ing the status of these migrants— fixthe border,not pretend we don’t Whether the number of people here might impair newregulation or re- includes both better border secu- most of whom have been in the need one,and they want immigra- illegally is 10 million or 30 million, moveold rules.The messagefrom rity and conditional legalization for countryfor morethan adecade— tion policies that putAmericans’ beforethe pandemic we had record the Biden administration is that people who sneaked in. Our immi- won’t solvethe largerproblem, interestsahead of the people who lowrates of unemployment and wherever cost-benefit analyses gration system wasdesigned to ac- which is the imbalancebetween the want to come here. Mr.Trump may poverty,and wageswererising might createanimpediment to regu- commodatethe economic needs of number of visas available and the have oversold border security,but fastest forless-skilled workers. lation, OMB should feel free to the19th century, not the 21st, and number of foreignerswho want he wasright to criticizethose who Mr.Biden waselected with a throw out the math and use what- majorrevisionsare long overdue. them. AfterWorld WarII, the fed- undersell it and who claim that do- mandatetotackle Covid-19 and re- ever it canfind in the annals of Thepast three administrations eral government’sBracero program mestic terrorism is our only real vivethe economy, and he would be some fringeacademic journal to jus- tried and failed to getthe job done. extended work visas to Mexican mi- threat. wise to spend his political capital tifythe newrules. grantstoaddressaU.S.labor Thereisnodoubt that low-skill on addressing those problems first. What is thescope of these shortage, and the rate of illegal im- immigration has economic costs If and when he turns his focus to changes? Pretty much everything: Biden should resist the migration plummeted. Theprogram that arenot spread evenly through- immigration, historysuggeststhat “These recommendations should had itsproblems but ought to serve out society.Itputsdownwardpres- amassiveamnesty scheme proba- provide concretesuggestions on temptation to go big, and as atemplate. Thebiggest failure sureonthe wagesofAmericans bly isn’t the best placetostart. howthe regulatoryreview process focus instead on solutions of the1986 amnesty under Ronald canpromotepublic health and Reagan wasthat it did little to ex- safety,economic growth, social wel- with bipartisan support. pand waystocome lawfully.Mr. Bi- fare, racial justice, environmental den should avoid making the same If Yo u Want Unity, Defend stewardship,human dignity,equity, mistake. and the interestsoffuturegenera- George W. Bush had planned to It’sgenerally agreed that any tions,” the presidential memo in- makecomprehensiveborder reform viable immigration compromise Scholarships for Poor Kids structs. afirst-term priority.Asaformer will involvemoreborder security Theapplications arealmost limit- governor of aborder state, he knew in exchangefor morevisas.And By Virginia Walden Ford forwhich my family received aburn- less. Want to regulateagricultural the issue inside and out. But the it’sespecially hardtosee Republi- ing crossonour front yard.But when drainage ditches as “navigable wa- 9/11 attacks,the , and low cans dropping their enforcement welcome President Biden’scalls my youngest child struggled in pub- ters,” subject to federal rules and re- job-approval ratingsinhis second demands in the current environ- I forunity and his pledgetorenew lic schools and his teacherscalled strictions? Don’t worryabout term conspired against him. Barack ment. Theeconomyisstruggling our hurting country, but Ihope him “incapable” of learning, he de- whether food costsmight rise or Obama chose to undertakelegally through apandemic,tens of mil- his administration doesn’t tear down served other options. farmersmight go bankrupt. Youcan suspect executiveactions on immi- lions areout of work,and U.S- a program that has brought hope to What really undermines public ed- offset those costswith the societal gration instead of negotiating a boundcaravans arebeing orga- thousands of African-American chil- ucation is attemptsfromelites to “benefit” of promoting the interests deal with Republicans in Congress. nized in Central America. An dren in the District of Columbia. keep good education forthem- of futuregenerations.Never mind Donald Trump spent four years amnesty-led immigration overhaul In 2004, Congresscreated the selves—as in 2017, when the Wash- that it can’t be measured. As long as touting his “beautiful wall” and would be difficult in the best of D.C. Opportunity Scholarship Pro- ingtonschools chancellor placed it serves the desired end, that will thrillinghis base with anti-immi- times.Intoday’senvironment, it gram. It provides scholarships of up be good enough. grantrhetoric. doesn’tstand achance. to $13,742 forfamilies in the na- Deregulation of the U.S. economy Mr.Biden’simmigration proposal Thepresident would do betterto tion’scapital earning lessthan 185% Washington’s program is wasone of the shining jewels of the prioritizes an eight-year pathway go small. Thereisbipartisan sup- of the federal poverty level—the cut- Trump administration’srecord. It to citizenship forthe estimated 11 port for legalizing immigrants who off was$48,470 forafamily of four a success, and teachers wasacentral feature in proving that millionundocumented aliens cur- were brought hereunlawfully as in 2020—toselect the school of unions want to defund it. supply-side economics works and rently living here. “Unlikeprevious children, forinstance. And thereis their choice. In 2020-21, 82% of that we can have sustained full em- compromise bills,” the Journal re- legitimateand widespread concern scholarship recipientsidentified as What will Biden do? ployment without inflation. Mr.Bi- African-American and another 12% den’smemo goes well beyond end- as Hispanic. ingthat effort. It will usher in an While scholarships for poor chil- children of politically connected offi- eraofrapid and dramatic reregula- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY dren of color should hold bipartisan cials in prestigious public schools in tion, oftenonthe flimsiest basis and Robert Thomson appeal, the program has been apolit- the district. Mr.Biden’schildren regardlessofthe costs—the measur- Executive Chairman, Chief Executive Officer, News Corp ical football foryears. TheObama went to privateschools.Why able costs, that is. Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher administration repeatedly attempted shouldn’t my former neighborsin Americans should heed Mr.Bi- Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: to zero out funding forthe opportu- Southeast Washington have the op- den’scall fornational unitybut also Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; nity scholarships,stopping only portunity to do so too? hold his administration to his inau- Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; when congressional Republicans Mr. Biden once supported school guralcommitment to adhereto News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; threw up roadblocks.The 2020 Bi- choice. If the president stood up for truth and facts. National unity can’t Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer den-Sanders “unity” platform went opportunity scholarships, he would grow out of pseudoscience, invented Andrew Dowell, Asia; AnthonyGalloway, Video & out of itsway to recommend defund- give the families that put in count- factsand metaphysical benefits. The Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; ing the program. lesshoursofhardwork to getthe Biden administration should recon- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; Critics claim the program and oth- program enacted—most of them sider the memo on regulatoryre- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; ers like it undermine public schools poor and African-American—a real viewand reaffirm itscommitment to Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News by diverting taxpayermoney.Idon’t defender.“AmericaUnited” would be concrete, transparent and provable Thomas SanFilippo, Customer Service; believethat’strueofany scholarship morethan an inaugural slogan. It cost-benefit analyses in itsregula- GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; program, but it’sdemonstrably false would be apromise to embraceprag- tory practice. Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; about this program, which Congress matic,bipartisan opportunities to , Deputy Editor, Editorial Page Jonathan Wright, International funds outside public school budgets. help the disenfranchised, even when Mr. Mulvaney served as OMB di- WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Istrongly support both public ed- it mayrankle Democratic interest rector, 2017-20. Mr. Grogan was LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head ucation and school choice. Iattended groups. OMB’s associate director for health

EDITORIAL AND CORPORATEHEADQUARTERS: public schools,and my father served programs,2017-19, and is asenior 1211 Avenue of the Americas, New York, N.Y., 10036 as the firstAfrican-American school Ms. Ford is author of “School fellow at the University of Southern Telephone 1-800-DOWJONES administrator in Little Rock, Ark.— Choice: A Legacy to Keep.” California’s Schaeffer Center. P2JW027000-6-A01600-1------XA

A16 | We dnesday, January 27, 2021 ****** THE WALL STREET JOURNAL. WORLD NEWS Russia Protest Movement Broadens Biden Dials Up BY THOMAS GROVE AND GEORGI KANTCHEV Heat in MOSCOW—ProtestsinRus- sia over the jailing of opposi- tion leader AlexeiNavalnyare Putin Call threatening to escalate into a larger movement against the BY KEN THOMAS Kremlin, driven by frustration over falling living standards WASHINGTON—The White and shrinking political free- House said President Biden doms as President Vladimir held his firstcall as president Putincementshis long-term with Russian President Vladi- hold on the country. mir Putin and raised concerns TheRussian leader for aboutissues including the de- years has ridden the popular- taining of opposition leader ity generated by his aggressive AlexeiNavalny, the massive foreign policythat has seen SolarWinds hack and reports Moscow defythe West with of Russia offering bounties on hackingattacks and military U.S. troops. interventions in Ukraine and WhiteHouse presssecre-

the Middle East, and re-estab- S tary said Mr. Biden

lish itself on the global stage PRES reaffirmed America’s “strong sinceits decline under Boris support” for Ukraine’s sover- TED

Yeltsin in the 1990s. CIA eignty and addressed concerns

But theweekend protests SO about Russian interference in AS

over the detention of Mr. Na- Y/ the 2020 election. Thecall valny on his return to Russia SK also focused on plans to ex- ET

afterrecovering from apoi- LOV tend aU.S.-Russia nuclear- soning attack are threatening arms treaty for five years.

to turn intoabroader move- DMITRI Mr.Biden voiced criticism of ment. Discontent is shifting to Demonstrators gathered in St. Petersburg on Saturday to protest the jailing of opposition leader , pictured below. Mr.Putin throughout his presi- anger afteracourt ordered dential campaign, and the call Mr.Navalnytobeheld in pre- Russiain2011 and 2012. his side,providing him ample “The mood in society is represented his firstopportu- trialcustody for30days,pro- Organizerssaid they plan scopetowait out the protests, changing,” said Konstantin Ka- nity as president to seek to es-

pelled by chronic corruption, moredemonstrations forSun- S much as his counterpart in Be- lachev,aMoscow-based politi- tablish abreak from the fre- the pain from the collapse of day, at a time when Mr. Putin larus, Alexander Lukashenko, calanalyst, who said thereisa quently warm rapport between PRES oil prices last year and has been laying the ground- has done sinceadisputed elec- broad spectrum of problems former President Donald Trump Covid-19 lockdown measures. work to remain in powerfor TED tion in the summer. driving people intothe street. and the Russian leader.Mr. Bi- “Wehaveareal problem yearstocome.Last year,Rus- OCIA But Mr.Navalnyand his team “The reason for the protest is den, who as vicepresident held SS with corruption, on the one sians endorsed araftofcon- arecontinuing to chip away at different for each protester.” aface-to-facemeeting with Mr. V/A hand, and with poverty,onthe stitutional amendments initi- Mr.Putin’sauthority with the TheKremlin’sinitial re- Putin in 2011, has warned Mos- other hand,” said Evgeniya ated by theKremlin that large online audiencehebuilt sponse appearstobetocast cow that it could faceaddi- CHERNO

Ragozina, a28-year-old lawyer would allowhim to stay on V by releasing videos accusing Mr.Navalnyasanagent of the tional sanctions forelection in-

who braved temperatures of mi- until 2036, in a vote that was SLA Kremlin-linked officials of cor- U.S. and itsallies.The head of terferenceifitisconfirmed by TY

nus 20 degrees Fahrenheit to largely organized as ashowof MS ruption. In the days beforethe Russia’spowerful Security U.S. intelligenceofficials. join arally in the Siberian city support for the leader. protest, they released another Council said Tuesdaythat the During Mr.Trump’spresi- of Tyumen. Mr.Navalny’sarrest, Mr.Navalnyhas become a protesting forthe firsttime. video,this time featuring an op- West needs Mr.Navalnytode- dency, some Democratic law- she said, wasjust the trigger. symbol for the protests after Theprotestsare taking place ulent palacewith acasino and stabilize Russia. makersaccused the adminis- “People are more scared of he wasdetained on his return against abackground of rising indoor icehockey rink that was Political analystssuggest tration of pulling its punches the fact that they don’t see a from Germany, wherehehad poverty levels and increasing allegedly built forMr. Putin on Mr.Putin and his allies are against Moscow,asMr. Trump decent futurefor themselves,” been recovering from apoi- inflation, triggeredbya20% the shores of the Black Sea. still searching forastrategy rejected intelligence findings she said. “That’swhy Iwill be soning attack in Siberia this declineinthe value of the ru- Unusually,Mr. Putin spoke beyond massarreststocon- of Kremlin election interfer- [protesting] until the end of past summer. ble last year.ManyRussians out on Monday, denying knowl- tain the swell in protests, and ence. Mr.Trump countered Putin’s political regime.” Last weekend’srallies,in saythe government hasn’t edgeofwho owns the building likely will be well aware of that hisadministration had Saturday’srallies were which protestersbrawled with done enough to ease the blow and calling the accusations lies. howsimilar rallies forced levied moresanctions against among the largest nationwide policeand pummeled them dealt by the pandemic,either. Normally he tries to belittle Mr. them to free Mr.Navalnyafter Russiathan previous adminis- displays of dissent in recent with snowballs,included many Mr.Putin isn’t in anyimmi- Navalny, avoid using his name he was detained in 2013. trations. years, with morethan 100,000 of his followers. nent political danger.ManyRus- or ignorehis accusations. “The Kremlin has no strat- TheWhiteHouse said fol- people attending in all, accord- Thecrowdsalso included a sians still viewhim as irreplace- Theclip accumulated more egyoreventactic to respond, lowing Tuesday’scall that Mr. ing to estimates by local me- broader coalition of middle- able and his approval rating than 90 million views on You- other than the line of force,” Biden “made clear that the dia. Policedetained some 3,700 aged andmiddle-classRus- stood at 65% in November,ac- Tube and struck a chord with said Andrei Kolesnikov,anex- United Stateswill act firmly in people on the day, morethan sians.Surveysamong protest- cording to independent pollster manyRussians who had pert on Russian domestic pol- defense of itsnational interests anyother time sinceawaveof ersinMoscow on Saturday Levada. He also hasRussia’sse- largely become inured to tales icyatthe Carnegie Moscow in response to actions by Rus- anti-Kremlin protestsrocked found that morethan 40% were curity forces and judiciaryon of the leader’s wealth. Center. sia that harm us or our allies.” South Korea’s Economy Holds Up HSBC Chief Grilled

BY EUN-YOUNG JEONG 2020 GDP, change from previous year About Hong Kong SEOUL—In anynormal year, a1%contraction in South Ko- China rea’seconomywould be disap- BY SIMON CLARK mocracy” because he is a pointing.In2020,itisamark South Korea banker,not apolitician. of resilience, as strong exports Indonesia U.K. lawmakersaccused “I also care deeply about and success in containing HSBC Holdings PLC Chief Ex- Hong Kong,” Mr.Quinn told the

Covid-19 buoyedAsian econo- GES U.S. ecutiveNoel Quinn of appeas- lawmakers. “I canonly do what

mies againstone of the worst IMA ing China and ignoring the ero- Idoasabank,and as aCEO of Japan global downturns in modern sion of democracyand rule of abank,tocontinue to support

history. GETTY Germany lawinHong Kong,wherethe ourcustomers. We have done Thedropingross domestic SE/ bank wasfounded nearly 156 that through Covid. We have product, reported by the Bank Eurozone yearsago. done that through this unrest of KoreaonTuesday, is ex- Aparliamentarycommittee and Iamcommittedtocontinu-

ANCE-PRES France

pected to be one of the smallest FR questioned Mr.Quinn on Tues- ing to help the people of Hong among major economies,ac- Italy dayafter the London-based Kong.SoIhavethat same pas- cording to estimates from the ENCE bank supported China’simposi- sion and concern forHong AG U.K. Organization forEconomic Co- tion of anew security lawon Kong as youdo.”

operation and Development. ON-JE/ –9% –6 –3 0 3 Hong Kong last year.China has Mr.Quinn said the security Therelativeeconomic YE said the lawwas necessaryto situation in Hong Kong wasout Note:Estimatesexcept China and South Korea

strength is reflected across JUNG restoreorder afterayear of of control beforethe security Sources: OECD (estimates);the governments Asia, where China finished the The country’s stability was aided by a strong pandemic response. (China, South Korea) protestsinthe city.The U.K. lawwas introduced. “I, with my year with 2.3% growth and and U.S. governmentssaid it colleagues,personally wit- Vietnam at 2.9%. Taiwan is ex- mand forour mainstream prod- restrictions on businesses and Banksaid. undermined an agreement to nessed the destruction that was pected to report a1.9%expan- uctslikesemiconductorsinthe social activities, and the vac- South Koreaalso has seen a giveHong Kong ahigh degree taking place,” he said. sion forthe year on Friday, ac- second half of the year contrib- cine rollout has been sluggish. resurgence of cases this win- of autonomyafter the British This month, Hong Kong po- cording to FitchSolutions. uted to the economic cushion- While manyEuropean man- ter, but numbersare far lower handed thecity back to China licearrested 50 pro-democracy TheBank of Koreaattributed ing,” said Park Yang-su, direc- ufacturershavelearned les- than those in the West and in 1997. figuresthey accused of plotting South Korea’srelativeeconomic torgeneral at the Bank of sons from the spring lock- have been dropping in recent Labour Party lawmaker to paralyze the Hong Kong gov- durability during the pandemic Korea’seconomics statistics de- downs and managed to keep weeks.Economistssay the Chris Bryant said some might ernment through the city’s leg- to itslarge manufacturing in- partment. factoriesrunning,consumers country is well positioned for seeHSBC as “aiding and abet- islature. Themovetargeted dustry,well-established online Thepictureismuch grim- and businesses remain cau- a recovery this year, with ex- ting oneofthe biggest crack- much of the opposition’slead- shopping base and strong pan- mer in the West, whereare- tious,which is weighing on portsremaining strong and downs on democracyinthe ership and wasthe biggest demic-response measures. cent surge of Covid-19 infec- retail spending and invest- room to roll out morestimulus world.” Mr.Quinn said he was sweep using the newsecurity “The recovery of global de- tionshas led to reimposing ment, the European Central measures if necessary. “not going to comment on de- lawsinceits introduction. WORLDWATCH Premier’s Resignation INDIA tons. Local media broadcast Covid-19 crisis management by a AFGHANISTAN-IRAQ scenes of farmers ramming their beleaguered government. Leaves Italy in Disarray Violence Erupts as tractors into buses parked to Some 150 people were ar- U.S. Troop Pullouts Farmers Protest Law block roads and contain them. restedand one policeman wasin- Face Likely Review BY GIOVANNI LEGORANO pean politicians to work to- Morethan 80 policepersonnel jured in Monday’sclashes, in addi- gether across party lines. Months of protests by Indian were injured during the protests, tion to 250 arrests made Sunday, The Pentagon’s new chief is ROME—Italian Prime Minis- Mr.Contestepped down on farmers turned violent Tuesday said Anil Mittal, aDelhi Police authorities said. Looters raided expected to review troop levels terGiuseppe Conteresigned, Tuesdayafter losing his ma- as security forces used tear gas spokesman. The Delhi Policesaid shops, set cars ablazeand threw in Afghanistan and Iraq in an ef- ushering in aphase of political jority in Italy’s Senatethis and water cannons on some of agroup of protesters on horse- bicycles onto bonfires, pelting riot fort to examine American strat- instability that could lead to a month, following a fight with the tens of thousands of trac- back carrying swordscharged the policewith stones and fireworks egy in two conflicts, following new government or elections asmall coalition ally over how tors that broke through barriers policebarricades in one incident. in Rotterdam, Amsterdam, The former President Donald Trump’s this spring. to spend massivefunds of- to escape police-approved routes The protests have emerged Hague and severalother cities. drawdown of forces there, ac- The breakdown of Italy’s feredbythe European Union around the capital. as the biggest challenge to Thecurfew,introduced Satur- cording to defense officials. left-leaning government comes to help Italy’s economyre- The farmers, who have been Prime Minister day, initially prompted peaceful PresidentBiden’sdefense sec- as the country, likemost of cover from the pandemic. camped around New Delhi for since he took power in 2014. but unauthorized demonstrations retary,, is facing theWestern world, is strug- Italy’s head of state, Presi- nearly two months to demand —Eric Bellman in Amsterdam and other cities. manyissues, but Mr.Trump’sde- gling to control the spread of dent Sergio Mattarella, will the repeal of new agricultural Later, groups of mostly young cision to quickly withdraw more theCovid-19 pandemic,vacci- start political consultations laws, had planned a tractor rally THE men returned to public squares in than 3,000 troops from the two nate itspopulation and rekin- with parties in Parliament to to coincide with a military pa- severalcities, rioting and looting. conflicts beforeheleft officethis dle economic growth. test whether anew governing rade celebrating India’s Republic Rioting Continues The riots arejustthe latest in month forces the WhiteHouse TheItalian leader’s fall majority can be found. Day. The farmers had agreed not Over Covid Curfew aseries of troubles forPrime Min- to confronthow it will manage also shows Europe’spolitical Possible scenarios include a to start their rally until the Re- isterMark Rutte’scaretaker gov- the long-running wars. challenges of recent years—in- government under anew public Day parade ended, but A third night of riots gripped ernment. Mr.Rutte stepped down Mr. Austin’s spokesman, John cluding the fragmentation of prime minister,oranother co- some protesters began early and several large Dutch cities on earlier this month and is running Kirby, said any decisions on the political landscape and the alition led by Mr. Conte. didn’t stick to the planned route. Monday after protests against a the governmentasoutgoing pre- troop levels would be taken in rise of antiestablishment par- If Mr. Mattarella concludes In some corners of the capi- new curfew to curb the spread mier until elections in March and consultation with the govern- ties—haven’t gone away,de- that no stable majority canbe tal, police tried to stop them by of coronavirus turned violent, anew cabinet is formed. ments of Iraq and Afghanistan. spitethe pressurethat the assembled, he will dissolve whacking at the crowds with ba- further complicating the —Valentina Pop —Gordon Lubold pandemic is putting on Euro- Parliament and call elections. P2JW027000-4-B00100-1------XA BUTESICHNOLOGY:NEGOOGLE’S FUTURESSIS AI AND&FIT’S NOW A MANAINGEMENTANCHALLENGE B4CE

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S&P 3849.62 g 0.15% S&P FIN g 0.80% S&P IT À 0.01% DJ TRANS g 1.61% WSJ $ IDX g 0.26% 0.219 NIKKEI (Midday) 28596.06 À0.17% See more at WSJ.com/Markets AFrenzy of Online Traders Helps Some Unlikely StocksSoar J&J Expects It isn’t just GameStop. Everything from ahydrogenbattery egies on online forums likeReddit’sWall- Shares of the Texas-based videogame maker to astruggling movie-theater StreetBets—oftenbuying thingsWall retailer surgedasmuch as 145% on Mon- chainhaverocketed in the past few Street has bet against. Manytout their dayalone,beforegiving up most of their weeks. long-shotwagerswith the expression gains to end up only 18%. Behind the swings, manysee ordinary “YOLO,” or, “You only live once.” Vaccine Trial But GameStop Corp.isfar from alone investors, stuck at home in the pandemic, Here’salook at other stocks that have in going vertical this year. swapping tips and hatching trading strat- their attention: Sharepriceand indexperformance, six months Results Soon NIO (ADRs) BlackBerry Palantir The Chinese EV maker has received enduring Thesecurity software and serviceprovider’s The data-analytics firm went public in Sept. interest on platforms.NIO now shares climbedabout 25%this week.The 2020,and is one of lastyear’s bestperforming Strong quarterly sales from pharmaceuticals boosted revenue as the coronavirus pan- ranksamong the world’stop fiveautomakers, companysaysitisn’t aware of anymaterial IPOs. Individual investorsposting online like of pharmaceuticals with amarket capitalization around change in its businessthatwould account Palantir because of its exposuretobig data demic weighed on other parts $96billion. forthe recent jump. and federal contracts. help offset weakness of thebusiness. Johnson &Johnson said the 400% 416% 400% 400% in medical-device unit pandemic continued to drag down salesofits medical de- 303% 272% BY PETER LOFTUS vices as people have postponed 300 300 300 AND MATT GROSSMAN electiveprocedures.Modest growth in consumer-health Johnson &Johnson said it productsalso contributed to the 200 200 200 expectstoreport pivotal results latest quarter’s sales boost. of alarge clinical trial of its Alex Gorsky, chairman and 100 100 100 Covid-19 vaccine by early next chief executive, said he wasop- week,and to deliver 100 million timistic aboutthe imminent re- S&P500 doses foruse in the U.S. by the sultsfroma45,000-person clin- 0 0 0 end of June if the dataare posi- ical trial of J&J’sCovid-19 tiveand the vaccine is autho- vaccine.Henoted on acall with Aug. 2020 Jan. ‘21 Aug. 2020 Jan. ‘21 Aug. 2020 Jan. ‘21 rized. analyststhat resultsfrom a Thecompanydiscussed its smaller,early-stagestudy were November-January Average daily trading volume,inmillions of shares vaccine plans Tuesdayasitre- PleaseturntopageB2 (Through Jan. 25) ported improved fourth-quarter August-October sales and higher-than-expected  Heard on the Street: J&J is a earnings. Strong sales growth picture of health...... B14

110.0 187.3 45.4* 70.4 9.2 51.1 10.0 11.3 4.1 36.5 4.4 4.5 Cash Flow at GE NIO (ADRs) Palantir AMC BlackBerry BedBath Beyond Entertainment &Beyond Meat Beats Projections Bed Bath &Beyond Beyond Meat AMCEntertainment The home-goods retailer recently reported Shares areupabout 47%sofar this year, Shares of the movie-theateroperator lower-than-expected earnings. Online traders driven by investor support forthe company's increased morethan 30% this week afterthe BY THOMAS GRYTA tion by cutting overhead costs pointtoa2020change in managementand alternatives to animal-basedproteins. companyannounced a$917million financing and jobs in itsaviation unit sharebuybacksassigns the sharepricewill The companyplans to form ajointventure deal to avoid filing forbankruptcy. GeneralElectric Co.pow- whilestreamlining itspower continue to increase. with PepsiCo. ered through aglobal pan- business. Thefourth quarter 250% demic that hobbled itsavia- wasboosted by aflurryof 200% 200% 200% tion business, reporting a powerand renewable energy surge in cash flow from other ordersthat closed in Decem- divisions that helped it end ber, executives said. 100 100 100 2020 on much firmer footing “Wehad astrong finish 47% 28% than it hadwarned of in the with respect to ordersthat 0 0 0 spring. helped us from acash per- GE booked $4.4 billion in spective,both in powerand fourth-quarter cash flow,beat- particularly in renewables,but –100 –100 –100 ing itsown projection and it wasveryhardtocall as to Aug. 2020 Jan. ‘21 Aug. 2020 Jan. ‘21 Aug. 2020 Jan. ‘21 ending 2020 without burning whether those orderswould cash, ayear ahead of schedule. indeed happen inside the cal- *FromPalantir’s Sept. 30 stock offering through Oct. 30 Source:FactSet Reported by Sebastian Pellejeroand Marco Quiroz-Gutierrez; designed by Erik Brynildsen/THE WALL STREET JOURNAL TheBoston conglomerate endaryear,” Chief Executive has improved itscash genera- PleaseturntopageB2 PepsiCo, Beyond Meat Team Up Warner Music Nears For a Plant-Based Foods Venture Deal With Saudi Firm

Warner Music Group Corp. gest music forces with one of BY JACOB BUNGE oatsasaprotein in drinks. pany’s most recent quarter. productswill be marketed to is close to agreeing to buy a the Mideast’s, at atime when AND JENNIFER MALONEY The broader market for meat Terms of the deal with Pep- North American consumers, minority stakeinSaudi billion- recorded music sales are alternatives has grownrapidly, siCo weren’t disclosed. The and later could be expanded to airePrinceal-Waleed bin Ta- booming.Itwould also give PepsiCo Inc. plans to form with plant-based burgerpat- companies declined to com- the U.K. and China, a Beyond lal’sRotana Music,inadeal Warner moredirect access to ajoint venturewith imitation- ties proliferating across fast- ment on the sizeofthe invest- spokeswoman said. that would value the Mideast the Middle East, which prom- meat maker Beyond Meat Inc. food drive-throughs and gro- ment in the venture. APep- PepsiCo currently uses music companyatclose to ises arelatively young,affluent to develop snacks and drinks cery-store meat cases. siCo spokeswoman said it some animal-based ingredi- and internet-savvyaudience. made from plant-basedpro- Pushing intosnacks and would be managed jointly by ents in productslikeDoritos By Benoit Faucon, Thedeal talks areinlate tein, the companies said. beverages would give Califor- the two companies. and Tostitos salsas,some of Summer Said stages and could result in PepsiCo,which makes such nia-based Beyond abroader Beyond’sshares,which which contain cheese,and cer- and Keach Hagey boardapproval as early as this productsasDoritos and reach intosupermarkets, gained 65% in 2020,surged tain Frito-Lay productscon- week,the people familiar said. Quaker Oatsand is ajoint which have claimed a greater 18% Tuesday. PepsiCo ad- tain pork-based enzymes, ac- $200 million, according to peo- Afinal agreement hasn’t been owner of Sabra hummus, has shareofconsumers’ food buy- vanced 1.2%. cording to JPMorganChase & ple familiar with the matter. reached, however, and the deal over the past several years ing during the pandemic. Thecompanies didn’t spec- Co.analysts. Thecompany’s While arelatively small deal could still fall apart. looked at different options Covid-19 concerns and restric- ifywhat sortsofsnacks and Muscle Milk productsincorpo- forthe global music business Thetwo companies plan to for adding plant-based ingre- tionspushed Beyond’ssales of beverages will be developed rate whey.Overall, those prod- in terms of financial consider- pool their respectiveartistsfor dients to its lineup, including plant-basedburgers to restau- by the newventure, called the ucts represent a tiny percent- ation,anagreement would online distribution, according to experimenting with soluble rants41% lowerinthe com- Planet Partnership LLC.Its PleaseturntopageB2 pair up one of the West’sbig- PleaseturntopageB5 Ve rizon PostsEarnings INSIDE Cuts Pay Fall as Growth Wanes, Of CEO Solomon by 36% ButExpects Rosier ’21 BY PETER RUDEGEAIR

BY DREW FITZGERALD pared with a790,000 increase Goldman Sachs Group Inc. over theyear-earlier period. slashedChief ExecutiveDavid Telephone companies prizeso- BUSINESS Solomon’s2020 payby36%, Inc.’sfourth-quarter profit called postpaid accounts, which LVMH’sresults punishment for the bank’sad- slipped due to higher costsand charge customersmonthly bills getaboost mission last year that it broke atepid pool of newcustomers, afterserviceisrendered, for U.S. laws in itsdealingswith an though the companyissued an their stable revenue. from surging revenue investment fund at the heart of S upbeat previewofearningsin Thecorecustomer additions at Vuitton, Dior. B3 aglobal corruption ring. NEW

2021. missed some Wall Street fore- Mr.Solomon received a$17.5 G Thelargest U.S. cellphone caststhat had counted on brisk million compensation package

carrier said it expectswireless- demand for Apple Inc.’sslate for2020,downfromthe $27.5 OOMBER servicerevenue growth to hit of iPhone 12 models.Industry million he gotfor 2019,accord-

at least3%this year while it analyst NewStreet Research ing to asecurities filing on ON/BL continues to invest in upgrades had projected anet gain of Tuesday. WS DA to support fifth-generation 411,000 postpaid phone con- In October,Goldman agreed

wirelesstechnology, known as nections. to paynearly $3 billion to gov- SIMON 5G.The companysaid this Rival carrier T-Mobile US ernment officials in four coun- Costs and fines related to the 1MDB scandal took a bite out of year’s capital spending would Inc.this month issued prelimi- tries to end an investigation what was a banner year for Goldman under David Solomon. fall between $17. 5billion and naryresultsthat showedan intowork it performed for $18.5billion, roughly in line 824,000 postpaid-phone gain PROPERTY REPORT 1MDB,aMalaysian fund that from current and former execu- Hiscompensation package with last year’s budget. over the same span. AT&T Inc. Young professionals prosecutorshad alleged was tives.Mr. Solomon’s2020 pay consisted of a$2million base Thegrowthforecast fol- plans to report itsfourth-quar- who fledcities used to paybribes to politi- would have been $10 million salary, a$4.65 million cash bo- lowedarelatively slim gain of terresultsWednesday. cians in Malaysia and the Mid- higher butfor the actions its nus and a$10.85million stock 279,000 postpaid phone con- Verizon shares fell 3.2% to during Covid-19 dle East. Thebank said at the boardtook in response to the award that is tied to howwell nections in the last three $56.67onTuesday. turn to co-living. B6 time that it would take atotal 1MDB saga,Goldman said in the bank performs over the months of 2020.That com- PleaseturntopageB2 of $174 million in compensation the filing. next few years. P2JW027000-4-B00200-17FFFF5178F

B2 | We dnesday, January 27, 2021 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. Cash Flow Cash Back A Fidelity Investments B13 Q Abig fourth quarter helped GE generatecash in 2020 ...... B5 G Airways...... B14 Quarters...... B6 and forecast ajump for2021. AerCap...... B14 GameStop...... B1,B14 Improves GES Air Lease...... B14 ...... B1 R Industrial free cash flow IMA ...... B13 GlaxoSmithKline...... B10 Rabobank...... B13 Allstate...... B12 $10 billion Gunvor...... B1 Regeneron For GE GETTY Alphabet...... B4 H Pharmaceuticals...... A6 SE/ Amazon.com...... A3,B5 Revue...... B4 AMC Entertainment...B1 Harbor Group ...... B13 8 .....B10 International...... B6 Markets..B13 ContinuedfrompageB1

Forecast: ANCE-PRES Andreessen Horowitz.B4 Huawei Technologies.A2 Rocket Science Group.B4 Larry Culp said. $2.5B to $4.5B FR Anheuser-Busch InBev J - K S “We had as good a year as 6 ...... B10 Johnson & Johnson Sinocism...... B4 we could have ever hoped for GENCE

Anschutz Entertainment /A ...... B1,B14 Starbucks...... A1 in 2020 relative to the multi- Group...... A6 4 JPMorgan Chase..B1,B12 Substack...... B4 year journey that we’reon,” Apple...... B13 Kingdom Holding...... B5 Swatch...... B6 Avolon...... B14 said Mr.Culp,who took over M-GOMIS L T in October 2018 when GE was 2 LO B SA Latam ...... B14 Tesla...... B1 reeling from problems in its ...... B12 Lego...... B6 3M...... B4 IEN powerunit and alegacyinsur- ST Bed Bath & Beyond....B1 Live Nation ...... B1 0

Beyond Meat...... B1 ance business. SEBA Entertainment...... A6 Twitter...... B4 2016 ’17 ’18 ’19 ’20 ’21 BlackBerry...... B1 LVMH...... B3 U The coronavirus pandemic Offshore wind turbines at the General Electric plant in Montoir- BlackRock...... B13 M UBS...... B12,B14 continues to pressureGE’sjet- Sources: UBS; the company(forecast) de-Bretagne, France, in September. Blackstone...... B12 engine business, itslargest di- Moderna...... B14 UniCredit...... B13 Boston Beer...... B10 vision, but the overall results burned through $4.3billion in that recovery. nessinboth itspowerunit, ...... B13 U.S. Bancorp...... B12 C - D showedprogressinthe years- cash in the firsthalf of the Theaviation division’sreve- which makes turbines for N V Castlelake...... B14 Valentino...... B6 long turnaround of the com- year beforereporting about nue fell nearly 35% to $5.8 bil- powerplants, and itsrenew- Natixis...... B13 Charles Schwab...... B13 Vanguard...... B13 panythat also makes health- $500 millioninpositivecash lion in the fourth quarter, able-energy unit, which mostly Nestlé...... B13 Chopard...... B6 Verizon...... B1 care machines and power- flow forthe thirdquarter.For while ordersfell by half.The makes wind turbines.Inthe ...... B12 NIO...... B1 ViacomCBS...... B5 Coca-Cola...... B13 Norwegian Air Shuttle generating equipment. the full year, GE reported drop in aviation accounted for fourth quarter,ordersatpower ...... B3 Shares in GE are up 60% in lowerrevenue aftershedding much of the decline in fourth- rose 26% and renewables were ...... B14 ...... B14 W DZ Bank...... B13 P the past six months as inves- units, but positivecash flow of quarter revenue.GEexpects up 34%. Slack demand in the Walgreens...... A1 tors areencouraged by contin- about $600 million from itsin- the aviation market to begin powerunit had sapped GE’s E - F .B1 ..B1 Eli Lilly...... A6 PepsiCo...... B1 Washington Post...... B5 uedimprovement in cash flow, dustrial operations. recovering in the second half, profit in prior years. Enel...... B1 Pfizer...... A7,B14 Weinstein...... A3 debt reduction and cost cut- GE forecast $2.5billion to with 2021 revenue in the divi- Overall, GE reported net in- E*Trade Financial.....B13 Plug Power...... B1 Wells ...... B12 ting.GEshares rose 2.5% in $4.5billion of cash flow for sion flat or higher from 2020. come attributable to common Tuesdaytrading but arestill 2021, and Mr.Culp said the fi- Cash flow wasdriven by the shareholders of $2.44 billion hovering belowwherethey nal result within that range health-caredivision, which re- forthe fourth quarter,com- were when Mr.Culp took over. will depend almost entirely on ported $2.6billion in cash pared with aprofitof$538 INDEX TO PEOPLE Cash flow is closely watched the aviation division’spros- flow forthe year excluding its millionayear before. Quar- as asign of the health of GE’s pects. The air-travel industry biopharma operations, which terly revenue fell 16% from a A - B Dunn, Peter...... B5 Park, Mike...... B4 operationsand ability to pay will eventually getback to it sold. Theunit makes CT year before to $21.9 billion. Arnault, Bernard...... B3 Fink, Larry...... B13 Pessina, Stefano...... A1 down debts. Thecompanyhad 2019 levels,Mr. Culp said, but scanners, MRI machines and GE cutits debt by $16 bil- Baron, Marty...... B5 Friend, David...... B5 Pichai, Sundar...... B4 predicted fourth-quarter cash there is still too much uncer- other hospital equipment. lion in 2020 and ended the Beykpour, Kayvon...... B4 G R flow of at least $2.5billion. It tainty to predict the timing of GE reported ajump in busi- year with $37 billion in cash. Bezos, Jeff...... B5 Gatley, Thomas...... B14 Rees, Brandon...... B12 Blavatnik, Len...... B5 Goodby, Jeff...... B10 Roman, Mike...... B4 Bracelin, Brent...... A6 Goodwine, Sharon....B12 Ryan, Fred...... B5 Brewer, Rosalind...... A1 Gorsky, Alex...... B1 S Brown, Ethan...... B2 Verizon Guiony, Jean Jacques.B3 Sharon, Amy...... B10 C H Soutendijk, Steve...... B6 Campbell, Jeff...... B10 Suleyman, Mustafa....B4 Hamers, Ralph...... B12 Cheeks, George...... B5 T - V Posts Fall Hughes, Russell...... B6 Cho Cheng, Cho...... B6 M Trout, William...... B13 Culp, Larry...... B2 Vestberg, Hans...... B2 D - F Mikkelsen, Kris...... B6 W In Results Mueller, Philippe...... B13 Dean, Jeff...... B4 Weber, Axel...... B12 Dellaert, Gilles...... B12 N - P Wechter, Sara...... B12 Ding, Shiqi...... B6 Nadella, Satya...... A1 Wolk, Joseph...... B14 ContinuedfrompageB1 Thecompanysaid itscus- tomersshowedastrong appe- the U.S. vaccine rollout as man- titefor newsmartphones, J&J Looks ufacturersand health officials though the coronavirus pan- race to makeand distributethe demic curbed foot traffic in its shots acrossthe country. shops and limited newsign- ForVaccine Merck &Co. on Mondaysaid ups. it was discontinuing develop- “The Apple 5G phone came ment of itsCovid-19 vaccine af- out lateinthe fourth quarter. News Soon terclinical-trial resultsdisap- That’swhen this all started at pointed. the same time as the pan- It is possible that J&J’sim- demic,” Verizon Chief Execu- ContinuedfrompageB1 minent study resultswould tiveHans Vestbergsaid during positive. yield clues about howthe vac- acall with analystsonTues- “Weare hopeful that’sa cine performs against newcor- day. “Still, we areverypleased good precursor to the kind of onavirus variants. Some of the with what we have seen with efficacy and safety that we’ll study subjectswereinSouth our customersmigrating to seeinalargerpopulation. Of , where amoreconta- 5G.” course,until we see this final giousstrain of the virus has Verizon last year pulled its data, we won’t knowfor cer- been identified. salesprojections and braced tain,” he said. Modernasaid Mondaythat forawaveofpast-due bills as Emergencyapproval from lab testsshowedits vaccine millions of Americans lost their the U.S. Food and Drug Admin- produced aweaker response jobs due to the pandemic. IBKR charges istration could follow, which against the South Africastrain, As theyear wore on, reve- would bolster the nation’svac- though the companystill be- nue losses were limited by Ver- cine supplies afterarockyroll- lieves it will be protective. Mod- izon’smoreaffluent customer out. erna has started developing a margin loan Thefederal government also modified vaccine targeting this has options to purchase addi- strain that could be given as a Its media business, tional dosesbeyondthe initial booster shot. 100 million, Chief Financial Offi- Johnson &Johnson’sfourth- which includes 1 cerJoseph Wolk said in an in- quarter revenue was$22.48bil- Ya hoo, appeared to rates from terview. lion, compared with $20.75bil- One potential advantagewith lion in the year-beforequarter. turn a corner. J&J’svaccine is that the com- Analystssurveyed by FactSet pany tested it as asingle dose. were expecting revenue of Theshot canalso be stored at $21.66 billion. standardrefrigerator tempera- Drugssuch as Stelara, forin- base and the must-have nature tures,whereas the two vaccines flammatorydiseases,and of cellphone and home-internet % authorized in the U.S.—one Darzalex, formultiple myeloma, service. 0.75 from Pfizer Inc.and BioNTech helped drivesales growth of On Tuesday, anetwork fail- SE and the other from Moderna 16%for the NewBrunswick, ureslowedinternet servicefor Inc.—aretwo-dose shotsthat N.J.,company’spharmaceutical some of Verizon’smajor busi- must be kept , then division, to $12.27 billion. Reve- ness customersinthe North- thawedbeforebeing adminis- nue from the consumer-health east U.S.,triggering acascade TO tered. division ticked up 1.4% to $3.62 of outages that blocked access % “Weare planning to be part billion. to manyonline applications. of the solution,” Mr.Wolk said. Sales from medical devices Thecompanyhadn’t pinned 1.59 “The fact that we do not re- slipped0.7%year over year to down the source of the failure quiresignificant refrigeration $6.59billion as the pandemic as of Tuesdayafternoon. A beyond the norm, as well as be- cut demand forproductsused spokesman said the network ing one shot, certainly does in surgery, orthopedics and vi- suffered degraded service, play intothe label that some sion care. which caused some high-band- outside the companyhave Net earningstotaled $1.74 width applications to stop called it agame-changer.” billion, or 65 centsashare, working. Technical challenges and compared with $4.01 billion, or Thecompany’smedia busi- supply constraintshave slowed $1.50 ashare, ayear earlier. ness, which includes online likeYahoo,appeared to turn acorner in the fourth products in short supply. quarter.Its overall sales PepsiCo, Last year,Beyondlaunched jumped 11% to $2.3billion. The its pea protein-based burgers companysaid strong advertis- in Walmart Inc.’s Sam’s Club ing demand liftedthe division’s Beyond Set stores and the BJ’sWholesale results. ibkr.com/margin Club Holdings Inc.chain, and Overall, quarterly net in- introduced value packs while come attributed to Verizon Snack Plan cutting prices.Those efforts reached $4.6billion, down haven’t always succeeded in from $5.1 billion ayear earlier. offsetting slowersales to con- Themost recent quarter took a ContinuedfrompageB1 vention centers, barsand $523 million hit from sever- ageofPepsiCo’s costs, other food-serviceoperations, ancepayments, the sale of the Rated #1 JPMorgan said. and Beyond in November re- HuffPost media business and Best Online Broker 2020 by Barron’s* Beyond Chief Executive ported a$19.3 million quar- other one-time expenses.Reve- Ethan Brownsaid that Pep- terly loss. nue slipped 0.2% to $34.7bil- siCo’s marketing and distribu- Retail sales of plant-based lion. tion heftwould help propel snacks andbeverages area Thecompanysaid it re- Trading on margin is only for sophisticated investors with the newventure’splant-based small part of the overall mar- mains on track to meet the products to more consumers. ket, but in most cases are cost-cutting goals executives high risk tolerance.You may lose more than your initial investment. Beyond and other makersof growing faster than traditional setinlate2017. It at the time plant-based meat alternatives, varieties,according to market pledged to slash about $10 bil- Member -NYSE, FINRA, SIPC -*Interactive Brokers rated #1, Best Online Broker according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020.For more information such as Impossible Foods Inc., research firm Nielsen. Sales of lion of expenses over four see,ibkr.com/info -Barron’s is aregistered trademark of Dow Jones &Co. Inc. have been working to make snacks marketed as part of a years. Verizon’spast cost-cut- [1] Margin Loan rate as of 01/04/2021. IB calculates the interest charged on margin loans more inroads in supermarket plant-based diet jumped 10.6% ting effortsdon’t account for using the applicable rates for each interest rate tier listed on its website.Rates shown apply to IBKR Pro clients only.Rates subject to change.For additional information on meat sections over the past over the 52 weeks ended Jan. the tens of billions of dollars margin loan rates, see ibkr.com/interest year after Covid-19 infections 16,Nielsen’sdatashowed, that could be due in the com- 01-IB21-1386CH1358 spread through meat plants while plant-based beverage ingyearsfor newwirelessli- and leftsome traditional meat sales grew by 13.5%. censes. P2JW027000-0-B00300-2------XE

THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | B3 BUSINESS NEWS VW SeeksChange By Supreme Court On Emission Ruling

BY SARA RANDAZZO and criminal settlements with

federal and stateregulatorsand GES

German autogiant Volks- driversofnearly 600,000 U.S. IMA wagen AG is asking the U.S. diesel vehicles.Those agree- Supreme Court to overturn a mentsdidn’t prevent some GETTY ruling that it says opens up states and local governments SE/ carmakerstoaflood of emis- from suing Volkswagen, lawsuits sions regulations from local the companywon in Alabama, ANCE-PRES

governments that could clash Tennessee and Minnesota. FR with existing federal rules. “The Ninth Circuit’sdecision Therequest to the high conflictswith the rulingsof GENCE /A

court, filed last week and made multiple courtsand will se- IN

public Tuesday, is the latest verely compromise the EPA’s KUT turn in litigation that has ability to regulateautoemis- SA doggedVolkswagensinceitad- sions,” acompanyspokesman DE mittedin2015 to rigging 11 mil- said Tuesday. EPHANE

lion diesel vehicles world-wide If the Ninth Circuit ruling ST with software that allowed stands,“manufacturerswill Revenue at the fashion and leather-goods division soared 18% in the quarter. Dior’s fashion house workshop in Paris last week. them to evadegovernment know that settling with EPA emissions tests. Thecompany could triggercopycatstate has paid morethan $30 billion and local government actions,” in fines and settlementsbe- Volkswagenwrote in itsSu- Premier Brands Buoy LVMH cause of the scandal, including preme Court petition. some $23 billion in the U.S. TheCalifornia-based Ninth At issue is aJune decision Circuit acknowledged in last by the Ninth U.S. Circuit Court year’s ruling that itsconclusion As Its Goes Flat of Appeals that ruled two “mayresult in the imposition counties have authority along- of unexpected (and enormous) side the federal Environmental liability on Volkswagen” and Protection Agencytoregulate preventthe EPAfromcontrol- BY MATTHEW DALTON have posted strong duced formats and continued LVMH said, bolstered by large the updates that carmanufac- ling thetotal liability imposed salesgrowthsinceboutiques digital-marketing effortswhen government stimulus pay- turersmaketoemissions sys- on automakersfor anyemis- PARIS—LVMH MoëtHen- were allowedtoreopen after otherswereforcedtopull mentstoconsumers. Global tems in vehicles afterthey are sions tampering violations.But nessy Louis Vuitton SE said lockdowns in March and April. back drastically.Dior,for ex- cognac volumes were down sold. Florida’sHillsborough the judges concluded Congress surging revenue at itsbiggest Smaller brands—both inside ample,held aclosed-door only 4% forthe year and re- County and Salt Lake County in didn’t intend forthe Clean Air fashion brands, Louis Vuitton and outside LVMH—have fashion showfor itscruise col- bounded in the second half, Utah areseeking daily penal- Act to prohibit counties and and Dior, propped up the lux- lagged behind. lection in Lecce, Italy, in July, the company said. ties of $5,000 per riggeddiesel states from having enforce- ury-goods company’sresults Drawn by the performance whilerival brands pushed the That helped offset thepoor carfor the local pollution they ment powerinthis context. during the fourth quarter,off- of Dior and Louis Vuitton, in- unveiling of newcollections performanceofLVMH’sCham- caused, with potential yearly TheNinth Circuit upheld setting other businesses such vestorshavesent LVMH’s until later in the year. pagne division, which includes damagesof$11.2 billion. part of a lower court’s ruling as Champagnethat have fiz- shares to near record “Wedid it when nobody brands such as VeuveClicquot Volkswagenargues it in favorofVolkswagen, find- zled during the pandemic. highs,brushing aside concerns else was talking,” Mr. Guiony and Dom Pérignon. With wed- shouldn’t have to paythose ing the Clean Air Act prevents TheParis-based conglomer- about the futureofthe luxury said.“It wasreally Dior and dingsand birthdayparties fines because the court deci- local governments from regu- ateonTuesdaysaid revenue in business during and after the Vuitton taking the bulk of the canceled because of social-dis- sion misinterpretsthe federal lating new cars. the quarter fell 3% to €14.3 pandemic.The company’s customers’ attention.” tancing rules, consumers had Clean Air Act, which it says Thecounties have argued in billion ($17.4 billion). Sales at market capitalization is now Mr. Guiony said that Fendi little reason to sip aglassof gives sole regulatoryauthority court filingsthat air pollution is its fashion and leather-goods €260 billion, solidifying the and Celine—two of LVMH’s bubbly,pushing down Cham- over manufacturer changes to alocal problem that warrants division—whereLouis Vuitton placeofBernardArnault, midsize fashion brands—also pagne sales by 19% forthe caremissions to the EPAand local enforcement in addition to and Dior account for most of LVMH’schief executiveand gathered momentum toward year. California. Thecompanyar- the federal regulations.Attor- the revenue—rose 18%. Reve- controlling shareholder, the end of the year. Marc Ja- LVMH just completed its gues that the EPAapproved a neysfor Salt Lake and Hillsbor- nue for all of 2020 fell 17% to among the ranks of the cobs managed to turn aprofit purchase of the American software updateVolkswagen ough counties said Tuesday €44.7billion. Net profit forthe world’s wealthiest people. in 2020 forthe firsttime in jeweler Tiffany&Co. at the made to the cars beforethe they don’t expect the Supreme entireyear wasdown34% at Jean Jacques Guiony, years, Mr.Guionysaid, though start of this year,after the diesel-emissions scandal broke, Court to take up the appeal. €4.7 billion. LVMH’schief financial officer, that came afterawaveoflay- pandemic nearly canceled the and that itsmoveisn’t akin to Volkswagen’sdiesel cars Theresultsshowhow some said Louis Vuittonand Dior offs at the American brand. $15.8billion deal. Mr.Arnault something acounty could reg- “caused exponential harm to of the marquee brands of lux- hadastrong pipeline of new LVMH’sperformancealso pulled the plug on the merger ulate, such as alocal mechanic the Tampa area” and the county uryfashion have gained mar- products that they continued benefited from strong con- in September beforedeciding tampering with emissions. should be able to protect itslo- ketshareduring the pandemic. to roll out despitethe lock- sumption of Hennessy,the to see it through afterTif- To date, the companyhas en- calenvironment, Hillsborough Louis Vuitton, the world’stop- downs.The brands also main- world’stop-selling cognac fanyagreed to asmall dis- teredinto $23 billion of civil County attorney Dee Miles said. selling luxurybrand, Dior and tained fashion shows in re- brand. Sales in the U.S. surged, count.

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B4 | We dnesday, January 27, 2021 ***** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech AI Creates Headache for Google 3M Sees Growth as Companyhas faced DeepMind has struggled to meet financial expectations.The controversies involving unit had alossof$649 million Economy its topresearchers and in 2019,according to aU.K.fil- ing last month. Google forgave executives in the field morethan $1 billion of loans to Reopens the unit over the same period, BY ROB COPELAND the filing indicates. BY AUSTEN HUFFORD AND PARMY OLSON Google hastried at various times to construct broader 3M Co.said it expectssales Alphabet Inc. Chief Execu- oversight of itsartificial-intelli- acrossits product lines to tiveSundar Pichai has bet big genceprojects, with mixed suc- grow this year as vaccinations on artificial intelligenceascen- cess.ADeepMind independent against Covid-19 allowpeople tral to the company’sfuture, in- reviewboard, meant to scruti- to start using moreofits vesting billions of dollarsto nizethe unit and producea productsatdental offices, embed the technologyinthe public annual report, disbanded workplaces and schools. conglomerate’sdisparatedivi- in late2018 afterboardmem- Demand forthe St.Paul, sions.Now,itisone of his trick- berschafed at what they said Minn.-based manufacturer’s iest management challenges. wasincompleteaccesstoDeep- productsvaried widely last Over the past 18 months, Mind’sresearch and strategic year.The pandemic created Google’s parent has waded plans.Months later,anexternal enormous pressureondemand through one controversy after GES AI ethics council created by forthe N95 facemasks that another involving itstop re- IMA Google wasdisbanded aftera medical workerswear to

searchersand executives in the ETTY week,following an employee guardagainst the virus.But field. /G petition and other protests sales of other productssuch as

In the most high-profile inci- GADO about right-leaning boardmem- Post-it Notes used by office dent, last month Google parted bers. workersand teeth-polishing

wayswith aprominent AI re- CTION/ Google’sartificial-intelli- discsused by dentistswere

searcher,Timnit Gebru, after LLE genceefforts dateback at least hurt by social-distancing mea- she turned in studies critical of CO adecade,and the area has been sures. In December, the com-

the company’sapproach to AI SMITH astand-alone division under panysaid it planned to cut and complained to colleagues Output of an artificial intelligencesystemfromGoogle performing facial recognition on aphoto of man. Mr.Dean since2017. Mr.Pichai, nearly 3,000 jobs,reflecting aboutits diversity efforts. Her in announcing the newstruc- slumping demand forsome of research findings concluded requestsfor comment. London-based artificial-intelli- probe Mr.Suleyman “undertook turethat year,said that AI its products. that Google wasn’t careful Alphabet’s approach to AI is gencearm, DeepMind, was professional development train- would be central to the com- For2021, 3M said it expects enough in deploying such pow- closely watched because the stripped in late2019 of most ingtoaddressareas of concern, pany’sstrategyand operations, revenue excluding acquisitions erfultechnologyand wascal- conglomerateiswidely seen as management responsibilities af- which continues,and is not with advanced computing and currencyfluctuations to lous about the environmental the industryleader in sponsor- tercomplaintsthat he bullied managing large teams.” The threaded throughout the com- grow up to 6%. 3M had pulled impact of building supercom- ing research and developing staff,according to people famil- companies said that in Mr.Su- pany. its guidance early in the pan- puters. newapplications forthe tech- iar with the matter. leyman’scurrent Google role,as demic; restoring it indicates Mr.Pichai pledged an inves- nology, ranging from smart DeepMind, which Google vicepresident of artificial-- computer-scienceprofessor Pe- the company has more confi- tigation intothe circumstances speakerstovirtual assistants. bought in 2014, hired an out- ligencepolicy, “hemakes valued droDomingos said Google has dence in forecasting how the around her departureand said Thenascent field has raised contributions on AI policyand been well aware of the many months ahead will playout. he would seek to restoretrust. complexquestions about the regulation.” pitfalls associated with AI.Mr. 3M said it would restart buy- Ms.Gebru’sboss, Jeff Dean, growing influenceofcomputer Thetech giant has In response to questions Domingos said most of Google’s ing back itsshares,acommon told employees that he deter- algorithms in arangeofpublic from TheWall Street Journal, problems related to AI are practicetoreturn cash to mined her research wasinsuffi- and privatelife. sought to position Mr.Suleyman said that he “ac- rooted in the company’sap- shareholders. ciently rigorous.Nearly 2,700 Google has sought to posi- itself as astandard­ cepted feedback that, as aco- proach to managing staff,add- “Weexpect areturn to Google employees have since tion itself as astandard-bearer founder at DeepMind, Idrove ing that science, and not ideol- healthygrowth,” Chief Execu- signed apublic letterthat says forethical AI.“Historyisfull of bearer forethical AI. people toohardand at times ogy, should guide ethical tiveMikeRoman told analysts Ms.Gebru’sdeparture“heralds examples about howtechnol- my management style wasnot debates.“Google is the coddler- on a call Tuesday. danger forpeople working for ogy’svirtues aren’t guaran- constructive.” Mr.Suleyman’s in-chief,” he said. “Their em- Shares rose 3.3% to $176. ethical and just AI—especially teed,” Mr.Pichai said in re- appointment to ahigh-profile ployees aresocoddled that 3M said logistics and labor Black people and People of marks to aBrussels side lawfirm to conduct an in- role at Google bothered some they feel entitled to makemore costshaverisen as the econ- Color—acrossGoogle.” last year.“While AI promises dependent probe intothe com- DeepMind staff,according to and moredemands” regarding omyrecovers, weighing on Last week,Google said it was enormous benefitsfor Europe plaints. At the end of 2019,Mr. current and former employees. howthe companyapproaches profit. 3M said prices forpoly- investigating the company’sco- andthe world, thereare real Suleyman wasmoved to adif- UnlikeinGoogle search, in AI and related issues. propylene,wood pulp and eth- head of ethical AI,Margaret concerns about the potential ferent executiverole within the which artificial intelligenceis Ms.Gebru’sdeparturehigh- ylene prices were rising, too. Mitchell,for allegedly down- negativeconsequences.” AI team at Google. employedtoreorganizeand re- lightsthe challengeGoogle 3M, the biggest U.S. pro- loading and sharing internal Google’spush to advancein DeepMind andGoogle,ina surfaceexisting public informa- leadership faces, as the two ducer of N95 masks,said it has documentswith people outside AI through acquisition has also joint statement, confirmed the tion, DeepMind has focused sides can’t even agree on delivered two billion masks the company. Ms.Mitchell, who added to itsmanagement chal- investigation intoMr. Suley- largely on health issues,such as whether she resigned, as the around the world and is making has criticized Mr.Pichai on lenges.Inapreviously unre- man’sbehavior and declined to crunching vast amountsofpa- companysays,orwas fireddur- morethan 95 million amonth Twitter forhis handling of di- ported move, Mustafa Suley- saywhat it found. Thestate- tient datatofigureout new ing her vacation, as she has in the U.S., morethan tripling versity issues,didn’t respond to man, co-founder of Google’s ment said that as aresult of the waystotreat disease. said. pre-pandemic production. Twitter Buys Newsletter Provider Revue

BY SARAH E. NEEDLEMAN pour, and vicepresident of enceGroup LLC’sMailchimp publisher products, MikePark, andothers. Twitter Inc.reached adeal in ablog post. Substack,backed by venture to buy newsletterplatform Re- With Revue,userswriteand capitalistsincluding Andrees- vueHolding BV,the companies publish their owneditorial sen Horowitz,was valued at said,reflecting the interest newsletters.Twittersaid Re- nearly $49 million aftera2019 among social-media companies vuewill remain astand-alone funding round. in providing content creators serviceunder the deal and that Social-media companies with tools to makemoney. it plans to expand the startup’s have been increasingly inter- Financial terms of the deal six-person workforce.Twitter ested in providing tools to help forRevue,astartup founded in said it is making Revue’spre- creators expand their - the Netherlands in 2015, mium featuresfreefor all us- ences and makemoney from weren’t disclosed. ersand lowering the paid theircontent. “Revue will accelerateour newsletterfee to 5%. Twitterexecutives have said work to help people stay in- Revuehas raised roughly it wasweighing the creation of formed about their interests $350,000 in venture-capital asubscription service and whilegiving all types of writ- and angel-investor funding,ac- posted jobs last year including ersaway to monetizetheir au- cording to PitchBook,apro- one seeking someone to lead dience—whether it’sthrough vider of privatemarket data. paymentand subscription cli- the one they built at apublica- Revuecompetes in the growing ent work.OnTuesdaythe com- tion, their website, on Twitter, content-creation spacewith panyaffirmed itsinterest in or elsewhere,” said Twitter’s other newsletterstartups such what it called “audience-based product chief,KayvonBeyk- as Substack Inc., Rocket Sci- monetization.”

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THE WALL STREET JOURNAL. ** NY We dnesday, January 27, 2021 | B5 MEDIA CBSSuspends TV Executives

S Amid Hostile-WorkplaceProbe PRES TED BY JOE FLINT utives and mocked some on-air ership of the station group unit mentshemade about employ- OCIA

SS talent. Among the incidents during the investigation, CBS ees or prospectiveemployees

/A CBS put two senior execu- citedinthe report wasMr. said. were “only based on perfor- tives on administrativeleave Dunn allegedly referring to Messrs. Dunn and Friend manceorqualifications—not

HARNIK and launched an investigation Ukee Washington, aBlack an- didn’t respond to requestsfor about anyone’sraceorgender.” intotheir conduct, amid allega- chor at CBS-owned KYW-TV comment. Thestations areamajor rev-

ANDREW tions in aLos Angeles Times re- Philadelphia, as a“jiveguy.” Mr. enue provider forparent Via- Marty Baron, right, helped lead the Post’s aggressive digital push. port that the two fostered a Friend said of Mr.Washington comCBS Inc. hostile work environment, the that all he does is dance, ac- Peter Dunn In amemo to staff obtained companysaid. cording to the article. allegedly by TheWall Street Journal, CBS Washington Post’s Theexecutives,TVStations In astatement, CBS said it referred to a Chief ExecutiveGeorge Cheeks Group President PeterDunn and would launch athird-party Black anchor said, “please knowthat you David Friend,who is in charge probeintoissues that were at KYW-TV have my commitment—and that of local news forthe stations, raised in the report. Philadelphia as of ViacomCBS’ senior leader- Executive Editor overseeCBS’s28local stations “CBS is committedtoadi- a ‘jive guy.’ ship—tofoster and maintain a in major marketsacrossthe verse, inclusiveand respectful positive, inclusiveand equitable country, including NewYork, workplacewhereall voices are workplaceatStations and Sets Retirement LosAngeles and Chicago. heard, claims areinvestigated Mr.Friend told the LosAn- acrossCBS.” Mr.Cheeks also According to the article in and appropriateaction is taken geles Times that he believed the said he and MarvaSmalls,head the LosAngeles Times,Messrs. wherenecessary,” the company station group has a“strong of global inclusion forViacom- BY JEFFREY A. TRACHTENBERG Bezosthanked Mr.Baron for Dunn and Friend resisted ef- said. CBS Chief Operating Offi- track record” of hiring women CBS,met Sundayevening with his work and wrotethat the fortstohireand retain Black cerand Chief Financial Officer and people of color forkey the National Association of WashingtonPost Executive paper’s success in recent journalists, bullied female exec- BryonRubin will assume lead- roles.Headded that anycom- Black Journalists. Editor Marty Baron said he years“would not and simply would retireatthe end of Feb- could not have happened ruaryafter an eight-year ten- without you.” ureinwhich he expanded the Mr.Baron “led the Post at a newsroom and itsreach and time of incredible business oversawaggressivecoverage transition, moving it from alo- of theTrump administration. calpaper in an important city During anearly 45-year ca- to being anational voice, par- reer in journalism, Mr.Baron ticularly on national politics,” led several news organizations said David Chavern,chief exec- including the utiveofthe News Media Alli- HOWDOYOU MANAGE andthe Boston Globe, where ance, alobbying group forthe he oversawthe team that ex- publishing industry. “He’sleav- posed asexual-abuse scandal ing the Post in amuch better RISK WHEN THEWORLD IS in the Catholic Church. placethan he found it.” “Atage 66,Ifeel ready to ThePost won10Pulitzer moveon,” Mr.Baron wrotein prizes during Mr.Baron’sten- UPSIDE DOWN? anotetoPost employees, ure, including four consecutive which the companypublished national-reporting awardsbe- online. tween 2015 and 2018. Mr.Baron took the topjob Likemanynewsrooms,the at theWashingtonPost in Jan- WashingtonPost recently faced uary2013,months beforethe internal criticism regarding di- wasacquired by versity issues.Inresponse,the Amazon.com Inc.founder Jeff news organization created Bezos. morethan adozennew report- He helped lead the Post’s ing jobs to addressthose con- aggressivedigital push: It now cerns,including amanaging ed- has three million paying digital itor position. It also committed subscribers, according to a to providing morecoverageof spokeswoman. Thenewsroom race-related issues. nearly doubled in sizeduring In ararity foranewsman, Mr.Baron’stenureand now Mr.Baron wasonceportrayed countsover1,000 journalists, on the big screen—by actor up from 580 when he arrived. —for his real-life In amemo to Post staffers role as editor of the Boston on Tuesday, Chief Executive Globe.The 2015 movie “Spot- Fred Ryan said that the news light,” which chronicled the organization would soon Globe’sinvestigation of sex- launch asearch forasucces- abuse allegations involving the sor,which he said would “bea Catholic Church in the Boston broad and inclusiveone.” area,won the 2016 Academy In an post,Mr. Awardfor best picture.

theFour Seasons hotel chain Warner, and TwitterInc. In recent years, his standing inside appeared Saudi Firm to wane foratime,threatening his investment empire, includ- ing his conglomerate Kingdom Near Deal Holding Co.Hewas detained in 2017 as part of what Saudi officials described as acrack- ContinuedfrompageB1 down on allegedcorruption. people involved in thediscus- Abouttwo months later, he sion.Warner Music is home to wasreleased afterreaching an international starsincluding Ed undisclosed settlement with Sheeran, Cardi Band Madonna. authorities,and he then won It owns labels including Atlan- back favor inside the Saudi tic,Elektraand itsflagship War- royalcourt, TheWall Street ner Records,aswell as Warner Journal previouslyreported. Chappell Music,the world’s Adeal with Warner Music third-largest music publisher. would be his highest profile RotanaMusic,meanwhile, transaction sincethat rehabili- is the Arab world’slargest re- tation. TheJournal previously cord label with regional stars reported Princeal-Waleed had such as Syrian singer George held preliminarytalks as early Wassouf. The two companies as 2018 about apossible War- plan to producecross-cultural ner investment in Rotana Me- content, as well, if adeal is dia Group. Those talks nar- consummated, people familiar rowed to Rotana Music, the with the plans said. Journal subsequently reported. Global recorded-music reve- Warner Music listed on the nue has been growing strongly Nasdaq stock exchangelast in recent years,boosted by the year, but billionaire Len Blav- popularity of streaming services atnik’s Access Industries Inc. likeSpotifyand . holds voting control. Streaming rescued the industry TheMiddle East, and Saudi from more than adecade of de- Arabia in particular, brings a cline at the hands of online pi- potentially large,untapped racy and acollapse in CD sales. revenue base forgrowthfor RotanaMusic is asubsid- content providerslikeWarner iary of Rotana Media Group, Music. The oil-rich market of the entertainment conglomer- Saudi Arabia is home to al- ateowned by Princeal-Wa- most 35 million people, a de- leed, alongtime investor in mographic skewing young and major Western companies,like relatively affluent.

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B6 | We dnesday, January 27, 2021 THE WALL STREET JOURNAL. THE PROPERTY REPORT On , Hints of Revival Apartment Owners Swanky retailers pin flecting vacancies and expir- ingleases that haven’t been hopes on lower rents, filled, reached 23% in the Feel Rent vaccine rollouts, less fourth quarter,though that wasdownfrom27% ayear Trump disruption earlier. Squeeze Not all retailersare bullish BY ESTHER FUNG about their prospectsonFifth BY WILL PARKER Avenue.Italy’s Valentino SpA AND PETER GRANT Afteraverydark period, is suing to terminatea the sun is starting to shine roughly $19 million-a-year Theapartment businesshas againonManhattan’sfamed leaseofastore two blocks weathered theCovid-19 pan- FifthAvenue retail corridor. south of . demicbetterthan most of the With Donald Trump’sten- Valentino’s four-storyshop real-estatesector.That is start- ureinthe WhiteHouse over, is nowboarded up with asign ing to change. storeownersare looking for- directing customerstoits Ownersofmultifamily build- ward to fewerdisruptions Madison Avenue location in- ingsare falling behind on loan from protestersand fewerpo- stead. “The Covid-19 pan- payments. Banks view agreater licebarricades near Trump demic has undermined and number of rental loans as high Tower,which nearby store frustrated Valentino’s princi- risk. Eviction protections,lower ownerssay have had adamp- palpurpose in entering into rent collections and unprece- ening effect on their business. CK and continuing with the dented declines in the asking TO Retailers also anticipatethat lease,” according to court fil- rent in some urban marketsare the rollout of the Covid-19 ingsbythe retailer’s lawyer. also taking atoll.

vaccines will help bring back SHUTTERS Thelandlordhas filed amo- Nichecornersofthe multi- touriststoNew York City, A/ tion to dismissthe suit. family businessthat were popu- whereFifth Avenue has been /EP Property ownersinprevi- lar with investorsbeforethe

amust visit formany. ENES ousyearsjacked up rentson pandemic arenow some of the Asking rentshavetumbled SZ lowerFifth Avenue,hoping to worstoff.Ratingscompanies ON

about 18% from their 2017 JAS extend the retail strip’shigh- have downgraded bonds tied to year peak.That is helping at- Jeweler Harry Winston boarded up on Fifth Avenue in June after looting followed racial protests. glossimagefarther south. senior-housing and student- tract newretailersorenticing Thepart around the Flatiron housingproperties,and some existing ones to grab more corner of Central Park—is try- Average ground-floor asking shops boarded up their win- district stilllooks troubled, co-living companies,whereten- space. ing to emerge from one of its rent forManhattan's Fifth dows and reduced operating blighted by empty storefronts antslease rooms in shared “Retailersshould be worstperiods in manyyears. Ave. from 49th to 60th Streets hoursafter stores on the strip and subject to falling asking apartments, arealso struggling. happy,” said Adelaide FifthAvenue has long been runbyMicrosoftCorp.and rents. Earlier this month, the co-living Polsinelli,vicechair of the synonymous with luxury $3,200 asquarefoot designer Michael Kors suf- Still, some retailerson operator Quarters closed all of commercial investment sales goods and high-end fashion, fereddamage. Theoncebus- prime FifthAvenue saythey itsU.S.operations,filing for10 andleasing division at real- home to brands likeRolex, tling avenue turned nearly de- arestaying put. Tiffanyis bankruptcies. estate-services firm Compass. and Louis Vuitton. The serted at times. renovating itsflagship store But the traditional rental- 3,000 Luxurywatch andjewelry rentswerealways among the “Some days it’slikethe next to Trump Towerthat apartment businessisshowing maker Chopard recently world’smost expensive, but countryside,” said Shiqi Ding, would include the Blue Box cracks,too.During the pan- signed anew lease forthe they soared to newhighs in who lives and works in Mid- Cafe. Thenew storeisslated demic,the shareoftotal apart- CrownBuilding oppositethe theprevious decade as inter- town Manhattan. to open in 2022, and in the ment debt that banks placeinto 2,800 Tiffany&Co.store.Toy nationaltourism to the city That newreality has meantime,shopperscan visit their highest-risk categories has maker Lego AS moved to a climbed. caused some property owners itstemporarystore nearby. ballooned to 16.9%from4.6%, biggerstore on FifthAvenue, Retailers were oftenwilling to become moreamenable to Cho Cho Cheng, founder of according to areport from whereitwill occupy 10,000 to suffer losses at their Fifth 2,600 lowerrentsand moreflexible the women’sdesigner label Trepp LLC,areal-estatedata squarefeet, or morethan Avenue stores,basking in the terms.Average ground-floor Chocheng,opened aboutique firm that compiled risk ratings double itsprevious space. prestigeofthe world-re- asking rentsare back to on FifthAvenue location in from morethan adozenbanks. Jeweler HarryWinston signed nowned address. roughly 2013 levels at $2,575 late2019.Hehad to close his “A lot of this wasdriven by adeal to nearly double its Yet even before the pan- 2,400 asquarefoot ayear in the doorsafew months later be- people being in stress,” said spaceonFifth Avenue. demic,this exclusivehigh fourth quarter.This is down cause of the pandemic. Russell Hughes,avicepresident 2016 ’17 ’18 ’19 ’20 “This is the iconic and his- street had started losing abit from apeak of $3,123 re- “It has certainly been diffi- at Trepp. Landlords requested torical placefor HarryWin- of itsluster.Ase-commerce Source:Cushman &Wakefield corded during the firstquar- cult and challenging to keep payment leniencyontheir ston,” said arepresentativefor invaded the luxurysphereand terof2017, according to bro- thebusinessafloat,” he said. loans,and this wasamajor fac- Swatch Group,which owns brands sold moregoods on- lords and retailershavesaid. kerage firm Cushman & But in ahopeful sign, he torinbanks raising their risk thejeweler.“It representsa line,manytenantshad a Then the pandemic struck Wakefield. added, he has decided against assessments, he added. big opportunity to increase harder time justifying some of the harshest blow, causing “There’s obviously been a terminating the lease. Some large apartment own- the space for the brand.” the retail world’shighest tourism to dryup. These shiftinlandlords’ expecta- “Wehavedecided to keep ers, such as NewYork’sChetrit Prime FifthAvenue—the rents. Thebarricades that ar- stores absorbed yetanother tions,” said SteveSoutendijk, thestore,” Mr.Cheng said. family,are feeling the squeeze. roughly 10-block stretch from rived afterMr. Trump’selec- hit afterlootersdescended on executivemanaging director “Wehope it will all work out A$481 million securitized loan Saks FifthAvenue at East tion in 2016 discouraged the city over the summer dur- at Cushman &Wakefield. in the end, and we believeit backed by 43 of the family’s 49th Street to the southeast strollersand shoppers, land- ing unrest. ManyFifth Avenue Overall availability rate,re- is worth the effort.” rental buildingsacrossthe Mid- west and the Sunbelt was placed on an at-risk watchlist by theloans’ special servicer, KeyBank.The bank cited the federal eviction moratorium "$* NS%5! 8Q&<3& 4;=:@&@7&' 5; @<<;3<(& as reasons whybuilding income wasn’t sufficient to coverloan payments. Arepresentativeofthe fam- *!-# )!$%,( "*B***.N H2 2P+ ily didn’t respond to requests /& )+.!"'( FP8.P -/82.84-H12.A T forcomment. ONA Developersofnew apart- OC

/C ment buildingslook even more vulnerable right now, having to +& O;3>' >SR& 5; O&>(;=& 5!& GLER VO fill unitswhen manyrentersleft %;>>;OS<#<&O -&<@<57 @<'5!@

TILMAN find cheaper apartments. Some 5!& 69;R&97 @<' 4;3<7&>A A campfire at Coconat, a co-living space in rural Germany. investorssee an opportunity in giving these troubled builders short-term, high-cost financing. /;>&M +@5(! ,A.A8AB H<(A Ex-CityDwellersTry One is Harbor Group Inter- national LLC.The Norfolk,Va., investment firm, with about $13 Countryside Co-Living billion of assetsunder manage- ment, has raised $245 million in BY KONRAD PUTZIER masks,and staff air out rooms equity foraloan fund, counting regularly.The spacehasn’t had the Canada Pension Plan Invest- LS)<&KB8<5!;@!&95KB FF0 Young professionals who anyinfections,Ms. Becker ment Boardamong itsinves- fled big cities forsmall towns said, but other co-living oper- tors.With leverage, the fund during the pandemic are pro- ators recognize the chance. will be able to makeloans total- viding an unexpected boost to “Ifyou’reconsidering going ing $900 million to $1 billion. atype of real estategeared to- to abig house with other peo- TheHarbor fund is complet- ward communal living. ple, you assume that at some ing aloan to adeveloper that -&<@<57 /&:9&7&<5&' )K? Manyofthose who left point, it is apossibility that finished construction of a200- N9@>;BN9@>; /&@>5K FF4 were seeking fresh air,more someone gets infected,” said unit project in late2019.“In spaceand distancefrominfec- Eduardo Diego, who runs the March 2020,they started sign- tion clusters, but they also co-living and co-working space ingleases and then the whole -&<@<5 4;3<7&>? found the prospect of being Sun & Co. in Javea, a town of world stopped,” said Harbor’s E&>QK< J@>:&9 @<' 0&5&9 4;37S<7 isolated in the countrydaunt- about 27,000 people on Spain’s president, RichardLittonJr. ing.Sothey have been looking Mediterranean coast. Still, manyinthe real-estate LS)<&KB 8<5!;@!&95KB FF0 for companionship at remote Rural andsmall-townco- industrybelievethat apartment co-living spaces,whereten- living is growing in popularity ownersare much betterposi- ants rent furnished rooms in in the U.S., too. Last summer, tioned to ride out this recession 1O<&97!S: /&:9&7&<5&')K? big, shared homes. when Google told employees than they were the last one. G;<@5!@< N@>&7B 6@99K C&>>&9B These former vacation they wouldn’t have to come That is in largepart due to homes,farms or converted ho- back to the officebefore their relatively lowlevelsof ES(!@&> -9@<%@>S@B J@>&K NS7!&9B tels offer ashared officespace mid-2021, Sofia Taboada gave debt, said Kris Mikkelsen, chief @<' 0S&9(&J@<(& and a place to sleep for those up her Brooklyn studio apart- operating officer of brokerage 437!=@< D+@R&%S&>' whowant temporaryaccom- ment. Today, she lives in aco- Walker &Dunlop’sinvestment modation. living spaceinEncinitas,a sales division. European have beach town near SanDiego 8'QS7;95;1O<&97!S:? been at the forefront of this run by Outsite. Sales of U.S. apartment 0@3> .:S&#&>B .(;:@ 4/P 8'QS7;9K trend. Coconat—short for At Outsite’sLakeTahoe loca- buildings fell 28% lastyear. community and concentrated tion, about half the beds were work in nature—is in avillage occupied beforethe pandemic. Apartment-buildingsales 1O<&97!S: 4;3<7&>? outside Berlin. The5-acre Nowitis90% booked, said volume,annual change property,based in aconverted founder Emmanuel Guisset. 40% /;)&95 4K93>SB .53@95 6@77&> manor,includes shared offices, One of Mr.Diego’srecent @<' G&<<@ 6&I;I@ a sauna, a swimming pond, a customers, Hannah Ludlow, 4K93>S .!@

THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | B7 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 Alcon ALC 76.01 1.16 AmerTowerREIT AMT 232.29 4.78 AscendisPharma ASND155.72 -3.17 BerkHathwy B BRK.B 231.57 -1.44 CME Group CME 183.75 -0.62 CheniereEnergy LNG 60.66 -4.27 DEO 161.09 2.50 Market listed securities. Prices are composite dd-Indicates loss in the most recent AlexandriaRlEst ARE 169.01 -0.47 AmerWaterWorks AWK 159.31 -1.90 AspenTech AZPN 142.75 0.58 BestBuy BBY 114.70 0.96 CMS Energy CMS 58.78 -0.74 CheniereEnerPtrs CQP 37.92 -0.78 DiamondbkEner FANG 59.61 -1.72 quotations that include primary market trades four quarters. s AlexionPharm ALXN 161.75 0.43 AmericanWell AMWL 38.11 4.09 Assurant AIZ 130.47 -2.26 s BeyondMeat BYND 186.83 28.10 CNA Fin CNA 39.19 -0.75 Chevron CVX 89.36 -1.54 DigitalRealty DLR 145.85 3.22 as well as trades reported by Nasdaq BX FD-First day of trading. Alibaba BABA 265.92 4.54 AmericoldRealty COLD 36.16 0.27 AstraZeneca AZN 54.44 0.43 Bilibili BILI 126.00 -8.27 CNH Indl CNHI 12.98 -0.02 Chewy CHWY 102.29 -0.20 DiscoverFinSvcs DFS 86.82 -2.24 (formerly Boston), Chicago , h-Does not meet continued listing AlignTech ALGN 535.10 -4.37 Ameriprise AMP 211.27 -0.34 Athene ATH 42.69 -0.02 Bill.comBILL 119.53 -8.62 CNOOC CEO 101.12 -0.29 ChinaEastrnAir CEA 20.32 0.02 DiscoveryB DISCB 39.20 0.79 Cboe, NYSE National and Nasdaq ISE. standards Alleghany Y 580.16 -6.41 AmerisourceBrgn ABC 108.84 1.97 Atlassian TEAM 223.88 -7.20 Bio-Techne TECH 340.34-12.10 CRH CRH 42.84 -0.38 ChinaLifeIns LFC 11.16 0.01 s DiscoveryA DISCA 40.72 1.72 The list comprises the 1,000 largest lf-Late filing s companies based on market capitalization. q-Temporary exemption from Nasdaq Allegion ALLE 111.26 -0.83 Ametek AME 113.30 -3.05 AtmosEnergy ATO 90.95 0.51 Bio-RadLab B BIO.B 573.65-16.45 CRISPR Therap CRSP 169.53-11.71 ChinaPetrol SNP 49.12 -0.85 DiscoveryC DISCK 35.40 1.24 AlliantEnergy LNT 49.84 -0.66 Amgen AMGN 258.60 1.50 Autodesk ADSK 291.75 -1.89 Bio-RadLab A BIO 570.76-17.58 CSX CSX 86.83 -1.05 ChinaSoAirlines ZNH 27.56 0.34 Disney DIS 169.56 -2.33 Underlined quotations are those stocks with requirements. t-NYSE bankruptcy Allstate ALL 109.52 -1.43 Amphenol APH 130.02 -2.80 s Autohome ATHM 114.94 3.54 Biogen BIIB 271.67 -3.87 C3.ai AI 141.43 -6.40 Chipotle CMG 1489.25 2.93 DocuSign DOCU 235.11 -9.29 large changes in volume compared with the Chubb CB 150.20 -2.49 issue’s average trading volume. v-Trading halted on primary market. AllyFinancial ALLY 38.68 -0.68 AnalogDevices ADI 154.94 1.22 ADP ADP 164.53 0.85 BioMarinPharm BMRN 85.91 -3.06 CVS Health CVS 74.23 1.02 DolbyLab DLB 93.22 -1.36 vj-In bankruptcy or receivership or s AlnylamPharm ALNY 170.02 -5.67 Anaplan PLAN 66.53 -2.52 AutoZone AZO 1194.55 -1.49 BioNTech BNTX 106.29 -4.32 CableOne CABO 2025.99-42.07 ChunghwaTel CHT 39.02 0.22 DollarGeneral DG 206.12 -0.45 Boldfaced quotations highlight those issues being reorganized under the Alphabet A GOOGL 1907.95 13.67 AngloGoldAsh AU 23.91 -0.04 Avalara AVLR 151.24-10.01 BlackKnight BKI 80.69 -0.84 CadenceDesign CDNS 133.83 -2.07 Church&Dwight CHD 88.00 0.88 DollarTree DLTR 105.70 -0.67 whose price changed by 5% or more if their Bankruptcy Code, or securities ChurchillDowns CHDN 197.53 -7.28 DominionEner D 73.64 0.08 previous closing price was $2 or higher. assumed by such companies. Alphabet C GOOG 1917.24 17.84 AB InBev BUD 65.14 0.44 Avalonbay AVB 168.11 1.50 BlackBerry BB 18.92 0.89 CaesarsEntCZR 74.36 -4.04 Alteryx AYX 122.50 -0.35 AnnalyCap NLY 8.43 0.02 Avangrid AGR 46.84 -0.13 BlackLine BL 130.90 -4.45 CamdenProperty CPT 103.60 0.89 CIEN 55.12 0.12 Domino's DPZ 378.84 0.35 AlticeUSA ATUS 35.68 -0.03 ANTM 312.52 -2.85 Avantor AVTR 29.92 -0.77 BlackRock BLK 721.85 -1.13 CampbellSoup CPB 49.95 1.95 CI 215.76 -4.33 DoorDash DASH 198.22 6.41 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Altria MO 42.23 0.27 AON 209.96 1.30 AveryDennison AVY 155.37 -0.56 s Blackstone BX 64.90 -0.08 CIBC CM 87.33 0.32 CincinnatiFin CINF 86.78 -1.70 Dover DOV 124.25 -0.82 changes in the closing prices from 4 p.m. the previous day. AlumofChina ACH 8.31 -0.11 ApolloGlbMgmt APO 49.18 3.30 s AxonEnterprise AXON 176.65 2.11 BA 202.06 -1.30 CanNtlRlwy CNI 107.19 -0.80 Cintas CTAS 323.16 -4.97 Dow DOW 55.74 -1.49 Amazon.com AMZN 3326.13 32.13 Appian APPN 214.58 27.08 BCE BCE 43.65 0.33 BookingHldgs BKNG 1983.16-35.27 CanNaturalRes CNQ 23.82 -0.67 CiscoSystems CSCO 45.26 0.23 DrReddy'sLab RDY 68.59 -0.75 Net Net Tuesday, January 26, 2021 Ambev ABEV 2.90 0.05 Apple AAPL 143.16 0.24 BHP Group BHP 71.80 0.59 s BoozAllen BAH 97.84 0.28 CanPacRlwy CP 342.06 -2.40 Citigroup C 60.91 0.35 DraftKings DKNG 54.06 2.77 Stock Sym Close Chg Stock Sym Close Chg Net Amcor AMCR 11.21 0.24 ApplMaterials AMAT 105.53 -2.59 BHP Group BBL 58.19 0.49 s BorgWarner BWA 43.96 0.45 Canon CAJ 22.41 0.93 CitizensFin CFG 37.05 -1.00 DBX 22.20 0.18 Stock Sym Close Chg ASETech ASX 7.15 -0.20 AdvanceAuto AAP 157.63 -2.03 Amdocs DOX 71.49 -0.17 Aptargroup ATR 138.85 -0.36 BP BP 23.03 -0.04 BostonBeer SAM 974.00 26.70 s CanopyGrowth CGC 35.52 2.61 CitrixSystems CTXS 139.10 7.47 DukeEnergy DUK 92.92 0.01 A B C ASML ASML 549.00-18.61 AdvMicroDevices AMD 94.71 0.58 Amedisys AMED 311.07 -3.09 Aptiv APTV 135.70 -3.31 BIDU 248.30 -6.57 BostonProps BXP 92.72 1.44 CapitalOne COF 99.93 -2.60 Clarivate CCC 29.00 0.53 DukeRealty DRE 40.84 0.75 AT&T T 29.75 0.64 Aegon AEG 4.12 0.08 Amerco UHAL460.74-12.28 Aramark ARMK 35.12 -0.53 BakerHughes BKR 20.61 -0.44 BostonSci BSX 36.64 -0.14 CardinalHealth CAH 55.48 0.45 CLX 212.99 2.14 Dun&Bradstreet DNB 24.25 -0.34 CloudflareNET 77.03 -5.75 ABB ABB 30.52 0.43 AbbottLabs ABT 114.73 0.01 AffirmHldgs AFRM 110.08 -2.62 Ameren AEE 75.21 0.13 ArcelorMittal MT 21.99 ... Ball BLL 88.80 -1.06 BridgeBioPharma BBIO 62.33 -3.46 Carlisle CSL 150.59 -2.70 DuPont DD 79.83 -1.52 Coca-Cola KO 49.29 0.51 AcadiaPharm ACAD 51.61 -2.34 AbbVie ABBV 108.80 -1.70 AgilentTechs A 123.92 -1.56 AmericaMovil A AMOV 15.04 -0.64 ArchCapital ACGL 32.90 -0.47 s BallardPower BLDP 37.31 1.91 BrightHorizons BFAM 157.46 5.69 Carlyle CG 32.41 -0.60 Dynatrace DT 43.53 -0.86 Coca-Cola Euro CCEP 47.70 0.20 AECOM ACM 53.07 -0.59 AbCelleraBio ABCL 47.77 -1.02 AgnicoEagle AEM 70.93 -0.19 AmericaMovil AMX 14.37 -0.07 ArcherDaniels ADM 52.18 -0.91 BancoBilbaoViz BBVA 4.81 0.02 BristolMyers BMY 64.44 -0.39 s CarMax KMX 127.79 6.83 E 20.69 0.23 Cognex CGNX 81.75 -2.56 AES AES 24.56 -1.67 Abiomed ABMD 340.89 -7.43 AirProducts APD 277.99 -1.03 AmerAirlines AAL 15.53 0.10 AresMgmt ARES 45.96 0.78 BancoBradesco BBDO 4.00 -0.10 BritishAmTob BTI 38.00 0.28 Carnival CCL 18.72 -0.50 EOG Rscs EOG 53.49 -1.71 CognizantTech CTSH 79.55 -0.48 Aflac AFL 46.43 -0.14 Accenture ACN 252.99 0.95 s ABNB 192.74 15.21 AEP AEP 81.82 -0.77 arGEN-X ARGX 300.99-14.34 BancodeChile BCH 20.78 ... Broadcom AVGO 463.87 -0.92 Carnival CUK 16.19 -0.26 EPAM Systems EPAM 350.75 -3.40 ColgatePalm CL 78.75 0.14 AGCO AGCO 111.07 -1.07 ActivisionBliz ATVI 92.38 -1.02 AkamaiTech AKAM 117.00 5.67 AmerExpress AXP 116.15 -5.00 AristaNetworks ANET 307.00 -0.69 BancSanBrasil BSBR 7.30 0.02 BroadridgeFinl BR 151.79 1.12 CarrierGlobal CARR 37.32 -1.57 s EastWestBncp EWBC 60.81 -2.24 A CMCSA 50.09 1.12 AGNC Invt AGNC 16.16 -0.09 AdaptiveBiotech ADPT 62.14 -3.37 Albemarle ALB 175.38 -1.54 AmHomes4Rent AMH 30.81 0.19 ArrowElec ARW 103.70 -1.21 BcoSantChile BSAC 20.80 0.13 BrookfieldMgt BAM 39.20 0.66 Carvana CVNA 261.33-11.48 EastmanChem EMN 103.37 -1.33 Comerica CMA 60.12 -1.24 Ansys ANSS 366.64 -1.23 Adobe ADBE 476.28 2.84 s ACI 19.50 0.91 AIG AIG 39.11 -0.47 ArrowheadPharm ARWR 81.14 -2.99 BancoSantander SAN 3.09 0.03 BrookfieldInfr BIP 53.79 1.06 Catalent CTLT 113.35 -2.38 Eaton ETN 120.74 -1.08 BanColombia CIB 34.54 -0.52 BrookfieldPropREIT BPYU 17.17 0.12 Caterpillar CAT 187.21 -0.13 CommerceBcshrs CBSH 70.02 1.41 EatonVance EV 69.60 -0.69 BankofAmerica BAC 30.94 -0.22 BrookfieldRenew BEPC 56.10 -2.06 Celanese CE 125.65 -2.73 CiaSiderurgica SID 6.10 0.13 eBay EBAY 59.17 1.92 BankofMontreal BMO 77.15 0.15 Brown&Brown BRO 45.67 -2.06 Cemex CX 6.21 0.01 ConagraBrands CAG 35.49 0.53 Ecolab ECL 209.33 -1.93 ConocoPhillips COP Exchange-Traded BANKRATE.COM® MMA, Savings and CDs BankNY Mellon BK 41.34 0.04 Brown-Forman B BF.B 73.19 1.22 CenovusEnergy CVE 5.76 -0.17 41.68 -0.90 Ecopetrol EC 13.10 0.11 BkNovaScotia BNS 54.80 -0.07 Brown-Forman A BF.A 67.60 1.55 Centene CNC 60.10 -0.83 ConEd ED 70.28 -0.36 EdisonInt EIX 59.10 -0.30 ConstBrands A STZ Portfolios Barclays BCS 7.60 0.08 Bruker BRKR 58.56 -1.54 CenterPointEner CNP 21.95 0.28 219.85 -2.32 EdwardsLife EW 86.54 0.65 Average Yields of Major Banks Tuesday, January 26, 2021 BarrickGold GOLD 23.28 -0.16 BuildersFirstSrc BLDR 40.36 -1.57 CentraisElBras EBR 5.10 0.15 ContextLogic WISH 27.10 1.45 ElancoAnimal ELAN 30.35 0.40 BauschHealth BHC 26.45 -0.55 Bunge BG 66.65 -1.07 CeridianHCM CDAY 97.41 -3.80 Cooper COO 377.42 -6.23 Elastic ESTC 157.39 -7.21 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR BaxterIntl BAX 80.81 0.71 BurlingtonStrs BURL 251.32 -1.22 Cerner CERN 81.33 0.83 Copart CPRT 110.27 -2.63 ElectronicArts EA 146.30 ... Largest 100 exchange-traded funds, Corning GLW latest session National average BectonDicknsn BDX 258.35 -1.89 CBRE Group CBRE 63.13 -1.99 CharlesRiverLabs CRL 265.48 -8.06 37.17 -1.29 EmersonElec EMR 81.89 -0.59 Corteva CTVA 39.48 -1.82 Savings 0.07 0.06 0.06 0.08 0.10 0.15 0.20 0.16 0.29 BeiGene BGNE 358.34-18.57 CDW CDW 134.24 -0.99 CharterComms CHTR 649.54 -2.63 ENB 34.86 0.28 CoStar CSGP 903.05 -6.21 Tuesday, January 26, 2021 BentleySystems BSY 42.19 -0.88 CF Industries CF 41.98 -1.49 CheckPoint CHKP 130.80 0.76 EncompassHealth EHC 85.86 0.16 Jumbos 0.16 0.07 0.06 0.08 0.12 0.17 0.22 0.17 0.30 Costco COST 364.98 3.10 Berkley WRB 64.95 -1.11 CGI GIB 77.62 -0.97 Chegg CHGG 100.17 4.35 EnelAmericas ENIA 7.64 -0.05 Closing Chg YTD CoupaSoftware COUP 305.50-12.89 Weekly change BerkHathwy A BRK.A 349200-2700.00 CH Robinson CHRW 97.50 -1.82 s Chemed CHE 540.18-15.84 EnergyTransfer ET 6.62 0.05 ETF Symbol Price (%) (%) Credicorp BAP Savings -0.01 0.00 0.00 0.00 -0.01 -0.01 0.00 0.00 0.00 155.06 1.04 EnphaseEnergy ENPH 187.34-15.39 ARKInnovationETF ARKK 141.83 –3.30 13.9 CreditSuisse CS 13.49 -0.07 Jumbos -0.01 0.00 0.00 -0.01 0.00 -0.01 0.00 0.00 0.00 Entegris ENTG 105.84 -2.68 CommSvsSPDR XLC 70.18 1.36 4.0 Cree CREE 106.61 -4.51 Entergy ETR 94.69 -0.06 CnsmrDiscSelSector XLY 170.62 –0.06 6.1 CrowdStrike CRWD 206.80-10.69 EnterpriseProd EPD 21.26 0.14 CnsStapleSelSector XLP 66.31 0.90 –1.7 Dividend Changes CrownCastle CCI 163.45 2.56 Equifax EFX 180.49 1.74 EnSelectSectorSPDR XLE 40.75 –2.14 7.5 Consumer Savings Rates CrownHoldings CCK 93.23 0.24 FinSelSectorSPDR XLF 29.88 1.4 Equinix EQIX 735.24 12.08 –0.80 Dividend announcements from January 26. CMI 246.82 0.28 HealthCareSelSect XLV 117.92 –0.37 3.9 Below are the top federally insured offers available nationwide according to Bankrate.com's Equinor EQNR 18.37 -0.46 CureVac CVAC 98.73 -5.77 IndSelSectorSPDR XLI 87.10 –0.92 –1.6 weeklysurveyofhighestyields.Forlatestoffersandreviewsofthesefinancialinstitutions,please Amount Payable / Equitable EQH 25.94 -0.72 CyrusOne CONE 73.39 1.07 InvscQQQI QQQ 328.59 0.15 4.7 visit bankrate.com/banking/reviews. Information is believed to be reliable, but not guaranteed. Company Symbol Yld %New/Old Frq Record EquityLife ELS 64.50 0.78 InvscS&P500EW RSP 130.67 –0.49 2.5 D E F EquityResdntl EQR 62.63 0.96 iShCoreDivGrowth DGRO 45.60 –0.31 1.7 High yield savings Increased ErieIndemnity A ERIE 235.97 -1.72 iShCoreMSCIEAFE IEFA 71.19 0.28 3.0 Yield Cadence Bancorp CADE 1.8 .15 /.075 Q Feb12 /Feb05 DISH Network DISH 31.56 0.86 EssentialUtil WTRG 45.75 0.26 iShCoreMSCIEM IEMG 66.86 –0.71 7.8 Bank Bank Yield Delek Logistics Partners DKL 8.9 .91 /.905 Q Feb09 /Feb02 DTE Energy DTE 122.79 -0.66 EssexProp ESS 243.77 1.15 Phone number Minimum (%) Phone number Minimum (%) iShCoreMSCITotInt IXUS 70.15 ... 4.4 DadaNexus DADA 45.03 0.48 EsteeLauder EL 245.31 -4.71 iShCoreS&P500 IVV 385.27 –0.15 2.6 Franklin Electric FELE 0.9 .175 /.155 Q Feb18 /Feb04 Danaher DHR 233.98 -4.17 s Etsy ETSY204.41 -4.40 iShCoreS&P MC IJH 242.05 –1.05 5.3 Money market and savings account Six-month CD Independent Bank Michigan IBCP 4.3 .21 /.20 Q Feb16 /Feb05 Darden DRI 118.58 -1.42 EverestRe RE 227.17 -1.08 iShCoreS&P SC IJR 101.32 0.01 10.3 TAB Bank $0 0.65 Presidential Bank, FSB $1,000 0.50 Kimberly-Clark KMB 3.1 1.14 /1.07 Q Apr05 /Mar05 DarlingIngred DAR 65.90 -0.64 Evergy EVRG 53.54 -0.72 iShS&PTotlUSStkMkt ITOT 89.04 –0.34 3.3 (800) 355-3063 (800) 799-1424 RBB Bancorp RBB 2.1 .12 /.09 Q Feb12 /Feb01 iShCoreUSAggBd AGG 117.51 –0.03 –0.6 Datadog DDOG 103.52 -5.45 EversourceEner ES 89.89 -0.40 Live Oak Bank $1 0.60 Goldwater Bank $5,000 0.50 Sierra Bancorp BSRR 3.5 .21 /.20 Q Feb12 /Jan29 iShSelectDividend DVY 100.20 –0.09 4.2 DaVita DVA 119.26 0.70 ExactSciences EXAS 141.04-12.89 iShESGAwareUSA ESGU 88.61 –0.17 3.0 (866) 518-0286 (480) 281-8200 Stocks DeckersOutdoor DECK 304.23-10.14 Exelon EXC 42.85 -0.50 iShEdgeMSCIMinUSA USMV 68.19 –0.07 0.5 Comenity Direct $100 0.60 BankDirect $10,000 0.50 Deere DE 296.01 -2.19 Expedia EXPE 131.50 -4.49 Exela Technologies XELA 1:3 /Jan26 iShEdgeMSCIUSAMom MTUM 169.32 –1.08 5.0 (833) 755-4354 (877) 839-2737 DellTechC 76.04 0.36 ExpeditorsIntl EXPD 94.39 0.42 iShEdgeMSCIUSAQual QUAL 116.78 –0.21 0.5 Foreign DeltaAir DAL 39.32 0.42 ExtraSpaceSt EXR 116.98 1.03 iShGoldTr IAU 17.65 –0.23 –2.6 One-month CD One-year CD DenaliTherap DNLI 72.98 -8.55 ExxonMobil XOM 45.87 -1.03 iShiBoxx$InvGrCpBd LQD Ritchie Bros RBA 1.4 .22 Q Mar05 /Feb12 136.27 –0.01 –1.3 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.71 DentsplySirona XRAY 57.16 0.15 F5Networks FFIV208.56 1.31 iShiBoxx$HYCpBd HYG 87.19 –0.15 –0.1 DeutscheBank DB 10.67 0.17 FMC FMC 110.32 -2.74 iShJPMUSDEmgBd EMB 114.15 –0.13 –1.5 (713) 358-9400 (800) 845-5025 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and DevonEnergy DVN 16.85 -0.52 FB 282.05 4.04 iShMBSETF MBB 110.17 –0.03 0.0 State Bank of India California $1,000 0.15 CFG Community Bank $500 0.67 ratio; SO: spin-off. DexCom DXCM 361.42-14.97 Continued on Page B8 iShMSCI ACWI ACWI 93.79 –0.31 3.4 (877) 707-1995 (888) 205-8388 iShMSCI EAFE EFA 75.17 0.15 3.0 Washington Savings Bank $500 0.10 Live Oak Bank $2,500 0.65 iShMSCIEmgMarkets EEM 55.84 –0.73 8.1 iShMSCIJapan EWJ 69.52 0.01 2.9 (978) 458-7999 (866) 518-0286 | iShNatlMuniBd MUB 117.54 0.17 0.3 Borrowing Benchmarks wsj.com/market-data/bonds/benchmarks iSh1-5YIGCorpBd IGSB 55.12 –0.01 –0.1 Two-month CD Two-year CD iShPfd&Incm PFF 38.18 –0.26 –0.9 Lone Star Bank $1,000 0.20 Connexus Credit Union $5,000 0.81 January 26, 2021 iShRussell1000Gwth IWF 249.11 –0.11 3.3 (713) 358-9400 (800) 845-5025 Money Rates iShRussell1000 IWB 217.55 –0.34 2.7 State Bank of India California $1,000 0.15 Goldwater Bank $5,000 0.80 iShRussell1000Val IWD 139.49 –0.46 2.0 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a iShRussell2000Gwth IWO 312.82 –0.95 9.1 (877) 707-1995 (480) 281-8200 iShRussell2000 IWM 213.30 –0.69 8.8 VirtualBank $10,000 0.15 Comenity Direct $1,500 0.75 guide to general levels but don’t always represent actual transactions. iShRussell2000Val IWN 142.82 –0.50 8.4 (877) 998-2265 (833) 755-4354 Week —52-WEEK— Week —52-WEEK— iShRussellMid-Cap IWR 70.43 –1.00 2.7 Inflation Latest ago High Low Latest ago High Low iShS&P500Growth IVW 66.19 0.06 3.7 Three-month CD Five-year CD Dec. index Chg From (%) iShS&P500Value IVE 129.70 –0.39 1.3 Goldwater Bank $5,000 0.35 Connexus Credit Union $5,000 1.01 Low 0.0400 0.0400 1.5800 0.0100 iShShortTreaBd SHV 110.51 ... –0.0 level Nov. '20 Dec. '19 Commercial paper (AA financial) iShSilver SLV 23.65 0.42 –3.7 (480) 281-8200 (800) 845-5025 Bid 0.0800 0.0800 1.6000 0.0100 90 days n.a. n.a. 2.53 0.04 iShTIPSBondETF TIP 127.91 –0.15 0.2 BrioDirect $500 0.25 First Internet Bank of Indiana $1,000 0.96 U.S. consumer price index Offer 0.1100 0.1000 1.6300 0.0500 iSh1-3YTreasuryBd SHY 86.38 –0.01 ... (877) 369-2746 (888) 873-3424 All items 260.474 0.09 1.4 Libor iSh7-10YTreasuryBd IEF 119.02 –0.03 –0.8 Lone Star Bank $1,000 0.25 Goldwater Bank $5,000 0.95 Treasury bill auction iSh20+YTreasuryBd TLT 153.38 –0.19 –2.8 Core 269.226 –0.09 1.6 One month 0.12250 0.12950 1.67088 0.12250 iShRussellMCGrowth IWP 105.10 –1.38 2.4 (713) 358-9400 (480) 281-8200 4 weeks 0.070 0.075 1.575 0.000 Three month 0.21850 0.22363 1.77713 0.20488 iShUSTreasuryBdETF GOVT 27.18 –0.06 –0.2 International rates 13 weeks 0.080 0.085 1.550 0.000 Six month 0.23450 0.23588 1.77925 0.23300 JPM UltShtIncm JPST 50.80 –0.02 0.0 High yield jumbos - Minimum is $100,000 26 weeks 0.085 0.095 1.535 0.080 One year 0.31150 0.31300 1.84713 0.31150 PIMCOEnhShMaturity MINT 102.13 ... 0.1 Week 52-Week SPDR BlmBarcHYBd JNK 108.88 –0.06 –0.1 Money market and savings account Six-month CD Latest High Low SPDRBloomBar1-3MTB BIL 91.51 –0.01 –0.0 ago Secondary market Euro Libor SPDR Gold GLD 173.62 –0.25 –2.7 CFG Community Bank 0.68 BankDirect 0.50 One month -0.580 -0.587 -0.360 -0.621 SchwabIntEquity SCHF 37.17 ... 3.2 Prime rates (888) 205-8388 (877) 839-2737 Three month -0.546 -0.554 -0.142 -0.574 SchwabUS BrdMkt SCHB 93.85 –0.33 3.1 BankDirect 0.60 Goldwater Bank 0.50 U.S. 3.25 3.25 4.75 3.25 30-year mortgage yields SchwabUS Div SCHD 65.76 –0.12 2.5 Six month -0.534 -0.533 -0.052 -0.540 (877) 839-2737 (480) 281-8200 Canada 2.45 2.45 3.95 2.45 SchwabUS LC SCHX 93.45 –0.29 2.7 30 days 1.975 2.035 3.017 1.751 One year -0.502 -0.499 0.008 -0.502 SchwabUS LC Grw SCHG 132.82 –0.19 3.4 BrioDirect 0.60 Presidential Bank, FSB 0.50 Japan 1.475 1.475 1.475 1.475 60 days 2.001 2.069 3.081 1.804 SchwabUS SC SCHA 96.25 –0.72 8.1 (877) 369-2746 (800) 799-1424 Secured Overnight Financing Rate Schwab US TIPs SCHP 62.24 –0.11 0.3 Policy Rates SPDR DJIA Tr DIA 309.39 –0.08 1.2 One-month CD One-year CD Other short-term rates 0.06 0.08 1.64 0.01 Euro zone 0.00 0.00 0.00 0.00 SPDR S&PMdCpTr MDY 442.26 –1.00 5.3 Lone Star Bank 0.20 Connexus Credit Union 0.71 Value 52-Week SPDR S&P 500 SPY 383.79 –0.16 2.7 Switzerland 0.00 0.00 0.50 0.00 (713) 358-9400 (800) 845-5025 Week 52-Week Latest Traded High Low SPDR S&P Div SDY 108.78 –0.10 2.7 Britain 0.10 0.10 0.75 0.10 Latest ago high low TechSelectSector XLK 134.03 0.07 3.1 State Bank of India California 0.15 CFG Community Bank 0.67 DTCC GCF Repo Index UtilitiesSelSector XLU 63.46 –1.00 1.2 (877) 707-1995 (888) 205-8388 0.10 0.10 0.75 0.10 Call money Treasury 0.042 66.820 1.720 0.002 VanEckGoldMiner GDX 35.09 –0.28 –2.6 VirtualBank 0.10 Live Oak Bank 0.65 VangdInfoTech VGT 365.07 –0.32 3.2 Overnight repurchase 2.00 2.00 3.50 2.00 MBS 0.076 44.150 1.703 0.011 (877) 998-2265 (866) 518-0286 VangdSC Val VBR 150.17 –0.74 5.6 U.S. 0.03 0.08 1.65 -0.07 VangdSC Grwth VBK 283.90 –1.12 6.1 Two-month CD Two-year CD VangdExtMkt VXF 174.18 –1.03 5.8 Notes on data: Lone Star Bank 0.20 Connexus Credit Union 0.81 U.S. government rates VangdDivApp VIG 141.21 –0.17 0.0 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, VangdFTSEDevMk VEA 48.69 0.04 3.1 (713) 358-9400 (800) 845-5025 Discount and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary VangdFTSE EM VWO 53.93 –0.63 7.6 State Bank of India California 0.15 Goldwater Bank 0.80 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is VangdFTSE Europe VGK 61.82 0.41 2.6 0.25 0.25 2.25 0.25 as of January 25, 2021. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted VangdFTSEAWxUS VEU 60.97 –0.13 4.5 (877) 707-1995 (480) 281-8200 VirtualBank 0.15 Comenity Direct 0.75 average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- VangdGrowth VUG 261.09 –0.16 3.1 Federal funds funds rates are Tullett Prebon rates as of 5:30 p.m. ET. VangdHlthCr VHT 234.36 –0.77 4.8 (877) 998-2265 (833) 755-4354 VangdHiDiv VYM 94.06 –0.21 2.8 Effective rate 0.0900 0.0900 1.6200 0.0600 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; VangdIntermBd BIV 92.34 0.04 –0.5 Three-month CD Five-year CD High 0.1200 0.1200 1.6500 0.1000 Tullett Prebon Information, Ltd. VangdIntrCorpBd VCIT 96.55 0.04 –0.6 Goldwater Bank 0.35 Connexus Credit Union 1.01 VangdLC VV 180.33 –0.30 2.6 (480) 281-8200 (800) 845-5025 VangdMC VO 211.55 –1.03 2.3 VangdMBS VMBS 54.05 ... –0.0 Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 ADVERTISEMENT VangdRealEst VNQ 87.03 0.71 2.5 (713) 358-9400 (888) 873-3424 VangdS&P500ETF VOO 352.80 –0.15 2.7 State Bank of India California 0.25 Goldwater Bank 0.95 VangdST Bond BSV 82.83 –0.02 –0.1 (877) 707-1995 (480) 281-8200 VangdSTCpBd VCSH 83.14 0.02 –0.1 BusinessReal Estate&Auctions VangdSC VB 205.77 –0.91 5.7 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of To advertise: email [email protected] or WSJ.com/classifieds VangdTotalBd BND 87.57 –0.01 –0.7 compounding and rate stated for the lowest required opening deposit to earn interest. CD VangdTotIntlBd BNDX 58.32 –0.07 –0.4 VangdTotIntlStk VXUS 62.77 –0.19 4.3 figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of which may be checks. Rates are subject to change. VangdTotalStk VTI 200.73 –0.36 3.1 AUCTIONS AUCTIONS VangdTotlWrld VT 95.76 –0.29 3.4 Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 VangdValue VTV 121.45 –0.30 2.1 Internet: www.bankrate.com %!"& !$#"#! ADVERTISEMENT "#!$'%& BusinessReal Estate&Services To advertise: email [email protected] or WSJ.com/classifieds

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B8 | We dnesday, January 27, 2021 NY THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net Net Net 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 Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Graco GGG 71.09 -3.67 s Interpublic IPG 25.21 0.55 LibertyBraves A BATRA 27.17 0.80 MohawkInds MHK 148.75 -0.07 OpendoorTech OPEN 27.70 0.37 Skyworks SWKS 163.13 -2.55 Teradyne TER 138.10 -2.01 Vipshop VIPS 28.47 -0.61 FactSet FDS 311.90 -5.62 Grainger GWW 376.69-11.25 Intuit INTU 374.80 0.37 LibertyBraves C BATRK 26.72 0.92 MolinaHealthcare MOH 219.32 -5.52 Oracle ORCL 61.80 0.90 R S SlackTech WORK 42.78 0.16 Tesla TSLA 883.09 2.29 s VirginGalactic SPCE 42.05 6.05 Grifols GRFS 18.45 -0.53 Smartsheet SMAR 68.52 -2.03 TevaPharm TEVA 12.32 -0.08 Visa V 202.01 1.03 FairIsaac FICO 511.56 0.48 IntuitiveSurgical ISRG 769.65 17.64 LibertySirius A LSXMA 42.57 1.50 MolsonCoorsB TAP 53.33 1.68 Orange ORAN 11.92 0.23 RELX RELX 25.88 0.25 GuardantHealth GH 149.91 -7.39 SmithAO AOS 54.49 -2.43 TexasInstruments TXN 171.47 -1.45 Vistra VST 20.80 -0.05 Farfetch FTCH 60.31 -0.96 Invitae NVTA 48.15 -4.08 LibertySirius C LSXMK 42.61 1.70 MolsonCoorsA TAP.A 59.72 6.57 Orix IX 82.73 -0.71 RH RH 490.60 -5.09 Guidewire GWRE 121.66 -1.29 s EliLilly LLY 212.72 0.37 Mondelez MDLZ Smith&Nephew SNN 45.58 0.98 TXT 49.59 -0.37 VMware VMW 140.58 4.30 Fastenal FAST 47.61 -0.53 InvitatHomes INVH 29.75 0.08 57.59 0.72 OtisWorldwide OTIS 63.51 -0.71 RLX Tech RLX 24.04 -4.59 HCA Healthcare HCA 164.13 -4.30 Smucker SJM 124.09 5.15 ThermoFisherSci TMO 507.83-11.00 VOD 17.99 0.21 Fastly FSLY 106.99 1.78 s IonisPharma IONS 62.52 -1.26 LincolnNational LNC 49.12 -1.03 MongoDB MDB 355.95-13.03 OwensCorning OC 79.68 -3.38 RPM RPM 86.72 -0.53 HDFC Bank HDB 72.80 -0.88 Snap SNAP 53.29 -0.36 ThomsonReuters TRI 82.69 -0.41 VornadoRealty VNO 39.16 0.38 FateTherap FATE 89.31 -6.83 iQIYI IQ 20.89 0.09 Linde LIN 255.85 2.73 MonolithicPower MPWR 383.25 -8.07 OzonHoldings OZON 51.68 -1.31 RalphLauren RL 107.07 -2.42 HP HPQ 24.62 -0.40 SnapOn SNA 179.68 0.41 3M MMM 175.95 5.56 VulcanMatls VMC 150.50 -6.31 FedEx FDX 249.67 -3.81 IronMountain IRM 33.40 1.29 LithiaMotors LAD 342.72 3.56 MonsterBev MNST 88.80 0.34 PG&E PCG 11.06 -0.29 RaymondJames RJF 98.65 -1.52 HSBC HSBC 27.50 0.20 Snowflake SNOW 280.98 -6.27 Toro TTC 98.69 -1.15 RACE 208.50 -1.66 ItauUnibanco ITUB 5.29 0.05 LiveNationEnt LYV 68.70 -0.51 Moody's MCO 268.67 2.12 PNC Fin PNC 148.06 -2.41 RaytheonTech RTX 67.20 0.92 SOQUIMICH SQM 54.77 -1.36 TorontoDomBk TD 58.11 0.45 W X Y Z FidNatlFin FNF 38.67 -0.91 HAL 18.20 -0.43 LloydsBanking LYG 1.86 0.02 MorganStanley MS 71.21 -1.17 POSCO PKX 58.75 -1.00 RealPage RP 86.70 -0.07 J K L SolarEdgeTech SEDG 296.68-13.44 Total TOT 43.56 0.14 FidNatlInfo FIS 128.16 0.35 HartfordFinl HIG 49.91 -0.79 LockheedMartin LMT330.69-12.82 Morningstar MORN 233.86 -1.56 PPD PPD 34.75 -0.15 RealtyIncome O 60.67 0.29 WEC Energy WEC 89.34 -0.10 HAS 95.19 -0.64 Loews L 46.22 -0.51 Mosaic MOS 27.38 -1.29 Sony SNE 99.71 0.43 ToyotaMotor TM 145.98 -0.74 FifthThirdBncp FITB 29.75 -0.65 JD.com JD 96.97 -1.41 PPG Ind PPG 141.01 0.41 s Redfin RDFN 80.10 1.07 WEX WEX 193.55 -3.88 HealthcareAmer HTA 28.90 -0.07 LogitechIntl LOGI 102.60 -2.05 MotorolaSol MSI 172.54 -1.18 Southern SO 59.69 -1.33 TractorSupply TSCO 151.89 -4.25 FirstHorizon FHN 14.03 -0.41 JPMorganChase JPM 131.58 -0.54 PPL PPL 28.25 0.14 RegencyCtrs REG 47.93 0.23 W.P.Carey WPC 68.01 0.83 HealthpeakProp PEAK 30.13 -0.26 Lowe's LOW 173.70 -0.40 NICE NICE 265.48 -3.41 SoCopper SCCO 69.75 -0.04 TradeDesk TTD 776.29 -9.30 FirstRepBank FRC 152.73 -3.71 JackHenry JKHY 154.87 2.37 PRA HealthSci PRAH 128.17 -3.21 RegenPharm REGN 544.10 -4.10 WPP WPP 53.51 0.47 Heico HEI 122.13 -4.21 LufaxHolding LU 16.60 -0.18 NIO NIO 60.31 0.32 SouthwestAir LUV 45.81 0.19 Tradeweb TW 62.05 -0.79 FirstSolar FSLR 104.69 -0.25 JacobsEngg J 108.81 -1.48 PTC PTC 129.52 -1.36 RegionsFin RF 17.75 0.03 Wabtec WAB 76.81 -2.32 Heico A HEI.A 108.02 -5.32 lululemon LULU 330.56 -9.43 NRG Energy NRG 41.08 -0.85 Splunk SPLK 173.76 1.85 TraneTech TT 147.89 -3.03 FirstEnergy FE 31.93 0.07 JamesHardie JHX 29.44 0.15 Paccar PCAR 97.81 -0.13 RelianceSteel RS 122.70 -2.96 WalgreensBoots WBA 49.19 1.37 HenrySchein HSIC 69.11 -0.20 s LumenTech LUMN 14.59 3.20 s NVR NVR 4545.72 5.72 SPOT 337.01 3.40 TransDigm TDG 544.22-15.89 Fiserv FISV 106.21 -0.50 JazzPharma JAZZ 166.05 -4.93 PackagingCpAm PKG 139.84 -1.08 RenaissanceRe RNR 154.57 -0.20 Walmart WMT 147.51 1.31 Hershey HSY 149.52 1.99 LuminarTech LAZR 36.32 -1.13 NXP Semi NXPI 168.75 -5.67 Square SQ 209.17 -7.47 TransUnion TRU 91.14 -0.48 FiveBelow FIVE 184.75 -1.98 s J&J JNJ 170.48 4.50 PagSeguroDig PAGS 51.50 -2.43 Repligen RGEN 201.99-13.29 WarnerMusic WMG 37.93 -0.55 Hess HES 57.19 -0.86 LYFT 46.90 -0.24 Nasdaq NDAQ 141.13 -1.17 StanleyBlackDck SWK 176.62 1.63 Travelers TRV 143.71 -2.65 Five9 FIVN 164.00 -9.34 JohnsonControls JCI 50.36 -1.10 PalantirTech PLTR 35.37 -0.86 RepublicSvcs RSG 93.35 -0.79 WasteConnections WCN 101.60 -0.37 HewlettPackard HPE 12.22 -0.08 Starbucks SBUX 104.69 1.24 Trex TREX 98.03-0.46 FiverrIntl FVRR 214.61-21.00 JonesLang JLL LyondellBasell LYB 87.89 -2.09 Natera NTRA 109.59 -9.41 PaloAltoNtwks PANW 354.26 -6.52 s ResMed RMD 222.28 0.60 WasteMgt WM 113.95 -0.24 152.75 -5.90 StateStreet STT 72.63 0.08 Trimble TRMB 69.67 -1.19 FleetCorTech FLT 261.03 -0.04 HighwoodsProp HIW 38.98 -0.53 NationalGrid NGG 60.74 -0.08 ParkerHannifin PH 267.04 -2.73 RestaurantBrands QSR 59.70 0.64 Waters WAT 270.53 -2.82 JuniperNetworks JNPR 26.04 0.63 SteelDynamics STLD 36.61 -1.83 Trip.com TCOM 31.97 -0.81 Flex FLEX 18.53-0.72 Hilton HLT 104.67 -0.45 M N Natura&Co NTCO 18.55 0.64 Paychex PAYX 87.33 0.37 RingCentral RNG 374.00 -9.73 Watsco WSO 248.33 -8.75 KB Fin KB 39.04 -0.87 STLA 15.61 0.14 TruistFinl TFC 50.24 -0.81 Floor&Decor FND 96.96 -2.28 Hologic HOLX 74.52 -1.82 NatWest NWG 4.16 0.05 PaycomSoftware PAYC 392.19-18.03 RioTinto RIO 81.13 0.04 Wayfair W 280.34-14.00 KE Holdings BEKE 63.72 -7.08 M&T Bank MTB 137.24 -2.80 Steris STE 193.18 2.77 FomentoEconMex FMX 74.42 -0.33 HomeDepot HD 282.60 -2.48 NetApp NTAP 65.70 0.05 Paylocity PCTY 191.86 -6.43 s RobertHalf RHI 67.61 -0.95 Twilio TWLO 355.15-24.85 Weibo WB 46.94 2.83 KKR KKR 39.15 -0.40 MGMGrowthProp MGP 31.50 -0.05 StitchFix SFIX 100.27 4.72 FordMotor F 11.19 -0.10 HondaMotor HMC 27.38 0.14 NetEase NTES 121.93 -2.36 PayPal PYPL 241.00 -6.75 RocketCos. RKT 22.70 -0.49 TwistBiosci TWST 162.82-23.22 WellsFargo WFC 31.38 -0.86 KLA KLAC 303.55 -5.35 MGM Resorts MGM 29.59 -0.39 STMicroelec STM 39.83 -0.09 Fortinet FTNT 149.65 -2.17 HON 201.06 -0.81 Netflix NFLX 561.93 5.15 PEGA 136.24 -1.01 Rockwell ROK 244.45-16.40 Twitter TWTR 49.67 1.83 Welltower WELL 61.79 -0.77 HorizonTherap HZNP 74.97 -3.54 KSCitySouthern KSU 211.45 -6.70 MinisoGroup MNSO 30.79 -3.20 StoneCo STNE 73.40 -2.41 TylerTech TYL 428.42 -0.58 Fortis FTS 41.34 0.25 Neurocrine NBIX 116.13 -3.27 Peloton PTON 147.79 -9.35 RogersComm B RCI 49.17 0.21 WestPharmSvcs WST 299.68 -0.58 Kellogg K 60.92 1.08 MKS Instrum MKSI 177.09 -6.75 Stryker SYK 238.00 -1.55 HormelFoods HRL 48.52 1.48 TysonFoods TSN 66.57 -0.03 WesternDigital WDC 52.06 0.78 Fortive FTV 67.00 -0.86 s NewOrientalEduc EDU 171.31 -0.52 PembinaPipeline PBA 27.20 -0.18 Roku ROKU 403.40-23.24 s DR Horton DHI 77.79 -1.18 KeurigDrPepper KDP 32.63 0.60 MPLX MPLX 22.68 -0.97 SumitomoMits SMFG 6.39 0.03 UBS Group UBS 14.94 0.41 FortBrandsHome FBHS 87.73 -3.71 s NYTimes ANYT 56.16 2.78 PennNational PENN 99.50 -4.53 Rollins ROL 37.04 -0.11 WesternUnion WU 22.83 0.12 HostHotels HST 13.50 -0.39 KeyCorp KEY 17.46 -0.32 MSCI MSCI404.61 1.12 SunComms SUI 149.18 0.81 UDR UDR 39.21 0.20 FoxA FOXA 34.93 2.84 s NewellBrands NWL 25.89 0.39 Pentair PNR 56.35 -0.99 RoperTech ROP 417.31 -1.80 WestlakeChem WLK 78.89 -2.17 HowmetAerospace HWM 25.00 -0.83 KeysightTechs KEYS 146.88 0.83 MagellanMid MMP 45.46 0.13 SunLifeFinancial SLF 47.37 -0.06 UGI UGI 36.89 -0.30 FoxB FOX 33.40 2.72 Newmont NEM 61.48 -0.16 Penumbra PEN 265.60 9.66 RossStores ROST 111.66 -1.88 WestpacBanking WBK 16.88 0.16 HuanengPower HNP 14.71 -0.01 KimberlyClark KMB 137.13 0.62 MagnaIntl MGA 73.79 -2.01 SuncorEnergy SU 17.20 -0.32 UBER 51.92 -2.37 Franco-Nevada FNV 123.54 0.64 NewsCorp B NWS 18.75 0.40 RoyalBkCanada RY 83.46 0.06 WestRock WRK 43.84 -0.28 KinderMorgan KMI 15.22 -0.04 ManulifeFin MFC 18.80 0.02 PepsiCo PEP 141.80 1.62 SunPower SPWR 53.92 6.59 s Huazhu HTHT 46.32 -0.16 NewsCorp A NWSA 19.14 0.39 RoyalCaribbean RCL 66.50 -1.92 Ubiquiti UI 275.72 5.99 Weyerhaeuser WY 33.14 -0.36 FranklinRscs BEN 27.62 1.11 KingsoftCloud KC 52.74 -1.06 MarathonPetrol MPC 45.16 -1.07 PerkinElmer PKI 146.24 -4.81 SunRun RUN 75.71 -2.90 Hubbell HUBB 163.40 -0.69 NextEraEnergy NEE 85.23 -1.64 RoyalDutchA RDS.A 38.39 0.17 UltaBeauty ULTA 295.72 -0.02 WheatonPrecMet WPM 39.70 -0.61 FreeportMcM FCX 27.01 -1.97 KinrossGold KGC 7.05 0.01 MaravaiLifeSci MRVI 31.75 0.18 PetcoHealth WOOF 27.60 0.60 Suzano SUZ 12.37 0.77 HubSpot HUBS 372.36-11.89 Nike NKE 135.10 -2.45 RoyalDutchB RDS.B 36.34 0.05 UltragenyxPharm RARE 139.97 -6.79 Whirlpool WHR 206.42 3.40 FreseniusMed FMS 42.35 0.56 KirklandLakeGold KL 39.91 0.26 Markel MKL 983.58 -6.37 PetroChina PTR 31.19 -0.73 SynchronyFin SYF 35.38 -1.25 Humana HUM 395.85 -8.15 NiSource NI 21.71 -0.40 RoyaltyPharma RPRX 52.82 1.32 UnderArmour C UA 15.87 -0.07 Williams WMB 21.44 -0.22 Futu FUTU103.20 0.94 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71.31 -0.77 T U V GFLEnvironmental GFL 29.46 -1.11 IdexxLab IDXX 478.10-11.11 KR 37.07 2.50 MarvellTech MRVL 54.00 -0.43 SEI Investments SEIC 58.28 -0.96 UnitedMicro UMC 9.92 -0.28 Workday WDAY 235.60 0.61 NorthernTrust NTRS 93.60 -0.68 Pinduoduo PDD 173.98 -6.45 GSXTechedu GSX 104.94 6.82 IHS Markit INFO 88.39 0.79 L Brands LB 43.00 -0.93 Masco MAS 55.28 -2.34 SK Telecom SKM 25.76 -0.57 TAL Education TAL 78.80 0.15 UPS B UPS 161.43 -0.32 WynnResorts WYNN 105.91 -2.15 NorthropGrum NOC 293.11 -6.24 PinnacleWest PNW 77.50 -0.86 Gallagher AJG 117.41 -0.88 II-VI IIVI 89.91 -1.58 LKQ LKQ 36.75 -0.32 Masimo MASI 251.06 -6.03 SS&C Tech SSNC 66.15 -0.86 TC Energy TRP 43.68 -0.25 UnitedRentals URI 248.21 -5.31 XP XP 45.54 2.37 NortonLifeLock NLOK 20.95 0.29 PINS 69.24 -4.13 Gaming&Leisure GLPI 41.01 -0.17 ING Groep ING 9.19 0.24 LPL Financial LPLA 111.62 -0.99 Mastercard MA 327.70 -1.49 StoreCapital STOR 32.66 0.31 TE Connectivity TEL 123.54 -4.16 US Bancorp USB 45.19 -0.57 XPO Logistics XPO 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ServiceCorp SCI 53.72 1.16 TeladocHealth TDOC 286.23 -0.86 Vedanta VEDL 8.99 -0.01 Zendesk ZEN 145.36 -1.76 GileadSciences GILD 66.70 -1.46 Inphi IPHI 175.60 -2.28 LeviStrauss LEVI 21.35 0.11 MicrochipTech MCHP 144.98 -4.20 OakStreetHealth OSH 53.97 -0.19 PublicServiceEnt PEG 58.33 -0.19 ServiceNow NOW 532.46 -5.42 TeledyneTech TDY 383.68 -2.27 VeevaSystems VEEV 292.22 -0.28 Zillow CZ 139.27 -7.59 GSK GSK 39.24 0.32 Insulet PODD 284.58 -4.33 LiAuto LI 32.50 0.51 MicronTech MU 79.51 -1.77 OccidentalPetrol OXY 20.38 -1.13 PublicStorage PSA 227.84 2.02 ShawComm B SJR 17.68 0.28 Teleflex TFX 382.80 0.66 Ventas VTR 47.23 -0.68 Zillow A ZG 145.68 -7.20 GlobalPayments GPN 186.34 1.26 Intel INTC 55.21 -0.23 LibertyBroadbandC LBRDK 154.27 -1.25 s Microsoft MSFT 232.33 2.80 Okta OKTA 257.48 -5.98 PulteGroup PHM 47.63 -1.35 SherwinWilliams SHW 723.64-10.64 Ericsson ERIC 12.03 -0.20 VeriSign VRSN 196.05 4.05 ZimmerBiomet ZBH 158.22 -1.09 Globant GLOB 200.22 -7.12 InteractiveBrkrs IBKR 65.92 -1.58 LibertyBroadbandA LBRDA 153.62 -1.04 MidAmApt MAA 134.89 1.03 OldDomFreight ODFL 207.54 -3.58 Qiagen QGEN 52.38 -1.47 ShinhanFin SHG 29.60 -0.26 TelefonicaBras VIV 8.50 0.11 VeriskAnalytics VRSK 188.50 -0.18 ZionsBancorp ZION 46.05 -1.16 GlobeLife GL 93.11 -0.39 ICE ICE 112.65 0.19 LibertyGlobal A LBTYA 25.80 0.37 MiratiTherap MRTX 203.83 -9.18 OmegaHealthcare OHI 36.15 0.08 Qorvo QRVO 174.94 -5.98 Shopify SHOP 1159.77-46.15 Telefonica TEF 4.53 0.10 Verizon VZ 56.57 -1.85 ZTS 159.71 -1.63 GoDaddy GDDY 82.09 -0.66 InterContinentl IHG 62.68 0.28 LibertyGlobal B LBTYB 26.55 0.05 MitsubishiUFJ MUFG 4.69 0.03 Omnicom OMC 65.57 1.66 Qualcomm QCOM 162.55 -1.85 Sibanye-Stillwater SBSW 15.36 -0.19 TelekmIndonesia TLK 23.60 -0.56 VertxPharm VRTX 237.64 -3.67 ZoomVideo ZM 374.39-17.44 GoldFields GFI 9.77 0.11 IBM IBM 122.49 3.91 LibertyGlobal C LBTYK 25.45 0.34 MizuhoFin MFG 2.72 0.05 ON Semi ON 36.10 -0.87 QuantaServices PWR 74.84 -0.88 s SignatureBank SBNY 164.20 0.08 10xGenomics TXG 171.75-11.50 s ViacomCBS B VIAC 51.92 4.21 ZoomInfoTech ZI 49.25 2.81 GoldmanSachs GS 281.76 -1.28 IntlFlavors IFF 113.78 -2.55 LibertyFormOne C FWONK 42.00 0.26 MobileTeleSys MBT 9.21 0.05 OneConnectFinTech OCFT 21.72 -0.65 QuestDiag DGX 125.99 1.02 SimonProperty SPG 99.05 1.57 Tenaris TS 15.19 -0.08 s ViacomCBS A VIACA 51.78 3.95 Zscaler ZS 197.00-10.66 GoodRx GDRX 50.74 0.86 IntlPaper IP 51.65 -0.18 LibertyFormOne A FWONA 38.09 0.30 Moderna MRNA 151.93 4.93 OpenText OTEX 46.71 0.13 Quidel QDEL 226.18-12.31 SiriusXM 6.55 0.49 TencentMusic TME 27.00 -0.21 Viatris VTRS 17.09 -0.14 ZNGA 10.37 0.05

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AspiraWomenHlth AWH 7.48 20.8 Blackstone BX 66.14 -0.1 CarriageSvcs CSV 36.12 1.8 DanimerSciWt DNMR.WS 28.64 19.3 EastWestBncp EWBC 63.61 -3.6 ForestRoadA FRX 12.00 -3.0 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American AspirCnsA ASPL 11.00 5.9 BlinkCharging BLNK 63.14 32.5 Cars.com CARS 14.15 -2.5 DarioHealth DRIO 24.89 1.8 EchoGlobalLog ECHO 31.30 1.9 ForwardIndustries FORD 4.20 49.0 and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest AspirCnsWt ASPL.WS 2.45 42.6 BlinkChargingWt BLNKW 58.16 36.6 CaseysGenStores CASY 204.77 2.2 DelekLogistics DKL 40.58 1.3 ElPasoEngy pfC EPpC 56.26 9.3 Franchise FRG 36.21 2.8 session. %CHG-Daily percentage change from the previous trading session. AspirCnsUn ASPL.U 11.78 5.4 BluescapeOpps BOAC.U 13.31 0.5 CassavaSciences SAVA 20.58 23.9 Denbury DEN 33.40 -5.8 EmersonRadio MSN 1.39 0.8 FranklinRscs BEN 27.78 4.2 AtlCapitalBcshs ACBI 21.00 1.7 BootBarn BOOT 62.50 -4.0 CastlightHealth CSLT 2.15 2.2 DermTech DMTK 47.26 -12.3 ENGlobal ENG 9.40 12.1 FreightCarAmer RAIL 4.32 5.7 AtlUnionBkshs AUB 38.00 -5.0 BoozAllen BAH 98.43 0.3 CerberusTele CTAC.U 11.47 -2.6 DiamondHead DHHCU 10.98 8.0 FuelCell FCEL 22.74 19.9 Tuesday, January 26, 2021 Entravision EVC 3.40 3.5 Autohome ATHM 114.96 3.2 BoqiiHolding BQ 11.34 4.6 Chemed CHE 560.00 -2.8 DigiIntl DGII 20.39 1.2 Envista NVST 37.30 0.5 FullHouse FLL 6.50 4.5 AxonEnterprise AXON 180.69 1.2 BorgWarner BWA 44.70 1.0 Children'sPlace PLCE 72.99 -2.5 Dillard's DDS 105.69 19.8 GOAcquisitionUn GOAC.U 11.12 -1.5 52-Wk % 52-Wk % 52-Wk % EquityCommonPfdD EQCpD 31.98 0.3 Babcock&Wilcox BW 7.644.8 BridgelineDigital BLIN 3.79 -2.0 Clearfield CLFD 37.54 -1.4 DiscoveryA DISCA 40.97 4.4 GSE Systems GVP 2.36 3.8 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EsportsEntWt GMBLW 5.55 15.9 BallardPower BLDP 38.68 5.4 Bridgetown2 BTNB 13.19 30.0 ClearPtNeuro CLPT 26.02 5.6 DiscoveryC DISCK 35.54 3.6 GTY Tech GTYH 7.44 0.7 EssaPharma EPIX 20.19 -1.8 AehrTestSys AEHR 2.85 21.7 AlphaHlthcrAcqnUn AHACU 11.10 -0.9 Bally's BALY 59.11 -4.7 Build-A-Bear BBW 5.08 -1.4 ClevelandBioLabs CBLI 5.88 16.2 DixieGroup DXYN 3.78 5.4 GWPharm GWPH 151.11 4.8 Etsy ETSY 226.73 -2.1 AffiliatedMgrs AMG 116.42 1.7 AlphaHlthcrWt AHACW 1.69 6.7 BankOZK OZK 37.38 1.8 BurgundyTechWt BTAQW 3.25 -12.0 ClimateChgCrisisA CLII 24.34 12.2 dMYTechIII Un DMYI.U 13.13 -0.1 GatesIndustrial GTES 16.55 7.1 Highs EveloBiosci EVLO 17.71 -1.9 Agilysys AGYS 51.30 3.1 Altabancorp ALTA 34.09 -0.3 BankofAmNt66 MERpK 27.50 0.3 CASI Pharm CASI 3.90 4.9 ClimateChgI CLII.U 27.36 10.6 Donaldson DCI 60.93 0.6 Genasys GNSS 8.11 3.1 AAON AAON 74.07 0.6 Airbnb ABNB 193.00 8.6 AltitudeAcqn ALTUU 11.00 -0.2 Baozun BZUN 48.14 35.0 CITICCapAcqnWt CCAC.WS 3.20 -2.1 CommunityHlthSys CYH 11.45 1.6 DoverMotorsports DVD 2.66 5.8 Evogene EVGN 7.59 6.1 GladstoneLand LAND 17.25 -2.1 AMC Networks AMCX 61.00 10.0 Albertsons ACI 19.81 4.9 AlussaEnergyWt ALUS.WS 1.99 -0.3 BetterWorldAcqn BWACU 13.08 -1.4 CKX Lands CKX 10.99 2.7 CommVaultSys CVLT 60.85 2.0 DuckCreekTech DCT 52.91 1.8 EvolentHealth EVH 19.41 -3.9 GlbShipNts24 GSLD 25.84 -0.4 Amcon DIT 138.34 -2.7 Alcon ALC 76.26 1.5 APi Group APG 19.17 2.5 BetterWorldWt BWACW 2.00 -2.6 Calyxt CLXT 11.00 16.0 ConversionLabs CVLB 18.44 37.7 DuddellStreet DSACU 11.09 -0.5 ExOne XONE 28.99 16.1 GreenPlains GPRE 20.31 -1.1 Azek AZEK 43.38 -4.2 AlexionPharm ALXN 162.60 0.3 ApolloStratGrWt APSG.WS 2.93 -8.6 BeyondMeat BYND 221.00 17.7 CambiumNtwks CMBM 38.75 11.7 Core-Mark CORE 36.33 4.9 DynagasLNG PfdA DLNGpA 24.75 1.8 eXpWorld EXPI 120.00 7.9 GreencityAcqnWt GRCYW 1.00 -5.4 AcademySports ASO 25.00 2.5 AlgonquinPwr AQN 17.68 -0.3 AquaMetals AQMS 7.65 22.4 Biolase BIOL 1.51 44.2 CanopyGrowth CGC 36.15 7.9 Coresite COR 136.97 3.3 ENDRA LifeSci NDRA 2.99 5.9 FarmlandPtrs FPI 12.00 -9.0 GridDynamics GDYN 13.86 -1.7 AddusHomeCare ADUS 128.80 -2.6 AllianceBernstein AB 38.06 2.8 Arcimoto FUV 25.44 13.3 BionanoGenom BNGO 13.85 -2.9 CarMax KMX 128.58 5.6 D&ZMedia DNZ.U 10.41 2.8 ENDRA LifeWt NDRAW 0.70 10.6 FirstInternetBncp INBK 32.86 -2.0 HainCelestial HAIN 43.40 5.1 AdtalemGlbEduc ATGE 40.05 1.5 AlnylamPharm ALNY 178.41 -3.2 AslanPharm ASLN 2.55 20.8 BiotechAcqn BIOTU 10.40 3.1 CarParts.com PRTS 20.86 48.2 DanimerScientific DNMR 49.34 12.8 EzgoTech EZGO 19.44 352.8 Flagstar FBC 47.92 0.7 Continued on Page B10

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THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Bonds | wsj.com/market-data/bonds/benchmarks Open High hilo Low Settle Chg interest Metal & Petroleum Futures May 125.60 127.95 125.40 126.60 1.20 57,220 Tracking Bond Benchmarks Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Contract Open March 15.74 15.86 15.62 15.74 …380,775 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Open High hi lo Low Settle Chg interest May 15.02 15.13 14.94 15.04 .02 213,701 highs and lows for different types of bonds Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Jan 3.6290 3.6320 3.6265 3.6280 –0.0125 1,009 Total Total March 28.90 28.90 28.90 28.90 –.05 1,650 return YTD total return YTD total March 3.6295 3.6415 3.5810 3.6195 –0.0100 152,397 Yield (%) Yield (%) May 29.35 29.35 29.35 29.35 –.05 2,401 close return (%) Index Latest Low High close return (%) Index Latest Low High Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Jan 1855.80 1855.80 1851.80 1850.70 –4.20 30 March 82.30 82.32 81.11 81.71 –.62 113,801 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Feb 1854.90 1860.80 1847.20 1850.90 –4.30 126,823 May 83.22 83.28 82.12 82.81 –.49 65,332 2231.61 0.003 Mortgage-Backed 1.200 0.930 2.690 March 1856.00 1862.10 1849.00 1852.80 –4.10 1,827 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. 2278.95 -0.5 U.S. Aggregate 1.150 1.020 2.310 April 1858.70 1864.50 1851.10 1854.80 –4.20 331,653 March 114.30 116.75 113.75 116.20 1.75 8,387 U.S. Corporate Indexes Bloomberg Barclays 2173.41 -0.2 Ginnie Mae (GNMA) 1.050 0.290 2.660 June 1861.10 1866.40 1854.00 1857.50 –4.10 52,606 May 116.40 118.95 116.25 118.50 1.70 1,328 Aug 1868.60 1868.60 1857.00 1859.80 –4.10 15,810 3427.58 -0.9 U.S. Corporate 1.840 1.740 4.580 1319.05 0.1 Fannie mae (FNMA) 1.260 1.110 2.690 Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Jan 2319.70 –21.90 1 3105.42 -0.3 Intermediate 1.150 1.080 4.400 2024.39 0.1 (FHLMC) 1.240 1.080 2.710 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% March 2338.50 2350.50 t 2315.00 2325.00 –21.90 9,137 5089.81 -2.0 Long term 2.930 2.730 4.930 597.92 0.4 Muni Master 0.792 0.792 3.441 Platinum (NYM)-50 troy oz.; $ per troy oz. March 207-200 207-280 206-200 207-040 –7.0 1,087,536 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Jan 1103.80 2.60 61 693.60 -1.2 Double-A-rated 1.520 1.300 3.360 423.62 0.4 7-12 year 0.779 0.771 3.447 April 1104.70 1113.80 1085.00 1107.40 2.70 59,478 March 170-040 170-090 169-210 169-280 –3.0 1,170,773 484.68 0.5 12-22 year 1.172 1.172 3.690 Silver (CMX)-5,000 troy oz.; $ per troy oz. June 168-110 –4.0 221 915.72 -0.7 Triple-B-rated 2.080 2.010 5.350 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Jan 25.529 0.074 6 High Yield Bonds ICE BofA 471.88 0.7 22-plus year 1.814 1.765 4.123 March 25.395 25.720 25.230 25.538 0.054 129,719 March 137-135 137-145 137-085 137-120 3,386,150 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. June 136-120 .5 30,556 497.94 0.5 High Yield Constrained 4.190 4.110 11.400 Global Government J.P. Morgan† 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 52.91 53.25 52.29 52.61 –0.16 449,086 467.74 2.4 Triple-C-rated 7.702 7.596 19.071 611.40 -0.6 Global Government 0.620 0.390 0.930 April 52.81 53.12 52.20 52.52 –0.15 224,139 March 125-315 126-000 125-295 125-305 –.2 3,303,348 May 52.60 52.92 52.03 52.36 –0.14 144,798 June 125-227 125-227 125-215 125-217 –.2 428 3337.30 0.2 High Yield 100 3.418 3.358 10.740 854.98 -1.0 Canada 0.960 0.590 1.470 June 52.40 52.67 51.80 52.12 –0.14 255,078 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 418.64 -0.5 EMU§ 0.103 0.010 0.794 Dec 50.45 50.68 49.96 50.21 –0.18 293,898 March 110-155 110-155 110-151 110-154 2,117,525 449.00 0.4 Global High Yield Constrained 4.219 4.174 11.310 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Dec'22 48.02 48.18 47.69 47.81 –0.20 113,054 339.68 0.6 Europe High Yield Constrained 2.717 2.464 8.183 789.51 -0.5 France -0.060 -0.160 0.430 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Jan 99.9125 99.9150 99.9125 99.9125 .0025 162,967 Feb 1.5965 1.6069 1.5851 1.5984 .0045 27,648 Feb 99.9250 99.9300 s 99.9200 99.9250 .0050 164,762 U.S Agency Bloomberg Barclays 550.33 -0.3 Germany -0.430 -0.740 -0.120 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 1.5976 1.6084 1.5868 1.5984 .0029 104,468 1866.18 -0.1 U.S Agency 0.500 0.460 1.720 294.87 -0.1 Japan 0.310 0.040 0.320 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March 96-170 –2.5 129,824 Eurodollar (CME)-$1,000,000; pts of 100% Feb 1.5656 1.5890 s 1.5535 1.5807 .0196 32,824 1627.07 -0.04 10-20 years 0.380 0.340 1.630 615.29 -0.5 Netherlands -0.340 -0.540 0.080 March 1.5613 1.5844 s 1.5490 1.5748 .0169 142,719 Feb 99.8050 99.8050 99.8000 99.8050 …214,235 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 99.8200 99.8250 99.8150 99.8200 … 1,151,865 4254.94 -0.5 20-plus years 1.680 1.170 2.210 1083.41 -1.1 U.K. 0.630 0.390 1.130 June 99.8300 99.8350 99.8300 99.8300 …968,078 Feb 2.603 2.686 2.595 2.656 .054 13,204 2917.14 -0.6 Yankee 1.440 1.370 3.500 923.48 -1.1 Emerging Markets ** 4.472 4.295 7.480 March 2.597 2.662 2.590 2.636 .038 328,131 March'23 99.7300 99.7350 99.7250 99.7300 …830,272 April 2.630 2.685 2.621 2.663 .030 113,346 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds May 2.667 2.719 2.657 2.700 .028 84,072 Currency Futures ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Sept 2.812 2.845 2.792 2.839 .031 51,679 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Oct 2.833 2.867 2.814 2.858 .031 113,682 Feb .9639 .9658 .9634 .9650 .0014 514 Global Government Bonds: Mapping Yields March .9641 .9662 .9636 .9653 .0014 192,087 Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Feb .7828 .7881 .7825 .7877 .0034 702 Corn (CBT)-5,000 bu.; cents per bu. March .7850 .7882 .7824 .7878 .0034 161,745 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session March 513.00 534.25 508.00 532.25 20.75 686,154 British Pound (CME)-£62,500; $ per £ May 515.75 536.00 510.50 533.75 19.50 419,073 Feb 1.3668 1.3746 s 1.3612 1.3732 .0067 787 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Oats (CBT)-5,000 bu.; cents per bu. Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago March 358.25 358.25 351.25 354.75 .25 3,323 March 1.3675 1.3749 1.3612 1.3735 .0068 148,237 0.125 U.S. 2 0.123 t l 0.125 0.121 1.484 May 353.00 355.00 348.00 351.50 –.25 805 (CME)-CHF 125,000; $ per CHF Soybeans (CBT)-5,000 bu.; cents per bu. March 1.1279 1.1301 1.1257 1.1295 .0020 48,136 0.875 10 1.039 s l 1.038 0.933 1.680 March 1348.25 1376.50 1333.50 1370.25 26.75 332,410 June 1.1308 1.1328 1.1288 1.1325 .0020 130 5.500 Australia 2 0.109 l 0.109 0.089 0.765 -1.6 -72.3 May 1345.75 1375.25 1332.50 1369.50 26.75 177,441 Australian Dollar (CME)-AUD 100,000; $ per AUD -1.6 Soybean Meal (CBT)-100 tons; $ per ton. Feb .7721 .7756 .7671 .7748 .0044 279 1.000 10 1.084 l 1.084 1.005 1.097 4.2 5.1 -59.1 March 430.20 439.70 425.60 436.50 6.90 156,053 March .7716 .7757 .7672 .7750 .0044 140,362 l May 427.10 436.20 422.40 433.80 7.40 89,516 Mexican Peso (CME)-MXN 500,000; $ per MXN 0.000 France 2 -0.602 s -0.614 -0.670 -0.567 -72.7 -73.9 -205.5 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Feb .04986 .05000 t .04922 .04996 .00033 41 0.000 10 -0.300 s l -0.315 -0.306 -0.075 -134.1 -134.8 -176.3 March 43.09 44.23 42.65 43.91 .97 182,077 March .04944 .04989 t .04902 .04979 .00034 148,108 May 42.28 43.28 41.81 43.12 .91 95,939 Euro (CME)-€125,000; $ per € 0.000 Germany 2 -0.717 s l -0.726 -0.703 -0.615 -84.2 -85.1 -210.3 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 1.2149 1.2181 1.2114 1.2171 .0027 1,064 0.000 10 -0.529 s l -0.548 -0.546 -0.333 -157.1 -158.1 -202.0 March 13.13 13.33 13.12 13.31 .07 9,442 March 1.2155 1.2189 1.2121 1.2178 .0026 672,669 May 13.31 13.52 s 13.31 13.50 .08 284 0.050 Italy 2 -0.307 t l -0.286 -0.384 -0.058 -43.2 -41.1 -154.7 Wheat (CBT)-5,000 bu.; cents per bu. Index Futures t l March 646.75 667.75 641.25 665.25 16.75 176,332 0.900 10 0.645 0.684 0.597 1.229 -39.6 -35.0 -45.9 Mini DJ Industrial Average (CBT)-$5 x index July 630.75 648.50 626.50 647.50 13.75 98,436 0.100 Japan 2 -0.135 s l -0.137 -0.123 -0.131 -26.0 -26.2 -162.0 Wheat (KC)-5,000 bu.; cents per bu. March 30853 31017 30666 30842 –26 88,954 March 626.00 645.50 620.50 641.00 13.75 101,760 June 30732 30900 30565 30731 –27 116 0.100 10 0.034 t l 0.039 0.019 -0.020 -100.7 -99.4 -170.8 July 629.00 644.75 623.00 641.25 12.00 48,806 S&P 500 Index (CME)-$250 x index 0.000 Spain 2 -0.513 s l -0.513 -0.616 -0.371 -63.8 -185.9 -Feeder (CME)-50,000 lbs.; cents per lb. March 3847.30 3858.70 s 3822.60 3842.60 –5.80 15,911 -63.8 Jan 136.350 136.350 135.525 135.650 –.900 1,490 Mini S&P 500 (CME)-$50 x index 1.250 10 0.076 t l 0.080 0.085 0.350 -96.6 -95.3 -133.7 March 143.300 143.850 141.100 141.475 –2.375 19,414 March 3845.00 3862.25 s 3821.50 3842.50 –6.00 2,597,872 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 3834.00 3852.00 s 3812.00 3832.50 –5.75 22,135 0.125 U.K. 2 -0.140 t l -0.131 -0.126 0.430 -26.5 -25.6 -105.8 Mini S&P Midcap 400 (CME)-$100 x index Feb 116.500 117.625 s 116.475 117.000 .475 45,764 4.750 10 0.267 s l 0.264 0.256 0.585 -77.5 -76.9 -110.3 April 122.675 123.700 s 122.475 123.100 .150 135,971 March 2449.40 2467.80 2415.20 2424.60 –25.00 53,885 Hogs-Lean (CME)-40,000 lbs.; cents per lb. June … 2436.00 –24.50 n.a. Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Feb 70.750 70.775 69.775 70.450 –.175 25,769 Mini Nasdaq 100 (CME)-$20 x index April 76.750 77.600 s 76.475 76.950 .325 90,191 March 13459.75 13599.75 s 13380.25 13485.50 10.00 229,597 Corporate Debt Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 13458.50 13585.00 s 13370.00 13472.00 10.00 2,195 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Mini Russell 2000 (CME)-$50 x index March 831.40 855.10 s 831.40 855.10 32.00 1,706 expectations May 749.70 772.00 743.50 772.00 32.00 612 March 2160.30 2179.80 2131.20 2145.80 –15.20 558,432 Milk (CME)-200,000 lbs., cents per lb. June 2147.80 2174.40 2129.40 2141.30 –15.50 446 Investment-grade spreads that tightened the most… Mini Russell 1000 (CME)-$50 x index Jan 16.13 16.16 16.13 16.13 –.03 3,417 Spread*, in basis points March 16.91 16.91 t 16.50 16.56 –.48 3,718 March 2183.40 2185.60 s 2171.50 2172.40 –6.10 8,870 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index March 2,502 2,555 2,489 2,545 37 82,073 March 90.39 90.60 90.09 90.15 –.23 39,951 Goldman Sachs GS 4.000 0.58 March 3, ’24 40 –14 45 May 2,461 2,499 2,444 2,491 26 68,465 June 90.31 90.53 90.07 90.12 –.23 777 International Business Machines IBM 3.450 0.80 Feb. 19, ’26 39 –12 n.a. Coffee (ICE-US)-37,500 lbs.; cents per lb. HBAN 4.350 0.62 Feb. 4, ’23 50 –10 60 March 123.40 125.90 123.25 124.50 1.25 94,496 Source: FactSet SES SESGFP 3.600 0.77 April 4, ’23 65 –10 n.a. Bank of America BAC 3.500 0.90 April 19, ’26 49 –9 52 BP Capital Markets BPLN 3.994 0.43 Sept. 26, ’23 31 –7 n.a. General Electric Capital … 5.550 1.14 Jan. 5, ’26 73 –7 n.a. Cash Prices | wsj.com/market-data/commodities Tuesday, January 26, 2021 American Honda Finance HNDA 1.800 1.68 Jan. 13, ’31 63 –6 69 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— separate from the futures price on an exchange, which reflects what the commodity might be worth in future …And spreads that widened the most months. GTE Florida … 6.860 6.06 Feb. 1, ’28 502 12 n.a. Tuesday Tuesday Tuesday Motor NSANY 3.043 1.23 Sept. 15, ’23 111 10 101 Eni ENIIM 4.750 1.83 Sept. 12, ’28 79 8 n.a. Energy Aluminum, LME, $ per metric ton *2011.5 Wheat,No.1soft white,Portld,OR-u 6.8400 Copper,Comex spot 3.6280 Merck MRK 2.800 0.30 May 18, ’23 18 7 n.a. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.000 Iron Ore, 62% Fe CFR China-s 164.7 Food EDP Finance EDPPL 1.710 1.73 Jan. 24, ’28 100 6 92 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.350 Shredded Scrap, US Midwest-s,m 460 Beef,carcass equiv. index NOC 4.750 2.87 June 1, ’43 106 6 n.a. Steel, HRC USA, FOB Midwest Mill-s 1105 Metals choice 1-3,600-900 lbs.-u 189.68 UnitedHealth UNH 3.700 0.78 Dec. 15, ’25 37 6 n.a. Fibers and Textiles select 1-3,600-900 lbs.-u 177.87 CSCO 5.500 2.54 Jan. 15, ’40 73 5 63 Gold, per troy oz Broilers, National comp wtd. avg.-u,w 0.8284 Burlap,10-oz,40-inch NY yd-n,w 0.6575 Engelhard industrial 1858.00 Butter,AA Chicago 1.2800 High-yield issues with the biggest price increases… Cotton,1 1/16 std lw-mdMphs-u 0.7971 Handy & Harman base 1856.60 Cheddar cheese,bbl,Chicago 140.00 Bond Price as % of face value Cotlook 'A' Index-t *88.10 Handy & Harman fabricated 2060.83 Cheddar cheese,blk,Chicago 159.25 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Hides,hvy native steers piece fob-u n.a. LBMA Gold Price AM *1855.60 Milk,Nonfat dry,Chicago lb. 113.75 Steel X 6.650 7.28 June 1, ’37 94.000 1.74 97.125 LBMA Gold Price PM *1856.85 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.1592 Teva Pharmaceutical Finance … 6.150 5.04 Feb. 1, ’36 111.600 1.10 109.500 Krugerrand,wholesale-e 1925.66 Grains and Feeds Coffee,Colombian, NY 1.7357 Netflix NFLX 5.875 2.13 Nov. 15, ’28 126.750 0.88 122.250 Maple Leaf-e 1944.18 Eggs,large white,Chicago-u 1.0350 Barley,top-quality Mnpls-u n.a. Navient NAVI 6.750 4.32 June 15, ’26 111.530 0.53 n.a. American Eagle-e 1944.18 Flour,hard winter KC 17.10 Bran,wheat middlings, KC-u 180 Mexican peso-e 2240.47 Hams,17-20 lbs,Mid-US fob-u n.a. American Airlines AAL 5.000 14.74 June 1, ’22 88.500 0.49 88.000 Corn,No. 2 yellow,Cent IL-bp,u 5.2000 Austria crown-e 1817.94 Hogs,Iowa-So. Minnesota-u 71.34 Nokia Oyj NOKIA 3.375 0.63 June 12, ’22 103.750 0.47 103.500 Corn gluten feed,Midwest-u,w 169.3 Austria phil-e 1944.18 Pork bellies,12-14 lb MidUS-u 1.4644 XRXCRP 0.39 108.350 Corn gluten meal,Midwest-u,w 624.0 6.750 5.95 Dec. 15, ’39 108.999 Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.0124 Cottonseed meal-u,w 460 Dish DBS … 5.875 4.61 Nov. 15, ’24 104.340 0.37 104.125 Engelhard industrial 25.6000 Steers,Tex.-Okla. Choice-u n.a. Hominy feed,Cent IL-u,w 112 Handy & Harman base 25.4690 Steers,feeder,Okla. City-u,w 156.25 …And with the biggest price decreases Meat-bonemeal,50% pro Mnpls-u,w 330 Handy & Harman fabricated 31.8360 Oats,No.2 milling,Mnpls-u 3.7025 Royal Caribbean RCL 5.250 5.39 Nov. 15, ’22 99.750 –0.78 100.250 LBMA spot price *£18.7300 Fats and Oils Rice, Long Grain Milled, No. 2 AR-u,w 27.38 L Brands LB –0.56 112.000 (U.S.$ equivalent) *25.6350 6.694 4.28 Jan. 15, ’27 112.570 Sorghum,(Milo) No.2 Gulf-u 7.4225 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0000 Coins,wholesale $1,000 face-a 18913 Continental Resources CLR 5.750 4.47 Jan. 15, ’31 109.750 –0.55 111.750 SoybeanMeal,Cent IL,rail,ton48%-u 435.00 Grease,choice white,Chicago-h 0.3800 American Airlines AAL 11.750 7.66 July 15, ’25 115.210 –0.54 115.970 Other metals Soybeans,No.1 yllw IL-bp,u 13.6000 Lard,Chicago-u n.a. LBMA Platinum Price PM *1109.0 Wheat,Spring14%-pro Mnpls-u 7.5800 Soybean oil,crude;Centl IL-u 0.4529 Navient NAVI 5.500 2.90 Jan. 25, ’23 105.000 –0.50 105.576 Platinum,Engelhard industrial 1109.0 Wheat,No.2 soft red,St.Louis-u 7.0275 Tallow,bleach;Chicago-h 0.4125 MGM Resorts International MGM 7.750 2.04 March 15, ’22 106.351 –0.34 107.125 Palladium,Engelhard industrial 2344.0 Wheat - Hard - KC (USDA) $ per bu-u 6.6600 Tallow,edible,Chicago-u 0.4688 Gap GPS 8.375 1.69 May 15, ’23 115.000 –0.30 n.a.

*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. KEY TO CODES: A=ask; B=bid; BP=country bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Note: Data are for the most active issue of bonds with maturities of two years or more M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 1/25 Source: Dow Jones Market Data Source: MarketAxess

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B10 | We dnesday, January 27, 2021 THE WALL STREET JOURNAL. BUSINESS & FINANCE ClydesdalesinSuper Bowl Ad American Express Spending Decline AfterAll—but forSam Adams Points to Recovery

BY SUZANNE VRANICA Super Spending stein & Partners. social-media, search and on- BY ALLISON PRANG Mr.Campbell said the company It is unclear whether the line video ads that tease the expectsthat by the fourth quar- Themaker of SamAdams Prices forSuper Bowl ad time horses will appear in anyof content of its game-day spot. American Express Co. terof2021, travel and enter- beer is hijacking Budweiser’s continue to rise as brands seek Anheuser-Busch InBev’s ads Thecompanysaid it is loggedasmaller drop in spend- tainment spending will be Clydesdales ad campaign, in to takeadvantage of the huge this year. On Monday, the spending roughly $2.5million ing in the last quarter of 2020 around 70%ofwhat it wasin an attempt to steal some at- ratings and the publicitythat world’slargest brewersaid it on itsentireSuper Bowl compared with recent periods, the comparable quarter of 2019. tention during the publicity surrounds the big game won’t devoteaSuper Bowl campaign. showing potential signs of are- Spending not related to blitz that typically surrounds commercials. commercial to itsflagship Bud- TheGlaxoheartburn re- covery amid the Covid-19 pan- travel and entertainment rose the Super Bowl. Average cost of a30-second weiser beer brand this year for liever Tums will bypassTV demic which has kept people at 4% in the fourth quarter year Thecommercial won’t be Super Bowl ad the first time since 1983, ads altogether to morenar- home and damped spending on over year,which wasslightly visible to most people watch- pledging to redirect spending rowly target younger audi- travel. betterthan the 1% gain it ing the game on Feb. 7: Boston $6 million forthe airtime to marketing enceswith itsSuper Bowl Totalspending at American posted in the thirdquarter.It Beer Co.isonly paying forthe campaigns related to Covid-19 push. Replicating astrategy Expressfell 15% in itsfourth had fallen 13% in the second ad to air in NewYork and Bos- vaccinations instead. that paid off last year,itwill quarter from ayear earlier.By quarter of 2020.When adjust- 4 ton, allowing it to sidestep a Thecompany, which has run a sweepstakes on Twitter comparison, spending was ing forthe effectsofforeign ex- decadeslong exclusivity deal been the exclusivebeer adver- during the game that gives down 19% in the thirdquarter change, the companysaid on- between television networks 2 tiser during the national broad- viewers the chance to play an andtanked by morethan one- line spending and holiday and Budweiser’s parent, as cast of the Super Bowl since interactivebingogame.Bingo thirdinthe second quarter. spending increased among its well as saving millions of dol- 1975, will still have itsusual cards will include heartburn- As theworld grapples with consumer business. lars in the process. 0 large presenceduring the game, causing plays,such as those lockdowns and people stay American Expressalso re- Other advertisers, including 2016 ’17 ’18 ’19 ’20 ’21 planning national commercials that involve a fumble or pass home during the pandemic, ported abenefit related to a pharmaceutical company forsome of itsother brands,in- interference. Thecompanywill travel and entertainment spend- $674million reserverelease in Note:2021isestimated GlaxoSmithKline PLC,are also Source:Kantar Advertising Insights cluding Bud Light and Michelob driveawarenessofits ad ef- ing has takena hardhit, plum- the quarter.Mr. Campbell said making aplayfor Super Bowl Ultra, as well as forAnheuser- fort by running social-media meting 65% in the last quarter that the American Expresscon- attention without airing na- million it costsfor 30 seconds Busch itself. ads and online video ads. of 2020.That steep decline im- sumer is strong and that mea- tional ads during the game—an of airtime during the national Thecompanydeclined to say AmySharon,brand director proved slightly from the third sures of credit quality at the increasingly popular approach broadcast of the game on Via- whether the Clydesdales would forGlaxo’sheartburn portfolio, quarter when that measureof companyare faring well. Over- known as ambush marketing. comCBS Inc.’s CBS. be featuredinthe Anheuser- said itscampaign will cost less spending fell 69% from ayear all, American Express’srevenue, While approaches vary,the Thead, created by Goodby, Busch spot. than afourth of what aSuper earlier.Inthe second quarter of net of interest expense,was mission is simple: Crafta Silverstein &Partners, fea- A perennial fan favorite on Bowl TV ad coststhis year. 2020,itsank 87%. $9.35billion, down from $11.37 stunt creativeenough that it tures horses that aremeant to Super Bowl Sunday, the horses Ambush marketing sur- Within travel and entertain- billion in the same period a canattract attention on social mimic Budweiser’s Clydes- made their big-game debut in rounding the Super Bowl has ment, spending on restaurants year earlier.Analystswereex- and traditional media in the dales.Itwill promoteSam Ad- 1975and have appeared in continued to increase as ad has been the most resilient dur- pecting $9.34billion. Thecom- weeks leading up to the game. ams Wicked Hazy IPA. morethan 40 Super Bowl prices for the game have con- ing the pandemic,said Chief Fi- panyreported $1.44 billion in Boston Beer,which also “You see the Clydesdales commercials over the years. tinued to rise. nancial Officer Jeff Campbell on profit, down from $1.69 billion. makes the hard seltzer Truly, and youimmediately think Su- One popular spot that aired in Thepricefor ad time this the company’searningscall, but Earningswere$1.76 ashare, is spending $770,000 to air its per Bowl without even saying 1996 showed the horses play- year is up 28% from 2016, ac- he noted it decelerated in the down from $2.03 ashare. Ana- ad in New York and Boston, a the word,” said Jeff Goodby, ing a game of football. cording to estimates from ad- last quarter because of dining lystswereexpecting $1.31 a fraction of the roughly $5.6 co-founder of Goodby, Silver- Boston Beer will also run tracker Kantar Media. restrictions and colder weather. share, according to FactSet.

New Highs and Lows | WSJ.com/newhighs 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Continued From Page B8 52-Wk % 52-Wk % MountainCrest MCAC 13.24 9.9 Omnicell OMCL 128.41 -0.8 RackspaceTech RXT 23.52 15.8 SilvergateCapital SI 90.43 4.1 TheBancorp TBBK 17.53 -1.5 VirginGalactic SPCE 44.03 16.8 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg MountainCrestRt MCACR 1.30 15.0 OmnichannelA OCA 10.57 -1.0 Radware RDWR 28.92 -0.5 Smith-Midland SMID 11.25 2.3 ThorIndustries THO 121.89 5.0 Vuzix VUZI 16.34 0.3 NVR NVR 4610.00 0.1 1-800-FLOWERS FLWS 37.44 11.5 RealNetworks RNWK 2.63 -7.9 SoftwareII A SAII 10.91 -0.6 TigaAcquisitionUn TINV.U 12.48 4.3 WholeEarthBrds FREE 12.69 3.6 Stock Sym Hi/Lo Chg Interpublic IPG 25.31 2.2 LeisureAcqnUn LACQU 16.64 23.1 NanoDimension NNDM 17.89 -6.4 OneEquityPtrsI OEPWU 10.60 -0.2 Realogy RLGY 16.99 5.0 SoftwareII Wt SAIIW 1.90 5.3 TigaAcqnA TINV 11.36 3.9 WillametteValley WVVI 7.40 3.9 Intricon IIN 20.98 1.9 LeMaitreVascular LMAT 47.77 1.8 Ontrak OTRK 95.36 19.2 SparkEnergy SPKE 11.54 4.5 Harmonic HLIT 8.47 1.2 NanoXImaging NNOX 85.88 28.4 Redfin RDFN 84.83 1.4 Toll Bros TOL 53.87 3.3 Willdan WLDN 51.37 2.0 IonisPharma IONS 64.37 -2.0 Lennar A LEN 88.96 -0.8 OptimizeRx OPRX 48.87 1.4 SpokHoldings SPOK 12.86 2.4 HealthcareCap HCCCU 10.46 0.7 NaturalAlt NAII 14.98 10.4 RegulusTherap RGLS 1.62 21.1 TrepontAcqnI TACA.U 11.49 -0.4 WorkhorseGroup WKHS 33.32 30.2 j2Global JCOM 102.69 4.5 Lennar B LEN.B 71.25 -0.7 OptionCare OPCH 19.95 -2.1 SpragueRscs SRLP 21.69 0.7 HealthcareSvcs HCSG 33.13 3.2 NaturalGrocers NGVC 17.99 8.3 Renasant RNST 38.95 ... TrinityIndustries TRN 29.18 0.9 Yalla YALA 27.47 5.0 J&J JNJ 173.65 2.7 LifeStorage LSI 125.63 0.7 OramedPharms ORMP 7.60 -0.1 StaarSurgical STAA 105.44 16.4 HealthEquity HQY 91.42 7.3 Neogen NEOG 87.34 1.4 ResMed RMD 224.43 0.3 Triple-S Mgmt GTS 24.91 -0.2 YellowstoneAcqn YSACU 11.15 2.5 Joint JYNT 31.28 3.7 EliLilly LLY 213.23 0.2 OrbitalEnergy OEG 10.90 18.1 StableRoadUn SRACU 31.41 -1.3 HelenofTroy HELE 248.88 1.3 NeoGenomics NEO 57.91 -3.5 RetractableTechs RVP 15.83 15.5 TriumphBancorp TBK 64.30 4.2 Yield10Bio YTEN 20.35 11.2 JumiaTech JMIA 62.72 -1.5 LionsGate B LGF.B 13.47 0.8 PapaJohn's PZZA 103.04 4.7 SteelPartners SPLP 14.33 0.5 YunhongIntl ZGYHU 11.55 -2.1 Heska HSKA 174.87 4.5 NescoWt NSCO.WS 1.30 10.3 Revolve RVLV 40.94 -0.2 TurtleBeach HEAR 28.84 10.4 KB Home KBH 43.75 -1.5 LionsGate A LGF.A 14.97 1.4 ParkNational PRK 116.16 1.4 Stratasys SSYS 42.54 6.0 Nesco NSCO 8.26 5.8 RhythmPharm RYTM 43.26-13.2 US PhysTherapy USPH 135.12 1.0 YunhongIntlWt ZGYHW 0.89 10.3 HighlandTransI HTPA.U 11.50 2.2 KVH Inds KVHI 13.58 -0.1 LiveOakII A LOKB 11.30 -2.3 Pearson PSO 10.52 6.7 SummitStateBk SSBI 18.25 -3.4 NetSolTech NTWK 4.95 -4.0 RibbonComms RBBN 7.65 1.7 USWellServicesWt USWSW 0.17 -0.4 HighlandTransI HTPA 10.64 1.5 Kennametal KMT 41.80 1.6 LiveVentures LIVE 35.91 56.5 Perficient PRFT 55.01 1.0 SummitTherap SMMT 7.17 15.8 NYTimes A NYT 56.62 5.2 RigNet RNET 8.00 1.5 UniqueFabricating UFAB 7.51 0.1 Lows HighwayHldgs HIHO 5.74 27.9 KeurigDrPepper KDP 32.73 1.9 LouisianaPacific LPX 42.08 ... PhunwareWt PHUNW 0.70 110.5 SumoLogic SUMO 37.85 4.3 NewbornAcqnRt NBACR 1.91 21.7 RiteAid RAD 23.66 9.1 US Antimony UAMY 1.04 2.6 HimaxTechs HIMX 9.88 10.8 KimballElec KE 21.66 5.0 LumenTech LUMN 15.38 28.1 PiedmontLith PLL 63.98 9.6 SunOpta STKL 14.32 0.2 AequiAcqnA ARBG 10.18 -0.3 NewellBrands NWL 25.99 1.5 RobertHalf RHI 70.15 -1.4 UnivElectro UEIC 60.89 -1.0 HomeBancShares HOMB 22.49 0.4 KingswoodAcqn KWAC.U 10.68 0.6 MDC Partners MDCA 2.90 3.7 PinnacleFinPtrs PNFP 74.69 -0.2 SupernusPharms SUPN 31.30 2.0 FinTechAcqnV A FTCV 10.30 -2.3 NewHoldInvt NHICU 11.70 4.1 RothCHAcquisitionI ROCHU 24.71 7.0 DR Horton DHI 83.25 -1.5 KintaraTherap KTRA 2.50 3.9 MGP Ingredients MGPI 60.32 10.2 PitneyBowes PBI 14.39 81.0 SwitchbackEnerWt SBE.WS 21.04 6.7 Upwork UPWK 45.99 2.5 ForestRoadWt FRX.WS 2.20 -23.8 HovnanianPfdA HOVNP 11.00 8.0 KismetAcqnOne KSMT 10.97 5.3 MI Homes MHO 55.50 -3.9 NewHoldInvt NHIC 11.23 4.3 PitneyBowesNt43 PBIpB 23.90 0.9 RothCHAcqnII ROCCU 11.47 0.1 SyneosHealth SYNH 78.72 -3.1 VEREIT Pfd F VERpF 25.87 0.1 FortressCap FCAX.U 10.52 -1.9 HudsonExecII HCIIU 10.63 5.5 KoninklijkePhil PHG 58.08 1.6 Medallia MDLA 45.23 8.8 NewHoldInvtWt NHICW 2.00 21.0 PlugPower PLUG 75.49 11.4 SI-BONE SIBN 33.21 -0.6 Telus TU 21.27 0.8 VenatorMaterials VNTR 5.24 4.7 GEO Group GEO 6.70 -7.8 IAC/InterActive IAC 213.67 4.4 Koss KOSS 13.90 66.7 MediaAlpha MAX 55.43 13.9 NewtekNts2026 NEWTZ 26.15 1.6 Polaris PII 129.00 3.5 ScholarRock SRRK 62.43 -3.0 TFI Intl TFII 77.83 3.3 VentouxCCMAcqn VTAQU 10.72 0.2 HighlandTranIWt HTPA.WS 1.81 2.2 iClickInteract ICLK 15.50 3.4 KrystalBiotech KRYS 74.48 -2.5 Medifast MED 243.97 1.2 NextEraEnergyUn NEEpO 65.31 -2.0 PrimaveraCap PV.U 11.21 -0.6 Schrodinger SDGR 100.75 -2.8 TRowePrice TROW 161.31 2.3 Veoneer VNE 27.65 -4.8 JawsSpitfireA SPFR 10.50 -3.0 IdealPower IPWR 23.41 -11.8 KuraSushiUSA KRUS 25.80 4.7 MeritMedical MMSI 59.47 1.9 NextEraEnergyUn NEEpP 57.35 -1.4 ProfoundMed PROF 27.35 2.3 SciStratAcqn SSAAU 10.55 4.0 T2Biosystems TTOO 2.92 33.2 Vericel VCEL 43.98 -6.4 LibertyMediaAcqn LMACU 12.25 -5.8 Illumina ILMN 425.92 -0.1 LG Display LPL 10.86 0.4 Merus MRUS 31.27 3.4 NextGenHlthcr NXGN 23.80 0.4 Proofpoint PFPT 140.91 -1.0 SeanergyMarBWt SHIPZ 0.24 54.3 TZP Strategies TZPSU 10.56 0.2 VerintSystems VRNT 76.54 -1.3 LiveOakII Wt LOKB.WS 2.43 6.0 Immucell ICCC 7.68 7.6 LMFAcqnOpps LMAOU 10.47 4.0 Microsoft MSFT 234.18 1.2 NielsenHoldings NLSN 23.99 6.9 PropertySolns PSACU 16.20 13.1 ServiceCorp SCI 53.77 2.2 Tanger SKT 17.00 17.2 VertexEnergy VTNR 3.14 46.0 MontaukRenew MNTK 10.25 7.7 Immunome IMNM 18.00 -10.1 LSB Inds LXU 4.26 ... MidSouthBncp MSVB 15.83 5.5 Nokia NOK 5.27 -2.5 PropertySolns PSAC 13.35 15.8 SesenBio SESN 2.00 2.7 TastemakerAcqn TMKRU 10.61 -0.2 ViacomCBS A VIACA 52.06 8.3 Pharming PHAR 13.50 -3.5 InariMedical NARI 109.95 -0.1 LSI Inds LYTS 11.22 -3.6 MiddlesexWater MSEX 85.92 12.5 NomadFoods NOMD 26.99 -0.4 PropTechInvII PTICU 11.03 -1.3 SharpsCompliance SMED 12.70 2.0 TaylorMorrison TMHC 31.11 -2.8 ViacomCBS B VIAC 52.30 8.8 PrimeEnergy PNRG 37.70 -5.6 InglesMarkets IMKTA 45.92 3.6 LakelandFin LKFN 61.82 3.0 MilestoneSci MLSS 3.09 -0.7 Norbord OSB 46.12 1.6 ProtoLabs PRLB 224.94 7.8 ShotSpotter SSTI 52.75 -2.2 TejonRanch TRC 17.02 -0.1 ViaviSolutions VIAV 16.64 3.2 PropTechInvII Wt PTICW 1.75 -26.6 InMode INMD 62.20 -0.3 LawsonProducts LAWS 55.04 4.4 MonmouthRealEst MNR 17.98 0.5 NorthernStarII NSTB.U 10.74 6.2 Qualys QLYS 135.44 0.2 SignatureBank SBNY 166.72 ... 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THE WALL STREET JOURNAL. We dnesday, January 27, 2021 | B11 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30937.04 t22.96, or 0.07% Trailing P/E ratio 29.47 21.00 3849.62 t5.74, or 0.15% Trailing P/E ratio * 41.74 25.94 13626.06 t 9.93, or 0.07% Trailing P/E ratio *† 41.10 29.02 High, low, open and close for each P/E estimate * 23.55 19.16 High, low, open and close for each P/E estimate * 23.42 19.25 High, low, open and close for each P/E estimate *† 30.98 24.15 trading day of the past three months. Dividend yield 1.95 2.22 trading day of the past three months. Dividend yield * 1.55 1.79 trading day of the past three months. Dividend yield *† 0.74 0.93 All-time high 31188.38, 01/20/21 All-time high 3855.36, 01/25/21 All-time high: 13635.99, 01/25/21

Current divisor 0.15198707565833 32200 3875 13600

31000 3750 13100

29800 3625 12600

28600 3500 12100 Session high DOWN UP 65-day moving average Session open Close 65-day moving average t 27400 3375 11600 65-day moving average Close Open t 26200 3250 11100 Session low Bars measure the point change from session's open 25000 3125 10600 Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,045,271,858 30,809,034 Industrial Average 31121.42 30921.71 30937.04 -22.96 -0.07 31188.38 18591.93 7.7 1.1 5.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 494,744,551 9,344,722 Transportation Avg 12905.52 12627.61 12643.27 -206.55 -1.61 13126.00 6703.63 16.4 1.1 4.4 Most-active issues in late trading Decl. volume* 545,306,652 20,753,388 Utility Average 871.46 862.17 864.41 -7.76 -0.89 960.89 610.89 -7.4 -0.03 7.3 Volume After Hours Issues traded 3,275 284 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40750.72 40420.18 40435.26 -130.30 -0.32 40565.56 22462.76 20.7 3.1 10.9 Advances 1,318 137 AMC Entertainment Hldgs AMC 74,105.4 6.78 1.82 36.69 7.19 4.87 Barron's 400 911.76 899.69 900.57 -6.26 -0.69 909.04 455.11 23.7 5.7 5.9 Declines 1,857 132 GameStop Cl A GME 15,180.7 208.10 60.12 40.63 249.00 117.08 Unchanged 100 15 T2 Biosystems TTOO Nasdaq Stock Market 10,710.9 2.36 -0.45 -16.01 3.40 2.22 New highs 147 12 Nasdaq Composite 13702.69 13603.19 13626.06 -9.93 -0.07 13635.99 6860.67 47.0 5.7 22.0 Finl Select Sector SPDR XLF 10,503.7 29.83 -0.05 -0.17 29.90 29.78 New lows 30 Nasdaq-100 13536.30 13440.32 13490.19 6.90 0.05 13490.19 6994.29 48.4 4.7 24.3 DISH Network Cl A DISH 10,101.5 31.56 ... unch. 31.60 31.55 Closing Arms† 0.69 2.48 AMD 9,523.1 94.50 -0.21 -0.22 99.98 92.35 S&P Block trades* 6,269 231 Express EXPR 8,366.2 3.90 0.86 28.29 3.97 2.97 500 Index 3870.90 3847.78 3849.62 -5.74 -0.15 3855.36 2237.40 17.5 2.5 10.2 Nasdaq NYSE Arca BlackBerry BB 8,239.8 20.00 1.08 5.71 20.35 18.30 MidCap 400 2470.20 2427.65 2428.31 -25.49 -1.04 2469.01 1218.55 18.1 5.3 6.8 Total volume*6,749,072,353 183,661,391 SmallCap 600 1243.92 1222.89 1233.22 0.39 0.03 1233.22 595.67 21.8 10.2 8.0 Percentage gainers… Adv. volume*3,815,424,020 60,202,929 Decl. volume*2,892,316,477 121,099,930 Other Indexes GameStop Cl A GME 15,180.7 208.10 60.12 40.63 249.00 117.08 Issues traded 3,946 1,472 Russell 2000 2183.01 2146.34 2149.86 -13.42 -0.62 2168.76 991.16 29.6 8.9 10.2 AMC Entertainment Hldgs AMC 74,105.4 6.78 1.82 36.69 7.19 4.87 Advances 1,458 570 NYSE Composite 14995.55 14860.56 14867.37 -67.92 -0.45 15097.28 8777.38 7.1 2.4 2.9 Express EXPR 8,366.2 3.90 0.86 28.29 3.97 2.97 Declines 2,398 876 Eastman KODK 2,244.7 11.85 2.42 25.66 12.20 9.43 Value Line 607.39 598.81 600.27 -2.87 -0.48 606.75 305.71 10.2 5.5 0.6 Unchanged 90 26 Revlon Cl A REV 274.4 16.30 3.09 23.39 16.90 13.01 NYSE Arca Biotech 6208.88 6143.09 6148.32 -142.24 -2.26 6290.56 3855.67 23.9 7.1 7.7 New highs 259 111 NYSE Arca Pharma 728.11 722.96 724.27 -0.76 -0.10 725.03 494.36 10.6 5.1 6.9 ...And losers New lows 812 KBW Bank 103.72 101.61 101.63 -1.16 -1.13 110.43 56.19 -4.9 3.8 -4.4 T2 Biosystems TTOO 10,710.9 2.36 -0.45 -16.01 3.40 2.22 Closing Arms† 0.46 1.30 § PHLX Gold/Silver 139.37 137.40 137.47 -1.10 -0.80 161.14 70.12 36.4 -4.7 15.0 Universal Security UUU 745.7 7.25 -0.67 -8.46 9.60 6.49 Block trades* 42,939 908 § PHLX Oil Service 49.21 47.16 47.17 -0.93 -1.92 67.00 21.47 -27.5 6.4 -33.8 Regional Hlth Properties RHE 84.4 4.79 -0.31 -6.08 5.49 4.50 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 3079.40 3030.00 3031.77 -47.44 -1.54 3132.17 1286.84 60.1 8.5 30.0 Vir Biotechnology VIR 101.2 73.10 -4.28 -5.53 78.42 63.70 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 23.94 22.55 23.02 -0.17 -0.73 82.69 13.68 41.4 1.2 27.6 MBI MBIA Inc 53.5 7.02 -0.41 -5.52 7.43 7.00 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg World MSCI ACWI 666.09 –1.99 –0.30 3.1 EZGO Technologies EZGO 18.11 14.11 352.75 19.44 4.00 ... Express EXPR 3.04 -1.11 -26.75 4.90 0.57 -33.6 MSCI ACWI ex-USA 338.98 –1.08 –0.32 3.8 GameStop Cl A GME 147.98 71.19 92.71 159.18 2.57 3415.0 Lightbridge LTBR 6.81 -1.60 -19.02 9.31 1.71 54.1 MSCI World 2754.12 –2.75 –0.10 2.4 PBI 13.63 6.10 81.01 14.39 1.67 266.4 Capricor Therapeutics CAPR 6.35 -1.35 -17.53 12.32 0.88 292.0 MSCI Emerging Markets 1388.76 –21.44 –1.52 7.6 Vir Biotechnology VIR 77.38 32.99 74.32 78.28 16.09 263.1 RLX Technology ADR RLX 24.04 -4.59 -16.03 35.00 22.30 ... Americas MSCI AC Americas 1502.68 –4.11 –0.27 2.4 Koss KOSS 10.00 4.00 66.67 13.90 0.80 549.4 36Kr Holdings ADR KRKR 4.20 -0.78 -15.66 7.40 2.29 -42.6 Canada S&P/TSX Comp 17779.41 –126.61 –0.71 2.0 Live Ventures LIVE 27.81 10.04 56.50 35.91 3.49 274.3 Repro Med Systems KRMD 4.33 -0.80 -15.59 12.84 3.60 -27.8 Latin Amer. MSCI EM 2385.72 25.47 1.08 –2.7 Forward Industries FORD 3.89 1.28 49.04 4.20 0.90 250.5 Foghorn Therapeutics FHTX 19.51 -3.60 -15.58 28.27 14.03 ... Brazil Sao Paulo Bovespa 116464.06 –916.43 –0.78 –2.1 CarParts.com PRTS 20.18 6.56 48.16 20.86 1.04 664.4 Holdings KSPN 30.47 -5.43 -15.13 63.10 2.17 622.0 Chile Santiago IPSA 3074.27 6.03 0.20 7.6 Universal Security UUU 7.92 2.20 38.46 13.94 0.30 1069.9 KemPharm KMPH 6.46 -1.07 -14.21 22.08 1.94 6.4 S&P/BMV IPC 45053.56 –72.95 –0.16 2.2 Conversion Labs CVLB 17.72 4.85 37.68 18.44 0.50 2546.8 Sphere 3D ANY 2.36 -0.39 -14.18 5.55 0.33 202.5 EMEA Stoxx Europe 600 407.70 2.57 0.63 2.2 Edesa Biotech EDSA 7.48 1.95 35.26 19.10 1.58 118.7 Check-Cap CHEK 1.80 -0.29 -13.88 2.93 0.24 -16.3 Eurozone Euro Stoxx 402.31 3.57 0.89 1.2 Baozun ADR BZUN 48.00 12.45 35.02 48.14 22.19 51.9 Gritstone Oncology GRTS 20.56 -3.30 -13.83 35.20 2.54 119.1 Belgium Bel-20 3724.28 37.71 1.02 2.8 Psychemedics PMD 7.44 1.90 34.30 9.81 3.58 -23.1 Wunong Net Technology WNW 21.96 -3.44 -13.54 160.68 7.31 ... T2 Biosystems TTOO Rhythm Pharmaceuticals RYTM Denmark OMX Copenhagen 20 1474.39 –15.35 –1.03 0.6 2.81 0.70 33.18 2.92 0.24 160.2 34.03 -5.16 -13.17 43.26 12.99 86.5 Regional Hlth Properties RHE 5.10 1.25 32.47 15.77 0.75 229.9 MER Telemanagement MTSL 2.58 -0.39 -13.13 3.20 0.75 130.3 France CAC 40 5523.52 51.16 0.93 –0.5 Germany DAX 13870.99 227.04 1.66 1.1 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1596.49 –0.85 –0.05 6.5 Italy FTSE MIB 21987.00 251.05 1.15 –1.1 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low Netherlands AEX 658.54 0.30 0.05 5.4 Russia RTS Index 1422.95 10.93 0.77 2.6 Nokia ADR NOK 371,631 902.7 4.73 -2.47 5.27 2.34 Edesa Biotech EDSA 16,381 11141 7.48 35.26 19.10 1.58 South Africa FTSE/JSE All-Share 63923.63 –636.22 –0.99 7.6 AMC Entertainment Hldgs AMC 336,524 628.9 4.96 12.22 7.78 1.91 Koss KOSS 34,251 7691 10.00 66.67 13.90 0.80 Sundial Growers SNDL iM DBi Mgd Futures DBMF Spain IBEX 35 7964.90 67.60 0.86 –1.3 276,979 -10.5 0.56 -6.59 2.64 0.14 228 4261 26.13 -0.52 27.48 24.00 BlackBerry BB 232,700 615.9 18.92 4.94 20.83 2.70 Summit State Bank SSBI 220 4258 16.40 -3.40 18.25 6.50 Sweden OMX Stockholm 804.88 9.23 1.16 4.8 General Electric GE 211,089 123.9 11.29 2.73 13.26 5.48 KemPharm KMPH 13,083 3249 6.46 -14.21 22.08 1.94 Switzerland Swiss Market 10964.05 38.35 0.35 2.4 Turkey BIST 100 1536.11 –4.10 –0.27 4.0 GameStop Cl A GME 169,382 706.8 147.98 92.71 159.18 2.57 Aspirational Cnsmr A ASPL 1,680 2895 10.90 5.93 11.00 9.65 U.K. FTSE 100 6654.01 15.16 0.23 3.0 Atossa Therapeutics ATOS 149,722 1449.1 2.61 -12.42 5.08 0.76 Invsc DJIA Div DJD 1,074 2287 39.25 -0.30 40.38 25.21 U.K. FTSE 250 20448.36 97.95 0.48 –0.2 AIkido Pharma AIKI 147,387 1746.1 1.79 46.72 5.46 0.47 Live Ventures LIVE 1,729 1861 27.81 56.50 35.91 3.49 Biolase BIOL 122,505 388.0 1.50 44.23 1.51 0.21 NewHold Investment NHIC 834 1679 10.90 4.31 11.23 9.43 Asia-Pacific MSCI AC Asia Pacific 212.47 –2.76 –1.28 6.3 Castor Maritime CTRM 118,619 49.1 0.39 2.47 2.60 0.11 Pitney Bowes PBI 46,020 1611 13.63 81.01 14.39 1.67 Australia S&P/ASX 200 6824.70 … Closed 3.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3569.43 –54.81 –1.51 2.8 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29391.26 –767.75 –2.55 7.9 Track the Markets Closed India S&P BSE Sensex 48347.59 … 1.2 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28546.18 –276.11 –0.96 4.0 global stock indexes, bond ETFs, Straits Times 2945.52 –28.13 –0.95 3.6 currencies and commodities at Currencies South Korea Kospi 3140.31 –68.68 –2.14 9.3 wsj.com/graphics/track-the-markets Taiwan TAIEX 15658.85 –287.69 –1.80 6.3 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1512.83 11.21 0.75 4.4 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Tues YTD chg Tues YTD chg Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004335 23070 –0.04 CREDIT MARKETS Argentina peso .0115 86.9286 3.4 Europe Brazil real .1867 5.3556 3.1 Czech Rep. koruna .04667 21.429 –0.2 Canada dollar .7876 1.2697 –0.3 Denmark krone .1635 6.1180 0.4 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001364 733.20 3.2 Euro area euro 1.2162 .8223 0.4 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000277 3613.51 5.6 Hungary forint .003384 295.55 –0.5 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007744 129.13 1.0 A consumer rate against its New car loan Mexico peso .0500 19.9893 0.5 Norway krone .1170 8.5452 –0.4 benchmark over the past year 2.50% Uruguay peso .02376 42.0950 –0.6 Poland zloty .2675 3.7378 0.1 Bankrate.com avg†: 4.02% 10% Asia-Pacific Russia ruble .01331 75.111 1.5

s Sweden krona .1205 8.2998 0.9 First Command Bank 2.75% One year ago 2.00 Euro Australian dollar .7749 1.2905 –0.7 New car loan Switzerland franc 1.1275 .8869 0.2 4.60% Fort Worth, TX 888-763-7600 t 5 China yuan .1547 6.4652 –1.0 t 1.50 Turkey lira .1361 7.3479 –1.2 s .1290 7.7524 –0.01 First Savings Bank of Hegewisch 2.75% Ukraine hryvnia .0354 28.2500 –0.4 4.20 0 Yen India rupee .01372 72.910 –0.2 Chicago, IL 773-646-4200 1.00 UK pound 1.3735 .7281 –0.5 Tradeweb ICE Indonesia rupiah .0000711 14065 0.1 Cambridge Savings Bank 3.24% Middle East/Africa 3.80 Tuesday Close 0.50 –5 s Japan yen .009651 103.62 0.3 Cambridge, MA 888-418-5626 t WSJ Dollar Index Kazakhstan tenge .002369 422.15 0.2 dinar 2.6455 .3780 0.3 Prime rate Macau pataca Egypt pound t 3.40 PNC Bank 3.34% 0.00 –10 .1251 7.9905 –0.01 .0636 15.7339 –0.1 Malaysia ringgit .2470 4.0490 0.7 Israel shekel .3064 3.2633 1.6 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7239 1.3814 –0.8 Kuwait dinar 3.3066 .3024 –0.6 3.00 month(s) years F M A M J J A S O N D J Frost Bank 3.74% Pakistan rupee .00622 160.783 0.3 Oman sul rial 2.5974 .3850 ... maturity 2020 , TX 800-513-7678 Philippines peso .0208 48.067 0.1 Qatar rial .2747 3.641 –0.02 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7548 1.3248 0.3 Saudi Arabia riyal .2666 3.7516 ... Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009074 1102.01 1.5 South Africa rand .0664 15.0666 2.5 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051174 195.41 5.5 Close Net Chg % Chg YTD % Chg Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.75 -1.25 Taiwan dollar .03570 28.012 –0.3 Yield (%) 52-Week Total Return (%) Thailand baht .03339 29.950 –0.3 WSJ Dollar Index 85.09 –0.22 –0.3 0.10 Prime rate* 3.25 3.25 3.25 l 4.75 -1.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr Libor, 3-month 0.22 0.22 0.20 l 1.78 -1.55 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2440.660 0.630 0.660 1.610 0.400 5.624 5.339 Money market, annual yield 0.10 0.10 0.10 l 0.50 -0.20 Five-year CD, annual yield 0.48 0.48 0.48 l 1.40 -1.06 U.S. Treasury Long, Barclays 4590.180 1.670 1.710 2.090 0.980 9.395 9.884 Commodities 30-year mortgage, fixed† 2.88 2.91 2.83 l 4.22 -1.26 Aggregate, Barclays 2278.950 1.150 1.180 2.310 1.020 5.548 5.482 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.38 2.38 2.32 l 3.43 -1.23 Fixed-Rate MBS, Barclays 2231.610 1.200 1.220 2.690 0.930 3.346 4.039 DJ Commodity Jumbo mortgages, $548,250-plus† 2.91 2.94 2.85 l 4.36 -1.55 762.66 5.00 0.66 770.54 433.70 26.30 4.25 High Yield 100, ICE BofA 3337.298 3.418 3.448 10.740 3.358 4.552 4.971 Refinitiv/CC CRB Index 0.99 176.77 106.29 4.54 Five-year adj mortgage (ARM)† 3.16 3.18 2.85 l 3.69 -0.97 175.42 0.57 0.94 Muni Master, ICE BofA 597.921 0.792 0.853 3.441 0.792 4.096 4.798 Crude oil, $ per barrel -0.16 53.78 -37.63 8.43 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.72 52.61 -0.30 -1.63 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 923.485 4.472 4.515 7.480 4.295 3.576 4.537 Natural gas, $/MMBtu 2.656 0.054 2.08 3.354 1.482 37.33 4.61 banks.† Excludes closing costs. Gold, $ per troy oz. 1850.70 -4.20 -0.23 2051.50 1477.30 17.94 -2.24 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW027000-4-B01200-1------XA

B12 | We dnesday, January 27, 2021 **** THE WALL STREET JOURNAL. BANKING & FINANCE UBS Plans $4.5 Billion Buyback Blackstone To Acquire BY MARGOT PATRICK banks in market trading and in theselection of asuccessor. advising companies on stock UBSisalso bracing forthe UBS Group AG’s focus on and debt deals,and mergers outcome of an appeal this Allstate theworld’srich is helping it and acquisitions.Both areas spring of aFrench court’s2019 powerthrough the coronavi- had a bumper year as wealth ruling that it illegally helped ruspandemic with some of the clientsrotated their invest- French clientshold undeclared Life Unit best financial resultsinglobal mentsand Swissaccounts. In February banking, but acloud over new customerstraded moreand 2019,the court ordered it to BY JOSH BECKERMAN ChiefExecutiveRalph Hamers broughtdeals to take advan- payaround $5.5 billion in fines is threatening to throw Swit- tage of arise in asset prices and civil damages.The case Private-equity giant Black- zerland’slargest lender off from government and central- wassupposed to be settled be- stone Group Inc.has agreed to course this year. bank stimulus. fore Mr.Hamersstarted but buy AllstateLifeInsuranceCo. CH/REUTERS UBS on Tuesdayramped up TheSwissbank said itsper- wasdelayedbydisruption to from Allstate Corp.for $2.8 asharebuyback program after formanceallowedittoset courtsfromthe coronavirus. billion, among manydeals be- AFFENBA

2020 net profit rose 54% from aside morecapital in the PF Reporting fourth-quarter tween financial firms and life- I

gains in itsbanking and fourth quarter to buy back KA earnings, UBS said investment insurance businesses. wealth management units. The shares and that it will pur- The bank’sfourth-quarter profit morethan doubled to $1.7 billion. banking pretax profit rose to AllstateLifeInsurance bank said it is meeting all of chase at least $1.1 billion worth $529 million from a$22 mil- holds about 80%, or $23 bil- itsfinancial targetsand is an- of stock in the firstquarter.It peals court ordered anew putUBS back on track afterit lion pretax lossinthe fourth lion, of Allstate’s life and an- ticipating lower levels of bad said it could buy back 4billion criminal investigation targeting received abailout during the quarter of 2019. Wealth man- nuity reserves.The companies loans from the pandemic than Swissfrancs worth of shares, Mr.Hamers, surprising UBS, .Atthe time of agement pretax profit was up expect to close the deal in the manyrivals because of its equivalent to $4.5billion, in which had considered the mat- the appointment,Mr. Weber 22%inthe fourth quarter to second half. safer lending to Swissborrow- thenextthree years. terclosed beforeithired him. said Mr.Hamersbeat out other $936 million from $766 mil- Last week,Sixth Street ers and the global rich. The case against Mr. Ham- The Dutch prosecutor con- candidates because of his re- lion. Partners announced a deal to Thestrong resultswere ers stems from a 2018 settle- firmed last week it will start cord in transforming ING and Acrossthe whole bank, buy life-insurancebusiness overshadowedbyacriminal ment between ING and Dutch an investigation. On Tuesday, his reputation formoving more fourth-quarter net profit more Talcott Resolution for $2 bil- investigation intoMr. Hamers, prosecutors over ING’santi Mr.Hamerssaid he always customerstoonline services. than doubled, to $1.7billion lion. who became CEO on Nov.1af- money-laundering systems. actedingood consciencedur- UBS’sboardconsidered from $722 million. Thecharge Sincethe world-wide finan- teratwo-month handover pe- Prosecutorssaid ING had been ing his time at ING and he is ING’s2018 settlement when forcredit losses in the three cial crisis of 2008,private-eq- riod. Just over a month later, “seriously deficient” as agate- confident he will be cleared vetting Mr.Hamersand “took months was just $66 million, uity,asset-management and a Dutch court ordered a fresh keeper of the financial system again by prosecutors. the right choice,” Mr.Weber which UBS said wasmainly re- other types of financial firms probe intohis role in amoney- and allowed bribes and laun- Mr.Hamerswas recruited said when announcing the ap- lated to astruggling company have bought up blocks of life- laundering scandal at his for- dered money to flow through by UBSinFebruary2020 to pointment. in the travel sector.For the insurance policies and annui- mer employer, ING Groep NV. the bank foryearswithout succeed Sergio Ermotti,one of Theprobe is another bruise full year,UBS set aside $694 ties, as well as entire operat- UBS has said it is backing Mr. proper checks. Europe’slongest-serving bank foraSwissbanking , million. ing units, as insurers Hamersinthe probe,which is ING avoided prosecution by CEOs who washead of the following aspying scandal at With UBS on the front foot narrowedtheir focus and di- expected to take ayear or admitting wrongdoing and bank from 2011 until Novem- crosstownrival Credit Suisse financially,the bank is also tar- vested themselves of product more. paying €775 million. Thepublic ber last year. GroupAGthat forced out its geting acquisitions in wealth lines. Ultralowinterest rates UBS seeks to bank the prosecutor at the time said it TheDutch national was CEO.Itcould cast ashadowon and asset management globally have prompted much of the world’srich and help them didn’t find enough evidenceto handpicked by UBSChairman the legacyofMr. Weber,who and it is expected to be part of activity,hurting insurers’ prof- managetheir wealth. It also pursue individuals forcriminal Axel Weber, who along with has said he would retireas awaveofconsolidation in its. competes with Wall Street conduct. In December,anap- Mr.Ermotti is seen as having chairman next year following Switzerland and acrossEurope. Allstate said the life-insur- anceunit had anet lossof$23 million in the firstnine months of 2020. Brace for Tax Hitches From Remote Work “We’repleased to enter into this transaction as Blackstone continues growing itsinsur- BY LAURA SAUNDERS Q: What if my job is based ancebusiness,” said Gilles Del- in NewYork,but Ihave laert,global head of Black- If you’reone of the millions worked from another state? stone Insurance Solutions. of people who have worked A: Acontroversial rule will —Leslie Scism contributed to from outside your home state likely affect thousands of New this article. this year,tax season could be Yorkersand otherswhose of- tough: Youmight need to file ficeswereclosed this year be- returns and paytaxes to more cause of the pandemic.The than one statefor 2020. rule’simportancewill grow,as Big Banks Thechallengeisthat each out-of-statetelecommuting be- state’stax system is aunique comes morecommon,espe- mix of rules,and they areeven cially if morestatesadopt it. Embrace moreconfusing this year be- The“convenience” rule taxes cause of pandemic-related individuals whereajob is changes.Here’swhat to know. based—not wherethey reside Diversity or work,unlessthe employer Q: Iworked from two states requires the remotework at a in 2020.Does thatmean I’ll bona fide work location. Hiring owe moretaxes? In other words, someone A: Potentially yes, but it de- with aNew York-based job who BY BEN EISEN pendsonthe states. lives and telecommutes from Afew states don’t have in- another statestill owesfull in- Five of the largest U.S. banks come taxes, but nearly all that come taxtoNew York on that publicly committedtomandat- do impose them on workers compensation. If the other ing adiverse slateofapplicants who arejust passing through. statetaxes that income as well when hiring employees,part of Manyofthese states—including and doesn’t giveacredit for apush to diversifyanindustry NewYork and California, which the NewYork tax—as some whose topranks remain largely arefamously aggressive—are states don’t—the worker will whiteand male. still set to levytaxes on remote likely be double taxed. JPMorganChase &Co., REUTERS

workersfor 2020. T/ NewYork isn’t alone in as- Bank of America Corp., Citi- However, not all remote serting the conveniencerule. group Inc., &Co. ERNS workerswill facenew cross- Arkansas,Connecticut, Dela- and U.S. Bancorp all said they

border burdens.About 15 juris- THAN ware,Nebraska and Pennsylva- would either adjust policies for

dictions,such as Maryland, Vir- JONA nia also have it, according to considering job candidates or ginia and the District of Kelley Miller working from home at a gardening table in Washington, D.C., last fall. Ms.Sherr of AICPA. disclose theones they already Columbia, have long had agree- have in place. mentswith neighborsallowing consider howlong aworker is W-2forms,and taxpreparers A: Forinformation, check Q: What if I’m self-employed? Their policies mirror the so- commuterstofile and pay there, what income is earned, will ask clients, and neither will statetax websites or the A: Businessownerswho called Rooney Rule,which taxeswherethey live. and wherethe worker’s true submit false information that AICPA’ssite. Also check taxes worked in morethan one state started in the National Football In addition, 15 states and the home,ordomicile,is. could put them in jeopardy. on nonresidentsifyou worked in 2020 could also need to file League as away of making sure District of Columbia said they These rules arefamous for in astate but not long enough and paytaxes to those states. people of color areconsidered won’t enforce their taxrules for taxing out-of-stateentertainers Q: HowdoIstart my taxes to be aresident there. forcoaching jobs.Inrecent remoteworkers who worked in and athletes.But this year such this year if Iworked in more Q: Can Itakeahome-office years, the rule has gained trac- their statebecause of the coro- rules will complicatefilingsand than one state? Q: What else should Ido? deductionfor working from tion in corporateAmerica, par- navirus,according to American paymentsfor regular folks A: First, determine where A: Talk to your employer. home in 2020? ticularly forboards. InstituteofCPAsspokeswoman working remotely because of youwerein2020.How many State taxauthorities canbeag- A: Not if you’reanemployee Thecommitmentscame Eileen Sherr,who tracks this thepandemic.Takethe exam- states didyou work in? How gressive, but they maydesist if rather than abusinessowner. about afterthe American Feder- evolvingdata. ples of aSeattle tech worker manywork days did youspend your employerassigned youto As part of the2017tax over- ation of Labor and Congressof In afew cases,remotework- who has moved back to his par- in each state? an existing officeinanother haul, Congressnearly doubled Industrial Organizations,a erscould be net winnersand ents’ house in or aNew Next, find out the criteria for stateand then withheld taxes the standarddeduction and re- union group,sent proposals to owe lowertotal statetaxes for York banker who set up adesk being considered ataxable resi- forthat state. pealed several write-offs on the banks in itscapacity as a 2020 if they areinalow-or in aFlorida beach home. dent of the states whereyou “Domicile” counts. State tax Schedule A. One wasapartial shareholder.The group owns no-tax state. Forexample, Manystateshavecreditsto were.Are therespecial pan- lawoften considerswherethe deduction forunreimbursed shares through itsreservefund. Texas has no stateincome tax, prevent or reducedouble taxa- demic rules that makethem worker’s true home is in addi- employee expenses,such as a That ledtodiscussions and a so aSan Franciscotech worker tion.But these creditsmay not different this year? Does the tion to time spent in-state. Key home office. series of agreements, according who moves theremight be able fully offset taxeselsewhere, if stateyou worked from have an factorsinclude wheresomeone Thegood news foremploy- to Brandon Rees, deputy direc- to avoid the high California in- theremotework is in astate agreement with the statewhere votes, has club or religious af- ees is that companies canreim- torofcorporations and capital come taxoncompensation with higher taxesthan the your officeislocated to prevent filiations,has adriver’s license burse them formanypandemic marketsatAFL-CIO. earned while in Texas. home state. double taxation? These are and plans to be buried. expenses forworking at home, Banks saythey already had common in states sharing a Finally,think about getting such as betterinternet services interviewpolicies to diversify Q: Whywould Ihavetofile to Q: Howwill states knowthat border. professional help if your situa- or officeequipment. These pay- their ranks,but the public two states? someone has worked there? tion is complicated—such as if mentsare deductible by the agreementsare meant to add A: Each statetax system is a A: In various ways. Employ- Q: HowdoIfind the rules for yougot married, sold ahome employerand don’t count as an element of accountability for unique mélangeofrules that erswill include information on the states I’veworked in? or hadalarge windfall or loss. compensation to employees. their progress.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 52.24 +0.02 0.9 GroCo 34.60 -0.44 5.3 IntlEq 29.37 -0.05 3.3 PIMCO Funds I2 ExplrAdml 126.39 -1.16 5.6 WndsrAdml 73.37 -0.38 2.8 IdxIntl 20.13 -0.06 3.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity GrowCoK 34.70 -0.43 5.3 Invesco Funds Y Income NA ... NA ExtndAdml 132.19 -1.45 6.0 VANGUARD FDS MdCpGrAdml 92.82 -1.31 1.7 e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem133.52 -0.20 2.6 InvGrBd 11.86 -0.01 -0.3 DevMktY 55.88 -0.47 4.5 PIMCO Funds Instl GNMAAdml 10.72 ... -0.1 DivdGro 32.64 -0.10 -1.8 SmValAdml 64.52 -0.45 5.6 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 19.29 -0.07 2.1 LowP r 50.86 ... 4.6 JPMorgan I Class IncomeFd NA ... NA GrwthAdml 134.40 -0.19 3.0 INSTTRF2020 26.64 -0.04 1.5 TotBd2 11.38 ... -0.6 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 88.42 -0.98 5.9 Magin 13.10 ... 0.4 CoreBond 12.23 ... -0.4 Price Funds HlthCareAdml r 95.24 -0.78 4.7 INSTTRF2025 27.95 -0.05 1.8 TotIntlInstIdx r134.64 -0.44 3.7 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 13.31 -0.05 3.1 NASDAQ r 171.05 -0.13 5.7 EqInc 19.95 -0.06 1.1 BlChip 169.34 -0.49 2.3 HYCorAdml r 5.97 ... 0.1 INSTTRF2030 28.72 -0.06 2.1 TotItlInstPlId r134.68 -0.43 3.7 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 46.71 +0.06 2.4 OTC 18.35 -0.09 4.7 JPMorgan R Class DivGro 60.33 -0.23 0.5 InfProAd 28.42 -0.03 0.4 INSTTRF2035 29.42 -0.07 2.4 TotSt 97.70 -0.31 3.2 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 27.76 -0.27 2.8 Puritn 26.60 -0.12 2.2 CoreBond 12.25 ... -0.4 EqInc 32.09 -0.17 2.7 IntlGrAdml 174.42 -1.60 8.8 INSTTRF2040 30.14 -0.08 2.7 VANGUARD INSTL FDS SAIUSLgCpIndxFd 20.14 -0.03 2.6 SrsEmrgMkt 26.89 -0.36 7.7 Lord Abbett A Growth 100.21 -0.12 3.4 ITBondAdml 12.51 ... -0.5 INSTTRF2045 30.78 -0.09 3.0 BalInst 45.09 -0.09 1.7 SeriesBondFd 10.71 ... -0.5 SrsGlobal 14.92 -0.05 4.0 ShtDurIncmA p 4.22 ... 0.4 HelSci 103.90 -2.27 5.1 ITIGradeAdml 10.41 -0.01 -0.4 INSTTRF2050 30.87 -0.09 3.0 DevMktsIndInst 15.63 -0.01 2.5 Tuesday, January 26, 2021 SeriesOverseas 12.49 +0.01 0.7 SrsGroCoRetail 23.97 -0.30 5.3 Lord Abbett F LgCapGow I 63.68 ... 4.0 LTGradeAdml 11.51 -0.02 -2.2 INSTTRF2055 30.95 -0.09 3.0 DevMktsInxInst 24.43 -0.02 2.5 YTD YTD YTD Net Net Net SrsIntlGrw 18.09 ... 1.7 ShtDurIncm 4.21 ... 0.2 MidCap 115.51 -1.21 2.1 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 27.20 -0.17 8.9 MidCpAdml 262.11 -2.53 2.2 IntlVal 40.87 -0.07 1.5 ExtndInst 132.18 -1.45 6.0 TMktIdxInstPrem111.13 -0.36 3.2 SrsIntlVal 10.29 +0.02 2.0 Metropolitan West NHoriz 82.96 -1.45 0.8 MuHYAdml 12.04 +0.03 0.9 LifeCon 22.91 -0.03 1.1 GrwthInst 134.40 -0.20 3.0 American Century Inv Baird Funds EmMktCorEq 25.69 -0.26 5.9 USBdIdxInstPrem 12.36 ... -0.6 TotalBond 11.27 ... -0.3 TotRetBdI 11.13 ... -0.4 R2020 23.16 -0.06 1.8 MuIntAdml 14.89 +0.02 0.4 LifeGro 41.30 -0.11 2.6 InPrSeIn 11.58 -0.01 0.3 Ultra 77.96 -0.31 2.7 AggBdInst 11.70 -0.02 -0.5 IntlCoreEq 14.90 +0.01 2.3 Fidelity Advisor I Fidelity SAI TRBdPlan 10.44 ... -0.4 R2025 19.77 -0.06 2.1 MuLTAdml 12.27 +0.03 0.5 LifeMod 32.23 -0.06 1.8 InstIdx 340.00 -0.50 2.6 American Funds Cl A CorBdInst 12.07 -0.03 -0.4 IntSmCo 20.69 +0.05 2.0 NwInsghtI 38.67 -0.16 2.6 TotalBd 10.71 -0.01 -0.3 MFS Funds Class I R2030 29.13 -0.11 2.4 MuLtdAdml 11.28 +0.01 0.3 PrmcpCor 30.64 -0.13 5.7 InstPlus 340.01 -0.51 2.6 AmcpA p 40.03 -0.21 2.4 BlackRock Funds IntSmVa 19.37 +0.03 1.3 Fidelity Freedom Fidelity Selects Growth I 163.22 -0.55 0.9 R2035 21.81 -0.09 2.7 MuShtAdml 15.96 +0.01 0.1 STAR 31.80 -0.12 2.3 InstTStPlus 76.30 -0.24 3.2 AMutlA p 45.44 -0.12 1.9 HiYBlk 7.79 ... 0.2 LgCo 28.87 -0.04 2.6 FF2020 17.49 -0.06 1.9 Softwr r 27.10 +0.01 -0.1 ValueI 45.38 -0.24 0.6 R2040 31.33 -0.14 3.0 PrmcpAdml r162.52 -0.73 5.6 TgtRe2015 15.89 -0.02 1.0 MidCpInst 57.90 -0.56 2.2 BalA p 30.59 -0.07 1.3 HiYldBd Inst 7.79 ... 0.3 TAUSCoreEq2 23.83 -0.12 3.7 FF2025 15.79 -0.06 2.2 Tech r 28.20 -0.23 4.9 MFS Funds Instl PRIMECAP Odyssey Fds RealEstatAdml123.36 +0.98 2.5 TgtRe2020 34.80 -0.06 1.5 MidCpIstPl 285.56 -2.75 2.2 BondA p 13.72 ... -0.4 BlackRock Funds A US CoreEq1 30.71 -0.12 3.5 FF2030 19.76 -0.08 2.5 First Eagle Funds IntlEq 30.99 +0.11 1.1 AggGrowth r 58.85 -0.54 9.7 SmCapAdml 98.72 -0.87 5.9 TgtRe2025 21.93 -0.05 1.8 SmCapInst 98.72 -0.87 5.9 CapIBA p 64.19 -0.04 1.9 GlblAlloc p 22.02 ... 2.3 US CoreEq2 28.02 -0.11 3.9 FF2035 17.08 -0.09 3.1 GlbA 61.91 -0.08 1.1 Northern Funds Schwab Funds SmGthAdml 99.83 -1.10 6.2 TgtRe2030 41.41 -0.08 2.1 STIGradeInst 11.02 ...... 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NA CapOpAdml r190.14 -1.69 7.1 ValAdml 47.36 -0.16 2.0 Welltn 44.88 -0.07 1.2 Western Asset TotRt 10.55 ... -0.3 SmCpA p 82.61 -0.77 3.8 Dimensional Fds CoreFxdIncmI 11.33 ... 0.1 ContraK 17.22 -0.05 2.4 Harbor Funds DivAppIdxAdm 38.32 -0.06 -0.1 WdsrllAdml 70.72 -0.32 3.0 WndsrII 39.86 -0.18 2.9 CoreBondI NA ... NA PIMCO Funds A TxExA p 13.68 +0.02 0.6 5GlbFxdInc 10.90 ... 0.1 TotRetBdI NA ... NA CpInc r 10.85 -0.03 1.4 CapApInst 106.84 -0.90 2.5 EMAdmr 44.67 -0.45 7.2 WellsIAdml 68.67 -0.09 0.1 VANGUARD INDEX FDS CorePlusBdI NA ... NA IncomeFd NA ... NA WshA p 51.04 -0.23 1.7 EmgMktVa 29.78 -0.27 3.9 Edgewood Growth Instituti DivIntl 48.65 -0.19 2.0 Harding Loevner EqIncAdml 81.03 -0.22 2.1 WelltnAdml 77.51 -0.10 1.2 ExtndIstPl 326.20 -3.58 6.0 CorePlusBdIS NA ... NA P2JW027000-4-B01300-1------XA

THE WALL STREET JOURNAL. **** We dnesday, January 27, 2021 | B13 MARKETS Stocks Fall Ahead of Earnings Updates

BY CAITLIN OSTROFF quarterly results, shares of Share-priceperformance, Tuesday U.S. home-pricegrowthcon- lent of $12 billion, from the AND AMBER BURTON GeneralElectric gained 30 tinued to accelerate toward the Chinese financial system cents, or 2.7%, to $11.29 after 3M end of 2020,dataout Tuesday through open-market opera- Stocks closed slightly lower, the industrial conglomeratere- showed. In the year to Novem- tionsTuesday. Themoveruns aday after major indexeshit ported forecast-beating fourth- Johnson &Johnson ber,the S&P CoreLogic Case- counter to expectations in the records and as investorsgot quarter revenue and free cash Shiller National Home PriceIn- run-up to the Lunar NewYear ready formanyblue-chip earn- flow. dex, which measures average holidays,when China’sbanking ingsreleases. Johnson &Johnson rose General Electric home prices in major metro- system usually needs more, Forthe session, the S&P $4.50,or2.7%, to $170.48after politanareas,rose 9.5%. not less, liquidity. 500 fell 5.74 points, or 0.2%, to it recorded stronger sales in Facebook Thepan-continental Stoxx Early Wednesday, Japan’s 3849.62after hitting an intra- itslatestquarter,asrevenue Europe 600 rose 0.6%. Shares Nikkei wasup0.2%, the Hang Raytheon dayrecordat3870.90.The gains from itspharmaceutical of UBS Group rose 41 cents, or Seng wasdown0.1%, the Technologies technology-focused Nasdaq division boosted itstop-line 2.8%, to $14.94 afterthe Swiss Shanghai Compositewas down Compositeedged down 9.93 results. Raytheon Technolo- Microsoft bank announced anew buy- 0.1% and South Korea’sKospi points, or 0.1%, to 13626.06. gies jumped 92 cents, or 1.4%, back program of up to $4.5bil- wasup0.4%. U.S. stock futures TheDow Jones Industrial Av- to $67.20 afterthe aerospace Apple lion,having closed 2020 with a were down 0.1%. eragefell 22.96points, or 0.1%, and defense companyreported consensus-beating quarterly —Joanne Chiu to 30937.04. fourth-quarter profit and reve- DowJones performance. contributed to this article. Stocks have climbed in re- nue that beat expectations. Industrial Average Travel and transportation cent weeks.In- Starbucks, Microsoft and stocks were hit hardoncon- TexasInstruments TUESDAY’S vestorsare Texas Instruments released cerns about the speed of vac- AUCTION RESULTS MARKETS watching to see earningsresultsafter the mar- cine rolloutsand the timing of Here are the results of Tuesday's Treasury auctions. -1%0 123 All bids are awarded at a single price at the market- if earnings can kets closed. Starbucks reported Source:FactSet some countries’ reopenings. clearing yield. Rates are determined by the difference topanalysts’ expectations and adjusted earningsof61centsa Jet-engine maker Rolls-Royce between that price and the face value. provide afurther catalyst to share, beating analysts’ expec- $71.19,orover92%, to $147.98 Chief ExecutiveElon Musk: “I wasdownabout 1cent, or 52-WEEK BILLS Applications $137,777,198,800 markets. tations.The coffee chain said as individual traders, propelled kinda loveEtsy.” 3.4%, to $1.41, itslowest level Accepted bids $38,636,188,800 “What’s working in the that Covid-19 storeclosures by social media, piled intothe In bond markets, the yield of the year. " noncompetitively $289,670,900 " foreign noncompetitively $0 market’sfavor is the overall weighed on it. stock.Shares swung wildly on the benchmark 10-year U.S. IndexesinAsia handed back Auction price (rate) 99.909000 trendofeconomic growth is Microsoftreported higher Mondayand have gained more Treasurynoteticked up to some of therobust gains regis- (0.090%) Coupon equivalent 0.091% still robust and that’slikely to earningsfor the latest quarter, than 300% this year,asign 1.039% from 1.038% Monday. teredinthe firstfew weeks of Bids at clearing yield accepted 59.10% translatetopositiveearnings,” while sales rose 17%. Shares that frenetic trading by retail Yields rise when prices fall. this year. Cusip number 912796C31 said Shoqat Bunglawala, head rose morethan 5% in after- tradersisleading to outsize TheConferenceBoardre- TheHang Seng Indexin The bills, dated Jan. 28, 2021, mature on Jan. 27, 2022. of multiasset solutions,inter- hourstrading. market swings. leased itsindexTuesdayof Hong Kong dropped 2.6%, as FIVE-YEAR NOTES national, at Goldman Sachs As- Texas Instrumentsalso re- Software and services firm consumer confidence, which heavyweight Hold- Applications $151,138,380,400 Accepted bids $69,244,750,400 set Management. “There’san ported improved profit. BlackBerry,another favorite showed U.S. consumers’ out- ings fell 6.3%, retreating from " noncompetitively $24,593,400 expectation that there’sgoing Major tech firms,including among individual traders, rose look on the economy improved arecordreached in the previ- " foreign noncompetitively $5,000,000 Auction price (rate) 99.757963 to be more robust growth Apple, Tesla and Facebook, 89 cents, or 0.5%, to $18.92. in January. ous session. (0.424%) driven by pent-up demand in will updateinvestorsonEtsy fell $4.40,or2.1%, to Consumer confidencein- In asurprise move, the Peo- Interest rate 0.375% Bids at clearing yield accepted 18.38% thesecond half of the year.” Wednesday. $204.41 afteranearlier rise creasedto89.3inJanuary ple’sBank of China withdrew Cusip number 91282CBH3 Among companies reporting Shares of GameStop rose following atweet by Tesla from 87.1 in December. 78 billion yuan, or the equiva- The notes, dated Feb. 1, 2021, mature on Jan. 31, 2026. BlackRock CEO Banks Reward Green Borrowers Urges Firms to Do BY JULIA-AMBRA VERLAINE Wall Street is offering bar- gains to the commodities in- More on Emissions dustryfor going green. Twoofthe world’slargest commodity traders, Trafigura BY DAWN LIM companies at will when inves- Group Pte. Ltd. and Gunvor tors task it to track indexes. It Group,havelines of credit BlackRock Inc.Chief Exec- has to turn to other waysto from banksthat givethem utiveLarryFink asked compa- nudgecompanies. cheaper ratestofinancere- nies to disclose moreinfor- Mr.Fink’sletterisone way duced-carbon production of mation on howthey were forBlackRock to trytoam- everything from oil to alumi- moving to reducegreenhouse- plifyits voiceasashare- num. JPMor- gasemissions, stepping up holder forcompanies the COMMODITIES ganChase & the company’senvironmental firm’sfunds invest in. Co.has adeal efforts from afew yearsago. He has become aflag- with European energy giant Mr.Fink said he wasfo- bearer of the idea that com- Enel SpAthat offersincen- cused on the issue because of panies can’t sustain profits tives forthe companytomeet the risk climatechangeposes unless they canaccount for environmental targetsbythe on investor returns,aswell as the needs of workers, the end of 2022—and apenalty if potential policypressures.He public and society at large. those targetsaren’t met. urgedcompanies to make Theidea is nowapopular Those discountshelp pro- clear howthey were preparing mantra. In asign of , duceand deliver the rawmate- foraglobal regime focused on businessleadersare increas- rials that powerthe global

“net zero” goals to emit no ingly emboldened to use their economymoresustainably, O

more carbon dioxide than it perch atop major companies some bankersand traderssaid. TINT

removes from the atmosphere to weigh in on social issues. Green assetsare already RIO by 2050,apriority in line Some companies have com- trendy on Wall Street, which Rio Tinto and Alcoa announced a new smelting method in 2018 that is carbon-free. with the Paris climateaccord. plained Mr.Fink is overreach- is selling moreproducts One of President Biden’s ing and sermonizing. aimed at improving the world SA’s coffee unit, which in- oil refineryinIngolstadt, Ger- exchangeand ratessales at firstactsinofficewas getting BlackRock attracted criti- and producing higher returns cludes Nespresso,and Coca- many, and others. JPMorgan, said Enel receives the U.S. to rejoin the climate cism from environmental advo- through environmental, social Cola Co.are snapping up the Thediscounted interest rates the discount as long as it accord,signaling the adminis- cateswho want BlackRock to and governanceinvesting. metal to meet their ownnew arelinked to 15 ESGgoals— achieves certain goals and hits tration’sheightened focus on go further to advancegreen Thelending also helps environmental standards.Tra- ranging from emissions reduc- stipulated targetsbythe end companies’ carbon footprint. causes.The companyhas been banks, increasingly under figura wasable to obtain tion to transparency—evaluated of 2022. If not, Enel is penal- Some regulators said that cli- criticized by activistsfor being pressurefromshareholders cheaper financing on approxi- yearly by external auditor ized and pays apremium. materisks’ effectsonthe fi- softonmanagement and not andregulators, meet their mately $500 million from Am- PricewaterhouseCoopers. Some analystssaid that nancial system need to be supporting enough shareholder owngreen-investing targets. sterdam-based Rabobank and Muriel Schwab, Gunvor’s while ESGinvesting is trendy, betterunderstood. proposals that could spur “Thereisanincredible hun- Paris-based Natixis to buy chief financial officer,said with billions flowing intothe “Bettersustainability dis- change. In late2020,Black- gerfor clean assets,” said low-carbon aluminum from most banks have sustainabil- largest exchange-traded funds, closures areincompanies’ as Rock signaled it would be Neha Coulon, global head of producersbeforereselling it. ity trading and financeteams it remains hardtotell how well as investors’ owninter- morewilling to consider vot- ESGsolutions at JPMorgan Producers RioTinto PLC now, abig changefromthe much it affectscorporatebe- ests,” Mr.Fink said in aletter ing in favorofshareholder Chase.“At the end of every and Alcoa Corp.announced a handful afew yearsago when havior. released to chief executiveof- proposals that addressmate- year,Isaw ESGinvesting be- newsmelting method in 2018 the commodity broker began Most companies and banks ficers of companies on Tues- rial businessrisks. coming moremainstream, but that is entirely carbon free. linkingits borrowing to ESG areadhering to self-made rules day. “I urge companies to “No issue ranks higher I wasn’t prepared for 2020 to Apple Inc.isusing this alumi- commitments. or standards drawnupinbilat- movequickly to issue them than climatechangeonour be such abig year.” num in some of itslaptops as “Therewas aclear acceler- eral contracts. Thediscounts rather than waiting forregu- clients’ listsofpriorities. Thepush forsustainability part of itspledgetobecome ation of that trendin2020,” afforded to clientsvaryde- latorstoimpose them.” They askusabout it nearly has prompted shifts throughout carbon neutral by 2030. said Ms.Schwab. “Both banks pending on several factors. So Thecompanytold clientsit everyday,” Mr.Fink said in the commodities industry. Tra- “Decarbonization is becom- and tradershavecome under canverification procedures. would flag companies that hisletterthis week. figura built adesk dedicated to ing avital issue forthe alumi- pressure from shareholders, “It is hardfor banks to posed significant climaterisk Each year,Mr. Fink writes trading low-carbon aluminum num market,” said Philippe regulators, employees and so- provecompanies aredoing forpotential selling from its alettertoother chief execu- to keep up with demand fora Mueller,head of aluminum ciety as consensus growsthat these things,” said Josh Sher- actively managedportfolios. tives,often timed to go public cleaner version of the metal. trading at Trafigura. “We’rein climatechangeisacritical is- man, head of the financial-re- BlackRock also planned to around World Economic Fo- Lightweight, recyclable and regular discussions with cus- sue.Ifyou don’t do anything porting group at energy-mar- publish the proportion of its rumannual gatherings. used in everything from elec- tomersinthe automotive, aboutit, youare an irrespon- ketconsulting firm Opportune. assets “aligned to net zero” Theletters dovetail with a tric cars to solar panels,alu- construction and packaging siblecompany.” Still, the growing influx of and goals on that metric go- businesspriority: building its minumstill requires alarge sectorswho areincreasingly Banks like JPMorganChase investor cash and political and ing forward. brand around encouraging carbon footprint to produce, focused on delivering sustain- have been structuring deriva- social pressure, particularly in Best known forfunds that morecorporatedisclosureon mostly because smelting pro- able and low-carbon products tives and issuing bonds linked Europe,are likely to accelerate trade on exchanges and mir- environmental and social is- cesses have remained little to their consumers.” to everything from reforesta- green financeworld-wide. rormarkets, BlackRock is the sues. changed formorethan acen- Gunvorteamed up with tion effortstoclean energy. Bankers said the trend is gain- world’slargest money man- Thecompanyhas been ex- tury,industryexpertssaid. syndicates of mostly European Thebank offered Enel adis- ing traction in the U.S.,prompt- ager with $8.7 trillion in as- panding itsline up of funds As technologyevolves, lenders, including UniCredit count to swapthe proceeds of ing moregreen desks to pop up. sets. Thecompanyhas ahigh branded around sustainability “low-carbon” aluminum has SpAand Germany’s DZ Bank, abond fitted with ESGstan- “Ifyou put on an ESGornet profile perch as acorporate and aggressively looking to been flying off the shelves. to receivediscounted ratesfor dards from pounds intoeuros. carbon 2050 label, people will watchdog,but BlackRock capturemarket shareinalu- Companies ranging from Ger- credit backing the operations Johannes Banner, head of throw money at it,” said Mr. can’t just sell out of specific crative,growing part of the man automakerstoNestlé and capital expenditures of its European corporateforeign Sherman. investment industry. BlackRock aims to grow the roughly $200 billion it man- ages today in sustainability- Trading Surge Strains Online Brokerages themed strategies to $1 tril- lion by 2030.The company hasbeen adding to technol- BY JUSTIN BAER annoyanceamong investorsin over the pandemic and its ef- records. Theaverage daily ogycapabilities to help cli- AND PETER RUDEGEAIR the short term,” said William fect on the economytriggered number of retail trades on entsassessinvestment risks Trout,director of wealth man- the worststock-market selloff E*Trade, which was acquired from climatechange. Stock-trading volume has agement at Javelin Strategy & since . by Morgan Stanley last year, Mr.Fink said the coronavi- surged in the past week,and Research. “Longer term, out- Themarket snapped back al- hit 952,000 in 2020,more ruspandemic presented an Wall Street’sonline brokers ages call intoquestion the sta- most as quickly,drawing in than triple itsprevious annual existential crisis that would are struggling to keep up. bility of these platforms,even manyfirst-time stock traders. high point. Schwabset, and prompt moretoconsider how In recent days,clientsofFi- if the need for greater capac- With manyAmericans transi- broke,multiple single-day S climatechangewould alter delity Investments, E*Trade ity can be addressed.” tioning to remotework,those trading recordsin2020,set- NEW

G lives. Financial Corp., Charles Theoutages also cantake investorshad moretime to pore ting anew peak on Nov.9of Aworld energy transition Schwab Corp.and Vanguard their toll on the markets over their brokerageaccounts 7.8 million trades.

OOMBER that protectslivelihoods “can Group have encountered brief themselves,especially when andplacetheir bets. Their en- Thenumber of activeretail- only be accomplished with delays executing trades or tem- individual investors’ interest thusiasm and effortsbybrokers trading accountsalso swelled.

ON/BL leadership,coordination, and porarily lost access to vital ac- in stocks hastouched levels to beef up their platforms so far E*Trade added 900,000 net WS support at everylevel of gov- count information. Theservice unseen in decades, he said. have offset clients’ frustration newaccounts. Schwabcounted DA ernment, working in partner- disruptions came during ape- Robinhood Markets Inc. with temporaryoutages. nearly 30 million activebro-

SIMON ship with the privatesector to riod of frenetic trading,largely and other popular trading During the retail-trading kerage accounts year-end. Mr. Fink said the pandemic maximizeprosperity,” Mr. driven by individual investors. platforms experienced outages boom of 2020,volume at —Dawn Lim presented an existential crisis. Fink added. “These outages generate last spring,when concerns manybig brokerages shattered contributed to this article. P2JW027000-0-B01400-1------XA

B14 | We dnesday, January 27, 2021 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY J&J Looks Healthy, Even Before NewVaccine

Underlying business appearstobestrong

Johnson & Johnson stock hasn’t yet caught the eyes of Red- dit day traders. But the business outlook for the health-care giant is as bright as ever. Thecompanysaid Tuesdaythat it expectstobook between $88.8 billion and $90 billion in 2021 sales,after adjusting foracquisi- S tions,divestitures and foreign-ex- NEW

G changeeffects. That is good fora growth rate of about 8% from last year.J&J also expectsadjusted OOMBER

/BL earningsofabout $9.50ashare,

AR which would be nearly 20% growth. SK Shares rose 2.7% on Tuesday. BHA Agradual return to normal in the medical-devices businesssegment is

GABRIELA abig part of that formula: Theon- Big intraday movements driven by individual traders, such as those fueling the price of GameStop shares, are still a sideshow for most in the markets. set of Covid-19 and resulting disrup- tions to electivesurgical procedures led to a10.5% sales decline in 2020 from ayear earlier.That improved Day Traders Won’t Sack Wall Street to just a1.5%decline in the fourth quarter,however. Thereshould be further upside ahead, as sales in some devicecategorieslikevision Individual investorsusing options tiedtostockslikeGameStop won’tdisruptequitycapital markets and orthopedics have been slower to recover. Financechief Joseph Wolk said that short-term weakness Once upon a time, short sellers on noise,accelerating surgesand GameStopshare-price marketswith far morefrequent didn’t affect anylong-term business were the hotshot outsiders, ener- dips.Volatility isn’t good forcompa- change sinceJan. 11 surgesand swoons have improved opportunity,asresearch-and-devel- getically assaulting fusty old Wall nies that want aplacid, reliable en- over the years. ResearchbyThomas opment spending grew by $800 mil- Street. Now they are on the ram- vironment to raise capital in. That is 600% GatleyofGavekal Dragonomics notes lion in 2020 from ayear ago. parts looking down as armies of part of thereason special-purpose that public equity fundraising for Shares are trading at about 18 day traders use options to send acquisition vehicles,orSPACs, 500 strategic high-tech industries wasat times this year’s adjusted profit the value of heavily shorted stocks boomed in popularity last year,with record levels last year,and filtered forecast, a fairly sober valuation in like GameStop Corp. surging. both investorsand issuerslooking 400 down intoaboom in capital invest- a wild market. Professional investors are wor- to avoid achoppy stock market. ment by those companies.Unlikein Thecompany’sguidanceleaves ried: How can financial markets But thereisadifferenceofde- 2015,amarket crash didn’t follow. other sourcesofpotential upside. 300 function when stock movements gree internationally. Retailorder Forthe hedgefunds shorting It has the firepowertomakea are so obviously disconnected flowshavereached 20% of the U.S. specific stocks,the prospect that large pharmaceutical or medical- from fundamentals, played by both stock market’stotal, according to 200 daytraderscould disrupt that posi- deviceacquisition should it choose: sides like a videogame? After a UBS research, twicewhat they tioning fortheir owngain is alive- J&Jended the year with $10 billion sharp correction midday Monday, were in 2010.Off-exchangetrading, 100 by-the-sword,die-by-the-sword sort in net debt on itsbooks,orhalf the GameStop on Tuesday rose a fur- which includes but isn’t limited to of issue.Ifasurging stock has such free cash flow generated in 2020. ther 93%, bringing its total gain retail, is up to arecord48% of the 0 alarge effect on ashort position Moreimminently,J&J expects since Jan. 11 to more than 600%. total,compared with 2019 levels of that it threatens your business, you late-stagedatafor itsCovid-19 vac- Those worries areunderstand- morelike35%.That is nothing Jan. 12 Jan. 19 Jan. 25 areplaying at the high-stakes table cine by early next week.Those po- able but overblown. Here, alittle though, relativetothe over 80% Source:FactSet and the risks areyourstobear. tential sales aren’t included in guid- international comparison is helpful: that Chinese retail tradersaccount Massive intraday movements ance. While that revenue will likely Unlikesome other major global eq- for, according to recent research the retail-led run-up and collapse driven by individual traders are be afraction of pharmaceutical uity markets, frenetic individual in- by U.S. and China-based academics. of Chinese stocks in 2015,what’s dramatic, and can be extremely sales,the vaccine should gain signif- vestorsare far from the point That is whyevenonthe most happening in U.S. marketsismar- damaging for those also taking icant market share if effective: Pa- wherethey arereally disrupting the frenetic days in the U.S.,individual ginal. Nor is thereanything yetto large risks betting against them. tientsmight requireone shot, which real purpose of equity markets—to options tradersmay movesingle indicatethat daytraders, even in But for everyone else, they are still canbestoredmoreeasily than help companies to raise capital. stocks,orevenabundle of heavily coordination, canbeat the long- a sideshow, and aren’t really un- productsfrom Pfizer and Moderna. Retailtradersare associated with shorted stocks,but they don’t have running,money-losing historical dermining the working of Ameri- Don’t be surprised if success on market inefficiency, because they anything likethe same impact on record of daytradersinaggregate. can capital markets. that front gets the message boards areconsidered morelikely to trade the overall market. Compared with And even in China, public equity —Mike Bird buzzing. —Charley Grant UBS Profit Eases Pressure Over New Boss

UBS is in less need of strong tures with strong local banks,like management than most of its Eu- those UBS has in Brazil and Japan, ropean peers—which is fortunate offered apromising templatefor given the awkward position of its providing itsglobal services in mar- new boss. kets whereits presenceislimited. On Tuesday, the Swissbank an- He wants to create “one UBS”

GE/REUTERS nounced excellent full-year results, for the client, supported by a sim- with profitsupacrossthe group. pler organization that takes faster Chief ExecutiveRalph Hamers,who decisions. That is likely a longer- NOUVELA took the reins in November,gave term project at the reputedly bu- AH

ELIJ hintsofanew strategyhehopes to reaucratic bank. The latest asset-backed securities are backed by jets under long leases placed with strong airlines like Delta Air Lines. unveil next quarter.His plans were Shareholderscan expect mod- overshadowedbyDecember’s deci- estly growing dividends and a sion by the Netherlands to open a bounty of buybacks in the coming Aircraft Debt May Also Be Flying Too High newinquiryintoMr. Hamers’srole years. Thebank expectstocom- in amoney-laundering scandal at pleteits current buyback soon and his former employer, ING. Themat- is seeking approval to buy another It isn’t just , penny vaccine-led rebound. But the re- clarity on how the crisis will affect terwas thought to have been set- $4.5billion of shares over the next stocks and blank-check companies covery will also be a slog: Passen- what planes are worth. Decisions tled beforehis hiring.The probes, three years. If UBS wins itsMarch that are attracting hot money. ger numbers aren’t expected to re- may be overly influenced by ul- which typically take about 18 appeal against a $4.2 billion French With the worst crisis in aviation turn to 2019 levels until 2024. tralow interest rates. months,are an unwelcome source fine,itmight acceleratethat plan. history far from over, investors With a lot of airlines not paying Investors shouldn’t forget that of uncertainty forUBS’sinvestors. TheDutch legal case is awild can’t wait to buy planes again. dues on their leases, the ABS mar- the resale value of the assets is Thebank’sstrategyinvolves inte- card.Atbest, it will be adistraction. The world’s top jet-leasing com- ket has seen a wave of ratings what ultimately protects them, and grating wealth management, invest- At worst, it could push UBS to find panies, including AerCap, Air downgrades. Many note holders ensures liquidity for airlines and ment banking and asset manage- another leader.Investorscan at least Lease Corp. and Avolon, have are still getting paid from a dwin- lessors. In such uncertain times, ment to servehigh-net-worth take comfort that the boardneedn’t gone on a bond-issuing frenzy this dling pot of reserves. even big carriers may eventually individuals, with aspecial focus on look toofar: All four internal candi- January, borrowing about $15 bil- The jet market has reopened by choose bankruptcy to cut debts, growth in Asia. Mr.Hamershigh- dates considered forthe topjob are lion at yields that often ranged be- putting its highest-quality assets and decide to return some of their lighted three focus areas: improving still in UBS. —Rochelle Toplensky tween 2% and 3%—compared with on sale, like the debt of the big jets—as Chile’s LATAM Airlines technologyinvestment; re-evaluat- about 5% last summer. lessors. The latest ABS, too, are did last year. Redeploying them ing subscale markets; and forging a Then, a few days ago, private- backed by planes under long leases may prove hard amid such a mas- moreunified, agile corporatecul- investment firm Castlelake sold placed with strong airlines like sive supply glut. Norwegian Air ture. Thetechnologyfocus isn’t a $595 million in aircraft asset- Delta Air Lines and Qatar Air- Shuttle recently shed 37 modern surprise.Mr. Hamerswas hired for backed securities, a market that ways, and for now Castlelake is re- Boeing 787s. his expertise in digital transforma-

was closed since last February. taining the riskiest tranches. New Aircraft prices on the ground tion, and all banks areinvesting in S

Safer A-tranches offer a yield of features increase protection for are still well below appraisal valu- technology. He won’t spend more PRES 3.5%, one of the best rates ever on buyers, and are designed as a reas- ations, traders say, and could go money,but rather shifttoshorter- TED

commercial aviation ABS. On aver- surance that this will be the new lower. According to New York Uni- term projectsand quarterly,instead CIA

age, U.S. investment-grade corpo- post-pandemic normal. versity professor David Yu, book of annual funding decisions. SO rate bonds return less than 2%. But even in this arguably safe values can take between 12 and 24 He will examine whether smaller AS

The current situation is a con- ABS deal, nine out of 27 aircraft months to fully reflect the impact businesses belong in the group.UBS ONE/ fusing one. Markets have to juggle are affected by lease deferrals, ac- of a downturn. recently agreed to sell itsAustrian ST the bleakness of the present— cording to ratings agency Kroll. It The jet market hasn’t yet been wealth-management unit; other Eu-

global capacity is less than was nonetheless oversubscribed. overtaken by the kind of euphoria ropean operations could follow. BIERI/KEY

half what it was a year ago and It is telling that the market is popping up elsewhere, but inves- Some subscale marketsmight get ER LT

the industry faces new travel re- rushing back into plane-backed tors are surprisingly relaxed. investment to grow,but exitsare WA strictions—with the prospect of a structured products before there is —Jon Sindreu morelikely.Mr. Hamerssaid ven- Chief Executive Ralph Hamers