P2JW028000-5-A00100-17FFFF5178F

***** THURSDAY,JANUARY28, 2021 ~VOL. CCLXXVII NO.22 WSJ.com HHHH $4.00

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What’s Individual InvestorsRout HedgeFunds Shares of GameStop and 1,641.9% GameStop Thepowerdynamics are than that of DeltaAir Lines News shifting on Wall Street. Indi- Inc. AMC have soared this week Wednesday’stotal dollar vidual investorsare winning While the individuals are trading ,$28.7B, as investors piled into big—at least fornow—and rel- rejoicing at newfound riches, Business&Finance exceeded the topfive ishing it. the pros arereeling from their momentum trades with companies by market losses.Long-held strategies capitalization. volume rivaling that of giant By Gunjan Banerji, such as evaluatingcompany neye-popping rally in Juliet Chung fundamentals have gone out Ashares of companies tech companies. In many $25billion and Caitlin McCabe thewindowinfavor of mo- that were onceleftfor dead, cases, the froth has been a mentum. War has broken out including GameStop, AMC An eye-popping rally in between professionals losing and BlackBerry, has upended result of individual investors Tesla’s 10-day shares of companies that were billions and the individual in- the natural order between defying hedge funds that have trading average onceleftfor dead including vestorsjeering at them on so- hedge-fund investorsand $24.3 billion GameStopCorp., AMC Enter- cial media. those trying their hand at bet against the stocks. tainment HoldingsInc.and Thefrenzy of activity is trading from their sofas. A1 BlackBerry Ltd. has upended stirring regulatoryand legal the natural order between concerns,aswell as the atten-  Major U.S. stock indexes hedge-fund investorsand tion of the Biden administra- suffered their sharpest one- 769.0% thosetrying their hand at tion.The WhiteHouse press daylosses sinceOctober, trading from their sofas. secretary said on Wednesday with the S&P 500 and Nas- $20 Individual investorshave that itseconomic team, in- daq both retreating 2.6% vaulted the three stocks, cludingTreasurySecretary and the Dowfalling 2%. B1 which have received hundreds Janet Yellen, is monitoring the  TheFed kept itseasy- Shareperformance of thousands of mentions situation. money policies in place, say- Past 10 trading days acrosssocial media sinceearly Thenewbie investorsare ing that businessactivity January, into the ranks of the PleaseturntopageA10 has softened with the resur- 229.0% most traded stocks in the U.S. genceofCovid-19 cases. A2 market.  sellers become target On Wednesday, GameStop of vitriol...... B1  Apple finished 2020 with shares hit ahigh of $380 in-  AMCrides wave after fighting itsmost profitable quarter traday, briefly giving the vid- to avoid bankruptcy...... B2 ever and forthe firsttime Apple eogame retailer amarket  Heardonthe Street: exceeded $100 billion in AMC $15.0 value of $26.5 billion—more bubble justgame fornow... B12 quarterly revenue. A1 BlackBerry Entertainment GameStop

 Facebook posted record $14.1 billion $28.7billion revenue and profit forthe market cap $19.3 billion fourth quarter while warning $24.2B cap Apple’s .com GameStop Shows of challenges including grow- 10-day $12.4 ing friction with Apple. B1 avg. $6.8B cap  Boeing reported itsbig- volume Epitome of Bubble gest-ever annual lossand took abig financial hit on its Wednesday’s AMC’svolume GameStoptraded newest jetliner,signs that the trading volume Wednesdaywas nearly twicethe BY JAMES MACKINTOSH Thereare plenty of calls for pandemic is compounding $6.7 billion nearly three times 10-day average $10 the stock to go to $1,000 or the company’sproblems. A1 its market cap volume as Apple, the largestpublicly GameStopisthe platonic more(it started the year at  Ant Group is planning to traded company ideal of astock bubble. $18.84). Microsoft turn itself into a financial Acombination of easy But GameStop’ssoaring $8.1 holding companyoverseen by money,areal improvement stock—and similar moves in China’scentral bank,respond- in the company’sprospects, BlackBerry, Nokia and oth- ing to regulatorypressure. A1 Trading volume sinceJan. 13 technical support from a ers—is abubble in micro- Alphabet short squeeze cosm, with lessons forthose  Tesla posted itsfirst full- $7.3 ANALYSIS and amad rush of us worrying about froth year profit and laid out plans AMC to getrich or die elsewhereinthe market. forasharp increase in pro- BlackBerry Entertainment trying pushed stock in the GameStop’srise started duction over coming years. B1 $5 retailer up 64-fold from late with some genuinely good  Exxon is preparing to August to Wednesday’sclose. news,just as bubbles always makechanges to itsboard Anyone who has held on for do.RyanCohen, who built up and adopt other measures 10 days made gains of more and sold online pet-food re- as it faces pressurefroma than 10 times their money. tailer Chewy,started building pair of activist investors. B1 It is tempting to see what is nowa13% stakefor GameStopasmerely clown- his RC Ventures in GameStop World-Wide ish behavior in achat room last year.Hepushed forthe having some amusing effects staid mall-based seller of on astock few care about. videogames to improveits  Biden took steps to ad- That would be amistake. internet sales.This month he dressclimatechange, sus- Sure,the wildly popular joined the board. pending newoil and gas Reddit group wallstreet- Mr.Cohen’sarrival means leases on federal land and Jan.13272Jan.13J72an.13 7bets—slogan: like4chan GameStopatleast has a confronting the issue through found aBloombergtermi- chanceofjoining the 21st diplomatic,conservation Sources: DowJones Market Data (volume, market value); FactSet (performance) nal—is full of childish chat. PleaseturntopageA10 and other initiatives. A4  Thepresident plans to sign moreimmigration-re- lated executiveactions revers- Boeing’sBiggest Loss Apple Profit Hits Record ing Trump’spolicies on asy- lum seekersand refugees. A4  TheDHS issued itsfirst- Reflects Pandemic Toll ever national terrorism bul- As Sales Pass $100 Billion letin about violent domestic extremists, warning they could BY DOUG CAMERON trouble following the grounding AND ANDREW TANGEL of the 737MAX.Quality prob- BY TIM HIGGINS lion in quarterly revenue.Profit Theresultsarrived Wednes- attack in the coming weeks, lems with itspopular 787 rose 29% to $28.76billion in dayduring the biggest week for emboldened by the Jan. 6 Boeing Co.reported itslarg- Dreamliner jet have halted de- Apple Inc.finished 2020 with the three months ended in De- corporateearningsthis quarter storming of the Capitol. A3 est-ever annual lossand took a liveries sinceOctober. itsmost profitable quarter ever, cember,its fiscal firstquarter. as Apple,Tesla Inc.and Face-  Twosenators from op- big financial hit on itsnewest ThedelayleavesBoeing even fueled by an uptick in higher- On aper-sharebasis,Apple Inc.sought to appease in- positesides of the aisle jetliner,signs that the Covid-19 morereliant on itsdefense end iPhone sales and apan- said it earned $1.68,exceeding vestor concerns over whether were working to build sup- pandemic is compounding the business and other troubled demic-induced surge in demand the$1.41 predicted by analysts their rapid growth will continue. port forcensuring Trump aerospacegiant’sproblems. commercial-aircraftprograms forits laptops and tablets. in aFactSet survey. Tesla posted itssixth straight over his rhetoric ahead of Theplane maker said the to reverseheavy losses,asthe Altogether,the Cupertino, “Wecould not be moreop- quarter of profitsbut fell in af- the Capitol riot as an alter- new777X, itslargest passenger pandemic has sapped demand Calif., companygenerated timistic,” AppleChief Execu- PleaseturntopageA6 nativetoproceeding to an jet, would be at least three fornew planes.Executives $111.4billion in quarterly sales, tiveTim Cook said in an inter- impeachment trial. A6 yearslatefor airline customers, said Wednesdaythey didn’t ex- an all-time high and the first view about the company’s  Facebook’s revenue surges on the latest Boeing plane to hit PleaseturntopageA4 time it has exceeded $100 bil- product lineup. advertising...... B1  APfizerlab study found that mutations identified in the U.K. and South Africahad only small impactsonthe effective- nessofantibodies generated Ant Group Bends to China Pressure by itsCovid-19 vaccine. A7  TheEuropean Union de- BY JING YANG by billionaire Jack Ma, to be- shed itsimageasafinancial- manded that AstraZeneca come afinancial holding com- services provider andfashion stick to apreviously agreed AntGroup Co.isplanning panyinits entirety,subjecting itself as an internet-technology THE THREAT to turn itself intoafinancial it to morestringent capital re- company, which helped it com- to schedule fordelivering holding companyoverseen by quirements, the people said. mand lofty valuations.Before doses of itsCovid-19 vac- China’scentral bank,respond- Ant, in response, has submit- its blockbuster initial public of- cine to the bloc. A8 OF EXTORTION ing to pressure to fall fully in tedtoauthorities an outline of fering wascalled off in Novem-  ThePentagon sent aB-52 line with financial regulations, arestructuring plan, they said. ber,Ant had been on track to bomber acrossthe Persian people familiar with the mat- Theplan representsasig- go public at avaluation north Gulf region, the sixth such ter said. nificant turnaround by adigi- of $300 billion, well abovethe IS REAL. sortie sincelast fall, in ashow Chinese regulatorsrecently tal-paymentsjuggernaut that market capitalizations of the of deterrencetoIran. A18 told Ant, which is controlled has in recent yearstried to PleaseturntopageA9 Don’t Negotiate.Mitigate.  Theadministration im- posed atemporaryfreezeon U.S. arms sales to Saudi What’s in Your Digital Wallet? Frustration Arabia and the U.A.E. as it re- views weapons transactions iii approved by Trump. A18 Shoppers embrace germ-free apps, but they can be tricky to use Anew kindofadversary is on the rise, using

CONTENTS Opinion...... A15-17 BY ANNAMARIA ANDRIOTIS beforeshe could gether order. extortion to threaten businesses across Arts in Review... A13 Personal Journal A11-12 Business News...... B3 Sports...... A14 “Ifyou just hold the reader the world. Without the right protection, Capital Account.... A2 Technology...... B4 Rachel Carmack thought out Ican hold my phone up to yours couldbenext. See how NETSCOUT Crossword...... A14 U.S. News...... A2-7 Apple Paywas the answerto it,” she told the stumped em- Heard on Street.B12 Weather...... A14 her pandemic-induced germa- ployee. visibility can detect and help mitigate these Markets...... B11 World News.A8-9,18 phobia. No moreplastic credit Thepandemic has done complex threats. cards, with their button-push- what Apple, and Sam- > ing and receipt-signing.In- sung have long struggled to do goNETSCOUT.com/extortion stead, she would simply wave Analog version on their own: get more shop- her phone to pay for things. pers to use their digital wal- Her plan hasn’t gone so grabbed her phone when she lets. Some 46% of people sur- smoothly.Ontwo trips to a stuckitout the window. On veyedbyS&P Global’s451 s 2021 Dow Jones & Company, Inc. All Rights Reserved fast-food drive-through in another,she had to givethe Research said the pandemic Jonesboro, Ark., cashiers cashier an Apple Pay tutorial PleaseturntopageA6 P2JW028000-4-A00200-1030041020C

A2 | Thursday, January 28, 2021 **** . U.S. NEWS

CAPITAL ACCOUNT | By Greg Ip Fed Holds Shape-Shifting Virus TestsRecovery Steady as Economy Thebiggest amuch longer time frame.’’ Forthe pandemic to end, each infectedperson mustinfectfewer undercut the recovery.Gold- shock to the “All the economic adapta- than 1other person, i.e.,reproduction number mustbebelow1. man Sachs estimates adelay global econ- tions have been viewedas in achieving herdimmunity Stumbles omyinacen- temporary: restaurantsat25% Driversofthe effectivereproduction number would set back the U.S. recov- in the United Kingdom turyismutat- capacity and so forth,” he erybytwo months and trim BY JON HILSENRATH ing—literally. said. “Ifthis were to become Basic reproduction number of original strain growth this year by 2per- More-transmissible and po- chronic therewould have to 0 centagepoints. TheFederal Reservekept its tentially deadlier variantsof be really massivereorganiza- 3.3 easy money policies in place, Covid-19 firstidentified in tions” of the U.S. economy. idespread adminis- saying that businessactivity Britain, South Africaand Bra- Singapore’seducation min- Impactof...... newvariant +1.6 tration of existing hassoftened with the resur- zil arespreading,just as the ister,LawrenceWong, who W genceofCovid-19 cases,but ...acquired immunity -0.4 vaccines should rollout of vaccines had raised co-chairshis government’s snuff out epidemics linked to hoping the rollout of vaccines hopes forabroad-based eco- Covid ministerial task force, ...vaccinations -0.1 current variants. But the will tame the pandemic and ...mask wearing and nomic recovery. said Monday, “It maytake increased hygiene -1.6 probability of avaccine-resis- heal the economy. Thenew variantspose two four to five yearsbeforewe ...reduced tant variant rises with time Until then, the Fedistrying threats. First, to counteract finally see the end of the pan- contacts -2 and world-wide cases. to boost economic activity as the higher risk of infection, demic and the start of apost- 0.8 Below1,the epidemic dies out. “This is one reason why much as it can. restrictions on activity may Covid normal.” Above that, it spreads it’simportant not to think TheFed last year cut short- be tightened, pushing some Currenteffective reproduction number just locally but globally,” said term interest ratestonear economies back intoreces- utations areintrinsic AlessandroVespignani, a zero,launched abond-purchase sion. Britain, where one fast- to viruses—and econ- Source:J.P.Morgan Northeastern University sci- program worth $120 billion a spreading variant is wide- M month and said it would main- omies. Financial cri- entist. “Wecould have aper- spread,re-entered afull ses recur because financial in- fected, the likelihood grows infect, in the absenceofim- fectly rolled-out vaccine cam- tain these measures until its lockdown Jan. 5. Itseconomy novation eventually that newhighly infectivemu- munity or interventions—to paign in the U.S. and Europe. goals of lowerunemployment shrank 10% last year,and the circumventsregulations put tant strains will appear,Mr. 4.9from3.3.Masks,hygiene But if we let the virus go wild and 2% inflation areachieved. International MonetaryFund in placeafter the last crisis. Costas said in an email. and social distancing have and have alot of cases in Lowrates andbond buying said Tuesdayitwould grow Similarly,viruses mutateall “It’slikeplaying the lottery pushed the reproduction other places,that could boo- aremeant to support borrow- 4.5% this year,downfromits the time,and natural selec- with alot morenumbers,” he number below1,the thresh- merang.” ing,spending and investment October forecast of 5.9%. tion dictates that the variants added. old at which cases decline. This putsadded pressure to support economic activity. Thesecond threat is of a best able to reproduceeven- TheU.K.variant spreads This has come at asteep cost: on the Biden administration Formanybusinesses and possible newvariant that is tually predominate. 30% to 70%faster and maybe TheBritish economyisal- and other wealthynationsto households,cheap credit is the resistant to the immunity Viruses,though, mutate 30% to 40% deadlier than ear- most certainly shrinking. speed up vaccination at home lifeline to paybills until the conferred by existing vaccines much faster than finance. lier variants, according to sci- Indeed, as the importance but in poor countries as well. economyreturns to normal. and past infections,which Nearly 300,000 variantsof entists. This implies non-phar- of restrictions on activity to TheIMF assumes avaccine As coronavirus cases re- could triggeranew cycle of Covid-19 have been detected maceutical interventions such saving lives could be going will be broadly available by surgedinrecent weeks,many restrictions and requirenew in the past year,according to as masks and social distancing up,the public’stolerancefor this summer in most ad- states responded with new vaccinations. apaper by Eduardo Costas, a have to be dialed up. It also them is going down. In the vanced and some developing business shutdowns and re- If such avariant emerges, professor of genetics at the means morepeople must be U.S.,some states have refused economies,but not until the strictions. Employment and re- manufacturersthink vaccines Complutense University of infected or vaccinated to to enact restrictions,and second half of 2022inthe tail sales fell in December,and canbeupdated relatively Madrid, and two colleagues. achieve“herdimmunity.” most othersare targeting rest of the world. the number of Americans filing quickly.Nonetheless, James To gain afoothold, vari- In Britain, David Mackie of only high-risk activities. Mr.Vespignani added, “We newclaims forunemployment Stock, an economist at Har- antssuch as the U.K.’s must J.P. Morganestimates,the Still, if cases surge again need an infrastructurein benefits has been rising since vard University who has stud- acquirehighly advantageous newvariant has raised the vi- restrictions would likely in- placesothat whatever goes November.Though retail and ied the virus and the econ- mutations—relatively rare in rus’sreproduction number— tensify—and even if they wrong,weare much better restaurant activity has been omy, warned of a“scenario of combination. But as more howmanypeople each in- didn’t, morepeople would so- prepared than in March, April soft, has been this thing sticking around for people in the world arein- fected person goes on to cial distance. Either would and even now.” firmer. “Following asharp rebound in economic activity last sum- U.S. mer, the paceofthe recovery hasmoderated in recent months,with the weakness ECONOMY General Mike Hunter said he concentrated in the sectorsof was attempting to negotiate a the economymost adversely Growth Slows return of the 1.2 million hydroxy- affected by the resurgenceof For Durable Goods chloroquine pills Oklahoma ac- the virus and by greater social quired in April from a California- distancing,” FedChairman Je- Growth in demand forlong- based supplier, FFF Enterprises. rome Powell said at apress lasting manufactured goods Aspokeswoman forthe com- conference afteratwo-day slowedinDecember,asthe over- panydidn’treturn amessage meeting. all economic recovery lost mo- seeking comment. Thecentral bankershope mentum at the end of lastyear. Republican Gov. Kevin Stittde- thesetback is temporaryand New orders for durable fended the purchase lastyear, have signaled they have no in- goods—products designed to last saying the drug wasshowing tention of pulling back from

at least three years—increased S some promise as atreatmentin theirpolicies until the econ-

0.2% to a seasonally adjusted PRES early March. The drug has since omy—and in particular the job $245.3 billion in December com- been shown to have little or no market—recover.“Thereare UMA

pared with November, the Com- /Z effect on severe cases of Covid-19. people outtherewho have lost merce Department reported —Associated Press their jobs.Itisessential that

Wednesday. That was the eighth TIMES we getthem back to work as Y

straight month of gains, al- BA OBITUARY quickly as possible,” Mr.Powell though the increase was the A said. MP

smallest since last August. TA Oscar, Emmy Winner Fedofficials think the econ- New orders for nondefense O/ Leachman Dies at 94 omywill bounceback this year, capital goods excluding aircraft— URS as vaccines begin to bring the

or so-called core capital goods CHRIS Cloris Leachman, an Oscar deadly coronavirus pandemic orders, a closely watched proxy MIST OPPORTUNITY: A man ventured onto a Dunedin, Fla., fishing pier under fog early Wednesday. winner for her portrayal of a under control. That, in theires- for business investment—in- lonely housewife in “The Last timation, would allowrestau- creased 0.6% in December from dropped sharply, driven primarily MICHIGAN Mr. Garbin appeared in fed- Picture Show” and a comedic de- rants, hotels,airlines and other the previous month, to $71.8 bil- by a decline in net orders at eral court in Grand Rapids a few light as the fearsome Frau businesses to begin moving lion. The gain was also smaller Boeing Co., according to econo- Man Pleads Guilty in hours after a plea agreement Blücher in “Young Frankenstein” back toward operating at full than in recent months. mists. Excluding transportation, Whitmer Kidnap Plot loaded with details about the and self-absorbed neighbor Phyl- capacity. New orders for transportation a category that can be particu- operation was filed, including his lis on “The Mary Tyler Moore Fornow,the slowrollout of equipment weighed on last larly volatile, overall durable- One of six men charged in an pledge to fully cooperate with Show,” has died. She was 94. the vaccine has leftFed offi- month, falling 1%. Orders for goods orders were up 0.7%. alleged plottokidnap Michigan investigators. There was no Ms. Leachman died in her cials cautious.“We think it’s commercial aircraft and parts —Amara Omeokwe Gov. pleaded agreement on a sentencing sleep of natural causes at her going to be astruggle,” Mr. guiltyWednesdaytoconspiracy, range, but his assistance could home in Encinitas, Calif., publicist Powell said. admitting thatthe group discussed help him when he returns July 8. Monique Moss said Wednesday. Thefederal government has ascheme to snatchher at her The FBI in October said it Her Emmy haul over the pumped trillions of dollarsinto lakeside vacation home and de- broke up a plot to kidnap Ms. years totaled eight, tying her the economytokeep it afloat. stroyabridge to slowdownpolice. Whitmer, a Democrat, by anti- with Julia Louis-Dreyfus as the In addition to the Fed’sefforts Ty Garbin’s guilty plea is a government extremists upset top Emmy winners among per- to keep interest rateslow,Con- major catch for prosecutors, only over coronavirus restrictions. formers. gresshas approved several about four months after arrests —Associated Press She started out as Miss Chi- rounds of spending and direct were made. His testimony could cago in the Miss America Pag- paymentstohouseholds and strengthen the government’s OKLAHOMA eant and willingly accepted un- businesses,with morelikely on case against the others and glamorous screen roles. the way. back up evidence collected by in- State Seeks Refund “Basically I don’t care how I Afterahectic 2020 putting formants and undercover agents. For Malaria Drug look, ugly or beautiful,” she told in placeits policies,Fed offi- an interviewer in 1973. cialsare nowwatchingtosee THE WALL STREET JOURNAL The Oklahoma attorneygen- Her most indelible role was theeffectsofthese measures eral’sofficeisattempting to re- Phyllis Lindstrom on “The Mary andwhether their economic (USPS 664-880) (Eastern ISSN 0099-9660) turn $2 million worth of ama- Tyler MooreShow.” Phyllis was projections provecorrect. (Central Edition ISSN 1092-0935) laria drug oncetouted by former so unexpectedly engaging that Thecentral bank estimates (Western Edition ISSN 0193-2241) PresidentDonald Trump as an Ms. Leachman starred in a U.S. economic output will grow Editorial and publication headquarters: effectivetreatmentfor Covid-19, spinoff series of her own, “Phyl- 4.2% in 2021 and unemploy- 1211 Avenue of the Americas, aspokesman said Wednesday. lis,” which ranfrom1975 to 1977. ment will drop to 5% by year’s , N.Y. 10036 A spokesman for Attorney —Associated Press end from 6.7% in December. Published daily except Sundays and general legal holidays. Periodicals postage paid at New York, N.Y., and other mailing offices. Postmaster: Send address changes to CORRECTIONS  AMPLIFICATIONS The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. German Precision Since 1869 All Advertising published in The Wall Rosalind Brewer will be made the remarks last week. Holding BV competes in the Street Journal is subject to the applicable rate card, copies of which are available the only Black woman leading growing content-creation Teutonia II Weltzeit from the Advertising Services Department, aFortune 500 companyasthe In some editions Wednes- spacewith other startups such Dow Jones & Co. Inc., 1211 Avenue of the newchief executiveofWal- day, a Page One article about as Substack Inc.and Rocket The Teutonia II Weltzeit is awatch for true connoisseurs! Americas, New York, N.Y. 10036. The When George Francis Train travelled aroundthe Journal reserves the right not to accept an greens BootsAllianceInc.In Microsoft Corp.’s earnings in- ScienceGroup LLC’s advertiser’s order. Only publication of an some editions Wednesday, the correctly referred to Kyle Mailchimp.Insome editions world in 80 daysback in 1870,hebecame amajor advertisement shall constitute final headline on aBusiness&Fi- Vikstrom, a director of inves- Wednesday, aTechnologyarti- acceptance of the advertiser’s order. sensation, so muchsothat he was the inspiration nancearticle about Ms. tor relations at the company, cle about TwitterInc.’sdeal to behind Jules Verne’s famous novel. Nowadays, Letters to the Editor: Fax: 212-416-2891; email: [email protected] Brewerbeing picked forthe as Mr.Vikstrom instead of Ms. buy Revue incorrectly referred people always seem to be living life in thefastlane. job incorrectly said she would on second reference. to Sinocism LLC,auser of Need assistance with your subscription? 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THE WALL STREET JOURNAL. ** Thursday, January 28, 2021 | A3 U.S. NEWS DHS IssuesWarning Mudslides Damage Homes in California On Domestic Threat

Advisory says Capitol then no problem,” said Rep. andBush administrations. Michael Waltz (R., Fla.), a “The real purpose of it is to riot, range of other member of the House Armed signal abright-line distinction issues could motivate Services Committeeand afor- that existed under Republican mer Special Forces soldier, in and Democratic administra- extremists to attack an interview. Mr.Waltz said tions that actsofviolencewill he is aware of online chatter trigger a law-enforcement re- BY RACHAEL LEVY among extremist groups,with sponse—constitutionally pro- AND BEN KESLING some asking when the Guard tected speech won’t,” Mr.War- might stand down, but broad rick said. “The bulletin doesn’t TheDepartment of Home- commentslikethat could push makemention of’‘right’ or land Security issued its first- the substantial Guard deploy- ‘left’ ” and is intentionally ever national terrorism bulle- ment out indefinitely,hesaid. nonpartisan, he said. tin about violent domestic Some congressional staffers Sincethe Jan. 6riot, far- extremists, warning they could and extremism researcherssay rightgroups have used in- attack in the coming weeks, thereare concerns about pos- creasingly violent rhetoric in emboldened by the Jan. 6riot sible violencesurrounding for- online chats, sharing bomb- at the U.S. Capitol. mer President ’s making materials and guerrilla DHS,inanadvisory impeachment proceedings, as tactics and calling forasym- Wednesday, said violent ex- well as in connection with metric warwith the govern- tremistsopposed to the gov- March 4, the nation’soriginal ment, according to researchers ernment and the presidential Inauguration Day. QAnon con- at theSoufan Group,anonpar-

transition “could continue to spiracytheoristssay that could tisan center that tracks ex- S

mobilizetoinciteorcommit be the daythat Mr.Trump tremist movements. PRES

violence,” though the depart- again becomes president. “There is open talk of war, TED ment said it doesn’t have evi- that the wariscoming,that OCIA

dence of a specific plot. ‘2021 will be our year,’ ” said SS Thebulletin said that vio- Mollie Saltskog,aSoufan /A

Bulletin is the first GER lent extremistshavebeen “mo- Group analyst. “This is all in tivatedbyarangeofissues,in- to focus on domestic, the aftermath of January 6.” BER AH

cluding anger over Covid-19 not foreign­inspired, Earlier this week,Washing- NO restrictions,the 2020 election ton, D.C.,Mayor Muriel CLEANUP: Hana Mohsin rescued belongings from aneighbor’s home WednesdayinSalinas, Calif.A results, and policeuse of force” extremists. Bowser requested 500 mem- powerful storm thatbatteredthe region triggered mudflows in areas scarred by lastyear’s wildfires. as well as “long-standing racial bersofthe D.C. National Guard and ethnic tension, including to remain activated through opposition to immigration.” March 12 to bolster security DHS has commonly issued The DHS bulletin, in effect forseveral events,including terrorism bulletins,though until the end of April, advises the impeachment trial, accord- At 115, thosewarningsusually focus lawenforcement to continue ing to aletterreviewedbyThe on foreign-inspired threats. prioritizing protection of gov- Wall Street Journal. But the While this advisory mentions ernment buildings. mayorhas also sought to reas- She Knew terrorists inspired by foreign Thebulletin also cited ex- sureresidents, and sent a ideologies,itisnotable forits tremists’ “perceived grievances tweet on Wednesdayurging focus on domestic violent ex- fueled by false narratives,” an businesses to take down How to tremists—the firstsuch bulle- apparent referencetoconspir- boards from their storefronts. tin ever published, according acytheories that motivated Lawmakersand current and to a DHS spokesman. manyofthe people who former government officials Enjoy Life Themost recent DHS bulle- stormed the Capitol. Manyri- arescrutinizing howthe de- tin—a warning that Iran had oterswerefollowers of QAnon partment andother law-en- BY JAMES R. HAGERTY the potential to carryout cyber- and said they believed that Mr. forcement agencies,such as attacks—came ayear ago. DHS Trump didn’t lose the election. the Federal Bureau of Investi- In an agewhen people are didn’t issueabulletin ahead of Officials at DHS’sintelli- gation, prepared for Jan. 6. bombarded almost constantly the planned Jan. 6rally in gencebranch suggested push- In the weeks leading up to with disturbing news and Washington, D.C.,that devolved ing out this bulletin in the the planned Jan. 6 rallies, the commentary, Iris Westman intoamob attack at the Capi- lead-up to President Biden’s FBI and the DHS’sintelligence had no access to social media tol, despitepublic chatteron- inauguration, and that then- branch opted not to send a and rarely watched television. line about the extremists’ plans. acting Secretary Pete Gaynor threat assessment to other That maybeone reason Theadvisory of unspecified and acting deputy KenCuc- law-enforcement agencies, she lived with remarkable se- threats came as thousands of cinelli discussed the idea but which would have helped renity to the ageof115. National Guard troops are set rejected it because of alack of other agencies plan, the Jour- Ms.Westman died of natu- to remain at the Capitol into credible, specific intelligence, nal earlier reported. ralcauses,unrelated to March. On Wednesday, Repub- according to two people famil- That wasdespiteonline Covid-19,on lican lawmakersasked the iar with the conversations. chatterinthe weeks leading OBITUARY Jan. 3atanurs- Pentagon formoreinforma- Messrs. Gaynor and Cuc- up to the protests, during IRIS ing home in tion on why. “The National cinelli couldn’t be reached for which extremistsposted on WESTMAN Northwood, N.D. Guardshould be used as an comment. social media about their plans 1905-2021 She waslisted option of absolutelast resort,” Thebulletin signals areturn to “storm” the Capitol. by the Gerontol- the lawmakerssaid in aletter. to regular order,said TomWar- —Michelle Hackman ogyResearch Group as the “Ifthereisasignificant, rick,aformer senior DHS offi- and Alexa Corse second-oldest living Ameri- very real, very defined threat, cial underthe Trump,Obama contributed to this article. can, behind Hester Ford of North Carolina, who is be- lieved to be either 115 or 116. In an interviewfiveyears ago, Ms.Westman wasasked South Leads in JobGrowth Eros Medium Solid HeartNecklace $295 forher impression of Donald Trump,then campaigning for Eros Solid HeartNecklacewithDiamonds in 18KGold $1,995 Eros Open HeartNecklacewithDiamonds in 18KGold $1,450 BY HANNAH LANG Southern Acceleration president. “I’veheardofhim,” Eros Solid HeartSignet Ring withDiamonds $495 she said. “Not enough to ex- Payrolls continuedtorecoverinthe South in December while the TheSouth is leading the U.S. pressanopinion.” rest of the countryexperienced job losses. FOR OUR CONCIERGE SERVICE: labor market’srecoveryfrom Shehad moretosay about [email protected] the pandemic’sinitial shock as South Midwest West Northeast Warren G. Harding,who 347-748-6005 the only major region with served as president from 1921 continued payroll growth at Regional change in nonfarm Unemployment rate, until his death in 1923.Mr. JUDITHRIPKA.COM the end of last year while the payrolls from February by region Harding maynot have been a rest of the countrylost jobs. 0% 20% great president, she said, but Southern states logged job she remembered having asoft growth acrossthe privatesec- spot forhim. “He wasawfully torinDecember,including ser- -5 15 good looking,” she said. vices industries,which were Hernursing home offered hit hardbythe pandemic,and -10 10 daily gatheringsfor cards, manufacturing,according to a bingoorother amusements. Labor Department report that -15 5 Though she sometimes took provides details on the job part in thoseactivities,she market in all 50 states. said,“Idon’t need to have Minis andGeorgia gained the most -20 0 lotsofthingsgoing on. Ican jobs in December,adding a Feb. Dec. Feb. Dec. be quitecontent sitting here seasonally adjusted 64,200 Note:Aggregatedseasonally adjustedstate data andlooking out the window Four is better than one... and 44,700 jobs, respectively. Source:WSJ analysis of Labor Departmentdata andnot seeing anything.” In contrast, payrolls in the She shruggedoff questions Midwest, West and Northeast four in the West, the Labor manufacturing as signs that about her longevity.“Youjust fell last month, when the na- Department said. Payrolls fell the South could emerge from sit back and it happens,” she tion’stotal payrolls slipped by in 11 states andweremostly thedownturn with astronger said. “The Lord takescareof 140,000 forthe firstdecline in unchanged in 24. economy than other regions. it, and He knows what He’s seven months. The nation’s payrolls over- “I don’t think this is a doing,soweshould just sit In those parts of the coun- allremain belowlevelsfrom short-term Covid experience. back and let Him do it.” try, asurge in virus infections, beforethe pandemic.Through What happensinrecessions, Born on Aug.28, 1905,Ms. related restrictions and winter December,about 12 million particularly deep recessions,is Westman grew up on afarm weather prompted steepjob jobs have been recoveredfrom that trends that were evident near Aneta, N.D.,with her cutsinleisureand hospitality the 22 million lost in March and that were emerging prior parentsand three brothers. industries,which includes res- and April of last year.Decem- to the recession tend to be ac- Aftergraduating from the taurants. In the South, those ber job totals in the South celerated,” he said. University of North Dakotain jobs held nearly steady. were 4.1% belowapre-pan- Acrossthe country, job 1928,she taught English at TheSouth’smilder winter demic peak,measured from losses have been steepest in severalschools in North Da- weather makes it easier to Februaryoflast year,while the leisureand hospitality sec- kota and Minnesota. Latershe dine outside or participate in theMidwest was6.5%lower, tor, which is part of the studied libraryscienceand other outdoorsactivities,said the West 6.7 % lower and the broader services category. became the librarian at an el- Mark Vitner,aCharlotte,N.C.- Northeast 9.2% lower. Manyrestaurants, theaters, ementaryschool, until retir- based economist at Wells TheSouth—defined as 16 barsand bowling alleyshave ingin1972. FargoSecurities.More-lenient states from Texas to Delaware— either closed down completely She never married. Did she public-health regulations that sawadecline in itsunemploy- or are operating at a fraction come close? “Well, acouple of Choose 4single earrings have kept businesses open ment rate to 6.1% in December of pre-pandemic levels. times,but Ithink it wasvery have also had an impact. from 6.4% the prior month. Butmanufacturers, driven well that Ididn’t.” Under $500 “It’sagreater willingnesson That is belowthe national rate by renewedconsumers’ de- 14k gold, diamonds andgemstones the part of government to of 6.7% and slightly abovethe mand for goods, have created work with businesses,” Mr.Vit- Midwest. Theunemployment jobs acrossthe country. All ner said. He said stricter busi- rate washigher than the rate in four regions saw an uptick in CallorEmail to Purchase nesslimitsinplaces such as the Northeast and West. goods-producing payrolls in California and NewYork,aimed Thecontinued jobs rebound December from the prior (805) 390 6326|[email protected] at containing the spread of the is asign of longer-term month, the Labor Department SJ Shopthe CollectionatMISAHARA.COM /W

virus,havecurbed job growth. growth forthe South, Mr.Vit- said. Manufacturing jobs have TY

December seasonally ad- ner said. He pointed to the recoveredthe most in the GER justed payrolls increased in 15 heightened appeal of lower- South, with the West and Mid- HA HandcraftedinNew York R.

states—with significant in- cost regions during an eco- west not far behind. ES

creasesinsix states in the nomicdownturn and the re- —Danny Dougherty JAM South, five in the Midwest and surgenceofdomestic contributed to this article. Iris Westman in 2016. P2JW028000-4-A00400-17FFFF5178F

A4 | Thursday, January 28, 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 Orders Signed to Fight Climate Change

BYTIMOTHY PUKO That hassome of oil’stradi- tional allies publicly taking WASHINGTON—President sides with Mr.Biden. TheEdi- Biden took aseries of steps to son Electric Institute, a trade addressclimatechange association forinvestor-owned Wednesday, suspending new utilities,lauded Mr.Biden’s oil and gasleases on federal moves Wednesday, saying they land and confronting the issue arelikely to boost demand through diplomatic,conserva- from electric-vehicle drivers tion and other initiatives. and utilities’ access to clean In threeexecutiveorders, power. Mr.Biden directed the Interior Some auto makers also say Department to identifysteps the moves will help support to double offshorewind pro- their efforts to electrify. ductionby2030 andtoem- “It’sanicelittle tailwind to ployAmericans on climate-fo- getcorporatestrategymatch- cused public-works projects. ing government strategy,” said He also set agoal fordeliv- ScottKeogh,chief executive ering 40% of the benefitsofall forthe U.S. subsidiaryof federal spending on climate VolkswagenAG, which is in- initiatives to poor and minor- vesting $800 million to build a ity communities. newelectric model at itsplant Mr.Biden framed climate in Tennessee. changeasamatterofnational Mr.Biden signed the orders security and directed all major afterapress briefing that fea- government departmentsto tured former Secretaryof take action aimed at curbing State John Kerry—the presi- greenhouse-gas emissions and S dent’s special envoy forcli- the country’s decadeslong reli- PRES matechange—and former

ance on oil. TED Obama Environmental Protec- “In my view, we’ve already CIA tion AgencyAdministrator SO

waited toolong to deal with AS Gina McCarthy. this climatecrisis.Wecan’t CI/ “Wecan achievethingsin wait anylonger.Wesee it with VUC the course of the next four AN

our owneyes, we feel it, we EV yearsthat movethe market- knowitinour bones and it’s President Biden signing an executive order on Wednesday. ‘We’ve already waited too long to deal with this climate crisis,’ he said. place, the privatesector, time to act,” Mr. Biden said. global finance, innovation and Mr.Biden’sactions Wednes- way to ensurethe futureof American jobs and manufac- ply go elsewhere—likely out of pend newoil and gasleases on research,” Mr. Kerry said. day, which followedanorder the U.S. economy. turing,” Mr. Garland said. stateoroverseas,” Mr.Bar- federal land pending areview One of the orders officially last week forthe U.S. to rejoin “Biden’s policies are going But the order is causing rassosaid in astatement be- won’t affect current drilling establishes the WhiteHouse the climateaccord, is put- to driveeconomic recovery for friction with the oil industry, fore the confirmation hearing operations,and that the oil in- OfficeofDomestic Climate ting morepressureonfault moreAmericans (and) grow which sees athreat to itsfu- of Mr.Biden’snominee foren- dustry still has access to mil- Policy, which Ms.McCarthy lines in the businesscommu- jobs and businessthat have tureand massivejob losses in ergy secretary, Jennifer Gran- lions of acres. will lead. Mr. Kerry’s position nity that divide the allies of re- been driven out of the econ- Mr. Biden’s initiatives. holm.“Thepresident’sorder Theconsulting firm Rystad is also new. newable powerand fossil fuels. omyin2020,” said Michael Western oil-producing will deprivethousands of peo- Energy has said that will pre- Ms.Granholm, at her Senate Many, especially technology Garland, chiefexecutiveof states could be especially ple in Wyoming of their jobs vent the industryfromfeeling hearing,repeatedly emphasized and retail companies,have wind-farm developer Pattern hard-hit by Mr. Biden’s order and aprincipal source of reve- big effectsfor several years, howclimatechangewould be a been pushing formoresup- Energy Group Inc.“Without to suspend newleasing on fed- nue forpublic education and time the Biden administration priority at the department un- port forclean-tech companies these efforts, the U.S. will be a eral land, Sen. John Barrasso other essential services.” says it wants to use to foster der her leadership. likerenewable-powerdevelop- secondaryplayertoChina, (R., Wyo.) said Wednesday. TheInterior Department employment in cleaner busi- —Ken Thomas and Ben Foldy ersand battery makersasa which would be a disaster for “Energy producerswill sim- said Mr. Biden’s order to sus- nesses. contributed to this article. White House U.N. Pick Defends Stance on China

BY WILLIAM MAULDIN and tactics that they use in Af- moreagencythan those narra- Sen. Cory Booker (D., N.J.) To Revamp Policy ricaand elsewhere,” Ms. tives would have us believe.” said in an interviewafter the WASHINGTON—President Thomas-Greenfield told the On Wednesday, Ms. hearing that it was“patently, Biden’spick for ambassador to SenateForeign Relations Com- Thomas-Greenfield said: “I provably wrong” to argueMs. the United Nations defended mitteehearing on her nomina- truly regret having accepted Thomas-Greenfield embraced On Asylum Seekers her record of speaking out tion forthe U.N. role. that invitation and having had China, and he praised her for against China’sglobal ambi- In the 2019 speech, Ms. my name associated with the speaking at the historically tionsonWednesdayafter Re- Thomas-Greenfield discussed Confucius Institute.” Blackuniversity,with which BY MICHELLE HACKMAN grants who requested asylum publicanspressed her over a the development needs of Af- Sen. TedCruz(R.,Texas) she has had along relationship. AND TARINI PARTI generally were allowedinto speech to aChinese organiza- rica, including both the U.S. cited the incident as part of “a Anative of Louisiana, Ms. the U.S. to work legally while tion at aGeorgia university. contributions and the growing pattern among Biden adminis- Thomas-Greenfield, likeMr. President Biden plans to their claims wound their way Linda Thomas-Greenfield, a investment of Chinese entities, tration nominees of consis- Booker,isBlack. sign moreimmigration-related through the courts. longtime diplomat who previ- and appeared to push back tently moving towardsand Ms.Thomas-Greenfield said executiveactions reversing his TheWhiteHouse didn’t re- ously oversawthe State De- against the idea that Washing- embracing the Chinese Com- shewas alarmed when she ob- predecessor’s policies on asy- spond to arequest forcom- partment’s Africaoperations, tonand Beijing arescrambling munist Party,” without giving served the Confucius Institute’s lum seekersand refugees in ment on theexpected execu- said she regrettedgiving a forinfluenceoverAfrica. examples. activities in Georgia, including the coming days,according to tive actions. 2019 speech to the Beijing- “These arecertainly uneasy SecretaryofState Antony itseffortstopress China’s people familiar with the plans. Another order expected Fri- backed Confucius Instituteat times in the U.S.-China rela- Blinken, in his ownconfirma- agenda. Mr.Biden is expected to is- daywill direct DHS to begin Savannah State University tionship,but Idisagree with tion hearing,said that previous Confucius Institutes areedu- sue an order on Friday— the processofrolling back the when she worked foraprivate these narratives and this zero- optimistic approaches to China cational organizations backed though the timeline could slip public-charge rule, which im- consulting firm. sum approach,” Ms.Thomas- were flawed and backed the by China’sEducation Ministry to next week—that lays out a poses awealth test on pro- “I have along track record Greenfield said in the speech. Trump administration’s that fund languagestudy and plan to revamp the asylum sys- spective immigrants. of speaking about China’sma- “Weare not in anew Cold tougher approach, if not itstac- have also sought to spread Bei- tem, afterthe Trump adminis- An order that could be de- lign force, about the debt traps War—and Africans have far tics. jing’sviews. tration took numerous steps to layeduntil Mondayislikely to restrict access to humanitarian direct expansion of refugee protection in the U.S. processing in Latin America. Boeing’sannual profit/loss That orderwould direct the While apresident is permitted Department of Homeland Se- to raise the refugeecap this $12 billion curity to roll back rules the year,expertssay it would be previous administration en- logistically difficult to reach 8 acted to makemost asylum the 125,000 figure Mr.Biden applicants at thesouthern promised during his campaign. 4 border ineligible.For example, Former President Donald 0 one rule disqualified appli- Trump set the caponrefugees cantsfromasylum if they resettled in the U.S. through –4 this coming September at are- GES

cord-low 15,000. IMA –8

Thecoming orders TheWhiteHouse will also ETTY announcethe creation of a /G t$11.9 –12 will build on Mr. family reunification task force DER to deal with the morethan RY 2010 ’12 ’14 ’16 ’18 ’20

Biden’searly actions VID

600children whose parents DA Free cash flow on immigration. still haven’t been located after The companyexpects jetliner revenue to increase this year as 737 MAXand 787 deliveries ramp up. their families were separated $15 billion during Mr.Trump’szero-toler- plans last year foranew jet, aircraftsales,prompting the 10 Estimates ance immigration policyatthe Boeing and Mr.Calhoun said Wednes- company’splans to shed 31,000 passed through a third coun- border in 2018.Itisn’t yet daythe companywas in no jobs by the end of 2021. 5 try en route to the U.S. with- known whether the newad- rush to launch afresh aircraft. The$6.5billion pretax out making aclaim in that ministration will allowthe Reports With production of the 747 charge on the 777Xreflects 0 country. parents, many of whom were jumbo ending next year,the lowerexpected profitsoverthe –5 Theorder would also freeze deported without their chil- 777Xwill become Boeing’sbig- lifeofthe wide-body plane. agreementsthat the Trump dren, to rejoin them in the U.S. Record Loss gest plane when it entersser- Theplane maker’s shares fell –10 administration signed with Mr.Trump ended the policy vice as soon as late2023. nearly 4% on Wednesday. Guatemala, Honduras andEl that separated children from Government travel restric- Boeing’sfourth-quarter loss –15 Salvador to send asylum seek- their families through an exec- ContinuedfromPageOne tionshavemade it tougher for of $8.44billion pushed itsan- –20 erstothose countries to re- utiveorder in June 2018, pect Boeing would stop bleed- airlines to fill big planes.Boeing nual deficit to $11.94 billion. quest protection thereinstead. about two months afteritwas ing cash until next year. has just 309 ordersfor the Revenue forthe year slipped 2018 ’19 ’20 ’21 ’22 ’23 According to the people fa- announced. TheJusticeDe- “2020 wasayear likeno 777X, most from Middle East 24%to$58.2 billion, leaving the Sources: S&P Capital IQ (profit/loss); the miliar with the plans, Mr. Bi- partment on Tuesdayre- other,” Chief ExecutiveDavid carrierssuch as Emirates Air- industrybellwether as the company, FactSet (cash and estimates) den is also expected to rescind scinded the zero-tolerance Calhoun said on an investor line that bought them at the fourth-largest aerospaceand amemo that created apro- policythat all adultsshould be call. “Our world, our industry, height of the industry’sboom defense companyworld-wide by Boeing restarted MAXdeliver- gram known as the Migrant prosecuted forcrossing the our businessand our communi- several yearsago. No U.S. air- sales afterRaytheon Technolo- ies in December from abacklog Protection Protocols,which border illegally. ties were facing unprecedented lineshaveordered the plane. gies Corp., Lockheed Martin of 450 finished planes. hasforcedtens of thousands Thecoming orderswill challenges—and we’restill in Boeing said the 777X, which Corp.and Airbus. Thecompanyburned of asylum seekers arriving at build on Mr.Biden’sactions on themidst of it.” seatsuptoabout 400 passen- Chicago-based Boeing ex- through $18.4 billion in cash the U.S. southern border to re- immigration on his firstday in Mr.Calhoun, who took over gers,has also been held back by pectsjetliner revenue to in- last year. Boeing has said it turn to Mexicoand wait, office, when he paused depor- as CEO ayear ago, began his heightened regulatoryscrutiny. crease this year as airlines take doesn’t expect to be cash-flow sometimes foryears, as the tations of some immigrants tenure facing the MAXcrisis, This follows lapses certifying more737 MAXjets, with 787 positiveuntil next year.Itstill American court system pro- for100 days,halted construc- then the largest in Boeing’shis- the 737MAX.The companylost deliveries resuming by March has ordersfor morethan 4,000 cesses their requests. tion of Mr.Trump’sborder tory.Asthe companystruggled almost $12 billion last year as from abacklog of about 80 that planes,but itsbacklog of deals Theprogram, also known as wall, repealed a travel ban on to restorepublic confidence, the totaljetliner deliveries more underwent inspections. shrank by aquarter to $282 bil- RemaininMexico, was several nations, most of them pandemic quickly became an- than halved,with airlines taking Global regulatorshad lion. Boeing reported aper launched in 2019 as the Trump Muslim-majority, and ended otherall-consuming crisis that thousands of planes out of ser- grounded the MAXfor nearly sharelossof$14.65for the lat- administration sought to curb Mr. Trump’s effort to exclude has forced Mr.Calhoun to slash vice and canceling ordersfor two yearsafter two crashes est quarter,far worsethan ana- asurge of Central American from the census immigrantsin production and cut tens of hundreds more. killed 346 people,but the U.S. lystsexpected because of the families seeking asylum. Offi- the country illegally. thousands of jobs. Boeing has been plagued by approved it forpassenger 777Xcharge.Itincluded apre- cials said at the time that they Afederal judgeinTexas on Nowheismanaging a aseries of botched jetliner and flightsagain in November.Eu- viously announced $744 million wanted to end what they de- Tuesday temporarily blocked smaller companytrying to over- militaryprograms that more ropean regulatorsapproved on charge as part of a$2.5billion scribed as alegal loophole for the pause on deportations,say- come itspast missteps while than halved itsmarket value Wednesdaythe aircrafttore- settlement with the JusticeDe- economic migrantstofalsely ing it likely violated the execu- keeping up with fierce competi- over thepast two years. That sume commercial flights, and partment related to the MAX. claim asylum tivebranch’slegal obligations tion from itsEuropean rival wasevenbefore the pandemic Boeing expectsittobecleared —Andy Pasztor Prior to the change, mi- forimmigration enforcement. Airbus SE. Boeing scrapped halted adecadelong boom in to flyinall marketsbymidyear. contributed to this article. P2JW028000-0-A00500-1------XA

THE WALL STREET JOURNAL. Thursday, January 28, 2021 | A5

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A6 | Thursday, January 28, 2021 ***** THE WALL STREET JOURNAL. U.S. NEWS CensureProposed As an Alternative

BY SIOBHAN HUGHES evidenceagainst the former president will be presented in WASHINGTON—Two sena- living color,” he said. He said tors from oppositesides of the theconstitutional objections aisle were working Wednesday to the trial were an attempt by to build support forcensuring Republicans to avoid having to former President Donald cast judgment on Mr.Trump’s Trump over his rhetoric ahead actions. of the Capitol riot as an alter- Mr.Trump’sofficedidn’t nativetoproceeding to an im- respond to a request to com- peachment trial likely to result ment. in his acquittal. Ms.Collins and Mr.Kaine Thepush from Sen. Susan hope that acensureresolution Collins(R.,Maine) and Sen. would allowthe Senatetofor- TimKaine (D., Va.) comes a mally condemn the former S dayafter just five Republicans president’sactions and draw

PRES sided with Democratsinavote significant Republican support.

TED testing lawmakers’ stances on While manyRepublicans have

OCIA whether the trial wasconstitu- criticized Mr.Trump’sactions

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TV in earnest in February, and have been cool to the impeach-

TE Democratswould need support ment effort. Some have argued

SENA from at least 17 Republicans to that the Senateshouldn’t trya Democratic Sen. Patrick Leahy of Vermont swore in members of the Senate for the impeachment trial at the U.S. Capitol on Tuesday. convict Mr.Trump. former president and that his Tuesday’svoteshoweditis actionsdon’t rise to the level “extremely unlikely that Presi- of inciting an insurrection. dent Trump would be con- Mr.Kaine pointed to GOP Hands-Off Approach on Trial victed,” Ms.Collins said. “It senators’ past criticisms of Mr. seems to me that thereissome Trump as an argument for value in looking at an alterna- pursuing censure. Biden wary of getting vote to convict, aday before45 ateintosession Wednesday. erode that support if GOP vot- tivetoproceeding with the “If we could do something Republicans cast avote ques- During the trial, which be- ersresent Democrats’ actions. trial.” Ms.Collins wasone of likethis and have it be biparti- tangled in Trump’s tioning the Senate’sauthority gins Feb. 9, the WhiteHouse Already,Republican lawmak- the handful of senatorstoside san, and thereby potentially impeachment as he to hold an impeachment trial expectstostayfocused on pol- ers oppose some of his ideas, with Democratsinthe vote. avoid the trial Ithink that foraformer president. icypriorities and not changeits including a $1.9 trillion Covid SenateMajority Leader would be beneficial, but we’re pushes agenda In another sign of distance, posturetoward impeachment, relief package, and the trial Chuck Schumer (D., N.Y.)re- not there yet,” Mr. Kaine said Vice President Kamala Harris, according to an official. Despite could embolden resistance. jected the suggestion that the Wednesday. BY ALEX LEARY who could have presided over some Republicans saying that “Ifheweretoinject himself Senateshould set aside the He said his Democratic col- AND TARINI PARTI thetrial as Senatepresident, thetrial goes against Mr.Bi- in this,therecould be some trial and said Wednesdaythat leagues have indicated a plans to stay out of the process den’spromises of bipartisan- danger and that’swhy he’slet- the Senatewould proceed as “strong desire” to proceed on WASHINGTON—President as much as possible,according ship andstriving forunity,the ting Congressdoits job,” said planned. “Make no mistake— censureonly if they could win Biden is trying to avoid getting to aperson familiar with the official said the WhiteHouse Democratic pollster Jeff Hor- therewill be atrial, and the over 10 Republicans. drawnintothe approaching situation,who said Ms.Harris will continue to seek GOP sup- witt.“Thefirst 100 days are Senate impeachment trial as never considered taking that port on itslegislativeagenda. super important forany presi- he balances Democratic calls role.Although she might still Mr. Biden entered office at dent and arguably forBiden to punish his predecessor with be called upon to break proce- afragile time,with voters bit- it’sevenmoreimportant be- his desiretomoveforward dural ties during the trial in terly divided and afterMr. cause of the pandemic and with his ambitious agenda. theevenly split Senate, the Trump forweeks pushed un- how divided the country is.” Thewaryapproach includes person said Ms.Harris’sin- proven claims of widespread Some Republicans saythe contradicting calls from some volvementwould be limited. voter fraud. trial belies Mr.Biden’srhetoric. Democratsfor aquick trial Democratic Sen. Patrick While 87% of Democratic “I listened to President Bi- startand declining to say Leahy of Vermont, the Senate voters support convicting Mr. den talking about healing this OL PO

whether former President president protempore, was Trump in the impeachment nation, about uniting this na- S

Donald Trump should be con- sworn in Tuesdayasthe presid- trial, only 11% of Republicans tion,” Sen. Ron Johnson (R., PRES victed, though Mr.Biden has ing officer forthe coming trial. do, according to a Monmouth Wis.), aTrump ally,said Tues- S/ blamed Mr.Trump forinciting Mr.Leahywasn’t feeling well University poll released this day. “Trial in the Senatewould

the Jan. 6 Capitol riot. laterinthe dayand wastaken week. not be healing.Itwould be REYNOLD

This week Mr.Biden told to ahospital “out of an abun- Mr.Biden is enjoying a vindictive.” ANI EF

CNN that the trial “has to hap- danceofcaution,” aspokesman bump in public approval since Meanwhile,some groups on ST pen” but said he doubted said. He returned home Tues- the election, according to the left want Mr. Biden to be Former President Donald Trump at Joint Base Andrews in enough Republicans would daynight and gaveled the Sen- polls.The Senatetrial could more forceful. on Jan. 20, the day he left office.

comment. ings. “Although we viewthis as Demand Apple shares rose 81% in Tech Giant Readies ated its intent to give users the Chief ExecutiveTim Cook is apossibility,what we believe 2020 and areupabout 7% this option to limit how apps track slated to speak Thursday on strongly is that the iPhone 12 year through Wednesdayonin- Privacy Measures their digital footprints. the topic of data privacy at the will be very successfulin2021.” Lifts Profit vestor enthusiasm around its Apple users early this Computers, Privacy and Data Theresultswereachieved latest iPhone and heightened spring will see the new feature, Protection conference. despitesupply-chain issues.Mr. spending on itsproductsfrom Apple Inc. plans to roll out which will allow ad tracking Mr. Zuckerberg, whose com- Cook said the iPhone 12 should For Apple consumersworking,going to its extensive new privacy-pro- only if consumers opt in once pany has been sued by the be in balancethis quarter, school and seeking entertain- tection options for users over they receive a prompt on an Federal Trade Commission and while he doesn’t expect iPad is- ment whilestuck at home. the next several months, mov- iPhone or iPad. (A beta version 46 states over anticompetitive sues to be resolved this quarter. ContinuedfromPageOne Theholidayquarter is al- ing ahead with plans that have will be coming sooner for test claims, sought to cast Apple’s Analystsonaverage had termarket trading.The company waysaclosely watched period ratcheted up tensions between users.) privacy moves as a means to predicted that revenue would offered afull-year deliveryfore- forApple,accounting forabout the company and social-media The software update to its use its platform to put Face- rise to $102.8billion. Apple no cast that appeared lessrobust 30% of itsannual sales.This giant Facebook Inc. mobile operating system would book at a disadvantage. Apple, longer breaks out unit sales, than analystshad expected. time around, however, it takes On the same day Facebook make it so that Facebook or too, has faced claims from tech but Mr.Cook said iPhone re- Facebook reported record net in- on greater emphasis with the Chief Executive Mark Zucker- other companies would no lon- rivals that its practices are an- sultswerehelped by the come but also warned that un- arrivalofthe iPhone 12 that bergtold investors Apple poses ger be able to collect a person’s ticompetitive. Both tech giants iPhone 12s. certainty from regulatoryprobes some analystsand investors a growing threat to its busi- advertising identifier without have denied wrongdoing. iPhone revenue rose 17%to and ad-targeting limitscould were betting would triggera ness, the iPhone maker reiter- permission. —Tim Higgins $65.6 billion in the December createbusinessheadwinds. record boom.That bet, how- quarter.That growth was Apple’sincreasing might ever,was thrownintoquestion slowerthan in other partsof came under sharp criticism with the spread of the corona- typical September debut. Some sales ahead of Christmas. layedlaunch and some supply Apple’sbusiness. Sales increases WednesdayfromFacebook virus last year. versions of the newphone didn’t Those delays had created constraints, the iPhone units were 21% forthe Mac lineup and Chief ExecutiveMark Zucker- Theinitial outbreak in China start shipping to customersuntil some uncertainty about how maybeonthe lowside,” said 41% foriPads.Laptop sales berg, who described Apple as a delayedthe production of the November,cutting down the strong of aperiod Apple could Mark Stoeckle,chief executive were helped by the arrival of threat to his business. Apple flagship phone and pushed back number of weeks Apple typically report. “Thereisone school of of Adams Funds,which counts thecompany’snew in-house didn’t respond to arequest to itslaunch to October from its has in the period to capture thought that because of the de- Appleamong itslargest hold- chip,Mr. Cook said.

checkout counter at aWalmart son Report, atrade publica- cashier forhelp.His sister and Digital in SacramentoinSeptember. tion. Apple Pay accounted for her husband gave them a pep “It wasn’t beeping—I sat there most of them. talk over FaceTime.Mr. Orlina foraminutelooking at the Nilson doesn’t have 2020 lefthis parentswith written Wallets keypad,” he said. data yet, but thereare other instructions on howtoload He pulled outadebit card signs usagehas increased. more cards onto Apple Pay. and tapped it on the payment Contactlesstransactions in TomOrlina, 66,said he and Are Tricky terminal—a capability that U.S. stores—including mobile his wife, Josephine,70, now card issuersand networks like walletsand tap-to-paycards— use Apple Paywhen they shop Visa Inc. and Mastercard Inc. were up 226% in early Decem- at Trader Joe’s. “I tell them ContinuedfromPageOne have been rolling out in the ber compared with early rightaway ‘we’renot tech prompted them to use mobile U.S. Still, nothing happened, March, according to Card- savvyplease help,’ ” he said. wallets and other contactless Mr. Serrano said. Flight, whichsupplies pay- “It’s a struggle for sure.” paymentsmoreoften or for He tweeted at Walmart: ment hardwareand software Some newbies arehaving a the first time in-store. “Why did Ithink Walmart was to morethan 70,000 U.S. small hard time getting used to this Problem is, many shoppers gonna have Apple Pay. Making businesses. new way of paying for things. and cashiershavenoidea how me look stupid putting my Apple says more than 90% Drive-throughs areparticu- to use them. Even those who phone up to the thing.” The of stores in theU.S.now ac- larly tricky. do find the major brands are companyresponded that it ac- cept Apple Pay. Samsung de- In October,Dana Pughakoff, still not accepted at the U.S. cepted itsown “Walmart Pay.” clined to comment. Josh 47,asked acashier at a stores of some big retailers “Wut is that lol,” responded Woodward, director of product Dunkin’ storenear Jackson- likeWalmart Inc., Home Depot Mr. Serrano. management at Google Pay, ville, Fla., to show her how to Inc. and Lowe’s Cos. The confusion surrounding said “It took acommunity to payfor her coffee with her Mobile walletsare smart- mobile wallet usageispartly a put mobile phones in every- phone. Afterafew mishaps, phone apps where people can reflection of their messy his- one’shands.And it’ll take a she’sback to pulling out her load their debit- or credit-card tory in the U.S. community again to build the debit card. credentials and use their Adecade ago, Google digital futureofmoney and Jeremy Powers uses his phone, rather than the tangi- launched Google Wallet, the payments.” debit card from his local credit CIA blecard, to makepayments. Alphabet Inc. unit’s first mo- Effortsare under way to get union to payfor most of his GAR The transactions are charged bile payment offering.It moreshopperscomfortable purchases.The 41-year-old

to the shopper’s card. wasn’t an instant hit. Smart- JISELA with the technology. In No- electronics engineer from Pan- Sounds simple enough, but phones weren’t yetubiquitous, Kevin Serrano, shown here using Apple Pay to buy snacks and vember,Google posted in- ama City,Fla., tried to load it it’ssurprisingly complicated to and the communication tech- moisturizer, was frustrated when it wouldn’t work at a Walmart. structional videos on YouTube ontoSamsung Payseveral paywith the wave of aphone. nologythat allows them to as part of abroader revamp of times,tonoavail. In December, Thebank that issued the card wirelessly transmit payment Theeffort fizzled out. Some, toomanydriversbumped into Google Pay. It is also offering his credit union told him it was needs to allow it to be added information hadn’t been like Walmart, created their them with their side-viewmir- up to $15 to newusersfor “inthe testing phase” with to amobile wallet. Theretailer widely adopted by retailers own. rors, the person said. their first three payments. Samsung Payand Google Pay. needs to accept both the wal- andphone manufacturers. In During anotherearly push Mobile walletstook off in Thomas Orlina, a32-year- While he waited, he disin- let and the card in the wallet. 2014,Apple Inc.introduced formobile wallets, cuplike Asia, whereAlipayand oldsocial-media specialist, fected his debit card every When the process goes awry, Apple Pay. holderswereinstalled as part WeChat Paydominate, but spentafew hoursgiving his other day. He was finally able shoppersoften abandon the Meanwhile,agroup of re- of a test at some McDonald’s they never gained much trac- parentsatutorial on howto to load his card on Samsung effort—and they maynot try tailersincluding Best Buy Co., windows to prevent customers tion in theU.S.In2019,they use Apple Pay. Pay this month. again. CVS Health Corp., Lowe’s and from dropping their smart- represented roughly 4% of Always ask if the store ac- “It will be nicetowalk into Kevin Serrano, 25, tried to Walmart had already teamed phones,according to aperson card purchase transactions in ceptsApple Pay, he told them, a place and be able to use it,” use Apple Payatthe self- up to develop amobile wallet. familiar with the project. But the U.S., according to the Nil- and don’t be afraid to ask the Mr. Powers said. P2JW028000-4-A00700-1------XA

THE WALL STREET JOURNAL. **** Thursday, January 28, 2021 | A7 U.S. NEWS At aRetirement Home, VaccinesEnd Isolation

In aCalifornia center, “This is the beginning of the slowervaccinations,she said. (2) light at the end of the tunnel for Therollout Jan. 15 at TheSe- residents mingle and us,” said Bradley Dubin,princi- quoias Portola Valley,40miles look to see family for pal of Kandu Capital LLC,which south of SanFrancisco, went JOURNAL

owns and operates nine Bloom smoothly.Nurses shepherded REET the firsttime in months Senior Living communities in residentsfromanoutside wait- ST LL

the Eastern U.S. ing area with chairs6feet apart WA BY J IM CARLTON Residents and workershave intoalarge room wherepharma- THE

priority because they have been cistsfromCVS administered the R PORTOLA VALLEY,Calif.— so severely affected. Morethan shots. They were monitored for FO

Minutesafter getting his first 550,000 long-term care resi- 15 minutes in case of anyadverse LSKI JA

dose of aCovid-19 vaccine,Stan- dentshavebeen diagnosed with reactions.None were reported. BU tonGoldstein had one hope in Covid-19,and about 100,000 Most otherresidentswerein CHEL

mind:visiting his dementia-ad- have died, aquarter of the U.S.’s an ebullient mood, seeing RA dled wifewho has been isolated morethan 400,000 deaths from friends forthe firsttime since Covid-19 vaccinations were administered at The Sequoias Portola Valley earlier this month, but it formonths in the same retire- the pandemic,according to fed- November.Gatherings, including likely will be weeks before in-person visits between residents in different levels of care can resume. ment community. eral data. Among workersat communal dining,weresus- “Theybettercome up with a long-term care facilities such as pended, and outside visitswere side her home when she came good reason Ican’t see her nurses and cleaners, 472,000 suspended. down with asorethroat and now,” the 78-year-old retired have been infected, and 1,340 “We’veall been stuck in our runnynose that turned out not physician said outside acommu- have died. apartments, so finally we can to be from the coronavirus. nity meeting room of TheSe- Nationally,95% of the U.S.’s see everyone congregating,” 83- In agreeing to getthe shots, quoias Portola Valley,where morethan 15,000 nursing homes year-old Joann Lazarsaid. she said she did worryabout dozens of residentswereinocu- expect to completeafirst round AfterCalifornia Gov.Gavin possible adverse reactions be- lated earlier this month to the of inoculations by the end of the Newsom on Monday liftedhis cause of social-media postsshe sounds of big-band music. month, according to the Ameri- stay-at-home order affecting sawbut decided to trust it was Directorsofthe 315-person canHealth CareAssociation. most of thestate,directorsof safe. “The next dayIgot asore facility sayitlikely will be weeks Second doses will followin TheSequoias said they would arm and amild headache but beforein-person visitsbetween three to four weeks. allowoutside visitstoresume later felt fine,” Ms.Juan said. residentsindifferent levels of Therollout is uneven, with with protections. Isolation from family and care canresume because of a some areas moresuccessfulthus Only ahandful of staff and friends has been one of the hard- high rate of Covid-19 infections. far than others. In LosAngeles residentshavedeclined to take est partsofthe pandemic,nurs- Six of the facility’s residentsand County,two thirds of the 350 the vaccine,said Rob Hays,The ing-home residentssaid. In addi- 34 staffershavebeen infected, nursing homes have vaccinated Sequoias’ executivedirector. tion to not seeing his wife, Helen, with onehospitalization. residentswith at least one dose, Head nurse Christine Juan sinceNovember,Dr. Goldstein With long-term care homes said Deborah Pacyna,spokes- said she has had to take precau- hasn’t seen his two daughters at thefront of the line forcoro- woman forthe California Asso- tions to protect her family from and their families sinceAugust. navirus vaccines,anend to the ciation of Health Facilities.Staff- possible exposure. Such mea- “My dad tries to put agood often-debilitating isolation for ing shortages because of sures,she said, included sleep- face on it, but it is something millions of seniorsisinsight, in- sicknessare amajor reason the ing in aseparateroom from her that causes him anger,” said his dustryexecutives say. nursing homes thereare seeing husband and wearing amask in- daughter,Elizabeth Karnes. Pregnant Women Advised to Avoid Moderna Doses

BY SARAH TOY lessthe benefit of vaccinating and BioNTech SE’svaccine re- and the mRNA,ormessenger vaccine’seffectivenessorrisk vaccine study in the future. apregnant woman outweighs leased earlier this month.The RNA—named afterthe molecu- in pregnancy, the agencysaid. Research has shown that TheWorld Health Organiza- the potential vaccine risks, WHO said it doesn’t recom- lar couriers that deliver ge- Pregnant women should be pregnant women areathigher tion released new guidance such as in health workersat mend pregnancytesting before netic instructions—doesn’t it- given information and coun- risk of having aseverecase of about Moderna Inc.’sCovid-19 high risk of exposureand vaccination, nor does it recom- self enter the cell’s nucleus seling on the lack of safety and Covid-19 than those who aren’t vaccine this week,recom- pregnant women with co-mor- mend delaying pregnancyfol- and is degraded quickly, the efficacydata, it said. pregnant, and Covid-19 maybe mending generally against the bidities placing them in a lowing vaccination. TheWHO WHO said. Developmental and Neither Moderna nor Pfizer associated with ahigher risk use of the vaccine during preg- high-risk group forsevere does recommend that lactating reproductivetoxicologystud- enrolled pregnant women in of pretermdelivery. TheCen- nancyexcept in those at high Covid-19,” the guidancesaid. women be offered the vac- iesinanimals haven’t shown their Covid-19 vaccine trials. ters forDisease Control and risk of exposure or having a Theagencysaid itsrecommen- cines,saying that the shotsare anyharmful effects, the WHO Moderna says it plans to es- Prevention says pregnant peo- severecase. dations would be updated as unlikely to pose arisk to added. tablish aregistrytostudy ple may choose to be vacci- “Inthe interim, WHO rec- more databecome available. breast-feeding children. At the same time,there pregnancyoutcomes in moth- nated if they wish, adding that ommends not to use Therecommendation Covid-19 mRNA vaccines aren’t enough dataonactual ersand infants. Pfizer says it aconversation with apatient’s mRNA-1273inpregnancy, un- echoes guidancefor Pfizer Inc. aren’t made from live virus, pregnant people to assessthe intends to start amaternal clinical team canhelp. Pfizer Study Suggests Shot Will Work Against Va riants

BY DANIELA HERNANDEZ newvariants. messenger RNA that allows de- Theresearch is still prelimi- veloperstomakerelatively A Pfizer Inc.laboratory nary, however. Pfizer’s study rapid changes to their vaccines. study found that coronavirus wasconducted in alab and Thevaccine from Moderna Inc. mutations identified in the U.K. tested only asubset of muta- also uses the technology. and South Africahad only small tions found in the variants, but A recent preliminarystudy impactsonthe effectivenessof not the variantsthemselves. by Moderna, in collaboration antibodies generated by the Also,the researchersdidn’t as- with scientistsatthe U.S. Na- company’sCovid-19 vaccine. sesswhether their resultswere tional Institutes of Health, Theantibodies were slightly statistically significant. showedantibodies generated lesseffectiveagainst mutations Yetthese and other results by itsvaccine were lesseffec- in the variant identified in suggest that the impact of the tive against the South African South Africa, according to the variants on the shotswill be variant. Theresearchersdidn’t study.Itwas posted Wednesday “relatively modest, which is find adifferencefor the U.K. on the online server bioRxiv, good news forthe vaccines,” variant. As aprecaution, the whichpublishes scientific pa- said Jason McLellan,astruc- companysaid it was developing persbeforethey have been tural biologist at the University abooster shot forthe South Af- peer-reviewed. of Texas at Austin who has ricavariant. Researchershavebeen rac- studied howcoronavirus pro- Thenew Pfizer study found ing to assesswhether Covid-19 teins interact with antibodies that antibodies generated by its vaccines and drugswill still and wasn’t involved in the vaccine were slightly betterat work against newvariants,as Pfizer study. binding versions of the virus governmentsroll out shotsthey Pfizer said the “findingsdo that had some of the mutations hope will allowschools,busi- not indicatethe need foranew found in the U.K. variant. nesses and other establish- vaccine to addressthe emerg- That could be because the mentstoreopen. ing variants.” Thecompany scientiststested their U.K. vari- Pfizer’s findingsare consis- said, however, that it and part- ant-likeviruses against avari- tent with other preliminaryre- ner BioNTech SE were pre- ant that lacked akey mutation sults reported in recent weeks pared to respond to avaccine- that increases transmissibility, by several research groups resistant version of the virus. but makes the virus moresus- looking at the effectivenessof ThePfizer-BioNTech vaccine ceptible to antibodies,Dr. available vaccines against the uses anew technology named McLellan said. SPECTACLEDELARUE EDOUARD CORTÈS

Ve nues Offer to Aid Distribution Parisian impressions. Belle Époque romance. Luminous beauty. The famed bouquinistes, BY ANNE STEELE their venues,most of which etmaster,saw revenue fell 95% have gone unused. in the thirdquarter,following or booksellers, who sell their wares along the Thelive-music industryhas “In fact because we are a98% drop in the second banks of the Seine are the subject of this original apitch forPresident Biden: shuttered, we areable to offer quarter. oil by Edouard Léon Cortès. Celebrated as the Putusback to work—on vacci- the full weight of our industry Some venues have already “Parisian Poet of Painting,” Cortès was amaster nation. to support vaccine distribution been converted, including the at capturing the vibrant energy and romantic Music-industry rivals that beginning immediately,” reads Forumfor LosAngeles County, beauty of Paris with bold splashes of color and have been stagnant businesses the lettersigned by adozen which is owned by former Mi- light on canvas. Signed (lower left). Canvas: 13”h fornearly ayear due to the live-event industrycompanies crosoft CEO Steve Ballmer. If x18”w; Frame: 22”h x27”w. #31-2618 Covid-19 pandemic are band- and organizations including put to work, venues from the ing together to offer up thou- theInternational Allianceof Staples Center in Los Angeles sands of venues, workers and Theatrical Stage Employees to KingsTheatreinBrooklyn resourcestofederal and state and International Association could become hubs forvaccine governmentstoaid in distrib- of Venue Managers. distribution. uting vaccines acrossthe For the industry, this is an Vaccination effortsacross country. openingsalvotoaconversa- the countryhavebeen roiled LiveNation Entertainment tion about howthey canwork by hourslong lines forshots Inc.and AnschutzEntertain- with the federal and stategov- on afirst-come,first-served ment Group, the Nos. 1 and 2 ernments. Theletterdoesn’t basis,hesitancytopull too concert-promotion giants, to- offer the services free nor di- manyhealth-careworkers gether with the National Inde- rectly ask forpayment; it isn’t from caring for patients, con- pendent Venue Association clear if the companies would fusion over whereand when to 622 RoyalStreet,New Orleans,LA•888-867-9583 •[email protected] •msrau.com and other industrygroups payworkersorseek govern- getvaccinated—and unwilling- sent alettertothe White ment funds,but organizers ness to get inoculated at all. Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. House Tuesdaysaying they are point to the billions of dollars Mr.Biden wantstoquicken Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. uniquely prepared to handle the administration has ear- the paceofvaccinations with a andhelp organizethe mass marked forvaccine rollout. $20 billion national inocula- movement of crowds through LiveNation,which owns Tick- tion program. P2JW028000-0-A00800-1------XA

A8 | Thursday, January 28, 2021 THE WALL STREET JOURNAL. WORLD NEWS EU PressesAstraZenecatoDeliverShots

Clash escalatesafter woman said the companies are unlikely to fill anysupply gap drugmaker says caused by other companies problems at factory cut failing to deliver on schedule. ThePfizer-BioNTech con- supplies to continent tractwith the EU stipulates that 300 million doses should BRUSSELS—TheEuropean be supplied to the bloc by the Union demanded that Astra- end of this year, but the com- Zeneca PLC stick to aprevi- panies are working to deliver ously agreed schedule for de- them faster,the BioNTech livering doses of its Covid-19 spokeswoman said. TheEU vaccine to the 27-nation bloc has proposed buying another and, if necessary, supply the 300 million doses, with deliv- vaccine from factories in the eries beginning in the second U.K. quarter of this year. BioNTech has marshaled a By Laurence Norman, manufacturing allianceofsev- Matthew Dalton eral European companies.This and Bojan Pancevski week,ittapped French pharma giant SanofiSAtofill Thedemand escalates a vials with the vaccine and clash with the U.K.-based As- packagethem, the final step in traZenecaafter the drugmaker the production process. The

said production problems at a S facility will turn out 125 mil- factoryonthe continent would lion finished doses this year, NEW

sharply cut supplies to the EU. G Sanofisaid, but that produc- Ahead of ameeting between tion will only begin in July.

the companyand EU officials OOMBER Apotential chokepoint in Wednesdayevening,the bloc’s BioNTech’ssupply chain is the health commissioner,Stella activesubstanceofthe vaccine, LIFFE/BL

Kyriakides,said the EU’scon- TC the messenger RNA,ormRNA, tract with AstraZenecare- RA amolecule of genetic material

quires the drugmaker to supply CHRIS that deliversimmunity-related the bloc using U.K. factories if The EU demanded U.K.-based AstraZeneca deliver Covid-19 vaccines to the bloc. Above,people line up forshots in Folkestone, . information directly intohuman those on the continent can’t. cells.InEurope,itismanufac- “Weare in apandemic.We ides said she welcomed the tured only at BioNTech’shead- lose people everyday,” Ms. “constructivetone” shown but Nationalism Raises chains to servespecific coun- thatisbecause Europe at the quartersinMainz,Germany. Kyriakides told reporters. regretted “the continued lack tries and regions. Twofactories time wanted to be supplied In lateFebruary, anew Bi- “Pharmaceutical companies, of clarity on the delivery Issues on Borders in the U.K. areproducing most moreorlessatthe same time oNTech factorythat will also vaccine developershave schedule” forthe vaccines of the vaccine activesubstance as the U.K., even though the manufacturemRNA is expected moral, societal and contractual through March. forthe U.K., while afactory in contract wassigned three to open in Marburg, Germany, responsibilities,which they Vaccine developershave Tensions stemming from the Netherlands and one in Bel- months later,” Mr.Soriotsaid. with acapacity to produce750 need to uphold.” spent nearly ayear setting up vaccine nationalism are testing gium areproducing forthe con- “Sowesaid, ‘OK, we’regoing to million doses ayear.But this Theshortfall at AstraZen- production, lining up suppliers pharmaceutical firms’ ability to tinent, the companysaid. do our best, we’regoing to try, extracapacity will be used to ecaleavesthe EU with few op- and hiring contract manufac- work across borders. The U.K.’s AstraZeneca Chief Executive but we cannotcommit contrac- deliver on existing orders. tionstoplug alarge hole in its turerstostart making at least recent exit from the European Pascal Soriotsaid in an inter- tually because we arethree Moderna Inc. has hired the vaccination plans in the com- hundreds of millions of doses Union redrew its trade relation- viewonTuesdaywith the Italian months behind the U.K.’ ” Swisscontract manufacturer ing months.The companytold ayear.Itwould take months ship with the bloc, sowing the newspaper La Repubblica that The EU’shealth commissioner, Lonza Groupto help produce European officials last week for other companies to boost seeds for the clash with Astra- its contract with the EU only re- Stella Kyriakides, denied the com- the activesubstancefor its that in a worst-case scenario their production to pick up the Zeneca PLC. quires the companytomakeits pany’sclaim thatitisonly under vaccine.Atits facility in the AstraZenecamay be able to slack leftbyAstraZeneca, AstraZeneca says it set up besteffort to supply doses. obligation to makebestefforts to Alpine town of Visp,Lonzahas provide only around 30 million drug-industry executives say. vaccine production and supply “The reason whywesaid meet planned deliveries. built three production lines of roughly 80 million doses EU TheU.K.approved the As- with thecapacity to produce countries had anticipated for traZeneca vaccine on Dec. 30, 300 million doses annually for Februaryand March, aroughly while the EU’s drug regulator the vaccine early so astock of givepriority to the U.K. market whichdeveloped thefirst marketsoutside the U.S. The 60% decline from the com- is expected to approveitin doses would be ready as soon just because the U.K. signed its Covid-19 vaccine to receive EU has ordered up to 160 mil- pany’s earlier estimates. the coming days. as it was authorized. deal with AstraZenecafirst. regulatoryapproval in the lion doses of the vaccine. On Wednesdayevening,As- Ms.Kyriakides called on As- Ms.Kyriakides said the com- Other drugmakershavesig- West in a partnership with Significantly increasing traZenecaChief ExecutivePas- traZeneca to publish the con- pany’stwo U.K. plantsare un- naled they won’t be able to Pfizer Inc., said it wasworking production beyond that would cal Soriot dialed into the vid- tract, which she said included der the same obligations to pre- swiftly increase production to hardtoexpand itsproduction require new investments that eoconferencemeeting with EU advancepurchase agreements deliver supplies to the EU as its plug anyshortfalls in the sup- capacity in Europe and to meet would take another seven to and member stateofficials.Af- obligating the companyto two plantsonthe continent. ply of rival vaccines. existing commitmentsquicker. eight months, a person famil- terthe meeting,Ms. Kyriak- build the capacity to produce And she said AstraZenecacan’t Germany’s BioNTech SE, However, aBioNTech spokes- iar with the matter said.

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THE WALL STREET JOURNAL. Thursday, January 28, 2021 | A9 WORLD NEWS U.K. Plans Second Covid-19 Wave Jolts Africa To Isolate BY JOE PARKINSON Returning AND GABRIELE STEINHAUSER JOHANNESBURG—In Nige- ria’s largest city, some public Travelers hospitals have runout of oxy- genamid acoronavirus resur- BY MAX COLCHESTER gence, forcing doctorstomake life-or-death decisions.InZim- LONDON—The British gov- babwe’scapital, scores of pub- ernment said it would soon re- lic-sector health-careworkers quireincoming travelersfrom arefalling ill. In the Demo- certain countries that are cratic Republic of Congo, deemed “high risk” to quaran- poweroutages arehobbling

tine in ahotel for10days at the treatment of record num- GES

their own expense. bersofCovid-19 patientsin IMA Themove—which stops some hospitals.

short of ablanket requirement Africa, largely spared the GETTY forall arrivals intothe U.K. to high Covid-19 death toll of the SE/ isolateinahotel—comes as rich world last year,isfacing a the government tries to avoid bigger and more lethal wave. ANCE-PRES

the spread of newCovid-19 A new, more transmissible FR variants in the country. strain of the disease, first de- TheU.K.has already banned tected in South Africa,isdriv- ENCE travel from Latin America, Por- ing infections in neighboring AG

tugal and manyofthe coun- nations and has been found EKPEI/ triesaround South Africafor thousands of miles away. The OMI

non-U.K. residents. Thenew continentwide death rate sur- UT

rules aretargetedatBritish passed the global average for PIUS citizens and other visa holders the firsttime in January. From Oxygen is broughttoawardinLagos, Nigeria. Below, three governmentofficials who died of Covid-19 aremourned in Harare, Zimbabwe. returning from these countries. Senegal to Zambia, daily cases U.K. Home SecretaryPriti have risen to roughly twice acrossthe continent of 1.2 bil- ing the newstrain with them Patelsaid, “Thereare still too the prior peak. lion people.Hospital beds are on crowded buses to neighbor-

manypeople coming in and “The second wave is here S running out in Zambia and ing Zimbabwe, Mozambique

out of our country.” Ms. Patel with vengeanceand our sys- PRES Uganda, forcing manypeople and nearby Zambia—all of said therewould be enhanced tems are overwhelmed,” said to be treated at home.From which sawrecordincreases in TED

checks by policeatborders John Nkengasong, director of CIA Senegal to South Africa, thou- cases over the following weeks.

and to ensurethat quarantine the AfricaCentres forDisease SO sands of workerscrowd into Researchers in Zambia and measures arerespected. More Control and Prevention. AS shared minibus taxis despitea doctorsinBotswana quickly details will be laid out next Thenew deadlier wave ZHI/ record increase in newinfec- found patientstherewereget- week as practicalities are could widen the gap between WA tions. Even in countries such ting sick from the variant. MUK

worked out. the world’s richest and poor- I as Rwanda, which was praised Other countries lack the infra- Thecountries expected to est nations. Unlike in wealth- AY during the firstwave forits ef- structure to sequence viruses

be coveredinclude all Latin iercountries,African econo- NGIR fectivelockdown and surveil- found in Covid-19 tests. American countries and South mies can’t affordtorepeat last VA lancepolicies,the recent surge Meanwhile,thereisan TS Africaaswell as Portugal. The year’s hard lockdowns. in cases has been much bigger. acuteshortageofoxygenona list is subject to change, Ms. African nations arealso still wave, even a fourth.…There’s try’sfirst wave of infections be- In the firsttwo weeks of continent wherethereare Patelsaid. Travelersmust waiting foravaccine.While 50 no light at the end of the tun- tween June and September and January, some 40% of health- fewerventilatorsthan in New covertheir owncostsduring of the world’srichest countries nel forAfrican countries,” said found nearly 20% were posi- care workersatthe main public York City,which has lessthan the mandatoryhotel isolation. have administered some 40 mil- Tivani Mashamba, professor of tive.Only afraction had been hospitals in Hararepresenting 1% of Africa’s population. Travelersalso will need to de- lion doses,only two in sub-Sa- diagnostic research at the Uni- tested forthe disease before with Covid-19 symptoms tested In theSenegalese capital, clarebeforethey travel why haran Africa—Mauritius and the versity of Pretoria. “This pan- they died.The median ageof positive, doctorsrunning the Dakar,the government is they need to make the trip. Seychelles—have started rolling demic has only just started.” those found to have died from program said. Just this month, struggling to getits citizens to Currently,nearly all arrivals out shots. World Health Organi- To be sure, the known num- Covid-19 was48, much lower the countrylost itsforeign, stick to social-distancing mea- intothe U.K. have to test neg- zation Director-General Tedros berofdeaths acrossAfricais than in developed countries. transport and provincial-affairs sures,such as anightly curfew. ative for Covid-19. They need Adhanom Ghebreyesus warned still far lowerthan in the U.S. The government of Tanza- ministerstoCovid-19. “Those who areinpower, to have atest up to 72 hours last week that rich countries’ and Europe.The paucity of test- nia insists it is free of the vi- Acrosssouthern Africa, the curfew or no curfew,they have beforetraveling.Previous hoarding of vaccines wasa“cat- ing capacity,limited access to rusand has criminalized re- recent rise in infections has the means to take care of their rules stated that upon arrival astrophic moral failure.” dataand secretivegovernments porting about the pandemic. coincided with the discoveryof families,” said Mamadou Fall, travelerswereexpected to These dynamics areleading have made it difficult to deter- Still, scientistsinGhana re- the South African variant, adriver who usually takesvis- quarantine for10days,but manyscientiststowarn of a mine the true scale of the virus cently found the South African which researcherstheresay is itorstoand from the city’s in- this could be done at home further surge in infections acrossmuch of the continent. coronavirus strain in atrav- up to 50% moretransmissible. ternational airport. “But we and therewas little enforce- during winter in the Southern ScientistsinZambia tested eler from Tanzania. Over the holidays,thousands have to take into account the ment. Ms.Patel said police Hemisphere in May and June. bodies at Lusaka’smain morgue Thesurge is pressuring un- of migrantworkerstraveled poor people who liveinwork- would undertakemorechecks. “Weare going to getathird forCovid-19 during the coun- derfunded health-caresystems home from SouthAfrica, tak- ing-class neighborhoods.” FROM PAGE ONE Ant Yields To China Pressure S

ContinuedfromPageOne NEW G world’sbiggest banks.

Designating Ant in itsen- OMBER

tirety as afinancial holding LO /B

companywasn’t something ear- EN SH

lier envisioned by the com- I pany’s executives and stake- LA QI holders. In itslisting prospectus China’scentral bank is set to oversee Hangzhou-based AntGroup. last year,Ant said it intended forone of itssubsidiaries to be- In December,four Chinese of trade policyand economics come afinancial holding com- regulatorssummoned Ant ex- at Cornell University. panyand house itslicensed fi- ecutives to ameeting and de- “Financial regulators were nancial businesses such as asset manded thecompanyrectify concerned that Ant’sregula- management and consumer what they said were problems tory arbitragehad allowedthe lending.Doing this at the group in itsbusinesses.Pan Gongsh- companytoprovide arosy level will subject Ant to a eng,aPBOC deputy governor, picture of its overall financial thicket of regulations similar to chastisedAnt for“despising” position and hide the financial those that govern banks and af- regulatorycomplianceand “en- risks engendered by itsag- fect itsgrowthand profitability. gaging in regulatoryarbitrage,” gressiveexpansion intonew Therestructuring plan, still without providing specifics. lines of business,” he said. under deliberation, could be fi- Mr.Pan said regulators Ant has formed aworking nalized beforeChina goes on a have laid out five demands for group,led by Chief ExecutiveSi- weeklong Lunar NewYear hol- Ant, telling it to return to its mon Hu, to work with regula- idayinmid-February, people tors on howtorectifyits busi- familiar with themattersaid. nesses.The companyhas Anyfinal plan will need a Chinese regulators appointed achief complianceof- signoff from the Financial Sta- ficer to oversee day-to-daycom- bility and Development Com- have laid out five plianceand restructuring work. mittee, asuperregulator led by demands for Jack TopChinese financial regu- Vice Premier Liu He,two of latorsrecently hinted they are the people said. Ma’s company. happy with the progressbeing An Ant spokesman declined made at Ant. On Tuesday, to comment. ThePeople’s when asked during avirtual BankofChina, the China Bank- meeting of the World Eco- ing and Insurance Regulatory payment roots, safeguardper- nomic ForumifAnt would re- Commission and the State sonal datainits credit busi- viveits IPO,PBOC Gov.Yi Council Information Office ness, set up afinancial holding Gang said that if laws and reg- didn’t comment. company, improvecorporate ulations arefollowed, “you Ant owns Alipay, apay- governanceand exercise more will have the result.” He said mentsand lifestyle app with disciplines in itssecurities and consumersare broadly satis- morethan one billion usersin asset-management businesses. fied with Alipay, but Ant has China. It handled morethan Putting all of Ant’sbusi- to resolveissues such as com- $17trillion of digital payment nesses under afinancial hold- plaintsoverdataprivacybe- transactions in the year to ing companywould giveregu- fore getting back on track. June 2020,originated unse- latorsoversight of all its If Ant’soverhaul is imple- cured short-term loans to activities and eliminatethe mented, the company’sreve- about 500 million people,and potential for regulatory arbi- nue and profit growth could be sells many insurance policies, trage, one of the people famil- significantly curtailed. Ant mutual funds and other invest- iar with the plan said. might also have to raise sub- ment products. Thenew structurewill stantial capital to meet the Ant’spaymentsbusiness makeitharder forAnt to shuf- regulatoryrequirements, and andother financial services fleits overall portfolio among the company’s lofty valua- have been subject to some reg- itsconstituent units, which tion—which waspremised on ulations,but the group as a has allowedittodisguise risks itsprofitability and growth po- whole has long been spared by shifting them to more tential—could also take ahit. from the stringent capital re- lightly regulated parts of the Ant has moved to cut borrow- quirementsand rules to which conglomerate, said Eswar ing limitsfor individual usersof banks,insurersand other tra- Prasad, aformer head of the itsdigital lending services,a ditional financial institutions International MonetaryFund’s sign it is downsizing itsbusi- have been subject. Chinadivision and aprofessor nesstocomply with regulations. P2JW028000-4-A01000-1------XA

A10 | Thursday, January 28, 2021 **** THE WALL STREET JOURNAL. FROM PAGE ONE

and fundamentals were aban- ketvalue.Adam Smith, the by an increase in the money worse. Thestock is caught in purestart-up that has never GameStop doned. Manycheerleaderson founder of economics,called supply of privatestock trad- avicious short squeeze. sold aproduct, or one likeK- r/WSBstopped even making speculativemanias “over- ers. Short sellershad borrowed Telthat has been in business the pretense of arguments trading,” and this is what Bubbles also frequently and sold morethan 100% of for35years?” Educates about Mr.Cohen’schances of they look like. have support from technical the stock outstanding,as It turned out the answer turning the companyaround. Thehope of getting rich is factorsthat prevent the as- some wasborrowedagain. wasapurestartup,and K- Instead, thereweretwo jus- only part of what is inflating set from being priced cor- As the pricerose,atleast Tel’sshares collapsed—but On Bubbles tifications forbuying: want- the bubble.Mr. Kindleberger rectly.Inthe late1990s, some of the hedgefunds not beforethey had soared ing to getinonthe priceac- argued that speculativema- manydot-coms had asmall bought back shares to pre- from $3.34tomorethan $35 tion, and the self-fulfilling nias needed innovative float available,and none for vent further losses,sopush- in under amonth. ContinuedfromPageOne prospect of hurting the large sourcesoffinancing,and the ing the priceupevenfurther. Warren Buffettattributed century. From the firstdis- numbersofshort sellers. privatetradersonr/WSB Themost obvious parallel to his mentor,Ben Graham, closureofhis stock pur- As the lateeconomist have one: the shiftlast year The scale of trading hereistoK-Tel, the TV re- the line that “inthe short chases in August to the end Charles Kindlebergerput it: to maketrading in options tailer of compilation tapes run, the market is avoting of November the shares tri- “Thereisnothing as disturb- free on Robinhood and sev- is as extraordinary and the Veg-O-Matic food machine—reflecting avoter- pled, helped toobythe im- ing to one’swell-being and eral other platforms. as the daily gains in processor,among other registration test that re- proved prospectsfor the vac- judgment as to see afriend Options,likeother deriva- things. quires only money,not intel- cine-driven reopening of the getrich. Unlessitistosee a tives,allowtraderstouse price. It announced in 1998 that ligenceoremotional stability economy. non-friend getrich.” implied leveragetoboost it wasmoving online, —but in the long run, the Along the way,some pri- Thescale of trading in their bets, similar to borrow- prompting ajump in the market is aweighing ma- vate investorslatched on to GameStopshares is as ex- ing money.Inthe same way shares that turned intoan chine.” the stock,and it became an traordinaryasthe daily gains that Japan’sbubble in the short sellers, making it hard extraordinaryshort squeeze. Theabsenceofemotional item of discussion on Wall in price, suggesting wide- 1980s wasfueled by cheap or impossible forthose who K-Tel’sappropriately named stability on r/WSBisobvious Street Bets, or r/WSBasitis spread disturbancetopeo- mortgages and lowFederal doubted the storytohave public-relations representa- and has worked out beauti- known. ple’sjudgment. On Tuesday, Reserverates combined with their views expressed in the tive, Coffin Communications, fully forbuyersofGameStop This month the stock $22billion of shares changed collateralized debt obliga- shareprice. gavethis wonderfuljustifica- so far.But when the stock is moved intothe purespecula- hands,morethan in Apple, tions to support the housing In GameStop, thereare tion to the WashingtonPost: weighed, manywill be found tivephase,producing several the world’slargest company, bubble of the 2000s, the plenty of short sellers, but “Which do youthink has wanting,asthey always are daily jumps of 50% or more, and double GameStop’smar- bubble in GameStop is aided they aremaking thingseven morelikelihood of success,a in bubbles.

Theextraordinarymoves in Power individual stocks come as trad- ing activity among individual investorshas surgedduring the Shifts on coronavirus pandemic. In 2020 alone,itisestimated that more than 10 million newtrading ac- Wall Street countswerecreated,according to JMP Securities.

ContinuedfromPageOne gathering on platforms such Repercussions as Reddit, Discord, Facebook Themob-likementality on and Twitter. They areencour- WallStreetBetshas some pro- aging each other to pile into fessional investorscalling foul. stocks,bragging about their Mr.Burry, who drew some of gains and, at times,intention- the early attention to ally banding together to inten- GameStop, on Tuesdayposted sifylosses among professional in anow-deleted tweet: “IfI traders, who protest that so- put $GME on your radar,and cial-media hordes areconspir- youdid well, I’m genuinely ing to move stock prices. happy foryou. However, what “I didn’t realize it was this is going on now—thereshould cultlike,” said short seller An- be legal and regulatoryreper- S drew Left of Citron Research, cussions.This is unnatural, in- NEW

whohas become aparticular G sane,and dangerous.” target of some investorsonso- Manytradershavebeen cial media. “It’sjust aget-rich- questioning whether userswho OOMBER

quick scheme.” /BL have been posting about the

Themammoth gains have AR companyand urging othersto forced money managersto SK buy shares and calls could be dump betsthat the stocks BHA considered a“group” by the would fall, magnifying the rally. SEC’sdefinition. That designa- Bearish investorswho took tion could requireregulatory GABRIELA short positions have lost $23.6 The retailer’s shares areup64-fold from late AugusttoWednesday’sclose. Anyone who held on for10daysgained 10 times their money. disclosures forinvestorsacting billion this year through the together on aparticular stock close of trading Wednesdayon cult, but signs of individual in- Shortinterestand borrow fee GameStop’sdaily Mentions of GameStopon and at certain thresholds re- GameStopalone,according to vestor interest began to emerge forGameStopshares,monthly* trading volume Reddit,Twitter and Facebook strict trading and requireare- financial analytics companyS3 in earnest in 2019 on Reddit fo- turn of some profits. Partners, including $14.3billion rums.Atthe time,some users 140% 175 million shares 120,000 mentions Hedgefunds and their cli- on Wednesdaywhen the stock beganposting screenshotsof entsalso have been asking pricejumped 135%, itslargest bullish options positions and 120 Short interest 150 100,000 whether the activity could be percentageincrease in history, debating whythe stock could as shareoffloat† considered market manipula- to arecord$347. 51. rise. 100 125 tion. That same year,one Reddit 80,000 SECstaff is likely looking user posted in March that the intothe trading activity and 80 100 New traders companywas a“deep value messages on Reddit, said Brad SamDaftarian, a44-year-old play.” Another Reddit user 60,000 Bennett, aformer enforcement recent lawschool student, said noted at the time that Michael 60 75 chief at the Financial Industry he started trading during Burry, the investor who fa- 40,000 RegulatoryAuthority.Proving 2020’smarket crash. Among mously bet against mortgage 40 50 anytype of fraud, such as mar- his recent winners: the embat- securities beforethe late-2000s ketmanipulation, would re- tled movie-theater chain AMC, financial crisis,had built a 20 25 20,000 quireshowing that traderscon- which soared 301% on Tuesday stakeinthe companythrough veyedfalse or misleading to $19.90, recording itsbiggest his investment firm Scion Asset Borrow fee information to goose the stock one-daymoveinhistory. Management LLC. 0 0 0 price, he said. An SEC spokes- Afterbuying morethan Mr.Burry“is trying to start 2016 ’17 ’18 ’19 ’20 ’21 Jan. 427Jan. 126man declined to comment. $1,000 worth of the shares last an epic short squeeze,” one *Data as of Jan. 22 †Percentage of shares outstanding available fortrading thatare currently being shorted. “Ifitisjust folks whipping year—as the stock pricehov- user posted on an investing Sources: S3 Partners (short interest and borrow fee); DowJones Market Data (volume), Meltwater(mentions) each other intoafrenzy on the ered around $4—he wasre- Redditforum in August 2019,a internet, it is hardtofind avio- cently on track to morethan referencetoaphenomenon lihood of margin calls from Thesteep lossisrarefor intelligencecompany, with lation,” Mr.Bennettsaid. “But double asmall options bet on that occurswhen astock’sprice Melvin’sprime brokers. Maplelane,started in 2010 by morethan 40,000 poststied to if youhavepeople putting in- the company, which has been begins rising,forcing bearish Melvin’sput options against former Galleon Group trader the firm circulating over the formation out on awebsite, and fighting to ward off bank- investorstobuy back shares GameStop—bearish contracts Leon Shaulov. Maplelane has past month. One post gloated: these arestock pickersselling ruptcy. that they hadbet would later that typically profit as stocks returned an average29.4%a “Weare betteratbeing irratio- intothe frenzy and they arenot He said if he had realized fall to curb their losses. fall—expired in mid-January year sinceits inception, accord- nal than Melvin is at being sol- disclosing that, it canbefraud.” howlucrativetrading could be, By 2020,chatterabout a and it wascompletely out of ing to an investor document. vent.” ModeratorsonReddit in- he wouldn’t have sprung forhis possible short squeeze had GameStopTuesday. “Melvin Some traderssaid they had On Jan. 19,aTwitteraccount vesting and trading forums online laworundergraduate moved beyond being aworking Capital has repositioned our been covering short betson identifying itself as moderators have disputed in poststhe no- degree.“Please tell the wolf of theoryamong afew users. Post portfolio over the past few other stocks because they forWallStreetBetsposted that tion that the forummanipu- Wall Street that the pigeon of afterpost noted the elevated days,” aspokesman said in a worrythose companies could theforum had long been dis- lates markets, and in replies to SanFranciscoisgonna your short interest in GameStop writtenstatement. He declined be thenextGameStop. Others missed, but “weare also nowa usershavesaid they arestrict lunch,” he said. stock.Evenmore, manyusers to comment on howmuch of have been forced out as stocks powerful forcetobetaken seri- on enforcing group rules,which Noah Williams,a36-year-old predicted, newconsoles includ- Melvin’slosses came from like GameStop and AMC soar, ously.” Some usershaveex- “relatetopromotions and Atlantaresident, said he has ing the PlayStation 5werecom- GameStop. triggering their firms’ limitson pressed concern that the Secu- pump and dumps,” one moder- earned closeto$150,000 in ing in late2020.That alone, Maplelane Capital LLC,a the amount of risk aportfolio rities and Exchange ator said in aforum. cash from his GameStopop- they thought, could help liftthe NewYork hedgefund that manager cantake. Hedgefunds Commission would act if users “There is NO organized ef- tions positions over the past sharepriceofthe struggling started the year with about reduced their exposureto appeared organized. fort by those [of]uswho mod- two weeks,allowing him to pay videogame retailer. $3.5 billion, wasdownroughly stocks,bytrimming their bull- On Discord, in achat room eratethis community to pro- off morethan $43,500 of out- By early January, GameStop 30% forthe year through ish positions and covering linked to WallStreetBets, auser mote, advise or recommend any standing student loan debt. had moved from astock recom- Wednesday, with itsbearish bearish ones,onMondayatthe on Tuesdayposted, “Guys, we stock,” another recent post on “I think the big takeaway is, mendation to aphenomenon. GameStopposition asignificant sharpest clip sinceAugust 2019, need to pump $GME. Everyone WallStreetBetssaid. fundamentals do not apply to Usersencouraged othersto driver of losses,said people fa- according to Goldman Sachs buy 1000 shares in exactly 60 Securities and regulatory retail traders,” said Mr.Wil- hold the line: “Do not sell.” miliar with the firm. One of the Group Inc. seconds.” lawyerssay neither market ma- liams.“It’sall about sentiment. people said the fund has ad- Meanwhile,chatterabout Some on WallStreetBets nipulation nor group cases, Theonly reason whyTesla is justed itsportfolio over the “Melvin” has been dominant on have targeted Mr.LeftofCitron particularly in the contextof worth what it is is because peo- Big losses past two weeks to preserve Reddit, according to an analysis Research, who made his bear- anonymous internet posters, ple believeinthat company.” Thesoaring stock prices of capital. by Meltwater, aglobal media ish position on the company areeasy to make. Mr.Williams recently up- heavily shorted stocks have en- public.Hesaid he has been Jordan Laws,a40-year-old dated his LinkedIn profile to in- snared some of Wall Street’s trolled by people on the inter- video producer who worked for clude ajob as a“Short Squeeze best traders. Top-performing net, including manywho he Bernie Sanders’spresidential Astronaut,” areferencetoRed- hedgefund Melvin Capital said harassed family members, campaign last year,said he con- dit’sWallStreetBetsforum, Management, which managed including his children. sidersWallStreetBetstobean wheretradersregularly boast $12.5billion at the start of the His announcement served as equalizing forceamong profes- that stocks such as GameStop year,had lost nearly 30% for acue forhordes of other inves- sionals and amateurs. aregoing “tothe moon,” along- the year through Fridaydue tors to pile intothe stock. “The hedgefunds have been side rocket ship emojis.Hesaid largely to itsarray of bets “When Citron gotinvolved, doing it forever. It isn’t like he doesn’t plan to sell his against companies including that’swhen Ithink Iwanted they haven’t takentheir guys shares until GameStop’sshare GameStop, said people familiar moreinvolvement,” said Danny and gone on CNBC,” said Mr. pricehits$1,000. with the fund. Faiella, a33-year-old house Laws,adding that their com- Thesharp run-up in With losses mounting,Mel- painter in Hilo,Hawaii, who has mentscan movemarkets. GameStopand AMC shares vin founder Gabe Plotkin or- poured about $3,500 into He bought bullish call op- comes amid aperiod of relative chestrated an emergencydeal GameStopstocks and options. tions tied to AMC afterseeing calm in the broader stock mar- Mondayinwhich Citadel LLC, He has been buying calls tied to the run-up in GameStopshares ket. TheS&P 500 has slipped itspartnersand Point72Asset GameStopsinceNovember— and tracking the chatteron about 2.4% this week,leaving it Management would immedi- positionsthat rapidly jumped Redditand Discord. They have with asmall lossfor the year. ately invest $2.75 billion into in value as the stock soared— ticked up in value,but he That compares with week-to- Melvin’sfund to help stabilize and ramped up the trade after thinks there’smoreroom to dategains of 435% for it. As part of the deal, they got Mr.Leftrevealedhis position. run. GameStopand 467% forAMC. non-controlling revenue shares “I find value in the stocks that “I’m waiting forthe cavalry Both companies didn’t respond in Melvin forthree years. The he nowshorts.” to arrive,” he said. to requestsfor comment. moveeffectively reduced Mel- EJTEHADIAN On Wednesday, Mr.Leftsaid —Sabrina Siddiqui Pinpointing the origins of vin’srelianceonborrowed NIA in avideo that he closed most and Dave Michaels SO theGameStopfrenzy is diffi- money and, therefore, the like- Sam Daftarian started trading from home last year. of his short position. contributed to this article. P2JW028000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY Thursday, January 28, 2021 | A10A GREATER NEW YORK Hunt for Vaccines Spawns Standby Lists

Health department had to reschedule at least afterasking staffersabout 23,000 appointmentslast shots. Thelist offersnoguaran- urges appointments week and shut some city-run tees of ashot, and it is unclear but also says it wants vaccine sites.EvenasPresi- howlong the list is or whether dent Biden has promised mil- it startsnew everyday. every shot given out lions more doses—increasing Cecelia Beirne,74and from the city’s allotment by 30% Manhattan, arrived at the site BY KATIE HONAN next week,orabout 17,000 before12p.m. Wednesdayand moredoses,according to was told she was 69th on the Thanks to her sister, Sarah Mayor Bill de Blasio—there is list. She received a call hours Cody gotaCovid-19 vaccine still a backlog for those eligi- later fora9p.m. appointment. without a reservation in New ble to receive the vaccine. MaryEllen Rossand Vern York City. SinceDecember, the city Berglin, amarried couple from Ms.Cody’s sister had gotten hasadministered 564,637 Brooklyn, arrived afterafriend ashot on Tuesdayatthe 24- dosesofthe vaccine.Asof said she received the vaccine hour vaccination center inside Wednesday, the city had JOURNAL as awalk-in on Sunday.

thecity Department of Health roughly 82,500 first doses of REET They triedtomakeanap-

and Mental Hygiene’slower the vaccine on hand, according ST pointment online earlier this Manhattanheadquarters. After to city data. LL month and managed to re- the injection, her sister wasable There are dozens of vacci- WA serveaslot through the state’s to placeMs. Cody on awaiting nationsites operated by the site—but forApril 8inthe up- list in case the sitehad extra Department of Health, the statecity of Utica, which is doses. Ms.Cody,74yearsold, city’s public-hospital system, HONAN/THE 245 miles from Brooklyn and received acall Tuesdaynight thestate,and privateclinics TIE aboutafour-hour driveaway. KA and gother shot on Wednesday and facilities.All requireap- Getting a Covid-19 vaccine in has become difficult amid dwindling supplies. Ms.Ross, 74,and Mr.Ber- morning afteranhourlong wait pointments. But some New glin, 78,added their names to at thehealth-department head- Yorkershaveended up on minal after a message shared work with local partners, in- suretherearen’t big crowdsat the list in Manhattanand quartersonWorth Street. Staff- waiting lists, told by friends on social media said extra cluding community-based se- vaccination sites. hoped to getcalled back to ersautomatically enrolled the and family memberswho doseswereavailable there nior centers, to help enroll “All of these measures are save them the trip in April. Manhattanresident forher sec- found luck by walking into that would go to waste. people to get on the list. intended to ensure that every On Wednesdayafternoon, ond shot next month. some vaccine centers. A spokesman for the city’s Thespokesman, Patrick dose is administered to aNew they received the call they “I feel great,” she said. Standby lines have caused health department said the Gallahue,cautioned that vacci- Yorker,” Mr. Gallahue said. wanted, and made an appoint- Getting avaccine in New confusion at some sites. Ear- staterequires astandby list of nationsoff the standby list are At the Worth Street site, ment for8p.m. to getvacci- York City has become ex- lier this month, dozens of peo- eligible people to be called if rare and encouraged everyone those seeking vaccinations nated. “I wastotally floored tremely difficult amid dwin- ple showeduptoavaccine vaccines become available on to makeappointments. Ap- withoutappointmentswere that we gotthis appointment,” dling federal supplies.The city hub at the Brooklyn ArmyTer- short notice. Thecity’s clinics pointments also help to make added to apaper standby list Ms. Ross said. Indoor Dining in the City Almost Back on the Table

BY MELANIE GRAYCE WEST of people testing positive for Covid-19 was6.9%, and has Indoor dining at restau- been high foranumber of rants in New York City, which weeks.Hesaid he hopes to has been suspended since open avaccination sitefor early December to help limit Bronx residentsatYankee Sta- thespread of Covid-19,may dium, and limit who canget a reopen soon. vaccine there to just the peo- Thestate is considering a ple in the borough. plan that would permit indoor Statewide,the percentage dining at acapacity of 25%, of people testing positive for and“howand when youdo Covid-19 has dropped to that,” New York Gov. Andrew 5.44%, marking what Mr. Cuomo said Wednesday. Ade- Cuomo said wasthe end of a cision will come by the end of postholiday surge of cases. the week,hesaid, aftercon- At the height of that surge, sultation with local health of- beginning with Thanksgiving, ficials and NewYork City the percentageofNew Yorkers Mayor Bill de Blasio. testing positivefor the coro- “I fully understand howdif- navirus reached 7.94%onJan. ficult it is that they are 4, according to state data. closed,” said Mr.Cuomo of the Thestate is “functionally city’s restaurants. “On the flip out” of vaccines,Mr. Cuomo side is howfast this virus can said, with some 96% of first take off.” doses administered. TheDem- Afterastate court ruling, ocrat added that a federal pro- S indoor dining is allowed, with gram to vaccinatepeople in restrictions,inall other areas PRES long-termcarefacilities had of the state. TED reached everyone in the state.

Mr.Cuomo also on Wednes- OCIA In all, 72%ofresidentsin SS

day lifted localized economic /A those facilities ultimately andsocial-gathering restric- opted for the vaccine. FFER

tions in most areas of the TA NewYork will nowstay AL

state, including in StatenIs- Y week-to-week, using vaccines land,Brooklyn, Nassau and as they come in from federal MAR Suffolk counties,and counties Steve Olsen, left, owner of the West Bank Cafe in Manhattan, sending a to-go order to the kitchen earlier this month. supplies. that include Buffalo,Rochester Federal plans announced and Syracuse. with the colorsyellow, orange areas in Washington Heights, have limitations on dining and onavirus,the virus that causes Tuesdaybythe Biden adminis- Those restrictions were or red, with yellowzones hav- andthe Hudson Valley social gatherings, and capacity Covid-19. tration will givestatesathree- part of a so-called microclus- ing the fewest restrictions. city of Newburgh—remain in a at houses of worship. Schools Mr.Cuomo said he waspar- week windowintoallocation terstrategy, and the level of Five partsofthe state—two yellow zone, Mr. Cuomo said. will also need to conduct more ticularly concerned about the and allowfor betterplanning, restriction wasassociated areas in the Bronx, as well as Those areas will continue to testing to detect the novel cor- Bronx, wherethe percentage said Mr. Cuomo. Bronx Man Is Charged Odd Bedfellows Lobby for Renters In Officer’s Shooting BY WILL PARKER tions or morespacewhile “Some lawmakershave limiting howmuch rental as- working from home during been surprised to see us work- sistance canbedistributed, BY BEN CHAPMAN tempted murder,assault, crim- Acollapse in apartment Covid-19. ing together,” said Basha Ger- the group argues. inal possession of aweapon rent during the pan- Many of those who stayed hards,REBNY’svicepresident Thejoint effort also advo- ABronx man wascharged and criminal possession of sto- demic is forging one of New have fallen behind on their of policy and planning. “Even cates for raising the monthly with attempted murder len property. Mr. Jones, who York’s most unlikely political rent payments.Arecent sur- though we knowwewon’t rent ceiling to qualifyfor Wednesday for allegedly was being held in police cus- alliances. veyestimated that NewYork agree on everything,wecan rental assistanceand forex- shooting aNew York City po- tody,and his attorney couldn’t TheReal EstateBoardof tenantsmay nowbemorethan still work together to develop panding eligibility to more lice officer assigned to aunit be reached forcomment. NewYork,the property indus- $2 billion in debt to their thoughtfulpolicyreforms that groups of people not included that investigates illegal gun Thewounded officer has try’smain lobbying group,has landlords. help addressthe needs of vul- under current rules. trafficking,policeofficials said. been with the NYPD for6½ joined with New York’s Legal The joint industry and ten- nerable New Yorkers.” Meanwhile,New York has The31-year-old officer was years, according to policeoffi- Aid Society, a nonprofit asso- ant lobbying effort includes Thelobbying effort has yettolay out itsplan forhow shot in the back belowhis bul- cials.“He’ssomeone who goes ciation that advocates on be- other housing groups and goes been focused on changing the $1.3billion in newfederal letproof vest on Tuesdaynight out and putshis lifeonthe line half of tenant rights. by the name of “Project Para- rules forexisting rental assis- pandemic housing assistance in the Bronx,according to the to protect other people in the While these two groups are chute.” It was first organized tanceprograms.New York’s will be spent this year.Mr. officials.The officer wasinsta- most powerful way,bydepriv- usually antagonists—and they by Enterprise Community Family HomelessnessEviction Kavanagh said he expectsthe ble condition at Jacobi Medical ing criminals of their firearms,” arecurrently on oppositesides PartnersInc,anaffordable- Prevention Supplement pro- stateLegislaturetoplaya Center Wednesdayafternoon MayorBill de Blasio said. in a federal lawsuit over rent housing nonprofit. It has been gram, or FHEPS,requires ten- significant role in deciding andwas expected to makea New York City has seen an control—the pandemic has pressing its case with elected antstofirst be brought into howthe money is ultimately full recovery,the officials said. increase in gun violence over created common ground. Too officials,such as stateSen. evictioncourt beforethey can spent. Theshooting occurred after the past year. The number of many New York tenants can’t BrianKavanagh, the chair of qualifyfor relief.But the Neither REBNY nor the Le- the officer and other members shooting incidents nearly dou- payrent right now, which is the stateSenate’shousing state’seviction moratorium gal Aid Society expects a per- of the NewYork PoliceDepart- bled in 2020 and the number making it harder forlandlords committee. hasmade that impractical, manent detente. Both submit- ment’sGun ViolenceSuppres- of people shot morethan dou- to payback their loans and tedbriefs in acontinuing sion Division who were driving bled. Homicides rose to 462in causing tenant debt to pile up. federal lawsuit that attempts in acar stopped the suspect, 2020 from 319 a year earlier. Both sides want to address to overturn rent-control laws Ajani Jones,at10:29 p.m. TheNYPD struggled to theissue with moregovern- nationwide.REBNY favors the TuesdayatLafayetteAvenue makearrestsfor guncrimes in ment action, mostly in the overturn and the LegalAid So- near WhitePlains Road, the the first months of the pan- form of streamlined rental as- ciety opposes it. officials said. demic but in recent months of- sistance. In its latest brief from just Within seconds of the stop, ficers have made record num- “It’snothing likeacrisis to last week,REBNY called ten- gunfireerupted, the officials bers of arrests. Police made bring odd bedfellows to- ant rent-control protections a said. Mr. Jones, 24 years old, 406arrestsfor guncrimes gether,” said Judith Goldiner, “grave governmental over- firedhis gunfour times while from Jan. 1through Jan. 24, attorney-in-charge in the Legal reach in impairing constitu- the officer firedonce, the offi- up 75%from232 such arrests Aid Society’s civil law reform S tionally protectedproperty

cials said. in the same period last year. unit. “I guessREBNY thinks PRES rights.”

“Tonight’sincident high- In remarks delivered at an they can’t evict themselves UMA Arepeal of the rent-control lightsthe truly dangerous eventfor the NYCPoliceFoun- out of this crisis. And I would /Z laws would potentially subject work that NYPD cops areex- dation Wednesday, Mr.Shea think that would be right.” TO roughly one million house- posed to everyday and night,” expressed frustration over Asking rentsfor one-bed- holds in NewYork City to PoliceCommissioner Dermot continued gun violence in the room apartmentsManhattan largerannual rent increases,

Shea said at anewsconfer- faceofincreasing arrests. have fallen almost 20% over CION/NURPHO once the economy recovers. ence early Wednesday “We’re in a cycle where we’re the past year,according to NA “I don’t expect this to be

Mr.Jones wastaken into seeing the same criminals listingswebsiteZumper,after JOHN like, all of asudden, we’rego- policecustody afterthe shoot- commit the same crimes,over anumber of rentersfled the Property owners and renters alike have been suffering during the ing to be besties,” said Legal ing and chargedwith at- and over again,” he said. city for cheaper accommoda- pandemic. A sign on a Brooklyn brownstone in May. Aid’s Ms. Goldiner. P2JW028000-2-A010B0-1------NS

A10B | Thursday, January 28, 2021 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK Street-Food Sellers Await More Permits S NEW G

BY CHARLES PASSY hope to these vendors,” said MargaretChin,acouncil- OOMBER BL

NewYork City could soon woman and Democrat who T/

make it easier andmoreaf- representslowerManhattan VEL fordable forfood vendorsto and is the prime sponsor of TER

operatethroughout the five the bill. WES boroughs. The legislation has been in NINA

Thecity council is expected the works forseveral years. S;

to vote Thursdayonabill But Mohamed Attia,director NEW that would add 4,000 full- of the Street Vendor Project, G time mobile-vendor permits which is part of the Urban

forstreet-food sellers, phased JusticeCenter,aNew York- OOMBER

in over adecade with 400 based nonprofit organization, /BL each year starting in 2022. At said the expanded permitting JONES

present, thereare 2,900 of is needed nowmorethan ever. Y these permits, according to Mr. Attia said that vendors GABB

the city’s Department of have become an integral part P: Health and Mental Hygiene, of NewYork’sstreet lifeand TO which is responsible forissu- food scene,offering culinary OM FR specialtiesfromaround the world. But they have also Food-cart vendors rallied in A bill would add struggled during the coronavi- November, demanding to be ruspandemic,with the lossof included in Covid-19 recovery 4,000 mobile­ customer bases such as office efforts. At present, there are vendor food permits workers and tourists. 2,900 street-food vender The cost of buying permits permits in New York City. over a decade. through the underground mar- ket puts a huge financial bur- said Richie Romero, owner of den on vendors, manyof Zazzy’s Pizza, a restaurant in whom areimmigrantswith Manhattan’s Lower East Side ing them. Asmall number of limited resources, he added. that is soon adding asecond the current permitsare set On topofthat, he said vendors location in the West Village. aside forveterans and those are often scammed by permit MD Alam,avendor who op- with disabilities. sellers. erates the RoyalGrill Halal Thepermitscost $200 for “It’sall shady,it’sall under Food cart in MidtownManhat- everytwo-year renewalpe- the table,” Mr.Attia said of tan, said he sees his business riod. Thereisalso a$50 li- the current system. as avaluable alternativeto cense feerequired forthe Because of the costsonthe restaurants. same two-year period. black market, he said, many “You go to the restaurant, As the city’s street-food vendorsopt to forgogetting a youspend moretime,more scenehas boomed in recent permit altogether, which puts money, moreeverything,” he years, the permitshavebe- them at risk forbeing fined by said. come a treasured commodity. the city. Mr.Alam, an immigrant Longtime permit holdersoften Thecouncil bill has support from Bangladesh, is hoping lease them to vendorsfor from anumber of members. the city bill is approved, not- prices that can reach $25,000 City Council Speaker Corey ing he paid $18,000 forhis per two-year period, according Johnson,aDemocrat, is currentpermit through the to those who track the market. among them. is something I’vewanted to see remarks. abricks-and-mortar establish- black market. He said he Such transactions are illegal. “When done right, vending foralong time,” he said this Effortstosupport food ven- ment. That resentment has would rather put that money Thelegislation aims to help enlivens our streets and pro- week at anewsconference. dorshavebeen opposed by grown in some instances dur- elsewhere. vendors establish themselves vides opportunity to an often- Officials with the Depart- some restaurant operators, ingthe pandemic,which has “You can save some money without the cost and risk of neglected workforce,” he said. ment of Health and Mental who see the mobile purveyors also deeply affected the res- foryour children, foryour fu- going through underground MayorBill de Blasio,aDem- Hygiene declined to comment encroachingontheir business taurant industry. ture,” he said. channels. ocrat, also has voiced his ap- about the proposed legislation without having to paythe “It’slikethey have afree —Katie Honan “Wehavetogivesome proval of the legislation. “This anddeferred to Mr.deBlasio’s costsassociated with running passand we’restruggling,” contributed to this article.

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TRAVEL & ENTERTAINMENT PERSONAL JOURNAL.

© 2021 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, January 28, 2021 | A11 Howthe Airlines Stack Up The overall performances of the largestU.S.airlines on the Middle Seat scorecard,from2018to2020.

2018 2019 2020 1 Southwest* 2 Delta 3 Alaska* 4 Spirit 5 Allegiant 6 Frontier 7 JetBlue† 8 United† 9 American

*Tied in 2019 †Tied in 2018 and 2020 Sources: masFlight, Global Eagle’saviation data platform; Transportation Department

WHAT WE DIDN’T RANK, AND WHY

Some of the most important elements of airline operations couldn’t be statistically

CANU ranked in 2020.The Middle

AN Seat Scorecard ranks airlines IV on critical operational factors BY that are tracked by data ION

AT firms and reported by the

TR Transportation Department. US

ILL But new factors arose in the pandemic that matter to travelers yet aren’t tracked in any meaningful way, including THE MIDDLE cabin cleaning, air circulation SEAT or mask enforcement: SCOTT n On ventilation, a key con- McCARTNEY The Best and Worst cern for viral spread, virtually all Boeing and Airbus jets have robust air-circulation irline customers didn’t systems that use hospital- do much flying last grade filters capable of cap- year, but they sure had turing viral particles. There’s plenty to complain U.S. Airlines of 2020 no way to track whether A about. flights are running systems The 2020 edition of at full strength, or how the Middle Seat Scorecard, our an- flights are handling situations nual ranking of U.S. airlines by op- The ComplaintDepartment when ventilation is turned erational performance, found off, like deicing. Southwest beat out Deltaas the Complaints about airlines and travelsellersexplodedin2020, driven by problems with refunds best last year. American was worst forpandemic-canceledtrips. n Likewise, different airlines for the second year in a row. have altered boarding and ex- Total annual consumer complaints filedto Complaints about refunds,fares and reservations, iting airplanes in various Theresultscome with agiant percentagechangefrom2019to2020byairline asterisk: It wasthe most disruptive Transportation Department ways to try to reduce clusters year of the jet agedue to the trag- of passengers breathing on edy of the pandemic.The number of CATEGORY 2019 2020 CHANGE Frontier 839% each other. But there’s no flightstracked in the Scorecardwas tracking of compliance or Refunds 1,524 83,305 5,366% United 601 down nearly 40%. Theyear saw public evaluation of what large-scale furloughs, massivefi- Fares 1,151 3,122 171% Alaska 504 works and what doesn’t. Same for the various cleaning nancial losses, mask rules, aggres- Reservations 1,837 4,427 141% Delta 337 sivecleaning and two bailoutsfrom chemicals and procedures dif- Congress forairlines. Flights 4,788 1,848 -61% JetBlue 281 ferent airlines have employed. Still, despite what could have Customer Service 1,588 1,668 5% Southwest 217 n Mask enforcement often been a reset in terms of airline op- varies crew to crew.Some erations, airlines stayed true to Baggage 2,570 1,257 -51% Allegiant 155 flightattendants arevigilant form: The reliable carriers of past Disability 891 601 -33% American 126 about getting passengersto years remained more reliable in keep masksonand others 80 2020, and the poorer-performing Other 957 852 -11% Spirit avoid confrontation with ones still didn’t perform as well. Note:Complaints filed based on 12 months ended October those notfollowing the rules. On the whole,without traffic Source:Transportation Department jams at airportsand in the skies, The bottom line: Travelers flightsdid runmorepunctually— should proceed with caution the on-time arrival rate averaged when traveling. There’sno 84%, compared with 79% in 2019, ranking of health safety in according to masFlight, Global Ea- the sky. gle’saviation dataplatform. The 2020 Airline Scorecard companyprovides datatothe air- line industryand annually has com- Rankings of major carriersinkey operational areas,besttoworst. who really did need to travel. piled an exclusivereport tracking American, which has been last on-time arrivals,cancellations and OVERALL MOST FEWEST FEWEST FEWEST FEWEST FEWEST FEWEST or next-to-last in 12 of the 13 years RANK ON-TIME CANCELED EXTREME 2-HOUR TARMAC MISHANDLED INVOLUNTARY CONSUMER long delays forthe Scorecard. Data ARRIVALS FLIGHTS DELAYS DELAYS† BAGGAGE† BUMPING‡ COMPLAINTS† of the Scorecard, bumped the include each carrier’s regional highest percentage of passengers feeder airlines and international and mishandled the highest per- flights. 1 Southwest Delta Spirit Southwest Southwest Allegiant Delta Southwest centage of checked bags (nearly As you might expect, airlines seven of every 1,000 bags 2 Delta Alaska Alaska Alaska Allegiant Southwest Allegiant Delta canceled a lot more flights. The in- checked). For on-time arrivals, dustry scrapped 6% of scheduled 3 Alaska Spirit Frontier Delta Frontier Frontier United Allegiant American finished seventh, ahead departures, compared with a more of only JetBlue and Allegiant. 4 Spirit Southwest Delta Spirit Spirit Delta JetBlue Alaska typical 1.8% in 2019. Baggage still American says it was making got lost. And remarkably, given 5 Allegiant Frontier JetBlue Frontier Alaska JetBlue Southwest American meaningful improvements early in the sparse passenger loads, Ameri- the year, but the pandemic stifled 6 Frontier United United United American Spirit Spirit JetBlue can Airlines still bumped—in momentum. After dealing with the what’s officially called “involun- 7 JetBlue* American American American United Alaska Alaska Spirit initial months of massive disrup- tary denied boarding” from over- tion, the airline’s fall layoffs 8 United* JetBlue Southwest JetBlue JetBlue United Frontier United booked flights—more than three caused more disruption because so times as many as the rest of the 9 American Allegiant Allegiant Allegiant Delta American American Frontier many employees moved to differ- industry combined. ent locations to fill in. Despite those blemishes, air- †12 months ended October ‡12 months ended September *Tied foroverall rank Another factor: American kept Sources: masFlight, Global Eagle’saviation data platform (on-time, canceled flights, extreme delays); Transportation Department(two-hour tarmac delays, lines ran pretty well in a pan- mishandled baggage, bumping, complaints) a lot more of its schedule going demic. “Purely from an operational than competitors, leading to standpoint, the whole industry’s higher volumes of connecting pas- performance was lifted,” says Mike itsrules several times.Itstill has health of baggage systems at its whereDeltawas worstinthe indus- sengers. That creates more oppor- Van de Ven, Southwest’s chief op- rules that infuriatecustomers, such major airportstoreduceoutages. tryin2020 wasintwo-hour tarmac tunity to misconnect baggage and erating officer. as pocketing any residual value on One area where Southwest delays,when planes sit off the gate passengers. Thestory of 2020 forair travel, vouchers if the newflightspeople didn’t do as well as competitors with passengersonboardeither Still, David Seymour, Ameri- however, wascomplaints. Thetotal book arelessexpensivethan what was cancellations. The Scorecard, waiting to take off or to arrive. can’s chief operating officer, says number of complaintsfiled with the they paid fororiginally. like the DOT, counts flights can- Delta says its long delays came the largest U.S. airline had 134 Transportation Department forthe United nowsays it should have celed within seven days of depar- mostly from winter weather in its days in 2020 when it canceled no 12 months ended in October,the done it differently.“We’velearned a ture. Flights scrubbed before that Detroit and Minneapolis hubs. mainline flights and 44 days when most recent available,was up 534% lesson from that experience,” are considered schedule changes, Typically other airlines rack up it had zero cancellations among compared with the year-earlier pe- spokesman Charles Hobart says. not cancellations. (That’s for track- two-hour tarmac delays in the both regional partners and the riod. Complaintsabout baggage and It was the first time since 2009 ing operations. For refunds, fed- summer, and Delta ends up in the main airline. “We’re certainly not flight problems fell, but complaints that Southwest ranked first in the eral regulations require an airline, middle of the pack. But once the satisfied with our overall ranking. about refund problems skyrocketed Scorecard. One area of improve- U.S. or foreign flying to the U.S., to pandemic hit, summertime prob- But I would tell you we made a lot to 83,305 from 1,524. Problems with ment was baggage handling. Be- offer the option of a refund for lems were rare so Delta’s winter of progress through the year,” Mr. fares and reservations also gener- cause Southwest offers to carry any flight it cancels or makes a troubles knocked it to the bottom Seymour says. ated morecomplaints. two bags for free instead of charg- “significant” time change.) of the rankings. American is deploying new Many airlines, trying to pre- ing fees for checked bags, it car- Deltastill had the best on-time “I don’t knowthat we could technology to better manage over- serve cash, denied refunds when ries a lot more checked baggage arrival rate,eventhough it slipped have done abetterjob of moving booking and how many passengers they canceled flights and forced per person than other airlines. to second placeinthe overall rank- quickly and preparing forthe new it bumps from flights, he says. customers with nonrefundable That has slowed baggage handling ingsafter three straight yearson environment in 2020,” says Dave American’s best ranking came tickets to take vouchers instead. in the past. top. Remarkably, Deltabumped only Holtz, Delta’ssenior vicepresident in its rate of complaints from pas- Some promised refunds but were At the end of 2019,Southwest five passengersin12months.The foroperations and customer center. sengers—it ranked fifth, up from slow to deliver. started scanning baggage tags as airline wasgenerous with incen- The bigger challenges of the seventh in complaints in 2019. Mr. United, which had morecom- other airlines do,using hand-held tives to getpassengerstovolun- year came from thoroughly clean- Seymour says that was a direct re- plaintsabout refund, fareand reser- devices to help makesurethe right tarily giveupseatsonoverbooked ing airplanes between each flight sult of trying to be customer- vation issues than Delta, American bag gets on the right flight. Theair- flightssoitdidn’t have to bump and getting the right number of friendly on refunds and cancella- and Southwest combined, changed line also started monitoring the them against their will. One area flights to accommodate people tions during the crisis. P2JW028000-0-A01200-1------NS

A12 | Thursday, January 28, 2021 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | TRAVEL & ENTERTAINMENT

WhyLiam FILMS

Neeson Is AD RO OPEN No.1atthe (2); INMENT TA

BoxOffice ENTER CLIFF /BRIAR FILMS AD RO OPEN : LEFT OM FR

BY JOHN JURGENSEN So what does it mean to rule the box office with an asterisk? iam Neeson has played a Mr. Neeson’s movies, like so many lot of grizzled loners who heroes in his aging-man-of-action take out bad guys using phase, succeeded by simply getting grit and guns. Mining the job done. L that vein has paid off in a “He does movies forthe theater. new way for the 68-year- Ithink that makes his stuff more old action star during the pan- valuable and drawspeople in,” says demic. He has scored two No. 1 “The Marksman” director Robert movies in the last three months, Lorenz,alongtime collaborator of by supplying multiplexes with Clint Eastwood’s. much-needed new releases and au- Crucial to the equation was Mr. diences willing to turn out for his Neeson’s base, which spreads brand of movie. beyond Los Angeles and New York, “Maybe these stories hark back Liam Neeson stars in two movies that have topped major markets that remain shut- to a simpler time of a man taking the box office during the pandemic: ‘The Marksman’ tered. The highest grossing theater on evil people in a very basic, fun- (top) and ‘Honest Thief,’ also starring Kate Walsh on opening weekend was in the damental ,” Mr. Neeson (above). Left: Mr. Neeson on set with ‘Marksman’ border town of Pharr, Texas. “He’s said in an email. director Robert Lorenz and co-star Jacob Perez. got pull across the country, includ- In “The Marksman,” released ing the in-between states where Jan. 15, he stars as a hardscrabble more theaters are open,” says Arizona rancher who protects a modestly sized movies that don’t “There’saperfect opportunity Marksman” a theatrical release in James Masciello, a partner at Ra- boy who crosses the border ille- need huge grosses to turn a profit. formidsizetheatrical films such North America. The distributor ven Capital Management, a pri- gally with his mother to escape a When the brunt of shutdowns as ‘Honest Thief’or‘TheMarks- had no choice but to send the vate-equity fund that bought Open Mexican crime cartel. Ticket sales hit in late March, only 10% of the man’ to fill that void,” says Tom movie into multiplexes hobbled by Road in 2018. were strongest in states such as roughly 6,000 movie theaters in Ortenberg, head of Open Road Covid and make the math work. In “The Marksman,” the Irish Arizona, Georgia, Florida and North America remained open, ac- Films,the distributor that re- In the days before “The Marks- actor plays a disillusioned Marine Texas. The film, made for about cording to Comscore. By Labor leased both of Mr.Neeson’srecent man” opened, Open Road bought Corps veteran facing foreclosure $30 million, is now in its second Day, re-openings allowed about pictures.Unlikemajor studios jug- ad slots during an NFL playoff on his ranch. He stares down car- week as the highest grossing 56% of theaters to be in business. gling movies with nine-digit bud- game and the national college tel thugs on the other side of a movie, with total ticket sales of Now, only about 35% are open. gets,headds,“we could adjust championship game, live events U.S.-Mexico border fence. The ac- $6.1 million—in the one-third of The tale of Hollywood’s corona- our spend and with pictures that would normally be overrun tor says he wanted to be part of a domestic theaters currently open. virus crisis has largely been told grossing $15 million dollarsatthe with ads for other movies coming story about people forced to cross A similar pattern played out in Oc- through the fate of big-budget boxoffice, makethem intocom- out. After factoring in tax credits the border illegally. tober (when more theaters were movies: “Tenet,” “No Time to Die” mercial successes.” from states where it was shot, and As for his audience, Mr. Neeson open) for the release of “Honest and “.” These Unlike “Honest Thief,” which other subsidies, “The Marksman” speculates that they turn out for Thief,” featuring Mr. Neeson as a would-be blockbusters overshadow Open Road bought after comple- needed to gross an amount in the throwback cinema. “They are cer- bank robber double-crossed by FBI the quandary facing the industry’s tion, the company financed and single-digit millions at theaters, tainly not ‘superhero’ movies, agents. The movie grossed about middle class. Many indie and mid- produced “The Marksman” from according to Mr. Ortenberg, to get where wrongs are made right, by $14 million domestically. budget movies are bypassing the the script stage. Open Road offset on a path to profitability. He says personas with super natural pow- Those returns would never win costly process of going into the- a chunk of its costs by selling the next phase of the movie’s re- ers,” Mr. Neeson said. “I’m not the box office in normal times. In aters, and are being sold off to rights to distribute the picture in lease—digital rentals and licensing knocking that genre of film, but I the drought that has dragged on at streamers. Others are trying to foreign markets. However, the pre- to streaming platforms or televi- think the audiences that see my cinemas for nearly a year, such take advantage of the lack of com- pandemic deal stipulated that sion, where demand is high—will movies are perhaps not generally numbers can signify success for peting films in theaters. Open Road would give “The put the movie in the black. speaking super hero movie fans.”

WHATTOSTREAM want to spend two years in the and complicated guy on this jour- tions are in the public darkness, either. ney that he just got in his pores. domain, but the read- Finally with his children grown, From our very first conversation ings are exclusive to AThriller,a Mr. Hancock was ready to try about it, I just knew that he was Spotify. Some are read again. Now his film that’s inspired going to lock in in a way that was by familiar voices: Hi- Drama and by the ’70s and takes place in the going to be spectacular.” lary Swank reads Kate ’90s, is getting released in the Chopin’s “The Awak- ’20s. It’s out Friday in theaters New Release: ‘The Dig’ ening,” Cynthia Erivo and streaming on HBO Max. It (Netflix) reads Jane Austen’s stars Rami Malek as the young de- “The Dig,” anew film that de- “Persuasion,” and For- BY CHRIS KORNELIS tective, Jared Leto as the primary butsFridayonNetflix, is afictional- est Whitaker reads suspect and Denzel Washington as ized look at Edith Pretty enlisting a “Narrative of the Life New Release: ‘The Little the haunted sheriff, Joe Deacon. self-taught archaeologist, Basil of Frederick Douglass, Things’ “He got Joe Deacon at Joe’s Brown, to exploremounds on her an American Slave,” (HBO Max) core,” Mr. Hancock says of Mr. property in Suffolk,England, at the by Frederick Douglass. When John Lee Hancock wrote Washington’s performance. “There dawning of World WarII. Theexca- Spotify has been the script for “The Little Things” was something about this internal vation wasseen by some as frivo- Denzel Washington in ‘The Little Things.’ bulking up its non- in the ’90s, he envisioned it as a lous. Ultimately,however, it uncov- musical audio offer- ’70s movie—complicated charac- ered amedieval burial site, tion that storytelling creates the ings, snatching up exclusive rights ters, lots of questions and not as completewith aship and other An- “foundation stone of empathy.” to podcasts like “The Joe Rogan many answers. He had a deal with glo-Saxon artifacts. “And without empathy,” he says, Experience” and announcing a Warner Bros. and Steven Spiel- Director Simon Stone says he “wecan’t moveontoany of the slate of scripted series based on berg, but Mr. Spielberg ultimately wasdrawn to the “quiet radicalism” moreculturally significant or politi- DC Entertainment characters, with passed on directing it. The story, of the lead characters, playedby cally significant or logistically sig- “ Unburied” due later this about a sheriff’s deputy, a detec- Carey Mulligan and Ralph Fiennes, nificant actions that we could be year. Last week, Spotify announced tive, and the search for a serial and sawsomething “perversely rad- doing at momentslikethis.” a partnership with Ava DuVernay,

. killer, was too dark for Mr. Spiel- ical in the idea of focusing on some- the Academy Award-nominated OS berg to dive into right after thing as obscureasarcheologyand New Release: ‘The filmmaker who directed “Selma” BR “Schindler’s List,” he recalls. Anglo-Saxon historytotell the Awakening,’ ‘Great and “A Wrinkle In Time.” Through

RNER Years later, after Mr. Hancock storyofasociety at the precipiceof Expectations,’ ‘Jane Eyre’ her collective, Array, Ms. DuVernay WA started directing films like “The great disaster.” (Spotify) will produce scripted and un- Rookie” (2002), his producer on Mr. Stone says he can relate to Spotify released new scripted podcasts with Spotify’s

NETFLIX; “The Little Things” encouraged the idea of wondering about the performances of nine classic titles Gimlet studio. (Dow Jones & Co., : him to direct the movie himself. importance of one’s work when the this week, including Mary Shelley’s publisher of The Wall Street Jour- LEFT But by then Mr. Hancock had world is going through crises. But “Frankenstein” and Charlotte nal, has a content partnership with OM Carey Mulligan in ‘The Dig.’ FR young children at home and didn’t he comforts himself with the no- Brontë’s “Jane Eyre.” All the selec- Gimlet Media, a unit of Spotify.) P2JW028000-0-A01300-1------XA

THE WALL STREET JOURNAL. Thursday, January 28, 2021 | A13 ARTS IN REVIEW

The Met’s Great Hall with works by Kent Monkman, left; virtual view of the cubiculum in ‘The Met Unframed,’ above; Emanuel Leutze’s ‘Washington Crossing the Delaware’ (1851), below

thingsfeel moreimmersivenor add to users’ appreciation of art. In the “gaming experience,” forone,each work is accompanied by asimple activity,likeasliding puzzle in which usersunscramble the object. Though not funorinformative, completing the task unlocks an- other feature called “AR-t,” which allows youtouse augmented reality to “place” the artwork on your wall and snap aphoto. Seeing agrainy version of WinslowHomer’s “The Gulf Stream” (1899) abovemyread- ARTREVIEW ing nook wasentertaining forabout five seconds,but hardly worth the hassle. Finally,there’sacatch to those TheMet Phones It In “enhanced” works.Unlessyou’re specifically aVerizon 5G Ultra Wideband customer,you won’t be The museum’s digital showfeels morelikeanadfor atelecomcompanythan avirtual exhibition able to see them. But don’t worry— youaren’t missing much. Theriver BY BRIAN P. KELLY ripples as oarsmen paddle in Eman- uel Leutze’s“WashingtonCrossing or all the strifethe arts the Delaware” (1851). Awaterfall have endured during the flowsoverthe edgeofthe paint- Covid-19 pandemic,there ing’sframe in Frederic Edwin has been at least one wel- Church’s“Heart of the Andes” Fcome side effect. From en- (1859). Youget the idea. In effect, cyclopedic institutions to the Met has devolved these works jewel-boxmuseums and small gal- intopurekitsch, toying with icons leries,cultural standardbearers of itscollection in away it would have experimented with newven- never allowoutside entities to do. tures that bring art intoour lives in Paradoxically,bymaking these mas- waysthat both democratizethe terpieces move, the websitehas process—no morehaving to save made them feel lessalive. foraticket to Rometosee the Vati- And by caging “The Met Un- canMuseums—and upend the tradi- framed” experiencewithin amobile tional viewer-in-a-white-cube expe- prison, and essentially including Ve- rience. Enter “The Met Unframed” rizon’sname in the title,the mu- (through Feb. 16), from NewYork’s seum appearstobeallowing itself Metropolitan Museum of Art. to be used as away foratelecom Unlikethe multiplatform digital companytodriveits ownbusiness, exhibitions that areincreasingly not greater art appreciation. While common, this “immersivevirtual corporatesponsorship remains an art and gaming experiencewith en- important aspect of museums’ fi- hancementspoweredbyVerizon 5G nancial health, those art institu- UltraWideband” canbevisited only tions must remain in the driver’s on your phone.Ashort tutorial seat whereprogramming is con- guides youthrough the basics of cerned. this augmented-reality trip to 1000 mix in some overlooked master- saryinsuch asmall showwhen so arethe only worthwhile part of the Idon’t want to discouragetech- FifthAvenue and youstart where pieces,and servethem up online in manyofthe Met’sother holdings— experience, graftedontoadigital nological experimentsthat aim to most visitorsdoinreal life: the mu- away that everyone—NewYorker likethose from sub-Saharan Africa, Frankenstein that is stitched to- expand who cansee art and howwe seum’sBeaux-ArtsGreat Hall.From or not—can getatasteofthe Met. Oceania and the Islamic world—get gether with an atrophied navigation viewit. TheMet’sown “82nd & there, by tapping different icons, Here, though, selections can little to no representation? system and vestigial activities that Fifth” multimedia project, which youcan examine Kent Monkman’s seem confused and confusing.Van That said,curating ageneralist should have been excised early.The combines videos,slideshows,3-D two mammoth paintings, “Welcom- Gogh’swell-worn “Shoes” (1888) exhibition is no easy task when snail-paced reactions both while photographyand more, and the ing the Newcomers” and “Resur- areacozyfit forthe “Home” sec- drawing from acollection of two moving through spaces and panning Mauritshuis’sultra-hi-def gigapixel genceofthe People” (both 2019), or tion, as is the astonishingly pre- million objectsand, credit whereit’s around them giveone the feeling of 3-D tour of itscollection aregreat (3)

moveontoexploreaquartet of vir- served cubiculum (or bedroom) due,the entries foreach aresuc- being trapped in adream where examples of institutions using tech- T tual galleries—“Home,” “Journey,” buried by the Vesuvius eruption of cinct and informative. Clicking on an time is slowed. Pair this with are- nologies both established and cut- AR “Nature” and “Power”—using atap- A.D. 79.But one wonderswhat individual work bringsupthe usual petitivebackground soundtrack and ting-edgetoservetheir patrons. OF to-moveinterface. In all, “The Met MaryCassatt’spainting of her older label details,abrief description and the limitations of the phone’ssize— But when an art exhibition startsto

Unframed” contains 46 artworks, sister crocheting has to do with alink to the Met’ssitewherevisi- afive-inch screen is no way to ap- feel likeanexercise in product MUSEUM

four of which offer those 5G “en- “Power” or howCarmen Herrera’s tors canlearn more. Manypages preciateartistic detail—and the placement, it’stime to pull the plug. AN

hancements.” geometric “Iberic” (1949) taps into also include audio-guides and short- outcome is borderline maddening. OLIT On itsface, the idea is bursting “Nature.” Thefine works of Jacob cutstothe Met’silluminating Heilb- Worsestill arethe added fea- Mr. Kelly is the Journal’s associate OP

with people-pleasing potential: Cu- Lawrencefit the “Journey” cate- runn Timeline of Art History. turesthat deploysmartphone bells Arts in Review editor. Follow him METR rate aBest-Of menu of famous art, gory perfectly,but were five neces- Theproblem is,these features and whistles but neither make on Twitter @bpkelly89. THE

MUSIC REVIEW field countryband. She bringsthe full arsenal to this tune in between wistfulverses sung initially by Mr. ‘Artlessly Falling’: Wyattand then by Ms.Kidambi. Ms.Halvorson, Ms.Kidambi and Mr.O’Farrill arefeatured on “Muz- zling Unwashed,” with lyrics in a Crooning Couplets villanelle style.The track builds intoastunning segment of word- lessvocals from Ms.Kidambi BY MARTIN JOHNSON drummer Tomas Fujiwara and backed by furious drumming from bassist Michael Formanek (who Mr.Fujiwara. Thesecond half of IN 2018, when guitarist and com- work with her in a collective trio the program presentslonger pieces poser MaryHalvorson released called Thumbscrew) and vocalist with morecomplexsolos and group “Code Girl,” the firstrecording by Amirtha Kidambi (who is a master interplay. Therecording closes with her group of the same name,it of both Western and South Asian the title track,writtenasasestina. seemed likeadeparturefromthe styles). There are two new mem- Theband improvises throughout, rest of her discography. Ms.Halvor- bers, saxophonist and vocalist Ma- and Ms.Kidambi’svocals soar and son, an innovativeand prolific gui- ria Grand and trumpeter Adam crest with the backing—but rather tarist, had built astellar reputation O’Farrill, and the recording fea- than bordering on cacophony, the forgroups that showcased imagina- tures a guest appearance by vocal- song is the most sweetly melodic tivecompositions and featured ist Robert Wyatt, a pioneering fig- pieceonthe recording. some of the topimprovisersinjazz. ure of the English art rock scene Since Code Girl’s first release, At five members, Code Girl wasa of the mid-’60s. He is one of Ms. Ms. Halvorson has won a Mac- smaller outfitthan the octet that Halvorson’s idols, and she coaxed Guitarist and composer Mary Halvorson, who fronts the group Code Girl Arthur Fellowship and maintained had become her best-known ensem- him out of retirement to sing on an unusually busy schedule, ap- ble,and “Code Girl” focused on the recording. Her lyrics are in pearing on 18 recordings. Some songsthat fused high-level impro- specific poetic forms. gruff with a hint of elegant under- testimonyduring his confirmation are duets—often with fellow gui- vising with experimental rock Mr. Wyatt’s earthy croon is the pinning, and he’s backed by Mr. hearings. Thereisadowncast, tarists like John Dieterich (of structures and original lyrics rather first prominent voice on “The Fujiwara, a concise percussionist, nearly taciturn air to the music, Deerhoof), Bill Frisell and Joe than on instrumental solos.Ms. Lemon Trees,” the opening track whose restrained drumming leads again with overlapping solos. Morris. And Thumbscrew has re- Halvorson’s“Artlessly Falling” on the 64-minute program. He back to Mr. Wyatt’s crooning and Ms.Halvorson’sbrilliant guitar leased three albums; its recording (Firehouse 12) is asuperb recording sings lines Ms. Halvorson wrote in closes with the other singers’ playing dominates “Walls and “The Anthony Braxton Project” by alargeriteration of Code Girl. tanka form; its richly evocative de- wordless vocals over Mr. For- Roses.” When she arrived on the (Cuneiform) was one of the best of Themusic reinforcesMs. Halvor- scription of people spiraling down- manek’s sturdy basslines. jazzscene,she wasknown forher 2020, and there’s another, “Never son’srole as aprime mover in jazz ward was influenced by the Law- Contributing to the sense that artfuluse of feedback and power Is Enough,” set for release in Feb- and, with her penchant forlayered rence Osborne novel “Beautiful the album’seight pieces arepart of chords (likemanyguitarists, she ruary. These albums put the focus improvisations and unconventional Animals.” His voice is backed by one suite, “Last-MinuteSmears,” loves Jimi Hendrix and cites saxo- on her distinctive improvising. compositions,begins to connect the wispy harmonies from Ms. Grand the following track,begins with phone deities likeJohn Coltrane “Artlessly Falling” brings her com- links between her ensembles. and Ms. Kidambi and trumpet ac- bassand blooms intoMs. Ki- and Eric Dolphyasprimaryinflu- positional prowess to the fore. In addition to the guitarist, this cents from Mr. O’Farrill, which dambi’sgentle rendition of lyrics ences), but she also plays slippery NG WA

version of Code Girl features three grow into a lead segment. The writteninresponse to Supreme glissandos and cansummon up the Mr. Johnson writes about jazz for ES

members from the first recording: trumpeter’s style is a great fit, Court JusticeBrett Kavanaugh’s deeply evocativesound of aBakers- the Journal. JAM P2JW028000-0-A01400-1------XA

A14 | Thursday, January 28, 2021 THE WALL STREET JOURNAL. SPORTS

Left, Anthony Davis and LeBron James wear masks on the bench. Olympics Below, Spurs coach Gregg Popovich.

Seek Push multilayercloth masks,but those rules areregularly being reviewed in consultation with infectious dis- From U.S. ease expertsand the players’union, an NBAspokesman said. While the NBAprohibitsneck BY ALASTAIR GALE gaiters, they aremorecommon in the NFL,wherebettermasks are Tokyo lessnecessarybecause games are THEORGANIZERSOFTHIS YEAR’S playedoutdoors. Nobody went Summer Olympics in Tokyohave through moremask drama than pushed back hardonrecent specu- Kansas City Chiefs coach Andy lation that the Games will have to Reid. Aseason that began with be scrapped because of the pan- Reid battling acomically foggy demic.Thereisone moreperson shield will end with amasked Reid they’d likeonthe team to pressthe coaching in the Super Bowl. His message: President Biden. mask of choiceinthe NFL playoffs: “Mr.Biden is dealing with a alightweight red, seemingly upside tough situation with the coronavi- down triangular cloth mask rus,” said Haruyuki Takahashi, a adorned with his team’slogo. member of the executiveboardof Thefield is not the only place Japan’sOlympicorganizing com- wherefootball teams interact. In mittee. “But if he makes apositive lateNovember,with cases across statement about the Olympics go- the countryskyrocketing,the NFL ing ahead, we’d gain strong mo- tweaked arule: Theleague re- mentum.” quired players and coaches to wear TheU.S.bringsthe largest con- N95 or KN95 masks on the bus or tingent of athletes and the richest plane when traveling. pot of television money to the But masks don’t have to be N95s Games.Itisalso Japan’sally and APress forBetterMasks or their foreign equivalentstobe militaryprotector,soanexpression moreprotectiveinriskyindoor set- of determination to push ahead tings, says MonicaGandhi, an in- would be influential with askepti- Health officials believe it’s time to wear more effective face coverings fectious diseases doctor and pro- calJapanese public and reassure fessor of medicine at the University other countries about the Tokyo of California, SanFrancisco. Olympics. BY BEN COHEN AND LOUISE RADNOFSKY masks.” Forcrowded indoor envi- Uncertainty over the Games is It makes the least sense for ronments—say, abasketball rising as virus cases have re- he SanAntonio Spurs heavily regulated sportsthat game—thereare simple alter- bounded in manycountries and wore four different uni- spent millions of dollarstose- natives.Gandhi recommends vaccination programs have stut- forms over the first cureprized resourcessuch as double-masking with surgical tered.AU.K.newspaper reported Tmonth of the NBAsea- daily rapid-resultstesting and and fabric masks or sandwich- last week that Japan has given up son. GreggPopovich safeguardthe billions of dol- ing the two pieces of acloth on hosting the Olympics this year. wore the same number of mask larsthreatened by Covid-19. mask around ahigh-efficiency Thegovernment called the report styles. Theenforcement of the filter likeavacuum bag.Those “categorically untrue.” Theleague’soldest activecoach leagues’ mask rules isn’t al- extralayersare potent be- International Olympic Committee has sported two colorsofsurgical waysasstrict as their rigor- cause they block viral particles President Thomas Bach held phone masks,afabric mask and one of ous protocols suggest. Players in different waystoprovide calls on Fridaywith national Olym- the whiteKN95 masks that many oftenstretch their masks be- maximal protection. pic committees around the world to expertsnow recommend. Thereisa neath their chins and let them TheNBA could benefit from reassurethem about the Games and similar variety of masks on the droop belowtheir noses.The bettermasks off the court, too. discusscoronavirus vaccinations faces of everyplayerand coach on sight of coaches removing Theleague recently tightened forathletes. the sideline.NBA teams playing their masks at the exact mo- itsprotocols in response to an Biden hasn’t spoken publicly through apandemic aregoverned ment they aremost useful— uptick of cases and rash of about the Olympics sincebecoming by hundreds of pages of health pro- when they arechatting with postponementsbut maintains president as he putspriority on tocols,but they have moreflexibil- players and screaming at ref- that most of the spread hasn’t fighting the pandemic.OnFriday, ity when it comes to one preven- erees—remains horrifying to been traced back to basketball. when asked about Biden’sviews on tivemeasure: which masks they doctorsand researchers Instead transmission has been the Olympics,WhiteHouse press wear. steeped in mask literature. linked to mundane activities secretaryJen Psaki said she wasn’t This is the latest way in which Some even saythey’d liketo likesocializing on the road familiar with them. sportshavebecome amicrocosm of see athletes wearing masks and even carpooling to work. Earlier this week,aU.S.Olympic the U.S. Masks remain the most while competing. Gandhi and Linsey Marr,an andParalympic Committeespokes- powerful weapon in fighting the But what they would really engineering professor at Vir- man said: “Westand in support of spread of the coronavirus,with liketosee is teams in better ginia Tech, had another press- the TokyoOrganizing Committee vaccinations still weeks or months masks.The reasons they sayhigh- Some expertsbelievethat high- ing messageabout masks in acom- and Japanese government who away forthe majority of people, quality masks should be part of filtration masks likethe N95s worn mentarythey recently published: have given morethan seven years while the most protectivemasks sportsuniforms forthe next few in medical settingsshould be the It’simportant forhigh-profile fig- of focus and dedication to welcom- arenolonger as scarce as they months areboth economic and epi- focus of amanufacturing push go- ures to lead by example. ing the athletes of the world, and were in the early days of the pan- demiological. Thesupply is there ing forward. Abraar Karan, an in- Thecoronavirus testing proto- honor their effortstohost asafe demic.But manyAmericans are and could be greater.With highly ternal medicine doctor at the cols of sportsleagues arecostly and successfulGames this summer.” still grabbing the most available or effectivevaccines in araceagainst Brigham and Women’sHospital and and logistically complicated. Masks GES most comfortable masks as if morecontagious variants, they say HarvardMedical School, wantsto arefar moreaffordable.And it’s GES IMA they’realso the most effective. the demand should be,too. getsuch masks intoevery home. useful that NBAplayers don’t have IMA

They’renot. “I think we should be making a He has pitched an effort called the to film apublic serviceannounce- ETTY GETTY Nowsome doctors, scientists harder push to boost manufactur- National Hi-FiMask Initiativeto ment about masks because people /G SE/ and health officials believeit’sno ing of high-quality masks and do makemoreofthem and supports already watchthem on television longer enough to tell people to moretoget bettermasks in the using the Defense Production Act everynight. “All of them have a HAFFEY M.

ANCE-PRES wear masks.It’stime to tell them hands of consumers, especially peo- to scale access. hugerole to playinmodeling,” FR to start wearing bettermasks—or ple who areathigher risk from TheNBA says that N95 masks Gandhi said. SEAN

ENCE wearing two masks. Covid,” said ScottGottlieb,the for- are“not required or recommended” The22,000 fans at next week’s

AG “Use the best mask youcan mer Food and Drug Administration forplayers,who aretested at least Super Bowl include 7, 500 vacci- REUTERS,

whenever you’reanywherenear commissioner,who has earned bi- twiceevery day, in order to pre- nated health-careworkers. But all S/ NOGI/

O somebody,” said Jeremy Howard,a partisan praise forhis pandemic servethe supply forhealth-care the fans,“vaccinated or not, will be

research scientist at the University advice. “The newvariantsincrease and essential workers. Theleague wearing aKN95 mask that we’re REBILA J. ZUHIR

KA of SanFrancisco. “It makes no the urgencyhere.” currently mandates that facecover- supplying them,” says NFL chief

The Tokyo Games are set for July. sense to not wear high-quality So what type of mask is best? ingsbesurgical, medical-grade or medical officer Allen Sills. MARK

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THE WALL STREET JOURNAL. Thursday, January 28, 2021 | A15 OPINION ’s Rule-of-Law Problem BOOKSHELF | By Danny Heitman

TheCapitol Portland rioters. She said Slippery slope is acli- Hearing occupation that “all violencehappen- ché,but acolleague once and riot of ing around the country noted that phrases be- Jan. 6will will be reviewed.” Next come clichésbecause they haunt Ameri- question. aretrue. This is aslippery Nature’s Melody canpolitical Amid 2020’s turbu- slope.Instead of respect WONDER lifefor years. lence, Istill think one of forthe rule of law, the ma- Condemna- the most troublesome po- jority develops contempt LAND S Earth’s Wild Music tion of the in- litical eventswas that no forthe rules.Sometime

By Daniel PRES vasion of the speaker at the Democratic soon,wemay tip toward By Kathleen Dean Moore Henninger Capitolisvir- National Convention men- TED what one might call the (Counterpoint, 249 pages, $26) tually univer- tioned, much lesscriti- CIA mob style in American SO

sal, as is support forprosecut- cized, the violenceand AS politics and not just or half a century, philosopher Kathleen Dean Moore ing those arrested inside. looting in numerous U.S. among anarchists. If jus- has written about the natural world, her work shaped RREN/ F By contrast, condemnation cities. ticeisbiased, well, youdo by the homes she’s made in Corvallis, Ore., and WA

of the violencecommitteddur- It is naiveand danger- S. what yougotta do.Law- Chichaghof Island, Alaska. It’s also indebted to the conser-

ing the summer’s Black Lives ousfor the pressand re- TED abiding parentsthinking vationist and writer Rachel Carson (1907-1964), best known Matterprotestsremains selec- sponsible political lead- A protest in Tacoma, Wash., Jan. 24. they hadtobribe coaches for “Silent Spring,” the landmark 1962 book in which she tive. Prosecutions forcrimes ers—whetherJoe Biden, to gettheir children into envisioned a world eerily hushed by pesticides. “I imagine,” against property or assaultson Kamala Harris or Donald In asystemthat claims to collegewereaportent. Ms. Moore writes of Carson, “she called the book ‘Silent policeare minimal. Last week, Trump—tothink that closing be governed by equality before Adrian Diaz,Seattle’snew Spring’ . . . because it was the loss of the birds’ music that NewYork stateAttorney Gen- their eyes to lawlessnesswon’t the law, abedrock measureof policechief,said Saturdaythat would grieve her the most.” eral Letitia James filed alaw- break down broader respect even-handednessshould be the protesterswho vandalizepri- Ms.Mooreadores birdsong,too,though in “Earth’s suit against the NewYork City forthe rule of lawitself,as- reality of prosecution for vate property will be arrested Wild Music: Celebrating and Defending the Songsofthe PoliceDepartment forviolat- suming that still matters. crimes committed. TheCapitol and prosecuted. But thereisno Natural World” she details the threat of abroader quiet ing “individuals’ basic right to If youstill need acold-wa- invadersface the likelihood of evidencethat City Attorney acrossthe planet if humanity fails to heed warningsabout peacefully protest.” terbath to wake up to where felonycharges,while most of Pete Holmes will prosecute the extinction crisis and other environmental challenges this is going,itisthis quota- those arrested this summer in them formuch of anything. beforeus. “In the fiftyyearsthat Ihavebeen writing tion in aJournal article about hundreds of violent protests Mr.Diaz replaced Carmen about nature,” she laments, “roughly 60 percent of all Without official policeand militaryveterans were chargedwith misde- Best, who resigned when Seat- individual mammals have been erased from the faceofthe involved in theCapitol inva- meanors,such as violating cur- tle’sCity Council abandoned Earth. Thetotal population of North American birds,the pushback, we will tip sion. JacobFracker,acop from fews. the cops and effectively em- red-winged blackbirds and toward the mob style Virginia, defended himself on One purpose of prosecution braced the mobs.Mr. Diaz, robins,has been cut by a Facebook—afterhis arrest: is that otherwise,you “get maybethe final test of third. Half of grassland in American politics. “I canprotest forwhat Ibe- away with it.” This isn’t just a whether equality beforethe birds have been lost. lieveinand still support your social observation. Letting off lawisofficially moribund. Butterflies and moths have protestfor what youbelieve people arrested for clear Mr. Trump never spoke declined by similar percent- Thepress is nowdoing long in.” crimes has become public pol- forcefully enough against the ages.Asindividual numbers takeoutsonright-wing mili- In other words: Both sides icy—known as “restorativejus- violencebelowthe surfaceon decrease,species arebeing tias,whitesupremacistsand nowbelievethat no matter tice”—in Seattle,Los Angeles, his side.Ather WhiteHouse lost, too. As manyasone out conspiracytheoristssuch as what they do,they should be NewYork,Chicago, Philadel- news conferenceMonday, Ms. of five species of organisms QAnon. That’sfine by me. able to getaway with it. You phia,San Franciscoand other Psaki did sayMr. Biden con- maybeonthe vergeof These nutsshould be locked rationalized your criminality progressivecities,whereargu- demnsthe Seattle violence. extinction now, and twice up if convicted of crimes. during the summer as politi- ably this is what the voting But sentiment isn’t enough. that number could be lost by Meanwhile,the continuing cally justified, and so we will public wants. At one of Mr.Biden’sexecu- the end of the century.” and quiteshocking anarchist, rationalizeoursfor the same Only inside the cult of criti- tive-order signings, areporter Given itssubject matter, left-wing violenceinSeattle reason. calracetheorycan apublic should ask the president “Earth’sWild Music” is and Portland, Ore.,isinside- Thehighbrow explanation confused about the content of whose side he’soninSeattle— necessarily aserious book, pagenews, if it’sreported at forstaying quiet about the justicebeagood thing.Ifpros- Chief Diaz,who wantsthe but its moral insights are all. crimes committedthis summer ecutorsinmajor cities are book thrownatprotesterswho occasionally leavened with humor. Ms. Moore is a fervent At the WhiteHouse Tues- is that the greater moral need dumbing down violent crime, commit crimes,orCity Attor- nature lover, sometimes comically so. She finds it grand day, President Biden’spress is elevating public conscious- what is the point of giving the ney Holmes,who just won’t do when a woodpecker rat-a-tat-tats her roof in the wee hours secretary, JenPsaki, wasasked nessabout systemic racism, system respect? One feels fool- it. One might even saythis is of an Alaskan morning, breaking her sleep, though the whether afederal intelligence- which requires defending at all ish fordoing so.The policeon one of those presidency-defin- author’s sister suggests earplugs. Ms. Moore grieves when agencyreview of the Capitol costs, including looking away the beat have already de- ing lines in the sand. a new roof proves less welcoming to the noisy critter and occupierswould extend to the from the flames. faulted to that conclusion. Write [email protected]. devises largely fruitless expedients to lure him back. She overcomes a fear of caves and enters one in Arizona, and, on a desert campout, she not only accepts the presence of rattlesnakes but goes out looking for them—at night. And Biden’s First Week Was a Race to the Left while others might be put off by the spines of a saguaro cactus,Ms. Moorethrums them likeaguitar.“If aperson By Karl Rove tagheknewwereunaccept- ate. Forthe taxcut, he negoti- and Mr. Biden’s is patient in her plucking,” she notes, “she can play music” able to GOP lawmakers. Now, ated with Democratsonthe commerce secretarynominee, on the prickly plant. fAmericawerediabetic,it rather than quickly passing a package. ForNoChild Left Be- refused to pledgethat Huawei, The straight man for Ms. Moore’s quixotic adventures is I would be suffering from bipartisan bill that strength- hind, he drew Democratsinto the Chinese state-backed her husband of many years, Frank Moore, a retired neuro- hyperglycemia afterthe ens vaccinations and gives shaping the legislation before wirelessprovider,will remain endocrinologist whom she affectionately describes as “tall sugary coverage of President the newadministration an itsintroduction. Mr.Biden has on the department’slist of and strong . . . ruddy as a ponderosa pine.” He’s also dying Biden’s first week. early victory, we hear talk of attempted neither.Meanwhile, companies banned from the of a cancer working “quietly behind the scenes.” The mere Much praise washeaped on Democratsramming Covid re- Mr.Biden’sinitial cabinet nom- U.S. as asecurity threat. That thought of his absence, she mentions in a passage that the newadministration in lief through on aparty-line inations aregetting approved waswelcome news in Beijing. brings a lump to the reader’s throat, brings what she calls opinion commentaryand what vote using the reconciliation by big bipartisan margins.Re- Much of the praise for Mr. “anticipatory loneliness.” passes forstraight journalism procedure. publicans areshowing they’re Biden focuses on howhe’sdif- Ms. Moore considers the possibility of an even wider nowadays.Mr. Biden wascele- This is reminiscent of Janu- open to finding common ferent from his predecessor. loss—the souring of seas, the withering of forests, and the brated forbeginning the “heal- ary2009,when President Ba- ground. Warren Harding’s “normalcy” wholesale disappearance of many kinds of life, which she ing,” punching plenty of “reset rack Obama cut off GOP sug- Thereare other troubling has itsappeal. But it looks in- regards as a form of spiritual impoverishment, too. “My buttons” and extending a gestions forhis stimulus bill differencesbetween Mr.Bi- creasingly as if the newpresi- nightmare is that before we lose the Earth’s life-sustaining much-needed “olivebranch.” by telling House Minority den’srhetoric and his actions. dent offerssoothing words systems, we will lose its soul-sustaining system—the His inaugural address was Whip Eric Cantor,“Iwon.” Take the Department of aboutbipartisanship and then Earth’s wild music,” she writes. “grand and deeply intimate,” a That helped poison that ad- Homeland Security’s directive deliverspolicyprescriptions Ms. Moore blames much of the crisis on the energy “balm forawounded nation.” ministration’srelationship on removal policies. It opens favored by the left. industry. Like almost everyone, she’s a customer of the Mr.Biden “met the challenge” with its loyal opposition and It’searly.Mr. Biden has industry, which should invite reflection about how indi- simply by appearing at his propelledthe GOP back into been in office for a week and vidual and corporate choices intersect—a relationship that swearing-in “at a moment of the House majority in 2010. The new president’s is still finding his sea legs. But was more clearly explored in “Great Tide Rising,” her 2016 profound national vulnerabil- Mr.Biden displayedasimi- he must decide: Will he act on work on global warming. Here, it’s treated somewhat ity.” One veteranobserver ad- lar approach on immigration. actions don’t suggest his campaign’s central theme glancingly, which is surprising for a book that stresses the mitteditlefthim “inabit of a The Biden transition team is- he’s interested in of bipartisanship andunity? power of personal agency. “By resolute effort,” she writes, swoon.” I’m sure it did. sued afour-pageoutline of its Or will he allowDemocratsin “maybe we can save some of the endangered beings. And if It’sunderstandable that so bill, heavy on apath to citi- bipartisan progress. Congressand regulatoryagen- we can’t, then by that effort, we perhaps will save some of manyinthe media hailed Mr. zenship forillegal aliens (it cies to drivepublic policy our moral integrity, which is consistency between what we Biden’sascension to the Oval appearsmanycould become hard to the left? believe is right and the actions we choose to take.” Office. They loathed theperson citizens beforesome standing by saying the U.S. “faces sig- Early signs point toward he replaced. But looking be- in line legally today) and light nificant operational challenges the latter, which could mean yond the paeans,the newpres- on border security.The latter at thesouthwest border” and the biggest expansion of fed- In thefaceofextinctions across theplanet, ident is off to asoggy start, is especially troubling after must “surge resources to the eral powersincethe Great So- awriter’scall forustocherishthe voices that with toomanydiscrepancies the president halted construc- border in order to ensuresafe, ciety,and institutional between declared intentions tion of the border wall. The legal and orderly processing” changes that giveprogressives makeasymphonyout of thenatural world. andsubsequent actions. Obama-Biden administration of illegal crossers. It therefore dominanceoverAmerican pol- Mr.Biden frequently calls helped build the wall, but ordersan“immediate100-day itics.Let’shope Mr.Biden forbipartisanship,but that since President Trump cham- pause on removals.” Huh? changes direction by finding An abiding insight of “Earth’sWild Music” is that to will requirehis leadership.He pioned it, President Biden now Americahas an immigration the actions to match his com- save the world, we must truly see and hear it. “Howcan will have to work with Re- opposes it. crisis and the answeristosay forting words. If not, Republi- we be fully alive,” she asks,“if we don’t pause to notice, publican leaderstofind areas Bipartisanship is possible, olly olly oxenfree? No wonder cans must find waystorein in and to celebrate, all the dimensions of our being,its length of agreement beforesurfac- even underdifficult circum- afederal judgeimmediately his leftward movement. and itsdepth and itsmovement through time?” ing legislation. On Covid-19 stances.After acontentious blocked it. Ms. Moore sees and hears much, and she writes about it stimulus,the president did election,in2001 President Thenew administration has Mr.Rove helped organize beautifully. Even without Carson’s noble precedent, one nothing of the sort. Instead, George W. Bush passed amajor rightly takenatough line on the political-action committee gathers that Ms. Moore probably would have framed the he laid out his initiativewith- taxcut and the No Child Left China, echoing sentimentsex- American Crossroads and is planet’s ecological diversity as a feast for the ear. She out consulting Republicans Behind education reform with pressed by the Trump State author of “The Triumph of professes a lifelong love of music—a passion that informs andincluded several provi- strong bipartisan support, the Department. But on Tuesday William McKinley” (Simon & her appropriately lyrical prose. Here, she writes of finding sions and a$1.9trillion price latterwith aDemocratic Sen- Gina Raimondo, governor of Schuster, 2015). the dried remains of frogs as a treasured pond dies: “They were as empty as the perfect emptiness of a bell, the perfectly shaped absence ringing the angelus, the evening song, the call for forgiveness at the end of the day.” If Yo u Watch TV, the Signs Are Everywhere True to its aural sensibility, “Earth’s Wild Music” is arranged in four parts, like the movements of a symphony, By Peter Funt pletename would be “Para- vices have been drawntothe cookies, but Pringles– or under the themes “Tremble,” “Weep,” “Awaken” and “Sing mount +aBill.” plus,thanks in large part to Oreos– is anonstarter. Out.” Though much of the material is new, the scheme othing is “newand im- Hulu used to have a“plus” the success of Disney+, which Americans have afondness enables Ms. Moore to repurpose selections from previous N proved” anymore. It’s service, which wasamisnomer added86million subscribers forplus-sizeportions,plus- . Those reprises are welcome, since not all readers all about the plus. sincewhat customersgot with during itsfirst year.Disney size clothing and media that will be familiar with Ms. Moore’s earlier outings. Thanks to “Something exciting is hap- it wasthe absenceofads. also operates ESPN+ and, out- have plus signs in their names. the relatively recent success of authors such as Helen pening in March,” gushed an “We’vehad ablast with our old side the U.S.,Star+. (The Journal offersperks to Macdonald, Margaret Renkl, Kathleen Jamie, Rebecca Giggs email from CBS All Access, David Leavy, chief operating subscribersunder the moniker, and Aimee Nezhukumatathil, more women nature writers alerting subscribersthat the officer forDiscovery, told the WSJ+.) Mercifully,the plus are being recognized in a genre that has long been streaming serviceisbeing re- It all adds up as LosAngeles Times:“Our re- thinghasn’t yetpervaded dominated by men. named Paramount+. Thecom- search confirmed that the plus moreimportant aspectsofour With anyluck,that will also grow the audiencefor Ms. panyseeks to keep pacewith Paramount+ joins sign has become synonymous lives.SenateDemocratshave Moore, whose essays in “Riverwalking,” “Holdfast,” “Wild AppleTV+, ESPN+, Disney+, Disney+, Apple TV+, with streaming-video on-de- refrained from calling Donald Comfort,” “The Pine Island Paradox” and other books BET+, AMC+ and others. mand services.” So of course Trump’s second trial Impeach- demonstrateher gifts.With each newbook—and the Video services didn’t start ESPN+ and others. Mr.Leavy’s serviceisnamed ment+. TheCentersfor Disease passageofyears—Ms.Moore’sviewgrows longer and this.The Apple II+ came out in Discovery+,with or without Controland Prevention doesn’t wider,though it always bringsthe focus back to avivid 1979 and Crest+ toothpastein commercials. refertothe newcoronavirus and vital sense of connection. 2002. But TV streaming com- friend Plus,” the companyex- Afunnything about mar- variant as Covid+. “We, all of us—blue-green algae, galaxies, bear grass, panies nowapparently must be plainedina2015 email, “but keting: Aplus is always aplus And Kim Kardashian,tothe philosophers, and clams—will someday dissipate into branded plus,lest consumers it’stime to moveon. We just but aminus is never aminus— best of my knowledge, never vibrating motes,” she writes. “In the end, all of natural perceivetheir offeringsasa wanted to let youknowthat we even though more products called KanyeWest “Hus- creation is only sound and silence moving through space minus.Much of this has to do areretiring the Hulu Plus name. arenotable forwhat they omit. band+++.” and time, like music.” with justifying a monthly From nowon, we will just be Budweiser wouldn’t call its charge fortelevision—which knownasHulu. No ‘Plus.’ ” lower-calorie beer Bud–. There Mr. Funt is awriter and Mr. Heitman, editor of Phi Kappa Phi’s Forum magazine, used to be free.Amorecom- Yetother streaming ser- arefat-free potato chips and host of “Candid Camera.” is also a columnist for the Baton Rouge Advocate. P2JW028000-0-A01600-1------XA

A16 | Thursday, January 28, 2021 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Two-Track Jobs Recovery When Biological BoysCompeteWith Girls

ecall the political panic afterthe Labor (-13.8%) has suffered from unique tourism I applaud Abigail Shrier in her ad- sports: educational opportunities to Department reported 140,000 job losses losses,but howdoyou explain Michigan vocacy of girls, especially when it build values of sportsmanship, team- R in December? Well, the government’s (-10.9%), NewYork (-10.4%), Massachusetts comes to the thorny issue of trans- work, persistence and physical fit- gender girls’ participation in sports ness. These values aren’t diminished stateemployment report released Tuesday (-9.1%) and the othersifnot by the degree of (“Joe Biden’s First Day Began the End but enhanced for all by inclusive poli- shows those losses were largely related to state their lockdowns? Most lost jobs were in leisure of Girls’ Sports,” op-ed, Jan. 23). Per- cies regarding gender identity. lockdowns,and jobs arerebounding rapidly in and hospitality,aswell as health care,educa- haps no issue encapsulates the hypoc- PROF. DAVID C. BLOOMFIELD lessrestrictivestates. tion and manufacturing. risy of the far-left agenda than put- CUNY Graduate Center Despitethe virus surge,employment increased On the other hand, consider the 10 states with ting the needs of the few— Brooklyn, N.Y. in 15 states last month including Texas (64,200), the fewest job losses as ashareoftotal employ- transgender girls—above those of the Georgia (44,700), North Carolina (33,600), Wis- ment: Most areinthe South, West and Midwest many—biological girls. I am hopeful I was the only girl and a competi- consin (15,100) and South Carolina (14,600). But and kept their economies open to agreater de- that female athletes will unite in op- tive member of my soccer team until these gains were more gree.Georgia (-1.7%) position to President Biden’s recent the age of 12. I led my championship than offset by losses in States with the mostand leastjob lossesasashare with itsdiversified executive order and that prominent team in goals and was named to the Michigan (-64,400), of total employment from Dec. 2019-Dec.2020 economyisespecially female athletes will express their dis- all-star team annually. I’ll never for- YOY Percentchange (preliminary) content. As Ms. Shrier eloquently get my father coming to me and ex- California (-52,200), notable.Utahand Idaho writes, so much is at stake for the plaining that it was time to look for a Minnesota(-49,800), Top10stateswith Top10stateswith even gained jobs. next generation of girls. As the father girls’ team, which I was reluctant to Pennsylvania (-37,600) the leastjob losses the mostjob losses Florida’s employ- of a first-grade daughter, this issue is consider, even as Atlanta soccer was and NewYork Idaho 0.6 Calif. -8 ment fell only 4.6% de- resonant for me. booming in the late 1970s. My wise (-37,200). spiteits heavy reliance JONATHAN N. FISKUS father knew that within the next year Utah 0.6 N.J. -8 Democratic gover- on tourism and service Riverdale, N.Y. or so it would be difficult for me to norsofthe latterstates Miss. -1.4 Minn. -8.3 industries,while Texas keep up with the boys. Their physical shut down indoor din- Ala. -1.7 R.I. -8.7 declined only 3.3%. Abigail Shrier cites the example of strength would outweigh any sort of ing (and outdoorsin Ga. -1.7 N.H. -8.8 Both were derided in just two trans athletes competing suc- finesse and skill that I possessed, no cessfully against natal girls, speculat- matter my commitment and hard California), so not sur- Neb. -2.3 Vt. -9 thenational pressfor prisingly nearly all of not following Califor- ing, without evidence, on the possible work. It is and simple biology. S.C. -2.4 Mass. -9.1 repercussions for “scouting and schol- To allow biological boys who iden- their job losses were in Ariz. -2.8 N.Y. -10.4 nia and NewYork in arship opportunities and trophies.” tify as girls to play in girls’ leagues leisureand hospitality. shutting down their Ark. -2.8 Mich. -10.9 This thin argument fails to support isn’t supportive of all of the strides Yetmost states added economies. the headline’s dire prediction and Ms. women’s sports has made in my time. Ind. -2.8 Hawaii -13.8 jobs acrossindustries, Thevaccine rollout Shrier’s contention, with its wily fig- JENNIFER JACKSON BRINSON especially trade and Source :Bureau of Labor Statistics should speed the re- ure shaming, about “a body blow to Raleigh, N.C. transportation, and covery,but jobs maybe the rights of women and girls.” some including Georgia and Texas even added much slowertocome back in states likeCalifor- President Biden’s executive order Sport competitions and leagues thousands in leisureand hospitality. nia, NewYork and Michigan that crushed busi- against discrimination based on gen- should no longer be gender based, This underlines that the economyand jobs nesses forsolong.Several Democraticgover- der identity under Title IX presents rather, they should be based on the were recovering in most states beforeCongress nors, including California’sGavin Newsom and new opportunities for trans athletes athlete’s sex chromosomes. Human fe- to compete consistent with modern males have two X chromosomes, passed its$900 billion relief bill and JoeBiden NewYork’sAndrew Cuomo,this week eased vi- definitions of gender underscored by while males possess an XY pairing. It became President. Thestatesthat arestruggling rusrestrictions,albeit toolittle and toolatefor professional organizations like the would only be fair and nondiscrimina- most imposed excessivebusinessshutdowns, manyrestaurants. American Academy of Pediatric’s pol- tory to let holders of Y chromosomes which didn’t control the virus anybetterthan Liberals saythereisaK-shaped recovery with icy in support of transgender and compete against each other. Let’s lean states that allowedbusinesstooperatewith so- the wealthydoing well and low-income earners gender diverse (TGD) children and ad- into science to keep women’s sports cial distancing. struggling.The moreimportant economic dis- olescents. In addition, the notion that fair and competitive. Notethe nearby table that shows 10 states parity is between states governed by progres- girls’ interscholastic sports are hurt SYLVIE LÉGÈRE with the largest employment declines from De- sives and pragmatic conservatives,with the lat- by this policy is forcefully contra- Wilmette, Ill. cember 2019 to December 2020: Hawaii terdoing much betterfor averageworkers. dicted by 176 leading female profes- sional, college and high-school ath- It used to be that women athletes letes, including tennis great Billie from some communist countries had Jean King and soccer star Megan Rap- to be tested because it was known Biden Defunds the States inoe, in an amicus brief filed last they were routinely pumped with tes- month opposing an Idaho law in- tosterone to win medals. I wonder if resident Biden wantstogivestates$130 ment of renewable and conventional energy re- tended to curtail transgender girls the Olympics and international com- billion moreinCovid relief,but he may sourcesonTribal lands.” Statesalso have from competing as females. petitions are going to accept Amer- P need moreafter Wednesday. Theoil and sovereign rightsunder the Constitution. Why Finally, the article’s emphasis on ica’s (President Biden’s) new defini- gaslease moratorium on fed- isn’t the Administration en- interscholastic athletes’ college and tion of women athletes? eral lands that he announced His oil and gas drilling gaging with them? professional prospects misses the MICHAEL HERBERS will erase thousands of blue- moratorium is an assault Democratic politicians in main reason for supporting school Davidsonville, Md. collar jobs—and billions of Colorado and NewMexicoha- dollarsinrevenue that states on education funding. ven’t denounced Mr.Biden’s use to fund education. land grab,but we doubt they Thefeds split mineral roy- will extend his leasing ban to Unity and Killing the Keystone XL Pipeline alties with the states,manyofwhich rely on the stateand privateland. Revenue from the oil and Regarding your editorial “Biden’s Trump’simposition of tariffs on Cana- revenue to balancetheir budgets. Some states gasindustrylast year provided about athirdof Keystone Pipeline Kill” (Jan. 21): dian steel and aluminum under Sec- also impose general receiptstaxes on oil and NewMexico’spublic school funding and helped Spareusthe concern forCanada’s tion 232 of the Trade Expansion Act, gasproduction. Wyoming statesuperintendent to financecollegescholarships. feelings. Canadians,and particularly on the assertion that those industries Jillian Balownotes that her statedepends on West Virginia Sen. JoeManchin on those of us from Alberta, have known constituteathreat to U.S. national se- some $150 million ayear in oil and gasfederal Wednesdayall but beggedSecretaryofEnergy foryearsthat Keystone wasatrisk. curity.Canada, athreat to U.S. na- royalties to fund K-12 schools. nominee Jennifer Granholm forreparations to Significant changes in energy mar- tional security? Nowthat’saninsult. A University of Wyoming study last month compensatefor the government’sfossil-fuel kets,environmental and climateout- BRIAN WARD estimated that afederal leasing moratorium destruction. “People feel likethey’vebeen left look,and political will over the 15 Thousand Oaks, Calif. yearssinceKeystonewas proposed could cost states on average $1.6 billion annu- behind. In those areas that have been ravaged have painted an increasingly bleak JoeBiden’sslap in the facetoour ally in taxrevenue.New Mexico($946 million), because of the market changes,how do we picturefor the project. These forces Canadian friends by canceling the Wyoming ($304 million), and North Dakota keep them in an opportunity situation?” he areatplayworld-wide,including in Keystone XL pipeline permit shows ($136 million) would be hit hardest, though said.“What canthe Department of Energy Canada, wherewecan’t getapipe- howhis radical-leftagenda is on Colorado,Alaska, Utah and Montana would help those areas with?” line built acrossBritish Columbia for track.The 800,000 barrels aday of also lose tens of millions of dollars. Progressivehostility to fossil fuels is driving the same reasons.Soasdisappoint- Canadian crude,which would getto Because state, privateand federal lands are these “market” changes.First the Obama Ad- ing as the Keystone cancellation may American refineries,could eventually interspersed in acheckerboardpattern, as the ministration punished the coal industrywith be to many, it is hardly asurprise or displacethe same volume nowim- study notes,Mr. Biden’sban will effectively regulation. Shale fracking then helped revive an insult. ported from our dear friends in the limitproduction on much privateand state West Virginia and much of Appalachia. NowMr. Canadians have also known forde- Middle East. Thecompanyhas started land too. Joblosses will also reduceincome Biden is trying to destroy these jobs too. cades that in dealing with America, laying off 1,000 employees and cancel- the rules maychangemidgame or ing plans to hire10,000 more. Is there and sales taxrevenues. Ms.Granholm promised to prioritize“clean that Americans maydisregardthe abetterway to trash our relationship Notably,Mr. Biden’sorder exemptsNative energy” spending in states losing fossil-fuel rules entirely if it suitsthem. Soft- with Canada than this action? American tribal lands and says “The Secretary jobs.Sorry. Solar and electric-car subsidies wood lumber comes readily to the To makematters much worse, Pres- of the Interior shall engagewith Tribal authori- won’t help people put food on the table or their mind of most Canadians.Investors ident Biden’sdisdain forthe nearly 10 ties regarding the development and manage- children through college. knowthe same thing,sothe presi- million American workerswho rely on dent’sannouncement wasneither sur- thedomestic oil-and-gas industryis prising nor adeparturefromwell-es- obvious.His stated plan is to halt fos- Schumer and His Shadow tablished practice. sil-fuel development on federal lands, As far as insultsgo, the president’s prohibit hydraulic fracturing wherehe huck Schumer has finally achieved his litical fanfare. TheNew York Congresswoman action doesn’t even rank.The gold can, and regulatethe industrytoits long-timedream of becoming Senate has continued to flog the idea on Twitterand standardfor that might be President demise is almost in place. JOHN BROSE C Majority Leader.Pity,then, that he is other media. These days Mr.Schumer seems Midway,Utah acting as if he lives in mortal to adopt everyposition that TheSenateleader There Were Steam Engines political fear of Rep.Alexan- AOCdoes. Before Wireless Chargers Icannot think of another president dria Ocasio-Cortez. echoesAOC in calling for Last year she insisted that who killed as manyjobs in his first On MondayMr. Schumer SenateDemocratskeep open Regarding “Wireless Charging Fu- two days in officeasPresident Biden called forPresident Biden to aclimate‘emergency.’ the option of killing the legisla- els Electric-Car Hopes” (Business & has.Elections have consequences.In- declareanational climate tivefilibuster and changing the Finance, Jan. 19): A similar problem deed! emergency, which would give make-up of the federal courts. faced the railroad industry in the SAL COVIELLO the newAdministration sweeping authority to Mr.Schumer said everything wasonthe table 19th and early 20th centuries. Surprise,Ariz. circumvent Congress. This echoes Donald if Democratswon the Senate. Nowthat Demo- Steam locomotives were the dar- lings of technology and absolutely By canceling Keystone’spermits, Trump’sdeclaration of aphonyimmigration cratsare in control, he has refused to disavow anything that could deliver passen- President Biden has shown the only emergencyin2019 to divert money from other dumping the filibuster in talks on sharing power gers and freight faster and faster to union membershecares about are federal accountstobuild his wall on the South- with Republicans in the 50-50 Senate. their destinations was tested. But a public employees. ern border. Mr.Schumer is watching his political train had to stop at a water tower CLAYTON SHAFER “Now, Trump used this emergencyfor a shadowbecause he’supfor re-election in 2022, (charging station) when it ran low, Inyokern, Calif. stupid wall, which wasn’t an emergency,” Mr. and Ms.Ocasio-Cortez could runagainst him sitting there, waiting a long time to Schumer said on MSNBC. “But if thereever in aNew York Democratic primary. She’dhave be refilled. Civil engineers working wasanemergency, climateisone.SoIwould no trouble raising tens of millions of dollarsna- for the railroads came up with under- Pepper ... suggest that they explorelooking at climate tionwide to runacredible campaign. And she’d way (without stopping) water re- And Salt as an emergency, which would givethem more have achancetowin if Democratsfail to meet placement. To accomplish this, flexibility.” progressiveexpectations nowthat they control trenches were built in the railroad THE WALL STREET JOURNAL bed and filled with water. As the By “flexibility,” Mr.Schumer means unilat- all of Congressand the WhiteHouse. train passed, it sucked up the water eral powertoredirect federal funds forclimate This explains Mr.Schumer’s manymoves to without slowing down. projectsand subsidies,block oil exports, sus- the left, including athreat to jam Mr.Biden’s Modifying the train, the tracks, the pend drilling projects and perhaps stop the $1.9trillion Covid spending bill through the plumbing and the labor required transport of all fossil fuels.All of this would Senateonaparty-line vote that would stretch enormous costs paid for by the rail- be illegal in our viewwithout explicit Congres- the rules of budget reconciliation. road—not the taxpayer. sional approval, and would be challenged in As forclimate, AOCseems pleased fornow Ecclesiastes 1:9: Nothing under the court, but the “emergency” strategyhas been with Mr.Biden’sWednesdayexecutiveorders sun is new. emerging on the leftfor some time. that bar fossil fuel production on federal land THOMAS KOLBER We warned Republicans that Democrats and offshoreand aredesigned to phase out Dayton, Ohio would citeMr. Trump’suse of emergencypow- fossil fuels via punitiveregulation. But watch Lettersintended forpublication should ersasaprecedent fortheir policies.And now out if Mr.Biden’slegislativeclimateproposals be emailed to [email protected]. Please here we are. and spending getboggeddowninthe Senate. include your city, state and telephone Most important forMr. Schumer’s future, The“climateemergency” talk is likely to re- number.All letters aresubject to Ms.Ocasio-Cortez endorsed aclimateemer- turn, onceMr. Schumer consultswith the ,and unpublished letters cannot “Play dead? Is that your solution be acknowledged. gencywith Bernie Sandersin2019 to much po- shadowMajority Leader. to everything?” P2JW028000-0-A01700-1------XA

THE WALL STREET JOURNAL. Thursday, January 28, 2021 | A17 OPINION How Economics Lost Itself in Data A Genocide Test Faces By Alexander William Salter through the back door. As an example, consider the cor- illiam Allen, a profes- porate tax cut debate of 2017. At is- The West sor emeritus of eco- sue waswhether labor or capital nomics at the Univer- would benefit from the cut. Price- W sity of California, Los theoretic economistssuch as Greg By Eugene Kontorovich Angeles died Jan. 15 Mankiw,Casey Mulligan and Steve at 96.Few noted it, but Allen’sdeath Landsburgpredicted big benefitsfor ecretaryofState Mike wasmomentous.Itrepresented a workers. Empirical pragmatistssuch S Pompeo’sdetermination that generational shift in the economics as Gabriel Zucman, Emmanuel Saez the People’s Republic of China profession, one that bodes ill for and LarrySummersthought this is engaged in asystematic genocide economistsand the public.Allen prediction wasnot only unscientific of the Uighurs was one of the most truly believed in economics—some- but borderline dishonest. significantrecent developmentsin thing that is hardtosay about most As it turns out, Team Price U.S. foreign policy. TheState Depart- economists these days. Theorywas right: Workerssaw large ment found that the atrocities have Allen wasamong the last of a wage increases after the corporate expanded to shocking reproductive generation of economists who were ER taxcut. Because capital adjustsover coercion: “PRCauthorities have con- ST

mastersoftheir craft. He wrote, FO time in response to tax hikes, labor ducted forced sterilizations and

along with his friend and colleague PHIL is left bearing the brunt of the re- abortionsonUyghur women, co- Armen Alchian,anexcellent econom- duction in productivity. But the re- ercedthem to marrynon-Uyghurs, ics textbookthat conveysthe power justments, such as rent controls,re- Theheightsofthe economics pro- verseistrue, too: Cut taxesoncapi- and separated Uyghur children from and potential of the economic way of sulted in costly and unproductive fession areincreasingly inhabited by tal, and labor will gain big.The long- their families.” thinking: Despitethe complexities of secondaryeffects. This wasall apart people who disdain pricetheory. Re- runadjustability of capital is a Because the announcement came markets, economists can get at the of abroad explanatoryproject. lianceonthe economic way of think- classic price-theoretic result. Score shortly before President Biden’s in- heart of how they work by focusing While individual economistshad ing in solving problems is viewedas one for the old school. auguration, itsfar-reaching implica- on prices. This insight is so impor- their policypreferences,the eco- obsolete and unscientific. The data While the divergencebetween tions haven’t sunk in. TheTrump ad- tant, it gives economists’ core tool nomic way of thinking wasabove jockeysthink they’recutting-edge, pricetheoryand pragmatism is obvi- ministration would have done better kit aname: pricetheory. Nobody can politics. but they’remerely repeating old ous in policydebates,policyisn’t the to issue this finding beforethe elec- be an economist who is unfamiliar Foryears, economics has been mistakes. In the late 19th and early biggest issue here. What thegovern- tion, but officially invoking the with or uncomfortable using this getting lesstheoretical and more 20th centuries,economistsofthe ment should or shouldn’t do is a “genocide” label met significant re- tool kit. empirical. Economists are spending German Historical and Old Institu- value judgment. An economist could sistancewithin the government, as it lesstime building and thinking tionalist schools thought they could agree with Messrs. Mankiw,Mulligan has in past presidencies.Mr. Pompeo through simple models,and more make do with history and statistics and Landsburgabout the growth ef- deserves credit forpushing it Today’sresearchershave time collecting and analyzing data. alone, unconstrained by theory. In fectsofcorporatetax cutsbut op- through. The“identification revolution” in the end, they gotsoboggeddownin pose them on deficit grounds,for ex- Thenew secretaryofstate,An- tossed out pricetheoryand economics raised the payoff, in the details that they came up with very ample.Nevertheless, that the tony Blinken, also deserves credit for don’t realizethey’ve been form of elitepublications,tofinding little that lasted. supposedly ideological and unrigor- not making genocide apolitical is- good datafromquasiexperimental Acommon anti-price-theorytrope ous economists came out on top in sue: He immediately concurred in his politicallycompromised. settingsand conducting advanced is that itspractitionersare political this kerfuffle shows that by scien- predecessor’s determination. It is statistical analyses.Betterempirical ideologues masquerading as scien- tific standards—intelligibility and nowAmerica’sofficial, bipartisan work should certainly be applauded. tists. Theoppositeiscloser to the predictability—pricetheorystill position that Chinaisengaged in Yetbythis standard, thereare not But it came at a cost: an entire co- truth. Old-school economics recog- matters. “ongoing” genocide—the gravest of many economists left. Professional hort of economistswith serious the- nized that trade-offs and constraints To fixeconomics,economists all international crimes. economistsare abandoning price oretical blind spots. areeverywhere. Thereare no free must again insist on the primacy of theoryindroves. Thenew status quo Datadoesn’t interpret itself.Con- lunches.Armed with pricetheory, pricetheory. Theeconomic way of has upended the field. Economics is trary to the rallying cry of this new economistsresisted the politically thinking is not optional. Nor is it an We know what China is increasingly lessscientific and more breed of economists, we cannot “just appealing but economically unsound impediment to social science. In fact, susceptible to political influence. let the dataspeak foritself.” What proposals of both the right and left. pricetheoryisthe only thing that doing in Xinjiang. It’s now Theabsenceofpricetheoryinto- and how you measure rely on theo- Today’seconomists, innocent of makes social science possible. Wil- official. How will woke day’seconomic research would have retical judgmentsabout howmar- price theory, have no such armor. liam Allenhas leftus, but what is befuddled the great economistsof kets work. The way you understand Theatheoretical approach of con- dead maynever die: We still have his corporations react? the past. Contrarytothe field’snay- concepts like competition, barriers temporary economists makes them articles and books, as well as those sayers, the golden age of 20th-cen- to entry, and market powercan com- particularly susceptible to the tech- by his friends and colleagues.What- tury pricetheorywas never about pletely changehow youinterpret nocratic pretensions of the center- ever thefads among economists, the JoeBiden wasahead of the curve, “neoliberalism” or “market funda- identical data. Is an industrywith a left. If,contrarytothe claims of enduring contribution of economics accusing China of genocide in Au- mentalism.” Instead, it appliedto smallnumber of high-earning firms price theory, there are no enduring to human knowledge is and always gust. At the time aBiden spokesman marketsasimple yetbrilliant frame- oligopolistic due to itsconcentra- laws of economics, then there is no will be price theory. added, “Ifthe Trump administration work that revealed the hidden ways tion? Or is it competitivedue to con- reason to stop the technocratsfrom does indeed choose to call this out market prices—exchange ratios be- tinued customer satisfaction? Price tinkering.Manyofthese economists Mr. Salter is an associate profes- for what it is, as Joe Biden already tween goods—facilitated an extraor- theoryhelps us makesense of these don’t realize they have been politi- sor of economics in the Rawls Col- did, thepressing question is what dinary amount of economic coordi- questions.Going to the datawithout cally compromised. They seeitas lege of Business at Texas Tech Uni- will Donald Trumpdototakeac- nation. It also showedwhy many astrong theoretical grounding is an “just the facts, ma’am” pragmatism. versity and afellow at TTU’s Free tion.” That question now passes to (but not all) restrictions on pricead- invitation to confusion. In reality, it is ideology sneaking in Market Institute. Mr. Biden. TheState Department has made a finding of genocide only six times, two of them in the past quarter-cen- The Big Tech Crackdown Is a Gift to tury: regarding Islamic State atroci- ties against religious minorities in By Tomas J. Philipson Thegrowthinfutureusers 80 million followers. Many of these most on federal lobbying last year of Syria and Iraq (2016) and Sudan’s doesn’t have to be large to raise the users may decide to depart Twitter all U.S. companies. campaign in Darfur (2011). But ISIS he coordinated actions of Big value of Parler.Itseems safetoas- forplatforms that allowthem to More strikingly, mandatory anti- and Sudan weren’t exactly major U.S. T Tech against Parler,afree- sume that the number of userswill hear from the voices they’reinter- trust is lessneeded when an incum- trading partners. speech competitor to Twitter, be largerinMarch this year than it ested in following. The potential fi- bent likeTwitterisapparently China is atrading partner and eco- have attractedmuch attention and would have been without the Big nancial losses to Twittersharehold- breaking itself up voluntarily. Anti- nomic behemoth, and one with which debate. Some arguethat deplatform- Tech effort. And the growth doesn’t erscould turn out to be large enough trust regulators in the fast-moving the U.S. has extensivediplomatic con- ing Parler wasnecessarytostopfur- have to be hugetomakeabig dif- to raise issues of legal shareholder tech industry are often too slow to tacts. Will the U.S. nowreframe all its ther violenceafter the riot at the ference. Losing 100% of amonth’s action. keep up with newentry, as the 1990s relations with Beijing? Anything re- Capitol on Jan. 6. Otherssee political earningstoswitch serversiseasily All this makes mandatory break- Microsoftcase illustrated. Freeing sembling businessasusual will make discrimination at work,given that upsthrough government antitrust competition will benefit the con- ajokeout of genocide. Facebook,YouTube and Twitteralso action less necessary. It is true that sumer morethan erecting utilitylike As interesting will be the re- host bad actors. Everyone seems to The losses from finding social-media monopolies areharder regulation. sponse in the privatesector,espe- agree that the actions by Big Tech to competewith than monopolies in Collusion and monopolization of cially among those who have prided caused great harm to Parler. new servers will be dwarfed other industries because sizeitself is news-related social-media platforms themselves on their commitment to On thecontrary, thereare strong by the gains from all valuable forasocial network.But is concerning,but Big Tech’sgifts to human rights, minorities and speak- economic reasons to think Parler will competition rather than regulation is Parler will acceleratecompetitivere- ing truth to power. Will they con- benefit in the long run. Thevalue of the free publicity. the preferred remedy.This is partic- lief.Marketsseldom leave money on tinue to deal with aState Depart- the free publicity will ultimately far ularly true when themonopolies are the table by ignoring consumer frus- ment-designated genocidal regime? outweigh the lossofrevenue from funding political campaigns and tration with existing products. Will universities continue to host being shut down forafew weeks. made up by along-run gain of afew staffing the antitrust regulatory China’sCommunist Party-sponsored Parler has become ahousehold percentagepointsofmonthly users agencies with alumni.Regulatory Mr. Philipson, an economist at the Confucius Institutes while solemnly name. It was a company; now it’s a afterward. Such asmall gain seems capture by industries often aims at University of Chicago, served on the educating about “anend to impu- cause. morethan likely given the multi- limiting competition, and lenient an- White House Council of Economic nity” forgenocide in their law Theattack on Parler follows a ples of 100% growth in Parler users titrust is agood channel to do so. Advisers as amember and acting schools? Will companies that pride long history of incumbent monopo- afterTwitter’ssuppression of sto- Facebook and Amazon spent the chairman from 2017-20. themselves on their wokenesson lies trying to raise costs on new ri- ries about Hunter Biden’sbusiness cutting-edgesocial-justiceissues vals.OnceParler gets newservers dealings. displaymoral clarity on genocide? up,however, using aphone to sign There’s no way Parler could have Will Bed Bath &Beyondstoppur- up or log on through abrowser paid foraninternational ad cam- Notable & Quotable: Program chasing from China, on the theory rather than an app is asmall barrier paign with similar reach. Thetelevi- that genocide is least as bad as what to entry. Manyhighly profitable sion and news coverage alone would From aJan. 26 New York Sun edi- the topmargin and enables it to per- the MyPillow guy did? websites have no apps. have cost well morethan amonth of torial: ceive that lowered taxes can result Last week Twitterlocked the ac- ThebenefitstoParler from Big forgone earnings. AParler-funded in higher revenues. . . . count of China’sEmbassy to the U.S. Tech’sactions come in the long haul. campaign couldn’t buy,atany price, Following are the procedures for Step 4. Removing the Brexit bar- because of tweets grotesquely cele- Thevalue of anycompanystems the name recognition from being deprogramming The New York Sun. coding. This wasinstalled at the Sun brating thecampaign of genocide. from the present value of its future mentionedonthe nightly news for We offer them in light of Katie Cou- early in this century. It enabled the This is astart, but it falls short of earnings. An investment raises this the past month. ric’sswipe at Trump supporters. paper to citeliberty principles in the standards Twitterhas set forit- present value when the up-front cost Big Tech is not only implicitly in- “The question,” she told Bill Maher, supportofBritish independence self in banning Mr.Trump perma- is dwarfedbythe gains in future vesting in Parler but also handing “ishow arewegoing to really al- from the European Union’s diri- nently.Celebrating or lying about earnings. Big Tech has made an im- over manyofits customers. Twit- most deprogramthese people who gistes. Brexit bar-coding is not uni- genocide is surely as bad as lying plicit investment in Parler by impos- ter’sactions caused millions of users have signed up forthe cult of versally available in the American about elections,and by this standard ing a short-run cost that is smaller to open accounts with the competi- Trump.” TheWashingtonPost col- press, so the Times and other papers most Chinese government accounts than the morelasting futuregain in tion. Donald Trump,who waskicked umnist Eugene Robinson reckons the missed this scoop. . . . should be banned. earningsenabled by the free market- off Twitter, and Rush Limbaugh,who number of Americans who need to Step 5. Disabling the connection Some companies will likely tryto ing campaign. leftvoluntarily,each had morethan be deprogrammed is in the “mil- to the Constitution. This is one of cabin the issue to Xinjiang.But while lions.” . . . the most important steps in depro- China’s policy is carried out in that Step 1. Disconnecting the Re- gramming the Sun. Itssystemof region, it is fully owned and au- publican solenoid. This device was checks and balances allows editorials thored by the Communist Party lead- PUBLISHED SINCE 1889 BY DOWJONES&COMPANY installed after the Civil War by the of the Sun to be self-adjusting. . . . ership in Beijing.Itisinseparable Rupert Murdoch Robert Thomson Sun’snew proprietor,Charles Dana. Step 6. Unhooking the unalien- from the regime. Would these com- Executive Chairman, News Corp Chief Executive Officer, News Corp Beforethe war, Dana had been fired able rights. Extreme care is required panies do businesswith Sudan’s Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher from the Tribune by that jackanapes in performing this step.Makesure genocidal former leaders, so long as Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: HoraceGreeley,who’d endorsed not to attempt it before Step 5. . . . it wasn’t in Darfur? Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Southern secession, to which Dana’d This is the programming that en- Private companies may carry on Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; objected. Whereupon Dana gothired ableseditorsofthe Suntosee the anylawfulbusinessthey choose,and News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; by Abe Lincoln to cover the war for difference between America, which the genocide determination carries Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer one reader — the president. . . . protectsrightsbyforbidding the no concretelegal consequences.But Andrew Dowell, Asia; AnthonyGalloway, Video & Step 2. Lifting out the gold core. government from abridging them, forcompanies that professacom- Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; This system of measuring value was and others, which see rightsas mitment to some higher good, or to Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; installed in the 19th century, when granted by the government itself. adoctrine of corporatesocial re- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; William JenningsBryan ranfor pres- Step 7. Extinguishing the light of sponsibility, this will be revelatory. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News ident on a platform of inflation. . . . Sinai. This biblical bulb has been Aretheir policies truly motivated by Thomas SanFilippo, Customer Service; The Sun sided with gold. used by editorsofthe Sunfor nearly aconcern forjusticeand minority GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; Step 3. Extracting the Supply twocenturies to avoid, among other rights, or by some combination of Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; Side mechanism. This contraption things, the error that has tempted so expiatoryritual and anarrow parti- Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International wascopied from the Wall Street manyjournalistic types—idolatry. san agenda? WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: Journal by the current editor of the One has to be carefulindealing with LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head Sun, back when he waspulling an this illuminator,which lit the way Mr. Kontorovich is director of the

EDITORIAL AND CORPORATEHEADQUARTERS: oar in the Journal’s editorial galley. forthe pilgrims who came to Amer- Center for the Middle East and Inter- 1211 Avenue of the Americas, New York, N.Y., 10036 It works likearatchet to prevent the ica. Best do this step last, as it’s national Law at George Mason Uni- Telephone 1-800-DOWJONES Sunfromcriticizing most taxcutsat hard to work in the dark. versity’s Scalia Law School. P2JW028000-0-A01800-1------XA

A18 | Thursday, January 28, 2021 THE WALL STREET JOURNAL. WORLD NEWS Indians’ Fear of Spending Chokes Growth

Consumers helped Coronavirus forced Indians to than 20,000.The amount of put away moremoney. currencywith the public in create world’s fastest- December wasstill up 23% Quarterly assets as a from ayear earlier,the Indian growing economy; percentageofGDP Covid-19 ended that Banks’ Association said. 20% Mobility data from Google shows people areholding back BY ERIC BELLMAN on shopping. Activity around 15 retail and recreational loca- NEW DELHI—Most Covid-19 tions in India this week re- restrictions have been liftedas mained around 27% belowthe cases have plunged, but Indi- 10 level seen beforethe coronavi- ans arestill stashing away russtarted to spread. That their rupees and building bank is on par with some countries balances. 5 that arestruggling with NewDelhi maid SaritaEkka surges, including the U.S., has the beginningsofanim- whichisdown26%, according pressive trousseau stacked in 0 to the Google Mobility Report. acorner of her humble home: FY 2018 2019 2020 If the savingsare mostly

anew juicer,sandwich grill, S forced—meaning from people Note:1Q2020estimate is based on the

pots, utensils,15saris and a PRES whocan’t spend as freely as full set of gold jewelry. assumption of unchanged deposits as in the they would like—the pent-up TED previous quarter.Fiscal year starts April 1.

Last year she stopped shop- CIA Source:ReserveBank of India demand could lead to aspend-

ping and put off wedding SO ing spree onceunleashed. If plans to build her safety net as AS whichhas generally been most of thesavingsare out of Covid-19 constricted opportu- around 7% foryears, shot up fear about jobs and health, it LANKI/

nities and income. SO to morethan 30% in April. could become alonger-term “Marriagecan wait. I’m While it is still above normal drag on the economy. AJIT saving forCovid emergencies,” Household savings have grownsharply as Indians worry about the economic impact of the pandemic. rates, it has come down to less Thepoor,who makeupa she said. “What if Ilose my than 15% in recent months,il- majority of the populace, have job? What if I have a medical ple have been able to save” India’s grossdomestic product jumped from 0.2% of GDP to lustrating that much of that been harder hit. emergency? Lifeismoreim- andcould powergrowth, said contracted morethan 15% in 5.6%, mutual-fund assets savingswas forced on con- “The 85% of the labor force portant than these things.” Pranjul Bhandari,chief India the six months through Sep- climbed to 2.0% from 1.4% and sumerswho couldn’t spend as who work in the small and in- ConsumerslikeMs. Ekka economist at HSBC. tember,making it one of the holdingsofsimple cash rock- much as usual when they were formal sector,they probably arethe main growth engine in Fewcountries have been worst-performing major econ- eted to 5.4% of GDP from 1.3%. ordered to stay home early in have seen acut in their wages the world’sfifth-largest econ- harder hit by the pandemic. omies for that period. Developed countries also the outbreak. and salaries,” Ms.Bhandari omy. Their willingnessto India has tallied morethan 10 India’shousehold financial sawpersonal savingsrates Thereare indications the said.“There’sanelement of spend will set the course of million confirmed cases, sec- savingsshot up to 21.4% of climb early in 2020, but they savings rate in India remains fearfulsavingsthereand inse- the recovery. ond only to the U.S. Thecoun- GDP in June from 7.9% ayear quickly came down oncere- stubbornly high, even as infec- curity about their jobs.” “There’sthis hugemountain try once had the world’s fast- earlier,the central bank said in strictions were eased. TheU.S. tions have dropped from al- —Vibhuti Agarwal of money out therewhich peo- est-growing economy, but areport in November.Deposits savingsrate, forexample, most 100,000 aday to fewer contributed to this article. U.S. FliesB-52OverGulf in MessagetoIran Saudis

BY GORDON LUBOLD AND STEPHEN KALIN Sue Aide

AL-UDEID AIR BASE, Qa- tar—ThePentagon sent aB-52 In Exile bomber acrossthe Persian Gulf region on Tuesday, the sixth such sortie sincelast fall, in a Astate-owned conglomer-

showofdeterrencetoIran. GES ateofSaudi Arabia has sued

TheB-52H Stratofortress, a IMA the country’s former spymas- long-rangeheavy bomber,flew terinaCanadian court, alleg-

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Arabia, and down the eastern FR Saudi coastline near the United By Stephen Kalin

Arab Emirates and Qatar before GENCE in Riyadh and Bradley /A

returning to the U.S.,asenior E Hope in London military official said. RC FO “Our intent is to maintain Tahakom Investments Co., AIR

that enduring defensivepos- US asubsidiaryofSaudi Ara- ture, to deter anyaggression in A U.S. Air Force B-52 Stratofortress strategic bomber in flight over the Middle East on Wednesday, accompanied by Saudi warplanes. bia’ssovereign-wealth fund, the region, promoteregional filed the civil suit in Ontario security and assureour allies,” No attack on U.S. assets and adefensiveresponse by a Superior Court against Saad al the senior militaryofficial said. came and the immediate Biden Pauses Sales usual foranew administration Patriot surface-to-air intercep- Jabri,who fled the kingdom TheU.S.has been on guard threat from Iran has subsided to reviewsales approvedbya tormissile system inside the and is nowliving in Canada. forthe past couple of months somewhat, topmilitaryoffi- To Riyadh, U.A.E. predecessor,and thatdespite capital’sdiplomatic quarter, Mr.Jabri is the former top and has been worried about cials said, but the Pentagon re- the pause, manyofthe trans- which is adjacent to Yamama aide of PrinceMohammed bin the threat posed by Iran, , mains watchful. actions arelikely to go forward. Palace. Further details of the Nayef,known as MBN,who multiple officials have said. On Saturday, the Saudi capi- The Biden administration But in line with campaign incident remain unclear, with wasremoved as crownprince American officials have tal, Riyadh, wasattacked with has imposed atemporary pledges made by PresidentBi- no public comment by the in 2017 by King Salman in fa- blamed Iran-backed militias for armeddrones or missiles for freezeonU.S. arms sales to den, Washington is seeking to Saudi coalition or the Houthis vorofhis son, Mohammed bin repeated rocket attacks on U.S. the firsttime in seven months. Saudi Arabia and the United ensurethatU.S. weapons more than 24 hours later. Salman,orMBS.Saudi au- facilities in Iraq last year,such TheSaudi-led coalition fighting Arab Emirates as it reviews bil- aren’tused to further the U.S. militaryofficials de- thorities detained MBN last as onelast month that caused in Yemen said it had intercepted lions of dollars in weapons Saudi-led campaign in Yemen, clined to comment on Tues- year and accused him of plot- minor damageatthe embassy the projectiles,but two people transactions approved by for- whereits conflict with the Ira- day’s incident. ting a coup. compound inside Baghdad’sfor- familiar with the mattersaid an mer PresidentDonald Trump, nian-aligned Houthis has re- TheB-52 flightshavebe- MBN wasonceone of the tified Green Zone.Washington important royalcomplexhad U.S. officials said. sulted in thousands of civilian come aregular practiceinthe most influential membersof has condemned regular cross- suffered minor damage. The review, the officials deaths and widespread hunger. region. Theflight wasthe the Saudi ruling family and a border missile and drone strikes While the Biden administra- said, includes the sale of preci- In aTwitterpost, the U.A.E. sixth such maneuver sinceNo- trusted U.S. ally known forhis launched by the Iran-aligned tion has vowedtoreassessthe sion-guided munitions to Ri- Embassy in Washington said, vember—and the thirdthis role in helping combat al Houthi rebels in Yemen against U.S.’s relationship with Saudi yadh as well as top-line F-35 “Asinprevious administrations, month—with morebeing Qaeda. His dismissal capped civilian targetsinSaudi Arabia. Arabia and end its support of fighters to Abu Dhabi, adeal the UAEanticipatedareview planned forthis spring,mili- the rapid rise to power by his TheU.S.kept an aircraft Riyadh’s war effort in Yemen, Washington approvedaspart of currentpolicies by the new tary officials said. Tuesday’s younger cousin, MBS. carrier in the region, main- Washingtonquickly con- of the Abraham Accords,in administration.” flight was planned weeks ago Mr.Jabri, foryearsat tained other militarycapabili- demned the attack and reiter- which the Emirates established Officials at the Saudi Em- andwasn’t triggeredbyany MBN’sside in the Interior ties and militarycommanders ated itscommitment to the diplomatic relations with Israel. bassy didn’tcomment. particular event, officials said. Ministry, which MBN helped were on high alert, officials kingdom’s defense. U.S. officials said it isn’tun- —Warren P. Strobel Thesenior official said such run, is credited by former U.S. said.That stemmed from the Thecoalition blamed the at- flightsare intended to deter officials with helping stop ter- consensus of intelligenceana- tack on the Houthis,who de- Iran and reassureallies in the rorist attacks on Western tar- lystswho intercepted messages nied responsibility,and the U.S. the Trump administration Iran to test how President Bi- region, thus maintaining secu- gets.Hewas firedseveral indicating Tehran or itsproxies also implied they were to againstIran, Tehran hasn’t den—who has signaled that he rity while the Biden adminis- months before his bosslost in the region were planning to blame.Apreviously unknown significantlyrolled back its would take amoreconciliatory tration settles on anew policy his job,which prompted his avengethe death of Maj.Gen. group called “True Promise supportfor allied militias in approach to Tehran than for- forthe country, the official flight to Canada. Qassem Soleimani, the leader Brigades” that purportstobe the Middle East. mer President Donald said. Thelawsuit against Mr. of Iran’s eliteIslamic Revolu- based in Iraq distributed a TheHouthi rebels as well as Trump—in his early days in President Biden has indi- Jabri highlightsthe clash at tionaryGuardCorps, who was statement on Telegram claim- amultitude of Iraqi militias— officeresponds to threats catedawillingnesstoreturn the top echelons of the Saudi killed by an American drone ing it had targeted Yamama whichthe U.S. accuses Iran of against U.S. allies in the Gulf, to the 2015 nuclear deal from monarchyand bringsunprece- strike in Iraq in January2020. Palaceand other sites in Ri- backing with weapons,money said Phillip Smyth, an expert which President Trump pulled dented scrutiny in a Western Officials also feared Tehran yadh in retaliation to alleged and training—have continued on Iranian-backed militias the U.S. in May 2018. Beyond court to the opaque business might trytotakeadvantage of Saudi support forIslamic State. to threaten and occasionally with the WashingtonInstitute that, theBiden WhiteHouse dealings of the royal family. the chaotic transition of gov- Regardless of who was be- attack the interests of Wash- for Near East Policy. hasn’t made public anyfurther Thelawsuit alleges MBN col- ernment in Washington, possi- hind the attack,the incident is ington and its allies. Residents of Riyadh on plans on Iran. luded with Mr.Jabri to receive bly by attacking allies or strik- asign that despiteseveral Therecent attack on Riyadh Tuesdayreported what ap- —Sune Engel Rasmussen at least$1.2 billion in misap- ing at American troops in Iraq. yearsofmaximum pressureby is also likely an attempt by peared to be asecond attack contributed to this article. propriated funds.MBN alleg- edly transferredatleast $55 million to Mr.Jabri as kick- WORLDWATCH backs,according to the suit. MBN,who remains in custody in Saudi Arabia, isn’t named as JAPAN actors following the March 2011 demic observed the 76th anniver- RUSSIA adefendant in the lawsuit that tsunami and earthquake. sary of the liberation of Auschwitz. wasfiled in the Canadian court. Fukushima Cleanup The experts said the bottom Most International Holocaust Police Raids Target Acampaign advocating for May Be Delayed of the sealed plug, a triple-lay- RemembranceDay commemora- Navalny’s Family the Jabris said the family ered concrete disc-shaped lid 12 tions were being held online this would “fight the recycled cor- Adraft investigation report meters (39 feet) in diameter sit- year because of the virus, including Moscow policelaunched a ruption allegations vigorously into the 2011 Fukushima nuclear ting atop the primary contain- the annual ceremonyatthe siteof series of raids Wednesdayon and areconfident they will suc- meltdown, adopted by Japanese ment vessel, is coated with high the former Auschwitz death camp, apartments and offices of jailed ceed in dismissing them.” It nuclear regulators Wednesday, levels of radioactive Cesium 137. whereNazi German forces killed Russian opposition leader Alexei said in response to the case: says it has detected dangerously —Associated Press 1.1 million people in occupied Po- Navalny’sfamily and associates, “The family welcomes the op- S high levels of radioactivecontam- land. The siteisclosed to visitors arresting his brother. portunity to faceoff against

PRES ination at twoofthe three reac- POLAND because of the pandemic. The searched locations in- MBS in neutral judicial forums.”

TED tors, adding to concerns about In one of the few live events, cluded Mr.Navalny’sapartment, MBN hasn’t been reachable CIA decommissioning challenges. Auschwitz Survivors mourners gathered in Poland’s wherepolicedetained his for comment since his deten- SO

AS The interim report said data Mark Liberation capital to pay their respects at a brother,Oleg, and arented tion in Riyadh last year.

ADI/ collected by investigators memorial in the former Warsaw apartmentwhereMr. Navalny’s SupportersofMr. Jabri say

RIY showed that the sealing plugs AJewish prayer forthe souls ghetto, the largest of all the wife, Yulia, has been living. the system that enriched him sitting atop the No. 2 and 3 re- of the people murdered in the Ho- ghettos where European Jews The raids came four days be- wasbusinessasusual in Saudi MET actor containment vessels were locaustechoed Wednesdayover were held in deadly conditions fore newproteststhatMr. Na- Arabia and had the blessings SLA SMOKE AND ASH: Mount as fatally contaminated as nu- wherethe Warsawghetto stood before being sent to die in mass valny’ssupporters have called of MBN,who wasthen interior Merapi in Indonesia erupted clear fuel debris that had melted during World WarIIasaworld extermination camps. forSunday. minister,and the lateKing Ab- Wednesday. No one was hurt. and fell to the bottom of the re- paused by the coronavirus pan- —Associated Press —Associated Press dullah. P2JW028000-4-B00100-1------XA BUSITECHNONELOGY: SAMSUNGSSPOSTS 26%&FINCREASE IN QUINARTERLY PRANOFIT B4 CE

© 2021 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. Thursday, January 28, 2021 | B1

S&P 3750.77 g 2.57% S&P FIN g 2.94% S&P IT g 1.92% DJ TRANS g 2.90% WSJ $ IDX À 0.51% LIBOR 3M 0.212 NIKKEI (Midday) 28323.06 g 1.09% See more at WSJ.com/Markets Exxon to Revamp Board, Policies Stocks

Exxon Mobil Corp.ispre- been reducing itsoverall cap- with the firm sincemid-De- gies which arekey to reduc- Dive on paring to makechanges to its ital spending,could also cur- By Cara Lombardo, cember and that itsboard-af- ing emissions and meeting boardand adopt further mea- tail it further. Emily Glazer fairscommitteewould evalu- societal goals consistent with sures to reduceits carbon Exxon is in talks with one and Dana Cimilluca atethe nominees. the Paris Agreement.” Va ccine footprint as the beleaguered of the activists, D.E. Shaw “ExxonMobil will continue Exxon could announcethe energy giant faces pressure Group,which might end up D.E. Shawcould still fall to updateshareholdersinthe changes as soon as next from apair of activist inves- supporting themoves,some apart. coming weeks on the com- week,possibly with its tors. of the people said. Likeother activists, D.E. pany’sstrategytobuild long- fourth-quarter earningsTues- Shortage Thecompanyisdiscussing Meanwhile,the other, En- Shaw sometimes employs term, sustainable value for day, the people said, though adding one or morenew di- gine No.1LLC,ismoving for- nonbinding handshakeagree- shareholders,” Exxon said. “It thereisnoguarantee it will rectorstothe boardand step- ward with aplanned proxy ments with the companies it will also provide updates on do so. BY WILL HORNER ping up sustainability invest- fight forfour boardseats, it targetstoavert aproxyfight. companyperformanceand Thecompanyisexpected AND PAUL VIGNA ments, people familiar with said Wednesday. Thecompanysaid in re- actionstoaddressclimate to report itsfourth straight themattersaid. Based in Ir- Exact details couldn’t be sponse to the Engine No.1 change, including initiatives quarterly loss, the longest Major stock indexessuffered ving, Texas, Exxon, which has learnedand the talks with movethat it has engaged to commercializetechnolo- PleaseturntopageB2 their sharpest one-daylosses sinceOctober amid concerns aboutCovid-19 vaccine distri- bution, while traderswerealso Startups Heed Call for American Batteries captivated by the frenzied trad- ing in GameStop and other heavily shorted stocks. GameStopsurged$199.53, or BY BEN FOLDY 135%, to $347. 51, and AMC En- AND REBECCA ELLIOTT tertainment Holdings soared $14.94,or301%, to $19.90, part Theautoindustry’squick- of abattlebetween daytraders ening shifttoelectric cars is and short sellers. Both stocks spurring investment in an- areupmorethan 800% in Jan- other emerging industryin uary. Until Wednesday, the the U.S.:manufacturing lith- broader market’smoves had ium-ionbatteries forthose been relatively muted in recent vehicles. sessions,despitethe wild China currently dominates swingsinahandful of individ- the market forproducing elec- ual stocks. tric-vehicle batteries.But as Theblue-chip indexfell auto makersspend billions to 633.87points, or 2.1%, to build moreplug-in models in 30303.17,extending itslosing the U.S.,investorsare increas- streak to five sessions,and the ing their betsoncompanies S&P 500 dropped 98.85points, lookingtoexpand the supply or 2.6%, to 3750.77. TheNasdaq chain forbatteries and related Compositelost 355.47points, materials in North America—a or 2.6%, to 13270.60.All three region that has long relied on indexesposted their biggest importsfor such components. one-daylosses on apoint and Sila Nanotechnologies Inc., JOURNAL percentagebasis sinceOct. 28.

aSilicon Valley startup that REET Newvariantsofthe Covid-19 ST

makes silicon anode materials LL PleaseturntopageB11

used in batteries,isamong the WA latest to attractWall Street THE

backing. Thecompanysaid R FO

Tuesdaythat it has raised M Short $590 million in newfunding. LA Much of that money will be EPHEN

used to build afactoryinthe ST Sellers PleaseturntopageB4 An engineer works behind a tinted partition at Sila Nanotechnologies, which makes silicon anode materials used in batteries. Targeted ZuckerbergSees TeslaHitsFirst Year of Profit BY GREGORY ZUCKERMAN AND GEOFFREY ROGOW

Apple Increasingly With Plans to BoostOutput Andrew Left is no stranger to conflict when it comes to in- vesting.Hemakes aliving bet- As Big Competitor BY REBECCA ELLIOTT ply with emissions-related Mr.Musk,who doesn’t accept a ting that companies will stum- rules.Such creditsbrought in salaryfromTesla, became eli- ble,and he calls out executives BY SARAH E. NEEDLEMAN On an earningscall Wednes- Tesla Inc.posted itsfirst roughly $1.6billion last year, giblefor multiple tranches of by name. daywith analysts, Mr.Zucker- full-year profit and laid out up from $594 million in 2019. stockoptions last year. Companies and their support- Facebook Inc.posted record berg uncharacteristically lam- plans forasharp increase in But Tesla said itsbottom Shares in the carmaker ersfight back,but the criticism revenue and profit forthe basted Apple during his production over the coming line in the latest quarter was slumped morethan 3% in after- he normally gets is nothing com- fourth quarter while warning opening remarks,saying the yearsafter meeting rising de- weighed down by arangeof hourstrading. pared with the venom spewedin of challenges including grow- iPhone makerhas made mis- mand forelectric vehicles with factors, including supply-chain Tesla delivered quarterly recent days by stock traderswho ing friction with Apple Inc., leadingclaims about user pri- record deliveries. costsand preparations forup- profit during the pandemic de- have come together online to which Chief ExecutiveMark vacy and that the newrules TheSilicon Valley carmaker dated versions of itsModel S spitethe temporaryshutdown driveupshares of an unlikely Zuckerbergsaid is increasingly around advertiser tracking will expectstoincrease deliveries luxurysedan and Model X of itsU.S.car plant because of momentum stock,mall retailer one of his company’sbiggest hurt small businesses. by about50% annually—and, sport-utility vehicle. the health crisis. To manage GameStop Corp. competitors. Apple has defended itself, ChiefExecutiveElon Musk on Costslinked to Mr.Musk’s theimpact,Mr. Musk battled “It makes youfeel vulnera- Apple and Facebook have saying it doesn’tplan to pro- Wednesdaysaid, likely topthat stock-based compensation with local authorities to reopen ble,” Mr.Left, 50,founder of tussled in recent yearsonis- hibitsuch tracking but that it rate this year and next. The packagealso dented earnings. PleaseturntopageB4 Citron Research, said in an in- sues ranging from datacollec- will simply requireapp makers companydelivered around half terview. “Weliveinaworld tion to app-storefees,though to obtain users’ permission to amillion vehicles to customers wherewe’reall exposed and the latest flashpoint is cen- do so.The initiativehas ran- last year. people don’t understand teredonthe iPhone maker’s kled the broader advertising Mr.Musk last year suggested boundaries.” plan to enable userstoopt out community. adeliverytargetofabout Theangrytradershave of third-party apps from col- Mr.Zuckerbergalso said 840,000 to one million vehicles shared his personal informa- lecting certain data—a move Apple and Facebook arelikely in 2021. Wall Street’sprojection tion,hacked intoMr. Left’s so- Facebook has said could ham- to collide as competitorson is forabout 796,000 vehicles. cial-media accountsand texted perits ad-targeting capabili- other frontsinthe yearsahead, For2020,Tesla reported a Mr.Leftand his two children, ties.AsFacebook has grownto including in categories such as profit of $721 million on about using threatening,profane and become the world’slargest so- immersivecomputing as well $31.5billion in sales,supported personal language, according to cial network,with roughly 1.85 as messaging.Hedescribed by the increase in deliveries people close to the matter. billion daily usersinthe latest Apple’siMessageasthe largest and higher revenue from regu- Other short sellershavealso quarter,ithas become an on- U.S. messaging platform by de- latorycredits. That compares been targeted in these forums. line advertising behemoth fault because it comes prein- with an $862 million lossand In the past week,therehas been through itsability to harness stalledoniPhones. salesof$24.6 billion in 2019. an uptick in references to well- the reams of information users “Apple maysay they’redo- Thecompanytopped Wall known short sellerslikeMr. Left shareand help businesses to ing this to help people,” he Street’srevenue expectation of and MuddyWaters LLC’sCar-

reach narrow bands of users said about the iOS14plan. about $31.1 billion, according to /REUTERS sonBlock on Reddit channels,

based on their internet behav- “But the moves clearly track FactSet, though it missed profit NG blogsand other social-media

ior. PleaseturntopageB4 estimates. WA venues,according to areview Tesla’sfinancial resultshave by Meltwater, aglobal media in-

been buoyedbythe sale of reg- TINGSHU telligencecompany. ulatorycreditstorival auto Tesla has benefited from growing electric-vehicle demand in Muddy Waters’s Mr.Block, INSIDE makersthat need them to com- China. Above, a showroom in Beijing earlier this month. PleaseturntopageB11 Walgreens’sNew CEOHas Stressed Diversity S PRES

TED When Rosalind Brewer, takesoveraschief executive recent weeks. would boost Walgreens as it

CIA then the CEO of Sam’sClub, of Walgreens Boots Alliance “What Isee in her is leader- struggles to turn itself around SO

AS called out the lack of diversity Inc.amid anational debate ship,” said Mr.Pessina, who in the faceofcompetition

SE/ in American corporations in a about systemic racism. has runWalgreens since from online retailers,includ-

/NY 2015 interview, she received Walgreens, the largest U.S. mid-2015.“Initially youhave ing Amazon.com Inc.

OW death threatsand atorrent of drugstore chain by sales, said to trust your gutfeeling and Mr.Pessina said Ms. CR criticism. Tuesdaythat Ms.Brewer, who my gutfeeling wasgood. I Brewer’sexperiencemanaging

TNEY goes by Roz, will succeed Ste- liked her,otherwise we proba- through the coro- UR

CO By Sharon Terlep, fano Pessina,who will stay on bly wouldn’t be here today.” navirus pandemic and grow- Heather Haddon the company’sboardand serve Ms. Brewer takes over at a ing the company’sdigital BUSINESSNEWS MARKETS and Sarah Nassauer as its executive chairman. pivotal time forWalgreens. presencethrough itsmobile- AT&T takes a An online forum at the Mr.Pessina said Ms. Retail drugstores have been ordering app equip her to run $15.5billion charge on center of the recent Five yearslater,Ms. Brewer, Brewer, 58,became aCEO major providersofcoronavirus the pharmacychain, along now Starbucks Corp.’sNo. 2 candidatethrough asearch testing and are set to take an with her time running Sam’s itsincreasingly strained trading frenzy briefly executive, is set to become the runbyanoutside firm, and even bigger role in vaccinating Club,which also operates DirecTV unit. B3 goes dark. B10 only Black woman to lead a that he and Ms.Brewertalked the American public.Asuc- pharmacies. Fortune 500 company as she one-on-one several times in cessfulvaccination program PleaseturntopageB2 P2JW028000-4-B00200-1------XA

B2 | Thursday, January 28, 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. AMC’s Survival During Pandemic Gets A EOG Resources...... B12 N Amazon.com...... B2 Exxon Mobil...... B1,B12 Netflix...... B3 AMC Entertainment F O ...... A1,B1 Facebook...... A1,B1,B4 A Boost From Online-Trading Mania Occidental Petroleum American Financial Fidelity Investments B11 ...... B12 Group...... B5 Ford Motor...... B3 Anschutz Entertainment P G BY ALEXANDER GLADSTONE billion. Thecompanysaid thesudden leap in priceand rate debt canbepaid in full Group...... A7 PepsiCo...... B2 Ant Group...... A1 GameStop Pfizer...... A7 AND SOMA BISWAS Wednesdayitsold out itsmost volatility, they said. with a surplus left for equity. Apple...... A1,B1 ...... A1,B1,B10,B12 R recent shelf offering of 50 mil- Mr.Arondeclined to com- AMC,the world’slargest AstraZeneca...... A8 General Motors B1,B2,B6 Aftermonths of fighting to lion shares,shortly afterthe ment on whether the company movie theater chain with close Rabobank...... A2 avoid bankruptcy,cinema gi- market frenzy kicked off. is considering launching an to 1,000 cinemas,has bor- AT&T...... B3 H Robinhood...... B12 ant AMC Entertainment “I expect they’ll do another additional equity raise. rowedseveral timessincethe B Halliburton...... B12 S Hyundai Motor...... B12 Holdings Inc.rode Wednes- capital raise if it keeps going Theretail buying came with pandemic began from inves- Baker Hughes...... B12 ..B4 Bayerische Motoren I day’strading frenzy to atri- up,” said Michael Pachter, an a heavy dose of nostalgia. On tors willing to lend on ase- Schlumberger...... B12 ple-digit sharerise,opening a analyst at Wedbush Securities. Twitter, #SaveAMC became a cured basis,meaning that even Werke...... B12 Intercontinental Sila NanotechnologiesB1 BioMed Realty...... B10 Exchange...... B11 Starbucks...... B1 windowfor the companyto “And if they can get the Wall- popularhashtag whereusers if the companyweretofile for BioNTech...... A7 J - K Starling Bank...... B10 exploit the speculative mania StreetBetscrowd to plowtheir posted images of theaters, bankruptcy,their investments BlackBerry...... B10,B12 Stellantis...... B3,B12 to help survive the pandemic. profitsfromGameStop, they’ll shared memories of high- would almost certainly be cov- BlackRock...... B2 JPMorgan Chase...... B10 Themovie-theater chain’s be in agreat position,” he school movie dates and cele- ered. Kia Motors...... B12 T Blackstone...... B10 shares catapulted 300% on said, referring to the Reddit- brated the stock price. Most recently,the company Boeing...... A1 Kimberly-Clark...... B2 Tahakom Investments ...... A18 Wednesdayasretail traders based hotbed for traders. Theeye-popping rallies in closed on a$100 million se- C L Tesla...... A1,B1 bet on AMC, cheered by post- While AMC’sdebt and eq- shares of companies likeAMC curedbond from hedgefund Las Vegas Sands...... B5 Charles Schwab...... B11 T-Mobile US...... B3 ersonthe Reddit forumWall- uity deals put it on firmer that were onceleftfor dead Mudrick Capital Management LG Electronics...... B4 Chevron...... B12 T. Rowe Price Group...B4 StreetBetswherenewbie in- footing,the companystill has echoes several head-scratching LP andraised a$400 million CME Group...... B11 Live Nation Entertainment...... A7 V vestorsgathered to encourage significant liquidity needs to market moves driven by indi- loan backed by its U.K.-based Coatue Management..B4 Lowe's...... B2 each other to fuel GameStop get through the pandemic, as vidual investorsinstocks fac- Odeon subsidiary. ConocoPhillips...... B12 Vanguard...... B11 M Verizon Communications Corp.’s dizzying rally. well as to make a dent in the ing even moreseverestress. But with itscredit agree- D ...... A6,B3,B4 “AMC is clearly next,” one debt racked up during months Hertz Global HoldingsInc. ments limiting the amount of Marathon Petroleum..B2 D.E. Shaw...... B1 poster wroteWednesday, add- of theater closures. shares soared last year afterit secured debt that canbeis- Massachusetts Mutual W Devon Energy...... B12 Life Insurance...... B5 Walgreens Boots ingseveral rocket ship emojis. Wednesday’s surge in mar- filed forbankruptcy,usually a sued, AMC’s ability to sell eq- E Moderna...... A7 Alliance...... B1 Thecompanyspent months ketinterest creates ahugein- sign that acompany’sequity uity has proven key to surviv- Emerson Electric...... B2 Monzo Bank...... B10 Walt Disney...... B3 vying to stay afloat, unable to centivefor AMC to sell addi- has no value at all. ing the pandemic and avoiding Engine No. 1...... B1 Muddy Waters...... B1 Whirlpool...... B2 open itstheaterstofull capac- tional shares and capitalizeon Sensingopportunity from bankruptcy,people familiar ity because of the pandemic the feverish buying by retail the market anomaly,Hertz with the matter said. and starved of content by Hol- traderstogeneratecapital the sought and received permis- Therollout of Covid-19 vac- lywood studios that began re- companyneeds to weather the sion in bankruptcy court to cines latelast year boosted INDEX TO PEOPLE leasing flicks straight to pandemic that it won’t have to sell up to $500 million in eq- AMC’seffortstosell stock, streaming.Burning cash at a pay back, according to inves- uity to the public before mar- raising investors’ hopes that a A Greff, Joseph...... B5 P rate of roughly $100 million a tors and analystsfollowing the ketregulatorsstepped in. post-pandemic futureisin Adelson, Miriam...... B5 H Pachter, Michael...... B2 month, AMC last month began matter. Bankruptcies typically wipe sight, including areturn to go- Adrian, Tobias...... B10 Hyzak, Randy...... B5 Pessina, Stefano...... B1 selling stock to the public with Thereislikely little institu- out shareholders, save forrare ing to movies and other nor- Aron, Adam...... B2 Petrini, Janis...... A3 a bankruptcy warning at- tional bid for the stock, given instances in which the corpo- mal activities. J B Pichai, Sundar...... A2 tached,saying afailureto James, Chris...... B2 Berdichevsky, Gene....B4 S raise enough capital could Bitzer, Marc...... B2 L Shmulik, Mark...... B1 mean chapter 11. Block, Carson...... B1 Lam, Wayne...... B4 Simon, Bill...... B2 On Monday, Chief Executive Brewer, Rosalind...... B1 Left, Andrew...... B1 Smith, Gordon...... B10 Adam Aron said the risk of an Burns, Chris...... B4 M Stankey, John...... B3 imminent bankruptcy was“off D V the table” afterinvestors Ma, Jack...... A1 poured in $917million in debt Dumont, Patrick...... B5 Viswanathan, Sanoke.B5 McChrystal, Stanley...B2 and equity financing,though Vitner, Mark...... A3 F McClure, John...... B4 AMC cautioned investorsthat Fink, Larry...... B2 McMillon, Doug...... B2 W its future cash needs are still Fussell, Chris...... B2 Musk, Elon...... B1 Williamson, Debra Aho uncertain as no one knows for G N - O ...... B4 surethe futurecourse of the Woods, Darren...... B2 Goff, Gregory...... B2 Natalucci, Fabio...... B10 coronavirus. Goldstein, Rob...... B5 Nooyi, Indra...... B2 Z Theannouncement sent the Gray, Jonathan...... B5 Ochshorn, Sivan...... B5 Zuckerberg, Mark...... A6 stock,beaten down over the pandemic,upnearly 26% to $4.42. That wasapittance the investing giant is one of next to the stratospheric leap itsbiggest shareholders. that would come when risk- GES

Exxon IMA Newly established Engine hungryday traderssettled on

No. 1 said Wednesday it nom- AMC as another vessel for ETTY To Revamp inated four previouslyan- their speculative bets. /G nounced boardcandidates.It Nowthe stock has more MILLER said in December it planned than quadrupled, closing at

Board to makethe nominations with $19.90 on Wednesdayfor a ETHAN the support of California market capitalization of $6.75 While debt and equity deals put it on firmer footing, AMC still has significant liquidity needs. State Teachers’ Retirement ContinuedfrompageB1 System, the big pension in- such losing streak in itsmod- vestor.Together they control ern history. lessthan 0.3% of Exxon, Whirlpool’s Production Remains Constrained Beforethe pandemic, which has amarket value of Exxon Chief Executive Darren about $193 billion, so the out- Woods embarked on an ambi- come of their campaign will BY AUSTEN HUFFORD to makehome upgrades and Mr. Bitzer said he believes rencyfluctuations,rose 1.1% tious strategytospend more depend on whetherthey get buy more appliances. higher demand forappliances for2020 as awhole,inaturn- to increase production.The buy-in from moresignificant Whirlpool Corp.said short- Whirlpool has struggled to will last even as the pandemic around from the early months sharp drop in demand forfos- investors. ages of some of itsproducts meet the demand. Chief Exec- wanes.Initially,people were of the pandemic,reflecting sil fuels sincethen triggered Engine No.1and Exxon would likely continue for utiveMarcBitzer said mea- replacing thingsthat had bro- rapid changes in consumer billions of dollarsoflosses have held informal talks,but months even as it boosts out- surestokeep workerssafe kendown; increasingly,he spending. Six months ago the forthe company. In Novem- have so far failed to agree. put of itsdishwashersand re- during the pandemic, such as said, people areupgrading companysaid it expected ade- ber,Exxon pulled back from That potentially setsupa frigeratorstomeet strong spreading out positions on as- their appliances.“We arelong- cline of up to 12% forthe year. Mr.Woods’splan to boost its drawn-out and expensivebat- consumer demand. sembly lines,led to lowerpro- past this initial spikeofmicro- In all, totalrevenue rose overall oil-and-gas production tle as the two sides campaign TheBenton Harbor,Mich., duction. Thecompanyisexpe- waves and freezers,” he said. 7.7% to $5.8 billion in itslatest by one million barrels aday forshareholder support for companysaid Wednesdaythat riencing shortages of certain Whirlpool benefited from a quarter. by 2025.The companysaid it their boardcandidates,culmi- revenue in North Americarose components as suppliers face rise in construction of new The company posted a net would cut billions of dollars nating in avoteatthe com- 4.4% in the company’s fourth similar issues, he said. homes, which means demand income of $497 million, up from itscapital expenditures pany’s annual meeting this quarter,aspeople spending “These areCovid related for new appliances. from $288 million in the year- over the next five yearsand spring. more time at home continued constraints,” Mr. Bitzer said. Revenue,excluding cur- earlier quarter. invest only in itsbest assets. Engine No.1was launched Adding to the pressure, the by technologyinvestor Chris Securities and Exchange James latelast year with Millon issued astatement: Commission is investigating $250 million under manage- Brewer Has “Rozwas simply trying to reit- whether Exxon is overvaluing ment.Its focus is on impact erate that we believe diverse one of itsmost important oil- investing,which seeks to and inclusiveteams makefor a S and-gas properties,The Wall push companies to make Prioritized stronger business.” PRES Street Journal recently re- changes that will be benefi- Ms. Brewer, a native of De- TED

ported. cial in thelong runtostake- troit whose parentsboth OCIA Investorshavebeen pres- holderssuch as workersand worked forGeneral Motors SS Diversity /A suring Exxon to boost itslag- shareholdersalike. Co., belonged to the firstgen-

ging shareprice, and the ac- Itsnominees include Greg- eration in her family to attend TIMES

tivistshavepushed formoves oryGoff, the former CEO of ContinuedfrompageB1 college. She studied organic TTLE

that include reducing capital refiner Andeavor, which was Ms.Brewerwas the first chemistryatSpelman and SEA expenditures and expanding sold to Marathon Petroleum woman and is still the only spent yearsasascientist at in renewable energy.Exxon’s Corp., and three other execu- Black executivetoeverhold a Kimberly-Clark Corp.before /THE shares aredownabout 30% in tives with energy ties. CEO role at Walmart, Sam’s moving intomanagement. She the past year. D.E. Shaw, ahedgefund Club’s parent. She has said took businessand manage- BANNER BlackRock Inc.Chief Exec- best known forits quantita- that during her time at the ment courses at the University M.

utiveLaurenceFink this week tive trading,isanoccasional Bentonville, Ark., retailer she of Pennsylvania’sWharton ELLEN asked companies to disclose activist, having picked fights sometimesfaced criticism for School but doesn’t hold an Prior to being Starbucks’ No. 2, Roz Brewer was Sam’s Club CEO. moreinformation on how at companies including at giving priority to diversity MBA. they aremoving to reduce EmersonElectric Co.and within the company. “In many cases I’ve had to tors credit Ms.Brewerwith boardand the company’sretail greenhouse-gas emissions, Lowe’s Cos. In aDecember 2015 inter- teach myself alot of things,” making itsstore operations employees.After the pandemic adding another pressure —Christopher M. Matthews view on CNN, Ms. Brewer de- said Ms.BrewerinaMay in- more efficient. hit, Ms.Brewersaid she would point forExxon given that contributed to this article. scribed a meeting with a sup- terviewwith retired Gen. Ms.Brewersaid she was stop in Starbucks stores and plier.“Theentireother side of Stanley McChrystaland author proud of the difficult decisions speak to retail employees the table wasall Caucasian Chris Fussell of the McChrys- Starbucks took during the about what wasontheir males,” she said. “That wasin- tal Group consulting firm. pandemic,including closing minds beyond their jobs. teresting.” Shehas learned to rely on hundreds of North American “It’sarelief and it startsre- Ms.Brewersaid she de- mentors, including former stores and paying retail work- lationship building.That’s manded a commitment to di- PepsiCo Inc. CEO Indra Nooyi ers early on in the crisis even when inclusion happens,” Ms. verse hiring on her team and and ex-Walmart U.S. Chief Bill if they didn’t work. Brewersaid in an interview used her platform to nudge Simon. Thepandemic forced Ms. with The Wall Street Journal Sam’sClub supplierstodothe Ms.Brewerhas “this innate Brewertoreassessher priori- in thefall about itsdiversity same. ability to be likable,” Mr.Si- ties,she said. With an adult commitments and training. Thecommentsspurred a mon said in an interview. “She sonback in the house and a When she leftWalmart in stream of critical social media uses her approachability to teenagedaughter at home,Ms. 2017 after five years running posts and letters to Walmart. disarm people,” and take on Brewersaid she further fo- Sam’sClub,Ms. Brewersigned “I received death threats. big challenges or difficult con- cused on her family.She an exit agreement that prohib- My children’slives were versationsdirectly,said Mr. worked out more, tried to get ited her from working for an-

S threatened. My resignation Simon, who was Ms. Brewer’s sleep,and has been meditating other global retail company

NEW was called for by people that boss during some of her time daily. with revenue of morethan $5 G didn’t know me,” Ms. Brewer at Walmart. “We’ll be adifferent soci- billion for two years, accord- said in a2018 commencement Ms. Brewer didn’t respond ety afterthis is over,” she ing to afinancial filing,a

OOMBER addresstoSpelman College, to requestsfor comment for said aboutthe pandemic. clause typical of Walmart ex- /BL her alma mater.“And here’s this article. “You have to find the good in ecutiveemployment contracts. what I’dsaid that triggered At Starbucks,Ms. Brewer everycrisis.” Theweek her noncompete

HARRER such strong emotions.Isaid, oversawthe company’sbever- Ms.Brewerwas seen by ended in 2019,Ms. Brewer ‘Diversity makes good busi- agedevelopment andpush manyinvestorsasapossible joined the boardofAmazon,

ANDREW ness sense.’ How dare I?” into cold coffee, a trend com- future CEO at Starbucks. She Walmart’s biggest rival. Activists have pushed Exxon for moves that include reducing Soon afterthe CNN inter- petitorshavesinceadopted playedaprominent role in —Dana Mattioli capital expenditures and expanding in renewable energy. view, Walmart CEO Doug Mc- given increasing sales. Inves- speaking to investors, its contributed to this article. P2JW028000-0-B00300-17DFFF6178F

THE WALL STREET JOURNAL. Thursday, January 28, 2021 | B3 BUSINESS NEWS Stellantis U.S. Unit AT&T Takes DirecTV Charge

ReachesSettlement BY DREW FITZGERALD

AT&T Inc.booked a$15.5 ForLabor Violation billion charge on its pay-tele- vision business, reflecting the damagecord-cutting has taken BY NORA NAUGHTON Several yearsago, the Jus- on itsDirecTV satelliteunit ticeDepartment opened a even as the company’sHBO TheJusticeDepartment said probe intoFord’sworker train- Max streaming service’s it reached asettlement with ing center,afacility funded by growth ramped up. Fiat Chrysler’s U.S. division in the automaker but runby Thewrite-down created a

the government’s investigation UAWofficials.The Dearborn, fourth-quarter lossasthe me- S intocorruption among topla- Mich., auto maker said it con- dia-and-telecommunications NEW

bor leadersinDetroit. tinues to cooperatewith the in- giant weighs the potential sale G The U.S. subsidiary, known vestigation. of itspay-TV assetsand execu-

as FCA US and nowpart of TheFCA US settlement is tives focus their investments OOMBER

Stellantis NV,the newly the latest step in a multiyear on newertechnologies.The /BL formed company that ab- probethat in recent months companyreported quarterly

sorbed Fiat Chrysler Automo- led to acivil settlement with revenue declines in itslegacy- MORRIS

biles in amergerearlier this the UAWand 15 convictions, video and WarnerMedia units, UL month, agreed to plead guilty includingtwo former union offsetting gains in itscore PA VID

to acriminal charge of con- presidents and aformer Fiat wireless-phone division. DA spiring to violateU.S.labor Chrysler executivewho ran Executives called the non- The media-and-telecommunications company posted a fourth-quarter loss of $13.89 billion. lawand paya$30 million fine, the company’slabor-relations cash accounting charge asign according to statementsre- department. of the pay-TV unit’saging sta- AT&T’s revenue declines in videoand film businesses offsetgains Revenue from AT&T’s tradi- leased Wednesdaybythe com- Fiat Chrysler had long main- tus as the Dallas companypro- in thecorewirelessunit. tional video unit, which in- panyand the U.S. attorney’s tained that the wrongdoing un- motes an internet-streaming cludes U-verse and DirecTV office in Detroit. earthed by investigatorsinre- model that gives itscontent- Segment operating revenue 2020 2019 services,fell 11% to $7.2 billion FCA US also agreed to an in- cent yearswas perpetrated by production businessadirect $0 billion 5 10 15 20 in the fourth quarter.The dependent compliancemonitor “rogue individuals” acting in line to viewers. business ended the year with Mobility forthree yearstooversee the theirown interest and not at “Our biggest and single- 17.2 million domestic connec- closing of aworker training thedirection or to the benefit most important bet is HBO Video tions, down from 20.4 million center that wasafocus of fed- of the company. Max,” Chief ExecutiveJohn at the end of 2019. eral investigation and other in- But speaking to reporters Stankey said on a conference Businesswireline AT&T held deal discussions ternal controls related to that Wednesday, Mr.Schneider em- call Wednesday. Executives with suitors,including private- phasized that prosecutors plan to expand the service’s Warner Bros. equity firm TPG, that valued found otherwise.“Those indi- footprint in other countries the video businessatmore vidualswereacting on behalf this year and launch an adver- Turner than $15billion including of the company,” he said. “They tising-supported version in the Broadband debt.The fourth-quarter $30M were standing in FCA’s shoes second quarter. write-down reflectshow the andacting on FCA’s behalf.” Overall, AT&T reported a HBO business has changed since Fine the auto maker’s U.S. Earlier this month, the Ital- fourth-quarter lossof$13.89 AT&T bought DirecTV in 2015 subsidiary agreed to pay ian-American automaker com- billion, or $1.95 a share, com- Latin America for $49 billion, or $66 billion bined with France’sPSA Group pared with aprofitof$2.39 including debt. in amergervalued at more billion, or 33 cents a share, a Source:the company TheWall Street Journal re- than $50 billion. year earlier.Revenue fell 2.4% ported in August that AT&T facility,the companysaid. The Fiat Chrysler,previously led to $45.7 billion. and T-Mobile US Inc. reported HBO Max the same daythey had tapped bankerstoexplore plea agreement is subject to by the lateSergio Marchionne, The pandemic has strained net gains of 279,000 and hit theaters. Executives said a deal to take the fast-shrink- court approval. emergedearly on as afocal the company, pressuring reve- 824,000 such connections,re- the movewould help the busi- ing business off its books. Thesettlement concludes point in afederal investigation nue from cable networks such spectively. nesscope with audiences re- Thevideo losses have the government’sinvestigation that firstbecame public in 2017 as CNN and TBS throughout Revenue from AT&T’s War- luctant to visit theatersduring weighed on AT&T’s stock, intoFCA US formisconduct un- with the indictment of the the year and closing many of nerMedia division fell 9.5% to apandemic,while giving the which missed out on the stock coveredatthe training center, company’sformer topbar- the theatersthat showits $8.5 billion as the show-busi- streaming service aboost. market’srally.AT&Tshares an entity jointly operated with gainer. Warner Bros.films.Those ness side continued to wrestle Theonline-only HBO Max fell about 20% last year.The the United AutoWorkersunion. Sincethen, prosecutorssay pullbacks obscured recent with lowbox-officerevenue and serviceended the year with 17 shares fell 2.2% to $29.08on MatthewSchneider,the U.S. they have uncovered evidence gains in the company’swire- weak advertising revenue.The million activated accounts. It Wednesday. attorney in Detroit, said the of abroader conspiracyatthe less service, which generates HBO businessgrewand ended isn’t yetayear old but is com- Thecompanyprojected sta- plea agreement doesn’t pre- automaker to illegally steer morethan half of the com- the year approaching 42 million peting in acrowded global bility for2021, predicting core clude prosecutorsfrompursu- money setaside forworker pany’s profit. U.S. subscribers, afigurethat streaming video marketplace adjusted earningsinline with ing individuals at the company training to UAWleaders. Union Thelast three months of includes oldercable plans as where Netflix Inc.has eclipsed last year’s $3.18 per-share re- if newcriminal evidenceisun- officials in turn used the the year gaveAT&Tanet gain well as the newonline service. morethan 200 million sub- sult and revenue growth covered. He also said an inves- money to enrich themselves, of 800,000 postpaid phone AT&T’s media division scribersworld-wide and Walt around 1%, with $26 billion of tigation at Ford Motor Co.re- spending it on expensivemeals, subscribers, ametric watched stunned Hollywood last year Disney Co.’s Disney+ reached free cash flow.The company mains ongoing but didn’t trips and luxurygoods,prose- closely by Wall Street. Rivals with aplan to release all of nearly 87 million subscribers generated $27.5 billion of free elaborate. cutorssay. Verizon Communications Inc. Warner Bros.’ 2021 movies on in December. cash flow in 2020. P2JW028000-4-B00400-1------XA

B4 | Thursday, January 28, 2021 **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech Samsung Profit Gets Lift From Pandemic

Challenges include sets and semiconductors, are is watched closely in the tech- which moves up the sales win- smartphone division, which has of 5G smartphones. consolidating and getting nologyworld, as amajor manu- dowfor the company’snewest been bleeding moneyfor nearly Samsung is also considering imprisonment of larger. facturer of appliances and com- offeringsbymorethan a six years. LG,based in Seoul, longer-term investmentsto leader, fiercer Samsung posted 6.61trillion puting devices as well as a month, is the most aggressive remains amain competitor for shoreupits chip manufactur- South Korean won, or nearly $6 critical supplier to other elec- the companyhas been in recent the U.S. market, though it has ing,ascompetitorshavecon- competition billion, in net profit forthe tronics firms. yearsand signals the pressure lost ground againstSamsung solidated in recent months.It quarterending Dec.31, over Thecompanywarned of the pandemic continues to put and Apple Inc. This month, has been scouting locations in BY ELIZABETH KOH last year’s 5.23 trillion won. weaker earningsinthe opening on smartphone recovery,said LG’schief executivetold em- Arizona, Texas or NewYork, Revenue rose to 61.55 trillion quarter of 2021, though it sig- Wayne Lam, asenior director ployees that it was“leaving all whereitmight invest as much SEOUL—Samsung Electron- wonfromthe prior year’s 59.88 naled it expected growth in the of research at CCS Insight, a possibilities open” forthe fu- as $17billion, TheWall Street ics Co.reported a26% boost in trillion won. firsthalf of the newyear. market researcher.The com- tureofthe unit. Journal reported last week. itsfourth-quarter net profit Analystshad forecast about In handsets, Samsung has panysaid Thursdaythat mobile Samsung’smemorydivision Executives said Thursdayno Thursday, as the world’slargest 6.74 trillion woninnet profit recoveredfrommost of the sales had dropped 11% year sawprices fall in the fourth decisions had been made on a maker of smartphones and and61.21 trillion woninreve- dent created by pandemic- over year in the fourth quarter quarter,and executives said the newU.S.plant but said the memorychips continues to ride nue,according to estimates fueled storeclosures early last to 21.46 trillion won. cost of ramping up newlines companycould conduct a sustained demand forits prod- from S&P Global Market Intelli- year.Just two weeks ago, the “You canlook back in his- also dimmed theeffectsofde- mergeroracquisition “ofa uctsamid the coronavirus pan- gence. companylaunched itsnewest tory—they’veonly been adding mand from serversand cloud meaningfulsize” in the next demic. Likeother technologycom- flagship phones,the Galaxy S21, cost and adding to the overall computing centers. But mem- three years. Butthe South Korean tech panies,Samsung has fared well at amarked discount from pre- phone price,” Mr.Lam said. oryprices arelikely to rise But major moves at Sam- giantfaces extrachallenges as in the pandemic on the vious years, trying to capture “Nowthey’regiving themselves again in the firsthalf of 2021, sung areinnew turmoil now it entersanew year.Beyond strength of demand formost market sharefromHuawei ahaircut.” industryanalystssaid, particu- that Mr.Lee,officially Sam- thepandemic,the companyis consumer electronics,though Technologies Co.while the Chi- Thesmartphone market larly amid aglobal chip short- sung’svicechairman, is back in contending with itsdefacto economic pressures squeezed nese firm is cut off from its could also shiftmoretobenefit ageand rising demand from prison afteraretrial on charges leader Lee Jae-yong back be- smartphone sales in the first chip supply by U.S. sanctions. Samsung or other rivals if LG sectorslikethe automotivein- of bribing South Korea’sformer hind bars.Its rivals,for hand- half of last year.The company But Samsung’srelease, Electronics Co.sells off its dustryand the growing supply president.

Chinese companies controlmuch of the world's lithium-ion batterysupply chain. Facebook’s Shareofproduction by region in 2020 RAWMATERIALS China US Europe Other Revenue Lithium 11% 1 88 Hits Record Natural graphite 71% 3 26 Synthetic ContinuedfrompageB1 49% 19 13 19 graphite their competitiveinterests.” Facebook executives said they expect Apple to roll out CHEMICAL PROCESSING theoperating-system changes Lithium 57% 1 42 starting in the current quarter, and weigh on what wasex- pected to be astronger period Graphite 100% foradvertising compared with the early months of the pan- JOURNAL demicin2020.

REET ANODE/CATHODE PRODUCTION In the latest quarter,online ST

LL Anode 86% 14 holidayshopping and increased

WA use of the company’splatforms during the pandemic drove THE Cathode 70% 30 R stronger-than-expected growth FO

M in Facebook’sadbusiness. It

LA posted revenue of $28.07bil- MANUFACTURING lion,upfrom$21.08 billion in

EPHEN Battery

ST 75% 87 11 the final quarter of 2019.Profit Gene Berdichevsky, co-founder and CEO of Sila Nanotechnologies, at the company’s headquarters in Cell rose 52% to $11.22billion, or Alameda, Calif., this week. Source:Benchmark Mineral Intelligence $3.88ashare. Both measures exceeded analysts’ projections. electric vehicles and their bat- little production in the U.S. for Thereare risks if consumer round, led by Coatue Manage- Facebook’sshowing in digi- American teries domestically.President critical battery materials such demand doesn’t materializeas ment and T. Rowe PriceAsso- taladvertising during thefinal Biden has made securing more as lithium and graphite. Those expected. An attempt to ex- ciates Inc., values the company months of 2020 could bode of this supply chain in the U.S. materials areneeded forthe pand U.S. battery production— at $3.3 billion, Mr.Berdi- well forGoogle parent Alpha- Batteries apriority,aspart of abroader anodes andcathodes that cir- mostly through government chevskysaid. bet Inc., Pinterest Inc., Snap effort to acceleratethe autoin- culateions to generatethe bat- funding under then-President “Billions of dollarsofcapital Inc. and Twitter Inc., which dustry’sshiftaway from gaso- tery’s current. BarackObama—stumbled early really needs to go intothe areall due to release their Emerge line. “You have alot of stuff lin- last decade when carcompa- ground to bring anew technol- quarterly financial reportsnext U.S. battery-making capacity ing up that’sareal demand nies failed to see demand for ogylikethis to scale,” he said. month. is expected to increase sharply signal intothe supply chains of electric vehicles materializeas Sila, which is already sup- Facebook has been in a ContinuedfrompageB1 over the next decade,rising ‘weneed more, we need it lo- anticipated. plyingsome consumer-elec- yearslong push to position its U.S. formaking battery materi- morethan sixfold from roughly cal, and we need it cheaper,’ ” Moving more battery pro- tronicscompanies,islooking platforms as amust-use for als,Chief ExecutiveGene Ber- 60 gigawatt hoursofannual- said John McClure, amanaging duction to the U.S. will help car to build anew factorytoget large advertiserstoreach its dichevskytold TheWall Street ized production last year to director at investment bank companies and their suppliers itsanode intovehicles by 2025, billions of usersworld-wide Journal. Thelocation hasn’t about 383 gigawatt hoursin NomuraGreentech Capital Ad- bring down costs, astepthat is Mr.Berdichevskysaid. Thefac- but also as ahome forsmall yetbeen selected. 2030,according to Benchmark visorsLLC. important forconsumersto tory,when finished, is expected businesses to engagewith cus- Other battery-focused start- Mineral Intelligence. Right now, much of the sup- adopt electric vehicles more to makeenough materials to tomersand forindividual sell- ups,such as California-based Battery-manufacturing gi- ply chain is concentrated in widely,autoexecutives say. supply batteries in morethan erstomarket their goods.Rev- Romeo Power Inc.and Cana- antssuch as South Korea’s LG China, which makes morethan Sila, acompanyco-founded onemillion cars annually,he enue from the category that dian mining firm Lithium Chem Ltd. and SK Innovation 70%ofthe world’slithium-ion by Mr.Berdichevsky, who said. includes Facebook Marketplace Americas Corp., which has U.S. Co.are building big factories batteries,according to Bench- helped design Tesla’sfirst bat- Other anode producersare andthe company’svirtual-real- operations,havealso recently in the U.S. to expand American mark.The countryalso refines tery packs,isspecifically look- also scaling up in the U.S. ity businessmorethan doubled tapped public markets. Romeo production of electric-car bat- and manufactures the majority ing to increase anode manufac- Novonix Ltd., an Australian- in the latest quarter from a went public latelast year, teries.LGChem is building its of minerals and materials turing in the U.S. Thedecade- listed company, has acontract year earlier to $885 million. while Lithium Americas said factory in Ohio as part of a needed forthose batteries. old company, which in 2019 to sell 500 tons of synthetic “This means that small busi- Fridaythat it sold $400 million joint venture with General Analystsare bullish that received backing by German graphite,produced at itsfac- nesses showedupinthe fourth of stock in apublic offering in- Motors Co. electric-vehicle sales will take automaker Daimler AG, has fo- tory in Chattanooga, Tenn., to quarter,” said AB Bernstein an- tended to financealithium Tesla Inc. is also expanding off in the coming years. While cused itsresearch on develop- battery maker Samsung SDI alyst Mark Shmulik,who antic- project in Nevada. itsbattery-making capabilities, todaythey account forabout ing silicon-based anodes.Its Co.starting this year,the com- ipates amorepermanent shift Industryexecutives and seeking to cut costsand 2% of the U.S. automarket, executives sayits anodes are panysaid. By 2025,the com- to digital advertising forsuch lawmakerssay the U.S. needs shorten itssupply chain by that shareisexpected to grow capable of storing moreenergy panyhopes to increase output firms.“Ihaveanexpectation to reduceits relianceonChina making some materials in- to 10% by 2025,according to than the graphiteones used in to 25,000 tons annually,said that the majority will stick if it wantstolowercostsand house. investment bank Morgan today’sbatteries. Chris Burns,chief executiveof- around.” remain competitiveinmaking Andyet, thereiscurrently Stanley. This latest investment ficerofNovonix. Facebook said it wasadding as much as $25 billion to its existing stock-buyback pro- Tesla’s quarterly net and the revised Model Xsoon gram.Shares in the company For Tesla, income/loss after. Deliveries of those declined 2% in extended trad- 4Q 2020 higher-end models fell 3% in ing.Facebook’sshares have $400 million $270M thefourth quarter from the laggedbehind the Nasdaq First Year year-earlier period. Tesla said CompositeIndexoverthe past 200 it hascapacity at itsplant in three months. Fremont, Calif., to make Thelatestresultsare also Of Profit 100,000 of those models,or11% unlikely to quell concerns 0 morethan previously. among critics with the parent Tesla said it nowhas the ca- of Facebook,Instagram and ContinuedfrompageB1 pacity to producemorethan WhatsApp andthe market the factory, temporarily re- –200 one million cars ayear.Itsaid poweritholds.The company duced salaries,furloughed itsShanghai plant could make said 2.6billion people aday,or workersand sought rent 450,000 combined Model 3and roughly one in three world- breaks.Later in theyear, he –400 Model Yvehicles,or200,000 wide,used one of itsplatforms tested positive forCovid-19. more than it reported in the in the holidayquarter. Mr.Musk,onacall, said that prior quarter. Still, Facebook’sdaily users ON/REUTERS while the workload wasim- –600 Tesla’sascendancyfrom in the U.S. and Canada fell fora

mense,heexpected to keep APLET pluckystartup to the world’s second consecutivequarter to running the carmaker “forsev- ST most-valuableautomaker has 195 million. –800 eral years.” been rockyattimes.The com- 2017 ’18 ’19 ’20

The17-year-old company’s SHANNON panyhas oftenstruggled to in- Facebook’s quarterly revenue performance, coupled with Sources: the company; FactSet The car maker had a profit of $270 million in the fourth quarter. troducenew vehicles,such as widerinvestor enthusiasm the Model 3compact car, and 4Q 2020 about electric vehicles,sent the sued an upbeat outlook forthe vehicles. that the companyhoped to be- grappled with production chal- $30 billion $28B stock soaring morethan 700% rest of itsfinancial year.So- But Tesla also faces in- gin delivering itselectric lenges that have strained itsfi- last year and turned Tesla into cial-media giant Facebook Inc. creased competition from in- pickup truck to customersto- nances. the world’smost-valuable auto Wednesdayposted record cumbentautomakers such as ward the end of 2021. Tesla also hasn’t delivered 25 maker.The string of quarterly quarterly revenue and profit. GeneralMotorsCo. and Ford To help sustain consumer on some of Mr.Musk’smore profitsalso allowedittosecure Thecar maker generated a Motor Co.and afleet of start- appetite, the companysaid it is grandiose promises, such as 20 a spot in the S&P 500 index. profit of $270 million in the upsthat aredevelopingtheir preparing newbatteries and launching arobot taxi service Tesla is one of several fourth quarter,upfrom$105 ownplug-in models, including other enhancementsfor the by the end of 2020. American tech giantsonapath million ayear earlier.Sales in China. Model S—which it began deliv- Federal regulatorsthis 15 to emerge from the pandemic rose about 46% to roughly To support itsgrowth, the ering almost adecade ago— month asked Tesla to recall stronger than before. Apple $10.7 billion. companyaims to open two new andfor the morethan five- roughly 158,000 vehicles over Inc.onWednesdaysaid profit Tesla has benefited from vehicle factories this year,one year-old Model X. touch-screen failures that can 10 in the most recent quarter rose growing electric-vehicle de- near Austin, Texas,and the Asouped-up version of the affect safety functions,includ- 29%,with sales in the three mand in China, whereitbegan othernear Berlin, itsfirst in newModel S, nowinproduc- ing backup cameras.Tesla months topping $111 billion for delivering locally made vehi- Europe. tion, would be the firstregular hasn’t responded to arequest 5 the firsttime,aided by demand cles in 2019.The companyhas Thecompanyreiterated cartobeable to go from zero forcomment about whether it forlaptops and iPad tabletsin expanded production capacity those plans Wednesdayand to 60 miles per hour in under intends to followthrough with the work-from-home era. Mi- at itsShanghai facility and this said that it would deliver its two seconds,Mr. Musk said. the recall, which would be one 0 crosoftCorp.onTuesdayalso month delivered itsfirst made- firstsemitrailer truck later this Theupdated Model S, he said of itslargest safety actions to 2018 ’19 ’20 reported record sales and is- in-China Model Ysport-utility year.Mr. Musk said last year would be delivered next month date. Source:the company P2JW028000-4-B00500-1------XA

THE WALL STREET JOURNAL. **** Thursday, January 28, 2021 | B5 BUSINESS NEWS MassMutual Adelson Vision GuidesNew Leaders Acquires BY KATHERINE SAYRE Annuities AND KIMBERLY CHIN LasVegas Sands Corp.’sre- cently ascended leaderssaid Business Wednesdaythat the global ca- sino operator’s futurewill hew BY LESLIE SCISM to the vision of company AND STEPHEN NAKROSIS founder Sheldon Adelson, who died this month. American Financial Group Thecompanywill continue Inc.onWednesdaysaid it to invest in itsSingaporeand agreed to sell itsannuity busi- Macau casinos,which generate nesstoMassachusetts Mutual most of the company’sreve- LifeInsurance Co.ina$3.5bil- nue, and consider expansion lion cash deal. opportunities in the U.S. in Theacquisition will deliver NewYork and Texas,company newways forthe giant Spring- officials said on acall with field, Mass.,company, one of Wall Street analysts. the nation’soldest lifeinsurers, “The DNA of the company to sell itsproducts. MassMutual that Sheldon founded will be has long had one of the biggest ever present,” said Sands Chief fleetsofcareer agentsinthe ExecutiveRob Goldstein,who U.S.,and the deal will add op- wasnamed Mr.Adelson’ssuc- portunities to sell through cessor this week. banks,independent broker Sands reported a67% de- dealersand independent cline in revenue forthe quarter agents, analystssaid. that ended Dec.31. Thecasino American Financial said the magnatedied Jan. 11 from transactionwill mark itsexit complications of treatment for from themarket forfixed and non-Hodgkin lymphoma at the GES indexedannuities,which are ageof87. Thecompanybegan IMA

popular retirement products when Mr.Adelson and partners ETTY with conservativesavers. It will bought the old Sands Hotel ca- /G focus moretightly on itsprop- sino on the LasVegas Strip in MILLER erty-and-casualty insuranceop- 1989.

erations.The companyisthe TheCovid-19 pandemic has ETHAN latest U.S. insurer to divest an- roiled the casino industrywith The Venetian opened in 1999 and wasSheldon Adelson’sfirstLas Vegas Strip megacasino.Mr. Adelson had been the company’sonly CEO. nuity operations,asultralow temporaryshutdowns,reduced interest ratespressurethe abil- travel and limited occupancies businesstravelersand meet- casino licenses expireinJune aspectsoftheir resorts. March, the state’smost impor- ity to earn healthyprofits on under social distancing.Hopes ings, atrend that made LasVe- 2022, and operatorsare await- Gambling revenue was tant industryhas been reeling theproduct line. forarecoverythis year depend gasaconvention-dependent ing moreinformation from the down 79% in Macau last year, from restrictions to occupancy Thetransaction is the third on howmanytouristsand town. Thepandemic forced Macau government on are- according to government data. levels and lowerspending and life-insurance-industrytransac- businesstravelerswill return widespread cancellations of newalprocess.Mr. Goldstein While casinos areopen, gambling from international tion in aweek and one of many as vaccines aredistributed. large events,and the conven- dismissed the idea in the in- Covid-19 travel restrictions in touristsdue to curbed travel. over adecade,asinsurershave On Wednesday, company tion industryhas yettore- China have limited the flow of On Tuesday, the company’s been divesting product lines, leadersdidn’t provide much bound under social-distancing visitorsintoMacau. boardnamed Mr.Goldstein as much of it motivatedbythe detail about apossible sale of limitations. The company’s For2020,Sands reported an the successor to Sands’stop low-interest-rateenvironment. itsLas Vegasassets, which But demand forconventions board named operating lossof$1.69 billion, joband tapped Patrick Du- Insurersinvest customers’ pre- nowinclude the Venetian and starting in 2022through 2027 Rob Goldstein, compared with operating in- mont,Mr. Adelson’sson-in-law, miums until needed to pay Palazzo casinos and the Sands is strong,Mr. Goldstein said. 65 years old, come of $3.7 billion in 2019. to be operating chief and pres- claims,solow ratesmakemany Expo and Convention Center. Meanwhile,the companyis its chief Thenet lossattributable to ident. productschallenging to profit- But they insisted their outlook looking at other expansion op- executive and Sands was$1.69 billion for TheAdelson family owns a ably sell. forthe LasVegas market is portunities,including along- chairman. 2020,compared with net in- majority stakeinthe company, Thefixed and indexedannui- positive.The companycon- held wish to open acasino in come of $2.7billion the previ- with nearly 57%. ties sold by American Financial firmed it wasconsidering a NewYork and amorerecent ousyear. For the quarter, Sands areroughly akin to bank certifi- sale in October. push to open the Texas market dustrythat casino operators Thecasino operator posted swung to alossof$299 mil- catesofdeposit. Thepandemic LasVegas is struggling right to commercial casinos. should sell stakes to Chinese revenue of $1.15 billion forthe lion,or39centsashare, from has hurt sales,because annui- now, but oncethe pandemic Mr.Goldstein said he visited companies to pitch fornew li- December quarter,downfrom aprofitof$629million, or 82 ties oftenare sold in an old- has subsided, the city as ades- Texas last week.“Youcan’t censes. $3.51billion ayear ago. Ana- centsashare, ayear ago. On fashioned way:agentssit down tination has “plenty of gasin denythe powerofTexas,the He said the focus forthe lystspolled by FactSet ex- an adjusted basis,the company with potential buyersface-to- the tank,” Mr.Goldstein said. size and scale,” he said. Macau government will be on pected $1.27 billion. posted alossof37centsa face. MassMutual is making a Mr.Adelson pushed Sands In the gambling hub of howmuch the companyhas in- While Nevada allowedcasi- share. Analystsonaverage bet that annuities will stay pop- to develop convention space Macau, Sands’sbiggest source vested in itsproperties,includ- nos to reopen in the summer forecast a32cents-a-share ular with conservativeclients. alongside casinos to attract of revenue,government-issued ing developing nongambling following ashutdown last loss.

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B6 | Thursday, January 28, 2021 THE WALL STREET JOURNAL. MEDIA NewYorkTimesAdds PodcastEditor GM to Use Super Bowl

BY JEFFREY A. TRACHTENBERG popularity with listeners and host of “The Daily.” Mr.Baquet To Plug Electric Brand AND BENJAMIN MULLIN advertisers. said he and his topdeputies TheTimes’sflagship pod- didn’t provide enough scrutiny BY ALEXANDRA BRUELL awarenessofGM’swork in TheNew York Times said it cast, “The Daily,” is regularly to the project. electric vehicles and, in turn, assigned atop editor to de- among the most-downloaded Critics said the Times mis- GeneralMotors Co.typi- support its individual brands velop procedures to vetstories podcasts. Thepublisher handled the fallout from “Ca- cally pays millions of dollars rolling out new models in the from itsaudio unit, apart of doesn’t break out itsaudio liphate” and didn’t go far to promoteindividual car category, said Deborah Wahl, the businessthat is growing unit’s financial results. The enough to addresseditorial brands in the Super Bowl. global chief marketing officer quickly buthas drawncriti- unit generated about $29 mil- lapses. The Public Radio Pro- This year,the automotive at GM. ZZFEED

cism recently over its“Caliph- lion in revenue in 2019,aper- BU gram DirectorsAssociation, giant will use TV’sbiggest Thecompanylaid out itsvi- ate” series. son familiar with the matter R which representsthe program- stage partly to tout its corpo- sion foraheightened focus on FO Cliff Levy,who has been the said, about 11% of overall digi- ming interestsofpublic media rate brand in acommercial po- environmental initiatives three news outlet’smetroeditor taladrevenue that year.The GES outlets, said in aJan. 11 letter sitioning the companyasa yearsago, and has sinceim- since2018,was promoted to revenue figure wasearlier re- IMA to the Times that the pub- playerinmaking electric vehi- plemented newtechnology

deputy managing editor.He ported by . ETTY lisher should have disclosed cles forthe masses,according and plans to roll out electric will provide guidanceonanin- Controversyover“Caliph- /G that Mr.Barbarowas in arela- to the company. vehicles acrossbrands includ- terim basis to SamDolnick, ate,” the Times’ prize-winning tionship with Ms. Tobin. GM declined to sharethe ad ing Cadillac, Buick, Chevrolet HIPPER

whooversees the paper’s au- podcast from 2018 about Is- SC Thelettersaid that it was in advance,but people familiar and GMC. dio unit as well as itsfilm and lamic State,has threatened to wrong of the Times to reas- with the effort said it would “It’sreally an inflection

television projects, and execu- tarnish that success storyand MONICA sign Ms.Callimachi while giv- include Will Ferrell, the come- point for GM,” Ms. Wahl said. tiveaudio producer Lisa Tobin. has put newsroom managers Cliff Levy wasassigned to vet ing “greater visibility” to Andy dic actor known forhis time “We’vehad all that changein- Mr.Levysaid in an inter- on the defensive. stories from the audio group. Mills, an audio producer who on “Saturday Night Live” and side,but perceptions of the viewthat “bringing newsroom In itscorrection, the Times worked on “Caliphate,” by al- roles like Ron Burgundy. companyoutside didn’t reflect sensibilities” to the audio said the 12-part series gave hoax.His attorney has said he lowing him to be a guest host GM will also runaseparate that. There’snobetterplaceto group is part of the reason for credenceto“false or exagger- will contest the hoax charge. on “The Daily” podcast. It Super Bowl ad devoted to a start amovement than aSu- his newassignment. Address- ated” accountsfromone of its TheTimes reassigned the also said that Mr.Barbarohad single brand, the all-electric per Bowl platform.” ing the problems related to central subjects, aCanadian lead reporter on the series, tried to influencehow outside Cadillac Lyriq,set to launch Thecampaign, which was the “Caliphate” series, which resident who claimed to have star foreign correspondent journalistsreported the story. next year.The commercial for created by McCann World- caused the Times to issue a been involved in IslamicState Rukmini Callimachi. In response,Mr. Dolnick Lyriq will highlight the com- group, comes as companies major correction in December, executions.That individual, Dean Baquet, the Times’ ex- said theTimes didn’t “see a pany’shands-free driver-assis- facedisruption amid the “is one part,” he said. Shehroze Chaudhry, wasar- ecutiveeditor,described the need to makereferencetoMi- tancesystem, dubbed Super Covid-19 pandemic and work The Times has made audio rested last September by Ca- situation as “aninstitutional chael’s relationship with Lisa Cruise. harder to resonatewith con- afocus in itsdigital expansion nadian policeand charged failing” in apodcast interview Tobin, the ExecutiveProducer Thecorporatemarketing ef- sumers who care more about efforts, as podcastsgrowin with perpetrating aterrorist conducted by Michael Barbaro, of the Audio team.” fort is an attempt to boost corporate responsibility.

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AdaptiveBiotech ADPT 54.64 -7.50 Avangrid AGR 47.49 0.65 CIBC CM 85.53 -1.80 Danaher DHR 222.20 -11.78 EsteeLauder EL 235.85 -9.46 Globant GLOB 194.70 -5.52 How to Read the Stock Tables Footnotes: Adobe ADBE 460.00 -16.28 Avantor AVTR 28.17 -1.75 CanNtlRlwyCNI 101.32 -5.87 Darden DRI 112.10 -6.48 Etsy ETSY 193.37 -11.04 GlobeLife GL 90.20 -2.91 The following explanations apply to NYSE, NYSE s-New 52-week high. AdvanceAutoAAP 147.93 -9.70 AveryDennison AVY 148.67 -6.70 CanNaturalRes CNQ 22.90 -0.92 DarlingIngred DAR 60.69 -5.21 EverestRe RE 218.93 -8.24 GoDaddy GDDY 77.89 -4.20 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. AdvMicroDevices AMD 88.84 -5.87 AxonEnterprise AXON 170.04 -6.61 CanPacRlwy CP 330.29 -11.77 Datadog DDOG 98.00 -5.52 Evergy EVRG 52.72 -0.82 GoldFields GFI 9.45 -0.32 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four GoldmanSachs GS that include primary market trades as well as quarters. Aegon AEG 4.03 -0.09 BCE BCE 43.06 -0.59 Canon CAJ 23.80 1.39 DaVita DVA 117.85 -1.41 EversourceEner ES 88.53 -1.36 273.33 -8.43 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. AffirmHldgs AFRM 105.29 -4.79 BHP Group BHP 69.14 -2.66 s CanopyGrowth CGC 37.83 2.31 DeckersOutdoor DECK 278.61 -25.62 ExactSciences EXAS 136.85 -4.19 GoodRx GDRX 50.21 -0.53 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing AgilentTechs A 118.80 -5.12 BHP Group BBL 55.84 -2.35 CapitalOne COF 102.69 2.76 DeereDE280.73 -15.28 Exelon EXC 41.02 -1.83 GGG 68.59 -2.50 Nasdaq ISE. standards AgnicoEagle AEM 67.97 -2.96 BP BP 22.73 -0.30 CardinalHealth CAH 55.29 -0.19 DellTechC DELL 73.86 -2.18 eXpWorld EXPI 108.44 -9.32 Grainger GWW 370.46 -6.23 The list comprises the 1,000 largest companies lf-Late filing AirProducts APD 269.98 -8.01 Baidu BIDU 237.18 -11.12 Carlisle CSL 145.69 -4.90 DeltaAir DAL 38.52 -0.80 Expedia EXPE 123.21 -8.29 Grifols GRFS 18.35 -0.10 based on market capitalization. q-Temporary exemption from Nasdaq s BakerHughes BKR 20.41 -0.20 Carlyle CG GuardantHealth GH 147.39 -2.52 Underlined quotations are those stocks with requirements. ABNB 201.25 8.51 31.49 -0.92 DenaliTherap DNLI 69.73 -3.25 ExpeditorsIntl EXPD 93.91 -0.48 large changes in volume compared with the t-NYSE bankruptcy s AkamaiTech AKAM120.44 3.44 Ball BLL 85.33 -3.47 CarMax KMX 121.45 -6.34 DentsplySirona XRAY 55.37 -1.79 ExtraSpaceSt EXR 115.12 -1.86 Guidewire GWRE 117.55 -4.11 issue’s average trading volume. v-Trading halted on primary market. Albemarle ALB 168.85 -6.53 BallardPower BLDP 34.37 -2.94 Carnival CCL 18.98 0.26 DeutscheBank DB 10.29 -0.38 ExxonMobil XOM 45.35 -0.52 HCA Healthcare HCA 157.02 -7.11 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being s Albertsons ACI 20.42 0.92 BancoBilbaoViz BBVA 4.60 -0.21 Carnival CUK 16.27 0.08 DevonEnergy DVN 17.21 0.36 F5Networks FFIV 201.22 -7.34 HDFC Bank HDB 68.84 -3.96 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, Alcon ALC 74.01 -2.00 BancoBradesco BBDO 4.15 0.15 CarrierGlobal CARR 36.23 -1.09 DexCom DXCM 349.64 -11.78 FMC FMC 107.54 -2.78 HP HPQ 24.85 0.23 previous closing price was $2 or higher. or securities assumed by such companies. AlexandriaRlEst ARE 166.24 -2.77 BancodeChile BCH 20.12 -0.66 Carvana CVNA 239.31 -22.02 Diageo DEO 154.26 -6.83 Facebook FB 272.14 -9.91 HSBC HSBC 27.29 -0.21 AlexionPharm ALXN 155.69 -6.06 BancSanBrasil BSBR 7.21 -0.09 Catalent CTLT 109.55 -3.80 DiamondbkEner FANG 56.59 -3.02 FactSet FDS 312.69 0.79 Halliburton HAL 17.28 -0.92 Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Alibaba BABA BcoSantChile BSAC 20.13 -0.67 Caterpillar CAT 180.63 -6.58 DigitalRealty DLR 149.17 3.32 FairIsaac FICO 469.07 -42.49 HartfordFinl HIG 48.01 -1.90 changes in the closing prices from 4 p.m. the previous day. 260.25 -5.67 AlignTech ALGN 509.64 -25.46 BancoSantander SAN 2.93 -0.16 Celanese CE 119.37 -6.28 DiscoverFinSvcs DFS 82.18 -4.64 Farfetch FTCH 56.76 -3.55 Hasbro HAS 93.29 -1.90 Alleghany Y 564.76 -15.40 BanColombia CIB 33.88 -0.66 Cemex CX 5.83 -0.38 DiscoveryB DISCB 42.65 3.45 Fastenal FAST 47.82 0.22 HealthcareAmer HTA 27.83 -1.07 Wednesday, January 27, 2021 Net Net Allegion ALLE 112.15 0.89 BankofAmerica BAC 29.83 -1.11 CenovusEnergy CVE 5.75 -0.01 s DiscoveryA DISCA 43.87 3.15 Fastly FSLY 108.98 1.99 HealthpeakProp PEAK 29.17 -0.96 Heico HEI Net Stock Sym Close Chg Stock Sym Close Chg AlliantEnergy LNT 48.98 -0.86 BankofMontreal BMO 75.82 -1.33 Centene CNC 58.42 -1.68 s DiscoveryC DISCK 33.47 -1.93 FateTherap FATE 87.52 -1.79 116.13 -6.00 Stock Sym Close Chg Allstate ALL 110.51 0.99 BankNY Mellon BK 39.82 -1.52 CenterPointEner CNP 20.86 -1.09 Disney DIS 163.03 -6.53 FedEx FDX 242.83 -6.84 Heico A HEI.A 105.07 -2.95 AES AES 22.96 -1.60 AT&T T 29.14 -0.61 AllyFinancial ALLY 36.45 -2.23 BkNovaScotia BNS 53.33 -1.47 CentraisElBras EBR 5.23 0.13 DocuSign DOCU 225.19 -9.92 Ferrari RACE 207.25 -1.25 HenrySchein HSIC 68.17 -0.94 s A B C Aflac AFL 45.15 -1.28 AbbottLabs ABT 114.29 -0.44 AlnylamPharm ALNY 155.39 -14.63 Barclays BCS 7.30 -0.30 CeridianHCM CDAY 94.35 -3.06 DolbyLab DLB 86.59 -6.63 FidNatlFin FNF 36.35 -2.32 Hershey HSY 146.19 -3.33 AGCO AGCO 102.80 -8.27 AbbVie ABBV 102.79 -6.01 Alphabet C GOOG 1830.79 -86.45 BarrickGold GOLD 21.99 -1.29 s Cerner CERN 83.30 1.97 DollarGeneral DG 199.63 -6.49 FidNatlInfo FIS 122.53 -5.63 Hess HES 55.97 -1.22 ABB ABB 29.82 -0.70 AGNC Invt AGNC 15.79 -0.37 AbCelleraBio ABCL 46.85 -0.92 Alphabet A GOOGL1818.94 -89.01 BauschHealth BHC 24.79 -1.66 CharlesRiverLabs CRL 252.87 -12.61 DollarTree DLTR 101.56 -4.14 FifthThirdBncp FITB 28.44 -1.31 HewlettPackard HPE 13.07 0.85 Ansys ANSS 348.85 -17.79 Abiomed ABMD 328.60 -12.29 AcadiaPharm ACAD 48.61 -3.00 Alteryx AYX 124.90 2.40 BaxterIntl BAX 78.02 -2.79 CharterComms CHTR 615.78 -33.76 DominionEner D 73.08 -0.56 FirstHorizon FHN 13.70 -0.33 HighwoodsProp HIW 37.48 -1.50 ADT ADT 10.21 0.24 ASETech ASX 6.84 -0.31 Accenture ACN 246.10 -6.89 AlticeUSA ATUS 34.18 -1.50 BectonDicknsn BDX 250.89 -7.46 CheckPoint CHKP133.23 2.43 Domino's DPZ 376.91 -1.93 FirstRepBank FRC 147.05 -5.48 Hilton HLT 98.67 -6.00 AECOM ACM 50.48 -2.59 ASML ASML 524.63 -24.37 ActivisionBliz ATVI 88.67 -3.71 Altria MO 41.82 -0.41 BeiGene BGNE 320.71 -37.63 Chegg CHGG 93.26 -6.91 s DoorDash DASH 193.07 -5.15 FirstSolar FSLR 102.81 -1.88 Hologic HOLX 72.51 -2.01 AlumofChina ACH 7.92 -0.39 BentleySystems BSY 39.36 -2.83 Chemed CHE 518.98 -21.20 Dover DOV 118.94 -5.31 FirstEnergy FE 30.86 -1.07 HomeDepot HD 274.05 -8.55 Amazon.com AMZN 3232.58 -93.55 BerkleyWRB 61.64 -3.31 CheniereEnergy LNG 59.51 -1.15 Dow DOW 54.39 -1.35 Fiserv FISV 103.22 -2.99 HondaMotor HMC 26.82 -0.56 ADVERTISEMENT Ambev ABEV 2.86 -0.04 BerkHathwy A BRK.A 343450-5750.00 CheniereEnerPtrs CQP 37.69 -0.23 DrReddy'sLab RDY 65.76 -2.83 FiveBelow FIVE 176.67 -8.08 Honeywell HON 199.38 -1.68 Amcor AMCR 11.06 -0.15 BerkHathwy B BRK.B 227.36 -4.21 Chevron CVX 88.20 -1.16 DraftKings DKNG 54.27 0.21 Five9 FIVN 158.16 -5.84 HorizonTherap HZNP 71.83 -3.14 Amdocs DOX 71.24 -0.25 BestBuy BBY 113.57 -1.13 Chewy CHWY 103.99 1.70 DropboxDBX 24.26 2.06 FleetCorTech FLT 245.29 -15.74 HormelFoods HRL 50.50 1.98 Amedisys AMED 286.66 -24.41 BeyondMeat BYND192.08 5.25 ChinaEastrnAir CEA 19.88 -0.44 DukeEnergy DUK 91.71 -1.21 Flex FLEX 17.30-1.23 DR Horton DHI 74.66 -3.13 The Marketplace Amerco UHAL 459.00 -1.74 Bilibili BILI 120.43 -5.57 ChinaLifeIns LFC 10.84 -0.32 DukeRealty DRE 40.11 -0.73 HostHotels HST 13.60 0.10 Floor&Decor FND 90.96 -6.00 t Dun&Bradstreet DNB HowmetAerospace HWM 23.60 -1.40 To advertise: 800-366-3975orWSJ.com/classifieds Ameren AEE 75.09 -0.12 Bill.comBILL 113.49 -6.04 ChinaPetrol SNP 48.43 -0.69 23.17 -1.08 FomentoEconMex FMX 73.41 -1.01 AmericaMovil AMX 13.96 -0.41 Bio-Techne TECH 318.43 -21.91 ChinaSoAirlines ZNH 27.23 -0.33 DuPont DD 77.90 -1.93 FordMotor F 10.79 -0.40 HuanengPower HNP 14.64 -0.07 AmericaMovil A AMOV 14.30 -0.74 Bio-RadLab A BIO 547.01 -23.75 Chipotle CMG 1466.36 -22.89 DynatraceDT40.08 -3.45 Fortinet FTNT 145.82 -3.83 Huazhu HTHT 47.84 1.52 AmerAirlines AAL 16.56 1.03 Biogen BIIB 265.15 -6.52 Chubb CB 145.10 -5.10 ENI E 20.55 -0.14 Fortis FTS 40.30 -1.04 Hubbell HUBB 161.16 -2.24 PUBLIC NOTICES PRODUCTS AEP AEP 80.44 -1.38 BioMarinPharm BMRN 83.24 -2.67 ChunghwaTel CHT 38.96 -0.06 EOG Rscs EOG 55.01 1.52 Fortive FTV 66.14 -0.86 HubSpot HUBS 349.99 -22.37 AmerExpress AXP 114.09 -2.06 BioNTech BNTX 105.97 -0.32 Church&Dwight CHD 87.78 -0.22 EPAM Systems EPAM 339.62 -11.13 FortBrandsHome FBHS 84.37 -3.36 Humana HUM 377.93 -17.92 AmHomes4Rent AMH 29.98 -0.83 BlackKnight BKI 80.17 -0.52 ChurchillDowns CHDN 184.98 -12.55 EastWestBncp EWBC 58.92 -1.89 s FoxA FOXA 34.38 -0.55 JBHuntJBHT 135.73 -7.73 CB=S*% B# SC=%C'%' 'S+S'%C' **0 /,(&"'0 AIG AIG 37.60 -1.51 s BlackBerry BB 25.10 6.18 Ciena CIEN 56.51 1.39 EastmanChem EMN 100.30 -3.07 FoxB FOX 32.47 -0.93 HuntingtonBcshs HBAN 13.28 -0.24 A-?>-,C= =B ?-E% 39N05 B# .+%(+'0 -',#0%($!)',"1& AmerTowerREIT AMT 229.06 -3.23 BlackRock BLK 697.79 -24.06 Cigna CI 212.56 -3.20 Eaton ETN 114.86 -5.88 Franco-Nevada FNV 120.97 -2.57 ICICI Bank IBN 14.32 -0.55 =U% SC>BE+%C*(P%C!E,C' ,C' 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AQ)3#W 3, 5W-W$>63BWS! OF-,F&S) )Q =F1W P7LHR ArcherDaniels ADM 49.58 -2.60 CBRE Group CBRE 62.66 -0.47 Copart CPRT 108.25 -2.02 IntlPaper IP 50.42 -1.23 EssentialUtil WTRG 45.86 0.11 GSK GSK 38.18 -1.06 )Q00>bI9-I "[ 5[ <^ 0>bI0><8; ^<0V Q9 )5W TS,Q1BWS#>N#S61&SX &SX '&1W,M =F1W, AresMgmt ARES 44.54 -1.42 CDW CDW 133.02 -1.22 Corning GLW 35.23 -1.94 s Interpublic IPG 24.68 -0.53 '6b"<0[65K>[ K<5> 0[ >-Mb "b6 Yb65[8 [6 K>[ >-Mb -55b<6 b80<0:b9b80 0[ 5[9b[8b b:5b -6b-5;b" 0[ FS,W#F-WX! SQS4O-W9W-WS)3&1 #-WX3)Q-,@3)53S AristaNetworks ANET 305.69 -1.31 CGI GIB 77.37 -0.25 CoStar CSGP889.71 -13.34 Y6[M<"b ^[69-: 8[0<(b 0[ 0>b ][<80 Pb6 <8^[69-0<[8$ ([80-(0 "b0-<:5$-8" Y6[[^ PR !W$-F&->HEHPL00Y&22KKKVYK(V([VQ;2 Credicorp BAP 152.69 -2.37 5b6M<(b52)Q5<8b55=6b([Mb6I2-"9<8<506-0<[852 XW$) )Q )5W IQ3S) ,X03S3,)-&)Q-,! AscendisPharma ASND 152.00 -3.72 CMS Energy CMS 57.30 -1.48 wsj.com/market-data/bonds/benchmarks :b>9-820>-Ib6=Y6[Yb6009:V ,:0b68-0 W0&31 )Q F2D1W50&S&99313&)W,%O@#L#Q0L AstraZeneca AZN 52.10 -2.34 CNOOC CEO 101.65 0.53 Money Rates January 27, 2021 !Q60>b6 "b0-<:5 -6b-M-<:-):b <8 0>b Y6&OOW&- )Q )5W IQ3S) ,X03S3,)-&)Q-,)Q$W #"K-6"][>8 N-(8-9-6-X_J 8[ \3\@W$ )[0> Autodesk ADSK 273.47 -18.28 C3.ai AI 149.09 7.66 CureVac CVAC 94.49 -4.24 international markets. Rates below are a guide to general levels but [^ J6<(bK-0b6>[Q5b'[[Yb65PPJ$4N[6b SW#W,,&->L s CVS Health CVS 72.42 -1.81 CyrusOne CONE 72.24 -1.15 P[8"[8 H0&> XQ ,Q 39 )5W>)53S2 93)L ADP ADP 165.67 1.14 CadenceDesign CDNS 128.43 -5.40 Week —52-WEEK— .GZ. '-WX3)Q-,@5Q @3,5 )Q 5&BW X3B3XWSX O&>0WS), Inflation Latest ago High Low 0&XW )Q &SQ)5W- OW-,QS Q- @5Q 5&BW &,,36SWX AutoZone AZO 1137.21 -57.34 CaesarsEntCZR 66.87 -7.49 DISH Network DISH 30.16 -1.40 %-0b"& .` ]-8Q-6I.G.Z Avalara AVLR145.18 -6.06 CamdenProperty CPT 101.60 -2.00 DTE Energy DTE 120.71 -2.08 Dec. index Chg From (%) a# *6Q(b )5W3- WS)3)1W0WS) )Q ,Q0WQSW W1,W &-W&,2WX )Q O-QB3XW 9Q-0&1 SQ)3#W )Q )5W IQ3S),X03S3,)-&)Q-,L Avalonbay AVB 163.87 -4.24 CampbellSoup CPB 52.71 2.76 DadaNexus DADA level Nov. '20 Dec. '19 Other short-term rates ][<80 P1 Latest ago high low CB'S*% B# SC'%C'%' 'SAS'%C' &X03S3,)-&)3QS,11W50&S11$O)641303)WX43S4 All items 260.474 0.09 1.4 A&+)&,C''B+&E% /CFG5 B# &X03S3,)-&)3QSL5)01L ,1)W-S&)3BW1>! O1W&,W #&11 Dividend Changes Core 269.226 –0.09 1.6 'U% SC)BEA%C*;,%C!E,C' ,C' %3&SW ,XW$Q@&1W QS K77 NEMHE+8U( 8EEEL Call money >,E%)G +&E%) GH/9 4466, ,V06665,7&,4759 VT,&635$ 2.00 2.00 3.50 2.00 %E'BC )'+%%' UBE'SC!) ESDS'%' ( %W-W2 ,S)5QS>VQ@W11 NT? SQL**E7M! a3113&S Dividend announcements from January 27. International rates SC ,'DSCS)'+,'SBC #1W&SQ- *-F#W NT? SQLRPHEM! #X@&-XIQ5S Amount +%!S)'%+%' CBFHC/H*/9E C&#S&0&-&NT? SQLR*R7M &SX =F,,W11 %Q@S, Payable / Week 52-Week Commercial paper (AA financial) NT? SQLR(+HM &11 Q9 ?-3#W@&)W-5QF,W'QQOW-, Company Symbol Yld %New/Old Frq Record +%!S)'%+%' B##S*%6HEHP Cambridge Bancorp CATC 3.0 .55 /.53 Q Feb25 /Feb11 U.S. 3.25 3.25 4.75 3.25 *B&+' Three month 0.21150 0.22238 1.77713 0.20488 CBF//HE9 B# GHH* a#*-F#W Colony Bankcorp CBAN 2.9 .1025 /.10 Q Feb12 /Jan31 Canada 2.45 2.45 3.95 2.45 AQ)3#W 3, 5W-W$>63BWS! OF-,F&S) )Q =F1W P7LHR IQ3S) ,X03S3,)-&)Q- First Foundation FFWM 1.8 .09 /.07 Q Feb15 /Feb05 Japan 1.475 1.475 1.475 1.475 Six month 0.22763 0.23788 1.77925 0.22763 Q9 )5W TS,Q1BWS#>N#S61&SX &SX '&1W,M =F1W, German American Bancorp GABC 2.5 .21 /.19 Q Feb20 /Feb10 One year 0.31200 0.31725 1.84713 0.31150 HEP* N)5W /=F1W,.M )5&) )5W IQ3S) ,X03S3,)-&)Q-, Global Partners GLP 9.6 .55 /.50 Q Feb12 /Feb08 3S)WSX )Q XW#1&-W&)WS)5 3S)W-30 X3B3XWSX )Q Policy Rates Hess Midstream HESM 8.1 .4471 /.4417 Q Feb12 /Feb04 FS,W#F-WX! SQS4O-W9W-WS)3&1 #-WX3)Q-,@3)53S Euro zone 0.00 0.00 0.00 0.00 Euro Libor )@Q0QS)5, 9-Q0 )5W 1&,) X&)WQ9O-QB3S6!$W3S6 Linde LIN 1.7 1.06 /.963 Q Mar22 /Mar05 Switzerland 0.00 0.00 0.50 0.00 One month -0.580 -0.587 -0.360 -0.621 PR !W$-F&->HEHPL W0&31 )Q F2D1W50&S&99313&)W,%O@#L#Q0L Secured Overnight Financing Rate ?W-,QS, ,Q O-QB3S6 &-W-WJF3-WX! 39 ,Q -WJFW,)WX! Southern Missouri Bancorp SMBC 2.0 .16 /.15 Q Feb26 /Feb12 U.S. 0.06 0.05 1.65 -0.07 )Q O-QB3XW ,F#5 9F-)5W- XW)&31, Q- O-QXF#W ,F#5 STRATS Tr Allstate 2006-3 GJT 1.4 .0187 /.01846 M Feb01 /Jan29 0.03 0.07 1.64 0.01 XQ#F0WS), Q- Q)5W- WB3XWS#W &, 0&>&OOW&- )Q U.S. government rates Timberland Bancorp TSBK 3.2 .21 /.20 Q Feb26 /Feb12 )5W IQ3S) ,X03S3,)-&)Q-,)Q$WSW#W,,&->L ADVERTISE TODAY Value 52-Week ;5W IQ3S) ,X03S3,)-&)Q-,@311 SQ) $W Q$136WX (800)366-3975 Williams Cos WMB 7.5 .41 /.40 Q Mar29 /Mar12 Discount Latest Traded High Low )Q XW&1 @3)5 O-QQ9, 1QX6WX &9)W-)5W 1&,) X&)W 0.25 0.25 2.25 0.25 9Q-O-QB3S6 $F))5W>0&> XQ ,Q 39 )5W>)53S2 93)L Reduced DTCC GCF Repo Index '-WX3)Q-,@5Q @3,5 )Q 5&BW X3B3XWSX Formoreinformation visit: Truist Finl Pfd. I TFCpI 4.0 .25 /.25278 Q Mar15 /Feb12 O&>0WS), 0&XW )Q &SQ)5W- OW-,QS Q- @5Q Federal funds Treasury 0.054 56.180 1.720 0.002 wsj.com/classifieds Truist Finl Pfd. Series R TFCpR 6.0 .2969 /.3892 Q Mar01 /Feb12 5&BW &,,36SWX )5W3- WS)3)1W0WS) )Q ,Q0WQSW MBS 0.065 50.700 1.703 0.011 W1,W &-W&,2WX )Q O-QB3XW 9Q-0&1 SQ)3#W )Q )5W Effective rate 0.0800 0.0900 1.6200 0.0600 IQ3S) ,X03S3,)-&)Q-,L Stocks High 0.1200 0.1200 1.6500 0.1000 !Q- 9F-)5W- 3S9Q-0&)3QS! #QS)&#) XW)&31,!&SX MDC Holdings MDC 3.0 8.00% Mar17 /Mar03 Low 0.0400 0.0400 1.5800 0.0100 Notes on data: O-QQ9 Q9 XW$) 9Q-0,! O1W&,W B3,3) 5))O"11@@@L Bid 0.0800 0.0800 1.6000 0.0100 O@#L#QLF21,W-B3#W,1$F,3SW,,4-W#QBW->1 Foreign U.S. prime rate is the base rate on corporate &X03S3,)-&)3QS,11W50&S1W,541)X43S4 Offer 0.1000 0.1100 1.6300 0.0500 loans posted by at least 70% of the 10 largest Canadian Pacific Railway CP 0.9 .74364 Q Apr26 /Mar26 &X03S3,)-&)3QSL5)01L ,1)W-S&)3BW1>! O1W&,W #&11 U.S. banks, and is effective March 16, 2020. %3&SW ,XW$Q@&1W QS K77 NEMHE+8U( 8EEEL INVESCO IVZ 3.0 .155 Q Mar02 /Feb16 Treasury bill auction Other prime rates aren’t directly comparable; Q2@74 80:@7@?4B842B?D 0-48@=?6 Koninklijke ADR PHG 1.6 1.03311 A Jun09 /May11 4 weeks 0.070 0.075 1.575 0.000 lending practices vary widely by location; %W-W2 ,S)5QS>VQ@W11 NT? SQL**E7M! a3113&S Novartis ADR NVS 2.2 3.37838 A Mar15 /Mar05 Discount rate is effective March 16, 2020. #1W&SQ- *-F#W NT? SQLRPHEM! #X@&-XIQ5S 13 weeks 0.080 0.085 1.550 0.000 Silicon Motion Tech ADR SIMO 2.9 .35 Q Feb26 /Feb16 Secured Overnight Financing Rate is as of C&#S&0&-&NT? SQLR*R7M &SX =F,,W11 %Q@S, 26 weeks 0.085 0.095 1.535 0.080 NT? SQLR(+HM &11 Q9 ?-3#W@&)W-5QF,W'QQOW-, UBS Group UBS 2.5 .37 A Apr15 /Apr14 January 26, 2021. DTCC GCF Repo Index is EE?!+CQ-WEQSXQS =3BW-,3XW!EQSXQS <#P Depository Trust & Clearing Corp.'s weighted H=;! :S3)WX G3S6XQ0 Special Secondary market average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. %&)WQ9&X03S3,)-&)3QS &OOQ3S)0WS)" R PRK %W#W0$W- HEEU Park National 3.6 .20 Mar10 /Feb19 Fannie Mae Federal-funds rates are Tullett Prebon rates as Timberland Bancorp TSBK 3.2 .10 Feb26 /Feb12 of 5:30 p.m. ET. %&)WX" HU I&SF&->HEHP ©202! Dow Jones &Company, Inc. 30-year mortgage yields a#*-F#W All Rights Reserved. Sources: Federal Reserve; Bureau of Labor IQ3S) ,X03S3,)-&)Q- KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 30 days 1.932 2.013 3.017 1.751 Statistics; DTCC; FactSet; spin-off. 60 days 1.958 2.048 3.081 1.804 Tullett Prebon Information, Ltd. P2JW028000-0-B00700-1------XA

THE WALL STREET JOURNAL. Thursday, January 28, 2021 | B7 MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30303.17 t633.87, or 2.05% Trailing P/E ratio 29.27 20.94 3750.77 t98.85, or 2.57% Trailing P/E ratio * 41.74 25.94 13270.60 t 355.47, or 2.61% 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 2.04 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 65-day moving average Session high

DOWN UP 27400 3375 65-day moving average 11600 65-day moving average Session open Close t

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*1,738,846,188 50,155,656 Industrial Average 30893.78 30206.91 30303.17 -633.87 -2.05 31188.38 18591.93 5.5 -1.0 4.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 769,109,898 8,383,311 Transportation Avg 12540.32 12206.92 12277.04 -366.23 -2.90 13126.00 6703.63 12.6 -1.8 3.3 Most-active issues in late trading Decl. volume* 961,931,539 40,894,966 Utility Average 864.66 840.78 844.37 -20.04 -2.32 960.89 610.89 -9.7 -2.3 6.5 Volume After Hours Issues traded 3,275 284 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 40031.11 39210.63 39395.33 -1039.93 -2.57 40565.56 22462.76 17.8 0.4 10.0 Advances 543 45 Nokia ADR NOK 36,358.7 6.67 0.12 1.83 7.26 5.00 Barron's 400 900.57 874.89 878.84 -21.74 -2.41 909.04 455.11 21.4 3.1 5.1 Declines 2,677 234 AMC Entertainment Hldgs AMC 31,041.3 15.30 -4.60 -23.12 19.94 14.63 Unchanged 55 5 Apple AAPL Nasdaq Stock Market 16,941.0 137.87 -4.19 -2.95 145.06 132.11 New highs 118 6 Nasdaq Composite 13538.42 13192.91 13270.60 -355.47 -2.61 13635.99 6860.67 43.1 3.0 20.9 SPDR S&P 500 SPY 16,895.5 372.52 -1.89 -0.50 375.25 370.00 New lows 33 1 Nasdaq-100 13393.51 13034.14 13112.65 -377.54 -2.80 13490.19 6994.29 44.1 1.7 23.1 Intel INTC 5,892.5 53.52 -0.07 -0.13 53.99 53.00 Closing Arms† 0.16 0.92 Facebook Cl A FB 5,515.6 274.10 1.96 0.72 281.00 252.80 S&P Block trades* 8,908 333 Trip.com Group ADR TCOM 5,155.0 31.83 ... unch. 31.95 31.70 500 Index 3836.83 3732.48 3750.77 -98.85 -2.57 3855.36 2237.40 14.6 -0.1 9.3 Nasdaq NYSE Arca Invesco QQQ Trust I QQQ 4,788.5 317.25 -2.18 -0.68 322.90 314.05 MidCap 400 2407.63 2358.19 2367.26 -61.05 -2.51 2469.01 1218.55 15.7 2.6 5.9 Total volume*10,893,185,669 344,042,550 SmallCap 600 1242.22 1217.41 1229.29 -3.93 -0.32 1233.22 595.67 22.4 9.9 7.9 Percentage gainers… Adv. volume*6,155,151,763 53,699,387 Decl. volume*4,705,621,924 288,871,168 Other Indexes Chico's FAS CHS 461.3 4.50 1.56 53.06 4.66 2.78 Issues traded 3,960 1,488 Russell 2000 2146.66 2088.01 2108.70 -41.16 -1.91 2168.76 991.16 27.9 6.8 9.5 J.Jill JILL 54.6 7.65 1.15 17.69 7.99 6.50 Advances 599 182 NYSE Composite 14867.37 14447.36 14487.73 -379.64 -2.55 15097.28 8777.38 4.7 -0.3 2.0 First Majestic Silver AG 496.8 16.29 2.40 17.28 16.71 13.74 Declines 3,326 1,279 Drive Shack DS 62.4 3.65 0.43 13.35 3.73 3.20 Value Line 600.27 586.06 588.15 -12.12 -2.02 606.75 305.71 8.6 3.4 -0.1 Unchanged 35 27 Eastman Kodak KODK 1,689.5 13.50 1.42 11.75 15.15 11.00 NYSE Arca Biotech 6148.32 5971.64 5997.68 -150.65 -2.45 6290.56 3855.67 20.7 4.5 6.8 New highs 183 36 NYSE Arca Pharma 724.27 701.49 702.52 -21.75 -3.00 725.03 494.36 7.1 1.9 5.8 ...And losers New lows 55 8 KBW Bank 100.09 97.87 98.06 -3.57 -3.52 110.43 56.19 -7.4 0.2 -5.6 AMC Entertainment Hldgs AMC 31,041.3 15.30 -4.60 -23.12 19.94 14.63 Closing Arms† 0.14 0.59 § PHLX Gold/Silver 135.36 130.83 131.57 -5.90 -4.29 161.14 70.12 27.6 -8.8 13.4 NTN Buzztime NTN 530.7 4.50 -0.70 -13.46 5.50 3.80 Block trades* 106,996 1,401 § PHLX Oil Service 49.02 45.44 46.63 -0.54 -1.14 67.00 21.47 -26.9 5.2 -34.1 Bed Bath Beyond BBBY 879.8 46.50 -6.39 -12.08 55.90 45.00 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2961.56 2862.24 2875.13 -156.64 -5.17 3132.17 1286.84 54.7 2.8 27.7 GameStop Cl A GME 1,718.8 316.10 -31.41 -9.04 373.02 293.00 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 37.21 23.71 37.21 14.19 61.64 82.69 13.68 127.0 63.6 49.8 BB BlackBerry 4,738.0 22.97 -2.13 -8.49 26.65 20.70 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 652.50 –13.59 –2.04 1.0 Tian Ruixiang TIRX 25.50 21.50 537.50 50.00 4.00 ... EZGO Technologies EZGO 9.10 -9.01 -49.75 19.44 8.00 ... MSCI ACWI ex-USA 334.76 –4.22 –1.25 2.5 Koss KOSS 58.00 48.00 480.00 69.79 0.80 3625.6 ENDRA Life Sciences NDRA 2.20 -0.65 -22.81 2.99 0.60 57.1 MSCI World 2694.42 –59.70 –2.17 0.2 AMC Entertainment Hldgs AMC 19.90 14.94 301.21 20.36 1.91 193.9 Globus Maritime GLBS 5.45 -1.50 -21.58 122.00 5.25 -93.6 MSCI Emerging Markets 1371.42 –17.34 –1.25 6.2 Express EXPR 9.55 6.51 214.14 13.97 0.57 121.1 Ikonics IKNX 9.16 -2.43 -20.97 16.00 2.83 65.0 Americas MSCI AC Americas 1463.21 –39.47 –2.63 –0.3 GameStop Cl A GME 347.51 199.53 134.84 380.00 2.57 8314.3 PBI 10.81 -2.82 -20.69 15.50 1.67 181.5 Canada S&P/TSX Comp 17424.43 –354.98 –2.00 –0.1 Fossil Group FOSL 23.66 11.01 87.04 28.60 2.69 221.5 BioVie BIVI 29.88 -7.63 -20.34 43.75 2.20 647.0 Latin Amer. MSCI EM Latin America 2335.83 –49.89 –2.09 –4.7 CEL-SCI CVM 25.00 10.51 72.53 40.91 6.35 81.2 IZEA Worldwide IZEA 5.18 -1.32 -20.31 7.45 0.07 1495.8 Brazil Sao Paulo Bovespa 115882.30 –581.76 –0.50 –2.6 J.Jill JILL 6.50 2.33 55.88 8.67 1.55 3.2 T2 Biosystems TTOO 2.24 -0.57 -20.28 2.92 0.24 113.3 Chile Santiago IPSA 3019.76 –54.51 –1.77 5.7 NTN Buzztime NTN 5.20 1.84 54.76 7.76 0.94 127.1 AMC Networks A AMCX 48.27 -11.56 -19.32 73.00 19.62 29.7 Mexico S&P/BMV IPC 44262.01 –791.55 –1.76 0.4 trivago ADR TRVG 3.19 1.09 51.90 5.88 1.25 13.1 Agilysys AGYS 40.26 -9.61 -19.28 51.30 12.61 20.3 EMEA Stoxx Europe 600 402.98 –4.72 –1.16 1.0 JanOne JAN 9.52 3.07 47.60 11.64 2.01 201.3 Biotech EDSA 6.10 -1.38 -18.45 19.10 1.58 79.9 Eurozone Euro Stoxx 396.48 –5.83 –1.45 –0.3 Sorrento Therapeutics SRNE 15.23 4.81 46.16 19.39 1.55 300.8 TransEnterix TRXC 2.95 -0.66 -18.28 4.44 0.28 128.7 Belgium Bel-20 3645.30 –78.98 –2.12 0.7 Rubius Therapeutics RUBY 14.69 4.48 43.88 14.80 3.35 82.5 GSE Systems GVP 1.79 -0.39 -17.89 2.36 0.86 15.5 Bed Bath Beyond BBBY Biodesix BDSX Denmark OMX Copenhagen 20 1440.33 –34.06 –2.31 –1.7 52.89 16.02 43.45 53.90 3.43 226.3 21.96 -4.70 -17.63 31.99 10.85 ... Build-A-Bear Workshop BBW 6.78 2.01 42.14 8.40 1.01 42.4 1847 Goedeker GOED 11.54 -2.41 -17.28 17.75 5.65 ... France CAC 40 5459.62 –63.90 –1.16 –1.7 Germany DAX 13620.46 –250.53 –1.81 –0.7 Most Active Stocks Volume Movers Ranked by change from 65-day average* Israel Tel Aviv 1591.81 –4.68 –0.29 6.2 Italy FTSE MIB 21662.73 –324.27 –1.47 –2.6 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 647.92 –10.62 –1.61 3.7 Russia RTS Index 1393.02 –29.93 –2.10 0.4 Naked Brand Group NAKD 2,052,463 1312.8 1.38 252.31 2.62 0.07 ELEMENTS Rogers Agri RJA 4,909 4408 6.75 -0.15 6.85 4.27 South Africa FTSE/JSE All-Share 62784.52 –1139.11 –1.78 5.7 AMC Entertainment Hldgs AMC 1,206,342 2172.4 19.90 301.21 20.36 1.91 Tootsie Roll Indus TR 7,209 3213 42.85 11.44 58.98 28.99 Nokia ADR NOK Perspecta PRSP Spain IBEX 35 7852.70 –112.20 –1.41 –2.7 1,096,013 2495.0 6.55 38.48 9.79 2.34 22,348 2710 28.80 9.71 29.44 14.03 Sundial Growers SNDL 807,212 157.3 0.60 7.29 2.63 0.14 CEL-SCI CVM 14,687 2481 25.00 72.53 40.91 6.35 Sweden OMX Stockholm 796.35 –8.53 –1.06 3.6 Castor Maritime CTRM 697,150 756.7 0.53 36.11 2.60 0.11 Middlesex Water MSEX 1,357 2449 77.89 -5.58 85.92 48.79 Switzerland Swiss Market 10904.24 –59.81 –0.55 1.9 Turkey BIST 100 1467.00 –69.11 –4.50 –0.7 BlackBerry BB 365,214 909.3 25.10 32.66 28.77 2.70 Koss KOSS 24,200 2392 58.00 480.00 69.79 0.80 U.K. FTSE 100 6567.37 –86.64 –1.30 1.7 Express EXPR 282,031 1958.6 9.55 214.14 13.97 0.57 DZS DZSI 1,585 2331 14.13 -8.78 18.90 2.90 U.K. FTSE 250 20278.35 –170.01 –0.83 –1.0 Genius Brands Intl GNUS 203,497 736.5 3.06 81.07 11.73 0.05 CONX CONX 4,544 2302 10.31 -1.62 10.66 9.87 American Airlines Group AAL 177,174 135.6 16.56 6.63 30.78 8.25 Wedbush Video Game Tech GAMR 442 1894 110.01 16.12 114.66 35.50 Asia-Pacific MSCI AC Asia Pacific 211.04 –1.43 –0.67 5.6 Palantir Technologies PLTR 169,859 159.2 39.00 10.26 45.00 8.90 Forward Pharma ADR FWP 493 1782 7.71 14.56 12.72 4.61 Australia S&P/ASX 200 6780.60 –44.11 –0.65 2.9 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least China Shanghai Composite 3573.34 3.91 0.11 2.9 5,000 shares =Has traded fewer than 65 days Hong Kong Hang Seng 29297.53 –93.73 –0.32 7.6 Track the Markets India S&P BSE Sensex 47409.93 –937.66 –1.94 –0.7 Compare the performance of selected CURRENCIES & COMMODITIES Japan Nikkei Stock Avg 28635.21 89.03 0.31 4.3 global stock indexes, bond ETFs, Singapore Straits Times 2958.63 13.11 0.45 4.0 currencies and commodities at Currencies South Korea Kospi 3122.56 –17.75 –0.57 8.7 wsj.com/graphics/track-the-markets Taiwan TAIEX 15701.45 42.60 0.27 6.6 U.S.-dollar foreign-exchange rates in late New York trading Thailand SET 1498.13 –14.70 –0.97 3.4 Get real-time U.S. stock quotesand track most-activestocks, new US$ vs, US$ vs, Sources: FactSet; Dow Jones Market Data highs/lows and mutual funds. Available free at WSJMarkets.com Wed YTD chg Wed 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 87.0970 3.6 Europe Brazil real .1847 5.4140 4.2 Czech Rep. koruna .04646 21.525 0.2 Canada dollar .7809 1.2806 0.5 Denmark krone .1629 6.1406 0.8 Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Chile peso .001354 738.70 4.0 Euro area euro 1.2114 .8255 0.8 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000277 3606.01 5.4 Hungary forint .003359 297.71 0.2 notes and bonds major U.S. trading partners Ecuador US dollar 11unch Iceland krona .007714 129.63 1.4 A consumer rate against its 30-year mortgage, Rate Mexico peso .0493 20.2886 2.1 Norway krone .1156 8.6532 0.9 benchmark over the past year 2.50% Uruguay peso .02384 41.9550 –0.9 Poland zloty .2663 3.7558 0.6 Bankrate.com avg†: 2.90% 10% Asia-Pacific Russia ruble .01318 75.863 2.5 Sweden krona .1196 8.3634 1.6

Astra Bank s 2.50% One year ago 2.00 Euro Australian dollar .7663 1.3050 0.4 30-year fixed-rate Switzerland franc 1.1249 .8890 0.5 4.00% Scandia, KS 785-335-2243 t 5 China yuan .1542 6.4836 –0.8 t mortgage 1.50 Turkey lira .1352 7.3968 –0.5 s Hong Kong dollar .1290 7.7520 –0.01 Farmers State Bank 2.50% Ukraine hryvnia .0354 28.2500 –0.4 3.00 0 Yen India rupee .01369 73.069 0.04 Waterloo, IA 877-FSB-1879 1.00 UK pound 1.3690 .7305 –0.2 Tradeweb ICE Indonesia rupiah .0000712 14050 unch 2.00 First National Bank 2.63% Japan yen .009607 104.09 0.8 Middle East/Africa Wednesday Close 0.50 –5 s 10-year Treasury Waverly, IA 319-266-2000 Kazakhstan tenge .002368 422.37 0.2 Bahrain dinar 2.6539 .3768 –0.1 t note yield t WSJ Dollar Index 1.00 TBK Bank, SSB 2.85% 0.00 –10 Macau pataca .1251 7.9949 0.05 Egypt pound .0637 15.7108 –0.2 Malaysia ringgit .2472 4.0455 0.6 Israel shekel .3061 3.2664 1.7 Dallas, TX 214-365-6900 1 3 6 1 2 3 5 7 10 20 30 2020 2021 New Zealand dollar .7158 1.3970 0.4 Kuwait dinar 3.3025 .3028 –0.4 0.00 month(s) years F M A M J J A S O N D J Florence Savings Bank 2.88% Pakistan rupee .00623 160.550 0.1 Oman sul rial 2.5972 .3850 0.01 maturity 2020 Florence, MA 800-644-8261 Philippines peso .0208 48.124 0.2 Qatar rial .2747 3.641 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7524 1.3290 0.6 Saudi Arabia riyal .2666 3.7513 –0.01 Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0009022 1108.42 2.1 South Africa rand .0655 15.2704 3.9 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields Sri Lanka rupee .0051870 192.79 4.1 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 .03574 27.979 –0.4 Yield (%) 52-Week Total Return (%) Thailand baht .03334 29.990 –0.2 WSJ Dollar Index 85.52 0.43 0.5 0.61 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 0.21 0.22 0.20 l 1.78 -1.56 Sources: Tullett Prebon, Dow Jones Market Data U.S. Treasury, Barclays 2442.740 0.620 0.660 1.610 0.400 5.226 5.368 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 4602.480 1.660 1.700 2.090 0.980 8.251 9.980 Commodities 30-year mortgage, fixed† 2.90 2.91 2.83 l 4.22 -1.29 Aggregate, Barclays 2279.490 1.150 1.170 2.310 1.020 5.290 5.490 Wednesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.37 2.38 2.32 l 3.43 -1.26 Fixed-Rate MBS, Barclays 2231.690 1.210 1.200 2.690 0.930 3.289 4.040 DJ Commodity Jumbo mortgages, $548,250-plus† 2.93 2.94 2.85 l 4.36 -1.54 761.32 -1.34 -0.18 770.54 433.70 26.77 4.06 High Yield 100, ICE BofA 3330.910 3.545 3.376 10.740 3.358 4.218 4.904 Refinitiv/CC CRB Index -0.09 176.77 106.29 4.49 Five-year adj mortgage (ARM)† 3.18 3.18 2.85 l 3.69 -0.98 175.33 -0.05 1.37 Muni Master, ICE BofA 598.571 0.771 0.850 3.441 0.771 4.170 4.836 Crude oil, $ per barrel 0.24 53.78 -37.63 8.92 New-car loan, 48-month 4.02 4.02 4.02 l 4.50 0.72 52.85 0.46 -0.90 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 922.193 4.491 4.505 7.480 4.295 3.104 4.488 Natural gas, $/MMBtu 2.760 0.104 3.92 3.354 1.482 47.04 8.70 banks.† Excludes closing costs. Gold, $ per troy oz. 1844.90 -5.80 -0.31 2051.50 1477.30 17.52 -2.55 Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services P2JW028000-0-B00800-1------XA

B8 | Thursday, January 28, 2021 THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Continued From Page B6 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 s s LibertyBraves A BATRA 27.07 -0.10 MobileTeleSys MBT 9.27 0.06 ON Semi ON 34.07 -2.03 QuantaServices PWR 71.67 -3.17 SiriusXM SIRI 6.87 0.32 Teradyne TER 130.11 -7.99 UnitySoftware U 155.86 6.41 Watsco B WSOB 262.89 18.16 Intuit INTU 363.11 -11.69 LibertyBraves C BATRK 26.65 -0.07 Moderna MRNA 155.73 3.80 OneConnectFinTech OCFT 20.73 -0.99 QuestDiag DGX 125.12 -0.87 Skyworks SWKS 155.85 -7.28 Tesla TSLA 864.16 -18.93 UnivDisplay OLED 234.81 -8.91 Wayfair W 276.23 -4.11 Quidel QDEL 224.21 -1.97 IntuitiveSurgical ISRG 758.73 -10.92 LibertySirius B LSXMB 44.17 1.17 MohawkInds MHK 144.34 -4.41 OpenText OTEX 46.19 -0.52 SlackTech WORK 42.05 -0.73 TevaPharm TEVA 12.22 -0.10 UniversalHealthB UHS 125.69 -2.06 s Weibo WB 50.38 3.44 Smartsheet SMAR 65.37 -3.15 TexasInstruments TXN 162.93 -8.54 Invitae NVTA 47.69 -0.46 LibertySirius A LSXMA 40.30 -2.27 MolinaHealthcare MOH 216.93 -2.39 OpendoorTech OPEN 25.18 -2.52 VEREIT VER 35.40 -0.96 WellsFargo WFC 30.17 -1.21 R S SmithAO AOS 53.19 -1.30 VF VFC InvitatHomes INVH 28.71 -1.04 LibertySirius C LSXMK 39.87 -2.74 MolsonCoorsA TAP.A 58.05 -1.67 Oracle ORCL 62.55 0.75 Textron TXT 45.89 -3.70 79.15 -5.98 Welltower WELL 59.79 -2.00 Smith&Nephew SNN 43.67 -1.91 ThermoFisherSci TMO 482.48 -25.35 IonisPharma IONS 59.19 -3.33 EliLilly LLY 207.57 -5.15 MolsonCoorsB TAP 54.99 1.66 Orange ORAN 11.92 ... RELX RELX 25.46 -0.42 VICI Prop VICI 24.75 -1.32 WestPharmSvcs WST 293.23 -6.45 s Smucker SJM 128.18 4.09 ThomsonReuters TRI 80.07 -2.62 iQIYI IQ 21.80 0.91 LincolnNational LNC 46.84 -2.28 Mondelez MDLZ 56.42 -1.17 Orix IX 80.20 -2.53 RH RH 455.48 -35.12 VailResorts MTN 263.20 -11.93 WesternDigital WDC 53.19 1.13 OtisWorldwide OTIS 62.24 -1.27 Snap SNAP 48.95 -4.34 s 3M MMM 186.65 10.70 Vale VALE 16.51 -0.66 WesternUnion WU 23.15 0.32 s IronMountain IRM 37.01 3.61 Linde LIN 242.91 -12.94 MongoDB MDB 343.56 -12.39 RPM RPM 85.38 -1.34 OwensCorning OC 76.91 -2.77 s SnapOn SNA 187.60 7.92 Toro TTC 95.72 -2.97 ValeroEnergy VLO 58.73 0.58 WestlakeChem WLK 76.65 -2.24 ItauUnibanco ITUB 5.26 -0.03 LithiaMotors LAD 320.02 -22.70 MonolithicPower MPWR 351.75 -31.50 RalphLauren RL 100.81 -6.26 OzonHoldings OZON 46.40 -5.28 Snowflake SNOW 266.20 -14.78 TorontoDomBk TD 56.99 -1.12 VarianMed VAR 175.15 -0.20 WestpacBanking WBK 16.34 -0.54 LiveNationEnt LYV 68.52 -0.18 MonsterBev MNST 85.93 -2.87 RaymondJames RJF 95.41 -3.24 PG&E PCG 10.79 -0.27 SOQUIMICH SQM 53.03 -1.74 Total TOT 42.96 -0.60 Vedanta VEDL 8.69 -0.30 WestRock WRK 41.81 -2.03 J K L LloydsBanking LYG 1.76 -0.10 Moody's MCO 263.04 -5.63 RaytheonTech RTX 65.50 -1.70 PNC Fin PNC 144.44 -3.62 SolarEdgeTech SEDG 285.51 -11.17 ToyotaMotor TM 142.64 -3.34 VeevaSystems VEEV 279.97 -12.25 Weyerhaeuser WY 32.20 -0.94 LockheedMartin LMT 332.51 1.82 MorganStanley MS 68.42 -2.79 RealPage RP 85.40 -1.30 JD.com JD 90.09 -6.88 POSCO PKX 57.72 -1.03 Sony SNE 97.00 -2.71 TractorSupply TSCO 153.72 1.83 Ventas VTR 46.10 -1.13 Loews L 45.35 -0.87 Morningstar MORN 226.74 -7.12 RealtyIncome O 60.36 -0.31 WheatonPrecMet WPM 37.30 -2.40 JPMorganChase JPM 127.86 -3.72 PPD PPD 31.77 -2.98 Southern SO 58.54 -1.15 TradeDesk TTD 756.30 -19.99 VeriSign VRSN 194.58 -1.47 s s LogitechIntl LOGI 106.98 4.38 Mosaic MOS 26.69 -0.69 Redfin RDFN 74.27 -5.83 Whirlpool WHR212.40 5.98 JackHenry JKHY 149.65 -5.22 PPG Ind PPG 139.95 -1.06 SoCopper SCCO 67.40 -2.35 Tradeweb TW 60.54 -1.51 VeriskAnalytics VRSK 184.27 -4.23 Lowe's LOW 167.71 -5.99 MotorolaSol MSI 171.54 -1.00 RegencyCtrs REG 47.13 -0.80 Williams WMB 21.21 -0.23 JacobsEngg J 104.50 -4.31 PPL PPL 27.80 -0.45 SouthwestAir LUV 44.15 -1.66 TraneTech TT 138.83 -9.06 Verizon VZ 55.13 -1.44 s LufaxHolding LU 15.93 -0.67 NICE NICE 253.34 -12.14 RegenPharm REGN 515.56 -28.54 Williams-Sonoma WSM 147.60 11.20 JamesHardie JHX 29.13 -0.31 PRA HealthSci PRAH 121.86 -6.31 Splunk SPLK 168.64 -5.12 TransDigm TDG 518.59 -25.63 lululemon LULU 329.51 -1.05 NIO NIO 57.15 -3.16 RegionsFin RF 17.15 -0.60 VertxPharm VRTX 225.25 -12.39 WillisTowers WLTW 205.97 -4.25 JazzPharma JAZZ 163.95 -2.10 PTCPTC 120.83 -8.69 Spotify SPOT 330.19 -6.82 TransUnion TRU 87.73 -3.41 s ViacomCBS A VIACA s LumenTech LUMN 15.36 0.77 NRG Energy NRG 39.80 -1.28 RelianceSteel RS 119.34 -3.36 56.04 4.26 Wipro WIT 6.61 0.13 J&J JNJ 167.88 -2.60 Paccar PCAR 96.40 -1.41 Square SQ 202.46 -6.71 Travelers TRV 139.50 -4.21 s LuminarTech LAZR 35.24 -1.08 NVR NVR 4535.00 -10.72 RenaissanceRe RNR 151.14 -3.43 ViacomCBS B VIAC 56.00 4.08 Wix.com WIX 244.50 -2.12 JohnsonControls JCI 48.40 -1.96 PackagingCpAm PKG 135.87 -3.97 StanleyBlackDck SWK 173.35 -3.27 Trex TREX 94.19-3.84 Viatris VTRS 16.86 -0.23 Lyft LYFT 43.62 -3.28 NXP Semi NXPI 160.56 -8.19 Repligen RGEN 187.33 -14.66 Workday WDAY 223.45 -12.15 JonesLang JLL 152.26 -0.49 PagSeguroDig PAGS 46.97 -4.53 Starbucks SBUX 97.87 -6.82 Trimble TRMB 66.65 -3.02 Vipshop VIPS 27.48 -0.99 LyondellBasell LYB 86.06 -1.83 Nasdaq NDAQ 141.20 0.07 RepublicSvcs RSG 90.40 -2.95 WynnResorts WYNN 100.80 -5.11 s JuniperNetworks JNPR 27.59 1.55 StateStreet STT 70.14 -2.49 Trip.com TCOM 31.83 -0.14 Natera NTRA 100.20 -9.39 s PalantirTech PLTR 39.00 3.63 ResMed RMD 214.06 -8.22 s VirBiotech VIR 83.07 5.69 XP XP 44.52 -1.02 KB Fin KB 37.23 -1.81 Stellantis STLA 15.00 -0.61 TruistFinl TFC 48.39 -1.85 M N NationalGrid NGG 59.56 -1.18 PaloAltoNtwks PANW 335.17 -19.09 RestaurantBrands QSR 57.11 -2.59 s VirginGalactic SPCE 46.35 4.30 XPO Logistics XPO 113.55 -5.44 KE Holdings BEKE 61.84 -1.88 Steris STE 192.30 -0.88 Twilio TWLO 337.77 -17.38 Natura&Co NTCO 18.19 -0.36 ParkerHannifin PH 249.92 -17.12 RingCentral RNG 358.25 -15.75 Visa V 194.97 -7.04 XcelEnergy XEL 63.82 -1.99 KKR KKR 37.56 -1.59 M&T Bank MTB 132.83 -4.41 s StitchFix SFIX TwistBiosci TWST160.01 -2.81 NatWest NWG 3.96 -0.20 Paychex PAYX 87.28 -0.05 RioTinto RIO 78.69 -2.44 106.41 6.14 Vistra VST 20.18 -0.62 Xilinx XLNX 133.86 -10.53 KLA KLAC 284.44 -19.11 MGMGrowthProp MGP 30.31 -1.19 STMicroelec STM 37.87 -1.96 Twitter TWTR 48.19 -1.48 s NetApp NTAP 68.89 3.19 PaycomSoftware PAYC 376.46 -15.73 RocketCos. RKT 23.00 0.30 VMware VMW145.46 4.88 XPeng XPEV 49.96 -4.04 KSCitySouthern KSU 201.51 -9.94 MGM Resorts MGM 28.36 -1.23 TylerTech TYL 431.42 3.00 NetEase NTES 119.09 -2.84 Paylocity PCTY 186.12 -5.74 Rockwell ROK 241.05 -3.40 StoneCo STNE 69.46 -3.94 Vodafone VOD 17.52 -0.47 Xylem XYL 97.95 -1.28 Kellogg K 62.36 1.44 MinisoGroup MNSO 29.31 -1.48 Stryker SYK 230.75 -7.25 TysonFoods TSN 64.78 -1.79 Netflix NFLX 523.28 -38.65 PayPal PYPL 229.94 -11.06 RogersComm B RCI 48.50 -0.67 VornadoRealty VNO 39.63 0.47 Yandex YNDX 63.60 -1.50 s KeurigDrPepper KDP 33.20 0.57 MKS Instrum MKSI 165.53 -11.56 SumitomoMits SMFG 6.21 -0.18 UBS Group UBS 14.56 -0.38 Neurocrine NBIX 110.80 -5.33 s Pearson PSO 11.75 1.27 Roku ROKU 402.26 -1.14 VulcanMatls VMC 146.03 -4.47 YatsenHolding YSG 19.21 -1.24 KeyCorp KEY 16.72 -0.74 MPLX MPLX 21.97 -0.71 SunComms SUI 143.56 -5.62 UDR UDR 38.16 -1.05 NewFortressEner NFE 42.93 -1.91 Pegasystems PEGA133.48 -2.76 Rollins ROL 34.95 -2.09 YumBrands YUM 102.02 -4.32 s KeysightTechs KEYS151.12 4.24 MSCI MSCI 393.34 -11.27 Uber UBER 48.11 -3.81 NewOrientalEduc EDU 170.00 -1.31 Peloton PTON 144.96 -2.83 RoperTech ROP 420.00 2.69 SunLifeFinancial SLF 46.07 -1.30 W X Y Z s Ubiquiti UI 302.49 26.77 YumChina YUMC 58.07 -1.27 KimberlyClark KMB 138.65 1.52 MagellanMid MMP 44.41 -1.05 s NYTimes A NYT 55.00 -1.16 SuncorEnergy SU 17.14 -0.06 PembinaPipeline PBA 26.37 -0.83 RossStores ROST 107.89 -3.77 WEC Energy WEC 90.84 1.50 ZTO Express ZTO 35.01 0.19 KinderMorgan KMI 14.82 -0.40 UltaBeauty ULTA 287.44 -8.28 MagnaIntl MGA 69.80 -3.99 s NewellBrands NWL 24.62 -1.27 PennNational PENN 97.70 -1.80 RoyalBkCanada RY 81.33 -2.13 SunPower SPWR 52.34 -1.58 UltragenyxPharm RARE 136.16 -3.81 WEX WEX 187.22 -6.33 ZaiLab ZLAB 156.96 -13.73 KingsoftCloud KC 51.35 -1.39 ManulifeFin MFC 18.15 -0.65 Newmont NEM 58.89 -2.59 Pentair PNR 57.10 0.75 RoyalCaribbean RCL 66.18 -0.32 SunRun RUN 69.82 -5.89 UnderArmour C UA 14.77 -1.10 W.P.Carey WPC 66.80 -1.21 ZebraTech ZBRA 391.36 -3.80 KinrossGold KGC 6.76 -0.29 MarathonPetrol MPC 43.94 -1.22 s NewsCorp B NWS 19.02 0.27 s Penumbra PEN 271.25 5.65 RoyalDutchA RDS.A 37.98 -0.41 Suzano SUZ 11.44 -0.93 UnderArmour A UAA 17.35 -1.16 WPP WPP 52.56 -0.95 Zendesk ZEN 135.69 -9.67 KirklandLakeGold KL 38.29 -1.62 MaravaiLifeSci MRVI 29.57 -2.18 s NewsCorp A NWSA 19.58 0.44 PepsiCo PEP 138.04 -3.76 RoyalDutchB RDS.B 35.65 -0.69 SynchronyFin SYF 34.38 -1.00 Unilever UL 59.34 -1.56 Wabtec WAB 74.57 -2.24 Zillow CZ127.47 -11.80 KoninklijkePhil PHG 56.47 -1.43 Markel MKL 943.60 -39.98 NextEraEnergy NEE 80.19 -5.04 PerkinElmer PKI 141.73 -4.51 RoyaltyPharma RPRX 50.31 -2.51 SyneosHealth SYNH 72.91 -2.53 UnionPacific UNP 194.33 -5.72 s WalgreensBoots WBA 51.18 1.99 Zillow AZG136.09 -9.59 KoreaElcPwr KEP 10.83 -0.30 MarketAxess MKTX534.43 24.62 NielsenHoldings NLSN 23.19 0.20 PetcoHealth WOOF 26.99 -0.61 Ryanair RYAAY 95.47 -4.84 Synopsys SNPS 254.53 -11.56 UnitedAirlines UAL 40.91 -0.34 Walmart WMT 143.84 -3.67 ZimmerBiomet ZBH 152.60 -5.62 KraftHeinz KHC 34.74 0.35 Marriott MAR 117.47 -2.97 Nike NKE 131.02 -4.08 PetroChina PTR 31.12 -0.07 SAP SAP 132.19 -2.69 Sysco SYY 72.02 -2.15 UnitedMicroUMC 9.23 -0.69 WarnerMusic WMG 35.81 -2.12 Zoetis ZTS 153.15 -6.56 s Kroger KR 38.75 1.68 Marsh&McLen MMC 107.60 -3.66 NiSource NI 21.26 -0.45 PetroleoBrasil PBR 10.34 -0.01 S&P Global SPGI 306.30 -12.71 T U V UPS B UPS 157.65 -3.78 WasteConnections WCN 99.32 -2.28 ZoomVideo ZM 370.74 -3.65 L Brands LB 37.54 -5.46 MartinMarietta MLM 284.99 -8.10 s Nokia NOK 6.55 1.82 PetroleoBrasilA PBR.A 10.09 ... SBA Comm SBAC 271.70 -5.78 UnitedRentals URI 236.27 -11.94 WasteMgt WM 110.96 -2.99 ZoomInfoTech ZI 49.96 0.71 LG DisplayLPL 9.80 -0.64 MarvellTech MRVL 51.14 -2.86 NomuraHoldings NMR 5.30 -0.16 Pfizer PFE 36.24 -1.07 SEI Investments SEIC 56.35 -1.93 TAL Education TAL 78.38 -0.42 US Bancorp USB 42.81 -2.38 Waters WAT 265.96 -4.57 Zscaler ZS 199.22 2.22 LKQ LKQ 35.69 -1.06 Masco MAS 54.36 -0.92 Nordson NDSN 183.59 -3.90 PhilipMorris PM 79.80 -2.19 SK Telecom SKM 24.95 -0.81 TC Energy TRP 42.70 -0.98 UnitedHealth UNH 332.99 -10.12 s Watsco WSO 260.00 11.67 Zynga ZNGA 9.89 -0.48 LPL Financial LPLA 105.25 -6.37 Masimo MASI 251.00 -0.06 NorfolkSouthern NSC 235.64 -2.45 Phillips66 PSX 71.20 -0.11 SS&C Tech SSNC 63.50 -2.65 TE Connectivity TEL 119.93 -3.61 L3HarrisTech LHX 179.14 -0.78 Mastercard MA 315.49 -12.21 NorthernTrust NTRS 90.27 -3.33 Pinduoduo PDD 166.30 -7.68 StoreCapital STOR 31.70 -0.96 Telus TU 20.83 -0.40 LabCpAm LH 214.81 -7.16 MaximIntProducts MXIM 87.83 -5.34 NorthropGrum NOC 292.24 -0.87 PinnacleWest PNW 76.31 -1.19 SVB FinSIVB 448.10 -34.01 TJX TJX 63.93 -0.54 IPO Scorecard LamResearch LRCX 515.04 -37.62 s McAfee MCFE 21.00 0.22 NortonLifeLock NLOK 20.81 -0.14 PinterestPINS 64.67 -4.57 Salesforce.com CRM 224.78 -1.48 T-MobileUS TMUS 123.27 -8.14 LamarAdv LAMR 79.28 -2.60 McCormick MKC 94.07 -2.02 Novartis NVS 92.90 -3.04 PioneerNatRscs PXD 117.63 -6.01 Sanofi SNY 47.33 -1.82 TRowePrice TROW 156.50 -4.10 Performance of IPOs, most-recent listed first LambWeston LW 73.38 -3.55 McCormickVtg MKC.V 93.73 -2.03 Novavax NVAX 131.18 4.02 PlainsAllAmPipe PAA 8.60 -0.35 Schlumberger SLB 21.81 -0.93 TaiwanSemi TSM 121.74 -4.91 % Chg From % Chg From LasVegasSands LVS 49.04 -3.38 McDonalds MCD 207.00 -8.38 NovoNordisk NVO 69.97 -3.30 t Playtika PLTK 29.40 -1.46 SchwabC SCHW 53.29 -2.92 TakeTwoSoftware TTWO 195.38 -4.40 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Lear LEA 147.37 -8.56 McKesson MCK 178.19 -6.23 Novocure NVCR 156.57 -7.98 PlugPower PLUG 64.42 -8.76 ScottsMiracleGro SMG 220.32 -5.89 TakedaPharm TAK 17.55 -0.63 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close NuanceComms NUAN 42.90 -4.89 Leidos LDOS 111.37 -0.41 MedicalProp MPW 20.65 -0.55 Pool POOL 354.66 -9.02 Sea SE 205.78 -11.44 Tapestry TPR 30.61 -2.18 CA Healthcare Acquisition 10.16 1.6 ... Shoals Tech 30.98 23.9 ... Nucor NUE 51.33 -1.47 Lemonade LMND156.00 2.62 Medtronic MDT 111.50 -5.25 PrincipalFin PFG 51.21 -1.16 s Seagate STX 71.72 6.86 Target TGT 178.28 -9.42 CAHCU Jan. 27/$10.00 SHLS Jan. 27/$25.00 Lennar A LEN 85.04 -0.97 MelcoResorts MLCO 15.49 -0.70 Nutrien NTR 51.02 -1.72 Procter&Gamble PG 128.38 -4.71 Seagen SGEN 162.69 -9.95 TataMotors TTM 17.82 -0.63 Climate Real Impact Solutions II 10.90 9.0 ... TRX Insurance Brokers 25.50 537.5 ... Lennar B LEN.B 68.04 -1.10 MercadoLibre MELI 1718.70 -89.04 NVIDIA NVDA 516.71 -20.70 ProgressivePGR 87.04 -4.68 SempraEnergy SRE 119.95 -4.64 TeckRscsB TECK 18.61 -0.91 CLIM.UT Jan. 27/$10.00 TIRX Jan. 27/$4.00 LennoxIntl LII 293.39 2.75 Merck MRK 77.07 -3.18 O P Q Prologis PLD 103.28 -2.77 SensataTechs ST 54.02 -2.39 TeladocHealth TDOC 273.94 -12.29 LeviStrauss LEVI 22.00 0.65 MetLife MET 48.41 -1.70 Proofpoint PFPT 133.76 -1.13 s ServiceCorp SCI 51.74 -1.98 TeledyneTech TDY 387.62 3.94 Constellation Acquisition I 10.30 3.0 ... Biotech Acquisition 10.30 3.0 –0.1 LiAuto LI 31.56 -0.94 MettlerToledo MTD 1153.50 -57.41 ONEOK OKE 40.55 -1.57 PrudentialFin PRU 79.24 -1.98 ServiceNow NOW 516.50 -15.96 Teleflex TFX 372.25 -10.55 CSTA.UT Jan. 27/$10.00 BIOTU Jan. 26/$10.00 LibertyBroadbandA LBRDA 142.61 -11.01 MicrochipTech MCHP 133.04 -11.94 OReillyAuto ORLY 428.37 -26.13 Prudential PUK 36.51 -1.28 ShawComm B SJR 17.16 -0.52 s Ericsson ERIC 12.80 0.77 Fortisar Sustainable Solutions 10.29 2.9 ... Bridgetown 2 Hldgs 12.05 20.5 –7.3 LibertyBroadbandC LBRDK 142.73 -11.54 MicronTech MU 75.09 -4.42 OakStreetHealth OSH 51.70 -2.27 PublicServiceEnt PEG 56.36 -1.97 SherwinWilliams SHW 717.54 -6.10 TelefonicaBras VIV 8.51 0.01 FSSIU Jan. 27/$10.00 BTNB Jan. 26/$10.00 LibertyGlobal B LBTYB 25.43 -1.12 s Microsoft MSFT232.90 0.57 OccidentalPetrol OXY 20.58 0.20 PublicStorage PSA 228.05 0.21 ShinhanFin SHG 28.90 -0.70 Telefonica TEF 4.46 -0.07 LibertyGlobal A LBTYA 25.24 -0.56 MidAmApt MAA 131.73 -3.16 Okta OKTA 251.33 -6.15 PulteGroup PHM 47.25 -0.38 Shopify SHOP 1092.08 -67.69 TelekmIndonesia TLK 23.68 0.08 HealthCor Catalio 10.01 0.1 ... D and Z Media Acquisition 10.20 2.0 –0.8 LibertyGlobal C LBTYK 25.16 -0.29 MiratiTherap MRTX 194.32 -9.51 OldDomFreight ODFL 194.33 -13.21 Qiagen QGEN 52.10 -0.28 Sibanye-Stillwater SBSW 14.30 -1.06 10xGenomics TXG 163.22 -8.53 HCAQ Jan. 27/$10.00 DNZ.UT Jan. 26/$10.00 LibertyFormOne C FWONK 40.66 -1.34 MitsubishiUFJ MUFG 4.57 -0.12 OmegaHealthcare OHI 36.13 -0.02 Qorvo QRVO 165.64 -9.30 SignatureBank SBNY 159.35 -4.85 Tenaris TS 15.53 0.34 LibertyFormOne A FWONA 36.54 -1.55 MizuhoFin MFG 2.65 -0.07 Omnicom OMC 66.57 1.00 Qualcomm QCOM 153.67 -8.88 SimonProperty SPG 96.64 -2.41 TencentMusic TME 26.80 -0.20 Sources: Dow Jones Market Data; FactSet

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

CanopyGrowth CGC 39.10 6.5 Dillard's DDS 128.00 -9.0 GTY Tech GTYH 7.45 -0.8 LumenTech LUMN 16.60 5.3 Qualys QLYS 148.84 10.3 VG Acqn VGAC.U 17.92 -2.2 GracellBiotech GRCL 20.70 -2.6 The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE CasaSystems CASA 8.85 4.5 DiscoveryA DISCA 49.94 7.7 GWPharm GWPH 162.87 5.5 LuminarTechWt LAZRW 27.50 -7.4 QurateRetailA QRTEA 13.76 3.2 VG Acqn A VGAC 16.16 -0.7 GroupNineAcqn GNACU 10.27 -2.2 American and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or low CaseysGenStores CASY 209.92 1.8 DiscoveryC DISCK 38.00 -5.5 GameStop GME 380.00 134.8 MGP Ingredients MGPI 61.52 -2.7 RackspaceTech RXT 24.91 5.6 VG Acqn Wt VGAC.WS 5.72 -11.1 HamiltonLaneI HLAHU 10.42 -0.8 in the latest session. %CHG-Daily percentage change from the previous trading session. CassavaSciences SAVA 23.70 1.6 DixieGroup DXYN 3.80 -0.8 GlobalBlueWt GB.WS 2.55 4.5 MSG Networks MSGN 18.07 7.2 RegulusTherap RGLS 1.80 -10.3 VandaPharm VNDA 14.88 -0.7 HealthAssurWt HAACW 2.40 -14.9 Cel-Sci CVM 40.91 72.5 DoorDash DASH 256.09 -2.6 Gogo GOGO 17.23 -5.9 Macy's M 22.30 11.9 Renasant RNST 39.79 1.2 ViacomCBS A VIACA 58.68 8.2 HennessyCapV HCICU 10.70 -5.7 Wednesday, January 27, 2021 Cerner CERN 84.06 2.4 DragoneerGrowth DGNR.U 16.83 -7.8 GoPro GPRO 10.60 7.1 MallardAcqn MACUU 11.74 -0.9 RetractableTechs RVP 17.18 0.8 ViacomCBS B VIAC 60.73 7.9 HighlandTransI HTPA 10.10 -2.5 GreenPlains GPRE 21.11 3.2 ManhattanAssoc MANH 120.28 -1.4 RibbonComms RBBN 7.85 6.6 ViaviSolutions VIAV 16.74 -0.4 HudsonExecII 10.37 -0.9 52-Wk % 52-Wk % 52-Wk % Charles&Colvard CTHR 1.69 13.6 DuckCreekTech DCT 53.50 -7.2 HCIIU HainCelestial HAIN 45.14 3.5 MarineMax HZO 49.67 7.6 RigNet RNET 8.60 5.1 VikingTherap VKTX 8.41 0.3 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Cheesecake CAKE 57.20 8.7 Ebix EBIX 64.14 21.8 HycroftMining HYMC 6.61 -1.0 Children'sPlace PLCE 75.00 4.2 ElPolloLoco LOCO 21.46 9.3 HarrowHealth HROW 9.34 ... MatadorRscs MTDR 17.54 7.2 RiteAid RAD 28.18 19.1 VincerxPharmaUn VINCU 28.00 12.7 InvestindustrialWt IIAC.WS 1.04 -18.3 Albertsons ACI 20.62 4.7 B.RileyNts2028 RILYT 25.50 1.6 ClimateRealI CLIM 11.14 9.0 EmersonRadio MSN 2.25 73.6 HealthAssurance HAACU 13.66 0.3 McAfee MCFE 22.14 1.1 RubiusTherap RUBY 14.80 43.9 VirBiotech VIR 141.01 7.4 IvanhoeCap IVAN.U 10.90 -3.9 Highs AllscriptsHlthcr MDRX 17.43 -0.6 BankOZK OZK 39.65 4.0 Colfax CFX 42.43 0.5 Energous WATT 4.69 -5.3 HealthAssuranceA HAAC 13.23 3.0 Medallia MDLA 47.98 5.2 Safehold SAFE 79.76 -0.8 VirginGalactic SPCE 59.43 10.2 JackCreekInvt JCICU 10.22 0.3 AlphaHlthcrWt AHACW 1.82 -13.8 Barnes&NobleEduc BNED 7.07 18.1 ColfaxUn CFXA 174.16 0.2 Entercom ETM 4.81 0.2 HealthCatalyst HCAT 52.87 1.0 Medifast MED 247.95 -1.0 ScienceApplicat SAIC 103.95 2.2 WD-40 WDFC 332.84 3.8 JawsSpitfireA SPFR 10.25 -1.1 AAON AAON 76.03 2.5 AmericanWell AMWL 43.75 12.3 BedBath BBBY 53.90 43.4 CollegiumPharm COLL 25.89 3.2 Express EXPR 13.97 214.1 HealthcareSvcs HCSG 35.80 3.0 Mednax MD 29.26 9.6 Seagate STX 77.07 10.6 WalgreensBoots WBA 55.49 4.0 KukeMusic KUKE 8.48 0.7 AHBeloA AHC 3.16 34.7 AnteroResources AR 8.03 7.4 BigLots BIG 65.11 19.9 Collplant CLGN 17.00 14.9 FortistarSust FSSIU 10.46 2.9 HealthCorCat HCAQ 10.40 0.1 MeritMedical MMSI 60.27 -1.4 ServiceCorp SCI 54.67 -3.7 Watsco WSO 264.83 4.7 LMFAcqnOpps LMAOU 10.20 -1.3 AMC Ent AMC 20.36 301.2 Appian APPN 260.00 9.6 BlackBerry BB 28.77 32.7 Comcast DECS CCZ 73.00 4.6 Fossil FOSL 28.60 87.0 HealthEquity HQY 93.32 -0.9 Microsoft MSFT 240.44 0.2 ShakeShack SHAK 138.38 13.9 Watsco B WSOB 262.89 7.4 LibertyMediaAcqn LMACU 11.98 -1.9 AMC Networks AMCX 73.00 -19.3 AslanPharm ASLN 2.60 -6.0 Blackstone BX 67.80 0.4 ConcordAcqn CND.U 11.09 0.2 FoxA FOXA 40.73 -1.6 HelenofTroy HELE 265.97 5.9 MingZhuLogistics YGMZ 29.80 16.9 ShoalsTech SHLS 34.90 23.9 Weibo WB 54.57 7.3 LiveOakII A LOKB 10.15 -2.9 AbbottLabs ABT 117.78 -0.4 AspiraWomenHlth AWH 9.23 11.1 BlinkCharging BLNK 64.50 -7.5 Conn's CONN 14.75 3.7 Franchise FRG 36.40 3.0 Heska HSKA 178.10 -1.1 MissionProduce AVO 17.42 4.5 ShoeCarnival SCVL 46.48 7.3 Whirlpool WHR 214.68 2.9 LiveOakII Wt LOKB.WS 2.26 -6.0 AcademySports ASO 26.70 -9.1 AspirCnsA ASPL 11.12 -4.6 BlinkChargingWt BLNKW 60.00 -8.2 ConstellationI CSTA.U 10.49 3.0 FranklinRscs BEN 28.59 -1.6 HimaxTechs HIMX 10.28 1.4 MountainCrest MCACU 13.99 -6.0 SignetJewelers SIG 44.26 3.6 Williams-Sonoma WSM 151.16 8.2 LocustWalk LWACU 10.20 -1.6 Accuray ARAY 5.42 0.8 AteaPharm AVIR 60.00 3.8 BoozAllen BAH 100.26 -0.3 ContextLogic WISH 31.49 10.7 FreightCarAmer RAIL 4.39 2.6 HorizonGlobal HZN 9.63 1.3 MountainCrest MCAC 13.55 -1.8 SinclairBroadcast SBGI 37.04 7.7 Winnebago WGO 74.25 -4.7 LuxHlthTechAcqnWt LUXAW 2.15 -17.2 AciesAcqnA ACAC 11.60 -1.6 AtriCure ATRC 59.89-1.7 BorgWarner BWA 46.48 2.1 CorceptTherap CORT 29.87 0.9 FrequencyTherap FREQ 43.50 3.5 Hovnanian HOV 46.66 3.6 Movado MOV 22.98 6.4 SiriusXM SIRI 8.14 4.9 WorkhorseGroup WKHS 40.45 8.1 MarlinTech FINMU 10.30 -0.8 HudsonExecII HCIIU 10.66 -0.9 NanoXImaging NNOX 94.81 5.0 SleepNumber SNBR 108.83 6.6 AcuityBrands AYI 135.59 6.6 Autohome ATHM 147.67 7.4 Buckle BKE 36.71 4.9 Coresite COR 139.50 -1.8 FuelCell FCEL 24.20 -0.3 WorldAcceptance WRLD 167.49 31.5 MontaukRenew MNTK 9.89 -2.0 HudsonGlobal HSON 15.11 4.2 NantKwest NK 20.78 3.2 SmileDirectClub SDC 15.86 3.0 Adtran ADTN 18.45 3.0 AvidTechnology AVID 19.25 -6.4 Build-A-Bear BBW 8.40 42.1 Cyanotech CYAN 3.98 7.0 FulgentGenetics FLGT 91.25 13.6 Ziopharm ZIOP 4.52 19.3 MontesArchWt MAACW 1.20 -5.7 HudsonTech HDSN 1.98 22.1 NationalBeverage FIZZ 196.43 40.2 Smucker SJM 131.69 3.3 AffiliatedMgrs AMG 120.12 -0.3 AziyoBiologics AZYO 18.20 0.8 BurgundyTechWt BTAQW 2.74 -23.4 CyberArkSoftware CYBR 169.70 -2.1 FullHouse FLL 6.57 0.3 MonumentCircle MONCU 10.13 -1.7 IAC/InterActive IAC 214.73 -1.2 NaturalAlt NAII 15.42 -1.8 SnapOn SNA 189.99 4.4 Airbnb ABNB 216.00 4.4 B&G Foods BGS 47.84 9.3 CA Healthcare CAHCU 10.30 1.6 DD3AcqnII A DDMX 10.75 -4.7 GATX GATX 93.39 2.8 Lows MountainCrestII MCADU 10.25 -2.0 IconixBrand ICON 1.93 2.5 NaturalGrocers NGVC 18.75 1.1 SparkEnergy SPKE 12.09 1.6 AkamaiTech AKAM 124.91 2.9 BJ'sWholesale BJ 50.18 6.9 CambiumNtwks CMBM 39.88 0.6 DanimerScientific DNMR 50.14 4.2 GSXTechedu GSX 149.05 36.0 Netstreit NTST 16.63 -2.5 Illumina ILMN 434.94 2.7 NescoWt NSCO.WS 1.43 1.6 StaarSurgical STAA 106.71 -0.6 AequiAcqnA ARBG 9.96 -1.2 NorthAtlAcqn NAACU 10.30 -1.4 Imax IMAX 20.21 3.0 Nesco NSCO 8.51 0.4 Stantec STN 35.83 1.5 AequiAcqnWt ARBGW 1.28 -10.2 NorthernStarII NSTB.U 10.30 -3.0 Immucell ICCC 7.69 -1.1 NetApp NTAP 70.64 4.9 StitchFix SFIX 113.76 6.1 Akouos AKUS 15.63 -5.6 OcaAcqn OCAXU 10.32 -0.7 InglesMarkets IMKTA 47.61 2.9 Netgear NTGR 46.38 11.8 Stratasys SSYS 46.49 6.4 AltimeterGrw2 AGCB 11.56 -6.9 OrientalCulture OCG 4.29 -6.0 Macro & Market Economics IntegraLifeSci IART 71.19 -1.7 NetScout NTCT 31.14 -1.0 SummitTherap SMMT 7.66 5.3 AthlonAcqn SWETU 10.20 -1.5 PatriaInvts PAX 17.50 -5.2 Interpublic IPG 25.57 -2.1 NYTimes A NYT 58.73 -2.1 SumoLogic SUMO 46.37 0.8 BiotechAcqn BIOTU 10.23 -0.1 PeriphasCap PCPC.U 25.05 0.2 Invacare IVC 10.94 3.8 NewellBrands NWL 26.08 -4.9 SupernusPharms SUPN 31.51 -0.9 BrookfieldFinNts BAMI 24.68 -1.5 PioneerMerger PACXU 10.30 -2.3 Watching the Gauges: U.S. Supply and Demand iRhythmTechs IRTC 286.19 6.5 NewsCorp A NWSA 20.05 2.3 Synchronoss SNCR 6.59 2.0 CapitolInvV Wt CAP.WS 1.26 -18.7 Playtika PLTK 28.77 -4.7 iRobot IRBT 197.40 27.5 NewsCorp B NWS 19.42 1.4 TPGPaceTechOpps PACE.U 13.00 -5.8 CapitolInvV A CAP 9.96 -1.2 Pontem PNTM.U 10.29 -0.6 Inventories, imports and demand for the week ended January 22. Current figures are in thousands of barrels or IronMountain IRM 41.32 10.8 Nokia NOK 9.79 38.5 Tanger SKT 20.96 11.2 CascadeAcqnWt CAS.WS 1.10 -11.6 PopulationHlthA 10.11 0.3 thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import J.Jill JILL 8.67 55.9 Nordstrom JWN 42.22 -0.6 TechTarget TTGT 75.54 2.1 CenovusEnergyWt CVE.WS 2.65 -3.6 PHIC j2Global JCOM 106.59 3.2 NorthernStarII NSTB.U 10.79 -3.0 Ericsson ERIC 15.32 6.4 ConsonanceWt CHFW.WS 1.51 -13.1 PopulationHlthWt PHICW 1.51 -8.2 and demand data are available monthly only. JanOne JAN 11.64 47.6 NovaLifestyle NVFY 4.07 -9.3 TenaxTherap TENX 3.68 0.8 D&ZMedia DNZ.U 10.18 -0.8 Poshmark POSH 67.18 ... Joint JYNT 33.40 1.4 Ollie'sBargain OLLI 123.52 6.0 Teradata TDC 33.80 1.4 Datto MSP 24.00 -4.1 PrimeEnergy PNRG 37.11 -6.5 Inventories, 000s barrels Imports, 000s barrels per day JumiaTech JMIA 65.50 -0.9 Ontrak OTRK 99.89 -1.3 ThorIndustries THO 132.12 1.7 DeepLakeCap DLCAU 10.30 -3.0 PropTechInvII A PTIC 10.15 -1.3 JuniperNetworks JNPR 27.83 6.0 OrbitalEnergy OEG 11.20 -6.8 3D Systems DDD 44.17 13.6 DiamondHead DHHCU 10.50 -1.9 QilianIntl QLI 7.30 -5.4 Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year KaleidoBiosci KLDO 14.67 12.6 PagerDuty PD 50.72 0.9 3M MMM 187.27 6.1 Dun&Bradstreet DNB 23.10 -4.5 QueensGambit GMBTU 10.59 -0.6 RGC Resources RGCO 22.55-2.2 Current change week ago avg avg Current change week ago avg avg KeurigDrPepper KDP 33.49 1.7 PalantirTech PLTR 45.00 10.3 TianRuixiang TIRX 50.00 537.5 EzgoTech EZGO 8.00 -49.8 KeysightTechs KEYS 152.35 2.9 PapaJohn's PZZA 107.93 5.1 Toll Bros TOL 54.84 1.1 8905thAvenuePtrs ENFAU 10.25 -1.9 RLX Tech RLX 22.00 -3.7 RedBallAcqnWt 1.20 -16.3 Crude oil and Kirkland's KIRK 29.79 -0.4 Patterson PDCO 36.88 3.3 TootsieRoll TR 58.98 11.4 EmpowermentI EPWR.U 10.19 -1.4 RBAC.WS Kohl's KSS 49.51 5.5 Pearson PSO 11.90 12.1 ToughBuiltWt TBLTW 0.90 6.5 EuropeanSustGrw EUSGU 10.51 -2.5 ReinventTechZ Wt RTPZ.WS 3.01 -4.7 petroleum prod 1,321,882 ... 1,334 1,295 1,333 1,277 7,211 ... 8,182 8,508 7,580 9,148 Koss KOSS 69.79 480.0 Penumbra PEN 314.22 2.1 Travelzoo TZOO 14.71 7.4 FarPeakAcqnWt FPAC.WS 1.75 -14.8 RotorAcqn ROT.U 10.30 -0.6 Kroger KR 42.99 4.5 Perficient PRFT 56.42 0.7 TrinityIndustries TRN 30.95 2.5 FinTechAcqnV A FTCV 10.18 -1.2 SCP&COHlthcr SHACU 10.20 -1.1 Crude oil LMFAcqnOpps LMAOU 10.50 -1.3 PetMedExpress PETS 57.00 33.6 trivago TRVG 5.88 51.9 ForestRoadA FRX 10.25 -3.7 SciStratAcqn SSAAU 10.30 -0.5 excluding SPR 476,653 100 487 432 483 463 5,064 ... 6,045 6,660 5,679 7,236 Lannett LCI 10.70 9.7 PiedmontLith PLL 66.70 2.9 Tucows TCX 94.20 17.5 ForestRoadWt FRX.WS 1.70 -15.2 SilverCrestAcqn SLCRU 10.16 -0.8 LeMaitreVascular LMAT 50.53 2.4 PitneyBowes PBI 15.50 -20.7 TurtleBeach HEAR 30.44 -3.5 FortressCap FCAX.U 10.35 -1.6 SportsVentures AKICU 10.27 -0.3 Gasoline 247,686 ... 245 261 245 256 465 ... 504 543 449 425 Leslie's LESL 32.84 3.2 PPlus GSC-2 PYT 24.22 1.8 Ubiquiti UI 305.36 9.7 FortressValueIII FVT.U 10.53 -3.4 TZP Strategies TZPSU 10.20 -0.2 Finished gasoline 23,138 1,000 22 27 23 27 64 ... 46 113 63 70 LifeStorage LSI 125.76 -1.6 PropertySolns PSAC 14.99 -1.7 Unisys UIS 26.19 3.8 FoxWayneEnts FOXWU 10.10 -1.8 TekkorpDigitalWt TEKKW 1.45 -6.3 LigandPharm LGND 198.79 3.9 PropertySolns PSACU 17.41 -0.9 UnitedNatFoods UNFI 32.18 -4.8 FusionPharm FUSN 11.00 -3.2 ThomaBravoAdv TBA 11.30 -3.5 Reformulated 48 ... 00 00 0... 00 00LionsGate B LGF.B 14.65 3.1 ProspectCapital PSEC 6.62 -0.9 Upwork UPWK 46.00 -5.0 GlobalPtrII GPACU 10.19 -2.5 TrepontAcqnI Wt TACA.WS 1.24 -26.5 Conventional LionsGate A LGF.A 17.48 11.1 ProtoLabs PRLB 286.57 12.3 urban-gro UGRO 19.00 21.7 GlobusMaritime GLBS 5.25 -21.6 UWM UWMC 9.20 1.9 23,090 ... 22 27 23 27 64 ... 46 113 63 70 LogitechIntl LOGI 107.87 4.3 PublicStoragePfdO PSApO 25.69 -0.1 UtzBrands UTZ 24.42 2.7 GoresMetroII GMIIU 10.65 -3.1 VectoIQ II VTIQU 10.83 -1.4 Blend. components 224,548 ... 223 234 222 228 400 ... 458 431 386 354 Natural gas (bcf) 3,009 ... 33 32...... Kerosene-type Exchange-Traded Portfolios | WSJ.com/ETFresearch jet fuel 40,611 ... 39 43 39 43 247 ... 192 89 160 115 Closing Chg YTD Distillates 162,847 -500 164 145 162 149 474 ... 460 122 396 234 Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Heating oil 8,029 ... 811813 0... 00 11 44 Schwab US TIPs SCHP 62.23 –0.02 0.2 Wednesday, January 27, 2021 Closing Chg YTD 154,819 ... 156 134 154 136 474 ... 460 122 384 191 ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 303.26 –1.98 –0.8 Closing Chg YTD SPDR S&PMdCpTr MDY 431.11 –2.52 2.7 Residual fuel oil 31,282 ... 31 32 31 35 163 ... 113 230 142 168 ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 54.29 –2.78 5.1 SPDR S&P 500 SPY 374.41 –2.44 0.1 Other oils 281,590 ... 285 276 286 255 655 ... 693 725 593 808 ARKInnovationETF ARKK 138.35 –2.45 11.1 iShMSCIJapan EWJ 68.00 –2.19 0.7 SPDR S&P Div SDY 107.22 –1.43 1.2 CommSvsSPDR XLC 67.91 –3.23 0.6 iShNatlMuniBd MUB 117.64 0.09 0.4 TechSelectSector XLK 131.50 –1.89 1.1 Net crude, petroleum CnsmrDiscSelSector XLY 165.36 –3.08 2.8 iSh1-5YIGCorpBd IGSB 55.11 –0.02 –0.1 UtilitiesSelSector XLU 61.75 –2.69 –1.5 iShPfd&Incm PFF products, incl. SPR 1,959,968 ... 1,972 1,930 1,971 1,945 -1,003 ... 527 -852 -547 2,221 CnsStapleSelSector XLP 65.19 –1.69 –3.4 37.65 –1.39 –2.2 VanEckGoldMiner GDX 33.74 –3.85 –6.3 iShRussell1000Gwth IWF 242.89 –2.50 0.7 EnSelectSectorSPDR XLE 40.20 –1.35 6.1 VangdInfoTech VGT 357.74 –2.01 1.1 iShRussell1000 IWB 212.18 –2.47 0.2 VangdSC Val VBR FinSelSectorSPDR XLF 29.00 –2.95 –1.6 147.14 –2.02 3.5 iShRussell1000Val IWD 135.86 –2.60 –0.6 VangdSC Grwth VBK 275.43 –2.98 2.9 HealthCareSelSect XLV 114.34 –3.04 0.8 Weekly Demand, 000s barrels per day Natural gas storage iShRussell2000Gwth IWO 305.26 –2.42 6.5 VangdExtMkt VXF 169.71 –2.57 3.1 IndSelSectorSPDR XLI 85.37 –1.99 –3.6 iShRussell2000 IWM 209.39 –1.83 6.8 VangdDivApp VIG 137.72 –2.47 –2.4 InvscQQQI QQQ 319.43 –2.79 1.8 Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals iShRussell2000Val IWN 141.12 –1.19 7.1 VangdFTSEDevMk VEA 47.55 –2.34 0.7 InvscS&P500EW RSP 127.66 –2.30 0.1 iShRussellMid-Cap IWR 68.64 –2.54 0.1 VangdFTSE EM VWO 52.56 –2.54 4.9 Current change week ago avg avg iShCoreDivGrowth DGRO 44.53 –2.35 –0.6 iShS&P500Growth IVW 64.47 –2.60 1.0 VangdFTSE Europe VGK 60.35 –2.38 0.2 iShCoreMSCIEAFE IEFA 69.48 –2.40 0.6 iShS&P500Value IVE 126.75 –2.27 –1.0 VangdFTSEAWxUS VEU 59.50 –2.41 2.0 Total petroleum Natural gas, iShCoreMSCIEM IEMG 65.07 –2.68 4.9 4250 iShShortTreaBd SHV 110.52 0.01 –0.0 VangdGrowth VUG 254.41 –2.56 0.4 lower 48 states iShCoreMSCITotInt IXUS 68.49 –2.37 1.9 product 19,681 ... 19,642 19,638 18,996 20,367 iShSilver SLV 23.42 –0.97 –4.7 VangdHlthCr VHT 227.28 –3.02 1.6 t iShCoreS&P500 IVV 375.87 –2.44 0.1 iShTIPSBondETF TIP 127.87 –0.03 0.2 VangdHiDiv VYM 91.74 –2.47 0.3 iShCoreS&P MC IJH Finished 3250 236.06 –2.47 2.7 iSh1-3YTreasuryBd SHY 86.38 ...... VangdIntermBd BIV 92.41 0.08 –0.5

iShCoreS&P SC IJR 101.04 –0.28 9.9 iSh7-10YTreasuryBd IEF 119.16 0.12 –0.7 VangdIntrCorpBd VCIT 96.51 –0.04 –0.6 motor gasoline 7,833 ... 8,112 8,793 7,730 8,992 t iShS&PTotlUSStkMkt ITOT 86.82 –2.49 0.7 iSh20+YTreasuryBd TLT 153.77 0.25 –2.5 VangdLC VV 175.76 –2.53 0.0 2250 iShCoreUSAggBd AGG 117.52 0.01 –0.6 iShRussellMCGrowth IWP 102.06 –2.89 –0.6 VangdMC VO 206.22 –2.52 –0.3 Kerosene-type Five-year average iShSelectDividend DVY 98.49 –1.71 2.4 for each week iShUSTreasuryBdETF GOVT 27.21 0.11 –0.1 VangdMBS VMBS 54.06 0.02 –0.0 jet fuel 1,240 ... 1,087 1,670 1,178 1,491 iShESGAwareUSA ESGU 86.37 –2.53 0.4 JPM UltShtIncm JPST 50.81 0.02 0.0 VangdRealEst VNQ 85.49 –1.77 0.7 1250 iShEdgeMSCIMinUSA USMV 66.67 –2.23 –1.8 PIMCOEnhShMaturity MINT 102.13 ... 0.1 VangdS&P500ETF VOO 344.24 –2.43 0.2 Distillates 4,300 ... 3,821 3,901 3,668 4,033 iShEdgeMSCIUSAMom MTUM 163.56 –3.40 1.4 SPDR BlmBarcHYBd JNK 108.54 –0.31 –0.4 VangdST Bond BSV 82.85 0.02 –0.1 Residual fuel oil 184 ... 173 286 198 341 iShEdgeMSCIUSAQual QUAL 114.10 –2.29 –1.8 SPDRBloomBar1-3MTB BIL 91.51 ... –0.0 VangdSTCpBd VCSH 83.10 –0.05 –0.2 250 iShGoldTr IAU 17.55 –0.57 –3.2 SPDR Gold GLD 172.52 –0.63 –3.3 VangdSC VB 200.98 –2.33 3.2 Propane/propylene 1,588 ... 1,879 1,377 1,818 ... iShiBoxx$InvGrCpBd LQD 136.03 –0.18 –1.5 SchwabIntEquity SCHF F M A M J J A S O N D J 36.26 –2.45 0.7 VangdTotalBd BND 87.57 ... –0.7 Other oils 4,537 ... 4,570 3,611 4,405 ... iShiBoxx$HYCpBd HYG 86.94 –0.29 –0.4 SchwabUS BrdMkt SCHB 91.58 –2.42 0.6 VangdTotIntlBd BNDX 58.31 –0.02 –0.4 2020 iShJPMUSDEmgBd EMB 113.62 –0.46 –2.0 SchwabUS Div SCHD 64.50 –1.92 0.6 VangdTotIntlStk VXUS 61.31 –2.33 1.9 iShMBSETF MBB 110.19 0.02 0.1 SchwabUS LC SCHX 91.09 –2.53 0.2 VangdTotalStk VTI 195.91 –2.40 0.7 Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. iShMSCI ACWI ACWI 91.48 –2.46 0.8 SchwabUS LC Grw SCHG 129.28 –2.67 0.7 VangdTotlWrld VT 93.46 –2.40 1.0 Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires iShMSCI EAFE EFA 73.45 –2.29 0.7 SchwabUS SC SCHA 94.26 –2.07 5.9 VangdValue VTV 118.49 –2.44 –0.4 26 78 DJ .6 ed serv Monitor the Market re ts righ ll

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THE WALL STREET JOURNAL. Thursday, January 28, 2021 | B9

COMMODITIES wsj.com/market-data/commodities

Cash Prices Wednesday, January 27, 2021 Futures Contracts Contract Open Open High hilo Low Settle Chg interest These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future March 124.55 126.15 123.10 125.50 1.00 92,524 Contract Open months. Open High hi lo Low Settle Chg interest May 126.60 128.15 125.20 127.55 .95 58,368 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday Copper-High (CMX)-25,000 lbs.; $ per lb. March 15.84 16.19 15.66 15.80 .06 373,826 Jan 3.5715 –0.0565 894 Aluminum, LME, $ per metric ton *2025.0 Wheat,No.1soft white,Portld,OR-u 6.8400 May 15.14 15.42 14.97 15.11 .07 217,251 Energy March 3.6170 3.6280 t 3.5205 3.5575 –0.0620 152,033 Copper,Comex spot 3.5715 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Gold (CMX)-100 troy oz.; $ per troy oz. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 54.000 Iron Ore, 62% Fe CFR China-s Food March 28.90 29.10 s 28.73 29.00 .10 1,597 165.6 Jan 1844.90 –5.80 61 July 29.15 29.25 s 29.15 29.25 .05 2,441 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.350 Shredded Scrap, US Midwest-s,m 460 Feb 1849.70 1851.50 1828.40 1844.90 –6.00 81,531 Beef,carcass equiv. index Cotton (ICE-US)-50,000 lbs.; cents per lb. Steel, HRC USA, FOB Midwest Mill-s 1134 March 1851.20 1852.80 1831.00 1846.80 –6.00 1,934 Metals choice 1-3,600-900 lbs.-u 190.13 March 81.72 82.43 80.68 80.84 –.87 109,529 April 1854.30 1855.70 1832.40 1848.90 –5.90 359,053 Fibers and Textiles select 1-3,600-900 lbs.-u 178.84 May 82.88 83.49 81.81 81.99 –.82 67,918 June 1854.50 1856.30 1835.20 1851.60 –5.90 53,424 Gold, per troy oz Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Broilers, National comp wtd. avg.-u,w 0.8284 Aug 1858.60 1858.60 1839.20 1853.80 –6.00 16,165 Engelhard industrial 1845.00 Burlap,10-oz,40-inch NY yd-n,w 0.6575 March 116.55 117.00 t 112.35 114.30 –1.90 8,375 Butter,AA Chicago 1.2800 Palladium (NYM) - 50 troy oz.; $ per troy oz. Cotton,1 1/16 std lw-mdMphs-u 0.7884 May 118.90 119.00 t 115.05 116.70 –1.80 1,407 Handy & Harman base 1843.00 Cheddar cheese,bbl,Chicago 140.00 Jan 2305.20 –14.50 1 Cotlook 'A' Index-t *88.85 Handy & Harman fabricated 2045.73 Cheddar cheese,blk,Chicago 159.25 March 2324.00 2332.50 t 2303.50 2310.50 –14.50 8,754 Interest Rate Futures Hides,hvy native steers piece fob-u n.a. Platinum (NYM)-50 troy oz.; $ per troy oz. LBMA Gold Price AM *1853.20 Milk,Nonfat dry,Chicago lb. 116.50 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% LBMA Gold Price PM *1856.60 Wool,64s,staple,Terr del-u,w n.a. Jan 1075.50 –28.30 1 Coffee,Brazilian,Comp 1.1702 April 1108.00 1108.00 1064.10 1079.00 –28.40 59,911 March 207-140 208-240 206-240 207-290 25.0 1,082,804 Krugerrand,wholesale-e 1925.56 Grains and Feeds Coffee,Colombian, NY 1.7475 Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Maple Leaf-e 1944.08 Eggs,large white,Chicago-u 1.0350 Jan 25.376 –0.153 91 March 170-010 170-250 169-200 170-140 18.0 1,168,840 Barley,top-quality Mnpls-u n.a. American Eagle-e 1944.08 Flour,hard winter KC 17.05 March 25.530 25.545 24.715 25.389 –0.149 128,807 June 168-280 17.0 316 Bran,wheat middlings, KC-u 180 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican peso-e 2240.35 Hams,17-20 lbs,Mid-US fob-u 0.63 Corn,No. 2 yellow,Cent IL-bp,u 5.2200 March 52.76 53.30 51.85 52.85 0.24 446,065 March 137-120 137-205 137-090 137-170 5.0 3,411,346 Austria crown-e 1817.84 Hogs,Iowa-So. Minnesota-u 67.49 Corn gluten feed,Midwest-u,w 169.3 April 52.67 53.16 51.77 52.73 0.21 222,634 June 136-170 5.0 35,730 Austria phil-e 1944.08 Pork bellies,12-14 lb MidUS-u n.a. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Corn gluten meal,Midwest-u,w 624.0 May 52.51 52.98 51.62 52.53 0.17 144,519 Silver, troy oz. Pork loins,13-19 lb MidUS-u 1.0175 June 52.29 52.71 51.39 52.26 0.14 258,467 March 125-305 126-025 125-295 126-007 2.2 3,368,120 Cottonseed meal-u,w 460 June 125-245 2.7 1,318 Engelhard industrial 25.2000 Steers,Tex.-Okla. Choice-u 112.55 Dec 50.38 50.73 49.62 50.37 0.16 296,075 Hominy feed,Cent IL-u,w 155 Dec'22 47.80 48.37 47.42 48.10 0.29 113,086 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Handy & Harman base 25.2600 Steers,feeder,Okla. City-u,w 156.25 Meat-bonemeal,50% pro Mnpls-u,w 330 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March 110-153 110-160 110-152 110-157 .4 2,124,683 Handy & Harman fabricated 31.5750 Oats,No.2 milling,Mnpls-u 3.6750 Feb 1.6012 1.6211 1.5824 1.6089 .0105 14,334 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Fats and Oils Jan 99.9150 99.9150 99.9125 99.9125 169,607 LBMA spot price *£18.5800 Rice, Long Grain Milled, No. 2 AR-u,w 27.38 March 1.6005 1.6207 1.5826 1.6076 .0092 109,444 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 99.9200 99.9300 s 99.9200 99.9250 170,970 (U.S.$ equivalent) *25.4000 Sorghum,(Milo) No.2 Gulf-u 7.4400 Corn oil,crude wet/dry mill wtd. avg.-u,w 43.0000 Feb 1.5770 1.5900 s 1.5615 1.5771 –.0036 23,859 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Coins,wholesale $1,000 face-a 18768 Grease,choice white,Chicago-h 0.3800 SoybeanMeal,Cent IL,rail,ton48%-u 435.10 March 1.5716 1.5839 1.5547 1.5716 –.0032 146,150 March 96-235 6.5 131,584 Other metals Soybeans,No.1 yllw IL-bp,u 13.6350 Lard,Chicago-u n.a. Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Eurodollar (CME)-$1,000,000; pts of 100% Feb 99.8025 99.8125 99.8025 99.8075 .0025 222,509 LBMA Platinum Price PM *1105.0 Wheat,Spring14%-pro Mnpls-u 7.5275 Soybean oil,crude;Centl IL-u 0.4565 Feb 2.650 2.773 2.650 2.760 .104 3,386 March 99.8200 99.8300 99.8200 99.8250 .0050 1,158,910 Platinum,Engelhard industrial 1072.0 Tallow,bleach;Chicago-h 0.4125 March 2.632 2.740 2.618 2.702 .066 320,110 Wheat,No.2 soft red,St.Louis-u 6.9575 June 99.8300 99.8400 99.8300 99.8350 .0050 968,788 April 2.656 2.753 2.644 2.720 .057 114,322 Palladium,Engelhard industrial 2332.0 Wheat - Hard - KC (USDA) $ per bu-u 6.6175 Tallow,edible,Chicago-u 0.4688 March'23 99.7300 99.7400 99.7250 99.7300 …846,874 May 2.694 2.779 2.688 2.751 .051 86,702 Sept 2.832 2.897 2.828 2.877 .038 52,581 Currency Futures KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; Oct 2.854 2.916 2.847 2.896 .038 114,161 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 1/26 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Feb .9643 .9655 .9600 .9604 –.0046 508 Source: Dow Jones Market Data Agriculture Futures March .9655 .9658 .9601 .9606 –.0047 192,792 Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD March 532.50 543.75 s 529.50 534.00 1.75 677,404 Feb .7865 .7883 .7800 .7817 –.0061 674 Bonds | wsj.com/market-data/bonds/benchmarks May 533.75 544.75 s 530.75 535.25 1.50 433,377 March .7880 .7885 .7800 .7817 –.0061 163,165 Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ March 355.50 357.50 348.50 352.50 –2.25 3,331 Feb 1.3739 1.3759 s 1.3662 1.3688 –.0044 790 Tracking Bond Benchmarks May 351.75 351.75 348.00 349.00 –2.50 796 March 1.3740 1.3762 s 1.3662 1.3690 –.0045 151,501 Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week March 1376.00 1394.75 1364.50 1374.75 4.50 328,931 March 1.1290 1.1300 1.1228 1.1260 –.0035 48,116 highs and lows for different types of bonds May 1374.75 1393.25 1363.75 1373.25 3.75 182,148 June 1.1325 1.1329 1.1264 1.1290 –.0035 134 Australian Dollar (CME)-AUD 100,000; $ per AUD Total Total Soybean Meal (CBT)-100 tons; $ per ton. Feb .7750 .7764 t .7645 .7665 –.0083 274 return YTD total return YTD total Yield (%) March 438.00 443.20 434.10 436.60 .10 152,240 Yield (%) March .7749 .7767 t .7646 .7666 –.0084 141,832 close return (%) Index Latest Low High close return (%) Index Latest Low High May 435.30 439.80 431.00 433.70 –.10 91,391 Mexican Peso (CME)-MXN 500,000; $ per MXN Soybean Oil (CBT)-60,000 lbs.; cents per lb. Mortgage-Backed Bloomberg Barclays Feb .04986 .04994 t .04912 .04926 –.00070 41 Broad Market Bloomberg Barclays March 44.52 .61 178,953 March .04973 .04978 t .04892 .04909 –.00070 149,862 May 43.18 44.35 s 43.18 43.69 .57 97,672 2279.49 -0.5 U.S. Aggregate 1.150 1.020 2.310 2231.69 0.01 Mortgage-Backed 1.210 0.930 2.690 Euro (CME)-€125,000; $ per € Rough Rice (CBT)-2,000 cwt.; $ per cwt. Feb 1.2167 1.2174 t 1.2064 1.2106 –.0065 1,040 Ginnie Mae U.S. Corporate Indexes Bloomberg Barclays 2172.95 -0.2 (GNMA) 1.080 0.290 2.660 March 13.29 13.48 s 13.28 13.46 .15 9,462 March 1.2172 1.2183 t 1.2070 1.2113 –.0065 670,681 May 13.53 13.67 s 13.50 13.65 .15 376 -1.0 U.S. Corporate 1319.18 0.1 Fannie mae (FNMA) 1.260 1.110 2.690 3426.07 1.840 1.740 4.580 Wheat (CBT)-5,000 bu.; cents per bu. Index Futures 3105.02 -0.3 Intermediate 1.160 1.080 4.400 2024.67 0.1 Freddie Mac (FHLMC) 1.240 1.080 2.710 March 663.25 672.75 652.50 658.25 –7.00 177,575 July 644.50 651.25 636.00 640.50 –7.00 100,434 Mini DJ Industrial Average (CBT)-$5 x index March 30848 30884 30053 30189 –653 89,378 5085.09 -2.0 Long term 2.930 2.730 4.930 598.57 0.5 Muni Master 0.771 0.771 3.441 Wheat (KC)-5,000 bu.; cents per bu. June 30688 30765 29964 30089 –642 126 March 640.50 648.00 630.75 636.75 –4.25 100,306 693.19 -1.3 Double-A-rated 1.520 1.300 3.360 424.21 0.6 7-12 year 0.755 0.755 3.447 S&P 500 Index (CME)-$250 x index July 639.75 647.00 630.75 635.75 –5.50 49,083 March 3847.30 3851.70 3716.10 3744.20 –98.40 16,367 914.94 -0.8 Triple-B-rated 2.090 2.010 5.350 485.42 0.6 12-22 year 1.144 1.144 3.690 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index Jan 135.300 135.800 135.225 135.625 –.025 1,318 High Yield Bonds ICE BofA 472.83 0.9 22-plus year 1.782 1.765 4.123 March 3845.25 3853.00 3706.50 3744.25 –98.25 2,595,006 March 140.200 141.375 139.175 140.075 –1.400 19,352 June 3837.00 3842.00 3697.00 3734.00 –98.50 22,174 497.02 0.3 High Yield Constrained 4.303 4.110 11.400 Global Government J.P. Morgan† Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index Feb 116.775 116.975 116.000 116.450 –.550 41,540 March 2418.30 2425.60 2346.60 2362.10 –62.50 53,285 467.25 2.3 Triple-C-rated 7.825 7.596 19.071 611.84 -0.6 Global Government 0.610 0.390 0.930 April 122.800 123.300 122.000 122.625 –.475 138,268 June 2434.40 2434.40 2365.00 2372.60 –63.40 n.a. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index 3330.91 0.03 High Yield 100 3.545 3.358 10.740 855.72 -0.9 Canada 0.950 0.590 1.470 Feb 70.450 71.400 70.325 70.575 .125 25,183 March 13551.00 13586.50 12884.75 13105.50 –380.00 229,787 448.27 0.2 Global High Yield Constrained 4.303 4.174 11.310 418.80 -0.5 EMU§ 0.098 0.010 0.794 April 77.300 77.575 76.150 76.300 –.650 91,639 June 13570.00 13573.00 12873.25 13092.75 –379.25 2,245 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 2000 (CME)-$50 x index 339.20 0.4 Europe High Yield Constrained 2.763 2.464 8.183 789.96 -0.5 France -0.070 -0.160 0.430 March 870.00 875.00 s 828.80 865.00 9.90 1,706 March 2135.10 2150.60 2084.50 2104.30 –41.50 556,325 June 2140.60 2144.50 2081.40 2099.90 –41.40 452 May 772.70 784.50 s 755.60 776.70 4.70 659 U.S Agency Bloomberg Barclays 550.83 -0.2 Germany -0.440 -0.740 -0.120 Mini Russell 1000 (CME)-$50 x index Milk (CME)-200,000 lbs., cents per lb. -0.1 U.S Agency Japan March 2141.80 2168.80 2099.90 2113.90 –58.50 8,949 1866.62 0.500 0.460 1.710 294.68 -0.2 0.310 0.040 0.320 Jan 16.14 16.15 16.13 16.14 .01 3,384 U.S. Dollar Index (ICE-US)-$1,000 x index March 16.51 16.82 16.51 16.65 .09 3,759 1627.29 -0.02 10-20 years 0.380 0.340 1.620 615.91 -0.4 Netherlands -0.350 -0.540 0.080 March 90.17 90.88 s 90.13 90.64 .49 36,183 Cocoa (ICE-US)-10 metric tons; $ per ton. June 90.14 90.83 s 90.10 90.61 .49 791 4260.03 -0.4 20-plus years 1.670 1.170 2.210 1084.91 -1.0 U.K. 0.620 0.390 1.130 March 2,560 2,597 2,498 2,504 –41 80,977 May 2,519 2,537 2,440 2,447 –44 70,741 Source: FactSet 2916.75 -0.7 Yankee 1.440 1.370 3.500 922.19 -1.2 Emerging Markets ** 4.491 4.295 7.480 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan Global Government Bonds: Mapping Yields Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in EXPERIENCES OFFERS EVENTS INSIGHTS selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session

Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago 0.125 U.S. 2 0.119 t l 0.123 0.121 1.443 0.875 10 1.014 t l 1.039 0.933 1.605 5.500 Australia 2 0.112 s l 0.109 0.089 0.765 -0.5 -1.6 -67.4 1.000 10 1.065 t l 1.084 1.005 1.097 5.1 4.3 -51.3 0.000 France 2 -0.616 t l -0.602 -0.670 -0.583 -73.3 -72.7 -202.2 0.000 10 -0.309 t l -0.300 -0.306 -0.125 -132.3 -134.0 -173.5 0.000 Germany 2 -0.739 t l -0.717 -0.703 -0.626 -85.6 -84.2 -206.5 0.000 10 -0.544 t l -0.529 -0.546 -0.383 -155.7 -157.0 -199.3 0.050 Italy 2 -0.320 t l -0.307 -0.384 -0.152 -43.8 -43.2 -159.1 0.900 10 0.651 s l 0.645 0.597 1.042 -36.3 -39.5 -56.8 0.100 Japan 2 -0.126 s l -0.135 -0.123 -0.143 -24.4 -26.0 -158.2 0.100 10 0.043 s l 0.034 0.019 -0.047 -97.1 -100.6 -165.7 0.000 Spain 2 -0.532 t l -0.513 -0.616 -0.402 -64.9 -63.8 -184.1 1.250 10 0.078 s l 0.076 0.085 0.277 -93.6 -96.5 -133.3 0.125 U.K. 2 -0.134 s l -0.140 -0.126 0.410 -25.1 -26.5 -102.9 4.750 10 0.269 s l 0.267 0.256 0.531 -74.5 -77.4 -107.9 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close Corporate Debt Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific expectations Investment-grade spreads that tightened the most… Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Bank of New York Mellon BK 3.500 0.24 April 28, ’23 12 –11 18 GTE Florida … 6.860 5.93 Feb. 1, ’28 492 –11 n.a. Coca–Cola KO 1.750 0.30 Sept. 6, ’24 12 –11 20 Nissan Motor NSANY 3.043 1.12 Sept. 15, ’23 101 –11 102 Credit Suisse CS 3.625 0.57 Sept. 9, ’24 40 –8 40 GlaxoSmithKline Capital … 2.800 0.30 March 18, ’23 19 –6 n.a. Vodafone VOD 5.250 3.22 May 30, ’48 143 –6 142 Verizon Communications VZ 4.672 3.18 March 15, ’55 140 –6 139 …And spreads that widened the most EnjoySavings on Goldman Sachs GS 4.000 0.69 March 3, ’24 52 12 51 ONEOK Partners … 6.850 4.31 Oct. 15, ’37 253 12 n.a. Shell International Finance RDSALN 3.750 2.89 Sept. 12, ’46 110 11 90 SaatchiArt Prints Pfizer PFE 3.000 0.35 June 15, ’23 23 10 n.a. BorgWarner BWA 5.000 1.09 Oct. 1, ’25 70 9 66 Eni ENIIM 4.000 0.67 Sept. 12, ’23 55 9 47 andOriginals Altria MO 4.250 3.58 Aug. 9, ’42 179 9 n.a. Pacific Gas and Electric … 4.500 3.77 July 1, ’40 197 9 184 High-yield issues with the biggest price increases… From paintings to photography andsculptures—elevateyourlivingspace or Bond Price as % of face value homeofficewithworks from topemergingartists.AsaWSJ member, enjoy Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week an exclusive20% off framed printsand 10%offoriginalworks of art. Rite Aid RAD 7.700 7.28 Feb. 15, ’27 102.000 2.50 98.000 American Airlines AAL 5.000 13.39 June 1, ’22 90.000 1.13 88.500 Lumen Technologies LUMN 7.600 5.63 Sept. 15, ’39 122.500 1.05 122.400 Occidental Petroleum OXY 2.700 2.56 Aug. 15, ’22 100.216 0.61 100.875 WSJMEMBER EXCLUSIVE Transocean RIG 7.500 22.18 April 15, ’31 41.500 0.50 43.000 REDEEM NOWATWSJPLUS.COM/SAATCHI Sensata Technologies ST 4.875 1.98 Oct. 15, ’23 107.609 0.36 107.625 3DJ8041 …And with the biggest price decreases ved. reser Teva Pharmaceutical Finance … 6.150 5.22 Feb. 1, ’36 109.550 –2.05 109.622 rights

Bombardier BBDBCN 7.450 8.13 May 1, ’34 94.500 –2.00 n.a. All

WeWork WEWORK 7.875 15.05 May 1, ’25 78.000 –2.00 75.000 Inc.

L Brands LB 6.875 5.35 Nov. 1, ’35 115.470 –1.78 117.750 o., &C Occidental Petroleum OXY 6.450 5.56 Sept. 15, ’36 109.250 –1.60 115.000

Continental Resources CLR 5.750 4.62 Jan. 15, ’31 108.590 –1.16 113.000 Jones

American Airlines AAL 3.750 13.14 March 1, ’25 71.000 –1.00 73.000 Dow Navient NAVI 6.500 2.98 June 15, ’22 104.720 –0.66 105.750 ©2021 *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. Note: Data are for the most active issue of bonds with maturities of two years or more Source: MarketAxess P2JW028000-4-B01000-1------XA

B10 | Thursday, January 28, 2021 **** THE WALL STREET JOURNAL. BANKING & FINANCE JPMorgan to Launch Digital Bank Blackstone Earnings New unit will offer Thedigital bank has hired why we’ve designed the bank to aperson familiar with the a cost-effective manner. They 400 people in the U.K. and from scratch to specifically situation. are copying our features, but consumer banking plans to add moreasitgrows, meet theneeds of customers JPMorganlast year consid- they areunable to copy our Rise With services in U.K., a first the company said. here,” said Gordon Smith, ered making abid forStarling cost base and our culture for JPMorganisentering a chief executiveofconsumer Bank, founded by Anne Boden innovation.” for the lending giant crowded digital marketplacein and community banking at JP- in 2014, according to people JPMorgan previously tried Market the U.K. forconsumer banking. Morgan. familiar with thesituation. to launch adigital bank in U.S. BY SIMON CLARK The market has flourished as Thenew JPMorganbank Starling has about two million cities and marketswhereit BY MIRIAM GOTTFRIED regulatorsencouraged new will be led by SanokeViswana- customer accountsand £4.7 didn’t have Chase branches, JPMorganChase &Co.,the startups,including Starling than, previously the adminis- billion of deposits, equivalent but closed the product, called Blackstone Group Inc.re- largest U.S. lender, is launch- Bank Ltd. and MonzoBank trativechief and head of strat- to $6.43 billion. Finn, in June 2019 after slow ported higher earningsfor the ing adigital bank to offer con- Ltd., to boost competition in egyatJPMorgan’scorporate “Starling set out to disrupt pickup. fourth quarter as the value of sumer banking services in the the wake of the last global fi- and investment bank. the banking landscape and the Bankexecutives have said itsprivate-equity portfolio U.K. for the first time. nancial crisis.These so-called Thedigital bank is cur- fact that big banks arenow they learned lessons from that rose with the broader market. Thenew bank will bear the challenger banks have forced rently being tested internally copying us shows that we are program, including that the Thebuyout giant posted Chase brand and will be based traditional lenderstoimprove with JPMorganemployees succeeding.Sowewelcome Chase brand resonated better of $748.9 million, in London’s Canary Wharf fi- their digital offeringsbut have ahead of a public launch later competition,” Ms. Boden said than a new name. or $1.07 ashare, forthe quar- nancial district, as well as op- struggled to earn profits. this year.Itwill start by offer- in an interview. “The big JPMorgan said Wednesday ter. That compares with a erating acustomer contact “The U.K. has avibrant and ing current accountsand then banks don’t have agreat re- that it has about 55 million profit of $483.1 million, or 71 center in Edinburgh, JPMor- highly competitive consumer offerabroader rangeofprod- cord of creating challenger digitally activecustomersin centsashare, in the fourth gan said Wednesday. banking marketplace, which is uctsincluding loans,according brands or building software in the U.S. quarter of 2019,itsaid on Wednesday. Thevalue of Blackstone’s private-equity portfolio Virus Complacency climbed by 10.6% in the latest period as the S&P 500 rose 11.7%. Blackstone’sinvestment Poses Financial portfolio has been buoyedin recent quartersbyits expo- sure to areas of the economy Risk, IMF Warns that have fared relatively well during the coronavirus pan- demic,including logistics,en- BY ANDREW ACKERMAN caland monetarysupport un- terprise software,digital pay- til asustainable recovery takes ments and life sciences.

WASHINGTON—Expecta- hold, they said. “Reducing or CK Thecompanysees opportu- tions foraneconomic recovery withdrawing support at this TO nity in sectorsthat have been and continued government aid stagecould jeopardizethe temporarily beaten down by

arefueling overconfidence global economic recovery.” SHUTTERS the virus,but which should re-

among investors, the Interna- Theblog post accompanied A/ coverquickly oncevaccines tional MonetaryFund said an update to the fund’s semi- /EP have been widely adminis-

Wednesday, raising the risk of annual Global Financial Stabil- THEW tered, such as location-based

a sudden drop in asset prices ity Report released on WN entertainment and transporta-

that could threaten financial Wednesday. SHA tion infrastructure,Blackstone stability. Delays in vaccinations, es- IMF officials Tobias Adrian, left, and Fabio Natalucci, right, in Washington, D.C., in 2018. President Jonathan Gray said “With investors betting on pecially in emerging market in an interview. persistent policybackstop,a economies that account for could mean an incomplete there are legitimate concerns shrinking considerably less “I do think the second half sense of complacencyappears about 65% of global growth, global recovery and endanger around excessiverisk-taking than initially feared last of the year is going to look to be permeating markets,” could lead to atightening in the global financial system,” and market exuberance,” year—though it warned that andfeel very different from Tobias Adrian,head of the financial conditions and arise the report said. “Because Messrs. Adrian and Natalucci the outlook is subject to ex- whereweare today,” Mr.Gray Monetaryand Capital Markets in financial vulnerabilities that growth is a crucial ingredient wrote. One response would be ceptional uncertainty. said. “The big challengefor in- Department, and his deputy, have been held in check so far, forfinancial stability,anun- to strengthen oversight of fi- Global output is projected vestorsisthinking about the Fabio Natalucci,wrote in a they said.Those include rising even andpartial recovery risks nancial institutions to prevent to grow 5.5% this year,up- post-vaccine world. We could blog post. “Coupled with ap- corporateand government jeopardizing the health of the risks from building further. graded from the IMF’sOctober see a huge surge in consumer parent uniform investor views, debt levels and declining prof- financial system.” Wednesday’s report comes forecast fora5.2% increase. demand.Does that lead to a this raises the risk of amarket itability in some banking sys- As aresult, policymakers afterthe IMF said Tuesdaythe Last year’s estimated contrac- hugesurge in inflation and correction or repricing.” tems. face a dilemma. “While there world economy is gearing up tion of 3.5% was smaller than commodity prices?” Even so,governments “Delayedaccesstocompre- is fornow no alternativeto forastrong recovery from the October’s forecast fora4.4% Blackstone’sdistributable should continue to provide fis- hensive health care solutions continued monetary support, pandemic in 2021, after contraction. earnings, or the amount of cash that could be returned to shareholders, came in at are- cord $1.46 billion, or $1.13 a Online Investors Create Buzz share, in the fourth quarter. That compares with $914mil- lion, or 72 centsper share, a year earlier. For Stocks on Social Media Theprivate-equity giant said it would payadividend of 96 cents a share for the quar- BY ALEXANDER OSIPOVICH larity in recent months of mo- call options,which confer the ter, versus 61 centsayear ear- mentum trading, the practice right to buy shares under speci- S lier.

Shares of ahandful of firms of investing in firms whose fied terms,and put options that NEW Blackstone’sfee-related G such as GameStop Corp.and shareprices arerising in the confer the right to sell them. earningsclimbed 36% year BlackBerry Ltd. posted triple- expectation they will continue Calls areespecially popular with over year to $749.9 million, digit gains in recent weeks,part to do so,and asurge over the the WallStreetBetscrowd be- OOMBER also arecord, as the firm con-

of afrenzy whipped up by indi- past year in options trading, cause buying them is acheap AN/BL tinued to expand intonew

vidual investors. Here’swhat which allows userstomake way to bet that astock will rise. GU productstargeting abroader

youneed to know. large wagers with arelatively Take the market action on BING range of investors. small upfront investment. Tuesday, forinstance. GameStop Shares of GameStop are up more than sevenfold in 2021. Thefirm, with morethan WhyisGameStopup? closed at $147.98ashare. At Shares of GameStop areup Howdooptions figurein? that moment, call options that Whyare shares surging if level at which call options can morethan sevenfold in 2021, Options arecontractsthat let investorsbuy GameStop the action is in options? be exercised—$200 in the above Thefirm took compared with a2.5%rise in allowinvestorstobuy or sell a shares at $200 apiecebyFriday GameStopexample—market the S&P 500.The Grapevine, stock at aspecified price, either were trading forabout $19 a When youbuy acall option, makersmay step up their pur- advantageofrising Texas,videogames retailer has on or until aspecified expira- share—a fraction of the cost of someone else has to sell it to chases of stock to maintain a markets to exit $20.9 become afavoriteofonline tion date. They have become in- an actual share. you. Typically,that is amarket neutral position. traderswho invest in companies creasingly popular with small If you bought such an op- maker—an electronic trading GameStopoptions trading billion of investments. championed on the Reddit fo- investorsinrecent years, as tion and GameStoprallied, the firm that buysand sells stocks, volumes have exploded during rumWallStreetBets. brokerages have made it priceofyour option would options or other assetsthrough- thepast two weeks,according These investorstargetshort cheaper and easier to trade surge,and youcould likely sell out the day, such as Citadel Se- to dataprovider Trade Alert. sellerswho arebetting the them. Options trading volume it foraquick profit. If you curities LLC or Susquehanna In- Formost of last week,calls $600 billionofassetsunder shares will fall duetowhat set arecordlast year,averaging owned actual GameStop ternational Group LLP. were moreactively traded than management, took advantage they see as the firm’sbusiness just under 30 million contracts shares,you would benefit from Market makersaren’t in the puts, asign that investorswere of rising marketstoexit $20.9 challenges.Surging prices in aday.This year,that number is the rally too, but youlikely business of placing long-term broadly morebullish than bear- billion worth of investments heavily shorted shares such as over 40 million, according to wouldn’t getasbig of areturn betsoncompanies’ stock ish on the stock.Two executives during the quarter. GameStopled to large losses Options Clearing Corp.—a rise as youwould with the calls. prices.Sowhen such afirm with options market-making But the biggest chunk of at hedgefunds that bet of morethan athird. Alternatively,using options sells you a GameStop call op- firms said delta-hedging had that came from recapitalizing against stocks, prompting an Options areespecially pop- canhelp reducerisk forinves- tion, the market maker gener- playedarole in the recent ral- its investment in BioMed Re- emergency$2.75 billion deal ular among usersofWall- tors.For instance, if youbuy ally hedges that risk through a lies of hot stocks such as alty and selling the portfolio to rescue one such firm. StreetBets, which has emerged GameStopshares,you canpro- separatetrade.Often, it will GameStop. In extreme cases, of life-sciences buildings to GameStopshares began to as ahotbed forday traders tect your portfolio by buying buy shares of GameStop. this canbecome aself-reinforc- another one of itsfunds for take off on Jan. 11, afterthe whoswaptrading ideas and putoptions that let yousell In options lingo, this is called ing mechanism, with daytrad- $14.6 billion. companysaid it agreed to add pile into hot stocks. GameStopat, say, $100 ashare. deltahedging,and it is why ersbuying morecalls and driv- It also sold insurance com- three newdirectorstoits That way,ifGameStopfalls be- heavy buying of call options can ingthe market makerstobuy panyRothesayLifePLC to board,and the rally accelerated HowdoGameStop low$100 youcan exercise the push up the priceofthe under- shares,lifting the stock’sprice Singaporesovereign-wealth in the days that followed. In traders use options? put options,offsetting your lying stock.Moreover,asthe andencouraging moretraders fund GIC Ptd. Ltd. and Massa- part the gains reflect the popu- Options come in two flavors: losses on the shares themselves. stock’spriceapproaches the to jump in on the action. chusetts Mutual LifeInsurance Co.and unloaded shares of Vivint Solar Inc., which mergedinOctober with fellow Reddit’s WallStreetBets Forum Briefly Goes Dark solar-energy provider Sunrun Inc. On Tuesday, AllstateCorp. BY CAITLIN MCCABE commentsand postssubmitted seeing GameStop’sdrop, urged thousand subscribers, itsranks erssaid online. said Blackstone was buying its AND AKANE OTANI to the foruminrecent days. investors to hold on to the swelled in 2019 as brokerages A Discord spokeswoman life- and fixed-annuities busi- WallStreetBetshas been the stock. slashed their online trading said the WallStreetBetsserver ness for$2.8billion. As part Reddit’spopular WallStreet- subject of growing fascination “Hold the line! Do not sell,” commissions,spurring massive had been on the platform’sra- of the deal, Blackstone will be Betsforum briefly went dark and scrutinyasonce-unpopu- tweeted one user,followedby growth in retail trading activ- dar forsome time “due to the taking over management of late Wednesday, stunning us- lar stocks ranging from aseries of rocket ship emojis. ity. occasional content” that vio- the unit’s$28 billion in assets, erswho had been flooding the GameStop Corp.toAMC En- Thenumber of WallStreet- Thecommunity then hit lates community guidelines, bringing itstotal insuranceas- community with postsall week tertainment Holdings Inc. morethan three million sub- including “hatespeech, glori- sets to nearly $100 billion. amid a frenzied stock rally. have drawnsignificant interest scribersthis month as fying violence, and spreading Blackstone raised $32.3bil- Amessageonthe forum’s from individual investors, Shares of GameStop GameStop, which WallStreet- misinformation.” lion during the quarter,bring- landing pageinitially said helping catapult their share Betsusershad been cheering She noted that server ad- ing totalassetsunder manage- WallStreetBetshad been taken prices to eye-poppinghighs. fell in after­hours on, rallied. ministrators had been issued ment to roughly $619 billion, privatebyits moderatorsbe- Much of thediscussion sur- trading as news of Separately,chat serviceDis- multiple warningsinrecent up from about $584 billion at cause of technical difficulties rounding these shares has cord removed WallStreetBets’ months. the end of the thirdquarter on an “unprecedented scale as originated on WallStreetBets the closure spread. server lateWednesday. Discord “Today, we decided to re- and $571 billion ayear earlier. aresult of the newfound inter- and then wasamplified across servershavebecome amain movethe server and itsowner Blackstone has set agoal of est in WSB.” the internet. forumamong individual inves- from Discordfor continuing to reaching $1 trillion in assets Aboutanhour later,the fo- Shares of GameStopfell in tors seeking to swaptrading allowhateful anddiscrimina- by 2026. rumwas made available to the after-hourstrading as news of Bets users has exploded in ideas.Usershad turned to tory content afterrepeated So-called perpetual capital, public again. the forum’sbrief closure popularity in recent days,as WallStreetBets’ Discordcom- warnings,” she said. which generates asteady It wasn’t immediately clear spread online. moreusershavejoined the fo- munity to exchangevoiceand Sheadded that the server stream of locked-in fees be- why the forum was opened Thestock fell as much as rumtobrowse and weigh in text messages in real time. wasn’t banned because of the cause it doesn’t need to be re- again. Apost from one of 28% at one point beforerecov- on the discussions about As the rise in GameStop recent frenzy surrounding turned to investorsasquickly, WallStreetBets’ moderators ering,cutting itsafter-hours stocks likeGameStop. shares continued, WallStreet- GameStopand other stocks. reached $134.9billion, up 30% noted the team had struggled loss to 16%. While in itsearly years, the Bets’Discordserver had be- —Michael Wursthorn over the fourth quarter of to keep up with the influx of Some usersonsocial media, community counted afew come increasingly chaotic,us- contributed to this article. 2019. P2JW028000-4-B01100-1------XA

THE WALL STREET JOURNAL. **** Thursday, January 28, 2021 | B11 MARKETS

Gapbetween forwardearnings yield of global tech stocks and the 10-yearU.S.Treasury note has narrowed. 5 percentagepoints CME to Launch Futuresfor 4 Trading of Carbon Offsets 3

2 BY RYAN DEZEMBER around the world. California actions,said PeterKeavey, gin trading on March 1, is cre- regulators, forinstance, over- CME’sglobal head of energy. ating aspot contract in con- Exchangeoperator CME see amarket that seeks to re- “A lot of emissions trading junction. Both areintended to 1 Group Inc.plans to launch ducegreenhouse gasses by andcarbon-reduction projects satisfybulk buyerswho care trading in voluntarycarbon-off- making it moreexpensiveover areunique and regional in na- moreabout priceper tonthan 0 set futures,tapping intothe time forcompanies operating ture,” Mr.Keaveysaid. “Ulti- provenance, Mr.Bose said. rush by companies to makeup theretopollute. Companies mately youneed to develop a Each futures contract repre- 2017 ’18’19 ’20 ’21 fortheir emissions. must buyallowances forcer- more global benchmark and sents1,000 offset credits. They Source:Refinitiv Datastream Offset creditsare aclimate- tain volumes of emissions and viewpoint to harmonizethe will be settled physically,which changecurrencyearned mayuse cheaper offset credits valuation and trading of off- means the holder of an expir- through endeavors that reduce to coveraportion of their tab. sets.” ing contract will receivecertifi- Treasurys Demand or sequester greenhouse gases, Prices forCalifornia offset CMEenvisions itsoffset fu- catesfor 1,000 metric tons of such as paying timberland creditsare fairly transparent, tures being apricegaugefor the carbon that has been offset. ownerstoleave trees standing averaging $13.79during the wide variety of credits, similar Researcherswith Forest and capturing methane fumes thirdquarter of last year,ac- to howlumber futures areaba- Trends,anonprofit focused on Eases Rate Doubts at hog farms. cording to the California Air rometer forthe wide array of re- conservation finance, estimate Companies,investment Resources Board. CME rival In- gional and species-specific wood that therewere$320 million of firms,governmentsand other tercontinental Exchange Inc. prices.Offset futures will also voluntary-offset transactions in BY SAM GOLDFARB else being equal. entities that have set carbon- facilitates trading in futures allowcompanies to lock in 2019 and asimilar volume in As it stands,most investors reduction goals apply voluntary tied to those prices. prices forcarbon creditscreated 2020.Transaction and trading Asharp climb in U.S. gov- appear comfortable with cur- offset creditstotheir internal Themarket is opaque when down the road and to hedge volume is expected to surge as ernment bond yields has rent yields.Inthe days since ledgersinorder to balanceout it comes to offset creditsmeant against declines in the value of deadlines approach forcompa- stalled, easing investors’ con- the 10-year yield climbed emissions that they can’t oth- to appease investorsinstead of those they already own. nies to meet emissions targets. cerns that rising ratescould above1%, stock indexeshave erwise eliminate. comply with regulators. Volun- Prices will be derived from Government policies could undercut recent gains in risk- continued to reach records. Is- Companies including Apple tary creditsusually change transactions on avoluntary-off- stokedemand even more. Some ier assets. suanceofcorporatebonds has Inc. and BP PLC have pledged hands forsignificantly less set exchangeoperated by Xpan- of the world’slargest compa- Theyield on the benchmark been steady.And the extra carbon neutrality in the coming than compliancecredits, siv,afirm that makes markets nies have invested in offset 10-year U.S. Treasurynotehas yield, or spread, investorsde- decades,under pressurefrom though they vary greatlyin in data-basedassetslinked to producersand market makers, hovered just above1%for the mand to hold corporatebonds investorswho have shoveled pricedepending on howthey energy,agricultureand ESGin- wagering that the nascent mar- past nine sessions afterjump- over Treasurys has remained billions of dollarsintoso-called were created and who is buy- vesting.The creditssold must ketwill boom. ing from around 0.9% to al- near multiyearlows. ESGfunds that promise to in- ing.Acompanymay be willing have been verified by one of In December,BPbought a most 1.2% in just six days of Still, the rise in yields has vest with environmental, social to paymorefor creditstied to three carbon registries,organi- controlling stakeinFiniteRe- trading. raised alarms in some quar- and governanceresponsibility the preservation of forestsnear zations that uphold project sources, aPennsylvania for- Yields,which ters.Yields might be extremely in mind. That will requirethem itsheadquarters, forexample, standards and certifyoffsets. estryfirm that has been the CREDIT rise when bond lowonahistorical basis—the to produceorpurchase large or affiliated with projectsthat Offset buyersonXpansiv’s most prolific U.S. producer of MARKETS prices fall, 10-year yield never fell below numbersofoffset credits, each deliver public-relations value. platform presently browse carbon offsets, and earlier in- vaulted higher 1.3% beforelast year—but they of which representsametric With itsGlobal Emissions creditsbypriceand project, vested in Xpansiv.Amazon.com on Jan. 6after Democratswon aren’t lowrelativetostock tonofcarbon. Offset futures contract—ticker: said Andy Bose,the firm’shead Inc. last year staked Pachama, a two pivotal Senateelections, prices,some argue. Thereare already futures GEO—CME aims to illuminatea of ecosystems and partner- companythat uses satelliteim- securing control of the cham- In recent years, the 12- contractstied to carbon-offset fast-growing market that has ships.Xpansiv,which won’t ageryand computer programs ber.That boosted investors’ month forward-earningsyield creditsthat areused in so- thus far operated in ablack box disclose prices until the to measurehow much carbon is expectations forgovernment of world tech companies—their called cap-and-trade systems via privately negotiated trans- monthly futures contractsbe- stored in forests. spending—which canweigh on expected earningsper shareas bonds by leading to alarger apercentageoftheir stock supply of Treasurys—as well price—has generally exceeded as economic growth and infla- the10-year Treasuryyield by tion, which erodes the pur- at least2.5 percentagepoints. chasing powerofbonds’ fixed Stocks have sold off four payments. times sincethe start of 2018 A$38 billion auction of 10- when that threshold wasap- year notes on Jan. 12 posed a proached or crossed, according key test of the market. Yields to BCAResearch. had breached levelsnot seen But the yield differential sinceearly in the coronavirus stoodatjust 2.3percentage pandemic and were rising pointsonMonday, suggesting quickly,with investorsunsure Treasury yields or tech stocks

about wherethey were head- could be nearing an inflection JOURNAL ing. point. REET

Tech stocks,which powered ST major indexeshigher during LL As it stands, most theirrebound from the pan- WA demic’slows, areseen as espe- THE R

investors appear cially sensitivetochanges in FO N

comfortable with longer-termTreasuryyields TO because much of their earnings WES current yields. areexpected to come further

in thefuture. ETHAN While nominal yields have Offset credits aremeanttobalanceout greenhouse-gas emissions. Methane is captured at aSmithfield Food Inc. hog farm in Missouri. climbed, the yield on the 10- Apoorly received auction year Treasuryinflation-pro- could have added to the sell- tected security has been stuck WallStreetBetsare full of trad- shares they had sold short to gether to pump stocks.There ing. Instead, it met strong de- around minus 1%. That sug- Some Short ersboasting that they arebeat- cut their losses,pushing the areseveral cases whereauthori- mand,asdid a30-year bond gestsinvestorsthink the Fed- ing up the big investorswho stock higher still. Tradershave ties have successfully woncases auction the next day, and eral Reservecan driveinflation normally control the market. It driven the priceofGameStop against groups of investorsthat yields quickly steadied. higher by keeping interest Sellers Hit is an ironic twist, or asign of up about eightfold sinceThurs- have acted together online to “A lot of people were kind rateslow as the economypicks theirlack of understanding, daywhen Mr.Leftheld alives- manipulateastock’sprice. In of saying,‘OK,well, howfar up steam. that they equateshort sellers tream presentation arguing the most cases,they have targeted does this go?’ ” said Blake Theyield on the benchmark By Vitriol with theWall Street establish- stock would fall by 50%. those that spread false informa- Gwinn,head of U.S. ratesstrat- 10-year Treasurynoteedged ment. Thecompany’sfans have or- tion online. egyatNatWestMarkets. “Then down to 1.014% Wednesday Short sellersare fringeplay- dered dozens of pizzassent to It is unclear whether what is when we gotthese strong auc- from 1.039% aday earlier after ContinuedfrompageB1 erswho go aftercompanies and his home,well past midnight. happening online nowcould be tions,that wasaclear sign the Fedconcluded atwo-day who made his name shorting institutions the rest of the finan- Mr.Leftevenreached out to considered manipulation. Many that, ‘OK, there’s demand meeting without making any Chinesestocks,said he has re- cial world is largely backing. one online critic afterheasked of the postersare simply an- somewhere.’ ” policy changes.The Fedhas ceived death threatsand other They oftenmakebetsbased on Mr.Leftwhy he made his Twit- nouncing their intention to U.S. government-bond set interest-rates near zero nastinessinthe past, though deep research, sometimes expos- teraccount private. “Wespoke driveastock higher,and not at- yields playacritical role in the and has been buying $120 bil- the abuse always seemed tamer ing fraud. Recent successes in- on the phone,hesounded like15 tempting to deceiveother in- financial markets, serving as a lion of bonds amonth as it in the investing world than in cludefirms likeNikola Corp., yearsold,” Mr.Leftsaid. vestorsbymaking false claims. benchmark forinterest rates tries to push inflation above politics. Wirecard AG and Valeant Phar- But Mr.Lefthas also con- Thecurrent and former reg- acrossthe economy. Since its2%annual target. “People have always been maceuticals International Inc. tacted the Federal Bureau of In- ulatorssay that thereare March, sub-1% yields have sup- much morepragmatic about But they areoften rich. And vestigation and the Securities Ex- mechanisms forthe SEC to ported other assetssuch as their money than their political in some cases,individual inves- changeCommission about the quickly limit some of this activ- stocks,lowering borrowing AUCTION RESULTS beliefs,which allows activist tors have been burned by their morevicious abuse and what he ity.Much like when the SEC Here are the results of Wednesday's Treasury costsfor companies and en- auction. All bids are awarded at a single price at the short sellerstoget ahearing short-selling campaigns.Nikola, sees as collusion among the in- banned short selling in hun- market-clearing yield. Rates are determined by the couraging investorstotakeon difference between that price and the face value. with investors,” Mr.Block said. forexample,was afavorite vestors. In aYouTube video dreds of companies at the risk in search of betterreturns. TWO-YEAR FRNs “Maybe what happened with stock of retail momentum trad- posted on Wednesday, Mr.Left height of the financial crisis,it Manyinvestorsalso use the Applications $82,774,993,500 Andrew is an evisceration of ers. said he hasnow closed most of cantakeemergencymeasures 10-year Treasuryyield in for- Accepted bids $31,784,496,000 that pragmatism that’ssimilar This time,Mr. Left targeted his short position. that would makeitharder to " noncompetitively $25,332,700 mulas to value stocks—with Spread 0.049% to the rabid delusions you’re GameStop, which soon became Current and former regula- trade options,which many the futurecash flowsofcom- Bids at clearing yield accepted 33.17% seeing in politics and else- the subject of ashort squeeze, tors saythat authorities do tradersare using to juicetheir Cusip number 91282CBK6 panies worth morewith lower The floating-rate notes, dated Feb. 1, 2021, mature on where.” whererising prices prompt have means to crack down on returns and drivethe stock yields than higher ones,all Jan. 31, 2023. Online forums likeReddit’s bearish investorstobuy back online groups that band to- higher.

tional coronavirus shotstovac- S&P500 sectorsperformance, Wednesday to S&P DowJones Indices.The weeks.But the firstquestion Stocks Fall cinatemost of the U.S. with a indexisup9.9%this year,while Chairman Jerome Powell two-dose regimen by the end of Energy the S&P 500 is down 0.1%. fielded in his pressconference summer.Several cities and GameStopisthe index’slargest wasinfact about the trading in Real Estate On Vaccine other jurisdictions have re- issue.Atthe end of 2020,less GameStop. ported vaccine shortages. Consumer staples than amonth ago, it ranked He said he wasn’t going to “I think the market expected 287. comment on aparticular stock Worries that by nowwewould be talk- Technology TheReddit crowd’s piles into or day’smarket activity.Inre- ing about loosening,not tight- Industrials these stocks resemble century- sponse to another question eningrestrictions,” said Hani old pump-and-dump schemes about financial bubbles,he ContinuedfrompageB1 Redha, aportfolio manager at S&P500 from the 1920s,said Hans Ol- playeddownthe role of Fed virus areshowing up around PineBridgeInvestments. “On sen, thechief investment offi- policyindriving asset prices. Utilities theworld, putting fresh pres- the vaccine rollout, this is very ceratFiduciaryTrust Co. Shares of Microsoft rose 57 sureongovernmentstoget problematic forthe near term. Financials Backthen, stock operators cents, or 0.3% to $232.90 after their populations vaccinated. It is very critical forshaping would pool money to pump up the companyreported record That exacerbates the peril from the growth bounceback,and Materials thepriceofatargetedstock. quarterly sales on Tuesday. anydelays in the vaccination theseissues arejust adding Health care Oncethe public caught wind of Walgreens BootsAlliance was programs,and the ability to moredelaytothat.” the moves and bought, the op- up $1.99,or4.1%, to $51.18 after eventually endlockdowns or While questions about the Consumer discretionary eratorswould sell at aprofit. the drugstorechain named other restrictions. paceofvaccine rollout and the Those schemes didn’t have a Starbucks operating chief Rosa- AstraZeneca has said prob- economic recovery arereal, Communications services convenient platform likeReddit lind Brewerasits next chief ex- lems at aEuropean factory they aren’t newissues forin- -4% -3 -2 -1 0 through which traderscould ecutive. would sharply cut supplies to vestors, said Victoria Fernan- Source:FactSet coordinate. Overseas,the pan-continen- EU nations.The EU this week dez, the chief market strategist “This is old stuff coming talStoxxEurope 600 fell 1.2%, pressured the drugmaker to in- at CrossmarkGlobal Invest- ing abreather.’” social-media messageboard newagain,” Mr.Olsen said, while in Asia, stock indexes stead supply it with vaccine ments. Given the market’srun Themost fascinating market Reddit, whohaveenmasse “and facilitated in away we ha- closed mixed. Early Thursday, from itsU.K.factories if need to newhighs,itisn’t surprising dynamic,however, remains the been buying up thestock, ven’t seen, by social media.” Japan’sNikkei 225was down be,which would then affect the that investorsare abit worn day-trader-driven gains for squeezing short sellers. In the afternoon, the Federal 1.1%, Hong Kong’sHang Seng rollout in the U.K. out, she said. “I really think it’s heavily shorted stocks like GameStop’srise this year on Reserve said it would maintain wasdown1.9%and the Shang- Meanwhile,the Biden ad- ahodgepodgeofdifferent GameStop. itsown comprises nearly afull itscurrent monetarypolicies haiCompositewas down 1.3%. ministration said Tuesdayit thingsand the market is say- Thegains have been driven percentagepoint of the small- while acknowledging the econ- U.S. stock futures were down would purchase enough addi- ing,‘youknowwhat, we’retak- largely by daytradersonthe capS&P 600’sgains,according omyhas softened in recent 0.4%. P2JW028000-2-B01200-1------XA

B12 | Thursday, January 28, 2021 ** THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Reddit Bubble Is Just aGame forNow Hyundai Stock Gains Online-forum users exploited a quirk to push up stocks, but some may think prices imply real prospects On Dreams Wall Street can’t take its eyes off of once-unloved stocks like GameStop and BlackBerry, which For EVs are rocketing due to a kind of bet- ting game played by online forum users. The risk is that investors start to believe something deeper Futuristic bets fuel rise is going on. but older lines help, too The past year has seen a boom in individuals buying stocks through retail online platforms like Hyundai Motor’s electric Robinhood. More and more, they dreams have helped supercharge seem to be coordinating their its stock. But unlike some other moves on sites like Reddit’s wall- car makers, its old-school auto streetbets, placing wagers on firms business is doing well too. that are under attack by profes- TheSouth Korean carmaker re- sional speculators like hedge ported a41% rise in operating profit funds. At Wednesday’s close, last quarter from ayear earlier,in- GameStop, once a popular target dicating astrong recovery from the for short sellers, was up almost Covid-19 pandemic.Hyundai man- 8,500% over six months. aged to deliver higher profit despite Thereare two main causes of selling fewercars. Demand forpric- big market moves.The healthier ier productslikeits Palisade sports one is when newinformation utility vehicles and Genesis luxury comes to light about acompany, an vehicles have pushed itsoperating industryorthe economyatlarge, margins to their highest sinceearly

and financial assetsare repriced to GRI/REUTERS 2017. Theresults, however, missed reflect it. Theother is when market already-bullish analysts’ expecta- ALLE

participantsbuy or sell in arush, O tions slightly: Thestrong Korean

oftenbecause they suddenly need CARL wonand recent recalls forits Kona to protect their finances—in which GameStop, once a popular target for short sellers, was up almost 8,500% over six months. EV also pinched earnings. case asset prices don’t convey Overall, though, the quarter much useful information. Reddit usershaven’t shied away yses of the value of these compa- Until recently,high tech-company confirmed that the company is Thelatterisatplaynow.Hedge from the technical natureofthe nies.After all, perhaps GameStop valuations have mostly been re- moving in the right direction. Con- funds’ short betshavebeen unset- pricemoves,correctly crediting it wassomewhat undervalued. Itseq- stricted to solid firms with proven sensus estimates from S&P Global tled, forcing them to buy back the fortheir success.But market gyra- uity-market rally wasinitially stories,but thereare signs of that Market Intelligence forecast a 77% stocks to limit their losses.Also, tions caused by bottlenecks in fi- based on actionable fresh informa- changing—Tesla and itsimitators rise in this year’s operating profit puntershavebeen using options nancial plumbing don’t tend to last. tion: Chewy.com co-founder Ryan notably demand faith. While many from pre-pandemic 2019. contractstopropuptheir targets. The2018 carnageunleashed by op- Cohen disclosed abig stakeinthe Reddit usersknowthey areplaying Amorepremium mix is clearly Such instrumentscan amplifyeven tion-driven low-volatility strategies videogame retailer last year,rais- agame,they could end up igniting driving the earningsrecovery, but small market moves,because they canattest to that. Eventually,there ing hopes that he canhelp shiftthe blind enthusiasm forawider raft the company’smorefuturistic bets forcebanks to take the other side aren’t anyforcedbuyersleft. The businessfully online. of small, unprofitable companies. arefueling investors’ hopes.Hyundai and then hedgethe risk by buying losses areusually limited to afew Then again, so wasthe dot-com So far, Mr. Market seems aware and affiliate Kia Motors announced the actual underlying stocks.Itcan risk takers. bubble of the late1990s,which that GameStop’s share price is a in 2019 they would invest $35 billion createafeedback loop: Those But if something goes up,people lasted so long partly because many meaningless number driven by fi- intofuturemobility technologies,in- stocks then go up,and the value of canalso convincethemselves there retail investorstruly believed inno- nancial quirks. If he stares at it cluding EVsand self-driving cars. the options tied to them increases is anontechnical reason, creating a vativebusinessmodels would even- too long, though, there is a danger They unveiled anew platform dedi- even more, forcing banks to hedge self-sustaining narrative. Redditfo- tually justifycrazy prices.They that he will start to see real-world catedtomanufacturing EVslast year further,and so on. rums contain some insightfulanal- weren’t just buying to sell higher. prospects. —Jon Sindreu and plan to launch 23 EV models by 2025.Credit Suisse expectsbattery EVstomakeup11% of Hyundai’s sales in 2025,upfrom3%last year. Helped by EV mania, Hyundai’s Fed Needs a Poker Face to Avoid Taper Tell sharepricehas morethan doubled sincethe beginning of 2020,making it one of the best performersamong traditional automakers. Its$55 bil- Thefirst rule of tapering is don’t The 10-yearU.S.Treasury yield in 2013-14 do some damage. lion market value is similar to BMW talk about tapering anytime soon. The Fed can’t forget the parox- and Stellantis,the companyformed Federal Reserve policy makers 3% ysms markets went into in 2013 from the mergerofFiat Chrysler probably think the prospects for when it signaled it planned to and Peugeot. the economy in 2021 look signifi- start tapering its asset purchases. Hyundaiistrading at 11 times cantly better than they did when The central bank figured this this year’s expected earnings, ac- they gathered mid-December. For wouldn’t be hard for the market to cording to S&P Global Market Intel- 2 now, though, the economy is fac- swallow—it would only be buying ligence—on the expensiveside com- ing the surge in Covid-19 cases fewer bonds, so the effect, in an pared with itshistoryand other that began last fall, along with the analogy used by then Fed Chair- traditional carmakers. But if it related stepped up caution and re- man Ben Bernanke, would be more manages to keep selling morepre- strictions. like easing up on the gas pedal mium vehicles while investing in the 1 Following their two-day meet- than tapping on the breaks. Yet futureofcars, it is on the path to ing Wednesday, they focused on long-term rates shot higher on the justifying that price. —Jacky Wong the downside. taper talk, with the yield on the They noted in their postmeeting 10-year Treasury rising from less Hyundai Motor’squarterly statement that the recovery in the 0 than 2% to nearly 3% in a matter operating profit economy and job market has of months. That weighed on slowed. They again committed to 2013 2014 markets and the economy, and 2.0 trillion won keeping rates near zero until the Source:TullettPrebon the Fed had to push back its labor market is tight and inflation tapering plans. 1.5 has obviously cleared its 2% target 3.4% above its year-earlier level. the Senate, another round of fiscal In his postmeeting press confer- rate, and to keep buying $80 bil- Since then, they have raised that support is looking likely in the ence Wednesday, Fed Chairman Je- lion in Treasurys and $40 billion forecast to 5.4%. months ahead. Throw in expecta- rome Powell said the central bank 1.0 in mortgage bonds a month “until There are multiple forces driv- tions that enough people will be isn’t close to countenancing taper- substantial further progress” has ing the improved outlook. First, vaccinated for life to take on some ing yet, and that when it is ready been made toward those goals. there is the Covid-19 relief package semblance of normal later this to talk about it, it will do so well 0.5 Yet though the economy has that was passed late last year. Its year, and things start looking in advance of “a pretty gradual ta- weakened in recent months, econ- extension of jobless benefits, re- pretty rosy. per.” omists have been raising their newed support for small busi- Forecasts are only forecasts, It is an easy thing to say now, 0 growth forecasts. nesses and the direct payments it however, and with so much that but if in the months ahead things Following the Fed’s December provided to many Americans as- could go wrong, including vaccine- really start looking better, figuring meeting, for example, economists suaged concerns that GDP might supply problems and pernicious vi- out how to get its taper messaging –0.5 at JPMorgan Chase reckoned that actually contract in the first quar- rus mutations, the Fed needs to be right could be one of the Fed’s big- 2016 ’17 ’18 ’19 ’20 in the fourth-quarter of 2021, ter relative to the fourth. Second, careful about sounding optimistic, gest challenges. Note:1trillion won=$907.4 million gross domestic product would be with Democrats gaining control of particularly since doing so could —Justin Lahart Sources: S&P Market Intelligence; the company Biden’s Energy Orders Create Both Peril and Opportunity

TheBiden administration’sfreeze 2016 when it suspended most new crease global oil prices by $5 abar- on newfederal oil and gasleases is leases for coal mining on federal relovertime.For energy majors bad news forthe U.S. energy indus- lands. The same companies suf- with alarge international presence try, but the market reaction has fered steeper drops than the sec- such as Chevron and Exxon Mobil, thrownupopportunities,too. tor overall since last week, when that could be supportiveoverall. President Biden’s first week in the Biden administration an- All thingsconsidered, some of the office has been trying for the sec- nounced a temporary moratorium. companies affected arebabies tor: Last week, the administration Thereal surprise seems to be thrownout with the bath water. revoked a permit for the contro- that the Biden administration is They includeoil-field-services com- versial Keystone XL pipeline and weighing the possibility of stopping panies Schlumberger, Halliburton placed a temporary ban on federal newpermitsornot allowing permit and BakerHughes.Their business leasing and permitting for oil and renewals on federal territory. The /REUTERS will be hurt by lessU.S.activity in

gas. On Wednesday, the adminis- order calls fora“rigorous reviewof ANT the future, but the world’sneed for tration announced a pause on new all existing leasing and permitting hydrocarbons is unchanged. They MORD oil and gas leasing on federal terri- practices”—something the industry canmovesome resourceswhere

tory. While the actions resulted in hadn’t anticipated. Themoveis ANGUS they areneeded. These companies a steep selloff, the moves were likely to spur legal challenges. The administration’spause on newoil and gas leasing on federal territory resulted aredownmorethan 10% in the past telegraphed on the campaign trail. Howeverbroad, the effects in asteep selloff,though the movesweretelegraphed on the campaign trail. week,inline with the fall seen by Companies with heavier federal won’t be immediate: Federal lease- producerssuch as EOG Resources, lease exposure—including EOG Re- exposed producershavestocked up production comes from both on- bitions.That partly explains why which have higher federal territory sources, Devon Energy, Conoco- on permitsthat should last acou- shoreand offshoreleases managed energy companies acrossthe board exposure. Exxon Mobil and Chevron, Phillips and Occidental Petro- ple of years. In the longer run, the by the Department of the Interior. have registered aselloff.Yet it also which have limited concentration on leum—started underperforming movedoes put pressureonproduc- On the one hand, the adminis- forces abrake on U.S. production federal lands,also lost almost 10% the broader basket of oil and gas ersthat will have to moveaway tration’sactions signal afar less- growth in away that should sup- of their value in the past week. exploration companies in the mid- from acreagethey knowwell and friendly relationship with the fos- port hydrocarbon prices.RBC Capi- As with any sign of danger, the dle of last year. The threat seemed have proven to be productive—par- sil-fuel industry—even if legal talMarketsestimates that the pro- first instinct may be to flee. But plausible given the precedent that ticularly those in the Permian Ba- challenges and anarrow Demo- duction decline from not issuing or sometimes such times call for the Obama administration set in sin. Roughly one-quarter of U.S. oil cratic lead in Congresscap itsam- renewing federal permitscould in- closer inspection. —Jinjoo Lee